Date post: | 04-Oct-2015 |
Category: |
Documents |
Upload: | kenny-joel-puello-pacheco |
View: | 3 times |
Download: | 0 times |
,QQRYDFLyQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDV6FL'HY1HW
ZZZVFLGHYQHWHVVFLHQFHDQGLQQRYDWLRQSROLF\VXSSRUWLQJJUDVVURRWVLQQRYDWLRQIHDWXUHVLQQRYDFLQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDVKWPO
,QQRYDGRUHVORFDOHVKDQFRQYHUWLGRSDWLQHWDVGHVHJXQGDPDQRHQPROLQRVGHKDULQD65,67,$KPHGDEDG
(63(&,$/(6
,QQRYDFLyQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDV$GULDQ6PLWK(OLVD$URQG0DULDQR)UHVVROL+HUQiQ7KRPDV'LQHVK$EUROPD\_(1_(6_)5_
$GULDQ6PLWK\VXVFROHJDVH[DPLQDQODVLQQRYDFLRQHVGHEDVHVXSRWHQFLDOSDUDHOGHVDUUROOR\ORVUHWRVTXHHQIUHQWDQTXLHQHVODSUDFWLFDQ
&RQYHUWLUODVLGHDVHQQXHYRVSURGXFWRVVHUYLFLRVRSUiFWLFDVDPHQXGRUHTXLHUHGHSDVRVVLVWHPiWLFRVGHQWURGHXQSURFHVRGHLQQRYDFLyQ/DVSROtWLFDVFRQYHQFLRQDOHVGHSURPRFLyQGHODLQQRYDFLyQYLQFXODQDHPSUHVDVLQQRYDGRUDVLQVWLWXFLRQHVFLHQWtILFDVLQYHUVLRQLVWDV\IRUPXODGRUHVGHSROtWLFDV\VXREMHWLYRHVPDQWHQHUVHDOGtDHQORVDYDQFHVGHODVWHFQRORJtDVSURPHWHGRUDV6LQHPEDUJRODLQQRYDFLyQWDPELpQWLHQHOXJDUEDMRHOUDGDUGHORVVLVWHPDVGHLQQRYDFLyQQDFLRQDOHV\UHJLRQDOHV
$QLYHOGHEDVHODVDFWLYLGDGHVDOWHUQDWLYDVGHLQQRYDFLyQUHFRQRFHQVROXFLRQHVLQJHQLRVDVGHVDUUROODGDVFRQVWDQWHPHQWHHQHOiPELWRORFDOSDUDPHMRUDUORVPHGLRVGHVXEVLVWHQFLD\SURPRYHUODVRVWHQLELOLGDG(ODUUDLJRGHODLQQRYDFLyQHQORVSUREOHPDVUHFXUVRV\FDSDFLGDGHVORFDOHVDVtFRPRHQODVFRQGLFLRQHVVRFLRHFRQyPLFDVKDFHTXHVHDVLJQLILFDWLYDSDUDODVFRPXQLGDGHVTXHPDQWLHQHQHOFRQWUROVREUHORVSURFHVRV\UHVXOWDGRV/DLQQRYDFLyQSRSXODUUHTXLHUHSROtWLFDVDGDSWDEOHV\ORFDOPHQWHLQFOXVLYDVPX\GLIHUHQWHVDODVHVWDEOHFLGDV
/DVRUJDQL]DFLRQHVGHGHVDUUROORORVGRQDQWHVJRELHUQRV\RUJDQL]DFLRQHVQRJXEHUQDPHQWDOHV21*UHFLHQWHPHQWHKDQYXHOWRDSRQHUODLQQRYDFLyQGHEDVHHQVXVDJHQGDV3HURSDUDTXLHQHVODSUDFWLFDQQXQFDHVWXYRUHDOPHQWHDXVHQWH0XFKDVUHGHVODKDQDSR\DGRGHVGHORVDxRVVHWHQWDRDQWHVFXDQGRRUJDQL]DFLRQHVFRPRHO*UXSRGH'HVDUUROORGH7HFQRORJtDV,QWHUPHGLDVIXQGDGRHQ\DKRUDOODPDGR6ROXFLRQHV3UiFWLFDV\OD)XQGDFLyQ'DJ+DPPDUVNM|OGOODPDURQODDWHQFLyQVREUHODVLQQRYDFLRQHVGHEDVHFRPRSDUWHGHXQDDOWHUQDWLYDDODDOWDWHFQRORJtDHLQGXVWULDOL]DFLyQDJUDQHVFDODTXHGRPLQDODWHRUtD\SUiFWLFDGHOGHVDUUROOR
(OUHWRDKRUDHVOOHYDUHOSRWHQFLDOGHODLQQRYDFLyQGHEDVHDORVGHEDWHVVREUHLQYHVWLJDFLyQLQGLFDGRUHV\YtDVSDUDODVRVWHQLELOLGDGGHOD&RQIHUHQFLDGHOD218VREUH'HVDUUROOR6RVWHQLEOH5tR\PiVDOOi
'LYHUVLGDG\SHUVSHFWLYDV
/DULFDYDULHGDGGHODLQQRYDFLyQGHEDVHHQWpUPLQRVGHWHFQRORJtDVSHUVRQDVLQYROXFUDGDV
,QLFLR!3ROtWLFDVGH,QQRYDFLyQ\&LHQFLD!$SR\DUODLQQRYDFLyQGHEDVH!(VSHFLDOHV
32/7,&$6'(,1129$&,1
,QQRYDFLyQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDV6FL'HY1HW
ZZZVFLGHYQHWHVVFLHQFHDQGLQQRYDWLRQSROLF\VXSSRUWLQJJUDVVURRWVLQQRYDWLRQIHDWXUHVLQQRYDFLQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDVKWPO
,QQRYDGRUHVORFDOHVKDOODURQXQDIRUPDPiVIiFLOGHXVDUHQJUDQDMHVGHJDVSDUDVXVWULFLFORVULFNVKDZV)OLFNU'H\
