Seguridad en el contexto del comercio electrónico e internet: los protocolos SSL y SET (LSI-2000-06)

6 (*85,'$'(1(/ & 217(;72'(/ & 20(5&,2 ( /(&75Ï1,&2( , 17(51(7 / 26 3 5272&2/26 66/ < 6(7 -RDTXtQ3HxD$QWRQLR5XL]\)UDQFLVFR)HUUHU ,QIRUPH7pFQLFR 'SWR/HQJXDMHV\6LVWHPDV,QIRUPiWLFRVGHOD8QLYHUVLGDGGH6HYLOOD $YGDGHOD5HLQD0HUFHGHVVQ6HYLOOD (PDLOMSHQD#OVLXVHV ËQGLFH ,QWURGXFFLyQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  &ULSWRJUDItDDXWHQWLILFDFLyQ\FHUWLILFDFLyQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBB  &ULSWRJUDItDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  &LIUDGRGHGDWRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  )LUPDVGLJLWDOHVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  6REUHVGLJLWDOHVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  $XWHQWLILFDFLyQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  &HUWLILFDGRVGLJLWDOHVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  &HUWLILFDFLyQGLJLWDO BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  -HUDUTXtDVGHHQWLGDGHVHPLVRUDVGHFHUWLILFDGRV BBBBBBBBBBBBBBBBBBBBBBBBB  3URWRFROR66/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 4XpHV66/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  &RPRIXQFLRQD66/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  3URWRFROR6(7 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  4XpHV6(7 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  3DUWLFLSDQWHVHQHOVLVWHPDGHSDJR6(7BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  &ULSWRJUDItD\FHUWLILFDFLyQHQ6(7)XQFLRQDPLHQWRGH6(7 BBBBBBBBBBBBBBBB  )DVHVTXHFRPSRQHQHOFRPHUFLRHOHFWUyQLFREDMR6(7BBBBBBBBBBBBBBBBBBBBBB  (OHPHQWRVQHFHVDULRVSDUDFRPSUDUFRQ6(7BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  (OHPHQWRVQHFHVDULRVSDUDYHQGHUFRQ6(7 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  )OXMRGHODVWUDQVDFFLRQHVHQHOSURFHVRGHSDJR BBBBBBBBBBBBBBBBBBBBBBBBBBB  5HJLVWURGHOFRPSUDGRU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  5HJLVWURGHOFRPHUFLDQWH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  6ROLFLWXGGHFRPSUDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  $XWRUL]DFLyQGHOSDJRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  &DSWXUDGHOSDJR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  ,QWURGXFFLyQ (VXQKHFKRGHWRGRVFRQRFLGRTXH,QWHUQHWFRQVWLWX\HXQFDQDOGHFRPXQLFDFLRQHVLQVH JXURGHELGRDTXHODLQIRUPDFLyQTXHFLUFXODDWUDYpVGHHVWDUHGHVIiFLOPHQWHDFFHVLEOHHQ FXDOTXLHUSXQWRLQWHUPHGLRSRUXQSRVLEOHDWDFDQWH/RVGDWRVWUDQVPLWLGRVHQWUHGRVQRGRVGH ,QWHUQHWSRUHMHPSORXQDPiTXLQD\HOVHUYLGRUZHEGHVGHHOTXHTXLHUHGHVFDUJDUXQDSiJLQDVH VHJPHQWDQHQSHTXHxRVSDTXHWHVTXHVRQHQFDPLQDGRVDWUDYpVGHXQQ~PHURYDULDEOHGHQRGRV LQWHUPHGLRVKDVWDTXHDOFDQ]DQVXGHVWLQR(QFXDOTXLHUDGHHOORVHVSRVLEOHOHHUHOFRQWHQLGRGH ORVSDTXHWHVGHVWUXLUORHLQFOXVRPRGLILFDUORSRVLELOLWDQGRWRGRWLSRGHDWDTXHVFRQWUDODFRQIL GHQFLDOLGDG\ODLQWHJULGDGGHVXVGDWRV (QORV~OWLPRVFLQFRDxRVKDLGRVXUJLHQGRXQQ~PHURFRQVLGHUDEOHGHWHFQRORJtDV\VLV WHPDVGHSDJRHOHFWUyQLFRTXHRIUHFHQODVJDUDQWtDVGHVHJXULGDGHLQWHJULGDGQHFHVDULDVSDUD UHDOL]DUODVFRPSUDVHQOtQHDGHXQDPDQHUDILDEOH\VLQVRUSUHVDV/DSLHGUDDQJXODUGHWRGDV HOODVHVODFULSWRJUDItDTXHSURSRUFLRQDORVPHFDQLVPRVQHFHVDULRVSDUDDVHJXUDUODFRQILGHQFLD OLGDGHLQWHJULGDGGHODVWUDQVDFFLRQHV (QHVWHWUDEDMRYHUHPRVHQTXHFRQVLVWHQ\FRPRSURSRUFLRQDQODVHJXULGDGGRVGHORV SURWRFRORVPiVLPSRUWDQWHVTXHH[LVWHQHQODDFWXDOLGDGXQRHVHO 66/ 6HFXUH6RFNHWV/D\HU TXHHVODVROXFLyQPiVDGRSWDGDHQODDFWXDOLGDG\RWURHOSURWRFROR 6(7 6HFXUH(OHFWURQLF 7UDQVDFWLRQTXHVLQGXGDVHUiHOQXHYRHVWiQGDUGHQWURGH,QWHUQHWHQPX\SRFRWLHPSR $QWHVGHHVWXGLDUORVSURWRFRORVGHVHJXULGDGSDUD,QWHUQHWYHUHPRVXQDLQWURGXFFLyQDORVFHUWL ILFDGRVDXWHQWLILFDFLyQ\FULSWRJUDItD\DTXHVRQQHFHVDULDVSDUDFRPSUHQGHUHOIXQFLRQDPLHQWR GHORVSURWRFRORV66/\6(7 &ULSWRJUDItDDXWHQWLILFDFLyQ\FHUWLILFDFLyQ /DLQWURGXFFLyQDORVFHUWLILFDGRV\ODDXWHQWLILFDFLyQWUDWDGHORVFHUWLILFDGRVGLJLWDOHV\ FyPRVHXWLOL]DQSDUDODDXWHQWLILFDFLyQ6HLQFOX\HXQDH[SOLFDFLyQGHORVVLVWHPDVGHVHJXULGDG GHVRIWZDUH\FLIUDGRSDUDSURSRUFLRQDULQIRUPDFLyQIXQGDPHQWDOVREUHHVWHWHPD (QXQDUHGGHDFFHVRS~EOLFRFRPR,QWHUQHWODLQIRUPDFLyQSXHGHFDHUHQPDQRVGHXVXD ULRVFRQLQWHQFLRQHVGHVFRQRFLGDV6LODLQIRUPDFLyQWLHQHSRFRYDORURQLQJXQRODVPHGLGDVGH VHJXULGDGSXHGHQUHVXOWDULQQHFHVDULDV6LODLQIRUPDFLyQHVLPSRUWDQWHRFRQILGHQFLDOVHGHEHQ WRPDUODVPHGLGDVGHVHJXULGDGDGHFXDGDVSDUDDVHJXUDUODLQIRUPDFLyQ (VWRVLJQLILFDDVHJXUDUTXHVyORODVSHUVRQDVFRQODVTXHVHGHVHDFRPSDUWLULQIRUPDFLyQ SRGUiQHQWHQGHUOD\TXHORVXVXDULRVFRQORVTXHVHFRPSDUWHODLQIRUPDFLyQVRQUHDOPHQWHODV SHUVRQDVHOHJLGDVSDUDFRPSDUWLUOD(VWDVVRQODVGRVLGHDVH[SUHVDGDVSRUORVWpUPLQRV SULYDFL GDG \ DXWHQWLILFDFLyQ  (QHVWHFRQWH[WROD SULYDFLGDG GHSHQGHGHODFDSDFLGDGGHLPSHGLUTXHDOJXLHQH[FHSWR HOGHVWLQDWDULRLQGLFDGRSXHGDOHHUXQPHQVDMHLQFOXVRVLXQXVXDULRGHODUHGHVFDSD]GHLQWHU FHSWDUOR7DPELpQHQHVWHFRQWH[WROD DXWHQWLILFDFLyQ HVODFRPSUREDFLyQGHTXHODHQWLGDGFRQ TXLHQVHHVWiFRPXQLFDQGRHVHQUHDOLGDGTXLHQGLFHVHULQFOXVRVLQRWLHQHPHGLRVItVLFRVGL UHFWRVSDUDFRPSUREDUOR /DQHFHVLGDGGHSULYDFLGDG\DXWHQWLILFDFLyQHQODVUHGHVQRVHJXUDVUHTXLHUHGHOFLIUDGR\ GHVFLIUDGRGHGDWRVFRPRSDUWHGHXQVLVWHPDGHVHJXULGDGGHVRIWZDUH/RVSURWRFRORVGHFLIUDGR TXHXWLOL]DQORVFHUWLILFDGRVHVWiQGLVHxDGRVSDUDFXEULUHVWDVQHFHVLGDGHV &ULSWRJUDItD /DFULSWRJUDItDSURSRUFLRQDXQFRQMXQWRGHWpFQLFDVSDUDFLIUDUORVGDWRV\PHQVDMHVGH IRUPDTXHVHDOPDFHQHQ\WUDQVPLWDQGHIRUPDVHJXUD/DFULSWRJUDItDSXHGHORJUDUFRPXQLFDFLR QHVVHJXUDVLQFOXVRFXDQGRHOPHGLRGHWUDQVPLVLyQSRUHMHPSOR,QWHUQHWQRVHDFRQILDEOH/D FULSWRJUDItDWDPELpQSXHGHFLIUDUDUFKLYRVFRQILGHQFLDOHVSDUDTXHXQLQWUXVRQRSXHGDHQWHQGHU ORV /DFULSWRJUDItDWDPELpQSURSRUFLRQDWpFQLFDVSDUDGHVFLIUDUORVGDWRV\PHQVDMHVFLIUDGRV GHIRUPDTXHVHSXHGDGHVFXEULUVXHVWDGRRULJLQDO&XDQGRODVWpFQLFDVVHLPSOHPHQWDQFRUUHF WDPHQWHHVH[WUHPDGDPHQWHGLItFLOUHFRQVWUXLUHOPHQVDMHRULJLQDOVLQFRQRFHUODFODYHFULSWRJUi ILFDVHFUHWDQHFHVDULDSDUDGHVFLIUDUXQPHQVDMH(O VREUHGLJLWDO XQPpWRGRGHFLIUDGRGRQGH VyORXQGHVWLQDWDULRHVSHFtILFRSXHGHGHVFLIUDUXQPHQVDMHHVXQDWpFQLFDFULSWRJUiILFDLPSRU WDQWH $GHPiVODFULSWRJUDItDSURSRUFLRQDXQFRQMXQWRGHWpFQLFDVSDUDFRPSUREDUHORULJHQGH ORVGDWRV\PHQVDMHVPHGLDQWHODV ILUPDVGLJLWDOHV  &XDQGRXWLOL]DODFULSWRJUDItDOD~QLFDSDUWHTXHGHEHPDQWHQHUHQVHFUHWRVRQODVFODYHV FULSWRJUiILFDVFRQODH[FHSFLyQGHODVFODYHVFRQRFLGDVFRPR FODYHVS~EOLFDV /RVDOJRULWPRV ORVWDPDxRVGHODVFODYHV\ORVIRUPDWRVGHDUFKLYRVHSXHGHQKDFHUS~EOLFRVVLQFRPSURPHWHUOD VHJXULGDG &LIUDGRGHGDWRV $OXWLOL]DUHOFLIUDGRGHGDWRVXQPHQVDMHGH WH[WRQRUPDO VHSXHGHDOWHUDUGHIRUPDTXH SDUH]FDXQJDOLPDWtDVDOHDWRULR\VHDGLItFLOGHGHVFLIUDUVLQXQDFODYHVHFUHWD$TXtHOWpUPLQR PHQVDMH KDFHUHIHUHQFLDDFXDOTXLHUSDUWHGHGDWRVTXHVHGHEHQFLIUDU(VWHPHQVDMHSXHGHVHUXQ WH[WRHQIRUPDWR$6&,,XQDUFKLYRGHEDVHGHGDWRVRFXDOTXLHUWLSRGHGDWRVGHVWLQDGRDXQD WUDQVPLVLyQVHJXUD(OWpUPLQR WH[WRQRUPDO KDFHUHIHUHQFLDDGDWRVQRFLIUDGRV\ WH[WRFLIUDGR KDFHUHIHUHQFLDDGDWRVFLIUDGRV 'HVSXpVGHFLIUDUXQPHQVDMHVHSXHGHDOPDFHQDUHQXQPHGLRSRFRVHJXURRVHSXHGH WUDQVPLWLUDWUDYpVGHXQDUHGQRVHJXUD\D~QDVtSHUPDQHFHUiVHFUHWR0iVWDUGHVHSXHGHGHV FLIUDUHOPHQVDMHSDUDGHYROYHUORDVXIRUPDWRRULJLQDO(VWHSURFHVRVHPXHVWUDHQODVLJXLHQWH LOXVWUDFLyQ )LJXUD&LIUDGRGHXQPHQVDMH &XDQGRVHFLIUDXQPHQVDMHVHXWLOL]DXQD FODYHGHFLIUDGR (VWDFODYHHVDQiORJDDODOOD YHTXHVHXWLOL]DSDUDFHUUDUXQFDQGDGR3DUDGHVFLIUDUHOPHQVDMHVHGHEHXWLOL]DUOD FODYHGH GHVFLIUDGR FRUUHVSRQGLHQWH(VPX\LPSRUWDQWHUHVWULQJLUFRUUHFWDPHQWHHODFFHVRDODFODYHGH GHVFLIUDGRSRUTXHTXLHQODWHQJDSRGUiGHVFLIUDUWRGRVORVPHQVDMHVFLIUDGRVFRQHVDFODYHGH FLIUDGR /RVDOJRULWPRVVLPpWULFRVVRQORVWLSRVGHDOJRULWPRVGHFLIUDGRPiVFRPXQHV/RVDOJR ULWPRVVLPpWULFRVXWLOL]DQODPLVPDFODYHSDUDHOFLIUDGR\HOGHVFLIUDGR3DUDFRPXQLFDUVHPH GLDQWHDOJRULWPRVVLPpWULFRVDPEDVSDUWHVGHEHQFRPSDUWLUXQDFODYHVHFUHWD )LJXUD&LIUDGRGHVFLIUDGRVLPpWULFR /RVDOJRULWPRVGHFODYHS~EOLFDDVLPpWULFDXWLOL]DQGRVWLSRVGHFODYHVGLIHUHQWHVXQD FODYHS~EOLFD \XQD FODYHSULYDGD /DFODYHSULYDGDSHUPDQHFHSULYDGDSDUDHOSURSLHWDULRGHOD SDUHMDGHFODYHV\ODFODYHS~EOLFDVHSXHGHGLVWULEXLUDFXDOTXLHUDTXHODVROLFLWHQRUPDOPHQWH PHGLDQWHXQFHUWLILFDGRGLJLWDO6LVHXWLOL]DXQDFODYHSDUDFLIUDUXQPHQVDMHVHUHTXLHUHODRWUD FODYHSDUDGHVFLIUDUOR )LJXUD&LIUDGRGHVFLIUDGRDVLPpWULFR /RVDOJRULWPRVVLPpWULFRVVRQHQDOJXQRVFDVRVPiVUiSLGRVTXHORVDOJRULWPRVGHFODYH S~EOLFD\VHXVDQIXQGDPHQWDOHVSDUDHOFLIUDGRGHJUDQGHVFDQWLGDGHVGHGDWRV6LQHPEDUJR SXHVWRTXHODVFODYHVGHEHQVHUVHFUHWDVQRHVSUiFWLFRGLVWULEXLUODVDXQJUDQQ~PHURGHSHUVR QDV/RVDOJRULWPRVGHFODYHS~EOLFDVROXFLRQDQHVWHSUREOHPD\VHSXHGHQXWLOL]DUFRQORVDOJR ULWPRVVLPpWULFRVSDUDORJUDUXQUHQGLPLHQWRySWLPRFXDQGRVHWUDEDMDFRQXQJUDQYROXPHQGH GDWRV )LUPDVGLJLWDOHV /DVILUPDVGLJLWDOHVVHSXHGHQXWLOL]DUFXDQGRVHGLVWULEX\HXQPHQVDMHFRQIRUPDWRGH WH[WRQRUPDO\ORVGHVWLQDWDULRVGHEHQVHUFDSDFHVGHFRPSUREDUTXHHOPHQVDMHQRKDVLGRPDQL SXODGRSRUXQXVXDULRQRDXWRUL]DGR)LUPDUXQPHQVDMHQRORDOWHUDVLPSOHPHQWHJHQHUDXQD FDGHQDGHILUPDGLJLWDOTXHVHHPSDTXHWDFRQHOPHQVDMHRVHWUDQVPLWHSRUVHSDUDGR /DVILUPDVGLJLWDOHVVHSXHGHQJHQHUDUFRQDOJRULWPRVGHILUPDGHFODYHS~EOLFDGRQGHOD