Decreto Ley 10135 - Codigo Del Transito

You might also like

Download as pdf or txt
Download as pdf or txt
You are on page 1of 26

&2',*2'(/75$16,72

'(&5(72/(<1ž
'()(%5(52'(

'(&5(72/(<1R
*UDO+8*2%$1=(568$5(=
3UHVLGHQWHGHOD5HS~EOLFD

&216,'(5$1'2

4XH PHGLDQWH ' 6 1ž  GH  QRYLHPEUH GH  VH KD FRQVWLWXLGR OD
&RPLVLyQ5HGDFWRUDGHOSUR\HFWRGHO&yGLJR1DFLRQDOGH7UiQVLWR
4XHHOSUR\HFWRSUHVHQWDGRSRUODFLWDGD&RPLVLyQFRQWLHQHLPSRUWDQWHVQRUPDV
TXHUHJXODQODFLUFXODFLyQGHORVSHDWRQHV\YHKtFXORVHQWUHODVTXHGHVWDFDODOH\
GHODFDO]DGD
&216,'(5$1'2
4XH HV GHEHU GHO *RELHUQR 1DFLRQDOLVWD GRWDU DO SDtV HQ PDWHULD GH 7UiQVLWR GH
XQ LQVWUXPHQWR OHJDO DFRUGH FRQ ODV DFWXDOHV QHFHVLGDGHV \ HO FUHFLPLHQWR
H[SHULPHQWDGRSRUHODXWRWUDQVSRUWH1DFLRQDO
(Q&RQVHMRGH0LQLVWURV
'HFUHWD
$UW ž $SUXpEDVH pO &yGLJR 1DFLRQDO GHO 7UiQVLWR HQ VXV 9,, 7tWXORV \ 
$UWtFXORVHOPLVPRTXHHQWUDUiHQYLJHQFLDHQWRGRHOWHUULWRULRQDFLRQDODSDUWLU
GHOGtDGHDEULOGH

$UW 6HDEURJDQWRGDVODVGLVSRVLFLRQHVFRQWUDULDVDOSUHVHQWH'HFUHWROH\
(
 VHxRU 0LQLVWUR GHO ,QWHULRU 0LJUDFLyQ \ -XVWLFLD TXHGD HQFDUJDGR GH OD
HMHFXFLyQ\FXPSOLPLHQWRGHOSUHVHQWH'HFUHWROH\
(VGDGRHQHO3DODFLRGH*RELHUQRGHODFLXGDGGH/D3D]DORVGLH]\VHLVGtDV
GHOPHVGHIHEUHURGHPLOQRYHFLHQWRVVHWHQWD\WUHVDxRV

&2',*2'(75$16,72

7,78/2,
',6326,&,21(635(/,0,1$5(6

&$3,78/2,
$3/,&$&,21<2%-(72

$UW ž $3/,&$&,21 < 2%-(72 (O WUiQVLWR SRU ODV YtDV WHUUHVWUHV GH OD
5HS~EOLFDGH%ROLYLDDELHUWDDODFLUFXODFLyQS~EOLFDVHUHJLUiSRUHVWH&yGLJR
$UWž 9,$67(55(675(6 $ORVHIHFWRVGHODDSOLFDFLyQGHO&yGLJRVRQYtDV
WHUUHVWUHV ODV DYHQLGDV FDOOHV SDVDMHV DXWRSLVWDV YtDV H[SUHVDV FDUUHWHUDV
FDPLQRV\VHQGDVGHFLUFXODFLyQS~EOLFD

$UW ž '(/ 6(59,&,2 (O 6HUYLFLR 1DFLRQDO GH 7UiQVLWR FRPR RUJDQLVPR
LQWHJUDQWH GH OD 3ROLFtD 1DFLRQDO HMHFXWDUi \ KDUi FXPSOLU ODV GLVSRVLFLRQHV GHO
SUHVHQWH&yGLJR

&$3,78/2,,
'(/$69,$638%/,&$6

$UW ž &/$6,),&$&,21 /DV YtDV S~EOLFDV VH FODVLILFDQ HQ XUEDQDV \ UXUDOHV
6RQ YtDV XUEDQDV ODV DXWRSLVWDV YtDV H[SUHVDV DYHQLGDV FDOOHV SDVDMHV \
SDVHRV6RQYtDVUXUDOHVODVFDUUHWHUDVFDPLQRV\VHQGDV

$UWž $8723,67$ 9tDH[SUHVDFRQOLPLWDFLyQWRWDOGHDFFHVR\FRQWRGRVORV


FUXFHVDGHVQLYHO

$UW ž 9,$6 (;35(6$6 /DV TXH HVWiQ GHVWLQDGDV DO WUiQVLWR H[SUHVR FRQ
OLPLWDFLyQ SDUFLDO GH DFFHVRV \ JHQHUDOPHQWH VLQ FUXFHV D QLYHO HQ ODV
LQWHUVHFFLRQHV

$UW ž $9(1,'$6 /DV DYHQLGDV VRQ YtDV GH DQFKR UHODWLYDPHQWH JUDQGH
GRQGH HO WUiQVLWR FLUFXOD FRQ FDUiFWHU SUHIHUHQWH UHVSHFWR D ODV FDOOHV
WUDQVYHUVDOHV

$UWž &$//(6 /DVFDOOHVHVWiQIRUPDGDVSRUDFHUDV\FDO]DGDV/DFDO]DGDHV


OD SDUWH GH OD FDOOH GHVWLQDGD D OD FLUFXODFLyQ GH YHKtFXORV \ VHPRYLHQWHV  /DV
DFHUDVVRQGH XVRH[FOXVLYRGHORVSHDWRQHV

$UWž 3$6(26 6RQOXJDUHVGHVWLQDGRVH[FOXVLYDPHQWHSDUDODFLUFXODFLyQGH


SHDWRQHV

$UW ž &/$6,),&$&,21 '( &$55(7(5$6 /DV FDUUHWHUDV \ FDPLQRV GH OD
UHGQDFLRQDOVHFODVLILFDQHQIXQGDPHQWDOHVFRPSOHPHQWDULDV\YHFLQDOHV

D  )XQGDPHQWDOHV VRQ ORV TXH YHUWHEUDQ HO WHUULWRULR QDFLRQDO \ OR YLQFXODQ
LQWHUQDFLRQDOPHQWH
E   &RPSOHPHQWDULRV VRQ ORV TXH YLQFXODQ FDSLWDOHV GH GHSDUWDPHQWRV FRQ
SURYLQFLDV\FRPSOHPHQWDQODUHGIXQGDPHQWDO
F 9HFLQDOHVVRQORVTXHYLQFXODQSREODFLRQHVUXUDOHV

$UW ž 6(1'$6 6HQGDV VRQ ODV YtDV GHVWLQDGDV DO XVR GH SHDWRQHV \
VHPRYLHQWHV
&$3,78/2,,,
'(/269(+,&8/26

$UW ž 9(+,&8/26 9HKtFXOR HV WRGR PHGLR GH WUDQVSRUWH SDUD SHUVRQDV
VHPRYLHQWHVRFRVDV

$UWž 5(*/$0(172 (OUHJODPHQWRGHHVWH&yGLJRFODVLILFDUiORVYHKtFXORV


GHDFXHUGRDVXWUDFFLyQFDUDFWHUtVWLFDV\FODVHVGHVHUYLFLR

7,78/2,,
'(/$&,5&8/$&,21

&$3,78/2,
'(/$61250$6*(1(5$/(6

$UWž &,5&8/$&,21 &LUFXODFLyQHVHOPRYLPLHQWRGHSHDWRQHVYHKtFXORV\


VHPRYLHQWHVSRUODYtDS~EOLFD

$UWž /,%5( &,5&8/$&,21 1LQJXQD HQWLGDG DVRFLDFLyQ R JUXSR GH


SHUVRQDVSRGUiLQWHUUXPSLUODOLEUHFLUFXODFLyQGHSHDWRQHV\YHKtFXORVVLQSUHYLR
SHUPLVRGHODDXWRULGDGGH7UiQVLWR

$UW  3(50,626 (Q ORV FDVRV GH GHVILOHV FtYLFRV SURFHVLRQHV UHOLJLRVDV X
RWUDV PDQLIHVWDFLRQHV SXEOLFDV OD 3ROLFtD GH 7UiQVLWR! DO FRQFHGHU HO SHUPLVR
LQGLFDUiODVUXWDVGHGHVYLDFLyQ

$UW  352+,%,&,21 1LQJ~Q YHKtFXOR TXH QR HVWp HQ EXHQDV FRQGLFLRQHV
PHFiQLFDVSRGUiFLUFXODUSRUODYtDS~EOLFD

$UW  (48,32 '( $8;,/,2 7RGR YHKtFXOR SDUD HIHFWXDU YLDMHV HVWDUi
HTXLSDGR GH KHUUDPLHQWDV ERWLTXtQ VHxDOHV GH HPHUJHQFLD \ GHPiV PHGLRV
LQGLVSHQVDEOHVGHDX[LOLR

&$3,78/2,,
'(/$&,5&8/$&,21'(/269(+,&8/26

$UW  5(*/$6 '( /$  &,5&8/$&,21 /RV YHKtFXORV FLUFXODUiQ SRU ODV YtDV
S~EOLFDVVXMHWiQGRVHDODVVLJXLHQWHVUHJODVEiVLFDV

D &RQVHUYDQGRHOODGRGHUHFKRGHODYtD
E (ODGHODQWDPLHQWRGHXQYHKtFXORDRWURHVWDFLRQDGRRHQPRYLPLHQWRVHKDUi
SRUHOODGRL]TXLHUGRSUHFHGLGRGHODVHxDOUHJODPHQWDULD
F (VSURKLELGRHODGHODQWDPLHQWRHQODVFXUYDVERFDFDOOHVFUXFHVSDVRVDQLYHO
\HQJHQHUDOHQORVOXJDUHVGRQGHHOFRQGXFWRUQRWHQJDOLEUHYLVLELOLGDG
G 3DUDJLUDUDODGHUHFKDRL]TXLHUGDVHFRORFDUiFRQDQWLFLSDFLyQHQHOFDUULOGHO
ODGRFRUUHVSRQGLHQWH
H (QXQFUXFHGHUXWDVGHLJXDOFDWHJRUtDWLHQHSUHIHUHQFLDHOYHKtFXORTXHHVWi
FLUFXODQGRSRUODYtDGHOODGRGHUHFKRFRQUHODFLyQDOVHQWLGRGHODFLUFXODFLyQ
I  7LHQH SULYLOHJLR GH SDVR FRQ UHODFLyQ D ODV YtDV VHFXQGDULDV HO YHKtFXOR TXH
FLUFXODSRUODVUXWDVVHxDODGDVFRPRSUHIHUHQFLDOHV
J  (Q ODV SHQGLHQWHV ORV YHKtFXORV GH VXELGD WLHQHQ SUHIHUHQFLD GH SDVR FRQ
UHODFLyQDORVGHEDMDGD
K  $O EDMDU XQD SHQGLHQWH HO FRQGXFWRU GHEHUi XWLOL]DU OD PLVPD YHORFLGDG TXH
HPSOHDUtDDOVXELUHVWDQGRSURKLELGRTXLWDUHOFRQWDFWR\KDFHUFDPELRGHOGXDO
L 'XUDQWHODQRFKHHVREOLJDWRULRHOHPSOHRGHOXFHV(QHOFUXFHHQWUHYHKtFXORV
ORVFRQGXFWRUHVXWLOL]DUiQOX]EDMD

