/DSULPHUDHGLFLyQRILFLDOGH

A Song of Ice and Fief

5HVXPHQGHO-XHJR

ContenLGR
5HVXPHQGHO-XHJR
%LHQYHQLGRVDASongofIceandFief,
7RGDVODVSREODFLRQHVQRGRVHQHOWDEOHURVRQGHVLJQDGRV
(VWR HVXQD UHDPELHQWDFLyQ GHO MXHJRGH PHVD )LHI
GH3KLOLSSH0RXFKHEHXIHVSXUDPHQWHXQSURMHFWRGHIDQVVLQ FRPR&LXGDGHVHQDUDVGHODFODULGDGHQHVWDVUHJODV
iQLPR GH OXFUR WRGRV ORV GHUHFKRV GH )LHI  HO MXHJR GH
PHVD \ GH OD IUDQTXLFLD &DQFLyQ GH +LHOR \ )XHJR VRQ
/D FURQRORJtD GHO MXHJR VH VLW~D DSUR[LPDGDPHQWH D OD
SURSLHGDG LQWHOHFWXDO GH VXV SURSLHWDULRV \ VRQ XWLOL]DGRV DTXt PLWDG GHO SULPHU OLEUR -XHJR GH 7URQRV FRUUHVSRQGLHQGR D
VLQOLFHQFLD
ORVSULPHURVHSLVRGLRVGHODSULPHUDWHPSRUDGDGHODVHULHGH
 /DPD\RUtDGHODVLPiJHQHVGHSHUVRQDMHVVRQSURSLHGDGGH +%2 VLQ HPEDUJR OD OtQHD WHPSRUDO QR VLHPSUH KD VLGR
5RPDQ 3DSVXHY $PRN \ VH XVDQ DTXt FRQ VX DXWRUL]DFLyQ UHVSHWDGD SDUD SRGHU LQFOXLU D ORV 7DUJDU\HQ \ DOJXQRV RWURV
SHUVRQDMHV1RWHQJDVHQFXHQWDFXDOTXLHUUHVWULFFLyQGHOFDQRQ
DOJXQDVRWUDVLPiJHQHVGHFDUWDVKDQVLGRXVDGDVVLQOLFHQFLDGH
DO PDWULPRQLR WDO FRPR HO HVWDU \D FDVDGR WRGRV ORV 1REOHV
VXVDXWRUHVDOQRSRGHUVHUORFDOL]DGRV
SXHGHQFDVDUVHDPHQRVTXHVHGLJDORFRQWUDULRHQODFDUWDGHO
(O SURQRPEUH PDVFXOLQR pO HV XVDGR QRUPDOPHQWH QREOH
(Q&DQFLyQGH+LHOR\)HXGRFDGDMXJDGRUUHSUHVHQWDXQD
FXDQGR VH UHILHUH D XQ 1REOH R XQ MXJDGRU (VWR QR GHEH VHU
HQWHQGLGR FRPR TXH HVWH MXHJR R HVWD UHDPELHQWDFLyQ VHD *UDQ &DVD GH 3RQLHQWH 8QD &DVD VH FRPSRQH GH QREOHV
LQGLYLGXDOHVGLYLGLGRVHQ/RUGV\/DGLHV6HxRUHV\'DPDVHQ
FRQFHELGDVRORSDUDMXJDGRUHVPDVFXOLQRV
FDVWHOODQRSHURSRUIDFLOLGDGVHGHMDUiHO7tWXORHQVXDFHSFLyQ
(O SULQFLSLR GH GLVHxR GH HVWD UHDPELHQWDFLyQ HV HO LQJOHVDTXHDVSLUDQDFRQVHJXLU7tWXORVSDUDJREHUQDUGRPLQDU
FDPELDU HO PtQLPR LPSUHVFLQGLEOH GH UHJODV QHFHVDULDV SDUD ORV6LHWH5HLQRV
DGDSWDU HO WHPD 6H KD HPSOHDGR OD YHUVLyQ IUDQFHVD GH ODV
1RWD /RV QREOHV KDQ VLGR FXLGDGRVDPHQWH HOHJLGRV SDUD
UHJODV FRPR SXQWR GH SDUWLGD (VWRV FDPELRV GH UHJODV
HQFDMDUHQHOFDQRQODPD\RUtDGHHOORVVRQOtGHUHVGHXQD&DVD
UHSUHVHQWDQ XQD SHTXHxD SDUWH GH ODV PHFiQLFDV WRWDOHV \ OD
R KHUHGHURVGHODPLVPD\QRUPDOPHQWHHVWiQUHODFLRQDGRVFRQ
PD\RUtDVHHQFXHQWUDQHQODVH[SDQVLRQHVRSFLRQDOHVGHOMXHJR
ODV ORFDOL]DFLRQHV TXH DSDUHFHQ HQ HO WDEOHUR /RV QREOHV
/RV SULQFLSDOHV FDPELRV HQ HO MXHJR EiVLFR VRQ XQ SHTXHxR
7DUJDU\HQHQFDMDQHQHOFDQRQ\ODPD\RUtDKDQVLGRHVFRJLGRV
FDPELR HQ OD HVWUXFWXUD GHO WDEOHUR  )HXGR \  RELVSDGR
GH HQWUH QREOHV OHDOHV TXH IXHURQ ELHQ H[LOLDGRV R
FDPELDQ ODV IURQWHUDV SDUD GHVSOD]DU OD SHUWHQHQFLD ILGHOLGDG
SHUPDQHFLHURQ HQ 3RQLHQWH VLQ OODPDU OD DWHQFLyQ (VWRV
GH&LXGDG\VHDxDGHFDPLQRH[WUDODFRQH[LyQGHFDPLQRV
HQFDMDQPXFKRPHMRUWHPiWLFDPHQWHSDUDHOMXHJRTXHODFRUWH
HQXQVHJXQGRRELVSDGRWDPELpQFDPELDDGHPiVODH[SDQVLyQ
DFWXDOGH'DHQHU\VHQHOFDQRQ\DTXHXQRVHVFODYRVOLEHUDGRV
3ROtWLFD VH KD LQWHJUDGR FRPSOHWDPHQWH HQ HO MXHJR EDVH SDUD
\ -LQHWHV 'RWKUDNL GLItFLOPHQWH SRGUtDQ FRQWUDHU PDWULPRQLR
SURSRUFLRQDUPD\RUULTXH]DDOWUDVIRQGROD([SDQVLyQ7iFWLFD
FRQFXDOTXLHUQREOHGH3RQLHQWH
WDPELpQKDVLGRLQWHJUDGDGHQWURGHODVUHJODVEiVLFDVSHURQR
/RV7tWXORVQRVyORFRQFHGHQULTXH]D\SRGHUDOD&DVDGHO
HV LPSUHVFLQGLEOH SDUD MXJDU VL QR GHVHDV XVDUOD VLPSOHPHQWH
RPLWH ODV UHJODV GHVLJQDGDV FRPR 7( FDGD &DVD KD VLGR MXJDGRUWDPELpQORVPHGLRVSDUDSRGHULQIOXLUHQTXHQREOHV
FXLGDGRVDPHQWH HTXLOLEUDGD SDUD WHQHU DPERV DWULEXWRV GH VH FRQYHUWLUiQ HQ HO VLJXLHQWH 5H\ R 0DQR GHO 5H\
QREOHV EXHQRV \ PDORV FRPSHQVDGRV FRQ ORV FRQVHMHURV
(O PDSD GHO MXHJR FRQWLHQH DOGHDV GHVLJQDGDV SRU
DKRUDKDELOLGDGHVGH&DVD
FXDGUDGRV/RVSXHEORVHVWiQFRQHFWDGRVHQWUHVtSRUFDPLQRV
/DV H[SDQVLRQHV GH /DV &UX]DGDV \ /RV 7HPSODULRV KDQ TXHSHUPLWHQHOPRYLPLHQWR
VLGRUHWHPDWL]DGDV\SDUFLDOPHQWHUHGLVHxDGDVHLQWHJUDGDVHQ
$OJXQRV 7tWXORV FRQFHGHQ XQ SXQWR GH YLFWRULD
XQDVRODH[SDQVLyQRSFLRQDOOODPDGD([SDQVLyQ/D*XDUGLDGH
39
  8Q MXJDGRU JDQD OD SDUWLGD VL WLHQH 
OD1RFKH*1
3YV DO ILQDO GH XQD URQGD
(Q OD PD\RUtD GH ORV SXQWRV KD WHQLGR SUHFHGHQFLD HO

FHxLUVH D ODV PHFiQLFDV RULJLQDOHV VREUH XQ PHMRU DMXVWH GH OD     (V GLItFLO JDQDU HQ VROLWDULR DVt TXH GRV MXJDGRUHV D YHFHV
SXHGHQIRUPDUXQDDOLDQ]DPHGLDQWHXQPDWULPRQLRSDUDJDQDU
WHPiWLFD 3ULQFLSDOPHQWH OD UHODFLyQ HQWUH HO UH\ \ HO &RQVHMR
3ULYDGR&RQVHMR PHQRU HO FXDO QR HV GHVLJQDGR SRU HO UH\ \ FRPRHTXLSR8QHTXLSRGHGRVMXJDGRUHVQHFHVLWD
SXHGHQ LQFOXVR OOHJDU D FRPEDWLU HQWUH HOORV 6ROLFLWDPRV 3YV SDUD JDQDU OD SDUWLGD  9SV VL XWLOL]DV OD H[SDQVLyQ
*XDUGLDGHOD1RFKH(*1
DPDEOHPHQWHSDVDUSRUDOWRHVWRVDMXVWHV
/RVMXJDGRUHVSXHGHQUREDUXQDQXHYDFDUWDGH(YHQWRHQ
3DUD IDFLOLWDU OD OHFWXUD GH ODV UHJODV SDUD MXJDGRUHV
OD&RUWHFDGDURQGDTXHOHVSHUPLWDMXJDUXQQXHYRQREOHHQHO
H[SHULPHQWDGRV GH )LHI KHPRV VXEUD\DGR HQ URMR RVFXUR
WDEOHURGH&DVDRSURSRQHUDXQ*XDUGLiQDO&RQVHMR3ULYDGR
DTXHOODV SDUWHV GHO PDQXDO TXH UHIOHMDQ XQ FDPELR HQ OD
7DPELpQ SXHGHQ UREDU GHO PD]R GH )RUWXQD HO FXDO FRQWLHQH
PHFiQLFDRULJLQDODGHPiVVHKDDxDGLGRXQVXPDULRDOILQDOGH
FDUWDV FRQ UHFRPSHQVDV ~WLOHV DGHPiV GH FDUWDV FRQ QHIDVWRV
WRGDVDTXHOODVUHJODVQXHYDVRTXHFDPELDQ
'HVDVWUHV TXH SXHGHQ FDXVDU SODJDV KDPEUXQDV R OOXYLDV
1RWD 3UHDVLJQDU DWULEXWRV TXH HQ HO MXHJR RULJLQDO HVWiQ WRUUHQFLDOHV7DPELpQFRQWLHQHRWUDVFDUWDVTXHSXHGHQFDXVDU
UHSDUWLGRVDOD]DUQRVHFRQVLGHUDXQFDPELRHQODVPHFiQLFDV OHYDQWDPLHQWRV DVHVLQDWRV \ RWURV HYHQWRV GHVDJUDGDEOHV

5HVXPHQGHOMXHJR
/RVMXJDGRUHVUHFLEHQLQJUHVRVSRUODV&LXGDGHV\0ROLQRVTXH
FRQWUROHQ$OJXQRV7tWXORVWDPELpQSHUPLWHQUHFDXGDUWULEXWRV
DGLFLRQDOHV (VRV LQJUHVRV SXHGHQ VHU XWLOL]DGRV SDUD DGTXLULU
WURSDV DGLFLRQDOHV 0ROLQRV 6HSWRV )RUWDOH]DV WRUUHV GH
PDHVWUH DVt FRPR 7tWXORV GH )HXGR /RV LQJUHVRV WDPELpQ
SXHGHQ VHU HPSOHDGRV SDUD VRERUQDU R D\XGDU D RWURV
MXJDGRUHV
([SDQGLUORVWHUULWRULRVGHXQD&DVDWUDHUiPiVLQIOXHQFLDH
LQJUHVRVDVtFRPRODFRQFHVLyQGH7tWXORVDORV0LHPEURVGHOD
&DVD FRPR /RUG/DG\ 3DUDPRXQW *XDUGLiQ GH XQD UHJLyQ
0LHPEURGHO&RQVHMR3ULYDGR0DQRGHO5H\RLQFOXVR5H\
VHxDOHV GHO YHUGDGHUR SRGHU \ TXL]iV GHO SULQFLSLR GH XQD
GLQDVWtDTXHGXUDUiPLODxRV

ExpansionHs
+D\GRVH[SDQVLRQHVFUHDGDVSDUDHVWDUHDPELHQWDFLyQODVGRV
H[SDQVLRQHVVRQFRPSOHPHQWDULDVSHVHDWRGRODH[SDQVLyQ(O
0XUR(H0PRGLILFDDOJXQDGHODVUHJODVGHODH[SDQVLyQGHOD
*XDUGLDGHOD1RFKH(*1

/D([SDQVLyQ*XDUGLDGHOD1RFKH(*1KDFHpQIDVLV

HQ OD *XDUGLD GH OD 1RFKH \ HV DSUR[LPDGDPHQWH
HTXLYDOHQWH DXQTXH VLPSOLILFDGR D OD H[SDQVLyQ /RV
7HPSODULRV5HFRPHQGDPRVQRMXJDUFRQ(*1HQWX
SULPHUD SDUWLGD GH &DQFLyQ GH +LHOR \ )HXGRV
HVSHFLDOPHQWH VL QR WLHQHV H[SHULHQFLD MXJDQGR D OD
YHUVLyQ EDVH GHO MXHJR (VWD H[SDQVLyQ GHEH MXJDUVH DO
PHQRVFRQFLQFRMXJDGRUHV,QFOX\HUHJODVSDUDEDWDOODV
VLPSOLILFDGDV HQ HO 0XUR GLVHxDGDV SDUD TXH OD
H[SDQVLyQ DxDGD PX\ SRFR WLHPSR DGLFLRQDO DO MXHJR

/D H[SDQVLyQ (O 0XUR:D( HVWi SHQVDGD SDUD

MXJDGRUHV TXH TXLHUDQ XQD H[SHULHQFLD PiV FRPSOHWD \
TXH QR OHV LPSRUWH LQFUHPHQWDU OD GXUDFLyQ GH OD
SDUWLGD(VWiLQVSLUDGDHQODH[SDQVLyQ&UX]DGDV(VWD
H[SDQVLyQ WLHQH XQ QXHYR WDEOHUR TXH FXEUH OD VHFFLyQ
GHO 0XUR GHO WDEOHUR SULQFLSDO \ WLHQH XQ FRQMXQWR GH
UHJODVSDUDODVXQLGDGHVGHOD*XDUGLDGHOD1RFKH\ODV
EDWDOODV GHO 0XUR TXH VXVWLWX\HQ D ODV UHJODV GH OD
H[SDQVLyQ (*1 /DV UHJODV GH HVWD H[SDQVLRQ QR VH
LQFOX\HQHQHODFWXDOOLEURGHUHJODV

(VFHQDULR /D JXHUUD GHO 8VXUSDGRU (VWH HV XQ

HVFHQDULRTXHVHDPELHQWDHQODJXHUUDTXHOLEUR5REHU
%DUDWKHRQ FRQWUD HO UH\ ORFR \ WUDQVFXUUH DQWHV GHO
FRPLHQ]RGHODVQRYHODV\GHODVHULH/RVFRPSRQHQWHV
SDUDGLFKRHVFHQDULRHVWDQLQFOXLGRVHQORVDUFKLYRVSDUD
GHVFDJDUSHURODVUHJODVGHHVWHHVFHQDULRQRVHLQFOX\HQ
HQHODFWXDOOLEURGHUHJODV

<DKRUDFRPHQ]DPRVQXHVWUDFDQFLyQ

Inicio

&RQWHQLGRVGHO-XHJR
3DUDMXJDUDHVWHMXHJRQHFHVLWDVXQDFRSLDGH)LHI\D
TXHVHUHTXLHUHODPD\RUtDGHVXVFRPSRQHQWHV7DPELpQYDVD
QHFHVLWDU LPSULPLU HO WDEOHUR ORV WDEOHURV GH MXJDGRUHV GH
&DVD\ODVFDUWDVTXHVHXWLOL]DQDTXt2SFLRQDOPHQWHGHEHUtDV
LPSULPLU WDPELpQ ORV PDUFDGRUHV GLVHxDGRV SDUD TXH JXDUGHQ
PiVFRQVLVWHQFLDFRQHOWHPDGHOWDEOHUR6LQHPEDUJRHVWRVQR
VRQQHFHVDULRVSDUDHOMXHJR\SXHGHVXVDUODVILFKDVRULJLQDOHV
HQFDGDFDVR

CarWDs(116)
&DUWDVGH(YHQWRHQOD&RUWHUHLPSOHPHQWDFLyQ
UHLQWHUSUHWDFLyQGHOPD]RGH/RUGV
&DUWDVGH1REOHVXQDUHLPSOHPHQWDFLyQUHLQWHUSUH
WDFLyQGHORVDWULEXWRVGHORVQREOHV&DVDV[1REOHV

&DUWDVGH1REOHV+HUHGHURV
FRSLDVGHGHVDVWUHVSDUDVHUXVDGDVFRQHOWUDFN
GHHVWDFLRQHV
&DUWDGHSXMDDO&RQVHMR3ULYDGR
&DUWDVGH1REOHGHODYDULDQWHOD5HEHOLyQGH5REHUW

0DUFDGRUHV

UHFOXWDVGHOD*XDUGLDGHOD1RFKH5HLPSOHPHQWDFLyQ
GHOD*XDUGLD5HDO

5H\
5HLQD
0DQRGHO5H\
/RUG&RPDQGDQWHGHOD*XDUGLDGHOD1RFKH
&RQVHMHURVGH;;;
WtWXORVGH+HUPDQRGHOD*XDUGLDGHOD1RFKH
WtWXORVGH*XDUGLiQ
3URWHFWRUGHOUHLQR
0DGUHGH'UDJRQHV
PDUFDGRUHVGH/RUG)HXGDO
PDUFDGRUHVGH&DVDSDUDHOWUDFNGHSXQWRVGHYLFWRULD
0DUFDGRUHVGH3URVFULWR
ILFKDGHDYDQFHGHHVWDFLRQHV
PDUFDGRUHVGHPDOGLWRSRUORV'LRVHV
PDUFDGRUHVGH)RUWDOH]DFDtGD
PDUFDGRUGHOWUDFNGHIXHU]DGHOD*XDUGLDGHOD1RFKH

7DEOHURV

DYDWDUHVGH1REOH
ILFKDVGH,QPDFXODGRV
)LFKDVGH&DSDV%ODQFDV5HLPSOHPHQWDFLyQGHOD

WDEOHURVGH&DVD
KRMDVGHD\XGD
WDEOHURSULQFLSDO

*XDUGLD5HDO

3UHSDUDFLyQ
6LW~DHOWDEOHURGHMXHJRHQHOFHQWURGHODPHVD(OPDSD
UHSUHVHQWD 3RQLHQWH /DV &LXGDGHV HVWiQ FRQHFWDGDV SRU
FDPLQRV TXH SHUPLWHQ HO GHVSOD]DPLHQWR GH QREOHV \ WURSDV
1RKD\GLVWLQFLRQHVVDOYRHVWpWLFDVHQWUHFDPLQRVWHUUHVWUHV
\ PDUtWLPRV VRQ LGpQWLFRV GHVGH OD SHUVSHFWLYD GH UHJODV \
PHFiQLFDV FRQ OD H[FHSFLyQ GH TXH XQ IUDJPHQWR GH FDPLQR
PDUtWLPRDG\DFHQWHDXQD&LXGDGGHQRWDTXHGLFKD&LXGDGVH
FRQVLGHUD &RVWHUD &DGD &LXGDG HVWi VLWXDGD HQ XQR GH ORV 
)HXGRVGHIRQGRFRORUHDGRHQXQFRORUTXHORLGHQWLILFD&DGD

&LXGDG SHUWHQHFH DGHPiV D XQD GH ODV FLQFR 5HJLRQHV GH ORV
*XDUGLDQHV&DGDUHJLyQGHXQ*XDUGLiQHVWiURGHDGDFRQXQD
OtQHDJUXHVD\HVWiQXPHUDGDGHODODORODUJRGHOERUGHGHO
WDEOHUR(VWHOLEURGHUHJODVPDQXDOWDPELpQVHSXHGHUHIHULUD
XQDUHJLyQGHXQ*XDUGLiQVLPSOHPHQWHFRPRUHJLyQ&DGD
&LXGDG HV SDUWH GH DPERV XQ )HXGR \ XQD UHJLyQ /DV FLQFR
&LXGDGHVFRQORVUHFXDGURVFRQHOQRPEUHPiVJUDQGHVVRQODV
&LXGDGHVSULQFLSDOHVRFDSLWDOHVGHVXVUHVSHFWLYDV5HJLRQHV

3UHSDUDFLyQ

6LHVWiVMXJDQGRFRQ
1. (6$HO):
ODYDULDQWH6H$FHUFDHO,QYLHUQR6$H,
XQWUDFNHQODGHUHFKDGHOWDEOHURLQGLFDODV
HVWDFLRQHV GHO MXHJR 9HUDQR RWRxR
,QYLHUQR 3RQ HO PDUFDGRU GH HVWDFLyQ HQ
9HUDQR GHVSXpV OD SULPHUD YH] TXH HO
PD]R GH IRUWXQD VH UHQXHYH HO PDUFDGRU
GHEHUi PRYHUVH D 2WRxR \ GH 2WRxR D
,QYLHUQR OD VHJXQGD YH] 6H UHFRPLHQGD
XWLOL]DUHVWDYDULDQWHSRUUD]RQHVWHPiWLFDV

2. 6$HO6LHVWDVMXJDQGRFRQ
ODYDULDQWH6HDFHUFDHO,QYLHUQR6$H,
UHWLUD XQD FDUWD GH 3ODJD GHO PD]R GH
IRUWXQD GH IRUPD TXH TXHGH WDQ VyOR 
FDUWD GH SODJD HQ HO PD]R \ FRORFD ODV
FRSLDV GH 'HVDVWUH ERUGH \ WUDVHUD D]XO
HQVXOXJDUHQODSDUWHLQIHULRUGHOWDEOHUR

3. %DUDMDWRGDVODVFDUWDVGH)RUWXQD
GRUVRJULV\GHGRUVRQHJURHQXQ~QLFR
PRQWyQ\FROyFDODVHQHOHVSDFLRGHUREDU
FDUWDV GH )RUWXQD  SDUD HVWR XWLOL]DUiV HO
PD]RRULJLQDOGH)LHI
NotD: usD HO PD]R original GH Fief
1429.

4. %DUDMDHOPD]RGHFDUWDVGH(YHQWR
HQ OD FRUWH GRUVR PDUUyQ \ FROyFDODV HQ
HOHVSDFLRGHUREDUFDUWDVGH(YHQWRHQOD
FRUWH
5. 2UGHQD\FRORFDDODOFDQFHGHOD
PDQR ODV ILFKDV GH )RUWDOH]D&LXGDG
)RUWLILFDGD 6HSWRV 7RUUHV GH PDHVWUH
0ROLQRVDVHVLQDWRPDUFDGRUHVGHFDXWLYR
\3URVFULWR*XDUGLDVUHDOHVGHO5H\\GHOD
5HLQD \ PRQHGDV 'UDJRQHV GH RUR
3XHGHV XWLOL]DU ORV PDUJHQHV GHO WDEOHUR
FRQODVLPDJHQHVGHORVYHQWDQDOHVGHODV
FDVDV VRQ HVSDFLRV OLEUHV SDUD DOPDFHQDU
ILFKDVGHMXHJR

. (*1VLMXHJDVFRQOD([SDQVLyQ/D*XDUGLDGHOD1RFKHFRORFDODVWUHVILFKDVGH)RUWDOH]DGHO0XURHQHOWDEOHURGH
0XURFRQODLPDJHQGHO)RUWDOH]DHQODSDUWHVXSHULRU&RORFDHOPDUFDGRUGH0XURODHQODSRVLFLyQGHOFRQWDGRUGH0XUR

Inicio
. &RORFDODVILFKDVGHJXDUGLDQHQ
VXV HVSDFLRV UHVSHFWLYRV DOUHGHGRU GHO
PDSD

. 'HWHUPLQDDOD]DUHOMXJDGRULQLFLDO
 \ HQWUpJDOH OD FDUWD GH SULPHU MXJDGRU
MXJDGRULQLFLDO
1RWD6LODFDVD7DUJDU\HQHVHVFRJLGD
VX MXJDGRU SDVDUi D VHU SULPHU MXJDGRU
'HVSXpVORVMXJDGRUHVHOLJHQXQD&DVDYHU
HO OLVWDGR GHEDMR \ XQ FRORU \ FRORFDQ
WRGRV
ORV
FRQWDGRUHVILFKDV
\
PDUFDGRUHVILFKDV
DVRFLDGRVSHUWHQH
FLHQWHV D HVH FRORU VREUH VX WDEOHUR GH
&DVD(VWDHVVXUHVHUYDGHODFXDOSRGUiQ
FRJHU
FRQWDGRUHVPDUFDGRUHVILFKDV
GXUDQWHHOMXHJR&DGD&DVDWLHQHVXSURSLD
KDELOLGDGUHLQWHUSUHWDFLyQGHORVDVLVWHQWHV
SHUVRQDOHV (VWRV VRQ ORV FRPSRQHQWHV
TXHUHFLEHFDGDMXJDGRU

ComponentHs
8
13
3
2
2
7RGDV
7RGRV
3
1
2
3

&DEDOOHURV
+RPEUHVGH$UPDV
ArTXHURV(TE)
CDPSHRQHV(TE)
)LFKDVGH$VHGLR
ODVFDUWDVGHVXVQREOHV
ORVDYDWDUHVGHVXVQREOHV
0DUFDGRUHVGH,PSXHVWRV
0DUFDGRUGHPDWULPRQLR
0DUFDGRUHVGHYRWR
0DUFDGRUHVGHGLSORPDFLD

. &DGDMXJDGRUUREDFDUWDVGHOPD]R
GHHYHQWRVGHODFRUWHKDVWDTXHUREDXQD
FDUWDGHQXHYR/RUGRQXHYD'DPDHQOD
FRUWH EDUDMD GH QXHYR HO UHVWR \ WRPD HO
QREOH LQLFLDO FRUUHVSRQGLHQWH GH VX PD]R
GH SHUVRQDMHV GH FDVD $ FRQWLQXDFLyQ
EDUDMD VX PD]R GH SHUVRQDMHV \ OR FRORFD
HQ VX WDEOHUR GH FDVD FXEULHQGR HO
VtPERORGHODFDVDFRQODVFDUWDV
 1RWD7DUJDU\HQDXWRPiWLFDPHQWH
EXVFDXQDFDUWDGHQXHYDGDPD\ODFRORFD
1. $FRQWLQXDFLyQHQHORUGHQGHOWXUQRWRGRVORVMXJDGRUHVHOLJHQXQD&LXGDGLQLFLDOHQHO)HXGRLQGLFDGRHQWUHSDUpQWH
SDUpQWHVLVHQODOLVWDGHDEDMRTXHFRUUHVSRQGDDVX&DVDHOHJLGD(QHVD&LXGDGLQLFLDOFRORFDQFDEDOOHURKRPEUHVGHDUPDV
H[FHSWROD&DVD7DUJD\UHQTXHFRORFDHQVXOXJDUILFKDVGHVDUUDFHQRVRGH,QPDFXODGRVVLKDVLPSUHVRODVILFKDV\FDVWLOOR\
WRPD'UDJRQHVGHRURGHOEDQFR
1. 'HVSXpVFDGDMXJDGRUEXVFDHODYDWDUDVRFLDGRDVXSHUVRQDMHLQLFLDO\ORFRORFDHQVX)RUWDOH]D&DGDQREOHWLHQHDOPH
PHQRVXQDWULEXWR6XVHIHFWRVVRQH[SOLFDGRVHQHVWDVUHJODVHQODV)DVHVUHOHYDQWHV\HVWiQUHVXPLGDVDOILQDOGHODVUHJODV\HQ
ODFDUWDGHOQREOH

,QLFLR

&DVDV'LVSRQLEOHV
   $UU\Q (O 9DOOH YHUGH RVFXUR /DV
LQWULJDV GH 0HxLTXH (O MXJDGRU $UU\Q
UHFLEHXQYRWRDGLFLRQDOGXUDQWHODHOHFFLyQ
GHO 5H\ &HOGDV GHO &LHOR $GLFLRQDOPHQWH
HOMXJDGRU$UU\QSXHGHXQDYH]SRUURQGD
DVHVLQDUDXQ1REOHTXHWHQJDFDXWLYRSRUXQRGHVXVSURSLRV
QREOHVQRVHFRORFDXQDILFKDGHDVHVLQDWR
/RUG,QLFLDO3HW\U%DHOLVK'DPDLQLFLDO/\VD$UU\Q

6WDUN 1RUWH EODQFR %HQGLFLyQ GH

ORV$QWLJXRV8QDYH]SRUURQGDHOMXJDGRU
6WDUN SXHGH GHVFDUWDU XQD FDUWD UREDGD GHO
PD]RGH(YHQWRVGHOD&RUWHRELHQGHODV
FDUWDVGHIRUWXQD\'HVDVWUHV3DUD(YHQWRV
GHOD&RUWH\FDUWDVGH)RUWXQDGRUVR
PDUUyQ\JULVUHVSHFWLYDPHQWHHOMXJDGRUUREDODFDUWDODPLUD
\ HOLJH HQWUH GHVFDUWDUOD R QR 3DUD FDUWDV GH 'HVDVWUHV GRUVR
QHJUR HO MXJDGRU GHEH HOHJLU  HQWUH GHVFDUWDUOD R QR DQWHV GH
YHUOD
/RUG,QLFLDO1HG6WDUN'DPDLQLFLDO&DWHO\Q6WDUN

%DUDWKHRQ /DV 7LHUUDV GH ODV

7RUPHQWDVDPDULOOR0LODJURGHOVHxRUGH
OD /X] 8QD YH] SRU SDUWLGD HO MXJDGRU
%DUDWKHRQ SXHGH FDQFHODU OD PXHUWH GH XQ
QREOHTXHYD\DDPRULUHOQREOHUHVXFLWDGR
7XOO\/DV7LHUUDVGHORV5tRVD]XO(O
PDQWLHQHWRGRVVXV7tWXORV\VHVLW~DHQHO
SHDMH GHO 7ULGHQWH (Q FDGD )DVH GH
WDEOHURGHODPLVPDIRUPDTXHVLKXELHUDVLGROLEHUDGRGHXQ
LQJUHVRVHOMXJDGRU7XOO\UHFLEH'UDJRQHV
FDXWLYHULR /RUG LQLFLDO 6WDQQLV %DUDWKHRQ 'DPD LQLFLDO
GH RUR H[WUD (O UHJDOR GH OD &LXGDGHOD /D
0HOLVVDQGUH
)RUWDOH]D LQLFLDO GH ORV 7XOO\ WLHQH XQ
*UH\MR\,VODVGH+LHUURPDUUyQ
0DHVWUHGHOD&LXGDGHOD
(O SUHFLR GH +LHUUR 8QD YH] SRU SDUWLGD
/RUGLQLFLDO(GPXUH7XOO\'DPDLQLFLDO%DUEDUD%UDFNHQ
HQ FXDOTXLHU PRPHQWR HO MXJDGRU *UH\MR\
SXGHLQWHQWDUUREDUGLQHURGHRWURMXJDGRU
(OMXJDGRU*UH\MR\HVFRJHDODYtFWLPD
 TXLHQ GHEH UHSDUWLU WRGRV VXV 'UDJRQHV GH 2UR HQ
FXDOTXLHU FRPELQDFLyQ HQWUH VXV GRV PDQRV (O MXJDGRU
*UH\MR\ HOLJH XQD GH ODV PDQRV GH OD YtFWLPD \ UHFLEH
WRGRV ORV 'UDJRQHV GH 2UR TXH KXELHVH HQ HVWD
 $GLFLRQDOPHQWH FXDQGR KDJD SLOODMHV HQ 0ROLQRV *UH\MR\
FRQVLJXH'2HQYH]GH'2SRU0ROLQR/RUG,QLFLDO%DORQ
*UH\MR\'DPDLQLFLDO$VKD*UH\MR\
/DQQLVWHU /DV 7LHUUDV GH 2FFLGHQWH
URMR /RV 3iMDURV GH 9DU\V 8QD YH] SRU
WXUQR HQ FXDOTXLHU PRPHQWR HO MXJDGRU
/DQQLVWHUSXHGHPLUDUODPDQRGHFDUWDVGH
RWURMXJDGRUPLHQWUDVODVPLUDXQDYH]SRU
SDUWLGDSXHGHFDPELDUXQDGHHVDVFDUWDV
SRU XQD GH ODV SURSLDV VX\DV HV XQ FDPELR QR XQ URER (O
MXJDGRU /DQQLVWHU SXHGH UHDOL]DU HVWD DFFLyQ HQ FXDOTXLHU
PRPHQWRGXUDQWHHOMXHJR
/RUG,QLFLDO7\ZLQ/DQQLVWHU'DPDLQLFLDO&HUVHL/DQQLVWHU
0DUWHOO 'RUQH2FUH/D $VWXFLD GH
'RUDQ $O FRPLHQ]R GH OD )DVH 
PRYLPLHQWR HO MXJDGRU 0DUWHOO SXHGH
HOHJLUPRYHUDWRGRVVXV1REOHV\7URSDV
HQ SULPHU OXJDU DO ILQDO R PDQWHQHU VX
SRVLFLyQGHPRYLPLHQWRDFWXDO(ORUGHQ
GHORVRWURVMXJDGRUHVSHUPDQHFHLJXDOTXHHVWDED
/RUG,QLFLDO'RUDQ0DUWHOO'DPDLQLFLDO$ULDQQH0DUWHOO

7\UHOO (O 'RPLQLR YHUGH FODUR

5HVHUYDVGH*UDQR(OMXJDGRU7\UHOOSXHGH
XQD YH] SRU WXUQR HQ FXDOTXLHU PRPHQWR
HOLPLQDU XQD FDUWD GH +DPEUXQD R XQD
FRSLD GH FXDOTXLHU UHJLyQ /RUG ,QLFLDO
0DFH 7\UHOO 'DPD LQLFLDO 2OHQQD 7\UHOO

7DUJDU\HQ (Q FXDOTXLHU )HXGR TXH

QR HVWp RFXSDGR (O MXJDGRU 7DUJDU\HQ
HOLJH VX &LXGDG ,QLFLDO HO ~OWLPR \
FRPHQ]DUi FRPR MXJDGRU LQLFLDO 7LHQH OD
OLEHUWDGSDUDHOHJLUFXDOTXLHU&LXGDGFRVWHUD
XQD&LXGDGFRQFDPLQRVPDUtWLPRVRTXH
FRQWHQJD XQ IUDJPHQWR PDUtWLPR TXH HPSLHFH DOOt 6DQJUH
9DO\ULD (O MXJDGRU 7DUJDU\HQ HPSLH]D FRQ OD FDUWD 0DGUH GH
'UDJRQHVMXJDGDVREUH'DHQHU\V7DUJDU\HQWDPELpQFRPLHQ]D
FRQ  XQLGDGHV GH ,QPDFXODGRV HQ YH] GH ODV XQLGDGHV SRU
GHIHFWR \ WLHQH RWURV  HQ OD UHVHUYD  HQ WRWDO HQ YH] GH
KRPEUHVGHDUPDV/RV,QPDFXODGRVVXPDQSXQWRVGHIXHU]D
3)\ KDFHQ IDOWDQ  LPSDFWRV ISDUD HOLPLQDUORVPDWDUORV
1REOH,QLFLDO'DHQHU\V7DUJDU\HQ

-XHJR

'HVDUUROORGHOMXHJR
A 5HVXPHQGH5RQGD

(Q 8QD &DQFLyQ GH +LHOR \ )HXGR XQ 1REOH GH XQ
MXJDGRUSXHGHREWHQHUWUHVWLSRVGLIHUHQWHVGH7tWXORV)HXGR
0LOLWDU\GH$OWRUDQJR

)DVH
6HKDFHVDEHU
5HDOL]DUFDGD$FFLyQHQRUGHQ
$QXQFLDPLHQWRV
*XDUGLDGHOD1RFKH(*1(H0
(OHFFLRQHVD*XDUGLiQ
(OHFFLyQGHOD0DQRGHO5H\
(OHFFLyQGHO5H\

