Professional Documents
Culture Documents
253T20221153 TC
253T20221153 TC
253T20221153 TC
(6&8(/$'(326*5$'2
0$(675Ë$(1'(5(&+20(1&,21'(5(&+23(1$/<352&(6$/3(1$/
7(6,6
³)/$*5$1&,$</$$&78$&,Ï1'(/0,1,67(5,238%/,&2(1/26
'(/,726&2175$(/3$75,021,2&8/785$/'(/$1$&,Ï1(1(/
',675,72-8',&,$/'(/&86&23(5,2'2´
3UHVHQWDGDSRU
%DFK&(6$552%(572'(=$48,63(
3DUD2SWDUHO*UDGR$FDGpPLFRGH
0$(6752 (1 '(5(&+2 0(1&,Ï1
'(5(&+23(1$/<352&(6$/3(1$/
$6(625
'U:,/)5('286&$0$<7$&$55$6&2
&86&2±3(5Ò
L
'(',&$725,$
A mis Padres.
LL
$*5$'(&,0,(1726
A mi asesor de tesis.
LLL
5(680(1
(OSUHVHQWHWUDEDMRGHLQYHVWLJDFLyQHVWiRULHQWDGRDGHWHUPLQDUODVUD]RQHVSRUODV
FXDOHVHO0LQLVWHULR3XEOLFRGHO'LVWULWRILVFDOGH&XVFRQRLQFRDHOSURFHVRLQPHGLDWR
H[LVWLHQGR IODJUDQFLD HQ ORV GHOLWRV FRQWHQLGRV HQ HO DUWtFXOR \ VLJXLHQWHV GHO
DUTXHROyJLFRV
/RTXHVHSUHWHQGHFRQRFHU\HQWHQGHUODPDQHUDGHOFyPRVHSXHGHDSOLFDUHVWD
ILJXUDMXUtGLFDSURFHVDO³)/$*5$1&,$´DORVKHFKRVTXHFRQVWLWX\HQGHOLWRFRQWUDORV
ELHQHV GHO SDWULPRQLR FXOWXUDO TXH SHUWHQHFH DO SDtV \ VX HILFDFLD DO PRPHQWR GH
DFWXDFLyQ GHO 0LQLVWHULR 3XEOLFR HQORV UHIHULGRV GHOLWRV FRQWUD HO SDWULPRQLR \ FRQ
HVWRSRGHULGHQWLILFDUODVGHILFLHQFLDVSHQDOHV\DGPLQLVWUDWLYDVHQODSURWHFFLyQOHJDO
UHVSHFWR D GHOLWRV LQIUDFFLRQHV \ IDOWDV VREUH ORV ELHQHV LQWHJUDQWHV GH OD FXOWXUD
3HUXDQDDWUDYpVGHODHILFD]LQFRDFLyQGHODIODJUDQFLDFX\RUHVXOWDGRVHUiODHILFD]
SURWHFFLyQGHOSDWULPRQLRFXOWXUDO
)LQDOPHQWHXQDDGHFXDGDDSOLFDFLyQGHODOH\SHQDO\XQDEXHQDDFWXDFLyQSRUSDUWH
GHO0LQLVWHULR3XEOLFRGHEHUiIUHQDU\FDVWLJDUUHDO\HIHFWLYDORVGHOLWRVLQIUDFFLRQHV
IDOWDV GHSUHGDFLyQ \ GHPiV DFWRV FRQWUD ORV ELHQHV FXOWXUDOHV GH OD 1DFLyQ \ DVt
HYLWDUHPRVODGHVDSDULFLyQGHQXHVWURSDWULPRQLR
3DODEUDVFODYH'HOLWR)ODJUDQFLD3DWULPRQLR&XOWXUDO
LY
$%675$&7
7KH SUHVHQWLQYHVWLJDWLRQ ZRUNLV UHIHUUHG WRGHWHUPLQH WKHUHDVRQV ZK\ WKH 3XEOLF
0LQLVWU\GLVFODLPVIODJUDQF\LQWKHFULPHVFRQWDLQHGLQDUWLFOHDQGIROORZLQJRIWKH
3HUXYLDQ &ULPLQDO &RGH VSHFLILFDOO\ ZH WDON DERXW FULPHV DJDLQVW DUFKDHRORJLFDO
PRQXPHQWV
:KDWLVLQWHQGHGWRNQRZDQGXQGHUVWDQGWKHZD\RIKRZWKLVSURFHGXUDOOHJDOFRQFHSW
)/$*5$1&,$FDQEHDSSOLHGWRWKHIDFWVWKDWFRQVWLWXWHDFULPHDJDLQVWWKHFXOWXUDO
KHULWDJH SURSHUW\ WKDW EHORQJV WR RXU QDWLRQ DQG LWV HIIHFWLYHQHVV ZKHQ SURWHFWLQJ
FXOWXUDOSURSHUW\DQGWKXVDQDO\]HVRPHSUDFWLFDOFDVHVUHJDUGLQJWKHSHUIRUPDQFH
RIWKH3XEOLF0LQLVWU\LQWKHUHIHUUHGFULPHVDJDLQVWWKHSDWULPRQ\DQGZLWKWKLVWREH
DEOH WR LGHQWLI\ WKH SHQDO DGPLQLVWUDWLYH GHILFLHQFLHV LQ WKH OHJDO SURWHFWLRQ ZLWK
UHVSHFW WR &ULPHV LQIUDFWLRQV DQG IDXOWV RQ WKH LQWHJUDO SURSHUW\ RI WKH 3HUXYLDQ
FXOWXUHWKURXJKWKHHIIHFWLYHLQLWLDWLRQRIIODJUDQF\ZKRVHUHVXOWZLOOEHWKHHIIHFWLYH
SURWHFWLRQRIFXOWXUDOKHULWDJH
)LQDOO\DQDGHTXDWHDSSOLFDWLRQRIFULPLQDOODZDQGDJRRGSHUIRUPDQFHE\WKH3XEOLF
0LQLVWU\VKRXOGFXUEDQGSXQLVKUHDODQGHIIHFWLYHFULPHVRIIHQVHVPLVGHPHDQRUV
GHSUHGDWLRQ DQG DOO NLQGV RI DFWV DJDLQVW WKH FXOWXUDO DVVHWV RI WKH 1DWLRQ DQG WKXV
DYRLGWKHGLVDSSHDUDQFHRIRXUV
.H\ZRUGV&ULPH)ODJUDQF\&XOWXUDO+HULWDJH
Y
Ë1',&(
'(',&$725,$LL
$*5$'(&,0,(1726LLL
5(680(1 LY
Ë1',&('(7$%/$6<),*85$6[
,1752'8&&,Ï1 [L
&$3Ë78/2,
3/$17($0,(172'(/352%/(0$
6LWXDFLyQGHO3UREOHPD
)RUPXODFLyQGHO3UREOHPD
D3UREOHPDJHQHUDO
E3UREOHPDVHVSHFtILFRV
-XVWLILFDFLyQGHODLQYHVWLJDFLyQ
2EMHWLYRVGHODLQYHVWLJDFLyQ
D2EMHWLYRJHQHUDO
E2EMHWLYRVHVSHFtILFRV
&$3,78/2,,
0$5&27(Ï5,&2&21&(378$/
%DVHV7HyULFDV
68%&$3Ë78/2,
/$)/$*5$1&,$(1(/352&(623(1$/3(58$12
3URFHVRSHQDOSHUXDQRDSURSyVLWRGHODUHJXODFLyQGHO&yGLJR3URFHVDO
3HQDO
$QWHFHGHQWHV
(O1XHYRPRGHORSURFHVDOSHQDO
&yGLJRSURFHVDOSHQDO
1.3.1. Las etapas en el nuevo proceso penal
/DIODJUDQFLD
)ODJUDQFLDGHOLFWLYD
/DIODJUDQFLD
D1RFLyQKLVWyULFD
&RQFHSWRGHIODJUDQFLD
YL
2.3.1. Clases de flagrancia
68%&$3Ë78/2,,
3$75,021,2&8/785$/<'(/,726&2175$(/3$75,021,2&8/785$/
'(/$1$&,Ï1
(O3DWULPRQLRFXOWXUDO\OD/H\
(OSDWULPRQLRFXOWXUDOGHOD1DFLyQ
1.1.1. Concepto
1.1.2. Formas de patrimonio cultural
1.1.3. Bien cultural
(OSDWULPRQLRFXOWXUDOHQOD&RQVWLWXFLyQ
1.2.1. Incorrecta ubicación del art. 21 en la Constitución Política
1.2.2. Deficiente protección a los bienes culturales
1.2.3 Falta de claridad y precisión
/HJLVODFLyQVREUHSDWULPRQLRFXOWXUDO
1.3.1. Legislación del patrimonio arqueológico
,QWHUQDFLRQDO
1.3.1.3.1. Legislación específica.
1.3.1.3.1.1. /D/H\³/H\*HQHUDOGHO3DWULPRQLR&XOWXUDOGHOD1DFLyQ´
1.3.1.3.1.2. Otras normas
,QIUDFFLRQHVFRQWUDHOSDWULPRQLRFXOWXUDO
1.4.1. Infracciones administrativas sancionadas
6DQFLRQHVDGPLQLVWUDWLYDV
'HOLWRVFRQWUDHOSDWULPRQLRFXOWXUDO
68%&$3Ë78/2,,,
e/0,1,67(5,23Ò%/,&2<(/352&(62,10(',$72(1/26'(/,726
&2175$(/3$75,021,2&8/785$/'(/$1$&,Ï1
(O0LQLVWHULR3~EOLFR
+LVWRULD
)LJXUDEstructura jerárquica del Ministerio Publico
3URFHVRLQPHGLDWR
1RFLyQFRQFHSWXDOSUD[LV\FRPSDUDGD
$SOLFDFLyQGHOSURFHVRLQPHGLDWRHQHO3HU~
YLL
(OLPSXWDGR\ODFRQIHVLyQFRPRVXSXHVWRGHSURFHGHQFLDGHO
SURFHVRLQPHGLDWR
$VSHFWRVSURFHGLPHQWDOHVGHOSURFHVRLQPHGLDWR
2.4.1. Actuaciones ante la flagrancia delictiva en el proceso inmediato
2.4.3. Actuación fiscal en el proceso inmediato (elementos de convicción)
2.5.1. Características
&DUDFWHUtVWLFDVSULQFLSDOHVGHIODJUDQFLD
0DUFRFRQFHSWXDO
$QWHFHGHQWHVGHOD,QYHVWLJDFLyQ
2.1.1. Antecedentes
&$3,78/2,,,
+,3Ï7(6,6<9$5,$%/(6
&$3Ë78/2,9
0(72'2/2*Ë$
ÈPELWRGHHVWXGLR
7LSR\QLYHOGHLQYHVWLJDFLyQ
Tabla 1: (QIRTXHWLSR\QLYHOGHLQYHVWLJDFLyQ
8QLGDGGHDQiOLVLV
3REODFLyQGHHVWXGLR
7DPDxRGHPXHVWUD
7pFQLFDGHVHOHFFLyQGHPXHVWUD
7pFQLFDVGHUHFROHFFLyQGHLQIRUPDFLyQ
3URFHVDPLHQWRGHGDWRV
&$3,78/29
5(68/7$'26<',6&86,Ï1
5HVXOWDGRV
)LJXUDTramite del procedimiento inmediato
)LJXUDCasos tramitados en el Distrito Fiscal Cusco, contra atentados a
monumentos arqueológicos.
)LJXUD Casos tramitados en el Distrito Fiscal Cusco, contra atentados a
monumentos arqueológicos.
)LJXUDCasos tramitados en el Distrito Fiscal Cusco, contra atentados a
monumentos arqueológicos.
'LVFXVLyQ(UURU%RRNPDUNQRWGHILQHG
YLLL
&21&/86,21(6
5(&20(1'$&,21(6
%,%/,2*5$)Ë$
$1(;26
0$75,='(&216,67(1&,$
L[
Ë1',&('(7$%/$6<),*85$6
7DEODV
Tabla 1: 7LSR\QLYHOGHLQYHVWLJDFLyQ
)LJXUDV
[
,1752'8&&,Ï1
(OSDWULPRQLRFXOWXUDOHVXQDKHUHQFLDGHMDGDSRUQXHVWURVDQFHVWURVSDUDODVIXWXUDV
JHQHUDFLRQHVHVXQURO\XQDREOLJDFLyQSUHSRQGHUDQWHSDUDHO(VWDGRHOSURWHJHUOR
DVtFRPRSDUDHOFLXGDGDQRVLQLPSRUWDUODUD]DRFUHGRFRQVWLWX\HXQOHJDGRTXHQR
VROR VH HQFXHQWUD HQ DOJXQDV FLXGDGHV VLQR HQOD PD\RUtD GHO SDtV SRUOR TXH HV
REMHWRGHDFWRVGHOLFWLYRVFRQWUDHVWH\DVHDPHGLDQWHHOKXDTXHRRHOWUiILFRGH
REMHWRVYHVWLJLRVHWFRODPLVPDGHVWUXFFLyQGHUHFLQWRVSODWDIRUPDV\DQGHQHUtD
TXHKDFHQGHGLFKRELHQXQREMHWRGHGHUHFKR\VXWXWHODQRUPDWLYDQRVRORDQLYHO
FRQYHQLRV FRQVWLWX\HQGRDVtXQELHQMXUtGLFRSURWHJLGR
(PSHURODUHJXODFLyQQRHVVXILFLHQWH\DTXHHQHOSDtVVLELHQH[LVWHXQDGLYHUVLGDG
QRUPDWLYDTXHSUHYpVDQFLRQDUDOLQIUDFWRURDOVXMHWRDFWLYRGHOGHOLWRHOORFRQIRUPH
DOSODQRGHLQFLGHQFLDLQIUDFWRUDRGHOLFWLYDHVWDQRUPDHQODSUD[LVHVLQHILFLHQWHHOOR
GHELGRDTXHHQWUHODLQIUDFFLyQ\HOGHOLWRGLVWDXQFRQJORPHUDGRGHVLWXDFLRQHVTXH
KDFHQTXHHOGHUHFKRSHQDOIUHQWHDODDIHFWDFLyQGHOSDWULPRQLRFXOWXUDODFWXpQR
HVWDDPHULWDXQHVWXGLRHVSHFLDOL]DGR
)UHQWHDODFRPLVLyQGHOLOtFLWRSHQDOFRQWUDHOSDWULPRQLRFXOWXUDOVHYHULILFDLQFOXVROD
ILJXUDGHODIODJUDQFLD\FRQHOODHOSURFHVRLQPHGLDWRVLWXDFLyQTXHPXFKDVYHFHVQR
HV SUHYLVWD SRU HO 0LQLVWHULR 3~EOLFR R QR HV WRPDGD HQ FXHQWD SRU HVWH GHELGR D
YDULRV IDFWRUHV HQWUH HOORV OD HVSHFLDOL]DFLyQ R OD SHULFLD FRQOOHYDQGR D TXH ODV
GXUHHQH[FHVRRTXHODMXVWLFLDVHWRUQHHQWDUGtDDVSHFWRTXHMXHJDXQSDSHOPX\
[L
LPSRUWDQWHDODKRUDGHOOHYDUDFDERODLQYHVWLJDFLyQRODSHUVHFXFLyQGHOGHOLWRQR
VRORSRUHOKHFKRGHXQDFRUUHFWDODERUVLQRSRUE~VTXHGDGHXQDDGHFXDGDWXWHODD
WUDYpVGHODDFXVDFLyQRDWUDYpVGHODLPSRVLFLyQGHODVDQFLyQSRUSDUWHGHOMXH]
(VDVtTXHWDQWRODODERUMXGLFLDOFRPRILVFDOHVQHFHVDULD\PiVD~QVLVHDSOLFDHO
GHUHFKR \ GHQWUR GH HOOD ODV LQVWLWXFLRQHV UHJXODGDV SRU OD QRUPD SDUD HO FDVR HQ
FRQFUHWRGHPDQHUDFRUUHFWD
(QWRUQRDORDQWHULRUODKLSyWHVLVGHHVWDWHVLVVHOLPLWDD PRVWUDUTXHODVUD]RQHV
SRU ODV FXDOHV OD ILVFDOtD GHO &XVFR QR LQFRD XQ SURFHVR LQPHGLDWR H[LVWLHQGR
IODJUDQFLDHQORVGHOLWRVFRQWUDHOSDWULPRQLRFXOWXUDOVHGHEHDODIDOWDGHXQDILVFDOtD
HVSHFLDOL]DGD HQ GHOLWRV GH DWHQWDGR FRQWUDHO SDWULPRQLR FXOWXUDO GHOD QDFLyQSRU
HQGHSURIHVLRQDOHVHQWHQGLGRVHQHOWHPD
'H LJXDO IRUPD VH KD FRPSUREDGR TXH OD DSOLFDFLyQ GH OD IODJUDQFLD ± SURFHVR
LQPHGLDWR±DQWHORVGHOLWRVFRQWUDHOSDWULPRQLRFXOWXUDOGHODQDFLyQUHGXFHODFDUJD
SURFHVDO \ SURWHJH GH PDQHUD ySWLPD ORV ELHQHV TXH IRUPDQ SDUWH GHO SDWULPRQLR
QDFLRQDO
(VWH HVWXGLR VH KD GHVDUUROODGR HQ FXDWUR FDStWXORV DVt HO SULPHU FDStWXOR HVWi
GHGLFDGR DO SUREOHPD VXV REMHWLYRV \ VX SHUWLQHQWH MXVWLILFDFLyQ (Q HO VHJXQGR
FDStWXORVHFRQVWUX\HXQPDUFRWHyULFRFRQFHSWXDOTXHLQFOX\HIXQGDPHQWRWHyULFR
PDUFR FRQFHSWXDO \ IXQGDPHQWR GH OD LQYHVWLJDFLyQ HO WHUFHU FDStWXOR WUDWD GH
KLSyWHVLV\YDULDEOHVHOFXDUWRFDStWXORGHVDUUROODODPHWRGRORJtDXWLOL]DGD(OFDStWXOR
FLQFRSUHVHQWDORVUHVXOWDGRV\ODVGLVFXVLRQHV
/DPHWRGRORJtDXWLOL]DGDHQHVWDLQYHVWLJDFLyQIXHPHGLDQWHHOHQIRTXHFXDOLWDWLYRHO
WLSRGHLQYHVWLJDFLyQHVGRJPiWLFDSURSRVLWLYDHQWRUQRDOFRQWHQLGRMXUtGLFRH[LVWHQWH
\ OD SURSXHVWD HO QLYHO GH LQYHVWLJDFLyQ HV GHVFULSWLYR $VLPLVPR ODV XQLGDGHV GH
[LL
DQiOLVLV VH H[WUDMHURQ GH OD 7HUFHUD )LVFDOtD 3URYLQFLDO 3HQDO &RUSRUDWLYD ± &XVFR
DFXVDFLRQHV ODV WpFQLFDV SDUD OD UHFROHFFLyQ GH OD LQIRUPDFLyQ XWLOL]DGDV VRQ OD
REVHUYDFLyQ\HODQiOLVLVGRFXPHQWDOFRQVXVUHVSHFWLYRVLQVWUXPHQWRVFRPRODILFKD
GHREVHUYDFLyQ\HOUHJLVWURGHLQIRUPDFLyQ
(VWD WHVLV FRQFOX\H VHxDODQGR TXH HV QHFHVDULR OD FUHDFLyQ GH OD )LVFDOtD
HVSHFLDOL]DGDHQGHOLWRVFRQWUDHOSDWULPRQLRFXOWXUDOHQOD5HJLyQGHO&XVFR
[LLL
&$3Ë78/2,
3/$17($0,(172'(/352%/(0$
6LWXDFLyQGHO3UREOHPD
(OWHUULWRULRQDFLRQDOWLHQHXQDGLYHUVLGDGFXOWXUDOH[WUDRUGLQDULDHVSHFLDOPHQWHHQHO
FDPSRGHOSDWULPRQLRFXOWXUDO\DTXHH[LVWHXQSDWULPRQLRDUTXHROyJLFRULFRGLYHUVR
GHTXHOOHJDUDQORVHVSDxROHVORVPLVPRVTXHVRQGHJUDQYDORUHLPSRUWDQFLDSRU
UD]RQHVKLVWyULFDVFLHQWtILFDV\WXUtVWLFDVTXHLPSHUDQHQHO(VWDGRSDUDVXWXWHODEDMR
XQUpJLPHQOHJDOHVSHFLDO
(O&XVFRHVXQRGHORVWHVRURVPiVLPSRUWDQWHVGHOSDWULPRQLRFXOWXUDODQGLQRFRQ
QXPHURVDV HYLGHQFLDV GHMDGD SRU ORV DQFHVWURV GH ORV SXHEORV TXH YLYLHURQ DOOt \
DSUHQGLHURQDYLYLUHQDUPRQtDFRQHOPHGLRDPELHQWH6LQHPEDUJRPXFKRVDxRV
FXOWXUDOHV\WHFQROyJLFRVGHORVLQFDVH[SHULPHQWDURQXQDGHVWUXFFLyQJUDGXDO\VX
SHOLJUR FRQWLQXR D OR ODUJR GHO WLHPSR GHJUDGDFLyQ TXH VH REVHUYD HQ WRGRV ORV
OXJDUHV
8QR GH ORV SULQFLSDOHV SUREOHPDV TXH HQIUHQWD HO SDWULPRQLR FXOWXUDO HQ OD UHJLyQ
&XVFRHVHOFUHFLHQWH\SUHRFXSDQWHVDTXHRGHOSDWULPRQLRFXOWXUDOSULQFLSDOPHQWH
GHOSDWULPRQLRDUTXHROyJLFRSRUUD]RQHVFRPRHOKRPEUH\ODPLVPDQDWXUDOH]DDVt
FRPRSRUDFFLyQXRPLVLyQVRQGHVWUXLGRV\PRGLILFDGRVGLDULDPHQWHORTXHJHQHUD
OD SHUGLGD HQ GLYHUVRV QLYHOHV \ HQ PXFKRV FDVRV GHVDSDUHFLHQGR HO SDWULPRQLR
QDFLRQDO
/DVOH\HVFRPROD/H\1³/H\*HQHUDOGHO3DWULPRQLR&XOWXUDOGHOD1DFLyQ´
5' 1DFLRQDO ,1& ³5HJODPHQWR *HQHUDO SDUD OD $SOLFDFLyQ GH 6DQFLRQHV
$GPLQLVWUDWLYDVSRU,QIUDFFLRQHVDO3DWULPRQLR&XOWXUDOGHOD1DFLyQ´/H\1
³/H\ GH 3URFHGLPLHQWR $GPLQLVWUDWLYR´ &yGLJR 3HQDO 3HUXDQR 7LWXOR 9,,, \ RWUD
QRUPDWLYD TXH VRQ GHILFLHQWHV DO PRPHQWR GH IUHQDU \R UHGXFLU HO GDxR \ OD
GHVWUXFFLyQGHOOHJDGRKLVWyULFRHQOD5HJLyQ
(QHOLQFLVRE GHODUWtFXORGHOD/H\*HQHUDOGHO3DWULPRQLR&XOWXUDOGHOD1DFLyQ
PXOWDV « DOWLWXODU\RSRVHHGRUTXHGHPDQHUDGRORVDRSRUGHMDGH]FDXVDDOJ~Q
GDxRDOELHQFXOWXUDOGHFODUDGRSRUODDXWRULGDGFRPSHWHQWH
$VLPLVPR HQ HODUWLQFLVR I GLVSRQH TXH HO 0& D WUDYpV GH VXV RUJDQLVPRV
DXWRUL]DGRV ''& SRGUi LPSRQHU VDQFLRQHV GH SDUDOL]DU \R GHPROHU ODV REUDV
S~EOLFDVRSULYDGDVTXHVHUHDOLFHQHQiUHDVTXHIRUPHQSDUWHGHOSDWULPRQLRQDFLRQDO
R HVWpQ UHODFLRQDGDV FRQ pO VLQ OD DXWRUL]DFLyQ FRUUHVSRQGLHQWH GHO 0LQLVWHULR GH
&XOWXUD
(Q³5HJODPHQWRVREUHVDQFLRQHVDGPLQLVWUDWLYDVSRUDFWRVGHLQIUDFFLyQDOSDWULPRQLR
FXOWXUDO GHOD QDFLyQ´ 5HVROXFLyQ 1,1& GH IHFKD GH GLFLHPEUH GH
PRGLILFDGDSRU5HVROXFLyQ'LUHFWRU1DFLRQDO1,1&,1&GHOGHPD\R
GH HVWDEOHFH HQ HO $UW XQD PXOWD TXH OOHJD KDVWD 8,7 SDUD TXLHQ
FDXVHGDxRJUDYHDELHQHVFXOWXUDOHVSUHKLVSiQLFRVDGHPiVGHHVWDEOHFHUODPLVPD
VDQFLyQSDUDTXLHQDOWHUHHOYDORUGHOELHQFXOWXUDO 5HVROXFLyQ'LUHFWRU1DFLRQDO1
,1&
'HO PLVPR PRGR HO DSDUWDGR GHO DUW GH OD /H\ 1 HVWDEOHFH TXH ODV
VDQFLRQHV DGPLQLVWUDWLYDV FRQWUD DTXHO TXH LQIULQMD OD QRUPD HVWiQ DFRUGHV FRQ HO
UHTXLVLWRGHVXVWLWXLUHOUHYHUWLUHOGDxRRFDVLRQDGRDVXHVWDGRDQWHULRUDVtFRPRGH
UHSDUDU HO GDxR /RV GDxRV FDXVDGRV VH GHWHUPLQDUiQ HQ ORV SURFHGLPLHQWRV
*HQHUDO
(QHO&yGLJR3HQDOSHUXDQR±WtWXOR9,,,³'HOLWRVFRQWUDHOSDWULPRQLRFXOWXUDOGHOD
QDFLyQ´ FDS ~QLFR $UW ³DWHQWDGRV FRQWUD PRQXPHQWRV DUTXHROyJLFRV´ LQGLFD
OLWHUDOPHQWH³TXLHQVHDVLHQWDVDTXHDRFXDOTXLHUDTXHVLQSHUPLVRH[DPLQHFDYH
R WUDVODGH UHVWRV DUTXHROyJLFRV SUHKLVSiQLFRV FXDOTXLHUD TXH VHD OD UHODFLyQ GH
GHUHFKRVGHOWHUUHQRHQTXHKDELWHVLHPSUHTXHFRQR]FDODQDWXUDOH]DGHOSDWULPRQLR
FXOWXUDOGHHVHELHQVHUiVDQFLRQDGRFRQHQWUHWUHVDxRV\VHLVDxRVGHSULVLyQ\FRQ
FLHQWRYHLQWHDWUHVFLHQWRVVHVHQWD\FLQFRGtDVPXOWD
/D IODJUDQFLD FRPR ILJXUD SURFHVDO SDUD GHOLWRV TXH KDQ VLGR SUREDGRV
IHKDFLHQWHPHQWH HV GHFLU QR H[LVWH GXGD VREUH OD FXOSDELOLGDG GH OD SHUVRQD TXH
SHURSRUORJHQHUDOQRHVXVDGRHQDOJXQRVKHFKRVGHOLFWLYRVFRPRHVHOFDVR
GHORVGHOLWRVFRQWUDELHQHVFXOWXUDOHV
3DUD HMHPSOLILFDU WRGR HPSLH]D FRQ ODFRPLVLyQ GHO GHOLWR \ OD GHWHQFLyQ HO
VRVSHFKRVR HV FRQGXFLGR DOD FRPLVDUtD GRQGH VH GDD FRQRFHU VXV GHUHFKRVOH
SHUPLWLUiQ FRPXQLFDUVH FRQ VXV VHUHV TXHULGRV \ OODPDU D VX DERJDGR $TXt HV
QHFHVDULR FRQWDU FRQ OD SUHVHQFLD GHO ILVFDO TXLHQ WRPDUD HO WHVWLPRQLR GH DPEDV
SDUWHVGHOWHVWLJRUHFRJHSUXHEDV\VXPDSHULFLDVVHJ~QHOFDVR
(VHQHVWDSULPHUDSDUWHGRQGHHODXWRUGHOKHFKRGHOLFWLYRWLHQHODRSRUWXQLGDGGH
QRHPSHRUDUVXVLWXDFLyQHVWRVHGHQRPLQDSULQFLSLRGHRSRUWXQLGDG7RGRHVWR
TXHFRUUHVSRQGHDODSROLFtD\DO0LQLVWHULR3~EOLFRRFXUUHHQODVSULPHUDVKRUDV
/DVHJXQGDSDUWHOHFRUUHVSRQGH\DDO3RGHU-XGLFLDO(OFDVRUHFRJLGRSDVDDOMXH]
GH,QY3UHSDUDWRULDTXLHQDQDOL]DHOFDVRODVSUXHEDV\ FRQYRFDUDDODDXGLHQFLD
TXHFRUUHVSRQGHGRQGHGHFLGHVLUH~QHODVFRQGLFLRQHVSDUDXQMXLFLRUiSLGRRQR
(Q HVWH FDVR HO DFXVDGR WLHQH XQD VHJXQGD RSRUWXQLGDG GH REWHQHU DOLYLR GH ODV
~OWLPDSDUWHHOMXLFLR6LWRGRVORVIDFWRUHVHVWiQHQVXOXJDUWRGRSDVDDOMXH]±MXLFLR
RUDOTXLHQGHEHFRQYRFDUXQDDXGLHQFLDGHQWURGHODVKRUDVSDUDLQLFLDUHOMXLFLR
\ HPLWLU OD VHQWHQFLD LQFOXVR HQ HVWD LQVWDQFLD HO LPSXWDGR WLHQH XQD WHUFHUD
SRVLELOLGDGODOODPDGD³&RQFOXVLyQDQWLFLSDGD´
&RQVLGHUDPRV TXH OD DSOLFDFLyQ GHO 3URFHVR ,QPHGLDWR HQ ORV GHOLWRV FRQWUD HO
3DWULPRQLR&XOWXUDOGHOD1DFLyQD\XGDUtDDODSURWHFFLyQySWLPDGHWRGRHOUHFXUVR
FXOWXUDOHQYLVWDGHTXHVHVDQFLRQDUtDGHPDQHUDUiSLGD\HIHFWLYDDORVTXHLQFXUUHQ
HQGLFKRGHOLWR
(VDVtTXHHQHOSUHVHQWHWUDEDMRGHLQYHVWLJDFLyQVHSUHWHQGHFRQRFHU\HQWHQGHU
ODPDQHUDGHOFyPRVHSXHGHDSOLFDUHVWDILJXUDMXUtGLFDSURFHVDO³)/$*5$1&,$´D
ORV GHOLWRV FRPHWLGRV HQ FRQWUD GHO SDWULPRQLR FXOWXUDO GH OD QDFLyQ \ YHULILFDU OD
DFWXDFLyQ GHO 0LQLVWHULR 3XEOLFR HQORV UHIHULGRV GHOLWRV FRQWUD HO SDWULPRQLR \ FRQ
HVWRSRGHULGHQWLILFDUODVGHILFLHQFLDVSHQDOHVDGPLQLVWUDWLYDVHQODSURWHFFLyQOHJDO
UHVSHFWR D GHOLWRV LQIUDFFLRQHV \ IDOWDV VREUH HO SDWULPRQLR FXOWXUDO GHOD QDFLyQ D
WUDYpVGHODHILFD]DSOLFDFLyQGHODIODJUDQFLDFX\RUHVXOWDGRVHUiODHILFD]SURWHFFLyQ
GHOSDWULPRQLRFXOWXUDOGHODQDFLyQ
)LQDOPHQWHFRQXQDDGHFXDGDDSOLFDFLyQGHODOH\SHQDO\XQDEXHQDDFWXDFLyQSRU
SDUWHGHO0LQLVWHULR3XEOLFRVHGHEHUiIUHQDUFDVWLJDUUHDO\HIHFWLYDPHQWHORVGHOLWRV
LQIUDFFLRQHV IDOWDV GHSUHGDFLyQ \ WRGR WLSR GH DFWRV DWHQWDWRULRV FRQWUD QXHVWUR
3DWULPRQLR&XOWXUDOGHOD1DFLyQ\DVtHYLWDUHPRVODSpUGLGDLUUHSDUDEOHGHORQXHVWUR
(QWRUQRDHVWDVFRQVLGHUDFLRQHVVHKDIRUPXODGRODVVLJXLHQWHVLQWHUURJDQWHV
)RUPXODFLyQGHO3UREOHPD
D3UREOHPDJHQHUDO
¢&XiOHV VRQ ODV UD]RQHV SRU ODV TXH HO 0LQLVWHULR 3XEOLFR GHO 'LVWULWR )LVFDO GH
&XVFRQRLQFRDHOSURFHVRLQPHGLDWRH[LVWLHQGRIODJUDQFLDHQORVGHOLWRVFRQWUDHO
SDWULPRQLRFXOWXUDOGHODQDFLyQHQHOSHULRGR"
E3UREOHPDVHVSHFtILFRV
¢(V YLDEOH OD DSOLFDFLyQ GH OD IODJUDQFLD GHOLFWLYD HQ ORV GHOLWRV FRQWUD HO
SDWULPRQLRFXOWXUDOGHODQDFLyQ"
¢'HTXpPDQHUDODDSOLFDFLyQGHODIODJUDQFLDGHOLFWLYDHQORVFDVRVGHGHOLWRV
FRQWUD HO SDWULPRQLR FXOWXUDO GH OD QDFLyQ FRQWULEX\H D OD SURWHFFLyQ GH ORV
ELHQHVFXOWXUDOHV"
¢'HTXpPDQHUDODDSOLFDFLyQGHODIODJUDQFLDHQORVGHOLWRVFRQWUDHOSDWULPRQLR
FXOWXUDOGHODQDFLyQFRQWULEX\HDODGLVPLQXFLyQGHODFDUJDSURFHVDO"
-XVWLILFDFLyQGHODLQYHVWLJDFLyQ
(OSUHVHQWHHVWXGLRTXHSUHWHQGHPRVUHDOL]DUVHMXVWLILFDSRUODVVLJXLHQWHVUD]RQHV
D &RQYHQLHQFLD
(VWHDQiOLVLVHVIiFLOSRUTXHHVWHHVXQWHPDTXHPHUHFHODDWHQFLyQGHO*RELHUQR
\GHODPD\RUtDGHODVSHUVRQDVTXHEXVFDQXQDVROXFLyQLQWHJUDODOSUREOHPD\D
TXHVHHVWiFRPHWLHQGRXQGHOLWRFRQWUDHOSDWULPRQLRFXOWXUDOGHOSDtV
E 5HOHYDQFLDVRFLDO
7LHQHUHOHYDQFLDGHFDUiFWHUVRFLDOSRUTXHLQYROXFUDDWRGRHOSDtVGHELGRDOJUDQ
GDxRTXHVHHVWiFDXVDQGRDOSDWULPRQLRFXOWXUDO\DODVQRUPDVOHJDOHVSRUSDUWH
GH ORV SURSLRV FLXGDGDQRV KHUHGHURV GH QXHVWUD JUDQ KLVWRULD \ TXH
FRQVWDQWHPHQWHFRQWUDYLHQHQORHVWDEOHFLGRHQODOH\
F ,PSOLFDQFLDVSUiFWLFDV
(OREMHWRGHHVWDLQYHVWLJDFLyQHVDSOLFDUODIRUPDGHMXLFLRLQPHGLDWRSRUGHOLWRV
FRQWUDHOSDWULPRQLRFXOWXUDOGHODQDFLyQ$GHPiVWDPELpQFRQWULEX\HQDODODERU
GHO 0LQLVWHULR GH (VWDGR HQ OD SHUVHFXFLyQ GH ORV GHOLWRV FRQWUD ORV ELHQHV
FXOWXUDOHV
G 9DORUWHyULFR
$VLPLVPRVHHVSHUDFRQRFHUODSRVLFLyQGHO0LQLVWHULR3~EOLFRVREUHHOSURFHVR
TXHFRQGXFHDODVFDXVDVSHQDOHVSRUGHOLWRVFRQWUDHOSDWULPRQLRFXOWXUDOHQHO
HVWDGRGHO&XVFR
H 8WLOLGDG0HWRGROyJLFD
&RQVLGHURTXHORVUHVXOWDGRVGHHVWDLQYHVWLJDFLyQSXHGHQLQFLWDUHLQIRUPDUDOD
HOGHSDUWDPHQWRGHJRELHUQRWDPELpQSXHGHFUHDUXQDILVFDOtDHVSHFLDOL]DGDHQ
&XVFR
I 9LDELOLGDG
(VWHSUR\HFWRHVUHQWDEOHSRUTXHFXHQWDFRQUHFXUVRVHFRQyPLFRVLQIRUPDFLyQ
SDUDLPSOHPHQWDU\PDWHULDOHVGHLQYHVWLJDFLyQ
2EMHWLYRVGHODLQYHVWLJDFLyQ
D2EMHWLYRJHQHUDO
'HWHUPLQDU ODV UD]RQHV SRU ODV TXH HO PLQLVWHULR S~EOLFR GHO 'LVWULWR )LVFDO GH
&XVFRQRLQFRDHOSURFHVRLQPHGLDWRH[LVWLHQGRIODJUDQFLDHQORVGHOLWRVFRQWUDHO
SDWULPRQLRFXOWXUDOGHODQDFLyQHQHOSHULRGR
E2EMHWLYRVHVSHFtILFRV
'HWHUPLQDU OD YLDELOLGDG GH OD DSOLFDFLyQ GH OD )ODJUDQFLD GHOLFWLYD HQ ORV
GHOLWRVFRQWUDHOSDWULPRQLRFXOWXUDOGHODQDFLyQ
'HWHUPLQDUGHTXpIRUPDFRQWULEX\HODDSOLFDFLyQGHODIODJUDQFLDGHOLFWLYDHQ
ORVFDVRVGHGHOLWRVFRQWUDHOSDWULPRQLRFXOWXUDOGHODQDFLyQDODSURWHFFLyQ
GHORVELHQHVFXOWXUDOHV
'HWHUPLQDUVLODDSOLFDFLyQGHODIODJUDQFLDHQORVGHOLWRVFRQWUDHOSDWULPRQLR
FXOWXUDOGHODQDFLyQFRQWULEX\HDODGLVPLQXFLyQGHODFDUJDSURFHVDO
&$3,78/2,,
0$5&27(Ï5,&2&21&(378$/
%DVHV7HyULFDV
(QHVWDWHVLVODVEDVHVWHyULFDVIXHURQHVWUXFWXUDGDVHQWRUQRDVXEFDStWXORVHOOR
FRQODILQDOLGDGGHSRGHUGDUDFRQRFHUGHPDQHUDDGHFXDGDODLQIRUPDFLyQ
68%&$3Ë78/2,
/$)/$*5$1&,$(1(/352&(623(1$/3(58$12
3URFHVRSHQDOSHUXDQRDSURSyVLWRGHODUHJXODFLyQGHO&yGLJR3URFHVDO
3HQDO
YLJHQFLDGHVGHHOGH-XOLRGHOHQHO'LVWULWR-XGLFLDOGH+XDXUDLQWURGXFH
FDPELRVVLJQLILFDWLYRVPRGHUQL]DQGRGHPDQHUDUHVSRQVDEOHHOVLVWHPDGH MXVWLFLD
ODVHWDSDVGHOSURFHVR LQYHVWLJDFLyQMXLFLR
$DxRVGHVXSURPXOJDFLyQDOPHQRVHQOD5HJLyQ&XVFRWRGRVORVDFWRUHVGHQWUR
GHO SURFHVR SHQDO ± 313 ILVFDOtD MXHFHV YLFWLPDV H LPSXWDGR ± DVt FRPR ORV
DERJDGRV GH GHIHQVD OLEUH \D VH HQFXHQWUDQ IDPLOLDUL]DGRV FRQ ORV DOFDQFHV GH OD
UHIHULGDQRUPD
$QWHFHGHQWHV
(O 3HU~DQWLJXR QR FRQWy FRQ XQ VLVWHPD SURFHVDOSHQDO 1RUPD HV UHFLpQ FRQ OD
OOHJDGDGHORVHVSDxROHVTXHVHLQWURGXMHURQOH\HVSURFHVDOHVSHQDOHVLQTXLVLWLYR
DSHVDUGHQXHVWUDLQGHSHQGHQFLDGHFODUDGDHQQRVHGLHURQUHIRUPDVUHVSHFWR
GHOWHPD
'XUDQWHORVDxRVGHYLGDUHSXEOLFDQD3HU~SURPXOJyFXDWURFyGLJRVSURFHVDOHV
SHQDOHV (O GH (QMXL 0DWHUL FULPLQDO 3URFHG 0DWU &ULPLQDO
6HJ~QUHILHUH%$55(720(/*$5(-2
(OFyGLJRGHOQXQFDVHSURPXOJyTXHGDQGRHQ³YDFDWLROHJLV´ VRORHQWUDURQ
HQYLJRUFLHUWRVDSDUWDGRV /XHJRVHH[SOLFDURQORVSODQHVSDUD\
(QUHIHUHQFLDDHVWHHQXQFLDGRGHGHUHFKRSHQDOODVIXQFLRQHVUHOHYDQWHV
GHO&33³0RGHOR,EHURDPHULFDQR´HVSHFLDOPHQWHGHVDUUROODGRSRUHO0$,(5\
HV XQD FRSLD GHO 3UR\HFWR GHO &33 GH $UJHQWLQD SXEOLFDGRV HQ
0(/*$5(-2%$55(72
(O1XHYRPRGHORSURFHVDOSHQDO
6HxDOD$/$5&Ï10(1e1'(=
(O1&33VHIXQGDPHQWDHQHOVLVWHPDDFXVDWRULRPRGHUQR
$FXVDWRULR XQD YH] TXH HO ILVFDO FXOPLQy OD DYHULJXDFLyQ SUHYLD IRUPXOy VX
DFXVDFLyQ VREUH OD EDVH GH ORV HOHPHQWRV R SUXHEDV GH XQD FRQYLFFLyQ
IHKDFLHQWH HLUUHIXWDEOH WHVWLPRQLR \ SUXHED ODLQYHVWLJDFLyQ VHOOHYD D FDER
FRQ HO DSR\R GH OD 313 RUJDQLVPRV S~EOLFRV \ SULYDGRV TXH VH HQFXHQWUDQ
REOLJDGRVDFRODERUDU SDUDIDFLOLWDUODODERUGHO0LQLVWHULR3XEOLFR HQDGHODQWH
03
*DUDQWLVWDUHVSHWRLOLPLWDGRDORVGHUHFKRVKXPDQRV RSHUDGRUHVGHMXVWLFLD\
ODVSDUWHVGHOSURFHVR 9LYLPRVHQXQPXQGRFRQVWLWXFLRQDO\OHJDOGRQGHORV
SURFHGLPLHQWRVVHEDVDQHQUHJODVFRQVWLWXFLRQDOHVFRQFRUGDQWHVFRQQRUPDV
LQWHUQDFLRQDOHV FRPR OD 'HFODUDFLyQ 8QLYHUVDO GH ORV 'HUHFKRV +XPDQRV
3DFWRGH&RVWD5LFD\RWURV
&RPRVHSXHGHREVHUYDUTXHHOQXHYRFyGLJRSURFHVDOSHQDOHQSULQFLSLRGHOLPLWD
FODUDPHQWH ODV IXQFLRQHV WDQWR GHO )LVFDO FRPR OD GHO -XH] HV DVt TXH HO SULPHUR
JDUDQWLVWD\WLHQHFRPREDVHHOGHUHFKRGHGHIHQVDFRQWUDGLFFLyQ\ODSUHVXQFLyQ
GHLQRFHQFLD
GHDWDTXH\GHGHIHQVD
(QHVWDOtQHDGHLGHDVHOVLVWHPDDFXVDWRULRVHSXHGHGLIHULUHQORVLJXLHQWH
- (O)LVFDO,QYHVWLJD\DFXVD\
- (O-XH]5HDOL]DHOFRQWUROGHOHJDOLGDGGHODLPSXWDFLyQMX]JD\VHQWHQFLD
&yGLJRSURFHVDOSHQDO
'HSDODEUDVGH08f2=&21'(
(O1&33RIUHFHXQDUHIRUPDLQWHJUDOGHOSURFHVRSHQDO(OSURFHGLPLHQWRSHQDO
HQ JHQHUDO VH UHJXOD GH FLHUWD PDQHUD SRU QRUPDV FRQRFLGDV FRPR
SURFHGLPLHQWR SHQDO ± FRP~Q YHULILFDQGR GLVWLQWDV HVSHFLDOLGDGHV HQ HO
SURFHGLPLHQWR 08f2=&21'(
D/DHWDSDGHLQYHVWLJDFLyQ
/DIDVHGHLQYHVWLJDFLyQTXHFRQVLVWHHQODREWHQFLyQGHSUXHEDV GHVFDUJR\
FDUJR TXHSHUPLWDQDOILVFDOWRPDUODGHFLVLyQGHIRUPXODUODDFXVDFLyQRGHFLGD
HODUFKLYRGHODPLVPD\HOLPSXWDGRSUHSDUDODGHIHQVD
(Q HO 1&33 HV UHVSRQVDELOLGDG GHO UHSUHVHQWDQWH GHO 03 DFWXDU DQWH OD
FRPXQLFDFLyQGHXQKHFKRGHOLFWLYR
6LQ HPEDUJR OD GHFLVLyQ GHO 03 GH SUHVHQWDU FDUJRV SHQDOHV GHEH VHU HO
UHVXOWDGRGHXQDLQYHVWLJDFLyQSUHYLDTXHOHSHUPLWDUHFDEDULQIRUPDFLyQTXHOR
FRQYHQ]DGHODH[LVWHQFLDGHORVHOHPHQWRVVXILFLHQWHVTXHFDOLILFDQFRPRGHOLWR
DVt FRPR OD SUHVHQFLD GHO SUHVXQWR DXWRU (Q HVWH VHQWLGR ODV IXQFLRQHV GH
LQYHVWLJDFLyQ\DFXVDFLyQVRQLQVHSDUDEOHV\HVHQFLDOHVSDUDODVDFWLYLGDGHVGHO
03
E/DHWDSDLQWHUPHGLD
)DVH GH VDQHDPLHQWR FX\R REMHWLYR HV GH HOLPLQDU ORV YLFLRV SURFHVDOHV TXH
DIHFWDQODHILFLHQFLDGHOSURFHVRHLPSLGHQTXHVHOOHYHDFDERHOMXLFLRHWDSD
GRQGH VH YHULILFD OD DFXVDFLyQ \R VREUHVHLPLHQWR 03 \ ODV SUXHEDV
SUHVHQWDGDVSRUODVSDUWHV
F/DHWDSDGHOMX]JDPLHQWR MXLFLRRUDO
&XDQGRHO03SUHVHQWDXQDDFXVDFLyQFRQWUDHODFXVDGR\GHVSXpVGHTXHVH
KDHVWDEOHFLGRHQODHWDSDLQWHUPHGLDTXHQRH[LVWHQYLFLRVGHSURFHGLELOLGDG\
GHVSXpVGHDFHSWDUODVSUXHEDVSHUWLQHQWHVSUHVHQWDGDVSRUODVSDUWHVHOMXH]
WUDQVILHUHWRGRHOFDVRDOMXH]SDUDHOMXLFLR -85,',&$
/DIODJUDQFLD
)ODJUDQFLDGHOLFWLYD
6HJ~QUHILHUH(6&5,&+(
/D IODJUDQFLD VH KD FRQYHUWLGR HQ XQD LQVWLWXFLyQ SURFHVDO PX\ DQWLJXD VX
