Buscafacil_20191025 - Corprensa

Page Background

@UDfYbgU

DUbUaz j]YfbYg &) XY cWhiVfY XY &$%-

'7

%DU» \ DGHP¢V GHKHU¢ SXEOLFDUVH

SRU WUHV YHFHV FRQVHFXWLYDV HQ XQ

SHUL´GLFRGHFLUFXODFL´QQDFLRQDO D

FRVWDGHOVROLFLWDQWH (QFDGDSXEOL

FDFL´QVHGHEHKDFHUFRQVWDUHORU

GHQ GH ODPLVPD FXDOTXLHU SHUVRQD

SRGU¢ SUHVHQWDU RSRVLFL´Q GHQWUR

GH ORV FLQFR GLDV K¢ELOHV SRVWH

ULRUHV D OD »OWLPD SXEOLFDFL´Q HQ HO

SHUL´GLFR 38%/,48(6(<&›03/$

6( ,1* -26Š 9,&725,$ )' ',

5(&725 '( 6(*85,'$' +,'5,&$

3DUDQRWLILFDUDODVSDUWHVLQWHUHVD

GDV VH SXEOLFD HO SUHVHQWH HGLFWR

DGHP¢VHVILMDGRHQOD6HFFL´Q2SH

UDWLYD GH 6HJXULGDG +LGULFD HQ OD

&DVDGH-XVWLFLD&RPXQLWDULDGH3D]

\ $OFDOG®D GHO GLVWULWR GH OD MXULVGLF

FL´QFRUUHVSRQGLFQWHVHJXQODXEL

FDFL´QGHOSUHGLRGHOVROLFLWDQWH GX

UDQWH WUHV G®DV K¢ELOHV ,1* */$'

<6 9,//$55($/ -()$ (1&$5*$'$

'(/'(3$57$0(172'(5(&85626

+Ž'5,&26 SDQDPD GH RFWXEUH

(',&72 (03/$=$725,2 1R /$

686&5,7$ -8(= 683/(17( (63(

&,$/ '(&,026(;7$ '(/ 35,0(5

&,5&8,72 -8',&,$/ '( 3$1$0‚

5$02&,9,/ <(/6(&5(7$5,2 SRU

PHGLR SUHVHQWH HGLFWR DO SXEOLFR

+$&( 6$%(5 4XH HQ HO SURFHVR GH

68&(6,”1,17(67$'$GH*8,)$1*

4,8 4 ( 3 ' VHKDGLFWDGRUHVROX

FL´QTXHHVGHIHFKD\WHQRUVLJXLHQ

WH ũ(

-8=*$'2 'Š&,02

6(;72 '(/ 35,0(5 &,5&8,72 -8

',&,$/ '( 3$1$0‚ 5$02 &,9,/

3DQDP¢ WUHLQWD GH PD\R GH

GRV PLO GLHFLQXHYH

$872

1R 9,6726 (Q PªULWR GH OR H[

SXHVWR TXLHQ VXVFULEH -8(= 68

3/(17( (63(&,$/ 'Š&,02 6(;7$

'(&,5&8,72&,9,/'(/35,0(5&,5

&8,72 -8',&,$/ '( 3$1$0‚ 68

3/(17( (63(&,$/ DGPLQLVWUDQGR

MXVWLFLD HQ QRPEUH GH OD 5HS»EOLFD

\SRUDXWRULGDGGHOD/H\ '(&/$5$

35,0(52 4XH HVW¢ DELHUWD OD 68

&(6,”1 ,17(67$'$ GH TXLHQ HQ YL

GDVHOODP´*8,)$1*4,8 4 ( 3 '

