&21),*85$&,Ï1'(/$%,26 %,26%DVLF,QSXW2XWSXW6\VWHPVLVWHPDEiVLFRGHHQWUDGDVDOLGD3URJUDPDLQFRUSRUDGR HQXQ FKLSGH FKLSGH ODSODFD EDVH EDVHTXH TXH VHHQFDUJD VHHQFDUJD GHUHDOL]DU GHUHDOL]DU ODV IXQFLR IXQFLRQHV QHV EiVLFD EiVLFDVGH VGH PDQHMR PDQHMR \ FRQILJ FRQILJXUD XUDFLy FLyQ Q GHO RUGHQD RUGHQDGRU GRU /RFRP /R FRPSOL SOLFDG FDGR R GHWRGR HVWH HVWH WHPD WHPD HVTXH FDGD FDGD HPSUHV HPSUHVD D TXH IDEULFD%,26VXHOHWHQHURSFLRQHVGLIHUHQWHVGHFRQILJXUDFLyQDFRUGHFRQHOWLSRGHSODFD EDVHHQODTXHVHYDDLQVWDODU
'HVGH HVWD HVWD RSFLyQ RSFLyQ DMXVWD DMXVWDUHP UHPRV RV WRGRV WRGRV ORV SDUiPH SDUiPHWUR WURV V GH QXHVWU QXHVWUR R &38 &3 8 6RI 6RIW W 0HQ 0HQ~ ~ 'HVGH PLFURSURFHVDGRUYROWDMHVPXOWLSOLFDGRU\EXV
6WDQGDUG&0266HWXS 'HQWURGHHVWDVHFFLyQHVWiQODVYDULDEOHVPiVEiVLFDVW DOHVFRPRGLVFRVGXURVIHFKD\KRUD DOHVFRPRGLVFRVGXURVIHFKD\KRUD WLSRVGHGLVTXHWHUDV %,26)HDWXUHV6HWXS (QHVWHDSDUWDGRVHVLW~DQODVRSFLRQHVGHFRQILJXUDFLyQGH ODSURSLD%,26DVtFRPRGHOSURFHVR\FRQILJXUDFLyQGHDUUDQTXH
&KLSVHW)HDWXUHV6HWXS 'HVGHDTXtDFFHGHPRVDORVSDUiPHWURVGHOFKLSVHW\OD
PHPRULD5$0(QODVSODFDVHQODVTXHVH LQFOX\HXQFKLSGHPRQLWRUL]DFLyQHQFRQWUDUHPRV WDPELpQLQIRUPDFLyQGHORVYROWDMHVWHPSHUDWXUDV\5 WDPELpQLQIRUPDFLyQGHORV YROWDMHVWHPSHUDWXUDV\530VGHORVYHQWLODGRUHV 30VGHORVYHQWLODGRUHV HQWURR GH HVWH HVWH VXEP XEPHQ~ HQ~ WHQH WHQHP PRV WRG WRGDV ODV ODV 3RZH 3R ZHU U 0D 0DQD QDJH JHPH PHQW QW 6H 6HWX WXS S 'HQWU
SRVLEL SRVLELOLG OLGDGH DGHV V VREUH VREUH OD JHVWLy JHVWLyQ Q DYDQ]D DYDQ]DGD GD GH HQHUJt HQHUJtD D 3RGUHP 3RGUHPRV RV DMXVWD DMXVWDU U XQD FRQILJ FRQILJXUD XUDFLy FLyQ Q SHUVRQDOL]DGDHQEDVHDOJUDGRGHDKRUURTXHGHVHHPRV
3133&,&RQILJXUDWLRQ (QHVWHDSDUWDGRDMXVWDUHPRVODVYDULDEOHVTXHDIHFWDQ DOVLVWHPD3OXJ3OD\\ORVEXVHV3&,
,QWHJUDWHG3HULSKHUDOV 'HVGHDTXtFRQILJXUDUHPRVORVSDUiPHWURVTXHDIHFWDQD ODFRQWURODGRUDGHSXHUWRV\VLVWHPDVGHDOPDFHQDPLHQWRLQWHJUDGRV
/RDG6HWXS'HIDXOWV 6HOHFFLRQDQGRHVWDRSFLyQFRORFDUHPRVWRGRVORVYDORUHVSRU GHIHFWRFRQHOILQGHVROXFLRQDUSRVLEOHVHUURUHV
3DVVZRUG6HWWLQJ 1RVSHUPLWLUiDVLJQDUODFRQWUDVHxDGHHQWUDGDDOHTXLSRRDOD
%,26GHOVLVWHPDGHIRUPDTXHFXDQGRHQFHQGDPRVHORUGHQDGRURHQWUHPRVDOD%,26QRV SLGD XQD FODYH 3DUD HOLPLQDUOD FODYHSXOVDUHPRV(QWHUHQHO PRPHQWR GHLQWURGXFLU OD QXHYD\³(QWHU´RWUDYH]HQODFRQILUPDFLyQHOLPLQDQGRDVtFXDOTXLHUFRQWUROGHDFFHVR
,'( +DUG 'LVN 'HWHFWLRQ 'HVGH DTXt GHWHFWDUHPRV HO WLSR GH GLVFR GXUR TXH WHQHPRVLQVWDODGRHQQXHVWUR3&
6DYH([LW6HWXS &RQHVWDRSFLyQSRGHPRVJUDEDUWRGRVORVFDPELRVUHDOL]DGRVHQ ORVSDUiPHWURV\VDOLUGHODXWLOLGDGGHFRQILJXUDFLyQGHOD%,26
([LW :LWKRXW 6DYLQJ 1RV SHUPLWH VDOLU GH OD XWLOLGDG GH FRQILJXUDFLyQ SHUR VLQ VDOYDUQLQJ~QFDPELRUHDOL]DGR
££&3862)70(18
&38 2SHUDWLQJ 6SHHG (Q 8VHU 'HILQH FRQWURODUHPRV WRGRV ORV SDUiPHWURV
UHIHUHQWHVDOSURFHVDGRU7DPELpQSRGHPRVVHOHFFLRQDUGLUHFWDPHQWHXQDYHORFLGDGDXQTXH HQHVHFDVRODVVLJXLHQWHVRSFLRQHVQRVHHQFXHQWUDQDFWLYDV
7XUER)UHFXHQF\ 3HUPLWHIRU]DUODYHORFLGDGGHOUHORMH[WHUQRDXQ[(QSULQFLSLR VyOR H[LVWH SDUD UHDOL]DU FRQWURO GH FDOLGDG \ FRPSUREDU TXH XQ VLVWHPD IXQFLRQD FRUUHFWDPHQWHSRUHQFLPDGHVXVHVSHFLILFDFLRQHV
([W&ORFN3&, ,QGLFDODYHORFLGDGGHOEXVH[WHUQR(QWUHSDUpQWHVLVVHQRVLQGLFD ODUHODFLyQ DODTXHWUDEDMDUiQXHVWUREXV3&,