7tWXORV GH $OWR UDQJR ,QGLFDGRV SRU XQD ILFKD

FXDGUDGD FRQ XQ FtUFXOR VREUH IRQGR PDUUyQ 0i[LPR
XQRGHHVRV7tWXORVSRUQREOH
0LHPEUR GHO &RQVHMR 3ULYDGR 5H\ 5HLQD \ /RUG
&RPDQGDQWHGHOD*XDUGLDGHOD1RFKH
/RV7tWXORVGH5H\0DQRGHO5H\\/RUG&RPDQGDQWHGH
OD*XDUGLDGHOD1RFKHVHFRQVLJXHQDWUDYpVGHXQSURFHVRGH
HOHFFLRQHV /D 0DQR GHO 5H\ FXHQWD WDPELpQ FRPR 0LHPEUR
GHO&RQVHMR3ULYDGR

)DVH5REDU\-XJDU&DUWDV5HDOL]DUFDGD$FFLyQHQRUGHQ
'HVFDUWDUFDUWDV
5REDUFDUWDV
5HVROYHU&DUWDVGH'HVDVWUH
-XJDU&DUWDV

/RV RWURV 7tWXORV GH 0LHPEUR GHO &RQVHMR 3ULYDGR VH

FRQVLJXHQ UREDQGR XQD GH ODV WUHV FDUWDV GH ,QYLWDFLyQ DO
&RQVHMR 3ULYDGR GHO PD]R GH HYHQWRV HQ OD FRUWH  R
FRPSUDQGR OD ~QLFD FDUWD GH 7tWXOR TXH HVWi D OD YHQWD HQ HO
WDEOHUR  \ MXJDQGR OD FDUWD VREUH XQ *XDUGLiQ

)DVH5HFRJHULQJUHVRV5HFRJHUORVGHPDQHUDVLPXOWiQHD
5HFDXGDUGLQHUR
3DJDUUHVFDWHV
)DVH&RPSUDV\SXMDV&RPSUDU'(72'2WURSDV
HGLILFLRV\7tWXORVHQRUGHQ
3XMDV
7URSDV
(GLILFLRV
7tWXORVIHXGDOHV

/D5HLQDHVODHVSRVDGHO5H\
7tWXORVGH)HXGR,QGLFDGRVSRUXQDILFKDFXDGUDGDFRQ
XQ IRQGR OLVR HQ FRORU GHO )HXGR  GH HVWRV 7tWXORV Pi[LPR
SRUQREOH

)DVH0RYLPLHQWRPRYHUWRGDVODVWURSDV\QREOHV
HQRUGHQ
)DVH%DWDOODVUHVROYHU72'$6ODV%DWDOODVHQRUGHQ

+D\7tWXORVGH)HXGRGLVSRQLEOHV

)DVH%DWDOODHQHO0XURVyORFRQ(*1R(H0
)DVH)LQGH5RQGD
8QD &DQFLyQ GH +LHOR \ )HXGR VH MXHJD SRU URQGDV
KDVWD TXH XQ -XJDGRU R XQD $OLDQ]D GH GRV -XJDGRUHV
REWLHQHQ ORV VXILFLHQWHV SXQWRV GH YLFWRULD 39V SDUD JDQDU OD
SDUWLGD DO ILQDO GH XQD URQGD  &DGD URQGD FRQVLVWH GH  IDVHV
'XUDQWHODPD\RUtDGHHOODVORVMXJDGRUHVHMHFXWDQFDGDDFFLyQ
HQRUGHQGHODVDJXMDVGHOUHORM

B TttXORV

7tWXORV PLOLWDUHV 6RQ LQGLFDGRV SRU XQD FDUWD WDPDxR

PLQL TXH VH FRORFD DO ODGR GH OD FDUWD GH SHUVRQDMH  0i[LPR
XQRGHHVRV7tWXORVSRUQREOH
/RV7tWXORVVRQ*XDUGLiQ3URWHFWRUGHO5HLQR\+HUPDQR
GHOD*XDUGLDGHOD1RFKH
/RV 7tWXORV GH *XDUGLiQ VH FRQVLJXHQ PHGLDQWH XQ
SURFHVRGHHOHFFLRQHV
+HUPDQR GH OD *XDUGLD GH OD 1RFKH HV FRQVHJXLGR
GHFODUiQGRORGXUDQWHOD)DVHGHSXMDSDUDODJXDUGLDGHODQRFKH
SXMDQGRODILFKDGHLPSXHVWRVODGHOFRIUHGHIRUPDDGLFLRQDOD
FXDOTXLHURWUDSXMD
3URWHFWRU GHO 5HLQR YD OLJDGR DO WtWXOR GH 5H\ \ SDVD DO
+HUHGHURRDOD5HLQDVLHO5H\PXHUH
/D 0DGUH GH 'UDJRQHV VH FRQVLJXH UREDQGR OD FDUWD GHO
PD]R GH HYHQWRV HQ OD FRUWH  R MXJDQGR FRPR &DVD
7DUJDU\HQ

7tWXORVGH
$OWRUDQJR

7tWXOR
)LHI

6HxRUR6HxRUDGHO1RUWH%ODQFR
6HxRUR6HxRUDGHO9DOOH9HUGH2VFXUR
6HxRUR6HxRUDGHODVWLHUUDVGHWRUPHQWD$PDULOOR
6HxRUR6HxRUDGHODVWLHUUDVGH2FFLGHQWH5RMR)
6HxRUR6HxRUDGHODVWLHUUDVGHORVUtRV$]XO
6HxRUR6HxRUDGHO'RPLQLR9HUGH&ODUR
3UtQFLSHR3ULQFHVDGH'RUQH0DUUyQ&ODUR
6HxRUR6HxRUD6HJDGRUDGH3\NH0DUUyQ2VFXUR

7tWXORV
0LOLWDUHV

7tWXOR
)LHI

Juego

7UDQVIHUHQFLDGH7tWXORV
6L XQ QREOH UHFLELHUD XQ 7tWXOR \ QR WXYLHVH KXHFR SDUD
FRORFDUORXQVHJXQGR7tWXORGH$OWRUDQJRXQWHUFHU7tWXORGH
)HXGR R XQ VHJXQGR 7tWXOR PLOLWDU WLHQH TXH WUDQVIHULU
LQPHGLDWDPHQWH XQR GH VXV 7tWXORV DQWHULRUHV D RWUR QREOH
LQGHSHQGLHQWHPHQWH GH D TXp MXJDGRU SHUWHQH]FD TXH FXEUD
WRGRVORVUHTXLVLWRVSDUDVHUFDQGLGDWRDHVH7tWXORRGHYROYHUOR
DO WDEOHUR 8Q QREOH SXHGH VLHPSUH UHFKD]DU XQ 7tWXOR TXH OH
VHDRWRUJDGR7tWXORVUHDOHV5H\3URWHFWRUGHO5HLQR\5HLQD
QRSXHGHQVHUWUDQVIHULGRV
1RWD8QD5HLQDTXHKHUHGHHOWtWXORGH3URWHFWRUGHO5HLQR
GHEHDEDQGRQDUVXHYHQWXDOWtWXORGH0DGUHGH'UDJRQHV

8Q SHUVRQDMH QR SXHGH JDQDU ODV HOHFFLRQHV FRQ  YRWRV

DXQTXH VHD HO ~QLFR FDQGLGDWR (Q DOJXQDV HOHFFLRQHV HO
FDQGLGDWRGHEHUHFLELUWDPELpQYRWRVGHFLHUWDVSHUVRQDOLGDGHV
\ FRQVHJXLU XQ Q~PHUR PtQLPR GH YRWRV 8Q -XJDGRU SXHGH
XVDUVXVYRWRVSDUDVXSURSLRFDQGLGDWR
1RWD8WLOL]DODVILFKDVGH9RWRHQ&RQWUDVDELDPHQWHSDUD
KDFHU FUHHU D WXV RSRQHQWHV TXH YDV D 9RWDU D )DYRU GH XQ
FDQGLGDWR FXDQGR HQ UHDOLGDG QR SLHQVDV KDFHUOR (VWR SXHGH
SHUPLWLU PDQLSXODU ODV HOHFFLRQHV \ SRVSRQHU HO UHSDUWR GH
7tWXORVDURQGDVSRVWHULRUHV

C (OHFFLRQHV\9RWDFLRQHV

1RWD (O SURFHVR HOHFWRUDO QR HV GH QLQJXQD PDQHUD

GHPRFUiWLFR VLQR TXH VLPEROL]D PDQLREUDV SROtWLFDV
&DGDHOHFFLyQVLJXHHOPLVPRSURFHGLPLHQWR
(OHFFLRQHV \ 9RWRV VRQ ORV WpUPLQRV HPSOHDGRV HQ )LHI
1 (QRUGHQGHWXUQRFDGD-XJDGRUSXHGHGHVLJQDUD
 \ VH XVDQ DTXt SDUD VLPSOLILFDU ODV FRVDV &XDQGR XQ
XQR GH VXV 1REOHV HOHJLEOHV FRPR FDQGLGDWR /RV FDQGLGDWR UHVXOWD HOHJLGR FRORFD OD FRUUHVSRQGLHQWH FDUWD R
FDQGLGDWRV GHEHQ FXPSOLU FLHUWRV UHTXLVLWRV ILFKDGH7tWXORMXQWRDODFDUWDGHHVH1REOH
GHSHQGLHQGR GH FDGD 7tWXOR FRPR VH H[SOLFDUi PiV
DGHODQWH 6LQ HPEDUJR FRPR UHJOD JHQHUDO QREOHV
FDXWLYRV  R 3URVFULWRV  QXQFD SRGUiQ
YRWDURVHUFDQGLGDWRVDXQDVHOHFFLRQHV
D 'LSORPDFLD

2 /DVLQWULJDVFRPLHQ]DQGHVSXpVGHTXHWRGRVORVFDQGL )LHI HV XQ MXHJR GH GLSORPDFLD /RV MXJDGRUHV SXHGHQ KDEODU
GDWRVKD\DQVLGRGHFODUDGRV&DGD-XJDGRUFXHQWDFRQ HQWUH HOORV IRUPDU $OLDQ]DV GDU FDUWDV \ GLQHUR \ QHJRFLDU
DFFLRQHV &DGD MXJDGRU HPSLH]D OD SDUWLGD FRQ  PDUFDGRUHV
ILFKDVGH9RWRFRQHOFRORUGHIRQGRGHVX)DPLOLD
GH 'LSORPDFLD (Q FXDOTXLHU PRPHQWR GH OD SDUWLGD XQ
-XJDGRU SXHGH JDVWDU XQ PDUFDGRU GH 'LSORPDFLD SDUD
LQLFLDU XQD GLVFXVLyQ SULYDGD FRQ XQR R PiV MXJDGRUHV GH VX
HOHFFLyQ GXUDQWH OD FXDO SXHGHQ LQWHUFDPELDU GH PDQHUD
9RWRD)DYRUUHSUHVHQWDGRSRUXQDHVIHUDEODQFD
VHFUHWD 'UDJRQHV GH 2UR \ &DUWDV &DGD PDUFDGRU GH
'LSORPDFLD KDELOLWD D HVWRV MXJDGRUHV D XQD GLVFXVLyQ GH
9RWRHQ&RQWUDUHSUHVHQWDGRSRUXQDHVIHUDQHJUD KDVWD  PLQXWRV GH GXUDFLyQ 6L HVWH WLHPSR QR HV
VXILFLHQWH VH SXHGH JDVWDU RWUR PDUFDGRU GH 'LSORPDFLD
3 8QDYH]TXHWRGRVORVMXJDGRUHVKDQYRWDGRVH
SDUD FRQWLQXDU OD GLVFXVLyQ GXUDQWH RWURV  PLQXWRV
YROWHDQWRGDVODVILFKDVGH9RWR\VHSURFHGHDOUHFXHQWR
8Q 9RWR D )DYRU RWRUJD 72'26 ORV YRWRV GHO MXJDGRU DO
FDQGLGDWRHOHJLGR8Q9RWRHQ&RQWUDQRWLHQHHIHFWRDOJXQR
QRFXHQWDHQHOUHFXHQWRSDUDFDOFXODUODPD\RUtD8QMXJDGRU
SXHGH XWLOL]DU VX 9RWR HQ &RQWUD SDUD FRQIXQGLU DO UHVWR GH
MXJDGRUHVUHVSHFWRDTXLpQGDVXDSR\R8QFDQGLGDWRQHFHVLWD
PD\RUtDVLPSOHPiVYRWRVTXHFXDOTXLHURWURFDQGLGDWRSDUD
VHUHOHJLGR(QFDVRGHHPSDWHQDGLHJDQDHO7tWXORHVWDURQGD

10

7UDQVIHUHQFLD GH GLQHUR 1R KD\ OtPLWH (VWDV WUDQVIHUHQFLDV VH

SXHGHQ KDFHU HQ FXDOTXLHU PRPHQWR GHO MXHJR HQ TXH SXHGD
MXJDUVHXQDFDUWDGHRSRUWXQLGDG
1RWD&XDQGRQRVHMXHJDXQPDUFDGRUGH'LSORPDFLDORV
MXJDGRUHVSXHGHQKDEODU\QHJRFLDUHQODPHVDGHIRUPDOLEUH
SHUR QR SXHGHQ LQWHUFDPELDU FDUWDV QL PDQWHQHU
FRQYHUVDFLRQHVSULYDGDV

)DVH6HKDFHVDEHU

)DVH6HKDFHVDEHU
1.1 $QXQFLDPLHQWRV

)LQDOL]DUXQD$OLDQ]D
(Q DOJXQDV RFDVLRQHV ORV MXJDGRUHV VH HQFXHQWUDQ HQ DOLDQ]DV
QR GHVHDGDV 3DUD ILQDOL]DU FRQ OD DOLDQ]D VROR KD\ WUHV

1.1.1 $OLDQ]DV0DWULPRQLDOHV

RSFLRQHV
1. 0DWDUDXQRGHORVHVSRVRVPHGLDQWH%DWDOOD-XVWLFLDR
8Q0DWULPRQLRHVXQDFXHUGRSROtWLFRSDUDDOLDUGRVIDPLOLDV
$VHVLQDWR
\QRKD\IRUPDSRVLEOHGHDOLDQ]DVLQXQPDWULPRQLR/RV
MXJDGRUHV TXH GHVHHQ IRUPDOL]DU XQ PDWULPRQLR GHEHQ
2. &DSWXUDU D XQR GH ORV HVSRVRV FRQ XQ 1REOH
DQXQFLDUORS~EOLFDPHQWH
URPSHFRUD]RQHVRSRUXQQREOHFUXHO

3. 5HFLELUODDQXODFLyQSRUHO0DHVWURGHODV/H\HV

1RWD (O WpUPLQR 1REOH VH DSOLFD D KRPEUHV /RUGV \

PXMHUHV /DGLHV LQGLVWLQWDPHQWH $OJXQDV UHJODV GLVWLQJXHQ
HVSHFtILFDPHQWHHOJpQHURGHORV3HUVRQDMHV\GHEHQUHVSHWDUVH
/RUGVHDSOLFDDKRPEUHV\/DG\DPXMHUHV

1.1.2 'HVWUX\HQGRORV)DOVRVGRORV(*1

(OSURWHFWRUGHO5HLQRSXHGHGHFLGLUDEUD]DUOD)HGH5
KOORU\
WDFKDU D WRGRV ORV RWURV GLRVHV GH IDOVRV tGRORV 6L OR KDFH
DXWRPiWLFDPHQWHHMHUFHHOSLOODMHHQWRGRVORV6HSWRVTXHKD\D
1RWD (Q &DQFLyQ GH +LHOR \ )HXGRV ORV *XDUGLDQHV
HQMXHJR\JDQD'2SRUFDGD6HSWRVDTXHDGR'HDKRUDHQ
SXHGHQ FDVDUVH LQFOXVR FRQYHUWLUVH HQ 5H\ /D 0DGUH GH ORV
DGHODQWH QR VH SRGUiQ FRQVWUXLU PiV 6HSWRV 6LQ HPEDUJR
GUDJRQHV \ 0LHPEURV GHO &RQVHMR 3ULYDGR WDPELpQ SXHGHQ
UHFKD]DUDORV$QWLJXRV'LRVHVWLHQHXQSUHFLRHO5H\REWLHQH
FDVDUVH
HODWULEXWR0DOGLWR
6L HO /RUG HV HO 5H\ VX QXHYD HVSRVD VH FRQYLHUWH
DXWRPiWLFDPHQWH HQ OD 5HLQD  6L XQD /DG\ HV 5HLQD
5HJHQWH SRUTXH HO 5H\ KD PXHUWR VX QXHYR HVSRVR QR VH
/DPDOGLFLyQGHORVVLHWH
FRQYLHUWHHQ5H\8Q/RUGVyORSXHGHVHU5H\VLHVFRURQDGR
HQXQDYRWDFLyQRVLHUDHO3UtQFLSH+HUHGHURDO7URQRGH
(OPDUFDGRUGH0DOGLWRSRUORV6LHWHVHVLW~DHQ
+LHUUR 3UtQFLSH GH 3RQLHQWH FXDQGR PXULy HO 5H\ 
HOODWHUDOGHODFDUWDGH1REOH

1. 'HEHODQ]DU'LQPHGLDWDPHQWHGHVSXpVGHDEUD]DUOD

3DUD VLPEROL]DU OD DOLDQ]D PDWULPRQLDO HQWUH GRV IDPLOLDV

HOORV LQWHUFDPELDUiQ VXV PDUFDGRUHV PDWULPRQLDOHV ORV FXDOHV
VHUiQ FRORFDGRV VREUH ODV FDUWDV GH ORV QREOHV FDVDGRV

)H GH 5
KOORU \ DO LQLFLR GH FDGD WXUQR &RQ XQ
UHVXOWDGRGHHO5H\PXHUHHQHODFWRSHURHOMXJDGRU
PDQWLHQHHOGLQHURREWHQLGRHQHOSLOODMH

(MHPSOR (O MXJDGRU /DQQLVWHU

URVD \ HO MXJDGRU 7\UHOO YHUGH
ILUPDQ XQD DOLDQ]D LQWHUFDPELDQ
VXV PDUFDGRUHV GH PDWULPRQLR
DQLOORV \ ORV SRQHQ HQ VXV FDUWDV
GH1REOH

2. &XDOTXLHU-XJDGRUSXHGHSURYRFDUXQD5HYXHOWDVREUHHO
5H\ HQ FXDOTXLHU PRPHQWR /D 5HYXHOWD QR DIHFWD D OD
&LXGDG HQ OD TXH VH HQFXHQWUD HO 5H\ QL D FXDOTXLHU
RWUR SHUVRQDMH R WURSDV TXH SHUWHQH]FDQ D RWURV
MXJDGRUHVHQHVD&LXGDGQLFRQHODWULEXWR7LUDQR

/DV QHJRFLDFLRQHV GH PDWULPRQLR SRGUtDQ LQFOXLU WDPELpQ

LQWHUFDPELR GH GLQHUR R FDUWDV VH UHTXLHUH XQ PDUFDGRU GH
GLSORPDFLD SDUD SRGHU LQWHUFDPELDU FDUWDV /RV MXJDGRUHV
DOLDGRVQRSXHGHQJDQDUHQVROLWDULR6yORSXHGHQJDQDUFRPR
HTXLSR
1RWD ODV YLFWRULDV HQ DOLDQ]D VyOR HVWiQ SHUPLWLGDV HQ
SDUWLGDV GH  D  MXJDGRUHV  (Q SDUWLGDV GH  MXJDGRUHV
VyORVHSHUPLWHODYLFWRULDHQVROLWDULRHOPDWULPRQLRHVSRVLEOH
SDUD FRQYHUWLUVH HQ 5HLQD SRU HMHPSOR SHUR QR FUHD XQD
DOLDQ]D

/D 0DQR GHO 5H\ WDPELpQ SXHGH RSWDU SRU OD FRQYHUVLyQ
UHOLJLRVD HQ HO PLVPR PRPHQWR \ JDQDU HO PLVPR DWULEXWR
0DOGLWR 6L OR KDFH ODV JDQDQFLDV GHO SLOODMH VRQ UHSDUWLGDV
HTXLWDWLYDPHQWH HQWUH OD 0DQR \ HO 5H\ /D 0DQR WLHQH
HQWRQFHV OD SRVLELOLGDG GH RIUHFHU XQ VDFULILFLR D 5
KOORU SRU
HMHPSORSXHGHQRPLQDUDFXDOTXLHU1REOHVLQ7tWXORGHOMXHJR
LQFOXVRGHVXSURSLHGDGRTXHVHHQFXHQWUHFDXWLYRSDUDTXH
VHDTXHPDGRHQODKRJXHUDHO1REOHPXHUH

$WULEXWRVGH1REOH

1RWDHO+HUHGHURDOWURQRGH+LHUURQRHVXQ7tWXOR\
KD\PXFKRSRGHUHQODVDQJUHUHDO

8QQREOHFRQHODWULEXWRQRSXHGHFDVDUVHQRSRGUDFRQWUDHU 1.1.3 3HUGRQ5HDO

PDWLPRQLR
(O&RQVHMHURGH(GLFWRV\OXHJRHO5H\SXHGHQUHWLUDUHOHVWDGR
3DUDFDVDUDXQ1REOHFRQHODWULEXWR'LILFLOGH&DVDUODFDVD
GH3URVFULWRGHFXDOTXLHUQREOH
GHHVWH1REOHWLHQHTXHSDJDU'2DODRWUDFDVD

11

)DVH6HKDFHVDEHU

1.1.4 (QYLDUDO0XUR'HFODUDU3URVFULWR

(O&RPDQGDQWHRVWHQWDHO7tWXORGHSRUYLGD(QFDVRGH
/D0DQRGHO5H\SXHGHXQDYH]SRUWXUQRGHFODUDUDXQQREOH TXH PXHUD XQ QXHYR /RUG &RPDQGDQWH SXHGH VHU HOHJLGR
GXUDQWH OD VLJXLHQWH )DVH GH (OHFFLRQHV &RORFDU HO
FRPR 3URVFULWR FRQ H[FHSFLyQ GHO &RQVHMHUR GH (GLFWRV
&RPDQGDQWHHQHOWDEOHURGHO0XUR3HUPDQHFHUiDOOtKDVWDTXH
5H\5HLQD+HUHGHURpOPLVPRRORV+HUPDQRVGHOD*XDUGLD
PXHUD&XDOTXLHUUHFOXWDGHOD*XDUGLDGHODQRFKHTXHSRVHD
GH OD 1RFKH  6L OD 0DQR GHFODUD DO 5H\ 3URVFULWR
VHUiUHWLUDGRGHOWDEOHUR
EiVLFDPHQWH HVWi UHFODPDQGR TXH HO 5H\ QR PHUHFH HO
WURQR WDO YH] SRUTXHFXHVWLRQDVXOLQDMH
1.3 (OHFFLRQHVD*XDUGLiQ
(*1 6L HO QREOH QR HVWi FDVDGR \ VX &DVD QR WLHQH (O PDSD GH MXHJR HVWi GLYLGLGR HQ  5HJLRQHV URGHDGDV SRU
+HUPDQRVGHOD*XDUGLDGHOD1RFKHHVHQREOHHQWRQFHVYLVWH OtQHDV JUXHVDV GH GLVWLQWR FRORU QXPHUDGDV GHO  DO 
GH QHJUR HQ YH] GH VHU 3URVFULWR 8Q +HUPDQR GH OD /RV7tWXORVGH*XDUGLiQDVRFLDGRVDODV5HJLRQHVVRQ
*XDUGLDGHOD1RFKHQRSXHGHVHUGHFODUDGR3URVFULWR
1. *XDUGLiQGHO1RUWH

3URVFULWRV
/DFDUWDGHXQQREOH3URVFULWRHVPDUFDGDFRQXQ
PDUFDGRU GH 3URVFULWR 1REOHV 3URVFULWRV QR
SXHGHQYRWDURVHUFDQGLGDWRVSDUDHOHFFLRQHV
3LHUGHQ WRGRV VXV WtWXORV H[FHSWR ORV GH )HXGR \ 0DGUH GH
'UDJRQHV(OPDUFDGRUGH3URVFULWRVHTXHGDHQHOQREOHKDVWD
VX PXHUWH R KDVWD TXH HO 5H\ R HO &RQVHMHUR GH (GLFWRV OH
SHUGRQDQ \ UHWLUDQ HO HVWDGR GH 3URVFULWR &XDQGR XQ QREOH
YLVWHHOQHJUR(*1SLHUGHHOHVWDGRGH3URVFULWR

2.
3.
4.
5.

*XDUGLiQGH2ULHQWH
*XDUGLiQGHODV7LHUUDVGHOD&RURQD
*XDUGLiQGHO6XU
*XDUGLiQGH3RQLHQWH

(O*XDUGLiQ
7tWXOR0LOLWDU
(OHJLEOHDPLHPEURGHO&RQVHMR3ULYDGR
3XHGHFRQYHUWLUVHHQ0DQRGHO5H\VLQRHV\D
0LHPEURGHODIDPLOLDUHDO

1RWD 8Q QREOH 3URVFULWR SXHGH VHU HO REMHWLYR \

HMHFXWDGRSRUXQDFDUWDGH-XVWLFLD

6XPDYRWRVDOHOHJLUDRWUR*XDUGLiQ
6XPDYRWRDOHOHJLUDO5H\
 3XHGH7DVDUVXSURSLD5HJLyQMXJDQGRXQDFDUWD

1.2 )DVH*XDUGLDGHOD1RFKH(*1

6L QR HVWi FDXWLYR SXHGH LQWHQWDU VRIRFDU XQ

-XHJDHVWDVXE)DVHVRODPHQWHVLHVWiVXVDQGROD([SDQVLyQ*XDUGLDGHOD
1RFKH

1.2.1 5RPSHMXUDPHQWRV
(QHVWDVXE)DVHFXDOTXLHU+HUPDQRGHOD*XDUGLDGHOD1RFKH
SXHGH URPSHU VX MXUDPHQWR \ GHMDU OD *XDUGLD 3DUD HOOR
GHYXHOYHHO7tWXORGH*XDUGLDGHOD1RFKHDOWDEOHUR\FRORFD
XQD ILFKD GH 3URVFULWR VREUH HO /RUG (O /RUG FXHQWD FRPR
3URVFULWRGHVGHHVHPRPHQWR\SRUORWDQWRSXHGHVHUREMHWLYR
GHODFDUWDGH-XVWLFLD

1.2.2 (OHFFLRQHVD/RUG&RPDQGDQWHGHOD
*XDUGLDGHOD1RFKH
(O/RUG&RPDQGDQWH
7tWXORGH$OWR5DQJR

GH,PSXHVWRV
/HYDQWDPLHQWR  HQ VX 5HJLyQ LQFOXVR
DXQTXHQRHVWpItVLFDPHQWHSUHVHQWHHQpO
1RWD(VWRLQFOX\H/HYDQWDPLHQWRVFDXVDGDVSRU
GHUURWDV HQ HO 0XUR 3DUD HOOR HO
*XDUGLiQODQ]DXQGDGRGHFDUDVG&RQ XQ
UHVXOWDGR GH  IUDFDVD (O *XDUGLiQ HV ODSLGDGR
KDVWD OD PXHUWH \ HO /HYDQWDPLHQWR VLJXH DGHODQWH
(O 7tWXOR GH *XDUGLiQ GHO *XDUGLiQ DVHVLQDGR VH
GHYXHOYH D VX SRVLFLyQ HQ HO 7DEOHUR /RV 7tWXORV
GH )HXGR TXH SRVH\HUD HO *XDUGLiQ VH HQWUHJDQ D
RWURV 1REOHV GH VX &DVD VL HV SRVLEOH &RQ XQ
UHVXOWDGRGHORFRQVLJXH(O/HYDQWDPLHQWRHV
VRIRFDGR\ODFDUWDGH/HYDQWDPLHQWRHVGHVFDUWDGD
VLQHIHFWR
6L XQ 7tWXOR GH *XDUGLiQ HVWi GLVSRQLEOH DO PHQRV XQ
/RUGHOHJLEOHVHSUHVHQWDFRPRFDQGLGDWR\WRGDVODV&LXGDGHV
GH OD 5HJLyQ HVWiQ FRQWURODGDV SRU MXJDGRUHV  HQWRQFHV
WLHQHQOXJDUXQDVHOHFFLRQHVD*XDUGLiQ
&XDOTXLHU /RUG PDVFXOLQR TXH QR VHD +HUPDQR  GH OD
*XDUGLDGHOD1RFKHSXHGHVHUFDQGLGDWR
1RWD(OSXHVWRVHFRQVLGHUDSXUDPHQWHPLOLWDUSRUORTXH
QR VH FRQVLGHUD DFHSWDEOH TXH XQD PXMHU RVWHQWH HVWH 7tWXOR
3RUHMHPSORD/\VD$UU\QQRVHOHSHUPLWLyWRPDUHO7tWXORGH
*XDUGLiQGHO2ULHQWHWUDVODPXHUWHGHVXHVSRVR

RWRUJD39
SXHGHUHQXQFLDUDVXVYRWRVFRPRFXDOTXLHURWUR
+HUPDQR

SXHGHGLVSRQHUGHODVSURYLVLRQHVHQHO0XURHO
H[FHVRGHRURFRQVHJXLGRGXUDQWHODVSXMDV

DxDGH'UDJRQHVGH2URDVXSXMDGH0XURSHUR
QRSXHGHFRPSUDUUHFOXWDVGHOD*1

VHXQHGHLQPHGLDWRDO0XUR\SHUPDQHFHUiDOOt

9RWRV&DGD-XJDGRUFXHQWDFRQ

KDVWDTXHPXHUD
6LHO7tWXORGH/RUG&RPDQGDQWHHVWiGLVSRQLEOHKD\DOPHQRV
GRV +HUPDQRV GH OD *XDUGLD GH OD 1RFKH \ DO PHQRV XQR VH
SUHVHQWDFRPRFDQGLGDWRWLHQHQOXJDUODVHOHFFLRQHV&XDOTXLHU
+HUPDQRGHOD*XDUGLDGHOD1RFKHSXHGHVHUFDQGLGDWR
&DGD+HUPDQRGHOD*XDUGLDGHOD1RFKHWLHQHXQYRWR
8Q FDQGLGDWR JDQD ODV HOHFFLRQHV VL WLHQH PD\RUtD VLPSOH
FRQDOPHQRVYRWRV

12

YRWRSRUFDGD&LXGDGTXHFRQWUROHHQOD5HJLyQHVWR
VLPEROL]DHODSR\RSRUSDUWHGHODV&DVDVPHQRUHVTXH
JRELHUQDQVREUHODV&LXGDGHV
YRWRDGLFLRQDOSRUFRQWURODUOD&LXGDG3ULQFLSDOGH
OD 5HJLyQ OD TXH WLHQH HO QRPEUH HQ XQ UHFXDGUR PiV
JUDQGH
YRWRVSRUFDGD*XDUGLiQQRFDXWLYRTXHFRQWUROHHO

MXJDGRU DO LQLFLR GH OD URQGD ORV QXHYRV *XDUGLDQHV

HOHJLGRVGXUDQWHHVWDURQGDQRFXHQWDQ

)DVH6HKDFHVDEHU
 YRWR DGLFLRQDO SRU FDGD 0LHPEUR GHO &RQVHMR

8Q0LHPEURGHO&RQVHMR
3ULYDGR7tWXORGH$OWRUDQJR

3ULYDGR0DHVWURGH;R0DQRGHO5H\TXHFRQWUROHHO

MXJDGRUDOLQLFLRGHODURQGD
(MHPSOR *UDG\ FRQWUROD FXDWUR &LXGDGHV HQ XQD 5HJLyQ 
&LXGDGHV  YRWRV \ OD &LXGDG 3ULQFLSDO  YRWRV (VWR OH RWRUJD XQ
WRWDOGHYRWRVHQHVWDVHOHFFLRQHVD*XDUGLiQ

6XPDYRWRDGLFLRQDODOHOHJLUDXQ*XDUGLiQSRU

5HVXOWDGRV GH OD HOHFFLyQ 8Q FDQGLGDWR JDQD VL

FRQVLJXH PD\RUtD VLPSOH 8QD 5HJLyQ FRQ XQ *XDUGLiQ
HOHFWR VH FRQVLGHUD *REHUQDGD 8Q *XDUGLiQ PDQWLHQH
HO 7tWXOR GH SRU YLGD VDOYR TXH PXHUD YLVWD HO
1HJURRVHFRQYLHUWDHQ3URVFULWR(QFDVRGH
TXHRFXUUDXQDGHHVWDVFRVDVODVILFKDVGH(VSDGDGH*XDUGLiQ
\R GH 0LHPEUR GHO &RQVHMR 3ULYDGR  VH GHYXHOYHQ
D VX OXJDU GHO WDEOHUR \ FXDOTXLHU RWUD FDUWD GH 3DUWLFLSDU HQ HO
&RQVHMR3ULYDGRVHFRORFDHQOD3LODGH'HVFDUWHGH(YHQWRHQ
OD &RUWH 8Q QXHYR *XDUGLiQ SRGUi VHU HOHJLGR GXUDQWH OD
VLJXLHQWH)DVHGH(OHFFLRQHV6LXQ*XDUGLiQVHFRQYLHUWHHQUH\
GHEHWUDQVIHULUVXWtWXORGH*XDUGLiQYHUWtWXORVHQODVHFFLyQ%

(MHPSOR /RV -XJDGRUHV FXHQWDQ VXV

YRWRV SDUD HO 7tWXOR GH *XDUGLiQ GHO
1RUWH(VWD5HJLyQWLHQH&LXGDGHVXQD
GH ODV FXDOHV HV OD &LXGDG 3ULQFLSDO GH
,QYHUQDOLD*UDG\FRQWURODODV&LXGDGHVGH
'HHSZRRG0RWWHH,QYHUQDOLDORTXHVXPD
  YRWRV *UDG\ FRQWUROD ODV GRV &LXGDGHV GH :KLWH +DUERXU \ )RVR
&DLOLQORTXHVXPDYRWRV.LUVWHQSRVHHDO*XDUGLiQGH2ULHQWHORTXH
OH GD  YRWRV *UDG\ OH GD VXV  YRWRV D VX FDQGLGDWR 7KHRQ *UH\MR\
'DYLG\.LUVWHQRWRUJDQORVYRWRVTXHWLHQHQFDGDXQRDVXVUHVSHFWLYRV
FDQGLGDWRV7KHRQ*UH\MR\REWLHQHPD\RUtDVLPSOHGHYRWRVFRQWUDORV
GH 'DYLG \ ORV  GH .LUVWHQ \ SRU OR WDQWR JDQD ODV HOHFFLRQHV 7KHRQ
*UH\MR\HVDKRUDHO*XDUGLiQGHO1RUWH/DFDUWDGH(VSDGDGH$FHUR
9DO\ULRGHO*XDUGLiQVHFRORFDDODGHUHFKDGHVXFDUWDGH/RUG6LKD\
PiVGHXQ7tWXORGH*XDUGLiQSHQGLHQWHGHHOHFFLyQHQXQPLVPRWXUQR
FDGD HOHFFLyQ WLHQH OXJDU SRU VHSDUDGR FRPHQ]DQGR SRU OD 5HJLyQ FRQ HO
Q~PHURPiVEDMR

3DUD HOOR HO 0LHPEUR GHO &RQVHMR 3ULYDGR GHEH

ODQ]DU ' &RQ XQ UHVXOWDGR GH  HO
/HYDQWDPLHQWR VLJXH DGHODQWH &RQ XQ UHVXOWDGR
GHHO/HYDQWDPLHQWRHVVRIRFDGR\ODFDUWDGH
/HYDQWDPLHQWRVHGHVFDUWDVLQHIHFWR
1RWD (O 0LHPEUR GHO &RQVHMR 3ULYDGR QR
PXHUH\DTXHHQYtDDVXVVXERUGLQDGRVDUHDOL]DU
HOWUDEDMRVXFLR
6L HO 0LHPEUR GHO &RQVHMR 3ULYDGR QR GHVHD
HQYLDU D VXV VXERUGLQDGRV D VRIRFDU HO
/HYDQWDPLHQWR\DKRUUDUVH'2SXHGHLQWHQWDU
KDFHUOR FRPR *XDUGLiQ VL HO OHYDQWDPLHQWR
RFXUULHVHHQVXSURSLDUHJLyQSHURHQHVHFDVRVL
IUDFDVDHQVXPLVLyQVHUiODSLGDGRSRUXQDPDVD
HQIXUHFLGD