$UW 352+,%,&,21 6HHVWDEOHFHQODVVLJXLHQWHVSURKLELFLRQHVEiVLFDVSDUD


ORVYHKtFXORVHQFLUFXODFLyQ

D (VWiSURKLELGRHOXVRGHODERFLQDGXUDQWHODQRFKH(QHOGtDVRODPHQWHVHUi
XWLOL]DGDHQFDVRVGHHPHUJHQFLD
E &LUFXODUSRUODVYtDVGHWUiQVLWRVXVSHQGLGR
F 5HFRJHURGHMDUSDVDMHURVHQPHGLRGHODFDO]DGDOXJDUHVSURKLELGRVRFXDQGR
HOYHKtFXORHVWiHQPRYLPLHQWR
G &LUFXODUFRQHVFDSHOLEUHHQODVYtDVXUEDQDV
H 'HWHQHUHOYHKtFXORHQODIUDQMDGHVHJXULGDGGHVWLQDGDDOSDVRGHORVSHDWRQHV
I  5HWURFHGHU HQ ODV YtDV XUEDQDV R GDU YXHOWD HQ 8 H[FHSFLyQ KHFKD HQ ORV
FDPLQRV\FXDQGRH[LVWDUD]yQGHIXHU]DPD\RU
J &LUFXODUGHVFULELHQGRHVHV
K $GPLWLUSDVDMHURVHQODVSLVDGHUDVRHQORVGLVSRVLWLYRVH[WHULRUHVGHOYHKtFXOR
\ ,QWHUUXPSLUPDQLREUDVRHOSDVRGHFROXPQDVPLOLWDUHV

$UW  5203(1,(%/$6 (V REOLJDWRULR HO XVR GH IDURV HVSHFLDOHV FRQ OX]
DPDULOODSDUDQLHEOD

$UW  ',67$1&,$ /RV YHKtFXORV HQ PRYLPLHQWR FRQVHUYDUiQ OD GLVWDQFLD
UHJODPHQWDULDGHDFXHUGRDODYHORFLGDGDXWRUL]DGD

$UW  6(59,&,2 '( (0(5*(1&,$ /RV YHKtFXORV HQ VHUYLFLR GH
HPHUJHQFLD DQXQFLDGD PHGLDQWH VLUHQDV X RWURV GLVSRVLWLYRV FRPR ODV
$PEXODQFLDV %RPEHURV 3ROLFtD \ )XHU]DV $UPDGDV WLHQHQ SUHIHUHQFLD HQ OD
FLUFXODFLyQ

$UW  9(+,&8/26 2),&,$/(6 /RV YHKtFXORV GHO VHxRU 3UHVLGHQWH GH OD
5HS~EOLFD 3UHVLGHQWH GH OD &RUWH 6XSUHPD GH -XVWLFLD GH OD 1DFLyQ 3UHVLGHQWH
GHO &RQJUHVR 1DFLRQDO \ 0LQLVWURV GH (VWDGR JR]DQ GH SUHIHUHQFLD HQ OD
FLUFXODFLyQ

$UW  &202','$' '(/ &21'8&725 (O FRQGXFWRU GHEH GLVSRQHU GHO
VXILFLHQWH HVSDFLR \ FRPRGLGDG  HQ OD FDELQD GH PRGR TXH SXHGD PDQLREUDU HO
YHKtFXORFRQVHJXULGDG

&$3,78/2,,,
'(/$&,5&8/$&,21'(0272&,&/(7$602721(7$6<%,&,&/(7$6

$UW  ',6326,&,21(6


 (63(&,$/(6 /RV FRQGXFWRUHV GH PRWRFLFOHWDV
PRWRQHWDV ELFLFOHWDV DGHPiV GH REVHUYDU ODV QRUPDV JHQHUDOHV GHO SUHVHQWH
&yGLJRFLUFXODUiQFRQDUUHJORDODVVLJXLHQWHVGLVSRVLFLRQHVHVSHFLDOHV

D  &LUFXODUiQ SRU HO ODGR GHUHFKR GH OD YtD OR PiV FHUFD SRVLEOH D OD DFHUD R
EHUPD
E  1R OOHYDUiQ SHUVRQDV QL FDUJD PD\RUHV D OD FDSDFLGDG SHUPLVLEOH SDUD OD TXH
IXHURQIDEULFDGRVORVYHKtFXORV
F  1R WUDQVLWDUiQ HQ JUXSRV GHELHQGR KDFHUOR HQ FROXPQD GH D XQR H[FHSWR HQ
ODVIUDQMDVGHVWLQDGDVDVXXVRH[FOXVLYR
G (QODVYtDVGRQGHH[LVWDXQFDUULOHVSHFLDOPHQWHGHPDUFDGRQRVDOGUiQGHpVWH
H (VWiQSURKLELGRVGHUHDOL]DUDFWRVGHDFUREDFLDRDJDUUDUVHDRWURYHKtFXORHQ
PRYLPLHQWR
I 1RVHOOHYDUiHQHVWRVYHKtFXORVREMHWRVQLEXOWRVTXHGLILFXOWHQHOHTXLOLEULRR
LPSLGDQTXHHOFRQGXFWRUPDQWHQJDDPEDVPDQRVHQORVSXxRVGHOPDQXEULR
J 1RFLUFXODUiQSRUODVDFHUDVQLSDVHRVS~EOLFRVGHVWLQDGRVDORVSHDWRQHV

&$3,78/2,9
'(/$6,163(&&,21(6

$UW  ,163(&&,21 ,QVSHFFLyQ HV OD FRQVWDWDFLyQ GH ODV FRQGLFLRQHV GH
IXQFLRQDPLHQWR WpFQLFRPHFiQLFDV FDSDFLGDG \ FRPRGLGDG GHO YHKtFXOR SDUD OD
VHJXULGDG\HILFLHQFLDGHOVHUYLFLR

$UW 3$3(/(7$ /DLQVSHFFLyQVHDFUHGLWDUiPHGLDQWHODUHVSHFWLYDSDSHOHWD


\ SRGUi HIHFWXDUVH HQ FXDOTXLHU 'LVWULWR GHO SDtV VLQ GLVFULPLQDFLyQ GHO RULJHQ R
UHJLVWURGHOYHKtFXOR

$UW  9$/,'(= /D SDSHOHWD GH LQVSHFFLyQ WLHQH YDOLGH] HQ WRGR HO WHUULWRULR
QDFLRQDO\VHUiH[KLELGDDQWHODDXWRULGDGGH7UiQVLWRTXHODH[LMD

$UW  3(5,2'26 '( ,163(&&,21 /D LQVSHFFLyQ VH HIHFWXDUi FDGD FXDWUR
PHVHVHQIRUPDVLPXOWiQHDHQWRGRHOSDtV
$UW ,163(&&,21,035(9,67$ 6LQSHUMXLFLRGHORGLVSXHVWRSRUHODUWtFXOR
DQWHULRU OD 3ROLFtD GH 7UiQVLWR SRGUi HIHFWXDU OD LQVSHFFLyQ GH XQ YHKtFXOR HQ
FXDOTXLHU PRPHQWR \ FXDQGR OR FRQVLGHUH QHFHVDULR (Q HVWH FDVR OD LQVSHFFLyQ
VHKDUiVLQFRVWRDOJXQR

$UW  0$17(1,0,(172 /D UHVSRQVDELOLGDG GHO PDQWHQLPLHQWR \ EXHQ


IXQFLRQDPLHQWRGHOYHKtFXORHVWDUiDFDUJRGHOSURSLHWDULR\GHOFRQGXFWRUORVTXH
HVWiQREOLJDGRVDODUHYLVLyQGLDULD

$UW  $8725,'$'(6 '( /$ ,163(&&,21 /DV -HIDWXUDV 'HSDUWDPHQWDOHV


GH 7UiQVLWR VRQ ODV HQFDUJDGDV GH UHDOL]DU ODV LQVSHFFLRQHV GH ORV YHKtFXORV
PHGLDQWHVXVRUJDQLVPRVWpFQLFRVFRUUHVSRQGLHQWHV

&$3,78/29
'(/$9(/2&,'$'

$UW 9(/2&,'$' 9HORFLGDGHVODUHODFLyQHQWUHHOHVSDFLRUHFRUULGRSRUXQ


YHKtFXOR\HOWLHPSRHPSOHDGRHQUHFRUUHUOR

$UW  9(/2&,'$' 5(*/$0(17$5,$ 1LQJ~Q YHKtFXOR FLUFXODUi D


YHORFLGDGHVVXSHULRUHVRLQIHULRUHVDODVHVWDEOHFLGDVSRUOD3ROLFtDGH7UiQVLWRGH
DFXHUGRDUHJODPHQWR

$UW ',60,18&,21'(9(/2&,'$' (OFRQGXFWRUHVWiREOLJDGRDGLVPLQXLU


OD YHORFLGDG SRU GHEDMR GH OD DXWRUL]DGD \ D~Q D GHWHQHU HO YHKtFXOR FXDQGR ODV
FLUFXQVWDQFLDVGHODFLUFXODFLyQHOHVWDGRGHODYtDFRQGLFLRQHVDWPRVIpULFDVIDOWD
GHYLVLELOLGDGXRWURVIDFWRUHVGHVIDYRUDEOHVUHVWHQODVHJXULGDGGHELGD

$UW  &203(7(1&,$ 6H SURKLEH WHUPLQDQWHPHQWH HQWDEODU FRPSHWHQFLDV


GHYHORFLGDGHQWUHWRGDFODVHGHYHKtFXORVHQODVYtDVXUEDQDV\UXUDOHVH[FHSWR
ODVGHSRUWLYDVDXWRUL]DGDVSRUOD3ROLFtDGH7UiQVLWR

$UW  35(&$8&,21(6 (O FRQGXFWRU DO DFHUFDUVH D XQD ]RQD R IUDQMD GH
VHJXULGDG GHPDUFDGD R LPDJLQDULD HVWi REOLJDGR D UHGXFLU OD YHORFLGDG GHO
YHKtFXOR\DGHWHQHUORVLHOSDVRGHSHDWRQHVDVtORH[LJH

&$3,78/29,
'(/(67$&,21$0,(172<3$5$'$6

$UW (67$&,21$5 (VWDFLRQDUHVHODFWRPHGLDQWHHOFXDOHOFRQGXFWRUGHMD


VXYHKtFXORHQOXJDUDXWRUL]DGR

$UW 3$5$5 3DUDUHVHODFWRGHGHWHQHUHOYHKtFXORSRUWLHPSROLPLWDGR\HQ


VLWLRDXWRUL]DGR
$UW  '(7(1(5 'HWHQHU HV HO DFWR GH LQWHUUXPSLU PRPHQWiQHDPHQWH HO
PRYLPLHQWRGHOYHKtFXORFRQHOPRWRUHQFHQGLGR\HOFRQGXFWRUDOYRODQWH

$UW /8*$5'(3$5$'$ 7RGRFRQGXFWRUTXHHVWDFLRQHSDUHRGHWHQJDVX


YHKtFXORORKDUiVREUHHOFRVWDGRGHUHFKRGHODYtDGHPRGRTXHQRREVWDFXOLFHOD
OLEUHFLUFXODFLyQ

$UW  326,&,21 (Q ORV OXJDUHV GH HVWDFLRQDPLHQWR ORV YHKtFXORV
FRQVHUYDUiQODSRVLFLyQVHxDODGDSRUODDXWRULGDG

$UW  (67$&,21$0,(172 (1 /$6 &$55(7(5$6 6H SURKLEH HO


HVWDFLRQDPLHQWRGHFXDOTXLHUFODVHGHYHKtFXORHQODFDO]DGDGHODV&DUUHWHUDV\
FDPLQRVUXUDOHVVDYRHOFDVRGHQHFHVLGDGLQVDOYDEOHHQTXHHOFRQGXFWRUTXHGD
REOLJDGRDSUHYHQLUHOSHOLJURPHGLDQWHODVHxDOL]DFLyQFRUUHVSRQGLHQWH

$UW  '(7(1&,21 68%,7$ /RV FRQGXFWRUHV TXHGDQ SURKLELGRV GH GHWHQHU
VXYHKtFXORV~ELWD\EUXVFDPHQWHVDOYRHOFDVRGHHPHUJHQFLD

$UW  (67$&,21$0,(172 352+,%,'2 (V SURKLELGR HVWDFLRQDU SDUDU R


GHWHQHUHOYHKtFXORHQOXJDUHVQRDXWRUL]DGRVSRUOD3ROLFtDGHO7UiQVLWR

$UW  6(f$/(6 5(*/$0(17$5,$6 $O HVWDFLRQDU SDUDU R GHWHQHUVH DVt


FRPR SDUD VDOLU GHO HVWDFLRQDPLHQWR SDUWLU R UHWRPDU  OD PDUFKD HO FRQGXFWRU
GHEHUi DQXQFLDU VX LQWHQFLyQ SRU PHGLR GH ODV VHxDOHV UHJODPHQWDULDV
REVHUYDQGRODVPi[LPDVSUHFDXFLRQHVGHVHJXULGDG

