,QVSHFFLyQGHWXERV\FDQDOL]DFLRQHV

/LPSLH]DGHWXERV\FDQDOL]DFLRQHV

&iPDUDHQGRVFRSLR 

6LVWHPDVHOHFWUyQLFRV

GHLQVSHFFLyQSRUFiPDUD

$SDUDWRGHVDWDVFDGRUPDQXDO
SDUDWXERVGHDFFLRQDPLHQWR 
PDQXDO\HOpFWULFR

'HVDWDVFDGRUHOpFWULFR 

0iTXLQDVGHVDWDVFDGRUDV

HOpFWULFDVSDUDWXERV


5(06&DP6FRSH &iPDUDHQGRVFRSLRFRQUDGLRWHFQLD

&iPDUDHQGRVFRSLRPyYLO\SUiFWLFDFRQVLVWHPDGH
UDGLRWHFQLDSDUDXQDLQVSHFFLyQ\DQiOLVLVHFRQyPLFR
GHGDxRVHQ]RQDVGHGLItFLODFFHVRFRPRSHM
FDYLGDGHVSR]RVWXERV'RFXPHQWDFLyQGHLPiJHQHV
\YtGHRVHQWDUMHWD0LFUR6'
5(06&DP6FRSH±YtGHRVHLPiJHQHVEULOODQWHV
GHFDYLGDGHVSR]RV\WXERV7UDQVPLVLyQGHVHxDOHV
PHGLDQWHUDGLRWHFQLD6ORWSDUDWDUMHWDV0LFUR6'
&RQVWUXFFLyQ
6~SHUOLJHUD\PDQHMDEOH&iPDUDGHPDQRFRQMXHJRGHFDEOHVWDQVRORNJ
'HDSOLFDFLyQXQLYHUVDOFRQXQDPDQRERFDDEDMRWDPELpQSDUDOXJDUHVHVSH
FLDOPHQWHHVWUHFKRV&DUFDVDGHSOiVWLFRHVWDEOH\UHVLVWHQWHDJROSHVFRQPDQJR
GHSLVWRODGHGLVHxRHUJRQyPLFR,QWHUUXSWRUGHHQFHQGLGRDSDJDGRFRQUXHGD
GHDMXVWHSDUDXQDUHJXODFLyQVLQHWDSDVGHODLQWHQVLGDGGHORV/('VGHOFDEH]DO
GHODFiPDUD/('URMRLQGLFDGRUGHOHVWDGRGHVHUYLFLR3UiFWLFRVRSRUWHH[WUDtEOH
GHEDWHUtDVSDUDEDWHUtDVXQLYHUVDOHV9$$/5'RVFDEOHVGHFiPDUD
3URORQJDFLyQGHFDEOHFRUUHGL]RÀH[LEOHPPÀH[LEOHDFRSODEOHKDVWDXQD
ORQJLWXGRSHUDWLYDGHPDFFHVRULR&RQH[LRQHVLQVHUWDEOHVGHWRUQLOORSDUD
XQDVXVWLWXFLyQGHORVFDEOHVGHFiPDUD\SURORQJDFLRQHVGHFDEOHVLQQHFHVLGDG
GHKHUUDPLHQWDV0DOHWtQUtJLGRSDUDHODSDUDWRGHPDQRFRQMXQWRFDEOHFiPDUD
SURORQJDFLyQGHFDEOHXQLGDGGHFRQWURODOLPHQWDFLyQGHWHQVLyQ\
DFFHVRULRV
8QLGDGGHFRQWUROFRQSDQWDOODDFRORU7)7/&'
8QLGDGGHFRQWUROFRQSDQWDOODDFRORUGH´FRQDYDQ]DGDWHFQRORJtD7)7/&'
SDUDLPiJHQHV\YLGHRVEULOODQWHVGLDJRQDOGHSDQWDOODPPîSt[HOHV
GHVPRQWDEOHSDUDODWUDQVIHUHQFLDGHVHxDOHVPHGLDQWHUDGLRWHFQLDRLQVHUWDEOH
HQHODSDUDWRGHPDQRSDUDODWUDQVIHUHQFLDGLUHFWDGHVHxDOHVDWUDYpVGHOD
FRQH[LyQ(VSHFLDOPHQWHOLJHUD\PDQHMDEOHWDQVRORNJ0DOHWtQGHSOiVWLFR
'LPHQVLRQHVKLSHUUHGXFLGDVîîPP6ORWODVWDUMHWDV0LFUR6'FRQPHFD
QLVPRGHUHVRUWH,PiJHQHV\YLGHRVDOPDFHQDEOHVHQWDUMHWD0LFUR6'SDUDXQD
GRFXPHQWDFLyQVHQFLOODGHORVUHVXOWDGRVGHLQVSHFFLyQ/DIHFKD\KRUDGHODV
JUDEDFLRQHVSXHGHTXHGDUUHJLVWUDGDHQODLPDJHQRYtGHR5HSURGXFFLyQLQPH
GLDWDGHODVLPiJHQHV\YtGHRVRWUDQVIHUHQFLDDRWURVHTXLSRVPHGLDQWHWDUMHWD
0LFUR6'&RQH[LyQ86%SDUDFRQH[LyQGLUHFWDD3&RSRUWiWLO&RQHFWRUKHPEUD
SDUDVDOLGDGHYtGHR&RPSRVLWH9LGHR3$/176&SDUDFRQH[LyQDXQDSDQWDOOD
H[WHUQD&RQH[LyQSDUDDOLPHQWDFLyQGHWHQVLyQFDUJDGRU/L,RQ±9
2SHUDFLyQSRUDFXPXODGRURUHG
8QLGDGGHFRQWUROFRQDFXPXODGRULQWHJUDGR/L,RQ9$K3RWHQWH\OLJHUR
$OWDGHQVLGDGGHHQHUJtDSDUDXQDVGRVKRUDVGHVHUYLFLRHQIXQFLRQDPLHQWR
FRQWLQXR$OLPHQWDFLyQGHWHQVLyQ±9SDUDIXQFLRQDPLHQWRFRQFRQH[LyQ
GHUHGHQOXJDUGHDFXPXODGRUFRQFDUJDGRULQWHJUDGR/L,RQ7LHPSRVGHFDUJD
FRUWRVK6LQHIHFWRPHPRULDSDUDXQDOWRUHQGLPLHQWRGHODFXPXODGRU
&RQMXQWRVFDEOHFiPDUDDFRORULQWHUFDPELDEOHV
'RVFRQMXQWRVFDEOHFiPDUDLQWHUFDPELDEOHV
&RQMXQWRFDEOHFiPDUDDFRORU3HTXHxDFiPDUDDFRORU‘PPFRQ
VHQVRU&026îSt[HOHV/('VEODQFRVGHLQWHQVLGDGUHJXODEOHSDUD
XQDMXVWHySWLPRGHODOXPLQRVLGDG\IXQFLyQGHHQIRTXH¿MRSDUDXQDUHJXODFLyQ
DXWRPiWLFDGHLPDJHQFRQPGHFDEOHFRUUHGL]RÀH[LEOH
&RQMXQWRFDEOHFiPDUDDFRORU&iPDUDDFRORUHVSHFLDOPHQWHSHTXHxD
GH‘PPFRQVHQVRU&026îSt[HOHV/('VEODQFRVGHLQWHQVLGDG
UHJXODEOHSDUDXQDMXVWHySWLPRGHODOXPLQRVLGDG\IXQFLyQGHHQIRTXH¿MR
SDUDXQDUHJXODFLyQDXWRPiWLFDGHLPDJHQFRQPGHFDEOHFRUUHGL]RÀH[LEOH
SDUDODLQVSHFFLyQGHOXJDUHVHVSHFLDOPHQWHHVWUHFKRV

