',1$0,&$ (/ &,(1 3,(6 ,17(*5$17(6 D SHUVRQDV /8*$5 &DPSR DELHUWR R VDOyQ GH FODVH 2%-(7,926 'HVSHUWDU HQ ODV SHUVRQDV VX DVSHFWR It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~PHURV /D SHUVRQD TXH TXHGH IXHUD GHO JUXSR HV HOLPLQDGR GHO MXHJR ',1$0,&$6 '( &2081,&$&,Ð1 ,17(*5$17(6 SHUVRQDV /8*$5 VDOyQ 2%-(7,92 (O DOXPQR GHEH VHU FDSD] GH VHxDODU GLVWRUVLRQHV TXH VH SURFHGHQ HQ OD WUDQVPLVLyQ RUDO GH XQ PHQVDMH 6HU FDSD] GH FRQVWDWDU TXH ODV GLVWRUVLRQHV GHO YHU VLQ PHQRUHV TXH ODV GHO RtU HQ OD WUDQVPLVLyQ GH XQ PHQVDMH 68*(5(1&,$6 0(72'2/2*,&$6 $O LJXDO TXH HQ ORV GHPiV HMHUFLFLRV VREUH FRPXQLFDFLyQ OR TXH PDV LQWHUHVD HV HO SHULRGR GH WLHPSR GHGLFDGR D OD UHIOH[LyQ VREUH HO MXHJR PLVPR 352&(',0,(172 6H VROLFLWD FLQFR YROXQWDULRV \ VH OHV SLGH TXH HVSHUHQ DIXHUD GH HO VDOyQ $O JUXSR TXH SHUPDQHFH HQ HO VDOyQ VH OHV SLGH TXH WHQJD XQD DFWLWXG OR PDV LPSDUFLDO SRVLEOH *XDUGH VLOHQFLR \ WDPELpQ VXV HPRFLRQHV 6H KDFH HQWUDU HO SULPHU YROXQWDULR \ VH OH PXHVWUD \ WDPELpQ DO JUXSR TXH SHUPDQHFH HQ HO VDOyQ XQD IRWR GLDSRVLWLYD FXDGUR HWF TXH VHD VLJQLILFDWLYD 'HVSXpV VH OH GLFH TXH HO GHEH GHVFXEULU RUDOPHQWH OR TXH KD YLVWR DO VHJXQGR YROXQWDULR 'HVSXpV TXH HO SULPHUR OH WUDVPLWLy OR TXH YLR DO VHJXQGR HVWH GHEH WUDVPLWLU OR TXH R\y GHO SULPHUR DO WHUFHU YROXQWDULR (O XOWLPR HVFULEH HQ HO WDEOHUR OR TXH FDSWR GH OD GHVFULSFLyQ TXH OH GLR VX FRPSDxHUR 6H YXHOYH D PRVWUDU D WRGRV OD IRWR LPDJHQ (O TXLQWR YROXQWDULR FRPXQLFD DO UHVWR OR TXH YLR HQ OD IRWR LPDJHQ \ OR FRPSDUD FRQ OR TXH HO R\y GH HVD ILJXUD ',1$0,&$6 '( &2081,&$&,Ð1 ,17(*5$17(6 SHUVRQDV /8*$5 VDOyQ 2%-(7,92 6HU FDSD] GH GLVWLQJXLU OD GLIHUHQFLD HQWUH OD WUDQVPLVLyQ GH XQ PHQVDMH \ HO GLDORJR 68*(5(1&,$6 0(72'2/2*,&$6 (Q HO SUHVHQWH HMHUFLFLR VH WUDWH GH UHSURGXFLU OD GHVFULSFLyQ TXH KDFHQ GRV SHUVRQDV GH XQD ODPLQDFLyQ TXH VROR HOORV YHQ 3HUR PLHQWUDV TXH XQR VH OLPLWD D WUDVPLWLU HO RWUR OR KDFH \ D OD YH] SXHGHQ GLDORJDU FRQ HO
UHVWR VREUH OR PLVPR TXH KDFH 3DUD HVWH HMHUFLFLR FRQYLHQH WHQHU UHSURGXFFLyQ HQ XQ SDSHO JUDQGH ODV ODPLQDV TXH VH YDQ D GHVFULELU 352&(',0,(172 35,0(5$ (7$3$ &DGD DOXPQR HQ VHPLFtUFXOR HQ OR SRVLEOH FRQ XQD KRMD GH SDSHO HQ EODQFR \ OiSL] (O DQLPDGRU SLGH XQ YROXQWDULR TXH VHD EXHQR SDUD OD JHRPHWUtD (O VHUi HO FRPXQLFDGRU \ VH VHQWDUD DO FHQWUR GHO VHPLFtUFXOR GH HVSDOGD DO UHVWR \ DOJR PDV DGHODQWH TXH ORV GHPiV GH PRGR TXH QR YHDQ TXH KD\ HQ HO SDSHO TXH WLHQH HQ ODV PDQRV 5(*/$6 '( -8(*2 3DUD HO FXUVR /D WDUHD FRQVLVWH HQ UHSURGXFLU HQ HO SDSHO TXH WLHQH FDGD XQR OR TXH HO DOXPQR FRPXQLFDGRU WUDVPLWH 6H WUDEDMDUD HQ FRPSOHWR VLOHQFLR 1R PLUDU QL FRSLDU OR TXH WLHQH HO YHFLQR HQ VX KRMD 3DUD HO DOXPQR HPLVRU GHEH PLUDU OR TXH KD\ HQ VX SDSHO \ WUDWDU GH FRPXQLFDU OR TXH YH GH PDQHUD TXH VXV FRPSDxHURV SXHGDQ UHSURGXFLU OR TXH HO YH \ GHVFULEH 1R SXHGH JHVWLFXODU QL PRYHUVH &XDQGR SLHQVH TXH \D HVWD SUHSDUDGR DYLVD (PSLH]R \ XQD YH] TXH FRQFOX\D OD GHVFULSFLyQ GHEH GHFLU (VR HV WRGR R WHUPLQH (O DOXPQR YROXQWDULR GHYXHOYH OD KRMD DO DQLPDGRU VLQ TXH RWURV OD YHDQ \ WRPD DVLHQWR 6(*81'$ (7$3$ (O DQLPDGRU SLGH RWUR YROXQWDULR (O QXHYR YROXQWDULR VH VLHQWD HQ HO PLVPR OXJDU TXH HO SULPHUR SHUR GH FDUD DO JUXSR 5(*/$6 '( -8(*2 3DUD HO FXUVR 6H WUDWD WDPELpQ DKRUD GH UHSURGXFLU OR TXH HO DOXPQR TXH HVWD DGHODQWH HVWD YLHQGR \ GHVFULELHQGR $KRUD VH OH SXHGH KDFHU SUHJXQWDV FXDQGR DOJR QR VH HQWLHQGH 7DPSRFR HQ HVWD RFDVLy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Ð1 ,17(*5$17(6 SHUVRQDV /8*$5 VDOyQ 2%-(7,926 0HGLU HO QLYHO GH SURIXQGLGDG DOFDQ]DGR HQ XQD FRQYHUVDFLyQ LQIRUPDO 'LVWLQJXLU ODV FRPXQLFDFLRQHV TXH WRFDQ DO \R SURIXQGR GH ODV SHUVRQDV GH DTXHOODV TXH SRGUiQ FRPSDUWLUVH FRQ FXDOTXLHU FRQRFLGR 68*(5(1&,$6 0(72'2/2*,&$6 ([LVWHQ WHPDV VREUH ODV FXDOHV SRGUtDPRV KDEODU LQFOXVR FRQ GHVFRQRFLGRV SUHJXQWDU OD KRUD FRPHQWDU HO WLHPSR 2WURV WHPDV ORV FRPSDUWLPRV VROR FRQ JHQWH TXH FRQRFHPRV +D\ FRVDV TXH QR FRPXQLFDPRV D XQ QXHYR FRQRFLGR SHUR VL D XQ DPLJR < RWUD FRVDV ODV KDEODPRV GROR FRQ DPLJRV tQWLPRV (V SUREDEOH TXH DOJXQRV WHPDV QR QRV DWUHYDPRV D FRQILDUORV D SHUVRQD DOJXQD H LQFOXVR H[LVWHQ FRVDV TXH QL VLTXLHUD D QRVRWURV PLVPRV TXLVLpUDPRV GHFLUQRODV SRUTXH UHFRQRFHUODV
352&(',0,(172 (Q SHTXHxRV JUXSRV GH R SHUVRQDV VH KDEODQ GH PDQHUD LQIRUPDO VREUH ORV WHPDV TXH TXLHUDQ GXUDQWH PLQXWRV $O WHUPLQR GH PLQXWRV VH OHV GD D FDGD JUXSR FLQFR PLQXWRV PDV SDUD TXH FRQIHFFLRQHQ XQD OLVWD FRQ ORV WHPDV TXH KDQ WUDWDGR 3RU HMHPSOR YLGD IDPLOLDU GH ODV ILHVWDV GH OR TXH FRQVWLWX\H XQD EXHQD DPLVWDG GH SHOtFXODV YLVWDV GH VH[R HWF (9$/8$&,21 (1 (/ *5832 &+,&2 8ELFDU WHPDV TXH VH GLHURQ XQ GHWHUPLQDGR PRPHQWR \ TXH HMHPSOLILTXHQ JUDGRV GH SURIXQGLGDG HQ OD FRPXQLFDFLyQ VHJ~Q VH LQGLFD &RVDV TXH VH FRQWDUtDQ D XQ GHVFRQRFLGR &RVDV TXH VH FRQYHUVDQ FRQ FRQRFLGRV /R TXH VH FXHQWD VROR FRQ DPLJRV 7HPDV TXH QRUPDOPHQWH VH KDEODQ VROR HQWUH DPLJRV tQWLPRV $OJR TXH QR KXELHUD HVSHUDGR TXH VH PDQLIHVWDUD HQ HVWH JUXSR SRU FRQVLGHUDUOR PX\ SHUVRQDO ',1$0,&$6 '( 35(6(17$&,21 ,17(*5$17(6 SHUVRQDV /8*$5 VDOyQ (O p[LWR GH VX XVR FRQVLVWLUi HQ GRV FRVDV EiVLFDV 3ULPHUR TXH VH GH XQD PX\ EXHQD PRWLYDFLyQ HQ HO JUXSR DQWHV GH DSOLFDU FXDOTXLHUD GH HOORV \ VHJXQGR TXH KD\D GHVSXpV GH VX DSOLFDFLyQ XQ WLHPSR GH UHIOH[LyQ VREUH OR TXH HO HMHUFLFLR QRV SHUPLWH DSUHQGHU 352&(',0,(172 $OJXQDV LGHDV SDUD OD PRWLYDFLyQ 1XQFD DFDEDPRV GH FRQRFHU D RWUR (O FRQRFLPLHQWR HV XQ SURFHVR QR XQ DFWR &DGD SHUVRQD HV FRPR XQD SHUPDQHQWH FDMD GH VRUSUHVDV 6LHPSUH HV XQ PLVWHULR \ XQD DYHQWXUD FRQRFHU D XQD SHUVRQD &XDQGR QRV FRQRFHPRV PHMRU SRGHPRV HQIUHQWDU PDV HILFLHQWHPHQWH WDUHDV FRPXQHV (Q XQ JUXSR GH WUDEDMR GHEH H[LVWLU XQ FOLPD GH FRODERUDFLyQ (O FRQRFLPLHQWR GH ORV RWURV FRPLHQ]D HQ HVD SHULIHULD JHVWRV IUDVHV FRPSRUWDPLHQWRV SHUR VH SXHGH SDVDU DO Q~FOHR GH VX SHUVRQDOLGDG (MHUFLFLRV GH DFHUFDPLHQWR LQWHUSHUVRQDO 7RGRV VH FRORFDQ HQ FLUFXOR &DGD XQR GHVGH VX VLWLR \ HQ VLOHQFLR PLUD SRU DOJXQRV VHJXQGRV D WRGRV ORV LQWHJUDQWHV \ OXHJR HOLJH D OD SHUVRQD TXH PHQRV FRQRFH \ OD LQYLWD D XQD HQWUHYLVWD UHFLSURFD 6L HO FXUVR HV PL[WR FRQYLHQH TXH OD SDUHMD VHD KRPEUH PXMHU < VL HO Q~PHUR GH SDUWLFLSDQWHV HV LPSDU XQ JUXSR VHUi GH WUHV SHUVRQDV 'XUDQWH GLH] PLQXWRV ODV SDUHMDV KDEODQ VREUH KHFKRV \ RSLQLRQHV SHUVRQDOHV TXH SHUPLWDQ XQ FRQRFLPLHQWR PXWXR PtQLPR /XHJR VH FRORFDQ RWUD YH] HQ FtUFXOR \ FDGD SHUVRQD YD FRQWDQGR OR TXH GHVFXEULy HQ HO RWUR \ FyPR VH VLQWLy HQ OD FRQYHUVDFLyQ 3UHVHQWDFLyQ SRU WDUMHWDV 6H UHSDUWHQ WDUMHWDV FRQ ORV QRPEUHV GH ORV LQWHJUDQWHV GHO FXUVR 6t DOJXLHQ VDFD VX SURSLR QRPEUH OR FDPELD 'HVSXpV GH SURFHGH D HQWUHYLVWDU DO FRPSDxHUR D FX\R QRPEUH VDOLy HQ OD WDUMHWD &DGD SDUHMD HOLJH D RWUD \ HQ HO FXDUWHWR XQR SUHVHQWD D OD SHUVRQD TXH FRQRFLy 1R VH SXHGH KDEODU GH Vt PLVPR DO ILQDO SXHGH KDFHUVH SUHJXQWDV GLUHFWDPHQWH