1.3.1 0LHPEURVGHO&RQVHMR3ULYDGR
$O FRQWUDULR TXH ORV 7tWXORV GH *XDUGLiQ \ GH 0DQR GHO 5H\
ORV 7tWXORV GHO &RQVHMR 3ULYDGR QR VH REWLHQHQ PHGLDQWH
HOHFFLRQHV+D\YtDVSDUDFRQVHJXLUFRQYHUWLUVHHQ0LHPEUR
GHO&RQVHMR3ULYDGR
+D\  FDUWDV GH 8QLUVH DO &RQVHMR 3ULYDGR HQ HO PD]R
GH (YHQWR HQ OD &RUWH &XDOTXLHU -XJDGRU TXH FRQVLJD
XQDGHHVWDVFDUWDVSXHGHMXJDUODHQFXDOTXLHUPRPHQWR
GXUDQWHODSDUWLGDVREUHXQ*XDUGLiQTXHQRIRUPH\D
SDUWH GHO &RQVHMR 3ULYDGR (VWR FRQYLHUWH D HVH
*XDUGLiQ HQ 0LHPEUR GHO &RQVHMR 3ULYDGR
LQPHGLDWDPHQWH \ SXHGH HOHJLU HO FDUJR HQWUH ORV TXH
TXHGHQOLEUHV/DFDUWDGH0LHPEURGHO&RQVHMR3ULYDGR
XWLOL]DGD VH FRORFD EDMR XQD GH ODV ILFKDV GH 0LHPEUR
GHO&RQVHMR3ULYDGRTXHKD\DODGHUHFKDGHO7DEOHUR\
ODILFKDVHGLVSRQHMXQWRDODFDUWDGHO1REOH
6HUHOHJLGR0DQRGHO5H\
8QD FXDUWD ILFKD 3~EOLFD GH 0LHPEUR GHO &RQVHMR
3ULYDGRVHFRORFDGXUDQWHODSUHSDUDFLyQHQVXHVSDFLR
GHO 7DEOHUR (O 7tWXOR VH SXHGH FRPSUDU PHGLDQWH
VXEDVWD GXUDQWH OD )DVH GH &RPSUDV  \ GHEH VHU
HQWUHJDGD LQPHGLDWDPHQWH D XQ *XDUGLiQ TXH QR VHD
WRGDYtD0LHPEURGHO&RQVHMR3ULYDGR

13

WDQWRWHQGUiXQWRWDOGHYRWRV
6XPDYRWRDOHOHJLUDOD0DQRGHO5H\
6L OD 0DQR GHO 5H\ HVWi HQ MXHJR ODV FDUWDV GH
0LHPEUR GHO &RQVHMR 3ULYDGR QR SXHGHQ VHU
MXJDGDV VLQ VX FRQVHQWLPLHQWR /D ILFKD 3~EOLFD
GH 0LHPEUR GHO &RQVHMR 3ULYDGR QR SXHGH VHU
FRPSUDGDVLQVXFRQVHQWLPLHQWR
3XHGH FREUDU ,PSXHVWRV HQ FXDOTXLHU UHJLyQ
JREHUQDGD MXJDQGR XQD FDUWD GH ,PSXHVWRV
(OSULPHU0LHPEURGHO&RQVHMR3ULYDGRHQ
KDFHUOR WLHQH SULRULGDG VREUH OD 0DQR GHO UH\ \
VREUHRWURV0LHPEURVGHO&RQVHMR3ULYDGRSHUR
HO *XDUGLiQ GH HVD UHJLyQ WLHQH SULRULGDG VREUH
WRGRVHOORV
3XHGH LQWHQWDU VRIRFDU XQ /HYDQWDPLHQWR HQ
FXDOTXLHU 5HJLyQ JREHUQDGD SDJDQGR  '2
LQFOXVRDXQTXHQRHVWpItVLFDPHQWHSUHVHQWH(VWR
LQFOX\H /HYDQWDPLHQWRV SURGXFLGRV SRU GHUURWDV
HQHO0XUR
1RWD(VWRLQFOX\H/HYDQWDPLHQWRVFDXVDGRVSRU
GHUURWDVHQHO0XUR

+D\7tWXORVTXHJDUDQWL]DQODSHUWHQHQFLDDO&RQVHMR3ULYDGR

0DQRGHO5H\
&RQVHMHUR1DYDO
&RQVHMHURGH(GLFWRV
6HxRUGHORV5XPRUHV
&RQVHMHURGHOD0RQHGD

(MHPSOR 7KHRQ *UH\MR\ *XDUGLiQ

GHO 1RUWH KD VLGR DVFHQGLGR D 0LHPEUR
GHO &RQVHMR 3ULYDGR \ SXHGH SDUWLFLSDU HQ
XQDHOHFFLyQGH0DQRGHO5H\/DILFKDGH
0LHPEUR GHO &RQVHMR 3ULYDGR VH FRORFD
VREUHVXFDUWDGH/RUG&RORFDODFDUWDGH
 8QLUVH DO &RQVHMR 3ULYDGR HQ HO ERUGH GHUHFKR GHO 7DEOHUR \D TXH
GHEHUi VHU GHYXHOWD D OD 3LOD GH 'HVFDUWHV GHO PD]R GH (YHQWR HQ OD
&RUWHVLHO0LHPEURPXHUH
3DUD FRQYHUWLUVH HQ 0LHPEUR GHO &RQVHMR 3ULYDGR XQ
/RUG GHEH VHU *XDUGLiQ \ 12 SHUWHQHFHU D OD IDPLOLD
UHDO &DGD0LHPEURGHO&RQVHMR3ULYDGRWLHQHXQSRGHU~QLFR
TXHJDQDHO/RUGTXHFRQVLJXHHO7tWXOR(OMXJDGRUHOLJHHQWUH
ORV7tWXORVTXHVLJXHQGLVSRQLEOHVFXDOTXLHUHGDUDVX/RUG

)DVH6HKDFHVDEHU
7KHRQ *UH\MR\ WLHQH DKRUD GRV 7tWXORV GH $OWR UDQJR DVt TXH GHEH
LQPHGLDWDPHQWH WUDQVIHULU VX 7tWXOR GH &RQVHMHUR GH (GLFWRV D RWUR
8QD YH] SRU WXUQR GXUDQWH OD )DVH GH PRYLPLHQWR )DVH *XDUGLiQ ,QGHSHQGLHQWHPHQWH GHO MXJDGRU R GHYROYHUOR DO WDEOHUR 6L HO
 HO &RQVHMHUR 1DYDO SXHGH HOHJLU XQD &LXGDG TXH VH PDUFDGRUVHGHYXHOYHDOWDEOHURODFDUWDGHO&RQVHMR3ULYDGRVHGHMDHQOD
HQFXHQWUHHQODFRVWD7RGRVORVQREOHVTXHVHHQFXHQWUDQHQ SLODGHGHVFDUWH
HVD &LXGDG SHUWHQHFLHQWHV D OD PLVPD &DVD TXH HO &RQVHMHUR
1RWD /DV HOHFFLRQHV VH UHDOL]DQ HQ RUGHQ 3RU WDQWR XQ
1DYDO SXHGHQ HQ YH] GH PRYHUVH QRUPDOPHQWH KDFHU XQ *XDUGLiQUHFLpQHOHJLGRSRGUtDVHUHOHJLGR0DQRGHO5H\
PRYLPLHQWRHVSHFLDOKDFLDFXDOTXLHURWUD&LXGDGGHODFRVWD6L
HVD &LXGDG HVWi FRQWURODGD SRU XQ HMpUFLWR HO QREOH WLHQH TXH
SHGLUSHUPLVRSDUDGHVHPEDUFDU6LQRWLHQHSHUPLVRQRSXHGH
/D0DQRGH5H\
OOHJDUDHVD&LXGDGSHURSXHGHLQWHQWDUHQRWUDRQRPRYHUVH
7tWXORGH$OWR5DQJR
1RWD 6L QR KD\ HMpUFLWR HQ HO GHVWLQR QR VH QHFHVLWD
SHUPLVR
1RWDVHSXHGHXVDUXQ3DVDMH6HFUHWRSDUDGHVHPEDUFDUVLQ
7LHQH WRGRV ORV SULYLOHJLRV GH XQ 0LHPEUR GHO
SHUPLVRHQXQDFLXGDGFRQWURSDVHQHPLJDV
&RQVHMR3ULYDGR
1RWD 7DQWR OD &LXGDG LQLFLDO FRPR HO GHVWLQR QR GHEHQ
*DQD39
HVWDU EDMR 0DO 7LHPSR SDUD TXH VH SXHGD KDFHU HVWH
/DV FDUWDV GH 8QLUVH DO &RQVHMR 3ULYDGR QR
PRYLPLHQWR
SXHGHQ VHU MXJDGDV VLQ HO FRQVHQWLPLHQWR GH OD
0DQRGHO5H\
3XHGHFREUDU ,PSXHVWRVD 72'$6ODV5HJLRQHV
&RQVHMHURGH(GLFWRV
JREHUQDGDV GH XQD YH] FRQ XQD ~QLFD FDUWD GH
8QD YH] SRU WXUQR GXUDQWH OD )DVH GH 6H KDFH VDEHU HO
,PSXHVWRV 3HUR ORV *XDUGLDQHV \ ORV 0LHPEURV
&RQVHMHUR GH (GLFWRV SXHGH FRQFHGHU HO SHUGyQ UHDO SDUD
GHO &RQVHMR 3ULYDGR WLHQHQ SULRULGDG GH
TXLWDUHOHVWDGRGH3URVFULWRUHWLUDUHOPDUFDGRUGHXQQREOH
,PSXHVWR
eOFRQVHMHURGHHGLFWRVQRSXHGHVHUGHFODUDGR3URVFULWRSRUOD
0DQR GHO 5H\ R VL UHDOL]D XQ DVHVLQDWR/D 0DQR GHO 5H\ QR
8QD YH] SRU URQGD GXUDQWH OD )DVH GH
DQXQFLDPLHQWRV OD 0DQR SXHGH GHFODUDU D XQ
SXHGH SURKLELU VX QRPLQDFLyQ $GHPiV HO &RQVHMHUR GH
1REOHFXDOTXLHUD3URVFULWRH[FHSWRDO&RQVHMHUR
(GLFWRV SXHGH GHFODUDU QXOR XQ PDWULPRQLR VL XQR GH ORV
GH (GLFWRV 6L VH HVWi MXJDQGR FRQ OD (*1 HO
FyQ\XJHV OR SLGH 1R SXHGH DQXODU HO PDWULPRQLR UHDO VL \D
1REOH SRGUtD HOHJLU YHVWLU HO QHJUR SDUD HYLWDUOR
KXELHVH XQ KHUHGHUR  QL VLTXLHUD VL HO KHUHGHUR \D
 (O VWDWXV GH 3URVFULWR VyOR SXHGH VHU
KXELHVHPXHUWR
OHYDQWDGRYLVWLHQGRHO1HJURRSRUHOSHUGyQGHO
UH\RGHO&RQVHMHURGH(GLFWRV(VWHVWDWXVQRVH
&RQVHMHURGHORV5XPRUHV
OHYDQWDDXWRPiWLFDPHQWHFXDQGROD0DQRGHFODUD
8QDYH]SRUWXUQRHO-XJDGRUSXHGHPLUDUODPDQRGHRWUR
DRWUR1REOH3URVFULWRHQXQWXUQRSRVWHULRU
-XJDGRU

&RQVHMHUR1DYDO

1RSXHGHVHUSURVFULWR

1RWD6LHO-XJDGRUMXHJDOD&DVD/DQQLVWHUSXHGHYHUOD
PDQRGHGRV-XJDGRUHVGLIHUHQWHV

&RQVHMHURGHOD0RQHGD
(OFRQVHMHURGHODPRQHGDSXHGHGHVFDUWDUXQDFDUWDSDUD
DQXODU XQRV LPSXHVWRV TXH HVWpQ MXJDGRV HQ HO WDEOHUR R TXH
XQDFDUWDGHLPSXHVWRVTXHHVWpVLHQGRMXDGDSRURWURMXJDGRU
ODFDUWDGHLPSXHVWRVDQXODGDYDDOGHVFDUWHGHODSLODGHFDUWDV
GHIRUWXQD

1.4 (OHFFLyQGHOD0DQRGHO5H\

(MHPSOR 7UHV 1REOHV  /D 0DQR GHO 5H\ HO &RQVHMHUR GH OD
0RQHGD\HO*XDUGLiQGHO6XUMXHJDQXQDFDUWDGH,PSXHVWRVFDGDXQR
/D 0DQR GHO 5H\ SRGUtD WDVDU WRGDV ODV 5HJLRQHV JREHUQDGDV SHUR HO
&RQVHMHURGHOD0RQHGDWLHQHSULRULGDGHQXQDFXDOTXLHUDGHODV5HJLRQHV
JREHUQDGDV(O*XDUGLiQGHO6XUVyORSXHGHWDVDUVXSURSLDUHJLyQSHUR
HQ HOOD WLHQH SULRULGDG VREUH HO &RQVHMHUR GH OD 0RQHGD \ OD 0DQR GHO
5H\/RVLQJUHVRVSRU,PSXHVWRVGHXQDUHJLyQVyORSXHGHQLUDXQ/RUG
1RSXHGHQVHUGLYLGLGRV

1.5 (OHFFLyQGHO5H\

6L HO 7tWXOR GH 0DQR GHO 5H\ HVWi GLVSRQLEOH XQ *XDUGLiQ HV
FDQGLGDWR \ ORV YRWRV QHFHVDULRV HVWiQ GLVSRQLEOHV OD HOHFFLyQ
VHOOHYDDFDER&XDOTXLHU*XDUGLiQSXHGHVHUFDQGLGDWR
&DGD0LHPEURGHO&RQVHMR3ULYDGRWLHQHYRWR
8Q FDQGLGDWR JDQD OD HOHFFLyQ VL WLHQH PD\RUtD VLPSOH \ DO
PHQRVYRWRV(OPDUFDGRUGH0DQRGHO5H\VHVLW~DMXQWRD
OD FDUWD GHO /RUG HOHJLGR \ HO PDUFDGRU GH 0LHPEUR GHO
&RQVHMR3ULYDGRVLORWXYLHUDVHGHYXHOYHDOWDEOHUR/DFDUWD
GH 0LHPEUR GHO &RQVHMR 3ULYDGR VH GHYXHOYH D OD SLOD GH
GHVFDUWHV/D0DQR GH5H\HVHOHJLGDGHSRU YLGD6LPXULHUD
XQDQXHYD0DQRGHOUH\SXHGHVHUHOHJLGDGXUDQWHODVLJXLHQWH
)DVHGHHOHFFLRQHV

6L HO 7tWXOR GH 5H\ HVWi GLVSRQLEOH

XQ /RUG HV FDQGLGDWR \ ORV YRWRV
QHFHVDULRV HVWiQ GLVSRQLEOHV OD
HOHFFLyQVHOOHYDDFDER
&XDOTXLHU/RUGFRQ)HXGRSXHGH
VHU FDQGLGDWR &DGD 1REOH FRQ DO
PHQRV XQ 7tWXOR GH )HXGR GH *XDUGLiQ R GH 5HLQD WLHQH 
YRWRLQGHSHQGLHQWHPHQWHGHOQ~PHURGH7tWXORVTXHWHQJD
8QFDQGLGDWRJDQDODHOHFFLyQVLWLHQHPD\RUtDVLPSOH\DO
PHQRVYRWRVORVFXDOHVGHEHQLQFOXLUDOPHQRV/RVYRWRVGH
 *XDUGLDQHV R GH XQ 0LHPEUR GHO &RQVHMR 3ULYDGR
&RQVHMHURGH;R0DQRGHO5H\

(MHPSOR (O &RQVHMHUR GH (GLFWRV

&XDQGRXQ5H\HVHOHJLGRSRQHUHOPDUFDGRUGH5H\\OD
7KHRQ *UH\MR\ *XDUGLiQ GHO 1RUWH KD
FDUWDGHSURWHFWRUGHO5HLQRMXQWRDODFDUWDGHO1REOH8Q5H\
VLGR HOHJLGR 0DQR GHO 5H\ (O WRNHQ GH
0DQRGHO5H\VHVLW~DMXQWRDODFDUWDGH SHUPDQHFH FRPR 5H\ \ 3URWHFWRU GHO 5HLQR GXUDQWH WRGD VX

14

)DVH6HKDFHVDEHU
YLGD6LPXULHVH\HO3UtQFLSH+HUHGHURDO7URQRHVWXYLHVHHQ 1.5.1 /D5HLQD
MXHJRHO3UtQFLSHKHUHGDHO7tWXORGH5H\\3URWHFWRUGHO
5HLQR 6L HO 5H\ PXULHVH \ OD 5HLQD HVWXYLHVH HQ MXHJR  6LHO5H\HVWiFDVDGRRVHFDVDSRVWHULRUPHQWHHQODSDUWLGDVX
SHURQRHO3UtQFLSHHOPDUFDGRUGH5H\VHGHYXHOYHDOWDEOHUR HVSRVD VH FRQYLHUWH LQPHGLDWDPHQWH HQ 5HLQD 3RQHU HO
SHUROD5HLQDKHUHGDHO7tWXORGH3URWHFWRUGHO5HLQR6LHO5H\ PDUFDGRUGH5HLQDMXQWRDVXFDUWDGH1REOH
PXULHVH \ QL OD 5HLQD QL HO 3UtQFLSH HVWXYLHVHQ HQ MXHJR ORV
/D5HLQD
PDUFDGRUHV GH 5H\ \ GH 3URWHFWRU GHO 5HLQR VH GHYXHOYHQ DO
7tWXORGH$OWR5DQJR
WDEOHUR
1RWD &RPR ORV 7tWXORV GH 5H\ \ 3URWHFWRU GHO 5HLQR QR
SXHGHQVHUWUDQVIHULGRVHOQXHYR5H\GHEHWUDQVIHULUFXDOTXLHU
7tWXOR PLOLWDU R DOWR D FXDOTXLHU RWUR QREOH HOHJLEOH R
GHVFDUWDUOR

5HFLEHGUDJRQHVGHRURGXUDQWHOD)DVHGH
LQJUHVRV

3XHGHFRPSUDUODJXDUGLDGHOD5HLQD
+HUHGDHO7tWXORGH3URWHFWRUGHO5HLQRVLHO5H\
PXHUH \ QR KD\ 3UtQFLSH KHUHGHUR GHO WURQR GH
+LHUUR8QQXHYR5H\SXHGHVHUHOHJLGRGXUDQWH
OD UHJHQFLD GH OD 5HLQD GHVSXpV GH OR FXDO OD
5HLQDSLHUGHHO7tWXORGH5HLQD\HOGH3URWHFWRU
GHOUHLQRSHURQRHOUHVWRGH7tWXORVTXHWXYLHUD

(O3URWHFWRUGHO5HLQR
7tWXOR0LOLWDU

3XHGH GDU D OX] DO 3UtQFLSH GH 3RQLHQWH

'XUDQWHOD)DVHGHFRPSUDSXHGHGDUXQ

+HUHGHUR GHO 7URQR GH +LHUUR VL HO 5H\ HVWi

YLYR\HOODQRHVWiFDXWLYD

7tWXOR GH XQ )HXGR YDFDQWH D XQ 1REOH

JUDWXLWDPHQWH VLHPSUH TXH HO 1REOH UH~QD ODV
FRQGLFLRQHVQHFHVDULDVSDUDDGTXLULUHO7tWXOR(O
3URWHFWRU GHO 5HLQR SXHGH QHJRFLDU DOJ~Q IDYRU
SDUDKDFHUORORFXDOSRGUtDUHTXHULUHOXVRGHXQ
PDUFDGRUGHGLSORPDFLD6HFFLyQ

1RSXHGHVHUGHFODUDGDSURVFULWD

1.5.2 +HUHGHURDO7URQRGH+LHUUR

3XHGH UHFDXGDU 7ULEXWRV HQ XQ )HXGR QR

6LXQDFDUWDGH8QQXHYR/RUGHQOD
FRUWHHVMXJDGDSRUODFDVDGHOD5HLQD
\HOODQRHVWiFDXWLYDHO5H\YLYH\QR
KD\+HUHGHURDOWURQRGH+LHUURYLYR
HO QXHYR /RUG SXHGH VHU HO +HUHGHUR
DO 7URQR GH +LHUUR HQ YH] GH XQ
SHUVRQDMH GHO PD]R GH OD FDVD (O
MXJDGRUWRPDXQRGHODVGRVFDUWDVGH
SHUVRQDMH GHO +HUHGHUR \ OD SRQH HQ
VX WDEOHUR (O KHUHGHUR WLHQH HO
DWULEXWRGH3UtQFLSHTXHOHGDHOGHUH
FKR D KHUHGDU 6H DQLPD DO MXJDGRU D EXVFDU XQ QRPEUH
DGHFXDGRSDUDHO+HUHGHUR

JREHUQDGR SRU FDGD FDUWD GH ,PSXHVWRV TXH

MXHJXH

8QD YH] SRU WXUQR GXUDQWH OD )DVH GH 6H KDFH
VDEHU HO 3URWHFWRU GH 5HLQR SXHGH OHYDQWDU HO
VWDWXVGH3URVFULWRGHFXDOTXLHUQREOH
5RPSHHOHPSDWHHQFXDOTXLHUHOHFFLyQ\VXEDVWD
 3XHGH DEUD]DU OD IH GH 5KOORU SDUD VDTXHDU
DXWRPiWLFDPHQWH WRGRV ORV 6HSWRV HQ MXHJR
JDQDQGRGUDJRQHVGHRURSRU6HSWRGHVWUXLGR
1R SRGUiQ FRQVWUXLUVH PiV 6HSWRV GHVGH HVH
PRPHQWRHQDGHODQWH9HUGHWDOOHVHQ
1RWD (VWR HV PX\ VLPLODU D OD PHFiQLFD GHO
(GLFWR 5HDO HQ OD H[SDQVLyQ 7HPSODULRV SHUR
VLPSOLILFDGD HOLPLQDQGR OD PHFiQLFD GHO WHVRUR
WHPSODULR

1RWD([LVWHQGRVFDUWDVGH3UtQFLSHSRUTXHXQ+HUHGHUR
TXHDKRUDHV5H\SXHGHWHQHUVXSURSLR+HUHGHUR&DGDFDUWD
WLHQH GRV FDUDV XQ ODGR GH FKLFR SDUD FXDQGR D~Q QR KD
1RWD (Q HVWD YDULDQWH HO 5H\ WLHQH SRFR SRGHU VREUH HO KHUHGDGR HO 7tWXOR GH 5H\ \ XQ ODGR DGXOWR SDUD VHU XVDGR
&RQVHMR 3ULYDGR (Q HVWRV WLHPSRV GH JXHUUD KD\ PiV GH XQ FXDQGRKHUHGH
DXWRSURFODPDGRUH\SXHGHKDEHULQFOXVRFLQFR\HO/RUGFRQ
HO7tWXORGH5H\HVVLPSOHPHQWHHOPiVDFODPDGRRHOTXHWLHQH
(O3ULQFLSHGH3RQLHQWH
PiVDSR\RV(O&RQVHMR3ULYDGR\OD0DQRGHO5H\SRGUtDQVHU
+HUHGHURDO7URQRGH+LHUUR
YLVWRVFRPRJHQWHGHWUiVGHRWURVTXHVRQVXVPDULRQHWDV3RU
$WULEXWR
WDQWR HO 5H\ OD 0DQR \ HO UHVWR GH 0LHPEURV GHO &RQVHMR
3ULYDGRSXHGHQHVWDUHQJXHUUDXQRVFRQRWURV
6L OD 5HLQD PXHUH HO +HUHGHUR DO 7URQR GH
+LHUURPDQWLHQHVXFRQGLFLyQGH+HUHGHUR
1RSXHGHFRQYHUWLUVHHQ+HUPDQRGHOD*XDUGLD
GHOD1RFKH
(O5H\GHORVQGDORV
6H FRQYLHUWH HQ 5H\ \ 3URWHFWRU GHO 5HLQR VL
\ORVSULPHURVKRPEUHV
PXHUH HO 5H\ LQFOXVR VL HV XQ 3URVFULWR 6X
6HxRUGHORV6LHWH5HLQRV
PDGUHSLHUGHHO7tWXORGH5HLQD
7tWXORGH$OWR5DQJR
1RSXHGHVHUGHFODUDGRSURVFULWR
*DQD39
1RWD (O +HUHGHUR HV XQ DWULEXWR PiV TXH XQ 7tWXOR $Vt
3XHGHFRPSUDU*XDUGLD5HDO
TXH
SXHGH VHU HOHJLGR SDUD VHU TXHPDGR VL HO 3URWHFWRU GHO
1RSXHGHVHUGHFODUDGRSURVFULWR
5HLQRDEUD]DODIHGH5KOORU/DVDQJUHGHO5H\HVSRGHURVD

15

)DVH&DUWDV

)DVH'HVFDUWDU5REDU\-XJDUFDUWDV
&DGD -XJDGRU FRPSOHWD ODV VXE)DVHV GH GHVFDUWDU \ UREDU WHQLGRODRSRUWXQLGDGGHGHVFDUWDU\RUREDUFDUWDV
FDUWDV\DQWHVGHTXHHOWXUQRSDVHDOVLJXLHQWHMXJDGRU
&XDQGRWRGRVORVMXJDGRUHVKDQFRPSOHWDGRHVWDVGRVSULPHUDV
VXE)DVHV VH UHVXHOYHQ ORV 'HVDVWUHV  )LQDOPHQWH HQ HO
(MHPSOR .LUVWHQ URED XQD FDUWD GH (YHQWR HQ OD &RUWH \ DKRUD
RUGHQ GH WXUQR FDGD MXJDGRU SXHGH MXJDU WDQWDV FDUWDV FRPR TXLHUHXQDFDUWDGH)RUWXQDFRPRVHJXQGDFDUWD(QODSDUWHVXSHULRUGHO
TXLHUD
 PD]RKD\XQDFDUWDFRQHOUHYHUVRQHJUR(OODUREDHVDFDUWD\VLQPLUDUOD
ODSRQHFDUDDEDMRHQHOSULPHUHVSDFLROLEUHGHOWUDFNGH'HVDVWUHV/D
VLJXLHQWHFDUWDWDPELpQHVRWUR'HVDVWUHTXHODSRQHHQHOVLJXLHQWHHVSDFLR
OLEUH)LQDOPHQWHODWHUFHUDHVXQDFDUWDFRQHOUHYHUVRJULVTXHODOOHYDD
2.1 'HVFDUWDUFDUWDV
VXPDQR
(Q RUGHQ GH WXUQR XQ MXJDGRU SXHGH'HVFDUWDUDOJXQDR
WRGDVODVFDUWDVGHVXPDQRPRVWUiQGRODV\SRQLpQGRODVERFD
DUULED HQ OD FRUUHVSRQGLHQWH SLOD GH GHVFDUWH /D SLOD GH
GHVFDUWHQRSXHGHVHULQVSHFFLRQDGD

2.2.1 5HSRQLHQGRXQPD]RDJRWDGR

1RWD /RV MXJDGRUHV SXHGHQ MXJDU FDUWDV GH 2SRUWXQLGDG &XDQGR XQ MXJDGRU TXLHUH UREDU XQD FDUWD \ HO PD]R
GH (YHQWR HQ OD &RUWH R HO GH FDUWDV GH )RUWXQD
HQYH]GHGHVFDUWDUODVHQHVWDVXE)DVH
HVWi YDFtR VH PH]FOD HO FRUUHVSRQGLHQWH PD]R GH
GHVFDUWHV \ VH FRORFD ERFD DEDMR HQ HO HVSDFLR
DSURSLDGR GH URER (6$H, &XDQGR VH UHOOHQH HO PD]R GH
2.2 5REDU&DUWDV
)RUWXQDPRYHUHOPDUFDGRU GH(VWDFLyQXQSDVRKDFLDGHODQWH
GHVGHYHUDQRDRWRxRRGHRWRxRD,QYLHUQR6LXQD&DVDDJRWD
8Q MXJDGRU SXHGH UREDU QXHYDV FDUWDV FXDQGR ILQDOLFH GH VXV /DGLHV YROYHU D PH]FODU ODV /DGLHV GHVFDUWDGDV HQ HVD &DVD
GHVFDUWDUFDUWDV3XHGHUREDUKDVWDGRVFDUWDVGHIRUWXQD2XQD (O QXHYR 1REOH VH FRQVLGHUD GHVFHQGLHQWH GHO TXH PXULy
FDUWD GH (YHQWR HQ OD &RUWH \ RWUD GH )RUWXQD 1XQFD SRGUi $SOLFDUORPLVPRSDUDORV/RUGV6LWLHQHV/DGLHVHQMXHJRQR
UREDUGRVFDUWDVGH(YHQWRHQOD&RUWH(VWiSHUPLWLGRPLUDUOD SRGUiVMXJDUXQDFDUWDGH1XHYD/DG\HQOD&RUWHSHURSRGUtDV
SULPHUDFDUWDUREDGDDQWHVGHGHFLGLUUREDURWUD
HQFRQWUDU DOJXQD UD]yQ SDUD FDPELDUOH D DOJXLHQ OD FDUWD SRU
DOJXQDRWUDGXUDQWHXQDGLSORPDFLD
(MHPSOR'DYHUREDXQDFDUWDGH)RUWXQDODPLUD\HQWRQFHVGHFLGH
UREDUXQDFDUWDGH(YHQWRHQOD&RUWH
1RWD 'XUDQWH HVWD VXE)DVH QR VH SXHGH MXJDU QLQJXQD
FDUWDGH2SRUWXQLGDG
8Q MXJDGRU VyOR SXHGH PDQWHQHU  FDUWDV HQ VX PDQR
&XDQGR XQ MXJDGRU TXLHUH XQD FDUWD GH IRUWXQD GHEH
UREDU GHO PD]R GH )RUWXQD HO FXDO LQFOX\H FDUWDV FRQ HO
GRUVR JULV \ FRQ HO GRUVR QHJUR $OJXQDV FDUWDV GH
)RUWXQD DIHFWDQ D WRGRV ORV QREOHV R &LXGDGHV GH OD
UHJLyQ HQ OD TXH VRQ MXJDGDV (VWR LQFOX\H %XHQD
&RVHFKD %XHQ 7LHPSR H ,PSXHVWRV
2WUDV VyOR DIHFWDQ D XQ 1REOH R XQD &LXGDG FRPR
5HYXHOWD

3DVDMH
6HFUHWR

$VHVLQDWR  \ -XVWLFLD  /DV FDUWDV GH
'HVDVWUH LQFOX\HQ /OXYLDV 7RUUHQFLDOHV +DPEUXQD \
3ODJD \ DIHFWDQ D WRGRV ORV 1REOHV \ &LXGDGHV GH OD
UHJLyQ HQ OD TXH VRQ MXJDGDV 8Q MXJDGRU TXH TXLHUH UREDU
XQD FDUWD GH )RUWXQD SXHGH WHQHU SULPHUR TXH UREDU XQD
FDUWD QHJUD 'HVDVWUH VL HV OD SULPHUD GHO PD]R /DV FDUWDV
GH 'HVDVWUH QR FXHQWDQ HQWUH ODV UREDGDV SRU HO MXJDGRU QL
HQ HO OtPLWH GH VX PDQR&RQWLQ~D UREDQGR FDUWDV KDVWD TXH
VDOJD XQD FDUWD FRQ HO UHYHUVR JULV6L HO MXJDGRU URED XQD
FDUWD GH 'HVDVWUH OD SRQH ERFD DEDMR VLQ PLUDUOD HQ HO
SULPHU HVSDFLR GHO WUDFN GH 'HVDVWUHV QXPHUDGR GHO   DO
 6L ORV WUHV HVSDFLRV HVWiQ RFXSDGRV FXDOTXLHU FDUWD GH
'HVDVWUH UREDGD HV GHVFDUWDGD ERFD DUULED HQ OD SLOD GH
GHVFDUWHV GH FDUWDV GH )RUWXQD8Q MXJDGRU QR HVWi
REOLJDGR D GHVFDUWDU R UREDU FDUWDV VL SUHILHUH ODV FDUWDV
GH VX PDQR R \ VL SUHILHUH HYLWDU UREDU 'HVDVWUHV
8QD YH] TXH XQ MXJDGRU KD FRPSOHWDGR HO GHVFDUWH \ URER GH
FDUWDVHVHOWXUQRGHOVLJXLHQWHMXJDGRUKDVWDTXHWRGRVKD\DQ

16

2.3 5HVROYLHQGR&DUWDVGH'HVDVWUH
8QD YH] TXH WRGRV ORV MXJDGRUHV KDQ GHVFDUWDGR \ MXJDGR
FDUWDV FXDOTXLHU FDUWD GH 'HVDVWUH TXH KD\D VLGR UREDGD \
FRORFDGDERFDDEDMRHQHOWUDFNGHFDUWDVGH'HVDVWUHVHGDOD
YXHOWDERFDDUULED\VHUHVXHOYHFRQVHFXWLYDPHQWH
1RWD (Q HO SULPHU WXUQR ODV FDUWDV GH 'HVDVWUH VRQ
GHYXHOWDVDOPD]RHQYH]GHVHUUHVXHOWDV
*LUD ERFD DUULED OD SULPHUD FDUWD GH 'HVDVWUH 7LUD
XQ G SDUD GHWHUPLQDU TXp 5HJLyQ HV DIHFWDGD SRU HO
'HVDVWUH &RORFD OD FDUWD DO ODGR GHO PDSD MXQWR DO
Q~PHUR GH OD 5HJLyQ DIHFWDGD 6L HO UHVXOWDGR GH OD WLUDGD
HV XQ  HO 'HVDVWUH QR RFXUUH GHVFDUWD OD FDUWD GH
'HVDVWUH 6L MXHJDV FRQ OD YDULDQWH 6H DFHUFD HO LQYLHUQR
\ OD HVWDFLyQ HV 2WRxR R ,QYLHUQR HO 'HVDVWUH DIHFWDUi D
XQD R GRV 5HJLRQHV H[WUD UHVSHFWLYDPHQWH /DQ]D HO G
SRU FDGD 'HVDVWUH H[WUD \ DSOLFD HO UHVXOWDGR KDELWXDO
8WLOL]D ODV WDUMHWDV GH 'HVDVWUH H[WUD HQ HVWD YDULDQWH
WUDVHUD \ ERUGH D]XO SDUD PDUFDU ODV 5HJLRQHV DGLFLRQDOHV
 'HVSXpVGHTXHHOSULPHU'HVDVWUHKD\DVLGRUHVXHOWRJLUDOD
VHJXQGD FDUWD GH 'HVDVWUH \ WLUD XQ G SDUD GHWHUPLQDU TXp
5HJLyQHVDIHFWDGD\DVtVXFHVLYDPHQWH8QD5HJLyQQRSXHGH
VHUREMHWLYRGHGRV'HVDVWUHVGHOPLVPRWLSRHQXQDURQGD6L
HVRRFXUUHGHVFDUWDHOVHJXQGR'HVDVWUH'RVRPiV'HVDVWUHV
GHWLSRVGLVWLQWRVVLSXHGHQDIHFWDUDODPLVPD5HJLyQHQXQD
URQGD

)DVH2.CarWDs
+D\ WUHV WLSRV GH FDUWDV GH 'HVDVWUHV /OXYLDV 7RUUHQFLDOHV
+DPEUXQD \ 3ODJD $IHFWDQ D WRGDV ODV WURSDV \ 1REOHV HQ OD
5HJLyQ GRQGH FDHQ /DV FDUWDV GH 'HVDVWUHV VH PDQWLHQHQ HQ
MXHJR KDVWD TXH VHDQ GHVFDUWDGDV HQ OD SLOD GH GHVFDUWHV GH
FDUWDV GH )RUWXQD \ 'HVDVWUHV DO ILQDO GH OD URQGD )DVH 

QD\VHGHVFDUWDQDPEDVFDUWDV1RHVSRVLEOHMXJDUXQDFDUWDGH
%XHQ7LHPSRHQOD5HJLyQDIHFWDGDSDUDDXPHQWDUORVLQJUHVRV
GH ORV 0ROLQRV  SHUR VL SDUD FDQFHODU /OXYLDV
7RUUHQFLDOHV
1RWD/DVKDPEUXQDVSXHGHQFDXVDU/HYDQWDPLHQWRV

