TEXTO PAGINA: 17
(O3HUXDQR Viernes 16 de enero de 2015 544815 HVWDEOHFHTXHORV3ODQHVGH$VLJQDFLyQGH)UHFXHQFLDV VRQDSUREDGRVSRU5HVROXFLyQ9LFHPLQLVWHULDO 4XH FRQ 5HVROXFLyQ 9LFHPLQLVWHULDO 1 07&\VXVPRGL¿FDWRULDVVHDSUREDURQORV3ODQHVGH &DQDOL]DFLyQ\$VLJQDFLyQGH)UHFXHQFLDVGHO6HUYLFLRGH 5DGLRGLIXVLyQ6RQRUDHQ)UHFXHQFLD0RGXODGD)0SDUD GLVWLQWDVORFDOLGDGHVGHOGHSDUWDPHQWRGH$SXUtPDF 4XH OD 'LUHFFLyQ *HQHUDO GH $XWRUL]DFLRQHV HQ 7HOHFRPXQLFDFLRQHV PHGLDQWH ,QIRUPH 1 07&SURSRQHODLQFRUSRUDFLyQGHOSODQGHODORFDOLGDG GH&85$6&2DORV3ODQHVGH&DQDOL]DFLyQ\$VLJQDFLyQ GH )UHFXHQFLDV GHO 6HUYLFLR GH 5DGLRGLIXVLyQ 6RQRUD HQ )UHFXHQFLD 0RGXODGD )0 GHO GHSDUWDPHQWR GH $SXUtPDF 4XH DVLPLVPR OD FLWDGD 'LUHFFLyQ *HQHUDO VHxDOD TXH HQ OD HODERUDFLyQ GH VX SURSXHVWD KD REVHUYDGR OR GLVSXHVWR HQ ODV 1RUPDV 7pFQLFDV GHO 6HUYLFLR GH 5DGLRGLIXVLyQ DSUREDGDV SRU 5HVROXFLyQ 0LQLVWHULDO 1 07& VXV PRGL¿FDWRULDV DVt FRPR OR HVWDEOHFLGR SRU HO 5HJODPHQWR GH OD /H\ GH 5DGLR \ 7HOHYLVLyQ 'HFRQIRUPLGDGFRQOD/H\GH5DGLR\7HOHYLVLyQ/H\ 1VX5HJODPHQWRDSUREDGRSRU'HFUHWR6XSUHPR 107&ODV1RUPDV7pFQLFDVGHO6HUYLFLRGH 5DGLRGLIXVLyQ DSUREDGDV SRU 5HVROXFLyQ 0LQLVWHULDO 1 07&VXVPRGL¿FDWRULDVHO5HJODPHQWRGH 2UJDQL]DFLyQ\)XQFLRQHVGHO0LQLVWHULRGH7UDQVSRUWHV\ &RPXQLFDFLRQHVDSUREDGRSRU'HFUHWR6XSUHPR1 07&\ &RQODRSLQLyQIDYRUDEOHGHOD'LUHFFLyQ*HQHUDOGH $XWRUL]DFLRQHVHQ7HOHFRPXQLFDFLRQHV 6(5(68(/9( $UWtFXOR0RGL¿FDUHODUWtFXORGHOD5HVROXFLyQ 9LFHPLQLVWHULDO 1 07& TXH DSUXHED ORV 3ODQHVGH&DQDOL]DFLyQ\$VLJQDFLyQGH)UHFXHQFLDVGHO 6HUYLFLRGH5DGLRGLIXVLyQ6RQRUDHQ)UHFXHQFLD0RGXODGD )0 GH GLYHUVDV ORFDOLGDGHV GHO GHSDUWDPHQWR GH $SXUtPDFD¿QGHLQFRUSRUDUDODORFDOLGDGGH&85$6&2 FRQIRUPHVHLQGLFDDFRQWLQXDFLyQ /RFDOLGDG&85$6&2 3ODQGH$VLJQDFLyQGH)UHFXHQFLDV 3ODQGH&DQDOL]DFLyQ 3ODQGH$VLJQDFLyQ &DQDOHV )UHFXHQFLD0+] 7RWDOGHFDQDOHV /DPi[LPDHUSDVHUDXWRUL]DGDHQHVWDORFDOLGDG VHUiGH.: /DV HVWDFLRQHV D LQVWDODUVH HQ HVWD ORFDOLGDG VRQ HVWDFLRQHV VHFXQGDULDV GH DFXHUGR D OR