GHVGHHOG®D GHPD\RGH IH

FKDGHVXGHIXQFL´Q TXLHQSRUWDED

ODFªGXOD1R (

6(*81'2

4XH HV VX KHUHGHUD VLQ SHUMXLFLRV

GH WHUFHURV %8 0,1* 0$ FRQ FH

GXOD1R (

HQVXFRQGLFL´Q

GH HVSRVD < 25'(1$ 35,0(52

4XHFRPSDUH]FDQDOSURFHVRWRGDV

DTXHOODVSHUVRQDVTXHWHQJDQDOJ»Q

LQWHUªVHQHOPLVPR 6(*81'2 4XH

VHILMH\SXEOLTXHHOHGLFWRGHTXHWUD

WD HO DUW®FXOR GHO &´GLJR -XGL

FLDO 6( ,167$ D OD SDUWH VROLFLWDQWH

D DSRUWDU ORV WLPEUHV ILVFDOHV FR

UUHVSRQGLHQWHV D ORV FHUWLILFDGRV

SUHVHQWDGRV )XQGDPHQWROHJDO $U

W®FXORV

\ GHP¢V FRQFRU

GDQWHVGHO&´GLJR-XGLFLDO 127,)Ž

48(6( IGR /$ -8(= 683/(17(

(63(&,$/ /&'$ /(6%,$:2/)6+2

21 38*$ IGR /$ 6(&5(7$5,$

/&'$ 0$5,&(/&+8 MUŪ3RUORWDQ

WR VH ILMD HO SUHVHQWH (GLFWR HQ OX

JDU YLVLEOH GH OD VHFUHWDULD GHO 7UL

EXQDO \ FRSLD DXWHQWLFDGD GHO PLV

PR VH SRQH D GLVSRVLFL´Q GH OD SDU

WH LQWHUHVDGD SDUD VX SXEOLFDFL´Q

3DQDP¢ GH PD\R GH

/$

-8(= 683/(17( (63(&,$/ IGR

/&'$ /(6%,$:2/)6+221 38*$

IGR /$ 6(&5(7$5,$ /&'$ 0$

5,&(/ &+8 MU

$8725,'$' 1$&,21$/ '( $'0,

1,675$&,”1'(7,(55$6$1$7,5(

*,211R %2&$6'(/7252(',&

721q

(/$'0,1,675$'25

5(*,21$/ '( /$ $8725,'$' 1$

&,21$/ '( $'0,1,675$&,21 '(

7,(5$6 (1 /$ 3529,1&,$ '( %2

&$6'(/7252 +$&(6$%(54XHHO

VH²RU D 0,&+$(/ -2(/ 9$/'(=

%$55,$ FRQ FHGXOD LGHQWLGDG SHU

VRQDO 1q

UHVLGHQWH HQ

%DMR &HGUR &RUUHJLPLHQWR GH %DMR

&HGUR 'LVWULWR GH &KLULTX® *UDQGH

3URYLQFLDGH%RFDVGHO7RUR +DVR

OLFLWDGR DQWH OD $GPLQLVWUDFL´Q GH

7LHUUDV $1$7, PHGLDQWHODVROLFL

WXG $V®

GHO

GH HQHUR GH

ODDGMXGLFDFL´QDW®WXORRQHUR

VRGHXQJORERGHWHUUHQREDOG®RQD

FLRQDO TXH VHU¢ VROLFLWDGR HQ FRP

SUD D OD $XWRULGDG 1DFLRQDO GH $G

PLQLVWUDFL´Q GH WLHUUD FRQ XQD VX

SHUILFLH GH KD

0 XEL

FDGR HQ OD /RFDOLGDG GH %$-2 &(

'52 'LVWULWR GH &+,5,48, *5$1

'( \ &RUUHJLPLHQWR GH %$-2 &(

'52 3URYLQFLD GH %RFDV GHO 7RUR

&RPSUHQGLGDVHJ»Q3ODQR

GHO

GH MXOLR

'(1752

'(/266,*8,(17(6/,1'(526 */2

%2ũ$Ū +DV

0 1257(

&$//( '( $6)$/72 '(

P '(

$1&+2 +$&,$ 5$0%$/$ +$&,$

$/0,5$17( ),1&$ 7202

)2/,2 3523,('$' '( /8=0,

/$ (8*(1,$ .8 '( 025$/(6 7(

55(12 1$&,21$/ 2&83$'2 325

0$;,02 -(686 9,//$*5$ &$0$

5(1$ 685 ),1&$ 7202

)2/,2 3523,('$' '( /8=0,

/$(8*(1,$.8'(025$/(6 (67(

7(55(12 1$&,21$/ 2&83$'26

325 5,&$5'260,7+9$/'(= 0$

;,02 -(686 9,//$*5$ &$0$5(

1$ 2(67( 6(59,'80%5('(75$16

0,6,21 (7(6$ 0(7526 '(

$1&+2 */2%2ũ%Ū +DV

0

1257( ),1&$ 7202 )2/,2

3523,('$''(/8=0,/$(8*(

1,$ .8 '( 025$/(6 685 ),1&$

7202 )2/,2 3523,(

'$' '( /8=0,/$ (8*(1,$ .8 '(

025$/(6 (67( 6(59,'80%5('(

75$160,6,21 (7(6$

0(

7526'($1&+2 2(67( ),1&$

7202 )2/,2 3523,('$''(

/8=0,/$(8*(1,$.8'(025$/(6

3DUD HIHFWRV OHJDOHV VH ILMD HO SUH

VHQWH HGLFWR HQ OXJDU YLVLEOH GH HV

WH GHVSDFKR HQ OD $OFDOG®D R &DVD

GH -XVWLFLD &RPXQLWDULD GH 3D] GHO

OXJDU GRQGH HVW¢ XELFDGR HO WHUUH

QR \ FRSLD GHO PLVPR VH HQWUHJDQ D

LQWHUHVDGR SDUD TXH OR KDJD SXEOL

FDU HQ ORV ´UJDQRV \ HQ ORV PHGLRV

GH SXEOLFLGDG FRUUHVSRQGLHQWH WDO

FRPRORRUGHQDHODUW®FXOR GHOD

/H\ GHO

GH VHSWLHPEUH GHO D²R

(VWHHGLFWRWHQGU¢ 8QDYLJHQ

FLDGHTXLQFH G®DVK¢ELOHVDSDU

WLU GH VX ›OWLPD SXEOLFDFL´Q '$'2

(1&+$1*8,12/$$/26&$725&(

',$6 '(/ 0(6 '( 2&78%5( GH

,1* 5,&$5'2025$/(6 )81

&,21$5,2 6867$1&,$'25 '( 7,

78/$&,”1 < 5(*8/$5,=$&,”1 '(

/$ 3529,1&,$ '( %2&$6 '(/ 72

52

(',&72(03/$=$725,21R

/$ 686&5,7$ -8(= &8$57$ '(

&,5&8,72 '(/ 35,0(5 &,5&8,72

-8',&,$/ '( 3$1$0‚ 5$02 &,

9,/ 3250(',2'(/35(6(17((',&

72 (03/$=$$ &216758&&,21(6

&,9,/(6*(1(5$/(6 6 $ 6RFLHGDG

DQ´QLPD H LQVFULWD HQ HO 5HJLVWUR

3»EOLFRGHOD6HFFL´Q0HUFDQWLO )R

OLR 1R

\ D 5,&$5'2 )$%5(

*$'(2%$55,2 FRQFªGXODGHLGHQ

WLGDG SHUVRQDO 1R

SDUD

TXHGHQWURGHOWªUPLQRGHGLH]

G®DV FRQWDGRV D SDUWLU GH OD »OWLPD

SXEOLFDFL´QGHHVWH(GLFWRHQXQGLD

ULR GH OD ORFDOLGDG FRPSDUH]FDQ D

HVWH 7ULEXQDO SRU V® R SRU PHGLR GH

$SRGHUDGR -XGLFLDO D KDFHU YDOHU

VXV GHUHFKRV HQ HO 3URFHVR (MHFX

WLYR LQWHUSXHVWR SRU %, %$1. 6 $

&RQWUD5,&$5'2)$%5(*$'(2%$

55,2<&216758&&,21(6&,9,/(6

*(1(5$/(6 6 $ 6H DGYLHUWH D ORV

HPSOD]DGRV TXH VL QR FRPSDUHFHQ

HQ HO WªUPLQR LQGLFDGR 6H OHV QRP

EUDU¢ XQ '()(1625 '( $86(17(

FRQTXLHQVHFRQWLQXDU¢HOSURFHVR

KDVWDVXWHUPLQDFL´Q 3RUWDQWR VH

ILMD HO SUHVHQWH HGLFWR HQ OXJDU YLVL

EOH GH OD 6HFUHWDU®D GH HVWH 7ULEX

QDO\FRSLDGHOPLVPRVHSRQHDGLV

SRVLFL´Q GH OD SDUWH LQWHUHVDGD SD

UDVX3XEOLFDFL´Q 3DQDP¢ GHRF

WXEUHGH /$-8(= 0*7(5 62

/$1*(/()(55(&'(%22.(5(/6(

&5(7$5,2-8',&,$/ /,&'2 0,*8(/

$1*(/ 48,52=

(',&72 1R

'H GH

RFWXEUHGH

/D',5(&&,21*(

1(5$/ '( ,1*5(626 SRU HVWH PH

GLR +$&( 6$%(5 DO FRQWULEX\HQWH

3(752$8726 6 $\58&

'9 TXH VH KD GLFWDGR OD

5HVROXFL´Q

GHO

GH RF

WXEUH GH

OD FXDO HQ VX SDUWH

UHVROXWLYD HVWDEOHFH OR VLJXLHQWH

5(68(/9( 35,0(52 5(&+$=$5'(

3/$12 ODVROLFLWXGGHQRDSOLFDFL´Q

GHOF¢OFXORDOWHUQRGHOLPSXHVWRVR

EUHODUHQWD &$,5 SDUDHOSHU®RGR

ILVFDO

SUHVHQWDGD SRU HO FRQ

WULEX\HQWH 3(752$8726 6 $ FRQ

58&

'9 FRQ

GRPLFLOLR ILVFDO HQ Y®D ,QWHUDPHUL

FDQD FRUUHJLPLHQWRGH'DYLGFDEH

FHUD GLVWULWRGH'DYLG\SURYLQFLDGH

&KLULTX® WHOªIRQRV

FX\DDFWLYLGDGSULQFLSDOHV

OD YHQWD DO SRU PHQRU GH YHK®FXORV

DXWRPRWRUHV SDUWHV SLH]DV\DFFH

VRULRV GH YHK®FXORV UHSUHVHQWDGR

OHJDOPHQWHSRUHOVH²RU-25*(/8,6

-85$'2$%$',$ FRQFªGXODGHLGHQ

WLGDG SHUVRQDO

SDUD HO

SHU®RGR ILVFDO

6(*81'2 ,1

)250$5DOFRQWULEX\HQWH3(752$8

726 6 $ OR VLJXLHQWH 4XH HO LP

SXHVWR VREUH OD UHQWD GH VX GHFOD

UDFL´Q MXUDGD GH UHQWD FRUUHVSRQ

GLHQWH DO SHU®RGR ILVFDO

GHEH

VHU SDJDGR FRQIRUPH DO F¢OFXOR DO

WHUQR GHO LPSXHVWR VREUH OD UHQWD

&$,5 4XH HO LPSXHVWR HVWLPD

GRGHVXVGHFODUDFLRQHVHVWLPDGDV

GHUHQWDSDUDHOSHU®RGRILVFDO

GHEH VHU SDJDGR FRQIRUPH DO F¢O

FXOR DOWHUQR GHO LPSXHVWR VREUH OD

UHQWD GHO &$,5 \ 4XH OD 'LUHF

FL´Q *HQHUDO GH ,QJUHVRV VH UHVHU

YD HO GHUHFKR GH ILVFDOL]DU VXV RSH

UDFLRQHVSDUDFRUURERUDUTXHFXP

SODQ FRQ ODV GLVSRVLFLRQHV GH OD /H\

GH GHPDU]RGH \HO'HFUH

WR(MHFXWLYR1q

GH GHRFWXEUH

GH DV® FRPR ODV GHP¢V GLVSR

VLFLRQHV ILVFDOHV YLJHQWHV 7(5&(

52 $'9(57,5DOFRQWULEX\HQWHTXH

HQFRQWUDGHHVWDUHVROXFL´QQRFD

EH UHFXUVR DOJXQR HQ Y®D JXEHUQD

WLYD &8$572 5(0,7,5DOD6HFFL´Q

GH &XHQWDV &RUULHQWHV GH OD 'LUHF

FL´Q *HQHUDO GH ,QJUHVRV FRSLD GH

OD SUHVHQWH UHVROXFL´Q VLHPSUH \

FXDQGR OD PLVPD VH HQFXHQWUH GH

ELGDPHQWH HMHFXWRULDGD SDUD TXH

VHDSOLTXHHQODFXHQWDFRUULHQWHGHO

FRQWULEX\HQWH 48,172 5(0,7,5

DO 'HSDUWDPHQWR GH )LVFDOL]DFL´Q

7ULEXWDULD GH OD 'LUHFFL´Q *HQHUDO

GH ,QJUHVRV FRSLD GH OD SUHVHQWH

UHVROXFL´Q )81'$0(172 /(*$/

$UW®FXORV

$

$GHO&´GLJR)LV

FDO /H\1q GH GHPDU]RGH

/H\1q GH GHMXQLRGH /H\

1q GH GH DEULO GH 'HFUHWR

GH*DELQHWH1q

GH GHPD\RGH

$UW®FXORV ' ( \ )

