3URWRFRORGHOLPSLH]DGHVLQIHFFLyQ \HVWHULOL]DFLyQGHOPDWHULDOHTXLSDPLHQWR\YHKtFXORVVDQLWDULRV
35272&2/2'(/,03,(=$ '(6,1)(&&,21< (67(5,/,=$&,Ï1 '(/ 0$7(5,$/(48,3$0,(172< 9(+Ë&8/26 6$1,7$5,26
ZZZHPHUJHQFLDVHVRUJ -RVp5DPyQ$JXLODU5HJXHUR 0iODJD(VSDxD
ZZZHPHUJHQFLDVHVRUJ-RVp5DPyQ$JXLODU5HJXHUR0iODJD(VSDxD
/,03,(=$'(6,1)(&&,21<(67(5,/,=$&,21
'(/0$7(5,$/(48,3$0,(172<9(+Ë&8/26 6$1,7$5,26 3URWRFRORGHUHFRPHQGDFLyQGHXVR
3iJLQD GH
,1',&( ,1',&( ,1752'8&&,21 &21&(3726%$6,&26 $*(17(648,0,&26'(862&2081 $/&2+2/(6 &2038(6726&/25$'26 ',(7,/(175,$0,1$,QVWUXQHW3ROYR &/25852'(%(1=$/&21,2$UPLO 3(52;,'2'(+,'52*(12$JXD2[LJHQDGD 329,'21$<2'$'$%HWDGLQH '(7(5*(17(6$1,21,&26<12,21,&26 352&(',0,(172'($3/,&$&,Ð13$5$/26',9(56260$7(5,$/(6<683(5),&,(6 '(6,1)(&&,21'(/0$7(5,$/&217$0,1$'2&219,+ %,%/,2*5$),$
3iJLQD GH
,1752'8&&,21
/DVWpFQLFDVGHGHVLQIHFFLyQTXtPLFDDSDUHFLHURQSRUSULPHUDYH]DPHGLDGRVGHOVLJORSDVDGR SHUR OD YHUGDGHUD GLIXVLyQ GH ORV PpWRGRV GH DVHSVLD \ DQWLVHSVLD QR VH SURGXMR KDVWD SULQFLSLRV GHO DFWXDO'HVGHHQWRQFHVVHKDQLGRGHVFXEULHQGR\XWLOL]DQGRQXHYDVWpFQLFDVGHGHVLQIHFFLyQWDQWRItVLFDV FRPR TXtPLFDV TXH VXFHVLYDPHQWH KDQ VLGR VXVWLWXLGDV SRU RWUDV PiV SRWHQWHV OOHJiQGRVH HQ OD DFWXDOLGDG D GLVSRQHU GH XQ DUVHQDO GH SURGXFWRV \ SURFHGLPLHQWRV GHO TXH SRGHPRV VHUYLUQRV HQ OD HPHUJHQFLD
1XHVWUD ODERU GLDULD SRU VXV HVSHFLDOHV FDUDFWHUtVWLFDV UHTXLHUH TXH WRGRV ORV SURIHVLRQDOHV GHO HTXLSRHVWpQIDPLOLDUL]DGRVFRQODVWpFQLFDVGHOLPSLH]DGHVLQIHFFLyQ\ HVWHULOL]DFLyQ(QHVWHVHQWLGRHO SUHVHQWH WUDEDMR WLHQH OD ILQDOLGDG GH VHUYLU GH UHYLVLyQ HQ OR TXH D HVWH FDPSR VH UHILHUH TXH QR SRU LQJUDWRRiULGRTXHSXHGDSDUHFHUHVPHQRVLPSRUWDQWHSDUDODFRQVHFXFLyQGHXQEXHQUHVXOWDGRILQDOHQ ODDVLVWHQFLDDOSDFLHQWHFUtWLFR
&21&(3726%$6,&26
&RQWDPLQDFLyQ 3UHVHQFLDGHPLFURRUJDQLVPRVSDWyJHQRV
,QIHFFLyQ± (VODFRORQL]DFLyQGHFXDOTXLHUJHUPHQSDWyJHQRHQHORUJDQLVPRDFRQVHFXHQFLDGHOFXDO SXHGHDSDUHFHUXQDHQIHUPHGDG $VHSVLD $XVHQFLD GHPLFURRUJDQLVPRVSDWyJHQRV
(VWHULOLGDG $XVHQFLDGHFXDOTXLHUIRUPDGHYLGDLQFOX\HQGRODVHVSRUDV
