3URIHVRUDGR9ROXPHQ1~PHUR



/$(/$%25$&,Ï1'(352<(&726&855,&8/$5(6352%/(0È7,&$<35263(&7,9$


0&DUPHQ6DUFHGD*RUJRVR
8QLYHUVLGDGGH6DQWLDJRGH&RPSRVWHOD


,1752'8&&,Ï1
(O LQWHUpV SRU OD 5HIRUPD (GXFDWLYD HQ JHQHUDO  PiV FRQFUHWDPHQWH SRU HO SURFHVR GH
LPSOHPHQWDFLyQTXHHVWiWHQLHQGROXJDUHVXQWHPDGHJUDQDFWXDOLGDG VREUHHOTXHVH
HVWiQUHDOL]DQGRPXOWLWXGGHHVWXGLRVHLQYHVWLJDFLRQHVFRQHOILQGHORJUDUXQFRQRFLPLHQWR 
FRPSUHQVLyQGHHVWHSURFHVRHQWRGDVVXVGLPHQVLRQHV
'H HVWD PDQHUD  GHVGH GLIHUHQWHV FDPSRV GH ODV &LHQFLDV GH OD (GXFDFLyQ FRPR OD
IRUPDFLyQ GHO SURIHVRUDGR OD RUJDQL]DFLyQ HVFRODU OD GLGiFWLFD HWF VH LQWHQWD XQ
DFHUFDPLHQWR D HVWD UHDOLGDG WUDWDQGR GH GHVYHODU HO DPSOLR  FRPSOHMR DEDQLFR GH
DFWXDFLRQHVTXHWDQWRGHVGHOD$GPLQLVWUDFLyQ(GXFDWLYDFRPRGHVGHORVSURSLRVVHHVWiQ
OOHYDQGRDFDERSDUDSURPRYHUODSXHVWDHQPDUFKDGHHVWD5HIRUPD(GXFDWLYD
'HHVWDSUHRFXSDFLyQVXUJHHVWHDUW FXOR3DUWLHQGRGHODSUHPLVDGHTXHORVFDPELRVQRVH
UHDOL]DQ DXWRPiWLFD QL OLQHDOPHQWH FUHHPRV QHFHVDULR FRQRFHU TXp  HV OR TXH HVWi
VXFHGLHQGRHQODUHDOLGDG GHORVFHQWURVHGXFDWLYRVFXiQWDGLVWDQFLDKD HQWUHOR TXHVH
SHUVLJXH ORTXHUHDOPHQWHVHHVWiFRQVLJXLHQGRFXiOHVHOGHVIDVHRSUR[LPLGDGHQWUHHO
FDPSR GH ODV LQWHQFLRQHV  HO GH OD SUiFWLFD HQ ORV SURSLRV FHQWURV HWF &RQ HVWDV
LQTXLHWXGHV  GHVGH OD FRQVLGHUDFLyQ GH ORV 3UR HFWRV &XUULFXODUHV FRPR HO HVODEyQ TXH
HQOD]DODIRUPDFLyQGHODOXPQDGRODIRUPDFLyQGHOSURIHVRUDGR HOGHVDUUROORGHOFHQWUR
HGXFDWLYR HO FRQRFHU FyPR HVWRV 3UR HFWRV VH GLVHxDQ  GHVDUUROODQ HQ ORV FRQWH[WRV
HVSHF ILFRVHQORVTXHVHLQFDUGLQDQVHQRVPXHVWUDFRPRXQDVSHFWRLPSRUWDQWHDDQDOL]DU
(QHVWHGRFXPHQWRRIUHFHPRVDOJXQRVGHORVUHVXOWDGRVGHXQWUDEDMRPiVDPSOLR6DUFHGD
 HQFDPLQDGR D FRQRFHU HQ SURIXQGLGDG OD UHDOLGDG GH ORV 3UR HFWRV &XUULFXODUHV GH
&HQWUR HQ HO VHQR GH ORV FHQWURV HGXFDWLYRV  PiV HVSHF ILFDPHQWH HQ HO iPELWR GH OD
(GXFDFLyQ6HFXQGDULD2EOLJDWRULD

&$5$&7(5Ë67,&$6'(/(678',20HWRGRORJ D UHFRJLGDGHLQIRUPDFLyQ
(QORTXHVHUHILHUHDODPHWRGRORJ DHPSOHDGDSDUDOOHYDUDFDERODHYDOXDFLyQGHO3UR HFWR
&XUULFXODU DQWHODPXOWLSOLFLGDGGHRSFLRQHVSRVLEOHVRSWDPRVSRUXQHVWXGLRGHFDVRGH
PDQHUDTXHVHSXGLHUDLUPiVDOOiGHORVLPSOHPHQWHREVHUYDEOHSDUDLQWURGXFLUQRVHQHVRV
RWURV SURFHVRV H LQWHUDFFLRQHV PiV FRPSOHMDV  RFXOWDV TXH WLHQHQ OXJDU HQ OD UHDOLGDG
HGXFDWLYD TXHLQIOX HQHQHOOD HQRFDVLRQHVODFRQGLFLRQDQ/DYLVLyQGHFDGDXQRGHORV
LPSOLFDGRV VREUH VX DPELHQWH VX FRQVWUXFFLyQ GH OD UHDOLGDG VXV SHUFHSFLRQHV HWF VRQ
DVSHFWRV GH JUDQ LPSRUWDQFLD D ORV TXH HV QHFHVDULR DFHUFDUVH GH PDQHUD TXH VH SXHGD
FRQRFHUHOSURFHVRHQVXWRWDOLGDG
3DUDOHODPHQWH D HVWH FULWHULR OD LQIRUPDFLyQ VH UHFRJLy D WUDYpV GH WUHV LQVWUXPHQWRV
GLIHUHQWHV TXH SHUPLWLHUDQ FRQWUDVWDU  WULDQJXODU ORV GDWRV HQWUHYLVWDV FXHVWLRQDULR 
DQiOLVLVGHFRQWHQLGRGHOSURSLR3UR HFWR&XUULFXODU
(Q HVWH WUDEDMR YDPRV D RIUHFHU DOJXQRV DVSHFWRV UHFRJLGRV D WUDYpV GH ODV HQWUHYLVWDV
UHDOL]DGDV3DUDHQWUHYLVWDUDORVGRFHQWHVVHSODQLILFyXQDHQWUHYLVWDQRHVWUXFWXUDGD)R[
UHIHULGDDFLQFRGLPHQVLRQHVIXQGDPHQWDOHVGHORV3UR HFWRV&XUULFXODUHV
 6XUJLPLHQWR HQ HO FHQWUR GH OD LGHD GH HODERUDU XQ 3UR HFWR &XUULFXODU GH &HQWUR
LPSRVLFLyQRLQLFLDWLYDGHOSURIHVRUDGR
3URFHVRGHHODERUDFLyQGHO3&&SDUWLUGHORVJUDQGHVREMHWLYRV FRQWHQLGRVGHO'&%
 SRVWHULRU DGDSWDFLyQ DO FRQWH[WR HVSHFLILFR SDUWLU GH OD SURSLD SUiFWLFD YDORUDFLyQ GHO
JUDGRGHFRKHUHQFLD FRQJUXHQFLDFRQHOFXUULFXOXPSUHVFULSWLYRHVWDEOHFLPLHQWRLQLFLDOGH
ORVREMHWLYRV FRQWHQLGRVSDUDWRGDODHWDSDRSDUDORVFLFORVFUHDFLyQGHFRPLVLRQHVGH
iUHDRFLFOR &RPLVLyQGH&RRUGLQDFLyQ3HGDJyJLFD
5HXQLRQHV GH HODERUDFLyQ GHO 3&& 3DUWLFLSDFLyQ DFWLYD GHO SURIHVRUDGR JUDGR GH
GLVFXVLRQHV R GLVFUHSDQFLDV VXUJLPLHQWR GH SRVWXUDV FRQWUDULDV SDUD VHOHFFLRQDU  ILMDU
REMHWLYRVFRQWHQLGRVHWFWLHPSRGHGXUDFLyQGHHVHSURFHVR
$VSHFWRVPiVSRVLWLYRV QHJDWLYRVTXHSXHGHWHQHUHO3&&,QIOXHQFLDHQHOGHVDUUROOR
SURIHVLRQDOFRPRGRFHQWH
&UHHQFLDVDFHUFDGHODXWLOL]DFLyQGHO3&&HQODUHDOLGDGHGXFDWLYDGHOFHQWURVLRULHQWD
3URIHVRUDGR9ROXPHQ1~PHUR

