scieee AI-readable full text Open interactive document viewer

Buenas prácticas en el cálculo de la pensión de jubilación de los trabajadores migrantes a la luz del Anexo XI del Reglamento CE/883/2004 y la sentencia del Tribunal de Justicia de 21-2-2013 sobre el asunto Salgado González (C-282/11)

Carrascosa Bermejo, Dolores

Full text

%8(1$635È&7,&$6(1(/&È/&8/2'(/$3(16,Ï1'(-8%,/$&,Ï1 '( /26 75$%$-$'25(6 0,*5$17(6 $ /$ /8= '(/ $1(;2 ;, '(/ 5(*/$0(172 &( < /$ 6(17(1&,$ '(/ 75,%81$/ '( -867,&,$ '(      62%5( (/ $68 172 6$/*$'2 *21=È/(= &   'RORUHV&DUUDVFRVD%HUPHMR  ,2EMHWRGHHVWXGLR\VXYLJHQFLD,,3UHPLVDVSDUDHODQiOLVLVGHODSUREOHPiWLFD H[SXHVWD,,,(VWDGRGHODFXHVWLyQ,96ROXFLRQHVSUHYLDVDO$QH[R;,GHO5JWR &(9,QWHJUDFLyQ GHODJXQDVFRPXQLWDULDVHQHO$QH[R;,DGHO5JWR &(9,$GDSWDFLyQGHOSURFHGLPLHQWRGHFiOFXORVHQWHQFLDGHO7ULEXQDO GH-XVWLFLDGH    VREUHHODVXQWR6DOJDGR*RQ]iOH]&  9,,%XHQDV SUiFWLFDV ,2 %-(72'((678',2<689,*( 1&,$ (VWHWUDEDMRSUHWHQGHLGHQWLILFDUDOJXQDVEXHQDVSUiFWLFDVTXHGHELHUDQVHUWHQLGDVHQ FXHQWDSRUOD$GPLQLVWUDFLyQHVSDxRODSDUDFDOFXODUODEDVHUHJXODGRUDGHODVSHQVLRQHV GH MXELODFLyQ ± DXQTXH WDPELpQ ODV GH YLXGHGDG H LQFDSDFLGDG SHUPDQHQWH SRU FRQWLQJHQFLDVFRPXQHV  GHORVWUDEDMDGRUHVPLJUDQWHV(VWDVEXHQDVSUiFWLFDVVHFHQWUDQ HQHOTXHFRQVLGHURHOSUREOHPDFUXFLDOTXHWRGDYtDSHUVLVWHSDUDGLFKRFiOFXORHQHO PDUFRGHORV5HJODPHQWRVFRPXQLWDULRVODFREHUWXUDGHODVODJXQDVHQHOSHUtRGRG H UHIHUHQFLDSDUDGHWHUPLQDUODEDVHUHJXODGRUDGHOD³FXDQWtDRSHQVLyQWHyULFD´GHORV WUDEDMDGRUHVPLJUDQWHV1RVHWUDWDGHXQDSUREOHPiWLFDVXSHUDGDXREVROHWDVLQRTXH PDQWLHQHVXYLJHQFLDFRQEDVHHQORVVLJXLHQWHVDUJXPHQWRV (QSULPHUOXJDUSRU VXWUDWDPLHQWRHVSHFtILFRHQODQRUPDWLYDGHFRRUGLQDFLyQYLJHQWH GHVGHHO    FRQFUHWDPHQWHHQHOSXQWRDGHODSDUWHGHVWLQDGDD(VSDxDGHO $QH[R;,GHO5HJODPHQWR&((QVHJXQGROXJDUSRUTXHHVODSUREOHPiWLFD DERUGDGDHQODUHFLHQWH VHQWHQFLDGHO7ULEXQDOGH-XVWLFLDGH    VREUHHODVXQWR 6DOJDGR*RQ]iOH]&    $XQTXHHVFLHUWRTXHHVWDFXHVWLyQSUHMXGLFLDOSODQWHDGD SRUHO76-GH*DOLFLDYHUVDVREUHODDSOLFDFLyQGHORVDQWLJXRV5HJODPHQWRVFRPRVH WUDWDUiGHGHPRVWUD UHQHVWHWUDEDMRODVROXFLyQTXHDSRUWDHVWDVHQWHQFLDELHQSRGUtD UHVXOWDUDSOLFDEOHHQHOPDUFRGHODQRUPDWLYDGHFRRUGLQDFLyQYLJHQWHDFWXDOPHQWH 1R HVHOSULPHUSURQXQFLDPLHQWRVREUHHVWDSROpPLFDPDWHULDSXHVHOSURSLR7ULEXQDOGH -XVWLFLD \D OD DERUGy FRQ HVFDVR p[LWR D OD YLVWD GH ODV VXFHVLYDV FXHVWLRQHV SUHMXGLFLDOHV  HQ VX VHQWHQFLD GH      VREUH HO DVXQWR *UDMHUD &   \ 'RORUHV&DUUDVFRVD%HUPHMR 3URIHVRUD'RFWRUDHQHOÈUHDGH'HUHFKRGHO7UDEDMR\GHOD6HJXULGDG 6RFLDOGH,&$'(\OD8QLYHUVLGDG5H\-XDQ&DUORVGH 0DGULG5HGDFWRUDGHOÈUHD6RFLDOHQ(GLFLRQHV )UDQFLV/HIHEYUH (VWH WUDEDMR VH LQVHUWD HQ GHQWUR GH ODV DFWLYLGDGHV GHO 3UR\HFWR ,' ³%XHQDV 3UiFWLFDV -XUtGLFR  3URFHVDOHVHQ'HUHFKR/DERUDO\&RPXQLWDULR3DUD5HGXFLUHO*DVWR6RFLDOFRQ&RVWH&HUR´3UR \HFWR '(5  ILQDQFLDGRSRUHO0LQLVWHULRGH(FRQRPtD\&RPSHWLWLYLGDG  9HU XQ DQiOLVLV GH OD SUREOHPiWLFD TXH VH H[SRQH SRQLpQGROR HQ FRQH[LyQ FRQ HO $VXQWR 6DOJDGR *RQ]iOH]HQ'&$55$6&26$%(50(-2³/DEDVHUHJXODGRUDGHODFXDQWtDWHyULFDG HORVWUDEDMDGRUHV PLJUDQWHVHOFDVR*UDMHUD*RQ]iOH]´5HYLVWDGHO0LQLVWHULRGH(PSOHR\6HJXULGDG6RFLDO Q S  D  8Q FRPHQWDULR GH OD VHQWHQFLD GHO 7ULEXQDO GH -XVWLFLD VREUH GLFKR $VXQWR 6DOJDGR *RQ]iOH] HQ '(6'(17$'2 '$52&$ ( ³'H QXHYR VREUH ORV SUREOHPDV GHO FiOFXOR GH OD EDVH UHJXODGRUDGHODVSHQVLRQHVGHORVWUDEDMDGRUHVPLJUDQWHV(OFDVR6DOJDGR*RQ]iOH]\OD67-8(GHGH )HEUHURGH´5HYLVWDGH'HUHFKR6RFLDOQSV SUHYLDPHQWH HQ ODV GLFWDGDV VREUH HO $VXQWR /DIXHQWH 1LHWR &   \ 1DUDQMR $UDQMR&  \RWURV  3URQ XQFLDPLHQWRVWRGRVHOORVTXHFDSWDURQODDWHQFLyQGHOD GRFWULQDHVSDxROD  $GHPiVSRVHHQXQDLQGXGDEOHUHOHYDQFLDSUiFWLFDQRVyORSUHVHQWH VLQRIXWXUDDODYLVWDGHODQXHYDROHDGDGHHPLJUDQWHVHVSDxROHVHQOD8(  (QWHUFHU OXJDUSRUTXHODUHIRUPDGH ODQRUPDWLYDHVSDxRODGH6HJXULGDG6RFLDOUHODWLYDDHVWH WLSRGHSHQVLRQHVH[DFHUEDODSUREOHPiWLFDGHODLQWHJUDFLyQGHODJXQDVDOLQFUHPHQWDU HOSHUtRGRGHUHIHUHQFLD\ODSUREDELOLGDGGHODJXQDV(QHIHFWRGHVGH  WUDVOD HQWUDGDHQYLJRUGHOD/ H\  HOSHUtRGRGHUHIHUHQFLDSDUDVXFiOFXORVHYDDLU DPSOLDQGRSDXODWLQDPHQWHKDVWDTXHHQRFXSHDxRVHVWRHVXQDIUDFFLyQGH LQPHGLDWDPHQWHDQWHULRUHVDOPHVSUHYLRDOKHFKRFDXVDQWH$GHPiVKD\TXH WHQHUHQFXHQWDTXHHQHO PDUFRGHHVWDUHIRUPDLQWHUQDSRGUiVXFHGHUTXHHOSHUtRGRGH FDUHQFLDSDUDHOUHFRQRFLPLHQWRGHOGHUHFKR ± TXHVHPDQWLHQHVLQFDPELRV  VHDLQIHULRU DOSURSLRSHUtRGRGHUHIHUHQFLD  3RURWURODGRFRPRDSXQWDEDHODXWRSRUHOTXHVH LQWHUSXVRODFXHVWLyQ SUHMXGLFLDO6DOJDGR*RQ]iOH]  VHGHMDXQHOHPHQWRWUDVFHQGHQWDO SDUDODOLEUHFLUFXODFLyQGHORVWUDEDMDGRUHVHQPDQRVGHOOHJLVODGRUHVSDxROLQWHUQRDO QR SRGHU FRPSXWDUVH HQ HO QXPHUDGRU PiV TXH ODV FRWL]DFLRQHV UHDOHV HVSDxRODV $GHPiV HQ HO PDUFR GHO FiOFXOR GH OD EDVH UHJXODGRUD GH OD FXDQWtD