$UW  5(6(59$&,21(6 4XHGDQ SURKLELGDV ODV UHVHUYDFLRQHV GH iUHDV GH
HVWDFLRQDPLHQWRHQODVFDOOHVDYHQLGDVSDUTXHV\SOD]DVGHODVFLXGDGHVH[FHSWR
SDUD ORV YHKtFXORV SHUWHQHFLHQWHV DO 3DODFLR GH *RELHUQR 0LQLVWHULRV 3RGHU
/HJLVODWLYR 3RGHU -XGLFLDO +RQRUDEOH &XHUSR 'LSORPiWLFR 3UHIHFWXUDV
0XQLFLSDOLGDGHV )XHU]DV $UPDGDV 3ROLFtD 1DFLRQDO \ RWURV TXH OD DXWRULGDG
GHWHUPLQH

$UW  1250$ *(1(5$/ &RQ FDUiFWHU JHQHUDO \ SRU UD]RQHV GH VHUYLFLR
S~EOLFR R GH VHJXULGDG OD 3ROLFtD GHO 7UiQVLWR KDUi FXPSOLU ODV UHJODV GHO
HVWDFLRQDPLHQWR

&$3,78/29,,
'(/$66(f$/(6

$UW  6(f$/ '( 75$16,72 6HxDO GH WUiQVLWR HV WRGR GLVSRVLWLYR VLJQR
GHPDUFDFLyQHLQVFULSFLyQFRORFDGDSRUODVDXWRULGDGHVFRQHOREMHWRGHLQIRUPDU
SUHYHQLU\UHJODPHQWDUODFLUFXODFLyQ
$UW  6(f$/,=$&,21 (Q ODV YtDV S~EOLFDV KDEUiQ VHxDOHV GH WUiQVLWR
GHVWLQDGDVDORVFRQGXFWRUHV\SHDWRQHV

$UW  352+,%,&,21 '( /(<(1'$6 (V SURKLELGR ILMDU VREUH ODV VHxDOHV GH
WUiQVLWR R MXQWR D HOODV OH\HQGDV R VtPERORV TXH QR WHQJDQ UHODFLyQ FRQ ODV
ILQDOLGDGHVGHODVHxDOL]DFLyQ

$UW  /8&(6  2 ,16&5,3&,21(6 (V SURKLELGR HO HPSOHR GH OXFHV R
LQVFULSFLRQHVTXHRFDVLRQHQFRQIXVLyQFRQODVVHxDOHVGHWUiQVLWR

$UW 38%/,&,'$' (Q ODV YtDV S~EOLFDV QR VHUi SHUPLWLGD OD SXEOLFLGDG TXH
SXHGD SURYRFDU OD GLVWUDFFLyQ GH ORV FRQGXFWRUHV R SHUWXUEDU OD VHJXULGDG GHO
WUiQVLWR

$UW 9,6,%,/,'$' /DVHxDOGHOWUiQVLWRVHUiFRORFDGDHQSRVLFLyQTXHVHD


SHUIHFWDPHQWH YLVLEOH GH GtD \ GH QRFKH \ D GLVWDQFLDV FRPSDWLEOHV FRQ OD
VHJXULGDGGHOD FLUFXODFLyQ

$UW  )5$1-$6 '( 3$62 /RV OXJDUHV GH SDVR GHVWLQDGRV D ORV SHDWRQHV
VHUiQVHxDOL]DGRVSRUPHGLRGHIUDQMDVGHPDUFDGDVHQODSURSLDFDO]DGD

$UW  6(f$/,=$&,21 '( /2&$/(6 /DV HQWUDGDV \ VDOLGDV GH ORV ORFDOHV
GHVWLQDGRV DO GHSyVLWR JXDUGD R HVWDFLRQDPLHQWR GH YHKtFXORV VHUiQ
GHELGDPHQWHVHxDOL]DGDV

$UW  2%67$&8/26 7RGD REUD REVWiFXOR R SHOLJUR SDUD OD FLUFXODFLyQ
GHEHUiVHULQPHGLDWDPHQWHVHxDOL]DGD
6HUiUHVSRQVDEOHGHODVHxDOL]DFLyQUHJODPHQWDULDODHQWLGDGHPSUHVDRSHUVRQD
SDUWLFXODUTXHHMHFXWDODREUDRHQVXFDVRODDXWRULGDGFRPSHWHQWH
$UW 5(63216$%,/,'$''(/$6(f$/,=$&,21 1LQJXQDYtDVHUiDELHUWD
DODFLUFXODFLyQVLDQWHVQRHVWiVHxDOL]DGD
/DVHxDOL]DFLyQGHODVYtDVUXUDOHVHVGHUHVSRQVDELOLGDGGHO6HUYLFLR1DFLRQDOGH
&DPLQRV \ HQ ODV YtDV XUEDQDV GH ODV $OFDOGtDV 0XQLFLSDOHV \ OD 3ROLFtD GHO
7UiQVLWR

$UW 68675$&&,21'(6(f$/(6/DVXVWUDFFLyQGHVWUXFFLyQRDOWHUDFLyQ
GHODVVHxDOHVGHWUiQVLWRVHVDQFLRQDUiFRQDUUHVWR\UHSDUDFLyQGHGDxRV

$UW  6,67(0$ '( 6(f$/,=$&,21 8QLFDPHQWH VHUi DGPLWLGD HQ ODV YtDV
S~EOLFDVHOVLVWHPDGHVHxDOL]DFLyQDGRSWDGRSRUHOSUHVHQWH&yGLJR1DFLRQDOGHO
7UiQVLWR\HO0DQXDO,QWHUDPHULFDQRGH'LVSRVLWLYRVSDUDHO&RQWUROGHO7UiQVLWRHQ
FDOOHV\FDUUHWHUDV
$UW &/$6,),&$&,21'(6(f$/(6 /DVVHxDOHVGHWUiQVLWRVHFODVLILFDQHQ
D 9HUWLFDOHV
E +RUL]RQWDOHV
F /XPLQRVDV\VRQRUDV
G /DGHORV$JHQWHVGHOD&LUFXODFLyQ

$UW  %$55(5$6 '( 6(*85,'$' /DV HPSUHVDV GH IHUURFDUULOHV \ HO
6HUYLFLR 1DFLRQDO GH &DPLQRV HVWiQ REOLJDGRV D FRORFDU \ PDQWHQHU HQ ORV
FUXFHVVHPiIRURVGHSHOLJURVHxDOHVUHJODPHQWDULDVGHSUHFDXFLyQ\EDUUHUDVGH
VHJXULGDG

$UW &803/,0,(172'(/$66(f$/(6 /RVFRQGXFWRUHV\SHDWRQHVHVWiQ


REOLJDGRVDFXPSOLU\UHVSHWDUODVVHxDOHVGHWUiQVLWR

&$3,78/29,,,
'(/263$6$-(526

$UW  3$6$-(526 3DVDMHUR HV OD SHUVRQD TXH XWLOL]D XQ YHKtFXOR SDUD
WUDVODGDUVHGHXQOXJDUDRWURPHQRVHOFRQGXFWRU\VXVDX[LOLDUHV

$UW &/$6,),&$&,21 /RVSDVDMHURVVHFODVLILFDQHQ


D /RVTXHUHPXQHUDQHOVHUYLFLR
E /DVSHUVRQDVTXHVRQWUDQVSRUWDGDVSRURUGHQRGLVSRVLFLyQGHODDXWRULGDG
F /RVTXHDERUGDQYROXQWDULDPHQWHXQYHKtFXOR\VRQDGPLWLGRVSRUHOFRQGXFWRU
G /RVSROL]RQHVRORVTXH DERUGDQXQYHKtFXORDUELWUDULDPHQWH
H /RVTXHVRQWUDQVSRUWDGRVSRULPSRVLFLyQ

$UW  5(63(72 5(&,352&2 3DVDMHUR \ FRQGXFWRU VH GHEHQ


UHFtSURFDPHQWHXQWUDWRFRUWpV\UHVSHWXRVR

$UW &223(5$&,21 (QORVFDVRVGHSHOLJURRGHDFFLGHQWHVORVSDVDMHURV


HOFRQGXFWRU\ORVDX[LOLDUHVVHGHEHQPXWXDDVLVWHQFLD\FRRSHUDFLyQ

$UW '(5(&+26 /RVSDVDMHURVFRPSUHQGLGRVHQORVLQFLVRVD \E WLHQHQ


GHUHFKR D XQ VHUYLFLR FyPRGR \ VHJXUR VLQ TXH D QDGLH OH VHD SHUPLWLGR
GHVFRQRFHURPHQRVFDEDUHVWDSUHUURJDWLYDSHURWDPELpQWLHQHQODREOLJDFLyQGH
QR LQFXUULU HQ DFWLWXGHV TXH SHUMXGLTXHQ HO EXHQ VHUYLFLR PROHVWHQ D WHUFHURV R
SURYRTXHQGHVyUGHQHV

$UW  6(*85,'$' /RV  SDVDMHURV FRPSUHQGLGRV HQ HO LQFLVR F  GHO $UW 
PHUHFHUiQ LJXDOWUDWRGHVHJXULGDG(QHOFDVRGHORVSDVDMHURVFRPSUHQGLGRVHQ
ORV LQFLVRV G  \ H  QR OHV DVLVWH QLQJ~Q GHUHFKR GH ORV HVWDEOHFLGRV HQ HVWH
&yGLJR
$UW  2%/,*$&,21 (O SDVDMHUR DFDWDUi ODV LQGLFDFLRQHV TXH HO FRQGXFWRU R
VXDX[LOLDUOHLPSDUWDQSDUDVXPD\RUVHJXULGDGRFRPRGLGDG

$UW  5(63216$%,/,'$' (O SDVDMHUR UHVSRQGHUi GH ORV GDxRV \ SHUMXLFLRV
TXHDUELWUDULDPHQWHRFDVLRQHDOYHKtFXORDOFRQGXFWRUXRFXSDQWHV

$UW 0$1(5$'($%25'$5 3DUDVXELUDEDMDUGHXQYHKtFXORHO SDVDMHUR


GHEHUiKDFHUORSRUHOODGRGHODDFHUDREHUPDQXQFDHQODFDO]DGD

$UW 5(&/$026 &XDQGRHOSDVDMHURWHQJDTXHSODQWHDUXQDUHFODPDFLyQOR


KDUi DQWH OD DXWRULGDG FRPSHWHQWH LQGLYLGXDOL]DQGR D OD SHUVRQD UHVSRQVDEOH \
SURSRUFLRQDQGRORV GDWRVQHFHVDULRV

&$3,78/2,;
'(/263($721(6

$UW 3($721 3HDWyQHVODSHUVRQDTXHVHHQFXHQWUDDSLHHQODYtDS~EOLFD

$UW  5(*/$6 '( &,5&8/$&,21 (O SHDWyQ FLUFXODUi REVHUYDQGR ODV
VLJXLHQWHVUHJODV
D  'HQWUR GHO UDGLR XUEDQR OR KDUi SRU ODV DFHUDV FRQVHUYDQGR VX GHUHFKD \ GH
QLQJ~QPRGRSRUODFDO]DGD
E  3DUD SDVDU GH XQD DFHUD D RWUD OR KDUi REOLJDWRULDPHQWH SRU ODV IUDQMDV GH
VHJXULGDGRSRUORVOXJDUHVDXWRUL]DGRV
F (QODVFDUUHWHUDVHVSURKLELGRDOSHDWyQFLUFXODUSRUODVEHUPDVVDOYRHOFDVR
GHQHFHVLGDG
G 7LHQHSUHIHUHQFLDGHSDVRHQODVFDOOHVGRQGHQRKD\DXWRULGDGGH7UiQVLWRQL
VHxDOHVGHELHQGRORVFRQGXFWRUHVUHGXFLUODYHORFLGDGRGHWHQHUHOYHKtFXOR
H (VWiSURKLELGRDOSHDWyQVXELUREDMDUFXDQGRHOYHKtFXORHVWiHQ PRYLPLHQWR