2.3.3 3ODJDFDUWDVFDUWDVLVHMXHJD

FRQODYDULDQWH6$H,

$WULEXWRVGHORV1REOHV

7RGDV ODV &LXGDGHV HQ OD 5HJLyQ VRQ

6L KD\ DO PHQRV XQ 1REOH PDOGLWR HQ MXHJR WLUD XQ GDGR GH
DIHFWDGDVSRUOD3ODJD(QRUGHQGHWXUQR
%DWDOODSRUFDGDFDUWDGH'HVDVWUHDSDUWHGHOG6LHOUHVXOWDGR
ORV-XJDGRUHVGHEHQUHVROYHUORVLJXLHQWH
HV
II
 GRV LPSDFWRV OD WLUDGD GHO G VH LJQRUD \ HO 'HVDVWUH
7LUDXQGSRUFDGD1REOHHQOD5HJLyQ
DIHFWD OD 5HJLyQ GRQGH VH HQFXHQWUD HO 1REOH PDOGLWR 6L HO
&RQ XQ UHVXOWDGRGH R  HVH1REOH
1REOH PDOGLWR VH HQFXHQWUD HQ HO 0XUR HVH DWULEXWR QR WLHQH
PXHUH 7RGRV ORV HMpUFLWRV HQ OD 5HJLyQ
HIHFWR 6L KD\ PiV GH XQ 1REOH PDOGLWR HQ MXHJR \ VH
DIHFWDGD SLHUGHQ DXWRPiWLFDPHQWH OD
HQFXHQWUDQHQ5HJLRQHVGLVWLQWDVVHWLUDXQGDGRGH%DWDOOD\HO
PLWDGGHVXV7URSDVHQFDGD&LXGDG6H
'HVDVWUH DIHFWD OD 5HJLyQ GHO 1REOH TXH WLUy HO UHVXOWDGR PiV
FXHQWDQORVPDUFDGRUHV\VHUHWLUDOD
DOWR 6L KD\ XQ HPSDWH VH LJQRUD HO HIHFWR GH OD PDOGLFLyQ \ HO
 PLWDG UHGRQGHDQGR KDFLD DEDMR $UTXHURV &DPSHRQHV
'HVDVWUHDIHFWDDOD5HJLyQLQGLFDGDSRUHOG
&DEDOOHURV\+RPEUHVGH$UPDVWRGRVFXHQWDQORPLVPR(O
1RWD(ODWULEXWRGH0DOGLWRVyORDIHFWDDODVFDUWDVGH'HVDVWUH -XJDGRU TXH FRQWUROD HO HMpUFLWR GHFLGH TXH WURSDV VH TXLWDQ
0iTXLQDVGHDVHGLRQRFXHQWDQFRPRWURSDV\QRVRQDIHFWDGDV
\12DVXVFRSLDV
SRUOD3ODJD
2.3.1 /OXYLDV7RUUHQFLDOHV&DUWDV
(MHPSOR *XQWHU WLHQH XQ HMpUFLWR HQ XQD &LXGDG DIHFWDGD SRU OD
1R VH SHUPLWHQ PRYLPLHQWRV R EDWDOODV 3ODJD6XHMpUFLWRFRQVLVWHHQ+RPEUHVGH$UPDV\&DEDOOHURV
HQ OD 5HJLyQ DIHFWDGD (VR VH DSOLFD D 'LYLGLHQGRSRUGRV\UHGRQGHDQGRKDFLDDEDMRHOWLHQHTXHTXLWDU
WRGDV ODV &LXGDGHV HQ OD 5HJLyQ \ WURSDV\GHFLGHTXLWDU+RPEUHVGH$UPDV(QRWUD&LXGDGVRORWLHQH
WDPELpQ DIHFWD D ODV FDUUHWHUDV TXH +RPEUHGH$UPDVGLYLGLGRSRUGRV\UHGRQGHDGRKDFLDDEDMRHV$Vt
FRQHFWDQ OD 5HJLyQ FRQ RWUDV 6H SXHGH TXHQRWLHQHTXHTXLWDUHO+RPEUHGH$UPDV
1RWD &RQFHQWUDFLRQHV GH SHUVRQDV D\XGDQ D OD 3ODJD D
MXJDU XQD FDUWD GH %XHQ 7LHPSR 
SDUD FDQFHODU ODV /OXYLDV 7RUUHQFLDOHV H[SDQGLUVH&XDQWRPiVFHQWUDOL]DXQ-XJDGRUVXVWURSDVPiV
SpUGLGDVSXHGHVXIULUSRUOD3ODJD
DPEDVVHGHVFDUWDQ8Q-XJDGRUQR
&XDOTXLHU 1REOH TXH HQWUD HQ XQD 5HJLyQ DIHFWDGD SRU OD
SXHGH MXJDU XQD &RVHFKD $EXQGDQWH SDUD DXPHQWDU OD
SURGXFFLyQ GH VXV 0ROLQRV  HQ XQD 5HJLyQ FRQ /OXYLDV 3ODJDWLHQHTXHKDFHULQPHGLDWDPHQWHXQDWLUDGDGHXQGSDUD
7RUUHQFLDOHV SHUR VLHPSUH SRGUi MXJDUOD SDUD FDQFHODU XQD YHU VL PXHUH (MpUFLWRV TXH HQWUDQ HQ XQD 5HJLyQ FRQ 3ODJD
+DPEUXQD/HYDQWDPLHQWRVDxDGLUPiTXLQDVGHDVHGLR SLHUGHQ OD PLWDG GH VXV WURSDV UHGRQGHDQGR KDFLD DEDMR /RV
\ PRYLPLHQWRV PHGLDQWH 3DVDGL]RV 6HFUHWRV  QR VRQ 1REOHV\WURSDVTXHVDOHQGHXQD5HJLyQDIHFWDGDSRUOD3ODJD
\ OXHJR HQWUDQ HQ RWUR VLWLR TXH WDPELpQ HVWi DIHFWDGR SRU OD
DIHFWDGRVSRUODV/OXYLDV7RUUHQFLDOHV
3ODJD R YXHOYHQ D HQWUDU HQ OD 5HJLyQ DQWHULRU QR VH YHQ
1RWD8Q1REOHLQIDWLJDEOHSXHGHPRYHUVH\OXFKDUHQ
DIHFWDGRVQXHYDPHQWH/DVWURSDVTXHVHDGTXLHUHQQXHYDVHQ
XQD5HJLyQDIHFWDGDSRU/OXYLDV7RUUHQFLDOHV
OD5HJLyQFRQ3ODJDQRHVWiQDIHFWDGDVSRUHOOD
1RWD 6H FRQVLGHUD TXH HVWDV WURSDV VRQ UHFOXWDGDV HQWUH
ORVVXSHUYLYLHQWHVGHOD3ODJD

2.3.2 +DPEUXQD&DUWDV

8Q1REOHTXHHQWUDHQMXHJRHQXQD5HJLyQDIHFWDGDSRU
/RV 0ROLQRV HQ OD 5HJLyQ FRQ OD3ODJDGXUDQWHODVXE)DVHGH-XJDU&DUWDVQRHV
+DPEUXQD QR SURGXFHQ LQJUHVRV HVWH DIHFWDGRSRUOD3ODJD
WXUQR 6L VH MXHJD XQD FDUWD GH &RVHFKD
$WULEXWRVGHORV1REOHV8Q1REOH%HQGLWRQRHVDIHFWDGR
$EXQGDQWHVHFDQFHODOD+DPEUX SRUOD3ODJDSHURVXVWURSDVVt

17

)DVH&DUWDV

2.4 -XJDU&DUWDV

%DUDWKHRQHOFUXHO'DYLGFRORFDHVH/RUGHQFLPDGHODFDUWDGH(YHQWR
HQOD&RUWH\FRORFDHO$YDWDUGH-RIIUH\%DUDWKHRQHQVX)RUWDOH]DHQ
8QDYH]WRGRVORV'HVDVWUHVKDQVLGRUHVXHOWRVORV-XJDGRUHV /DQQLVSRUW
SXHGHQ MXJDU FXDOTXLHU Q~PHUR GH &DUWDV GH (YHQWR HQ OD
1RWD/RV1REOHVSXHGHQRFXSDUXQD&LXGDGVLQ7URSDV
&RUWH \ GH )RUWXQD GH VXV PDQRV HQ RUGHQ GH WXUQR SHUR HVWDUiQ PX\ YXOQHUDEOHV D ORV /HYDQWDPLHQWRV  R
7RGDVODVFDUWDVGH)RUWXQDWLHQHQXQRGHGRVVtPERORVHQOD EDWDOODV (Q XQ /HYDQWDPLHQWR PRULUiQ LQPHGLDWDPHQWH \ HQ
SDUWHVXSHULRU&DUWDVFRQXQVtPERORGHXQDFDUWDEODQFDVROR XQDEDWDOODFDSWXUDGRVGHLQPHGLDWR
SXHGHQ MXJDUVH HQ HVWD )DVH 6L QR VH MXHJDQ DKRUD ORV
-XJDGRUHVVHODVSXHGHQTXHGDUHQODPDQRSHURWHQGUiQTXH 0XHUWHGHXQ1REOH
HVSHUDU D OD )DVH GH -XJDU &DUWDV GH OD VLJXLHQWH URQGD SDUD
6LXQ1REOHPXHUHODFDUWDDVRFLDGDGH(YHQWRHQOD&RUWHVH
MXJDUODV &DUWDV FRQ XQ VtPEROR GH XQ UHOiPSDJR YHUGH VRQ
GHVFDUWD DO PD]R GH 'HVFDUWHV GH (YHQWRV HQ OD &RUWH HQ HO
&DUWDV GH 2SRUWXQLGDG \ VH SXHGHQ MXJDU HQ FXDOTXLHU
WDEOHUR PDUFDGR FRQ XQ ERUGH URMR \ VX FDUWD GH 1REOH VH
PRPHQWR HQ FXDOTXLHU )DVH FRQ H[FHSFLyQ GH ODV VXEIDVHV GH
UHWLUDGHO-XHJR([FHSWRHOWtWXORGH)HXGRWRGRVVXVWtWXORVVH
UREDU FDUWDV UHVROYHU GHVDVWUHV \ UHFDXGDU GLQHUR &XDOTXLHU
SLHUGHQ (O WtWXOR GH )HXGR HV WUDQVIHULGR D FXDOTXLHU RWUR
HIHFWR GHO -XHJR SRU HMHPSOR KDELOLGDGHV GH &DVDV R &DUWDV
1REOH YLYR GH OD &DVD TXH QR VHD *XDUGLD GH OD 1RFKH 6L
$WULEXWRV GH 1REOHV 'HVDVWUHV GHEHQ VHU UHVXHOWRV
QLQJ~Q QREOH SXHGH WRPDUOR HO PDUFDGRU YXHOYH DO WDEOHUR
FRPSOHWDPHQWHDQWHVGHTXHVHSXHGDGHFODUDURWURHIHFWR3RU
(VWH WtWXOR SRGUi VHU UHFXSHUDGR VLQ FRVWH SRU VX &DVD WDQ
HMHPSOR QR VH SXHGH MXJDU QLQJXQD FDUWD GH RSRUWXQLGDG SDUD
SURQWRFRPRXQQXHYR1REOHVHSRQJDHQMXHJR\OD&DVDD~Q
SDUDUDOJRTXH\DVHKDGHFODUDGR
FRQWUROHOD&LXGDG)RUWLILFDGDGHOIHXGR

2.4.1 8QQXHYR/RUG/DG\HQODFRUWH

FDUWDV0D]RGH(YHQWRVHQOD&RUWH
-XJDU XQD FDUWD GH 8Q
QXHYR /RUG HQ OD
&RUWH  R 8QD
QXHYD 'DPD HQ OD
&RUWH  SHUPLWH DO
-XJDGRUJDQDUXQQXHYR
0LHPEURGHVX&DVD(O
Q~PHURGH1REOHVGH
FDGD &DVD HVWi OLPLWDGR HQ  1XHYRV 1REOHV VROR SXHGHQ
HQWUDUHQMXHJRHQODVXE)DVHGH-XJDU&DUWDV

&RORFDUXQ1REOHQXHYR
6HFRORFDODFDUWDGH(YHQWRHQOD&RUWHHQXQRGHORVHVSDFLRV
GHVWLQDGRV HQ HO WDEOHUR GH &DVD (O -XJDGRU FRJH
HQWRQFHVXQ1REOHDOD]DUGHOWLSRFRUUHVSRQGLHQWHGHVXPD]R
GHSHUVRQDMHVGH&DVD\ORFRORFDHQFLPDGHODFDUWDGH(YHQWR
HQOD&RUWHVLHVHOSULPHU/RUGRODSULPHUD/DG\TXHMXHJDHQ
ODSDUWLGDHQHVHFDVRHQOXJDUGHXQQREOHDOD]DUFRORFDUiHO
/RUG LQLFLDO R OD /DG\ LQLFLDO HVRV GRV QREOHV VHUiQ SXHV
VLHPSUH ORV SULPHURV GH FDGD WLSR MXJDGRV SRU FDGD FDVD
'HVSXpV GH HVR FRORFD HO $YDWDU DVRFLDGR HQ FXDOTXLHU
)RUWDOH]D  R &LXGDG )RUWLILFDGD  TXH FRQWUROD 6L HO
-XJDGRU QR FRQWUROD QLQJXQD )RUWDOH]D R &LXGDG )RUWLILFDGD
FRORFDHO1REOHHQFXDOTXLHUDGHODV&LXGDGHVRFXSDGDSRURWUR
GHVXV1REOHV6LQRWLHQHRWUR1REOHFRORFDHOQXHYR1REOH
HQ FXDOTXLHUD GH ODV &LXGDGHV TXH FRQWUROD 6L WDPSRFR
FRQWUROD QLQJXQD &LXGDG SXHGH FRORFDU HO 1REOH HQ FXDOTXLHU
&LXGDG
1RWD&XDQGRXQ1REOHHVOLEHUDGRGHFDXWLYHULRVLJXH
ODVPLVPDVUHJODVGHFRORFDFLyQ
7RGRV ORV 1REOHV WLHQHQ XQ $WULEXWR /RV HIHFWRV GH ORV
$WULEXWRVVHH[SOLFDQHQHVWDVUHJODV\VHUHVXPHQHQODFDUWDGH
FDGD 1REOH 6L HO QXHYR 1REOH HV HO +HUHGHUR DO 7URQR GH
+LHUUR  HO -XJDGRU URED XQD GH ODV GRV FDUWDV (O
3UtQFLSH GH 3RQLHQWH HQ YH] GH XQ /RUG GH VX &DVD (O
+HUHGHUR WLHQH HO $WULEXWR 3UtQFLSH GH 3RQLHQWH QR HV XQ
7tWXOR

(MHPSOR &RPR FDEH]D GH OD &DVD /DQQLVWHU 'DYLG MXHJD

XQDFDUWDGH8QQXHYR/RUGHQOD&RUWH&RORFDODFDUWDHQXQR
GHORVHVSDFLRVGHVWLQDGRVDOODGRGHVXWDEOHURGH&DVD(QWRQFHV
UREDODSULPHUDFDUWDGHVXPD]RGH3HUVRQDMHV(V-RIIUH\
18

1RWD (O WtWXOR SRGUi VHU REWHQLGR SRU RWUD )DPLOLD VL
WRPDHOFRQWUROGHOD&LXGDG)RUWLILFDGDGH)HXGR

2.4.2 0DGUHGH'UDJRQHVFDUWD&DUWDGH

2SRUWXQLGDG0D]RGH(YHQWRVHQOD&RUWH
0DGUHGH'UDJRQHV
7tWXORHVSHFLDO
3XHGHPRYHUVHSDVRVGXUDQWHODIDVH
GH0RYLPLHQWRHQYH]GHORVXVXDOHV7URSDV
&DXWLYRV \ RWURV 1REOHV TXH YLDMDQ FRQ HOOD
WDPELpQDSURYHFKDQHVDKDELOLGDG
5HFLEHXQ'DGRGH%DWDOODDGLFLRQDOHQWRGDVODV
EDWDOODV/D0DGUHGH'UDJRQHVHVHO~QLFR1REOH
TXHSXHGHWLUDU'DGRVGH%DWDOOD
6L VH PXHUH VH GHVFDUWD OD FDUWD GH 0DGUH GH
'UDJRQHVDOPD]RGH'HVFDUWHVGH(YHQWRVGHOD
&RUWH
/D FDUWD GH 0DGUH GH 'UDJRQHV
SXHGH VHU MXJDGD HQ FXDOTXLHU PRPHQWR
VREUH FXDOTXLHU /DG\ LQFOXVR VL
SHUWHQHFH D RWUR -XJDGRU (VD /DG\
SXHGH HVWDU FDVDGD R FDVDUVH
SRVWHULRUPHQWH &RORFD HO 7tWXOR GH
0DGUHGH'UDJRQHVGHEDMRGHODFDUWDGH
OD/DG\

2.4.3 ,QYLWDFLyQDO&RQVHMR3ULYDGR&DUWDV

&DUWDGH2SRUWXQLGDG0D]RGH&DUWDV
GH(YHQWRVHQOD&RUWH
8QD FDUWD GH ,QYLWDFLyQ DO &RQVHMR
3ULYDGR SXHGH MXJDUVH VREUH XQ
*XDUGLiQ HQ FXDOTXLHU PRPHQWR (O
-XJDGRU GHO*XDUGLiQ FRJHXQ PDUFDGRU
GH &RQVHMR 3ULYDGR GH VX HOHFFLyQ GHO
WDEOHURSDUDFRORFDUORFRQHO*XDUGLiQ\
FRORFDODFDUWDGH,QYLWDFLyQDO&RQVHMR
3ULYDGRHQVXOXJDU/DVSRVLFLRQHVGHO

)ase2.CarWDs
&RQVHMR 3ULYDGR GLVSRQLEOHV VRQ HO &RQVHMHUR 1DYDO HO
&RQVHMHUR GH ORV 5XPRUHV HO &RQVHMHUR GH OD 0RQHGD \ HO
&RQVHMHUR GH (GLFWRV (O /RUG JDQD LQPHGLDWDPHQWH ORV
SULYLOHJLRV GH XQ 0LHPEUR GHO &RQVHMR 3ULYDGR  6L XQ
0LHPEURGHO&RQVHMR3ULYDGRPXHUHGHYXHOYHVXPDUFDGRUGH
&RQVHMR3ULYDGRDOWDEOHUR\GHVFDUWDODFDUWDFRUUHVSRQGLHQWH
GH ,QYLWDFLyQ DO &RQVHMR 3ULYDGR DO PD]R GH GHVFDUWHV GH
(YHQWRVHQOD&RUWH
1RWD 5HFXHUGD TXH KD\ WDPELpQ XQ FXDUWR 0LHPEUR GHO
&RQVHMR 3ULYDGR  TXH VH SXHGH FRQVHJXLU PHGLDQWH
VXEDVWD

ODFDUWDLQFOXVRVLOD5HJLyQHVDIHFWDGDWDPELpQSRU+DPEUXQD

6L OD 5HJLyQ QR HV DIHFWDGD SRU /OXYLDV 7RUUHQFLDOHV VH
SXHGHFRORFDUODFDUWDHQHOPDSDMXQWRDOQ~PHURGHOD5HJLyQ
7RGRV ORV 0ROLQRV \ 6HSWRV GH OD 5HJLyQ SURGXFLUiQ XQ
LQJUHVRH[WUDGH'UDJyQGH2UR(O%XHQ7LHPSRDIHFWDD
WRGDVODV&LXGDGHVGHOD5HJLyQ
(MHPSOR 6H SRGUtD MXJDU XQD FDUWD GH %XHQ 7LHPSR SDUD TXLWDU
/OXYLDV 7RUUHQFLDOHV (QWRQFHV VH SRGUtD MXJDU XQD FDUWD GH &RVHFKD
$EXQGDQWHSDUDDXPHQWDUHOLQJUHVRGHORV0ROLQRV

6L OD 0DQR GHO 5H\ HVWi HQ MXHJR HV QHFHVDULR VX
(MHPSOR8Q-XJDGRUSXHGHMXJDUXQDFDUWDGH&RVHFKD$EXQGDQWH
FRQVHQWLPLHQWR SDUD TXH VH SXHGD MXJDU XQD FDUWD GH
\ XQD FDUWD GH %XHQ 7LHPSR HQ OD PLVPD 5HJLyQ 7RGRV ORV 0ROLQRV \
,QYLWDFLyQDO&RQVHMR3ULYDGR
6HSWRVGHHVD5HJLyQSURGXFLUiQLQJUHVRVDGLFLRQDOHVGH'UDJRQHVGH
2URGXUDQWHOD)DVHGH,QJUHVRVUHVXOWDQGRHQXQWRWDOGH'UDJRQHVGH
2URSRUFDGD0ROLQR\FDGD6HSWR
$WULEXWRVGHORV1REOHV:
/RVLQJUHVRVGHORV0ROLQRV\6HSWRVHQXQD5HJLyQHQODTXH

2.4.4 &RVHFKD$EXQGDQWH&DUWDV0D]R VH HQFXHQWUD XQ 1REOH GHVDIRUWXQDGR QR SXHGHQ DXPHQWDUVH
FRQ FDUWDV GH &RVHFKD $EXQGDQWH R %XHQ7LHPSR SHUR VL VH
GH)RUWXQD
SXHGHQ FDQFHODU 'HVDVWUHV HQ HVD 5HJLyQ XVDQGR HVDV FDUWDV
&RVHFKD $EXQGDQWH SXHGH MXJDUVH HQ 1RWD 6H SXHGH MXJDU PiV GH XQD FDUWD GH )RUWXQD GHO PLVPR
XQD 5HJLyQ VLQ /OXYLDV 7RUUHQFLDOHV WLSRHQXQD5HJLyQ3HURVRORVLVHXVDQFRQILQHVGLIHUHQWHVHV

GHFLUXQDSDUDFDQFHODUXQ'HVDVWUH\ODRWUDSDUDDXPHQWDUORV
LQJUHVRVGH0ROLQRV\6HSWRV

6LKD\XQDFDUWDGH+DPEUXQDHQ
(MHPSOR8QD+DPEUXQDKDFDtGRHQOD5HJLyQ(VD+DPEUXQD
HVWD5HJLyQDPEDVFDUWDVODGH&RVHFKD
DIHFWDUtDD'DYLG3RUVXHUWHHOWLHQHGRVFDUWDVGH&RVHFKD$EXQGDQWHHQ
$EXQGDQWH \ OD GH +DPEUXQD VRQ ODPDQR(OMXHJDVXSULPHUDFDUWDGH&RVHFKD$EXQGDQWHSDUDFDQFHODU
GHVFDUWDGDV GH LQPHGLDWR &RQ HVH HIHFWR VH SXHGH MXJDU OD OD +DPEUXQD (QWRQFHV MXHJD VX VHJXQGD FDUWD GH &RVHFKD $EXQGDQWH
FDUWD LQFOXVR VL OD 5HJLyQ HV DIHFWDGD WDPELpQ SRU /OXYLDV SDUDTXHVXV0ROLQRVHQOD5HJLyQSURGX]FDQ'UDJyQGH2URHQOD
7RUUHQFLDOHV
)DVH GH ,QJUHVRV 6L OD 5HJLyQ QR KXELHUD VLGR DIHFWDGD SRU XQD

6L OD 5HJLyQ QR HV DIHFWDGD SRU +DPEUXQD VH SXHGH +DPEUXQD'DYLGVRORSRGUtDKDEHUMXJDGRXQDGHVXVFDUWDVGH&RVHFKD
FRORFDU OD FDUWD GH &RVHFKD $EXQGDQWH HQ HO PDSD MXQWR DO $EXQGDQWHVREUHHOOD
Q~PHUR GH OD 5HJLyQ 7RGRV ORV 0ROLQRV \ 6HSWRV GH OD
5HJLyQSURGXFLUiQXQLQJUHVRH[WUDGH'UDJyQGH2UR/D 2.4.6 ,PSXHVWRV&DUWDV0D]RGH)RUWXQD
&RVHFKD DEXQGDQWH DIHFWD D WRGDV ODV &LXGDGHV GH OD 5HJLyQ
8QD FDUWD GH ,PSXHVWRV SXHGH MXJDUVH
VREUH XQ )HXGR FRPR 7ULEXWR R VREUH
(MHPSOR 8QD &DUWD GH &RVHFKD $EXQGDQWH VH MXHJD VREUH XQD
XQD 5HJLyQ FRPR ,PSXHVWR LQFOXVR
5HJLyQ FRQ +DPEUXQD 6H GHVFDUWDQ OD FDUWD GH +DPEUXQD \ OD GH
FXDQGR HO 1REOH DVRFLDGR DO )HXGR
&RVHFKD$EXQGDQWH/D+DPEUXQDQRRFXUUH
5HJLyQ VX 6HxRU R HO *XDUGLiQ HVWi
&DXWLYR /D FDUWD GH ,PSXHVWRV FXDQGR
$WULEXWRVGHORV1REOHV
HVMXJDGDHVGHVFDUWDGD\HOMXJDGRUSRQH
/RVLQJUHVRVGHORV0ROLQRV\6HSWRVHQXQD5HJLyQHQODTXH
XQR GH VXV PDUFDGRUHV GH LPSXHVWRV HQ
VHHQFXHQWUDXQ1REOHGHVDIRUWXQDGRQRSXHGHQDXPHQWDUVH
HOIHXGRR5HJLyQDIHFWDGD
FRQFDUWDVGH&RVHFKD$EXQGDQWHR%XHQ7LHPSRSHURVLVH
SXHGHQFDQFHODU'HVDVWUHVHQHVD5HJLyQXVDQGRHVDVFDUWDV
1RWD,PSXHVWRVSXHGHQSURYRFDU/HYDQWDPLHQWRV
1RWD 6H SXHGH MXJDU PiV GH XQD FDUWD GH )RUWXQD GHO
PLVPR WLSR HQ XQD 5HJLyQ 3HUR VROR VL VH XVDQ FRQ ILQHV
GLIHUHQWHVHVGHFLUXQDSDUDFDQFHODUXQ'HVDVWUH\ODRWUDSDUD /RV7ULEXWRVSXHGHQMXJDUVHSRU
DXPHQWDUORVLQJUHVRVGH0ROLQRV\6HSWRV
8Q 6HxRU HQ VX SURSLR )HXGR R (O 3URWHFWRU GHO 5HLQR HQ
FXDOTXLHU )HXGR QR JREHUQDGR HO 3URWHFWRU GHO 5HLQR QR
QHFHVLWDFRQWURODUQLQJXQDGHODV&LXGDGHV(OMXJDGRUTXHORV
MXHJD SRQH XQR GH VXV PDUFDGRUHV GH ,PSXHVWRV HQ HO )HXGR
%XHQ 7LHPSR SXHGH MXJDUVH HQ XQD HQODORFDOL]DFLyQPDUFDGDFRQHOVtPERORGHFRIUH'UDJRQHV
5HJLyQVLQ+DPEUXQD
GH2URSRUFDGD&LXGDGHQHVWH)HXGRLQFOXVRVLHVFRQWURODGD
R DVHGLDGDSRURWURVMXJDGRUHV

2.4.5 %XHQ7LHPSR&DUWDV0D]RGH

)RUWXQD

6L KD\ XQD FDUWD GH /OXYLDV

(MHPSOR(O/RUGGH.LUVWHQHV3URWHFWRUGHO5HLQR\MXHJDXQDFDUWD
7RUUHQFLDOHV HQ HVWD 5HJLyQ DPEDV
FDUWDVODGH%XHQ7LHPSR\ODGH/OXYLDV GH,PSXHVWRVFRPR7ULEXWRV5HDOHVVREUHODV7LHUUDVGH2FFLGHQWH'HODV
7RUUHQFLDOHV VRQ GHVFDUWDGDV GH FXDWUR&LXGDGHVHQODV7LHUUDVGH2FFGHQWH*UDG\FRQWUROD&LXGDGHV\
LQPHGLDWR&RQHVHHIHFWRVHSXHGHMXJDU 'DYLGFRQWUROD&LXGDG'XUDQWHOD)DVHGH,QJUHVRV.LUVWHQUHFLELUi
19

)ase2.CarWDs
'UDJRQHVGH2UR'UDJRQHVGH2URGHFDGD&LXGDG*UDG\\'DYLG
VLJXHQ UHFLELHQGR ORV LQJUHVRV QRUPDOHV GH  'UDJyQ GH 2UR SRU FDGD
&LXGDGFRQWURODGD)DVHDVtTXH*UDG\JDQD'UDJRQHVGH2UR\
'DYLG

,PSXHVWRGH*XDUGLDQHVSXHGHVHUMXJDGRSRU
8Q *XDUGLiQ VREUH VX SURSLD 5HJLyQ  8Q 0LHPEUR GHO
&RQVHMR3ULYDGRLQFOX\HQGROD0DQRGHO5H\VREUHFXDOTXLHU
5HJLyQJREHUQDGD/D0DQRGHO5H\VREUHWRGDVODV5HJLRQHV
JREHUQDGDV DO PLVPR WLHPSR (O MXJDGRU TXH ORV MXHJD SRQH
XQRGHVXVPDUFDGRUHVGH,PSXHVWRVHQHOWDEOHURDOODGRGHO
Q~PHURGHOD5HJLyQDIHFWDGD6LYDULRVMXJDGRUHVMXHJDQFDUWDV
GH,PSXHVWRVHQODPLVPD5HJLyQVyORXQRGHHOORVUHFLELUiORV
LQJUHVRV GH ORV 0ROLQRV HQ HO VLJXLHQWH RUGHQ GH SULRULGDG
3ULPHUR HO *XDUGLiQ GH OD 5HJLyQ HQ FXHVWLyQ ! GHVSXpV XQ
&RQVHMHURGH!SRU~OWLPROD0DQRGHO5H\'XUDQWHOD)DVH
GH,QJUHVRVHO,PSXHVWRSHUPLWHDOMXJDGRUFREUDUORVLQJUHVRV
GH WRGRV ORV 0ROLQRV GH OD 5HJLyQ DIHFWDGD HQ YH] GH ORV
-XJDGRUHVTXHFRQWURODQHVRV0ROLQRV

2.4.7 /HYDQWDPLHQWRFDUWDV&DUWDGH

2SRUWXQLGDG0D]RGH)RUWXQD
8QD FDUWD GH /HYDQWDPLHQWR SXHGH
MXJDUVHHQFXDOTXLHUPRPHQWR

(QXQD&LXGDGDIHFWDGDSRU
7ULEXWRVR,PSXHVWRV

(QXQD&LXGDGEDMRORVHIHFWRVGH
XQD+DPEUXQD

(Q XQD &LXGDG HQ OD TXH VH

HQFXHQWUDXQ1REOH7LUDQR
1RWD HO /HYDQWDPLHQWR VROR DIHFWD DO 1REOH WLUDQR \ VXV
7URSDVQRDODV7URSDVGHRWUR-XJDGRUROD&LXGDG
8Q -XJDGRU QR SXHGH MXJDU XQD FDUWD GH /HYDQWDPLHQWR
VREUH XQD &LXGDG VL pO KD FDXVDGR HO (YHQWR TXH SHUPLWH HO
/HYDQWDPLHQWR 1R VH SXHGH MXJDU XQ /HYDQWDPLHQWR HQ XQD
&LXGDG FRQ 6HSWR QL VLTXLHUD VL DOOt VH HQFXHQWUD XQ 1REOH
WLUDQR
(MHPSOR 8Q -XJDGRU FREUD HO ,PSXHVWR HQ XQD 5HJLyQ 1R SXHGH
MXJDUFDUWDVGH/HYDQWDPLHQWRVVREUHODV&LXGDGHVGHHVD5HJLyQEDVDGRV
HQVX,PSXHVWRSRUTXHpOKDFUHDGRODFDXVDSDUDHO/HYDQWDPLHQWR1R
REVWDQWH VL HVD 5HJLyQ HV WDPELpQ DIHFWDGD SRU XQD +DPEUXQD SRGUtD
MXJDUXQ/HYDQWDPLHQWRFDXVDGRSRUHVD+DPEUXQD
&XDQGR VH MXHJD XQD FDUWD GH /HYDQWDPLHQWR VREUH XQD
&LXGDGODV7URSDVHQHVD&LXGDGVRQLQPHGLDWDPHQWHDWDFDGDV
FRQ'DGRGH%DWDOODILQFOXVRIXHUDGHOD)DVHGH%DWDOOD
6LYDULRVRSRQHQWHVWLHQHQ7URSDVHQOD&LXGDGHO-XJDGRUTXH
MXJyODFDUWDGH/HYDQWDPLHQWRHOLJHTXp7URSDVVHUiQDWDFDGDV
SULPHUR/RVSHQDOL]DGRUHVGH)RUWDOH]DR&LXGDG$PXUDOODGD
WDPELpQ DIHFWDQ D ORV /HYDQWDPLHQWRV &XDOTXLHU -XJDGRU
SXHGH MXJDU XQD FDUWD GH 3DVDMH 6HFUHWR SDUD TXH HO
/HYDQWDPLHQWRLJQRUHORVSHQDOL]DGRUHV

&XDOTXLHU1REOHHQOD&LXGDGHVHMHFXWDGRQRVHWRPDQ
&DXWLYRV

6LKD\0ROLQRV\RXQD)RUWDOH]DHQHVD&LXGDGVRQ
GHVWUXLGRV
&LXGDGHV $PXUDOODGDV QR VRQ DIHFWDGDV 8QD YH] UHVXHOWR VH
GHVFDUWD OD FDUWD GH /HYDQWDPLHQWR \ VH GHMD HQ HO PD]R GH
GHVFDUWHVGH)RUWXQD
(MHPSOR 'DYLG MXHJD XQD FDUWD GH /HYDQWDPLHQWR VREUH OD
&LXGDG GH /DQQLVSRUW GRQGH VH HQFXHQWUDQ XQD )RUWDOH]D \ 
+RPEUHV GH $UPDV /D FDUWD GH /HYDQWDPLHQWR DWDFD FRQ 
'DGR GH %DWDOOD  LPSDFWR H[WUD SHUR VH FDQFHOD HO 'DGR GH
%DWDOOD SRU HO SHQDOL]DGRU GH OD )RUWDOH]D (O /HYDQWDPLHQWR
IDOODUtD SRU TXH HO LPSDFWR H[WUD VROR VH VXPD VL KD\ XQ
UHVXOWDGR GHO 'DGR GH %DWDOOD 3HUR 'DYLG KDEtD KHFKR
DQWHULRUPHQWH XQ DFXHUGR FRQ *UDG\ TXH MXHJD RWUD FDUWD GH
/HYDQWDPLHQWR &RQ ODV GRV FDUWDV GH /HYDQWDPLHQWR VH WLUDQ
DKRUD  'DGRV GH %DWDOOD  SHQDOL]DGRU GH OD )RUWDOH]D 
 'DGR GH %DWDOOD SDUD UHVROYHU HO /HYDQWDPLHQWR 'DYLG WLUD
FRQ HO 'DGR GH %DWDOOD XQ  DxDGH  LPSDFWR H[WUD SDUD
XQUHVXOWDGRGHLPSDFWRV$PERV+RPEUHVGH$UPDVPXHUHQ\FRPR
QR TXHGDQ 7URSDV HQ OD &LXGDG OD )RUWDOH]D HV GHVWUXLGD /DV
&LXGDGHV $PXUDOODGDV QR VRQ GHVWUXLGDV SRU OHYDQWDPLHQWRV
8QDYH]UHVXHOWRVHGHVFDUWDODFDUWDGH/HYDQWDPLHQWR\VHGHMD
HQHOPD]RGHGHVFDUWHVGH)RUWXQD
(*11RWD/HYDQWDPLHQWRVSURYRFDGRVSRUGHUURWDVHQ
HO0XURVRQLGpQWLFRVDORVGHPiV/HYDQWDPLHQWRVFRQOD~QLFD
H[FHSFLyQGHTXHQRVRQFDXVDGRVSRUXQDFDUWD3RUORWDQWR
WDPELpQSXHGHQVHUFDOPDGRVSRU*XDUGLDQHV\0LHPEURVGHO
&RQVHMR3ULYDGR
1RWD &DUWDV GH 3DVDMH 6HFUHWR R /HYDQWDPLHQWRV
DGLFLRQDOHVVHMXHJDQDQWHVGHTXHXQ*XDUGLiQR0LHPEURGHO
&RQVHMR3ULYDGRSXHGDLQWHQWDUFDOPDUHO/HYDQWDPLHQWR8QD
YH] KD\DQ FRPHQ]DGR HVRV LQWHQWRV QR VH SXHGHQ MXJDU PiV
FDUWDVSDUDD\XGDUDHVRV/HYDQWDPLHQWRV

2.4.8 3DVDMH6HFUHWRFDUWDV&DUWDGH

2SRUWXQLGDG0D]RGH)RUWXQD
/D FDUWD GH 3DVDMH 6HFUHWR WLHQH
GLIHUHQWHV HIHFWRV GHSHQGLHQGR GH HQ
TXp PRPHQWR VH MXHJD /RV HIHFWRV VH
H[SOLFDQ PiV DEDMR 8QD YH] UHVXHOWD VH
GHVFDUWDODFDUWDDO0D]RGHGHVFDUWHVGH
)RUWXQD \ 'HVDVWUHV 8Q 3DVDMH 6HFUHWR
SXHGHVHUMXJDGRSRUXQ-XJDGRUTXHQR
VHD HO EHQHILFLDULR GH OD FDUWD

