<<<
UHSRUWDJHP
r !& "/1, 0, /" &,+ *"+1,0 ")Ç1/& ,0 SRU +HOHQD 3DXOLQR
,* , , '"1&3, !" - /1&)% / ,+%" &*"+1, " ,*, Ó+& , # /& +1" !" *,1,/"0 ")Ç1/& ,0 "* ,/12$ )8 ,/$ +&7,2 2* & "/1, +, 2!&1Ð/&, !, 8 D !" * &,8 ,+!" ,0 &,+ *"+1,0 ")Ç1/& ,0 #,/ * , 002+1, "* !"01 .2": &ULDU H PDQWHU XP HVSD©R GH SDUWLOKD GH FR QKHFLPHQWR IRUWDOHFHQGR D LQG¼VWULD QDFLR QDO WDO FRPR DV LQVWLWXL©·HV GH HQVLQR IRL R PRWH GHVWH SULPHLUR 'LD $EHUWR GLULJLGR ¢V ,QVWLWXL©·HV GH (QVLQR SURPRYLGR SHOD :(* 2 HYHQWR FRPH©RX FRP $UPLQGR 7HL[HLUD D DJUDGHFHU D SUHVHQ©D GH WRGRV H D DSUHVHQWDU RV RUDGRUHV H RV WHPDV SUHPHQWHV QHVWH 'LD $EHUWR H WHUPLQRX FRP D LQWHUD©¥R SRU SDUWH GRV FHUFD GH SDUWLFLSDQWHV FRQVWLWX¯GR SRU SURIHVVRUHV H HVWXGDQWHV /X¯V $UD¼MR GD :(* GHX R PRWH GH LQ¯FLR GR HYHQWR DERUGDQGR RV SURMHWRV GH DSOLFD©¥R GH HQJHQKDULD HP 3RUWXJDO QR TXH GL] UHVSHLWR ¢V P£TXLQDV HO«WULFDV URWDWLYDV XP SURGXWR FRP GHVHQYROYLPHQWR QDFLRQDO QD )£EULFD GD 0DLD FHQWUR GH ([FHO¬QFLD :(* GH PRWRUHV SDUD £UHDV SRWHQFLDOPHQWH SHULJRVDV (VWDV P£TXLQDV V¥R FRQVWUX¯GDV SDUD UHVLVWLU ¢ LQV WDOD©¥R HP FRQGL©·HV H[WUHPDV GH SLSHOLQHV GH J£V QDV FRQGL©·HV VHYHUDV GR 3RODU UWLFR DW« D SODWDIRUPDV GH SHWUµOHR QRV SRQWRV PDLV TXHQWHV GR GHVHUWR PLQDV GH FDUY¥R VXEWHUU¤ QHR QDV SURIXQGLGDGHV GD EDFLD GR 0DU 1HJUR RX SR©RV GH SHWUµOHR QDV HOHYDGDV DOWLWXGHV GD &RUGLOKHLUD GRV $QGHV $V P£TXLQDV HO«WULFDV URWDWLYDV V¥R FRQVWUX¯GDV WHQGR HP YLVWD D UH GX©¥R GR VHX FRQVXPR HQHUJ«WLFR H DXPHQWR GRV Q¯YHLV GH UHQGLPHQWR H W¬P FRPR SULQFL SDLV FDUDWHU¯VWLFDV RV Q¯YHLV UHGX]LGRV GH UX¯GR H YLEUD©¥R VLPSOLͤFD©¥R H UHGX©¥R GD PDQX WHQ©¥R DXPHQWDQGR D YLGD ¼WLO D PRGXODULGD GH H IOH[LELOLGDGH )RUDP DSUHVHQWDGRV FDVRV UHDLV FRP GLIHUHQ©DV QDV DSOLFD©·HV H SRW¬Q FLDV GRV PRWRUHV FRP XPD DQ£OLVH HO«WULFD H HOHWURPDJQ«WLFD VHPSUH FRP R REMHWLYR GH RWLPL]DU D PDQXWHQ©¥R H RV FXVWRV
3&1 / 3 /& 08 2*"+1 / , /"+!&*"+1, 8PD GDV JUDQGHV SUHRFXSD©·HV GRV SUR ͤVVLRQDLV GH DFLRQDPHQWRV HO«WULFRV V¥R DV DYDULDV H D WROHU¤QFLD D IDOKDV H FRPR GLDJ ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
QRVWLFDU H SUHYHQLU R SUREOHPD XP WHPD DERUGDGR SRU 6«UJLR &UX] H $QGU« 0HQGHV GD 8QLYHUVLGDGH GH &RLPEUD 8& 6«UJLR &UX] FRPH©RX SRU H[SOLFDU FRPR VH FRQVWLWXLD XP PRWRU GH LQGX©¥R WULI£VLFR HQURODPHQWRV HVWDWµULFRV URODPHQWRV URWRU FLUFXLWR PDJQ«WLFR HVWDWµULFR H RQGH K£ XPD PDLRU SUREDELOLGDGH GH RFRUUHUHP DYDULDV IDOKDV QRV URODPHQWRV FXUWR FLUFXLWRV HQWUH HVSLUDV QRV HQURODPHQWRV GR