UHDOPHQWHODSUiFWLFD FXiOHVVHU DQORVDVSHFWRVTXHHVWDU DQLQIOX HQGRHQHOXVRUHDOTXH
VHKDFHGHO3&&

$1È/,6,6'(/$6(175(9,67$6
(Q HVWH DSDUWDGR UHDOL]DUHPRV XQ DQiOLVLV GH OD LQIRUPDFLyQ REWHQLGD D WUDYpV GH ODV
HQWUHYLVWDVUHDOL]DGDVDORVGRFHQWHVGHOFHQWURHGXFDWLYRHQHOFXDOVHHQFXDGUDHO3UR HFWR
&XUULFXODUGH&HQWURREMHWRGHQXHVWURHVWXGLR
,QLFLDOPHQWHKD TXHKDFHUXQDFRQVLGHUDFLyQHQHOVHQWLGRGHTXHODLQIRUPDFLyQREWHQLGD
HQGHWHUPLQDGRVFDVRVQRHVODTXHEXVFiEDPRVSXHVWRTXHDOJXQRVGHORVGRFHQWHVRQR
VHH[WHQG DQHQODFRQWHVWDFLyQDODSUHJXQWDIRUPXODGDRELHQVXUHVSXHVWDQRVHFHQWUDED
HQHOREMHWLYRSULQFLSDOGHODSUHJXQWDDSHVDUGHVHUXQDHQWUHYLVWDQRHVWUXFWXUDGDHQOD
TXHFRQWLQXDPHQWHLQWHQWiEDPRVUHFRQGXFLUODFRQYHUVDFLyQKDFLDDTXHOORVDVSHFWRVTXHVH
FRQVLGHUDEDQLPSRUWDQWHV'HFXDOTXLHUPDQHUD SHVHDWRGRREWXYLPRVLQIRUPDFLyQPX 
LQWHUHVDQWHSDUDQXHVWUDLQYHVWLJDFLyQ TXH XQDYH]RUJDQL]DGD KDELHQGR UHIOH[LRQDGR
VREUHHOODQRVSHUPLWLyHVWDEOHFHUXQDVHULHGHFDWHJRU DVHQEDVHDODVFXDOHVUHDOL]DPRVVX
DQiOLVLVVLHQGRODVTXHVHLQGLFDQDFRQWLQXDFLyQ
$(OFHQWURHGXFDWLYR
%/DIDVHGHHODERUDFLyQGHO3UR HFWR&XUULFXODUGH&HQWUR
&RQFHSFLRQHVVREUHHO3&&UHWRV WHPRUHV
(OSURFHVRGHHODERUDFLyQLQLFLDWLYDRUJDQL]DFLyQ SDUWLFLSDFLyQ
& 3XHVWD HQ SUiFWLFD GHO 3&& 8VRV UHDOHV HQ HO FRQWH[WR GHO FHQWUR HGXFDWLYR 
HYDOXDFLyQ
'$VSHFWRVSRVLWLYRV QHJDWLYRVGHO3&&

(Q HO DQiOLVLV GH ODV GRV SULPHUDV FDWHJRU DV QRV FHQWUDUHPRV D FRQWLQXDFLyQ H[SOLFDQGR
EUHYHPHQWHODVSULQFLSDOHVFDUDFWHU VWLFDVTXHGHVGHQXHVWURSXQWRGHYLVWDGHILQHQWDQWRHO
FRQWH[WRGHVXUJLPLHQWRGHO3&&FRPRHOSRVWHULRUSURFHVRGHHODERUDFLyQGHOPLVPR