SUHVHQFLDWDQDQWLJXDFRPRODKLVWRULDGHOMXLFLR\VHHQFXHQWUDYLJHQWHGXUDQWH
PXFKRVDxRV\GLIHUHQWHVVLVWHPDVMXGLFLDOHV (6&5,&+(
&RPRSRGHPRVYHUODIODJUDQFLDHVWDQDQWLJXDFRPRHOPLVPRGHUHFKRSURFHVDOHQ
ODFRQFHSFLyQGHTXHDODIHFKDVLJXHVLHQGRXVDGRDSHVDUGHOSDVRGHOWLHPSRDVt
PLVPRQXHVWUDOHJLVODFLyQQRHVDMHQDDODDSOLFDFLyQRDODGDFLyQGHGLFKDOH\HQ
YLVWD GH TXH WRPR UHDOFH FRQ OD LPSOHPHQWDFLyQ GHO 1&33 DXQTXH FRQ PXFKDV
FXHVWLRQHVSRUPHMRUDUTXHDODIHFKDODGRFWULQDVHHQFDUJDGHUHDOL]DU
$VLPLVPR(6&5,&+(LQGLFD
(OGLOHPDTXHH[LVWHHQWUHSUiFWLFD\HQHOVXSXHVWRGHDSOLFDFLyQGHHVWDILJXUD
SURFHVDOFRUUHVSRQGHDOD313TXHLQWHUYLHQHQGHLQPHGLDWR\WLHQHQIDFXOWDGHV
FRQVWLWXFLRQDOHVOXHJRODILVFDOtD\ODVDXWRULGDGHVMXGLFLDOHVGHEHQGHWHUPLQDU
VLWDOGHWHQFLyQSROLFLDOUHDOPHQWHWXYROXJDUHQXQFDVRIODJUDQFLD (6&5,&+(
/DGRFWULQDHVVLHPSUHPX\GLIHUHQWHDODSUiFWLFDFRPRGHFtDHODXWRUHQHOSiUUDIR
DQWHULRUTXHFRUUHVSRQGHDORVMXHFHVGHORVWULEXQDOHVVLFDGDFDVRGHEHDMXVWDUVH
DOSUHVXSXHVWRSDUDVHUHTXLSDUDGRFRPRXQGHOLWRJUDYHGHKHFKRWRGRHOORD\XGD
DOSUHVHQWHWUDEDMRGHLQYHVWLJDFLyQHQHOTXHDQDOL]DPRVGLYHUVRVFDVRVGHDWDTXHV
D PRQXPHQWRV DUTXHROyJLFRV SDUD GDU XQD VROXFLyQ HILFLHQWH IUHQWH DO FDVR HQ
FRQFUHWRDXPHQWDQGRDVtODWXWHOD\SURWHFFLyQGHOSDWULPRQLRFXOWXUDOGHOSDtV
/DIODJUDQFLD
D1RFLyQKLVWyULFD
/DIODJUDQFLDDWUDYpVGHOWLHPSRKDDGTXLULGRXQFDUiFWHUHVSHFLDOHOPLVPRTXHKD
LGRPRGLILFiQGRVHKDVWDDGTXLHUHHOVHQWLGRTXHKR\HQGtDVHSUHYpHQODQRUPD
6HJ~Q(6&5,&+(
/DIODJUDQFLDIXHXQFULPHQFRPHWLGRDELHUWDPHQWH\ODSHUVRQDTXHORFRPHWLy
IXHQRWDGDSRUPXFKRVWHVWLJRVHQHOPRPHQWRHQTXHVHFRPHWLy(OGHOLWRVH
GHVFXEUHPLHQWUDVVHFRPHWHHOKHFKR SRUHMHPSORHQODHVFHQDGHOFULPHQVL
HOODGUyQKDUREDGRDOJRRFRQXQUHYyOYHUWRGDYtDHQFHQGLGRHQODVPDQRVGHO
DVHVLQRDOODGRGHODYtFWLPD (6&5,&+(
(O DXWRU UHILHUH TXH OD IODJUDQFLD VROR VH GDUi VL HO KHFKR IXH SHUSHWXDGR
FRPSOHWDPHQWH\TXHGHEHQH[LVWLUSHUVRQDVTXHSUHVHQFLDURQHOKHFKR WHVWLJRV
RTXHWLHQHTXHVHUSXHVWRHQHYLGHQFLDDOPRPHQWRGHVXHMHFXFLyQ3RUORWDQWROD
IODJUDQFLDRSHUDFXDQGRHOVXMHWRDFWLYRGHOGHOLWRHVDSUHKHQGLGRDOPRPHQWRGHOD
FRPLVLyQGHOKHFKRSXQLEOHOOHJDQGRDFRQILJXUDUVHODILJXUDGHODIODJUDQFLDHQHVH
SUHFLVRPRPHQWR
D (QpSRFDVDQWLJXDV
6HJ~QUHILHUH,1*5,'6(51$TXH
/RVKHFKRVTXHHQODDQWLJHGDGHUDQFRQVLGHUDGDVGHOLWRVHUDQVDQFLRQDGRV
GH LQPHGLDWR GH DFXHUGR FRQ ODV QRUPDV GHO JUXSR \ QR VH KDFH QLQJXQD
LQYHVWLJDFLyQ R MXLFLR GHWDOODGR TXH DILUPDUD ODMXVWLFLDLQPHGLDWD IUHQWH DXQ
GHOLWR 6(51$
6HJ~QHODXWRUHQWLHPSRVDQWLJXRVODVQRUPDVFRQVXHWXGLQDULDVFDVWLJDEDQGHIRUPD
GLUHFWD±VLQLQYHVWLJDFLRQHVSUHYLDV±DODVSHUVRQDVTXHFRPHWtDQXQKHFKRGHOLFWLYR
RFRQVLGHUDGRFRPRWDOFDEHUHVDOWDUTXHQRH[LVWtDQLQJ~QSURFHVRQLMXLFLRFDEHOD
ILJXUDHQHVWHFRQWH[WRGHKHFKRFRPHWLGR±KHFKRVDQFLRQDGR
6(51$WDPELpQPHQFLRQDTXH
&RPRVHSXHGHREVHUYDUHQRWUDVFXOWXUDVHQWLHPSRVLQPHPRUDEOHORVGHOLWRVHUDQ
VDQFLRQDGRVFRQSHQDVLQKXPDQDVOOHJDQGRDKDFHUMXVWLFLDGHPDQHUDLQPHGLDWD
WDPELpQ HV FRQRFLGR TXH HO FyGLJR GH +DPPXUDEL HV HO SULPHUR GH RUGHQ OHJDO
FRQRFLGRHQODDQWLJHGDGGRQGHGHDOJXQDXRWUDIRUPDVHHVWDEOHFHXQOtPLWHHQWUH
HOGHOLWR\ODVVDQFLRQHVLQWHUSXHVWDV\DTXHFRQHVWHGRFXPHQWRVHFRUWDEDODOLEUH
GLVSRVLFLyQGHODFLXGDGDQtDGHKDFHUMXVWLFLDSRUVXVSURSLDVPDQRV
$VtPLVPRODPLVPDDXWRUD6HUQDLQGLFDTXH
(Q HO &yGLJR +DPPXUDEL KHFKRV IODJUDQWHV FRPR HO GHOLWR GH WHQHU DFFHVR
FDUQDOGHSDGUHKLMDHVWHHUDGHVWHUUDGRGHODFLXGDG´
6L XQ KRPEUH WLHQH DFFHVR FDUQDO FRQ VX SURJHQLWRUD D OD PXHUWH GH VX
SURJHQLWRUVHOHVTXHPDUDDORVGRV
&XDQGRXQKLMRJROSHDDVXSURJHQLWRUVHOHPXWLODODPDQR
6LXQLQGLYLGXRWLHQHODLQWHQFLyQGHGHVKHUHGDUDVXKLMRGLFHDOMXH]4XLHUR
GHVKHUHGDU D PL KLMR HO MXH] SUXHED OD YHUGDG GHO SDGUH \ VL QR H[SUHVD HO
PRWLYR GH OD SULYDFLyQ GH OD KHUHQFLD HO SDGUH QR SXHGH GHVKHUHGDU DO KLMR
6(51$
&RQIRUPHORGHVFULWRSRUODDXWRUD\DHQHVRVWLHPSRVH[LVWtDDOJXQRVGHOLWRVTXHVH
GLFKRVDFWRVDDFWRVTXHLEDQGHVGHHOGHVWHUUDPLHQWRKDVWDODWRUWXUD
$VtLQGLFD3,/$55,9(52TXH
6LXQDIpPLQDQRDPDDVXKRPEUH\GLFH1RWHQJDVLQWLPLGDGFRQPLJRVX
FDVR VH UHVROYHUi HQ DOJ~Q WULEXQDO \ VL HOOD SHUPDQHFH OLPSLD H LQRFHQWH
PLHQWUDVVXPDULGRHVFRQGHQDGRSRUQHJOLJHQFLDHLQVXOWRHVWDPXMHUQRVHUi
FDVWLJDGD HOOD WRPDUi VXV FRVDV VKHULNWX H LUi D OD FDVD GH VX SDGUH « ´
5,9(52
/DDXWRUDKDFHPHQFLyQTXHDQWHODLQVDWLVIDFFLyQGHXQDPXMHUGHSHUPDQHFHUFRQ
VXSDUHMDVHOOHYDEDXQSHTXHxRMXLFLRGHKHFKRVORVPLVPRVTXHFRQFOXtDQFRQHO
UHJUHVRGHGLFKDPXMHUDORVDSRVHQWRVGHVXSDGUHHOPDULGRHUDFRQVLGHUDGRFRPR
YtFWLPD
6HJ~QUHILHUH3,/$55,9(52
(QODQRUPDGHOD,QGLDODSHQDHUDLPSXHVWDHQUHODFLyQDOKHFKRFRPHWLGRVLQ
QHFHVLGDG GH XQ SURFHVR ODUJR WRGRV VH UHVROYtDQ GH PDQHUD LQPHGLDWD ODV
VDQFLRQHVHUDQLQPHGLDWDV 5,9(52
(QHVWHSiUUDIRODDXWRUDGDFXHQWDGHODH[LVWHQFLDGHXQFyGLJRGHODLQGLDGRQGH
SRGHPRV REVHUYDU TXH ODV SHQDV R VDQFLRQHV VH GDEDQ HQ UHODFLyQ GLUHFWD FRQ HO
KHFKR FRPHWLGR H[LVWtD SHQD VLHPSUH \ FXDQGR VH FDSWXUDED DO LPSXWDGR
FRQVXPDQGRHOKHFKRGHOLFWLYRDVtPLVPRQRVKDEODUHVSHFWRGHODFHOHULGDGHQORV
SURFHVRVHVPDVQRKDEODGHSURFHVRVODUJRVVLQRLQPHGLDWRV
2WURDXWRUFRPR1Òf(=*$55,'2VHxDODTXH
(QORVFDStWXORV\GHO(FOHVLDVWpVGHOD%LEOLDHOVREHUDQR±4RKHOHWGLFH
QR HQFXHQWUDV QDGD UHOHYDQWH EDMR ODV QXEHV TXH FXEUH HO VRO SRUTXH OD
VRFLHGDGKXPDQDTXHH[LVWHHQQXHVWURSDtVKDVDFULILFDGRDXQDSHUVRQD/D
OLEHUWDGHQWHQGLGDFRPRODYROXQWDGGHKDFHUORWRGR\SRUHOELHQGHWRGRVHV
FRQVHFXHQWH FRQ QXHVWUR FRPSRUWDPLHQWR \ VDWLVIDFH QXHVWUDV QHFHVLGDGHV
QDWXUDOHV(Q9LYRHQQXHVWUDQDWXUDOH]DFRQVFLHQWHHLQFRQVFLHQWH 18f(=
(ODXWRUKDFHDOXVLyQDODELEOLDGRQGHVHPXHVWUDTXHODVSHUVRQDVHQHVHWLHPSR
QR OHV LPSRUWDED FRPHWHU DOJXQDV FRVDV TXH HQ OD DFWXDOLGDG VHULDQ FRQILJXUDGDV
FRPR KHFKRV GHOLFWLYRV VLQR D HOORV OHV LPSRUWDED PiV HO ELHQHVWDU GH WRGD OD
SREODFLyQVLQLPSRUWDUGHYLRODUORVGHUHFKRVLQGLYLGXDOHV
(QHVWHHQWHQGHU9,1&(1=20$1=,1,VHxDODEDTXH
6HJ~Q OD FRVWXPEUH URPDQD HO DUUHVWR SRUGHOLULR HUD HO DFWR SRU HO FXDO XQD
SHUVRQDVRUSUHQGLGDHQHODFWRHUDSULYDGRGHVXOLEHUWDGVLQPDQGDWRMXGLFLDO
0$1=,1,
(O DXWRU \D QRV PXHVWUD TXH HQ WLHPSR GH ORV 5RPDQRV \D H[LVWtD HO DUUHVWR
FLXGDGDQR DQWH OD FDSWXUD IODJUDQWH GHO LPSXWDGR SDUD HOOR QR VH QHFHVLWDED XQD
RUGHQ R PDQGDWR VH SXHGH KDFHU OD DQDORJtD FRQ QXHVWUR WLHPSR SUHVHQWH DVL
WHQHPRVFRPRHMHPSORODVURQGDVFDPSHVLQDV
$VtPLVPRUHILHUHTXH
La ley bíblica, como la ley romana, se aplicaba y se hacía cumplir las leyes,
aunque no existía una codificación como el de la actualidad; en aquel entonces
se verificaba un sistema eficiente para la época. 0$1=,1,
2EYLDPHQWHQRWRGDVODVSDODEUDVHUDQOH\HVHVDVtTXHVHPDWHULDOL]R\SHUIHFFLRQR
FRQODPDQLIHVWDFLyQHQHVFULWRVSDUDHOFDVRGHODV;,,WDEODV\DGDEDFXHQWDGH
TXH H[LVWtDQ SURFHVRV SDUD GHWHUPLQDU OD FXOSDELOLGDG R LQRFHQFLD GH ODV SHUVRQDV
DQWHODFRPLVLyQGHXQKHFKRGHOLFWLYR
9,1&(1=20$1=,1,DILUPDTXH
(OGHVDUUROORGHO'HUHFKRGHOD7DEOD;,,RGHUHFKRURPDQRGHODMXVWLFLDWXYR
OXJDUDPHGLDGRVGHOVLJOR9D6HLQVSLUyHQHVWDOH\HOSULQFLSLRGHLJXDOGDG
FXDQGRDLQVWDQFLDVGHOMXH]7HUHQWLOR$UVDHQHODxRD&HO6HQDGRGHOD
5HS~EOLFD HQYLy D SHUVRQDV SDUD TXH HVFXFKDUDQ OR GLVHUWDGR SRU HOMXH] (Q
9LYR'HVSXpVGHOUHJUHVRGHHVWDFRPLVLyQHOSDUODPHQWRGHFLGLyQRPEUDURWUD
FRPLVLyQEDMRODSUHVLGHQFLDGHMXHFHVSDWULDUFDOHV GHVYLDGRV SDUDSUHSDUDU
OD OH\ &RPLVLyQ SDUD HVFULELU ODV SULPHUDV WDEOLOODV HVFULWDV HQ HO D
WHUPLQDGRWUDEDMDGRGXUDQWHXQDxR 0$1=,1,
(Q HVWH SiUUDIR HQFRQWUDPRV OR TXH KR\ HQ GtD VH FRQRFH FRPR DVDPEOHD
FRQVWLWX\HQWH TXH QR HV RWUD FRVD TXH HO QRPEUDPLHQWR GH XQD FRPLVLyQ GH
HVSHFLDOLVWDVHQWHQGLGRVHQODGDFLyQGHQRUPDVSDUDTXHOOHYHQDXQWH[WRODYROXQWDG
GHO SXHEOR GLFKR DFWR VH PDWHULDOL]D FRQ OD UHGDFFLyQ \ DSUREDFLyQ GH XQD
&RQVWLWXFLyQ3ROtWLFDGHXQ(VWDGR
6HJ~Q%266,86PHQFLRQDGRHQXQDFLWDSRU0$1=,1,UHILHUHTXH
(ODXWRUGHOKHFKRFXDQGRHVHQFRQWUDGRHQXQDVLWXDFLyQDFWLYDRHQXQHVWDGR
JUDYHDHVWHSRGUiLPSRQHUVHODSHQDTXHFRUUHVSRQGDLQFOXVRVLQVHQWHQFLD
VHJ~QODLQWHUSUHWDFLyQJHQHUDOPHQWHDGPLWLGD3HURTXLHURGHIHQGHUORGHWRGRV
PRGRV SRUTXH VL HV XQ ODGUyQ SXHGH MXVWLILFDU VXV DFFLRQHV PXULpQGRVH GH
KDPEUHRSRUHOKHFKRGHTXHQRSXHGHVDWLVIDFHUVXVSURSLRVPpULWRVGHRWUD
PDQHUD\VLHVKRPLFLGDSRUTXHODSHUVRQDPXHUWDKDVLGRGHVWHUUDGDSRUXQD
IDFFLyQ R XQ UHEHOGH R SRU FXDOTXLHU RWUD UD]yQ SHUR VL ODV FXDOLGDGHV GHO
DFXVDGR\VXVSDODEUDVQRH[FHSW~DQGHQLQJXQDGHIHQVD 0$1=,1,
5HILHUHHODQWHULRUSiUUDIRTXHVLODSHUVRQDTXHFRPHWLyHOLOtFLWRHVHQFRQWUDGDSRU
ORV TXH JXDUGDEDQ HO RUGHQ SRGtD VHU FDVWLJDGR VLQ XQD VHQWHQFLD SUHYLD SHUR HO
DXWRU UHILHUH TXH GHEtD GH UHVSHWDUVH VX GHUHFKR GH GHIHQVD DVt HVFXFKDU ORV
DUJXPHQWRVSRUORVFXDOHVOHOOHYDURQDFRPHWHUHOLOtFLWR
3RUPHQFLRQDUDOJXQRVSURFHVRVWHQGUtDPRV
WRUWXUDEDDODSHUVRQDTXHFRPHWtDHOLOtFLWR
- /H\HVViOLFDV5HJLDHQFXHVWLyQGH+HUHQFLDFUtPHQHVURER
/DVVDQFLRQHVSRUIODJUDQWHGHOLWR
- 4XLWDUODYLGDDXQDPHQRUIpPLQD6HFDVWLJDEDFRQ
- $VHVLQDWRGHVSXpVGHSDVDUODPHQRSDXVLD&DVWLJRFRQDVXHOGRV
&RPRSRGHPRVREVHUYDUODVSHQDVHQHVHWLHPSR\DVHFRPHQ]DEDQDGDUDPDQHUD
HFRQyPLFDORTXHKR\HQGtDFRQRFHPRVFRQODPXOWDFRQODGLIHUHQFLDGHTXHWRGRV
ORVGHOLWRVGHHVDpSRFDHUDQFDVWLJDGRVRVHFRQVLGHUDEDQFRPRIODJUDQFLD
% (QODHGDGPHGLD
eSRFDGHSURJUHVRKXPDQROOHQDGHRVFXURVHQORFLHQWtILFRGRQGHVHXVyGHPDQHUD
FRQMXQWDHOGHUHFKR5RPDQRGHORVSXHEORVEiUEDURVFRQXQDPDUFDGDSUHYDOHQFLD
GHXQRVXRWURVWRGRHOORGHSHQGtDGHOWHUULWRULR\ODFXOWXUD
6HxDOD1292$0215($/
(O HVWDWXVOHJDO HVWXYR VXERUGLQDGR D ORV VHxRUHV IHXGDOHV \ VREHUDQRV HQ VX
DSOLFDFLyQDVtFRPRHQVXJHQHUDFLyQHQHOIHXGDOLVPRQRIXHURQODVLQVWLWXFLRQHV
MXUtGLFDV GHVWDFDGDV HQ FXDQWR DO GHUHFKR D ODOLEHUWDG SRUSDUWH GHO LQGLYLGXR
VLQR TXH SRU HO FRQWUDULR VH OLPLWD \ OLPLWD DO Pi[LPR ,QFOXVR ORV DFWRV PiV
DVRPEURVRV GH EUXWDOLGDG \ EDUEDULH VH UHDOL]DQ SDUD FXPSOLU FRQ HO GHEHU \
FDVWLJDUDOFXOSDEOHRDOFXOSDEOHRDODFXVDGR 1292$0215($/
6HJ~QHODXWRUODVQRUPDVVHGLHURQGHPDQHUDDQWRMDGL]DHQHVWRVWLHPSRVHQYLVWD
GHTXHWRGRIXHUHGDFWDGRSRUSHUVRQDMHVTXHWHQtDQHOFRQWUROVREUHHOSXHEORVROR
QRUPDQGRUHVSHFWRDOVRPHWLPLHQWR\DUHVWULFFLRQHVTXHKR\HQGtDDWHQWDUtDQDORV
GHUHFKRV FRQRFLGRV GH OHVD KXPDQLGDG DVt LPSODQWDEDQ VDQFLRQHV GH FUXHOGDG
EDUEDULHDTXLHQFRPHWtDXQGHOLWR
&RQWLQ~DHODXWRU
2WURDXWRUUHILHUHTXH³+D\PRPHQWRVHQTXHHOius puniendiYROFDQGRWRGDVX
VHULHGDGDORTXHODPRQDUTXtDRVHxRUIHXGDOH[LJHRH[LJHDORVWLWXODUHVGHO
SRGHU MXGLFLDO VH FRQIXQGH FRQ OD IXHU]D SROtWLFD GHO GHUHFKR SRUTXH QR KD\
VHSDUDFLyQGHSRGHUHV DGPLQLVWUDWLYROHJLVODWLYR\MXGLFLDO HVHQHVHVHQWLGR
XQDHWDSDUXGLPHQWDULDGHGHVDUUROORGRQGHHOfumus commisidelictiHVHOSDQGH
FDGD GtD FXDQGR D ORV LQGLYLGXRV ORV GHWLHQHQ SRU OD FRPLVLyQ GH ORV GHOLWRV
EUXMHUtD EUXMHUtD KXUWR FRQFLHUWR SDUD GHOLQTXLU HWF VRQ OOHYDGDV DQWH XQ
yUJDQRDGPLQLVWUDWLYRTXHWDPELpQWLHQHSRWHVWDGMXGLFLDOSRUORTXHDVHJXUDU
TXH HOLQGLYLGXR KD VLGR YXOQHUDGR GH XQD PDQHUD SDUWLFXODU HVR HV OLEHUWDG´
1292$0215($/
(ODXWRUUHILHUHTXHODFDSDFLGDG\SRWHVWDGSDUDHMHUFHUMXVWLFLDGHOHVWDGRVREUHSDVR
WRGRVORVOtPLWHVHQHOVHQWLGRTXHVHHMHUFHHOSRGHUSROtWLFR\DTXHHQYLVWDGHTXH
HQGLFKRWLHPSRQRH[LVWtDODGLYLVLyQGHSRGHUHVHMHUFLpQGRVHXQVRORSRGHUTXHHQ
PXFKRVFDVRVVREUHSDVDEDVXVOtPLWHVYLRODQGRORV GHUHFKRVLQGLYLGXDOHVFRPROD
OLEHUWDG
$OUHVSHFWR(6&5,&+(LQGLFD
(O&yGLJR$OIRQVLQRHOIDPRVRFRPSHQGLRGHOH\HVFRPSLODGRGXUDQWHHOUHLQDGR
GHO VDELR $OIRQVR 5H\ VH OODPD 6LHWH 3DUWLGDV VLHWH SDUWHV (O SULPHUR HVWi
UHIHULGD DO VDEHU GH 'LRV SRU IH \ D OD PLVPR FDWROLFLVPR VHJXQGR ORV TXH
PDQGDQHQODWLHUUD HPSHUDGRUHVUH\HVVHxRUHV TXLHQHVODGHIHQGHUiQHQOD
MXVWLFLDWHUFHURFyPRVHRUGHQDHQXQWULEXQDOSDUDUHVROYHU\ODMXVWLFLDHQHO
FXDUWRSURPHWLGR\FDVDGRTXLQWRFRQWUDWRHQHOVH[WRWHVWDPHQWR\KHUHQFLD
'HOLWRFDVWLJRDFXVDFLyQ (6&5,&+(
3RGHPRV REVHUYDU TXH \D FRQ HVWH FyGLJR VH GD XQ RUGHQDPLHQWR D ORV DVSHFWRV
OHJDOHVQRUPDQGR\GLIHUHQFLDQGRHQGLVWLQWDVOH\HVGLIHUHQWHVDVSHFWRVSDUDOOHYDU
XQDFRQYLYHQFLDVRFLDORUGHQDGD\DVtVROXFLRQDULQFRQYHQLHQWHVTXHVHSUHVHQWHQ
HQODVRFLHGDGHVDVtTXHKD\XQRUGHQHQODFRPSLODFLyQGHODVOH\HVTXHYDQGHVGH
HOUHVSHWRDODIHFDWyOLFDKDVWDORVFRQVLGHUDGRVGHOLWRV
F /DHGDGPRGHUQD
+XJR7$*/(0$57Ë1(=UHILHUHTXH
(O SHUtRGR PRGHUQR SDUD HO GHVDUUROOR GH HVWH SHUtRGR FRQOD (GDG 0HGLD VH
FRQVLGHUDHOWHUFHUSHUtRGRKLVWyULFRHQ2FFLGHQWHHQHOTXHODKLVWRULDPXQGLDO
VHGLYLGLySRUFXOWXUDGHVGHODpSRFDGH&ULVWyEDO&HODULR(QHVWDSHUVSHFWLYD
OD 1XHYD (UD HV GRQGH OD LPSRUWDQFLD GH OD PRGHUQLGDG GHVDUUROOR
FRPXQLFDFLyQFRPSUHQVLyQ GRPLQDHOSDVDGROD(GDG0HGLD\VXWHPDVRQ
ORVWLHPSRVRVFXURVRHOIXWXURHODLVODPLHQWR\ODRVFXULGDG(OHVStULWXGHOD
HGDGPRGHUQDHQFDPELRHQFRQWUDUiVXVHQWLGRHQODYHMH]TXHVHGHILQHFRPR
ODHGDGFOiVLFDHQHOSDVDGR 7$*/(0$57Ë1(=
(ODXWRUPDQLILHVWDTXHHQHVWDpSRFDHVGRQGHVREUHVDOHDIORWHDOJXQRVYDORUHV
FRPRODUD]yQSURJUHVR\ODFRPXQLFDFLyQGLIHUHQFLiQGRODGHODpSRFDDQWHULRUSRU
ODFDUHQFLDGHRVFXUDQWLVPR\UHWDUGR
0DQLILHVWD0$57Ë1(=7$*/(
/XHJRHQ(VSDxDFRQODDSHUWXUDGHOQXHYR PXQGRHQHOUH\WXYRTXH
DSOLFDUODVOH\HVTXHHQVXPRPHQWRHQ(VSDxDHVWDEDQHQYLJHQFLDFRPRODV
\D PHQFLRQDGDV \ HQWRQFHV HVWDEOHFLy XQD MXQWD DVHVRUD FRQRFLGD FRPR HO
&RQVHMRGH,QGLDV'RQGHVHRUGHQDODFUHDFLyQGHOH\HVHVSHFtILFDVTXHVH
DSOLFDUiQHVSDFLDO\WHPSRUDOPHQWHHQDPpULFDVHJ~QORFRPSLODGRSRUODOH\
LQGLDHO1XHYR&yGLJRGHOD,QGLDDVtFRPRHQFDVRGHRPLVLyQRLQFDSDFLGDG
SDUDQRUHVROYHUFRQIOLFWRVTXHSXHGDQGDUVH 7$*/(0$57Ë1(=
(Q HVWH SXQWR \D SRGHPRV DSUHFLDU OD FUHDFLyQ GH XQD QRUPD HVSHFtILFD SDUD XQ
GHWHUPLQDGRWHUULWRULRFRPRHVHOFDVRGHODOH\GHLQGLDV\HQFDVRODOH\WXYLHUD
DOJXQRVYDFtRVVHWHQGUtDTXHDFXGLUDVXDQWHFHVRUDRDODOHJLVODFLyQHVSDxROD
G (GDGFRQWHPSRUiQHD
eSRFDTXHVHHQWLHQGHHQWUHODDFWXDOLGDG\OD5HYROXFLyQIUDQFHVD
6HJ~QOD(QFLFORSHGLD-XUtGLFD20(%$UHILHUH
7HQtD FRPR JXtD ODV QRUPDV GHO FRQWLQHQWH HXURSHR ³/H\ GH
HQMXLFLDPLHQWR FULPLQDO TXH HQ HO DUWtFXOR ³SHUPLWHQ TXH WRGR LQGLYLGXR
DUUHVWHDXQFULPLQDOVRUSUHQGLGRLQIUDJDQWLHQWDOHVFDVRVVXVSRGHUHVHVWiQ
OLPLWDGRV SRUTXH WLHQH OD REOLJDFLyQ GH HQWUHJDU LQPHGLDWDPHQWH D ORV
SULVLRQHURVDODVDXWRULGDGHVFRPSHWHQWHV 20(%$
3RGHPRV YHU TXH HQ HVWD pSRFD VH FRQFHGtD IDFXOWDG D FXDOTXLHU SHUVRQD SDUD
DFWXDUIUHQWHDXQFDVRFULPLQDOWHQLHQGRHVWHODSRWHVWDGGHGHWHQHUDOVXMHWRTXH
FRPHWLyHOGHOLWRSDUDSRVWHULRUPHQWHSRQHUORHQUHFDXGRGHODDXWRULGDGFRPSHWHQWH
+LVWyULFRUHODFLRQDGRFRQODIODJUDQFLD
7RGR
GHOLWRTXH
HV &RGLJRGH/RUHQ]RGH9LGDXUUH
GHVFXELHU &RGLJRGH6DQWD&UX]
WR ODSROLFLD PLVLRQ\IXQFLRQHV
'HOLWRV $SDULFLRQGHODV SURSLDV VHHQFDUJDGHOFRQWURO\
0HQWLU QRUPDVHVFULWDV YLJLOLDGHODSREODFLRQ
5REDU DSOLFDFLRQGHOD 1DFHODSHQDSULYDWLYDGHODOLEHUWDG
2FLRVR SHQDGHPXHUWH FRQOD&RVQWLWXFLRQGHSHUPLWH
3HQDV H[LVWLDXQ ODGHWHQFLRQSRUIODJUDQFLD
GHVWLHUUR SURFHVRSUHYLR
\ DQWHVGH
KRJXHUD VDQFLRQDU
WDPELHQ
ODFDUFHO
SRU
DOJXQRV
GHOLWRV
PHQRUHV
)XHQWH±(ODERUDFLyQSURSLD
&RQFHSWRGHIODJUDQFLD
6HxDOD*$5&Ë$&$/,=$<$TXH
/DIODJUDQFLDHVXQDGHFODUDFLyQDPSOLDTXHFXEUHVLWXDFLRQHVHQODVTXHVH
GHWHUPLQD TXH XQ DJHQWH KD FRPHWLGR XQ KHFKR SXQLEOH (QWRQFHV SDUD
GHWHUPLQDUHOORGHEHPRVHVWDUDQWHHOKHFKRGHOLFWLYRDFWXDO
/DYHQWDMDGHODLQPHGLDWH]IODJUDQFLDHVTXHSHUPLWHTXHODSROLFtDDUUHVWHR
GHWHQJD D DOJXLHQ VLQ OD RUGHQ HVFULWD GH XQ MXH] DVt FRPR HQYLDUORV D XQ
SURFHGLPLHQWRHVSHFLDO SURFHGLPLHQWRDFHOHUDGR
(V FXDQGR OD LQVHJXULGDG VH LQFUHPHQWD HQ OD VRFLHGDG FRQ OD FRPLVLyQ GH
GLYHUVRVGHOLWRVORVHVWDGRVFRPRSDUWHGHODSROtWLFDGHOXFKDFRQWUDHVHPDO
KDQYLVWRIRUPDVGHH[WHQGHU\DGHFXDUHOFRQWHQLGRGHODIODJUDQFLDGHOLFWLYD
DFRUGH FRQ VXV QHFHVLGDGHV GH SHUVHFXFLyQ GH OD FULPLQDOLGDG *$5&,$
&$/,=$<$
D )ODJUDQFLDPDWHULDORFXDVLIODJUDQFLD
5HVSHFWRDODFXDVLIUDJDQFLD$1*8/2$5$1$UHILHUH
&RPRWDOHODFXVDGRFRPHWLyXQGHOLWR\IXHGHFODUDGRFXOSDEOH(VWDHVXQD
OtQHDHQWUHORVGHOLWRVYLROHQWRV\ORVHQFXELHUWRVTXHQRGHVDSDUHFHFXDQGRVH
WRUWXUDDODFXVDGRGHVSXpVGHKDEHUFRPHWLGRHOGHOLWR(QSDUWLFXODUHO1&33
GHHQHODUWtFXORSURSRUFLRQDODH[SOLFDFLyQSHUWLQHQWHTXHHVXQD
VHxDO GH TXH XQ DJHQWH KD FRPHWLGR XQ GHOLWR UHFLHQWHPHQWH \ KD VLGR
HQFRQWUDGR
6HJ~Q$QJXOR$UDQD³(VWHHVHOFDVRHQHOTXHVHHQFRQWUyDOLQGLYLGXRSRFR
GHVSXpVGHOFULPHQFXDQGRVDOtDGHODHVFHQDGHOFULPHQSHURIXHGHVFXELHUWR
DQWHVGHTXHSXGLHUDFRQWLQXDU´ $1*8/2$5$1$
&RPRHMHPSORV
- 'RVSROLFtDVTXHFLUFXODEDQSRUHOERXOHYDUGHVFXFKDURQGLVSDURVFHUFD\DO
GDUVHODYXHOWDYLHURQDXQKRPEUHWLUDGRHQHOSLVR\GRVHQFDSXFKDGRVFRUULHQGR
HQXQDPRWROLQHDOORVSROLFtDVORVSHUVLJXHQVLQSHUGHUHOUDVWURSDUDSRVWHULRU
PHQWHGHWHQHUORV
- (O VXMHWR OH DUUDQFy HO FHOXODU D DOJXLHQ -XVWR FXDQGR HVWDED D SXQWR GH KXLU
DSDUHFLyODSROLFtDSRUORTXHQRWLUyHOWHOpIRQRDOVXHORHLQWHQWyHVFDSDUSHUR
ODSROLFtDORJUyGHWHQHUOR
E )ODJUDQFLDGHOLFWXDOH[WHQGLGD
&RQFUHWDPHQWHQRFRQFXUUHQORVUHTXLVLWRVGHIODJUDQFLDVLQROHRWRUJDGLFKRHVWDWXV
DSDUWLUGHRWURVHOHPHQWRV
$OUHVSHFWR*$5&Ë$&$/,=$<$UHILHUHORVLJXLHQWH
(VWR VH GHEH D TXH HO DXPHQWR GH OD GHOLQFXHQFLD KD SURYRFDGR PXFKRV
GLVWXUELRVVRFLDOHVTXHHOJRELHUQRQRSXHGHGHWHQHU(OS~EOLFRWHPH\TXLHUH
TXHODVSHQDVGHSULVLyQVHH[WLHQGDQVLQFRPSURPHWHUODVSURPHVDVSUHYLVWDV
SRU HO RUGHQDPLHQWR MXUtGLFR QDFLRQDO H LQWHUQDFLRQDO GHUHFKR SHQDO OD
FRQVWLWXFLyQSROtWLFD\ODVFRQYHQFLRQHVLQWHUQDFLRQDOHV
/D H[WHQVLyQ GH OD IODJUDQFLD REHGHFH D TXH H[LVWHQ KHFKRV TXH SXHGHQ
FRQILJXUDUVH HQ GLFKD ILJXUD SURFHVDO WRGR HOOR HQ UHIHUHQFLD D ODV SROtWLFDV
FULPLQDOHVDGRSWDGDSRUHOHVWDGRDVtSRGHULGHQWLILFDU³VXSXHVWRV´HQDOJXQDV
VLWXDFLRQHVSRVW±GHOLFWLYDVTXHSHUPLWDQDGHFXDUODVDHVWDILJXUDSURFHVDO
IODJUDQWH
(OORREHGHFHDODPDQLIHVWDFLyQGHODGHOLQFXHQFLDTXHVLHPSUHSRQHHQDSXURV
D ORV OHJLVODGRUHV \ FRQ OLPLWDGDV RSFLRQHV SDUD DIURQWDUOD VLWXDFLyQ ORV KD
OOHYDGRDODGLVWRUVLyQGHOFRQFHSWRGHIODJUDQFLDDOTXHKDQLGRLQFRUSRUDQGR
XQDYDULHGDGGHVXSXHVWRV *$5&,$&$/,=$<$
$VtPLVPR%$=$/$53$=VRVWLHQH
4XH VHUtD XQ FRQFHSWR HYROXFLRQDGR DFRUGH FRQ ODV UHDOLGDGHV DFWXDOHV
LQFOX\HQGRODGHOLQFXHQFLDFDOOHMHUDDWUDYpVGHSUXHEDVDWUDYpVGHODFRQIHVLyQ
RHOUHJLVWURDWUDYpVGHPHGLRVWHFQROyJLFRVTXHSHUPLWHQODGHWHQFLyQGHXQ
DJHQWHHQKRUDV
(QWHQGHPRVDODIODJUDQFLDFRPRDTXHOORTXHVHYLHQHHMHFXWDQGR\TXHHQHVH
HVWDGRHVYLVWRSRUXQWHUFHURVLQHPEDUJRODOH\DOPDUJHQGHHVWHFRQFHSWR
KDH[WHQGLGRHODOFDQFHGHOGHOLWRIODJUDQWHLQFRUSRUDQGRRWUDVYDULDEOHVFRPR
SRUHMHPSORHOKDOOD]JRGHODJHQWHFRQORVLQVWUXPHQWRVGHOGHOLWRGHQWURGHODV
KRUDVGHVSXpVGHVXUHDOL]DFLyQ %$=$/$53$=
F )ODJUDQFLDSRULGHQWLILFDFLyQGLUHFWD
&5,6Ï672026$/9$7,(55$UHILHUH
4XHHVWDVHIXQGDPHQWDHQODVDUWHV\VHSURGXFHFXDQGRHOSHUSHWUDGRUVHGD
D OD IXJD \ HV LGHQWLILFDGR GXUDQWH R SRFR GHVSXpV GH TXH OD YtFWLPD X RWUD
SHUVRQD VHD WHVWLJR GHO GHOLWR R SRU OD XWLOL]DFLyQ GH PHGLRV HTXLSRV R
GLVSRVLWLYRVDXGLRYLVXDOHVFX\DVLPiJHQHVVHDQJUDEDGDV\GHWHFWDGDVGHQWUR
GHODVKRUDVVLJXLHQWHVDODFRPLVLyQGHODLQIUDFFLyQ
(QHVWDIyUPXODHOWLHPSRILMDGRFXPSOHXQSDSHOSUHSRQGHUDQWHDHIHFWRVGH
SRQHU ILQ D OD VLWXDFLyQ GH IODJUDQFLD HV GHFLU VL GHVSXpV GH KRUDV GH
SURGXFLGR HO GHOLWR VH HQFXHQWUD DO DJHQWH LGHQWLILFDGR TXH KD KXLGR
VLPSOHPHQWH\DQRHVWDUHPRVGHQWURGHORViPELWRVGHIODJUDQFLDGHOLFWLYD
(O WLHPSR HQ TXH D~Q VH FRQVLGHUD HO GHOLWR IODJUDQWH HV PDQHMDGR SRU HO
RUGHQDPLHQWRLQWHUQRGHFDGDSDtV
3XHGH HVWDEOHFHUVH HQ KRUDV \ KDVWD HQ GtDV HQDOJXQRV FDVRVLQFOXVLYH VH
GHMDGHODGRHVWHIDFWRUJHQHUiQGRVHFRQHOORLPSUHFLVLyQ VREUHHOHVWDGRGH
IODJUDQFLD &5,62672026$/9$7,(55$
/DIODJUDQFLDGHQWURHQHORUGHQDPLHQWRMXUtGLFR
6HJ~QORVHxDODGRHQOD&33HQORVDUWtFXORV\OLWHUDOI1DGLHSRGUiVHUGHWHQLGR
HQ FDXVD SHQDO VLQ RUGHQ HVFULWD \ UD]RQDGD GH MXH] R GH SROLFtD R SURSRUFLRQDU
DQRWDFLRQHVRpQIDVLVHQHOWH[WR
&RQODGDFLyQGHO1&33GHOHVGRQGHVHPHQFLRQDDODILJXUDGHOD³IODJUDQFLD´
DSHVDUGHTXHGLFKRFRQFHSWRVHPHQFLRQDEDHQDOJXQDV&RQVWLWXFLRQHVSHURSDUD
VDEHUDOJRPiVGHHOORVHWHQtDTXHDVLVWLUDODMXULVSUXGHQFLD\GRFWULQD
(VSHFtILFDPHQWHVHOHJLVORODIODJUDQFLDPHGLDQWHXQDOH\
- 3URPXOJDGD SRU '/(* 1 GH IHFKD VH PRGLILFD HO WHUPLQR
IODJUDQFLDGHOLFWLYD
- 'HURJDGDSRU/H\GHIHFKDSRULUHQFRQWUDGHORVSULQFLSLRV
SURFHVDOHV
- &RQHVWDQRUPDVHHVWDEOHFHODIODJUDQFLDVWULFWRVHQVX\FXDVLIODJUDQFLD
(QHO$UWGHO1&33GHO
/D313HQHOOXJDUGHORVKHFKRVGHWLHQHDTXLHQFRPHWLyODFRQGXFWDGHOLFWLYD
VLQRUGHQMXGLFLDO
6H GD OD ILJXUD SURFHVDO FXDQGR OD FRPLVLyQ GH XQ GHOLWR VH SURGXFH HQ HO
PRPHQWR HQ TXH VH UHYHOD DO DXWRU R FXDQGR HVD SHUVRQD HV GHWHQLGD
LQPHGLDWDPHQWHGHVSXpVGHFRPHWHUHOGHOLWRRFXDQGRHVFDSWXUDGRGHODQWH
GHOREMHWRXQDVHxDOGHTXHKDDFDEDGHFRPSOHWDUHOFULPHQ
WpUPLQRIODJUDQFLDFRPRVHPHQFLRQD
/D313GHWLHQHVLQQHFHVLGDGGHXQPDQGDWRDODSHUVRQDTXHHVVRUSUHQGLGD
HQIODJUDQFLDGHOLFWLYD6HFRQILJXUDIODJUDQFLDFXDQGR
- 4XHHODJHQWHKD\DFRPHWLGRGHOLWRFRPSUREDGDPHQWH
- 6HFRPHWHHOGHOLWR\HODXWRUVHKD\DH[SXHVWR
- (ODXWRUGHOKHFKRVHGDDODIXJD\HVUHFRQRFLGR LQPHGLDWDPHQWHGHVSXpV
R GXUDQWH HO KHFKR GHOLFWLYR SRU OD YtFWLPD R DOJ~Q RWUR TXH KD\D
SUHVHQFLDGRHOGHOLWRRSRULQWHUPHGLRGHDOJXQDFiPDUDGLVSRVLWLYRPRYLO
GHVFXELHUWDVHQHOODSVRGHKRUDVSRVWHULRUHVDOKHFKRGHOLFWLYR
- &XDQGR DO DJHQWH VH OH HQFXHQWUH KRUDV VLJXLHQWHV FRQ ODV
KHUUDPLHQWDV YHVWLGR R FRQ KXHOODV TXH VLUYDQ GH LQGLFLR GH VX
SDUWLFLSDFLyQ\RDXWRUtDGHOKHFKRGHOLFWLYR
$1*8/2$5$1$GLFHTXH
6LWXDFLyQHQODTXHVHLGHQWLILFDXQDVLWXDFLyQGHHPHUJHQFLDHVSHFtILFDHQOD
TXH OD SROLFtD QDFLRQDO SXHGH WRPDU XQD DFFLyQ H[FHSFLRQDO RWRUJiQGROHV OD
IDFXOWDGWDQWRGHGHWHQHUDXQDJHQWHRSHUVRQDDFXVDGDGHXQGHOLWRFRPRGH
LQJUHVDUDODVFDVDVGHODVSHUVRQDVFXDQGRVRQGHVFXELHUWRV/DIODJUDQFLDHV
LPSRUWDQWH SDUD OD 313 \ HO 03 SRU VHUORV SULPHURV RUJDQLVPRV HQ FDOLILFDU
SDUDVXSUHVHQFLD $1*8/2$5$1$
(V LPSRUWDQWH UHVDOWDU TXH ORV SULPHURV HQ FRQRFHU UHVSHFWR D OD FRPLVLyQ GH XQ
GHORVDFWRVUHDOL]DGRVDO0LQLVWHULR3XEOLFRSDUDFDOLILFDUFRPRWDOHOLOtFLWRSHQDO
$OUHVSHFWRPHQFLRQD6$10$57,1&$6752TXH
$WULEXFLRQHVGHOD3ROLFtD $UW
'XUDQWHODUHDOL]DFLyQGHODLQYHVWLJDFLyQOD313EDMRODWXWHODGHO03SRGUi
UHDOL]DU ODV VLJXLHQWHV DFFLRQHV VLQ SHUMXLFLR GH ORV DUWtFXORV \ yUGHQHV GH OD
LQYHVWLJDFLyQ « K 'HWHQHU GH LQPHGLDWR D ORV GHOLQFXHQWHV \ SHUVRQDV
VRVSHFKRVDV GH KDEHU FRPHWLGR SDUWLFLSy HQ HO FULPHQ LQIRUPD VREUH VXV
GHUHFKRV « N HOGHFRPLVRFRUUHVSRQGLHQWHHQORVFDVRVGHGHOLWRLQPHGLDWR
RHQPDQLILHVWRULHVJRGHFRPHWHUVH « 6$10$57,1&$6752&
0HQFLRQDODVIXQFLRQHVGHOD3ROLFtD1DFLRQDOUHVSHFWRDFyPRLQWHUYHQLUHQFDVRGH
GHWHQFLyQLQPHGLDWD
'HLJXDOPDQHUDHODXWRU6$10$57,1&$6752PHQFLRQD
(O FXPSOLPLHQWR GH ORV UHFDXGRV QRUPDWLYRV SUHVXSXHVWRV GHO DUWtFXOR
LPSHUD D TXH VH HVWDEOH]FDQ EHQHILFLRV FRPR HVOD UHGXFFLyQGHOD SHQD XQ
WHUFLRGHOPtQLPROHJDO WRGRHOORQRHVDSOLFDEOHVLVHREVHUYDORSUHYLVWRHQORV
$UWV%\&GHOFyGLJRSHQDO 6$10$57,1&$6752&
(O DXWRU LQGLFD TXH HO LPSXWDGR UHFLEH FLHUWRV EHQpILFRV UHGXFFLyQ GH SHQD VL VH
DFRJH D FRQIHVDU GH PDQHUD YROXQWDULD TXH HV DXWRU GHO KHFKR VHxDODGR SRU ODV
DXWRULGDGHVVLQHPEDUJRHVWRQRUHVXOWDFXDQGRHODJHQWHHVKDELWXDORUHLQFLGHQWH
$VtPLVPRHOPLVPRDXWRUPHQFLRQD
6ROLFLWXG\iPELWRGHODOODQDPLHQWR $UW
([FHSWRFXDQGRVHWUDWHGHSULYDFLyQGHODOLEHUWDGHQODHVFHQDGHOFULPHQRGH
XQ GHOLWR TXH VXSRQJD XQD DPHQD]D LQPHGLDWD \ FXDQGR HO LPSXWDGR VH
HVFRQGHRH[LVWHQDOJXQRVLQGLFLRVFRPRREMHWRVTXHVHDQQHFHVDULRVSDUDOD
LQYHVWLJDFLyQHOILVFDOYDDVROLFLWDUHODOODQDPLHQWRGHOOXJDUGRQGHVHSUHVXPH
VH HQFXHQWUD HVFRQGLGR HO DXWRU GHO KHFKR GHOLFWLYR « 6$1 0$57,1
&$6752&
1RVPXHVWUDODVIDFXOWDGHVTXHWLHQHHOILVFDOSDUDHOLQJUHVR\UHJLVWURGHXQLQPXHEOH
