TEXTO PAGINA: 5
NORMAS LEGALES (O3HUXDQR Lima, jueves 27 de diciembre de 2012 482175 SUHVXSXHVWR GHO VHFWRU S~EOLFR SDUD HO DxR ¿VFDO VH DXWRUL]y DO SOLHJR 0LQLVWHULR GH &RPHUFLR ([WHULRU \ 7XULVPR D XWLOL]DU ORV UHFXUVRV D TXH VH UH¿HUHQ ORV DUWtFXORV\GHOD/H\1/H\GH&HQWURVGH ,QQRYDFLyQ7HFQROyJLFDSDUDODFUHDFLyQ\VRVWHQLPLHQWR GH &HQWURV GH ,QQRYDFLyQ 7HFQROyJLFD GH ([SRUWDFLyQ &,7(([SRUWDFLyQ 4XH PHGLDQWH 5HVROXFLyQ 9LFHPLQLVWHULDO 1 0,1&(78590&( GH IHFKD GH GLFLHPEUH GH VHRWRUJyDOD$VRFLDFLyQ3UR&DFDR\'HULYDGRV 6DQ0DUWLQ352&$'(6$0ODFDOL¿FDFLyQSDUDRSHUDU FRPR&,7(;325SULYDGR 4XH GLFKR &,7(;325 EXVFD DOFDQ]DU OD HVWDQGDUL]DFLyQGHODSURGXFFLyQGHOJUDQRGHOFDFDR\ GHVXVGHULYDGRVDQLYHOORFDOSDUDVXPHMRULQVHUFLyQ HQ ORV PHUFDGRV LQWHUQDFLRQDOHV XELFiQGRVH HQ OD 5HJLyQ 6DQ 0DUWtQ SRU VHU OD ]RQD FRQ PD\RU SURGXFFLyQ GH FDFDR D QLYHO QDFLRQDO UHTXLULHQGR DSR\R SDUD ILQDQFLDU VX IXQFLRQDPLHQWR HQ OD HWDSD LQLFLDOGHVXGHVDUUROOR 4XH HO QXPHUDO GHO DUWtFXOR GH OD /H\ 1 /H\*HQHUDOGHO6LVWHPD1DFLRQDOGH3UHVXSXHVWR HVWDEOHFH TXH VyOR SRU 'HFUHWR 6XSUHPR \ FRQ HO YRWR DSUREDWRULR GHO &RQVHMR GH 0LQLVWURV VH SRGUiQ RWRUJDU VXEYHQFLRQHV DGLFLRQDOHV H[FOXVLYDPHQWH SDUD ¿QHV VRFLDOHV D ODV FRQIHULGDV HQ HO DQH[R GH OD /H\ GH 3UHVXSXHVWRGHO6HFWRU3~EOLFRGHELHQGRSDUDWDOHIHFWR FRQWDUFRQHOLQIRUPHWpFQLFRGHOD8QLGDGGH3UHVXSXHVWR \ HO ¿QDQFLDPLHQWR HQ HO 3UHVXSXHVWR ,QVWLWXFLRQDO UHVSHFWLYR 4XHOD2¿FLQD*HQHUDOGH3ODQL¿FDFLyQ3UHVXSXHVWR \'HVDUUROORGHO0,1&(785KDHPLWLGRHOLQIRUPHWpFQLFR IDYRUDEOHDTXHVHUH¿HUHHOQXPHUDOGHODUWtFXOR GHOD/H\1 4XH ORV VHUYLFLRV \ DFWLYLGDGHV D VHU DWHQGLGRV FRQ FDUJR D OD VXEYHQFLyQ VROLFLWDGD SRU HO &,7(;325 352&$'(6$0 FRQWULEXLUiQ D RULHQWDU ORV UHVXOWDGRV GH ODV DFWLYLGDGHV UHODFLRQDGDV FRQ OD LQYHVWLJDFLyQ \ WHFQRORJtDKDFLDVHFWRUHVPiVQHFHVLWDGRVVLHQGRVXV EHQH¿FLDULRV GLUHFWRV ODV DVRFLDFLRQHV GH SURGXFWRUHV \ DJULFXOWRUHV FRQVWLWX\pQGRVH DVt HQ SDUWH GH ORV SURJUDPDV VRFLDOHV SURGXFWLYRV RULHQWDGRV DO