9ROXPHQGHVXPLQLVWUR
5(06&DP6FRSH6HW&iPDUDHQGRVFRSLRPyYLO\SUiFWLFDFRQVLVWHPD
GHUDGLRWHFQLDSDUDXQDLQVSHFFLyQ\DQiOLVLVHFRQyPLFRGHGDxRVHQ]RQDVGH
GLItFLODFFHVRFRPRSHMFDYLGDGHVSR]RVWXERV'RFXPHQWDFLyQGHLPiJHQHV
\YtGHRVHQWDUMHWD0LFUR6'(TXLSRGHPDQRFRQEDWHUtDV9$$/5
8QLGDGGHFRQWUROH[WUDtEOHFRQVLVWHPDGHUDGLRWHFQLDSDQWDOOD7)7DFRORU
GH´VORWSDUDWDUMHWDV0LFUR6'FRQH[LyQ86%FRQHFWRUKHPEUDSDUDVDOLGD
GHYtGHR3$/176&DFXPXODGRULQWHJUDGR/L,RQ9$K7DUMHWD0LFUR6'
GH*%-XHJRGHFDEOHVSDUDFiPDUDFRORUFRPSXHVWRSRUFiPDUDD
FRORU‘PPFRQ/('VEODQFRVGHLQWHQVLGDGUHJXODEOHIXQFLyQGHHQIRTXH
¿MR\PGHFDEOHFRUUHGL]RÀH[LEOH(VSHMRJDQFKRHLPiQSDUDPRQWDMH
$OLPHQWDFLyQGHWHQVLyQFDUJDGRU/L,RQ±9±+]:SDUD
XQLGDGGHFRQWURO&DEOH86%FDEOHGHYtGHR(QXQSUiFWLFRPDOHWtQUtJLGR
&yGLJR



5(06&DP6FRSH &iPDUDHQGRVFRSLRFRQUDGLRWHFQLD

9ROXPHQGHVXPLQLVWUR
5(06&DP6FRSH6HW&iPDUDHQGRVFRSLRPyYLO\SUiFWLFDFRQVLVWHPD
GHUDGLRWHFQLDSDUDXQDLQVSHFFLyQ\DQiOLVLVHFRQyPLFRGHGDxRVHQ]RQDVGH
GLItFLODFFHVRFRPRSHMFDYLGDGHVSR]RVWXERV'RFXPHQWDFLyQGHLPiJHQHV
\YtGHRVHQWDUMHWD0LFUR6'(TXLSRGHPDQRFRQEDWHUtDV9$$/5
8QLGDGGHFRQWUROH[WUDtEOHFRQVLVWHPDGHUDGLRWHFQLDSDQWDOOD7)7DFRORU
GH´VORWSDUDWDUMHWDV0LFUR6'FRQH[LyQ86%FRQHFWRUKHPEUDSDUDVDOLGD
GHYtGHR3$/176&DFXPXODGRULQWHJUDGR/L,RQ9$K7DUMHWD0LFUR6'
GH*%-XHJRGHFDEOHVSDUDFiPDUDFRORUFRPSXHVWRSRUFiPDUD
DFRORU‘PPFRQ/('VEODQFRVGHLQWHQVLGDGUHJXODEOHIXQFLyQGHHQIRTXH
¿MR\PGHFDEOHFRUUHGL]RÀH[LEOH$OLPHQWDFLyQGHWHQVLyQFDUJDGRU/L,RQ
±9±+]:SDUDXQLGDGGHFRQWURO&DEOH86%FDEOHGHYtGHR
(QXQSUiFWLFRPDOHWtQUtJLGR
&yGLJR


$FFHVRULRV

'HQRPLQDFLyQ &yGLJR
6HWGHFDEOHGHFiPDUD&RORU
FiPDUDFRORU‘PPFRQFDEOHFRUUHGL]RÀH[LEOH
GHPSDUDLQVSHFFLRQDUOXJDUHVGHGLItFLODFFHVR 
-XHJRGHFDEOHSDUDFiPDUDFRORU
FiPDUDDFRORU‘PPFRQFDEOHFRUUHGL]RÀH[LEOH
GHPSDUDLQVSHFFLRQDUOXJDUHVGHGLItFLODFFHVR 
3URORQJDFLyQGHFDEOHFRUUHGL]RÀH[LEOHPP
DFRSODEOHKDVWDXQDORQJLWXGRSHUDWLYDGHP 