3UHVHQWDFLyQ SRU FDUDFWHUtVWLFDV (VWH HMHUFLFLR FRQVLVWH HQ WUDWDU GH XELFDU OD SHUVRQD FX\DV FDUDFWHUtVWLFDV HVWiQ GHVFULWDV HQ XQ SDSHO R WDUMHWD 6H GLYLGH HO FXUVR HQ GRV JUXSRV (O SURIHVRU KDFH XQD GHVFULSFLyQ VREUH XQR GH ORV JUXSRV GH OR PiV FDUDFWHUtVWLFR \ REVHUYDEOH GH FDGD XQR < HVFULEH HVWD FDUDFWHUtVWLFD HQ XQD WDUMHWD (O RWUR JUXSR TXH QR KD VLGR GHVFULWR UHFLEH ODV WDUMHWDV GH ORV GHVFULWRV \ GHEH XELFDU D OD SHUVRQD SRU OR TXH OHH HQ VX WDUMHWD 8QD YH] TXH OD XELFD VH FRQRFHQ FRPR HQ ORV HMHUFLFLRV DQWHULRUHV ', 78 120%5( &21 81 621 ,17(*5$17(6 SHUVRQDV /8*$5 VDOyQ 2325781,'$' 3DUD FXDOTXLHU JUXSR TXH DSHQDV HVWD UHDOL]DQGR VX SULPHU H[SHULHQFLD FRPR JUXSR 2%-(7,92 'HVKLELU DO LQGLYLGXR SDUD TXH VH SODQWHDQ HQ XQ JUXSR QXHYR 3$626 3ULPHUR VH OHV VXJLHUH D ORV LQWHJUDQWHV TXH IRUPHQ XQD PHVD UHGRQGD /XHJR VH OHV H[SOLFDUD D ORV FRPSDxHURV TXH ODV VLJXLHQWH DFWLYLGDG OD UHDOL]DUHPRV GH OD VLJXLHQWH IRUPD &DGD XQR SURFHGHUi D GHFLU VX QRPEUH SHUR LQFOX\HQGR XQ QRPEUH DVt 3RU HMHPSOR VL PL QRPEUH HV 5RVD HQWRQFHV GLFH <R PH OODPR 5RVD \R VR\ OD UHLQD SRU GRQGH YR\ QR KD\ WDPERU TXH VXHQH \ TXH QR WLPEUH FXDQGR SDVR \R < DVt VXFHVLYDPHQWH OR KDUiQ WRGRV ORV LQWHJUDQWHV GHO JUXSR KDVWD TXH GH WRGD OD YXHOWD \ OOHJXH DO SXQWR GH RULJHQ (VWD GLQiPLFD QR VROR VLUYH SDUD TXH ORV LQWHJUDQWHV GHO JUXSR VH JUDEHQ ORV QRPEUHV GH ORV FRPSDxHURV VLQR WDPELpQ SDUD TXH VH YXHOYDQ XQ SRFR PiV H[WURYHUWLGRV \ LQWHJUHQ PDV DO JUXSR GHVDUUROODQGR VX FUHDWLYLGDG (/ 5(< '(/ %8&+, %8&+$ ,17(*5$17(6 0iV GH SHUVRQDV /8*$5 VDOyQ 2%-(7,926 ,QWHJUDU GLYHUWLU ,16758&&,21(6 6H FRORFD DO JUXSR HQ FtUFXOR \ VH WRPDQ GH OD PDQR HO GLUHFWRU TXLHQ HVWDUi HQ HO FHQWUR FRPHQ]DUD OD URQGD DVt $PR D PL SULPR PL SULPR YHFLQR $PR D PL SULPR PL SULPR *HUPDQ 7RGRV FDQWDQ \ JLUDQ GH SURQWR HO GLUHFWRU GLFH $OWR DKt 4Xp SDVR" FRQWHVWD HO JUXSR 4XH HO UH\ GH %XFKL %XFKD RUGHQD TXH VH RUGHQHQ 4Xp FRVD" FRQWHVWD HO JUXSR 4Xp WRGRV WRPHQ D VX FRPSDxHUR GH OD L]TXLHUGD SRU HO WRELOOR 'H HVWD PDQHUD VH YDQ GDQGR yUGHQHV TXH SRGUiQ VH HMHFXWDGDV HQ FtUFXOR R TXH LPSOLTXHQ GHVSOD]DUVH \ UHJUHVDU 9$5,$17(6 TXH D PHGLGD TXH HO JUXSR FXPSOD ODV RUGHQHV QR VH VHSDUHQ \ VLJDQ HMHFXWiQGRODV WRGRV XQLGRV /$ &$5*$ (/(&75,&$ ,17(*5$17(6 0iV GH SHUVRQDV /8*$5 VDOyQ
2%-(7,926 ,QWHJUDU GLYHUWLU (O DQLPDGRU SLGH TXH VH UHWLUH XQ YROXQWDULR GHO FtUFXOR TXH KDQ IRUPDGR ORV MXJDGRUHV (Q DXVHQFLD GH HVWH H[SOLFD TXH GXUDQWH HO MXHJR WRGRV GHEHQ SHUPDQHFHU HQ VLOHQFLR \ TXH XQR GH HOORV WHQGUi FDUJD HOpFWULFD &XDQGR HO YROXQWDULR FRORTXH VX PDQR VREUH OD FDEH]D GH TXLHQ WHQJD OD FDUJD HOpFWULFD WRGRV GHEHUiQ JULWDU \ KDFHU JHVWRV 6H OODPD DO YROXQWDULR \ HO DQLPDGRU OH H[SOLFD 8QR GH ORV SUHVHQWHV WLHQH FDUJD HOpFWULFD &RQFpQWUHVH \ YD\D WRFDQGR OD FDEH]D GH FDGD XQR SDUD GHVFXEULU TXLHQ WLHQH OD FDUJD HOpFWULFD &XDQGR OR GHVFXEUD DYLVH 127$ &XDQGR OD SHUVRQD WRTXH DO GHVLJQDGR FRQ OD FDUJD HOpFWULFD WRGRV GHEHUiQ SHJDU XQ JULWR &81'( &81'$<$ 2%-(7,92 8QLILFDU HO JUXSR UHFUHDU FUHDU FRPXQLFDFLyQ \ XQ DPELHQWH GH IDPLOLDULGDG *58326 'H D SHUVRQDV ,1',&$&,21(6 6H FDQWD OR VLJXLHQWH &XQGH FXQGH FXQGH FXQGH FXQGH FXQGH FXQGD \D $\ FXQGH $\ FXQGD\D 7RGR HO JUXSR GH IRUPD HQ FtUFXOR FRJLGRV GH OD FLQWXUD \ VH FDQD OD FDQFLyQ OXHJR VH SLGH OD JUXSR TXH GHQ XQ SDVR DO FHQWUR \ TXH VH LQFOLQHQ XQ SRFR \ DVt VXFHVLYDPHQWH KDVWD TXH TXHGHQ ELHQ MXQWRV ',1$0,&$ /$ &$12$ ,17(*5$17(6 0iV GH SHUVRQDV /8*$5 VDOyQ 2325781,'$' 3DUD FXDOTXLHU JUXSR TXH OOHYH FRPSDUWLHQGR PiV GH PHGLR DxR 2%-(7,92 'HVSHUWDU HQ HO LQGLYLGXR LQWHUpV SRU ODV GLYHUVDV DFWLYLGDGHV GH PRWULFLGDG (Q HO JUXSR DO TXH SHUWHQH]FR YDPRV D IRUPDU XQ FtUFXOR GH DOOt TXH UHSHWLUHPRV HO VLJXLHQWH DSDUWH 3LORWHD OD FDQRD 3DXOD TXH QRV YDPRV D YROWHDU TXH HVWH UtR HVWD FUHFLHQGR \ WH YR\ D FDQDOHWHDU $\ 3DXOD $\ 3DXOD WH YR\ D FDQDOHWHDU 6HJXLGDPHQWH GH OHHUOD \ KDEHUOD DSUHQGLGR YDPRV D FDQWDUOD HQ URQGDV UHDOL]DQGR XQD VHULH GH PRYLPLHQWRV FRQ QXHVWUR FXHUSR < DVt VH UHDOL]D VXFHVLYDPHQWH KDVWD TXH XQR GH ORV GRV JUXSRV VH HTXLYRTXH \ TXH D VX YH] QR SRVHD FLHUWD FRRUGLQDFLyQ /26 5()5$1(6 ,17(*5$17(6 0iV GH SHUVRQDV (OHPHQWRV QHFHVDULRV SDUD OD GLQiPLFD 8QD VDOD FRQ Q~PHUR VXILFLHQWH GH VLOODV KRMDV SROLFRSLDGDV FRQ OD OLVWD GH UHIUDQHV D DQDOL]DU /iSL] WDEOHUR R SDSHORJUiIR &yPR UHDOL]DU HVWD GLQiPLFD KROD FXDWUR SDVRV 3ULPHU 3DVR (O FRRUGLQDGRU HQWUHJD D FDGD XQR GH ORV SDUWLFLSDQWHV XQD KRMD FRQ FRSLD GH WRGRV ORV UHIUDQHV 3LGH D ORV SDUWLFLSDQWHV OHHUORV \ WUDWDU GH LGHQWLILFDUVH FRQ XQR GH HOORV SRUTXH OH KDFH JUDFLD HO UHIUiQ SRUTXH OD OODPD OD DWHQFLyQ SRUTXH OH FDXVD KLODULGDG HWF 6L WLHQH