$UW5(63216$%,/,'$''(/3($721 (QWRGRDFFLGHQWHTXHRFXUUDSRU
FXOSDGHOSHDWyQpVWHVHUiUHVSRQVDEOHGHODVFRQVHFXHQFLDVTXHGDQGRREOLJDGR
DOUHVDUFLPLHQWRGHORVGDxRV\SHUMXLFLRVRFDVLRQDGRV

$UW 352+,%,&,21 1LQJ~QSHDWyQSRGUiVLWXDUVHHQODFDO]DGDQLDXQFRQ


HOSURSyVLWRGHDERUGDURGHWHQHUXQYHKtFXOR

&$3,78/2;
'(/$&$5*$

$UW  &$5*$ &DUJD HV WRGD FRVD REMHWR R DQLPDO D WUDQVSRUWDUVH HQ XQ
YHKtFXOR
$UW 75$163257(0,;72 (OWUDQVSRUWHPL[WRGHSDVDMHURV\FDUJDFXDQGR
H[FHSFLRQDOPHQWHVHDSHUPLWLGRHVWDUiVXMHWRDUHJODPHQWDFLyQHVSHFLDO

$UW  (;&(626 (O SHVR \ YROXPHQ GH OD FDUJD QR VHUiQ VXSHULRUHV D OD
FDSDFLGDGGHOYHKtFXOR

$UW  5(63216$%,/,'$' /DV HPSUHVDV GH WUDQVSRUWHV \ SURSLHWDULRV GH


YHKtFXORV VRQ UHVSRQVDEOHV GH OD FRQGXFFLyQ GH OD FDUJD VHJ~Q OD FDOLGDG \
FRQGLFLRQHVGHFODUDGDVGHELHQGRHQWUHJDUODHQHOWLHPSR\OXJDUFRQYHQLGR
(QFDVRGHH[WUDYtRSpUGLGDRGHWHULRURWRWDORSDUFLDOTXHGDQREOLJDGRVDO SDJR
GHVXYDORU\HOUHVDUFLPLHQWRGHORVGDxRV\SHUMXLFLRVRFDVLRQDGRV

$UW 5(63216$%,/,'$''(/&21'8&725 (OFRQGXFWRUVHUiLJXDOPHQWH


UHVSRQVDEOHDQWHODHPSUHVDRSURSLHWDULRGHOYHKtFXORSDUDTXLHQWUDEDMDSRUHO
H[WUDYtRSpUGLGD
RGHWHULRURGHODFDUJD

7,78/2,,,
'(/26&21'8&725(6<275$63(5621$6

&$3,78/2,
',6326,&,21(6*(1(5$/(6

$UW &21'8&725 &RQGXFWRUHVDSHUVRQDTXHFRQGXFHRWLHQHHOFRQWURO


GHXQYHKtFXOR

$UW $8725,=$&,21 1LQJXQDSHUVRQDSRGUiFRQGXFLUXQYHKtFXORVLQHVWDU


OHJDOPHQWHDXWRUL]DGD

$UW 352+,%,&,21 1DGLHSRGUiIDFLOLWDUVXYHKtFXORSDUDTXHVHDFRQGXFLGR


SRUSHUVRQDTXHQRSRVHDOLFHQFLDRSHUPLVR

$UW  ,'(17,),&$&,21 (O FRQGXFWRU DO VHU UHTXHULGR SRU OD 3ROLFtD GHO
7UiQVLWRWLHQHODREOLJDFLyQGHDFUHGLWDUVXLGHQWLGDG\H[KLELUVXOLFHQFLD
(Q FDVR GH DFFLGHQWH JUDYH HVWi REOLJDGR D HQWUHJDU GLFKR GRFXPHQWR D OD
DXWRULGDGUHTXLUHQWH

&$3,78/2,,
'(/$&/$6,),&$&,21<5(48,6,7263$5$6(5&21'8&725

$UW  &/$6,),&$&,21 6HJ~Q OD FODVH GH YHKtFXOR TXH FRQGXFHQ ORV
FRQGXFWRUHVVHFODVLILFDQ
D &LFOLVWDV
E 0RWRFLFOLVWDV /LFHQFLDSDUWLFXODU 
F &RQGXFWRUSDUWLFXODU /LFHQFLDSDUWLFXODU 
G &KyIHUSURIHVLRQDO /LFHQFLDSURIHVLRQDO 
H 0RWRULVWD /LFHQFLDHVSHFLDOL]DGD 

$UW 5(48,6,726 6RQUHTXLVLWRVEiVLFRVHLQGLVSHQVDEOHVSDUDREWHQHUOD


OLFHQFLDGHFRQGXFWRU
D &pGXODGH,GHQWLGDG
E *R]DUGHEXHQDVDOXG\QRHVWDULPSHGLGRSRUGHIHFWRItVLFR
F %XHQDFRQGXFWD\KDEHUYHQFLGRHOFLFORLQWHUPHGLRGH,QVWUXFFLyQ
G  3UHVHQWDU OD GRFXPHQWDFLyQ  FRUUHVSRQGLHQWH \ DSUREDU HO H[DPHQ GH
5HJODPHQWR

$UW 2725*$0,(172'(/$/,&(1&,$ /DOLFHQFLDSDUDFRQGXFLUYHKtFXORV


PRWRUL]DGRV VHUi RWRUJDGD SUHYLR HO FXPSOLPLHQWR GH  ORV DQWHULRUHV UHTXLVLWRV
EiVLFRV\ORVH[LJLGRVSRUHOUHVSHFWLYR5HJODPHQWR

&$3,78/2,,,
'(/26'(5(&+26<'(%(5(6'(/&21'8&725

$UW   $8725,=$&,21 /(*$/ 7RGD SHUVRQD OHJDOPHQWH DXWRUL]DGD WLHQH


GHUHFKRDFRQGXFLUHQHOWHUULWRULRGHOD5HS~EOLFDHOYHKtFXORFRUUHVSRQGLHQWHDOD
FODVHGHOLFHQFLDTXHSRVHH

$UW  75$72 (O FRQGXFWRU WLHQH GHUHFKR D XQ WUDWR UHVSHWXRVR \ FRUWpV GH
SDUWHGHODVDXWRULGDGHVSDVDMHURVSHDWRQHV\SURSLHWDULRVGHOYHKtFXORTXHWLHQH
DVXFDUJR

$UW '(5(&+2'($8;,/,2 (QVLWXDFLyQGHSHOLJURRHQFDVRGHDFFLGHQWH


HOFRQGXFWRUWLHQHGHUHFKRDXWLOL]DUORVVHUYLFLRVGHDX[LOLRS~EOLFR

$UW '(5(&+2'(,16758&&,21 (OFRQGXFWRUWLHQHGHUHFKRDSDUWLFLSDU


GHORVEHQHILFLRVGHLQVWUXFFLyQ\ DFWXDOL]DFLyQ WpFQLFRSURIHVLRQDO TXH LPSDUWDQ
ODVDXWRULGDGHVGHO7UiQVLWR

$UW  2%6(59$1&,$ /(*$/ /RV FRQGXFWRUHV VLQ H[FHSFLyQ HVWiQ


REOLJDGRVDOFRQRFLPLHQWR\HVWULFWDREVHUYDQFLDGHODVGLVSRVLFLRQHVGHOSUHVHQWH
&yGLJR\VX5HJODPHQWR

$UW  35(&$8&,21 &RQGXFLU FRQ DWHQFLyQ \ ORV FXLGDGRV TXH UHTXLHUD OD
VHJXULGDGGHOWUiQVLWR

$UW (0%5,$*8(= (VWHUPLQDQWHPHQWHSURKLELGRFRQGXFLUYHKtFXORVEDMR


HO HIHFWR GH GURJDV X RWURV LQWR[LFDQWHV HQ HVWDGR GH HPEULDJXH] R FXDQGR ODV
FRQGLFLRQHVGHVDOXGItVLFRPHQWDOHVQRSHUPLWDQODQRUPDO\VHJXUDFRQGXFFLyQ
$UW  &21'8&7$ (O FRQGXFWRU WLHQH HO GHEHU GH REVHUYDU ODV QRUPDV GH
EXHQDFRQGXFWD\PRUDOLGDG

$UW  ,1)250$&,21 /RV FRQGXFWRUHV WLHQHQ OD REOLJDFLyQ LQHOXGLEOH GH GDU
SDUWH R LQIRUPDU LQPHGLDWDPHQWH D OD DXWRULGDG FRPSHWHQWH PiV FHUFDQD GH
WRGRVORVFDVRVGHDFFLGHQWHHLQIUDFFLRQHVDODVQRUPDVGHOSUHVHQWH&yGLJR

&$3,78/2,9
'(/26$8;,/,$5(6'(/&21'8&725

$UW  $8;,/,$5(6 6RQ$X[LOLDUHVORVTXHVLQFRQGXFLU HOYHKtFXORFRRSHUDQ


DOFRQGXFWRUHQODVGLIHUHQWHVODERUHVGHOWUDQVSRUWH

$UW  5(48,6,726 3DUD HO GHVHPSHxR GH VXV IXQFLRQHV GHEHUiQ FXPSOLU
ORVUHTXLVLWRVVHxDODGRVSRUHO5HJODPHQWRGHHVWH&yGLJR

&$3,78/29
'(/2648(,03257$1&2035$1<9(1'(19(+,&8/26

$UW 5(*,6752'(&20(5&,$17(6 /DVSHUVRQDVQDWXUDOHVRMXUtGLFDV


GHGLFDGDVDOFRPHUFLRGHODLPSRUWDFLyQFRPSUD\YHQWDGHYHKtFXORVUHSXHVWRV
\DFFHVRULRVWLHQHQODREOLJDFLyQGHLQVFULELUVHHQHO5HJLVWURGHO7UiQVLWR

$UW 5(*,6752'(7$//(5(6 ,JXDOREOLJDFLyQWLHQHQORVSURSLHWDULRVGH


WDOOHUHVGHUHSDUDFLyQRPRQWDMHGHYHKtFXORVHVWDFLRQHVGHVHUYLFLRV\JDUDMHV

$UW  5(*,6752 '( &20,6,21,67$6 /RV FRPLVLRQLVWDV R ORV TXH


LQWHUYLHQHQKDELWXDOPHQWH FRPRLQWHUPHGLDULRVHQODFRPSUD\YHQWDGHYHKtFXORV
DFFHVRULRV\UHSXHVWRVLJXDOPHQWHHVWiQREOLJDGRVDOUHJLVWUR

$UW  5(63216$%,/,'$'(6 /DV SHUVRQDV TXH UHDOL]DQ RSHUDFLRQHV


FRPHUFLDOHVGHDFXHUGRDHVWH&DStWXORVRQUHVSRQVDEOHVSHQDO\ FLYLOPHQWHSRU
ORVGDxRV\SHUMXLFLRVTXHRFDVLRQH

7,78/2,9
'(/266(59,&,2638%/,&26

&$3,78/281,&2
'(/265(48,6,726

$UW  6(59,&,2 38%/,&2 6HUYLFLR S~EOLFR HV HO TXH VH SUHVWD D OD
FROHFWLYLGDG EDMR UHPXQHUDFLyQ \ GH DFXHUGR D ORV UHTXLVLWRV HVWDEOHFLGRV SRU HO
5HJODPHQWR
$UW  5(48,6,726 /RV YHKtFXORV GHVWLQDGRV DO VHUYLFLR S~EOLFR GHEHUiQ
UHXQLU ODV QHFHVDULDV FRQGLFLRQHV GH VHJXULGDG \ FRPRGLGDG SDUD JDUDQWL]DU XQ
VHUYLFLRHILFLHQWH
$UW &/$6,),&$&,21 /DFODVLILFDFLyQ\ FDWHJRUL]DFLyQGHORVYHKtFXORVGH
VHUYLFLRS~EOLFRVHGHWHUPLQDUiSRUHO5HJODPHQWRGHHVWH&yGLJR