5(062UFXV 6LVWHPDHOHFWUyQLFRGHLQVSHFFLyQSRUFiPDUD

6~SHUOLJHURPDQHMDEOHVLVWHPDGHLQVSHFFLyQSRU
FiPDUDSDUDXQDLQVSHFFLyQHFRQyPLFD\DQiOLVLVGH
GDxRVHQWXERVFDQDOL]DFLRQHVFKLPHQHDV\RWURV
HVSDFLRVFHUUDGRV7DPELpQSDUDODLQVSHFFLyQWUDVXQ
WUDEDMRGHOLPSLH]D\HQLQVWDODFLRQHVQXHYDVRUHSD
UDFLRQHV3DUDDFFLRQDPLHQWRSRUDFXPXODGRURUHG
7XERV ‘±PP
&DQDOL]DFLRQHVFKLPHQHDVRWURVHVSDFLRVFHUUDGRV
5(062UFXV±,PiJHQHVQtWLGDVGHWXERV
\FDQDOL]DFLRQHV6~SHUOLJHUR\PDQHMDEOH
9HQWDMDGHOVLVWHPD
6yORXQHTXLSRGHFRQWUROFRQSDQWDOOD7)7FRORUSDUDODFRQH[LyQGHORVVHWGH
FDEH]DOGHFiPDUDFDEOHPLQLEQ\GLYHUVRVVHWGHFDEOHLQWHUFDPELDEOHFRQ
GLIHUHQWHVFDEH]DOHVGHFiPDUDLQWHUFDPELDEOHVSDUDDGDSWDUVHDODVGLYHUVDV
H[LJHQFLDV&RQHOORODVDGDSWDFLRQHVVRQHFRQyPLFDV
&RQVWUXFFLyQ
&RQH[LyQDWUDYpVGHUHGSRUDFXPXODGRUR.)=90X\OLJHUR\PDQHMDEOH
&RQWUROGHSDQWDOODVyORNJFRQWpFQLFDGHPLFURSURFHVDGRU5HGXFLGDV
GLPHQVLRQHVîîPP8WLOL]DEOHHQFXDOTXLHUOXJDUHVSHFLDOPHQWHHQ
OXJDUHVHVWUHFKRV(TXLSRGHFRQWUROSURWHJLGRLQVHUWDEOHHQHOWDPERUGHFDEOH
SDUDXQWUDQVSRUWHVHQFLOOR([WUDtEOHSDUDXQPHMRUSRVLFLRQDPLHQWRGXUDQWHHO
WUDEDMRH[WUDtEOHSDUDXQDOLPSLH]DLQWHQVLYD\VHQFLOODGHOVHWGHFDEOHLQWHUFDP
ELDEOH2SFLyQGHWDPERUJLUDWRULRSDUDGHVHQUROODU\HQUROODUHOFDEOHGHPDQHUD
VHQFLOOD$OLPHQWDFLyQ9$&±+]:UHJXODFLyQHOHFWUyQLFD(VWXFKH
UREXVWRSDUDHOHTXLSRGHFRQWURODOLPHQWDFLyQ\DFFHVRULRV$OLPHQWDFLyQ.)=
9'&:ER[GHFRQH[LyQ99±+]:FRQH[LyQFRPELQDGD
SDUDDFXPXODGRU\UHGFRQFDUJDGRUGHFDUJDUiSLGDLQWHJUDGDFRPRDFFHVRULR
(TXLSRGHFRQWUROFRQSDQWDOOD7)7FRORU
3DQWDOODGH´FRORUFRQODWHFQRORJtDPiVDYDQ]DGDHQ7)7SDQWDOODGH
PPî3t[HO5HJXODFLyQHQSDQWDOODGHOFRQWUDVWH\GHODLQWHQVLGDG
OXPLQRVDGHORVGLRGRVGHOFDEH]DOGHFiPDUD,PDJHQFRPSOHWDLPDJHQ
SDUWLGDIXQFLyQVFUROO&DUFDVDUREXVWD3URWHJLGRFRQWUDVDOSLFDGXUDVGHDJXD
WDPELpQFRQODWDSDDELHUWD&RQHFWRUGHVDOLGDGHYLGHR&RPSRVLW9LGHR
3$/SDUDODUHFHSFLyQGHVHxDOHQFRORUSDUDODFRQH[LyQDXQ3&DXQYLGHR
JUDEDGRUYLGHRLPSUHVRUDSDQWDOODGH793DUDGRFXPHQWDUORVUHVXOWDGRV
GHODLQVSHFFLyQ
&DEH]DOGHFiPDUDLQWHUFDPELDEOHEQ
&iPDUDHVSHFLDOGHDOWDGH¿QLFLyQHQEODQFR\QHJURFRQVHQVRU&&'
3t[HO\GLRGRVGHOX]URMD/('¶VFRQUHJXODGRUGHLQWHQVLGDGOXPLQRVDKDVWD
PFG\FRQiQJXORGHLUUDGLDFLyQFRQFHQWUDGRSDUDLPiJHQHVQtWLGDVVHJ~QOD
LQWHQVLGDGOXPLQRVD$OWDVHQVLELOLGDGOXPLQRVD/X[)L[IRNXV\REMHWLYRHVSH
FLDOFRQDQJXODUGHžSDUDHOUHFRQRFLPLHQWRGHSHTXHxRVGHWDOOHV&DEH]DO
GHFiPDUDHVSHFLDOPHQWHSHTXHxR\UHGRQGHDGR‘PPHVWDQFRKDVWDP
EDU03DSVL\SDUDXQPHMRUHPSXMHGHOFDEOHDOWDPHQWHÀH[LEOHSDUD
XQHPSXMHVLQHVIXHU]RWDPELpQDWUDYpVGHYDULDVFXUYDV&DEH]DOGHFiPDUD
FRQFDSXFKyQSURWHFWRUVyOLGRGHFDPELRUiSLGRHQSROLDFULODWRFRQGLVFRGH
FULVWDOPLQHUDOLQVHUWDGR&RQH[LyQDOFDEOHGHHPSXMH
&DEH]DOGHFiPDUDLQWHUFDPELDEOH6&RORU
&iPDUDHVSHFLDOGHDOWDGH¿QLFLyQHQFRORUFRQVHQVRU&&'î3t[HO
\GLRGRVGHOX]EODQFD/('VFRQUHJXODGRUGHLQWHQVLGDGOXPLQRVDKDVWD
PFG\FRQiQJXORGHLUUDGLDFLyQFRQFHQWUDGRSDUDLPiJHQHVQtWLGDVHQFRORU
VHJ~QODLQWHQVLGDGOXPLQRVD$OWDVHQVLELOLGDGOXPLQRVD/X[)L[IRNXV\
REMHWLYRHVSHFLDOFRQDQJXODUGHžSDUDHOUHFRQRFLPLHQWRGHSHTXHxRVGHWDOOHV
&DEH]DOGHFiPDUDHVSHFLDOPHQWHSHTXHxR\UHGRQGHDGR‘PPHVWDQFR
KDVWDPEDU03DSVL\SDUDXQPHMRUHPSXMHGHOFDEOHDOWDPHQWH
ÀH[LEOHSDUDXQHPSXMHVLQHVIXHU]RWDPELpQDWUDYpVGHYDULDVFXUYDV&DEH]DO
GHFiPDUDFRQFDSXFKyQSURWHFWRUVyOLGRGHFDPELRUiSLGRHQSROLDFULODWRFRQ
GLVFRGHFULVWDOPLQHUDOLQVHUWDGR&RQH[LyQDOFDEOHGHDUUDVWUH 3URGXFWRDOHPiQGHFDOLGDG
6HWGHFDEOHLQWHUFDPELDEOH
$HOHJLUHQWUHPGHFDEOHGHDUUDVWUHHQWDPERUGHFDEOHRPGHFDEOHGH
DUUDVWUHHQWDPERUJLUDWRULR&DEOHGHDUUDVWUHFRQPDUFDVORQJLWXGLQDOHVFRQ
FRQH[LRQHVSDUDFRQWUROGHSDQWDOOD\FDEH]DOGHFiPDUDLQWHUFDPELDEOH6HWGH
FDEOHLQWHUFDPELDEOHXQLYHUVDODGDSWDEOHSDUDWRGRVORVFDEH]DOHVGHFiPDUD
LQWHUFDPELDEOHV5(06&DEOHGHDUUDVWUHGHWpFQLFDKtEULGDFRQDOPDGH¿EUD
GHYLGULRWUDQVPLVRUGHGDWRV\UHYHVWLPLHQWRGHSOiVWLFRPX\VyOLGRSDUDODUJD
GXUDFLyQ7DPERUGHFDEOHUREXVWRGHIiFLOOLPSLH]D7DPERUJLUDWRULRSDUD
HQUROODU\GHVHQUROODUIiFLOPHQWHHOFDEOHGHDUUDVWUH
6HWGHFDEH]DOGHFiPDUDFDEOH0LQLEQ
3DUDSHTXHxRVGLiPHWURVGHWXER\FXUYDVHVWUHFKDVGHVGH‘PP&DEH]DO
GHFiPDUDHVSHFLDOPHQWHUHGXFLGRFRQFiPDUDHVSHFLDOGHDOWDUHVROXFLyQ
HQEODQFR\QHJURFRQVHQVRU&&'3L[HO\GLRGRVGHOX]URMDXOWUD
OXPLQRVRV60'VFRQUHJXODGRUGHOXPLQRVLGDGKDVWDPFG\iQJXORGH
HQIRTXHFRQFHQWUDGRSDUDREWHQHULPiJHQHVQtWLGDV1HFHVLWDQGRPX\SRFDOX]
DWUDYpVGHVXDOWDVHQVLELOLGDG/X[)L[IRNXV\REMHWLYRHVSHFLDOSDUDHO
UHFRQRFLPLHQWRGHSHTXHxRVGHWDOOHV&DEH]DOGHFiPDUDHVSHFLDOPHQWHUHGXFLGR
UHGRQGHDGR‘PPHVWDQFRKDVWDPEDU03DSVL\SDUDXQ
PHMRUHPSXMHGHOFDEOHDOWDPHQWHÀH[LEOHSDUDXQHPSXMHVLQHVIXHU]RWDPELpQ
DWUDYpVGHPiVFXUYDV&DEH]DOGHFiPDUDUREXVWRFRQFDSXFKyQGHDOXPLQLR
FRQFULVWDOPLQHUDOLQVHUWDGR&DEOHGHDUUDVWUHFRQPPX\ÀH[LEOHFRQFRQH
[LyQSDUDHOHTXLSRGHFRQWURO
&XHUSRJXtD
'LYHUVRVFXHUSRVJXtDSDUDWXERVGHJUDQGLiPHWURELHQ¿MDGRDOFDEH]DO
GHFiPDUDFRPRDFFHVRULR


5(062UFXV 6LVWHPDHOHFWUyQLFRGHLQVSHFFLyQSRUFiPDUD

$OLPHQWDFLyQSRUDFXPXODGRURUHG
%R[GHFRQH[LyQ99SDUDDOLPHQWDUSRUDFXPXODGRURUHGFRQFDUJDGRU
GHFDUJDUiSLGDKLQWHJUDGR7pFQLFDGHFDUJDSRULPSXOVRVUHGXFLHQGR
HOHIHFWRPHPRULD\GHVDUUROODQGRDOPi[LPRODSRWHQFLDGHODFXPXODGRU3DUD
DFXPXODGRU9$K&RPRDFFHVRULR
$OLPHQWDFLyQDWUDYpVGHOHQFHQGHGRUGHYHKtFXOR
$OLPHQWDFLyQDWUDYpVGHOHQFHQGHGRUGHYHKtFXOR9&RPRDFFHVRULR

