1. (08/6,21(6
(08/6,Ï1%$6( $5$7(5Ë67,$6 20(17$5,26
*$/e1,$6'(5 326,%/(6,120
02260e7,$6 3$7,%,/,'$'(6
5(0$:221 (PXOVLyQZRQRLyQLFD 7DPELpQVHODGHQRPLQD
/$12/,1$ UHPDFRQVLVWHQWHPX SRPDGDKLGUyILOD
/DQROLQDDQKLGUDJ HPROLHQWHRFOXVLYDGH
$FHLWHGHROLYDR EXHQDDEVRUFLyQ
GHDOPHQGUDJ
$JXDGHVWLODGDJ
2/'5($0)(

2. (PXOVLyQZRDQLyQLFD(O %DVWDQWHLQHVWDEOH6HOD
(VSHUPDGHEDOOHQDJ EyUD[IRUPDXQMDEyQFRQ SXHGHDVLJQDUXQPHVGH
HUDEODQFDJ ORViFLGRVJUDVRVGHODFHUD FDGXFLGDG)iFLOPHQWH
$FHLWHGHDOPHQGUDVJ HODFHLWH HQUDQFLDEOH
$JXDGHURVDVJ UHPDFRQVLVWHQWH ,QFRPSDWLEOHFRQVXWDQFLDV
%RUDWRVyGLFRJ HPROLHQWHH[WHQVLEOHFRQ FDWLyQLFDVHOHFWUROLWRV
(VHQFLDGHURVDV,,JRW EXHQDDSDULHQFLDFRVPpWLFD IXHUWHV
/DRFOXVLYLGDGTXHFRQILHUH
VHYDSHUGLHQGRDOURPSHUVH
ODHPXOVLyQXQDYH]
DSOLFDGDHIHFWR
UHIUHVFDQWH

3. 2/'5($0 (PXOVLyQZRDQLyQLFD 0DRUHVWDELOLGDGPHQRV
9$6(/,1$'2 3RUVXDOWRFRQWHQLGRHQ HQUDQFLDEOHTXHHOROG
9DVHOLQDOtTXLGDJ YDVHOLQDHOHIHFWRRFOXVLYR FUHDPDQWHULRU
HUDEODQFDJ HVPDRUPiVSHUVLVWHQWH 0LVPDVLQFRPSDWLELOLGDGHV
$OFRKROFHWtOLFRJ TXHHOGDGRSRUHOROG
%RUDWRVyGLFRJ FUHDPDQWHULRU
$JXDGHURVDVJ
(VHQFLDGHURVDVFV
2/'5($0 (PXOVLyQZRQRLyQLFD /DVXVWLWXFLyQGHOEyUD[SRU
12,Ï1,2 UHPDGHDOWDFRQVLVWHQFLD HOHPXOJHQWHQRLyQLFR
(VSHUPDGHEDOOHQDJ SHURIiFLOPHQWHH[WHQVLEOH 6SDQ

4. WLHQHODV
HUDEODQFDJ FRQJUDQRFOXVLYLGDG VLJXLHQWHVYHQWDMDVUHVSHFWR
$FHLWHGHDOPHQGUDVJ EXHQDDSDULHQFLDFRVPpWLFD DORVFROGFUHDPDQWHULRUHV
$JXDGHURVDVJ 0DRUHVWDELOLGDG
6SDQJ RPSDWLELOLGDGIUHQWHD
(VHQFLDGHURVDV,,JRW VXVWDQFLDVFDWLyQLFDV
/DLQWURGXFFLyQGHO6SDQ HOHFWUROLWRV
KDFHTXHVHUHEDMHQ 0DRUWROHUDQFLD
SURSRUFLRQDOPHQWHODV $OLJXDOTXHHOFROGFUHDP
FDQWLGDGHVGHORVFXHUSRV )(