7,78/29
'(/26'2&80(1726<5(*,67526

&$3,78/2,
'(/$/,&(1&,$

$UW /,&(1&,$ /D/LFHQFLDHVXQGRFXPHQWRSHUVRQDOHLQWUDQVIHULEOHTXH


DFUHGLWDTXHVXWLWXODUHVWiIDFXOWDGRSDUDFRQGXFLUYHKtFXORV

$UW 2725*$0,(172 /D/LFHQFLDHVRWRUJDGDSRUOD3ROLFtDGH7UiQVLWR\


WLHQHYDOLGH]HQWRGRHOWHUULWRULRQDFLRQDOGHELHQGRVHUREOLJDWRULDPHQWHUHQRYDGD
FDGDFLQFRDxRV

$UW &/$6,),&$&,21 /DVOLFHQFLDVVHFODVLILFDQ


D 'HFLFOLVWD
E 'HPRWRFLFOLVWD
F 'HFRQGXFWRUSDUWLFXODU
G 'HFKyIHUSURIHVLRQDO
H 'HPRWRULVWD

$UW &$0%,2'(/,&(1&,$ (OFRQGXFWRUSDUWLFXODUTXHVROLFLWHSDVDUDOD


FODVH GH FKyIHU SURIHVLRQDO GHEHUi DSUREDU ORV H[iPHQHV FRPSOHPHQWDULRV
FRUUHVSRQGLHQWHV

&$3,78/2,,
'(/$6$8725,=$&,21(63529,6,21$/(6<3(50,6262),&,$/(6

$UW  $8725,=$&,21 /D DXWRUL]DFLyQ SURYLVLRQDO HV XQ GRFXPHQWR TXH
IDFXOWD OD FRQGXFFLyQ WHPSRUDO GH YHKtFXORV \ HV RWRUJDGD SRU OD 3ROLFtD GHO
7UiQVLWR

$UW 352+,%,&,21 /DDXWRUL]DFLyQSURYLVLRQDOWHQGUiYLJHQFLDGHWUHLQWDD


QRYHQWDGtDV\SRGUiSURUURJDUVHSRULJXDOHVSHULRGRV~QLFDPHQWHSRUHOODSVRGH
XQDxR6XV3RVHHGRUHVHVWiQSURKLELGRVGHFRQGXFLUYHKtFXORVGHO(VWDGR\GH
VHUYLFLR S~EOLFR QR SRGUiQ YLDMDU IXHUD GHO UDGLR XUEDQR QL WUDEDMDU X REWHQHU
HPSOHRFRPRFKRIHUHVSURIHVLRQDOHV
$UW  3(50,626 2),&,$/(6 /RV SHUPLVRV RILFLDOHV VH FRQFHGHUiQ D ORV
SHUVRQHURV GH 0LVLRQHV ([WUDQMHUDV TXH FXPSODQ ODERUHV HVSHFLDOHV HQ HO 3DtV
TXLHQHV DFUHGLWDUiQ VX FRQGLFLyQ SRU LQWHUPHGLR GHO 0LQLVWHULR GH 5HODFLRQHV
([WHULRUHV

$UW 9,*(1&,$ /RVSHUPLVRVRILFLDOHVWHQGUiQYLJHQFLDSRUXQDxR\ VHUiQ


UHQRYDEOHVSRULJXDOHVSHUtRGRVGXUDQWHHOWLHPSRTXHGXUHODPLVLyQ

$UW  %(1(),&,2 /RV IXQFLRQDULRV 'LSORPiWLFRV ([WUDQMHURV \ ORV GHO


6HUYLFLR&RQVXODUDFUHGLWDGRVDQWHHO*RELHUQRJR]DUiQGHOEHQHILFLRGHREWHQHU
HO SHUPLVR RILFLDO  /D VROLFLWXG VHUi SUHVHQWDGD D WUDYpV GHO 0LQLVWHULR GH
5HODFLRQHV([WHULRUHVGH%ROLYLD

&$3,78/2,,,
'(/$6/,&(1&,$6,17(51$&,21$/(63$5$&21'8&,5

$UW 3(50,62,17(51$&,21$/ (OSHUPLVR,QWHUQDFLRQDOSDUDFRQGXFLUHV


HOGRFXPHQWRTXHDXWRUL]DODFRQGXFFLyQGHYHKtFXORVHQWHUULWRULRH[WUDQMHUR
$UW 2725*$0,(172 (QHO3DtVHO3HUPLVR,QWHUQDFLRQDOSDUDFRQGXFLU
VHUiRWRUJDGRSRUHO$XWRPyYLO&OXE%ROLYLDQRRVXVILOLDOHVDODSUHVHQWDFLyQGHOD
OLFHQFLDSURIHVLRQDORSDUWLFXODU\GHEHUiVHUUHIUHQGDGRSRUOD3ROLFtDGHO7UiQVLWR
GHO'LVWULWR
(O GH RULJHQ H[WUDQMHUR VHUi DGPLWLGR HQ %ROLYLD SUHYLD LGHQWLILFDFLyQ GH VX
SRVHHGRU

$UW 5(675,&&,21 (VWHGRFXPHQWRQRIDFXOWDDVXSRVHHGRUDWUDEDMDUHQ


HOWHUULWRULRQDFLRQDOFRPRFKyIHUSURIHVLRQDO

&$3,78/2,9
'(/&$51(7'(3523,('$'

$UW  &$51(7 (O FDUQHW GH SURSLHGDG HV HO GRFXPHQWR TXH DFUHGLWD HO
GHUHFKR GH SURSLHGDG VREUH XQ YHKtFXOR \ WLHQH YDORU SUREDWRULR GH LQVWUXPHQWR
S~EOLFR
6XREWHQFLyQHVREOLJDWRULDSDUDWRGRSURSLHWDULRGHYHKtFXOR

$UW 2725*$0,(172 6HUiRWRUJDGRSRUODV$GPLQLVWUDFLRQHVGHOD5HQWD


HQ YLVWD GH ORV GRFXPHQWRV TXH DFUHGLWHQ OD LPSRUWDFLyQ R DGTXLVLFLyQ GHO
YHKtFXOR

&$3,78/29
'(/$63/$&$6
$UW  3/$&$6 /D SODFD HV XQD PDWUtFXOD GH LGHQWLILFDFLyQ TXH GHEH WHQHU
REOLJDWRULDPHQWH WRGR 9HKtFXOR  (O Q~PHUR GH OD SODFD GHEH FRLQFLGLU FRQ HO GHO
FDUQHWGHSURSLHGDG

$UW 5(48,6,72 1LQJ~QYHKtFXORFLUFXODUiVLQSODFDV

$UW 2725*$0,(172 /DVSODFDV6HRWRUJDUiQSRUOD$GPLQLVWUDFLyQGHOD


5HQWDHQEDVHDODUHVSHFWLYDDXWRUL]DFLyQH[SHGLGDSRUOD3ROLFtDGHO7UiQVLWR

$UW 9,*(1&,$ /DYLJHQFLDGHODPDWUtFXODHVLQGHILQLGD

$UW  862 '( 3/$&$6 (V SURKLELGR HO XVR GH SODFDV DMHQDV R TXH QR
FRUUHVSRQGDQDOYHKtFXOR

$UW &$1&(/$&,21 &XDQGRXQYHKtFXORVHDUHWLUDGRGHODFLUFXODFLyQODV


SODFDVVHUiQGHYXHOWDVDOD3ROLFtDGHO7UiQVLWRSDUDVXGHVWUXFFLyQ\FDQFHODFLyQ
GHOUHVSHFWLYRUHJLVWURGHELHQGRGDUVHHODYLVRFRUUHVSRQGLHQWHDOD5HQWD

&$3,78/29,

'(/$3$3(/(7$'(,163(&&,21
<&21752/

$UW  3$3(/(7$ '( ,163(&&,21 /D SDSHOHWD GH LQVSHFFLyQ HV XQ
GRFXPHQWR RWRUJDGR SRU OD 3ROLFtD GHO 7UiQVLWR TXH DFUHGLWD KDEHU FXPSOLGR pO
UHTXLVLWRHVWDEOHFLGRSRUHODUWtFXORGHHVWH&yGLJR

$UW  3$3(/(7$  '(  &21752/ /D 3DSHOHWD GH &RQWURO WLHQH SRU REMHWR
FRQWURODUHOKRUDULR\ODUXWDDXWRUL]DGDDORVYHKtFXORVGHVHUYLFLRS~EOLFRXUEDQR

$UW 3$3(/(7$'(6(59,&,26 /D3DSHOHWDGH6HUYLFLRVHVWDEOHFLGDSDUD


ODV HPSUHVDV GH WUDQVSRUWHV HVWDFLRQHV GH VHUYLFLR WDOOHUHV GH UHSDUDFLyQ R
PRQWDMHGHYHKtFXORV\JDUDMHVDFUHGLWDODVFRQGLFLRQHVGHEXHQIXQFLRQDPLHQWR
GHHVWRVHVWDEOHFLPLHQWRV

&$3,78/29,,
'(/$+2-$'(587$

$UW  +2-$ '( 587$ /D KRMD GH UXWD HV HO GRFXPHQWR RWRUJDGR SRU OD
3ROLFtDGHO7UiQVLWRSRUHOTXHDXWRUL]D\FRQWURODODFLUFXODFLyQGHYHKtFXORVIXHUD
GHOUDGLRXUEDQR

$UW 352+,%,&,21 1LQJ~QYHKtFXORFLUFXODUiIXHUDGHOUDGLRXUEDQRVLQOD


FRUUHVSRQGLHQWHKRMDGHUXWD
&$3,78/29,,,
'(/265(*,67526

$UW  5(*,6752 (O UHJLVWUR HV OD LQVFULSFLyQ RILFLDO \ REOLJDWRULD GH  ORV
GDWRV DFHUFD GH ODV SHUVRQDV \ GH ORV YHKtFXORV FRQ ILQHV GH LGHQWLILFDFLyQ
UHVSRQVDELOLGDG\HVWDGtVWLFDV

$UW 5(*,6752'(3(5621$6 /DVSHUVRQDVVXMHWDVDUHJLVWURVRQ


D /RVLPSRUWDGRUHVGHYHKtFXORVUHSXHVWRV\DFFHVRULRV
E /RVFRPLVLRQLVWDVHLQWHUPHGLDULRVKDELWXDOHV
F /RVSURSLHWDULRVGHODVHPSUHVDVGHWUDQVSRUWHVHVWDFLRQHVGHVHUYLFLRWDOOHUHV
GHUHSDUDFLRQHVRPRQWDMHVGHYHKtFXORV\JDUDMHV
G /RVSURSLHWDULRVGHYHKtFXORV
H /RVFRQGXFWRUHVGHYHKtFXORV
I /RVDX[LOLDUHVGHOFRQGXFWRU

$UW 5(*,6752'(9(+,&8/26
/RVYHKtFXORV\ORVDFWRVMXUtGLFRVUHODWLYRVDHOORVVHLQVFULELUiQHQHO5HJLVWURGH
7UiQVLWR

(OUHJLVWURFRQVLJQDUiORVVLJXLHQWHVGDWRV
D &DUDFWHUtVWLFDVGHOYHKtFXOR\VXVWUDQVIRUPDFLRQHV
E (OGHUHFKRGHSURSLHGDGWUDQVIHUHQFLDJUDYiPHQHV\OLPLWDFLRQHV
F /DVyUGHQHVGHODVDXWRULGDGHVMXGLFLDOHV\FRPSHWHQWHV
G /RVDFFLGHQWHV