9ROXPHQGHVXPLQLVWUR
5(062UFXV6HW6LVWHPDHOHFWUyQLFRGHLQVSHFFLyQSRUFiPDUDSDUD
XQDLQVSHFFLyQHFRQyPLFD\DQiOLVLVGHGDxRV3DUDWXERV‘±PP
FDQDOL]DFLRQHVFKLPHQHDV\RWURVHVSDFLRVFHUUDGRV&RQWUROGHSXUH]DHQ
WpFQLFDSRUPLFURSURFHVDGRUSDQWDOOD7)7FRORUGH´FRQH[LyQGHYLGHR3$/
HQVyOLGDFDUFDVDSURWHJLGDFRQWUDVDOSLFDGXUDVGHDJXD$OLPHQWDFLyQ9
$&±+]:(QHVWXFKHUREXVWR$HOHJLUHQWUHFDEH]DOGHFiPDUDLQWHU
FDPELDEOHFRQFiPDUDHVSHFLDOGHDOWDGH¿QLFLyQHQEODQFR\QHJURRFiPDUD
HVSHFLDOGHDOWDGH¿QLFLyQHQFRORU$HOHJLUHQWUHPGHFDEOHGHDUUDVWUH
FRQPDUFDVORQJLWXGLQDOHVHQWDPERUGHFDEOHRPGHFDEOHGHDUUDVWUHFRQ
PDUFDVORQJLWXGLQDOHVHQWDPERUJLUDWRULR
'HQRPLQDFLyQ 9HUVLyQ &yGLJR
6HWEZ. &DEH]DOGHFiPDUDLQWHUFDPELDEOH
FRQFiPDUDHVSHFLDOGHDOWD
GH¿QLFLyQHQEQPGHFDEOHGH
DUUDVWUHFRQPDUFDVGHORQJLWXG
(QWDPERUGHFDEOH 
6HWEZ+ &DEH]DOGHFiPDUDLQWHUFDPELDEOH
FRQFiPDUDHVSHFLDOGHDOWD
GH¿QLFLyQHQEQPGHFDEOHGH
DUUDVWUHFRQPDUFDVGHORQJLWXG
(QWDPERUGHFDEOH 
6HW6&RORU+ &DEH]DOGHFiPDUDLQWHUFDPELDEOH
FRQFiPDUDHVSHFLDOGHDOWD
GH¿QLFLyQHQFRORUPGHFDEOH
GHDUUDVWUHFRQPDUFDVGHORQJLWXG
(QWDPERUGHFDEOH 

$FFHVRULRV

'HQRPLQDFLyQ &yGLJR
5(062UFXV%DVLF
&RQWUROGHSXUH]DHQWpFQLFDSRUPLFURSURFHVDGRU
SDQWDOOD7)7FRORUGH´FRQH[LyQGHYLGHR3$/
HQVyOLGDFDUFDVDSURWHJLGDFRQWUDVDOSLFDGXUDV
GHDJXD$OLPHQWDFLyQ9$&±+]:
(QEROVDGHWUDQVSRUWH 
&DEH]DOGHFiPDUDLQWHUFDPELDEOHEQ
FRQFiPDUDHVSHFLDOGHDOWDGH¿QLFLyQHQEODQFR
\QHJURFRQH[LyQDOFDEOHGHDUUDVWUH 
&DEH]DOGHFiPDUDLQWHUFDPELDEOH6&RORU
FRQFiPDUDHVSHFLDOGHDOWDGH¿QLFLyQHQFRORU
FRQH[LyQDOFDEOHGHDUUDVWUH 
6HWGHFDEH]DOGHFiPDUDFDEOH0LQLEQ
&DEH]DOGHFiPDUDHVSHFLDOPHQWHUHGXFLGR
FRQFiPDUDHVSHFLDOGHDOWDUHVROXFLyQHQEODQFR
\QHJUR&DEOHGHHPSXMHFRQPPX\ÀH[LEOH
FRQFRQH[LyQSDUDHOHTXLSRGHFRQWURO3DUDGLiPHWURV
GHWXERUHGXFLGRVGHVGH‘PP 

6HWGHFDEOHLQWHUFDPELDEOH.
PGHFDEOHGHHPSXMHFRQPDUFDVORQJLWXGLQDOHV
FRQFRQH[LyQSDUDFRQWUROGHSDQWDOOD\FDEH]DO
GHFiPDUD(QWDPERUGHFDEOH 

6HWGHFDEOHLQWHUFDPELDEOH+
PGHFDEOHGHHPSXMHFRQPDUFDVORQJLWXGLQDOHV
FRQFRQH[LyQSDUDFRQWUROGHSDQWDOOD\FDEH]DO
GHFiPDUD(QWDPERUJLUDWRULR 
&XHUSRJXtD‘PPSDU 
&XHUSRJXtD‘PPSDU 

&DSXFKyQSURWHFWRUFRQGLVFRGHFULVWDOPLQHUDO 
&DEOHDODUJDGRUFRQWUROGHSXUH]DFiPDUDFDEOHVHW
PGHORQJLWXG 

$FXPXODGRU9$K 
%R[GHFRQH[LyQ99
3DUDDOLPHQWDUSRUDFXPXODGRURUHG
FRQFDUJDGRUGHFDUJDUiSLGDLQWHJUDGR
3DUDDOLPHQWDUHOHTXLSRGHFRQWURO 
$OLPHQWDFLyQDWUDYpVGHOHQFHQGHGRU
GHYHKtFXOR9PGHORQJLWXG 
0DOHWDFRQIRUPD 


 'HVDWDVFDGRUDPDQXDOSDUDWXERV
5(060LQL&REUD SDUDDFFLRQDPLHQWRPDQXDO\HOpFWULFR

'HVDWDVFDGRUDPDQHMDEOHFRPSUREDGR
SDUDDSOLFDFLyQUiSLGDHQFDVRGHDWDVFRV
HQWXERVHQFRFLQDEDxRVHUYLFLR
3DUDWXERV ‘±PP
3DUDHVSLUDOHV ‘PP
5(060LQL&REUD±DPDQRRHOpFWULFDPHQWH
,PSUHVFLQGLEOHHQFDVRGHSHTXHxRVDWDVFRV
&RQVWUXFFLyQ
&RQVWUXFFLyQVHQFLOODUREXVWDSUiFWLFD0DQHMDEOHOLJHUD6yORNJ7UDEDMR
IiFLOWDPELpQHQFXUYDVHVWUHFKDV,QWURGXFFLyQIiFLO\GLUHFWDDWUDYpVGHUHMLOODV
HQHOODYDER\IUHJDGHUR'LVSRVLWLYR¿MDGRUGHODHVSLUDOPHGLDQWHPDQGULOUiSLGR
(VSLUDOHVGHVDWDVFDGRUDV
(VSLUDOGHDODPEUHGHDFHURGHJUDQFDOLGDG(VSHFLDOPHQWHHQGXUHFLGR
$OWDPHQWHÀH[LEOHSDUDXQDYDQFHVLQHVIXHU]RWDPELpQHQFXUYDVHVWUHFKDVGH
WXER&DEH]DGHHVSLUDOFRQEDUUHQDHVWiQGDU7DPERUGHHVSLUDOHVGHSROLDPLGD
UHVLVWHQWHDJROSHV0DQGULOGH¿MDFLyQUiSLGD
7DPERUGHHVSLUDOHV
7DPERUGHHVSLUDOHVLUURPSLEOH\SURWHJLGRGHODFRUURVLyQ'HSROLDPLGD
(YLWDHOHQVXFLDPLHQWRH[WHULRU/DYHQWLODFLyQGHOKDELWiFXORLQWHULRUGHOWDPERU
GHHVSLUDOHVDVHJXUDXQVHFDGRDXWRPiWLFRGHODHVSLUDO(VSLUDOYLVLEOHSDUD
XQFRQWUROLQPHGLDWR
$FFLRQDPLHQWR
$PDQRFRQPDQLYHODHUJRQyPLFDGHIiFLOPRYLPLHQWRRHOpFWULFDPHQWHFRQ
WDODGUDGRUDFRUULHQWHDEDMDVUHYROXFLRQHVFRQDFFLRQDPLHQWRVLQHVFDORQDPLHQWR
RFRQGHVWRUQLOODGRUHOpFWULFR+XVLOORKH[DJRQDOSDUDDFFLRQDPLHQWRHOpFWULFR
VREUHODWDSDGHOWDPERU