0XOWLSOLHU)DFWRU $MXVWDHOIDFWRUGHPXOWLSOLFDFLyQ3RUHMHPSORFRQXQ3HQWLXP,,, D0K]REWHQGUHPRVODIUHFXHQFLDPXOWLSOLFDQGRHOEXVSRUHOIDFWRUPXOWLSOLFDGRU
$*3&/.&38&/. 6HxDOD OD UHODFLyQ HQWUH OD YHORFLGDG GHO EXV $*3 \ OD GHO
PLFURSURFHVDGRUFRQXQD&38GH0K]GHEXVKDGHHVWDUDFRQXQDGH0K] HOYDORUKDGHVHU
/&DFKH/DWHQF\ $MXVWDODYHORFLGDGGHOD FDFKHGHVHJXQGRQLYHOLQWHJUDGDHQHO PLFURSURFHVDGRU&XDQWRPD\RUVHD HOYDORUPiVUiSLGRWUDEDMDUiODFLWDGDPHPRULD8QD YHORFLGDGGHPDVLDGRDOWDSXHGHSURYRFDUIDOORV
6SHHG (UURU +ROG (VWH FDPSR KDFH UHIHUHQFLD DO FRPSRUWDPLHQWR TXH WRPDUi OD PiTXLQDHQFDVRGHTXHVHOHFFLRQHPRVXQDYHORFLGDGHUUyQHD
&383RZHU6XSSO\ 3HUPLWH UHJXODU HO YROWDMH GHO PLFURSURFHVDGRU 'HEHGHMDUVH VLHPSUHHQ&38'HIDXOWGDGRTXHXQYROWDMHLQFRUUHFWRJHQHUDUiHUURUHV \SUREOHPDV
&RUH9ROWDJH 1RVPDUFDHOYROWDMHDFWXDOGHOSURFHVDGRUDGPLWLHQGRPRGLILFDFLRQHV
67$1'$5'&0266(783
/DIHFKD\KRUD (QHVWDVHFFLyQSRGHPRVFDPELDUORVGDWRVUHODWLYRVDIHFKD\KRUD GHOD%,26
/RVGLVFRVGXURV,'( $TXtFRQILJXUDPRVORVGLVWLQWRVGLVFRVGXURVFRQHFWDGRVDOD
FRQWURODGRUD,'(GHQXHVWUDSODFDEDVH(VLPSRUWDQWHWHQHUHQFXHQWDHVWRSDUDQRFDHUHQ HOHUURUGHLQWHQWDUFRQILJXUDUGHVGHDTXtORVGLVFRVG XURV6&6,RORV,'( FRQHFWDGRVDXQD FRQWURODGRUD DGLFLRQDO +DOODPRV YDULRV YDORUHV FRPR 7\SH &\OV \ RWURV /D RSFLyQ 7\SHRIUHFHORVYDORUHV$XWR8VHUR1RQH&RQHOSULPHURGHHOORVORJUDUHPRVTXH FDGDGLVFRSXHGDVHUGHWHFWDGRDXWRPiWLFDPHQWHFDGDYH]TXHLQLFLDPRVHORUGHQDGRU(VOD RSFLyQ SRU GHIHFWR DXQTXH UDOHQWL]D EDVWDQWH HO SURFHVR GH DUUDQTXH 3RUVXSDUWH8VHUVHXVDFXDQGRGHVHDPRVLQWURGXFLUQRVRWURVPLVPRVFDGDXQRGHORV YDORUHVGHFRQILJXUDFLyQRELHQKHPRVSDVDGRSRUODRSFLyQ,'(+$5'',6.'(7(&7,21 TXHWUDVGHWHFWDU QXHVWURVGLVFRV KDEUiDOPDFHQDGRVXFRQILJXUDFLyQHQ HVWDSDQWDOOD(Q HVWHPRGRHODUUDQTXHUHVXOWDUiPiVUiSLGR3RU~OWLPR HQ1RQHVHLQGLFDUiODLQH[LVWHQFLD GH XQ GLVFR GXUR 5HVSHFWRD 0RGHSRGUHPRVHOHJLUHQWUHORVPRGRV /%$1RUPDO \ /DUJHDXQTXH ODRSFLyQFRUUHFWDSDUDORVGLVFRVDFWXDOHVVHUi/%$
/DVGLVTXHWHUDV $TXtSRGHPRVVHOHFFLRQDUHOWLSRGHGLVTXHWHUDLQVWDODGDHQQXHVWUR 3&
)ORSS\ 0RGH 6XSSRUW (VWD HV XQD RSFLyQ D DFWLYDU HQ FDVR GH FRQWDU FRQ GLVTXHWHUDVFDSDFHVGHXVDUGLVFRVGH.E\WHVXWLOL]DGRVQRUPDOPHQWHHQ-DSyQ
/DWDUMHWDGH9LGHR'HEHPRVHOHJLU9*$SDUDWRGRVORVHTXLSRVDFWXDOHV +DOW2Q 6HXWLOL]DUiVLTXHUHPRVTXHOD%,26LJQRUHFLHUWRVHUURUHV6XVRSFLRQHVVRQ
1RHUURUVSDUDQRGHWHFWDUVHQLQJ~QHUURU$OO(UURUVSDUDSDUDUVHHQWRGRV$OO%XW .H\ERDUGSDUDH[FHSWXDUORVGHWHFODGR$OO%XW'LVNHWWHSDUDREYLDUORVGHODGLVTXHWHUD \$OO%XW'LVN.H\SDUDQRDWHQGHUDORVGHODGLVTXHWHUDRWHFODGR
0HPRULD (VXQEUHYHUHVXPHQLQIRUPDWLYRGHODFDQWLGDG\WLSRGHPHPRULDLQVWDODGD HQQXHVWURVLVWHPD
%,26)($785(66(783
9LUXV:DUQLQJ &XDQGR VHHQFXHQWUD HQSRVLFLyQ(QDEOHG JHQHUD XQPHQVDMH GH DYLVRHQFDVRGHTXHDOJ~QSURJUDPDLQWHQWHHVFULELUHQHOVHFWRUGHDUUDQTXHGHOGLVFRGXUR 6LQHPEDUJRHVQHFHVDULRGHVDFWLYDUORSDUDSRGHUOOHYDUDFDERODLQVWDODFLyQGH:LQGRZV \DTXH HQFDVRFRQWUDULR HOSURJUDPD GHLQVWDODFLyQ QRVHUiFDSD] GHHIHFWXDU OD LQVWDODFLyQGHORVDUFKLYRVGHDUUDQTXH
&38 /HYHO &DFKH $FWLYD R GHVDFWLYD OD FDFKH VH WUDWD GH XQD PHPRULD PX\ UiSLGD VLWXDGD HQ PHGLR GHO SURFHVDGRU SULQFLSDO \ OD PHPRULD 5$0 GH SULPHU QLYHO LQWHJUDGD HQ HO Q~FOHR GH ORV DFWXDOHV SURFHVDGRUHV (Q FDVR GH TXH VH QRV SDVH SRU OD FDEH]D GHVDFWLYDUOR YHUHPRV FyPR ODV SUHVWDFLRQHV GH QXHVWUR HTXLSR GLVPLQX\HQ FRQVLGHUDEOHPHQWH(VPX\UHFRPHQGDEOHWHQHUORDFWLYDGR