FODYHSULYDGDGHTXLHQWUDQVPLWHHOPHQVDMHXWLOL]DGDSDUDJHQHUDUODILUPDVHHQYtDHQXQPHQ VDMHGHFRUUHRHOHFWUyQLFR$OUHFLELUHOPHQVDMHHOGHVWLQDWDULRXWLOL]DODFODYHS~EOLFDSDUDYDOL GDUODILUPD&RPRSDUDYDOLGDUODILUPDVyORVHSXHGHXWLOL]DUODFODYHS~EOLFDGHOILUPDQWHUHFL ELGDSRUHOGHVWLQDWDULRHQXQPHQVDMHGHFRUUHRHOHFWUyQLFRDQWHULRUODILUPDGLJLWDOHVODSUXHED GHTXHODLGHQWLGDGGHOUHPLWHQWHGHOPHQVDMHHVDXWpQWLFD(VWHSURFHVRVHPXHVWUDHQODVLJXLHQWH LOXVWUDFLyQ  )LJXUD)LUPD'LJLWDO 6REUHVGLJLWDOHV /RVVREUHVGLJLWDOHVVHXWLOL]DQSDUDHQYLDUPHQVDMHVSULYDGRVTXHVyORXQGHVWLQDWDULRHV SHFtILFRSXHGHHQWHQGHU(OPHQVDMHVyORVHSXHGHGHVFLIUDUPHGLDQWHODFODYHSULYDGDGHOGHVWL QDWDULRSDUDTXHVyORpVWHVHDFDSD]GHHQWHQGHUOR )LJXUD6REUHVGLJLWDOHV $XWHQWLILFDFLyQ (QODVVHFFLRQHVDQWHULRUHVTXHWUDWDQODVILUPDV\ORVVREUHVGLJLWDOHVVHKDVXSXHVWRTXH ODLGHQWLGDGGHOSURSLHWDULRGHODFODYHS~EOLFDXWLOL]DGDSDUDFLIUDURGHVFLIUDUXQPHQVDMHVHHV WDEOHFHVLQQLQJXQDGXGD3HURHQODSUiFWLFD¢FyPRSXHGHQORVGHVWLQDWDULRVGHXQPHQVDMHVX SXHVWDPHQWHHQYLDGRSRUDOJXLHQOODPDGR$OLFLDDFRPSDxDGRSRUXQDILUPDGLJLWDOTXHVHSXH GHYDOLGDUFRQXQDFODYHS~EOLFDTXHVXSXHVWDPHQWHSHUWHQHFHD$OLFLDHVWDUVHJXURVGHTXH UHDOPHQWHHVWiQXWLOL]DQGRODFODYHS~EOLFDGH$OLFLD"<GHIRUPDVLPLODU¢FyPRSXHGHDVHJXUDU VHXQXVXDULRTXHHQYtDXQPHQVDMHHQXQVREUHGLJLWDOFLIUDGRFRQXQDFODYHS~EOLFDTXHVX SXHVWDPHQWHSHUWHQHFHDXQGHVWLQDWDULROODPDGR-XDQGHTXHUHDOPHQWHVHWUDWDGHODFODYHS~ EOLFDGH-XDQ" 'XUDQWHPXFKRWLHPSRVHKDQXWLOL]DGRGRFXPHQWRVItVLFRVSDUDORJUDUODDXWHQWLILFDFLyQ HQODYLGDGLDULD3RUHMHPSORFXDQGRH[WLHQGHXQFKHTXHSDUDSDJDUXQDFRPSUD\HOYHQGHGRUOH SLGHXQGRFXPHQWRGHLGHQWLILFDFLyQHVWHGRFXPHQWRVHXWLOL]DSDUDDXPHQWDUODFRQILDQ]DGHO YHQGHGRUHQTXHTXLHQH[WLHQGHHOFKHTXHHVXVWHG(QHVWHFDVRHOYHQGHGRUFRQItDHQTXHHO RUJDQLVPRTXHHPLWLyHOGRFXPHQWRGHLGHQWLILFDFLyQUHDOL]yFRUUHFWDPHQWHHOWUDEDMRGHFRPSUR EDUVXLGHQWLGDG 3DUDJDUDQWL]DUODDXWHQWLFLGDGGHODVFODYHVS~EOLFDVH[LVWHQRUJDQLVPRVHQFDUJDGRVGH SURSRUFLRQDUORV FHUWLILFDGRVGLJLWDOHV FRP~QPHQWHFRQRFLGRVFRPRFHUWLILFDGRVFRPRXQPp WRGRVHJXURSDUDHOLQWHUFDPELRGHFODYHVS~EOLFDVHQUHGHVQRVHJXUDV &HUWLILFDGRVGLJLWDOHV 8QFHUWLILFDGRHVXQFRQMXQWRGHGDWRVTXHLGHQWLILFDQFRPSOHWDPHQWHXQDHQWLGDG\TXH XQDHQWLGDGHPLVRUDGHFHUWLILFDGRV&$HPLWHVyORGHVSXpVGHKDEHUFRPSUREDGRODLGHQWLGDG GHGLFKDHQWLGDG(OFRQMXQWRGHGDWRVLQFOX\HODFODYHFULSWRJUiILFDS~EOLFDSURSRUFLRQDGDDOD HQWLGDG&XDQGRHOUHPLWHQWH ILUPD XQPHQVDMHFRQVXFODYHSULYDGDHOGHVWLQDWDULRGHOPHQVDMH SXHGHXWLOL]DUODFODYHS~EOLFDGHOUHPLWHQWHUHFXSHUDGDGHOFHUWLILFDGRHQYLDGRFRQHOPHQVDMHR GLVSRQLEOHHQFXDOTXLHUSDUWHGHOVHUYLFLRGHGLUHFWRULRSDUDFRPSUREDUTXHHOUHPLWHQWHHVTXLHQ DILUPDVHU /RVFHUWLILFDGRVGLJLWDOHVVRQGRFXPHQWRVYLUWXDOHVTXHDXWHQWLFDQDODVSHUVRQDV\DODV HQWLGDGHVHQODUHG(OXVRGHFHUWLILFDGRVHQXQDUHGHVPiVFRPSOHMRTXHHOXVRGHXQGRFX PHQWRItVLFRSRUTXHODPD\RUtDGHODVSDUWHVFRPXQLFDQWHVQRVHFRQRFHQItVLFDPHQWH3RUWDQWR VHQHFHVLWDXQPpWRGRRSURWRFRORSDUDORJUDUXQDOWRQLYHOGHFRQILDQ]DDIDOWDGHXQDFRPSURED FLyQItVLFD$GHPiVHQXQDUHGQRVHJXUDHVPiVIiFLOLQWHUFHSWDUPHQVDMHV\SUHVHQWDULGHQWLGD GHVIDOVDV3DUDHYLWDUHVWRVSUREOHPDVORVSURWRFRORVGHVHJXULGDGTXHXWLOL]DQODVWpFQLFDVFULS WRJUiILFDVKDFHQPiVGLItFLOVLQRLPSRVLEOHTXHXQDSHUVRQDIDOVLILTXHXQFHUWLILFDGR\SUHVHQWH XQDLGHQWLGDGIDOVD &HUWLILFDFLyQGLJLWDO 8QSULPHUREMHWLYRGHXQFHUWLILFDGRGLJLWDOHVFRQILUPDUTXHODFODYHS~EOLFDFRQWHQLGDHQ XQFHUWLILFDGRHVODFODYHS~EOLFDTXHSHUWHQHFHDODSHUVRQDRHQWLGDGSDUDODTXHVHHPLWLyHO FHUWLILFDGR3RUHMHPSORXQDHQWLGDGHPLVRUDGHFHUWLILFDGRV&$SXHGHILUPDUGLJLWDOPHQWHXQ PHQVDMHHVSHFLDOFRQRFLGRFRPRLQIRUPDFLyQGHFHUWLILFDGRTXHFRQWLHQHHOQRPEUHGHXQXVXD ULRHQHVWHFDVR$OLFLD\VXFODYHS~EOLFDGHIRUPDTXHFXDOTXLHUSHUVRQDSXHGDFRPSUREDU TXHHOPHQVDMHGHLQIRUPDFLyQGHOFHUWLILFDGRIXHILUPDGRSRUOD&$3RUWDQWRVHFRQILUPDOD FRQILDQ]DHQODFODYHS~EOLFDGLVHxDGDSDUD$OLFLD /DLPSOHPHQWDFLyQWtSLFDGHODFHUWLILFDFLyQGLJLWDOFRPSUHQGHXQDOJRULWPRGHILUPDSDUD ILUPDUHOFHUWLILFDGR(OSURFHVRLPSOLFDORVSDVRVVLJXLHQWHV   $OLFLDHQYtDXQDSHWLFLyQGHFHUWLILFDGRTXHFRQWLHQHVXQRPEUH\VXFODYHS~EOLFDDXQD &$   /D&$FUHDXQPHQVDMHHVSHFLDO P DSDUWLUGHHVWDSHWLFLyQTXHFRQVWLWX\HODPD\RUSDUWH GHORVGDWRVGHOFHUWLILFDGR/D&$ILUPDHOPHQVDMHFRQVXFODYHSULYDGD\REWLHQHXQD ILUPDVHSDUDGD VLJ /D&$GHYXHOYHHOPHQVDMH P \ODILUPD VLJ D$OLFLD$PEDVSDUWHV FRPSRQHQHOFHUWLILFDGR   $OLFLD HQYtD HO FHUWLILFDGR D -XDQ TXH H[SUHVD VX FRQILDQ]D HQ OD FODYH S~EOLFD   -XDQFRPSUXHEDODILUPD VLJ PHGLDQWHODFODYHS~EOLFDGHOD&$6LODILUPDVHFRPSUXH EDVHDFHSWDODFODYHS~EOLFDGLVHxDGDSDUD$OLFLD $OLJXDOTXHRFXUUHFRQXQDILUPDGLJLWDOFXDOTXLHUSHUVRQDSXHGHFRPSUREDUHQFXDO TXLHUPRPHQWRTXHODHQWLGDGHPLVRUDGHFHUWLILFDGRV&$ILUPyHOFHUWLILFDGRVLQWHQHUDFFHVR