(OFHQWURHGXFDWLYR
(O FHQWUR HQ HO TXH QRV VLWXDPRV DFRJH ODV HWDSDV GH (GXFDFLyQ 6HFXQGDULD 2EOLJDWRULD
%DFKLOOHUDWR IRUPDFLyQ3URIHVLRQDO/RVSURIHVRUHVTXHLPSDUWHQGRFHQFLDHQHVWHFHQWUROR
KDFHQ QRUPDOPHQWH FRPELQDQGR (62 FRQ %DFKLOOHUDWR R (62 FRQ IRUPDFLyQ 3URIHVLRQDO
DXQTXHWDPELpQKD FDVRVHVSHF ILFRVHQORVTXHGHWHUPLQDGRVSURIHVRUHVDWLHQGHQODVWUHV
HWDSDV
(VXQFHQWURHQHOTXHFRQXQDPHGLDGHDOXPQRVSRUDXODVHGDXQDOWR_ QGLFHGH
VXVSHQVRV
³DOUHGHGRUGHWUHLQWDDOXPQRVSHURGDWHFXHQWDGHTXHHQDOJXQDVFODVHVKD XQRVGLH]
UHSHWLGRUHV´
(VWDSUREOHPiWLFDHQUHODFLyQFRQORVVXVSHQVRVORVSURIHVRUHVODDWULEX HQDOKHFKRGHTXH
LQLFLDOPHQWHHOFHQWURVXUJLyFRPRFHQWURGH)3 DODFRJHUODLPSODQWDFLyQDQWLFLSDGDGHOD
(62ODVFRQFHSFLRQHVGHSDGUHV DOXPQRVDFHUFDGHODPD RUIDFLOLGDGGHHVWRVFHQWURV
HQFRPSDUDFLyQFRQORVLQVWLWXWRVGH%DFKLOOHUDWRVHPDQWLHQHGHIRUPDTXH
³(OSUREOHPDVXUJHHQTXHORVSDGUHVOHVGLFHQYHWHSDUDDOO TXHWRWDOYDVDSDVDU
VHFUHDXQF UFXOR ORTXHSDVDEDDQWHVFRQORVLQVWLWXWRVGHIRUPDFLyQSURIHVLRQDOVL
QRYDOHVSDUDHVWXGLDUYHWHSDUDDOO ´
/DVLWXDFLyQGHOSURIHVRUDGRGHOFXDOFDVLODPLWDGHVLQWHULQRSXHGHVHUXQIDFWRUTXHORV
GRFHQWHV FRQVLGHUDQ FRPR PX LQIOX HQWHHQ OD VLWXDFLyQ GHOFHQWUR  HQOR TXH HQ O VH
KDFH
³HV XQ FHQWUR DGHPiV  TXH SXHGH TXH VHD HO  GH SHUVRQDO QR ILMR R VHD ORV
LQWHULQRVTXHDORPHMRUQRVHLQYROXFUDQPXFKR´
$GHPiV GH ORV DVSHFWRV VHxDODGRV DQWHULRUPHQWH HO DEVHQWLVPR HVFRODU  OD IDOWD GH
FRQH[LyQ IDPLOLDFHQWUR HGXFDWLYR HV XQ KHFKR TXH HVWi FRQIOX HQGR FRQ ORV DQWHULRUHV 
TXH ORV SURIHVRUHV VHxDODQ FRPR GHWHUPLQDQWH HQ OD GHILQLFLyQGHO FRQWH[WR HGXFDWLYR GHO
FHQWUR
³OHPDQGDVIDOWDVDFDVDPXFKRVSDGUHVQRYLHQHQSRUDTX PXFKRVYLHQHQODVPDGUHV
ODVDEXHODVSRUTXHKD PXFKRHPLJUDQWHPXFKRQDYHJDQWH QRSXHGHQFRQpOHVWHDxR
WXYLPRVXQDVEDMDVGHXQFXUVRHQWHURWXYLPRVEDMDV GHVSXpVFODURYLHQHQDTX 
SHURIDOWDHOVHJXLPLHQWRHQFDVDTXHHVRHVIXQGDPHQWDO(VHHVHOSULQFLSDOSUREOHPDTXH
KD  SRUHVRHOSURIHVRUDGRHVWiGHVFRQWHQWR´
(VWRV UDVJRV VHxDODGRV SRU ORV SURIHVRUHV VHU DQ DOJXQRV GH ORV TXH HVWDU DQ LQIOX HQGR
VREUH HO FHQWUR FRQILJXUDQGR VX SURSLD LGLRVLQFUDVLD  VXV FDUDFWHU VWLFDV HVSHF ILFDV 
3URIHVRUDGR9ROXPHQ1~PHUR

SDUWLFXODUHV

/DIDVHGHHODERUDFLyQGHOSUR HFWRFXUULFXODUGHFHQWUR
(O FRQRFHU FyPR VH LQLFLy  GHVDUUROOy HO SURFHVR GH HODERUDFLyQ GHO 3&& UHVXOWD
IXQGDPHQWDOSDUDFRPSUHQGHUWRGRHOSURFHVRSRVWHULRUGHGHVDUUROOR SXHVWDHQPDUFKDGHO
PLVPR(QHVWDIDVHGHHODERUDFLyQVRQDQXHVWURMXLFLRYDULDVODVFXHVWLRQHVDFRQVLGHUDU 
TXH QRV DSRUWDUiQ OD LQIRUPDFLyQ QHFHVDULD SDUD UHDOL]DU XQD ³UDGLRJUDI D´ GH WRGR HO
HQWUDPDGRTXHVXSXVRSDUDHVHFHQWURODHODERUDFLyQGHO3UR HFWR