5. HVIiFLOPHQWH
JUDVRVUHVSHFWRHOFROG HQUDQFLDEOHSRUHODOWR
FUHDP)(

6. PDQWHQLpQGRVH FRQWHQLGRHQDFHLWHGH
ODSURSRUFLyQGHODJXDGH DOPHQGUDVGXOFHV
URVDV

7. (08/6,Ï1%$6( $5$7(5Ë67,$6 20(17$5,26
*$/e1,$6'(5 326,%/(6,120
02260e7,$6 3$7,%,/,'$'(6
/,1,0(172 (PXOVLyQZRDQLyQLFD 0LVPDVLQFRPSDWLELOLGDGHV
2/(2$/È5(2 (PXOVLyQIOXLGDFRQ TXHHOFROGFUHDP
$FHLWHGHOLQD]DJ PRGHUDGDRFOXVLYLGDGFRQ $OVHUXQDHPXOVLyQ
$JXDGHFDOJ FLHUWDDFFLyQDVWULQJHQWH EDVWDQWHLQHVWDEOHWLHQGHQD
9HUWDPELpQOLQLPHQWR GHELGDDODJXDGHFDODOJR VHSDUDUVHODVIDVHV

8. ROHRFDOFiUHRGHDFHLWHGH VHFDQWHGHELGRDODFHLWHGH FRQYLHQHURWXODUHQHO
DOPHQGUDVGXOFHVIyUPXOD OLQD]D HWLTXHWDGR³$JLWDUDQWHVGH
Qž

9. /DHPXOVLyQVHSURGXFHDO XVDU´/DHVWDELOLGDGSXHGH
UHDFFLRQDUHOiFLGRROHLFR DXPHQWDUVHDxDGLHQGRXQ
GHODFHLWHGHOLQD]DFRQHO GH6SDQ
KLGUy[LGRFiOFLFRGHODJXD
GHFDOIyUPDQGRVH³LQ
VLWX´ROHDWRFiOFLFR
9DVHOLQDILODQWHJ (PXOVLyQZRQRLyQLFD
0LULVWDWRGHLVRSURSLORJ UHPDGHFRQVLVWHQFLD
6SDQJ PHGLDILQDWH[WXUD
3URSLOHQJOLFROJ VHPLRFOXVLYDFRQEXHQD
$JXDGHVWLODGDFVSJ DSDULHQFLDFRVPpWLFD
5(0$(7Ë/,$ (PXOVLyQZRQRLyQLFD
$JXDGHVWLODGDJ UHPDPXHPROLHQWH
3RPDGDEDVHFHWtOLFDJ RFOXVLYD
YHUSRPDGDV

10. /DQROLQDDQKLGUDJ (PXOVLyQZRQRLyQLFD %XHQDEDVHSDUDLQFRUSRUDU
9DVHOLQDOtTXLGDJ UHPDGHDOWDFRQVLVWHQFLD SULQFLSLRVDFWLYRV
(VSHUPDGHEDOOHQDJ PXRFOXVLYD SXOYHUXOHQWRV
*OLFHULQDJ
6SDQJ
7ZHHQJ
$JXDGHVWLODGDFVSJ
/$12/,1$ (PXOVLyQZRQRLyQLFD
/DDGLFLyQGHXQDFHLWH
+,'5$7$'$ UHPDHPROLHQWHGHEXHQD
YHJHWDODODXPHQWDHO
/DQROLQDDQKLGUDJ DEVRUFLyQSHUREDVWDQWH FDUiFWHUHPROLHQWHOD
$JXDGHVWLODGDJ SHJDMRVD KDFHQPHQRVSHJDMRVDYHU
FUHPDZRFRQODQROLQD
SiJLQDQž
5(0$%$6(35:2 (PXOVLyQZRQRLyQLFD %XHQDHVWDELOLGDG
%DVH35ZR UHPDFRQVLVWHQWHEDVWDQWH /DDGLFLyQGHODJXDGHEHGH
$JXDGHVWLODGDFVSJ DGKHUHQWHRFOXVLYD KDFHUVHHQPXSHTXHxDV
RPSRVLFLyQGHODEDVH KLSRDOpUJLFDFRQEXHQD SRUFLRQHVVREUHODEDVH
DFHLWHPLQHUDODOFRKROHVGH DSDULHQFLDFRVPpWLFD FDOHQWDGDDXQRVž HQ
ODQROLQDROHDWRGHJOLFHULOR XQPRUWHUR
R]RTXHULWDYDVHOLQD