SUHYLVWR HQ HO DUWtFXOR GHO 5HJODPHQWR GH OD /H\ GH 5DGLR \ 7HOHYLVLyQ DSUREDGR SRU 'HFUHWR 6XSUHPR 1 07& \ HVWiQ VXMHWDV D ORV SDUiPHWURV WpFQLFRV HVWDEOHFLGRV HQ ODV 1RUPDV 7pFQLFDV GHO 6HUYLFLR GH 5DGLRGLIXVLyQ DSUREDGDV FRQ 5HVROXFLyQ 0LQLVWHULDO 1 07&\VXVPRGL¿FDWRULDV $UWtFXOR/D'LUHFFLyQ*HQHUDOGH$XWRUL]DFLRQHV HQ 7HOHFRPXQLFDFLRQHV HV OD GHSHQGHQFLD UHVSRQVDEOH GHODREVHUYDQFLDGHODVFRQGLFLRQHVWpFQLFDVSUHYLVWDV HQORV3ODQHVGH$VLJQDFLyQGH)UHFXHQFLDVDSUREDGRV (Q WDO VHQWLGR HQ OD HYDOXDFLyQ GH ODV VROLFLWXGHV GH DXWRUL]DFLyQ\GHPRGL¿FDFLyQGHFDUDFWHUtVWLFDVWpFQLFDV REVHUYDUiVXHVWULFWRFXPSOLPLHQWR 5HJtVWUHVHFRPXQtTXHVH\SXEOtTXHVH +(155<=$,5$52-$6 9LFHPLQLVWURGH&RPXQLFDFLRQHVH 5(62/8&,Ï19,&(0,1,67(5,$/ 107& /LPDGHHQHURGHO &216,'(5$1'2 4XHHODUWtFXORGHOD/H\GH5DGLR\7HOHYLVLyQ /H\ 1 FRQFRUGDGR FRQ HO DUWtFXOR GH VX 5HJODPHQWR DSUREDGR SRU 'HFUHWR 6XSUHPR 1 07&HVWDEOHFHTXHHVFRPSHWHQFLDGHO0LQLVWHULR GH 7UDQVSRUWHV \ &RPXQLFDFLRQHV OD DGPLQLVWUDFLyQ DWULEXFLyQ DVLJQDFLyQ FRQWURO \ HQ JHQHUDO FXDQWR FRQFLHUQHDODJHVWLyQGHOHVSHFWURUDGLRHOpFWULFRDWULEXLGR DOVHUYLFLRGHUDGLRGLIXVLyQ 4XHHODUWtFXORGHOSUHFLWDGR5HJODPHQWRGLVSRQH TXH WRGD DVLJQDFLyQ GH IUHFXHQFLDV SDUD HO VHUYLFLR GH UDGLRGLIXVLyQ VH UHDOL]D HQ EDVH DO 3ODQ 1DFLRQDO GH $VLJQDFLyQ GH )UHFXHQFLDV HO FXDO FRPSUHQGH ORV 3ODQHV GH &DQDOL]DFLyQ \ GH $VLJQDFLyQ GH )UHFXHQFLDVFRUUHVSRQGLHQWHVDFDGDORFDOLGDG\EDQGD GH IUHFXHQFLDV DWULEXLGDV DO VHUYLFLR GH UDGLRGLIXVLyQ \GHWHUPLQDODVIUHFXHQFLDVWpFQLFDPHQWHGLVSRQLEOHV DVLPLVPR HVWDEOHFH TXH ORV 3ODQHV GH $VLJQDFLyQ GH )UHFXHQFLDV VRQ DSUREDGRV SRU 5HVROXFLyQ 9LFHPLQLVWHULDO 4XH FRQ 5HVROXFLyQ 9LFHPLQLVWHULDO 1 07& \ PRGL¿FDWRULDV VH DSUREDURQ ORV 3ODQHV GH &DQDOL]DFLyQ\$VLJQDFLyQGH)UHFXHQFLDVGHO6HUYLFLR GH5DGLRGLIXVLyQ6RQRUDHQ)UHFXHQFLD0RGXODGD)0 SDUDGLVWLQWDVORFDOLGDGHVGHOGHSDUWDPHQWRGH3LXUD 4XH OD 'LUHFFLyQ *HQHUDO GH $XWRUL]DFLRQHV HQ 7HOHFRPXQLFDFLRQHV PHGLDQWH ,QIRUPH 1 07& SURSRQH HO 