DLQIRUPDFLyQSULYLOHJLDGD (QHVWHHVFHQDULRVHDVXPHTXH-XDQFRQRFHODFODYHS~EOLFDHVSHFtILFDGHOD&$/DFODYH S~EOLFDVHSXHGHREWHQHUGHXQDFRSLDGHOFHUWLILFDGRGHOD&$TXHFRQWLHQHODFODYHS~EOLFD 3XHVWRTXHORVFHUWLILFDGRVWLHQHQXQSHUtRGRGHYDOLGH]HVSRVLEOHTXHHOFHUWLILFDGRFD GXTXH\GHMHGHVHUYiOLGR8QFHUWLILFDGRVyORHVYiOLGRGXUDQWHHOSHUtRGRGHWLHPSRHVSHFLILFD GRSRUOD&$TXHORHPLWLy(OFHUWLILFDGRFRQWLHQHLQIRUPDFLyQDFHUFDGHODIHFKDGHFRPLHQ]R\ GHFDGXFLGDG6LXQXVXDULRLQWHQWDREWHQHUDFFHVRDXQVHUYLGRUVHJXURPHGLDQWHXQFHUWLILFDGR FDGXFDGRHOVRIWZDUHGHDXWHQWLILFDFLyQGHOVHUYLGRUUHFKD]DUiDXWRPiWLFDPHQWHODSHWLFLyQGH DFFHVR/RVXVXDULRVSXHGHQUHQRYDUORVFHUWLILFDGRVDQWHVGHODIHFKDGHFDGXFLGDGSDUDHYLWDU HVWDVLWXDFLyQ 7DPELpQHVSRVLEOHTXHOD&$UHYRTXHORVFHUWLILFDGRVSRURWUDVUD]RQHV3DUDFRQWURODU HVWDVLWXDFLyQOD&$PDQWLHQHXQDOLVWDGHFHUWLILFDGRVUHYRFDGRV(VWDOLVWDVHOODPDOLVWDGHUH YRFDFLyQGHFHUWLILFDGRV&5/\HVWiGLVSRQLEOHSDUDTXHORVXVXDULRVGHODUHGGHWHUPLQHQOD YDOLGH]GHXQFHUWLILFDGRGDGR -HUDUTXtDVGHHQWLGDGHVHPLVRUDVGHFHUWLILFDGRV (QODVJUDQGHVHPSUHVDVFRPSXHVWDVSRUP~OWLSOHVXQLGDGHVSHTXHxDVHVIUHFXHQWHTXH FDGDXQLGDGDGPLQLVWUHVXVSURSLRVUHFXUVRVHQODLQWUDQHWFRUSRUDWLYD&DGDXQLGDGGHEHKDFHU FXPSOLUODVGLUHFWLYDVSRUODVTXHVHFRQFHGHDORVVROLFLWDQWHVHODFFHVRDORVUHFXUVRVGHODLQWUD QHW (VSRVLEOHSURSRUFLRQDUDHVWDVXQLGDGHVODFDSDFLGDGGHHVWDEOHFHUGLUHFWLYDV\HPLWLU FHUWLILFDGRVSRUVtPLVPDVDOSHUPLWLUOHVVHU HQWLGDGHPLVRUDGHFHUWLILFDGRV FDGDXQDFRQVX SURSLRVHUYLGRUGHHQWLGDGHPLVRUDGHFHUWLILFDGRV&$/DRUJDQL]DFLyQSULQFLSDOGHEHVXSHUYL VDUDWHQWDPHQWHODSUROLIHUDFLyQGHP~OWLSOHV&$HQXQDLQWUDQHWSDUDTXHQRVHSURGX]FDXQDEX VRGHDXWRULGDG (ODEXVRGHDXWRULGDGVHSXHGHLPSHGLUPHGLDQWHXQD MHUDUTXtDGHHQWLGDGHVHPLVRUDVGH FHUWLILFDGRV&$ /DMHUDUTXtDGH&$FRPLHQ]DFRQXQDHQWLGDGHPLVRUDGHFHUWLILFDGRVGHILQLWL YDOODPDGD UDt] /DHQWLGDGHPLVRUDGHFHUWLILFDGRVUDt]FHUWLILFDORVVHUYLGRUHVGH&$GHODRUJD QL]DFLyQSULQFLSDOSDUDKDFHUFXPSOLUODVHJXULGDG\FRQWURODUWRGRHOVLVWHPD(QODVRUJDQL]D FLRQHVJUDQGHVSXHGHKDEHUPXFKDVFDSDVGHVHUYLGRUHV&$SDUDTXHODMHUDUTXtDVHSXHGDGHV SOHJDUSRUWRGDVODVXQLGDGHVGHODRUJDQL]DFLyQSULQFLSDO3RUHMHPSOROD&$UDt]FHUWLILFDUtDOD &$GHSULPHUQLYHOTXHDVXYH]FHUWLILFDUtDOD&$GHVHJXQGRQLYHOFRPRVHPXHVWUDHQHOGLD JUDPDVLJXLHQWH )LJXUD-HUDUTXtDGHHQWLGDGHVHPLVRUDVGHFHUWLILFDGRV (OXVRGHXQDMHUDUTXtDGH&$SURSRUFLRQDDODVJUDQGHVHPSUHVDVODIOH[LELOLGDGQHFHVD ULDSDUDDGPLQLVWUDUODVGLUHFWLYDV\FRQFHGHUFHUWLILFDGRVHQWRGRHOVLVWHPDGHFHUWLILFDFLyQFRP SXHVWRSRUP~OWLSOHVHQWLGDGHVHPLVRUDVGHFHUWLILFDGRV8QDMHUDUTXtDGH&$SHUPLWHDGPLQLVWUDU XQVLVWHPDGHFHUWLILFDFLyQGHVGHXQ~QLFRSXQWRGHFRQWURO3RUHMHPSORODHQWLGDGHPLVRUDGH FHUWLILFDGRVUDt]SRGUtDXWLOL]DUXQDDGPLQLVWUDFLyQGHFODYHVEDVDGDHQKDUGZDUHSDUDTXHXQD &$VXERUGLQDGDHVSHFtILFDVHFHUWLILTXHFRQODPD\RUVHJXULGDGSRVLEOH &XDQGRVHWUDQVPLWHDWUDYpVGHXQDUHGXQFHUWLILFDGRHPLWLGRSRUXQD&$GH1LYHORGH 1LYHOHOGHVWLQDWDULRGHEHFRPSUREDUTXHHOQLYHOVXSHULRUKDFHUWLILFDGRODHPLVLyQGHOD&$\ TXHHVWHQLYHODVXYH]HVWpFHUWLILFDGRSRUXQRVXSHULRUKDVWDTXHH[LVWDXQDFDGHQDGHHQWLGDG HPLVRUDGHFHUWLILFDGRVHQWUHOD&$GHQLYHOPiVEDMR\OD&$UDt]3RUHMHPSORHQHOGLDJUDPD DQWHULRUVHSRGUtDFRPSUREDUTXHFDGD&$FHUWLILFyFDGD&$\TXH&$UDt]FHUWLILFy&$  )LJXUD$OJRULWPRVGHFODYHS~EOLFD (OPHQVDMHRULJLQDOHVHQFULSWDGRFRQODFODYHS~EOLFDGHOGHVWLQDWDULRHVWHSRGUiREWHQHU HOPHQVDMHRULJLQDOGHVSXpVGHDSOLFDUVXFODYHSULYDGDDOPHQVDMHFLIUDGR6HUHVXHOYHDVtHOSUR EOHPDGHODGLVWULEXFLyQGHFODYHVVREUHFDQDOHVQRVHJXURV$SDUHFHQVLQHPEDUJRQXHYRVSUR EOHPDV8QRGHHOORVHVHOUHODWLYRDODXVXUSDFLyQGHSHUVRQDOLGDG 9HDPRVHQTXHFRQVLVWH-XDQ\(OHQDVRQXVXDULRVGHXQVLVWHPDGHFULSWRJUDItDEDVDGR HQ56$SRUHMHPSOR 3*3 -XDQREWLHQHODFODYHS~EOLFDGH(OHQDGHXQDSiJLQD:HEJHQHUDGD SRUHVWD~OWLPD6LQHPEDUJRDVWXWDPHQWH&DUORVKDVXVWLWXLGRODFODYHS~EOLFDRULJLQDOGH(OHQD SRUODVX\DSURSLD&XDQGR-XDQHQYtDXQPHQVDMHD(OHQDFLIUDGRFRQVXFODYHS~EOLFDHQUHDOL GDGHVWiXWLOL]DQGRODGH&DUORVTXHSXHGHDVtLQWHUYHQLUHVWRVPHQVDMHV3DUDQROHYDQWDUVRVSH FKDV&DUORVUHHQYtDHOPHQVDMHRULJLQDOD(OHQDHVWDYH]FRQODFODYHS~EOLFDRULJLQDOGHHVWD 3DUDUHVROYHUHVWHSUREOHPDSRWHQFLDOHQHOFRQWH[WRGHORVVLVWHPDVFULSWRJUiILFRVGHFODYHS~ EOLFDVHKDGLVHxDGRODILJXUDGHOD$XWRULGDG&HUWLILFDGRUD &HUWLI\LQJ$XWKRULW\ &$ &RQILGHQFLDOLGDGGHORVPHQVDMHV6REUHVHOHFWUyQLFRV (Q6(7ODFRQILGHQFLDOLGDGGHORVPHQVDMHVHVWiVRSRUWDGDSULPDULDPHQWHSRUODXWLOL]D FLyQGHFODYHVVLPpWULFDVSDUDFLIUDUHOFRQWHQLGRGHORVPLVPRV(VWDVFODYHVJHQHUDGDVGHIRUPD DOHDWRULDVRQFLIUDGDVDVXYH]FRQODFODYHS~EOLFDGHOSDUGHFODYHVDVLPpWULFDVGHOGHVWLQDWDULR /DXQLyQGHODFODYHVLPpWULFDFLIUDGDMXQWRFRQORVGDWRVGHOPHQVDMHFLIUDGRVFRQHVWDVHFRQR FHFRPR