11. ,125325$,Ï1
'(
35,1,3,26
$7,926
$(,7(69(*(7$/(6
6ROXFLRQHV
2OHRVDV'LVROYHUGLUHFWDPHQWH
3RPDGDV$xDGLUVREUHODSRPDGDSUHYLDPHQWHHODERUDGD
(PXOVLRQHV$xDGLUVREUHODHPXOVLyQSUHYLDPHQWHHODERUDGD
*HOHV$xDGLUVREUHHOJHOSUHYLDPHQWHHODERUDGR(OJHOREWHQLGRHVWXUELR
GHELGRDODIDOWDGHVROXELOLGDGGHODFHLWHHQHODJXD'HEHGHWHQHUOD
VXILFLHQWHYLVFRVLGDGSDUDHYLWDUTXHVHGLPHQWHHODFHLWH8QJHOTXH
SHUPLWHODLQFOXVLyQGHDFHLWHVHVHOGHDUERSRO
KDPS~V $xDGLU VREUH HO WHQVLRDFWLYR DQLyQLFR HODERUDU HO FKDPS~ (O
FKDPS~ REWHQLGR WLHQH HO DVSHFWR GH XQD HPXOVLyQ IOXLGD GHEH GH VHU
DJLWDGR DQWHVGHXVDU
*HOHVGHEDxR$xDGLUVREUHHOWHQVLRDFWLYRDQLyQLFRHODERUDUHOJHO(OJHO
REWHQLGRWLHQHHODVSHFWRGHXQDHPXOVLyQIOXLGDGHEHGHVHUDJLWDGR
DQWHVGHXVDU
1$(7,/,67(Ë1$
6ROXFLRQHV
$FXRVDV'LVROYHUGLUHFWDPHQWH
+LGURDOFRKyOLFDV'LVROYHUGLUHFWDPHQWH
KDPS~V'LVROYHUHQHODJXDHODERUDUHOFKDPS~
$,'2$6Ï5%,2
9LWDPLQD

12. 6ROXFLRQHV
$FXRVDV'LVROYHUGLUHFWDPHQWH
+LGURDOFRKyOLFDV'LVROYHUHQHODJXDDxDGLUHODOFRKRO
+LGURSURSLOHQDOFRKyOLFDV'LVROYHUHQHODJXDDxDGLUODVROXFLyQ
SURSLOHQDOFRKyOLFD
3URSLOHQJOLFyOLFDV6ROXELOL]DUHQODFDQWLGDGQHFHVDULDGHDJXDDxDGLU
VREUHHOSURSLOHQJOLFRO

13. (PXOVLRQHV 'LVROYHU HQ OD FDQWLGDG QHFHVDULD GH DJXD DxDGLU VREUH OD
HPXOVLyQ
SUHYLDPHQWHHODERUDGD
$,'2$=(/$,2
(PXOVLRQHV'LVROYHUHQODIDVHDFXRVDFDOHQWDGDDžHODERUDUOD
HPXOVLyQ /D HPXOVLyQ IRUPXODGD GHEH GH VHU HVWDEOH D S+ iFLGR
UHVLVWLU ODHPXOVLILFDFLyQDžYHUIyUPXODQž

14. *HOHV'LVROYHUHQHODJXDFDOHQWDGDDžJHOLILFDU(ODJHQWHJHOLILFDQWH
GHEHGHVHUHVWDEOHDS+iFLGRDODWHPSHUDWXUDLQGLFDGDHMHPSOR
FDUER[LPHWLOFHOXORVDVyGLFDYHUIyUPXODQž

15. /RVJHOHVGH
QHXWUDOL]DFLyQVRQLQFRPSDWLEOHVJHOGHDUERSROJHO 1DWXUILWRO

16. KDPS~V'LVROYHUHQHODJXDFDOHQWDGDDžHODERUDUHOFKDPS~/RV
JHOHVGHWHUJHQWHVVLJXHQHOPLVPRSURFHGLPLHQWR
$,'2%Ï5,2
6ROXFLRQHV
$FXRVDV'LVROYHUGLUHFWDPHQWH³DJXDVERULFDGDV´

