=C
IRUPD©¥R
")"1/,1" +& Á0& &+01 ) Å "0 ")Ç1/& 0 !" &5 1"+0Ã, [ @: -RV« 9 & 0DWLDV /LFHQFLDGR HP (QJHQKDULD (OHWURW«FQLFD ,67
3URIHVVRU GR (QVLQR 6HFXQG£ULR 7«FQLFR $XWRU GH /LYURV 7«FQLFR 'LG£WLFRV GH (OHWULFLGDGH H (OHWUµQLFD
.2 )&! !" ! &+01 ) ÅÃ, ")Ç1/& &*-)"*"+1 ! +, &+1"/&,/ ! % &1 ÅÃ, ,2 ), ) !" 1/ )%, Ç8 0"* !Ó3&! 8 &*-,/1 +1"8 * 0 0" +Ã, #,/ -,& ! -,/ 2* ,* 0&01"* !" 1"// 8 -,!" 1,/+ /90" &+"#& &"+1" " *"0*, -"/&$,0 : , 1"51, .2" 0" 0"$2"8 -/"0"+1 *,0 3Á/&,0 1&-,0 !" ")Ç1/,!,0 !" 1"// " /"0-"1&3,0 Á) 2),0 ! /"0&01È+ & !" 1"// : ,/! *,0 &+! ,0 !&#"/"+1"0 -"/&$,0 -/,3, !,0 -") ")"1/& &! !"8 - / ,0 .2 &0 1"*,0 !" "01 / 0"*-/" 1"+1,0:
[ ·) 2), ! /"0&01¿+ & !" 1"// 2 F£OFXOR GD UHVLVW¬QFLD GR HO«WURGR GH WHUUD « GLIHUHQWH FRQVRDQWH R WLSR GH HO«WURGR RX R VLVWHPD GH HO«WURGRV XWLOL]DGR 'DGD D GLYHUVL GDGH GH VROX©·HV YDPRV SRU LVVR DSUHVHQWDU DTXL DV IµUPXODV SDUD R F£OFXOR GD UHVLVW¬QFLD GH WHUUD SDUD DSHQDV DOJXPDV GDV VROX©·HV XWLOL]DGDV GH DFRUGR FRP DV 5HJUDV 7«FQLFDV GH ,QVWDOD©·HV (O«WULFDV GH %DL[D 7HQV¥R (O«WURGR FRQVWLWX¯GR SRU XP FRQGXWRU HQWHUUDGR KRUL]RQWDOPHQ WH QR VROR $ UHVLVW¬QFLD GR HO«WURGR GH WHUUD « QHVWH FDVR FDOFXODGD SHOD H[SUHVV¥R
g =
ƛ
HP TXH 5 « D UHVLVW¬QFLD GR HO«WURGR GH WHUUD H[SUHVVD HP RKPV ƛ « D UHVLVWLYLGDGH GR WHUUHQR H[SUHVVD HP RKPV ϰ PHWURV / « R FRPSULPHQWR GD YDOD RFXSDGD SHOR FRQGXWRU H[SUHVVR HP PHWURV &KDPD VH D DWHQ©¥R SDUD R IDFWR GH TXH D FRORFD©¥R GR FRQGXWRU QXP WUD©DGR VLQXRVR QD YDOD Q¥R PHOKRUD GH IRUPD VHQV¯YHO D UHVLV W¬QFLD GR HO«WURGR GH WHUUD (O«WURGRV FRQVWLWX¯GRV SRU FKDSDV ͤQDV HQWHUUDGDV 1D SU£WLFD XWLOL]DP VH FKDSDV UHWDQJXODUHV GH P [ P HQWHUUDGDV SRU IRUPD TXH R ERUGR VXSHULRU ͤTXH D XPD SURIXQGLGDGH GH FHUFD GH P $ HVSHVVXUD GHVVDV FKDSDV Q¥R GHYH VHU LQIHULRU D PP VH GH FREUH RX D PP VH GH D©R JDOYDQL]DGR ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
