1. /$$/,'$'68(92/8,21
(92/8,Ï1'(/21(372'($/,'$'
/DDOLGDGKDH[SHULPHQWDGRXQSURIXQGRFDPELRKDVWDOOHJDUDORTXHKRFRQRFHPRVSRU
DOLGDG7RWDOWDPELpQGHQRPLQDGR([FHOHQFLD
(QHOFRQWH[WRGHODVRUJDQL]DFLRQHVLQGXVWULDOHVGHVGHFRPLHQ]RVGHHVWHVLJORWDOYH]
DQWHVVHHQWHQGtDODFDOLGDGFRPR
(O JUDGR HQ TXH XQ SURGXFWR FXPSOtD FRQ ODV HVSHFLILFDFLRQHV WpFQLFDV TXH VH KDEtDQ
HVWDEOHFLGRFXDQGRIXHGLVHxDGR

2. 3RVWHULRUPHQWH IXH HYROXFLRQDQGR HO FRQFHSWR GH FDOLGDG TXH OD QRUPD 81(
GHILQHFRPR
/DDGHFXDFLyQDOXVRGHOSURGXFWRRPiVGHWDOODGDPHQWHHOFRQMXQWRGHSURSLHGDGHV
FDUDFWHUtVWLFDV GH XQ SURGXFWR RVHUYLFLR TXH OH FRQILHUHQ VX DSWLWXG SDUD VDWLVIDFHU ODV
QHFHVLGDGHVH[SUHVDGDVRLPSOtFLWDV

3. 0iV UHFLHQWHPHQWH HO FRQFHSWR GH FDOLGDG KD WUDVFHQGLGR KDFLD WRGRV ORV iPELWRV GH OD
RUJDQL]DFLyQDVtDFWXDOPHQWHVHGHILQHFRPR
7RGDV ODV IRUPDV D WUDYpV GH ODV FXDOHV OD RUJDQL]DFLyQ VDWLVIDFH ODV QHFHVLGDGHV
H[SHFWDWLYDV GH VXV FOLHQWHV VXV HPSOHDGRV ODV HQWLGDGHV LPSOLFDGDV ILQDQFLHUDPHQWH
WRGDODVRFLHGDGHQJHQHUDO

4. 3RGHPRVREVHUYDUTXHHVWD~OWLPDGHILQLFLyQHQJOREDFRQFHSWXDOPHQWHDODVHJXQGDpVWD
DVXYH]DODSULPHUD
(QSDUDOHORFRQHVWDHYROXFLyQKDQLGRWDPELpQSURJUHVDQGRORVPHFDQLVPRVPHGLDQWHORV
FXDOHVODVRUJDQL]DFLRQHVKDQJHVWLRQDGRODFDOLGDG
$VtLQLFLDOPHQWHVHKDEODEDGHFRQWUROGHFDOLGDGGHSDUWDPHQWRRIXQFLyQUHVSRQVDEOHGH
OD LQVSHFFLyQ HQVDR GH ORV SURGXFWRV SDUD YHULILFDU VX FRQIRUPLGDG FRQ ODV
HVSHFLILFDFLRQHV (VWDV LQVSHFFLRQHV VH UHDOL]DEDQ HQ XQ SULQFLSLR PDVLYDPHQWH HQ HO
SURGXFWRDFDEDGRPiVWDUGHVHIXHURQDSOLFDQGRGXUDQWHHOSURFHVRGHIDEULFDFLyQ
(Q ORV DxRV HQ FRQVRQDQFLD FRQ OD GHILQLFLyQ

5. VXUJLy HO WpUPLQR 4XDOLW
$VVXUDQFHTXHSRGHPRVWUDGXFLUORFRPRJDUDQWtDRDVHJXUDPLHQWRGHODFDOLGDG TXH
HQJORED DO FRQMXQWR GH DFWLYLGDGHV SODQLILFDGDV VLVWHPiWLFDV QHFHVDULR SDUD GDU
FRQILDQ]DGHTXHXQSURGXFWRRVHUYLFLRYDDVDWLVIDFHUORVUHTXHULPLHQWRVHVWDEOHFLGRV
7RGR HVWH iPELWR TXH VH FLUFXQVFULEH D OD FHUWLILFDFLyQ ,62 KD SDVDGR D
GHQRPLQDUVHDFWXDOPHQWH*HVWLyQGHODDOLGDG

6. 3RVWHULRUPHQWHFRQUHODFLyQDODGHILQLFLyQ

7. KDQVXUJLGRYDULRVWpUPLQRVFRPR7RWDO
4XDOLW 0DQDJHPHQW RPSDQ :LGH 4XDOLW RQWURO HWF TXH SRGUtDPRV WUDGXFLU
HOLPLQDQGR SHTXHxRV PDWLFHV HQWUH HOORV VLPSOLILFDQGR FRPR DOLGDG 7RWDO R
([FHOHQFLD
/DDOLGDG7RWDOHVXQDHVWUDWHJLDJOREDOGHJHVWLyQGHWRGDODRUJDQL]DFLyQ
(7$3$6'(/$(92/8,21'(/(1)248('(/$$/,'$'
(QIRTXHGHODDOLGDG
*(67,21'(
72'26/26
(/(0(1726'( $/,'$'727$/
/$ (;(/(1,$
25*$1,=$,21
/,(17( *(67,21'(/$$/,'$'
352'872 21752/'(/$$/,'$'
(YROXFLyQGHODDOLGDG
+R HQ GtD ODV HPSUHVDV RWUDV RUJDQL]DFLRQHV VXV GHSDUWDPHQWRV SXHGHQ HVWDU HQ
FXDOTXLHUDGHODVGLVWLQWDVHWDSDVDQWHULRUPHQWHFLWDGDV
(VWD HYROXFLyQ GHO FRQFHSWRGH OD FDOLGDG KD VLGR SDUDOHOD D OD HYROXFLyQ HQ ORV~OWLPRV
DxRVGHORVVLVWHPDVGHSURGXFFLyQ(VWRVKDQHYROXFLRQDGRGHVGHODSURGXFFLyQHQPDVD
KDVWDODSURGXFFLyQDMXVWDGDOHDQSURGXFWLRQ

8. $xRV
6LVWHPDVGH (QPDVD $MXVWDGD
SURGXFFLyQ
RQFHSWRGHFDOLGDG RQIRUPLGDGFRQ 6DWLVIDFFLyQGHODV 6DWLVIDFFLyQGHOFOLHQWHGHORV
HVSHFLILFDFLRQHV QHFHVLGDGHVGHORV HPSOHDGRVDFFLRQLVWDV
FOLHQWHV VRFLHGDG
(WDSDVGHODJHVWLyQGH RQWUROGHFDOLGDG *HVWLyQGHODFDOLGDG
ODFDOLGDG DOLGDG7RWDO([FHOHQFLD
RQWUROGHODDOLGDG
'HILQLFLyQ
³(OFRQWUROGHODFDOLGDGHVHOFRQMXQWRGHWpFQLFDVDFWLYLGDGHVGHFDUiFWHURSHUDWLYR
XWLOL]DGDVSDUDYHULILFDUORVUHTXLVLWRVUHODWLYRVDODFDOLGDGGHOSURGXFWRRVHUYLFLR´
/RVGHSDUWDPHQWRVGHFRQWUROGHFDOLGDGVXUJHQHQODVHPSUHVDVDSULQFLSLRVGHOVLJOR;;
PRPHQWRHQHOTXHHO7DORULVPRSURSXJQDEDXQDFODUDGLYLVLyQGHIXQFLRQHVWDUHDVHQ
ODV RUJDQL]DFLRQHV HQ FRQVHFXHQFLD XQD GLIHUHQFLDFLyQ HQWUH ODV SHUVRQDV TXH HMHFXWDQ
WDUHDVODVTXHFRQWURODQ
(OVHJXQGRJUDQKLWRGHHVWHVLJORIXHODOtQHDGHPRQWDMHGHVDUUROODGDSRU+HQU)RUG
(VWH VLVWHPD UHTXHUtD TXH ODV SLH]DV XWLOL]DGDV HQ OD OtQHD IXHUDQ LQWHUFDPELDEOHV SRU
WDQWR GHEHUtDQ FXPSOLU XQRV UHTXLVLWRV PtQLPRV ,QWURGXMR ODV WROHUDQFLDV TXH ODV SLH]DV
GHEHUtDQ FXPSOLU SDUD JDUDQWL]DU VX PRQWDMH VH LPSXVR HO FRQFHSWR GH LQVSHFFLyQ R
FRQWUROGHFDOLGDGDSOLFDGDDWRGRVORVSURGXFWRVWHUPLQDGRV
3RVWHULRUPHQWH KDFLD VH LQWURGXFH OD HVWDGtVWLFD SODQHV GH PXHVWUHR

9. D OD
LQVSHFFLyQ UHGXFLHQGR ORV FRVWHV DO HYLWDU FRQWURODU HO GH ODV SLH]DV 'LYHUVRV
DQiOLVLV GLFWDPLQDURQ TXH UHDOL]DQGR FRQWUROHV LQWHUPHGLRV HQ HO SURFHVR VH HYLWDED
SURFHVDUXQSURGXFWRTXH D OOHYDEDLPSOtFLWR HO GHIHFWR SRU HO FXDOVHLED DUHFKD]DU DO
ILQDO3RUHOORVHSDVyGHODLQVSHFFLyQILQDOGHOSURGXFWRDFDEDGRDOFRQWUROGHFDOLGDGHQ
ODVGLIHUHQWHVIDVHVGHOSURFHVR
$FRQWLQXDFLyQVHYLRTXHVXSRQtDXQPHQRUFRVWH HUDPiVILDEOH FRQWURODUHOSURFHVR
TXH HO SURGXFWR (V GHFLU VL VH ORJUDED WHQHU EDMR FRQWURO ORV SDUiPHWURV GHO SURFHVR
WHPSHUDWXUDSUHVLyQWLHPSRHWF

10. GHORVFXDOHVGHSHQGHFRPRVDOJDHOSURGXFWRQRVHUtD
QHFHVDULRFRQWURODUpVWH:6KHZKDUWGHVDUUROOyDSDUWLUGHHVWHFRQFHSWRODPHWRGRORJtD
FRQRFLGDFRPR³RQWUROHVWDGtVWLFRGHSURFHVRV´HQORVDxRV

11. *HVWLyQGHODDOLGDG
'HILQLFLyQ
/DJHVWLyQGHODFDOLGDGHVHOFRQMXQWRGHDFFLRQHVSODQLILFDGDVVLVWHPiWLFDVTXH VRQ
QHFHVDULDVSDUDSURSRUFLRQDUODFRQILDQ]DDGHFXDGDGHTXHXQSURGXFWRRVHUYLFLRYDD
VDWLVIDFHUORVUHTXLVLWRVGDGRVVREUHODFDOLGDG
6LJXLHQGR HO SURFHVR GH VLPSOLILFDFLyQ UHGXFFLyQ GH FRVWHVGHO FRQWURO GH FDOLGDG ORV
JUDQGHV FRPSUDGRUHV VH GLHURQ FXHQWD TXH SDUD JDUDQWL]DU TXH VXV SURYHHGRUHV OHV
HQYLDUDQORVSURGXFWRVFXPSOLHQGRVXVHVSHFLILFDFLRQHVHUDQHFHVDULRTXH RUJDQL]DUDQ
GRFXPHQWDUDQWRGRVDTXHOORVDVSHFWRVGHVXRUJDQL]DFLyQTXHSXGLHUDQLQIOXLUHQODFDOLGDG
GHOSURGXFWRTXHOHVVXPLQLVWUDEDQ7RGRHOORGHEtDHVWDUVLVWHPDWL]DGRGRFXPHQWDGR
SRUHOORHPSH]DURQDREOLJDUDVXVSURYHHGRUHVDJDUDQWL]DUODFDOLGDG
8QVLVWHPDGHJHVWLyQGHODDOLGDGGHEHHVWDUGRFXPHQWDGRFRQXQPDQXDOGHFDOLGDG
FRQSURFHGLPLHQWRVHLQVWUXFFLRQHVWpFQLFDVGHEHUHYLVDUVHVXFXPSOLPHQWRDWUDYpVGH
DXGLWRUtDV 'HEH FRQWHPSODU WRGRV DTXHOORV DVSHFWRV TXH WHQJDQ LQFLGHQFLD HQ OD FDOLGDG
ILQDOGHOSURGXFWRRVHUYLFLRTXHSUHVWDODRUJDQL]DFLyQ
(QORV~OWLPRVDxRVKDQJR]DGRGHJUDQSRSXODULGDGODVQRUPDVGH³$VHJXUDPLHQWRGHOD
DOLGDG´GHODVHULH,62QRUPDVTXHDSDUWLUGHOGHHQHURGHKDQSDVDGRD
GHQRPLQDUVH³*HVWLyQGHODDOLGDG´FRQXQDQRUPDFHUWLILFDEOHODQRUPD,62
DOLGDG7RWDO([FHOHQFLD
'HILQLFLyQ
/D DOLGDG 7RWDO ([FHOHQFLD HV XQD HVWUDWHJLD GH JHVWLyQ FXR REMHWLYR HV TXH OD
RUJDQL]DFLyQVDWLVIDJD GH XQD PDQHUD HTXLOLEUDGD ODVQHFHVLGDGHV H[SHFWDWLYDV GHORV
FOLHQWHVGHORVHPSOHDGRVGHORVDFFLRQLVWDVGHODVRFLHGDGHQJHQHUDO
(OIHQyPHQRMDSRQpV
-DSyQ KDEtD VDOLGR PDO SDUDGR GH OD 6HJXQGD *XHUUD 0XQGLDO GHEtD UHFXSHUDUVH 1R
GLVSRQtDGHUHFXUVRVSURSLRVH[FHSWRODVSHUVRQDVVXPDWHULDJULV
/D -86( 8QLyQ-DSRQHVD GH LHQWtILFRV H ,QJHQLHURV

