Métodos Manuales, Mecánicos y Trans- traqueales para el despejamiento de la vía aérea

1. ^KULVWRSKHU5DQFRQW
DStWXOR,,,
(/0$1(-2'(/$9Ì$$e5($
(OSULPHUHVODEyQHQODFDGHQDGHVREUHYLYLOLGDG 'HWRGDVODVKDELOLGDGHVGHOUHVFDWDGRU
QLQJXQDRWUDWLHQHPiVLPSRUWDQFLDDOUHVFDWDGRUTXHPDQWHQHU ODSHUPHDELOLGDGGHODYtD
DpUHD/DIDOWDGHR[tJHQRHOH[FHVRGHGLy[LGRGHFDUERQRHQODVDQJUHTXHUHVXOWDGH
YDQWLODFLyQLQDGHFXDGDSXHGHPDWDUPiVUiSLGRTXHFXDOTXLHURWURSUREOHPD0XHUWH
ELROyJLFDGHOFHUHEURRFXUUHHQRPLQXWRVVLQR[tJHQRYHQWLODFLyQ(OUHVFDWDGRUVLPSUH
GHEHSUHRFXSDUVHSRUODYtDDpUHD(OPDQWHQLPLHQWRGHODYtDDpUHDFRQFRQWUROGHOD
FROXPQDFHUYLFDOHQHOSDFLHQWHSROLWUDXPDWL]DGRHVXQUHWRWpFQLFRHQODVPHMRUHV
FRQGLFLRQHVSXHGHVHUSDUWLFXODUPHQWHGLItFLOHQODHVFHQDGHXQWUDXPDFXDQGR
IUHTXHQWDPHQWHKDOX]LQDGHFXDGDDFFLRQHVFDyWLFDVHQHODPELHQWHPDODSRVLFLyQGHO
SDFLHQWHKRVWLOLGDGHQORVHVSHFWDGRUHVORVVHQWLPLHQWRVGHORVUHVFDWDGRUHV7RGDV
PDQLREUDVVREUHODYtDDpUHDWLHQHQFRPRREMHWLYR
$VHJXUDUTXHVHHQFXHQWUDODYtDDpUHDSHUPHDEOH
$EULUSURWHJHUODYtDDpUHDTXHVHHQFXHQWUDFRPSURPHWLGD
3URYHHUXQDYtDDpUHDDGHFXDGDFRQPDQLREUDVDYDQ]DGDVVLQRORKDKHFKRSRU
ODVPDQLREUDVHOHPHQWDOHV
/DGHVWUH]DHQEULQGDUODVPDQLREUDVVREUHODYtDDpUHDODUDSLGH]HQDGPLQLVWUDU
R[tJHQRHVXQDSHULFLDGHTXHSDUDPpGLFRVGHEHQWHQHUPDHVWUtD/RVSDFLHQWHVKLSy[LFRV
PDOYHQWLODGRVUHTXLHUHQLQWHUYHQFLyQLQPHGLDWDSDUDVREUHYLYLUORVSULPHURVUHVFDWDGRUHV
TXHOOHJDQDODHVFHQDVRQORV~QLFRVTXHSXHGHQVDOYDUODPDRUtDGHORVSDFLHQWHVFRQYtDV
DpUHDVLQDGHFXDGDV5HVFDWDGRUHVQHFHVLWDQLQLFLDUHOPDQWHQLPLHQWRGHILQLWLYRVREUHODYtD
DpUHDFRPHQ]DUHOVXPLQLVWURGHR[tJHQRFRPRODVSULPHUDVIDVHVGHVXWUDWDPLHQWR3RUOR
WDQWRORVUHVFDWDGRUHVWLHQHQODUHVSRQVDELOLGDGGHVHUH[SHUWRVHQODVPDQLREUDVWpFQLFDV
GHPDQWHQHUXQDYtDDpUHDSHUPHDEOH3DUDGHVDUUROODUSHULFLDHQODVPDQLREUDVGHOPDQHMR
GHODYtDDpUHDKDTXHHQWHQGHUODDQDWRPtDILVLRORJtDGHODSDUDWRUHVSLUDWRULRSRUSULPHUR
FyPRR[LJHQDUYHQWLODUDXQSDFLHQWHDGHFXDGDPHQWH0iVTXHFXDOTXLHURWUDFRVD
RSHUDGRUHVGHDWHQFLyQSUHKRVSLWDODULDHQORV6HUYLFLRVGH8UJHQFLD0HGLFD²$YDQ]DGRVRQ
H[SHUWRVHQHOPDQWHQLPLHQWRGHODYtDDpUHDODYHQWLODFLyQHOVXPLQLVURGHR[tJHQR
3RUTXHHODPELHQWHGHXQDHPHUJHQFLDHVWDQLQSUHGHFLEOHWHQHPRVTXHSHQVDUHQHO
PDQHMRGHODYtDDpUHDHQFXDOTXLHUVLWXDFLyQLPDJLQDEOHFRPRHQXQDXWRGHVWUXLGR
VXVSHQGLGRSRUFXHUGDVGHXQSXHQWHHQFLPDGHXQULRHQHOFHQWURGHXQPHUFDGR
DKRJDQGRVHHQJHQWHDOODGRGHODFDUUHWHUDFRQWUiILFRSHOLJURVRPLHQWUDVVHVRVWLHQHHO
SDFLHQWHHQHODJXDSDUDLQPRELOL]DUHOSDFLHQWHDGHFXDGDPHQWHVREUHODWDEOHPDULQD3DUD
WHQHUODIOH[LELOLGDGUHTXHULGDSDUDDGDSWDUVHDFXDOTXLHUVLWXDFLyQLPDJLQDEOHHORSHUDGRU
WLHQHTXHPDQWHQHUXQUHSHUWRULRGHODVDOWHUQDWLYDVTXHKDSDUDTXHVHSXHGHHVFRJHUOD
PHMRUWpFQLFDSDUDDGDSWDUVHDODVLWXDFLyQDFWXDO/RTXHVLUYHELHQHQXQSDFLHQWHXQGtDQR
QHFHVDULDPHQWHVLUYLUiELHQHOSUy[LPR$OJXQRVSDFLHQWHVVRODPHQWHUHTXLHUHQXQHPSXMH
GHODPDQGtEXODDGHODQWHR[tJHQRRWURVUHTXLHUHQXQDLQWHUYHQFLyQTXLU~UJLFDSDUD
HVFDSDUVHGHODPXHUWH
1RHVWDQLPSRUWDQWHFXiOGHODVPDQLREUDVVHHVFRJHSHURORLPSRUWDQWHTXHKDFHU
HVHPSH]DUFRQODVPDQLREUDVPiVHOHPHQWDOHVSRUSULPHURHLQWHQWDUODVPDQLREUDV
DYDQ]DGDVVRODPHQWHGHVSXpVGHTXHVHKDFXPSOLGRODVEiVLFDV/RPiVLPSRUWDQWHGHWRGR

2. ^KULVWRSKHU5DQFRQW
HVHYDOXDUODHILFDFLDGHODVYHQWLODFLyQHVODR[LJHQDFLyQGHFDGDSDFLHQWHUHFRQRFHU
LQPHGLDWDPHQWHFXDQGRKDTXHFDPELDUVXWUDWDPLHQWR$OFRPHQ]DUVXWUDWDPLHQWRFRQODV
PDQLREUDVDYDQ]DGDVQRWLHQHYDORUFXHVWDHOFHUHEURGHOSDFLHQWHFDGDVHJXQGRTXHSDVD
VLQYHQWLODFLyQ1XQFDHPSH]DUWUDWDPLHQWRSRUDSOLFDUODVPDQLREUDVDYDQ]DGDVVLQSUHYLR
WUDWDPLHQWRFRQODVPDQLREUDVEiVLFDV6HDUUDLJDORVIXQGDPHQWRVGHOPDQHMRGHODYtDHQ
WUHVSULQFLSLRV

3. $LUHGHEHHQWUDUDVDOLUORVSXOPRQHV

4. 2[tJHQRHVHVFHQFLDOSDUDODYLGD

5. (OFRORUD]XOFLDQRVLV

6. GHODSLHOHVPDOR
/DDQDWRPtDGHODSDUDWRUHVSLUDWRULRUHVSLUDFLyQ
(ODSDUDWRUHVSLUDWRULRHPSLH]DFRQODVIRVDVQDVDOHVWHUPLQDHQODPHPEUDQD
FDSLODULDDOYHRODUGHSRUVtXQFDPELRGHJDVHVRFXUUHHQWUHODVFDSLODULDVVDQJXtQHDVHQOD
YDVFXODWXUDSXOPRQDU ORVDOYpRORVORVVDFLWRVGHDLUHHQORVSXOPRQHV

7. (ODSDUDWR
UHVSLUDWRULRFRPSUHQGHODVYtDVUHVSLUDWRULDVTXHFRQGXFHQDLUHFRQVXGHR[tJHQR
DPELHQWDO

8. DORVDOYpRORVGXUDQWHODLQVSLUDFLyQWUDHORVDLUHVGHVSHUGLFLRVDIXHUDHO
GLy[LGRGHFDUERQR

9. TXHYLHQHGHODVDQJUHVHGLIXQGHSRUODPLVPDPHPEUDQDFDSLODULD
DOYHRODU
/DVIRVDVQDVDOHV
/DERFD
/DODULQJH
/DQDVRIDULQJH
(ORURIDULQJH
/DOHQJXD
/DWUiTXHD
/DVFXHUGDVYRFDOHV
/DHSLJORWLV
(OHVyIDJR
/DPHPEUDQH
FULFRWLURLGHD

10. ^KULVWRSKHU5DQFRQW
$OFRPLHQ]RGHODYtDUHVSLUDWRULDVHHQFXHQWUDODFDYLGDGQDVDOODQDVRIDULQJH

11. OD
FDYLGDGRUDOTXHLQFOXHODJDUJDQWDHORURIDULQJH

12. /DQDVRIDULQJHHORURIDULQJHVH
FDOHQWDQVHPRMDQHODLUHLQKDODGRPLHQWUDVVHORILOWUDFRQORVSHOLWRVGHVXVPHPEUDQDV
PXFRVDV(VWRVWHMLGRVFRQWLHQHQPXFKRVYDVRVVDQJXtQHRVOLQIiWLFRV(QFXDQWRVHXVDXQ
WXERHQGRWUDTXHDOVHURGHDHVWDVHVWUXFWXUDVSLHUGDODSURWHFFLyQTXHHOODVRIUHFHQSRUOR
WDQWRKDTXHDVLPLODUDOJXQDVGHODVUHVSRQVLELOLGDGHVGHHVWRVWHMLGRV3RUHVRHV
LPSRUWDQWHVXFFLRQDUVHFUHFLRQHVSRUHOWXERGHYH]HQFXDQGRLJXDOTXHFDOLHQWDUVH
KXPHGDUVHHODLUHHQXQSDFLHQWHLQWXEDGRSRUFLHUWRWLHPSRVLHVSRVLEOH
/DW~QLFDGHODYtDUHVSLUDWRULDODVXSHUILFLHDGHQWURGHODVYtDV

13. HVGHOLFDGD
FRQWLHQHPXFKRVYDVRVVDQJXtQHRVSRUHVWRKDTXHWUDWDUODFRQGHOLFDGH]DXVDUMDOHD
OXEULFDQWHFRQHOWXERHQGRWUDTXHDO/DFDYLGDGQDVHOHVWDGLYLGLGDHQHOFHQWURSRUHO
VHSWXPQDVDOHQWUHODVIRVDVQDVDOHVVLJXLHQGRHQHOFHQWURKDVWDODSDUWHSRVWHULRUGHOD
QDVRIDULQJH(QODVSDUHGHVODWHUDOHVGHODQDVRIDULQJHKDHVWDQWHVTXHVHOODPDQ
WXUELQDGRVODVFRQFKDVQDVDOHV

