62
3URGXFWRVFRQUXHGDVSDUDFRQVXPLGRU*DUDQWtDOLPLWDGD
+XVTYDUQD OH JDUDQWL]D DO FRPSUDGRU PLQRULVWD RULJLQDO TXH HVWH SURGXFWR +XVTYDUQD HVWi OLEUH GH GHIHFWRV GH PDWHULDO R PDQR GH REUD EDMR XVR \
PDQWHQLPLHQWRQRUPDOHVDSDUWLUGHODIHFKDGHFRPSUDPLQRULVWDSRUHOSHUtRGRGHJDUDQWtDDSOLFDEOHTXHVHLQGLFDHQHO$QH[R$
&LHUWRVFRPSRQHQWHVSRU
HMHPSOR ORV PRWRUHV\ ODV WUDQVPLVLRQHVTXHGDQ H[FOXLGRVGHOD FREHUWXUD \ DSOLFDQ RWUDV OLPLWDFLRQHV VHJ~QVHGHVFULEH HQ HVWH GRFXPHQWR +XVTYDUQD
UHSDUDUiRVXVWLWXLUiDVXSURSLRFULWHULRFXDOTXLHUSURGXFWRRSDUWHGHIHFWXRVRFXELHUWRSRUODJDUDQWtDOLPLWDGDVLQFDUJRHQFXDOTXLHUFRQFHVLRQDULRFHQWUR
GHVHUYLFLR+XVTYDUQDDXWRUL]DGRXWLOL]DQGRUHSXHVWRVRULJLQDOHVGH2(0+XVTYDUQDVXMHWRDODVOLPLWDFLRQHV\H[FOXVLRQHVTXHVHGHVFULEHQDFRQWLQXDFLyQ
+XVTYDUQDQRRIUHFHXQSURJUDPDGHFDPELRGLUHFWR
(67$*$5$17Ë$/,0,7$'$(6/$Ò1,&$*$5$17Ë$(;35(6$48(352325&,21$+8649$51$&8$/48,(5*$5$17Ë$48(38('$
48('$5,03/Ë&,7$'($&8(5'2&21/$6/(<(6,1&/8,'$&8$/48,(5*$5$17Ë$,03/Ë&,7$'($'(&8$&,Ï1$813523Ï6,722
862 3$57,&8/$5 < *$5$17Ë$ ,03/Ë&,7$ '( &20(5&,$%,/,'$' 6( /,0,7$ $ /$ '85$&,Ï1 '(/ 3(5Ë2'2 '( *$5$17Ë$
$3/,&$%/(%$-2(67$*$5$17Ë$/,0,7$'$(67$*$5$17Ë$/,0,7$'$38('(6(502',),&$'$Ò1,&$0(17(325+8649$51$
$/*8126 (67$'26 12 3(50,7(1 /,0,7$&,21(6 '( /$ '85$&,Ï1 '( 81$ *$5$17Ë$ ,03/Ë&,7$ '( 02'2 48( /$6
/,0,7$&,21(6 $17(5,25(6 38('(1 12 $3/,&$56( (1 68 &$62 (67$ *$5$17Ë$ /,0,7$'$ /( 2725*$ '(5(&+26 /(*$/(6
(63(&Ë),&26 < 867(' 7$0%,e1 38('( 7(1(5 27526 '(5(&+26 48( 9$5Ë$1 '( 81 (67$'2 $ 2752 (67$ *$5$17Ë$ (6
2725*$'$ Ò1,&$0(17(
325 +8649$51$ /26 5(&85626 $17(5,25(6 621 /26 5(&85626 (;&/86,926 3$5$ &8$/48,(5
9,2/$&,Ï1'((67$*$5$17Ë$/,0,7$'$+8649$51$<686(035(6$6$),/,$'$6126(5È15(63216$%/(63251,1*Ò1'$f2
(63(&,$/',5(&722,1',5(&72,1&/8,'$/$3e5','$'(87,/,'$'(65(68/7$17('(&8$/48,(59,2/$&,Ï1'((67(7,32<
325 (/ 35(6(17( '2&80(172 6( '(&/,1$ &8$/48,(5 5(63216$%,/,'$' 325 72'26 /26 '$f26 '( (67( 7,32 $/*8126
(67$'26 12 3(50,7(1 /$ (;&/86,Ï1 '( '$f26 ',5(&726 2 ,1',5(&726 2 /,0,7$&,21(6 62%5( (//26 '( 02'2 48(/$6