WHyULFD  HO LQFUHPHQWR SDXODWLQR GHO SHUtRGR GH UHIHUHQFLD VXSRQGUtD XQ LQFUHPHQWR GHO GHQRPLQDGRU R GLYLVRU ILMR DSOLFDEOH SDUD FDOFXODU OD EDVH UHJXODGRUD TXHGDQGR HO QXPHUDGRUFRQIRUPDGRH[FOXVLYDPHQWHFRQO DVXPDGHODVFRWL]DFLRQHVHVSDxRODVUHDOHV LQFOXLGDVHQHVHSHUtRGRGHUHIHUHQFLD(QVXPDQRUHVXOWDEDGLItFLODXJXUDU  DSDUWLUGH       XQGHVFHQVRVLJQLILFDWLYRGHODVEDVHVUHJXODGRUDVGHODVSHQVLRQHVGHORV PLJUDQWHVFRQHVFDVRVSHUtRGRVGHFR WL]DFLyQHVSDxROHV ,,3 5(0,6$63$5$(/$1È/,6,6'(/$352%/(0È7,&$(;38(67$ 3DUDDQDOL]DUHVWDFXHVWLyQGHEHSDUWLUVHGHODVVLJXLHQWHVSUHPLVDVTXHYDQGHORPiV JHQHUDODORPiVHVSHFtILFR (Q SULPHU OXJDU ORV  WUDEDMDGRUHV PLJUDQWHV QR SXHGHQ VXIULU XQD UHGXFFLyQ GH OD FXDQWtDGHVXVSUHVWDFLRQHVGH6HJXULGDG6RFLDOSRUHOKHFKRGHKDEHUHMHUFLWDGRVXOLEUH  6HQWHQFLD GHO 7-&( GH     VREUH H O $VXQWR /DIXHQWH 1LHWR &   SODQWHDGD SRU HO 7ULEXQDO 6XSHULRUGH-XVWLFLDGHO3DtV9DVFR6LHWHPHVHVGHVSXpVGHO$XWRGHO7ULEXQDO6XSUHPRGH     TXHSODQWHyHO $VXQWR*UDMHUDVHGLFWySRUHO7-&(ODVHQWHQFLDGH    VREUHHO $VXQWR1DUDQM R $UMRQD&  \SODQWHDGRDVXYH]SRUHO76-GH([WUHPDGXUD 9HUXQDELEOLRJUDItDFRPSOHWDHQ'&$55$6&26$%(50(-2³/DEDVHUHJXODGRUD«´50(<66 RSFLWS  &RPR VH VHxDOD HQ KWWSZZZHXURSDSUHVVHVVRFLHGDGQRWLFLD  HPLJUDQWHV  HVSDQROHV  GXSOLFDQ    PD\RULD  EXVFD  WUDEDMR  KWPO ³ HOQ~PHURGHHPLJUDQWHVHVSDxRO HVVHKDGXSOLFDGR GHVGHDxRGHLQLFLRGHODFULVLVKDVWDODPD\RUtDHQEXVFDGHRSRUWXQLGDGHVODERUDOHV\FRQ (FXDGRU \ 5HLQR 8QLGR FRPR SULQFLSDOHV GHVWLQRV VHJ~Q XQ LQIRUPH GH $VHPSOHR OD SDWURQDO GH DJHQFLDV GH FRORFDFLyQ  6yOR HQ  XQ WRWDO GH  FLXGDGDQRV GH QDFLRQDOLGDG HVSDxROD DEDQGRQDURQ HO SDtV XQ  PiV TXH HQ  /D PLWDG GH HOORV  HPLJUy D (XURSD SULQFLSDOPHQWH D 5HLQR 8QLGR  )UDQFLD  $OHPDQLD  6XL]D  \ %pOJLFD ´  + DVWD  VH FDOFXODED FRQ XQ GLYLGLHQGR HTXLYDOHQWH DO PRQWR GH ODV EDVHV GH FRWL]DFLyQ GHO LQWHUHVDGRHQXQSHUtRGRGHUHIHUHQFLDGHPHVHVyDxRV\XQGLYLVRUILMRGHHVWRHVOD FDQWLGDG HTXLYDOHQWH D ODV PHQFLRQDGDV  PHQVXDOLGDGHV D OD V TXH VH DJUHJDEDQ  EDVHV PiV FRQVLGHUDQGR ODV SDJDV H[WUDV JHQHUDGDV GXUDQWH HVRV  DxRV 'XUDQWH HO DxR  FRPLHQ]D HO LQFUHPHQWR SDXODWLQR GHO SHUtRGR GH UHIHUHQFLD DSOLFiQGRVH  KDVWD DOFDQ]DU HQ  ORV PHQFLRQDGRVDxRV  9 HU)XQGDPHQWR-XUtGLFRGHO$XWRGHO76-*DOLFLDGH    GHOTXHHVSRQHQWHHO0DJLVWUDGR -RVp)HUQDQGR/RXVDGD$URFKHQD FLUFXODFLyQ  /RV5HJODPHQWRVGHFRRUGLQDFLyQQRDUPRQL]DQORVVLVWHPDVQDFLRQDOHVGH 6HJXULGDG6RFLDOPDQWHQLHQGRHOOHJLVODGRUQDFLRQDO VX FRP SHWHQFLDQRUPDWLYDSDUD GHILQLU ORV UHTXLVLWRV SDUD HO UHFRQRFLPLHQWR \ FiOFXOR GH SUHVWDFLRQHV VLHPSUH VLQ YXOQHUDUHO'HUHFKRGHOD8(\HQFRQFUHWRHOGHUHFKRDODOLEUHFLUFXODFLyQ  (QVHJXQGROXJDUKD\TXHWHQHUHQFXHQWDTXHODDSOLFDFLyQGHOR V5HJODPHQWRVGHOD 8( QRSXHGH SURSLFLDU OD SpUGLGD GH ORVREWHQLGRV H[FOXVLYDPHQWH DO DPSDURGH ODV QRUPDVQDFLRQDOHVGH6HJXULGDG6RFLDOFRRUGLQDGDV(QHIHFWRH[LVWHXQ³SULQFLSLRGH LQWDQJLELOLGDG GH ORV GHUHFKRV QDFLRQDOHV SRU DSOLFDFLyQ GH ORV 5HJO DPHQWRV´ TXH VXSRQH TXH HO IXQGDPHQWR WXLWLYR GH OD QRUPDWLYD GH FRRUGLQDFLyQ HQ ORV 7UDWDGRV DFWXDOPHQWH7UDWDGR)8(DUWLPSLGHTXHVXDSOLFDFLyQJHQHUHXQDGLVPLQXFLyQGH ORV GHUHFKRV TXH ORV LQWHUHVDGRV \D GLVIUXWDQ HQ XQ (VWDGR PLHPEUR HQ YLUWXG GH OD DSOLFDFLyQH[FOXVLYDGHODOHJLVODFLyQQDFLRQDO  (QVXPDODQRUPDGHFRRUGLQDFLyQQR SXHGHLUHQGHWULPHQWRGHORVLQWHUHVHVGHOPLJUDQWHVSXHVVXREMHWLYRVyORSXHGHVHU QHWDPHQWHWXLWLYR (Q WHUFHU OXJDU GH DFXHUGR FRQ HO SURFHGLPLHQWR GH FiOF XOR HVWDEOHFLGR HQ ORV 5HJODPHQWRVWDQWRYLJHQWHVFRPRSUHYLRV  HOPRQWRGHODSHQVLyQWHyULFD  FX\DEDVH UHJXODGRUD VH DQDOL]D  KD GH VHU HTXLYDOHQWH D OD SHQVLyQ GH MXELODFLyQ TXH KXELHUD  9HUUHFRJLHQGRHVHREMHWLYRGHODQRUPDGHFRRUGLQDFLyQODVHQWHQFLDGHO7-&(    VREUHHO$VXQWR 5HLFKOLQJ&  DSGR V\9HUH[SRQLHQGRHVWHSXQWRGHSDUWLGDLQWHUSUHWDWLYRRGHDQiOLVLVGHO $QH[RHOSXQWRGHODVHQWHQFLD7-&(    $VXQWR*UDMHUD&  TXHUHLWHUDHODSGRGHOD VHQWHQFLDGHO7-&(GH    VREUHHO$VXQWR/DIXHQWH1LHWR&  GH OPLVPRWHQRUOLWHUDO  7-&(    DVXQWR&  DSGR\    DVXQWR&    6HWUDWDGHXQSULQFLSLRUHFRQRFLGRSRUHO7ULEXQDOGH-XVWLFLDHQODVSULPHUDVQRUPDVGHFRRUGLQDFLyQ YHUHQHOPDUFRGHO5HJODPHQWRQ7-&(GH    $VX QWR9DQGHU9HHQ\PiV FODUDPHQWHHQ7-&(    VREUHHODVXQWR3HWURQL9HUPiVWDUGHHODSGRGHODVHQWHQFLD 7-&(    $VXQWR'H-RQJHODSGRGHODVHQWHQFLD7-&(    $VXQWR'DPPHU  R OD 7-&(      DV XQWR (QJHOEUHFKW &   9HU PiV DPSOLDPHQWH VREUH HVWH SULQFLSLR KHUPHQpXWLFR 3(5/ * /LQWHUSUHWDWLRQ GHV LQVWUXPHQWV GH FRRUGLQDWLRQ GH VHFXULWH VRFLDOH 5%66 $RXW  6HSWHPEUH   3  \ OD WHVLV GRFWRUDO &$55$6&26$ %(50(-2 ' ³/D FRRUGLQDFLyQ FRPXQLWDULDGHORVVLVWHPDVQDFLRQDOHVGH6HJXULGDG6RFLDO'HWHUPLQDFLyQGHOD/H\QDFLRQDODSOLFDEOH 5HFRQRFLPLHQWR \ FiOFXOR GHO GHUHFKR D XQD SHQVLyQ GH YHMH] FRQWULEXWLYD´ 8QLYHUVLGDG &DUORV ,,, (QHURS\ KWWSKGOKDQGOHQHW 0iVUHFLHQWHPHQWHYHUWDPELpQVREUHVX DSOLFDFLyQ HQ HO PDUFR GH OD FRRUGLQDFLyQ GH OD DVLVWHQFLD VDQLWDULD &$55$6&26$ %(50(-2 ' ³/LEUHSUHVWDFLyQGHVHUYLFLRV\UHHPEROVRGHJDVWRVGHKRVSLWDO L]DFLyQQRSURJUDPDGDGXUDQWHHVWDQFLD WHPSRUDOHQRWUR(VWDGRPLHPEUR¢SURFHGHDERQDUHOFRPSOHPHQWRGLIHUHQFLDO9DQEUDHNHO"&RPHQWDULR GHOD67-*UDQ6DOD    $VXQWR&RPLVLyQ(XURSHDFRQWUDHO5HLQRGH(VSDxD&  7-&( ´$UDQ]DGL 6RFLDOQ  RFWXEUHS5HVXOWDQGRWDPELpQHVWHSULQFLSLRUHOHYDQWH UHVSHFWRGHODVSUHVWDFLRQHVIDPLOLDUHVFRPRPXHVWUDQODVVHQWHQFLDVGHO7ULEXQDOGH-XVWLFLDVREUHORV DVXQWRV %RVPDQQ &    \ +XGN]LQVNL &   YHU HQ HVWH ~OWLPR VHQWLGR &$55$6&26$ %(50(-2'³&RRUGLQDFLRQGHODVSUHVWDFLRQHVIDPLOLDUHVGHWHUPLQDFLyQGHODOH\QDFLRQDODSOLFDEOH HQORVUHJODPHQWRV&(\&(HQ5HYLVWD,867(/1  0X\VXFLQWDPHQWHWRGRVORVVLVWHPDVQDFLRQDOHVGRQGHVH UHFRQR]FDHOGHUHFKRDXQDSHQVLyQSRU FXPSOLUVHORVUHTXLVLWRVQDFLRQDOHVH[LJLGRVHQVXOHJLVODFLyQKDQGHVHJXLUXQSURFHGLPLHQWRFRP~QGH FiOFXOR ³FRPXQLWDULR´ TXH LPSOLFD XQ FRQVWDQWH LQWHUFDPELR GH LQIRUPDFLyQ HQWUH ODV LQVWLWXFLRQHV LQYROXFUDGDV (VWHSURFHGLPLHQWRYDUtDVHJ~QVHUHFRQR]FDXQDSHQVLyQGHRULJHQFRPXQLWDULR!JUDFLDV DODWRWDOL]DFLyQGHSHUtRGRVIRUiQHRVRDVLPLODFLyQGHFRQGLFLRQHVRXQDSHQVLyQGHRULJHQSXUDPHQWH QDFLRQDO! VLQ UHFXUULU D OD D\XGD GH WDOHV LQVWUXPHQWRV (Q HO SULPHU FDVR OD JHVWRUD HVSDxROD KD GHWHUPLQDU OD FXDQWtD WHyULFD \ SURUUDWHDUOD (Q HO VHJXQGR FDVR OD JHVWRUD KDEUi GH UHDOL]DU QHFHVDULDPHQWHXQGREOHFiOFXORSRUXQODGRGHWHUPLQDQGRODPHQFLRQDGDFXDQWtDWHyULFDSURUUDWHDGD\ SRU RWUR ODGR ILMDQG R HO PRQWR GH OD SHQVLyQ QDFLRQDO DSOLFDQGR H[FOXVLYDPHQWH OR HVWDEOHFLGR HQ OD QRUPDWLYDLQWHUQDHVSDxRODGH6HJXULGDG6RFLDO/RVUHVXOWDGRVGHDPERVFiOFXORVKDQGHFRPSDUDUVH SXHV HV REOLJDGR DERQDU OD SHQVLyQ PiV HOHYDGD 9HU PiV DPSOLDPHQWH OD WHVLV GRFWRUDO GH &$55$6&26$%(50(-2'³/DFRRUGLQDFLyQFRPXQLWDULDGHORVVLVWHPDVQDFLRQDOHVGH6HJXULGDG 6RFLDO'HWHUPLQDFLyQGHOD/H\QDFLRQDODSOLFDEOH5HFRQRFLPLHQWR\FiOFXORGHOGHUHFKRDXQDSHQVLyQ GHYHMH]FRQWULEXWLYD´8QLYHUVLGDG&DUORV,,,H Q(QHURS KWWSKGOKDQGOHQHW S\V SHUFLELGRHOPLJUDQWHGHKDEHUDFUHGLWDGRHQ(VSDxDWRGDODFDUUH UDGHVHJXURUHDOL]DGD HQORVUHVWDQWHV(VWDGRVPLHPEURVGHOD8(  6HDFXiOVHDORVROXFLyQTXHVHHOLMDSDUD ODFREHUWXUDGHODVODJXQDVODSHQVLyQWHyULFDVyORHVWDUiELHQFDOFXODGDVLVXFXDQWtDHV HTXLSDUDEOH DOD TXH KXELHUD REWHQLGRHOWUDEDMDGRU V ROLFLWDQWHGHKDEHUFXPSOLGRHQ (VSDxDVXYLGDODERUDOFRPSOHWD  (VWDSHQVLyQWHyULFDHVILFWLFLDHQHOVHQWLGRGHTXH REYLDPHQWHQRHVODTXHSHUFLELUiHOPLJUDQWHSXHVVREUHHOODVHDSOLFDODGHQRPLQDGD SURUUDWD WHPSRULV! TXH SURSLFLD OD DGHFXDFLy Q GH VX PRQWR DO WLHPSR FRWL]DGR HQ (VSDxD  6yORHQODSURUUDWDUHVLGHHOHOHPHQWRGHFRQWULEXWLYLGDG\HQVXPDHOUHSDUWR ILQDQFLHURHQWUHODVLQVWLWXFLRQHVQDFLRQDOHVLQYROXFUDGDVSXHVHQVXPDUFRVHSRQGHUD ODDSRUWDFLyQRFRWL]DFLyQHVSHFtILFDGHOP LJUDQWHDOVLVWHPDGH6HJXULGDG6RFLDOTXH HVWiUHDOL]DQGRHOFiOFXORGHODFXDQWtDWHyULFDILFWLFLDGHWHUPLQDGDHQFDGDVLVWHPDGH DFXHUGRFRQVXOHJLVODFLyQQDFLRQDO  ,,,( 67$'2'( /$&8(67,Ï1 3DUDHOFiOFXORGHODEDVHUHJXODGRUDVHDSOLFDQODVGRV VLJXLHQWHVUHJODVFRPXQLWDULDVGH FRRUGLQDFLyQFRQWHQLGDVGHIRUPDLGpQWLFDHQHO$QH[R9,GHO5HJODPHQWR&( \HQHO$QH[R;,GHOYLJHQWH5HJODPHQWR&(6HWUDWDGHQRUPDVGHFiOFXOR FRPXQLWDULDV DG  KRF ± HQ WDQWR TXH VRQ GH DSOLFDFLyQ H [FOXVLYD HQ (VSDxD  TXH QR  5JWR&(DUWE5JWR&((DUWD  9HUVHQWHQFLDVGHO7-&(    $VXQWR0HQ]LHVDSGR\7-&(    $VXQWR1DUDQMR$UMRQD&  \RWURVRHODSGRGHOD6HQWHQFLDGH    VREUHHODVXQWR.RVFKLW]NL&    5JWR&(DUWELL5JWR&((DUWE  1R HV PiV TXH XQ SRUFHQWDMH R XQD IUDFFLyQ TXH WLHQH FRPR QXPHUDGRU ORV SHUtRGRV GH VHJXUR HVSDxROHV\FRPRGHQRPLQDGRUODVXPDGHORVSHUtRGRVFXPSOLGRVHQWRGRVORV(VWDGRVPLHPEURVDOR ODUJRGHVXFDUUHUDGHVHJXUR/RVSHUtRGRV FRPSXWDEOHV HQOD SURUUDWD QRVLHPSUHFRLQFLGHQFRQORV FRPSXWDGRVHQODFXDQWtDWHyULFDSXH VVyORVHSXHGHQWRPDUHQFRQVLGHUDFLyQORVSHUtRGRVSUHYLRVDO KHFKRFDXVDQWH+DELpQGRVHFRQILUPDGRHOFyPSXWRHQVXVHQRGHODVERQLILFDFLRQHVHVSHFLDOHVVREUH UHGXFFLyQGHODHGDGPtQLPDGHMXELODFLyQHQHO5pJLPHQGHOPDUSRUODSHQRVLGDGGHOWUDEDMR 7DPELpQ VHOLPLWyODWRWDOL]DFLyQGHSHUtRGRVIRUiQHRVDOFDOFXODUODFXDQWtDWHyULFDHVSDxRODSDUDHYLWDUTXHORV PLJUDQWHVFRQFDUUHUDVVXSHULRUHVDODVH[LJLGDVSDUDRWRUJDUXQDSHQVLyQFRPSOHWDVHYLHUDQSHUMXGLFDGRV OOHJDGRHOPRPHQWRGHFDOFXODUOD SURUUDWDWHPSRULV766DOD*HQHUDOGH    5-5HF 76    5-5HF\76    -855HF&RQHVWDMXULVSUXGHQFLDVH FRUULJLHURQFLHUWDVGLVIXQFLRQHVFLHUWDPHQWHFULWLFDEOHV&$55$6&26$%(50(-2'³&iOFXORGH OD SHQVLyQGHMXELODFLyQHVSDxRODHQHOPDUFRGHODFRRUGLQDFLyQFRPXQLWDULDGHWHUPLQDFLyQGHOD³FXDQWtD WHyULFD´HQ99$$6$1&+(=52'$61$9$552&GLUHFFLyQ³0LJUDQWHV\'HUHFKRSUREOHPDV DFWXDOHV GH OD FRRUGLQDFLyQ FRPXQLWDULD GH ODV SUHVWDFLRQH V VRFLDOHV HQ (VSDxD´ /DERUXP 0XUFLD (VSDxD  S  D  S   8Q FRPHQWDULR GHO