14. TXHVLUYHQSDUDDXPHQWDUHOiUHDGHOVXSHUILFLHGHOD
QDUL]DVtDXPHQWDUHOQLYHOGHILOWUDFLyQHKXPLGLILFDFLyQGHODLUH(QODLQVHUFLyQGHOWXER
SRUODQDUt] VHUHVEDODHOELVHOGHOWXERELHQOXEULFDGRDORODUJRGHOVXHORGHOVHSWXPGHOD
FDYLGDGQDVDODVtVHHYLWDGDxRDORVWXUELQDGRV
/RVGLHQWHVVRQODSULPHUDREVWUXFFLyQDODYtDSRUODERFDSXHGHQVHUPiV
REVWUXFWLYRVHQDOJXQDVTXHRWURV3RUOR JHQHUDOKDXQFyGLJRTXHHOUHVFDWDGRUTXLHUH
VHJXLU£(OSDFLHQWHGHEHWHQHUODPLVPDFDQWLGDGGHGLHQWHVDQWHVGHVSXpVGHVXWUDWDPLHQWR7HQJD
FXLGDGRFRQHOODULQJRVFRSLRRVHSXHGHURPSHUORVGLHQWHV
/DOHQJXDTXHHVXQSHGD]RGHP~VFXORJUDQGHFRPSUHQGHODVHJXQGDREVWUXFFLyQ
SRVLEOHGHODYtDDHUHDHVODFDXVDPiVFRP~QGHREVWUXFFLyQGHODYtDDpUHD /D
OHQJXDMXQWDDQWHULRUPHQWHFRQP~VFXORVOLJDPHQWRVDODKLRLGHDXQKXHVRHQIRUPDGH
HVSROHWDGHEDMRGHODEDUELOODTXHVXVSHQGHORVFDUWtODJRVGHOODULQJHODWUiTXHD(OHSLJORWLV
WDPELpQVHXQHFRQODKLRLGHDVXSHULRUDOJORWLVODDSHUDWXUDDODWUiTXHDGHODIDULQJXH

15. RQ
7UiTXHD
DULQD
/RVEURQTXLRV
/RVEURQTXLRVOREXODUHV
/RVOREXORVSXOPRQDUHV
/DVFRQFKDVQDVDOHV
ORVWXUELQDGRV

16. VXSHULRUPHGLRHLQIHULRU

17. ^KULVWRSKHU5DQFRQW
'XFWRVDOYHRODUHV
ODHOHYDFLyQGHODKLRLGHDDQWHULRUPHQWHSRUOHYHQDWHUODEDUELOODRHPSXMDUODPDQGtEXOD

18. VH
OHYDQWDUiHOHSLJORWLVDEULUiODYtDGHDLUH
(OHSLJORWLV HVXQDHVWUXFWXUDGH
SDUWLFXODULQWHUpVGHODYtDUHVSLUDWRULD
KDTXHIDPLOLDUL]DUVHFRQpODODYLVWD
SRUHOWDFWR6HSDUHFHFRPRXQSHGD]R
GHFDUWtODJRFXELHUWRGHPXFRVDSRU
WDFWRFRPRHOWUDJRODSURWXUEHUHQFLD
WULDQJXODUHQODSDUWHH[WHUQDGHORLGR
(OHSLJORWLVSURWHJHODDSHUDWXUDGHOD
,QVSLUDFLyQXQDDFFLyQDFWLYD(OGLDIUDJPD
ORVP~VFXORVLQWHUFRVWDOHVFRQWUDHQTXH
DXPHQWDHOWDPDxRGHODFDYLGDGGHOWyUD[
HVWDH[SDQVLyQGHOSHFKRFUHHXQDSUHVLyQ
QHJDWLYHDGHQWURGHOSHFKRTXHFKXSDDLUH
GHVGHDIXHUDSRUODWUiTXHD
$OYpRORV VDTXLWRVGHDLUHDODSXQWDGHODV
YLDVUHVSLUDWRULDVDTXtRFXUUH HOFDPELRGH
JDVHVR[tJHQRGLy[LGRGHFDUERQR

19. FRQORV
YDVRVVDQJXtQHRVSXOPRQDUHV
%URQFKLRORV
0~VFXORVOLVRV
([KDODFLyQ XQDDFFLyQSDVLYD/RV
P~VFXORVLQWHUFRVWDOHVHOGLDIUDJPD
UHODMDQTXHGLVPLQXHHOWDPDxRGHO
WyUD[ODSUHVLyQGHDLUHHQHOWyUD[
DXPHQWDHODLUHHVFDSDDIXHUDEDMR
HVWDSUHVLyQ

20. ^KULVWRSKHU5DQFRQW
WUiTXHDJORWLV

21. DOGHJOXWLU(OHSLJORWLV
VHXQHFRQODEDVHGHODOHQJXDHQXQ
VLWLROODPGRODYHOHFXODHVWiFRQHFWDGRDOKXHVRKLRLGHRODPDQGtEXODSRUOLJDPHQWRV
P~VFXORV$OUHODMDUORVUHIOHMRVHQORVSDFLHQWHVLQFRQVFLHQWHVODOHQJXDFDHDWUiVHQOD
JDUJDQWDSXHGHFDXVDUXQDREVWUXFFLyQGHODYtDGHDLUHSRUVHOODUODDSHUDWXUDGHODWUiTXHD
EDMRHOSHVRGHODOHQJXD£(OSDFLHQWHLQFRQVFLHQWHHQSRVLFLyQVXSLQDWHQGUiXQD
REVWUXFFLyQGHODDSHUDWXUDGHOJORWLVSRUHOHSLJORWLVVLOD
FDEH]DHVWiHQSRVLFLyQQHXWUDO(VGHVXPDLPSRUWDQFLDHVWDUDOHUWDD
HVWHKHFKRSDUDDVHJXUDUXQDYtDDpUHDDELHUWD+DTXH
GHVSOD]DUODOHQJXDHOHSLJORWLVODVHVWUXFWXUDVFRQHFWDGDV
DODKLRGHD

22. DQWHULRUPHQWHSRU OHYDQWDUODEDUELOODOD
PDQGtEXODRSRUKDODUODOHQJXDDGHODQWH(VWDVPDQLREUDV
OHYDQWDQODOHQJXDHOHSLJORWLVVXHOWRGHODSDUHGSRVWHULRU
GHOIDULQJXHDVtDEUDODDSHUDWXUDDODWUiTXHD+DTXH
UHDOL]DUODHOHYDFLyQGHHVWDHVWUXFWXUDSRUOHYDQWDUOD
PDQGtEXODKDODUODOHQJXDPLHQWUDVVHLQWHQWDOD
LQWXEDFLyQGHODWUiTXHDSRUODERFDRSRUODQDUt]
$FDGDODGRGHOHSLJORWLVVHHQFXHQWUDGRV
FRQFDYLGDGHV ODVIRVDVSLULIRUPDVHQODVTXHVHSXHGH
PHWHUODSXQWDGHXQWXERHQGRWUDTXHDO/DXELFDFLyQ
GHOWXERHQGRWUDTXHDOHQODIRVDSLULIRUPDVHSUHVHQWD
FRPRXQDSURWXEHUDQFLDDXQODGRGHODSURPLQHQFLD
ODULQJXHD
/DVFXHUGDVYRFDOHVHVWiQSURWHJLGDVDGHQWUR
GHOFDUWtODJRWLURLGHRHQIRUPDGHODOHWUDFFRQVX
DSHUDWXUDDOSRVWHULRUHVWiFXELHUWDSRUXQP~VFXOR
TXHFRQWURODODWHQVLyQGHODVFXHUGDVYRFDOHVDVt
FRQWURODHOWRQRGHODYR]
(QDOJXQRVSDFLHQWHVHOHVSDVPRGHORVP~VFXORVDOUHGHGRU
GHODODULQJHHOODULQJRHVSDVPR SXHGHFDXVDUXQDREVWUXFFLyQ
FRPSOHWDGHODWUiTXHD(OFDUWtODJRWLURLGHRHVODSURPLQHQFLD
PiVREYLDGHODODULQJXHTXHVHYHHQHOFXHOOR
/HQJXD
(SLJORWLV
XHUGDVYRFDOHV
$SHUDWXUHGHOD
7UiTXHDJORWLV

23. 'XUDQWHLQVSLUDFLyQSURIXQGD
'XUDQWHIRQDFLyQDOKDEODU

24. DUWtODJRWLURLGHR
DUWtODJRFLFRLGHR
DUWtODJRV
WUDTXHDOHV

25. ^KULVWRSKHU5DQFRQW
'HEDMRGHOFDUWtODJRWLURLGHRVHKDOODHO
FULFRLGHTXHHVRWURFDUWtODJRHQIRUPDGHODOHWUD
FTXHVHSXHGHSDOSDUFRPRXQDSHTXHxDMRURED
GHEDMRGHODSURPLQHQFLDGHOWLURLGHRDODQWHULRUGHOFXHOOR$WUiVGHODSDUHGSRVWHULRUGHO
FULFRLGHHVWiHOHVyIDJRVHSXHGHFRPSULPLUHOHVyIDJRFRQODDSOLFDFLyQGHSUHVLyQVREUH
HOFULFRLGHODPDQLREUDGH6HOOLFN

26. 6HDSOLFDODPDQLREUDGH6HOOLFNSDUDHYLWDUODDVSLUDFLyQ
GHFRQWHQLGRJiVWULFRVLHOSDFLHQWHHFKDYyPLWRVSDUDHYLWDU ODLQVXIODFLyQGHDLUHHQHO
HVWyPDJRGLVWHQVLyQJiVWULFD

27. PLHQWUDVYHQWLODUDOSDFLHQWHFRQPiVFDUDRERFD7DPELpQOD
DSOLFDFLyQGHSUHVLyQVREUHHOFULFRLGHGXUDQWHYHQWLODFLyQIDFLOLWDODYHQWLODFLyQSRUEROVD
YiOYXODPiVFDUD$0%8

28. PXFKR
(QWUHHOFDUWLDJRWLURLGHVHOFDUWtODJRFULFRLGHVKDXQDPHPEUDQDTXHXQHODVGRV
HVWUXFWXUDVTXHVHOODPDODPHPEUDQDFULFRWLURLGHD/DPHPEUDQDFULFRWLURLGHDHVXQD
HVWUXFWXUDDQDWyPLFDLPSRUWDQWHDOSDUDPpGLFRSRUTXHDTXtVHUHDOL]DODSXQFLyQ
FULFRWLURLGHDRODFULFRWLURLGHRVWRPtDTXLU~UJLFD

29. SRUVt VHSXHGHDOFDQ]DUDFFHVRGLUHFWRD
ODWUiTXHDGHEDMRGHODQLYHOGHODVFXHUGDVYRFDOHV6HSXHGHLGHQWLILFDUSDOSDUOD
PHPEUDQDFULFRWLURLGHDSRUKDOODUODSURPLQHQFLDGHOWLURLGHRVLHQWHODMRUREDGHOFULFRLGH
GHEDMRODPHPEUDQDFULFRWLURLGHDFRQHFWDODVGRVHVWUXFWXUDVHVWiLQPHGLDWDPHQWHVXSHULRU
DOFULFRLGH
/DWUiTXHDFRQWLQ~DDEDMRGHOFULFRLGHFRQDQLOORVGHFDUWtODJRFLUFXQGDQWHVHQIRUPD
GHODOHWUDFSDUDSURWHFFLyQDOIUHQWH/DSDUWHDELHUWDGHORVFDUWtODJRVGHODWUiTXHDHVWi
SRVWHULRUFRQWUDHOHVyIDJRSRUHVRXQREMHWRH[WUDxRHQHOHVyIDJRSXHGHFRPSULPLUOD
SDUWHDELHUWDGHORVFDUWtODJRVFDXVDUXQDREVWUXFFLyQGHODWUiTXHD/DWUiTXHDWHUPLQD
GHEDMRGHOHVWHUQyQGRQGHGLYLGHHQODVGRVUDPDVHOEURQTXLRGHUHFKDHOEURQTXLR
LVTXLHUGD(OFDUWtODJRTXHVHHQFXHQWUDHQHVWDELIXUFDFLyQGHODWUiTXHDVHOODPDODFDULQD
+XHVRKLRGHR
/DJOiQGXODWLURLGHV
XQDPLJR£1RVHFRUWD
PLHQWUDVLQWHQWDUOD
SXQFLyQFULFRWLURLGHD
DUWtODJRFULFRLGHR
0HPEUDQD
FULFRWLURLGHD
DUWtODJRWLURLGHR
0~VFXORHQWUHHOHVyIDJRODWUiTXHD
/DFDULQD