12. LQYLWy HQ ORV DxRV D H[SHUWRV
DPHULFDQRVFRPR'HPLQJ,PDQRWURVSDUDTXHH[SOLFDVHQDORVGLUHFWLYRVMDSRQHVHVODV
SUiFWLFDV GH JHVWLyQ XWLOL]DGDV HQ ODV HPSUHVDV DPHULFDQDV FRQ HVSHFLDO pQIDVLV HQ ODV
WpFQLFDVHVWDGtVWLFDVXWLOL]DGDVHQHOFRQWUROGHSURFHVRV
$SDUWLUGHDTXtVHGHVHQFDGHQyXQDPRYLOL]DFLyQVLQSUHFHGHQWHVHQODKLVWRULDDQLYHOGHO
SDtV3RVWHULRUPHQWHORVMDSRQHVHVKDQUHDOL]DGRODVPDRUHVDSRUWDFLRQHVPHWRGROyJLFDVD
QLYHO PXQGLDO MXVW LQ WLPH TXDOLW IXQFWLRQ GHSORPHQW 4)' FtUFXORV GH FDOLGDG HWF

13. VRUSUHQGLHQGRFRQODVHOHYDGDVFRWDVGHFRPSHWLWLYLGDGDOFDQ]DGDVSRUVXVHPSUHVDV

14. 7DORULVPRDOLGDG7RWDO
$ FRPLHQ]RV GH HVWH VLJOR )UHGHULF 7DORU GHVDUUROOy OD ³2UJDQL]DFLyQ LHQWtILFD GHO
7UDEDMR´ (VWD FLHQFLD DSRUWy ULJRU D OD JHVWLyQ GH ODV RUJDQL]DFLRQHV VXV SULQFLSLRV
EiVLFRV GH GHVFRPSRVLFLyQ GHO WUDEDMR HQ DFWLYLGDGHV HOHPHQWDOHV HVSHFLDOL]DQGR DO
Pi[LPRHQHOODVDORVRSHUDULRVSHUPLWLyDODVHPSUHVDVGHVDUUROODUVHFRQWUDWDQGRSHUVRQDV
SURFHGHQWHV GHO FDPSR VLQ QLQJXQD FXDOLILFDFLyQ HQ OD SODQWD GH 5LYHU 5RXJH GH OD
)25'VHKDEODEDQLGLRPDVGLIHUHQWHV

15. (VWHRWURVSULQFLSLRVSRVWXODGRVSRUHO7DORULVPRHVWDEDQDGDSWDGRVDODUHDOLGDGGHVX
pSRFD SHUR DFWXDOPHQWH HO HQWRUQR KD FDPELDGR UDGLFDOPHQWH UHVSHFWR D FRPLHQ]RV GH
VLJOR
N *OREDOL]DFLyQGHORVPHUFDGRV
N (OHYDGRQLYHOGHFXDOLILFDFLyQGHODVSHUVRQDV
N $FFHVLELOLGDGDODVWHFQRORJtDV
N 3DtVHVHPHUJHQWHVFRQLQGXVWULDOL]DFLyQUDSLGtVLPD
1R REVWDQWH PXFKDV GH ODV RUJDQL]DFLRQHV RFFLGHQWDOHV WDPELpQ GH OD $39 HVWiQ
LPSUHJQDGDVGHOWDORULVPRUHTXLHUHQVHULDVPRGLILFDFLRQHVSDUDDGDSWDUVHDODUHDOLGDG
DFWXDO
/DHVWUDWHJLDGHJHVWLyQFRQRFLGDFRPRDOLGDG7RWDO±([FHOHQFLDHVXQFRPSHQGLRGH
ODV PHMRUHV SUiFWLFDV GH JHVWLyQ TXH SXHGHQ GHEHQ GHVDUUROODU ODV HPSUHVDV RWUDV
RUJDQL]DFLRQHVSDUDDGDSWDUVHDODUHDOLGDGDFWXDOGHFDPELRFDGDYH]PiVUiSLGR
(QIRTXHWUDGLFLRQDO (QIRTXHDFWXDO
WDORULDQR DOLGDG7RWDO([FHOHQFLD
3URGXFLUELHQHV *HQHUDUVDWLVIDFFLyQGHOFOLHQWH
2EMHWLYRVGHSDUWDPHQWDOHV 2EMHWLYRVHVWUDWpJLFRVOLJDGRVDSURFHVRV
8QRVSRFRVORSLHQVDQWRGR 7RGRVSLHQVDQ
7UDEDMRLQGLYLGXDO 7UDEDMRHQHTXLSR
(QIDVLVHQORVPHGLRVItVLFRV (QIDVLVHQODVSHUVRQDV
0HMRUDPHGLDQWHLQYHUVLyQ 0HMRUDFRQWLQXD
(OWUDEDMRFRPRPHUFDQFtDGHFRPSUDYHQWD ,QWHJUDFLyQGHORVHPSOHDGRVHQODHPSUHVD
RQIURQWDFLyQ1HJRFLDFLyQRQIURQWDFLyQ RRSHUDFLyQ
(O FDPELR GH OD FXOWXUD HPSUHVDULDO KDFLD OD DOLGDG 7RWDO ([FHOHQFLD HV XQ SURFHVR
FRPSOHMRTXHUHTXLHUHWLHPSRHVIXHU]R
$VLPLVPRSDUDTXHVHOOHYHDFDERFRQHILFDFLDH[LVWHXQDFRQGLFLyQTXHGHEHFXPSOLUVH
LQHOXGLEOHPHQWHHVTXHORVOtGHUHVGHODRUJDQL]DFLyQHVWpQFRQYHQFLGRVGHODQHFHVLGDG
GHFDPELDUDVtFRPRHOSDSHOTXHHOORVGHEHQGHVHPSHxDUSDUDTXHWHQJDOXJDU

16. $3257$,21(6'(67$$%/(6'((;3(5726
$XWRU $SRUWDFLyQ
:DOWHU6KHZKDUW LFORGH6KHZKDUW 3'$

17. (O SURFHVR PHWRGROyJLFR EiVLFR SDUD DVHJXUDU
ODVDFWLYLGDGHVIXQGDPHQWDOHVGHPHMRUDPDQWHQLPLHQWR3ODQ'RKHFN$FW
HORQWURO(VWDGtVWLFRGH3URFHVRV63
(GZDUG'HPLQJ DWRUFHSXQWRVSDUDODGLUHFFLyQ TXpVHGHEHFRQWHPSODUSDUDODGLUHFFLyQGH
ODRUJDQL]DFLyQ
-RVHSK-XUDQ 7ULORJtD GH -XUDQ /D SODQLILFDFLyQ GH OD FDOLGDG FRQWURO GH OD FDOLGDG
PHMRUD GH OD FDOLGDG VRQ ORV LQVWUXPHQWRV GHO 'LUHFWLYR HQ OD JHVWLyQ GH OD
FDOLGDG
.DRUX,VKLNDZD tUFXORVGHDOLGDG *UXSRVGHYROXQWDULRVHVWDEOHVHQHOWLHPSRTXHWLHQHQ
FRPR REMHWLYR SULQFLSDO PHMRUDU OD FDOLGDG GH ORV SURFHVRV HO HQWRUQR GH
WUDEDMR
7DLLFKL2KQR -XVW LQ 7LPH 6LVWHPD GH JHVWLyQ GH SURGXFFLyQ TXH SHUPLWH HQWUHJDU DO
FOLHQWHHOSURGXFWRFRQODFDOLGDGH[LJLGDHQODFDQWLGDGSUHFLVDHOPRPHQWR
H[DFWR
0DVDDNL,PDL .DL]HQ 6LJQLILFDPHMRUDFRQWLQXDHQMDSRQpV(VHOHVStULWXSUiFWLFDGHORV
SULQFLSLRVGHPHMRUDFRQWLQXDHQODRUJDQL]DFLyQ
*HQLFKL7DJXFKL ,QJHQLHUtDGHODDOLGDG 0pWRGRVSDUDHOGLVHxRGHVDUUROORGHORVSURFHVRV
GHLQGXVWULDOL]DFLyQFRQHOPi[LPRGHHILFLHQFLD
.LRVKL6X]DNL *HVWLyQ9LVXDO (VXQVLVWHPDGRQGHODLQIRUPDFLyQQHFHVDULDSDUDODJHVWLyQ
RSHUDWLYDHVWiSUHVHQWHDOOtGRQGHWUDEDMDQODVSHUVRQDV
:$/7(56+(:+$57
6XDSRUWDFLyQHVHOFLFOR3'$3ODQ'RKHFN$FW

18. (VXQSURFHVRPHWRGROyJLFREiVLFR
SDUDUHDOL]DUODVDFWLYLGDGHVGHPHMRUDPDQWHQHUORTXHVHDPHMRUDGR
$VLPLVPR GHVDUUROOy HO RQWURO (VWDGtVWLFR GH 3URFHVRV PHWRGRORJtD SDUD ORJUDU OD
HVWDELOLGDG OD PHMRUD FRQWLQXD GH ORVSURFHVRV HQ EDVH D HOLPLQDU GH HOORV VXV FDXVDV
HVSHFLDOHVGHYDULDELOLGDGUHGXFLUVXVFDXVDVFRPXQHV
$-867$5
$ 3 3/$1,),$5
20352%$5 ' +$(5

19. (':$5''(0,1*
(QWUHODVGLIHUHQWHVDSRUWDFLRQHVGHHVWHDXWRU DODFDOLGDGFDEHGHVWDFDUGRVORVFDWRUFH
SXQWRVGH'HPLQJODGLYXOJDFLyQGHOFLFOR3'$GH6KHZKDUW
RQ VXV FDWRUFH SXQWRV SDUD OD JHVWLyQ 'HPLQJ SUHWHQGH PRVWUDU OD LPSRUWDQFLD GHO
SDSHO GH ODV SHUVRQDV HQ HVSHFLDO GH OD GLUHFFLyQ HQ OD FRPSHWLWLYLGDG GH ODV
RUJDQL]DFLRQHV
381726'('(0,1*
UHDUFRQVWDQFLDHQHOSURSyVLWRGHPHMRUDUHOSURGXFWRHOVHUYLFLR
$GDSWDUODRUJDQL]DFLyQDODQXHYDHFRQRPtDHQTXHYLYLPRV
(YLWDUODLQVSHFFLyQPDVLYDGHSURGXFWRV
RPSUDUSRUFDOLGDGQRSRUSUHFLRHVWUHFKDUOD]RVFRQORVSURYHHGRUHV
0HMRUDUFRQWLQXDPHQWHHQWRGRVORViPELWRVGHODRUJDQL]DFLyQ
)RUPDUHQWUHQDUDORVWUDEDMDGRUHVSDUDPHMRUDUHOGHVHPSHxRGHOWUDEDMR
$GRSWDUHLPSODQWDUHOOLGHUD]JR
(OLPLQDUHOPLHGRSDUDTXHODVSHUVRQDVWUDEDMHQVHJXUDVGHQORPHMRUGHVtPLVPDV
5RPSHUODVEDUUHUDVHQWUHGHSDUWDPHQWRV
(OLPLQDU HVOyJDQHV FRQVLJQDV SDUD ORV RSHUDULRV VXVWLWXpQGRORV SRU DFFLRQHV GH
PHMRUD
(OLPLQDUHVWiQGDUHVGHWUDEDMRLQFHQWLYRVWUDEDMRDGHVWDMRSXHVVRQLQFRPSDWLEOHV
FRQODPHMRUDFRQWLQXD
(OLPLQDUODVEDUUHUDVTXHSULYDQDODJHQWHGHHVWDURUJXOORVDGHVXWUDEDMR
(VWLPXODUDODJHQWHSDUDVXPHMRUDSHUVRQDO
3RQHUDWUDEDMDUDWRGRVSDUDUHDOL]DUHVWDWUDQVIRUPDFLyQDSOLFDQGRHOPpWRGR3'$
-26(3+-85$1
/DWULORJtDGH-XUDQVREUHODJHVWLyQGHODFDOLGDGVHEDVDHQWUHVDVSHFWRVTXHVHPXHVWUDQ
HQ HO VLJXLHQWH JUiILFR SODQLILFDFLyQ GH OD FDOLGDG FRQWURO GH OD FDOLGDG PHMRUD GH OD
FDOLGDG

20. (Q OD SODQLILFDFLyQ OD RUJDQL]DFLyQ ILMD XQRV REMHWLYRV HQ FXDQWR D ³FRVWHV GH PDOD
FDOLGDGGHILQHODVDFFLRQHVQHFHVDULDVSDUDDOFDQ]DUORV
3RVWHULRUPHQWH DSOLFD HO FRQWURO GH FDOLGDG GXUDQWH HO SURFHVR GH IDEULFDFLyQ WRPDQGR
DFFLRQHVFRUUHFWRUDVFXDQGRVHDOHMDGHORVREMHWLYRV(QSDUDOHORFRQpOYDDSOLFDQGROD
PHMRUDGHODFDOLGDGVLVWHPiWLFDPHQWHSDUDUHGXFLUHOQLYHOGHFRVWHGHPDODFDOLGDG
3ODQLILFDFLyQGH RQWURO
ODFDOLGDG GHODFDOLGDGGXUDQWHODVRSHUDFLRQHV