&RQFHSFLRQHVVREUHHO3&&UHWRV WHPRUHV
/DV FRQFHSFLRQHV TXH VH WHQJDQ VREUH HO 3UR HFWR &XUULFXODU  OD IRUPD HQ TXH pVWH VH
HQWLHQGDLQIOXLUiQRWDEOHPHQWHWDQWRHQVXHODERUDFLyQFRPRHQVXSRVWHULRUDSOLFDFLyQ(Q
HVWH FHQWUR OD RSLQLyQ GH ORV SURIHVRUHV DFHUFD GHO 3&&  GH OR TXH VXSRQH VH FHQWUD
SULQFLSDOPHQWHHQFRQVLGHUDUORFRPRXQOLVWDGRGHSURJUDPDFLRQHVSRUDVLJQDWXUDVDOJRTXH
DGHPiVQRUHVXOWDQXHYRVLQRTXHVLHPSUHVHKDFHGHPDQHUDVLVWHPiWLFDSDUDFDGDFXUVR
³%XHQR HO 3&& EiVLFDPHQWH OR TXH WLHQH VRQ ODV SURJUDPDFLRQHV SRU DVLJQDWXUDV  ORV
FULWHULRVGH SURPRFLyQ¢QR" (O3&& DVLHPSUHVHWLHQH KHFKRSRUTXH QR SXHGHV
HPSH]DUXQFXUVRVLQWHQHUXQDLGHDJHQHUDOGHORTXHYDVDKDFHUHQFDGDDVLJQDWXUD GH
FyPRYDVDFRRUGLQDUWH´
(Q HVWD PLVPD O QHD GH LGHQWLILFDU HO 3&& FRQ OR TXH VH KDF D KDVWD HO PRPHQWR HQ HO
FHQWURLQFLGHQRWURVGRFHQWHVFXDQGRPDQLILHVWDQTXH
³+RPEUHORTXHDSDUHFHHQHO3&&HQO QHDVJHQHUDOHVHVORTXHHUDDQWHVHO3ODQ*HQHUDO
GHO&HQWURHVHWLSRGHFRVDVHVWDEDPiVRPHQRVKHFKR KXERTXHUHKDFHUORGHFDUDDOD
/H ´
'HVGH HVWD FRPSUHQVLyQ GHO 3UR HFWR &XUULFXODU ORV SURIHVRUHV GHFODUDQ VX LQVDWLVIDFFLyQ
VREUH OD IRUPD HQ FyPR VH SODQWHy GHVGH OD $GPLQLVWUDFLyQ OD 5HIRUPD  OD IDOWD GH
LQIRUPDFLyQ SUHFLSLWDFLyQDODTXHVHYLHURQVRPHWLGRV
³QRVRWURVHOSUREOHPDTXHWHQHPRVHVTXHHVXQFHQWURFRQRFKRJUXSRVGHWHUFHURGHOD
(62FXDQGRQRVHVDE DQDGD FXDQGROOHJyHVWRWHQ DPRVWHUFHURVFXDUWRV QRV EDPRV
HQWHUDQGRGHWRGRDVDOWRGHPDWD1RVHQWHUDPRVHOSULPHUDxRHQ0DU]RGHTXHQR EDPRV
DWHQHUH[iPHQHVGH6HSWLHPEUHQRVRWURVORVDOXPQRV ORVSDGUHVGHORVDOXPQRV
HVWRVDxRVIXHEDVWDQWHKRUURURVR DGHPiVVLHPSUHQRVHQFRQWUiEDPRVVRORVSRUTXHDTX 
YLQR XQ LQVSHFWRU XQD YH]  QDGD PiV 7RGR HVWR FUHD XQD VLWXDFLyQ FRPR GH
LQHVWDELOLGDGWRWDOGHGHVDPSDUR WDOTXHHVEDVWDQWHIDVWLGLDGD´
(VWD VHQVDFLyQ GH GHVDPSDUR HV XQD FRQVWDQWH D OD TXH UHILHUHQ FRQWLQXDPHQWH  FRQ
LQVLVWHQFLDORVGRFHQWHVHQWUHYLVWDGRV
³6RPRV FHQWURV FRQ OD DQWLFLSDFLyQ GH OD /2*6(  OD JHQWH OD PD RU D GH QRVRWURV QRV
YLPRVLQYROXFUDGRVHQXQSURFHVRTXHDORPHMRUQRFRPSUHQG DPRV´
-XQWRDHVWRODLGHDGHXQDWRWDOUXSWXUDHQWUHORTXHVHGLFH ORTXHVHH[LJHHQWUHOD
7HRU D  OD 3UiFWLFD HQ SDUDOHOR FRQ OD EDMD FRQVLGHUDFLyQ TXH ORV SURSLRV SURIHVRUHV
DWULEX HQDOD(62VHPXHVWUDFRPRXQDSUHRFXSDFLyQSDUDHOSURIHVRUDGRGHHVWHFHQWUR
³XQD FRVD HV OD WHRU D OR TXH SLHQVDV  RWUD FRVD HV FXDQGR OOHJDV D XQ FXUVR  GH
%DFKLOOHUDWRHQHOTXHWLHQHVTXHUHQGLUFXHQWDVDOD8QLYHUVLGDG(QWRQFHVFODURODWHRU D
SRUXQODGRSHURDODKRUDGHODYHUGDGQRKD FRQWLQXLGDGKD XQVDOWR8QDFRVDHVOD
(GXFDFLyQ6HFXQGDULD HO%DFKLOOHUDWRGHQWURGHO&HQWUR RWUDFRVDHVFXDQGRWLHQHVTXH
OOHYDUDHVRVDOXPQRVDXQDSUXHEDGHVHOHFWLYR DK  DQRHUHVW~QLORTXHKDQKHFKRQL
VLWLHQHQXQDVDFWLWXGHV SURFHGLPLHQWRVHVWXSHQGRVVLQRTXHVRQFRQRFLPLHQWRV VLQR
ORVWLHQHQ WDOFXDOHVWiGLVHxDGDOD(62 ORV%DFKLOOHUDWRVQRORVWLHQHQSXHVFODURYDVD
WHQHUXQRVDOXPQRVGHVHJXQGRGH%DFKLOOHUDWRTXHHVWHDxRORKDSDVDGRIDWDOSRUTXHGH
UHSHQWHKD TXHVXELUOHVDXQQLYHOTXHQRKDQLGRFRJLHQGRSRFRDSRFR<RFUHRTXHKD 
XQDVHQVLEOHGLIHUHQFLDHQWUHORTXHOD/H GLFH ORTXHOD8QLYHUVLGDGH[LJHVREUHWRGRD
QLYHOGHFRQRFLPLHQWRV´

(OSURFHVRGHHODERUDFLyQLQLFLDWLYDRUJDQL]DFLyQ SDUWLFLSDFLyQ
/DLGHDGHHODERUDUXQ3UR HFWR&XUULFXODUGH&HQWURVXUJHHQHVWHFHQWURPiVTXHQDGD
FRPR XQD LPSRVLFLyQ SRU SDUWH GH OD $GPLQLVWUDFLyQ (GXFDWLYD HQ EDVH D ODV H[LJHQFLDV
PDUFDGDVSRUOD5HIRUPD
³/D/2*6( PDUFDOD UHDOL]DFLyQGHO3(& GHO 3&&(QWRQFHVVH KDE DQ VROLFLWDGR XQRV
FXUVLOORVGHIRUPDFLyQHQFHQWURVSDUDSURIHVRUDGRSDUDODUHDOL]DFLyQGHO3(& GHO
3&&HQGRVDxRVVHKL]RHO3(& TXHGDEDSRUUHDOL]DUHO3&&HOQLYHOGHFRQFUHFLyQ
PiVEDMRGHO3(& VHEXVFyODIRUPDGHDMXVWDUHOFHQWURDODQXHYD/H ´
3URIHVRUDGR9ROXPHQ1~PHUR