30. ^KULVWRSKHU5DQFRQW
(VLPSRUWDQWHVDEHUTXHHOEURQTXLRGHUHFKDVDOHODWUiTXHDFRQPHQRViQJXORTXHHO
EURQTXLRLVTXLHUGDGHELGRDHVWHKHFKRXQWXERLQVHUWDGRGHPDVLDGRSURIXQGRHQWUDUiHO
EURQTXLRGHUHFKR$GHPiVREMHWRVH[WUDxRVLQKDODGRVSRUORJHQHUDOOOHJDQDOEURQTXLR
GHUHFKRWDPELpQFDXVDQGRXQDREVWUXFFLyQGHOSXOPRQGHUHFKR'HVSXpVGHSRQHUXQWXER
HQGRWUDTXHDOKDTXHDVHJXUDUVHTXHQRHVWiFRORFDGRHQHOEURQTXLRGHUHFKDKD
SUHVHQFLDGHVRQLGRVUHVSLUDWRULRVLJXDOHVHQORVGRVODGRVGHOSHFKR
3DUDVDEHUGRQGHHVWiFRORFDGDODSXQWDGHOWXERHQGRWUDTXHDOHQUHODFLyQDORV
KLWRVDQDWyPLFRVGHODYtDDpUHDHOWXERWLHQHXQDUHJODHQFHQWtPHWURVLPSULPLGDVREUHpO
+DTXHUHFRUGDUWUHVQ~PHURVSDUDVDEHUODGLVWDQFLDHQWUHORVKLWRV
DQDWyPLFRVLPSRUWDQWHVORVGLHQWHVHQDGXOWRV

31. FHQWtPHWURVHVODGLVWDQFLDHQWUHORV
GLHQWHVODVFXHUGDVYRFDOHVFPHVODGLVWDQFLDHQWUHORVGLHQWHVODUDQXUDVREUHHO
HVWHUQyQFPHVODGLVWDQFLDHQWUHORVGLHQWHVODFDULQDGRQGHUDPLILFDODWUiTXHDHQORV
EURQTXLRV6LHOSDFLHQWHLQWXEDGRIOH[LRQDRH[WLHQGHHOFXHOORHODFWRSXHGHPRYHUHOWXER
RFPPiVDGHQWURRDIXHUDHQWRQFHVVHTXLHUHHYLWDUWRGRPRYLPLHQWRGHODFDEH]DHQ
HOSDFLHQWHLQWXEDGR(OXVRGHFLQWDDGKHVLYDXRWURXWHQVLOLRSDUDILMDUODFDEH]DHQXQ
SDFLHQWHLQWXEDGR GLVPLQXHODSRVLELOLGDGGHGHVDORMDPLHQWRGHOWXERGDxRGHOD
PHPEUDQDPXFRVRGHODWUiTXHD$GHPiVDOILMDUODFDEH]DGLVPLQXHODHVWLPXODFLyQGHORV
UHIOHMRVGHSURWHFFLyQGHODYtDGHDLUHFRQHOUHVXOWDGRGHPDQWHQHUHOHVWDGRFLUFXODWRULR
HVWDEOH LJXDOTXHHYLWDUHODXPHQWRGHODSUHVLyQLQWUDFUDQHDO
3DUDSURWHJHUODYtDDpUHDGHREVWUXFFLyQGLVPLQXLUHOULHVJRGHDVSLUDFLyQHQODV
YtDVHOFXHUSRWLHQHUHIOHMRVYLYRVTXHUHVSRQGHQGHHVWtPXORDORVQHUYLRVH[WHQLVLYRVHQODV
PHPEUDQDVGHORV WHMLGRVGHODWUiTXHDHORURIDULQJXH/RVUHIOHMRVGHGHJOXFLyQDEUHERFDV
WRVDHVWtPXORGHODSDUWHVXSHULRUGHODSDUDWRUHVSLUDWRULRDIHFWDQHOFRUD]yQHODSDUDWR
FLUFXODWLRULRLJXDOTXHODSUHVLyQLQWUDFUDQHDO6HSXHGHSURWHJHUDORVSDFLHQWHV LQWXEDGRVGH
HVWRVHIHFWRVGHVDGHFXDGRVSRUILMDUHOWXERODFDEH]DGHOSDFLHQWHSRUHOXVRGHMDOHDFRQ
OLGRFDLQDFRPROXEULFDQWHVLHOSDFLHQWHQRWLHQHDOHUJLDDOLGRFDLQD

32. /RVSXOPRQHVVRQORVyUJDQRVTXHFXPSOHQHOFDPELRGHJDVHVHQWUHODVDQJUHORV
DOYpRORVWLHQHQODIRUPDGHVDFRVRDVSRQMDVFRQWHQLGRVDGHQWURGHODFDYLGDGWRUiFLFD
+DXQHVSDFLRSRVLEOHHQWUHODPHPEUDQDTXHFXEUHORVSXOPRQHVODSOHXUDYLVFHUDO

33. OD
PHPEUDQDTXHFXEUHODVXSHUILFLHLQWHULRUGHODFDYLGDGWRUiFLFDODSOHXUDSDULHWDO

34. 6RODPHQWHGHEHVHUXQDVRODDSHUDWXUDKDFLDDIXHUDGHORVSXOPRQHVHOJORWLVHQWUHGHODV
FXHUGDVYRFDOHV/DH[SDQVLyQGHODVSDUHGHVGHOSHFKRHOPRYLPLHQWRGHODGLDIUDJPD
DEDMRVHKDFHQORVSXOPRQHVGLODWDUDLUHFRUUHSRUHOJORWLVODWUiTXHDORVEURQTXLRVORV
EURQTXLRORVKDFLDORVDOYpRORVGRQGHORVJDVHVFDPELDQFRQORVJDVHVHQODVDQJUH
/DUHVSLUDFLyQ QRUPDORFXUUHGHELGRDODH[SDQVLyQGHODFDYLGDGWRUiFLFDODSUHVLyQ
HQORVDOYpRORVGLVPLQXHVLQRKDHVSDFLRHQWUHGHODVPHPEUDQDVSDULHWDOYLVFHUDO

35. OD
SUHVLyQQHJDWLYDFKXSDDLUHSRUODVYtDVVXSHULRUHVGHVGHDIXHUD(QXQSDFLHQWHTXHQR
FXPSOHHVWRRSRUDOJXQDUD]yQUHTXLHUHDVLVWHQFLDUHVSLUDWRULDWHQHPRVTXHERPEHDUDLUH
FRQR[tJHQRDGHQWURSRUYHQWLODUDOSDFLHQWH ODYHQWLODFLyQLQWHUPLWHQWHGHSUHVLyQ
SRVLWLYDRQFXDOTXLHUXWHQVLOLRTXHXVHPRVHOERPEHDUDLUHRR[tJHQRHQHORURIDULQJXH
QRDVHJXUDTXHYDDDHQWUDUHQHOJORWLVORVSXOPRQHVVLODSUHVLyQGHORURIDULQTXH
VREUHSDVDFP+2HOHVyIDJRDEULUiSHUPLWLUiDLUHSDVDUDOHVWyPDJRFDXVDUOD
GLVWHQVLyQJiVWULFD 3DUDHYLWDUODGLVWHQVLyQJiVWULFDPLHQWUDVVHDGPLQLVWUDYHQWLODFLyQ
LQWHUPLWHQWHGHSUHVLyQSRVLWLYDVHDSOLFDODPDQLREUDGH6HOOLFN/DPDQLREUDGH6HOOLFNHV

36. ^KULVWRSKHU5DQFRQW
HVSHFLDOPHQWHLPSRUWDQWHFXDQGRVHDSOLFDODYHQWLODFLyQSRUEROVDYiOYXODPiVFDUDRSRU
ERFDVLQXQWXERHQGRWUDTXHDOFXDQGRDXPHQWDODSUHVLyQDPELHQWDOGHORURIDULQJXH
/DYHQWLODFLyQHVHOPRYLPLHQWRGHDLUHRJDVHVDGHQWURGHDIXHUDGHORVSXOPRQHV
(ODGXOWRHQHVWDGRGHUHSRVRLQKDODRPLOLOLWURVGHDLUHFRQFDGDUHVSLUDFLyQ6H
OODPDHVWHYROXPHQTXHXQRUHVSLUDHOYROXPHQWLGDO VLVHPXOWLSOLFDHVWHQ~PHURSRUOD
IUHTXHQFLXDUHVSLUDWRULDSRUPLQXWRSDUDREWHQHUHOYROXPHQGHOPLQXWR GHDLUHTXHHO
SDFLHQWHUHVSLUD/RQRUPDOHVHQWUHOLWURVSRUPLQXWRPHQRVTXHOSPHVOD
KLSRYHQWLODFLyQ PiVTXHOSPHVODKLSHUYHQWLODFLyQ/DFRQGLFLyQHQTXHODIUHTXHQFLD
UHVSLUDWRULDHVWDQDOWDTXHVtQWRPDVDSDUHFHQGHORVQLYHOHVGHGLy[LGRGHFDUERQR
GLVPLQXLGRVVHOODPDHOVtQGURPHGHKLSHUYHQWLODFLyQ 0XFKDVYHFHVHVWDFRQGLFLyQ
UHVXOWDGHDQVLHGDGDXQTXHSXHGHVHULQGLFDFLyQGHXQSUREOHPDPHWDEyOLFRFRPRDFLGRVLV
NHWRDFLGRVLVHQXQGLDEpWLFRRGHXQDKHULGDGHODFDEH]D
XDQGRVHDSOLFDODYHQWLODFLyQLQWHUPLWHQWHGHSUHVLyQSRVLWLYDKDTXHSHQVDUHQHO
YROXPHQGHDLUHTXHVXPLQLVWUDUFRQFDGDYHQWLODFLyQPXOWLSOLFDUHVWHQ~PHURSRUOD
IUHTXHQFLDUHVSLUDWRULDSDUDGHWHUPLQDUHOYROXPHQSRUPLQXWRUHSDUWLGRDOSDFLHQWH(O
DSDUDWREROVDYiOYXODPiVFDUD%90R$0%8Š

37. GHMDPDVFRQWURODOYHQWLODGRUSDUD
VHQWLUVHODSUHVLyQSXOPRPQDUDVtVHQWLUODUHVLVWHQFLDRGRFLOLGDGGHORVSXOPRQRVFRQODV
PDQRVHQFDGDYHQWLODFLyQTXHVHDSOLFD$VtWDPELpQFRQHO%90HOUHVFDWDGRUSXHGH
EULQGDUYHQWLODFLyQFRQSUHVLyQEDMDHOPtQLPRSDUDLQVXIODUDORVSXOPRQHVMXQWRFRQOD
PDQLREUDGHVHOOLFNSDUDHYLWDUGLVWHQVLyQJiVWULFD
(OYRO~PHQTXHVXPLQLVWUDXQDSDUDWREROVDYiOYXODPiVFDUDSRUORJHQHUDOHVPHQRV
TXHHOYRO~PHQTXHVXPLQLVWUDXQDYiOYXODPiVFDUDGHGHPDQGDTXHDGPLQLVWUD
SRUFLHQWRR[tJHQRSHURFRQXQDSUHVVLyQLQPHQVDKDVWDFP+J

38. TXHJDUDQWL]D
GLVWHQVLyQJiVWULFD/DEROVDGHXQDEROVDYiOYXODPiVFDUDVRVWLHQHPLOLOLWURVGHDLUH
SHURFRQHODSULHWRGHXQDPDQRXQDGXOWRSXHGHGDUVRODPHQWHDPLOLOLWURV
DSUR[LPDGDPHQWH

39. GHDLUHFRQHVWHDSDUDWR FRQGRVPDQRVVHSXHGHDSUHWDUDOUHGHGRUGH
DPLOLOLWURVGHDLUHGHODEROVD
0HLQWUDVVHDSOLFDODYHQWLODFLyQDXQSDFLHQWHFRQDLUHRR[tJHQRODHODVWLFLGDGGHORV
SXOPRQHVODFDYLGDGWRUiFLFDVHSXHGHVHQWLUFRQODUHVLVWHQFLDDODYHQWLODFLyQFXDQGRVH
XVDHODSDUDWREROVDYiOYXODPiVFDUD/DHODVWLFLGDGQRUPDOGHORVSXOPRQHVODFDYLGDG
WRUiFLFDSHUPLWHHODLUHSDVDUSRUODDSHUDWXUDGHOJORWLVIDFLOPHQWHFRQSRFDGLVWHQVLyQ
JiVWULFD3HURVLODHODVWLFLGDGHVPDODVHUiGLItFLOGDUXQDYHQWLODFLyQPiVDLUHYDDSDVDUDO
HVWyPDJR3RUHVWDVUD]RQHVXQRGHEHPHGLUODHODVWLFLGDGGHORVSXOPRQHVDOWDFWRFXDQGR
FRPSULPHODEROVD UHILHUHDODGRFLOLGDGRUHVLVWHQFLDGHOSDFLHQWHDODVYHQWLODFLRQHV
/DREHGLHQFLDRGRFLOLGDGGHORVSXOPRQHVODFDYLGDGWRUiFLFDDODVYHQWLODFLRQHVHV
XQFRQFHSWRPXLPSRUWDQWHGHVWUH]DHQODKDELOLGDGGHYHQWLODFLyQVHEDVHHQSRGHU
VHQWLUORVSROPRQHVOOHQDUFRQDLUH/DREHGLHQFLDGLVPLQXHHQSDFLHQWHVFRQFLHUWDV
HQIHUPHGDGHVHQILVLPD

