,167$/$&,Ð1'(/+2512(03275$%/(
'(%$-2'(/$(1&,0(5$
5HFRPHQGDFLRQHV
,PSRUWDQWHFXDOTXLHURSHUDFLyQGHLQVWDODFLyQ
RGHPDQWHQLPLHQWRVHWLHQHTXHHIHFWXDUFRQHO
KRUQRGHVFRQHFWDGRGHODUHGHOpFWULFD
(ODSDUDWRWLHQHTXHVHULQVWDODGRSRUXQWpFQLFR
FDOLILFDGRVHJ~QODVLQVWUXFFLRQHVGHOIDEULFDQWH\
HQFRQIRUPLGDGFRQODVQRUPDWLYDVORFDOHV
7UDVGHVHPEDODUHOKRUQRFRPSUXHEHTXHQRVH
KD\DGDxDGRGXUDQWHHOWUDQVSRUWH\TXHOD
SXHUWDFLHUUHFRUUHFWDPHQWH
(QFDVRGHGXGD
SyQJDVHHQFRQWDFWRFRQVXYHQGHGRURFRQ
HO6HUYLFLRGH$VLVWHQFLDPiVFHUFDQR
7UDVGHVHPEDODUHOKRUQRGpMHORVREUHODEDVHGH
SROLHVWLUHQRSDUDHYLWDUTXHSXHGDGDxDUVH
3DUDLQVWDODUHOKRUQRVHUHFRPLHQGDXWLOL]DU
JXDQWHVSURWHFWRUHV
1ROHYDQWHHOKRUQRSRUHOWLUDGRUGHODSXHUWD
6XMpWHORSRUODVDEHUWXUDVODWHUDOHVHVSHFtILFDV
SDUDHOWUDQVSRUWH
3UHSDUDFLyQGHOPXHEOHSDUD
HPSRWUDUHOKRUQR
+RUQRHPSRWUDEOHGHEDMRGHODHQFLPHUD
/RVPXHEOHVGHFRFLQDTXHHVWpQHQFRQWDFWR
GLUHFWRFRQHOKRUQRKDQGHVHUUHVLVWHQWHVDO
FDORU&FRPRPtQLPR
6LKDGHFRUWDUHOPXHEOHGHFRFLQDRODHQFLPHUD
KiJDORDQWHVGHLQVWDODUHOKRUQR4XLWHODVYLUXWDV
GHPDGHUDRHOVHUUtQ\DTXHSXHGHQLPSHGLUHO
FRUUHFWRIXQFLRQDPLHQWRGHODSDUDWR
/DVPHGLGDVGHOKRUQR\GHOPXHEOHGHFRFLQDVH
LOXVWUDQHQODVILJXUDV\
3DUDORJUDUXQDYHQWLODFLyQFRUUHFWDHVQHFHVDULR
GHMDUXQHVSDFLRHQODSDUWHSRVWHULRUGHOPXHEOH
FRQODVGLPHQVLRQHVLOXVWUDGDVHQODILJXUD
(QWUHHOERUGHVXSHULRUGHOKRUQR\HOERUGH
LQIHULRUGHODHQFLPHUDWLHQHTXHKDEHUXQD
GLVWDQFLDPtQLPDGHPPILJ
3RUQLQJ~Q
PRWLYRHVSRVLEOHFHUUDUGLFKDDEHUWXUD
&XDQGRLQVWDOHHOKRUQRYD\DFRQFXLGDGRSDUD
QRGDxDUORVPXHEOHVDG\DFHQWHV
6LHOPXHEOHQRVHHQFXHQWUDELHQVXMHWRDOD
SDUHGItMHORFRQHVFXDGUDV*WDOFRPRVHLOXVWUD
HQODILJXUD
3ODFDGHFRFFLyQ
$WHQFLyQ
SDUDLQVWDODUODSODFDGHFRFFLyQHQXQD
VXSHUILFLHTXHQRVHDGHPDGHUDSOiVWLFR
FHUiPLFDPiUPROSLHGUDHWFKD\TXHXWLOL]DU
HVFXDGUDVGHILMDFLyQHVSHFLDOHVILJ TXH