&38/HYHO&DFKH /RPLVPRTXHHQHOFDVRDQWHULRUSHURUHIHULGRDODPHPRULD FDFKH GH VHJXQGR QLYHO ,JXDOPHQWH OD RSFLyQ GHEH HVWDU DFWLYDGD SDUD FRQVHJXLU XQ UHQGLPLHQWRySWLPR
&38/&DFKH(&&&KHFNLQJ $SDUWLUGHFLHUWDVXQLGDGHVGH3HQWLXP,,D
0K] VH FRPHQ]y D LQWHJUDU XQD FDFKH GH VHJXQGR QLYHO FRQ XQ VLVWHPD (&& SDUD OD FRUUHFFLyQ\FRQWUROGHHUURUHV(VWRSURSRUFLRQDPD\RUVHJXULGDGHQHOWUDEDMRFRQORVGDWRV GHOLFDGRV DXQTXH UHVWD SUHVWDFLRQHV 6L HVWD RSFLyQ VHFRORFD HQ (QDEOHG DFWLYDUHPRV GLFKDFDUDFWHUtVWLFD
4XLFN3RZHU2Q6HOI7HVW 3HUPLWHRPLWLUFLHUWRVWHVWVOOHYDGRVDFDERGXUDQWHHO
DUUDQTXH OR TXH SURGXFH HQ FRQVHFXHQFLD XQ LQLFLR PiV UiSLGR /R PiV VHJXUR VHUtD FRORFDUORHQPRGR(QDEOHG
%RRW 6HTXHQFH ,QGLFD HO RUGHQ GH E~VTXHGD GH OD XQLGDG HQ OD TXH DUUDQFDUi HO
VLVWHPDRSHUDWLYR3RGHPRVVHxDODUYDULDVRSFLRQHVGHWDOIRUPDTXHVLHPSUHODSULPHUDGH HOODV ODV VLWXDGD PiV D OD L]TXLHUGD VHUi OD TXH VH FKHTXHDUi SULPHUR 6L QR KXELHUD GLVSRVLWLYRDUUDQFDEOHSDVDUtDDODRSFLyQFHQWUDO\DVtVXFHVLYDPHQWH&RPRORQRUPDOHV TXH DUUDQTXHPRVVLHPSUHGH XQGLVFR GXURGHEHUtDPRVSRQHU ODXQLGDG&FRPRSULPHUD XQLGDG
%RRW6HTXHQFH(;70HDQV 'HVGHDTXtOHLQGLFDPRVDOD%,26DTXpVHUHILHUH HOSDUiPHWUR(;7TXH HQFRQWUDPRVHQODRSFLyQDQWHULRU(QHVWHVHQWLGRSRGHPRVLQGLFDU XQGLVFR6&6,RXQDXQLGDG/6(VWDRSFLyQQRVHVXHOHHQFRQWUDUDPHQXGR\DTXHODV XQLGDGHVVHLQFOX\HQGLUHFWDPHQWHHQHOSDUiPHWURDQWHULRU
6ZDS)ORSS\'ULYH 0X\~WLOHQHOFDVRGHTXHFRQWHPRVFRQGLVTXHWHUDV1RV SHUPLWHQLQWHUFDPELDUOD$SRUOD%\YLFHYHUVD
%RRW 8S )ORSS\ 6HHN (VWD RSFLyQ DFWLYD HO WHVWHR GH OD XQLGDG GH GLVTXHWHV GXUDQWHHOSURFHVRGHDUUDQTXH(UDQHFHVDULDHQODVDQWLJXDVGLVTXHWHUDVGHSXOJDGDV SDUDGHWHFWDUODH[LVWHQFLDGHXSLVWDV(QODVGHSXOJDGDVWLHQHSRFDXWLOLGDGSRU HOORORGHMDUHPRVHQ'LVDEOHGSDUDDKRUUDUWLHPSR
%RRW 8S 1XP/RFN 6WDWXV (Q FDVR GH HVWDU HQ 21 OD %,26 DFWLYD DXWRPiWLFDPHQWHODWHFOD1XP/RFNGHOWHFODGRQXPpULFRHQHOSURFHVRGHDUUDQTXH
,'(+''%ORFN0RGH $FWLYDHO PRGRGHP~OWLSOHVFRPDQGRVGHOHFWXUDHVFULWXUD
HQ P~OWLSOHV VHFWRUHV /D JUDQ PD\RUtD GH ORV GLVFRV DFWXDOHV VRSRUWDQ HO PRGR GH WUDQVIHUHQFLDHQEORTXHVSRUHVWDUD]yQGHEHHVWDUDFWLYDGR
7\SHPDWLF5DWH6HWWLQJ 6LVHHQFXHQWUDDFWLYRSRGUHPRVPHGLDQWHORVYDORUHV
TXHYHUHPRVDFRQWLQXDFLyQDMXVWDUORVSDUiPHWURVGHUHWUDVR\UHSHWLFLyQGHSXOVDFLyQGH QXHVWURWHFODGR
7\SHPDWLF5DWH&KDUV6HF ,QGLFDUiHOQ~PHURGHYHFHVTXHVHUHSHWLUiOD WHFODSXOVDGDSRUVHJXQGR
7\SHPDWLF'HOD\0VHF 6HxDODUiHOWLHPSRTXHWHQHPRVTXHWHQHUSXOVDGDXQD WHFODSDUDTXHHVWDVHHPSLHFHDUHSHWLU6XYDORUVHGDHQPLOLVHJXQGRV
6HFXULW\ 2SWLRQ $TXt SRGHPRV VHxDODU VL HO HTXLSR QRV SHGLUi XQD SDVVZRUG GH HQWUDGDDOD%,26\RDOVLVWHPD
3&,9*$ 3DOHWWH 6QRRS(VWH SDUiPHWUR ~QLFDPHQWH KD GH HVWDU RSHUDWLYR VL
WHQHPRV LQVWDODGD XQD DQWLJXD WDUMHWD GH YtGHR ,6$ HQ QXHVWUR VLVWHPD FRVD PX\ SRFR SUREDEOH
266HOHFW)RU'5$0!0% (VWD RSFLyQ VyOR GHEH DFWLYDUVH VLWHQHPRV DO PHQRV0E\WHVGHPHPRULD\HOVLVWHPDRSHUDWLYRHV26GH,%0
5HSRUW1R)''IRU:LQ (QFDVRGHTXHQXHVWURHTXLSRQRWHQJDGLVTXHWHUD