3URGXFWRDOHPiQGHFDOLGDG

9ROXPHQGHVXPLQLVWUR
5(060LQL&REUD'HVDWDVFDGRUDPDQXDOSDUDWXERV‘±PP
FRQPDQLYHOD\DUUDVWUHKH[DJRQDOSDUDPiTXLQDVDFFLRQDGRUDVFRUULHQWHV
HOpFWULFDVWDODGUDGRUDVDEDMDVUHYROXFLRQHVFRQDFFLRQDPLHQWRVLQHVFDORQD
PLHQWRRGHVWRUQLOODGRUHV3DUDHVSLUDOHVGHVDWDVFDGRUDV‘\PP
7DPERUGHHVSLUDOHVGHSROLDPLGDUHIRU]DGDGH¿EUDGHYLGULRLUURPSLEOHPDQGULO
GH¿MDFLyQUiSLGDHVSLUDOîP(QFDMDGHFDUWyQ
&yGLJR


$FFHVRULRV

'HQRPLQDFLyQ 'LPHQVLyQ &yGLJR

(VSLUDOGHVDWDVFDGRUDGHWXER îP 
îP 
(VSLUDOGHVDWDVFDGRUDFRQDOPD îP 


5(060LQL&REUD$ 'HVDWDVFDGRUHOpFWULFR

'HVDWDVFDGRUHOpFWULFRFRQDYDQFH\UHWURFHVR
DXWRPiWLFRGHODHVSLUDO3DUDODXWLOL]DFLyQVLQHVIXHU]R
\UiSLGDHQGHVDWDVFRVGHWXEHUtDVHQFRFLQDVEDxRV
DVHRV
3DUDWXERV ‘±PP
3DUDHVSLUDOHV ‘PP
5(060LQL&REUD$±5HVROYHUDWDVFRVFRQUDSLGH]
&RQDYDQFH\UHWURFHVRDXWRPiWLFRGHODHVSLUDO
&RQVWUXFFLyQ
8QLGDGFRPSDFWDHQWUHPiTXLQDDFFLRQDGRUD\WDPERUGHHVSLUDOHV0DQHMDEOH
OLJHUR6yORNJ*XLDGRDWUDYpVGHODHPSXxDGXUDSDUDHODYDQFH\UHWURFHVR
DXWRPiWLFRGHODHVSLUDO\SDUDXQJXLDGRVHJXUR7UDEDMRVHQFLOORWDPELpQHQ
VLIRQHV\FXUYDVHVWUHFKDV*XLDGRVLQSUREOHPDVGHODHVSLUDOHQIUHJDGHURV
\VXPLGHURV
(VSLUDOHVGHVDWDVFDGRUDV
(VSLUDOHVGHVDWDVFDGRUDVGHDODPEUHGHDFHURGHDOWDFDOLGDGHVSHFLDOPHQWH
HQGXUHFLGR$OWDPHQWHÀH[LEOHSDUDXQDYDQFHVLQHVIXHU]RWDPELpQHQFXUYDV
HVWUHFKDVGHWXER&DEH]DGHHVSLUDOFRQEDUUHQDHVWiQGDU(VSLUDOHVGHVDWDV
FDGRUDVFRQDOPDGHDODPEUHGHDFHURSDUDLPSHGLUODUHFRJLGDGHHVSLUDOFRQ
VXFLHGDG\¿EUDVHQUHGDGDV
7DPERUGHHVSLUDOHV
7DPERUGHHVSLUDOHVGHSROLDPLGDUHVLVWHQWHDJROSHVSDUDLPSHGLUHQVXFLDU
HOHQWRUQR/DYHQWLODFLyQGHOLQWHULRUGHOWDPERUGHHVSLUDOHVDVHJXUDXQVHFDGR
UiSLGRGHODHVSLUDO(VSLUDOYLVLEOHSDUDXQFRQWUROLQPHGLDWR
$FFLRQDPLHQWR
0iTXLQDDFFLRQDGRUDFRPSUREDGD0X\SRWHQWH(QJUDQDMHUREXVWROLEUHGH
PDQWHQLPLHQWRFRQHPEUDJXHGHVOL]DQWHGHVHJXULGDG0RWRUXQLYHUVDO: 3URGXFWRDOHPiQGHFDOLGDG
FRQSRWHQWHSDUGHJLURWDQWRDGHUHFKDFRPRDL]TXLHUGDDEDMDVUHYROXFLRQHV
3XOVDGRUHOHFWUyQLFRGHVHJXULGDGVLQHVFDORQDPLHQWRV/DVUHYROXFLRQHVVH
UHJXODQVLQHVFDORQDPLHQWRVVHJ~QVHSXOVDVREUHHOSXOVDGRUGHVHJXULGDGGH
KDVWDïPLQ

9ROXPHQGHVXPLQLVWUR
5(060LQL&REUD$'HVDWDVFDGRUHOpFWULFRFRQDYDQFH\UHWURFHVR
DXWRPiWLFRGHODHVSLUDOSDUDWXERVGH‘±PP3DUDHVSLUDOHV
GHVDWDVFDGRUDVGH‘\PP0iTXLQDDFFLRQDGRUDFRQHQJUDQDMHOLEUHGH
PDQWHQLPLHQWR0RWRUXQLYHUVDO9±+]:SRWHQWHSDUGHJLUR
WDQWRDGHUHFKDFRPRDL]TXLHUGDDEDMDVUHYROXFLRQHV3XOVDGRUHOHFWUyQLFRGH
VHJXULGDGFRQFRQWUROGHUHYROXFLRQHV7DPERUGHHVSLUDOHVGHSROLDPLGD
UHVLVWHQWHDJROSHV(VSLUDOFRQDOPDîP(QFDUWyQ
&yGLJR


