0DQWHQJD HO FDEH]DO GH FRUWH R RWUDV DFFH
VRULRV RSFLRQDO SRU GHEDMR GH OD FLQWXUD \ OH
MRV GH WRGDV ODV SDUWHV GH VX FXHUSR
0DQWHQJD WRGDV ODV SDUWHV GHO FXHUSR DOHMD
GDV GHO VLOHQFLDGRU \ GH OD OtQHD JLUDQWH R
RWUDV DFFHVRULR RSFLRQDO 0DQWHQJD HO PRWRU
SRU GHEDMR GHO QLYHOGH OD FLQWXUD (OVLOHQFLDGRU
SXHGH FDXVDU JUDYHV TXHPDGXUDV FXDQGR
HVWi FDOLHQWH
0DQWHQJD HO HTXLOLEULR FRQ ORV SLHV HQ XQDVX
SHUILFLH HVWDEOH 1R VH H[WLHQGD GHPDVLDGR R
XVH HO DSDUDWR GHVGH VXSHUILFLHV LQHVWDEOHV
FRPR HVFDOHUDV PDQXDOHV iUEROHV FXHVWDV
HPSLQDGDV WHFKRV HWF
8VHHODSDUDWR~QLFDPHQWH GH GtD RHQ OX]DUWL
ILFLDO IXHUWH
8VH H[FOXVLYHPHQWH SDUD WUDEDMRV GHVFULWRV
HQ HVWH PDQXDO R HO PDQXDO SDUD DFFHVRULRV
RSFLRQDO
6(*85,'$' '(/ $3$5$72 < (1 (/
0$17(1,0,(172
'HVFRQHFWH OD EXMtD DQWHV GH KDFHU FXDOTXLHU
PDQWHQLPLHQWR PHQRV ORV DMXVWHV GH OD
PDUFKD OHQWD
,QVSHFFLRQH HO DSDUDWR \ FDPELH ODV SLH]DV
GDxDGDV R IORMDV DQWHV GH FDGD XVR 5HSDUH
WRGD IXJD GH FRPEXVWLEOH DQWHV GH XVDU HO
DSDUDWR 0DQWHQJD HO DSDUDWR HQ EXHQDV FRQ
GLFLRQHV GH XVR
&DPELH WRGDV ODV SLH]DV GHO FDEH]DO TXH HV
WpQ GHVFDQWLOODGDV UHVTXHEUDMDGDV TXHEUD
GDV R GDxDGDV GH FXDOTXLHU RWUR PRGR DQWHV
GH XVDU HO DSDUDWR
+DJD HO PDQWHQLPLHQWR GHO DSDUDWR GH DFXHU
GR D ORV SURFHGLPLHQWRV UHFRPHQGDGRV 0DQ
WHQJD OD OtQHD GH FRUWH HO ODUJR DSURGLDGR
8VH VRODPHQWH OtQHD GH GLiPHWUR PP
GHSXOJDGD GH ODPDUFKD 3RXODQ352
1XQFD XVH DODPEUH VRJD KLOR HWF
,QVWDOH OD SURWHFWRU UHTXHULGD DQWHV GH XVDU VX
DSDUDWR 8VH OD ERELQD HVSHFLILFDGD
$VHJ~UHVH TXH OD ERELQD HVWp FRUUHFWDPHQWH
LQVWDODGD \ HVWp ELHQ ILMR
$VHJ~UHVH TXH HO DSDUDWR HVWp FRUUHFWDPHQWH
DUPDGR FRPR VH PXHVWUD HQ HO PDQXDO
+DJD ORV DMXVWHV GH OD PDUFKD OHQWD FRQ HO FD
EH]DO DSR\DGR GH PRGR TXH OD OtQHD QR SXHGD
WRFDU QDGD
0DQWHQJD DOHMDGDV D ODV GHPiV SHUVRQDV
VLHPSUH TXH KDJD DMXVWHV GH OD PDUFKD OHQWD
8VH H[FOXVLYDPHQWH ORV DFFHVRULRV \ UHSXHV
WRV 3RXODQ 352 UHFRPHQGDGRV
7RGR VHUYLFLR \ PDQWHQLPLHQWR QR H[SOLFDGR
HQ HVWH PDQXDO GHEHUi VHU HIHFWXDGR SRU XQ
GLVWULEXLGRU DXWRUL]DGR GHO VHUYLFLR
6(*85,'$' &21 (/ &20%867,%/(
0H]FOH \ YLHUWD HO FRPEXVWLEOH DO DLUH OLEUH
0DQWpQJDOR DOHMDGRGH ODV FKLVSDV \ GH ODV OOD
PDV
8VH UHFLSLHQWH DSUREDGR SDUD HO FRPEXVWLEOH
1R IXPH QL SHUPLWD TXH VH IXPH FHUFD GHO
FRPEXVWLEOH QL GHO DSDUDWR QL PLHQWUDV pVWH
HVWp HQ XVR
(YLWH GHUUDPDU HO FRPEXVWLEOH R HO DFHLWH
LPSLH WRGR HO FRPEXVWLEOH GHUUDPDGR
$OpMHVH D SRU OR PHQRV PHWURV SLHV GHO
OXJDU GH DEDVWHFLPLHQWR DQWHV GH SRQHU HQ
PDUFKD HO PRWRU
3DUHHO PRWRU \ SHUPLWDTXH VHHQIUtH HODSDUD
WR DQWHV GH UHWLUDU OD WDSD GHO WDQTXH
$OPDFpQH VLHPSUH FRPEXVWLEOH HQ XQ UHFL
SLHQWH DSUREDGR SDUD ORV OtTXLGRV LQIODPDEOHV