(QHVWDPDQLIHVWDFLyQGHVWDFDQGRVFRVDVSULQFLSDOPHQWHODVGHPDQGDVGHOD$GPLQLVWUDFLyQ
TXHH[LJHQWHQHUXQ3UR HFWR&XUULFXODU TXHHVHOPRWLYRGHODUHDOL]DFLyQGHO3&& OD
FRQVLGHUDFLyQ GH pVWH FRPR XQD FRQFUHFLyQ GHO 3(&  QR FRPR HOHPHQWRV
FRPSOHPHQWDULRV SDUDOHORV
'HWRGDVIRUPDVDXQTXHLQLFLDOPHQWHVXUJHGHHVWDPDQHUDSRFRDSRFRORVGRFHQWHVVH
YDQ GDQGR FXHQWD GH OD QHFHVLGDG GH KDFHU XQR SURSLR XQR TXH VH DGDSWH D VXV
FDUDFWHU VWLFDV
³HQSULQFLSLRVXUJLyPiVTXHQDGDFRPRXQDQRUPDWLYDTXHH[LJ DOD'HOHJDFLyQ'HVSXpV
HOSURIHVRUDGRYLRODQHFHVLGDGYDPRVGHHODERUDUXQ3UR HFWR&XUULFXODUSRUTXHHVWXYLPRV
PLUDQGR YDULRV DQWHV  SRG DPRV KDEHUOR FRSLDGR ¢QR" SHUR YDPRV GHVSXpV YLPRV OD
QHFHVLGDGGHKDFHUORQRVRWURVPLVPRV´
(QHVWHSURFHVRGHHODERUDFLyQSDUWLFLSDURQGHPDQHUDFDVLH[FOXVLYDORVSURIHVRUHVILMRVHQ
HOFHQWUR
³DXQTXHGHVSXpVKXERDOJXQDDSRUWDFLyQGHSURIHVRUHVTXHYLQLHURQQXHYRVSHUREXHQR
EiVLFDPHQWHHOQ~FOHRHUDGHORVSURIHVRUHVFRQGHVWLQRGHILQLWLYRSRUTXHFUH PRVTXHHUD
EXHQROyJLFDPHQWHORPiVQHFHVDULR SULPRUGLDO DTXHORVRWURVSURIHVRUHVGHHVWHFHQWUR
FDPELDQDODRUGHQGHYHLQWHYHLQWLFLQFRSURIHVRUHVFDGDYH]´
(O FRPSURPLVR GH WRGRV HOORV HV YDORUDGR SRVLWLYDPHQWH SRU HO SURIHVRUDGR HO FXDO QRWy
LQWHUpV GHGLFDFLyQHQHVHFRPSURPLVR
³HVWHFHQWURWLHQHXQDFRVDTXHHVTXHWLHQHFDVLHOGHLQWHULQRVSRUORTXHORVTXH
HVWiEDPRVILMRV UDPRVPHQRVGHODPLWDGGHOFODXVWUR ODYHUGDGHVTXH RFUHRTXHOD
JHQWHTXHHVILMDVHFRPSURPHWLy ORKL]R RFUHRTXHFRQEDVWDQWHSDUWLFLSDFLyQ¢QR"QR
GHWRGRVSRUTXHQXQFDODKD GHWRGRVSHURODJHQWHWHQLDJDQDVGHDFODUDUTXHLEDDVHU
HVWHFHQWUR WRGRHVWR´
$QWHULRUPHQWH D OD HODERUDFLyQ GHO 3&& HQ HVWH FHQWUR D VH KDE D WUDEDMDGR VREUH HO
3(&ORTXHSHUPLWLyDOSURIHVRUDGRWHQHUXQDH[SHULHQFLDSUHYLDGHWUDEDMRHQJUXSRHQ
HVWRVWHPDV(QODHODERUDFLyQGHO3UR HFWR(GXFDWLYRVHFRQWyFRQODD XGDGHXQDVHVRU
H[WHUQRTXHJXLDED RUJDQL]DEDHOWUDEDMRDXQTXHHQHOFDVRGHO3UR HFWR&XUULFXODUQRVH
FRQWyFRQHVHDSR RH[WHUQR
³HPSH]DPRV D KDFHU HO 3&&  VXUJLy OD LGHD WDPELpQ GH WUDHU D DOJ~Q H[SHUWR SHUR
GLMLPRVQRYDPRVDDSURYHFKDUHVHGLQHURSDUDRWUDVFRVDV(O3&&ORHODERUDPRV
QRVRWURV6HJXLPRVODPLVPDGLQiPLFD´
&RQIRUPH D ORV WHPRUHV GXGDV  IDOWD GH LQIRUPDFLyQ TXH WHQ DQ TXH VRSRUWDU ORV
SURIHVRUHV HVWH SURFHVR GH HODERUDFLyQ VH FRQYLUWLy LQLFLDOPHQWH HQ XQ SURFHVR GH
LQWHUFDPELRGHSUREOHPDVHQWUHHOSURIHVRUDGRSDUWLFLSDQWH
³ODVSULPHUDVUHXQLRQHVSDUDKDFHUHO3&&HUDFRPRXQDWHUDSLDGHJUXSRHQGRQGH
QRVTXHMiEDPRVPXFKR GHF DPRV³TXpKRUURU´ ³TXpVRORVHVWDPRV´/DVSULPHUDVYHFHV
RUHFXHUGRTXHHUDHVR´
(OSURFHVRWDO FRPRORGHVFULEHXQRGHORVSURIHVRUHVSDUWLFLSDQWHVIXHHOVLJXLHQWH
³6H HVWDEOHFLHURQ JUXSRV HQ EDVH D OD JHQWH TXH HVWDED DSXQWDGD HQ HO FXUVR PiV OD
FRPLVLyQSHGDJyJLFDGHOFHQWUR HVWRVJUXSRVHQEDVHDORVGLIHUHQWHVSXQWRVTXHPDUFD
OD /H  TXH GHEH FRQWHQHU WRGR 3&& VH GLVWULEX y HO WUDEDMR  VH IXH HODERUDQGR SRU
VHSDUDGR OXHJRHQUHXQLRQHVPiVRPHQRVPHQVXDOHVVHLEDFRQIURQWDQGRHOWUDEDMRD
PHGLGD TXH VH LED UHDOL]DQGR <R QR Vp FRPR KDFHUOR GH RWUD PDQHUD SHUR EXHQR PH
LPDJLQRTXH HV XQ SRFRFRPR VHKDE D WUDEDMDGRHQOD &RQVWLWXFLyQHVSDxROD GHOPLVPR
HVWLORSULPHURUHXQLRQHVSRUJUXSRGHWUDEDMR OXHJRFRQIURQWDFLyQ GLVFXVLyQ GHEDWH
&DGD JUXSR H[SRQOD OR TXH KDE D UHDOL]DGR  GLVFXW D ORV SXQWRV TXH SRG DQ VHU PiV
FRQIOLFWLYRVORVTXHHUDQPHQRVFRQIOLFWLYRV DVHGHMDEDQ SHUIHFWDPHQWHHVWDEOHFLGRVVH
IXH UHKDFLHQGR  OXHJR VH OH y HQ JHQHUDO HQ OD FRPLVLyQ SHGDJyJLFD VH DSUREy HQ HO
FODXVWUR DTX HVWi´
/RVJUXSRVHVWDEOHFLGRV
³HUDQFXDWURRFLQFRIRUPDGRVSRUFXDWURRFLQFRSURIHVRUHV´
ODVUHXQLRQHV
³FDGDTXLQFHG DVXQPHVVHJ~QYLpUDPRV´
&DGD JUXSR GH WUDEDMR VH HQFDUJDED GH XQ W SLFR TXH GHVDUUROODED  GHVSXpV SURSRQOD DO
UHVWRGHORVJUXSRVVXVFRQFOXVLRQHVGHPDQHUDTXH
³KDE DSXQWRVHQORVTXHWRGRHOPXQGRHVWDEDGHDFXHUGR QRKDE DQDGDTXHGLVFXWLU
SHUR OXHJR OOHJDEDV D OR PHMRU D SUREOHPDV GH WH[WR VLPSOHPHQWH  KDE D GLVFUHSDQFLDV
(QWRQFHVWHQG DPRV VLHPSUHDEXVFDUHO P QLPRTXH KXELHUDGHEDWHSHURTXH KXELHUD
XQDSRVWXUDGHFRQIOXHQFLDSRUTXHFRPR SUHWHQGH VHUXQWH[WRJHQHUDODWRGR HOFHQWUR
SXHVTXHVHSXHGDOOHJDUDFRQVHQVXDUFDVLWRGR< RFUHRTXHHVWiEDVWDQWHFRQVHQVXDGR´
3URIHVRUDGR9ROXPHQ1~PHUR