VHSXHGHDFWLYDUHVWDRSFLyQOLEHUDQGRGHHVWDIRUPDOD ,54 ³,QWHUUXSW5HTXHVW/LQHVR /tQHDVGH3HWLFLyQGH,QWHUUXSFLyQ´VRQORVFRQGXFWRVDWUDYpVGHORVFXDOHVORV3HULIpULFRV HQYtDQ VHxDOHV SDUD DWUDHU OD DWHQFLyQ GHO 3URFHVDGRU &RPR HV OyJLFR WDPELpQ GHVDFWLYDUHPRV OD FRQWURODGRUD GH GLVTXHWHV GHQWUR GHO DSDUWDGR ,17(*5$7(' 3(5,3+(5$/6FRPRYHUHPRVPiVDGHODQWH
'HOD\ ,'( ,QLWLDO 6HF 3HUPLWH HVSHFLILFDU ORV VHJXQGRV TXH OD %,26 KD GH
HVSHUDUGXUDQWHHOSURFHVRGHDUUDQTXHSDUDLGHQWLILFDUHOGLVFRGXUR(VWRHVQHFHVDULRHQ GHWHUPLQDGRVPRGHORVGHGLVFRVGXURVDXQTXHUDOHQWL]DHOSURFHVRGHDUUDQTXH
3URFHVVRU 1XPEHU )HDWXUH (VWD FDUDFWHUtVWLFD HV SURSLD \ H[FOXVLYD GH ORV 3(17,80 ,,, &RQ HOOD WHQHPRV OD RSRUWXQLGDG GH DFWLYDU R GHVDFWLYDU OD SRVLELOLGDG GH DFFHGHUDODIXQFLyQGHOQ~PHURGHVHULHXQLYHUVDOLQWHJUDGDHQ HVWRVSURFHVDGRUHV
9LGHR%,266KDGRZ 0HGLDQWHHVWDIXQFLyQ\ODVVLJXLHQWHVVHDFWLYDODRSFLyQGH FRSLDUHOILUPZDUHGHOD%,26GHODWDUMHWDGHYLGHRDODPHPRULD5$0GHPDQHUDTXHVH SXHGDDFFHGHUDHOODVPXFKRPiVUiSLGR
758&2 6L TXHUHPRV SURWHJHU QXHVWUR RUGHQDGRU \ TXH SDUD LQLFLDUOR QRV SLGD XQD
FRQWUDVHxD VHOHFFLRQDUHPRV OD RSFLyQ 6(&85,7< 237,21 WDPELpQ OODPDGD 3$66:25' &+(&. 3XHGHVGLVSRQHUGHWUHVHOHFFLRQHV
R 6<67(0 DGMXGLFDFRQWUDVHxDDOLQLFLDUXQRUGHQDGRUDSDUHFHUiDODUUDQFDUHO OODPDGRSURPSWR JXLyQSDUSDGHDQWHWHQLHQGRTXHLQWURGXFLUHOSDVVZRUG(VHOPpWRGR PiVEDUDWR\VLPSOHGHSURWHJHUHODFFHVRDQXHVWURVLVWHPD
$/:$<6
/DFRQWUDVHxDDSDUHFHUi ~QLFDPHQWHSDUDDFFHGHUDOD%,26 3UHFDXFLyQTXHQR HVWi GH PiV VL FRPSDUWLPRV HO HTXLSR &LHUWDPHQWH HVWH SDVVZRUG GH DFFHVR D OD FRQILJXUDFLyQ GH OD %,26 HV VXVFHSWLEOH GH VHU UHVHWHDGR SHUR HV XQD EXHQD PHGLGD FRPSOHPHQWDULD 6(783
',6$%/('
SDUDGHVDFWLYDUODVFRQWUDVHxDVHVWDRSFLyQQRHVWDHQWRGRVORVHTXLSRV
127$ /D FRQWUDVHxD VHHVWDEOHFH GHVGH 3$66:25'6(77,1* R 86(5 3$66:25'HVWD
RSFLyQ VH HQFXHQWUD HQ HO PHQ~ SULQFLSDO \ QR KD\ LQWURGXFLGD QLQJXQD FRQWUDVHxD HVWD RSFLyQ QR IXQFLRQDUD &RPR SUHFDXFLyQ LPSRUWDQWH SDUD HVWD \ FXDOTXLHU PHGLGD UHODFLRQDGD FRQ FODYHV \ SDVVZRUGV HV PX\ FRQYHQLHQWH PDQWHQHUODV DQRWDGDV SDSHO \ OiSL]QREORFGHQRWDVGH:LQGRZVHQRUGHQ\HQXQVLWLRVHJXUR
&+,36(7)($785(66(783
6'5$0 &$6WR&$6 'HOD\ 6LUYH SDUD LQWURGXFLU XQ FLFOR GH HVSHUD HQWUH ODV
VHxDOHV 6752%( GH &$6 \ 5$6 DOHVFULELURUHIUHVFDUODPHPRULD$PHQRUYDORUPD\RUHV SUHVWDFLRQHVPLHQWUDVTXHDPD\RUPiVHVWDELOLGDG (QHOFDPSRGHODPHPRULDXQD6752%(HVXQDVHxDOHQYLDGDFRQHOILQGHYDOLGDUGDWRVR GLUHFFLRQHV GH PHPRULD $Vt FXDQGR KDEODPRV GH &$6 &ROXPQ $GGUHVV 6WUREH QRV UHIHULPRVDXQDVHxDOHQYLDGDDOD5$0TXHDVLJQDXQDGHWHUPLQDGDSRVLFLyQGHPHPRULD FRQ XQD FROXPQDGHGLUHFFLRQHV(ORWURSDUiPHWURTXHHVWiOLJDGRD&$6HV5$65RZ $GGUHVV 6WUREH TXH HV LJXDOPHQWH XQD VHxDO HQFDUJDGD GH DVLJQDU XQD GHWHUPLQDGD SRVLFLyQGHPHPRULDDXQDILODGHGLUHFFLRQHV
6'5$0&$6/DWHQF\7LPH ,QGLFDHOQ~PHURGHFLFORVGHUHORMGHODODWHQFLD&$6 TXHGHSHQGHGLUHFWDPHQWHGHODYHORFLGDGGHODPHPRULD6'5$03RUUHJODJHQHUDODPHQRU YDORUPD\RUHVSUHVWDFLRQHV
6'5$0 /HDGRII &RPPDQG 'HVGH DTXt VH DMXVWD OD YHORFLGDG GH DFFHVR D PHPRULD6'5$0
6'5$0 3UHFKDUJH &RQWURO (Q FDVR GH HVWDU DFWLYDGR WRGRV ORV EDQFRV GH PHPRULDVHUHIUHVFDQHQFDGDFLFORGHUHORM
'5$0'DWD,QWHJULW\0RGH ,QGLFDHOPpWRGRSDUDYHULILFDUODLQWHJULGDGGHORV GDWRVTXHSXHGHVHUSRUSDULGDGRSRUFyGLJRSDUDODFRUUHFFLyQGHHUURUHV(&&