$FFHVRULRV

'HQRPLQDFLyQ 'LPHQVLyQ &yGLJR

(VSLUDOGHVDWDVFDGRUDFRQDOPD îP 
(VSLUDOGHVDWDVFDGRUDGHWXER îP 


5(06&REUD 0iTXLQDVGHVDWDVFDGRUDVHOpFWULFDVSDUDWXERV

0iTXLQDVFRPSDFWDVUREXVWDV\PDQHMDEOHVSDUD
XQDDSOLFDFLyQYHUViWLOHQHOGHVDWDVFDGRGHWXERV
\DOFDQWDULOODGR*LURUiSLGRFRQHVSLUDOHVSDUFLDOHV
GHDFRSODPLHQWR7pFQLFDFRPSUREDGD
3DUDWXERV ‘±PP
3DUDHVSLUDOHVGHVDWDVFDGRUDV
GHWXER ‘PP
7RGDVODVHVSLUDOHVGHVDWDVFDGRUDVGHWXER\ODV
KHUUDPLHQWDVGHVDWDVFDGRUDVGHWXERVSXHGHQ
VHUHPSOHDGDVWDPELpQFRQRWURVIDEULFDGRV
5(06&REUD±WXEROLEUH±VHQFLOOR\UiSLGR
*LURUiSLGRFRQHVSLUDOHVSDUFLDOHVSDUDORQJLWXGGH
WUDEDMRGHKDVWDP*ROSHRGHFDGHQDV\IUHVDGR
KDVWDïPLQ&RQGXFWRGHHVSLUDOHVHVWDQFRSDUD
SURWHFFLyQGHOPRWRU\HQJUDQDMHGHVXFLHGDG\DJXD
0iTXLQDGHJLURFRQHVSLUDOHVSDUFLDOHVDFRSODEOHV
*LURUiSLGRïPLQ5(06&REUDUHVSHFWLYDPHQWHïPLQ5(06
&REUDFRQHVSLUDOHVSDUFLDOHVSDUDWUDEDMRVHIHFWLYRV\UiSLGRVSHMJROSHR
GHFDGHQDRIUHVDGR7DPELpQHQFLUFXQVWDQFLDVGLItFLOHVSHMUDtFHVHLQFUXVWD
FLRQHVGXUDV/DVHVSLUDOHVSXHGHQVHUSURORQJDGDVKDVWDP5(06&REUD
UHVSHFWLYDPHQWHP5(06&REUDGHORQJLWXG6LQQHFHVLGDGGHJLUDU
WUDPRVODUJRVGHHVSLUDOHVGHVDWDVFDGRUDV
&RQVWUXFFLyQ
5REXVWDSUiFWLFDSURWHJLGDFRQWUDVDOSLFDGXUDVGHDJXD6LQPDQWHQLPLHQWR
0HGLGDVUHGXFLGDV3HVRDGHFXDGRPiTXLQDDFFLRQDGRUD5(06&REUDVyOR
NJPiTXLQDDFFLRQDGRUD5(06&REUDVyORNJ(OFXDGURGHODPiTXLQD
HVGHIXQGLFLyQGHDOXPLQLRDSUXHEDGHWRUVLRQHVFRQFXELHUWDVGHSOiVWLFR
DSUXHEDGHJROSHV6LVWHPDGH¿MDFLyQVLWXDGRHQHOH[WHULRU\FRQGXFWRGH
HVSLUDOHVGHVDWDVFDGRUDVGHWXERHVWDQFRSDUDSURWHFFLyQGHOPRWRU\HQJUDQDMH
GHVXFLHGDG\DJXD/DPDQJXHUDFRQGXFWRUDGHODVHVSLUDOHVGHVDWDVFDGRUDV
GHWXERHYLWDJROSHV\VXFLHGDGHQHOH[WHULRU/DVSDWDVFRQWDSyQGHJRPD
DVHJXUDQXQDVLHQWRHVWDEOHSURWHJLHQGRHOVXHOR
(VSLUDOHVGHVDWDVFDGRUDVGHWXERGHDOWRUHQGLPLHQWR
(VSHFLDOPHQWHHQGXUHFLGDV)OH[LELOLGDGDOWDSDUDHODYDQFHVHQFLOORWDPELpQ
FXUYDVHVWUHFKDVGHOWXER*UDFLDVDODFRSODPLHQWRUiSLGRVHDODUJDRDFRUWD
HQVHJXQGRV$FRSODPLHQWRGHUDQXUDHQ7FRQEORTXHRGHVHJXULGDGJUDFLDV
DXQSLYRWHLQWHUFDPELDEOH'HDYDQFHPDQXDOSDUDWUDEDMDUDOWDFWR(VSLUDOHV
GHVDWDVFDGRUDVGHWXERVWDQGDUGSDUDXQGHVDWUDQFRGHWXERXQLYHUVDO
JUDQÀH[LELOLGDGHVSHFLDOPHQWHDSURSLDGRSDUDFXUYDVHVWUHFKDVRFRQWLQXDV
(VSLUDOHVGHVDWDVFDGRUDVGHWXER6GHDODPEUHPiVJUXHVRSDUDHOLPLQDU
WDSRQHVHVSHFLDOPHQWHFRPSOLFDGRVSHMSDUDFRUWDUUDLFHV(VSLUDOHVGHVDWDV
FDGRUDVGHWXERFRQDOPDGHSOiVWLFRUHVLVWHQWHDORVFDPELRVGHWHPSHUDWXUD
LPSLGHQHOWHQHUTXHUHFRJHUHVSLUDOHVGHVDWDVFDGRUDVGHWXERFRQVXFLHGDG
R¿EUDVHQUHGDGDV$FFLRQDPLHQWRPHGLDQWHPiTXLQDDFFLRQDGRUD5(06
&REUD5(06&REUDRPiTXLQDVDFFLRQDGRUDVGHRWURVIDEULFDQWHV
0RUGD]DVSDUDHODFFLRQDPLHQWRGHODVHVSLUDOHV
/DVPRUGD]DVVRQGHDFHURGHIXQGLFLyQ¿QDHQGXUHFLGDV\GHDOWDFDOLGDG
UHVLVWHQWHVDOGHVJDVWH\FRQDMXVWHGHSUHFLVLyQ,QPHGLDWR\H[DFWRWHQVDGR
\DÀRMDGRGHODVHVSLUDOHVGHVDWDVFDGRUDVGHWXERSDUDXQFRQWUROySWLPR
WUDQVPLVLyQGHIXHU]D\VHJXULGDGGHIXQFLRQDPLHQWR5(06&REUD$HOHJLU
HVSLUDOHVGHVDWDVFDGRUDVGHWXER‘\PPVLQFDPELRGHPRUGD]DV
(VSLUDOGHVDWDVFDGRUDVGHWXER‘PPFRQWDPERUDGDSWDGRU\WHQD]DGHWHQVDU
FRPRDFFHVRULR5(06&REUD$HOHJLUHVSLUDOHVGHVDWDVFDGRUDVGHWXER
‘\PPVLQFDPELRGHPRUGD]DV(VSLUDOHVGHVDWDVFDGRUDVGHWXER
‘PPFRQPRUGD]DFRPRDFFHVRULR(VSLUDOHVGHVDWDVFDGRUDVGHWXER
‘PPFRQWDPERUDGDSWDGRU\WHQD]DWHQVRUDFRPRDFFHVRULR
$FFLRQDPLHQWR
0RWRUSRUFRQGHQVDGRUSRWHQWH\VLOHQFLRVRFRQSDUGHJLURDOWR:5(06
&REUD:5(06&REUDPDUFKDGHUHFKDHL]TXLHUGD7UDQVPLVLyQ
WRWDOGHODSRWHQFLDGHOPRWRUPHGLDQWHWUDQVPLVLyQSRUFRUUHDGHQWDGDDQWL
GHVOL]DQWHOLEUHGHPDQWHQLPLHQWR+XVLOORGHDFFLRQDPLHQWRFRQWLQXRHVWDQFR
5RGDPLHQWROLEUHGHPDQWHQLPLHQWRFRQOXEUL¿FDFLyQSHUPDQHQWH$UUDQTXH
\SDURPHGLDQWHPDQJRFHQWUDGRGHJUDQUHVLVWHQFLD4XHDVXYH]VLUYHFRPR
DVLGHURSDUDHOWUDQVSRUWH 3URGXFWRDOHPiQGHFDOLGDG
+HUUDPLHQWDVGHVDWDVFDGRUDVGHWXER
*UDQYDULHGDGGHKHUUDPLHQWDVGHVDWDVFDGRUDVGHWXERFRQVXOWHSiJ±
YiOLGRWDPELpQSDUDPiTXLQDVGHVDWDVFDGRUDVGHWXERGHRWURVIDEULFDQWHV