RUJDQL]DFLRQHVREMHWLYRV\FRQWH[WRVODKDFHGLItFLOGHGHILQLU/DVXSHUSRVLFLyQGHWpUPLQRVFRPRLQQRYDFLRQHVGLULJLGDVSRUHOXVXDULRLQQRYDFLyQLQFOX\HQWHLQQRYDFLyQVRFLDO\FXOWXUDGHSLUDWHUtDKDFNLQJFXOWXUHVSXHGHQFRQIXQGLUPiV6LQHPEDUJRH[LVWHXQDFDUDFWHUtVWLFDTXHODGHILQHODLQQRYDFLyQSRSXODUGHEHVXUJLUGHOGHVDUUROORORFDO\HVWDUGLULJLGDKDFLDpO
/DVLQQRYDFLRQHVGHEDVHVHGHVDUUROODQDWUDYpVGHUHGHVGHDFWLYLVWDVSURIHVLRQDOHV\RUJDQL]DFLRQHVTXHJHQHUDQVROXFLRQHVSDUDHOGHVDUUROORVRVWHQLEOHQRYHGRVDV\GHDEDMRKDFLDDUULEDVROXFLRQHVTXHUHVSRQGHQDODVLWXDFLyQORFDO\DOFRQRFLPLHQWRLQWHUpV\YDORUHVGHODVFRPXQLGDGHV/DLQQRYDFLyQSRSXODUGHEHYHUVHGHVGHWUHVSHUVSHFWLYDVGLVWLQWDVFDGDXQDHQIRFDGDHQXQDSDUWHGLIHUHQWHGHOSURFHVR
/DSHUVSHFWLYDGHOLQJHQLRORFDOVHFHQWUDHQODVLQQRYDFLRQHVGHORVJUXSRVORFDOHVRLQYHQWRUHVLQGLYLGXDOHV3XHGHQVHUDJULFXOWRUHVTXHGHVDUUROODQVLVWHPDVGHULHJR>@RFRQGXFWRUHVTXHIDEULFDQHQJUDQDMHVSDUDVXVWULFLFORVSDUDWUDQVSRUWH>@(OpQIDVLVHVODJHQWHLQQRYDQGRSDUDHOORVPLVPRVRSDUDVXVFRPXQLGDGHVWDOYH]EDViQGRVHHQVXVFRQRFLPLHQWRVWUDGLFLRQDOHVRLQGtJHQDV\HQRFDVLRQHVFRQYLUWLpQGRVHHQHPSUHVDVVRFLDOHVDYHFHVFRQD\XGDH[WHUQD
2UJDQL]DFLRQHVFRPROD5HG+RQH\%HHHLQVWLWXFLRQHVFRPSOHPHQWDULDV9HU&XDGUREXVFDQ\D\XGDQDORVLQQRYDGRUHVDGRFXPHQWDUVH\DGHVDUUROODUFRQRFLPLHQWRLGHDV\SURGXFWRVFRPRSRUHMHPSORXQDODYDGRUDLPSXOVDGDDSHGDO>@RXQGLVSRVLWLYRSDUDDLUHDUHOFRPSRVW
'HVSXpVGHOGHYDVWDGRUWHUUHPRWRHQ$OWR0D\R3HU~HQ6ROXFLRQHV3UiFWLFDVWUDEDMyFRQODVFRPXQLGDGHVORFDOHVSDUDGHVDUUROODUXQDTXLQFKDPHMRUDGD
YLYLHQGDVFRQPDUFRVGHPDGHUD\UHMLOODFRQXQUHOOHQRGHWLHUUDEDVDGRHQODVWHFQRORJtDVORFDOHVGHFRQVWUXFFLyQGHFDVDV0LOHVGHIDPLOLDVODVDGRSWDURQDOFRPSUREDUTXHUHVLVWLHURQORVWHUUHPRWRVSRVWHULRUHV6ROXFLRQHV3UiFWLFDVWDPELpQGHVDUUROOyODROODUHIULJHUDQWH>@XQUHIULJHUDGRUKHFKRHQFDVDFX\RWLHPSRGHDOPDFHQDPLHQWRVHH[WLHQGHGHFXDWURDYHLQWHGtDVUHGXFLHQGRORVUHVLGXRV\PHMRUDQGRODQXWULFLyQ
8QDVHJXQGDSHUVSHFWLYDVHHQIRFDHQHOHPSRGHUDPLHQWRORFDOTXHUHVXOWDFXDQGRLQWHUDFW~DQODVFRPXQLGDGHVFRQORVGHVDUUROODGRUHVGHODVWHFQRORJtDV3XHGHTXHORVJUXSRVORFDOHVQRVHDQORVLQQRYDGRUHVSHURORVGHVDUUROODGRUHVVHDVHJXUDQGHTXHVHDQLQFOXLGRVWRWDOPHQWHHQODDGRSFLyQ\EHQHILFLRVGHODWHFQRORJtDTXHLQFOXVRSXHGHVHUXQDSURGXFFLyQPDVLYDGHGLVSRVLWLYRVFRPRORVVLVWHPDVVRODUHVIRWRYROWDLFRV(QRWURVFDVRVODWHFQRORJtDHVGHVDUUROODGDGHOLEHUDGDPHQWHFRQODSDUWLFLSDFLyQGHODFRPXQLGDGHQHOGLVHxRIDEULFDFLyQPDQWHQLPLHQWR\RSHUDFLyQ
(OpQIDVLVDTXtHVWiSXHVWRHQHOSURFHVRGHLQQRYDFLyQFRPRXQDKHUUDPLHQWDRFDWDOL]DGRUSDUDHOGHVDUUROORGHFDSDFLGDGHVUHODFLRQHV\DVRFLDFLRQHVRUJDQL]DWLYDV~WLOHVSDUDDPSOLDUORVSURFHVRVGHGHVDUUROORFRPRJHQHUDFLyQGHLQJUHVRVPHMRUDPLHQWRGHODVHJXULGDG\FRQGLFLRQHVGHYLGD\FRQVWUXFFLyQGHODFDSDFLGDGRUJDQL]DWLYD/D5HGGH7HFQRORJtDV6RFLDOHVGH%UDVLO9HU&XDGURSRUHMHPSORDILUPDTXHVHSXHGHFRQVWUXLUXQDUHODFLyQVRFLDOPHQWHPiVMXVWDHQWUHWHFQyORJRV\FRPXQLGDGHVORFDOHVVLODFRPXQLGDGFRQWURODHOSURFHVRGHLQQRYDFLyQ\ODGLVWULEXFLyQGHUHVXOWDGRV