VREUHHOHFWUyQLFR  GLJLWDOHQYHORSH  )LJXUD6REUH(OHFWUyQLFRHQ6(7 $VXUHFHSFLyQHOGHVWLQDWDULRXWLOL]DODFODYHSULYDGDGHVXSDUGHFODYHVDVLPpWULFDVSDUD GHVFLIUDUODFODYHVLPpWULFDTXHDVXYH]SHUPLWLUiGHVFLIUDUORVGDWRVGHOPHQVDMH /DJHQHUDFLyQGHODVFODYHVVLPpWULFDVDOHDWRULDVHVXQSURFHVRGHJUDQLPSRUWDQFLD/D SURJUDPDFLyQ\PpWRGRVHPSOHDGRVSDUDHOORGHEHQJDUDQWL]DUTXHWDOHVFODYHVQRVHUiQLQIHULGDV GHOFRQWHQLGRGHOPHQVDMHQLGHOHQWRUQRHQHOTXHVHKDQSURGXFLGR ,QWHJULGDG\DXWHQWLFLGDGGHORVPHQVDMHV)LUPDVHOHFWUyQLFDV (Q6(7ODLQWHJULGDGFRPRJDUDQWtDGHTXHHOFRQWHQLGRGHORVPHQVDMHVQRKDVLGRDOWH UDGRGHIRUPDIUDXGXOHQWD\ODDXWHQWLFLGDGTXHJDUDQWL]DTXHODVSDUWHVLQWHUYLQLHQWHVHQHOSUR FHVRORKDFHQGHIRUPDOHJDO\UHSUHVHQWDQTXLHQGLFHQVHUVHEDVDQHQODJHQHUDFLyQGHILUPDV HOHFWUyQLFDV GLJLWDOVLJQDWXUHV  /DILUPDHOHFWUyQLFDVHEDVDHQODVUHODFLRQHVPDWHPiWLFDVHQWUHODVFODYHVS~EOLFD\SUL YDGDGHODOJRULWPRDVLPpWULFRXWLOL]DGR$VtXQPHQVDMHFLIUDGRFRQXQDGHODVFODYHVVRORSXHGH VHUGHVFLIUDGRFRQODRWUD(OUHPLWHQWHGHXQPHQVDMHFLIUDVXFRQWHQLGRFRQVXSURSLDFODYHSUL YDGDHOGHVWLQDWDULRSXHGHGHVFLIUDUORFRQODFRUUHVSRQGLHQWHFODYHS~EOLFD\GHWHUPLQDUDVtOD DXWHQWLFLGDGGHORULJHQGHOPHQVDMH 3DUDJDUDQWL]DUODLQWHJULGDGGHOFRQWHQLGRGHOPHQVDMH\DOPLVPRWLHPSRDFHOHUDUHO WUDWDPLHQWRGHOPLVPRVHLQFRUSRUDXQSURFHVRDGLFLRQDOFRQVLVWHQWHHQJHQHUDUXQYDORU~QLFR\ UHSUHVHQWDWLYRGHORVGDWRV(VWHSURFHVRGHQRPLQDGROLWHUDOPHQWHFRPR GLJHVWLyQGHOPHQVDMH  PHVVDJHGLJHVW FRQVLVWHHQKDFHUSDVDUORVGDWRVDWUDYpVGHXQDIXQFLyQLUUHYHUVLEOH RQHZD\ KDVKIXQFWLRQ FRPR0'TXHSURGXFHXQ GHVWLODGR GHORULJLQDOTXHHV~QLFRSDUDXQFRQWHQLGR GDGR(VFRPSXWDFLRQDOPHQWHFDVLLPSRVLEOHSURGXFLUHOPLVPRGHVWLODGRDSDUWLUGHGRVPHQVD MHVGLIHUHQWHV(ODOJRULWPRHPSOHDGRHQ6(7SURGXFHXQGHVWLODGRGHELWV\HVWDOTXHHO FDPELRGHXQVRORELWHQHOPHQVDMHRULJLQDOSURGXFHHQSURPHGLRHOFDPELRGHODPLWDGGHORV ELWVGHOSURGXFWR )LJXUD)LUPD(OHFWUyQLFDHQ6(7 (OGHVWLODGRGHOPHQVDMHVHFLIUDDKRUDFRQODFODYHSULYDGDGHOUHPLWHQWH\HOUHVXOWDGR VHDxDGHDOPHQVDMHRULJLQDOTXHVHHQYtDFRQVWLWX\HQGRODILUPDHOHFWUyQLFDGHOPLVPR (OGHVWLQDWDULRGHOPHQVDMHGHVFLIUDHOGHVWLODGRFRQODFODYHS~EOLFDGHOUHPLWHQWHDSOL FDODPLVPDIXQFLyQDOPHQVDMHRULJLQDO\FRPSDUDDPERVUHVXOWDGRV6LVRQLJXDOHVODLQWHJULGDG \DXWHQWLFLGDGGHOPHQVDMHVRQFRUUHFWDV6LHOSURFHVRGHGHVFLIUDGRQRHVVDWLVIDFWRULRHOUHPL WHQWHQRSXHGHVHUDXWHQWLFDGRVLHOGHVWLODGRJHQHUDGRQRHVFRLQFLGHQWHFRQHOH[WUDtGRGHOD ILUPDHOHFWUyQLFDVHKDSURGXFLGRXQDPRGLILFDFLyQHQHOFRQWHQLGRGHOPHQVDMH 6(7HPSOHDGRVSDUHVGLVWLQWRVGHFODYHVDVLPpWULFDVXQRSDUDODVIXQFLRQHVGHLQWHUFDP ELRGHODVFODYHVVLPpWULFDVDOHDWRULDV\RWURSDUDODVIXQFLRQHVGHILUPDHOHFWUyQLFD(VLPSRU WDQWHUHFRUGDUTXHODVFODYHVDVLPpWULFDVRSHUDQHQIRUPDLQYHUVDHQHOLQWHUFDPELRGHFODYHV\HQ ODILUPDHOHFWUyQLFD 9HDPRVDFRQWLQXDFLyQXQHMHPSORGHFRPRVHHQYtDQORVPHQVDMHVHQFULSWDGRVHQWUHGRV XVXDULRV\FRPRVHXVDQORVGLVWLQWRVWLSRVGHFODYHV )LJXUD3DVRVTXHVHUHDOL]DQHQODHQFULSWDFLyQ (VWHSURFHVRGHVFULWRHQHOHMHPSORGHODILJXUDDQWHULRUVHUHSLWHFRQVWDQWHPHQWHHQODV WUDQVDFFLRQHVEDMR6(77RGRVORVHQYtRVGHLQIRUPDFLyQHQWUHORVGLVWLQWRVSDUWLFLSDQWHVVHUHDOL ]DQGHHVWDPDQHUD &HUWLILFDGRVGH$XWHQWLFLGDG 6(7HVXQSURWRFRORTXHQDFHSDUDVXDSOLFDFLyQHQUHGHVDELHUWDV\VREUHFDQDOHVQRVH JXURV3RUHOORVHWLHQHQSUHYLVWRVGHVGHHOFRPLHQ]RORVSURFHGLPLHQWRV\SURFHVRVQHFHVDULRV SDUDJDUDQWL]DUODDXWHQWLFLGDG\OHJLWLPLGDGGHORVXVXDULRVTXHSDUWLFLSHQHQXQFLUFXLWRGHFR PHUFLRHOHFWUyQLFR /DILUPDHOHFWUyQLFDJDUDQWL]DODDXWHQWLFLGDGGHOUHPLWHQWH\ODLQWHJULGDGGHORVGDWRV FRQWHQLGRVHQHOPHQVDMH6LQHPEDUJRD~QHVSRVLEOHTXHVHKD\DSURGXFLGRXQDVXSODQWDFLyQGH ODLGHQWLGDGGHOUHPLWHQWHVLVXFODYHS~EOLFDKDVLGRDOWHUDGDGHIRUPDIUDXGXOHQWDSRUXQDWHUFH UDSHUVRQD8QDSRVLEOHVROXFLyQSDUDHOSUREOHPDGHODVXSODQWDFLyQGHLGHQWLGDGHVHOLQWHUFDP ELRGHFODYHVS~EOLFDVPHGLDQWHFDQDOHVVHJXURV6LQHPEDUJRHVWRQRHVYLDEOHHQODPD\RUtDGH ORVFDVRV\HVSHFLDOPHQWHFXDQGRORVSDUWLFLSDQWHVQRJXDUGDQXQDUHODFLyQDQWHULRUFRPRHQHO FRPHUFLRHOHFWUyQLFR 8QDDOWHUQDWLYDDOLQWHUFDPELRVHJXURGHFODYHVHVODXWLOL]DFLyQGH FHUWLILFDGRVGHDXWHQ WLFLGDG HPLWLGRVSRUHQWLGDGHVGHFRQILDQ]DSDUDWRGDVODVSDUWHVLQWHUYLQLHQWHV7DOHVHQWLGDGHV VHGHQRPLQDQ $XWRULGDGHV&HUWLILFDGRUDV  &HUWLILFDWH$XWKRULWLHV&$ 8QFHUWLILFDGRGHDX WHQWLFLGDGFRQWLHQHODFODYHS~EOLFDGHODSHUVRQDRHQWLGDGSDUDODTXHVHHPLWHMXQWRFRQLQIRU PDFLyQSURSLD\WRGRHOORILUPDGRHOHFWUyQLFDPHQWHSRUOD&$&RPRODFODYHS~EOLFDGHOD&$ HVWiDPSOLDPHQWHGLVWULEXLGDQRH[LVWHULHVJRGHVXSODQWDFLyQGHLGHQWLGDG 3DUDFDGDXQRGHORVDJHQWHVSDUWLFLSDQWHVHQ6(7VHHPLWHXQFHUWLILFDGRGHDXWHQWLFLGDG (QUHDOLGDG\GDGRTXH6(7GHILQHODXWLOL]DFLyQGHGRVFRQMXQWRVGHFODYHVDVLPpWULFDVFDGD XQDGHODVSDUWHVGLVSRQHGHGRVFHUWLILFDGRVGHDXWHQWLFLGDGXQRSDUDHOLQWHUFDPELRGHFODYHV