(VSRUDV )RUPDVFHOXODUHVGHEDFWHULDV\KRQJRVTXHOHVSHUPLWHQYLYLUHQFLUFXQVWDQFLDVSUHFDULDV6H KDOODQ HQ XQ HVWDGR GH YLGD ODWHQWH VLQ QLQJXQD DFWLYLGDG PHWDEyOLFD \ FRQ XQ LQFUHPHQWR GH OD UHVLVWHQFLDDWHPSHUDWXUDVH[WUHPDV\DORVDJHQWHVTXtPLFRV *HUPLFLGD 7pUPLQRTXHGHILQHGHIRUPDJHQHUDODWRGRDJHQWHFDSD]GHGHVWUXLUPLFURRUJDQLVPRV
%DFWHULRVWiWLFR DJHQWHTXHLQKLEHHOFUHFLPLHQWREDFWHULDQRVLQGHVWUXLUIRU]RVDPHQWHODVEDFWHULDV
$QWLVpSWLFR 6XVWDQFLDTXHGHVWUX\HORVPLFURRUJDQLVPRVRLQKLEHVXPXOWLSOLFDFLyQ\TXHHVWiLQGLFDGD SDUDVHUDSOLFDGDVREUHWHMLGRVYLYRV 'HVLQIHFWDQWH $JHQWHTXHGHVWUX\HORVPLFURRUJDQLVPRVSHURQRVXVHVSRUDV \TXHVRQGHDSOLFDFLyQ H[FOXVLYDVREUHREMHWRVLQDQLPDGRV
/LPSLH]D (VHOSURFHVRGHHOLPLQDFLyQGHUHVWRVRUJiQLFRVHLQRJiQLFRVGHXQDVXSHUILFLH/DVXFLHGDG LQWHUILHUHHQFXDOTXLHUWpFQLFDGHGHVLQIHFFLyQ\HVWHULOL]DFLyQGHDKtTXHODOLPSLH]DVHDXQDFRQGLFLyQ SUHYLDHLQH[FXVDEOHDGLFKRVSURFHGLPLHQWRV
3DUDGHVSUHQGHUORVUHVWRVGHVXFLHGDGVHXWLOL]DUiXQDVXVWDQFLDGHWHUJHQWHDFRPSDxDGRGHOD DFFLyQ PHFiQLFD FHSLOODGR \ VH UHDOL]DUi XQ HQMXDJDGR H[KDXVWLYR GHO PDWHULDO8Q VHFDGR PLQXFLRVR IDYRUHFHUiVXFRQVHUYDFLyQ 'HVLQIHFFLyQ (VHOSURFHVRGHGHVWUXFFLyQGHPLFURRUJDQLVPRVSDWyJHQRVGHXQDVXSHUILFLHLQDQLPDGD FRQH[FHSFLyQGHODVHVSRUDV /DHILFDFLDGHODGHVLQIHFFLyQGHSHQGHGHYDULRVIDFWRUHV
'HOWLSRGHFRQWDPLQDFLyQGHOPDWHULDO 'HODFDOLGDGGHODOLPSLH]DSUHYLD 'HODFRQFHQWUDFLyQGHOGHVLQIHFWDQWH 'HO WLHPSR GH FRQWDFWR GHO PDWHULDO FRQ HO GHVLQIHFWDQWH (Q JHQHUDO VH UHFRPLHQGD XQ WLHPSRGHPLQXWRV 'HODFRQILJXUDFLyQGHOREMHWRDGHVLQIHFWDU 3iJLQD GH
([LVWHQPpWRGRVGHGHVLQIHFFLyQWDQWRItVLFRVFRPRTXtPLFRV/RVSULPHURVVHVDOHQGHOiPELWR GH FRQRFLPLHQWRV QHFHVDULRV SDUD HO WUDEDMR HQ OD HPHUJHQFLD GH DKt TXH QRV FHQWUDUHPRV HQ ORV VHJXQGRVHVGHFLUHQORVGHVLQIHFWDQWHV$HOORVOHGHGLFDUHPRVHOVLJXLHQWHFDStWXOR (VWHULOL]DFLyQ (VHOSURFHVRGHGHVWUXFFLyQUDGLFDOGHWRGRVORVPLFURRUJDQLVPRVLQFOXLGDVVXVIRUPDV GHUHVLVWHQFLDVHVSRUDV TXHSXHGDQH[LVWLUHQODVXSHUILFLHRHQHOHVSHVRUGHXQREMHWRFXDOTXLHUD/D HVWHULOL]DFLyQHVPiVXQDWHQGHQFLDDXQDVLWXDFLyQLGHDOTXHXQDUHDOLGDGFRQVLGHUiQGRVHHVWHULOL]DGRXQ REMHWRFXDQGRORVDJHQWHVYLYRVVHKDQUHGXFLGRHQpODXQDPLOORQpVLPDSDUWH