21. RVWHVGHODQRFDOLGDG
3UREOHPDSXQWXDO
=RQDRULJLQDOGHFRQWURO
GHFDOLGDG
'HVSHUGLFLRFUyQLFR
RSRUWXQLGDGHVGHPHMRUD

22. 1XHYD]RQDGHFRQWUROGH
FDOLGDG
0HMRUDGHODDOLGDG 7LHPSR
.$258,6+,.$:$
'HVSXpVGHWUDEDMDUGXUDQWHXQDGpFDGDHQODDSOLFDFLyQGHODJHVWLyQGHODFDOLGDGHQOD
GLUHFFLyQQLYHOHVLQWHUPHGLRVHQ-DSyQVHYLRODQHFHVLGDGGHLQYROXFUDUWDPELpQDORV
RSHUDULRV3RUHOORHQ,VKLNDZDGHVDUUROOyORVFtUFXORVGHFDOLGDG
'HILQLFLyQ
³8Q FtUFXOR GH FDOLGDG HV XQ SHTXHxR JUXSR FRPSXHVWR SRU SHUVRQDV YROXQWDULDV TXH
UHVXHOYH ORV SUREOHPDV GH ORV QLYHOHV PiV RSHUDWLYRV GH OD RUJDQL]DFLyQ 7RGRV VXV
FRPSRQHQWHVSHUWHQHFHQDODPLVPDiUHDGHWUDEDMRKDELWXDOPHQWHHVHOSURSLRJUXSR
TXLHQGHWHUPLQDHOSUREOHPDDUHVROYHU´
/RVFtUFXORVGHFDOLGDGSHUVLJXHQFRPRREMHWLYR~OWLPRODREWHQFLyQGHPHMRUDVHQHOVHQR
GHODRUJDQL]DFLyQ$GLFLRQDOPHQWHFXPSOHQRWUDVGRVIXQFLRQHV

23. )XQFLRQHV 'HVFULSFLyQ
,QYROXFUDUDXPHQWDUHO +HUUDPLHQWD SDUD LQYROXFUDU D ODV SHUVRQDV HQ OD REWHQFLyQ GH
FRPSURPLVRGHODVSHUVRQDVFRQVX PHMRUDV HQ VX HQWRUQR GH WUDEDMR D WUDYpV GHO DQiOLVLV GH
RUJDQL]DFLyQ SUREOHPDVSURSXHVWDVGHFDPELRV
DQDOGHFRPXQLFDFLyQDVFHQGHQWH $ WUDYpV GH ORV FtUFXORV VH SXHGHQ WUDQVPLWLU VXJHUHQFLDV GH
GHVFHQGHQWH PHMRUD D ORV QLYHOHV VXSHULRUHV GH OD RUJDQL]DFLyQ UHFLELU
LQIRUPDFLyQGHODGLUHFFLyQ
8QDGHODVSULQFLSDOHVFRQGLFLRQHVTXHGHEHGDUVHHQORVFtUFXORVGHFDOLGDGHVTXHHVWpQ
DSRDGRVGHVGHODGLUHFFLyQGHODRUJDQL]DFLyQ
7$,,+,2+12
7DLLFKL 2KQR YLFHSUHVLGHQWH GH 7RRWD 0RWRU GHVDUUROOy HO VLVWHPD GH JHVWLyQ GH OD
SURGXFFLyQGHMXVWLQWLPH -,7

24. RMXVWRDWLHPSR/DXWLOL]DFLyQ GHO-,7HVWi RULHQWDGD D
PHMRUDUORVUHVXOWDGRVGHODRUJDQL]DFLyQFRQODSDUWLFLSDFLyQGHORVHPSOHDGRVDWUDYpVGH
ODHOLPLQDFLyQGHWRGDVODVWDUHDVRDFWLYLGDGHVTXHQRDSRUWHQYDORUGHVSLOIDUUR

25. /RVWLSRVGH'HVSLOIDUUR (MHPSORV
3RUH[FHVRGHSURGXFFLyQ 3URGXFFLyQQRDMXVWDGDDORVSHGLGRVGHORVFOLHQWHV
3RUWLHPSRGHHVSHUD 0iTXLQDVHQHVSHUDRSHUDULRVSDVLYRV
'HWUDQVSRUWH 0DQLSXODFLyQWUDVODGRGHPDWHULDOHVSDSHOHVLQIRUPHV
'HSURFHVR $FWLYLGDGHVLQQHFHVDULDVPDTXLQDULDHQPDOHVWDGR
'HH[LVWHQFLDV 0DWHULDOHVREVROHWRVH[FHVRVGHH[LVWHQFLDVDOPDFHQHV
LQWHUPHGLRV
'HPRYLPLHQWR 0RYLPLHQWRVLQQHFHVDULRVGHODVSHUVRQDV
3RUGHIHFWRVHQHOSURGXFWRRVHUYLFLR 5HFODPDFLRQHVJDUDQWtDVUHFKD]RVSURFHVRV
(O-XVW,Q7LPHGDOXJDUDXQDVHULHGHDFWLYLGDGHVDVRFLDGDVDOJXQDVGHODVFXDOHVVHFLWDQ
DFRQWLQXDFLyQ
N )RUPDFLyQGHODVSHUVRQDV
N 5DFLRQDOL]DFLyQGHORVSXHVWRVIOXMRVGHSURGXFFLyQIDEULFDFLyQHQIOXMRRFpOXODVGH
WUDEDMR
N 5HODFLyQGHDVRFLDFLyQFRQSURYHHGRUHVFOLHQWHV
N (OLPLQDFLyQGHGHIHFWRV
N 0LQLPL]DFLyQGHDYHUtDV7RWDO3URGXFWLYH0DLQWHQDQFH

26. N (PSOHR GH WpFQLFDV GH FDPELR UiSLGR GH XWLOODMH SDUD UHGXFLU ORV WLHPSRV GH FDPELR
60('6LQJOH0LQXWH([FKDQJH'H

27. 0$6$$.,,0$,
(VHOGLIXVRUGHO.$,=(1XQDHVWUDWHJLDGHPHMRUDFRQWLQXDTXHVLQWHWL]DDOJXQDVGHODV
SULQFLSDOHVWHRUtDVVREUHODFDOLGDGDSOLFiQGRODVDWRGRVORViPELWRVGHODRUJDQL]DFLyQ
.DL]HQVLJQLILFD.$,DPELR=(1%RQGDG
/RV SULQFLSLRV EiVLFRV TXH GLIHUHQFLDQ OD HVWUDWHJLD .DLUX LQQRYDFLyQ

28. GH OD .DL]HQ
PHMRUD

29. VHPXHVWUDQDFRQWLQXDFLyQ
3ULQFLSLRV.$,58 3ULQFLSLRV.$,=(1
LQQRYDFLyQ

30. PHMRUDFRQWLQXD

31. DPELRVLPSRUWDQWHV 3HTXHxRVFDPELRVRPHMRUDVJUDGXDOHV
2ULHQWDGRDHVSHFLDOLVWDV 2ULHQWDGDDWRGDVODVSHUVRQDV
$WHQFLyQDJUDQGHVWHPDV 7RGRHVPHMRUDEOH
,QIRUPDFLyQFHUUDGD ,QIRUPDFLyQDELHUWDFRPSDUWLGD
%~VTXHGDGHQXHYDVWHFQRORJtDV 8VRGHODWHFQRORJtDH[LVWHQWH
0 ( -2 5 $
7 ,( 0 3 2
. $ ,5 8 . $ ,= ( 1 . $ ,5 8 . $ ,= ( 1
*(1,+,7$*8+,
3DUD*HQLFKL7HJXFKLODQRFDOLGDGHVODSpUGLGDJHQHUDGDDODVRFLHGDGSRUXQSURGXFWR
GHVGHHOPRPHQWRGHVXFRQFHSFLyQKDVWDHOUHFLFODGRSRUQRKDEHUKHFKRORFRUUHFWR
(O REMHWLYR GH OD HPSUHVD GHEH VHU PLQLPL]DU OD QR FDOLGDG SXHV ODV SpUGLGDV TXH ORV
SURGXFWRV RULJLQDQ D VXV XVXDULRV D FRUWR PHGLR R ODUJR SOD]R VLQ GXGD UHYLHUWHQ HQ
SHUMXLFLR SDUD OD HPSUHVD TXH ORV IDEULFD RWUR WDQWR RFXUUH FRQ ORV GDxRV TXH SXHGDQ
RULJLQDUDODVRFLHGDGPHGLRDPELHQWHHWF

32. 7DJXFKLKDGHVDUUROODGRPpWRGRVHVWDGtVWLFRV
SDUDHYDOXDUHVWDSpUGLGDPLQLPL]DUOD

33. 7DPELpQKDGHVDUUROODGRORTXHVHFRQRFHFRPRLQJHQLHUtDGHODFDOLGDGPpWRGRVSDUDHO
GLVHxRGHSURGXFWRVGHVDUUROORGHSURFHVRVGHLQGXVWULDOL]DFLyQ(VWRVPpWRGRVEXVFDQOD
UREXVWH]GHORVSURGXFWRVHVGHFLUKDFHUORVLQVHQVLEOHVD
N /DYDULDELOLGDGGHELGDDODVGLIHUHQWHVFRQGLFLRQHVGHXVRTXHSXHGDQWHQHU
N /DYDULDELOLGDGTXHLQFRUSRUDQODVPDWHULDVSULPDVTXHVHXWLOL]DQSDUDIDEULFDUORV
N /DYDULDELOLGDGSURSLDGHOSURFHVRGHIDEULFDFLyQ
RQFHSWRV 'HVFULSFLyQ
'LVHxRGHH[SHULPHQWRV 8VRGHORVFRQFHSWRVHVWDGtVWLFRVSDUDUHDOL]DUH[SHULPHQWRVHQ
FRQGLFLRQHVUHDOHVGHIDEULFDFLyQFRQODPi[LPDHILFLHQFLD
5REXVWH]GHOSURFHVR 8VRGHORVFRQFHSWRVHVWDGtVWLFRVSDUDUHGXFLUHOQ~PHURGH
FRQWUROHVGHOSURGXFWRSURFHVRPHGLDQWHHOGLVHxRGHXQ
SURFHVRTXHFXEUDIiFLOPHQWHGHIRUPDUREXVWD

34. ODV
HVSHFLILFDFLRQHVGHOSURGXFWR
.,26+,68=$.,
8QDGHODVSULQFLSDOHVDSRUWDFLRQHVGHHVWHDXWRUHVVXWHRUtDVREUHODJHVWLyQYLVXDOTXH
GHVWDFDODLPSRUWDQFLDGHODGLVSRQLELOLGDGGHODLQIRUPDFLyQQHFHVDULDSDUDFDGDSHUVRQD
HQVXSXHVWRGHWUDEDMR
8QD DSRUWDFLyQ PiV PRGHUQD GH HVWH DXWRU HV OD PLQLFRPSDxtD 6H WUDWD GH RUJDQL]DU
FDGD XQD GH ODViUHDV GHWUDEDMR KRPRJpQHDV FRPRVL IXHUD XQDPLQLHPSUHVDFRQ VXV
SURYHHGRUHVFOLHQWHVREMHWLYRVDFXPSOLULQGLFDGRUHVSODQHVGHWUDEDMRUHXQLRQHVHWF
7RGD HVWD LQIRUPDFLyQ HVWi GLVSRQLEOH D OD YLVWD SDUD WRGRV ORV FRPSRQHQWHV GH OD
PLQLFRPSDxtD
$VLPLVPR GHILQLy XQ RFWDYR WLSR GH GHVSLOIDUUR FRPSOHPHQWDULR D ORV VLHWH GH 7DLLFKL
2KQRODQRXWLOL]DFLyQGHODLQWHOLJHQFLDLPDJLQDFLyQFUHDWLYLGDGGHWRGDVODVSHUVRQDV
GHODRUJDQL]DFLyQVLQGXGDHOPiVJUDYHRQHURVRGHWRGRVORVGHVSLOIDUURV