6\VWHP%,26&DFKHDEOH (QFDVRGHDFWLYDUORFRSLDUHPRVHQODVGLUHFFLRQHVGH PHPRULD 5$0 )K)))))K HO FyGLJR DOPDFHQDGR HQ OD 520 GH OD %,26 (VWR DFHOHUD PXFKRHODFFHVRDFLWDGRFyGLJRDXQTXHSXHGHQVXUJLUSUREOHPDVVLXQSURJUPDDLQWHQWD XWLOL]DUHOiUHDGHPHPRULDHPSOHDGD
9LGHR %,26 &DFKHDEOH &RORFD OD %,26 GH OD WDUMHWD GH YLGHR HQ OD PHPRULD SULQFLSDO PXFKRPiV UiSLGD TXH OD520 GHOD WDUMHWDDFHOHUDQGRDVt WRGDVODV IXQFLRQHV JUiILFDV
9LGHR 5$0 &DFKHDEOH 3HUPLWH RSWLPL]DU OD XWLOL]DFLyQ GH OD PHPRULD 5$0 GH
QXHVWUD WDUMHWD JUiILFD HPSOHDQGR SDUD HOOR OD FDFKp GH VHJXQGR QLYHO / GH QXHVWUR SURFHVDGRU1RVRSRUWDQWRGRVORVPRGHORVGHWDUMHWDVJUiILFDV
%LW,25HFRYHU\7LPH 6HXWLOL]DSDUDLQGLFDUODORQJLWXGGHOUHWUDVRLQVHUWDGR
HQWUH RSHUDFLRQHV FRQVHFXWLYDV GH UHFXSHUDFLyQ GH yUGHQHV GH HQWUDGDVDOLGD GH ORV GLVSRVLWLYRV ,6$ 6H H[SUHVD HQ FLFORV GH UHORM \ SXGH VHU QHFHUVDULR DMXVWDUOR SDUD ODV WDUMHWDV,6$PiVDQWLJXDV&XDQWRPHQRUHVHOWLHPSRPD\RUHVSUHVWDFLRQHVVHREWHQGUiQ FRQHVWHWLSRGHWDUMHWDV
%LW ,2 5HFRYHU\ 7LPH /R PLVPR TXH HQ HO SXQWR DQWHULRU SHUR QRV UHIHULPRVDGLVSRVLWLYRV,6$GHELWV
0HPRU\+ROH$W00 3HUPLWHUHVHUYDUXQPHJDE\WHGH5$0SDUDDOEHUJDU
OD PHPRULD 520 GH GHWHUPLQDGDV WDUMHWDV ,6$ TXH OR QHFHVLWHQ (V DFRQVHMDEOH GHMDU GHVDFWLYDGDHVWDRSFLyQDPHQRVTXHVHDQHFHVDULR
3DVVLYH5HOHDVH 6LUYHSDUDDMXVWDUHOFRPSRUWDPLHQWRGHOFKLS,QWHO3,,;TXHKDFH
SXHQWH3&,,6$/DIXQFLyQ3DVVLYH5HOHDVHHQFRQWUDUiODODWHQFLDGHOEXV,6$PDHVWURSRU OR TXH VL VXUJHQ SUREOHPDV GH LQFRPSDWLELOLGDG FRQ GHWHUPLQDGDV WDUMHWDV ,6$ SRGHPRV MXJDUDGHVDFWLYDUDFWLYDUHVWHYDORU
'HOD\HG7UDQVDFWLRQ (VWDIXQFLyQGHWHFWDORVFLFORVGHODWHQFLDH[LVWHQWHVHQODV WUDQVDFFLRQHVGHVGHHOEXV3&,KDVWDHO,6$RYLFHYHUVD'HEHHVWDUDFWLYDGRSDUDFXPSOLU FRQODVHVSHFLILFDFLRQHV3&,
$*3$SHUWXUH6L]H0% $MXVWDODDSHUWXUDGHOSXHUWR$*36HWUDWDGHOUDQJRGH
GLUHFFLRQHVGHPHPRULDGHGLFDGDDODVIXQFLRQHVJUiILFDV$WDPDxRVGHPDVLDGRJUDQGHVODV SUHVWDFLRQHV SXHGHQ HPSHRUDU GHELGR D XQD PD\RU FRQJHVWLyQ GH OD PHPRULD /R PiV KDELWXDOHVVLWXDUORHQ0E\WHVDXQTXHORPHMRUHVSUREDUFRQFDQWLGDGHVHQWUHXQ\ GHODFDQWLGDGGHPHPRULDLQVWDODGDHQHOHTXLSR
6SUHDG6SHFWUXP $FWLYDXQPRGRHQHOTXHODYHORFLGDGGHOEXVGHOSURFHVDGRUVH DMXVWDGLQiPLFDPHQWHFRQHOILQGHHYLWDULQWHUIHUHQFLDVHQIRUPDGHRQGDVGHUDGLR(QFDVR GHHVWDUDFWLYDGRODVSUHVWDFLRQHVGLVPLQX\HQ
7HPSHUDWXUH :DUQLQJ (VWD RSFLyQ SHUPLWH DMXVWDU OD WHPSHUDWXUD Pi[LPD GH IXQFLRQDPLHQWR GH QXHVWUR PLFURSURFHVDGRU DQWHV GH TXH VDOWH OD DODUPD GH VREUHFDOHQWDPLHQWR(QFDVRGHQRGHVFRQHFWDUODFRUULHQWHHQXQWLHPSRPtQLPRODSODFDOR KDUiGHIRUPDDXWRPiWLFDSDUDHYLWDUGDxRVLUUHSDUDEOHV
32:(50$1$*(0(176(783
$&3,)XQFWLRQ(VWDIXQFLyQSHUPLWHTXHXQVLVWHPDRSHUDWLYRFRQVRSRUWHSDUD $&3,
³$GYDQFHG&RQILJXUDWLRQDQG3RZHU,QWHUIDFH´HVXQDQRUPDTXHGHILQHORVPpWRGRVPiV DGHFXDGRVSDUDHOFRQVXPRGHHQHUJtDHQRUGHQDGRUHVSHUVRQDOHV(QRWUDVSDODEUDV$&3, HVSHFLILFDFRPROD%,26HOVLVWHPDRSHUDWLYR\ORVSHULIpULFRVVHFRPXQLFDQFRQHOUHVWRGH FRPSRQHQWHVGHOVLVWHPD SDUDRSWLPL]DU HODKRUURGHHQHUJtDWRPHHO FRQWUROGLUHFWRGH WRGDVODVIXQFLRQHVGHJHVWLyQGHHQHUJtD\ 3OXJ3OD\ 9LHQHDVLJQLILDU³&RQHFWDU\OLVWR´ FDUDFWHUtVWLFD TXH SHUPLWH WHQHURSHUDWLYRQXHYR KDUGZDUH VLPSOHPHQWH FRQFRQHFWDUORDO RUGHQDGRU $FWXDOPHQWH VROR :LQGRZV \ FXPSOHQ FRQ HVWDV HVSHFLILFDFLRQHV $GHPiV TXH ORV GULYHUV GH ORV GLIHUHQWHV GLVSRVLWLYRV GHEHQ VRSRUWDU GLFKDV IXQFLRQHV 8QDGHODVJUDQGHVYHQWDMDVHVODGHSRGHUDSDJDUHOHTXLSRLQVWDQWiQHDPHQWH \UHFXSHUDUOR HQXQRVSRFRVVHJXQGRVVLQQHFHVLGDGGHVXIULUORVSURFHVRVGHDUUDQTXH(VWRTXHKDVLGR FRP~QHQSRUWiWLOHVGHVGHKDFHPXFKRWLHPSRDKRUDHVWiGLVSRQLEOHHQQXHVWUR3&HVRVt VLHPSUH TXH WHQJDPRV FRPR PtQLPR HO FKLS L TXH HV HO SULPHUR HV VRSRUWDU HVWD FDUDFWHUtVWLFD
