LCL3698 Es PDF

Download as pdf or txt
Download as pdf or txt
You are on page 1of 68

Protección social

para la infancia
y la adolescencia
en la Argentina
Retos críticos para
un sistema integral
Fabián Repetto
Virginia Tedeschi Laura Pautassi
Pilar Arcidiácono
Mora Straschnoy


3URWHFFLyQVRFLDOSDUDODLQIDQFLD
\ODDGROHVFHQFLDHQOD$UJHQWLQD
5HWRVFUtWLFRVSDUDXQVLVWHPDLQWHJUDO

)DELiQ5HSHWWR\9LUJLQLD7HGHVFKL
(VWHGRFXPHQWRIXHSUHSDUDGRSRU)DELiQ5HSHWWRFRQVXOWRUGHOD'LYLVLyQGH'HVDUUROOR6RFLDOGHOD&RPLVLyQ
(FRQyPLFD SDUD $PpULFD /DWLQD \ HO &DULEH &(3$/  \ 9LUJLQLD 7HGHVFKL DERJDGD GH OD 8QLYHUVLGDG GH
%XHQRV $LUHV (O GRFXPHQWR VH SUHVHQWD HQ HO PDUFR GHO 3UR\HFWR &(3$/81,&() 81,  EDMR OD
FRRUGLQDFLyQGH0DUtD1LHYHV5LFR2ILFLDOGH$VXQWRV6RFLDOHVGHOD&(3$/
/RVDXWRUHVDJUDGHFHQHVSHFLDOPHQWHD/DXUD3DXWDVVL0DUtD1LHYHV5LFR&HFLOLD5RVVHO\6HEDVWLDQ:DLVJUDLV
SRUVXVYDOLRVRVFRPHQWDULRV\VXJHUHQFLDVDODYHUVLyQSUHOLPLQDUGHHVWHGRFXPHQWR
/DV RSLQLRQHV H[SUHVDGDV HQ HVWH GRFXPHQWR TXH QR KD VLGR VRPHWLGR D UHYLVLyQ HGLWRULDO VRQ GH H[FOXVLYD
UHVSRQVDELOLGDGGHORVDXWRUHV\SXHGHQQRFRLQFLGLUFRQODVGHODRUJDQL]DFLyQ


























3XEOLFDFLyQGHODV1DFLRQHV8QLGDV
,661
/&/
&RS\ULJKW‹1DFLRQHV8QLGDVVHSWLHPEUHGH7RGRVORVGHUHFKRVUHVHUYDGRV
,PSUHVRHQ1DFLRQHV8QLGDV6DQWLDJRGH&KLOH

/RV(VWDGRVPLHPEURV\VXVLQVWLWXFLRQHVJXEHUQDPHQWDOHVSXHGHQUHSURGXFLUHVWDREUDVLQDXWRUL]DFLyQSUHYLD6RORVHOHV
VROLFLWDTXHPHQFLRQHQODIXHQWHHLQIRUPHQDODV1DFLRQHV8QLGDVGHWDOUHSURGXFFLyQ
&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD




ËQGLFH

,QWURGXFFLyQ
, (OGLItFLOFDPLQRKDFLDXQVLVWHPDGHSURWHFFLyQVRFLDOSDUDLQIDQFLD\DGROHVFHQFLD
HQOD$UJHQWLQD
$ /RVVHUYLFLRVXQLYHUVDOHVVXLPSDFWRHQQLxRVQLxDV\DGROHVFHQWHV
 (GXFDFLyQ
 6DOXG
% 7UDQVIHUHQFLDVPRQHWDULDVXQFRPSRQHQWHFODYHGHODPDWUL]GHSURWHFFLyQVRFLDO
SDUDLQIDQFLD\DGROHVFHQFLD
 6XEVLGLRV\DVLJQDFLRQHVSRUKLMRV
 7UDQVIHUHQFLDVPRQHWDULDVFRQFRQGLFLRQDOLGDGHVUHODFLRQDGDVDODQLxH]
\DODJHVWDFLyQ
& (YROXFLyQGHOJDVWRVRFLDOHQLQIDQFLD\DGROHVFHQFLD
' 6LVWHPDGH3URWHFFLyQ6RFLDOSDUDLQIDQFLD\DGROHVFHQFLD
 &DPELRVXVWDQWLYRGHODGRFWULQDGHODVLWXDFLyQLUUHJXODUDOSDUDGLJPD
GHODSURWHFFLyQLQWHJUDO
 3ROtWLFDV\SURJUDPDVGHSURPRFLyQGHGHUHFKRV
 3URWHFFLyQHVSHFLDO
( $WHQFLyQGHOFXLGDGRDODSULPHUDLQIDQFLD
 (GXFDFLyQ,QLFLDO
 0HUFDGRODERUDO\FXLGDGRFRQFLOLDFLyQHQWUHWUDEDMR
\UHVSRQVDELOLGDGHVIDPLOLDUHV
 6HUYLFLRVHVSHFtILFRVGHFXLGDGR
,, ,QVWLWXFLRQDOLGDGHQPDWHULDGHLQIDQFLD\DGROHVFHQFLD
$ /RVSULQFLSDOHVDFWRUHVGHO6LVWHPD
% (OSUREOHPiWLFRDVXQWRGHODFRRUGLQDFLyQLQWHULQVWLWXFLRQDOiPELWRV
SODQHVSURJUDPDV


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

& /DLPSRUWDQFLDGHODSURGXFFLyQGHFRQRFLPLHQWR
HOUROGHORVVLVWHPDVGHLQIRUPDFLyQ
,,, &RQFOXVLRQHV
%LEOLRJUDItD
$QH[RV
$QH[R
$QH[R
6HULH3ROtWLFDV6RFLDOHVQ~PHURVSXEOLFDGRV
ËQGLFHGHFXDGURV
&8$'52 (675$7(*,$1$&,21$/('8&$7,9$
&8$'52 35(67$&,21(6,1)$17,/(6,1&/8,'$625,*,1$/0(17(
(1(/3/$11$&(5
&8$'52 35(67$&,21(63$5$(0%$5$=$'$6,1&/8,'$625,*,1$/0(17(
(1(/3/$11$&(5
&8$'52 &2%(5785$<%(1(),&,$5,26'(/26352*5$0$6'(75$16)(5(1&,$
'(,1*5(6263$5$11<$
&8$'52 %(1(),&,$5,26&8%,(5726<0217275$16)(5,'2
$8+3253529,1&,$ )(%5(52 
&8$'52 6,67(0$'(3527(&&,Ï1'('(5(&+2625*$1,6026
$'0,1,675$7,926/2&$/(6
&8$'52 &203$5$&,Ï1'(5(68/7$'26'((1&8(67$'($&7,9,'$'(6
'(1,f261,f$6<$'2/(6&(17(6'(&210Ï'8/2
'($&7,9,'$'(6'(1,f$61,f26<$'2/(6&(17(6'(
&8$'52$ 0$75,='(3527(&&,2162&,$/3$5$/$,1)$1&,$
</$$'2/(6&(1&,$
ËQGLFHGHJUiILFRV
*5È),&2 &803/,0,(172'(/$60(7$6'(),1$1&,$0,(172
('8&$7,92$
*5È),&2 0$75Ë&8/$32502'$/,'$'(6%È6,&$63(5Ë2'2
*5È),&2 9$5,$&,Ï1'(/$0$75Ë&8/$
*5È),&2 ,1&5(0(172'(/$0$75Ë&8/$3256(*0(172(7È5(2
3(5Ë2'2
*5È),&2 (92/8&,Ï17$6$'(0257$/,'$',1)$17,/1(21$7$/
<32671(21$7$/
*5È),&2 (92/8&,Ï1'(/$7$6$'(32%5(=$  &21$8+
*5È),&2 (92/8&,Ï1'(/$7$6$'(,1',*(1&,$  &21$8+
*5È),&2 &2%(5785$'(/$3527(&&,Ï162&,$/$1,f26
1,f$6<$'2/(6&(17(6(1$5*(17,1$
*5È),&2 *$6723Ò%/,&262&,$/&2162/,'$'2 1$&,Ï13529,1&,$6 
',5,*,'2$/$1,f(=
*5È),&2 *$6723Ò%/,&262&,$/&2162/,'$'2 1$&,Ï13529,1&,$6 
',5,*,'2$/$1,f(=6(*Ò1&$7(*25Ë$'(*$672<1,9(/
'(*2%,(512
*5È),&2 &2%(5785$6(59,&,26'(&8,'$'2,1)$17,/
*5È),&2 $'(&8$&,Ï11250$7,9$'(/$63529,1&,$6$/$/(<
'(3527(&&,Ï1,17(*5$/



&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

,QWURGXFFLyQ

$QDOL]DU HO VLVWHPD GH SURWHFFLyQ VRFLDO SDUD OD LQIDQFLD \ OD DGROHVFHQFLD HQ OD $UJHQWLQD LPSOLFD
FRQVLGHUDUGRVIDFWRUHVLPSRUWDQWHVGHWUDQVIRUPDFLyQHQORV~OWLPRVDxRV3RUXQODGRHOIRUWDOHFLPLHQWR
GHOSDSHOGHO(VWDGRHQHOGHVDUUROORGHODVSROtWLFDVS~EOLFDVHQJHQHUDO\GHODVGHSURWHFFLyQVRFLDOHQ
SDUWLFXODU$TXtVHHQWHQGHUiSRUVLVWHPDGHSURWHFFLyQVRFLDODODDUWLFXODFLyQGHDTXHOODVLQWHUYHQFLRQHV
GH ORV GLIHUHQWHV VHFWRUHV GH OD SROtWLFD VRFLDO \ QLYHOHV GH JRELHUQR  DVRFLDGDV PiV GLUHFWDPHQWH D OD
SURWHFFLyQ VRFLDO HQWHQGLGD pVWD HQ WpUPLQRV GH WUDQVIHUHQFLDV GH LQJUHVRV \ DFFHVR D VHUYLFLRV VRFLDOHV
HGXFDFLyQVDOXGFXLGDGRHQWUHRWURV $VLPLVPRLQFRUSRUDHQVXVDFHSFLRQHVWHyULFDVPiVUHOHYDQWHVOR
UHODFLRQDGRFRQODVUHJXODFLRQHVODERUDOHV(QHVWHVHQWLGRODSREODFLyQSULRULWDULDHQODFRQIRUPDFLyQGH
XQVLVWHPDGHSURWHFFLyQVRFLDOORFRQVWLWX\HQORVJUXSRVYXOQHUDEOHV\ORVWUDEDMDGRUHV(Q$UJHQWLQDHO
FRQFHSWR GH SURWHFFLyQ VRFLDO KD FRPHQ]DGR D VHU UHGLVFXWLGR HQ DxRV UHFLHQWHV \ QR VH HQFXHQWUD D~Q
UHIOHMDGRHQODQRPHQFODWXUDDGPLQLVWUDWLYD\GHOJDVWRVRFLDO
3RU HO RWUR \ FRPR H[SUHVLyQ FDEDO GH OR DQWHULRU HQ OR UHIHULGR D XQD SREODFLyQ HVSHFtILFD HO
DYDQFH HQ HO RUGHQ QRUPDWLYR GHVGH HO DxR  PRPHQWR HQ TXH VH DSUXHED OD /H\ 1ž  GH
3URWHFFLyQ,QWHJUDOGHORV'HUHFKRVGH1LxRV1LxDV\$GROHVFHQWHTXHPRGLILFDHODFFLRQDUGHWRGRVORV
RUJDQLVPRVHLQVWLWXFLRQHVHQUHODFLyQDORVQLxRVQLxDV\DGROHVFHQWHV
(VWDPHGLGDDEULySDVRDXQQXHYRSDUDGLJPDDVRFLDGRDODSURWHFFLyQLQWHJUDOTXHHPDQDGHOD
&RQYHQFLyQ,QWHUQDFLRQDOGHORV'HUHFKRVGHO1LxR &'1 HQWDQWRVHDYDQ]DHQODLQVWDXUDFLyQGHXQ
QXHYR 6LVWHPD GH 3URWHFFLyQ GH 'HUHFKRV SDUD QLxDV QLxRV \ DGROHVFHQWHV HQ DGHODQWH LQIDQFLD \
DGROHVFHQFLD HOFXDOKDEUiGHLPSDFWDUHQODPDWUL]GHSURWHFFLyQVRFLDOQDFLRQDO\HQODGHODVGLVWLQWDV
MXULVGLFFLRQHV VXEQDFLRQDOHV \ ORFDOHV HQ WDQWR REOLJD D WRGRV ORV RUJDQLVPRV H LQVWLWXFLRQHV D OD
SURPRFLyQSURWHFFLyQ\UHVWLWXFLyQGHGHUHFKRVGHLQIDQFLD\DGROHVFHQFLD
6H GD FXPSOLPLHQWR DVt D FRPSURPLVRV LQWHUQDFLRQDOHV HQ HVWD PDWHULD  GDQGR IRUPD DO
SDUDGLJPDGHODSURWHFFLyQLQWHJUDO 3RURWUDSDUWHFRQWHPSRUiQHD\SRVWHULRUPHQWHDODFLWDGDQRUPD



 $ SDUWLU GH OD &RQYHQFLyQ ,QWHUQDFLRQDO GH ORV 'HUHFKRV GHO 1LxR   UDWLILFDGD SRU /H\    TXH DGTXLHUH UDQJR
FRQVWLWXFLRQDO &1 \ODVDQFLyQGHOD/H\\VXVGHFUHWRVUHJODPHQWDULRVVHJHQHUDXQDFRQFLHQFLDMXUtGLFD\VRFLDOTXH
PRYLOL]DHOFDPELRGHSDUDGLJPD


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

VHGLFWDQXQDVHULHGHOH\HVTXHGLHURQVXVWDQFLDDOLQFLSLHQWH6LVWHPDGH3URWHFFLyQ,QWHJUDOPHGLDQWHHO
UHFRQRFLPLHQWRGHOLQWHUpVVXSHULRUGHOQLxRHQHODFFHVR\HMHUFLFLRGHWRGRVVXVGHUHFKRV 
$KRUD ELHQ SDUD TXH HVWH LQFLSLHQWH VLVWHPD YLQFXODGR D LQIDQFLD \ DGROHVFHQFLD H[SDQGD VX
SRWHQFLDOVHUHTXLHUHXQDSOHQDVLQHUJLDFRQORVRWURV VXE VLVWHPDVGHODSURWHFFLyQVRFLDOWDOFRPRIXH
UHFLpQFRQFHSWXDOL]DGD$VLPLVPRHVHYLGHQWHDGHPiVODQHFHVLGDGGHDYDQ]DUHQXQDFRQFHUWDFLyQGH
DFFLRQHV HQWUH HO (VWDGR QDFLRQDO ODV 3URYLQFLDV ORV 0XQLFLSLRV \ ODV RUJDQL]DFLRQHV VRFLDOHV
YLQFXODGDVDODDWHQFLyQDODQLxH](VWRHQWDQWRODHVWUXFWXUDGHO6LVWHPDGH3URWHFFLyQGHORV'HUHFKRV
GHO1LxRUHFRQRFHWUHVLQVWDQFLDVLQWHJUDGDVSHURGLIHUHQFLDGDVHQWUHVt -*081,&() 
(Q OD EDVH GHO PLVPR VH HQFXHQWUD XQ FRQMXQWR GH 3ROtWLFDV 3~EOLFDV %iVLFDV \ 8QLYHUVDOHV
GHILQLGDV FRPR QHFHVDULDV SDUD HO SOHQR GHVDUUROOR GH OD LQIDQFLD \ OD DGROHVFHQFLD HGXFDFLyQ VDOXG
GHVDUUROORVRFLDOFXOWXUDUHFUHDFLyQSDUWLFLSDFLyQ$VLPLVPRVHSODQWHDODJDUDQWtDHVWDWDOSDUDHOSOHQR
DFFHVRDHVWDVSROtWLFDVODJUDWXLGDGODSULRULGDGHQODDWHQFLyQ\ODSHUPDQHQFLDHQHOODVDORODUJRGH
WRGRVXFUHFLPLHQWR
&RPRVHJXQGDLQVWDQFLDVHGHILQHXQFRQMXQWRGHSROtWLFDVHVSHFtILFDVTXHFRQIRUPDQODV0HGLGDVGH
3URWHFFLyQGH'HUHFKRV GLULJLGDVDUHVWLWXLUORVGHUHFKRVYXOQHUDGRV\ODUHSDUDFLyQGHODVFRQVHFXHQFLDV
SRUDFFLyQXRPLVLyQGHOHVWDGRODVRFLHGDGRODIDPLOLDRELHQSRUODSURSLDFRQGXFWDGHOQLxRD
/D~OWLPDLQVWDQFLDGHO6LVWHPDVRQODV0HGLGDV(VSHFLDOHV\([FHSFLRQDOHV DTXHOODVTXHGHEHQ
DGRSWDUVHFXDQGRVHHQFXHQWUDQDJRWDGDVWRGDVODVSRVLELOLGDGHVGHLPSOHPHQWDUPHGLGDVGHSURWHFFLyQ
LQWHJUDO \ SRU UD]RQHV YLQFXODGDV DO LQWHUpV VXSHULRU GHO QLxR GHEH VHSDUDUVH WHPSRUDO R
SHUPDQHQWHPHQWHDOQLxRQLxDRDGROHVFHQWHGHVXJUXSRIDPLOLDUSULPDULRRGHFRQYLYHQFLD
3DUD DUWLFXODU HVWDV LQVWDQFLDV FRPR SDUWH GHO VLVWHPD GH SURWHFFLyQ LQWHJUDO GH GHUHFKRV GH
LQIDQFLD\DGROHVFHQFLDHOPLVPRGHEHUiLQYROXFUDUGHPDQHUDWUDQVYHUVDOSDUDVXUHDOFRQIRUPDFLyQ\
GHVDUUROOR D P~OWLSOHV VHFWRUHV \ QLYHOHV GH JRELHUQR SDUD DYDQ]DU HQ WpUPLQRV GH HGXFDFLyQ VDOXG
DSR\R HFRQyPLFR D KRJDUHV YXOQHUDEOHV SROtWLFDV GH DWHQFLyQ GHO FXLGDGR PHGLGDV GH SURWHFFLyQ
PHGLGDVH[FHSFLRQDOHVVLWXDFLRQHVHVSHFtILFDVGHYXOQHUDELOLGDGHQWUHODVPiVUHOHYDQWHV,QWHJUDOLGDG
FRQVWLWX\HHQWRQFHVHOGHVDItRIXQGDPHQWDOQRVyORGHVGHHOODGRGHORTXpKDFHHO(VWDGRVLQRUHVSHFWR
DODFRQFHSFLyQTXHHOPLVPRWLHQHGHODVSUREOHPiWLFDV\GHVXVLQWHUUHODFLRQHVFDXVDOHVTXHDIHFWDQD
ODLQIDQFLD\DGROHVFHQFLD 9HU$QH[R, 
0DUWtQH] 1RJXHLUD   KD KHFKR LPSRUWDQWHV DSRUWHV SDUD HQFXDGUDU DQDOtWLFDPHQWH OD
LQWHJUDOLGDGGHODVSROtWLFDVS~EOLFDV(VWDUHVSRQGHDODDVSLUDFLyQGHTXHSUHVWDFLRQHV\VHUYLFLRVTXHOD
FRQIRUPDQ HVWpQ FHQWUDGDV HQ ODV GLYHUVDV QHFHVLGDGHV \ GHUHFKRV YXOQHUDGRV GH SHUVRQDV IDPLOLDV R
FRPXQLGDGHV3DUDHOORODLQWHJUDOLGDGUHTXLHUHSRQHUHODFHQWRHQODHQWUHJDGHODVDFFLRQHVGHO(VWDGR
GHXQPRGRPX\DWHQWRDORHVSHFtILFR\VLWXDFLRQDO



 (OSDUDGLJPDGHODSURWHFFLyQLQWHJUDOTXHSODQWHDOD&'1VHEDVDHQODVVLJXLHQWHVSUHPLVDVGHILQLFLyQGHODFDWHJRUtDLQIDQFLD
VLQGLVFULPLQDFLyQSRUODVLWXDFLyQVRFLRHFRQyPLFDLQWHUYHQFLyQMXGLFLDODVHJXUDQGRHOGHUHFKRDVHURtGRODSDUWLFLSDFLyQGHXQ
DERJDGR GHIHQVRU \ RWRUJiQGROH IDFXOWDGHV DO 0LQLVWHULR 3~EOLFR DQiOLVLV GH FDGD VLWXDFLyQ SDUD DERUGDU GH PDQHUD DGHFXDGD ODV
VLWXDFLRQHV GH ULHVJR SULQFLSLR EiVLFR GH LJXDOGDG DQWH OD OH\ DVHJXUDGR MXUtGLFDPHQWH OD HOLPLQDFLyQ GH ODV LQWHUQDFLRQHV QR
YLQFXODGDV D OD FRPLVLyQ GH GHOLWRV GHELGDPHQWH FRPSUREDGRV XVR H[FHSFLRQDO GH OD LQWHUYHQFLyQ HQ ORV FDVRV GH MyYHQHV HQ
FRQIOLFWRFRQODOH\SHQDO\ODFRQVLGHUDFLyQGHORVQLxRVQLxDV\DGROHVFHQWHVFRPRVXMHWRVSOHQRVGHGHUHFKRV

 (QORV~OWLPRVDxRVVHKDQGLFWDGRXQDVHULHGHOH\HVTXHKDQWHQLGRXQDVLJQLILFDWLYDUHSHUFXVLyQHQODSURWHFFLyQHIHFWLYDGHORVGHUHFKRVGH
ODQLxH]ODDGROHVFHQFLD\VXVIDPLOLDVWDOHVFRPR/H\1žGH3URWHFFLyQ,QWHJUDO/H\1žGH)LQDQFLDPLHQWR(GXFDWLYR
/H\1žGH(GXFDFLyQ6H[XDO,QWHJUDO/H\1žGH(GXFDFLyQ1DFLRQDO/H\1žGH&HQWURVGH'HVDUUROOR,QIDQWLO
/H\1žGH3URKLELFLyQGHO7UDEDMR,QIDQWLO\3URWHFFLyQGHO7UDEDMR$GROHVFHQWH/H\1žGH5HJLVWUR&LYLOLQVFULSFLyQ
VXEVLGLDULD/H\1žGHHTXLSDUDFLyQGHHGDGSDUDFRQWUDHUPDWULPRQLR/H\1žGHPD\RUtDGHHGDGDORVDxRV/H\
1žGH7UDEDMR$JUDULR/H\1žGH'HUHFKRDOYRWRDSDUWLUGHORVDxRV'HFUHWRV1ž1ž1žGH
DPQLVWtDDGPLQLVWUDWLYDSDUDLQVFULSFLyQGHQDFLPLHQWRV'HFUHWR1ž$VLJQDFLyQ8QLYHUVDOSRU+LMR'HFUHWR1ž$VLJQDFLyQ
SRUHPEDUD]R'HFUHWR1ž5HJLVWURGH3URWHFFLyQ,QWHJUDOGHOD1LxH]\$GROHVFHQFLD$FWXDOPHQWHVHHQFXHQWUDHQSOHQRGHEDWHHQ
HO&RQJUHVRGHOD1DFLyQODUHIRUPDGHO&yGLJR&LYLO\&RPHUFLDOGHOD1DFLyQ

 /DSURWHFFLyQLQWHJUDODEDUFDPHGLGDVGLULJLGDVDODLQIDQFLD\ODDGROHVFHQFLDRDOJUXSRIDPLOLDUWDOHVFRPRHORWRUJDPLHQWRGHXQD
D\XGD HFRQyPLFD OD LQFOXVLyQ HQ XQD LQVWLWXFLyQ HGXFDWLYD HO FXPSOLPLHQWR GH XQ WUDWDPLHQWR PpGLFR R OD SHUPDQHQFLD HQ XQ
SURJUDPDGHIRUWDOHFLPLHQWRGHODIDPLOLD

 (VWDVPHGLGDVVRQOLPLWDGDVHQHOWLHPSR\VyORVHSXHGHQSURORQJDUPLHQWUDVSHUVLVWDQODVFDXVDVTXHOHVGLHURQRULJHQ


CEPAL - Serie Políticas Sociales N° 186 Protección social para la infancia y la adolescencia en la Argentina...

La integralidad, en síntesis, procura darle a las políticas sociales una mayor coherencia e impacto,
a través de la convergencia de las mismas, privilegiando la perspectiva del receptor y atendiendo de
modo específico a las características de la población a las cuales van dirigidas esas intervenciones.
Está claro que de las posibles expresiones de integralidad en política pública, una que no resulta
eficaz y eficiente es aquella se que se propone “hacer todo, todos juntos, al mismo tiempo”. La
importancia de contar con buenos diagnósticos institucionales y socio-demográficos ayuda a definir
mejor, en cada caso concreto, cómo traducir la participación de múltiples sectores y niveles de gobierno
en pos de lograr un abordaje más integral.
Dada la complejidad de las dimensiones a atender en la conformación de un sistema integral para
infancia y adolescencia, el reto está dado por cómo lograr la confluencia de marcos analíticos que agreguen
miradas y saberes, lo cual debe permear no sólo el diseño de las intervenciones, sino la implementación
misma, etapa donde los funcionarios que operan en el territorio, cualquiera sea su nivel de gobierno, juegan
un papel fundamental. Es por esto que tener objetivos claros de para qué y cómo llevar adelante el abordaje
integral de múltiples sectores en torno a una política pública de infancia y adolescencia es una condición
fundamental e insoslayable, incluyendo la secuencia de cada intervención institucional.
Pero justamente esta búsqueda de la integralidad de las políticas públicas destinadas a un grupo
etario en particular, se ve afectada por diversos factores, todos ellos históricamente presentes en el caso
argentino. A modo de ejemplo: a) la fragmentación de las intervenciones (proyectos, programas,
políticas, planes); b) los problemas propios de la implementación sectorial, incluyendo las debilidades
institucionales en lo referido a las relaciones entre niveles de gobierno; y c) los modelos
organizacionales inadecuados (falta de programación estratégica, debilidades en materia de diagnósticos
sociales e institucionales, seguimiento y evaluación, entre otros).
Es evidente que generar avances concretos en la instalación de un sistema de protección social
integral implica dificultades de diversa índole y requiere sinergias político-institucionales,
presupuestarias y técnicas de compleja resolución (Repetto, 2010). Esta regla general se expresa sin
duda en toda su complejidad cuando se trata de un grupo poblacional en particular, como es el caso de
niñez y adolescencia. ¿Cómo transitar desde concepciones, planificaciones y gestiones sectoriales a una
intervención que por la propia (multidimensional y multicausal) problemática a afrontar requiere altas
dosis de buena intersectorialidad? ¿Cómo resolver el ejercicio concreto de las críticas funciones estatales
de gobierno (rectoría)/coordinación de todas aquellas políticas y programas dirigidas a esta población?
¿Cómo afrontar las complejidad de relaciones intergubernamentales entre tres niveles de gobierno, con
capacidades políticas, financieras y técnicas muy heterogéneas entre sí? 6. Todas estas complejidades de
la gestión pública en el marco de un caso como el argentino, donde es el nivel provincial quien tiene las
competencias fundamentales en políticas para este grupo poblacional.
Puede afirmarse, en síntesis, que el reto que Argentina tiene por delante es dual. De un lado,
necesita seguir avanzando en la conformación del propio Sistema de Protección Integral para infancia y
adolescencia, cuyos avances importantes aún requieren consolidación y profundización. Por el otro, se
requiere que esta nueva institucionalidad en un campo concreto, pero a la vez complejo por su
transversalidad y multicausalidad, se articule virtuosamente con la propia construcción, aún inacabada,
de un sistema de protección social más amplio, que no sólo promueva integralidad y efectivo ejercicio de
los derechos para infancia y adolescencia, sino para la población en su conjunto.

6
Morlachetti (2012), al analizar el proceso de instalación de los sistemas de protección integral para infancia y adolescencia en la región,
resalta como dificultad el aislamiento que de ellos se hace de la planificación general de las políticas sociales, como si fuesen
absolutamente independientes, y como si la atención individualizada de los conflictos de violación o amenaza de derechos de los niños,
estuviese conceptualmente abstraída de la política pública en general. En Argentina, un fallo reciente de la Corte Suprema de la Nación
marca otro hito en este sentido, respecto a la interpretación de la protección en sentido amplio reconociendo a un abanico de derechos
interdependientes entre si. En el caso Quisberth Castro (Fallo CSJN Q63 XLVI 2012) amplía la noción de protección social, más aún en
aquellos casos que involucran a infancia y adolescencia, y avanza en la consideración de la obligación del Estado en la implementación
de políticas sociales integradas, planificadas y debidamente coordinadas, que den respuesta a la vulneración de derechos.

7
CEPAL - Serie Políticas Sociales N° 186 Protección social para la infancia y la adolescencia en la Argentina...

El presente documento se articula en tres secciones. En la primera sección, se presentan los


avances fundamentales que la Argentina ha venido desarrollando en materia de protección social en
general, pero con un foco particular en lo referido al propio Sistema de Protección Integral para infancia
y adolescencia. En la segunda, se coloca el prisma en los aspectos críticos de la nueva institucionalidad,
incluyendo sus actores fundamentales y las dinámicas en marcha para generar la necesaria coordinación
pro-integralidad. Finalmente, en la última sección se presentan una serie de conclusiones generales.

8
&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

, (OGLItFLOFDPLQRKDFLDXQVLVWHPDGHSURWHFFLyQ
VRFLDOSDUDLQIDQFLD\DGROHVFHQFLDHQ
OD$UJHQWLQD

$UJHQWLQD KD HQIUHQWDGR HQ ORV ~OWLPRV  DxRV VXFHVLYDV H LPSRUWDQWHV UHIRUPDV HQ HO FRQMXQWR GH OD
SROtWLFDVRFLDO \GHQWURGHHOODGHODSURWHFFLyQVRFLDO 5HSHWWR \3RWHQ]D'DO0DVHWWR (QGLFKR
SHUtRGRVHLGHQWLILFDQGRVPDWULFHVFRQFDUDFWHUtVWLFDVGLIHUHQFLDOHV8QDSULPHUDGHVGHORVDxRVQRYHQWD
KDVWDODFULVLVGHILQDOHVGHOFDUDFWHUL]DGDSRUODSULYDWL]DFLyQGHODSUHYLVLyQVRFLDOODWUDQVIHUHQFLD
GHUHVSRQVDELOLGDGHVHQPDWHULDGHDGPLQLVWUDFLyQGHVHUYLFLRVVDQLWDULRV\HGXFDWLYRVDODVSURYLQFLDV\OD
SUROLIHUDFLyQGHVDUWLFXODGDGHDFFLRQHV IRFDOL]DGDV \GH SRFRHVFDODSDUDKDFHU IUHQWHDODSREUH]D<OD
VHJXQGD GHVGH HO DxR  TXH VH FDUDFWHUL]D SRU XQ SURFHVR GH UHHVWDWL]DFLyQ GH ORV IRQGRV GH
SHQVLRQHVIRUWDOHFLPLHQWR\FUHFLHQWHSURWDJRQLVPRGHODViUHDVGHOJRELHUQRFHQWUDOHQWDQWRUHFWRUDVGH
ORVVLVWHPDVGHVDOXG\HGXFDFLyQXQLILFDFLyQGHSURJUDPDV\HVWUDWHJLDVHQJUDQGHVOtQHDVGHLQWHUYHQFLyQ
GLULJLGDV D KRJDUHV YXOQHUDEOHV \ XQD DPSOLDFLyQ GH OD FREHUWXUD WHQGLHQWH D XQLYHUVDOL]DU OD VHJXULGDG
VRFLDOFRQWULEXWLYDFRPSOHPHQWDGDFRQPHGLGDVGHSURWHFFLyQVRFLDOQRFRQWULEXWLYD
(Q HVWH ~OWLPR SHUtRGR VH YLHQHQ LPSOHPHQWDQGR XQD VHULH GH SROtWLFDV S~EOLFDV TXH KDQ WHQLGR
FRPRREMHWRDPSOLDUHODOFDQFHGHOVLVWHPDGHSURWHFFLyQVRFLDOHQOD$UJHQWLQDHQWUHHOODVYDOHGHVWDFDUHO
IRUWDOHFLPLHQWRGHODVSROtWLFDVGHVDOXGHGXFDFLyQ\VHJXULGDGVRFLDOODUHHVWDWL]DFLyQGHORVIRQGRVGH
SHQVLRQHVHOODQ]DPLHQWRGHOD$VLJQDFLyQ8QLYHUVDOSRU+LMRODXQLILFDFLyQGHORVSURJUDPDVVRFLDOHVOD
LPSRUWDQWHLQYHUVLyQHQREUDS~EOLFDYLYLHQGD\VDQHDPLHQWRODH[SDQVLyQGHSODQHVGHVDOXGODFUHDFLyQ
GH HVFXHODV \ ODV UHIRUPDV LQWURGXFLGDV SRU XQ QXHYR PDUFR QRUPDWLYR TXH HQ ORV ~OWLPRV DxRV KD
SURIXQGL]DGRODUHVSRQVDELOLGDGGHO(VWDGRHQPDWHULDGHSURWHFFLyQVRFLDOHTXLGDGHLQFOXVLyQ
3DUDVRVWHQHUHVRVDYDQFHVDSDUWLUGHHPSLH]DXQFUHFLPLHQWRVRVWHQLGRGHO*DVWR3~EOLFR
7RWDO\GHO*DVWR3~EOLFR6RFLDOFRPRVXSULQFLSDOFRPSRQHQWH(QWpUPLQRVGHO3,%VHSDVyGHOD
FHUFD GHO  \ GHO  D  GHVSXpV GH XQD GpFDGD UHVSHFWLYDPHQWH /DV FLIUDV PiV DFWXDOHV VL
ELHQVRQHVWLPDFLRQHVSUHOLPLQDUHVUHYHODQTXHDOPHQRVGHVGHHOSXQWRGHYLVWDILVFDOHOHVIXHU]RKD
VLGR PX\ LPSRUWDQWH (Q OtQHDV JHQHUDOHV HVWRV GLH] DxRV VH FDUDFWHUL]DURQ SRU XQ SULPHU PRPHQWR
DVRFLDGR D LQLFLDWLYDV TXH EXVFDEDQ DOLYLDU D ORV VHFWRUHV PiV YXOQHUDEOHV GH ODV FRQVHFXHQFLDV GH OD
FULVLVGHSULQFLSLRVGHVLJOR$HOORVLJXLyXQDHWDSD±XQDYH]UHFREUDGRHOFUHFLPLHQWRHFRQyPLFRGH
UHHVWUXFWXUDFLRQHV D HVRV SURJUDPDV FRQ HO DFHQWR SXHVWR HQ OD UHFXSHUDFLyQ GHO HPSOHR IRUPDO /D


CEPAL - Serie Políticas Sociales N° 186 Protección social para la infancia y la adolescencia en la Argentina...

segunda mitad del período se determina por un avance hacia la universalización de las prestaciones
sociales, con el foco puesto tanto en los niños como en los adultos mayores.
La participación del GPS en torno al 65% del Gasto Público Total es producto del sostenimiento
de las acciones desarrolladas en materia de protección social algunas de ellas recién mencionadas, tanto
de carácter contributivo, (aumentos en Jubilaciones, Pensiones y Asignaciones Familiares) como no
contributivo (Asignación Universal por Hijo (AUH) y Argentina Trabaja, entre otros) implementadas
por el Gobierno Nacional y, por parte de los gobiernos provinciales, el incremento en las inversiones en
Educación, Salud y Agua Potable, complementadas en algunos casos por el Gobierno Nacional7.
Este esfuerzo fiscal y de avances concretos ha permitido lograr, junto a un mercado laboral
dinámico sobre todo en los primeros años a partir de 2003 (y con políticas activas que ayudaron a ello, por
ejemplo la política de “Más y Mejor Trabajo” y sus intervenciones específicas, la recuperación del Consejo
de Salario Mínimo, la expansión de las convenciones colectivas de trabajo, o la activación del REPRO que
generó condiciones para mantener empleo durante la crisis del 2008), una importante mejora de los
principales indicadores sociales en la Argentina (entre los que se resaltan los índices de pobreza, indigencia
y desigualdad 8). Esto implicó un alivio importante a la situación de las familias con mayor nivel de
vulnerabilidad, incluyendo por supuesto aquellas donde habitan en su seno niñas, niños y adolescentes).
Para contextualizar, a continuación se sintetizan algunas conclusiones acerca del análisis
del conjunto de la matriz de protección social en conformación en Argentina. (Repetto y Potenza Dal
Masetto, 2011).
La protección social en la Argentina da cuenta de múltiples avances en tiempos recientes, así
como de importantes retos de cara al futuro. Entre los desafíos, se cuentan la necesidad de interpelar el
papel de la política para darle sentido estratégico y solidez institucional a una concepción de protección
social que ordene y oriente las acciones en esta materia. También se identifican pendientes en la
magnitud y calidad de la oferta de los diversos sectores que conforman la protección social, así como en
la articulación de tales intervenciones. Y, asimismo, se requiere activar la capacidad técnico-operativa
para construir un sistema de protección social integral que afronte con éxito el reto de atacar las
desigualdades sociales y territoriales.
Avanzar en una definición estratégica de protección social integral y con enfoque de derecho
ayudaría a precisar qué rol le toca jugar a cada sector y nivel de gobierno, cuáles metas son factibles de
alcanzar en el corto, mediano y largo plazo, y qué factores estructurales deberán removerse para avanzar
en una efectiva protección social del conjunto de los ciudadanos (y no sólo de los más pobres y
vulnerables). En este plano se inscribe el reto de avanzar con pasos firmes y coherentes hacia un acuerdo
federal de protección social (y sus peculiaridades en componentes críticos según por ejemplo grado de
descentralización generado oportunamente), que con fuerte liderazgo del Estado y sus actores sectoriales
y jurisdiccionales, contemple la participación de actores socio-económicos estratégicos.
Se requiere, a su vez, dotar de una mayor y mejor institucionalidad al conjunto de acciones
vinculadas a la incipiente, pero no por eso menos robusta matriz de protección social argentina. La
recuperación de una normativa laboral pro-trabajador y de protección social contributiva en un sentido
más amplio, requiere articularse virtuosamente con leyes que respalden actuaciones en el campo de los
servicios sociales y, en especial, en el componente no contributivo de la protección social. Asimismo, es
claro que los arreglos institucionales a futuro deberán ayudar a remover incentivos para prácticas
clientelares en intervenciones que habilitan la discrecionalidad en la asignación de los recursos.
Asimismo, se torna necesario revisar los retos sectoriales que siguen vigentes. Así, por ejemplo,
dentro de las políticas de protección social contributiva, es menester revisar de modo profundo la
aplicación, montos y cobertura del seguro de desempleo; en la salud, la fragmentación en tres

7
Agradecemos estas referencias al gasto social a Damián Bonari (comunicación personal).
8
Cabe mencionar que la tendencia a la mejora de estos indicadores sociales es coincidente se trate tanto de la cuestionada fuente
oficial del INDEC como de fuentes no oficiales de reconocido prestigio. Se varía entre fuentes, de un modo significativo, en los
valores de esa disminución y en su situación actual.

10
&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

VXEVLVWHPDV HV XQ UDVJR TXH GLILFXOWD FRQVWUXLU XQ VyOLGR VHJXUR FROHFWLYR TXH ORJUH DXPHQWDU OD
FREHUWXUD\HTXLGDG VRFLDO\WHUULWRULDO GHOVHUYLFLRHQHGXFDFLyQHOPD\RUGHVDItRVHYLQFXODWDQWRFRQ
ODUHWHQFLyQGHORVHVWXGLDQWHVGHPHQRUHVUHFXUVRV VREUHWRGRHQVHFXQGDULD FRPRFRQODFDOLGDGGHO
VLVWHPDHGXFDWLYRTXHFRORFDFRPRSULRULGDGODQHFHVLGDGGHDYDQ]DUGHFLGLGDPHQWHHQODH[WHQVLyQGH
ODMRUQDGDHVFRODUPHGLGDTXHGHELHVHSULRUL]DUVHHQODV]RQDVGHPD\RUYXOQHUDELOLGDGVRFLDO
(QFXDQWRDORVSURJUDPDVVRFLDOHVGHFRUWHQRFRQWULEXWLYRHQDOJXQRVFDVRVD~QKD\FDPLQRSRU
UHFRUUHU SDUD H[SDQGLU FREHUWXUD SHUR VREUH WRGR VH UHTXLHUH FRQVWUXLU HIHFWLYDV ³UXWDV FUtWLFDV´ TXH
SURPXHYDQ DYDQFHV VXVWHQWDEOHV HQ OD VXSHUDFLyQ GH ORV GLVWLQWRV WLSRV GH YXOQHUDELOLGDG QXWULFLRQDO
HGXFDWLYD\ODERUDOHQWUHRWUDV 6HGHEHSURFXUDUTXHORVSURJUDPDVDUWLFXODGRVFRQVWUX\DQRWHMDQXQD
PDOODGHSURWHFFLyQVRFLDOFRKHUHQWH\FRQSHUVSHFWLYDGHLQWHJUDFLyQVRFLDO\HFRQyPLFDGHORVVXMHWRV
GH GHUHFKRV TXH UHFLEHQ GLFKDV SUHVWDFLRQHV SDUD OR FXDO VH UHTXLHUH IRUWDOHFHU ORV HVSDFLRV GH
FRRUGLQDFLyQHQHVSHFLDOHQORTXHFRQFLHUQHDO(VWDGRQDFLRQDO
3DUDWRGRORLQGLFDGRXQGHQRPLQDGRUFRP~QQRVHDYDQ]DUiHQODFRQVROLGDFLyQGHXQVLVWHPD
GHSURWHFFLyQVRFLDOLQWHJUDO\FRQHQIRTXHGHGHUHFKRVLQRVHWRPDODGHFLVLyQSROtWLFD\VHODVRVWLHQH
HQ HO WLHPSR GH PHMRUDU ODV FDSDFLGDGHV WpFQLFDV \ GH RSHUDFLyQ GH ORV GLYHUVRV SURJUDPDV H
LQWHUYHQFLRQHVTXHLQWHJUDQHVWHFDPSRGHJHVWLyQS~EOLFD5HVXOWDSRUORJHQHUDOPX\GHVLJXDOHOQLYHO
WpFQLFR \ ORV UHFXUVRV FRQ TXH FXHQWDQ ODV RUJDQL]DFLRQHV HVWDWDOHV GHO QLYHO FHQWUDO YLV D YLV PXFKRV
iPELWRV SURYLQFLDOHV \ PXQLFLSDOHV UHJLVWUiQGRVH GLIHUHQFLDV RSHUDWLYDV HQWUH ORV SURSLRV PLQLVWHULRV
QDFLRQDOHVLQYROXFUDGRV(VWRVHDVRFLDDGHPiVDORVGHVDItRVSHQGLHQWHVHQFXDQWRDVHJXLUPHMRUDQGR
VLVWHPDVGHLQIRUPDFLyQPRQLWRUHR\HYDOXDFLyQGHODVGLYHUVDVLQWHUYHQFLRQHVJHQHUDGDVSRUHO(VWDGR
SDUDDWHQGHUORVGHUHFKRVYXOQHUDGRVGHODQLxH]\ODDGROHVFHQFLD
'H OR TXH VH WUDWD DKRUD HV GH FHQWUDU OD DWHQFLyQ HQ XQ FRPSRQHQWH FUtWLFR GH OD SURWHFFLyQ
VRFLDO DUJHQWLQD UHODFLRQDGD FRQ DTXHOOD LQVWLWXFLRQDOLGDG \ RIHUWD GH SROtWLFDV S~EOLFDV GHVWLQDGDV D
LQIDQFLD \ DGROHVFHQFLD 3DUD HOOR HQ SULPHU OXJDU VH DERUGDUiQ VXFLQWDPHQWH ORV DYDQFHV \ UHWRV
IXQGDPHQWDOHVTXHH[LVWHQHQGRVVHUYLFLRVVRFLDOHVGHJUDQLPSRUWDQFLDSDUDHOELHQHVWDUGHQLxDVQLxRV
\DGROHVFHQWHVFRPRHVHOFDVRGHODHGXFDFLyQ\ODVDOXGS~EOLFDV(QVHJXQGRWpUPLQR\GRQGHVHKDQ
UHJLVWUDGR PX\ EXHQDV QRYHGDGHV GH DxRV UHFLHQWHV HQ OD $UJHQWLQD VH SUHVHQWD OR UHIHULGR D
WUDQVIHUHQFLDV PRQHWDULDV D IDPLOLDV FRQ SREODFLyQ GH  D  DxRV HQ VX VHQR WDQWR DTXHOODV SUHYLVWDV
EDMRODPRGDOLGDGFRQWULEXWLYDFRPRDTXHOODVGHtQGROHQRFRQWULEXWLYD<HQWHUFHUWpUPLQRORUHIHULGR
HVSHFtILFDPHQWH D DYDQFHV FRQFUHWRV HQ OD SURWHFFLyQ VRFLDO GH OD LQIDQFLD \ DGROHVFHQFLD TXH VH
FRPSOHPHQWD D~Q HQ SURFHVR \ SRU HQGH FRQ DVLJQDWXUDV SHQGLHQWHV HQ FXDQWR D VXV ³YDVRV
FRPXQLFDQWHV´\³UXWDVFUtWLFDV´ FRQODVLQWHUYHQFLRQHVXQLYHUVDOHV\ODVWUDQVIHUHQFLDVPRQHWDULDV(V
SUHFLVDPHQWHHVWDFRPELQDFLyQGHFRPSRQHQWHVGHGLVWLQWDQDWXUDOH]D\FRPSOHMLGDGLQVWLWXFLRQDOORTXH
WRUQD IXQGDPHQWDO D OD YH] TXH GLItFLO DYDQ]DU KDFLD XQ VLVWHPD GH SURWHFFLyQ VRFLDO LQWHJUDO TXH
LQFRUSRUHSHURQRVHOLPLWHDOVLVWHPDFHQWUDGRHQLQIDQFLD\DGROHVFHQFLD

$ /RVVHUYLFLRVXQLYHUVDOHV
VXLPSDFWRHQQLxRVQLxDV\DGROHVFHQWHV
 (GXFDFLyQ
/DHGXFDFLyQLPSOLFDXQVHUYLFLRVRFLDOGHDFFHVRXQLYHUVDOFX\RVLPSDFWRVHQLQIDQFLD\DGROHVFHQFLD
HV VLQ GXGD GLUHFWD \ WUDVFHQGHQWDO (Q HO FDVR GHO VLVWHPD HGXFDWLYR DUJHQWLQR VX HVWUXFWXUD \
RUJDQL]DFLyQ IHGHUDO VH HQFXHQWUDQ IXHUWHPHQWH DVRFLDGDV D OD KLVWRULD SROtWLFD H LQVWLWXFLRQDO GHO SDtV
'HVGHSULQFLSLRVGHOVLJOR;;ODHGXFDFLyQS~EOLFDDUJHQWLQDKDWHQLGRFRPRREMHWLYRODH[SDQVLyQGHOD
HGXFDFLyQ SULPDULD SDUD OD LQWHJUDFLyQ GH OD SREODFLyQ LQPLJUDQWH \ ODV FODVHV SRSXODUHV QDFLRQDOHV
ORJUDQGRFDVLODSOHQDFREHUWXUDXQLYHUVDODQWHVGHILQDOL]DUGLFKDFHQWXULD/RVDYDQFHVHQPDWHULDGH
UHGXFFLyQGUiVWLFDGHODQDOIDEHWLVPRDFRPSDxDURQHVHSURFHVRGHLQFOXVLyQHGXFDWLYD
/DGpFDGDGHO¶LQLFLyXQSURFHVRGHUHIRUPD /H\)HGHUDOGH(GXFDFLyQ TXHH[WHQGLy
ORVDxRVGHHGXFDFLyQREOLJDWRULDGHDDxRV \XQD QXHYDHVWUXFWXUDHGXFDWLYD (*%\3ROLPRGDO 
3DUDOHODPHQWHVHWUDQVILULyJUDQSDUWHGHODHGXFDFLyQPHGLD\HGXFDFLyQVXSHULRUQRXQLYHUVLWDULDDODV


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

SURYLQFLDV UHVHUYiQGRVH OD 1DFLyQ OD RULHQWDFLyQ WpFQLFRSHGDJyJLFD \ OD SURGXFFLyQ GH LQIRUPDFLyQ
HVWUDWpJLFD HQWUH RWUDV IDFXOWDGHV 6LQ HPEDUJR HVWD UHIRUPD QR REWXYR HO UHVXOWDGR GHFODPDGR SRU
HQWRQFHV HQWUH RWURV IDFWRUHV SRU HO HPSREUHFLPLHQWR GH JUDQ SDUWH GH OD SREODFLyQ TXH DIHFWDED OD
HGXFDELOLGDGODVGLVSDULGDGHVHQWUHODVSURYLQFLDVHQFXDQWRDODFREHUWXUDODGHVLJXDOGDGGHORVVXHOGRV
GRFHQWHV \ ODV GLILFXOWDGHV GH FLHUWDV SURYLQFLDV SDUD FRVWHDU HO IXQFLRQDPLHQWR GH ODV LQVWLWXFLRQHV
HGXFDWLYDV 7HGHVFR \ &DUGLQL  /D SURSLD FRPSOHMLGDG GH OD LPSOHPHQWDFLyQ GH HVWD OH\ TXH
LPSOLFDEDGHFLVLRQHVGHFDUiFWHUSURYLQFLDOHQWpUPLQRVSROtWLFRVWpFQLFRV\ILVFDOHVGHMyDOGHVFXELHUWR
ODVGLIHUHQFLDVUHJLRQDOHVHQWpUPLQRVODVFDSDFLGDGHVSDUDWUDGXFLUGLFKDQRUPDDVXSUiFWLFDFRQFUHWD
5HFLHQWHVUHIRUPDVLQWHUYHQFLRQHV\DYDQFHV
'HVGHHODxRDHVWDSDUWH\OXHJRGHODFULVLVTXHDWUDYHVyHOSDtVVHKDQVDQFLRQDGRQXHYDVOH\HV
HGXFDWLYDVQDFLRQDOHVTXHGDQHOPDUFRSROtWLFRDORVSURFHVRVGHPHMRUDGHODHGXFDFLyQ /DVDQFLyQGH
HVWH PDUFR QRUPDWLYR KD SHUPLWLGR FRQYHQLU ORV REMHWLYRV GH OD SROtWLFD HGXFDWLYD SDUD ORV DFWXDOHV \
SUy[LPRV DxRV SULRUL]DU OD DIHFWDFLyQ GH ORV UHFXUVRV DFRUGDU ODV UHVSRQVDELOLGDGHV FRPXQHV
QDFLRQDOHV\SURYLQFLDOHV SDUDHOILQDQFLDPLHQWRGHSROtWLFDVS~EOLFDVTXHSHUPLWDQORJUDUDOWRVQLYHOHV
GHFRKHVLyQUHVSHWDQGRODVGLYHUVLGDGHVUHJLRQDOHV 5RIIOHU5HERQ\7HGHVFKL 
(QWUH ORV DxRV  \  IXHURQ DSUREDGDV OD /H\ 1ž  GH )LQDQFLDPLHQWR (GXFDWLYR
/)( \OD/H\1žGH(GXFDFLyQ1DFLRQDOTXHUHHPSOD]DURQDODVTXHKDEtDQVLGRDSUREDGDVHQ
ORV DxRV  /D /)( HVWDEOHFLy XQ DXPHQWR SURJUHVLYR GH OD LQYHUVLyQ HQ (GXFDFLyQ &LHQFLD \
7HFQRORJtDSRUSDUWHGHOJRELHUQRQDFLRQDO\GHORVJRELHUQRVSURYLQFLDOHV\GHOD&LXGDG$XWyQRPDGH
%XHQRV$LUHVFRQHOILQGHDOFDQ]DUXQDSDUWLFLSDFLyQGHOHQHO3URGXFWR,QWHUQR%UXWR 3,% HQHO
DxR ,PSOLFyHQHVHPDUFRODDPSOLDFLyQGHODFREHUWXUDGHORVQLYHOHVLQLFLDO\VHFXQGDULROD
DPSOLDFLyQ GH ODV SODQWDV RUJiQLFR IXQFLRQDOHV HQ WRGDV ODV SURYLQFLDV OD PHMRUD VDODULDO \ EODQTXHR
VRVWHQLGRGHORVVDODULRVOD3DULWDULD1DFLRQDO'RFHQWH\HO&RQYHQLR0DUFRGH7LWXODUL]DFLyQPHGLDQWH
HOFXDOVHHVWDELOL]DURQPiVGHFLHQGHPLOSXHVWRVGHWUDEDMR