/DWHUFHUDSHUVSHFWLYDHVDYHFHVPiVFUtWLFDSXHVGHVHVWLPDHODSR\RDODVLQLFLDWLYDVGHSHTXHxDHVFDOD\ODWHFQRORJtDVLPSOHSRUVHUXQGHVDUUROORURPiQWLFRGHVHJXQGDFODVH/RVSURJUDPDVGHLQQRYDFLyQSRSXODUVRQYLVWRVFRPRGHPDVLDGRRSWLPLVWDV\DTXHIUDFDVDQDODERUGDUODVFDXVDVSROtWLFDVHFRQyPLFDV\VRFLDOHVIXQGDPHQWDOHVGHODSREUH]DODH[FOXVLyQVRFLDO\ODLQVRVWHQLELOLGDGTXHQRVHSXHGHQFDPELDUWUDEDMDQGRDOQLYHOORFDO/DLQQRYDFLyQGHEDVHKDFHPX\SRFRSDUDDERUGDUODGLVWULEXFLyQGHOSRGHUHQHO
,QQRYDFLyQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDV6FL'HY1HW
ZZZVFLGHYQHWHVVFLHQFHDQGLQQRYDWLRQSROLF\VXSSRUWLQJJUDVVURRWVLQQRYDWLRQIHDWXUHVLQQRYDFLQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDVKWPO
FRPHUFLR\ODLQYHUVLyQRHQODHFRQRPtDGHOFRQRFLPLHQWRTXHFDQDOL]DODVDFWLYLGDGHVFLHQWtILFDVKDFLDORVLQWHUHVHVGHORVULFRV\GHTXLHQHVFRQWURODQHOFDSLWDO
3HURORVSDUWLGDULRVGHODLQQRYDFLyQGHEDVHFRQVLGHUDQTXHODDFWLYLGDGGHDEDMRKDFLDDUULEDDYHFHVKDFHTXHODVLQMXVWDVHVWUXFWXUDVHFRQyPLFDV\VRFLDOHVVHDQPiVYLVLEOHV\VLUYHFRPRFUtWLFDDODVH[FOXVLRQHVDVRFLDGDVFRQORVVLVWHPDVFRQYHQFLRQDOHVGHLQQRYDFLyQ
,QGHSHQGLHQWHPHQWHGHODSHUVSHFWLYDORVLQQRYDGRUHVGHEDVHHVWiQJHQHUDQGRFRQRFLPLHQWRV\H[SHULHQFLDVLQYDOXDEOHV(OUHWRSDUDODVLQVWLWXFLRQHVGHLQYHVWLJDFLyQFLHQWtILFDRSDUDORVLQQRYDGRUHVFRQYHQFLRQDOHVHVDSUHQGHUDFRPSURPHWHUVHFRQODGLYHUVLGDG
5HGHVGHLQQRYDFLyQ
'HELGRDODIUHFXHQWHLQIRUPDOLGDGGHODLQQRYDFLyQGHEDVHORVGDWRVVRQIUDJPHQWDULRV(O&XDGURHQXPHUDDXQTXHQRGHPDQHUDH[KDXVWLYDODVUHGHV\SURJUDPDVTXHVXPLQLVWUDQIRQGRVYLVLELOLGDGRULHQWDFLyQFDSDFLWDFLyQVHUYLFLRVGLIXVLyQWDOOHUHV\DFWLYLGDGHVGHSURPRFLyQSDUDODLQQRYDFLyQGHEDVH
&XDGUR5HGHVGHLQQRYDFLyQGHEDVH5HG,QVWLWXFLyQ 'HVFULSFLyQ
$FWLYLGDGHV\XELFDFLyQJHRJUiILFD
(MHPSORGHLQQRYDFLRQHV
3UROLQQRYD3URPRFLyQGHODLQQRYDFLyQORFDOHQODDJULFXOWXUDRULHQWDGDDODHFRORJtD\DOPDQHMRGHORVUHFXUVRVQDWXUDOHV
3URPXHYHODLQQRYDFLyQORFDOHQODDJULFXOWXUDRULHQWDGDDODHFRORJtD\DOPDQHMRGHORVUHFXUVRVQDWXUDOHV5HFRQRFHHOFRQRFLPLHQWRLQGtJHQD\ODH[SHULPHQWDFLyQLQIRUPDOHQWUHDJULFXOWRUHVKDELWDQWHVGHORVERVTXHVSDVWRUHV\SHVFDGRUHV6XLQWHQFLyQHVGHVDUUROODUPpWRGRVFRQVWUXLUFDSDFLGDGHV\GLIXQGLUODVH[SHULHQFLDV
,QWHUQDFLRQDOSODWDIRUPDHQSDtVHVGHIULFD\$VLD\XQDSODWDIRUPDUHJLRQDODQGLQD
'RFXPHQWDFLyQGHORVDJULFXOWRUHV
DWUDYpVGHOXVRGHYLGHRVSDUWLFLSDWLYRVHQ*KDQD
'HVDUUROORGHLQQRYDFLyQSDUWLFLSDWLYDSDUDODDGDSWDFLyQDOFDPELRFOLPiWLFR>N%@
HQ1HSDO
9LQFXODQGRODLQQRYDFLyQDJUtFRODFRQHOPDQHMRGHO9,+6,'$
HQ0DODZL
,QQRYDFLyQHQODJDQDGHUtD
,QQRYDFLyQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDV6FL'HY1HW
ZZZVFLGHYQHWHVVFLHQFHDQGLQQRYDWLRQSROLF\VXSSRUWLQJJUDVVURRWVLQQRYDWLRQIHDWXUHVLQQRYDFLQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDVKWPO
UHDOL]DGDSRUPXMHUHV>0%@
HQ6XGiIULFD
5HG,QWHUQDFLRQDOGH7HFQRORJtD$SURSLDGD
\&RQIHUHQFLD,QWHUQDFLRQDO$QXDOGH7HFQRORJtD$SURSLDGD
&UHDGDFRQHOILQGHFRQWLQXDUHOWUDEDMRGHODVFRQIHUHQFLDVDQXDOHVGHWHFQRORJtDDSURSLDGD
IULFDWRGRHO+HPLVIHULR6XU\((88FRQIHUHQFLDVGHVGH
&RQVWUXFFLyQGHODWLHUUDSDUDVDWLVIDFHUODVQHFHVLGDGHVGHYLYLHQGDXUEDQDGHIULFD7,&SDUDPHMRUDPLHQWRGHFXOWLYRV\DFFHVRDPHUFDGRV
&HQWURGH5HFXUVRVHQOtQHDGHORV6LVWHPDV1DFLRQDOHVGH,QQRYDFLyQ$VLD3DFtILFR