HVWDWRU H[FHQWUL FLGDGH HVW£WLFD GLQ¤PLFD PLVWD EDUUDV IUDWX UDGDV QR URWRU H TXDLV DV VXDV FDXVDV 2 RE MHWLYR GHWHWDU DV DYDULDV QD IDVH LQLFLDO H VHP SHUWXUEDU R QRUPDO IXQFLRQDPHQWR GR PRWRU DR TXH 6«UJLR &UX] GHQRPLQRX GH PDQXWHQ ©¥R SUHGLWLYD HQXPHUDQGR GH VHJXLGD RV VHXV SURFHGLPHQWRV PDLV DGHTXDGRV ([LVWHP LQ¼ PHURV P«WRGRV GH GLDJQµVWLFR HP VHUYL©R TXH SUHYLQHP GLYHUVDV DYDULDV FRPR DQ£OLVH GDV YLEUD©·HV GD FDUFD©D GR PRWRU DQ£OLVH GH XOWUDVVRQV DQ£OLVH HVSHWUDO GD FRUUHQWH HO« WULFD YHWRU GH 3DUN GD FRUUHQWH HO«WULFD (39$ ([WHQGHG 3DUNV 9HFWRU $SSURDFK DQ£OLVH GDV SRW¬QFLDV HO«WULFDV GR PRWRU P«WRGR 34 GHV FDUJDV SDUFLDLV H D LPSRUWDQWH WHUPRJUDͤD )RUDP DSUHVHQWDGRV DOJXQV FDVRV SU£WLFRV SRU HVWH 3URIHVVRU GD 8& HP ORFDLV GH UHIH U¬QFLD QDFLRQDO FRPR D &LPSRU HP 6RXVHODV 6«UJLR &UX] FRQFOXLX GLWDQGR TXH ̸Q¥R K£ XPD W«FQLFD GH GLDJQµVWLFR YHUGDGHLUDPHQWH XQL YHUVDO TXH VHMD HͤFD] QD GHWH©¥R GH WRGRV RV WLSRV GH DYDULD̹ PDV TXH DWXDOPHQWH VH RSWD SRU HVWUDW«JLDV GH GLDJQµVWLFR HP WHPSR UHDO DGHTXDGDV D VLVWHPDV GH WHOHPDQXWHQ©¥R
$QGU« 0HQGHV WDPE«P IRFRX D VXD DSUH VHQWD©¥R QR GLDJQµVWLFR GH DYDULDV WHQGR SRU EDVH TXDWUR SRQWRV IXOFUDLV QHVWH SURFHV VR TXDQWLͤFDU ORFDOL]DU GHWHWDU H LGHQWLͤFDU H[SOLFRX TXDLV RV P«WRGRV DFRQVHOKDGRV SDUD XP DGHTXDGR GLDJQµVWLFR HP FRQYHU VRUHV WULI£VLFRV FRPR IXQFLRQD R 9HWRU GH 3DUN GD &RUUHQWH QR GLDJQµVWLFR GH DYDULDV &KHJDQGR DR SRQWR GH GHWH©¥R GD DYDULD K£ WU¬V SURFHGLPHQWRV DWXDU REVHUYDU H DQDOL VDU GH IRUPD D PHOKRUDU D WROHU¤QFLD D IDOKDV &RPR FRQFOXV¥R H[SOLFRX TXH XP DFLRQD PHQWR HO«WULFR FRP WROHU¤QFLD D IDOKDV QH FHVVLWD GH XP P«WRGR GH GLDJQµVWLFR GH DYD ULDV UREXVWR RV VLQDLV GH GLDJQµVWLFR GHYHP XWLOL]DU RV VLQDLV M£ XWLOL]DGRV QR FRQWUROR GR DFLRQDPHQWR H GHYH VHU XWLOL]DGD D WROHU¤QFLD D IDOKDV VHP UHFRUUHU ¢ UHGXQG¤QFLD )HUQDQGR (VWHY¥R )HUUHLUD GR ,QVWLWXWR 3ROLW«FQLFR GH &RLPEUD GHVWDFRX DV WHFQROR JLDV H QRUPDV LQWHUQDFLRQDLV UHIHUHQWHV DRV PRWRUHV HO«WULFRV LQGXVWULDLV $ LPSRUW¤Q FLD GD HͤFL¬QFLD HQHUJ«WLFD H GRV PRWRUHV H DFLRQDPHQWRV HO«WULFRV WDO FRPR D RWLPL]D ©DR GRV PHVPRV H DV QRUPDV UHODWLYDV DR UHQGLPHQWR GRV PRWRUHV H DLQGD D IXQ©¥R H DV YDQWDJHQV GRV YDULDGRUHV GH YHORFLGDGHV SUHYDOHFHUDP QD DSUHVHQWD©¥R GH )HUQDQGR (VWHY¥R )HUUHLUD $ERUGRX DLQGD D WUDQVIRU PD©¥R RFRUULGD QR PHUFDGR GRV PRWRUHV HO«WULFRV LQGXVWULDLV FRP D URWXODJHP QR PHUFDGR HXURSHX H TXDLV DV QRUPDV LQWHUQD FLRQDLV UHODFLRQDGDV FRP R UHQGLPHQWR TXH HQWUHWDQWR IRUDP LPSOHPHQWDGDV