*5È),&2
&803/,0,(172'(/$60(7$6'(),1$1&,$0,(172('8&$7,92$
(QPLOORQHVGHSHVRVFRUULHQWHV 








    
0HWD/)(VHJ~QGDWRV3%,HQPLOORQHVGH
SHVRV     

&XPSOLPLHQWRHIHFWLYRHQPLOORQHVGHSHVRV     


3RUFHQWDMH     

0HWD/)(VHJ~QGDWRV3%,HQPLOORQHVGHSHVRV &XPSOLPLHQWRHIHFWLYRHQPLOORQHVGHSHVRV 3RUFHQWDMH



)XHQWH%H]HP\RWURV  




 0DUFRMXUtGLFRIXQGDPHQWDOOD/H\1žGH*DUDQWtDGHO6DODULR'RFHQWH\ORVGtDVGHFODVH  OD/H\1žGHO
)RQGR 1DFLRQDO GH ,QFHQWLYR 'RFHQWH   OD /H\ 1ž  GH (GXFDFLyQ 7pFQLFR3URIHVLRQDO   OD /H\ 1ž  GH
)LQDQFLDPLHQWR(GXFDWLYR\OD/H\1žGH(GXFDFLyQ1DFLRQDO  

 'HDFXHUGRFRQODOH\HOHVIXHU]RSDUDLQFUHPHQWDUHO*DVWR&RQVROLGDGRHQHVWHUXEURKDEUtDGHUHSDUWLUVHHQXQDFDUJRGHOD
QDFLyQ\XQGHODVSURYLQFLDV &,33(& 'HDFXHUGRFRQ&DVDGHL\RWURV  HQWUHORVDxRV\VHKDEUtDQ
FXPSOLGRJOREDOPHQWHODVPHWDVILQDQFLHUDVSDXWDGDVHQOD/H\GH)LQDQFLDPLHQWR(GXFDWLYR


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

<DWUDQVFXUULGRHOSHUtRGRSUHYLVWRSDUDDOFDQ]DUODPHWDLQGLFDGDSXHGHDILUPDUVHTXHODQRUPD
PDUFyXQKLWRHQODHGXFDFLyQDUJHQWLQDDOIDYRUHFHUHODXPHQWRGHODLQYHUVLyQHQHOVHFWRUSDVDQGRGHO
 DO  (VWR VH YLR UHIRU]DGR HQWUH RWUDV PHGLGDV SRU HO ODQ]DPLHQWR GHO SURJUDPD &RQHFWDU
,JXDOGDG ODLPSOHPHQWDFLyQGHO)RQGR1DFLRQDOSDUDOD(GXFDFLyQ7pFQLFR3URIHVLRQDO\ODH[WHQVLyQ
GHOFLFORGHIRUPDFLyQLQLFLDOGRFHQWH SDUDFXPSOLPLHQWRGHPHWDVGH/)(YHU*UiILFR &XDQGRVHOR
REVHUYD HQ WpUPLQRV FRPSDUDGRV SXHGH DILUPDUVH TXH ³OD $UJHQWLQD SDVy GHO SXHVWR  DO  HQ HO
UDQNLQJ PXQGLDO GH LQYHUVLyQ HGXFDWLYD FRQ UHODFLyQ D VX ULTXH]D´ %H]HQ 0H]]DGUD \ 5LYDV  
1RREVWDQWHHVWRVDYDQFHVORVPLVPRVDXWRUHVUHPDUFDQXQDVSHFWRFUtWLFRHQWDQWRVHPHMDQWHHVIXHU]R
ILVFDO³QRORJUyUHVROYHUODEUHFKDHQODLQYHUVLyQHGXFDWLYDHQWUHODVSURYLQFLDVSURGXFWRGHODGHVLJXDO
GLVSRQLELOLGDGGHUHFXUVRVILVFDOHV´ ,ELGHP 
3RU VX SDUWH OD /H\ 1DFLRQDO GH (GXFDFLyQ KL]R KLQFDSLp HQ OD FRQIRUPDFLyQ GH XQ VLVWHPD TXH
GHEHUtDWHQHUXQDHVWUXFWXUDXQLILFDGDHQWRGRHOSDtVHVWDEOHFLyODREOLJDWRULHGDGHVFRODUGHVGHODHGDGGH
FLQFRDxRV SUHHVFRODU KDVWDODILQDOL]DFLyQGHODHGXFDFLyQVHFXQGDULD DxRVHQWRWDO $VLPLVPRLQVWD
DODXQLYHUVDOL]DFLyQGHORVVHUYLFLRVHGXFDWLYRVSDUDORVQLxRV\QLxDVGHDxRV HGXFDFLyQLQLFLDO  DUW
 \DODDPSOLDFLyQGHODMRUQDGDHVFRODUHQODVHVFXHODVGHQLYHOSULPDULR DUW 5HVSHFWRGHOJRELHUQR
GHODHGXFDFLyQODQXHYDOH\PDQWXYRHOHVTXHPDGHUHVSRQVDELOLGDGHVFRQFXUUHQWHV\FRQFHUWDGDVHQWUHHO
PLQLVWHULR QDFLRQDO \ ODV MXULVGLFFLRQHV SURYLQFLDOHV MXJDQGR XQ URO SURWDJyQLFR HO &RQVHMR )HGHUDO GH
(GXFDFLyQ )LQDOPHQWH GLFKD OH\ DERUGD HO WHPD GH ODV DFFLRQHV RULHQWDGDV D SURPRYHU OD LJXDOGDG
HGXFDWLYD DUWV  D   ILMDQGR SDUD HOOR OD UHVSRQVDELOLGDG DO JRELHUQR QDFLRQDO HQ DFXHUGR FRQ ODV
SURYLQFLDVSDUDGHVDUUROODUSROtWLFDVGHSURPRFLyQGH ODLJXDOGDGHGXFDWLYDTXHDVHJXUHQOD LJXDOGDGGH
RSRUWXQLGDGHV\UHVXOWDGRVHGXFDWLYRVSDUDORVVHFWRUHVPiVGHVIDYRUHFLGRVGHODVRFLHGDG
/D HVWUXFWXUD DFWXDO GHO VLVWHPD HGXFDWLYR DUJHQWLQR FRPSUHQGH  QLYHOHV ,QLFLDO 3ULPDULD
6HFXQGDULD 6XSHULRU  \  PRGDOLGDGHV 7pFQLFR 3URIHVLRQDO $UWtVWLFD (VSHFLDO 5XUDO ,QWHUFXOWXUDO
ELOLQJH 3HUPDQHQWH GH MyYHQHV \ DGXOWRV HQ &RQWH[WRV GH SULYDFLyQ GH OD OLEHUWDG \ 'RPLFLOLDULD \
KRVSLWDODULD  /DV SULQFLSDOHV HVWUDWHJLDV LPSXOVDGDV HQ OD DFWXDOLGDG VRQ &RQHFWDU ,JXDOGDG FDVL 
PLOORQHV GH QHWERRNV HQWUHJDGDV  6HFXQGDULD SDUD 7RGRV )RUWDOHFLPLHQWR GH OD )RUPDFLyQ 'RFHQWH
&RQVWUXFFLyQ GH (VFXHODV  HVFXHODV FRQVWUXLGDV  0HMRUD GH OD (GXFDFLyQ 7pFQLFR 3URIHVLRQDO
)LQDOL]DFLyQ GH HVWXGLRV SDUD -yYHQHV \ $GXOWRV (GXFDFLyQ 6H[XDO ,QWHJUDO \ 3ULPHUD ,QIDQFLD VHJ~Q
LQIRUPDFLyQTXHVXUJHGHSiJLQDVRILFLDOHV YHU&XDGUR 
&RPR FRPSOHPHQWR D HVWD VtQWHVLV GH PHGLGDV UHOHYDQWHV VH DYDQ]y DGHPiV IXHUWHPHQWH HQ OD
FUHDFLyQ GH FDUJRV GRFHQWHV (VWD IXH XQD GH ODV SROtWLFDV PiV VXVWDQWLYDV HQ WpUPLQRV GH LQYHUVLyQ \
HQFLHUUD XQ JUDQ SRWHQFLDO SDUD PHMRUDU ORV UHVXOWDGRV HGXFDWLYRV $Vt OD HGXFDFLyQ S~EOLFD LQFRUSRUy
PiV GH  PLO FDUJRV ±\ VX HTXLYDOHQWHV HQ KRUDV FiWHGUD± HQ HO QLYHO PHGLR TXH UHSUHVHQWD XQ
LQFUHPHQWRGHOFHUFDGHPLOHQSULPDULD GHDXPHQWR \PLOHQQLYHOLQLFLDO GH
DXPHQWR (QHOQLYHOLQLFLDOUHVSRQGHDXQFODURDXPHQWRGHPDWULFXODFUHFLyHQWUH\
(Q HO QLYHO SULPDULR GRQGH QR DXPHQWy OD PDWUtFXOD GH PRGR VLJQLILFDWLYR H[SUHVD XQD GHFLVLyQ GH
H[SDQGLUFDUJRVGHDSR\RRGHPDHVWURVGHPDWHULDVHVSHFLDOHVHQWDQWRD~QQRKD\HIHFWRVHQWpUPLQRV
GH H[WHQVLyQ GH MRUQDGD (Q FXDQWR DO QLYHO VHFXQGDULR OD PDWULFXOD FUHFLy XQ  \ TXHGD D~Q XQ
FDPLQRLPSRUWDQWHSHURGLItFLOGHUHFRUUHUSDUDLQFRUSRUDUDDGROHVFHQWHVDHVWHQLYHOHGXFDWLYR 







 (O3URJUDPD&RQHFWDU,JXDOGDGVHHQFXHQWUDRULHQWDGRDSURPRYHUHOXVRGH ODVWHFQRORJtDVGHODLQIRUPDFLyQ\ ODFRPXQLFDFLyQ
7,& HQODVHVFXHODVPHGLDQWHODHQWUHJDGHXQDFRPSXWDGRUDSRUWiWLODWRGRVORVDOXPQRV\GRFHQWHVGHODHGXFDFLyQVHFXQGDULDGH
JHVWLyQ HVWDWDO \ HGXFDFLyQ HVSHFLDO \ OD LQVWDODFLyQ GH DXODV GLJLWDOHV PyYLOHV FRQ FRPSXWDGRUDV SRUWiWLOHV SDUD ORV ,QVWLWXWRV
6XSHULRUHVGH)RUPDFLyQ'RFHQWH

 $JUDGHFHPRVHODSR\RVREUHHVWHSXQWRD)ORUHQFLD0H]]DGUD FRPXQLFDFLyQSHUVRQDO 


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

&8$'52
(675$7(*,$1$&,21$/('8&$7,9$

6HFXQGDULRSDUDWRGRV 3ROtWLFD QDFLRQDO FRQVHQVXDGD FRQ ODV SURYLQFLDV HQ HO PDUFR GHO &RQVHMR )HGHUDO GH
(GXFDFLyQ SDUD JDUDQWL]DU OD LQFOXVLyQ DVLVWHQFLD SHUPDQHQFLD \ ILQDOL]DFLyQ GH ORV
HVWXGLRV VHFXQGDULRV SRU SDUWH GH DGROHVFHQWHV \ MyYHQHV 6H HQFXHQWUD LQWHJUDGR SRU
3ODQHVGH0HMRUD,QVWLWXFLRQDOGHVWLQDGRVDDXPHQWDUODFREHUWXUDGHOD(GXFDFLyQ0HGLD
GLVPLQXLU OD GHVHUFLyQ GLVPLQXLU OD UHSLWHQFLD \ OD VREUHHGDG PHMRUDU HO UHQGLPLHQWR
DFDGpPLFR
0iV\PHMRUHVHVFXHODV &RQVWUXFFLyQGHQXHYDVHVFXHODUHIDFFLyQ\DPSOLDFLyQGHODVH[LVWHQWHVSDUDUHVSRQGHUD
 OD GHPDQGD JHQHUDGD D SDUWLU GH OD PD\RU LQVHUFLyQ HVFRODU SULQFLSDOPHQWH HQ HO QLYHO
VHFXQGDULRHVFXHODVFRQVWUXLGDV
)RUWDOHFLPLHQWRGHOD 3ODQ 1DFLRQDO GH )RUPDFLyQ 'RFHQWH FUHDFLyQ GHO ,QVWLWXWR 1DFLRQDO GH )RUPDFLyQ
IRUPDFLyQGRFHQWH 'RFHQWHSDUDODMHUDUTXL]DFLyQDUWLFXODFLyQ\GLQDPL]DFLyQGHODIRUPDFLyQGRFHQWHFRPR
XQDFXHVWLyQHVWUDWpJLFDGHFDUiFWHUQDFLRQDOSDUDODPHMRUDGHOVLVWHPDHGXFDWLYR
&RQHFWDULJXDOGDG  'LVWULEXFLyQGHPLOORQHVGHQHWERRNVHQWUHDOXPQRVGHFROHJLRVVHFXQGDULRVS~EOLFRV
GH HGXFDFLyQ HVSHFLDO \ GH ,QVWLWXWRV GH )RUPDFLyQ 'RFHQWH 3HUPLWLHQGR XQD IXHUWH
UHGXFFLyQ GH OD EUHFKD GLJLWDO \ DEULHQGR HQRUPHV SRVLELOLGDGHV HQ HO FDPSR GH OD
HQVHxDQ]D\HODSUHQGL]DMHSDUDLPSDFWDUHQODFDOLGDGHGXFDWLYD
3ULPHUDLQIDQFLD 3URJUDPD1DFLRQDOGH'HVDUUROOR,QIDQWLO\3URJUDPD1DFLRQDO3ULPHURV$xRVLQWHUYHQFLyQ
FRQMXQWD FRQ ORV 0LQLVWHULR GH 6DOXG \ 'HVDUUROOR 6RFLDO SDUD OD DWHQFLyQ LQWHJUDO GH OD
SULPHUDLQIDQFLD(QHOiPELWRGHODHGXFDFLyQLQFOX\HODH[WHQVLyQGHODHGXFDFLyQLQLFLDO\
HVWLPXODFLyQWHPSUDQD
3URJUDPDGHPHMRUDPLHQWR 3URJUDPDTXHVHUHDOL]DFRQILQDQFLDPLHQWRLQWHUQDFLRQDOMXQWRDO0LQLVWHULRGH3ODQLILFDFLyQ
GHODHGXFDFLyQUXUDO )HGHUDO ,QYHUVLyQ 3~EOLFD \ 6HUYLFLRV \ ODV SURYLQFLDV SDUD PHMRUDU ODV FRQGLFLRQHV GH
HGXFDFLyQ GH 11\$ TXH YLYHQ HQ ]RQDV UXUDOHV (QWUH RWUDV FXHVWLRQHV SURYHH HO
PHMRUDPLHQWRGHVHUYLFLRVEiVLFRV HQHUJtDHOpFWULFD\DJXD \REUDVGHLQIUDHVWUXFWXUDDVt
FRPRWDPELpQPDWHULDOHVSHGDJyJLFRVHVSHFtILFRV
%HFDVHVWXGLDQWLOHV 6H GLULJHQ D 11\$ D TXLpQHV VH OHV SUHVHQWDQ PD\RUHV REVWiFXORV R GLILFXOWDGHV SDUD
SHUPDQHFHU HQ HO VLVWHPD HGXFDWLYR LQGtJHQDV DGROHVFHQWHV HPEDUD]DGDV FRQWHPSODD
SDGUHV\PDGUHV \QLxRVHQVLWXDFLyQGHHQFLHUUR DOXPQRVFRQSURWHFFLyQMXGLFLDO 
3URJUDPDVVRFLRHGXFDWLYRV (Q WRGRV ORV QLYHOHV HGXFDWLYRV VH LPSOHPHQWDQ SURSXHVWDV GH LQFOXVLyQ VRFLRHGXFDWLYD
GHODGQSVH &DEH UHVDOWDU OD 3URSXHVWD GH $SR\R 6RFLRHGXFDWLYR SDUD (VFXHODV 6HFXQGDULDV OD
LQVWDODFLyQGH&HQWURVGH$FWLYLGDGHV,QIDQWLOHV &$, SDUDHOQLYHOSULPDULR\GH&HQWURVGH
$FWLYLGDGHV-XYHQWLOHV &$- <HO3UR\HFWRSDUDODSUHYHQFLyQGHODEDQGRQRHVFRODUTXH
EXVFD SURPRYHU HO DFRPSDxDPLHQWR D ORV HVWXGLDQWHV FRQ HO ILQ GH HYLWDU TXH GHMHQ VXV
HVWXGLRVDSDUWLUGHGRVHVWUDWHJLDVFHQWUDOHVODSUiFWLFDGHOFRQWUROGHDXVHQWLVPRHQODV
HVFXHODV \ OD FRQVWUXFFLyQ GH DFXHUGRV GH WUDEDMR HQWUH ODV HVFXHODV ORV PXQLFLSLRV ODV
LQVWLWXFLRQHV\RUJDQL]DFLRQHVGHODFRPXQLGDG
)XHQWHHODERUDFLyQSURSLDHQEDVHDLQIRUPDFLyQRILFLDO

2WURDVSHFWRDUHVDOWDUORFRQVWLWX\HODUHYDORUL]DFLyQGHODHGXFDFLyQWpFQLFDPHGLDQWHXQDIXHUWH
LQYHUVLyQ &RQ OD FUHDFLyQ GHO )RQGR 1DFLRQDO SDUD OD (GXFDFLyQ 7pFQLFR 3URIHVLRQDO IXH SRVLEOH
LQLFLDU PiV GH  PLO SUR\HFWRV HQ FDVL  LQVWLWXFLRQHV HGXFDWLYDV \ ILQDQFLDU OD LQFRUSRUDFLyQ GH
PDTXLQDULD\PDWHULDOHVSDUDODVHVFXHODVWpFQLFDVHLQFRUSRUDUQXHYRVUHFXUVRVKXPDQRV
'HVWDFDQDVLPLVPRGRVFXHVWLRQHVSHGDJyJLFDVGHVLQJXODULPSRUWDQFLDSRUXQODGRODH[WHQVLyQ
GHOFLFORGHIRUPDFLyQLQLFLDOGRFHQWHTXHSDVyGHWUHVDFXDWURDxRVLPSOLFDQGRXQHVIXHU]RILQDQFLHUR
HQ UHFXUVRV PDWHULDOHV \ KXPDQRV SRU HO RWUR OD UHFLHQWH DSUREDFLyQ GH ORV 1~FOHRV GH $SUHQGL]DMHV
1$3V  SRU HO &RQVHMR )HGHUDO GH (GXFDFLyQ HQ HO  GH PDQHUD GH KRPRJHQHL]DU ORV FRQWHQLGRV
EiVLFRVGHODHGXFDFLyQ
$ ILQDOHV GH  VH DSUREy HQ HO VHQR GHO &RQVHMR )HGHUDO GH (GXFDFLyQ OD 5HVROXFLyQ &)(
1ž  SRU HO FXDO VH SRQH HQ PDUFKD HO 3ODQ 1DFLRQDO GH (GXFDFLyQ 2EOLJDWRULD \ )RUPDFLyQ
'RFHQWH±TXHHVWDEOHFHXQDVHULHGHREMHWLYRVWHQGLHQWHVDH[WHQGHUODFREHUWXUDHGXFDWLYD
GHOQLYHOLQLFLDOGHQLxRV\QLxDVGHDDxRVDIRUWDOHFHUODVWUD\HFWRULDVHVFRODUHVJHQHUDQGRPHMRUHV
FRQGLFLRQHV SDUD OD HQVHxDQ]D \ DSUHQGL]DMH HQ QLYHO LQLFLDO \ SULPDULR D IRUWDOHFHU OD JHVWLyQ
LQVWLWXFLRQDO GH ORV  QLYHOHV DPSOLDQGR ODV HVWUDWHJLDV HGXFDWLYDV GHVWLQDGRV D QLxRV \ QLxDV



 6HLPSOHPHQWDHQIRUPDFRQMXQWDHQWUHHO0LQLVWHULRGH(GXFDFLyQOD$GPLQLVWUDFLyQ1DFLRQDOGH6HJXULGDG6RFLDO $16H6  HO
0LQLVWHULRGH3ODQLILFDFLyQ)HGHUDO,QYHUVLyQ3~EOLFD\6HUYLFLRV\OD-HIDWXUDGH*DELQHWH-XQWRFRQHVWHSURJUDPDVHGHVDUUROOD
GHVGHHOGHQRPLQDGR,QFOXVLyQ'LJLWDO(GXFDWLYDDWUDYpVGHOFXDOVHGLVWULEX\HHTXLSDPLHQWRDDOXPQRVGHOFLFORVXSHULRUD
ORVGRFHQWHV\HVFXHODVWpFQLFDV\DJURWpFQLFDV


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

HVFRODUL]DGRV\QRHVFRODUL]DFLRQHVDDPSOLDU\PHMRUDUFRQGLFLRQHV\IRUPDVGHDFFHVRSHUPDQHQFLD\
HJUHVRGHOQLYHOVHFXQGDULRHQWUHPXFKRVRWURV
$OJXQRVUHWRVIXQGDPHQWDOHV
3HVHDWRGRVORVDYDQFHVHQWpUPLQRVQRUPDWLYRV\SURJUDPiWLFRVVXEVLVWHQDVLJQDWXUDVSHQGLHQWHV
RSUREOHPDVVLQUHVROYHU7UDGLFLRQDOPHQWHODVGHVLJXDOGDGHVVRFLRHFRQyPLFDVVHH[SUHVDURQHQHOVLVWHPD
HGXFDWLYR GH GRV PDQHUDV HQ ODV GLILFXOWDGHV SDUD DFFHGHU \ SHUPDQHFHU HQ pO SRU XQ ODGR \ HQ OD
FRQILJXUDFLyQGHFLUFXLWRVGLIHUHQFLDGRVSRURWUR(QRWUDVSDODEUDVVHIXHURQFRQVWUX\HQGRWUD\HFWRULDV
HGXFDWLYDV HQ LQVWLWXFLRQHV IRUPDOPHQWH LJXDOHV SHUR PX\ GLIHUHQWHV HQ FXDQWR D ODV SRVLELOLGDGHV TXH
EULQGDQ D ORV HVWXGLDQWHV (Q ODV ~OWLPDV GpFDGDV DGHPiV ODV GHVLJXDOGDGHV HGXFDWLYDV VH YLHURQ
UHIRU]DGDVSRUHOFUHFLPLHQWRHQHOQ~PHURGHHVFXHODVGHJHVWLyQSULYDGDTXHFDSWDQSULQFLSDOPHQWHDORV
VHFWRUHVGHODVFODVHVPHGLDV\DOWDVGHODVJUDQGHVFLXGDGHVGHOSDtV 318' 
(OPDUFRQRUPDWLYR\SURJUDPiWLFRGHOVHFWRUKDWHQLGRXQIXHUWHLPSDFWRHQUHODFLyQDDOJXQRV
LQGLFDGRUHVVLVHDQDOL]DSRUHMHPSORHODXPHQWRGHODDVLVWHQFLDHVFRODUTXHDUURMDODFRPSDUDFLyQHQWUH
HO &HQVR  \  HQ OD $UJHQWLQD  R TXH VH PDQWLHQH XQ VHVJR SRVLWLYR UHVSHFWR D OD PD\RU
DVLVWHQFLDGHPXMHUHVUHVSHFWRDYDURQHVDXQTXHSHUVLVWHQGLVSDULGDGHVHQWUHUHJLRQHVXUEDQDV\UXUDOHV
\VHHYLGHQFLDQGLILFXOWDGHVHQWRUQRDOQLYHOVHFXQGDULRUHODFLRQDGRVFRQHOLQJUHVRWDUGtRDOQLYHOOD
UHSLWHQFLD\HODEDQGRQRDSDUWLUGHORVDxRV
$VLPLVPRODVDOWDVWDVDVGHFREHUWXUDLOXVWUDGDVHQORV*UiILFRV\ QRVRORHQQLYHOSULPDULRVLQR
WDPELpQPHGLR FRQWUDVWDQFRQORVUHVXOWDGRVHQWpUPLQRVGHFDOLGDG/DDSOLFDFLyQGHODSUXHED3,6$
3URJUDPDSDUDOD(YDOXDFLyQ,QWHUQDFLRQDOGH$OXPQRV PXHVWUDTXHOD$UJHQWLQDWLHQHUHVXOWDGRVGH
FDOLGDGPX\SRUGHEDMRGHOSURPHGLRGHORVSDtVHVGHVDUUROODGRVGHOD2&'(HLQFOXVRFODUDPHQWHSRU
GHEDMRGHRWURVSDtVHVGHODUHJLyQ$UJHQWLQDH[SHULPHQWyFDtGDVLPSRUWDQWHVDLQLFLRVGHVLJORVREUH
WRGRH[SUHVDGRHQORVUHVXOWDGRVGHO&RQXUEDQR%RQDHUHQVHWUDVODJUDQFULVLVGHHQWRQFHV\VXLPSDFWR
HQ HO VLVWHPD HGXFDWLYR /RV UHVXOWDGRV KDQ PHMRUDGR OHYHPHQWH HQ ORV ~OWLPRV DxRV D~Q VLQ XQD
WHQGHQFLDFRQVROLGDGD


*5È),&2
0$75Ë&8/$32502'$/,'$'(6%È6,&$63(5Ë2'2


















      

(GXFDFLyQ&RP~Q (GXFDFLyQ-yYHQHV\DGXOWRV (GXFDFLyQ(VSHFLDO



)XHQWH5HOHYDPLHQWRV$QXDOHVD*HVWLyQGHOD,QIRUPDFLyQ'L1,(&(0(1




 &RPSDUDQGRORVGDWRVTXHDUURMDHO&HQVRFRQORVGHO~OWLPR&HQVRVXUJHTXHODDVLVWHQFLDHVFRODUDODHGDGGHDxRV
DXPHQWyGHHQDHQPLHQWUDVTXHHODXPHQWRIXHDXQPD\RUSDUDODHGDGGHDxRVSDVDQGRGHD
DXQTXHSDUDODIUDQMDGHDDxRVDXPHQWyVyORGHHQD6LVHDQDOL]DODDVLVWHQFLDHVFRODUGHDDxRVHQ
DVLVWHHOGHODSREODFLyQUXUDO\HOGHODXUEDQD


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

*5È),&2
9$5,$&,Ï1'(/$0$75Ë&8/$







 




 

    


YDULDFLyQHQ«

)XHQWH(ODERUDFLyQSURSLD

*5È),&2
,1&5(0(172'(/$0$75Ë&8/$3256(*0(172(7È5(23(5Ë2'2


 
DDxRV


DDxRV



DxRV


       

3RUFHQWDMHGHLQFUHPHQWR ,QFUHPHQWR

)XHQWH5HOHYDPLHQWRV$QXDOHV\*HVWLyQGHOD,QIRUPDFLyQ

$ORDQWHULRUVHVXPDQRWUDVFXHVWLRQHVGHLQFOXVLyQHGXFDWLYDHLQWHJUDFLyQVRFLDOTXHGHPDQGDQ
ODGHFLGLGDDFFLyQHVWDWDO(QSDUWLFXODUVREUHVDOHQODVFUHFLHQWHVGLILFXOWDGHVSDUDUHWHQHUDORVDOXPQRV
HQ ODV HVFXHODV OD KHWHURJHQHLGDG HQ OD PDJQLWXG GH ORV UHFXUVRV TXH ODV GLIHUHQWHV MXULVGLFFLRQHV
GHVWLQDQDOJDVWRHQHGXFDFLyQODXQLYHUVDOL]DFLyQ\REOLJDWRULHGDGGHOQLYHOVHFXQGDULRODDPSOLDFLyQ
GHHVFXHODVGHMRUQDGDH[WHQGLGDRFRPSOHWD\ODVXSHUDFLyQGHLQHTXLGDGHVHQWUHSURYLQFLDV\KDFLDHO
LQWHULRUGHFDGDMXULVGLFFLyQ
 6DOXG
(O VHFWRU VDOXG FRQVWLWX\H XQR GH ORV PiV FRPSOHMRV HQ HO FDPSR GH OD SROtWLFD VRFLDO DUJHQWLQD HQ
SDUWLFXODUSRUODFRH[LVWHQFLDFRQIOLFWLYDGHWUHVVXEVLVWHPDVHOS~EOLFR ~QLFRGHDFFHVRXQLYHUVDO HOGH
OD VHJXULGDG VRFLDO TXH D VX YH] FRPSUHQGH D ODV REUDV VRFLDOHV QDFLRQDOHV ODV SURYLQFLDOHV \ DO
,QVWLWXWR1DFLRQDOGH6HUYLFLRV6RFLDOHVSDUD-XELODGRV\3HQVLRQDGRV±,166-\3 \HOSULYDGR([LVWH
FRQVHQVRHQFDUDFWHUL]DUORFRPRIUDJPHQWDGRKHWHURJpQHR\SRFRHTXLWDWLYRWDQWRHQVXRUJDQL]DFLyQ\
ILQDQFLDPLHQWRFRPRHQFXDQWRDODFFHVRDORVVHUYLFLRV 5HSHWWR\3RWHQ]D 
/DSURYLVLyQS~EOLFDVHEULQGDDWUDYpVGHKRVSLWDOHVFHQWURVGHDWHQFLyQSULPDULDGHODVDOXG\
SRVWDVVDQLWDULDVDODTXHWLHQHQGHUHFKRWRGRVORVKDELWDQWHVGHOSDtVDXQTXHFXHQWHQWDPELpQFRQDOJ~Q
WLSRGHVHJXURVRFLDORSULYDGR)XHSUHFLVDPHQWHHQHOVHFWRUS~EOLFRGHODVDOXGGRQGHDSDUWLUGHORV
DxRV\FRPHQ]yDUHWRPDUVHXQDRULHQWDFLyQFHQWUDGDHQDPRUWLJXDUHOLPSDFWRGHODFULVLV\
JDUDQWL]DUHODFFHVRGHORVJUXSRVPiVYXOQHUDEOHVDORVPHGLFDPHQWRV\VHUYLFLRV(OIRUWDOHFLPLHQWRGH


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

ODUHFWRUtDPLQLVWHULDOGHOJRELHUQRQDFLRQDOGHOVHFWRUVDOXGD\XGyDUHFXSHUDUODSUHVHQFLDHVWDWDOHQHO
VHFWRUFRQDOJXQDVPHGLGDV\SURJUDPDVGHJUDQLPSRUWDQFLD(OSURFHVRVREUHWRGRHQDOUHGHGRUGHOD
PLWDG GH OD GpFDGD IXH DFRPSDxDGR WDPELpQ SRU XQD UHYLWDOL]DFLyQ GHO SDSHO GHO &RQVHMR )HGHUDO GH
6DOXG &2)(6$ iPELWRTXHQXFOHDODVDXWRULGDGHVQDFLRQDOHV\SURYLQFLDOHVGHOVHFWRUHQFX\RVHQR
VHHODERUyGLVFXWLy\FRQVHQVXySRUHQWRQFHVXQDHVWUDWHJLDVHFWRULDOGHPHGLDQR\ODUJRSOD]R
8QD GH ODV LQWHUYHQFLRQHV PiV LPSRUWDQWHV GH DFFHVR D OD VDOXG HV OD SURYLVLyQ S~EOLFD GH
PHGLFDPHQWRVPHGLDQWHODLPSOHPHQWDFLyQGHO3URJUDPD5(0(',$55('(6TXHWLHQHSRUREMHWLYR
JDUDQWL]DUDODSREODFLyQHODFFHVRDORVPHGLFDPHQWRVGHPDQHUDJUDWXLWD/RVPHGLFDPHQWRVWLHQHQXQ
SHVRFDGDYH]PD\RUHQHOJDVWRGHEROVLOORGHORVKRJDUHVVREUHWRGRDTXHOORVGHPHQRUHVLQJUHVRV(O
3URJUDPD IRUWDOHFH OD FDSDFLGDG GH UHVSXHVWD D QLYHO VDQLWDULRGH ODV 5HGHV GH 6DOXG \ MHUDUTXL]DU ORV
&HQWURV GH $WHQFLyQ GHO 3ULPHU 1LYHO FRPR SXQWR HVWUDWpJLFR GH FRQWDFWR FRQ OD FRPXQLGDG \ FRPR
SXHUWD GH HQWUDGD GH OD SREODFLyQ DO 6LVWHPD GH 6DOXG 3DUD FRQFUHWDU HVWRV REMHWLYRV HO 3URJUDPD
GHVDUUROOD WUHV JUDQGHV OtQHDV GH DFFLyQ D  )RUWDOHFLPLHQWR GH UHGHV GH VDOXG PHGLDQWH HO LPSXOVR GH
SUR\HFWRV SURYLQFLDOHV \ ORFDOHV SDUWLFLSDWLYRV E  3URYLVLyQ GH PHGLFDPHQWRV HVHQFLDOHV D WUDYpV GHO
HQYtR GH ERWLTXLQHV \ RWURV LQVXPRV D PiV GH  &HQWURV GH $WHQFLyQ 3ULPDULD GH OD 6DOXG \ F 
&DSDFLWDFLyQ GH ORV UHFXUVRV KXPDQRV GH VDOXG SRU PHGLR GH FDSDFLWDFLyQ SHUPDQHQWH D UHFXUVRV
KXPDQRVGHORVHIHFWRUHVGHVDOXG\GHODVUHGHV
2WUD GH ODV DFFLRQHV PiV UHOHYDQWHV HQFDUDGDV HQ PDWHULD GH VDOXG S~EOLFD TXH SXHGHQ VHU
HQPDUFDGDVGHQWURGHODSURWHFFLyQVRFLDOHVHO3ODQ1DFHU SULQFLSDOHVSUHVWDFLRQHV9HU&XDGURV\ 
(VWH3URJUDPDVHLQLFLyHQHODxRHQODVQXHYHSURYLQFLDVGHO1RUHVWH 1($ \1RURHVWH 12$ 
DUJHQWLQR &KDFR &RUULHQWHV )RUPRVD \ 0LVLRQHV &DWDPDUFD -XMX\ 6DOWD 7XFXPiQ \ 6DQWLDJR GHO
(VWHUR SRUVHUODVMXULVGLFFLRQHVTXHSUHVHQWDEDQORVLQGLFDGRUHVVRFLDOHV\GHVDOXGPiVGHVIDYRUDEOHV
'HVGHHODxRHO3ODQDOFDQ]yFREHUWXUDQDFLRQDO

&8$'52
35(67$&,21(6,1)$17,/(6,1&/8,'$625,*,1$/0(17((1(/3/$11$&(5


3UHVWDFLRQHV
&RQWUROHVFOtQLFRV ƒ&RQWURODODVHPDQDGHQDFLPLHQWR
ƒ&RQWUROPHQVXDOGXUDQWHORVSULPHURVPHVHV
ƒ&RQWUROELPHVWUDOHQWUHHOƒ\HOƒPHV
ƒ&RQWUROWULPHVWUDOHQWUHHODxR\ORVPHVHV
ƒ&RQWUROHVVHPHVWUDOHVHQWUHORVPHVHV\ORVWUHVDxRV
ƒ&RQWUROHVDQXDOHVHQWUHORV\ORVDxRV
&RQVHMHUtDVDORVSDGUHV ƒ3URPRFLyQGHODODFWDQFLD
ƒ3DXWDVGHDOLPHQWDFLyQ\FULDQ]D
ƒ &RQVHMRV SDUD OD SUHYHQFLyQ GH DFFLGHQWHV LQWR[LFDFLRQHV \ PXHUWH
V~ELWD
ƒ3URPRFLyQGHODVDOXG
ƒ,GHQ¿FDFLyQGHFDVRVGHXUJHQFLD
ƒ&RQVHMHUtDEXFRGHQWDO
2IWDOPRORJtD ƒ8QDFRQVXOWDDORVDxRV
2GRQWRORJtD ƒ&RQWURODQXDODSDUWLUGHORVPHVHV
9DFXQDV ƒ6HJ~QFDOHQGDULRQDFLRQDOGHYDFXQDFLyQ
)XHQWHHODERUDFLyQSURSLDHQEDVHDLQIRUPDFLyQRILFLDO

(VWD LQWHUYHQFLyQ FDPELD OD OyJLFD VHFWRULDO GH ORV PRGHORV GH ILQDQFLDPLHQWR WUDGLFLRQDOHV GH
SDJR SRU SUHVXSXHVWR KDFLD XQD TXH RSHUD VHJ~Q ORV UHVXOWDGRV /RV UHFXUVRV VH WUDQVILHUHQ D ODV
SURYLQFLDV  HQ IXQFLyQ GH REMHWLYRV DOFDQ]DGRV \  HQ UHODFLyQ DO HQYtR GH SDGURQHV GH
EHQHILFLDULRVFDSWDGRV/DVSURYLQFLDVSDJDQDVXVSUHVWDGRUHV EiVLFDPHQWHODUHGS~EOLFDGHFHQWURVGH
DWHQFLyQSULPDULDGHODVDOXG\PDWHUQLGDGHV VHJ~QORVVHUYLFLRVEULQGDGRVOLVWDGRVHQXQQRPHQFODGRU
FX\RV SUHFLRV VRQ ILMDGRV SRU OD SURYLQFLD /RV SUHVWDGRUHV SXHGHQ GHVWLQDU HO GLQHUR UHFLELGR D
HTXLSDPLHQWRLQIUDHVWUXFWXUDSDJRGHUHFXUVRVKXPDQRV LQFHQWLYRV \RLQVXPRV



&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

&8$'52
35(67$&,21(63$5$(0%$5$=$'$6,1&/8,'$625,*,1$/0(17((1(/3/$11$&(5


3UHVWDFLRQHV
&RQWUROHVFOtQLFRV FRQWUROHVPpGLFRV SHVRPHGLFLyQGHODHPEDUD]DGDFRQWUROPDPDULRPHGLFLyQ
GHODSDQ]DODWLGRVGHOEHEH\3$3 
&RQVHMHUtD 5HFLELU LQIRUPDFLyQ VREUH FXLGDGRV GXUDQWH HO HPEDUD]R OXHJR GHO SDUWR \ GHO
UHFLpQQDFLGRFRQVXOWDVXUJHQWHVGXUDQWHHOHPEDUD]R\OXHJRGHOSDUWRODFWDQFLD
PDWHUQDHWF
2GRQWRORJtD &RQWURO
9DFXQDV 6HJ~Q&DOHQGDULRQDFLRQDO
(VWXGLRVFOtQLFRV $QiOLVLVGHVDQJUH\RULQD
(FRJUDItDV
'HULYDFLyQ (QFDVRGHVHUQHFHVDULRDPpGLFRVHVSHFLDOLVWDVQXWULFLRQLVWDVDVLVWHQWHVVRFLDOHV
)XHQWH(ODERUDFLyQSURSLDHQEDVHDLQIRUPDFLyQRILFLDO

(O3ODQ FRPHQ]y FRPR XQ VHJXUR SDUD VHUYLFLRV GH PDWHUQLGDG H LQIDQFLD FHQWUDGR HQDOFDQ]DU
PHWDV GH UHGXFFLyQ GH OD PRUWDOLGDG PDWHUQD H LQIDQWLO HYROXFLyQ 70, 9HU *UiILFR   SDUD OXHJR LU
DPSOLiQGRVH KDVWD REWHQHU ORV VLJXLHQWHV UHVXOWDGRV HQ PDWHULD GH FREHUWXUD  0LOORQHV GH
SUHVWDFLRQHVGHSUHYHQFLyQFXLGDGR\SURPRFLyQGHODVDOXGEULQGDGDVDODSREODFLyQPDWHUQRLQIDQWLO
PiV GH  HVWDEOHFLPLHQWRV S~EOLFRV EHQHILFLDGRV  PLOORQHV DGLFLRQDOHV LQYHUWLGRV HQWUH HO
\HO(VWH3ODQWDPELpQSRVLELOLWyGLVPLQXLUFDVLDODPLWDGODEUHFKDUHVSHFWRDOD70,HQWUH
ODVSURYLQFLDVGHO1RUWH\ODVGHOSDtV  HQSHUtRGR 


*5È),&2
(92/8&,Ï17$6$'(0257$/,'$',1)$17,/1(21$7$/<32671(21$7$/
























































70,

)XHQWH'(,6±6HULH1UR±0LQLVWHULRGH6DOXG

(QHODxRHO1DFHUPXWyVXQRPLQDFLyQKDFLDODGH3ODQ6XPDUSDVDQGRDLQWHJUDURWUDV
SUHVWDFLRQHV FRQ HO REMHWLYR GH FRQWLQXDU GLVPLQX\HQGR OD WDVD GH PRUWDOLGDG LQIDQWLO FRQWULEXLU D OD
GLVPLQXFLyQGHODWDVDGHPRUWDOLGDGPDWHUQDSURIXQGL]DUHOFXLGDGRGHODVDOXGGHORVQLxRVDVHQWRGD
OD HWDSD HVFRODU \ GXUDQWH OD DGROHVFHQFLD \ PHMRUDU HO FXLGDGR LQWHJUDO GH OD VDOXG GH OD PXMHU
SURPRYLHQGR FRQWUROHV SUHYHQWLYRV \ EXVFDQGR UHGXFLU ODV PXHUWHV SRU FiQFHU FpUYLFR XWHULQR \ SRU
FiQFHU GH PDPD (VWH 3ODQ DPSOtD VX XQLYHUVR VH GLULJH D QLxRV \ QLxDV  D  DxRV QLxRVDV \
DGROHVFHQWHV  D  DxRV PXMHUHV HPEDUD]DGDV \ PXMHUHV GH  D  DxRV (O 3ODQ 6XPDU FRQWLQ~D
XWLOL]DQGRHOPRGHORGHILQDQFLDPLHQWREDVDGRHQUHVXOWDGRV6HHVWLPDTXHHQWUH\HO3ODQ


 6HJ~QLQIRUPDFLyQGHODSiJLQDRILFLDOZZZPVDOJRYDU


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

6XPDUEULQGDUiFREHUWXUDGHVDOXGDPiVGHPLOORQHVGHSHUVRQDVLQFOX\HQGRDPLOOyQGHQLxRV\
QLxDVGHDDxRVPLOORQHVGHDGROHVFHQWHVHPEDUD]DGDV\PLOORQHVGHPXMHUHVGH
DDxRVTXHQRWLHQHQRWUDFREHUWXUDVDQLWDULDTXHODTXHRIUHFHHOVLVWHPDS~EOLFR 
&DEH PHQFLRQDU TXH DGHPiV GH ORV SURJUDPDV PHQFLRQDGRV HV GDEOH UHVDOWDU RWUDV SROtWLFDV \
DFFLRQHVHQPDWHULDGHVDOXGS~EOLFDTXHWLHQHQHIHFWRDOPHQRVLQGLUHFWRHQODSREODFLyQGH,QIDQFLD\
DGROHVFHQFLD FRPR OD SROtWLFD GH 6DOXG 0HQWDO HO 3URJUDPD 0pGLFRV &RPXQLWDULRV \ HO 3URJUDPD
0XQLFLSLRV 6DOXGDEOHV DGHPiV GH RWUDV LQVWDQFLDV GH SURPRFLyQ GH GHUHFKRV TXH VH PHQFLRQDUiQ
PiV DGHODQWH HQ HO PDUFR GHO VXEVLVWHPD GH SURWHFFLyQ LQWHJUDO WDOHV FRPR OD HQWUHJD GH
VXSOHPHQWRV DOLPHQWDULRV YDFXQDFLyQ DFFHVR D OD VDOXG GH ODV \ ORV DGROHVFHQWHV HVSHFLDOPHQWH D OD
VDOXGVH[XDO\UHSURGXFWLYD 

% 7UDQVIHUHQFLDVPRQHWDULDVXQFRPSRQHQWHFODYHGHODPDWUL]
GHSURWHFFLyQVRFLDOSDUDLQIDQFLD\DGROHVFHQFLD
&RH[LVWHQHQOD$UJHQWLQDGLVWLQWDVH[SUHVLRQHVGHHVWHWLSRGHLQWHUYHQFLRQHV$OUHVSHFWR%HUWUDQRX\
0DXUL]LR  VHxDODQTXHDODGPLQLVWUDUVHDOJXQRVGHORVFRPSRQHQWHVHQIRUPDVHSDUDGDQROOHJDQD
FRQVWLWXLUVH HQ XQ FRPSRQHQWH FHQWUDO GHO UHTXHULGR VLVWHPD LQWHJUDO GH SURWHFFLyQ D OD ,QIDQFLD \
DGROHVFHQFLD (VWR HQ WDQWR OD FRQILJXUDFLyQ GH HVWH VLVWHPD FRPELQDGR DVLJQDFLRQHV IDPLOLDUHV
FRQWULEXWLYDVGHGXFFLyQLPSRVLWLYDSRUKLMR\WUDQVIHUHQFLDVGHOD$8+ WRGDYtDDUURMDDOJXQDVEUHFKDV
GH FREHUWXUD \ IDOHQFLDV HQ OD FRRUGLQDFLyQ H LQWHJUDFLyQ FRQ RWUDV SROtWLFDV VRFLDOHV < DILUPDQ HVWRV
DXWRUHV ³/RV GHVDItRV SDUD HO IXWXUR FRQVLVWHQ HQ JHQHUDU XQ VLVWHPD PiV XQLILFDGR GH DVLJQDFLRQHV
IDPLOLDUHV \ HVWDEOHFHU XQD SROtWLFD LQWHJUDO GH SURWHFFLyQ VRFLDO SDUD LQIDQFLD \ DGROHVFHQFLD TXH
FRQWHPSOHHODFFHVRHIHFWLYRDVHUYLFLRVHVHQFLDOHVEiVLFRVFRPRODVDOXG\ODHGXFDFLyQ\DVtDVHJXUDU
PHMRUHVWUDQVLFLRQHVIXWXUDVGHODHVFXHODDOWUDEDMR´ ,EtGHP 2EVHUYHPRVFRQPiVGHWDOOHFDGDXQDGH
ODVH[SUHVLRQHVLQGLFDGDV
 6XEVLGLRV\DVLJQDFLRQHVSRUKLMRV
/DV DVLJQDFLRQHV TXH FRQWHPSOD HO (VWDGR GLULJLGDV D IDPLOLDV FRQ KLMRVDV PHQRUHV GH  DxRV VH
SXHGHQ FODVLILFDU HQ WUHV VXEVLVWHPDV XQR GH FDUiFWHU FRQWULEXWLYR DVLJQDFLRQHV IDPLOLDUHV ±$)  XQ
VHJXQGR GH GHGXFFLyQ ILVFDO FUpGLWR ILVFDO SRUKLMR  \ HO ~OWLPR GH FDUiFWHU QRFRQWULEXWLYR SHQVLyQ
SDUDPDGUHVGHKLMRVDVLJQDFLyQXQLYHUVDOSRUKLMR $8+ (QpVWH~OWLPRLQFOXLPRVDODDVLJQDFLyQ
SRUHPEDUD]R  SDUDFREHUWXUDYHU&XDGUR /RVPLVPRVSUHVHQWDQFLHUWRJUDGRGHFRRUGLQDFLyQ SRU
HM OD $) \ OD $8+  DXQTXH H[LJHQ FRPSURPLVRV X RWRUJDQ EHQHILFLRV \ UHVSXHVWDV HFRQyPLFDV
GLIHUHQFLDGDVHQFXDQWRDLQJUHVRV\RFRQGLFLyQODERUDO
6LVWHPDFRQWULEXWLYR$VLJQDFLRQHV)DPLOLDUHV
(O5pJLPHQGH$VLJQDFLRQHV)DPLOLDUHV  /H\ DOFDQ]DDORVWUDEDMDGRUHVHQUHODFLyQ
GHGHSHQGHQFLDDORVEHQHILFLDULRVGHOD/H\GH5LHVJRVGH7UDEDMRD-XELODGRV\3HQVLRQDGRV\DORV
EHQHILFLDULRV GHO 6HJXUR GH 'HVHPSOHR FRQWHPSOD GLVWLQWRV WLSRV GH DVLJQDFLRQHV XQD DVLJQDFLyQ
PHQVXDO SRU FDGD KLMR PHQRU GH  DxRV GH HGDG D FDUJR GHO WUDEDMDGRU PRQWR YDUtD VHJ~Q HO QLYHO
VDODULDO \ OD ]RQD GHO SDtV HQ TXH YLYD  \   XQD DVLJQDFLyQ SUHQDWDO GH VLPLODU PRQWR XQD
DVLJQDFLyQ SRU KLMR FRQ GLVFDSDFLGDG VLQ OtPLWH GH HGDG PRQWR WDPELpQ YDULDEOH  \   XQD
DVLJQDFLyQ DQXDO SRU D\XGD HVFRODU YDULDEOH  \   SRU FDGD KLMR TXHFRQFXUUD UHJXODUPHQWH D
HVWDEOHFLPLHQWRV GH HQVHxDQ]D EiVLFD PHGLD R HVSHFLDO XQD DVLJQDFLyQ SRU PDWHUQLGDG VXHOGR EUXWR
ILQDQFLDGRSRUODVHJXULGDGVRFLDOTXHQRVHFRPSXWDFRPRFDUJDVRFLDO XQDVXPD~QLFDSRUQDFLPLHQWR
GHOKLMR  XQDVXPD~QLFDSRUDGRSFLyQ  \XQDVXPD~QLFDSRUPDWULPRQLR  



 ZZZSODQQDFHUPVDOJRYDU

 /DV$VLJQDFLRQHVIDPLOLDUHVKDQVLGRKLVWyULFDPHQWHHOSLODUGHODVWUDQVIHUHQFLDVGLULJLGDVD,QIDQFLD\DGROHVFHQFLDFX\RVSDGUHVVH
HQFXHQWUDQLQFRUSRUDGRVDOPHUFDGRGHWUDEDMRIRUPDOVXRULJHQFRPRSROtWLFDS~EOLFDPDVLYDGDWDGHODxR

 7DPELpQ HVWDV DVLJQDFLRQHV SURWHJHQ D ORV EHQHILFLDULRV \ EHQHILFLDULDV GHO 6LVWHPD ,QWHJUDGR 3UHYLVLRQDO $UJHQWLQR 6,3$ 
FRQWHPSODODDVLJQDFLyQSRUFyQ\XJHTXHFRQVLVWHHQXQDVXPDPHQVXDOGHGLQHURODDVLJQDFLyQSRUKLMRODDVLJQDFLyQSRUKLMRFRQ



