A;
GRVVLHU VLVWHPDV GH DOWD H P«GLD WHQV¥R
*,+&1,/&7 ÅÃ, " !& $+Ð01& , ,+)&+" !" 1/ +0#,/* !,/"0 !" -,1È+ & -R¥R 5RP¥R %XVLQHVV 'HYHORSPHQW 0DQDJHU 09$ (OHFWURWHFQLD /GD
1/ +0#,/* !,/ !" -,1È+ & Ç 2* *Á.2&+ ,*-)"5 .2"8 -"0 / !" "01Á1& " !" #)25, ,+01 +1"8 Ç ,+01/2Ë! -,/ !&3"/0,0 ")"*"+1,0:
̽ 6HQVRUHV GH FRUUHQWH QR FLUFXLWR GH PHGLGD ̽ 6HQVRU GH WHPSHUDWXUD DPELHQWH ̽ 3RVL©¥R GR FRPXWDGRU HP FDUJD ̽ (VWDGR GR FLUFXLWR GH UHIULJHUD©¥R ̽ 0RQLWRU GH KXPLGDGH H JDVHV GLVVROYLGRV QR µOHR GR WUDQVIRUPDGRU ̽ 6HQVRUHV FDSDFLWLYRV QDV WUDYHVVLDV ̽ 6HQVRUHV DF¼VWLFRV GH GHVFDUJDV SDUFLDLV $V LQIRUPD©·HV IRUQHFLGDV SHORV VLVWHPDV GH PRQLWRUL]D©¥R RQOLQH H PRGHORV GH F£OFXOR V¥R GHVFULWDV GH VHJXLGD
6HQVRU 3' +XPLGDGH 'LVVROYLGD
8QLGDGH GH &RQWUROR 3URFHVVDPHQWR H 'LDJQµVWLFR
7HPSHUDWXUD 7RSR GD &XED
,+&1,/&7 À¹, ! /$
*DVHV 'LVVROYLGRV
$ FRUUHQWH GH FDUJD « PHGLGD DWUDY«V GH VHQ VRUHV GH FRUUHQWH GR WLSR VSOLW FRUH FRORFDGRV QR DUP£ULR GH FRPDQGR GR WUDQVIRUPDGRU H GR ODGR VHFXQG£ULR GRV WUDQVIRUPDGRUHV GH FRUUHQWH LQVWDODGRV QDV WUDYHVVLDV
7HPSHUDWXUD $PELHQWH 3RVL©¥R &RPXWDGRU HP &DUJD &RQWUROR &RPXWDGRU HP &DUJD 7HQV¥R &RUUHQWH (VWDGR 5HIULJHUD©¥R
$ PRQLWRUL]D©¥R GD FDUJD SHUPLWH REWHU ̽ 2 WHPSR UHVWDQWH TXH R WUDQVIRUPDGRU SRGH RSHUDU QR HVWDGR DWXDO ̽ $ FDUJD P£[LPD GH RSHUD©¥R HP VHJXUDQ©D
&RUUHQWH 5HIULJHUD©¥R &RQWUROR 5HIULJHUD©¥R 7HPSHUDWXUD )XQGR GD &XED
$V LQIRUPD©·HV HP WHPSR UHDO VREUH R HVWD GR GH RSHUD©¥R GR WUDQVIRUPDGRU WRUQDUDP VH XPD QHFHVVLGDGH FU¯WLFD SDUD R FRQWUROR H PDQXWHQ©¥R GH WUDQVIRUPDGRUHV 3DUD UHVSRQGHU D HVWD QHFHVVLGDGH IRUDP GHVHQYROYLGRV VLVWHPDV GH PRQL WRUL]D©¥R RQOLQH TXH SURFHVVDP GDGRV IRUQHFLGRV SHORV VHQVRUHV LQVWDODGRV QR WUDQVIRUPDGRU PHGLDQWH D DSOLFD©¥R GH DOJRULWPRV PDWHP£WLFRV FRUUHVSRQGHQWHV DRV PRGHORV GH F£OFXOR GD ,(& 3DUWH H ,((( & 2 REMHWLYR GHVWHV PRGHORV GH F£OFXOR « IRUQHFHU LQIRUPD©·HV HP WHPSR UHDO VREUH R HVWDGR GH RSHUD©¥R GR WUDQVIRUPDGRU DV VRFLDGRV ¢ LPSRUW¤QFLD WDQWR SDUD RV RSHUD GRUHV FRPR SDUD R SHVVRDO GH PDQXWHQ©¥R 2V EHQHI¯FLRV GR VLVWHPD FHQWUDP VH QD ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