FRQRFLPLHQWRV GH RWURV UHIUDQHV SXHGH HVFULELUORV HQ HO DQYHUVR GH OD KRMD %XVTXH DOJXQDV V UD]yQ HV GH VX LGHQWLILFDFLyQ FRQ GHWHUPLQDGR UHIUiQ Ã &RPSDxtD QL FRQ OD FRELMD Ã 1R VH PHWD HQ OR TXH QR OH LPSRUWD Ã $ SLOOR SLOOR \ PHGLR Ã 9LYD \ GHMH GH YLYLU Ã 6H GLFH 6H KDFH Ã &UtD IDPD \ pFKDWH D GRUPLU Ã $QGH \R FDOLHQWH \ UtDVH OD JHQWH Ã $O FDtGR FDHUOH Ã $ ORV SHQGHMRV QL PL 'LRV ORV TXLHUH Ã $O TXH QDFLy SDUD EXH\ GHO FLHOR OH FDH OD HQMDOPD Ã &DGD FXDO HV OLEUH GH KDFHU GH VX FXOR XQ FDQGHOHUR Ã &DQGLO GH IXHUD \ RVFXULGDG GH OD FDVD Ã 'H OD PHQWLUD DOJR TXHGD Ã 'H ORV ERERV YLYHQ ORV YLYRV Ã 'HO FDtGR WRGRV KDFHQ OHxD Ã (O KRPEUH HO ORER SDUD HO KRPEUH Ã (O SH] JUDQGH VH FRPH HO FKLFR (O LQILHUQR HVWi HPSHGUDGR GH EXHQDV LQWHQFLRQHV Ã (O SRGHU HV SDUD SRGHU Ã (O ULFR QR SLHUGH VLQR HO DOPD Ã (OORV VRQ EODQFRV \ VH HQWLHQGHQ Ã (Q MXHJR ODUJR KD\ GHVTXLWH Ã /D MXVWLFLD HV FRPR HO SHUUR VROR PXHUGH D ORV GH UXDQD Ã /D OH\ HV SDUD ORV GH UXDQD Ã /R TXH ERWD HO ULFR OR UHFRJH HO SREUH 6HJXQGR SDVR (O FRRUGLQDGRU IRUPDUi YDULRV JUXSRV FRQ ORV SDUWLFLSDQWHV SDUD IDFLOLWDU HO GLiORJR (Q FDGD XQR GH ORV JUXSRV FRPHQWDQ VREUH HO UHIUiQ HOHJLGR HQ SDUWLFXODU SRU FDGD XQR HVFXFKDUi ODV UD]RQHV GH VX LGHQWLILFDFLyQ FRQ GHWHUPLQDGR UHIUiQ R GLFKR 7UDWDUiQ GH DQDOL]DU TXp PHQWDOLGDG KD\ HQ HO IRQGR GH FDGD XQR GH ORV UHIUDQHV UDFLVWDV LQGLYLGXDOLVWD HJRtVWD XWLOLWDULVWD SHVLPLVWD EXUJXHVD PDQLSXODGRUD (O KRPEUH VH UHWUDWD D WUDYpV GH VX OHQJXDMH &yPR " &XiOHV VRQ ORV UHIUDQHV TXH PiV VXHOR XVDU " 4Xp PHQWDOLGDG HVWR\ UHIOHMDQGR DQWH ORV GHPiV " 7HUFHU 3DVR &RQ XQ PRQXPHQWR GUDPDWL]DFLyQ GH XQ DFRQWHFLPLHQWR VLQ GHFLU SDODEUDV KHFKR SRU FDGD XQR GH ORV JUXSRV PDQLIHVWDU D ORV UHVWDQWHV FXiO IXH HO UHIUiQ TXH DO JUXSR FDXVy PD\RU LPSDFWR GXUDQWH OD UHIOH[LyQ /RV JUXSRV UHVWDQWHV GHEHUiQ WUDWDU GH LQWHUSUHWDU HO PRQXPHQWR &XDUWR 3DVR &DGD XQR GH ORV JUXSRV WUDWDUi GH EXVFDU FXiO HV HO GLFKR UHIUiQ R SURYHUELR TXH HVWi D OD UDt] GH OD PHQWDOLGDG GH OD VRFLHGDG PRGHUQD &XiOHV VRQ ODV IUDVHV TXH ORV PHGLRV GH FRPXQLFDFLyQ VRFLDO UDGLR 3UHQVD 7 9 DILFKHV HWF VXHOHQ XVDU SDUD LQIOXLU HQ QRVRWURV " 4Xp PHFDQLVPRV GH GHIHQVD SRGUHPRV HPSOHDU
SDUD FRPEDWLU HO DXWRPDWLVPR TXH FUHD HQ QRVRWURV XQ GHWHUPLQDGR OHQJXDMH " 5HDOPHQWH GHEHUHPRV SUHVWDU DWHQFLyQ DO OHQJXDMH TXH XVDPRV " 3RU TXp " 6XJHUHQFLD $QRWH ORV UHIUDQHV SUHVHQWDGRV SRU ORV SDUWLFLSDQWHV SDUD HQULTXHFHU OD FROHFFLyQ GH GLFKRV KDJD TXH WRGRV ORV SDUWLFLSDQWHV VH LQIRUPHQ GH HOORV SDUD HQULTXHFHU HO GLiORJR \ OD GLQiPLFD /$ ('8&$&,21 +2< ,17(*5$17(6 0iV GH SHUVRQDV 2%-(7,926 ,QWHJUDU GLYHUWLU (OHPHQWRV QHFHVDULRV SDUD HVWD 'LQiPLFD 6DOD FRQ VLOODV VXILFLHQWHV 3DSHOyJUDIR R WDEOHUR 3DSHO SDUD FDUWHOHUDV 0DUFDGRUHV GH GLYHUVRV FRORUHV 'RFXPHQWRV GH 38(%/$ 0('(//,1 < 9$7,&$12 ,, &yPR KDFHU HVWD GLQiPLFD 7UHV SDVRV 3ULPHU 3DVR (O FRRUGLQDGRU LQYLWDUi D ORV SDUWLFLSDQWHV D WRPDU XQ HMHPSODU GH ODV SROLFRSLDV SUHSDUDGDV DQWHULRUPHQWH FRQ HO HVTXHPD TXH VH RIUHFHUi PiV DGHODQWH &DGD XQR HQ SDUWLFXODU WUDWDUi GH HODERUDU ODV UHVSXHVWDV D ODV SUHJXQWDV GHO HVTXHPD 6H FRQFHGHUi XQ WLHPSR SUXGHQFLDO 6HJXQGR 3DVR (O FRRUGLQDGRU LQYLWDUi D IRUPDU SHTXHxRV JUXSRV RMDOi FRQ XQD WpFQLFD TXH D\XGH D GLVWHQVLRQDU ORV QHUYLRV \ FRQWULEX\D D FUHDU XQ FOLPD GH FRUGLDOLGDG (Q ORV SHTXHxRV JUXSRV GLVFXWLUiQ OD UHVSXHVWDV HODERUDGDV HQ SDUWLFXODU \ WUDWDUiQ GH KDFHU XQ FRQVHQVR GHO JUXSR VREUH HO HVTXHPD (O HVTXHPD RIUHFH HQ VX FRQMXQWR XQD YLVLyQ GH ORV JUDQGHV WLSRV KLVWyULFRV GH OD HGXFDFLyQ FRPR XQ SURFHVR (O FRRUGLQDGRU FRQYLGDUi D ORV SDUWLFLSDQWHV D HODERUDU XQD FDUWHOHUD HQ OD TXH H[SUHVD HO JUXSR OD LGHD TXH WLHQH GH XQD HGXFDFLyQ LQVWUXFFLyQ GH XQD HGXFDFLyQ FDSDFLWDFLyQ \ GH XQD HGXFDFLyQ IRUPDFLyQ 7HUFHU 3DVR &RQVLVWLUi HQ KDFHU HO SOHQDULR FRQ OD H[SRVLFLyQ \ VXVWHQWDFLyQ GH ORV HVTXHPDV GH JUXSR \ GH ODV FDUWHOHUDV 6XJHUHQFLDV (O FRRUGLQDGRU FXLGDUi FRPELQDU RSRUWXQDPHQWH ORV FDQWRV SDUD FRQWULEXLU DO FOLPD GH IDPLOLDULGDG HQWUH ORV SDUWLFLSDQWHV (VTXHPD GH OD GLQiPLFD %DVH GHO WUDEDMR LQGLYLGXDO \ GH JUXSRV ,16758&&,Ð1 VDEHU &$3$&,7$&,Ð1 KDFHU )250$&,21 VHU 3ULYLOHJLD 'HVDUUROOD 0HMRUD &XDOLGDGHV 0HWD 3HGDJRJtDBBBBBB 0pWRGRV 3HOLJURV 3XQWR GH 3DUWLGD &RQWUDLQGLFDFLRQHV 2EOLJDFLyQ 7LSR LGHDO 1 % (VWH HVTXHPD VH UHVSRQGH LQWHJUDQGR OD OtQHD YHUWLFDO FRQ OD KRUL]RQWDO Y JU /D ,QVWUXFFLyQ SULYLOHJLDGR HO VDEHU /D FDSDFLWDFLyQ SULYLOHJLD OD WpFQLFD /D IRUPDFLyQ SULYLOHJLD HO VDEHU YLYLU /$ &$-$ '( /$6 62535(6$6 2%-(7,92 &RPSDUWLU LQWHUFDPELDU DSWLWXGHV 3$57,&,3$17(6 D SHUVRQDV 5(&85626 +80$12 FDMD SDSHO ODSLFHUR ,16758&&,21(6 6H SUHSDUD XQD FDMD SXHGH VHU WDPELpQ XQD EROVD FRQ XQD VHULH GH WLUDV GH SDSHO HQUROODGDV HQ ODV FXDOHV VH KDQ HVFULWR DOJXQDV WDUHDV SRU HMHPSOR
FDQWDU EDLODU VLOEDU ERVWH]DU HWF /RV SDUWLFLSDQWHV HQ FLUFXOR /D FDMD FLUFXODUD GH PDQR HQ PDQR KDVWD GHWHUPLQDGD VHxDO SXHGH VHU XQD P~VLFD TXH VH GHWLHQH V~ELWDPHQWH /D SHUVRQD TXH WHQJD OD FDMD HQ HO PRPHQWR HQ TXH VH KD\D GDGR OD VHxDO R VH KD\D GHWHQLGR OD P~VLFD GHEHUi VDFDU GH ODV WLUDV GH SDSHO \ HMHFXWDU OD WDUHD LQGLFDGD (O MXHJR FRQWLQXDUi KDVWD FXDQGR VH KD\DQ DFDEDGR ODV SDSHOHWDV (O SDUWLFLSDQWH TXH UHDOL]D OD DFWLYLGDG VHJXLUi RULHQWDQGR HO MXHJR ',1$0,&$ (/ 3,672/(52 2%-(7,92 'HVDUUROODU OD DWHQFLyQ ,QWHJUDU /8*$5 6DOyQ FDPSR DELHUWR 12 3$57,&,3$17(6 SHUVRQDV '(6$552//2 6H KDFH XQ FLUFXOR \ HO TXH GLULJH VHxDOD FRQ OD PDQR D XQ LQWHJUDQWH GHO JUXSR HO VHxDODGR VH DJDFKD \ ORV GH ORV ODGRV VH GLVSDUDQ HO SULPHUR TXH OR KDJD JDQD \ HO RWUR VDOH 6XFHVLYDPHQWH KDVWD TXH VROR TXHGHQ HVWRV VH SRQHQ GH HVSDOGDV VH FXHQWD KDVWD WUHV \ VH GLVSDUDQ KDEUi XQ JDQDGRU '$ 3$/0$6 2%-(7,92 0RWLYDU OD LQWHJUDFLyQ GLVWHQVLRQDU /8*$5 6DOyQ FDPSR DELHUWR 12 3$57,&,3$17(6 &DQWR 'D SDOPDV RWUD YH] QXHYDPHQWH GD SDOPDV DKt GRQGH HVWDV SDUDGR '(6$552//2 6H KDFH XQ FLUFXOR \ HO TXH GLULJH VH KDFH HQ HO FHQWUR \ FRPLHQ]D HO FDQWR FXDQGR VH GLFH DKt GRQGH HVWDV SDUDGR VH KDFH OR TXH VH OH RFXUUH (M DKt GRQGH HVWDV SDUDGR SLVD HO TXH HVWD D WX ODGR \ DVt VXFHVLYDPHQWH 5$1,7$6 $/ $*8$ ,17(*5$17(6 SHUVRQDV /8*$5 6DOyQ SDWLR 2%-(7,92 $WHQFLyQ FRRUGLQDFLyQ ,16758&&,21(6 (O FRRUGLQDGRU WUD]D XQ FLUFXOR DOUHGHGRU GH HVWH VH FRORFDQ HQ FXFOLOODV ORV SDUWLFLSDQWHV &XDQGR HO FRRUGLQDGRU GLJD 5DQLWDV DO DJXD ORV SDUWLFLSDQWHV GHEHQ VDOWDU IXHUD GHO FLUFXOR &XDQGR GLJD D OD RULOOD WRGRV GHEHQ VDOWDU DO FHQWUR GHO FLUFXOR /DV RUGHQHV GHEHQ VHU VXPLQLVWUDGDV GH WDO PDQHUD TXH GHVFRQFLHUWHQ D ORV SDUWLFLSDQWHV (O MXJDGRU TXH HMHFXWD XQ PRYLPLHQWR GLIHUHQWH DO RUGHQDGR SRU HO FRRUGLQDGRU VHUi H[FOXLGR GHO MXHJR 7(03(67$' 2%-(7,92 $WHQFLyQ +DELOLGDG 5(&85626 +XPDQRV VLOODV 3$57,&,3$17(6 D SHUVRQDV ,16758&&,21(6 (O RULHQWDGRU GH OD GLQiPLFD VROLFLWD OD FRODERUDFLyQ GH ORV SDUWLFLSDQWHV SDUD TXH IRUPHQ XQ FLUFXOR VHQWDGRV HQ VXV VLOODV GH WUDEDMR UHDOL]DGD HVWD SDUWH HO RULHQWDGRU H[SOLFD OD GLQiPLFD TXH FRQVLVWH HQ OR VLJXLHQWH &XDQGR \R