FHUUDGRTXHD\XGDUDDODDXWRULGDGDUHDOL]DUVXVIXQFLRQHVGHLQYHVWLJDFLyQ
'HOPLVPRPRGRHODXWRULQGLFD
$UWtFXOR6ROLFLWXGGHO)LVFDO $UW
6LHO)LVFDOVROLFLWDDOSURSLHWDULRWHQHGRUXRWUDSHUVRQDTXHWHQJDORVREMHWRV
TXHFRUURERUHQODFRPLVLyQGHXQGHOLWR\HVWHVHQHJDUDDHQWUHJDUORVHOILVFDO
VROLFLWDDO-XH]GH,QY3UHSDUDWRULDHOHPEDUJRRODUHYHODFLyQREOLJDWRULRV/D
VROLFLWXGVHUiUHYLVDGD\FXPSOLUiFRQORVUHTXLVLWRV
/D 313 QR QHFHVLWD DXWRUL]DFLyQ GHO 03 R DOJ~Q PDQGDWR MXGLFLDO VL
LQWHUYLHQHQHQODFRPLVLyQGHXQKHFKRTXHVHHVWiFRPHWLHQGRRODDPHQD]D
TXH VH YD D FRPHWHU HVWH WLHQH TXH LQIRUPDU DO 03 \ HVWH GHFLGH
LQPHGLDWDPHQWHUHVSHFWRDODGHWHQFLyQ\FDXWHODGHORVREMHWRVGHOGHOLWRSDUD
SRVWHULRUPHQWH VROLFLWDU DO MX]JDGR GH LQYHVWLJDFLyQ VX FRQILUPDFLyQ 6$1
0$57,1&$6752&
(O03FRQIRUPHDODVDWULEXFLRQHVQRUPDWLYDVFRQVLJQDGDVHQHOFDVRHQFRQFUHWR
GHEH VROLFLWDU DO MXH] GH JDUDQWtDV OD LQFDXWDFLyQ IRU]RVD GH ORV ELHQHV TXH
FRQVWLWX\HQ GHOLWR VLHPSUH \ FXDQGR ORV SURSLHWDULRV GH ORV PLVPRV VH QHJDVHQ D
HQWUHJDUORV
$Vt PLVPR OD 313 HVWi IDFXOWDGR SDUDLQWHUYHQLU HQ FDVR GH IODJUDQFLD FXDQGR VH
YHULILTXHODFRPLVLyQGHXQGHOLWR$WDOHIHFWRQRQHFHVLWDUDRUGHQQLPDQGDWRMXGLFLDO
\DVHDGHOILVFDORGHOMXH]
(ODXWRUWDPELpQUHILHUHTXH
'HWHQFLyQ3ROLFLDO $UW
/D 313 UHDOL]D OD GHWHQFLRQ HQ XVR GH VXV IDFXOWDGHV FXDQGR HO DJHQWH HV
GHVFXELHUWRUHDOL]DQGRHOKHFKRDFDEDGHFRPHWHUKDKXLGRRHVHQFRQWUDGR
KRUDVGHVSXHV(QWDOHIHFWRDHVWDVXOWPDVVHFRQVLGHUDGHQWURGHODVKRUDV
TXHOD3ROLFtD1DFLRQDOGHO3HU~SXHGDGHWHQHUDORVLQYROXFUDGRVHQXQGHOLWRFRPR
HOVXMHWRHVGHWHQLGRDFDEDGHFRPHWHUHOLOtFLWRHOVXMHWRKX\HSHURHVLGHQWLILFDGR
HOVXMHWRHVLQWHUYHQLGRGHQWURGHODVKRUDV
6$10$57,1&$6752WDPELpQUHILHUHUHVSHFWRD
$UUHVWR&LXGDGDQR $UW
(VWH DUWtFXOR HVWi UHIHULGR UHVSHFWR D OD DWULEXFLyQ TXH WRGR FLXGDGDQR WLHQH SDUD
FRQWHQHUGHWHQHUDODSHUVRQDTXHFRPHWHGHOLWRIODJUDQWHSDUDGHVSXpVSRQHUORD
GLVSRVLFLyQGHODVDXWRULGDGHVFRPSHWHQWHV
&,-
(OGHMXQLRGHOVHHPLWLyHO$FXHUGR3OHQDULR([WUDRUGLQDULR1&,-
HO FXDO SUHFLVy DOJXQRV DVSHFWRV UHIHULGRV D ORV FULWHULRV MXULVSUXGHQFLDOHV GHO
RUGHQMXULVGLFFLRQDOSDUDFRPSOHPHQWDUDO'HFUHWR/HJLVODWLYR1FRQHOILQGH
DSOLFDU HO SURFHVR LQPHGLDWR GH PDQHUD DGHFXDGD VLQ YXOQHUDUVH HO GHUHFKR GH
GHIHQVD \D TXH DQWHV GH OD HPLVLyQ GHO SOHQR ORV UHSUHVHQWDQWHV GHO 0LQLVWHULR
3~EOLFRDSOLFDEDQDWRGRVORVFDVRVGRQGHH[LVWtDIODJUDQFLDGHOLFWLYDDXQTXHHVWRV
VHDQFRPSOHMRVPLHQWUDVTXHDSDUWLUGHODHPLVLyQGHOSOHQRDQWHVVHxDODGRVHGHEH
DSOLFDUVRORDFDVRVVLPSOHV\GRQGHH[LVWDHYLGHQFLDSUREDWRULDTXHQRUHTXLHUDQ
PD\RUHVDFWRVGHLQYHVWLJDFLyQ
6LHQGRDVtHO$FXHUGR3OHQDULR([WUDRUGLQDULR1&,-VHKDFRQYHUWLGRHQ
XQDKHUUDPLHQWDLPSRUWDQWHSDUDHO)LVFDO\-XH]GH,QYHVWLJDFLyQ3UHSDUDWRULDDILQ
GHYHULILFDUVLFRQFXUUHQORVVXSXHVWRVGHSURFHGHQFLDVLODGHIHQVDGHOLPSXWDGRHV
HMHUFLGD DGHFXDGDPHQWH \ VL OD LQPHGLDWH] GH ODV DXGLHQFLDV OLPLWD XQ HMHUFLFLR
DGHFXDGRGHODGHIHQVDWRPDQGRHQFXHQWDODJUDYHGDGGHORVGHOLWRV(QFRQMXQWR
VHSRGUiGHWHUPLQDUVLODIRUPDHQTXHVHKDLQWHUSUHWDGRHOSURFHVRLQPHGLDWRSRUHO
$FXHUGR 3OHQDULR ([WUDRUGLQDULR 1&,- \ OD IRUPD HQ TXH VH YLHQH
DSOLFDQGRJDUDQWL]DODSURWHFFLyQGHOGHUHFKRGHGHIHQVD
$O UHVSHFWR QR H[LVWH QLQJXQD LQYHVWLJDFLyQ TXH VH KD\D SUHRFXSDGR SRU OR
PDQLIHVWDGRSXHVHVWXGLDQDOSURFHVRLQPHGLDWR\ODIODJUDQFLDGHIRUPDH[HJpWLFD
2Up*XDUGLD6DODV$UHQDV0HQGR]D&DOGHUyQ0HQGR]D$\PD
9DOGLYLH]R *RQ]DOHV \ HVSHFtILFDPHQWH TXLpQ UHDOL]D XQ DQiOLVLV GHO
DFXHUGR SOHQDULR HV %D]DODU 3D] DGHPiV OD LQYHVWLJDFLyQ GH &DUUDVFR
0HOpQGH] KDFH QRWDU TXH HQ /LPD QR VH UHVSHWD HO SOD]R UD]RQDEOH HQ ORV
SURFHVRVLQPHGLDWRV
(YLGHQFLD GHOLFWLYD 6H GHILQH D WUDYpV GH WUHV LQVWLWXFLRQHV D 'HOLWR
)ODJUDQWH6HFRQILJXUDSRUODHYLGHQFLDVHQVRULDOGHOKHFKRGHOLFWLYRTXHVHHVWi
FRPHWLHQGR R VH DFDED GH FRPHWHU HQ HO PLVPR LQVWDQWH GH VHU VRUSUHQGLGR HO
GHOLQFXHQWHVXSRQHTXHWRGRVORVHOHPHQWRVQHFHVDULRVSDUDHYLGHQFLDUODFRPLVLyQ
GHO GHOLWR VH HQFXHQWUHQ SUHVHQWHV HQ HO OXJDU GH OD GHWHQFLyQ \ VHDQ UHFDEDGRV
GXUDQWHODFDSWXUD/DVQRWDVVXVWDQWLYDVTXHGLVWLQJXHODIODJUDQFLDGHOLFWLYDVRQ
x ,QPHGLDWH] WHPSRUDO 4XH OD DFFLyQ GHOLFWLYD VH HVWp GHVDUUROODQGR R DFDEH GH
GHVDUUROODUVHHQHOPRPHQWRHQTXHVHVRUSUHQGHRVHSHUFLEH
x ,QPHGLDWH] SHUVRQDO TXH HO GHOLQFXHQWH VH HQFXHQWUH HQ HO OXJDU GHO KHFKR HQ
UHODFLyQFRQDVSHFWRVGHOGHOLWRTXHSURFODPHQVXGLUHFWDSDUWLFLSDFLyQHQODHMHFXFLyQ
GHODDFFLyQGHOLFWLYD/DVQRWDVDGMHWLYDVTXHLQWHJUDQHOGHOLWRIODJUDQWHVRQ
x/DSHUFHSFLyQGLUHFWD\HIHFWLYDYLVWRGLUHFWDPHQWHRSHUFLELGRGHRWURPRGRWDO
x /D QHFHVLGDG XUJHQWH GH LQWHUYHQFLyQ GH OD SROLFtD OD FXDO GHEH YDORUDUVH HQ
DFXHUGRSOHQDULR
2.4.4. &DXVDOHV GH ,PSURFHGHQFLD GH 3URFHVR ,QPHGLDWR VHJ~Q HO DFXHUGR
3OHQDULR1&LM
(ODFXHUGRSOHQDULRHQVXIXQGDPHQWRGHVDUUROODODJUDYHGDGGHORVKHFKRVREMHWR
GHLPSXWDFLyQFRPRFULWHULRSDUDDSOLFDUHOSURFHVRLQPHGLDWRSUHFLVDTXHVLH[LVWH
GXGD UHVSHFWR GH ORV SULQFLSLRV GH LGRQHLGDG \ SURSRUFLRQDOLGDG VH RSWDUi SRU HO
SURFHVRFRP~QSRURWURODGRKDFHUHIHUHQFLDTXHEDVWDTXHORVGHOLWRVHVSHFLDOPHQWH
JUDYHVGHPDQGHQXQPD\RU\SURIXQGRQLYHOHQVXHVFODUHFLPLHQWRSDUDVXSULPLUHO
SURFHVR LQPHGLDWR VLQ HPEDUJR VHxDOD TXH QR H[LVWH QRUPD TXH GHILQD GHOLWR
HVSHFLDOPHQWHJUDYH\SUHFLVDTXHHOHMHUHFWRUHVODHYLGHQFLDGHOLFWLYD(ODUWtFXOR
HVWDEOHFHORVVLJXLHQWHVFULWHULRVSDUDGHFODUDUFRPSOHMRHOSURFHVRLQPHGLDWR
D 5HTXLHUDGHODDFWXDFLyQGHXQDFDQWLGDGVLJQLILFDWLYDGHDFWRVGHLQYHVWLJDFLyQ
E &RPSUHQGDODLQYHVWLJDFLyQGHQXPHURVRVGHOLWRV
F ,QYROXFUDXQDFDQWLGDGLPSRUWDQWHGHLPSXWDGRVRDJUDYLDGRV
G 'HPDQGD OD UHDOL]DFLyQ GH SHULFLDV TXH FRPSRUWDQ OD UHYLVLyQ GH XQD QXWULGD
GRFXPHQWDFLyQRGHFRPSOLFDGRVDQiOLVLVWpFQLFRV
H 1HFHVLWDUHDOL]DUJHVWLRQHVGHFDUiFWHUSURFHVDOIXHUDGHOSDtV
I LQYROXFUDOOHYDUDFDERGLOLJHQFLDVHQYDULRVGLVWULWRVMXGLFLDOHV
J 5HYLVDODJHVWLyQGHSHUVRQDVQDWXUDOHVRHQWLGDGHVGHO(VWDGR
K &RPSUHQGD OD LQYHVWLJDFLyQ GH GHOLWRV SHUSHWUDGRV SRU LQWHJUDQWHV GH XQD
RUJDQL]DFLyQFULPLQDOSHUVRQDVYLQFXODGDVDHOODRTXHDFW~DQSRUFDUJRGHODPLVPD
2.4.5. (OSURFHVRLQPHGLDWR\VXSRVLEOHLQFRDFLyQHQGHOLWRVJUDYHVDSURSyVLWR
GHOD&DVDFLyQ10DGUHGH'LRV
3DUDODLPSOHPHQWDFLyQGHOSURFHVRLQPHGLDWRDGHPiVGHORVSUHVXSXHVWRVOHJDOHV
WDPELpQGHEHUiREVHUYDUVHODJUDYHGDGGHOGHOLWRLPSXWDGRGHVGHODSHUVSHFWLYDGH
ODFRQPLQDFLyQSHQDOHVGHFLUGHOPDUFRSXQLWLYRSUHYLVWRHQHOWLSRSHQDOFRQIRUPH
ORHVWDEOHFLyHO$FXHUGR3OHQDULR1&-HQHOTXHWDPELpQVHDFODUyTXH
HVWH FULWHULR VH VXVWHQWD HQ HO SULQFLSLR GH SURSRUFLRQDOLGDG GDGR TXH D PD\RU
JUDYHGDG GHO KHFKR PiV LQWHQVD VHUi OD QHFHVLGDG GH FLUFXQVFULELU R OLPLWDU OD
DGPLVLyQ\SURFHGHQFLDGHOSURFHVRLQPHGLDWR
6XLGRQHLGDG\HVWULFWDSURSRUFLRQDOLGDGTXHDVHJXUDXQDUHVSXHVWDUiSLGDDOGHOLWR
SHURFRQXQDIOH[LELOLGDGGHODVJDUDQWtDVGHGHIHQVDSURFHVDO\WXWHODMXULVGLFFLRQDO
VLHPSUH GHEH HVWDU HQ IXQFLyQ D GHOLWRV TXH QR VHDQ HVSHFLDOPHQWH JUDYHV %DVWD
XQDGXGDPtQLPDDFHUFDGHOFXPSOLPLHQWRGHHVWRVSUHVXSXHVWRV\UHTXLVLWRVSDUD
RSWDUSRUHOSURFHVRFRP~QFX\DSUHIHUHQFLDHVREYLD
(OSURFHVRLQPHGLDWRHVXQWLSRGHSURFHVRHVSHFLDOFX\DQDWXUDOH]DMXUtGLFDHVGH
³VLPSOLILFDFLyQSURFHVDO´WRGDYH]TXHFRQHOODVHYDUHVWULQJLUSOD]RVSURFHVDOHV\
HOLPLQDURUHGXFLUIDVHVSURFHVDOHVSDUDDOLJHUDUHOVLVWHPDSUREDWRULR\DVtORJUDU
XQDMXVWLFLDFpOHUHVLQQLQJXQDPHQJXDGHVXHIHFWLYLGDGORJUDQGRVXSODXVLELOLGDG
HQYLUWXGDTXHORJUDFRQVHJXLUXQDGHFLVLyQMXULGLFLDOUiSLGDDSDUWLUGHODQRFLyQGH
³HYLGHQFLDGHOLFWLYD´R³SUXHEDHYLGHQWH´ORTXHMXVWLILFDVXQDWXUDOH]DMXUtGLFD
/RVSUHVXSXHVWRVGHSURFHGHQFLDVHHQFXHQWUDQUHJXODGRVHQORVLQFLVRV\GHO
DUWtFXOR GHO &yGLJR 3URFHVDO 3HQDO PRGLILFDGR SRU HO 'HFUHWR /HJLVODWLYR 1
ODVFXDOHVVRQL (YLGHQFLDGHOLFWLYD±SUHVHQFLDGHIODJUDQFLDFRQIHVLyQVLQFHUD
REVHUYDU OR SUHYLVWR HQ HO LQFLVR GHO DUWtFXOR GHO &yGLJR $GMHWLYR WDPELpQ
GHQRPLQDGDVLPSOLFLGDGSURFHVDO(VWRVSUHVXSXHVWRVWLHQHQXQFDUiFWHUFRSXODWLYR
SXHVWRTXHGHEHQFRQFXUULUORVGRVSDUDTXHVHDSOLTXHHOUHIHULGRSURFHVR
6LQ HPEDUJR HVWRV SUHVXSXHVWRV OHJDOHV FRPR ³FRQGLFLyQ VLQH TXH D QRQ´ GHO
SURFHVRLQPHGLDWRQRVRQVXILFLHQWHV$VtHO$FXHUGR3OHQDULR1&-
WDPELpQ GHEHUi REVHUYDUVH OR VLJXLHQWH OD JUDYHGDG GHO GHOLWR LPSXWDGR GHVGH OD
SHUVSHFWLYDGHODFRQPLQDFLyQSHQDOHVGHFLUGHOPDUFRSXQLWLYRSUHYLVWRHQHOWLSR
SHQDO(VWHFULWHULRVHVXVWHQWDHQHOSULQFLSLRGHSURSRUFLRQDOLGDGGDGRTXHDPD\RU
JUDYHGDG GHO KHFKR PiV LQWHQVD VHUi OD QHFHVLGDG GH FLUFXQVFULELU R OLPLWDU OD
SURSRUFLRQDOLGDGGHOSURFHVRLQPHGLDWRTXHDVHJXUDXQDUHVSXHVWDUiSLGDDOGHOLWR
SHURFRQXQDIOH[LELOLGDGGHODVJDUDQWtDVGHGHIHQVDSURFHVDO\WXWHODMXULVGLFFLRQDO
VLHPSUH GHEH HVWDU HQ IXQFLyQ D GHOLWRV TXH QR VHDQ HVSHFLDOPHQWH JUDYHV %DVWD
XQDGXGDPtQLPDDFHUFDGHOFXPSOLPLHQWRGHHVWRVSUHVXSXHVWRV\UHTXLVLWRVSDUD
RSWDUSRUHOSURFHVRFRP~QFX\DSUHIHUHQFLDHVREYLD(QHVHVHQWLGRVLHOGHOLWRHV
HVSHFLDOPHQWH JUDYH ±HO FXDO UHTXLHUH SRU VX HVHQFLD XQ PD\RU QLYHO GH
HVFODUHFLPLHQWR \ XQD DFWLYLGDG SUREDWRULD PiV LQWHQVD \ FRPSOHWD± \ TXH SRU ODV
FDUDFWHUtVWLFDV HVSHFtILFDV GH VX FRPLVLyQ FRQFUHWD UHTXLHUD DOJ~Q WLSR GH
DQWLMXULFLGDG\FXOSDELOLGDG RDXQDFLUFXQVWDQFLDIiFWLFDUHOHYDQWHSDUDODPHGLFLyQ
GHODSHQDVHYDSURVFULELUFRQVWLWXFLRQDOPHQWHODYtDGHOSURFHVRLQPHGLDWR'HOR
FRQWUDULR VH DIHFWDUtDQ ODV JDUDQWtDV FRQVWLWXFLRQDOHV GHO GHELGR SURFHVR WXWHOD
MXULVGLFFLRQDO\ODGHIHQVDSURFHVDO
/RV SUHVXSXHVWRV GH SURFHGHQFLD VH HQFXHQWUDQ UHJXODGRV HQ ORV LQFLVRV \
GHODUWtFXOR GHO&yGLJR 3URFHVDO 3HQDO PRGLILFDGR SRU HO'HFUHWR /HJLVODWLYR
1ODVFXDOHVVRQ
L (YLGHQFLDGHOLFWLYDSUHVHQFLDGHIODJUDQFLDFRQIHVLyQVLQFHUDRVXILFLHQWHV
HOHPHQWRVGHFRQYLFFLyQ\
LL $XVHQFLDGHFRPSOHMLGDGGHOFDVRREVHUYDUORSUHYLVWRHQHOLQFLVRGHO
DUWtFXORGHO&yGLJR$GMHWLYRWDPELpQGHQRPLQDGDVLPSOLFLGDGSURFHVDO
(VWRVSUHVXSXHVWRVWLHQHQXQFDUiFWHUFRSXODWLYRSXHVWRTXHGHEHQFRQFXUULU
ORVGRVSDUDTXHVHDSOLTXHHOUHIHULGRSURFHVR
6LQ HPEDUJR HVWRV SUHVXSXHVWRV OHJDOHV FRPR ³FRQGLFLyQ VLQH TXH D QRQ´ GHO
SURFHVRLQPHGLDWRQRVRQVXILFLHQWHV
$Vt HO$FXHUGR 3OHQDULR 1&-HVWDEOHFLy \ UHFRQRFLy FRPR FULWHULR
MXULVSUXGHQFLDOSUHVXSXHVWRDGLFLRQDOTXHWDPELpQGHEHUiREVHUYDUVHORVLJXLHQWH
OD JUDYHGDG GHO GHOLWR LPSXWDGR GHVGH OD SHUVSHFWLYD GH OD FRQPLQDFLyQ SHQDO HV
GHFLUGHOPDUFRSXQLWLYRSUHYLVWRHQHOWLSRSHQDO
(VWH FULWHULR VH VXVWHQWD HQ HO SULQFLSLR GH SURSRUFLRQDOLGDG GDGR TXH D PD\RU
JUDYHGDG GHO KHFKR PiV LQWHQVD VHUi OD QHFHVLGDG GH FLUFXQVFULELU R OLPLWDU OD
DGPLVLyQ\SURFHGHQFLDGHOSURFHVRLQPHGLDWR
/D LGRQHLGDG \ HVWULFWD SURSRUFLRQDOLGDG GHO SURFHVR LQPHGLDWR TXH DVHJXUD XQD
UHVSXHVWD UiSLGD DO GHOLWR SHUR FRQ XQD IOH[LELOLGDG GH ODV JDUDQWtDV GH GHIHQVD
SURFHVDO\WXWHODMXULVGLFFLRQDOVLHPSUHGHEHHVWDUHQIXQFLyQDGHOLWRVTXHQRVHDQ
HVSHFLDOPHQWH JUDYHV %DVWD XQD GXGD PtQLPD DFHUFD GHO FXPSOLPLHQWR GH HVWRV
SUHVXSXHVWRV\UHTXLVLWRVSDUDRSWDUSRUHOSURFHVRFRP~QFX\DSUHIHUHQFLDHVREYLD
(QHVHVHQWLGRVLHOGHOLWRHVHVSHFLDOPHQWHJUDYHHOFXDOUHTXLHUHSRUVXHVHQFLD
XQPD\RUQLYHOGHHVFODUHFLPLHQWR\XQDDFWLYLGDGSUREDWRULDPiVLQWHQVD\FRPSOHWD
\TXHSRUODVFDUDFWHUtVWLFDVHVSHFtILFDVGHVXFRPLVLyQFRQFUHWDUHTXLHUDDOJ~QWLSR
GHHVFODUHFLPLHQWRDFHQWXDGRUHVSHFWRDXQDFDWHJRUtDGHOGHOLWR DFFLyQWLSLFLGDG
DQWLMXULGLFLGDG\FXOSDELOLGDG RDXQDFLUFXQVWDQFLDIiFWLFDUHOHYDQWHSDUDODPHGLFLyQ
GHODSHQDVHYDSURVFULELUFRQVWLWXFLRQDOPHQWHODYtDGHOSURFHVRLQPHGLDWR
'HORFRQWUDULRVHDIHFWDUtDQODVJDUDQWtDVFRQVWLWXFLRQDOHVGHOGHELGRSURFHVRWXWHOD
MXULVGLFFLRQDO\ODGHIHQVDSURFHVDO
68%&$3Ë78/2,,
3$75,021,2&8/785$/<'(/,726&2175$(/3$75,021,2&8/785$/
'(/$1$&,Ï1
(O3DWULPRQLRFXOWXUDO\OD/H\
(OSDWULPRQLRFXOWXUDOGHOD1DFLyQ
D+LVWRULDGHOSDWULPRQLRFXOWXUDO
(Q OD DQWLJHGDG HVWH UHFRQRFLPLHQWR GH YDORU VH OLPLWDED D ODV REUDV GH DUWH
GRPLQDQWHV<DHQODHGDGPHGLDFULVWLDQDH[LVWtDXQDDPELJHGDGIUHQWHDODFXOWXUD
FOiVLFDGRQGHODVPDQLIHVWDFLRQHVFXOWXUDOHVGHODPLVPDFRQVLGHUDGDVSDJDQDVSRU
URPDQR
(Q HO 5HQDFLPLHQWR VH GLR HO FRPLHQ]R GH XQ QXHYR FLFOR HQOD FXOWXUD RFFLGHQWDO
GRPLQDGRSRUXQDH[SRVLFLyQSURIXQGD\UHIOH[LYDDODDQWLJHGDGURPDQDPDUFDGD
SRUXQSOHQRUHFRQRFLPLHQWRGHODEUHFKDWHPSRUDO\SRUORWDQWRGHODKLVWRULDGH
HVWH SHUtRGR (VWR GLR LQLFLR D XQ QXHYR FRQFHSWR GH PRQXPHQWR GHULYDGR GH OD
DEUH OD LQFRUSRUDFLyQ GH HGLILFLRV GHO SDVDGR D OD KLVWRULD FRPELQDQGR YDORUHV
HVWpWLFRVHKLVWyULFRV
6LQHPEDUJRDSHVDUGHOFRQRFLPLHQWR\HOLQWHUpVSRUODDQWLJHGDGWRGDYtDVHWLHQH
XQD YLVLyQ SUDJPiWLFD GHORV HGLILFLRV KLVWyULFRV DORV FXDOHV VH YLHQHOOHYDQGR XQ
VRPHWLPLHQWR\FDPELRLUUDFLRQDOSRUTXHODJHQWHFUHHTXHHOPRGHORFOiVLFRWRGDYtD
H[LVWH\HVSDUWHGHORPRGHUQR\SRUORWDQWR SXHGHVHUUHSHQVDGR(VDVtTXHHO
DQWLJHGDGURPDQDSXHVQRUHFRQRFtDHOYDORUGRFXPHQWDOGHODHYLGHQFLDKLVWyULFD
TXHVHH[WUDtDGHGLFKDFXOWXUD
(Q OD VHJXQGD PLWDG GHO VLJOR ;9,,, OD HVWUXFWXUD FDUiFWHU VRFLDO H LGHROyJLFD GH
(XURSD 2FFLGHQWDO VXIUH SURIXQGRV FDPELRV EDMR OD LQIOXHQFLD GH OD ,OXVWUDFLyQ \D
TXHVHLQLFLDODFUtWLFDGHOSDVDGRHQHOFDPSRGHODFXOWXUD\HQpOGHODSROtWLFDOD
5HYROXFLyQ)UDQFHVD(VWHKHFKRLQLFLDHOIHQyPHQRGHODKLVWRULDRGHOOODPDGRVHU
KLVWyULFR FRQGLFLyQ QHFHVDULD GH OD PRGHUQLGDG SRU OD FXDO XQ LQGLYLGXR QR VyOR
SXHGH UHFRQRFHU HO SDVDGR VLQR DFHSWDUORFRPR SDUWH GHO IXWXUR 7UDQVIRUPDFLyQ
FURQROyJLFDTXHSHUPLWHJHQHUDULQWHUSUHWDFLRQHVPRGHUQDVGHODHYLGHQFLDFXOWXUDO
GHOSDVDGRDWUDYpVGHWySLFRVKLVWyULFRVDERUGDGRVSRUODFLHQFLDPRGHUQD
3RUXQODGRODGLPHQVLyQHVSDFLRWHPSRUDOFRQILHUHHOHVWDWXVGHPRQXPHQWRQRVyOR
D ORV ULFRV WHVWLPRQLRV GH OD DQWLJHGDG FOiVLFD VLQR WDPELpQ D ODV REUDV
FROHFFLRQLVPRFRQYLUWLpQGRORHQXQDRUJDQL]DFLyQGHKLVWRULDGHODUWHDWUDYpVGHXQD
FDPSDxDGHOJRELHUQRSDUDSURWHJHUORVPRQXPHQWRV/RTXHGDOXJDUDODPRGHUQD
HODERUDFLyQFUtWLFDGHOFRQFHSWRGHPRQXPHQWRKLVWyULFRDUWtVWLFR
(QHOVLJOR;,;HOURPDQWLFLVPRVHHPSH]yDGHVDUUROODUHQ(XURSDHVWDEOHFLHQGR
XQDFRQH[LyQHPRFLRQDOFRQHOSDVDGRHVSHFLDOPHQWHFRQOD(GDG0HGLDGRQGHORV
PRQXPHQWRVHUDQYLVWRVFRPRSXUDHYLGHQFLDUHSUHVHQWDQGRODHWDSDGHOGHVDUUROOR
HYROXWLYR GH OD DFWLYLGDG KXPDQD H[SUHVDQGR FRQWHQLGR LGHROyJLFR HVSLULWXDO \
FLHQWtILFRGHQRWDQGRDVtODVEDVHVSDUDHOGHVDUUROORKLVWyULFRSRVLWLYLVWD
(V DVt TXH HO FRQFHSWR GH SDWULPRQLR KLVWyULFR \ DUWtVWLFR HVWDEOHFLy HO FLPLHQWR
SDUD OD FRQVWUXFFLyQ PRGHUQD IRUPDFLyQ \ EDVH GHO Q~FOHR GHO FRQFHSWR GH
SDWULPRQLRFXOWXUDOHOPLVPRTXHHQWRGRHOVLJOR;;VHHQULTXHFLy\DERUGRHPSHUR
DKRUD DJUXSDGDV FRPR FXOWXUD GH YDORUHV HV GHFLU EDMR XQ VHQWLGR DPSOLR 6L ELHQ
DQWHULRUPHQWH HO FRQFHSWR GH SDWULPRQLR FXOWXUDO VH UHGXFtD D ³PRQXPHQWDO´ HVWH
VROR VH WRUQDED HQ UHVWULFWLYR \ OLPLWDGR <D TXH VH HYDOXDED HQ EDVH D FULWHULRV
HVWpWLFRV H KLVWyULFRV UHFRQRFLHQGR ~QLFDPHQWH REUDV GH DUWH GH DOWR YDORU
GHXVR
1.1.1. Concepto
(OFRQFHSWRGHSDWULPRQLRFXOWXUDOHPSH]yDFREUDUIXHU]DHQORV~OWLPRVWLHPSRVHV
GHFLU VL DQWHV VH OLPLWDED DO SDWULPRQLR DUTXLWHFWyQLFR \ ORV PRQXPHQWRV KR\ HO
FRQFHSWR GH SDWULPRQLR FXOWXUDO ±LQFOX\H ODV WUDGLFLRQHVORV GRFXPHQWRV HO DUWH \
IRUPDFLRQHV QDWXUDOHV JHROyJLFDV \ ILVLROyJLFDV DVt FRPR ORV REMHWRV GH YDORU
HVWpWLFRRFLHQWtILFR
0$18(/2625,2FLWDGRSRU*$5&,$'(/5,2VHxDODTXHHOSDWULPRQLRFXOWXUDOHV
XQDFROHFFLyQGHREUDVGHDUWHTXHVRQPRQXPHQWRVKLVWyULFRVROLWHUDULRVSURSLHGDG
GHODQDFLyQ\SURWHJLGRVOHJDOPHQWHSRUHOHVWDGRQRVRORSDUDVXFRQVHUYDFLyQVLQR
WDPELpQSDUDVXSUHVHUYDFLyQGHQWURGHOSDtV *DUFLD'HO5LR
5D]yQSRUODTXHVHGHEHUiWUDVODGDULQPHGLDWDPHQWHDODSHUVRQDTXHFRPHWLyHO
LOtFLWR DVLPLVPR VH SRQGUi D FXVWRGLD ORV ELHQHV LQFDXWDGRV REMHWR GH GHOLWR 6H
HQWLHQGHSRUHQWUHJDLQPHGLDWDHOPRPHQWRGHLURVDOLUGHODFRPLVDUtDPiVFHUFDQD
(QWRGRFDVRXQDRUGHQGHDUUHVWRRGHWHQFLyQHQOXJDUS~EOLFRRSULYDGRQRVHUi
DGPLWLGD KDVWD TXH VHD HQWUHJDGD D OD SROLFtD /D SROLFtD FUHDUi XQ DUFKLYR SDUD
UHJLVWUDUODVOLEHUDFLRQHV\RWURVHYHQWRVGHLQWHUYHQFLyQ
(V DVt TXH EDMR XQD DSUHFLDFLyQ JHQHUDO \ FLHQWtILFD HO SDWULPRQLR FXOWXUDO HVWi
FRQFHELGRFRPRODSURSLHGDGWDQJLEOHHLQWDQJLEOHGHXQSDtVRSXHEORLQFOXLGRVWRGRV
HVWpWLFR\HVSLULWXDO ,1&
(OSDWULPRQLRFXOWXUDOVHPDQLILHVWDGHODVVLJXLHQWHVIRUPDV
D 3DWULPRQLRDUTXHROyJLFR
,QFOX\HELHQHVFXOWXUDOHVPyYLOHVHLQPXWDEOHVPLWRVOH\HQGDV\RWUDVH[SUHVLRQHV
GHVDUUROODGDVSRUODVFXOWXUDVSUHKLVSiQLFDVDQWHVRDOPLVPRWLHPSRTXHODOOHJDGD
GH(VSDxDDOSDtV(VWRVELHQHVQRQHFHVLWDQVHUGHFODUDGRVH[SOtFLWDPHQWHFRPRWDO
SRUHOSDtVSDUDVHUSURWHJLGRVGHODGHOLQFXHQFLD\DTXHEDVWDVXH[LVWHQFLDSDUDVX
SURWHFFLyQ
E 3DWULPRQLRKLVWyULFR\DUWtVWLFR
,QFOX\H ELHQHV FXOWXUDOHV GHO YLUUHLQDWR \ GH OD UHS~EOLFD LQFOX\HQGR PXHEOHV GH
UHFRQRFLGR YDORU DUWtVWLFR UHDOL]DGRV SRU GLYHUVRV DUWLVWDV GHO SDtV GH ODV GLVWLQWDV
HVFXHODV D ILQHV GHO VLJOR GLHFLQXHYH TXH VRQ FDOLILFDGRV HQ YLGD SDVDGD \ REUDV
FRQWHPSRUiQHDVGHVSXpVGHVXPXHUWHHQWUHRWURV(PSHURVHGHEHWHQHUHQFXHQWD
TXHSDUDVHUSURWHJLGRVOHJDOPHQWHHVWRVGHEHQVHUGHFODUDGRVSULPHURFRPRWDO
F 3DWULPRQLRGRFXPHQWDO\ELEOLRJUiILFR
(VWHFRPSUHQGLGRSRUWRGRVORVGRFXPHQWRVLPSUHVRVHQHOSDtVTXHIXHURQLPSUHVRV
KDVWD DQWHV GHO VLJOR GLHFLQXHYH HVWRV GRFXPHQWRV VRQ ORV WUtSWLFRV IROOHWRV
GLSORPDV OLEURV UHYLVWDV SODQRV SDUWLWXUDV IROOHWRV PDSDV HWF $VLPLVPR ORV
UHFXUVRVSDWULPRQLDOHVGRFXPHQWDOHV\ELEOLRJUiILFRVWDPELpQGHEHQVHUGHFODUDGRV
SDUDVXSURWHFFLyQOHJDO
G 3DWULPRQLRWUDGLFLRQDO
,QFOX\HODP~VLFDODGDQ]DODFRPLGDODFLHQFLDODWHFQRORJtDODOHQJXDPDWHUQD
ODVEHOODVDUWHVODVOH\HQGDVORVFXHQWRVORVGLFKRVODVDGLYLQDQ]DVORVPLWRV\HQ
JHQHUDOWRGDVODVH[SUHVLRQHVHOIROFORUHSRSXODUFRQVWLWX\HODFXOWXUDYLYDGHQXHVWUR
WLHPSR(VWRVDUWtFXORVQRHVWiQWXWHODGRVSRUHOFyGLJRSHQDOYLJHQWH
H 3DWULPRQLRQDWXUDOFXOWXUDO
(OSDWULPRQLRQDWXUDOIRUPDSDUWHGHOFDWiORJRSURWHFWRUHOORGHELGRDOFRQWHQLGRHQ
VXVYDORUHVDUWtVWLFRVFLHQWtILFRVKLVWyULFRVRDUWtVWLFRV
I 3DWULPRQLRFRQPHPRUDWLYR
&RPSUHQGHHVWDWXDVPRQXPHQWRVSLODUHVSLUiPLGHVVLJQRVDVtFRPRORVREMHWRV
HULJLGRVRFRORFDGRVHQFDPSRVFDOOHVDYHQLGDVSDUTXHVFDPLQRV\GHPiVOXJDUHV
S~EOLFRVGHKRPHQDMH
1.1.3. Bien cultural
D (WLPRORJtD
(WLPROyJLFDPHQWHODSDODEUDEXHQRSURYLHQHGHODVSDODEUDVODWLQDVEHRDVHDUH
E 'HILQLFLyQ
(O YDORU FXOWXUDO HV XQ REMHWR H[SUHVLyQ R HYLGHQFLD FUHDGD SRU HO KRPEUH R OD
QDWXUDOH]DDWUDYpVGHVXPHQFLyQQRUPDWLYDFRPRSDWULPRQLRFXOWXUDOFRPRKLVWRULD
DUWHKDELOLGDGRHOFRQRFLPLHQWRFLHQWtILFRGHXQSDtV(QWDOVHQWLGRODULTXH]DFXOWXUDO
WLHQHVXVSURSLDVFDUDFWHUtVWLFDV\QRHVHOUHVXOWDGRGHXQDGHFODUDFLyQRILFLDOSRUTXH
H[LVWHQELHQHVFXOWXUDOHVTXHQRHVWiQVHxDODGRVFRPRWDOHPSHURWDPELpQIRUPDQ
SDUWH
F &ODVLILFDFLyQGHORVELHQHVFXOWXUDOHV
/RVELHQHVFXOWXUDOHVVHJ~QOD/H\1/H\*HQHUDOGHO3DWULPRQLR&XOWXUDO
HQDGHODQWH/*3& VHFODVLILFDQVHJ~QVXQDWXUDOH]DSRUVXDQWLJHGDG\SRUVX
SURSLHGDG
/RVPLVPRVTXHVHGHVDUUROODQGHODVLJXLHQWHPDQHUD
F3RUVXQDWXUDOH]D
- %LHQHVPDWHULDOHVRWDQJLEOHV±6RQWRGRVORVELHQHVH[LVWHQWHVDOJXQRVDXWRUHV
FUHHQTXHXQELHQFXOWXUDOHVLQWUtQVHFDPHQWH\QRQHFHVDULDPHQWHHOUHVXOWDGRGH
XQDGHFODUDFLyQRILFLDO\DTXHH[LVWHQLQQXPHUDEOHVELHQHVFXOWXUDOHVQRUHFRQRFLGRV
TXHD~QIRUPDQSDUWHGHOSDWULPRQLRFXOWXUDO
D %LHQHV PXHEOHV 0DWHULDO DUTXHROyJLFR FHUiPLFD GRFXPHQWRV OLEURV HWF
REMHWRVTXHVHWUDVODGDQGHXQOXJDUDRWURFRQVXDUWH
E %LHQHVLQPXHEOHV6RQELHQHVLQPXHEOHVHQVtPLVPRV(VWRLQFOX\HDUTXLWHFWXUD
UHJLVWURGHELHQHVLQPXHEOHVVHJ~QHOWLHPSR\OtPLWHGHXVR
- %LHQHVLQPDWHULDOHVRLQWDQJLEOHV7DPELpQFRQRFLGRVFRPRFXOWXUDYLYDVRQ
DTXHOORVELHQHVTXHQRWLHQHQH[LVWHQFLDItVLFDSHURVRQSHUFLELUOHVWDOHVFRPRODV
GDQ]DVRFRVWXPEUHV
F3RUVXDQWLJHGDG
- %LHQHV SUHKLVSiQLFRV (VWi FRQIRUPDGR SRU ORV ELHQHV UHDOL]DGRV SRU ODV
FXOWXUDVSUHLQFDVRSUHFRORPELQRVTXHFRQIRUPDEDQHO7DKXDQWLQVX\RYHULILFiQGRVH
FRQMXQWRGHWH[WLOHV\GLYHUVRVREMHWRVFRPRFHUiPLFDV
- %LHQHVFRORQLDOHV±(VWiQFRQIRUPDGRVSRUDTXHOORVELHQHVFRQVWUXLGRVHQORV
DxRV
DFWXDOLGDG
F3RUVXSURSLHGDG
6RQDTXHOORVELHQHVGHOSDtV GHFRQQRWDFLyQFXOWXUDO FX\DWUDVFHQGHQFLDUHSHUFXWH
HQ OD SRVHVLyQ \ GHPiV DWULEXWRV 6HJ~Q OD /*3& HVWRV ELHQHV VH FODVLILFDQ HQ
ELHQHV
D(VWDGR
E3DUWLFXODUHV
G &DUDFWHUtVWLFDV
/RVELHQHVFRQVLGHUDGRVFRPRFXOWXUDOHVIRUPDQSDUWHLPSRUWDQWHGHOVLVWHPDOHJDO
GHSURSLHGDGS~EOLFD\SRUORWDQWRHVWiQVXMHWRVDODVOH\HVFXOWXUDOHVQDFLRQDOHVH
FRQVLGHUDGRVLQPXWDEOHVLQPXWDEOHVLQDPRYLEOHVHLUUHYRFDEOHV
ELHQHVLQPXHEOHVTXHQRSXHGHQVHUDSURSLDGRVSRUQDGLHSRUSHUWHQHFHUDO(VWDGR
\ SRU WDQWR QR SXHGHQ VHU HQDMHQDGRV OLEUHPHQWH QL VLQ UHPXQHUDFLyQ 38(17(
%581.(
,PSUHVFULSWLEOHV6REUHHVWRVELHQHVQRSXHGHUHFDHUPHFDQLVPRGHDGTXLVLFLyQ
SRU HOWUDVFXUVR GHOWLHPSR FLYLO DGPLQLVWUDWLYD RQRWDULDO DVLPLVPR ODV UHJODV GH
YHQWDQRIXQFLRQDQ$GHPiVWRGDSHUVRQDQDWXUDO MXUtGLFDSXHGHQVHUSURSLHWDULD
GH XQ ELHQ FXOWXUDO SUHKLVSiQLFR PXHEOH VLHPSUH TXH VH HQFXHQWUHQ GHELGDPHQWH
DXWRUL]DGDV\RUHJLVWUDGDVSRUHO0LQLVWHULRGH&XOWXUD
,QWDQJLEOHV(QFXDQWRDHOORORVELHQHVFXOWXUDOHVLQPXHEOHVSUHKLVSiQLFRVQR
SRGUiQVHUGHVWUXLGRVDOWHUDGRVHQWRGRRHQSDUWHSRUHOVRORKHFKRGHVHUSDUD
SUR\HFWRV GH LQYHVWLJDFLyQ DUTXHROyJLFD PDQHMR \ FRQVHUYDFLyQ SDUD ORV TXH VH
XWLOLFHHOELHQ\SUR\HFWRVGHFRQVHUYDFLyQDUTXHROyJLFD
(OREMHWLYRHVSUHVHUYDUODFODVHODDXWHQWLFLGDG\VXYDORU/DGHVWUXFFLyQLPSUXGHQWH
GHO SDWULPRQLR FXOWXUDO HV UHVSRQVDEOH SRU OR TXH VH GHEH GHWHUPLQDU HO QLYHO GH
GHVFXLGRSDUDHYLWDUODUHVSRQVDELOLGDG(OJRELHUQRGHEHUHVSHWDUHOHVWDEOHFLPLHQWR
GH UHVWULFFLRQHV R VHxDOHV GH ELHQHV FXOWXUDOHV LQWDQJLEOHV R VLPLODUHV TXH FDXVDQ
SUREOHPDV SRU HMHPSOR HQWUH DTXHOORV TXH LPSOHPHQWDQ SUR\HFWRV GH GHVDUUROOR
DJUtFRODRUHVLGHQFLDO
1RUHQRYDEOHV(VWRVELHQHVPyYLOHVHLQPXWDEOHVQRSXHGHQVHUUHHPSOD]DGRV
SRURWURVGHPDQHUDQDWXUDOSRUHQGHVXGHVWUXFFLyQRFDVLRQDUtDXQDH[WLQFLyQGH
HOODPLVPD
6LELHQHODUWGHOD/*3&SHUPLWHTXHHOSDWULPRQLRFXOWXUDOQDFLRQDOVDOJDGHOSDtV
FRQ XQ ³VHJXUR D WRGR ULHVJR HQ EHQHILFLR GHO (VWDGR´ HV LPSHUDQWH EDMR GLFKR
FRQWH[WRVDEHUTXHVLVHOOHJDUDDSURGXFLUXQDSpUGLGDGHOELHQQLQJ~QVHJXURSRGUi
GHYROYHUOR
(OSDWULPRQLRFXOWXUDOHQOD&RQVWLWXFLyQ
(V HQ HVWRV WLHPSRV TXH HO WHPD GHO SDWULPRQLR FXOWXUDO KD VLGR LQFRUSRUDGR
H[SOtFLWDPHQWH HQ ODV FRQVWLWXFLRQHV GHO PXQGR UHFRQRFLHQGR OD SURWHFFLyQ GHO
SDWULPRQLRFRPRXQGHEHUGHO(VWDGR\DVHJXUDQGRDWRGRVORVFLXGDGDQRVHODFFHVR
\ HO GLVIUXWH D SOHQLWXG 7RGRV ORV SHUXDQRV RVWHQWDQ HQGHUHFKR D OD FXOWXUD \
HMHUFHPRV HVWH GHUHFKR TXH HV QXHVWUR SDWULPRQLR FXOWXUDO QR VROR SRUTXH OR
KHUHGDPRV GH QXHVWURV DQWHSDVDGRV VLQR WDPELpQ SRUTXH VRPRV ORV SURSLHWDULRV
SRGHPRVFUHDUFXOWXUDGHIRUPDDFWLYD\FRQWLQXD\DVtHQJUDQGHFHUHOOHJDGRFXOWXUDO
3DUDSRGHUDUJXPHQWDUODH[LVWHQFLDGHXQYtQFXORHQWUHHOGHUHFKRDODFXOWXUD\HO
XVRGHORVELHQHVLQWHJUDQWHVGHOSDWULPRQLRFXOWXUDO
$FFHGHUDODFXOWXUD QRVRORLPSOLFDODOLEHUWDGGHDSUHFLDFLyQRGHGLVIUXWH VHJ~Q
3e5(= 025(12 OD YDORUDFLyQ GH ORV HOHPHQWRV FRQ FDUiFWHU FXOWXUDO
PRQXPHQWRV WDPELpQLPSOLFDODFDSDFLWDFLyQ/RTXHSHUPLWHXQDDPSOLDYLVLyQGHO
FRQWH[WR KLVWyULFR 3DUD GLFKRV HIHFWRV VH UHTXLHUH OD DFFLyQ GH ORV RUJDQLVPRV
HVWDWDOHV\SROtWLFDVTXHVHFRUUHODFLRQHVFRQODFRQVLWXDFLyQGHOHVWDGRSDUDDVt
HIHFWLYL]DUODSURWHFFLyQGHOSDWULPRQLR
/D&3YLJHQWHSUHYpHQHODUWtFXOR³/RVVLWLRVUHVWRVDUTXHROyJLFRVHGLILFDFLRQHV
HVWUXFWXUDVHWFVRQELHQHVFXOWXUDOHV\VHFRQVLGHUDQFRPRWDO$VLPLVPRODPLVPD
OH\ JDUDQWL]D HO WtWXOR GH HVWD SURSLHGDG ³)DFLOLWD OHJDOPHQWH OD SDUWLFLSDFLyQ GH
HPSUHVDV SULYDGDV HQ VX UHVWDXUDFLyQ GLIXVLyQ \ FRQVHUYDFLyQ DVt FRPR HQ OD
UHVWDXUDFLyQH[KLELFLyQ\GLVWULEXFLyQDVtFRPRVXGHYROXFLyQXQDYH]TXHKD\DVLGR
VDFDGRGHOWHUULWRULRGHOSDtVGHPDQHUDLOHJDO &RQVWLWXFLRQ3ROLWLFDGHO3HUX .
