
/HDHVWDLQIRUPDFLyQDQWHVGHOOHYDUDFDERWDUHDVGHLQVWDODFLyQXVRRPDQWHQLPLHQWRHQHO
LQYHUVRU
$QWHVGHODLQVWDODFLyQ
&RPSUXHEHTXHQRVHKD\DQSURGXFLGRGDxRVHQHOLQYHUVRUQLHQHOHPEDODMH(Q
FDVRGHGXGDSyQJDVHHQFRQWDFWRFRQHOSURYHHGRUDQWHVGHLQVWDODUHOLQYHUVRU
,QVWDODFLyQ
3DUDFRQVHJXLUXQDVFRQGLFLRQHVGHVHJXULGDGySWLPDVVLJDORVSDVRVTXHVHGHV
FULEHQHQHVWHPDQXDO5HFXHUGHTXHHOLQYHUVRUWLHQHGRVODGRVFRQWHQVLyQOD
HQWUDGD)9\ODUHGGH&$
'HVFRQH[LyQGHOLQYHUVRU
$QWHVGHFRPHQ]DUDWUDEDMDUFRQHOLQYHUVRUGHVFRQHFWHODUHGGH&$HQHOLQWH
UUXSWRUGHUHGHOpFWULFD\HOLQWHUUXSWRU)9SXOVDQGRHOLQWHUUXSWRUGHFDUJD)9$VH
J~UHVHGHTXHQRVHSXHGHYROYHUDFRQHFWDUHOGLVSRVLWLYRLQLQWHQFLRQDGDPHQWH
8WLOLFHXQYROWtPHWURSDUDDVHJXUDUVHGHTXHODXQLGDGHVWiGHVFRQHFWDGD\VLQWHQ
VLyQ$XQTXHHVWpGHVFRQHFWDGRGHODUHGHOpFWULFD\ORVPyGXORVVRODUHVHOLQYHUVRU
SXHGHHVWDUFDUJDGRFRQXQDWHQVLyQDOWDDQLYHOHVSHOLJURVRV(VSHUHDOPHQRV
PLQXWRVWUDVODGHVFRQH[LyQGHODUHG\ORVSDQHOHV)9DQWHVGHSURFHGHU
0DQWHQLPLHQWR\PRGLILFDFLyQ
6RORVHSHUPLWHHIHFWXDUUHSDUDFLRQHVRPRGLILFDFLRQHVHQHOLQYHUVRUDOSHUVRQDO
DXWRUL]DGRSDUDHOOR3DUDJDUDQWL]DUODPi[LPDVHJXULGDGGHOXVXDULRVRORGHEHQ
XVDUVHUHFDPELRVRULJLQDOHVVXPLQLVWUDGDVSRUHOSURYHHGRU6LVHXWLOL]DQUHFDPELRV
TXHQRVHDQRULJLQDOHVQRKDEUiQLQJXQDJDUDQWtDGHTXHVHFXPSODQODVGLUHFWULFHV
&(GHVHJXULGDGHOpFWULFDFRPSDWLELOLGDGHOHFWURPDJQpWLFD&(0\VHJXULGDGGHOD
PiTXLQD
7HQJDWDPELpQHQFXHQWDHOSHOLJURGHOHVLRQHVSRUTXHPDGXUDV/DWHPSHUDWXUDGH
ODVUHMLOODVGHUHIULJHUDFLyQ\GHORVFRPSRQHQWHVLQWHUQRVGHOLQYHUVRUSXHGHH[FHGHU
ORV&
3DUiPHWURVGHVHJXULGDGIXQFLRQDO
1XQFDFDPELHORVSDUiPHWURVGHOLQYHUVRUVLQODDXWRUL]DFLyQGHODHPSUHVDGHVX
PLQLVWURHQHUJpWLFRORFDOQLVLQVHJXLUODVLQVWUXFFLRQHVGH'DQIRVV
/RVFDPELRVQRDXWRUL]DGRVHQORVSDUiPHWURVGHVHJXULGDGIXQFLRQDOSXHGHQFDXVDU
OHVLRQHVRDFFLGHQWHVDODVSHUVRQDVRDOLQYHUVRU$VLPLVPRSURYRFDUiQODFDQFH
ODFLyQGHWRGRVORVFHUWLILFDGRVGHDSUREDFLyQGHIXQFLRQDPLHQWRGHOLQYHUVRU
/RVLQYHUVRUHV'DQIRVVHVWiQGLVHxDGRVGHDFXHUGRFRQODQRUPDWLYDDOHPDQD9'(
GHIHEUHURGHTXHLQFOX\HXQDSUXHEDGHDLVODPLHQWRHQWUHODPDWUL]
RODVPDWULFHV)9\WLHUUDDVtFRPRXQGLVSRVLWLYRGHFRUULHQWHUHVLGXDOGHWLSR%
5&'5&08FRQIRUPHDODQRUPD',19'(
,QWHUUXSWRUGHFDUJD)9\EORTXHRGHFDEOHV
,OXVWUDFLyQ7ULSOH/\Q[,QWHUUXSWRUGHFDUJD)9
(OLQYHUVRUVHKDHTXLSDGRFRQXQLQWHUUXSWRU
GHFDUJD)9SDUDXQDGHVFRQH[LyQVHJXUD
GHODFRUULHQWHFRQWLQXD&&3DUDHYLWDUXQD
GHVFRQH[LyQLQYROXQWDULDGHORVFDEOHVGH&&
ORVEORTXHRVGHFDEOHVVHSXHGHQDGTXLULUFR
PRXQSURGXFWRVHSDUDGR
FOLS
GHEORTXHRFRQ
VLVWHPDGHVHJXUL
,QWURGXFFLyQ
L00410309-05_2q