/,0,7$&,21(6$17(5,25(638('(112$3/,&$56((168&$62
/,0,7$&,21(6<(;&/86,21(6
/RVPRWRUHVODVWUDQVPLVLRQHV\RWURVFRPSRQHQWHVGHWHUPLQDGRV12HVWiQFXELHUWRV (VWD*DUDQWtDOLPLWDGDQRFXEUH
QLQJXQRGH
ORVVLJXLHQWHV
D 0RWRUHV\DFRSODPLHQWRV([FHSWRHQORVFDVRVHQTXHVHLQGLFDRWUDFRVDHQHO$QH[R$WRGRVORVPRWRUHV\ORVDFRSODPLHQWRVQR
HVWiQFXELHUWRVSRUHVWDJDUDQWtD(QODPD\RUtDGHORVFDVRVHVWRVHOHPHQWRV12VRQIDEULFDGRVSRU+XVTYDUQDHQFX\RFDVRSXHGHQHVWDU
FXELHUWRVSRUVHSDUDGRSRUODJDUDQWtDGHVXVUHVSHFWLYRVIDEULFDQWHVVLVHSURSRUFLRQDXQD\VHODLQFOX\HFRQHOSURGXFWRHQHOPRPHQWR
GH OD FRPSUD 7RGRV ORV UHFODPRV GH HVWH WLSR GHEHQ SUHVHQWDUVH \ HQYLDUVH DO IDEULFDQWH FRUUHVSRQGLHQWH R VHJ~Q VH LQGLTXH HQHVDV
JDUDQWtDV VHSDUDGDV +XVTYDUQD QR WLHQH DXWRUL]DFLyQ SDUD UHDOL]DU DMXVWHV R UHSDUDFLRQHV FRQWHPSODGRV SRU OD JDUDQWtD HQ PRWRUHV
IDEULFDGRV SRU %ULJJV 6WUDWWRQ +RQGD .DZDVDNL R .RKOHU H[FHSWR PRGHORV HTXLSDGRV FRQ PRWRUHV /&7 +XVTYDUQD QR DVXPH
QLQJXQDREOLJDFLyQGHJDUDQWtDGHORVPRWRUHVGHRWURVIDEULFDQWHV
E 7UDQVPLVLRQHV([FHSWRHQORVFDVRVHQTXHVHLQGLFDRWUDFRVDHQHO$QH[R$ODVWUDQVPLVLRQHVWUDQVHMHVLQFOXLGRVORVVLVWHPDVGH
WUDQVPLVLyQQRHVWiQFXELHUWRVSRUHVWDJDUDQWtD(QODPD\RUtDGHORVFDVRVHVWRVHOHPHQWRV12VRQIDEULFDGRVSRU+XVTYDUQDHQFX\R
FDVRSXHGHQHVWDUFXELHUWRVSRUVHSDUDGRSRUODJDUDQWtDGHVXVUHVSHFWLYRVIDEULFDQWHVVLVHSURSRUFLRQDXQD\VHODLQFOX\HFRQHOSURGXFWR
HQHOPRPHQWRGHODFRPSUD/RVIDEULFDQWHVGHWUDQVPLVLRQHVWUDQVHMHV'DQD+\GUR*HDU7XII7RUTSURSRUFLRQDQXQDJDUDQWtDSDUDOD
WUDQVPLVLyQWUDQVHMHDOFRPSUDGRUILQDORD+XVTYDUQD+XVTYDUQDDVLJQDUiODJDUDQWtDGHOIDEULFDQWHGHODWUDQVPLVLyQWUDQVHMHRFXDOTXLHU
GHUHFKRVREUH GLFKR HOHPHQWR DO FRPSUDGRURULJLQDOGH OD XQLGDG 3DUD REWHQHU VHUYLFLRV SDUD WUDQVPLVLRQHVWUDQVHMHV FXELHUWRVSRUOD
JDUDQWtD FRQWDFWH SULPHUR DO PLQRULVWDGRQGH FRPSUy OD XQLGDG (Q FDVR GH UHTXHULUDVLVWHQFLDR VL WLHQH SUHJXQWDV FRQ UHVSHFWRDOD
FREHUWXUDGHJDUDQWtDGHWUDQVPLVLRQHVWUDQVHMHVFRQWDFWHD+XVTYDUQDGLUHFWDPHQWHHQQXHVWURVLWLRZHEZZZKXVTYDUQDFRP
ROODPHDO
SDUD EXVFDU XQ SURYHHGRU GH VHUYLFLRV DXWRUL]DGR SRU +XVTYDUQD 7RGRV ORV UHFODPRV GH HVWH WLSR GHEHQ SUHVHQWDUVH\
