Submit Search
Upload
Minuta de asociacion civil sin fines de lucro
•
0 likes
•
9 views
L
LuisVega320
Follow
Minuta de Asociacion Civil sin fines de lucro
Read less
Read more
Law
Report
Share
Report
Share
1 of 14
Download now
Download to read offline
Recommended
Neuronart Portfolio
Neuronart Portfolio
PG Stéphan
2004 Mitsubishi Galant Service Repair Manual
2004 Mitsubishi Galant Service Repair Manual
jksekmdmm
Esteril
Esteril
Alejandra Hoyos
Factores Determinantes del Éxito de la Gestión de la Seguridad Laboral
Factores Determinantes del Éxito de la Gestión de la Seguridad Laboral
Safety Control Peru
Abb transformer handbook abb
Abb transformer handbook abb
Alex Carmo
Hyster c187 (s60 xl) forklift service repair manual
Hyster c187 (s60 xl) forklift service repair manual
fujsjefjkskefksem
Slides clase a_clase
Slides clase a_clase
llorier
Cardiopatía Isquémica Tto Extrahospitalario
Cardiopatía Isquémica Tto Extrahospitalario
Jose María Perez Sastre
Recommended
Neuronart Portfolio
Neuronart Portfolio
PG Stéphan
2004 Mitsubishi Galant Service Repair Manual
2004 Mitsubishi Galant Service Repair Manual
jksekmdmm
Esteril
Esteril
Alejandra Hoyos
Factores Determinantes del Éxito de la Gestión de la Seguridad Laboral
Factores Determinantes del Éxito de la Gestión de la Seguridad Laboral
Safety Control Peru
Abb transformer handbook abb
Abb transformer handbook abb
Alex Carmo
Hyster c187 (s60 xl) forklift service repair manual
Hyster c187 (s60 xl) forklift service repair manual
fujsjefjkskefksem
Slides clase a_clase
Slides clase a_clase
llorier
Cardiopatía Isquémica Tto Extrahospitalario
Cardiopatía Isquémica Tto Extrahospitalario
Jose María Perez Sastre
CARTILLA DE AJEDREZ.pdf
CARTILLA DE AJEDREZ.pdf
ChivitaValda1
Seguridad Computacional Ferreñafe
Seguridad Computacional Ferreñafe
Adixs Cabrejos
Seguridad Computacional
Seguridad Computacional
Adixs Cabrejos
CV
CV
jmsorens
Dec 2090 honorarios sca
Dec 2090 honorarios sca
Pastor Felipe Duarte Ramos
Hyster D001 (H25XM) Forklift Service Repair Manual.pdf
Hyster D001 (H25XM) Forklift Service Repair Manual.pdf
fujsekdmdmd
Hyster D001 (H40XMS) Forklift Service Repair Manual.pdf
Hyster D001 (H40XMS) Forklift Service Repair Manual.pdf
fujsekdmdmd
Hyster D001 (H30XM) Forklift Service Repair Manual.pdf
Hyster D001 (H30XM) Forklift Service Repair Manual.pdf
fujsekdmdmd
Hyster D001 (H35XM) Forklift Service Repair Manual.pdf
Hyster D001 (H35XM) Forklift Service Repair Manual.pdf
fujsekdmdmd
Hyster c187 (s50 xl) forklift service repair manual
Hyster c187 (s50 xl) forklift service repair manual
fhjsekfksemert
Hyster c187 (s40 xl) forklift service repair manual
Hyster c187 (s40 xl) forklift service repair manual
fhjsekfksemert
Hyster c187 (s60 xl) forklift service repair manual
Hyster c187 (s60 xl) forklift service repair manual
fjsekksmemm
Neuronart Portfolio
Neuronart Portfolio
PG Stéphan
Cultura organizacional y mejora educativa
Cultura organizacional y mejora educativa
Cristian Guzmán
Text To Screen Live Events
Text To Screen Live Events
sonorizari evenimente
Aristofanes las-nubes
Aristofanes las-nubes
Manuel Zamora Gonzalez
Aristofanes las-nubes
Aristofanes las-nubes
Mauricio González Gutiérrez
Las nubes
Las nubes
Juan Mojota
Milhagalveias
Milhagalveias
Bruno Cirilo
23oct
23oct
hipicoscl
Vanderburgh County Sheriff says he will Not Raid Delta 8 Shops
Vanderburgh County Sheriff says he will Not Raid Delta 8 Shops
Abdul-Hakim Shabazz
Arbitration, mediation and conciliation in India
Arbitration, mediation and conciliation in India
NafiaNazim
More Related Content
Similar to Minuta de asociacion civil sin fines de lucro
CARTILLA DE AJEDREZ.pdf
CARTILLA DE AJEDREZ.pdf
ChivitaValda1
Seguridad Computacional Ferreñafe
Seguridad Computacional Ferreñafe
Adixs Cabrejos
Seguridad Computacional
Seguridad Computacional
Adixs Cabrejos
CV
CV
jmsorens
Dec 2090 honorarios sca
Dec 2090 honorarios sca
Pastor Felipe Duarte Ramos
Hyster D001 (H25XM) Forklift Service Repair Manual.pdf
Hyster D001 (H25XM) Forklift Service Repair Manual.pdf
fujsekdmdmd
Hyster D001 (H40XMS) Forklift Service Repair Manual.pdf
Hyster D001 (H40XMS) Forklift Service Repair Manual.pdf
fujsekdmdmd
Hyster D001 (H30XM) Forklift Service Repair Manual.pdf
Hyster D001 (H30XM) Forklift Service Repair Manual.pdf
fujsekdmdmd
Hyster D001 (H35XM) Forklift Service Repair Manual.pdf
Hyster D001 (H35XM) Forklift Service Repair Manual.pdf
fujsekdmdmd
Hyster c187 (s50 xl) forklift service repair manual
Hyster c187 (s50 xl) forklift service repair manual
fhjsekfksemert
Hyster c187 (s40 xl) forklift service repair manual
Hyster c187 (s40 xl) forklift service repair manual
fhjsekfksemert
Hyster c187 (s60 xl) forklift service repair manual
Hyster c187 (s60 xl) forklift service repair manual
fjsekksmemm
Neuronart Portfolio
Neuronart Portfolio
PG Stéphan
Cultura organizacional y mejora educativa
Cultura organizacional y mejora educativa
Cristian Guzmán
Text To Screen Live Events
Text To Screen Live Events
sonorizari evenimente
Aristofanes las-nubes
Aristofanes las-nubes
Manuel Zamora Gonzalez
Aristofanes las-nubes
Aristofanes las-nubes
Mauricio González Gutiérrez
Las nubes
Las nubes
Juan Mojota
Milhagalveias
Milhagalveias
Bruno Cirilo
23oct
23oct
hipicoscl
Similar to Minuta de asociacion civil sin fines de lucro
(20)
CARTILLA DE AJEDREZ.pdf
CARTILLA DE AJEDREZ.pdf
Seguridad Computacional Ferreñafe
Seguridad Computacional Ferreñafe
Seguridad Computacional
Seguridad Computacional
CV
CV
Dec 2090 honorarios sca
Dec 2090 honorarios sca
Hyster D001 (H25XM) Forklift Service Repair Manual.pdf
Hyster D001 (H25XM) Forklift Service Repair Manual.pdf
Hyster D001 (H40XMS) Forklift Service Repair Manual.pdf
Hyster D001 (H40XMS) Forklift Service Repair Manual.pdf
Hyster D001 (H30XM) Forklift Service Repair Manual.pdf
Hyster D001 (H30XM) Forklift Service Repair Manual.pdf
Hyster D001 (H35XM) Forklift Service Repair Manual.pdf
Hyster D001 (H35XM) Forklift Service Repair Manual.pdf
Hyster c187 (s50 xl) forklift service repair manual
Hyster c187 (s50 xl) forklift service repair manual
Hyster c187 (s40 xl) forklift service repair manual
Hyster c187 (s40 xl) forklift service repair manual
Hyster c187 (s60 xl) forklift service repair manual
Hyster c187 (s60 xl) forklift service repair manual
Neuronart Portfolio
Neuronart Portfolio
Cultura organizacional y mejora educativa
Cultura organizacional y mejora educativa
Text To Screen Live Events
Text To Screen Live Events