DOFDQFH  GH HVWD MXULVSUXGHQFLD HQ &$55$6&26$%(50(-2'³9LXGHGDG\MXELODFLyQHQHOPDUFRGHODYLJHQWHQRUPDGHFRRUGLQDFLyQ FRPXQLWDULD\SHUVSHFWLYDVHQHO 5HJODPHQWR&(´5HYLVWD1RWLFLDVGHOD8QLyQ(XURSHD1 $JRVWR(G:ROWHUV.OXZHU0DGULG(VSDxDS  S    (Q DPERV $QH[RV VH LQFOX\HQ QRUPDV GH DSOLFDFLyQ H[FOXVLYD HQ ORV GLVWLQWRV (VWDGRV DO TXH YDQ GLULJLGDVQRUPDVTXHIR UPDQSDUWHGHO5HJODPHQWR\SRUWDQWRKDQGHVHUFRQVHQVXDGRVHQWUHORV(VWDGRV PLHPEURVSHVHDTXHQRVHH[LMD\DODXQDQLPLGDG7UDWDGR)8(DUW7HyULFDPHQWHDPERV$QH[RV WDQ VyOR LQFOX\HQ GLVSRVLFLRQHV HVSHFLDOHV TXH VH DMXVWDQ D ODV FDUDFWHUtVWLFD V SHFXOLDUHV GH ODV OHJLVODFLRQHV QDFLRQDOHV PHQFLRQDGDV D ILQ GH IDFLOLWDU OD DSOLFDFLyQ GHO SURSLR 5HJODPHQWR GH FRRUGLQDFLyQ6LQHPEDUJRHQODSUiFWLFDVHHQFXHQWUDQGLVSRVLFLRQHVKHFKDVDODPHGLGDGHORVLQWHUHVHV GHODV$GPLQLVWUDFLRQHVQDFLRQDOHV FX\DFRQFRUGDQFLDFRQODILQDOLGDGRLQFOXVRHOWHQRUGHODUWLFXODGRGH ORV 5HJODPHQWRV TXH GHVDUUROODQ UHVXOWD GLILFXOWRVD FXDQGR QR LPSRVLEOH $Vt KD VXFHGLGR FRQ GLVSRVLFLRQHVGHGLFKR$QH[RGHVWLQDGDVD$OHPDQLDTXHFRQWUDYLHQHQODQRUPDGHULYDGD\OR VDUWtFXORV GHODFHUYRFRPXQLWDULRVREUHOLEUHFLUFXODFLyQHQORVTXHHVWDVHIXQGDPHQWD7-&(+DEHOW&  &  &  'LVSRVLFLRQHVPXFKDVGHHOODVTXHVLIXHUDQPHUDVQRUPDVQDFLRQDOHVGH6HJXULGDG 6RFLDOVHJXUDPHQWHVHFRQVLGHUDUtDQGLVFU LPLQDWRULDVSRUUD]yQGHODQDFLRQDOLGDG\FRQWUDULDVDOGHUHFKR DODOLEUHFLUFXODFLyQ$VtVHKDQFDOLILFDGRSRUHMHPSORFLHUWDVGLVSRVLFLRQHVQDFLRQDOHVKRODQGHVDVTXH WHQtDQ SUHFLVDPHQWH  « SRU REMHWR PRGLILFDU HO FiOFXOR GH OD FXDQWtD WHyULFD HQ HO VHQWLGR GH XQD UHVXOWDQ FRLQFLGHQWHV FRQ OD QRUPDWLYD HVSDxROD DSOLFDEOH SDUD HO FiOFXOR GH ODV SHQVLRQHV GH ORV WUDEDMDGRUHV VHGHQWDULRV \ FX\R FDUiFWHU WXLWLYR UHVSHFWR GH ORV PLJUDQWHV UHVXOWD FXHVWLRQDEOH  $ SHVDU GH HOOR HVWRV $QH[RV IXHU RQ FRQVLGHUDGRV FRQIRUPHV FRQ HO 'HUHFKR FRPXQLWDULR GH IRUPD FRQWXQGHQWH GHVGH  FRQ OD VHQWHQFLD*UDMHUD  HQFX\RPDUFR VHGHVR\yODLQYDOLGH] GHIHQGLGDSRUHO7ULEXQDO 6XSUHPR HQ VX SULPHUD \ ~OWLPD FXHVWLyQ SUHMXGLFLDO VREUH ORV 5HJODPHQWRV GH FR RUGLQDFLyQ$PERVDQH[RVLPSRQHQGRVUHJODVEiVLFDVTXHQRKDQVLGRPRGLILFDGDV   &yPSXWRH[FOXVLYRGHFRWL]DFLRQHVUHDOHVHVSDxRODV   8ELFDFLyQ GHO SHUtRGR GH UHIHUHQFLD HQ ORV DxRV LQPHGLDWDPHQWH DQWHULRUHV D OD UHDOL]DFLyQGHOD~OWLPDGHODVFR WL]DFLRQHVHVSDxRODV /D SULPHUD UHJOD VXSRQH XQ UHFKD]R IURQWDO GH ODV WUHV VROXFLRQHV WUDGLFLRQDOHV GH LQWHJUDFLyQ GH ODJXQDV FRQ EDVHV ILFWLFLDV FX\D DSOLFDFLyQ DUURMDED UHVXOWDGRV H[FHVLYDPHQWHGLYHUVRV  ODVEDVHVPtQLPDVXWLOL]DGDVSRUODV*HVWRUD VHVSDxRODV  ODVEDVHVPi[LPDV   ODVPiVJHQHURVDVSDUDORVLQWHUHVHVGHORVPLJUDQWHV  \ODVEDVHV PHGLDVFUHDGDVSRUODMXULVSUXGHQFLDGHO7ULEXQDO6XSUHPR  GLVPLQXFLyQHQUHODFLyQDODTXHUHVXOWDUtDGHODVGLVSRVLFLRQHVJHQHUDOHVGHODOHJLVODFLyQQDFLRQDO´ YHU HODSDUWDGRGHODVHQWHQFLDGHO7-&(GH    VREUHHO$VXQWR%HVHP  (O7ULEXQDOGH-XVWLFLDKDVHxDODGRUHLWHUDGDPH QWHTXHODVQRUPDVGHFRRUGLQDFLyQQRSXHGHDKRQGDUR LQFUHPHQWDUODVGLYHUJHQFLDVHQWUHVLVWHPDVQLLPSRQHUWUDWRVDG  KRFGLIHUHQFLDGRVHLQQHFHVDULRVHQWUH VLVWHPDVQDFLRQDOHVTXHVHVXPHQDODVGLIHUHQFLDVFRQVXVWDQFLDOHVGHORVVLVWHPDVGH6HJXULGDG6 RFLDOGH ORV (VWDGRV PLHPEURV 9HU HQ HVWH VHQWLGR SRU HMHPSOR 7-&(      $VXQWR /HFOHUH  'LDFRQHVFX \PXFKRDQWHVODSDUDGLJPiWLFDODVHQWHQFLDVREUHHODVXQWR3LQQD7-&(GH  $VXQWR 3LQQD,GRQGHVHGHFODUyODQXOLGDGGHO 5JWR&((DUWTXHH[FHSWXDEDODQRUPD JHQHUDO HVWDEOHFLGD HQ HO DSDUWDGR SULPHUR UHVSHFWR GH )UDQFLD \ TXH VH FRQVLGHUy FRQWHQtD XQD GLVFULPLQDFLyQ LQGLUHFWD SRU UD]yQ GH OD QDFLRQDOLGDG TXH DWHQWDED FRQWUD OD OLEUH FLUFXODFLyQ GH WUDEDMDGRUHV  9HU OD DPSOLD ELEOLRJUDItD TXH VH FLWD HQ XQ UHFLHQWH FRPHQWDULR FUtWLFR GH OD VHQWHQFLD *UDMHUD SRQLpQGROD HQ FRQH[LyQ FRQ HO DVXQWR 6DOJDGR *RQ]iOH] \ OD YLJHQWH QRUPD GH FRRUGLQDFLyQ HQ ' &$55$6&26$%(50(-2³/DEDVHUHJXODGRUDGHODFXDQWtDWHyULF DGHORVWUDEDMDGRUHVPLJUDQWHVHO FDVR*UDMHUD*RQ]iOH]´5HYLVWDGHO0LQLVWHULRGH(PSOHR\6HJXULGDG6RFLDO Q  6HJ~Q %DUWRORPp 5LRV 6DOPHUyQ ³5HJODPHQWRV FRPXQLWDULRV \ SHQVLRQHV GH LQYDOLGH] QRWD GH XUJHQFLDDOD6HQWHQFLDGHO7-&(    FDVR³/DIXHQWH´ $FWXDOLGDG/DERUDO QS\VV³ ODV GLIHUHQFLDVVRQVHQVLEOHVVLHOYDORUGHODVEDVHVPtQLPDVVHKDFHHTXLYDOHUDOHOGHODVEDVHV PHGLDVDVFHQGHUtDOD¶\HOGHODVEDVHVPi[LPDVDO'HPDVLDGRSDUDVHUDOWHUQD WLYDVGH XQDLQWHUSUHWDFLyQMXUtGLFD´  /DFREHUWXUDVHUHDOL]DEDFRQODVEDVHVPtQLPDVGHFRWL]DFLyQFRUUHVSRQGLHQWHVDODFDWHJRUtDTXHWHQtD HOWUDEDMDGRUPLJUDQWHHQHOSHUtRGRGHUHIHUHQFLDDQWHULRUDOKHFKRFDXVDQWH(VWDWpFQLFDVHFRQVLGHUy TXH G LVFULPLQDED DO PLJUDQWH IUHQWH DO VHGHQWDULR SXHV VL HO SULPHUR ³ KXELHUD FXPSOLGR WRGD VX FDUUHUD GH VHJXUR HQ (VSDxD KXELHVH WHQLGR FRQ WRGD SUREDELOLGDG XQDV EDVHV GH FRWL]DFLyQ FRPSXWDEOHVPiVDOWDV´$XUHOLR'HVGHQWDGR%RQHWH³/D6HJXULGDG6RFLDO