es
Û,QVWUXFFLRQHVGHPRQWDMH
2EVHUYDFLRQHVLPSRUWDQWHV
6HJXULGDG OD VHJXULGDG GXUDQWH HO XVR VyOR HVWi JDUDQWL]DGD VL OD
LQVWDODFLyQVHKDHIHFWXDGRGHPDQHUDFRUUHFWDHQHODVSHFWR
WpFQLFR \ HQ FRQIRUPLGDG FRQ HVWDV LQVWUXFFLRQHV GH PRQWDMH /RV
GDxRVFDXVDGRVSRUXQPRQWDMHLQDGHFXDGRVHUiQ
UHVSRQVDELOLGDGGHOLQVWDODGRU
'HVSXpV GH UHDOL]DU OD LQVWDODFLyQ VH GHEH DVHJXUDU TXH HO XVXDULR
QRSXHGDDFFHGHUDQLQJ~QFRPSRQHQWHHOpFWULFR
(VWHDSDUDWRHVWiGLVHxDGRSDUDVXXVRHQDOWLWXGHVGHKDVWD
PHWURV
: £3HUVRQDVFRQLPSODQWHVHOHFWUyQLFRV
(ODSDUDWRSXHGHFRQWHQHULPDQHVSHUPDQHQWHVORVFXDOHV
SXHGHQUHSHUFXWLUHQHOFRUUHFWRIXQFLRQDPLHQWRGHLPSODQWHV
HOHFWUyQLFRVFRPRPDUFDSDVRVRERPEDVGHLQVXOLQD3RUHOOR
GXUDQWHHOPRQWDMHHVQHFHVDULRPDQWHQHUXQDGLVWDQFLDPtQLPD
GHFPUHVSHFWRDLPSODQWHVHOHFWUyQLFRV
&RQH[LyQHOpFWULFDVyORDFDUJRGHXQWpFQLFRHVSHFLDOLVWD
DXWRUL]DGR6HWHQGUiTXHUHJLUSRUODVGLVSRVLFLRQHVGHOD
FRPSDxtDDEDVWHFHGRUDGHHOHFWULFLGDGGHOD]RQD
(ODSDUDWRGHEHVHUFRQHFWDGRDXQDLQVWDODFLyQILMD\GHEHQVHU
LQFRUSRUDGRVPHGLRVGHGHVFRQH[LyQDODLQVWDODFLyQILMDGH
DFXHUGRDODVUHJODPHQWDFLRQHVGHODLQVWDODFLyQ
7LSR GH FRQH[LyQ HO DSDUDWR SHUWHQHFH D OD FODVH GH SURWHFFLyQ ,
\VyORSXHGHXWLOL]DUVHHQFRPELQDFLyQFRQXQDFRQH[LyQFRQ
FRQGXFWRUGHWRPDDWLHUUD
(OIDEULFDQWHQRVHKDFHUHVSRQVDEOHGHOIXQFLRQDPLHQWR
LQDGHFXDGR\GHORVSRVLEOHVGDxRVPRWLYDGRVSRULQVWDODFLRQHV
HOpFWULFDVQRDGHFXDGDV
&DEOHGHDOLPHQWDFLyQSXHGHHVWDUFRQHFWDGRHQODFDMDGH
FRQH[LyQGHODSODFDGHFRFFLyQRVXPLQLVWUDGRFRQHO
DSDUDWR \VRORSXHGHVHULQVWDODGRSRUXQWpFQLFRHVSHFLDOLVWD
DXWRUL]DGRRSRUSHUVRQDOWpFQLFRGHO6HUYLFLRGH$VLVWHQFLDFRQ
IRUPDFLyQHVSHFtILFD/RVGDWRVGHFRQH[LyQQHFHVDULRVHVWiQ
LQGLFDGRVHQODSODFDGHFDUDFWHUtVWLFDV\HQORVHVTXHPDVGH
FRQH[LyQ
8WLOL]DU~QLFDPHQWHHOFDEOHVXPLQLVWUDGRFRQHODSDUDWRRSRUHO
6HUYLFLRGH$VLVWHQFLD7pFQLFD
0RQWDMH EDMR HQFLPHUD ODV SODFDV GH LQGXFFLyQ VROR SXHGHQ VHU
LQVWDODGDVVREUHFDMyQXKRUQRVFRQYHQWLODFLyQIRU]DGD'HEDMR
GHODSODFDGHFRFFLyQQRVHSXHGHQLQVWDODUIULJRUtILFRV
ODYDYDMLOODVKRUQRVVLQYHQWLODFLyQRODYDGRUDV
&DPSDQDH[WUDFWRUDODGLVWDQFLDPtQLPDHQWUHODFDPSDQD
H[WUDFWRUD\ODSODFDGHFRFFLyQGHEHVHUDOPHQRVODGLVWDQFLD
LQGLFDGDHQODVLQVWUXFFLRQHVGHPRQWDMHGHODFDPSDQDGH
