3HQWUX D SRUQL LQHOXO GH H[WHQVLH GXEOX ]RQD SULQFLSDOă DVRFLDWă
WUHEXLH VăILH GHMD SRUQLWă LDUQLYHOXO GH SXWHUH LQGLFDW WUHEXLHVă ILH
PDL PDUH GHFkW
=RQă GXEOă SRUQLWă
3ULPD DSăVDUH VFXUWă SH WDVWD GH H[WHQVLH SRUQH܈WH LQHOXO GH H[WHQVLH
/HGXO GHSH WDVWD GHH[WHQVLH VH DSULQGHGDFă LQHOXO GHH[WHQVLH HVWH
SRUQLW
$ GRXD DSăVDUH VFXUWă SH WDVWD GH H[WHQVLH RSUH܈WH LQHOXO GH H[WHQVLH
%LS VFXUW OD ILHFDUH DSăVDUH SH WDVWD GH H[WHQVLH
=RQă WULSOă SRUQLWă
3ULPD DSăVDUH VFXUWă SH WDVWD GH H[WHQVLH SRUQH܈WH SULPXO LQHO GH
H[WHQVLH 3ULPXOOHG GH SHWDVWD GH H[WHQVLH VHDSULQGH GDFă SULPXO
LQHO GH H[WHQVLH HVWH SRUQLW OHGXO GLQ SDUWHD VWkQJă vQ FD]XO ]RQHL
WULSOH VLQJXUXO OHG ܈L FHO GLQ PLMORF vQ FD]XO ]RQHL GXEOH
$ GRXD DSăVDUHVFXUWă SH WDVWDGH H[WHQVLH SRUQH܈WHDO GRLOHD LQHO GH
H[WHQVLH &HOH GRXă OHGXUL GH SH WDVWD GH H[WHQVLH VH DSULQG GDFă FHOH
GRXă LQHOH GH H[WHQVLH VXQW SRUQLWH
$ WUHLD DSăVDUH VFXUWăSH WDVWDGH H[WHQVLH RSUH܈WHSULPXO ܈LDO GRLOHD
LQHO GH H[WHQVLH
%LS VFXUW OD ILHFDUH DSăVDUH SH WDVWD GH H[WHQVLH
=RQHGXEOHWULSOH
)XQF܊LHSXQWH
)XQF܊LD SXQWH SRDWH IL DFWLYDWă QXPDL DWXQFL FkQG DPEHOH vQFăO]LWRDUH
VXQW RSULWH 8Q vQFăO]LWRU DO SXQ܊LL D IRVW VHOHFWDW SHQWUX D DFWLYD IXQF܊LD
SXQWH DWLQJH܊L WDVWD SXQWH
6XQă XQ ELS LDU OHGXO ]RQHL SRUQH܈WH GDFă ]RQD HVWH DFWLYDWă
$PEHOH vQFăO]LWRDUH DOH SXQ܊LL YRU IL VHOHFWDWH vQ DFHOD܈L WLPS
&XvQFăO]LWRDUHOHVHOHFWDWH GDFăQLYHOXOGHSXWHUHQX HVWHQLYHOXO GH
SXWHUH GRULW SULQ WDVWHOH
$PEHOH DIL܈DMH GH vQFăO]LUH DOH SXQ܊LL YRU DUăWD DFHOD܈L QLYHOXO GH
SXWHUH )XQF܊LD VH YD ILQDOL]D
'DFă WDVWD SXQ܊LL HVWH DWLQVă vQ PRGXO GH VHWDUH
'DFă XWLOL]DWRUXO VHOHFWHD]ă QLYHOXO GH SXWHUH Ä´
6LJXUDQ܊DGHSă܈LULL
&HYD XQ RELHFW VDX XQ OLFKLG DSDVă RULFH WDVWă PDL PXOW GH V 'RXă
ELSXUL VFXUWH XQ ELS OXQJ OD ILHFDUH V vQ WLPS FH WDVWD HVWH DSăVDWă
3ăU܊LOHVXSHULRDUHGHJăWLWVH YRURSUL $FHVWVLPEROYDFOLSL FkW
WLPS DVSHFWXO SHUVLVWă
7 HPSRUL]DWRU
)XQF܊LD GH WHPSRUL]DUH SRDWH IL DFWLYDWă FX SURSULD WDVWă VDX DWLQJkQG
WDVWHOH Ä´ ܈L Ä´ vQ DFHOD܈L WLPS
ÌQ DPEHOH FD]XUL vQFăO]LWRUXO WUHEXLH VHOHFWDW LDU QLYHOXO VăX GH SXWHUH
WUHEXLH Vă ILH PDL PDUH GH
6HOHFWD܊L]RQDFDUHXUPHD]ăVăILHWHPSRUL]DWă1LYHOXOGHSXWHUHDO
]RQHL PDL PDUH GHFkW VWDWLF HVWH DIL܈DW vQ ]RQD WHPSRUL]DWă Ä