3ODQ GH &DQDOL]DFLyQ \$VLJQDFLyQ GH )UHFXHQFLDV GHO 6HUYLFLR GH 5DGLRGLIXVLyQ 6RQRUD HQ )UHFXHQFLD 0RGXODGD )0 GH OD ORFDOLGDG GH /$ 72578*$GHOGHSDUWDPHQWRGH3LXUD 4XH DVLPLVPR OD FLWDGD 'LUHFFLyQ *HQHUDO VHxDOD TXH HQ OD HODERUDFLyQ GH VX SURSXHVWD KD REVHUYDGR OR GLVSXHVWR HQ ODV 1RUPDV 7pFQLFDV GHO 6HUYLFLR GH 5DGLRGLIXVLyQ DSUREDGDV SRU 5HVROXFLyQ 0LQLVWHULDO 1 07& VXV PRGL¿FDWRULDV DVt FRPR OR HVWDEOHFLGR SRU HO 5HJODPHQWR GH OD /H\ GH 5DGLR \ 7HOHYLVLyQ 'HFRQIRUPLGDGFRQOD/H\GH5DGLR\7HOHYLVLyQ/H\ 1VX5HJODPHQWRDSUREDGRSRU'HFUHWR6XSUHPR 107&ODV1RUPDV7pFQLFDVGHO6HUYLFLRGH 5DGLRGLIXVLyQ DSUREDGDV SRU 5HVROXFLyQ 0LQLVWHULDO 1 07&VXVPRGL¿FDWRULDVHO5HJODPHQWRGH 2UJDQL]DFLyQ\)XQFLRQHVGHO0LQLVWHULRGH7UDQVSRUWHV\ &RPXQLFDFLRQHVDSUREDGRSRU'HFUHWR6XSUHPR1 07&\ &RQODRSLQLyQIDYRUDEOHGHOD'LUHFFLyQ*HQHUDOGH $XWRUL]DFLRQHVHQ7HOHFRPXQLFDFLRQHV 6(5(68(/9( $UWtFXOR0RGL¿FDUHODUWtFXORGHOD5HVROXFLyQ 9LFHPLQLVWHULDO 1 07& TXH DSUXHED ORV 3ODQHV GH &DQDOL]DFLyQ \ $VLJQDFLyQ GH )UHFXHQFLDV GHO 6HUYLFLR GH 5DGLRGLIXVLyQ 6RQRUD HQ )UHFXHQFLD 0RGXODGD)0GHGLYHUVDVORFDOLGDGHVGHOGHSDUWDPHQWR GH3LXUDD¿QGHLQFRUSRUDUHOSODQGHODORFDOLGDGGH/$ 72578*$FRQIRUPHVHLQGLFDDFRQWLQXDFLyQ /RFDOLGDG /$72578*$ 3ODQGH$VLJQDFLyQGH)UHFXHQFLDV 3ODQGH&DQDOL]DFLyQ 3ODQGH$VLJQDFLyQ &DQDOHV )UHFXHQFLD0+] 7RWDOGHFDQDOHV /D Pi[LPD HUS D VHU DXWRUL]DGD HQ HVWD ORFDOLGDG VHUiGH.: /DV HVWDFLRQHV GH HVWD ORFDOLGDG VRQ VHFXQGDULDV GH DFXHUGR D OR SUHYLVWR HQ HO DUWtFXOR GHO 5HJODPHQWRGHOD/H\GH5DGLR\7HOHYLVLyQDSUREDGR SRU'HFUHWR6XSUHPR107&\HVWiQVXMHWDV DORVSDUiPHWURVWpFQLFRVHVWDEOHFLGRVHQODV1RUPDV 7pFQLFDV GHO 6HUYLFLR GH 5DGLRGLIXVLyQ DSUREDGDV FRQ5HVROXFLyQ0LQLVWHULDO107&\VXV PRGL¿FDWRULDV $UWtFXOR/D'LUHFFLyQ*HQHUDOGH$XWRUL]DFLRQHV HQ 7HOHFRPXQLFDFLRQHV HV OD GHSHQGHQFLD UHVSRQVDEOH GHODREVHUYDQFLDGHODVFRQGLFLRQHVWpFQLFDVSUHYLVWDV HQORV3ODQHVGH$VLJQDFLyQGH)UHFXHQFLDVDSUREDGRV (Q WDO VHQWLGR HQ OD HYDOXDFLyQ GH ODV VROLFLWXGHV GH