(VSDxRO7UDGXFFLyQGHODVLQVWUXFFLRQHVRULJLQDOHV
&RORTXHODOODYH$OOHQDWUDYpVGHOKXHFRHQODSHVWDxD
VXSHULRUHGHOKXHFRHQHOFDEH]DOGHHQJUDQDMH&RQ
XQDOODYH GHDSULHWH JLUHHO WRUQLOOR KH[DJRQDOHQ HO
VHQWLGRGHORVDJXMHURVGHOUHORMSDUDUHWLUDUOR
5HWLUHODDUDQGHOD\HOFDEH]DOGHOtQHDGHODFRQH[LyQ
GHOPRWRU
&RQXQDOODYHPLVWDJLUHODFRQH[LyQGHOPRWRUHQHO
VHQWLGRGHORVDJXMHURVGHOUHORMSDUDUHWLUDUOD
5HWLUH OD DUDQGHOD FyQFDYD GHO HMH GH HQJUDQDMH H
JXDUGHSDUDXQXVRSRVWHULRU
2%6(59$&,Ï1 *XDUGH ODV SLH]DV GHVPRQWDGDV SDUD
XVDUODVSRVWHULRUPHQWH
,QVWDODFLyQGHODSURWHFFLyQGHODFXFKLOOD
9HU¿JXUD
$FRSOHODFXFKLOODDOVRSRUWHGHPRQWDMH\DOLQHHORV
RUL¿FLRVGHORVWRUQLOORVGHODSURWHFFLyQGHODFXFKLOOD
FRQORVWRUQLOORVGHOVRSRUWHGHPRQWDMH
$SULHWHELHQORVWRUQLOORV
$'9(57(1&,$
$OXWLOL]DUODVLHUUDODSURWHFFLyQGHODVLHUUDVHGHEH
PRQWDUHQHOVRSRUWH
,QVWDODFLyQGHODFXFKLOOD
9HU¿JXUD
3DUD PLQLPL]DU HO ULHVJR GH OHVLRQHV PDQWHQJD ODV
SURWHFFLRQHVHQODVOiPLQDVHQWRGDVODVFLUFXQVWDQFLDV
5HPXHYDODVSURWHFFLRQHVGHODVOiPLQDVVyORGXUDQWHODV
RSHUDFLRQHVGHUHFRUWH
&HQWUHODKRMDHQODDUDQGHODGHODSHVWDxDVXSHULRU
H FRPSUXHEH TXH OD KRMD HVWi HQFDMDGD ,QVWDOH
OD DUDQGHOD FyQFDYD H FRPSUXHEH TXH HVWi ELHQ
HQFDMDGDHQHOHMHGHHQJUDQDMH,QVWDOHHOWDSyQGH
ODKRMDFRQHOFHQWUROHYDQWDGRHDOHMDGRGHODKRMD
,QVWDOHODDUDQGHOD\HOWRUQLOOR
&RORTXHODOODYH$OOHQDWUDYpVGHOKXHFRHQODSHVWDxD
VXSHULRUHGHOKXHFRHQHOFDEH]DOGHHQJUDQDMH&RQ
XQDOODYH GHDSULHWH JLUHHO WRUQLOOR KH[DJRQDOHQ HO
VHQWLGRDQWLKRUDULR$SULpWHOR¿UPHPHQWH
$'9(57(1&,$
&RPSUXHEHTXHODVLHUUDHVWiHQODSRVLFLyQFRUUHFWD
$O LQVWDODU OD SURWHFFLyQ GD VLHUUD OD VHULJUDItD HQ OD
OiPLQDVHTXHGDVLHPSUHHQHOWRSH\HQGLUHFFLyQDOD
SURWHFFLyQGHODVLHUUD
&219(56,Ï1 '( '(6%52=$'25$ &8&+,//$
3$5$6,(55$$%25'($'25$
5HWLUHODFXFKLOODGHODVLHUUD\VXSURWHFFLyQ
9HU¿JXUD
'HWHQJDHOPRWRU\GHVFRQHFWHHOFDEOHGHODEXMtD