SXHGHQSHGLUVHDO6HUYLFLRGHDVLVWHQFLD
/DHQFLPHUDHQODFXDOVHKDGHHPSRWUDUODSODFD
GHFRFFLyQKDGHWHQHUXQJURVRUFRPSUHQGLGR
HQWUH\PP
(QWUHODSODFDGHFRFFLyQ\HOKRUQRQRWLHQHTXH
KDEHUQDGDSRUHMHPSORWUDYHVDxRVDLVODQWHVHWF
6LODSODFDGHFRFFLyQKDGHLQVWDODUVHFHUFDGHXQ
PXHEOHGHWLSRFROXPQDKDEUiTXHGHMDU
PPFRPRPtQLPRHQWUHHOERUGHGHODSODFD
GHFRFFLyQ\HOODWHUDOGHOPXHEOHILJ
5HDOLFHXQKXHFRHQODHQFLPHUDFRQODV
GLPHQVLRQHVHVSHFLILFDGDVHQODILFKDGHO
SURGXFWRHQWUHJDGDFRQODSODFDGHFRFFLyQ
6HDFRQVHMDVHOODUHOERUGHLQWHULRUGHODHQFLPHUD
FRQVLOLFRQDRFRODHVSHFLDOSDUDPDGHUD
$SOLTXHODMXQWDVXPLQLVWUDGDVLQRVHKDPRQWDGR
DODSODFDGHFRFFLyQWUDVOLPSLDUFXLGDGRVDPHQWH
OD]RQDGHFRQWDFWR
3ODFDGHFRFFLyQHOpFWULFDFRQYHQFLRQDO
,PSRUWDQWHDQWHVGHLQVWDODUODSODFDGHFRFFLyQ
KD\TXHTXLWDUOHODSHOtFXODGHSURWHFFLyQ
6LODHQFLPHUDHVGHPDGHUDXWLOLFHODV
JUDSDV\ORVWRUQLOORVHQGRWDFLyQ
,QWURGX]FDODVFXDWURJUDSDV%ILJ HQODV
FRUUHVSRQGLHQWHVJXtDVHQODFDUDLQIHULRUGHOD
SODFDGHFRFFLyQ
(QFDMHODSODFDGHFRFFLyQHQODHQFLPHUD
6LODHQFLPHUDHVGHPiUPROXRWURPDWHULDO
SOiVWLFRFHUiPLFDSLHGUDHWF
ODSODFDGH
FRFFLyQGHEHILMDUVHFRQJUDSDVHVSHFLDOHV&
ILJ FyGLJRGLVSRQLEOHVHQHO
6HUYLFLRGHDVLVWHQFLDFRPRMXHJRFRPSOHWR
)LMHODVJUDSDVHQORVFRUUHVSRQGLHQWHVRULILFLRV
PHGLDQWHORVWRUQLOORVHQGRWDFLyQ
(QFDMHODSODFDGHFRFFLyQHQODHQFLPHUD
3ODFDGHFRFFLyQGHYLWURFHUiPLFD
,PSRUWDQWHDQWHVGHLQVWDODUODSODFDGHFRFFLyQ
KD\TXHTXLWDUOHODSHOtFXODGHSURWHFFLyQ
$VHJ~UHVHGHTXHHOKXHFRGHODHQFLPHUDSDUDODSODFD
GHFRFFLyQWHQJDODVGLPHQVLRQHVGHOHVTXHPDLQFOXLGR
HQODILFKDGHOSURGXFWR\VHUHVSHWHQODVWROHUDQFLDV
1RIXHUFHODSODFDGHFRFFLyQFXDQGRODLQWURGX]FD
HQODHQFLPHUD6LVHIXHU]DODLQWURGXFFLyQOD
SUHVLyQSXHGHSURGXFLUIUDFWXUDVHQOD
YLWURFHUiPLFDLQFOXVRPiVWDUGH
10200153E.fm Page 9 Friday, May 20, 2005 11:24 AM