&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

'HGXFFLyQLPSRVLWLYD
/DGHGXFFLyQRFUpGLWRILVFDOSRUKLMRGHOLPSXHVWRDODVJDQDQFLDVHVHOEHQHILFLRTXHUHFLEHQORV
WUDEDMDGRUHVGHPiVDOWRVLQJUHVRV(OWRSHVDODULDOSDUDSHUFLELUHOEHQHILFLR\GHGXFLULPSXHVWRVDWUDYpV
GHO SDJR GHO ,PSXHVWR D ODV *DQDQFLDV SDUD WUDEDMDGRUHVDV HQ UHODFLyQ GH GHSHQGHQFLD DXPHQWy
UHFLHQWHPHQWHD(VWDPHGLGDD~QUHVXOWDLQVXILFLHQWH\JHQHUDQXPHURVRVUHFODPRVSRUSDUWHGH
ORV PRYLPLHQWRV GH WUDEDMDGRUHV TXH VROLFLWDQ GLUHFWDPHQWH OD HOLPLQDFLyQ GHO WRSH 6HJ~Q GDWRV
RILFLDOHVFRQHOVLVWHPDDFWXDOVHDPSOtDODFREHUWXUDDWUDEDMDGRUHVFRQKLMRVTXHSHUFLEDQLQJUHVRVGH
KDVWDSRUJUXSRIDPLOLDU VLHPSUHTXHQLQJXQRGHORVSDGUHVSHUFLEDPiVGH $TXHOODV
IDPLOLDVTXHVXSHUDQHOWRSHSXHGHQGHGXFLUGH*DQDQFLDVDQXDOHV
6LVWHPDQRFRQWULEXWLYR±$VLJQDFLRQHV6,3$
'HQWUR GHO VLVWHPD QR FRQWULEXWLYR GHEHPRV GLIHUHQFLDU GRV FDWHJRUtDV DTXHOODV GLULJLGDV D
EHQHILFLDULRV GHO UpJLPHQ GH SHQVLRQHV QR FRQWULEXWLYDV SRU LQYDOLGH] \ D PDGUHV GH  R PiV KLMRV
QDFLGRVYLYRVELROyJLFRVRDGRSWLYRVTXHSHUFLEHQXQPRQWRLJXDODOYLJHQWHSDUDODMXELODFLyQPtQLPD
DFWXDOPHQWH GH    )RUPDQ SDUWH GH HVWD PRGDOLGDG OD $8+ \ SRU HPEDUD]R D ODV TXH VH KDUi
UHIHUHQFLDDFRQWLQXDFLyQ 
 7UDQVIHUHQFLDVPRQHWDULDVFRQFRQGLFLRQDOLGDGHV
UHODFLRQDGDVDODQLxH]\DODJHVWDFLyQ
(Q$UJHQWLQDVHLPSOHPHQWDQGHVGHPHGLDGRVGHORVQRYHQWDSURJUDPDVGHWUDQVIHUHQFLDVPRQHWDULDVFRQ
FRQWUDSUHVWDFLRQHVODERUDOHVRDYHFHVFRPSOHPHQWDGDVFRQRWUDVPRGDOLGDGHV SRUHMHPSORWHUPLQDOLGDG
HGXFDWLYD  /XHJRGHODFULVLVGHO\HQOtQHDFRQWHQGHQFLDVFRPXQHVHQODUHJLyQVHOOHYDURQ
DGHODQWHSURJUDPDVTXHLQFRUSRUDURQFRPSURPLVRVHQVDOXG\HGXFDFLyQSDUDORVGHVWLQDWDULRV
$VLJQDFLyQ8QLYHUVDOSRUKLMR $8+ \SRUHPEDUD]R
/D$VLJQDFLyQ8QLYHUVDOSRU+LMRSDUD3URWHFFLyQ6RFLDO±$8+ 'HFUHWROH\ GLULJLGD
DORVLQIDQFLD \DGROHVFHQFLDTXHSHUWHQH]FDQDJUXSRVIDPLOLDUHVTXHVHHQFXHQWUHQGHVRFXSDGRVRVH
GHVHPSHxHQ HQ OD HFRQRPtD LQIRUPDO \ UHFLEDQ XQD UHPXQHUDFLyQ PHQRU DO VDODULR PtQLPR YLWDO \
PyYLOHVGHFLUTXHQRVHHQFXHQWUDQFXELHUWRVSRUHOUpJLPHQSUHH[LVWHQWH $EDUFDDFWXDOPHQWHHQWUH
 \  PLOORQHV GH QLxRV QLxDV \ DGROHVFHQWHV /D $8+ FRQVLVWH HQ XQD VXPD PHQVXDO VLPLODU D ODV
$VLJQDFLRQHV)DPLOLDUHVSHURHVWDEOHFHHOFXPSOLPLHQWRGHFRQGLFLRQDOLGDGHVHQVDOXG\HGXFDFLyQSDUD
VX SHUFHSFLyQ OD DFUHGLWDFLyQ GHO FXPSOLPLHQWR GH ORV FRQWUROHV VDQLWDULRV \ GHO SODQ GH YDFXQDFLyQ
REOLJDWRULR\GHODFRQFXUUHQFLDDHVWDEOHFLPLHQWRVHGXFDWLYRVS~EOLFRVRSULYDGRVFRQVXEVLGLRHVWDWDO
HQORVFDVRVGHPHQRUHVHQWUHORV\DxRVGHHGDG /DWUDQVIHUHQFLDVHKDFHFRQIRQGRVGH$16(6
\HVKDVWDXQPi[LPRGHKLMRVSRUKRJDURFRQGLVFDSDFLGDGVLQOtPLWHGHHGDG 
3RUVXSDUWHOD$VLJQDFLyQSRU(PEDUD]RSDUD3URWHFFLyQ6RFLDO 'HFUHWR HVWiGLULJLGDD
PXMHUHVHPEDUD]DGDVSHUWHQHFLHQWHVDOPLVPRJUXSRGHHYHQWXDOHVGHVWLQDWDULRVGHOD$8+\FRQWHPSOD
XQD VXPD VLPLODU D OD DVLJQDFLyQ SUHQDWDO    GHVGH OD GHFLPRVHJXQGD VHPDQD GH JHVWDFLyQ
5HTXLHUHFRPRFRQGLFLRQDOLGDGODLQVFULSFLyQGHODHPEDUD]DGDDODFWXDO3ODQ6XPDU

GLVFDSDFLGDG\XQDD\XGDHVFRODUFX\RVPRQWRVFRUUHVSRQGHQDOYDORUGHODVFRQWULEXWLYDV3HUPDQHFHQD~QHQPDQRVGHDOJXQDV
SURYLQFLDVODDGPLQLVWUDFLyQGHVXVUHVSHFWLYDV&DMDV3UHYLVLRQDOHV

 6HUHILHUHDOFRPSURPLVRDVXPLGRSRUORVEHQHILFLDULRVDVUHVSHFWRDTXHVXVKLMRVDVFRQFOX\DQORVHVWXGLRVSULPDULRV\RVHFXQGDULRV

 (Q VtQWHVLV SXHGHQ FREUDU 'HVRFXSDGRV DTXHOORV TXH QR SHUFLEDQ QLQJXQD VXPD GH GLQHUR HQ FRQFHSWR GH SUHVWDFLRQHV
FRQWULEXWLYDV R QR FRQWULEXWLYDV VXEVLGLRV SODQHV MXELODFLRQHV SHQVLRQHV HWF  7UDEDMDGRUHV QR UHJLVWUDGRV TXH JDQHQ LJXDO R
PHQRVTXHHOVDODULRPtQLPRYLWDO\PyYLO (PSOHDGRVGHOVHUYLFLRGRPpVWLFR TXHJDQHQLJXDORPHQRVTXHHOVDODULRPtQLPRYLWDO
\PyYLO 7UDEDMDGRUHVGHWHPSRUDGD GXUDQWHHOSHUtRGRGHUHVHUYDGHSXHVWRGHWUDEDMR 0RQRWULEXWLVWDVVRFLDOHV TXHJDQHQLJXDO
RPHQRVTXHHOVDODULRPtQLPRYLWDO\PyYLO 

 6HSUHYLyRULJLQDOPHQWHTXHFDGDIDPLOLDFRQWDVHFRQXQD/LEUHWD1DFLRQDOGH6HJXULGDG6RFLDO6DOXG\(GXFDFLyQTXHSHUPLWLHUD
FHUWLILFDUODFRQGLFLyQ\VHJXLPLHQWRGHHVWDVFRQGLFLRQDOLGDGHV/DSUHVHQWDFLyQGHODFHUWLILFDFLyQTXHDFUHGLWDHOFXPSOLPLHQWRGH
HVWRVFRPSURPLVRVSHUPLWHSHUFLELUHOPHQVXDOGHOD$8+UHWHQLGRSRUHO$16(6<KDELOLWDDGHPiVDFRQWLQXDUUHFLELHQGROD
$8+WRGRVORVPHVHV

 8QDGHODVGLILFXOWDGHVTXHSODQWHDHVTXHORVKLMRVGHEHQVHUDUJHQWLQRVDVQDWLYRVDVRWHQHUDOPHQRVWUHVDxRVGHUHVLGHQFLDHQHO
SDtV7HQLHQGRHQFXHQWDODUHDOLGDGGHPRJUiILFDHVWDFXHVWLyQPXFKDVYHFHVFRQVWLWX\HXQREVWiFXORSDUDODLQFOXVLyQHIHFWLYDGH
QXPHURVRV,QIDQFLD\DGROHVFHQFLDTXHQRFXPSOHQFRQHVWHUHTXLVLWR


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

7DQWR OD $8+ FRPR SRU (PEDUD]R UHTXLHUHQ HO FXPSOLPLHQWR GH FRQGLFLRQDOLGDGHV HQ VDOXG \
HGXFDFLyQ1RVHFXHQWDFRQLQIRUPDFLyQVREUHHOFXPSOLPLHQWRGHODVPLVPDVDXQTXHVHVXSRQHTXHHO
JUDGR HV DOWR GHELGR D TXH PiV GH OD PLWDG GH ODV IDPLOLDV EHQHILFLDULDV SURYLHQHQ GH DQWHULRUHV
SURJUDPDVTXHH[LJtDQFRPSURPLVRVVLPLODUHVFRPRSRUHMHPSORHO3URJUDPD)DPLOLDVSRUOD,QFOXVLyQ
6RFLDO %HUWUDQRX\0DXUL]LR  &XDGUR 

&8$'52
&2%(5785$<%(1(),&,$5,26'(/26352*5$0$6
'(75$16)(5(1&,$'(,1*5(6263$5$11<$

&RPSRQHQWH 'HQRPLQDFLyQ   
$VLJQDFLyQ8QLYHUVDOSRU+LMR±$8+   
1RFRQWULEXWLYR
3ODQ)DPLOLDV0'6   
$VLJQDFLRQHV)DPLOLDUHV
&RQWULEXWLYR   
FRQWULEXWLYDV±$)&
'HGXFFLyQILVFDOHQHOLPSXHVWRD
&UpGLWR)LVFDO   
ODVJDQDQFLDV
7RWDOEHQHILFLDULRV 7RWDOEHQHILFLDULRV   
&REHUWXUD     

)XHQWH%HUWUDQRX\0DXUL]LR HODERUDFLyQHQEDVHDGDWRVDGPLQLVWUDWLYRV 

6HJ~Q%HUWUDQRX  ODIRFDOL]DFLyQGHOD$8+HVHOHYDGD\DTXHDSUR[LPDGDPHQWHHO


GHORVQLxRV\DGROHVFHQWHVTXHODUHFLEHQVHXELFDQHQORVGRVSULPHURVGHFLOHVGHOLQJUHVRSHUFiSLWD
IDPLOLDU \ HO  VRQ SREUHV $VLPLVPR VH REVHUYy GHVGH XQ LQLFLR XQD SRVLWLYD IRFDOL]DFLyQ HQ
WpUPLQRVJHRJUiILFRVHQWDQWRHQODVSURYLQFLDVFRQPD\RUHVFDUHQFLDVVHREVHUYDXQPD\RUSRUFHQWDMH
GHHVWDVSUHVWDFLRQHVFRQUHODFLyQDOWRWDOGHODSREODFLyQLQIDQWLOHQFDGDSURYLQFLD 9HU&XDGUR 

&8$'52
%(1(),&,$5,26&8%,(5726<0217275$16)(5,'2$8+3253529,1&,$ )(%5(52 

3URYLQFLD 1LxRVDVFXELHUWRV 3RUFHQWDMHVREUHWRWDOGHQLxRVDV 0RQWR7UDQVIHULGR HQPLOORGHSHVRV 
&LXGDG$XWyQRPDGH   
%XHQRV$LUHV
%XHQRV$LUHV   
&DWDPDUFD   
&yUGRED   
&RUULHQWHV   
&KDFR   
&KXEXW   
(QWUH5tRV   
)RUPRVD   
-XMX\   
/D3DPSD   
/D5LRMD   
0HQGR]D   
0LVLRQHV   
1HXTXpQ   
5tR1HJUR   
6DOWD   
6DQ-XDQ   




&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

&XDGUR FRQFOXVLyQ 

3URYLQFLD 1LxRVDVFXELHUWRV 3RUFHQWDMHVREUHWRWDOGHQLxRVDV 0RQWR7UDQVIHULGR HQPLOORGHSHVRV 


6DQ/XLV   
6DQWD&UX]   
6DQWD)H   
6DQWLDJRGHO(VWHUR   
7LHUUDGHO)XHJR   
7XFXPiQ   
GHVFRQRFLGD   
727$/   

)XHQWH SUHVHQWDFLyQ UHDOL]DGD SRU (PLOLD 5RFD \ /DXWDUR /DIOHXU GHO 0LQLVWHULR GH 7UDEDMR GH OD 1DFLyQ HQ ODV-RUQDGDV GH
'LVFXVLyQVREUHOD$VLJQDFLyQ8QLYHUVDOSRU+LMRSDUD3URWHFFLyQ6RFLDORUJDQL]DGDVSRU$6(781,&()HQPDU]RGH

*5È),&2
(92/8&,Ï1'(/$7$6$'(32%5(=$  &21$8+

  

  






 
  
 
 
 
    
  

,9 ,9 ,9 ,9 ,9 ,9 ,9 ,9

+RJDUHVVLQQLxRV +RJDUHVFXELHUWRVSRU$8+ +RJDUHV



)XHQWH&XUFLR  HODERUDFLyQHQEDVHDGDWRVGH(3+H,1'(&


&RPRUHVXOWDGRGHHOOROD$8+KDWHQLGRXQLPSDFWRSRVLWLYRPX\VLJQLILFDWLYRHQODUHGXFFLyQ
GHODLQGLJHQFLDHQORVQLxRV\DGROHVFHQWHV\HQPHQRUPHGLGDVREUHODSREUH]DDOUHGHGRUGHXQ
GHORVQLxRV\DGROHVFHQWHVORJUDUtDVDOLUGHODVLWXDFLyQGHLQGLJHQFLD\XQVXSHUDUtDODSREUH]DDO
SHUFLELUHVWHEHQHILFLRGHODVHJXULGDGVRFLDOQRFRQWULEXWLYD 9HU*UiILFRV\ 

*5È),&2
(92/8&,Ï1'(/$7$6$'(,1',*(1&,$  &21$8+




 


  

 


  
    
 
      

,9 ,9 ,9 ,9 ,9 ,9 ,9 ,9

+RJDUHVVLQQLxRV +RJDUHVFXELHUWRVSRU$8+ +RJDUHV



)XHQWH&XUFLR  HODERUDFLyQHQEDVHDGDWRVGH(3+H,1'(&


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

'H DFXHUGR D HVWXGLRV GHO 0LQLVWHULR GH 7UDEDMR   DSHQDV VH SXVR HQ PDUFKD HVWD
LQWHUYHQFLyQHOGHORVQLxRVQLxDV\DGROHVFHQWHVFXELHUWRVSRUOD$8+QRKDEtDQUHFLELGRQXQFD
DQWHVQLQJXQDD\XGDVRFLDOHQIRUPDGHWUDQVIHUHQFLDGHGLQHUR6LVHFRQVLGHUDTXHDGHPiVGHOD$8+
KDEUtDPLOORQHVGHQLxRVFRQDOJ~QHVTXHPDGHVHJXULGDGVRFLDOODFREHUWXUDDFWXDOEULQGDGDDORV
QLxRV QLxDV \ DGROHVFHQWHV VXSHUD HO  GH OD SREODFLyQ PHQRU GH HGDG FRQVLGHUDQGR WDQWR ORV
FRPSRQHQWHV FRQWULEXWLYRV FRPR ORV QR FRQWULEXWLYRV GH OD SUHYLVLyQ VRFLDO 6HJ~Q 318' ± &1&36
  OD FREHUWXUD GH ODVRV QLxRV QLxDV \ DGROHVFHQWHV TXH UHFLEHQ DOJ~Q WLSR GH WUDQVIHUHQFLD GH
LQJUHVRVDOFDQ]DEDQLYHOHVPX\VXSHULRUHVDORVGHDxRVSUHYLRV SRUHMHPSORVyORHOHQHODxR 
(VWXGLRVPiVUHFLHQWHVVHxDODQTXHODFREHUWXUDGHSURWHFFLyQVRFLDOGLULJLGDDODVSHUVRQDVPHQRUHVGH
DxRVVREUHXQDSREODFLyQWRWDOGHGHQLxRVQLxDV\DGROHVFHQWHVHVGHXQFXELHUWRSRUHO
VLVWHPDFRQWULEXWLYRXQFXELHUWRSRUHOVLVWHPDQRFRQWULEXWLYRXQFXELHUWRSRUODGHGXFFLyQSRU
KLMRGHOLPSXHVWRDODVJDQDQFLDV\XQVLQFREHUWXUD YHU*UiILFR (QGLFKRVHQWLGR&XUFLR  
SODQWHDDOJ~QGpILFLWHQWpUPLQRVGHXQLYHUVDOLGDG\DDxRVGHODLPSOHPHQWDFLyQGHOD$8+³DOUHGHGRU
GHPLOORQHVGHQLxRV GHOWRWDO QRVHHQFXHQWUDQFXELHUWRV PRQRWULEXWLVWDVQRVRFLDOHVUHJLVWUR
GHLGHQWLGDGSDUHQWHVFRiUHDVDLVODGDVPLJUDQWHVHWF ´

*5È),&2
&2%(5785$'(/$3527(&&,Ï162&,$/$1,f261,f$6<$'2/(6&(17(6(1$5*(17,1$




 

7RWDO FXELHUWRVSRUVLVWHPDFRQWULEXWLYR
FXELHUWRVSRUVLVWHPDQRFRQWULEXWLYR FXELHUWRVSRUGHGXFFLyQILVFDO

)XHQWH&XUFLR  HODERUDFLyQHQEDVHDGDWRVGHO&HQVR,1'(&GHOD(3+GHUHJLVWURGH$16(6 (QH)HE
 \GHOD6HFUHWDUtDGH6HJXULGDG6RFLDO07(\66

/RVLPSRUWDQWHVDYDQFHVORJUDGRVHQHVWDSROtWLFDFRQVWLWX\HQVLQGXGDXQDFWLYRUHOHYDQWHGHOD
SURWHFFLyQ VRFLDO DUJHQWLQD HQ SDUWLFXODU OD RULHQWDGD D QLxH] \ DGROHVFHQFLD 1R REVWDQWH FRPR WRGD
LQWHUYHQFLyQGHVHPHMDQWHPDJQLWXGWLHQHD~QFDPLQRSRUUHFRUUHU³/D$VLJQDFLyQ8QLYHUVDOSRU+LMR
SDUDOD3URWHFFLyQ6RFLDOHQWUDxDXQJLURHQODIRUPDGHGLVHxRGHODVSROtWLFDVVRFLDOHVHQOD$UJHQWLQD
HQODPHGLGDTXHLQFRUSRUDDVHFWRUHVTXHVHHQFRQWUDEDQWUDGLFLRQDOPHQWHH[FOXLGRVGHORVPHFDQLVPRV
GHVHJXULGDGVRFLDO « /DLQFOXVLyQGHODWUDQVIHUHQFLDFRPRSDUWHGHOVLVWHPDGH$$))KDELOLWDFLHUWD
UHJXODULGDG\ODFRQWLQXLGDGGHODPHGLGDHOPRQWRHVWDEOHFLGR\ODFDQWLGDGGHKLMRVHKLMDVVRQVLJQRV
SRVLWLYRVFRQUHVSHFWRDORV37&,TXHODSUHFHGLHURQ6LQHPEDUJRDOOLJDUWDOSRWHQFLDOFRQHODOFDQFH
GH OD SROtWLFD VH SRQHQ GH PDQLILHVWR XQD VHULH GH H[FOXVLRQHV DTXt DQDOL]DGDV WRSH GH  KLMRV
PLJUDQWHVPRQRWULEXWLVWDVSULYDGRVGHOLEHUWDGHOWRSHGHOVDODULRPtQLPRYLWDO\PyYLO TXHGDQFXHQWD
GH VX OtPLWH SDUD LPSDFWDU HQ WRGD OD SREODFLyQ (VWDV H[FOXVLRQHV VRQ SURSLDV GH ORV SUREOHPDV
LQWUtQVHFRVGHXQDSROtWLFDQRXQLYHUVDOGRQGHD~QVHLGHQWLILFDQ\FODVLILFDQTXLHQHVVRQ³PHUHFHGRUHV´
\TXLHQHVQRORVRQ 3DXWDVVL$UFLGLiFRQR\6WUDFKQR\ 

& (YROXFLyQGHOJDVWRVRFLDOHQLQIDQFLD\DGROHVFHQFLD
/D &'1 SODQWHD HQ VX DUW  ODREOLJDFLyQ GH ORV (VWDGRV GH DVHJXUDU OD SURJUHVLYD UHDOL]DFLyQ GH ORV
GHUHFKRV GH OD QLxH] ³KDVWD HO Pi[LPR GH ORV UHFXUVRV TXH GLVSRQJDQ´ &RPR YLHQH VRVWHQLHQGR OD
&(3$/ OD PHGLFLyQ \ DQiOLVLV GHO JDVWR S~EOLFR GLULJLGR D OD QLxH] FRQVWLWX\H XQ LQGLFDGRU GH OD


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

LPSRUWDQFLD D TXH RWRUJDQ ORV (VWDGRV SDUD JDUDQWL]DU HO FXPSOLPLHQWR GH ORV GHUHFKRV GHO QLxR /D
$UJHQWLQDGHQWURGHOFRQWH[WRODWLQRDPHULFDQRVHXELFDHQWUHORVSDtVHVFRQJDVWRVRFLDO³DOWR´ PD\RU
DOGHO3%,  &XUFLR*ROGVFKPLW\5REED 
(Q HO SDtV ODV UHVSRQVDELOLGDGHV GH ILQDQFLDPLHQWR GHO *DVWR 3~EOLFR FRUUHVSRQGHQ D ORV WUHV
QLYHOHV GH JRELHUQR 1DFLRQDO SURYLQFLDO \ PXQLFLSDO  ORV FXDOHV FRPSDUWHQ IXQFLRQHV \
UHVSRQVDELOLGDGHVHQODIRUPXODFLyQODLPSOHPHQWDFLyQ\ODHYDOXDFLyQGHSROtWLFDVVRFLDOHVLQFOX\HQGR
LQWHUYHQFLRQHVGHVWLQDGDVDLQIDQFLD\DGROHVFHQFLD
5HWRPDQGR OR HVER]DGR HQ XQ LQLFLR VL VH DQDOL]D OD HYROXFLyQ UHFLHQWH GHO JDVWR VRFLDO
FRQVROLGDGRFRPRSRUFHQWDMHGHO3,%VHYHULILFDXQDWHQGHQFLDDODXPHQWR0LHQWUDVTXHDFRPLHQ]RV
GHORVRFKHQWDUHSUHVHQWDEDWDQVyORHOGHO3,%HVWDSURSRUFLyQFRPLHQ]DDVHUGHORUGHQGHO
HQORVDxRVQRYHQWD(QORV~OWLPRVWLHPSRVODSURSRUFLyQPiVEDMDVHFRUUHVSRQGHFRQORVDxRVGHOD
FULVLV\ORVDxRVLQPHGLDWDPHQWHSRVWHULRUHV D PRPHQWRVHQTXHHOJDVWRVRFLDOFRQVROLGDGR
URQGDED HO  GHO 3,% 'H DFXHUGR FRQ ORV ~OWLPRV GDWRV GLVSRQLEOHV HVWD SURSRUFLyQ VXSHUD
DFWXDOPHQWHHO
(Q OR TXH VH UHILHUH HVSHFtILFDPHQWH DO *DVWR 3~EOLFR 6RFLDO &RQVROLGDGR GLULJLGR D 1LxH] \
$GROHVFHQFLD GH DFXHUGR DORV ~OWLPRV GDWRV FRQVROLGDGRV GLVSRQLEOHV TXH FRUUHVSRQGHQ DO DxR
HVWH LPSOLFy XQD LQYHUVLyQ GH   PLOORQHV HQ SROtWLFDV S~EOLFDV GLULJLGDV D ,QIDQFLD \
DGROHVFHQFLD (VWH QLYHO GH JDVWR UHSUHVHQWy HQ  XQD LQYHUVLyQ GH   SRU QLxR QLxD \R
DGROHVFHQWH 81,&()  
(QWUH\ODLQYHUVLyQVRFLDOHQODIUDQMDHWDULDGHSHUVRQDVPHQRUHVGHDxRVUHIOHMy
XQFUHFLPLHQWRQRPLQDODFXPXODGR /RVPD\RUHVDXPHQWRVQRPLQDOHVVHSUHVHQWDURQHQ\
DPERVVXSHULRUHVDOFRPRFRQVHFXHQFLDGHODVPD\RUHVHURJDFLRQHVUHDOL]DGDVSRUORVJRELHUQRV
SURYLQFLDOHV FHUFD GHO  GHO FUHFLPLHQWR WRWDO  (Q  VH GHVWDFD HO LPSDFWR GH OD /H\ GH
)LQDQFLDPLHQWR (GXFDWLYR \ OD LPSOHPHQWDFLyQ GH ORV 3URJUDPDV )HGHUDOHV GH 9LYLHQGD (Q  HO
LQFUHPHQWR UHVSRQGH SULQFLSDOPHQWH D DXPHQWRV UHODFLRQDGRV FRQ OD SURYLVLyQ GH HGXFDFLyQ \ VDOXG
81,&() 
$WHQGLHQGRDOJUDGRGHDYDQFHTXH$UJHQWLQDORJUyHQPDWHULDGHJDVWRS~EOLFRGLULJLGRDLQIDQFLD\
DGROHVFHQFLD  VH SXHGH FRPSOHPHQWDU HVWH DQiOLVLV VHJ~Q HO JUDGR GH HVSHFLILFLGDG FRQ UHODFLyQ D OD
SREODFLyQ REMHWLYR HQ WDQWR GLFKR JDVWR WDPELpQ VH SXHGHQ FODVLILFDU HQ ODV VLJXLHQWHV FODVHV *DVWR
(VSHFtILFR *( *DVWR,QGLUHFWR *, *DVWR$PSOLDGR *$ *DVWRHQ%LHQHV3~EOLFRV *%3 $VXYH]
HVWDVFXDWURFODVHVVHSXHGHQGLYLGLUHQGRVJUXSRVDWHQGLHQGRDOSULQFLSDOREMHWLYRGHLPSDFWRHWDULRTXH
VHSHUVLJXHDWUDYpVGHORVGLIHUHQWHVGLVHxRVGHODVSROtWLFDVS~EOLFDVLQFOXLGDVHQFDGDFODVHGHJDVWR(O
SULPHU JUXSR *UXSR ,  FRUUHVSRQGH DO VXEFRQMXQWR FRPSXHVWR SRU HO JDVWR HVSHFtILFR *(  \ HO JDVWR
LQGLUHFWR *, PLHQWUDVTXHHOVHJXQGR *UXSR,, VHUHILHUHDOJDVWRDPSOLDGR *$ \DOJDVWRHQELHQHV
S~EOLFRV *%3 0D\RULQIRUPDFLyQDOUHVSHFWRVHSXHGHHQFRQWUDUHQHOJUiILFRVREUHODHYROXFLyQGHO
*3G1\ODGLVFULPLQDFLyQSRUFDWHJRUtDGHJDVWR\QLYHOGHJRELHUQRHQHOJUiILFR




 (QHODQiOLVLVFRPSDUDWLYRTXHUHDOL]DOD&(3$/VREUHSDtVHVGHODUHJLyQTXHPXHVWUDQXQFRPSRUWDPLHQWRDVFHQGHQWHGHUHFXUVRV
PHQFLRQDDOD$UJHQWLQDFRPRXQRGHDTXHOORVFRQPD\RUWUDGLFLyQHQODPHGLFLyQGHO*3G1HQODVFXHQWDVGHOVHFWRUS~EOLFR(VWRHQ
WDQWR LQWHJUD HO JUXSR GH FDVRV TXH GLIHUHQFLD  FODVHV GH JDVWR LQYHUVLyQ VRFLDO HQ QLxH] JDVWR HVSHFtILFR LQGLUHFWR DPSOLDGR \ HQ
ELHQHVS~EOLFRV DGLIHUHQFLDGHRWURVSDtVHVTXHVRORPLGHQHOJDVWRGLUHFWRRHVSHFtILFR3RQHUFLWD&(3$/

 (QOD$UJHQWLQDGHVGH\GXUDQWHYDULRVDxRVOD'LUHFFLyQGH$QiOLVLVGH*DVWR3~EOLFR\3URJUDPDV6RFLDOHV '$*3\36 
GHSHQGLHQWHGHOD6HFUHWDUtDGH3ROtWLFD(FRQyPLFD\HO)RQGRGHODV1DFLRQHV8QLGDVSDUDOD,QIDQFLD 81,&() GHVDUUROODURQXQ
SUR\HFWR FRQMXQWR GH FXDQWLILFDFLyQGHO *DVWR 3~EOLFR 6RFLDOGLULJLGR D OD 1LxH] /D PHWRGRORJtD GH PHGLFLyQ GHO *DVWR 3~EOLFR
6RFLDO GLULJLGR D OD 1LxH] *36G1  IXH GHVDUUROODGD HVSHFLDOPHQWH SDUD PLUDU GH IRUPD WUDQVYHUVDO ORV SUHVXSXHVWRV GH GLVWLQWDV
iUHDVGHO(VWDGR6XSURSyVLWRDSXQWyDFRQVWUXLUXQGDWRTXHGLHVHFXHQWDGHFXiOHUDODPDJQLWXGGHORVUHFXUVRVS~EOLFRVTXHVH
GHVWLQDEDDODQLxH]FRPRXQDPHGLGDGHOHVIXHU]RTXHUHDOL]DQORV(VWDGRVSDUDPHMRUDUODVFRQGLFLRQHVGHYLGD\ODVSRVLELOLGDGHV
GHGHVDUUROORGHHVWHVHFWRUSREODFLRQDO\SURSLFLDUHOFXPSOLPLHQWRGHVXVGHUHFKRV9pDVH*DVWR3~EOLFR6RFLDOGLULJLGRDOD1LxH]
HQOD$UJHQWLQD0(&21\81,&()GLVSRQLEOHHQKWWSZZZJDVWRSXEOLFRQLQH]JRYDULQGH[KWPO

 9pDVH *DVWR 3~EOLFR 6RFLDO GLULJLGR D OD 1LxH] HQ OD $UJHQWLQD 0(&21 \ 81,&() KWWSZZZJDVWRSXEOLFRQLQH]JRYDU
LQGH[KWPO


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

*5È),&2
*$6723Ò%/,&262&,$/&2162/,'$'2 1$&,Ï13529,1&,$6 ',5,*,'2$/$1,f(=












        

*36HQPLOORQHVGHSHVRV

)XHQWH'LUHFFLyQGH$QiOLVLVGH*DVWR3~EOLFR\3URJUDPDV6RFLDOHV0(&21


*5È),&2
*$6723Ò%/,&262&,$/&2162/,'$'2 1$&,Ï13529,1&,$6 ',5,*,'2$/$1,f(=6(*Ò1
&$7(*25Ë$'(*$672<1,9(/'(*2%,(512


3URYLQFLDO  1DFLRQDO $\XGDGLUHFWD

&RQGLFLRQHVGHYLGD

'HSRUWHUHFUHDFLyQ\FXOWXUD

 'HVDUUROORHLQWHJUDFLyQ

 (GXFDFLyQ
 1XWULFLzQ\DOLPHQWDFLyQ
 3URWHFFLyQGHOQLxR
 6DOXG
 2EUDV6RFLDOHV

&LHQFLD\WpFQLFD

RWURVVHUYLFLRVXUEDQRV

 7RWDOJHQHUDO

)XHQWH'LUHFFLyQGH$QiOLVLVGH*DVWR3~EOLFR\3URJUDPDV6RFLDOHV0(&21

' 6LVWHPDGH3URWHFFLyQ6RFLDOSDUDLQIDQFLD\DGROHVFHQFLD
7DOFRPR\DVHKDLQGLFDGRODSURWHFFLyQVRFLDOSDUDODSREODFLyQHQWUH\DxRVQRHVWiDLVODGDGHXQ
FRQMXQWRPiVDPSOLRGHSROtWLFDVS~EOLFDV HQSDUWLFXODUVRFLDOHV GHVWLQDGDVDPHMRUDUODVFRQGLFLRQHV
GHYLGDGHWRGDODSREODFLyQ3HURVLQGXGDODVFDUDFWHUtVWLFDVFRPSOHMDVTXHDIHFWDQDQLxDVQLxRV\
DGROHVFHQWHV KDQ JHQHUDGR OD QHFHVLGDG GH DYDQ]DU GH PRGR HVSHFtILFR HQ PDWHULD GH OHJLVODFLyQ
LQVWLWXFLRQDOLGDG RIHUWD SURJUDPiWLFD (V SRU HOOR TXH HQ HVWD VHFFLyQ WUDV HVER]DU HO FDPELR GH
SDUDGLJPD TXH VH KD GDGR HQ ORV ~OWLPRV DxRV VH FRQFHQWUDUi OD DWHQFLyQ HQ FXDWUR SODQRV XQR OR
UHIHULGRDODVSROtWLFDVGHSURPRFLyQGRVUHODFLRQDGRDPHGLGDVGHSURWHFFLyQHVSHFLDOWUHVORUHIHULGR
DFXLGDGRLQIDQWLO\FXDWURXQDPLUDGDJOREDOVREUHHOJDVWRVRFLDOLQYHUWLGRHQQLxH]\DGROHVFHQFLD


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

 &DPELRVXVWDQWLYRGHODGRFWULQDGHODVLWXDFLyQLUUHJXODUDO
SDUDGLJPDGHODSURWHFFLyQLQWHJUDO
(O FRQMXQWR QRUPDWLYR LPSHUDQWH KDVWD OD VDQFLyQ GH OD /H\ 1ž  HQ HO  FRQVROLGDED XQD
FRQFHSFLyQ SROtWLFD LQVWLWXFLRQDO \ FXOWXUDO GH OD LQIDQFLD \ DGROHVFHQFLD EDVDGD H[FOXVLYDPHQWH HQ HO
FRQWURO HO WUDWDPLHQWR \ OD SUHYHQFLyQ GH OD GHOLQFXHQFLD FRQRFLGD FRPR OD GRFWULQD GH OD VLWXDFLyQ
LUUHJXODU  DVRFLDGD KLVWyULFDPHQWH D ODV GHQRPLQDGDV ³OH\HV GHO 3DWURQDWR´ /D GHFODUDFLyQ GHO
DEDQGRQRPDWHULDORPRUDOGLFWDPLQDGDSRUHO-XH]FRQVWLWXtDODFROXPQDYHUWHEUDOGHGLFKDGRFWULQD
/DIDOWDGHUHFXUVRV\RODDXVHQFLDGHYROXQWDGSROtWLFDGHSULRUL]DUSROtWLFDVVRFLDOHVSDUDORVVHFWRUHV
PiV YXOQHUDEOHV PRWLYDEDQ OD MXGLFLDOL]DFLyQ GHO XQLYHUVR GH ORV GHQRPLQDGRV HQ DTXHO HQWRQFHV
³PHQRUHV´$VtVHMXGLFLDOL]DEDQFRQIOLFWRVVRFLRHFRQyPLFRVRIDPLOLDUHV QRYLQFXODGRVDODFRPLVLyQ
GHXQGHOLWR FULPLQDOL]DQGRODSREUH]D(OSRGHUGHGLVSRVLFLyQGHO-XH]HUDFODUDPHQWHYLRODWRULRGH
ORVDUWV\GHOD&RQYHQFLyQ,QWHUQDFLRQDOGHORV'HUHFKRVGHO1LxR\DTXHQRVHSHUPLWtDTXHHO
QLxRVHDRtGR\QRDSOLFDEDODSULYDFLyQGHODOLEHUWDGFRPR~OWLPRUHFXUVR
8Q HOHPHQWR FHQWUDO GHO QXHYR HQIRTXH VH UHILHUH D OD FRQVLGHUDFLyQ GH ORV QLxRV QLxDV \
DGROHVFHQWHVFRPRVXMHWRVGHGHUHFKR\QRFRPRREMHWRGHSURWHFFLyQ\DVLVWHQFLD(OUHFRQRFLPLHQWR
GHHVWDVLWXDFLyQREOLJDDPRGLILFDUODSHUVSHFWLYD\HODFFLRQDUHQUHODFLyQDODLQIDQFLDHQVXFRQMXQWR
SRQLHQGRHQWHQVLyQHOPRGRHQTXHVHKDQHVWDEOHFLGRODVUHODFLRQHVHQWUHHOPXQGRGHORVDGXOWRV\HO
GHODLQIDQFLDDILQGHFRQVWUXLUXQQXHYRFRQMXQWRGHFUHHQFLDVYDORUHV\PpWRGRVGHLQWHUYHQFLyQ
/DQXHYDOHJLVODFLyQHQIDWL]DHOSDSHOGHODVSROtWLFDVVRFLDOHV\SROtWLFDVS~EOLFDVSDUDLQIDQFLD\
DGROHVFHQFLD(VWHHQIRTXHSRQHHODFHQWRHQHOIRUWDOHFLPLHQWRGHPRGHORVGHLQWHUYHQFLyQTXHDERUGHQ
ODVLWXDFLyQGHODVIDPLOLDV DSDUWLUGHSROtWLFDVGHSURWHFFLyQ\SURPRFLyQGHVXVGHUHFKRVGHVGHXQD
SHUVSHFWLYDTXHDWLHQGDODGLYHUVLGDGFXOWXUDO\VRFLDO\GHJpQHUR/RVSULQFLSDOHVSULQFLSLRVTXHULJHQ
ODDSOLFDFLyQGHODVSROtWLFDV\SURJUDPDVVRQQRGLVFULPLQDFLyQLQWHUpVVXSHULRUGHOQLxRGHUHFKRDOD
YLGDVXSHUYLYHQFLD\GHVDUUROORGHUHFKRDVHUHVFXFKDGR\TXHVXVRSLQLRQHVVHDQWRPDGDVHQFXHQWDHQ
WRGDLQVWDQFLD
/D UHVSRQVDELOLGDG GHO (VWDGR HQ HO PDUFR GH ODSURWHFFLyQ LQWHJUDO UHTXLHUH WUDWDU D LQIDQFLD \
DGROHVFHQFLD FRQ ORV PLVPRV GHUHFKRV TXH ORV \ ODV DGXOWRVDV PiV RWURV HVSHFLDOHV SRU WUDWDUVH GH
SHUVRQDV HQ GHVDUUROOR \ VXMHWRV GH GHUHFKR /RV GHUHFKRV GH QLxRV QLxDV \ DGROHVFHQWHV GHEHQ
FXPSOLUVHQRVRORVXEVDQDUVHRVDWLVIDFHUVHSRUTXH\DQRVRQPiVREMHWRGHFRQWUROWXWHODRGLVSRVLFLyQ
SRUSDUWHGHODDXWRULGDGMXGLFLDO -*081,&() 
/D DGHFXDFLyQ GH ODV SROtWLFDV S~EOLFDV D OD /H\ 1ž  EXVFD WUDQVIRUPDU ODV SUiFWLFDV
SURJUDPDVHLQVWLWXFLRQHVGLULJLGDVDLQIDQFLD\DGROHVFHQFLD\SRUHQGHLQWHUSHODHOWUDWDPLHQWRDVHJXLU
UHVSHFWRDLQWHJUDQWHVGHHVWHJUXSRSREODFLRQDOTXHQRSXHGHQHVWDUDOFXLGDGRGHVXVIDPLOLDV
/DIDOWDGHUHFXUVRVPDWHULDOHVQRFRQVWLWX\HFDXVDVXILFLHQWHSDUDVHSDUDUDORVQLxRVGHVXJUXSR
IDPLOLDU  \ UHVXOWD QHFHVDULR SULRUL]DU DTXHOODV PHGLGDV GH SURWHFFLyQ GH GHUHFKRV TXH WHQJDQ SRU
ILQDOLGDGODSUHVHUYDFLyQ\IRUWDOHFLPLHQWRGHORVYtQFXORVIDPLOLDUHVFRQUHODFLyQDWRGRVORVQLxRV(Q
ORV FDVRV HQ TXH ORV GHUHFKRV GHO QLxR VH YHDQ OLPLWDGRV R DPHQD]DGRV SRU QR WHQHU FXELHUWDV VXV
QHFHVLGDGHV EiVLFDV HO (VWDGR WLHQH HO GHEHU GH LQFOXLU D WRGD OD IDPLOLD HQ ORV SURJUDPDV GLULJLGRV D
EULQGDUD\XGDIDFLOLWDQGRHODFFHVRDODVDOXGODHGXFDFLyQHOWUDEDMR\ODYLYLHQGDGLJQDDOFRQMXQWRGH
VXVPLHPEURV
(QHVHVHQWLGRDOUHYLVDUODVSUiFWLFDVGHRUJDQLVPRVHLQVWLWXFLRQHVGHEHSUHVWDUVHDWHQFLyQDORV
FXLGDGRVDOWHUQDWLYRVTXHLQIDQFLD\DGROHVFHQFLDGHEHQUHFLELUODDGHFXDGDLQWHUYHQFLyQGHORVyUJDQRV
DGPLQLVWUDWLYRV \ GH ORV MXGLFLDOHV D OD OX] GH OD QXHYD QRUPDWLYD \ ODV 'LUHFWULFHV GH ODV 1DFLRQHV



 3ULQFLSLRVGHODGRFWULQDGHODVLWXDFLyQLUUHJXODUGLYLVLyQGHODFDWHJRUtDLQIDQFLDHQQLxRV\DGROHVFHQWHVSRUXQODGR\PHQRUHV
XQLYHUVR GH ORV H[FOXLGRV GH OD HVFXHOD OD IDPLOLD HWF  SRU RWUR FHQWUDOL]DFLyQ GHO SRGHU GH GHFLVLyQ HQ OD ILJXUD GHO -XH] VLQ
DVHJXUDU HO GHUHFKR GHO QLxR D VHU RtGR MXGLFLDOL]DFLyQ GH ORV SUREOHPDV YLQFXODGRV D OD LQIDQFLD HQ VLWXDFLyQ GH ULHVJR
FULPLQDOL]DFLyQGHODSREUH]DFRQVLGHUDFLyQGHODLQIDQFLDFRPRREMHWRGHSURWHFFLyQ

 'XUDQWHODYLJHQFLDGHO3DWURQDWRHUDXVXDO³ODGLVSRVLFLyQGHOPHQRUHQULHVJR´SRUSDUWHGHO-XH]PXFKDVYHFHVLQVWLWXFLRQDOL]DQGR
DQLxDVQLxRVRDGROHVFHQWHVSRUFDXVDVDVLVWHQFLDOHVVRFLRIDPLOLDUHVRFULPLQDOL]DQGRODSREUH]D


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

8QLGDVVREUHODV0RGDOLGDGHV$OWHUQDWLYDVGH&XLGDGRVGHORV1LxRV  GHPDQHUDWDOGHJDUDQWL]DU


HO LQWHUpV VXSHULRU GHO QLxR \ XQ DERUGDMH LQWHJUDO TXH QR VLJQLILTXH XQD QXHYD YXOQHUDFLyQ GH
GHUHFKRV  $WHQGLHQGR D ODV UHVSRQVDELOLGDGHV FRPSDUWLGDV HQWUH ORV WUHV QLYHOHV GH JRELHUQR HO
&2)(1$)DSUREyHQHODxRORV/LQHDPLHQWRVQDFLRQDOHVHQPDWHULDGH,QIDQFLD\DGROHVFHQFLD
FDUHQWHV GH FXLGDGRV SDUHQWDOHV 6HJ~Q ORV PLVPRV ORV RUJDQLVPRV FRPSHWHQWHV VH FRPSURPHWHQ D
FXPSOLUORVVLJXLHQWHV/LQHDPLHQWRVSURPRFLyQSUHYHQFLyQ\SHUPDQHQFLDGHO,QIDQFLD\DGROHVFHQFLD
HQ VX iPELWR IDPLOLDU DGRSFLyQ GH PHGLGDV H[FHSFLRQDOHV LQWHUYHQFLyQ UHVSHFWR D ,QIDQFLD \
DGROHVFHQFLD LQFOXLGRV HQ iPELWRV GH FXLGDGR IDPLOLDU DOWHUQDWLYR \R LQVWLWXFLRQDOHV \ DFFLRQHV
VLVWHPiWLFDVWHQGLHQWHVDOD³GHVLQVWLWXFLRQDOL]DFLyQ´ 
 3ROtWLFDV\SURJUDPDVGHSURPRFLyQGHGHUHFKRV
(QWUH ODV SROtWLFDV GH SURPRFLyQ GH GHUHFKRV GH LQIDQFLD \ DGROHVFHQFLD PHUHFH HVSHFLDO DWHQFLyQ XQ
FRQMXQWR GH LQWHUYHQFLRQHV GH GLYHUVD tQGROH \ EDMR OD yUELWD GH GLIHUHQWHV RUJDQLVPRV UHVSRQVDEOHV 
FRPR VHU ODV VLJXLHQWHV UHJLVWUR GH QDFLPLHQWR H LGHQWLGDG YDFXQDFLyQ DOLPHQWDFLyQ GHVDUUROOR GH
KDELOLGDGHVGHFULDQ]DDFFHVRDODVDOXGVH[XDO\UHSURGXFWLYD 
5HJLVWURGHQDFLPLHQWRHLGHQWLGDG
(O GHUHFKR D OD LGHQWLGDG D FRQWDU FRQ XQ QRPEUH D VDEHU TXLpQHV VRQ VXV SDGUHV \ D XQD
QDFLRQDOLGDGHVXQRGHORVGHUHFKRVPiVLPSRUWDQWHVGHELGRDTXHFRQVWLWX\HODSXHUWDGHDFFHVRSDUDHO
HMHUFLFLR GH RWURV GHUHFKRV (VWH GHUHFKR VXUJH FRQ HO QDFLPLHQWR GH ORV FKLFRV \ VX LQVFULSFLyQ HQ HO
UHJLVWUR FLYLO GH ODV SHUVRQDV PHGLDQWH OD SUHVHQWDFLyQ GHO FHUWLILFDGR GH QDFLPLHQWR VXVFULSWR SRU XQ
PpGLFRSDUDODREWHQFLyQGHODFRUUHVSRQGLHQWHSDUWLGDGHQDFLPLHQWRHQHO5HJLVWURGHO(VWDGR&LYLO\
&DSDFLGDGGHODV3HUVRQDV/DLQVFULSFLyQGHOQDFLPLHQWRHQHOUHJLVWURFLYLOFRQVWLWX\HHOSDVRDQWHULRU
SDUDODREWHQFLyQGHO'RFXPHQWR1DFLRQDOGH,GHQWLGDG '1, 
(O UHJLVWUR GH ORV QDFLPLHQWRV HV XQ LQVWUXPHQWR FODYH \D TXH EULQGD LQIRUPDFLyQ GHPRJUiILFD
SDUD OD SODQLILFDFLyQ \ SURJUDPDFLyQ GH OD SROtWLFD S~EOLFD (Q OD $UJHQWLQD VH UHJLVWUD XQ DPSOLR
SRUFHQWDMH GH QDFLPLHQWRV HQ HVWDEOHFLPLHQWRV DVLVWHQFLDOHV /D SURSRUFLyQ GH QLxRVDV TXH QDFH SRU
IXHUDGHOVLVWHPDGHVDOXGVHHQFXHQWUDORFDOL]DGRHQDOJXQDViUHDVJHRJUiILFDVHVSHFtILFDV\FRQILJXUD
XQRGHORVUHWRVPiVLPSRUWDQWHVHQUHODFLyQDODUHVWLWXFLyQGHGHUHFKRVGHODLQIDQFLD\ODDGROHVFHQFLD
HQHOSDtV
'HVGH KDFH XQRV DxRV VH QRWDQ DYDQFHV HQ OtQHD FRQ OR SODQWHDGR SRU HO DUW  GH OD /H\ 1ž
 UHVSHFWR D JDUDQWL]DU ³SURFHGLPLHQWRV VHQFLOORV \ UiSLGRV SDUD TXH ORV UHFLpQ QDFLGRV VHDQ
LGHQWLILFDGRV HQ IRUPD JUDWXLWD REOLJDWRULD RSRUWXQD H LQPHGLDWDPHQWH GHVSXpV GH VX QDFLPLHQWR 'H


 (O FRQFHSWR GH LQWHUpV VXSHULRU GHO QLxR VRVWHQLGR SRU OD &RUWH ,QWHUDPHULFDQD GH 'HUHFKRV +XPDQRV HQ VXV ~OWLPRV
SURQXQFLDPLHQWRVUHILHUHTXH³&XDQGRVHWUDWDGHODSURWHFFLyQGHORVGHUHFKRVGHOQLxR\GHODDGRSFLyQGHPHGLGDVSDUDORJUDU
GLFKD SURWHFFLyQ ULJH HO SULQFLSLR GHO LQWHUpV VXSHULRU GHO QLxR TXH VH IXQGD HQ OD GLJQLGDG PLVPD GHO VHU KXPDQR HQ ODV
FDUDFWHUtVWLFDV SURSLDV GH ORV QLxRV \ HQ OD QHFHVLGDG GH SURSLFLDU HO GHVDUUROOR GH pVWRV FRQ SOHQR DSURYHFKDPLHQWR GH VXV
SRWHQFLDOLGDGHV´&RUWH,'+³&DVR%XODFLRYV$UJHQWLQD´6HQWHQFLDGHGHVHSWLHPEUHGH6HULH&1ƒSiUUDIR
FLWDGRHQ)HUQiQGH]%ODQFR  

 ,PSRUWDGHVWDFDUDGHPiVTXHDQLYHOGHVFHQWUDOL]DGRVHREVHUYDQXQDVHULHGHPHGLGDVGHVWLQDGDVDEULQGDUDSR\RSVLFROyJLFR \
VRFLDO HQ ORV FDVRV GH ,QIDQFLD \ DGROHVFHQFLD TXH SRVHDQ VXV GHUHFKRV YXOQHUDGRV \ TXH WUDEDMDQ HQ FRQMXQWR FRQ ORV 6HUYLFLRV
/RFDOHVGH'HUHFKRV8QDSR\RQDFLRQDODHVWDVLQLFLDWLYDVHVHO3URJUDPD³/DV9tFWLPDVFRQWUDODV9LROHQFLDV´LPSOHPHQWDGRSRU
HO0LQLVWHULRGH-XVWLFLD\'HUHFKRV+XPDQRVGHOD1DFLyQ(O3URJUDPDFRQGXFLGRSRUXQDFRQRFLGDSURIHVLRQDO/LF(YD*LEHUWL
WLHQH FRPR ILQ OD DWHQFLyQ D ODV YtFWLPDV GH DEXVRV R PDORV WUDWRV FDXVDGRV SRU HMHUFLFLR GH YLROHQFLDV FXDOTXLHUD IXHVH VX
QDWXUDOH]DGHVGHXQiPELWRGHFRQWHQFLyQVHJXULGDG\JDUDQWtDGHVXVGHUHFKRVHLQFOX\HODOXFKDFRQWUDHOPDOWUDWRH[SORWDFLyQ\
SURVWLWXFLyQ LQIDQWLO /DPHQWDEOHPHQWH HO PLVPR VROR LQWHUYLHQH HQ HO iPELWR GH OD &LXGDG $XWyQRPD GH %XHQRV $LUHV SDUD OD
DWHQFLyQDFRPSDxDPLHQWR\DVLVWHQFLDDODVYtFWLPDVGHYLROHQFLDIDPLOLDU \VH[XDOPHGLDQWH%ULJDGDV0yYLOHVLQWHUGLVFLSOLQDULDV
TXHVHPRYLOL]DQGLUHFWDPHQWHDOOXJDUGHOKHFKRDSDUWLUGHODOODPDGDDOOtQHDWHOHIyQLFDDWLHQGHODVKVORVGtDVGHODxR