$WULEXWRVGHORV1REOHV
8QDYH]SRUWXUQRXQ1REOHVLJLORVRSXHGHHMHFXWDUXQHIHFWR
GH3DVDMH6HFUHWRVREUHVLPLVPRVLQWHQHUTXHMXJDUXQDFDUWD
1RREVWDQWHVRORSXHGHVHUDFRPSDxDGRSRUXQDRWUD7URSDR
1RWD6LQRVHWLUDQLQJ~Q'DGRGH%DWDOODSRUFDXVDGHORV XQ1REOH
SHQDOL]DGRUHV HQWRQFHV VH SLHUGH WDPELpQ HO LPSDFWR  GHO
/HYDQWDPLHQWR  8QD FDUWD GH /HYDQWDPLHQWR SXHGH MXJDUVH
DQWHV GH XQD %DWDOOD SDUD GHELOLWDU DO RWUR EDQGR DQWHV GH TXH
ORV (MpUFLWRV OXFKHQ 6H SXHGHQ MXJDU YDULDV FDUWDV GH -XJDGRHQ)DVHGH0RYLPLHQWR
/HYDQWDPLHQWRVREUHXQD&LXGDGDOPLVPRWLHPSRLQFOXVRSRU
-XJDGRUHVGLIHUHQWHVSDUDTXHVXPHQVXVIXHU]DV
8QDFDUWDGH3DVDMH6HFUHWRSXHGHMXJDUVHSDUDGDUXQSDVRHQ
(MHPSOR 7UHV FDUWDV GH /HYDQWDPLHQWR VRQ MXJDGDV \ UHVXOWDQ HQ HO PDSD LQFOXVR VL HVH SDVR QRUPDOPHQWH HVWXYLHUD SURKLELGR
 LPSDFWRV  'DGRV GH %DWDOOD I 6L XQ /HYDQWDPLHQWR SRU /OXYLDV 7RUUHQFLDOHV R SRUTXH XQ (MHUFLWR HVWD HQ HO
FDPLQR\SURKtEHHOSDVR
PDWDDWRGDVODV7URSDVGHXQD&LXGDGHQWRQFHV

20

)Dse3.,QJUHVRV\5HVFDWH
-XJDGRHQ)DVHGH%DWDOOD
'XUDQWHXQDWDTXHFRQWUDXQD)RUWDOH]D&LXGDG$PXUDOODGDVH
SXHGH XVDU XQ 3DVDMH 6HFUHWR SDUD DQXODU WRGRV ORV
SHQDOL]DGRUHV \ HYLWDU HO DWDTXH LQLFLDO GH $UTXHURV /RV
DWDFDQWHV XWLOL]DQ W~QHOHV SDUD SDVDU ORV 0XURV (MHPSOR
.LUVWHQDWDFDXQD)RUWDOH]DFRQ3)ORFXDOQRUPDOPHQWHOH
GDUtD'DGRGH%DWDOOD/D)RUWDOH]DGDXQSHQDOL]DGRUGH
'DGR GH %DWDOOD OR FXDO OD GHMDUtD VLQ 'DGRV GH %DWDOOD (OOD
MXHJDXQDFDUWDGH3DVDMH6HFUHWRDKRUDLJQRUDHOSHQDOL]DGRU\
SXHGHWLUDU'DGRGH%DWDOODDODWDFDU

'XUDQWHFXDOTXLHU)DVH
(VFDSDU8Q&DXWLYRHVFDSDVLQWHQHUTXHSDJDUUHVFDWH
(O-XJDGRUSXHGHGHFLGLUOLEHUDUWDPELpQDRWURV&DXWLYRVTXH
VH HQFXHQWUDQ HQ HO PLVPR VLWLR PLVPD &LXGDG \ PLVPR
6HFXHVWUDGRU 7RGRV ORV 1REOHV HVFDSDGRV VRQ FRORFDGRV
VHJ~QODVUHJODVSDUD1REOHVTXHHQWUDQGHQXHYRHQHO-XHJR


2.4.9 $VHVLQDWRFDUWD&DUWDGH

2SRUWXQLGDG0D]RGH)RUWXQD

2.4.10 -XVWLFLD&DUWD&DUWDGH2SRUWXQLGDG

0D]RGH)RUWXQD
/D FDUWD GH -XVWLFLD SXHGH MXJDUVH HQ
FXDOTXLHUPRPHQWRVREUH XQ 1REOH FRQ
HO PDUFDGRU GH 3URVFULWR (VH QREOH HV
GHFDSLWDGRPXHUH\VHGHVFDUWD(O5H\
OD5HLQDHO+HUHGHURDO7URQRGH+LHUUR
\ OD 0DQR GHO 5H\ VRQ LQPXQHV D OD
-XVWLFLD

2.4.11 6HFXHVWURFDUWD&DUWDGH2SRUWXQLGDG

0D]RGH)RUWXQD
/D FDUWD GH 6HFXHVWUR VH SXHGH MXJDU HQ
FXDOTXLHUPRPHQWRVREUHXQ1REOHGHOD
IDPLOLD TXH XQ -XJDGRU FRQWUROD (O
1REOH VHFXHVWUD DXWRPiWLFDPHQWH KDFH
&DXWLYR  D XQ 1REOH TXH VH
HQFXHQWUD HQ OD PLVPD &LXGDG TXH pO \
TXHQRHVWpSURWHJLGRSRUXQD)RUWDOH]D
R &LXGDG$PXUDOODGD
1RWD 8Q 5H\5HLQD QR SXHGH VHU VHFXHVWUDGR VL KD\ XQ
&DSD%ODQFDSUHVHQWH
1RWD 8Q +HUPDQR GH OD *XDUGLD GH OD 1RFKH QR SXHGH
VHU VHFXHVWUDGR VL KD\ XQ 5HFOXWD GH OD *XDUGLD GH OD 1RFKH
SUHVHQWH
1RWD8Q-XJDGRUSXHGHMXJDUXQDFDUWDGH3DVDMH6HFUHWR
IXHUD GH FRPEDWH SDUD FDQFHODU HO HIHFWR SURWHFWRU GH XQD
)RUWDOH]DR&LXGDG$PXUDOODGDFRQWUDXQ6HFXHVWUR

/D FDUWD GH $VHVLQDWR VH SXHGH MXJDU HQ

FXDOTXLHU PRPHQWR VREUH FXDOTXLHU
1REOH (VH 1REOH HV DVHVLQDGR DO
LQVWDQWH\HO-XJDGRUTXHMXJyODFDUWDGH
$VHVLQDWR WLHQH TXH HOHJLU D XQR GH VXV
1REOHV SDUD FRORFDU HO PDUFDGRU GH
3URVFULWR VREUH pO  ([FHSWR VL HV HO
&RQVHMHURGH(GLFWRVOD0DQRGHOUH\HO
 5H\ OD UHLQD R HO +HUHGHUR (V SRVLEOH TXH OD -XVWLFLD OR
$WULEXWRVGHORV1REOHV
FDVWLJXHSRUVXFULPHQ8QDYH]UHVXHOWRVHGHVFDUWDOD
8Q1REOHFUXHO12KDFH&DXWLYRVORFXDOVLJQLILFDTXHVLVH
FDUWDGH$VHVLQDWRDO0D]RGH'HVFDUWHVGH)RUWXQD
MXHJDXQDFDUWDGH6HFXHVWURVREUHpOPDWDUDDODYtFWLPD8QD
FDUWDGH3DVDMH6HFUHWRQRSXHGHVDOYDUDODYtFWLPD\DTXHQR
OOHJDQXQFDDVHU&DXWLYR

)DVH,QJUHVRV\5HVFDWH
'XUDQWH HVWD IDVH QR VHSXHGHQ KDFHU WUDQVIHUHQFLDV GH
GLQHUR MXJDU PDUFDGRUHV GH GLSORPDFLD QL FDUWDV GH
RSRUWXQLGDG

3.1 IQJUHVRV
&DGD-XJDGRUFREUDORVVLJXLHQWHVLQJUHVRVVHSXHGHKDFHUGH
PDQHUD VLPXOWiQHD SDUD WRGRV ORV -XJDGRUHV VL WLHQHQ
H[SHULHQFLD

/RV 7ULEXWRV GDQ DO -XJDGRU TXH ORV MXHJD XQ LQJUHVR
H[WUD GH  'UDJRQHV GH 2UR SRU FDGD &LXGDG HQ HO
)HXGR GRQGH ORV FREUD LQFOXVR VL HVDV &LXGDGHV HVWiQ
FRQWURODGDVRDVHGLDGDVSRURWURV-XJDGRUHV
8Q ,PSXHVWR GD DO -XJDGRU WRGRV ORV LQJUHVRV
JHQHUDGRVSRUORV0ROLQRVHQOD5HJLyQDIHFWDGD\VHORV
TXLWD DO -XJDGRU TXH FRQWUROD OD &LXGDG GRQGH VH
HQFXHQWUDQORV0ROLQRV6HSWRVQRVRQDIHFWDGRV
SRUHO,PSXHVWR
'UDJRQHVGH2URSRUHO7tWXORGH5HLQD

'UDJyQGH2URSRUFDGD&LXGDGTXHFRQWUROD

1RWD 6L XQ /RUG FRQ 7tWXORTXHKD MXJDGR XQD FDUWD GH
,PSXHVWRVPXHUHDQWHVGHOD)DVHGH,QJUHVRVSRU$VHVLQDWR
'UDJRQHVGH2URSRUFDGD0ROLQRHQXQD&LXGDGTXH /HYDQWDPLHQWR-XVWLFLDRSLHUGHVX7tWXORSRUFRQYHUWLUVHHQ
FRQWURODQRHQXQD5HJLyQDIHFWDGDSRU+DPEUXQD
3URVFULWRR+HUPDQRGHOD*XDUGLDGHOD1RFKH\HO7tWXORVH
TXHGD HQ OD )DPLOLD WUDQVPLVLyQ SRU KHUHQFLD ORV ,PSXHVWRV
'UDJRQHVGH2URSRUFDGD6HSWRHQXQD&LXGDGTXH VH FREUDQ QRUPDOPHQWH GH RWUD IRUPD VH FDQFHODQ TXLWD HO
PDUFDGRUGH,PSXHVWRVGHLQPHGLDWR
FRQWUROD
1RWD&LXGDGHVVLWLDGDV\VXVHGLILFLRVQRGDQLQJUHVRV

&DGD0ROLQR\6HSWRSURGXFHQ'UDJRQGH2URSRU

1RWD $O FRQWUDULR TXH HQ )LHI  ORV PDUFDGRUHV GH
FDGD FDUWD GH &RVHFKD $EXQGDQWH  \R %XHQ ,PSXHVWRV\ODVFDUWDVGH)RUWXQDFRQGRUVRJULVQRVHTXLWDQ
7LHPSR  TXH DIHFWDQ GXUDQWH HVWH WXUQR D OD GHOPDSDDOILQDOGHHVD)DVH3RUORWDQWRORV/HYDQWDPLHQWRV
5HJLyQGRQGHVHHQFXHQWUDQ
SRU,PSXHVWRVVLJXHQVLHQGRSRVLEOHVKDVWDHOILQDOGHO7XUQR

21

)DVH,QJUHVRV\5HVFDWH
$WULEXWRVGHORV1REOHV
8Q1REOHWLUDQRH[WUDH'UDJRQHVGH2URH[WUDGHOD&LXGDG
TXH RFXSD GXUDQWH OD )DVH GH ,QJUHVRV 2WURV -XJDGRUHV
SXHGHQ MXJDU XQD FDUWD GH /HYDQWDPLHQWR VREUH HVH 1REOH \
VXV7URSDVHQFXDOTXLHUPRPHQWR(O/HYDQWDPLHQWRQRDIHFWD
D OD &LXGDG TXH RFXSD HO 1REOH WLUDQR QL D RWURV 1REOHV \
7URSDV VLWXDGRV HQ OD PLVPD &LXGDG 8Q 1REOH ULFR REWLHQH
 'UDJyQ GH 2UR 8Q 1REOH H[WUDYDJDQWH REWLHQH 
'UDJRQHVGH2URSRUFDGD7tWXORTXHGDXQ3XQWRGH9LFWRULD
39 TXH PDQWLHQH FRPR VRQ 5H\ 0DQR GHO 5H\ /RUG
&RPDQGDQWH\FXDOTXLHU7tWXORGH)HXGR
(MHPSOR /\VD $UU\Q OD H[WUDYDJDQWH HV HO 6HxRUD 6XSUHPD GHO
9DOOH\5HLQD(O-XJDGRUFREUD'UDJRQHVGH2URPHQRVGHLQJUHVRV

(MHPSOR 8Q /RUG TXH HV *XDUGLiQ \ 6HxRU YDOH  'UDJRQHV GH
2URGH5HVFDWH
3DJDUHO5HVFDWHHVREOLJDWRULRVLHO-XJDGRUWLHQHVXILFLHQWH
GLQHURSDUDSDJDUHOLPSRUWHFRPSOHWR(O-XJDGRUTXHWLHQHHO
&DXWLYRWLHQHTXHDFHSWDUHO5HVFDWHGXUDQWHOD)DVHGH&RPSUD
\ OLEHUDU DO &DXWLYR 6LQ HPEDUJR HO FDSWRU SXHGH DFHSWDU R
QHJDUVH D XQ 5HVFDWH LQIHULRU RIUHFLGR SRU HO FDXWLYR 3HUR HO
FDSWRU QR SXHGH RIUHFHU XQD UHGXFFLyQ GHO UHVFDWH 1R KDFH
IDOWD XQ PDUFDGRU GH 'LSORPDFLD SDUD QHJRFLDU XQ 5HVFDWH
LQIHULRU 6L HO -XJDGRU QR WLHQH VXILFLHQWHV 'UDJRQHV GH 2UR
SDUDSDJDUHO5HVFDWHFRPSOHWRSXHGHXVDUWRGRVXGLQHURSDUD
RWUDVFRPSUDV

3.2 RHVFDWH

(MHPSOR (O /RUG GH *XQWHU -DLPH /DQQLVWHU HV &DXWLYR GH
*UDG\6X5HVFDWHHVGH'UDJRQHVGH2UR$OFRPLHQ]RGHOD)DVHGH
&RPSUD*XQWHUWLHQH'UDJRQHVGH2UR3XHGHQHJRFLDUFRQ*UDG\SRU
SDJDUPHQRVGH'UDJRQHVGH2URSHURVL*UDG\QRHVWiGHDFXHUGRHVWi
REOLJDGRDSDJDUORV'UDJRQHVGH2URSDUDOLEHUDUD-DLPH/DQQLVWHU\
*UDG\WLHQHTXHDFHSWDUHOUHVFDWH

6LXQ-XJDGRUWLHQHXQ1REOHTXHHV&DXWLYRGHRWUR-XJDGRU
 GHEH SDJDU XQ UHVFDWH HQ HVWH PRPHQWR (O UHVFDWH GH
XQ&DXWLYRHV'UDJRQHVGH2URPDV'UDJRQHVGH2URSRU
FDGD7tWXORTXHPDQWLHQHLQFOX\HQGR0DGUHGH'UDJRQHV

8Q &DXWLYR WDPELpQ SXHGH VHU OLEHUDGR HQ FXDOTXLHU

PRPHQWR SRU VX VHFXHVWUDGRU &XDQGR VH OLEHUD XQ 1REOH
LQGHSHQGLHQWHPHQWH GH FyPR VH OH YXHOYH D FRORFDU FRPR VL
IXHUDXQ1REOHTXHDFDEDGHHQWUDUHQ-XHJR
'HVSXpVGHORV5HVFDWHVVHSXHGHSXMDUSRUXQSXHVWRHQ
HO &RQVHMR 3ULYDGR $ FRQWLQXDFLyQ FDGD -XJDGRU SXHGH
FRPSUDU \ FRORFDU 7URSDV  (GLILFLRV  \ 7tWXORV 
HQRUGHQGH7XUQR

)DVH&RPSUD
4.1 3XMDV
4.1.1 3XMDDO&RQVHMR3ULYDGR
7RGRV ORV -XJDGRUHV FRORFDQ HQ VHFUHWR
FXDOTXLHU Q~PHUR GH 'UDJRQHV GH 2UR
HQ VXV PDQRV \ ORV PDQWLHQHQ HQ DOWR
'HVSXpV ORV -XJDGRUHV UHYHODQ VX SXMD D
OD YH] 6L OD SXMD PiV DOWD HV GH SRU OR
PHQRV  'UDJRQHV GH 2UR HO -XJDGRU
TXHSXMyPiVDOWRVHOOHYDHOPDUFDGRUGH
&RQVHMR3ULYDGRGHVXHOHFFLyQ\OR
 FRORFD GH LQPHGLDWR HQ FXDOTXLHU *XDUGLiQ $ FRQWLQXDFLyQ
FRORFD OD FDUWD GH $FXHUGR 6RERUQDGR HQ HO WDEOHUR SDUD
LQGLFDU TXp SRVLFLyQ KD VLGR WRPDGD PHGLDQWH OD SXMD 6L KD\
XQHPSDWHSDUDODSXMDPiVDOWD\QRKD\3URWHFWRUGHO5HLQR
HQ MXHJR QDGLH REWLHQH HO 7tWXOR 6ROR HO -XJDGRU TXH JDQD HO
7tWXOR SDJD VX SXMD DO EDQFR /D 0DQR GHO 5H\ QR SXHGH
LPSHGLU HVWH DFXHUGR DXQTXH OXHJR SXHGH FRQYHUWLU DO
JDQDGRU HQ 3URVFULWR R HQYLDU HO /RUG DO 0XUR FRPR KDUtD
QRUPDOPHQWH$WULEXWRVGHORV1REOHV:
'HVSXpV GH OD SXMD XQ MXJDGRU SDJD  'UDJRQHV GH 2UR
PHQRVGHORVTXHSXVRHQVXPDQRVLHO/RUGDTXLHQHQWUHJDHO
7tWXORHVXQ/RUGDPELFLRVR

(Q RUGHQ GH WXUQR FDGD MXJDGRU SXHGH WRPDU WURSDV GHO
WDEOHUR \ SRQHUODV HQ VX PDQR 3XHGH DxDGLU VHFUHWDPHQWH
'UDJRQHV GH 2UR 6L HO MXJDGRU QR WLHQH XQ *XDUGLD GH ORV
+HUPDQRV GH OD 1RFKH \ DO PHQRV XQR GH VXV /RUGV QR HVWi
FDVDGR\QRHV5H\QL+HUHGHURSXHGHSRQHUXQPDUFDGRUGH
WDVDV HQ VX PDQR SDUD LQGLFDU TXH XQ /RUG YHVWLUi HO QHJUR
7RGRV ORV MXJDGRUHV UHYHODQ VX DSXHVWD VLPXOWiQHDPHQWH /DV
WURSDV DxDGHQ VX YDORU HQ RUR D OD DSXHVWD (O PDUFDGRU GH
WDVDVYDOH'2(O&RPDQGDQWHDxDGH'2DXWRPiWLFDPHQWH
1RWD &DGD 5HFOXWD GH OD *XDUGLD GH OD 1RFKH YDOH 
'UDJRQHV GH 2UR HQ HVWD SXMD (VWR HVHQFLDOPHQWH GD D FDGD
/RUGHQOD*XDUGLDGHOD1RFKH'UDJRQHVGH2URJUDWLVSDUD
OD SXMD GHO 0XUR SDUD UHSUHVHQWDU TXH HVWi UHFOXWDQGR \
PDQGDQGRQXHYDJHQWHDO0XURGXUDQWHVXVYLDMHVHQ3RQLHQWH

$xDGHHOWRWDOGHODVSXMDVGHWRGRVORV-XJDGRUHVDOYDORU
GHO 0XUR 6L OD SXMD WRWDO PRYLHUD HO PDUFDGRU PiV DOOi GHO
OtPLWHDODGHUHFKDRHVLPSDUODGLIHUHQFLDVHGDDOD&DVDGHO
/RUG &RPDQGDQWH HQ IRUPD GH 'UDJRQHV GH 2UR 6L QR KD\
/RUG &RPDQGDQWH FRORFD ORV 'UDJRQHV GH 2UR HQ HO 0XUR
FRPR UHVHUYDV GHO &DVWLOOR 1HJUR 8QD YH] TXH VH KD\D
HOHJLGRXQ/RUG&RPDQGDQWHGHOD*XDUGLDGHOD1RFKHpVWH
VH OOHYD HVH GLQHUR SDUD VX &DVD 7RGRV ORV -XJDGRUHV SXHGHQ
DKRUDSDJDUVXVSXMDVDOEDQFR\GHYROYHUODVWURSDVSXMDGDVD
4.1.2 (*1(H05HIRU]DQGRHO
VXV UHVHUYDV (O -XJDGRU FRQ OD SXMD PiV DOWD URED FDUWDV GHO
PD]R GH )RUWXQD KDVWD TXH KD\D UREDGR XQD FDUWD GH GRUVR
0XURSXMD
JULV6LKD\XQHPSDWHSRUODSXMDPiVDOWD\QRKD\3URWHFWRU
-XHJD HVWD )DVH VRODPHQWH VL HVWDV XVDQGR OD ([SDQVLyQ GH OD GHO5HLQRHQMXHJRQRVHUREDQFDUWDV&XDOTXLHU'HVDVWUHTXH
*XDUGLDGHOD1RFKH(QRUGHQGHWXUQRFDGDMXJDGRUSXHGH VHUREDHVFRORFDGRHQHOWUDFNGH'HVDVWUHVSDUDVHUUHYHODGR\

22

)DVH&RPSUD
MXJDGR HQ HO VLJXLHQWH WXUQR 6L HO SXMDGRU PiV DOWR WLHQH 
FDUWDV HQ VX PDQR SXHGH GHVFDUWDUVH GH XQD GH HOODV GH VX
PDQR HQVHxiQGROD \ FRORFiQGROD ERFD DUULED HQ HO PD]R GH
GHVFDUWHV FRUUHVSRQGLHQWH R MXJDU XQD FDUWD GH 2SRUWXQLGDG
DQWHVGHUREDUVXFDUWDH[WUD/DFDUWDGH2SRUWXQLGDGVHWLHQH
TXHUHVROYHUSRUFRPSOHWRDQWHVGHTXHVHUREHODFDUWDH[WUD

FRORFDUQXHYDV7URSDVHQXQD)RUWDOH]DR&LXGDG$PXUDOODGD
TXHVHHQFXHQWUDEDMRDVHGLR
(MHPSOR 'DYLG FRQWUROD OD &LXGDG GH 3\NH FRQ /DG\ $VKD
*UH\MR\  +RPEUHV GH $UPDV \  &DEDOOHURV (O TXLHUH UHIRU]DU VX
HMpUFLWR\FRPSUD+RPEUHVGH$UPDV\&DEDOOHURVSRUXQWRWDOGH
'UDJRQHVGH2UR  3XHGHFRORFDUVROR7URSDVQXHYDVHQ
FDGD &LXGDG \ GHFLGH FRORFDU  +RPEUHV GH $UPDV \  &DEDOOHURV HQ
3\NH\VX~OWLPR+RPEUHGH$UPDVHQRWUD&LXGDGFRQXQD)RUWDOH]D
(O HMpUFLWR HQ 3\NH FRQVLVWH DKRUD HQ  +RPEUHV GH $UPDV \ 
&DEDOOHURV

+HUPDQRGHOD*XDUGLDGHOD1RFKH(*1

4.2.1 +RPEUHVGH$UPDVSRU-XJDGRU

'UDJyQGH2UR

8Q+HUPDQRGHODJXDUGLD
GHOD1RFKHPD[LPRSRU
&DVD7tWXOR0LOLWDU

+RPEUHVGH$UPDVFXHVWDQ'UDJyQGH2UR
FDGD XQR DxDGHQ  3XQWR GH )XHU]D HQ OD
%DWDOOD\VHQHFHVLWD,PSDFWRSDUDPDWDUORV

JDQDHODWULEXWRHOVLJLORVR
QRSXHGHFDVDUVH
SHUPLWHDGTXLULUXQUHFOXWDGHOD*XDUGLD

1RWD(OMXJDGRU7DUJDU\HQQRSXHGH
DGTXLULU+RPEUHVGH$UPDVHQFDPELRSXHGHDGTXLULUKDVWD
,QPDFXODGRV &DGD ,QPDFXODGR FXHVWD  '2 DxDGH  3) HQ
EDWDOOD\KDFHQIDOWDLPSDFWRVSDUDPDWDUORV

GHOD1RFKHVLQFRVWH
VyORSXHGHPRYHUVXV5HFOXWDVGHODJXDUGLDGHOD
1RFKH
XQ HMHUFLWR FRPSXHVWR VyOR SRU +HUPDQRV \
WURSDV GH OD *XDUGLD GH OD 1RFKH QXQFD SXHGH
DVHGLDURSLOODUPROLQRV
QRSXHGHREWHQHUQLQJ~Q7tWXORDSDUWHGH/RUG
&RPDQGDQWHGHOD*XDUGLDGHOD1RFKH
QRSXHGHHQFDUJDUXQ$VHVLQDWRQLWRPDUFDXWLYRV
FRQODFDUWDGH6HFXHVWUR
QRSXHGHDWDFDUDRWUDV7URSDVR1REOHVGH3R
QLHQWHDQRVHUTXHHVWpHQXQDFLXGDGFRQWURODGD
SRUVXIDPLOLDSHURVLHPSUHSXHGHGHIHQGHUVH
(Q XQD &LXGDG QR FRQWURODGD SRU VX IDPLOLD
RWUR1REOHGHVXIDPLOLDSXHGHDWDFDUDXQTXHpO
HVWpSUHVHQWHSHURpO\VXVWURSDVGHOD*XDUGLD
GHOD1RFKHQRSXHGHQWRPDUSDUWH

4.2.2 $UTXHURVSRU-XJDGRU'UDJRQHV

GH2UR(7
$UTXHURV FXHVWDQ  'UDJRQHV GH 2UR FDGD
XQRDxDGHQ3XQWRGH)XHU]DHQOD%DWDOOD\
VH QHFHVLWD  ,PSDFWR SDUD PDWDUORV /RV
$UTXHURVSHUPLWHQXQDWDTXHHVSHFLDOTXHVH
UHVXHOYHDQWHVGHOD%DWDOODORFXDOVHH[SOLFDHQGHWDOOHHQODV
UHJODVSDUDOD)DVHGH%DWDOOD

4.2.3 &DEDOOHURVSRU-XJDGRU'UDJR

QHVGH2UR

'XUDQWH OD )DVH GH 6H +DFH 6DEHU  XQ

+HUPDQR GH OD *XDUGLD GH OD 1RFKH SXHGH
URPSHU VXV YRWRV SDUD FRQYHUWLUVH HQ XQ 1REOH
QRUPDO GH QXHYR 6H YXHOYH LQPHGLDWDPHQWH XQ
3URVFULWRVLORKDFH

/RV &DEDOOHURV FXHVWDQ  'UDJRQHV GH 2UR

FDGD XQR DxDGHQ  3XQWRV GH )XHU]D HQ OD
%DWDOOD \ VH QHFHVLWDQ  ,PSDFWRV SDUD
PDWDUORV

6L XQ -XJDGRU SXMD XQ PDUFDGRU GH ,PSXHVWRV FRORFD GH
LQPHGLDWRXQPDUFDGRUGH7tWXORGH+HUPDQRGHOD*XDUGLDGH
OD1RFKHMXQWRDFXDOTXLHUDGHVXV/RUGVVROWHURVTXHQRVHDQL
5H\QL+HUHGHUR(VH/RUGSXHGHVHU&DXWLYRR3URVFULWR

4.2.4 5HFOXWDGHOD*XDUGLDGHOD1RFKH
SRU-XJDGRU*UDWLV(*1
8Q5HFOXWDGHOD*XDUGLDGHOD1RFKHDxDGH
3XQWRV GH )XHU]D HQ %DWDOOD \ VH QHFHVLWDQ 
LPSDFWRV SDUD PDWDUOR 6L XQ +HUPDQR GH OD
*XDUGLDGHOD1RFKHTXHQRHV&DXWLYR\QR
WLHQH 5HFOXWD GH OD *XDUGLD GH OD 1RFKH SXHGH DGTXLULU XQR
JUDWLV (O 5HFOXWD GH OD *XDUGLD GH OD 1RFKH IXQFLRQD FRPR
FXDOTXLHU 7URSD SHUR VLHPSUH GHEH SHUPDQHFHU FRQ HO
+HUPDQRGHOD*XDUGLDGHOD1RFKHDQRVHUTXHVHDHQYLDGR
DO0XURGXUDQWHODSXMD6LXQ+HUPDQRPXHUHHO5HFOXWDGH
OD *XDUGLD GH OD 1RFKH DVRFLDGR GHVHUWD GH OD *XDUGLD GH OD
1RFKHFRPRODEDVXUDWUDLFLRQHUDTXHVRQ\VHOHTXLWDGHO
WDEOHUR

&XDQGR XQ /RUG VH FRQYLHUWH HQ +HUPDQR GH OD *XDUGLD
GHOD1RFKHVHTXLWDFXDOTXLHUPDUFDGRUGH3URVFULWRR$VHVLQR
GH VX 3HUVRQDMH 6L HO /RUG WLHQH DOJ~Q 7tWXOR FXDQGR YLVWH HO
QHJUR UHWLUD WRGRV HVRV 7tWXORV GH OD PLVPD IRUPD TXH VL VH
KXELHVHPXHUWR6LXQ+HUPDQRPXHUHRUHQXQFLDDVXVYRWRV
ORV5HFOXWDVGHOD*XDUGLDGHOD1RFKHDVRFLDGRVVLHV
TXH ORV KD\ GHVHUWDQ FRPR OD EDVXUD WUDLFLRQHUD TXH VRQ \
VXV PDUFDGRUHV VH TXLWDQ GHO -XHJR /D FDUWD GH 7tWXOR GH
+HUPDQR GH OD *XDUGLD GH OD 1RFKH VH YXHOYH D GHMDU HQ HO
WDEOHUR

4.2 TropDs
7RGDVODV7URSDVUHFLpQFRPSUDGDVVHFRORFDQLQPHGLDWDPHQWH
HQ &LXGDGHV GRQGH HO -XJDGRU WHQJD XQD )RUWDOH]D &LXGDG
$PXUDOODGD R XQ 1REOH QR &DXWLYR 1R KD\ OtPLWH SDUD HO
Q~PHUR GH 7URSDV TXH SXHGHQ HVWDU HQ XQD &LXGDG 1R
REVWDQWH GXUDQWH OD )DVH GH &RPSUD HO -XJDGRU VROR SXHGH
FRORFDUKDVWD7URSDVQXHYDVHQFDGD&LXGDG(VWiSURKLELGR

4.2.5 /RV&DPSHRQHVSRU-XJDGRU

'UDJRQHVGH2UR(7

23

&DPSHRQHVFXHVWDQ'UDJRQHVGH2URFDGD
XQR3RUFDGD&DPSHyQTXHXQ-XJDGRUWLHQH
SUHVHQWH HQ XQD %DWDOOD SXHGH YROYHU D WLUDU
XQRGHVXV'DGRVGH%DWDOODHQFDGD7LUDGDGH

)ase4.&RPSUD
%DWDOOD6HFRQVLGHUDQ&DEDOOHURVHQWRGRVORVHIHFWRV$xDGHQ XQD &LXGDG FRQWURODGD SRU XQ -XJDGRU 6ROR SXHGH KDEHU XQ
3)SXHGHQUHFLELUKDVWDLPSDFWRV\SXHGHQVHUXVDGRVSDUD 6HSWR HQ FDGD &LXGDG /RV 6HSWRV JHQHUDQ LQJUHVRV LJXDO TXH
FDEDOJDGDV
ORV 0ROLQRV  'UDJRQHV GH 2UR  'UDJyQ GH 2UR SRU
1RWD (VWD XQLGDG VXVWLWX\H ODV %RPEDUGDV GH OD &RVHFKD $EXQGDQWH R %XHQ 7LHPSR SHUR HVWiQ SURWHJLGRV
([SDQVLyQ7iFWLFDGH)LHISRUTXHQRH[LVWHQ%RPEDUGDV SRUORV'LRVHV\SRUORWDQWRVXVLQJUHVRVQRVHYHQDIHFWDGRV
HQ 3RQLHQWH 3XHGHV XVDU ORV PDUFDGRUHV GH &DEDOOHURV SRUORV'HVDVWUHV/RV6HSWRVQRVRQDIHFWDGRVSRU,PSXHVWRV
7HXWyQLFRV SDUD HOORV R ORV PDUFDGRUHV GH &DEDOOHURV GH OD QRVHSXHGHQUREDUVXVLQJUHVRVXVDQGRFDUWDVGH,PSXHVWRV
/RV6HSWRVWLHQHQXQHIHFWRGHUHODMDFLyQHQHOSXHEOR\SRUOR
DQWLJXDHGLFLyQGH)LHIVLQRWLHQHVOD([SDQVLRQ
WDQWR QR VH SXHGHQ MXJDU FDUWDV GH /HYDQWDPLHQWR VREUH
&LXGDGHVFRQXQ6HSWR
4.2.6 &DSDV%ODQFDVSRU5H\SRU
1RWD /RV /HYDQWDPLHQWRV FDXVDGRV SRU GHUURWDV HQ HO
5HLQDGUDJRQHVGH2UR(7
0XUR QR VRQ FDXVDGRV SRU &DUWDV 3RU OR WDQWR XQ 6HSWR QR
(O 5H\ \ OD 5HLQD SXHGHQ FRPSUDU &DSDV SURWHJH GH HOORV SHUR DXQ DVt QR HV GHVWUXLGR SRU HVWRV
%ODQFDV (Q FDVR GH TXH HO 5H\ PXHUD OD /HYDQWDPLHQWRVWDPSRFR
*XDUGLD GHO 5H\ VH FRQYLHUWH HQ WURSDV
/RV 6HSWRV QR SXHGHQ VHU GHVWUXLGRV R VDTXHDGRV FRQ OD
QRUPDOHV VL KD\ GLVSRQLEOHV (Q FDVR GH TXH ~QLFDH[FHSFLyQGHFXDQGRHO3URWHFWRUGHO5HLQRVHFRQYLHUWH
OD5HLQDPXHUDRXQQXHYR5H\VHDFRURQDGR D5
KOORU/RV0ROLQRVHQ&LXGDGHVFRQXQ6HSWRVLVHSXHGHQ
OD*XDUGLDGHOD5HLQDVHFRQYLHUWHHQWURSDVQRUPDOHVVLKD\ VDTXHDUQRUPDOPHQWH
GLVSRQLEOHV8Q1REOHUHDOQRSXHGHVHUREMHWLYRGHXQDFDUWD
1RWD6HSWRHVXQDFRQYHQFLyQGHQRPHQFODWXUD\SXHGH
GH 6HFXHVWUR VL KD\ &DSDV %ODQFDV HQ OD PLVPD &LXGDG /RV
UHIHULU D FHQWURV GH GLIHUHQWHV FXOWRV 3XHGH VHU XQ YHUGDGHUR
&DSDV %ODQFDV VLHPSUH GHEHQ SHUPDQHFHU MXQWR D VX 5H\ R
5HLQD LQGHSHQGLHQWHPHQWH GH GRQGH YD\DQ \ QR VH OHV SXHGH 6HSWR GH ORV 6LHWH XQ %RVTXH GH ORV 'LRVHV $QWLJXRV R XQ
GHMDU DWUiV &RPR VROR (MpUFLWRV IRUPDGRV SRU QDGD PiV TXH 7HPSOR GHO 'LRV $KRJDGR HWF 7RGRV ORV 6HSWRV UHFRJHQ
1REOHV &DEDOOHURV \ &DPSHRQHV SXHGHQ UHDOL]DU &DEDOJDGDV GRQDFLRQHV GHO SXHEOR GH ODV &LXGDGHV HQ ODV TXH VH
XQ5H\RXQD5HLQDTXHYDDFRPSDxDGRGH+RPEUHVGH$UPDV HQFXHQWUDQ
$WULEXWRVGH1REOH:
&DSD%ODQFDVQXQFDSXHGHQUHDOL]DUXQDFDEDOGDGD6LSDUWLFLSD
SRUORPHQRVXQ&DSD%ODQFDHQXQD%DWDOODVXMXJDGRUVXPD 8Q6HSWRSURWHJHDXQ1REOHWLUDQRGH/HYDQWDPLHQWRV
XQ,PSDFWRH[WUDGHIDOUHVXOWDGRGHVXWLUDGDGH'DGRVGH 4.3.4 0DHVWUHGHOD&LXGDGHOD'UDJRQHV
%DWDOOD DO WRWDO /RV &DSDV %ODQFDV QR DIHFWDQ DO DWDTXH
GH2UR
HVSHFLDOGH$UTXHURV
(MHPSOR .LUVWHQ WLHQH  &DEDOOHURV &DSD %ODQFD \  +RPEUHV GH
&XDOTXLHU -XJDGRU SXHGH SDJDU  'UDJRQHV
$UPDV&DSD%ODQFDVFRQVX5H\HQXQD%DWDOOD\VXPDXQWRWDOGH
GH 2UR SDUD WUDHU XQ 0DHVWUH GH OD
3) 7LUD GRV 'DGRV GH %DWDOOD \ DxDGH I DO UHVXOWDGR FRQ XQ
&LXGDGHOD D XQD GH VXV )RUWDOH]DV 8QD
UHVXOWDGRSRVLEOHGH,PSDFWRV(OODDxDGHI,PSDFWRH[WUDDFDGD
)RUWDOH]DFRQ0DHVWUHHVVXVWLWXLGDSRUXQD
7LUDGDGH%DWDOODTXHKDFHPLHQWUDVWHQJDSRUORPHQRVXQ&DSD%ODQFD
&LXGDG )RUWLILFDGD FRQ 0DHVWUH FXDQGR VH
FRQYLGD
DGTXLHUHHOWtWXORGHIHXGR
/RV &DSDV %ODQFDV VRQ FRQVLGHUDGRV FRPR FDEDOOHURV D
WRGRVORVHIHFWRVDVtDSRUWDQ3)HQ%DWDOOD\VRQQHFHVDULRV
1RWD/DQXHYD~OWLPDSODQWDGHOHGLILFLRDOEHUJDODFRORQLD
WUHV,PSDFWRVSDUDPDWDUORV
GH FXHUYRV \ ODV KDELWDFLRQHV GHO 0DHVWUH 6L OD )RUWDOH]D
FDPELD GH GXHxR HO 0DHVWUH VHUYLUi DO QXHYR &RQWURODGRU
4.3 (GLILFLRV
(O0DHVWUHSURSRUFLRQDORVVLJXLHQWHVEHQHILFLRV