GLJD RODV D OD L]TXLHUGD WRGRV JLUDPRV D OD L]TXLHUGD \ VH VLHQWDQ FXDQGR \R GLJD RODV D OD GHUHFKD JLUDPRV D OD GHUHFKD \ QRV VHQWDPRV \ FXDQGR GLJD 7HPSHVWDG WRGRV GHEHPRV GH FDPELDU GH SXHVWR HQWUHFUX]DGRV TXLHQ TXHGH GH SLH SDJDUi SHQLWHQFLD \D TXH HO RULHQWDGRU VH VHQWDUi HQ XQD GH ODV VLOODV 1RWD (O RULHQWDGRU GHEH UHSHWLU YDULDV YHFHV D OD L]TXLHUGD D OD GHUHFKD \ HVWDU SLODV DO FDPELR GH RUGHQ SDUD ORJUDU HO REMHWLYR /D SHQLWHQFLD OD FRORFD HO JUXSR \ GHVSXpV GH KDFHUOD FRQWLQXD RULHQWDQGR OD GLQiPLFD TXLHQ SDJR OD SHQLWHQFLD \ DVt VXFHVLYDPHQWH /$ 7(&1,&$ '(/ %$5&2 'LQiPLFD GH UHIOH[LyQ 2%-(7,92 6HQVLELOLGDG YDORUHV SHUVRQDOHV 3$57,&,3$17(6 SHUVRQDV 5(&85626 +XPDQRV WDEOHUR WL]D ERUUDGRU KRMDV ODSLFHURV ,16758&&,21(6 (O FRRUGLQDGRU GLEXMD XQ EDUFR FRQ VX WULSXODFLyQ QDYHJDQGR HQ HO PDU HQ HO WDEOHUR H[SOLFD TXH OD WULSXODFLyQ HVWD FRPSXHVWD SRU XQ PpGLFR XQ YDTXHUR XQ LQJHQLHUR XQD SURVWLWXWD XQ GHSRUWLVWD XQ ODGUyQ XQ GURJDGLFWR XQ VDFHUGRWH XQ SVLFRSHGDJRJR XQ DOFRKyOLFR XQ WHFQRORJR HGXFDWLYR XQ SHGDJRJR UHHGXFDWLYR XQ REUHUR HWF (O EDUFR FRQWLQXD VX UXPER \ GH SURQWR FUHFH HO PDU \ HO EDUFR QDXIUDJD ORJUDQ VDFDU XQD SHTXHxD EDUFD HQ OD FXDO VROR FDEHQ GRV SHUVRQDV XQR TXLHQ OD PDQHMD \ RWUR GH OD WULSXODFLyQ /D SUHJXQWD SDUD HO JUXSR OD FXDO FDGD SDUWLFLSDQWH GHEH HVFULELU HQ VX KRMD HV $ TXLpQ VDOYDUtD XVWHG " \ 3RU TXp OR VDOYDUtD " /XHJR HO FRRUGLQDGRU VROLFLWD VH IRUPHQ JUXSRV GH SDUWLFLSDQWHV DOOt FDGD XQR H[SRQH VX SHQVDPLHQWR VX FULWHULR OXHJR HQ HO JUXSR VH QRPEUD XQ PRGHUDGRU \ XQ UHODWRU DQDOL]DQ ORV FRQFHSWRV GH FDGD XQR \ XQLILFDQ XQ FULWHULR SRU JUXSR OR H[SRQHQ HQ SOHQDULD FXDQGR HO FRRUGLQDGRU GH OD VHxDO )LQDOPHQWH VH VDFD XQD FRQFOXVLyQ GH OD GLQiPLFD SRU WRGRV ORV SDUWLFLSDQWHV 1RWD (O FRRUGLQDGRU SXHGH EXVFDU RWURV HOHPHQWRV GH UHIOH[LyQ HMHPSOR UROHV IDPLOLDUHV HWF &212=&$026 'LQiPLFD GH SUHVHQWDFLyQ 2%-(7,92 /RJUDU XQD LQWHJUDFLyQ JUXSDO \ PRWLYDFLyQ DO HQULTXHFLPLHQWR SHUVRQDO 3$57,&,3$17(6 D SHUVRQDV 5(&85626 VWLFNHUV PDUFDGRUHV FDUWXOLQD JDQFKRV JUDEDGRUD FDVVHWWH ,16758&&,21(6 (O FRRUGLQDGRU GHO VHPLQDULR WDOOHU R FRQIHUHQFLVWD HQWUHJDUi D FDGD SDUWLFLSDQWH XQ VWLFNHUV SDUD TXH HVFULED VX QRPEUH HPSH]DQGR SRU HO DSHOOLGR \ VH OR FRORTXH HQ VX FDPLVHWD VROLFLWD IRUPDU JUXSRV SRU OD OHWUD GHO SULPHU DSHOOLGR )RUPDGRV ORV JUXSRV VH SUHVHQWDQ FRQ LQWHUFDPELRV GH IUDVHV HMHPSOR GRQGH YLYHQ HQ TXH WUDEDMDQ HWF 3RU WLHPSR GHWHUPLQDGR GH PLQXWRV YXHOYHQ D VXV VLOODV GH WUDEDMR \ VH OHV HQWUHJD XQD WDUMHWD GH FRORUHV FDUWXOLQD \ FDGD XQR GHEH HVFULELU TXH HV OR TXH PiV OH JXVWD HQ XQD SDODEUD HM WUDEDMDU HVFXFKDU P~VLFD GDU DPLVWDG HWF VH FRORFD P~VLFD VXDYH \ VH OHV SLGH D ORV SDUWLFLSDQWHV TXH FDPLQHQ SRU HO VDOyQ REVHUYDQGR D ORV FRPSDxHURV \ WHQLHQGR HQ PX\ HQ FXHQWD OD SDODEUD TXH HVFULELy HQ VX
FDUWXOLQD \ TXH OOHYD SHJDGD D VX FDPLVHWD D OD RUGHQ GHO FRRUGLQDGRU GHEHQ IRUPDU JUXSRV SRU LGHQWLILFDFLyQ GH SDODEUDV VH SUHVHQWDQ DQDOL]DQ OD H[SHFWDWLYD GHO VHPLQDULR WDOOHU \ QRPEUDQ XQ PRGHUDGRU LJXDOPHQWH EDXWL]DQ HO JUXSR FRQ XQ QRPEUH HM ORV WROHUDQWHV ORV DPLVWRVRV \D HQ JUXSRV RUJDQL]DGRV \ SOHQDPHQWH LGHQWLILFDGRV WUDEDMDUiQ ORV WHPDV D YHU GXUDQWH HO GHVDUUROOR GHO VHPLQDULR WDOOHU &DGD JUXSR RUJDQL]DUi XQD DFWLYLGDG GH FODXVXUD GHO VHPLQDULR WDOOHU R VH MXJDUi DO DPLJR VHFUHWR SDUD ORJUDU XQD PD\RU LQWHJUDFLyQ (03$48(7$'26 2%-(7,92 4XH HO DOXPQR VH LQWHJUH FRQ HO JUXSR 4XH HO DOXPQR VLHQWD XQD PD\RU PRWLYDFLyQ SDUD OD UHDOL]DFLyQ GH ODV GLQiPLFDV \ MXHJRV 'HVDUUROODU OD DJLOLGDG \ OD DWHQFLyQ GH FDGD XQR GH ORV LQWHJUDQWHV 3$57,&,3$17(6 'H SHUVRQDV HQ DGHODQWH SDUD ORJUDU KDFHU HO MXHJR PDV GLQiPLFR /8*$5 (Q FDPSR DELHUWR R FHUUDGR SHUR FRQ EXHQ HVSDFLR ,16758&&,21(6 6H IRUPDQ GRV FtUFXORV FRQ WRGRV ORV LQWHJUDQWHV GH OD GLQiPLFD XQ FtUFXOR GHQWUR GHO RWUR HO FtUFXOR GH DIXHUD GHEH VHU PiV DPSOLR TXH HO GH DGHQWUR SDUD TXH FDGD FLUFXOR SXHGD JLUDU HQ IRUPD FRQWUDULD VLQ QLQJ~Q SUREOHPD GH HVWUHFKHV &DEH DQRWDU TXH HO FtUFXOR PD\RU HO GH DIXHUD PLUD D ORV GH DGHQWUR \ HO FtUFXOR PHQRU HO GH DGHQWUR VH PLUDQ HQWUH Vt /RV GHO FtUFXOR GH DIXHUD VH WRPDQ ODV PDQRV HQWUH Vt ORV GHO FtUFXOR GH DGHQWUR WDPELpQ VH WRPDQ ODV PDQRV HQWUH Vt 3URFHGLPLHQWR (O FtUFXOR GH DIXHUD FRPLHQ]D D JLUDU ELHQ VHD DO ODGR L]TXLHUGR R GHUHFKR \ HO FtUFXOR GH DGHQWUR JLUD VLHPSUH DO ODGR FRQWUDULR 0LHQWUDV WDQWR WRGRV ORV LQWHJUDQWHV YDQ FDQWDQGR XQD FDQFLyQ FXDOTXLHUD TXH VHD FRP~Q SDUD DPERV FtUFXORV $O PLVPR WLHPSR HO PRGHUDGRU TXH HVWi SRU IXHUD GH ORV FtUFXORV FXDQGR ORV YH ELHQ FRQFHQWUDGRV JLUDQGR \ FDQWDQGR OD FDQFLyQ OHV JULWD 3$48(7(6 '( « 1 YHFHV FXDOTXLHU Q~PHUR TXH pVWH HVFRMD (M 3$48(7(6 '( 3(5621$6 LQVWDQWiQHDPHQWH VH GHEHQ IRUPDU SDTXHWHV GH SHUVRQDV VH DEUD]DQ \ DJDFKDQ OR PiV SURQWR SRVLEOH \ HO ~OWLPR SDTXHWH TXH VH DJDFKH y HO TXH TXHGH LQFRPSOHWR R TXH OH VREUHQ SHUVRQDV VH HOLPLQD (VWD URQGD VH SXHGH KDFHU YDULDV YHFHV KDVWD TXHGDU XQ PtQLPR Q~PHUR GH SHUVRQDV R KDVWD HOLPLQDUD WRGRV HQ JHQHUDO (/ 0$55$1,72 2%-(7,92 %XVFDU OD LQWHJUDFLyQ GH ORV SDUWLFLSDQWHV )RPHQWDU OD FUHDWLYLGDG GH ORV SDUWLFLSDQWHV (VWLPXODU OD HVSRQWDQHLGDG 3$57,&,3$17(6 D SHUVRQDV SDUD QR KDFHU OD GLQiPLFD WDQ PRQyWRQD /8*$5 (VSDFLR DELHUWR R FHUUDGR ,16758&&,21(6 6H IRUPD XQ FtUFXOR FRQ WRGRV ORV LQWHJUDQWHV GHO JUXSR 6H XELFDQ GH SLH \ VH PLUDQ HQWUH Vt /XHJR VH HOH HPSLH]D D GHFLU DO FRPSDxHUR GHO ODGR GHUHFKR FXDO HV OD SDUWH TXH PiV OH JXVWDUtD TXH OH UHJDODUD GHO PDUUDQLWR \ DVt VXFHVLYDPHQWH KDVWD WHUPLQDU FRQ HO ~OWLPR LQWHJUDQWH GHO FtUFXOR OXHJR VH LQYLHUWH OD GLQiPLFD GH WDO PRGR TXH ORV LQWHJUDQWHV GH OD L]TXLHUGD GHEHQ UHFLELU XQ EHVR R XQ SHTXHxR PRUGLVFR GHO FRPSDxHUR GH OD GHUHFKD HQ OD SDUWH TXH pVWH ~OWLPR GLMR OH JXVWDED GHO