(Q HO DUW GH &RQVWLWXFLyQ 3ROtWLFD GHO 3HU~ HQ DGHODQWH &33 UHJXOD OD
SURWHFFLyQGHOSDWULPRQLRFXOWXUDOHVWHGHUHFKRGHWHUFHUDJHQHUDFLyQHVWiLQFOXLGD
HQHOFDStWXORGHGHUHFKRVHFRQyPLFRV\VRFLDOHVFXDQGRQRGHEHUtDHVWDUXELFDGR
HQ GLFKD VHFFLyQ HQ OR HQWRUQR D OD LPSRUWDQFLD \ WUDVFHQGHQFLD TXH DPHULWD VX
SURWHFFLyQ(VGHFLUHOSUREOHPDUDGLFDHQODIDOWDGHORFDOL]DFLyQGHQXHVWURVELHQHV
FXOWXUDOHV FRPR GHUHFKR IXQGDPHQWDO FRQIRUPH OR VHxDOD HO ius ILOyVRIR 3HWHU
+DEHUOH TXLHQ FRQVLGHUD TXH ORV ELHQHV FXOWXUDOHV GHEHQ WUDWDUVH GH OD VLJXLHQWH
PDQHUD
- 3XHGHIRUPDUSDUWHGHORVGHUHFKRVKXPDQRV
- 3XHGHIRUPDUSDUWHGHOFDStWXORGHO(VWDGR
$5,67$=(5*$SODQWHDTXH
/DV FDUWDV PDJQDV QDFLRQDOHV VH H[WLHQGHQ PiV DOOi GH VXV IURQWHUDV
LQWHUQDFLRQDOHVFRPROD81(6&2KDFLHQGRGHVXVOH\HVXQWH[WR SURSLRSDUD
JDUDQWL]DU HO FXPSOLPLHQWR 3URWHFFLyQ GH ORV ELHQHV FXOWXUDOHV H[WUDQMHURV WDO
FRPRVHHVWDEOHFHH[SUHVDPHQWHHQODVFRQVWLWXFLRQHVGH*XDWHPDOD\8FUDQLD
$5,67$=(5*$
'HHVWHDQiOLVLVSRGHPRVFRQFOXLUTXHQXHVWUD&RQVWLWXFLyQGHHVHODUW(QHO
DUWtFXORTXHQRRWRUJDXQOXJDUHVSHFLDODGLFKRVELHQHVSURSRQHPRVGHVDUUROODU
XQSURJUDPDGHDFFLyQHQXQDVRFLHGDGFRQHODSRUWHGH3HWHU+DEHUOH\FRQVLGHUDU
ODV LGHDV GH ORV QXHYRV DUWtFXORV FRQVWLWXFLRQDOHV FRPR XQD FLHQFLD PRUDO R ORV
GHUHFKRV FXOWXUDOHV SDWULPRQLR FXOWXUDO \D TXH QR WLHQHQ HO OXJDU TXH OHV
FRUUHVSRQGH HV GHFLU HO DUWtFXOR ,9 GH OD &RQVWLWXFLyQ GH 3RU VX SDUWH VH
LQFOX\HHQXQDSDUWDGRDSDUWHHLPSRUWDQWHFRPRHVODHGXFDFLyQFLHQFLDFXOWXUD
LQGHSHQGLHQWHPHQWH GH TXH VH UHFXHUGH R QR OD FDUWD IXH FRQVLGHUDGD FRPR XQD
GHIHQVD\UHIRU]DPLHQWRGHODKLVWRULDGHODLGHQWLGDGQDFLRQDO
+XERXQGpILFLWHQODUHJXODFLyQ\SRUHQGHVXSURWHFFLyQ\DTXHFRQOD&33GH
SRUTXHDOFRPLHQ]RILJXUDEDFRPRXQWHPDLPSRUWDQWHSDUDPDQWHQHU\FRQVLGHUDU
OD SHUVRQDOLGDG KLVWyULFD GH OD SDWULD \ ORV PDQGDPLHQWRV PiV UHODFLRQDGRV
(VWDEOHFLGRSDUDORVGHUHFKRVFXOWXUDOHVXQDUWtFXORUHVSHFWRDODWXWHODFXOWXUDOFRQ
HO REMHWLYR GH SURWHJHU DO SDWULPRQLR SRU VXSDUWHOD &33 GH QR PHQFLRQyOD
FODVLILFDFLyQGHELHQHVFXOWXUDOHVTXHSRGUtDQLQWHJUDUHOSDWULPRQLRFXOWXUDOSRUTXH
FODUDPHQWHDSOLFyFULWHULRVPiVDPSOLRVTXHHOWH[WR(VDVtTXHHQOD&33PXFKRV
GHQXHVWURVELHQHVFXOWXUDOHVQRHVWiQJDUDQWL]DGRV
/D H[SOLFDFLyQ GH OD FXOWXUD FRQVWLWXFLRQDO TXH SURWHJH ORV GHUHFKRV FXOWXUDOHV \
VRFLDOHVLQFOXLGD OD SURWHFFLyQ GHO SDWULPRQLR GHEH FRPHQ]DU FRQ OD DGRSFLyQ GHO
FRQFHSWRGHFXOWXUD\ODIRUPDFLyQGHYDORUHVFXOWXUDOHV\VRFLDOHVRFRQODHODERUDFLyQ
GHXQDQXHYD&33DGHFXDGDTXHHQIRTXHODFLHQFLDPRUDO\FXOWXUDO<DTXHVLORV
ELHQHV FXOWXUDOHV VH SURWHJHQ D QLYHO QDFLRQDO OD SURWHFFLyQ D QLYHO LQWHUQDFLRQDO
WDPELpQVHUiHIHFWLYDHOORGHELGRDTXHDPERVVRQFRPSOHPHQWDULRVHQHOVHQWLGRGH
TXHFXDQWRPiVHIHFWLYD\GLIHUHQFLDGDVHDODGHIHQVDQDFLRQDOPiVHIHFWLYD\DOWD
VHUi OD SURWHFFLyQ D QLYHO LQWHUQDFLRQDO 6L ELHQ OD HVHQFLD GH OD FXOWXUD HVWi
GHWHUPLQDGDSRUODFXOWXUDGHOSDtVHQEDVHDVXQDWXUDOH]DHVWDVHGHVSUHQGHGHOD
FXOWXUD\WUDGLFLRQHVGHOSDtV\SRUHQGHGHVX&RQVWLWXFLyQ
(Q UHVXPHQ QR KDEUi SURWHFFLyQ OHJDO SDUD ORV ELHQHV FXOWXUDOHV D PHQRV TXH VH
FXOWLYH\UHFRQR]FDODIXHUWHLGHQWLGDG\KHUHQFLDGHQXHVWUDFXOWXUD\VHHVWDEOH]FD
XQDFRQILDQ]DGHORVMXHFHVDERJDGRV\ODSREODFLyQSDUDVXFDEDOSURWHFFLyQ
6HJ~QORGLVSXHVWRHO$UWGHOD&33DOUHIHULUVHVREUHORV\DFLPLHQWRVUHVWRV\
&RQWUDGLFWRUDPHQWH OD /*3& VHxDOD TXH HOHVWDGR HV HO~QLFR WLWXODU SURSLHWDULRGH
WRGRVORVELHQHV
(PSHURORVHVWiQGDUHVLQWHUQDFLRQHVGHSURWHFFLyQDVtFRPRLQVWUXPHQWRVVHxDODQ
DELHUWDPHQWHTXHH[LVWHXQDIXHUWHOLJD]yQTXHLQILHUHHQODQRUPDWLYLGDGLQWHUQDGHO
SDtV3RUORTXHHVQHFHVDULRUHIRUPDUORV$UWV\DFODUDUODIRUPDFLyQGHUHJtPHQHV
GH ORV ELHQHV SUHKLVSiQLFRV FRORQLDOHV \R UHSXEOLFDQRV \ GLYLGLUORV HQ ELHQHV
PXHEOHVSDUDHYLWDUIXWXURVPDOHQWHQGLGRVHQVXLQWHUSUHWDFLyQ
/HJLVODFLyQVREUHSDWULPRQLRFXOWXUDO
D$VSHFWRVJHQHUDOHV
/D WUDVFHQGHUtD WXWHODU QR VROR HV OD GDFLyQ GH QRUPD SURWHFWRUDV VLQR OD UHODFLyQ
H[LVWHQWH HQWUH ODV SHUVRQDV FRQ HO SDWULPRQLR DUTXHROyJLFR 3HUR XQ SULQFLSDO
SUREOHPDGHOFRQRFLPLHQWR\VXLPSRVLFLyQHVVXGLIXVLyQGHELGRDODDXVHQFLDGH
XQDSHUVRQDMXUtGLFDIRUPDO\RUJDQL]DGD
E3HU~YDVWRHQUHFXUVRDUTXHROyJLFR
(Q 3HU~ H[LVWH XQD H[WUDRUGLQDULD GLYHUVLGDG FXOWXUDO WLHQH XQ SDWULPRQLR
DUTXHROyJLFRULFRGLYHUVRHLQYDOXDEOHFUHDGRSRUHOPRYLPLHQWRKLVWyULFR<DTXHOD
SURGXFFLyQIXHGHVDUUROODGDSRUFXOWXUDVKLVSiQLFDVDQWHULRUHVRFXOWXUDVPRGHUQDV
VLHQGRGHJUDQLPSRUWDQFLDSDUDHORUGHQKLVWyULFRFLHQWtILFRFLYLO\WXUtVWLFRORTXH
REOLJDDOHVWDGRDGHWHUPLQDUXQDODOH\SDUDVXSURWHFFLyQ
/DULTXH]D\GLYHUVLGDGGHOSDWULPRQLRDUTXHROyJLFRGHO3HU~VHGDHQWRGRHOWHUULWRULR
QDFLRQDOVLQGLVWLQFLyQSRUHQGHODKHUHQFLD\ODFXOWXUDHVUHFRQRFLGDSRUORVGLYHUVRV
GHFODUDGR FRPR SDWULPRQLR GH OD KXPDQLGDG D ORV GLVWLQWRV FHQWURV \ UHFLQWRV
DUTXHROyJLFRVGHOSDtV
F6REUHODGHVWUXFFLyQ
(OSDWULPRQLRKDVLGRGHVWUXLGR\DOWHUDGRQRVRORSRUDFWRQDWXUDOVLQRWDPELpQSRUOD
PDQR GHO KRPEUH YHQWD R WUiILFR HV GHFLU SRU DFFLyQ R SRU DXVHQFLD GH HVWH
&RQVWDQWHPHQWHVHGHVWUX\HQHQGLYHUVRVJUDGRVQLYHOHV\IRUPDVHOSDWULPRQLRHQ
HO SDtV YHULILFiQGRVH HOOR HQ ORV GLVWLQWRV SURFHGLPLHQWRV VDQFLRQDGRUHV SRU
LQIUDFFLyQDOD/*3&RSRUODFRPLVLyQGHOGHOLWRUHJXODGDHQHODUWGHO&yGLJR
\DQH[DGDDOSUHVHQWHWUDEDMRGHLQYHVWLJDFLyQ/RTXHGDFXHQWDGHODH[LVWHQFLDGH
DIHFWDFLyQTXHHQPXFKRGHORVFDVRVVHWRUQDHQLUUHSDUDEOH
/DVOH\HVGHODPDWHULDWDQWRJHQHUDOFRPRHVSHFLILFDREOLJDDOHVWDGRDUHJXODUOD
SURWHFFLyQ\RWXWHODGHOSDWULPRQLR$XQDGRDHOORVHWLHQHHOGHUHFKRFXOWXUDOFRPR
XQD GLVFLSOLQD UHODWLYDPHQWH QXHYD R HQ IRUPDFLyQ HV DVt TXH OD SURWHFFLyQ DO
SDWULPRQLR DUTXHROyJLFR FRQ HVWH QXHYR HQIRTXH VH YLHQH VROLGLILFDQGR HPSHUR
FRPRHVGHHQWHQGHUHQHOSDtVODGDFLyQGHOH\HVHVSHFLDOHVDXQSUHVHQWDGHIHFWRV
TXHDPHULWDQXQHVWXGLRPLQXFLRVRSDUDLUFRQVWDQWHPHQWHPHMRUiQGRORV\HQWRUQRD
HOOR HYLWDU TXH VH DIHFWH GLUHFWD R LQGLUHFWDPHQWH ORV SURFHVRV GH LGHQWLILFDFLyQ
GLVWULEXFLyQ\UHVWDXUDFLyQGHELHQHVDUTXHROyJLFRV
7DOFRPRVHH[SRQH0$<25*$=$5$7(
'HQWURGHOVLVWHPDOHJDOLQWHUQDFLRQDOHOVLVWHPDUHJLRQDO\ODOH\QDFLRQDOGH
FDGDSDtVH[LVWHQPXFKDVOH\HVTXH ULJHQGLIHUHQWHVDVSHFWRVGHOSDWULPRQLR
DUTXHROyJLFR'DGDODQDWXUDOH]DJOREDOGHORVWHPDVUHODFLRQDGRVFRQORVVLWLRV
DUTXHROyJLFRV HO GHUHFKRLQWHUQDFLRQDO DELHUWR HVWDEOHFH XQ PDUFR QRUPDWLYR
YHUGDGHUDPHQWH PtQLPR FRPSLODGR \ UHJLGR HQ OD OHJLVODFLyQ 0$<25*$
=$5$7(
/DV QRUPDV MXUtGLFDV FXOWXUDOHV HQ HO FDPSR GHO SDWULPRQLR DUTXHROyJLFR VRQ
SULQFLSDOPHQWHDGPLQLVWUDWLYDV\SHQDO/RTXHOOHYDDODVDXWRULGDGHV\IRUPXODGRUHV
GHSROtWLFDVDSHQVDUHQSURPXOJDUQXHYDVQRUPDVVREUHORVSUREOHPDVDFDHFLGRVHQ
HVWH(QHVWHVHQWLGRDFRQWLQXDFLyQHQXPHUDUHPRVDOJXQDVGHODVOH\HVQDFLRQDOHV
UHODWLYDV DO SDWULPRQLR FXOWXUDO VL ELHQ HVWD OLVWD QR HV H[KDXVWLYD SHUR FRPR XQ
WUDEDMR GH FRQWUDVWH QDFLRQDO VLQ LQYROXFUDUVH HQ QHJRFLRV DMHQRV SUHWHQGH
SURSRUFLRQDUHOPDUFROHJDO\UHJXODWRULRSDUDHVWXGLRVSRVWHULRUHV
,QWHUQDFLRQDO
/HJLVODFLyQLQWHUQDFLRQDOGHOSDWULPRQLRDUTXHROyJLFR
YLQFXODQWHVRQRYLQFXODQWHVGHVWLQDGRVDUHJXODUODDFWXDFLyQGHORV(VWDGRVHQHO
FDPSR GH OD SURWHFFLyQ GHO SDWULPRQLR DUTXHROyJLFR HQ WRGDV VXV IRUPDV VREUH OD
EDVHGHORVSULQFLSLRVGHVROLGDULGDG\FRRSHUDFLyQLQWHUQDFLRQDO
(O3HU~FRPRHVGHHQWHQGHUKDILUPDGR\UDWLILFDGRGLFKDVQRUPDVHLQVWUXPHQWRV
FX\D WHPiWLFD HV OD SURWHFFLyQ \ WXWHOD GHO SDWULPRQLR FXOWXUDO UD]yQ SRUOD TXH HV
PLHPEURSDUWH
8QLYHUVDO
3URWRFRORV FX\D ILQDOLGDG HV OD VDOYDJXDUGD \ OD SURKLELFLyQ GH DWHQWDGRV FRQWUD
GLFKRV ELHQHV (V SRU HOOR TXH D OR ODUJR GHO WLHPSR VH KDQ VXVFULWR HODERUDGR \
ILUPDGR DFXHUGRV VREUH HO WHPD OR TXH FRQFLWD XQ LQWHUpV QR VROR QDFLRQDO VLQR
LQWHUQDFLRQDO
$ HVFDOD UHJLRQDO VH WLHQH FRPR REMHWLYR LQWHJUDU \ DJUHJDU HVIXHU]RV
SULQFLSDOPHQWHSDUDSUHYHQLUODVLPSRUWDFLRQHVLOHJDOHV\ODH[SRUWDFLyQGHELHQHVHQ
WDOVHQWLGRVHFUHyOD&RPLVLyQ$QGLQDFRQWUDHO7UiILFR,OtFLWR(QWUHORVIXQGDPHQWRV
DERUGDODGHIHQVDGHOSDWULPRQLRDUTXHROyJLFRHQODFXDOVHDSUHFLDODGHFLVLyQ\
UHVSHFWRDODSURWHFFLyQ\UHFXSHUDFLyQ
%LODWHUDOR%LQDFLRQDO
D*HQHUDOLGDGHV
6HJ~QORVGLYHUVRVPHGLRVGHFRPXQLFDFLyQQDFLRQDOHLQWHUQDFLRQDOHO3HU~HVXQR
GH ORV SDtVHV FRQ PD\RU tQGLFH GH FULPLQDOLGDG FRQWUD PRQXPHQWRV DUTXHROyJLFRV
KXDTXHRVVDTXHRVFRQWUDEDQGRGHVWUXFFLyQHWF (VSRUHOORTXHFRQHOILQGH
HUUDGLFDUGLFKDVLWXDFLyQVHKDWUD]DGRPHWDV\ILUPDGRDFXHUGRVFRQORVGLVWLQWRV
HVWDGRVGHORVGLYHUVRVFRQWLQHQWHVSDUDHUUDGLFDUFRPEDWLU\UHFXSHUDUHOSDWULPRQLR
TXHLQGHELGDPHQWHIXHWUDVODGRDRWURVSDtVHVVRSUHWH[WRGHVHUHVWXGLDGRV7DOHV
HOFDVRGHOD8QLYHUVLGDGGH<DOHGRQGHVHYHULILFDQXQDVHULHGHSDWULPRQLRQDFLRQDO
OOHYDGR D GLFKR SDtV HQ FDOLGDG GH SUpVWDPR SDUD VHU SUHFLVR DUWHIDFWRV \
IUDJPHQWRVDUTXHROyJLFRVTXHIXHURQWUDVODGDGRVSRUHOH[SORUDGRU+LUDP%LQJKDP
GHVGHOD5HVHUYD+LVWyULFDGH0DFKX3LFFKXGXUDQWHVXYLVLWDGHDOVDQWXDULR
HVDVRTXHVHHQFXHQWUDHQFDOLGDGGHSUpVWDPRTXHHVSHUDVHUUHFXSHUDGRSRUSDUWH
GHO(VWDGR
(VDVtTXHVHKDVXVFULWRGLYHUVRVWUDWDGRVDFXHUGRVSURWRFRORV\FRQYHQLRVSDUDVX
HIHFWLYL]DFLRQ
E/HJLVODFLyQSHUXDQDGHOSDWULPRQLRDUTXHROyJLFR
$GHPiV GH FRQWDU FRQ OD SURWHFFLyQ SUHYLVWD HQ OD &33 OD SURWHFFLyQ HQ HO SDtV
LQFOX\H GLYHUVDV OH\HV GLVHxDGDV SDUD FRQWURODU ODV DFWLYLGDGHV KXPDQDV HQ OD
SURFHVDPLHQWRGLVWULEXFLyQ\UHVWDXUDFLyQGH PDWHULDOHVDUTXHROyJLFRV&RPRSDtV
FRQXQDOWRQLYHOGHDUTXHRORJtDHO3HU~VLHPSUHKDWHQLGROH\HVTXHSURWHJHQGLUHFWD
RLQGLUHFWDPHQWHVXSDWULPRQLRDUTXHROyJLFRUD]yQSRUODFXDOVHKDFUHDGRGLYHUVDV
OH\HVJHQHUDOHV\HVSHFLDOHVVLHQGRODPiVLPSRUWDQWHOD/H\FRQRFLGDFRPR
/*3&\VXUHJODPHQWR
F/HJLVODFLyQWUDQVHFWRULDOGHO3HU~
(VWi LQWHJUDGR SRU WRGDV DTXHOODV QRUPDV HQFDPLQDGDV D UHJXODU HO SDWULPRQLR
DUTXHROyJLFR FRQ HO ILQ GH SURWHJHUOR GH OD LQIOXHQFLD GH GHWHUPLQDGRV WLSRV GH
DFWLYLGDGHFRQyPLFD\VRFLDO(VSRUHOORTXHDOKDEODUGHWUDQVHFFLRQDOVHKDEODGH
QRUPDV\OH\HVGHODVGLYHUVDVHQWLGDGHVH[LVWHQWHVHQHOSDtV
(QHOSDtVQRSXHGHH[LVWLUVRORXQDQRUPDTXHSURWHMDHOSDWULPRQLRDUTXHROyJLFR
HVSRUHOORTXHODOHJLVODFLyQSURWHFWRUDHVWiFRPSUHQGLGDSRUXQFRQMXQWRGHDFWRV
QRUPDWLYRV GLFWDGRV FRQ HO ~QLFR ILQ GH SURWHJHU HO SDWULPRQLR DUTXHROyJLFR \
UHODFLRQDUVHFRQRWURVRUGHQDPLHQWRVWDOHVHOFDVRGHOD/*3&HO&yGLJR3HQDOOD
/3$*(OFyGLJRFLYLO(O&yGLJR3URFHVDO&LYLOHWF
$VLPLVPRODHILFDFLD\HIHFWLYLGDGGHGLFKDVQRUPDVHQODJHVWLyQGHSURWHFFLyQGHO
SDWULPRQLRDUTXHROyJLFRGHSHQGHQGHODVDXWRULGDGHV\DTXHORVSUREOHPDVJUDYHV\
FRPSOHMRVTXHVHVXVFLWHQDPHULWDUDQQRVRORHOHPSOHRGHODQRUPDVLQRWDPELpQGH
RWUDVDFFLRQHVFRQQLYHOFLHQWtILFRHFRQyPLFRSROtWLFR\VRFLDO
1.3.1.3.1.1. /D/H\³/H\*HQHUDOGHO3DWULPRQLR&XOWXUDO de la
Nación´
/D /*3&VHHQFXHQWUDUHVSDOGDGDQRVRORSRUVXUHJODPHQWRVLQRTXHDVXYH]WLHQH
XQ DQGDPLDMH FRQVWLWXFLRQDO SXHVWR TXH SUHYp VLWXDFLRQHV MXUtGLFDV TXH D QLYHO
DGPLQLVWUDWLYR SXHGHQ LUUDGLDU D VDQFLRQHV SDUD HO FLXGDGDQR 2 VHUYLU FRPR EDVH
SDUDIRUPXODUGHQXQFLDV\YHULILFDUVHODFRPLVLyQGHXQGHOLWRDWUDYpVGHODDSOLFDFLyQ
VXSOHWRULD HQ HO iPELWR SHQDO (V GHFLU VH YHULILFD OD UHVSRQVDELOLGDG FRQWUD OD
DIHFWDFLyQGHOSDWULPRQLRFXOWXUDO VDTXHRVGDxRVDIHFWDFLyQDOWHUDFLyQGHVWUXFFLyQ
HWF
(VLPSRUWDQWHVDEHUTXHORVIXQGDPHQWRVMXUtGLFRVGHODOH\GHSDWULPRQLRFXOWXUDOGH
XQ SDtV GHILQH FRQFHSWRV FODYH UHODFLRQDGRV FRQ ORV ELHQHV GH HVH SDtV TXH
EHQHILFLRVDOD SRVHVLyQ GH ELHQHV FXOWXUDOHV DVt FRPR WRGRORUHODFLRQDGR FRQ VX
WUDQVPLVLyQHVSHFtILFD\OLPLWDFLRQHVH[LVWHQWHVHQWUHRWURVDVSHFWRVLPSRUWDQWHVWDO
\FRPRVHYHULILFDHQOD/*3&GHO3HU~WHPDTXHGHVDUUROODPRVDFRQWLQXDFLyQ
D$QiOLVLVGHDOJXQRVDUWtFXORV
,QLFLyHQFRPRSDUWHGHOWDOOHU&RPEDWHDO7UiILFR,OtFLWRGH%LHQHV&XOWXUDOHV
UHDOL]DGRHQ&XVFRHQHOFXDOSDUWLFLSDURQSDtVHVGHWRGRHOPXQGR)LQDOPHQWH
ODOH\VHSXEOLFyHODxRODPLVPDTXHVHGLYLGHHQXQD,QWURGXFFLyQTXHFRQVWD
GHVLHWH$UWtFXORVGHORVFXDOHVVHGLYLGHQHQOD6HFFLyQ9,,GRV$UWtFXORV,QWHULQRV
\FLQFR$UWtFXORV)LQDOHV
6LELHQHVWDOH\WLHQHGHWUDFWRUHVHQDOJ~QVHQWLGRHVXQDOH\TXHSURWHJH\WXWHODHO
SDWULPRQLRHVDVtTXHDDIHFWRVGHOOHYDUDFDERXQFRQWH[WRGHDQiOLVLVVHVHxDODOR
VLJXLHQWH
/DREVHUYDFLyQDOVHJXQGRDUWtFXORGHO7tWXOR3UHOLPLQDUTXHQRVKDEODUHVSHFWRDOD
SUHVXQFLyQOHJDOTXHQRHVRWUDFRVDTXHWRGDVODVSLH]DVGHFRQQRWDFLyQSDWULPRQLDO
±FXOWXUDO\DTXHOODVTXHVHSUHVXPDQOHJDOPHQWHFRPRWDOSRURWURODGRWHQHPRVHO
WHUFHUDUWtFXORGHOPLVPRWtWXORTXHUHILHUHTXHFXDOTXLHUSLH]DTXHWHQJDFRQQRWDFLyQ
FXOWXUDO WLHQH TXH VHU SURWHJLGR SRU QRUPD DXQ DVt QR HVWH GHFODUDGR FRPR WDO
PHQFLyQDSDUWHHVHOWHPDGHVXMHFLyQGHORVELHQHVTXHQRVLQGLFDTXHQRLPSRUWD
HOFDUiFWHUS~EOLFRRSULYDGRGHORVELHQHVSDWULPRQLDOHVHQWRGRORVFDVRVHOXVRGH
GLFKRVELHQHVHVWDUiVXMHWRDUHVWULFFLRQHVSURSLDVGHVXQDWXUDOH]D
(O (VWDGR HV XQ HQWRUQR DJUXSDGD \ XQLGDV SRU YtQFXORV KLVWyULFR ± FXOWXUDOHV
FRPXQHV HQWUH Vt DO UHVSHFWR &KLULQRV 6RWR FRQFHSWXDOL]D UHVSHFWR OD 1DFLyQ \
UHILHUHTXHHVXQDLQVWDXUDFLyQQRUPDWLYDHQWDQWRHOSDWULPRQLRFXOWXUDOHVSDUWHGH
GLFKDQDFLyQ\HVWiHQSURWHFFLyQSRUWRGRHO(VWDGR1RVGLFHTXHOD1DFLyQVRPRV
&XDGURV9LOOHQDDUJXPHQWyTXHORVWRGRVORVELHQHVSHUWHQHFHQDODKXPDQLGDGRD
WRGRVORVHVWDGRV\QRDXQRVROR\DTXHVRQPDQLIHVWDFLRQHVGHODDFWLYLGDGKXPDQD
\UHVXOWDGRGHODKLVWRULDPDQWHQLHQGRDVtODSUHVHQFLD\FRQWLQXLGDGGHODFXOWXUD
/RVHMHUFLWDQWHVGHVXVGHUHFKRVVRQORVHVWDGRVQRHOHVWDGRFRPRELHQHVMXUtGLFRV
UHSUHVHQWDQWHVGHO(VWDGRSRUORTXHODSURSLHGDGGHHVWRVELHQHVFRUUHVSRQGHDORV
HVWDGRV\HVHO(VWDGRHODJHQWHHQFDUJDGRGHVXSURWHFFLyQ$VtORVELHQHVS~EOLFRV
SHUWHQHFHQ D OD QDFLyQ QR DO HVWDGR \D TXH HVWH VyOR ORV DGPLQLVWUD \ SURWHJH
DXQTXH OXHJR OD OH\ HVWDEOHFH TXH ORV ELHQHV S~EOLFRV VRQ XQ SDWULPRQLR FXOWXUDO
SHUWHQHFLHQWHDO(VWDGR
(QFXDQWRDODSURSLHGDGSULYDGDXQDSHUVRQDQDWXUDORMXUtGLFDSXHGHSRVHHUELHQHV
FXOWXUDOHVHQODIRUPDGHSURSLHGDGVLHPSUHTXHHVWpQUHJLVWUDGRV\VXMHWRVDFLHUWDV
UHVWULFFLRQHV 5$0,5(=
- $UW 9 %LHQHV FXOWXUDOHV QR GHVFXELHUWRV HVWDEOHFH ³/RV ELHQHV FXOWXUDOHV
FUHDGRVLQVXVWLWXLEOHVRLQPXHEOHVTXHIRUPDQSDUWHGHOSDWULPRQLRFXOWXUDOGHO
SDtVVRQGHSURSLHGDGH[FOXVLYDGHO(VWDGR/RVXELFDGRVHQHGLILFLRVSULYDGRV
PDQWLHQHQHVWDVFRQGLFLRQHVFRQIRUPHDODQRUPD>«@
HQHOHVWDGRHQTXHVHHQFXHQWUDQ
- %LHQHVPXHEOHVRLQPXHEOHVQRGHVFXELHUWRVHVWRVELHQHVVRQH[FOXVLYRVGH
- %LHQHVPXHEOHVGHVFXELHUWRVSXHGHQVHUS~EOLFRVRSULYDGRV\GHODVpSRFDV
3UHKLVSiQLFR&RORQLDOHVR5HSXEOLFDQRV
SUHKLVSiQLFRV VRQ QHFHVDULDPHQWH SURSLHGDG GHO (VWDGR \ QR SXHGHQ VHU GH
SURSLHGDGSULYDGDRWURVTXHGHEHQVHUQHWDPHQWHSULYDGD
$QWHHVWRVHJHQHUDWUHVWHVLVTXHH[SOLFDQHOSRUTXpGHGLFKRVELHQHV
- 7HVLVHVWDWLVWDGRQGHHO(VWDGRHVHOWLWXODUGHODFRQVHUYDFLyQ\SURWHFFLyQGH
WRGR HO SDWULPRQLR H[LVWH HQ HO SDtV $XQTXH QR FXHQWH FRQ ORV UHFXUVRV
QHFHVDULRV
- 3ULYDWLVWD GRQGH H[LVWH XQD SURWHFFLyQ FRPSOHWD YHULILFDGD D WUDYpV GH ORV
UHFXUVRVWHFQROyJLFRVEDVWRV\FRPSOHWRV
- (FOpFWLFD FX\D UHIHUHQFLD GH OD WLWXODULGDG HV ~QLFD \ GLUHFFLRQDGD SDUD HO
HVWDGR
(QHVWHFRQWH[WRVHFUHHTXHXQDDOWHUQDWLYDSRVLWLYDHVVHUFUHDWLYRVHQDUTXHRORJtD
\ DVt XWLOL]DU ORV PRQXPHQWRV GHVFXEULU VXV ELHQHV SHUVRQDOHV DSUHFLDUORV FUHDU
+DELHQGRSXEOLFDGRHVWRVWUHVDUJXPHQWRVQRVKHPRVGHFDQWDGRSRUHODUJXPHQWR
HFOpFWLFRSRUTXHQRVSDUHFHXQDEXHQDDOWHUQDWLYDTXHORVELHQHVDGHVFXEULUGHEHQ
VHU QHFHVDULDPHQWH GH SURSLHGDG S~EOLFD \ SULYDGD VRFLRV SDUD GHVDUUROODU GLFKRV
SXHGHQFRPSUDUVHQLYHQGHUVH\DTXHHVWiQIXHUDGHODOFDQFHGHODFLUFXODFLyQFLYLO
- (O5HJLVWURGHELHQHVHQOD/H\1 $UW
6HJ~QUHILHUHOD/*3&ORVELHQHVGHFODUDGRVFRPRSDWULPRQLRFXOWXUDOGHEHUiQVHU
LQVFULWRVRILFLDOPHQWHRDSHWLFLyQGHODVSDUWHVHQHOUHJLVWURFRUUHVSRQGLHQWHMXQWR
FRQ OD HODERUDFLyQ GH XQ GRFXPHQWR WpFQLFR TXH FRQWHQJD XQD GHVFULSFLyQ
PHPRUtVWLFD GHO ELHQ 8QD YH] UHJLVWUDGR OD DXWRULGDG TXHH[SLGH HO FHUWLILFDGR GH
UHJLVWURRWRUJDDOWLWXODUORVEHQHILFLRV(OUHJLVWURWHVWDPHQWDULRQDFLRQDOLQIRUPDWL]DGR
VHGLYLGHHQYDULDVFDWHJRUtDVYJUWDOHVHOFDVRGHOUHJLVWURGHELHQHVGHSURSLHGDG
GHO(VWDGRRGHSDUWLFXODUHVHOUHJLVWURQDFLRQDOGHPXVHRVS~EOLFRV\SULYDGRVRHO
UHJLVWURGHSHUVRQDVGHGLFDGDVDOFRPHUFLRGHELHQHV(VGHFLUXQVLVWHPDGHUHJLVWUR
TXHQRHVVROLGLILFDGR\DTXHSUHVHQWDDOJXQDVGHILFLHQFLDV UHJLVWURFRQILFKDVLPSOH
LPDJHQHQEODQFR\QHJUR
$UW([FHSFLRQHVGH6DOLGDVHJ~QUHILHUHODOH\ORVELHQHVSXHGHQVHUREMHWR
GHVDOLGDGHOSDtVHOORPHGLDQWHODUHVROXFLyQHQORVVLJXLHQWHVFDVRV
- &RQREMHWRGHH[KLELFLyQ
- &RQREMHWRGHHVWXGLR
- 3DUDUHDOL]DUUHVWDXUDFLyQHVSHFLDOL]DGD
- &RQORVYLDMHVGHDOWRVIXQFLRQDULRV
(OVLWLRPyYLOTXHHVWiGHQWURGHOiPELWRGHOSDWULPRQLRFXOWXUDOQDFLRQDOHVWi
SHUPLWLGRSRUQRPiVGHXQDxR\VRORSXHGHH[WHQGHUVHSRUXQSHUtRGRGHWLHPSR
(OSHUPLVRUHTXLHUHXQDRSLQLyQSUHOLPLQDUGHXQHTXLSRFDOLILFDGR\XQFRQWUDWR
GHVHJXURGHH[WUHPRDH[WUHPRTXHGHEHHYDOXDUVHSDUDFDGDULHVJRLQGLYLGXDOD
IDYRUGHOSURSLHWDULR(VWHGLVSRVLWLYRQRUPDWLYRDGPLWHODVDOLGDOtFLWD\ODVDOLGDLOtFLWD
GHELHQHV3RUORTXHODLQPLJUDFLyQOHJDOGHELHQHVHVWiVXMHWDDODVOH\HVGHFDGD
SDtV
(QODFLWDGDOH\VHGHWHUPLQDQSUHVXSXHVWRVSDUDODUHDOL]DFLyQGHFDGDFDVRSRUOR
TXHODH[SRUWDFLyQGHQXHVWURVPDWHULDOHVFXOWXUDOHVVHUHDOL]DFXDQGRHVQHFHVDULR
HQ HO iPELWR GH ³H[SRVLFLRQHV FLHQWtILFDV DUWtVWLFDV \ FXOWXUDOHV R WUDEDMRV GH
UREDU QXHVWUR SDWULPRQLR FXOWXUDO 7DPELpQ VH VDEH TXH ORV ELHQHV FXOWXUDOHV
JHQHUDOPHQWHUHFRQRFLGRVSXHGHQSHUPLWLUTXHHOSDtV\VXVDVHJXUDGRUHVHQIUHQWHQ
WRGRV ORV ULHVJRV TXH VRSRUWDQ HO SDtV SUHWHQGLHQGR LJQRUDU TXH QR VRQ ELHQHV
EDUDWRV\SRUORWDQWRGHEHQVHULJQRUDGRV\DTXHWLHQHQYDORUHLPSRUWDQFLD
$TXtKD\XQDFRQWUDGLFFLyQHQWpUPLQRVGHODSDODEUDSRUTXHORVOtGHUHVSROtWLFRV
VHYDQGHYLDMHDRWURVSDtVHVGXUDQWHFLQFRDxRVHQWRQFHV¢TXpSDVDFRQODFXOWXUD"
&XDQGRVHRWRUJDGLFKRSHUPLVRVHHQWLHQGHTXHHOSURSyVLWRGHODFDVDQRVHUiXQD
HPEDMDGDVLQRXQDUHVLGHQFLDRDORMDPLHQWRSDUDHOSHUVRQDOORTXHSRQHDODFDVD
HQJUDQULHVJR(OREMHWLYRQRHVSURKLELUDORVWUDEDMDGRUHVSROtWLFRVVLQRPRVWUDUOD
LQHVWDELOLGDGHQODWXWHODGHOSDWULPRQLRFXOWXUDOWUDVHOPRWLYRGHVXVDOLGD $5,67$
=(5*$
'HQWURGHODVQRUPDVSURWHFWRUDVGHOSDWULPRQLRFXOWXUDOVHWLHQHWDPELpQD
- /D/H\1
- &yGLJR&LYLO
- '61±6REUHODIDEULFDFLyQHLPLWDFLyQGHKXDFRV
- 5'11,1&
$QiOLVLVGHOD/H\±/H\*HQHUDOGHO3DWULPRQLR&XOWXUDOGHOD1DFLyQ
2EMHWLYR
/D/*3&WLHQHFRPRREMHWLYRSULQFLSDOODSURWHFFLyQGHOSDWULPRQLRFXOWXUDOHQHOSDtV
HQ WRGDV VXV PDQLIHVWDFLRQHV D WUDYpV GH SROtWLFDV H LQWHUDFFLyQ GH WRGDV ODV
DXWRULGDGHV VLQ H[FHSFLyQ DOJXQD HOOR PHGLDQWH OD YHULILFDFLyQ \ DSOLFDFLyQ GH ODV
PHGLGD\VDQFLRQHVUHVSHFWLYDV
0HGLGDVJHQHUDOHVGHSURWHFFLyQ
5HVSHFWR D ODV PHGLGDV GH SURWHFFLyQ TXH DGRSWD OD QRUPD LQGLFD ORV VLJXLHQWHV
WHPDV
D2UJDQLVPRVFRPSHWHQWHV
- 0LQLVWHULRGHFXOWXUDH[,1&
- %LEOLRWHFD1DFLRQDO
- $UFKLYR3~EOLFR1DFLRQDO
E5HVWULFFLRQHVDODSURSLHGDG
7RGRVORVELHQHVLQWHJUDQWHVGHOSDWULPRQLRFXOWXUDOQRGHEHQVHUGHVWUXLGRVQL
PXFKRPHQRVVHUFDPELDGRVUHSDUDGRV\UHFRQVWUXLGRVVLQODDXWRUL]DFLyQGHOHQWH
FRPSHWHQWH
F2EOLJDFLRQHVGHORVSURSLHWDULRV
/RV TXH WLHQHQ ELHQHV PXHEOHV R LQPXHEOHV LQWHJUDQWHV GHO SDWULPRQLR HVWiQ
REOLJDGRV D 3HUPLWLU HOLQJUHVR D VX SURSLHGDG DORV WpFQLFRV GHO HQWH FRPSHWHQWH
SDUDYHULILFDUGLFKRVELHQHVSURSRUFLRQDU\GDUORVSHUPLVRVFRUUHVSRQGLHQWHVSDUD
UHDOL]DUWUDEDMRVGHFRQVHUYDFLyQ\WUDWDPLHQWRGHORVELHQHVFXOWXUDOHVTXHWLHQHHQ
VXSRGHU
G3URWHFFLyQGHELHQHV,QPXHEOHV
5HVSHFWRDHVWHSXQWRWHQHPRVTXHORVDUWtFXORVGHODUHIHULGD
QRUPD UHILHUHQ D ODV DXWRUL]DFLRQHV TXH VH WLHQHQ TXH VROLFLWDU DQWHV GH UHDOL]DU
DOJXQD FRQVWUXFFLyQ DPSOLDFLyQ XUEDQL]DFLyQ H LQWHUYHQFLyQ TXH LQYROXFUH D ORV
ELHQHV GHO SDWULPRQLR DVt FRPR OD LQYDOLGH] GH OLFHQFLDV HPLWLGDV SRU ORV HQWHV
0XQLFLSDOHVVLQFRQWDUFRQODDXWRUL]DFLyQGHO0LQLVWHULRGH&XOWXUD\HVHVWDHQWLGDG
TXLHQHVWiIDFXOWDGDSDUDSDUDOL]DU\RGHPROHUREUDVTXHQRFXHQWHQFRQORDQWHV
LQGLFDGR
H3URWHFFLyQGHELHQHVPXHEOHV
7RGRVORVELHQHVLQWHJUDQWHVGHOSDWULPRQLRVRQSURWHJLGRVSRUHO(VWDGR\SRUWRGRV
ORVFLXGDGDQRVSRUVHUKHUHQFLDGHFDGDXQRGHQRVRWURV
I3URWHFFLyQGHELHQHVLQPDWHULDOHV
/D SURWHFFLyQ GH ORV YLHQH LQPDWHULDOHV GHQWUR GHO SDtV LQFOX\H OD LGHQWLILFDFLyQ
WUDQVIHUHQFLD\UHFXSHUDFLyQ
J&RRSHUDFLyQ,QWHUQDFLRQDO
(O3HU~ILUPDFRQYHQLRV\WUDWDGRVFRQRWURVHVWDGRVSDUDODySWLPDUHFXSHUDFLyQ
FRQVHUYDFLyQ\SXHVWDHQYDORUGHOSDWULPRQLR
K&RQIOLFWRDUPDGR
(V REOLJDFLyQ GHO (VWDGR SURWHJHU \ VDOYDJXDUGDU ORV ELHQHV LQWHJUDQWHV GHO
SDWULPRQLRHQFDVRTXHH[LVWDXQFRQIOLFWRDUPDGR
L2FXSDFLRQHVLOHJDOHV
(QHVWRVFDVRVHOHVWDGRHVWiHQODREOLJDFLyQGHIDFLOLWDUODUHXELFDFLyQGHDTXHOODV
SHUVRQDVTXHRFXSDURQODViUHDVGHFODUDGDV
,QIUDFFLRQHVFRQWUDHOSDWULPRQLRFXOWXUDO
'HVGHXQSXQWRGHYLVWDSHUVRQDOHORUGHQDPLHQWRMXUtGLFRQDFLRQDOTXHUHJXODODV
FRQGXFWDVLQIUDFWRUDV\HOFXPSOLPLHQWRGHODVPLVPDVSUHVHQWDDOJXQDVGHILFLHQFLDV
\YDFtRVKHFKRTXHFRQVLGHURREHGHFHDXQDIDOWDGHFODULGDGHQODDSOLFDFLyQ\GHO
GLILFXOWDGHVGHVGHHOPDQHMRLQVWLWXFLRQDOORTXHLPSLGHXQFXPSOLPLHQWRFDEDOGHOD
OH\\WXWHODHIHFWLYDGHOSDWULPRQLRFXOWXUDO
/DVLQIUDFFLRQHVDGPLQLVWUDWLYDVVRQLQIUDFFLRQHVSXUDPHQWHIRUPDOHVOLPLWDGDVDOD
GHVREHGLHQFLDGHyUGHQHV\SURKLELFLRQHVDFWLYDPHQWHHVWDEOHFLGDVFX\DJUDYHGDG
VHPDQWHQGUiDOPtQLPR8QDLQIUDFFLyQDGPLQLVWUDWLYDQRFRQVWLWX\HXQGDxRRXQD
DPHQD]DDODOH\VLQRXQDYLRODFLyQGHORVLQWHUHVHVGHOJRELHUQR
SHUPLWHQDODVRFLHGDGFRQVHUYDUVXPHPRULDFROHFWLYD6LQHPEDUJRHQYLUWXGGHOD
/*3&VRQGHSURWHFFLyQJHQHUDOSRUHQGHODGHIHQVDDGPLQLVWUDWLYDGHEHGLULJLUVH
DXQFRQMXQWRGHELHQHVRDXQWLSRGHFRQGXFWDTXHFRQGXFHDXQGHWHUPLQDGRGHOLWR
RGDxRVLQGLVPLQXLUODLPSRUWDQFLDFXOWXUDO\VRFLDOGHRWURVELHQHVFXOWXUDOHV3RUOR
WDQWR FXDOTXLHU GDxR R DPHQD]D DORV ELHQHV FXOWXUDOHV QR SXHGH GDUOXJDU DXQD
DFFLyQSHQDO
/DVLQIUDFFLRQHVDGPLQLVWUDWLYDVHVWiQFRQFHELGDVFRPRWRGDFRQWUDYHQFLyQDODOH\
DGPLQLVWUDWLYD\DVHDSRULQFXPSOLPLHQWRGHODVyUGHQHV\SURKLELFLRQHVSUHVFULWDV
VLQ LQFOXLU OD YLRODFLyQ R DPHQD]D HVSHFtILFD GH OD OH\ (Q WRUQR D HOOR OD VDQFLyQ
DGPLQLVWUDWLYD HV GXUD QL DFXVDWRULD PiV DO FRQWUDULR HV OD H[SUHVLyQ GH YDORUHV
PRUDOHV \ VRFLDOHV SRU OR TXH VX ~QLFD ILQDOLGDG HV KDFHU IUHQWH D TXLHQHV
GHVREHGHFHQ\UHFRUGDUDORVFLXGDGDQRVVXVREOLJDFLRQHV
(QODV~OWLPDVGpFDGDVKHPRVSRGLGRSHUFLELUORVLQFRQYHQLHQWHVVRFLDOHVJHQHUDGRV
SRU HO FUHFLPLHQWR GHPRJUiILFR \ HO LQWHQVLILFDGR FRQIOLFWR GH GHVDUUROOR VRFLDO
HYLGHQFLDGRV HQ HO FDyWLFR SURFHVR GH H[SDQVLyQ XUEDQR ± UXUDO UHIOHMR GHO
DSURYHFKDPLHQWRHFRQyPLFRGHOWHUULWRULRUHJLRQDOTXHKDGHYHQLGRHQXQDDFHOHUDGD
SURJUHVLyQ GH DVHQWDPLHQWRV \ HGLILFDFLRQHV QR SODQLILFDGDV 'DQGR FXHQWD DVt GH
PDQLILHVWRV SRU XQ GHVFRQWURODGR SURFHVR TXH KD SURSLFLDGR HO FDPELR GH XVR GH
VXHORV X DFWLYLGDGHV DVRFLDGDV TXH YLHQHQ SURGXFLHQGR XQ LPSDFWR OHVLYR FRQ
HIHFWRVDFXPXODWLYRVTXHGXUDQWHVLJORVQROOHJDURQDGLVLSDUVH RFDVLRQDOPHQWHVH
HOHYDGR
(QXQDQiOLVLVUHWURVSHFWLYRSRGHPRVREVHUYDUTXHODVFLUFXQVWDQFLDVDFWXDOHVGHODV
SREODFLRQHV\ODVQHFHVLGDGHVUHDOHVGHHVWDVQRVRQSHUFHSWLEOHPHQWHODVPLVPDV
GH KDFH XQDV GpFDGDV SRU WDQWR VH KDFH QHFHVDULR FDPELDU OD IXQFLRQDOLGDG
SDWULPRQLRFXOWXUDOGHORVVLWLRV\ORVSDLVDMHVHQSURFHVRGHFDPELR
(Q HVWRV DxRV OD IDOWD GH FRQFLHQFLD UHVSHFWR DO YDORU GHO SDWULPRQLR FXOWXUDO HO
FUHFLPLHQWRXUEDQRGHVRUGHQDGRGHQWURGHORVVLWLRV$UTXHROyJLFRVODGHMDGH]GHORV
SREODGRUHVHQFXLGDU\SURWHJHUORVUHFLQWRVRFHQWURVDUTXHROyJLFRVYLHQHQKDFLHQGR
TXHODULTXH]DGHSDWULPRQLRVHYD\DSHUGLHQGRJUDGXDOPHQWH/DYHQWDGHWLHUUDVOD
WUDQVIRUPDFLyQGHOSDLVDMHFXOWXUDOYLVXDOKDFHTXHSLHUGDVXDVSHFWRSULPLJHQLR
6LELHQOD/*3&VHxDODODVLQIUDFFLRQHVSRUGDxRGRORVRRFXOSRVRGHQXQFLDGRSRU
DXWRULGDG FRPSHWHQWH $O UHVSHFWR VH GHEH WHQHU HQ FXHQWD TXH HV XQD GH ODV
DFFLRQHVYHULILFDGDVFRP~QPHQWHHQHOiPELWRDGPLQLVWUDWLYRGHOFXDOVHH[WUDHOD
IDOWDGHHVSHFLILFDFLyQGHOWLSRGHGDxRFDXVDGRDORVELHQHVFXOWXUDOHV6LELHQHVWD
FRQGXFWDHVWiUHJXODGDHQHOFyGLJRSHQDOQRHVPHQRVFLHUWRTXHODLQIUDFFLyQSXHGH
VHUUHFRQGXFLGDDOiPELWRSHQDOGHELGRDODJUDYHGDGGHODFRQGXFWD\ODDIHFWDFLyQ
GHOELHQMXUtGLFDPHQWHSURWHJLGR
)UHQWHDGLFKDVLQIUDFFLRQHVODQRUPDUHJXODXQDH[FHSFLyQTXHDPHULWDHVWXGLR\D
TXHVHxDODTXHQRSURFHGHLPSRQHUXQDPXOWDRVLPSOHPHQWHSUHWHQGHUHOHPEDUJR
R GHFRPLVR GH ORV ELHQHV GDxDGRV R GHVWUXLGRV SRU SDUWH GH ORV IXQFLRQDULRV \
VHUYLGRUHVS~EOLFRVHQHOHMHUFLFLRGHVXDFWLYLGDG\DTXHHVWRVWLHQHQODFDOLGDGGH
ILDGRUHVGHELHQHVSRUHQGHHVDEVXUGRSUHWHQGHUDSURSLDUVHGHELHQHVHVWDWDOHV\
QDFLRQDOHVFXDQGRODSRVHVLyQGHELHQHVHVFRQHO~QLFRILQGHFRQVHUYDURFRQVHUYDU
ODSURSLHGDGORPiVUD]RQDEOHVHUtDVHSDUDUODGHVXIXQFLyQ LQFRQGLFLRQDO
5HDOL]DUHQXQDLQVWDODFLyQTXHVHDSDUWHGHOSDWULPRQLRFXOWXUDOGHXQSDtVRDGVFULWD
DpOVLQDXWRUL]DFLyQSUHYLDRFXDQGRODOLFHQFLDFRQILUPHTXHHOWUDEDMRIXHUHDOL]DGR
HQYLRODFLyQGHORVPpWRGRVDSUREDGRVSRUHOyUJDQRFRPSHWHQWHHVWDHVXQDPHGLGD
DGPLQLVWUDWLYD TXH GHEH PDQWHQHUVH DO PLVPR WLHPSR TXH XQD FRQGHQD SHQDO \D
TXHHVWDVDFFLRQHVLPSOLFDQODDOWHUDFLyQRGHVDSDULFLyQGHELHQHVFXOWXUDOHV\VLVH
PDQWLHQHGHVSXpVGHXQDRUGHQVLHOGDxRHVJUDYHGHEHKDFHUVHXQDGHQXQFLD
/DVDFFLRQHVTXHLPSLGHQODH[LJLELOLGDGGHELHQHVLQPXHEOHVVXSRQHQSDUDOL]DUR
GHWHQHUORFRQVWUXLGRRSDUDGyMLFDPHQWH±GHVWUXLGRHQHOFDVRGHOSDWULPRQLRFXOWXUDO
VL HO GDxR HV PtQLPR R UHSDUDEOH VDQFLyQ DGPLQLVWUDWLYD 6L HO GDxR HV FXDQWLRVR
LUUHSDUDEOH \ VH SLHUGH HO SDWULPRQLR FXOWXUDO SURFHGH LPSRQHU OD VDQFLyQ SHQDO
HPSHUR FRPR VH WLHQH HQ PHQWH OD YHULILFDFLyQ GHO SURFHGLPLHQWR VDQFLRQDGRU QR
VLHPSUHHVHOPHFDQLVPRLGyQHRSRUORTXHVHWLHQHTXHDFXGLUDOPHFDQLVPRSHQDO
(Q FRQFOXVLyQ OD /H\ 1 WLHQH PXFKDV ODJXQDV VREUH WRGR UHTXLHUH OD
DFODUDFLyQ GH OD GHFODUDFLyQ JHQHUDO RWRUJDGD D WRGRV ORV ELHQHV FXOWXUDOHV SHUR
LJQRUDHOQ~PHURVXSXHVWR\VHUHILHUHHQFDPELRDORVQLYHOHVGHJUDGRGHSURWHFFLyQ
GHELGRDODLPSRUWDQFLDGHORVGLIHUHQWHVYDORUHVDVtFRPRSRUTXHHVSRVLEOHSDUD
GHWHUPLQDUODFXDQWtDGHORVGDxRVFDXVDGRVDOSDWULPRQLRFXOWXUDOTXHQRVXUJLUiOD
\VyORORVGDxRVJUDYHVHQ~OWLPDLQVWDQFLDVRQREMHWRGHSHUVHFXFLyQSHQDO
6LQ HPEDUJR HVWD UHJOD GHEHUtD VHU REOLJDWRULD SDUD ILQHV GH WLSLILFDFLyQ GHO GHOLWR
SRUTXHVHUHTXLHUHSHUMXLFLRDGPLQLVWUDWLYRVLELHQVHYHULILFDXQDWXWHODSULPLJHQLD
H[LVWHQODJXQDVHQHOFyGLJRHLQH[DFWLWXGHVTXHGHEHQGHFRUUHJLUVH
6DQFLRQHVDGPLQLVWUDWLYDV
&RQIRUPHVHSUHYpHQHOSDtVODVVDQFLRQHVDGPLQLVWUDWLYDVVRQODFRQVHFXHQFLDGH
ODFRPLVLyQGHODVLQIUDFFLRQHVSUHYLVWDHQODOH\DTXHOODVTXHHQWRUQRDOSULQFLSLRGH
OHJDOLGDG \ PHGLDQWH XQ GHELGR SURFHGLPLHQWR IXHURQ GLVSXHVWRV SRU HO RUJDQLVPR
FRPSHWHQWH DO UHDOL]DUVH OD LQYHVWLJDFLyQ UHVSHFWLYD 0LQLVWHULR GH &XOWXUD OD
%LEOLRWHFD1DFLRQDO
$VLPLVPR WRGDV ODV VDQFLRQHV DSOLFDGDV GHEHQ UHJLVWUDUVH HQ HO 5HJLVWUR
6DQFLRQDGRU TXH FRQWLHQH OD LQIRUPDFLyQ PtQLPD LQIRUPDFLyQ GHWDOODGD VREUH HO
LQIUDFWRUQ~PHURGHGHFLVLRQHVVDQFLRQDGRUDVDVtFRPRWDPELpQODQDWXUDOH]DGHOD
VDQFLyQTXHVHLPSRQHDSOLFDFLyQUHFXUVR\MXLFLRORVUHJLVWURVWHQGUiQXQDYLJHQFLD
GHFLQFR DxRV
/DVVDQFLRQHVDGPLQLVWUDWLYDVVRQWUHV 5'1
/DPXOWD(VXQDIRUPDGHVDQFLyQQHWDPHQWHPRQHWDULDSRUXQDYLRODFLyQDORV
HVWiQGDUHVGHXQSDtVSDUDSRGHUDSOLFDUXQDPXOWDHQIRUPDGHPXOWDTXHKD\D
VXSHUDGRORVFULWHULRVGHHYDOXDFLyQYDORUDFLyQGHELHQHV\YDORUDFLyQGHGDxRVGHEH
UHIOHMDUVH HQ HO GLFWDPHQ SHULFLDO GHO FDPSR WpFQLFR FRUUHVSRQGLHQWH D OD
