-$:+256(
70
(63
'$7267e&1,&26
5DQJRGHÀMDFLyQ
0j[LPD)XHU]DGHÀMDFLyQ
0pWRGRGHVXMHFLyQ
&DUJDPi[LPD
'LPHQVLRQHV'HSLH
'LPHQVLRQHV3OHJDGR
5HFRUULGRGHVXMHFLyQ3HGDO
3HVR
&RQVWUXFFLyQ
v
v
PP
7RQNJV
5HSRVDSLpV
OEVNJV
v
[
v
[
v
[[PP
v
[
v
[
v
[[PP
v
SRUQLYHO
OEVNJV
$FHURVyOLGR
,16758&&,21(6'(862
127$
$QWHVGHXVDUODKHUUDPLHQWDOHDDWHQWDPHQWH
HOPDQXDOGHLQVWUXFFLRQHV
²²,16758&&,21(6'(,167$/$&,Ð1
&RORTXHHO-$:+256(
70
ERFDEDMRHQHOVXHOR$ÁRMHHO
PDQGRGHEORTXHRGHODSDWDWUDVHUD\GHVOLFHODSDWD
WUDVHUDGHVGHVXSRVLFLyQGHDOPDFHQDPLHQWR*LUHODSDWD
KDVWDODSRVLFLyQFRUUHFWD\GHVOtFHODKDFLDDUULED/HYiQWHOD
GHVSXpV\GHVOtFHODKDVWDHOKXHFRGHODSDUWHSRVWHULRU$SULHWH
HOPDQGR9HU)LJ
/HYDQWHHOSHGDOKDVWDTXHHQFDMHHQVXSRVLFLyQ9HU
)LJ
*LUHODVSDWDVIURQWDOHVKDFLDGHODQWHJDVWDTXHHQFDMHQ
HQVXSRVLFLyQ(OVHJXURGHÀMDFLyQGHODSDWDIURQWDOVH
DEULUiDXWRPiWLFDPHQWH9HU)LJ
*LUHHO-$:+256(
70
KDFLDDUULED\FRPSUXHEHGHQXHYRTXH
WRGDVODVSDWDVVHHQFXHQWUHQHQVXSRVLFLyQ
²²,16758&&,21(6'(3/(*$'2
(OSOHJDGRHVHOSURFHGLPLHQWRLQYHUVRDODQWHULRU9HU)LJ
$VHJ~UHVHGHTXHHOLQWHUUXSWRUGHEORTXHROLEHUDFLyQVH
HQFXHQWUDHQ´SRVLFLyQGHGHVEORTXHRµ9HU)LJ
'HVOLFHHOVHJXURGHODSDWDIURQWDO\SOLHJXHODVSDWDV
GHODQWHUDV9HU)LJ
7LUHGHOVHJXURGHÀMDFLyQGHOSHGDO\FRORTXHHOSHGDOHQ
SRVLFLyQGHSOHJDGR9HU)LJ
$ÁRMHHOPDQGRGHEORTXHRSRVWHULRU'HVOLFHODSDWD
WUDVHUDGHVGHHOKXHFR\FROyTXHODGHQXHYRHQODSRVLFLyQGH
DOPDFHQDPLHQWR$VHJ~UHVHGHTXHODSDWDWUDVHUDKDHQFDMDGR
FRPSOHWDPHQWHHQODSRVLFLyQGHDOPDFHQDPLHQWRGHTXHHO
PDQGRGHEORTXHRGHODSDWDHVWiELHQDSUHWDGR
3XHGHXWLOL]DUODSDWDWUDVHUDSDUDWUDQVSRUWDUHO
-$:+256(
70
PLHQWUDVVHHQFXHQWUHFRPSOHWDPHQWHSOHJDGR
9HU)LJ
7DPELpQSXHGHGHVOL]DUODSDWDWUDVHUDSDUDXWLOL]DUOD
FRPRDVD*UDFLDVDVXVUXHGDVGHODQWHUDVHOWUDQVSRUWHGHO
-$:+256(
70