PDUUDQLWR /D GLQiPLFD WHUPLQD FRQ HO ~OWLPR LQWHJUDQWH GHO ODGR GHUHFKR GHO FRPSDxHUR 3$5(-$6 2 35,026 2%-(7,926 $JLOL]DU ORV PRYLPLHQWRV GH ORV LQWHJUDQWHV )RPHQWDU HO HQWXVLDVPR )RPHQWDU HO FRPSDxHULVPR (VWLPXODU OD FRQFHQWUDFLyQ DOHJUtD \ GLQDPLVPR GH ORV FRPSDxHURV 3$57,&,3$17(6 'H SHUVRQDV HQ DGHODQWH /8*$5 &DPSR DELHUWR R FHUUDGR SHUR FRQ EXHQ HVSDFLR ,16758&&,21(6 6H IRUPD XQ FtUFXOR FRQ WRGRV ORV LQWHJUDQWHV GH OD GLQiPLFD 7RGRV PLUDQ DO LQWHULRU GHO FtUFXOR HQWUH Vt \ HVWiQ GH SLH OXHJR VH WRPDQ ODV PDQRV 3URFHGLPLHQWR (O FtUFXOR HPSLH]D D JLUDUD D PHGLGD TXH WRGRV YDQ FDQWDQGR XQD FDQFLyQ HQ FRP~Q (Q HO WHUPLQR GH XQ PLQXWR PiV R PHQRV HO PRGHUDGRU GH OD GLQiPLFD FXDQGR ORV YH GLVWUDtGRV OHV JULWD IXHUWH 35,026 '( « 1 SHUVRQDV (MHPSOR 3ULPRV GH \ HO ~OWLPR JUXSR TXH VH KD\D RUJDQL]DGR R TXH HVWp LQFRPSOHWR R WHQJD PiV SHUVRQDV HQWRQFHV VH HOLPLQD \ DVt VXFHVLYDPHQWH KDVWD HOLPLQDU WRGRV ORV LQWHJUDQWHV R VL GHVHD GHMD XQRV JDQDGRUHV (/ 5(< 0$1'$ 2%-(7,926 )RPHQWDU OD FUHDWLYLGDG \ GLQDPLVPR GH ORV LQWHJUDQWHV 'HVFXEULU KDELOLGDGHV &RQVROLGDU PiV DO JUXSR %XVFDU TXH ORV DOXPQRV VHDQ UHFXUVLYRV ,17(*5$17(6 7RGDV ODV SHUVRQDV TXH GHVHHQ SDUWLFLSDU /8*$5 (VSDFLR FHUUDGR R DELHUWR ,16758&&,21(6 'H DFXHUGR DO Q~PHUR GH LQWHJUDQWHV VH GLYLGH HO JUXSR HQ GRV VXEJUXSRV LJXDOHV $PERV VXEJUXSRV VH XELFDQ GH IUHQWH 8QR DO ODGR GHUHFKR \ HO RWUR DO ODGR L]TXLHUGR &DGD VXEJUXSR VHUi HO 5H\ HQ VX WRWDOLGDG \ FDGD VXEJUXSR HQYLDUi XQ PHQVDMHUR DO VXEJUXSR RSXHVWR SDUD UHFLELU XQD RUGHQ (MHPSOR (O PHQVDMHUR GHO 5H\ GHO ODGR L]TXLHUGR YD D UHFLELU XQD RUGHQ GHO 5H\ GHO ODGR GHUHFKR OD FXDO FRQVLVWH HQ TXH GHEH GUDPDWL]DU D XQ SHUVRQDMH FXDOTXLHUD GHO JUXSR R GH XQR GH ORV VXEJUXSRV HVWR VH KDFH VLQ GHFLU QL XQD SDODEUD QL VH GD QLQJXQD VHxDO HVSHFLILFD HVWH PHQVDMHUR OR GHEH KDFHU OR PHMRU SRVLEOH DQWH VX 5H\ SDUD TXH SXHGD JDQDU SXQWRV (OORV GHEHQ DGLYLQDU FXDO HV HO SHUVRQDMH \ DVt VXFHVLYDPHQWH VH HQYtD XQ PHQVDMHUR GHO ODGR GHUHFKR SDUD UHFLELU XQD RUGHQ GHO 5H\ GHO ODGR L]TXLHUGR SDUD OD GUDPDWL]DFLyQ VH GD XQ WLHPSR SUXGHQWH R VH DFODUD TXH D OD WHUFHUD HTXLYRFDFLyQ GHO VXEJUXSR TXH HVWi LQWHQWDQGR DGLYLQDU HO SHUVRQDMH HQWRQFHV VH HOLPLQD \ HO SXQWR TXH OH FRUUHVSRQGtD D pVWH VXEJUXSR OH HV DVLJQDGR DO VLJXLHQWH \ VH SURFHGH FRQ HO PLVPR VXEJUXSR TXH VH OH FHGLy HO SXQWR GHO RWUR (O PRGHUDGRU GHWHUPLQD OD FDQWLGDG GH SXQWRV \ HO TXH WHQJD HO PD\RU Q~PHUR JDQD ', 78 120%5( &21 81 621 2325781,'$' SDUD FXDOTXLHU JUXSR TXH DSHQDV HVWH UHDOL]DQGR VX SULPHU H[SHULHQFLD FRPR JUXSR
2%-(7,926 'HVKLQLELU DO LQGLYLGXR SDUD TXH VH LQWHJUH \ SDUWLFLSH GH ODV DFWLYLGDGHV TXH VH SODQWHDQ HQ XQ JUXSR QXHYR ,16758&&,21(6 3ULPHUR VH OHV VXJLHUH D ORV LQWHJUDQWHV TXH IRUPHQ XQD PHVD UHGRQGD /XHJR VH OHV H[SOLFDUD D ORV FRPSDxHURV TXH OD VLJXLHQWH DFWLYLGDG OD UHDOL]DUHPRV GH OD VLJXLHQWH PDQHUD &DGD XQR SURFHGHUi D GHFLU VX QRPEUH SHUR LQFOX\pQGROH XQ ULWPR DVt 3RU HMHPSOR VL HO QRPEUH HV 2VFDU HQWRQFHV GLFH <R PH OODPR 2VFDU \R VR\ HO UH\ SRU GRQGH YR\ QR KD\ WDPERU TXH QR VXHQH QL VH FLPEUH FXDQGR SDVR \R < DVt VXFHVLYDPHQWH OR KDUiQ WRGRV ORV LQWHJUDQWHV GHO JUXSR KDVWD TXH GH WRGD OD YXHOWD \ OOHJXH DO SXQWR GH RULJHQ (VWD GLQiPLFD QR VROR D\XGD SDUD TXH WRGRV ORV LQWHJUDQWHV VH YD\DQ JUDEDQGR ORV QRPEUHV GH XQRV \ RWURV VLQR WDPELpQ VH YXHOYDQ XQ SRFR H[WURYHUWLGRV VH LQWHJUHQ \ SXHGDQ GHVDWDU WRGD OD FUHDWLYLGDG TXH WRGR LQGLYLGXR TXH SHUWHQH]FD DO JUXSR OOHYH FRQVLJR ',1$0,&$ &/$6,&$ 2 /,%(5$'25$ 2325781,'$' 3DUD FXDOTXLHU JUXSR TXH OOHYH PiV GH PHGLR DxR 2%-(7,926 5HYLVDU FRPR VH HVWD HPSOHDQGR OD GLQiPLFD ,16758&&,21(6 &KDUOD VREUH GRV WLSRV GH GLQiPLFD GH JUXSRV &OiVLFD &HQWUDGD HQ HO JUXSR H[FOXVLYDPHQWH 1R SUHRFXSDFLyQ SRU OD VRFLHGDG ([FHVLYR YDORU SRU OR VLFROyJLFR /LEHUDGRUD &HQWUDGD HQ ODV QHFHVLGDGHV GHO SXHEOR VH D\XGD GH GLQiPLFDV SDUD DUUHJODU SUREOHPDV \ KDFHU FUHFHU D ODV SHUVRQDV SHUR FRQFHGH YDORU DO DQiOLVLV \ WUDQVIRUPDFLyQ GH OD UHDOLGDG 6HJXLGDPHQWH GH GDUOHV D FRQRFHU D ORV HVWXGLDQWHV ORV WLSRV GH GLQiPLFDV TXH VH FRQRFHQ FRP~QPHQWH VH OHV SODQWHDUD XQR GH ORV WLSRV GH GLQiPLFD FRPR HMHPSOR \ SUDFWLFD GHO PLVPR HQ HVWH FDVR OR KDUHPRV FRQ HO WLSR GH GLQiPLFD FOiVLFD DVt 5HFXUVRV 6DOyQ GH FODVH $QLOOR *UXSR GH HVWXGLDQWHV ,QWHJUDQWHV 6H HODERUD R VH OOHYD D FDER FRQ XQ JUXSR GH R PiV LQWHJUDQWHV 3iVDOR /D DFWLYLGDG FRQVLVWH HQ WRPDU XQ DQLOOR \ D FDGD XQR GH ORV LQWHJUDQWHV GHO JUXSR HQWUHJDUOHV XQ IyVIRUR \ HVWH UHVSHFWLYDPHQWH OR XELFDUD HQ VX ERFD GH DOOt OR TXH GHEHUiQ KDFHU HV SDVDU HO DQLOOR SHUR LQWURGXFLGR HQ HO IyVIRUR GH FRPSDxHUR D FRPSDxHUR \ DVt KDVWD TXH OOHJXH DO SXQWR GH RULJHQ GH DOOt TXH VH SRQH HQ WHOD GH IXHJR OD DJLOLGDG \ OD GHVWUH]D GH ORV LQWHJUDQWHV GHO JUXSR FRQWULEX\HQGR DVt D TXH OD DFWLYLGDG VH WRUQH DPHQD SDUD WRGRV /XHJR VH OHV VXJHULUi D ORV FRPSDxHURV TXH SDVHQ D VXV UHVSHFWLYRV SXHVWRV SDUD DVt FRQWLQXDU FRQ OD DFWLYLGDG HQ HVWH FDVR VH OHV SHGLUi TXH FDGD XQR VDTXH XQD KRMD OD FXDO YDQ D PDUFDU FRQ VX QRPEUH \ GHOLEHUDQ VREUH VL OD GLQiPLFD TXH VH UHDOL]R HQ FODVH SXHGH LQFOXLUVH HQWUH HO WLSR GH GLQiPLFD FOiVLFD R OLEHUDGRUD 6HJXLGDPHQWH HQ PHVD UHGRQGD VH VXVWHQWDUD FRQ HO JUXSR TXH WLSR GH GLQiPLFD FUHHQ TXH SULPD HQ HO JUXSR \ VXVWHQWDU SRU TXH HOLJLHURQ OD PLVPD \ DVt OOHJDU D OD FRQFOXVLyQ TXH SUiFWLFDPHQWH OR TXH SULPD HQ HO JUXSR HV OD GLQiPLFD &OiVLFD /$ 5,6$ '(/ &+Ã&#x2030;*8$/2 2%-(7,926 5HFUHDU
,17(*5$17(6 'H D 3HUVRQDV ,16758&&,21(6 /RV MXJDGRUHV VH VHSDUDQ HQ GRV ILODV LJXDOHV XQD IUHQWH D OD RWUD \ VHSDUDGRV SRU PWV 4XLHQ GLULMD HO MXHJR WLUD DO FHQWUR XQ FKiJXDOR R ]DSDWR 6L FDH ERFD DEDMR ORV MXJDGRUHV GH XQD ILOD GHEHQ SHUPDQHFHU VHULRV \ ORV GH OD RWUD GHEHQ UHtU PX\ IXHUWH VL FDH ERFDUULED DO FRQWUDULR /RV TXH UtHQ FXDQGR GHEHQ HVWDU VHULRV VDOHQ GH OD ILOD 3(5621$ 3$/$%5$ /8*$5 2%-(7,92 'DU RFDVLyQ GH XQD FRPXQLFDFLyQ IiFLO D ODV SHUVRQDV FRQRFHU OD LGHRORJtD \ ORV YDORUHV GHO JUXSR 3$57,&,3$17(6 SDUD JUXSRV GH SHUVRQDV ,16758&&,21(6 SHUVRQDO VH SLGH D FDGD FXDO HVFRJHU XQD SHUVRQD XQD SDODEUD \ XQ OXJDU TXH OH VHD VLJQLILFDWLYR SRU SDUHMDV FDGD FXDO HVFXFKD D VX FRPSDxHUR \ SURFXUD FRPXQLFDUVH FRQ HO \ FRQRFHUOR $O ILQDO VH SRQHQ ORV GRV GH DFXHUGR HQ XQD VROD SDODEUD SHUVRQD \ OXJDU PLQXWRV JUXSRV GH VHLV SHUVRQDV HQ HVWRV JUXSRV FDGD FXDO SUHVHQWD D VX FRPSDxHUR \ SURFXUDQ FRQRFHUVH PDV WRGRV DO ILQDO ORV VHLV VH SRQHQ GH DFXHUGR HQ XQD SHUVRQD SDODEUD \ OXJDU PLQXWRV SOHQDULD FDGD VXEJUXSR GH VHLV YD GLFLHQGR TXH HVFRJLy \ HO SRU TXH HO DQLPDGRU YD WRPDQGR QRWD GH ORV YDORUHV PDV VLJQLILFDWLYRV \ SRVWHULRUPHQWH KDEODU VREUH HVWRV PLQXWRV 5(&85626 WDEOHUR R SDSHORJUDIR *(17( 48( ',&( &212&(56( 2%-(7,926 PRVWUDU TXH HO FRQRFLPLHQWR HV