GHO 'HFUHWR (MHFXWLYR 1q

GH

GH RFWXEUH GH

FRQIRUPH IXH

URQDGLFLRQDGRVSRUHO'HFUHWR(MH

FXWLYR 1q

GH GH RFWXEUH GH

\ PRGLILFDGRV SRU HO 'HFUHWR

(MHFXWLYR1q

GH GHGLFLHPEUH

GH

'HFUHWR(MHFXWLYR1q GH

GHVHSWLHPEUHGH 'HFUHWR

(MHFXWLYR 1q

GH GH VHSWLHP

EUHGH 'HFUHWR(MHFXWLYR1q

GH GHPDU]RGH \OD5HVROX

FL´Q1q

GH GHRFWXEUHGH

5(*Ž675(6( 127,)Ž48(6( <

&›03/$6( )'2 0$5,7=$ 85(

’$*21=‚/(='LUHFWRUD*HQHUDOGH

,QJUHVRV (QFDUJDGD 3RU WDQWR SD

UD QRWLILFDU DO FRQWULEX\HQWH DQWHV

FLWDGR VH ILMDU¢ HO SUHVHQWH HGLFWR

HQ OXJDU S»EOLFR GH HVWH GHVSDFKR

SRU HO WªUPLQR GH GLH] G®DV K¢

ELOHVFRQWDGRVDSDUWLUGHVXILMDFL´Q

\FRSLDGHOPLVPRVHSXEOLFDU¢GHQ

WURGHOPLVPRWªUPLQRHQXQSHUL´

GLFRGHFLUFXODFL´QQDFLRQDO SRUWUHV

G®DVK¢ELOHVFRQVHFXWLYRV SOD]R

GXUDQWHHOFXDOHOFRQWULEX\HQWHSR

GU¢ FRPSDUHFHU D QRWLILFDUVH SHU

VRQDOPHQWH 6H DGYLHUWH TXH GH QR

FRPSDUHFHU D HVWH GHVSDFKR GHQ

WUR GHO WªUPLQR GH ILMDFL´Q GH HVWH

HGLFWR GLFKDUHVROXFL´QTXHGDU¢OH

JDOPHQWH QRWLILFDGD GHVGH OD IHFKD

\KRUDGHVXGHVILMDFL´Q \VXUWLU¢WR

GRV ORV HIHFWRV OHJDOHV '(5(&+2

$UW®FXOR GHO &´GLJR )LVFDO 5H

VROXFL´Q 1R

GH GH MXOLR

GH SXEOLFDGDHQ*DFHWD2ILFLDO

1R

GH GH DJRVWR GH

5HVROXFL´Q

GH GHDJRV

WR GH

&”3,(6( 38%/Ž48(6(

< &›03/$6( )'2 /,&'2 0$2

6(7+- 9(/$648(=6HFUHWDULR$G

+RF0-9 OS6H),-$HOSUHVHQWH(GLF

WRHQXQOXJDUYLVLEOHGHHVWHGHVSD

FKR KR\&$725&( GH2&78%5(

GHOD²R'260,/',(&,1,(9(

VLHQGR ODV 18(9( GH OD 0$’$1$

$ 0 \FRSLDGHOPLVPRVHUH

PLWH SDUD VX SXEOLFDFL´Q HQ XQ SH

UL´GLFR GH FLUFXODFL´Q QDFLRQDO

(',&72 1R

'H GH

RFWXEUHGH

/D',5(&&,21*(

1(5$/ '( ,1*5(626 SRU HVWH PH

GLR +$&( 6$%(5 DO FRQWULEX\HQWH

'(9(17(5+2/',1* 6 $ FRQ58&

'9 TXH VH KD

GLFWDGROD5HVROXFL´Q

GHO

GHRFWXEUHGH ODFXDOHQVX

SDUWHUHVROXWLYDHVWDEOHFHORVLJXLHQ

WH 5(68(/9( 35,0(52 5(&+$

=$5'(3/$12 ODVROLFLWXGGHQRDSOL

FDFL´Q GHO F¢OFXOR DOWHUQR GHO LP

SXHVWR VREUH OD UHQWD &$,5 SDUD

HO SHU®RGR ILVFDO

SUHVHQWDGD

SRUHOFRQWULEX\HQWH'(9(17(5+2/

',1* 6 $ FRQ 58&

'9 FRQGRPLFLOLRILVFDOHQ

FDOOH 2EDUULR FRUUHJLPLHQWR GH

%HOOD 9LVWD GLVWULWR \ SURYLQFLD GH

3DQDP¢ FX\DSULQFLSDODFWLYLGDGHV

ODFRPSUDYHQWDDOSRUPD\RU DOPD

FHQDPLHQWR GLVWULEXFL´Q WUDQVSRU

WH \ FXDOTXLHU RSHUDFL´Q FRPHUFLDO

UHODFLRQDGD FRQ SURGXFWRV \ GHUL

YDGRVGHSHWU´OHR UHSUHVHQWDGROH

JDOPHQWHSRU0,*8(/(67(%$11$6

6(5%$+$,$ FRQQ»PHURGHSDVD

SRUWH %

SUHVHQW´ PH

GLDQWHGHFODUDFL´QMXUDGDGHUHQWD

OD6ROLFLWXGGH1R$SOLFDFL´QGHO&¢O

FXOR $OWHUQR GHO ,PSXHVWR VREUH OD

UHQWD &$,5 SDUD HO SHU®RGR ILVFDO

6(*81'2 ,1)250$5DOFRQ

WULEX\HQWH'(9(17(5+2/',1* 6 $

OR VLJXLHQWH 4XH HO LPSXHVWR VR

EUHODUHQWDGHVXGHFODUDFL´QMXUD

GDGHUHQWDFRUUHVSRQGLHQWHDOSH

U®RGR ILVFDO

GHEH VHU SDJDGR

FRQIRUPH DO F¢OFXOR DOWHUQR GHO LP

SXHVWRVREUHODUHQWD &$,5 4XH

HOLPSXHVWRHVWLPDGRGHVXVGHFOD

UDFLRQHV HVWLPDGDV GH UHQWD SDUD

HO SHU®RGR ILVFDO

GHEH VHU SD

JDGRFRQIRUPHDOF¢OFXORDOWHUQRGHO

LPSXHVWR VREUH OD UHQWD GHO &$,5

\ 4XH OD 'LUHFFL´Q *HQHUDO GH ,Q

JUHVRVVHUHVHUYDHOGHUHFKRGHILV

FDOL]DUVXVRSHUDFLRQHVSDUDFRUUR

ERUDUTXHFXPSODQFRQODVGLVSRVL

FLRQHVGHOD/H\ GH GHPDU]RGH

\ HO 'HFUHWR (MHFXWLYR 1q

GH GH RFWXEUH GH DV® FRPR

ODVGHP¢VGLVSRVLFLRQHVILVFDOHVYL

JHQWHV 7(5&(52 $'9(57,5DOFRQ

WULEX\HQWHTXHHQFRQWUDGHHVWDUH

VROXFL´QQRFDEHUHFXUVRDOJXQRHQ

Y®D JXEHUQDWLYD &8$572 5(0,7,5

DOD6HFFL´QGH&XHQWDV&RUULHQWHV

GHOD'LUHFFL´Q*HQHUDOGH,QJUHVRV

FRSLD GH OD SUHVHQWH UHVROXFL´Q

VLHPSUH \ FXDQGR OD PLVPD VH HQ

FXHQWUHGHELGDPHQWHHMHFXWRULDGD

SDUDTXHVHDSOLTXHHQODFXHQWDFR

UULHQWHGHOFRQWULEX\HQWH 48,172

5(0,7,5DO'HSDUWDPHQWRGH)LVFD

OL]DFL´Q 7ULEXWDULD GH OD 'LUHFFL´Q

*HQHUDOGH,QJUHVRV FRSLDGHODSUH

VHQWHUHVROXFL´Q )81'$0(172/(

*$/ $UW®FXORV

$

$ GHO &´

GLJR )LVFDO /H\ 1q GH GH PDU]R

GH

/H\1q GH GHMXQLRGH

/H\1q GH GHDEULOGH

'HFUHWRGH*DELQHWH1q

GH GH

PD\RGH $UW®FXORV '