40. HQSDFLHQWHVFRQFLHUWDVFRQGLFLRQHVGHELGRDWUDXPD
QHXPRWyUD[KHPRWyUD[QHXPRWyUD[GHWHQVLyQODKHUQLDKLDWHOUXSWXUDGHOGLDIUDJPD

41. (Q
XQSDURFDUGtDFRODUHVLVWHQFLDGHORVSXOPRQHVHOWyUD[GLVPLQXHSRUTXHKDPDOD
FLUFXODFLyQGHVDQJUHSRUORVP~VFXORVUHVSLUDWRULRVTXHKDFHODYHQWLODFLSRQPiVGLItFLO(O
HPSHRUDPLHQWRGHODREHGLHQFLDDODYHQWLODFLyQSXHGHVHUHOSULPHUVLJQRGHOGHVDUUROORGH
XQQHXPRWyUD[GHWHQVLyQTXHVHSUHVHQWDDQWHVGHRWUDVVtQWRPDV/DLQWXEDFLyQGHO
EURQTXLRGHUHFKDVLHOWXERSDVDGHPDVLDGRSURIXQGRWDPELpQFDXVDPDODREHGLHQFLDDOD
YHQWLODFLyQTXHHVGHWHFWDEOHDOWDFWRDOUHWLUDUVHHOWXERDOJXQRVFHQWtPHWURVDIXHUDGHOD
FDULQDVHPHMRUDSHUFHSWLEOHPHQWH3RUORWDQWRODREHGLHQFLDDODYHQWLODFLyQHVXQVLJQR
GLDJQyVWLFRGHPXFKRYDORUGHMHVDEHUHOUHVFDWDGRUFRQWtQXDPHQWHHOHVWDGRUHVSLUDWRULR
GHOSDFLHQWHLQWXEDGR

42. ^KULVWRSKHU5DQFRQW
/DHYDOXDFLyQUHVSLUDWRULD GHOSDFLHQWH
(YDOXDFLRQGHODYtDDpUHD
$EULU ODYtDDpUHDOLEHUDUODOHQJXDIXHUDGHODSDUHGSRVWHULRUGHOIDULQJH
2EVHUYH HOPRYLPLHQWRGHOSHFKRHVFXFKH ORVVRQLGRVGHODUHVSLUDFLyQVLHQWD
ODUHVSLUDFLyQHQVXPHMLOOD5HYLVDSRUDVHJXQGRV
'DULQVXIODFLRQHVGHUHVFDWHLQPHGLDWDPHQWHVLODYtFWLPDQRUHVSLUD
(YDOXDFLyQGHUHVSLUDFLyQ
2EVHUYH HOFXHOORSDUDODSRVLFLyQHOPRYLPLHQWRGHODWUiTXHDYHQDVXJXODUHV
GLVWHQGLGDVKLQFKDGDV

43. HOXVRGHOP~VFXORHVWHUQRFOHLGRPDVWRLGHRSDUD
LQKDODFLyQ
2EVHUYHPRYLPLHQWRGHOSHFKRFRQFDGDLQKDODFLyQH[KDODFLyQH[SRQHUHO
WyUD[VLHVQHFHVDULRHVSHFLDOPHQWHHQYtFWLPDVGHWUDXPD%XVTXHSDUDKHULGDV
SHQHWUDQWHVPRYLPLHQWRVSDUDGyMLFRVGHOSHFKRFRQUHVSLUDFLyQREVHUYHSDUD
HOXVRGHRWURVP~VFXORVDFFHVRULRVSDUDUHVSLUDFLyQP~VFXORWUDSHFLRP~VFXORV
LQWHUFRVWDOHV

44. RGLILFXOWDGUHVSLUDWRULD
6LHQWH HOPRYLPLHQWRGHOSHFKRDQRWHFUHSLWDFLyQRGRORUDWRFDU
(VFXFKHDXVFXOWHORVVRQLGRVUHVSLUDWRULRVFRQHOHWHWRVFySLRDQRWHVLVH
HVXFKDXQRGHORVVLJXLHQWHVVRQLGRV
D 6RQLGRVUHVSLUDWRULRVQRUPDOHVLJXDOHVHQWRGRVORVORERVGHORV
SXOPRQHV
E 6RQLGRVGLVPLQXLGRVLQILOWUDFLyQLQDGHFXDGDGHOSXOPyQFRQDLUHVLORV
VRQLGRVVRQGLVPLQXLGRVHQDOJ~QSDUWHRODGRGHOSXOPyQSXHGH
VLJQLILFDUQHXPRWyUD[KHPRWyUD[HIXVLyQSOHXUDODWHOHFWDVLVRFRODSVR
SDUFLDOGHXQSXOPyQ
F 6RQLGRVDXVHQWHVODIDOWDGHUHVSLUDFLyQDGHFXDGDREVWUXFFLyQGHODYtD
DpUHD
G 5RQTXLGRVTXHVLJQLILFDQREVWUXFFLyQSDUFLDOGHODYtDDpUHDSRUODEDVH
GHODOHQJXDRHOHSLJORWLVVREUHODSDUHGSRVWHULRUGHOIDULQJH
H (OHVWULGRUUXLGRVFRPRHOODGULGRGHXQDIRFDTXHUHVXOWDGHHGHPDR
REVWUXFFLyQSDUFLDOGHODWUDTXHD6HHVFXFKDHVWULGRUIUHTXHQWHPHQWHHQ
WRVGHFUXSRJDUURWLOORVtQGURPH UHVSLUDWRULDYLVWRHQORVQLxRVTXH
UHVXOWDHQKLQFKD]yQGHODWUDTXHD

45. WDPELpQHQUHDFFLyQDOpUJLFDVHYHUD
ODDQDILOD[LV

46. WDPELpQHQKHULGDVGHLQKDODFLyQGHJDVHVFDOLHQWHVR
TXLPLFDVLUULWDQWHVODHGHPDODUtQJHDWUDTXHDO

47. I 5RQTXLGRVEURQTXLDOHVVRQLGRVDXVFXOWDGRVVREUHORVEURQTXLRVTXH
VRQUXLGRVRVHLQGLFDQREVWUXFFLyQSDUFLDOGHORVEURQTXLRVODVYtDV
VXSHULRUHV

48. 6HHVFXFKHQURQTXLGRVEURQTXLDOHVPiVGXUDQWHWRV
H[KDODFLyQIUHTXHQWDPHQWHVRQUHVXOWDGRVGHODEURQTXLWLV$YHFHV
GHVSXpVGHWRVSURGXFWLYRORVURQTXLGRVEURQTXLDOHVGLVPLQXHQSRFR
J 5XLGRVVLOEDGRVRP~VLFRVUHVROODUIUHTXHQWHPHQWHUHVSLUDUFRQ
GLILFXOWDG6LJQLILFDREVWUXFFLyQSDUFLDOGHODVYtDVLQIHULRUHVGHELGRD
HVSDVPRRHGHPDEURQTXLDOFRPRHQHODVPDLQVXILFLHQFLDFDUGtDFDOD
LQKDODFLyQGHJDVHVRTXtPLFRVLUULWDQWHVODEULRQTXLDOLWLVHQQLxRVPHV
GHXQDxRGHHGDG

49. ^KULVWRSKHU5DQFRQW
6tQWRPDV(QODHYDOXDFLyQGHOSDFLHQWHFRQDOJ~QDTXHMDUHVSLUDWRULDHVLPSRUWDQWHREWHQHU
ODVLJXLHQWHLQIRUPDFLyQ
D ¢XiQGRHPSH]yORVVtQWRPDV
E ¢RPHQ]ySRFRDSRFRRGHUHSHQWH
F ¢DPELDORVVtQWRPDVFRQFDPELDGHSRVLFLyQ
G ¢+DWHQLGRWRVSURGXFWLYR
H ¢+DGRORUDVRFLDGRFRQODFRQGLFLyQ
I ¢7RPDPHGLFDFLRQHVSDUDODFRQGLFLyQ
J ¢7LHQHKLVWRULDPpGLFDGHDOJ~QFRQGLFLyQDVPDHQIHUPHGDGSXOPRQDUGH
REVWUXFFLyQFUyQLFD
6LJQRV/RVVLJXLHQWHVVRQORVVLJQRVGHSUREOHPDVUHVSLUDWRULRV«
D $OHWHRQDVDO
E 0RYLPLHQWRRGHVYLDFLyQGHODWUDTXHD
F 5HWUDFFLyQGHORVP~VFXORVLQWHUFRVWDOHVGHOHVWHUQyQHQQLxRVGXUDQWH
LQKDODFLyQ
G 8VRGHPXVFXORVDFFHVRULRVSDUDUHVSLUDFLyQFXHOORWUDSHVLRGLDIUDJPD
iEGRPHQ
H (OFLDQRVLVWHPSUDQRVHYHHOFLDQRVLVHQODPXFRVDRUDOORVODELRVHQODVXxDV
I 8QSHFKRKLSHUWUyILFRFRPREDUULO
J 5HVSLUDFLyQDVLPpWULFDXQODGRPXHYHPiVTXHHORWUR
K 0RYLPLHQWRVSDUDGyMLFRVGHOSHFKRGXUDQWHUHVSLUDFLyQ
/D$GPLQLVWUDFLyQGHR[tJHQR
XDOTXLHUSDFLHQWHTXHVHHQFXHQWUDHQXQDFRQGLFLyQPpGLFDRYtFWLPDGHWUDXPD
TXHKDFHHOUHVFDWDGRUVRVSHFKDODQHFHVLGDGGHDGPLQLVWUDUR[tJHQRGHEHUHFLELUR[tJHQR
8QSDFLHQWHHQXQDFRQGLFLyQFUtWLFDRFRQXQDFRQGLFLyQDJXGDGHEHUHFLELUXQDOD
FRQFHQWUDFLyQGHR[tJHQRPiVDOWDSRVLEOH/D~QLFDFRQFLGHUDFLyQTXHKDTXHWHQHUHVOD
SRVLELOLGDGGHTXHSDFLHQWHVFRQXQDKLVWRULDPpGLFDGHHQIHUPHGDGHVSXOPRQDUHVFUyQLFDV
FRPRHOHQILVLPDSXHGHGHWHQHUGHUHVSLUDUFRQODDGPLQLVWUDFLyQGHDOWDVFRQFHQWUDFLRQHV
GHR[tJHQR/DUD]yQSDUDODTXHHVWRVSDFLHQWHVGHWLHQHQGHUHVSLUDUVHUiGLVFXWLGRHQHO
SUy[LPRFDStWXOR/RLPSRUWDQWHHVTXHVLHPSUHHVWDUHYDOXQDGRODVUHVSLUDFLRQHVGH
FXDOTXLHUSDFLHQWHVHUSUHSDUDGRSDUDDVLVWLUFRQYHQWLODFLyQGHSUHVLyQSRVLWLYHGHVHU
QHFHVDULR/RVDSDUDWRVSDUDDGPLQLVWUDUR[tJHQRVRQORVVLJXLHQWHV
iQXODQDVDO6HUHFRPLHQGDHOXVRGHODFiQXODQDVDOFRQSDFLHQWHVTXHQHFHVLWDQ
VXSOHPHQWDFLyQFRQR[tJHQRGHEDMDFRQFHQWUDFLyQRTXLHQQRWROHUDQRWURVDSDUDWRVSDUD
DGPLQLVWUDUR[tJHQR/DFiQXODQDVDOSURYHHFRQFHWUDFLRQHVGHR[tJHQRHQWUHFRQ
XQFRUULHQWHGHR[tJHQRHQWUHOLWURVSRUPLQXWRV/30