(OFRQGXFWRGHHVSLUDOHVHVWDQFRSURWHMHPRWRU\HQJUDQDMH
GHVXFLHGDG\DJXD


5(06&REUD 0iTXLQDVGHVDWDVFDGRUDVHOpFWULFDVSDUDWXERV

9ROXPHQGHVXPLQLVWUR
5(06&REUD6HW0iTXLQDGHVDWDVFDGRUDHOpFWULFDSDUDWXERV
‘±PP0iTXLQDDFFLRQDGRUDFRQDFFLRQDPLHQWRSRUFRUUHDGHQWDGD
OLEUHGHPDQWHQLPLHQWRPRWRUSRUFRQGHQVDGRU9+]:
PDUFKDGHUHFKDHL]TXLHUGDWXERGHJXtD$HOHJLUFRQMXHJRGHHVSLUDOHV
\KHUUDPLHQWDVGHR\
'HQRPLQDFLyQ 9HUVLyQ &yGLJR
6HW HVSLUDOHVSDUFLDOHVîPHQ
SRUWDHVSLUDOHVEDUUHQDUHFWD
EDUUHQDVWDQGDUGEDUUHQD
GHKRMDGHQWDGDOODYHSDUD
GHVDFRSODUHVSLUDOHVSDU
GHJXDQWHVJXtDFDMDPHWiOLFDSDUD
MXHJRGHKHUUDPLHQWDV 
6HW HVSLUDOHVSDUFLDOHVîPHQ
SRUWDHVSLUDOHVEDUUHQDUHFWD
EDUUHQDUHFXSHUDGRUDEDUUHQDGH
HPEXGREDUUHQDGHKRMDFUX]DGD
OODYHSDUDGHVDFRSODUHVSLUDOHV
SDUGHJXDQWHVJXtDFDMD
PHWiOLFDSDUDMXHJRGHKHUUDPLHQWDV 
6HW HVSLUDOHVSDUFLDOHVîPHQ
SRUWDHVSLUDOHVEDUUHQDUHFWD
EDUUHQDEDUUHQDGHKRMDGHQWDGD
OODYHSDUDGHVDFRSODU
HVSLUDOHVHVSLUDOHVSDUFLDOHV
îPHQSRUWDHVSLUDOHVEDUUHQD
UHFWDEDUUHQDUHFXSHUDGRUD
EDUUHQDGHHPEXGREDUUHQDGH
KRMDFUX]DGDOODYHSDUD
GHVDFRSODUHVSLUDOHVSDUHVGH
JXDQWHVJXtDFDMDPHWiOLFDSDUD
FDGDMXHJRGHKHUUDPLHQWDV 

9ROXPHQGHVXPLQLVWUR
5(06&REUD6HW0iTXLQDGHVDWDVFDGRUDHOpFWULFDSDUDWXERV
‘±PP0iTXLQDDFFLRQDGRUDFRQDFFLRQDPLHQWRSRUFRUUHDGHQWDGD
PRWRUSRUFRQGHQVDGRU9+]:PDUFKDGHUHFKDHL]TXLHUGD
WXERJXtD$HOHJLUFRQMXHJRGHHVSLUDOHV\KHUUDPLHQWDVGHRMXHJRGH
HVSLUDOHV\KHUUDPLHQWDVGH\R\
'HQRPLQDFLyQ 9HUVLyQ &yGLJR
6HW HVSLUDOHVSDUFLDOHVîPHQ
SRUWDHVSLUDOHVEDUUHQDUHFWD
EDUUHQDUHFXSHUDGRUDEDUUHQD
GHHPEXGREDUUHQDGHKRMD
FUX]DGDOODYHSDUDGHVDFRSODU
HVSLUDOHVSDUGHJXDQWHV
JXtDHVWXFKHSDUDMXHJRGHKHUUD
PLHQWDV 
6HW HVSLUDOHVSDUFLDOHVîPHQ
SRUWDHVSLUDOHVEDUUHQDUHFWD
EDUUHQDUHFXSHUDGRUDEDUUHQD
GHHPEXGREDUUHQDGHKRMD
FUX]DGDOODYHSDUDGHVDFRSODU
HVSLUDOHVHVSLUDOHVSDUFLDOHV
îPHQSRUWDHVSLUDOHVEDUUHQD
UHFWDEDUUHQDUHFXSHUDGRUD
EDUUHQDGHHPEXGREDUUHQD
GHKRMDFUX]DGDOODYHSDUD
GHVDFRSODUHVSLUDOHVSDU
GHJXDQWHVJXtDHVWXFKHSDUD
FDGDMXHJRGHKHUUDPLHQWDV 
6HW HVSLUDOHVSDUFLDOHVîPHQ
SRUWDHVSLUDOHVEDUUHQDUHFWD
EDUUHQDVWDQGDUGEDUUHQDGH
KRMDGHQWDGDOODYHSDUD
GHVDFRSODUHVSLUDOHVHVSLUDOHV
SDUFLDOHVîPHQSRUWDHVSLUDOHV
EDUUHQDUHFWDEDUUHQDUHFXSH
UDGRUDEDUUHQDGHHPEXGR
EDUUHQDGHKRMDFUX]DGDOODYH
SDUDGHVDFRSODUHVSLUDOHVSDUHV
GHJXDQWHVJXtDFDMDPHWiOLFDSDUD
FDGDMXHJRGHKHUUDPLHQWDV 

$FFHVRULRV

'HQRPLQDFLyQ &yGLJR
5(06&REUDPiTXLQDDFFLRQDGRUD
FRQWXERJXtD 
5(06&REUDPiTXLQDDFFLRQDGRUD
FRQWXERJXtD 
+HUUDPLHQWDVGHVDWDVFDGRUDVGHWXERFRQVXOWHSiJ±


 $FFHVRULRVSDUD5(06&REUD5(06&REUD
5(06&REUD \RWURVIDEULFDQWHV

'HQRPLQDFLyQ 'LPHQVLyQ &yGLJR


-XHJRGHHVSLUDOHV\KHUUDPLHQWDVGH
FRPSXHVWRGHHVSLUDOHVSDUFLDOHVîPHQ
SRUWDHVSLUDOHVEDUUHQDUHFWDEDUUHQDVWDQGDUG
EDUUHQDGHKRMDGHQWDGDOODYHSDUDGHVDFRSODU
HVSLUDOHVSDUGHJXDQWHVJXtDFDMDPHWiOLFD
SDUDMXHJRGHKHUUDPLHQWDV 

-XHJRGHHVSLUDOHV\KHUUDPLHQWDVGH
FRPSXHVWRGHHVSLUDOHVSDUFLDOHVîPHQ
SRUWDHVSLUDOHVEDUUHQDUHFWDEDUUHQDUHFXSHUDGRUD
EDUUHQDGHHPEXGREDUUHQDGHKRMDFUX]DGD
OODYHSDUDGHVDFRSODUHVSLUDOHVSDUGH
JXDQWHVJXtDFDMDPHWiOLFDSDUDMXHJRGHKHUUDPLHQWDV 

-XHJRGHHVSLUDOHV\KHUUDPLHQWDVGH
FRPSXHVWRGHHVSLUDOHVSDUFLDOHVîPHQ
SRUWDHVSLUDOHVEDUUHQDUHFWDEDUUHQDUHFXSHUDGRUD
EDUUHQDGHHPEXGREDUUHQDGHKRMDFUX]DGD
OODYHSDUDGHVDFRSODUHVSLUDOHVSDUGH
JXDQWHVJXtDHVWXFKHSDUDMXHJRGHKHUUDPLHQWDV 