35. 35,1,3,26 02'(/26 0(72'2/2*,$6 '( $/,'$'
727$/(;(/(1,$
35,1,3,26'(/$$/,'$'727$/(;(/(1,$
/DFRQFHSFLyQDFWXDOGHODFDOLGDGUHVSRQGHDODDSRUWDFLyQGHGLIHUHQWHVWHRUtDVVXUJLGDVD
OR ODUJR GHO VLJOR ;; +R HQ GtD OD DOLGDG 7RWDO HV HO FRPSHQGLR GH ODV PHMRUHV
SUiFWLFDVHQHOiPELWRGHODJHVWLyQGHRUJDQL]DFLRQHVDODVFXDOHVVHOHVVXHOHGHQRPLQDU
3ULQFLSLRVGHODDOLGDG7RWDO([FHOHQFLDRRQFHSWRVIXQGDPHQWDOHVGHODH[FHOHQFLDHQ
OD*HVWLyQ
N 2ULHQWDFLyQKDFLDORVUHVXOWDGRV
N 2ULHQWDFLyQDOFOLHQWH
N /LGHUD]JRFRQVWDQFLDHQORVREMHWLYRV
N *HVWLyQSRUSURFHVRVKHFKRV
N 'HVDUUROORHLPSOLFDFLyQGHODVSHUVRQDV
N $SUHQGL]DMH,QQRYDFLyQ0HMRUDFRQWLQXRV
N 'HVDUUROORGH$OLDQ]DV
N 5HVSRQVDELOLGDG6RFLDO
(VWRV SULQFLSLRV VRQ GH YDOLGH]XQLYHUVDO WDQWR SDUD HPSUHVDV FRPR SDUD FXDOTXLHU RWUR
WLSRGHRUJDQL]DFLRQHV/DDOLGDG7RWDO([FHOHQFLDHVWiHQFRQWLQXDHYROXFLyQHVWRV
SULQFLSLRVVHYDQPRGLILFDQGRPDWL]DQGRFRQHOSDVRGHOWLHPSR
(VWRVSULQFLSLRVVHUHFRJHQHQHOPRGHORHXURSHRGHDOLGDG7RWDO([FHOHQFLDSURSXHVWR
SRUOD()40TXHVHGHVDUUROODHQHVWHFXUVRELHQH[SOtFLWDPHQWHFRPRHOHPHQWRVGHO
PRGHORELHQLPSOtFLWDPHQWHHQODILORVRItDGHOPLVPR
2ULHQWDFLyQKDFLDORVUHVXOWDGRV
(Op[LWRFRQWLQXDGRGHSHQGHGHOHTXLOLEULRODVDWLVIDFFLyQGHODVH[SHFWDWLYDVGHWRGRVORV
JUXSRV GH LQWHUpV TXH GH XQD X RWUD IRUPD SDUWLFLSDQ HQ OD RUJDQL]DFLyQ FOLHQWHV
SURYHHGRUHVHPSOHDGRVWRGRVORVTXHWLHQHQLQWHUHVHVHFRQyPLFRVHQODRUJDQL]DFLyQOD
VRFLHGDG HQ JHQHUDO /D GLUHFFLyQ GHEH VDWLVIDFHU HTXLOLEUDGDPHQWH ODV QHFHVLGDGHV GH
HVWRVJUXSRVGHLQWHUpV
2ULHQWDFLyQKDFLDHOFOLHQWH
7RGRV HQ OD HPSUHVD GHEHQ DFWXDU JXLDGRV SRU HO
SXQWRGH YLVWDGHOFOLHQWH
3HWHU'UXFNHU
/DJHVWLyQHPSUHVDULDOKDHVWDGREDVDGDKDVWDDKRUDHQODE~VTXHGDGHODFRPSHWLWLYLGDG
HQ HO LQWHULRU GH OD RUJDQL]DFLyQ FRQVLGHUiQGRVH OD HILFLHQFLD GH OD SURGXFFLyQ FRPR OD

36. SULQFLSDOIXHQWHGHYHQWDMDFRPSHWLWLYDRPRFRQVHFXHQFLDGHHOORODVYDULDEOHVFRVWH
SUHFLRKDQVLGRGHYLWDOLPSRUWDQFLDHQODJHVWLyQ
)UHQWHDHVWHSODQWHDPLHQWRHVWUDWpJLFRVXUJHHOPRGHORGHDOLGDG7RWDO([FHOHQFLDTXH
KDFHWUDEDMDUDWRGDODRUJDQL]DFLyQHQODE~VTXHGDGHODVDWLVIDFFLyQGHOFOLHQWH
9(17$-$6'((1)2$56(+$,$(//,(17(
*DQDUVXFRQILDQ]DILGHOLGDG
3URWHFFLyQFRQWUDODFRPSHWHQFLD
$GDSWDFLyQDORVFDPELRVGHODVQHFHVLGDGHVGHOFRQVXPLGRU
DSDFLGDGSDUDUHWRPDUSRVLFLRQHVGHPHUFDGRSHUGLGDV
5HQWDELOLGDGDODUJRSOD]R
/D VDWLVIDFFLyQ GHO FOLHQWH GHSHQGH GHO YDORU SHUFLELGR HQ HO SURGXFWR R VHUYLFLR FRQ
UHVSHFWR D ODV H[SHFWDWLYDV TXH WHQtD (O ORJUDU XQD PDRU VDWLVIDFFLyQ GHO FOLHQWH SRGUi
FRQVHJXLUVHELHQPHMRUDQGRHOSURGXFWRRVHUYLFLRSUHVWDGRRELHQJHQHUDQGRH[SHFWDWLYDV
PiVUHDOLVWDV
9DORUSHUFLELGR
6DWLVIDFFLyQGHOFOLHQWH ±±±±±±±±±±±±±±±±±±±±±
([SHFWDWLYDV
6LQHPEDUJRODVDWLVIDFFLyQGHOFOLHQWHQRHVHVWiWLFDVLQRGLQiPLFDHYROXFLRQDDORODUJR
GHO WLHPSR SRU GLYHUVDV FDXVDV 6RQ ODV RUJDQL]DFLRQHV H[FHOHQWHV REVHVLRQDGDV SRU
GHOHLWDU D VXV FOLHQWHV TXLHQHV D ODUJR SOD]R FRQVLJXHQ VX ILGHOL]DFLyQ 6H GHILQHQ WUHV
IDFWRUHVIXQGDPHQWDOHVTXHLQIOXHQGLUHFWDPHQWHHQODVDWLVIDFFLyQGHOFOLHQWH
)DFWRU (MHPSOR
3URGXFWRRVHUYLFLR 'LVHxRFDOLGDGGHODVPDWHULDVSULPDVFDOLGDGGHOSURGXFWRRVHUYLFLR
KRPRJHQHLGDGILDELOLGDG
9HQWDV3RVWYHQWD 3XEOLFLGDGJDUDQWtDVGHYROXFLRQHVTXHMDVVHUYLFLRSOD]RSUHFLR
XOWXUD 9DORUHVTXHODRUJDQL]DFLyQSURHFWDFRQVFLHQWHRLQFRQVFLHQWHPHQWH
3RUFRQVLJXLHQWHHVLPSRUWDQWHTXHODRUJDQL]DFLyQUHFRMDLQIRUPDFLyQGHORVFOLHQWHVHQ
GRV PRPHQWRV GLIHUHQWHV D SULRUL VXV QHFHVLGDGHV D SRVWHULRUL HO JUDGR HQ TXH KD
FRQVHJXLGRVDWLVIDFHUODV
(V HO FOLHQWH VRODPHQWH HO FOLHQWH TXLHQ DO
ILQDO GHWHUPLQDUi QXHVWUR p[LWR R IUDFDVR FRPR
RPSDxtD 6HUYLU DO FOLHQWH HV OD
UHVSRQVDELOLGDGGHFDGDHPSOHDGRGH5DQN;HUR[

37. -RVHSK:LOVRQ3UHVLGHQWHGH;HUR[RUSRUDWLRQ

38. /LGHUD]JRFRQVWDQFLDHQORVREMHWLYRV
/DDOLGDG7RWDO([FHOHQFLDHVXQDHVWUDWHJLDSRUTXHWUDWDGHGLULJLUFRRUGLQDUDFFLRQHV
SDUD FRQVHJXLU OD FRPSHWLWLYLGDG HPSUHVDULDO R OD PHMRUD GH OD HILFLHQFLD GH OD
RUJDQL]DFLyQVHJ~QORVFDVRVDKRUDHQHOIXWXUR
1RHVXQSURJUDPDGHDFWLYLGDGHVQLXQDWpFQLFDRXQFRQMXQWRGHKHUUDPLHQWDV7DPSRFR
HVXQVLVWHPD(VXQDHVWUDWHJLDFRPRWDOLPSOLFDSRQHUODHQSUiFWLFDGHIRUPDTXHWRGDV
ODVGHFLVLRQHVDFWXDFLRQHVVHDQUHVXOWDGRGHGLFKDHVWUDWHJLD
(QHVWHVHQWLGRHOSDSHOGHOD'LUHFFLyQHQHOSURFHVRKDFLDODDOLGDG7RWDO([FHOHQFLD
HV HO ORJUDU TXH HVWD HVWUDWHJLD GH JHVWLyQ VH GHVSOLHJXH SRU WRGD OD RUJDQL]DFLyQ
DVXPLHQGR HO OLGHUD]JR GHO SURHFWR SDUD FRQVHJXLU TXH VH LQWHJUH HQ OD FXOWXUD GH OD
RUJDQL]DFLyQ
(VWDFXOWXUDGHEHWUDQVPLWLUVHGHDUULEDDDEDMRVLHQGRHOSULPHUUHTXLVLWRQHFHVDULRTXHOD
'LUHFFLyQ GHPXHVWUH HQ VXV SURSLDV DFWXDFLRQHV VX FRPSURPLVR FRQ OD DOLGDG 7RWDO
([FHOHQFLD $GHPiV ORV GLUHFWLYRV GHPiV OtGHUHV GH OD RUJDQL]DFLyQ GHEHUiQ VHU
IDFLOLWDGRUHV GH WRGRV ORV PHGLRV QHFHVDULRV FRPXQLFDFLyQ IRUPDFLyQ IRQGRV WLHPSR
DSRRHWF
*HVWLyQSRUSURFHVRVKHFKRV
/D RUJDQL]DFLyQ HV XQ FRQMXQWR GH SURFHVRV TXH JHQHUDQ SURGXFWRV R VHUYLFLRV (VWRV
SURFHVRVVRQQRUPDOPHQWHLQWHUGHSDUWDPHQWDOHVRLQWHUIXQFLRQDOHV
/D WUDGLFLRQDO JHVWLyQ GH OD RUJDQL]DFLyQ SRU IXQFLRQHV R GHSDUWDPHQWRV VH GHEH
FRPSOHPHQWDUFRQODJHVWLyQSRUSURFHVRVSDUD DGDSWDUVH PHMRUD ODVQHFHVLGDGHV GH ORV
FOLHQWHVSRUORWDQWRPHMRUDUGHODFRPSHWLWLYLGDGGHODRUJDQL]DFLyQ
/DJHVWLyQSRUSURFHVRVFRQVWDGHORVVLJXLHQWHVSDVRV
3DVRVGHODJHVWLyQSRUSURFHVRV
,GHQWLILFDUORVSURFHVRVIXQGDPHQWDOHVGHODRUJDQL]DFLyQ
2UJDQL]DUORVSURFHVRV
1RPEUDUORVUHVSRQVDEOHVRSURSLHWDULRVGHORVSURFHVRVORVHTXLSRVGHPHMRUD
5HYLVDUORVSURFHVRV
(VWDEOHFHUDFFLRQHVREMHWLYRVGHPHMRUDVREUHHVWRVSURFHVRV
/DJHVWLyQGHHVWRVSURFHVRVVHEDVDHQORVKHFKRVODPHGLFLyQODLQIRUPDFLyQ
(Q GHPDVLDGDV RFDVLRQHV VH WLHQH WHQGHQFLD D JHVWLRQDU WRPDU GHFLVLRQHV EDVDGDV HQ
RSLQLRQHV )UHQWH D HOOR GHEHPRV UHDOL]DU XQ HVIXHU]R SRU DFXGLU D EXVFDU ORV GDWRV DOOt
GRQGHVHHQFXHQWUHQWRPDUODVGHFLVLRQHVEDViQGRQRVHQHOORV/RVGDWRVVXHOHQUHTXHULU
XQ HVIXHU]R SDUD WUDQVIRUPDUORV HQ LQIRUPDFLyQ ~WLO R HQ LQGLFDGRUHV TXH QRV SHUPLWDQ
WRPDUGHFLVLRQHVGHXQDPDQHUDDFHUWDGD

39. /D H[SHULHQFLDKD GHPRVWUDGR TXH HO XVR GH XQ JUXSR GH VHQFLOODVKHUUDPLHQWDV SHUPLWH
UHVROYHUHOGHORVSUREOHPDVGHODVRUJDQL]DFLRQHV,QLFLDOPHQWHVLHWHGHHOODVIXHURQ
UHFRSLODGDVSRU,VKLNDZDSRVWHULRUPHQWHVHIXHURQDxDGLHQGRRWUDV5HFLHQWHPHQWHVHKD
UHFRSLODGRRWURJUXSROODPDGRODVQXHYDVKHUUDPLHQWDVTXHVRQDSURSLDGDVSDUDUHVROYHU
ORVSUREOHPDVGHODGLUHFFLyQ
/DV KHUUDPLHQWDV GH PHMRUD GHVSOLHJDQ VX Pi[LPR SRWHQFLDO FXDQGR VRQ XWLOL]DGDV SRU
JUXSRV GH WUDEDMR DXQTXH WDPELpQ SXHGHQ VHU HPSOHDGDV HQ HO iPELWR SHUVRQDO R
LQGLYLGXDODGDKHUUDPLHQWDVHSXHGHXWLOL]DUHQXQDRYDULDVHWDSDVGHOSURFHVRGHPHMRUD
3'$VLUYHQSDUDDQDOL]DULGHQWLILFDUIDFLOLWDUGHFLVLRQHVSULRUL]DUYDORUDUHWF
/DVKHUUDPLHQWDVFOiVLFDVWLHQHQJUDQGHVYHQWDMDV
N 6HQFLOOH]7RGRHOPXQGRSXHGHXVDUODV
N $SOLFDELOLGDGHQWRGRVORVQLYHOHVGHODRUJDQL]DFLyQ
N 8WLOLGDGSRUVXJUDQFDSDFLGDGGHDQiOLVLVPHMRUD
/DVQXHYDVKHUUDPLHQWDVVRQPiVFRPSOHMDVHQJHQHUDOUHTXLHUHQPDRUIRUPDFLyQSDUD
SRGHUODVDSOLFDU
/DVVLHWHKHUUDPLHQWDVGH,VKLNDZD 'LDJUDPDGH3DUHWR
'LDJUDPDFDXVD±HIHFWR
+LVWRJUDPD
+RMDGHGDWRV
*UiILFRGHFRQWURO
'LDJUDPDGHGLVSHUVLyQ
(VWUDWLILFDFLyQ
2WUDVKHUUDPLHQWDVFOiVLFDV 'LDJUDPDGHIOXMR
7RUPHQWDGHLGHDV
/RVFLQFRSRUTXpV
'LDJUDPDGH*DQWW
/DVVLHWHQXHYDVKHUUDPLHQWDV 'LDJUDPDGHDILQLGDG
'LDJUDPDGHUHODFLyQ
'LDJUDPDHQiUERO
'LDJUDPDPDWULFLDO
'LDJUDPDGHGHFLVLRQHVGHDFFLyQ
'LDJUDPDVDJLWDO
$QiOLVLVIDFWRULDOGHGDWRV
'HVDUUROORHLPSOLFDFLyQGHODVSHUVRQDV
(VUHVSRQVDELOLGDGGHOD'LUHFFLyQGHODVRUJDQL]DFLRQHVHOSOHQRGHVDUUROORGHOSRWHQFLDO
GH ODV SHUVRQDV TXH WUDEDMDQ HQ HOOD DVt FRPR LQYROXFUDUOHV KDFHUOHV SDUWtFLSHV GHO
SURHFWRGHODPLVPD3DUDORJUDUORGHEHUiOOHYDUDFDERGLYHUVDVLQLFLDWLYDVHVWDEOHFLHQGR
RUHIRU]DQGRORVPHFDQLVPRVGHFRPXQLFDFLyQSDUWLFLSDFLyQ
3DUWLFLSDFLyQ (MHPSOR