$O LJXDO TXH HQ HO FDVR GH OD GHVLQIHFFLyQ SRGHPRV XWLOL]DU PpWRGRV ItVLFRV \ TXtPLFRV /RV ItVLFRVVRQGHUHDOL]DFLyQFDVLH[FOXVLYDGHORVVHUYLFLRVGHHVWHULOL]DFLyQGHOKRVSLWDO/RVTXtPLFRVSRU VXSDUWHSXHGHQVHUOOHYDGRVDFDERGLUHFWDPHQWHSRUHOSURIHVLRQDOGHODHPHUJHQFLDJUDFLDVDOHPSOHR GH GLYHUVRV DJHQWH (VWRV YHQGUtDQ D VHU ORV PLVPRV GHVLQIHFWDQWHV SHUR D PD\RU FRQFHQWUDFLyQ \ SHUPLWLpQGROHXQWLHPSRVXSHULRUGHFRQWDFWRFRQHOPDWHULDO (Q UHODFLyQ DO LQVWUXPHQWDO TXH GHED VHU HQYLDGR DO VHUYLFLR GH HVWHULOL]DFLyQ VHUi PX\ LPSRUWDQWHREVHUYDUORVSURWRFRORVTXHDOUHVSHFWRWHQJDHOKRVSLWDO\TXHHQJHQHUDOKDFHQUHIHUHQFLDD ODOLPSLH]DSUHYLD\DOHPSDTXHWDGR
(Q OD VLJXLHQWH WDEOD VH SUHVHQWD D PRGR GH UHVXPHQ OD FDSDFLGDG JHUPLFLGD GH ORV GLIHUHQWHV QLYHOHVGHGHVLQIHFFLyQ\HVWHULOL]DFLyQ
(67(5,/,=$&,21 '(6,1)(&$/7$
'(6,1)(&0(',$ '(6,1)(&%$-$
)250$6 0,&52%$&7( 9,586 0(',26 9,586 9(*(7$7,9$6 5,$6 %$&,/2 &21/,3,'26 3(48(f26 '( %$&7 < 7%&① /,3,'26③ ② 9,586
6,1
(6325$6
'HVWUX\HORVPLFURRUJDQLVPRV
1RGHVWUX\HORVPLFURRUJDQLVPRV
① /DVPLFREDFWHULDVVRQPiVUHVLVWHQWHVTXHRWUDVIRUPDVYHJHWDWLYDVEDFWHULDQDVORFXDOVHGHEHDODOWR FRQWHQLGRGHOtSLGRVGHVXSDUHGFHOXODU$QLYHOGHODERUDWRULRODPLFREDFWHULDFRP~QPHQWHXWLOL]DGDHQ ORVH[SHULPHQWRVHVODGHOD7%& ② (MHPSORVGHYLUXVPHGLDQRVFRQOtSLGRVVRQHOGHKHUSHV\ODLQIOXHQ]D
③ (MHPSORVGHYLUXVSHTXHxRVVLQOtSLGRVVRQHOGHODSROLR\HOFR[VDFNLH
$*(17(648,0,&26'(862&2081 (QJHQHUDOWRGRVORVDJHQWHVTXtPLFRVSXHGHQVHULQFOXLGRVEDMRHOHStJUDIHGHGHVLQIHFWDQWHV \DTXHHQPD\RURPHQRUPHGLGDVHUiQFDSDFHVGHSURGXFLUODPXHUWHGHPLFURRUJDQLVPRV /DVSULQFLSDOHVFRQGLFLRQHVTXHGHEHUHXQLUFXDOTXLHUGHVLQIHFWDQWHVRQ
$OWRSRGHUJHUPLFLGD $PSOLRHVSHFWUR *UDQSRGHUGHSHQHWUDFLyQ
3iJLQD GH
)DFLOLGDGGHDSOLFDFLyQ 1RVHUWy[LFRV (VWDELOLGDGWUDVGLVROXFLyQ 1RHVWURSHDUORVPDWHULDOHVVREUHORVTXHVHDSOLFD (VFDVRFRVWR
$ FRQWLQXDFLyQ VH HQXPHUDQ ORV SULQFLSDOHV DJHQWHV TXtPLFRV GH OLPSLH]D GHVLQIHFFLyQ \ HVWHULOL]DFLyQDVtFRPRVXVFDUDFWHUtVWLFDVPiVVREUHVDOLHQWHV */87$5$/'(+,'2 ,QVWUXQHW(VSRULFLGD
6X XWLOL]DFLyQ DO HQ VROXFLyQ WDPSRQDGD FRQ VDOHV VyGLFDVGH IHQRO KDFHQ GH HVWH SURGXFWR XQR GH ORV PiV SRWHQWHV GHVLQIHFWDQWHV FRQ FDSDFLGDG SDUD GHVWUXLU HVSRUDV (V SRU HOOR TXH SXHGH FRQVLGHUiUVHOHFRPRXQHVWHULOL]DQWHTXtPLFR 3UHYLDPHQWHDVXHPSOHRKD\TXHSURFHGHUDDFWLYDUODVROXFLyQORTXHFRQVLVWHHQDOFDOLQL]DUHO SURGXFWRKDVWDXQS+GH± (OSHUtRGRGHHVWDELOLGDGGHHVWDPH]FODHVGHXQPHV