Aristofanes las-nubes
Aristofanes las-nubes
Aristofanes las-nubes
Aristofanes las-nubes
Las nubes
Las nubes
Milhagalveias
Milhagalveias
23oct
23oct
Recently uploaded
Vanderburgh County Sheriff says he will Not Raid Delta 8 Shops
Vanderburgh County Sheriff says he will Not Raid Delta 8 Shops
Abdul-Hakim Shabazz
Arbitration, mediation and conciliation in India
Arbitration, mediation and conciliation in India
NafiaNazim
Trial Tilak t 1897,1909, and 1916 sedition
Trial Tilak t 1897,1909, and 1916 sedition
NilamPadekar1
如何办理新加坡南洋理工大学毕业证(本硕)NTU学位证书
如何办理新加坡南洋理工大学毕业证(本硕)NTU学位证书
Fir L
POLICE ACT, 1861 the details about police system.pptx
POLICE ACT, 1861 the details about police system.pptx
Abhishekchatterjee248859
定制(WMU毕业证书)美国西密歇根大学毕业证成绩单原版一比一
定制(WMU毕业证书)美国西密歇根大学毕业证成绩单原版一比一
jr6r07mb
Law360 - How Duty Of Candor Figures In USPTO AI Ethics Guidance
Law360 - How Duty Of Candor Figures In USPTO AI Ethics Guidance
Michael Cicero
国外大学毕业证《奥克兰大学毕业证办理成绩单GPA修改》
国外大学毕业证《奥克兰大学毕业证办理成绩单GPA修改》
o8wvnojp
John Hustaix - The Legal Profession: A History
John Hustaix - The Legal Profession: A History
John Hustaix
如何办理(UNK毕业证书)内布拉斯加大学卡尼尔分校毕业证学位证书
如何办理(UNK毕业证书)内布拉斯加大学卡尼尔分校毕业证学位证书
SD DS
如何办理(ISU毕业证书)爱荷华州立大学毕业证学位证书
如何办理(ISU毕业证书)爱荷华州立大学毕业证学位证书
SD DS
Constitutional Values & Fundamental Principles of the ConstitutionPPT.pptx
Constitutional Values & Fundamental Principles of the ConstitutionPPT.pptx
srikarna235
young Call Girls in Pusa Road🔝 9953330565 🔝 escort Service
young Call Girls in Pusa Road🔝 9953330565 🔝 escort Service
9953056974 Low Rate Call Girls In Saket, Delhi NCR
如何办理澳洲南澳大学(UniSA)毕业证学位证书
如何办理澳洲南澳大学(UniSA)毕业证学位证书
Fir L
An Analysis of the Essential Commodities Act, 1955
An Analysis of the Essential Commodities Act, 1955
Abheet Mangleek
如何办理(CQU毕业证书)中央昆士兰大学毕业证学位证书
如何办理(CQU毕业证书)中央昆士兰大学毕业证学位证书
SD DS
如何办理(UCD毕业证书)加州大学戴维斯分校毕业证学位证书
如何办理(UCD毕业证书)加州大学戴维斯分校毕业证学位证书
SD DS
如何办理佛蒙特大学毕业证学位证书
如何办理佛蒙特大学毕业证学位证书
Fir sss
Test Identification Parade & Dying Declaration.pptx
Test Identification Parade & Dying Declaration.pptx
srikarna235
如何办理(SFSta文凭证书)美国旧金山州立大学毕业证学位证书
如何办理(SFSta文凭证书)美国旧金山州立大学毕业证学位证书
Fs Las
Recently uploaded
(20)
Vanderburgh County Sheriff says he will Not Raid Delta 8 Shops
Vanderburgh County Sheriff says he will Not Raid Delta 8 Shops
Arbitration, mediation and conciliation in India
Arbitration, mediation and conciliation in India
Trial Tilak t 1897,1909, and 1916 sedition
Trial Tilak t 1897,1909, and 1916 sedition
如何办理新加坡南洋理工大学毕业证(本硕)NTU学位证书
如何办理新加坡南洋理工大学毕业证(本硕)NTU学位证书
POLICE ACT, 1861 the details about police system.pptx
POLICE ACT, 1861 the details about police system.pptx
定制(WMU毕业证书)美国西密歇根大学毕业证成绩单原版一比一
定制(WMU毕业证书)美国西密歇根大学毕业证成绩单原版一比一
Law360 - How Duty Of Candor Figures In USPTO AI Ethics Guidance
Law360 - How Duty Of Candor Figures In USPTO AI Ethics Guidance
国外大学毕业证《奥克兰大学毕业证办理成绩单GPA修改》
国外大学毕业证《奥克兰大学毕业证办理成绩单GPA修改》
John Hustaix - The Legal Profession: A History
John Hustaix - The Legal Profession: A History
如何办理(UNK毕业证书)内布拉斯加大学卡尼尔分校毕业证学位证书
如何办理(UNK毕业证书)内布拉斯加大学卡尼尔分校毕业证学位证书
如何办理(ISU毕业证书)爱荷华州立大学毕业证学位证书
如何办理(ISU毕业证书)爱荷华州立大学毕业证学位证书
Constitutional Values & Fundamental Principles of the ConstitutionPPT.pptx
Constitutional Values & Fundamental Principles of the ConstitutionPPT.pptx
young Call Girls in Pusa Road🔝 9953330565 🔝 escort Service
young Call Girls in Pusa Road🔝 9953330565 🔝 escort Service
如何办理澳洲南澳大学(UniSA)毕业证学位证书
如何办理澳洲南澳大学(UniSA)毕业证学位证书
An Analysis of the Essential Commodities Act, 1955
An Analysis of the Essential Commodities Act, 1955
如何办理(CQU毕业证书)中央昆士兰大学毕业证学位证书
如何办理(CQU毕业证书)中央昆士兰大学毕业证学位证书
如何办理(UCD毕业证书)加州大学戴维斯分校毕业证学位证书
如何办理(UCD毕业证书)加州大学戴维斯分校毕业证学位证书
如何办理佛蒙特大学毕业证学位证书
如何办理佛蒙特大学毕业证学位证书
Test Identification Parade & Dying Declaration.pptx
Test Identification Parade & Dying Declaration.pptx
如何办理(SFSta文凭证书)美国旧金山州立大学毕业证学位证书
如何办理(SFSta文凭证书)美国旧金山州立大学毕业证学位证书
Minuta de asociacion civil sin fines de lucro
1.
0,187$'(2167,78,Ï1'($62,$,Ï16,1),1(6'(/852 ³62,('$'+27$1$'(,(1,$6´ 6HxRU1RWDULR 6tUYDVH8G([WHQGHUHQHO5HJLVWURGH(VFULWXUDV3~EOLFDVXQDGH2167,78,Ï1 '(81$$62,$,Ï1,9,/ GHQRPLQDGD³62,('$'+27$1$'(,(1,$6´ FXD VLJOD
HV ³6K´ GH OD 3URYLQFLD GH KRWD RWRUJDGD SRU VX 3UHVLGHQWH GRQ -25*( /8,6 0Ë5(= 7$55,//2 SHUXDQR GH SURIHVLyQ ,QJHQLHUR 0HFiQLFR (OHFWULFLVWDLGHQWLILFDGRFRQ'1,1RVXIUDJDQWHGHHVWDGRFLYLOFDVDGR FRQGRxD6DUD:LOPD6iQFKH]9LOFKH] FRQGRPLFLOLRHQHO-UDMDPDUFD1ƒGH OD FLXGDG GH KRWD 'LVWULWR 3URYLQFLD GH VX PLVPR QRPEUH 5HJLyQ DMDPDUFD GHELGDPHQWH DXWRUL]DGR VHJ~Q $FWD GH $SUREDFLyQ GH (VWDWXWRV GH IHFKD ODSUHVHQWHEDMRORVWpUPLQRVVLJXLHQWHV 35,0(52(ORWRUJDQWHPDQLILHVWDTXHSRU$FWDGHIHFKDGH2FWXEUHGHOKD GHFLGLGR FRQVWLWXLU XQD $VRFLDFLyQ LYLO GHQRPLQDGD ³62,('$' +27$1$ '( ,(1,$6´ SXGLHQGR XVDU ODV VLJODV ³6K´ GH OD 3URYLQFLD GH KRWD 5HJLyQ DMDPDUFDGHOD5HS~EOLFDGHO3HU~FRQVXVILQHVREMHWLYRVTXHVHHVSHFLILFDQHQ GLFKD$FWDODPLVPDTXHVHLQVHUWDUiHQHOFXHUSRGHOD(VFULWXUD3~EOLFD 6(*81'24XH SRU $FWD GH IHFKD GH 2FWXEUH GHO VH DSUREDURQ ORV (VWDWXWRVFXRV(VWDWXWRVGDUiQRULJHQDODLQVWLWXFLyQORVPLVPRVTXHWDPELpQVH LQVHUWDUiQHQHOFXHUSRGHOD(VFULWXUD3~EOLFD 7(5(52/D $VRFLDFLyQ ILMD VX GRPLFLOLR HQ HO 'LVWULWR 3URYLQFLD GH FKRWD 'HSDUWDPHQWRGHDMDPDUFD5HS~EOLFDGHO3HU~SXGLHQGRWHQHUILOLDOHVHQFXDOTXLHU SDUWHGHO3HU~GHOPXQGRILMDQGRDGHPiVVXVHGHVRFLDOHQHO-UDMDPDUFDGH OD3URYLQFLDGHKRWD5HJLyQDMDPDUFD5HS~EOLFDGHO3HU~ 8$572/D GXUDFLyQ GH HVWD ,QVWLWXFLyQ HV LQGHILQLGD GDUi SRU LQLFLDGD VXV DFWLYLGDGHVOXHJRGHODLQVFULSFLyQHQORV5HJLVWURV3~EOLFRV 48,172/RVREMHWLYRVGHOD$VRFLDFLyQTXH HVGHFDUiFWHUQROXFUDWLYRTXHVH LQGLFDQHQHO$UWƒGHO(VWDWXWRVRQORVVLJXLHQWHV $,QFHQWLYDU ODV DFWLYLGDGHV GH HQVHxDQ]D LQYHVWLJDFLyQ GHVDUUROOR GH LHQFLD 7HFQRORJtDHQKRWD %9HODU SRU HO PDQWHQLPLHQWR GH XQ FyGLJR GH FRQGXFWD pWLFD UHVSRQVDELOLGDG SURIHVLRQDOHLGHQWLGDGQDFLRQDOGHODFRPXQLGDGWpFQLFRFLHQWtILFDTXHDFW~DHQODV iUHDVGHODLHQFLD 6(;723DUDORJUDUVXVREMHWLYRVOD³6K´ TXHHVWiQHVWDEOHFLGRVHQHO$UWƒ GHOUHIHULGR(VWDWXWRHVGHOOHYDUiDFDERODVVLJXLHQWHVDFWLYLGDGHV $3URPRYHUDQXDOPHQWHSRUVHUGHLQWHUpVGHOD³6K´OD6HPDQDGHLHQFLD 7HFQRORJtD %3URPRYHUJHVWLRQDUODFRQWLQXDFDSDFLWDFLyQGHORVPLHPEURVDILQGHGLIXQGLUXQ DGHFXDGRQLYHOGHODLHQFLDV $VLVWLURWRUJDUFDSDFLWDFLyQDODV8QLYHUVLGDGHVRWUDVLQVWLWXFLRQHVHGXFDWLYDV PHGLDQWHODHGXFDFLyQFDSDFLWDFLyQHQODVGLIHUHQWHViUHDVGHLQYHVWLJDFLyQ '3URPRYHUSURJUDPDVDFWLYLGDGHVGHFRRSHUDFLyQQDFLRQDOHLQWHUQDFLRQDOFRQHO ILQ LQFUHPHQWDU OD GLIXVLyQ GH ODV LHQFLDV VX DSOLFDFLyQ GHQWUR GH OD HFRQRPtD QDFLRQDO WRGDVDTXHOODVDFFLRQHVDFWLYLGDGHVDFWRVGLULJLGRVDOGHVDUUROORIRPHQWRGHOD FXOWXUDGHODVFLHQFLDVWHFQRORJtD
2.