VXSHUILFLDO ,16758&&,21(6 'HVSXpV GH TXH HO FRRUGLQDGRU VH SUHVHQWD DO JUXSR \ H[SOLFD ORV REMHWLYRV \ HVWLOR GH WUDEDMR VH OHV GLFH DO JUXSR TXH FRPR \D VH FRQRFHQ YDQ D HQWUDU HQ DFFLyQ D SDUWLU GH HVR TXH FDGD XQR VXSRQH VDEHU GH ORV GHPiV 6XEJUXSRV GH VHLV SHUVRQDV 6DOGUD XQ JUXSR DO PHGLR \ XQ FRPSDxHUR GLUi OR H[WHUQR TXH VHSD GH VX FRPSDxHUR GH OD GHUHFKD \ DVt LUiQ GLFLHQGR WRGRV DOJR GH VXV FRPSDxHURV 8QD YH] WHUPLQDGD OD SUHVHQWDFLyQ GH HVWH JUXSR VDOGUi RWUR \ KDUi OR PLVPR \ DVt VXFHVLYDPHQWH KDVWD WHUPLQDU WRGRV ORV JUXSRV (/ 1$8)5$*2 /8*$5 FDPSR DELHUWR R VDOyQ 2%-(7,926 IRUPDU JUXSRV SHTXHxRV SHUR GH XQD PDQHUD TXH OD JHQWH TXHGH PH]FODGD ,16758&&,21(6 (O DQLPDGRU EXVFD SUHYLDPHQWH TXH FRQGLFLRQHV SRQHU TXH QR TXHGHQ GHO PLVPR JUXSR R FLXGDG WDQWRV KRPEUHV \ R PXMHUHV WDQWRV DGXOWRV \ R QLxRV DOJXLHQ FRQ DQWHRMRV HWF 'LFH TXH HQ FDVR GH QDXIUDJLR VH GHEHQ IRUPDU ERWHV VDOYDYLGDV FRQ ODV FRQGLFLRQHV DQWHULRUHV \ TXH HQ ORV ERWHV VH GHEHQ DSUHQGHU ORV
QRPEUHV GH ORV QiXIUDJRV GRQGH QDFLHURQ D TXH JUXSR R LQVWLWXFLyQ SHUWHQHFHQ TXH QRPEUH OH SRQHQ DO ERWH /XHJR VH VLPXOD XQ PDU DJLWDGR \ GD OD RUGHQ GH IRUPDU ERWHV 6H KDFH OD SOHQDULD FRQ OD SUHVHQWDFLyQ GH ODV ERWHV \ VH OHV SRQH D HVFRJHU TXH VDOYDUtDQ GHO QDXIUDJLR SDUD VDFDU XQD HVFDOD GH YDORUHV ORV JUXSRV VH VXHOHQ UHWUDWDU FRQ OR TXH HVFRJHQ \ HV ~WLO SDUD FRQRFHUORV %$%(526 2%-(7,926 FUHDU DPELHQWH GH IDPLOLDULGDG \ DOJ~Q WLSR GH FRQRFLPLHQWR 3$57,&,3$17(6 0iV GH SHUVRQDV ,16758&&,21(6 FDGD SHUVRQD HVFULEH HQ XQD KRMD VX QRPEUH HGDG JXVWRV IUDVHV HWF \ VH OD FRORFD HQ HO SHFKR 7RGRV VH SDVHDQ SRU OD VDOD SURFXUDQGR UHODFLRQDUVH FRQ ORV GHPiV DO OHHU OR HVFULWR SRU HO RWUR %UHYH UHVRQDQFLD DFHUFD GH FRPR YHQ HO JUXSR DKRUD 0DWHULDO KRMDV JDQFKRV /26 &85,2626 /8*$5 VDOyQ R FDPSR DELHUWR 2%-(7,926 FRQRFHU TXH FODVH GH SHUVRQDV SDUWLFLSDQ ,16758&&,21(6 PLQXWRV 6H VROtFLWD OD FRODERUDFLyQ GH XQRV R YROXQWDULRV TXH VHDQ SHUVRQDV FXULRVDV SDVDQ GHODQWH GHO JUXSR PLQXWRV VH OHV SLGH TXH SRU PHGLR GH SUHJXQWDV D\XGHQ D GHVFXEULU TXH SHUVRQDMHV KD\ GHQWUR GHO JUXSR D FDGD SUHJXQWD GH ORV FXULRVRV OD JHQWH UHVSRQGH FRQ VX QRPEUH \ ORV GDWRV VROLFLWDGRV SRU HMHPSOR FXDQWRV FDVDGRV KD\ PLQXWRV EUHYH UHVRQDQFLD PLQXWRV 5(621$1&,$ '(/ 3523,2 120%5( 3$57,&,3$17(6 SHUVRQDV 2%-(7,926 YDORUDU HO QRPEUH SURSLR \ FRPXQLFDUVH HQWUH VL ,16758&&,21(6 PRWLYDFLyQ YDPRV D WUDWDU GH GHWHUPLQDU DOJXQRV GH ORV PHFDQLVPRV TXH WRGRV WHQHPRV \ HQ YLUWXG GH ORV FXDOHV VLQWRQL]DPRV PDV FRQ XQDV SHUVRQDV TXH FRQ RWUDV VLQ VDEHU SRU TXH HO DQLPDGRU SLGH DO JUXSR TXH HQ HVWULFWR RUGHQ \ HQ YR] DOWD GLJDQ HO QRPEUH \ DSHOOLGR FXDQGR \D KDOODQ RtGR VH OHV GLFH TXH EXVTXHQ DTXHOOD SHUVRQD FX\RV QRPEUHV OH JXVWR R VLQWRQL]DURQ XQD YH] MXQWRV VH FRPHQWD SRU TXH OHV JXVWR HO QRPEUH \ DSHOOLGR UHVRQDQFLD JUXSDO GHVSXpV GH KDEHU FRPHQWDGR VH SXHGH SUHJXQWDU TXLHQHV VDEHQ HO UHVXOWDGR HWLPROyJLFR GH VX QRPEUH ,'(17,),&$56( &21 (/ /8*$5
,16758&&,21(6 SHUVRQDV /8*$5 FDPSR DELHUWR 2%-(7,926 +DFHU XQD SUHVHQWDFLyQ GH ODV SHUVRQDV \ D VX YH] FRQRFHU VXV LQWHUHVHV \ YDORUHV ,16758&&,21(6 PRWLYDFLRQ LQYLWDU D OD JHQWH D FRQRFHU HO VLWLR \ EXVFDU DOJR XQ FXDGUR HVWDWXD HWF TXH OHV OODPH OD DWHQFLyQ 5HFRULGR GHO OXJDU FRQ XQ VLOHQFLR UHODWLYR \ VHSDUDGRV FDGD FXDO VH SUHVHQWD TXH HVFRJLy \ SRU TXH LQFOXVLYH VH SXHGHQ KDFHU SUHJXQWDV SDUD SURIXQGL]DU DO ILQDO HO DQLPDGRU UHVXPH ODV PRWLYDFLRQHV GHO JUXSR HVWH HV XQ JUXSR HIHFWLYR HVFRJLy HO GHSRUWH QDWXUDOH]D HWF UHVRQDQFLD VH SLGH FRPHQWDU OR UHDOL]DGR 5(&85626 WDEOHUR R SDSHORJUDIR &21(-2 0852 3,672/$ 3$57,&,3$17(6 D SHUVRQDV /8*$5 FDPSR DELHUWR R VDOyQ DPSOLR 2%-(7,926 4XH ORV LQWHJUDQWHV FRORTXH DWHQFLyQ \ UHDFFLRQHV IUHQWH D XQD UHVSXHVWD VLUYH WDPELpQ SDUD GHVWHQFLRQDU DO JUXSR ,16758&&,21(6 6H GLYLGH HO JUXSR HQ GRV TXH TXHGH FRQ LJXDO QXPHUR GH SDUWLFLSDQWHV ORV FXDOHV GHEHUiQ VHU XELFDGRV HQ GRV KLOHUDV XQ JUXSR XQ JUXSR IUHQWH DO RWUR GH FDGD JUXSR HOLJHQ XQ FRRUGLQDGRU ORV FXDOHV VH XELFDUDQ HQ HO FHQWUR GH ORV GRV JUXSR TXHGDQGR GH HVSDOGD D HOORV \ PLUiQGRVH FDUD D FDUD ORV GRV FRRUGLQDGRUHV FRQ ODV PDQRV DWUiV (OORV OH VHxDODUDQ D VX UHVSHFWLYR JUXSR TXH PRYLPLHQWR GHEHUiQ UHDOL]DU XWLOL]DQGR FRPR PHGLR GH FRPXQLFDFLyQ ODV PDQRV VL OH KD FH OD VHxDO FRQ HO GHGR tQGLFH \ HO DQXODU TXLHUH GHFLU TXH HVWD VHxDODQGR ODV RUHMDV GH HO FRQHMR VL VX VHxDO HV HQ IRUPD GH SLVWROD WHQGUiQ TXH GLVSDUDU \ GHFLU SXP SXP \ VL OD VHxDO HV FRQ OD PDQR DELHUWD WHQGUiQ TXH KDFHU FRPR XQD SDUHG H[WHQGLHQGR ORV EUD]RV DUULED /RV FRRUGLQDGRUHV QR SRGUiQ PLUDU DO JUXSR R GHFLUOHV TXH PRYLPLHQWR TXLHUHQ TXH UHDOLFH JDQDUD HO HTXLSR TXH PDV SXQWRV KDJD OR FXDO VH OOHYDUD GH OD VLJXLHQWH IRUPD HO FRQHMR OH JDQD DO PXUR SXHVWR TXH OR SXHGH VDOWDU /D SLVWROD PDWD DO FRQHMR SHUR QR OH JDQD D OD SDUHG /$ 3$/0$'$ +8< +8< /8*$5 FDPSR DELHUWR R VDOyQ DPSOLR 2%-(7,926 UHIRU]DPLHQWR GH OD PHPRULD \ ILMDU OD DWHQFLyQ ,16758&&,21(6 /RV SDUWLFLSDQWHV VH FRORFDQ GH IRUPD FLUFXODU GH SLH R VHQWDGRV HVFRJHQ XQ QXPHUR SRU HMHPSOR HO VLHWH \ VXV P~OWLSORV OD QXPHUDFLyQ SXHGH VHU SURJUHVLYD R UHJUHVLYD 8Q MXJDGRU LQLFLD DVt HQ YH] GH GD XQD SDOPDGD \ GLFH KX\ KX\ GHVSXpV GH XQRV PLQXWRV \ FXDQGR VH OOHJD DO P~OWLSOR HMHPSOR VH UHJUHVD GDQGR WDPELpQ OD SDOPDGD KX\ KX\ HQ HO PRPHQWR GH GHFLU ORV P~OWLSORV TXLHQ VH HTXLYRTXH VH HOLPLQD GHO MXHJR
/26 02648,726 3$57,&,3$17(6 WRGDV ODV SHUVRQDV TXH TXLHUDQ /8*$5 6DOyQ GH FODVH SDWLR 2%-(7,926 DJLOLGDG GHVWUH]D ,16758&&,21(6 6H KDFH XQ FLUFXOR FRQ WRGRV ORV SDUWLFLSDQWHV OXHJR VH H[SOLFD FRPR VH DFRPRGDQ ODV PDQR DO ODGR GH ODV RUHMDV VLPXODQGR ODV DODV GHO PRVTXLWR HO TXH HVWD HQ HO FHQWUR GLVSDUD DO TXH OH GLVSDUDQ VH GHEH DJDFKDU \ ORV GH VX ODGR GHUHFKR H L]TXLHUGR KDFHU FRPR PRVTXLWR VLQR LUiQ VDOLHQGR GHO MXHJR 7$5($ 2%-(7,926 GH TXH VH ORJUH OD UHIOH[LyQ 3$57,&,3$17(6 SHUVRQDV )RUPDFLyQ SDUWLFLSDQWHV HQ FLUFXOR FDGD XQR UHFLEH XQ SDSHO \ XQ OiSL] ,16758&&,21(6 (O GLULJHQWH SLGH D FDGD SDUWLFLSDQWH TXH KDJD XQD WDUHD HQ HO SDSHO OD PDV GLItFLO TXH HQFXHQWUH TXH VHUi UHDOL]DGD SRU HO YHFLQR GH OD GHUHFKD WRGRV GHEHQ ILUPDU FXDQGR WRGRV KDOODQ HVFULWR OD SUXHED HO GLULJHQWH UHFRJH ORV SDSHOHV \ GHFODUD TXH VH KD FDPELDGR OD UHJOD GHO MXHJR \ OD SUXHED \D QR VHUi UHDOL]DGD SRU HO YHFLQR VLQR SRU HO TXH OD HVFULELy (O GLULJHQWH GHEH UHFRUGDU HO HVStULWX GHSRUWLYR GHO MXHJR <2 6( 48,(1 6$%( /2 48( 867(' 12 6$%( 3$57,&,3$17(6 PDV GH SHUVRQDV /8*$5 FDPSR FHUUDGR 2%-(7,926 GDU LQIRUPDFLyQ FODUD \ EUHYH VREUH XQ WHPD ,16758&&,21(6 'HVSXp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pV R LQTXLHWXG ,16758&&,21(6 0RWLYDFLyQ EUHYH OXHJR D WRGDV ODV SHUVRQDV VH OHV SXHGH HVFULELU SHUVRQDOPHQWH \ VLQ PD\RU RUGHQ VXV WHPRUHV \ HVSHUDQ]DV FRQ UHODFLyQ D (O FRRUGLQDGRU SLGH TXH FDGD FXDO HVFRMD ORV GRV PDV IXHUWHV