VLPpWULFDV\RWURSDUDORVSURFHVRVGHILUPDHOHFWUyQLFD /DHPLVLyQ\YHULILFDFLyQGHORVFHUWLILFDGRVGHDXWHQWLFLGDGHVWiVRPHWLGDDXQDMHUDUTXtD GHFRQILDQ]DFRQXQDDXWRULGDGFHUWLILFDGRUDSULQFLSDOTXHHPLWHFHUWLILFDGRVSDUDORVQLYHOHV LQIHULRUHV )LJXUD-HUDUTXtDGHFRQILDQ]D (OVHJXLPLHQWRGHHVWHiUEROGHFRQILDQ]DKDFLDDUULEDSHUPLWHDVHJXUDUODDXWHQWLFLGDGGH XQFHUWLILFDGR\SRUWDQWRGHODFODYHFHUWLILFDGDSDUDFDGDQLYHOGDGR&DGDFHUWLILFDGRHVWiHQ OD]DGRDODILUPDGHODJHQWHSDUWLFLSDQWHDOTXHFHUWLILFD /DFODYHGHOD&$GHSULPHUQLYHOHVWDUiGLVSRQLEOHSDUDORVIDEULFDQWHVGHVRIWZDUHHQXQ FHUWLILFDGRDXWRILUPDGR6HKDQSUHYLVWRORVSURFHVRVQHFHVDULRVSDUDUHHPSOD]DUODFODYHRULJL QDO\SDUDVXYHULILFDFLyQ (O FRPSUDGRU REWLHQHVXVFHUWLILFDGRVGHODHQWLGDGILQDQFLHUDTXHHPLWHODVWDUMHWDVFRQ ODVTXHRSHUDSDUDUHDOL]DUODVWUDQVDFFLRQHVGHFRPHUFLRHOHFWUyQLFR3DUDWRGRVORVHIHFWRVXQD YH]TXHODHQWLGDGILQDQFLHUDKDLGHQWLILFDGRGHELGDPHQWHDOFRPSUDGRUSRWHQFLDOORVFHUWLILFDGRV VXVWLWX\HQIXQFLRQDOPHQWHDODVWDUMHWDV (O FRPHUFLDQWH REWLHQHVXVFHUWLILFDGRVGHODHQWLGDGILQDQFLHUDFRQODTXHILUPDFRQWUD WRVGHDGKHVLyQSDUDODDFHSWDFLyQGHODVGLIHUHQWHVWDUMHWDVGHFUpGLWR\GpELWRHPLWLGDVSRUGLFKD HQWLGDGHQQRPEUHGHOSURSLHWDULRGHODPDUFD(VWRVFHUWLILFDGRVVXVWLWX\HQIXQFLRQDOPHQWHDODV SHJDWLQDVTXHH[KLEHQDFWXDOPHQWHORVHVFDSDUDWHVGHORVFRPHUFLRV\TXHSHUPLWHQLGHQWLILFDUOD H[LVWHQFLDGHXQDUHODFLyQFRPHUFLDOFRQXQDHQWLGDGILQDQFLHUDTXHOHVSHUPLWLUiDFHSWDUSDJRV FRQGLIHUHQWHVPDUFDV\WLSRVGHWDUMHWDV(YLGHQWHPHQWHXQFRPHUFLDQWHSRGUiGLVSRQHUGHPiV GHXQSDUGHFHUWLILFDGRV\WHQGUiWDQWRVFRPRPDUFDVGHWDUMHWDVHVWpDFHSWDQGRFRPRPHGLRGH SDJR $XWRULGDGGH&HUWLILFDFLyQ5Dt] $XWRULGDGGH&HUWLILFDFLyQGHOD PDUFD9LVDHWF $XWRULGDGGH&HUWLILFDFLyQ*HRSROt WLFD $XWRULGDGGH&HUWLILFD FLyQGHO7LWXODU $XWRULGDGGH&HUWLILFD FLyQGHO&RPHUFLDQWH $XWRULGDGGH&HUWLILFD FLyQGHOD3DVDUHOD &HUWLILFDGRGHO7LWXODU &HUWLILFDGRGHO&RPHU FLDQWH &HUWLILFDGRGHOD3DVD UHODGH3DJRV 2SFLRQDO (O DFTXLUHU HQWLGDGILQDQFLHUDGHOFRPHUFLDQWHGHEHSRVHHUFHUWLILFDGRVSDUDSRGHURSH UDUFRPR&$\HPLWLUFHUWLILFDGRVSDUDORVFRPHUFLDQWHV(ODFTXLUHUREWHQGUiVXVFHUWLILFDGRVGHO SURSLHWDULRGHODPDUFDGHWDUMHWDV (O LVVXHU HQWLGDGILQDQFLHUDGHOFRPSUDGRUGHEHSRVHHUFHUWLILFDGRVSDUDSRGHURSHUDU FRPR&$\HPLWLUFHUWLILFDGRVSDUDORVFRPSUDGRUHV(OLVVXHUREWHQGUiVXVFHUWLILFDGRVGHOSUR SLHWDULRGHODPDUFDGHWDUMHWDV )DVHVTXHFRPSRQHQHOFRPHUFLRHOHFWUyQLFREDMR6(7 8QDWUDQVDFFLyQ6(7WtSLFDIXQFLRQDGHIRUPDPX\SDUHFLGDDXQDFRQYHQFLRQDOFRQWDU MHWDGHFUpGLWR\FRQVWDGH 1.   'HFLVLyQGHFRPSUD (OFOLHQWHHVWiQDYHJDQGRSRUODZHEGHOFRPHUFLDQWH\GHFLGH FRPSUDUXQDUWtFXOR5HOOHQDUiDOJ~QIRUPXODULR\SRVLEOHPHQWHKDUiXVRGHDOJXQD DSOLFDFLyQWLSRFDUULWRGHODFRPSUDSDUDLUDOPDFHQDQGRGLYHUVRVDUWtFXORV\SDJDUORV WRGRVDOILQDO(OSURWRFROR6(7VHLQLFLDFXDQGRSXOVDHOERWyQGH3DJDU 2.   $UUDQTXHGHOPRQHGHUR (OVHUYLGRUGHOFRPHUFLDQWHHQYtDXQDGHVFULSFLyQGHOSHGLGR TXHGHVSLHUWDDODDSOLFDFLyQPRQHGHURGHOFOLHQWH 3.   (OFOLHQWHFRPSUXHEDHOSHGLGR\WUDQVPLWHXQDRUGHQGHSDJRGHYXHOWDDOFRPHU FLDQWH /DDSOLFDFLyQPRQHGHURFUHDGRVPHQVDMHVTXHHQYtDDOFRPHUFLDQWH(OSULPH URODLQIRUPDFLyQGHOSHGLGRFRQWLHQHORVGDWRVGHOSHGLGRPLHQWUDVTXHHOVHJXQGR FRQWLHQHODVLQVWUXFFLRQHVGHSDJRGHOFOLHQWHQ~PHURGHWDUMHWDGHFUpGLWREDQFR HPLVRUHWFSDUDHOEDQFRDGTXLULHQWH(QHVWHPRPHQWRHOVRIWZDUHPRQHGHURGHO FOLHQWHJHQHUDXQDILUPDGXDOTXHSHUPLWHMXQWDUODLQIRUPDFLyQGHOSHGLGR\ODVLQV WUXFFLRQHVGHSDJRGHPDQHUDTXHHOFRPHUFLDQWHSXHGHDFFHGHUDODLQIRUPDFLyQGHO SHGLGRSHURQRDODVLQVWUXFFLRQHVGHSDJRPLHQWUDVTXHHOEDQFRSXHGHDFFHGHUD pVWDVSHURQRDOODLQIRUPDFLyQGHOSHGLGR(VWHPHFDQLVPRUHGXFHHOULHVJRGHIUDX GH\DTXHQLHOFRPHUFLDQWHOOHJDDFRQRFHUHOQ~PHURGHWDUMHWDQLHOEDQFRVDEHORV KiELWRVGHFRPSUDGHOFOLHQWH 4.  (OFRPHUFLDQWHHQYtDODSHWLFLyQGHSDJRDVXEDQFR (OVRIWZDUH6(7HQHOVHUYLGRU GHOFRPHUFLDQWHFUHDXQDSHWLFLyQGHDXWRUL]DFLyQTXHHQYtDDODSDVDUHODGHSDJRVLQ FOX\HQGRHOLPSRUWHDVHUDXWRUL]DGRHOLGHQWLILFDGRUGHODWUDQVDFFLyQ\RWUDLQIRUPD FLyQUHOHYDQWHDFHUFDGHODPLVPDWRGRHOORFRQYHQLHQWHPHQWHFLIUDGR\ILUPDGR(Q WRQFHVVHHQYtDQDOEDQFRDGTXLULHQWHXQDSHWLFLyQGHDXWRUL]DFLyQMXQWRFRQODVLQV WUXFFLRQHVGHSDJRTXHHOFRPHUFLDQWHQRSXHGHH[DPLQDU\DTXHYDQFLIUDGDVFRQOD FODYHS~EOLFDGHODGTXLULHQWH 5.   (OEDQFRDGTXLULHQWHYDOLGDDOFOLHQWH\DOFRPHUFLDQWH\REWLHQHXQDDXWRUL]DFLyQGHO HPLVRUGHOFOLHQWH (OGHOFRPHUFLDQWHGHVFLIUD\YHULILFDODSHWLFLyQGHDXWRUL]DFLyQ6L HOSURFHVRWLHQHp[LWRREWLHQHDFRQWLQXDFLyQODVLQVWUXFFLRQHVGHSDJRGHOFOLHQWHTXH YHULILFDDVXYH]SDUDDVHJXUDUVHGHODLGHQWLGDGGHOWLWXODUGHODWDUMHWD\GHODLQWHJUL GDGGHORVGDWRV 6.   (OHPLVRUDXWRUL]DHOSDJR (OEDQFRHPLVRUYHULILFDWRGRVORVGDWRVGHODSHWLFLyQ\VL WRGRHVWiHQRUGHQ\HOWLWXODUGHODWDUMHWDSRVHHFUpGLWRDXWRUL]DODWUDQVDFFLyQ 7.   (ODGTXLULHQWHHQYtDDOFRPHUFLDQWHXQWHVWLJRGHWUDQVIHUHQFLDGHIRQGRV (QFXDQWR HOEDQFRGHOFRPHUFLDQWHUHFLEHXQDUHVSXHVWDGHDXWRUL]DFLyQGHOHPLVRUJHQHUD\ ILUPDGLJLWDOPHQWHXQPHQVDMHGHUHVSXHVWDGHDXWRUL]DFLyQTXHHQYtDDODSDVDUHODGH SDJRVFRQYHQLHQWHPHQWHFLIUDGDTXHVHKDFHOOHJDUDOFRPHUFLDQWH 8.   eVWHHQYtDXQUHFLERDOPRQHGHURGHOFOLHQWH &XDQGRHOFRPHUFLDQWHUHFLEHODUHV SXHVWDGHDXWRUL]DFLyQGHVXEDQFRYHULILFDODVILUPDVGLJLWDOHV\ODLQIRUPDFLyQSDUD DVHJXUDUVHGHTXHWRGRHVWiHQRUGHQ(OVRIWZDUHGHOVHUYLGRUDOPDFHQDODDXWRUL]D FLyQ\HOWHVWLJRGHWUDQVIHUHQFLDGHIRQGRV$FRQWLQXDFLyQFRPSOHWDHOSURFHVDPLHQWR GHOSHGLGRGHOWLWXODUGHODWDUMHWDHQYLDQGRODPHUFDQFtDRVXPLQLVWUDQGRORVVHUYLFLRV SDJDGRV 9.  0iVDGHODQWHHOFRPHUFLDQWHXVDHOWHVWLJRGHWUDQVIHUHQFLDGHIRQGRVSDUDFREUDUHO LPSRUWHGHODWUDQVDFFLyQ 'HVSXpVGHKDEHUFRPSOHWDGRHOSURFHVDPLHQWRGHOSHGLGR GHOWLWXODUGHODWDUMHWDHOVRIWZDUHGHOFRPHUFLDQWHJHQHUDXQDSHWLFLyQGHWUDQVIHUHQ FLDDVXEDQFRFRQILUPDQGRODUHDOL]DFLyQFRQp[LWRGHODYHQWD&RPRFRQVHFXHQFLD VHSURGXFHHODERQRHQODFXHQWDGHOFRPHUFLDQWH 10.  $VXGHELGRWLHPSRHOGLQHURVHGHVFXHQWDGHODFXHQWDGHOFOLHQWHFDUJR )LJXUD3DVRVGHOSURWRFROR6(7SDUDSDJDUDWUDYpVGH,QWHUQHW (OSURWRFRORGHILQLGRSRU6(7HVSHFLILFDHOIRUPDWRGHORVPHQVDMHVODVFRGLILFDFLRQHV\ ODVRSHUDFLRQHVFULSWRJUiILFDVTXHGHEHQXVDUVH1RUHTXLHUHXQPpWRGRSDUWLFXODUGHWUDQVSRUWH GHPDQHUDTXHORVPHQVDMHV6(7SXHGHQWUDQVSRUWDUVHVREUH+773HQDSOLFDFLRQHVZHEVREUH FRUUHRHOHFWUyQLFRRFXDOTXLHURWURPpWRGR(QVXHVWDGRDFWXDO6(7VRODPHQWHVRSRUWDWUDQVDF FLRQHVFRQWDUMHWDGHFUpGLWRGpELWR\QRFRQWDUMHWDVPRQHGHUR (OHPHQWRVQHFHVDULRVSDUDFRPSUDUFRQ6(7 3DUDUHDOL]DUODVFRPSUDVSRU,QWHUQHWSDJDQGRPHGLDQWHHOSURWRFROR6(7HVQHFHVDULR KDFHUVHDQWHVFRQGRVHOHPHQWRV   8QFHUWLILFDGRGLJLWDO6(7 IXQFLRQDFRPRXQFDUQHWGLJLWDOTXHSXHGHXVDUHOFRPHUFLDQWH SDUDYHULILFDUODLGHQWLGDGGHOWLWXODUGHODWDUMHWDDWUDYpVGHOD5HG/RVFHUWLILFDGRV6(7VRQ HPLWLGRVSRUODPLVPDHQWLGDGILQDQFLHUDGHODTXHUHFLELyVXWDUMHWDGHFUpGLWR6LUYHQSDUD DVHJXUDUOHDOFRPHUFLDQWHTXHXVWHGHVHOOHJtWLPRWLWXODUGHODWDUMHWDGHFUpGLWRTXHYDXVDUVH HQODFRPSUD6LVHGHVHDXWLOL]DUPiVGHXQDWDUMHWDGHFUpGLWRHQWRQFHVVHQHFHVLWDXQFHUWL ILFDGRGLJLWDOGLVWLQWRSDUDFDGDXQDSXHVHVHOSURSLREDQFRRHQWLGDGILQDQFLHUDTXHSURSRU FLRQDODWDUMHWDGHFUpGLWRODTXHHPLWHHOFHUWLILFDGR   8QPRQHGHURGLJLWDOZDOOHW TXHSHUPLWHDORVFRPSUDGRUHVDOPDFHQDULQIRUPDFLyQDFHUFD GHVXVGDWRVSHUVRQDOHVSDUDHOHQYtRGHODVPHUFDQFtDVFRPSUDGDVDVtFRPRLQIRUPDFLyQGH SDJRFRPRQ~PHURGHWDUMHWDGHFUpGLWR\EDQFRHPLVRU'HEHVHUFRPSDWLEOHFRQ6(7\D TXHFRQVWLWX\HHOPHGLRDWUDYpVGHOFXDOVHWUDQVPLWHODLQIRUPDFLyQGHVXFHUWLILFDGRGLJLWDO HQORVSDJRVSRU,QWHUQHW (OHPHQWRVQHFHVDULRVSDUDYHQGHUFRQ6(7 3DUDSRGHUYHQGHUSRU,QWHUQHWEDMRHOFRQWUROGHOSURWRFROR6(7HVQHFHVDULR   8QFHUWLILFDGRGLJLWDO GLIHUHQWHSDUDFDGDPDUFDGHWDUMHWDGHFUpGLWRTXHGHVHHDFHSWDU(VWRV FHUWLILFDGRVVLUYHQXQSURSyVLWRVLPLODUDOGHORVFHUWLILFDGRVGHWLWXODUGHWDUMHWD\DTXHSHU PLWHQDXWHQWLFDUVHFRPRXQFRPHUFLDQWHYiOLGR*UDFLDVDHVWRVFHUWLILFDGRVHOFOLHQWHJR]DGH ODPLVPDVHJXULGDGTXHFXDQGRSDJDFRQODWDUMHWDHQVXWLHQGDItVLFD/RVFHUWLILFDGRVVRQ HPLWLGRVSRUHOPLVPREDQFRRHQWLGDGILQDQFLHUDFRQODVTXHQRUPDOPHQWHJHVWLRQDODVYHQ WDVSDJDGDVFRQWDUMHWD   8QDDSOLFDFLyQWHUPLQDOSXQWRGHYHQWD 3267FRPSDWLEOHFRQ6(7HQHOVHUYLGRU 'DGRTXH6(7VyORSURWHJHODLQIRUPDFLyQGHSDJRGHORVFOLHQWHVQRHOUHVWRGHODLQIRUPD FLyQTXHVHHQYtDDOVHUYLGRUHVDOWDPHQWHUHFRPHQGDEOHRIUHFHUWUDQVDFFLRQHVVHJXUDVDWUDYpV GHXQFDQDOFLIUDGRFRQ66/'HHVWDPDQHUDHOUHVWRGHOSURFHVRGHFRPSUDFRPRTXHDUWtFXORV FRPSUDQLQIRUPDFLyQGHPRJUiILFDHWFVHPDQWLHQHDVDOYRGHFXULRVRV )OXMRGHODVWUDQVDFFLRQHVHQHOSURFHVRGHSDJR (QHVWHDSDUWDGRVHGHVFULEHHOIOXMRGHODVWUDQVDFFLRQHV\FRPRHVWDVVRQSURFHVDGDVSRU YDULRVVLVWHPDV 6(7GHILQHXQDYDULHGDGGHSURWRFRORVGHWUDQVDFFLyQTXHXVDQORVFRQFHSWRVGHFULSWR JUDItDYLVWRVDQWHULRUPHQWHSDUDVHFXUL]DUHOFRPHUFLRHOHFWUyQLFR(VWHDSDUWDGRGHVFULEHODVVL JXLHQWHVWUDQVDFFLRQHV   5HJLVWURGHOFRPSUDGRURWLWXODUGHODWDUMHWD   5HJLVWURGHOFRPHUFLDQWH   6ROLFLWXGGHFRPSUD   $XWRUL]DFLyQGHOSDJR   &DSWXUDGHOSDJR&REUR 5HJLVWURGHOFRPSUDGRU /DILJXUDSURSRUFLRQDXQUHVXPHQDDOWRQLYHOGHOSURFHVRGHUHJLVWURGHOFRPSUDGRU PRVWUiQGRORHQVLHWHSDVRVIXQGDPHQWDOHV 1RWD1RVUHIHULUHPRVDOSRVHHGRUGHXQDWDUMHWDGHFUpGLWRFRPRWLWXODUGHODWDUMHWDRFRPSUD GRU$OD$XWRULGDG&HUWLILFDGRUDKDUHPRVUHIHUHQFLDPHGLDQWH³&$´ )LJXUD5HJLVWURGHOFRPSUDGRU 9HDPRVDFRQWLQXDFLyQHQPiVSURIXQGLGDGFRPRVHUHDOL]DHVWRVSDVRV 3DVR&RPSUDGRULQLFLDHO5HJLVWUR (OWLWXODUGHODWDUMHWDGHEHUHJLVWUDUVHFRQXQD$XWRULGDG&HUWLILFDGRUDDQWHVGHSRGHUHQ YLDUPHQVDMHV6(7DOFRPHUFLDQWH3DUDSRGHUHQYLDUPHQVDMHVDOD&$HOWLWXODUGHEHWHQHUXQD