50. 0iVFDUDVLPSOH/DPiVFDUDVLPSOHSXHGHDGPLQLVWUDUFRQFHQWUDFLRQHVGHR[tJHQRHQWUH
FRQXQFRUULHQWHGHRJtJHQRHQWUH/30RPRFDGDPiVFDUDHOVHOORHQWUHOD
PiVFDUDODFDUDGHOSDFLHQWHSXHGHDIHFWDUODFRQFHQWUDFLyQGHR[tJHQRDGPLQLVWUDGRSRU
HVWHDSDUDWR

51. ^KULVWRSKHU5DQFRQW
0iVFDUDFRQGHSRVLWR/DPiVFDUDFRQGHSyVLWRDGPLQLVWUDODFRQFHQWUDFLyQGH
R[tJHQRPiVDOWDFXDQGRHOGHSyVLWRGHR[tJHQRHVWiOOHQRTXHGDSDUFLDOPHQWHOOHQR
GHVSXpVGHLQKDODUFRPSOHWDPHQWHHOSDFLHQWH/DPiVFDUDFRQGHSyVLWRSURYHHHQWUH
R[tJHQRFRQXQIOXMRGHR[tJHQRGH/30/DPiVFDUDFRQGHSyVLWRHVHO
DSDUDWRSUHIHULGRSDUDWRGRSDFLHQWHHQFRQGLFLyQFUtWLFDRFRQODQHFHVLGDGGHDOWDV
FRQFHQWUDFLRQHVGHR[tJHQR
/RVXWHQVLOLRVEiVLFRVVREUHODYtDDpUHD
/DOHGHOHTXLSRSDUDPDQWHQHU ODYtDDpUHDHVTXHWRGRVLHPSUHGHEHHVWDUHQEXHQD
FRQGLFLyQIDFLOPHQWHGLVSRQLEOH6XHQWUHQDPLHQWRQRVLUYHSDUDQDGDVLHODSDUDWRGH
VXFFLyQQRIXQFLRQDRHVWiHQRWUROXJDUPLHQWUDVHOSDFLHQWHVHDKRJDHQVXVSURSLRV
IOXtGRVDTXt1RHVGLItFLOVHUSUHSDUDGROR~QLFRTXHKDTXHKDFHUHVRUJDQL]DUWRGRHO
HTXLSRHQXQHVWXFKHSUHIHULEOHPHQWHFRQHOWDQTXHGHR[tJHQRDGHQWURVLHVXQHVWXFKHGH
VXILFLHQWHWDPDxR

52. RVXHOWRGHOHVWXFKHVLQRHVEDVWDQWHJUDQGH(VPHMRUWHQHUWRGRHTXLSR
SDUDPDQHMDUODYtDUHVSLUDWRULDLQFOXHQGRHOWDQTXHGHR[tJHQRHQXQVRORHVWXFKHVLHV
SRVLEOHUHYLVDUORFDGDGtD
(OHVWXFKHGHHTXLSRSDUDPDQWHQHUHOFRQGXFWRGHDLUH GHEHHVWDUVHSDUDGRGHRWUR
HTXLSRGHEHLQFOXLUORVLJXLHQWH
8QFLOLQGURGHR[tJHQRSUHIHULEOHPHQWHGHDOXPLQLR
8QDSDUDWRGHVXFFLyQPHFiQLFRRPDQXDO
iQXODVPiVFDUDVSDUDVXPLQLVWUDUHOR[tJHQRGHWRGRWDPxR
8QDPiVFDUDGHDOWDFRQFHQWUDFLyQFRQEROVLOORFDOHWDGHR[tJHQR

53. 8QDSDUDWR%ROVD9iOYXOD0iVFDUD%90R$0%8Š

54. iQXODVRURIDULQJHDV2)

55. FiQXODVQDVRIDULQJHDV1)

56. GHFDGDWDPDxR
(TXLSRSDUDODLQWXEDFLyQHQGRWUDTXHDO
(TXLSRSDUDKDFHUODSXQFLyQFULFRWLURLGHDRODFULFRWLURLGHRVWRPtDTXLU~UJLFD
(ORSHUDGRUHQODDWHQFLyQ SUHKRVSLWDODULDWLHQHODREOLJDFLyQGHUHYLVDUYHULILFDU
TXHWRGRHVWHHTXLSRHVWiHQEXHQDFRQGLFLyQDOFRPLHQ]RGHFDGDWXUQRRFXDQGRHPSLH]D
VXWXUQRGHHVWDUDOFDUJRGHOHTXLSR
/DYtDDpUHDDELHUWD
6LQXQIOXMRGHDLUHHOSDFLHQWHPRULUiGHQWURGHDOJXQRVPLQXWRV/RVHIHFWRVTXH
WUDHODKLSR[HPLDHQXQSDFLHQWHLQFRQVFLHQWHSXHGHQVHUGHVDVWURVRVHVSHFLDOPHQWHFRQOD
H[DFHUEDFLyQGHODPDODSHUIXVLyQGHELGDDOHVWDGRGHFKRTXHRDOWDSUHVLyQLQWUDFHUHEUDO
(QXQSDFLHQWHFRQWUDXPDGHODFDEH]DKLSR[HPLDFDXVDPiVGDxRDOFHUHEURDKHULGRHO
DXPHQWRHQHOQLYHOGHGLy[LGRGHFDUERQRHQODVDQJUHSXHGHFDXVDUXQDXPHQWRHQOD
SHUIXVLyGHOFHUHEURSRUODVDQJUHDVtDXPHQWDUODSUHVLyQLQWUDFHUHEUDO
(OPDQWHQLPLHQWRGHODYtDUHVSLUDWRULDSURSRQHXQUHWRDOUHVFDWDGRUSRUTXHWUDXPD
SXHGHGHVEDUDWDUODDQDWRPtDGHODFDUDODYtDMXQWRFRQHOVDQJUDPLHQWRSXHGHREVWUXLU
HOFRUULHQWHGHDLUHRVFXUDUKLWRVDQDWyPLFRVLPSRUWDQWHVSDUDHOLQWHQWRGHODLQWXEDFLyQ
+DTXHSUHFDXFLRQDUVHSRUHOFXHOORSRVLEOHPHQWHTXHEUDGRUHFRUGDUVHTXHDOJXQDV
PDQLREUDVFRPRODVXFFLyQODLQVHUFLyQGHXQDFiQXODRURIDULQJHDRWXERHQGRWUDTXHDO
SXHGHHVWLPXODUHOUHIOHMRGHDWUDJDQWDUHQHOSDFLHQWHTXHDXPHQWDODSRVLELOLGDGGHYyPLWRV
DVSLUDFLyQGHOFRQWHQLGRJiVWULFRODHVWLPXODFLyQQRGHVHDGDGHOFRUD]yQHVWLPXODFLyQ

57. ^KULVWRSKHU5DQFRQW
YDJDO²EUDGLFDUGLD

58. ORVYDVRVVDQJXtQHRVTXHKDFHODHOHYDFLyQGHODSUHVLyQDUWHULDOOD
SUHVLyQLQWUDFHUHEUDO
¢¢yPRPDQHMDUtD8GODVVLJXLHQWHVREVWUXFFLRQHV
(OSULPHUSDVRGHODDWHQFLyQGHFXDOTXLHUYtFWLPDSROLWUDXPDWL]DGDHV
GHVSOD]DPLHQWRDQWHULRUGHOPD[LODULQIHULRUPLHQWUDVLQPRELOL]DUHOFXHOOROD
FDEH]D

59. DVHJXUDUVHTXHVHOHYDQWDODOHQJXDHOHSLJORWLVDQWHULRUPHQWHTXHVHORV
PDQWHQJDIXHUDGHODSDUHGSRVWHULRUGHORURIDULQJH
6HSXHGHDEULUODYtDDpUHDSRULQFOLQDUODFDEH]DOHYDQWDUODEDUELOODVLQRORJUD
XQIOXMRGHDLUHVVHFRPELQHLQFOLQDFLyQGHODFDEH]DFRQGHVSODFDPLHQWRGHODPDQGtEXOD
DQWHULRUPHQWHRSRUWLUDUODOHQJXDKDFLDDIXHUD/DPDQLREUDPDQXDOGHDEULUODYtDDpUHDHQ
YtFWLPDVGHWUDXPDFRQODSRVLELOLGDGGHOHVLyQFHUYLFDOHVHPSXMDUODPDQGtEXOD DGHODQWH
SRUHPSXMDUORViQJXORVGHODPDQGtEXODDEDMRHQIUHQWHGHODVRUHMDV

60. DQWHULRUPHQWH
,QFOLQHODFDEH]DOHYDQWDUODEDUELOOD
6HDSOLFDHVWDPDQLREUDH[FOXVLYDPHQWHHQSDFLHQWHVQR
WUDXPDWL]DGRVVLQPHFDQLVPRSRVLEOHGHKHULGDDOFXHOOR
£1XFDLQFOLQDODFDEH]DHQODYtFWLPDSROLWUDXPDWL]DGD
2EVWUXFFLyQSRU
FXUSRH[WUDxR
2EVWUXFFLyQSRUODOHQJXD
ODFDXVDPiVFRP~QGHREVWUXFFLyQ !!
2EVWUXFFLyQSRUODDSOLFDFLyQGHWUDXPDGLUHFWR
2EVWUXFFLRQSRUHGHPDODUtQJHD

61. ^KULVWRSKHU5DQFRQW
(VWDVVRQODVPDQLREUDVHVHQFLDOHVSDUDWRGRSURFHGLPLHQWRGHPDQWHQHUODYtDDpUHD
EiVLFRDYDQ]DGRDOFXPSOLUPDQWHQHUXQDGHHVWDVPDQLREUDVVHSXHGHDEULUODYtDGH
DpUHDVLQLQFOLQDUODFDEH]DPRYHUHOFXHOOR$OHVWDEOHFHUXQDPDQLREUDDGHFXDGDPHQWH
SDUDDEULUODYtDGHDLUHHVGHVXPDLPSRUWDQFLDLQPRELOL]DUHOHVSLQD]RFHUYLFDOHQYtFWLPDV
GHWUDXPDFRQXQPHFDQLVPRSDUDRXQDSRVLELOLGDGGHKHULGDGHOFXHOOR
3DUDDSOLFDUODVPDQLREUDVGHDEULUODYtDDpUHDVHUHFRPLHQGDDFRPRGDUHOSDFLHQWH
VXSLQRGHSRVLFLyQDFRVWDGDGHHVSDOGDERFDKDFLDDUULED

62. DVtHOUHVFDWDGRUWLHQHOD
DELOLGDGGHDFODUDUODERFDODJDUDJDQWDGHVDQJUHRVHFUHFLRQHVSRUDSOLFDUODVXFFLyQ6LHO
SDFLHQWHQRWLHQHODDELOLGDGGHPDQWHQHUVHODYtDFODUDGHIOXtGRVHODSDUDWRGHVXFFLyQQR
HVWiGLVSRQLEOHHQHVWHPRPHQWRVHGHEHSRQHUHOSDFLHQWHHQODSRVLFLyQGHFRPD
DFHQWHVREUHHOODGRLVTXLHUGDFRQODFDEH]DDSRDGDVREUHXQDWRDOODRVDEDQD6HSXHGH
PDQWHQHUHOSDFLHQWHHQHVWDSRVLFLyQFRQHOFXHOORGHLQPRYLOL]DFLyQFRORFDGRFRQOD
DXGDGHRWURVUHVFDWDGRUHVSDUDSURWHJHUODFROXPQDFHUYLFDOGHPRYLPLHQWR/DSRVLFLyQ
GHFRPDVLUYHSDUDGHVDJXDUVDQJUHIOXtGRVGHODYtDXVDUODJUDYLGDG SDUDGHVSOD]DUOD
OHQJXDHOHSLJORWLVDGHODQWHSDUDTXHODYtDSHUPDQHFHUtDDELHUWD(OULHVJRGHGDxDUOD
FROXPQDYHUWHEUDOHVPHQRVTXHHOGHVDVWUHTXHSXGLHUDVXFHGHUVLHOSDFLHQWHGHYXHOYH
DKRJDFXDQGRHVWiVXSLQR(VLPSRUWDQWHPDQWHQHUODFDEH]DHOFXHOORODFROXPQD
YHUWHEUDOHQEXHQDDOLQHDFLyQUHFWDPLHQWUDVHYLWDULPSRQHUIXHU]DGHWUDFFLyQVREUHHVWDV
HVWUXFWXUDV$OPRYHURGHMDUPRYHUHVWDVHVWUXFWXUDVHQXQDYtFWLPDGHWUDXPDSXHGHLQIOLMLU
GDxRPRUWDORSHUPDQHQWHDODPpGXODHVSLQDOUHVXOWDQGRHQHOSDUiOLVLVRGHELOLGDG
SHUPDQHQWH
(PSXMHODPDQGtEXOD 'HVSOD]DUODPDQGtEXOD
DQWHULRUPHQWHSRUHPSXMDUORViQJXORVVHSXHGH
DSOLFDUHVWDPDQLREUDPLHQWUDVLQPRELOL]DUOD
FDEH]DPDQWHQHUSRVLFLyQQHXWUDOGHOFHUYLFDO
/DPHWDGHWRGDVHVWDVPDQLREUDVHV
OHYDQWDUODVHVWUXFWXUDVFRQHFWDGDVDO
KXHVRKLRLGHRODOHQJXDHOHSLJORWLV