 (QFXDQWRDLQWHUYHQFLRQHVGHSURPRFLyQSRGUtDQLQFOXLUVHWDPELpQDTXHOORVGHVWLQDGRVDSURPRYHUODFDSDFLGDGGHJHQHUDULQJUHVRV
SHUR UHVXOWD QHFHVDULR GHVWDFDU TXH OD PD\RUtD GH ODV LQLFLDWLYDV LPSOHPHQWDGDV HQ HVWH VHQWLGR VH HQFXHQWUDQ GLULJLGDV D SHUVRQDV
PD\RUHVGHHGDG(VWHHVHOFDVRHQ$UJHQWLQDGHSURJUDPDVFRPRORVVLJXLHQWHV(QHO0LQLVWHULRGH'HVDUUROOR6RFLDO0DQRVDOD
2EUD PLFURHPSUHQGLPLHQWRV )LQDQFLDPLHQWRGH7DOOHUHV)DPLOLDUHV\0RQRWULEXWR6RFLDO 5HJLVWURGH(IHFWRUHVGHGHVDUUROORORFDO\
HFRQRPtDVRFLDO (QHO0LQLVWHULRGH7UDEDMR(PSOHR\6HJXULGDG6RFLDO-yYHQHVFRQ0iV\0HMRU7UDEDMR MyYHQHVGHDDxRV
VLQVHFXQGDULR HQHOGHO0LQLVWHULR0LQLVWHULRGH(FRQRPtD\)LQDQ]DV,PSXOVRUHV$UJHQWLQRV PLFURFUpGLWRV H,1$(6&DEHDJUHJDU
TXHHQHOSDtVODPD\RUtDGHHGDGRSHUDDSDUWLUGHORVDxRV\DHOORVHVXPDTXHHOWUDEDMRLQIDQWLOVHHQFXHQWUDSURKLELGRKDVWDORV
DxRV\TXHGHDDxRVHOWUDEDMRDGROHVFHQWHVHHQFXHQWUDSURWHJLGR FI/H\HV\UHVSHFWLYDPHQWH 


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

DFXHUGR D HVWXGLRV GH OD 'LUHFFLyQ GH (VWDGtVWLFDV H ,QIRUPDFLyQ GH 6DOXG GHO 0LQLVWHULR GH 6DOXG
H[SUHVDQTXHODLQVFULSFLyQJUDWXLWD\ODJUDWXLGDGGHOSULPHU'1,³KDQSHUPLWLGRPHMRUDUODLQVFULSFLyQ
GHORVQDFLGRVYLYRVHVSHFLDOPHQWHDSDUWLUGHODxR´ %ROHWtQ'(,66HULH1ž 
/D LQVFULSFLyQ HV JUDWXLWD SDUD WRGRV ORV QLxRV \ QLxDV 6LQ HPEDUJR HO DUW  PHQFLRQDGR
WDPELpQ HVWDEOHFH TXH HO HVWDGR GHEH IDFLOLWDU OD LQVFULSFLyQ JUDWXLWD GH WRGRV \ WRGDV DTXHOORVDV
DGROHVFHQWHV\PDGUHVTXHQRKDQVLGRLQVFULSWRVRSRUWXQDPHQWH(VWDFXHVWLyQHVGHYLWDOLPSRUWDQFLD
GHELGRDTXHPXFKDVPDGUHVLQGRFXPHQWDGDVQRSXHGHQOXHJRDQRWDUDVXVQLxRVDV\D~QVHHQFXHQWUD
SHQGLHQWHODUHJODPHQWDFLyQGHGLFKDQRUPD
9DFXQDFLyQJUDWXLWD
(O &DOHQGDULR GH YDFXQDV LQFOX\H WRGDV ODV YDFXQDV REOLJDWRULDV \ JUDWXLWDV SDUD FDGD JUXSR GH
HGDG'HVGH\KDVWDODIHFKDVHLQFRUSRUDURQDO&DOHQGDULR1DFLRQDOGH9DFXQDFLyQ GLH]GHODV
GLHFLVpLVYDFXQDVTXHORLQWHJUDQHQWUHHOODVODGHO9LUXVGHO3DSLORPD+XPDQR 93+ SDUDSUHYHQLUHO
FiQFHU GH FXHOOR GH ~WHUR \ OD GH OD JULSH (Q HO DxR  VH KD LQFRUSRUDGR OD YDFXQD FRQWUD HO
QHXPRFRFR SDUD ORV PHQRUHV GH  DxRV SDUD SUHYHQLU OD SULQFLSDO FDXVD GH DIHFFLRQHV JUDYHV FRPR OD
QHXPRQtD\ODPHQLQJLWLV
(QWUHJDGHVXSOHPHQWRVDOLPHQWDULRV
/D 'LUHFFLyQ 1DFLRQDO GH 6DOXG 0DWHUQR ,QIDQWLO HQ HO iPELWR GHO 0LQLVWHULR GH 6DOXG  HV HO
yUJDQR GH IRUPXODFLyQ \ DSOLFDFLyQ GH ODV SROtWLFDV PDWHUQRLQIDQWLOHV $OOt VH GHVDUUROOD HO 3URJUDPD
0DWHUQR,QIDQWLOTXHVHILQDQFLDFRQIRQGRVQDFLRQDOHV\H[WHUQRV6XSULQFLSDOREMHWLYRHVODUHGXFFLyQ
GHODPRUELPRUWDOLGDGPDWHUQDHLQIDQWLO6XVDFWLYLGDGHVDEDUFDQXQFRPSOHMRDEDQLFRTXHFRPSUHQGH
WHPDVFRPRODFDOLGDGGHODDWHQFLyQTXHSURSRUFLRQDQORVHTXLSRVGHVDOXG\ORVFXLGDGRVSUHQDWDOHV\
SHGLiWULFRV HO GHVDUUROOR LQIDQWLO \ ORV SUREOHPDV GH OD DGROHVFHQFLD OD QXWULFLyQ OD FDSDFLWDFLyQ
SHUPDQHQWHHQVHUYLFLRGHOSHUVRQDO\ODFRPXQLFDFLyQVRFLDODOVHUYLFLRGHODVDOXGPDWHUQRLQIDQWLOOD
LQIUDHVWUXFWXUD\HOHTXLSDPLHQWR(QFXDQWRDODHQWUHJDGHVXSOHPHQWRVDOLPHQWDULRVDFWXDOPHQWHGLFKR
SURJUDPD \ GH DFXHUGR D OR SUHYLVWR HQ OD /H\ 1ž  HQWUHJD HQ WRGR HO SDtV OHFKH HQWHUD
IRUWLILFDGDFRQ+LHUUR=LQF\9LWDPLQD&FRQODVVLJXLHQWHVHVSHFLILFDFLRQHV
D (PEDUD]DGDVNJPHVGHVGHHOTXLQWRPHVGHHPEDUD]R\KDVWDHOPRPHQWRGHOSDUWR
E 1RGUL]DV PDGUHVTXHDPDPDQWDQ ODPDGUHUHFLELUiGXUDQWHPHVHVNJPHV
F 1LxRVGHPHVHVDDxRSDUDFRPSOHPHQWDUODDOLPHQWDFLyQNJPHV
G 1LxRVGHDDxRVPtQLPRNJPHVGXUDQWHWRGRHODxRSRUFDGDQLxRYXOQHUDEOH
H  1LxRV GHVQXWULGRV GH  D  DxRV  NJPHV GH OHFKH IRUWLILFDGD FRQ KLHUUR YLWDPLQDV \
PLQHUDOHVGXUDQWHPHVHV
3URJUDPDVDOLPHQWDULRV
(O 3ODQ 1DFLRQDO GH 6HJXULGDG $OLPHQWDULD FUHDGR SRU /H\ 1ž   GHSHQGLHQWH GHO
0LQLVWHULRGH'HVDUUROOR6RFLDOGHOD1DFLyQWLHQHFRPRREMHWLYRSRVLELOLWDUHODFFHVRGHODSREODFLyQHQ
VLWXDFLyQGHYXOQHUDELOLGDGVRFLDODXQDDOLPHQWDFLyQDGHFXDGDVXILFLHQWH\DFRUGHDODVSDUWLFXODULGDGHV
\ FRVWXPEUHV GH FDGD UHJLyQ GHO SDtV D HIHFWRV GH JDUDQWL]DU OD VHJXULGDG DOLPHQWDULD \ OD HGXFDFLyQ
QXWULFLRQDO6HLPSOHPHQWDEDMRGRVPRGDOLGDGHVGHWUDQVIHUHQFLDVDIDPLOLDV\D(VWDGRVSURYLQFLDOHV
\ FRPSOHPHQWD FRQ YDULRV SURJUDPDV FRPR )DPLOLDV \ 1XWULFLyQ VRVWpQ \ FULDQ]D GH ORV QLxRVDV
DOLPHQWDFLyQQXWULFLyQFXLGDGRGHODVDOXG $ERUGDMH&RPXQLWDULR RUJDQL]DFLRQHVFRPXQLWDULDV 3UR



 3RURWUDSDUWH\DHIHFWRVGHIDFLOLWDUODLQVFULSFLyQGHDOJXQDVPLQRUtDVHVWDPHGLGDIXHDPSOLDGDPHGLDQWHHO'HFUHWR
LQFRUSRUDQGRDWRGDVDTXHOORVFLXGDGDQRVPD\RUHVGHDxRVVLQGRFXPHQWRVTXHDFUHGLWHQSHUWHQHFHUDDOJ~QSXHEORRULJLQDULR
&DEH PHQFLRQDU WDPELpQ OD DJLOL]DFLyQ GH ORV PHFDQLVPRV GHO 0LQLVWHULR GHO ,QWHULRU SDUD UHDOL]DU ORV GRFXPHQWRV '1, \ SDUD
WUDPLWDU ORV PLVPRV PHGLDQWH XQ VLVWHPD GHVFHQWUDOL]DGR GH JHVWLyQ TXH SHUPLWH REWHQHU OD GRFXPHQWDFLyQ HQ YDULRV OXJDUHV GH
DWHQFLyQ\HQPHQRUWLHPSR

 (O FDOHQGDULR SXHGH FRQVXOWDUVH HQ KWWSZZZPVDOJRYDULPDJHVVWRULHVFDOHQGDULRYDFXQDFLRQFDOHQGDULRBYDFXQDFLRQBZHE
BSGI


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

+XHUWD DXWRSURGXFFLyQ GH DOLPHQWRV IUHVFRV SDUD HO FRQVXPR IDPLOLDU FRPXQLWDULR H LQVWLWXFLRQDO  \
(GXFDFLyQ$OLPHQWDULD\1XWULFLRQDO FDSDFLWDFLyQ 
/D WUDQVIHUHQFLD GH UHFXUVRV D IDPLOLDV FRQ QLxRV PHQRUHV GH  DxRV D HPEDUD]DGDV
GLVFDSDFLWDGRV \ DGXOWRVDV PD\RUHV HQ FRQGLFLRQHV VRFLDOPHQWH GHVIDYRUDEOHV \ GH YXOQHUDELOLGDG
QXWULFLRQDOVHUHDOL]DPHGLDQWHWDUMHWDVPDJQpWLFDVDODVTXHHO(VWDGRWUDQVILHUHGLQHURSDUDODFRPSUD
GHDOLPHQWRV$VtVHIDYRUHFHODDXWRQRPtDHQODVHOHFFLyQHODFFHVRDDOLPHQWRVIUHVFRV\VHSURPXHYH
ODFRPLGDHQIDPLOLD7DPELpQVHFRQWLQ~DFRQODWUDQVIHUHQFLDGHIRQGRVDODVSURYLQFLDVGLULJLGDVDO
PHMRUDPLHQWRGHODFDOLGDGDOLPHQWDULDGHORVFRPHGRUHVHVFRODUHV\FRPXQLWDULRV
/DVDQFLyQGHGLFKD/H\HVWDEOHFLyXQDQXHYDLQVWDQFLDHQORTXHVHUHILHUHDSROtWLFDVS~EOLFDVGH
DOLPHQWDFLyQ\QXWULFLyQDSDUWLUGHODFUHDFLyQGHXQ3URJUDPD1DFLRQDOGH1XWULFLyQ\$OLPHQWDFLyQ
(VWH 3URJUDPD WLHQH FRPR REMHWLYR SURSHQGHU D DVHJXUDU HO DFFHVR D XQD DOLPHQWDFLyQ DGHFXDGD \
VXILFLHQWH FRRUGLQDQGR GHVGH HO (VWDGR ODV DFFLRQHV LQWHJUDOHV H LQWHUVHFWRULDOHV TXH IDFLOLWHQ HO
PHMRUDPLHQWRGHODVLWXDFLyQDOLPHQWDULD\QXWULFLRQDOGHODSREODFLyQ
/D HMHFXFLyQ GHO 3URJUDPD GHSHQGH GH OD &RPLVLyQ 1DFLRQDO GH 1XWULFLyQ \ $OLPHQWDFLyQ
LQWHJUDGDSRUUHSUHVHQWDQWHVGHORV0LQLVWHULRVGH6DOXG\$PELHQWH\'HVDUUROOR6RFLDOGHOD1DFLyQ
/DSREODFLyQEHQHILFLDULDGHO3URJUDPDLQFOX\HD PXMHUHVHPEDUD]DGDVQLxRVGHDDxRV \DGXOWRV
PD\RUHV D SDUWLU GH ORV  DxRV VLQ FREHUWXUD VRFLDO \ TXH HVWiQ EDMR OD OtQHD GH LQGLJHQFLD
LQFRUSRUiQGRVHSURJUHVLYDPHQWHDRWURVVHFWRUHVGHODSREODFLyQEDMRODOtQHDGHSREUH]D
'HVDUUROORGHKDELOLGDGHVGHFULDQ]D
6RQ LQFLSLHQWHV \ PX\ UHFLHQWHV ODV DFFLRQHV TXH DFWXDOPHQWH VH HVWiQ GHVDUUROODQGR D QLYHO
QDFLRQDOHQHVWDPDWHULDFUtWLFDVREUHWRGRHQORVSULPHURVDxRVGHYLGD'HVWDFDQSRUVXSRWHQFLDOHO
3URJUDPD 1DFLRQDO GH 'HVDUUROOR ,QIDQWLO ³3ULPHURV $xRV´ OLGHUDGR SRU HO &RQVHMR 1DFLRQDO GH
&RRUGLQDFLyQ GH 3ROtWLFDV 6RFLDOHV &1&36  HQ WDQWR LQYROXFUD HQ VX LPSOHPHQWDFLyQ D YDULRV
PLQLVWHULRV 'LFKDDFFLyQLQFOX\HDVXYH]DO3URJUDPD1XWULFLyQ\)DPLOLD GHSHQGLHQWHGHO0LQLVWHULR
GH'HVDUUROOR6RFLDO 
3ULPHURV $xRV WLHQH VX RULJHQ HQ XQ FRQYHQLR ILUPDGR HQ HO DxR  HQWUH ORV PLQLVWHULRV GH
6DOXG(GXFDFLyQ\'HVDUUROOR6RFLDOGHOD1DFLyQFRQHOILQGHDXQDUUHFXUVRV\GHVDUUROODUDFFLRQHVGH
DFRPSDxDPLHQWR \ IRUWDOHFLPLHQWR GH ODV IDPLOLDV HQ OD FULDQ]D GH QLxRV \ QLxDV GH  D  DxRV (O
3URJUDPD WLHQH FRPR REMHWLYRV JHQHUDU FRQGLFLRQHV IDPLOLDUHV FRPXQLWDULDV H LQVWLWXFLRQDOHV SDUD
SURPRYHU HO GHVDUUROOR LQIDQWLO WHPSUDQR GHVGH XQ DERUGDMH LQWHJUDO D SDUWLU GH OD FRQVWUXFFLyQ GH
HQWRUQRVSURWHFWRUHVGHORVGHUHFKRVGHQLxRVDVVHQVLELOL]DU\SURPRYHUODUHVSRQVDELOLGDGFROHFWLYDHQ
WRUQR D OD SULPHUD LQIDQFLD LPSXOVDQGR OD SDUWLFLSDFLyQ \ RUJDQL]DFLyQ FRPXQLWDULD IRUWDOHFHU ODV
FDSDFLGDGHV LQVWDODGDV HQ ODV PHVDV LQWHUVHFWRULDOHV ORFDOHV \ HQ OD 5HG GH IDFLOLWDGRUHVDV SDUD HO
GHVDUUROORGHSUR\HFWRVSDUWLFLSDWLYRVTXHFRQVLGHUHQDORV \ODVQLxRVDVSHTXHxRVHQHOFHQWURGHODV
DFFLRQHVFRQWULEXLUDODIRUPDFLyQ\IRUWDOHFLPLHQWRGHXQDUHGGHDFWRUHVVRFLDOHVGHDFRPSDxDPLHQWR
\ VRVWpQ GH ODV IDPLOLDV HQ VX URO SURWDJyQLFR GH FULDQ]D \ FRQVROLGDU XQ VLVWHPD GH VHJXLPLHQWR \
HYDOXDFLyQSDUWLFLSDWLYRTXHUHWURDOLPHQWHODJHVWLyQDSDUWLUGHODVEXHQDVSUiFWLFDV
'HQWURGHHVWDLQWHUYHQFLyQHO3URJUDPD)DPLOLDV\1XWULFLyQWLHQHFRPRSURSyVLWRIRUWDOHFHUD
ODV IDPLOLDV HQ ODV IXQFLRQHV GH FULDQ]D QXWULFLyQ \ FXLGDGR GH OD VDOXG GH VXV KLMRV SURFODPDQGR XQ
HQIRTXH LQWHJUDO FRQ SHUVSHFWLYD GH JpQHUR \ UHFRQRFLPLHQWR GH ORV GHUHFKRV GH QLxRV \ QLxDV (VWD
LQLFLDWLYD JHQHUD LQVWDQFLDV GH FDSDFLWDFLyQ FRPXQLFDFLyQ \ HGXFDFLyQ DOLPHQWDULD QXWULFLRQDO HQ
FRQWH[WRV LQVWLWXFLRQDOHV IDPLOLDUHV \ FRPXQLWDULRV GHO SDtV PHGLDQWH OD UHDOL]DFLyQ GH DVLVWHQFLD
WpFQLFD\FDSDFLWDFLyQDUHIHUHQWHVSURYLQFLDOHV\ORFDOHVGHSURJUDPDVDOLPHQWDULRVDVLVWHQFLDWpFQLFD\
FDSDFLWDFLyQ D WpFQLFRV \ SURPRWRUHV GHO SURJUDPD 3UR +XHUWD DFFHVR DO GHUHFKR D OD LQIRUPDFLyQ HQ
WRUQR D OD DOLPHQWDFLyQ \ D OD VREHUDQtD DOLPHQWDULD PHGLDQWH OD SURPRFLyQ GH HVWUDWHJLDV GH
FRPXQLFDFLyQVRFLDOSRSXODU\FRPXQLWDULD\FDSDFLWDFLyQDRUJDQL]DFLRQHVFRPXQLWDULDV\DSHUVRQDO
GHORV&HQWURVGH'HVDUUROOR,QIDQWLO&RPXQLWDULR




&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

$FFHVRDODVDOXGVH[XDO\UHSURGXFWLYD
/D VH[XDOLGDG HV XQ SURFHVR TXH FRPELQD HOHPHQWRV ELROyJLFRV SVLFROyJLFRV VRFLDOHV \
FXOWXUDOHV FRQ XQ FRQMXQWR GH SDXWDV H[SHFWDWLYDV FRQRFLPLHQWRV FUHHQFLDV YDORUHV QRUPDV \
DFWLWXGHV3RUHVRHVIUHFXHQWHHQFRQWUDUTXHODJHQHUDFLyQ\GHVDUUROORGHODVSROtWLFDVPHQFLRQDGDVVH
SODQWHDQ HQ HVFHQDULRV PDUFDGRV SRU OXFKDV HQWUH GLIHUHQWHV VHFWRUHV FRQ SRVLFLRQDPLHQWRV
FRQWUDSXHVWRV(QWUHORVWHPDVPiVSROpPLFRVVHSXHGHPHQFLRQDUHODERUWRODUHJXODFLyQGHODERUWRQR
SXQLEOH OD DQWLFRQFHSFLyQ GH HPHUJHQFLD ORV VHUYLFLRV HVSHFtILFRV SDUD DGROHVFHQWHV OD HGXFDFLyQ
VH[XDOHQODVHVFXHODV\ODFRQILGHQFLDOLGDGHQODDWHQFLyQDDGROHVFHQWHV
(QHVWHFDPSRGHLQWHUYHQFLyQS~EOLFD\FRPRDVSHFWRFUtWLFRUHODFLRQDGRDORVGHUHFKRVGHOD
LQIDQFLD\ODDGROHVFHQFLD±HQWUHRWUDVFXHVWLRQHVSRUODDOWDWDVDGHHPEDUD]RDGROHVFHQWH 9HU*UiILFR
 FDEHPHQFLRQDUHODFFHVRDODVDOXGVH[XDO\DOFXLGDGRGHOFXHUSRTXHHVWDEOHFHOD&'13RUVDOXG
VH[XDO \UHSURGXFWLYDVHHQWLHQGHHGXFDFLyQVH[XDOLQWHJUDOVHUYLFLRV PpGLFRVDGHFXDGRVSUHYHQFLyQ
GHHQIHUPHGDGHVGHWUDQVPLVLyQVH[XDO\+,96,'$VHJXLPLHQWRGHOHPEDUD]RDGROHVFHQWHSURWHFFLyQ
HVFRODU GH OD DGROHVFHQWH HPEDUD]DGD HGDG GH FRQVHQWLPLHQWR UHTXHULGD SDUD UHFLELU DWHQFLyQ PpGLFD
HQWUHRWURV
5HVSHFWRDODDWHQFLyQ\DFFHVRDVHUYLFLRVPpGLFRVSRUSDUWHGHDGROHVFHQWHVHQJHQHUDOQRVXUJH
HQ IRUPD FODUD QL H[SOtFLWD HQ OD OHJLVODFLyQ GH OD UHJLyQ VL SXHGHQ DFFHGHU VLQ OD SUHVHQFLD GH SDGUH
PDGUH WXWRUHV X RWURV DGXOWRV UHVSRQVDEOHV \ HQ FDVR GH WHQHU DFFHVR VREUH ORV WpUPLQRV GHO
FXPSOLPLHQWR R QR GH ODV UHJODV GH FRQILGHQFLDOLGDG VHFUHWR SURIHVLRQDO \ FRQVHQWLPLHQWR LQIRUPDGR
0RUODFKHWWL   3HUR HQ OD $UJHQWLQD HO GHFUHWR  UHJODPHQWDULR GH OD /H\ 1ž 
FLWDQGR HO LQWHUpV VXSHULRU \ OD &RQYHQFLyQ VREUH ORV 'HUHFKRV GHO 1LxR IRPHQWD HO SULQFLSLR GH
DXWRQRPtDSURJUHVLYD\HVWDEOHFHTXHODVSHUVRQDVPHQRUHVGHHGDGWHQGUiQGHUHFKRDUHFLELUDSHWLFLyQ
VX\D \ GH DFXHUGR D VX GHVDUUROOR LQIRUPDFLyQ FODUD FRPSOHWD \ RSRUWXQD PDQWHQLHQGR
FRQILGHQFLDOLGDGVREUHODPLVPD\UHVSHWDQGRVXSULYDFLGDG7DPELpQVHHVWLSXODTXHHQODVFRQVXOWDVVH
SURSLFLDUi XQ FOLPD GH FRQILDQ]D \ HPSDWtD SURFXUDQGR OD DVLVWHQFLD GH XQ DGXOWR GH UHIHUHQFLD HQ
SDUWLFXODUHQORVFDVRVGHORVDGROHVFHQWHVPHQRUHVGHDxRV
(QHVWHFRQWH[WRGHDYDQFHV\FRQXQPDUFRQRUPDWLYRLPSRUWDQWHFRPRUHVSDOGR HQHOFDVR
DUJHQWLQRFDEHGHVWDFDUODVVLJXLHQWHVLQWHUYHQFLRQHVHQODPDWHULD'HQWURGHO0LQLVWHULRGH(GXFDFLyQ
HO 3URJUDPD GH (GXFDFLyQ 6H[XDO ,QWHJUDO \ ODV DFFLRQHV GH 3URWHFFLyQ HVFRODU GHOOD DGROHVFHQWH
HPEDUD]DGD(QHOiPELWRGHO0LQLVWHULRGH6DOXG HO3URJUDPD1DFLRQDOGH6DOXG,QWHJUDOSDUDOD
$GROHVFHQFLD \ HO 3URJUDPD GH 6DOXG 6H[XDO \ 3URFUHDFLyQ 5HVSRQVDEOH  %UHYHV UHIHUHQFLDV D FDGD
XQRGHHOORV
3URJUDPD GH (GXFDFLyQ VH[XDO LQWHJUDO /D HGXFDFLyQ VH[XDO HV XQ GHEHU GHO (VWDGR
HVSHFLDOPHQWH GH OD DXWRULGDG HGXFDWLYD /D /H\ GH (GXFDFLyQ 6H[XDO ,QWHJUDO  SODQWHD OD
DUWLFXODFLyQGHDVSHFWRVELROyJLFRVSVLFROyJLFRVVRFLDOHVDIHFWLYRV\pWLFRV(VWDLQWHUYHQFLyQHVWDEOHFH
SRUHQGHFRPRSURSyVLWRSULPRUGLDOODUHVSRQVDELOLGDGGHO(VWDGRGHKDFHUYiOLGRHOGHUHFKRGHQLxRV
QLxDV \ MyYHQHV D UHFLELU (GXFDFLyQ 6H[XDO ,QWHJUDO (6,  HQ WRGRV ORV HVWDEOHFLPLHQWRV HGXFDWLYRV
S~EOLFRVGHJHVWLyQHVWDWDO\SULYDGDGHVGHHOMDUGtQGHLQIDQWHV
(VXQSURJUDPDTXHUH~QHYDULDVFXHVWLRQHVSRVLWLYDVQRVyORSRUTXHWLHQHHQIRTXHGHJpQHUR\
GH UHVSHWR SRU ORV GHUHFKRV KXPDQRV VLQR TXH VH HQPDUFD HQ HO SDUDGLJPD GH SURWHFFLyQ LQWHJUDO GH
GHUHFKRV GH OD LQIDQFLD \ OD DGROHVFHQFLD (Q VXV OLQHDPLHQWRV \ SURSyVLWRV SHUPDQHQWHPHQWH KDFH


 (O PDUFR MXUtGLFR OR FRPSUHQGHQ OD /H\ 1ž GH 3URWHFFLyQ ,QWHJUDO GH ORV 'HUHFKRV GHO 1LxR OD /H\ 1ž GH
FUHDFLyQGHO3URJUDPD1DFLRQDOGH(GXFDFLyQ6H[XDO,QWHJUDOOD/H\1žGH(GXFDFLyQ1DFLRQDO\FRPSOHPHQWDULDPHQWH
SRUOD/H\1žGH&UHDFLyQGHO3URJUDPD1DFLRQDOGH6DOXG6H[XDO\3URFUHDFLyQ5HVSRQVDEOH\VXGHFUHWRUHJODPHQWDULR


 /DV SROtWLFDV VDQLWDULDV QDFLRQDOHV HVWiQ RULHQWDGDV D IRUWDOHFHU OD HVWUDWHJLD GH DWHQFLyQ SULPDULD GH OD VDOXG \ D JDUDQWL]DU D OD
SREODFLyQHODFFHVRDODLQIRUPDFLyQVREUHORVPpWRGRVGHDQWLFRQFHSFLyQDXWRUL]DGRVDVtFRPRHOFRQRFLPLHQWRGHVXXVRHILFD]D
HIHFWRVGHVXOLEUHHOHFFLyQVLQVXIULUGLVFULPLQDFLyQFRDFFLRQHVQLYLROHQFLD

 1RSXHGHREYLDUVHHO3URJUDPD1XHVWUR/XJDUDFDUJRGHOD6(11$)GHVWLQDGRDRUJDQL]DFLRQHVGHODVRFLHGDGFLYLO 26& TXH
WUDEDMDQFRQDGROHVFHQWHVGHDDxRVGHHGDG\TXHHQWUHVXVOtQHDVGHILQDQFLDPLHQWRFXHQWDFRQXQDHVSHFtILFDSDUDDSR\DU
SUR\HFWRVGHVDOXGVH[XDO\SURFUHDFLyQUHVSRQVDEOH


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

UHIHUHQFLDDODLJXDOGDGGHRSRUWXQLGDGHVDODVUHVSRQVDELOLGDGHVIDPLOLDUHVFRPSDUWLGDVHQWUHYDURQHV\
PXMHUHVDOSULQFLSLRGHQRGLVFULPLQDFLyQSRUPRWLYRDOJXQRDOUHVSHWRDODVGLVWLQWDVFRVPRYLVLRQHV
SURPXHYHODSDUWLFLSDFLyQ\DGDSWDFLyQGHORVPDWHULDOHVDODVGLVWLQWDVUHDOLGDGHVVRFLRFXOWXUDOHV\OD
SUHYHQFLyQGHODVGLYHUVDVIRUPDVGHYXOQHUDFLyQGHGHUHFKRVPDOWUDWRLQIDQWLODEXVRVH[XDOWUDWD6L
ELHQQRPHQFLRQDGLUHFWDPHQWHDORVSXHEORVRULJLQDULRVWLHQHXQHVStULWXTXHUHFRJHODVLQTXLHWXGHV\
KRUL]RQWHVGHLQWHUFXOWXUDOLGDG
3URWHFFLyQ HVFRODU GH OD DGROHVFHQWH HPEDUD]DGD (Q FXDQWR D OD SURWHFFLyQ GHO GHUHFKR D OD
HGXFDFLyQ GH ODV DGROHVFHQWHV HPEDUD]DGDV VH FXHQWD FRQ XQD VHULH GH QRUPDWLYDV \ GLVSRVLWLYRV
WHQGLHQWHV D DVHJXUDU OD FRQWLQXLGDG GH ORV HVWXGLRV WDQWR GH ORV YDURQHV FRPR GH ODV PXMHUHV \ OD
SURKLELFLyQGHGLVFULPLQDFLyQ\RH[FOXVLyQSRUPRWLYRGHHPEDUD]R/D/H\1DFLRQDOGH(GXFDFLyQ1ž
REOLJDDODHVFXHODVHFXQGDULDDFRQWHQHU\EULQGDUDPSDURDODVDOXPQDVHPEDUD]DGDVRTXH\D
IXHURQPDGUHV\DORVYDURQHVTXHVHFRQYLHUWHQHQSDGUHV\PDGUHV(QLJXDOVHQWLGRORKDFHQGLYHUVRV
DUWtFXORV GH OD /H\ 1ž  (Q PX\ SRFDV HVFXHODV FRQYLYHQ HO MDUGtQ PDWHUQDO \ OD HVFXHOD
VHFXQGDULDSDUDTXHORVHPEDUD]RVQRWHUPLQHQFRQODKLVWRULDHGXFDWLYDGHODV\ORVMyYHQHVFRPRSDUWH
GHO 3URJUDPD GH 5HWHQFLyQ (VFRODU SDUD ODV DGROHVFHQWHV HPEDUD]DGDV \ HVWXGLDQWHV PDGUHV \ SDGUHV
FRQHOREMHWRGHRULHQWDUFRQWHQHUGHIHQGHU\HVWLPXODUDODV\ORVDGROHVFHQWHVDWHUPLQDUHOFROHJLR 
3URJUDPD 1DFLRQDO GH 6DOXG ,QWHJUDO HQ OD $GROHVFHQFLD 316,$  (O PLVPR DERUGD OD VDOXG
FRPR XQ GHUHFKR KXPDQR \ VRFLDO SURPRYLHQGR \ GLIXQGLHQGR HO GHUHFKR GH ODV \ ORV DGROHVFHQWHV D
DFFHGHU DO VLVWHPD GH VDOXG HQ IRUPD DXWyQRPD VLQ DFRPSDxDPLHQWR GH XQ DGXOWR \ HQ HO PDUFR GHO
UHVSHFWRGHODFRQILGHQFLDOLGDG H[FHSWRHQORVFDVRVHQORVFXDOHVVHHQFXHQWUHHQULHVJRVXLQWHJULGDG
SVLFRItVLFD (QVXVGLVSRVLWLYRVGHDWHQFLyQHVWDEOHFHTXHWRGDV\WRGRVORVDGROHVFHQWHVWLHQHQGHUHFKR
DUHFLELULQIRUPDFLyQ\PpWRGRVDQWLFRQFHSWLYRVLQFOXVRVLFRQFXUUHQVRORVDVWDPELpQFXHQWDFRQXQD
OtQHDGHDWHQFLyQWHOHIyQLFD JUDWXLWD GHVDOXGVH[XDO
(O316,$WUDEDMDGHPDQHUDDUWLFXODGDFRQRWUDVLQVWDQFLDV\SURJUDPDVGHO0LQLVWHULRGH6DOXG\
HQWUHVXVDFFLRQHVJHQHUDPDWHULDOHV\GLVSRVLWLYRVHVSHFtILFRVSDUDODDWHQFLyQGHODVDOXGGHHVWDIUDQMD
HWiUHD(QWUHHOORVSXHGHQPHQFLRQDUVHODV*XtDVGHVDUUROODGDVHQFRQMXQWRFRQOD6RFLHGDG$UJHQWLQDGH
3HGLDWUtD \ 81,&() TXH FRQWULEX\HQ D PHMRUDU HO DFFHVR GH ODV \ ORV DGROHVFHQWHV D ORV VHUYLFLRV GH
VDOXGGHFDOLGDGPHGLDQWHODDGHFXDFLyQGHORVSXQWRVGHFRQWDFWRTXH\DWLHQHHOVLVWHPDVDQLWDULR\OD
FUHDFLyQ GH QXHYRV HVSDFLRV GHDWHQFLyQ OD FDSDFLWDFLyQ D ORV HTXLSRV GH VDOXG SDUD TXH FXHQWHQ FRQ
PHMRUHV KHUUDPLHQWDV HQ VXV SUiFWLFDV FRWLGLDQDV SUHYHQWLYR SURPRFLRQDOHV DVLVWHQFLDOHV \ GH
UHKDELOLWDFLyQ DVt FRPR PDWHULDOHV SDUD IRUPDFLyQ GH HTXLSRV LQWHUGLVFLSOLQDULRV RUJDQL]DFLRQHV
VRFLDOHV\DJHQWHVGHVDOXG
3URJUDPD1DFLRQDOGH6DOXG6H[XDO\3URFUHDFLyQ5HVSRQVDEOH(VWHIXHFUHDGRDWUDYpVGHOD/H\
1DFLRQDO GH 6DOXG 6H[XDO \ 3URFUHDFLyQ 5HVSRQVDEOH /H\   WLHQH FRPR PLVLyQ SURPRYHU OD
LJXDOGDG GH GHUHFKRV OD HTXLGDG \ OD MXVWLFLD VRFLDO DVt FRPR FRQWULEXLU D PHMRUDU OD HVWUXFWXUD GH
RSRUWXQLGDGHV SDUD HO DFFHVR D XQD DWHQFLyQ LQWHJUDO GH OD VDOXG VH[XDO \ UHSURGXFWLYD (O 3URJUDPD
UHFRQRFH TXH HO GHUHFKR D OD VDOXG FRPSUHQGH OD VDOXG VH[XDO \ TXH pVWD LQFOX\H OD SRVLELOLGDG GH
GHVDUUROODUXQDYLGDVH[XDOJUDWLILFDQWH\VLQFRHUFLyQDVtFRPRSUHYHQLUHPEDUD]RVQRGHVHDGRV'LULJH
VXVDFFLRQHVUHVSHWDQGRODDXWRQRPtDGHWRGDVODVSHUVRQDVSDUDHOHJLULQGLYLGXDO\OLEUHPHQWHGHDFXHUGR
DVXVFRQYLFFLRQHV\DSDUWLUGHODLQIRUPDFLyQ\HODVHVRUDPLHQWRXQPpWRGRDQWLFRQFHSWLYR DGHFXDGR
UHYHUVLEOH QR DERUWLYR \ WUDQVLWRULR SDUD SRGHU GHILQLU OD SRVLELOLGDG GH WHQHU KLMRV FXiQWRV KLMRV WHQHU
FXiQGR WHQHUORV \ HO LQWHUYDOR HQWUH HOORV 3RU HVR SURPXHYH OD &RQVHMHUtD HQ 6DOXG 6H[XDO \
5HSURGXFWLYD HQ ORV VHUYLFLRV GH VDOXG S~EOLFD GH WRGR HO SDtV HV GHFLU OD SRVLELOLGDG GH DFFHGHU
JUDWXLWDPHQWHDXQDVHVRUDPLHQWRGHFDOLGDGTXHFRQWULEX\DDODDXWRQRPtD\DODWRPDGHGHFLVLRQHVHQ
PDWHULDGHVDOXGVH[XDO\UHSURGXFWLYD7DPELpQIDYRUHFHODGHWHFFLyQRSRUWXQDGHHQIHUPHGDGHVJHQLWDOHV
\PDPDULDVFRQWULEX\HQGRDODSUHYHQFLyQ\GHWHFFLyQWHPSUDQDGHLQIHFFLRQHV\9,+VLGD


 (Q OD &LXGDG $XWyQRPD GH %XHQRV $LUHV OD OH\  RWRUJD XQ VLVWHPD MXVWLILFDGR GH  GtDV GH LQDVLVWHQFLDV SDUD XVDU DQWHV \
GHVSXpVGHOSDUWR

 /DFREHUWXUDHQPpWRGRVDQWLFRQFHSWLYRVTXHWDQWRODVREUDVVRFLDOHVQDFLRQDOHVFRPSUHQGLGDVHQODVOH\HV1ƒ\FRPR
ODVHPSUHVDVGHPHGLFLQDSUHSDJDHVWiQREOLJDGDVDEULQGDUHVODFRQWHQLGDHQHO3URJUDPD0pGLFR2EOLJDWRULR 302 ±5HVROXFLyQ
GHO06DOXG1ƒ\HQODVOH\HVQDFLRQDOHVHVSHFtILFDV


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

(QWUHVXVDFFLRQHVFDEHGHVWDFDUODHQWUHJDGHLQVXPRV PpWRGRVDQWLFLFRQFHSWLYRVSRUHMHPSOR 


DODVSURYLQFLDVSDUDVXGLVWULEXFLyQJUDWXLWDHQFHQWURVGHDWHQFLyQSULPDULD\KRVSLWDOHVDVROLFLWXGGH
ODVRV XVXDULDVRV FRQ DVHVRUDPLHQWR R FRQVHMHUtD HVSHFLDOL]DGD OD DVLVWHQFLD WpFQLFD \ DSR\R D ODV
DXWRULGDGHVORFDOHVHQODLPSOHPHQWDFLyQGHSURJUDPDVODFDSDFLWDFLyQDORVHTXLSRVGHVDOXGMXQWRDO
3URJUDPDGH0pGLFRV&RPXQLWDULRV\ODSURGXFFLyQ\HQWUHJDGHPDWHULDOHVGLGiFWLFRVUHODFLRQDGRVFRQ
HO WHPD FXDGHUQLOORV \ JXtDV PDWHULDOHV JUiILFRV DXGLRYLVXDOHV \ VSRWV GH UDGLR HQ FDVWHOODQR \ HQ
OHQJXDVGHSXHEORVRULJLQDULRV DGHPiVGHUHDOL]DUFDPSDxDVPDVLYDVVREUHVDOXGVH[XDO\SURFUHDFLyQ
UHVSRQVDEOH/DVSURYLQFLDV\PXQLFLSLRVDGHFXDQHVWRVGLVSRVLWLYRVDVXVFDUDFWHUtVWLFDVORFDOHV
 3URWHFFLyQHVSHFLDO
/DVDFFLRQHVGHDWHQFLyQGLUHFWDWHQGLHQWHVDUHVWLWXLUGHUHFKRVHVWiQGLULJLGDVDSURWHJHUORVGHUHFKRVGH
OD LQIDQFLD \ OD DGROHVFHQFLD TXH DWUDYLHVDQ VLWXDFLRQHV FUtWLFDV D QLYHO IDPLOLDU VRFLDO \ MXUtGLFR H
LQWHQWDQHVWDULQWHJUDGDV\HQOtQHDHVSHFtILFDFRQODSROtWLFDS~EOLFDGHSURWHFFLyQSDUDHVWDSREODFLyQ\
ODSROtWLFDVRFLDOHQJHQHUDO([LVWHQXQDVHULHGHYDULDGDVVLWXDFLRQHVGHYXOQHUDFLyQGHORVPHQFLRQDGRV
GHUHFKRVTXHUHTXLHUHQGHSROtWLFDVHVSHFtILFDVGHSUHYHQFLyQSURPRFLyQSURWHFFLyQ\UHVWLWXFLyQWDOHV
FRPRLQIDQFLD\DGROHVFHQFLDFRQGLVFDSDFLGDGWUDEDMRLQIDQWLO\YLROHQFLD\DEXVR$FRQWLQXDFLyQVH
SODQWHDQEUHYHPHQWHDVSHFWRVUHOHYDQWHVGHFDGDXQDGHHVWDVOtQHDVGHLQWHUYHQFLyQ
'LVFDSDFLGDG (O PDUFR QRUPDWLYR TXH FRQWHPSOD \ UHVWLWX\H GHUHFKRV D ODV SHUVRQDV FRQ
GLVFDSDFLGDGVHHQFXHQWUDFRQVWLWXLGRSRUOD/H\\VXV PRGLILFDWRULDV \FRPSOHPHQWDULDV \ OD
&RQYHQFLyQGHORV'HUHFKRVGHODV3HUVRQDVFRQ'LVFDSDFLGDG  DSUREDGDSRUOD$UJHQWLQDPHGLDQWH
/H\   'H DFXHUGR D ORV GDWRV VXPLQLVWUDGRV SRU HO &HQVR 1DFLRQDO  HO  GH OD
SREODFLyQUHJLVWUDDOJXQDGLVFDSDFLGDG(OSRUFHQWDMHGHSHUVRQDVFRQGLVFDSDFLGDGHVYDFUHFLHQGRFRQ
ODHGDGXQSDUDDDxRVXQSDUDDDxRVXQSDUDDDxRVSRUHMHPSOR
5HVSHFWR DO DFFHVR D OD HGXFDFLyQ HO DUW  GH OD PHQFLRQDGD &RQYHQFLyQ GLVSRQH HO DFFHVR D OD
HGXFDFLyQVLQGLVFULPLQDFLyQ\VREUHODEDVHGHODLJXDOGDGGHRSRUWXQLGDGHVDXQVLVWHPDGHHGXFDFLyQ
LQFOXVLYR D WRGRV ORV QLYHOHV \ SDUD WRGDV ODV HGDGHV /D (QFXHVWD 1DFLRQDO GH 3HUVRQDV FRQ
'LVFDSDFLGDG TXH UHDOL]y HO ,1'(& HQ HO DxR  LQGLFD TXH VyOR HO  GH DOXPQRVDV FRQ
GLVFDSDFLGDGVHHGXFDHQPRGHORVGHLQFOXVLyQ$~QVLQGDWRVDFWXDOL]DGRVILDEOHVHVSRVLEOHVXJHULUTXH
QRKDKDELGRDYDQFHVVLJQLILFDWLYRV 
(VHYLGHQWHTXHD~QTXHGDXQODUJRFDPLQRSRUUHFRUUHUHQUHODFLyQDODVSROtWLFDVTXHGHELHUDQ
UHVSHWDUORVHVWiQGDUHVGHOPRGHORVRFLDOGHGLVFDSDFLGDG\HOHQIRTXHGHGHUHFKRVKXPDQRVGHDFXHUGR
D ORV FRPSURPLVRV DVXPLGR LQWHUQDFLRQDOPHQWH $FXxD \ %XOLW *RxL   6H WUDWD GH XQD WHPiWLFD
GRQGH FRQIOX\HQ XQD VHULH GH QRUPDWLYDV \ GLVSRVLFLRQHV TXH VH \X[WDSRQHQ \ FRQWUDGLFHQ DVt FRPR
HQRUPHVYDFtRVOHJDOHVGHQWURGHXQDLQVWLWXFLRQDOLGDGTXHQRDVHJXUDQLODIXQFLyQGHUHFWRUtDQLODGH
FRRUGLQDFLyQ UD]yQ SRU OD FXDO DERUGDU OD VLWXDFLyQ GH OD LQIDQFLD \ OD DGROHVFHQFLD FRQ GLVFDSDFLGDG
LPSOLFDXQHVIXHU]RD~QPD\RU
7UDEDMR LQIDQWLO /D SUREOHPiWLFD GHO WUDEDMR LQIDQWLO \ DGROHVFHQWH FRQWLQ~D VLHQGR XQ WHPD
LQYLVLELOL]DGR\PXFKDVYHFHVQDWXUDOL]DGRSRUFXHVWLRQHVHFRQyPLFDVVRFLDOHVFXOWXUDOHVHWFSHVHD
ORVLPSRUWDQWHVDYDQFHVDOFDQ]DGRVHQ$UJHQWLQDHQHOPDUFRQRUPDWLYRHLQVWLWXFLRQDOFRQWRWDODSHJR
D ORV LQVWUXPHQWRV LQWHUQDFLRQDOHV YLJHQWHV  (O WUDEDMR LQIDQWLO VH HQFXHQWUD IXHUWHPHQWH DVRFLDGR DO
WUDEDMRLQIRUPDOGHORVDGXOWRVDV



 /RVLQVXPRVGHVDOXGVH[XDO\UHSURGXFWLYDTXHGLVWULEX\HHO3URJUDPDDFWXDOPHQWHVRQSUHVHUYDWLYRVDQWLFRQFHSWLYRVKRUPRQDOHV
LQ\HFWDEOHV KRUPRQDOHV SDUD ODFWDQFLD KRUPRQDOHV FRPELQDGRV \ DQWLFRQFHSWLYRV KRUPRQDOHV GH HPHUJHQFLD GLVSRVLWLYRV
LQWUDXWHULQRV ',8 \FDMDVGHLQVWUXPHQWDOSDUDVXFRORFDFLyQ

 /D &RQYHQFLyQ UHIOHMD HO FDPELR GH SDUDGLJPD GH XQ PRGHOR PpGLFR DXQR VRFLDO FRQ XQ HQIRTXH GH OD GLVFDSDFLGDGEDVDGD HQ
GHUHFKRVTXHSHUPLWHHPSRGHUDUDODVSHUVRQDVFRQGLVFDSDFLGDG\DVHJXUDUVXSDUWLFLSDFLyQDFWLYDHQODYLGDSROtWLFDHFRQyPLFD
VRFLDO\FXOWXUDOGHXQDPDQHUDUHVSHWXRVD

 (O &RPLWp VREUH 'HUHFKRV GH ODV 3HUVRQDV FRQ 'LVFDSDFLGDG±yUJDQR TXH FRQWUROD HO FXPSOLPLHQWR GHO 7UDWDGR XUJLy DO (VWDGR
DUJHQWLQR D ³WRPDU ODV PHGLGDV QHFHVDULDV SDUD TXH ORV HVWXGLDQWHV FRQ GLVFDSDFLGDG LQVFULSWRV HQ HVFXHODV HVSHFLDOHV VH
LQFRUSRUHQDHVFXHODVLQFOXVLYDV\DRIUHFHUDMXVWHVUD]RQDEOHVDORVHVWXGLDQWHVFRQGLVFDSDFLGDGHQHOVLVWHPDHGXFDWLYRJHQHUDO´

 /DGHILQLFLyQGHWUDEDMRLQIDQWLOTXHVHXWLOL]DHQHOSDtVHVODHVWDEOHFLGDSRUOD&RPLVLyQ1DFLRQDOSDUDOD(UUDGLFDFLyQGHO7UDEDMR
,QIDQWLO &21$(7, TXHFRQVLGHUDWUDEDMRLQIDQWLODWRGDDFWLYLGDGHFRQyPLFD\RHVWUDWHJLDGHVXSHUYLYHQFLDUHPXQHUDGDRQR



&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

/D /H\ 1ž  GH 3URKLELFLyQ GHO 7UDEDMR ,QIDQWLO \ 3URWHFFLyQ GHO 7UDEDMR $GROHVFHQWH
GHWHUPLQD OD SURKLELFLyQ GH WUDEDMDU SDUD PHQRUHV GH  DxRV \ OD SURWHFFLyQ GHO WUDEDMR DGROHVFHQWH
KDVWDORVDxRV MRUQDGDODERUDOUHGXFLGDUHVSHFWRDORVDGXOWRVSURKLELFLyQGHWUDEDMRQRFWXUQR\GH
UHDOL]DFLyQ GH WDUHDV SHOLJURVDV  (VWD \ RWUDV QRUPDV FRPSOHPHQWDULDV DEUHQ XQD VHULH GH OtQHDV GH
LQWHUYHQFLyQ HVWUDWpJLFDV SDUD OD HUUDGLFDFLyQ \ SUHYHQFLyQ GHO WUDEDMR LQIDQWLO FHQWUDGDV WDQWR HQ ORV
LQFHQWLYRV D OD IDPLOLD D WUDYpV GH ODV SROtWLFDV XQLYHUVDOHV GH WUDQVIHUHQFLDV GH LQJUHVRV FRPR OD
$VLJQDFLyQ 8QLYHUVDO SRU +LMR  HO FRQWURO GHO WUDEDMR QR UHJLVWUDGR DVt FRPR LQWHUYHQFLRQHV GH PiV
ODUJR SOD]R FRPR OD LQIRUPDFLyQ FRPXQLFDFLyQ \ VHQVLELOL]DFLyQ TXH DFRPSDxHQ XQ SURFHVR GH
WUDQVIRUPDFLyQGHODVSDXWDVFXOWXUDOHV
/D FRPSOHMLGDG GHO WHPD UHTXLHUH GH UHVSXHVWDV LQVWLWXFLRQDOHV FRRUGLQDGDV GHVGH GLVWLQWRV
RUJDQLVPRV (Q HO FDVR DUJHQWLQR OD SUREOHPiWLFD KD DOFDQ]DGRXQ HVSDFLR GH PD\RU YLVLELOLGDG HQ OD
DJHQGD GH ODV SROtWLFDV S~EOLFDV GH ORV ~OWLPRV DxRV VH KD ORJUDGR XQD LPSRUWDQWH FRQFLHQWL]DFLyQ \
VHQVLELOL]DFLyQDFHUFDGHODH[LVWHQFLDGHOWUDEDMRLQIDQWLO\ODVFRQVHFXHQFLDVQHJDWLYDVTXHHVWDVWUDHQ
VREUHHOSOHQRHMHUFLFLRGHORVGHUHFKRVGHODQLxH]\DGROHVFHQFLD
(QFXDQWRDORVDFWRUHV\RUJDQLVPRVTXHSDUWLFLSDQGHODGHILQLFLyQGHORVWHPDV\SROtWLFDVHQ
UHODFLyQDOWUDEDMRLQIDQWLOHOSULQFLSDORUJDQLVPRFRQFRPSHWHQFLDHQHVWDPDWHULDHVODFUHDFLyQGHOD
&RPLVLyQ1DFLRQDO &21$(7, OLGHUDGDSRUHO0LQLVWHULRGH7UDEDMR(PSOHR\6HJXULGDGGHOD1DFLyQ
DVtFRPRWDPELpQODFUHDFLyQHQFDVLWRGDVODVSURYLQFLDVGHODV&RPLVLRQHV3URYLQFLDOHVSDUD(UUDGLFDU
HO7UDEDMR,QIDQWLO &235(7, ODHODERUDFLyQ\FXPSOLPLHQWRGHO3ODQ1DFLRQDOSDUDODHUUDGLFDFLyQ
GHO WUDEDMR ,QIDQWLO   \ OD SXHVWD HQ PDUFKD GHO 3ODQ 1DFLRQDO SDUD OD (UUDGLFDFLyQ GHO
7UDEDMR ,QIDQWLO \ 3URWHFFLyQ GHO 7UDEDMR $GROHVFHQWH    $ HVWDV PHGLGDV VH VXPD OD
REOLJDWRULHGDG GH  DxRV GHO FLFOR HVFRODU OD $VLJQDFLyQ 8QLYHUVDO SRU +LMR OD LQFRUSRUDFLyQ GH
FOiXVXODV HQ OD QHJRFLDFLyQ FROHFWLYD ORV FRQYHQLRV GH FRUUHVSRQVDELOLGDG JUHPLDO HQ PDWHULD GH
VHJXULGDG VRFLDO GHFUHWR   \ UHJXODFLRQHV VREUH FRQGLFLRQHV GH WUDEDMR SDUD WUDEDMDGRUHV
DJUDULRV FtFOLFRV \ HVWDFLRQDOHV 5HVROXFLyQ &17$   \ OD QXHYD OH\ GH WUDEDMR DJUDULR /H\
  $L]SXUX \ 7HGHVFKL   7DPELpQ FDEH FLWDU OD JHVWLyQ DVRFLDGD MXQWR D OD 5HG GH
(PSUHVDVFRQWUDHO7UDEDMR,QIDQWLO
6LQHPEDUJRUHVXOWDQHFHVDULRHOHMHUFLFLRGHXQUROPiVSURDFWLYR\HILFD]UHVSHFWRDODSHUVHFXFLyQ
\VDQFLyQGHODVHPSUHVDVHLQVWLWXFLRQHVTXHXWLOL]DQDQLxRVQLxDV\DGROHVFHQWHV\DOIRUWDOHFLPLHQWRGH
ODV iUHDV GH ILVFDOL]DFLyQ FRPSURPHWLGDV HQ HO FRQWURO \ VDQFLyQ /D UHFLHQWH VDQFLyQ GH OD /H\
TXHSHQDOL]DODXWLOL]DFLyQGHQLxDVQLxRVRDGROHVFHQWHVHQDFWLYLGDGHVODERUDOHV\HVWDEOHFH
HOWUDEDMRLQIDQWLOFRPRGHOLWRUHVXOWDXQDYDQFHPX\LPSRUWDQWHHQHVWHVHQWLGR$XQTXHWDPELpQHQWUH
ORVSHQGLHQWHVVHHQFXHQWUDHO/LVWDGR7,3GH7UDEDMR,QIDQWLO3HOLJURVRTXHD~QQRKDVLGRUHJXODGR\OD
UHJODPHQWDFLyQGHOD/H\TXHHQWUHRWURVWHPDVSHUPLWLUtDUHJXODUODFUHFLHQWHDFWLYLGDGDUWtVWLFD\
GHSRUWLYD GH LQIDQFLD \ DGROHVFHQFLD TXH PXFKDV YHFHV FRPSLWH FRQ VX HVFRODULGDG $ HVWR VH VXPD HO
GHVDItRHQPDWHULDGHSURPRFLyQGHLQVHUFLyQ\PHMRUDPLHQWRGHODWUD\HFWRULDHGXFDWLYD
9tFWLPDV GH YLROHQFLD \ DEXVR RWUR WHPD GH YXOQHUDFLyQ GH GHUHFKRV LQYLVLELOL]DGR \ TXH
DWUDYLHVD WRGD OD JHRJUDItD GHO SDtV \ FODVHV VRFLDOHV HV OD YLROHQFLD \ DEXVR FRQWUD OD LQIDQFLD \ OD
DGROHVFHQFLD/DVGLVSRVLFLRQHVFRQODVTXHVHFXHQWDDQLYHOQDFLRQDOVRQOD/H\GH9LROHQFLD
)DPLOLDU OD /H\  GH 'HOLWRV FRQWUD OD LQWHJULGDG VH[XDO \ OD /H\  GH 3URWHFFLyQ
,QWHJUDO SDUD SUHYHQLU VDQFLRQDU \ HUUDGLFDU OD YLROHQFLD FRQWUD ODV PXMHUHV HQ ORV iPELWRV HQ TXH