FRSLDGHFODYHGHLQWHUFDPELRS~EOLFDGHOD&$TXHVHREWLHQHGHOFHUWLILFDGRGHOD&$ (OWLWXODUWDPELpQQHFHVLWDXQDFRSLDGHOIRUPXODULRGHUHJLVWURGHODLQVWLWXFLyQILQDQFLHUDGHO WLWXODU3DUDTXHOD&$QRVSURSRUFLRQHHOIRUPXODULRGHUHJLVWURHOVRIWZDUHGHOWLWXODUGHEH LGHQWLILFDUODHQWLGDGILQDQFLHUDHPLVRUDDOD&$3DUDREWHQHUHOIRUPXODULRGHUHJLVWURVHUHTXLH UHGRVLQWHUFDPELRVHQWUHHOVRIWZDUHGHOWLWXODU\OD&$ (OSURFHVRGHUHJLVWURFRPLHQ]DFXDQGRHOVRIWZDUHGHOWLWXODUVROLFLWDXQDFRSLDGHOFHUWL ILFDGRGHOD&$ 3DVR$XWRULGDGFHUWLILFDGRUDHQYtDUHVSXHVWD &XDQGROD&$UHFLEHODVROLFLWXGHVWDHQYtDHOFHUWLILFDGRDOFRPSUDGRU(OFHUWLILFDGRGH OD&$SURSRUFLRQDDOVRIWZDUHGHOWLWXODUWRGRORVQHFHVDULRSDUDSURWHJHUHOQ~PHURGHODWDUMHWD GHFUpGLWRHQODVROLFLWXGGHOIRUPXODULRGHUHJLVWUR 3DVR&RPSUDGRUUHFLEHUHVSXHVWD\VROLFLWDHOIRUPXODULRGHUHJLVWUR 8QDYH]TXHHOVRIWZDUHGHOWLWXODUWLHQHHOFHUWLILFDGRGHOD&$SXHGHVROLFLWDUHOIRUPX ODULRGHUHJLVWUR 3DVR&$SURFHVDVROLFLWXG\HQYtDHOIRUPXODULRGHUHJLVWUR /D&$LGHQWLILFDDODLQVWLWXFLyQILQDQFLHUDGHOFRPSUDGRUXVDQGRORVSULPHURVD GtJLWRVGHOQ~PHURGHFXHQWD\VHOHFFLRQDHOIRUPXODULRGHUHJLVWURDSURSLDGR(QDOJXQRVFDVRV ODSURSLDLQVWLWXFLyQILQDQFLHUDGHOWLWXODUSXHGHRSHUDUFRPROD$XWRULGDG&HUWLILFDGRUD 3DVR&RPHUFLDQWHUHFLEHFHUWLILFDGRV (OFHUWLILFDGRHVJXDUGDGRHQHORUGHQDGRUGHOFRPHUFLDQWHSDUDIXWXUDVWUDQVDFFLRQHV 6ROLFLWXGGHFRPSUD /DILJXUDVLJXLHQWHPXHVWUDORVSDVRVTXHVHVLJXHQHQXQDSDUWHGHOSHGLGRGHODFRPSUD TXHHOFRPSUDGRUSLGH )LJXUD6ROLFLWXGGHFRPSUD 3DVR&RPSUDGRULQLFLDVROLFLWXG (OSURWRFROR6(7HVLQYRFDGRGHVSXpVGHTXHHOWLWXODUKDFRPSOHWDGRODVHOHFFLyQ\HO SHGLGRGHODFRPSUD 3DVR&RPHUFLDQWHHQYtDFHUWLILFDGRV &XDQGRHOFRPHUFLDQWHUHFLEHODVROLFLWXGDVLJQDXQLGHQWLILFDGRU~QLFRDODWUDQVDFFLyQ GHOPHQVDMH(QWRQFHVHQYtDORVFHUWLILFDGRVGHOFRPHUFLDQWH\GHOD3DVDUHODMXQWRFRQHOLGHQWL ILFDGRUGHODWUDQVDFFLyQDOFRPSUDGRU 3DVR&RPSUDGRUUHFLEHUHVSXHVWD\HQYtDVROLFLWXGGHFRPSUD (OVRIWZDUHGHOWLWXODUFUHDODLQIRUPDFLyQGHOSHGLGR2,\ODVLQVWUXFFLRQHVGHOSDJR 3,(OVRIWZDUHUHFRQRFHHOLGHQWLILFDGRUDVLJQDGRDODWUDQVDFFLyQSRUHOFRPHUFLDQWHHQODLQ IRUPDFLyQGHOSHGLGR\HQODVLQVWUXFFLRQHVGHSDJRHVWHLGHQWLILFDGRUVHUiXVDGRSRUOD3DVDUHOD GH3DJRVSDUDXQLUODDODVLQIRUPDFLyQGHOSHGLGR\DODVLQVWUXFFLRQHVGHSDJRFXDQGRHOFRPHU FLDQWHVROLFLWHODDXWRUL]DFLyQ 1RWD/DLQIRUPDFLyQGHOSHGLGRQRFRQWLHQHGDWRVGHOSHGLGRFRPRODVPHUFDQFtDVORV DUWtFXORV\ODVFDQWLGDGHVRORVWpUPLQRVGHOSHGLGRFRPRHOQ~PHURGHSOD]RVHQSDJDU(VWD LQIRUPDFLyQHVLQWHUFDPELDGDHQWUHHOFRPSUDGRU\HOVRIWZDUHGHOFRPHUFLDQWHGXUDQWHODIDVHGH FRPSUDDQWHVGHOSULPHUPHQVDMH6(7 3DVR&RPHUFLDQWHSURFHVDODVROLFLWXGGHFRPSUD 6LODUHVSXHVWDGHODDXWRUL]DFLyQLQGLFDTXHODWUDQVDFFLyQIXHDSUREDGDHOFRPHUFLDQWH HQYLDUiODPHUFDQFtDDOFRPSUDGRU 3DVR&RPSUDGRUUHFLEHODUHVSXHVWDGHODFRPSUD )LQDOPHQWHHOVRIWZDUHGHOFRPSUDGRUUHDOL]DDOJXQDVDFFLRQHVEDVDGDVHQHOFRQWHQLGR GHOPHQVDMHGHUHVSXHVWDFRPRPRVWUDUXQPHQVDMHDOWLWXODURDFWXDOL]DUXQDEDVHGHGDWRVFRQHO HVWDGRGHOSHGLGR (OFRPSUDGRUSXHGHGHWHUPLQDUHOHVWDGRGHOSHGLGRFRPRVLKDVLGRDXWRUL]DGRRSHQ GLHQWHGHSDJRHQYLDQGRXQPHQVDMHSUHJXQWDQGRSRUHOPLVPR $XWRUL]DFLyQGHOSDJR /DILJXUDVLJXLHQWHPXHVWUDORVSDVRVTXHVHVLJXHQHQHOSURFHVRGHDXWRUL]DFLyQGHOSDJR DOFRPHUFLDQWH )LJXUD$XWRUL]DFLyQGHOSDJR 3DVR&RPHUFLDQWHVROLFLWDDXWRUL]DFLyQ 'XUDQWHHOSURFHVRGHOSHGLGRGHXQFRPSUDGRUHOFRPHUFLDQWHDXWRUL]DUiODWUDQVDFFLyQ (OVRIWZDUHGHOFRPHUFLDQWHVROLFLWDODDXWRUL]DFLyQTXHLQFOX\HODFDQWLGDGDVHUDXWRUL]DGDHO LGHQWLILFDGRUGHODWUDQVDFFLyQGHODLQIRUPDFLyQGHOSHGLGR\RWUDVLQIRUPDFLRQHVDFHUFDGHOD PLVPD 3DVR3DVDUHODGH3DJRVSURFHVDODVROLFLWXGGHDXWRUL]DFLyQ &XDQGROD3DVDUHODGH3DJRVUHFLEHODVROLFLWXGGHDXWRUL]DFLyQYHULILFDTXHHOFHUWLILFDGR QRKD\DFDGXFDGR\ODILUPDGHOPLVPR (QWRQFHVOD3DVDUHODGH3DJRHQYtDXQDVROLFLWXGGHDXWRUL]DFLyQDODHQWLGDGILQDQFLHUD GHOFRPSUDGRUPHGLDQWHXQVLVWHPDGHSDJR 3DVR&RPHUFLDQWHSURFHVDODUHVSXHVWD (OVRIWZDUHGHOFRPHUFLDQWHJXDUGDODUHVSXHVWDGHODDXWRUL]DFLyQ\HOYDOHGHFRPSUD SDUDVHUXVDGRFXDQGRHOFREURVHDVROLFLWDGR(OFRPHUFLDQWHHQWRQFHVDFDEDSURFHVDQGRHOSHGL GRGHOFRPSUDGRUHQYLDQGRODPHUFDQFtDRUHDOL]DQGRORVVHUYLFLRVLQGLFDGRVHQHOSHGLGR &DSWXUDGHOSDJR /DILJXUDVLJXLHQWHPXHVWUDORVSDVRVTXHVHVLJXHQHQHOSURFHVRGHOFREURSRU SDUWHGHOFRPHUFLDQWH )LJXUD&DSWXUDGHOSDJR 3DVR&RPHUFLDQWHVROLFLWDHOFREUR 'HVSXpVGHFRPSOHWDUHOSURFHVRGHOSHGLGRGHOFRPSUDGRUHOFRPHUFLDQWHVROLFLWDUDHO SDJR6XHOHSDVDUXQWLHPSRHQWUHHOPHQVDMHGHVROLFLWXGGHDXWRUL]DFLyQ\HOPHQVDMHGHVROLFL WXGGHSDJR 3DVR3DVDUHODGH3DJRVSURFHVDODVROLFLWXG /D3DVDUHODGH3DJRVXVDODLQIRUPDFLyQGHODVROLFLWXGGHFREUR\GHOYDOHGHFRPSUD SDUDHQYLDUODVROLFLWXGDODHQWLGDGILQDQFLHUDGHOFRPSUDGRUSRUYtDGHOVLVWHPDGHSDJRGHOD WDUMHWDGHFUpGLWR