(QWUHORVSXQWRVTXHVHWUDWDURQFRPRFRQWHQLGRVGHO3UR HFWR&XUULFXODUORVFHQWUDGRVHQOD
HYDOXDFLyQ SURPRFLyQGHORVDOXPQRVIXHURQORVTXH PiV GLVFUHSDQFLDVVXVFLWDURQ ORV
TXHPiVVHWUDEDMDURQVREUHWRGRGHELGRDTXHHUDORTXHPiVXUJ DFRQFUHWDUSDUDSRGHU
GHVDUUROODUODSURSLDSUiFWLFD
³HQHOSURFHVRORTXHPiVVHWUDWDURQIXHURQORVSURFHVRVGHHYDOXDFLyQSRUTXHHQDTXHO
PRPHQWRVHQHFHVLWDEDXQDFRVDXUJHQWHSRUTXHFRPRHUDXQDFRVDWDQHWpUHDFRPRTXH
ODVMXQWDVGHHYDOXDFLyQHUDQVREHUDQDV WDO FXDOWXYLPRVTXHXQLILFDUFULWHULRVSDUDHVR
SDUDHQXQDHYDOXDFLyQQRSDVDUDXQRFRQVHLV RWURFRQGRV´
(QUHODFLyQFRQODHYDOXDFLyQHOSURIHVRUDGRPDQLILHVWDTXH
³KXERGLVFXVLRQHVJRUGDV WRGDY DODVKD ´
)XHpVWHSRUWDQWRXQWHPDPX FRQIOLFWLYRDODKRUDGHHODERUDUHO3&&HQHOTXHORV
SURIHVRUHVQRVHGDQSXHVWRFRPSOHWDPHQWHGHDFXHUGR
³VLJXH KDELHQGR SXQWRV GH YLVWD GLVWLQWRV HQ HO SURIHVRUDGR VREUH WRGR HQ OR TXH HV OD
5HIRUPD ODIRUPDGHHYDOXDU ODIRUPDGHKDFHUWRGR2VHDKDKDELGRGLVFUHSDQFLDV
GHVGHHOSULPHUPRPHQWR EXHQR3RUHMHPSORKD XQRVFULWHULRVGHHYDOXDFLyQTXHKDQ
VLGR DSUREDGRV KDFH WLHPSR  VLQ HPEDUJR KD  JHQWH TXH HVWi HQ GHVDFXHUGR HQ
GHVDFXHUGRSRUTXHXQRVORVYHQGHPDVLDGRDPSOLRVRWURVGHPDVLDGRUHVWULQJLGRV´
(VWDVGLVFUHSDQFLDVVRQFRQWHPSODGDVGHPDQHUDSRVLWLYDSRUDOJXQRVSURIHVRUHVGHELGRD
ODVGLVFXVLRQHVTXHJHQHUD
³ODGLVFXVLyQHVEXHQDHORWURG DHVWXYLPRVGLVFXWLHQGRVREUHODSURPRFLyQGHORV
DOXPQRVGHOD(62DTXpDVSHFWRVKD TXHGDUOHPiVLPSRUWDQFLDDODKRUDGHHYDOXDU 
GHPiV HVRHVEXHQR´
2WURGHORVDVSHFWRVTXHVHVHxDODQFRPRFRQIOLFWLYRVHVHOGHODV$GDSWDFLRQHV&XUULFXODUHV
HQ HO TXH HO SURIHVRUDGR D SHVDU GH YHUODV FRPR DOJR QHFHVDULR VH VLHQWH LPSRVLELOLWDGR
SDUDOOHYDUODVDGHODQWH
³6XUJHVXUJLyPXFKRSUREOHPDWDPELpQ WRGDY DH[LVWHFRQODVDGDSWDFLRQHVFXUULFXODUHV
DGDSWDFLyQ FXUULFXODU R VHJXLPLHQWRV LQGLYLGXDOHV /D JHQWH SUiFWLFDPHQWH YH TXH HV
LPSRVLEOH$GDSWDUHOFXUULFXOXPSDUDXQDOXPQR(QWRQFHVVXUJHHOWHPDGHVLHPSUH¢TXp
KDFHPRV" ¢DWHQGHPRV D ORV DOXPQRV EXHQRV DWHQGHPRV D ORV PDORV" (O SURIHVRUDGR
SLHQVDTXHDV LQGLYLGXDOPHQWHHVLPSRVLEOH´
(QUHODFLyQFRQODPHWRGRORJ DODVSRVLELOLGDGHVTXHORVSURIHVRUHVVHQW DQWHQHUHUDQPX 
HVFDVDVGHELGRVREUHWRGRDODVOLPLWDFLRQHVTXHHOSURSLRFHQWURDQLYHOGHGRWDFLyQOHV
PDUFDED  D OD FRQFHSFLyQ GH pVWD FRPR DOJR TXH GLI FLOPHQWH VH SXHGH HVWDEOHFHU FRQ
H[DFWLWXG
³5HDOPHQWHODPHWRGRORJ DHVPX GLI FLOHQFDVLOODUODHQWRQFHVLUODVFRQWUDHOHVS ULWXGHOD
/2*6(TXHHVWHQHUXQFXUULFXOXPDELHUWR GDUOLEHUWDGDFDGDSURIHVRUGHTXHHQIRTXHOD
DVLJQDWXUDVHJ~Q%XHQRFULWHULRVFRPRORGHODVDQJUHFRQOHWUDHQWUDQRFULWHULRVPX 
JHQHUDOHV SHUR WDPSRFR SXHGHV KDFHU PXFKR PiV IDYRUHFHU ODV SUiFWLFDV WHyULFDPHQWH
FODURSRUTXHHQXQODERUDWRULRGRQGHFDEHQDSUHWDGRVHQXQDFODVHGHLPSRVLEOH´
2WUDVFXHVWLRQHVFRPRORVKRUDULRVODRULHQWDFLyQHWFIXHURQWUDWDGRVWDPELpQGHPDQHUD
FROHFWLYD SRU HO FRQMXQWR GH GRFHQWHV SHUR HQ OR UHIHULGR D REMHWLYRV  FRQWHQLGRV D
FRQVHJXLU  WUDEDMDU SRU SDUWH GH ORV DOXPQRV VH GHOHJy WRGD OD UHVSRQVDELOLGDG D ORV
6HPLQDULRV 'HSDUWDPHQWRV
³HQORVVHPLQDULRVVHHVWDEOHFLHURQ ORVREMHWLYRV FRQWHQLGRVTXH DFRQVWDEDQHQODV
SURJUDPDFLRQHV´
(OHVSHFLILFDUHVWRVREMHWLYRV FRQWHQLGRVVXSXVRUHRUJDQL]DUHOWUDEDMRGHDxRVDQWHULRUHV
 FRPHQWDUOR GHQWUR GH FDGD 'HSDUWDPHQWR DXQTXH QR HQ FRP~Q FRQ HO UHVWR GHO
SURIHVRUDGRGHHVDHWDSDHGXFDWLYD
³(QFRP~QFRQORVRWURVQR(QFRP~QGHQWURGHO'HSDUWDPHQWRSRUTXHDOILQ DOFDER
VDOYR ODV DVLJQDWXUDV TXH VRQ WUDQVYHUVDOHV TXH HVDV HVWiQ XQ SRFR DK  SXHVWDV SRU
LPSRVLFLyQTXHD~QQRVHVDEHPX ELHQFyPRVHGHMDQGHGDURQRSXHVSDUDORGHPiVVH
UHXQLy FDGD 'HSDUWDPHQWR  DFODUy FRPR HVWDPRV GDQGR OD (62 HQWRQFHV EXHQR KD 
RWURVFRQWHQLGRVRWUDHVWUXFWXUDGLVWLQWDVHUHKL]RHVRXQSRFRSRUVHPLQDULRV$GHPiV
GHORTXHHVJHQHUDOHQHO3&&HVWiQODVSURJUDPDFLRQHVGHiUHDODV3&$ HVR DIXH
VHPLQDULRDVHPLQDULRFDGDXQRUHDOL]yVX3&$GHDFXHUGRFRQVXVFULWHULRVDK QRVH
FRPHQWyQDGD´
'HQWUR GH ORV FRQWHQLGRV HO HTXLOLEULR HQWUH FRQWHQLGRV FRQFHSWXDOHV SURFHGLPHQWDOHV 
DFWLWXGLQDOHVGHVSHUWyXQDIXHUWHSROpPLFD3RUXQDSDUWHORVSURIHVRUHVVHHQFXHQWUDQFRQ
ODSURSXHVWDGHO'&% SRURWUDFRQODUHDOLGDGGHOFHQWUR GHORVDOXPQRV
³GLVFXVLRQHVJRUGDVHQORVFRQWHQLGRVFRQFHSWXDOHVTXHKD TXHWRFDU/RTXHSDVD
HVTXHDTX KD YDULDVSRVWXUDV3RUXQODGRHVWiHO'&%SRURWURODGRHVWiODUHDOLGDGGH