( \ ) GHO 'HFUHWR (MHFXWLYR 1q

GH GH RFWXEUH GH

FRQ

IRUPHIXHURQDGLFLRQDGRVSRUHO'H

FUHWR (MHFXWLYR 1q

GH GH RF

WXEUH GH \ PRGLILFDGRV SRU HO

'HFUHWR (MHFXWLYR 1q

GH GH

GLFLHPEUHGH

'HFUHWR(MHFX

WLYR 1q GH GH VHSWLHPEUH GH

'HFUHWR (MHFXWLYR 1q

GH

GH VHSWLHPEUH GH 'HFUHWR

(MHFXWLYR 1q GH GH PDU]R GH

\OD5HVROXFL´Q1q

GH

GHRFWXEUHGH 5(*Ž675(6(

127,)Ž48(6( < &›03/$6( )'2

0$5,7=$ 85(’$ *21=‚/(='LUHF

WRUD*HQHUDOGH,QJUHVRV (QFDUJD

GD 08* YHFS DL JD O 3RU WDQWR SD

UD QRWLILFDU DO FRQWULEX\HQWH DQWHV

FLWDGR VH ILMDU¢ HO SUHVHQWH HGLFWR

HQ OXJDU S»EOLFR GH HVWH GHVSDFKR

SRU HO WªUPLQR GH GLH] G®DV K¢

ELOHVFRQWDGRVDSDUWLUGHVXILMDFL´Q

\FRSLDGHOPLVPRVHSXEOLFDU¢GHQ

WURGHOPLVPRWªUPLQRHQXQSHUL´

GLFRGHFLUFXODFL´QQDFLRQDO SRUWUHV

G®DVK¢ELOHVFRQVHFXWLYRV SOD]R

GXUDQWHHOFXDOHOFRQWULEX\HQWHSR

GU¢ FRPSDUHFHU D QRWLILFDUVH SHU

VRQDOPHQWH 6H DGYLHUWH TXH GH QR

FRPSDUHFHU D HVWH GHVSDFKR GHQ

WUR GHO WªUPLQR GH ILMDFL´Q GH HVWH

HGLFWR GLFKDUHVROXFL´QTXHGDU¢OH

JDOPHQWH QRWLILFDGD GHVGH OD IHFKD

\KRUDGHVXGHVILMDFL´Q \VXUWLU¢WR

GRV ORV HIHFWRV OHJDOHV '(5(&+2

$UW®FXOR GHO &´GLJR )LVFDO 5H

VROXFL´Q 1R

GH GH MXOLR

GH SXEOLFDGDHQ*DFHWD2ILFLDO

1R

GH GH DJRVWR GH

5HVROXFL´Q

GH GHDJRV

WRGH &”3,(6( 38%/Ž48(6(<

&›03/$6( )'2 /,&'2 0$26(7+

- 9(/‚648(= 6HFUHWDULR $G +RF

0-9 O6H),-$HOSUHVHQWH(GLFWRHQ

XQ OXJDU YLVLEOH GH HVWH GHVSDFKR

KR\',(&,6,(7( GH2&78%5(GHO

D²R'260,/',(&,1,(9(

VLHQ

GR ODV'26GHOD7$5'(

3 0

\FRSLDGHOPLVPRVHUHPLWHSDUDVX

SXEOLFDFL´Q HQ XQ SHUL´GLFR GH FLU

FXODFL´Q QDFLRQDO

(',&721R

'H GHRF

WXEUH GH

/D ',5(&&,21 *(

1(5$/ '( ,1*5(626 SRU HVWH PH

GLR +$&( 6$%(5 DO FRQWULEX\HQWH

,19(56,21(6 1$7,9$6 6 $ FRQ

5 8 & 1q

'9

TXHVHKDGLFWDGROD5HVROXFL´Q

GHO

GHDJRVWRGH ODFX

DO HQ VX SDUWH UHVROXWLYD HVWDEOHFH

OR VLJXLHQWH 5 ( 6 8 ( / 9 ( 35,0(

52 5(&+$=$5 '( 3/$12 OD VROLFL

WXG GH QR DSOLFDFL´Q GHO F¢OFXOR DO

WHUQR GHO LPSXHVWR VREUH OD UHQWD

&$,5 SDUD HO SHU®RGR ILVFDO

SUHVHQWDGDSRUHOFRQWULEX\HQWH,1

9(56,21(61$7,9$6 6 $ FRQ5 8 &

1q

'9 FRQGR

PLFLOLRILVFDOHQ+RWHO5LDQGH&RQWL

QHQWDO Y®D 7RFXPHQ FRUUHJLPLHQ

WRGH7RFXPHQ GLVWULWR\SURYLQFLD

GH3DQDP¢ FX\DDFWLYLGDGSULQFLSDO

HV FRQVWUXFFL´Q GH HGLILFLRV FDPL

QRV\Y®DVIªUUHDV UHSUHVHQWDGROH

JDOPHQWH SRU OD VH²RUD 9,&725,$

/8&,$5,$1'(/8==, FRQFªGXODGH

LGHQWLGDG SHUVRQDO 3(

SDUD

HOSHU®RGRILVFDO

6(*81'2 ,1

)250$5 DO FRQWULEX\HQWH ,19(5

6,21(61$7,9$6 6 $ ORVLJXLHQWH

4XHHOLPSXHVWRVREUHODUHQWDGH

VX GHFODUDFL´Q MXUDGD GH UHQWD FR

UUHVSRQGLHQWHDOSHU®RGRILVFDO

GHEH VHU SDJDGR FRQIRUPH DO F¢O

FXOR DOWHUQR GHO LPSXHVWR VREUH OD

UHQWD &$, 4XH HO LPSXHVWR HVWL

PDGRGHVXVGHFODUDFLRQHVHVWLPD

GDV GH UHQWD SDUD HO SHU®RGR ILVFDO

GHEHVHUSDJDGRFRQIRUPHDO

F¢OFXOR DOWHUQR GHO LPSXHVWR VREUH

OD UHQWD GHO &$,5 \ 4XH OD 'L

UHFFL´Q*HQHUDOGH,QJUHVRVVHUH

VHUYD HO GHUHFKR GH ILVFDOL]DU VXV

RSHUDFLRQHV SDUD FRUURERUDU TXH

FXPSODQFRQODVGLVSRVLFLRQHVGHOD

/H\ GH GHPDU]RGH \HO'H

FUHWR (MHFXWLYR 1q

GH GH RF

WXEUH GH

DV® FRPR ODV GHP¢V

GLVSRVLFLRQHVILVFDOHVYLJHQWHV 7(5

&(52 $'9(57,5 DO FRQWULEX\HQWH

TXHHQFRQWUDGHHVWDUHVROXFL´QQR

FDEH UHFXUVR DOJXQR HQ Y®D JXEHU

QDWLYD &8$572 5(0,7,5 D OD 6HF

FL´QGH&XHQWDV&RUULHQWHVGHOD'L

UHFFL´Q *HQHUDO GH ,QJUHVRV FRSLD

GH OD SUHVHQWH UHVROXFL´Q VLHPSUH

\FXDQGRODPLVPDVHHQFXHQWUHGH

ELGDPHQWH HMHFXWRULDGD SDUD TXH

VHDSOLTXHHQODFXHQWDFRUULHQWHGHO

FRQWULEX\HQWH 48,172 5(0,7,5DO

'HSDUWDPHQWRGH)LVFDOL]DFL´Q7UL

EXWDULD GH OD 'LUHFFL´Q *HQHUDO GH

,QJUHVRV FRSLD GH OD SUHVHQWH UH

VROXFL´Q )81'$0(172/(*$/ $U

W®FXORV

$

$GHO&´GLJR)LV

FDO /H\1q GH GHPDU]RGH

/H\1q GH GHMXQLRGH /H\

1q GH GH DEULO GH 'HFUHWR

GH*DELQHWH1q

GH GHPD\RGH

$UW®FXORV ' ( \ )