3DUD JDUDQWLU XP PHOKRU FRQWDFWR GDV GXDV IDFHV FRP R VROR DV FKDSDV PDFL©DV Q¥R SHUIXUDGDV GHYHP VHU HQWHUUDGDV YHUWLFDOPHQWH $ UHVLVW¬QFLD GH XP HO«WURGR GH WHUUD FRQVWLWX¯GR SRU XPD FKDSD HQWHUUDGD YHUWLFDOPHQWH QR VROR SRGH VHU FDOFXODGD DSUR[LPDGDPHQ WH SRU PHLR GD H[SUHVV¥R VHJXLQWH
g ;8C
ƛ
HP TXH 5 « D UHVLVW¬QFLD GR HO«WURGR GH WHUUD H[SUHVVD HP RKPV ƛ « D UHVLVWLYLGDGH GR WHUUHQR H[SUHVVD HP RKPV [ PHWURV / « R SHU¯PHWUR GD FKDSD H[SUHVVR HP PHWURV (O«WURGRV YHUWLFDLV H[FHWR FKDSDV
&RP H[FH©¥R GRV HO«WURGRV HP FKDSD RV HO«WURGRV YHUWLFDLV SRGHP VHU ̽ YDUHWDV GH FREUH RX GH D©R FRP XP GL¤PHWUR P¯QLPR GH PP QR FDVR GH YDUHWDV HP D©R HVWDV GHYHP VHU FREHUWDV FRP XPD FDPDGD SURWHWRUD DGHUHQWH GH FREUH GH HVSHVVXUD DGHTXDGD RX VHUHP JDOYDQL]DGDV ̽ WXERV GH D©R JDOYDQL]DGR FRP XP GL¤PHWUR H[WHULRU Q¥R LQIHULRU D PP ̽ SHUͤV GH D©R PDFLR JDOYDQL]DGR FRP PP GH ODGR $ UHVLVW¬QFLD GH XP HO«WURGR GH WHUUD FRQVWLWX¯GR SRU HOHPHQWRV YDUH WDV WXERV RX SHUͤV PHW£OLFRV HQWHUUDGRV YHUWLFDOPHQWH QR VROR SRGH VHU FDOFXODGD DSUR[LPDGDPHQWH SRU PHLR GD H[SUHVV¥R VHJXLQWH
g
ƛ
HP TXH 5 « D UHVLVW¬QFLD GR HO«WURGR GH WHUUD H[SUHVVD HP RKPV ƛ « D UHVLVWLYLGDGH GR WHUUHQR H[SUHVVD HP RKPV [ PHWURV / « R FRPSULPHQWR GR HOHPHQWR H[SUHVVR HP PHWURV SRVV¯YHO GLPLQXLU R YDORU GD UHVLVW¬QFLD GR HO«WURGR GH WHUUD GLVSRQGR GH GLYHUVRV HOHPHQWRV YHUWLFDLV OLJDGRV HP SDUDOHOR H DIDVWDGRV GH XPD GLVW¤QFLD Q¥R LQIHULRU DR VHX FRPSULPHQWR QR FDVR GH HOHPHQWRV RX GH XPD GLVW¤QFLD DLQGD PDLRU QR FDVR GH PDLV GR TXH HOHPHQWRV 2XWUDV IRUPDV GH GLPLQXLU R YDORU GD UHVLVW¬QFLD GR HO«WURGR FRQVLV WHP HP DXPHQWDU R FRPSULPHQWR / GR HO«WURGR DXPHQWDU D VXSHUI¯FLH GDV FKDSDV RX GDV ͤWDV HP FRQWDFWR FRP R VROR DXPHQWDU D SURIXQGL GDGH GR HO«WURGR DXPHQWDU D FRQGXWLELOLGDGH HO«WULFD GR VROR RX GLPL QXLU D UHVLVWLYLGDGH HO«WULFD PHOKRUDQGR R FRP WHUUDV PDLV FRQGXWRUDV 4XDQGR KRXYHU ULVFRV GH JHOR RX GH VHFDJHP GR WHUUHQR R FRPSULPHQWR GDV YDUHWDV GHYH VHU DXPHQWDGR 1R FDVR GH YDUH WDV GH JUDQGH FRPSULPHQWR FRPR R VROR « UDUDPHQWH KRPRJ«QHR