H[WUDFFLyQ
(QFLPHUDSODQDKRUL]RQWDOHVWDEOH6LJDODVLQVWUXFFLRQHVGHO
IDEULFDQWHGHODHQFLPHUD
■/DHQFLPHUDGRQGHVHLQVWDOHODSODFDGHEHVHUUHVLVWHQWHD
SHVRV GH NJ DSUR[LPDGDPHQWH 5HIXHUFH OD HQFLPHUD FRQ XQ
PDWHULDOUHVLVWHQWHDODWHPSHUDWXUD\DODJXDHQFDVR
QHFHVDULR
■/DSODQLWXGGHODSODFDGHFRFFLyQVyORGHEHFRPSUREDUVHXQD
YH]LQVWDODGDHQHOKXHFRGHHQFDVWUH
(ODSDUDWRVHSXHGHPRQWDUHQODVVLJXLHQWHVHQFLPHUDV
UHVLVWHQWHVDODWHPSHUDWXUD\DODJXD
■(QFLPHUDVGHPiUPROSLHGUDQDWXUDO
■(QFLPHUDVVLQWpWLFDV
■(QFLPHUDV GH PDGHUD PDFL]D VyOR GH DFXHUGR FRQ HO IDEULFDQWH
GHODHQFLPHUDVHOODGRGHORVERUGHVGHUHFRUWH
■0RQWDMHHQRWURWLSRGHHQFLPHUDVVyORGHDFXHUGRFRQHO
IDEULFDQWHGHODHQFLPHUD
1RWDV
■1RXWLOL]DUDSR\RVSXQWXDOHVSDUDHQUDVDUHODSDUDWR
■7RGRVORVWUDEDMRVGHUHFRUWHGHODHQFLPHUDGHEHQVHU
UHDOL]DGRVSRUXQVHUYLFLRHVSHFLDOL]DGRGHDFXHUGRFRQHO
FURTXLV GH PRQWDMH (O UHFRUWH GHEH VHU OLPSLR \ SUHFLVR SXHVWR
TXH HO ERUGH FRUWDGR VH YH HQ OD VXSHUILFLH /LPSLH \ GHVHQJUDVH
ORVERUGHVGHUHFRUWHXWLOL]DQGRXQSURGXFWRGHOLPSLH]D
DGHFXDGR
*DUDQWtDXQDLQVWDODFLyQFRQH[LyQRPRQWDMHLQDGHFXDGR
VXSRQHODSpUGLGDGHYDOLGH]GHODJDUDQWtDGHOSURGXFWR
1RWD &XDOTXLHUPDQLSXODFLyQHQHOLQWHULRUGHODSDUDWR
LQFOX\HQGRHOFDPELRGHOFDEOHGHDOLPHQWDFLyQGHEHUiUHDOL]DUOR
~QLFDPHQWHSHUVRQDOWpFQLFRGHO6HUYLFLRGH$VLVWHQFLDFRQ
IRUPDFLyQHVSHFtILFD
3UHSDUDFLyQGHORVPXHEOHVGHPRQWDMH
ILJXUDV
0XHEOHVHPSRWUDGRVUHVLVWHQWHVDXQDWHPSHUDWXUDGH&
FRPRPtQLPR
+XHFRUHWLUDUODVYLUXWDVGHVSXpVGHORVWUDEDMRVGHFRUWH
6XSHUILFLHVGHFRUWHVHOODUFRQPDWHULDOUHVLVWHQWHDOFDORU
0RQWDMHVREUHHOFDMyQILJXUD D
(QFLPHUDGHEHWHQHUFRPRPtQLPRXQJURVRUGH PP
/DGLVWDQFLDHQWUHODSDUWHVXSHULRUGHODHQFLPHUD\ODSDUWH
VXSHULRUGHOFDMyQGHEHVHUGH PP
1RWD 6LORVREMHWRVPHWiOLFRVTXHVHHQFXHQWUDQHQHOFDMyQ
DOFDQ]DQ WHPSHUDWXUDV HOHYDGDV GHELGR D OD UHFLUFXODFLyQ GHO DLUH
SURFHGHQWH GH OD YHQWLODFLyQ GH OD SODFD R VL VH JXDUGDQ SHTXHxRV
REMHWRVPHWiOLFRVSXQ]DQWHVFRPREURFKHWDVXVDUXQVRSRUWH
LQWHUPHGLRGHPDGHUD ILJXUD
/DSODFDGHFRFFLyQHVWiGRWDGDGHXQYHQWLODGRUVLWXDGRHQOD
SDUWH LQIHULRU 1R GHEHUiQ JXDUGDUVH HQ HO FDMyQ REMHWRV SHTXHxRV
RSXQ]DQWHVSDSHOHVRWUDSRVGHFRFLQDVLQRVHXVDXQVRSRUWH