GHO 'HFUHWR (MHFXWLYR 1q

GH

GH RFWXEUH GH

FRQIRUPH IXH

URQDGLFLRQDGRVSRUHO'HFUHWR(MH

FXWLYR 1q

GH GH RFWXEUH GH

\ PRGLILFDGRV SRU HO 'HFUHWR

(MHFXWLYR1q

GH GHGLFLHPEUH

GH

'HFUHWR(MHFXWLYR1q GH

GHVHSWLHPEUHGH 'HFUHWR

(MHFXWLYR 1q

GH GH VHSWLHP

EUHGH 'HFUHWR(MHFXWLYR1q

GH GHPDU]RGH \OD5HVROX

FL´Q1q

GH GHRFWXEUHGH

5(*Ž675(6( 127,)Ž48(6( <

&›03/$6( )'2 38%/,2'(*5$

&,$7(-$'$'LUHFWRU*HQHUDOGH,Q

JUHVRV3'7 YHFS DL OQ DJ 3RUWDQ

WR SDUD QRWLILFDU DO FRQWULEX\HQWH

DQWHV FLWDGR VH ILMDU¢ HO SUHVHQWH

HGLFWRHQOXJDUS»EOLFRGHHVWHGHV

SDFKRSRUHOWªUPLQRGHGLH] G®

DV K¢ELOHV FRQWDGRV D SDUWLU GH VX

ILMDFL´Q \ FRSLD GHO PLVPR VH SXEOL

FDU¢ GHQWUR GHO PLVPR WªUPLQR HQ

XQ SHUL´GLFR GH FLUFXODFL´Q QDFLR

QDO SRUWUHV G®DVK¢ELOHVFRQVH

FXWLYRV SOD]RGXUDQWHHOFXDOHOFRQ

WULEX\HQWHSRGU¢FRPSDUHFHUDQR

WLILFDUVHSHUVRQDOPHQWH 6HDGYLHU

WHTXHGHQRFRPSDUHFHUDHVWHGHV

SDFKRGHQWURGHOWªUPLQRGHILMDFL´Q

GHHVWHHGLFWR GLFKDUHVROXFL´QTXH

GDU¢OHJDOPHQWHQRWLILFDGDGHVGHOD

IHFKD\KRUDGHVXGHVILMDFL´Q \VXU

WLU¢WRGRVORVHIHFWRVOHJDOHV '(5(

&+2 $UW®FXOR GHO &´GLJR )LV

FDO 5HVROXFL´Q1R

GH GH

MXOLR GH SXEOLFDGD HQ *DFHWD

2ILFLDO1R

GH GHDJRVWRGH

5HVROXFL´Q

GH GH

DJRVWR GH

&”3,(6( 38%/Ž

48(6(<&›03/$6( )'2 /,&'2

0(/9,1$ 9,//$55($/ 6HFUHWDULR

$G +RF 0$9 OS 6H ),-$ HO SUHVHQ

WH (GLFWR HQ XQ OXJDU YLVLEOH GH HVWH

GHVSDFKR KR\ ',(&,2&+2 GH

2&78%5( GHO D²R '26 0,/ ',(&,

1,(9(

VLHQGR ODV '26 GH OD

7$5'(

3 0 \ FRSLD GHO PLV

PRVHUHPLWHSDUDVXSXEOLFDFL´QHQ

XQ SHUL´GLFR GH FLUFXODFL´Q QDFLR

QDO

(',&72 (03/$=$725,2 1q /$

686&5,7$ -8(= 35,0(5$ '( &,5

&8,72 &,9,/ '(/ 7(5&(5 &,5&8,

72 -8',&,$/ '( 3$1$0‚ HQ XVR

GH ODV IDFXOWDGHV TXH OH FRQILHUH OD

OH\ SRU PHGLR GHO SUHVHQWH HGLFWR

DO S»EOLFR +$&( 6$%(5 4XH HQ HO

SURFHVRGH68&(6,”17(67$'$GH

67(3+(1$/%(57*25'21:$7621

4 ( 3 ' VHKDGLFWDGRXQDXWRFX

\DIHFKD\SDUWHUHVROXWLYDHVGHOWH

QRU VLJXLHQWH -8=*$'2 35,0(52

'( &,5&8,72 '( /2 &,9,/ '(/ 7(5

&(5&,5&8,72-8',&,$/'(3$1$

0‚ /D&KRUUHUD WUHV GHRFWX

EUHGHGRVPLOGLHFLQXHYH

$8

72 1R

9,6726 (Q PªULWR GH

OR H[SXHVWR TXLHQ VXVFULEH -8(=

35,0(5$'(&,5&8,72'(/2&,9,/

'(/7(5&(5&,5&8,72-8',&,$/'(

3$1$0‚ DGPLQLVWUDQGRMXVWLFLDHQ

QRPEUH GH OD 5HS»EOLFD \ SRU DXWR

ULGDGGHOD/H\ '(&/$5$35,0(52

4XHHQHVWH-X]JDGRHVWDDELHUWRHO

SURFHVRGH68&(6,”17(67$'$GH

67(3+(1$/%(57*25'21:$7621

4 ( 3 ' GHVGHHOG®DGLHFLVLHWH

GH DJRVWR GH GRV PLO GLHFLQXHYH

IHFKD GH VX GHIXQFL´Q 6(

*81'2 4XHHVVXKHUHGHUDVLQSHU

MXLFLRVGHWHUFHURV,GD&HOHVWLQD3RU

WHU FRQSDVDSRUWHDQWHULRU1R

\SDVDSRUWHDFWXDO1q

HQ

FDOLGDG GH KHUHGHURV WHVWDPHQWD

ULRV 25'(1$ 4XH FRPSDUH]FDQ HO

SURFHVR GD SHUVRQD TXH WHQJD DO

J»Q LQWHUªV HQ HO GHQWUR GHO WªUPL

QR GH GLH] G®DV K¢ELOHV D SDUWLU

GH OD »OWLPD SXEOLFDFL´Q GHO HGLFWR

GHTXHWUDWDHODUW®FXOR GHO&´

GLJR -XGLGDO 3´QJDVH HVWD UHVROX

FL´Q D HQ FRQRFLPLHQWR GHO S»EOLFR

SRU PHGLR GH XQ HGLFWR HO FXDO GH

EHU¢SXEOLFDUVHWUHV YHFHVFRQ

VHFXWLYDV HQ XQ SHUL´GLFR GH FLUFX

ODFL´Q1DFLRQDO\ILMDUVHHQODVHFUH

WDU®D GHO WULEXQDO SRU HO WªUPLQR GH

GLH] G®DV FRQWDGRV D SDUWLU GH

OD»OWLPDSXEOLFDFL´Q (QWUªJXHVHD

OD SDUWH VROLFLWDQWH FRSLD GHO PHQ

FLRQDGR HGLFWR D ILQ GH TXH OR KDJD

SXEOLFDU HQ XQ SHUL´GLFR GH FLUFX

ODFL´Q 1DFLRQDO GH IRUPD FRQVHFX

WLYD 'H FRQIRUPLGDG FRQ HO SRGHU

FRQIHULGRVHWLHQHDORV/LFHQFLDGRV

,YDQ - &DPDUHQD $ SULQFLSDO \ OD

/LFHQFLDGD <HVVLFD 'HO &DUPHQ 'L

PDV&RUGRED VXVWLWXWD FRPRDSR

GHUDGRV MXGLFLDOHV GH OD SDUWH VROL

FLWDQWH )XQGDPHQWR GH 'HUHFKR

\

GHO &´GLJR -XGL

FLDO )®MHVH\3XEO®TXHVHHOHGLFWRDQ

WHULRU &´SLHVH\1RWLI®TXHVH )'2

/D -XH] 125$ -29(/ '( (63,1$/

)'2 6HFUHWDULD 0$5,6(7+$*8,

/$5 / 3RU WDQWR VH ILMD HO SUHVHQWH

HGLFWR HPSOD]DWRULR HQ XQ OXJDU YL

VLEOH GH HVWD VHFUHWDU®D \ FRSLD GHO

PLVPR VH SRQH D GLVSRVLFL´Q GH OD

SDUWH LQWHUHVDGD SDUD VX SXEOLFD

FL´Q HQXQGLDULRGHFLUFXODFL´QQD

FLRQDO SRU WUHV YHFHV FRQVHFX

WLYDV OR TXH VH KDFH GH RFWXEUH

GHO

)®MHVH\3XEO®TXHVHHOHGLF

WR DQWHULRU 125$ -29(/ '( (63,

1$/ /$ -8(= 0$5,6(7+ $*8,/$5

/ 6(&5(7$5,$([S

1-GH( MY

$9,62$/3›%/,&2 3DUDGDUFXP

SOLPLHQWR FRQ OR HVWDEOHFLGR HQ HO

$UW®FXOR GHO &´GLJR GH &RPHU

FLR KDJR GH FRQRFLPLHQWR S»EOLFR

TXH\R 25,(/20$5*21=$/(=52

'5Ž*8(= YDU´Q SDQDPH²R PD\RU

GH HGDG FRQ FHGXOD GH LGHQWLGDG

SHUVRQDO 1R

WUDVSDVR HO

DYLVR GH RSHUDFL´Q 1R

GHO HVWDEOHFLPLHQWR

FRPHUFLDO GHQRPLQDGR &$17,1$

)$17$60$ H[SHGLGR SRU HO 0LQLV

WHULRGH&RPHUFLRH,QGXVWULDV XEL

FDGR HQ OD SURYLQFLD GH &RFOª 'LV

WULWR GH $QW´Q FRUUHJLPLHQWR GH

$QW´Q FDEHFHUD $YHQLGD&HQWUDO

DOVH²RU)(51$1'2$57852&$6

7,//(523,1=”1 FRQFHGXODGHLGHQ

WLGDG SHUVRQDO 1R

6H

JXQGD 3XEOLFDFL´Q

(',&72(03/$=$725,21q

(/686&5,72-8(=48,172'(&,5

&8,72'(/2&,9,/'(/35,0(5&,5

&8,72 -8',&,$/ '( 3$1$0$ SRU

HVWH PHGLR (03/$=$ D ',$1,/.$

/1(7+/23(=-8$5(=FRQFªGXODGH

LGHQWLGDG SHUVRQDO 1R

(

,19(56,21(6 /,1(7+ < $62&,$

'26 6 $ SDUD TXH SRU V® VRODV R

PHGLDQWH DSRGHUDGR MXGLFLDO FRP

SDUH]FDQ D HVWDU HQ GHUHFKR \ MXV

WLILFDU VX DXVHQFLD GHQWUR GHO 352

&(62+,327(&$5,2TXHHQVXFRQ

WUDKDSURSXHVWR%$1&2*(1(5$/

6 $ &RSLDDXWHQWLFDGDGHOSUHVHQ

WHHGLFWRVHSRQHDGLVSRVLFL´QGHOD

SDUWH LQWHUHVDGD SDUD VX OHJDO SX

EOLFDFL´Q HQ XQ SHUL´GLFR GH FLUFX

ODFL´QQDFLRQDOGXUDQWHFLQFR G®

DV 6HDGYLHUWHDODVHPSOD]DGDVTXH

VLQRFRPSDUHFHQGHQWURGHOWªUPL

QRGHGLH] G®DVFRQWDGRVDSDU

WLU GH OD »OWLPD SXEOLFDFL´Q GHO SUH

VHQWHHGLFWR GHFRQIRUPLGDGFRQHO

DUW®FXOR GHO&´GLJR-XGLFLDO VH

SURFHGHU¢ D GHVLJQDUOH XQ GHIHQ

VRUGHDXVHQWH FRQTXLHQFRQWLQXD

U¢ HO MXLFLR KDVWD VX FXOPLQDFL´Q

,JXDOPHQWH HO SUHVHQWH HGLFWR VH

ILMDU¢HQXQOXJDUYLVLEOHGHOD6HFUH

WDULD GHO 7ULEXQDO SRU GLH] G®

DV 3DQDP¢ GLHFLVªLV GH 2FWX

EUHGHGRVPLOGLHFLQXHYH

(/

-8(= /&'2 -8$1 %26&2 02/,1$

5 /&'$ 9,5*,1,$ 0(1'(= % 6(

&5(7$5,$ -8',&,$/

”5*$12 -8',&,$/ -8=*$'2 35,

0(52 '(/ &,5&8,72 &,9,/ '( /26

6$1726 $9,62 '( 5(0$7( (O VXV

FULWR$/*8$&,/(-(&8725 GHO-X]