HQYLDUVHDOIDEULFDQWHFRUUHVSRQGLHQWHRVHJ~QVHLQGLTXHHQHVDVJDUDQWtDVVHSDUDGDV+XVTYDUQDQRWLHQHDXWRUL]DFLyQSDUDUHDOL]DUDMXVWHV
R UHSDUDFLRQHVFRQWHPSODGRVSRU OD JDUDQWtD HQ WUDQVPLVLRQHV RWUDQVHMHV +XVTYDUQDQR DVXPHQLQJXQDREOLJDFLyQ GH JDUDQWtD GHORV
IDEULFDQWHVDQWHVHQXPHUDGRVSDUDYHUODVH[FHSFLRQHVFRQVXOWHHO$QH[R
$
F 3DUWHV SHUHFHGHUDV(VWDJDUDQWtDOLPLWDGDQRFXEUHSDUWHV\HOHPHQWRVGHPDQWHQLPLHQWRJHQHUDOSDUWHVSHUHFHGHUDVLQFOXLGRV
HQWUHRWURVEXMtDVERPELOODVILOWURVOXEULFDQWHVFXHUGDVGHDUUDQTXHKRMDV\DGDSWDGRUHVGHKRMDV
G &RPSRQHQWHVSDUDFRQWUROGHHPLVLRQHV(VWDJDUDQWtDOLPLWDGDQRFXEUHHTXLSRV\FRPSRQHQWHVSDUDFRQWUROGHHPLVLRQHVDOJUDGR
UHJXODGR SRU OD $JHQFLD GH 3URWHFFLyQ $PELHQWDO GH ((88 R SRU DJHQFLDV HVWDWDOHV VLPLODUHV (VRV HTXLSRV \ FRPSRQHQWHV HVWiQ
FXELHUWRV SRU XQD GHFODUDFLyQ GH JDUDQWtD GH FRQWURO GH HPLVLRQHV VHSDUDGD TXH VH VXPLQLVWUD FRQ VX QXHYR SURGXFWR &RQVXOWH HVWD
GHFODUDFLyQGHJDUDQWtDVHSDUDGDSDUDYHUORVGHWDOOHV
&XDOTXLHUXVR&20(5&,$/,167,78&,21$/$*5Ë&2/$,1'8675,$/48(352'8=&$,1*5(626R'($/48,/(5WHQGUiFRPRUHVXOWDGRODIDOWD
GHJDUDQWtD RXQ SHUtRGR GHJDUDQWtD PHQRU'HSHQGLHQGRGHO SURGXFWR 12 +$< *$5$17Ë$R ODJDUDQWtD HVUHGXFLGDVL HOSURGXFWR VH XWLOL]DSDUD ILQHVFRPHUFLDOHV
LQVWLWXFLRQDOHVDJUtFRODVLQGXVWULDOHVFRQSURGXFFLyQGHLQJUHVRVRGHDOTXLOHU&RQVXOWHHO$QH[R$
5HVSRQVDELOLGDGHVGHOSURSLHWDULRXVWHG6LGHVHDFRQVHUYDUVXVGHUHFKRVEDMRHVWD*DUDQWtDOLPLWDGDGHEHGHPRVWUDUHOFXLGDGR\XVR
UD]RQDEOHVGHOSURGXFWRHVWRLQFOX\HFXPSOLUFRQHOPDQWHQLPLHQWRSUHYHQWLYRHODOPDFHQDPLHQWRHOXVRGHFRPEXVWLEOH\DFHLWHVHJ~QVH
LQGLFDQ HQ HO PDQXDO GHO RSHUDGRU TXH VH DGMXQWD 3RU HMHPSOR ORV VLJXLHQWHV HOHPHQWRV VRQ UHVSRQVDELOLGDG GHO SURSLHWDULR \ QR
HVWiQ
FXELHUWRVSRUHVWD*DUDQWtDOLPLWDGD
D 6HUYLFLRGHFRQILJXUDFLyQ\DQWHULRUDODHQWUHJDDVtFRPRDILQDFLRQHVGHOPRWRU
E /RVDMXVWHVGHVSXpVGHORVSULPHURVWUHLQWDGtDVSRVWHULRUHVDODFRPSUD\GHDOOtHQPiVFRPRDMXVWHVGHOFDEOHGHODFHOHUDGRUR
GHODVJXtDVGHODVFRUUHDV
F (OPDQWHQLPLHQWRSUHYHQWLYRVHJ~QVHGHVFULEHHQHOPDQXDOGHORSHUDGRU