3RZHU 0DQDJHPHQW $TXt SRGHPRV HVFRJHU HQWUH XQD VHULH GH WLHPSRV SDUD OD HQWUDGDHQDKRUURGHHQHUJtD6LHOHJLPRV86(5'(),1(SRGUHPRVHOHJLUQRVRWURVHOUHVWR GHSDUiPHWURV
30&RQWUROE\$30 6LVHDFWLYDGHMDPRV HOHTXLSRHQPDQRVGHO$30$GYDQFHG
3RZHU 0DQDJHPHQW XQ HVWiQGDU FUHDGR \ GHVDUUROODGR SRU ,QWHO 0LFURVRIW \ RWURV IDEULFDQWHV
9LGHR2II0HWKRG $TXtOHLQGLFDPRVODIRUPDHQTXHQXHVWURPRQLWRUVHDSDJDUi/D RSFLyQ 9+ 6<1&%ODQN GHVFRQHFWD ORV EDUULGRV KRUL]RQWDOHV \ YHUWLFDOHV DGHPiV GH FRUWDUHO EXIIHU HVXQiUHDGHGDWRVHQPHPRULDHQHOGLVFRGXUR\VHFRPSDUWHHQWUH GLVSRVLWLYRV GH KDUGZDUH \ DTXHOORV SURJUDPDV TXH QHFHVLWDQ GH VX XVR GH YLGHR %ODQN6FUHHQVHQFLOODPHQWHGHMDGHSUHVHQWDUGDWRVHQSDQWDOOD3RU~OWLPR'306'LVSOD\ 3RZHU 0DQDJHPHQW6LJQDOLQJ HVXQ HVWDQGDU9(6$TXH KDGH VHUVRSRUWDGRSRUQXHVWUR PRQLWRU \ OD WDUMHWD GH YtGHR \ TXH HQYtD XQD RUGHQ GH DSDJDGR DO VLVWHPD JUiILFR GLUHFWDPHQWH
9LGHR2II$IWHU $TXtWHQHPRVYDULDVRSFLRQHVGHDSDJDGRGHOPRQLWRU1$QRVH
GHVFRQHFWDUi 6XVSHQG VyOR VH DSDJDUi HQ PRGR VXVSHQGLGR 6WDQGE\ VH DSDJDUi FXDQGRHVWHPRVHQPRGRVXVSHQGLGRRHVSHUD'R]HLPSOLFDTXHODVHxDOGHYtGHRGHMDUi GHIXQFLRQDUHQWRGRVORV PRGRVGHHQHUJtD
&38)DQ2II2SWLRQ $FWLYDODSRVLELOLGDGGHDSDJDUHOYHQWLODGRUGHOSURFHVDGRUDO HQWUDUHQPRGRVXVSHQGLGR
0RGHP8VHU,54 (VWDRSFLyQQRVSHUPLWHHVSHFLILFDUOD LQWHUUXSFLyQ 6HWUDWDGH XQD VHxDO GH XQ GLVSRVLWLYR LQVWDODGR HQ XQ RUGHQDGRU R GH XQ SURJUDPD TXH HVWi IXQFLRQDQGRHQHOPLVPRTXHFDXVDTXHHO6LVWHPD2SHUDWLYRSDUH\VHRFXSHGHXQDQXHYD RUGHQXWLOL]DGDSRUQXHVWUR PRGHP $EUHYLDWXUDGH0RGXODGRU'HVPRGXODGRU&RPSRQHQWH KDUGZDUH FDSD] GH LQWHUFDPELDU LQIRUPDFLyQ FRQ XQ SURJUDPD GH FRPXQLFDFLRQHV SDUD HQYLDUOD\UHFLELUODDWUDYpVGHODUHGWHOHIyQLFDFRQYHQFLRQDOKDFLDRWURPRGHPVLWXDGRHQ XQRUGHQDGRUUHPRWRSHUPLWLHQGRGHHVWHPRGRHOLQWHUFDPELRGHLQIRUPDFLyQHQWUHGRV RUGHQDGRUHV
'R]H0RGH $TXtHVSHFLILFDUHPRVHOLQWHUYDORGHWLHPSRTXHWUDVFXUULUiGHVGHTXHHO3& GHMH GH UHFLELU HYHQWRV KDVWD TXH VH DSDJXH 6L GHVDFWLYDPRV HVWD RSFLyQ HO HTXLSR LUi GLUHFWDPHQWHDOVLJXLHQWHHVWDGRGHHQHUJtDVLQSDVDUSRUHVWH
6WDQGE\ 0RGH 6HxDOD HO WLHPSR TXH SDVDUi GHVGH TXH HO RUGHQDGRU QR UHDOLFH
QLQJXQD WDUHDKDVWDTXH HQWUHHQ PRGR GHDKRUUR,JXDO TXH DQWHV VLGHVDFWLYDPRVHVWD RSFLyQVHSDVDUiGLUHFWDPHQWHDOVLJXLHQWHHVWDGRGHHQHUJtDVLQSDVDUSRUHVWH
6XVSHQG 0RGH 7LHPSR TXH SDVDUi KDVWD TXH QXHVWUR HTXLSR HQWUH HQ PRGR VXVSHQGLGR6LQRVHDFWLYDHOVLVWHPDLJQRUDHVWDHQWUDGD
+''3RZHU'RZQ $TXtHVSHFLILFDUHPRVHOWLHPSRHQTXHHOVLVWHPDKDUiTXHHO
GLVFRGXURHQWUHHQPRGRGHDKRUURGHHQHUJtDORTXHSHUPLWLUiDODUJDUODYLGDGHOPLVPR 6LQHPEDUJRHVWHSDUiPHWURKDGHVHUWUDWDGRFRQFXLGDGR\DTXHXQWLHPSRGHPDVLDGR FRUWRSXHGHVXSRQHUTXHQXHVWURGLVFRHVWpFRQHFWDQGR\GHVFRQHFWDQGRFRQWLQXDPHQWHOR TXHSURYRFDUiTXHHVRVDUUDQTXHV\SDUDGDVIUHFXHQWHVSXHGDQGDxDUHOGLVFRDGHPiVGHHO WLHPSR TXH SHUGHUHPRV GDGR TXH WDUGD XQRV VHJXQGRVHQDUUDQFDU /R QRUPDO HVGHILQLU HQWUH\PLQXWRV