40. ,QGLYLGXDO 3URPRYHUVLVWHPDVGHSURSXHVWDVRVXJHUHQFLDV
(QJUXSR UHDUJUXSRVGHWUDEDMRGHSDUWDPHQWDOHVHLQWHUGHSDUWDPHQWDOHVTXH
SDUWLFLSHQHQODPHMRUDFRQWLQXDHOLPLQDQGRGHVSLOIDUURVUHVROYLHQGR
SUREOHPDV
$SUHQGL]DMH,QQRYDFLyQ0HMRUDFRQWLQXRV
6KHZKDUW GHILQLy OD PHMRUD FRQWLQXD FRPR XQ FLFOR GH FXDWUR IDVHV 3'$ 3ODQ'R
KHFN$FW

41. 6L IXpUDPRV FDSDFHV GH DSOLFDU HVWH FLFOR D WRGDV ODV DFWLYLGDGHV GH OD
RUJDQL]DFLyQORVUHVXOWDGRVHQSRFRWLHPSRVHYHUtDQPHMRUDGRVGHIRUPDVXVWDQFLDO
,/23'$'(6+(:+$57
$-867$5 3/$1,),$5
20352%$5 +$(5
0(-25$5
3(50$1(17(0(17(
3ODQLILFDU SODQLILFDU R SUHSDUDU D IRQGR HV OD SDUWH PiV LPSRUWDQWH FRPSOHMD GHO
FLFORGHSHQGLHQGRHOUHVWRGHpVWD6HGLIHUHQFLDQDVXYH]YDULDVVXEIDVHV
N ,GHQWLILFDFLyQRGHILQLFLyQGHOiUHDDPHMRUDU
N 2EVHUYDFLyQDQiOLVLVVLHVSRVLEOHLQVLWXGHOWHPDWRPDGHGDWRV
N 'HILQLFLyQVHOHFFLyQGHDFFLRQHVGHPHMRUD
N (VWDEOHFLPLHQWRGHREMHWLYRVDDOFDQ]DU
N (VWDEOHFLPLHQWRGHLQGLFDGRUHVGHFRQWURO
+DFHU OOHYDU D FDER OR TXH VH KD GHFLGLGR HQ OD IDVH 3ODQ 6H GLIHUHQFLDQ D VX YH]
YDULDVVXEIDVHV
N 3UHSDUDFLyQH[KDXVWLYDVLVWHPiWLFDGHORSUHYLVWR
N $SOLFDFLyQFRQWURODGDGHOSODQ
N 9HULILFDFLyQGHODDSOLFDFLyQVLHVQHFHVDULRGRFXPHQWDOPHQWH
RPSUREDU YHULILFDU ORV UHVXOWDGRV FRPSDUiQGRORV FRQ ORV REMHWLYRVPDUFDGRV 6H
GLIHUHQFLDQDVXYH]YDULDVVXEIDVHV
N 9HULILFDFLyQGHORVUHVXOWDGRVGHODVDFFLRQHVHPSUHQGLGDVFRQWURODQGRORVLQGLFDGRUHV
RSDUiPHWURVSUHYLVWRV

42. N RQIURQWDFLyQFRQORVREMHWLYRV
$MXVWDU GHFLGLUORTXHKDTXHPDQWHQHUORTXHKDTXHFRUUHJLU6HGLIHUHQFLDQDVX
YH]YDULDVVXEIDVHV
N (VWDQGDUL]DFLyQFRQVROLGDFLyQ
N RPXQLFDFLyQDORVLQWHUHVDGRV
N 3UHSDUDFLyQGHOVLJXLHQWHHVWDGLRGHOSODQFRQQXHYRVREMHWLYRVDFFLRQHVUHVSRQVDEOHV
SOD]RV
'HVDUUROORGHDOLDQ]DV
/DRUJDQL]DFLyQGHEHHVWDEOHFHUFRQVXVSURYHHGRUHVRWUDVHPSUHVDVFRODERUDGRUDVHQ
SURHFWRVYtQFXORVHVWDEOHVEDVDGRVHQODFRQILDQ]DHQHVWDEOHFHUUHODFLRQHVPXWXDPHQWH
EHQHILFLRVDV
/DV UHODFLRQHV GH DVRFLDFLyQ FRQ SURYHHGRUHV HVWiQ EDVDGDV HQ OD FRQILDQ]D HQ XQD
LQWHJUDFLyQDGHFXDGDSDFWDQGRVDWLVIDFLHQGRVXVUHTXHULPLHQWRVOHJtWLPRVSDUDJHQHUDU
FRQHOORPHMRUDVGHYDORUDxDGLGRDORVFOLHQWHV
5HVSRQVDELOLGDGVRFLDO
/DRUJDQL]DFLyQVXVHPSOHDGRVGHEHQFRPSRUWDUVHFRQDUUHJORDXQDpWLFDHVIRU]iQGRVH
SRUVXSHUDUODVQRUPDVUHTXLVLWRVOHJDOHVSDUWLFLSDQGRHQODVLQLFLDWLYDVVRFLDOHVTXHVH
GHVDUUROODQHQVXFRPXQLGDG
02'(/26'(*(67,21'($/,'$'727$/(;(/(1,$
(O GHVDUUROOR GH OD DOLGDG 7RWDO D HVFDOD LQWHUQDFLRQDO KD GDGR OXJDU D OD DSDULFLyQ GH
YDULRVPRGHORVGH ([FHOHQFLD HQOD *HVWLyQ(VWRVPRGHORVHVWiQ SUHSDUDGRVSDUDVHUYLU
FRPRLQVWUXPHQWRGHDXWRHYDOXDFLyQSDUDODVRUJDQL]DFLRQHV/RVRUJDQLVPRVHQFDUJDGRV
GH OD JHVWLyQ GH HVWRV PRGHORV XWLOL]DQ FRPR HOHPHQWRV GH GLIXVLyQ GH ORV PLVPRV OD
HQWUHJDDQXDOGHXQRV3UHPLRVDODH[FHOHQFLDGHODJHVWLyQ/RVEHQHILFLRVTXHSXHGHQ
GHULYDUVHGHVXXWLOL]DFLyQSDUDODVRUJDQL]DFLRQHVVRQHQWUHRWURVORVVLJXLHQWHV
RPRVLVWHPiWLFDGHDXWRHYDOXDFLyQ
N (VWDEOHFHUXQDUHIHUHQFLDGHFDOLGDGSDUDODRUJDQL]DFLyQ
N 'HWHFWDUiUHDVIXHUWHViUHDVGpELOHVHQODRUJDQL]DFLyQ
N RQRFHUHOFDPLQRGHODPHMRUDFRQWLQXDHQORVDVSHFWRVTXHFRQIRUPDQHOPRGHOR
RPRFDQGLGDWRVDOSUHPLR
N 6RPHWHUVHDXQGLDJQyVWLFRUHDOL]DGRSRUH[SHUWRVH[WHUQRVTXHDSRUWDQP~OWLSOHVLGHDV
GHPHMRUD
N 7HQVLRQDUDODRUJDQL]DFLyQSDUDORJUDUXQREMHWLYR
N 6LVHREWLHQHHOSUHPLRODSXEOLFLGDGLQKHUHQWHDOPLVPR
(QODVLJXLHQWHWDEODVHSUHVHQWDQORVWUHVPRGHORVGH([FHOHQFLDPiVGLIXQGLGRV$SHVDU
GHODVSHFXOLDULGDGHVGHFDGDXQRGHHOORVHQWRGRVVXEDFHQORVSULQFLSLRVEiVLFRVGHOD

43. DOLGDG 7RWDO ([FHOHQFLD GHVFULWRV DQWHULRUPHQWH HV GHFLU ODV PHMRUHV SUiFWLFDV HQ HO
iPELWRGHODJHVWLyQGHODVRUJDQL]DFLRQHV
8QD FDUDFWHUtVWLFD FRP~Q D WRGRV HOORV HV TXH VRQ GLQiPLFRV FRPR WDO YDQ
HYROXFLRQDQGRDGDSWiQGRVHDORVFDPELRVTXHVHSURGXFHQHQHOHQWRUQRHQWHQDUHVGH
H[SHUWRVHQULTXHFHQHVWRVPRGHORVDxRWUDVDxRFRQVXVDSRUWDFLRQHV
0RGHOR )HFKDFUHDFLyQ 2UJDQLVPRTXHORJHVWLRQD
'HPLQJ -86(-DSyQ

44. 0DOFROP%DOGULJH )XQGDFLyQSDUDHO3UHPLRGHDOLGDG
0DOFROP%DOGULJH((88

45. ()40 (XURSHDQ)RXQGDWLRQIRU4XDOLW
0DQDJHPHQW(XURSD

46. 0RGHOR'HPLQJ
(OSULPHUPRGHORHO'HPLQJVHGHVDUUROODHQ-DSyQHQSRUOD-86(8QLyQ-DSRQHVD
GH LHQWtILFRV H ,QJHQLHURV

47. (VWH PRGHOR UHFRJH OD DSOLFDFLyQ SUiFWLFD GH ODV WHRUtDV
MDSRQHVDV GHO RQWURO 7RWDO GH OD DOLGDG 74

48. R RQWURO GH OD DOLGDG HQ WRGD OD
HPSUHVD:4

49. (O SULQFLSDO REMHWLYR GH OD HYDOXDFLyQ HV FRPSUREDU TXH PHGLDQWH OD LPSODQWDFLyQ GHO
FRQWUROGHFDOLGDGHQWRGDODFRPSDxtDVHKDDQREWHQLGREXHQRVUHVXOWDGRV(OHQIRTXH
EiVLFRHVODVDWLVIDFFLyQGHOFOLHQWHHOELHQHVWDUS~EOLFR
(VWHPRGHORUHFRJHGLH]FULWHULRVGHHYDOXDFLyQGHODJHVWLyQGHFDOLGDGGHODRUJDQL]DFLyQ
5,7(5,26'((9$/8$,21
3ROtWLFDVREMHWLYRV
2UJDQL]DFLyQRSHUDWLYD
(GXFDFLyQVXGLVHPLQDFLyQ
)OXMRGH,QIRUPDFLyQVXXWLOL]DFLyQ
DOLGDGGHSURGXFWRVSURFHVRV
(VWDQGDUL]DFLyQ
*HVWLyQFRQWURO
*DUDQWtDGHFDOLGDGGHIXQFLRQHVVLVWHPDVPpWRGRV
5HVXOWDGRV
3ODQHVSDUDHOIXWXUR
0RGHOR0DOFROP%DOGULJH

50. (O 3UHPLR 1DFLRQDO GH DOLGDG 0DOFROP %DOGULJH VH FUHD HQ (VWDGRV 8QLGRV HQ
PRPHQWR HQ HO TXH OD LQYDVLyQ GH SURGXFWRV MDSRQHVHV HQ HO PHUFDGR HVWDGRXQLGHQVH
SUHFLVDGHXQDUHVSXHVWDSRUSDUWHGHODVRUJDQL]DFLRQHVGHHVWHSDtV(QODFUHHQFLDGHTXH
ODDOLGDG7RWDO([FHOHQFLDHVQHFHVDULDSDUDTXHODVRUJDQL]DFLRQHVSXHGDQFRPSHWLUHQ
HOPHUFDGRLQWHUQDFLRQDOVXUJHHOSURHFWRGHO3UHPLR1DFLRQDOGHODDOLGDG$PHULFDQR
/DPLVLyQGHHVWHSUHPLRHV
N 6HQVLELOL]DUDOSDtVDODVLQGXVWULDVSURPRFLRQDQGRODXWLOL]DFLyQGHODDOLGDG7RWDO
([FHOHQFLDFRPRPpWRGRFRPSHWLWLYRGHJHVWLyQHPSUHVDULDO
N 'LVSRQHU GH XQ PHGLR GH UHFRQRFHU IRUPDO S~EOLFDPHQWH ORV PpULWRV GH DTXHOODV
ILUPDVTXHORVKXELHUDQLPSODQWDGRFRQp[LWR
3DUD DIURQWDU ORV UHWRV GH OD HFRQRPtD JOREDO
QXHVWUDV FRPSDxtDV GH PiV p[LWR KDQ HOLPLQDGR
QLYHOHV LQQHFHVDULRV GH GLUHFWLYRV GHOHJDQGR
DXWRULGDGHQORVRSHUDULRVRULHQWiQGRVHKDFLDORV
FOLHQWHV SHUVHYHUDQGR HQ OD PHMRUD FRQWLQXD GH
ORV SURGXFWRV TXH IDEULFDQ ORV VHUYLFLRV TXH
SUHVWDQODVSHUVRQDVTXHHPSOHDQ
%LOOOLQWRQ
/RVVLHWHFULWHULRVHQORVTXHVHEDVDHVWHSUHPLRVHUHFRJHQHQHOVLJXLHQWHJUiILFR
0RGHOR()40GH([FHOHQFLD
5HFRQRFLHQGRHOSRWHQFLDOSDUDODREWHQFLyQGHXQDYHQWDMDFRPSHWLWLYDHQ(XURSDDWUDYpV
GH OD DSOLFDFLyQ GH OD DOLGDG 7RWDO ([FHOHQFLD LPSRUWDQWHV HPSUHVDV GH (XURSD
WRPDURQODLQLFLDWLYDGHFUHDUOD)XQGDFLyQ(XURSHDSDUDOD*HVWLyQGHDOLGDG(XURSHDQ
)RXQGDWLRQIRU4XDOLW0DQDJHPHQW()40