(QVXXWLOL]DFLyQFRPRGHVLQIHFWDQWHSXHGHGLOXLUVHODVROXFLyQDFWLYDGDDORHQDJXD HQIXQFLyQGHVtVHVRVSHFKDRQRODSUHVHQFLDGHOYLUXVGHO6,'$RKHSDWLWLV%\GHMDUGHQWURHOPDWHULDO GXUDQWHPLQXWRV6LVHXWLOL]DFRPRHVWHULOL]DQWHQRVHGLOXLUi\HOPDWHULDOGHEHUiTXHGDUVXPHUJLGR GXUDQWH KRUDV \ PLQXWRV 1RVRWURV KDELWXDOPHQWH UHDOL]DUHPRV OD GLOXFLyQ SDUD OR TXH PH]FODUHPRVORVPO'HODVROXFLyQDFWLYDGDFRQDJXDKDVWDXQWRWDOGHOLWURV
1R HV FRUURVLYR \ PDQWLHQH VX DFWLYLGDG HQ SUHVHQFLD GH PDWHULD RUJiQLFD 3XHGH SURYRFDU LUULWDFLyQGHODSLHOHQFDVRGHFRQWDFWR\GHORVRMRVVLODKDELWDFLyQQRHVWiELHQYHQWLODGD ([LVWHQ RWUDV SUHVHQWDFLRQHV GHO JOXWDUDOGHKtGR D GLVWLQWDV FRQFHQWUDFLRQHV \ HQ GLVROXFLyQ FRQ RWURV DJHQWHV FRPR HO IRUPRO \ TXH VH XWLOL]DQ FRPR OLPSLDGRU \ GHVLQIHFWDQWH VLPXOWiQHDPHQWH HM ,QVWUXQHW6XSHUILFLHV $/&2+2/(6
&RPRGHVLQIHFWDQWHVHXWLOL]DQGRVFRPSXHVWRVHODOFRKROHWtOLFR\HODOFRKROLVRSURStOLFRFX\DV SURSLHGDGHVEDFWHULFLGDVKDQVLGRVXEHVWLPDGDVODUJRWLHPSR$FWXDOPHQWHHODOFRKRODFRQFHQWUDFLyQGHO VH FRQVLGHUD XQ GHVLQIHFWDQWH LQWHUPHGLR \ SRU WDQWR VLQ FDSDFLGDG HVSRULFLGD $FRQFHQWUDFLRQHV VXSHULRUHVVHKDFRPSUREDGRTXHGLVPLQX\HVXHILFDFLD 3XHGHXWLOL]DUVHHQHOWUDWDPLHQWRGHODVVXSHUILFLHVH[WHUQDVGHGLYHUVRVHTXLSRVHVWHWRVFRSLRV WHUPyPHWURV VLELHQQRHVHOGHVLQIHFWDQWHLGHDO6XXVRUHSHWLGRGHWHULRUDORV SOiVWLFRV\JRPDVVREUH WRGRVLORVGHMDPRVVXPHUJLGRV &2038(6726&/25$'26
(OPiVDPSOLDPHQWHXWLOL]DGRHVHOKLSRFORULWRGHVRGLROHMtDGRPpVWLFD 6XDFWLYLGDGJHUPLFLGD VH FRQVLGHUD HVSHFLDOPHQWH ~WLO HQ OD OLPSLH]D GH VXHORV \ SDUHGHV GH OD DPEXODQFLD DVt FRPR SDUD OD FDPLOOD\VLOODVGHWUDQVSRUWH
1RUPDOPHQWH VH DGTXLHUH D FRQFHQWUDFLRQHV GHO SRU OR TXH GHEHUi VHU GLOXLGD D XQD SURSRUFLyQ GH FRQDJXDSDUDOLPSLDUXQDVXSHUILFLHPDQFKDGDSRUVDQJUHRVHFUHFLRQHV\GHSDUDUHDOL]DUOD OLPSLH]D UXWLQDULD 3RU VX HIHFWR EDFWHULFLGD VREUH HO 0\FREDFWHULXP WXEHUFXORVLV VH OH FRQVLGHUD XQ GHVLQIHFWDQWHLQWHUPHGLR &RPRLQFRQYHQLHQWHVWLHQHHOTXHVHLQDFWLYDSRUPDWHULDRUJiQLFDDVtFRPRVXFRUURVLYLGDGGH DKt TXH QR GHED XWLOL]DUVH HQ OD GHVLQIHFFLyQ GHO LQVWUXPHQWDO $GHPiV ODV GLVROXFLRQHV GH KLSRFORULWR SLHUGHQ JUDGXDOPHQWH VX HIHFWLYLGDG VLHQGR DFRQVHMDEOH UHDOL]DU XQD QXHYD GLVROXFLyQ FDGD YH] TXH VH SUHFLVHVXXVR ',(7,/(175,$0,1$ ,QVWUXQHW3ROYR