GHORVWUDEDMDGRUHVPLJUDQWHV GHOD8QLyQ(XURSHDHQXQLILFDFLyQGHGRFWULQD´ 1RWLFLDVGHOD8QLyQ(XURSHD18( )HEUHURS  (O UHFKD]R H[SUHVR GHO 7ULEXQDO GH -XVWLFLD D OD LQWHJUDFLyQ GH ³ODJXQDV FRPXQLWDULDV´ FRQ EDVHV PtQLPDVVHUHFRJHHQHO $SDUWDGRGHODVHQWHQFLD/DIXHQWH1LHWRYHUWDPELpQHODSDUWDGRGHOD VHQWHQFLD5HLFKOLQJGH    &    (OQRPEUHVHGHEHDTXHVXDSOLFDFLyQVROtDFRQGXFLUDODFREHUWXUDGHODODJXQDFRQEDVHVPi[LPDV SXHVVHWRPDEDFRPREDVHGHFRWL]DF LyQODVTXHKXELHUDUHDOL]DGRHOWUDEDMDGRUPLJUDQWHHQ(VSDxDGH KDEHUUHFLELGRDTXtVXVVDODULRVH[WUDQMHURVJHQHUDOPHQWHJHQHURVRV9HUXQDDSOLFDFLyQDLVODGDGHHVWD GRFWULQD76-1DYDUUD    ('-FRQWUDULDQRVyORDODMXULVSUXGHQFLDGHO76 \VLQRWDPELpQD ODGHO7-&(9HUWDPELpQGHIHQGLHQGRVXSHUYLYHQFLDDXQTXHUHFRQR]FDVXLPSRVLEOHDSOLFDFLyQHQHO PDUFRGHO$QH[R9,'2-('$$9,/(6$(O7ULEXQDO6XSUHPRIUHQWHDODVSHQVLRQHVHXURSHDVXQD DFFLGHQWDGDKLVWRULD$UDQ]DGL6RFLDO1 3  (VWHVLVWHPDGHLQWHJUDFLyQGHODJXQDVLPSODQWDGRHQOD6HQWHQFLDGHO76    5-FRQVLVWtDHQ LQWHJUDUODODJXQDFDOFXODQGRDQXDOPHQWHODPHGLDDULWPpWLFDGHODVEDVHVGHFRWL]DFLyQPi[LPD\PtQLPD HVSDxRODVSDUDXQWUDEDMDGRUGHO DPLVPDFDWHJRUtDSURIHVLRQDOTXHODTXHGHVHPSHxDEDHODFWRUHQHO H[WUDQMHURGHELGDPHQWHDFWXDOL]DGDVFRQORVFRHILFLHQWHVGHO,3&DSOLFDEOHV'HVSXpVGHODVHQWHQFLDGHO 7ULEXQDOGH-XVWLFLDVREUHHO$VXQWR/DIXHQWH1LHWR  \SDUDKHFKRVFDXVDQWHVSUH YLRVD      HO76VH /DVHJXQGDUHJODGHWUDVODFLyQGHOSHUtRGRGHUHIHUHQFLDVXSRQHODLQDSOLFDFLyQGHOD QRUPDWL YDGHFiOFXORFRP~QGHODTXHVHEHQHILFLDQORVVHGHQWDULRVIXHIXQGDPHQWDGD SRUHO7ULEXQDOGH-XVWLFLDGHIRUPDFRQWURYHUWLGD5HFKD]iQGRVHODXELFDFLyQFRP~Q GHOSHUtRGRGHUHIHUHQFLDHQHOPRPHQWRSUHYLRDOKHFKRFDXVDQWHSRUWUDWDUVHHVWHGHXQ ³ SHUtRGR GXUDQWH HO FXiO HO WUDEDMDGRU PLJUDQWH QR SDUWLFLSy HIHFWLYDPHQWH HQ OD ILQDQFLDFLyQGHO5pJLPHQGH6HJXULGDG6RFLDOQDFLRQDO HVSDxRO \TXHSRURWUDSDUWH \DVHWLHQHHQFXHQWDFRQDUUHJORDODOHJLVODFLyQGHRWUR(VWDGRPLHPEUR HQHVWHFDVR $OHPDQLD HQ HO TXH WUDEDMy HO LQWHUHVDGR´ (VWD DUJXPHQWDFLyQ QR UHVXOWD FRQYLQFHQWH SXHV ROYLGD TXH OD FXDQWtD WHyULFD QR HVWi YLQFXODGD FRQ OD FRWL]DFLyQ HIHFWLYDHQXQGHWHUPLQDGR(VWDGRPLHPEURHVWDQVyORXQDSHQVLyQILFWLFLDFDOFXODGD FRQVLGHUDQGROD WRWDOLGDGGHODYLGDODERUDOGHOPLJUDQWH\VLHPSUHDOPDUJHQGHODV FRWL]DFLRQHVFRQFUHWDVUHDOL]DGDVDIDYRUGHO(VWDGRTXHODVFDOFXOD/DFRQWULEXWLYLGDG \HOUHSDUWRGHODFDUJDGHODILQDQFLHUDHQWUH(VWDGRVVyORSXHGHQVHUSRQGHUDGRVHQHO PRPHQWRS RVWHULRUGHODSURUUDWDWHPSRULV  $PEDVUHJODVGHFiOFXORILMDGDVHQORV$QH[RVUHIUHQGDGDVSRUHO7ULEXQDO-XVWLFLD\ DVXPLGDVSRUODMXULVSUXGHQFLDQDFLRQDO  QXQFDUHVXOWDURQRSHUDWLYDVSRUODVVLJXLHQWHV UD]RQHV D6yORJDUDQWL]DQODLQH[LVWHQFLDG HXQDODJXQDFRPSOHWDGHFRWL]DFLRQHVHVSDxRODVHQ HO SHUtRGR GH UHIHUHQFLD SXHV VLHPSUH KD GH KDEHU DOJXQD TXH PDUTXH VX SURSLD XELFDFLyQ(VWHVLVWHPDQRJDUDQWL]DTXHQRKD\DODJXQDVSDUFLDOHVQLTXHSULPHQHQHO SHUtRGRGHUHIHUHQFLDODVFRWL]DFLRQHV IRUiQHDVIUHQWHDODVHVSDxRODV7DPSRFRGDEDQ XQDVROXFLyQDG  KRFDODVODJXQDVSRUFRWL]DFLyQFRHWiQHDHQRWUR(VWDGRPLHPEURSRU LPSHUDWLYR GH ORV SURSLRV 5HJODPHQWRV 6X DSOLFDFLyQ SHUPLWLy TXH VH VLJXLHUDQ UHFRQRFLHQGRFXDQWtDVWHyULFDVDQRUPDOPHQWH EDMDVHQUHODFLyQFRQODVODUJDVFDUUHUDV GHVHJXURGHVXVEHQHILFLDULRV  TXHDFXGtDQDODYtDMXULVGLFFLRQDOTXHODVUHYLVDEDDO DO]D IRPHQWiQGRVH OD OLWLJLRVLGDG  (O UHFXUVR DO SULQFLSLR GH FRQWULEXWLYLGDG SDUD GHFDQWDUtDSRUODFDWHJRUtDSRUODTXHKXELHUDFRWL]DGRHOEHQHILFLDULRHQ(VSDxDDQWHVGHODHPLJUDFLyQ YHUVHQWHQFLDGHO76    5-(VWDVROXFLyQEDVDGDHQODHTXLGDG\FDUHQWHGHXQDFREHUWXUD OHJDOFRQFUHWDIXHFX HVWLRQDGDSRUVXGHVFRQH[LyQFRQODUHDOLGDGVDODULDO\FRWL]DGRUDGHOWUDEDMDGRU PLJUDQWH DIHFWDGR SRU *$5&Ë$ '( &257$=$5 < 1(%5('$ & ³/D FRWL]DFLyQ H[WUDQMHUD HQ OD SHQVLyQGHMXELODFLyQHVSDxROD´7ULEXQD6RFLDOQS$ERJDQGRSRUODQXOL GDGGHO$QH[R\ ODXWLOL]DFLyQGHODVEDVHV PHGLDVSDUDFRPSOHWDUODVODJXQDVHQHOSHUtRGRGHUHIHUHQFLDQDFLRQDOYHU '(6'(17$'2'$52&$(³'HQXHYRVREUHORVSUREOHPDV«´RSFLWS  9HUDSDUWDGRGHODVHQWHQFLD*UDMHUD  9HU&$55$6&26$%(50(-2 '³/DGHWHUPLQDFLyQGHODEDVHUHJXODGRUDGHODSHQVLyQWHyULFD\OD 6HQWHQFLDGHO7ULEXQDOGH-XVWLFLDFRPXQLWDULRVREUHHO$VXQWR*UDMHUD5RGUtJXH]´5HYLVWDGH'HUHFKR 6RFLDO1(QHURPDU]R(G%RPDU]R$OEDFHWH(VSDxDS  'HVGHOD SURSLDVHQWHQFLDGLFWDGDSRUHO76HQ6DODJHQHUDOSDUDUHVROYHUHODVXQWR*UDMHUD76     5-&RQSRVWHULRULGDGYHUWDPELpQ76GH    5-)-76GH    5HF  )-  76 GH      5-  )-  \ 76 GH      5-  )-  0iV UHFLHQWHPHQWHYHU76    ('-\76   ('-  (QHOSURSLRDVXQWR*UDMHUDHO,166HQUHFRQRFLyXQDFXDQWtDRSHQVLyQWHyULFDGHSHVHWDV ¼TXHQRSDUHFHHTXLYDOHQWHDODSHQVLyQILFWLFLDTXHREWHQGUtDTXLHQKXELHVHWUDEDMDGR\FRWL]DGR HQ(VSDxDGXUDQWHFDVLDxRV9HUWDPELpQODV HQWHQFLDGHO76    5-5HFGyQGHVH GHVFULEHTXHHO,60UHFRQRFLyDXQWUDEDMDGRUGHO5pJLPHQHVSHFLDOGHOPDUFRQXQDFDUUHUDGHVHJXURGH PiVGHDxRVXQDSHQVLyQWHyULFDGH¼SHVHWDV\XQDSURUUDWDWHPSRULVVREUHHVWD