&$3,78/2,;
'(/$675$16)(5(1&,$6'(9(+,&8/26

$UW 75$16)(5(1&,$6 /DWUDQVIHUHQFLDGHXQYHKtFXORSRUFRPSUDYHQWD


R FXDOTXLHU RWUR WtWXOR WUDVODWLYR GH GRPLQLR VyOR SRGUi HIHFWXDUVH PHGLDQWH
LQVWUXPHQWR  S~EOLFR SUHYLR SDJR GH ORV LPSXHVWRV ILVFDOHV \ HQ YLVWD GHO
FHUWLILFDGRH[SHGLGRSRUOD3ROLFtDGH7UiQVLWRDFUHGLWDQGRTXHHOYHKtFXORREMHWR
GHOFRQWUDWRQRHVWiDIHFWDGRSRUQLQJ~QJUDYDPHQ

$UW 9(+,&8/26/,%(5$'26
/RV YHKtFXORV LPSRUWDGRV FRQ H[HQFLyQ R OLEHUDFLyQ GH LPSXHVWRV DGXDQHURV QR
SRGUiQVHUWUDQVIHULGRVVLQDXWRUL]DFLyQGHO0LQLVWURGH)LQDQ]DV

7,78/29,
'(/$6)$/7$6<6$1&,21(6

&$3,78/2,
'(/$6,1)5$&&,21(6

$UW  ,1)5$&&,21 ,QIUDFFLyQ OODPDGD WDPELpQ WUDQVJUHVLyQ R


FRQWUDYHQFLyQHVHOTXHEUDQWDPLHQWRGHXQDR PiVUHJODVGHWUiQVLWR

$UW '( 35,0(5*5$'2 6RQLQIUDFFLRQHVGHSULPHUJUDGR


 )XJD \ IDOWD GH DVLVWHQFLD D OD YtFWLPD HQ FDVR GH DFFLGHQWH DVt FRPR OD
DJUHVLyQ R IDOWDPLHQWR D OD DXWRULGDG GHO 7UiQVLWR SRU SDUWH GH ORV FRQGXFWRUHV
XVXDULRVRSHDWRQHV
 &RQGXFLUYHKtFXORVHQHVWDGRGH HPEULDJXH]
 &RQGXFLUVLQKDEHUUHFDEDGRODOLFHQFLDRDXWRUL]DFLyQUHVSHFWLYD
 &RQILDUODFRQGXFFLyQDSHUVRQDTXHQRSRVHDOLFHQFLDQLDXWRUL]DFLyQ
 $OWHUDURIDOVLILFDUODOLFHQFLDGHFRQGXFWRU
 8VDUSODFDVDOWHUDGDVRTXHQRFRUUHVSRQGDQDOYHKtFXOR
 $WURSHOODUWUDQFDVRSXHVWRVGHFRQWUROGH7UiQVLWR
 1RLQIRUPDUDODDXWRULGDGHQFDVRGHDFFLGHQWHV
 &RQGXFLUFRQOLFHQFLDVXVSHQGLGDRFDQFHODGD
 7UDQVLWDUVLQOXFHV
 &LUFXODUVLQSODFDV
 ([FHVRHQHO WUDQVSRUWHGHSDVDMHURVRFDUJD
 &LUFXODUFRQH[FHVRGHYHORFLGDG
 (QFDQGLODUHQORVFUXFHV
 &LUFXODUFRQWUDUXWDVHxDODGD
 'HWHQHURHVWDFLRQDUHOYHKtFXORHQODFDUUHWHUDHQIRUPDTXHKDJDSHOLJURVR
HOWUiQVLWR
 2PLWLUODVHxDOL]DFLyQUHJODPHQWDULDHQHOFDVRGHHVWDFLRQDPLHQWRGHWHQFLyQ
REOLJDGDRWUDQVSRUWHGHFDUJDTXHVLJQLILTXHULHVJR
 ,QVWLJDUDODGHVWUXFFLyQGHYHKtFXORV
 $JUHVLyQDOFRQGXFWRUSRUORVXVXDULRVRSHDWRQHVRGHDTXpODpVWRV
 2FDVLRQDU GDxRV R GHWHULRURV D ORV YHKtFXORV SRU SDUWH GH ORV XVXDULRV R
SHDWRQHV
 'HVWUXLUVXVWUDHURPRGLILFDUODVVHxDOHVGHO7UiQVLWR
 5HFDEDUKRMDGHUXWDSDUDHQWUHJDUODFRQGXFFLyQGHOYHKtFXORDXQWHUFHUR

$UW'(6(*81'2*5$'2 6RQLQIUDFFLRQHVGHVHJXQGRJUDGR
 9LDMDUVLQHTXLSRVHxDOHVGHHPHUJHQFLDHLPSOHPHQWRVGHDX[LOLR
 $VLJQDUDOYHKtFXORXVRGLVWLQWRDOTXHVHKDOODGHVWLQDGR
 1RHOHYDUD7UiQVLWRORVLQIRUPHV\SDUWHVDTXHHVWiQREOLJDGRVORVGXHxRVGH
WDOOHUHV GH UHSDUDFLRQHV R PRQWDMH GH YHKtFXORV HVWDFLRQHV GH VHUYLFLR FDVDV
LPSRUWDGRUDV JDUDMHV \ QHJRFLRV GH FRPSUD \ YHQWD GH YHKtFXORV UHSXHVWRV \
DFFHVRULRV
 ,QVWDODUWDOOHUHVGHUHSDUDFLyQ RPRQWDMHGHYHKtFXORVJDUDMHVHVWDFLRQHVGH
VHUYLFLR R QHJRFLRV GH FRPSUD \ YHQWD GH YHKtFXORV UHSXHVWRV R DFFHVRULRV VLQ
SUHYLDLQVFULSFLyQHQHO5HJLVWURGH7UiQVLWR
 &RQGXFLUYHKtFXORVHQODQRFKHFRQXQVRORIDUROHQFHQGLGRRQRKDFHUXVRGH
ODVOXFHVGH5HJODPHQWR
 )DOWDPLHQWR GHO FRQGXFWRU R VXV DX[LOLDUHV D ORV XVXDULRV R GH pVWRV D
DTXpOORV
 &RQVHQWLUSDVDMHURVHQODVSLVDGHUDVRGLVSRVLWLYRVH[WHULRUHVGHOYHKtFXOR
 1HJDUVHDH[KLELUODOLFHQFLDGHFRQGXFWRUDODDXWRULGDG
 &REURGHWDULIDVRIOHWHVQRDXWRUL]DGRV
 1RREVHUYDUODVVHxDOHVGHO7UiQVLWR
 2FDVLRQDUODGHVWUXFFLyQRGDxRVHQELHQHVS~EOLFRVRSULYDGRV
 &RQGXFLUFRQDXWRUL]DFLyQFDGXFD
 ,QFXPSOLPLHQWRGHOFRPSURPLVRVXVFULWRDQWHODDXWRULGDG
 $EDQGRQDUODFDUJDHQODDFHUDRFDO]DGD
 1RSUHVHQWDUVHDODVLQVSHFFLRQHVGHYHKtFXORVHQORVSHUtRGRVVHxDODGRV
 5HFRJHURGHMDUSDVDMHURVHQPHGLDFDO]DGD
 &UX]DU HO SHDWyQ GH XQD DFHUD D RWUD SRU OXJDUHV GLVWLQWRV D OD IUDQMD GH
VHJXULGDG
 'HVREHGHFHU ODV VHxDOHV GH ORV GLVSRVLWLYRV UHJXODGRUHV GHO WUiQVLWR SRU HO
SHDWyQ
 /D FLUFXODFLyQ GH ORV SHDWRQHV SRU OD YtD S~EOLFD HQ PDQLILHVWR HVWDGR GH
HPEULDJXH]FRQSHOLJURSDUiODVHJXULGDGGHOWUiQVLWR
 6XELUREDMDUGHORVYHKtFXORVHQPRYLPLHQWR
 2EVWUXLU R LPSHGLU SRU ORV SHDWRQHV  R XVXDULRV OD OLEUH FLUFXODFLyQ GH ORV
YHKtFXORV
 'HVDFDWRDODDXWRULGDGSRUSDUWHGHORVFRQGXFWRUHVXVXDULRVRSHDWRQHV

$UW '(7(5&(5*5$'2 6RQLQIUDFFLRQHVGHWHUFHUJUDGR


 1HJDUVHLQMXVWLILFDGDPHQWHDOOHYDUSDVDMHURV
 1R FHGHU HO SDVR D ORV YHKtFXORV LQGLFDGRV HQ ORV DUWtFXORV  \  GH HVWH
&yGLJR
 ,PSHGLUHOWUiQVLWRVLQFDXVDMXVWLILFDGD
 &LUFXODUSRUODVYtDVGHWUiQVLWRVXVSHQGLGR
 (VWDFLRQDUHQOXJDUHVSURKLELGRVRGHUHVHUYDFLyQRILFLDO
 (VWDFLRQDPLHQWRLQFRUUHFWRHQYtDVXUEDQDVRUXUDOHV
 &LUFXODUFRQHVFDSHOLEUHGHQWURGHODVFLXGDGHV
 8VDUVLUHQDVHQYHKtFXORVQRDXWRUL]DGRV
 8VRLQGHELGRGHODERFLQD
 &RORFDULQVFULSFLRQHVRILJXUDVTXHGLILFXOWHQODLGHQWLILFDFLyQGHOYHKtFXOR
 (OXVRGHLQVFULSFLRQHVRILJXUDVTXHDWHQWDQFRQWUDODPRUDOS~EOLFD
 1R PDUFDU HQ HO YHKtFXOR \ GH PRGR YLVLEOH OD FDSDFLGDG GH FDUJD GH
SDVDMHURV\Q~PHURVODWHUDOHV
 5HDOL]DUPDQLREUDVSURKLELGDVSRUHVWH&yGLJRVDOYRFDVRVGH HPHUJHQFLD
 (MHUFHUODERUHVGHDX[LOLDUGHOFRQGXFWRUVLQSUHYLRUHJLVWUR
 &RQGXFLUXQYHKtFXORVLQSRUWDUODOLFHQFLDRDXWRUL]DFLyQ
 &RPHWHLQIUDFFLyQHOSHDWyQDOWUDQVLWDUSRUODFDO]DGDHQORVOXJDUHVGRQGH
KD\D DFHUD R FRQYHUWLU ODV YtDV S~EOLFDV HQ FDPSRV GHSRUWLYRV SRQLHQGR HQ
SHOLJURVXSURSLDVHJXULGDG\ODGHOWUiQVLWR
 &RQYHUVDU R GLVWUDHU DO FRQGXFWRU GH XQ YHKtFXOR GH VHUYLFLR FROHFWLYR TXH
HVWiHQPDUFKD
 1HJDUVHDSDJDULQMXVWLILFDGDPHQWHODWDULIDHVWDEOHFLGD
 3URPRYHUUH\HUWDVRHVFiQGDORVHQORVYHKtFXORVGHVHUYLFLRS~EOLFR

&$3,78/2,,
'(/$66$1&,21(6

$UW  '(/,726 (O MX]JDPLHQWR  \ VDQFLyQ GH ORV GHOLWRV GH WUiQVLWR VRQ GH
FRPSHWHQFLDGHODMXVWLFLDRUGLQDULD

$UW  ,1)5$&&,21(6 /DV LQIUDFFLRQHV GH FRPSHWHQFLD GH OD 3ROLFtD GHO
7UiQVLWRVHUiQVDQFLRQDGDVFRQDUUHVWRLQKDELOLWDFLyQGHODOLFHQFLDRPXOWD

$UW  $55(672 (O DUUHVWR HV OD SULYDFLyQ GH OD OLEHUWDG GHO LQIUDFWRU SRU HO
WLHPSRTXHGHWHUPLQDHO5HJODPHQWR

$UW  ,1+$%,/,7$&,21 /D LQKDELOLWDFLyQ HV OD VXVSHQVLyQ WHPSRUDO R


GHILQLWLYDGHODOLFHQFLDGHFRQGXFWRU

$UW 08/7$ /DPXOWDHVODVDQFLyQSHFXQLDULDTXHVHLPSRQHDOLQIUDFWRUOD


PLVPDTXHVHUiSDJDGDSUHYLDH[WHQVLyQGHODSDSHOHWDYDORUDGD

$UW  $3/,&$&,21 '( /$ 08/7$ /D PXOWD QR HV SDUWH GHO UHVDUFLPLHQWR
GHORVGDxRVFDXVDGRVVLQRXQDVDQFLyQSRUODLQIUDFFLyQGHXQDQRUPDOHJDO
$UW 352+,%,&,21 (OVDQFLRQDGRSRUXQDLQIUDFFLyQGHWUiQVLWRHQQLQJ~Q
FDVRVXIULUiLQFRPXQLFDFLyQQLPDORVWUDWRVGHSDODEUDQLGHREUD