UHDOL]DGDSRUQLxDV\QLxRVSRUGHEDMRGHODHGDGPtQLPDGHDGPLVLyQDOHPSOHRRWUDEDMRRTXHQRKDQILQDOL]DGRODHVFRODULGDG
REOLJDWRULDRTXH QRKDQFXPSOLGRORVDxRV VL VH WUDWDGHWUDEDMRSHOLJURVR (V GHFLUTXH GHILQH HO WUDEDMR LQIDQWLO HQ VHQWLGR
HVWULFWRLQFOX\HQGRODVHVWUDWHJLDVGHVXSHUYLYHQFLD\SRQLHQGRHVSHFLDOpQIDVLVHQODHVFRODULGDG

 (O3ODQ1DFLRQDOSDUDOD(UUDGLFDFLyQGHO7UDEDMR,QIDQWLO\3URWHFFLyQGHO7UDEDMR$GROHVFHQWHVHGLULJHDQLxRV\QLxD
TXH WUDEDMDQ HQ ODV GLVWLQWDV PRGDOLGDGHV GH WUDEDMR LQIDQWLO \ VXV IDPLOLDV DVt FRPR WDPELpQ D QLxRV \ QLxDV HQ ULHVJR GH
LQFRUSRUDUVH D PRGDOLGDGHV GH WUDEDMR LQIDQWLO (O PLVPR FRQVWD GH  REMHWLYRV FRQ VXV FRUUHVSRQGLHQWHV OtQHDV GH DFFLyQ D VHU
LPSOHPHQWDGR SRU ORV GLVWLQWRV RUJDQLVPRV LQWHJUDQWHV GH OD &21$(7, \ KD VLGR SXHVWR D FRQVLGHUDFLyQ GH ODV SURYLQFLDV HQ HO
0DUFRGHO&RQVHMR)HGHUDOGHO7UDEDMRVLQHPEDUJRQRFXHQWDFRQXQDDVLJQDFLyQSUHVXSXHVWDULDHVSHFtILFD


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD


GHVDUUROOHQVXVUHODFLRQHVLQWHUSHUVRQDOHV\VX'HFUHWR5HJODPHQWDULR1ž $VtFRPRWDPELpQ
OD/tQHDWHOHIyQLFDGHDWHQFLyQJUDWXLWD
(O PDOWUDWR LQIDQWLO SUHVHQWD IDFWRUHV GH PD\RU YXOQHUDELOLGDG HQ OD PHGLGD TXH ORV DGXOWRVDV
HQFDUJDGRVDVGH SURWHJHU \ FXLGDU D1LxRV QLxDV \ DGROHVFHQWHV VRQ SUHFLVDPHQWH TXLpQHV ORV GDxDQ
(VWD VLWXDFLyQ VH DJUDYD SRU OD GHSHQGHQFLD ItVLFD HPRFLRQDO \ HFRQyPLFD FDVL WRWDO 3RU HVR UHVXOWD
LPSUHVFLQGLEOH SUHVWDU DWHQFLyQ DO DERUGDMH TXH VH UHDOL]D HQ HVWRV FDVRV GH PDQHUD WDO GH HYLWDU XQD
QXHYDYLFWLPL]DFLyQGHQLxRVQLxDV\DGROHVFHQWHV1RH[LVWHGHEDWHDOJXQRVREUHODREOLJDWRULHGDGGH
GHQXQFLDU \VREUHODREOLJDFLyQGHLQWHUYHQFLyQGHORV6HUYLFLRV/RFDOHVGH3URWHFFLyQGH'HUHFKRVD
ILQGHJDUDQWL]DUPHFDQLVPRVGHSUHYHQFLyQDVLVWHQFLDSURPRFLyQSURWHFFLyQ\RUHVWDEOHFLPLHQWRGH
GHUHFKRV 7DPELpQ HO &RPLWp GH 'HUHFKRV GHO 1LxR KD UHFRPHQGDGR ³OD SURWHFFLyQ FRQWUD HO FDVWLJR
FRUSRUDO\GHRWUDVIRUPDVFUXHOHVRTXHGHJUDGDQGHOFDVWLJR´ &G'1$UJ 
8Q SiUUDIR DSDUWH PHUHFH OD HVSHFtILFD LQWHUUHODFLyQ HQWUH HO 6LVWHPD GH 3URWHFFLyQ ,QWHJUDO GH
GHUHFKRV GH LQIDQFLD \ DGROHVFHQFLD \ OD YLROHQFLD IDPLOLDU IXQGDPHQWDOPHQWH HQ ODV WHQVLRQHV TXH
VXUJHQ FRQ OD DSOLFDFLyQ GH PHGLGDV FDXWHODUHV PHGLGDV GH SURWHFFLyQ \ PHGLGDV H[FHSFLRQDOHV HQ
DTXHOORVFDVRVGHYLROHQFLDLQWUDIDPLOLDU3DUDHOORHVQHFHVDULRDUPRQL]DUODVGLVSRVLFLRQHVGHODOH\GH
YLROHQFLDIDPLOLDUFRQHO6LVWHPDGH3URWHFFLyQGH'HUHFKRVGHQLxDVQLxRV\DGROHVFHQWHVGHELGRDTXH
HO PDOWUDWR LQIDQWLO LQYROXFUD DPEDV QRUPDWLYDV SDUD PD[LPL]DU ORV UHFXUVRV OHJDOHV H LQVWLWXFLRQDOHV
H[LVWHQWHV 3HOOHJULQL (QHVWHVHQWLGRODVQRUPDVGHSURWHFFLyQLQWHJUDO\GHYLROHQFLDIDPLOLDUVH
LQWHUUHODFLRQDQ FXDQGR VH WUDWD GH WHPDV UHODWLYRV DO PDOWUDWR LQIDQWLO /D QRUPDWLYD D DSOLFDU HV OD GH
YLROHQFLDIDPLOLDU\VHFRPSOHPHQWDFRQODVGLVSRVLFLRQHVGHQLxH]
&RPRDYDQFHDUHVDOWDUDHVWHUHVSHFWRFDEHPHQFLRQDUTXHPHGLDQWH5HVROXFLyQGHO0LQLVWHULR
GH 'HVDUUROOR 6RFLDO  VH KD DSUREDGR HO 3URWRFROR GHO &2)(1$) GH $VLVWHQFLD D 3HUVRQDV
9tFWLPDVGH7UDWD\GH([SORWDFLyQ6H[XDO,QIDQWLO FRQHOREMHWRGHIRUWDOHFHUODVSROtWLFDVGHVWLQDGDV
D HVWD SREODFLyQ SULRULWDULD GHVGH XQ HQIRTXH GH GHUHFKRV \ XQD PLUDGD WHUULWRULDO /DV SULQFLSDOHV
GLUHFWULFHV D DSOLFDU HQ OD DWHQFLyQ \ UHVWLWXFLyQ GH GHUHFKRV ODV YtFWLPDV VH UHILHUHQ D UHVSHWRSRU ORV
GHUHFKRV KXPDQRV QR GLVFULPLQDFLyQ LQIRUPDFLyQ VREUH VXV GHUHFKRV \ DVLVWHQFLD FRQVHQWLPLHQWR
LQIRUPDGR FRQILGHQFLDOLGDG \ GHUHFKR D OD SULYDFLyQ VHJXULGDG \ SURWHFFLyQ HYLWDU XQ GDxR PD\RU
DVLVWHQFLD LQGLYLGXDOL]DGD WUDWR MXVWR \ DFFHVR D OD MXVWLFLD GHUHFKR D OD DVLVWHQFLD MXUtGLFD \
SHUPDQHQFLDHQHOSDtV

( $WHQFLyQGHOFXLGDGRDODSULPHUDLQIDQFLD
(O GHVDUUROOR GH SROtWLFDV S~EOLFDV GLULJLGDV D OD SULPDULD LQIDQFLD WHQGLHQWHV D SURPRYHU HO GHVDUUROOR
LQIDQWLO HQ HO PDUFR GHO SDUDGLJPD GH SURWHFFLyQ LQWHJUDO GH GHUHFKRV UHTXLHUH DYDQFHV HQ OD
FRQFLOLDFLyQGHODYLGDIDPLOLDU\ODERUDOPHGLDQWHXQDSURWHFFLyQODERUDODGHFXDGD\XQDPHMRU\PiV
MXVWDRHTXLOLEUDGDGLVWULEXFLyQGHODVWDUHDVGRPpVWLFDV\GHFXLGDGRHQWUHPXMHUHV\YDURQHV6DELGRHV
TXH ORV SULPHURV DxRV GH YLGD LQIOX\HQ IXHUWHPHQWH HQ HO GHVDUUROOR GH ORV LQGLYLGXRV WDQWR HQ VXV
DVSHFWRV ItVLFRV VLHQGR HVHQFLDO HO DFFHVR D XQD EXHQD QXWULFLyQ \ FRQWUROHV PpGLFRV  FRPR
HPRFLRQDOHV\FRJQLWLYRV GRQGHFREUDQUHOHYDQFLDODHVWLPXODFLyQWHPSUDQDORVVHUYLFLRVGHHGXFDFLyQ
LQLFLDO \ ODV UHODFLRQHV TXH VH HVWDEOH]FDQ HQWUH TXLHQ FXLGD \ TXLHQ HV FXLGDGR  /D SURPRFLyQ GH
VLVWHPDVGHFXLGDGRLQIDQWLOS~EOLFRVGHDFFHVR\FDOLGDGLJXDOLWDULDSDUDWRGDODSREODFLyQFRQVWLWX\H



 7DPELpQ VH DUWLFXOD FRQ OD DSOLFDFLyQ GH LQVWUXPHQWRV LQWHUQDFLRQDOHV FRPR OD &RQYHQFLyQ VREUH OD (OLPLQDFLyQ GH WRGDV ODV IRUPDV GH
'LVFULPLQDFLyQ FRQWUD OD 0XMHU &('$:  \ OD &RQYHQFLyQ ,QWHUDPHULFDQD GH %HOHP GR 3DUi SDUD SUHYHQLU VDQFLRQDU \ HUUDGLFDU OD
9LROHQFLDFRQWUDOD0XMHUTXHVRVWLHQHTXHWRGDPXMHUWLHQHGHUHFKRDXQDYLGDOLEUHGHYLROHQFLDWDQWRHQHOiPELWRS~EOLFRFRPRSULYDGR

 (QDTXHOORVFDVRVTXHODVYtFWLPDVIXHUDQPHQRUHVGHHGDGLQFDSDFHVDQFLDQRVRGLVFDSDFLWDGRVTXHVHHQFXHQWUHQLPSRVLELOLWDGRV
GHDFFLRQDUSRUVtPLVPRHVWDUiQREOLJDGRVKDFHUORVXVUHSUHVHQWDQWHVOHJDOHVORVREOLJDGRVSRUDOLPHQWRV\RHO0LQLVWHULR3~EOLFR
FRPRDVtWDPELpQTXLHQHVVHGHVHPSHxDQHQRUJDQLVPRVDVLVWHQFLDOHVHGXFDWLYRVGHVDOXG\GHMXVWLFLD\HQJHQHUDOTXLHQHVGHVGH
HO iPELWR S~EOLFR R SULYDGR FXDQGR WRPHQ FRQRFLPLHQWR GH VLWXDFLRQHV GH YLROHQFLD IDPLOLDU R WHQJDQ VRVSHFKDV VHULDV GH TXH
SXHGDQH[LVWLU

 (O 3URWRFROR HVWDEOHFH ORV SULQFLSDOHV OLQHDPLHQWRV GH DVLVWHQFLD LQWHJUDO DORMDPLHQWR DVLVWHQFLD PpGLFD DWHQFLyQ SVLFROyJLFD
DVLVWHQFLDVRFLDO GHDVHVRUDPLHQWRMXUtGLFR\GHUHFRQVWUXFFLyQGHOSUR\HFWRGHYLGDPHGLDQWHHOWUDEDMDFRRUGLQDGR\DUWLFXODGR
HQWUHORVGLVWLQWRVDFWRUHV\QLYHOHV


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

XQDGHODVKHUUDPLHQWDVPiVHIHFWLYDVGHLQYHUVLyQHQODVSHUVRQDV\GHODVRFLHGDGHQVXFRQMXQWRHQHO
ODUJRSOD]R 5HSHWWR'tD]/DQJRX\$XOLFLQR 
/DLQFRUSRUDFLyQGHODVPXMHUHVDOWUDEDMRQRLPSOLFDTXHVHKD\DPRGLILFDGRODPDQHUDHQODFXDO
VHRUJDQL]DHOFXLGDGRGHODVSHUVRQDVGHSHQGLHQWHVGHOKRJDUVLHQGRWRGDYtDODVPXMHUHVODVSULQFLSDOHV
UHVSRQVDEOHVGHHVWDWDUHD(QJHQHUDOODVIDPLOLDVTXHSRVHHQPD\RUHVUHFXUVRVHFRQyPLFRVSXHGHQFXEULU
VXVQHFHVLGDGHVGHFXLGDGRDWUDYpVGHHVWDEOHFLPLHQWRVGHGLFDGRVDHVWDDFWLYLGDG MDUGLQHVPDWHUQDOHVGH
LQIDQWHVHWF \RFRQWUDWDQGRHVSHFtILFDPHQWHSHUVRQDVGHGLFDGDVDHVWDWDUHD(QFDPELRODVIDPLOLDVGH
PHQRUHVLQJUHVRVQRWLHQHQHVWDSRVLELOLGDGORFXDODIHFWDODSRVLELOLGDGGHODVPXMHUHVEiVLFDPHQWHGH
SDUWLFLSDUHQHOHPSOHRRGHUHDOL]DUDFWLYLGDGHVTXHPHMRUHQVXHPSOHDELOLGDGFRPRSDUWLFLSDUHQDFFLRQHV
GH RULHQWDFLyQ ODERUDO R IRUPDFLyQ SDUD HO WUDEDMR (Q HVWH FRQWH[WR TXH VLQ GXGD LQYROXFUD DO FDVR
DUJHQWLQRHOFXLGDGRLQIDQWLOHVFUXFLDODODKRUDGHJDUDQWL]DUHOELHQHVWDU\ODSURPRFLyQGHOGHVDUUROOR
LQWHJUDOGHORVQLxRV\QLxDV(QODViUHDVPiVSREODGDVGH$UJHQWLQDODVIDPLOLDVHQVLWXDFLyQGHSREUH]D\
YXOQHUDELOLGDGUHFXUUHQHQWDQWRKD\DRIHUWD\HVWpDODOFDQFHGHVXVSRVLELOLGDGHVDOFXLGDGRSURYLVWRSRU
RUJDQL]DFLRQHVVRFLDOHV\FRPXQLWDULDV 3DXWDVVL\=LEHFFKL 
(QOD$UJHQWLQDHQHVWDWHPiWLFDWLHQHQLQMHUHQFLDHO0LQLVWHULRGH'HVDUUROOR6RFLDODWUDYpVGH
OD 6(11$) YtD OD 'LUHFFLyQ GH *HVWLyQ GH &HQWURV GH 'HVDUUROOR ,QIDQWLO &RPXQLWDULRV \ 3ODQ
)DPLOLD HO0LQLVWHULRGH(GXFDFLyQ 'LUHFFLyQ1DFLRQDOGH(GXFDFLyQ,QLFLDO\'LUHFFLyQGH3ROtWLFDV
6RFLRHGXFDWLYDV  HO 0LQLVWHULR GH 7UDEDMR (PSOHR \ 6HJXULGDG 6RFLDO 6HFUHWDUtD GH 7UDEDMR &7,2
)RUPDFLyQ3URIHVLRQDO \HO0LQLVWHULRGH6DOXG 'LUHFFLyQGH0DWHUQLGDGH,QIDQFLD\3ODQ1DFHU \HO
&RQVHMR1DFLRQDOGHODV0XMHUHV
8QD UHVSXHVWD LQWHJUDO HQ PDWHULD GH FXLGDGR UHTXLHUH OD LPSOHPHQWDFLyQ GH PHGLGDV HQ YDULRV
IUHQWHV WDQWR D QLYHO YHUWLFDO FRPR KRUL]RQWDO 3RU XQ ODGR HO GHVDUUROOR GH SURJUDPDV GLULJLGRV D
IRUWDOHFHU \ DFRPSDxDU HO SDSHO GH ODV IDPLOLDV HQ OD FULDQ]D GH ORV QLxRV PiV SHTXHxRV SRU RWUD OD
JHQHUDFLyQGHSROtWLFDVFRQHIHFWRVFRQFLOLDWRULRVGLUHFWRV PHGLGDVODERUDOHV HLQGLUHFWRV SURJUDPDVGH
WUDQVIHUHQFLDV \ FDSDFLWDFLyQ  WDQWR HQ HO SODQR S~EOLFR FRPR HO SULYDGR UHDVLJQDFLyQ GH UROHV
LQWUDIDPLOLDUHV  \ SRU ~OWLPR VHUYLFLRV GH FXLGDGR DGHFXDGRV TXH FRQWULEX\DQ D GHVIDPLOLDUL]DU \
GHVPHUFDQWLOL]DUHOFXLGDGR (VWRVXSRQHREYLDPHQWHXQIXHUWHFRPSURPLVRSRUSDUWHGHO(VWDGRHQOD
SURPRFLyQS~EOLFDGHVHUYLFLRVGHFXLGDGRJUDWXLWRV\GHFDOLGDGHQODILVFDOL]DFLyQGHOFXPSOLPLHQWR
GHODVQRUPDWLYDVSRUSDUWHGHOVHFWRUSULYDGR
$GHPiVGHORLQGLFDGRHOFXLGDGRGHODSULPHUDLQIDQFLDVHUHODFLRQDFRQRWURVDVSHFWRVFUtWLFRV
GHVGH HO SXQWR GH YLVWD D GH ORV GLVSRVLWLYRV QRUPDWLYRV HVSHFtILFRV \ SURJUDPiWLFRV D  OD HGXFDFLyQ
LQLFLDOE PHUFDGRODERUDO\FXLGDGRLQIDQWLO\F VHUYLFLRVGHFXLGDGR
 (GXFDFLyQ,QLFLDO
/DHGXFDFLyQLQLFLDOFRQVWLWX\HHOSULPHUHVFDOyQSDUDXQGHVDUUROORLQWHJUDOGH,QIDQFLD\DGROHVFHQFLD
XQD RSRUWXQLGDG SDUD UHGXFLU ODV GHVLJXDOGDGHV HGXFDWLYDV \ ³HV HO ~QLFR QLYHO HGXFDWLYR TXH QR VH
UHFXSHUDHQRWUDHWDSDGHODYLGD´ 8QDVSHFWRQRUPDWLYRLPSRUWDQWHHQUHODFLyQDODSULPHUDLQIDQFLD
HVTXHHODUWGHOD/H\1DFLRQDOGH(GXFDFLyQ1žHVWDEOHFHTXHODHGXFDFLyQLQLFLDOFRQVWLWX\H
XQDXQLGDGSHGDJyJLFD\FRPSUHQGHDORVQLxRV\QLxDVGHVGHORVFXDUHQWD\FLQFRGtDVKDVWDORVDxRV
GH HGDG LQFOXVLYH VLHQGR REOLJDWRULR HO ~OWLPR DxR (QWUH ORV FRPSURPLVRV TXH VH PHQFLRQDQ HVWiQ
SURPRYHU HO DSUHQGL]DMH \ GHVDUUROOR GH ORV QLxRVDV GH  GtDV D  DxRV XQLYHUVDOL]DU ORV VHUYLFLRV



 8QDUHIHUHQFLDLQHOXGLEOHSDUDDQDOL]DUHOFDVRDUJHQWLQRGHFXLGDGRDQLxRV\QLxDVORUHSUHVHQWDHOWUDEDMRGH5RGULJXH](QUtTXH]
 7DPELpQFDEHUHVDOWDUODSURGXFFLyQUHFLHQWHGH/XSLFD \ 

 6LJXLHQGRODVFDWHJRUtDVGHVSOHJDGDVSRU(VSLQJ$QGHUVHQ  VHHQWLHQGHSRU³GHVPHUFDQWLOL]DU´HOJUDGRHQTXHHOHVWDGRGH
ELHQHVWDUGHELOLWDORVYtQFXORVPRQHWDULRVDOJDUDQWL]DUGHUHFKRVDODVSHUVRQDVLQGHSHQGLHQWHVGHVXSDUWLFLSDFLyQHQHOPHUFDGRVH
GHQRPLQD ³GHVIDPLOLDUL]DU´ DO JUDGR GH UHGXFFLyQ GH OD GHSHQGHQFLD GHO LQGLYLGXR UHVSHFWR GH OD IDPLOLD R HQ VX IRUPXODFLyQ
LQYHUVD HO DXPHQWR GH OD FDSDFLGDG GH FRQWURO GHO LQGLYLGXR GH UHFXUVRV HFRQyPLFRV LQGHSHQGLHQWHPHQWH GH ODV UHFLSURFLGDGHV
IDPLOLDUHVRFRQ\XJDOHV

 (VWHOHPDKDVLGRUHFHSWDGRSRUOD6HPDQDGH$FFLyQ0XQGLDOSRUOD(GXFDFLyQHQOD$UJHQWLQD,QLFLDWLYDPXQGLDOTXHHQHO
SDtV OOHYDQ DGHODQWH QXPHURVDV RUJDQL]DFLRQHV OLGHUDGDV SRU OD &7(5$ &$'( 0DUFKD *OREDO FRQWUD HO 7UDEDMR ,QIDQWLO \
&(3$'(+8


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

HGXFDWLYRV SDUD ORV QLxRV GH  DxRV \ HVWDEOHFHU OD REOLJDWRULHGDG HVFRODU D SDUWLU GH ORV  DxRV \
WUDEDMDUPDQFRPXQDGDPHQWHFRQiUHDVGHQLxH]\VDOXGUHVSHFWRDORVMDUGLQHVPDWHUQDOHV
/DHGXFDFLyQLQLFLDOFRPSUHQGHDGRVJUXSRHWDULRVFRQQHFHVLGDGHVGLVWLQWDVQLxRV\QLxDVGH
GtDVDDxRV\DTXHOORVDVGHDDxRV(OSULQFLSDOGpILFLWHQODRIHUWDGHVHUYLFLRVVHHQFXHQWUDHQHO
SULPHUJUXSR\DTXHPXFKDVIDPLOLDVGHEHQUHVROYHUHOFXLGDGRGHHVWHJUXSRHQHOVHFWRUSULYDGRSRUOD
HVFDVD \R QXOD RIHUWD GH MDUGLQHV PDWHUQDOHV S~EOLFRV (Q UHODFLyQ DO VHJXQGR JUXSR HWDULR OD
REOLJDWRULHGDGGHODVDODGHRSUHHVFRODUKDFHTXHODRIHUWDS~EOLFDVHDSUiFWLFDPHQWHXQLYHUVDO\HQORV
WUHV~OWLPRVDxRVVHYDDPSOLDQGRSDXODWLQDPHQWHODFREHUWXUDHQVDODVGHDxRV
'DGR HO FRQWH[WR GH GHVLJXDOGDGHV VRFLDOHV TXH D~Q SHUVLVWHQ HQ HO SDtV SHVH D ORV DYDQFHV
LPSRUWDQWHVHQDxRVUHFLHQWHVHODFFHVRDODHGXFDFLyQLQLFLDOVHUHODFLRQDGLUHFWDPHQWHFRQODVLWXDFLyQ
VRFLRHFRQyPLFDGHODVIDPLOLDV\DTXHVRQORVQLxRVDVPiVSHTXHxRVGHODVIDPLOLDVPiVSREUHVORVTXH
VHYHQH[FOXLGRVGHODHGXFDFLyQGHELGRDODLQVXILFLHQWHRIHUWDHVWDWDOGHVDODVGH\DxRV
(OQLYHOLQLFLDOHQWRQFHVHVHOSULPHURGHOVLVWHPDHGXFDWLYRDUJHQWLQRDXQTXHPXFKDVYHFHVQR
VHORWHQJDHQFXHQWDHLQFOXVRHQDOJXQDVMXULVGLFFLRQHVQLVLTXLHUDWLHQHHVSDFLRHQODHVWUXFWXUDGHOD
FDUWHUDHGXFDWLYD$HOORVHVXPDHOGpILFLWGHLQIRUPDFLyQ/DFDUHQFLDGHLQIRUPDFLRQHVVREUHHOMDUGtQ
PDWHUQDO HQ ODV HVWDGtVWLFDV HGXFDWLYDV FRQVWLWX\H XQ GDWR HQ Vt PLVPR \D TXH H[SUHVD OD WHQGHQFLD
KLVWyULFDGHQRFRQVLGHUDUDODHGXFDFLyQGHODLQIDQFLDWHPSUDQD KDVWD6DODGHDxRV FRPRSDUWHGHO
VLVWHPDHGXFDWLYR
(O0LQLVWHULRGH(GXFDFLyQGHVDUUROODGHVGHOD'LUHFFLyQ1DFLRQDOGH3ROtWLFDV6RFLRHGXFDWLYDV
HO 3URJUDPD 1DFLRQDO GH 'HVDUUROOR ,QIDQWLO FRPR HVWUDWHJLD GLULJLGD D OD SULPHUD LQIDQFLD (VWD
LQWHUYHQFLyQWLHQHHOSURSyVLWRGHSURPRYHUHOGHVDUUROORGHQLxRV\QLxDV\GHTXLpQHVVHRFXSDQGHVX
FULDQ]D PHGLDQWH OD LPSOHPHQWDFLyQ GH GLVWLQWDV HVWUDWHJLDV RULHQWDGDV D VHQVLELOL]DU D OD SREODFLyQ
DFHUFDGHODLPSRUWDQFLDGHORVSULPHURVDxRVGHYLGD\HOSDSHOSULRULWDULRGHORVDGXOWRVHQHVWDHWDSD
GHODLQIDQFLD FDSDFLWDFLRQHVPDWHULDOHVDVLVWHQFLDWpFQLFD SDUWLFLSDQGRGHOD0HVD,QWHUPLQLVWHULDOGH
*HVWLyQ\3URJUDPDFLyQGHO\DPHQFLRQDGR3URJUDPD3ULPHURV$xRV
 0HUFDGRODERUDO\FXLGDGRFRQFLOLDFLyQHQWUHWUDEDMR\
UHVSRQVDELOLGDGHVIDPLOLDUHV
(OPDUFRMXUtGLFRYLJHQWHHQOD$UJHQWLQDSDUDDVDODULDGDVRVIRUPDOHVSUHYpODVOLFHQFLDVSRUPDWHUQLGDG
\SDWHUQLGDGSDJDVODHVWDELOLGDGHQHOHPSOHRHOSHUPLVRSRUODFWDQFLD\ODSRVLELOLGDGGHVROLFLWDUHO
EHQHILFLR GH H[FHGHQFLD OLFHQFLD VLQ JRFH GH VXHOGR  (VWRV GHUHFKRV FRQFHQWUDGRV HQ TXLHQHV WLHQHQ
DFFHVRDODVHJXULGDGVRFLDOFRQWULEXWLYDH[SUHVDPDUFDGDVUHVWULFFLRQHVSDUDTXLHQHVYHQDIHFWDGRVVXV
GHUHFKRV SRU QR ORJUDU LQVHUWDUVH HQ HO HPSOHR UHJLVWUDGR (Q OR UHIHULGR HVSHFtILFDPHQWH D OLFHQFLDV
HVWiQIXHUWHPHQWHFRQFHQWUDGDVHQODVPDWHUQDOHV\FRQSRFRDYDQFHHQODVSDWHUQDOHV\PLHQWUDVHQHO
FDVR GHO VHFWRU S~EOLFR YDUtDQ IXHUWHPHQWH HQWUH SURYLQFLDV HQ HO VHFWRU SULYDGR PiV DOOi GH XQ SLVR
FRP~Q VHJ~Q OHJLVODFLyQ YLJHQWH  YDUtD D QLYHO GH DFXHUGRV SRU VHFWRU D WUDYpV GH ODV QHJRFLDFLRQHV
SODVPDGDVHQORVFRQYHQLRVFROHFWLYRVGHWUDEDMR 5HSHWWR'LD]/DQJRX\$XOLFLQR $XQTXHKD
VLGR XQ JUDQ DYDQFH OD UHFLHQWH HTXLSDUDFLyQ GH GHUHFKRV GHO VHUYLFLR GRPpVWLFR DO GHO UHVWR GH
WUDEDMDGRUDVHVIRUPDUOHVDSDUWLUGHODUHFLHQWHVDQFLyQGHOD/H\ H[LVWHD~QXQDDVLJQDWXUD
SHQGLHQWHSDUDTXLHQHVWUDEDMDQHQODLQIRUPDOLGDGH[FOXLGRVGHHVWRVEHQHILFLRV 



 /DQXHYD/H\SUHYpTXHEHQHILFLDUtDDXQPLOOyQGHHPSOHDGDVGRPpVWLFDV VHFDOFXODVRQPXMHUHV HVWDEOHFHXQDOLFHQFLDSRU
PDWHUQLGDG \ HQIHUPHGDG LJXDO LQGHPQL]DFLyQTXH HO UHVWR GH ORV WUDEDMDGRUHV YDFDFLRQHV SDJDV KRUDV VHJXLGDV GH GHVFDQVR
VHPDQDOHOSDJRGHKRUDVH[WUDVSURKtEHHOWUDEDMRDPHQRUHVGHDxRV\HVWLSXODXQDMRUQDGDGHWUDEDMRGHKRUDVVHPDQDOHV
FRPRPi[LPRTXHQRSRGUiVXSHUDUODVVHLVKRUDVGLDULDVGHWUDEDMR\ODVVHPDQDOHV

 &DEH PHQFLRQDU RWUR GLVSRVLWLYR WHQGLHQWH D FRQFLOLDU HO WUDEDMR IRUPDO FRQ HO WUDEDMR GRPpVWLFR \ GH FXLGDGR HO 3ODQ SDUD OD
,JXDOGDGGH2SRUWXQLGDGHVHQWUH9DURQHV\0XMHUHVHQHO0XQGR/DERUDO 'HFUHWR TXHHVWDEOHFHXQDVHULHGHSURSXHVWDV
TXHGHEHQDFRUGDUHO&RQVHMR1DFLRQDOGHODV0XMHUHV \HO0LQLVWHULRGH7UDEDMR(PSOHR\6HJXULGDG6RFLDOGHOD1DFLyQWDOHV
FRPRLQFUHPHQWDUODRIHUWDGHVHUYLFLRV\DWHQFLyQDODLQIDQFLDFRQKRUDULRVDPSOLRV\IOH[LEOHV\HODERUDUSURSXHVWDVTXHUHFRMDQ
HO &RQYHQLR  GH OD 2,7 VREUH WUDEDMDGRUHV FRQ UHVSRQVDELOLGDGHV IDPLOLDUHV HVWDEOHFH UHFRPHQGDFLRQHV VREUH OLFHQFLDV GH
SDWHUQLGDG\ODREOLJDFLyQGHSURYHHUVHUYLFLRVGHFXLGDGRHQHOOXJDUGHWUDEDMR 


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

(O VLVWHPD YLJHQWH YXOQHUD OD FRQFHSFLyQ GHO FXLGDGR HQWHQGLGR FRPR XQ GHUHFKR XQLYHUVDO \D
TXH VH HQFXHQWUD OLJDGR D OD FRQGLFLyQ ODERUDO IRUPDO GH ODV SHUVRQDV DGXOWDV /RV EHQHILFLRV TXH
UHFRQRFHDODV\ORVWUDEDMDGRUHVUHJLVWUDGRVQRWLHQHQHQFXHQWDODVQHFHVLGDGHVGHFXLGDGRGHQLxRV\
QLxDVGXUDQWHWRGDVXHWDSDGHGHVDUUROOR\QRVyORHQVXVSULPHURVPHVHVGHYLGD3RURWUDSDUWHSRQH
GHPDQLILHVWRXQIXHUWHVHVJRGHJpQHURPLQLPL]DODUHVSRQVDELOLGDGGHORVYDURQHV\QRFRQVLGHUDODV
QHFHVLGDGHVGHDPERVSURJHQLWRUHVGHODVPDGUHVQLGHORVQLxRVDVUHFLpQQDFLGRV
(O VLVWHPD GH SURWHFFLyQ YLJHQWH DGHPiV WLHQH LQMHUHQFLD HQ ODV WUD\HFWRULDV ODERUDOHV GH ODV
PXMHUHV HQ HGDG IpUWLO \D TXH LQWHUILHUH HQ VXV SRVLELOLGDGHV GH DFFHVR \ SHUPDQHQFLD HQ WUDEDMR
UHJLVWUDGR 6H SUHVHQWDQ UHWRV LPSRUWDQWHV OHJDOHV SHUR WDPELpQ FXOWXUDOHV  SDUD ORJUDU HYLWDU TXH
PXFKRVHPSOHDGRUHVVHPXHVWUHQUHWLFHQWHVDFRQWUDWDUDPXMHUHVGHHVWDHGDG SUHYLHQGRODVOLFHQFLDV
SRUPDWHUQLGDG\SHUPLVRVSRVWHULRUHVTXHSXGLHUDQVROLFLWDU JHQHUiQGRVHFXDQGRHVRDFRQWHFHXQWUDWR
GLVFULPLQDWRULRHQHOPXQGRODERUDO 
&DEHREVHUYDUDOJXQRVUDVJRVFUtWLFRVGHOUpJLPHQGHOLFHQFLDVYLJHQWHVHQ$UJHQWLQDSDUDLOXVWUDU
ORDQWHVLQGLFDGR $XOLFLQRHWDO 
/LFHQFLDVSRUPDWHUQLGDG/D/H\/H\GH&RQWUDWRGH7UDEDMR /&7 HVWDEOHFHXQPDUFR
QRUPDWLYR GH SURWHFFLyQ D ODV WUDEDMDGRUDV TXH VH HQFXHQWUDQ UHJLVWUDGDV IRUPDOHV  \ HQ UHODFLyQ GH
GHSHQGHQFLD(VWHSLVRPtQLPRGHGHUHFKRVSXHGHVHUDPSOLDGRHQORVFRQYHQLRVFROHFWLYRVGHWUDEDMR
GH FDGD VHFWRU /DV WUDEDMDGRUDV LQIRUPDOHV DXWyQRPDV R PRQRWULEXWLVWDV QR FXHQWDQ FRQ OLFHQFLD SRU
PDWHUQLGDG/D/&7VHUHILHUHDODOLFHQFLDSRUPDWHUQLGDGHQWUHODVGLVSRVLFLRQHVUHIHULGDVDOWUDEDMRGH
ODV PXMHUHV HQ VX 7tWXOR 9,, DOXGH D OD SURWHFFLyQ GH OD PDWHUQLGDG HQ UHODFLyQ D OD SURKLELFLyQ GH
WUDEDMDU SRU XQ SHUtRGR GHWHUPLQDGR DQWHULRU \ SRVWHULRU DO SDUWR D OD FRQVHUYDFLyQ GHO WUDEDMR D OD
SUHVXQFLyQGHGHVSLGRSRUFDXVDGHOHPEDUD]R\DORVGHVFDQVRVGLDULRVGXUDQWHHOSHUtRGRGHODFWDQFLD
/DOLFHQFLDSRUPDWHUQLGDGHVGHQRYHQWD  GtDVVHFRPSXWDQFXDUHQWD\FLQFR  GtDVDQWHULRUHVD
ODIHFKDGHSDUWR\FXDUHQWD\FLQFR  GtDVFXDUHQWD\FLQFR  GtDVSRVWHULRUHVDVHUPDPiV /D
OLFHQFLDHVSDJDODPXMHUTXHJR]DGHOLFHQFLDSRUPDWHUQLGDGGHEHFREUDUPHQVXDOPHQWHORPLVPRTXH
FREUD FXDQGR HVWi WUDEDMDQGR 'XUDQWH OD OLFHQFLD ODV PXMHUHV UHFLEHQ XQD DVLJQDFLyQ IDPLOLDU LJXDO DO
VXHOGR UHPXQHUDFLyQ EUXWD  ILQDQFLDGD SRU $16(6 HVWD VXPD QR UHPXQHUDWLYD QR VH FRPSXWD D
HIHFWRVGHOFiOFXORGHDQWLJHGDGQLMXELODFLyQ
+DVWDKDFHPX\SRFRWLHPSRODVWUDEDMDGRUDVUXUDOHVVHHQFRQWUDEDQH[FOXLGDVGHHVWHEHQHILFLR
SHUR OD /H\ GH 7UDEDMR $JUDULR 1ž  HVWDEOHFH OD OLFHQFLD SRU PDWHUQLGDG SDUD HO SHUVRQDO
WHPSRUDULRHQLJXDOHVFRQGLFLRQHVTXHHOUHVWRGHODVWUDEDMDGRUDVVLODOLFHQFLDGHELHUDFRPHQ]DUGXUDQWH
HOWLHPSRGHHIHFWLYDSUHVWDFLyQGHVHUYLFLRV,GpQWLFDVLWXDFLyQWHQtDQODVSHUVRQDVTXHUHDOL]DQWUDEDMR
GRPpVWLFR KDVWDODVDQFLyQGHOQXHYR5pJLPHQ(VSHFLDOGH&RQWUDWRGH7UDEDMRGH&DVDV3DUWLFXODUHV
OD\DPHQFLRQDGD/H\1ž
7DPELpQ H[LVWHQ RWURV UHJtPHQHV TXH DPSOtDQ ORV EHQHILFLRV KDVWD DKRUD H[SXHVWRV FRPR SRU
HMHPSOR ORV TXH UHJXODQ HO WUDEDMR GRFHQWH D QLYHO SURYLQLFLDO (Q HO FDVR GHO HPSOHR S~EOLFR GH OD
SURWHFFLyQ GH ODV \ ORV WUDEDMDGRUHV HVWDWDOHV QDFLRQDOHV ULJH XQ FRQYHQLR FROHFWLYR TXH DPSOtD ORV
EHQHILFLRV GH OD /&7 \D H[SOLFLWDGRV (O SULPHU &RQYHQLR &ROHFWLYR GH 7UDEDMR &&7  SDUD ORV
WUDEDMDGRUHV GHO (VWDGR H[SUHVDPHQWH GLVSRQH HQ VX H[WHQVR DUWtFXOR  TXH ³«TXHGD SURKLELGR HO


 (VWH WHPD QR HV PHQRU GHELGR D TXH RULJLQD FDPELRV HQ HO FRPSRUWDPLHQWR UHSURGXFWLYR GH ODV PXMHUHV TXH WLHQH UHSHUFXVLRQHV
GHPRJUiILFDV \ VRFLDOHV 2,7   /D SRVWHUJDFLyQ GH OD PDWHUQLGDG R OD RSFLyQ SRU QR WHQHU KLMRV VRQ DOJXQDV GH ODV
PDQLIHVWDFLRQHVTXHJHQHUDODWHQVLyQSUHVHQWHHQODFRQFLOLDFLyQHQWUHODVUHVSRQVDELOLGDGHVIDPLOLDUHV\ODERUDOHV

 /DVWUDEDMDGRUDVHPEDUD]DGDVSXHGHQPRGLILFDUHVWRVSHUtRGRVSXHGHQVROLFLWDUWUDEDMDUKDVWDWUHLQWD  GtDVDQWHVGHOSDUWR\SDVDU
ORVTXLQFH  GtDVUHVWDQWHVSDUDFXDQGRQD]FDHOEHEp$VtWLHQHQVHVHQWD  GtDVOXHJRGHOSDUWR(QORVFDVRVTXHHOSDUWRVH
DQWLFLSHORVGtDVGHOLFHQFLDQRJR]DGRVVHVXPDQDOSHUtRGRSRVWHULRUDOSDUWRKDVWDFRPSOHWDUQRYHQWD  GtDV/DVWUDEDMDGRUDV
PDPiVGHXQQLxRFRQVtQGURPHGH'RZQWLHQHQVHLV  PHVHVPiVGHOLFHQFLDFREUDQGRXQDDVLJQDFLyQIDPLOLDULJXDODOVDODULR
TXHOHVFRUUHVSRQGHFXDQGRSUHVWDQVHUYLFLRV

 &XDQGR OD WUDEDMDGRUD SHUFLEH XQD UHPXQHUDFLyQ ILMD HO PRQWR TXH FRUUHVSRQGH DERQDU SRU SDUWH GH $16(6 FRPR DVLJQDFLyQ
IDPLOLDUSRUPDWHUQLGDGHVHTXLYDOHQWHDODUHPXQHUDFLyQEUXWDSRUHOFRQWUDULRVLODWUDEDMDGRUDSHUFLEHXQDUHPXQHUDFLyQYDULDEOH
FRPLVLRQHVKRUDVH[WUDV HQWRQFHVOHFRUUHVSRQGHHOHTXLYDOHQWHDOSURPHGLRGHORV~OWLPRVWUHVPHVHVDQWHULRUHVDODOLFHQFLD

 /D/H\1žTXHHVWDEOHFHXQQXHYRUpJLPHQGHWUDEDMRGRPpVWLFRRWUDEDMRHQFDVDVGHIDPLOLDHTXLSDUDORVGHUHFKRVGH
HVWHVHFWRUFRQHOGHOUHVWRGHORVWUDEDMDGRUHVUHJLVWUDGRVHQWUHRWURVEHQHILFLRVFRQWHPSODODOLFHQFLDSRUPDWHUQLGDGHQVLQWRQtDFRQ
OD/&7SRUGtDV(OSDJRGHOVDODULRORUHDOL]DUtD$16(6FRPRRFXUUHFRQUHVWRGHODVWUDEDMDGRUDVHQUHODFLyQGHGHSHQGHQFLD


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

WUDEDMRGHOSHUVRQDOIHPHQLQRGXUDQWHORVWUHLQWD  GtDVDQWHULRUHVDOSDUWR\KDVWDVHVHQWD  GtDV


FRUULGRVGHVSXpVGHOPLVPR´(QHOFDVRGHQDFLPLHQWRVP~OWLSOHVVHVXPDQGLH]  GtDVFRUULGRVPiV
6L OD PDGUH WLHQH PiV GH GRV KLMRV D SDUWLU GHO QDFLPLHQWR GHO WHUFHU KLMR OD OLFHQFLD WDPELpQ VH
LQFUHPHQWDGLH]  GtDVFRUULGRVSRUFDGDHPEDUD]RVXFHVLYR6LVHDQDOL]DODOLFHQFLDSRUPDWHUQLGDG
HQHOHPSOHRS~EOLFRSURYLQFLDOSXHGHHQFRQWUDUVHTXHYDULDVSURYLQFLDVKDQDYDQ]DGRHQLJXDOVHQWLGR
UHFRQRFLHQGRXQDDPSOLDFLyQGHGHUHFKRVHQODPDWHULD 
/LFHQFLDVLQJRFHGHVXHOGR H[FHGHQFLD $OWHUPLQDUODOLFHQFLDSRUPDWHUQLGDGVHSXHGHSHGLU
XQDOLFHQFLDVLQJRFHGHVXHOGRSRURPHVHVRUHQXQFLDUDOHPSOHR6LVHHOLJHUHQXQFLDUUHFLELUiXQD
LQGHPQL]DFLyQ HTXLYDOHQWH D XQ  GH OD LQGHPQL]DFLyQ RUGLQDULD SRU GHVSLGR LQMXVWLILFDGR 3DUD
VROLFLWDUHVWRVEHQHILFLRVODPXMHUGHEHWHQHUXQDxRGHDQWLJHGDGHQHOWUDEDMR
/LFHQFLD SRU DGRSFLyQ 6ROR DOJXQRV FRQYHQLRV FROHFWLYRV GH WUDEDMR FRQWHPSODQ HVWH GHUHFKR
FRPR SRU HMHPSOR OD DGPLQLVWUDFLyQ S~EOLFD \ HO (VWDWXWR GRFHQWH (Q DOJXQDV GLVSRVLFLRQHV
SURYLQFLDOHV WDPELpQ VH SUHYp OD OLFHQFLD SRU DGRSFLyQ SDUD ODV WUDEDMDGRUDV HVWDWDOHV D SDUWLU GH OD
DFUHGLWDFLyQGHODDGRSFLyQRODJXDUGDFRQILQHVGHDGRSFLyQ(QODPD\RUtDGHODVOHJLVODFLRQHVTXHVt
FRQWHPSODQODOLFHQFLDHVSDUDODVPDGUHVTXHDGRSWDQH[FOXVLYDPHQWH\VyORHQHOFDVRGHODSURYLQFLD
GH&yUGREDDGHPiVFRQWHPSODORVFDVRVGHDGRSFLyQSRUSDUWHGHSDUHMDVGHOPLVPRVH[R 
$OJXQDV GLVSRVLFLRQHV TXH UHJXODQ HO HPSOHR S~EOLFR SURYLQFLDO HVWDEOHFHQ OD OLFHQFLD VLQ
GLVWLQFLyQGHHGDGGHOODDGRSWDGRDHQRWUDVHVGLIHUHQFLDGDGHDFXHUGRDODHGDGGHOODPLVPRD\HQ
RWUDVKDVWDXQOtPLWHHWDULRGHWHUPLQDGR
/LFHQFLDVSRUSDWHUQLGDG/D/&7HVWDEOHFHODOLFHQFLDHVSHFLDOSRUQDFLPLHQWRGHKLMRGHGRV  
FRUULGRV /D PLVPD HV SDJD \ VH FRPSXWDUi QHFHVDULDPHQWH XQ GtD KiELO FXDQGR HO QDFLPLHQWR KD\D
RFXUULGRHQGRPLQJRGtDVQRODERUDEOHVRIHULDGRV5HVSHFWRDODOLFHQFLDSRUSDWHUQLGDGHO(VWDWXWRGHO
'RFHQWHHVWDEOHFHXQDOLFHQFLDGHSDWHUQLGDGGHFLQFR  GtDVSDUDORVSDGUHVODQXHYD/H\GH7UDEDMR
$JUDULR1žUHFRQRFHXQDOLFHQFLDSDUHQWDOSDJDGHGtDVFRUULGRV TXHSRGUiVHUXWLOL]DGD
HQWUHORVGtDVDQWHULRUHVDOSDUWRKDVWDORVPHVHVSRVWHULRUHVDOQDFLPLHQWR \HQOD$GPLQLVWUDFLyQ
3~EOLFD1DFLRQDOGHGtDV &&7 
3HUPLVRVGHODFWDQFLD/DVWUDEDMDGRUDVJR]DQGHGRVGHVFDQVRVGHPHGLDKRUDGXUDQWHODMRUQDGD
GH WUDEDMR SDUD DPDPDQWDU GXUDQWH XQ DxR D SDUWLU GHO QDFLPLHQWR VDOYR TXH SRU LQGLFDFLyQ PpGLFD
GHELHUDSURORQJDUVH (QHOVHFWRUS~EOLFRQDFLRQDOODVWUDEDMDGRUDVHVWDWDOHVJR]DQGHGRVGHVFDQVRVGH
XQDKRUDGLDULDKDVWDORVGRFHPHVHVGHOQLxRRQLxDFRQODRSFLyQGHUHGXFLUODMRUQDGDODERUDOHQGRV
KRUDV &&7 (QHOHPSOHRS~EOLFRSURYLQFLDOVHUHFRQRFHQDPERVUHJtPHQHVFRQDOJXQDVYDULDQWHVGHO
UpJLPHQTXHHVWDEOHFHOD/&7HQJHQHUDO\HOGHO&&7TXHUHJXODHOHPSOHRS~EOLFRQDFLRQDO(QHVWH
VHQWLGR SXHGH FDUDFWHUL]DUVH DO SHUPLVR R GHUHFKR GH ODFWDQFLD WHQLHQGR HQ FXHQWD OD GXUDFLyQ R
UHGXFFLyQ KRUDULDGLDULD\ODH[WHQVLyQHQHOWLHPSRGHOEHQHILFLR'HVGHHOSXQWRGHYLVWDGHODGXUDFLyQ
KRUDULDGLDULDODVUHJXODFLRQHVSODQWHDQGHVFDQVRVRUHGXFFLyQKRUDULDGHHQWUH\KRUDVGHODMRUQDGD
GLDULD ODERUDO 5HVSHFWR D OD H[WHQVLyQ YDUtD HQWUH SURYLQFLDV TXH UHFRQRFHQ  PHVHV SRVWHULRUHV D OD
OLFHQFLDGHPDWHUQLGDGKDVWDDxRV
/LFHQFLDV SDUHQWDOHV /D /&7 HVWDEOHFH XQD VHULH GH OLFHQFLDV SRU QHFHVLGDGHV IDPLOLDUHV WDOHV
FRPROLFHQFLDGHGtDVSRUPXHUWHGHKLMRFyQ\XJHSDGUHVGHUHFKRDH[FHGHQFLDSRUHQIHUPHGDGGHO
KLMR H[FOXVLYRGHODPXMHU PHVHVGHOLFHQFLDSRUKLMRFRQ6tQGURPHGH'RZQ GHUHFKRH[FOXVLYRGH
OD PXMHU  (Q HO FDVR GH HPSOHR S~EOLFR HQ FDPELR VH HVWDEOHFHQ  GtDV FRUULGRV GH OLFHQFLD SDUD
WUDEDMDGRUHVFRQKLMRVPHQRUHVGHHGDGHQFDVRGHIDOOHFHUODPDGUHSDGUHRWXWRU DUW&&7 \SDUD
DWHQFLyQ GH XQ PLHPEUR GHO JUXSR IDPLOLDU TXH VH HQFXHQWUH HQIHUPR R DFFLGHQWDGR KDVWD  GtDV