FRPHUFLR H[WHULRUGHO(VWDGR 'H FRQIRUPLGDG FRQ OD /H\ 1 /H\ GH &HQWURV GH ,QQRYDFLyQ 7HFQROyJLFD OD /H\ 1 /H\ GH 2UJDQL]DFLyQ \ )XQFLRQHV GHO 0LQLVWHULR GH &RPHUFLR([WHULRU\7XULVPR\VX5HJODPHQWRDSUREDGR PHGLDQWH 'HFUHWR 6XSUHPR 1 0,1&(785 \ OD/H\1/H\*HQHUDOGHO6LVWHPD1DFLRQDOGH 3UHVXSXHVWR &RQHOYRWRDSUREDWRULRGHO&RQVHMRGH0LQLVWURV '(&5(7$ $UWtFXOR$XWRUL]DFLyQSDUDRWRUJDU6XEYHQFLyQ $XWRUL]DUDO0LQLVWHULRGH&RPHUFLR([WHULRU\7XULVPR 0,1&(785DRWRUJDUGXUDQWHHOSUHVHQWHDxR¿VFDOOD VXEYHQFLyQHFRQyPLFDTXHVHGHWDOODDFRQWLQXDFLyQD IDYRUGHO&,7(GH([SRUWDFLyQSULYDGRTXHVHLQGLFD 5$=Ï162&,$/ 02172'(68%9(1&,Ï1 6 &,7(;325352&$'(6$0 $UWtFXOR )RUPD 3OD]R \ &RQGLFLyQ GH OD 6XEYHQFLyQ /D VXEYHQFLyQ DSUREDGD PHGLDQWH HO SUHVHQWH 'HFUHWR 6XSUHPR VH KDUi HIHFWLYD HQ OD IRUPD SOD]R \ FRQGLFLRQHV TXH VH HVWDEOH]FDQ HQ HO &RQYHQLR GH 6XEYHQFLyQTXHHO0,1&(785VXVFULELUiFRQODHQWLGDG EHQH¿FLDGD $UWtFXOR'HVWLQRGHOD6XEYHQFLyQ /D VXEYHQFLyQ TXH VH DSUXHED PHGLDQWH HO SUHVHQWH 'HFUHWR 6XSUHPR GHEH GHVWLQDUVH ~QLFD \ H[FOXVLYDPHQWH D OD LPSOHPHQWDFLyQ GH PyGXORV GH EHQH¿FLRFDSDFLWDFLyQDVLVWHQFLDWpFQLFD\GHVDUUROOR GH OD RIHUWD H[SRUWDEOH GH DFXHUGR DO UHVSHFWLYR &RQYHQLRGH6XEYHQFLyQ $UWtFXOR5HJLVWURV\&XHQWDV(VSHFLDOHV (O&,7(;325EHQH¿FLDULRGHODVXEYHQFLyQGHEHGDU FXHQWDSRUPHQRUL]DGDGHODXWLOL]DFLyQGHWDOHVUHFXUVRVD OD'LUHFFLyQ1DFLRQDOGH'HVDUUROORGH&RPHUFLR([WHULRU GHO 9LFHPLQLVWHULR GH &RPHUFLR ([WHULRU GHQWUR GH ORV SULPHURVGLH]GtDVGHOPHVVLJXLHQWHGHUHFLELGDOD VXEYHQFLyQ\OOHYDUiUHJLVWURV\FXHQWDVHVSHFLDOHVTXH SHUPLWDQ HO DQiOLVLV HVSHFt¿FR VREUH HO GHVWLQR GH OD VXEYHQFLyQ $UWtFXOR*DVWRV /RV JDVWRV TXH LUURJXH OD DSOLFDFLyQ GHO SUHVHQWH 'HFUHWR6XSUHPRVHHIHFWXDUiQFRQFDUJRDOSUHVXSXHVWR LQVWLWXFLRQDO GHO 0,1&(785 VLQ GHPDQGDU UHFXUVR DGLFLRQDODOJXQRDOWHVRURS~EOLFR $UWtFXOR(YDOXDFLyQ $O WpUPLQR GHO HMHUFLFLR ¿VFDO GHO DxR OD 2¿FLQD *HQHUDO GH 3ODQL¿FDFLyQ 3UHVXSXHVWR \ 'HVDUUROORGHO0LQLVWHULRGH&RPHUFLR([WHULRU\7XULVPR HYDOXDUiWpFQLFDPHQWHORVUHVXOWDGRVDOFDQ]DGRVSRUHO &,7(;325 VXEYHQFLRQDGR \ HO FRVWR EHQH¿FLR GH OD VXEYHQFLyQ\GHEHUiLQIRUPDUGHQWURGHORVFXDUHQWD\ FLQFRGtDVGH¿QDOL]DGRHODxR¿VFDODOD&RPLVLyQ GH 3UHVXSXHVWR \ &XHQWD *HQHUDO GH OD 5HS~EOLFD GHO &RQJUHVR GH OD 5HS~EOLFD D OD &RQWUDORUtD *HQHUDO GH OD 5HS~EOLFD \ D OD 'LUHFFLyQ 1DFLRQDO GHO 3UHVXSXHVWR 3~EOLFRORVUHVXOWDGRVDOFDQ]DGRV\HOFRVWREHQH¿FLRGH ODVXEYHQFLyQRWRUJDGD $UWtFXOR5HIUHQGR (OSUHVHQWH'HFUHWR6XSUHPRVHUiUHIUHQGDGRSRUHO 0LQLVWURGH&RPHUFLR([WHULRU\7XULVPR 'DGRHQOD&DVDGH*RELHUQRHQ/LPDDORVYHLQWLVpLV GtDVGHOPHVGHGLFLHPEUHGHODxRGRVPLOGRFH 2//$17$+80$/$7$662 3UHVLGHQWH&RQVWLWXFLRQDOGHOD5HS~EOLFD -26e/8,66,/9$0$57,127 0LQLVWURGH&RPHUFLR([WHULRU\7XULVPR ECONOMIA Y FINANZAS (VWDEOHFHQ 3URJUDPDFLyQ GH &RPSURPLVRV$QXDO3&$GHODxRILVFDO SDUD ORV SOLHJRV GHO *RELHUQR 1DFLRQDO *RELHUQRV 5HJLRQDOHV \ *RELHUQRV/RFDOHV 5(62/8&,Ï1',5(&725$/ 1() /LPDGHGLFLHPEUHGH &216,'(5$1'2 4XH ORV OLWHUDOHV D \ F GHO QXPHUDO GHO DUWtFXOR GH OD /H\ 1 /H\ 0DUFR GH OD $GPLQLVWUDFLyQ )LQDQFLHUD GHO 6HFWRU 3~EOLFR HQ FRQFRUGDQFLD FRQ ORV DUWtFXORV \ GH OD /H\ 1 /H\ *HQHUDO GHO 6LVWHPD 1DFLRQDO GH 3UHVXSXHVWR GLVSRQHQ TXH OD 'LUHFFLyQ *HQHUDO GH 3UHVXSXHVWR3~EOLFRHVHOyUJDQRUHFWRU\FRQVWLWX\H OD PiV DOWD DXWRULGDG WpFQLFRQRUPDWLYD GHO 6LVWHPD 1DFLRQDOGH3UHVXSXHVWR\FXHQWDFRQODVDWULEXFLRQHV GHSURJUDPDUGLULJLUFRRUGLQDU\HYDOXDUODJHVWLyQGHO SURFHVRSUHVXSXHVWDULRDVtFRPRHPLWLUODVGLUHFWLYDV \QRUPDVFRPSOHPHQWDULDVSHUWLQHQWHV 4XHOD/H\1/H\GH3UHVXSXHVWRGHO6HFWRU 3~EOLFRSDUDHO$xR)LVFDOFRPSUHQGHHQWUHRWURV ORVFUpGLWRVSUHVXSXHVWDULRVPi[LPRVFRUUHVSRQGLHQWHVD ORVSOLHJRVGHO*RELHUQR1DFLRQDO*RELHUQRV5HJLRQDOHV \*RELHUQRV/RFDOHV 4XH HO DUWtFXOR $ GH OD /H\ 1 /H\ *HQHUDO GHO 6LVWHPD 1DFLRQDO GH 3UHVXSXHVWR LQFRUSRUDGR SRU OD /H\ 1 HVWDEOHFH OD 3URJUDPDFLyQ GH &RPSURPLVRV $QXDO 3&$ FRPR LQVWUXPHQWRGHSURJUDPDFLyQGHOJDVWRS~EOLFRGHFRUWR SOD]RSRUWRGDIXHQWHGH¿QDQFLDPLHQWRTXHSHUPLWHOD FRPSDWLELOL]DFLyQGHODSURJUDPDFLyQGHOSUHVXSXHVWR