6e7,02/D SUHVHQWH 0LQXWD
VH HQFXHQWUD H[HQWD GHO ,PSXHVWR DO 5HJLVWUR GH FRQIRUPLGDGFRQOD/H $JUHJXH 8G 6HxRU 1RWDULR OR TXH VHD GH /H WUDWDQGR GH UHPLWLU ORV 3DUWHV SHUWLQHQWHVDORV5HJLVWURV3~EOLFRVSDUDTXHDGTXLHUDOD3HUVRQHUtD-XUtGLFD KRWDGH2FWXEUHGHO -RUJH/XLV0tUH]7DUULOOR 3UHVLGHQWH $XWRUL]DGDSRUHO'U
3.
$7$'(2167,78,Ï1 (QODFLXGDGGHKRWD5HJLyQDMDPDUFD5HS~EOLFD'HO3HU~VLHQGRODVVLHWHGHOD QRFKHGHOGtDGH2FWXEUHGHOUHXQLGRVHQHO-UDMDPDUFD1ƒGHKRWD ODV VLJXLHQWHV SHUVRQDV
-25*( /8,6 0Ë5(= 7$55,//2 LGHQWLILFDGR FRQ '1, 1ƒ GH SURIHVLyQ ,QJHQLHUR 0HFiQLFR (OHFWULFLVWD FDVDGR FRQ GRxD 6DUD :LOPD 6iQFKH] 9LOFKH] $5/26 %(51$5',12 *8(55(52 =$9$/$ LGHQWLILFDGR FRQ '1, 1ƒ GH SURIHVLyQ ,QJHQLHUR (Q RPSXWDFLyQ 6LVWHPDVFDVDGRFRQGRxD3('52,6$Ë$60$+8$52-$6LGHQWLILFDGRFRQ'1, 1ƒ VROWHUR GH SURIHVLyQ %DFKLOOHU HQ ,QJHQLHUtD GH RPSXWDFLyQ 6LVWHPDV -2+1 (15,48( )(51È1'(= '(',26 LGHQWLILFDGR FRQ '1, 1ƒ VROWHUR GH SURIHVLyQ %DFKLOOHU HQ LHQFLDV GH OD RPXQLFDFLyQ 526$ 7255(6 %$5%2=$ LGHQWLILFDGD FRQ '1, 1ƒ GH SURIHVLyQ 7pFQLFR HQ RPSXWDFLyQH,QIRUPiWLFDFDVDGDFRQGRQFRQHOREMHWRGHDVRFLDUVHFRQVWLWXLU XQD$VRFLDFLyQLYLOVLQILQHVGHOXFURSRUDFXHUGRGHORVSUHVHQWHVVHGHFLGLyTXH OD VHVLyQ VHD SUHVLGLGD SRU HO VHxRU -RUJH /XLV 0tUH] 7DUULOOR DFWXDQGR FRPR 6HFUHWDULRHOVHxRUDUORV%HUQDUGLQR*XHUUHUR=DYDODGHFODUDQGRLQVWDODGDODVHVLyQ YiOLGRV ORV DFXHUGRV TXH VH WRPHQ VH OOHJy D OD FRQFOXVLyQ GH FRQVWLWXLU OD $VRFLDFLyQLYLOGHQRPLQDGD³62,('$'+27$1$'( ,(1,$6´FXDVVLJODV VHUiQ6KFXRVILQHVREMHWLYRVVHRULHQWDUiEiVLFDPHQWHDSURPRYHUDFWLYLGDGHV GHLQYHVWLJDFLyQHQVHxDQ]DGHVDUUROORGHODFLHQFLDODWHFQRORJtDHQKRWDOD 5HJLyQODUHIHULGD$VRFLDFLyQLYLOVHUHJLUiSRUORV(VWDWXWRVTXHVHUiQDSUREDGRV SRVWHULRUPHQWHSDUDWDOHIHFWRVHFRQIRUPyXQDFRPLVLyQLQWHJUDGDSRUORVVHxRUHV DUORV%HUQDUGLQR*XHUUHUR=DYDODTXLHQODSUHVLGH3HGUR,VDtDV0DFKXFD5RMDV -RUJH/XLV0tUH]7DUULOORFRPSURPHWLpQGRVHDHODERUDUORVSUHVHQWDUORHQODSUy[LPD VHVLyQSDUDVXGLVFXVLyQDSUREDFLyQUHVSHFWLYDDFWRVHJXLGRVHGHOLEHUyVREUHHO Q~PHUR GH FDUJRV TXH FRQIRUPDUiQ HO RQVHMR 'LUHFWLYR DFRUGiQGRVH SRU XQDQLPLGDG FRQVLGHUDU ~QLFDPHQWH FLQFR FDUJRV TXH VRQ 8Q 3UHVLGHQWH 8Q 9LFHSUHVLGHQWH 8Q 6HFUHWDULR GH $FWDV $UFKLYR 8Q 6HFUHWDULR GH 5HODFLRQHV 3~EOLFDV 0DUNHWLQJ 8Q 7HVRUHUR ORV GHPiV LQWHJUDQWHV VHUiQ FRPR DVRFLDGRV IXQGDGRUHV 3RVWHULRUPHQWH VH DFRUGy GHVLJQDU DO yUJDQR GH JRELHUQR JHVWRU HMHFXWRU GH ORV DFXHUGRVGH OD$VDPEOHD*HQHUDOTXLHQHVLQWHJUDUiQHO3ULPHURQVHMR'LUHFWLYRORV PLVPRV TXH PHGLDQWH YRWR GLUHFWR PDRULWDULR GHVLJQDURQ HQ WDOHV FDUJRV D ODV VLJXLHQWHVSHUVRQDV 35(6,'(17(,QJHQLHUR-RUJH/XLV0tUH]7DUULOOR 9,(35(6,'(17(,QJHQLHURDUORV%HUQDUGLQR*XHUUHUR=DYDOD 6(5(7$5,2 '( $7$6 $5+,92 %DFKLOOHU HQ ,QJHQLHUtD 3HGUR ,VDtDV 0DFKXFD5RMDV 6(5(7$5,2'(5(/$,21(63Ò%/,$60$5.(7,1*%DFKLOOHUHQLHQFLDV GHODRPXQLFDFLyQ-RKQ(QULTXH)HUQiQGH]'HGLRV 7(625(5$5RVD7RUUHV%DUER]D 3RVWHULRUPHQWHVHWRPRHOMXUDPHQWRGHHVWLORDO3UHVLGHQWHGHORQVHMR'LUHFWLYR HVWH D VX YH] MXUDPHQWR D ORV GHPiV PLHPEURV TXHGDQGR DXWRUL]DGR HO VHxRU 3UHVLGHQWH D SDUWLU GH OD IHFKD D UHSUHVHQWDU D HVWD $VRFLDFLyQ GH DFXHUGR D ODV SRWHVWDGHVFRQIHULGDVDOHMHUFLFLRGHVXVIXQFLRQHVFRPRWDO 1RKDELHQGRRWURSXQWRTXHWUDWDUVHGLRSRUWHUPLQDGDODVHVLyQVLHQGRODVRQFHGH ODQRFKHSDVDQGRDILUPDUORVSUHVHQWHV
4.