JDGR 3ULPHUR GHO &LUFXLWR &LYLO GH

/RV6DQWRV /LFHQFLDGR-26(0 &$

%$//(525 SRUPHGLRGHOSUHVHQ

WH DYLVD DO 3»EOLFR +$&( 6$% (5

4XH GHQWUR GHO 3URFHVR (MHFXWLYR

+LSRWHFDULR SURPRYLGR SRU +,32

7(&$5,$ 0(752&5(',7 6 $ HQ

FRQWUDGH('*$5(/2<3(5(=48,1

7(52 VH ),-$&202)(&+$'(5(

0$7( (/ '®D 0LªUFROHV 9(,17,6,(

7( '(129,(0%5('('260,/

',(&,18(9(

SDUD TXH GHQ

WUR GH ODV KRUDV K¢ELOHV GH HVH G®D

VH HIHFWXª OD YHQWD HQ S»EOLFD VX

EDVWD GHO %,(1 ,108(%/( 48( $

&217,18$&,”16('(6&5,%( )LQ

FD 1q

F´GLJR GH XELFDFL´Q

1q

GHODVHFFL´QGHSURSLHGDG

GHO 5HJLVWUR GH OD SURYLQFLD GH /RV

6DQWRV XELFDGDHQHOFRUUHJLPLHQ

WR /RV 6DQWRV GLVWULWR GH /RV 6DQ

WRV SURYLQFLDGH/RV6DQWRVFRQVX

SHUILFLHDFWXDOGH

0 FRQODV

VLJXLHQWHVPHGLGDV\OLQGHURV 1RU

WH /LPLWDFRQORWH83 \83 \PLGH

PWV 6XU /LPLWD FRQ FDOOH ' \

PLGH

PWV (VWH /LPLWD FRQ OR

WH \ PLGH

PWV \ 2HVWH /L

PLWD FRQ ORWH \ PLGH

PWV

SURSLHGDG GH ('*$5 (/2< 3Š5(=

48,17(52FHGXODGR1q

+DVWDODFRQFXUUHQFLDGH6,(7(0,/

6(7(&,(1726&8$5(17$'26%$/

%2$6 &21 9(,17,81 &HQWªVLPRV

6HUYLU¢ GH EDVH SDUD HO

UHPDWHODVXPDGH6,(7(0,/6(7(

&,(1726 &8$5(17$ < '26 %$/

%2$6&219(,17,81&(17(6,026

VLHQGR SRVWXUDV DGPLVL

EOHV ODV TXH FXEUDQ ODV GRV WHUFH

UDV SDUWHV GH OD EDVH GHO UHPDWH

3DUDKDELOLWDUVHFRPRSRVWRUVHUH

TXLHUH FRQVLJQDU HQ HO 7ULEXQDO HO

GHODEDVHGHOUHPDWHFRPRJD

UDQW®D GH VROYHQFLD PHGLDQWH FHU

WLILFDGRGHJDUDQW®DH[SHGLGRSRUHO

%DQFR 1DFLRQDO GH 3DQDP¢ D IDYRU

GHO-X]JDGR3ULPHUR&LYLOGHO&LUFXL

WR GH /RV 6DQWRV /DV SRVWXUDV SR

GU¢QSUHVHQWDUVHGHVGHODVRFKRGH

ODPD²DQD

DP KDVWDODVFXD

WUR GH OD WDUGH

S P \ GHVGH

ODVFXDWUR S P KDVWDODVFLQ

FR GH OD WDUGH

S P VH HVFX

FKDURQODVSXMDV\UHSXMDVTXHVHKL

FLHUDQ KDVWD TXH HO IXQFLRQDULR UH

PDWDGRUDGMXGLTXHSURYLVLRQDOPHQ

WH HO ELHQ DO PHMRU SRVWRU 6L QR VH

SUHVHQWDVH SRVWRU SDUD OD EDVH GHO

UHPDWH VHKDU¢HOUHPDWHVLQQHFH

VLGDGGHDQXQFLRDOG®DVLJXLHQWHGHO

VHJXQGR\HQHOSRGU¢DGPLWLUVHSRV

WXUD SRU FXDOTXLHU VXPD 3RU WDQWR

VH H[SLGH HO SUHVHQWH DYLVR GH UH

PDWH \ VH ILMD HQ OXJDU YLVLEOH GH OD

VHFUHWDULD GHO 7ULEXQDO \ FRSLD DX

WHQWLFDGD GHO PLVPR VH SRQH D GLV

SRVLFL´Q GH OD SDUWH HMHFXWDQWH SD

UD OD SXEOLFDFL´Q KR\ QXHYH GH

RFWXEUHGHGRVPLOGLHFLQXHYH

/,&'2 -26( 0 &$%$//(52 5 $/

*8$&,/ (-(&8725 -8=*$'2 35,

0(52 '(/ &,5&8,72 &,9,/ '( /26

6$1726

$9,62'(9(17$32568%$67$38

%/,&$ 35,0(5$ &2192&$725,$

*/2%$/ ),1$1&,$/ )81'6 &253

VRFLHGDG ILGXFLDULD GHELGDPHQWH

FRQVWLWXLGDVHJ»QODVOH\HVGHOD5H

S»EOLFD GH 3DQDP¢ GHELGDPHQWH

LQVFULWDHQHO5HJLVWUR3»EOLFR 6HF

FL´Q GH 0LFURSHO®FXODV 0HUFDQWLO

DOD)LFKD

5ROOR

H,PD

JHQ HQ FDOLGDG GH ),'8&,$5,2

FRQIRUPHDO)LGHLFRPLVRGH*DUDQ

W®D 1R

HO FXDO VH HQ

FXHQWUDLQVFULWRD)LFKD1q

$VLHQWR GHQWUR GH SURFHVR GH /,

48,'$&,”1'(%,(1),'(,&20,7,

'2 KDVH²DODGRHOG®D75(,17$

'(2&78%5('('260,/',(&,18(

9(

SDUDOOHYDUDFDER ODYHQ

WD HQ 68%$67$ 38%/,&$ GHO ELHQ

LQPXHEOHTXHDFRQWLQXDFL´QVHGH

WDOOD ),1&$1R

&´GLJRGH8EL

FDFL´Q

ODFXDOFRQVLVWHHQXQD

UHVLGHQFLD\FDVDGHKXªVSHGHVFRQV

WUXLGDV HQ XQ /RWH GH WHUUHQR GH

P XELFDGDHQHO&RUUHJL

PLHQWR GH /$ (50,7$ 'LVWULWR GH

6DQ&DUORV 3URYLQFLD3DQDP¢2HV

WH D NLO´PHWURV GH OD &DUUHWHUD

,QWHUDPHULFDQD\D NLO´PHWURV

GHO FHQWUR GHO SREODGR GH 6DQ &DU

ORV DODDOWXUDGHOSDUTXHGH6DQ&DU

ORV FRQXQDYDO»R SURPHGLRGHYD

ORUGHYHQWDU¢SLGD GH86

6HUYLU¢ FRPR PRQWR P®QLPR SDUD

HPSH]DUODVXEDVWD ODVXPDGH'26

&,(1726 6(7(17$ < 18(9( 0,/

&,(172'2&('2/$5(6&21

86

PRQHGD GH FXUVR

OHJDOGHORV(VWDGRV8QLGRVGH$Pª

ULFD /DVXEDVWDVHOOHYDU¢DFDERHQ

ODV RILFLQDV GH */2%$/ ),1$1&,$/

)81'6&253 XELFDGDVHQ&DOOH

7RUUH*OREDO%DQN 3ODQWD%DMD FLX

GDGGH3DQDP¢ 6HUHFLELU¢QODVRIHU

WDV GH FRPSUD HQ VREUH FHUUDGR

3DUDTXHODVSRVWXUDVVHDQDGPLVL

EOHV HO SRVWRU GHEHU¢ DGMXQWDU D OD

PLVPDXQFKHTXHFHUWLILFDGRDODRU

GHQ GH */2%$/ ),1$1&,$/ )81'6

&253 SRU HO GLH] SRU FLHQWR

GHO PRQWR P®QLPR SDUD HPSH]DU OD

VXEDVWD R FDUWD SURPHVD GH SDJR

LUUHYRFDEOH GH XQ EDQFR GH OD ORFD

OLGDGSRUHOPRQWRWRWDOGHODSRVWX

UD SDJDGHUD FRQWUD LQVFULSFL´Q HQ

HO 5HJLVWUR 3»EOLFR GHO WUDVSDVR GH

OD ILQFD D QRPEUH GH TXLHQ KDFH OD

SRVWXUD R HO RIHUWDQWH (O SRVWRU DO

TXH VH OH DGMXGLTXH OD YHQWD FRQWD

U¢ FRQ XQ WªUPLQR GH VLHWH G®DV

FDOHQGDULR SDUD SDJDU HO QRYHQWD

UHVWDQWH R SUHVHQWDU XQD

&DUWD 3URPHVD GH 3DJR SDJDGHUD

FRQWUDLQVFULSFL´QHQHO5HJLVWUR3»