 (QPX\SRFDVSURYLQFLDV VyOR ODOLFHQFLDSRUPDWHUQLGDGFRQWLQ~DVLHQGRGHGtDVHVWDVVRQ(QWUH5tRV6DOWD6DQ/XLV7XFXPiQ
-XMX\\%XHQRV$LUHVDXQTXHHQHVWDV~OWLPDVVHHQFXHQWUDHQWUiPLWHVXH[WHQVLyQ6HQRWDFLHUWDWHQGHQFLDDGHWHUPLQDUODOLFHQFLDSRU
PDWHUQLGDGHQHOUDQJRGHDGtDVFRPRSRUHMHPSORHQGHODVMXULVGLFFLRQHVHQODVSURYLQFLDVGH0LVLRQHV\6DQWD)HGH
FLHQWRWUHLQWD\FLQFR  GtDV\ODVSURYLQFLDVGH/D3DPSD&DWDPDUFD&KXEXW/D5LRMD1HXTXpQ6DQWLDJRGHO(VWHUR6DQ-XDQ\
0HQGR]D TXH OD OLFHQFLD SRU PDWHUQLGDG HV GH FLHQWR YHLQWH   GtDV HQ)RUPRVD GH  R HQ &$%$ GH  GtDV 3RU ~OWLPR VH
HQFXHQWUDQDTXHOODVSURYLQFLDVTXHHVWDEOHFHQXQDOLFHQFLDPiVDPSOLDODVSURYLQFLDVGH&yUGRED6DQWD&UX]&RUULHQWHV5tR1HJUR\
&KDFRFRQGtDV\7LHUUDGHO)XHJRFRQGtDVWRGDVHQXQUDQJRPD\RUDGtDV

 'HFUHWRGHSURPXOJDFLyQGHOD/H\3URYLQFLDO


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

FRUULGRV SRU DxR FDOHQGDULR FRQWLQXRV R GLVFRQWLQXRV HO SOD]R SXHGH SURUURJDUVH VLQ JRFH GH VXHOGR
KDVWDXQPi[LPRGHGtDV 
$\XGDV PRQHWDULDV $ ORV HPSOHDGRVDV S~EOLFRV VH OHV EULQGD XQD D\XGD HFRQyPLFD TXH
IXQFLRQD FRPR XQ UHLQWHJUR  SDUD DTXHOORV TXH WLHQHQ KLMRV HQWUH  GtDV \  DxRV GH HGDG FXPSOLGRV
DQWHV GHO  GH MXQLR GH FDGD DxR \ TXH FRQFXUUHQ D MDUGLQHV PDWHUQDOHV R JXDUGHUtDV (VWH EHQHILFLR
FRUUHVSRQGH WDQWR D YDURQHV FRPR D PXMHUHV $ VX YH] OD /&7 SUHYp OD SURYLVLyQ GH VHUYLFLRV GH
FXLGDGR HQ HO OXJDU GH WUDEDMR SDUD DTXHOODV HPSUHVDV TXH FXHQWHQ FRQ  R PiV PXMHUHV HPSOHDGDV
DVLJQDWXUDSHQGLHQWHHQODPD\RUtDGHORVFDVRV\DTXHHVWDGLVSRVLFLyQQXQFDKDVLGRUHJODPHQWDGD
(QVtQWHVLVWRGDODUHJXODFLyQGHVFULSWDVHFRQFHQWUDVREUHODSURWHFFLyQGHODPDGUHWUDEDMDGRUD
HQ WDQWR DVDODULDGD IRUPDO \ SDUD HO SHUtRGR GH JHVWDFLyQ DOXPEUDPLHQWR SRVSDUWR \ ODFWDQFLD VLQ
FRQWHPSODUODFULDQ]D\ODVGHPDQGDVGHFXLGDGRGHORVQLxRVHQGLFKDHWDSD$VLPLVPRODOHJLVODFLyQ
ODERUDOUHIXHU]D\UHDILUPDORVUROHVWUDGLFLRQDOHVGHODVPDGUHVHQHOFXLGDGRGHORVKLMRV
 6HUYLFLRVHVSHFtILFRVGHFXLGDGR
'HDFXHUGRDLQIRUPDFLyQRILFLDOGHORV~OWLPRVUHOHYDPLHQWRV\HQFXHVWDVUHDOL]DGRVVXUJHTXHGHORV
QLxRVDVGHDDxRVTXHKD\HQHOSDtVTXHQRDVLVWHQDQLQJ~QHVWDEOHFLPLHQWR\
GH HVWH XQLYHUVR HO  H[SUHVD TXH QR OR KDFH SRU GHFLVLyQ SURSLD HQ OD PD\RUtD GH ORV FDVRV VH
UHVXHOYH HO FXLGDGR GHQWUR GH OD IDPLOLD R HO EDUULR  'H ORV  TXH DVLVWHQ D DOJ~Q
HVWDEOHFLPLHQWR  FRQFXUUHQ D LQVWLWXFLRQHV GHO VLVWHPD IRUPDO \  DOVLVWHPD QR IRUPDO
'HO UHOHYDPLHQWR D QLYHO LQVWLWXFLRQDO VXUJH OD H[LVWHQFLD GH  LQVWLWXFLRQHV IRUPDOHV \  GHO
VLVWHPDQRIRUPDO 9HU*UiILFR 


*5È),&2
&2%(5785$6(59,&,26'(&8,'$'2,1)$17,/



 



$VLVWHQDHVWDEOHFLPLHQWRVGHHGXFDFLyQIRUPDO $VLVWHQDHVWDEOHFLPLHQWRVHLQVWLWXFLRQHVQRIRUPDOHV
6XEWRWDODVLVWHQ 1RDVLVWHQ

)XHQWH'LUHFFLyQGH*HVWLyQ&',&RPXQLWDULRV6(11$)

/DV SULQFLSDOHV LQWHUYHQFLRQHV TXH DFWXDOPHQWH VH HVWiQ GHVDUUROODQGR D QLYHO QDFLRQDO SDUD
SURPRYHU VHUYLFLRV GH FXLGDGR LQIDQWLO VRQ HO \D PHQFLRQDGR 3URJUDPD 3ULPHURV $xRV JHVWLRQDGR
GHVGHHOVHQRGHO&1&36 \HOPiVUHFLHQWH³&UHFLHQGRMXQWRV´ OLGHUDGRSRUOD6(11$) 6HWUDWDGH
LQWHUYHQFLRQHV GHVWLQDGDV D IRUWDOHFHU OD SUiFWLFD GHO FXLGDGR SDUD OD SULPHUD LQIDQFLD HQ DTXHOORV
KRJDUHVFRQPD\RUHVGLILFXOWDGHVHFRQyPLFDV\TXHSRUHQGHQRSXHGHQUHFXUULUDFRPSUDUHVHVHUYLFLR
HQ HO PHUFDGR (VWD ~OWLPD HV XQD LQLFLDWLYD FRQMXQWD GH ORV PLQLVWHULRV GH 'HVDUUROOR 6RFLDO \ GH
(GXFDFLyQGHOD1DFLyQEXVFDSURPRYHU\IRUWDOHFHUHOFUHFLPLHQWR\GHVDUUROORQXWULFLRQDOHPRFLRQDO
VRFLDO \ PRWUL]GH QLxRV \ QLxDV GHVGH VX QDFLPLHQWR KDVWD ORV  DxRV 0HGLDQWH XQ SODQ GH WUDEDMR
DUWLFXODGR TXH VH SURSRQH FRQVWUXLU UHIDFFLRQDU DPSOLDU \HTXLSDU PLOHV GH HVSDFLRV GH DWHQFLyQ D OD
SULPHUD LQIDQFLD HQ WRGR HO SDtV FRQ HO REMHWLYR GH PHMRUDU ODV FRQGLFLRQHV GH DWHQFLyQ FXLGDGR \
HGXFDFLyQGHQLxRV\QLxDV


CEPAL - Serie Políticas Sociales N° 186 Protección social para la infancia y la adolescencia en la Argentina...

Para fortalecer las políticas públicas orientadas a la primera infancia en el marco del Sistema de
Protección Integral de Derechos de Niños, Niñas y Adolescentes, se dictó oportunamente la Ley de
Centros de Desarrollo Infantil (Ley Nº 26.233/05) que tiene por objeto la promoción y regulación de los
Centros como espacios de atención integral para niños y niñas de hasta 4 años de edad, así como
también, instalar capacidades que favorezcan la promoción y protección de los derechos de los chicos/as
en el ámbito familiar y comunitario. Se traduce institucionalmente en nuevos organismos creados en el
ámbito de la SENNAF, como por ejemplo la Dirección de Gestión de CDI Comunitarios, que entre sus
líneas de acción construye espacios de trabajo conjunto entre organizaciones comunitarias y actores
locales, provinciales y nacionales, con el objeto de capacitar a los recursos humanos que se desempeñan
en los centros y proveer de material didáctica e infraestructura adecuada. Asimismo, dentro de la propia
SENNAF se creó la Comisión de promoción y asistencia de los CDI dentro de la SENNAF para
coordinar el trabajo interjurisdiccional, lo cual conlleva el reto de cómo articular enfoques y saberes
muchas veces en tensión entre las áreas de desarrollo social y las del sistema educativo (este último bajo
responsabilidad provincial).

40
&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

,, ,QVWLWXFLRQDOLGDGHQPDWHULDGHLQIDQFLD
\DGROHVFHQFLD

(O QXHYR PDUFR MXUtGLFR SDUD ODV SROtWLFDV S~EOLFDV GH LQIDQFLD \ DGROHVFHQFLD VH H[SUHVy WDO OR
REVHUYDGRHQHOGLVHxR\SXHVWDHQPDUFKDGHLQWHUYHQFLRQHVHVSHFtILFDV\WDPELpQHQUHIRU]DUODRIHUWD
GHVHUYLFLRV PiVXQLYHUVDOHVTXHHQVXFRQGLFLyQGHWDODIHFWDQODFDOLGDGGHYLGDGHHVWDSDUWHGHOD
SREODFLyQ (O HQWUDPDGR OHJDO D\XGy WDPELpQ D OD GHILQLFLyQ GH ORV RUJDQLVPRV GH DSOLFDFLyQ \ VXV
iPELWRVGHFRRUGLQDFLyQJHQHUDQGRDYDQFHVHQSUHFLVDUTXLpQHVGHEHQHMHUFHUODIXQFLyQGHUHFWRUtDHQ
HVWHFDPSRGHJHVWLyQS~EOLFD
(VWHHQIRTXHLPSOLFDFODURHVWiODGHILQLFLyQ\SXHVWDHQPDUFKDGHXQDQXHYDLQVWLWXFLRQDOLGDG
HQ PDWHULD GH SROtWLFDV S~EOLFDV GLULJLGDV D QLxRV QLxDV \ DGROHVFHQWHV TXH LQYROXFUD DO FRQMXQWR GH
RUJDQLVPRVHQWLGDGHV\VHUYLFLRVTXHIRUPXODQFRRUGLQDQRULHQWDQVXSHUYLVDQHMHFXWDQ\FRQWURODQODV
SROtWLFDVSURJUDPDV\DFFLRQHVHQORVWUHVQLYHOHVMXULVGLFFLRQDOHVGHJRELHUQRGHVWLQDGRVDSURPRYHU
SUHYHQLU DVLVWLU SURWHJHU UHVJXDUGDU \ UHVWDEOHFHU ORV GHUHFKRV GH HVWD SREODFLyQ 7DPELpQ D\XGy D
HVWDEOHFHUORVPHGLRVDWUDYpVGHORVFXDOHVVHGHEHDVHJXUDUHOHIHFWLYRJRFHGHORVGHUHFKRV\JDUDQWtDV
UHFRQRFLGRVHQOD&RQVWLWXFLyQ1DFLRQDOOD&RQYHQFLyQVREUHORV'HUHFKRVGHO1LxR\GHPiVWUDWDGRV
GH'HUHFKRV+XPDQRVUDWLILFDGRVSRUOD$UJHQWLQD
3RU OR LQGLFDGR HV FODUR TXH OD H[LVWHQFLD GHO 6LVWHPD GH3URPRFLyQ \ 3URWHFFLyQGH 'HUHFKRV
REOLJD D UHSHQVDU \ FRQRFHU ODV FRPSHWHQFLDV GH FDGD iUHD X RUJDQLVPR GHO (VWDGR SDUD HYLWDU
LQWHUYHQFLRQHVLQFRQH[DV(VWH6LVWHPDWLHQHHQFXHQWDHOFDUiFWHUIHGHUDOGHJRELHUQRTXHKDFHTXHODV
GLVWLQWDVSURYLQFLDVGHEDQDGKHULUVHDOD/H\\RGLFWDUVXVSURSLDVOHJLVODFLRQHVHQVLQWRQtDFRQ
HO QXHYR SDUDGLJPD GH SURWHFFLyQ LQWHJUDO /D &RQVWLWXFLyQ 1DFLRQDO HVWDEOHFH XQ HVTXHPD GH
GLVWULEXFLyQ GH SRGHUHV TXH FRQWHPSOD IDFXOWDGHV GHOHJDGDV D ODV SURYLQFLDV TXH SXHGHQ GLFWDU VXV
SURSLDV QRUPDV GH FDUiFWHU SURFHVDO \ DERUGDU FXHVWLRQHV GH FRPSHWHQFLD QDFLRQDO VLHPSUH \ FXDQGR
SODQWHHQXQSOXVGHSURWHFFLyQDORVGHUHFKRV\DHVWDEOHFLGRV
(QODPD\RUtDGHODVSURYLQFLDVVHKDDMXVWDGRODQRUPDWLYDDODVGLVSRVLFLRQHVGHOD&'1VHKDQ
FUHDGRORV6LVWHPDVGH3URWHFFLyQDQLYHOSURYLQFLDO\ORFDOHLQFOXVRHQDOJXQDVVHKDDYDQ]DGRHQOD
GHILQLFLyQ GHO 6LVWHPD GH 5HVSRQVDELOLGDG 3HQDO -XYHQLO SDUD DTXHOORV DGROHVFHQWHV GH HQWUH  \ 
DxRVTXHLQIULQJHQODOH\


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

$SDUWLUGHODQXHYDOHJLVODFLyQFXDQGRORVGHUHFKRVGHOQLxRVHYHQDPHQD]DGRVRYXOQHUDGRVVH
YHQ LQYROXFUDGRV WRGRV ORV RUJDQLVPRV GH OD DGPLQLVWUDFLyQ S~EOLFD EDMR HO SULQFLSLR GH
FRUUHVSRQVDELOLGDGLQVWLWXFLRQDO 

$ /RVSULQFLSDOHVDFWRUHVGHO6LVWHPD
(Q $UJHQWLQD \ WDO FyPR \D IXHURQ VLHQGR HQXQFLDGRV VRQ P~OWLSOHV ORV DFWRUHV LQYROXFUDGRV HQ OD
SURWHFFLyQVRFLDOHQJHQHUDO\HQODSURWHFFLyQVRFLDODODQLxH]\ODDGROHVFHQFLDHQSDUWLFXODU/D/H\
GH3URWHFFLyQ ,QWHJUDO 1ž  GHWHUPLQD FODUDPHQWH OD LQVWLWXFLRQDOLGDG UHTXHULGD SDUD JHQHUDU XQD
FUHFLHQWHDUWLFXODFLyQHQWUHHO6LVWHPDGHSURWHFFLyQLQWHJUDOGHGHUHFKRVGHQLxH]\DGROHVFHQFLDFRQHO
UHVWR GH VXEVLVWHPDV GH SURWHFFLyQ VRFLDO LQYROXFUDGRV HQ OD WHPiWLFD VDOXG HGXFDFLyQ VHJXULGDG
VRFLDOHWF GHPDQHUDKRUL]RQWDO\YHUWLFDO'LFKDQRUPDLPSOLFDDVLPLVPRDYDQFHVLQFRQFOXVRVHQOD
FRQVWUXFFLyQGHXQDUHFWRUtD\FRRUGLQDFLyQDFRUGHDODFRPSOHMLGDGGHODSUREOHPiWLFDDHQIUHQWDU
(QXQSDtVIHGHUDOGRQGHFDGDSURYLQFLDUHWLHQHIDFXOWDGHVQRGHOHJDGDVDOJRELHUQRQDFLRQDOHV
IXQGDPHQWDO XQ HVSDFLR GH FRQFHUWDFLyQ SDUD OD SURPRFLyQ GH DGHFXDFLRQHV QRUPDWLYDV \ SROtWLFDV D
QLYHOQDFLRQDOGHODVSURYLQFLDV\PXQLFLSLRVGHPDQHUDTXHODVLQVWLWXFLRQHV\PDUFRVMXUtGLFRVVHDQ
DUPyQLFRV \UHVSHWXRVRVGHORVGHUHFKRVSULQFLSLRV\JDUDQWtDVFRQVDJUDGRVHQOD&RQYHQFLyQ\HQOD
OH\ QDFLRQDO (O DILDQ]DPLHQWR GHO VLVWHPD QDFLRQDO GH SURWHFFLyQ LQWHJUDO GH GHUHFKRV \ VX UHDO
LPSOHPHQWDFLyQHLQWHJUDOLGDGHQODWRWDOLGDGGHOWHUULWRULRGHODDUJHQWLQDGHSHQGHHQEXHQDPHGLGDGH
TXHVHFRQFUHWHHQWRGDVODSURYLQFLDVODFRQVWUXFFLyQGHXQVLVWHPDORFDOGHSURWHFFLyQLQWHJUDOGHOD
LQIDQFLD 0RUODFKHWWL 
(VWHHVXQDVSHFWRVREUHHOFXDOHO&RPLWpGHORV'HUHFKRVGHO1LxRKDSXHVWRpQIDVLVUHTXLULHQGR
DO(VWDGR$UJHQWLQRTXHJDUDQWLFHODSOHQDYLJHQFLDGHODVUHIRUPDVOHJDOHVGHO(VWDGRSDUWHHQWRGDVODV
SURYLQFLDV \ TXH WRPH WRGDV ODV PHGLGDV QHFHVDULDV SDUD TXH VH HVWDEOH]FD HQ ORV iPELWRV QDFLRQDO \
SURYLQFLDO HO PDUFR LQVWLWXFLRQDO \ DGPLQLVWUDWLYR DGHFXDGR SDUD OD DSOLFDFLyQ GH OD /H\ 1ž 
&G'1 $UJ  SDU   (Q HVWH VHQWLGR OD LQVWLWXFLRQDOLGDG GHO SDtV HQ PDWHULD GH OD 3URWHFFLyQ
,QWHJUDOSDUD,QIDQFLD\DGROHVFHQFLDLQYROXFUDDGLIHUHQWHVDFWRUHVHQORVVLJXLHQWHVQLYHOHV
1DFLRQDO /D 6HFUHWDUtD GH 1LxH] $GROHVFHQFLD \ )DPLOLD 6(1$))  HV HO RUJDQLVPR
HVSHFLDOL]DGRHQHOiPELWRGHO3RGHU(MHFXWLYR1DFLRQDO7DPELpQHVWiQLQYROXFUDGRVRWURVPLQLVWHULRV
TXHGHVDUUROODQDFFLRQHVYLQFXODGDVD,QIDQFLD\DGROHVFHQFLD
)HGHUDO (O &RQVHMR )HGHUDO GH 1LxH] $GROHVFHQFLD \ )DPLOLD &2)(1$)  HV HO yUJDQR GH
DUWLFXODFLyQ\FRQFHUWDFLyQSDUDHOGLVHxRSODQLILFDFLyQ\HIHFWLYL]DFLyQGHSROtWLFDVS~EOLFDVHQWRGRHO
WHUULWRULRQDFLRQDO 
3URYLQFLDO/RVRUJDQLVPRVTXHWLHQHFDGDSURYLQFLDSDUDODSODQLILFDFLyQ\HMHFXFLyQGHSROtWLFDV
S~EOLFDVSDUDHVWDSREODFLyQ
7DPELpQH[LVWHQRWUDVILJXUDVLQVWLWXFLRQDOHVFRQJUDGRYDULDEOHGHLQVWUXPHQWDFLyQSUiFWLFD
1DFLRQDO6HFUHWDUtD1DFLRQDOGH1LxH]$GROHVFHQFLD\)DPLOLD 6(11$) 
(VWDLQVWDQFLDHVHOyUJDQRHVSHFLDOL]DGRHQPDWHULDGHGHUHFKRVGHODQLxH]\ODDGROHVFHQFLDGHO
3RGHU(MHFXWLYR1DFLRQDO\TXHDVXPHHOUROUHFWRUGHODVSROtWLFDVS~EOLFDVHQODPDWHULDVHJ~Q'HFUHWR
3(1  6H HQFXHQWUD GHQWUR GH OD yUELWD GHO 0LQLVWHULR GH'HVDUUROOR 6RFLDO GH OD 1DFLyQ&DEH
GHVWDFDU FRPR XQ DVSHFWR FUtWLFR GH VXV FDSDFLGDGHV GH DFFLyQ TXH FXHQWD FRQ XQ 6LVWHPD
$GPLQLVWUDWLYR )LQDQFLHURSURSLRPHGLDQWHHOPLVPRUHFLEHXQDSDUWLGDSUHVXSXHVWDULDDXWyQRPDTXH


 /D OyJLFD GH OD FRUUHVSRQVDELOLGDG LQGLFD TXH XQD GH ODV SULQFLSDOHV WDUHDV GH ORV yUJDQRV DGPLQLVWUDWLYRV GH QLxH] GH WRGRV ORV
QLYHOHV 6HUYLFLRV =RQDOHV \ /RFDOHV  HV ³VXVWLWXLU OD SUiFWLFD GH GHULYDFLyQ GH FDVRV HQWUH LQVWLWXFLRQHV SRU OD FRQVWUXFFLyQ GH
UHODFLRQHV GH FRUUHVSRQVDELOLGDG H LQWHUGHSHQGHQFLD HQWUH ODV PLVPDV FRQ HO REMHWR GH SURPRYHU SURWHJHU \ UHVWLWXLU GHUHFKRV HQ
IRUPDLQWHJUDO´ -*081,&() 

 6LELHQVHORSUHVHQWDDTXtFRPRXQRGHORVDFWRUHVFODYHVGHOVLVWHPDVXDERUGDMHPiVGHWDOODGRVHKDUiHQODVLJXLHQWHVXEVHFFLyQ
GHVWLQDGD D UHYLVDU iPELWRV GH FRRUGLQDFLyQ (V MXVWDPHQWH HO &2)(1$) HO HVSDFLR HQ HO FXDO ODV DXWRULGDGHV QDFLRQDOHV \
SURYLQFLDOHVDYDQ]DQHQODDUWLFXODFLyQGHSROtWLFDV\SURJUDPDVGLULJLGRVD,QIDQFLD\DGROHVFHQFLD


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

OH SHUPLWH HMHFXWDU VXV UHFXUVRV GH PDQHUD PiV iJLO TXH HO UHVWR GH LQVWDQFLDV GH GLFKD FDUWHUD
PLQLVWHULDO'HDFXHUGRDORGLVSXHVWRHQODQRUPDWLYDORVIRQGRVGHGLFKRSUHVXSXHVWRQRSXHGHQVHU
LQIHULRUHVDSUHYLVLRQHVSUHVXSXHVWDULDVDQWHULRUHV\WLHQHQXQFDUiFWHULQWDQJLEOH 
/D 6(11$) WLHQH FRPR REMHWLYRV SURPRYHU SROtWLFDV TXH JDUDQWLFHQ HO DGHFXDGR GHVDUUROOR
SVLFROyJLFR DIHFWLYR VRFLDO H LQWHOHFWXDO GH QLxRV QLxDV \ DGROHVFHQWHV FRQ HVSHFLDO pQIDVLV HQ OD
DWHQFLyQGHODSULPHUDLQIDQFLD\DFFLRQHVGHVWLQDGDVDIRUWDOHFHUORVGHUHFKRVGHORVDGXOWRVPD\RUHV
SURSHQGLHQGR VX LQVHUFLyQ HQ OD IDPLOLD \ HQ OD FRPXQLGDG GHVGH XQD SHUVSHFWLYD GH LQWHJUDOLGDG
SURPRYHUHOGHVDUUROORGHLQYHVWLJDFLRQHVHQODPDWHULD\UHSUHVHQWDUDO(VWDGR1DFLRQDOHQODViUHDVGH
FRPSHWHQFLD EULQGDU DSR\R D ODV 21* \ GHILQLU OtQHDV UHFWRUDV GH IXQFLRQDPLHQWR SDUD WRGDV ODV
LQVWLWXFLRQHVS~EOLFDVRSULYDGDVDVtFRPRRIUHFHUFDSDFLWDFLyQ\DVLVWHQFLDWpFQLFDSURPRYHUSROtWLFDV
DFWLYDV GH SURPRFLyQ GH ORV GHUHFKRV GH QLxRV DGROHVFHQWHV \ VXV IDPLOLD \ RUJDQL]DU XQ VLVWHPD GH
LQIRUPDFLyQ~QLFR\GHVFHQWUDOL]DGRTXHLQFOX\DLQGLFDGRUHVSDUDHOPRQLWRUHRHYDOXDFLyQ\FRQWUROGH
ODVSROtWLFDV\SURJUDPDVGHQLxH]DGROHVFHQFLD\IDPLOLD
8QDVSHFWRLQVWLWXFLRQDOLPSRUWDQWHSDUDREVHUYDUODVFRQGLFLRQHVGHSRVLELOLGDGGHFXPSOLUFRQ
REMHWLYRVFRPRORVLQGLFDGRVORUHSUHVHQWDHOKHFKRGHTXHOD6(11$)HVPLHPEURWLWXODUGHO&RQVHMR
1DFLRQDOGH&RRUGLQDFLyQGH3ROtWLFDV6RFLDOHVHVSDFLRLQVWLWXFLRQDOHQHOTXHSDUWLFLSDQGHSHQGHQFLDV
FRQUDQJRVPLQLVWHULDOHV 
3URYLQFLDOÏUJDQRVDGPLQLVWUDWLYRVGHSURWHFFLyQSURYLQFLDOHV\GHVFHQWUDOL]DGRV
/D /H\ 1ž  LQYLWD D ODV SURYLQFLDV D DGHFXDU VXV OHJLVODFLRQHV D ORV SULQFLSLRV \
RULHQWDFLRQHV GH OD OH\ QDFLRQDO \ D FUHDU ORV yUJDQRV DGPLQLVWUDWLYRV GH SURWHFFLyQ GH DFXHUGR D VX
RUGHQDPLHQWRSROtWLFRLQVWLWXFLRQDOSURYLQFLDOFDUDFWHUtVWLFDVJHRJUiILFDVUHJLRQDOHVGHPRJUiILFDVHWF
6LQHPEDUJRDOJXQDVSURYLQFLDV\DKDEtDQDGHFXDQGRVXQRUPDWLYDDOD&RQYHQFLyQPXFKRDQWHVFRPR
SRU HMHPSOR 0HQGR]D   &LXGDG $XWyQRPD GH %XHQRV $LUHV   &KXEXW   1HXTXpQ
 6DOWD  7LHUUDGHO)XHJR  0LVLRQHV  6DQ-XDQ  \%XHQRV$LUHV  

*5È),&2
$'(&8$&,Ï11250$7,9$'(/$63529,1&,$6$/$/(<'(3527(&&,Ï1,17(*5$/








1RDGHFXDGDVDODOH\ /H\GHDGKHVLyQ
/H\GH3URWHFFLyQ,QWHJUDO /H\GH3URWHFFLyQ,QWHJUDO\UHJODPHQWDFLyQ

)XHQWH'LUHFFLyQGH*HVWLyQ&',&RPXQLWDULRV6(11$)




 +DVWD OD LPSOHPHQWDFLyQ GH OD /H\ 1ƒ  HO SUHVXSXHVWR GHO H[ &RQVHMR GH 1LxH] $GROHVFHQFLD \ )DPLOLD VH HQFRQWUDED
YLQFXODGR SULQFLSDOPHQWH FRQ OD DVLVWHQFLD GLUHFWD HQ LQVWLWXFLRQHV SURSLDV 'H HVWH PRGR OD PD\RU SDUWH GH VXV DFFLRQHV HUDQ
HMHFXWDGDVHQHOiPELWRWHUULWRULDOFRUUHVSRQGLHQWHDODSURYLQFLDGH%XHQRV$LUHV\DOD&LXGDG$XWyQRPDGH%XHQRV$LUHVGDGR
TXHODVLQVWLWXFLRQHVSURSLDVVHHQFRQWUDEDQXELFDGDVHQGLFKDVMXULVGLFFLRQHV

 6HDERUGDUiHVWHiPELWRPiVDGHODQWHDODQDOL]DUODWHPiWLFDGHODFRRUGLQDFLyQGHSROtWLFDVS~EOLFDVSDUD,QIDQFLD\DGROHVFHQFLD


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

$FWXDOPHQWH  GH ORV  GLVWULWRV FXHQWDQ FRQ XQ PDUFR QRUPDWLYR SURYLQFLDO HVSHFtILFR HQ
PDWHULDGHQLxH]\DGROHVFHQFLD\KDQDGHFXDGRVXLQVWLWXFLRQDOLGDGDOHVStULWXGHODOH\QDFLRQDO FRQ
GLVWLQWRVQLYHOHVGHGHVDUUROOR YHUJUiILFR 
7RGDV DTXHOODV MXULVGLFFLRQHV TXH FXHQWDQ FRQ /H\ 3URYLQFLDO GH 3URWHFFLyQ ,QWHJUDO HVWDEOHFHQ
FODUDPHQWH OD DXWRULGDG GH DSOLFDFLyQ ORV yUJDQRV GH SURWHFFLyQ DGPLQLVWUDWLYRV \ HO 6LVWHPD GH
3URWHFFLyQGH'HUHFKRV$TXHOODVSRFDVTXHD~QQRKDQDGHFXDGRVXQRUPDWLYDDVXPHQODVIXQFLRQHV
GH SODQLILFDFLyQ \ FRRUGLQDFLyQ GH ODV SROtWLFDV GH QLxH] \ DGROHVFHQFLD GHVGH ODV GHSHQGHQFLDV
DGPLQLVWUDWLYDVH[LVWHQWHVTXHYDUtDQHQJUDGRGHMHUDUTXtD\IRUPDOLGDG
2UJDQLVPRVGHVFHQWUDOL]DGRV
/DVSURYLQFLDVFHOHEUDQFRQYHQLRVFRQPXQLFLSLRV\FRPXQDVSDUDODFRQVHFXFLyQGHVXVDFFLRQHV
H LPSOHPHQWDQ PHFDQLVPRV GH VHJXLPLHQWR GH SURJUDPDV HQ DUWLFXODFLyQ FRQ ODV RUJDQL]DFLRQHV QR
JXEHUQDPHQWDOHVGHLQIDQFLD\DGROHVFHQFLD
(QDOJXQDVSURYLQFLDVHO6LVWHPDGH3URWHFFLyQ,QWHJUDOVHFRPSOHPHQWDFRQODGLVWULEXFLyQGH
yUJDQRVGHVFHQWUDOL]DGRV 6HUYLFLRV5HJLRQDOHVR=RQDOHV TXHDFW~DQHQFRRUGLQDFLyQFRQORVyUJDQRV
DGPLQLVWUDWLYRV PXQLFLSDOHV 6HUYLFLRV /RFDOHV  R HQ UHHPSOD]R GH HOORV FXDQGR QR VH HQFXHQWUD
FRQIRUPDGDODDXWRULGDGORFDOHQODPDWHULD(VWRVVHUYLFLRVGHVFHQWUDOL]DGRVGHSHQGHQGHODDXWRULGDG
GHDSOLFDFLyQGHOQLYHOSURYLQFLDO \ WLHQHQLQMHUHQFLDVREUHYDULRV PXQLFLSLRVGHDFXHUGRDOFULWHULRGH
UHJLRQDOL]DFLyQDGRSWDGRSRUFDGDSURYLQFLD /RV6HUYLFLRV5HJLRQDOHVVXSHUYLVDQODDGRSFLyQGHODV
PHGLGDV H[FHSFLRQDOHV LPSOHPHQWDGDV SRU ORV 6HUYLFLRV /RFDOHV R LPSOHPHQWDQ GLUHFWDPHQWH ODV
PHGLGDVFXDQGRHOPXQLFLSLRQRKDDGKHULGRDO6LVWHPDGH3URWHFFLyQ YHU&XDGUR 

&8$'52
6,67(0$'(3527(&&,Ï1'('(5(&+2625*$1,6026$'0,1,675$7,926/2&$/(6

3URYLQFLD 1RUPDWLYDYLJHQWH 6HUYLFLRVGHSURWHFFLyQLQWHJUDO

%XHQRV$LUHV /H\ VHUYLFLRV]RQDOHV\VHUYLFLRVORFDOHV

&DWDPDUFD /H\  6LQyUJDQRVDGPLQLVWUDWLYRVGHVFHQWUDOL]DGRV

&LXGDG$XWyQRPD
/H\ GHIHQVRUtDVGHVFHQWUDOL]DGDV
GH%XHQRV$LUHV
&yUGRED /H\ XQLGDGHVGHGHVDUUROORUHJLRQDO

&RUULHQWHV /H\  6LQyUJDQRVDGPLQLVWUDWLYRVGHVFHQWUDOL]DGRV

&KDFR /H\  6LQyUJDQRVDGPLQLVWUDWLYRVGHVFHQWUDOL]DGRV

&KXEXW /H\ VHUYLFLRVPXQLFLSDOHV

VHUYLFLRVGHSURWHFFLyQGHGHUHFKRV\FRRUGLQDFLRQHV
(QWUH5tRV /H\ GHSDUWDPHQWDOHV\FRQYHQLRVFRQPXQLFLSLRV

/H\VLQOH\GH
)RUPRVD 6LQyUJDQRVDGPLQLVWUDWLYRVGHVFHQWUDOL]DGRV
SURWHFFLyQGHGHUHFKRV
/H\VLQOH\GH
-XMX\ VHUYLFLRVGHVFHQWUDOL]DGRVSURYLQFLDOHV
SURWHFFLyQGHGHUHFKRV
/D3DPSD /H\ GHOHJDFLRQHVSURYLQFLDOHVGHVFHQWUDOL]DGDV



 (Q XQ HVWXGLR UHFLHQWH GHO 'HIHQVRU GH 'HUHFKRV GHO 3XHEOR   VH DQDOL]D HO PDUFR QRUPDWLYR GH ODV  MXULVGLFFLRQHV \ VH
GHVWDFD TXH VyOR  SURYLQFLDV )RUPRVD \ /D 3DPSD  PDQWLHQHQ VX OHJLVODFLyQ DQWHULRU YLQFXODGD DO 3DWURQDWR TXH  SURYLQFLDV
VLPSOHPHQWHDGKLULHURQDOD/H\1DFLRQDOTXHGLFWDURQVXSURSLDOH\SURYLQFLDOGH3URWHFFLyQ,QWHJUDODXQTXHD~QQROD
KDQUHJODPHQWDGR\TXHFXHQWDQFRQOH\SURYLQFLDO\VXFRUUHVSRQGLHQWHUHJODPHQWDFLyQ

 $OJXQDV SURYLQFLDV WLHQHQ GHVFHQWUDOL]DGD VX JHVWLyQ HQ UHJLRQHV VDQLWDULDV HGXFDWLYDV MXGLFLDOHV HWF 'LFKD GLVWULEXFLyQ HV
XWLOL]DGD SRU ODV iUHDV GH ,QIDQFLD \ $GROHVFHQFLD SDUD OD GHVLJQDFLyQ GH yUJDQRV GHVFHQWUDOL]DGRV GHO 6LVWHPD GH 3URWHFFLyQ
,QWHJUDO3URYLQFLDO


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

&XDGUR FRQFOXVLyQ 

3URYLQFLD 1RUPDWLYDYLJHQWH 6HUYLFLRVGHSURWHFFLyQLQWHJUDO

/D5LRMD /H\ 6LQyUJDQRVDGPLQLVWUDWLYRVGHVFHQWUDOL]DGRV

0HQGR]D /H\ VHUYLFLRVGHVFHQWUDOL]DGRVSURYLQFLDOHV

0LVLRQHV /H\ VHUYLFLRVGHVFHQWUDOL]DGRVSURYLQFLDOHV

1HXTXpQ /H\ 6LQyUJDQRVDGPLQLVWUDWLYRVGHVFHQWUDOL]DGRV

5tR1HJUR /H\ GHOHJDFLRQHVGHVFHQWUDOL]DGDV

6DOWD /H\ 6LQyUJDQRVDGPLQLVWUDWLYRVGHVFHQWUDOL]DGRV

6DQ-XDQ /H\ 6LQyUJDQRVDGPLQLVWUDWLYRVGHVFHQWUDOL]DGRV

6DQ/XLV /H\  VHUYLFLRVGHVFHQWUDOL]DGRVSURYLQFLDOHV

6DQWD&UX] /H\ VHUYLFLRVGHVFHQWUDOL]DGRVSURYLQFLDOHV

6DQWD)p /H\ GHOHJDFLRQHVGHVFHQWUDOL]DGDVSURYLQFLDOHV

6DQWLDJRGHO(VWHUR /H\ VHUYLFLRVGHVFHQWUDOL]DGRVSURYLQFLDOHV

7LHUUDGHO)XHJR /H\ VHUYLFLRVGHVFHQWUDOL]DGRVSURYLQFLDOHV

7XFXPiQ /H\ VHUYLFLRVGHVFHQWUDOL]DGRSURYLQFLDOHV

)XHQWH5HOHYDPLHQWRVREUHVLWXDFLyQGHQLxRVQLxDV\DGROHVFHQWHVVLQFXLGDGRVSDUHQWDOHVHQOD5HS~EOLFD$UJHQWLQD
6(1$)±81,&()  
/H\SURYLQFLDOGHDGKHVLyQDOD/H\1DFLRQDORDOD&'1


7DO OR LQGLFDGR OD QXHYD LQVWLWXFLRQDOLGDG S~EOLFD HQ PDWHULD GH LQIDQFLD \ DGROHVFHQFLD WLHQH
LQVHUFLyQWHUULWRULDOPHGLDQWHORVyUJDQRVPXQLFLSDOHVPXFKDVYHFHVGHQRPLQDGRV6HUYLFLRV/RFDOHVGH
3URPRFLyQ\3URWHFFLyQ,QWHJUDOGHORV'HUHFKRVGHORV1LxRV(VWRVVRQORVUHVSRQVDEOHVGHRUJDQL]DU
FRRUGLQDU \ SRQHU HQ IXQFLRQDPLHQWR OD DWHQFLyQ ORFDO FRQVWLWX\HQGR SDUD HOOR XQ HTXLSR
PXOWLGLVFLSOLQDULR GH SURIHVLRQDOHV YLQFXODGRV D OD WHPiWLFD DFRUGH D ODV QHFHVLGDGHV \ UHDOLGDG
SDUWLFXODUGHFDGDWHUULWRULR
x 6XVWDUHDVGHVWLQDGDVDODSURPRFLyQ\ODSURWHFFLyQDSXQWDQD
x )DFLOLWDUDORVQLxRVQLxDV\DGROHVFHQWHVTXHWHQJDQDPHQD]DGRVRYLRODGRVVXVGHUHFKRVHO
DFFHVRDORVSURJUDPDV\SODQHVGLVSRQLEOHVHQVXFRPXQLGDG
x $WHQGHU GHPDQGDV \ FRQVXOWDV UHDOL]DGDV SRU QLxRV QLxDV \ DGROHVFHQWHV IDPLOLDV \ RWURV
DFWRUHVFRPXQLWDULRVHQUHODFLyQDODREVWDFXOL]DFLyQ\RYLRODFLyQGHVXVGHUHFKRV
x 5HFLELU GHQXQFLDV GH FXDOTXLHU VLWXDFLyQ HQ ODV TXH ORV GHUHFKRV GH XQ QLxR QLxD \
DGROHVFHQWHHVWpQVLHQGRYLRODGRVRDPHQD]DGRVHLQWHUYHQLUGHRILFLRDQWHHOFRQRFLPLHQWRR
VRVSHFKDGHWDOFLUFXQVWDQFLD
x $FWXDU HQ IRUPD GLUHFWD HQ DTXHOODV VLWXDFLRQHV SUREOHPiWLFDV TXH SHUPLWDQ XQD VROXFLyQ
UiSLGDFRQUHFXUVRVSURSLRV
x $FRPSDxDUDORVQLxRVQLxDV\DGROHVFHQWHV\IDPLOLDVHQODUHVROXFLyQGHGLFKDVSUREOHPiWLFDV
x ,PSOHPHQWDQPHGLGDVGHSURPRFLyQ\SURWHFFLyQGHGHUHFKRVGHLQIDQFLD
(Q HVWH SXQWR FDEH VHU HQIiWLFR HQ OD FRPSOHMD UHDOLGDG GH ORV PiV GH GRV PLO PXQLFLSLRV TXH
WLHQHOD$UJHQWLQD6XVQRWDEOHVGLIHUHQFLDVQRVRQVyORGHHVFDODWHUULWRULDO\SREODFLRQDOVLQRWDPELpQ
GH FDSDFLGDGHV SROtWLFDV ILVFDOHV \ WpFQLFRRSHUDWLYDV (VWR KDFH D~Q PiV FRPSOHMD OD WDUHD GH
IHGHUDOL]DU \ PXQLFLSDOL]DU  OD FRQVWUXFFLyQ SUiFWLFD GH XQ QXHYR SDUDGLJPD GH SROtWLFD S~EOLFD SDUD


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

LQIDQFLD\DGROHVFHQFLDD~QFXDQGRVHKDQUHJLVWUDGRLPSRUWDQWHVDYDQFHVGHVGHODSURPXOJDFLyQGHOD
/H\1ž
(O 'HIHQVRU GH ORV 'HUHFKRV GHO QLxR QLxD \ DGROHVFHQWH DFWRU SUHYLVWR HQ OD /H\ \ D~Q QR
FRQIRUPDGR 
(VWDHVRWUDGHODVILJXUDVHVWDEOHFLGDVHQQRUPDQDFLRQDOFRQHOREMHWRGHYHODUSRUODSURWHFFLyQ
\ SURPRFLyQ GH ORV GHUHFKRV GH OD LQIDQFLD \ OD DGROHVFHQFLD &RQVWLWX\H XQ HVSDFLR LQVWLWXFLRQDO
GHGLFDGR D OD GHIHQVD GH ORV GHUHFKRV DQWH ODV LQVWLWXFLRQHV WDQWR S~EOLFDV FRPR SULYDGDV \ D OD
VXSHUYLVLyQ \ DXGLWRUtD GH OD DSOLFDFLyQ GHO 6LVWHPD ,QWHJUDO (V XQ FDUJR SUHYLVWR SDUD VHU HMHUFLGR
GXUDQWHDxRVFRQSRVLELOLGDGHVGHVHUUHHOHFWRDSRUVyORXQDYH]
$~Q QR VH FXHQWD HQ OD SUiFWLFD GH OD LQVWLWXFLRQDOLGDG VRFLDO FRQ HVWD ILJXUD \D TXH HV HO
&RQJUHVR 1DFLRQDO TXLpQ WLHQH D VX FDUJR OD GHVLJQDFLyQ GH XQD &RPLVLyQ %LFDPHUDO HQFDUJDGD GH
VHOHFFLRQDU\SURSRQHUDODSHUVRQDGHO'HIHQVRUGHWHUPLQDQGRDVLPLVPRHOPHFDQLVPRGHVHOHFFLyQ\
GHVLJQDFLyQORVUHTXLVLWRVHLQFRPSDWLELOLGDGHVGHDFXHUGRDODOH\
&RQVWLWX\H HVWD VLQ GXGD XQD GH ODV SULQFLSDOHV DVLJQDWXUDV SHQGLHQWHV HQ WpUPLQRV GH OD
LQVWLWXFLRQDOLGDGTXHHQPDUFDODVSROtWLFDVS~EOLFDVGHLQIDQFLD\DGROHVFHQFLD3DUHFHVHUH[SUHVLyQGH
IDOWDGHDFXHUGRVSROtWLFRVEiVLFRVDOJRQRWRULRHQWDQWRVHWUDWDGHXQDWHPiWLFDGHDOWDMHUDUTXtDHQOD
DJHQGDSROtWLFDDUJHQWLQDGHORV~OWLPRVDxRV 

% (OSUREOHPiWLFRDVXQWRGHODFRRUGLQDFLyQLQWHULQVWLWXFLRQDO
iPELWRVSODQHVSURJUDPDV
(O&RPLWpGH'HUHFKRVGHO1LxR 218 SODQWHDHQWUHVXVUHFRPHQGDFLRQHVJHQpULFDVODQHFHVLGDGTXH
HO (VWDGR PHMRUH OD FRRUGLQDFLyQ HQWUH ORV GLVWLQWRV PHFDQLVPRV H LQVWLWXFLRQHV H[LVWHQWHV \ TXH
IRUWDOH]FDVXSROtWLFDGHVDUUROODQGRXQ3ODQGH$FFLyQ1DFLRQDOSDUDHOFXPSOLPLHQWRGHOD&RQYHQFLyQ
DWUDYpVGHXQSURFHVRDELHUWRFRQVXOWLYR\SDUWLFLSDWLYR
(VWRLPSOLFDUHFRQRFHUTXHHVDQHFHVDULDDUWLFXODFLyQFRQGLFLyQIXQGDPHQWDOSDUDHOORJURGHXQ
VLVWHPDLQWHJUDOFRPRHOTXHSURSRQHODQRUPDWLYDYLJHQWHGHEHGDUVHHQGLVWLQWRVSODQRV3RUXQODGRD
QLYHO KRUL]RQWDO HQWUH ORV RUJDQLVPRV GHO (VWDGR QDFLRQDO FRQ DOJ~Q WLSR GH UHVSRQVDELOLGDG H
LQFXPEHQFLD HQ SROtWLFDV S~EOLFDV GH LQIDQFLD \ DGROHVFHQFLD 3RU RWUR VREUH WRGR HQ SDtVHV GH
RUJDQL]DFLyQ IHGHUDO HQ WpUPLQRV GH UHODFLRQHV LQWHUJXEHUQDPHQWDOHV HQWUH GLIHUHQWHV QLYHOHV GH
JRELHUQR < SRU ~OWLPR \ QR SRU HVR PHQRV LPSRUWDQWH  HQWUH HO (VWDGR HQ VXV GLVWLQWRV QLYHOHV
MXULVGLFFLRQDOHV  \ OD VRFLHGDG FLYLO RUJDQL]DGD (VD FRRUGLQDFLyQ TXH SRGUtD H[SUHVDUVH HQ iPELWRV
FRQFUHWRV VH FRPSOHPHQWD D VX YH] FRQ HYHQWXDOHV FRRUGLQDFLRQHV D WUDYpV GH SODQHV HVWUDWpJLFRV \
RIHUWDSURJUDPiWLFD$UJHQWLQDHVXQEXHQHMHPSORGHODFRH[LVWHQFLDGHHVWDVWUHVSRVLELOLGDGHV
ÈPELWRV
(O&RQVHMR1DFLRQDOGH&RRUGLQDFLyQGH3ROtWLFDV6RFLDOHV &1&36 
(VWH IXH FUHDGR HQ IHEUHUR GH  'HFUHWR   HQ UHHPSOD]R GHO *DELQHWH 6RFLDO 6X
FRQIRUPDFLyQ HV OD ~OWLPD LQLFLDWLYD TXH KDVWD HO PRPHQWR VH KD HQFDUDGR HQ $UJHQWLQD FRQ HO
SURSyVLWRGHDUWLFXODUODVLQWHUYHQFLRQHVGHO(VWDGRQDFLRQDOHQPDWHULDVRFLDO6XPLVLyQIXQGDPHQWDO
FRQVLVWHHQIXQFLRQDUFRPRXQiPELWRGHSODQLILFDFLyQ\FRRUGLQDFLyQGHODSROtWLFDVRFLDOQDFLRQDOSDUD
PHMRUDUODJHVWLyQGHJRELHUQRPHGLDQWHODIRUPXODFLyQGHSROtWLFDV\ODGHILQLFLyQGHFXUVRVGHDFFLyQ
FRRUGLQDGRVHLQWHJUDOHVRSWLPL]DQGRODDVLJQDFLyQGHORVUHFXUVRV
/DVIXQFLRQHVTXHGHEHFXPSOLUHO&1&36VHUHILHUHQH[FOXVLYDPHQWHDOiUHD³VRFLDO´\FXEUHQ
XQ DPSOLR HVSHFWUR TXH LQFOX\H HQWUH RWUDV ODV VLJXLHQWHV OD SODQLILFDFLyQ HVWUDWpJLFD \ GHILQLFLyQ GH



 /H\DUWVD7DPELpQHO&G'1SODQWHDODDXVHQFLDGHHVWDILJXUDFRPRREVHUYDFLyQ

 $QLYHOSURYLQFLDOFRPLHQ]DPX\OHQWDPHQWHDDYLVRUDUVHXQDYDQFH(OFDVRPiVUREXVWRHVHOGHOD3URYLQFLDGH6DQWD)HGRQGHVH
FUHyOD'HIHQVRUtD\VHODGRWyGHHVWUXFWXUD\SUHVXSXHVWR0LVLRQHVKDGDGRWDPELpQSDVRVDXQTXHPiVLQFLSLHQWHV