2IUHFHDFFHVRDUHFXUVRVHLQIRUPDFLyQDFXPXODGDSRUSUR\HFWRVTXHSURPXHYHQSROtWLFDV\SUiFWLFDVQDFLRQDOHVGHLQQRYDFLyQHQORVSDtVHVGH$VLD\HO3DFtILFR,QFOX\HXQ'LUHFWRULRVREUHLQQRYDFLRQHVGHEDVH\FRQRFLPLHQWRWUDGLFLRQDOYHUGHTXHIRPHQWDHQORVGLVHxDGRUHVGHSROtWLFDGHODDFDGHPLDHLQVWLWXFLRQHVGHLQYHVWLJDFLyQ\GHVDUUROOR,'HOHQIRTXHKDFLDODLQQRYDFLyQGHEDVH
$VLD3DFtILFR
9LVLWDVGHFDPSR\VHLVWDOOHUHVHQWUH\HQ&KLQD)LOLSLQDV0DODVLD6UL/DQNDH,QGLD
(QOD]DGDFRQODUHG+RQH\%HHYHUGHEDMR
,QQRYDFLyQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDV6FL'HY1HW
ZZZVFLGHYQHWHVVFLHQFHDQGLQQRYDWLRQSROLF\VXSSRUWLQJJUDVVURRWVLQQRYDWLRQIHDWXUHVLQQRYDFLQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDVKWPO
5HG+RQH\%HH 5H~QHD
SHUVRQDVHLQVWLWXFLRQHVTXHUHFRJHQGRFXPHQWDQ\GLIXQGHQLQQRYDFLRQHV\SUiFWLFDVDQLYHOGHEDVH
/DUHGUHFLEHDSR\RLQVWLWXFLRQDOGHOD6RFLHGDGSDUDOD,QYHVWLJDFLyQH,QLFLDWLYDVGH7HFQRORJtDVH,QVWLWXFLRQHV6RVWHQLEOHV65,67,SRUVXVVLJODVHQLQJOpV\GHOD)XQGDFLyQSDUDOD,QQRYDFLyQ1DFLRQDO1,)SRUVXVVLJODVHQLQJOpV
$VLD,QGLD
+DGRFXPHQWDGRPiVGHLGHDVLQQRYDFLRQHVORFDOHV\SUiFWLFDVGHFRQRFLPLHQWRWUDGLFLRQDO/RVPLHPEURVSXHGHQXQLUVHDODYLVLWD6KRGK
,QQRYDFLyQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDV6FL'HY1HW
ZZZVFLGHYQHWHVVFLHQFHDQGLQQRYDWLRQSROLF\VXSSRUWLQJJUDVVURRWVLQQRYDWLRQIHDWXUHVLQQRYDFLQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDVKWPO
WUDGLFLRQDO7.'/SRUVXVVLJODVHQLQJOpV
VREUHFRQRFLPLHQWRWUDGLFLRQDOHQOHQJXDVORFDOHV\ORVH[DPLQDGRUHVGHSDWHQWHVLQWHUQDFLRQDOHV
VHKDQWUDGXFLGRPiVGHOLEURVVREUHPHGLFLQDWUDGLFLRQDO
GHPHGLFLQD
LQFOX\HQGR$\XUYHGD8QDQL6LGGKD\
,QQRYDFLyQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDV6FL'HY1HW
ZZZVFLGHYQHWHVVFLHQFHDQGLQQRYDWLRQSROLF\VXSSRUWLQJJUDVVURRWVLQQRYDWLRQIHDWXUHVLQQRYDFLQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDVKWPO
HQIUHQWDUODSREUH]DWUDEDMDFRQODVFRPXQLGDGHVHQHQHUJtDDJULFXOWXUDLQIUDHVWUXFWXUDXUEDQDQXHYDVWHFQRORJtDV\PDQHMRGHUHVLGXRV
8QLGR\RILFLQDVHQ%DQJODGHVKHVWHGHIULFD$PpULFD/DWLQD1HSDOVXUGH$VLDVXUGHIULFD\6XGiQ
DJXD
7HOHIpULFRVSRUJUDYHGDGSDUDWUDVODGDUORVSURGXFWRVDOPHUFDGRHQODViUHDVPRQWDxRVDVUHFRQVWUXFFLyQGHYLYLHQGDVDEDMRFRVWROXHJRGHXQWVXQDPL
5HGGH7HFQRORJtDV6RFLDOHV%UDVLO
$SR\DSURGXFWRV\WpFQLFDVGHVDUUROODGDVHQFRRSHUDFLyQFRQODVFRPXQLGDGHV+DLQVSLUDGRRWUDVUHGHVFRPROD5HG7,6$9HUGHEDMR
RUJDQL]DFLRQHVPLHPEURVGH$PpULFD/DWLQD(O3UHPLR$QXDOGH7HFQRORJtD6RFLDOFRQVWUX\HXQDEDVHGHGDWRVGHSDUWLFLSDQWHV\SUR\HFWRV
$OPDFHQDPLHQWRGHDJXDSRWDEOHFLVWHUQDVELRGLJHVWRUHVTXHXVDQHVWLpUFROGHJDQDGRSDUDHQHUJtDHQHOKRJDUIHULDGHVHPLOODVSDUDLQWHUFDPELDUYDULHGDGHVWUDGLFLRQDOHVHQiUHDVUXUDOHVGH$UJHQWLQD\3DUDJXD\
5HGGH7HFQRORJtDVSDUDOD,QFOXVLyQ6RFLDOGH$UJHQWLQD5HG7,6$
$\XGDDFUHDUHLQWHUFDPELDUFRQRFLPLHQWRGHODFRPXQLGDG\FLHQWtILFRWpFQLFR\FRPSDUWHDSUHQGL]DMHVSDUDHOGHVDUUROORLQFOXVLYR\VRVWHQLEOH
$PpULFD/DWLQD$UJHQWLQD
LQVWLWXFLRQHV\SUR\HFWRV
(PSUHVDVFRRSHUDWLYDVGHUHFLFODMHPDTXLQDULDSDUDFRVHFKDGHFDxDGHD]~FDUSDUDSURGXFWRUHVGHSHTXHxDHVFDOD