´ vQ FLIUHOH UH]HUYDWH SHQWUX WHPSRUL]DWRU
&XWDVWHOHÄ´ VDXÄ´ SRDWHILDOHV WLPSXOWHPSRUL]DWRUXOXL 1XVH
DXG ELSXUL vQ WLPSXO VFKLPEăULL
$SăVD܊L VLPXOWDQ WDVWHOH Ä´ DOH WHPSRUL]DWRUXOXL WHPSRUL]DWRUXO
HVWH DQXODW WUHFH OD
'DFă WDVWHOH Ä´ VDX Ä´ DOH WHPSRUL]DWRUXOXL VH PHQ܊LQ DSăVDWH vQ
WLPSXO 7%' H[LVWă R VHWDUH UDSLGă
&kQG VH VHWHD]ă WLPSXO WHPSRUL]DWRUXOXL HVWH SRVLELO Vă VH
DMXQJă GH OD Ä´ OD Ä´ FX WDVWD Ä´ ܈L GH OD Ä´ OD Ä´ FX WDVWD Ä´
7 LPSXO PD[LP HVWH GH GH PLQXWH
'XSă FH D WUHFXW WLPSXO LDU SOLWD VFRDWH ELSXUL DSăVD܊L RULFH WDVWă
LDU DODUPD ܈L VHFYHQ܊D FLIUHL VH YD VIkU܈L
3XWH܊L UHJOD WLPSXO WHPSRUL]DWRUXOXL vQ WLPS FH WHPSRUL]DWRUXO
IXQF܊LRQHD]ă DQWHULRU
3XWHUHD ]RQHL WHPSRUL]DWH SRDWH IL PRGLILFDW IăUă FRQVHFLQ܊H
DVXSUD SURJUDPăULL WHPSRUL]DWRUXOXL
8OWLPXO PLQXW YD IL DIL܈DW vQ VHFXQGH SHQWUX YDULDQWH YL]LELOH
QXPDL GDFă LQWURGXFHP SURJUDPDUHD WHPSRUL]DWRUXOXL vQ XOWLPXO
PLQXW GLQ QXPăUăWRDUHD LQYHUVă
$SăVkQG WDVWD WHPSRUL]DWRUXOXL IăUă QLFLR ]RQă VHOHFWDWă ܈L
DWXQFL FkQG QLFLR ]RQă QX HVWH WHPSRUL]DWă QX IDFH QLPLF
$SăVkQG WDVWD WHPSRUL]DWRUXOXL IăUă QLFLR ]RQă VHOHFWDWă ܈L
DWXQFL FkQG PDL PXOWH ]RQH VXQW WHPSRUL]DWH WLPSXO LQGLFDW vQ FLIUH VH
VFKLPEă vQ PRG URWDWLY ܈L DUDWă WLPSXO D FăUXL DIL܈DUH GH SXWHUH DUH XQ
SXQFW ]HFLPDO SRUQLW
3X WHU HD DO WHU QDW LYă V ܈ L V HV WH D IL܈ DWă vQ ]R QD
WHPSRUL]DWă
7 LPSXO UăPDV HVWH DIL܈DW vQ FLIUHOH UH]HUYDWH SHQWUX WHPSRUL]DWRU
'DFăVXQW WHPSRUL]DWHPDLPXOWH ]RQHHVWHDIL܊DWWLPSXO FHOPDL PLF
UăPDV LDU SXQFWXO ]HFLPDO HVWH DIL܈DW vQ ]RQD FRUHVSXQ]ăWRDUH
,QGLFDWRUGHFăOGXUăUH]LGXDOă
vQvQFăO]LWRDUHUDGLDQWH!FDOFXODWH
$FHLD܈L LQGLFDWRUL SRW IL XWLOL]D܊L SHQWUX ܈L SHQWUX LQGLFDUHD ÄFăOGXULL
UH]LGXDOH´ 7 UHEXLH GHILQLW XQ FDOHQGDU vQ DFHVW VFRS 7LPS UHSDXV
FăOGXUă I QLYHO GH SXWHUH WLPS GH OXFUX
ÌQWLPS FHWHPSHUDWXUDSH VXSUDID܊DGHVWLFOă SHQWUXJăWLWHVWH SHVWH
&YDORDUHWHRUHWLFă DFHDVWăFRQGL܊LHYDILSUH]HQWDWă SHDIL܈DMXO
DVRFLDW SULQ LQWHUPHGLXO XQXL Ä+´
3HQWUX D JHQHUD R WHPSHUDWXUă GH SHVWH & WUHEXLH SXV vQ IXQF܊LXQH
XQ HOHPHQWGH vQFăO]LUH SHQWUXXQ DQXPLW WLPSDFHVW WLPS GHSLQGHGH
QLYHOXO GH SXWHUH 2GDWă FH WLPSXO D H[SLUDW DYHUWLVPHQWXO SULYLQG
FăOGXUDUH]LGXDOă YDILDIL܈DW DWXQFLFkQG HOHPHQWXOGHvQFăO]LUH HVWH