-RUJH/XLV0tUH]7DUULOOR '1,1R DUORV%HUQDUGLQR*XHUUHUR=DYDOD '1,1R 3HGUR,VDtDV0DFKXFD5RMDV '1,1R -RKQ(QULTXH)HUQiQGH]'H'LRV '1,1R 5RVD7RUUHV%DUER]D '1,1R
5.
$7$'($352%$,Ï1 '((67$78726 (QODFLXGDGGHKRWD5HJLyQDMDPDUFD5HS~EOLFDGHO3HU~VLHQGRODVRFKRGHOD QRFKH GHO
GtD -XHYHV QXHYH GH 2FWXEUH GHO DxR UHXQLGRV ORV PLHPEURV LQWHJUDQWHV GH OD $VRFLDFLyQ LYLO ³62,('$' +27$1$ '( ,(1,$6´ FRQ OD ILQDOLGDG GH DQDOL]DU GHEDWLU DSUREDU ORV (VWDWXWRV TXH UHJLUi VX RUJDQL]DFLyQ IXQFLRQHV /DFRPLVLyQSUHVLGLGDSRUHO,QJHQLHURDUORV%HUQDUGLQR*XHUUHR=DYDODSXVRORV (VWDWXWRVDFRQVLGHUDFLyQGHORVDVLVWHQWHVGDQGROHFWXUDDFDGDXQRGHORV7tWXORV $UWtFXORVGHpVWHDILQGHKDFHUODVGHOLEHUDFLRQHVREVHUYDFLRQHVTXHKXELHUHOXJDU 25'(1'(/'Ë$6HDSUREyODOHFWXUDGHFDGDXQRGHORVDUWtFXORVOXHJRGHXQ GHEDWHDOJXQDVPRGLILFDFLRQHVVXJHUHQFLDVVHGLRSRUDSUREDGRHO(VWDWXWRTXHHQ DGHODQWHUHJLUiDOD³62,('$'+27$1$'(,(1,$6´TXHGDQGRHVWDEOHFLGR GHODVLJXLHQWHPDQHUD (67$78726'(/$62,('$'+27$1$'(,(1,$6 7,78/235,0(52 217(1,'2$/$1('(/(67$7872 $UWtFXORƒ (OSUHVHQWH(VWDWXWRQRUPDODQDWXUDOH]DIXQFLRQHVJHQHUDOHVUpJLPHQ HFRQyPLFRGHOD6RFLHGDGKRWDQDGHLHQFLDVHVWDEOHFHVXHVWUXFWXUDRUJiQLFD DVtFRPRODVDWULEXFLRQHVREOLJDFLRQHVGHVXVGLVWLQWRVÏUJDQRV 7,78/26(*81'2 '(/$'(120,1$,Ï1'85$,Ï12%-(72'20,,/,2 'HQRPLQDFLyQ $UWtFXOR ƒ 1RPEUH /D $VRFLDFLyQ VH GHQRPLQDUi ³62,('$' +27$1$ '( ,(1,$6´ SXGLHQGRXVDUODVLJODV ³6K´DPERVHQIRUPDFRQMXQWDRQR $UWtFXOR 'XUDFLyQ /D $VRFLDFLyQ IXQFLRQDUi RSHUDUi GH KHFKR GHVGH VX IXQGDFLyQSRUWLHPSRLQGHWHUPLQDGR $UWtFXORƒ2EMHWR(OREMHWRGHOD$VRFLDFLyQHVWiRULHQWDGREiVLFDPHQWHDSURPRYHU DFWLYLGDGHVGHLQYHVWLJDFLyQHQVHxDQ]DGHVDUUROORGHODFLHQFLDODWHFQRORJtDHQ KRWDVXiUHDGHLQIOXHQFLD $UWtFXORƒ 'RPLFLOLR (OGRPLFLOLRGHOD$VRFLDFLyQTXHGDHVWDEOHFLGRHQODFLXGDG GHKRWD± DMDPDUFD 3HU~ILMDQGRDGHPiVVXVHGHVRFLDOHQHO-UDMDPDUFD GH OD 3URYLQFLD GH KRWD 5HJLyQ DMDPDUFD 5HS~EOLFD GHO 3HU~ SXGLHQGR WHQHU VXFXUVDOHVILOLDOHVRILFLQDVXRWUDVIRUPDVGHUHSUHVHQWDFLRQHVHQFXDOTXLHUOXJDUGHO 3HU~RGHOH[WUDQMHURVLQOLPLWDFLyQDOJXQDVDOYRDTXHOODVTXHLPSRQJDHOGHUHFKR LQWHUQDFLRQDOHQFDVRVHVSHFLDOHV 7,78/27(5(52 '(/$),1$/,'$'0(',26 2EMHWLYRV $UWtFXORƒ /D$VRFLDFLyQ³62,('$'+27$1$ '(,(1,$6´ ³6K´HVGH FDUiFWHUQROXFUDWLYRWLHQHORVVLJXLHQWHVILQHV
6.
$ ,QFHQWLYDUODVDFWLYLGDGHVGHHQVHxDQ]DLQYHVWLJDFLyQGHVDUUROORGHLHQFLD 7HFQRORJtDHQKRWD % 9HODU
SRU HO PDQWHQLPLHQWR GH XQ FyGLJR GH FRQGXFWD pWLFD UHVSRQVDELOLGDG SURIHVLRQDOHLGHQWLGDGQDFLRQDOGHODFRPXQLGDGWpFQLFRFLHQWtILFDTXHDFW~DHQ ODViUHDVGHODLHQFLD $UWtFXOR ƒ3DUD ORJUDU VXV REMHWLYRV OD ³6K´ OOHYDUi D FDER ODV VLJXLHQWHV DFWLYLGDGHV $ 3URPRYHUDQXDOPHQWHSRUVHUGHLQWHUpVGHOD³6K´OD6HPDQDGHLHQFLD 7HFQRORJtD % 3URPRYHUJHVWLRQDUODFRQWLQXDFDSDFLWDFLyQGHORVPLHPEURVDILQGHGLIXQGLUXQ DGHFXDGRQLYHOGHODLHQFLDV $VLVWLURWRUJDUFDSDFLWDFLyQDODV8QLYHUVLGDGHVRWUDVLQVWLWXFLRQHVHGXFDWLYDV PHGLDQWHODHGXFDFLyQFDSDFLWDFLyQHQODVGLIHUHQWHViUHDVGHLQYHVWLJDFLyQ ' 3URPRYHUSURJUDPDVDFWLYLGDGHVGHFRRSHUDFLyQQDFLRQDOHLQWHUQDFLRQDOFRQHO ILQLQFUHPHQWDUODGLIXVLyQGHODVLHQFLDVVXDSOLFDFLyQGHQWURGHODHFRQRPtD QDFLRQDO WRGDVDTXHOODVDFFLRQHVDFWLYLGDGHVDFWRVGLULJLGRVDOGHVDUUROORIRPHQWRGHOD FXOWXUDGHODVFLHQFLDVWHFQRORJtD 7,78/2,9 '(/3$75,021,2 %LHQHVTXHLQWHJUDQHOSDWULPRQLR $UWtFXORƒ6RQELHQHVTXHLQWHJUDQHOSDWULPRQLRGHOD$VRFLDFLyQ $ /RVIRQGRVHOSDWULPRQLRGHOD³6K´ HVWiQFRQVWLWXLGRVSRUODVGRQDFLRQHV TXHVHHIHFW~HQDODDVRFLDFLyQSRUDVRFLDGRVRWHUFHURV % /DVGRQDFLRQHVOHJDGRVFRQWULEXFLRQHVGHPiVIRUPDVGHDSRUWHVGLQHUDULRVR QR TXH SXHGD UHFLELU GH EHQHIDFWRUHV IXQGDFLRQHV LQVWLWXFLRQHV S~EOLFDV R SULYDGDVQDFLRQDOHVRH[WUDQMHUDV /RVLQPXHEOHVTXHSXHGDWHQHUODDVRFLDFLyQHQ3HU~RHOH[WUDQMHUR ' 7RGRVORVPXHEOHVTXHSXHGDWHQHUODDVRFLDFLyQHQ HO3HU~RHOH[WUDQMHUR ( /RVVDOGRVTXHVHYHULILTXHQDQXDOPHQWHSRGUiQFRQVWLWXLUXQIRQGRGHUHVHUYD FXDDSOLFDFLyQVHUiUHVXHOWDDSURSXHVWDGHO3UHVLGHQWHSRUHORQVHMR'LUHFWLYR QRSRGUiVHUXWLOL]DGRGLVWULEXLGRGLUHFWDRLQGLUHFWDPHQWH HQWUHVXVDVRFLDGRV 8WLOL]iQGRVHHOFLHQSRUFLHQWRGHHVWHVDOGRSDUDORVVLJXLHQWHVILQHV 9HLQWLFLQFR SRU FLHQWR GHVWLQDGR D VROYHQWDU HYHQWRV DFDGpPLFRV RUJDQL]DGRVSRUODDVRFLDFLyQ 9HLQWLFLQFR SRU FLHQWR GHVWLQDGR D VROYHQWDU ODV SXEOLFDFLRQHV TXH SXGLHUDKDFHUODDVRFLDFLyQ 9HLQWLFLQFR SRU FLHQWR GHVWLQDGR D GLIXQGLU HQ HO FDPSR DFDGpPLFR FLHQWtILFRODVLQYHVWLJDFLRQHVHVWXGLRVUHDOL]DGRVSRUOD$VRFLDFLyQ 9HLQWLFLQFRSRUFLHQWRGHVWLQDGRDLPSOHPHQWDUDFWXDOL]DUXQDPRGHUQD ELEOLRWHFDTXHEHQHILFLHDODDVRFLDFLyQDODFRPXQLGDGHQVXFRQMXQWR ) (VWi SURKLELGD OD UHPXQHUDFLyQ GH ORV FDUJRV GH OD GLUHFWLYD FRPR ODV ERQLILFDFLRQHVRYHQWDMDVDGLULJHQWHVRDVRFLDGRVEDMRFXDOTXLHUSUHWH[WRVDOYR
7.