63. DGHODQWHHYLWHHOFRQWDFWRFRQHOSDODGDU
EODQGRODSDUHGSRVWHULRUGHODJDUJDQWD
/DPDQLREUDSUHIHULGDSDUDQLxRVH
LQIDQWHVWRGRVSDFLHQWHV
SROLWUDXPDWLGD]DGRVRFRQPHFDQLVPRGH
WUDXPTXHSXHGHFDXVDUXQDOHVLyQ
FHUYLFDODV/DSRVLFLyQQHXWUDO6H
PDQWLHQHODSRVLFLyQQHXWUDOGHODFDEH]D
HOFXHOORHQFDGDYtFWLPDGHWUDXPD
SXHGHFRPELQDHOHPSXMHGHOD
PDQGtEXODFRQODSRVLFLyQQHXWUDOSDUD
DEULUODYtDDpUHDVLHVQHFHVDULR

64. ^KULVWRSKHU5DQFRQW
6LDODSOLFDULQVXIODFLRQHVDOSDFLHQWHHODLUHQRHQWUDVHUHFRPLHQGDTXHVH
UHSRVLFLRQDUHOSDFLHQWHGHVSOD]DURWUDVYH]HOPD[LODUDQWHULRUHPHQWHHLQWHQWDUGHGDUODV
LQVXIODFLRQHVRWUDYH]6LD~QQRVHSXHGHYHQWLODUHOSDFLHQWHKDXQDREVWUXFFLyQ5HFXHUGD
TXHODREVWUXFFLyQPiVFRP~QHVODOHQJXDHOHSLJORWLVVHSXHGHLQWHQDUODLQVHUFLyQGH
ODVFiQXODVRURIDULQJHDRQDVRIDULQJHD6LSXHGHVHUXQDREVWUXFFLyQGHXQFXHUSRH[WUDxR
DSOLTXHODPDQLREUDGH+HLPOLFKRFRPSUHVLRQHVDEGRPLQDOHVVLHOSDFLHQWHHVWiHQSRVLFLyQ
VXSLQDHLQFRQVFLHQWH'HVSXpVVHSXHGHXVDUHOGHGRSDUDLQWHQWDUGHTXLWDUXQFXHUSR
H[WUDxRGHODEDVHGHODOHQJXDRODDSHUDWXUDGHODWUiTXHD
£7HQJDFXLGDQSDUDTXHQRVH
PHWHODREVUXFFLyQPiVSURIXQGDHQODYtD
/DDWHQFLyQFRQWtQXDGHODYtDDpUHDREVHUYDFLyQGHOHVWDGRUHVSLUDWRULRHVOD
SULPHUDUHVSRQVDELOLGDGGHORSHUDGRUHQHOSUHKRVSLWDODULR+DTXHPDQWHQHUXQDSDUDWRGH
VXFFLyQHQEXHQDFRQGLFLyQGLVSRQLEOHR[tJHQRXQDEROVDYiOYXODPiVFDUD$0%8Š

65. RWURVDGMXQWRVSDUDPDQWHQHUODYtDDpUHDGLVSRQLEOHV
8WHQVLOLRVEDVLFRVSDUDPDQWHQHUHOFRQGXFWRGHDLUH
/D6XFFLyQ
DGDSDFLHQWHWUDXPDWL]DGRGHEHVHULQPRYLOL]DGRVREUH
XQDWDEODGHLQPRYLOL]DFLyQSRUHVRWLHQHXQULHVJRHOHYDGRGH
0DQLREUDVSDUDDFODUDUXQDREVWUXFFL yQGHODYtD
DpUHDGHELGDDOFXHUSRH[WUDxR

66. ^KULVWRSKHU5DQFRQW
REVWUXFFLyQRODDVSLUDFLyQGHOtTXLGRVSLHUGDGHODYtDDpUHD/DDPHQD]DPiV
VHYHUDHVGHYRPLWDUDVSLUDULQKDODU

67. HOFRQWHQLGRJDVWULFRHO
ULHVJRHVSDUWLFXODUPHQWHDOWRVLHOSDFLHQWHDFDEDGHFRPHUR
WRPDUEHELGDVDOFRKyOLFDVVLUHFLEHXQJROSHGHODFDEH]D
3RUHVWHULHVJRWRGRHTXLSRGHXUJHQFLDPpGLFDWLHQHTXHWHQHU
XQDSDUDWRGHVXFFLyQSRUWiWLOFRPRSDUWHGHVXHTXLSRpVWR
VLHPSUHGHEHHVWDUHQEXHQDFRQGLFLyQGLVSRQLEOH
(ODSDUDWRGHVXFFLyQILMDGDHQODDPEXODQFLDGHEHPDQWHQHUXQIOXMRGHDLUHGH
OLWURVSRUPLQXWRVSRUORPHQRVFUHHUXQDVXFFLyQGHSRUORVPHQRVPP+J
FXDQGRFRPSULPHHOWXER
3DVRVSDUDODDSOLFDFLyQGHVXFFLyQ
0HGLUHOFDWpWHUGHVXFFLyQDGHFXDGDPHQWH«
D (O FDWpWHU IOH[LEOH FDWpWHU IUDQFpV

68. VH PLGH GHVGH OD PDUJHQ GH OD ERFD
KDFLDHOiQJXORGHODPDQGtEXOD
E (OFDWpWHUUtJLGRVHPLGHGHVGHHOFHQWURGHODERFDKDFLDHOiQJXORGHOD
PDQGtEXOD R VRODPHQWHLQVHUWDEDMR YLVXDOL]DFLyQSDUDHYLWDUGDxR DORV
WHMLGRVVXDYHV
6HDSOLFDODVXFFLyQVRODPHQWHPLHQWUDVTXLWDUHOFDWpWHU
/tPLWHODDSOLFDFLyQGHVXFFLyQSRUXQSHUtRGRGHWLHPSRPHQRVGHVHJXQGRV
DVHJXUDUYHQWLODFLyQR[LJHQFLyQGHOSDFLHQWHDQWHVGHVSXpVGHODDSOLFDFLyQGH
VXFFLyQ
/DFiQXODRURIDULQJHD2)FiQXODQDVRIDULQJHD1)
(OVXPLQLVWUREiVLFRSDUDPDQWHQHUHOFRQGXFWRGHDLUHLQFOXHODFiQXODRURIDUtQJHD
ODFiQXODQDVRIDUtQJHD6HUHFRPLXHQGDHOXVRGHODFiQXODRURIDUtQJHDROD FiQXOD
QDVRIDUtQJHDVRODPHQWHHQSDFLHQWHVTXHWLHQHQUHIOHMRVGHSURWHFFL∴QGHOFRQGXFWRGHDLUH
EDVWDQWHGHSULPLGRVTXHQRORVHVWLPXODUQ+DTXHWHQHUFXLGDGRSRUQRHVWLPXODUHO
UHIOHMRGHDEUHERFDVY∴PLWRVTXHSXGLHUDUHVXOWDUHQXQDREVWUXFFL∴Q (QSDFLHQWHVFRQ
ODSUHVHQFLDGHUHIOHMRVSURWHJLGRVGLVPLQXLGRVODFiQXODQDVRIDUtQJHDHVPHMRUWROHUDGRTXH
ODFiQXODRURIDUtQJHDSRUORJHQHUDO'HKHFKRXQSDFLHQWHTXHWROHUDHOXWHQVLOLRRURIDULQJH
SUREDEOHPHQWHGHEHGHVHULQWXEDGRSRUTXHORVUHIOHMRVSURWHJLGRVVRQWDQGHSULPLGRV
/DFiQXODQDVRIDUtQJHD
/DFiQXODQDVRIDUtQJHDHVVXDYHGHEHVHUGHXQWDPDΖRDGHFXDGRHVGLVHΖDGRSDUD
HYLWDUFRQWDFWRHQWUHODOHQJXDHOHSLJORWLVFRQODSDUHGSRVWHULRUGHOIDULQJHDVΡ FRUULJHOD
REVWUXFFL∴Q'HVSXϑVGHDSOLFDUMDOHDOXEULFDQWHDOWXERVHLQVHUWDFRQHOELVHOKDFLDHO
VHSWXPGHODQDUΡ]SDUDTXHQRVHPHWHFRQORVWXUELQDGRVRFRUQHWHVQDVDOHV

69. /DSXQWD
GLVWDOGHOXWHQVLOLRGHEHVHUFRORFDGRSRVWHULRUPHQWHGHOHSLJORWLV6LQRKDXQDFiQXOD
QDVDIDUtQJHDGLVSRQLEOHVHSXHGHXVDUXQWXERHQGRWUDTXHDOFRUWDGRGHWDOODRPP
/DLQVHUFL∴QVXDYDPHQWHGHOQDVRIDULQJHQRSUHVHQWDPXFKRVSUREOHPDVSHURSXHGH
HVWLPXODUKHPRUUDJLDFDXVDUWUDXPDPLQRUDORVWHMLGRVPXFRVRVHQODQDUΡ]/D
KHPRUUDJLDOHYHGHODQDUΡ]GHVSXϑVGHLQVHUWDUHOQDVRIDULQJHQRHVXQDLQGLFDF∴QTXH
TXLWDUHOXWHQVLOLRHQUHDOLGDGHVPHMRUGHMDUORHQVXOXJDUSDUDFRPSULPLUORVWHMLGRV
FRQWtJXRVGHWHQHUPVKHPRUUDJLD

70. ^KULVWRSKHU5DQFRQW
/DFiQXODQDVRIDUtQJHD1)

71. /DFiQXODQDVRIDUtQJHD1)