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

SULRULGDGHVODFRRUGLQDFLyQHQWUHRUJDQLVPRVGHO3RGHU(MHFXWLYR1DFLRQDO\HQWUHHOJRELHUQRQDFLRQDO
\ORVJRELHUQRVSURYLQFLDOHV\PXQLFLSDOHVODGHILQLFLyQGHOSUHVXSXHVWRODGHILQLFLyQGHFULWHULRVSDUD
ODDVLJQDFLyQGHUHFXUVRVDSURYLQFLDV\PXQLFLSLRVODDXGLWRUtD\HOFRQWUROVRFLDOGHOXVRGHORVIRQGRV
S~EOLFRV OD DVLVWHQFLD WpFQLFD \ FDSDFLWDFLyQ OD DGPLQLVWUDFLyQ \ DFWXDOL]DFLyQ GH GLIHUHQWHV WLSRV GH
EDVHVGHGDWRV EHQHILFLDULRVSURJUDPDV\VHUYLFLRV21* ODHYDOXDFLyQ\HOPRQLWRUHRGHSURJUDPDV\
DFFLRQHVGHGLIXVLyQ
(O&1&36HVWiHQFDEH]DGRSRUXQDSUHVLGHQWHDKRQRUDULRDTXHGHVGHVXFUHDFLyQKDVLGRTXLHQ
OLGHUDVHHO0LQLVWHULRGH'HVDUUROOR6RFLDO'HDFXHUGRFRQORGLVSXHVWRDOPRPHQWRGHVXFUHDFLyQHO
&RQVHMRHVWiLQWHJUDGRHQIRUPDSHUPDQHQWHSRUORVPLQLVWURVGH'HVDUUROOR6RFLDO6DOXG(GXFDFLyQ
7UDEDMR (PSOHR \ 6HJXULGDG 6RFLDO -XVWLFLD 6HJXULGDG \ 'HUHFKRV +XPDQRV &LHQFLD 7HFQRORJtD H
,QQRYDFLyQ3URGXFWLYD3ODQLILFDFLyQ)HGHUDO,QYHUVLyQ3~EOLFD\6HUYLFLRV\(FRQRPtD\3URGXFFLyQ\
GHO6HFUHWDULRGH1LxH]$GROHVFHQFLD\)DPLOLD6XFRPSRVLFLyQQRKDFDPELDGRD~QFXDQGRHQHVWRV
DxRVKD\DQSRGLGRUHJLVWUDUVHFDPELRVPHQRUHVHQODQRPHQFODWXUD\RUJDQL]DFLyQPLQLVWHULDO
&DEH GHVWDFDU DWHQGLHQGR D OR TXH VRQ ODV SROtWLFDV S~EOLFDV GH LQIDQFLD \ DGROHVFHQFLD TXH
SRGUtDQ DUWLFXODUVH HQ HVWH iPELWR HO URO GH PLHPEUR WLWXODU TXH RFXSD OD 6(11$) 1R REVWDQWH HVWH
SRWHQFLDOSXHGHDILUPDUVHTXHVHWUDWDGHXQiPELWRTXHQRKDORJUDGRHQVXGpFDGDGHH[LVWHQFLDXQ
HMHUFLFLRSOHQRGHVXUROFRRUGLQDGRUGHODVSROtWLFDVVRFLDOHVHQJHQHUDO\GHDTXHOODVHVSHFtILFDVDXQ
JUXSRHWDULRHQSDUWLFXODUFRPRHVHOFDVRGH,QIDQFLD\DGROHVFHQFLD
(O&RQVHMR)HGHUDOGH1LxH]$GROHVFHQFLD\)DPLOLD &2)(1$) 
'DGD OD LPSURQWD IHGHUDO TXH HO QXHYR PDUFR OHJDO GH ,QIDQFLD \ DGROHVFHQFLD OH LPSULPLy D OD
LQVWLWXFLRQDOLGDG S~EOLFD HQ HO DxR  VH FRQIRUPy HO &2)(1$) (VWD LQVWDQFLD VH HQFXHQWUD
SUHVLGLGD SRU OD DXWRULGDG D FDUJR GH OD 6HFUHWDUtD 1DFLRQDO GH 1LxH] $GROHVFHQFLD \ )DPLOLD \ HVWi
FRQIRUPDGRSRUORV*RELHUQRVGHODV3URYLQFLDVPiVOD&LXGDG$XWyQRPDGH%XHQRV$LUHVVLHQGROD
SULPHUDYH]TXHVHLQYROXFUDSROtWLFDPHQWHDODVSURYLQFLDVHQODGLVFXVLyQ\DQiOLVLVGHODVLWXDFLyQGH
OD,QIDQFLD\DGROHVFHQFLDDVtFRPRHQODSODQLILFDFLyQHMHFXFLyQ\WRPDGHGHFLVLRQHV6XVIXQFLRQHV
GHOLEHUDWLYDV FRQVXOWLYDV GH IRUPXODFLyQ GH SURSXHVWDV \ GH SROtWLFDV GH FRQFHUWDFLyQ KDQ SHUPLWLGR
PHMRUDU OD FDSDFLGDG GH DQDOL]DU ODV SUREOHPiWLFDV QDFLRQDOHV \ GHWHFWDU SULRULGDGHV UHJLRQDOHV
DWHQGLHQGRDODKHWHURJHQHLGDGWHUULWRULDOTXHFDUDFWHUL]DDOSDtVHQPDWHULDVRFLDO
(Q HO iPELWR GHO &2)(1$) VH DSUXHED D ILQHV GHO  HO 3ODQ 1DFLRQDO GH $FFLyQ SRU ORV
'HUHFKRV GH 1LxRV 1LxDV \ $GROHVFHQWHV   3HUR QR IXH VyOR HVWH HO DYDQFH FRQFUHWR
ORJUDGRVLQRTXHVHWUDWDGHXQiPELWRFRQXQDDJHQGDTXHHQWUHVXVDVSHFWRVPiVUHOHYDQWHVGHVWDFDQ
ORVVLJXLHQWHV
x ,PSULPLU GLUHFWULFHV \ FRPSURPLVRV PX\ FRQFUHWRV D ORV yUJDQRVFRPSHWHQWHV HQ HO VHQWLGR
GH SURIXQGL]DU HO SURFHVR GH WUDQVIRUPDFLyQ LQVWLWXFLRQDO \ OD SURPRFLyQ GH DGHFXDFLRQHV
QRUPDWLYDVDQLYHOQDFLRQDOGHODVSURYLQFLDV\PXQLFLSLRV
x $GRSWDU IRUPDV RUJDQL]DWLYDV HQ WRGRV ORV QLYHOHV GH OD DGPLQLVWUDFLyQ TXH DVHJXUHQ XQ
YLJRURVRVLVWHPDGHSURWHFFLyQLQWHJUDOGHORVGHUHFKRVGHODVQLxDVQLxRV\DGROHVFHQWHVTXH
SURPXHYD HO DFFHVR XQLYHUVDO D GHUHFKRV \ WHQJD FDSDFLGDG GH DFFLyQ HIHFWLYD \ DGHFXDGD
DQWHODDPHQD]DRYXOQHUDFLyQGHORVPLVPRV
x 3URPRYHUODSDUWLFLSDFLyQGHODFRPXQLGDGDWUDYpVGHODVRUJDQL]DFLRQHVGHODVRFLHGDGHQOD
HODERUDFLyQ\HMHFXFLyQGHODVSROtWLFDVGHSURPRFLyQSUHYHQFLyQ\RUHVWLWXFLyQGHGHUHFKRV
\ HO HMHUFLFLR GHO GHUHFKR D VHU RtGR \ HO GHUHFKR D OD SDUWLFLSDFLyQ GH ORV QLxRV QLxDV \
DGROHVFHQWHV
x (ODERUDUHVWiQGDUHVPtQLPRVGHFDOLGDGGHDVLVWHQFLDSURWRFRORVGHLQWHUYHQFLyQ\VLVWHPDV
GHUHJLVWURHVWDEOHFHUXQVLVWHPDIHGHUDOGHHYDOXDFLyQ\PRQLWRUHR



 (O PLVPR VHUi DQDOL]DGR PiV DGHODQWH SRU VX SRWHQFLDO SDUD SURPRYHU FRRUGLQDFLyQ LQWHULQVWLWXFLRQDO HQ PDWHULD GH ,QIDQFLD \
DGROHVFHQFLD


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

x 5HDOL]DULQWHUFDPELRVHQWUHODVMXULVGLFFLRQHVSDUDODFDSDFLWDFLyQ\DVLVWHQFLDWpFQLFDHQORV
GLVSRVLWLYRVS~EOLFRVRSULYDGRV
x 3ULRUL]DUFRQSDUWLFXODUXUJHQFLDORVHVIXHU]RVPDQFRPXQDGRVGLULJLGRVDODSURWHFFLyQGHOD
LQIDQFLD \ ODDGROHVFHQFLDYtFWLPDGHGHOLWRV \HQIUHQWDUGHPDQHUDFRRUGLQDGDDEHUUDFLRQHV
FRPR OD WUDWD HO WUiILFR R OD H[SORWDFLyQ VH[XDO \ OD SRUQRJUDItD LQIDQWLO DVt FRPR ODV
SUREOHPiWLFDV YLQFXODGDV D PLJUDFLRQHV WUDEDMR LQIDQWLO \ WRGD RWUD YLRODFLyQ GH GHUHFKRV
IXQGDPHQWDOHVHQWUHRWURV
3DUDJHQHUDUDYDQFHVHQHVWDDJHQGDGHDFXHUGRDODLQIRUPDFLyQRILFLDOVHHQFXHQWUDSUHYLVWRTXH
OD 6(11$) JDUDQWLFH GH VX SDUWLGD SUHVXSXHVWDULD XQ IRQGR IHGHUDO D VHU GLVWULEXLGR HQWUH ODV
MXULVGLFFLRQHV SDUD ILQDQFLDU ODV LQLFLDWLYDV LQGLFDGDV \ DVHJXUDU OD YLDELOLGDG GH ODV PHWDV GHO 3ODQ
1DFLRQDO$OPRPHQWRQRVHFXHQWDFRQLQIRUPDFLyQGLVSRQLEOHDOUHVSHFWR
&RQODVRUJDQL]DFLRQHVVRFLDOHV
(QORUHIHULGRDODFRRUGLQDFLyQFRQORVHVIXHU]RVGHODVRFLHGDGFLYLO\DWHQGLHQGRDOHVStULWXGH
OD&RQYHQFLyQGH'HUHFKRVGHO1LxROD/H\1žKDFHXQDUHIHUHQFLDH[SOtFLWDDODSDUWLFLSDFLyQ
GH OD VRFLHGDG FLYLO HQWHQGLHQGR TXH ³OD &RPXQLGDG SRU PRWLYRV GH VROLGDULGDG \ HQ HMHUFLFLR GH OD
GHPRFUDFLD SDUWLFLSDWLYD GHEH \ WLHQH GHUHFKR D VHU SDUWH DFWLYD HQ HO ORJUR GH OD YLJHQFLD SOHQD \
HIHFWLYDGHORVGHUHFKRV\JDUDQWtDVGH,QIDQFLD\DGROHVFHQFLD DUW (QHVWHVHQWLGRHQSDUWLFXODUOD
FLWDGDOH\PHQFLRQDDODVRUJDQL]DFLRQHVQRJXEHUQDPHQWDOHVGHQLxH]\DGROHVFHQFLDFRPRDTXHOODVTXH
GHVDUUROODQ SURJUDPDV R VHUYLFLRV GH SURPRFLyQ WUDWDPLHQWR SURWHFFLyQ \ GHIHQVD GH ORV GHUHFKRV GH
,QIDQFLD\DGROHVFHQFLDHLQGLFDFODUDPHQWHHOPDUFRGHSULQFLSLRV\REOLJDFLRQHVYLJHQWH7DPELpQVH
SODQWHD OD FUHDFLyQ GH XQ 5HJLVWUR 1DFLRQDO GH 2UJDQL]DFLRQHV GH OD 6RFLHGDG &LYLO FRQ SHUVRQHUtD
MXUtGLFD TXH GHVDUUROOHQ SURJUDPDV R VHUYLFLRV YLQFXODGRV FRQ OD QLxH] HQ HO iPELWR GH OD 6(11$)
UHJLVWURFX\DRUJDQL]DFLyQLPSOHPHQWDFLyQ \DGPLQLVWUDFLyQHVIDFXOWDGGHHVWH PLVPRRUJDQLVPRHQ
DUWLFXODFLyQ FRQ HO &HQWUR 1DFLRQDO GH 2UJDQL]DFLRQHV GH OD &RPXQLGDG &(12&  TXH RSHUD HQ OD
yUELWDGHO&1&36\RWURVUHJLVWURVVLPLODUHVDQLYHOSURYLQFLDO 
3ODQHV
8QPDUFRJHQHUDOTXHSRGUtDIRPHQWDUODFRRUGLQDFLyQHQVXVP~OWLSOHVVHQWLGRVORFRQVWLWX\HHO
3ODQ1DFLRQDOGH$FFLyQSRUORV'HUHFKRVGH1LxRV1LxDV\$GROHVFHQWHVDSUREDGRGXUDQWHHOHQ
HOVHQRGHO&23(1$)HQODE~VTXHGDGHHYLWDUODIUDJPHQWDFLyQGHODVLQWHUYHQFLRQHV 
(O 3ODQ SDUD HO SHUtRGR  WLHQH FRPR REMHWLYR FHQWUDO FRQVROLGDU ORV 6LVWHPDV GH
3URWHFFLyQ GH'HUHFKRV D QLYHO QDFLRQDO SURYLQFLDO \ PXQLFLSDO PHGLDQWH OD DGHFXDFLyQ GH WRGDV ODV
QRUPDVSURYLQFLDOHVDORVSULQFLSLRVHVWDEOHFLGRVHQHVWD/H\DVtFRPRHOLQFUHPHQWRGHORV6HUYLFLRV
/RFDOHVGH3URWHFFLyQGH'HUHFKRV\ORV&HQWURVGH'HVDUUROOR,QIDQWLO&RPXQLWDULR\ODHODERUDFLyQGH
3ODQHV 3URYLQFLDOHV GH $FFLyQ 7DPELpQ VH SURSRQH HQWUH RWURV DVSHFWRV D\XGDU D PHMRUDU ODV
FRQGLFLRQHV GH YLGD GH ORV QLxRV QLxDV \ DGROHVFHQWHV HQ VLWXDFLyQ GH YXOQHUDELOLGDG JDUDQWL]DU VX
DFFHVR D OD DVLJQDFLyQ XQLYHUVDO GLVPLQXLU OD PRUWDOLGDG LQIDQWLO \ PDWHUQD SURPRYHU DFFLRQHV SDUD
HUUDGLFDUHOWUDEDMRLQIDQWLOIRUWDOHFHULQWHJUDOPHQWHDOJUXSRIDPLOLDUJDUDQWL]DUHODFFHVRDODHGXFDFLyQ
\ODVDOXG



 (Q FXDQWR D HVWH WHPD \ PiV DOOi GHO 3URJUDPD 1XHVWUR /XJDU GH OD 6(11$) UHVXOWD GLItFLO UHFDEDU LQIRUPDFLyQ VREUH RWUDV
H[SHULHQFLDVGHDUWLFXODFLyQFRQRUJDQL]DFLRQHVVRFLDOHV(QSULQFLSLRSRUHMHPSOROD&21$(7,QRFXHQWDFRQGLFKRVHFWRUHQWUH
VXVLQWHJUDQWHV$XQTXHUHVXOWDLQWHUHVDQWHODH[SHULHQFLDTXHYLHQHGHVDUUROODQGRHO0LQLVWHULRGH(GXFDFLyQFRQGRVLQLFLDWLYDVOD
5HG SRU HO 'HUHFKR D OD (GXFDFLyQ \ OD 6HPDQD SRU ORV 'HUHFKRV GH OD -XYHQWXG (Q DPEDV LQVWDQFLDV VH UHDOL]D XQ WUDEDMR
FRRUGLQDGR\PDQFRPXQDGRHQWUHORVRUJDQLVPRVJXEHUQDPHQWDOHV\QRJXEHUQDPHQWDOHV/D5HGGH2UJDQL]DFLRQHV6ROLGDULDVSRU
HO'HUHFKRDOD(GXFDFLyQHVXQDLQLFLDWLYDGHVDUUROODGDMXQWRDYDULDVRUJDQL]DFLRQHVSRUHO0LQLVWHULRGH(GXFDFLyQSDUDDYDQ]DU
FRQODLPSOHPHQWDFLyQGHOD/H\GH(GXFDFLyQ1DFLRQDOHO3ODQ1DFLRQDOGH(GXFDFLyQ2EOLJDWRULD\HO'HFUHWRGHOD$VLJQDFLyQ
8QLYHUVDO SRU +LMR )XQFLRQD GHVGH HO DxR  HQ IRUPD LQLQWHUUXPSLGD \ VX RULJHQ VH UHFRQRFH HQ OD '136 \ XQD VHULH GH
RUJDQL]DFLRQHVQDFLRQDOHV \SRUVXLQWHUPHGLRDRUJDQL]DFLRQHVVRFLDOHVGHWRGRHOSDtV SDUDDFRPSDxDUDFWLYDPHQWHHVWDVSROtWLFDV
DWUDYpVGHXQDHVWUDWHJLDTXHSHUPLWLHUDJDUDQWL]DUODLQVFULSFLyQGHQLxRVQLxDV\DGROHVFHQWHVTXHUHFLEHQOD$8+HQWRGRVORV
HVWDEOHFLPLHQWRVHGXFDWLYRVS~EOLFRVGHOSDtVGHFDGDXQDGHODVPRGDOLGDGHV\QLYHOHV ,QLFLDO3ULPDULR\6HFXQGDULR 

 KWWSZZZGHVDUUROORVRFLDOJREDU8SORDGVL31$DSUREDGRSGI


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

(VWH 3ODQ FRQ DOWR SRWHQFLDO SDUD JXLDU OD FRRUGLQDFLyQ LQWHULQVWLWXFLRQDO FRQVWLWX\H XQ
PHFDQLVPR LQWHJUDGRU TXH FRQ HMH HQ OD IDPLOLD SURSRQH TXH VH JHQHUHQ FRQGLFLRQHV SDUD HO
FXPSOLPLHQWRHIHFWLYRGHORVGHUHFKRVGHODVQLxDVQLxRV\DGROHVFHQWHVHQVXFDOLGDGGHFLXGDGDQRVD
WUDYpV GHO GHVDUUROOR GH SROtWLFDV S~EOLFDV LQWHJUDOHV H LPSOHPHQWDGDV LQWHULQVWLWXFLRQDO H
LQWHUVHFWRULDOPHQWH \ FRQ HQIRTXH WHUULWRULDO EXVFDQGR JDUDQWL]DU GHUHFKRV DXPHQWDU ORV JUDGRV GH
LJXDOGDGWHUULWRULDO\GHJpQHURHODFFHVRDELHQHV\VHUYLFLRVGHFDOLGDG
3URJUDPDV
(O \D PHQFLRQDGR 3URJUDPD 3ULPHURV $xRV FRQVWLWX\H XQ HVIXHU]R LPSRUWDQWH D~Q HQ SOHQR
GHVDUUROORSDUDFRRUGLQDUDFFLRQHVGHO(VWDGRQDFLRQDOHQPDWHULDGHSULPHUDLQIDQFLD$GHPiVGHORV
PLQLVWHULRVLQYROXFUDGRVHQSULPHUDLQVWDQFLD 'HVDUUROOR6RFLDO(GXFDFLyQ\6DOXG HQHODxRVH
LQFRUSRUDURQ ORV PLQLVWHULRV GH 7UDEDMR \ GH -XVWLFLD \ 'HUHFKRV +XPDQRV SDUD DVt LPSOHPHQWDU
SROtWLFDVS~EOLFDVGHDERUGDMHLQWHJUDQHQHOPDUFRGHOSDUDGLJPDGHODSURWHFFLyQLQWHJUDOGHGHUHFKRV
GH ,QIDQFLD \ DGROHVFHQFLD \ SDUD GDU FXPSOLPLHQWR D ORV 2EMHWLYRV GHO 0LOHQLR 2'0  LQWHJUDQGR
DFFLRQHV\UHFXUVRVSDUDIDYRUHFHUHOGHVDUUROORGHQLxRV\QLxDVGHDDxRV$SDUWLUGHODxRHO
3URJUDPD VH SURSRQH IRUWDOHFHU DFFLRQHV LQWHJUDOHV OLJDGDV DO GHVDUUROOR GH 3UR\HFWRV 3DUWLFLSDWLYRV
/RFDOHV OD FRQVWLWXFLyQ \ IRUWDOHFLPLHQWR GH UHGHV GH DFWRUHV \ HVSDFLRV VRFLDOHV \ XQ VLVWHPD GH
PRQLWRUHR\HYDOXDFLyQGHODJHVWLyQ
(O 3URJUDPD WLHQH P~OWLSOHV REMHWLYRV LQWHQVRV HQ FRRUGLQDFLyQ $ VDEHU JHQHUDU FRQGLFLRQHV
IDPLOLDUHV FRPXQLWDULDV H LQVWLWXFLRQDOHV SDUD SURPRYHU HO GHVDUUROOR LQIDQWLO WHPSUDQR GHVGH XQ
DERUGDMH LQWHJUDO D SDUWLU GH OD FRQVWUXFFLyQ GH HQWRUQRV SURWHFWRUHV GH ORV GHUHFKRV GH QLxRVDV
VHQVLELOL]DU \ SURPRYHU OD UHVSRQVDELOLGDG FROHFWLYD HQ WRUQR D OD SULPHUD LQIDQFLD LPSXOVDQGR OD
SDUWLFLSDFLyQ \ RUJDQL]DFLyQ FRPXQLWDULD IRUWDOHFHU ODV FDSDFLGDGHV LQVWDODGDV HQ ODV PHVDV
LQWHUVHFWRULDOHVORFDOHV\HQOD5HGGHIDFLOLWDGRUHVDVSDUDHOGHVDUUROORGHSUR\HFWRVSDUWLFLSDWLYRVTXH
FRQVLGHUHQ D ORV \ ODV QLxRVDV SHTXHxRV HQ HO FHQWUR GH ODV DFFLRQHV FRQWULEXLU D OD IRUPDFLyQ \
IRUWDOHFLPLHQWR GH XQD UHG GH DFWRUHV VRFLDOHV GH DFRPSDxDPLHQWR \ VRVWpQ GH ODV IDPLOLDV HQ VX URO
SURWDJyQLFR GH FULDQ]D \ FRQVROLGDU XQ VLVWHPD GH VHJXLPLHQWR \ HYDOXDFLyQ SDUWLFLSDWLYR TXH
UHWURDOLPHQWHODJHVWLyQDSDUWLUGHODVEXHQDVSUiFWLFDV
3DUD DWHQGHU HVWRV SURSyVLWRV OD HVWUXFWXUD GHO 3URJUDPD FRQVWD GH HVSDFLRV LQWHUPLQLVWHULDOHV
0HVDGH3ODQLILFDFLyQ(VWUDWpJLFD\&RRUGLQDFLyQ3URJUDPiWLFD1DFLRQDO\0HVDV3URYLQFLDOHV HVSDFLRV
LQWHUVHFWRULDOHV 0HVDV,QWHUVHFWRULDOHV/RFDOHVFRQVWLWXLGDVSRURUJDQL]DFLRQHVHLQVWLWXFLRQHVGHGLFDGDVDO
GHVDUUROORLQIDQWLOHQFDGDORFDOLGDG (TXLSRV7pFQLFRVQDFLRQDOHV\SURYLQFLDOHV)DFLOLWDGRUHV PLHPEURV
GHODFRPXQLGDGFRQH[SHULHQFLDHQHOWUDEDMREDUULDOSHUWHQHFLHQWHVDRUJDQL]DFLRQHVGHODORFDOLGDGTXH
VRQFDSDFLWDGRVHQHOPDUFRGHO3URJUDPD 3DUDHO3URJUDPDVHLPSOHPHQWDEDHQORFDOLGDGHVGH
 SURYLQFLDV OOHJDQGR D  IDPLOLDV \ FRQWDED FRQ  IDFLOLWDGRUHV \  SURIHVLRQDOHV
FDSDFLWDGRV\RUJDQL]DGRVHQHTXLSRVLQWHUGLVFLSOLQDULRV &1&36 

& /DLPSRUWDQFLDGHODSURGXFFLyQGHFRQRFLPLHQWR
HOUROGHORVVLVWHPDVGHLQIRUPDFLyQ
&DGD YH] GH PRGR PiV HYLGHQWH OD SROtWLFD VRFLDO YD SURIHVLRQDOL]DQGR VX IRUPXODFLyQ JHVWLyQ
LPSOHPHQWDFLyQ\HYDOXDFLyQWRPDQGRFRPRUHIHUHQFLDRWURVFDPSRVGHJHVWLyQS~EOLFDSLRQHURVHQOD
PDWHULD < HVWR SURFHVR TXH VH GD D HVFDOD LQWHUQDFLRQDO DFRQWHFH WDPELpQ HQ OD $UJHQWLQD 8Q
FRPSRQHQWH FUtWLFR GHQWUR GH HVWD ELHQYHQLGD SURIHVLRQDOL]DFLyQ GH VX LQVWLWXFLRQDOLGDG TXH QR HV
QHFHVDULDPHQWH VLQyQLPR GH WHFQLILFDFLyQ DXQTXH pVWD SXHGD HVWDU LQFOXLGD HQ DTXHOOD  HV HO FUHFLHQWH
SDSHOTXHVHOHFRPLHQ]DDGDUDOFRQRFLPLHQWR
(OFRQRFLPLHQWRD\XGDDHQWHQGHUSRUTXpSDVDQODVFRVDVSRUHMHPSORHQWpUPLQRVGHOD³FXHVWLyQ
VRFLDO´SHURWDPELpQD\XGDDLQWHUYHQLUVREUHODVPLVPDV HQHVWHFDVRDWUDYpVGHSURJUDPDV\SROtWLFDV
VRFLDOHV  /D JHVWLyQ GHO FRQRFLPLHQWR SRU HQGH FRQVLVWH HQ DSURYHFKDU GHO PRGR PiV HILFLHQWH \
HVWUDWpJLFRSRVLEOHWRGRDTXHOFRQRFLPLHQWRTXHVHDGHXWLOLGDGSDUDHOiUHDHVSHFtILFDHQTXHVHORTXLHUH
XWLOL]DUODVSROtWLFDVS~EOLFDVGH,QIDQFLD\DGROHVFHQFLDHQWpUPLQRVGHODPDWHULDGHHVWHGRFXPHQWR


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

(VFODURTXHHOFRQRFLPLHQWRQRFRQVLVWHVyORHQODDFXPXODFLyQGHGDWRV VHDQHVWRVFXDQWLWDWLYRV
RFXDOLWDWLYRV VLQRWDPELpQHQODVLGHDVDUJXPHQWRV\UHFRPHQGDFLRQHVTXHVHFRQVWUX\HQDSDUWLUGH
DTXHOORV $~Q FXDQGR HV HYLGHQWH TXH ORV H[SHUWRV VXHOHQ VHU ORV TXH KDELWXDOPHQWH VRQ LGHQWLILFDGRV
FRPRORVTXH³SRVHHQHOFRQRFLPLHQWRHVSHFtILFRVREUHWDORFXDOPDWHULD´VRQHQUHDOLGDGP~OWLSOHVORV
LQGLYLGXRV\RUJDQL]DFLRQHVTXHFXHQWDQFRQDOJRGHORTXHSRGUtDGHQRPLQDUVHHQXQVHQWLGRDPSOLR
³FRQRFLPLHQWR´ (O FRQRFLPLHQWR DFHUFD GH FyPR GLVHxDU H LPSOHPHQWDU GH PRGR DSURSLDGR XQ
SURJUDPD VRFLDO SRU SRQHU VyOR XQ FDVR WtSLFR HV SRVLEOH TXH HVWp PiV HQ HO IXQFLRQDULR HVWDWDO FRQ
SDUFLDOHV HVWXGLRV DFDGpPLFRV SHUR FRQ ODUJD H[SHULHQFLD GHQWUR GHO (VWDGR TXH HQ HO JUDGXDGR GH
SRVJUDGR H[SHUWR HQ SROtWLFDV S~EOLFDV ¢,PSOLFD HVWR XQD LQYLWDFLyQ DO GLYRUFLR HQWUH HO FRQRFLPLHQWR
TXHGHULYDGHODDFFLyQ\HOFRQRFLPLHQWRTXHGHULYDGHOHVWXGLRVLVWHPiWLFR\DFDGpPLFR"3RUVXSXHVWR
TXH QR VLQR HV PiV ELHQ HQ OD FRQIOXHQFLD GH GLVWLQWDV ³9HUVLRQHVGLPHQVLRQHV GH VDEHUHV´ GRQGH HO
FRQRFLPLHQWRSXHGHUHVXOWDUPiVSURGXFWLYR \GHPRFUiWLFRHQFXDQWRDVXDSRUWHDODJHVWLyQS~EOLFD
3DUDHOORJURGHHVWDVLQHUJLDVHUHTXLHUHSRWHQFLDUFRQVHQWLGRHVWUDWpJLFRHOFRQMXQWRGHOFRQRFLPLHQWR
UHOHYDQWH SDUD GLYHUVRV PRPHQWRV FUtWLFRV GH ODV SROtWLFDV S~EOLFDV SRU HMHPSOR GLDJQyVWLFR
SODQLILFDFLyQGHFLVLyQLPSOHPHQWDFLyQHYDOXDFLyQ 
'DGRHOGHVDUUROORGHODLQVWLWXFLRQDOLGDGVRFLDOGHSDtVHVFRPROD$UJHQWLQDQRFDEHGXGDTXH
ORVVHFWRUHVVRFLDOHV H[SUHVDGRVSRUORJHQHUDOHQ0LQLVWHULRVXRUJDQLVPRVHVSHFLDOL]DGRV \DKDQLGR
DFXPXODQGR VDEHUHV HVSHFtILFRV FUHDQGR HQ PXFKRV FDVRV ³FRPXQLGDGHV GH SROtWLFDV´ LQWHJUDGDV SRU
SROtWLFRV HVSHFLDOL]DGRV IXQFLRQDULRV WpFQLFRV H[SHUWRV DFDGpPLFRV \ OtGHUHV VRFLDOHV GHO VHFWRU (O
SXQWR FUtWLFR HV TXH OD VXPDWRULD GH ORV VDEHUHV VHFWRULDOHV QR VH WUDGXFH QHFHVDULDPHQWH HQ
FRQRFLPLHQWR FUtWLFR \ HVWUDWpJLFR FXDQGR VH WUDWD GH GLDJQRVWLFDU SUREOHPiWLFDV VRFLDOHV
PXOWLGLPHQVLRQDOHV \ SURSRQHU SRU HQGH LQWHUYHQFLRQHV LQWHUVHFWRULDOHV WDO HO FDVR HPEOHPiWLFR GH
,QIDQFLD\DGROHVFHQFLD
,QGLFDGR WRGR OR DQWHULRU \ UHFRQRFLHQGR OD FHQWUDOLGDG TXH WLHQHQ ORV VLVWHPDV GH LQIRUPDFLyQ
FRPR FRPSRQHQWH FUtWLFR GH FXDOTXLHU JHVWLyQ GHO FRQRFLPLHQWR \ HQ XQ PDUFR GH GLILFXOWDGHV HQ
WpUPLQRVGHLQIRUPDFLyQS~EOLFD\FRQHVFDVDWUD\HFWRULDHQPDWHULDGHVHJXLPLHQWR\HYDOXDFLyQGHODV
LQWHUYHQFLRQHVFDEHDFRQWLQXDFLyQSUHVHQWDUXQDVHULHGHDYDQFHVTXHHOSDtVKDJHQHUDGRHQWpUPLQRV
GHLQIRUPDFLyQVRFLDOHQJHQHUDO\RULHQWDGDDLQIDQFLD\DGROHVFHQFLDHQSDUWLFXODU
D  6LVWHPDGH,GHQWLILFDFLyQ1DFLRQDO7ULEXWDULR\6RFLDO 6,17<6 
(O 6,17\6 GHSHQGLHQWH GHO &1&36 FRQVWLWX\H XQ VLVWHPD TXH FRRUGLQD HO LQWHUFDPELR GH
LQIRUPDFLyQVREUHODVSHUVRQDVHQWUHRUJDQLVPRVQDFLRQDOHVSURYLQFLDOHV\PXQLFLSDOHVDVHJXUDQGROD
SULYDFLGDG \ FRQILGHQFLDOLGDG GH ORV GDWRV /D LQIRUPDFLyQ DOPDFHQDGD GDWRV ILOLDWRULRV SDVLYRV
DFWLYRV SURJUDPDV VRFLDOHV FREHUWXUD GH VDOXG HGXFDFLyQ ELHQHV UHJLVWUDEOHV SHUVRQDV MXUtGLFDV
VHUYLFLRVS~EOLFRV SHUPLWHFRQWDUFRQLQIRUPDFLyQDFWXDOL]DGDTXHDOFUX]DUVHFRQRWUDVEDVHVGHGDWRV
SHUPLWH RULHQWDU \ PHMRUDU ODV GLIHUHQWHV SROtWLFDV \ SURJUDPDV $FWXDOPHQWH FXHQWD FRQ PiV GH 
EDVHV LQWHJUDGDV GH RUJDQLVPRV QDFLRQDOHV SURYLQFLDOHV \ PXQLFLSDOHV \ KD LQFRUSRUDGR XQLGDGHV
GHVFHQWUDOL]DGDVDQLYHOSURYLQFLDOLQWHUFRQHFWDGDVHQOtQHDTXHSHUPLWHQHOSURFHVDPLHQWRGHORVGDWRV
ORFDOPHQWHUHGXFLHQGRORVWLHPSRVGHLQWHUFDPELRGHLQIRUPDFLyQ
E  (O6LVWHPD,QWHJUDGRGH,QIRUPDFLyQGH3ROtWLFDV3~EOLFDVGH1LxH]
$GROHVFHQFLD\)DPLOLD 6,,31$) 
'HDFXHUGRDODLQIRUPDFLyQVXPLQLVWUDGDSRUHOSRUWDORILFLDOGHO0LQLVWHULRGH'HVDUUROOR6RFLDO
ODLQIRUPDFLyQTXHVHJHQHUDHQHO6,,31$)VHUiXWLOL]DGDH[FOXVLYDPHQWHSDUDHOGLVHxRSODQL¿FDFLyQ
JHVWLyQ\PRQLWRUHRGHSROtWLFDVS~EOLFDVGHQLxH]DGROHVFHQFLD\IDPLOLD(VWHLQVWUXPHQWRWLHQHFRPR
REMHWLYRUHJLVWUDU\EULQGDULQIRUPDFLyQDFWXDOL]DGDVREUHODVDFFLRQHVTXHVHGHVDUUROODQHQHOPDUFRGH
ODV SROtWLFDV S~EOLFDV GHVWLQDGDV D HVWD SREODFLyQ \ TXH VHDQ HMHFXWDGDVSRU ORV yUJDQRV GH DSOLFDFLyQ



 2SRUWXQDPHQWHHO0LQLVWHULRGH'HVDUUROOR6RFLDOGHOD1DFLyQGLFWyOD5HVROXFLyQ0'6FUHDQGRHO6LVWHPDGH3URWHFFLyQ
6RFLDO1R&RQWULEXWLYR6,3526SDUDDUWLFXODU\FRRUGLQDUODVGLVWLQWDVSUHVWDFLRQHVGLQHUDULDVGHO0LQLVWHULRGH'HVDUUROOR6RFLDO
HO5HJLVWURGHORVVXMHWRVGHGHUHFKRTXHODVSHUFLEHQ\ODDUWLFXODFLyQFRQHO6,17<6/DPLVPDUHVROXFLyQFUHDHQHOiPELWRGHOD
6(11$)HO5HJLVWURGH1LxDV1LxRV$GROHVFHQWHV\$GXOWRV0D\RUHVGHVWLQDWDULRVGHORVSURJUDPDVGHO6,3526([SUHVDPHQWH
HVWDEOHFHTXHODLGHQWLGDGGHODVSHUVRQDVFX\RVGDWRVLQJUHVHQDOUHJLVWURVHUiSURWHJLGDFRQIRUPHDGHUHFKR7UDVFXUULGRVPiVGH
WUHVDxRVGHHVWDLQLFLDWLYDSRFRVHFRQRFHGHVXVHIHFWRVSUiFWLFRV


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

FRPSHWHQWHV HQ OD PDWHULD HQ ORV (VWDGRV3URYLQFLDOHV HO (VWDGR 1DFLRQDO \ OD &LXGDG $XWyQRPD GH
%XHQRV$LUHV 
(O6,,31$)FRQWHPSODHOUHJLVWURGHWRGDVODVDFFLRQHV\SROtWLFDVRULHQWDGDVDO)RUWDOHFLPLHQWR
)DPLOLDU \ &RPXQLWDULR D OD 3URWHFFLyQ 5HVWLWXFLyQ \ 'HIHQVD GH ORV 'HUHFKRV GH ODV 1LxDV 1LxRV
$GROHVFHQWHV HQWUH\DxRV \VXVIDPLOLDVDVtFRPRDODVDFFLRQHVWHQGLHQWHVDOIRUWDOHFLPLHQWRGHO
PDUFRLQVWLWXFLRQDODWUDYpVGHOFXDOVHLPSOHPHQWDQGLFKDVDFFLRQHV
(Q HVWH VHQWLGR HO 'HFUHWR  FUHD HO 5HJLVWUR GH 3URWHFFLyQ ,QWHJUDO GH OD 1LxH] \ OD
$GROHVFHQFLD HQ HO iPELWR GH OD 6(11$) FRQ HO REMHWR GH LQWHJUDU \ VLVWHPDWL]DU OD LQIRUPDFLyQ
UHODFLRQDGDFRQODVDFFLRQHVJXEHUQDPHQWDOHVGHSURWHFFLyQGHGHUHFKRVGHODVSHUVRQDVPHQRUHVGH
DxRVGHHGDGDUWLFXODQGRORVPHFDQLVPRVRSHUDWLYRVFRQHO6,17<6\FXPSOLHQGRFRQODVGLVSRVLFLRQHV
YLJHQWHVHQPDWHULDGHFRQILGHQFLDOLGDGGHORVGDWRVSHUVRQDOHV /H\ (VWDKHUUDPLHQWDIDFLOLWDOD
UHDOL]DFLyQGHXQDERUGDMHLQWHJUDOEXVFDQGRLPSHGLULQWHUYHQFLRQHVIUDJPHQWDGDV\VXSHUSXHVWDV
F  $GPLQLVWUDFLyQ1DFLRQDOGH6HJXULGDG6RFLDO $16(6 
/D $GPLQLVWUDFLyQ 1DFLRQDO GH 6HJXULGDG 6RFLDO FXHQWD FRQ XQD LPSRUWDQWH EDVH GH GDWRV
DOPDFHQDGRVGHODVSUHVWDFLRQHVGHODVHJXULGDGVRFLDOSRUHVRUHDOL]DFRQYHQLRVFRQODVMXULVGLFFLRQHV
SURYLQFLDOHV\ORFDOHVSDUDGHSXUDUODLQIRUPDFLyQPHGLDQWHHOFUXFHGHODVUHVSHFWLYDVEDVHVGHGDWRV
(VWD KHUUDPLHQWD SHUPLWH LQFRUSRUDU D DTXHOODV SHUVRQDV TXH QR HVWiQ UHFLELHQGR QLQJXQD SUHVWDFLyQ
HVWDQGR HQ FRQGLFLRQHVGH KDFHUOR DVt FRPR HYLWDU OD GREOH SHUFHSFLyQ GH EHQHILFLRV VRFLDOHV HQ FDVR
GRQGHORVPLVPRVVHDQOHJDOPHQWHLQFRPSDWLEOHV
G  6LVWHPD,QWHJUDGRGH,QIRUPDFLyQ6DQLWDULD$UJHQWLQR
(O 0LQLVWHULR GH 6DOXG FXHQWD HQ VX SiJLQD ZHE RILFLDO FRQ HO 6LVWHPD ,QWHJUDGR GH ,QIRUPDFLyQ
6DQLWDULD$UJHQWLQR 6,6$ (O6,6$FUHDGRSRUUHVROXFLyQHQHODxRUHFLpQIXHLPSOHPHQWDGRD
ILQHVGHODxRFRQHOREMHWRGHUHGXFLUODIUDJPHQWDFLyQGHLQIRUPDFLyQVDQLWDULDHQWRGRVVXVQLYHOHV
\ KDFHU GLVSRQLEOH OD LQIRUPDFLyQ HQ WLHPSR \ IRUPD SDUD TXLpQHV OD QHFHVLWHQ WDPELpQ SHUPLWH OD
LQWHJUDFLyQ FRQVWUXFFLyQ \ DUWLFXODFLyQ GH ORV GLVWLQWRV UHJLVWURV IHGHUDOHV HQ XQD PLVPD SODWDIRUPD GH
WHFQRORJtDPRGHUQD\FRQILDEOH(O3DGUyQÒQLFR&RQVROLGDGR2SHUDWLYR 38&2 KDVLGRVXDQWHFHGHQWH
XQD KHUUDPLHQWD ZHE TXH SHUPLWH RSWLPL]DU HO WUDEDMR GH ORV HIHFWRUHV GH VDOXG H LQVFULSWRUDV GHO 3ODQ
1DFHUHYLWDQGRODGREOHWDUHD\UHFKD]RVGHO38&2(O38&2LQWHJUDODVEDVHVGHODV2EUDV6RFLDOHV\ODV
FUX]D FRQ ORV 3DGURQHV GH EHQHILFLDULRV GHO 3ODQ 1DFHU PHGLDQWH XQ VLVWHPD RQ OLQH HQ HO FXDO ORV
HVWDEOHFLPLHQWRVGHVDOXGSXHGHQFRQVXOWDUVLHOSDFLHQWHVHHQFXHQWUDLQVFULSWRDO3ODQ1DFHU\HQFDVR
TXHQRFRQVWDWDVXHOHJLELOLGDG VLFXHQWDRQRFRQ2EUD6RFLDO (VWRVLQVWUXPHQWRVDGHPiVGHRSWLPL]DU\
PHMRUDU HO WUDEDMR GH ODV SHUVRQDV \ RUJDQL]DFLRQHV GH VDOXG FRQWULEX\HQ D OD XQLILFDFLyQ GH FULWHULRV \
OHQJXDMHVDQLWDULR\DODXWLOL]DFLyQHILFLHQWHGHORVUHFXUVRVILQDQFLHURVS~EOLFRV
3UHYLRDHVWH6LVWHPDOD$UJHQWLQDQRWHQtDXQVLVWHPD QDFLRQDOGHVDOXGLQWHJUDGRVLQRTXHVH
HQFRQWUDED GLVSHUVR HQ FDGD XQR GH ORV VXEVHFWRUHV S~EOLFR GH REUDV VRFLDOHV \ SULYDGRV  TXH
DGPLQLVWUDEDLQVWUXPHQWRV\SURFHGLPLHQWRVSURSLRVSDUDREWHQHUGDWRV \VHVXSRQHTXHKDFLDDGHQWUR
GHFDGDXQRGHHOORVVHUHSHWtDGLFKDIUDJPHQWDFLyQ 



 $OJXQDVSURYLQFLDVFXHQWDQDVXYH]FRQVXVSURSLRVUHJLVWURVORVFXiOHVVHYDQDUWLFXODQGRHQHVWHVLVWHPDQDFLRQDO/DSURYLQFLDGH
%XHQRV$LUHVSRUHMHPSORFXHQWDFRQHO5HJLVWUR(VWDGtVWLFR8QLILFDGRGH1LxH]\$GROHVFHQFLD 5(81$ TXHHVXQDSODWDIRUPD
GLJLWDO FRPSDUWLGD HQWUH OD 6HFUHWDUtD GH 1LxH] GH OD 3URYLQFLD \ ORV 6HUYLFLRV =RQDOHV \ /RFDOHV GH 3URWHFFLyQ GH 'HUHFKRV 6H
FRPSRQH GH GRV UHJLVWURV LQIRUPDWL]DGRV L  QLxRV QLxDV \ DGROHVFHQWHV GHVWLQDWDULRV GH SURJUDPDV \ LL  LQVWLWXFLRQHV QR
JXEHUQDPHQWDOHV FRQYLYHQFLDOHV QR FRQYLYHQFLDOHV \ WHUFLDUL]DGDV TXH LQWHUYLHQHQ HQ PDWHULD GH QLxH] \ DGROHVFHQFLD HQ OD
SURYLQFLD /D 3URYLQFLD GH 6DQWD )H FXHQWD FRQ HO 6LVWHPD LQIRUPiWLFR JHRUUHIHUHQFLDGR GH 1LxH] \ $GROHVFHQFLD 6,*1$  \ OD
3URYLQFLDGH(QWUH5tRVFRQHO6LVWHPDSURYLQFLDOGHLQIRUPDFLyQGHODQLxH]\DGROHVFHQFLD

 (QKWWSVVLVDPVDOJRYDUVLVDVHDFFHGHDO6,6$TXHFXHQWDFRQORVVLJXLHQWHVVLVWHPDV5HJLVWUR)HGHUDOGH(VWDEOHFLPLHQWRVGH
6DOXG 5()(6 5HG)HGHUDOGH5HJLVWURVGH3URIHVLRQDOHVGHOD6DOXG 5()(36 5HJLVWUR)HGHUDOGHO&RQMXQWR0tQLPRGH'DWRV
%iVLFRV &0'% 5HJLVWUR1DFLRQDOGH ,QYHVWLJDFLRQHVHQ6DOXG 5(1,6 5HJLVWUR1DFLRQDOGH&DUGLRSDWtDV&RQJpQLWDV &&& 
5HJLVWUR1DFLRQDOGH%DQFRGH'URJDV2QFROyJLFDV %1'2 5HJLVWUR)HGHUDOGH9DFXQDFLyQ1RPLQDOL]DGR 120,9$& 5HJLVWUR
1DFLRQDO GH 'RQDQWHV GH 6DQJUH 5('26  6LVWHPD GH 9LJLODQFLD GH /HVLRQHV 6,9,/(  8QLGDG &RRUGLQDGRUD GH (YDOXDFLyQ \
(MHFXFLyQGH7HFQRORJtDVHQ6DOXG 8&((76 3URJUDPD5(0(',$53URJUDPD5('(63URJUDPD)HGHUDO,QFOXLU6DOXG 3),6 
\5HG$UJHQWLQD3~EOLFDGH(YDOXDFLyQGH7HFQRORJtDV6DQLWDULDV


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

H  ',1,(&(
/D 'LUHFFLyQ 1DFLRQDO GH ,QIRUPDFLyQ \ (YDOXDFLyQ GH OD &DOLGDG (GXFDWLYD ',1,(&( 
GHSHQGLHQWH GH OD 6XEVHFUHWDUtD GH 3ODQHDPLHQWR (GXFDWLYR HV OD XQLGDG GHO 0LQLVWHULR GH (GXFDFLyQ
UHVSRQVDEOH GHO GHVDUUROOR \ OD VXVWHQWDELOLGDG GHO 6LVWHPD )HGHUDO GH ,QIRUPDFLyQ (GXFDWLYD ODV
DFFLRQHV GH HYDOXDFLyQ GHO VLVWHPD HGXFDWLYR QDFLRQDO \ HO GLVHxR \ GHVDUUROOR GH LQYHVWLJDFLRQHV
YLQFXODGDV FRQ OD IRUPXODFLyQ GH ODV SROtWLFDV HGXFDWLYDV (Q WDQWR SDUWH GHO 6LVWHPD (VWDGtVWLFR
1DFLRQDO 6(1 SURGXFHDQDOL]D\GLIXQGHLQIRUPDFLyQVREUHGLIHUHQWHVDVSHFWRVGHOVLVWHPDHGXFDWLYR
QDFLRQDO FRQ H[FHSFLyQ GHO QLYHO XQLYHUVLWDULR \ GHVDUUROOD LQYHVWLJDFLRQHV RULHQWDGDV D PHMRUDU VX
FDOLGDG\HTXLGDG(QSDUWLFXODUEULQGDLQIRUPDFLyQHVWDGtVWLFDHLQIRUPHVDQDOtWLFRVFX\DIXHQWHVRQORV
5HOHYDPLHQWRV$QXDOHV 5$ TXHUHDOL]DQFDGDDxRHQIRUPDFRQMXQWDOD',1,(&(\ODV8QLGDGHVGH
(VWDGtVWLFD (GXFDWLYD GH ODV SURYLQFLDV \ OD &LXGDG GH %XHQRV $LUHV D WUDYpV GH OD 5HG )HGHUDO GH
,QIRUPDFLyQ(GXFDWLYD
I  2EVHUYDWRULRV\(QFXHVWDV
(QPDWHULDGH,QIDQFLD\DGROHVFHQFLD\FRPRFRPSOHPHQWRGHORVLQVWUXPHQWRVDQWHVGHWDOODGRV
VHKDDYDQ]DGRHQJHQHUDUPD\RULQIRUPDFLyQWDQWRGHVGHODSHUVSHFWLYDVRFLRGHPRJUiILFDFRPRGH
RIHUWD GH VHUYLFLRV \ SURJUDPDV TXH SURPXHYH HO (VWDGR HQ VXV GLYHUVRV QLYHOHV MXULVGLFFLRQDOHV 6H
SUHVHQWDQ D FRQWLQXDFLyQ ODV DFFLRQHV PiV UHOHYDQWHV DOJXQDV GH ODV FXDOHV D~Q QR KDQ SXEOLFDGR ORV
GDWRVREWHQLGRVHQVXVUHOHYDPLHQWRV
2EVHUYDWRULR GH 7UDEDMR ,QIDQWLO \ $GROHVFHQWH 27,$   (O 07(66 FXHQWD GHVGH HO DxR 
FRQHVWHLQVWUXPHQWRHMHFXWDGRGHVGHHOiPELWRGHOD6XEVHFUHWDUtDGH3URJUDPDFLyQ7pFQLFD\(VWXGLRV
/DERUDOHV%XVFDFRQWULEXLUDODJHQHUDFLyQGHGLDJQyVWLFRVSUHFLVRVVREUHWUDEDMRLQIDQWLOGHPRGRWDO
TXHORVPLVPRVSHUPLWDQ PHMRUDUODVSROtWLFDV \SURJUDPDVGHVWLQDGDVDHVWDSUREOHPiWLFD$VLPLVPR
FRQHOILQGHFRQWDUFRQGDWRVPiVDFWXDOL]DGRVHQHODxRVHKDLQFRUSRUDGRDOD(QFXHVWD$QXDOGH
+RJDUHV8UEDQRVTXHUHDOL]DHO ,1'(&XQ0yGXORHVSHFtILFRVREUHWUDEDMR,QIDQWLOFX\RVUHVXOWDGRV
SUHOLPLQDUHV\DVHHQFXHQWUDQGLVSRQLEOHV \GDQFRPRUHVXOWDGRXQDGLVPLQXFLyQGHOWUDEDMRLQIDQWLO\
DGROHVFHQWH HQFRPSDUDFLyQFRQOD($11$ SDUDDFWLYLGDGHFRQyPLFDGHFKLFRVHQWUH\DxRVGH
D\SDUDDGROHVFHQWHVGHD YHUFXDGUR 

&8$'52
&203$5$&,Ï1'(5(68/7$'26'((1&8(67$'($&7,9,'$'(6'(1,f261,f$6
<$'2/(6&(17(6'(&210Ï'8/2'($&7,9,'$'(6'(1,f$61,f26<
$'2/(6&(17(6'(

 DDxRV  DDxRV
 ($11$   0$11<$    ($11$   0$11<$  
$FWLYLGDGHFRQyPLFD    න 
3URGXFWLYDSDUDDXWRFRQVXPR     
7DUHDGRPpVWLFDLQWHQVD 
QLxRV\QLxDVGHDDxRV
   
SRUKV\DGROHVFHQWHVSRU
KVRPiV 
)XHQWH,1'(&  0$11<$5HVXOWDGRVSUHOLPLQDUHVHU7ULPHVWUH

(QFXHVWD VREUH &RQGLFLRQHV GH 9LGD GH LQIDQFLD \ DGROHVFHQFLD 'XUDQWH HO DxR  OD
6(11$)MXQWRDO,1'(&\81,&()UHDOL]yHVWDHQFXHVWDHQPiVGHPLOKRJDUHVTXHUHSUHVHQWDQDO
 GH OD SREODFLyQ DUJHQWLQD /D PLVPD FRQVWD GH  FXHVWLRQDULRV KRJDUHV PXMHUHV PD\RUHV GH 
DxRVQLxRVDVPHQRUHVGHDxRV\,QIDQFLD\DGROHVFHQFLDGHDDxRV\VHGHVDUUROODGHDFXHUGRD
ORV SDUiPHWURV GH OD (QFXHVWD GH ,QGLFDGRUHV 0~OWLSOHV SRU &RQJORPHUDGR 0,&6  LQVWUXPHQWR TXH
XWLOL]D81,&()DQLYHOPXQGLDOSDUDGDUVHJXLPLHQWRDORVSULQFLSDOHVLQGLFDGRUHVTXHGDQFXHQWDGHODV
FRQGLFLRQHVGHYLGDGHLQIDQFLD\DGROHVFHQFLD