EOLFR GHO WUDVSDVR FRUUHVSRQGLHQ

WH $TXHO SRVWRU DO TXH VH OD DGMXGL

TXHODSURSLHGDGTXHQRFXPSODFRQ

HO SDJR GHO QRYHQWD

UHVWDQ

WHRODSUHVHQWDFL´QGHOD&DUWD3UR

PHVD GH 3DJR HQ HO WLHPSR DUULED

VH²DODGR SHUGHU¢HOGHUHFKRDTXH

OH VHD GHYXHOWR HO GLH] SRU FLHQWR

SUHVHQWDGR HO FXDO VHU¢ WR

PDGR HQ FRQFHSWR GH GD²RV \ SHU

MXLFLRV RFDVLRQDGRV D */2%$/ ),

1$1&,$/)81'6&253 SRUODRSRU

WXQLGDGGHYHQGHUODILQFD (QHOHYHQ

WR TXH OD SRVWXUD X RIHUWD QR VHD

DFHSWDGD VH SURFHGHU¢ D OD GHYR

OXFL´QGHOFKHTXHFHUWLILFDGRR&DU

WD3URPHVDGH3DJRUHFLELGD 6HDG

PLWLU¢QSRVWXUDVGHVGHODVRFKRGH

ODPD²DQD

D P KDVWDODVWUHV

GH OD WDUGH

S P 6H DGPLWL

U¢Q SXMDV \ UHSXMDV GHVGH ODV WUHV

GHODWDUGH S P KDVWDODVFXD

WURGHODWDUGH

S P */2%$/

),1$1&,$/)81'6&253 VHFRPX

QLFDU¢ FRQ HO SRVWRU IDYRUHFLGR D

P¢VWDUGDUGHQWURGHORVVLJXLHQWHV

FLQFR G®DV K¢ELOHV D OD UHDOL]D

FL´Q GH OD VXEDVWD S»EOLFD D ILQ GH

IRUPDOL]DU ORV GRFXPHQWRV UHTXH

ULGRV SDUD HO WUDVSDVR GH OD ILQFD

4XLHQ FRPSDUH]FD D UHDOL]DU SRV

WXUD FRQODVRODSUHVHQWDFL´QGHVX

RIHUWD GH FRPSUD UHOHYD LUUHYRFD

EOHPHQWH D */2%$/ ),1$1&,$/

)81'6&253 GHFXDOTXLHUUHVSRQ

VDELOLGDGSRUHOHVWDGRGHODVILQFDV

HQWHQGLªQGRVHTXHODYHQWDTXHDTX®

VHFRQYRFDVHUHDOL]DHQWªUPLQRGH

ũG´QGH HVW¢ \ FRPR HVW¢Ū */2%$/

),1$1&,$/)81'6&253 DFODUDTXH

QRUHFRQRFHU¢JDVWRV FRVWRVRFXDO

TXLHURWURLPSRUWHUHODFLRQDGRVFRQ

OD FRQIHFFL´Q R SUHSDUDFL´Q GH ODV

RIHUWDV SUHVHQWDGDV 3DUD PD\RU

LQIRUPDFL´QVREUHODSUHVHQWHYHQ

WDSRUVXEDVWDS»EOLFD IDYRUFRPX

QLFDUVH FRQ */2%$/ ),1$1&,$/

)81'6&253 DOWHOªIRQR

([W

(',&72 (03/$=$725,2 1q

(O

-XH]3ULPHURGHO&LUFXLWRGH&RFOª

5DPRGHOR&LYLO SRUHVWHPHGLR +$

&(6$%(5 4XHHQHO3URFHVRGH6X

FHVL´Q ,QWHVWDGD GH 526$ (67+(5

*21=$/(= %(55$6 4 ( 3 ' VH

KDQGLFWDGRXQDUHVROXFL´Q FX\DIH

FKD \ SDUWH UHVROXWLYD D FRQWLQXD

FL´QVHWUDQVFULEHQ -8=*$'235,

0(52'(/&,5&8,72'(&2&/Š 5$

02&,9,/3HQRQRPª GLHFLVLHWH

GHPD\RGHGRVPLOGLHFLQXHYH

$XWR&LYLO1q

9,6726 3$57(5(

62/87,9$ (Q PªULWR GH OR H[SXHV

WR HO-8(=35,0(52'(/&,5&8,72

'(&2&/Š5$02&,9,/ DGPLQLVWUDQ

GR -XVWLFLD HQ QRPEUH GH OD 5HSX

EOLFD \ SRU DXWRULGDG GH OD /H\ '(

&/$5$ 35,0(52 4XHHQHVWH-X]