17. $OFRKyOLFDV'LVROYHUGLUHFWDPHQWH³DOFRKROHVERULFDGRV´

18. +LGURDOFRKyOLFDV'LVROYHUHQHODJXDDxDGLUHODOFRKRO
*OLFHULQDGDV'LVROYHUGLUHFWDPHQWH³JOLFHULQDVERULFDGDV´

19. 3RPDGDV5HGXFLUDSROYRILQRDxDGLUODSRPDGDHODERUDGDSUHYLDPHQWH
(MHPSORYDVHOLQDERULFDGDiFLGREyULFRDOHQYDVHOLQDILODQWH

20. 3ROYRV5HGXFLUDSROYRILQRPH]FODUFRQHOH[FLSLHQWHSXOYHUXOHQWR
$,'2*/,Ï/,2
6ROXFLRQHV
$FXRVDV'LVROYHUGLUHFWDPHQWH(VDFRQVHMDEOHWDPSRQDUODVROXFLRQHVD
S+

21. (QGLFKRUDQJRHOJOLFyOLFRVLJXHWHQLHQGRDFFLyQHV
PHQRVLUULWDQWH3XHGHQFRQWHQHUDOJ~QSROLROSURSLOHQJOLFRO
SROLHWLOHQJOLFROHWF

22. (PXOVLRQHV$xDGLUVREUHODHPXOVLyQSUHYLDPHQWHHODERUDGDRPRHQHOFDVR
DQWHULRUHVDFRQVHMDEOHWDPSRQDU/DVHPXOVLRQHVWLHQHQTXHVHUHVWDEOHV
DS+iFLGRVYHUIyUPXODQž

23. *HOHV'LVROYHUHQHODJXDJHOLILFDU/RVJHOHVIRUPXODGRVWLHQHQTXHVHU
HVWDEOHVDS+iFLGRV(MHPSORJHO-DJXDU+3YHUIyUPXODQž

24. $O
LJXDOTXHHQODVVROXFLRQHVVXVSHQVLRQHVHVDFRQVHMDEOHWDPSRQDUHO
JOLFyOLFR

25. )2508/$5,2
0$*,675$/
'(50$72/Ï*,2
352%/(0$662/8,21(6
)Ï508/$1ž
'S
0LQR[LGLOJ
(PXOVLyQRZFVSJ
352%/(0$ 62/8,Ï1
,QFRUSRUDFLyQGHOPLQR[LGLO 'HEH GH LQFRUSRUDUVH VROXELOL]DGR HQ OD
HPXOVLyQ IRUPXODGD D TXH XQD
LQFRUSRUDFLyQ GLUHFWD HQ IRUPD GH SROYR
GHMDUtDPXFKRTXHGHVHDUSRUGRVUD]RQHV
$OVHUHOPLQR[LGLOXQSURGXFWRFULVWDOLQR
HO SXOYHUL]DGR REWHQLGR VHUtD EDVWDQWH
³JURVHUR´VHSDOSDUtDQORVFULVWDOLWRVDOVHU
DSOLFDGDODHPXOVLyQ

26. $SHQDV H[LVWLUtD DFFLyQ WHUDSH~WLFD
GHELGRDODPtQLPDDEVRUFLyQDWUDYpVGHOD
SLHOSRUSDUWHGHOPLQR[LGLO
(O PLQR[LGLO SXHGH VROXELOL]DUVH HQ OD
HPXOVLyQ HPSOHDQGR HO VLVWHPD
VROXELOL]DQWHIRUPDGRSRUGHDOFRKRO
DEVROXWRGHSURSLOHQJOLFRO
)RUPXODFLyQGHODHPXOVLyQRZ 6REUH WRGR GHEH GH VHU HVWDEOH D OD DOWD
SURSRUFLyQ GH DOFRKRO DEVROXWR
LQWURGXFLGR (V FRQYHQLHQWH HPSOHDU XQD
HPXOVLyQ DQLyQLFD SRU VHU IiFLOPHQWH
UHWLUDEOH FRQ DJXD DO VHU DSOLFDGD VREUH HO
FXHUR FDEHOOXGR 6H SXHGH XWLOL]DU FRPR
EDVHGHODHPXOVLyQODFHUD/DQHWWH6;

