12
)8(17(6 '(/ '(5(&+2 /$%25$/ )8(17(6 '(/ '(5(&+2 /D WHRUtD GH ODV )XHQWHV GHO 'HUHFKR HVWXGLD OD DSDULFLyQ OD HODERUDFLyQ \ OD H[SUHVLyQ HQ OD VRFLHGDG GH ODV QRUPDV TXH LQWHJUDQ HO RUGHQDPLHQWR MXUtGLFR SRVLWLYR )XHQWH HV GH GRQGH HPDQD HV OD IXHU]D FUHDGRUD GH OD QRUPD MXUtGLFD VRQ IXHQWHV PDWHULDOHV FLUFXQVWDQFLDV TXH GLUHFWDPHQWH FRQFXUUHQ D FUHDU GHUHFKR HV OD JpQHVLV GHO GHUHFKR &RQ WRGR \ GH PRGR DPSOLR GHEHPRV FRQVLGHUDU )XHQWHV GHO 'HUHFKR QR VyOR ORV PRGRV UHFRQRFLGRV FRPR FDSDFHV GH FUHDU QRUPDV MXUtGLFDV VLQR WDPELpQ ORV PHGLRV QHFHVDULRV SDUD TXH QD]FDQ $Vt HQ 5RPD HUDQ WDQ )XHQWHV GHO 'HUHFKR OD /H\ \ HO HGLFWR GHO SUHWRU SRU HMHPSOR FRPR ORV FRPLFLRV ',67,1&,Ï1 )8(17(6 0$7(5,$/(6 2 5($/(6 6RQ ORV IDFWRUHV +LVWyULFRV ± 3ROtWLFRV ± 6RFLDOHV ± (FRQyPLFRV ± &XOWXUDOHV ± eWLFRV ± 5HOLJLRVRV HWF TXH LQIOX\HQ HQ OD FUHDFLyQ \ FRQWHQLGR GH OD QRUPD MXUtGLFD )XHQWH PDWHULDO GLUHFWD 6RQ WRGDV DTXHOODV QRUPDV GHO GHUHFKR TXH HVWXGLDQ FRVDV HVSHFtILFDV GH VX JpQHVLV OD OH\ SRU (M WHQHPRV /D VRFLHGDG TXH DVLJQD OD FRVWXPEUH MXUtGLFD /RV yUJDQRV OHJLVODWLYRV TXH FUHDQ OD OH\ /RV WULEXQDOHV GH MXVWLFLD TXH FUHDQ MXULVSUXGHQFLD MXGLFLDO )XHQWH PDWHULDO LQGLUHFWD /D FXOWXUD JHQHUDO TXH QRV GD OD SRVLELOLGDG GH HVWXGLDU LQYHVWLJDU )8(17(6 )250$/(6 HV OR TXH LQWHUHVD SDUD OD DVLJQDWXUD 6RQ ODV IRUPDV HQ TXH ODV QRUPDV MXUtGLFDV VH PDQLILHVWDQ HQ OD FRPXQLGDG HQIRFDGDV HQ UHODFLyQ D VX RULJHQ SDUD LPSRQHUVH VRFLDOPHQWH HQ YLUWXG GH OD SRWHQFLD FRHUFLWLYD GHO 'HUHFKR )RUPDV GH PDQLIHVWDFLyQ GH ODV QRUPDV MXUtGLFDV 6RQ /D FRVWXPEUH MXUtGLFD /D /H\ /D 6HQWHQFLD (O &RQWUDWR (O 7HVWDPHQWR /RV 3ULQFLSLRV JHQHUDOHV GHO 'HUHFKR $OJXQRV DXWRUHV DJUHJDQ OD 'RFWULQD VROXFLRQHV HODERUDGDV SDUD UHVROYHU XQ FDVR R HODERUDU XQ SUR\HFWR GH OH\ SRU ORV HVWXGLRVRV GHO 'HUHFKR SHUR HQ YHUGDG QR HV XQD PRGDOLGDG GHO 'HUHFKR 3RVLWLYR HVWR HV QR HV IXHQWH IRUPDO VLQR IXHQWH PDWHULDO \ HQ WDO FDUiFWHU SXHGH LQVSLUDU HO IDOOR GH XQ MXH] XQD OH\ HWF $QiOLVLV GH ODV IXHQWHV IRUPDOHV 6H SXHGHQ DQDOL]DU GHVGH SXQWRV GH YLVWD 'HVGH HO SXQWR GH YLVWD GHO Ï5*$12 )$&8/7$'2 SRU HO RUGHQDPLHQWR MXUtGLFR SDUD FUHDU QRUPDV MXUtGLFDV 3RWHVWDGHV 'HVGH HO SXQWR GH YLVWD GH OD )250$ '( (;35(6,Ï1 GH ODV QRUPDV MXUtGLFDV TXH UHVXOWDQ GHO HMHUFLFLR GH OD IDFXOWDG GH FUHDU QRUPDV MXUtGLFDV /D /H\ 3RVLWLYD R /HJLVODFLyQ /D &RQVWLWXFLyQ

Fuentes Del Derecho Laboral.pdf

Embed Size (px)

DESCRIPTION

fuentes del derecho laboral

Citation preview

)8(17(6�'(/�'(5(&+2�/$%25$/���� )8(17(6�'(/�'(5(&+2�

/D� WHRUtD� GH� ODV� )XHQWHV� GHO� 'HUHFKR� HVWXGLD� OD� DSDULFLyQ�� OD� HODERUDFLyQ� \� OD� H[SUHVLyQ� HQ� OD�VRFLHGDG�GH�ODV�QRUPDV�TXH�LQWHJUDQ�HO�RUGHQDPLHQWR�MXUtGLFR�SRVLWLYR��)XHQWH� HV� GH� GRQGH� HPDQD�� HV� OD� IXHU]D� FUHDGRUD� GH� OD� QRUPD� MXUtGLFD�� VRQ� IXHQWHV�PDWHULDOHV�FLUFXQVWDQFLDV�TXH�GLUHFWDPHQWH�FRQFXUUHQ�D�FUHDU�GHUHFKR��HV�OD�JpQHVLV�GHO�GHUHFKR��&RQ� WRGR�� \� GH� PRGR� DPSOLR�� GHEHPRV� FRQVLGHUDU� )XHQWHV� GHO� 'HUHFKR�� QR� VyOR� ORV� PRGRV�UHFRQRFLGRV�FRPR�FDSDFHV�GH�FUHDU�QRUPDV�MXUtGLFDV��VLQR�WDPELpQ�ORV�PHGLRV�QHFHVDULRV�SDUD�TXH�QD]FDQ��$Vt�HQ�5RPD�HUDQ�WDQ�)XHQWHV�GHO�'HUHFKR�OD�/H\�\�HO�HGLFWR�GHO�SUHWRU��SRU�HMHPSOR��FRPR�ORV�FRPLFLRV��

��� ',67,1&,Ï1������ )8(17(6�0$7(5,$/(6�2�5($/(6�

6RQ� ORV� IDFWRUHV� +LVWyULFRV� ±� 3ROtWLFRV� ±� 6RFLDOHV� ±� (FRQyPLFRV� ±� &XOWXUDOHV� ±� eWLFRV� ±�5HOLJLRVRV��HWF���TXH�LQIOX\HQ�HQ�OD�FUHDFLyQ�\�FRQWHQLGR�GH�OD�QRUPD�MXUtGLFD��������� )XHQWH� PDWHULDO� GLUHFWD�� 6RQ� WRGDV� DTXHOODV� QRUPDV� GHO� GHUHFKR� TXH� HVWXGLDQ�

FRVDV�HVSHFtILFDV�GH�VX�JpQHVLV��OD�OH\�SRU�(M��WHQHPRV���� /D�VRFLHGDG�TXH�DVLJQD�OD�FRVWXPEUH�MXUtGLFD���� /RV�yUJDQRV�OHJLVODWLYRV�TXH�FUHDQ�OD�OH\���� /RV�WULEXQDOHV�GH�MXVWLFLD�TXH�FUHDQ�MXULVSUXGHQFLD�MXGLFLDO��

������� )XHQWH�PDWHULDO�LQGLUHFWD��/D�FXOWXUD�JHQHUDO�TXH�QRV�GD�OD�SRVLELOLGDG�GH�HVWXGLDU��LQYHVWLJDU��

����� )8(17(6�)250$/(6��HV�OR�TXH�LQWHUHVD�SDUD�OD�DVLJQDWXUD��6RQ� ODV� IRUPDV�HQ�TXH� ODV�QRUPDV� MXUtGLFDV�VH�PDQLILHVWDQ�HQ� OD�FRPXQLGDG��HQIRFDGDV�HQ�UHODFLyQ� D� VX� RULJHQ�� SDUD� LPSRQHUVH� VRFLDOPHQWH�� HQ� YLUWXG� GH� OD� SRWHQFLD� FRHUFLWLYD� GHO�'HUHFKR��������� )RUPDV�GH�PDQLIHVWDFLyQ�GH�ODV�QRUPDV�MXUtGLFDV�

6RQ���� /D�FRVWXPEUH�MXUtGLFD��� /D�/H\��� /D�6HQWHQFLD��� (O�&RQWUDWR��� (O�7HVWDPHQWR��� /RV�3ULQFLSLRV�JHQHUDOHV�GHO�'HUHFKR��$OJXQRV�DXWRUHV�DJUHJDQ�OD�'RFWULQD��VROXFLRQHV�HODERUDGDV�SDUD�UHVROYHU�XQ�FDVR��R�HODERUDU�XQ�SUR\HFWR�GH� OH\�SRU� ORV�HVWXGLRVRV�GHO�'HUHFKR��SHUR� HQ�YHUGDG�QR�HV�XQD� PRGDOLGDG� GHO� 'HUHFKR� 3RVLWLYR�� HVWR� HV�� QR� HV� IXHQWH� IRUPDO�� VLQR� IXHQWH�PDWHULDO��\�HQ�WDO�FDUiFWHU�SXHGH�LQVSLUDU�HO�IDOOR�GH�XQ�MXH]��XQD�OH\��HWF��������� $QiOLVLV�GH�ODV�IXHQWHV�IRUPDOHV�6H�SXHGHQ�DQDOL]DU�GHVGH���SXQWRV�GH�YLVWD���� 'HVGH�HO�SXQWR�GH�YLVWD�GHO�Ï5*$12�)$&8/7$'2�SRU�HO�RUGHQDPLHQWR�MXUtGLFR�

SDUD�FUHDU�QRUPDV�MXUtGLFDV��3RWHVWDGHV���� 'HVGH�HO�SXQWR�GH�YLVWD�GH� OD�)250$�'(�(;35(6,Ï1�GH� ODV�QRUPDV� MXUtGLFDV�TXH�UHVXOWDQ�GHO�HMHUFLFLR�GH�OD�IDFXOWDG�GH�FUHDU�QRUPDV�MXUtGLFDV��

�� /D�/H\�3RVLWLYD�R�/HJLVODFLyQ��� /D�&RQVWLWXFLyQ�

��� /D�/H\�HQ�6HQWLGR�(VWULFWR��/D�/H\�-XUtGLFD���� &yGLJRV��� 'HFUHWRV�FRQ�-HUDUTXtD�GH�/H\��

�� 'HFUHWRV�FRQ�)XHU]D�GH�/H\��'�)�/����� 'HFUHWRV�/H\HV��'�/���

�� 'HFUHWRV�±�5HJODPHQWRV�±�,QVWUXFFLRQHV��� 7UDWDGRV�,QWHUQDFLRQDOHV��� /D�-XULVSUXGHQFLD��� 3ULQFLSLRV�*HQHUDOHV�GHO�'HUHFKR��� 'RFWULQD�-XUtGLFD��� &RVWXPEUH�-XUtGLFD�

��� 25,*(1�'(�/$6�)8(17(6�'(/�'(5(&+2�/$%25$/�3DUWLFLSDQ�HQ� OD� IRUPDFLyQ�GHO�'HUHFKR�GHO�7UDEDMR�� ODV� IXHQWHV�JHQHUDOHV�R�FOiVLFDV��SHUR�SRU� OD�QDWXUDOH]D�PLVPD�GHO�'HUHFKR�/DERUDO� HO� HVWXGLR�GH�VXV� IXHQWHV� WLHQH� XQ�FDUiFWHU�SUiFWLFR��PiV�LQPHGLDWR�� FRQFXUULHQGR�D� VX� IRUPDFLyQ��HQ� SDUWLFXODU�� JUXSRV�VRFLDOHV� TXH� WLHQHQ�XQD�H[LVWHQFLD�FRQFUHWD�� WDQJLEOH�� TXH�SDUWLFLSDQ��DGHODQWDQGR�FRQFHSWRV��GH�XQ�PRGR�GLUHFWR� H� LQPHGLDWR�HQ� OD�HODERUDFLyQ�GH�QRUPDV�TXH�UHJXODQ� ODV� UHODFLRQHV�HFRQyPLFR�VRFLDOHV��6RQ�pVWRV�� ORV�6LQGLFDWRV��ODV��(PSUHVDV��\�ORV�&ROHJLRV�SURIHVLRQDOHV��

��� $63(&72�)81&,21$/�'(�/$6�)8(17(6�'(/�'(5(&+2�/$%25$/�'HVGH�HO�SXQWR�GH�YLVWD�GH�OD�IXQFLyQ�TXH�GHVHPSHxDQ�GHQWUR�GHO�RUGHQDPLHQWR�\�FRQ�UHODFLyQ�DO�'HUHFKR�FKLOHQR��*DHWH�\�)LJXHURD�GLVWLQJXHQ���D�� )XHQWHV� TXH� FRQFUHWDPHQWH� FUHDQ� GHUHFKR�� FRPR� OH\HV�� GHFUHWRV�� UHJODPHQWRV�� FRQWUDWRV�

FROHFWLYRV���E�� )XHQWHV�TXH�FRQWULEX\HQ�D�DFODUDU�R�D�VXSOLU�XQ�'HUHFKR�R�XQD�ODJXQD�TXH�SXHGD�SUHVHQWDUVH��

'HUHFKR�1DWXUDO��DQDORJtD��HTXLGDG��SULQFLSLRV�JHQHUDOHV�GHO�'HUHFKR���F�� )XHQWH�LQWHUPHGLD��/D�MXULVSUXGHQFLD��FX\D�PLVLyQ�HV�PiV�ELHQ�GDU�PD\RU�UHDOFH�D�OD�DSOLFDFLyQ�FRQFUHWD�GH�FDGD�XQD�GH�ODV�IXHQWHV�PHQFLRQDGDV���

/DV�IXHQWHV�FODVLILFDGDV�HQ�HO����JUXSR��QR�SXHGH�GHURJDU�DO�TXH�WLHQH�FRPR�IXHQWH�HO�SULPHUR��$Vt�SDUD�UHVROYHU�HO�SUREOHPD�GH� OD� MHUDUTXL]DFLyQ�GH� ODV�IXHQWHV�HQ�WpUPLQRV�JHQHUDOHV��\�DO�YDORUL]DU�FDGD� IXHQWH� HQ� HVSHFLDO� VH� SUHVHQWDQ� QXPHURVDV� GLILFXOWDGHV�� PiV� WHQLHQGR� HQ� FXHQWD� ORV�SULQFLSLRV�JHQHUDOHV�GH�QXHVWUR�'HUHFKR��HV�SRVLEOH�HVWDEOHFHU�HO�VLJXLHQWH�RUGHQ�GH�SUHODFLyQ��D�� &yGLJR�GHO�7UDEDMR��FRQ�VXV�OH\HV�FRPSOHPHQWDULDV��E�� 'HFUHWRV�\�5HJODPHQWRV�FRPSOHPHQWDULRV�GHO�&yGLJR��F�� 5HJODPHQWR�,QWHUQR�GH�(PSUHVD��G�� &RQWUDWR�LQGLYLGXDO��\�H�� &RQWUDWR�FROHFWLYR��5D]RQDQGR�FRQ�HVWULFWD� OyJLFD� MXUtGLFD�VH� OOHJD�D� OD�FRQFOXVLyQ�GH�TXH� OD�UHJODPHQWDFLyQ�GH�FDGD�FDVR�FRQFUHWR�VH�HQFXHQWUD�PiV�GHWDOODGD�D�PHGLGD�TXH�HV�PHQRU�HO� UDQJR� MXUtGLFR�GH� OD�QRUPD�ODERUDO�� OD�TXH�FXDQWR�PiV�HOHYDGD�FRQWLHQH�GLVSRVLFLRQHV�PiV�JHQHUDOHV�\�DPSOLDV��TXH�SXHGHQ�VHU�GHVHQYXHOWDV��SHUR�QR�FRQWUDGLFKDV��SRU�ODV�IXHQWHV�TXH�OHV�VRQ�MHUiUTXLFDPHQWH�LQIHULRUHV��

��� &/$6,),&$&,Ï1�'(�/$6�)8(17(6�)250$/(6�'(/�'(5(&+2�/$%25$/����� )8(17(6�1$&,21$/(6�'(/�'(5(&+2�/$%25$/�

������� &RVWXPEUH�-XUtGLFD�������� /D�/H\�

��������� &RQVWLWXFLyQ�3ROtWLFD�GHO�(VWDGR���������� &yGLJR�GHO�7UDEDMR�\�VXV�/H\HV�&RPSOHPHQWDULDV���������� 'HFUHWRV�\�5HJODPHQWRV�&RPSOHPHQWDULRV�GHO�&yGLJR�GHO�7UDEDMR���������� 5HJODPHQWR�,QWHUQR���������� &RQWUDWR�,QGLYLGXDO�GH�7UDEDMR���������� &RQWUDWR�&ROHFWLYR�GHO�7UDEDMR��1HJRFLDFLyQ�&ROHFWLYD��

�������� -XULVSUXGHQFLD�/DERUDO�

��������� 6HQWHQFLD�/DERUDO���������� 'LFWDPHQ�GH� OD�'LUHFFLyQ� GHO� 7UDEDMR� �FRPR� IXHQWH� IRUPDO� GHO�'HUHFKR�/DERUDO��

������� (O�'HUHFKR�3URIHVLRQDO����� )8(17(6�,17(51$&,21$/(6�'(/�'(5(&+2�/$%25$/�&+,/(12�

������� &RQYHQLRV�,QWHUQDFLRQDOHV�GHO�7UDEDMR�������� 2,7�

��� /$�&26780%5(�-85Ë',&$�(V� OD� UHSHWLFLyQ� UHLWHUDWLYD� GH� XQ� DFWR� DFRPSDxDGR� GH� OD� FUHHQFLD� GH� HVWDU� FXPSOLHQGR� FRQ� XQ�LPSHUDWLYR�MXUtGLFR���(V�QHWDPHQWH�HVSLULWXDO��(V�OD�IRUPD�SULPLWLYD�GHO�GHUHFKR��(Q�ORV�SDtVHV�DQJORVDMRQHV�WLHQH�LPSRUWDQFLD��(Q�&KLOH�WLHQH�FDUiFWHU�VXEVLGLDULR��(Q�'HUHFKR�3~EOLFR�QR�RSHUD��SRUTXH�HO�GHOLWR�WLHQH�TXH�HVWDU�WLSLILFDGR�SDUD�TXH�SXHGD�VHU�GHOLWR��(Q�HO�'HUHFKR�FRPHUFLDO�ULJH�DQWH�HO�VLOHQFLR�GH�OD�OH\��(Q�HO�'HUHFKR�ODERUDO��OD�FRVWXPEUH�JHQHUDOPHQWH�VH�LQYROXFUD��$�YHFHV�VH�WUDQVIRUPD�HQ�GHUHFKR�SRVLWLYR� FRPR� SRU� HM�� /D� &OiXVXOD� 7iFLWD� GH� ORV� FRQWUDWRV� GH� WUDEDMR� TXH� VH� UHILHUH� DTXHOORV�GHUHFKRV�TXH�VLQ�HVWDU�HVWLSXODGRV�HQ�HO�FRQWUDWR��HO�WUDEDMDGRU�ORV�KD�GDGR�FRQ�KDELWXDOLGDG�FRPR�SRU� HM�� (O� ERQR� GH� ILHVWDV� SDWULDV� \� OD� MXULVSUXGHQFLD� KD� GLFKR� TXH� SDUD� VXSULPLUOR� GHEH� KDEHU�DFXHUGR�GH�ODV�SDUWHV��

��� /$�&2167,78&,Ï1�32/Ë7,&$�'(/�(67$'2�/D�&RQVWLWXFLyQ�3ROtWLFD�GH�OD�5HS~EOLFD�GH�&KLOH��JDUDQWL]D�HO�HMHUFLFLR�GH�GHWHUPLQDGRV�GHUHFKRV�ODERUDOHV��DXWRUL]D�OD�UHVWULFFLyQ�GH�DOJXQRV�\�HVWDEOHFH�SURKLELFLRQHV�TXH�IDYRUHFHQ�R�DIHFWDQ� ODV�UHODFLRQHV�ODERUDOHV�TXH�YLQFXODQ�D�ORV�HPSOHDGRUHV�\�WUDEDMDGRUHV�������� '(5(&+26�/$%25$/(6�*$5$17,=$'26�325�/$�&2167,78&,21