3iJLQD GH
(V XQ DJHQWH TXtPLFR LQGLFDGR SDUD HO ODYDGR PDQXDO GH PDWHULDO FRQ FDSDFLGDG SDUD GLVROYHU OD PDWHULDRUJiQLFD6HFRPHUFLDOL]DHQSROYRVTXHVHGLOXLUiQHQDJXDFDOLHQWHXQVREUHGHJU(QOLWURV GRQGHVHVXPHUJLUiHOLQVWUXPHQWDOGXUDQWHXQRVPLQXWRV1RHVWiLQGLFDGRHQODOLPSLH]DGHVXSHUILFLHVGH DOXPLQLR &/25852'(%(1=$/&21,2 $UPLO
6L ELHQ WLHQH FLHUWDV SURSLHGDGHV EDFWHULFLGDV \ IXQJLFLGDV SRVHH HVFDVDV FXDOLGDGHVFRPRGHVLQIHFWDQWH(QFDPELRVXVSURSLHGDGHVHPXOVLRQDQWHVGHWHUVLYDV\ HVSXPDQWHV OH FRQILHUHQ XWLOLGDG FRPR GHWHUJHQWH OR TXH XQLGR D X PRGHUDGR SRGHU JHUPLFLGDKDFHQTXHHVWRVFRPSXHVWRVSXHGDQVHUXWLOL]DGRVSDUDHOODYDGRGHOPDWHULDO \FLHUWDVVXSHUILFLHV
(QWUHVXVLQFRQYHQLHQWHVGHVWDFDHOSRGHUR[LGDWLYRVREUHORVPDWHULDOHV\HO VHU DQWDJRQL]DGRSRUORVMDERQHVFRQYHQFLRQDOHVSRUORTXHQRGHEHQPH]FODUVH 3(52;,'2'(+,'52*(12$JXD2[LJHQDGD
&RPR GHVLQIHFWDQWH WLHQH PX\ HVFDVR SRGHU SHUR JUDFLDV D VX PHFDQLVPR GH DFFLyQ OLEHUD R[tJHQR PROHFXODU DO HQWUDU HQ FRQWDFWR FRQ OD FDWDODVD GH ORV WHMLGRV SRVHHFLHUWDXWLOLGDGHQODHOLPLQDFLyQGHUHVWRVRUJiQLFRV\GHVDQJUH3RVWHULRUPHQWH HOPDWHULDOUHTXHULUiXQDGHVLQIHFFLyQPiVHQpUJLFD 329,'21$<2'$'$%HWDGLQH
(V EDFWHULRVWiWLFR R EDFWHULFLGD GHSHQGLHQGR GH OD FRQFHQWUDFLyQ XWLOL]DGD \ GHVWUX\H ODV HVSRUDV GH &ORVWULGLXP DXQTXH HO 0 7XEHUFXORVLV HV JHQHUDOPHQWH UHVLVWHQWH /DVVROXFLRQHVGLOXLGDVVRQSRFRHVWDEOHV\SLHUGHQVXDFWLYLGDGDQWLVpSWLFDFRQ UDSLGH] (Q FRQGLFLRQHV QRUPDOHV QR VH DEVRUEH SHUR VX XVR UHSHWLGR SXHGH SURGXFLU UHDFFLRQHVDOpUJLFDVGHUPDWLWLVGHFRQWDFWR 6HXVDHQGHVLQIHFFLyQGHODSLHOHQ]RQDVGHULHVJRGLOXLGDDO6HLQDFWLYD HQ SUHVHQFLD GH PDWHULD RUJiQLFD SRU OR TXH HV SUHFLVR OLPSLH]D PHFiQLFD SUHYLD D OD GHVLQIHFFLyQ '(7(5*(17(6$1,21,&26<12,21,&26
$XQTXH QR SRVHHQ DFFLyQ GHVLQIHFWDQWH VRQ H[FHOHQWHV DJHQWHV GH OLPSLH]D JUDFLDVDVXDFFLyQHPXOVLRQDQWH\WHQVLRDFWLYDORFXDOKDFHTXHDUUDVWUHQODVXFLHGDG /RVMDERQHVFRQYHQFLRQDOHVTXHGDUtDQLQFOXLGRVHQHVWHJUXSR