HVIiFLO\UiSLGR5HFXHUGHTXHODVUXHGDVQRKDQ
VLGRGLVHxDGDVSDUDUHDOL]DUXQWUDQVSRUWHGXURFRPREDMDU
HVFDOHUDVRDWUDYHVDUXQWHUUHQR9HU)LJ
²²),-$&,Ð1
&RORTXHODSLH]DGHWUDEDMRHQODPRUGD]DÀMD\GHVOLFH
ODPRUGD]DPyYLOKDFLDGHODQWHKDVWDTXHWRTXHODSLH]DGH
WUDEDMR
3XHGHSUHVLRQDUUHSHWLGDPHQWHHOSHGDOSDUDKDFHUDYDQ]DUOD
PRUGD]DPyYLO
'HVOLFHHOLQWHUUXSWRUGHEORTXHROLEHUDFLyQKDVWDOD
SRVLFLyQGH´EORTXHRµ9HU)LJ
$SOLTXHSUHVLyQKDFLDDEDMRHQHOSHGDOKDVWDDSOLFDUOD
IXHU]DGHÀMDFLyQQHFHVDULD9HU)LJ
£&8,'$'2
/DIXHU]DPi[LPDSHUPLVLEOHHQHOSHGDO
HVGHOEVPi[LPRNJ1RVHDSR\HQLVDOWH
VREUHHOGLVSRVLWLYR3RGUtDOHVLRQDUVH\FDXVDUGDxRVVREUH
HOHTXLSR
²²/,%(5$&,Ð1
'HVOLFHHOLQWHUUXSWRUGHEORTXHROLEHUDFLyQKDVWDOD
SRVLFLyQGH´OLEHUDFLyQµ9HU)LJ
3UHVLRQHHOSHGDOGHMHTXHYXHOYDDVXSRVLFLyQRULJLQDO\
OLEHUHODSLH]DGHWUDEDMR9HU)LJ
6LKDÀMDGRHOREMHWRFRQPXFKDIXHU]DGHEHUiHMHUFHUXQD
IXHU]DVLPLODUVREUHHOSHGDOSDUDOLEHUDUOR
£&8,'$'2
$VHJ~UHVHGHTXHVRSRUWDODSLH]DGH
WUDEDMRSDUDHYLWDUTXHVHFDLJDXQDYH]OLEHUDGD
'HVOLFHODPRUGD]DPyYLO\H[WUDLJDODSLH]DGHWUDEDMR9HU
)LJ
²²),-$&,Ð1(181/$'2'(/$025'$=$
(QRFDVLRQHVODVSLH]DVGHWUDEDMRJUDQGHVRFRPSOLFDGDV
VyORVHSXHGHQVXMHWDUFRQXQDGHODVPRUGD]DV(QWDOFDVR
DVHJ~UHVHGHHYLWDUDSOLFDUXQDIXHU]DGHÀMDFLyQH[FHVLYD
²²),-$53,(=$6&8$'5$'$69(57,&$/0(17(9(5),*
$YHFHVODVSLH]DVGHWUDEDMRWXEXODUHVRFXDGUDGDVGH
DFHURDOXPLQLRXRWURPDWHULDOGHEHQÀMDUVHYHUWLFDOPHQWHHQ
HOFHQWURGHODVPRUGD]DV(ORULÀFLRGHODSODFDEDVHEDMROD
PRUGD]DSHUPLWHÀMDUSLH]DVGHKDVWDGHDQFKXUD
³),-$52%-(726*5$1'(6>µPPµPP@
/DPRUGD]DSXHGHLQYHUWLUVHSDUDVXMHWDUSLH]DVGHWUDEDMR
JUDQGHV
&RORTXHHOLQWHUUXSWRUGHEORTXHROLEHUDFLyQHQODSRVLFLyQ
GH´OLEHUDFLyQµ\DVHJ~UHVHGHTXHHOSHGDOHVWiOLEHUDGR
'HVOLFHODPRUGD]DPyYLOFRPSOHWDPHQWH9HU)LJ
*LUHODPRUGD]DJUDGRV\YXHOYDDLQVHUWDUODHQODSLVWD
9HU)LJ