RSULW
6LJXUDQ܊ăDXWRPDWăRSULWă
'DFă QLYHOXO GH SXWHUH QX VH VFKLPEă SH GXUDWD XQXL WLPS SUHVWDELOLW
vQFăO]LWRUXO FRUHVSXQ]ăWRU VH RSUH܈WH DXWRPDW
7 LPSXO PD[LP vQ FDUH XQ vQFăO]LWRU SRDWH VWD SRUQLW GHSLQGH GH QLYHOXO
GH JăWLW VHOHFWDW
1LYHOXOGH
SXWHUH
'XUDWDPD[RUH
3
2%6(59 $܉,( vQ WLPS FH DU SXWHD DYHD ORF R VLWXD܊LH GH
VXSUDvQFăO]LUH vQ WLPSXO IXQF܊LRQăULL OD QLYHOXUL ULGLFDWH GH SXWHUH
FRPDQGD SOLWHL YD UHJOD DXWRPDW QLYHOXO GH SXWHUH SHQWUX D SURWHMD SOLWD
GH VXSUDvQFăO]LUH
&85Ăğ$5(ù,Ì175(ğ,1(5(
ÌQDLQWH GH D HIHFWXD RULFH OXFUDUH GH vQWUHĠLQHUH DVXSUD SOLWHL
SHUPLWHĠLL Vă VH UăFHDVFă
6H SRW XWLOL]D GRDU SURGXVHOH FUHPH úL UDFOHWH FUHDWH VSHFLDO SHQWUX
VXSUDIHĠHOH YLWURFHUDPLFH $FHVWHD SRW IL DFKL]LĠLRQDWH GLQ PDJD]LQHOH
GH EULFRODM
(YLWDĠL YăUVDUHD GH OLFKLGH GHRDUHFH RULFH HOHPHQW FDUH FDGH SH
VXSUDIDĠD SOLWHL VH YD DUGH UDSLG úL YD vQJUHXQD FXUăĠDUHD
6HUHFRPDQGă Vă QX OăVDĠLOkQJă SOLWă VXEVWDQĠH FDUHVH SRW WRSLFD
GH H[HPSOX DUWLFROH GLQ SODVWLF ]DKăU VDX SURGXVH SH ED]ă GH ]DKăU
Ì175(܉,1(5(
3XQHĠLFkWHYDSLFăWXUL GHSURGXVGHFXUăĠDUH VSHFLDOSH VXSUDIDĠD
SOLWHL
)UHFDĠL SHWHOH JUHX GH vQGHSăUWDW FX R EXFDWă GH PDWHULDO PRDOH
VDX FX SURVRDSH GH EXFăWăULH GLQ KkUWLH XúRU XPHGH
ùWHUJHĠL FX R EXFDWă GH PDWHULDO PRDOH VDX FX XQ SURVRS GH
EXFăWăULH GLQ KkUWLH XVFDW SkQă FkQG VXSUDIDĠD HVWH FXUDWă
'DFă UăPkQ SHWH JUHX GH vQGHSăUWDW
0DL SXQHĠL FkWHYD SLFăWXUL GH OLFKLG GH FXUăĠDUH VSHFLDO SH
VXSUDIDĠă
5ă]XLĠL FXR UDFOHWă ĠLQkQGR ODXQ XQJKLGH IDĠăGH SOLWă SkQă
FkQG SDWD GLVSDUH
ùWHUJHĠL FX R EXFDWă GH PDWHULDO PRDOH VDX FX XQ SURVRS GH
EXFăWăULH GLQ KkUWLH XVFDW SkQă FkQG VXSUDIDĠD HVWH FXUDWă
5HSHWDĠL RSHUDĠLXQHD GDFă HVWH QHFHVDU
&Æ7(9 $ 68*(67,,
&XUăĠDUHD IUHFYHQWă IRUPHD]ă XQ VWUDW GH SURWHFĠLH HVHQĠLDO SHQWUX
SUHYHQLUHD ]JkULHWXULORU úL X]XULL $VLJXUDĠLYă Fă VXSUDIDĠD HVWH FXUDWă
vQDLQWHGH DXWLOL]D GLQQRXSOLWD 3HQWUXD vQGHSăUWDXUPHOHOăVDWH GH
DSă IRORVLĠL FkWHYD SLFăWXUL GH RĠHW DOE VDX VXF GH OăPkLH ùWHUJHĠL DSRL
FX KkUWLH DEVRUEDQWă úL FX FkWHYD SLFăWXUL GH OLFKLG GH FXUăĠDUH VSHFLDO
6XSUDIDĠD YLWURFHUDPLFă YD UH]LVWD OD PLúFăULOH IăFXWH GH YDVHOH GH
JăWLW FX ED]D SODWă FX WRDWH DFHVWHD VH UHFRPDQGă Vă OH ULGLFDĠL
DWXQFL FkQG OH PXWDĠL GLQWUR ]RQă vQ DOWD
52