)XQGDFDR%DQFR7HFQRORJLDV6RFLDLV
(VWDEDVHGHGDWRVLQFOX\HWHFQRORJtDVVRFLDOHVFHUWLILFDGDVSRU
$PpULFD/DWLQD%UDVLO
0iVGHHQWUDGDV
+RUWLFXOWXUDSDUDWLHUUDViULGDV\SURFHVDPLHQWRGHQXHFHVGHPDUDxyQ\SXOSD
,QQRYDFLyQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDV6FL'HY1HW
ZZZVFLGHYQHWHVVFLHQFHDQGLQQRYDWLRQSROLF\VXSSRUWLQJJUDVVURRWVLQQRYDWLRQIHDWXUHVLQQRYDFLQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDVKWPO
HO3UHPLRGH7HFQRORJtD6RFLDOGHOD)XQGDFLyQGHO%DQFRGH%UDVLO
FHUWLILFDGDV GHIUXWDVSUR\HFWRVGHDJURHFRORJtDXUEDQDFRQVHUYDFLyQ\UHFLFODMHGHDJXD
&HQWURXUXJXD\RGH7HFQRORJtDV$SURSLDGDV
2UJDQL]DFLyQVLQILQHVGHOXFURTXHWUDEDMDHVWUHFKDPHQWHFRQHO&HQWUR/DWLQRDPHULFDQRGH(FRORJtD6RFLDOHQWHPDVGHHQHUJtDDJURHFRORJtD\SODQWDVPHGLFLQDOHV
$PpULFD/DWLQD8UXJXD\
3URGXFFLyQGHHQHUJtDVRVWHQLEOHGHEDMRFRVWRPDSDVGHFRQRFLPLHQWRGHXVRGHSODQWDVPHGLFLQDOHVORFDOHV\WUDGLFLRQDOHV
*UDVVURRWV,QQRYDWLRQV5HLQR8QLGR
3URSRUFLRQDLGHDVVREUHSURFHVRVGHLQQRYDFLyQGHEDVHVXVWHQWDGDVHQODLQYHVWLJDFLyQ
5HLQR8QLGRHQH[SDQVLyQKDFLDRWURVSDtVHV
+DGRFXPHQWDGRLQQRYDFLRQHVGHEDVHHQHQHUJtDDOLPHQWDFLyQYLYLHQGD\PRQHGDVFRPSOHPHQWDULDV
,QVWLWXWRGH7HFQRORJtDGH
0DVVDFKXVHWWV0,7SRUVXVVLJODVHQLQJOpV
*UXSRGH,QYHQWRV3RSXODUHV
*,*SRUVXVVLJODVHQLQJOpV
'HVDUUROODFRPSXWDGRUDVSHUVRQDOHV\SURGXFHWHFQRORJtDVGHEDMRFRVWR
((88SUR\HFWRVDFWLYRV
3URPHWKHXV5HG$SUHQGLHQGR,QGHSHQGHQFLDHQGHVDUUROORHQ&RVWD5LFDQXHYRVHQIRTXHVSDUDHQVHxDUSURJUDPDVGHFyPSXWR
'/DE0,7
3URPXHYHWHFQRORJtDVDSURSLDGDV\GHEDMRFRVWRSDUD
((88HLQWHUQDFLRQDO&LHQWRVGHSUR\HFWRV
&RFLQDVRODUSRUWiWLOILOWURGHDJXDGHFHUiPLFD
,QQRYDFLyQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDV6FL'HY1HW
ZZZVFLGHYQHWHVVFLHQFHDQGLQQRYDWLRQSROLF\VXSSRUWLQJJUDVVURRWVLQQRYDWLRQIHDWXUHVLQQRYDFLQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDVKWPO
HOGHVDUUROORLQWHUQDFLRQDO
LOXPLQDFLyQGHWULFLFORVULFNVKDZLPSXOVDGRDSHGDOHVGHEDMRFRVWR
$VKRND
3LRQHURVHQHOWpUPLQR
HPSUHQGHGRUHVVRFLDOHVSDUDGHVLJQDUDTXLHQHVUHVXHOYHQDSUHPLDQWHVQHFHVLGDGHVVRFLDOHV\FDPELDQODVRFLHGDG/D%HFD$VKRNDSDUDHOHPSUHQGLPLHQWRVRFLDOFRQPiVGHEHFDULRVDSR\DODFUHDFLyQGHUHGHV\HODSUHQGL]DMHSDUDDOFDQ]DUPHWDVVRFLDOHV
3URJUDPDVLQWHUQDFLRQDOHVHQPiVGHSDtVHVRILFLQDVUHJLRQDOHVHQIULFDHOFRQWLQHQWHDPHULFDQR$VLD(XURSD0HGLR2ULHQWH\QRUWHGHIULFD
&DSDFLWDFLyQGHHQIHUPHUDVHQHOKRJDU
HQ6XGiIULFDSDUWLFLSDFLyQMXYHQLOHQHOPDQHMRIRUHVWDOFRPXQLWDULRHQ3HU~LQFOXVLyQGLJLWDOHQ%UDVLO
&RQWULEXLUDODVRVWHQLELOLGDG
(OHQIRTXHGHEDVHHVWDQVRORXQDGHODVP~OWLSOHVIRUPDVGHSURPRYHULQQRYDFLyQPiVLQFOXVLYD\VRORXQRGHORVPXFKRVHQIRTXHVSDUDHOGHVDUUROORVRVWHQLEOH(VGHFLUODVQXHYDVLQLFLDWLYDVTXHEXVFDQDODVEDVHVGHEHQDSUHQGHUGHORVFHQWURVWHFQROyJLFRVDSURSLDGRV\DHVWDEOHFLGRV\GHODVWLHQGDVFLHQWtILFDVRUJDQL]DFLRQHVTXHUHVSRQGHQGLUHFWDPHQWHDODVQHFHVLGDGHVGHODFLXGDGDQtD\GHJUXSRVGHLQYHVWLJDFLyQFLHQWtILFDGHODFRPXQLGDG>@/DLQYHVWLJDFLyQKDLGHQWLILFDGRWUHVGLOHPDVSHUPDQHQWHVFDUDFWHUtVWLFRVGHODLQQRYDFLyQGHEDVH>@