352&(',0,(172'($3/,&$&,Ï13$5$/26',9(5626 0$7(5,$/(6<683(5),&,(6 (VWHSURFHGLPLHQWRVHDSOLFDUiGHVSXpVGHVXXWLOL]DFLyQHQXQDDVLVWHQFLD
3LQ]DVGHGLVHFFLyQSRUWDDJXMDVPRVTXLWRVWLMHUDV\HQJHQHUDOWRGRDTXHOLQVWUXPHQWDOTXHVH XWLOLFH HQ FXUDV \ VXWXUDV DVt FRPR ORV VHWV GH FULFRWLURLGRWRPtD \ WUDTXHRWRPtD 6H UHDOL]DUi XQ ODYDGR\FHSLOODGRHQpUJLFRSDUDHOLPLQDUUHVWRVGHVDQJUH\VHFUHFLRQHVXWLOL]DQGRFXDOTXLHUDGHORVSURGXFWRV LQGLFDGRV SDUD HOOR (QMXJDU \ VHJDU FRQ FRPSUHVDV R JDVDV HVWpULOHV \ HPSDTXHWDU SDUD VX HQYtR D HVWHULOL]DFLyQ(QFDVRGHQHFHVLGDGXVDUHPRVHO,QVWUXQHW(VSRULFLGDVLQGLOXLUFRPRHVWHULOL]DQWH
3DODV GH ODULQJRVFRSLR YiOYXOD GH EDOyQ GH UHDQLPDFLyQ DXWRKLQFKDEOH YiOYXOD GH UHVSLUDGRU PDVFDULOODGHYHQWLODFLyQWXERFRUUXJDGRSLQ]DVGH0DJXLOOWHUPyPHWUR\HQJHQHUDOWRGRDTXHOOR 3iJLQD GH
TXH HQWUH HQ FRQWDFWR FRQ ODV PXFRVDV GHO SDFLHQWH GH IRUPD GLUHFWD R LQGLUHFWD 7UDV HO FRUUHVSRQGLHQWH ODYDGR VXPHUJLUHPRV HO PDWHULDO HQ ,QVWUXQHW (VSRULFLGD HQ GLOXFLyQ GXUDQWH XQ PtQLPRGHPLQXWRV(ODOFRKRODOSXHGHVHUQRV~WLOSDUDGHWHUPLQDGRPDWHULDOFRPRHOWHUPyPHWUR VLHPSUH TXH PDQWHQJD XQ WLHPSR GH FRQWDFWR GH DO PHQRV PLQXWRV ORV HVWXGLRV UHDOL]DGRV DO UHVSHFWR LQGLFDQTXHOD IULHJDFRQXQDWRUXQGDHPSDSDGDHQDOFRKRODSHQDVFRQVLJXHXQDGHVLQIHFFLyQPtQLPD /DV YiOYXODVSRUVXSDUWHGHEHUiQVHUGHVPRQWDGDVHQWRGDVVXVSLH]DVSUHYLDPHQWH 7LMHUDV GH FRUWDU URSD OLQWHUQD \ PDUWLOOR GH H[SORUDFLyQ IRQHQGRVFRSLR HVILQJRPDQyPHWUR EDOyQGHUHDQLPDFLyQDXWRKLQFKDEOH 7RGRHVWHPDWHULDOTXHQRSDVDGHFRQWDFWDUFRQODSLHOGHOSDFLHQWH GHEHUi DO PHQRV OLPSLDUVH FRQ DJXD \ GHWHUJHQWH FDGD YH] TXH VH XVH R HQVXFLH 6H OH SXHGH DSOLFDU SRVWHULRUPHQWHXQGHVLQIHFWDQWHVXDYH
(TXLSRVGHDVSLUDFLyQ /RVDVSLUDGRUHVSRUWiWLOHVVHGHVPRQWDUiQHQVXWRWDOLGDGVHDFODUDUiGHUHVWRV GHODVSLUDGRFRQDEXQGDQWHDJXD\FHSLOODGR\VHGHVLQIHFWDUiQFRQ,QVWUXQHW6XSHUILFLHVRELHQVHGHMDUi VXPHUJLGR HQ VROXFLyQ GH OHMtD DGXUDQWHPLQXWRV(O WXER GHODVSLUDGRU\FRQH[LRQHVVHGHVHFKDUi GHVSXpVGHFDGDXVR\VHUiVXVWLWXLGRSRURWUDVQXHYRVHQVXHQYDVHRULJLQDO 0DOHWLQHVDVLVWHQFLDOHV 7UDVUHDOL]DUXQVHUYLFLRQRVFHUFLRUDUHPRVGHTXHQRORVKD\DPRVPDQFKDGR