)RUP 1R 5HY $ 5DNH DQG 9DFZ 6XSHUEORZHU 9DF 6RSOD $VSLUD 0RGHORV 1R H ³ \ VXSHULRUHV 0DQXDO GHO 2SHUDGRU 6SDQLVK (6
,PSRUWDQWHV LQVWUXFFLRQHV GH VHJXULGDG $O XWLOL]DU XQ DSDUDWR HOpFWULFR GHEHQ VHJXLUVH VLHPSUH FLHUWDV SUHFDXFLRQHV EiVLFDV LQFOX\HQGR ODV VLJXLHQWHV /HD WRGDV ODV LQVWUXFFLRQHV DQWHV GH XVDU HVWH DSDUDWR $GYHUWHQFLD ³ 3DUD UHGXFLU HO ULHVJR GH 1R XVH HO DSDUDWR FRQ XQ FDEOH R HQFKXIH DYHULDGRV 6L QR IXQFLRQD FRPR HV GHELGR VH KD FDtGR GDxDGR GHMDGR D OD LQWHPSHULH R VXPHUJLGR HQ DJXD GHYXpOYDOR D XQ &RQFHVLRQDULR GH 6HUYLFLR 7RUR $XWRUL]DGR 1R WUDQVSRUWH HO DSDUDWR SRU HO FDEOH R WLUH GH pVW
0RQWDMH &DOFRPDQtDV GH VHJXULGDG LQVWUXFFLRQHV 0RQWDMH GHO VRSODGRU /DV FDOFRPDQtDV GH VHJXULGDG H LQVWUXFFLRQHV VH VLW~DQ FHUFD GH ODV iUHDV GH SHOLJUR SRWHQFLDO &DPELH ODV FDOFRPDQtDV GDxDGDV R SHUGLGDV *XDUGH HVWDV LQVWUXFFLRQHV &RQYHUVLyQ GH VRSODGRU D DVSLUDGRU % $ &8,'$'2 (O URWRU JLUD XQRV VHJXQGRV WUDV KDEHU DSDJDGR HO VRSODGRU \ SXHGH FRUWDU R KHULU ORV GHGRV 1R TXLWH OD WDSD GH HQWUDGD LQIHULRU FXDQGR HO PRWRU HVWp HQ IXQFLRQDPLHQWR R FXDQGR OD XQ
&RQYHUVLyQ GH DVSLUDGRU D VRSODGRU $ % ,03257$17( (O DVSLUDGRU QR HQWUDUi HQ IXQFLRQDPLHQWR D PHQRV TXH VH JLUH HO WXER GH DVSLUDFLyQ FXDQWR VHD SRVLEOH HQ VHQWLGR KRUDULR GHMiQGROR ILMR HQ VX OXJDU SDVR ,03257$17( (O VRSODGRU QR IXQFLRQDUi D PHQRV TXH OD WDSD GH HQWUDGD LQIHULRU VH JLUH KDVWD HO IRQGR HQ VHQWLGR KRUDULR TXHGDQGR EORTXHDGD HQ VX SRVLFLyQ SDVR $MXVWH OD FRUUHD SDUD SRGHU WUDEDMDU FyPRGDPHQWH P 5HY $
2SHUDFLyQ 3XHVWD HQ PDUFKD 3DUDGD &RQH[LyQ D XQD WRPD GH DOLPHQWDFLyQ 8WLOLFH ~QLFDPHQWH XQ FDEOH GH H[WHQVLyQ SRODUL]DGR D VDEHU XQD SDWLOOD HV PiV DQFKD TXH OD RWUD OLVWDGR SRU 8/ FHUWLILFDGR SRU &6$ HQ &DQDGi SDUD XWLOL]DU DO DLUH OLEUH 8Q HQFKXIH SRODUL]DGR HQFDMDUi HQ HO FDEOH SRODUL]DGR VyOR HQ XQD SRVLFLyQ 6L HO HQFKXIH QR HQFDMD SHUIHFWDPHQWH HQ HO FDEOH LQYLHUWD HO FDEOH 6L WDPSRFR HQFDMD FRPSUH XQ FDEOH GH H[WHQVLyQ SRODUL]DGR 1R PRGLILTXH GH QLQJXQD IRUPD HO HQFKXIH /RQJLWXG GH O F
&8,'$'2 9DFLDGR GH OD EROVD (O VRSODGRU SXHGH ODQ]DU ORV REMHWRV SXGLHQGR FDXVDU OHVLRQHV SHUVRQDOHV JUDYHV DO XVXDULR R SHUVRQDV DOUHGHGRU /HD \ XWLOLFH ODV SUHFDXFLRQHV VLJXLHQWHV FXDQGR XWLOLFH HO VRSODGRU $SDJXH \ GHVHQFKXIH HO DVSLUDGRU GH OD WRPD GH FRUULHQWH : 1XQFD GLULMD HO VRSODGRU KDFLD REMHWRV GXURV FRPR SRU HMHPSOR FODYRV SHUQRV R SLHGUDV : 1R XWLOLFH HO VRSODGRU FHUFD GH RWUDV SHUVRQDV R DQLPDOHV : 7HQJD XQ FXLGDGR HVSHFLDO DO GHVSHMDU VXFLHGDG GH HVFDOHUDV R GH ]RQDV
&RPSUXHEH FXDOTXLHU SRVLEOH GDxR HQ HO URWRU 6L HVWi GDxDGR SyQJDVH HQ FRQWDFWR FRQ VX &RQFHVLRQDULR $XWRUL]DGR 7RUR ,QVWDOH HO WXER GH DVSLUDFLyQ R VL GHVHD FDPELDU DO PRGR GH VRSODGR LQVWDOH OD WDSD GH HQWUDGD LQIHULRU &RQVXOWH HQ OD VHFFLyQ GH FDPELR GH VRSODGRU D DVSLUDGRU R GH DVSLUDGRU D VRSODGRU SDUD REWHQHU PiV LQIRUPDFLyQ $OPDFHQDPLHQWR *XDUGH HO VRSODGRU DVSLUDGRU \ HO FDEOH GH H[WHQVLyQ HQ XQ UHFLQWR FHUUDGR VHFR \ IUHVFR IXHUD GHO DOFDQFH GH ORV QLxRV R ORV DQLPDOHV /RFDOL]D
/D SURPHVD GH 7RUR *DUDQWtD WRWDO GH GRV DxRV SDUD XVR UHVLGHQFLDO 3DUD (VWDGRV 8QLGRV &DQDGi \ 0p[LFR 7RUR &RPSDQ\ JDUDQWL]D HVWH SURGXFWR GXUDQWH GRV DxRV FRQWUD GHIHFWRV HQ PDWHULDOHV R PDQR GH REUD 3DUD REWHQHU XQ UHFDPELR R OD UHSDUDFLyQ D RSFLyQ GH 7RUR GHYXHOYD WRGD OD XQLGDG DO YHQGHGRU SRUWHV SDJDGRV 6RODPHQWH ORV FOLHQWHV HQ (( 88 SXHGHQ GHYROYHU VX XQLGDG FRQ HO FRPSUREDQWH GH FRPSUD D FXDOTXLHU &RQFHVLRQDULR GH 6HUYLFLR 0DHVWUR GH 7RUR R D 7RUR 6HUYLFH &HQWHU 6KRUHOLQH %OYG 0RX