8QRGHHOORVHVHOGLOHPDGHFyPRHQIRFDUVHHQORVSUREOHPDVORFDOHVDOPLVPRWLHPSRTXHVHEXVFDODGLIXVLyQHLQIOXHQFLDPDVLYD/RVILQDQFLVWDV\ORVSURJUDPDVGHDSR\RDPHQXGRSUHJXQWDQFXiOHVODIRUPDGHGLIXQGLUDDPSOLDHVFDODRUHSOLFDUODVLQQRYDFLRQHVHQPHUFDGRV\UHJLRQHV\HVWRSXHGHVRFDYDUHOREMHWLYRGHDGDSWDUODVDODVFRQGLFLRQHVORFDOHV3RUHMHPSORGHPDQGDPiVHVIXHU]RH[SDQGLUODSUiFWLFDGHFRQVWUXFFLyQGHYLYLHQGDVFRQPDWHULDOHV\FDSDFLGDGHVORFDOHVTXHDPSOLDUODYHQWDGHXQDYLYLHQGDHVWiQGDU
,QQRYDFLyQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDV6FL'HY1HW
ZZZVFLGHYQHWHVVFLHQFHDQGLQQRYDWLRQSROLF\VXSSRUWLQJJUDVVURRWVLQQRYDWLRQIHDWXUHVLQQRYDFLQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDVKWPO
/DVLQQRYDFLRQHVORFDOHVFRPRORVJHQHUDGRUHVGHJDVQHFHVLWDQVHUDFFHVLEOHV)OLFNUHO)UDQN
/RVSUR\HFWRVGHEDVHWUDWDQGHLQFRUSRUDUODVRVWHQLELOLGDG\ODMXVWLFLDVRFLDOVLQHQIUHQWDUUHDOPHQWHODVHVWUXFWXUDVVRFLDOHVPiVDPSOLDVTXHFDXVDQLQVRVWHQLELOLGDGHLQMXVWLFLD/RVLQQRYDGRUHVGHEDVHVXHOHQQRWHQHUDFFHVRDODVLQVWLWXFLRQHVGH,'OXFKDQFRQUHFXUVRVHLQIUDHVWUXFWXUDLQVXILFLHQWHV\FDUHFHQGHXQDDPSOLDJDPDGHFDSDFLGDGHVQHFHVDULDVSDUDTXHXQDDFWLYLGDGSURVSHUH/DJHQHUDFLyQDQWHULRUGHWLHQGDVFLHQWtILFDVPXHVWUDFyPRVHSXHGHQWHUJLYHUVDU\PDUJLQDUODVDFWLYLGDGHVGHELGRDPHGLGDVFRQYHQFLRQDOHVLQDGHFXDGDVGHOFRQRFLPLHQWRFLHQWtILFRFRPRODVSXEOLFDFLRQHVHQUHYLVWDVHVSHFLDOL]DGDV
(OVHJXQGRGLOHPDHVTXHODVLQQRYDFLRQHVDSURSLDGDVSDUDHOQLYHOORFDOFRQIUHFXHQFLDIRUPDQSDUWHGHORVGHVEDODQFHVVRFLDOHV\HFRQyPLFRVTXHVHEXVFDWUDQVIRUPDU6LHOREMHWLYRHVHOHPSRGHUDPLHQWRORFDOODVLQQRYDFLRQHVGHEDVHQHFHVLWDQSURPRYHUXQGHVDUUROORVRVWHQLEOH\VRFLDOPHQWHMXVWR\QRSHUSHWXDUODVFRQGLFLRQHVH[LVWHQWHV3RUHMHPSORORVJHQHUDGRUHVGHELRJiVGHVDUUROODGRVHQOD,QGLDSDUDVXPLQLVWUDUDFFHVRDODHQHUJtDDODSREODFLyQSREUHIDEULFySURGXFWRVWHFQROyJLFRVDVHTXLEOHVVRODPHQWHSDUDORVFDPSHVLQRVPiVULFRV>@(QHIHFWRODVLQQRYDFLRQHVGHEDVHWLHQHQTXHVHUDGHFXDGDVHQHOFRUWRSOD]R\DFRPSDxDGDVGHXQSURFHVRTXHSXHGDLQGXFLUFDPELRVTXHODVKDJDQWUDEDMDUHQXQFRQWH[WRIXWXURPiVMXVWR
(OPD\RUGLOHPDHVFyPRWUDEDMDUHQODE~VTXHGDGHVROXFLRQHVEDVDGDVHQSUR\HFWRVGLULJLGRVDSUREOHPDVTXHUHTXLHUHQFDPELDUODEDODQ]DGHOSRGHUVRFLDO\HFRQyPLFR+D\VHxDOHVGHTXHORVLQQRYDGRUHVGHEDVHHVWiQDSUHQGLHQGRDVXSHUDUHVRVGLOHPDV9HU5HFXDGUR3HURVLQHVWUDWHJLDVSDUDDERUGDUSUREOHPDVHVWUXFWXUDOHVGHPiVHQYHUJDGXUDDODVLQQRYDFLRQHVGHEDVHOHVHVSHUDXQDJUDQEDWDOOD
5HFXDGUR$SUHQGLHQGRDVXSHUDUORVGLOHPDVGHODLQQRYDFLyQGHEDVH
(Q.HQLDODH[SHULHQFLDFRQHOGHVDUUROORGHVFHQWUDOL]DGRGHHQHUJtDVRODUIRWRYROWDLFD>@VXJLHUHTXHHVSRVLEOHWUDQVIRUPDU\FXPSOLUFRQHOPHGLRDPELHQWHORFDO3HURWDPELpQHVLQGLFDWLYRGHORVUHWRVLQYROXFUDGRVHQHOODUJRSOD]RHOSURFHVRGHGHVDUUROODUVLVWHPDVWHFQROyJLFRV\PRGHORVGHQHJRFLRVFDSDFLWDFLyQGHORVLQVWDODGRUHV\FRQWUDUUHVWDUODLQGLIHUHQFLDGHORVGLVHxDGRUHVGHSROtWLFDGHPRUyDxRVSHURD\XGyDFDPELDUHOHQWRUQRVRFLRHFRQyPLFRGHXQDPDQHUDIDYRUDEOHSDUDHOGLVHxRGHOVLVWHPDGHSDQHOHVVRODUHVSDUDHOKRJDUTXHVHKDEtDHODERUDGR