7DPERUDGDSWDGRU5(06&REUD
FRQHVSLUDOîPFRQFDEH]DVWDQGDUG 

7DPERUDGDSWDGRU5(06&REUD
FRQHVSLUDOîPFRQFDEH]DVWDQGDUG 

0RUGD]DMXHJR
SDUD5(06&REUDSDUDVXMHWDUHVSLUDOHV
GHVDWDVFDGRUDVGHWXERGH‘PP 

(VSLUDOGHVDWDVFDGRUDGHWXER
SDUDWXER‘±PP îP 
SDUDWXER‘±PP îP 
SDUDWXER‘±PP îP 
SDUDWXER‘±PP îP 

(VSLUDOGHVDWDVFDGRUDGHWXER
XQLGDGHVHQSRUWDHVSLUDOHV
SDUDWXER‘±PP îP 

(VSLUDOGHVDWDVFDGRUDGHWXER
XQLGDGHVHQSRUWDHVSLUDOHV
SDUDWXER‘±PP îP 

(VSLUDOGHVDWDVFDGRUDGHWXER
XQLGDGHVHQSRUWDHVSLUDOHV
SDUDWXER‘±PP îP 

(VSLUDOGHVDWDVFDGRUDGHWXER6
FRQDODPEUHJUXHVRSDUDXQDJUDQ
HVWDELOLGDGSHMSDUDFRUWDUUDLFHV
IUHVDUJLUDUFDGHQDV
SDUDWXER‘±PP îP 
SDUDWXER‘±PP îP 
SDUDWXER‘±PP îP 

(VSLUDOGHVDWDVFDGRUDGHWXER
FRQDOPDGHSOiVWLFR
LPSLGHQHOWHQHUTXHUHFRJHUHVSLUDOHV
GHVDWDVFDGRUDVGHWXERFRQVXFLHGDG
SDUDWXER‘±PP îP 
SDUDWXER‘±PP îP 
SDUDWXER‘±PP îP 

(VSLUDOGHVDWDVFDGRUDGHWXER
FRQDOPDGHSOiVWLFR
XQLGDGHVHQSRUWDHVSLUDOHV
SDUDWXER‘±PP îP 

(VSLUDOGHVDWDVFDGRUDGHWXER
FRQDOPDGHSOiVWLFR
XQLGDGHVHQSRUWDHVSLUDOHV
SDUDWXER‘±PP îP 

5HGXFWRUSDUDHVSLUDOHV
SDUDODXQLyQGHWUDPRVGHHVSLUDO
GHGLIHUHQWHVPHGLGDV  

5HGXFWRUSDUDHVSLUDOHV
SDUDODXQLyQGHWUDPRVGHHVSLUDO
GHGLIHUHQWHVPHGLGDV  
3RUWDHVSLUDOHVYDFtR  
 
 
/ODYHSDUDGHVDFRSODUHVSLUDOHV  
SDUDOLEHUDUHOVHJXURGHDFRSOH  


 $FFHVRULRVSDUD5(06&REUD5(06&REUD
5(06&REUD \RWURVIDEULFDQWHV

'HQRPLQDFLyQ 'LPHQVLyQ &yGLJR

%DUUHQDUHFWDSDUDDYHULJXDUHO
PRWLYRGHODWUDQTXHH[WUD\HQGRXQD  
PXHVWUD3HUIRUDUXQWDSyQGHSHM  
WH[WLOSDSHOUHVWRVGHFRFLQD  

%DUUHQDVWDQGDUGSDUDDWUDQTXHV  
OLJHURVGHWH[WLORSDSHO)OH[LEOHSDUD  
PHMRUDFFHVRHQFXUYDVHVWUHFKDV  

%DUUHQDGHHPEXGR
HVSHFLDOSDUDDWUDQTXHVFRQWH[WLO
RSDSHO*UDQFDPSRGHWUDEDMRSDUD
GLiPHWURVJUDQGHVGHWXER7DPELpQ  
FRPRKHUUDPLHQWDUHFXSHUDGRUD  
GHHVSLUDOHV  

%DUUHQDUHFXSHUDGRUD
&RQEUD]RGHDFRMLGDLQFOOLQDGD\DELHUWD  
&RPRKHUUDPLHQWDUHFXSHUDGRUDGH  
HVSLUDOHV1RHVDSURSLDGRSDUDSHUIRUDU  

%DUUHQDGHKRMDGHQWDGD
SDUDSHUIRUDUHQWXERVFRQJUDQWDSyQ
GHJUDVDRHQORGDGRVSHMGHVDJH
GHODYDGRUDVODYDYDMLOODV&RQODXQLyQ  
UHPDFKDGDQLVROGDGDQLIXQGLGD  
SRUHOORQLQJXQDGHIRUPDFLyQHQODVKRMDV  
GHDFHURHQGXUHFLGDV  

%DUUHQDGHKRMDFUX]DGD  

DSOLFDFLyQXQLYHUVDOSDUDWRGRWLSRGH  
DWUDQTXHVWDPELpQLQFUXVWDFLRQHVSHM  
LQFUXVWDFLRQHVFDOFiUHDVHQODVSDUHGHV  
GHOWXER&RQODXQLyQUHPDFKDGDQL  
VROGDGDQLIXQGLGDSRUHOORQLQJXQD  
GHIRUPDFLyQHQODVKRMDVGHDFHUR  
HQGXUHFLGDV5HFRPHQGDGRSDUDVX  
HPSOHRFRQHVSLUDOHVGHVDWDVFDGRUDV6  


%DUUHQDFRUWDGRUGHKRUTXLOOD
SDUDHOLPLQDUWRGRWLSRGHHQORGDPLHQWR
RHQJUDVDPLHQWRUHVLVWHQWH
)OHMHGHDFHURHQGXUHFLGR  

%DUUHQDFRUWDGRUGHKRUTXLOODFUX]DGD
SDUDHOLPLQDUWRGRWLSRGHHQORGDPLHQWR
RHQJUDVDPLHQWRUHVLVWHQWH)OHMHGH
DFHURHQGXUHFLGR5HFRPHQGDGRSDUDVX
HPSOHRFRQHVSLUDOHVGHVDWDVFDGRUDV6  

%DUUHQDFRUWDGRUGHKRUTXLOODGHQWDGD
SDUDGLYHUVDVDSOLFDFLRQHVSHMSDUD  
HOLPLQDUWRGRWLSRGHHQORGDPLHQWR\SDUD  
HQUDL]DPLHQWRV)OHMHGHDFHURHQGXUHFLGR  


&RUWDGRUGHUDtFHV  
HVSHFLDOSDUDWXERVHQUDL]DGRV&RURQD  
GHQWDGDHQGXUHFLGDUHFDPELDEOH&RUWD 
HQDYDQFH\UHWURFHVR5HFRPHQGDGRSDUD
VXHPSOHRFRQHVSLUDOHVGHVDWDVFDGRUDV6 

*ROSHDGRUGHFDGHQDHVODERQHVOLVRV
SDUDODOLPSLH]DGHODVSDUHGHVGHWXERV
FRQJUDVDHLQFUXVWDFLRQHVSHMLQFUXVWD  
FLRQHVFDOFiUHDVHQODVSDUHGHVGHOWXER  
3DUDWXERVGHOLFDGRVSHMGHSOiVWLFR  

*ROSHDGRUGHFDGHQDHVODERQHV
GHHVSLQRSDUDODOLPSLH]DGHODVSDUHGHV
GHWXERVFRQJUDVDHLQFUXVWDFLRQHV
SHMLQFUXVWDFLRQHVFDOFiUHDVHQODV  
SDUHGHVGHOWXER3DUDWXERVGHIXQGLFLyQ  
XKRUPLJyQ  


*XDQWHVJXtDSDU
SDUDXQDJDUUH\JXtDGHODHVSLUDO
GHVDWDVFDGRUDVHJXUR 

*XDQWHJXtDFRQFODYRVL]TXLHUGD
*XDQWHJXtDFRQFODYRVGHUHFKD
SDUDXQDJDUUH\JXtDGHODHVSLUDO
GHVDWDVFDGRUDVHJXUR'HFXHUR 
FRQUHPDFKHVPHWiOLFRV