¤ ,QJHUVROO5DQG &RPSDQ\
,PSUHVR HQ ((88
0$18$/ '( 862 < 0$17(1,0,(172 3$5$ (/ $7251,//$'25
(/e&75,&2 02'(/2 (67 '( %$-$ 7(16,Ð1 '(/92
127$
(O DWRUQLOODGRU HOpFWULFR PRGHOR (67 GH EDMD WHQVLyQ 'HOYR HVWi GLVHxDGR SDUD OD
LQVWDODFLyQ GH XQLRQHV URVFDGDV HQ DSOLFDFLRQHV GH LQGXVWULD OLJHUD \ IDEULFDFLyQ GH
HOHFWURGRPpVWLFRV
,QJHUVROO5DQG QR DFHSWDUi UHVSRQVDELOLGDG DOJXQD SRU OD PRGLILFDFLyQ GH ODV
KHUUDPLHQWDV HIHFWXDGD SRU HO FOLHQWH SDUD ODV DSOLFDFLRQHV TXH QR KD\DQ VLGR
FRQVXOWDGDV FRQ ,QJHUVROO5DQG
$9,62
6( $'-817$ ,1)250$&,Ð1 ,03257$17( '( 6(*85,'$' /($ < &216(59( 72'$6 (67$6
,16758&&,21(6 $17(6 '( 321(5 (1 6(59,&,2 2 86$5 (67$ +(55$0,(17$
(6 5(63216$%,/,'$' '( /$ (035(6$ $6(*85$56( '( 48( (/ 23(5$5,2
(67e $/ 7$172 '( /$ ,1)250$&,Ð1 48( &217,(1( (67( 0$18$/
(/ +$&(5 &$62 20,62 '( /26 $9,626 6,*8,(17(6 32'5Ì$ 2&$6,21$5 /(6,21(6
&8$1'2 6( 86$1 +(55$0,(17$6 (/(&75,&$6 (6 35(&,62 $'237$5 6,(035( (175(
275$6 /$6 6,*8,(17(6 35(&$8&,21(6 %$6,&$6 3$5$ 5('8&,5 (/ 5,(6*2 '(
,1&(1',2 '(6&$5*$6 (/(&75,&$6 < /(6,21(6
3$5$ 321(5 /$ +(55$0,(17$ (1 6(59,&,2
x
8WLOLFH LQVSHFFLRQH \ PDQWHQJD VLHPSUH HVWD KHUUDPLHQWD
GH FRQIRUPLGDG FRQ WRGD UHJODPHQWDFLyQ ORFDO SURYLQFLDO
UHJLRQDO \ QDFLRQDO TXH VHD GH DSOLFDFLyQ D KHUUDPLHQWDV
HOpFWULFDV TXH VH PDQHMDQ \ VRVWLHQHQ D PDQR
x
([DPLQH SHULyGLFDPHQWH ORV FDEOHV GH ODV KHUUDPLHQWDV \
VL HVWiQ HVWURSHDGRV HQFDUJXH VX UHSDUDFLyQ D XQ FHQWUR
GH VHUYLFLR DXWRUL]DGR ([DPLQH SHULyGLFDPHQWH ORV FDEOHV
GH SURORQJDFLyQ \ FiPELHORV VL HVWiQ HVWURSHDGRV
x
1R VDTXH QLQJXQD HWLTXHWD 6XVWLWX\D WRGD HWLTXHWD
GDxDGD
87,/,=$&,Ð1 '( /$ +(55$0,(17$
x
/OHYH VLHPSUH SURWHFFLyQ RFXODU FXDQGR XWLOLFH HVWD
KHUUDPLHQWD R UHDOLFH RSHUDFLRQHV GH PDQWHQLPLHQWR HQ OD
PLVPD
x
/DV KHUUDPLHQWDV HOpFWULFDV SXHGHQ YLEUDU GXUDQWH HO XVR
/D YLEUDFLyQ ORV PRYLPLHQWRV UHSHWLWLYRV R ODV SRVLFLRQHV
LQFyPRGDV SXHGHQ GDxDUOH ORV EUD]RV \ PDQRV (Q FDVR GH
LQFRPRGLGDG VHQVDFLyQ GH KRUPLJXHR R GRORU GHMH GH XVDU
OD KHUUDPLHQWD &RQVXOWH FRQ HO PpGLFR DQWHV GH YROYHU D
XWLOL]DUOD
x
3URWpMDVH FRQWUD ODV GHVFDUJDV HOpFWULFDV (YLWH HO FRQWDFWR
GHO FXHUSR FRQ VXSHUILFLHV SXHVWDV D WLHUUD 3RU HMHPSOR
WXEHUtDV UDGLDGRUHV FRFLQDV R FiPDUDV IULJRUtILFDV
x