3URIHVRUDGR9ROXPHQ1~PHUR

ORV DOXPQRV ¢HQWLHQGHV" /D &RQVHOOHU D R OD 'HOHJDFLyQ WH H[LJH TXH HO '&%  KD  TXH
FXPSOLUORSHURVLORFXPSOLPRVDTX QRSDVDQDGLH´
3RU RWUR ODGR HO FDUiFWHU SURSHGpXWLFR TXH ORV SURIHVRUHV OH DWULEX HQ D OD (62 FRPR
SUHSDUDWRULDSDUDXQ%DFKLOOHUDWRTXHORVFRQGXFLUiDOD8QLYHUVLGDGKDFHTXHHVWHHTXLOLEULR
VHSUHVHQWHFRPRPX SUREOHPiWLFR
³8QDFRVDHVWUDEDMDUSURFHGLPLHQWRVHQFODVH DFWLWXGHV DOJ~QFRQRFLPLHQWRUHODFLRQDGR
RWUDFRVDHVGDUFRQFHSWRVH[SOLFDUORVGHXQDIRUPDRGHRWUDTXH RSLHQVRTXHDK HVWi
UHDOPHQWHHOGHVIDVH$QWHVWHQ DPRVWUHVFXUVRVGH%83 XQRGH&28GLUHFWDPHQWH
SUHSDUDGR SDUD OD 8QLYHUVLGDG  WUHV FXUVRV GH %83 HQ ORV TXH VH OHV LED SUHSDUDQGR HO
FDPLQR $KRUD ORV FXUVRV GH (62 VRQ GH DTXHOOD PDQHUD  ODV DFWLWXGHV  PXFKRV
SURFHGLPLHQWRV RSLHQVRTXHLQWU QVHFDPHQWH DVHWLHQHQHQFXHQWD(VWRQRVRQFODVHV
PDJLVWUDOHV R SLHQVR TXH QLQJ~Q SURIHVRU HQ HO LQVWLWXWR GD FODVHV PDJLVWUDOHV D HVWi
KDFLHQGRSURFHGLPLHQWRV DFWLWXGHVSHURFODURXQDFRVDHVGHGLFDUOHPXFKRWLHPSR RWUD
HVDGDSWDUORDORTXHWLHQHVTXHGDU´