72. HVGLVHxDGDSDUDPDQWHQHUODYtDDpUHDDELHUWDSRUPDQWHQHUOD
OHQJXHOHYDQWDGDIXHUDGHODSDUHGSRVWHULRUGHOIDULQJH6HLQVHUWDSRUHOQDVRIDULQJHOD
SDUWHSRVWHULRUGHORURIDULQJHSDUDFRORFDUHOODSXQWDGLVWDOGHO1)DWUiVGHODOHQJXDHO
HSLJORWLV
,QGLFDFLRQHV /DQHFHVLGDGGHPHMRUDUODYtDGHDLUHHQXQSDFLHQWHFRQXQUHIOHMRGH
DEUHERFDVDWUDJDQWDUSUHVHQWH7DPELpQHV~WLOHQSDFLHQWHVFRQGLHQWHVDSUHWDGRVFRPRHQ
ODVFRQYXOVLRQHVRDYHFHVFRQODKHPRUUDJLDLQWUDFHUHEUDO
RQWUDLQGLFDFLRQHV
, 2EVWUXFFLyQRKHULGDQDVDO
- 6LJQRVRVVXVSLFLyQGHXQDIUDFWXUDQDVDOGHODPD[LODRIUDFWXUDGHODEDVHGHO
FUiQHR VDQJUH R IOXLGRV HQ OD QDUL] R ORV RLGRV HTXLPRVLV VREUH HO DSyILVLV
PDVWRLGHVRHQFLPDGHORVRMRV
F 5HVLVWHQFLDVHQWLGDDOLQWHQWDUODLQVHUFLyQGHODFiQXODRKHPRUUDJLDQDVDO
9HQWDMDV /DLQVHUFLyQHVUiSLGDIiFLOHO XWHQVLOLRURGHDODOHQJXDHV~WLOHQSDFLHQWHVFRQ
XQUHIOHMRGHDEUHERFDV
'HVYHQWDMDV 0iVSHTXHxRTXHOD2)SHUPLWHPHQRVDLUHTXHSDVDUQRSURYHHDFFHVR
GLUHFWRDODWUiTXHDHVGLItFLOVXFFLRQDUDOUHGHGRUGHORSXHGHFDXVDUKHPRUUDJLD
3URFHGLPLHQWRVGHLQVHUFLyQ
D 'HWHUPLQDUHOWDPDxRDGHFXDGRSDUDXVDUSRUPHGLUODFiQXODSRUXQRGHORVGRV
PDQHUDVDFFHSWDEOHV
0HGLUGHVGHHOFHQWURGHODERFDKDFLDHOiQJXORGHODPDQGtEXODR
0HGLUGHVGHODSXQWDGHODQDUL]KDFLDODSDUWHLQIHULRUGHODRUHMD
E 'HWHUPLQDUHOGLiPHWURLQWHUQRDGHFXDGRSRUHVFRJHUXQDFiQXODFRQXQGLiPHWUR
VHPHMDQWHTXHHOGLiPHWURGHOGHGRSHTXHxRGHOSDFLHQWH
F $SOLFDUMDOHDOXEULFDQWHDOWXERFRQVLGHUHMDOHDGHFRQOLGRFDLQDFRPRDQHVWpWLFR
ORFDOVLVDEHTXHHOSDFLHQWHQRWLHQHDOHUJLDDOLGRFDLQD
G ,QVHUWDUHOWXERFRQHOELVHOKDFLDHOVHSWXPQDVDOGLULJLUORVREUHODSDUWHLQIHULRU
GHOQDVRIDULQJHSDUDHYLWDUFRQWDFWRFRQODVFRQFKDVQDVDOHV
/DFiQXODRURIDUtQJHD2)

73. /DFiQXODRURIDUtQJHD2)

74. HVGLVHxDGDSDUDPDQWHQHUODYtDDpUHDDELHUWDSRUPDQWHQHUOD
OHQJXHOHYDQWDGDIXHUDGHODSDUHGSRVWHULRUGHOIDULQJH6HLQVHUWDFRQODSXQWDGLVWDOKDFLDHO
SDODGRUEODQGRGHVSXpVGHSDVDUHOEDVHGHODOHQJXDHVYROWHDGD SDUDOHYDQWDUOD
OHQJXDFRORFDUHOODSXQWDGLVWDOGHO2)DWUiVGHODOHQJXDHOHSLJORWLV
,QGLFDFLRQHV /DLQFRQVFLHQFLDVLQHOUHIOHMRGHDEUHERFDVRUHIOHMRGHDWUDJDQWDULQWDFWR
3XHGHVHUXVDGRHQSHUVRQDVVLQRFRQUHVSLUDFLyQHVSRQWiQHD7DPELpQVHXWLOL]DSDUDXQ
EORTXH GHPRUGHUGHVSXpVGHFRORFDUHOWXERHQGRWUDTXHDO
RQWUDLQGLFDFLRQHV /DSUHFHQFLDGHXQUHIOHMRGHDEUHERFDVRGHDWUDJDQWUDU
9HQWDMDV 0DQWLHQHODOHQJXDDGHODQWHIXHUDGHODSDUHGSRVWHULRUGHODJDUJDQWDSHUPLWH
DFFHVRSDUDVXFFLRQDUHYLWDPRUGHUHOWXERODOHQJXDHQFRQYXOVLRQHV
'HVYHQWDMDV 3XHGHSUHFLSLWDUHVSVPRVGHOODULQJHHVWLPXODUY∴PLWRVQRSURYHHDFFHVR
GLUHFWRGHODWUTXHDSXHGHFDXVDUGLVWHQVL∴QJVWULFD7DPELϑQFDXVDXQD
DEVWUXFFL∴QVLQRODUHDOL]DFRUUHFWDPHQWH
3URFHGLPLHQWRVGHLQVHUFLyQ

75. ^KULVWRSKHU5DQFRQW
2WUDDOWHUQDWLYDSDUDLQVHUWDUOD2)HVOHYDQWDUODOHQJXD
KDFLDODTXLMDGDFRQ XQGHSUHVRUGHOHQJXDPLHQWUDVLQVHUWDU
OD2)DWUiVGHDEDMRGHODOHQJXDHODSLJORWLV
£XLGDGR£$OLQVHUWDUOD2)VLQHQIRUPDLQDGHFXDGDVHSXHGH
FDXVDUXQDREVWUXFFLyQSRUHPSXMDUODOHQJXDDWUiVVHOODUOD
SHUPHDELOLGDGGHODYtDDpUHD£+DTXHVLHPSUHLQVHUWDUOD2)
DORVDJUDGRVYROWHDUODGHVSXpVGHLQVHUWDUODDWUiVGHOD
OHQJXDRXVDUXQGHSUHVRUGHOHQJXDSDUDFRORFDUODDGHFXDGDPHQWH

76. ^KULVWRSKHU5DQFRQW
iQXODGHOXPHQGREOHHVyIDJRWUDTXHDO37/RRPELWXEHŠ

77. /DFiQXODGHGREOHOXPHQHVXQDGMXQWRSDUDPDQWHQHUODYtDDpUHDHQSDFLHQWHV
LQFRQVFLHQWHVVLQUHIOHMRVTXHHVRSFLRQDOSDUDHOWpFQLFR HQXUJHQFLDVPpGLFDV
VRODPHQWHGHEHVHUX]DGRHQVLVWHPDVGHXUJHQFLDVPpGLFDVEDMRHOyUGHQGLUHFWRGHXQ
PpGLFRGHFRQWURO3DUDXVDUHVWHDGMXQWRHVGHVXPDLPSRUWDQFLDTXHORVUHVFDWDGRUHV
WLHQHQHQWUHQDPLHQWRHQVXXVRTXHVHKDQSUDFWLFDGRVREUHPDQHNLQHV
DVLVLHPSUHFXDQGRVHLQVHUWDODFiQXODGHGREOHOXPHQHQHOHVyIDJR6HLQIODUORVGRV
EDORQHVGHOWXERFRQDLUHGHVGHXQDMHULQJDPOGHDLUHHQHOEDORQIDULQJHDPOGHDLUH
HQHOEDORQHVyIDJRWUDTXHDODVtVHOODHOHVyIDJRHODFHVVRDODWUiTXHD9HQWLODFLyQSRUHO
WXERQ~PHURWXERD]XO

78. DGPLQLVWUDHODLUHGHVGHORVKRRVHQHOWXERHQWUHORVEDORQHVTXH
DWUDSDHODLUHDGPLQLVWUDGRDOQLYHOGHODDSHUDWXUDGHODWUiTXHD6HSXHGHWDPELpQWHQHU
DFFHVVRGLUHFWRDOHVWyPDJRSRUHOWXEXQ~PHURWXERFODUR

79. VHSXHGHLQVHUWDUXQWXER
JiVWULFRSRUHVWHWXERVXFFLRQDUHOFRQWHQLGRJiVWULFRRDGPLQLVWUDUFDUEyQDFWLYDGR(VWR
SXHGHVHUHVSHFLDOPHQWH~WLOHQFDVRVGHGLVWHQVLyQJiVWULFDRVREUHGRVLVGHGURJDV
UHVSHFWLYDPHQWH
/DLQGLFDFLyQSDUDLQVHUWDUODFiQXODGHOXPHQGREOH
3DFLHQWHLQFRQVFLHQWHVLQUHIOHMRVSUHVHQWHVHQODYtDDpUHD
/DVFRQWUDLQGLFDFLRQHVSDUDXVDUODFiQXODGHOXPHQGREOH
D UHIOHMRVSUHVHQWHVHQODYtDDpUHD
E PHQRVGHDxRVGHHGDG
F PHQRVGHNLORVGHSHVROEV

80. G PHQRVGHFHQWtPHWURVIW

81. RPiVGHFHQWtWURVIWLQFKHV

82. DOWR
H KLVWRULDPpGLFDGHHQIHUPHGDGHVGHOHVyIDJRHOKtJDGRRHODOFRKROLVPR
I SHUVRQDVTXHKDQWRPDGRVXVWDQFLDVFiXVWLFDV
J VLVDEHRVRVSHFKDREVWUXFFLyQSRUFXHUSRH[WUDxRGHOODULQJHRODWUiTXHD
K SDFLHQWHVFRQXQDWUDTXHRVWRPtDRHVWRPD
/DLQGLFDFLyQSDUDTXLWDUODFiQXODGHOXPHQGREOHHVVLHOSDFLHQWHHVWiFRQVFLHQWHFRQOD
KDELOLGDGGHPDQWHQHUVXSURSLDYtDDpUHDRGHVSXpVGHLQWXEDUODWUiTXHDFRQXQWXER
HQGRWUDTXHDO+DTXHWHQHUXQDSDUDWRGHVXFFLyQGLVSRQLEOHSUHSDUDGRDQWHVGHTXLWDUOD
FiQXODHTXLSRGHYHQWLODFLyQDGPLQLVWUDUR[tJHQRGHEHWDPELpQHVWDUIDFLOPHQWHGLVSRQLEOH
3RVLFLRQHDOSDFLHQWHVREUHVXODGRVLHOPRYLHPLHQWRQRHVWFRQWDLQGLFDGRSRUODFRQGLFLyQ
GHOSDFLHQWHRQXQDMHULQJDGHVLQIOHORVEDORQHVH[WLUSHHOWXERVXDYDPHQWH
/DYHQWLODFLyQDUWLILFLDO
/RVDSDUDWRVSURFHGLPLHQWRVSDUDGDUYHQWLODFLyQGHSUHVLyQSURVLWLYHVHGHEHHYDOXDU
SULQFLSDOPHQWSRUSURGXFLUXQDVXELGDFDLGDGHOSDFKRFRQODYHQWLODFLyQXDQGRVH
YHQWLODDXQSDFLHQWHODIUHTXHQFLDUHVSLUDWRULDTXHULGDHVHQWUHDYHQWLODFLRQHV
SRUPLQXWR6HDSOLFDYHQWLODFLyQHQWUHDORVSDFLHQWHVTXHUHTXLUHQ
KLSHUYHQWLODFLyQSRUDOJXQDUD]yQDFLGRVLVUHVSLUDWRULDDFLGRVLVPHWDEyOLFDOD
SUHVHQFLDGHDXPHQWRGHSUHVLyQLQWUDFHUHEUDO/DLPSRUWDQFLDGHPDQWHQHUODYtDDpUHD
FRQPDQLREUDVPDQXDOHVODLPSOHPHQWDFLyQGHXQDFiQXODPLHQWUDVDGPLQLVWUDQGR
YHQWLODFLyQGHSUHVLyQSRVLWLYDHVSDUDHYLWDUODGLVWHQVLyQJiVWULFDSURYHHU
YHQWLODFLyQDGHFXDGDDORVSXOPRQHV
/DVPDQLREUDVSUHIHULGDVSDUDYHQWLODUDORVSDFLHQWHVTXHQR
UHVSLUDQHQHOyUGHQGHSUHIHUHQFLDHV

83. ^KULVWRSKHU5DQFRQW
%RFDD0iVFDUDFRQODYiOYXODGHXQDYLD

84. %ROVD9iOYXOD0iVFDUD$0%8Š

85. FRQGRVUHVFDWDGRUHV
%ROVD9iOYXOD0iVFDUD$0%8Š

86. FRQXQUHVFDWDGRU
%RFDDERFD 1RUHTXLHUHVXPLQLVWURHVSHFLDOVRODPHQWH
UHTXLHUHGHVHRVGHOUHVFDWDGRUGHKDFHUOR)iFLOGHPDQWHQHU
XQEXHQVHOORDOUHGHGRUGHODERFDSURYHHUXQYRO~PHQGHDLUH
YRO~PHQWLGDO