 ZZZWUDEDMRJREDU27,$

 ZZZLQGHFJREDU5HVXOWDGRVSUHOLPLQDUHVWHUFHUWULPHVWUH0$11\$


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

(QFXHVWDGH$FWLYLGDGHVGH1LxRV1LxDV\$GROHVFHQWHV ($11$ /DPLVPDVHOOHYyDGHODQWHHQ


ORV DxRV   \  TXH SHUPLWLy GLPHQVLRQDU OD PDJQLWXG GHO WUDEDMR LQIDQWLO \ FDUDFWHUL]DU ODV
DFWLYLGDGHV TXH UHDOL]DQ ,QIDQFLD \ DGROHVFHQFLD HQ OD $UJHQWLQD &RQ HO REMHWR GH GDU FXHQWD GH ODV
GLVWLQWDV PDQLIHVWDFLRQHV GH OD SUREOHPiWLFD VH GHILQLHURQ RSHUDFLRQDOPHQWH WUHV FDWHJRUtDV SDUD PHGLU
DFWLYLGDGHV HFRQyPLFDV \ QR HFRQyPLFDV WUDEDMR JHQHUD ELHQHV \ VHUYLFLRV SDUD HO PHUFDGR 
SURGXFFLyQ SDUD HO DXWRFRQVXPR FXLGDGR GH OD KXHUWD R DXWRFRQVWUXFFLyQ SRU HMHPSOR  \ WDUHDV
GRPpVWLFDV LQWHQVDV VH UHDOL]DQ HQ HO SURSLR KRJDU HQ XQD FDQWLGDG GH KRUDV TXH FRPSLWHQ FRQ HO
GHVFDQVR\HOEXHQGHVHPSHxRHVFRODU /RVUHVXOWDGRVGHOHVWXGLRPXHVWUDQTXHODPDJQLWXGGHOWUDEDMR
LQIDQWLO HV XQ IHQyPHQR DPSOLDPHQWH GLIXQGLGR HQWUH QLxRV QLxDV \ DGROHVFHQWHV HQ OD $UJHQWLQD
07(66$L]SXUX\7HGHVFKL 
(QFXHVWD1DFLRQDOGH3URWHFFLyQ\6HJXULGDG6RFLDO (1$35266 (O07(66OLGHUyGXUDQWHHO
DxRXQDLPSRUWDQWHHQFXHVWDHQORVSULQFLSDOHVFRQJORPHUDGRVXUEDQRVGHOSDtVFRQHOSURSyVLWR
GH REWHQHU LQIRUPDFLyQ HVWUDWpJLFD WDQWR VREUH ODV SULQFLSDOHV SUREOHPiWLFDV VRFLDOHV FRPR VREUH OD
RIHUWD GH SROtWLFDV S~EOLFDV SDUD DWHQGHU D ODV PLVPDV 6H SUHYp TXH GXUDQWH HO DxR  VH GDUiQ D
FRQRFHUORVSULQFLSDOHVUHVXOWDGRVGHHVWDLQLFLDWLYD
,QIR$UJHQWLQD 81,&()  6LVWHPD GH LQGLFDGRUHV GH IiFLO XWLOL]DFLyQ TXH SHUPLWH FRQRFHU OD
VLWXDFLyQGHORVQLxRVQLxDV\DGROHVFHQWHVTXHYLYHQHQOD$UJHQWLQD,QIR$UJHQWLQDFRPELQD\UHFRSLOD
GLVWLQWDV IXHQWHV GH LQIRUPDFLyQ RILFLDOHV GHO (VWDGR DUJHQWLQR GDWRV GH VLVWHPDV DGPLQLVWUDWLYRV
FHQVDOHV \ GH HVWXGLRV HVSHFLDOHV  HQ XQD ~QLFD EDVH GH GDWRV 3DUD DOJXQRV WHPDV KD\ LQIRUPDFLyQ
FRPSOHPHQWDULDGHRWUDVIXHQWHV HMGDWRVGHHVWDGtVWLFDVRILFLDOHVTXHFRPSDUDQVLWXDFLyQGHGLYHUVRV
SDtVHVFRPSLODGRVSRUHQWLGDGHVLQWHUQDFLRQDOHVRLQIRUPDFLRQHVGHHVWXGLRVHVSHFLDOHVUHDOL]DGRVSRU
HQWLGDGHV QR HVWDWDOHV  /D EDVH GH GDWRV FHQWUDOL]D OD LQIRUPDFLyQ EXVFDQGR IDFLOLWDU \ DJLOL]DU ODV
FRQVXOWDV \ ORV DQiOLVLV GH OD LQIRUPDFLyQ UHODFLRQDGRV FRQ OD QLxH] \ OD DGROHVFHQFLD ,QIR$UJHQWLQD
EULQGDLQIRUPDFLyQUHOHYDQWH\FRQILDEOHSDUDUHDOL]DUDQiOLVLV\GLDJQyVWLFRVGHWHQGHQFLDVWHPSRUDOHV\
GHEUHFKDVRGLVSDULGDGHVSURYLQFLDOHVRUHJLRQDOHVHQODVLWXDFLyQGHORVGHUHFKRVGHORVQLxRVQLxDV\
DGROHVFHQWHVGHOD$UJHQWLQD



 /D ($11$  UHJLVWUy TXH SRU HQWRQFHV HO  GH ORV QLxRV GH  D  DxRV WUDEDMDED XQ  SURGXMR ELHQHV SDUD HO
DXWRFRQVXPR\HOUHDOL]yWDUHDVGRPpVWLFDVSRUGLH]KRUDVVHPDQDOHVRPiV(QHOJUXSRGHDGROHVFHQWHVGHDDxRVOD
SURSRUFLyQTXH WUDEDMD VH HOHYD DO  HO  UHDOL]y DFWLYLGDGHV SURGXFWLYDVSDUD HO DXWRFRQVXPR \ HO  HIHFWXy WDUHDV
GRPpVWLFDVLQWHQVDVSRUTXLQFHKRUDVVHPDQDOHVRPiV 9HUFXDGURV\ 

 ,QIR$UJHQWLQDFXHQWDFRQHOVRSRUWHGH'HYLQIRXQVLVWHPDGHEDVHGHGDWRVGHVDUUROODGRSRUHO6LVWHPDGH1DFLRQHV8QLGDVSDUD
PRQLWRUHDUHODYDQFHGHORVSDtVHVKDFLDHOORJURGHORV2EMHWLYRVGH'HVDUUROORGHO0LOHQLR


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

,,,&RQFOXVLRQHV

$UJHQWLQD KD DYDQ]DGR HQ DxRV UHFLHQWHV HQ PDWHULD VRFLDO &DVL XQD GpFDGD GH FUHFLPLHQWR HFRQyPLFR
VXPDGRDXQPD\RUSURWDJRQLVPRHVWDWDOHQODDWHQFLyQDODVFUtWLFDVVLWXDFLRQHVGHSREUH]D\GHVLJXDOGDG
JHQHUDGDVHQODVHWDSDVSUHYLDVFRQGXFHQHQHOSUHVHQWHDXQHVFHQDULRPiVLQFOXVLYR(VWHDUJXPHQWRVH
VXVWHQWDWDQWRDQLYHOJHQHUDOGHODSREODFLyQFRPRGHLQIDQFLD\DGROHVFHQFLDHQSDUWLFXODU
6LELHQPXFKDVGHODVWHQVLRQHV\GHVDItRVTXHD~QWLHQHSRUGHODQWHODSURWHFFLyQVRFLDODUJHQWLQD
UHSHUFXWHQ GH PRGR GLUHFWR HQ OR TXH DFRQWHFH FRQ XQR GH VXV FRPSRQHQWHV FUtWLFRV UHODFLRQDGR D OD
LQVWLWXFLRQDOLGDG\SROtWLFDVSDUDLQIDQFLD\DGROHVFHQFLDFLHUWRHVTXHHVWHFDPSRHVSHFtILFRGHJHVWLyQ
S~EOLFD WLHQH VXV SURSLRV DFWLYRV \ DVLJQDWXUDV SHQGLHQWHV QR VyOR HQ WpUPLQRV GH OHJLVODFLyQ \ RIHUWD
SURJUDPiWLFDHVSHFLDOL]DGDVLQRHQVXDUWLFXODFLyQFRQRWURVVHFWRUHVGHODSROtWLFDVRFLDO
8QDVSHFWRPX\SRVLWLYRGHOFDVRDUJHQWLQRHQPDWHULDGHLQIDQFLD\DGROHVFHQFLDORUHSUHVHQWDHO
KHFKRGHFRQWDUFRQXQPDUFROHJDOTXHGHVGHPHGLDGRVGHODSULPHUDGpFDGDGHOVLJOR;;,KDYHQLGR
JHQHUDQGR ODV FRQGLFLRQHV QHFHVDULDV SDUD WUDQVIRUPDU HO HQWUDPDGR RUJDQL]DFLRQDO \ GH
VHUYLFLRVSURJUDPDV SXHVWRV HQ PDUFKD GHVGH HO (VWDGR SDUD DWHQGHU ODV FRPSOHMDV SUREOHPiWLFDV TXH
DIHFWDQ D HVWD SREODFLyQ (Q WDO VHQWLGR OD /H\ 1ž  GH 3URWHFFLyQ ,QWHJUDO GH ORV 'HUHFKRV GH
1LxRV1LxDV\$GROHVFHQWHFRQVWLWX\HXQDFWLYRTXHKDVHUYLGRSDUDFRORFDUHVWDWHPiWLFDHQXQOXJDU
LPSRUWDQWHHQODDJHQGDJXEHUQDPHQWDOQRVyORGHO(VWDGRQDFLRQDOVLQRWDPELpQGHPXFKRVJRELHUQRV
SURYLQFLDOHVHLQFOXVRGHOiPELWRPXQLFLSDO ORFXDOHVIXQGDPHQWDOWDQWRSRUORVUDVJRVGHOIHGHUDOLVPR
DUJHQWLQRFRPRSRUHOSURWDJyQLFRUROTXHGLFKDQRUPDOHDGMXGLFDDORVJRELHUQRVORFDOHV 
7DO OR VHxDODGR DQWHV RWUR GH ORV DFWLYRV GH OD SROtWLFD VRFLDO DUJHQWLQD UHFLHQWH FRQ FODUDV
LPSOLFDQFLDVHQODSURWHFFLyQVRFLDOUHILHUHDORVDYDQFHVHQORVVHUYLFLRVVRFLDOHVXQLYHUVDOHVGHHGXFDFLyQ
\VDOXGS~EOLFDVDORVFXDOHVSXHGHQDFFHGHUQLxDVQLxRV\DGROHVFHQWHV1RUPDVUHOHYDQWHVFRPROD/H\
GH )LQDQFLDPLHQWR (GXFDWLYR R OD /H\ 1DFLRQDO GH (GXFDFLyQ PiV LQWHUYHQFLRQHV GH JUDQ HVFDOD HQ HO
FDPSR VDQLWDULR FRPR 5HPHGLDU R HO DFWXDO 3ODQ 6XPDU  FRQVWLWX\HQ VHxDOHV FODUDV GH XQD PD\RU
SUHVHQFLDHVWDWDOHQFDPSRVTXHKDEtDGHVFXLGDGR\RDERUGDGRHQOyJLFDSURPHUFDGRDILQDOHVGHOVLJOR
;; 1R REVWDQWH HV HYLGHQWH TXH HO GHWHULRUR HQ OD FDOLGDG GH ORV VHUYLFLRV HGXFDWLYRV SURYLVWRV SRU HO
(VWDGRKDGHULYDGRHQSREUHVUHVXOWDGRVHQWpUPLQRVGHGHVHPSHxR\PHMRUtDGHOELHQHVWDUGHODSREODFLyQ
TXHPD\RULWDULDPHQWHXWLOL]DHVWHVHUYLFLROHiVHORVVHFWRUHVFRQPHQRUHVUHFXUVRVHFRQyPLFRV$HVWRVH
VXPDXQWHPDELHQFRPSOHMRUHODFLRQDGRFRQHOQLYHOPHGLRHOFXDODIHFWDXQPRPHQWRFUtWLFRGHODYLGD
GH ORV DGROHVFHQWHV PXFKRV GH ORV FXDOHV QR ORJUDQ FRQFOXLU HVH FLFOR WUDVFHQGHQWDO GH VX IRUPDFLyQ


CEPAL - Serie Políticas Sociales N° 186 Protección social para la infancia y la adolescencia en la Argentina...

(afectándose así sus posibilidades futuras de inserción laboral). Asimismo, en el campo de la salud, si bien
las medidas señaladas oportunamente y recién recordadas han sido muy relevantes y favorecieron a la
infancia y la adolescencia, es claro que se mantienen presente algunos desafíos más estructurales del sector,
como ser la difícil convergencia de los tres sub-sistemas y la heterogeneidad provincial en la calidad de los
servicios, por citar sólo dos de los ejemplos más evidentes.
Un ámbito de la protección social donde Argentina ha hecho importantes avances, sobre todo en lo
referido a la población entre 0 y 18 años (incluyendo el propio proceso de gestación), es en términos de
transferencias monetarias. Se ha constituido en un hito importante la decisión política del Estado de asumir
la responsabilidad en tender a asegurar un ingreso básico en cada hogar donde viven niñas, niños y
adolescentes. Resulta compleja, en ese marco, la tarea futura de sostener en el tiempo la coexistencia
de transferencias ligadas a la modalidad contributiva con la no contributiva, generándose un reto
adicional de cómo resolver la tensión entre una propuesta con enfoque de derecho con la aplicación
de condicionalidades.
En materia de cuidado (en este caso infantil), el país ha comenzado en años recientes a colocar la
temática en un lugar expectante de la agenda gubernamental. No obstante, se trata de uno de los
componentes críticos de un sistema de protección social integral y con enfoque de derecho para la
infancia y la adolescencia donde es más pertinente el rótulo de “asignatura pendiente”. Se han generado
incipientes avances legales (por ejemplo la Ley de Centros de Desarrollo Infantil que requiere aún
avances concretos por ejemplo en materia de compromiso efectivo por parte de las provincias) y
programáticos (el “Primeros Años” es el más evidente), pero aún queda un camino por recorrer en
plasmar todo el potencial que estas y otras intervenciones tendrían en mejorar la oferta de servicios
públicos de cuidado. En esa tarea por venir, también debiese estar presente la promoción de un profundo
cambio cultural impulsado el liderazgo estatal a través de políticas públicas transversales con enfoque de
género, promoviendo las condiciones para cambios en los comportamientos de hombres y mujeres a
efectos de fomentar una mayor equidad al interior de los hogares en tanto es el cuidado una de las
expresiones más cabal de la desigualdad entre unos y otras.
Asimismo, para avanzar seriamente en la conformación de un sistema de protección social para la
infancia y la adolescencia, se requiere contar con información y capacidad analítica que permita entender
en toda su complejidad las diversas situaciones socio-demográficas que afectan a esta población.
Argentina, aún con problemas de confiabilidad en materia de información pública en general, y tal las
diversas fuentes presentadas previamente, ha logrado en los últimos años avances respecto a contar con
más cantidad de datos sobre el perfil de esta población (y el modo en que se expresa la heterogeneidad
territorial), e incluso sobre las políticas públicas universales y específicas a las que accede esta
población. El reto hacia delante lo constituye, sin duda, el cómo lograr una práctica permanente de
gestión del conocimiento estratégico para la toma de aquellas decisiones públicas que afectan la calidad
de vida de niñas, niños y adolescentes. También, en torno a aquellas temáticas invisibilizadas que hacen
al goce y ejercicio de derechos. Todo esto debiese ayudar, asimismo, a que el Estado (en sus diversos
niveles jurisdiccionales) haga plenamente efectivo el enfoque de derechos acorde a estándares de calidad
debidamente normados y sustentados en información confiable.
Como en todo campo de política pública asociado a temáticas que transversalizan el aparato de
gestión pública y los niveles jurisdiccionales de gobierno, la temática de infancia y adolescencia afronta
dos retos político-técnicos muy importantes: por un lado, cuestión en esencia político, respecto a quién
ejerce la rectoría (es decir, el gobierno) del conjunto de intervenciones que afectan de un modo u otro a
esta población; por el otro, la cuestión de cómo promover real coordinación entre instituciones, niveles
de gobierno y servicios/programas. Y ambas funciones críticas en todo Estado moderno, se asocian a lo
que es sustantivo en el nuevo marco legal de infancia y adolescencia: su concepción sistémica y, por
ende, su fuerte demanda de integralidad. En este sentido, y aún cuando los actores que la nueva
institucionalidad ayudó a conformar van llevando adelante sus tareas pese a su joven existencia, queda
camino por recorrer para fortalecer, al mismo tiempo y con altos grados de coherencia, ambas funciones
de gobierno y coordinación. El importante rol que le toca desempeñar a la SENNAF no parece alcanzar
para que otros sectores críticos de la gestión pública (nacional, provincial y municipal) den los saltos
cualitativos que la problemática de niñez y adolescencia requiere.

56
CEPAL - Serie Políticas Sociales N° 186 Protección social para la infancia y la adolescencia en la Argentina...

La nueva normativa no sólo promueve la construcción de un sistema, sino que resalta el enfoque
de derecho y las consecuencias prácticas que ello acarrea (Abramovich y Pautassi, 2009). Este gran
avance requiere, sin embargo, algo más que la propia promulgación de las leyes y sus respectivas
reglamentaciones; requiere también cambios culturales profundos tanto en el plano del sistema político
en su conjunto, como en las prácticas organizacionales de los diferentes actores involucrados en la
temática (incluyendo, por ejemplo, el Poder Judicial). Y en este sentido los retos son múltiples y de
compleja resolución. El viejo paradigma del Patronato permanece instalado en ámbitos y actores con
relevancia en la institucionalidad y las políticas públicas de infancia y adolescencia, y si bien la opinión
pública va dando paulatina robustez a una concepción propia del nuevo paradigma, se trata de una tarea
político-ideológica aún inacabada. Es dable esperar futuras resistencias profundas en este plano, muchas
veces intangibles de la política pública.

57
&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

%LEOLRJUDItD

$EUDPRYLFK9tFWRU\3DXWDVVL/DXUD  /DUHYLVLyQMXGLFLDOGHODVSROtWLFDVVRFLDOHV(VWXGLRVGHFDVRV


HQ$UJHQWLQD(GLFLRQHVGHO3XHUWR%XHQRV$LUHV
$FXxD&DUORV+\%XOLW*RxL/XLV FRPSV   3ROtWLFDVVREUHODGLVFDSDFLGDGHQOD$UJHQWLQDVLJOR
YHLQWLXQRHGLWRUHV%XHQRV$LUHV
$L]SXUX$QDKt\7HGHVFKL9LUJLQLD  ³(FKDUOX]VREUHHOWUDEDMRLQIDQWLO´HQUHYLVWD9RFHVHQHO)HQL[
1ž%XHQRV$LUHVZZZYRFHVHQHOIHQL[FRPDU
$XOLFLQR &DUROLQD &DQR (VWHIDQtD 'tD] /DQJRX *DOD \ 7HGHVFKL 9LUJLQLD   /LFHQFLDV SURWHFFLyQ
VRFLDO\PHUFDGRODERUDO(TXLGDGHQHOFXLGDGR'RFXPHQWRGH7UDEDMR1ƒ&,33(&%XHQRV$LUHV
%HORII0DU\  ³&RQVWLWXFLyQ\'HUHFKRVGHO1LxR´HQ(VWXGLRVVREUH-XVWLFLD3HQDO+RPHQDMHDO'U
-XOLR%0DLHU(GLWRUHVGHO3XHUWR%XHQRV$LUHV
%HUWUDQRX)DELR  $SRUWHVSDUDODFRQVWUXFFLyQGHXQSLVRGHSURWHFFLyQVRFLDOHQ$UJHQWLQD(OFDVR
GHODVDVLJQDFLRQHVIDPLOLDUHV2,7%XHQRV$LUHV
%HUWUDQRX )DELR \ 0DXUL]LR 5R[DQD   7UDQVIHUHQFLDV PRQHWDULDV SDUD QLxRV \ DGROHVFHQWHV HQ
$UJHQWLQD &DUDFWHUtVWLFDV \ FREHUWXUD GH XQ VLVWHPD FRQ WUHV FRPSRQHQWHV 3ROLF\ ,QWHUQDFLRQDO
5HVHDUFK%ULHIQž&HQWUHIRULQFOXVLYH*URZWK
%H]HP3DEOR0H]]DGUD)ORUHQFLD\5LYDV$[HO  0RQLWRUHRGHOD/H\GH)LQDQFLDPLHQWR(GXFDWLYR
,QIRUPH)LQDO3URJUDPDGH(GXFDFLyQ&,33(&%XHQRV$LUHV
&RPLWpGHORV'HUHFKRVGHO1LxR &G'1   2EVHUYDFLRQHVILQDOHV$UJHQWLQD&5&&$5*&2
&6-1 &RUWH 6XSUHPD GH -XVWLFLD GH OD 1DFLyQ   )DOOR ³4  /;9, 5HFXUVR GH +HFKR 4& F
*&$%$V$PSDUR´
&XUFLR-DYLHU*ROGVFKPLW$LHOD\5REED0DQXHOD  *DVWRS~EOLFRGLULJLGRDODQLxH]HQ$PpULFD/DWLQD\
HO&DULEH&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR&(3$/&(3$/\81,&()6DQWLDJRGH&KLOH
&XUFLR-DYLHU  ³3URWHFFLyQ6RFLDOHQ$UJHQWLQD±$8+´SRQHQFLDSUHVHQWDGDHQODVž-RUQDGDVVREUH
0HUFDGR GH 7UDEDMR \ (TXLGDG HQ $UJHQWLQD RUJDQL]DGDV SRU OD 8QLYHUVLGDG GH *HQHUDO 6DUPLHQWR
81*6/RV3ROYRULQHV
'136 )2&&$5,7$66(6 &DUWLOOD SDUD RUJDQL]DFLRQHV VRFLDOHV (QIRTXHV SDUD HO WUDEDMR VRFLRHGXFDWLYR \
FRPXQLWDULR5HGGHRUJDQL]DFLRQHVGHODVRFLHGDGFLYLOSRUHOGHUHFKRDOD(GXFDFLyQ'LUHFFLyQ1DFLRQDO
GH3ROtWLFDV6RFLRHGXFDWLYDVGHO0LQLVWHULRGH(GXFDFLyQ)2&&$5,7$66(6%XHQRV$LUHV
(VSLQJ$QGHUVHQ *RVWD   ³5HHVWUXFWXUDFLyQ GH OD SURWHFFLyQ VRFLDO´ HQ 6RFLRORJtD GHO 'HVDUUROOR
3ROtWLFDV6RFLDOHV\'HPRFUDFLD5RODQGR)UDQFR FRRUG &(3$/\6LJOR;;,(GLWRUHV0p[LFR')


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

)HUQiQGH] %ODQFR &DUROLQD   ³/RV SULQFLSLRV GHVGH HO SULQFLSLR´ HQ 7HPDV FODYHV HQ PDWHULD GH
SURPRFLyQ \ SURWHFFLyQ GH GHUHFKRV GH ,QIDQFLD \ DGROHVFHQFLD HQ OD SURYLQFLD GH %XHQRV $LUHV
81,&()H,QVWLWXWRGH(VWXGLRV-XGLFLDOHVGHOD6XSUHPD&RUWHGH-XVWLFLD%XHQRV$LUHV
,1'(&  ,QIRUPH0yGXORGH$FWLYLGDGHVGH1LxRV1LxDV\$GROHVFHQWHV5HVXOWDGRVSUHOLPLQDUHVHU
7ULPHVWUHZZZLQGHFJREDU
0LQLVWHULR GH 'HVDUUROOR 6RFLDO GH OD 1DFLyQ   $ FLQFR DxRV GH OD FUHDFLyQ GHO &RQVHMR )HGHUDO GH
1LxH]$GROHVFHQFLD\)DPLOLD±0HPRULD\%DODQFH0LQLVWHULRGH'HVDUUROOR6RFLDOGHOD
1DFLyQ\3UHVLGHQFLDGHOD1DFLyQ%XHQRV$LUHV
0LQLVWHULRGH'HVDUUROOR6RFLDOGHOD1DFLyQ\81,&()  6LWXDFLyQGH1LxRV1LxDV\$GROHVFHQWHVVLQ
&XLGDGRV 3DUHQWDOHV HQ OD 5HS~EOLFD $UJHQWLQD 0LQLVWHULR GH 'HVDUUROOR 6RFLDO GH OD 1DFLyQ \
81,&()%XHQRV$LUHV
-*0 0LQLVWHULR GH -XVWLFLD \ 6HJXULGDG GH OD 3URYLQFLD GH %XHQRV $LUHV \ 81,&()   0iV \ PD\RUHV
GHUHFKRVSDUDQLxRVQLxDV\DGROHVFHQWHV0DWHULDOGH)RUPDFLyQ'LUHFFLyQ*HQHUDOGH&RRUGLQDFLyQ
GH3ROtWLFDVGH*pQHURGHO0-\6GHOD3URYLQFLDGH%XHQRV$LUHV-*0\81,&()/D3ODWD
/XSLFD&DULQD  ³&RPSDUWLUORVFXLGDGRV8QDGLPHQVLyQIXQGDPHQWDOSDUDHOGHVDUUROOR\ODHTXLGDG´
HQ1HZVOHWWHUGHO2EVHUYDWRULRGHOD0DWHUQLGDG1žMXQLR%XHQRV$LUHV
/XSLFD&DULQD  ³7UDEDMRGHFHQWH\FRUUHVSRQVDELOLGDGHQORVFXLGDGRVHQ$UJHQWLQD´2,76DQWLDJR&KLOH
0DUWtQH] 1RJXHLUD 5REHUWR   ,QWHJUDFLyQ GH VHUYLFLRV VRFLDOHV &RQFHSWXDOL]DFLyQ WLSRORJtD H
LQVWUXPHQWRVPLPHR318'%XHQRV$LUHV
0LQLVWHULR GH 7UDEDMR (PSOHR \ 6HJXULGDG 6RFLDO GH OD 1DFLyQ \ 2,7   (O WUDEDMR LQIDQWLO HQ OD
$UJHQWLQD $QiOLVLV \ GHVDItRV SDUD OD SROtWLFD S~EOLFD %XHQRV $LUHV 2,7 0LQLVWHULR GH 7UDEDMR
(PSOHR\6HJXULGDG6RFLDOGHOD1DFLyQ%XHQRV$LUHV
0LQLVWHULR GH 7UDEDMR (PSOHR \ 6HJXULGDG 6RFLDO GH OD 1DFLyQ ,1'(& \ 2,7   ,QIDQFLD \
DGROHVFHQFLD WUDEDMR \ RWUDV DFWLYLGDGHV HFRQyPLFDV 3ULPHUD HQFXHVWD $QiOLVLV GH UHVXOWDGRV HQ
FXDWURVXEUHJLRQHVGHOD$UJHQWLQD2,7%XHQRV$LUHV
0RUODFKHWWL $OHMDQGUR   ³(VWXGLR VREUH ORV IXQGDPHQWRV MXUtGLFRV GH ORV 6LVWHPDV GH 3URWHFFLyQ
,QWHJUDOGHOD,QIDQFLDHQ$PpULFD/DWLQD\HO&DULEH\HVWDGRGHDSOLFDFLyQ´PLPHR
0RUODFKHWWL $OHMDQGUR   /HJLVODFLRQHV QDFLRQDOHV \ GHUHFKRV VRFLDOHV HQ $PpULFD /DWLQD $QiOLVLV
FRPSDUDGR KDFLD OD VXSHUDFLyQ GH OD SREUH]D LQIDQWLO 6HULH 3ROtWLFDV 6RFLDOHV 1ƒ &(3$/
6DQWLDJRGH&KLOH
2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMR  7UDEDMRGHFHQWH\HTXLGDGGHJpQHURHQ$PpULFD/DWLQD2,7
6DQWLDJRGH&KLOH
2UJDQL]DFLyQ ,QWHUQDFLRQDO GHO 7UDEDMR   $SRUWHV SDUD XQ SLVR GH SURWHFFLyQ VRFLDO HQ $UJHQWLQD (O
FDVRGHODVDVLJQDFLRQHVIDPLOLDUHV2,7%XHQRV$LUHV
3DXWDVVL /DXUD $UFLGLiFRQR 3LODU \ 6WUDFKQR\ 0RUD   $VLJQDFLyQ 8QLYHUVDO SRU +LMR SDUD OD
3URWHFFLyQ 6RFLDO GH OD $UJHQWLQD (QWUH OD VDWLVIDFFLyQ GH QHFHVLGDGHV \ HO UHFRQRFLPLHQWR GH
GHUHFKRV6HULH3ROtWLFDV6RFLDOHV1ž&(3$/6DQWLDJRGH&KLOH
3DXWDVVL/DXUD\5LFR0DUtD1LHYHV  ³/LFHQFLDVSDUDHOFXLGDGRLQIDQWLO'HUHFKRGHKLMRVSDGUHV\
PDGUHV 'HVDItRV´ HQ %ROHWtQ GH OD LQIDQFLD \ DGROHVFHQFLD VREUH HO DYDQFH GH ORV 2EMHWLYRV GH
'HVDUUROORGHO0LOHQLR1ž6DQWLDJRGH&KLOH
3DXWDVVL /DXUD \ =LEHFFKL &DUOD   /D SURYLVLyQ GH FXLGDGR \ OD VXSHUDFLyQ GH OD SREUH]D LQIDQWLO
3URJUDPDVGHWUDQVIHUHQFLDVFRQGLFLRQDGDVHQ$UJHQWLQD\HOSDSHOGHODVRUJDQL]DFLRQHVVRFLDOHV\
FRPXQLWDULDV6HULH3ROtWLFDV6RFLDOHV1ž&(3$/6DQWLDJRGH&KLOH
3URJUDPDGHODV1DFLRQHV8QLGDVSRUHO'HVDUUROOR  ,QIRUPH1DFLRQDOVREUH'HVDUUROOR+XPDQR
'HVDUUROORKXPDQRHQ$UJHQWLQDWUD\HFWRV\QXHYRVGHVDItRV318'$UJHQWLQD%XHQRV$LUHV
5HERQ0DUFHOD5RIIOHU(ULND\7HGHVFKL9LUJLQLD  (OWUDEDMRLQIDQWLO\VXYLQFXODFLyQFRQHOGHUHFKR
DODHGXFDFLyQHOFDVRGH$UJHQWLQD2,7)XQGDFLyQ7HOHIyQLFDGH$UJHQWLQD%XHQRV$LUHV
5HSHWWR)DELiQ  ³3URWHFFLyQVRFLDOHQ$PpULFD/DWLQDODE~VTXHGDGHXQDLQWHJUDOLGDGFRQHQIRTXHGH
GHUHFKRV´HQ5HIRUPD\'HPRFUDFLD1ž&DUDFDV
5HSHWWR)DELiQ'LD]/DQJRX*DOD\$XOLFLQR&DUROLQD  &XLGDGRLQIDQWLOHQOD&LXGDG$XWyQRPDGH
%XHQRV$LUHV/DGLV\XQWLYDHQWUHSDxDOHV\SHGDJRJtD'RFXPHQWRGH7UDEDMR1ž3URJUDPDGH
3URWHFFLyQ6RFLDO&,33(&%XHQRV$LUHV
5HSHWWR)DELDQ \3RWHQ]D'DO0DVHWWR)HUQDQGD  3URWHFFLyQ6RFLDOHQOD$UJHQWLQD 6HULH3ROtWLFDV
6RFLDOHV1ž&(3$/6DQWLDJRGH&KLOH
5LYDV $[HO9HUD$OHMDQGUR \%H]HP3DEOR  5DGLRJUDItDGHOD(GXFDFLyQHQ$UJHQWLQD&,33(&
)XQGDFLyQ$UFRU\)XQGDFLyQ5REHUWR1REOH%XHQRV$LUHV


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

5RGUtJXH](QUtTXH]&RULQD  /DRUJDQL]DFLyQGHOFXLGDGRGHQLxRV\QLxDVHQ$UJHQWLQD\8UXJXD\HQ


6HULH0XMHU\'HVDUUROOR1ž&(3$/6DQWLDJRGH&KLOH
6,7($/6,3,)81'$&,21$5&25  /DVLWXDFLyQGHODSULPHUDLQIDQFLDHQOD$UJHQWLQDDGRVGpFDGDV
GHODUDWLILFDFLyQGHOD&RQYHQFLyQVREUHORV'HUHFKRVGHO1LxR)XQGDFLyQ$UFRU%XHQRV$LUHV
81,&() -*0 GH OD 3URYLQFLD GH %XHQRV $LUHV   3HUVSHFWLYD GH GHUHFKRV HQ ODV &RPLVDUtDV GH OD
PXMHU\ODIDPLOLD+HUUDPLHQWDVSDUDHODERUGDMH81,&()\-*0/D3ODWD

3iJLQDV2ILFLDOHV

ZZZDQVHVJREDU
ZZZGHVDUUROORVRFLDOJRYDU
ZZZPVDOJRYDU
ZZZSODQQDFHUPVDOJRYDU
ZZZUHPHGLDUJRYDU
ZZZSRUWDOHGXFDFLRQJRYDU
ZZZGLQLHFHPHJRYDU
ZZZLQGHFJREDU
ZZZWUDEDMRJREDU
ZZZWUDEDMRJREDURWLD
ZZZXQLFHIRUJDU



&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

$QH[RV

 


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

$QH[R
$EUHYLDWXUDV

$16(6 $GPLQLVWUDFLyQ1DFLRQDOGH6HJXULGDG6RFLDO
$8+ $VLJQDFLyQ8QLYHUVDOSRU+LMR
&'1 &RQYHQFLyQ,QWHUQDFLRQDOVREUHORV'HUHFKRVGHO1LxR
&G'1 &RPLWpGH'HUHFKRVGHO1LxR
&(3$/ &RPLVLyQ(FRQyPLFDSDUD$PpULFD/DWLQD\HO&DULEH
&*7 &RQIHGHUDFLyQ*HQHUDOGHO7UDEDMR
&1&36 &RQVHMR1DFLRQDOGH&RRUGLQDFLyQGH3ROtWLFDV6RFLDOHV
&139 &HQVR1DFLRQDOGH3REODFLyQ\9LYLHQGD
&21$(7, &RPLVLyQ1DFLRQDOSDUDOD(UUDGLFDFLyQGHO7UDEDMR,QIDQWLO
&235(7, &RPLVLyQ3URYLQFLDOSDUDOD(UUDGLFDFLyQGHO7UDEDMR,QIDQWLO
&2)(1$) &RQVHMR)HGHUDOGH1LxH]$GROHVFHQFLD\)DPLOLD
&7$ &HQWUDOGHORV7UDEDMDGRUHV$UJHQWLQRV
&7(5$ &RQIHGHUDFLyQGH7UDEDMDGRUHVGHOD(GXFDFLyQGHOD5HS~EOLFD$UJHQWLQD
',1,(&( 'LUHFFLyQ1DFLRQDOGH,QIRUPDFLyQ\(YDOXDFLyQGHOD&DOLGDG(GXFDWLYD
'136 'LUHFFLyQ1DFLRQDOGH3ROtWLFDV6RFLRHGXFDWLYDV
($11$ (QFXHVWDGH$FWLYLGDGHVGH1LxRV1LxDV\$GROHVFHQWHV
(&3, (QFXHVWD&RPSOHPHQWDULDGH3XHEORV,QGtJHQDV
(3+ (QFXHVWD3HUPDQHQWHGH+RJDUHV
*36 *DVWR3~EOLFR6RFLDO
*3G1 *DVWR3~EOLFRGLULJLGRD1LxH]
,1'(& ,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDV\&HQVRV
/)( /H\GH)LQDQFLDPLHQWR(GXFDWLYR
0'6 0LQLVWHULRGH'HVDUUROOR6RFLDO\'HSRUWHVGHOD1DFLyQ
07(66 0LQLVWHULRGH7UDEDMR(PSOHR\6HJXULGDG6RFLDOGHOD1DFLyQ
2'0 2EMHWLYRVGH'HVDUUROORGHO0LOHQLR
2,7 2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMR
3%, 3URGXFWR%UXWR,QWHUQR
318' 3URJUDPDGH1DFLRQHV8QLGDVSDUDHO'HVDUUROOR
7,3 7UDEDMR3HOLJURVR3URKLELGRSDUDPHQRUHVGHDxRV
6(11$) 6HFUHWDUtD1DFLRQDOGH1LxH]$GROHVFHQFLD\)DPLOLD
6,17<6 6LVWHPDGH,GHQWLILFDFLyQ1DFLRQDO7ULEXWDULR\6RFLDO
6,3$ 6LVWHPD,QWHJUDGR3UHYLVLRQDO$UJHQWLQR
6,6$ 6LVWHPD,QWHJUDGRGH,QIRUPDFLyQ6DQLWDULD$UJHQWLQR
81,&() )RQGRGHODV1DFLRQHV8QLGDVSDUDOD,QIDQFLD
 


&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

$QH[R
&8$'52$
0$75,='(3527(&&,2162&,$/3$5$/$,1)$1&,$</$$'2/(6&(1&,$


7(0$ 0$5&21250$7,92$5*(17,12 32/Ë7,&$6<352*5$0$6


1LxRQLxD\DGROHVFHQWHV &RQVWLWXFLyQ1DFLRQDODUWLQF 3ODQ1DFLRQDOGH$FFLyQSRUORVGHUHFKRVGH
/H\GH$GKHVLyQDOD&'1 11\$ &2)(1$) 
/H\GH3URWHFFLyQ,QWHJUDOGH
3URWHFFLyQ,QWHJUDOGH'HUHFKRVGHO1LxR
/H\1žGHHTXLSDUDFLyQGHHGDGSDUD
FRQWUDHUPDWULPRQLR
/H\1žGHPD\RUtDGHHGDGDORVDxRV

(GXFDFLyQ /H\GH3URWHFFLyQ,QWHJUDO 3URJUDPD6HFXQGDULDSDUD7RGRV
/H\GH)LQDQFLDPLHQWR(GXFDWLYR 3URJUDPD0iV\0HMRUHVHVFXHODV
/H\GH(GXFDFLyQ1DFLRQDO 3URJUDPDVVRFLRHGXFDWLYDVSDUDFDGDQLYHO
LQLFLDOSULPDULRVHFXQGDULRHVSHFLDO  0LQ
(GXF 
3URJUDPD&RQHFWDU,JXDOGDG $16(6 
6DOXG /H\GH3URWHFFLyQ,QWHJUDO 3ODQ)HGHUDOGH6DOXG
3ODQ1$&(5 0LQ6DOXG 
3ODQ680$5 0LQ6DOXG 
$VLJQDFLRQHV\ /H\GH3URWHFFLyQ,QWHJUDO $VLJQDFLRQHV)DPLOLDUHV $16(6 
WUDQVIHUHQFLDV /H\5pJLPHQGH$VLJQDFLRQHV 3HQVLRQHVQRFRQWULEXWLYDV $16(6 
)DPLOLDUHV $VLJQDFLyQ8QLYHUVDOSRU+LMRSDUD
'HFUHWR/H\$VLJQDFLyQ8QLYHUVDO 3URWHFFLyQ6RFLDO $16(6 
SRU+LMR $VLJQDFLyQSRU(PEDUD]RSDUD3URWHFFLyQ
'HFUHWR/H\$VLJQDFLyQSRU(PEDUD]R 6RFLDO $16(6 
3URJUDPDVDOLPHQWDULRV /H\GH3URWHFFLyQ,QWHJUDO 3ODQ1DFLRQDOGH6HJXULGDG$OLPHQWDULD
/H\GH&UHDFLyQGHO3ODQ1DFLRQDOGH 0'6\6DOXG 
6HJXULGDG$OLPHQWDULD 316$  3ODQ0DWHUQR,QIDQWLO 0LQ6DOXG 
5HVROXFLyQ0'6&UHDFLyQGHO6LVWHPD
6,3526 
$FFHVRDLGHQWLGDG /H\GH3URWHFFLyQ,QWHJUDODUWV\ $PQLVWtDDGPLQLVWUDWLYD 0LQ,QWHULRU 
'HFUHWRUHJODPHQWDULR
/H\GH5HJLVWUR&LYLOLQVFULSFLyQ
VXEVLGLDULDDGPLQLVWUDWLYD
'HFUHWRV\GH
JUDWXLGDGGHO'1,DOQDFLPLHQWR'HFUHWR
\SULPHU'1,SDUDQLxRVDVPHQRUHVGH
DxRV
'HFUHWRSULPHU'1,
SXHEORVRULJLQDULRV
$FFHVRSUHIHUHQFLDO\ /H\GH3URWHFFLyQ,QWHJUDODUW 3URJUDPDV6RFLRHGXFDWLYRV 0LQ(GXF 
UHWHQFLyQHVFRODU /H\GH(GXFDFLyQ1DFLRQDO 3URJUDPD1XHVWUR/XJDU 6(11$) 
$FFHVRDYDFXQDFLyQ /H\GH3URWHFFLyQ,QWHJUDO &DOHQGDULR1DFLRQDOGH9DFXQDFLyQ 0LQ
6DOXG 
$FFHVRDVHUYLFLRVGH /H\GH3URWHFFLyQ,QWHJUDO 3URJUDPD1DFLRQDOGH6DOXG,QWHJUDOHQOD
VDOXGVH[XDO\ /H\GH6DOXG6H[XDO\3URFUHDFLyQ $GROHVFHQFLD 0LQ6DOXG 
UHSURGXFWLYD 5HVSRQVDEOH 3URJUDPD1DFLRQDOGH6DOXG6H[XDO\
/H\GH'HUHFKRVGHOSDFLHQWH 5HSURGXFWLYD
/H\GH(GXFDFLyQ6H[XDO,QWHJUDO 3URJUDPDGH(GXFDFLyQ6H[XDO,QWHJUDO
0LQ(GXF 
$WHQFLyQDVLWXDFLRQHVGH /H\GH3URWHFFLyQ,QWHJUDO 
YXOQHUDELOLGDG
'HVDUUROORKDELOLGDGHVGH  3URJUDPD1XWULFLyQ\)DPLOLD 0'6 
FULDQ]D 3URJUDPD3ULPHURV$xRV &1&36 
'LVFDSDFLGDG /H\GH3URWHFFLyQ,QWHJUDO &RPLVLyQ1DFLyQDO$VHVRUDSDUDODV
/H\ 3HUVRQDVFRQ'LVFDSDFLGDG &21$',6 

$GRSFLyQ /H\GH3URWHFFLyQ,QWHJUDODUWV 6HFUHWDUtD1DFLRQDOGH1LxH]
/H\GH$GRSFLyQ $GROHVFHQFLD\)DPLOLD
/H\GH&UHDFLyQGH5HJLVWURÒQLFRGH
$VSLUDQWHVFRQILQHVGH$GRSFLyQ




&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD

&XDGUR$ FRQFOXVLyQ 

7(0$ 0$5&21250$7,92$5*(17,12 32/Ë7,&$6<352*5$0$6


  
9LROHQFLD\DEXVR  
 
/H\GH3URWHFFLyQ,QWHJUDO /tQHDJUDWXLWD
/H\GH9LROHQFLD'RPpVWLFD 3URJUDPD/DVYtFWLPDVFRQWUDODVYLROHQFLDV
/H\GH'HOLWRVFRQWUDOD &RQVHMR1DFLRQDOGHODV0XMHUHV
,QWHJULGDG6H[XDO 6HFUHWDUtD1DFLRQDOGH1LxH]
/H\GH3URWHFFLyQ,QWHJUDOSDUD $GROHVFHQFLD\)DPLOLD
SUHYHQLUVDQFLRQDU\HUUDGLFDUODYLROHQFLD
FRQWUDODPXMHU
3URWRFRORGHO&2)(1$)GH$VLVWHQFLDD
3HUVRQDV9tFWLPDVGH7UDWD\GH([SORWDFLyQ
6H[XDO,QIDQWLO DSUREDGRSRU5HVROXFLyQ0'6
 
$GROHVFHQWHVLQIUDFWRUHV /H\GH3URWHFFLyQ,QWHJUDODUWV $FWD&RPSURPLVRGHO&2)(1$)GH&DOLGDG
/H\DUW LQVWLWXFLRQDOGHORV'LVSRVLWLYRV3HQDOHV
'HFUHWRGH5pJLPHQ -XYHQLOHV DSUREDGRSRU5HVROXFLyQ0'6
3HQDOGH0HQRUHV  

7UDEDMRLQIDQWLO\ /H\GH3URWHFFLyQ,QWHJUDODUW 3ODQ1DFLRQDOGH(UUDGLFDFLyQGHO7UDEDMR
DGROHVFHQWH /H\GH3URKLELFLyQGHO7UDEDMR,QIDQWLO ,QIDQWLO &21$(7, 
\3URWHFFLyQGHO7UDEDMR$GROHVFHQWH 3ODQ1DFLRQDOGH(UUDGLFDFLyQGHO7UDEDMR
/H\GH7UDEDMR$JUDULR ,QIDQWLO\3URWHFFLyQGHO7UDEDMR$GROHVFHQWH
'HFUHWRGH&UHDFLyQGHOD&RPLVLyQ  &21$(7, 
1DFLRQDOSDUDOD3UHYHQFLyQ\(UUDGLFDFLyQ &RPLVLyQ1DFLRQDOSDUDOD(UUDGLFDFLyQGHO
GHO7UDEDMR,QIDQWLO 7UDEDMR,QIDQWLO &21$(7, 
/H\UDWLILFDFLyQFRQYHQLR2,7 5HGGHHPSUHVDVFRQWUDHO7UDEDMR,QIDQWLO
/H\TXHSHQDOL]DHOWUDEDMRLQIDQWLO &21$(7, 
2EVHUYDWRULR1DFLRQDOGH7UDEDMR,QIDQWLO\
$GROHVFHQWH27,$ 07(66 

$WHQFLyQGHOFXLGDGR /H\GH3URWHFFLyQ,QWHJUDO 3URJUDPD3ULPHURV$xRV &1&36 
/H\GH&HQWURVGH'HVDUUROOR,QIDQWLO 3URJUDPD&UHFLHQGR-XQWRV 6(11$) 
/H\7LWXOR9,,GH/LFHQFLDV 3URJUDPD1DFLRQDOGH'HVDUUROOR,QIDQWLO
/H\GH5pJLPHQHVSHFLDOGHWUDEDMR 0(GXF 
GHSHUVRQDVHQFDVDVSDUWLFXODUHV
,QVWLWXFLRQDOLGDG /H\GH3URWHFFLyQ,QWHJUDO $XWDUTXtD6HFUHWDUtD1DFLRQDOGH1LxH]
'HFUHWR5HJLVWURGH3URWHFFLyQ $GROHVFHQFLD\)DPLOLD6(11$)
,QWHJUDOGHOD1LxH]\$GROHVFHQFLD &RQVHMR)HGHUDOGH1LxH]$GROHVFHQFLD\
)DPLOLD&2)(1$)
&RQVHMR1DFLRQDOGH&RRUGLQDFLyQGH
3ROtWLFDV6RFLDOHV&1&36
5HJLVWURGH3URWHFFLyQ,QWHJUDO11\$
)XHQWH(ODERUDFLyQSURSLD






&(3$/6HULH3ROtWLFDV6RFLDOHV1ƒ 3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQOD$UJHQWLQD









6HULH
3ROtWLFDV6RFLDOHV
1~PHURVSXEOLFDGRV
8QOLVWDGRFRPSOHWRDVtFRPRORVDUFKLYRVSGIHVWiQGLVSRQLEOHVHQ
ZZZFHSDORUJSXEOLFDFLRQHV

 )DELiQ 5HSHWWR \ 9LUJLQLD 7HGHVFKL ³3URWHFFLyQ VRFLDO SDUD OD LQIDQFLD \ OD DGROHVFHQFLD HQ OD $UJHQWLQD 5HWRV
FUtWLFRVSDUDXQVLVWHPDLQWHJUDO´ /&/ 
 9HUyQLFD $PDUDQWH ³,QFRPH LQHTXDOLW\ LQ /DWLQ $PHULFD 'DWD FKDOOHQJHV DQG DYDLODELOLW\ IURP D FRPSDUDWLYH
SHUVSHFWLYH´ /&/ 
 /DXUD3DXWDVVL3LODU$UFLGLiFRQR\0RUD6WUDVFKQR\³$VLJQDFLyQ8QLYHUVDOSRU+LMRSDUD3URWHFFLyQ6RFLDOGHOD
$UJHQWLQD(QWUHODVDWLVIDFFLyQGHQHFHVLGDGHV\HOUHFRQRFLPLHQWRGHGHUHFKRV´ /&/ 
 &DUORV)0DOGRQDGR9DOHUD\$QGUHD)3DOPD5RFR³/DFRQVWUXFFLyQGHSDFWRV\FRQVHQVRVHQPDWHULDGHSROtWLFD
VRFLDO(OFDVRGHODUHIRUPDSUHYLVLRQDOHQ&KLOH´ /&/ 
 &DUORV)0DOGRQDGR9DOHUD\$QGUHD)3DOPD5RFR³/DFRQVWUXFFLyQGHSDFWRV\FRQVHQVRVHQPDWHULDGHSROtWLFD
VRFLDO(OFDVRGHOQXHYRUpJLPHQGHDVLJQDFLRQHVIDPLOLDUHVGHO8UXJXD\´HQSUHQVD
 &DUORV0DOGRQDGR³/DFRQVWUXFFLyQGHSDFWRV\FRQVHQVRVHQPDWHULDGHSROtWLFDVRFLDO(OFDVRGHOD/H\*HQHUDO
GH'HVDUUROOR6RFLDOGH0p[LFR´HQSUHQVD
 6LONH6WDDE³3URWHFFLyQVRFLDOSDUDODLQIDQFLD\ODDGROHVFHQFLDHQ&KLOH´ /&/ 
 &DUORV)0DOGRQDGR9DOHUD\$QGUHD)3DOPD5RFR³/DFRQVWUXFFLyQGHSDFWRV\FRQVHQVRVHQPDWHULDGHSROtWLFD
VRFLDO$SXQWHVSDUDXQPDUFRGHDQiOLVLV´ /&/ 
 'RHV GLVFRXUVH PDWWHU LQ WKH SROLWLFV RI EXLOGLQJ VRFLDO SDFWV RQ VRFLDO SURWHFWLRQ" ,QWHUQDWLRQDO H[SHULHQFHV´
9LYLHQ$6FKPLGW /&/ 
 3ULQFLSDOHV GHWHUPLQDQWHV GH OD LQWHJUDFLyQ GH ODV 7,& HQ HO XVR HGXFDWLYR (O FDVR GHO 3ODQ &(,%$/8UXJXD\
'DQLHOD7UXFFR\$QGUpV(VSHMR /&/ 
 'HVEDODQFHHWDULRGHOELHQHVWDUHOOXJDUGHODLQIDQFLDHQODSURWHFFLyQVRFLDOHQ$PpULFD /DWLQD&HFLOLD5RVVHO
/&/ 
 )OH[LELOL]DFLyQODERUDOHQHO3HU~\UHIRUPDVGHODSURWHFFLyQVRFLDODVRFLDGDVXQEDODQFHWUDVDxRVÈOYDUR9LGDO
%HUP~GH])HUQDQGR&XDGURV/XTXH&KULVWLDQ6iQFKH]5H\HV /&/ 
 3URWHFFLyQVRFLDOHQOD$UJHQWLQD)DELDQ5HSHWWR)HUQDQGD3RWHQ]D'DO0DVHWWR /&/ 
 $YDQFHV HQ HO 3ULPHU 2EMHWLYR GH 'HVDUUROOR GHO 0LOHQLR H LQYHUVLyQ VRFLDO 5RGULJR 0DUWtQH] \ $PDOLD 3DOPD
/&/ 
 /DVWHFQRORJtDVGHODLQIRUPDFLyQ\ODVFRPXQLFDFLRQHVHQODIRUPDFLyQLQLFLDOGRFHQWHGH$PpULFD/DWLQD0DULR
%UXQ /&/ 
 3ROtWLFDV\SUiFWLFDVGHODVWHFQRORJtDVGHODLQIRUPDFLyQ\ODVFRPXQLFDFLRQHVHQHGXFDFLyQHQSDtVHVGH$PpULFD
/DWLQD\(O&DULEH-(QULTXH+LQRVWUR]D&KULVWLDQ/DEEp /&/3 
 ,QQRYDFLyQVRFLDO\GHVDUUROORHFRQyPLFRORFDO/X]ÈQJHOD5RGUtJXH](VFREDU0DUtD(OLVD%HUQDO\/XLV0DXULFLR
&XHUYR /&/3 






You might also like