&RORTXHODOODYH$OOHQDWUDYpVGHOKXHFRHQODSHVWDxD
VXSHULRUHGHOKXHFRHQHOFDEH]DOGHHQJUDQDMH*LUH
ORVWRUQLOORVHQHOVHQWLGRGHORVDJXMHURVGHOUHORMSDUD
UHPRYHUOR
5HPXHYD OD DUDQGHOD OD DUDQGHOD GH OD OiPLQD OD
DUDQGHODFyQFDYDODVLHUUD\ODSURWHFFLyQGDVLHUUDH
JXDUGHSDUDXQDXWLOL]DFLyQSRVWHULRU
2%6(59$&,Ï1 *XDUGH ODV SLH]DV GHVPRQWDGDV SDUD
XVDUODVSRVWHULRUPHQWH
,QVWDODFLyQGHOFDEH]DOGHODGHVEUR]DGRUD5HHO(DV\
9HU¿JXUD
,QVWDOH OD DUDQGHOD FyQFDYD ,QVWDOH OD FRQH[LyQ GHO
PRWRU DO HMH GH HQJUDQDMH &RORTXH OD OODYH$OOHQ D
WUDYpVGHOKXHFRHQODSHVWDxDVXSHULRUHGHOKXHFR
HQHOFDEH]DOGHHQJUDQDMH&RQODOODYHPLVWDJLUHOD
FRQH[LyQGHOPRWRUHQHOVHQWLGRDQWLKRUDULR$SULpWHOR
¿UPHPHQWH
&RORTXHODFDMDGHOFDEH]DOGHOtQHDHQODFRQH[LyQ
GHO PRWRU $VHJ~UHVH TXH OD HVWUXFWXUD HVWp
FRPSOHWDPHQWHDVHQWDGD
&RORTXHODOODYH$OOHQDWUDYpVGHOKXHFRHQODSHVWDxD
VXSHULRU H GHO KXHFR HQ HO FDEH]DO GH HQJUDQDMH
&RORTXH OD DUDQGHOD \ HO WRUQLOOR KH[DJRQDO HQ OD
FRQH[LyQGHOPRWRU&RQXQDOODYHGHDSULHWHJLUHHO
WRUQLOORKH[DJRQDOHQHOVHQWLGRDQWLKRUDULR$SULpWHOR
¿UPHPHQWH
9XHOYD D FRORFDU HO FDUUHWH GH OtQHD 6L XWLOL]D HO
DFFHVRULRGHHMHGHUHFKRFRQHOFDEH]DOGHFRUWH5HHO
(DV\OD ERELQDGHEH GHVHUFRORFDGD GHPDQHUD
TXH7KLVVLGHRXWIRUVWUDLJKWVKDIWTXHGHYLVLEOH
9XHOYDDFRORFDUHOSHUQRGHWRSHLQWURGXFLpQGRORHQ
HOFHQWURGHOFDUUHWHGHOtQHD
9XHOYD D FRORFDU OD FXELHUWD GHO FDEH]DO GH OD
GHVEUR]DGRUDDOLQHDQGRORVSHVWLOORVFRQODVDEHUWXUDV
GHOFDEH]DO(PSXMHODFXELHUWDFRQWUDODFDEH]DGH
OD GHVEUR]DGRUD KDVWD TXH DPERV PRVTXHWRQHV
HQFDMHQHQODVDSHUWXUDV
,QVWDOH OD OtQHD GH FRUWH &RQVXOWH OD VHFFLyQ
³5HHPSOD]R GHO KLOR´ GHO PDQXDO SDUD REWHQHU PiV
LQIRUPDFLyQDOUHVSHFWR
,QVWDODFLyQGHOGLVSRVLWLYRGHSURWHFFLyQGHODFFHVRULR
GHFRUWHSDUDODUHFRUWDGRUDGHKLORKRMD7UL$UF
9HU¿JXUD
$FRSOH HO GLVSRVLWLYR GH SURWHFFLyQ GHO DFFHVRULR
GH FRUWH SDUD OD UHFRUWDGRUD GH KLOR KRMD 7UL$UF