VHJXUDQ©D DWUDY«V GD GHWH©¥R GH IDOKDV LQ FLSLHQWHV H DQRPDOLDV QR IXQFLRQDPHQWR GR WUDQVIRUPDGRU UHGX]LQGR VLJQLͤFDWLYDPHQ WH R ULVFR GH IDOKD FDWDVWUµͤFD H[SORV·HV H LQF¬QGLRV H PLQLPL]DQGR D SRVVLELOLGDGH GH VD¯GDV GH VHUYL©R Q¥R SURJUDPDGDV H IDFLOL WDQGR R SODQHDPHQWR GH WDUHIDV GH PDQXWHQ ©¥R SUHGLWLYD 2V GDGRV QHFHVV£ULRV V¥R REWLGRV GH IRU PD FRQW¯QXD D SDUWLU GH GLIHUHQWHV VHQVRUHV LQVWDODGRV QR WUDQVIRUPDGRU ̽ 6HQVRUHV GH WHPSHUDWXUD ̽ 7HPSHUDWXUD GR µOHR QD SDUWH VXSHULRU GD FXED ̽ 7HPSHUDWXUD GR µOHR QD SDUWH LQIHULRU GD FXED ̽ 7HPSHUDWXUD GR µOHR GR FRPXWDGRU HP FDUJD
2 WHPSR UHVWDQWH RX D FDUJD HP UHOD©¥R DR WHPSR IRUQHFH R WHPSR WRWDO TXH R WUDQVIRU PDGRU SRGH RSHUDU QDV FRQGL©·HV DWXDLV DQ WHV TXH D WHPSHUDWXUD H[FHGD R OLPLWH W«UPLFR DGPLVV¯YHO SDUD R WUDQVIRUPDGRU $ FDUJD P£[LPD LQGLFD D FDUJD TXH R WUDQVIRUPDGRU SRGH VXSRUWDU FRP VHJXUDQ ©D HP UHOD©¥R DR HVWDGR DWXDO GR WUDQVIRU PDGRU FRPR UHIULJHUD©¥R FRQGL©·HV DP ELHQWDLV H RSHUDFLRQDLV GR WUDQVIRUPDGRU VHP OHYDU HVWH DO«P GR VHX OLPLWH W«UPLFR DGPLVV¯YHO
+·)&0" ½/*& $ DQ£OLVH W«UPLFD GHYH VHU UHDOL]DGD GH DFRUGR FRP DV 1RUPDV ,(& 3DUWH H ,((( & 2 PRGHOR W«UPLFR UHTXHU D FDUJD GR WUDQV IRUPDGRU D WHPSHUDWXUD GR µOHR QR WRSR WRS RLO D SRVL©¥R GR FRPXWDGRU GH WRPDGDV HP FDUJD H R HVWDGR GR VLVWHPD GH UHIULJHUD©¥R
A=
GRVVLHU VLVWHPDV GH DOWD H P«GLD WHQV¥R ,+1/,), !, &01"* !" "#/&$"/ À¹, 2V VLVWHPDV GH UHIULJHUD©¥R V¥R GLIHUHQWHV GH DFRUGR FRP D FRQVWUX©¥R GR WUDQVIRUPDGRU GH IRUPD D IRUQHFHU R PHOKRU GHVHPSHQKR RSHUDFLRQDO H ͤDELOLGDGH ([LVWHP GLYHUVRV WLSRV GH FRQWUROR GH UHIULJHUD©¥R ̽ &RQWUROR GLVFUHWR FRQWUROR VLPSOHV SDUD Y£ULDV HWDSDV GH UHIULJHUD©¥R ̽ 'XSOD YHORFLGDGH SDUD DSOLFD©·HV GH EDL[R Q¯YHO GH UX¯GR HP TXH « XWLOL]DGD XPD OµJLFD GH FRQWUROR GRV YHQWLODGRUHV GH GXDV YHORFLGDGHV ̽ &RQWUROR GD ERPED SDUDOHOD SDUD VLVWHPDV SURMHWDGRV FRP ERPEDV HP SDUDOHOR JHULQGR DXWRPDWLFDPHQWH R FLFOR GH IXQFLRQDPHQWR GDV ERPEDV SDUD JDUDQWLU D LJXDOGDGH GH GHVJDVWH ̽ &RQWUROR GH YHORFLGDGH YDUL£YHO SDUD UHIULJHUD©¥R TXH RSHUD FRP YHQWLODGRUHV GH YHORFLGDGH YDUL£YHO 2 VLVWHPD FRQWUROD DV GLIHUHQWHV IDVHV GR FLUFXLWR GH UHIULJHUD©¥R LQLFLDQGR D VXD RSH UD©¥R HP FRQIRUPLGDGH FRP RV YDORUHV GRV VHJXLQWHV SDU¤PHWURV ̽ $ WHPSHUDWXUD GR µOHR QD SDUWH VXSHULRU GD FXED WRS RLO ̽ 7HPSHUDWXUD GR SRQWR TXHQWH KRW VSRW ̽ &RUUHQWH GH FDUJD
