87(16,/,26'(&2&,1$6(*85263$5$0,&5221'$6
$VHJ~UHVHGHTXHWRGRVORVXWHQVLOLRVXVDGRVHQHO
KRUQRPLFURRQGDVVHDQSDUDXVRHQHOPLVPR6H
SXHGHXVDUODPD\RUtDGHODVFDFHURODVGHYLGULR
SODWRVGHFRFFLyQWD]DVJUDGXDGDVWD]DVSDUD
SRVWUHYDMLOODVGHFHUiPLFDRSRUFHODQDTXHQR
SRVHDQERUGHVPHWiOLFRVRYLGULDGRVFRQXQEULOOR
PHWiOLFR$OJXQRVXWHQVLOLRVFXHQWDQFRQODHWLTXHWD
´SDUDXVRHQPLFURRQGDVµ
6LQRHVWiVHJXURGHTXHXQSODWRVHDSDUDXVR
HQHOPLFURRQGDVUHDOLFHHVWDSUXHED&RORTXHHQ
HOKRUQRHOSODWRTXHHVWiHYDOXDQGR\XQDWD]D
GHYLGULRJUDGXDGDOOHQDFRQXQDWD]DGHDJXD
FRORTXHODWD]DJUDGXDGDHQRMXQWRDOSODWR
$FWLYHHOPLFURRQGDVHQWUH\VHJXQGRVDO
Pi[LPR6LHOSODWRVHFDOLHQWDQRVHGHEHUiXVDU
HQHOPLFURRQGDV6LHOSODWRSHUPDQHFHIUtR\VyOR
HODJXDGHODWD]DVHFDOLHQWDHQWRQFHVSRGUiXVDU
HOSODWRGHIRUPDVHJXUD
6LXVDXQWHUPyPHWURSDUDFDUQHVPLHQWUDV
FRFLQDHQHOKRUQRPLFURRQGDVRHQXQD3$55,//$
FHUFLyUHVHGHTXHVHDVHJXURSDUDXVRHQKRUQRV
PLFURRQGDV
1RXVHSURGXFWRVGHSDSHOUHFLFODGR/DVWRDOODVGH
SDSHOUHFLFODGRVHUYLOOHWDV\SDSHOSDUDDOLPHQWRV
SXHGHQFRQWHQHUWUR]RVGHPHWDOTXHSRGUiQ
RFDVLRQDUDUFRVHOpFWULFRVRKDFHUTXHVHSUHQGDQ
IXHJR6HGHEHUiHYLWDUHOXVRGHSURGXFWRVGH
SDSHOTXHFRQWHQJDQQ\ORQRILODPHQWRVGHQ\ORQ
\DTXHWDPELpQVHSRGUiQSUHQGHUIXHJR
$OJXQDVEDQGHMDVGHJRPDHVSXPDFRPRDTXHOODV
GRQGHVHHPSDTXHWDODFDUQHSRVHHQXQDWLUDILQD
GHPHWDOLQVHUWDGDHQODSDUWHLQIHULRU6LVHXVDQ
HQHOKRUQRPLFURRQGDVHOPHWDOSRGUiTXHPDUHO
SLVRGHOKRUQRRHQFHQGHUXQDWRDOODGHSDSHO
1RXVHHOKRUQRPLFURRQGDVSDUDVHFDUHO
SHULyGLFR
1RWRGRVORVHQYROWRULRVGHSOiVWLFRVHSXHGHQXVDU
HQHOKRUQRPLFURRQGDV&RQWUROHHOSDTXHWHSDUD
XQXVRDGHFXDGR
/DVWRDOODVGHSDSHOSDSHOSDUDDOLPHQWRVR
HQYROWRULRVGHSOiVWLFRVHSRGUiQXVDUSDUD
FXEULUSODWRVDILQGHUHWHQHUODKXPHGDG\HYLWDU
VDOSLFDGXUDV$VHJ~UHVHGHYHQWLODUORVHQYROWRULRV
GHSOiVWLFRGHPRGRTXHHOYDSRUSXHGDVDOLU
1RXVHSURGXFWRVGHSDSHOFXDQGRHOKRUQR
PLFURRQGDVSDUULOODHVWpIXQFLRQDQGRHQHOPRGR
*5,//(53DUULOOD
12VHSRGUiQXVDUXWHQVLOLRVGHSOiVWLFRSDUD