FDQWLGDG GHOHQVXPDXQDSHQVLyQLQIHULRUDXQHXURFpQWLPRVSHVHWDV1RVRQFDVRVDLVODGRV YHUWDPELpQHOGHVFULWRHQVHQWHQFLDGHO76HO    5-5HFGRQGHHQXHYRHO,60DXQ WUDEDMDGRUFRQDxRVFRWL]DGRVYtDWR WDOL]DFLyQVHILMyXQDFXDQWtDWHyULFDGH¼DODTXHWUDVOD DSOLFDFLyQGHXQDSURUUDWDWHPSRULVGHOGDEDFRPRUHVXOWDGRXQDSHQVLyQHVSDxRODGH¼3RU RWURODGRHQOD76    -855HFXQWUDEDMDGRUFRQDxRVWRWDOL ]DGRVHO,60OH UHFRQRFHUtDXQDFXDQWtDWHyULFDGH¼DODTXHWUDVODDSOLFDFLyQGHXQDSURUUDWDWHPSRULVGHO GDEDFRPRUHVXOWDGRXQDSHQVLyQHVSDxRODGH¼  (QHOFDVR*UDMHUDYHFHVPiVHOHYDGD MXVWLILFDU FXDQWtDV WHyULFDV WDQ H[LJXDV QR FRQYHQFtD SXHV ORV DIHFWDGRV VLHPSUH DERQDURQODV FRWL]DFLRQHV H[LJLGDV SRUHO VLVWHPDHVSDxROTXH QR GHEH ROYLGDUVHVH ILQDQFLDDUHSDUWR\ODFRQWULEXWLYLGDG\DTXHGDEDPDUFDGDHQODSURUUDWDWHPSRULV E3RUVXSDUWHODWUDVODFLyQGHOSHUtRGRG HUHIHUHQFLDWDPSRFRVROXFLRQDEDHOSUREOHPD GHODVODJXQDVSDUFLDOHVQLWDPSRFRDFODUDEDVLVHGHEtDQLQWHJUDU\HQVXFDVRFyPR (VWHSUREOHPDVHH[DFHUEDFRQHOLQFUHPHQWRGHOQ~PHURGHDxRVFRPSXWDEOHVHQHO SHUtRGRGHUHIHUHQFLDKDVWDHQV XSHUDQGRHQODFDUHQFLDH[LJLGDORTXH SRGtD SHUPLWLU HO UHFRQRFLPLHQWR GH  H[LJXDV FXDQWtDV WHyULFDV HVSDxRODV PiV EDMDV FXDQWRPHQRUIXHUDHOWLHPSRGHFRWL]DFLyQHQ(VSDxD  $GHPiVGLFKDWUDVODFLyQGHO SHUtRGRGHUHIHUHQFLDSXHGHDUURMDUUHVXOWDGR VDEVXUGRVRSDUDGyMLFRVSULQFLSDOPHQWH UHVSHFWR GH TXLHQHV HPLJUDURQ D RWURV (VWDGRV PLHPEURV D XQD HGDG WHPSUDQD WUDV WUDEDMDUXQEUHYHSHUtRGRHQ(VSDxD(QHVWRVFDVRVQRHVGHVFDUWDEOHTXHHQSDUWHGHO SHUtRGRGHUHIHUHQFLDGHDxRVHOPLJUDQWHWXY LHUDXQDHGDGLQIHULRUDODHGDGOHJDOGH WUDEDMDU R LQFOXVR QR KXELHUD QDFLGR $GHPiV OD SUREOHPiWLFD UHVXOWD GLiIDQD HQ HO PDUFRGHO 5(7$ \HO6((+TXHVLJXHQFDUHFLHQGRGH XQVLVWHPDGHLQWHJUDFLyQ GH ODJXQDVWDO\FRPRVHGHPRVWUDUtDHQHO$VXQWR6DOJ DGR*RQ]iOH] ,96 2/8&,21(635(9,$6$/$1(;2 ;, '(/ 5 *72 &( 0X\VXFLQWDPHQWHODSUHVHQFLDLQFyPRGDGHODVODJXQDVSDUFLDOHVVHLQWHQWyVROYHQWDU FRQXQp[LWRUHODWLYRDWUDYpVGHODVVLJXLHQWHVVROXFLRQHVSUHYLDVDO$QH[R;,GHO5JWR &(    ,QDSOLFDFLyQ GH ORV 5HJODPHQWRV GH FRRUGLQDFLyQ UHOHJDGRV SRU OD DSOLFDFLyQ SUHIHUHQWHGHORVFRQYHQLRVELODWHUDOHVGH6HJXULGDG6RFLDOVXVFULWRVSRU(VSDxDFRQ RWURV(VWDGRVPLHPEURVTXHHQDOJXQRVFDVRVVHFRQVWLWXtDQHQQRUPDVPiVIDYRUDEOHV  (VWDSRVLELOLGDGDYDODGDSRUODMXULVSUXGHQFLDGHO7ULEXQDOGH-XVWLFLD  \IXQGDGDHQHO SULQFLSLR GH LQWDQJLELOLGDG GH ORV GHUHFKRV QDFLRQDOHV SRU DSOLFDFLyQ GH ORV 5HJODPHQWRV &RQVLGHUiQGRVH TXH ODV SHQVLRQHV PiV FXDQWLRVDV GLPDQDQWHV GH WDOHV FRQYHQ LRVVRQGHUHFKRVQDFLRQDOHVGHORVTXHQRSXHGHQVHUSULYDGRVORVPLJUDQWHVHQ YLUWXG GH OD QRUPDWLYD GH FRRUGLQDFLyQ TXH SRU VX QDWXUDOH]D SOHQDPHQWH WXLWLYD VLHPSUH GHEH VXPDU SURWHFFLyQ D ORV PLJUDQWHV \ QXQFD UHVWDU OD \D FRQVHJXLGD DXWyQRPDPHQWH/ DYHQWDMDUHVLGHHQTXHHQHOPDUFRGHPXFKRVGHHVWRVFRQYHQLRV  $VtSRUHMHPSORVLXQWUDEDMDGRU LQLFLDVHVXYLGDODERUDOHQ(VSDxDHQWUDEDMDQGRKDVWDHO\ OXHJRPLJUDUDD)UDQFLDHOUHVWRGHVXYLGDODERUDOKDVWDPRPHQWRHQTXHVHMXELODUD3RUXQODGR ODEDVHUHJXODGRUDGHDxRVGHVXFXDQWtDWHyULFDFRPSUHQGHUtDGHVGHVX~OWLP DFRWL]DFLyQHVSDxRODHQ KDVWDSRURWURODGRWDQVyORH[LVWLUtDQFRWL]DFLRQHVUHDOHVHVSDxRODVHQXQSHTXHxRSHUtRGR FRPSUHQGLGRHQWUH\$XQTXHVHDFWXDOL]DVHQFRUUHFWDPHQWHODVSRFDVEDVHVUHDOHVHVSDxRODV H[LVWHQWHVODVFXHVWLRQHV VHDJROSDQ¢FyPRVHFRPSXWDUtDQHOUHVWRGHORVDxRVGyQGHQRKD\FRWL]DFLyQ DOJXQD QL IRUiQHD QL QDFLRQDO" ¢6H SURGXFLUtD OD LQWHJUDFLyQ FRP~Q GH ODJXQDV GH DFXHUGR FRQ OD QRUPDWLYDYLJHQWHHVWRHVVHFRPSXWDUtDQODVSULPHUDVODJXQDVFRQODVEDVHVP tQLPDV\HOUHVWRFRQHO GHODEDVHPtQLPDGHFRWL]DFLyQ"¢4XpVXFHGHFXDQGRHQHO5pJLPHQRVLVWHPDHVSHFLDOHQHOTXHVH HVWiUHDOL]DQGRHOFiOFXORQRH[LVWHLQWHJUDFLyQGHODJXQDV"¢3RUTXpVHKDGHSHQDOL]DUHOPRQWRGHOD FXDQWtDWHyULFDGHODSHQ VLyQHVSDxRODSRUWHQHUVyORDxRVFRWL]DGRVHQ(VSDxDFXDQGRHVHSDSHOOH FRUUHVSRQGHUtD LQGLVFXWLEOHPHQWH D OD SURUUDWD WHPSRULV D OD YLVWD GHO HVFDVR SHUtRGR GH FRWL]DFLyQ FRPSOHWDGRHQ(VSDxD"  $VtVHHVWDEOHFLyHQODVHQWHQFLDGHO7-&(    VREU HHODVXQWR5|QGIHOGW&  PDWL]DGDGHVGH XQ SXQWR GH YLVWD WHPSRUDO HQ OD VHQWHQFLD GHO 7-&(      DVXQWR 7KpYHQRQ &   3URQXQFLDPLHQWRTXHIXHUHLWHUDGRHQODVVLJXLHQWHVVHQWHQFLDV7-&(    DVXQWR7KHOHQ&  \ 7-&(    DVXQWR .DVNH&  5HVSHFWRGHOHVSHFtILFRFiOFXORGHODVSHQVLRQHVHVSDxRODVYHUHO DSDUWDGRGHODVHQWHQFLDGHO7-&(    VREUHHO$VXQWR1DUDQMR$UMRQD&  \\ DSDUWDGRV  D  \ 7-&(      VREUH HO $VXQWR *UDMHUD &   - XULVSUXGHQFLD SOHQDPHQWH H[WUDSRODEOHDO&RQYHQLR ELODWHUDO FRQ6XL]D %2(    -XULVSUXGHQFLDDVXPLGD SRUOD JHVWRUD HVSDxROD&ULWHULRGHO,166GH     QRVHWUDVODGDHOSHUtRGRGHUHIHUHQFLD\ODODJXQD ± HQHVWHFDVRFRPSOHWDRSDUFLDO  VH LQWHJUDFRQEDVHVPHGLDV 5HVXOWD SDUDGyMLFR TXH VH ItH D DUFDLFRV &RQYHQLRV ELODWHUDOHV OD DWULEX FLyQ GH XQ FRQWHQLGRHFRQyPLFRGLJQRDODVSHQVLRQHVHVSDxRODVUHFRQRFLGDVYtDWRWDOL]DFLyQD ORV PLJUDQWHV $GHPiV HVWD VROXFLyQ WLHQGH D GHVDSDUHFHU SXHV VH DSOLFD VyOR D ORV PLJUDQWHV TXH KXELHUDQ JHQHUDGR XQD H[SHFWDWLYD GH GHUHFKR HQ HO VHQR GH WD OHV &RQYHQLRVELODWHUDOHVVXVFULWRVSRU(VSDxDDQWHVGHODHQWUDGDHQYLJRUGHODQRUPDGH FRRUGLQDFLyQTXHHQ(VSDxDVHSURGXMRHO     (VWDOLPLWDFLyQWHPSRUDOORVKDUi LQRSHUDQWHVHQEUHYHLQFOXVRVLVHDGPLWHTXHODH[SHFWDWLYDGHGHUHFKRWHQJD FRPR IHFKDWRSHODDGKHVLyQSRVWHULRUDOD8(GHORVRWURV(VWDGRVPLHPEURVILUPDQWHV  3RU RWURODGRKD\TXHWHQHUSUHVHQWHTXHODVJHVWRUDVQDFLRQDOHVQRDSOLFDQORVFRQYHQLRV ELODWHUDOHV GH RILFLR \ TXH DQWH ORV WULEXQDOHV QDFLRQDOHV DXQTXH REYLDPHQWH ULMD HO SULQFLSLR³LXUDQRYLWFXULD´HVSUHFLVRTXHHOEHQHILFLDULRDOHJXHVXLQIUDFFLyQ\DVXPD ODFDUJDGHODSUXHED UHVSHFWR GHVXFDUiFWHUPiV WXLWLYRGHORV FRQYHQLRV GHELHQGR FRQFUHWDUORVHIHFWRVTXHVHJHQHUDQ ± UHVSHFWRGHORV5HJODPHQWRV  ODDSO LFDFLyQGHVX VLVWHPDGHFiOFXOR  ORTXHSHUPLWHTXHVXLQDSOLFDFLyQQRVHDFRQVLGHUDGDFXHVWLyQ QXHYDHQHOPDUFRGHXQUHFXUVRH[WUDRUGLQDULR    (QHOPDUFRGHODDSOLFDFLyQGHODQRUPDGHFRRUGLQDFLyQLQFOXLGDVWDPELpQODVGHO $QH[R 9, GHO 5JWR &(  VH GHFODUDURQV YiOLGDV ODV VLJXLHQWHV SURSXHVWDV TXH PHMRUDURQODDFWXDOL]DFLyQGHODVFRWL]DFLRQHVXVDGDVSDUDILMDUHOPRQWRGHODFXDQWtD WHyULFD D /D MXULVSUXGHQFLD QDFLRQDO DGPLWLy OD DSOLFDFLyQ D ODV FRWL]DFLRQHV HVSDxRODV FRPSXWDEOHV³ OR VLQFUHPHQWRV H[SHULPHQWDGRVSRUHO VDODULRPtQLPRLQWHUSURIHVLRQDO KDVWDHOPRPHQWRGHOKHFKRFDXVDQWH´ 0HFDQLVPRPX\UHOHYDQWHHQUHODFLyQDODV FRWL]DFLRQHV PX\ DQWLJXDV R UHPRWDV TXH VH FRQVLGHUy XQ VLVWHPD GH DFWXDOL]DFLyQ DGHFXDGR \ HTXLWDWLYR (V WH VLVWHPD QR H[FOXtD OD DSOLFDFLyQ GH RWURV FULWHULRV DGLFLRQDOHV WDOHV FRPR OD DFWXDOL]DFLyQ GH OD SURSLD SHQVLyQ WHyULFD DSOLFDQGR OD HYROXFLyQ GHO ,3& GHVGHHOPRPHQWR GH VXUHFRQRFLPLHQWR ROD FRQVLGHUDFLyQFRPR HOHPHQWRDFWXDOL]DGRUGHOLQFUHPHQWRPH GLRGHODVEDVHVGHFRWL]DFLyQ   $VtVXFHGHFRQORVUHODWLYRVD$OHPDQLD%pOJLFD)UDQFLD,WDOLD/X[HPEXUJR3DtVHV%D MRV3RUWXJDO\ 5HLQR 8QLGR TXH HQ PXFKRV FDVRV KDQ VLGR GHFODUDGRV SRU HO SURSLR 7ULEXQDO 6XSUHPR FRPR PiV IDYRUDEOHVDHVWRVHIHFWRV9HUUHVSHWRGHO&RQYHQLR+LVSDQR  $OHPiQGH    SRUWRGDV76    ('-    ('-'HO&RQYH QLR+LVSDQR  +RODQGpVGH    76    ('- \76    ('-&RQYHQLR+LVSDQR  )UDQFpVGH    76    ('- 76    ('-    ('-&RQYHQLR+LVSDQR  %HOJDGH    76     5HF  &RQYHQLR +LVSDQR  %ULWiQLFR GH      76      ('-  &RQ OD PLVPD DUJXPHQWDFLyQ WDPELpQ VH SURWHJHUtD D TXLHQ KXELHUD JHQHUDGR DQWHV GH      H[SHFWDWLYDV GH GHUHFKRVPiVJHQHURVDVTXHODVFRPXQLWDULDVHQHOPDUFRGHO&RQYHQLRVXVFULWRFRQ 6XL]DRDQWHVGH    HQHOPDUFRGHOVXVFULWRFRQ(VORYDTXLDOD5HS~EOLFD&KHFDR3RORQLDRLQFOXVRDQWHVGH    HQORV&RQYHQLRVELODWHUDOHVVXVFULWRVSRU(VSDxDFRQ%XOJDULDR5XPDQLD  $VtSRGUtDDILUPDUVHTXHKDEUtDTXHUHVSHWDUODVJH QHUDGDVDQWHVGHO    HQHOPDUFRGHORV FRQYHQLRVVXVFULWRVSRU(VSDxDFRQ$XVWULD\)LQODQGLDGHVFDUWDQGRHOFHOHEUDGRFRQ6XHFLDHO     GHOTXH\DVHVHxDOyTXHQRHUDPiVIDYRUDEOHTXHODQRUPD5HJODPHQWDULD76    5HF  $Vt VHGHEHUtDDFUHGLWDUODVEDVHVGHFRWL]DFLyQFRPSXWDEOHVHQODEDVHUHJXODGRUDGHODFXDQWtDWHyULFD FRQFUHWDQGRVXFXDQWtD\SHUtRGR\VHxDODQGRODVFRQVHFXHQFLDVEHQHILFLRVDVGHVXDSOLFDFLyQ/(&DUW \76-*DOLFLD    $65HF  9HU76    5-FULWLFDQGRHVDH[LJHQFLD6È1&+(=  52'$61$9$552& &RRUGHQDGDV GHOD SURWHFFLyQ VRFLDOGH ORVPLJUDQWHVHO PDUFRFRPXQLWDULRQDFLRQDO\ GHO&RQYHQLR(XURSHRGH 'HUHFKRV+XPDQRV /DERUXP0XUFLDS  9HUIXQGDPHQWRM XUtGLFRGHODVHQWHQFLDGHO76XQLIGRFWULQD    5-\ODGH    5- 7DPELpQVHKDSURQXQFLDGRHQHVHVHQWLGRHO76-GHOD&RPXQLWDW9DOHQFLDQD    $6\HO 76-&DVWLOOD\/HyQ9DOODGROLGGH    $6  9HUVHQWHQFLD GHO76-$QGDOXFtD6HYLOOD   ('- E&RQPHQRUp[LWRWDPELpQVHSURSXVRODH[WUDSRODFLyQGHODGRFWULQDYHUWLGDHQOD VHQWHQFLDGHO7-&(GH    &  VREUHHODVXQWR6WLQFR  (QWHQGLpQGRVHTXH GLFKD VHQWHQFLD SRGUtD DYDODU HO LQFUHPHQWR GH OD FXDQWt D WHyULFD KDVWD XQ PtQLPR FRLQFLGHQWHFRQHOPRQWRGHODSHQVLyQGHMXELODFLyQFRQWULEXWLYDPtQLPDH[LVWHQWHHQ HVWHFDVRHQODOHJLVODFLyQHVSDxRODHQHOPRPHQWRGHOKHFKRFDXVDQWH&RQVLGHUDQGR TXHODFXDQWtDWHyULFDWLHQHFDUiFWHUILFWLFLR\DMHQRD ODFRQWULEXWLYLGDGSDUHFHOyJLFR TXHVXPRQWRHTXLYDOHQWHDOTXHOHFRUUHVSRQGHUtDDOEHQHILFLDULRVLKXELHUDHMHUFLGR WRGD VX DFWLYLGDG SURIHVLRQDO HQ (VSDxD QXQFD SRGUtD VHU LQIHULRU D OD SHQVLyQ GH MXELODFLyQ FRQWULEXWLYD PtQLPD YLJHQWH HQ HO PRPHQWR GHO UHFRQRFLPLHQWR 6LQ HPEDUJRHO7ULEXQDOGH-XVWLFLDOLPLWyVXRSHUDWLYLGDGHQXQQXHYRSURQXQFLDPLHQWR VXSHGLWDQGR OD SRVLELOLGDG GH HTXLSDUDU OD FXDQWtD WHyULFD D OD SHQVLyQ PtQLPD DO FXPSOLPLHQWRGHORVUHTXLVLWRVDORVTXHODOHJLVODFLyQQDFLRQDOG H6HJXULGDG6RFLDO TXH HVWXYLHUD UHDOL]DQGR HO FiOFXOR YLQFXODVH OD DSOLFDFLyQ GHO FRPSOHPHQWR SRU PtQLPRVDVXVSURSLRVQDFLRQDOHVVHGHQWDULRVSRUHMHPSORODQRVXSHUDFLyQGHOOtPLWH GHLQJUHVRVHVWDEOHFLGRVHQODQRUPDWLYDQDFLRQDODQXDOPHQWH  (VWi