JDGRHVW¢DELHUWDODVXFHVL´QLQWHV

WDGD GH 526$ (67+(5 *21=‚/(=

%(55$6 4 ( 3 ' TXLHQIDOOHFL´ HO

G®D GH VHSWLHPEUH GH

6(

*81'2 4XH HV VX KHUHGHUR *(5

0$1 $1721,2 7(-(5$ 18’(= HQ

VX FRQGLFL´Q GH F´Q\XJH VXSªUVWL

WH\*(50$1$1721,27(-(5$*21

=‚/(= HQ VX FRQGLFL´Q GH KLMR GH OD

FDXVDQWH VLQ SHUMXLFLR GH WHUFHURV

\25'(1$ 4XHFRPSDUH]FDQDOSUR

FHVRWRGDVODVSHUVRQDVTXHWHQJDQ

LQWHUªV HQ ªO GHQWUR GH XQ WªUPLQR

GH GLH] G®DV K¢ELOHV FRQWDGRV

DSDUWLU GHOD»OWLPDSXEOLFDFL´QGHO

HGLFWR GH HVWD UHVROXFL´Q 4XH GH

EH SRQHUVH HVWD UHVROXFL´Q HQ FR

QRFLPLHQWR GHO S»EOLFR SRU PHGLR

GH XQ HGLFWR HO FXDO GHEHU¢ SXEOL

FDUVH WUHV YHFHV HQ XQ SHUL´GL

FR GH FLUFXODFL´Q QDFLRQDO \ ILMDUVH

HQOD6HFUHWDULDGHO7ULEXQDOSRUXQ

WªUPLQRGHGLH] G®DV 4XHGHEH

HQWUHJDUVH D OD SDUWH DFWRUD FRSLD

GHO PHQFLRQDGR HGLFWR D ILQ GH TXH

ORKDJDSXEOLFDU 1RWLI®TXHVH )GR

9,&7257(-(,5$3 -8(= q'(/&,5

&8,72'(&2&/( 5$02&,9,/ )GR

'$9,'0(1'2=$ 2),&,$/0$<25

3DUDVLUYDGHIRUPDOQRWLILFDFL´QVH

ILMD HO SUHVHQWH HGLFWR HQ XQ OXJDU

YLVLEOHGHHVWDVHFUHWDULD\FRSLDGHO

PLVPR VH SRQH D GLVSRVLFL´Q GH OD

SDUWH LQWHUHVDGD SDUD VX SXEOLFD

FL´QSRUWUHV YHFHVHQXQSHUL´

GLFR GH FLUFXODFL´Q QDFLRQDO OR TXH

VHKDFHKR\ GLHFLVLHWH GHPD\R

GH GRV PLO GLHFLQXHYH

9,&

725 7(-(,5$ 3 -8(= q &,5&8,72

'( &2&/Š 5$02 &,9,/

25*$12 -8',&,$/ 5(3›%/,&$ '(

3$1$0‚”5*$12-8',&,$//$686

&5,7$ 6(&5(7$5,$ -8',&,$/ '(/

-8=*$'2 35,0(52 '( &,5&8,72

5$02 &,9,/ '(/ 7(5&(5 &,5&8,

72 -8',&,$/ '( 3$1$0‚ &(57,

),&$ 4XH D HVWH GHVSDFKR MXGLFLDO

IXHUHSDUWLGRHO352&(6225',1$

5,2 LQWHUSXHVWR SRU 1,'<$ (',7+

&('(’2 $/9(2 HQ FRQWUD GH /,$2

=+$2 /82 \ 6(*8526 685$0(5,

&$1$ 6 $ 685$0(5,&$1$ 6(*8

526685$2685$ /DDQWHULRUFHU

WLILFDFL´Q VH H[WLHQGH D VROLFLWXG GH

SDUWH LQWHUHVDGD SDUD FXPSOLU FRQ

ORSUHYLVWRHQHO$UW®FXOR GHO&´

GLJR -XGLFLDO 3DQDP¢ GH 2FWX

EUH GH

/LFGD 0DULVHWK $JXL

ODU 6(&5(7$5,$ -8',&,$/

$9,62 '( ',62/8&,21 'H FRQIRU

PLGDG FRQ OD OH\ VH DYLVD DO 3»EOLFR

TXHPHGLDQWH(VFULWXUD3»EOLFD1R

GH GH RFWXEUH GH

GH

OD 1RWDU®D 8QGªFLPD GHO &LUFXLWR H

LQVFULWD HQ OD 6HFFL´Q GH 0HUFDQWLO

GHO5HJLVWUR3»EOLFR DO)ROLR

6 HO

GHRFWXEUHGH

KDVL

GR GLVXHOWD OD VRFLHGDG 0(55(//

0$1$*(0(17 6 $ 3DQDP¢ GH

RFWXEUH GH

$9,62 '( ',62/8&,21 'H FRQIRU

PLGDG FRQ OD OH\ VH DYLVD DO 3»EOLFR

TXHPHGLDQWH(VFULWXUD3»EOLFD1R

GH GH RFWXEUH GH GH OD

1RWDU®D8QGªFLPDGHO&LUFXLWRHLQV

FULWD HQ OD 6HFFL´Q GH 0HUFDQWLO GHO

5HJLVWUR 3»EOLFR DO )ROLR

8

HO

GHRFWXEUHGH

KDVLGRGL

VXHOWDODVRFLHGDG)81'$&,2175$

%$-2<(16(’$1=$3DQDP¢ GH

RFWXEUH GH

$9,62 '( ',62/8&,21 'H FRQIRU

PLGDG FRQ OD OH\ VH DYLVD DO 3»EOLFR

TXHPHGLDQWH(VFULWXUD3»EOLFD1R

GH GHRFWXEUHGH GHOD

1RWDU®D8QGªFLPDGHO&LUFXLWRHLQV

FULWD HQ OD 6HFFL´Q GH 0HUFDQWLO GHO

5HJLVWUR 3»EOLFR DO )ROLR

8

HO

GHRFWXEUHGH

KDVLGRGL

VXHOWDODVRFLHGDG)81'$&,21&(1

7,1(/$ 3DQDP¢ GH RFWXEUH GH

$9,62 '( ',62/8&,21 'H FRQIRU

PLGDG FRQ OD OH\ VH DYLVD DO 3»EOLFR

TXHPHGLDQWH(VFULWXUD3»EOLFD1R

GH GHRFWXEUHGH GHOD

1RWDU®D8QGªFLPDGHO&LUFXLWRHLQV

FULWD HQ OD 6HFFL´Q GH 0HUFDQWLO GHO

5HJLVWUR3»EOLFR DO)ROLR

6

HO

GHRFWXEUHGH

KDVLGRGL

VXHOWD OD VRFLHGDG

&25

'(// 0$1$*(0(17 6 $ 3DQDP¢

GH RFWXEUH GH

$9,62 '( ',62/8&,21 'H FRQIRU

PLGDG FRQ OD OH\ VH DYLVD DO 3»EOLFR

TXHPHGLDQWH(VFULWXUD3»EOLFD1R

GH GH RFWXEUH GH

GH

OD 1RWDU®D 8QGªFLPD GHO &LUFXLWR H

LQVFULWD HQ OD 6HFFL´Q GH 0HUFDQWLO

GHO5HJLVWUR3»EOLFR DO)ROLR

6 HO

GH RFWXEUH GH

KD VL

GRGLVXHOWDODVRFLHGDG=,0(5$75$

',1*&253 3DQDP¢ GHRFWXEUH

GH

$9,62 '( ',62/8&,21 'H FRQIRU

PLGDG FRQ OD OH\ VH DYLVD DO 3»EOLFR

TXHPHGLDQWH(VFULWXUD3»EOLFD1R

GH GHRFWXEUHGH GHOD

1RWDU®D8QGªFLPDGHO&LUFXLWRHLQV

FULWD HQ OD 6HFFL´Q GH 0HUFDQWLO GHO

5HJLVWUR3»EOLFR DO)ROLR

6

HO

GHRFWXEUHGH

KDVLGRGL

VXHOWD OD VRFLHGDG

&$

521'(/(70$1$*(0(17 6 $ 3D

QDP¢ GH RFWXEUH GH

$9,62'(',62/8&,213DUDORVHIHF

WRVGHO$UW®FXOR GHOD/H\ GH

GHIHEUHURGH VHDYLVDDOS»EOL

FR 4XH 5(&5(,2 &253 IXH RUJD

QL]DGD PHGLDQWH (VFULWXUD 3»EOLFD

1q

GH GH RFWXEUH GH

GHOD1RWDU®D'ªFLPDGHO&LUFXLWRGH

3DQDP¢ H LQVFULWD HQ HO 5HJLVWUR

3»EOLFR 6HFFL´Q 0HUFDQWLO D )ROLR

GHVGH HO

GH RFWXEUH

GH

4XHGLFKDVRFLHGDGDFRU

G´VXGLVROXFL´QVHJ»QFRQVWDHQOD

(VFULWXUD 3»EOLFD 1q

GH GH

RFWXEUHGH 1RWDU®D&XDUWDGHO

&LUFXLWRGH3DQDP¢ HLQVFULWDHQHO

5HJLVWUR 3»EOLFR 6HFFL´Q 0HUFDQ

WLO HQ HO )ROLR

GHVGH HO

GH RFWXEUH GH

$9,62 '( ',62/8&,21 3RU PHGLR

GH OD (VFULWXUD 3»EOLFD 1R GH

IHFKD GH 2FWXEUH GH

GH OD

1RWDU®D6HJXQGDGHO&LUFXLWRGH3D

QDP¢ UHJLVWUDGD HO

GH 2FWXEUH

GH

D OD )LFKD

GH OD

6HFFL´Q 0HUFDQWLO GHO 5HJLVWUR 3»

EOLFR KD VLGR GLVXHOWD OD )XQGDFL´Q

GH,QWHUªV3ULYDGR 9$87)281'$

7,21

$9,62 '( ',62/8&,21 3RU PHGLR

GH OD (VFULWXUD 3»EOLFD 1R GH

IHFKD GH 2FWXEUH GH

GH OD

1RWDU®D6HJXQGDGHO&LUFXLWRGH3D

QDP¢ UHJLVWUDGD HO

GH 2FWXEUH

GH DOD)LFKD

GHOD6HF

FL´Q0HUFDQWLOGHO5HJLVWUR3»EOLFR

KD VLGR GLVXHOWD OD )XQGDFL´Q GH ,Q

WHUªV 3ULYDGR 7,$ $57 )281'$

7,21

$9,62 '( ',62/8&,21 3RU PHGLR

GH OD (VFULWXUD 3»EOLFD 1R GH

IHFKD GH 2FWXEUH GH

GH OD

1RWDU®D6HJXQGDGHO&LUFXLWRGH3D

QDP¢ UHJLVWUDGD HO

GH 2FWXEUH

GH DOD)LFKD

GHOD6HF

FL´Q0HUFDQWLOGHO5HJLVWUR3»EOLFR

KD VLGR GLVXHOWD OD VRFLHGDG DQ´QL

PD &+($36,'( /,0,7(' 6 $

$9,62 '( ',62/8&,21 3RU PHGLR

GH OD (VFULWXUD 3»EOLFD 1R

GH

IHFKD GH 2FWXEUH GH

GH OD

1RWDU®D6HJXQGDGHO&LUFXLWRGH3D

QDP¢ UHJLVWUDGD HO

GH 2FWXEUH

GH

D OD )LFKD

GH

OD 6HFFL´Q 0HUFDQWLO GHO 5HJLVWUR

3»EOLFR KDVLGRGLVXHOWDODVRFLHGDG

DQ´QLPD $/%$1< (48,7,(6 &20

3$1< &25325$7,21

$9,62 '( ',62/8&,21 3RU PHGLR

GH OD (VFULWXUD 3»EOLFD 1R

GH

IHFKD GH6HSWLHPEUHGH GH

OD 1RWDU®D 6HJXQGD GHO &LUFXLWR GH

3DQDP¢ UHJLVWUDGD HO

GH 6HS

WLHPEUHGH DOD)LFKD

GH OD 6HFFL´Q 0HUFDQWLO GHO 5HJLV

WUR 3»EOLFR KD VLGR GLVXHOWD OD VR

FLHGDG DQ´QLPD %25$/( ,19(67

0(17 ,1&

$9,62 '( ',62/8&,21 3RU PHGLR

GH OD (VFULWXUD 3»EOLFD 1R GH

IHFKD GH 2FWXEUH GH

GH OD

1RWDU®D6HJXQGDGHO&LUFXLWRGH 3D

QDP¢ UHJLVWUDGD HO

GH 2FWXEUH

GH

D OD )LFKD

GH OD

6HFFL´Q 0HUFDQWLOGHO5HJLVWUR3»

EOLFR KD VLGR GLVXHOWD OD VRFLHGDG

DQ´QLPD '$1 29(56($6 &2532

5$7,21 6 $

Từ khóa » Gh Hvfx