$UW 12&203(16$&,21 /DVLQIUDFFLRQHVGHSULPHUJUDGRVXMHWDVDOD


VDQFLyQGHDUUHVWRQRSRGUiQFRPSHQVDUVHSHFXQLDULDPHQWH

$UW &203(16$&,21 /DVLQIUDFFLRQHVGHVHJXQGR\WHUFHUJUDGRVXMHWDV


DODVDQFLyQGHDUUHVWRVRQFRPSHQVDEOHVSHFXQLDULDPHQWH

&$3,78/2,,,
'(/26$&&,'(17(6'(75$16,72

$UW $&&,'(17(6 $FFLGHQWHVVRQVXFHVRVGHORVTXHUHVXOWDQGDxRVDODV


SHUVRQDVRODVFRVDV
3XHGHQVHUGRORVRVFXOSRVRVRIRUWXLWRV
$UW $&&,'(17(6'2/26266RQDFFLGHQWHVGRORVRVFXDQGRHOUHVXOWDGR
DQWLMXUtGLFR KD VLGR TXHULGR R SUHYLVWR \ UDWLILFDGR SRU HO DJHQWH R FXDQGR HV
FRQVHFXHQFLDQHFHVDULDGHVXDFFLyQ

$UW  $&&,'(17(6  &8/32626 6RQ DFFLGHQWHV FXOSRVRV FXDQGR  HO


UHVXOWDGR DXQTXH KD\D VLGR SUHYLVWR QR KD VLGR TXHULGR SRU HO DJHQWH \ VH
SURGXFH SRU LPSUXGHQFLD QHJOLJHQFLD R LQREVHUYDQFLD GH ODV OH\HV UHJODPHQWRV
yUGHQHVRUHVROXFLRQHV

$UW  $&&,'(17(6  )2578,726 6RQ DFFLGHQWHV IRUWXLWRV FXDQGR HO


UHVXOWDGR DQWLMXUtGLFR QR KD SRGLGR SUHYHUVH \ VH KD GHELGR D FLUFXQVWDQFLDV
FDVXDOHVDMHQDVDODYROXQWDGGHODJHQWH

$UW  3$57( 7RGD SHUVRQD TXH SUHVHQFLH R WHQJD QRWLFLDV GH XQ GHOLWR R
DFFLGHQWH GH WUiQVLWR HVWi HQ OD REOLJDFLyQ GH GDU SDUWH D OD DXWRULGDG PiV
SUy[LPD

$UW  $8;,/,2 /RV FRQGXFWRUHV GH RWURV YHKtFXORV VXV RFXSDQWHV \ HQ
JHQHUDO WRGD SHUVRQD TXH WUDQVLWH SRU HO OXJDU GRQGH KD RFXUULGR XQ DFFLGHQWH
HVWiQ HQ OD LQHOXGLEOH REOLJDFLyQ GH VRFRUUHU \ SUHVWDU D\XGD DO FRQGXFWRU \
RFXSDQWHVGHOYHKtFXORDFFLGHQWDGR

$UW  0(','$6 '( $8;,/,2 /D DXWRULGDG TXH WRPH FRQRFLPLHQWR GHO
DFFLGHQWH LQPHGLDWDPHQWH \ EDMR VX UHVSRQVDELOLGDG DGRSWDUi ODV PHGLGDV
DFRQVHMDEOHVHVSHFLDOPHQWHODVUHODWLYDVDODX[LOLR\VRFRUURGHODVYtFWLPDV

$UW 2%/,*$&,21(6'($9,62 /RVSURSLHWDULRVRHQFDUJDGRVGHJDUDMHV


\ WDOOHUHV GH UHSDUDFLyQ HVWiQ REOLJDGRV D GDU DYLVR LQPHGLDWR D OD 3ROLFtD GHO
7UiQVLWRVLLQJUHVDDVXORFDOXQYHKtFXORFRQVHxDOHVPDQLILHVWDVGHKDEHUVXIULGR
XQDFFLGHQWH

&$3,78/2,9
'(/$65(63216$%,/,'$'(6

$UW 5(63216$%,/,'$' /DGHWHUPLQDFLyQGHODUHVSRQVDELOLGDGWLHQHSRU


REMHWR HO UHVDUFLPLHQWR GH ORV GDxRV FLYLOHV \ HO FXPSOLPLHQWR GH OD VDQFLyQ
FRQIRUPHDOH\

$UW '$f26 (QFDVRGHDFFLGHQWHVGRORVRVRFXOSRVRVGHORVTXHUHVXOWDQ


GDxRV D ODV SHUVRQDV R ODV FRVDV VRQ SHQDO \ FLYLOPHQWH UHVSRQVDEOHV ORV
FRQGXFWRUHV DX[LOLDUHV SHDWRQHV XVXDULRV SURSLHWDULRV R WHUFHURV VHD FRPR
DXWRUHVDXWRUHVPHGLDWRVLQVWLJDGRUHVRFyPSOLFHV
$UW  5(63216$%,/,'$' &,9,/ (Q PDWHULD GH WUiQVLWR SRU GDxRV \
SHUMXLFLRV RFDVLRQDGRV VRQ FLYLOPHQWH UHVSRQVDEOHV ORV FRQGXFWRUHV DX[LOLDUHV
SHDWRQHVXVXDULRVSURSLHWDULRVGHHPSUHVDVWDOOHUHVGHUHSDUDFLyQRPRQWDMHGH
YHKtFXORV JDUDMHV HVWDFLRQHV GH VHUYLFLR R WHUFHURV GH FX\R DFWR UHVXOWDUHQ ORV
PLVPRV

$UW  '$f26 < 3(5-8,&,26 /RV SURSLHWDULRV R HPSUHVDV GH WUDQVSRUWHV
VRQUHVSRQVDEOHVGLUHFWRVGHORVGDxRV\SHUMXLFLRVRFDVLRQDGRVDODVSHUVRQDVR
ODVFRVDVSHVHDQRVHUSURWDJRQLVWDVGHOKHFKRHQORVVLJXLHQWHVFDVRV

D  6L REOLJDQ DO FRQGXFWRU D OOHYDU SDVDMHURV R FDUJD HQ H[FHVR D SHVDU GH OD
UHSUHVHQWDFLyQGHpVWH
E  6L QR PDQWLHQH HO YHKtFXOR HQ EXHQDV FRQGLFLRQHV GH IXQFLRQDPLHQWR \
FRQVHUYDFLyQKDFLHQGRFDVRRPLVRDODVUHFODPDFLRQHVDQWHODGDVGHOFRQGXFWRU
F 6LFRQItDRDXWRUL]DODFRQGXFFLyQGHOYHKtFXORDSHUVRQDVVLQOLFHQFLDPHQRUHV
GHHGDGRDFRQGXFWRUHVHQHVWDGRGHHEULHGDG
G 6LREOLJDQDOFRQGXFWRUDWUDEDMDUH[FHGLHQGRVXFDSDFLGDGItVLFDRFXDQGRpVWH
QRVHHQFXHQWUHHQFRQGLFLRQHVQRUPDOHVGHVDOXG

$UW  5(63216$%,/,'$' '(/ &21'8&725 &XDQGR HO DFFLGHQWH RFXUUD


HQXQDERFDFDOOHRIUDQMDGHVHJXULGDGHQWUHXQSHDWyQ\XQYHKtFXORVHSUHVXPH
ODFXOSDELOLGDGGHOFRQGXFWRU

$UW 5(63216$%,/,'$''(/3($721 &XDQGRHODFFLGHQWHRFXUUDHQOD


FDO]DGDHQWUHXQSHDWyQ\XQYHKtFXORVHSUHVXPHODFXOSDELOLGDGGHOSHDWyQ

$UW  5(63216$%,/,'$'  &2/(&7,9$ &XDQGR HQ XQ DFFLGHQWH UHVXOWHQ


FRPSURPHWLGDV GRV R PiV SHUVRQDV OD UHVSRQVDELOLGDG FLYLO R SHQDO UHFDHUi
VREUHHOODVVHJ~QHOJUDGRGHFXOSDELOLGDG

&$3,78/29
'(/(0%$5*2<'(/6(&8(6752

$UW  (0%$5*2 < 6(&8(6752 (O HPEDUJR R HO VHFXHVWUR GH YHKtFXORV
UHSXHVWRVRDFFHVRULRVHVSRWHVWDGGHODVDXWRULGDGHVOODPDGDVSRUOH\  

$UW  &$626 (1 /26 48( 352&('( (/ 6(&8(6752 (O VHFXHVWUR
SRGUiGLVSRQHUVHSRUOD3ROLFtDGHO7UiQVLWRHQORVVLJXLHQWHVFDVRV
D &XDQGRHOYHKtFXORHVXWLOL]DGRFRQILQHVGHOLFWLYRV
E &XDQGRORVYHKtFXORVUHSXHVWRVRDFFHVRULRVFRQVWLWX\HQ LQVWUXPHQWRFXHUSR
XREMHWRGHOGHOLWR

 &yGLJRGH3URFHGLPLHQWR&LYLO
$UW  (0%$5*2 '( %,(1(6 ,108(%/(6 < 08(%/(6 68-(726 $
5(*,6752  &XDQGR HO HPEDUJR KXELHUH GH KDFHUVH HIHFWLYR HQ ELHQHV
LQPXHEOHV R HQ PXHEOHV VXMHWRV D UHJLVWUR EDVWDUi VX DQRWDFLyQ HQ HO UHJLVWUR
UHVSHFWLYR OD FXDO VXUWLUi VXV HIHFWRV GH OD DQRWDFLyQ  SUHYHQWLYD FRQIRUPH D ODV
GLVSRVLFLRQHVSHUWLQHQWHVGHO&yGLJR&LYLO

F &XDQGRVHSURFHGDDOOHYDQWDPLHQWRGHODVGLOLJHQFLDVGH3ROLFtD-XGLFLDO

$UW  6(&8(67526  ,1-867,),&$'26 (O IXQFLRQDULR GHO 7UiQVLWR R WRGD


RWUD DXWRULGDG TXH RUGHQH HO VHFXHVWUR GH YHKtFXORV LQMXVWLILFDGDPHQWH VHUi
UHVSRQVDEOHGHORVGDxRV\SHUMXLFLRVTXHRFDVLRQH

$UW  352+,%,&,21 1LQJXQD RUJDQL]DFLyQ VLQGLFDO GHO DXWRWUDQVSRUWH R GH


RWUDtQGROHODERUDOSRGUiVHFXHVWUDURGHWHQHUXQ9HKtFXOREDMRUHVSRQVDELOLGDG

$UW  $127$&,21  35(9(17,9$ (Q QLQJ~Q FDVR ORV YHKtFXORV


SHUPDQHFHUiQVHFXHVWUDGRVSRUPiVGHGLH]GtDV$OYHQFLPLHQWRGHHVWHWpUPLQR
\ FXDQGR VHD QHFHVDULR OD DXWRULGDG GLVSRQGUi OD DQRWDFLyQ SUHYHQWLYD HQ HO
5HJLVWURGHO7UiQVLWR

$UW  '$f26 < 3(5-8,&,26 &XDQGR OD GHWHQFLyQ GH ODV SHUVRQDV R HO
VHFXHVWUR GH ORV YHKtFXORV IXHUDQ PRWLYDGRV SRU XQD GHQXQFLD IDOVD HO
GHQXQFLDQWHVHUiVDQFLRQDGRFRQDUUHVWRGHXQRD FLQFRGtDVDGHPiVGHUHSDUDU
ORVGDxRV\SHUMXLFLRVRFDVLRQDGRV