LQIHULRUDGHOD8,7QLVXSHULRUD8,7SHUPLWLHQGRTXHVHFXPSODODSHQD
(QODLPSRVLFLyQGHODVDQFLyQDGPLQLVWUDWLYDGHEHUiWRPDUVHHQFXHQWDDGHPiVD
PHGLGDV GH HPHUJHQFLD 0HMRUDU ODV YLRODFLRQHV HQ ODV TXH VXUJHQ KDVWD TXH VH
FRPSURPHWDQDQWHVGHODIHFKDGHUHSUHVHQWDFLyQSDUDORVWLSRVGHFDWHJRUtDVWLSR+
2WURV HYHQWRV VRQ RWURV HYHQWRV VLPLODUHV D OD OLEHUDFLyQ VH DWHQGHUiQ
DGHFXDGDPHQWH HQ XQ FDVR HVSHFtILFR 3HUR DGHPiV ORV FULWHULRV VXJLHUHQ TXH HO
SDJRGHPXOWDVQRFRQILUPDODVLWXDFLyQDQRUPDOODDFFLyQXRPLVLyQTXHFRQGXFHD
ODV VDQFLRQHV GHEH FRPSOHWDUVH GH LQPHGLDWR /D VDQFLyQ LPSXHVWD QR HV
FRPSHQVDWRULD 5'1
(OGHFRPLVR&RPSUHQGHHOGHFRPLVRGHELHQHVFXOWXUDOHVPXHEOHVHQYLRODFLyQ
GH ORV SULQFLSLRV GH SURWHFFLyQ GHO SDWULPRQLR FXOWXUDO QDFLRQDO OR TXH WDPELpQ VH
FRQVLGHUD SpUGLGD SDUFLDO GH OD SURSLHGDG GH ORV ELHQHV FXOWXUDOHV WUDQVIHULEOHV DO
(VWDGR'HVSXpVGHODLQFDXWDFLyQORVELHQHVVHHQYtDQDODDXWRULGDGFRPSHWHQWH
FRUUHVSRQGD/RVSURSLHWDULRVHVWiQREOLJDGRVDSUREDUVXSURSLHGDGGHORFRQWUDULR
VHFRQYLHUWHHQSURSLHGDGGHO(VWDGR FROHFWLYLGDG
/DGHPROLFLyQ+DFHUXQDREUDSHUWHQHFLHQWHDOSDWULPRQLRFXOWXUDOGHOSDtVR
SHUWHQHFHUDOSDWULPRQLRFXOWXUDOGHOSDtVVLQDXWRUL]DFLyQSUHYLDRGHVWUXLUODSDUFLDOR
WRWDOPHQWH VL OD DXWRUL]DFLyQ GHPXHVWUD TXH OD REUD VH UHDOL]D LOHJDOPHQWH
FRQGLFLRQHVWpFQLFDVDSUREDGDVSRUHOyUJDQRGHJRELHUQR 0&
5HVSHFWR DO GHVDUUROOR GHO SURFHVR ORV ÏUJDQRV ,QVWUXFWRUHV 5'1 VH
HQFDUJDQGHODLQVWUXFFLyQSUHOLPLQDUHOSURFHGLPLHQWRDGPLQLVWUDWLYRVDQFLRQDGRU
GLULJH\GHVDUUROODODLQVWUXFFLyQGHOSURFHGLPLHQWRDGPLQLVWUDWLYRVDQFLRQDGRU
/D&RPLVLyQHVHOyUJDQRTXHSURSRQHODVVDQFLRQHVDGPLQLVWUDWLYDVSRULQIUDFFLRQHV
DORVGHUHFKRVSDWULPRQLDOHV6LELHQHVWRQRIRUPDSDUWHGHODVDQFLyQDGPLQLVWUDWLYD
HODUWGHOD/H\SUHYpODHMHFXFLyQKLSRWHFDULDGHORVELHQHVLQPXHEOHVTXHHV
PiVXQDPHGLGDDGPLQLVWUDWLYDHQEHQHILFLRGHODVRFLHGDGSHURDFDPELRGHSDJDU
XQD LQGHPQL]DFLyQ D ORV SURSLHWDULRV SULYDGRV GH HVWRV ELHQHV \D TXH VLJQLILFD OD
SpUGLGDGHODSURSLHGDG(VPiVVHSRGUiXWLOL]DUODVLWXDFLyQHQTXHORVUHFXUVRVGHO
GRPLQLRVHHQFXHQWUHQHQGHVJDVWHDEDQGRQRGHVDPSDURRSHOLJURGHGHVWUXFFLyQ
LQPLQHQWHVHJ~QKDDQXQFLDGRHO0LQLVWHULRGH&XOWXUDFRQODFRQGLFLyQGHTXHHO
WLWXODUGHOGRPLQLRQRHVWiGHVWLQDGRDSUHVHUYDUORV3HURDOPLVPRWLHPSRHOPLVPR
SULQFLSLRHVWDEOHFHTXHHOSURFHGLPLHQWRGHH[SURSLDFLyQSXHGHVXVSHQGHUVHVLHQ
YLUWXGGHODVROLFLWXGGHO1,3HOSURSLHWDULRGHOLQPXHEOHGHQWURGHOSOD]ROHJDOLQLFLD
ODVREUDVQHFHVDULDVTXHSHUPLWDQVXFRQVHUYDFLyQUHVWDXUDFLyQRHYDOXDFLyQ
/DH[SUHVLyQGHEHLQFOXLUVHHQHOWtWXORGHVDQFLyQDGPLQLVWUDWLYDSHURHOHVWiQGDUQR
VHUiYiOLGRVLQXQOLEURGHUHJLVWURGHSURSLHGDGFXOWXUDO\HOUHJLVWURGHVXSURSLHWDULR
WDPELpQGHEHQDSOLFDUVHDORVSURSLHWDULRVTXHDFW~DQFRQVXVLQWHQFLRQHV3RURWUR
ODGRHOWUDEDMRGHFRPSRUWDPLHQWR\UHFXSHUDFLyQGHEHVHUDXWRUL]DGR\UHTXHULGR
SRUHOSUHVXSXHVWRHFRQyPLFRSHURHOSURSLHWDULRQRVLHPSUHORKDKHFKRWRGRHVWR
OOHYDDOVLOHQFLRGHORVSURSLHWDULRV
'HOLWRVFRQWUDHOSDWULPRQLRFXOWXUDO
$OFDQFHVSUHOLPLQDUHV
5HILHUH35$'26$/'$55,$*$TXH
1LHOFyGLJRSHQDOGHQLHOGHLQFOX\HURQHQVXDUWtFXORGHOLWRVFRQWUD
HO3DWULPRQLR&XOWXUDO6RORHOSULPHURUHJXODEDXQDfalta contra el aseo y ornato
público, FRQVLVWHQWH HQ RFDVLRQHV HO GHWHULRUR GH ³HVWDWXDV SLQWXUDV \ RWURV
DGRUQRV´ XELFDGRV HQ DODPHGDV R VLWLRV GH UHFUHR SXEOLFR DUW /D
LQFRUSRUDFLyQ SRU WDQWR GH HVWD FODVH GH KHFKRV SXQLEOHV IXH WDPELpQ XQ
DWLQDGRDSRUWHGHO&yGLJR3HQDOGH WtWXOR9,,, 35$'26$/'$55,$*$
(Q HVWH SXQWR SRGHPRV UHIHULU TXH ODV QRUPDV SHQDOHV DQWHULRUHV QR LQFOX\HURQ
GHOLWRVTXHHVWXYLHUDQUHODFLRQDGRVDSURWHJHUHOSDWULPRQLRFXOWXUDOPiVDXQVLHVWH
FRQFHSWRDXQQRHUDXVDGRHQQXHVWURSDtV
6HJ~QUHILHUH3(f$&$%5(5$TXH
([LVWHXQDUHODFLyQGLUHFWDGHSURWHFFLyQSRUSDUWHGHORUGHQDPLHQWRJHQHUDO\
HVSHFLDORULHQWDGDDOGHUHFKRSHQDOTXHKDFHTXHHVWDVHDWXWHODGD\SRUHQGH
DMXVWDEOHDODFRQWHPSODFLyQQRUPDWLYDDFWXDODSOLFDEOHDORVLOtFLWRVFRPHWLGRV
&RQWUDHO3DWULPRQLR&XOWXUDOGHQWURGHODSROtWLFDFULPLQDO
(O 3DWULPRQLR &XOWXUDO GHEH VHU FRQVLGHUDGR FRPR OD KHUHQFLD GHMDGD SRU
QXHVWURVDQWHSDVDGRVUD]yQSRUODFXDOHVWDPRVHQHOGHUHFKR\REOLJDFLyQGH
SURWHJHUORV FRQVHUYDUORV \ PDQWHQHUORV HQ XQ EXHQ HVWDGR \D TXH D OD
DFWXDOLGDG UHDOL]DQGR XQ DQiOLVLV VHVXGR SRGHPRV DVHYHUDU TXH HO
GHSDUWDPHQWR GHO &XVFR GH PDQHUD GLUHFWD R LQGLUHFWD HQ XQ YLYH GHO
WXULVPR TXH YLHQHQ DWUDtGRV SRU ODV PDUDYLOODU DUTXHROyJLFDV \ HO YDVWRV
SDWULPRQLRFXOWXUDOTXHWHQHPRVHQODUHJLyQ 3(f$&$%5(5$)5(<5(
(QHVWHVHQWLGRODSREODFLyQFXVTXHxDVHHQFXHQWUDHQREOLJDFLyQGHSURWHJHUQXHVWUR
YDVWR SDWULPRQLR FXOWXUDO \ ORJUDU XQD FRQYLYHQFLD HTXLOLEUDGD HQWUH FRQVHUYDU HO
SDWULPRQLR FXOWXUDO \ OD PRGHUQLGDG VLQ ELHQ HV FLHUWR HV DOJR TXH D SULPHUD YLVWD
SDUHFLHUD LPSRVLEOH GH KDFHU SHUR SRGHPRV WRPDU PRGHORV H[WUDQMHURV FRPR
0p[LFRSDUDSRGHUUHDOL]DUOR
$PRGRGHRSLQLyQSHUVRQDOVHGHEHLQGLFDUTXHODVHYLGHQFLDVFXOWXUDOHVTXHSXHGDQ
H[LVWLUHQXQGHWHUPLQDGRSUHGLRPX\LQGHSHQGLHQWHGHODWLWXODULGDGRSURSLHGDGTXH
SXHGDWHQHU\DVHDGHGRPLQLRS~EOLFRRSULYDGRVRQHVWULFWDPHQWHGHO(VWDGRUD]yQ
SRUODFXDOVHGHEHSRQHUHQFODURTXHHO0LQLVWHULRGH&XOWXUDOSRULQWHUPHGLRGHOD
''&&XVFRQRGLVFXWHODWLWXODULGDGTXHSXHGDWHQHUHOSUHGLRGRQGHVHHQFXHQWUDQ
ODVHYLGHQFLDVFXOWXUDOHVPiVVLVHGHEHLQGLFDUTXHGLFKDVHYLGHQFLDVVRQGHOHVWDGR
SRUFRQVLJXLHQWHORVSURSLHWDULRVGHGLFKRVSUHGLRVHVWiQREOLJDGRV\SDUDPHWUDGRV
PHGLDQWHFDUJDVUHVWULFFLRQHVDUHVSHWDUGLFKDVHYLGHQFLDV
%LHQMXUtGLFR
$Vt PLVPR 3HxD &DEUHUD QRV KDEOD TXH ELHQ MXUtGLFR HQ HVWH WLSR GH GHOLWRV OR
FRQILJXUDFLyQHQHOWLHPSRWLHQHXQFDUiFWHULPSRUWDQWHSDUDODFROHFWLYLGDGQDFLRQDO
(QSDODEUDVGH7$/$1&+$
/RV OODPDGRV REMHWRV FXOWXUDOHV VH SURGXFHQ D WUDYpV GH LPiJHQHV
&RQVWLWXFLyQ VH GHQRPLQD SDWULPRQLR FXOWXUDO GHO HVWDGR SRUTXH D\XGD D
H[SOLFDU VXV RUtJHQHV \ ORJURV KLVWyULFRV (VWRV VH DSOLFDQ QR VROR D ORV
LQGLYLGXRV VLQR WDPELpQ D VX KXPDQLGDG \ FXOWXUD 7DODQFKD 'HUHFKR DO
3DWULPRQLR&XOWXUDO
3HxD&DEUHUDUHVSHFWRDODWLSLFLGDGUHILHUH
7LSLFLGDG2EMHWLYD
1RUHTXLHUHXQDFDUDFWHUtVWLFDHVSHFtILFDGHODSHUVRQDGHODXWRU SXHGHVHU
LQGLYLGXDOPHQWHRPLHPEURGHXQDRUJDQL]DFLyQFULPLQDORXQVHUYLGRUS~EOLFR
3(f$&$%5(5$)5(<5(
(O DXWRU QRV KDEOD UHVSHFWR TXLHQ HV HO VXMHWR DFWLYR DVt LQGLFD TXH OR FRQVWLWX\H
FXDOTXLHUSHUVRQDVLQGLVWLQFLyQFRQOD~QLFDFRQGLFLyQTXHGHEHUHDOL]DUHOLOtFLWRHQ
FRQWUDGHOSDWULPRQLRFXOWXUDO
%6XMHWR3DVLYR
(O VXMHWR SDVLYR HV HO (VWDGR SHUXDQR UHSUHVHQWDGR D WUDYpV GH WRGDV ODV
PDQLIHVWDFLRQHVFXOWXUDOHVPXHEOHV±LQPXHEOHVPDWHULDOHLQPDWHULDO
F0RGDOLGDG7tSLFD
(OOHJLVODGRUKDUHJXODGRHQHO&yGLJR3HQDOHVSHFtILFDPHQWHHQHO7tWXOR9,,,
ORV³'HOLWRVFRQWUDHOSDWULPRQLRFXOWXUDO´DWUDYpVGHOFDStWXOR~QLFRORV³'HOLWRV
FRQWUDORVELHQHVFXOWXUDOHV´GHVGHHODUWtFXORDOODSURWHFFLyQFRQWUD
HO SDWULPRQLR FXOWXUDO YHULILFDQGR SDUD HOOR ODV FRQGXFWDV TXH YDQ GHVGH ORV
DWDTXHVODDGTXLVLFLyQLOtFLWDHOGHFRPLVRHWF
68%&$3Ë78/2,,,
e/0,1,67(5,23Ò%/,&2<(/352&(62,10(',$72(1/26'(/,726
&2175$(/3$75,021,2&8/785$/'(/$1$&,Ï1
(O0LQLVWHULR3~EOLFR
+LVWRULD
6L QRV UHIHULPRV DO DQWHFHVRU GHO 0LQLVWHULR 3XEOLFR HQ DGHODQWH 03 HVWDUtDPRV
ORV LQWHUHVHV GHO FRQVHMR GH ,QGLDV DQWH ORV WULEXQDOHV 3ODVPDGRV HQ OD FRUWH GH
IDPLOLDGHOLPD\GH&XVFR
(O LQJUHVR GHO 0LQLVWHULR 3XEOLFR GHQWUR GHO 3RGHU -XGLFLDO FRQWLQ~R GXUDQWH OD
5HSXEOLFD QXQFD IXH FRQVLGHUDGR FRPR RUJDQLVPR VL QR VLHPSUH GHO ODGR GH ORV
MXHFHV
6HJ~QGDWDGHO'U$OHMDQGUR(VSLQR0pQGH]TXLHQIXH)LVFDO3HQDOGHOD3URYLQFLD
GH/LPDODVIXQFLRQHVGHO0LQLVWHULR3XEOLFRQRHVWDEDQFODUDVVLQRKDVWDDSUREDFLyQ
GHOD&DUWD0DJQDGH
D)XQFLyQ
(O03HVXQyUJDQRDXWyQRPR\MHUiUTXLFRTXHWLHQHFRPR~QLFRGHEHULQYHVWLJDUORV
KHFKRV TXH FRQVWLWX\HQ ODV FLUFXQVWDQFLDV GH XQ GHOLWR GHWHUPLQDU OD SDUWLFLSDFLyQ
DXWRUHQODIRUPDSUHVFULWDSRUODOH\
E0LVLyQ
VRFLHGDG\ODWXWHODGHOPHQRU\ODIDPLOLDHQHOSURFHVRSHQDO
F9LVLyQ
5HGXFFLyQGHODSRODUL]DFLyQILVFDO\UHGXFLUODGHXGDH[WHUQDSDUDUHGXFLUORVUHFXUVRV
ILQDQFLHURV TXH DQWHV WHQtDQ JUDQ LQIOXHQFLD \ FRQIXVLyQ HQ OD UHS~EOLFD 6H KD
HOLPLQDGRODSREUH]D\ODSREUH]DH[WUHPDH[LVWHXQPHFDQLVPRGHGLVWULEXFLyQTXH
JDUDQWL]DUiODMXVWLFLDVRFLDOORVUHFXUVRVVHXWLOL]DQGHIRUPDVHJXUDPDQWHQLHQGROD
FDOLGDGGHOPHGLRDPELHQWH
2UGHQMHUiUTXLFRGHO0LQLVWHULR3XEOLFR
OCI, Oficinas especializadas
Fiscal de la Nacion
)LJXUD Estructura
(OHQFDUJDGRGHSHUVHJXLUHOGHOLWRHVHO03SRUWDQWRHVHOHQWHUHFWRUHQFDUJDGR
GH SHUVHJXLU \ DOFDQ]DU OD MXVWLFLD SDUD OD SUHVHQWH LQYHVWLJDFLyQ HVWXGLDUHPRV OD
DFWXDFLyQGHODVGLIHUHQWHVILVFDOtDVSURYLQFLDOHVDQWHGHQXQFLDVSRUDWHQWDGRVDORV
PRQXPHQWRVDUTXHROyJLFRV
3URFHVRLQPHGLDWR
1RFLyQFRQFHSWXDOSUD[LV\FRPSDUDGD
(OSURFHVRLQPHGLDWRHVXQSURFHVRSHQDO\DVXYH]XQDKHUUDPLHQWDEDVDGDHQOD
QRFLyQ GH UDSLGH] DPSDUDGD SRU XQD VLPSOLILFDFLyQ SURFHVDO \ ORV SULQFLSLRV GH
FHOHULGDG\HFRQRPtDSURFHVDOHQEXVFDGHXQDDGHFXDGDWXWHODSURFHVDO<DTXHVH
VXSULPHODHWDSDGHIRUPDOL]DFLyQSDUWLHQGRGHODVGLOLJHQFLDVDQWHODH[LVWHQFLDGH
IXQGDGRV HOHPHQWRV GH FRQYLFFLyQ LUUDGLDGRV GH OD IODJUDQFLD TXH SHUPLWHQ DO
$QLYHOGHGHUHFKRFRPSDUDGRHQ,WDOLDVHYHULILFDGRVWLSRVGHSURFHVRVGHQWURGHOD
XQD DXGLHQFLD RUDO SRU LQWHUPHQGLR GHO DFXHUGR HQWUHODV SDUWHV \ SRU RWURODGROD
LQYHVWLJDFLyQ\MXLFLRWUDVODYHULILFDFLyQGHODFRPLVLyQGHOLOtFLWRSHQDO
3RUVXSDUWHHQ&KLOHODOH\SURFHVDOSUHYpODSRVLELOLGDGGHVROLFLWDUXQMXLFLRHQMXLFLR
LQPHGLDWR HQ OD IRUPDOL]DFLyQ GH OD LQYHVWLJDFLyQ SUHOLPLQDU SHUPLWLHQGR DFXGLU
GLUHFWDPHQWHDODDXGLHQFLD
(QHOFDVRFRORPELDQRWDPELpQVHSHUPLWHVROLFLWDUXQD³DXGLHQFLDGHMXLFLR´SDUDHOOR
VHGHWHUPLQDUODUHVSRQVDELOLGDGGHOLPSXWDGRFRQEDVHHQODVSUXHEDV\PDWHULDOHV
HQFRQWUDGRV
$SOLFDFLyQGHOSURFHVRLQPHGLDWRHQHO3HU~
(O SURFHVR LQPHGLDWR VH HPSH]y D DSOLFDU FRQ OD GDFLyQ GHO 1&33 EDMR XQ
PHFDQLVPRFpOHUHTXHGDFXHQWDGHVXSUHVLyQGHHWDSDVSURFHVDOHV\ODFHUWH]DGH
ODUHVSRQVDELOLGDGGHOLQYHVWLJDGREDMRODWHVLWXUDGHVXILFLHQFLDSUREDWRULDSDUDDFXGLU
DO MXLFLR RUDO 6X DSOLFDFLyQ HQ SULQFLSLR HVWD HQOD]DGD DODIODJUDQFLD \OD VROLFLWXG
KHFKDSRUSDUWHGHO0LQLVWHULR3XEOLFR
(VWD KHUUDPLHQWD VHJ~Q OD MXULVSUXGHQFLD QDFLRQDO VH HQFXHQWUD OLPLWDGD D FLHUWRV
IDFWRUHV HQ OD FRPLVLyQ GHO GHOLWR FRPR OD FRPSOHMLGDG TXH GH XQD X RWUD IRUPD
LPSLGHTXHVHOOHYHDFDERHQWRGRVORVSURFHVR(VGHFLUQRVLHPSUHVHSRGUiXWLOL]DU
HQHOFDVRHQFRQFUHWRYJUFRPRVHWLHQHHQHOFDVRGHODFRPLVLyQGHOGHOLWRGH
FRQVHFXHQWHGHQHJDFLyQ
6XSXHVWRGHDSOLFDFLyQGHOSURFHVRLQPHGLDWR
(QHVWHDUWtFXORGHO1&33VHHVWDEOHFHQORVVXSXHVWRVIODJUDQFLDORVPLVPRVTXHVH
FRQILJXUDQ
- (ODXWRUGHOKHFKRHVVRUSUHQGLGRHQODUHDOL]DFLyQGHOGHOLWR
- (ODXWRUHVVRUSUHQGLGRDOWpUPLQRGHFRPHWHUHOGHOLWR
YLFWLPD\RRWUDSHUVRQDTXHSUHVHQFLRHOKHFKRRSRUXQDFiPDUDRXQGLVSRVLWLYR
PyYLOKD\DSXHVWRHQHYLGHQFLDVXLGHQWLGDG\HVHQFRQWUDGRHQHOWUDQVFXUVRGH
ODVKRUDV
- (ODXWRUHVHQFRQWUDGRGHVSXpVGHODVKRUDVFRQLQGLFLRV±LQVWUXPHQWRV±FRQ
ORVTXHSHUSHWURHOGHOLWR
(QHO$UWGHO1&33PRGLILFDGRPHGLDQWH/H\1KDDFRJLGRFODVHV
GHGHOLWRVTXHVHFRQVWLWX\HQIODJUDQFLD
a))ODJUDQFLD strictu sensu FOiVLFD VH PXHVWUD D WUDYpV GHO KHFKR GHOLFWLYR
FRQVXPDGRHVWRVHHQFXHQWUDHVWDEOHFLGRHQORVQXPHUDOHV\GHO$UW(Q
FXDOTXLHUFDVRHOLQGLYLGXRHVDWUDSDGRHQODHVFHQDQRH[LVWHKXLGD
(QHVWHWLSRHODXWRUHVSUHVHQFLDGRSRUODSURSLDYtFWLPDODJUDEDFLyQGHXQDWHUFHUD
SHUVRQDRVXLPDJHQHQPHGLRVDXGLRYLVXDOHVRSRUHMHPSOR&iPDUDIRWRJUDItDHWF
\HVWHKX\HGHOOXJDUGHOKHFKRSHURVXORFDOL]DFLyQ\DSUHKHQVLyQVHGDGHQWURGH
ODV FXDWUR KRUDV VLJXLHQWHV DO KHFKR GHOLFWLYR 3DUD HOOR VH QHFHVLWD GH
\XQDYH]FRPHWLGRHOGHOLWR
1&33GH6HJ~QHVWHWLSRGHIODJUDQFLDHOSURSLRDXWRUQRHVVRUSUHQGLGR DO
PRPHQWR GH OD FRPLVLyQ GHO KHFKR 6LQ HPEDUJR HO KHFKR GH TXH KD\D VLGR
HQFRQWUDGRFRQKHUUDPLHQWDVGHOGHOLWRHQHOWUDQVFXUVRGHODVKUVVLJXLHQWHVDOD
IHFKD HQ TXH VH FRPHWLy HO GHOLWR R TXH VHHYLGHQFLH UDVWURV HQHO YHVWXDULR KDFH
SUHVXPLUTXHKD\DVLGRSDUWHGHOKHFKR
(OLPSXWDGR\ODFRQIHVLyQFRPRVXSXHVWRGHSURFHGHQFLDGHOSURFHVR
LQPHGLDWR
(QVXPDGHEHVDEHUVHTXHODFRQIHVLyQQRHVVyORODDXWRLQFULPLQDFLyQGHOLPSXWDGR
OD PLVPD TXH WLHQH TXH VHU KRQHVWD \ FRQILGHQFLDO GHEH GDUVH DELHUWDPHQWH HQ
SUHVHQFLDGHODERJDGR\GHEHFXPSOLUFRQWRGDVODVJDUDQWtDVDGHPiVODGHFODUDFLyQ
GHEHGDUVHHQHOHVWDGRGHiQLPRKDELWXDOGHODFXVDGR$GHPiVGHEHHVWDEOHFHUVH
ODH[LVWHQFLDGHSUXHEDVDXWRLQFULPLQDWRULDV3RUORWDQWRQRHVUD]RQDEOHREMHWLYR
QLSHUPLVLEOHTXHHO03SURSRQJDXQDIRUPDUiSLGDGHFRQGHQDUDODFXVDGR
/DH[LVWHQFLDGHHOHPHQWRVGHFRQYLFFLyQHYLGHQWHVFRPRVXSXHVWRGH
SURFHGHQFLDGHOSURFHVRLQPHGLDWR
/RVHOHPHQWRVGHOGHOLWRQRVRQPiVTXHPHGLRVGHSUXHEDLQFOXLGRVORVGRFXPHQWRV
DFWDV WHVWLPRQLRV SUXHEDV WHVWLPRQLRV HWF UHFDEDGRV GXUDQWH OD ODERU ILVFDO \R
SROLFLDO SDUD JHQHUDU FRQYLFFLyQ DO MXH] 9DORUDFLyQ DGHFXDGD GHO KHFKR GHOLFWLYR
SUHVXQWDPHQWHFRPHWLGRSRUHOLPSXWDGRFRPRDXWRURFRODERUDGRU<HVDVSUXHEDV
VH YXHOYHQ REYLDV FXDQGR OD HYLGHQFLD VHD FRQWXQGHQWH \ SHUPLWDQ LPSXWDU ORV
FDUJRV
$VSHFWRVSURFHGLPHQWDOHVGHOSURFHVRLQPHGLDWR
D 6LXQSROLFtDFUHHTXHVHKDFRPHWLGRXQGHOLWRFODUDPHQWHFULPLQDOGHEHDUUHVWDU
D OD SHUVRQD DFXVDGD GH FRPHWHU HO KHFKR 3RU HOOR VH GHEH FRQWLQXDU FRQ OD
FDGD XQD GH HVWDV DFFLRQHV \ HQYLDU WRGDV ODV SUXHEDV D ODV FDGHQDV
FRUUHVSRQGLHQWHV6LHVWHHVHOFDVRODSROLFtDGHEHVHJUHJDU\DVHJXUDUODHVFHQD
SDUDSURWHJHUODVVHxDOHV\RHYLGHQFLDKDVWDTXHOOHJXHQORVH[SHUWRV
E 6LVHGHWLHQHDXQVRVSHFKRVRRSHUVRQDLQYROXFUDGDHQXQGHOLWRHOSROLFtDGHEH
HPLWLU XQD RUGHQ GH DUUHVWR H LQIRUPDU ORV GHUHFKRV OLVWD GH GHUHFKRV TXH VH OH
DSOLFDQ(VLPSRUWDQWHUHJLVWUDUHVWRVSDVRVHQHOSURWRFROR
F 2WURWHPDLPSRUWDQWHHVTXHODSROLFtDLQIRUPHLQPHGLDWDPHQWHDOILVFDOSHQDOSDUD
OOHYDUDFDERWRGDVODVGLOLJHQFLDV
G 3RURWUDSDUWHHOGHWHQLGRGHEHUiVHULQPHGLDWDPHQWHH[DPLQDGRSRUXQPpGLFR
IRUHQVH $GHPiV HO LPSXWDGR WLHQH WRGDV ODV RSRUWXQLGDGHV SDUD LQIRUPDU D VXV
TXHWRGRVORVLPSXWDGRVWLHQHQGHUHFKRDXQDGHIHQVDWpFQLFDGHPRGRWDOTXHOHV
SHUPLWDSUHSDUDUDGHFXDGDPHQWHVXFDVR
H WHUPLQDGDV ODV DFWXDFLRQHV SUHOLPLQDUHV HO SROLFtD GHEH UHPLWLU HO DFWD GH
LQWHUYHQFLyQGHWRGDVODVGLOLJHQFLDVUHDOL]DGDV\SRQHUDGLVSRVLFLyQGHODILVFDOtDDO
LPSXWDGR
I (QHOWUDQVFXUVRGHODVGLOLJHQFLDVHOILVFDOGHEHGHWHUPLQDUVLHOKHFKRVHDGHFXD
DORSUHVFULWRHQHO$UWGHO1&33
J &RQIRUPH OD YHUVLyQ GHO ILVFDO VL GH HVWD VH GHVSUHQGH TXH QR VH KD FRPHWLGR
QLQJ~QGHOLWRRTXHQRVHKDSUDFWLFDGRODGHWHQFLyQSRUDOJXQRGHORVGHOLWRVDQWHV
GHVFULWRVHO0LQLVWHULR3~EOLFRUHVXHOYHSRQHUORHQOLEHUWDGGHLQPHGLDWR
K 6LQHPEDUJRFRPRUHVXOWDGRGHODLQYHVWLJDFLyQUHVSHFWLYD L HODFWRFRQVWLWX\H
WLSLILFDGD HQ HO DUWtFXOR GHO 1&33 VH GHEH LQFRDU SURFHVR LQPHGLDWR DQWH HO
yUJDQRFRPSHWHQWH
D 6L GHQWUR GH ORV GtDV VLJXLHQWHV ± GH IRUPDOL]DUVH OD LQYV 3UHSDUDWRULD
LPSXWDGRGHFLGLHUDFRQIHVDUHOKHFKRHO03YHULILFDUDORVVXSXHVWRVGHODLQFRDFLyQ
GHOSURFHVRLQPHGLDWR
L ODFRQIHVLyQGHODFXVDGRHVWiUHVSDOGDGDSRUXQRRPiVHOHPHQWRVGHIH
LL HODFXVDGRUHDOL]RVXFRQIHVLyQGHPDQHUDOLEUH\HVSRQWiQHDHQFRPSDxtDGHVX
DERJDGRGHOLEUHHOHFFLyQ
E HO PLQLVWHULR SXEOLFR VL YHULILFD TXH OD YHUVLyQ GHO DFXVDGR QR VH DMXVWD D ORV
VXSXHVWRVDQWHVVHxDODGRVFRQWLQXDUiFRQHOSURFHGLPLHQWRFRP~Q
D (OPLQLVWHULRS~EOLFRDOKDOODUHYLGHQFLDREMHWLYDGHODFRPLVLyQGHOGHOLWRTXHOD
SHUVRQDKDFRPHWLGRHOKHFKR\TXHQRKD\PiVUHTXLVLWRVQRUPDWLYRVGHEHVROLFLWDU
ODDFWXDFLyQGHGLOLJHQFLDVLQPHGLDWDVFRQIRUPHORVHxDODHO1&33HVGHFLUPHGLDQWH
ODGLVSRVLFLyQGHELGDPHQWHIXQGDPHQWDGDGHEHLQGLFDUODVGLFKDVGLOLJHQFLDVTXHVH
GHEHQGHOOHYDUDFDER\HOSOD]RSDUDVXUHDOL]DFLyQ
E $VLPLVPRHO)LVFDODSHGLGRGHOSURFHVDGRSRGUiVROLFLWDUDOMXH]GHODFDXVD
DOJ~Q PHFDQLVPR GH VLPSOLILFDFLyQ SURFHVDO 3DUD SRGHU DUULEDU D XQD VROXFLyQ
SUiFWLFD
2.4.4. El delito contra el patrimonio cultural y el rol del Ministerio público en el
proceso inmediato
D 5HFHSFLRQDGDOD GHQXQFLD GH RILFLR R GH SDUWH HVWD VH GD FXDQWD HO 0LQLVWHULR
S~EOLFR R SDUD TXH OOHYH D FDER ODV GLOLJHQFLDV SUHYLVWDV SRU OH\ \ ODV TXH HVWLPH
QHFHVDULDVSDUDSRGHUOOHYDUDFDERODIRUPDOL]DFLyQRHQVXGHIHFWRHODUFKLYDPLHQWR
GHOPLVPR
E &RPRSDUWHGHOSURFHGLPLHQWRILVFDOVHOOHYDUDQDFDERODVGLOLJHQFLDVGHUXWLQD
UHFDEH GH DQWHFHGHQWHV OD GHFODUDFLyQ GHO GHQXQFLDGR \ RWURV GH VHU HO FDVR
GHVGHODVSULPHUDVGLOLJHQFLDVVHUHTXLHUDTXHHVWHVHHQFXHQWUHDFRPSDxDGRGHXQ
DERJDGRGHVXOLEUHHOHFFLyQDDIHFWRVGHFDXWHODUVXGHUHFKRDODGHIHQVD\HYLWDU
IXWXUDVQXOLGDGHVSRVWHULRUHV
F (Q OD LQYHVWLJDFLyQ LQLFLDO HO LPSXWDGR SRGUi VROLFLWD OD DSOLFDFLyQ GH DOJ~Q
PHFDQLVPRGHVLPSOLILFDFLyQSURFHVDORFULWHULRGHRSRUWXQLGDG
G 6L VH YHULILFD OD LQFLGHQFLD GLUHFWD GH OD IODJUDQFLD R IXQGDGRV HOHPHQWRV GH
FRQYLFFLyQTXHGHQFXHQWDTXHHOGHQXQFLDGRFRPHWLyHOLOtFLWRSHQDOHO)LVFDOGHEHUi
LQFRDUSURFHVRLQPHGLDWR
&HVDU6$10$57,1&$67525HILHUH
5HTXHULPLHQWRILVFDO
(O SURFHGLPLHQWR LQPHGLDWR QR VH HVWDEOHFH GH RILFLR DGHPiV HV LPSRVLEOH
FRQILJXUDUOR\DTXHODLQYHVWLJDFLyQSUHSDUDWRULDHVWiDFDUJRGHODILVFDOtDHV
QHFHVDULRTXHHOILVFDO\VyORpOIRUPXOHSRUHVFULWRDOMXH]HOUHTXHULPLHQWR
SHUWLQHQWH 'DGR TXH HVWH SURFHGLPLHQWR QR LPSOLFD QLQJ~Q PHFDQLVPR GH
UHFRPSHQVD 6$10$57,1&$6752&
,QGLFDTXHHO~QLFRTXHSXHGHLQFRDUHOSURFHVRLQPHGLDWRHVHOILVFDOTXHFRQRFHHO
FDVRQRSXHGHVHUDSHGLGRGHOLPSXWDGRSRUQRVHUXQDQRUPDEHQHILFLDGRUD
(OPLVPRDXWRUUHILHUH
(O03SUHVHQWDUDHOUHTXHULPLHQWRTXHFRUUHVSRQGH\GHPDQHUDFRQMXQWDRSRU
VHSDUDGRODVPHGLGDVFRHUFLWLYDVFRUUHVSRQGLHQWHVWRGRHOORHQFRQFRUGDQFLD
GHO$UWGHO1&33(/03GHEHUiDGMXQWDUDOUHTXHULPLHQWRODFDUSHWDGH
FRQIRUPLGDGFRQORSUHYLVWRHQHO$UWGHOPLVPRFXHUSRQRUPDWLYR 6$1
0$57,1&$6752&
3DUDLQVWDUHOSURFHVRLQPHGLDWRVHUHTXLHUHQRVRORGHORVHOHPHQWRVREMHWLYRVGHOD
FRPLVLyQIODJUDQWHVLQRGHORVUHFDXGRVQRUPDWLYRVSUHYLVWRVHQHO1&&3 SOD]RV\
FULWHULRV DVtFRPRDFRPSDxDUODFDUSHWDILVFDOTXHFRUUHVSRQGDDOFDVR
2.5.1. Características
$ODH[SHGLFLyQGHODUHVROXFLyQGHOSURFHVRLQPHGLDWRHOILVFDOSUHVHQWDDFXVDFLyQ
DQWHHO-X]JDGRGH,QY3UHSDUDWRULDTXLHQHPLWLUiODUHVROXFLyQGHHQMXLFLDPLHQWR\
FRQYRFDQGRDMXLFLRGLFKRUHTXHULPLHQWRGHEHDMXVWDUVHDORSUHYLVWRHQHO$UW
GHO1&33
(QVHxD)5$1&(6&2&$51(/877,
/DIODJUDQFLDQRHVXQDIRUPDGHVHUGHOKHFKRGHOLFWLYRVLQRGHHVHKHFKRHQ
UHIHUHQFLD GH XQ LQGLYLGXR SRU WDQWR FRQVWLWX\H XQ DWULEXWR UHODWLYR
&$51(/877,
(/ DXWRU KDFH UHIHUHQFLD UHVSHFWR GH FyPR VH FRQILJXUD R QR OD IODJUDQFLD FX\D
FRQGLFLyQHVHOGHOLWRUHVSHFWRGHODSHUVRQDHQFX\RFDVRSDUDDOJXQRVSXHGHH[LVWLU
\SDUDRWURVQRHVWRVHJ~QFULWHULRGHODSHUVRQD
(Q RWUDV SDODEUDV SDUD TXH VH HVWDEOH]FD IODJUDQFLD GHEHQ H[LVWLU WHVWLJRV
SUHVHQFLDOHVDOKHFKRRPHGLRVDXGLRYLVXDOHVTXHSHUPLWDQFRUURERUDUHLGHQWLILFDU
DODXWRUGHOGHOLWR
3RUVXSDUWH&+,26621(VRVWLHQH
³,QIUDJDQWL´«FRPHWLGRVDKRUDRUHFLHQWHPHQWH\DJUHJDTXHVHFRQVLGHUDXQ
GHOLWRUHLQFLGHQWHVLOD313SHUVLJXHDOLPSXWDGRTXLHQHVFDSDDQWHHOOODPDGR
GHODJHQWHSRUTXHIXHVRUSUHQGLGRRYLVWRFRQREMHWRVTXHGHODWDQVXDFFLRQDU
&+,26621(
&RUURERUDQGR FRQ OR TXH GLFH &DUQHOXWWL HO GHOLWR IODJUDQWH OR FRQVWLWX\H OD
LGHQWLILFDFLyQ GHO VXMHWR DFWLYR GHO GHOLWR \D VHD SRU OD YtFWLPD R SRU HO S~EOLFR
H[SHFWDQWH
'HOPLVPRPRGR6È1&+(=9(/$5'(LQGLFD
/D SDODEUD IODJUDQFLD HV XQD SDODEUD TXH SURYLHQH GHO ODWtQ TXH VLJQLILFD XQ
EULOOROX]RIXHJR3RUHOORTXHHQODFRPLVLyQGHOGHOLWRVHYHULILFDODUHDOLGDG
FODUDGHODFRPLVLyQVLPLODUDXQFULPHQYLROHQWRRLQFHQGLDULRDOLPDJLQDUXQD
SUXHEDYtYLGDHLQWHOLJLEOHGHTXHODYHUGDGVHHVWDEOHFH\VHYLYHDQWHORVRMRV
GHOREVHUYDGRU 6$1&+(=9(/$5'(
%DMRHVWRVWpUPLQRVHQWHQGDPRVDODIODJUDQFLDFRPRHODFWRUHDOL]DGRLQVLWX\EDMROD
YLVWDGHWRGRVHVXQKHFKRLQWDFWRHQHOWLHPSR\FXOSDGR\VDQFLRQDGRGHOPLVPR
PRGR±DOLQVWDQWH(VREYLRTXHSDUDTXHH[LVWDHOSUHVXSXHVWRGHIODJUDQFLDHOVXMHWR
DFWLYRGHOGHOLWRWLHQHTXHVHUVRUSUHQGLGRHQHOOXJDUGHORVKHFKRVFRQODV³ODVPDQRV
HQODPD]D´
(ODXWRU&+,26621(LQGLFD
/D DSUHFLDFLyQ GH GLVWLQFLyQ HQWUH KHFKRV GHOLFWLYRV GHVFXELHUWRV HQ HO DFWR
IODJUDQFLD \ORVTXHQRQRWLHQHPD\RUGLVFXVLyQ\DTXHOR~QLFRTXHLPSRUWD
VLGHVHDPRVKDFHUXQDGLVWLQFLyQHVWDUDGLFDUtDHQVDEHUVLHOLQGLYLGXRHVYLVWR
FRQODVPDQRVHQODPD]D &+,26621(
1RH[LVWHGLIHUHQFLDHQWUHORVGHOLWRVTXHVRQFRPHWLGRV\GHVFXELHUWRVHQHOPLVPR
DFWR \ ORV TXH GLYHUVDV FLUFXQVWDQFLDV QR VRQ GHVFXELHUWDV DO PRPHQWR GH VX
FRPLVLyQOR~QLFRTXHLPSRUWDHVODLGHQWLILFDFLyQGHOLQIUDFWRUHQHOOXJDU\PRPHQWR
GHORVKHFKRV
6HJ~Q&(52
(Q GHILQLWLYD VH GHWHUPLQDUtD OD IODJUDQFLD ± IUDJDQWL HVWULFWDPHQWH VL VH OH
HQFXHQWUD DO LQGLYLGXR HQ SOHQD FRQVXPDFLyQ GHO KHFKR GHOLFWLYR yVHD DO
KDOODUVHDOYLFWLPDULRGLVSDUDQGRDOD YtFWLPDDOYLRODGRUVLHQGRGHVFXELHUWRDO
PRPHQWR GH XOWUDMDU D OD YtFWLPD HWF 'HVSXpV GH HOOR H[LVWHQ RWUDV
SUREDELOLGDGHVGHFRPLVLyQGHKHFKRVSXQLEOHVTXHODGRFWULQDGHWHUPLQDFRPR
FXDVLIODJUDQFLDFX\DGHWHUPLQDFLyQSHUPLWHODGHWHQFLyQGHOLPSXWDGRVLQTXH
H[LVWDPDQGDWRXRUGHQGHDOJ~QMXH] « &(52
&DEH PHQFLRQDU TXH HV GH VXPD LPSRUWDQFLD VDEHU TXH H[LVWHQ DOJXQRV
LQFRQYHQLHQWHV UHVSHFWR D OD GHWHQFLyQ R DSUHQVLyQ GHO VXMHWR WUDV OD FRPLVLyQ GHO
GHOLWRHQVLWXDFLyQIODJUDQWHSDUDHOORVHGHEHWRPDU PX\HQFXHQWDODSHUFHSFLyQ
HOORGHSHQGHUiODFRQILJXUDFLyQGHOKHFKREDMRODWHPiWLFDHQHVWXGLR
-26(348(5$/7UHILHUH
'HOLWRIODJUDQWH³HVPHUDPHQWHORTXHVHFRPHWHRDFDEDGHFRPHWHUDODYLVWD
GHORVDJHQWHVGHORUGHQREYLDPHQWHHVWRQRVLJQLILFDTXHVHGHWHUPLQHFRPR
WDO VLQ OD REVHUYDQFLD GH ORV DJHQWHV ³IODJUDQFLD´ HVWD GHWHUPLQDGD SRU OR
VHQVRULDO±REVHUYDUHOKHFKR 48(5$/7
6HxDODHODXWRUTXHQRVRODPHQWHHOGHOLWRGHIODJUDQFLDHVDTXHOODDFFLyQXRPLVLyQ
SUHVHQFLDGDSRUXQDDXWRULGDGVLQRTXH DGHPiVHVWDWLHQHTXHYHUFRQHODOFDQFH
VHQVRULDOGHOKHFKR
3RUVXSDUWH0(,1,VRVWLHQH
(OWHUPLQRHVELHQDPSOLRTXHHQPDUFDLQVWDQWHHQHOTXHVHFRPHWHHOKHFKR
GHOLFWLYR±LQFOX\HQGRDTXHOORVVXFHVRVSUH\SRVWHMHFXFLyQGHOKHFKRGHOLFWLYR
SHUR ORV DFWRV SUHSDUDWLYRV \D GH SRU VL VRQ FRQVLGHUDGRV GHOLWR WRGR HOOR HQ
FRQFRUGDQFLDSRUORHVWDEOHFLGRHQHO$UWGHO&3 0(,1,0(1'(=
/RTXHSRGHPRVUHIHULUUHVSHFWRODRSLQLyQGHODXWRUHVTXHODIODJUDQFLDQRVRORGHEH
VHUFRQVLGHUDGDFRPRWDOHOPRPHQWRGHSHUSHWUDFLyQGHOKHFKROHVLYRVLQRGHEHVHU
FRQVLGHUDGDGHVGHORVDFWRVSUHYLRVDODFRPLVLyQGHOKHFKRSXQLEOHGHOPLVPRPRGR
ORVDFWRVSRVWHULRUHVDODFRQVXPDFLyQGHOKHFKR
&DUDFWHUtVWLFDVSULQFLSDOHVGHIODJUDQFLD
3DUD3$/$&,26'5(;75(
/DSULYDFLyQGHODOLEHUWDGHVXQDFDUDFWHUtVWLFDGHODIODJUDQFLD VLWXDFLyQTXH
VHHQFXHQWUDDPSDUDGRFRQVWLWXFLRQDOPHQWHHVPiVHVWDGHEHVHULQPHGLDWD
WDQWRHQHOWLHPSRFRPRHQORSHUVRQDOHQHOPDUFRGHXQDVLWXDFLyQHVSHFLDO
GHHPHUJHQFLDTXHGHEHRFXUULUVLPXOWiQHDPHQWH 3$/$&,26'(;75(
/DIODJUDQFLDFRPRIDFXOWDGSURFHVDO~QLFDPHQWHLQVWDGRFXDQGRH[LVWHSUR[LPLGDG
FHUFDQtDHQHOWLHPSR\ODLGHQWLILFDFLyQRSHUVRQLILFDFLyQGHOVXMHWRTXHFRPHWLyHO
GHOLWR
$VLPLVPRODIODJUDQFLD
/DOHJLWLPDFLyQGHODGHWHQFLyQSROLFLDOVHDUJXPHQWDHQODIODJUDQFLD
6HJ~Q6$10$57,1&$6752ODIODJUDQFLDSUHVHQWDHVWDVFDUDFWHUtVWLFDV
D ,QPHGLDWH] WHPSRUDO FX\D SHFXOLDULGDG HVWi GDGD SRU HO PRPHQWR GH OD
UHDOL]DFLyQ R OD FRPLVLyQ GHO GHOLWR 6LHQGR OD LQPHGLDWH] HO IDFWRU WLSR HO
HOHPHQWRHVHQFLDOHQHVWDILJXUD 6$10$57,1&$6752&
(OWLHPSRFRPRFDUDFWHUtVWLFDSULQFLSDOSDUDGHWHUPLQDUVLH[LVWHRQRIODJUDQFLD
E ,QPHGLDWH] SHUVRQDO OR TXH VLJQLILFD TXH OD SHUVRQD VH HQFXHQWUD HQ XQD
VLWXDFLyQHVSHFLDOHQODHVFHQDGHOFULPHQORTXHGDFHUWH]DGHVXFRQGXFWD\
VXDFWXDUHQHOKHFKRFRWHMDGRFRQODVHYLGHQFLDV\HOHPHQWRVFRQILJXUDWLYRV
GHOGHOLWRFRPRHOREMHWRFRQWXQGHQWH\PDWHULDO 6$10$57,1&$6752&
/D SHUPDQHFtD GHO VXMHWR TXH FRPHWLy HO KHFKR LOtFLWR \ FX\DV DSDULHQFLDV HVWpQ
UHODFLRQDGDVDODSDUWLFLSDFLyQGHOGHOLWRFRPHWLGR
F (QPDWHULDGHMXVWLFLDHVQHFHVDULRGDULQIRUPDFLyQGLUHFWD\VyOLGDVREUHHO
GHOLWRDFWXDUGHQWURGHODFRPSHWHQFLDGHODVDXWRULGDGHVSROLFLDOHVHLQWHUYHQLU
FRQ XUJHQFLD SDUD SRQHU ILQ DO GHOLWR 1R HV SRVLEOH XQD GHFLVLyQ MXGLFLDO /D
UHVSXHVWD GH HPHUJHQFLD UHTXLHUH DFFLyQ SROLFLDO LQPHGLDWD 6$1 0$57,1
&$6752&
3DUDTXHVHFRQILJXUHFRPRGHOLWRIODJUDQWHHODJHQWHGHEHHQFRQWUDUVHHQODHWDSD
GHHMHFXFLyQRDSXQWRGHSHUSHWUDUOR
$VtUHILHUH25(*8$5',$
(V LPSRUWDQWH FRQRFHU ORV VXEWLSRV GH OD ³IODJranti´ HQ YLVWD GH TXH HQ OD
'RFWULQDH[LVWHWLSRVODVTXHYDQDYDULDUHQODWHPSRUDOLGDG±DSDUWDPLHQWR
±HQWUHHOKHFKRSXQLEOH\ODFDSWXUDGHOLQGLYLGXR 25(*8$5',$
3DUD HO UHFRQRFLPLHQWR GH OD IODJUDQFLD VHJ~Q UHILHUH $UVHQLR 2UH *XDUGLD H[LVWH
KDVWDWUHVFODVHV
- )ODJUDQFLD(VWULFWDVHFRQILJXUDFXDQGRODSHUVRQDHVDWUDSDGDRVRUSUHQGLGD
HQ HO PRPHQWR H[DFWR GH OD FRPLVLyQ GHO GHOLWR SRU HQGH HQ H[LVWHQ FULWHULRV
VXILFLHQWHV\REMHWLYRVTXHSHUPLWHQGDUFXHQWDTXHHOKHFKRVHUHODFLRQDFRQ
ODSDUWHILQDORDGPLQLVWUDWLYDGHODDFFLyQSHQDO
- &XDVLIODJUDQFLD &XDQGR DOJXLHQ FRPHWH XQ GHOLWR SHUR HV DUUHVWDGR SRFR
GHVSXpVSRUTXHQRORKDQYLVWRGHVGHHQWRQFHV3RUHMHPSORXQDSHUVRQDTXH
UREDDOJRHVYLVWRFRPRXQODGUyQDOJXLHQORVLJXHRODJHQWHYD\ORDWUDSD
- 3UHVXQFLyQGHIODJUDQFLD(QHVWHFDVRODSHUVRQDQRIXHVRUSUHQGLGDFXDQGR
PDWy R WHUPLQy VX FULPHQ \ QXQFD IXH WRUWXUDGD GHVSXpV GH KDFHUOR 6yOR
DUJXPHQWRVUD]RQDEOHVQRVKDFHQFUHHUTXHpOHVHODXWRUGHHVWHDFWR´´ 25(
*8$5',$
(VWDV PRGDOLGDGHV WLSRV VH LQFRUSRUDURQ HQ OD /H\ OH\ TXH PRGLILFD HO
1&33GH
$OUHVSHFWR$1*8/2$5$1$VHxDODTXH
/RTXHRFXUUHHQODVLHUUDSHUXDQDGRQGHODVYtFWLPDVGHDOJ~QGHOLWRVHMXQWDQ
HQ
(QFDVRVDFRQWHFLGRVHQODVLHUUDSHUXDQDGRQGHORVDJUDYLDGRVVHRUJDQL]DQ
HQFRQMXQWRSDUDEXVFDUDORVUHVSRQVDEOHVGHODVXVWUDFFLyQGHVXVDQLPDOHV
SRUORGLItFLOGHVXWUDVODGR\RSRUORDJUHVWHGHVXWRSRJUDItDGLFKDE~VTXHGD
VH GDED HQ D GtDV \ FRPR ORV SREODGRUHV GH ORV VHFWRUHV FRQRFHQ VXV
FDPLQRV \ VHQGHURV HVWRV GDEDQ DOFDQFH D ORV UHVSRQVDEOHV GHO KHFKR
GHOLFWLYRHQPXFKRVFDVRVLQFOXVR\DFRQDJHQWHVGHORUGHQHVDVtTXHDQWHV
GHHVWDEOHFHUTXHH[LVWH³IODJUDQWLD´DEXHQFULWHULR\SRUUD]RQHVTXHQRVHOHV
SHUGLy HO UDVWUR HVWH KHFKR GHEH VHU WUDPLWDGR GH FRQIRUPLGDG D OR TXH VH
HVWDEOHFHFRQRXQSURFHVRLQPHGLDWR $1*8/2$5$1$
6HJ~QUHILHUHHODXWRUKD\PiUJHQHVGHWLHPSRHQDOJXQRVGHOLWRVSRUORTXHDSOLFDU
ODIODJUDQFLDHQPXFKRVGHORVFDVRVFRPRHODELJHDWRLQILHUHDVSHFWRVPiVDPSOLRV
\DTXHHVWRVVHOOHYDQDPHQXGRHQODV]RQDVGHODVLHUUDLPSRVLELOLWDQGRODFDSWXUD
HLQGLYLGXDOL]DFLyQGHORVGHOLQFXHQWHVSDUDHOORVHQHFHVLWDPiVGHDGtDVSDUD
VX FDSWXUD HQ HVWH VHQWLGR WLHQH TXH WRPDUVH HQ FXHQWD ODV SLVWDV \ HOWLHPSR GH
SHUVHFXFLyQVLQSHUGHUHOUDVWURQLHOFDPLQRSRUGRQGHHVFDSDURQSDUDGLFKRHIHFWR
VHGHEHUiGHDFWXDUWRPDQGRHQFXHQWDWRGRVHVWRVFULWHULRV
QRGHEHGHVHUODUHJODPiVDOFRQWUDULRHVWHGHEHREHGHFHUDODH[FHSFLRQDOLGDGR
VHU UHVWULFWLYD SRUTXH HQ HOOD VH YHULILFD HQ PXFKRV GH ORV FDVRV OD DIHFWDFLyQ GH
GHUHFKRVIXQGDPHQWDOHVHQWUHHOORVODSUHVXQFLyQGHLQRFHQFLDRODGHIHQVDWpFQLFD
6$10$57,1&$6752
(ODXWRUGDXQDDSUHFLDFLyQPiVFRQVWLWXFLRQDODODIODJUDQFLDHQYLVWDGHTXHVHGHEH
DSOLFDUHVWDLQVWLWXFLyQSURFHVDOUHVSHWDQGRHOGHELGRSURFHGLPLHQWR\ODSUHVXQFLyQ
GHLQRFHQFLD
&$%$//(52*8(9$5$FRPSOHPHQWDGRODLQIRUPDFLyQUHILHUHTXH
FXDQGRHODXWRUGHOGHOLWRKX\HGHODHVFHQDGHOFULPHQKDTXHEUDGRHOFULWHULR
GHLQPHGLDWH]SRUORWDQWRKDFUHDGRXQDVLWXDFLyQTXHLPSLGHVHOOHYHDFDER
EDMR OD VHFXHOD GH XQ SURFHVR UiSLGR VLQRGH XQ SURFHVR FRPSOHMR &RQWUDULR
VHQVXVHHVWDUtDYHULILFDQGRDSDULHQFLDVVRVSHFKDVVLQGLFDFLyQPDOLFLRVDTXH