1R DEXVH GHO FDEOH 1R FRQYLHQH OOHYDU OD KHUUDPLHQWD
FRJLGD SRU HO FDEOH QL GHVHQFKXIDU HO FDEOH GiQGROH XQ WLUyQ
3URWHMD HO FDEOH GHO FDORU DFHLWH \ FDQWRV YLYRV
x
&RQVHUYH OLPSLR HO OXJDU GH WUDEDMR /RV HVSDFLRV \ EDQFRV
GH WUDEDMR OOHQRV GH HVWRUERV DFDEDQ GDQGR OXJDU D OHVLRQHV
x
([DPLQH HO HQWRUQR GH WUDEDMR 1R H[SRQJD ODV
KHUUDPLHQWDV HOpFWULFDV \ DSDUDWRV FDUJDGRUHV DO FRQWDFWR FRQ
DJXD 0DQWHQJD HO OXJDU GH WUDEDMR ELHQ LOXPLQDGR 1R XVH OD
KHUUDPLHQWD HQ DPELHQWHV H[SORVLYRV R LQIODPDEOHV
x
0DQWHQJD DSDUWDGRV D FXULRVRV \ QLxRV 1R SHUPLWD TXH
SHUVRQDO QR DXWRUL]DGR XWLOLFH QL WRTXH HVWD KHUUDPLHQWD QL HO
FDEOH
x
*XDUGH ODV KHUUDPLHQWDV TXH QR VH XVHQ &XDQGR QR VH
HVWpQ XVDQGR FRQYLHQH JXDUGDU ODV KHUUDPLHQWDV HQ XQ OXJDU
VHFR DOWR R FHUUDGR EDMR OODYH IXHUD GHO DOFDQFH GH ORV QLxRV
x
1R IXHUFH OD KHUUDDUi PHMRU HO WUDEDMR \ GH PDQHUD
PiV VHJXUD XWLOL]iQGROD DO UpJLPHQ SDUD HO TXH KD VLGR
SUR\HFWDGD
x
8VH OD KHUUDPLHQWD FRQYHQLHQWH 1R IXHUFH XQD KHUUDPLHQWD
R DFFHVRULR SHTXHxR D KDFHU HO WUDEDMR GH XQD KHUUDPLHQWD
SHVDGD
x
1R FRQYLHQH XVDU XQD KHUUDPLHQWD SDUD XQ ILQ GLVWLQWR GHO
SUHYLVWR (MHPSOR 1R GHEH XVDUVH XQ GHVWRUQLOODGRU FRPR
WDODGUR
x
8VH URSD DGHFXDGD 1R XVH URSD VXHOWD QL MR\HUtD SXHV
SXHGHQ VHU DWUDSDGDV SRU SLH]DV HQ PRYLPLHQWR 6H
UHFRPLHQGD XVDU JXDQWHV GH JRPD \ FDO]DGR DQWLGHVOL]DQWH
FXDQGR VH WUDEDMH DO H[WHULRU 6L VH OOHYD HO SHOR ODUJR FRQYLHQH
FRQWHQHUOR FXEULpQGRVH OD FDEH]D
127$
(O XVR GH SLH]DV GH UHFDPELR TXH QR VHDQ DXWpQWLFDV GH ,QJHUVROO5DQG SXHGH GDU OXJDU D TXH VH VXIUDQ OHVLRQHV VH UHGX]FD HO UHQGLPLHQWR
GH OD KHUUDPLHQWD \ DXPHQWHQ ORV FXLGDGRV GH PDQWHQLPLHQWR QHFHVDULRV DVt FRPR OD DQXODFLyQ GH WRGD JDUDQWtD
(QFDUJXH ODV UHSDUDFLRQHV D XQD SHUVRQD FDSDFLWDGD (VWD KHUUDPLHQWD HOpFWULFD HVWi FRQVWUXLGD GH FRQIRUPLGDG FRQ ORV UHTXLVLWRV
SHUWLQHQWHV HQ PDWHULD GH VHJXULGDG /DV UHSDUDFLRQHV VyOR GHEHQ VHU HIHFWXDGDV SRU SHUVRQDO FDSDFLWDGR HPSOHDQGR UHSXHVWRV GH RULJHQ
SXHV GH OR FRQWUDULR HO XVXDULR TXHGD H[SXHVWR D ULHVJRV FRQVLGHUDEOHV
/DV UHSDUDFLRQHV VyOR VH GHEHQ HQFRPHQGDU D SHUVRQDO GHELGDPHQWH FXDOLILFDGR \ DXWRUL]DGR &RQVXOWH FRQ HO FHQWUR GH VHUYLFLR
DXWRUL]DGR ,QJHUVROO5DQG PiV SUy[LPR
(