&$3,78/29,
'(/$-85,6',&&,21

$UW  -85,6',&&,21 /D 3ROLFtD GH 7UiQVLWR GLULJH FRQWUROD \ UHJXOD OD
ORFRPRFLyQHQWRGRHOWHUULWRULRGHOD5HS~EOLFD

$UW  &21752/ &RQWURO OD RUJDQL]DFLyQ \ IXQFLRQDPLHQWR GH WRGRV ORV
VHUYLFLRVS~EOLFRVGHODXWRWUDQVSRUWH

$UW  &2175$726 ,QWHUYLHQH  HQ OD FHOHEUDFLyQ GH ORV FRQWUDWRV VREUH
WUDQVSRUWHV \ ORFRPRFLyQ \ FRQRFH GH ODV UHFODPDFLRQHV VREUH OD HMHFXFLyQ \
FXPSOLPLHQWR GH pVWRV FRQ MXULVGLFFLyQ \ FRPSHWHQFLD SURSLDV PLHQWUDV HO FDVR
QRUHVXOWHFRQWHQFLRVR

$UW  &21&,/,$&,21 $WLHQGH HQ OD YtD GH FRQFLOLDFLyQ ODV UHFODPDFLRQHV
VREUHWUDQVIHUHQFLDGHYHKtFXORVUHJLVWURV\JUDYiPHQHV
$UW  0$1'$0,(1726 (MHFXWD ORV PDQGDPLHQWRV H[SHGLGRV SRU ODV
DXWRULGDGHVMXGLFLDOHV\RWUDVFRPSHWHQWHVHQXQWpUPLQRQRPD\RUGHWUHVGtDV

$UW  ,19(67,*$&,21 6L HO DFFLGHQWH HV OHYH UHDOL]DGDV ODV
LQYHVWLJDFLRQHVUHVROYHUiVXPDULDPHQWHHOFDVRFRQIRUPHDODVGLVSRVLFLRQHVGH
HVWH&yGLJR

$UW  0,1,67(5,2 38%/,&2 6L HO  DFFLGHQWH HV JUDYH FRQ PXHUWRV R
KHULGRV GH FRQVLGHUDFLyQ OHYDQWDUi GLOLJHQFLDV GH 3ROLFtD -XGLFLDO UHPLWLHQGR
REUDGRVDO0LQLVWHULR3~EOLFRHQHOWpUPLQRGHFXDUHQWD\RFKRKRUDV

$UW  6$1&,21(6 &RQRFH H LPSRQH ODV VDQFLRQHV FRUUHVSRQGLHQWHV


FXDQGRVHWUDWDGHLQIUDFFLRQHVFRQWHPSODGDVHQHVWH&yGLJRRVX5HJODPHQWR

&$3,78/29,,
'(/26-8=*$'26'(/75$16,72

$UW -8=*$'26'(75$16,72 /RV-X]JDGRVGHO7UiQVLWRIXQFLRQDUiQHQ


FDGD -HIDWXUD 'HSDUWDPHQWDO GH DFXHUGR D ODV QHFHVLGDGHV GHO VHUYLFLR FRQ OD
IDFXOWDGGHFRQRFHUWUDPLWDUUHVROYHU\VDQFLRQDUHQVXFDVRGHQWURGHORVOLPLWHV
GHVXMXULVGLFFLyQODVLQIUDFFLRQHVRFRQWUDYHQFLRQHVHQPDWHULDGHWUiQVLWR

$UW $'0,1,675$&,21 '(-867,&,$ /D DGPLQLVWUDFLyQGHMXVWLFLDHQORV


-X]JDGRV GHO 7UiQVLWR VH KDUi GH FRQIRUPLGDG D ODV GLVSRVLFLRQHV GHO SUHVHQWH
&yGLJROH\HVSHUWLQHQWHV\5HJODPHQWRHQYLJHQFLD


$UW  2%/,*$&,21(6 RV IXQFLRQDULRV GH OD 3ROLFtD DVt FRPR FXDOTXLHU
RWUDSHUVRQDWLHQHQODREOLJDFLyQGHGHQXQFLDUODVIDOWDV\FRQWUDYHQFLRQHVDQWHHO
-X]JDGRGHO7UiQVLWR

&$3,78/29,,,
'(/$35(6&5,3&,21

$UW 7(50,12'(/$'(181&,$
/DGHQXQFLDWUDWiQGRVHGHLQIUDFFLRQHVGHWUiQVLWRSUHVFULEHDORVWUHLQWDGtDVGH
RFXUULGRHOKHFKR

$UW 7(50,123$5$/$6$1&,21
/D SRWHVWDG GH LPSRQHU OD VDQFLyQ SRU LQIUDFFLyQ GH WUiQVLWR SUHVFULEH D ORV
VHVHQWDGtDVGHVGHTXHRFXUULyHOKHFKR

$UW ,17(5583&,21'(/7(50,12 7DQWRHOWpUPLQRGHODSUHVFULSFLyQGH


ODGHQXQFLDFRPRHOGHODSRWHVWDGSDUDLPSRQHUODVDQFLyQVHLQWHUUXPSHQSRUOD
FRPLVLyQGHRWUDLQIUDFFLyQ
$UW 35(6&5,3&,21'(/26'(/,726 /RVGHOLWRVSUHVFULEHQFRQIRUPHD
ODVQRUPDVGHO&yGLJR\/H\HV3HQDOHV

7,78/29,,
',6326,&,21(6),1$/(6

&$3,78/2,
'(/635,9,/(*,26

$UW  '( /26 35,9,/(*,26 *R]DQ GH SULYLOHJLRV HQ OD FLUFXODFLyQ \ GH OD
SURWHFFLyQ GH ODV DXWRULGDGHV GHO 7UiQVLWR GH ORV FRQGXFWRUHV SHDWRQHV \
XVXDULRVORVQLxRVDQFLDQRVFLHJRVHLQYiOLGRV

$UW  35()(5(1&,$ '( 3$62 (Q ODV ERFDFDOOHV \ IUDQMDV GH VHJXULGDG
WLHQHQ SUHIHUHQFLD GH SDVR HVWDQGR ORV FRQGXFWRUHV REOLJDGRV D UHGXFLU OD
YHORFLGDG\D~QDGHWHQHUHOYHKtFXOR

$UW  $<8'$ (1 /$ 9,$ 38%/,&$ /DV DXWRULGDGHV GH 7UiQVLWR
SURSRUFLRQDUiQ D ORV QLxRV DQFLDQRV FLHJRV H LQYiOLGRV WRGD OD D\XGD TXH
UHTXLHUDQHQODYtDS~EOLFD

$UW  (16(f$1=$ (1 0$7(5,$ '( 75$16,72 /DV DXWRULGDGHV GH
(GXFDFLyQ LQFOXLUiQ HQ ORV SURJUDPDV RILFLDOHV GH ORV QLYHOHV %iVLFRV H
,QWHUPHGLRODDVLJQDWXUDFRUUHVSRQGLHQWHDODHQVHxDQ]DHQPDWHULDGHWUiQVLWR

$UW  ',)86,21 < 38%/,&,'$' /D GLYXOJDFLyQ JUDWXLWD GH ODV QRUPDV GH
WUiQVLWRHVREOLJDWRULDSDUDWRGRVORVPHGLRVGHGLIXVLyQ\SXEOLFLGDGGHOSDtV

&$3,78/2,,
',6326,&,21(6(63(&,$/(6

$UW  (6&8(/$6 ( ,167,78726 7(&1,&2352)(6,21$/(6 3RGUiQ


HVWDEOHFHUVH HQ HO SDtV HVFXHODV GH HQVHxDQ]D \ DSUHQGL]DMH R LQVWLWXWRV GH
IRUPDFLyQ WpFQLFRSURIHVLRQDO SDUD OD FRQGXFFLyQ GH YHKtFXORV D FDUJR GH
HQWLGDGHVFRQSHUVRQDOLGDGMXUtGLFD
(O6HUYLFLR1DFLRQDOGHO7UiQVLWRDSUREDUiORVSODQHV\SURJUDPDV\DXWRUL]DUiVX
IXQFLRQDPLHQWR VXSHUYLJLODQGR VX GHVHQYROYLPLHQWR \ H[LJLHQGR XQ PtQLPR GH
LQVWDODFLRQHVHTXLSR\FXHUSRGRFHQWH

$UW  9(+,&8/26 (;75$1-(526 /D FLUFXODFLyQ HQ WHUULWRULR QDFLRQDO GH
YHKtFXORV H[WUDQMHURV TXH KXELHUDQ LQJUHVDGR DO DPSDUR GH OD /LEUHWD
,QWHUQDFLRQDO GH 3DVR SRU $GXDQDV FRQ VXV SODFDV GH RULJHQ VH UHJLUi SRU ODV
QRUPDVHVWDEOHFLGDVHQORV&RQYHQLRV,QWHUQDFLRQDOHVUDWLILFDGRVSRU%ROLYLD\ODV
GLVSRVLFLRQHVGHHVWH&yGLJR\VX5HJODPHQWR

$UW &225',1$&,21 (O0LQLVWHULRGH7UDQVSRUWHVOD3ROLFtDGHO7UiQVLWR\


ODV $OFDOGtDV 0XQLFLSDOHV H LQVWLWXFLRQHV DILQHV FRQIRUPDUiQ FRPLVLRQHV
SHUPDQHQWHVGHHVWXGLRWpFQLFRSDUDODFRRUGLQDFLyQ\VROXFLyQGHORVSUREOHPDV
GHWUiQVLWR

$UW  (;&(62 '( $8725,'$'  7RGR H[FHVR GH DXWRULGDG D GHQXQFLD
HVFULWD GHO SHUMXGLFDGR VHUi VDQFLRQDGR FRQIRUPH DO 5HJODPHQWR GH )DOWDV
'LVFLSOLQDULDV\VXV&DVWLJRVGHOD3ROLFtD1DFLRQDO

$UW  38(672 '( 9(17$  4XHGD SURKLELGD OD LQVWDODFLyQ R XELFDFLyQ GH
SXHVWRV GH FRPHUFLR \ GH YHQWD HQ ODV DFHUDV GH ODV YtDV GHVWLQDGDV D OD
FLUFXODFLyQ GH SHDWRQHV FX\R FRQWURO VHUi HMHUFLGR SRU ODV $OFDOGtDV 0XQLFLSDOHV
HQFRRUGLQDFLyQ FRQOD3ROLFtD1DFLRQDO

$UW  75$7$'26 ,17(51$&,21$/(6 $GHPiV GH OD YLJHQFLD GH ODV
QRUPDV GHO SUHVHQWH &yGLJR D ORV HIHFWRV GH OD FLUFXODFLyQ VH DSOLFDUiQ ORV
&RQYHQLRV\7UDWDGRV,QWHUQDFLRQDOHVVXVFULWRVSRU%ROLYLD

$UW  9,*(1&,$ $ SDUWLU GHO GtD GH OD YLJHQFLD GH HVWH &yGLJR TXHGDQ
DEURJDGDVWRGDVODVOH\HV\GLVSRVLFLRQHVFRQWUDULDV

&$3,78/2,,,

',6326,&,21(675$16,725,$6

$UW 75$16,725,2 (OSUHVHQWH&yGLJR1DFLRQDOGHO7UiQVLWRUHJLUiDSDUWLU


GHO
GtDGHDEULOGH

)GR *UDO+8*2 %$1=(5 68$5(=0DULR5 *XWLpUUH]*XWLpUUH]0DULR$GHWW


=DPRUD -XOLR 3UDGR 6DOPyQ *HUPiQ $]FiUUDJD -LPpQH] $PEURVLR *DUFtD
&DUORV 9DOYHUGH %DUEHU\ -DPH 7DSLD $OLSD] &LUR +XPEROGW %DUUHUR -RVp *LO
5H\HV *XLGR +XPpUH] &DEUHUD 5REHUWR &DSULOHV *XWLpUUH] 5D~O /HPD 3DWLxR
+pFWRU 2UPDFKHD 3HxDUDQGD *XLOOHUPR )RUW~Q 6XiUH] $OIUHGR $UFH &DUSLR
&DUORV,WXUUDOGH%DOOLYLiQ

You might also like