75$163257( < $/0$&(1$0,(172
(VSHUH TXH HO PRWRU VH HQIUtH \ ILMH ELHQ HO
DSDUDWR DQWHV GH TXDUGDUOR R GH WUDQVSRUWDUOR
HQ XQ YHKtFXOR
9DFtH HO WDQTXH GHFRPEXVWLEOH DQWHV GHJXDU
GDU HO DSDUDWR R GH WUDQVSRUWDUOR &RQVXPD
WRGR HO FRPEXVWLEOH UHVWDQWH HQ HO FDUEXUDGRU
SRQLHQGR HO PRWRU HQ PDUFKD \ GHMiQGROR HQ
PDUFKD KDVWD TXH OH PRWRU VH SDUH VROR
*XDUGH HO DSDUDWR \ HO FRPEXVWLEOH HQ XQ OX
JDU GRQGH ORV YDSRUHV GHO FRPEXVWLEOH QR
SXHGDQ DOFDQ]DU FKLVSDV QL OODPDV SURYH
QLHQWHV GH ORV WHUPRWDQTXHV ORV PRWRUHV RLQ
WHUUXSWRUHV HOpFWULFRV ORV FDOHIDFWRUHV FHQ
WUDOHV HWF
*XDUGH HO DSDUDWR GH PRGR TXH HO FXFKLOOD OLP
LWDGRUDGH OtQHD QR SXHGD FDXVDU KHULGDV DFFL
GHQWDOHV 6H SXHGH FROJDU HO DSDUDWR SRU OD
FDMD HO HMH GH SURSXOVLyQ
*XDUGH HO DSDUDWR IXHUD GHO DOFDQFH GH ORV
QLxRV
$9,62 (63(&,$/ (O HVWDU H[SXHVWR D ODV
YLEUDFLRQHV D WUDYpV GHO XVR SURORQJDGR GH
KHUUDPLHQWDV GH IXHU]D D JDVROLQD SXHGHFXD
VDU GDxRV D ORV YDVRV VDQJXtQHRV R D ORV QHU
YLRV GH ORV GHGRV ODV PDQRV \ ODV FR\XQWXUDV
HQ DTXHOODV SHUVRQDV TXH WLHQHQ SURSHQVLGDG
D ORV WUDVWRUQRV GH OD FLUFXODFLyQ R D ODV KLQ
FKD]RQHV DQRUPDOHV (O XVR SURORQJDGR HQ
WLHPSR IUtR KD VLGR DVRFLDGR FRQ GDxRV D ORV
YDVRV VQDJXtQHRV GH SHUVRQDV TXH SRU RWUD
SDUWH VH HQFXHQWUDQ HQ SHUIHFWRHVWDGR GHVD
OXG 6L RFXUUHQ VtQWRPDV WDOHV FRPR HO HQWX
PHFLPLHQWR HO GRORU OD IDOWD GH IXHU]D ORV
FDPELRV HQHOFRORU ROD WH[WXUDGH ODSLHO RIDOWD
GH VHQWLGR HQ ORV GHGRV ODV PDQRV R ODV FR\
XQWXUDV GHMH GH XVDU HVWD PiTXLQD LQPHGLD
WDPHQWH \ SURFXUHDWHQFLyQ PpGLFD RV VLVWH
PDV GH DQWLYLEUDFLyQ QR JDUDQWL]DQ TXH VH
HYLWHQ WDOHV SUREOHPHV RV XVXDULRV TXH KD
FHQ XVR FRQWLQXR \ SURORQJDQGR GH ODV KHUUD
PLHQWDV GH IXHU]D GHEHQ ILVFDOL]DU DWHQWD
PHQWHVXHVWDGR ItVLFR \ HOHVWDGR GHODSDUDWR
$9,62 (63(&,$/ 6X DSDUDWR YLHQH HTXL
SDGD FRQ VLOHQFLDGRU OLPLWDGRU GH WHPSHUDWXUD \
FRQ UHMLOOD DQWLFKLVSD TXH FXPSOD ORV UHTXLVLWRV
GH ORV &yGLJRV GH &DOLIRUQLD \ 7RGDV
ODV WLHUUDV IRUHVWDGDV IHGHUDOHV PiV ORV HVWDGRV
GH &DOLIRUQLD ,GDKR 0DLQH 0LQQHVRWD 1XHYD
-HUVH\ :DVKLQJWRQ \ 2UHJyQ UHTXLHUHQ SRU OH\
TXH PXFKRV PRWRUHV GH FRPEXVWLyQ LQWHUQD HV
WpQ HTXLSDGRV FRQ UHMLOOD DQWLFKLVSD 6L XVWHG HO
DSDUDWR HQ XQ HVWDGR \ RWUD ORFDOLGDG GRQGH H[
LVWHQ WDOHV UHJODPHQWRV XVWHG WLHQH ODUHVSRQVD
ELOLGDG MXUtGLFD GH PDQWHQHU HVWDV SLH]DV HQFRU
UHFWR HVWDGR GH IXQFLRQDPLHQWR 'H OR FRQWUDULR
HVWDUi HQ LQIUDFFLyQ GH OD OH\ 3DUD HO XVR
QRUPDO GHO GXHxRGH ODFDVD HOVLOHQFLDGRU \ OD
UHMLOOD DQWLFKLVSD QR UHTXHULUiQ QLQJ~Q
VHUYLFLR 'HVSXpV GH KRUDV GH XVR
UHFRPHQGDPRV TXH DO VLOHQFLDGRU VH OH GH
VHUYLFLR R VHD VXEVWLWXLGR SRU XQ GLVWULEXLGRU
DXWRUL]DGR GHO VHUYLFLR