������� /LEHUWDG�GH�7UDEDMR�\�VX�3URWHFFLyQ�(O�$UW������1������LQFLVR�����GH�OD�&RQVWLWXFLyQ�JDUDQWL]D��³/D�OLEHUWDG�GH�WUDEDMR�\�VX�SURWHFFLyQ´�� HVWR� VLJQLILFD�TXH� WRGD� SHUVRQD� WLHQH� OD� IDFXOWDG�GH�HMHUFHU�HO� WUDEDMR�TXH�GHVHH�\�VH�VLHQWD�FDSDFLWDGD�SDUD�HMHFXWDU��VLHPSUH�TXH�HVWp�GLVSRQLEOH�\�QR�VH�RSRQJD�D�OD�PRUDO��D�OD�VHJXULGDG�R�D�OD�VDOXEULGDG�S~EOLFD��(O�$UW�����GHO�&yGLJR�GHO�7UDEDMR�HQ�VX�LQFLVR����U HFRQRFH�OD�IXQFLyQ�VRFLDO�GHO�WUDEDMR�\� OD� OLEHUWDG� GH� ODV� SHUVRQDV� SDUD� WUDEDMDU�� \� HQ� VX� LQFLVR� ���� HVWDEOHFH� TXH�FRUUHVSRQGH� DO� (VWDGR�DPSDUDU� DO� WUDEDMDGRU� HQ� VX� GHUHFKR� D� HOHJLU� OLEUHPHQWH� VX�WUDEDMR� \� YHODU�SRU�HO� FXPSOLPLHQWR�GH� ODV�QRUPDV�TXH� UHJXODQ� OD�SUHVWDFLyQ�GH� ORV�VHUYLFLRV��

������� /LEHUWDG�GH�&RQWUDWDFLyQ�(O� $UW�� ���� 1�� ���� LQFLVR� ���� SULPHUD� SDUWH�� GH� OD� &RQVWLWXFLyQ� JDUDQWL]D�� ³7RGD�SHUVRQD� WLHQH� GHUHFKR� D� OD� OLEUH� FRQWUDWDFLyQ \� D� OD� OLEUH� HOHFFLyQ� GHO� WUDEDMR�FRQ�XQD�MXVWD�UHWULEXFLyQ�´��HVWR�VLJQLILFD�TXH�WRGD�SHUVRQD�QDWXUDO�R�MXUtGLFD�WLHQH�OD� IDFXOWDG� GH� HPSOHDU�D�SHUVRQDV�TXH�SXHGDQ�SUHVWDU� ORV� VHUYLFLRV� LQWHOHFWXDOHV�R�PDWHULDOHV�TXH�VH�UHTXLHUHQ�SDUD�OD�HPSUHVD��HVWDEOHFLPLHQWR�R�LQGXVWULD�TXH�SRVHH�R�GLULJH��'HVGH�HO� SXQWR� GH� YLVWD� GHO� HPSUHVDULR� OD� OLEHUWDG� GH� FRQWUDWDFLyQ� VLJQLILFD� OD� OLEUH�HOHFFLyQ�GHO�SHUVRQDO�TXH�VHD�DGHFXDGR�DO� ORJUR�GH� ORV�ILQHV�HFRQyPLFRV��VRFLDOHV��FXOWXUDOHV� R� EHQpILFRV� TXH� VH� PHQFLRQDQ� HQ� OD� GHILQLFLyQ� GH� HPSUHVD� TXH� SDUD�HIHFWRV�GH�OD�OHJLVODFLyQ�ODERUDO�\�GH�VHJXULGDG�VRFLDO�FRQWLHQH�HO�LQFLVR����GHO�$UW�����GHO�&yGLJR�GHO�7UDEDMR��

�/D�OLEHUWDG�GH�FRQWUDWDFLyQ�HVWi�H[SUHVDPHQWH�UHFRQRFLGD�HQ�HO�LQFLVR����GHO�DUWtFXOR����GHO�&yGLJR�GHO�7UDEDMR��

������� /LEHUWDG�GH�(OHFFLyQ�GHO�7UDEDMR�FRQ�XQD�-XVWD�5HWULEXFLyQ�(O� $UW�� ���� 1�� ���� LQFLVR� ���� GH� OD� &RQVWLWXFLyQ� JDUDQWL]D�� ³7RGD� SHUVRQD� WLHQH�GHUHFKR� D� OD� OLEUH� FRQWUDWDFLyQ \�D� OD� OLEUH� HOHFFLyQ� GHO� WUDEDMR� FRQ� XQD� MXVWD�UHWULEXFLyQ�´��HVWR�SHUPLWH�TXH�WRGD�SHUVRQD�SXHGD�VHOHFFLRQDU�HO�WUDEDMR�GLVSRQLEOH�TXH�FRQYHQJD�PiV�D�VXV�QHFHVLGDGHV�SHUVRQDOHV�\�IDPLOLDUHV�\�TXH�HVWp�GH�DFXHUGR�FRQ�VXV�FRQRFLPLHQWRV�\�FDSDFLGDGHV�ItVLFDV�\�R�LQWHOHFWXDOHV�SDUD�HMHUFHUOR��(O� $UW�� ��� 'HO� &yGLJR� GHO� 7UDEDMR� HQ� VX� LQFLVR� ���� UHFRQRFH� OD� IXQFLyQ� VRFLDO� GHO�WUDEDMR� \� OD� OLEHUWDG� GH� ODV� SHUVRQDV� SDUD� GHGLFDU� VX� HVIXHU]R� D� OD� ODERU� OtFLWD� TXH�HOLMDQ� \�� HQ� VX� LQFLVR� ���� VH� HVWDEOHFH� TXH� FRUUHVSRQGH� DO� (VWDGR� DPSDUDU� DO�WUDEDMDGRU�HQ�VX�GHUHFKR�D�HOHJLU�OLEUHPHQWH�VX�WUDEDMR��/D� MXVWD� UHWULEXFLyQ�TXHGD�HQWUHJDGD�D� OD�FRQYHQFLyQ�GH� ODV�SDUWHV�TXH� LQWHUYLHQHQ�HQ� OD� UHODFLyQ�GHO� WUDEDMR�� HVWDEOHFLHQGR�H�$UW����� LQFLVR���� GHO�&yGLJR�GHO�7UDEDMR��TXH� VDOYR� ODV� H[FHSFLRQHV� TXH� � LQGLFD�� OD� UHPXQHUDFLyQ� QR� SXHGH� VHU� LQIHULRU� DO�LQJUHVR�PtQLPR�PHQVXDO��

������� 'HUHFKR�GH�1HJRFLDU�&ROHFWLYDPHQWH�(O� $UW�� ���� 1�� ���� LQFLVR� ���� GH� OD� &RQVWLWXFLyQ� JDUDQWL]DGD�� ³/D� QHJRFLDFLyQ�FROHFWLYD� FRQ� OD� HPSUHVD� HQ� TXH� ODERUHQ� HV� XQ� GHUHFKR� GH� ORV� WUDEDMDGRUHV��VDOYR� ORV� FDVRV� HQ� TXH� OD� OH\� H[SUHVDPHQWH� QR� SHUPLWD� QHJRFLDU�� /D� OH\�HVWDEOHFHUi� ODV�PRGDOLGDGHV�GH� OD�QHJRFLDFLyQ�FROHFWLYD�\� ORV�SURFHGLPLHQWRV�DGHFXDGRV�SDUD�ORJUDU�HQ�HOOD�XQD�VROXFLyQ�MXVWD�\�SDFtILFD��/D�OH\�VHxDODUi�ORV�FDVRV�HQ�TXH�OD�QHJRFLDFLyQ�FROHFWLYD�GHED�VRPHWHUVH�D�DUELWUDMH�REOLJDWRULR��HO�TXH� FRUUHVSRQGHUi� D� WULEXQDOHV� HVSHFLDOHV� GH� H[SHUWRV� FX\D� RUJDQL]DFLyQ� \�DWULEXFLRQHV� VH� HVWDEOHFHUiQ� HQ� HOOD�´� eVWD� GLVSRQH� TXH� ORV� WUDEDMDGRUHV� WLHQHQ�GHUHFKR�D�OD�QHJRFLDFLyQ�FROHFWLYD�FRQ�OD�HPSUHVD�HQ�TXH�ODERUHQ�VDOYR�HQ�ORV�FDVRV�HQ�TXH�OD�OH\�H[SUHVDPHQWH�QR�SHUPLWH�QHJRFLDU���/D� PLVPD� GLVSRVLFLyQ� HVWDEOHFH� TXH� OD� OH\� UHJXODUi� ODV� PRGDOLGDGHV� GH� OD�QHJRFLDFLyQ�FROHFWLYD�� ORV�SURFHGLPLHQWRV�SDUD�ORJUDU�XQD�VROXFLyQ� MXVWD�\�SDFtILFD�\�ORV�FDVRV�HQ�TXH�GHED�VRPHWHUVH�D�DUELWUDMH�REOLJDWRULR��

������� 'HUHFKR�GH�$GPLVLyQ�D�)XQFLRQHV�\�(PSOHRV�3~EOLFRV�(O�$UW������1�����GH�OD�FRQVWLWXFLyQ�JDUDQWL]D��³/D�DGPLVLyQ�D�WRGDV�ODV�IXQFLRQHV�\�HPSOHRV�S~EOLFRV��VLQ�RWURV�UHTXLVLWRV�TXH�ORV�TXH�LPSRQJDQ�OD�&RQVWLWXFLyQ�\�ODV�OH\HV´��SRU�OR�TXH�HVWH�GHUHFKR�SXHGH�HMHUFLWDUVH�VLQ�RWURV�UHTXLVLWRV�TXH�ORV�TXH�LPSRQJDQ�OD�&RQVWLWXFLyQ�\�ODV�OH\HV��/D�OH\���������GH�������������TXH�FRQWLHQH�HO�(VWDWXWR�$GPLQLVWUDWLYR�\�HO�'�)�/������GH�+DFLHQGD��GH����������� VREUH� IXQFLRQHV� \� UHTXLVLWRV�GH� LQJUHVR� \� GH�SURPRFLyQ�SDUD� ORV�VHUYLFLRV�S~EOLFRV��VRQ� ORV�SULQFLSDOHV�WH[WRV�OHJDOHV�TXH�VH�UHILHUHQ�D�HVWD�JDUDQWtD�FRQVWLWXFLRQDO��

������� 'HUHFKR�D�OD�6LQGLFDFLyQ�(O� $UW�� ����1�� ���� GH� OD�&RQVWLWXFLyQ� JDUDQWL]D��³(O� GHUHFKR�GH� VLQGLFDUVH� HQ� ORV�FDVRV�\�IRUPD�TXH�VHxDOH�OD�OH\��/D�DILOLDFLyQ�VLQGLFDO�VHUi�VLHPSUH�YROXQWDULD��� /DV�RUJDQL]DFLRQHV�VLQGLFDOHV�JR]DUiQ�GH�SHUVRQDOLGDG�MXUtGLFD�SRU�HO�VROR�KHFKR� GH� UHJLVWUDU� VXV� HVWDWXWRV� \� DFWDV� FRQVWLWXWLYDV� HQ� OD� IRUPD� \�FRQGLFLRQHV�TXH�GHWHUPLQH�OD�OH\��� /D� OH\� FRQWHPSODUi� ORV�PHFDQLVPRV� TXH� DVHJXUHQ� OD� DXWRQRPtD� GH� HVWDV�RUJDQL]DFLRQHV�� /DV� RUJDQL]DFLRQHV� VLQGLFDOHV� QR� SRGUiQ� LQWHUYHQLU� HQ�DFWLYLGDGHV�SROtWLFR�SDUWLGLVWDV´�� OD�TXH�HVWDEOHFH�TXH� ORV� WUDEDMDGRUHV�JR]DQ�GHO�

�GHUHFKR�GH�VLQGLFDUVH�HQ�ORV�FDVRV�\�IRUPD�TXH�VHxDOH�OD�OH\�\�TXH�OD�DILOLDFLyQ�VHUi�VLHPSUH�YROXQWDULD��/D� PLVPD� GLVSRVLFLyQ� DJUHJD� TXH� ODV� RUJDQL]DFLRQHV� VLQGLFDOHV� JR]DQ� GH�SHUVRQDOLGDG� MXUtGLFD� SRU� HO� VROR� KHFKR� GH� UHJLVWUDU� VXV� HVWDWXWRV� \� DFWDV�FRQVWLWXWLYDV��TXH�OD�OH\�GHEH�FRQWHPSODU�ORV�PHFDQLVPRV�TXH�DVHJXUDQ�OD�DXWRQRPtD�GH� ORV� VLQGLFDWRV�� \� TXH� ODV� RUJDQL]DFLRQHV� � VLQGLFDOHV� QR� SXHGHQ� LQWHUYHQLU� HQ�DFWLYLGDGHV�SROtWLFR�SDUWLGLVWDV��

������� 'HUHFKR�D�,QWHUSRQHU�5HFXUVR�GH�3URWHFFLyQ�(O� $UW�� ���� LQFLVR� ���� GH� OD� &RQVWLWXFLyQ� JDUDQWL]D�� ³(O� TXH� SRU� FDXVD� GH� DFWRV� X�RPLVLRQHV�DUELWUDULRV�R�LOHJDOHV��VXIUD�SULYDFLyQ��SHUWXUEDFLyQ�R�DPHQD]D�HQ�HO�OHJtWLPR� HMHUFLFLR� GH� ORV� GHUHFKRV� \� JDUDQWtDV� HVWDEOHFLGRV� HQ� HO� DUWtFXOR� ����Q~PHURV���������������LQFLVR�FXDUWR���������������������LQFLVR�ILQDO�������������������������������HQ�OR�UHODWLYR�D�OD�OLEHUWDG�GH�WUDEDMR�\�DO�GHUHFKR�D�VX�OLEUH�HOHFFLyQ�\�OLEUH�FRQWUDWDFLyQ��\�D� OR�HVWDEOHFLGR�HQ�HO� LQFLVR�FXDUWR�������������� �����������������\������ SRGUi� RFXUULU� SRU� Vt� R� SRU� FXDOTXLHUD� D� VX� QRPEUH�� D� OD� &RUWH� GH�$SHODFLRQHV� UHVSHFWLYD�� OD� TXH� DGRSWDUi� GH� LQPHGLDWR� ODV� SURYLGHQFLDV� TXH�MX]JXH�QHFHVDULDV�SDUD�UHVWDEOHFHU�HO�LPSHULR�GHO�GHUHFKR�\�DVHJXUDU�OD�GHELGD�SURWHFFLyQ�GHO�DIHFWDGR��VLQ�SHUMXLFLR�GH�ORV�GHPiV�GHUHFKRV�TXH�SXHGD�KDFHU�YDOHU�DQWH�OD�DXWRULGDG�R�ORV�WULEXQDOHV�FRUUHVSRQGLHQWHV�´��TXH��HQ�OR�SHUWLQHQWH��HVWDEOHFH�TXH�OD�SHUVRQD�TXH�SRU�FDXVDV�GH�DFWRV�\�RPLVLRQHV�DUELWUDULDV�R�LOHJDOHV�VXIUD� SULYDFLyQ�� SHUWXUEDFLyQ� R� DPHQD]D� HQ� HO� OHJtWLPR� HMHUFLFLR� GH� GHWHUPLQDGRV�GHUHFKRV�ODERUDOHV�\�JDUDQWtDV�TXH�VHxDOD�OD�&RQVWLWXFLyQ��SXHGH�RFXUULU�SRU�Vt�R�SRU�FXDOTXLHUD�D�VX�QRPEUH��D� OD�&RUWH�GH�$SHODFLRQHV�UHVSHFWLYD�� OD�TXH�GHEH�DGRSWDU�GH�LQPHGLDWR�ODV�SURYLGHQFLDV�TXH�MX]JXH�QHFHVDULDV�SDUD�UHVWDEOHFHU�HO� LPSHULR�GHO�GHUHFKR�\�DVHJXUDU�OD�GHELGD�SURWHFFLyQ�GHO�DIHFWDGR��/RV�GHUHFKRV� ODERUDOHV� \� JDUDQWtDV� UHODFLRQDGRV�FRQ� HO� WUDEDMR�TXH� OD�&RQVWLWXFLyQ�DPSDUD�FRQ�HO�UHFXUVR�GH�SURWHFFLyQ�VRQ�ORV�VLJXLHQWHV��±�� /LEHUWDG�GH�WUDEDMR��±�� 'HUHFKR�GH�OLEUH�HOHFFLyQ�GHO�WUDEDMR��±�� /LEHUWDG�GH�FRQWUDWDFLyQ��±�� )DFXOWDG�GH�HMHUFHU�FXDOTXLHU�WUDEDMR�TXH�QR�VH�RSRQJD�D�OD�PRUDO��D�OD�VHJXULGDG�

R� D� OD� VDOXG� S~EOLFD�� VLQ� TXH� SXHGD� H[LJLUVH� FRPR� UHTXLVLWR� OD� DILOLDFLyQ� D�RUJDQL]DFLyQ� R� HQWLGDG� DOJXQD� QL� OD� GHVDILOLDFLyQ� SDUD� PDQWHQHUVH� HQ� XQD�GHWHUPLQDGD�DFWLYLGDG�R�WUDEDMR��

±�� 'HUHFKR�D�VLQGLFDFLyQ��±� 'HUHFKR� D� GHVDUUROODU� FXDOTXLHU� DFWLYLGDG� HFRQyPLFD� TXH� QR� VHD� FRQWUDULD� D� OD�

PRUDO��DO�RUGHQ�S~EOLFR�R�D�OD�VHJXULGDG�QDFLRQDO��\�±� 'HUHFKR� GH� DXWRU� VREUH� FUHDFLRQHV� LQWHOHFWXDOHV� \� DUWtVWLFDV� GH� FXDOTXLHU�

HVSHFLH��������� ,QWLPLGDG��9LGD�3ULYDGD�X�+RQUD�GH�ORV�7UDEDMDGRUHV

(O� LQFLVR����GHO�$UW�� ���GHO�&yGLJR�GHO�7UDEDMR��HVWDEOHFH�TXH��³(O�HMHUFLFLR�GH� ODV�IDFXOWDGHV� OHJDOHV�GHO�HPSOHDGRU�� WLHQH�FRPR� OtPLWH�HO� UHVSHWR�D� ODV�JDUDQWtDV�FRQVWLWXFLRQDOHV� GH� ORV� WUDEDMDGRUHV�� HQ� HVSHFLDO� FXDQGR� SXGLHUHQ� DIHFWDU� OD�LQWLPLGDG��YLGD�SULYDGD�X�KRQUD�GH�pVWRV�´��

����� 5(675,&&,21(6�$�$/*8126�'(5(&+26�/$%25$/(6�(QWUH� ORV� GHUHFKRV� ODERUDOHV� TXH� OD� &RQVWLWXFLyQ� SHUPLWH� UHVWULQJLU� VH� HQFXHQWUDQ� ORV�VLJXLHQWHV��������� /LEHUWDG�GH�7UDEDMR

/RV�1�V�����\����GHO�$UW�����GH�OD�&RQVWLWXFLyQ�IDFXOWDQ�DO�3UHVLGHQWH�GH�OD�5HS~EOLFD�SDUD�VXVSHQGHU�R�UHVWULQJLU�OD�OLEHUWDG�GH�WUDEDMR�SRU�OD�GHFODUDFLyQ�GH�ORV�HVWDGRV�GH�DVDPEOHD�\�GH�FDWiVWURIH��UHVSHFWLYDPHQWH��

�������� 'HUHFKR�GH�$VRFLDFLyQ�\�6LQGLFDFLyQ

(O� 1�� ��� GHO� $UW�� ��� GH� OD� &RQVWLWXFLyQ� IDFXOWD� DO� 3UHVLGHQWH� GH� OD� 5HS~EOLFD� SDUD�UHVWULQJLU� HO� HMHUFLFLR� GH� ORV� GHUHFKRV� GH� DVRFLDFLyQ� \� GH� VLQGLFDFLyQ� SRU� OD�GHFODUDFLyQ�GHO�HVWDGR�GH�DVDPEOHD��

������� 'HUHFKR�D�5HXQLyQ/RV�1�V�����\����GHO�$UW�����GH�OD�&RQVWLWXFLyQ�IDFXOWDQ�DO�3UHVLGHQWH�GH�OD�5HS~EOLFD�SDUD�VXVSHQGHU�R� UHVWULQJLU� HO� GHUHFKR�GH� UHXQLyQ�SRU� OD�GHFODUDFLyQ�GHO�HVWDGR�GH�VLWLR�\�GHO�HVWDGR�GH�HPHUJHQFLD��

����� 352+,%,&,21(6�5(/$7,9$6�$�$/*8126�'(5(&+26�/$%25$/(6�(QWUH�ODV�SURKLELFLRQHV�UHODFLRQDGDV�FRQ�ORV�GHUHFKRV�ODERUDOHV�TXH�OD�&RQVWLWXFLyQ�HVWDEOHFH�VH�HQFXHQWUDQ�ODV�VLJXLHQWHV��������� 'LVFULPLQDFLRQHV�/DERUDOHV

(O� 1�� ��� GHO� $UW�� ���� HQ� VX� LQFLVR� ���� SURKtEH� FXDOTXLHUD� GLVFULPLQDFLyQ� TXH� QR� VH�EDVH�HQ�OD�FDSDFLGDG�R�LGRQHLGDG�SHUVRQDO��VLQ�SHUMXLFLR�GH�TXH�OD�OH\�SXHGD�H[LJLU�OD�QDFLRQDOLGDG�FKLOHQD�R�OtPLWHV�GH�HGDG�SDUD�GHWHUPLQDGRV�FDVRV��/DV�UHIHULGDV�SURKLELFLRQHV�VREUH�GLVFULPLQDFLRQHV�ODERUDOHV�HVWiQ�FRQWHPSODGDV�HQ�ORV�LQFLVRV����D����GHO�$UW�����GHO�&yGLJR�GHO�7UDE DMR��$�VX�YH]��ORV�$UWV�����DO����GHO�PLVPR�FXHUSR�OHJDO��VH�UHILHUHQ�D�ORV�OtPLWHV�GH�HGDG�SDUD�GHWHUPLQDGRV�WUDEDMRV�\�OD�H[LJHQFLD�GH� OD�QDFLRQDOLGDG�FKLOHQD�SDUD� HO� ����GH� ORV� WUDEDMDGRUHV�GH� HPSUHVDV�TXH�RFXSDQ�PiV�GH����WUDEDMDGRUHV�VH�HQFXHQWUD�HQ� ORV�$UWV����\����GHO�VHxDODGR�&yGLJR��

������� 'HUHFKR�GH�+XHOJD(O�1�����GHO�$UW������HQ�VX�LQFLVR�����SURKtEH�GHFODUDUVH�HQ�KXHOJD�D�ORV�IXQFLRQDULRV�GHO� (VWDGR� \� GH� ODV� PXQLFLSDOLGDGHV�� 7DPSRFR� SRGUiQ� KDFHUOR� ODV� SHUVRQDV� TXH�WUDEDMHQ�HQ�FRUSRUDFLRQHV�R�HPSUHVDV��FXDOTXLHUD�TXH�VHD�VX�QDWXUDOH]D��ILQDOLGDG�R�IXQFLyQ�� TXH�DWLHQGDQ� VHUYLFLRV�GH�XWLOLGDG�S~EOLFD�R� FX\D�SDUDOL]DFLyQ�FDXVH�JUDYH�GDxR� D� OD� VDOXG�� D� OD� HFRQRPtD� GHO� SDtV�� DO� DEDVWHFLPLHQWR� GH� OD� SREODFLyQ� R� D� OD�VHJXULGDG� QDFLRQDO�� /D� OH\� HVWDEOHFHUi� ORV� SURFHGLPLHQWRV� SDUD� GHWHUPLQDU� ODV�FRUSRUDFLRQHV�R�HPSUHVDV�FX\RV�WUDEDMDGRUHV�HVWDUiQ�VRPHWLGRV�D�OD�SURKLELFLyQ�TXH�HVWDEOHFH�HVWH�SUHFHSWR��(O�$UW������GHO�&yGLJR�GHO�7UDEDMR�VH�UHILHUH�D�ORV�WUDEDMDGRUHV�GH�ODV�HPSUHVDV�TXH�VH�LQGLFDQ�TXH�QR�SXHGHQ�GHFODUDUVH�HQ�KXHOJD��

������� $ILOLDFLyQ(O� 1�� ��� GHO� $UW�� ���� HQ� VX� LQFLVR� ���� HVWDEOHFH� TXH� QLQJXQD� OH\� R� GLVSRVLFLyQ� GH�DXWRULGDG� S~EOLFD� SXHGH� H[LJLU� OD� DILOLDFLyQ� D� RUJDQL]DFLyQ� R� HQWLGDG� DOJXQD� FRPR�UHTXLVLWR�SDUD�GHVDUUROODU�XQD�GHWHUPLQDGD�DFWLYLGDG�R�WUDEDMR��QL�OD�GHVDILOLDFLyQ�SDUD�PDQWHQHUVH�HQ�pVWRV��

������� ,QKDELOLGDG�6LQGLFDO��*UHPLDO�R�3ROtWLFD(O� LQFLVR����GHO�$UW�����GH�OD�&RQVWLWXFLyQ�HVWDEOHFH�TXH��HO�WHUURULVPR��HQ�FXDOTXLHUD�GH�VXV�IRUPDV��HV�SRU�HVHQFLD�FRQWUDULR�D�ORV�GHUHFKRV�KXPDQRV���$JUHJD�HO�LQFLVR����GHO�FLWDGR�$UW�����TXH�ORV�UHVSRQVDEOHV�GH�GHOLWRV�WHUURULVWDV��HQWUH�RWUDV� SURKLELFLRQHV�� TXHGDUiQ� LQKDELOLWDGRV� SRU� HO� SOD]R� GH� ��� DxRV� SDUD� HMHUFHU�IXQFLRQHV�R�FDUJRV�S~EOLFRV��\�QR�SRGUiQ�VHU�GLULJHQWHV�GH�RUJDQL]DFLRQHV�VLQGLFDOHV�R�JUHPLDOHV�GXUDQWH�GLFKR�SOD]R��$�VX�YH]��HO�1�����GHO�$UW�����HVWDEOHFH�TXH�QR�SXHGHQ�VHU�FDQGLGDWRV�D�GLSXWDGR�QL�D�VHQDGRU�� ODV�SHUVRQDV�TXH�GHVHPSHxDQ�XQ�FDUJR�GLUHFWLYR�GH�QDWXUDOH]D�JUHPLDO�R�YHFLQDO��

�������� ,QFRQVWLWXFLRQDOLGDG�GH�2UJDQL]DFLRQHV�TXH�VH�,QGLFDQ

(O�LQFLVR����GHO�1�����GHO�$UW�����GH�OD�&RQVWLWXFLyQ�VHxDOD�TXH�VRQ�LQFRQVWLWXFLRQDOHV�ORV� SDUWLGRV��PRYLPLHQWRV� X� RWUDV� IRUPDV� GH� RUJDQL]DFLyQ� FX\RV� REMHWLYRV�� DFWRV� R�FRQGXFWDV� QR� UHVSHWHQ� ORV� SULQFLSLRV� EiVLFRV� GHO� UpJLPHQ� GHPRFUiWLFR� \�FRQVWLWXFLRQDO��SURFXUHQ�HO�HVWDEOHFLPLHQWR�GH�XQ�VLVWHPD�WRWDOLWDULR��FRPR�DVLPLVPR�DTXHOORV�TXH�KDJDQ�XVR�GH� OD�YLROHQFLD�� OD�SURSXJQHQ�R� LQFLWHQ�D�HOOD�FRPR�PpWRGR�GH�DFFLyQ�SROtWLFD��

������� 3URKLELFLyQ� GH� $IHFWDU� OD� (VHQFLD� GH� ORV� 'HUHFKRV� *DUDQWL]DGRV� SRU� OD�&RQVWLWXFLyQ(O� 1�� ��� GHO� $UW�� ��� GH� OD� &RQVWLWXFLyQ� H[SUHVD� TXH�� ³/D� VHJXULGDG� GH� TXH� ORV�SUHFHSWRV�OHJDOHV�TXH�SRU�PDQGDWR�GH�OD�&RQVWLWXFLyQ�UHJXOHQ�R�FRPSOHPHQWHQ�ODV�JDUDQWtDV�TXH�pVWD�HVWDEOHFH�R�TXH� ODV� OLPLWHQ�HQ� ORV�FDVRV�HQ�TXH�HOOD� OR�DXWRUL]D�� QR� SRGUiQ� DIHFWDU� ORV� GHUHFKRV� HQ� VX� HVHQFLD�� QL� LPSRQHU�FRQGLFLRQHV��WULEXWRV�R�UHTXLVLWRV�TXH�LPSLGDQ�VX�OLEUH�HMHUFLFLR����

������� ,QFRPSDWLELOLGDG� GH� &DUJRV� 'LUHFWLYRV� 6XSHULRUHV� GH� *UHPLRV� \� 3DUWLGRV�3ROtWLFRV(O� $UW�� ��� GH� OD� &RQVWLWXFLyQ� VH� UHILHUH� D� OD� VDQFLyQ� TXH� VH� DSOLFDUi� D� ORV� JUXSRV�LQWHUPHGLRV�GH�OD�FRPXQLGDG�TXH�KDJDQ�PDO�XVR�GH�OD�DXWRQRPtD�TXH�OHV�UHFRQRFH�OD�&RQVWLWXFLyQ�� LQWHUYLQLHQGR� LQGHELGDPHQWH� HQ� DFWLYLGDGHV� DMHQDV� D� VXV� ILQHV�HVSHFtILFRV��/D�PLVPD�GLVSRVLFLyQ�DJUHJD�TXH�VRQ�LQFRPSDWLEOHV�ORV�FDUJRV�GLUHFWLYRV�VXSHULRUHV�GH�ODV�RUJDQL]DFLRQHV�JUHPLDOHV�FRQ�ORV�FDUJRV�GLUHFWLYRV�VXSHULRUHV�GH�ORV�SDUWLGRV�SROtWLFRV�GH�FDUiFWHU�QDFLRQDO�\�UHJLRQDO��

��� &Ï',*2�'(/�75$%$-2�<�686�/(<(6�&203/(0(17$5,$6�(O� UpJLPHQ� MXUtGLFR� ODERUDO� YLJHQWH� HQ�&KLOH� HVWi� FRQWHQLGR�� IXQGDPHQWDOPHQWH�� HQ� HO�&yGLJR� GHO�7UDEDMR�\�VXV�OH\HV�FRPSOHPHQWDULDV��(Q�FRQIRUPLGDG�D�OR�HVWDEOHFLGR�HQ�HO�FLWDGR�1�����GHO�$UW�����GH�OD�&RQVWLWXFLyQ�GH�������ODV�OH\HV�ODERUDOHV�QR�UHTXLHUHQ�SDUD�VX�DSUREDFLyQ��PRGLILFDFLyQ�R�GHURJDFLyQ�GH�TXyUXP�HVSHFLDO��(O� &yGLJR� GHO� 7UDEDMR�� UHJXOD� ODV� UHODFLRQHV� ODERUDOHV� EiVLFDPHQWH� HQWUH� HPSOHDGRUHV� \�WUDEDMDGRUHV�GHO�VHFWRU�SULYDGR��

��� '(&5(726� <� 5(*/$0(1726� &203/(0(17$5,26� '(/� &Ï',*2� '(/�75$%$-2�/RV�'HFUHWRV�\�5HJODPHQWRV�FRPSOHPHQWDULRV�GHO�FyGLJR��FRPR�OD�/H\��FRQVWLWX\HQ�IXHQWH�LQWHUQD�GH�RULJHQ�HVWDWDO��3RU�PiV�DEXQGDQWHV�TXH�VHDQ� ODV�PDQLIHVWDFLRQHV� OHJLVODWLYDV��QR�FRQVWLWX\HQ�KR\�GtD��VLQR�XQD�SDUWH�GHO�'HUHFKR�VRFLDO��HPDQDGR�GH�ORV�FRPSHWHQWHV�yUJDQRV�GHO�(VWDGR��/RV�DFWRV�GHO�3RGHU�(MHFXWLYR�VRQ�QXPHURVRV�\�VRQ� ORV�RUJDQL]DGRUHV�GH� OD� UHJODPHQWDFLyQ�FRQFUHWD�GHO� 7UDEDMR�� 0HGLDQWH� HOORV� PDQLILHVWD� HO� *RELHUQR� VX� YROXQWDG� VRFLDO�� 6L� QR� FUHDQ� 'HUHFKR�� DO�PHQRV� OR� GHVHQYXHOYHQ� SHUPLWLHQGR� OD� DSOLFDFLyQ� SUDFWLFD� GH� ORV� SUHFHSWRV� OHJDOHV� FRQ� FDUiFWHU�JHQHUDO�� (Q� HIHFWR�� FRPR� IXHQWH� MHUiUTXLFDPHQWH� LQIHULRU� \� VXERUGLQDGD� QR� SXHGHQ� GDU� OXJDU� D�REOLJDFLRQHV�\�GHUHFKRV�GLVWLQWRV�D�ORV�LPSXHVWRV�R�UHFRQRFLGRV�SRU�OD�/H\�/DERUDO��(V�SUHFLVDPHQWH�HQ�OD�PDWHULD�VRFLDO�GRQGH�OD�IDFXOWDG�UHJODPHQWDULD�VH�SUHVHQWD�FRQ�WRGD�DPSOLWXG�HQ�FRQVLGHUDFLyQ�DO�FRPSOHMR�FDUiFWHU�GH�ODV�UHODFLRQHV�ODERUDOHV��-XVWDPHQWH��SRUTXH�ODV�OH\HV�QR�SXHGHQ�SUHYHU�WRGRV�ORV�GHWDOOHV�\�FLUFXQVWDQFLDV��VH�ODV�FRPSOHPHQWD�FRQ�GHFUHWRV�UHJODPHQWDULRV�FRPR�SDUWH�LQWHJUDQWH�GH�OD�OH\�FRUUHVSRQGLHQWH��%DMR�HVWRV�UHVSHFWRV��OD�/H\�GHO�7UDEDMR�QR�SXHGH�VHU�LQWHUSUHWDGD�FRQ�LQGHSHQGHQFLD�R�DEVWUDFFLyQ�GH�ORV�DFWRV�HMHFXWLYRV�HQ�HMHUFLFLR�GH�OD�SRWHVWDG�UHJODPHQWDULD��&RQWULEX\HQ�PXFKDV�YHFHV�D�GHWHUPLQDU�OD�YHUGDGHUD�LQWHQFLyQ�GHO�OHJLVODGRU�

���� 5(*/$0(172�,17(512�(PDQD�GHO�SRGHU�GH�GLUHFFLyQ�GHO�HPSOHDGRU��SRGHU�TXH�OR�OOHYD�D�GLFWDU�HO�5HJODPHQWR�,QWHUQR�TXH�HV� OD� FRQVWLWXFLyQ� GH� OD� HPSUHVD� \� DO� FXDO� GHEHQ� VRPHWHUVH� WRGRV� ORV� WUDEDMDGRUHV�� (VWH�5HJODPHQWR� ,QWHUQR� R� GH� WDOOHU�� FRQVLVWH� HQ� OD� YHUGDGHUD� OH\� GHO� DVDODULDGR�� PLHQWUDV� SUHVWD�VHUYLFLRV�GHQWUR�GH�OD�HPSUHVD��(V�HO�FRQMXQWR�GH�QRUPDV�GLFWDGDV�SRU�OD�HPSUHVD�TXH�ULJHQ�VX�RUJDQL]DFLyQ�\�YHODQ�SRU�OD�KLJLHQH�\� VHJXULGDG� GH� ODV� GLYHUVDV� IDHQDV� TXH� GHQWUR� GH� HOOD� VH� UHDOL]DQ� \� HVWDEOHFHQ� GHUHFKRV��REOLJDFLRQHV�\�SURKLELFLRQHV�D�TXH�GHEHQ�VXMHWDUVH� ORV�WUDEDMDGRUHV��HQ�UHODFLyQ�FRQ�VXV� ODERUHV��SHUPDQHQFLD�\�YLGD�HQ�ODV�GHSHQGHQFLDV�GH�OD�UHVSHFWLYD�HPSUHVD�R�HVWDEOHFLPLHQWR��(O� UHJODPHQWR�GHEH�FRQWHQHU�GLVSRVLFLRQHV�TXH�VH� UHILHUDQ�D�PDWHULDV� ODERUDOHV��HFRQyPLFDV��GH�SHWLFLyQ�\�UHFODPR��GH�SUHYHQFLyQ��KLJLHQH�\�VHJXULGDG��GRFXPHQWDULDV�\�GLVFLSOLQDULDV��

���� &2175$72�,1',9,'8$/�'(�75$%$-2�(Q�HO�'HUHFKR�GHO�7UDEDMR��HO�FRQWUDWR�QR�VROR�HV�IXHQWH�GH�REOLJDFLRQHV��VLQR�IXHQWH�WDPELpQ�GHO�'HUHFKR�/DERUDO�\�HQ�VX�H[SUHVLyQ�PiV�WDQJLEOH��IXHQWH�SDUD�OD�DSOLFDFLyQ�PLVPD�'HO�'HUHFKR�D�XQ�FDVR�FRQFUHWR��)LJXUDGDPHQWH�VH�SXHGH�HVWDEOHFHU��TXH�OD�UHGDFFLyQ�GH�ORV�FRQWUDWRV�GH�7UDEDMR�HVWD�D�FDUJR�GHO�SURSLR� OHJLVODGRU��SRU� OD�QHFHVLGDG�HQ�TXH�VH�HQFXHQWUDQ� ODV�SDUWHV�GH�UHVSHWDU�HVWULFWDPHQWH� ODV�GLVSRVLFLRQHV� OHJDOHV� SRU� HO� GLFWDGDV�� VLQ� TXH� VHD� SRVLEOH� LQWHUSUHWDUODV� FRPR� VXSOHWRULDV� GH� ODV�YROXQWDGHV�FRQFXUUHQWHV��VLQ�SHUMXLFLR�GH�OD�DXWRQRPtD�GH�OD�YROXQWDG��TXH�QR�DIHFWD�DO�SULQFLSLR�GH�OD�LUUHQXQFLDELOLGDG�GH�GHUHFKRV��HQ�OD�TXH�VH�IXQGD�OD�REOLJDWRULHGDG�GH�FXPSOLPLHQWR�\D�VHxDODGD��$Vt��SXHV��QR�FDEH�GXGD�DFHUFD�GH�TXH�HO�FRQWUDWR�GH�7UDEDMR�HV�IXHQWH�GHO�'HUHFKR�/DERUDO��

���� &2175$72�&2/(&7,92�'(/�75$%$-2��1(*2&,$&,Ï1�&2/(&7,9$��3ULPHUDPHQWH��HV�QHFHVDULR�SDUD�OD�FRPSUHVLyQ�FDEDO�GHO�WHPD��HQ�OD�HVSHFLH��GLVWLQJXLU��D�� &RQWUDWRV�&ROHFWLYRV��VRQ�SURGXFWR�GH�XQD�QHJRFLDFLyQ�FROHFWLYD�UHJODGD��E�� &RQYHQLRV�&ROHFWLYRV��VRQ�SURGXFWR�GH�XQD�QHJRFLDFLyQ�FROHFWLYD�QR�UHJODGD��� \�F�� )DOORV�$UELWUDOHV�� VRQ�XQD� IRUPD�DQyPDOD�GH� WHUPLQDFLyQ�GH�XQD�QHJRFLDFLyQ�FROHFWLYD��pVWRV�

IDOORV�SXHGHQ�VHU��9ROXQWDULRV��3RU�OH\�\�2EOLJDWRULRV��FXDQGR�GHEHQ�UHJXODU�IDHQDV��(O� HIHFWR� GHO� FRQWUDWR� FROHFWLYR� \� GHO� FRQYHQLR� FROHFWLYR� HV� HO� PLVPR�� HV� SURGXFWR� GH� XQD�QHJRFLDFLyQ�FROHFWLYD��(O�&RQWUDWR�&ROHFWLYR��FRPR�HO�FRQWUDWR�LQGLYLGXDO��HV�WDPELpQ�IXHQWH�TXH�FRQFUHWD�\�GLUHFWDPHQWH�FUHD� XQ� 'HUHFKR�� \D� TXH� FRPR� VHxDOD� HO� $UW�� ���� GHO� &yGLJR�� OD� QHJRFLDFLyQ� FROHFWLYD� HV� HO�SURFHGLPLHQWR� D� WUDYpV� GHO� FXDO� XQR� R� PiV� HPSOHDGRUHV� VH� UHODFLRQDQ� FRQ� XQD� R� PiV�RUJDQL]DFLRQHV�VLQGLFDOHV�R�FRQ�WUDEDMDGRUHV�TXH�VH�XQDQ�SDUD�WDO�HIHFWR��R�FRQ�XQRV�\�RWURV��FRQ�HO�REMHWR�GH�HVWDEOHFHU�FRQGLFLRQHV�FRPXQHV�GH� WUDEDMR� \�GH� UHPXQHUDFLRQHV�SDUD� ORV� LQYROXFUDGRV�HQ�GLFKR�SURFHGLPLHQWR��SRU�XQ�WLHPSR�GHWHUPLQDGR��

���� 6(17(1&,$�/$%25$/�(Q�HO�'HUHFKR�GHO�7UDEDMR��OD�MXULVSUXGHQFLD�SXHGH�HPDQDU�WDQWR�GH�OD�MXGLFDWXUD�HVSHFLDO�FRPR�HQ�HO� FDVR� GH� ORV� WULEXQDOHV� FRQ� FRPSHWHQFLD� ODERUDO�� FRPR� GH� RUJDQLVPRV� DGPLQLVWUDWLYRV�� HQ� OD�HVSHFLH��/D�'LUHFFLyQ�GHO�7UDEDMR��TXH�WLHQH�IXQFLRQHV�WXWHODUHV�TXH�FXPSOLU��/D�PLVLyQ�GH� OD�-XULVSUXGHQFLD�/DERUDO��PiV�ELHQ�HV�GDU�PD\RU�UHDOFH�D� OD�DSOLFDFLyQ�FRQFUHWD�GH�ODV�IXHQWHV�GHO�'HUHFKR�/DERUDO�/RV� MXHFHV� QR� FUHDQ� 'HUHFKR�� SXHV� ~QLFDPHQWH� VH� GHGLFDQ� D� OD� LQWHUSUHWDFLyQ� HQ� ORV� FDVRV�FRQFUHWRV�TXH� OH�VRQ�VRPHWLGRV��SHUR�FRPR�QR�SXHGHQ�QHJDUVH�D� MX]JDU�IXQGDGRV�HQ�OD�REVFXUD��

�LQVXILFLHQWH� R� LQH[LVWHQWH� OH\�� WLHQHQ� OD� IDFXOWDG� GH� DSOLFDU� ODV� OH\HV� DQiORJDV� R� ORV� SULQFLSLRV�JHQHUDOHV�GHO�'HUHFKR��OOHQDQGR�DVt�XQD�PLVLyQ�VXSOHWRULD��&XDQGR�SRU�XQD�VHULH�GH�IDOORV�VXFHVLYRV�VH�REWLHQH�XQD�LQWHUSUHWDFLyQ�XQLIRUPH��OD�MXULVSUXGHQFLD�UHFLEH�XQD�DSOLFDFLyQ�WDQ�ILUPH�FRPR�OD�PLVPD�OH\��/D�MXULVSUXGHQFLD�TXH�VH�KD�IRUPDGR�DOUHGHGRU�GHO�'HUHFKR�'HO�7UDEDMR�HV��XQD�IXHQWH�GH�HVWH�'HUHFKR��(O�LPSHULR�GH�ODV�VHQWHQFLDV�GH�ORV�WULEXQDOHV�HV�PD\RU�PLHQWUDV�PiV�DOWR�HV�HO�WULEXQDO�TXH�OD�GLFWy�(VWD�MXULVSUXGHQFLD�VyOR�REOLJD�D�ODV�SDUWHV�GHO�DVXQWR�TXH�KD�VLGR�VRPHWLGR�DO�WULEXQDO��$UW�����&&��&DUHFHQ�GH�OD�JHQHUDOLGDG�GH�OD�OH\��

���� ',&7$0(1�'(�/$�',5(&&,Ï1�'(/�75$%$-2�� �&202�)8(17(�)250$/�'(/�'(5(&+2�/$%25$/��

(O�'HFUHWR�FRQ�)XHU]D�GH�/H\�1�����GH�������HQ�VX�DUWtFXOR�����OHWUD�E��RWRUJD�D�OD�'LUHFFLyQ�*HQHUDO�GHO� 7UDEDMR�� GHQWUR� GH� RWUDV� IXQFLRQHV�� OD� IDFXOWDG� GH� ILMDU� OD� LQWHUSUHWDFLyQ� GH� OD� OHJLVODFLyQ� \�UHJODPHQWDFLyQ� VRFLDO� H� LPSDUWLU� ODV� LQVWUXFFLRQHV� TXH� FRUUHVSRQGDQ�� (VWD� IDFXOWDG� OD� HMHUFH� D�WUDYpV�GH�ORV�'LFWiPHQHV��eVWD�HV�XQD�JUDQ�GLIHUHQFLD�HQWUH�HO�'HUHFKR�/DERUDO�\�OD�JHQHUDOLGDG�GH�ODV�UHVWDQWHV�UDPDV�GH�OD�&LHQFLD� -XUtGLFD�� \D� TXH� XQ� 2UJDQLVPR� GH� OD� $GPLQLVWUDFLyQ�� FX\D� SULQFLSDO� PLVLyQ� FRQVLVWH� HQ�REWHQHU� OD� FRUUHFWD� DSOLFDFLyQ� GH� OD� /H\� /DERUDO� \� FRQ� DWULEXFLRQHV� ILVFDOL]DGRUDV�� WLHQH� WDPELpQ�IDFXOWDGHV�SDUD�VHxDODU�HO�DOFDQFH�GH�ODV�GLVSRVLFLRQHV�ODERUDOHV��/RV� GLFWiPHQHV� TXH� HYDFXD� GH� RILFLR� R� SRU� FRQVXOWD� GH� LQWHUHVDGRV� WLHQHQ� HO� FDUiFWHU� GH� XQD�YHUGDGHUD� LQWHUSUHWDFLyQ�DXWpQWLFD�GHO�'HUHFKR��GHO�PLVPR�PRGR�TXH� OR�KDUtD�HO�SURSLR� OHJLVODGRU�FXDQGR�GH�PRGR�SURSLR�ILMD�VHQWLGR�D�ODV�H[SUHVLRQHV�GH�VX�YROXQWDG��SRU�OD�YtD�DXWRULWDULD��6LQ�SHUMXLFLR�GH� OR�DQWHULRU��HVWRV�'LFWiPHQHV�VyOR�VRQ�YLQFXODQWHV��VL�HO�DIHFWDGR�QR�UHFXUUH�D� ORV�WULEXQDOHV��FX\DV�VHQWHQFLDV�VLHPSUH�SUHYDOHFHQ�VREUH�ORV�VHxDODGRV�GLFWiPHQHV��

���� (/�'(5(&+2�352)(6,21$/��1R� WRGR� HO� 'HUHFKR� GHO� 7UDEDMR� UHFRQRFH� RULJHQ� HVWDWDO�� ([LVWH� XQ� 'HUHFKR� GHO� 7UDEDMR� GH�IRUPDFLyQ�SURIHVLRQDO�FX\R�QDFLPLHQWR�VH�YHULILFD�HQ�OD�(GDG�0HGLD�\�TXH�OD�5HYROXFLyQ�)UDQFHVD�FRQGHQD� DO� GHVDSDUHFLPLHQWR� PiV� WDUGH�� 1R� HVWDED� HQ� OD� PHQWDOLGDG� GHO� VLJOR� ;,;� FRQFHELU� OD�FRQFUHFLyQ�GH�XQD�UHJOD�GH�'HUHFKR�SRU�RWURV�yUJDQRV�GH�DXWRULGDG�TXH�HO�(VWDGR��(Q�YLUWXG�GHO�SULQFLSLR� GH� OD� VREHUDQtD� QDFLRQDO�� QLQJ~Q� FXHUSR� GHEtD� LQWHUSRQHUVH� HQWUH� OD� QDFLyQ� \� VXV�UHSUHVHQWDQWHV�� /RV� LQGLYLGXRV� DLVODGRV� QR� SRGtDQ� VHU� VLQR� VXMHWRV�� 3HUR� HQ� OD� DFWXDOLGDG�� HO�UHQDFLPLHQWR�GH�ORV�JUXSRV�KD�KHFKR�UHDSDUHFHU�OD�OHJLVODFLyQ�JUHPLDO��/RV�&ROHJLRV�3URIHVLRQDOHV�GLFWDQ�UHJODV�SDUD�HO�HMHUFLFLR�SURIHVLRQDO�TXH�ORV�PLHPEURV�GHEHQ�UHVSHWDU�VR�SHQD�GH�VDQFLyQ��

���� &219(1,26�,17(51$&,21$/(6�'(/�75$%$-2�6H�FODVLILFDQ�SULQFLSDOPHQWH�HQ�EL� \�SOXULODWHUDOHV��(Q�SULQFLSLR�XQRV�\�RWURV�QR�REOLJDQ�VLQR�D� ORV�(VWDGRV�FRQWUDWDQWHV��VLHQGR�SDUD�ORV�WHUFHURV�UHV�LQWHU�DOLRV�DFWD��6H�DFHSWD��VLQ�HPEDUJR��TXH� ODV�QRUPDV�JHQHUDOHV�UHFRQRFLGDV�HQ� ORV�WUDWDGRV�GH� OD�PD\RUtD�GH�ORV� SDtVHV� FLYLOL]DGRV� IRUPDQ� XQ� 'HUHFKR� FRP~Q� DO� TXH� QLQJ~Q� (VWDGR� QR� FRQWUDWDQWH� SXHGH�VXVWUDHUVH�PRUDOPHQWH��/DV�&RQIHUHQFLDV�,QWHUQDFLRQDOHV�GHO�7UDEDMR��KDQ�GDGR�QDFLPLHQWR�D�ORV�7UDWDGRV�&ROHFWLYRV�PiV�QRWRULRV�GHVGH������KDVWD�OD�IHFKD��/RV�yUJDQRV�FUHDGRUHV�GH�HVWD�IXHQWH�HVWiQ�UHSUHVHQWDGRV�SRU�ODV� HQWLGDGHV� LQWHUQDFLRQDOHV�GHO�7UDEDMR��SDSHO�SUHSRQGHUDQWH� WLHQH�HQ� OD� DFWXDOLGDG�HO�&RQVHMR�(FRQyPLFR�\�VRFLDO�GH�ODV�1�8��

��$XQTXH� IXHQWHV� HVSHFLDO�� ORV� FRQYHQLRV�� SXHVWR� TXH� QR� HV� OR� RUGLQDULR� JHQHUDUORV�LQWHUQDFLRQDOPHQWH�� GHEHQ� FRQVLGHUDUVH� GLUHFWDPHQWH� SURGXFWRUHV� GH� 'HUHFKR�� /HJDOPHQWH�VXVFULWRV�\�UDWLILFDGRV��GDQ�OXJDU�DO�QDFLPLHQWR�GHO�'HUHFKR�HQ�IRUPD�LQPHGLDWD��&RQYHQLRV�,QWHUQDFLRQDOHV��

%LODWHUDOHV��7UDWDGRV�GH�OLEUH�FRPHUFLR�FRQ�&DQDGi��0p[LFR��((88��&RUHD�GHO�6XU��0XOWLODWHUDOHV��7UDWDGR�GH�OLEUH�FRPHUFLR�FRQ�OD�8QLyQ�(XURSHD��2�,�7��'HFODUDFLyQ�GH�)LODGHOILD��

/RV�FRQYHQLRV�DSUREDGRV�SRU�OD�2�,�7��\�SRU�&KLOH��VRQ�OH\�SDUD�HO�SDtV�\�SRU�OR�WDQWR�VRQ�)XHQWH�GH�'HUHFKR�� WHQHPRV�� HQWUH� RWURV�� ORV� UHIHULGRV� DO� 6LQGLFDOLVPR�� 'HUHFKR� &ROHFWLYR�� -RUQDGDV� GH�7UDEDMR��(WF��

���� 25*$1,=$&,Ï1�,17(51$&,21$/�'(/�75$%$-2��2�,�7�������� $17(&('(17(6�

(O����GH�MXQLR�GH������VH�ILUPy�HO�7UDWDGR�GH�9HUVDOOHV��WUDWDGR�GH�SD]�XQLYHUVDO��OD�SDUWH����GH�HVWH��GD�QDFLPLHQWR�D� OD�2�,�7��FRPR�XQD�VRFLHGDG�LQWHJUDQWH�GH� OD�DQWLJXD�6RFLHGDG�GH�ODV�1DFLRQHV��OXHJR�SDVD�OD�2�,�7��FRPR�XQ�RUJDQLVPR�HVSHFLDOL]DGR�D�ODV�1DFLRQHV�8QLGDV��(VWH� RUJDQLVPR� HVWD� HQFDUJDGR� GH� WXWHODU� TXH� HO� GHUHFKR� ODERUDO� VH� FRQVDJUH� HQ� IRUPD�XQLYHUVDO�� EXVFD� OD� HTXLGDG�� MXVWLFLD�� GLJQLGDG� \� SURJUHVR�� /D� 2�,�7�� WDPELpQ� FRQVDJUD� OD�SURSLHGDG�SULYDGD�\�ORV�PHGLRV�GH�SURGXFFLyQ��HQ�OR�UHIHUHQWH�D�OD�HPSUHVD��ORV�HPSOHDGRUHV�\�WUDEDMDGRUHV��&KLOH�� VLQ� IRUPDU� SDUWH� GH� VXV� FRQVWLWX\HQWHV�� IXH� LQYLWDGR� D� SDUWLFLSDU� \� HV�PLHPEUR� GH� OD�2�,�7��GHVGH�VX�FUHDFLyQ��/D�HVWUXFWXUD�GH�OD�2�,�7��HV�WULSDUWLWD��WRGRV�WLHQH�GHUHFKRV�D�YR]�\�YRWR�HQ�IRUPD�LQGLYLGXDO��

(VWDGR�(PSOHDGRU�7UDEDMDGRU��

/RV� WUDEDMDGRUHV� \� ORV� HPSOHDGRUHV� WLHQHQ� XQ� GHOHJDGR� FDGD� XQR� \� ORV� (VWDGRV� GRV�GHOHJDGRV��(VWRV�GHOHJDGRV�SXHGHQ�LU�FRQ�ORV�DVHVRUHV�TXH�TXLHUDQ��/RV� UHSUHVHQWDQWHV� GH� ORV� WUDEDMDGRUHV� \� HPSOHDGRV� VRQ� HOHJLGRV� GH� HQWUH� ODV�RUJDQL]DFLRQHV� PiV� UHSUHVHQWDWLYDV� GH� FDGD� SDtV�� /D� UHSUHVHQWDWLYLGDG� GHSHQGH� GH� OD�FDOLGDG� \� GH� OD� LPSRUWDQFLD� GH� ODV� RUJDQL]DFLRQHV� QR� GHO� PD\RU� Q~PHUR� GH� DGHSWRV�� (O�JRELHUQR�GH�FDGD�(VWDGR�HV�TXLHQ�FDOLILFD�FXDO�HV�GLFKD�RUJDQL]DFLyQ��

������ &2167,78&,Ï1�'(�/$�2�,�7���������� /D�&RQVWLWXFLyQ�PLVPD�

$�� 3UHiPEXOR�GH�OD�&RQVWLWXFLyQ�/D�SD]�XQLYHUVDO�VH�EDVD�HQ�OD�MXVWLFLD�VRFLDO��/DV� FRQGLFLRQHV� GH� WUDEDMR� TXH� LPSOLFDQ� LQMXVWLFLD�� PLVHULD� \� SULYDFLRQHV�DPHQD]DQ�OD�SD]�\�OD�DUPRQtD�XQLYHUVDO��(O�(VWDGR�TXH�QR�DGRSWD� ODV�FRQGLFLRQHV�GH� WUDEDMR� MXVWDV�\�HTXLWDWLYDV�SDUD�HO�WUDEDMDGRU�HV�XQ�REVWiFXOR�SDUD�DTXHOORV�SDtVHV�TXH�GHVHDQ�PHMRUDU��/RV�REVWiFXORV�VRQ��XQD� MRUQDGD�GH� WUDEDMR�TXH�GHEH�VHU� UHJODPHQWDGD�FRQ�XQ�KRUDULR� VHPDQDO�� XQ� VDODULR� LJXDO� SRU� LJXDO� WUDEDMR�� SUHYHQFLyQ� FRQWUD� ODV�HQIHUPHGDGHV� FRPXQHV� \� GH� WUDEDMR�� XQ� VLQGLFDOLVPR� FRQ� OLEHUWDG� VLQGLFDO�� OD�HQVHxDQ]D�GHEH�VHU�WpFQLFD�SURIHVLRQDO�VXSHULRU��

%�� (VWUXFWXUD�D�� &RQVHMR�GH�$GPLQLVWUDFLyQ�

(V�HO�yUJDQR�HMHFXWLYR��RULJHQ�GH�WRGR�GHQWUR�GH�OD�2�,�7��

��(V�WULSDUWLWR��)LVFDOL]D�HO�FXPSOLPLHQWR�GH� ODV�GHFLVLRQHV��QRPEUD�DO�'LUHFWRU�*HQHUDO�GH�OD�2ILFLQD�,QWHUQDFLRQDO�GHO�7UDEDMR��)LMD�OD�RUGHQ�GHO�GtD��TXH�HV�HO�SODQ�GH� ODV� UHXQLRQHV�GH� OD�&RQIHUHQFLD��XQD�YH]�HQYLDGRV� ORV�SUR\HFWRV�SRU�ORV�JRELHUQRV��WUDEDMDGRUHV�\�HPSOHDGRV��

E�� 2ILFLQD�*HQHUDO�GHO�7UDEDMR�&RQ�VHGH�HQ�*LQHEUD��HV�OD�VHFUHWDULD�SHUPDQHQWH�GH�OD�2�,�7��3UHSDUD�WRGD�OD� GRFXPHQWDFLyQ� SDUD� OD� GHO� GtD�� 3UHVWD� D\XGD� WpFQLFD� \� ODERUDO� D� ORV�JRELHUQRV� \� WUDEDMDGRUHV� D� WUDYpV� GH� OD� PHPRULD� DQXDO� SUHSDUDGD� SRU� HO�'LUHFWRU� *HQHUDO� GH� OD� 2ILFLQD� ,QWHUQDFLRQDO� GHO� 7UDEDMR�� &RQWUROD� OD�DSOLFDFLyQ�GH�ORV�FRQYHQLRV�UDWLILFDGRV�SRU�ORV�SDtVHV�PLHPEURV��

F�� &RQIHUHQFLD�,QWHUQDFLRQDO�GHO�7UDEDMR�$VDPEOHD�JHQHUDO�GH�WRGRV�ORV�(VWDGRV�PLHPEURV�GH�OD�2�,�7��TXH�VH�UH~QH�XQD� YH]� DO� DxR�� HQ� HO� PHV� GH� MXQLR� HQ� *LQHEUD�� (V� WULSDUWLWD�� H[LVWHQ� ODV�FRPLVLRQHV�VLJXLHQWHV������ 9HULILFDFLyQ�GH�SRGHUHV��

/RV�SRGHUHV�SXHGHQ�VHU�LPSXJQDGRV�SRU�HVWD�FRPLVLyQ��6H�UHILHUH�D�ORV�SRGHUHV�GH�ORV�WUDEDMDGRUHV�\�HPSOHDGRV����� &RPLVLyQ�GH�SURSRVLFLRQHV��5HVXHOYH�SUREOHPDV�TXH�VH�VXVFLWHQ�GXUDQWH�OD�FRQIHUHQFLD����� &RPLVLyQ�GH�UHGDFFLyQ��5HGDFWD�ORV�FRQYHQLRV�\�UHFRPHQGDFLRQHV��

�������� ,QVWUXPHQWRV�HPDQDGRV�GH�OD�2�,�7�$�� &RQYHQLR,QVWUXPHQWR� -XUtGLFR� TXH� FRQVWLWX\H� XQ�PXOWLWUDWDGR� LQWHUQDFLRQDO� \� TXH� GHEH�VHU� UDWLILFDGR� SRU� HO� (VWDGR� PLHPEUR� \� SRU� OR� WDQWR� JHQHUD� GHUHFKRV� \�REOLJDFLRQHV� \� HVWi� VXMHWR� D� YLJLODQFLD� LQWHUQDFLRQDO� OR� TXH� LPSOLFD� TXH� KD\�WXWHOD�GH�2�,�7��

%�� 5HFRPHQGDFLyQ�3URSRQH� PHGLDQWH� PHGLGDV� LQWHUQDFLRQDOHV� HQ� PDWHULD� GH� 3ROtWLFD� VRFLDO� VLQ�FUHDU�REOLJDFLRQHV�SDUD�ORV�SDtVHV�TXH�OD�DGRSWHQ��

5DWLILFDFLyQ�/D�GHILQH�HO�&RQYHQLR�GH�9LHQD�\�HV�HO�DFWR�LQWHUQDFLRQDO�SRU�HO�FXDO�XQ�HVWDGR�KDFH�FRQVWDU��HQ�HO�iPELWR�LQWHUQDFLRQDO��FRPXQLFiQGROR�DO�'LUHFWRU�*HQHUDO�GH�OD�2�,�7��VX�FRQVHQWLPLHQWR� GH� REOLJDUVH� FRQ� XQ� WUDWDGR�� 6H� ILQDQFLD� FRQ� FXRWDV� DQXDOHV� GH�GyODUHV�GH�ORV�SDtVHV�PLHPEURV��

������ 'HFODUDFLyQ�GH�)LODGHOILD��(V�GHO����GH�PD\R�GH��������6H�DSUREy�HQ�OD�UHXQLyQ����GH�OD�&RQIHUHQFLD�,QWHUQDFLRQDO�GHO� 7UDEDMR�� 5HFDOFD� ORV� ILQHV� \� REMHWLYRV� GH� OD� 2�,�7�� \� ORV� SULQFLSLRV� \� REMHWLYRV� TXH�GHELHUDQ� LQVSLUDU� OD� SROtWLFD� GH� VXV� PLHPEURV�� SDUD� HO� SHUtRGR� GH� OD� SRVW� JXHUUD�� 6H�LQFRUSRUD�D�OD�FRQVWLWXFLyQ�GH�OD�2�,�7��/D� FRQVHFXHQFLD� GH� HVWD� GHFODUDFLyQ� HV� TXH� QR� VyOR� VH� RFXSD� GH� ILQHV� ODERUDOHV� \�SUHYLVLRQDOHV�VLQR�TXH�WDPELpQ�GH�SROtWLFDV�VRFLDOHV��HV�PiV�DPSOLR�TXH�OD�2�,�7��$SUXHED�GRV�UHFRPHQGDFLRQHV�TXH�VRQ����������6HJXULGDG�GH�ORV�PHGLRV�GH�YLGD��

7UDWD� GH� SURWHJHU� ORV� LQJUHVRV� SRU� ,QFDSDFLGDG� ODERUDO�� SRU� LQFDSDFLGDG� SDUD�REWHQHU�XQ�WUDEDMR�FXDQGR�VH�HVWi�FHVDQWH�\�SRU�RUIDQGDG�\�YLXGH]��

����������$VLVWHQFLD�PpGLFD�LQWHJUDO��

4XH� VH� UHILHUH� D� PHMRUHV� FRQGLFLRQHV� VDQLWDULDV� GH� 9LGD��PHGLFLQD� SUHYHQWLYD��PHGLFLQD�FXUDWLYD�\�KRVSLWDOL]DFLyQ�������� 3ULQFLSLRV�GH�OD�'HFODUDFLyQ�GH�)LODGHOILD�

D�� (O� WUDEDMR� QR� HV� XQD� PHUFDQFtD� TXH� SXHGD� YHQGHU� R� FRPSUDU�� HV� XQD� QHFHVLGDG�LQKHUHQWH�� DO� KRPEUH�� TXH� HV� JUHJDULR� SRU� QDWXUDOH]D� \� QHFHVLWD� YLYLU� FRQ� VXV�VHPHMDQWHV�\�WDPSRFR�HV�DXWRVXILFLHQWH��SRU�OR�WDQWR��HO�WUDEDMR�HV�XQD�QHFHVLGDG�\�XQ�GHUHFKR��

E�� /LEHUWDG�GH�H[SUHVLyQ�\�DVRFLDFLyQ��F�� 3REUH]D��3RQH�HQ�SHOLJUR�OD�SURVSHULGDG�GH�ORV�SXHEORV��G�� 7RGRV�ORV�VHUHV�KXPDQRV��VLQ�GLVWLQFLyQ�DOJXQD��WLHQH�GHUHFKR�DO�ELHQHVWDU�PDWHULDO�\�DO�

GHVDUUROOR�HVSLULWXDO��H�� /D� SROtWLFD� ODERUDO� LQWHUQDFLRQDO� \� QDFLRQDO� GHEH� WHQGHU� D� OD� OLEHUWDG�� D� OD� VHJXULGDG�HFRQyPLFD��D�OD�GLJQLGDG�\�D�OD�LJXDOGDG�GH�RSRUWXQLGDGHV��I�� 'LJQLGDG�GHO�7UDEDMR��OD�GLIHUHQFLD�HVWi�HQ�OD�UHVSRQVDELOLGDG��