FDGD SHUVRQD YD OH\HQGR XQR VLQ H[SOLFDUOR \ HO FRRUGLQDGRU OR YD DQRWDQGR SURFXUDQGR VLQWHWL]DU HQ HO WDEOHUR R SDSHORJUDIR KD\ TXH DJLOL]DU HVWH SDVR \ PRWLYDU D OD JHQWH SDUD TXH KDJDQ HO HVIXHU]R GH HVFXFKDUVH VH KDFH XQD VHJXQGD YXHOWD SDUD TXH GLJDQ DTXHOOR TXH QR KDQ PHQFLRQDGR 6H HQXPHUD ORV GDWRV ORV SDUWLFLSDQWHV HOLJHQ ODV GRV TXH PDV OHV LPSUHVLRQHV VH HVFRJHQ GH ORV TXH PDV YRWRV WXYLHURQ GRV WHPRUHV \ GRV HVSHUDQ]DV SRU JUXSRV GH KDFH XQD FDUWHOHUD VLQWHWL]DQGR OR GLFKR SOHQDULD SDUD DQDOL]DU WHPRUHV \ HVSHUDQ]DV ,17(535(7$5 6,0%2/26 3$57,&,3$17(6 PDV GH SHUVRQDV /8*$5 VDOyQ R FDPSR DELHUWR 2%-(7,926 GHVFXEULU OR TXH HO JUXSR SLHQVD VX PDUFR WHyULFR VREUH XQ WHPD LGHD HWF ,16758&&,21(6 0RWLYDFLRQ VREUH OD LPSRUWDQFLD GH H[SUHVDU QR VROR FRQ FRQFHSWRV VLQR FRQ VtPERORV VH SLGH DO HVWXGLDQWH GLEXMDU XQ VtPEROR VREUH HO WHPD TXH LQWHUHVp 6H YDQ LQWHUSUHWDQGR ORV VtPERORV GH XQR HQ XQR (Q JUXSRV GH &DGD JUXSR GLEXMD VX VtPEROR WUDWDQGR GH UHFRJHU HOHPHQWRV VLJQLILFDWLYRV GHQWUR GH FDGD VXE JUXSR 3OHQDULD XQ JUXSR H[SRQH \ ORV GHPiV WUDWDQ GH LQWHUSUHWDUOD 325 &8$/,'$'(6 2325781,'$' SDUD SHUVRQDV TXH DOJR VH FRQRFHQ 2%-(7,926 GHFLUVH ODV FXDOLGDGHV TXH VH GHVFRQRFHQ ,16758&&,21(6 0RWLYDFLyQ 3DUD XQD PD\RU LQWHJUDFLyQ JUXSDO VHUi SURYHFKRVR HO TXH FDGD PLHPEUR GHO JUXSR SURFXUH FRQRFHU \ UHVDOWDU ODV FXDOLGDGHV GH VX FRPSDxHUR (Q XQD SDSHOHWD FDGD XQR HVFULEH HO QRPEUH GH XQD GH ODV SHUVRQDV GHO JUXSR \ DO ODGR XQD FXDOLGDG TXH FDUDFWHULFH D OD SHUVRQD VH FRORFDQ HQ OD SDUHG \ ODV SHUVRQDV YDQ SDVDQGR \ DxDGLHQGR RWUD FXDOLGDG HQ FDGD VREUH 5HVRQDQFLD VH KDUi UHVDOWDU OR EXHQR \ OR PDOR GH FDGD SHUVRQD 48,(1 62< 2325781,'$' SDUD JUXSRV LQWHUHVDGRV HQ FRQRFHUVH /8*$5 VDOyQ R FDPSR DELHUWR 2%-(7,926 FRQRFLPLHQWR \ FRPXQLFDFLyQ LQWHUSHUVRQDO ,16758&&,21(6 OD YLGD PHUHFH YLYLUVH SHUR VROR YLYHQ ORV TXH OXFKDQ ORV TXH VDEHQ TXLHQHV VRQ ORV TXH TXLHUHQ VHU WH LQYLWDPRV D UHIOH[LRQDU FRQ OD PD\RU VHULHGDG VH HQWUHJD XQD KRMD FRQ OR VLJXLHQWH TXLHQ VR\ \R HQXPHUD WXV FXDOLGDGHV \ GHELOLGDGHV TXH TXLHUR VHU
8QD YH] FRQFOXLGD OD UHIOH[LyQ SHUVRQDO VH KDUi XQD SOHQDULD FRPHQWDQGR FRPR OHV SDUHFLy OD DFWLYLGDG 35(6(17$&,21 &21 )2726 2325781,'$' SDUD JUXSRV TXH FDVL QR VH FRQRFHQ 2%-(7,926 IDFLOLWDU OD FRPXQLFDFLyQ HQWUH HO JUXSR /8*$5 VDOyQ R FDPSR DELHUWR ,16758&&,21(6 VH FRORFDQ HQ XQD PHVD XQD VHULH GH IRWRV HQXPHUiQGRODV FRQ OiSL] ORV SDUWLFLSDQWHV OD PLUDQ \ HOLJHQ FRQ OD TXH PDV VH LGHQWLILTXHQ IRUPDV JUXSRV GH SHUVRQDV \ FRPHQWDQ SRU TXH OD HOLJLHURQ \ HOLJHQ XQD OD FXDO ORV YD D UHSUHVHQWDU SOHQDULD SRU TXH OD HVFRJLHURQ FRPR VH VLQWLHURQ 621'(2 '( 027,9$&,21(6 2%-(7,926 FRPHQ]DU D FRQRFHUVH 3$57,&,3$17(6 PiV GH SHUVRQDV /8*$5 VDOyQ R FDPSR DELHUWR ,16758&&,21(6 0RWLYDFLRQ FDGD YH] TXH LQLFLDPRV DOJR GHEHPRV SUHJXQWDUQRV VREUH TXH HV FRPR HVWDPRV \ TXH SUHWHQGHPRV UHIOH[LyQ SHUVRQDO UHVSRQGHU $ TXH VH KD YHQLGR KR\ D FODVH" (Q TXH HVWDGR GH DQLPR PH HQFXHQWUR 4XH HVSHUR HQ HVWH GtD" 4XH HVWR\ GLVSXHVWR D DSRUWDU SDUD OD UHDOL]DFLyQ FRQ PLV LGHDV \ HVSHUDQ]DV SOHQDULD FRPHQWDULR GH OR UHDOL]DGR &202 0( 9(1 (1 (/ *5832 2%-(7,926 GHVFXEULU HO YDORU GH FDGD SHUVRQD HQ HO JUXSR /8*$5 VDOyQ R FDPSR DELHUWR ,16758&&,21(6 0RWLYDFLyQ (Q PXFKDV RFDVLRQHV QR QRV GDPRV FXHQWD FRPR QRV YHQ ORV PLHPEURV GHO JUXSR \ SRU PHGLR GH HVWH HMHUFLFLR OR VDEUHPRV UHIOH[LyQ LQGLYLGXDO FRQ EDVH HQ HO FXHVWLRQDULR 6H OHHQ ORV FXHVWLRQDULRV GH WRGRV ORV LQWHJUDQWHV GHO JUXSR 3OHQDULD 7$//(5 '( &2081,&$&,21 *583$/ 2%-(7,926 DQDOL]DU OD FRPXQLFDFLyQ HQ JUXSR PRWLYDFLyQ GHQWUR GH FDGD JUXSR KD\ IRUPDV GH UHFKD]R R DFHSWDFLyQ /8*$5 VDOyQ R FDPSR DELHUWR 5HIOH[LyQ SHUVRQDO FXDQGR HQWUR GH QXHYR D XQ JUXSR PH VLHQWR" FXDQGR HO JUXSR HPSLH]D D WUDEDMDU \R " FXDQGR RWUDV SHUVRQDV PH FRQRFHQ SRU SULPHUD YH] HOODV" FXDQGR HVWR\ HQ XQ QXHYR JUXSR VROR PH VLHQWR ELHQ VL"
FXDQGR OD JHQWH JXDUGD VLOHQFLR \R" &XDQGR DOJXQR KDEOD PXFKR \R" HQ XQ JUXSR VLHQWR WHPRUHV GH" &XDQGR DOJXLHQ PH DWDFD \R" 0H VLHQWR KHULGR PDV IiFLOPHQWH FXDQGR" DTXHOORV TXH PH FRQRFHQ ELHQ SLHQVDQ TXH \R" PH VLHQWR VROR HQ XQ JUXSR FXDQGR" VROR FRQItR HQ DTXHOORV TXH" /D JHQWH PH TXLHUH FXDQGR" PL JUDQ IXHU]D SHUVRQDO HV" \R VR\" (VWR\ WULVWH FXDQGR" 0H VLHQWR DQVLRVR FXDQGR" 5HIOH[LyQ JUXSDO LQWHUFDPELR GH GDWRV (/ $0$ '( &$6$ 2325781,'$' JUXSR PX\ JUDQGH SRFR WLHPSR /8*$5 VDOyQ R FDPSR DELHUWR 2%-(7,926 FUHDU XQ DPELHQWH GH IDPLOLDULGDG \ OD LQWHJUDFLyQ GHO JUXSR ,16758&&,21(6 VH IRUPD XQ FLUFXOR FRQ VLOODV $ FDGD VLOOD VH OH RWRUJD HO QRPEUH GH XQ REMHWR TXH SHUWHQH]FD D OD FRFLQD FDGD SDUWLFLSDQWH RFXSD OD VLOOD \ UHFLEH VX QRPEUH OXHJR HO PRGHUDGRU GLUi HO DPD GH FDVD SDVR UHYLVDQGR \ YLR TXH IDOWDED [ REMHWR GH OD FRFLQD OD SHUVRQD TXH SRVHD HO QRPEUH GH HVH REMHWR FRQWHVWDUD [ REMHWR QR KDFH IDOWD KDFH IDOWD \ VL VH HTXLYRFD DOJXLHQ SDVDUD DO ODGR L]TXLHUGR GHO PRGHUDGRU URWDQGR DVt WRGRV ORV SXHVWRV 92/817$5,26 3$5$ )250$5 81 *5832 2325781,'$' SDUD FXDQGR VH YD D H[SOLFDU OD IRUPDFLyQ GH JUXSRV HO PtQLPR GH SDUWLFLSDQWHV SXHGH VHU SHTXHxR R JUDQGH /8*$5 VDOyQ R FDPSR DELHUWR 2%-(7,926 PRVWUDU OD LPSRUWDQFLD GH SUHSDUDU HO WHUUHQR DQWHV GH IRUPDU JUXSRV GHVSHUWDQGR LQWHUpV PRWLYDQGR FUHDQGR LQTXLHWXGHV ,16758&&,21(6 VLQ PD\RU PRWLYDFLyQ VH SLGH TXH VDOJDQ DO IUHQWH YROXQWDULRV SUHJXQWDU DO UHVWR GHO JUXSR SRU TXH QR VDOLHURQ SUHJXQWDU D ORV RWURV SRU TXH VDOLHURQ 3OHQDULD GLYHUVLGDG GH WHPRUHV H LQTXLHWXGHV GH ODV SHUVRQDV IUHQWH D GHWHUPLQDGD VLWXDFLyQ