7KURWWOH 'XW\ &\FOH 6HxDODUHPRV HO SRUFHQWDMH GH WUDEDMR TXH OOHYDUi D FDER QXHVWURSURFHVDGRUFXDQGRHOVLVWHPDHQWUHHQDKRUURGHHQHUJtDWRPDQGRFRPRUHIHUHQFLD ODYHORFLGDGPi[LPDGHOPLVPR
3RZHU%XWWRQ2YHUUULGH (VWD RSFLyQ SHUPLWH TXH WUDV SUHVLRQDU HO ERWyQGH HQFHQGLGR GXUDQWH PiV GH VHJXQGRV PLHQWUDV HO HTXLSR VH HQFXHQWUD WUDEDMDQGR QRUPDOPHQWHHOVLVWHPDSDVDUiDVXGHVFRQH[LyQSRU VRIWZDUH
5HVXPH E\ /$1 &DUDFWHUtVWLFD PX\ ~WLO \D TXH QXHVWUR VLVWHPD VHUi FDSD] GH
DUUDQFDUDWUDYpVGHQXHVWUDWDUMHWDGHUHG3DUDHOORODWDUMHWD\HOVLVWHPDKDQGHFXPSOLU FRQ ODV HVSHFLILFDFLRQHV :$.( 21 /$1 DGHPiV GH WHQHU TXH OOHYDU XQ FDEOH GHVGH OD WDUMHWDGHUHGDODSODFDEDVH
3RZHU2Q%\5LQJ &RQHFWDQGRXQPyGHPDOSXHUWRVHULHORJUDUHPRVTXHQXHVWUR HTXLSRVHSRQJDHQPDUFKDFXDQGRUHFLEDXQDOODPDGD
3RZHU2QE\$ODUP &RQHVWHSDUiPHWURSRGHPRVDVLJQDUXQDIHFKD\KRUDDOD TXH HO3&DUUDQFDUiDXWRPiWLFDPHQWH
307LPHU(YHQWV 'HQWURGHHVWDFDWHJRUtDVHHQJOREDQWRGRVDTXHOORVHYHQWRVWUDV
ORVFXDOHVHOFRQWDGRUGHWLHPSRSDUDHQWUDUHQORVGLVWLQWRVPRGRVGHDKRUURGHHQHUJtDVH SRQHDFHUR$VtSRGHPRVDFWLYDURGHVDFWLYDUDOJXQRVGHHOORVSDUDTXHVHDQLJQRUDGRV\ DXQTXHRFXUUDQODFXHQWDDWUiVFRQWLQ~H
,54@10, (VWHSDUiPHWURKDFHUHIHUHQFLD D FXDOTXLHUHYHQWR RFXUULGR HQODVGLVWLQWDVLQWHUUXSFLRQHVGHOVLVWHPD
9*$ $FWLYH 0RQLWRU 9HULILFD VL OD SDQWDOOD HVWi UHDOL]DQGR RSHUDFLRQHV GH HQWUDGDVDOLGDGHVHUDVtUHLQLFLDUiHOFRQWDGRUGHWLHPSR
,54%UHDN6XVSHQG 3HUPLWHTXHODIXQFLyQGHDODUPDPHGLDQWHOD LQWHUUXSFLyQ
6HWUDWDGHXQDVHxDOGHXQGLVSRVLWLYRLQVWDODGRHQXQRUGHQDGRURGHXQSURJUDPDTXH HVWiIXQFLRQDQGRHQHOPLVPRTXHFDXVDTXHHO6LVWHPD2SHUDWLYRSDUH\VHRFXSHGHXQD QXHYDRUGHQGHVSLHUWHDOVLVWHPDGHOPRGRGHDKRUURGHHQHUJtD
,'( 3ULPDU\6HFRQGDU\ 0DVWHU6ODYH (VWD FDUDFWHUtVWLFD YLJLOD GH FHUFD DOGLVFRGXUR HQORV SXHUWRV VHxDODGRV GHIRUPD TXH VLQRWD TXH KD\ PRYLPLHQWR DFFHVRVUHLQLFLDHOFRQWDGRUGHWLHPSR
)ORSS\'LVN &RQWURODUiODVRSHUDFLRQHVRFXUULGDVHQODGLVTXHWHUD 6HULDO3RUW 9LJLODHOXVRGHORVSXHUWRVVHULH 3DUDOHOO3RUW9HULILFDHOSDVRGHLQIRUPDFLyQDWUDYpVGHOSXHUWRSDUDOHOR 0RXVH %UHDN 6XVSHQG 3HUPLWH TXH XQ PRYLPLHQWR GHO UDWyQ GHVSLHUWH SRU FRPSOHWRDOVLVWHPD\HQWUHHQPRGRGHIXQFLRQDPLHQWRQRUPDO
3133&,&21),*85$7,21
313 26 ,QVWDOOHG 1RV SHUPLWH LQGLFDU VL ORV UHFXUVRV GH OD PiTXLQD VHUiQ
XQLFDPHQWH FRQWURODGRV SRU OD %,26 R VL SRU HO FRQWUDULR VHUi HO VLVWHPD RSHUDWLYR TXH QDWXUDOPHQWHGHEHUiVHU3OXJ3OD\ 9LHQHDVLJQLILDU³&RQHFWDU\OLVWR´FDUDFWHUtVWLFDTXH SHUPLWHWHQHURSHUDWLYRQXHYRKDUGZDUHVLPSOHPHQWHFRQFRQHFWDUORDORUGHQDGRU
)RUFH8SGDWH(6&' (QFDVRGHDFWLYDUHVWDRSFLyQOD%,26UHVHWHDUiWRGRVORV
YDORUHV DFWXDOHV GH FRQILJXUDFLyQ GH ODV WDUMHWDV 3&, H ,6$ 3OXJ 3OD\ 9LHQH D VLJQLILDU ³&RQHFWDU \ OLVWR´ FDUDFWHUtVWLFD TXH SHUPLWH WHQHU RSHUDWLYR QXHYR KDUGZDUH VLPSOHPHQWH FRQFRQHFWDUORDORUGHQDGRUSDUDYROHUDDVLJQDUORVUHFXUVRVHQHOSUy[LPRDUUDTXH/DV VLJODV(6&KDFHQUHIHUHQFLDD([WHQGHG6\VWHP&RQILJXUDWLRQ'DWD
5HVRXUFH &RQWUROOHG %\ (VWH SDUiPHWUR GHFLGH VL OD FRQILJXUDFLyQ GH ODV