ORV JDVWRV GH
UHSUHVHQWDFLyQ R YLiWLFRV SRU FRPLVLyQ GH VHUYLFLRV SUHYLDPHQWH DXWRUL]DGRVSRUHORQVHMR'LUHFWLYR * /RVJDVWRVGHUHSUHVHQWDFLyQRWURVHQTXHLQFXUUDQORVPLHPEURVGHODGLUHFWLYD XRWURVVHUiQDVXPLGRVtQWHJUDPHQWHSRUODDVRFLDFLyQVLHPSUHFXDQGRHVWpQ UHODFLRQDGRVDODPLVPDSUHYLDDSUREDFLyQGHORQVHMR'LUHFWLYR 7,78/29 '(/2625*$126'(*2%,(512'(/5(*,0(1$'0,1,675$7,92 $UWtFXORƒ6RQÏUJDQRVGHOD$VRFLDFLyQ³62,('$'+27$1$'(,(1,$6´ ³6K´ ORVVLJXLHQWHV D
8.
/D$VDPEOHD *HQHUDO E
9.
(ORQVHMR'LUHFWLYR $UWtFXORƒ/D$VDPEOHD*HQHUDOHVHOyUJDQRPi[LPRVXSUHPRVREHUDQRGHOD ³6K´VHUiLQWHJUDGDSRUWRGRVORVDVRFLDGRVKiELOHVHIHFWLYRVIXQGDGRUHV
10.
ORV PLVPRV TXH WLHQHQ
YR] YRWR VH UHXQLUiQ HQ VHVLRQHV RUGLQDULDV H[WUDRUGLQDULDV $UWtFXOR ƒ/D $VDPEOHD *HQHUDO VH UH~QH RUGLQDULDPHQWH XQD YH] SRU DxR GXUDQWHOD6HPDQDGHFLHQFLD7HFQRORJtDGHOD³6K´ $UWtFXORƒ/D$VDPEOHD*HQHUDOVHFRQVLGHUDUiLQVWDODGDHQSULPDUDFRQYRFDWRULD GHPiVGHODPLWDGGHDVRFLDGRVHQVHJXQGDFRQYRFDWRULDFRQFXDOTXLHUQ~PHUR (QORTXHQRHVWHDTXtHVWLSXODGRUHJLUiQRUPDUiHOyGLJRLYLOHQSDUWLFXODUORV DUWtFXORVUHIHULGRVDOD$VRFLDFLyQ$UWVžDž
11.
$UWtFXOR ƒ/D DSUHFLDFLyQ
GH LQIRUPHV FXHQWDV GH OD 'LUHFWLYD LQWHJUDUi QHFHVDULDPHQWHODDJHQGDGHODVDVDPEOHDVJHQHUDOHVRUGLQDULDV $UWtFXOR ƒ/DV $VDPEOHDV *HQHUDOHV ([WUDRUGLQDULDV VH SRGUiQ UHDOL]DU HQ FXDOTXLHU PRPHQWR D VROD VROLFLWXG GHO 3UHVLGHQWH HO RQVHMR 'LUHFWLYR R GH XQ PtQLPRGHOSRUFLHQWRGHOWRWDOGHDVRFLDGRVKiELOHV $UWtFXOR ƒ/DV FRQYRFDWRULDV D $VDPEOHD *HQHUDO VHUiQ FRPXQLFDGDV SRU HO 3UHVLGHQWHROD'LUHFWLYDFRQXQDDQWLFLSDFLyQGHWUHLQWDGtDVFDOHQGDULRVHQUHODFLyQ D OD IHFKD GH OD LQVWDODFLyQ GH OD $VDPEOHD SRU PHGLR GH FRPXQLFDFLyQ HVFULWD LQGLYLGXDOFRQLQGLFDFLyQGHODDJHQGDDWUDWDU $UWtFXORƒ/D$VDPEOHD*HQHUDOHQWUDUiHQVHVLyQSHUPDQHQWHGXUDQWHXQSHULRGR PtQLPRGHWUHVGtDVDSDUWLUGHODIHFKDGHVXLQVWDODFLyQ'XUDQWHHVWHSHULRGRORV DVRFLDGRVSRGUiQHQYLDUVXVYRWRVHVFULWRVRHOHFWUyQLFRVDODVHGHGHOD³6K´D PHQRVTXHVHILMHXQDIHFKDOtPLWHSDUDODYRWDFLyQHQGLFKD$VDPEOHD*HQHUDO $UWtFXOR ƒ/RV YRWRV HOHFWUyQLFRV VHUiQ UHDOL]DGRV D WUDYpV GHO ³6,7(´ GH OD ³6K´ $UWtFXOR ƒ6H FRQWDUi FRPR DVLVWHQWH D XQD VHVLyQ FRQ WRGRV ORV GHUHFKRV GHEHUHVDDTXHOORVDVRFLDGRVTXHORKDJDQSHUVRQDOPHQWHRDWUDYpVGHFXDOTXLHU
12.
PHGLRHOHFWUyQLFRHQWLHPSRUHDODSUREDGRSUHYLDPHQWHSRUHORQVHMRKDELHQGRVLGR SODQWHDGRHVWHSRUOD'LUHFWLYDFRQODGHELGDDQWLFLSDFLyQ $UWtFXORƒ6RQREOLJDFLRQHVDWULEXFLRQHVGHO$VDPEOHD*HQHUDO D
13.
'HOLEHUDUVREUHODPDWHULDHQDJHQGD E
14.
(OHJLUDORQVHMR'LUHFWLYRFRPRKDTXHGDGRHVWDEOHFLGRSUHYLDPHQWH F
15.
$SUREDUODSUHVHQWDFLyQGHODPHPRULDLQVWLWXFLRQDOGHORQVHMR'LUHFWLYR G
16.
'HFLGLUVREUHORVUHFXUVRVDFWRVGHORQVHMR'LUHFWLYR $UWtFXOR ƒ3DUD OD
HOHFFLyQ GHO RQVHMR 'LUHFWLYR OD $VDPEOHD *HQHUDO SHUPDQHFHUiHQVHVLyQSHUPDQHQWHSRUXQSHULRGRPtQLPRGHWUHVPHVHVVLHQGRHO SULPHUPHVUHVHUYDGRSDUDODLQVFULSFLyQGHODVOLVWDVSDUDHORQVHMR'LUHFWLYRHO VHJXQGRSDUDODGLYXOJDFLyQGHHVWDVOLVWDVFDQGLGDWRVHOWHUFHURSDUDORVWUDEDMRV GHYRWDFLyQQRPEUDPLHQWRSURFODPDFLyQ $UWtFXORƒ/D HOHFFLyQGHORQVHMR'LUHFWLYRVHKDUiSRUOLVWD $UWtFXORƒDGDOLVWDGHEHUiFRQWHQHUORVQRPEUHVSDUDWRGRVFDGDXQRGHORV FDUJRVGHVFULWRVDQWHULRUPHQWHSDUDHORQVHMR'LUHFWLYR $UWtFXORƒXDOTXLHUJUXSRGHSRUORPHQRVGHORVDVRFLDGRVSXHGHSUHVHQWDU XQD OLVWD SDUD HO QXHYR RQVHMR 'LUHFWLYR DVt FRPR VX UHVSHFWLYR SURJUDPD GH JHVWLyQTXHSUHWHQGHLPSOHPHQWDUHQODDVRFLDFLyQSDUDVHUGLYXOJDGRVSRUODRPLWp (OHFWRUDO $UWtFXOR ƒ/D HOHFFLyQ VHUi UHDOL]DGD FRQ FXDOTXLHU Q~PHUR GH YRWDQWHV VHUi FRQVLGHUDGDJDQDGRUDHQHOFDVRGHORQVHMR'LUHFWLYRODOLVWDTXHREWHQJDPDRUtD VLPSOHGHYRWRV $UWtFXORƒDGDDVRFLDGRSRGUiYRWDUSRUXQDVRODOLVWDSDUDHORQVHMR'LUHFWLYR $UWtFXOR ƒ/DV HOHFFLRQHV VHUiQ HQ VHVLyQ S~EOLFD SDUD WRGRV ORV DVRFLDGRV SUHVHQWHVItVLFDPHQWHYLUWXDOPHQWHSRUPHGLRGHO³6,7(´GHOD³6K´(ORPLWp (OHFWRUDO VHUi HO UHVSRQVDEOH GH YHULILFDU WDO KHFKR GH FRQGXFLU HO SURFHVR HOHFWRUDOHQIRUPDLPSDUFLDO $UWtFXOR ƒ/D SURFODPDFLyQ MXUDPHQWDFLyQ SRU HORPLWp(OHFWRUDOGHOQXHYR RQVHMR'LUHFWLYRVHHIHFWXDUiHQOD$VDPEOHD*HQHUDO2UGLQDULDFRUUHVSRQGLHQWHDO ILQDOGHOVHJXQGRHMHUFLFLRGHOD'LUHFWLYDDQWHULRUH[SLUDQGRHQWRQFHVORVPDQGDWRV GHORVPLHPEURVGHORQVHMR'LUHFWLYR $UWtFXORƒ(ORQVHMR'LUHFWLYRHVHOÏUJDQRSHUPDQHQWHHQFDUJDGRGHFRQGXFLU FRRUGLQDUODVDFWLYLGDGHVGHOD³6K´WHQGUiODVIDFXOWDGHVGHJHVWLyQQHFHVDULDV SDUDODDGPLQLVWUDFLyQLQVWLWXFLRQDO $UWtFXORƒ(ORQVHMR'LUHFWLYRVHUiHOHJLGRFDGDGRVDxRVHVWDUiFRPSXHVWDSRU VXVDVRFLDGRVTXHGHVHPSHxDUiQORVVLJXLHQWHVFDUJRV3UHVLGHQWH9LFH3UHVLGHQWH 6HFUHWDULR GH $FWDV $UFKLYRV 6HFUHWDULR GH 5HODFLRQHV 3~EOLFDV 0DUNHWLQJ 7HVRUHURWRGRVHOORVFRQYR]YRWR $UWtFXOR ƒ(O PDQGDWR GHO 3UHVLGHQWH HV GH GRV DxRV (O 3UHVLGHQWH SRGUi VHU UHHOHJLGRXQDYH]SDUDXQPDQGDWRFRQVHFXWLYR
17.