62&,2'5$0$ &/$6(6 '( *58326 2%-(7,926 TXH VH DSUHFLH HO VHQWLGR GH FRODERUDFLyQ \ WUDEDMR HQ HTXLSR /8*$5 VDOyQ R FDPSR DELHUWR ,16758&&,21(6 0RWLYDFLyQ HQ WRGR JUXSR KXPDQR VH GDQ GLYHUVDV DFWLWXGHV TXH FRQYLHQH HVWXGLDU SDUD SUHYHQLU ORV GDxRV TXH XQ PDO JUXSR SXHGH KDFHU HQ HO FRQMXQWR VRFLRGUDPD VH GLYLGH HO JUXSR HQ FXDWUR VXEJUXSRV \ SRU VXHUWH VH OHV HQWUHJD XQD KRMD FRQ ODV FDUDFWHUtVWLFDV GH FXDWUR JUXSRV GLIHUHQWHV $ JUXSR FHUUDGR 8Q JUXSR FRQ URVFD HQ GRQGH QR GHMDQ SDUWLFLSDU D QDGLH % JUXSR FLDQXUR WRGR OR PLUDQ FRQ DFWLWXG GH FULWLFD GHVWUXFWLYD & JUXSR PRQWyQ 8QLGRV VLQ QLQJ~Q LQWHUpV SRU TXH FDGD XQR EXVFD OR VX\R ' *UXSR LQWHJUDGR FRODERUDFLyQ \ DPLVWDG HQWUH VXV LQWHJUDQWHV SUHVHQWDFLyQ GLVFXVLyQ FRQFOXVLRQHV &2+(6,21 '( *5832 2325781,'$' PRPHQWRV GH FRQIOLFWRV SRU UHODFLRQHV KXPDQDV 2%-(7,926 HYDOXDU OD FRQILDQ]D \ FRKHVLyQ JUXSDO /8*$5 VDOyQ R FDPSR DELHUWR ,16758&&,21(6 PRWLYDFLyQ LPSRUWDQFLD GH HYDOXDU TXLHQ FRRUGLQD OD UHXQLyQ PXHVWUD HO JUiILFR R GLEXMR H[SOLFDQGR FDGD SDUWH GHVXQLyQ XQLyQ FRQIOLFWR \ DFRPRGDFLyQ PXHVWUD OXHJR FRPR HQ FXDOTXLHU JUXSR VLHPSUH H[LVWH DOJR GH WHQVLyQ TXH SXHGH DIHFWDU PDV OD XQLyQ R OD DFRPRGDFLyQ R DPEDV SLGH D ORV SDUWLFLSDQWHV SLQWDU HO PDSD GHO JUXSR SURSLR \ FRORFDU HO HVSDFLR GH WHQVLyQ HQ GRQGH FUHD TXH PHMRU SRGUtD TXHGDU &DGD SDUWLFLSDQWH H[SOLFDUD SRU TXH SXVR HVH VLWLR GH WHQVLyQ \ HO SUREOHPD TXH HQFXHQWUD HQ HO JUXSR 6H GD XQD H[SOLFDFLyQ VREUH FDGD XQR GH ORV SXQWRV WHQLGRV HQ FXHQWD \ VH GHWHFWDQ ORV SULQFLSDOHV SUREOHPDV GH JUXSR 3/$1($&,21 38(17( 2325781,'$' SDUD JUXSRV TXH QXQFD KD SODQHDGR HQ VHULR /8*$5 VDOyQ R FDPSR DELHUWR 2%-(7,926 DEULU SHUVSHFWLYDV SDUD XQD EXHQD SODQHDFLyQ LQWHULRU ,16758&&,21(6 &RPSDUDFLyQ VH FRPSDUD OD SODQHDFLyQ FRQ XQ SXHQWH HQ XQD RULOOD DFWXDO GHO JUXSR HQ OD RWUD OR TXH TXLVLHUD VHU QHFHVLGDGHV GH WHQHU HO SXHQWH SDUD OOHJDU ,QWHUURJDQWHV &RPR HV QXHVWUD UHDOLGDG DFWXDO" &RPR GHVHDUtDPRV TXH IXHUD HO IXWXUR" 3OHQDULD VH HVFXFKD D ORV JUXSRV \ VH VLQWHWL]D (/ $5%2/ 2325781,'$' SDUD JUXSRV TXH WLHQHQ VXILFLHQWHV GDWRV VREUH OD UHDOLGDG 2%-(7,926 FODVLILFDU HVRV GDWRV \ YHU PDV FODURV FXDOHV VRQ ODV FDXVDV
/8*$5 VDOyQ R FDPSR DELHUWR ,16758&&,21(6 &RPSDUDFLyQ XQ iUERO HQ OD UDt] FDXVDV SDUWLFXODUHV TXH HQJHQGUDQ OD VLWXDFLyQ HO WDOOR FDXVD FHQWUDO \ ODV UDPDV ODV FRQVHFXHQFLDV SRU JUXSRV VH GLEXMDQ ORV DUEROHV 3OHQDULD FRPSDUDU VREUH WRGR ORV WDOORV \ GLVFXWLU VREUH ODV FDXVDV HVWUXFWXUDOHV 3$1(/ 2325781,'$' SDUD JUXSRV TXH H[LJHQ XQD DJLOLGDG PD\RU 2%-(7,926 RIUHFHU OD H[SRVLFLyQ GH XQ WHPD FRQWURYHUWLGR GH XQD PDQHUD HVSRQWDQHD H LQIRUPDO /8*$5 VDOyQ R FDPSR DELHUWR ,16758&&,21(6 $ UHXQLyQ SUHYLD SDUD SUHSDUDU FRQ ORV SDQHOLVWDV H[SHUWRV HQ OD PDWHULD % GLDORJR GH ORV SDQHOLVWDV FRQ OD RULHQWDFLyQ GHO FRRUGLQDGRU & $O ILQDO LQYLWDUD D ORV H[SRVLWRUHV D TXH FDGD FXDO KDJD XQ EUHYH UHVXPHQ GH VXV LGHDV 352*5$0$6 5$',$/(6 2325781,'$' 3DUD KRUDV SHVDGDV \ KDFHU YDULDGDV ODV H[SRVLFLRQHV 2%-(7,926 H[SUHVDU DOJXQRV SXQWRV R WHPDV LQWHUHVDQWHV /8*$5 VDOyQ R FDPSR DELHUWR ,16758&&,21(6 FDGD VXEJUXSR SUHSDUD XQD HPLVLyQ UDGLDO GH PLQXWRV VREUH HO WHPD TXH GHED H[SRQHV 3OHQDULD FDGD JUXSR SUHVHQWD VX SURJUDPD UDGLDO 5HVRQDQFLD DQWH ORV PHQVDMHV DFODUDFLRQHV HWF /$ 5(-$ 2325781,'$' &XDQGR KD\ TXH HVWXGLDU XQ WH[WR R DUWLFXOR ODUJR \ VH TXLHUH UHHPSOD]DU FRQ HVWR XQD FRQIHUHQFLD 2%-(7,926 HQWHUDUVH GHO FRQWHQLGR GH XQ WH[WR H[WHQVR ,16758&&,21(6 6H GLYLGH HO WH[WR SRU SDUWHV VH KDFHQ WDQWRV JUXSRV FRPR QXPHUR GH WH[WRV KDOOD VH QXPHUDQ ORV LQWHJUDQWHV GH FDGD JUXSR VH UH~QHQ ORV VXEJUXSRV GH DFXHUGR D OD QXPHUDFLyQ \ TXHGDQ UHXQLGRV ORV GH GLIHUHQWHV JUXSRV 3OHQDULD VH FRPHQWD OR PDV LQWHUHVDQWH ),/$ '( /,'(5(6 2325781,'$' JUXSRV GRQGH ODV SHUVRQDV \D VH FRQRFHQ 2%-(7,926 UHYLVDU ODV LGHDV VREUH OLGHUD]JR ,16758&&,21(6
VH SLGH SDVDU DO FHQWUR XQDV SHUVRQDV D ORV YROXQWDULRV VH OHV LQGLFD TXH VH FRORTXHQ HQ ILOD \ HQ VLOHQFLR TXLHQHV FUHDQ KDEHU HMHUFLGR PD\RU OLGHUD]JR GHEHQ SDUDUVH DGHODQWH HO TXH QR HVWH GH DFXHUGR FRQ OD SRVLFLyQ TXH RFXSD DOJXLHQ SRGUi VXELUOR R EDMDUOR \ HVWH GHEH GHMDUVH VtQWHVLV ILQDO 4XH HQWHQGLHURQ SRU OLGHUD]JR \ TXH OLGHUD]JR UHFRQRFLHURQ '(&$/2*26 2325781,'$' 3DUD GHSRUWLVWDV R SHUVRQDV LQWHUHVDGDV HQ GHIHQGHU FLHUWRV YDORUHV 2%-(7,926 FRQFLHQWL]DU VREUH ORV YDORUHV H LQWHULRUL]DU ,16758&&,21(6 0RWLYDFLyQ VREUH HO WHPD FDGD FXDO HVFULEH PDQGDPLHQWRV VREUH HO WHPD OXHJR VH KDFHQ VXEJUXSRV SDUD OHHU OR HVFULWR \ VH VDFD XQR VROR SOHQDULD 3$/$%5$ ,03$&7$17( 2%-(7,926 SRQHU D OD JHQWH D UHIOH[LRQDU /8*$5 VDOyQ R FDPSR DELHUWR ,16758&&,21(6 3UHYLDPHQWH HVFULELU HQ YDULDV SDUWHV SLHQVH FRPSDUWD DPH )RUPDU JUXSRV PRWLYDGRV SDUD TXH UHIOH[LRQHQ VREUH HO VLJQLILFDGR GH HVWDV SDODEUDV SOHQDULD FDGD VXEJUXSR H[SRQH \ OXHJR VH KDFH XQD VtQWHVLV GH HVWR 0,//21(6 6,(17(1 +$0%5( 2325781,'$' SDUD XQ JUXSR TXH FRPLHQFH D FRQFLHQWL]DUVH 2%-(7,926 VHQVLELOL]DU D ODV SHUVRQDV GHO SUREOHPD \ GHVFXEULU ODV FDXVDV /8*$5 VDOyQ R FDPSR DELHUWR ,16758&&,21(6 VH FRORFD XQ SDSHORJUDIR FRQ OD VLJXLHQWH IUDVH ODWLQRDPHULFDQRV VXIUHQ SUREOHPDV GH GHVQXWULFLyQ VH LQVLVWH HQ TXH SRU PDV JUDQGH TXH VHD HO SUREOHPD QR OR VHQWLPRV 6H UHWD SDUD TXH SRU VXEJUXSRV KDJDQ XQ WUDEDMR SDUD FRQFLHQWL]DU D ODV SHUVRQDV GHO SUREOHPD 3OHQDULD FRPR OHV SDUHFLy FRPR VH VLQWLHURQ /$ &$12$ 2%-(7,926 GHVSHUWDU LQWHUHVHV SRU ODV GLYHUVDV DFWLYLGDGHV GH PRWULFLGDG /8*$5 VDOyQ R FDPSR DELHUWR ,16758&&,21(6 6H IRUPD XQ FLUFXOR \ VH GLFH 3LORWHD OD FDQRD SDXOD TXH QRV YDPRV D YROWHDU TXH HVWH UtR HVWD FUHFLHQGR \ H YR\ D FDQDOHWHDU D\ SDXOD D\ SDXOD WH YR\ D FDQDOHWHDU /XHJR GH DSUHQGHUOD VH FDQWD HQ URQGD KDFLHQGR XQD VHULH GH
PRYLPLHQWRV FRQ QXHVWUR FXHUSR < DVt VH UHDOL]D KDVWD TXH XQR GH O RV GRV JUXSRV \ QR SRVHD FRRUGLQDFLyQ /$ &$55(5$ '( */2%26 2%-(7,926 GHVDUUROODU DJLOLGDG HQ FDGD SDUWLFLSDQWH 3$57,&,3$17(6 /8*$5 FDQFKD VDOyQ 5(&85626 JORERV \ VLOODV ,16758&&,21(6 GRV HTXLSRV HQ ILOD FDGD MXJDGRU WLHQH XQ JORER D OD VHxDO GHO GLUHFWRU ORV GRV SULPHURV MXJDGRUHV GHEHQ LQIODU HO JORER \ OXHJR VHQWDUVH HQ HOORV KDVWD UHYHQWDUVH VROR FXDQGR ORV KDOODQ UHYHQWDQGR FRQWLQXD HO VLJXLHQWH \ JDQD OD ILOD TXH SULPHUR WHUPLQH 'LQiPLFDV GH JUXSR SRU ,6$%(/ &5,67,1$ &8(//$5 'LQiPLFDV