GH XQD X RWUD IRUPD FRQILJXUD XQD DIHFWDFLyQ GHO GHELGR SURFHVR HWF
&$%$//(52*8(9$5$
(QHVWHVHQWLGRHODXWRUGDXQDDSUHFLDFLyQPXFKRPiVDPSOLDHQHOVHQWLGRVLHVTXH
HODXWRUGHODFRPLVLyQGHXQGHOLWRHVFDSDGHODHVFHQDGHOFULPHQRQRHVYLVWRSRU
QDGLHVHGHEHUHFXUULUDXQDLQYHVWLJDFLyQGHGLOXFLGHHOFDVRHVWRSRUQRFRPHWHU
H[FHVRV DQWH XQ SUHVXQWR LPSXWDGR DVt VH GHEH UHVSHWDU ODV LQYHVWLJDFLRQHV
FRUUHVSRQGLHQWHVDVtFRPRORVGHUHFKRVTXHOHDVLVWHDOSUHVXQWRLQRFHQWH
(VLPSRUWDQWHORTXHGLFH0$15,48(3$&+$6
/DGLVFUHFLRQDOLGDGDSOLFDGDDOFDVRHQFRQFUHWRHVDSOLFDGDSRUHO313HQWRUQR
DODVIDFXOWDGHVFRQIHULGDVSRUODOH\HQWDOVHQWLGRODLQYHVWLJDFLyQHILFLHQWH\
VXVGHIHFWRVVHOOHYDDFDERSRUSDUWHGHOD313HQEDVHD\~QLFDPHQWHVXV
FRQRFLPLHQWRV 0$15,48(3$&+$6
(V DVt TXH SDUD HVWDEOHFHU HO WLSR SURFHVDO SURFHVR LQPHGLDWR HO SROLFtD HQ
SDUWLFXODUHVTXLHQHQEDVHDVXIRUPDFLyQSHUVRQDODFFLRQDU\HOFULWHULRGHHVWR
GHSHQGHODFRQILJXUDFLyQGHQWURGHODIODJUDQFLD
0DUFRFRQFHSWXDO
/H\ GH )ODJUDQFLD (VWH WpUPLQR WLHQH VXV RUtJHQHV GHO ODWtQ flagransflagrantis ±
YHUERIODJDUHTXHVLJQLILFDHQFHQGHUTXHPDU\ODFRVDTXHDUGHREULOODFRPRIXHJR
R IODPD EDMR HVWH SUHFHSWR SRGUtDPRV FRQFHSWXDOL]DU FRPR DTXHO KHFKR TXH VH
YLHQHGDQGRRHMHFXWDQGR &DODWD\XG3RQFHGH/HyQ
&XDVLIODJUDQFLD (VWD VH GD FXDQGR \D VH KD SHUSHWXDGR HO KHFKR GHOLFWLYR SHUR
LQGLYLGXRIXHGHWHQLGRSRFRGHVSXpV\DTXHQRKDEtDGHVDSDUHFLGRGHVGHHQWRQFHV
6HJ~Q HO DXWRU -RUJH $OEHUWR 6LOYD 6LOYD XQD SHUVRQD SXHGH VHU GHWHQLGD LQFOXVR
GHVSXpVGHFRPHWHURXWLOL]DUXQGHOLWRSHURVLHPSUHTXHQROHSLHUGDHOUDVWUR\VHD
SURFHVDGDGHVGHHOPLVPRPRPHQWRHQTXHVHFRPHWHHOGHOLWRUHODFLRQDGR(MHPSOR
HVWHKHFKRVHDSUHFLDFXDQGRXQDSHUVRQDFRPHWHHOGHOLWRHVREVHUYDGRFRPRWDO\
GHVSXpVGHOKHFKRKX\HSHURHVSHUVHJXLGRSRUOD313\DWUDSDGR3RVWHULRUDHOOR
HVSURFHVDGRIUHQWHDODVHYLGHQFLDVREMHWLYDV %,(/6$
3UHVXQFLyQGHIODJUDQFLD±SRUHYLGHQFLDVRLQIHULGD
6HSUHVHQWDFXDQGRHODFWRUHVKDOODGRRYLVRFRQDOJ~QLQGLFLRRHOHPHQWR DOJ~Q
REMHWR GHOGHOLWR(VGHFLUQRHVKDOODGRHQIODJUDQFLDQLGHQWURGHOWLHPSRVHxDODGR
6LELHQHOVXMHWRDFWLYRKX\HGHODHVFHQDGHVSXpVGHFRPHWHUXQGHOLWR/XHJRHO
RILFLDO GH SROLFtD VH HQWHUDGHO GHOLWR FRPHWLGR \ REVHUYDGH FHUFDDOD SHUVRQD HQ
EXVFDGHIDFWRUHVTXHSXHGDQYLQFXODUORFRQHOGHOLWRFRQRFLGRHLQWHUYLHQHVHLQLFLD
OD LQYHVWLJDFLyQ SRU HQGH SDUD GHWHUPLQDU OD UHVSRQVDELOLGDG GH OD FRPLVLyQ GHO
GHOLWRVLELHQVHGHEHYHULILFDUODH[LVWHQFLDGHVXILFLHQFLDSUREDWRULDHPSHUROD~QLFD
IXHQWHHVHOLQGLFLR
'HOLWRGHGDxRV $UW&3 FRQWUDHOSDWULPRQLRFXOWXUDO(VWDILJXUDHVXVDGD
VXSOHWRULDPHQWH \ SRU OR JHQHUDO GH PDQHUD IUHFXHQWH FXDQGR DOJ~Q KHFKR TXH
FRQWUDYLHQHDORVELHQHVFXOWXUDOHVQRVHDMXVWDDORTXHVHHVWDEOHFHHQHO$UW
GHO&3TXHQRHVRWUDFRVDTXHODDJUDYDQWHGHOGHOLWRGHGDxRV
%LHQ&XOWXUDO(VFXDOTXLHUELHQPDWHULDORLQPDWHULDOTXHIRUPDSDUWHGHODLGHQWLGDG
GHXQGHWHUPLQDQGRSDtV3RUORWDQWRDPHULWDXQDSURWHFFLyQLQWHJUDOSRUSDUWHGHO
HVWDGR\ODVGHPiVLQVWLWXFLRQHV
$QWHFHGHQWHVGHOD,QYHVWLJDFLyQ
2.1.1. Antecedentes
7HVLV
D,QWHUQDFLRQDOHV
*XDWHPDOD DUULER DODV VLJXLHQWHV FRQFOXVLRQHV PHQFLRQD TXH HO FyGLJR SHQDO QR
HVWDEOHFHGHPDQHUDFRQFUHWDODFXOSD\GRORFRQORFXDOQRHVWiDFRUGHDODVWHRUtDV
DFWXDOHVGHOGHUHFKRSHQDODVtPLVPRHOSRGHUOHJLVODWLYRQRWLHQHODPLUDGDLQWHJUDO
FXOSD\HOGRORSRURWURODGRQRH[LVWHQRUPDMXUtGLFDYLJHQWHTXHSURWHMDGHPDQHUD
HILFLHQWHORVELHQHVFXOWXUDOHVORTXHFRQOOHYDDODGHVDSDULFLyQHQPXFKRVFDVRVGHO
SDWULPRQLR FXOWXUDO HO HVWDGR GH *XDWHPDOD QR FXPSOH HO URO GH SURWHFWRU \
FRQVHUYDGRUGHOSDWULPRQLRFXOWXUDOHQYLVWDGHTXHQRSURPXHYHODLPSOHPHQWDFLyQ
GHDFFLRQHVHIHFWLYDVSDUDVXSURWHFFLyQ
*XHUUD HQODWHVLV³Determinantes Criminógenos De Los Delitos Contra El
Patrimonio Cultural´/D3D]±%ROLYLDKDOOHJDGRDODVVLJXLHQWHVFRQFOXVLRQHVXQD
GHODVUD]RQHVSDUDFRPHWHUGHOLWRVFRQWUDHOSDWULPRQLRFXOWXUDOHVVXDOWRYDORUHQHO
PHUFDGRLQIRUPDO$GHPiVGHQRFRQWDUFRQXQDOH\SURWHFWRUDHVSHFtILFDVyORH[LVWH
XQD QRUPDWLYD VREUH FDWDORJDFLyQ \ SURWHFFLyQ GH GLFKR SDWULPRQLR LPSHGLU OD
SURWHFFLyQLQWHJUDO3RURWURODGRKDVWDHOGHORVELHQHVFXOWXUDOHVGH%ROLYLDQR
KDQVLGRFDWDORJDGRVWRGRSRUTXHQRH[LVWHXQDSROtWLFDGHFRQWHQFLyQSDUDSURWHJHU
UHDOPHQWHORVELHQHVFXOWXUDOHV7RGRHVWRVHGHEHDTXHORVQXHYRVJRELHUQRVQR
DVLJQDQVXVSUHVXSXHVWRVSDUDGDUIRUPDDODVSROtWLFDVGHSURWHFFLyQGHOSDWULPRQLR
FXOWXUDO
E1DFLRQDOHV
FRQFOXVLRQHVVLJXLHQWHVOD)ODJUDQFLDHVGHGDWDDQWLJXD\DSDUWLUGHODxRFRQ
ODGDFLyQGHO&yGLJRSHQDOVHGDXQDGHILQLFLyQGHOWHPDDVtPLVPRODFRQVWLWXFLyQ
GHPHQFLRQDHOWHPDGHIODJUDQFLD\DSDUWLUGHHQHURGHFRQOD/H\
VH ORJUD GHILQLUOD HPSHUR FRQ OD HQWUDGD HQ YLJHQFLD GHO 1&33 HO OHJLVODGRU QRV
SURSRQHXQFRQFHSWRPiVFRQFUHWRGHOWpUPLQRIODJUDQFLD
GHVFRUWHVtD QR FXPSOH FRQORVUHTXLVLWRVGHOD DFXVDFLyQ SRUOR TXH VH YLRODUtD HO
SULQFLSLRGHDFXVDFLyQ$GHPiVH[LVWHXQYDORUQHJDWLYRTXHYLQFXODDOWULEXQDOHQXQ
SOD]RUD]RQDEOHWRGRVORVFXDOHVLPSOLFDQGHWHQFLRQHVTXHRVFLODQHQWUHODV\ODV
KRUDVGHFiUFHOWLHPSRTXHHOILVFDOGHEHUHXQLUODVSUXHEDVGH$FXVDFLyQ
7XHUR HQODWHVLV³Los Delitos contra el patrimonio cultural: delimitación
DUULERDODVVLJXLHQWHVFRQFOXVLRQHV(QVHGHDGPLQLVWUDWLYDHOJRELHUQRKDORJUDGROD
XQLILFDFLyQGHGLIHUHQWHVQRUPDVSURPXOJDQGROD/H\FX\RILQHVODSURWHFFLyQ
GHO SDWULPRQLR FXOWXUDO \ VXV PDQLIHVWDFLRQHV WXWHODUHV DVLPLVPR GH UHJXODU ODV
VDQFLRQHVDGPLQLVWUDWLYDVTXHGHYLHQHQGHOLQFXPSOLPLHQWRGHODUHIHULGDQRUPDDVt
PLVPR HQ FXDQWR D OD SURWHFFLyQ GH ORV GHOLQFXHQWHV GHFLPRV TXH ORV ELHQHV
MXUtGLFRVSURWHJLGRVVRQSDWULPRQLRFXOWXUDOPXHEOHHLQPXWDEOH
F/RFDO
7WLWR HQ OD WHVLV ³Valoración de la prueba pericial en el delito contra el
FRQFOXVLYDPHQWHTXHHQHOSURFHVRVHJXLGRFRQWUDSDWULPRQLRFXOWXUDOODPD\RUtDGH
ORV MXHFHV HPLWH XQD GHFLVLyQ VLQ WRPDU HQ FXHQWD OD UHDO DIHFWDFLyQ GHO ELHQ DVt
PLVPR HO PLQLVWHULR S~EOLFR OOHYD D FDER XQD LQYHVWLJDFLyQ GHMiQGRVH OOHYDU SRU
DSUHFLDFLRQHV VXEMHWLYDV GH SDUWH GHO 0LQLVWHULR GH &XOWXUD (V DVt TXH VH OOHJD D
GHWHUPLQDUTXHQRVHXWLOL]DXQDSHULFLDHQWRGRHOSURFHVRSHQDOWDQWRFRPRSDUD
LQYHVWLJDU\SDUDODGHFLVLyQILQDO\DTXHODSHULFLDHQIRFDXQFULWHULRGHXQH[SHUWRHQ
ODPDWHULDTXHGDUiFXHQWDGHODH[LVWHQFLDRQRGHODYXOQHUDFLyQGHOELHQMXUtGLFR
SURWHJLGR
&$3,78/2,,,
+,3Ï7(6,6<9$5,$%/(6
(Q YLVWD GH TXH HO HQIRTXH GHO HVWXGLR HV FXDOLWDWLYR GHVFULSWLYR SURSRVLWLYR VH
WUDEDMyHQEDVHDFDWHJRUtDVGHHVWXGLRREYLDQGRHVWHFDStWXORSRUQRFRUUHVSRQGHU
DOHQIRTXHXWLOL]DGRHQHVWDLQYHVWLJDFLyQVLQHPEDUJRSDUDWHQHUXQSURQyVWLFRGHO
UHVXOWDGRGHQXHVWUDLQYHVWLJDFLyQSURSRQGUHPRVODKLSyWHVLVGHWUDEDMR
D+LSyWHVLVGHWUDEDMR
/DUD]yQSRUODVTXHHO0LQLVWHULR3XEOLFR'LVWULWR)LVFDOGH&XVFRQRLQFRDHOSURFHVR
LQPHGLDWR H[LVWLHQGR ³IODJUDQFLD´ HQ ORV GHOLWRV FRQWUD HO SDWULPRQLR FXOWXUDO GH OD
QDFLyQHVSRUODIDOWDGHXQDILVFDOtDHVSHFLDOL]DGDTXHVHGHGLTXHH[FOXVLYDPHQWH
DSHUVHJXLUODDFFLyQGHORVUHVSRQVDEOHVGHHVWRVGHOLWRV
E,GHQWLILFDFLyQGHYDULDEOHVHLQGLFDGRUHV
'DGRTXHHOHVWXGLRHVFXDOLWDWLYRQRVHWLHQHQHQFXHQWDYDULDEOHVHLQGLFDGRUHV
HQFDPELRHOHQIRTXHDFWXDOKDGHVDUUROODGRFDWHJRUtDV\VXEFDWHJRUtDVGH
DSUHQGL]DMH
F&DWHJRUtDVGHHVWXGLR
'DGDODQDWXUDOH]DFXDOLWDWLYDGHHVWHHVWXGLRVHXWLOL]DURQFDWHJRUtDV\VXEFDWHJRUtDV
GHLQYHVWLJDFLyQYHULILFDGRHQODWDEODDGMXQWDDHVWH
&$3Ë78/2,9
0(72'2/2*Ë$
ÈPELWRGHHVWXGLR
(VWDLQYHVWLJDFLyQVHUHDOL]yHQODFLXGDGGH&XVFRUD]yQSRUODTXHVHKDHVWXGLDGR
ORV SURFHVRV VHJXLGRV HQ FRQWUD GH ORV GHOLWRV FRQWUD HO SDWULPRQLR FXOWXUDO HQ OD
)LVFDOtD3URYLQFLDOGHO&XVFR
7LSR\QLYHOGHLQYHVWLJDFLyQ
Tabla 1: (QIRTXHWLSR\QLYHOGHLQYHVWLJDFLyQ
WUDEDMRVHPStULFRV
'HVFULSWLYR \D TXH VH FHQWUD D
GHODQDFLyQ\ODIODJUDQFLDH[LVWHQWHHQ
pO
8QLGDGGHDQiOLVLV
7HUFHUDILVFDOtDSURYLQFLDO3HQDO&RUSRUDWLYD±&XVFR
3REODFLyQGHHVWXGLR
1RFRUUHVSRQGHSRUHOHQIRTXHGHLQYHVWLJDFLyQ
7DPDxRGHPXHVWUD
1RFRUUHVSRQGHSRUHOHQIRTXHGHLQYHVWLJDFLyQ
7pFQLFDGHVHOHFFLyQGHPXHVWUD
1RFRUUHVSRQGHSRUHOHQIRTXHGHLQYHVWLJDFLyQ
7pFQLFDVGHUHFROHFFLyQGHLQIRUPDFLyQ
D7pFQLFDV
3DUDHOSUHVHQWHHVWXGLRVHXWLOL]DUiODVWpFQLFDV
- /DREVHUYDFLyQ
- $QiOLVLVGRFXPHQWDO
E,QVWUXPHQWRV
6HXWLOL]DUiQ
- )LFKDGHREVHUYDFLyQ
- 5HJLVWURGHLQIRUPDFLyQ
3URFHVDPLHQWRGHGDWRV
8WLOL]DFLyQGH3URJUDPDV0LFURVRIWRIILFH ([FHO:RUG337HWF
&$3,78/29
5(68/7$'26<',6&86,Ï1
5HVXOWDGRV
6LTXHUHPRVXQDHILFD]\DGHFXDGDSURWHFFLyQGHQXHVWURSDWULPRQLRFXOWXUDOHVXQD
WDUHDGLItFLOQRVRORSRUTXHD~QQRWHQHPRVXQDGHOLPLWDFLyQUHDO\SURIXQGDGHORV
WLSRVGHPRGHORFXOWXUDOTXHWLHQHQXHVWURSDtVVLQRWDPELpQSRUTXHHOWHPDGHOD
HGXFDFLyQFLXGDGDQDQDFLRQDOD~QQRHVWiFRQHOORV6HHTXLSDUDQFRQHOYDORUMXVWR
KDFLpQGRORVGLItFLOHV GH FXLGDU SURWHJHU \ SURWHJHU DVt FRPR FDUHFHU GH XQ PDUFR
OHJDO DSURSLDGR SDUD GHILQLU ORV SDUiPHWURV OHJDOHV GH FRQWHQFLyQ SURWHFFLyQ \
UHFXSHUDFLyQGHORVELHQHVFXOWXUDOHV
6L ELHQ FRQWDPRV FRQ XQD DPSOLD OHJLVODFLyQ QDFLRQDO H LQWHUQDFLRQDO D QXHVWUD
GLVSRVLFLyQWRGDYtDKD\DVSHFWRVIDWLFRVTXHUHTXLHUHQGHSURWHFFLyQQRUPDWLYD(O
SULQFLSDO\PiVLPSRUWDQWHHVODQRVHLQFRDFLyQGHO3URFHVRLQPHGLDWRDORVGHOLWRV
FRPHWLGRV HQ FRQWUD GH QXHVWUR OHJDGR FXOWXUDO D SHVDU TXH H[LVWDQ WRGRV ORV
SUHVXSXHVWRVHVWDEOHFLGRVHQODQRUPD GHOLWRIODJUDQWH
&RQ UHODFLyQ DO '/(* GH VHWLHPEUH GHO HVWH QR VH OLPLWD D GHOLWRV
FRPHWLGRVHQIODJUDQFLD7DPSRFRLQVWLWX\HXQQXHYRSURFHVRSHQDOUiSLGR7DQVROR
FDPELDRWUDTXH\DHVH[LVWHQWH\HVGHQRPLQDGDSURFHVRLQPHGLDWR
6XREMHWRHVODGHVFRQJHVWLyQSURFHVDO\ODUDSLGH]HQODLPSRVLFLyQGHVDQFLRQHV
GLIHUHQFLD GHO SURFHGLPLHQWR ³QRUPDO´ TXH UHTXLHUH SDVDU SRU WRGRV ORV SDVRV
SURFHVDOHV \ SRU OR WDQWR HV PiV ODUJR DGHPiV GH OD IODJUDQWH $QWHULRUPHQWH HO
UHSUHVHQWDQWHGHO03³SRGtD´SUHJXQWDUDOMXH]VREUHVXLQFRDFLyQVLQHPEDUJRDKRUD
UHTXHULGRVSDUDGLFKDVROLFLWXG
&DVLWRGRVORVFDVRVOOHYDGRVHQHVWHSURFHGLPLHQWRVRQUHVXHOWRVHQXQDVHPDQD
WHQLHQGRHOVLJXLHQWHSURFHGLPLHQWRVHJ~QHODUWtFXORLQFLVR
(Q HVWH SURFHGLPLHQWR SUiFWLFDPHQWH VH HOLPLQD OD HWDSD GH LQYHV 3UHS FRQ OD
HYDOXDFLyQ GHO ILVFDO \R HQ FDVRV FRPSOHMRV SDUD OR FXDO GHEH FXPSOLU FRQ ORV
SUHVXSXHVWRVSDUDTXHHVWDSURFHGDORVPLVPRVTXHVRQ
- /DGHWHQFLyQGHOLPSXWDGRWUDVVHUVRUSUHQGLGRHQGHOLWRIODJUDQWH
- /DFRQIHVLyQGHODFRPLVLyQGHOKHFKRSXQLEOHSRUSDUWHGHOLPSXWDGR
- /D UHXQLyQ GH VXILFLHQFLD SUREDWRULD EDVDGDV HQ HOHPHQWRV GH FRQYLFFLyQ
HYLGHQWH
&RPR VH SXHGH REVHUYDU HQ HO SURFHVR LQPHGLDWR VH DFRUWDODV IDVHV GHO SURFHVR
SHQDOHQYLVWDGHORVSUHVXSXHVWRVDUULEDVHxDODGRVVLQHPEDUJRVRQPXFKRVORV
IDFWRUHVSRUORVFXDOHVQRHVDSOLFDEOHHOSURFHVRLQPHGLDWR HQORVGHOLWRVSUHYLVWRV
SRUHODUWtFXORGHO&yGLJR3HQDO
&DVRVWUDPLWDGRVHQHOGLVWULWR)LVFDO&XVFRFRQWUDDWHQWDGRVDPRQXPHQWRV
DUTXHROyJLFRV
1FDVRVSHULRGR &DVRVDQDOL]DGRVHQODLQYHVWLJDFLyQ
1LQJXQR
GHHOORVHQ
SURFHVR
LQPHGLDWR
)XHQWH'LVWULWRILVFDO&XVFR
'HORPHQFLRQDGRSRGHPRVLQGLFDUFRPRUHVXOWDGR\GLVFXVLyQGHODLQYHVWLJDFLyQ
5D]RQHVSRUODVTXHHO0LQLVWHULR3~EOLFRGHO'LVWULWR-XGLFLDOGH&XVFRQRLQFRD
HOSURFHVRLQPHGLDWRH[LVWLHQGRIODJUDQFLDHQORVGHOLWRVFRQWUDHOSDWULPRQLR
FXOWXUDOGHODQDFLyQHQHOSHULRGR
D )XQFLyQGHO0LQLVWHULR3XEOLFR
6HJ~QUHILHUHOD/H\2UJiQLFDGHO0LQLVWHULR3~EOLFR'HFUHWR/HJLVODWLYR1GH
FRQIRUPLGDG FRQ HO 'HFUHWR /HJLVODWLYR HO 0LQLVWHULR 3XEOLFR HV XQ yUJDQR
DXWyQRPR \ MHUiUTXLFR TXH WLHQH FRPR ~QLFR GHEHU LQYHVWLJDU ORV KHFKRV TXH
FRQVWLWX\HQXQGHOLWRDVtFRPRGHWHUPLQDUODSDUWLFLSDFLyQSXQLEOH\ODSUXHEDGHORV
KHFKRVHVPiVGHQWURGHGLFKDODERUVHWLHQHTXHSUREDUODDXWRUtD\SUHVXQFLyQGH
LQRFHQFLDGHODXWRUHQODIRUPDSUHVFULWDSRUODOH\SRUORTXHSRGHPRVLQGLFDUTXH
HV HO HQFDUJDGR GH SHUVHJXLU HO GHOLWR \ HO HQWH UHFWRU HQFDUJDGR GH SHUVHJXLU \
DOFDQ]DUODMXVWLFLD
&RQIRUPHHOHVWXGLRUHDOL]DGRVHWLHQHGHODVDFXVDFLRQHVILVFDOHV HQQ~PHURGH
GHODVGLIHUHQWHVILVFDOtDVGHO'LVWULWR)LVFDOGH&XVFRGHOFXDOVHYHULILFDGHQXQFLDV
SRUDWHQWDGRVDORVPRQXPHQWRVDUTXHROyJLFRVHQFX\RFRQWH[WRVHOOHYyDFDERHO
DQiOLVLVVHFHQWUDHQODPRGDOLGDGWtSLFDHVWDEOHFLGDHQHO7LWXOR9,,,&DSLWXORÒQLFR
$UWLFXOR³$WHQWDGRVFRQWUDPRQXPHQWRVDUTXHROyJLFRV´GHO&yGLJR3HQDO\FRPR
HVWRVKHFKRVGHELHURQWHQHUODWUDWDWLYDUHVSHFWRDODUWtFXORGHO&yGLJR3URFHVDO
3HQDOHQYLVWDGHTXHIXHURQHYLGHQFLDGRVHQIODJUDQWHGHOLWR
E ,QFRDFLyQGHOSURFHVRLQPHGLDWR
(O SURFHVRLQPHGLDWR FRQVWLWX\H XQD KHUUDPLHQWD EDVDGD HQOD QRFLyQ GH UDSLGH]
DPSDUDGDSRUXQDVLPSOLILFDFLyQSURFHVDO\ORVSULQFLSLRVGHFHOHULGDG\HFRQRPtD
SURFHVDOHQEXVFDGHXQDDGHFXDGDWXWHODSURFHVDO<DTXHVHVXSULPHODHWDSDGH
IRUPDOL]DFLyQSDUWLHQGRGHODVGLOLJHQFLDVDQWHODH[LVWHQFLDGHIXQGDGRVHOHPHQWRV
GHFRQYLFFLyQLUUDGLDGRVGHODIODJUDQFLDTXHSHUPLWHQDO0LQLVWHULR3XEOLFRDFXVDU\
(VWHVXVWHQWRHVLUUDGLDGRGHO$FXHUGR3OHQDULR([WUDRUGLQDULR1&,-
HQFX\RIXQGDPHQWRPHQFLRQDTXH
6LQ GXGD HO SURFHVR LQPHGLDWR QDFLRQDO GH IXHQWH LWDOLDQD HQ FODYH GH
SULPHUR HQ OD QRFLyQ GH VLPSOLILFDFLyQ SURFHVDO FX\R SURSyVLWR FRQVLVWH HQ
HOLPLQDURUHGXFLUHWDSDVSURFHVDOHV\DOLJHUDUHOVLVWHPDSUREDWRULRSDUDORJUDU
XQD MXVWLFLD FpOHUH VLQ PHQJXD GH VX HIHFWLYLGDG \ VHJXQGR HQ HO
UHFRQRFLPLHQWRGHTXHODVRFLHGDGUHTXLHUHGHXQDGHFLVLyQUiSLGDDSDUWLUGHOD
QRFLyQ GH HYLGHQFLD GHOLFWLYD R SUXHED HYLGHQWH OR TXH D VX YH] H[SOLFD OD
UHGXFFLyQ GH HWDSDV SURFHVDOHV RGH SHULRGRV HQ VX GHVDUUROOR (OOR D VX YH]
QHFHVLWDFRPRFULWHULRVGHVHJXULGDG SDUDTXHODFHOHULGDG\ODHILFDFLDQRVH
LQVWDXUHQHQGHVPHGURGHODMXVWLFLDODVLPSOLFLGDGGHOSURFHVR\ORHYLGHQWHR
SDWHQWH GH ODV SUXHEDV GH FDUJR DVt FRPR HQ FRQVHFXHQFLD XQD DFWLYLGDG
SUREDWRULDUHGXFLGDDSDUWLUGHODQRFLyQGHHYLGHQFLDGHOLFWLYDORTXHDVLPLVPR
GHWHUPLQDGDHQWUHGHOLWRREMHWRGHSHUVHFXFLyQ\FRQPLQDFLyQSHQDO
&RQORTXHSRGHPRVPHQFLRQDUTXHHVWHSURFHVRVHIXQGDPHQWDHQODVLPSOLILFDFLyQ
SURFHVDO FRQ HO ILQ \R SURSyVLWR GH UHGXFLU HWDSDV GHO SURFHVR FRP~Q \ FRQ HOOR
SRGHU FXPSOLU FRQ OR TXH GHPDQGD OD VRFLHGDG XQD ³MXVWLFLD UiSLGD´ EDMR ORV
HQFDGDXQRGHORVFDVRVOOHYDGRVDDQiOLVLV\SXHVWRHQUHOLHYHWUDVVHUDQH[DGRVHQ
ODSUHVHQWHWHVLV
5HVSHFWRDORVIXQGDPHQWRVHOPLVPR$FXHUGR3OHQDULRHQHOIXQGDPHQWRUHILHUH
TXH
/RVSUHVXSXHVWRVPDWHULDOHVRODQDWXUDOH]DGHVXREMHWR L GHHYLGHQFLDGHOLFWLYD
\ LL GHDXVHQFLDGHFRPSOHMLGDGRVLPSOLFLGDGDORVTXHVHUHILHUHHODUWtFXOR
UHFODPDQXQDLQWHUSUHWDFLyQHVWULFWDGHODVQRUPDVKDELOLWDGRUDVGHHVWHSURFHVR
HVSHFLDO HQ FXDQWR HO SURFHVR LQPHGLDWR SRU DPSDUDUVH HQ OD VLPSOLILFDFLyQ
JDUDQWtDV SURFHVDOHV GH ODV SDUWHV HQ HVSHFLDO ODV GH GHIHQVD \ WXWHOD
MXULVGLFFLRQDOGHORVLPSXWDGRV3RUFRQVLJXLHQWHHQODPHGLGDTXHH[LVWDFRQ
FODULGDG\URWXQGLGDGSUXHEDHYLGHQWHRHYLGHQFLDGHOLFWLYD\VLPSOLFLGDGODYtD
GHOSURFHVRLQPHGLDWRHVWDUiOHJLWLPDGDFRQVWLWXFLRQDOPHQWH
/RV PLVPRV TXH VH HQFXHQWUDQ EDVDGRV HQ OD HYLGHQFLD GHOLFWLYD \ DXVHQFLD GH
FRPSOHMLGDG R VLPSOLFLGDG SRU OR WDQWR HO SURFHVR LQPHGLDWR DO UHGXFLU HWDSDV GHO
SURFHVRWDPELpQUHGXFHDOPtQLPRODVJDUDQWtDVSURFHVDOHVGHODVSDUWHV±GHIHQVD
\WXWHODMXULVGLFFLRQDO±ODVPLVPDVTXHYDQHQGHVPHGURRHQFRQWUDPiVGHODSDUWH
LPSXWDGDSRUORTXHDQWHVGHLQVWDXUDUXQSURFHVRLQPHGLDWRVHGHEHWHQHUHQFXHQWD
\ FRQ FODULGDG OR PHQFLRQDGR OtQHDV DUULED HYLGHQFLD GHOLFWLYD ± IODJUDQFLD \ OD
VLPSOLFLGDGGHOKHFKRRGHOLWRFRPHWLGR
DFXHUGR SOHQDULR VHxDODGR WRGD YH] TXH ORV FDVRV GLVSXHVWRV HQ DQiOLVLV SDUD HO
SUHVHQWHHVWXGLRUHIOHMDQFODUDPHQWHHOVXSXHVWRUHIHULGRDOQXPHUDOGHODUWtFXOR
GHOFyGLJRSURFHVDOSHQDO³HODJHQWHHVGHVFXELHUWRHQODUHDOL]DFLyQGHOKHFKR
SXQLEOH´ WRGD YH] TXH HQ FDGD XQR GH ORV FDVRV HQ DQiOLVLV HO DXWRU GHO GHOLWR
WLSLILFDGRHQHODUWtFXORGHOFyGLJRSHQDOIXHVRUSUHQGLGRDOPRPHQWRGHUHDOL]DU
HO KHFKR GHOLFWLYR ± UHPRYLHQGR WLHUUD ± HQ XQ OXJDU GHFODUDGR FRPR SDWULPRQLR
FXOWXUDOGHODQDFLyQDKRUDELHQUHVSHFWRDODFDOLILFDFLyQGHFRPSOHMRTXHUHILHUHHO
DFXHUGRSOHQDULRFRQVLGHUDPRVTXHFDGDFDVRQRHVFRPSOHMRHQYLVWDGHTXH\DQR
DPHULWD PD\RU DQiOLVLV VL HO KHFKR VH FRPHWLy GHQWUR GH XQ iUHD GHFODUDGD FRPR
SDWULPRQLRFXOWXUDOGHODQDFLyQ\HQHOPLVPRDFWRVHKDFHSUHVHQWHXQHVSHFLDOLVWD
±DUTXHyORJR±TXLHQin situHYDO~DHOGDxRFDXVDGR
$VtPLVPRHQHOIXQGDPHQWRUHILHUH
/DSUXHEDHYLGHQWHRHYLGHQFLDGHOLFWLYDVHGHILQHDSDUWLUGHWUHVLQVWLWXFLRQHV
GRV GH HOODV FRQ XQ DOFDQFH OHJLVODWLYR HQ HO SURSLR 1&33 TXH HV SHUWLQHQWH
PDWL]DUSDUDORVHIHFWRVGHORVDOFDQFHVGHOSURFHVRLQPHGLDWRGHOLWRIODJUDQWH
FRQIHVLyQ GHO LPSXWDGR \ GHOLWR HYLGHQWH 6X REMHWLYR R HIHFWR HV PHUDPHQWH
SURFHVDO(VWULEDLQVWUXPHQWDOPHQWHHQFRQFUHWDUHOiPELWRGHDSOLFDFLyQGHXQ
SURFHGLPLHQWRHVSHFLDOPiVUiSLGR\VHQFLOORPHQRVIRUPDOLVWD\FRPSOHMRTXHHO
FRP~QXRUGLQDULR
'LFKRSUHFHSWRQRVVHxDODTXHODSUXHEDHYLGHQWHVHGHILQHEDMRHOFRQFHSWRGH
LQVWLWXFLRQHV TXH WLHQHQ DOFDQFH DO SURFHVR LQPHGLDWR \ XQD GH HOODV HV HO GHOLWR
IODJUDQWHTXHHVWHPDGHDQiOLVLVSDUDQXHVWUDLQYHVWLJDFLyQ\FRPRIXHHYLGHQFLDGR
HQHOPDUFRWHyULFR\ORUHDILUPDHO$FXHUGR3OHQDULR([WUDRUGLQDULR1&,-
UHVSHFWRDODIODJUDQFLDLQGLFD
(OGHOLWRIODJUDQWHHQVXFRQFHSFLyQFRQVWLWXFLRQDOPHQWHFOiVLFDVHFRQILJXUDSRU
ODHYLGHQFLDVHQVRULDOGHOKHFKRGHOLFWLYRTXHVHHVWiFRPHWLHQGRRTXHVHDFDED
GHFRPHWHUHQHOPLVPRLQVWDQWHGHVHUVRUSUHQGLGRHOGHOLQFXHQWHGHVXHUWHTXH
VHFRQRFHGLUHFWDPHQWHWDQWRODH[LVWHQFLDGHOKHFKRFRPRODLGHQWLGDGGHODXWRU
\VHSHUFLEHDOPLVPRWLHPSRODUHODFLyQGHHVWH~OWLPRFRQODHMHFXFLyQGHOGHOLWR
\VHGDHYLGHQFLDSDWHQWHGHWDOUHODFLyQ6HWUDWDGHXQDVLWXDFLyQIiFWLFDHQTXH
HO GHOLWR VH SHUFLEH FRQ HYLGHQFLD \ H[LJH LQH[FXVDEOHPHQWH XQD LQPHGLDWD
LQWHUYHQFLyQ>676(GH@VHUHTXLHUHXQDHYLGHQFLDVHQVRULDO\OXHJRGH
ODQRFLyQGHXUJHQFLD
/RTXHGDFXHQWDHQHVWHSiUUDIRHVTXHQRH[LVWHGXGDTXHHQORVFDVRVHVWXGLDGRV
H[LVWH XQD HYLGHQFLD VHQVRULDO GHO KHFKR GHOLFWLYR ± UHPRFLyQ GH WLHUUD HQ iUHD
GHFODUDGD±TXHVHHVWiFRPHWLHQGRRDFDEDGHFRPHWHUDOPLVPRWLHPSRGHVHU
VRUSUHQGLGRHODXWRUGHOKHFKRSRUWDQWRVLJXLHQGRODOyJLFDGHORHVWDEOHFLGRHQHO
DFXHUGRSOHQDULRHVWDUtDPRVDQWHODVLWXDFLyQTXHVHFRQRFHDODXWRUGHOKHFKRDO
PLVPR WLHPSR TXH OD H[LVWHQFLD GHO KHFKR SRU WDQWR H[LVWH OD UHODFLyQ GH DXWRU \
KHFKRGHOLFWLYR\VHUDWLILFDFRQODLQWHUYHQFLyQLQPHGLDWDGHOD3ROLFtD\GHOD)LVFDOtD
SRU OR TXH HQ FDGD FDVR HO UHSUHVHQWDQWH GHO 0LQLVWHULR 3~EOLFR GHELy DSOLFDU OD
IODJUDQFLD SRU LQPHGLDWH] WHPSRUDO HQ YLVWD GH TXH OD DFFLyQ GHOLFWLYD VH HVWDED
GHVDUUROODQGR R DFDED GH GHVDUUROODUVH HQ HO PRPHQWR HQ TXH VH VRUSUHQGH R OD
UHPRFLyQGHWLHUUDHQXQiUHDGHFODUDGRSDWULPRQLRFXOWXUDODVtFRPRODLQPHGLDWH]
SHUVRQDO\DTXHHODXWRUGHOKHFKRVHHQFRQWUDEDHQHOOXJDUGHOKHFKRHQVLWXDFLyQ
R HQ UHODFLyQ FRQ DVSHFWRV GHO GHOLWR REMHWRV LQVWUXPHQWRV HIHFWRV SUXHEDV R
YHVWLJLRV PDWHULDOHV TXH SURFODPDQ VX GLUHFWD SDUWLFLSDFLyQ HQ OD HMHFXFLyQ GH OD
DFFLyQGHOLFWLYD
3RU WDQWR OD IODJUDQFLD VH HULJH HQ HVWH FDVR GHO SURFHVR LQPHGLDWR FRPR XQD
FLUFXQVWDQFLDTXHKDFHVRODPHQWHPiVVHJXUDODGHWHUPLQDFLyQGHODXWRUGHOGHOLWR\
SHUPLWHSRUWDQWRXQSURFHGLPLHQWRPiVUiSLGRHQODLQYHVWLJDFLyQ\HQODFHOHEUDFLyQ
GHOMXLFLR %5,&+(77,*,29$11,S
F (O0LQLVWHULR3~EOLFRDQWHORVFDVRVGHIODJUDQFLD
/D DFWXDFLyQ GHO 0LQLVWHULR 3~EOLFR DQWHORVFDVRV GH IODJUDQFLD GHOLFWLYD WLHQH XQD
VHULHGHSURFHGLPLHQWRVTXHHQPDUFDGHVGHODODERUGHOD3ROLFtD1DFLRQDOKDVWDOD
VROLFLWXG GH LQFRDFLyQ GH SURFHVR LQPHGLDWR DQWH HO -XH] GH ,QYHVWLJDFLyQ
SUHSDUDWRULDSRUHOORVHWLHQHODVVLJXLHQWHVGLOLJHQFLDV\RDFWXDFLRQHV
D 6LXQSROLFtDFUHHTXHVHKDFRPHWLGRXQGHOLWRFODUDPHQWHFULPLQDOGHEHDUUHVWDU
D OD SHUVRQD DFXVDGD GH FRPHWHU HO KHFKR 3RU HOOR VH GHEH FRQWLQXDU FRQ OD
FDGD XQD GH HVWDV DFFLRQHV \ HQYLDU WRGDV ODV SUXHEDV D ODV FDGHQDV
FRUUHVSRQGLHQWHV6LHVWHHVHOFDVRODSROLFtDGHEHVHJUHJDU\DVHJXUDUODHVFHQD
SDUDSURWHJHUODVVHxDOHV\RHYLGHQFLDKDVWDTXHOOHJXHQORVH[SHUWRV
E 6LVHGHWLHQHDXQVRVSHFKRVRRSHUVRQDLQYROXFUDGDHQXQGHOLWRHOSROLFtDGHEH
HPLWLU XQD RUGHQ GH DUUHVWR H LQIRUPDU ORV GHUHFKRV OLVWD GH GHUHFKRV TXH VH OH
DSOLFDQ(VLPSRUWDQWHUHJLVWUDUHVWRVSDVRVHQHOSURWRFROR
F 2WURWHPDLPSRUWDQWHHVTXHODSROLFtDLQIRUPHLQPHGLDWDPHQWHDOILVFDOSHQDOSDUD
OOHYDUDFDERWRGDVODVGLOLJHQFLDV
G 3RURWUDSDUWHHOGHWHQLGRGHEHUiVHULQPHGLDWDPHQWHH[DPLQDGRSRUXQPpGLFR
IRUHQVH $GHPiV HO LPSXWDGR WLHQH WRGDV ODV RSRUWXQLGDGHV SDUD LQIRUPDU D VXV
TXHWRGRVORVLPSXWDGRVWLHQHQGHUHFKRDXQDGHIHQVDWpFQLFDGHPRGRWDOTXHOHV
SHUPLWDSUHSDUDUDGHFXDGDPHQWHVXFDVR
H WHUPLQDGDV ODV DFWXDFLRQHV SUHOLPLQDUHV HO SROLFtD GHEH UHPLWLU HO DFWD GH
LQWHUYHQFLyQGHWRGDVODVGLOLJHQFLDVUHDOL]DGDV\SRQHUDGLVSRVLFLyQGHODILVFDOtDDO
LPSXWDGR
I (QHOWUDQVFXUVRGHODVGLOLJHQFLDVHOILVFDOGHEHGHWHUPLQDUVLHOKHFKRVHDGHFXD
DORSUHVFULWRHQHO$UWGHO1&33
J &RQIRUPH OD YHUVLyQ GHO ILVFDO VL GH HVWD VH GHVSUHQGH TXH QR VH KD FRPHWLGR
QLQJ~QGHOLWRRTXHQRVHKDSUDFWLFDGRODGHWHQFLyQSRUDOJXQRGHORVGHOLWRVDQWHV
GHVFULWRVHO0LQLVWHULR3~EOLFRUHVXHOYHSRQHUORHQOLEHUWDGGHLQPHGLDWR
K 6LQHPEDUJRFRPRUHVXOWDGRGHODLQYHVWLJDFLyQUHVSHFWLYD L HODFWRFRQVWLWX\H
WLSLILFDGD HQ HO DUWtFXOR GHO 1&33 VH GHEH LQFRDU SURFHVR LQPHGLDWR DQWH HO
yUJDQRFRPSHWHQWH
9LDELOLGDG GH OD DSOLFDFLyQ GH OD )ODJUDQFLD GHOLFWLYD HQ ORV GHOLWRV FRQWUD HO
3DWULPRQLR&XOWXUDOGHOD1DFLyQ
D &RPLVLyQGHOGHOLWRFRQWUDHOSDWULPRQLRFXOWXUDOUHVSHFWRDODUWtFXORGHO
FyGLJRSHQDO
(QHO&yGLJR3HQDOHQHODUWtFXOR\VLJXLHQWHHQHO7tWXOR9,,,³'HOLWRVFRQWUDHO
SDWULPRQLRFXOWXUDO´FDSLWXOR~QLFR³'HOLWRVFRQWUDORVELHQHVFXOWXUDOHV´WHQHPRV
$UWtFXOR $WHQWDGRV FRQWUD PRQXPHQWRV DUTXHROyJLFRV (O TXH VH DVLHQWD
DUTXHROyJLFRVSUHKLVSiQLFRVVLQLPSRUWDUODUHODFLyQGHGHUHFKRUHDOTXHRVWHQWH
VREUH HO WHUUHQR GRQGH DTXpO VH XELTXH VLHPSUH TXH FRQR]FD HO FDUiFWHU GH
SDWULPRQLR FXOWXUDO GHO ELHQ VHUi UHSULPLGR FRQ SHQD SULYDWLYD GH OLEHUWDG QR
PHQRUGHWUHVQLPD\RUGHVHLVDxRV\FRQFLHQWRYHLQWHDWUHVFLHQWRVVHVHQWD\
9HULILFDQGRDVtTXHODQRUPDFRQVLGHUDDVSHFWRVFRPRHOGHDVHQWDUVHRHOTXHVLQ
DUTXHROyJLFRSUHKLVSiQLFRWRGRHOORVLQLPSRUWDUHOFDUiFWHUGHGHUHFKRUHDOTXHVH
RVWHQWD VREUH HO WHUUHQR \ TXH VH FRQR]FD HO FDUiFWHU GH SDWULPRQLR FXOWXUDO
HVWDUtDPRV DQWH OD FRPLVLyQ GH XQ KHFKR GHOLFWLYR HQ HVWD SDUWH WHQHPRV TXH
UHIHULUQRVDFDGDXQRGHORVFDVRVDQDOL]DGRV±DFXVDFLRQHV±GRQGHHQWRGRVHOORV
ODLPSXWDFLyQTXHUHDOL]DODILVFDOtDHVSRUODUHPRFLyQGHWLHUUDHQiUHDGHFODUDGD
6DTVD\ZDPDQ
3UHKLVSiQLFRV VRQ ORV ELHQHV LQPXHEOHV TXH FRQVWLWX\HQ HYLGHQFLD GH DFWLYLGDG
KXPDQD GH pSRFD SUHKLVSiQLFD &RQ ILQHV GH UHJLVWUR GHOLPLWDFLyQ LQYHVWLJDFLyQ
FRQVHUYDFLyQSURWHFFLyQ\JHVWLyQ´SRUWDQWRHVGHOLWRWRGRDFWRTXHFRQWUDYHQJD
ORVELHQHVLQPXHEOHVTXHFRQVWLWX\HQHYLGHQFLDDUTXHROyJLFDSUHKLVSiQLFRHVGHFLU
SDUD ORV FDVRV HQ DQiOLVLV HQ SDUTXH DUTXHROyJLFR GH 6DTVD\ZDPDQ GRQGH VH
FRPHWLHURQORVLOtFLWRVSHQDOHVFRQWUDHOSDWULPRQLRFXOWXUDO
3DUDORVGHOLWRVFRQWUDHOSDWULPRQLRFXOWXUDOGHODQDFLyQFX\DPRGDOLGDGWtSLFDVH
HVWDEOHFHHQHODUWtFXORGHO&yGLJRSHQDOWHQHPRV
0RGDOLGDGWtSLFD±DUW 6XMHWRDFWLYR 6XMHWRSDVLYR KHFKR
&3
(O TXH VH DVLHQWD 3XHGH VHU 6XMHWRDJUDYLDGRKD 5HPRFLyQ GH
GHSUHGD R HO TXH VLQ FXDOTXLHU SHUVRQD GH VHU HO (VWDGR WLHUUD
DXWRUL]DFLyQ H[SORUD VHD D WtWXOR IRUPD SDUWH GHO &RQVWUXFFLyQ
H[FDYD R UHPXHYH LQGLYLGXDO R FRPR 3DWULPRQLR GH YLYLHQGD ±
PRQXPHQWRV LQWHJUDQWH GH XQD ,QPXHEOH GHO 3HU~ WRGR HOOR VLQ
DUTXHROyJLFRV RUJDQL]DFLyQ GHIRUPDLQGLUHFWDOD DXWRUL]DFLyQ
SUHKLVSiQLFRV VLQ GHGLFDGD D HVWH SREODFLyQ QDFLRQDO GHO 0LQLVWHULR
LPSRUWDU OD UHODFLyQ GH WLSR GH DFWLYLGDGHV FRPRXQWRGR GH&XOWXUD
GHUHFKR UHDO TXH LOtFLWDV
RVWHQWHVREUHHOWHUUHQR
GRQGHDTXpOVHXELTXH
VLHPSUHTXHFRQR]FDHO
FDUiFWHU GH SDWULPRQLR
FXOWXUDO GHO ELHQ VHUi
UHSULPLGR FRQ SHQD
SULYDWLYD GH OLEHUWDG QR
PHQRUGHWUHVQLPD\RU
GH VHLV DxRV \ FRQ
FLHQWR YHLQWH D
WUHVFLHQWRV VHVHQWD \
FLQFRGtDVPXOWD
E /DIODJUDQFLDHQORVGHOLWRVFRQWUDHOSDWULPRQLRFXOWXUDO
3DUWLHQGRGHODQiOLVLVUHDOL]DGROtQHDVDUULED\FRQVLGHUDQGR±GHVGHQXHVWUDRSLQLyQ
±\ORVUHVXOWDGRVGHQXHVWUDLQYHVWLJDFLyQFRQVLGHUDPRVYLDEOHODDSOLFDFLyQGHOD
FXOWXUDOHVSHFtILFDPHQWHORVWLSLILFDGRVHQHODUWtFXORGHO&yGLJR3HQDOWRGDYH]
TXH\DVHYHULILFRORVDOFDQFHVUHIHULGRVWDQWRHQHODUWtFXORGHO1&33UHIHULGRD
OD IDFXOWDG TXH WLHQH OD 3ROLFtD 1DFLRQDO SDUD GHWHQHU D XQD SHUVRQD VLQ PDQGDWR
MXGLFLDO D TXLHQ VRUSUHQGD HQ IODJUDQWH GHOLWR HQ ORV VXSXHVWRV HO DJHQWH HV
GHVFXELHUWR HQ OD UHDOL]DFLyQ GHO KHFKR SXQLEOH HO DJHQWH DFDED GH FRPHWHU HO
KHFKRSXQLEOH\HVGHVFXELHUWR«
$Vt PLVPR FRQIRUPH OR VHxDODGR SRU HO $FXHUGR 3OHQDULR ([WUDRUGLQDULR 1
FRPSOHPHQWDU DO 'HFUHWR /HJLVODWLYR 1 FRQ HO ILQ GH DSOLFDU HO SURFHVR
LQPHGLDWRGHPDQHUDDGHFXDGDVLQYXOQHUDUVHHOGHUHFKRGHGHIHQVD\DTXHDQWHV
GHODHPLVLyQGHOSOHQRORVUHSUHVHQWDQWHVGHO0LQLVWHULR3~EOLFRDSOLFDEDQDWRGRVORV
FDVRVGRQGHH[LVWtDIODJUDQFLDGHOLFWLYDDXQTXHHVWRVVHDQFRPSOHMRVPLHQWUDVTXH
DSDUWLUGHODHPLVLyQGHOSOHQRDQWHVVHxDODGRVHGHEHDSOLFDUVRORDFDVRVVLPSOHV
\GRQGHH[LVWDHYLGHQFLDSUREDWRULDTXHQRUHTXLHUDQPD\RUHVDFWRVGHLQYHVWLJDFLyQ
&RQVLGHUDPRV TXH OD IODJUDQFLD GHOLFWLYD HQ WRGDV VXV PRGDOLGDGHV SXHGH VHU
DSOLFDGR DORV GHOLWRV FRPHWLGRV HQ FRQWUD HOSDWULPRQLR FXOWXUDO GHOD QDFLyQ WRGD
YH] TXH HO DFXHUGR SOHQDULR QRV KDEOD UHVSHFWR GHO SURFHVR LQPHGLDWR TXH ORV
SUHVXSXHVWRVPDWHULDOHVRODQDWXUDOH]DGHVXREMHWR L GHHYLGHQFLDGHOLFWLYD\ LL
GH DXVHQFLD GH FRPSOHMLGDG R VLPSOLFLGDG D ORV TXH VH UHILHUH HO DUWtFXOR
UHFODPDQ XQD LQWHUSUHWDFLyQ HVWULFWD GH ODV QRUPDV KDELOLWDGRUDV GH HVWH SURFHVR
HVSHFLDOHQFXDQWRHOSURFHVRLQPHGLDWRSRUDPSDUDUVHHQODVLPSOLILFDFLyQSURFHVDO
SURFHVDOHV GH ODV SDUWHV HQ HVSHFLDO ODV GH GHIHQVD \ WXWHOD MXULVGLFFLRQDO GH ORV
LPSXWDGRV3RUFRQVLJXLHQWHHQODPHGLGDTXHH[LVWDFRQFODULGDG\URWXQGDSUXHED
HYLGHQWH R HYLGHQFLD GHOLFWLYD \ VLPSOLFLGDG OD YtD GHO SURFHVR LQPHGLDWR HVWDUi
DQDOL]DGRVHQHOWUDEDMRGHLQYHVWLJDFLyQWRGDYH]TXHH[LVWHHYLGHQFLDGHOLFWLYDGHO
DWHQWDGRFRQWUDPRQXPHQWRDUTXHROyJLFR
(ODXWRUGHOKHFKRGHOLFWLYRHVGHVFXELHUWRHQODUHDOL]DFLyQGHOKHFKRSXQLEOHDOD
LQWHUYHQFLyQ SROLFLDO GH LQPHGLDWR HO KHFKR HV FRPXQLFDGR DO ILVFDO GH WXUQR HQ HO
OXJDUGHOKHFKRHQODPD\RUtDGHORVFDVRVHODJHQWHHVGHVFXELHUWRFRQORVREMHWRV
TXH SUXHEDQ TXH VH HVWi FRPHWLHQGR HO KHFKR HMHPSOR SDODV SLFRV FDUUHWLOODV
PDWHULDOGHFRQVWUXFFLyQDOPRPHQWRGHODLQWHUYHQFLyQVHHQFXHQWUDQUHSUHVHQWDQWHV
GHO HQWH FXOWXUDO ± 0LQLVWHULR GH &XOWXUD ± TXLHQHV HQ HO PLVPR OXJDU \ KRUD GH
LQWHUYHQFLyQGDQFXHQWDGHFXDOKDEUtDVLGRHOELHQMXUtGLFRYXOQHUDGR ±PRQXPHQWR
DUTXHROyJLFR ± SRU OR JHQHUDO TXLHQ GD FXHQWD GHO ELHQ MXUtGLFR YXOQHUDGR HV XQ
HVSHFLDOLVWD±DUTXHyORJRTXLHQDVXYH]SUHVHQWDHQHODFWRODGRFXPHQWDFLyQTXH
DFUHGLWDTXHHOOXJDUGRQGHVHUHDOL]DODUHPRFLyQGHWLHUUDHVXQOXJDUGHOLPLWDGR\
GHFODUDGRFRPRSDWULPRQLRFXOWXUDOGHODQDFLyQ
%DMRORDQDOL]DGRSRGHPRVGHFLUTXHHOKHFKRIXHVRUSUHQGLGR\RLGHQWLILFDGRHQ
IODJUDQFLDGHOLFWLYDWRGRHOORHQFRQFRUGDQFLDFRQHODUWtFXORGHOFyGLJRSURFHVDO
SHQDO FRQFRUGDQWH FRQ HO DFXHUGR SOHQDULR $FXHUGR 3OHQDULR ([WUDRUGLQDULR 1
&,-DVtFRPROD&DVDFLyQ1TXHQRVKDEODUHVSHFWRDOSURFHVR
LQPHGLDWR\VXSRVLEOHLQFRDFLyQHQGHOLWRVJUDYHVPiVDXQWHQLHQGRHQFXHQWDTXH
DUWtFXOR GHO FyGLJR SURFHVDO SHQDO ± VXSXHVWRV GH DSOLFDFLyQ GHO SURFHVR
LQPHGLDWR
*UDILFRTXHGHVFULEHFDGDFDVRDQDOL]DGR±DFXVDFLRQHV
El agente es
descubierto en
la realización del
hecho punible.