$UWtFXOR ƒ(O 9LFHSUHVLGHQWH
DVXPLUi OD 3UHVLGHQFLD HQ IRUPD LQWHULQD VL HO 3UHVLGHQWHSRUDOJ~QPRWLYRQRSXGLHUDHMHUFHUOD6LVH GHFODUDUDODYDFDQFLDGHOD 3UHVLGHQFLDHO9LFHSUHVLGHQWHODDVXPLUiKDVWDHOILQGHOPDQGDWR $UWtFXOR ƒ(Q FDVR GH YDFDQFLD GH DOJ~Q FDUJR GHO RQVHMR 'LUHFWLYR FRQ H[FHSFLyQGHOD3UHVLGHQFLDHORQVHMR'LUHFWLYRSURSRQGUiVXVWLWXWRVDOD$VDPEOHD SDUDTXHHVWDHQ6HVLyQ([WUDRUGLQDULDGHVLJQHDXQRRPiVGHHOORVSDUDHOORV
18.
FDUJRV
19.
YDFDQWHV $UWtFXOR ƒ6L H[LVWH
UHQXQFLD GH PiV GH OD PLWDG GH ORV PLHPEURV GHO RQVHMR 'LUHFWLYRVHFRQYRFDUiQDQXHYDVHOHFFLRQHVVHJ~QORVDUWtFXORVUHODFLRQDGRVFRQODV HOHFFLRQHV GHQWUR GHO SOD]R GH WUHLQWD GtDV FDOHQGDULRV FRQ OD ILQDOLGDG GH FRPSOHWDUHOPDQGDWR $UWtFXORƒ$GHPiVGHORVFDUJRVSUHYLVWRVDQWHULRUPHQWHGHELGRDODLPSRUWDQFLD GHDVXQWRVDWUDWDUHORQVHMR'LUHFWLYRSRGUiFRQWDUFRQPLHPEURVH[WUDRUGLQDULRV QR HOHJLGRV FXRV QRPEUHV DWULEXFLRQHV VHDQ SURSXHVWRV SRU HO 3UHVLGHQWH DSUREDGRVSRUHORQVHMR'LUHFWLYR $UWtFXOR ƒ(O PDQGDWR GH ORV PLHPEURV H[WUDRUGLQDULRV GHO RQVHMR 'LUHFWLYR FRLQFLGLUi FRQ HO GH ORV PLHPEURV HOHJLGRV /RV FDUJRV GH ORV PLHPEURV H[WUDRUGLQDULRV VH H[WLQJXLUiQ DO ILQDO GHO PDQGDWR GHO RQVHMR 'LUHFWLYR DO TXH SHUWHQHFHQ $UWtFXORƒ6RQGHEHUHVDWULEXFLRQHVGHORQVHMR'LUHFWLYR D
20.
(MHFXWDUODVGHOLEHUDFLRQHVGHOD$VDPEOHD*HQHUDO GHORQVHMR'LUHFWLYR E
21.
1RPEUDUGHVWLWXLU0LHPEURV([WUDRUGLQDULRVGHORQVHMR'LUHFWLYR F
22.
3UHSDUDUSUHVHQWDUODVFXHQWDVDQXDOHV G
23.
RQYRFDU H[WUDRUGLQDULDPHQWH D
UHXQLRQHV GH RQVHMR 'LUHFWLYR $VDPEOHD *HQHUDO H
24.
)LMDUODVIHFKDVRUGLQDULDVGHUHXQLyQGHORQVHMR'LUHFWLYRSDUDOD6HPDQDGH LHQFLD7HFQRORJtDGHOD³6K´ SDUDOD$VDPEOHD*HQHUDO I
25.
(ODERUDUXQSODQDQXDOSURSRQHUORDOD$VDPEOHD*HQHUDOHQXQDIHFKDTXH HVWHILMH J
26.
1RPEUDUFRPLVLRQHVWHPSRUDOHVSDUDWUDWDUGHDVXQWRVUHOHYDQWHV K
27.
'HVLJQDU UHSUHVHQWDQWHV GH
OD ³6K´ HQ FRQJUHVRV yUJDQRV RWUDV VRFLHGDGHVQDFLRQDOHVH[WUDQMHUDV L
28.
1RPEUDUDORV6HFUHWDULRV5HJLRQDOHVGHOD³6K´ $UWtFXORƒ6RQREOLJDFLRQHVDWULEXFLRQHVGHO3UHVLGHQWH D
29.
5HSUHVHQWDUDOD³6K´OHJDOPHQWH E
30.
5HSUHVHQWDUDOD³6K´HQIRURVSROtWLFRVWHFQROyJLFRVFLHQWtILFRV F
31.
3UHVLGLUODVUHXQLRQHVGHORQVHMR'LUHFWLYRGHOD$VDPEOHD*HQHUDO G
32.
$EULUPRYHUFXHQWDVEDQFDULDV $UWtFXORƒ6RQREOLJDFLRQHVDWULEXFLRQHVGHO9LFH3UHVLGHQWH D
33.
5HSUHVHQWDUDO3UHVLGHQWHHQVXDXVHQFLDRSRUGHOHJDFLyQ E
34.
$SRDUDO3UHVLGHQWHHQWRGDVVXVDFWLYLGDGHVSROtWLFDVDGPLQLVWUDWLYDV $UWtFXOR6RQREOLJDFLRQHVDWULEXFLRQHVGHO6HFUHWDULRGH$FWDV$UFKLYRV
35.
D
36.
5HGDFWDUWRGDVODVDFWDVGHODVDVDPEOHDVRUGLQDULDVH[WUDRUGLQDULDVGHOD $VDPEOHD *HQHUDO
DVt FRPR GH ODV DFWDV GH ODV UHXQLRQHV GHO RQVHMR 'LUHFWLYR E
37.
6XVFULELU MXQWR FRQ
HO 3UHVLGHQWH GHO RQVHMR 'LUHFWLYR ODV DFWDV GH VXV UHXQLRQHV F
38.
'HVSDFKDUODVFLWDFLRQHVSDUDODVUHXQLRQHVGDQGRFXHQWDGHORDFWXDGR G
39.
/OHYDUORVOLEURVGHDFWDVFXDQGRVHUHDOLFHQODV$VDPEOHDV*HQHUDOHVGHO RQVHMR'LUHFWLYR/LEUR3DGUyQGH$VRFLDGRV H
40.
$SRDU DO 'LUHFWRU
GH 5HODFLRQHV 3~EOLFDV 0DUNHWLQJ HQ OD FDSWDFLyQ GH UHFXUVRVH[WUDRUGLQDULRV I
41.
$GPLQLVWUDUORVPHGLRVHOHFWUyQLFRVGHFRPXQLFDFLyQGHOD³6K´ $UWtFXORƒ6RQREOLJDFLRQHVDWULEXFLRQHVGHO6HFUHWDULRGH5HODFLRQHV3~EOLFDV 0DUNHWLQJ D
42.
RRUGLQDU OD HODERUDFLyQ
HMHFXFLyQ GH OD SROtWLFD GH 5HODFLRQHV 3~EOLFDV 0DUNHWLQJGHOD³6K´ E
43.