51. HQ

52. (Q FXHQWD FRQ FHUFD GH PLHPEURV SURFHGHQWHV GH OD PDRUtD GH SDtVHV GH
(XURSDGHWRGRVORVVHFWRUHVHPSUHVDULDOHVRUJDQL]DFLRQHVQROXFUDWLYDV6XPLVLyQHV
PHMRUDU OD FRPSHWLWLYLGDG GH ODV RUJDQL]DFLRQHV HXURSHDV PHGLDQWH OD PHMRUD GH VX
JHVWLyQ 3RU HOOR GHVGH YLHQH SXEOLFDQGR HO GHQRPLQDGR 0RGHOR ()40 GH
([FHOHQFLD FRPR PRGHOR GH UHIHUHQFLD GHVWLQDGR D DXGDU D ODV HPSUHVDV RWUDV
RUJDQL]DFLRQHVHQVXFDPLQRGHPHMRUD
(QVHKDHGLWDGRDVLPLVPRXQDDGDSWDFLyQGHOPRGHORSDUDODV30(
/D()40JHVWLRQDHO(XURSHDQ4XDOLW$ZDUGSUHPLRTXHVHHQWUHJySRUSULPHUDYH]HQ
TXHHVXQPHFDQLVPRGHUHFRQRFLPLHQWRDODVRUJDQL]DFLRQHVPiVGHVWDFDGDVGH
GLIXVLyQGHODVPHMRUHVSUiFWLFDVH[LVWHQWHHQHOiPELWRHXURSHR

53. $xR 3UHPLRV DWHJRUtDV 3DUWLFLSDQWHV
*DQDGRU 5DQN;HUR[
3UHPLRV 0LOOLNHQ
%ULWLVK2[JHQRPSDQ
8%,6$
*DQDGRU 0LOOLNHQ(XURSD
3UHPLR ,QWHUQDWLRQDORPSXWHU/LPLWHG
*DQDGRU '''HVLJQWR'LVWULEXWLRQ
3UHPLRV (ULFFVRQ(VSDxD6$
,%06HPHD
*DQDGRU 7H[DV,QVWUXPHQWV
3UHPLR 717([SUHVV
%ULVD
*DQDGRU
%ULWLVK7HOHFRP
3UHPLRV
1HWDV
717([SUHVV8.

54. /WG
*DQDGRUHV *5$1(035(6$ 6*67+206210LFURHOHFWURQLFV
30( %(.6$
3UHPLRV *5$1(035(6$ %ULWLVK7HOHFRP
*5$1(035(6$ 1HWDV
*5$1(035(6$ 717([SUHVV8.

55. /WG
30( *$61$/6$
*DQDGRU *5$1(035(6$ 717([SUHV
3UHPLRV 6(72538%/,2 $9(5(1)(
30(6XEVLGLDULD %HNR7LNDUHW$6
6(72538%/,2 $FFRXQWV2IILFHXPEHUQDXOG
30(,QGHSHQGLHQWH 6FKLQGOHUKRII+RWHO
*DQDGRUHV *5$1(035(6$ HOORZ3DJHV
8QLGDG2SHUDFLRQDO 9ROYRDUV*HQW
30(,QGHSHQGLHQWH 'L(8'DQLVK,QWHUQDWLRQDORQWLQXLQJ(GXFDWLRQ
6HUYLWLTXH1HWZRUN6HUYLFHV
30(6XEVLGLDULD %DQF,QWHUQDFLRQDOG$QGRUUD %DQFD0RUD
3UHPLRV 30(6XEVLGLDULD %XUWRQ$SWD5HIUDFWRU0DQXIDFWXULQJ/WG
30(6XEVLGLDULD %71RUWKHUQ,UHODQG
8QLGDG2SHUDFLRQDO (ODLV6$8QLOHYHU*URXS
*5$1(035(6$ 6ROODF
*5$1(035(6$
*DQDGRUHV *5$1(035(6$ 1RNLD0RELOH3KRQHV(XURSD $IULFD
6(72538%/,2 ,QODQG5HYHQXH$FFRXQWV2IILFHXPEHUQDXOG
30(6XEVLGLDULD %XUWRQ±$SWD5HIUDFWRU0DQXIDFWXULQJ/WG
3UHPLRV *5$1(035(6$ $UoHOLN$6
*5$1(035(6$ (F]DFLEDVL9LWUD
*5$1(035(6$ ,UL]DU6RRS
6(72538%/,2 $UEHMGVIRUPLGOLQJHQ±5LQJNRHELQJ$07
6(72538%/,2 )R[GHQWRQ6FKRRODQG,QWHJUDWHG1XUVHU
30(6XEVLGLDULD $YDD,UHODQG/WG
30(,QGHSHQGLHQWH :DWHU7HDP65/
30(,QGHSHQGLHQWH =DKQDU]WSUD[LV

56. (O0RGHOR()40GH([FHOHQFLDVHEDVDHQODVLJXLHQWHSUHPLVD
³/D 6DWLVIDFFLyQ GH OLHQWH (PSOHDGRV HO ,PSDFWR HQ OD 6RFLHGDG VH FRQVLJXHQ
PHGLDQWH XQ /LGHUD]JR TXH LPSXOVH OD 3ROtWLFD (VWUDWHJLD ODV SHUVRQDV GH OD
RUJDQL]DFLyQ ODV $OLDQ]DV 5HFXUVRV ORV 3URFHVRV KDFLD OD FRQVHFXFLyQ GH OD
([FHOHQFLDHQORV5HVXOWDGRVGHODRUJDQL]DFLyQ´
([SUHVDGRJUiILFDPHQWHHVWHSULQFLSLRUHVSRQGHDOVLJXLHQWHHVTXHPD
5(68/7$'26(1/$6
3(5621$6 3(5621$6
3WRV

57. 3WRV

58. /,'(5$=*2 352(626 5(68/7$'26(1/26 5(68/7$'26
32/,7,$(675$7(*,$
/,(17(6 /$9(
3WRV 3WRV

59. 3WRV
3WRV

60. 3WRV
$/,$1=$6 5(68/7$'26(1/$
5(85626
62,('$'
3WRV

61. 3WRV

62. $*(17(63WRV

63. 5(68/7$'263WRV

64. /RVSRUFHQWDMHVPRVWUDGRVVRQORVXWLOL]DGRVSDUDHO3UHPLR(XURSHRDODDOLGDG(4$

65. 8WLOL]DQGR GLFKDV SRQGHUDFLRQHV XQD RUJDQL]DFLyQ WLHQH HO EHQHILFLR DGLFLRQDO GH SRGHU
FRPSDUDU VX SHUILO GH FDOLILFDFLyQ FRQ HO GH RWUDV (O PRGHOR ORV SRUFHQWDMHV VH
REWXYLHURQDSDUWLUGHDPSOLDVFRQVXOWDVHQWUHHPSUHVDVHXURSHDVVHUHYLVDQDQXDOPHQWH
SRUOD()40FRPRSDUWHGHVXSURFHVRGHPHMRUDFRQWLQXD
$XQTXHFDGDRUJDQL]DFLyQHV~QLFDHVWHPRGHORRIUHFHXQPDUFRJHQpULFRGHFULWHULRVTXH
SXHGHQ DSOLFDUVH DPSOLDPHQWH D FXDOTXLHU RUJDQL]DFLyQ R FRPSRQHQWH GH XQD
RUJDQL]DFLyQ
$*(17(6)$,/,7$'25(6'(/02'(/2()40
/RVFULWHULRVGHOJUXSRGH$JHQWHV)DFLOLWDGRUHVUHIOHMDQFyPR ODRUJDQL]DFLyQDFW~D
$XQTXH HO PRGHOR QR HV SUHVFULSWLYR FDGD $JHQWH VH GHVFRPSRQH HQ FLHUWR Q~PHUR GH
VXEFULWHULRVWRGRVGHEHQ WHQHUVHHQFXHQWDDGDVXEFULWHULRHVFRPSOHPHQWDGRSRUXQD
OLVWD GH iUHDV DWUDWDU(VWRV VRQ VyOR HMHPSORV 1R H[LVWH QLQJ~Q UHTXLVLWR SDUD WHQHU HQ
FXHQWD D WRGDV ODV iUHDV TXH VH WUDWDQ VLQR VyOR DTXHOODV TXH VHDQ DSOLFDEOHV D OD
RUJDQL]DFLyQ $GHPiV SXHGHQ LQWURGXFLUVH RWUDV iUHDV /D HOHFFLyQ GHSHQGH GH OD
RUJDQL]DFLyQ TXH OOHYD D FDER OD DXWRHYDOXDFLyQ GH DTXHOOR TXH WHQJD HVSHFLDO
LPSRUWDQFLDSDUDVXVDFWLYLGDGHV
5(68/7$'26(1(/02'(/2()40

66. /RV FULWHULRV 5HVXOWDGRV WUDWDQ GH OR TXH KD DOFDQ]DGR OD RUJDQL]DFLyQ GH OR TXH HVWi
DOFDQ]DQGR
/RVUHVXOWDGRVGHODRUJDQL]DFLyQODWHQGHQFLDGHWRGRVORVULWHULRVGHORV5HVXOWDGRV
GHEHQWUDWDUVHHQWpUPLQRVGH
ORFRQVHJXLGRUHDOPHQWHSRUODRUJDQL]DFLyQ
ORVSURSLRVREMHWLYRVGHODRUJDQL]DFLyQ
VLHVSRVLEOH
ORVUHVXOWDGRVGHODFRPSHWHQFLD
ORVUHVXOWDGRVGHDTXHOODVRUJDQL]DFLRQHVPHMRUHVGHODFODVH
0(72'2/2*,$6'(0(-25$
([LVWHQ QXPHURVDV PHWRGRORJtDV KHUUDPLHQWDV TXH SHUPLWHQ PHMRUDU ODV IRUPDV GH
JHVWLRQDUREWHQHUPHMRUHVUHVXOWDGRV$OJXQDVVRQHVSHFtILFDVDSOLFDEOHVVyORHQFLHUWRV
WLSRV GH RUJDQL]DFLRQHV RWUDV VRQ ³XQLYHUVDOHV´ $VLPLVPR SRGHPRV GHFLU TXH HQ
JHQHUDOVXSXHVWDHQSUiFWLFDSRWHQFLDRUHIXHU]DSULQFLSDOPHQWHDOJXQRVGHORVFULWHULRV
GHO 0RGHOR ()40 GH ([FHOHQFLD VL ELHQ WDPELpQ VXHOHQ LPSDFWDU R LQFLGLU HQ PHQRU
PHGLGDVREUHHOUHVWR
'HHVWDIRUPDODV0HWRGRORJtDVGH0HMRUD
N 5HIXHU]DQ HO OLGHUD]JR ULWHULR

67. SXHV DFW~DQ VREUH HO SDSHO D GHVDUUROODU SRU ORV
OtGHUHVPRGLILFDQGRVXVFRPSURPLVRVVXODERU
N 5HTXLHUHQFLHUWRJUDGRGHIRUPDOL]DFLyQGHXQSODQSDUDOOHYDUODVDFDERGHEHQHVWDU
DOVHUYLFLRGHORVREMHWLYRVHVWUDWpJLFRVGHODRUJDQL]DFLyQ$VtLQFLGHQHQODSROtWLFD
HVWUDWHJLD ULWHULR

68. N ,PSDFWDQ VREUH ODV SHUVRQDV ULWHULR

69. H LQWURGXFHQ PRGLILFDFLRQHV VREUH VXV
DFWLWXGHVDSWLWXGHVFRPSRUWDPLHQWRV
N RQOOHYDQXQPHMRUDSURYHFKDPLHQWRGHORVUHFXUVRV ULWHULR

70. GHXQRXRWURWLSR
N ,QFUHPHQWDQODHILFDFLDHILFLHQFLDGHDOJXQRVSURFHVRV ULWHULR

71. N 0HMRUDQORVUHVXOWDGRVHQORV FOLHQWHV ULWHULR

72. SHUVRQDVULWHULR

73. VRFLHGDG
ULWHULR

74. HQJHQHUDODGHPiVUHSHUFXWHQVREUHORVUHVXOWDGRVFODYH ULWHULR

75. $ FRQWLQXDFLyQ VLQ iQLPR GH VHU H[KDXVWLYRV SUHVHQWDPRV DOJXQDV GH ODV QXPHURVDV
PHWRGRORJtDVH[LVWHQWHVHQTXpIRUPDVXDSOLFDFLyQUHIXHU]DXQRR YDULRVGHORVFULWHULRV
GHO0RGHOR
1250$,62