El agente acaba
Arqueólogos
de cometer el
que verifican el
hecho punible y
daño
es descubierto.
Se identifico el
Existen testigos bien jurídico
vulnerado
&RQWULEXFLyQHQODDSOLFDFLyQGHODIODJUDQFLDGHOLFWLYDHQORVFDVRVGHGHOLWRV
FRQWUD HO SDWULPRQLR FXOWXUDO GH OD QDFLyQ D OD SURWHFFLyQ GH ORV ELHQHV
SURWHJLGRVSRUGLFKRGHOLWR
D 7XWHODGHOSDWULPRQLR
(O (VWDGR ORV WLWXODUHV GH GHUHFKRV VREUH ELHQHV LQWHJUDQWHV GHO3DWULPRQLR
&XOWXUDOGHOD1DFLyQ\ODFLXGDGDQtDHQJHQHUDOWLHQHQODUHVSRQVDELOLGDGFRP~QGH
FXPSOLU\YLJLODUHOGHELGRFXPSOLPLHQWRGHOUpJLPHQOHJDOHVWDEOHFLGRHQOD/H\$OD
IHFKDHOSDWULPRQLRFXOWXUDOSDVDSRUXQSURFHVRGHJUDGXDOGHVWUXFFLyQ\SHOLJURGH
VX FRQWLQXLGDG D WUDYpV GHO WLHPSR HVWH GHWHULRUR VH GD HQ WRGDV ODV ]RQDV GH OD
UHJLyQ
8QRGHORVSUREOHPDVSULQFLSDOHVTXHHQIUHQWDHOSDWULPRQLRFXOWXUDOHQODUHJLyQGHO
&XVFRHVODFUHFLHQWH\DODUPDQWHGHSUHGDFLyQGHOSDWULPRQLRFXOWXUDOSULQFLSDOPHQWH
GHO SDWULPRQLR DUTXHROyJLFR TXH SRU FDXVDV KXPDQDV \ QDWXUDOHV SRU DFFLyQ X
RPLVLyQGLDULDPHQWHVHGHVWUX\HDOWHUDVHSLHUGHHQGLYHUVRVQLYHOHVJUDGRVEDMR
SDWULPRQLRQDFLRQDO
/D OHJLVODFLyQ QDFLRQDO HQ WHPDV UHODFLRQDGRV D ORV GHOLWRV FRQWUD PRQXPHQWRV
DUTXHROyJLFRV GHSUHGDFLyQ H[FDYDFLyQ HWF HQ ELHQHV LQPXHEOHV VH ULJHQ GH
DFXHUGR D OD /H\ 1 ³/H\ *HQHUDO GHO 3DWULPRQLR &XOWXUDO GH OD 1DFLyQ´
VDQFLRQHV DGPLQLVWUDWLYDV SRU LQIUDFFLRQHV HQ FRQWUD GHO 3DWULPRQLR &XOWXUDO GH OD
1DFLyQ´ /H\ 1 ³/H\ GH 3URFHGLPLHQWR $GPLQLVWUDWLYR *HQHUDO´ HO &DSLWXOR
~QLFRGHO7tWXOR9,,,GHO&yGLJR3HQDO3HUXDQR\RWUDVQRUPDVFRPSOHPHQWDULDVTXH
VLQHPEDUJRVRQGHILFLHQWHVSRUTXHQRVHKDORJUDGRTXHVHGLVPLQX\DORVQXPHURVRV
FDVRVGH'HOLWRVLQIUDFFLyQGHVWUXFFLyQ\GHSUHGDFLyQGHORVELHQHVLQWHJUDQWHVGHO
SDWULPRQLRFXOWXUDO
$QiOLVLVGHFDVRVWUDPLWDGRVGHGHOLWRVFRQWUDHOSDWULPRQLRFXOWXUDOGHODQDFLyQHQ
HOGLVWULWRILVFDOGHFXVFR
)LJXUD Casos tramitados en el Distrito Fiscal Cusco, contra atentados a monumentos arqueológicos.
)LFKDVGHDQiOLVLVGRFXPHQWDO
)LFKD
)LVFDOtD 6HJXQGD )LVFDOtD 3HQDO &RUSRUDWLYD GH
'$726 &XVFR
&DUSHWD)LVFDO1
'HOLWR$WHQWDGRVFRQWUDPRQXPHQWRVDUTXHROyJLFRV
- /D DFXVDGD HQ IHFKD -XOLR GHO HPSH]y D
FRQVWUXLU VX YLYLHQGD SDUD HOOR PDQGR DSHUWXUDU
]DQMDV PFRQXQDSURIXQGLGDGGHPHWURV\
PHWURVGH$QFKR UHDOL]DUDGREHV\ILQDOPHQWH
FRQVWUXLU XQD YLYLHQGD GH GRV QLYHOHV PDWHULDO
DGREH HQ XQ iUHD GH P +HFKRV TXH IXHURQ
SHUFLELGRVSRUSDUWHGHORVWUDEDMDGRUHVGHO0LQLVWHULR
GH&XOWXUDTXLHQHVQRWLILFDURQHQGRVRSRUWXQLGDGHV
+(&+26 SDUD TXH SDUDOL]DUDQ GLFKDV DFWLYLGDGHV HPSHUR
VtQWHVLV HVWDV QR IXHURQ UHDOL]DGDV SRU OR TXH KL]R FDVR
RPLVR
- /D FRQVWUXFFLyQ IXH UHDOL]DGD HQ OD &RPXQLGDG GH
+XD\DUFRFKD FLWR HQ HO VHFWRU GH /ODXOOLFFDVD OXJDU
XELFDGRHQ3DUTXH$UTXHROyJLFRGH6DFVD\KXDPDQ
- &RQ OD FRQVWUXFFLyQ UHDOL]DGD OD DFXVDGD GHVWUX\R
ODV FDSDV HVWUDWLJUDILFDV \ DOWHUR HO FRPSRQHQWH
DUTXLWHFWyQLFR GHO OXJDU HV GHFLU VH JHQHUy XQD
DOWHUDFLyQJUDYHDOVXVWUDWRDUTXHROyJLFRDIHFWDQGRHO
HQWRUQRLQPHGLDWR
7LSLILFDFLyQ
/DFRQGXFWDGHODLPSXWDGDFRQILJXUDHOGHOLWRFRQWUDHO
SDWULPRQLRFXOWXUDOHQODPRGDOLGDGGHGHOLWRVFRQWUDORV
ELHQHV FXOWXUDOHV VXEWLSR DWHQWDGRV FRQWUD
$63(&726$ PRQXPHQWRVDUTXHROyJLFRVWLSLILFDGRHQHODUWtFXOR
720$5(1&8(17$ GHO&yGLJR3HQDO
([LVWHQFLDGHIODJUDQFLD
6HKDYHULILFDGRODH[LVWHQFLDGHIODJUDQFLDDOUHDOL]DU
HO KHFKR \ VHU VRUSUHQGLGD SRU ORV WUDEDMDGRUHV GHO
PLQLVWHULRGHFXOWXUDKDVWDHQGRVRSRUWXQLGDGHV
$VLPLVPRVHYHULILFDODH[LVWHQFLDGHODIODJUDQFLDFRQ
ODQRWLILFDFLyQ GHODV SDUDOL]DFLRQHV GHOD FRQVWUXFFLyQ
HQWUHHOORVHODFWDGHFRQVWDWDFLyQSROLFLDO
(Q HO SUHVHQWH FDVR VH YHULILFD TXH OD LPSXWDGD DO
FRQVWUXLUXQDFDVD\HQWUHHOODDOUHDOL]DUODDSHUWXUDGH
]DQMDVFRPHWLyHOGHOLWRFRQWUDHOSDWULPRQLRFXOWXUDOHQ
$1È/,6,6 OD PRGDOLGDG GH GHOLWRV FRQWUD ORV ELHQHV FXOWXUDOHV
VXEWLSR DWHQWDGRV FRQWUD PRQXPHQWRV DUTXHROyJLFRV
WLSLILFDGR HQ HO DUWtFXOR GHO &yGLJR 3HQDO EDMR OD
IODJUDQFLDEDMRODVVLJXLHQWHVPRGDOLGDGHVRFODVHVOD
)ODJUDQFLD HVWULFWD \D TXH OD DJHQWH GHO GHOLWR IXH
VRUSUHQGLGDFRPHWLHQGRHOKHFKRGHOLFWLYR\HQHOPLVPR
WHDWURGHOLFWXDOHVGHFLUDOUHDOL]DUODDSHUWXUDGH]DQMDV
\FRQVWUXLUVXYLYLHQGDKDVWDFRQFOXLUOD
$VLPLVPR ,QPHGLDWH] SHUVRQDO D WUDYpV GHO FXDO VH
YHULILFRDODPLVPDDFWRUDHQODFRPLVLyQGHOKHFKR
)LFKD
)LVFDOtD7HUFHUDILVFDOtDSURYLQFLDO3HQDO&RUSRUDWLYD
'HO&XVFR
'$726
&DUSHWDILVFDO1
'HOLWR$WHQWDGRVFRQWUDPRQXPHQWRVDUTXHROyJLFRV
- /DDFXVDGDHVSURSLHWDULDGHXQSUHGLRGH0
XELFDGRHQVXLQWHJULGDGHQHOVHFWRU&UX]SDWDGHO
6LWLR $UTXHROyJLFR GH 3DWDSDWD GHO GLVWULWR GH 6DQ
-HUyQLPR
+(&+26 - (Q IHFKD GH GLFLHPEUH GH SHUVRQDO GH OD
''&& VH FRQVWLWX\y DO SUHGLR DQWHV UHIHULGR
VtQWHVLV
FRQVWDWDQGR OD UHPRFLyQ GH WLHUUDV FRQ PDTXLQDULD
SHVDGD SRU SDUWH GH OD DFXVDGD H[KRUWiQGROH TXH
SDUDOLFHWDOHVWUDEDMRV
- /DDFXVDGDKDFLHQGRFDVRRPLVRDODH[KRUWDFLyQ\
FRQWLQ~RFRQORVWUDEDMRVGHUHPRFLyQ\H[FDYDFLyQ
GH WLHUUDV HQ WRGD HO iUHD VLQ DXWRUL]DFLyQ GH OD
''&&
- 0HGLDQWH YHULILFDFLyQ GHO VHUYLGRU GH OD ''&&
FRQFOX\yTXHORVWUDEDMRVHIHFWXDGRVSRUODDFXVDGD
VHHQFRQWUDEDQGHQWURGHOVHFWRU&UX]SDWDGHOVLWLR
DUTXHROyJLFR GH 3DWDSDWD \ FRQ HOOR JHQHUR HO
LPSDFWRYLVXDO\DUTXHROyJLFRGHODQWHVUHIHULGRVLWLR
DUTXHROyJLFR
7LSLILFDFLyQ /D FRQGXFWD GH OD LPSXWDGD FRQILJXUD HO
GHOLWRFRQWUDHOSDWULPRQLRHQVXPRGDOLGDGGH'HOLWRV
FRQWUD %LHQHV &XOWXUDOHV 6XEWLSR $WHQWDGRV &RQWUD
0RQXPHQWRV$UTXHROyJLFRVSUHYLVWRHQHODUWtFXOR
GHO&yGLJR3HQDO
$63(&726$ ([LVWHQFLDGHIODJUDQFLD
720$5(1&8(17$
6LVHYHULILFRODH[LVWHQFLDGHIODJUDQFLDDOPRPHQWRGH
VHUVRUSUHQGLGDSRUHOVHUYLGRUGH/D''&&HQPiVGH
RSRUWXQLGDG
'H OD PLVPD PDQHUD VH HQFXHQWUD OD H[LVWHQFLD GH
IODJUDQFLD FXiQGR VH GLR ODV H[KRUWDFLRQHV SDUD TXH
SDUDOLFH WDOHV WUDEDMRV FRQVLGHUiQGRVH HQWUH HOODV HO
DFWDGHFRQVWDWDFLyQSROLFLDO
(Q HO SUHVHQWH FDVR VH YHULILFD TXH OD LPSXWDGD DO
UHDOL]DU ORV WUDEDMRV GH UHPRFLyQ GH WLHUUDV FRQ
$1È/,6,6 PDTXLQDULD SHVDGD UHWURH[FDYDGRUD DVt FRPR OD
FRORFDFLyQ GH HVWDFDV GH PDGHUD FRPHWLy HO GHOLWR
FRQWUDHOSDWULPRQLRFXOWXUDOHQODPRGDOLGDGGHGHOLWRV
FRQWUD ORV ELHQHV FXOWXUDOHV VXEWLSR DWHQWDGRV FRQWUD
PRQXPHQWRVDUTXHROyJLFRVWLSLILFDGRHQHODUWtFXOR
GHO&yGLJR3HQDOEDMRODIODJUDQFLDEDMRODVVLJXLHQWHV
PRGDOLGDGHVRFODVHVOD)ODJUDQFLDHVWULFWD\DTXHOD
DJHQWHGHOGHOLWRIXHVRUSUHQGLGDFRPHWLHQGRHOKHFKR
GHOLFWLYR \ HQ HO PLVPR WHDWUR GHOLFWXDO HV GHFLU DO
UHDOL]DU ORV WUDEDMRV GH UHPRFLyQ \ H[FDYDFLyQ FRQ
PDTXLQDULD SHVDGDDVt FRPR OD FRORFDFLyQ GH HVWDFDV
GHPDGHUD
$VLPLVPR ,QPHGLDWH] SHUVRQDO D WUDYpV GHO FXDO VH
YHULILFRDODPLVPDDFWRUDHQODFRPLVLyQGHOKHFKR
)LFKD
)LVFDOtD7HUFHUD)LVFDOLD3URYLQFLDO3HQDOGH&XVFR
&DUSHWDILVFDO1
'$726
'HOLWR$WHQWDGRVFRQWUDPRQXPHQWRVDUTXHROyJLFRV
- (Q IHFKD GH DJRVWRGH VH FRQVWLWX\HURQDO
SDUTXH DUTXHROyJLFR GH 6DFVD\KXDPDQ DJHQWHV GH
ODFRPLVDULDGH7DKXDQWLQVX\RFRQMXQWDPHQWHFRQHO
DVHVRU OHJDO GHO 0LQLVWHULR GH &XOWXUD FRQVWDWDQGR
+(&+26 TXH D XQRV PHWURV GH OD FDO]DGD VH YHQtD
FRQVWUX\HQGR XQD YLYLHQGD HO FXDO SHUWHQHFH D OD
VtQWHVLV
DFXVDGD FRQVWUXFFLyQ TXH VH YHQtD LQLFLDQGR FRQ
PDWHULDOGHDGREHHQIRUPDGH/\TXHODDFXVDGD\
FRPSDxtDSURFHGLHURQDUHWLUDUVHDOSHUFDWDUVHGHOD
SUHVHQFLDSROLFLDO
- /D DFXVDGD LQGLFR TXH HOORV HGLILFDURQ OD
FRQVWUXFFLyQ GH OD YLYLHQGD SRUTXH VRQSURSLHWDULRV
GHOSUHGLR\SRUTXHFRQWDEDQFRQODDSUREDFLyQGHOD
FRPXQLGDGFDPSHVLQDGH+XD\OODUFRFKD
- $OPRPHQWRGHUHDOL]DUVHODLQVSHFFLyQILVFDOHOGH
QRYLHPEUH GHO VH FRQVWDWy TXH OD YLYLHQGD
PDWHULD GH LQYHVWLJDFLyQ KD VLGR FRQFOXLGD HQ VX
LQIUDHVWUXFWXUD FRQWDQGR HQ XQD SDUWH FRQ XQ VROR
SLVR \ HQ XQ H[WUHPR FRQ SLVRV DOWHUDQGR DVt HO
SDLVDMHQDWXUDOGHOVHFWRUSXHVHQSUHGLRVHKDOODHO
SDUTXH DUTXHROyJLFR GH 6DFVD\KXDPDQ SRQLHQGR
HQULHVJRORVELHQHVFXOWXUDOHVLQWHQWDGR FDPELDUHO
ELHQRHVSDFLRFXOWXUDOSRUXQELHQKDELWDEOH
7LSLILFDFLyQ
/DFRQGXFWDGHODDFXVDGDFRQILJXUDHOGHOLWRFRQWUDHO
3DWULPRQLR&XOWXUDOHQODPRGDOLGDGGH$WHQWDGR&RQWUD
0RQXPHQWRV$UTXHROyJLFRVSRUKDEHUVHDVHQWDGRXQD
$63(&726$
YLYLHQGDHQXQPRQXPHQWRDUTXHROyJLFR
720$5(1&8(17$ ([LVWHQFLDGHIODJUDQFLD
6HYHULILFRODH[LVWHQFLDGHIODJUDQFLDDOPRPHQWRGHVHU
VRUSUHQGLGD SRU ORV DJHQWHV GH OD FRPLVDUtD
FRQMXQWDPHQWH FRQ HO $VHVRU /HJDO GHO 0LQLVWHULR GH
&XOWXUDSRUORFXDODOSHUFDWDUVHGHODSUHVHQFLDGHHOORV
SURFHGLHURQDUHWLUDUVH
'H OD PLVPD PDQHUD VH HQFXHQWUD OD H[LVWHQFLD GH
IODJUDQFLD FXiQGR VH GLR ODV H[KRUWDFLRQHV \ ODV
DGYHUWHQFLDV HQ PiV GH RSRUWXQLGDGHV SDUD TXH
SDUDOLFH WDOHV WUDEDMRV FRQVLGHUiQGRVH HQWUH HOODV HO
DFWDGHFRQVWDWDFLyQSROLFLDO1
(Q HO SUHVHQWH FDVR VH YHULILFD TXH OD LPSXWDGD DO
UHDOL]DU ORV WUDEDMRV GH FRQVWUXFFLyQ HQ HVWH FDVR OD
$1È/,6,6 UHPRFLyQ GH VXHORV \ DOWHUDU HO SDLVDMH FXOWXUDO GHO
SDUTXH DUTXHROyJLFR GH 6DFVD\KXDPiQ FRPHWLy HO
GHOLWR FRQWUD HOSDWULPRQLR FXOWXUDO HQOD PRGDOLGDGGH
GHOLWRV FRQWUD ORV ELHQHV FXOWXUDOHV VXEWLSR DWHQWDGRV
FRQWUD PRQXPHQWRV DUTXHROyJLFRV SRU KDEHUVH
DVHQWDGRXQDYLYLHQGDHQXQPRQXPHQWRDUTXHROyJLFR
WLSLILFDGR HQ HO DUWtFXOR GHO &yGLJR 3HQDO EDMR OD
IODJUDQFLDEDMRODVVLJXLHQWHVPRGDOLGDGHVRFODVHVOD
)ODJUDQFLD HVWULFWD \D TXH OD DJHQWH GHO GHOLWR IXH
VRUSUHQGLGDFRPHWLHQGRHOKHFKRGHOLFWLYR\HQHOPLVPR
WHDWUR GHOLFWXDO HV GHFLU DO UHDOL]DU ORV WUDEDMRV GH
UHPRFLyQ GH VXHORV DVt FRPR OD FRQVWUXFFLyQ GH HVWD
YLYLHQGD
$VLPLVPR ,QPHGLDWH] SHUVRQDO D WUDYpV GHO FXDO VH
YHULILFR DOD PLVPD DFWRUD HQOD FRPLVLyQ GHO KHFKROD
FXDO WDPELpQ SURFHGLy D UHWLUDUVH DO SHUFDWDUVH GH OD
SUHVHQFLD SROLFLDO OR FXDO WDPELpQ VH FRQVLGHUD FRPR
IODJUDQFLD
)LFKD
)LVFDOtD7HUFHUD)LVFDOtD3URYLQFLDO3HQDO
&DUSHWDILVFDO1
'$726
'HOLWR$WHQWDGRVFRQWUD0RQXPHQWRV$UTXHROyJLFRV
- /RVDFXVDGRVSRVHHQXQORWHGHWHUUHQRXELFDGRHQ
HOFRVWDGRL]TXLHUGRGHODSLVWD&XVFR3LVDF
- (Q IHFKD GH VHWLHPEUH GH ORV DFXVDGRV
SURFHGLHURQDLQLFLDUWUDEDMRVGHFRQVWUXFFLyQGHXQ
DPELHQWH HQ HO VHFWRU GH WHUUHQR PHQFLRQDGR
+(&+26 HIHFWXDQGR UHPRFLyQ GH VXHORV SRU DSHUWXUD GH
]DQMDV 0RWLYR SRU HO FXDO HO YLJLODQWH GH OD ''&&
VtQWHVLV
QRWLILFRDODFXVDGRSDUDTXHSDUDOLFHODFRQVWUXFFLyQ
GHODYLYLHQGD
- /RV DFXVDGRV SHVH D HOOR FRQWLQXDURQ FRQ ORV
WUDEDMRV GH FRQVWUXFFLyQ PHQFLRQDGRV HODERUDQGR
XQDPELHQWHGHQLYHO
- /RV DFXVDGRV FRQ HVH SURFHGHU DIHFWDURQ HO
SDWULPRQLRFXOWXUDOGDGRTXHFRQIRUPHVHGHVSUHQGH
GHOLQIRUPHSDUDGLFKRILQVHHIHFWXDURQUHPRFLyQGH
VXHORV GHO PHQFLRQDGR SDUTXH DUTXHROyJLFR GH
6DFVD\KXDPDQ
7LSLILFDFLyQ
/DFRQGXFWDGHORVLPSXWDGRVVHVXEVXPHHQHODUWtFXOR
$63(&726$ GHO &yGLJR 3HQDO TXH WLSLILFD HO GHOLWR &RQWUD (O
3DWULPRQLR &XOWXUDO HQ OD PRGDOLGDG GH $WHQWDGRV
720$5(1&8(17$
&RQWUD %LHQHV &XOWXUDOHV VXEWLSR $WHQWDGRV &RQWUD
%LHQHV&XOWXUDOHV
([LVWHQFLDGHIODJUDQFLD
6H YHULILFR OD H[LVWHQFLD GH IODJUDQFLD DO PRPHQWR GH
VHUVRUSUHQGLGDSRUHOYLJLODQWHFRQVHUYDGRUGHOD''&&
'H OD PLVPD PDQHUD VH HQFXHQWUD OD H[LVWHQFLD GH
IODJUDQFLD FXiQGR VH GLR ODV H[KRUWDFLRQHV \ ODV
DGYHUWHQFLDV SRU SDUWH GHO YLJLODQWH FRQVHUYDGRU GH OD
''&&PHGLDQWHFpGXODGHQRWLILFDFLyQ1DVtFRPR
SRU SDUWH GHO SHUVRQDO SROLFLDO VHJ~Q DFWD GH
FRQVWDWDFLyQSROLFLDO
(Q HO SUHVHQWH FDVR VH YHULILFD TXH HO LPSXWDGR DO
FRQVWUXLUXQDFDVDVHHIHFWXDURQUHPRFLyQGHVXHORVGHO
$1È/,6,6 PHQFLRQDGR SDUTXH FRQ OR TXH VH DOWHUy HO SDLVDMH
FXOWXUDOGHPDQHUDJUDYHSRUKDEHUFDXVDGRLPSDFWRHQ
HO GHVDUUROOR FXOWXUDO \ OD LGHQWLGDG QDFLRQDO HQWRQFHV
FRPHWLy HO GHOLWR FRQWUD HO SDWULPRQLR FXOWXUDO HQ OD
PRGDOLGDG GH GHOLWRV FRQWUD ORV ELHQHV FXOWXUDOHV
VXEWLSR DWHQWDGRV FRQWUD PRQXPHQWRV DUTXHROyJLFRV
WLSLILFDGR HQ HO DUWtFXOR GHO &yGLJR 3HQDO EDMR OD
IODJUDQFLDEDMRODVVLJXLHQWHVPRGDOLGDGHVRFODVHVOD
)ODJUDQFLD HVWULFWD \D TXH OD DJHQWH GHO GHOLWR IXH
VRUSUHQGLGDFRPHWLHQGRHOKHFKRGHOLFWLYR\HQHOPLVPR
WHDWURGHOLFWXDOHVGHFLUDOUHDOL]DUODDSHUWXUDGH]DQMDV
\FRQVWUXLUVXYLYLHQGDKDVWDFRQFOXLUOD
$VLPLVPR ,QPHGLDWH] SHUVRQDO D WUDYpV GHO FXDO VH
YHULILFR D OD PLVPD DFWRUD HQ OD FRPLVLyQ GHO KHFKR D
SHVDUGHKDEpUVHOHH[KRUWDGRPiVGHYHFHV
)LFKD
)LVFDOtD3ULPHUD)LVFDOtD3URYLQFLDO3HQDO&RUSRUDWLYD
GHO&XVFR
'$726
&DUSHWDILVFDO1
'HOLWR$WHQWDGRVFRQWUD0RQXPHQWRV$UTXHROyJLFRV
- (O GtD GH DJRVWR GHO SHUVRQDO SROLFLDO VH
FRQVWLWX\y HQ HO SDUTXH DUTXHROyJLFR GH
6DFVD\KXDPDQ HQ OD FXDO VH SHUFDWDURQ GH OD
H[LVWHQFLD GH H[FDYDFLRQHV GH FLPLHQWR SDUD XQD
+(&+26 FRQVWUXFFLyQGHXQDYLYLHQGDHQXQiUHDVXSHUILFLDO
- /RV DFXVDGRV DO SHUFDWDUVH GH OD SUHVHQFLD GH OD
VtQWHVLV
SROLFtD DVt FRPR WUDEDMDGRUHV GHO ''&& LQGLFDURQ
TXH HVH PLVPR GtD SUHVHQWDURQ HO GRFXPHQWR
VROLFLWDQGR OD DXWRUL]DFLyQ SDUD OD FRQVWUXFFLyQ TXH
VHYHQtDUHDOL]DQGR
- /RVDFXVDGRVDJUHGLHURQDOEDFKLOOHUHQDUTXHRORJtD
\ DPHQD]DURQ DO SHUVRQDO GH OD ''&& SRU VL VH
KDFtDQSUHVHQWHVHQXQDQXHYDRSRUWXQLGDG
7LSLILFDFLyQ
/DFRQGXFWDGHORVDFXVDGRVGHYLHQHHQHOGHOLWRFRQWUD
HOSDWULPRQLRFXOWXUDOHQODPRGDOLGDGGH'HOLWRV&RQWUD
ORV %LHQHV &XOWXUDOHV VXEWLSR $WHQWDGRV &RQWUD
$63(&726$
0RQXPHQWRV $UTXHROyJLFRV FRQGXFWD SUHYLVWD \
720$5(1&8(17$ VDQFLRQDGDHQHODUWtFXORGHOFyGLJR3HQDO
([LVWHQFLDGHIODJUDQFLD
6HKDYHULILFDGRODH[LVWHQFLDGHIODJUDQFLDDOUHDOL]DU
HOKHFKR\VHUVRUSUHQGLGDSRUHOSHUVRQDOSROLFLDODVt
FRPRSRUORVWUDEDMDGRUHVGHOPLQLVWHULRGHFXOWXUDKDVWD
HQGRVRSRUWXQLGDGHV
$VLPLVPRVHYHULILFDODH[LVWHQFLDGHODIODJUDQFLDFRQ
ODQRWLILFDFLyQ GHODV SDUDOL]DFLRQHV GHOD FRQVWUXFFLyQ
HQWUHHOORVHODFWDGHFRQVWDWDFLyQSROLFLDO
(Q HO SUHVHQWH FDVR VH YHULILFD TXH OD LPSXWDGD DO
FRQVWUXLU XQD FDVD VH HIHFWXDURQ H[FDYDFLRQHV GH
FLPLHQWR DVt FRPR OD FRQVWUXFFLyQ QXHYD TXH DOWHUD HO
SDLVDMH FXOWXUDO DO GHVDUUROODU DFWLYLGDGHV FRPR
UHPRFLyQ GH VXHORV H[FDYDFLyQ GH ]DQMDV \
DFXPXODFLyQ GH SLHGUDV HQWRQFHV FRPHWLy HO GHOLWR
FRQWUDHOSDWULPRQLRFXOWXUDOHQODPRGDOLGDGGHGHOLWRV
FRQWUD ORV ELHQHV FXOWXUDOHV VXEWLSR DWHQWDGRV FRQWUD
PRQXPHQWRVDUTXHROyJLFRVWLSLILFDGRHQHODUWtFXOR
$1È/,6,6 GHO&yGLJR3HQDOEDMRODIODJUDQFLDEDMRODVVLJXLHQWHV
PRGDOLGDGHVRFODVHVOD)ODJUDQFLDHVWULFWD\DTXHOD
DJHQWHGHOGHOLWRIXHVRUSUHQGLGDFRPHWLHQGRHOKHFKR
GHOLFWLYR \ HQ HO PLVPR WHDWUR GHOLFWXDO HV GHFLU DO
UHDOL]DUODDSHUWXUDGH]DQMDV\FRQVWUXLUVXYLYLHQGD
$VLPLVPR ,QPHGLDWH] SHUVRQDO D WUDYpV GHO FXDO VH
YHULILFR D OD PLVPD DFWRUD HQ OD FRPLVLyQ GHO KHFKR D
SHVDUGHKDEpUVHOHH[KRUWDGR
)LFKD
)LVFDOtD7HUFHUDILVFDOtDSURYLQFLDOSHQDO&RUSRUDWLYD
&DUSHWDILVFDO1
'$726
'HOLWR$WHQWDGRVFRQWUD0RQXPHQWRV$UTXHROyJLFRV
- 4XHHQIHFKDGHRFWXEUHGHOSHUVRQDOSROLFLDO
GH 7DKXDQWLQVX\R VH FRQVWLWX\y HQ HO SUHGLR GH OD
DFXVDGDHQODFRPXQLGDGGH+XD\OODUFRFKDGRQGHVH
FRQVWDWy XQD HGLILFDFLyQ FRQ PDWHULDO GH DGREH HQ
SURFHVR GH FRQVWUXFFLyQ WDPELpQ HO DFRSLR GH
+(&+26
PDWHULDOHV GH FRQVWUXFFLyQ GRQGH SHUVRQDV VH
VtQWHVLV KDOODEDQUHDOL]DQGRGLFKRVWUDEDMRV
- 6H UHDOL]y RWUD DFWD GH LQVSHFFLyQ ILVFDO GRQGH VH
FRQVWDWyWDPELpQTXHVHOHYDQWDURQFRQVWUXFFLRQHV
GHPDWHULDOGHDGREHHQSOHQRSURFHVRGHHGLILFDFLyQ
XQD DO ODGR GH RWUD \ KDFLD HO ODGR GHO SUHGLR
LQVSHFFLRQDGRVHHQFXHQWUDXQD]RQDDWHUUD]DGDSRU
GRQGHVHHQFXHQWUDWDPELpQHOFDPLQRSUHKLVSiQLFR
GHO 4KDSDT fDQ GH JUDQ YDORU KLVWyULFR \
DUTXHROyJLFR
- +XERXQLQIRUPHGRQGHVHGHWDOOyODH[FDYDFLyQ\R
UHPRFLyQGHVXHORSDUDODFRQVWUXFFLyQGHOiUHDSRU
OR TXH FRQVWLWX\H XQ GDxR \ DOWHUDFLyQ DO VXVWUDWR
DUTXHROyJLFR TXH DIHFWDQ DO HQWRUQR LQPHGLDWR GHO
3DWULPRQLR&XOWXUDO\1DWXUDO
7LSLILFDFLyQ
/DFRQGXFWDGHODDFXVDGDFRQILJXUDHOGHOLWRFRQWUDHO
$63(&726$ 3DWULPRQLR&XOWXUDOHQODPRGDOLGDGGH'HOLWRVFRQWUDORV
720$5(1&8(17$ %LHQHV &XOWXUDOHV VXE WLSR $WHQWDGR &RQWUD
0RQXPHQWRV $UTXHROyJLFRV FRQGXFWD SUHYLVWD \
VDQFLRQDGDHQHODUWtFXORGHO&yGLJR3HQDO
([LVWHQFLDGHIODJUDQFLD
6HKDYHULILFDGRODH[LVWHQFLDGHIODJUDQFLDDOUHDOL]DU
HO KHFKR \ VHU VRUSUHQGLGD SRU HO SHUVRQDO SROLFLDO
GRQGH SHUVRQDV VH KDOODEDQ UHDOL]DQGR GLFKRV
WUDEDMRVGHFRQVWUXFFLyQ
$VLPLVPRVHYHULILFDODH[LVWHQFLDGHODIODJUDQFLDFRQ
ODQRWLILFDFLyQ GHODV SDUDOL]DFLRQHV GHOD FRQVWUXFFLyQ
HQWUHHOORVHODFWDGHFRQVWDWDFLyQSROLFLDOKDFLHQGRFDVR
RPLVRDHVWRV
(Q HO SUHVHQWH FDVR VH YHULILFD TXH OD LPSXWDGD DO
FRQVWUXLUXQDFDVD\HQWUHHOODDOUHDOL]DUODDSHUWXUDGH
$1È/,6,6 ]DQMDVFRPHWLyHOGHOLWRFRQWUDHOSDWULPRQLRFXOWXUDOHQ
OD PRGDOLGDG GH GHOLWRV FRQWUD ORV ELHQHV FXOWXUDOHV
VXEWLSR DWHQWDGRV FRQWUD PRQXPHQWRV DUTXHROyJLFRV
WLSLILFDGR HQ HO DUWtFXOR GHO &yGLJR 3HQDO EDMR OD
IODJUDQFLDEDMRODVVLJXLHQWHVPRGDOLGDGHVRFODVHVOD
)ODJUDQFLD HVWULFWD \D TXH OD DJHQWH GHO GHOLWR IXH
VRUSUHQGLGDFRPHWLHQGRHOKHFKRGHOLFWLYR\HQHOPLVPR
WHDWURGHOLFWXDOHVGHFLUDOUHDOL]DUODFRQVWUXFFLyQGHVX
YLYLHQGD \ ³H[FDYDU R UHPRYHU´ VLQ DXWRUL]DFLyQ
UHVSHFWLYD
)LFKD
)LVFDOtD 3ULPHUD ILVFDOtD SURYLQFLDO 3HQDO &RUSRUDWLYD
GHO&XVFR
'$726
&DUSHWDILVFDO1
'HOLWR $WHQWDGRV &RQWUD ORV 0RQXPHQWRV
$UTXHROyJLFRV
- (QIHFKDGHHQHURGHHIHFWLYRVSROLFLDOHVVH
FRQVWLWX\HURQ D OD &RPXQLGDG &DPSHVLQD GH
+XD\OODUFRFKD \ HQ HO OXJDU VH SXGR FRQVWDWDU OD
H[LVWHQFLD GH XQ WHUUHQR HQ HO FXDO VH REVHUYy XQD
+(&+26 FRQVWUXFFLyQGHGRVQLYHOHV
- 3RVWHULRUPHQWHVHUHDOL]yHOLQIRUPH1PHGLDQWH
VtQWHVLV
HOFXDOVHGHWHUPLQyTXHODFRQVWUXFFLyQUHDOL]DGDSRU
ODDFXVDGDDIHFWDGHPDQHUDJUDYHHLUUHYHUVLEOHOD
=RQD 3DWULPRQLDO GHO 3DUTXH $UTXHROyJLFR GH
6DFVD\KXDPiQ
7LSLILFDFLyQ
/D FRQGXFWD GH OD DFXVDGD FRQILJXUD HO GHOLWR GH
$7(17$'26 &2175$ /26 02180(1726
$548(2/Ï*,&26WLSLILFDGRHQHODUWtFXORGHO&3
HQDJUDYLRGHO(VWDGR
$63(&726$ ([LVWHQFLDGHIODJUDQFLD
720$5(1&8(17$
(QHOSUHVHQWHFDVRQRVHKDYHULILFDGRODH[LVWHQFLD
GHIODJUDQFLD\DTXHDOPRPHQWRHQHOTXHORVHIHFWLYRV
SROLFLDOHV VH DSHUVRQDURQ DO OXJDU PHQFLRQDGR OD
FRQVWUXFFLyQ \D VH HQFRQWUDED UHDOL]DGD \ QR VH
HQFRQWUy QLVRUSUHQGLy D QDGLH DOPRPHQWR GH UHDOL]DU
ORVKHFKRV
$VLPLVPRWDPSRFRVHSXGRYHULILFDUODH[LVWHQFLDGH
ODIODJUDQFLD\DTXHQRVHFRQWyFRQDOJXQDQRWLILFDFLyQ
SDUDODSDUDOL]DFLyQGHDOJXQDFRQVWUXFFLyQ
(Q HO SUHVHQWH FDVR VH YHULILFD TXH OD LPSXWDGD DO
FRQVWUXLUXQDFDVDFRPHWLyHOGHOLWRFRQWUDHOSDWULPRQLR
$1È/,6,6 FXOWXUDO HQ OD PRGDOLGDG GH GHOLWRV FRQWUD ORV ELHQHV
FXOWXUDOHVWLSLILFDGRHQHODUWtFXORGHO&yGLJR3HQDO
VLQ HPEDUJR HVWH GHOLWR QR VH SRGUtD FRQVLGHUDU EDMR
IODJUDQFLD \D TXH QR IXH VRUSUHQGLGD DO PRPHQWR GH
UHDOL]DU HO GHOLWR OD FRQVWUXFFLyQ \D VH HQFRQWUDED
ILQDOL]DGD
)LFKD
)LVFDOtD6HJXQGDILVFDOtDSURYLQFLDO3HQDO&RUSRUDWLYD
GHO&XVFR
'$726
&DUSHWDILVFDO1
'HOLWR$WHQWDGRFRQWUD0RQXPHQWRV$UTXHROyJLFRV
- /RVDFXVDGRVVDELHQGRTXHHVWiSURKLELGRFRQVWUXLU
YLYLHQGDVHQGLFKROXJDUFRQVWUX\HURQVXVYLYLHQGDV
DOWHUDQGR HO SDLVDMH UHPRYLHQGR PRQXPHQWRV
DUTXHROyJLFRVGHVWUX\HQGRUHVWRVTXHFRQVWLWX\HQHO
+(&+26 SDWULPRQLRFXOWXUDOSUHKLVSiQLFR
- (O GH QRYLHPEUH GHO SHUVRQDO SROLFLDO \
VtQWHVLV
WUDEDMDGRUHV GH OD ''&& HQFXHQWUDQ TXH ORV
DFXVDGRVYHQtDQFRQVWUX\HQGRQXHYDVYLYLHQGDVGH
DGREHGHQWURGHOiUHDVDELHQGRTXHHVWiSURKLELGR
GRQGHDOHIHFWXDUVHXQFDWDVWURDUTXHROyJLFRVHKD
HQFRQWUDGR UHVWRV DUTXHROyJLFR GHQWUR GH OR TXH
FRQVWLWX\HSDWULPRQLRFXOWXUDOGHOD1DFLyQ
- $ FRQVHFXHQFLD GH ODV FRQVWUXFFLRQHV HIHFWXDGDV
SRU ORV GHQXQFLDGRV VH KDQ HPLWLGR XQD VHULH GH
LQIRUPHVHQODVTXHODHQWLGDGDJUDYLDGD\SRUHQGH
HO (67$'2 DGYLHUWHQ TXH HO GHOLWR VH HQPDUFDUtD
FRQWUDHOSDWULPRQLRFXOWXUDO
7LSLILFDFLyQ
/DFRQGXFWDGHORVDFXVDGRVFRQILJXUDHOGHOLWRFRQWUD
$63(&726$ HO SDWULPRQLR FXOWXUDO PRGDOLGDG GH GHOLWRV FRQWUD ORV
720$5(1&8(17$ ELHQHV FXOWXUDOHV VXE WLSRV DWHQWDGRV FRQWUD
PRQXPHQWRVDUTXHROyJLFRV\DOWHUDFLyQLOHJDOGHELHQHV
GHOSDWULPRQLRFXOWXUDOSUHYLVWRHQORVDUW\GHO
&3
([LVWHQFLDGHIODJUDQFLD
6HKDYHULILFDGRODH[LVWHQFLDGHIODJUDQFLDDOUHDOL]DU
HOKHFKR\VHUVRUSUHQGLGDSRUHOSHUVRQDOSROLFLDODVt
FRPR SRU ORV WUDEDMDGRUHV GH OD ''&& HQ SOHQD
FRQVWUXFFLyQGHHVWDVYLYLHQGDV
$VLPLVPRVHYHULILFDODH[LVWHQFLDGHODIODJUDQFLDFRQ
ODQRWLILFDFLyQ GHODV SDUDOL]DFLRQHV GHOD FRQVWUXFFLyQ
HQWUHHOORVHODFWDGHFRQVWDWDFLyQSROLFLDOKDFLHQGRFDVR
RPLVRDHVWRV
(Q HO SUHVHQWH FDVR VH YHULILFD TXH ORV LPSXWDGRV DO
FRQVWUXLUODVFDVDV\HQWUHHOODVDOUHDOL]DUODDSHUWXUDGH
]DQMDVFRPHWLHURQHOGHOLWRFRQWUDHOSDWULPRQLRFXOWXUDO
HQODPRGDOLGDGGHGHOLWRVFRQWUDORVELHQHVFXOWXUDOHV
VXEWLSR DWHQWDGRV FRQWUD PRQXPHQWRV DUTXHROyJLFRV
WLSLILFDGR HQ HO DUWtFXOR GHO &yGLJR 3HQDO EDMR OD
$1È/,6,6 IODJUDQFLDEDMRODVVLJXLHQWHVPRGDOLGDGHVRFODVHVOD
)ODJUDQFLD HVWULFWD \D TXH OD DJHQWH GHO GHOLWR IXH
VRUSUHQGLGDFRPHWLHQGRHOKHFKRGHOLFWLYR\HQHOPLVPR
WHDWUR GHOLFWXDO HV GHFLU DO UHDOL]DU OD FRQVWUXFFLyQ GH
VXVYLYLHQGDV
$VLPLVPR ,QPHGLDWH] SHUVRQDO D WUDYpV GHO FXDO VH
YHULILFRDORVPLVPRVDFWRUHVHQODFRPLVLyQGHOKHFKR
)LFKD
)LVFDOtD7HUFHUDILVFDOtDSURYLQFLDOGHO&XVFR
&DUSHWDILVFDO1
'$726
'HOLWR$WHQWDGRVFRQWUD0RQXPHQWRV$UTXHROyJLFRV
- /RVDFXVDGRVVRQSRVHVLRQDULRVGHXQiUHDWRWDOGH
PHWURV FXDGUDGRV HQ OD FRPXQLGDG GH
+XD\DUFRFKD
- (O GtD GH RFWXEUH GH SHUVRQDO SROLFLDO HQ
+(&+26 VHUYLFLR UHFLELy OD GHQXQFLD YHUEDO SRU OR FXDO VH
GLULJLHURQDODFRPXQLGDGGH+XD\DUFRFKDSRUORFXDO
VtQWHVLV
VHFRQVWDWyTXHVHKDEtDOHYDQWDGRXQDYLYLHQGDGH
DGREH VLQ OD GHELGD DXWRUL]DFLyQ \ VH HQFRQWUDEDQ
WHFKDQGRODYLYLHQGDHQHODFWRDSHVDUGHTXHWHQtDQ
QRWLILFDFLyQ GH QR SRGHU OHYDQWDU YLYLHQGDV VLQ
DXWRUL]DFLyQGHOD'LUHFFLyQ5HJLRQDOGH&XOWXUD
- FRQ GLFKD DFWLYLGDG LQFRQVXOWD FRQVLVWHQWH HQ OD
FRQVWUXFFLyQGHXQDYLYLHQGDFRQPDWHULDOGHDGREH
SUHYLDUHPRFLyQGHVXHORVSRUODDSHUWXUDGH]DQMDV
\HODERUDFLyQGHDGREHV/RVLPSXWDGRVKDQDOWHUDGR
ODLGHQWLGDGQDFLRQDOUHGXFLHQGRHOSRWHQFLDOWXUtVWLFR
H LQYHVWLJDFLyQ HQ HO 3DUTXH $UTXHROyJLFR GH
6DFVD\KXDPiQ
7LSLILFDFLyQ
/DFRQGXFWDGHORVDFXVDGRVFRQILJXUDHOGHOLWRFRQWUD
HO3DWULPRQLR&XOWXUDOHQODPRGDOLGDGGH'HOLWRVFRQWUD
ORV %LHQHV &XOWXUDOHV VXE WLSR $7(17$'2 &2175$
$63(&726$
02180(1726 $548(2/2*,&26 FRQGXFWD
720$5(1&8(17$ SUHYLVWD \ VDQFLRQDGD HQ HO DUWtFXOR GHO &yGLJR
3HQDO
([LVWHQFLDGHIODJUDQFLD
6HKDYHULILFDGRODH[LVWHQFLDGHIODJUDQFLDDOUHDOL]DU
HOKHFKR\VHUVRUSUHQGLGRVSRUHOSHUVRQDOSROLFLDOHQ
SOHQDFRQVWUXFFLyQGHHVWDYLYLHQGD
$VLPLVPRVHYHULILFDODH[LVWHQFLDGHODIODJUDQFLDFRQ
ODQRWLILFDFLyQ GHODV SDUDOL]DFLRQHV GHOD FRQVWUXFFLyQ
HQWUHHOORVHODFWDGHFRQVWDWDFLyQSROLFLDOKDFLHQGRFDVR
RPLVRDHVWRV
(Q HO SUHVHQWH FDVR VH YHULILFD TXH ORV LPSXWDGRV DO
UHDOL]DUORVWUDEDMRVGHFRQVWUXFFLyQSUHYLDUHPRFLyQGH
$1È/,6,6 VXHORV SRU OD DSHUWXUD GH ]DQMDV \ HODERUDFLyQ GH
DGREHV KDQ DOWHUDGR OD LGHQWLGDG QDFLRQDO UHGXFLHQGR
HO SRWHQFLDO WXUtVWLFR H LQYHVWLJDFLyQ GHO SDUTXH
DUTXHROyJLFRGH6DFVD\KXDPiQFRPHWLyHOGHOLWRFRQWUD
HOSDWULPRQLRFXOWXUDOHQODPRGDOLGDGGHGHOLWRVFRQWUD
ORV ELHQHV FXOWXUDOHV VXEWLSR DWHQWDGRV FRQWUD
PRQXPHQWRVDUTXHROyJLFRVSRUKDEHUVHDVHQWDGRXQD
YLYLHQGDHQXQPRQXPHQWRDUTXHROyJLFRWLSLILFDGRHQHO
DUWtFXORGHO&yGLJR3HQDOEDMRODIODJUDQFLDEDMRODV
VLJXLHQWHV PRGDOLGDGHV R FODVHV OD )ODJUDQFLD
HVWULFWD \D TXH ORV DJHQWHV GHO GHOLWR IXHURQ
VRUSUHQGLGRV FRPHWLHQGR HO KHFKR GHOLFWLYR \ HQ HO
PLVPRWHDWURGHOLFWXDOHVGHFLUDOUHDOL]DUORVWUDEDMRV
GHODFRQVWUXFFLyQGHHVWDYLYLHQGD
$VLPLVPR ,QPHGLDWH] SHUVRQDO D WUDYpV GHO FXDO VH
YHULILFRDORVPLVPRVDFWRUHVHQODFRPLVLyQGHOKHFKR
)LFKD
)LVFDOtD 6HJXQGD )LVFDOtD 3URYLQFLDO 3HQDO
&RUSRUDWLYDGHO&XVFR
'$726
&DUSHWDILVFDO1
'HOLWR$WHQWDGRVFRQWUD0RQXPHQWRV$UTXHROyJLFRV
- (OGtDGHDJRVWRGHOHOYLJLODQWHFRQVHUYDGRU
GHO0LQLVWHULRGH&XOWXUDVHFRQVWLWX\yDODFRPLVDUtD
\ IRUPXOR GHQXQFLD SHQDO SRU KDEHU HQFRQWUDGR DO
DFXVDGR HIHFWXDQGR WUDEDMRV HQ HO VHFWRU SDUTXH
DUTXHROyJLFR GH 3XPDPDUFD FRQVLVWHQWHV HQ
+(&+26 H[FDYDFLRQHV UHPRFLyQ GH WLHUUDV FRQ HO ILQ GH
LQVWDODUFROXPQDVGHFHPHQWR
VtQWHVLV
- 'XUDQWH OD LQYHVWLJDFLyQ DO ~QLFR TXH VH HQFRQWUy
HIHFWXDQGR ORV WUDEDMRV GH H[FDYDFLyQ IXH OH