PLFURRQGDVDOXVDUODVIXQFLRQHVGHFRFFLyQHQOD
SDUULOODHQHVWHKRUQR
/RVXWHQVLOLRVGHFRFLQDVHSRGUiQFDOHQWDUGHELGR
DOFDORUWUDQVIHULGRSRUODFRPLGDTXHVHFDOHQWy
6HUiQHFHVDULRXVDUJXDQWHVSDUDKRUQRDOWRPDU
HOXWHQVLOLRGHFRFLQD
/DVEROVDVSOiVWLFDVSDUDFRFFLyQ\ODVEROVDV
SOiVWLFDVGHFLHUUHKHUPpWLFRDSWDVSDUDKHUYLUVH
GHEHUiQFRUWDUSHUIRUDURYHQWLODUFRPRVHLQGLFD
HQHOSDTXHWH'HQRVHUDVtHOSOiVWLFRSRGUtD
H[SORWDUGXUDQWHRLQPHGLDWDPHQWHGHVSXpVGHOD
FRFFLyQORFXDOSRGUiRFDVLRQDUOHVLRQHV$GHPiV
ORVHQYDVHVGHSOiVWLFRGHEHUiQHVWDUSRUORPHQRV
SDUFLDOPHQWHGHVFXELHUWRVGHELGRDTXHIRUPDQ
XQVHOODGRKHUPpWLFR$OFRFLQDUFRQHQYDVHV
KHUPpWLFDPHQWHFXELHUWRVFRQHQYROWRULRVGH
SOiVWLFRUHWLUHHOHQYROWRULRFRQFXLGDGR\GLULMDHO
YDSRUOHMRVGHODVPDQRV\HOURVWUR
8VHSDSHOGHDOXPLQLRVyORGHDFXHUGRFRQOR
LQGLFDGRHQHVWDJXtD/DVFRPLGDVFRQJHODGDV
VHSRGUiQFDOHQGDUHQHOKRUQRPLFURRQGDVHQ
EDQGHMDVGHDOXPLQLRGHPHQRVGHôµGHDOWXUD
UHWLUHODWDSDVXSHULRUGHDOXPLQLR\YXHOYDD
FRORFDUODEDQGHMDHQODFDMD$OXVDUSDSHOGH
DOXPLQLRHQHOKRUQRPLFURRQGDVPDQWHQJDHO
SDSHOGHDOXPLQLRDOHMDGRSRUORPHQRVµGHORV
FRVWDGRVGHOKRUQR
8WHQVLOLRVGHSOiVWLFRORVXWHQVLOLRVGHSOiVWLFR
GLVHxDGRVSDUDODFRFFLyQHQHOKRUQRPLFURRQGDV
VRQPX\~WLOHVSHURVHGHEHUiQXVDUFRQFXLGDGR
(VSRVLEOHTXHHOSOiVWLFRGHXVRVHJXURHQHO
KRUQRPLFURRQGDVQRWROHUHFRQGLFLRQHVGH
VREUHFDOHQWDPLHQWRFRPRVtHVHOFDVRFRQ
PDWHULDOHVGHYLGULRRFHUiPLFD\VHSRGUi
DEODQGDURFDUERQL]DUVLVHVRPHWHDSHUtRGRV
FRUWRVGHVREUHFDOHQWDPLHQWR6LVHH[SRQHDXQ
VREUHFDOHQWDPLHQWRSURORQJDGRODFRPLGD\ORV
XWHQVLOLRVVHSRGUiQLQFHQGLDU
6LJDHVWDVSDXWDV
8VHSOiVWLFRVGHXVRVHJXURHQHOKRUQR
PLFURRQGDV~QLFDPHQWH\XVHORVPLVPRV
FXPSOLHQGRGHIRUPDHVWULFWDODV
UHFRPHQGDFLRQHVGHOIDEULFDQWHGHXWHQVLOLRV
1RFRFLQHHQYDVHVYDFtRVHQHOKRUQR
PLFURRQGDV
1RSHUPLWDTXHORVQLxRVXVHQXWHQVLOLRVGH
SOiVWLFRVLQXQDVXSHUYLVLyQFRPSOHWD
£$'9(57(1&,$
,16758&&,21(6,03257$17(6'(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(86$5
*8$5'((67$6,16758&&,21(6