(QOD,QGLDHO0RYLPLHQWRSRUXQD&LHQFLDDO6HUYLFLRGHO3XHEOR>@GHVDUUROOyXQHQIRTXHTXHDERUGDODVUHODFLRQHVVRFLDOHVTXHVHUHTXLHUHQSDUDKDFHUTXHIXQFLRQHQODVWHFQRORJtDV/RVLQQRYDGRUHVHQFRQWUDURQTXHLPSOHPHQWDUSURFHVRVPiVOLPSLRV\VHJXURVSDUDHOFXUWLGRGHSLHOHVGHDQLPDOHVUHTXLHUHLQQRYDFLRQHVSDUDOHODVDOSURFHVRRUJDQL]DWLYR(OODVLQFOX\HQHOUHGLVHxRGHODVUHODFLRQHVHQWUHORVUHFROHFWRUHVGHODVSLHOHVGHDQLPDOHV\ORVFHQWURVGHSURFHVDPLHQWRGHFXUWLHPEUHV\HOGHVDUUROORGHXQDHVWUXFWXUDFRRSHUDWLYDGHQHJRFLRVSDUDODLQGXVWULDGHDUWtFXORVGHPDUURTXLQHUtDHQODUHJLyQ
,QQRYDFLyQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDV6FL'HY1HW
ZZZVFLGHYQHWHVVFLHQFHDQGLQQRYDWLRQSROLF\VXSSRUWLQJJUDVVURRWVLQQRYDWLRQIHDWXUHVLQQRYDFLQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDVKWPO
$OWDVWHFQRORJtDVFRPRORVWHOpIRQRVFHOXODUHVSXHGHQD\XGDUDOp[LWRGHODVLQQRYDFLRQHVGHEDVH)OLFNU.LZDQMD
VRFLDOPHGLDQWHDOLDQ]DVHQWUHXQLYHUVLGDGHVFRRSHUDWLYDV\HVTXHPDVGHFRPHUFLRMXVWRFRPRXQDHVWUDWHJLDSDUDKDFHUGHODVLQQRYDFLRQHVGHEDVHDOJRPiVFHQWUDOSDUDODLQYHVWLJDFLyQ\HOGHVDUUROOR
&RQHFWDUVHFRQODVEDVHV
'HVGHODVLQLFLDWLYDVGHODFRPXQLGDGHQWRUQRDODDOLPHQWDFLyQ\HQHUJtDKDVWDODUHIDEULFDFLyQORFDOVDQLGDGFRPXQDO\SUR\HFWRVKtGULFRVKD\XQDHIHUYHVFHQFLDGHDFWLYLGDGHVLQQRYDGRUDVGHEDVHSDUDHOGHVDUUROORVRVWHQLEOH/DVFDSDFLGDGHVGHLQQRYDFLyQORFDOJHQHUDQLGHDVGLULJLGDVSRUHOXVXDULRSDUDHOGHVDUUROORVRVWHQLEOHTXHHYLWDQTXHODVFRPXQLGDGHVTXHGHQDWUDSDGDVHQGHVDUUROORVLQDGHFXDGRVDODVFDPELDQWHVFLUFXQVWDQFLDV
3HURDVXPLUFRQVHULHGDGODLQQRYDFLyQGHEDVHVXSRQGUiKDFHUUHODFLRQHVFRQODVLQVWLWXFLRQHVGHFLHQFLD\WHFQRORJtD\HVWRLQFOX\HUHSHQVDUORVWHPDVFRQYHQFLRQDOHVGHLQQRYDFLyQ>@
/DVSROtWLFDVSXHGHQMXJDUXQSDSHOUHFRPSHQVDQGRDORVFLHQWtILFRVTXHWUDEDMDQFRQODVFRPXQLGDGHVORFDOHV\UHFRQRFLHQGRGHTXpPDQHUDVXWUDEDMRFRPSOHPHQWDORVUHVXOWDGRVFLHQWtILFRVPiVHVWDQGDUL]DGRVFRPRSXEOLFDFLRQHV\SDWHQWHV6LQHPEDUJRODVFRQYHUVDFLRQHVSDUDHOSURFHVR5tR\PiVDOOiVREUHODVUHGHVGHLQYHVWLJDFLyQHLQGLFDGRUHVGHVRVWHQLELOLGDGD~QWLHQHQTXHUHVROYHUGHTXpPDQHUDVHSXHGHWRPDUHQFXHQWDODLQQRYDFLyQGHEDVHHQORVSURFHVRVGHSURGXFFLyQGHOFRQRFLPLHQWR
/DSURSLHGDGLQWHOHFWXDOHVRWURWHPDHVSLQRVR0LHQWUDVKD\TXLHQHVSLHQVDQTXHVHGHEHDEULUODLQQRYDFLyQGHEDVH\GLIXQGLUODOLEUHPHQWHRWURVFUHHQTXHORVLQQRYDGRUHVGHEHUtDQEHQHILFLDUVHGHVXLQYHQFLyQ,QFOXVRORVSDUWLGDULRVGHOOLEUHDFFHVRUHFRQRFHQODQHFHVLGDGGHSURWHJHUODVLQQRYDFLRQHVGHODVDFWLYLGDGHVGHSDWHQWDPLHQWRGHDTXHOODVHPSUHVDVPiVGHSUHGDGRUDV/D5HG+RQH\%HHHVWiWUDWDQGRGHKDFHUSUHFLVDPHQWHHVRPHGLDQWHXQDDOLDQ]DFRQOD)XQGDFLyQ1DFLRQDOGH,QQRYDFLyQDXQTXHFRQIURQWDPXFKRVUHWRV
9ROYHUDHTXLOLEUDUODVSROtWLFDVGHLQQRYDFLyQSDUDTXHVHSXHGDWRPDUVHULDPHQWHDODLQQRYDFLyQGHEDVHOHEULQGDUtDHVSDFLRVJHQXLQRV\UHFXUVRVSDUDORVFRPSURPLVRVHQPDUFKDHQWUHODVFRPXQLGDGHVORFDOHV\ODLQYHVWLJDFLyQ/RVFRPSURPLVRVUHTXLHUHQXQSURFHVRGHLGD\YXHOWDTXHJDUDQWLFHTXHODVEDVHVHVWpQLQIRUPDGDVGHODVIXWXUDVDJHQGDVGHLQYHVWLJDFLyQ\SULRULGDGHVGHILQDQFLDPLHQWR8QSURFHVRGHSODQLILFDFLyQSDUWLFLSDWLYDHQ(FXDGRUTXHFRQVLVWHHQPHVDVUHGRQGDV\GHEDWHVHVLQXVXDOHQODIRUPDHQTXHYLHQHWUDWDQGRGHLQFRUSRUDUHOFRQRFLPLHQWRLQGtJHQD\SRSXODUHQXQ3ODQ1DFLRQDOGH&LHQFLD7HFQRORJtD,QQRYDFLyQ\&RQRFLPLHQWRV$QFHVWUDOHV>@