GHQXQFLDGR VLHQGR TXLHQ HQ IRUPD GLUHFWD YHQtD
GDxDQGRHOSDWULPRQLRFXOWXUDODJUHJDQGRTXHHVWD
FRQVWUXFFLyQ HV FODQGHVWLQD QR WLHQH QLQJXQD
OLFHQFLD SDUD HIHFWXDU WDOHV WUDEDMRV TXH KXELHUD
RWRUJDGROD0XQLFLSDOLGDGRODGLUHFFLyQUHJLRQDOGH
FXOWXUD
- /DREUDFODQGHVWLQDVHKDOODGHQWURGHOSROtJRQRGH
GHOLPLWDFLyQ GHO VLWLR DUTXHROyJLFR GH /DUDSD
GHFODUDGR FRPR SDWULPRQLR FXOWXUDO GH OD QDFLyQ
PHGLDQWH UHVROXFLyQ 'LUHFWRUDO \ D SHVDU GH KDEHU
HVWDGR WUDWDQGR GH HVWDEOHFHU XQ GLiORJR FRQ ORV
LQIUDFWRUHV HVWRV VH QLHJDQ D GDU IDFLOLGDGHV SDUD
SRGHUHQWDEODUXQGLiORJRTXHSHUPLWDHYLWDUPD\RUHV
GDxRVHQGLFKDSODWDIRUPD
7LSLILFDFLyQ
([LVWHQFLDGHIODJUDQFLD
6HKDYHULILFDGRODH[LVWHQFLDGHIODJUDQFLDDOUHDOL]DU
HOKHFKR\VHUVRUSUHQGLGRSRUHOSHUVRQDOSROLFLDODVt
FRPR SRU HO YLJLODQWH FRQVHUYDGRU GHO 0LQLVWHULR GH
&XOWXUDKDVWDHQWUHVRSRUWXQLGDGHV
$VLPLVPRVHYHULILFDODH[LVWHQFLDGHODIODJUDQFLDFRQ
ODQRWLILFDFLyQ GHODV SDUDOL]DFLRQHV GHOD FRQVWUXFFLyQ
HQWUHHOORVHODFWDGHFRQVWDWDFLyQSROLFLDO
(Q HO SUHVHQWH FDVR VH YHULILFD TXH OD LPSXWDGD DO
FRQVWUXLUXQDFDVD\HQWUHHOODDOUHDOL]DUODDSHUWXUDGH
$1È/,6,6 ]DQMDV FRPHWLy HO GHOLWR FRQWUD HO SDWULPRQLR FXOWXUDO
DOWHUDQGRHOSDLVDMHHIHFWXDQGRXQLPSDFWRYLVXDOHQHO
SDLVDMHQDWXUDO\FXOWXUDODVtFRPRODSHUGLGDDEVROXWD
GH LQIRUPDFLyQ HQ OD PRGDOLGDG GH GHOLWRV FRQWUD ORV
ELHQHV FXOWXUDOHV VXEWLSR DWHQWDGRV FRQWUD
PRQXPHQWRVDUTXHROyJLFRVWLSLILFDGRHQHODUWtFXOR
GHO&yGLJR3HQDOEDMRODIODJUDQFLDEDMRODVVLJXLHQWHV
PRGDOLGDGHVRFODVHVOD)ODJUDQFLDHVWULFWD\DTXHHO
DJHQWHGHOGHOLWRIXHVRUSUHQGLGRFRPHWLHQGRHOKHFKR
GHOLFWLYR \ HQ HO PLVPR WHDWUR GHOLFWXDO HV GHFLU DO
FRQVWUXLUVXYLYLHQGD
$VLPLVPR ,QPHGLDWH] SHUVRQDO D WUDYpV GHO FXDO VH
YHULILFRDODPLVPDDFWRUDHQODFRPLVLyQGHOKHFKRHQ
PDVGHRSRUWXQLGDGHV
(QWRGRVORVFDVRVPHQFLRQDGRVODPHFiQLFDHVODPLVPDGHVGHODQRWLFLDFULPLQDO
FRQ OD WRPD HQ FRQRFLPLHQWR GHO KHFKR GHOLFWLYR SRU SDUWH GH ORV IXQFLRQDULRV GHO
0LQLVWHULR GH &XOWXUD \ OD FRQVHFXHQWH GHQXQFLD DQWH OD 313 \ D WUDYpV GH HOOR DO
)LVFDO \ HQWRUQR D ODV IDFXOWDGHV FRQIHULGDV SRU HO 1&33 GHEHUtD LQFRDU SURFHVR
LQPHGLDWR OR FXDO HQ OD SUD[LV QR VH FXPSOH HVWRV GHOLWRV VRQ LGHQWLILFDGRV SRU HO
SHUVRQDO GH YLJLODQFLD \ FRQVHUYDFLyQ GH OD 'LUHFFLyQ 'HVFRQFHQWUDGD GH &XOWXUD
&XVFRSDUDORFXDOVHVLJXHORVVLJXLHQWHVSDVRV
- ,GHQWLILFDFLyQGHOGHOLWRGHQWURGHXQiUHDGHOLPLWDGD\GHFODUDGDFRPRWDO(VWR
SXHGHVHUWUDVODHMHFXFLyQGHXQDREUDLQFRQVXOWDFRQVWUXFFLyQFODQGHVWLQDVLQ
DXWRUL]DFLyQUHPRFLyQGHVXHORVDOWHUDFLyQGHOHQWRUQRFXOWXUDO
- 6HJXLGDPHQWHVHSRQHHQFRQWDFWRFRQHODJHQWHGHOGHOLWRSDUDLQGLFDUOHTXHOD
DFFLyQ TXH HVWi FRPHWLHQGR GHYLHQH HQ GHOLWR HVSHFtILFDPHQWH FRQWUD DO
SDWULPRQLR FXOWXUDO GH OD QDFLyQ HQ WDO VHQWLGR VH VHxDOD OD QRUPD DSOLFDEOH DO
FDVRHQFRQFUHWR
- 6HJXLGDPHQWHVHOHYDQWDXQDFWDGHYHULILFDFLyQGRQGHVHFRQVLJQDQGDWRVFRPR
VHGHWDOODDFRQWLQXDFLyQ
- (O KHFKR HV FRPXQLFDGR D OD FRPLVDULD GH OD MXULVGLFFLyQ GRQGH VH FRPHWLy HO
GHOLWRSDUDTXHXQDYH]FRQRFLGRHOKHFKRVHUHDOLFHGHRILFLR\RDVROLFLWXGGH
SDUWHODFRQVWDWDFLyQGHOKHFKRSXQLEOH
- 6HJXLGDPHQWHVHUHDOL]DXQDYDORUDFLyQGHOGDxRGRQGHVHGHVFULEHGHIRUPD
SUHFLVDODLQIUDFFLyQ FXDQWRGHUHPRFLyQGHVXHORVPHGLGDVGHFRQVWUXFFLRQHV
HWF
- 6H UHDOL]D XQ UHJLVWUR IRWRJUiILFR \ OD WRPD GH SXQWR UHIHUHQFLDO PHGLDQWH
FRRUGHQDGDV870
- (OSHUVRQDOSROLFLDOUHPLWHHODFWD\GDFXHQWDDOILVFDOGHWXUQRTXLHQYDVHUHO
HQFDUJDGRGHLQLFLDUDFFLRQHVOHJDOHV
- /DILVFDOtDFRQYLHQHHQLQFRDUSURFHVRLQPHGLDWRRFRQWLQXDFRQODVHWDSDVGHO
SURFHVRFRP~Q
&RPRVHGHVFULELyOtQHDVDUULEDWRGRVORVKHFKRVVRQFRPHWLGRVHQXQPLVPROXJDU
GLIHUHQWHVVHFWRUHVHOGHOLWRVHDGHFXDDOPLVPRRUGHQSHURHOWUDPLWHFRPRYLPRV
HV D FULWHULR GH FDGD ILVFDO HQ YLVWD GH TXH HQ WRGRV ORV FDVRV HVWXGLDGRV QR VH
UHVROYLHURQ PHGLDQWH SURFHVR LQPHGLDWR D SHVDU GH TXH ORV KHFKRV IXHURQ
LGHQWLILFDGRV\FRQVXPDGRVHQIODJUDQWHGHOLWR
(QWRQFHVSRGHPRVFRQFOXLULQGLFDQGRTXHSDUDHVWRVGHOLWRVH[LVWHIODJUDQFLD\SRU
HQGH DSOLFDFLyQ GHO SURFHVR LQPHGLDWR VROR D FULWHULR VXEMHWLYR GHO ILVFDO TXH YH OD
FDXVD
8QRGHORVIDFWRUHVSRUORVFXDOHVHOILVFDODFDUJRGHODGHQXQFLDGHHVWHKHFKRQR
SUHKLVSiQLFRVHVHOGHVFRQRFLPLHQWRGHORVILVFDOHVGHWHPDVGHSDWULPRQLRFXOWXUDO
DOPRPHQWRGHWUDWDUGHDGHFXDUODILJXUDOHJDOGHQWURGHORVSUHVXSXHVWRVGHGLFKD
/H\XQHMHPSORVHULDFRPRSDVDHQORVFDVRVHQHOTXHXQVXSXHVWRLPSXWDGRSRUOD
FRPLVLyQGHOGHOLWRFRQWUDPRQXPHQWRVDUTXHROyJLFRVUHDOL]DODDSHUWXUDGH]DQMDV
SDUDODFRQVWUXFFLyQGHVXYLYLHQGDHQXQD]RQD[SULPHURHOILVFDOGHEHREVHUYDUVL
HO GHOLWR VH FRPHWLy GHQWUR GH XQ PRQXPHQWR DUTXHROyJLFR R VL VH GHVWUX\y GLFKR
PRQXPHQWRHQWRQFHVSULPHURHOILVFDODQWHVGHUHDOL]DUXQMXLFLRGHYDORUGHEHGH
LUDODQRUPDVXVWDQWLYDTXHSDUDHOFDVRHQFRQFUHWRHVWiUHJXODGRHQHODUWtFXOR
GHO &yGLJR 3HQDO VHxDODQGR SDUD HOOR OD FRQGXFWD TXH JHQHUD LOLFLWXG HV GHFLU HO
VHQWDUVH GHSUHGDU HO ELHQ R HO TXH VLQ DXWRUL]DFLyQ UHDOL]D ODV GLYHUVDV DFFLRQHV
FRPRODH[SORUDFLyQODH[FDYDFLyQRODUHPRFLyQGHPRQXPHQWRVDUTXHROyJLFRV3RU
WDQWR 3ULPHUR VH WLHQH TXH FRQFHSWXDOL]DU TXH HV XQ 0RQXPHQWR DUTXHROyJLFR
SUHKLVSiQLFRSDUDHOORPHQFLRQDPRVTXHHQHO'HFUHWR6XSUHPR0&GD
XQ FRQFHSWR UHIHULGR D GLFKR WHPD HQ HOOR PHQFLRQD ³3DUD DGPLQLVWUDU \ SURWHJHU
DGHFXDGDPHQWH ORV PRQXPHQWRV GHVFULWRV HQ HO &DStWXOR TXH UHSUHVHQWDQ VXV
DWULEXWRVHVWHUHJODPHQWRUHFRQRFHWUHVWLSRVGHVLWLRVDUTXHROyJLFRV\DVHDFRPR
&21&/86,21(6
35,0(5$
/DVUD]RQHVSRUODVTXHHO0LQLVWHULR3XEOLFRGHO'LVWULWR-XGLFLDOGH&XVFRQRLQFRD
HOSURFHVRLQPHGLDWRH[LVWLHQGRIODJUDQFLDHQORVGHOLWRVFRQWUDHOSDWULPRQLRFXOWXUDO
GHODQDFLyQHVGHELGRDODIDOWDGHXQDILVFDOtDHVSHFLDOL]DGDHQODFRPLVLyQGHHVWH
WLSRGHGHOLWRVFRPRVHKDSRGLGRYHULILFDUHO0LQLVWHULR3XEOLFRSUHVHQWDDFXVDFLyQ
IDOWD GH GLOLJHQFLD TXH GHWHUPLQHQ TXH HO KHFKR VH KD FRPHWLGR HQ IODJUDQFLD HO
DJHQWHHVGHVFXELHUWRHQODUHDOL]DFLyQGHOKHFKRSXQLEOH\TXHVHUHFDEHSUXHEDV
REMHWLYDVVXILFLHQWHVTXHSUXHEHXQDHYLGHQWHSDUWLFLSDFLyQHQHOKHFKRSXQLEOHFRVD
TXHQRRFXUUHHQODVILVFDOtDVFXDQGRVHGHQXQFLDHVWHWLSRGHGHOLWRV SUHFLVDPHQWH
SRUODIDOWDGHILVFDOtDHVSHFLDOL]DGD
6(*81'$/DDSOLFDFLyQGHOD)ODJUDQFLDGHOLFWLYDHQORVGHOLWRVFRQWUDHOSDWULPRQLR
FXOWXUDO GH OD QDFLyQ HV YLDEOH \D TXH OD FRPLVLyQ GH HVWRV WLSRV GH GHOLWRV VRQ
YHULILFDGRV H LGHQWLILFDGRV DO PRPHQWR GH VX FRPLVLyQ HQ YLVWD GH TXH OD ''&&
LQWHUYLHQHDOPRPHQWRGHODUHDOL]DFLyQGHOGHOLWRVROLFLWDQGRXQDFRQVWDWDFLyQSROLFLDO
HVDVtTXHHODXWRUGHOGHOLWRHVVRUSUHQGLGRHQHOOXJDUGHORVKHFKRVFRQODVPDQRV
HQODPDVDORFXDOHVSXHVWRHQFRQRFLPLHQWRGHOD)LVFDOtD\DWUDYpVGHHOORVHORJUD
LGHQWLILFDU DO DXWRU HQ IODJUDQFLD DVLPLVPR VH LGHQWLILFD HO ELHQ SDWULPRQLDO FXOWXUDO
YXOQHUDGR ± yVHD WHQLHQGR WRGRV ORV GDWRV \ SUXHEDV SDUD LQFRDU XQ SURFHVR
LQPHGLDWR
7(5&(5$
/DIODJUDQFLDGHOLFWLYDHQORVFDVRVGHGHOLWRVFRQWUDHOSDWULPRQLRFXOWXUDOGHODQDFLyQ
VHUtD PX\ HILFLHQWH SDUD OD SURWHFFLyQ GH ORV ELHQHV FXOWXUDOHV \D TXH OD VDQFLyQ
LQPHGLDWDRUiSLGDWRUQDUtDHQHILFD]ODVDQFLyQSRUHQGHLPSHGLUtDODFRPLVLyQGHORV
LOtFLWRV SHQDOHV FRQ HQ FRQWUD GH GLFKR ELHQ MXUtGLFR \D TXH VHUtD XQD IRUPD GH
SHUVXDGLUDODVSHUVRQDVDODQRGHVWUXFFLyQGHQXHVWURSDWULPRQLR
&8$57$
/D DSOLFDFLyQ GHOD IODJUDQFLD GHOLFWLYD HQ ORV FDVRV GH GHOLWRV FRQWUD HO SDWULPRQLR
FXOWXUDOGHODQDFLyQJHQHUDODGHVFRQJHVWLyQSURFHVDOHQYLVWDGHTXHVHDFRUWDUtD
HO SURFHVR VH HYLWDUtD LQYHVWLJDFLyQ SUHOLPLQDU \ SUHSDUDWRULD DVt HO ILVFDO WHQGUtD
PHQRVFDUJDSURFHVDO\SRGUtDDWHQGHURWURVFDVRVSURSLRVGHVXIXQFLyQ
5(&20(1'$&,21(6
8UJHODFUHDFLyQGHOD)LVFDOtD3URYLQFLDO(VSHFLDOL]DGDHQPDWHULDGH3DWULPRQLR
&XOWXUDO FRQIRUPH DO SUR\HFWR GH /H\ TXH VH DGMXQWD DO SUHVHQWH WUDEDMR ± HO
PLVPRTXHGHEHHVWDUFRQIRUPDGRSRUSURIHVLRQDOHVHQWHQGLGRVRHVSHFLDOL]DGRV
HQODPDWHULDFRQHOILQGHSURWHJHUGHPHMRUIRUPDHOOHJDGRKLVWyULFRFXOWXUDOGH
QXHVWUD FLXGDG GHO &XVFR \ TXH ORV ILVFDOHV D FDUJR HQ ORV GHOLWRV FRQWUD HO
SDWULPRQLRFXOWXUDOGHODQDFLyQXWLOLFHQHOFULWHULROyJLFRDOPRPHQWRGHLQVWDXUDU
HOSURFHVRLQPHGLDWR
6H UHFRPLHQGD DO 0LQLVWHULR 3~EOLFR TXH FRQR]FD OD FRPLVLyQGHORV GHOLWRV GH
DWHQWDGRVFRQWUDHOSDWULPRQLRFXOWXUDOGHOSDtVLQLFLDUXQSURFHVRLQPHGLDWRSDUD
SURWHJHUHOSDWULPRQLRFXOWXUDO\DTXHHVWHFRQVWLWX\HXQUHFXUVRQRUHQRYDEOH
6H UHFRPLHQGD TXH ODV )LVFDOtDV 3URYLQFLDOHV GHO GLVWULWR ILVFDO &XVFR UHFLEDQ
FDSDFLWDFLyQ FRQVWDQWH HQ WHPDV GH SDWULPRQLR FXOWXUDO DItQ GH OOHJDU D
FRQFOXVLRQHVySWLPDVDOPRPHQWRGHUHDOL]DUVXVDFWXDFLRQHVSUHOLPLQDUHVHQODV
LQYHVWLJDFLRQHVFRUUHVSRQGLHQWHV
6HUHFRPLHQGDTXHODFDOLILFDFLyQGHORVGHOLWRVFRQWUDHOSDWULPRQLRFXOWXUDOSRU
SDUWH GH ODV ILVFDOtDV GHO GLVWULWR ILVFDO GH &XVFR VH UHDOLFHQ GH PDQHUD PiV
PLQXFLRVD\HVSHFLDOL]DGDHQYLVWDGHTXHHOSRUFHQWDMHSDUDLQFRDUXQSURFHVR
LQPHGLDWRHQORVGHOLWRVFRQWUDHOSDWULPRQLRFXOWXUDOHQHOGLVWULWRILVFDOGHOFXVFR
HVVLJQLILFDWLYDPHQWHEDMR
6HUHFRPLHQGDSURSLFLDUODSURSXHVWDOHJLVODWLYDHQPDWHULDSURFHVDOSHQDOSDUD
OD SURSXHVWD GH /H\ PRGLILFDFLyQ GHO DUWtFXOR GHO FyGLJR SURFHVDOSHQDO
SDUDTXHH[FHSFLRQDOPHQWHVHSXHGDLQFRDUHOSURFHVRLQPHGLDWRDQWHORVGHOLWRV
FRPHWLGRV FRQWUD HO SDWULPRQLR FXOWXUDO GH OD QDFLyQ HVSHFtILFDPHQWH ORV
WLSLILFDGRVHQHODUWtFXORGHO&yGLJR3HQDO
%,%/,2*5$)Ë$
6$
5LFD7HUFHUD(GLFLyQ
-RVHS0/LVR7% El Sector bancario europeo: panorama y tendencias.
(VSDxD
7LUDQWOR%ODQFK
(VSDxD7LUDQWOR%ODQFK
%LEOLRJUDILFR
KWWSZZZXQLGHUHFKRFRP
-XULGLFDV(XURSD
Indiano.&KLOH-XLGLFDGH&KLOH
*$5&,$&$/,=$<$& La flagrancia delictiva en sus modalidades de
*DFHWD3HQDO
3DFLILFR
-XULGLFD
(XURSHDV
Constitución comentada./LPD
&$%$//(52*8(9$5$50 La actual regulación de la flagrancia
-XUtGLFD
26569./LPD*DFHWD-XULGLFD
muerte y.
*21=$/(6*21=$/(6- Proyecto penal del patrimonio historico español,
Ley N° 28296 "Ley General del Patrimonio Cultural de la Nacion". /LPD
&XVFR<DFKDT5HYLVWDGH'HUHFKR
HQVD\RVMXULGLFRV
posesion.5RGWDV
$/9$: Problematica y puesta en valor del patrimonio cultural arqueologico
peruano./LPD(GLWRULDOGHO&RQJUHVRGHOD5HSXEOLFD
General./LPD*DFHWD-XULGLFD
&RQVWLWXFLRQ3ROLWLFDGHO3HUX$
7'&,1'(&23,5
1984./LPD
$$7&(
7'&,1'(&23,5
3HUX
de la Nacion.
-XULGLFD(
(GLWRUHV
2004./LPD
&RQVXOWDVGHLQWHUQHW
KWWSZZZHGLWRUDSHUXFRPSHLGHQWLGDGHVSGISGI
6HQWHQFLDV\UHVROXFLRQHV
3HUX (' ' 6 Reglamento de la Ley General del Patrimonio
Cultural de la Nacion.
3HUX Ley N° 28296 "Ley General del Patrimonio Cultural de la Nacion"./LPD
3HUX
GH ODV VDODV SHQDOHV SHUPDQHQWH \ WUDQVLWRULD ³$FXHUGR SOHQDULR H[WUDRUGLQDULR 1
&,-´/LPD
'LRV³(OSURFHVRLQPHGLDWR\VXSRVLEOHLQFRDFLyQHQGHOLWRVJUDYHV´/LPD
$1(;26
0$75,='(&216,67(1&,$
7,78/2³)/$*5$1&,$</$$&78$&,Ï1'(/0,1,67(5,23Ò%/,&2(1/26'(/,726&2175$(/3$75,021,2&8/785$/'(/$1$&,Ï1(1(/',675,72),6&$/'(&86&2´
23(5$&,21$/,=$&,Ï1'(&$7(*25,$6
$1(;26
x 3UR\HFWRGHOH\FUHDFLyQGHILVFDOtDHVSHFLDOL]DGDHQGHOLWRVFRQWUDHOSDWULPRQLRFXOWXUDO
x 3UR\HFWRGHOH\FUHDFLyQGHILVFDOtDHVSHFLDOL]DGDHQGHOLWRVFRQWUDHOSDWULPRQLRFXOWXUDO
x 3UR\HFWRGHOH\TXHPRGLILFDHODUWtFXORGHOFyGLJRSURFHVDOSHQDO
x $FXVDFLRQHVILVFDOHVSRUGHOLWRVFRQWUDHOSDWULPRQLRFXOWXUDO
3UR\HFWRGH/H\1««««««
(OFRQJUHVLVWDGHOD5HSXEOLFDTXH6XVFULEH««««««««««LQWHJUDQWHGHOJUXSR
SDUODPHQWDULR «««««««« HMHUFLHQGR VX GHUHFKR GH LQLFLDWLYD OHJLVODWLYD TXH OH
FRQILHUHHODUWtFXORGHOD&RQVWLWXFLyQ3ROtWLFDGHO3HU~FRQFRUGDQWHFRQORHVWDEOHFLGR
HQORVDUWtFXORV\GHO5HJODPHQWRGHO&RQJUHVRGHOD5HSXEOLFDSURSRQHODVLJXLHQWH
LQLFLDWLYDOHJLVODWLYD
)2508/$/(*$/
$UWtFXOR~QLFR'HFODUDFLyQGHLQWHUpVQDFLRQDO\QHFHVLGDGS~EOLFD'HFOiUHVHGHQHFHVLGDG
S~EOLFD\SUHIHUHQWHLQWHUpVQDFLRQDOODFUHDFLyQGHOD)LVFDOtD(VSHFLDOL]DGDHQGHOLWRVFRQWUD
HOSDWULPRQLRFXOWXUDOGHOD1DFLyQHQOD5HJLyQGH&XVFR
/LPD$EULOGH
(;326,&,21'(027,926
4XHODSUHVHQWHLQLFLDWLYDOHJLVODWLYDQDFHFRPRFRQVHFXHQFLDGHPLVYLVLWDVDOD5HJLyQGH
&XVFR 3URYLQFLD GH &XVFR \ 8UXEDPED GXUDQWH OD VHPDQD GH UHSUHVHQWDFLyQ GH ODV
DWHQFLRQHV\RILFLRVUHPLWLGRVDPL'HVSDFKR&RQJUHVDODVtFRPRGHUHXQLRQHVSHUPDQHQWHV
FRQORVUHSUHVHQWDQWHVGHOD'LUHFFLyQ'HVFRQFHQWUDGDGH&XOWXUD&XVFR
$ODIHFKDVHSXHGHQDSUHFLDULQYHVWLJDFLRQHVHQVHGH)LVFDOTXHGHYLHQHQDXQGHORVDxRV
TXHDODIHFKDQRVRQIRUPDOL]DGRVSRUGLYHUVRVPRWLYRVGHVFRQRFLPLHQWR
HQ OD PDWHULD IDOWD GH GLOLJHQFLDV TXH KDFHQ TXH OD LQYHVWLJDFLyQ \ VX DFXVDFLyQ VHDQ
GHILFLHQWHVHQPXFKRVGHORVFDVRVDOPRPHQWRGHLUDMXLFLRRUDOTXHGDQGRHQLQGHIHQVLyQ
HOSDWULPRQLRFXOWXUDO
4XH OD LQIRUPDFLyQ UHFRSLODGD D OD IHFKD VREUH OD LQFLGHQFLD GHOLFWLYD HQ PDWHULD GH
SDWULPRQLRFXOWXUDOHQHO'LVWULWR-XGLFLDOGH&XVFRKDFHQHFHVDULDTXHGLFKDSUREOHPiWLFD
SRU VXV FDUDFWHUtVWLFDV JHRJUiILFDV VHD DVXPLGD SRU XQ yUJDQR ILVFDO HVSHFLDOL]DGR FX\D
FRPSHWHQFLD QR VyOR VHD OD SHUVHFXFLyQ SHQDO HQ GLFKD PDWHULD VLQR WDPELpQ SUHYHQLU VX
SHUSHWUDFLyQ
(O DUWtFXOR % GH OD /H\ 2UJiQLFD GHO 0LQLVWHULR 3~EOLFR 'HFUHWR /HJLVODWLYR 1
HVWDEOHFHTXHHO)LVFDOGHOD1DFLyQSUHYLDDSUREDFLyQGHOD-XQWDGH)LVFDOHV6XSUHPRV
SRGUi GHVLJQDU ILVFDOHV SDUD TXH LQWHUYHQJDQ VHJ~Q VX FDWHJRUtD HQ OD LQYHVWLJDFLyQ \
MX]JDPLHQWR GH WRGRV DTXHOORV KHFKRV GHOLFWLYRV YLQFXODGRV HQWUH Vt R TXH SUHVHQWDQ
FDUDFWHUtVWLFDV VLPLODUHV \ TXH UHTXLHUDQ GH XQD LQWHUYHQFLyQ HVSHFLDOL]DGD GHO 0LQLVWHULR
3~EOLFR(O PLVPRDUWtFXORVHxDODTXHHOUHJODPHQWRGHIXQFLRQDPLHQWRGHHVWDVILMDUi OD
FRPSHWHQFLDWHUULWRULDORUJDQL]DFLyQIXQFLRQDPLHQWR\ORVPHFDQLVPRVGHFRRUGLQDFLyQ\
VXSHUYLVLyQTXHFRUUHVSRQGDQDHVWRVÏUJDQRV(VSHFLDOL]DGRV
/DUHDOLGDGGHVFULWDQRVEULQGDXQSDQRUDPDSUHRFXSDQWHSRUORTXHHVQHFHVDULRFUHDUXQD
)LVFDOtD (VSHFLDOL]DGD HQ PDWHULD GH 3DWULPRQLR &XOWXUDO HQ OD 5HJLyQ GH &XVFR FRQ OD
ILQDOLGDGGHSUHYHQLUHLQYHVWLJDUORVGHOLWRVFRQWUDHOSDWULPRQLRFXOWXUDOGHODQDFLyQSRUOR
TXHQXHVWUDLQLFLDWLYDOHJLVODWLYDUHVXOWDVHUYLDEOH\RSRUWXQD
$1È/,6,6&2672%(1(),&,2
/DSUHVHQWHSURSXHVWDOHJLVODWLYDQRLUURJDJDVWRDOHUDULRQDFLRQDOWRGDYH]TXHQRJHQHUDUi
XQ SUHVXSXHVWR DGLFLRQDO D QLQJXQD HQWLGDG S~EOLFD \ VXV HIHFWRV VH HQFXDGUDQ GHQWUR GHO
(VWDGRGHPRFUiWLFRGHGHUHFKR0X\SRUHOFRQWUDULRSHUPLWLUiTXHHO(VWDGRSXHGDGHIHQGHU
GHPDQHUDHILFD]\HOSDWULPRQLRFXOWXUDOGHODQDFLyQHQOD 5HJLyQGH&XVFRTXHDOEHUJD
HYLGHQFLDDUTXHROyJLFDGHLQFDOFXODEOHYDORU
()(&726'(/$9,*(1&,$'(/$1250$(1/$/(*,6/$&,Ï1
1$&,21$/
/DSURSXHVWDQRFROLVLRQDQLDIHFWDHORUGHQFRQVWLWXFLRQDOROHJDOYLJHQWHSRUHOFRQWUDULR
FRQVROLGDORVGHUHFKRVVRFLDOHV\HFRQyPLFRVUHVSHFWRDODSURWHFFLyQGHOSDWULPRQLRFXOWXUDO
$UWtFXORGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRSUHFLVD±³/RV\DFLPLHQWRV\UHVWRV
DUTXHROyJLFRV FRQVWUXFFLRQHV PRQXPHQWRV OXJDUHV GRFXPHQWRV ELEOLRJUiILFRV \ GH
DUFKLYR REMHWRV DUWtVWLFRV \ WHVWLPRQLRV GH YDORU KLVWyULFR H[SUHVDPHQWH GHFODUDGRV
ELHQHVFXOWXUDOHV\SURYLVLRQDOPHQWHORVTXHVHSUHVXPHQFRPRWDOHVVRQSDWULPRQLR
FXOWXUDO GH OD 1DFLyQ LQGHSHQGLHQWHPHQWH GH VX FRQGLFLyQ GH SURSLHGDG SULYDGD R
S~EOLFD (VWiQ SURWHJLGRV SRU HO (VWDGR /D OH\ JDUDQWL]D OD SURSLHGDG GH GLFKR
SDWULPRQLR )RPHQWD FRQIRUPH D OH\ OD SDUWLFLSDFLyQ SULYDGD HQ OD FRQVHUYDFLyQ
UHVWDXUDFLyQH[KLELFLyQ\GLIXVLyQGHOPLVPRDVtFRPRVXUHVWLWXFLyQDOSDtVFXDQGR
KXELHUHVLGRLOHJDOPHQWHWUDVODGDGRIXHUDGHOWHUULWRULRQDFLRQDO´
(O(VWDGRHVHOHQFDUJDGRGHKDFHUUHVSHWDUHOSDWULPRQLRFXOWXUDOSDUDHYLWDUVXSHUGLGDTXH
\GHMDUGHFDXVDUSHUMXLFLRV\DGHVFULWRVHQODH[SRVLFLyQGHPRWLYRV
9,1&8/$&,Ï1&21(/$&8(5'21$&,21$/
/DSUHVHQWHLQLFLDWLYDHQYLUWXGGHFRUUHJLUXQDVLWXDFLyQFRQWUDULDDODYLJHQFLDGHGHUHFKRV
FRQVWLWXFLRQDOHVJXDUGDUHODFLyQFRQODSROtWLFDGHIRUWDOHFLPLHQWRGHOUpJLPHQGHPRFUiWLFR
\GHO(VWDGRGHGHUHFKR6HGHILHQGHHOLPSHULRGHOD&RQVWLWXFLyQHOSULQFLSLRGHSOXUDOLVPR
HOUHVJXDUGRGHODVOLEHUWDGHVIXQGDPHQWDOHV\ODFXOWXUDGHPRFUiWLFD
352<(&72'(/(<
/(< 48( 02',),&$ (/ $57,&8/2 '(/ &2',*2 '(/ &2',*2
352&(6$/3(1$/
$UWtFXOR2EMHWRGHOD/H\
/DSUHVHQWH/H\WLHQHFRPRREMHWRPRGLILFDUHODUWtFXORGHO&yGLJR3URFHVDO3HQDOTXH
VHHQFXHQWUDFRPSUHQGLGRGHQWURGHO/LEUR4XLQWR±/RV3URFHVR(VSHFLDOHV±6HFFLyQ,±
(O3URFHVR,QPHGLDWR
$UWtFXOR0RGLILFDFLyQGHODQRUPD
0RGLILFDVHHODUWtFXORGHO'HFUHWR/HJLVODWLYR11XHYR&yGLJR3URFHVDO3HQDO
HQORVVLJXLHQWHVWpUPLQRV
$57,&8/2$&78$/ 35238(67$'(02',),&$&,21
(/352&(62,10(',$72
$UWtFXOR6XSXHVWRVGHDSOLFDFLyQ $UWtFXOR6XSXHVWRVGHDSOLFDFLyQ
(O )LVFDO GHEH VROLFLWDU OD LQFRDFLyQ GHO (O )LVFDO GHEH VROLFLWDU OD LQFRDFLyQ GHO
SURFHVR LQPHGLDWR EDMR UHVSRQVDELOLGDG SURFHVR LQPHGLDWR EDMR UHVSRQVDELOLGDG
FXDQGRVHSUHVHQWHDOJXQRGHORVVLJXLHQWHV FXDQGRVHSUHVHQWHDOJXQRGHORVVLJXLHQWHV
VXSXHVWRV VXSXHVWRV
D (O LPSXWDGR KD VLGR VRUSUHQGLGR \ D (O LPSXWDGR KD VLGR VRUSUHQGLGR \
GHWHQLGR HQ IODJUDQWH GHOLWR HQ FXDOTXLHUD GHWHQLGR HQ IODJUDQWH GHOLWR HQ FXDOTXLHUD
GHORVVXSXHVWRVGHODUWtFXOR GHORVVXSXHVWRVGHODUWtFXOR
E (OLPSXWDGRKDFRQIHVDGRODFRPLVLyQGHO E (OLPSXWDGRKDFRQIHVDGRODFRPLVLyQGHO
GHOLWRHQORVWpUPLQRVGHODUWtFXORR GHOLWRHQORVWpUPLQRVGHODUWtFXORR
F /RVHOHPHQWRVGHFRQYLFFLyQDFXPXODGRV F /RVHOHPHQWRVGHFRQYLFFLyQDFXPXODGRV
GXUDQWH ODV GLOLJHQFLDV SUHOLPLQDUHV \ GXUDQWH ODV GLOLJHQFLDV SUHOLPLQDUHV \
SUHYLR LQWHUURJDWRULR GHO LPSXWDGR VHDQ SUHYLR LQWHUURJDWRULR GHO LPSXWDGR VHDQ
HYLGHQWHV HYLGHQWHV
4XHGDQH[FHSWXDGRVORVFDVRVHQORVTXH ([FHSFLRQDOPHQWHVHGHEHLQFRDUSURFHVR
SRUVXFRPSOHMLGDGGHFRQIRUPLGDGFRQOR LQPHGLDWR ± HQ PpULWR DO OLWHUDO D GHO
GLVSXHVWRHQHOQXPHUDOGHODUWtFXOR SUHVHQWH DUWtFXOR DQWH ORV FDVRV
VHDQ QHFHVDULRV XOWHULRUHV DFWRV GH HVWDEOHFLGRV HQ HO DUWtFXOR GHO &yGLJR
LQYHVWLJDFLyQ 3HQDO
6L VH WUDWD GH XQD FDXVD VHJXLGD FRQWUD 4XHGDQH[FHSWXDGRVORVFDVRVHQORVTXH
YDULRVLPSXWDGRVVyORHVSRVLEOHHOSURFHVR SRUVXFRPSOHMLGDGGHFRQIRUPLGDGFRQOR
LQPHGLDWR VL WRGRV HOORV VH HQFXHQWUDQ HQ GLVSXHVWRHQHOQXPHUDOGHODUWtFXOR
XQD GH ODV VLWXDFLRQHV SUHYLVWDV HQ HO VHDQ QHFHVDULRV XOWHULRUHV DFWRV GH
QXPHUDO DQWHULRU \ HVWpQ LPSOLFDGRV HQ HO LQYHVWLJDFLyQ
PLVPR GHOLWR /RV GHOLWRV FRQH[RV HQ ORV 6L VH WUDWD GH XQD FDXVD VHJXLGD FRQWUD
TXHHVWpQ LQYROXFUDGRVRWURVLPSXWDGRVQR YDULRVLPSXWDGRVVyORHVSRVLEOHHOSURFHVR
VH DFXPXODQ VDOYR TXH HOOR SHUMXGLTXH DO LQPHGLDWR VL WRGRV HOORV VH HQFXHQWUDQ HQ
GHELGR HVFODUHFLPLHQWR GH ORV KHFKRV R OD XQD GH ODV VLWXDFLRQHV SUHYLVWDV HQ HO
DFXPXODFLyQUHVXOWHLQGLVSHQVDEOH QXPHUDO DQWHULRU \ HVWpQ LPSOLFDGRV HQ HO
,QGHSHQGLHQWHPHQWHGHORVHxDODGRHQORV PLVPR GHOLWR /RV GHOLWRV FRQH[RV HQ ORV
QXPHUDOHV DQWHULRUHV HO )LVFDO WDPELpQ TXHHVWpQ LQYROXFUDGRVRWURVLPSXWDGRVQR
GHEHUi VROLFLWDU OD LQFRDFLyQ GHO SURFHVR VH DFXPXODQ VDOYR TXH HOOR SHUMXGLTXH DO
LQPHGLDWR SDUD ORV GHOLWRV GH RPLVLyQ GH GHELGR HVFODUHFLPLHQWR GH ORV KHFKRV R OD
DVLVWHQFLD IDPLOLDU \ ORV GH FRQGXFFLyQ HQ DFXPXODFLyQUHVXOWHLQGLVSHQVDEOH
HVWDGR GH HEULHGDG R GURJDGLFFLyQ VLQ ,QGHSHQGLHQWHPHQWHGHORVHxDODGRHQORV
SHUMXLFLRGHORVHxDODGRHQHOQXPHUDOGHO QXPHUDOHV DQWHULRUHV HO )LVFDO WDPELpQ
DUWtFXORGHOSUHVHQWH&yGLJR GHEHUi VROLFLWDU OD LQFRDFLyQ GHO SURFHVR
LQPHGLDWR SDUD ORV GHOLWRV GH RPLVLyQ GH
DVLVWHQFLD IDPLOLDU \ ORV GH FRQGXFFLyQ HQ
HVWDGR GH HEULHGDG R GURJDGLFFLyQ VLQ
SHUMXLFLRGHORVHxDODGRHQHOQXPHUDOGHO
DUWtFXORGHOSUHVHQWH&yGLJR
',6326,&,21(6),1$/(6
3ULPHUD/DSUHVHQWHOH\HQWUDUiHQYLJHQFLDDOGtDVLJXLHQWHGHVXSXEOLFDFLyQ
&RPXQtTXHVHDOVHxRU3UHVLGHQWHGHOD5HS~EOLFDSDUDVXSURPXOJDFLyQ
(Q/LPDDORVGtDVGHOPHVGHGHO
$/6(f2535(6,'(17(&2167,78&,21$/'(/$5(3Ò%/,&$
3257$1720DQGRVHSXEOLTXH\FXPSOD
'DGRHQOD&DVDGHJRELHUQRHQ/LPDDORVGtDVGHOPHVGH
&257(683(5,25'(-867,&,$&86&26LVWHPD
GH1RWLILFDFLRQHV(OHFWURQLFDV6,12(
$9(/62/61&86&2
6HFUHWDULR6272(15,48(=0$%(/<.$5(16HUYLFLR'LJLWDO3RGHU
-XGLFLDOGHO3HU~
)HFKD5D]yQ5(62/8&,Ï1-8',&,$/'-XGLFLDO
&86&2&86&2),50$',*,7$/
-8=,19(635(3)/$*5$1&,$2$)<&(('6('(&(175$/
(;3(',(17( -53(
-8(= 621,$$/9$5(=0(1'2=$
(63(&,$/,67$6272(15,48(=0$%(/<.$5(1
0,1,67(5,238%/,&2'2'(63$&+2'(,19(67,*$&,21'(/$(5$),6&$/,$
3529,1&,$/3(1$/&25325$7,9$'(&86&2
,0387$'2 +8$1&$78&7$-867,1$
'(/,72 $7(17$'2&2175$02180(1726$548(2/Ï*,&26
$*5$9,$'2 (/(67$'25(3325(/352&85$'2538%/,&2(1&$5*$'2'(
75$0,7('(/0,1,67(5,2'(&8/785$
5HVROXFLyQ1
&XVFRWUHLQWD\XQRGHHQHUR
GHODxRGRVPLOGLHFLQXHYH
$87248(,1,&,$(-(&8&,Ï1'(6(17(1&,$
9,672(OSUHVHQWHFXDGHUQRGHHMHFXFLyQGHVHQWHQFLDFRQORVDFWXDGRVTXH
FRQWLHQH\&216,'(5$1'2
35,0(52(VWDQGRDORGLVSXHVWRSRUHODUWtFXORLQFLVRURGHO&yGLJR3URFHVDO
3HQDO TXH VHxDOD ³1. La ejecución de las sentencias condenatorias firmes, salvo lo
dispuesto por el Código de Ejecución Penal respecto de los beneficios penitenciarios,
serán de competencia del Juez de la Investigación Preparatoria (…)”.
6(*81'2'HORVDFWXDGRVTXHFRQWLHQHVHKDH[SHGLGR6HQWHQFLDFRQWHQLGRHQOD
UHVROXFLyQ 1 GH IHFKD GH HQHUR GHO GHFODUDQGR OD FXOSDELOLGDG GH OD
DFXVDGD-867,1$+8$1&$78&7$FRPRDXWRUD\UHVSRQVDEOHGHODFRPLVLyQGHOGHOLWR
&RQWUD HO 3DWULPRQLR &XOWXUDO HQ OD PRGDOLGDG GH 'HOLWRV &RQWUD ORV %LHQHV &XOWXUDOHV
VXEWLSR$WHQWDGRVFRQWUD0RQXPHQWRV$UTXHROyJLFRVSUHYLVWRHQHODUWtFXORGHO&yGLJR
3HQDO HQ DJUDYLR GHO (VWDGR 3HUXDQR UHSUHVHQWDGR HO 0LQLVWHULR GH &XOWXUD 'LUHFFLyQ
'HVFRQFHQWUDGDGH&XOWXUDGHO&XVFR,0321,(1'2DODVHQWHQFLDGD-867,1$+8$1&$
78&7$ODSHQDSULYDWLYDGHODOLEHUWDGGH75(6$f26VXVSHQGLGDHQVXHMHFXFLyQSRUHO
SOD]RGH75(6$f26\D&,(1729(,17('Ì$608/7$DUD]yQGH6VROHVGLDULRV
KDFLHQGRXQWRWDOGH6VROHVPRQWRTXHGHEHVHUSDJDGRGHQWURGHOWpUPLQRGH/H\
SHULRGR GXUDQWH HO FXDO OD VHQWHQFLDGD GHEHUi GH FXPSOLU FRQ ODV VLJXLHQWHV UHJODV GH
FRQGXFWD
• &RPSDUHFHUFDGDWUHLQWD GtDVDO-X]JDGR GH(MHFXFLyQ DILQGHLQIRUPDU\MXVWLILFDUVXV
DFWLYLGDGHVUHJLVWUDQGRVXDVLVWHQFLDHQHOVLVWHPDGH&RQWURO%LRPpWULFR
• /D SURKLELFLyQ GH DXVHQWDUVHGHOOXJDUGHVX UHVLGHQFLDVLQ DXWRUL]DFLyQGHOMX]JDGR GH
HMHFXFLyQ
• 1RFRPHWHUQXHYRGHOLWRGRORVR\QRYROYHUDFRQVWUXLUGHQWURGHO3DUTXH$UTXHROyJLFR
• 1RIUHFXHQWDUOXJDUHVGHGXGRVDUHSXWDFLyQ
• 3DJDUODUHSDUDFLyQFLYLO\ODSHQDGHGtDVPXOWDHQODIRUPDGLVSXHVWDSRUHOMX]JDGR
(Q FDVRGH LQFXPSOLPLHQWR GH ODV UHJODV GH FRQGXFWD VHDSOLFDUi OR HVWDEOHFLGR HQ HO DUWtFXOR
LQFLVRGHO&yGLJR3HQDO
7(5&(52'(/$5(3$5$&,21&,9,/6HGLVSRQHTXHODVHQWHQFLDGD-867,1$+8$1&$
78&7$SDJXHSRUFRQFHSWRGH5(3$5$&,Ð1&,9,/ODVXPDGH6VROHVDIDYRUGH
OD SDUWH DJUDYLDGD HO 0LQLVWHULR GH &XOWXUD \ VH GLVSRQH /$ 5(67,78&,21 GHO SUHGLR \ VH
UHSRQJDDOHVWDGRDQWHULRUKDVWDDQWHVGHODFRQVWUXFFLyQHQHOSOD]RGHGtDVGHTXHGDGD
FRQVHQWLGDODVHQWHQFLDEDMRH[SUHVRDSHUFLELPLHQWRGHTXHHQFDVRVHLQFXPSODODUHVWLWXFLyQ
GHOSUHGLRDOHVWDGRHQTXHVHKDEUtDUHDOL]DGRODVFRQVWUXFFLRQHVVHRUGHQDODGHPROLFLyQGHOD
FRQVWUXFFLyQSUHYLDGHWHUPLQDFLyQWpFQLFDGHO0LQLVWHULRGH&XOWXUD(OPRQWRGHODUHSDUDFLyQ
FLYLOVHUiSDJDGRHQHOSOD]RPi[LPRGHGRVPHVHVGHTXHGDUILUPHODVHQWHQFLD
&8$572'(/$6&267$6',6321(5TXHHQHOSUHVHQWHSURFHVRFRUUHVSRQGHLPSRQHUHO
SDJRGHFRVWDVTXHVHUiQOLTXLGDGDVHQODHWDSDGHHMHFXFLyQGHVHQWHQFLD
48,172(VWDVHQWHQFLDIXHGHFODUDGD&216(17,'$PHGLDQWHUHVROXFLyQ1GH
IHFKDGHGLFLHPEUHGHOSRUORTXHFRUUHVSRQGHLQLFLDUHMHFXFLyQGHVHQWHQFLD
HQHOSUHVHQWHSURFHVR
6(;727HQLHQGRHQFXHQWDTXHVHHQFXHQWUDYLJHQWHOD/H\1TXHFUHDHO5HJLVWURGH
'HXGRUHV GH 5HSDUDFLRQHV &LYLOHV TXH GLFKD QRUPD HVWDEOHFH TXH GHEH UHDOL]DUVH XQ
UHTXHULPLHQWRGHSDJR DUWtFXOR HQFDVRGHLQFXPSOLPLHQWRVHGLVSRQGUiVXLQVFULSFLyQHQHO
5HJLVWURGH'HXGRUHVGH5HSDUDFLRQHV&LYLOHVSRUGHOLWRVGRORVRV 5('(5(&, TXHWLHQHSRU
HIHFWRHOLPSHGLPHQWRGHHMHUFHUIXQFLyQFDUJRHPSOHRFRQWUDWRRFRPLVLyQGHFDUJRS~EOLFR
DVtFRPRSRVWXODU\DFFHGHUDFDUJRVS~EOLFRVTXHSURFHGDQGHHOHFFLyQSRSXODUGHOGHXGRUSRU
ORTXHFRUUHVSRQGHUHTXHULUHOSDJRtQWHJURGHOD5HSDUDFLyQ&LYLO
(VWDQGRDORVIXQGDPHQWRVH[SXHVWRV6(5(68(/9(
127,)Ë48(6(DOVHQWHQFLDGRHQVXGRPLFLOLRUHDO\SURFHVDOVHxDODGRHQDXWRV
+È*$6(6$%(5