QRVRWURVFRQUHVWRVGHVDQJUHRVHFUHFLRQHVGHOSDFLHQWH(QFDVRDILUPDWLYRVHHOLPLQDUiQ\VHGHVLQIHFWDUiQ FRQORVPLVPRVSURGXFWRVTXHHQHOFDVRDQWHULRU(VLPSUHVFLQGLEOHVDFDUHVXWRWDOLGDGWRGRHOFRQWHQLGR\ OLPSLDUDIRQGRVXLQWHULRUDOPHQRVXQD YH]DOPHV 0DWHULDOGHLQPRYLOL]DFLyQ (QSULPHUOXJDUQRVDVHJXUDUHPRVGHTXHQRWHQJDQUHVWRVGHFULVWDOHVR HOHPHQWRVFRUWDQWHVFRPRFRQVHFXHQFLDGHODGHVLQFDUFHUDFLyQGHXQDFFLGHQWDGR3RVWHULRUPHQWH\DOLJXDO TXH HQ HO DSDUWDGR DQWHULRU VH HOLPLQDUiQ ORV UHVWRV GH VDQJUH \ VH GHVLQIHFWDUiQ FRQ FXDOTXLHUD GH ORV SURGXFWRVFLWDGRV
0DWHULDOHOHFWURPpGLFR (QJHQHUDOWRGRHODSDUDWHMHHOpFWULFRVHOLPSLDUiFRQXQSDxRKXPHGHFLGRHQ DJXD \ XQ MDEyQ VXDYH HYLWDQGR XWLOL]DU SURGXFWRV DEUDVLYRV DVt FRPR FHSLOORV GXURV \ GHMDQGR VHFDU FRPSOHWDPHQWH 6H SXHGHQ HPSOHDU GLYHUVRV GHVLQIHFWDQWHV VL ELHQ FDGD IDEULFDQWH UHFRPLHQGD HO PiV DSURSLDGR SDUD FDGD DSDUDWR HQ IXQFLyQ GH ODV FDUDFWHUtVWLFDV GH OD FDUFDVD H[WHUQD \ GH ORV GLVWLQWRV FRPSRQHQWHV 3DUD OD HVWHULOL]DFLyQ H[LVWHQ LJXDOPHQWH UHFRPHQGDFLRQHV HVSHFtILFDV VHJ~Q HO IDEULFDQWH VL ELHQ QR HV GH LQWHUpV GLFKR SURFHVR HQ HVWH PDWHULDO DO PHQRV SDUD QXHVWUR WUDEDMR GLDULR &XLGDUHPRV HVSHFLDOPHQWHOLPSLDUWUDVFDGDXVRHOVHQVRUGHOSXOVLR[tPHWUR\ODVSDODVGHOGHVILEULODGRU(QHOSULPHUFDFR SXHGH HPSOHDUVH XQD JDVD KXPHGHFLGD HQ DOFRKRO \ DVt HYLWDUHPRV IDOORV HQ OD FDSWDFLyQ /DV SDODV SRU VX SDUWH GHEHUiQ TXHGDU WRWDOPHQWH OLPSLDV GH UHVWRV GH SDVWD VLHQGR VXILFLHQWH HQ HVWH FDVR XQ SDxR KXPHGHFLGRHQDJXD 6XSHUILFLHVGHODDPEXODQFLD\HOHPHQWRVGHPRYLOL]DFLyQGHSDFLHQWHVFDPLOODVVLOODV 7UDVOD UHDOL]DFLyQ GH XQ VHUYLFLR VH OLPSLDUi \ GHVLQIHFWDUi WRGR DTXHOOR TXH VH KD\D PDQFKDGR SDUD OR TXH HO GHVLQIHFWDQWHLGHDOHVODOHMtDHQGLOXFLyQFRQDJXDDDVtFRPRHO,QVWUXQHW6XSHUILFLHV6HPDQDOPHQWH\ GH IRUPD UXWLQDULD VH OLPSLDUi HO KDELWiFXOR DVLVWHQFLDO LQGHSHQGLHQWHPHQWH GH ODV DVLVWHQFLDV TXH VH KD\DQ UHDOL]DGRHQHVDVHPDQDUHWLUDQGRORVHTXLSRVGHODDPEXODQFLD\KDFLHQGRHVSHFLDOLQVLVWHQFLDHQWLUDGRUHVGH SXHUWDVEDUUDVGHDJDUUH\]RQDVDUULQFRQDGDV6HUiVXILFLHQWHFRQGLOXLUODOHMtDGRPpVWLFDHQSURSRUFLyQG H
'(6,1)(&&,21'(/0$7(5,$/&217$0,1$'2&219,+