LQWHUPHGLR3RGUtDQSHUMXGLFDUODUHIULJHUDFLyQRHVWURSHDUHO
YHQWLODGRUDOVHUDEVRUELGRV(QWUHHOFRQWHQLGRGHOFDMyQ\OD
HQWUDGD GHO YHQWLODGRU GHEH GHMDUVH XQD GLVWDQFLD PtQLPD GH FP
0RQWDMHVREUHKRUQRILJXUDE
(QFLPHUDGHEHWHQHUFRPRPtQLPRXQJURVRUGH PP
/DGLVWDQFLDHQWUHODSDUWHVXSHULRUGHODHQFLPHUD\ODSDUWH
VXSHULRUGHOIURQWDOGHOKRUQRGHEHVHUGH PP
1RWD &RQVXOWH ODV LQGLFDFLRQHV GH PRQWDMH GHO KRUQR SRU VL IXHUD
QHFHVDULRDXPHQWDUODGLVWDQFLDHQWUHODSODFDGHFRFFLyQ\HO
KRUQR
9HQWLODFLyQODGLVWDQFLDPtQLPDHQWUHHOKRUQR\ODSODFDGH
FRFFLyQGHEHGHVHUGH PP
1RWD 6RORHQHOFDVRGHLQVWDODUODSODFDGHFRFFLyQVREUHXQ
KRUQRGHGLVWLQWRIDEULFDQWHXWLOL]DUXQVRSRUWHLQWHUPHGLRGH
PDGHUD ILJXUD
9HQWLODFLyQILJXUD
3DUDDVHJXUDUXQFRUUHFWRIXQFLRQDPLHQWRGHODSDUDWRVHGHEH
WHQHUHQFXHQWDXQDDGHFXDGDYHQWLODFLyQGHODSODFDGHFRFFLyQ
(OYHQWLODGRUVLWXDGRHQODSDUWHLQIHULRUGHODSDUDWRGHEHDVSLUDU
VXILFLHQWHFDXGDOGHDLUHIUHVFRSRUORTXHORVPXHEOHVGHEHQGH
HVWDUDGDSWDGRVSDUDWDOSURSyVLWR3DUDHOORHVQHFHVDULR
■XQDVHSDUDFLyQPtQLPDHQWUHODSDUWHWUDVHUDGHOPXHEOH\OD
SDUHGGHODFRFLQD\HQWUHODSDUWHVXSHULRUGHODHQFLPHUD\OD
SDUWHVXSHULRUGHOFDMyQ ILJXUD D
■XQD DEHUWXUD HQ OD SDUWH VXSHULRU GH OD SDUHG WUDVHUD GHO PXHEOH
ILJXUD E
■HQHOFDVRGHQRWHQHUXQDVHSDUDFLyQPtQLPDGH PPHQOD
SDUWHWUDVHUDGHOPXHEOHVHGHEHUiUHDOL]DUXQDDEHUWXUDHQOD
SDUWHLQIHULRUGHOPLVPR ILJXUD F
1RWDV
■6LHODSDUDWRVHLQVWDODHQLVODXRWURWLSRGHLQVWDODFLyQQR
GHVFULWD HV LPSUHVFLQGLEOH DVHJXUDU OD FRUUHFWD YHQWLODFLyQ GH OD
SODFDGHFRFFLyQ
■1RFHUUDUHO]yFDORLQIHULRUKHUPpWLFDPHQWH
,QVWDODUHODSDUDWRILJXUDV
1RWD 8VDUJXDQWHVGHSURWHFFLyQDOLQVWDODUODSODFD/DV
VXSHUILFLHVQRYLVLEOHVSXHGHQWHQHUDULVWDVFRUWDQWHV
(QDSDUDWRVVLQFDEOHSUHPRQWDGRFRORFDUHOFDEOHGH
DOLPHQWDFLyQHQODFDMDGHFRQH[LyQ
'DUODYXHOWDDODSODFDGHFRFFLyQ\FRORFDUODVREUHODPLVPD
EDVHGHOHPEDODMHVREUHXQSDxRRVXSHUILFLHDSWDSDUDHYLWDU
UD\DGXUDV
/HYDQWDUODWDSDGHODFDMDGHFRQH[LyQFRQD\XGDGHXQ
GHVWRUQLOODGRU ILJXUD
4XLWDU HO WRUQLOOR GH VXMHFLyQ \ OHYDQWDU OD DEUD]DGHUD FRQ D\XGD
GHXQGHVWRUQLOODGRU ILJXUD
&RQHFWDU H[FOXVLYDPHQWH VHJ~Q HO HVTXHPD GH FRQH[LRQDGR GH
ODFDMDGHFRQH[LyQ ILJXUD
%10DUUyQ
%8$]XO
*1<(9HUGH\DPDULOOR
%.1HJUR
*<*ULV