RRUGLQDUODGLYXOJDFLyQGHODVDFWLYLGDGHVSRVLFLRQHVGHOD³6K´ F
44.
3URPRYHUODGLYXOJDFLyQGHWRGRVORVHYHQWRVDFWLYLGDGHVSURPRYLGDVSRUOD ³6K´ G
45.
*HVWLRQDUODFDSWDFLyQGHUHFXUVRVH[WUDRUGLQDULRV $UWtFXOR6RQREOLJDFLRQHVDWULEXFLRQHVGHO7HVRUHUR D
46.
5HDOL]DUODVFREUDQ]DVGHODVDSRUWDFLRQHVPHQVXDOHVGHORVDVRFLDGRV E
47.
7HQHUDOGtDHQRUGHQHOHVWDGRGHFXHQWDVDVtFRPRORVHVWDGRVILQDQFLHURV GHODDVRFLDFLyQ F
48.
'DU FXHQWD GHO
HVWDGR HFRQyPLFR GHO HVWDGR GH OD DVRFLDFLyQ DO RQVHMR 'LUHFWLYR$VDPEOHD*HQHUDO G
49.
)LUPDU MXQWR DO
3UHVLGHQWH GHO RQVHMR 'LUHFWLYR HO PRYLPLHQWR GH FXHQWDV EDQFDULDV DVt FRPR ORV GHPiV FRPSURPLVRV HFRQyPLFRV ILQDQFLHURV UHODFLRQDGRVFRQOD³6K´ H
50.
2WUDVQRFRQVLGHUDGDVTXHHVWpQDFRUGHVFRQODQDWXUDOH]DGHVXFDUJRTXH QRVHRSRQJDQDORVOLQHDPLHQWRVGHORVHVWDWXWRVGHODLQVWLWXFLyQ RPLVLRQHV(VSHFLDOHV $UWtFXOR ƒ/D ³6K´
HMHUFHUi DFWLYLGDGHV HQ GLIHUHQWHV iUHDV WHPiWLFDV GH LQYHVWLJDFLyQDWUDYpVGHODVRPLVLRQHV(VSHFLDOHVTXHDFWXDUiQGH DFXHUGRFRQODV GLUHFWULFHVHVWDEOHFLGDVSRUHORQVHMR'LUHFWLYR $UWtFXORDGDFRPLVLyQHVSHFLDOUHXQLUiDXQGHWHUPLQDGRQ~PHURGHDVRFLDGRV GHOD³6K´ $UWtFXORƒ8QDVRFLDGRGHOD³6K´VHWRUQDPLHPEURGHXQDFRPLVLyQHVSHFLDO DOGHFODUDUVXLQWHUpVSRUpVWD $UWtFXOR ƒDGD FRPLVLyQ HVSHFLDO WHQGUi XQ FRRUGLQDGRU SRGUi HVWDEOHFHU VX SURSLRUHJODPHQWRSUHYLDDSUREDFLyQGHOPLVPRSRUHORQVHMR'LUHFWLYR $UWtFXOR6RQREOLJDFLRQHVDWULEXFLRQHVGHODVRPLVLRQHV(VSHFLDOHV D
51.
2UJDQL]DU UHDOL]DU
REOLJDWRULDPHQWH XQ VLPSRVLR FLHQWtILFR SHULyGLFR HQ VX iUHDHQSHUtRGRVQRVXSHULRUHVDPHVHV
52.
E
53.
5HDOL]DURWUDVDFWLYLGDGHVTXHSURPXHYDQHOGHVHQYROYLPLHQWRGHVXiUHDHQ FRQVRQDQFLDFRQORVREMHWLYRVGHOD³6K´ F
54.
5HDOL]DUXQDDVDPEOHDSRURFDVLyQGHOVLPSRVLRSHULyGLFRFRQHOODRUJDQL]DGR SDUDHOFXDOVHUiQLQYLWDGRVWRGRVVXVPLHPEURVGXUDQWHHOFXiOVHUiHOHJLGR HOFRRUGLQDGRUGHODFRPLVLyQGHORVDVRFLDGRV 7,78/29,, 'H/RV$VRFLDGRV $UWtFXOR ƒ6RQ $VRFLDGRV
)XQGDGRUHV ODV SHUVRQDV QDWXUDOHV R MXUtGLFDV TXH SDUWLFLSDQHQHODFWRGHFRQVWLWXFLyQTXHSRUORWDQWRVXVFULEDQODDFWDGHIXQGDFLyQ GHODDVRFLDFLyQHVWHLQVWUXPHQWR $UWtFXOR ƒ6RQ $VRFLDGRV (IHFWLYRV /RV TXH SUHVHQWHQ XQ 3URHFWR GH ,QYHVWLJDFLyQ LHQWtILFD DSUREDGR SRU OD 5HG 0XQGLDO GH LHQWtILFRV 3HUXDQRV 503
55.
DGHPiV TXH GLFKR
SURHFWR VHD GHVDUUROODGR SXEOLFDGR WRWDO R SDUFLDOPHQWHHQHYHQWRVDFDGpPLFRV± FLHQWtILFRVDQLYHOQDFLRQDORLQWHUQDFLRQDOHQ XQSOD]RQRPDRUDVHLVPHVHV FDVRFRQWUDULRDGTXLULUiQODFRQGLFLyQGH$VRFLDGRV $UWtFXOR ƒ6RQ $VRFLDGRV +RQRUDULRV /DV SHUVRQDV QDWXUDOHV R MXUtGLFDV H LQWHOHFWXDOHVTXHSRUVXWUDHFWRULDHQODLHQFLD7HFQRORJtDSRUVXFRQQRWDFLyQ KXPDQDXRWUDVYLUWXGHVVHDQFRQVLGHUDGRVFRPRWDOHVSRUHORQVHMR'LUHFWLYR $UWtFXOR ƒ6RQ $VRFLDGRV ,QVWLWXFLRQDOHV ODV SHUVRQDV MXUtGLFDV TXH FRQFXHUGHQ FRQ ORV ILQHV GH OD ³6K´ TXH GHVHHQ FRQWULEXLU D TXH HVWRVVHDQDOFDQ]DGRV SUHYLDLQYLWDFLyQSRUHORQVHMR'LUHFWLYR $UWtFXOR ƒ6RQ $VRFLDGRV /DV SHUVRQDV DGPLWLGDV SRU GHFLVLyQ GHO RQVHMR 'LUHFWLYRGHELGRDODSURSXHVWDGHGRVDVRFLDGRVIXQGDGRUHVRHIHFWLYRVFRQWRGRV ORV GHUHFKRV GHEHUHV GH ORV DVRFLDGRV HIHFWLYRV H[FHSWR HO GH RFXSDU FDUJRV GLUHFWLYRVGHOD³6K´ 'HUHFKRV'HEHUHVGHORV$VRFLDGRV $UWtFXORƒ6RQGHUHFKRVGHORVDVRFLDGRV D
56.
3DUWLFLSDUFRQYR]YRWRGHODV$VDPEOHDV*HQHUDOHV E
57.
3UHVHQWDULQLFLDWLYDVVXJHUHQFLDVFUtWLFDVSURHFWRVTXHSHUPLWDQFXPSOLUFRQ ORVREMHWLYRVWUD]DGRVSRUOD DVRFLDFLyQ F
58.
3DUWLFLSDUDFWLYDPHQWHHQWRGDVODVDFWLYLGDGHVLQVWLWXFLRQDOHV G
59.
*HVWLRQDU SURHFWRV FDSDFLWDFLyQ
SURIHVLRQDO DVLPLVPR EULQGDU DVHVRUtD DSRDUGHFLGLGDPHQWHHQODEXHQDPDUFKDGHODLQVWLWXFLyQ H
60.
9HODUSRUHOSDWULPRQLRVRFLRFXOWXUDOHFRQyPLFRGHOD³6K´ I
61.
2WURVQRFRQVLGHUDGRVTXHVHDQGHLQWHUpVSDUDODDVRFLDFLyQ $UWtFXORƒ6RQGHEHUHVGHORVDVRFLDGRV D
62.
XPSOLU FRQ ORV
HVWDWXWRV DFXHUGRV GHO RQVHMR 'LUHFWLYR DVt FRPR GH OD $VDPEOHD*HQHUDO E
63.
$VLVWLU D WRGDV
ODV VHVLRQHV GH WUDEDMR SURJUDPDGRV DGHPiV GH ODV DVDPEOHDVFRQYRFDGDVGHELHQGRMXVWLILFDUGHELGDPHQWHFXDOTXLHULQDVLVWHQFLD
64.
F
65.
$SRUWDUFRQVXVFXRWDVPHQVXDOHVHQIRUPDFRQVLVWHQWHGHQWURGHORVSOD]RV HVWDEOHFLGRVHQHOSUHVHQWHHVWDWXWR G
66.
RQWULEXLUDOIRUWDOHFLPLHQWREXHQDPDUFKDLQVWLWXFLRQDOGHOD³6K´ H
67.