,+1/,), !" & ), !" 2+ &,+ *"+1, ! "#/&$"/ À¹, 5HJLVWR GDV KRUDV GH VHUYL©R SDUD FDGD HVW£JLR GH UHIULJHUD©¥R H TXDQGR « QHFHVV£ULR LQLFLDU D UHIULJHUD©¥R D OµJLFD GH FLFOR GH IXQFLRQDPHQWR VHOHFLRQDU£ DXWRPDWLFDPHQWH R HVW£JLR GH UHIUL JHUD©¥R FRP PHQRV KRUDV GH IXQFLRQDPHQWR
5"/  &, !, &01"* !" "#/&$"/ À¹, 2 H[HUF¯FLR DXWRP£WLFR GR VLVWHPD SRGH VHU XVDGR SDUD RSHUDU R VLVWHPD GH UHIULJHUD ©¥R FRP EDVH QXPD SURJUDPD©¥R SHULµGL FD (VWD URWLQD GH H[HUF¯FLR LU£ ̽ 5HGLVWULEXLU RV OXEULͤFDQWHV DXPHQWDQGR D YLGD ¼WLO GRV URODPHQWRV ̽ 0LQLPL]DU SUREOHPDV GH REVWUX©·HV FRPR QLQKRV GH S£VVDURV ̽ )RUQHFHU D FRQͤUPD©¥R GH TXH R VLVWHPD GH UHIULJHUD©¥R HVW£ D IXQFLRQDU FRUUHWDPHQWH
̽ 7HPSHUDWXUD GR SRQWR TXHQWH KRW VSRW ̽ &RUUHQWH GH FDUJD
·) 2), ! #& &¿+ & !, &01"* !" "#/&$"/ À¹, $ SDUWLU GD FDUJD GR WUDQVIRUPDGRU H GD WHPSHUDWXUD DPELHQWH R VLVWHPD DYDOLD D WHPSHUDWXUD WHµULFD GR µOHR QD SDUWH VX SHULRU GD FXED (P VHJXLGD H[HFXWD D VXD FRPSDUD©¥R FRP D WHPSHUDWXUD GR µOHR PHGLGD SHOR VHQVRU GH WHPSHUDWXUD LQVWDOD GR QR WUDQVIRUPDGRU VH D WHPSHUDWXUD FDO FXODGD H[FHGHU R YDORU PHGLGR V¥R JHUDGRV DODUPHV
"*-"/ 12/ !, ,*21 !,/ !" ,* ! 0 "* /$ $ DQ£OLVH W«UPLFD GH FRPXWDGRU GH WRPDGDV HP FDUJD RX DQ£OLVH GD WHPSHUDWXUD GLIHUHQ FLDO « UHDOL]DGD SRU FRPSDUD©¥R FRP D WHP SHUDWXUD GR µOHR QD FXED GR WUDQVIRUPDGRU H D WHPSHUDWXUD GR µOHR QR FRPSDUWLPHQWR GR FRPXWDGRU GH WRPDGDV HP FDUJD 2 VLVWHPD DYDOLD D GLIHUHQ©D HQWUH DP EDV DV WHPSHUDWXUDV 4XDQGR « GHWHWDGR XP DXPHQWR GD WHPSHUDWXUD FRUUHVSRQGHQWH DR µOHR QR FRPXWDGRU GH WRPDGDV HP FDUJD V¥R JHUDGRV DODUPHV
,+1 $"* !" +, / 0 !, ,*21 !,/ !" ,* ! 0 "* /$ 8P FRQWDGRU GH PDQREUDV SDUD FDGD SRVL©¥R WRWDOL]D WRGD D RSHUD©¥R KLVWµULFD GR FRPXWD GRU GH WRPDGDV HP FDUJD 2 UHVXPR IRUQHFH XPD LQGLFD©¥R GDV WRPDGDV RX LQWHUYDOR GH WRPDGDV PDLV XWLOL]DGDV $O«P GLVVR V¥R DQDOLVDGDV H UHJLVWDGDV DV SRVL©·HV GR FRPXWDGRU GH WRPDGDV HP FDUJD R TXH SHUPLWH GHWHWDU DQRPDOLDV QD VXD RSHUD©¥R