PDWL]DFLyQUHVWy JUDQRSHUDWLYLGDGDODGRFWULQD6WLQFRFX\DDSOLFDFLyQQRIXHDFHSWDGDSRUODGRFWULQD MXGLFLDOVLQYDORUDUVLTXLHUDWDOOLPLWDFLyQ    )LQDOPHQWHODOHJLVODFLyQQDFLRQDOHVSDxRODHVWDEOHFLyGHVGHHO    XQPRQWR PtQLPRGHFXD QWtDWHyULFDSURUUDWHDGDGHIRUPDTXHQRSXHGHVHULQIHULRUDOGHOD FXDQWtDGHODSURSLDSHQVLyQGHOH[WLQJXLGR6HJXUR2EOLJDWRULRGH9HMH]H,QYDOLGH] 629, ILMDGD HQ FDGD PRPHQWR (VWH OtPLWH LQLFLDOPHQWH VyOR HUD RSHUDWLYR SDUD HO UHFRQRFLPLHQW RGHODSURSLDSHQVLyQ629,UHFRQRFLGDYtDWRWDOL]DFLyQ6LQHPEDUJR GHVGHHO    H[SUHVDPHQWHVHVHxDOyTXHELHQSRGUtDDSOLFDUVHDRWUDVSHQVLRQHV FRPR ODV GH MXELODFLyQ YLXGHGDG R LQFDSDFLGDG SHUPDQHQWH FRQWULEXWLYD FXDQGR FXPSOLHUDQORVUHTXLV LWRVSDUDHOUHFRQRFLPLHQWRGHXQDSHQVLyQGHO629,\RSWDUDQSRU HOOD  (VWDPHUDSRVLELOLGDGHVXQDPXHVWUDPiVGHORVPRQWRVtQILPRVGHODVFXDQWtDV WHyULFDV TXH ODV HQWLGDGHV JHVWRUDV HVSDxRODV HVWDEDQ UHFRQRFLHQGR D IDYRU GH ORV EHQHILFLDULRVGHGLFK DVSHQVLRQHVFRQWULEXWLYDV 9 , 17(*5$&,Ï1 '( /$*81$6 &2081,7$5,$6 (1 (/ $1(;2 ;,D '(/ 5 *72 &( $ ODV SHQVLRQHV GH MXELODFLyQ GH ORV WUDEDMDGRUHV PLJUDQWHV FX\R KHFKR FDXVDQWH VH SURGX]FDGHVGHHO    VHOHVDSOLFDHOFRQWLQXLVWD&DStW XOR9 GHO7tWXOR,,,GHO 5JWR&(\VX$QH[R;,TXHHQHOSXQWRDGHODSDUWHGHVWLQDGDD(VSDxD FRQWLHQH XQ QRYHGRVR VLVWHPD GH LQWHJUDFLyQ GH ODJXQDV (O QXHYR $QH[R DGPLWH OD SRVLEOHH[LVWHQFLDGHODJXQDVSDUFLDOHVHQHOSHUtRGRGHUHIHUHQFL D ± ORTXHHVWRGRXQ DYDQFH  \HVWDEOHFHXQVLVWHPDGHLQWHJUDFLyQDG  KRFDIDYRUH[FOXVLYDPHQWHGHODVTXH  9HU HQ HVWH VHQWLGR &$55$6&26$ %(50(-2 ' /D FRRUGLQDFLyQ FRPXQLWDULD GH OD 6HJXULGDG 6RFLDO OH\ DSOLFDEOH \ YHMH] HQ HO UHJODPHQWR  &RQVHMR (FRQyPLFR \6RFLDO 0DGULG (VSDxD S  6HQW HQFLDGHO7-&(GHO    &  VREUHHODVXQWR8ULHO.RVFKLW]NL  76-*DOLFLD   ('-  9HU/H\DUW\SUHYLDPHQWHHODUWtFXORGHOD/H\\DUWtFXORGHO5HDO 'HFUHWR(VWDRSFLyQ\DKDEtDVLGRDSX QWDGDSRUODGRFWULQD*$5&,$'(&257$=$5< 1(%5('$&³/DFRWL]DFLyQH[WUDQMHUD«´RSFLWS  (QHVWHFDStWXORVHUHFRJHVLQFDPELRVODHVHQFLDGHORGLItFLOPHQWHFRQVHQVXDGRHQHOPDUFRGHORV 5HJODPHQWRVSUHYLRVGHVGH5JWR&(TX HPRGLILFyHOFDStWXORGHODVSHQVLRQHVGHO 5HJODPHQWR&(((OFiOFXOR³HVSDxRO´VHVLJXHUHDOL]DQGRVREUHXQDEDVHGHFRWL]DFLyQPHGLD FRQVLGHUDQGR~QLFDPHQWHORVSHUtRGRVGHVHJXURFXPSOLGRVEDMRODOHJLVODFLyQHVSDxRODHVWRHVODVEDVHV UHDOH VYHU5JWR&(DUWFL\5JWR&((DUWJ EDVHUHJXODGRUD\HOGHQRPLQDGRUDDSOLFDUDODPLVPD  (QWRGRFDVRODH[LVWHQFLDGH XQKLSRWpWLFRIUDXGHVLQGXGDSHUVHJXLEOHQRSXHGHDYDODUTXHORVGHUHFKRVDSHQVLRQHV FRQWULEXWLYDVGHORVWUDEDMDGRUHVPLJUDQWHVVLJDQVLQWHQHUFXDQWtDVMXVWDV 9,,% 8(1$635È&7,&$6 'HVGHHVWHWUDEDMRVHSURSRQHQODVVLJXLHQWHVEXHQDVSUiFWLFDVDDVXPLUSRUSDUWHGHODV HQWLGDGHVJ HVWRUDV   /DDSOLFDFLyQGHO$QH[R;,DWRGRVORV5HJtPHQHV\6LVWHPDVHVSHFLDOHVGHQXHVWUR VLVWHPDGH6HJXULGDG6RFLDO   /DDSOLFDFLyQGHODGRFWULQD6DOJDGR*RQ]iOH]DQWHODLQHILFDFLDRFREHUWXUDLQIHULRU TXHSURSRUFLRQHHO$QH[R;,HQFDVRGHSUH VHQFLDGHODJXQDVSDUFLDOHVQDFLRQDOHV   /DVJHVWRUDVGHEHUtDQDSOLFDUWDPELpQGHIRUPDSUHIHUHQWH\GHRILFLRORVFRQYHQLRV ELODWHUDOHV PiV WXLWLYRV SDUD ORV LQWHUHVHV GHO PLJUDQWH $Vt FRPR ORV VLVWHPDV GH DFWXDOL]DFLyQ GH ODV EDVHV GH FRWL]DFLyQ H[SX HVWRV HQ HVWH WUDEDMR FRQ EDVH HQ OD HYROXFLyQGHO60,HLQFOXVROD³WULVWH´SHQVLyQPtQLPDSURUUDWHDGDHTXLYDOHQWHDO GHO629, /DHYROXFLyQFRQVWDQWHGHOSURFHGLPLHQWRGHFiOFXORH[LJHXQDDGHFXDFLyQHQSDUDOHOR GHORVFULWHULRVHPSOHDGRVSRUODVJH VWRUDVQDFLRQDOHV(VWDVGHEHQSURFHGHUDUHYLVDU VXVFULWHULRVHLQFOXVRHOPRQWRGHODVSHQVLRQHVFDOFXODGDVHUUyQHDPHQWHDODOX]GHODV QXHYDV VHQWHQFLDV GLFWDGDV R GH ORV FDPELRV QRUPDWLYRV  WDQWR QDFLRQDOHV FRPR FRPXQLWDULRV  UHIOHMDGRVHQHVWHWUDE DMR5HYLVLyQTXHSRURWURODGRQXQFDSRGUiGHMDU IXHUDDWRGRVORVEHQHILFLDULRVFX\DVSHQVLRQHVTXHGDURQILMDGDVSRUORVWULEXQDOHVHQ VHQWHQFLDVILUPHVGHQHJDWRULDVGHVXVSUHWHQVLRQHVDODPSDURGHLQWHUSUHWDFLRQHVOXHJR VXSHUDGDV (Q HIHFWR QR VH S XHGH KDFHU GH SHRU GHUHFKR D TXLpQ UHFODPy HQ YtD MXULVGLFFLRQDOTXHDTXLpQVHDTXLHWyGHELHQGRSUHYDOHFHUHOGHUHFKRIXQGDPHQWDODOD LJXDOGDG HQWUH EHQHILFLDULRV IUHQWH D ORV HIHFWRV GH OD FRVD MX]JDGD  +DVWD TXH VH SURGX]FDODLQFRUSRUDFLyQRLQWHULR UL]DFLyQSRUORVHQWHVJHVWRUHVGHODVSDXWDVFRUUHFWDV SDUDFDOFXODUODVSHQVLRQHVYtDFRRUGLQDFLyQQRVHSRGUiFDOLILFDUGHEXHQDQRWLFLDTXH HVWDV QRUPDV FRPXQLWDULDV SDUDHO FiOFXOR GH ODV SHQVLRQHVGH MXELODFLyQ \YLXGHGDG VHDQ WDPELpQ ODV TXH VH DSOL TXHQ HQ HO PDUFR GH ORV ³QXHYRV´ 5HJODPHQWRV SDUD GHWHUPLQDU HO PRQWR GH XQD SHQVLyQ GH LQFDSDFLGDG SHUPDQHQWH SRU FRQWLQJHQFLDV FRPXQHV  (QODYLVWDFHOHEUDGDHOGHPD\RGHHO,166\OD7*66PHQFLRQDURQOD SRVLELOLGDGTXHWLHQH HO WUDEDMDGRU SRU FXHQWD SURSLD GH PDQLSXODU HO VLVWHPD HVSDxRO GH OD VHJXULGDG VRFLDO HMHUFLWDQGR VX GHUHFKRDODOLEUHFLUFXODFLyQ9HU&RQFOXVLRQHVGHO$ERJDGR*HQHUDODSDUWDGR  9HUVHQWHQFLDGHO7ULEXQDO&RQVWLWXFLRQDO 