4.3.1 )RUWDOH]DV'UDJRQHVGH2UR

/DV )RUWDOH]DV FXHVWDQ  'UDJRQHV GH
2URFDGDXQD6HFRORFDXQPDUFDGRUGH
)RUWDOH]D HQ XQD &LXGDG FRQWURODGD SRU
HO -XJDGRU 6ROR SXHGH KDEHU XQD
)RUWDOH]D SRU &LXGDG (O &RQWURO GH
)RUWDOH]DVSXHGHFDPELDUSHURVROR
SXHGHQVHUGHVWUXLGDVSRUXQ/HYDQWDPLHQWR

6DEHU GHIHQVLYR /DV FDUWDV GH 3DVDMH 6HFUHWR QR VH

SXHGHQXVDUSDUDDQXODUOD3HQDOL]DFLyQDO$WDTXHGHODV
)RUWLILFDFLRQHV \ QR SXHGHQ VHU GHVWUXLGDV SRU XQ
/HYDQWDPLHQWR

&XUDFLyQ 6L XQD 3ODJD D]RWD D XQD &LXGDG FRQ XQ

0DHVWUHHO&RQWURODGRUSXHGHH[LPLUGHORVHIHFWRVGH
OD 3ODJD D WRGDV ODV 7URSDV \ 1REOHV GH FXDOTXLHU
-XJDGRU TXH GHVHH HQ WDQWR HQ FXDQGR SHUPDQH]FDQ
GHQWURGHOD&LXGDGTXHGDQHQFXDUHQWHQD

&RORQLD GH &XHUYRV 8Q -XJDGRU TXH FRQWUROH D XQ

4.3.2 0ROLQRV'UDJRQHVGH2UR

/RV 0ROLQRV FXHVWDQ  'UDJRQHV GH 2UR
FDGDXQR6HFRORFDXQPDUFDGRUGH0ROLQR
HQ XQD &LXGDG FRQWURODGD SRU HO -XJDGRU
8QD&LXGDGSXHGHWHQHUKDVWD0ROLQRV

4.3.3 6HSWRV'UDJRQHVGH2UR

/RV 6HSWRV FXHVWDQ  'UDJRQHV GH 2UR
FDGDXQR6HFRORFDXQPDUFDGRUGH6HSWR
VHSXHGHQXVDUORVPDUFDGRUHVHGLILFLRVGH
ODV &RPDQGDQFLDV 7HPSODULDV SDUD HOOR HQ

24

0DHVWUH SXHGH GDU XQD FDUWD D RWUR -XJDGRU VLQ JDVWDU

XQPDUFDGRUGHGLSORPDFLD

4.4 7tWXORV
(O 7tWXOR )HXGDO SXHGH VHU DGTXLULGR SRU XQ -XJDGRU VL pVWH
&RQWURODWRGDVODV&LXGDGHVGHO)HXGR\DOPHQRVXQDGHHVDV
&LXGDGHV WLHQH XQD )RUWDOH]D (O FRVWH GH XQ 7tWXOR )HXGDO
YLHQHGHWHUPLQDGRSRUHOQ~PHURGH&LXGDGHVORFDOL]DGDVHQHO
)HXGRPXOWLSOLFDGDVSRU'UDJRQHVGH2URSRUFRPRGLGDGHO
SUHFLRWDPELpQHVWiLQGLFDGRHQHO)HXGRFRUUHVSRQGLHQWHHQHO
WDEOHUR

)ase5.MovLmLentR
(MHPSOR (O 'RPLQLR IRQGR
FRORUHDGR HQ YHUGH HQ OD SDUWH
LQIHULRU L]TXLHUGD GHO PDSD
LQFOX\H  &LXGDGHV (VWH )HXGR
FXHVWD  [    'UDJRQHV GH
2UR
6LKD\XQ5H\HQMXHJRpVWH
SXHGH HOHJLU GDU XQ 7tWXOR
)HXGDO VLQ UHFODPDU D FXDOTXLHU 1REOH VLQ FRVWH DOJXQR VL VH
FXPSOHQ HO UHVWR GH UHTXLVLWRV &RJH HO PDUFDGRU GH 7tWXOR
)HXGDOGHOWDEOHUR\FROyFDORDOODGRGHOD&DUWDGH1REOHGHO
-XJDGRU(VWH)HXGRVHFRQVLGHUD*REHUQDGR

$WULEXWRVGHORV1REOHV:

1RWD /DV &LXGDGHV $PXUDOODGDV QR VH SXHGHQ FRPSUDU

6RODPHQWH VH FUHDQ FXDQGR XQ -XJDGRU DGTXLHUH HO 7tWXOR GH
XQ )HXGR 8Q )HXGR QXQFD SXHGH WHQHU PDV GH XQD &LXGDG
)RUWLILFDGD 6L RWUR -XJDGRU WRPD HO &RQWURO GH OD &LXGDG
)RUWLILFDGD WDPELpQ DUUHEDWD VX 7tWXOR )HXGDO
8Q 1REOH SXHGH WHQHU YDULRV 7tWXORV SHUR VROR GRV 7tWXORV
)HXGDOHV\QRUPDOPHQWHORVPDQWLHQHKDVWDTXHPXHUH
(MHPSOR (O -XJDGRU 0DUWHOO SRGUtD WHQHU D 2EHU\Q 0DUWHOO
3UtQFLSHGH'RUQH6HxRUGHO'RPLQLR\*XDUGLiQGHO6XU6LXQ1REOH
FRQ 7tWXOR PXHUH SRU FXDOTXLHU UD]yQ 6X 7tWXOR )HXGDO VH WUDQVILHUH
LQPHGLDWDPHQWH D RWUR 1REOH GH VX &DVD QR D XQ +HUPDQR GH OD
*XDUGLDGHOD1RFKH6LHOWUDVSDVRQRHVSRVLEOHHOPDUFDGRUGH7tWXOR
VHFRORFDGHQXHYRHQHOPDSD(VWHPDUFDGRUSXHGHUHFXSHUDUVHVLQFRVWH
SRUHVWD&DVDWDQSURQWRFRPRDSDUH]FDXQQXHYR1REOH\OD&DVDD~Q
&RQWUROHOD&LXGDG)RUWLILFDGDGHO)HXGR

8Q1REOHDPELFLRVRSDJD'UDJRQHVGH2URPHQRVDO
FRPSUDUFXDOTXLHU7tWXOR)HXGDO
(O -XJDGRU HOLJH XQD )RUWDOH]D
GHQWUR GH VX )HXGR DKRUD *REHUQDGR \
1RWD 2WUD &DVD SXHGH FRQTXLVWDU HVWH 7tWXOR )HXGDO VL
GD OD YXHOWD DO PDUFDGRU D VX ODGR GH WRPDHO&RQWUROGHOD&LXGDG)RUWLILFDGDGHO)HXGR
&LXGDG)RUWLILFDGD

)DVH0RYLPLHQWR
&DGD-XJDGRUKDFHVXVPRYLPLHQWRVFRQWRGRVVXV1REOHV
TXHQRVHDQ&DXWLYRV\ODVWURSDVTXHORVDFRPSDxDQDQWHVGH
TXH HO VLJXLHQWH -XJDGRU KDJD ORV VX\RV /RV PRYLPLHQWRV VH
KDFHQ D WUDYpV GH ODV FDUUHWHUDV GH XQD &LXGDG KDFLD RWUD
0RYHUVH GH XQD &LXGDG D XQD &LXGDG DG\DFHQWH VH FRQVLGHUD
XQ SDVR /RV 1REOHV SXHGHQ GDU KDVWD  SDVRV GXUDQWH FDGD
)DVH GH 0RYLPLHQWR 8Q 1REOH SXHGH PRYHUVH KDFLD XQD
&LXGDGFRQVXSULPHUSDVR\OXHJRYROYHUDODSULPHUD&LXGDG
FRQ HO VHJXQGR SDVR R PRYHUVH D GRV &LXGDGHV GH GLVWDQFLD
&XDQGRVHPXHYHXQ1REOHVLHPSUHGHEHGHOOHYDU7URSDVFRQ
HO3XHGHGHMDUDWUiVRUHFRJHUWURSDVGXUDQWHVXVPRYLPLHQWRV
SHURHQQLQJ~QPRPHQWRSXHGHXQ1REOHDQGDUVRORRVHU
GHMDGRVRORSRUXQ0RYLPLHQWR(VWDHVOD~QLFDIRUPDFRPR
VHSXHGHQPRYHUODV7URSDVODV7URSDVQRUPDOPHQWHSXHGHQ
GDU  SDVRV HQ WRWDO LQFOXVR FXDQGR VRQ SDVDGDV HQWUH YDULRV
1REOHV 6L 7URSDV \R 1REOHV KDFHQ VX PRYLPLHQWR HQWHUR
FRQODDOD0DGUHGH'UDJRQHVSXHGHQGDUSDVRVHQXQWXUQR

'HVHPEDUFRGHO5H\3DVR

6L XQ 1REOH GHVHD SDVDU SRU XQD &LXGDG R &DUUHWHUD

RFXSDGDSRUWURSDVGHRWUR-XJDGRUHO1REOHWLHQHTXHUHFLELU
HOSHUPLVRGHORWUR-XJDGRULQFOXVRVL\DVRQDOLDGRV&RORFD
HO1REOHTXHVHHVWiPRYLHQGR\VXV7URSDVHQOD&DUUHWHUDTXH
OOHYDDOD&LXGDG2FXSDUDQODFDUUHWHUDKDVWDOD)DVH(Q)DVH
ODV7URSDVVHPXHYHQGHQWURGHOD&LXGDGSHURIXHUDGHOD
)RUWDOH]D&LXGDG$PXUDOODGDVLODKXELHUD/DV7URSDVRFXSDQ
OD&LXGDG\\DQREORTXHDQODFDUUHWHUD6LHORWUR-XJDGRUTXH
RFXSD OD &LXGDG GD SHUPLVR HO 1REOH SXHGH FRQWLQXDU VX
PRYLPLHQWRHQFXDOTXLHUGLUHFFLyQVLOHTXHGDPRYLPLHQWRX
RFXSDUOD&LXGDGFRQDOJXQDVRWRGDVVXV7URSDV6LHO-XJDGRU
TXH RFXSD OD &LXGDG QR GD SHUPLVR GH SDVR HO 1REOH SXHGH
YROYHU DO OXJDU GH GRQGH YHQLD VL OH TXHGD PRYLPLHQWR R
TXHGDUVH HQ OD &LXGDG  FRQ ODV 7URSDV GHO RWUR -XJDGRU (O
1REOH TXH KD PRYLGR VXV 7URSDV KDFLD OD &LXGDG 12 SXHGH
DEDQGRQDU SDUWH GH VXV 7URSDV HQ OD &LXGDG \ YROYHU FRQ VX
1REOHDOOXJDUGHGRQGHYHQtDGHMDQGRVXV7URSDVYDUDGDVHQ
OD&LXGDGHQHPLJD8Q-XJDGRUSXHGHLJQRUDUODGHQHJDFLyQ
8Q 1REOH \ VXV 7URSDV SXHGHQ PRYHUVH WDQWR D XQD
SHUPLVR GH SDVR VL MXHJD XQD FDUWD GH 3DVDMH 6HFUHWR  
&LXGDGGHVRFXSDGDFRPRDXQDRFXSDGD
1RWD8Q1REOHQXQFDSXHGHDEDQGRQDUWURSDV\pQGRVHGHXQD
&LXGDG TXH HO QR FRQWUROD D PHQRV TXH RWUR GH VXV 1REOHV
SHUPDQH]FD HQ OD &LXGDG HQHPLJD 'HVSXpV GH TXH HO
PRYLPLHQWR VHD FRQFOXLGR ODV 7URSDV HQHPLJDV TXH VH
HQFXHQWUDQHQODPLVPD&LXGDGQRHVWiQREOLJDGDVDOXFKDU6L
ORKDFHQOD%DWDOODRFXUULUiHQODVLJXLHQWH)DVHGH%DWDOOD)DVH
8Q1REOH\VXV7URSDVQRSXHGHQVDOLUGHXQD)RUWDOH]DR
&LXGDG $PXUDOODGD EDMR DVHGLR  HQ QLQJXQD GLUHFFLyQ
H[FHSWR VL HO -XJDGRU TXH HVWi DVHGLDQGR GD VX SHUPLVR R VL
MXHJDQXQDFDUWDGH3DVDMH6HFUHWR

$WULEXWRVGHORV1REOHV
1RWD 8Q 1REOH YHOR] SXHGH GDU KDVWD  SDVRV LJXDO
TXH OD 0DGUH GH 'UDJRQHV VL VH PXHYH VROR FRQ
&DEDOOHURV&DPSHRQHV \R RWURV 1REOHV 6L XQ &DEDOOHUR R
XQ 1REOH UHDOL]D WRGR VX PRYLPLHQWR MXQWR D XQ 1REOH
(MHPSOR*UDG\PXHYHVX/DG\&HUVHL/DQQLVWHU\VXVWUHV+RPEUHV YHOR] SXHGH UHDOL]DU  SDVRV 8Q QREOH ,QIDWLJDEOH SXHGH
GH$UPDVGH$JXDVGXOFHVD+DUUHQKDO3DVR'HMDDWUiVXQ+RPEUH PRYHU\FRPEDWLUHQXQDUHJLRQDIHFWDGDSRUOOXYLDV
GH$UPDVHQ+DUUHQKDO\PXHYHHOUHVWRGHVXV7URSDVFRQ/DG\&HUVHLD

25

)DVH0RYLPLHQWR

5.1 &RQWURODUXQD&LXGDG
8QD &LXGDG SXHGH HVWDU QR FRQWURODGD R FRQWURODGD SRU XQ
-XJDGRU (O &RQWURO GH XQD &LXGDG QXQFD SXHGH VHU
FRPSDUWLGR$OFRPLHQ]RGHO-XHJRODPD\RUtDGHODV&LXGDGHV
HVWiQ QR FRQWURODGDV8QD &LXGDG HV FRQWURODGD HQ FXDQWR XQ
-XJDGRUODRFXSD

(MHPSOR SUHYLR *UDG\ FRQWUROD ODV &LXGDGHV GH +DUUHQKDO \

'HVHPEDUFR GHO 5H\ GHVSXpV GH VX PRYLPLHQWR 3HUR GHMy $JXDVGXOFHV
YDFtRDVtTXH\DQRODFRQWUROD6LXQD&LXGDGHVRFXSDGDSRU7URSDVGH
GLVWLQWRV MXJDGRUHV DOLDGRV R QR HO SULPHUR HQ OOHJDU D OD &LXGDG OD
FRQWUROD /RV MXJDGRUHV TXH OOHJDQ GHVSXpV FRORFDQ VXV PDUFDGRUHV HQ OD
FDUUHWHUDTXHOOHYDDOD&LXGDGSDUDLQGLFDUTXHQRODFRQWURODQ
'XUDQWH OD )DVH  0RYLPLHQWR XQ -XJDGRU SXHGH
YROXQWDULDPHQWH WUDQVIHULU HO &RQWURO GH XQD &LXGDG D RWUR
-XJDGRU TXH OD RFXSD FRQ pO 'XUDQWH OD )DVH  SXHGH VHU
IRU]DGRDFHGHUHO&RQWUROGHXQD&LXGDGSRUXQDFRQGLFLyQGH
WUHJXD R XQD GHUURWD HQ %DWDOOD 8QD YH] TXH HO 7tWXOR GH XQ
)HXGR HV DGTXLULGR HVH )HXGR HV *REHUQDGR &LXGDGHV QR
RFXSDGDV HQ XQ )HXGR *REHUQDGR VH FRQVLGHUDQ FRQWURODGDV
SRUHO1REOHTXHPDQWLHQHHO7tWXORGHO)HXGR/DSUHVHQFLDGH
FXDOTXLHU HGLILFLR HQ XQD &LXGDG QR LQIOX\H ODV UHJODV GH
&RQWURO (O &RQWURO GH XQD )RUWDOH]D &LXGDG $PXUDOODGD
0ROLQRVHWFHVWiOLJDGRDO&RQWUROGHOD&LXGDG

8QD FDEDOJDGD QR SXHGH SDVDU SRU XQD &LXGDG TXH FRQWLHQH
XQD)RUWDOH]DRXQD&LXGDG$PXUDOODGD6RORVHSXHGHLQWHQWDU
XQD FDEDOJDGD FRQ XQ (MpUFLWR FRPSXHVWR H[FOXVLYDPHQWH GH
1REOHV \ XQLGDGHV PRQWDGDV &DPSHRQHV \ &DEDOOHURV 3DUD
SDUWLFLSDU HQ XQD FDEDOJDGD &DPSHRQHV \ &DEDOOHURV WLHQHQ
TXHHVWDUFRQHO1REOHTXHOOHYDHOHMpUFLWRGHVGHHOLQLFLRGHVX
PRYLPLHQWR $OLDGRV QR SXHGHQ DSR\DU XQD FDEDOJDGD 8Q
HMHUFLWRVRORSXHGHLQLFLDUXQDFDEDOJDGDVLSXHGHGDUXQSDVR
PiV GHVSXpV GH OD %DWDOOD GH OD FDEDOJDGD 8QD %DWDOOD GH
FDEDOJDGD VH UHVXHOYH LQPHGLDWDPHQWH QR GXUDQWH OD )DVH GH
%DWDOOD (O -XJDGRU GHIHQVRU OXFKD FRQ WRGDV ODV 7URSDV \
1REOHV TXH WHQJD HQ OD &LXGDG LQFOXVR VL DOJXQRV GH HOORV
EORTXHDQRWUDFDUUHWHUDSHURQRSXHGHVHUDSR\DGRSRUQLQJ~Q
RWUR-XJDGRU
(MHPSOR 8Q (MpUFLWR LQLFLD XQD FDEDOJDGD HQ VX SULPHU
0RYLPLHQWR JDQD OD %DWDOOD \ VLJXH VX PRYLPLHQWR KDFLD OD VLJXLHQWH
&LXGDG FRQ VX VHJXQGR PRYLPLHQWR (O 'HIHQVRU HQ XQD FDEDOJDGD
UHFLEH XQ ERQR GH ,PSDFWR  I H[WUD SRU FDGD 'DGR GH
%DWDOOD TXH WLUD  $QWHV GH TXH FRPLHQFH OD %DWDOOD ORV
$UTXHURV UHFLEHQ VX $WDTXH HVSHFLDO (VH WDPELpQ WLHQH  I
,PSDFWR H[WUD DSDUWH GH  I H[WUD SDUD GHIHQGHUVH GH OD
FDEDOJDGD
(MHPSOR (O 'HIHQVRU WLHQH  &DEDOOHURV  +RPEUHV GH
$UPDV \  $UTXHURV XQ WRWDO GH  3) 3DUD HO DWDTXH LQLFLDO
GH ORV $UTXHURV WLUD XQ 'DGR GH %DWDOOD  I SDUD XQ UHVXOWDGR
GH HQWUH  ,PSDFWRV (QWRQFHV WLUD VXV GRV 'DGRV GH %DWDOOD
QRUPDOHV  \ DxDGH  I SRU FDGD 'DGR SDUD XQ UHVXOWDGR
HQWUH  ,PSDFWRV 6LHO(MpUFLWRTXHKDFHODFDEDOJDGDJDQDOD
%DWDOOD \ VREUHYLYHQ SRU OR PHQRV XQ 1REOH \ XQD GH VXV
XQLGDGHV HO HMpUFLWR WLHQH TXH FRPSOHWDU VX PRYLPLHQWR GH
FDEDOJDGD(O-XJDGRUQRSXHGHGHFLGLUSDUDUVX(MpUFLWRHQOD
&LXGDGGRQGHRFXUULyODFDEDOJDGDDQRVHUTXHHO1REOHHVWp
VROR3HURVLSXHGHGHMDUDOJXQD8QLGDGRXQ1REOHFRQDOJXQD
8QLGDG DWUDV VL WLHQH PiV GH XQR GH FDGD SDUD RFXSDU \
FRQWURODU OD &LXGDG UHFLpQ FRQTXLVWDGD DQWHV GH VHJXLU HO
PRYLPLHQWR 6L XQ -XJDGRU PXHYH KDFLD XQD &LXGDG
&RQWURODGDSRUXQRSRQHQWHXVDQGRVX~OWLPRSDVROD%DWDOOD
QRHVXQDFDEDOJDGD\VHUHVXHOYHHQOD)DVHGH%DWDOOD)DVH

1RWD &RPR UHJOD JHQHUDO TXLHQ FDXVD OD SpUGLGD GH

&RQWURO VREUH XQD &LXGDG GHFLGH HO QXHYR &RQWURODGRU HQWUH
ORV -XJDGRUHV SUHVHQWHV HQ OD &LXGDG 6L ORV FDXVDQWHV IXHURQ
PDV GH XQ -XJDGRU R QLQJXQR HO &RQWURODGRU DQWHULRU GHFLGH
TXLpQVHUiHOQXHYR&RQWURODGRU

5.2 &DEDOJDGDV
6L XQ -XJDGRU TXLHUH PRYHU D WUDYpV GH 7URSDV HQHPLJDV VLQ
SHGLU SHUPLVR HVH -XJDGRU SXHGH LQWHQWDU DEULUVH SDVR
OXFKDQGR GXUDQWH OD )DVH GH 0RYLPLHQWR FRQ XQD FDEDOJDGD
(MHPSOR/DG\&HUVHL/DQQLVWHUEODQFR\&DEDOOHURVPXHYHQGH
/DVFDEDOJDGDVSHUPLWHQDORV-XJDGRUHVOXFKDU\OXHJRVHJXLU
$JXDVGXOFHVD+DUUHQKDO3DVR8QD%DWDOODGHFDEDOJDGDWLHQHOXJDU
FRQVXPRYLPLHQWRXQDFDEDOJDGDVHSXHGHXVDUSDUD
GHLQPHGLDWRODFXDOHO(MpUFLWREODQFRJDQDVLQSpUGLGDV(OFRQWDGRUGH
+RPEUHGH$UPDVD]XOHVTXLWDGRGHOPDSD&RQVXVHJXQGRSDVR/DG\
6DOLUGHXQD)RUWDOH]D&LXGDG$PXUDOODGDEDMRDVHGLRR &HUVHL /DQQLVWHU GHMD XQ &DEDOOHUR HQ +DUUHQKDO \ HQWRQFHV PXHYH D
6DOLUGHXQD&LXGDGSRUXQDFDUUHWHUDRFXSDGDSRUXQ
'HVHPEDUFR GHO 5H\ FRQ VX ~OWLPR &DEDOOHUR 6L HO GHIHQVRU D]XO HQ
'HVHPEDUFRGHO5H\QRVDOHGHHVD&LXGDGHQVX)DVHGH0RYLPLHQWRVH
RSRQHQWHR
3DVDUDWUDYpVGHXQSXHEORRFXSDGRSRUXQRSRQHQWH SRGUtDSURGXFLUXQD%DWDOODGXUDQWHOD)DVHGH%DWDOODV

26

)ase6.BatDlOD

)DVH%DWDOOD
(Q RUGHQ GH WXUQR ORV -XJDGRUHV SXHGHQ GHFODUDU XQD
%DWDOOD HQ FDGD &LXGDG GRQGH HOORV \ XQR R PiV RSRQHQWHV
WLHQHQ 7URSDV 8Q -XJDGRU QR SXHGH GHFODUDU XQD %DWDOOD
FRQWUD HO PLVPR -XJDGRU HQ OD PLVPD &LXGDG GRV YHFHV SHUR
SXHGH GHFODUDU YDULDV %DWDOODV HQ OD PLVPD &LXGDG FRQWUD
RSRQHQWHVGLIHUHQWHV8Q -XJDGRU SXHGH DWDFDU D XQ DOLDGR
-XJDGRUHV RSRQHQWHV QR HVWiQ REOLJDGRV D OXFKDU \ SXHGHQ
GHFODUDU XQD WUHJXD  OD FXDO SXHGH VHU URWD HQ
FXDOTXLHU PRPHQWR 7URSDV VLQ 1REOH 7URSDV VLQ OtGHU
QR SXHGHQ LQLFLDU XQD %DWDOOD SHUR SXHGHQ MXQWDUVH D
FXDOTXLHU EDQGR HQ XQD %DWDOOD HQWUH RWUDV IXHU]DV (O
-XJDGRU HQ WXUQR /tGHU RIHQVLYR GHFODUD XQD %DWDOOD FRQWUD
XQ -XJDGRU HVSHFtILFR /tGHU GHIHQVLYR (VRV GRV -XJDGRUHV
VRQ ORV /tGHUHV LQLFLDOHV \ FXDOTXLHU RWUR (MpUFLWR SUHVHQWH HQ
OD &LXGDG SXHGH DFXGLU HQ D\XGD GH XQR GH HVRV GRV /tGHUHV
FRQ VX FRQVHQWLPLHQWR 1RWD 6L XQR GH VXV +HUPDQRV GH
OD *XDUGLD GH OD 1RFKH WDPELpQ HVWi SUHVHQWH XQ 1REOH
GHO PLVPR -XJDGRU SXHGH DWDFDU R XQLUVH D XQ DWDTXH SHUR
HO +HUPDQR GH OD *XDUGLD GH OD 1RFKH \ VXV WURSDV QR
SXHGHQ WRPDU SDUWH H[FHSWR HQ XQD &LXGDG TXH pO FRQWUROH
 /RV MXJDGRUHV MXQWDQ VXV IXHU]DV DQWHV GH OD %DWDOOD \ QDGLH
PiV SXHGH XQLUVH D XQD %DWDOOD XQD YH] KD\D FRPHQ]DGR 8Q
-XJDGRU WLHQH TXH HQWUDU FRQ WRGRV VXV 1REOHV \ 7URSDV R
QLQJXQR SHUR QR XQD SDUWH /RV MXJDGRUHV HQ $OLDQ]D
&LUFXQVWDQFLDO FRPELQDQ VXV 7URSDV (O /tGHU GH OD $OLDQ]D
&LUFXQVWDQFLDO GHFLGH FyPR UHSDUWLU ODV SpUGLGDV HQWUH ODV
7URSDV VX\DV \ ODV GH VX DOLDGR \ HO FRQWURO GH &DXWLYRV 8Q
/tGHU QR SXHGH DVLJQDU GDxR D 1REOHV DOLDGRV VL OD $OLDQ]D
&LUFXQVWDQFLDO DXQ WLHQH 7URSDV DVt TXH WRGRV ORV 1REOHV
DOLDGRVVHUiQORV~OWLPRVHQPRULU

GHO 'DGR 6L OD %DWDOOD FRQWLQXD ORV $UTXHURV OXFKDQ FRPR
+RPEUHVGH$UPDV\DxDGHQ3)DVX(MpUFLWR
1RWD (O DWDTXH HVSHFLDO QR HV XQD WLUDGD GH EDWDOOD $Vt
TXH QR WLHQH ODV ERQLILFDFLRQHV GH OD 0DGUH GH 'UDJRQHV R
9DOLHQWH
(MHPSOR'DYLGLQLFLDXQD%DWDOODFRQ$UTXHURV(OWLUD'DGR
GH %DWDOOD \ DxDGH  ,PSDFWRV H[WUD SDUD XQ UHVXOWDGR GH HQWUH 
,PSDFWRV $O PLVPR WLHPSR .LUVWHQ OD RSRQHQWH GH 'DYLG WLHQH 
$UTXHURV (OOD WLUD DO PLVPR LQVWDQWH  'DGR GH %DWDOOD \ DxDGH 
,PSDFWRH[WUDSDUDXQUHVXOWDGRGHHQWUH,PSDFWRV6HUHVXHOYHQORV
,PSDFWRV \ FDGD -XJDGRU GHWHUPLQD FXDOHV GH VXV 7URSDV PXHUHQ \ ORV
UHWLUDQGHOD%DWDOOD$KRUDHPSLH]DOD%DWDOODQRUPDO\ORV$UTXHURV
VLUYHQFRPR+RPEUHVGH$UPDVDxDGLHQGR3)DVX(MpUFLWR

3UH%DWDOODDWDFDQGR)RUWLILFDFLRQHV
6LHODWDTXHYDFRQWUDXQD)RUWDOH]D/RV$UTXHURVDWDFDQWHVQR
WLHQHQDWDTXHSUHEDWDOODLQFOXVRMXJDQGR3DVDMH6HFUHWR

6.2 3URJUHVLyQGH%DWDOOD
&DGD EDQGR FXHQWD VXV 3XQWRV GH )XHU]D 3) 8Q -XJDGRU
UHFLEH

3)SRUFDGD+RPEUHGH$UPDV
3)SRUFDGD$UTXHUR(7
 3) SRU FDGD ,QPDFXODGR (7 \ SRUFDGD5HFOXWD
GHOD*XDUGLDGHOD1RFKH(7

3)SRUFDGD&DEDOOHUR
3)SRUFDGD&DPSHyQ(7
3)SRUFDGD1REOH

(MHPSOR *UDG\ \ *XQWHU HVWiQ DOLDGRV SRU PDWULPRQLR \ RFXSDQ

MXQWRV:LQWHUIHOO.LUVWHQPXHYHVXV7URSDVKDFLD:LQWHUIHOOSDUDDWDFDU
D*XQWHU(OODFRQYHQFHD*UDG\GHDSR\DUVXEDQGR6XPDQORV3XQWRV (O YDORU ILQDO GH 3) GH XQ EDQGR GHWHUPLQD HO Q~PHUR GH
GH)XHU]DGHVXV7URSDV\GHUURWDQD*XQWHUPDWDQGRDODHVSRVD 'DGRV GH %DWDOOD HVWH EDQGR SXHGH WLUDU (O MXJDGRU SRGUi
GH*UDG\HQHODFWR*UDG\\DQRHVWiDOLDGRFRQ*XQWHU
ODQ]DU
$WULEXWRVGHORV1REOHV:
6LXQ1REOHFREDUGHHVWiVRORVLQRWUR1REOHGHVX&DVDQR
SXHGHLQLFLDUXQD%DWDOOD
8Q1REOHFRQHODWULEXWROHDOQRSXHGHDWDFDU1REOHVDOLDGRV
SRU PDWULPRQLR 3HUR VL SXHGH GHIHQGHUVH FRQWUD XQ DOLDGR
TXH OH DWDFD 6L XQ 1REOH OHDO HVWi SUHVHQWH FRQ RWUR 1REOH
VLJXHLPSLGLHQGRDWDTXHVFRQWUDDOLDGRV
'XUDQWHOD)DVHGH%DWDOOD\DQWHVGHTXHFRPLHQFHXQD%DWDOOD
XQ1REOHSHUVXDVLYRSXHGHFRQYHUWLU+RPEUHGH$UPDVGH
XQRSRQHQWHDVXHMpUFLWR5HFOXWDVGHOD*XDUGLDGHOD1RFKH
QRSXHGHQVHUFRQYHUWLGRV

1D63)...............
7D123).............
13RPiV3).......
(O 7tWXOR GH 0DGUH GH 'UDJRQHV  DXWRPiWLFDPHQWH
DxDGH      'DGR GH %DWDOOD (VH HV HO ~QLFR FDVR HQ TXH
XQ -XJDGRU SXHGH WLUDU KDVWD  'DGRV GH %DWDOOD
$OLDGRV &LUFXQVWDQFLDOHV FRPELQDQ VXV 3) SDUD GHWHUPLQDU VX
Q~PHURGH'DGRVGH%DWDOOD

6.2.1 3HQDOL]DGRUHVSDUD$WDFDQWHV
-1
-2

6.1 3UH%DWDOOD(7
$QWHV GH TXH FRPLHQFH XQD %DWDOOD ORV $UTXHURV UHDOL]DQ XQ
DWDTXH HVSHFLDO /RV $UTXHURV GH DPERV EDQGRV GLVSDUDQ XQD
YH] VLPXOWiQHDPHQWH 8Q $UTXHUR WLUD XQ 'DGR GH %DWDOOD \
FDGD $UTXHUR DGLFLRQDO DxDGH  I ,PSDFWR H[WUD DO UHVXOWDGR

27

VLHO'HIHQVRUHVWiHQXQD)RUWDOH]D
VLHO'HIHQVRUHVWiHQXQD&LXGDG$PXUDOODGD

(VWRV 3HQDOL]DGRUHV SXHGHQ VHU FDQFHODGRV SRU 0iTXLQDV GH

$VHGLR  /DV 0iTXLQDV GH $VHGLR TXH SDUWLFLSDQ HQ XQ
DWDTXHSXHGHQFDQFHODUKDVWDGH3HQDOL]DGRUHV8QDFDUWD
 
GH 3DVDMH 6HFUHWR  SXHGH VHU MXJDGD SRU FXDOTXLHU
-XJDGRUSDUDFDQFHODUORV3HQDOL]DGRUHVSDUDHO$WDFDQWHHQXQD
%DWDOOD

)DVH%DWDOOD
/RV 3HQDOL]DGRUHV SDUD HO $WDFDQWH QR WLHQHQ HIHFWR VL HO
(MpUFLWR TXH RFXSD OD )RUWDOH]D R &LXGDG $PXUDOODGD VDOH GH
VX)RUWDOH]DSDUDDWDFDUDVXRSRQHQWHTXHOHHVWiDVHGLDQGR
1RWD 1R VH SXHGH XVDU XQ 3DVDMH 6HFUHWR SDUD DQXODU HO
3HQDOL]DGRU GH XQD )RUWDOH]D VL HVD WLHQH XQ 0DHVWUH GH OD
&LXGDGHOD
(MHPSOR 'DYLG RFXSD XQD )RUWDOH]D \ HV DWDFDGR SRU *UDG\
TXLHQ WLHQH XQ (MHUFLWR GH  3) OR FXDO LJXDOD D  'DGRV GH
%DWDOOD 3HUR HVWi DWDFDQGR D XQD )RUWDOH]D OR FXDO VLJQLILFD XQ
3HQDOL]DGRU GH  'DGR GH %DWDOOD *UDG\ DWDFD VROR FRQ 
'DGRV GH %DWDOOD
$WULEXWRVGHORV1REOHV
8Q 1REOH DVWXWR FXHQWD FRPR TXH VLHPSUH SRUWD 
0iTXLQDGH$VHGLR$ODWDFDUXQD)RUWDOH]DUHGXFHHQ'DGR
GH %DWDOOD HO SHQDOL]DGRU DO DWDTXH 'HVSXpVGH XQ WXUQR
GHDVHGLRFDQFHODWRGRVORVSHQDOL]DGRUHV'RV1REOHVDVWXWRV
MXQWRV FDQFHODQ GLUHFWDPHQWH WRGRV ORV SHQDOL]DGRUHV VLQ
QHFHVLGDGGHDVHGLDU