76. /DQXHYDQRUPD,62GHODxRVXVWLWXHDODVWUHVDQWHULRUHVQRUPDVFHUWLILFDEOHV
,62

77. VXGHQRPLQDFLyQHVGH³*HVWLyQGHODDOLGDG´ORTXHVXSRQH
XQDYDQFHVREUHHODQWHULRUFRQFHSWR³$VHJXUDPLHQWRGHODDOLGDG´3DUDHOORODQXHYD
QRUPD LQFRUSRUD DVSHFWRV FRPR OD PHGLGD GH OD VDWLVIDFFLyQ GH ORV FOLHQWHV HO
HVWDEOHFLPLHQWR GH REMHWLYRV GH PHMRUD FRQWLQXD FRQ ORV FXDOHV VH UHIXHU]D HO FLFOR GH
JHVWLyQGHODFDOLGDGGHORVSURGXFWRVVHUYLFLRV
3RUWRGRHOORFXDQGRXQDRUJDQL]DFLyQDSOLTXHORVFRQWHQLGRVGHHVWDQRUPDHQVX6LVWHPD
GH *HVWLyQ GH OD DOLGDG HVWDUi PHMRUDQGR VX IRUPD GH JHVWLRQDU SULQFLSDOPHQWH HQ HO
FULWHULR GH 352(626

78. HQ HO GH 5(68/7$'26 (1 /26 /,(17(6

79. GHO
0RGHOR()40GH([FHOHQFLD
1250$,62
/D DSOLFDFLyQ GH XQ 6LVWHPD GH *HVWLyQ 0HGLRDPELHQWDO VLJXLHQGR ODV GLUHFWULFHV
FRQWHQLGDVHQHVWDQRUPDSHUPLWHDODVHPSUHVDVGHVDUUROODUSURGXFWRVPHQRVOHVLYRVFRQ
HOPHGLRDPELHQWHPHMRUDUODJHVWLyQGHVXVUHFXUVRVUHGXFLHQGRHOFRQVXPRGHPDWHULDV
SULPDVDJXDHQHUJtDDSURYHFKDQGRPLQLPL]DQGRORVUHVLGXRVUHGXFLHQGRORVFRVWHV
GH HPEDODMH DOPDFHQDPLHQWR WUDQVSRUWH 3RU OR WDQWR LQFLGH SULQFLSDOPHQWH HQ HO
FULWHULR$/,$1=$65(85626

80. HQHOLPSDFWRVRFLDOR5(68/7$'26(1/$
62,('$'

81. 1250$81((;
(VWD QRUPD D~Q GH FDUiFWHU H[SHULPHQWDO QR FHUWLILFDEOH HVWDEOHFH ODVGLUHFWULFHV SDUD
TXH XQD HPSUHVD SXHGD LPSODQWDU XQ 6LVWHPD GH 3UHYHQFLyQ GH 5LHVJRV /DERUDOHV TXH
HYLWHRPLQLPLFHORVULHVJRVSDUDORVWUDEDMDGRUHV
RQOOHYD OD PRWLYDFLyQ IRUPDFLyQ GH ODV SHUVRQDV WUDEDMDGRUDV SRU HOOR LQFLGH
SULQFLSDOPHQWH HQ ORV FULWHULRV GH 3(5621$6

82. 5(68/7$'26 (1 /$6
3(5621$6

83. 6

84. /DV 6 VRQ ODV LQLFLDOHV GH FLQFR SDODEUDV MDSRQHVDV D ODV TXH GHEH VX QRPEUH HVWD
PHWRGRORJtD
6(,5, 25*$1,=$,21
RQVLVWH HQ LGHQWLILFDU VHSDUDU ORV PDWHULDOHV QHFHVDULRV GH ORV
LQQHFHVDULRVHQGHVSUHQGHUVHGHpVWRV~OWLPRV
6(,721 25'(1
RQVLVWHHQHVWDEOHFHUHOPRGRHQTXHGHEHQXELFDUVHHLGHQWLILFDUVHORV
PDWHULDOHV QHFHVDULRV GH PDQHUD TXH VHD IiFLO UiSLGR HQFRQWUDUORV
XWLOL]DUORVUHSRQHUORV
6(,62 /,03,(=$
RQVLVWH HQ LGHQWLILFDU HOLPLQDU ODV IXHQWHV GH VXFLHGDG DVHJXUDQGR
TXH WRGRV ORV PHGLRV VH HQFXHQWUDQ VLHPSUH HQ SHUIHFWR HVWDGR
RSHUDWLYR
6(,.(768 21752/9,68$/
RQVLVWHHQGLVWLQJXLUIiFLOPHQWHXQDVLWXDFLyQQRUPDOGHRWUDDQRUPDO
PHGLDQWHQRUPDVVHQFLOODVYLVLEOHVSDUDWRGRV
6+,768.( ',6,3/,1$+$%,72
RQVLVWH HQ WUDEDMDU SHUPDQHQWHPHQWH GH DFXHUGR FRQ ODV QRUPDV
HVWDEOHFLGDV
/DV,12)$6(6FRPSRQHQXQWRGRLQWHJUDGRVHDERUGDQGHIRUPDVXFHVLYDXQD
WUDVRWUD
6X DSOLFDFLyQ FRQGXFH D PHMRUDU HO DSURYHFKDPLHQWR GH ORV UHFXUVRV UHGXFLHQGR
DYHUtDV VWRFNV WUDQVSRUWHV WLHPSRV GH FDPELR GH XWLOODMH HWF 3DUD LPSODQWDU HVWD
PHWRGRORJtDHVQHFHVDULRIRUPDUPRWLYDUDODVSHUVRQDVTXHORJUDUiQPHMRUDUVXOXJDU
GH WUDEDMR XQD PDRU FRRSHUDFLyQ WUDEDMDU HQ HTXLSR 3RU WDQWR LQFLGH
SULQFLSDOPHQWH HQ ORV FULWHULRV 3(5621$6

85. $/,$1=$6 5(85626

86. 5(68/7$'26(1/$63(5621$6

87. 5(68/7$'26/$9(

88. 0(-25$217,18$
(Q OD *HVWLyQ GH QXHVWUDV RUJDQL]DFLRQHV REVHUYDPRV GHILFLHQFLDV X RSRUWXQLGDGHV GH
PHMRUD UHVSHFWR D SUREOHPDV TXH VH UHSLWHQ HQ QXHVWUD ODERU GLDULD 3DUD HOOR HV
QHFHVDULRGLVSRQHUGHXQDPHWRGRORJtDTXHSHUPLWDHVWUXFWXUDUGHVDUUROODUXQSURFHVR
GH PHMRUD FRQWLQXD TXH DERUGH GH IRUPD VLVWHPiWLFD ILDEOH OD LGHQWLILFDFLyQ OD
RUJDQL]DFLyQ OD VROXFLyQ D GLFKRV SUREOHPDV 3DUD OOHYDUOR D FDER VH XWLOL]D XQD
HVWUXFWXUDRUJDQL]DGDSHUPDQHQWHGHHTXLSRVGHWUDEDMR
8Q HTXLSR GH WUDEDMR GHQRPLQDGR HTXLSR GH PHMRUD FRQVLVWH HQ XQ SHTXHxR Q~PHUR GH
SHUVRQDV FRQ KDELOLGDGHV FRPSOHPHQWDULDV TXH HVWiQ FRPSURPHWLGRV FRQ XQ SURSyVLWR
FRP~Q XWLOL]DQ SDUiPHWURV GH GHVHPSHxR PpWRGRV HVWUXFWXUDGRV VRQ PXWXDPHQWH
UHVSRQVDEOHVGHVXUHDOL]DFLyQ/DVFDUDFWHUtVWLFDVHVHQFLDOHVGHXQHTXLSRVRQ
7HQHUREMHWLYRVGHHTXLSR(OHTXLSRGHEHWHQHUXQDUD]yQSDUD WUDEDMDUFRPR
FRQMXQWR
/D LQWHUGHSHQGHQFLD (V LPSRUWDQWH TXH ORV PLHPEURV GHO HTXLSR VHDQ
LQWHUGHSHQGLHQWHVHVGHFLUTXHFDGDXQRQHFHVLWHGHODH[SHULHQFLDKDELOLGDG
HQWUHJDGHORVGHPiVSDUDORJUDUREMHWLYRVPXWXRV
(ILFLHQFLDHQHOGHVHPSHxR/RVPLHPEURVGHOHTXLSRGHEHQHVWDUFRQYHQFLGRV
GH OD LGHD GH TXH HO HTXLSR GH WUDEDMR VL HV UHDOPHQWH HILFLHQWH FRQVLJXH
VLHPSUHPHMRUHVUHVXOWDGRVTXHLQGLYLGXRVTXHWUDEDMDQDLVODGDPHQWH
/DUHVSRQVDELOLGDG(OHTXLSRGHEHWHQHUUHVSRQVDELOLGDGVREUHVXVDFWXDFLRQHV
VREUH WRGR VREUH ORV ORJURV REWHQLGRV 8Q HTXLSR HILFD] HV DTXHO FDSD] GH
GRWDUVH D Vt PLVPR GH FLHUWDV QRUPDV FRPSRUWDPLHQWRV TXH OH SHUPLWHQ
DOFDQ]DUVXVREMHWLYRVGHQWURGHORVSOD]RVGHWLHPSRSUHYLVWRV
3DUDFDGDXQDGHODVRSRUWXQLGDGHVGHPHMRUDTXH ODRUJDQL]DFLyQ GHFLGD FRQYHUWLU HQ
SURHFWRGHPHMRUDVHGHEHHVWDEOHFHUFXiOHVHOJUXSRGHSHUVRQDVTXHWLHQHXQDPDRU
FDSDFLGDGSDUDDOFDQ]DUXQDVROXFLyQySWLPDSDUDODHPSUHVDWUDQVIRUPDUHVHJUXSRHQ
XQ(TXLSRGH0HMRUD/RV(TXLSRVGH0HMRUDGLVSRQHQGHXQDVHULHGHKHUUDPLHQWDVGH
UHVROXFLyQ GH SUREOHPDV TXH SXHGHQ XWLOL]DU VHJ~Q OD IDVH GHO SURFHVR HQ HO TXH VH
HQFXHQWUHQKHUUDPLHQWDVTXHVHGHVFULEHQHQHOVLJXLHQWHDSDUWDGR
3RUWDQWRORV(TXLSRVGH0HMRUDDFW~DQSULQFLSDOPHQWHHQHOFULWHULR352(626

89. 5(68/7$'26(1/26/,(17(6

90. +
6H FRQRFH FRQ HO QRPEUH GH ODV ³+´ R ODV ³VLHWH KHUUDPLHQWDV FOiVLFDV³ D VLHWH
KHUUDPLHQWDVTXHIXHURQ UHFRSLODGDVHQORVDxRVSRU .DRUX,VKLNDZD TXHIRUPDEDQ
SDUWHGHODIRUPDFLyQTXH UHFLEtDQHQDTXHOORVWLHPSRVORV LQWHJUDQWHVGHORVFtUFXORVGH
FDOLGDGHOGLDJUDPDGH3DUHWRHOGLDJUDPDGHFDXVDHIHFWRODVKRMDVGHUHFRJLGDGHGDWRV
ORVKLVWRJUDPDVODHVWUDWLILFDFLyQORVJUiILFRVGHFRQWUROORVGLDJUDPDVGHGLVSHUVLyQ
/D H[SHULHQFLD KD GHPRVWUDGR TXH HO XVR GH HVWDV VHQFLOODV KHUUDPLHQWDV SHUPLWH
UHVROYHU HO GH ORV SUREOHPDV GH ODV RUJDQL]DFLRQHV /DV KHUUDPLHQWDV FOiVLFDV
WLHQHQJUDQGHVYHQWDMDV
N 6HQFLOOH]7RGRHOPXQGRSXHGHXVDUODV
N $SOLFDELOLGDGHQWRGRVORVQLYHOHVGHODRUJDQL]DFLyQ
N 8WLOLGDGSRUVXJUDQFDSDFLGDGGHDQiOLVLVPHMRUD
5HFLHQWHPHQWH VH KD UHFRSLODGR RWUR JUXSR OODPDGR ODV QXHYDV KHUUDPLHQWDV PiV
FRPSOHMDV+RHQGtDODV+³FOiVLFDV´VRQXWLOL]DGDVHQWRGRHOPXQGRSRUORVHTXLSRV
GH PHMRUD FRQWLQXD GH UHVROXFLyQ GH SUREOHPDV SXHV FRQ HOODV VH SXHGHQ LGHQWLILFDU
DQDOL]DU UHVROYHU OD PDRUtD GH ORV SUREOHPDV UHODFLRQDGRV FRQ OD FDOLGDG GH ORV
SURGXFWRV VHUYLFLRV 3RU WDQWR DFW~DQ SULQFLSDOPHQWH HQ HO FULWHULR 352(626

91. 5(68/7$'26(1/26/,(17(6

92. *(67,Ï1'(352(626
6HSXHGHGHILQLUXQSURFHVRFRPRFXDOTXLHUVHFXHQFLDUHSHWLWLYDGHDFWLYLGDGHVTXHXQDR
YDULDV SHUVRQDV ,QWHUYLQLHQWHV