27. 'HVDUUROORGHODIyUPXOD
HUD/DQHWWH6;J
0LQR[LGLO J
$OFRKRODEVROXWRJ
3URSLOHQJOLFROJ
$JXDGHVWLODGDFVS J
DOHQWDUDEPODVROXFLyQIRUPDGDHQWUHHODOFRKROHOSURSLOHQJOLFRODž
GLVROYHUHOPLQR[LGLO3RURWURODGRIXQGLUDEPODFHUD/DQHWWH6;DžDOHQWDUDOD
PLVPDWHPSHUDWXUDHODJXD6DFDUDPEDVIDVHVGHOEPDxDGLUODIDVHDFXRVDVREUHOD
JUDVD HQ SHTXHxDV SRUFLRQHV H LQPHGLDWDPHQWH DJUHJDU OD VROXFLyQ GH PLQR[LGLO
DQWHULRU DJLWDQGR HO FRQMXQWR KDVWD HQIULDPLHQWR 5HVXOWD XQD HPXOVLyQ IOXLGD OD
IOXLGH]HVGHELGDDODDOWDFDQWLGDGGHDOFRKROLQWURGXFLGR

28. (QYDVDUHQWXERGHSOiVWLFR
RGHDOXPLQLRHVPDOWDGR
(PXOVLyQRZLQGLFDGDHQHOWUDWDPLHQWRGHODDORSHFLDDQGURJpQLFD
(Q DOJXQDV RFDVLRQHV HO PpGLFR SXHGH SUHVFULELU OD FUHPD GH PLQR[LGLO VLQ
DOFRKRO (Q HVWH FDVR HO PLQR[LGLO VH GLVROYHUtD HQ XQ GH SURSLOHQJOLFRO /D
IyUPXODWHQGUtDHOVLJXLHQWHGHVDUUROOR
HUD/DQHWWH6;J
0LQR[LGLOJ
3URSLOHQJOLFROJ
$JXDGHVWLODGDFVSJ
/DHODERUDFLyQGHODIyUPXODHVVLPLODUDODDQWHULRU$OQRFRQWHQHUDOFRKROOD
HPXOVLyQUHVXOWDQWHHVPiVFRQVLVWHQWHUHTXLHUHXQFRQVHUYDQWH¶GH3KHQRQLS

29. )Ï508/$1ž
'S
8UHDJ
/DQROLQDJ
$JXDGHVWLODGDJ
9DVHOLQDILODQWHFVSJ
352%/(0$ 62/8,Ï1
3DUWHGHODJXDSUHVFULWDQRHVDEVRUELGDSRU (PSOHDU J GH ODQROLQD HQ OXJDU GH OD
ODSRPDGD FDQWLGDG SUHVFULWD 1R ROYLGDU TXH OD
ODQROLQD DEVRUEH HO GREOH GH VX SHVR HQ
DJXD HQ SUHVHQFLD GH
YDVHOLQD7HyULFDPHQWHVHWHQGUtDTXHKDEHU
XWLOL]DGR ¶ J SHUR FRQYLHQH VLHPSUH
DxDGLUXQH[FHVRHQWRWDOJ

30. SDUDHYLWDU
UH]XPDPLHQWRVGHDJXDSRUVDWXUDFLyQ

31. 'HVDUUROORGHODIyUPXOD
8UHDJ
/DQROLQDDQKLGUDJ
$JXDGHVWLODGDJ
9DVHOLQDILODQWHFVSJ
(Q XQ PRUWHUR PH]FODU OD ODQROLQD OD YDVHOLQD FDOHQWDGDV SUHYLDPHQWH D EP
ž

32. EDWLUKDVWDORJUDUXQDSRPDGDKRPRJpQHD3RURWURODGRFDOHQWDUHODJXDD
ž GLVROYHU OD XUHD 8QD YH] IUtD DxDGLU OD VROXFLyQ REWHQLGD HQ SHTXHxDV
SRUFLRQHV VREUH OD SRPDGD REWHQLGD DQWHULRUPHQWH EDWLHQGR KDVWD OD WRWDO DEVRUFLyQ
(QYDVDU HQ WXER GH DOXPLQLR 3RPDGD WDPELpQ VH OD SXHGH OODPDU HPXOVLyQ ZR

33. LQGLFDGD HQ HO WUDWDPLHQWR GH OD LFWLRVLV RWURV WUDQVWRUQRV FRQ H[FHVLYD SUROLIHUDFLyQ
FyUQHDKLSHUTXHUDWyVLFRV