2WURVQRFRQVLGHUDGRVTXHVHDQGHLQWHUpVSDUDODDVRFLDFLyQ $UWtFXORƒ7RGRVORVPLHPEURVHIHFWLYRVGHEHUiQSUHVHQWDUDYDQFHVGHSURHFWRV GHLQYHVWLJDFLyQFRPRPi[LPRFDGDTXLQFHGtDV $UWtFXORƒ6HSLHUGHODFDOLGDGGHDVRFLDGR D
68.
3RUIDOOHFLPLHQWR E
69.
3RUUHQXQFLDYROXQWDULDGHODVRFLDGR F
70.
3RU VHSDUDFLyQ GHO
DVRFLDGR PHGLDQWH DFXHUGR WRPDGR SRU OD WRWDOLGDG GHO RQVHMR'LUHFWLYRRSRUDFXHUGRGHOD$VDPEOHD*HQHUDOVLHPSUHFXDQGRHO $VRFLDGR KDD GHPRVWUDGR LQHVWDELOLGDG LQHILFLHQFLD R KDD FRPHWLGR FXDOTXLHUDDFWRGRORVRHQGHVPHGURGHODDVRFLDFLyQ G
71.
3RU LQFXPSOLPLHQWR GH
ODV REOLJDFLRQHV H[SXHVWDV HQ HO (VWDWXWR SRU OD YLRODFLyQGHORVPLVPRVRSRUDYDODULQWHUHVHVRSXHVWRVDOD³6K´ $UWtFXOR ƒ(O DVRFLDGR HV LQKDELOLWDGR SRU IDOWD GH SDJR GH WUHV PHQVXDOLGDGHV FRQVHFXWLYDVRFLQFRDOWHUQDGDV $UWtFXOR ƒ(O DVRFLDGRV SRGUi UHQXQFLDU D OD DVRFLDFLyQ HQ FXDOTXLHU PRPHQWR SUHVHQWDQGR XQD FDUWD VLPSOH GLULJLGD DO 3UHVLGHQWH GH OD $VRFLDFLyQ H[SOLFDQGR HO PRWLYRGHVXGHVHRGHUHQXQFLDUHO3UHVLGHQWHFRQFDUJRDFRPXQLFDUHOKHFKRDO RQVHMR'LUHFWLYRVLQPiVWUiPLWHDFHSWDUiODUHQXQFLDHQFDVRGHVHUDVRFLDGRHQ FDVRGHSRVHHUDOJ~QFDUJRHQWUHJDIRUPDOGHOPLVPR $UWtFXORƒ (O DVRFLDGRTXHKDDVLGRVHSDUDGRSRUDFWRVGRORVRVHQFRQWUDGHOD ³6K´QRWHQGUiGHUHFKRDUHFODPDURUHWLUDUVXPDDOJXQDGHGLQHURRELHQHVTXH SRVHDOD$VRFLDFLyQ$ORVDVRFLDGRVUHQXQFLDQWHVVHOHVGDUiWUDWRGLIHUHQWHWRPDQGR HQFXHQWDHODFXHUGRDGRSWDGRSRUHORQVHMR'LUHFWLYRRSRUOD$VDPEOHD*HQHUDO 7,78/29,,, 0RGLILFDFLRQHVDO(VWDWXWR $UWtFXOR ƒ(O(VWDWXWRSRGUiVHUPRGLILFDGRHQFXDOTXLHUPRPHQWRHQ$VDPEOHD *HQHUDOFRQYRFDGDSDUDHVWRSRUVROLFLWXGGHORQVHMR'LUHFWLYRRSRUPDRUtDGH ORVDVRFLDGRV $UWtFXOR/DVPRGLILFDFLRQHVGHEHUiQVHUDSUREDGDVSRUODPDRUtDDEVROXWDGHO Q~PHURGHDVRFLDGRVYRWDQWHVHQ$VDPEOHD*HQHUDO $UWtFXORƒ3DUDODPRGLILFDFLyQGH(VWDWXWRVVHUHTXLHUHHQSULPHUDFRQYRFDWRULD GH OD DVLVWHQFLD GH PiV GH OD PLWDG GH ORV DVRFLDGRV YRWDQWHV (Q VHJXQGD FRQYRFDWRULDORVDFXHUGRVVHDGRSWDUiQFRQORVDVRFLDGRVYRWDQWHVTXHDVLVWDQTXH UHSUHVHQWHQQRPHQRVGHODGpFLPDSDUWH/DVPRGLILFDFLRQHVFRQVWDUiQHQHOOLEURGH $FWDVGHOD$VRFLDFLyQWHQGUiQHIHFWRHOGtDPLVPRGHVXSURFODPDFLyQODTXHVH HIHFWXDUDSRUDYLVRDWRGRVORVDVRFLDGRV/DVPRGLILFDFLRQHVSRGUiQVHULQVFULWDVHQ ORV5HJLVWURV3~EOLFRV
72.
7,78/2,; 'LVROXFLyQ/LTXLGDFLyQ $UWtFXOR ƒ/D ³6K´
SRGUi VHU GLVXHOWD OLTXLGDGD HQ FXDOTXLHU PRPHQWR SRU GHFLVLyQ PRWLYDGD GH OD PDRUtD DEVROXWD GH DVRFLDGRV FRQ GHUHFKR D YRWR SDUWLFLSDQWHHQ$VDPEOHD*HQHUDOFRQYRFDGDSDUDHVWHILQ $UWtFXOR(QFDVRGHGLVROXFLyQGHOD³6K´OD$VDPEOHD*HQHUDOGHFLGLUiVREUH HO GHVWLQR GH ORV IRQGRV KDFLD XQD HQWLGDG FRQJpQHUH GHELGDPHQWH UHJLVWUDGD HQ UHJLVWURVS~EOLFRV 'LVSRVLFLRQHV)LQDOHV /D $VDPEOHD *HQHUDO FRPSXHVWD SRU HO LQWHJUR GH ORV DVRFLDGRV IXQGDGRUHV GH OD $VRFLDFLyQ ³62,('$' +27$1$ '( ,(1,$6´ ³6K´ KD UHVXHOWR OR VLJXLHQWH 35,0(5$1yPEUHVHFRPRPLHPEURVGHO3ULPHURQVHMR'LUHFWLYRGHOD$VRFLDFLyQ ³62,('$' +27$1$ '( ,(1,$6´ ³6K´ D ODV VLJXLHQWHV SHUVRQDV TXH DVXPLUiQ VXV FRUUHVSRQGLHQWHV FDUJRV D SDUWLU GH OD IHFKD GH VXVFULSFLyQ GH HVWH GRFXPHQWR 35(6,'(17(GRQ-RUJH/XLV0LUH]7DUULOOR 9,(35(6,'(17(GRQDUORV%HUQDUGLQR*XHUUHUR=DYDOD 6(5(7$5,2'($7$6$5+,926GRQ3HGUR,VDLDV0DFKXFD5RMDV 6(5(7$5,2'(5(/$,21(63Ò%/,$60$5.(7,1*GRQ-RKQ(QULTXH )HUQiQGH]'HGLRV 7(625(52GRxD5RVD7RUUHV%DUER]D 6(*81'$'HVtJQHVHFRPRUHSUHVHQWDQWHOHJDOGHOD$VRFLDFLyQDO3UHVLGHQWHHQ VX DXVHQFLD DO 9LFHSUHVLGHQWH GH OD PLVPD TXLHQ HQ FRQVHFXHQFLD $680( (/ $5*2'(35(6,'(17(,17(5,12GHOD$VRFLDFLyQGHFRQIRUPLGDGFRQHO$UW GHORV(VWDWXWRVGHHVWD$VRFLDFLyQ 7(5(5$/D $VRFLDFLyQ SRGUi FRQWDU FRQ DVHVRUHV H[WHUQRV OHJDOHV FRQWDEOHV HFRQyPLFRVGHFXDOTXLHURWUDtQGROHSDUDHOEXHQIXQFLRQDPLHQWRGHOD$VRFLDFLyQ 'LFKRVDVHVRUHVVHUiQQRPEUDGRV DSUREDGRVSRUHO'LUHFWRULR 8$57$(Q OR TXH QR HVWH DTXt HVWLSXODGR UHJLUi QRUPDUi HO yGLJR LYLO HQ SDUWLFXODUORVDUWtFXORVUHIHULGRVDOD$VRFLDFLyQ$UWVžDž
73.
48,17$/RVSUHVHQWHVDFXHUGDQTXHHO3UHVLGHQWHVHDODSHUVRQDTXHUHDOLFHORV WUiPLWHVSDUDODFRQVWLWXFLyQOHJDOGHOD$VRFLDFLyQWDQWRHQHO1RWDULRHQ5HJLVWURV 3~EOLFRV 1R KDELHQGR RWUR
SXQWR TXH WUDWDU VH OHYDQWR OD VHVLyQ VLHQGRODVSPGHO PLVPRGtDSDVDQGRDILUPDUWRGRVORSUHVHQWHV
74.
-RUJH/XLV0tUH]7DUULOOR '1,1R DUORV%HUQDUGLQR*XHUUHUR=DYDOD '1,1R 3HGUR,VDtDV0DFKXFD5RMDV '1,1R -RKQ(QULTXH)HUQiQGH]'H'LRV '1,1R 5RVD7RUUHV%DUER]D '1,1R
Download now