LQWHUUXSFLRQHV\ORV FDQDOHV'0$ 'LUHFW$FFHVV0HPRU\FRQVLVWHHQSRGHUHQYLDUGDWRVGHO GLVSRVLWLYRHQFXHVWLyQGLUHFWDPHQWHDODPHPRULD5$0GHOVLVWHPDVHFRQWURODUiQGHIRUPD PDQXDORVLVHDVLJQDUiQDXWRPiWLFDPHQWHSRUODSURSLD%,26(OYDORU$XWRSHUPLWHYHU WRGDVODV LQWHUUXSFLRQHV 6HWUDWDGHXQDVHxDOGHXQGLVSRVLWLYRLQVWDODGRHQXQRUGHQDGRUR GHXQSURJUDPDTXHHVWiIXQFLRQDQGRHQHOPLVPRTXHFDXVDTXHHO6LVWHPD2SHUDWLYRSDUH \VHRFXSHGHXQDQXHYDRUGHQ\FDQDOHV'0$OLEUHVHQSDQWDOODSDUDDVtGHFLGLUVLHVWDUiQ GLVSRQLEOHVRQRSDUDVXXVRSRUHOVLVWHPD3Q33DUDDFWLYDURGHVDFWLYDUHVWDSRVLELOLGDG EDVWDUiFRQTXHQRVFRORTXHPRVVREUHOD,54R'0$\FDPELHPRVVXHVWDGRWHQLHQGRHQ FXHQWDTXHHQODSRVLFLyQ3&,,6$3Q3ORVWHQGUHPRVOLEUHV
$VVLJQ,54)RU9*$ $FWLYDQGRHVWDRSFLyQODSODFDDVLJQDUiXQDLQWHUUXSFLyQD QXHVWUD WDUMHWD JUiILFD(VWRHVPX\LPSRUWDQWH HQOD PD\RUtD GHWDUMHWDVPRGHUQDV TXH JHQHUDOPHQWHQRIXQFLRQDUiQVLQRWHQHPRVHVWHGDWRRSHUDWLYR
$VVLJQ,54)RU86% &DVRVHPHMDQWHDODQWHULRUSHURSDUDORVSXHUWRV86% 3,54B[8VH,541R $TXtSRGHPRVDVLJQDUXQDLQWHUUXFLyQFRQFUHWDDODWDUMHWD 3&, TXH HVWp SLQFKDGDHQHO OXJDUGHVLJQDGRSRU ;(VWRSXHGH VHU PX\ LQWHUHVDQWHSDUD FDVRV HQ ORV TXH QHFHVLWHPRV HVWDEOHFHU XQRV UHFXUVRV PX\ FRQFUHWRV SDUD XQRV GLVSRVLWLYRVWDPELpQPX\FRQFUHWRV
,17(*5$7('3(5,3+(5$/6
2QERDUG,'(&RQWUROOHU 1RVSHUPLWHDFWLYDURGHVDFWLYDUODFRQWURODGRUD,'( SULPDULD
0DVWHU 6ODYH 'ULYH 3,2 0RGH 6LUYH SDUD DMXVWDU HO QLYHO GH
3,2
3URJUDPPHG ,QSXW2XWSXW (QWUDGD VDOLGD SURJUDPDGD GHO GLVFR PDHVWURHVFODYR FRQHFWDGRDO,'(SULPDULR/RQRUPDOHVGHMDUORHQ$XWR
0DVWHU 6ODYH 'ULYH 8OWUD '0$ $TXt DFWLYDUHPRV R GHVDFWLYDUHPRV HO VRSRUWH SDUD ODV XQLGDGHV 8OWUD '0$ GHO SULPHU FDQDO ,'( /R PHMRU HV FRORFDUOR HQ $XWR
2QERDUG,'(&RQWUROOHU $TXtDFWLYDUHPRVRGHVDFWLYDUHPRVODFRQWURODGRUD ,'(VHFXQGDULD
0DVWHU 6ODYH 'ULYH 3,2 0RGH 6LUYH SDUD DMXVWDU HO QLYHO GH
3,2
3URJUDPPHG ,QSXW2XWSXW (QWUDGD VDOLGD SURJUDPDGD GHO GLVFR PDHVWURHVFODYR FRQHFWDGRDO,'(VHFXQGDULR/RQRUPDOHVGHMDUORHQ$XWR
0DVWHU 6ODYH 'ULYH 8OWUD '0$ $TXt DFWLYDUHPRV R GHVDFWLYDUHPRV HO
VRSRUWHSDUDODVXQLGDGHV8OWUD'0$GHOVHJXQGRFDQDO,'(/RPHMRUHVFRORFDUORHQ $XWR
86% .H\ERDUG 6XSSRUW 9LD $TXt VH LQGLFD TXLpQ RIUHFHUi VRSRUWH SDUD HO WHFODGR86%OD%,26RHOVLVWHPDRSHUDWLYR
,QLW 'LVSOD\)LUVW 1RV SHUPLWH HVSHFLILFDU HO EXV HQ TXH VH HQFXHQWUDOD WDUMHWD JUiILFDGHDUUDQTXH5HVXOWD~WLOHQFDVRGHTXHWHQJDPRVGRVFRQWURODGRUDVJUiILFDVXQD $*3\RWUD3&,
.%& ,QSXW &ORFN 6HOHFW (VWDEOHFH OD YHORFLGDG GH UHORM GHO WHFODGR ÒWLO VL WHQHPRVSUREOHPDVFRQHOIXQFLRQDPLHQWRGHOPLVPR
3RZHU 2Q )XQFWLRQ 3HUPLWH HVWDEOHFHU OD IRUPD GH HQFHQGHU QXHVWUD PiTXLQD 3RGHPRVHOHJLUHQWUHHOERWyQGHHQFHQGLGRHOWHFODGRHLQFOXVRHOUDWyQ
2QERDUG )'' &RQWUROOHU $FWLYD R GHVDFWLYD OD FRQWURODGRUD GH GLVTXHWHV LQWHJUDGDHQODSODFD
2QERDUG6HULDO 3RUW $FWLYD GHVDFWLYD R FRQILJXUD ORV SDUiPHWURV GHO SULPHU SXHUWRVHULHLQWHJUDGR
2QERDUG6HULDO3RUW $FWLYDGHVDFWLYDRFRQILJXUDORVSDUiPHWURVGHOVHJXQGR SXHUWRVHULHLQWHJUDGR
2QERDUG ,5 )XQFWLRQ +DELOLWD HO VHJXQGR SXHUWR VHULH FRPR SXHUWR LQIUDUURMR PHGLDQWHODFRQH[LyQGHOFRUUHVSRQGLHQWHDGDSWDGRUDQXHVWUDSODFDEDVH
2QERDUG3DUDOOHO3RUW $FWLYDGHVDFWLYDRFRQILJXUDORVSDUiPHWURVGHOSXHUWR SDUDOHORLQWHJUDGR
3DUDOOHO3RUW0RGH 0DUFDHOPRGRGHRSHUDFLyQGHOSXHUWRSDUDOHOR3XHGHQVHU 633HVWiQGDU(333XHUWR3DUDOHOR([WHQGLGRR(&33XHUWRGH&DSDFLGDGHV([WHQGLGDV
(&30RGH8VH'0$ 3HUPLWHLQGLFDUHOFDQDO'0$TXHXVDUiHOSXHUWRSDUDOHORHQ FDVRGHRSWDUSRUHOPRGR(&3
(330RGH6HOHFW $VLJQDODYHUVLyQGHODHVSHFLILFDFLyQGHO SXHUWR(33SRUODTXH QRVUHJLUHPRVHQFDVRGHRSWDUSRUpO