,PSDFWRVHOSULPHULPSDFWRPDWDDO+RPEUHGH$UPDV(O
VHJXQGRLPSDFWRHVLJQRUDGR\DTXHVHQHFHVLWDQSDUDPDWDUXQ
FDEDOOHUR\ORV1REOHVQRVRQDIHFWDGRVKDVWDTXHWRGDVVXVWURSDV
KD\DQPXHUWR

,PSDFWRV(O&DEDOOHURPXHUH\DEVRUEHORV,PSDFWRVSRUOR
TXH HO +RPEUH GH $UPDV \ ORV 1REOHV QR VRQ DIHFWDGRV 6L
KXELHUD  &DEDOOHUR \  +RPEUHV GH $UPDV HO -XJDGRU SRGULD
HOHJLUTXH7URSDVTXLWDU
 ,PSDFWRV  (O +RPEUH GH $UPDV \ HO &DEDOOHUR PXHUHQ ORV
GRV1REOHVVRQFDSWXUDGRV
,PSDFWRV7RGDVODV7URSDV\XQ1REOHDHOHFFLyQGH*XQWHU
PXHUHQ(ORWUR1REOHHVFDSWXUDGR
,PSDFWRV7RGDVODV7URSDV\ORV1REOHVPXHUHQ

6.2.3 &DXWLYRV
6ROR VH SXHGHQ WRPDU &DXWLYRV GXUDQWH ODV
)DVHVGH0RYLPLHQWR\%DWDOODFRQH[FHSFLyQ
GHODFDUWDGHVHFXHVWUR6LGXUDQWHOD)DVHGH
0RYLPLHQWRKD\XQRRPiV1REOHVVRORVVLQ
QLQJXQD 7URSD VX\D \ FXDOTXLHU RWUR -XJDGRU WLHQH SRU OR
PHQRV XQD 7URSD SUHVHQWH pO FDSWXUD GH LQPHGLDWR D HVHRV
1REOHV

6.2.2 3pUGLGDV

/tGHUHV WLUDQ VXV 'DGRV GH %DWDOOD \ UHJLVWUDQ ODV SpUGLGDV

1RWD 6L YDULRV -XJDGRUHV SXHGHQ FDSWXUDU DO PLVPR
VLPXOWiQHDPHQWH(OORVHOLJHQFXiOHVGHVXV7URSDVTXLWDQSHUR
WLHQHQ TXH TXLWDU WDQWRV 3) FRPR VHD SRVLEOH SDUD DOFDQ]DU 1REOH HO SULPHUR HQ RUGHQ GH WXUQR OR FDSWXUD
'HVSXpVGHXQD%DWDOODHO/tGHUYLFWRULRVRGHFLGHTXHHMpUFLWR
KDVWDHOQ~PHURGH,PSDFWRVUHFLELGRV
FDSWXUDDORV1REOHVUHVWDQWHVVROLWDULRV&XDQGRXQ1REOHHV
FDSWXUDGR WXPED VX DYDWDU \ FRORFD XQ PDUFDGRU GH &DXWLYR
/RV'DGRVGH%DWDOODWLHQHQFDUDVFRQ HQVXFDUWDGH1REOH&DXWLYRVVLJXHQFRQWDQGRSDUDHOOtPLWH
XQRIGRVIIRWUHVIIIVtPERORVHQHOODV&DGD GHXQ-XJDGRUGHFXDWUR1REOHV(VH&DXWLYRHVWiDKRUDEDMRHO
I HQ XQD FDUD UHSUHVHQWD XQ LPSDFWR &RQWURO GHO 1REOH TXH OR WRPy &DXWLYR \ HO FDSWRU SXHGH
 6H QHFHVLWD  ,PSDFWR SDUD PDWDU D XQ +RPEUH GH $UPDV PRYHU HO &DXWLYR MXQWR D VXV 7URSDV (O 1REOH VLJXH VLHQGR
 ,PSDFWRV SDUD PDWDU D XQ ,QPDFXODGR  ,PSDFWRV SDUD &DXWLYR PLHQWUDV RFXSD HO PLVPR OXJDU TXH ODV 7URSDV \R
PDWDU D XQ &DEDOOHUR R &DPSHyQ \  ,PSDFWR SDUD PDWDU D 1REOHV GH VX VHFXHVWUDGRU 8Q &DXWLYR QR SXHGH VHU PDWDGR
XQ 1REOH 8QD 7URSD FRQ PiV GH  SXQWR GH ,PSDFWR VROR SRU VXV VHFXHVWUDGRUHV VL QR HV PHGLDQWH XQD FDUWD GH
SXHGH VHU PDWDGD VL UHFLEH HO WRWDO GH ,PSDFWRV HQ XQD $VHVLQDWR8Q&DXWLYRSXHGHHVFDSDUXVDQGRXQDFDUWD
URQGD 6L TXHGDQ PHQRV ,PSDFWRV GH ORV TXH DJXDQWD HVD GH 3DVDMH 6HFUHWR 7DPELpQ SXHGH VHU OLEHUDGR SRU VX
7URSD QR HV DIHFWDGD 7RGRV ORV ,PSDFWRV TXH VH SXHGHQ VHFXHVWUDGRU SRU FXDOTXLHU UD]yQ HQ FXDOTXLHU PRPHQWR
DVLJQDU VH WLHQHQ TXH DVLJQDU /RV MXJDGRUHV SXHGHQ UHSDUWLU LQFOX\HQGRHOSDJRGHXQ5HVFDWH(QWRQFHVHVFRORFDGR
ORV ,PSDFWRV HQWUH VXV 7URSDV FRPR TXLHUDQ VLHPSUH FRPRVLIXHUDXQ1REOHTXHHQWUDQXHYRHQ-XHJR8Q
DVLJQDQGR HO Pi[LPR Q~PHUR GH ,PSDFWRV ORV 1REOHV WLHQHQ &DXWLYR SXHGH VHU WUDQVIHULGR D RWUR (MpUFLWR SUHVHQWH HQ OD
 SXQWR GH ,PSDFWR \ QR SXHGHQ VHU HOHJLGRV FRPR SHUGLGD PLVPD &LXGDG HQ FXDOTXLHU PRPHQWR 6L HO 6HFXHVWUDGRU HV
KDVWD TXH WRGDV ODV 7URSDV GH VX EDQGR KD\DQ PXHUWR  GHUURWDGR HQ %DWDOOD PXHUWR R WRPDGR &DXWLYR WRGRV ORV
&DXWLYRV TXH WHQtD VRQ WUDQVIHULGRV DO HMpUFLWR TXH JDQy OD
$WULEXWRVGHORV1REOHV
8Q 1REOHYDOLHQWHUHFLEHXQERQR GH,PSDFWRH[WUD HQOD %DWDOOD 8Q &DXWLYR QR SXHGH VHU FDQGLGDWR SDUD QLQJXQD
WLUDGD GH %DWDOOD VL HV SDUWH GHO (MpUFLWR DWDFDQWH SRVLFLyQRYRWDUHQQLQJXQDHOHFFLyQ6LOD5HLQDHV&DXWLYDQR
8Q 1REOH FUXHO QR WRPD &DXWLYRV 7RGRV ORV 1REOHV SXHGH MXJDU HO SHUVRQDMH GHO +HUHGHUR DO 7URQR GH +LHUUR
FXDQGR XQ QXHYR /RUG HV MXJDGR SRU VX &DVD  6L XQ
FDSWXUDGRVPXHUHQDOLQVWDQWH
*XDUGLiQ HV &DXWLYR QR SXHGH LQWHQWDU FDOPDU XQ
&RQWLQXDQGR FRQ HO HMHPSOR DQWHULRU *UDG\ WLUD VXV GRV 'DGRV GH
/HYDQWDPLHQWR 8Q &DXWLYR PDQWLHQH VXV 7tWXORV LQJUHVRV \
%DWDOOD SDUD XQ UHVXOWDGR GH I \ III XQ WRWDO GH  ,PSDFWRV (O HMpUFLWR
WRGRVVXVRWURVSULYLOHJLRV
GHIHQVRU GH 'DYLG FRQVLVWH HQ  +RPEUHV GH $UPDV \  &DEDOOHURV
$WULEXWRVGHORV1REOHV
'DYLG QR WLHQH HOHFFLyQ \ WLHQH TXH TXLWDU  +RPEUH GH $UPDV \ 
&DEDOOHURSDUDDVXPLUORV,PSDFWRV3HUR'DYLGWLUDDOPLVPRLQVWDQWH
8Q 1REOH URPSHFRUD]RQHV SXHGH HOHJLU URPSHU
6XV+RPEUHVGH$UPDV\&DEDOOHURVWLHQHQXQWRWDOGH3) 
SHUPDQHQWHPHQWH XQD $OLDQ]D SRU 0DWULPRQLR VL WLHQH
'DGRVGH%DWDOOD(OWLUDXQIII\XQII ,PSDFWRV*UDG\SLHUGH
FXDOTXLHUDGHORVFyQ\XJHV&DXWLYR
+RPEUHV GH $UPDV \  &DEDOOHUR (Q DPERV ODGRV TXHGDQ 7URSDV \
(QYH]GHWRPDU1REOHV&DXWLYRVXQ1REOHFUXHOORVPDWD
*UDG\ QR TXLHUH SDUDU VX DWDTXH DVt TXH OD %DWDOOD FRQWLQXD \ DPERV
-XJDGRUHV WLUDQ RWUD YH] $ *UDG\ VROR OH TXHGDQ  3)   
SpUGLGDVDVtTXHWLUDRWUDYH]'DGRGH%DWDOODSRUHO3HQDOL]DGRUGHO 6.3 )LQDOL]DQGRXQD%DWDOOD
$WDFDQWHGHOD)RUWDOH]D$'DYLGOHTXHGDQ3)SpUGLGDV\
WLUD  'DGRV GH %DWDOOD 2WUR HMHPSOR *XQWHU HV DWDFDGR \ WLHQH ODV 8QD %DWDOOD SXHGH GXUDU YDULDV URQGDV $O ILQDO GH FXDOTXLHU
VLJXLHQWHV 7URSDV \ 1REOHV GHIHQGLHQGR /RUG -DLPH /DQQLVWHU /DG\ URQGDGH%DWDOODHO/tGHURIHQVLYR\GHVSXpVHO/tGHUGHIHQVLYR
&HUVHL /DQQLVWHU  +RPEUH GH $UPDV \  &DEDOOHUR 6L VX RSRQHQWH SXHGHQ HQ QRPEUH GH VX EDQGR SHGLU XQD 7UHJXD 
UHQGLUVHRGHFLGLUFRQWLQXDUFRQOD%DWDOOD
WLUD

28

)DVH%DWDOOD
1RWD(QDUDVGHODVLPSOLFLGDGHQHVWDYHUVLyQORV
(MpUFLWRVQRSXHGHQFDPELDUGHEDQGRVHQHOPHGLRGHXQD
%DWDOOD

DVHGLDUOD)RUWDOH]DDxDGHXQDILFKDGH0iTXLQDGH$VHGLRGHGDGRD
VXV7URSDV
(MHPSOR.LUVWHQDWDFy3\NHSHURGHVSXpVGHXQDWLUDGDGH%DWDOOD
VH GLR FXHQWD GH TXH VXV RSRUWXQLGDGHV GH YLFWRULD QR HUDQ PX\ EXHQDV
6.3.1 TrHJXD
$VtTXHGHFLGHFDQFHODUHODWDTXH\FRPHQ]DUHODVHGLRFRORFDQGRXQDILFKD
8QD 7UHJXD VyOR SXHGH VHU UHFKD]DGD VL HO (MpUFLWR GHO GH0iTXLQDGH$VHGLRGHGDGRMXQWRFRQVXV7URSDV
RSRQHQWH HVWi OLGHUDGR SRU XQ 1REOH 5HFKD]DU XQD 7UHJXD
LPSOLFD TXH HO TXH OD UHFKD]D VH FRQYLHUWH HO /tGHU RIHQVLYR
$EDQGRQD OD HYHQWXDO VHJXULGDG GH VX )RUWDOH]D R &LXGDG 6.4.1 (IHFWRVGHXQ$VHGLR
)RUWLILFDGD
VL
WLHQH
DOJXQD
8QD &LXGDG DVHGLDGD VLJXH EDMR FRQWURO GHO -XJDGRU
1RWD ,QFOXVR VL OD FLUFXQVWDQFLDO $OLDQ]D HVWi
DVHGLDGR
FRPSXHVWD GH XQ +HUPDQR GH OD *XDUGLD GH OD 1RFKH HO
1RVHUHFLEHQLQJUHVRVGHXQD&LXGDGDVHGLDGDQLGHVXV
/tGHU SXHGH UHFKD]DU OD 7UHJXD 6L HO /tGHU RSRQHQWH OD
HGLILFLRV
DFHSWD VH GHFODUD OD 7UHJXD 7RGRV ORV 1REOHV \ 7URSDV
/DV 7URSDV \ 1REOHV DVHGLDGRV QR SXHGHQ PRYHUVH
SHUPDQHFHQHQOD&LXGDG\VHUHWLUDQGHOD%DWDOOD(O-XJDGRU
IXHUD GH OD &LXGDG GXUDQWH OD )DVH GH 0RYLPLHQWR D
TXHRULJLQDOPHQWH&RQWURODEDOD&LXGDGPDQWLHQHVX&RQWUROD
PHQRV TXH XVHQ XQ 3DVDMH 6HFUHWR  R KDJDQ XQD
QRVHUTXHHOFDPELRGH&RQWUROIXHVHXQDSDUWHGHODFXHUGRGH
FDEDOJDGD
7UHJXD\WHQJDVXFRQVHQWLPLHQWR
8Q -XJDGRU $VHGLDGR SXHGH PRYHU 7URSDV DGLFLRQDOHV
GLUHFWDPHQWH GHQWUR GH OD )RUWDOH]D R &LXGDG
6.3.2 5HQGLFLyQ
)RUWLILFDGDTXHHVWpVLHQGRDVHGLDGDVLQWHQHUTXHOXFKDU
6LXQ/tGHUVHULQGHWRGDVOD7URSDVUHVWDQWHVGHVXEDQGRVRQ
FRQWUDORVVLWLDGRUHV
GLVXHOWDV\WRGRVORV1REOHVVRQKHFKRV&DXWLYRV

(O -XJDGRU $VHGLDGR QR SXHGH DxDGLU 7URSDV UHFLpQ

DGTXLULGDV D VX (MpUFLWR DVHGLDGR 6LQ HPEDUJR SXHGH
DxDGLUQXHYRV1REOHV
(O -XJDGRU TXH UHDOL]D HO DVHGLR SXHGH DxDGLU 7URSDV
UHFLpQFRPSUDGDVHQHVWD&LXGDG

6.3.3 )LQGH8QD%DWDOOD
8QDEDWDOODWHUPLQDDOILQDOGHXQDURQGD

6LDPERVEDQGRVVRQGHVWUXLGRV\QRTXHGDQ7URSDVQL

(O MXJDGRU TXH UHDOL]D HO $VHGLR SXHGH 6DTXHDU ORV

1REOHVHQXQD&LXGDG
6LXQ/tGHUGHFLGHUHQGLUVH
6LVRODPHQWHTXHGDQ1REOHVHQDPERVEDQGRV
6LQLQJXQRGHORVEDQGRVWLHQHEDMDVGXUDQWHURQGDV
FRQVHFXWLYDV
6LVHGHFODUDXQD7UHJXD

0ROLQRVGXUDQWHOD6XE)DVHGH6DTXHR

6LXQRGHVXV1REOHVHVWiSUHVHQWHXQ-XJDGRUDVHGLDGR
SXHGH GHFLGLU LQLFLDU XQD %DWDOOD SHUR VL KDFH HVWR VXV
7URSDV SLHUGHQ OD SURWHFFLyQ GH OD )RUWDOH]D R &LXGDG
)RUWLILFDGD \ VXV 3HQDOL]DFLRQHV D ORV DWDFDQWHV 7LHQH
OXJDUXQD%DWDOODQRUPDO)DVH

6.4 $VHGLRV\0iTXLQDVGH$VHGLR
'HVSXpV GH UHVROYHU WRGDV ODV %DWDOODV
HO -XJDGRU TXH WRGDYtD WLHQH 7URSDV HQ
XQD&LXGDGFRQXQRSRQHQWHRFXSDQGR
XQD )RUWDOH]D R &LXGDG )RUWLILFDGD
SXHGH LQLFLDU XQ $VHGLR LQFOXVR EDMR
/OXYLDV 7RUUHQFLDOHV 'HFODUD HO $VHGLR
\DxDGHXQDILFKDGH0iTXLQDGH$VHGLR
GH XQ GDGR D VXV 7URSDV DVHGLDGRUDV 6L GXUDQWH OD SUy[LPD
URQGDHVWH-XJDGRUGHFLGHFRQWLQXDUFRQHO$VHGLRGHVSXpVGH
TXH WRGDV ODV EDWDOODV VH KD\DQ UHVXHOWR YROWHD OD 0iTXLQD GH
$VHGLRGHGDGRDVXODGRGH0iTXLQDGH$VHGLRGHGDGRV
6LKD\DOLDGRVFDGDXQRGHHOORVFRQ7URSDVDVHGLDQGRMXQWRV
XQD)RUWDOH]D&LXGDG)RUWLILFDGDFDGDXQRSXHGHFRORFDUXQD
ILFKD GH 0iTXLQD GH $VHGLR GH  GDGR SDUD FDQFHODU KDVWD 
GDGRVGH3HQDOL]DFLRQHVDO$WDFDQWH$VtSXHVODV$OLDQ]DVVRQ
HILFDFHVGXUDQWH$VHGLRV

8Q$VHGLRSXHGHDFDEDUHQFXDOTXLHUPRPHQWRTXHTXLHUD
HO$VHGLDGRUHQFX\RFDVRWRGDVODVPiTXLQDVGH$VHGLRHQOD
&LXGDGVHTXLWDQGHOPDSD

6.4.2 (IHFWRVGHODV0iTXLQDVGH$VHGLR
HQ%DWDOOD

8QD0iTXLQDGH$VHGLRGHXQGDGRFDQFHOD3HQDOL]DFLyQDO
$WDFDQWHDVtORV-XJDGRUHVTXHDWDFDQXQD)RUWDOH]DQRWLHQHQ
3HQDOL]DFLyQDO$WDTXH\SLHUGHQVRODPHQWH'DGRGH%DWDOOD
FXDQGRDWDFDQXQD&LXGDG)RUWLILFDGD8QD0iTXLQDGH
$VHGLR GH GRV GDGRV FDQFHOD  3HQDOL]DFLRQHV DO $WDFDQWH DVt
ORV -XJDGRUHV QR WLHQHQ 3HQDOL]DFLRQHV FXDQGR DWDFDQ XQD
)RUWDOH]D R &LXGDG )RUWLILFDGD  /DV 0iTXLQDV GH DVHGLR QR
VXPDQ SDUD HO FyPSXWR WRWDO GH 3) 6RODPHQWH FDQFHODQ
3HQDOL]DFLRQHV DO $WDFDQWH  /DV 0iTXLQDV GH DVHGLR QR
UHFLEHQ LPSDFWRV 6RODPHQWH UHSUHVHQWDQ OD KDELOLGDG GHO
-XJDGRUGHUHGXFLUODV3HQDOL]DFLRQHVDO$WDFDQWH&XDQGRXQ
-XJDGRUPXHYHWRGDVVXV7URSDVIXHUDGHOD&LXGDGRVLWRGDV
(MHPSOR .LUVWHQ PRYLy D VXV WURSDV VRQ GHVWUXLGDV VX ILFKD GH 0iTXLQD GH $VHGLR VH
VX /RUG \ &DEDOOHUR D 3\NH UHWLUDGHOPDSD
SHUR OH SDUHFH TXH VXV 7URSDV
QRVRQORVXILFLHQWHPHQWHIXHUWHV
&RQWLQXDQGR FRQ HO HMHPSOR SUHYLR .LUVWHQ DVHGLy 3\NH OD URQGD
SDUD DWDFDU D FDXVD GH OD SDVDGD\GHFLGHDWDFDUHVWDURQGDFRQVX/RUG\&DEDOOHUR1RSHUGHUi
3HQDOL]DFLyQ GH OD )RUWDOH]D XQ'DGRGH%DWDOODSRUTXHVX0iTXLQDGH$VHGLRGHXQGDGRFDQFHODOD
'HFLGHQRDWDFDU\HQOXJDUGH 3HQDOL]DFLyQDO$WDFDQWHGHOD)RUWDOH]D6LHQYH]GHDWDFDUGHFLGLHUD

29

)DVH%DWDOOD
DVHGLDU3\NHRWUDURQGDSRGUtDYROWHDUODILFKDGHVX0iTXLQDGH$VHGLR 6.5 6DTXHR
GHGDGRDVXODGRGH0iTXLQDGH$VHGLRGHGDGRV$VtHQIXWXURV
DWDTXHV FRQWUD 3\NH VX 0iTXLQD GH $VHGLR GH  GDGRV FDQFHODUtD ODV &XDQGR72'$6ODVEDWDOODVVHUHVXHOYDQORVMXJDGRUHVVHJ~Q
3HQDOL]DFLRQHVGH)RUWDOH]D/D0iTXLQDGH$VHGLR12OHGDQLQJ~Q HO RUGHQ GH WXUQR SXHGHQ VDTXHDU WRGRV ORV 0ROLQRV HQ ODV
EHQHILFLRDGLFLRQDOR'DGRGH%DWDOOD
&LXGDGHV TXH FRQWURODQ R HVWiQ DVHGLDQGR 8Q 0ROLQR
VDTXHDGRVHTXLWDGHOWDEOHUR\HOVDTXHDGRUWRPD'UDJyQGH
2URGHODUHVHUYD
1RWD /RV *UH\MR\ WRPDQ  'UDJRQHV GH 2UR GH OD
UHVHUYDHQOXJDUGHXQR

)DVH$WDTXHHQHO0XUR(*1
-XJDU HVWD )DVH VyOR VL VH MXHJD FRQ OD H[SDQVLyQ GH OD 9ROWHDU OD FDUWD TXH UHSUHVHQWD D OD )RUWDOH]D FRQ HO PD\RU
JXDUGLDGHOD1RFKH
Q~PHUR TXH VLJD HQ  SLH D VX ODGR FDtGR \ DSOLFDU ODV
(OWDEOHURGHO0XUR(QHOERUGHVXSHULRUGHOWDEOHURKD\ FRQVHFXHQFLDVLQGLFDGDVHQHOOD(IHFWRVGHODFDtGDGHO0XUR
XQD VHFFLyQ HVSHFLDO GHO 0XUR (VWD VHFFLyQ UHSUHVHQWD HO
EDODQFHGHIXHU]DVHQWUHORVVDOYDMHVFDPLQDQWHVEODQFRV\ORV
*XDUGLDVGHOD1RFKHTXHSURWHJHQ3RQLHQWHGHORVPRQVWUXRV
/D SULPHUD YH] *XDUGLDRULHQWH  FDHUi &XDQGR
\EHVWLDVTXHDFHFKDQHQODVKHODGDVWLHUUDVPiVDOOiGHO0XUR
*XDUGLD2ULHQWH FDH WRGDV ODV WLUDGDV SRVWHULRUHV GHO
0XURVHLQFUHPHQWDUiQHQ

(Q OD VHJXQGD EUHFKD FDH /D 7RUUH 6RPEUtD 

7pQJDVH HQ FXHQWD TXH HO WUDFN HVWi VHSDUDGR HQ

LQFUHPHQWRVGHGHVGHD+D\XQPDUFDGRUHQODSLVWD
TXHLQGLFDHOHTXLOLEULRDFWXDO7DPELpQKD\WUHV)RUWLILFDFLRQHV
TXH UHSUHVHQWDQ ORV ~OWLPRV WUHV FDVWLOORV FRQWURODGRV GH OD
*XDUGLDGHOD1RFKH
$O LQLFLR GH HVWD )DVH VH ODQ]D XQ G &RQ OD YDULDQWH
:,& HQ 2WRxR VH ODQ]D  GDGR H[WUD HQ LQYLHUQR 
GDGRV H[WUD 6H WRPD HO UHVXOWDGR PiV DOWR $O LQLFLR GHO
LQYLHUQR VH SURGXFLUi XQD EUHFKD GHO 0XUR
DXWRPiWLFDPHQWH
&RQ HO UHVXOWDGR GH OD WLUDGD PRYHU HO PDUFDGRU WDQWRV
HVSDFLRV D OD L]TXLHUGD 6L OD WLUDGD PRYLHVH HO PDUFDGRU SRU
GHEDMR GHO OtPLWH GHO WUDFN VH GHMDUi HQ HO HVSDFLR PiV D OD
L]TXLHUGD VH LQLFLD XQ DWDTXH \ ORV VDOYDMHV URPSHQ (O 0XUR

&XDQGR HVR VXFHGH FDGD MXJDGRU TXH QR WHQJD XQ

+HUPDQRGHOD1RFKHHQVX&DVDVXIULUiXQDUHYXHOWDHQ
XQ1REOHDOHDWRULRFRPROHYDQWDPLHQWRSRSXODUFXDQGR
UHFLEHQ ODV QRWLFLDV SRUTXH VLHQWHQ TXH VXV VHxRUHV QR
KDFHQORVXILFLHQWHSRUGHIHQGHUORV(VWDUHYXHOWDSXHGH
VHU
FDOPDGD
\
SXHGH
VHU
SRWHQFLDGD
QRUPDOPHQWH DXQ FXDQGR QR H[LVWD XQD H[FXVD GH
OHYDQWDPLHQWR HQ HVD FLXGDG /DV UHJODV GH )RUWDOH]D
DSOLFDQQRUPDOPHQWH/DVVLJXLHQWHVWLUDGDVGHO0XURVH
LQFUHPHQWDQHQSDUDXQWRWDOGH
(QODWHUFHUDEUHFKD(O&DVWLOOR1HJURFDH\WRGRVORV
MXJDGRUHVSLHUGHQODSDUWLGD

)DVH)LQDOGHOD5RQGD
&XDQGRXQDURQGDWHUPLQDWRGDVODVFDUWDVGHIRUWXQDTXH 8.1 9LFWRULDHQVROLWDULR
SHUPDQHFHQ HQ HO PDSD VRQ GHVFDUWDGDV D OD SLOD GH GHVFDUWHV
GHFDUWDVGH)RUWXQD/RVMXJDGRUHVUHFXSHUDQVXVPDUFDGRUHV
GH,PSXHVWRV6HFRPSUXHEDQODVFRQGLFLRQHVGHYLFWRULD8Q 8QMXJDGRUJDQDODSDUWLGDVLWLHQH
MXJDGRUWLHQH
WXUQR

1

SRUHOWtWXORGH/RUG&RPDQGDQWH(*1

SRUWHQHUHO7tWXORGH0DQRGHO5H\

SRUWHQHUHO7tWXORGH5H\(1.5),

SRUFDGD7tWXORGH)HXGRTXHFRQWUROH(4.2),

DOILQDOL]DUXQ

(MHPSOR8Q-XJDGRUSXHGHJDQDUVLFRQWUROD)HXGRVDOILQDOGH
XQ WXUQR R  )HXGRV < HO 7tWXOR GH 5H\ R GH 0DQR GHO 5H\ R /RUG
&RPDQGDQWHR)HXGR\GRV7tWXORVGHORVPHQFLRQDGRVRFRQORVWUHV
7tWXORV5H\0DQRGHO5H\/RUG&RPDQGDQWH

/RV MXJDGRUHV SXHGHQ JDQDU VRORV R FRPR SDUWH GH XQD

DOLDQ]D $FWXDOL]DU HO FRQWDGRU GH 39 GH FDGD MXJDGRU FRQ HO
QXHYR WRWDO 3DUD PDWULPRQLRV DSLODU ORV GRV FRQWDGRUHV \ 8.2 9LFWRULDHQ$OLDQ]D
PRYHUORV D OD VXPD GH ORV SXQWRV GH DPERV MXJDGRUHV 6LQR
KD\JDQDGRUVHSDVDODFDUWDGHMXJDGRULQLFLDODOMXJDGRUGHOD 8QDDOLDQ]DGHGRVMXJDGRUHVDWUDYpVGHXQPDWULPRQLRJDQD
  
L]TXLHUGD \ VH LQLFLD XQD QXHYD URQGD 3DUD PD\RU IDFLOLGDG VLGLVSRQHQGHDOILQDOL]DUXQDURQGD39VL
FDGD7tWXORTXHRWRUJDXQ39HVWiPDUFDGRFRQXQVHOORURMR VHMXHJDVLQ(*1

.
30

9. VariantHs
(Q XQD SDUWLGD FRQ DO PHQRV  MXJDGRUHV pVWRV SXHGHQ
IRUPDUDOLDQ]DVFDViQGRVH\JDQDUMXQWRVODSDUWLGD8QMXJDGRU
QRSXHGHWHQHUQXQFDPiVGHXQDOLDGR8QMXJDGRUQRSRGUi
ORJUDUXQD9LFWRULDSRU6HSDUDGRVLWLHQHXQDDOLDQ]DFRQRWUR
MXJDGRU
1RWD 6yOR VH SHUPLWHQ 9LFWRULDV HQ $OLDQ]D HQ SDUWLGDV
FRQ DO PHQRV FLQFR MXJDGRUHV 6LQ HPEDUJR ORV MXJDGRUHV
SXHGHQFDVDUVHHQSDUWLGDVGHKDVWDFXDWURMXJDGRUHVSHURHVWR
QRIRUPDUiXQD$OLDQ]D

8.3 (PSDWHV
6L YDULRV -XJDGRUHV VDWLVIDFHQ ODV FRQGLFLRQHV GH YLFWRULD HO
JDQDGRUVHGHWHUPLQDSRUTXLHQWLHQHORVLJXLHQWHHQRUGHQ

8QD 9LFWRULD HQ 6ROLWDULR YHQFH VREUH XQD YLFWRULD $OLDGD HO
7tWXOR GH 5H\ GHVSXpV HO GH 0DQR GHO 5H\ GHVSXpV HO GH
3URWHFWRU GHO 5HLQR GHVSXpV HO TXH FRQWUROH PDV )HXGRV
GHVSXpV*XDUGLDQHV\GHVSXpV&LXGDGHV
(MHPSOR $O ILQDO GH XQD URQGD QLQJXQR GH ORV -XJDGRUHV VRQ
DOLDGRV *UDG\ WLHQH  )HXGRV 'DYLG WLHQH  )HXGR *XQWHU WLHQH 
)HXGR\.LUVWHQWLHQH)HXGRV\HO7tWXORGH5H\.LUVWHQJDQDSRUTXH
WLHQHHO7tWXORGH5H\
(MHPSOR*UDG\\'DYLGVRQDOLDGRV*UDG\WLHQH)HXGRV'DYLG
WLHQH)HXGR\HO5H\*XQWHUTXHQRHVWiDOLDGRWLHQH)HXGRV*UDG\
HVWiHQXQDDOLDQ]DDVtTXHQRSXHGHJDQDUVRORLQFOXVRSRUPHGLRGHORV
 39 TXH WLHQH SRU VL PLVPR /D $OLDQ]D GH *UDG\ \ 'DYLG WLHQH 
39 DVt TXH FXPSOHQ FRQ ODV FRQGLFLRQHV GH YLFWRULD SDUD XQD 9LFWRULD
$OLDGD*XQWHUWLHQH39\FXPSOHFRQODVFRQGLFLRQHVGH9LFWRULDHQ
6ROLWDULR 8QD 9LFWRULD HQ 6ROLWDULR YHQFH D XQD 9LFWRULD $OLDGD DVt
TXH*XQWHUJDQDODSDUWLGDLQFOXVRVLWLHQHPHQRV39TXHOD$OLDQ]D

9. VariantHs
1RWDeVWDVVRQODV~QLFDVYDULDQWHVTXHSXHGHQXWLOL]DUVH
HQHVWDYHUVLyQGHOMXHJR9DULDQWHVFRPROD1LHEODGH*XHUUD
QRSXHGHQVHUXVDGDV

9.1 9DULDQWHGH6H$FHUFDHO
,QYLHUQR6$(,
(O WUDFNHU GH (VWDFLyQ HQ HO ODWHUDO GHO WDEOHUR LQGLFD OD
(VWDFLyQ DFWXDO 9HUDQR 2WRxR R ,QYLHUQR 'XUDQWH OD
SUHSDUDFLyQ GH OD SDUWLGD FRORFD HO PDUFDGRU GH (VWDFLyQ HQ
9HUDQR /D SULPHUD YH] TXH HO PD]R GH )RUWXQD HV UHSXHVWR
DYDQ]DHOPDUFDGRUGH9HUDQRD2WRxR\GH2WRxRD,QYLHUQR
ODVHJXQGDYH]'XUDQWHODSUHSDUDFLyQGHODSDUWLGDTXLWDXQD
FDUWDGH3ODJDGHOPD]RGH)RUWXQD\EiUDMDORGHQXHYR&RORFD
ODVFRSLDVGHFDUWDVGH'HVDVWUH'RUVRD]XODOODGRGHOWUDFNHU
GH (VWDFLyQ 'XUDQWH OD VXE)DVH GH 5HVROXFLyQ GH 'HVDVWUHV
 FDGD XQR GH ORV 'HVDVWUHV DIHFWDUi D XQD UHJLyQ H[WUD
2WRxR R GRV 5HJLRQHV H[WUD ,QYLHUQR 7LUD HO G FRPR
VLHPSUH SDUD GHWHUPLQDU FXiOHV VRQ ODV 5HJLRQHV H[WUD
DIHFWDGDV 3DUD VHxDODU ODV 5HJLRQHV H[WUD XVD ODV FRSLDV GH
FDUWDVGH'HVDVWUHTXHSXVLVWHDOODGRGHOWUDFNHUGH(VWDFLyQ
(Q ,QYLHUQR VH SURGXFUi XQD EUHFKD HQ HO 0XUR GH IRUPD
DXWRPiWLFD

9.2 9DULDQWHGH$VHVLQDWR

9.3 9DULDQWHGH'LSORPDFLD
9DULDQWH $PHULFDQD DFRUWD HO MXHJR $GHPiV GH RWUDV
UHVWULFFLRQHV ORV MXJDGRUHV VRODPHQWH SXHGHQ GDU R UHFLELU
'UDJRQHVGH2URXVDQGRXQPDUFDGRUGH'LSORPDFLD\FRPR
Pi[LPR  'UDJRQHV GH 2UR SRU PDUFDGRU GH 'LSORPDFLD
JDVWDGR

9.49DULDQWH8Q0ROLQRSRU&LXGDG
/RV -XJDGRUHV VROR SXHGHQ FRPSUDU XQ 0ROLQR SRU &LXGDG
8QD &LXGDG SXHGH FRQWHQHU XQ 6HSWR \ XQ 0ROLQR (VWD
YDULDQWHKDFHTXHORV0ROLQRVVHH[WLHQGDQDOUHGHGRUGHOPDSD
\ SRU OR WDQWR VHDQ PDV SURSHQVRV D VHU FRQTXLVWDGRV R
VDTXHDGRVSRURWURV-XJDGRUHV

9.5 9DULDQWHGH,PSXHVWRV
'XUDQWHODIDVHGHFDUWDVHOMXJDGRUSXHGHDSOLFDUHOHIHFWRGH
,PSXHVWRV VLQ QHFHVLGDG GH MXJDU FDUWD GH ,PSXHVWRV 'LFKD
FDUWD SHUPLWLUi DO MXJDGRU MXJDU RWUR HIHFWR GH ,PSXHVWRV R
SRGUiVHUGHVFDUWDGDREWHQLHQGR'2/DSULRULGDGVHULJHSRU
HO RUGHQ GHO WXUQR (O SULPHU MXJDGRU HQ DSOLFDUOR REWLHQH HO
LQJUHVR /D 0DQR WLHQH VyODPHQWH OD KDELOLGDG GH FXDOTXLHU
0LHPEUR GHO &RQVHMR 3ULYDGR 6yOR SXHGH DSOLFDU LPSXHVWRV
VREUH XQD 5HJLyQ GH VX HOHFFLyQ (O 5H\ SRGUi DSOLFDU
,PSXHVWRV VREUH FXDOTXLHU )HXGR QR *REHUQDGR FRPR
KDELWXDOPHQWH