1RREVWDQWHODVGLVWLQFLRQHVHQWUHORVVLVWHPDVGHLQQRYDFLyQFRQYHQFLRQDOHV\ORVGHEDVHQRHVWiQFODURV0XFKDVSHUVRQDVVHHQOD]DQPHGLDQWHEROHWLQHVYLVLWDVFDUDDFDUDRHYHQWRV3HURWDPELpQVHXVDQWHOpIRQRVFHOXODUHV\ODUDGLRSDUDWUDQVIHULUGLQHURFRPSDUWLULQIRUPDFLyQGHOPHUFDGR\GLIXQGLUSUiFWLFDVQRYHGRVDVHQVHFWRUHVFRPRDJULFXOWXUD\FRQVWUXFFLyQ3RUORWDQWRHOp[LWRGHODVLQQRYDFLRQHVGHEDVHGHSHQGHHQSDUWHGHODVWHFQRORJtDVSURGXFLGDVHQORVVLVWHPDVGHLQQRYDFLyQFRQYHQFLRQDOHVDVtFRPRODGRPHVWLFDFLyQGHODVDOWDVWHFQRORJtDVSDUDXVRORFDOUHTXLHUHGHODVLQQRYDFLRQHVGHEDVHSDUDDGDSWDUVHDODVQHFHVLGDGHVORFDOHV
/DVVRFLHGDGHVPiVSUyVSHUDVWDPELpQWLHQHQPXFKRVLQQRYDGRUHVGHEDVH\UHGHV>@\UHSUHVHQWDQXQPRYLPLHQWRGHLQQRYDFLyQVRVWHQLEOHGLIHUHQWHDODFRUULHQWH
,QQRYDFLyQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDV6FL'HY1HW
ZZZVFLGHYQHWHVVFLHQFHDQGLQQRYDWLRQSROLF\VXSSRUWLQJJUDVVURRWVLQQRYDWLRQIHDWXUHVLQQRYDFLQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDVKWPO
LPSHUDQWHGHWHFQRORJtDVOLPSLDV\ORVGHEDWHVVREUHHFRQRPtDYHUGHTXHFDUDFWHUL]DQORVSUHSDUDWLYRVSDUDODFXPEUH5tR
/RVHYHQWRVGHDOWRQLYHOFRPR5tRDEUHQHOFDPLQRSDUDTXHODFRPXQLGDGLQWHUQDFLRQDOVHFRQHFWHGHPDQHUDPXFKRPiVHIHFWLYD\VDOXGDEOHFRQODULTXH]DGHODVDFWLYLGDGHVTXHSDUWHQGHODEDVHHVGHFLUGHDEDMRKDFLDDUULED/D&RQIHUHQFLDGHOD218VREUH0HGLRDPELHQWH\'HVDUUROORGHHQ5tRORKL]RFRQVX$JHQGD(OUHQRYDGRLQWHUpVHQODLQQRYDFLyQGHEDVHRIUHFHXQDRSRUWXQLGDGSDUDDERUGDUGHVDItRVSHUPDQHQWHV\FUHDUODVFRQGLFLRQHVQHFHVDULDVSDUDTXHWRGRVORVSDtVHVVHSXHGDQEHQHILFLDUGHOLQJHQLRGHVXVFRPXQLGDGHV
$GULDQ6PLWK\(OLVD$URXQGVRQLQYHVWLJDGRUHVSULQFLSDO\DGMXQWRGHOD8QLGDGGH,QYHVWLJDFLyQGH3ROtWLFDVGH&LHQFLD\7HFQRORJtD6358SRUVXVVLJODVHQLQJOpV\HOFHQWUR67(365XWDV6RFLDOHV7HFQROyJLFDV\0HGLRDPELHQWDOHVKDFLDOD6RVWHQLELOLGDGGHOD8QLYHUVLGDGGH6XVVH[5HLQR8QLGR
0DULDQR)UHVVROLHVLQYHVWLJDGRU\+HUQiQ7KRPDVSURIHVRUGHFLHQFLDWHFQRORJtD\VRFLHGDG$PERVWUDEDMDQHQHO,QVWLWXWRGH(VWXGLRVVREUHOD&LHQFLD\OD7HFQRORJtDGHOD8QLYHUVLGDG1DFLRQDOGH4XLOPHV$UJHQWLQD
'LQHVK$EUROHVMHIHFLHQWtILFRGHO,QVWLWXWR1DFLRQDOGH(VWXGLRVGH&LHQFLD7HFQRORJtD\'HVDUUROORGHOD,QGLD
(VWHDUWtFXORHVSDUWHGHO(VSHFLDOHQ$SR\RDODLQQRYDFLyQGHEDVH
5()(5(1&,$6
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
>@*UDVVURRWV,QQRYDWLRQV$ERXW*,V*UDVVURRWV,QQRYDWLRQV
&20(17$5,26
,QQRYDFLyQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDV6FL'HY1HW
ZZZVFLGHYQHWHVVFLHQFHDQGLQQRYDWLRQSROLF\VXSSRUWLQJJUDVVURRWVLQQRYDWLRQIHDWXUHVLQQRYDFLQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDVKWPO
0X\LQWHUHVDQWHDUWtFXOROHGDUpVHJXLPLHQWRDpVWHWHPD)RUWDOHFHODDJULFXOWXUDIDPLOLDU\HYLWDODVPLJUDFLRQHVHQWUHRWUDVFRVDV(GXDUGR%DUUDQWHV*0V&'LUHFWRUGH,QYHVWLJDFLyQ\7UDQVIHUHQFLD8QLYHUVLGDG7pFQLFD1DFLRQDO$WHQDV&RVWD5LFD
KWWSZZZVFLGHYQHWHVVFLHQFHDQGLQQRYDWLRQSROLF\VXSSRUWLQJJUDVVURRWVLQQRYDWLRQIHDWXUHVLQQRYDFLQGHEDVHSDUDHOGHVDUUROORKHFKRV\FLIUDVKWPO3ULQWHGRQ0RQGD\-DQXDU\6FL'HY1HW
('8$5'2&RVWD5LFDPD\