&21&/86,21(6
8QD YH] DQDOL]DGDV ODV GHFODUDFLRQHV GH ORV SURIHVRUHV SDUHFH HYLGHQWH TXH OD
LPSOHPHQWDFLyQ GH OD 5HIRUPD (GXFDWLYD D QLYHO FXUULFXODU HQ OR TXH VH UHILHUH D OD
HODERUDFLyQ GH ORV 3&&V HVWi VXSRQLHQGR VHULRV SUREOHPDV $VSHFWRV FRQWH[WXDOHV GHO
FHQWUR IUDFDVR HVFRODU UHODFLRQHV FHQWURIDPLOLD SUiFWLFDPHQWH QXODV DEVHQWLVPR HVFRODU
IDOWDGHGRWDFLyQHWFDV FRPRGRFHQWHVHUURUHVGHLQWHUSUHWDFLyQGHODILORVRI DTXHKDGH
JXLDU OD HODERUDFLyQ GH ORV 3UR HFWRV &XUULFXODUHV LQHVWDELOLGDG GHVHQFDQWR SURIHVLRQDO
SDUWLFLSDFLyQSDUFLDOGHOHJDFLyQH[FOXVLYDHQHOHVWDEOHFLPLHQWRGHFRQWHQLGRV REMHWLYRVD
QLYHOGH'HSDUWDPHQWRHWFRGHODSURSLD$GPLQLVWUDFLyQ(GXFDWLYDDXVHQFLDGHDSR R 
DVHVRUDPLHQWRIDOWDGHLQIRUPDFLyQILMDFLyQGHSOD]RVU JLGRVHWFHVWiQLQIOX HQGRHQTXH
ORV 3UR HFWRV &XUULFXODUHV QR UHVSRQGDQ D VX ~OWLPR REMHWLYR RUJDQL]DU  YHUWHEUDU OD
DFWLYLGDG LQVWUXFWLYRIRUPDWLYD GHO FHQWUR HGXFDWLYR 3DUHFH PiV ELHQ TXH VX HODERUDFLyQ
UHVSRQGHPiVTXHQDGDDFXHVWLRQHVEXURFUiWLFDVTXHSXHGHQKDFHUTXHQRVHDPiVTXHXQ
GRFXPHQWRSDUDSUHVHQWDUDOD$GPLQLVWUDFLyQ(GXFDWLYDVLQUHSHUFXVLyQDOJXQDHQODVDXODV
3HUR SHVH D ODV PDQLIHVWDFLRQHV HQ FRQWUD GHO SURFHVR VHJXLGR HQ OD LPSODQWDFLyQ GH OD
5HIRUPD  GH OD (62 REVHUYDPRV WDPELpQ XQD FLHUWD LOXVLyQ  HVSHUDQ]D HQWUH HO
SURIHVRUDGR TXH SXHGH KDFHU TXH ILQDOPHQWH  FRQ HO SDVR GHO WLHPSR  SHVH D OD
FRPSOHMLGDGTXHSDUDORVGRFHQWHVVXSRQHWRGRPHMRUH VHOOHJXHDDUWLFXODU GHVDUUROODU
XQYHUGDGHURLWLQHUDULRFXUULFXODU&RPRPX ELHQVHxDODQORVSURSLRVSURIHVRUHV
³FRQHOIRQGRGHHVWRHVWR SOHQDPHQWHGHDFXHUGR FRQORTXHVHKL]RHOSUREOHPDHV
OOHYDUORDODSUiFWLFD<RSLHQVRTXHFXDQGRVHLPSODQWH HVWpWRGRJHQHUDOL]DGR RQR
VpTXHSDVDUiSHUR+DFHIDOWDWLHPSRHVXQWHPDIDVWLGLDGR´


%,%/,2*5$)Ë$
ÈOYDUH]0pQGH]-0³,QYHVWLJDFLyQFXDQWLWDWLYDLQYHVWLJDFLyQFXDOLWDWLYD¢8QDIDOVD
GLV XQWLYD"´ HQ &RR. -'  5HLFKDUGW 06 0pWRGRV FXDOLWDWLYRV  FXDQWLWDWLYRV HQ
LQYHVWLJDFLyQHYDOXDWLYD0DGULG0RUDWD
)HUQiQGH]6LHUUD-³(YDOXDFLyQGHOFXUULFXOXPSHUVSHFWLYDVFXUULFXODUHV HQIRTXHV
HQ VX HYDOXDFLyQ´ HQ $QJXOR 5DVFR -)  %ODQFR 1  7HRU D  GHVDUUROOR GHO
FXUULFXOXP0iODJD$OJLEH
)R['(OSURFHVRGHLQYHVWLJDFLyQHQ(GXFDFLyQ3DPSORQD(XQVD
6DUFHGD0&/DHYDOXDFLyQGHO3&&(OHVWDGRGHODFXHVWLyQ8QHVWXGLRGHFDVR
0HPRULD GH /LFHQFLDWXUD 8QLYHUVLGDG GH 6DQWLDJR GH &RPSRVWHOD )DFXOWDG GH )LORVRI D 
&LHQFLDVGHOD(GXFDFLyQ
=DEDO]D%HUD]D0$³(YDOXDFLyQGH3UR HFWRVGH&HQWUR´HQ=DEDO]D%HUD]D0$
HG5HIRUPD(GXFDWLYD 2UJDQL]DFLyQ(VFRODU6DQWLDJR7yUFXOR