7ULEXWRV GDQ DO MXJDGRU '2 DGLFLRQDO SRU &LXGDG GHO

9DULDQWHGHODVUHJODV$PHULFDQDV(O1REOH2EMHWLYRGHEHWLUDU
)HXGR6yORVHSXHGHWDVDUXQDYH]SRUIHXGR
G&RQXQUHVXOWDGRGHHVLQPHGLDWDPHQWHDVHVLQDGR(O
1REOHSXHGHLJQRUDUHOLQWHQWRGHDVHVLQDWRVLHO-XJDGRUWLHQH
XQDFDUWDGH3DVDMH6HFUHWR\ODMXHJDDQWHVGHWLUDUHOGDGR8Q
/RV ,PSXHVWRV GHO *XDUGLiQ UHFDXGD OD PLWDG GH ORV
-XJDGRU SXHGH HOHJLU FRPR REMHWLYR ORV /RUGV GH XQ DOLDGR X
LQJUHVRVGHORV0ROLQRVUHGRQGHDQGRKDFLDDEDMRGHOD
RSRQHQWH SHUR QXQFD SRGUi DVHVLQDU XQR GH VXV SURSLRV
5HJLyQ6yORVHSXHGHDSOLFDUXQDYH]SRU5HJLyQ
1REOHV(OMXJDGRUTXHMXJyODFDUWDGH$VHVLQDWRGHEHHVFRJHU
FXDOGHVXVSURSLRV1REOHVSURPRYLyHODVHVLQDWR6HFRORFDXQ
PDUFDGRU GH $VHVLQR LQFOXVR VL HO 1REOH REMHWLYR FRQVLJXH (O &RQVHMHUR GH OD 0RQHGD SXHGH HOLPLQDU XQ PDUFDGRU GH
,PSXHVWRVLQFOXVRVLKDVLGRMXJDGRVLQFDUWDGH,PSXHVWRV
HVFDSDUGHODWHQWDWLYDGHDVHVLQDWR
31

10. Nobles

10. Nobles
10.1 $WULEXWRVGHORV1REOHV
1R SXHGH FDVDUVH (VWH 1REOH QR SXHGH FRQWUDHU
PDWULPRQLR
'LItFLOGHFDVDU(VWH1REOHQRHVPX\DWUDFWLYR3DUDSRGHU
FDVDUOR VX FDVD GHEH GH SDJDU  GUDJRQHV GH RUR DO EDQFR
$PELFLRVR(VWH1REOHSDJD'UDJRQHVGH2URPHQRVSDUD
FRPSUDUFXDOTXLHU7tWXORGH)HXGRRGH0LHPEURGHO&RQVHMR
3ULYDGR
%HQGLWR (VWH 1REOH QR HV DIHFWDGR SRU OD 3ODJD SHUR VXV
WURSDVVLJXHQVLHQGRDIHFWDGDV
&REDUGH 6L HVWH 1REOH HVWi VROR VLQ RWUR 1REOH GH VX FDVD
QRSXHGHLQLFLDUXQDEDWDOOD
&UXHO (VWH 1REOH 12 KDFH &DXWLYRV HQ ODV EDWDOODV 7RGR
1REOHFDSWXUDGRHVHMHFXWDGR
$VWXWR 6LHPSUH SRUWD  0iTXLQD GH $VHGLR $O DWDFDU XQD
)RUWDOH]DUHGXFHHQ'DGRGH%DWDOODHOSHQDOL]DGRUDODWDTXH
 'HVSXpV GH XQ WXUQR GH DVHGLR FDQFHOD WRGRV ORV
SHQDOL]DGRUHV 'RV 1REOHV DVWXWRV MXQWRV FDQFHODQ
GLUHFWDPHQWHWRGRVORVSHQDOL]DGRUHVVLQQHFHVLGDGGHDVHGLDU
0DOGLWR3RUFDGDFDUWDGH'HVDVWUHWLUDXQ'DGRGH&RPEDWH
DGHPiVGHOGSDUDGHWHUPLQDUTXp5HJLyQHVDIHFWDGDSRUHO
'HVDVWUH&RQXQUHVXOWDGRGH
II
HQHO'DGRGH&RPEDWHGRV
p[LWRV OD WLUDGD GHO G HV LJQRUDGD \ HO 'HVDVWUH DIHFWD D OD
5HJLyQGRQGHHVWiHO1REOH0DOGLWR6LHO1REOHPDOGLWRHVWi
HQHO0XURLJQRUDHODWULEXWRPDOGLWR6LKD\PiVGHXQ1REOH
PDOGLWR HQ MXHJR HQ GLIHUHQWHV 5HJLRQHV WRGRV HOORV WLUDQ XQ
'DGRGH&RPEDWH(O'HVDVWUHDIHFWDDOD5HJLyQGRQGHHVWiHO
1REOHPDOGLWRFRQODWLUDGDPiVDOWD6LKD\HPSDWHHQODWLUDGD
VH LJQRUD HO DWULEXWR GH PDOGLWR \ VH UHVXHOYH QRUPDOPHQWH
([WUDYDJDQWH (VWH 1REOH WLHQH JXVWRV FDURV 2EWLHQH 
'UDJRQHVGH2URGXUDQWHOD)DVHGHLQJUHVRVSRUFDGD7tWXOR
TXH RWRUJXH SXQWRV GH YLFWRULD TXH SRVHD
9DOLHQWH$ODWDFDUFRQDOPHQRV'DGRGH%DWDOODUHFLEHXQ
IDOUHVXOWDGRWRWDOGHVXWLUDGDHQFDGDURQGDGHEDWDOOD

3

5RPSHFRUD]RQHV (O 5RPSHFRUD]RQHV SXHGH HOHJLU VL URPSH

XQ PDWULPRQLR SHUPDQHQWHPHQWH DO FDSWXUDU D XQR GH ORV
FRQVRUWHV
/HDO 1R SXHGH DWDFDU D VX DOLDGR PDWULPRQLDO SHUR
VHGHIHQGHUiVLHVDWDFDGR
5LFR 2EWLHQH  'UDJRQ GH 2UR HQ FDGD )DVH GH ,QJUHVRV
3HUVXDVLYR $QWHV GH OD EDWDOOD SHUVXDGLUi D
KRPEUH GH DUPDV GH XQ HMpUFLWR ULYDO SDUD TXH VH
XQD D VX HMpUFLWR 1RWD&DSDV%ODQFDV\5HFOXWDVGHOD
*XDUGLDGHOD1RFKHQRSXHGHQVHUSHUVXDGLGRV
3UtQFLSH GH :HVWHURV 6L HO 5H\ PXHUH HVWH QREOH VH
FRQYLHUWH HQ 5H\ \ 3URWHFWRU GHO 5HLQR GH LQPHGLDWR (VWH
1REOH QR SXHGH FRQYHUWLUVH HQ XQ +HUPDQR GH OD *XDUGLD GH
OD1RFKH\QRSXHGHVHUGHFODUDGDLOHJDO
6LJLORVR 8QD YH] SRU URQGD XQ 1REOH VLJLORVR SXHGH
HMHFXWDU XQD FDUWD 3DVDMH 6HFUHWR VLQ WHQHUOD QL MXJDU OD
FDUWD 6LQHPEDUJR VROR SXHGH LU DFRPSDxDGD GH RWUD XQLGDG
XQD7URSDRXQ1REOH
,QIDWLJDEOH8QQREOHLQIDWLJDEOHSXHGHPRYHU\FRPEDWLUHQ
XQD 5HJLyQ DIHFWDGD SRU /OXYLDV 7RUUHQFLDOHV 
9HOR] 8Q 1REOH YHOR] SXHGH KDFHU  0RYLPLHQWRV FRPR OD
0DGUH GH 'UDJRQHV VL VH HVWi PRYLHQGR VRODPHQWH FRQ
&DEDOOHURV &DPSHRQHV \ TXL]i RWURV 1REOHV 6L XQ &DEDOOHUR
XQ&DPSHyQRXQ1REOHKDFHWRGRVXPRYLPLHQWRMXQWRFRQHO
1REOHYHOR]SXHGHWHQHUPRYLPLHQWRV
7LUDQR8Q1REOHWLUDQRREWLHQH'UDJRQHVGH2URH[WUDGH
FDGD&LXGDGTXHRFXSDGXUDQWHOD)DVHGH,QJUHVRV/RVGHPiV
-XJDGRUHVSXHGHQMXJDUXQDFDUWDGH/HYDQWDPLHQWRVREUHHVWH
QREOH\VXVWURSDVHQFXDOTXLHUPRPHQWR(O/HYDQWDPLHQWRQR
DIHFWDDOD&LXGDGTXHRFXSDHO1REOHWLUDQRQLDRWURV1REOHV
\7URSDVORFDOL]DGDVHQODPLVPD&LXGDG
'HVDIRUWXQDGR /RV LQJUHVRV GH 0ROLQRV \ 6HSWRV HQ XQD
5HJLyQ RFXSDGD SRU XQ 1REOH GHVDIRUWXQDGR QR SXHGHQ
DXPHQWDUVH FRQ XQD FDUWD GH &RVHFKD $EXQGDQWH R %XHQ
7LHPSRSHURORV'HVDVWUHVVLJXHQSXGLpQGRVHFDQFHODU

10. Nobles

10.2 /LVWDGH1REOHV
ARRYN

LANNISTER

TARGARYEN

3HW\U%DHOLVKHODVWXWRHOSHUVXDVLYR
5REHUW$UU\QHOFREDUGH
YohnRoyce,HOOHDO
*HUROG*UDIWRQHOULFR
/\Q&RUEUD\HOYHOR]

7\ZLQ/DQQLVWHUHOWLUDQR
-RIIUH\%DUDWKHRQHOFUXHO
-DLPH/DQQLVWHUHOYDOLHQWH
6DQGRU&OHJDQHHO3HUUR)HRGLItFLOGH
FDVDU
7\ULRQ/DQQLVWHUHOPHGLRKRPEUH)HR
GLItFLOGHFDVDUSHUVXDVLYR

*XVDQR*ULVHOHXQXFR1RFDVDGHUR
6HU-RUDK0RUPRQWHOOHDO
-RQ&RQQLQJWRQHOLQIDWLJDEOH
%DUULVWDQ6HOP\HODVWXWR
*ULIIHO-RYHQHOVLJLORVR

/\VD$UU\QODH[WUDYDJDQWH
$Q\D:D\QZRRGODWLUDQD
<VLOOD5R\FHODRUGLQDULD

&HUVHL/DQQLVWHUODDPELFLRVD
-H\QH:HVWHUOLQJODURPSHFRUD]RQHV
0\UFHOOD%DUDWKHRQODGHVDIRUWXQDGD

'DHQHU\V7DUJDU\HQODEHQGLWDODULFD
0LVVDQGHLODH[WUDYDJDQWH
$O\VVD&RQQLQJWRQOD2UGLQDULD

BARATHEON

MARTELL

TULLY

6WDQQLV%DUDWKHRQHOOHDOHODPELFLRVR
5HQO\%DUDWKHRQHORUGLQDULR
6HU'DYRV6HDZRUWKHOVLJLORVR
6DOODGKRU6DDQHOULFR
%HULF'RQGDUULRQHOEHQGLWR

'RUDQ0DUWHOOHOFREDUGH
2EHU\Q0DUWHOOHOYHOR]
(GULF'D\QHHODVWXWR
*HUROG'D\QHHOFUXHO
4XHQW\Q0DUWHOOHORUGLQDULR

(GPXUH7XOO\HOLQIDWLJDEOH
%U\QGHQ7XOO\HOVLJLORVR
:DOGHU)UH\HOFREDUGH
5\PDQ)UH\HOPDOGLWR
-DVRQ0DOOLVWHUHODVWXWR

0HOLVVDQGUHODEHQGLWD
$ULDQQH0DUWHOOODURPSHFRUD]RQHV
%ULHQQHGH7DUWKODYDOLHQWH
2EDUD$UHQDODOHDO
6KLUHHQ%DUDWKHRQODIHDGLItFLOGHFDVDU (OODULD$UHQDODWLUDQD

%DUEDUD%UDFNHQODURPSHFRUD]RQHV
(OHDQRU0RRWRQODRUGLQDULD
6KHOOD:KHQWODGHVDIRUWXQDGD

GREYJOY

STARK

TYRELL

%DORQ*UH\MR\HOFUXHOHODPELFLRVR
7KHRQ*UH\MR\HOGHVDIRUWXQDGR
(XURQ*UH\MR\HOSHUVXDVLYR
9LFWDULRQ*UH\MR\ODLQIDWLJDEOH
$HURQ*UH\MR\HOH[WUDYDJDQWH

(GGDUG6WDUNHOYDOLHQWHQR
&DVDGHUR
-RQ1LHYHHOYDOLHQWH
5RE6WDUNHODPELFLRVR
5LFNDUG.DUVWDUNHOPDOGLWR
5RRVH%ROWRQHOFUXHO

0DFH7\UHOOHOULFR
/RUDV7\UHOOHOH[WUDYDJDQWH
$U\V2DNKHDUWHOYHOR]
5DQG\OO7DUO\HODPELFLRVR
6DPZHOO7DUO\HO&REDUGH

&DWHO\Q6WDUNODLQIDWLJDEOH1R
FDVDGHUD
6DQVD6WDUNODURPSHFRUD]RQHV
$U\D6WDUNODVLJLORVD

2OHQQD7\UHOO5HLQDGHODV(VSLQDVOD
YLHMD1RFDVDGHUD$VWXWD
0DUJDHU\7\UHOOODSHUVXDVLYD
0DORUD+LJKWRZHUODWLUDQD

$VKD*UH\MR\ODVLJLORVD
*\VHOOD*RRGEURWKHUODPDOGLWD
*Z\QHVVH+DUODZODYLXGD)HDGLItFLO
GHFDVDU

11. )$4
11.1 3UHJXQWDVIUHFXHQWHV

)DVH6HKDFHVDEHU
3 3XHGR DWDFDU D PL DOLDGR SRVLEOHPHQWH WRPDQGR VX
&LXGDG )RUWLILFDGD \ VX 7tWXOR" 3XHGR LQWHQWDU DVHVLQDU
DO1REOHGHPLDOLDGR"
56LHO-XJDGRUSXHGHDWDFDU\DVHVLQDUDVXDOLDGR(O-XJDGRU
SXHGH WDPELpQ WRPDU HO &RQWURO GH VX &LXGDG )RUWLILFDGD \
7tWXOR 3HUR OD $OLDQ]D SHUPDQHFH KDVWD TXH HO PDWULPRQLR
ILQDOL]D

36LXQ-XJDGRUQRWLHQHQLQJXQD7URSDQL1REOHVHQ
HOPDSDHVHOLPLQDGRGHOMXHJR"
5 1R HO MXJDGRU SXHGH VHJXLU MXJDQGR FRJLHQGR FDUWDV
MXJiQGRODV QHJRFLDQGR HWF 1R SXHGH FRPSUDU 7URSDV R
(GLILFLRV SRUTXH QR SXHGH FRORFDUODV 6L FRORFD XQ QXHYR
1REOH WLHQH TXH FRORFDUOR HQ XQD &LXGDG QR &RQWURODGD SRU
3 0H SXHGR FDVDU HQ XQD SDUWLGD GH  MXJDGRUHV"
RWUR-XJDGRUDPHQRVTXHHORWUR-XJDGRUOHSHUPLWDKDFHUOR
8QDYH]TXHWLHQHHQMXHJRXQQXHYR1REOHEDMRVX&RQWURO 5 6t HVWi SHUPLWLGR 3HUR HO MXJDGRU VyOR SXHGH JDQDU HQ
VROLWDULR HQ XQD SDUWLGD GH  MXJDGRUHV /D ~QLFD UD]yQ SDUD
FRQWLQ~DMXJDQGRQRUPDOPHQWH
FDVDUVHVHUtDHQWRQFHVODSRVLELOLGDGGHOOHJDUDVHU5HLQD
3 /RV 'UDJRQHV GH 2UR TXH WLHQH XQ -XJDGRU VRQ
YLVLEOHVRVHFUHWRVSDUDORVGHPiV"
33XHGHXQMXJDGRUDEVWHQHUVHHQXQDYRWDFLyQ"
5 6RQ YLVLEOHV D PHQRV TXH WRGRV ORV -XJDGRUHV DFXHUGHQ DO
SULQFLSLR GHO MXHJR TXH VXV 'UDJRQHV SHUPDQHFHUiQ RFXOWRV 56tXQMXJDGRUSXHGHDEVWHQHUVHGHYRWDURMXJDUHOPDUFDGRU
GH
9RWRHQFRQWUD
GXUDQWHODYRWDFLyQ
SDUDORVGHPiV

3

11. FAQ
3 4Xp RFXUUH FRQ ORV YRWRV HQ FRQWUD GXUDQWH HO
UHFXHQWR"
5 6yOR VH UHFXHQWDQ ORV YRWRV D IDYRU SDUD GHWHUPLQDU OD
PD\RUtD VLPSOH GH XQD YRWDFLyQ 1R VH WHQGUiQ HQ FXHQWD ODV
DEVWHQFLRQHV\ORVYRWRVHQFRQWUD

QR TXLHUH QHJRFLDU HO -XJDGRU VLHPSUH SXHGH SDJDU HO SUHFLR
WRWDOSRUHO7tWXORGH)HXGRDOEDQFRODV7URSDVGHO5H\GHEHQ
HVWDU WDPELpQ SUHVHQWHV HQ ,QYHUQDOLD SDUD TXH VH FHGD VX
&RQWURO

3&XiQGRXQ*XDUGLiQVHFRQYLHUWHHQ0LHPEURGHO
&RQVHMR 3ULYDGR R 0DQR GHO 5H\ TXp RFXUUH FRQ VX
7tWXORGH*XDUGLiQ"
5(O*XDUGLiQPDQWLHQHVXWtWXORHQDPERVFDVRV\VLJXH
WHQLHQGRSULRULGDGSDUDORVLPSXHVWRVGHJXDUGLiQHQVXUHJLyQ
8Q WtWXOR GH FRQVHMHUR GH ; GHEH VHU WUDQVIHULGR FXDQGR HO
/RUG HV HOHJLGR 0DQR GHO 5H\ /D 0DQR UHWLHQH WRGRV ORV
SULYLOHJLRV GH 0LHPEUR GHO &RQVHMR 3ULYDGR \D TXH VLJXH
VLpQGROR SH 7LHQH SULRULGDG GH LPSXHVWRV VREUH RWURV
&RQVHMHURV VL MXJy DQWHV OD FDUWD R VL HVWi WDVDQGR VX SURSLD
5HJLyQ

)DVH0RYLPLHQWR

     3 6L YDULRV -XJDGRUHV WLHQHQ 7URSDV HQ XQD &LXGDG

SRU OD TXH TXLHUR SDVDU D TXLHQ WHQJR TXH SHGLUOH
SHUPLVRSDUDSDVDU"
58Q-XJDGRU&RQWURODOD&LXGDGPLHQWUDVODV7URSDVGHRWURV
-XJDGRUHVSXHGHQHVWDURFXSDQGRODVFDUUHWHUDVTXHOOHYDQDOD
&LXGDG8Q-XJDGRUWLHQHTXHREWHQHUSHUPLVRGHO-XJDGRUTXH
&RQWUROD OD &LXGDG \ GHO -XJDGRU TXH HVWp RFXSDQGR OD
FDUUHWHUD SRU OD TXH TXLHUH YLDMDU KDFLD OD VLJXLHQWH &LXGDG 6L
FXDOTXLHUD GH HVRV -XJDGRUHV VH QLHJD HO -XJDGRU QR SXHGH
SDVDU\SXHGHTXHWHQJDTXHMXJDUXQDFDUWDGH3DVDMH6HFUHWR
3 &XiQGR XQ *XDUGLiQ VH FRQYLHUWH HQ 5H\ TXp KDFHUXQDFDEDOJDGDROLEUDUXQD%DWDOOD
VXFHGH FRQ VXV 7tWXORV GH *XDUGLiQ \ GH 0LHPEUR GHO
33XHGHXQ-XJDGRUKDFHUXQDFDEDOJDGD\XQDYH]
&RQVHMR3ULYDGR"
JDQDGDOD%DWDOODGHFLGLUDTXHGDUVHHQHVD&LXGDGHQYH]
5/RV7tWXORVVRQWUDQVIHULGRV\DTXHHO7tWXORGH5H\LQFOX\H
XQ 7tWXOR PLOLWDU \ RWUR GH DOWR UDQJR 5H\ \ 3URWHFWRU GHO GHVHJXLUVXPRYLPLHQWR"
5 1R (O -XJDGRU WLHQH TXH VHJXLU VX PRYLPLHQWR D OD
5HLQR
VLJXLHQWH &LXGDG SHUR HO -XJDGRU SRGUtD OXHJR YROYHU D HVD
3 3XHGH XQ /RUG WHQHU PiV GH XQ 7tWXOR GH &LXGDG VL OHTXHGDRWUR0RYLPLHQWRRSRGUtDGHMDUDWUiVDXQ
&DEDOOHUR SDUD PDQWHQHU &RQWURO GH OD &LXGDG VREUH OD TXH
0LHPEURGHO&RQVHMR3ULYDGR"
51RXQ/RUGQRSXHGHWHQHUPiVGHXQ7tWXORGHDOWRUDQJR KL]RODFDEDOJDGD6LFRQWLQ~DHOPRYLPLHQWRFRQDOPHQRVXQ
FDEDOOHUR
0LHPEURGHO&RQVHMR3ULYDGRHVXQ7tWXORGH$OWR5DQJR
3 3XHGH XQD FDEDOJDGD OXFKDU HQ VX ~OWLPR
3/D5HLQDREWLHQH39VLHV5HLQD\3URWHFWRUDGHO
0RYLPLHQWR"
5HLQR"
5 1R (VD %DWDOOD TXH RFXUUH DO ILQDO GHO 0RYLPLHQWR WLHQH
5:No.
OXJDU HQ OD )DVH GH %DWDOOD VL HO 2SRQHQWH QR VH KD UHWLUDGR
3 3XHGH HO &RQVHMHUR GH (GLFWRV DQXODU XQ HQODFH
5HDO"
3 3XHGH XQ -XJDGRU LQLFLDU XQD FDEDOJDGD GHVGH
56LSXHGHVHUDSHWLFLyQGHO5H\ROD5HLQDSHURQRVHSXHGH
XQD )RUWDOH]D R &LXGDG $PXUDOODGD EDMR DVHGLR"
KDFHUVLHO+HUHGHURDO7URQRGH+LHUURKDVLGRDQXQFLDGR(O
5 6L (O HMpUFLWR DVHGLDGRU WLHQH TXH OXFKDU LQPHGLDWDPHQWH
+HUHGHUR DO 7URQR SUXHED TXH HO PDWULPRQLR KD VLGR
FRQWUDODVIXHU]DVDVHGLDGDV6LHOHMpUFLWRTXHKDFHHOFDEDOJDGD
FRQVXPDGR\SRUFRQVLJXLHQWHQRSXHGHVHUDQXODGR
JDQD7,(1(TXHVHJXLUVXPRYLPLHQWRDXQD&LXGDGYHFLQD

)DVH 0RYLPLHQWR\%DWDOODV
     3 4Xp OH RFXUUH D XQ 1REOH VROR HQ XQD &LXGDG
HQIUHQWiQGRVHDWURSDVHQHPLJDV
33XHGRMXJDUXQDFDUWDGH2SRUWXQLGDGGXUDQWHOD 5'XUDQWHOD)DVHGH0RYLPLHQWRRGH%DWDOODXQ1REOHVLQ
WURSDV SURSLDV R GH XQ DOLDGR TXH OR DSR\HQ \ HQIUHQWDGR D
VXE)DVHGH'HVFDUWHV"
WURSDV HQHPLJDV SXHGH VHU WRPDGR &DXWLYR ,QPHGLDWDPHQWH
5 6L HO MXJDGRU SXHGH MXJDUOD HQ OXJDU GH GHVFDUWDUOD
     33XHGRMXJDUXQDFDUWDGH2SRUWXQLGDGGXUDQWHOD (6.2.3).
DefiniFionHs:
VXE)DVHGH5RER"
&RQWURODGR8QD&LXGDGRFXSDGDSRU7URSDV\R
5:No.
1REOHVHV&RQWURODGDSRUHVH-XJDGRU8QD&LXGDGVLQRFXSDU
TXHIRUPDSDUWHGHXQ)HXGR*REHUQDGRHV&RQWURODGDSRUHO
)DVH&RPSUDV
-XJDGRUTXHORJRELHUQD
    3 4Xp VXFHGH VL TXLHUR FRPSUDU DOJR SHUR QR 0D]RGH(YHQWRVHQOD&RUWH(OPD]RFRQHOGRUVRPDUUyQ
OODPDGR0D]RGH/RUGVHQ)LHI
TXHGDQPDUFDGRUHVHQODUHVHUYD"
5 (O MXJDGRU QR SXHGH FRPSUDU XQ REMHWR VL QR TXHGDQ &DVD/D&DVDGHXQ-XJDGRUFRQVLVWHGHKDVWD1REOHV
PDUFDGRUHV (VWR VH DSOLFD D WRGDV ODV FRVDV TXH VH SXHGDQ *REHUQDGR8QD5HJLyQFRQXQ*XDUGLiQHOHJLGRRXQ
FRPSUDU FRPR 7URSDV 0iTXLQDV GH $VHGLR 0ROLQRV (WF )HXGRFX\R7tWXORKDVLGRFRPSUDGRSRUXQ1REOH8Q
1RWD /RV 0ROLQRV D PHQXGR VH DJRWDQ UiSLGDPHQWH HQ HO -XJDGRUUHFLEHLQJUHVRVGH&LXGDGHVQRRFXSDGDVHQVXV
)HXGRVJREHUQDGRV
MXHJR
)DPLOLD5HDO(OJUXSRGH1REOHVIRUPDGRSRUHO5H\OD5HLQD
3(O5H\SXHGHGDUOHDPL1REOHXQ7tWXORGH)HXGR
\HO+HUHGHUR
SHURPHSLGHTXHOHGH'UDJRQHVGH2UR\OD&LXGDGGH
7URSDV+RPEUHVGH$UPDV$UTXHURV&DPSHRQHV\
,QYHUQDOLD3XHGHKDFHUHVR"
&DEDOOHURVTXHVRQXVDGRVHQ%DWDOOD
5 6L TXH SXHGH VL HO MXJDGRU HVWi GH DFXHUGR DXQTXH HO 0D\RUtD6LPSOHUHFLELyPiVYRWRVTXHFXDOTXLHUDGHORV
FRQWUROGHEHUtDVHUWUDQVIHULGRGXUDQWHOD)DVH6LHO-XJDGRU RWURVFDQGLGDWRV

)DVH&DUWDV

3

11. FAQ

11.2 5HVXPHQGHORVSULQFLSDOHVFDPELRV
(VWH UHVXPHQ HVWi SHQVDGR SDUD GDU DFFHVR UiSLGR D ORV 'HVFDUWDUUREDU\-XJDU&DUWDV
SULQFLSDOHV FDPELRV HQ ODV UHJODV SDUD MXJDGRUHV TXH WLHQHQ
/D -XVWLFLD SXHGH HMHFXWDUVH VREUH ORV 3URVFULWRV 6$H, (Q
H[SHULHQFLDHQILHI
2WRxR H LQYLHUQR ORV GHVDVWUHV JROSHDUiQ HQ UHJLRQHV
$OJXQRVWpUPLQRVKDQFDPELDGR\VXVUHJODWDPELpQ
DGLFLRQDOHV $WULEXWR GHVDIRUWXQDGR ,PSLGH LQFUHPHQWDU ORV
SXHGHQGLIHULUGHODVUHJODVRULJLQDOHV
LQJUHVRV GH ORV 0ROLQRV \ 6HSWRV SHUR SHUPLWH FDQFHODU
GHVDVWUHV HQ OD UHJLyQ SDUD HYLWDU TXH HO LPSDFWR GH ODV
0D]RGH/RUGV0D]RGH(YHQWRVHQODFRUWH
HVWDFLRQHVWDUGtDV VHDGHPDVLDGR GXUR6HFXHVWUR(PERVFDGD
2ELVSR*XDUGLiQ
RULJLQDOPHQWH -XJDGR VREUH XQ 1REOH OH SHUPLWH FDSWXUDU D
&DUGHQDO&RQVHMHURGH0RQHGDGH(GLFWRV1DYDOGH
FXDOTXLHU 1REOH VLWXDGR HQ VX &LXGDG 3XHGH XVDUVH HQ
5XPRUHV
FXDOTXLHUPRPHQWR
PDpD0DQRGHO5H\
7HPSODULRV+HUPDQRVGHOD*XDUGLDGHOD1RFKH
)DVHGH,QJUHVR\&RPSUD
&DEDOOHUR7HPSODULR5HFOXWDGHOD*XDUGLDGHOD1RFKH
*UDQ0DHVWURGHO7HPSOH/RUG&RPDQGDQWHGHOD*XDUGLD
(*1 /RV MXJDGRUHV SXMDQ FRQ 3) \ WURSDV SDUD D\XGDU D
GHOD1RFKH
UHIRU]DU HO 0XUR 6HSWRV  '2 UHJODV VLPLODUHV D ODV
&RPDQGDQFLDSeptR
FRPDQGDQFLDVWHPSODULDVVLQLQPXQLGDGDODVSODJDV0DHVWUR
0DHVWURGHOD&LXGDGHOD)RUWLILFDFLyQGH0DHVWURV
GH OD &LXGDGHOD '2 VLPLODU D OD )RUWDOH]D WHXWyQLFD (YLWD
WHPSODULRV9DULDQWH
SDVDMH6HFUHWRLQPXQHDSODJDVHQYLDUFDUWDVDRWURVMXJDGRUHV
(OHGLFWRUHDO'HVWUX\HQGR)DOVRVGRORV
VLQJDVWDUGLSORPDFLD&DPSHyQ8QFDEDOOHURFRQODKDELOLGDG
GH$UFR0DGUHGHGUDJRQHV
GH ORV ERPEDUGHURV GH OD H[SDQVLyQ WiFWLFD (*1 /RV
([FRPXOJDFLyQ'HFODUDU3URVFULWR.
UHFOXWDV GH OD *1 SXHGHQ VHU DGTXLULGRV SRU  '2 SRU
Denier'UDJRQHVGH2UR
FXDOTXLHU +HUPDQR GH OD *1 (7 FDSDV %ODQFDV *XDUGLD
*XDUGLD5HDO&DSDV%ODQFDV
UHDODKRUDVRQWURSDVDGTXLULEOHVFRQOtPLWH$WULEXWR5LFR1R
%RPEDUGHURV&DPSHRQHVFXHQWDQFRPRXQFDEDOOHUR
QHFHVLWDHVWDUHQXQD&LXGDGSULQFLSDOSDUDJDQDUHO'2
(PERVFDGD6HFXHVWUR

)DVHVGH%DWDOOD\0RYLPLHQWR
3UHSDUDFLyQ\0HFiQLFDVJHQHUDOHV
/DV QRUPDV IUDQFHVDV VH XWLOL]DQ FRPR EDVH (O PD]R GH
HYHQWRVHQODFRUWH\DQRFRQWLHQH1REOHVSHURFRQWLHQHFDUWDV
PDVFXOLQDV \ IHPHQLQDV ORV QREOHV VRQ SDUWH GHO PD]R GH
FDUDFWHUHVGHFDGD&DVDPXMHUHV\KRPEUHVSRU&DVD\ORV
MXJDGRUHVVDFDUiQXQKRPEUHRXQDPXMHUVHJ~QVHDQHFHVDULR
&DGD&DVDWLHQH1REOHVLQLFLDOHVTXHVHUiQORVSULPHURVGRV
URERV GH FDGD &DVD &DGD 1REOH WLHQH XQ DWULEXWR DVLJQDGR \
&DGD FDVD WLHQH XQ DVHVRU DVLJQDGR DKRUD SRGHU GH OD &DVD
FRPRHQODH[SDQVLyQSROtWLFDDOJXQDV&DVDVWLHQHQHQFDPELR
XQSRGHUUHODFLRQDGRFRQODUHOLTXLDGHODVUHJODRULJLQDOHV/RV
WtWXORV HTXLYDOHQWHV GH OD ,JOHVLD *XDUGLDQHV 0DQR \
0LHPEURV GHO &RQVHMR 3ULYDGR \D QR WLHQHQ UHVWULFFLRQHV DO
PDWULPRQLRQLDVHUHOHJLGR5H\DXQTXHHOQXHYR5H\FHGHUtD
HVWRVWtWXORV+HUHGHURGHOD&RURQD\DQRHVXQWtWXORVLQRXQ
FDUiFWHUHVSHFLDO+D\FDWHJRUtDVGHWtWXORVIHXGRPLOLWDUHV\
GHDOWRUDQJR\FDGDQREOHHVWiOLPLWDGRDIHXGRVWtWXORGH
DOWR UDQJR \  WtWXOR PLOLWDU 6L XQ 1REOH UHFLELUtD GHPDVLDGRV
WtWXORVGHEHLQPHGLDWDPHQWHDGHVKDFHUVHGHOH[FHVR

$QXQFLDPLHQWRV
(O 5H\ SXHGH DEUD]DU OD IH GH 5
KOORU HMHUFHU SLOODMH HQ WRGRV
ORV6HSWRV\VHUPDOGLWR/D0DQRSXHGHXQLUVHDpO\TXHPDUD
XQ1REOHVLQWtWXOR(O5H\URPSHORVHPSDWHVHQHOHFFLRQHV\
SXMDV\SXHGHOHYDQWDUHOHVWDWXVGH3URVFULWR/RV*XDUGLDQHV
SXHGHQ FDVDUVH \ VHU FDQGLGDWRV D 5H\ /D 0DQR QR WLHQH OD
KDELOLGDG GH GLYRUFLDU QL OHYDQWDU HO HVWDWXV GH 3URVFULWR /R
WLHQH HO &RQVHMHUR GH (GLFWRV /D 0DQR SXHGH IRU]DU D XQ
1REOH D YHVWLU HO 1HJUR R KDFHUOH SURVFULWR HQ VX OXJDU /RV
WtWXORV GHO &RQVHMR &DUGHQDOHV HQ ODV UHJODV RULJLQDOHV DKRUD
WLHQHQ XQ SRGHU DVRFLDGR (O WtWXOR FRPSUDEOH HV DKRUD SRU
SXMD\QRSRUFRPSUDGLUHFWD8Q1REOHSXHGHGHMDUOD*XDUGLD
GH OD 1RFKH FRQYLUWLpQGRVH HQ 3URVFULWR GXUDQWH OD IDVH GH
$QXQFLDPLHQWRV

3

7RGRVORV1REOHV/RUGR/DG\DxDGHQ3)&REDUGH6yOR

LPSLGHDWDFDUFXDQGRQRHVWiDFRPSDxDGR GHRWUR1REOH<D
QR VH ULQGH DXWRPiWLFDPHQWH /RV 1REOHV QR SXHGHQ PRYHU
VRORV 1HFHVLWDQ OOHYDU WURSDV FRQ HOORV 8Q 1REOH VyOR HV
QHFHVDULRSDUDLQLFLDUXQDWDTXHSHURFXDOTXLHUHMpUFLWRLQFOXVR
VLQ 1REOH SXHGH XQLUVH D XQD EDWDOOD &XDQGR XQ HMpUFLWR VH
XQHDXQDWDFDQWHRGHIHQVRUHQXQDEDWDOODVHVRPHWHDWRGDV
VXV GHFLVLRQHV EDMDV UHQGLFLyQ HWF 1R KD\ UHJOD GH
IUDQFRWLUDGRUSDUDORVDUTXHURV1RSXHGHQXVDUHOSUHDWDTXH
FRQWUDIRUWLILFDFLRQHV

IDVHGHO0XUR(H0
(QODIDVHKD\XQODQ]DPLHQWRGHGDGR\HO0XURSXHGHVHU
DWDFDGR 6H FKHTXHD HO 0XUR \ VL FDH  YHFHV WRGRV ORV
MXJDGRUHVSLHUGHQODSDUWLGD

9DULDQWHV\H[SDQVLRQHV
9DULDQWH6H$FHUFDHO,QYLHUQR6$H,XQWUDFNHQODGHUHFKD
GHO WDEOHUR LQGLFD ODV HVWDFLRQHV GHO MXHJR 9HUDQR RWRxR
,QYLHUQR/DSULPHUDYH]TXHHOPD]RGHIRUWXQDVHUHQXHYHHO
PDUFDGRU GHEHUi PRYHUVH D 2WRxR \ GH 2WRxR D ,QYLHUQR OD
VHJXQGD YH] 6L VH MXHJD FRQ HVWD YDULDQWH UHWLUD XQD FDUWD GH
SODJDGHOMXHJR(Q2WRxRH,QYLHUQRVHWLUDQ\GDGRVH[WUD
SDUD HO DWDTXH DO 0XUR \ ODV ORFDOL]DFLRQHV FRQ GHVDVWUH
$OWDPHQWHUHFRPHQGDGR&RQFHVLyQGH7tWXORV'XUDQWHODIDVH
GH $QXQFLDPLHQWRV XQ 1REOH VLQ WtWXOR GH ODWR UDQJR SXHGH
WUDQVIHULUFXDOTXLHUDGHVXVWtWXORVDXQQREOHGHVXPLVPD&DVD