87. PDRUTXHHODSDUDWREROVDYiOYXODPiVFDUD
3HURH[LVWHODSRVLELOLGDGGHWUDQVPLWLUDOJRFRQWDJLRVR
%RFDDPiVFDUDPiVFDUDGHOEROVLOOR

88. 6HHYLWDFRQWDFWRGLUHFWRFRQODERFD
GHOSDFLHQWHHVSRUWiWLO6LKDXQDYiOYXODGHXQDYtDVHHYLWDFRQWDFWRFRQORVDLUHV
YLFLDGRVVHFUHFLRQHVGHOSDFLHQWH3URYHHDR[tJHQRFRQODFDOHWDGHR[tJHQR
FRQHFWDGRFRQDFRUULHQWHGHR[tJHQRGHOSP(VLPSRUWDQWHPDQWHQHUXQEXHQVHOOR
HQWUHODPiVFDUDODFDUDFRQODVGRVPDQRVPLHQWUDVPDQWHQHUODPDQGtEXODGHODQWH
SURYHHUEXHQYRO~PHQWLGDO9HQWDMDVGHYHQWLODUSRUERFDDPiVFDUDHVTXHHVIiFLO
DGPLQLVWUDUEXHQYRO~PHQPRQLWRUODFRPSOLFLGDGGHORVSXOPRQHVDODYHQWLODFLyQ
%ROVD9iOYXOD0iVFDUD%90R$0%8Š

89. 8QDSDUDWR
TXHDGPLQLVWUDUYHQWLODFLyQFRQSUHVLyQSRVLWLYDDSDFLHQWHV
FRQR[tJHQRKDVWDHOFRQXQFRUULHQWHGHD
OSPGHFRQHFWDGRDXQGHSyVLWRGHR[tJHQR6LQHOGHSyVLWR
GHR[tJHQRVXPLQLVWUDKDVWDR[tJHQRFRQXQIOXMRGHOSP
6LQR[tJHQRVRODPHQWHSURYHHHOSRUFHQWDMHGHR[tJHQRHQHODPELHQWH
(O3XHGHVHU~WLOHQSDFLHQWHVFRQVFLHQWHVHLQFRQVFLHQWHV
HQSDFLHQWHViSQHRVQRUHVSLUDQGR

90. RFRQSDFLHQWHVTXHUHVSLUDQDVt
HO%90VLUYHFRPRPiVFDUDGHDOWDFRQFHQWUDFLyQ/DGLILFXOWDGFRQHO%90
FRQXQVRORUHVFDWDGRUHVPDQWHQHUHOVHOORFRQXQDPDQRFRPSULPLUODEROVDFRQOD
RWUD(VPiVIiFLOXVDUHO%90FRQPiVHILFDFLDFRQGRVUHVFDWDGRUHVXQRSDUD
PDQWHQHUHOVHOORSRVLFLyQGHODYtDDpUHDFRQGRVPDQRVHORWURSDUDFRPSULPLUOD
EROVD3RUODGLILFXOWDGGHXVDUHVWHDSDUDWRDGHFXDGDPHQWHHO%90GHEHVHUXVDGR
H[FOXVLYDPHQWHSRUSURIHVLRQDOHVHQWUHQDGRVFRQH[SHULHQFLDHQVXXVR
9iOYXODGHGHPDQGD /DYiOYXODPiVFDUDGHGHPDQGDSXHGHSURYHHUR[tJHQRDO
SDFLHQWHFXDQGRVHORXVDDGHFXDGDPHQWH(ODSDUDWRSURYHHR[tJHQRFXDQGRODPiVFDUD
HVWiVHOODGDFRQWUDODSLHODOUHGHGRUGHODERFDHOSDFLHQWHLQKDOD7DPELpQHOUHVFDWDGRU
SXHGHGDUYHQWLODFLyQGHSUHVLyQSRVLWLYDSRUDSUHWDHOERWyQERPEHDUDLUGHWDOSUHVLyQ
TXHJDUDQWL]DUGLVWHQVLyQJiVWULFDVLDSOLFDUODVLQIXIODFLRQHVVLQWHQHUXQDYtDDpUHD
SHUPHDEOHSHUVLyQVREUHHOFULFRLGH6XPHMRUXVRHVHQSDFLHQWHVDUHVSLUDQGRTXH
DFWLYDQHODSDUDWRFRQVXVSURSLRVHVIXHU]RVGHUHVSLUDUUHFLEHQR[tJHQR(QXQD
FiPDUDKLSHUEiULFDKDTXHPDQWHQHUODFRQFHQWUDFLyQGHR[tJHQRWURVJDVHV
FRQWURODGRSRUHVRVHXVDXQDPRGLILFDFLyQGHODYiOYXODGHGHPDQGDH[FOXVLYDPHQWH
SDUDDGPLQLVWUDUR[tJHQRTXHWLHQHXQDFDOFHWDGHHVFDSHSDUDORVJDVHVH[KDODGRV$VtVH
SXHGHFRQWURODUODVFRQFHQWUDFLRQHVGHJDVHVDGPLQLVWUDGDVDOSDFLHQWHDOWHQGHUGHOD
FiPDUDHQODFiPDUD8QDYiOYXODPiVFDUDGHGHPDQGDDFWLYDGDFRQHOERWyQGHSUHVLyQ
VXPLQLVWUDOLWURVGHR[tJHQRSRUPLQXWRFRQXQDSUHVLyQGHFP+2SXHGHGDU

91. ^KULVWRSKHU5DQFRQW
PLOLOLWURVGHDLUHFRQFDGDVHJXQGRTXHVHHPSXMDHOERWyQ$VtODGLVWHQVLyQJiVWULFDHV
XQDJDUDQWtDDOYHQWLODUDXQSDFLHQWHFRQODYiOYXODPiVFDUDGHGHPDQGDVLQODDSOLFDFLyQGH
ODPDQLREUDGH6HOOLFN
RQWUDLQGLFDFLyQHVSDUDHOXVRGHODYiOYXODGHGHPDQGHOXVRHVFRQWUDLQGLFDGRHQ
QLxRVLQIDQWHVYtFWLPDVGHWUDXPDVRODPHQWHVHDSOLFDFRQFXLGDGRHQSDFLHQWHVFRQ
HQIHUPHGDGHVSXOPRQDUHVFUyQLFDV
0DQLREUDVDYDQ]DGDVSDUDPDQWHQHUODYtDDpUHD
£(VQHFHVDULRUHFLELUHQWUHQDPLHQWRHVSHFLDOH[SHULHQFLDFOtQLFD
DQWHVGHDSOLFDUHVWDVPDQLREUDVVREUHSDFLHQWHV
3HUVRQDVTXHDSUHQGHQODLQWXEDFLyQHQGRWUDTXHDOGHEHQFXPSOLUWXUQRVFRQXQ
DQHVWHVLyORJRHQHOTXLURIDQRSDUDUHFLELULQVWUXFFLyQFOtQLFDVREUHSDFLHQWHV
YHUGDGHURVDQWHVGHLQWHQWDUODLQWXEDFLyQHQVXSUiFWLFD$GHPDVWRGDVOD
PDQLREUDVDYDQ]DGDVUHTXLHUHQLQVWUXFFLyQHVSHFLDOEDMRODGLUHFFLyQGHXQGLUHFWRU
PpGLFRFRQPDQHTXLQHVHVSHFLDOHV(OGLUHFWRUPpGLFRGHOSURJUDPDHGXFDWLYR
WLHQHODUHVSRQVDELOLGDGGHDVHJXUDUTXHORVDVSLUDQWHVDGTXLHUHQPDHVWUtDVREUH
HVWDVPDQLREUDVHQVXHQWUHQDPLHQWRWXUQRVFOtQLFRV
/DLQWXEDFLyQLQWUDWUDTXHDO
/DLQWXEDFLyQQDVRWUDTXHDO
/DLQWXEDFLyQGLJLWDO
/DVXFFLyQLQWUDWUDTXHDOHVWHU LOH

92. /DSXQFLyQFULFRWLGRLGHD
/D FULFRWLURLGHRVWRPtDTXLU~UJLFD
/DLQWXEDFLyQVHFXHQFLDUiSLGDFRQLQGXFFLyQUiSLGD

93. 2EVHUYDFLyQ
/DSHUVRQDTXHVXIUHGHXQWUDXPDVLHPSUHWUDHHOULHVJRGHLQVXILFLHQFLD
UHVSLUDWRULDIDOORGHODYtDDpUHDR[LJHQDFLyQLQDGHFXDGDLJXDOFXDQGRHVWiFRQVFLHQWH
DOHUWD(VWDUHDOLGDGVHEDVHHQHOKHFKRGHTXHPXFKRVSDFLHQWHVWUDXPDWL]DGRVWLHQHQXQ

94. ^KULVWRSKHU5DQFRQW
QLYHOGHFRQVFLHQFLDGLVPLQXLGDWLHQHQHVWyPDJRVOOHQRVGHFRPLGDDYHFHVDOFRKROHVWiQ
LQWUDQTXLORVHQODHVFHQDWLHQHQXQDSURSHQVLGDGDXPHQWDGDGHYRPLWDU1RHVGLItFLO
HQWHQGHUVXVDQVLHGDGHVFXDQGRORVUHVFDWDGRUHVYLHQHQWRFDQGRVXVFDEH]DVLQVHUWDQGR
FiQXODVKDFLHQGRFDQXOL]DFLyQYHQRVDFRQDJXMDVHLQPRYLOL]iQGROHVFRQXQDWDEOHGXUD
FRQFXHOORVSDUDTXH QRSXHGHQPRYHUVHQLXQSHOLWR$GHPiVDOJXQRVSDFLHQWHVHFKDQ
VDQJUHHQHORURIDULQJHTXHVHWUDJDSXHGHHPSHRUDUODQDXVHD
(QYLVWRGHWRGRHVWRSDFLHQWHVSROLWUDXPDWL]DGRVPHUHFHQODREVHUYDFLyQLQFHVDQWH
SDUDLGHQWLILFDUSUREOHPDVFRQODYtDDpUHDXDOTXLHUSDFLHQWHTXHWLHQHHOULHVJRGHXQDYtD
DpUHDLQDGHFXDGDGHEHVHUPRQLWRUL]DGRSRUDOJ~QPLHPEURGHOHTXLSRTXHWLHQHTXHHVWDU
DOHUWDSDUDGLILFXOWDGHVGHUHVSLUDUSUHSDUDGRSDUDPDQWHQHUVXYtDDELHUWDGHVHUQHFHVDULR
/RVSURIHVLRQDOHVSUHKRVSLWDODULRVWLHQHQODREOLJDFLyQGHDQRWDUWUDWDUODDSDULHQFLD
H[WHUQDGHOSDFLHQWHODYHORFLGDGGHUHVSLUDFLRQHVTXDOTXLHUTXHMDVH[LVWHQWHVGHOSDFLHQWH(Q
HOSDFLHQWHTXHUHVSLUDHVSRQWyQHDPHQWHKDTXHDVHJXUDUVHTXHHOYROXPHQWLGDOHVVXILFLHQWH
SRUVHQWLUVHHOFRUULHQWHGHDLUHVREUHODERFDODQDUt]REVHUYDUORVPRYLPLHQWRVGHODSDUHG
GHOSHFKR(OWXERGHR[tJHQRWLHQHTXHVHUFRQHFWDGRFRQHOUHJXODGRUGHOWDQTXHGHR[tJHQR
HOFRUULHQWHGHR[tJHQRODYHORFLGDGHOSRUFHQWDMH

95. WLHQHTXHVHUPDQWHQLGR+DTXHTXLWDU
IOXtGRV VDQJUH GHO RURIDULQJH KD TXH HVWDU DOHUWD SDUD VRQLGRV TXH LQGLFDQ SHQD
UHVSLUDWRULD3RUORJHQHUDOODUHVSLUDFLyQUXLGRVDHVUHVSLUDFLyQREVWUXLGDVLHPSUHHVWDUDOHUWD
SDUD HVWH VLJQR GH SHOLJUR 6L HO SDFLHQWH HVWi LQWXEDGR KD TXH SUHVWDU DWHQFLyQ D OD
DGPLQLVWUDFLyQGHOSDFLHQWHDODVYHQWLODFLRQHVGHSUHVLyQSRVLWLYDEXVFDUODFDXVDGHFDPELRV
HQ VX REHGLHQFLD D HOODV 8QR WLHQH TXH FRQVLGHUDUVH WRGR SDFLHQWH FDPEDWLHQWH FRPR XQ
SDFLHQWHFRQKLSR[LDKDVWDTXHXQDH[DPLQDFLyQPHGLFDFRPSOHWDPXHVWUDORFRQWUDULR