"#/&$"/ À¹, /"!&1&3 (VWH « XP UHFXUVR TXH TXDQGR DWLYDGR GH IRUPD SURDWLYD DWLYD R VLVWHPD GH UHIULJHUD ©¥R PDLV FHGR SDUD UHGX]LU R GHVJDVWH GR LVR ODPHQWR GR WUDQVIRUPDGRU H PDQWHU D UHIULJH UD©¥R UHVHUYDQGR XPD PDLRU FDSDFLGDGH GH VREUHFDUJD SDUD TXDQGR IRU QHFHVV£ULR $ UHIULJHUD©¥R SUHGLWLYD XWLOL]D ̽ $ WHPSHUDWXUD GR µOHR QD SDUWH VXSHULRU GD FXED WRS RLO ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
"0$ 01" !,0 ,+1 1,0 !, ,*21 !,/ !" ,* ! 0 "* /$ $ DQ£OLVH GH GHVJDVWH GRV FRQWDFWRV « UHDOL ]DGD D SDUWLU GH XP PRGHOR TXH SHUPLWH FDO FXODU R GHVJDVWH DFXPXODGR HP FDGD WRPD GD (VWHV F£OFXORV IRUQHFHP XPD DYDOLD©¥R GR HVWDGR GRV FRQWDFWRV GHQWUR GR FRPXWD GRU GH WRPDGDV HP FDUJD H SRGH VHU XVDGR
SDUD PHOKRUDU R SURFHVVR GH PDQXWHQ©¥R HOLPLQDQGR D PDQXWHQ©¥R GHVQHFHVV£ULD H LQGLFDQGR FDVRV HP TXH SRGH VHU QHFHVV£ULR XPD PDQXWHQ©¥R DGLFLRQDO
,+&1,/&7 À¹, ! ,//"+1" !, ,1,/ !, ,*21 !,/ !" ,* ! 0 "* /$ ([LVWHP WDPE«P GLVSRQ¯YHLV PµGXORV SDUD R FRQWUROR GD FRUUHQWH GR PRWRU GR FRPXWDGRU GH WRPDGDV HP FDUJD H GD VXD DOLPHQWD©¥R $ LQIRUPD©¥R UHFROKLGD « XWLOL]DGD SDUD DQDOL VDU H FRPSDUDU D HQHUJLD FRQVXPLGD GXUDQWH D PXGDQ©D GH WRPDGD FRP XP YDORU SU« GHWHUPLQDGR 8P DODUPH VHU£ HPLWLGR VH D HQHUJLD QHFHVV£ULD SDUD ID]HU D PXGDQ©D GH XPD WRPDGD HVWLYHU IRUD GR OLPLWH DFHLW£YHO R TXH LQGLFD XPD FRQGL©¥R GH DYDULD QR PRWRU RX QR PHFDQLVPR
,+&1,/&7 À¹, ! ,+!&À¹, ! 0 / 3"00& 0 $ PRQLWRUL]D©¥R RQOLQH GDV WUDYHVVLDV IRU QHFH LQIRUPD©·HV HP WHPSR UHDO GD FDSDFL W¤QFLD H GR IDWRU GH SRW¬QFLD TXH SHUPLWH D GHWH©¥R SUHFRFH GH SRVV¯YHLV IDOKDV $WUDY«V GD LQVWDOD©¥R GH VHQVRUHV QDV WUD YHVVLDV « SRVV¯YHO ̽ &DOFXODU D FDSDFLW¤QFLD H R IDWRU GH SRW¬QFLD GH FDGD WUDYHVVLD ̽ 6DEHU D PDJQLWXGH GD VRPD GDV FRUUHQWHV VHYHULGDGH GR GHIHLWR FRPR D LQIRUPD©¥R YHWRULDO GHWHUPLQDU TXDO D WUDYHVVLD HP GHIHLWR ̽ $YDOLD©¥R DXWRP£WLFD GR FRPSRUWDPHQWR FRP D FDUJD KXPLGDGH H WHPSHUDWXUD $O«P GH WRGR R VRIWZDUH GH F£OFXOR H LQWHU IDFH JU£ͤFR GH DSUHVHQWD©¥R GH UHVXOWDGRV H DODUPHV « QHFHVV£ULR TXH R VLVWHPD GH PRQL WRUL]D©¥R SHUPLWD DWUDY«V GH FDER GH FREUH ͤEUD µWLFD RX VHP ͤR FRPXQLFDU DODUPHV H HVWDGRV DR VLVWHPD GH FRQWUROR GD VXEHVWD ©¥R RQGH HVW£ LQVWDODGR GHYHQGR VXSRUWDU RV VHJXLQWHV SURWRFRORV ̽ ,(& ̽ '13 ̽ 0RGEXV ̽ 7&3 ,3 ̽ )73 6)73 ̽ +773 +7736