/RVHVWXGLRVPiVUHFLHQWHVKDQGHPRVWUDGRTXHORVGHVLQIHFWDQWHVFRP~QPHQWHHPSOHDGRVLQDFWLYDQHO9,+ \9+%DFRQFHQWUDFLRQHVGHXVRKDELWXDO3RUORWDQWRQRVHKDFHQHFHVDULDQLQJXQDPHGLGDHVSHFLDOSDUDHO WUDWDPLHQWRGHVXSHUILFLHVHLQVWUXPHQWRVFRQWDPLQDGRVSRUVDQJUHRIOXLGRVGHSDFLHQWHVVRVSHFKRVRVGHVHU SRUWDGRUHV GH ORVDQWLFXHUSRV'H FXDOTXLHU IRUPDXWLOL]DUHPRV VLHPSUHORVGHVLQIHFWDQWHVFDOLILFDGRVFRPR PLFREDFWHULFLGDVSRUVHUGHPD\RUSRWHQFLD $ HVWH UHVSHFWR QR GHEHPRV ROYLGDU DGRSWDU ODV GHQRPLQDGDV ´3UHFDXFLRQHV 8QLYHUVDOHVµ GLFWDGDV SRU ORV ´&HQWHUV IRU 'LVFDVH &RQWUROµ &'& GH $WODQWD ((88 \D TXH HQ QXHVWUR WUDEDMR QXQFD SRGUHPRV LGHQWLILFDUFRQVHJXULGDGTXpSDFLHQWHQRHVWiLQIHFWDGRFRQHOYLUXVGHO6,'$RGHODKHSDWLWLV%
3iJLQD GH
%,%/,2*5$),$
5HFRPHQGDFLRQHV GHO 6HUYLFLR GH 0HGLFLQD 3UHYHQWLYD GHO +RVSLWDO ´-XDQ 5DPyQ -LPpQH]µ GH +XHOYD 5HFRPHQGDFLRQHVGHO6HUYLFLRGH0HGLFLQD,QWHQVLYDGHO+RVSLWDO&OtQLFR8QLYHUVLWDULRGH0iODJD
5HFRPHQGDFLRQHVGHO6HUYLFLRGH 0HGLFLQD3UHYHQWLYDH KLJLHQHGHO+RVSLWDO &OtQLFR8QLYHUVLWDULR GH0iODJD 3URWRFRORV VREUH 'HVLQIHFFLyQ \ (VWHULOL]DFLyQ GH OD 8QLGDG GH FXLGDGRV ,QWHQVLYRV GHO +RVSLWDO ´-XDQ5DPyQ-LPpQH]GH+XHOYD
5XWDOD : ´*XLGHOLQH IRU VHOHFWLRQ DQG XVH RI GLVLQIHFWDQWVµ $P -RXUQDO RI ,QIHFWLRQ &RQWURO
)DYHUR 0DULQ 6 ´+DQGZDVKLQJ DQG KRVSLWDO HQYLURQPHQWDO FRQWUROµ $P -RXUQDO RI ,QIHFWLRQ &RQWURO $OIRQVR0DHVWUH-$´%DVHV\FRQFHSWRVGHHVWHULOL]DFLyQµ6HVLRQHVSDUDOD6DOXG
.YRUQLQJ 6 ´$QWLVHSWLFV DQG 'LVLQIHFWDQWVµ (Q ´3KDUPDFRORJ\ LQ 0HGLFLQH 3LQFLSOHV DQG 3UDFWLFHµ633UHV,QWHUQDWLRQDO,1& &ROHFFLyQ1XUVLQJ3KRWRERRN´FRQWUROGHODVLQIHFFLRQHVHQHQIHUPHUtDµ(G'R\PD
3LpGUROD * $PDUR - &UX]HW ) ´6DQHDPLHQWR (VWHULOL]DFLyQ \ 'HVLQIHFLyQµ (Q ´0HGLFLQD 3UHYHQWLYD\6DOXG3~EOLFDµ(GLFLRQHV&LHQWtILFDV\7pFQLFDVHG %UXQQHU/6XGGDUWK'´(QIHUPHUtD3UiFWLFDµ(G,QWHUDPHULFDQDHG
0DUWtQ9)HUQiQGH]/0ROLQD6$QGUpV7HOOHV´)DUPDFRORJtDµHGLFLyQ(G,QWHUDPHULFDQD² 0F*UDZ+LOO
2OOHUR03XMRO(´/D,QIHFFLyQSRUHO9,+HQ$WHQFLyQ3ULPDULDGH6DOXGµ'HOD&ROHFFLyQGH 0DQXDOHVGHOD&RQVHMHUtDGH6DOXG-XQWDGH$QGDOXFtDHG &RPLVLyQ &HQWUDO GH 6DOXG /DERUDO GHO ,16$/8' ´ $FFLGHQWHV ELROyJLFRV HQ SURIHVLRQDOHV 6DQLWDULRVµ
3iJLQD GH