93. GHVDUUROODQ SDUD KDFHU OOHJDU DOJR 6DOLGD

94. D DOJXLHQ
'HVWLQDWDULR

95. DSDUWLUGHXQRVUHFXUVRVTXHVHXWLOL]DQUHFXUVRVDPRUWL]DEOHVTXHQHFHVLWDQ
HPSOHDUORVLQWHUYLQLHQWHV

96. RELHQVHFRQVXPHQ(QWUDGDVDOSURFHVR

97. /DJHVWLyQPHMRUD
GHSURFHVRVHVXQRGHORVSLODUHVVREUHORVTXHGHVFDQVDODJHVWLyQVHJ~QORVSULQFLSLRVGH
DOLGDG7RWDO([FHOHQFLD3RUWDQWRDFW~DSULQFLSDOPHQWHHQHOFULWHULR352(626

98. 6RQHMHPSORVGHSURFHVRV
N (OSURFHVRTXHHVWDPSDURVFDXQWRUQLOOR
N (O SURFHVR TXH HQVDPEOD XQ FRQMXQWR FRQFUHWR GH XQD PiTXLQD GH
WUDQVIRUPDFLyQHOpFWULFD
N (OSURFHVRTXHGHVDUUROODXQDMRUQDGDLQIRUPDWLYDVREUHHOLPSDFWRGHO(XUR
N (OSURFHVRTXHWUDPLWDXQDOLFHQFLDGHREUDVPHQRUHVHQXQ$XQWDPLHQWR
(V D WUDYpV GH VXV SURFHVRV FRPR ODV RUJDQL]DFLRQHV FRQVLJXHQ KDFHU OOHJDU HVRV
DOJRVTXHJHQHUDQDDTXHOORVDTXLHQHVKDQGHILQLGRFRPR'HVWLQDWDULRVGHORTXH

99. KDFHQOLHQWH6LJXLHQWHVHFFLyQ$VLVWHQWHDXQDMRUQDGDLXGDGDQDR

100. TXHVRQVXV
SURFHVRVORVTXHFRQGLFLRQDQODVDWLVIDFFLyQGHHVWRVSRUORWDQWRODSUREDELOLGDGGH
TXHHQHOIXWXURVLJDQFRQWDQGRFRQODRUJDQL]DFLyQ
*(67,21'(/212,0,(172
/D JHVWLyQ GHO FRQRFLPLHQWR HV HQ HVWRV PRPHQWRV PiV TXH XQD PHWRGRORJtD XQ
SULQFLSLR R HOHPHQWR FODYH GH JHVWLyQ DSDUHFH FRPR WDO UHFRJLGR H[SOtFLWDPHQWH HQ HO
0RGHOR ()40 GH ([FHOHQFLD HQ VXV FULWHULRV 3(5621$6

101. $/,$1=$6
5(85626

102. /D JHVWLyQGHO FRQRFLPLHQWR FRQOOHYDD PHQXGR GRWDU D ODVRUJDQL]DFLRQHVGH VLVWHPDV
LQIRUPiWLFRVRWURVPHFDQLVPRVTXHSHUPLWHQDOPDFHQDUORDFFHGHUDpO VREUHWRGR
FDPELDUODFXOWXUDGHODVSHUVRQDVSDUDTXHVHDQSURFOLYHVDVRFLDOL]DUORFRPSDUWLUOROR
FXDO VHORJUD GHVDUUROODQGR XQRV FRQWH[WRV RUJDQL]DWLYRV HVSDFLRV ItVLFRV RUJDQL]DFLyQ
GHO WUDEDMR VLVWHPDV GH HYDOXDFLyQ GHO GHVHPSHxR UHFRQRFLPLHQWR HWF TXH OR
IDYRUH]FDQ
0,1,203$f,$6
/DV³PLQLFRPSDxLDV´VRQXQDIRUPDGHHVWUXFWXUDUXQDRUJDQL]DFLyQSDUDTXHFDGDXQDGH
VXV XQLGDGHV VH FRPSRUWH FRPR XQD SHTXHxD FRPSDxtD R PLQLHPSUHVD TXH EXVTXH OD
VDWLVIDFFLyQGHVXVFOLHQWHVLQWHUQRV RWUDV PLQLFRPSDxLDV

103. H[WHUQRVFRQ HOPi[LPR GH
HILFLHQFLD6XDSOLFDFLyQUHTXLHUHXQSURFHVRFRQWLQXDGR±DYHFHVSXHGHGXUDUYDULRVDxRV
± GH IRUPDFLyQ FXDOLILFDFLyQ GH ODV SHUVRQDV HQ HVSHFLDO GH ORV OLGHUHV SDUD TXH
DVXPDQRWUDVUHVSRQVDELOLGDGHV
3RUHOORVXDSOLFDFLyQLQFLGHHVSHFLDOPHQWHHQHOFULWHULR/,'(5$=*2

104. 3(5621$6

105. 352(626

106. 5(68/7$'26 (1 /$6 3(5621$6

107. 5(68/7$'26
/$9(

108. 4)'48$/,7)817,21'(3/20(17
(O4)'4XDOLW)XQFWLRQ'HSORPHQWR'HVSOLHJXHGHOD)XQFLyQDOLGDG

109. VHSXHGH
GHILQLU FRPR XQ SURFHVR HVWUXFWXUDGR PHWyGLFR SDUD REWHQHU OD YR] GHO FOLHQWH
UHFRJHUODHQWRGDVODVIDVHVGHOGLVHxRGHVDUUROORGHXQSURGXFWRRVHUYLFLR(O4)'
FRPHQ]y HQ -DSyQ HQ ORV DxRV GRQGH HQ XQ SULPHU PRPHQWR LED GLULJLGR D OD
GHWHFFLyQ GH SUREOHPDV 0iV WDUGH VH FRPHQ]y D DSOLFDU HQ IDVHV DQWHULRUHV FRPR HO
GLVHxRGHORVSURGXFWRV
(O H[SHUWR TXH PiV KD FRQWULEXLGR D GHVDUUROODU HVWD KHUUDPLHQWD HV HO SURIHVRU RML
$NDRFRQRFLGRWDPELpQSRUVHUHOSURSXOVRUGHODPHWRGRORJtD+RVLQ.DQUL(Q
HO SURIHVRU $NDR SXEOLFy HO SULPHU WH[WR GH 4)' $ SDUWLU GH DKt FRPHQ]y D
LQWURGXFLUVH HQ 2FFLGHQWH D WUDYpV GH ((88 GRQGH IXHURQ *HQHUDO 0RWRUV )RUG
;HUR[ORVTXHFRPHQ]DURQDDSOLFDUHVWDGLVFLSOLQDGLYXOJDUOD
(O4)'VHEDVDHQLQYHVWLJDUFXiOHVVRQODVQHFHVLGDGHVGHOFOLHQWHHQHVFXFKDUVXYR]
VDEHU TXp GHVHD pVWH SRVWHULRUPHQWH WUDGXFLU HVWR D FDUDFWHUtVWLFDV GH FDOLGDG GH XQ
SURGXFWR R VHUYLFLR HV GHFLU HQ FyPR VH SXHGHQ VDWLVIDFHU GLFKDV H[SHFWDWLYDV 3RU OR
WDQWR HVWD KHUUDPLHQWD LQFLGH SULQFLSDOPHQWH VREUH ORV FULWHULRV GH 352(626

110. 5(68/7$'26(1/26/,(17(6

111. 5(68/7$'26/$9(

112. '(63/,(*8('(2%-(7,926
%DMR HVWD GHQRPLQDFLyQ SRGHPRV HQJOREDU D GLYHUVDV PHWRGRORJtDV TXH VH KDQ LGR
GHVDUUROODQGR HQ ORV ~OWLPRV DxRV FRQ HO SURSyVLWR GH WUDVODGDU KDVWD HO GtD D GtD ORV
REMHWLYRVHVWUDWpJLFRVGHODRUJDQL]DFLyQFRPRVRQSRUHMHPSORHO3ROLF'HSORPHQW R
+RVKLQ.DQULHOXDGURGH0DQGR,QWHJUDO EDODQFHGVFRUHFDUG

113. 6XDSOLFDFLyQUHIXHU]DODLQYROXFUDFLyQGHODVSHUVRQDVGHODRUJDQL]DFLyQHQHOORJURGH
VXVUHVXOWDGRVGRWiQGROHVGHPDRULQIRUPDFLyQIRUPDFLyQFDSDFLGDGGHGHFLVLyQ3DUD
HOORORVFULWHULRVGHO0RGHOR()40GH([FHOHQFLDGRQGHWLHQHQPDRULQFLGHQFLDVRQHOGH
32/Ë7,$ (675$7(*,$

114. 3(5621$6

115. ORV FULWHULRV GH UHVXOWDGRV HQ
HVSHFLDO5(68/7$'26(1/$63(5621$6

116. 5(,1*(1,(5Ë$'(352(626
6X SURSyVLWR HV SRQHU HQ FXHVWLyQ WRGRV ORV SURFHVRV GH OD RUJDQL]DFLyQ UHYLVDUORV
DGHFXDUORVDODVGHPDQGDVGHORVFOLHQWHVOOHYDQGRDFDERFDPELRVUDGLFDOHVFXDQGRVH
QHFHVLWDQ$PHQXGRVHXWLOL]DQODVSRVLELOLGDGHVTXHRIUHFHQODVPRGHUQDVWHFQRORJtDV
GHODLQIRUPDFLyQSDUDOOHYDUDFDERHVWDODERU3RUORWDQWRVHLQFLGHIXQGDPHQWDOPHQWH
VREUH ORV FULWHULRV GH 352(626

117. 5(68/7$'26 (1 /26 /,(17(6

118. 5(68/7$'26/$9(

119. %(1+0$5.,1*
(VWD SDODEUD LQJOHVD TXH DOJXQDV SHUVRQDV WUDGXFHQ FRPR ³HPXODFLyQ´ FRQVLVWH HQ OD
E~VTXHGD FRQWLQXD VLVWHPiWLFD GH ³ODV PHMRUHV SUiFWLFDV´ TXH QRV SHUPLWLUiQ
DSOLFiQGRODV GH XQD PDQHUD DGDSWDGD D QXHVWUD RUJDQL]DFLyQ PHMRUDU QXHVWUR QLYHO GH
FRPSHWLWLYLGDGRVHUPiVFRPSHWHQWHVVHJ~QORVFDVRV
(OEHQFKPDUNLQJHVDSOLFDEOHDFXDOTXLHUDVSHFWRGHODJHVWLyQQRUPDOPHQWHVHSDUWHGH
FRPSDUDU UHVXOWDGRV SDUD VHJXLGDPHQWH SURIXQGL]DU HQ HO FRQRFLPLHQWR GH ORV DJHQWHV
TXHORVKDQJHQHUDGRH[WUDHUOHFFLRQHVTXHSRGDPRVDSOLFDUHQQXHVWUDRUJDQL]DFLyQR
HPSUHVDRQHVWDPHWRGRORJtDSRGHPRVSRUORWDQWRDFWXDUVREUHFXDOTXLHUDGHORVQXHYH
FULWHULRVGHOPRGHOR()40GH([FHOHQFLD
6(,66,*0$
6HLVVLJPDHVXQSURJUDPDGHPHMRUDTXHSRUVXVFRQWHQLGRVHVWiHVSHFLDOPHQWHLQGLFDGR
SDUDVHUDSOLFDGRHQHOSURFHVRSURGXFWLYRGHHPSUHVDVGHWLSRLQGXVWULDO6XDSOLFDFLyQVH
OOHYD D FDER PHGLDQWH OD IRUPDFLyQ GH XQD R YDULDV SHUVRQDV GH OD HPSUHVD HQ ODV
KHUUDPLHQWDV PHWRGRORJtDV TXH OR FRPSRQHQ VLHQGR VHJXLGDPHQWH HVWDV SHUVRQDV ODV
UHVSRQVDEOHVGHVXDSOLFDFLyQSXGLHQGRFRQWDUFRQHODSRRGHFRQVXOWRUHVHVSHFLDOL]DGRV
SDUDHOOR
/DV KHUUDPLHQWDV PHWRGRORJtDV TXH FRPSRQHQ HVWH SURJUDPD KDQ YHQLGR XWLOL]iQGRVH
GXUDQWHODVGRVXOWLPDVGpFDGDVHQHOVHFWRUGHDXWRPRFLyQVLELHQVRQSRFRFRQRFLGDVHQ
RWURVVHFWRUHV+DKHUUDPLHQWDVFRPRHO$0)($QiOLVLV0RGDOGH)DOORV(IHFWRV

120. /RV GLDJUDPDV GH FDXVD HIHFWR R HO 4)' 4XDOLW )XQFWLRQ 'HSORPHQW

121. TXH QR
UHTXLHUHQGHXQDEDVHPDWHPiWLFDRWUDVFRPRHO63RQWURO(VWDGtVWLFRGH3URFHVRV

122. R

123. HO '2( 'LVHxR GH ([SHULPHQWRV

124. TXH QHFHVLWDQ GH XQ VRSRUWH HVWDGtVWLFR LPSRUWDQWH
SDUDDSOLFDUODVSDUDORFXDOVHKDQGHVDUUROODGRSURJUDPDVLQIRUPiWLFRVTXHORIDFLOLWDQ
RQODDSOLFDFLyQGHHVWDVPHWRGROyJLFDVVHORJUDSULQFLSDOPHQWHUHGXFLUHOSRUFHQWDMHGH
SURGXFWRVGHIHFWXRVRVPHMRUDUODSURGXFWLYLGDG3RUORWDQWRLQFLGHQVREUHORVFULWHULRV
GH352(626

125. 5(68/7$'26(1/26/,(17(6

126. 5(68/7$'26/$9(