SISTEMA DE INFORMACIÓN DIGITAL (RZEDOWSKI) PARA EL CONOCIMIENTO Y USO DE LA DIVERSIDAD VEGETAL EN EL ESTADO DE SAN LUIS POTOSÍ

147 

Texto completo

(1)

6,67(0$'(,1)250$&,Ð1',*,7$/5=('2:6.,3$5$(/

&212&,0,(172<862'(/$',9(56,'$'9(*(7$/(1(/

(67$'2'(6$1/8,632726Ì

7(6,63$5$2%7(1(5(/*5$'2'(

0$(675,$(1&,(1&,$6$0%,(17$/(6

35(6(17$

/%,(8*(1,$'(/26$1*(/(6257(*$0$57Ì1(=

',5(&725'(7(6,6

'5-26e/8,6)/25(6)/25(6

&20,7e787(/$5

'5-8$1$1721,25(<(6$*h(52

'5-8$152*(/,2$*8,55(5,9(5$

6$1/8,632726Ì6/3(1(52

81,9(56,'$'$87Ð120$'(6$1/8,632726Ì

)$&8/7$'(6'(&,(1&,$648Ë0,&$6,1*(1,(5Ë$<0(',&,1$

(2)
(3)

&5e',726,167,78&,21$/(6

352<(&725($/,=$'2(1

(/,167,7872'(,19(67,*$&,Ï1'(=21$6'(6e57,&$6

'(/$

81,9(56,'$'$87Ï120$'(6$1/8,632726Ë

%$-2/$78725Ë$'(/

'5-26e/8,6)/25(6)/25(6

$*5$'(=&2$/&216(-21$&,21$/'(&,(1&,$<7(&12/2*Ë$&21$&\7(/

2725*$0,(172'(/$%(&$1R

/$0$(675Ë$(1&,(1&,$6$0%,(17$/(65(&,%($32<2$75$9e6

'(/352*5$0$1$&,21$/'(326*5$'26'(&$/,'$'313&

(4)

'(',&$725,$

/D YLGD GH XQ KRPEUH QR WHQGUtD VHQWLGR VLQ OD H[LVWHQFLD GH RWUR FDSD] GH HQWHQGHUOR UD]RQDU \ FRPSDUWLU FRQ pO VXV LGHDV SODQHV LOXVLRQHV HVWDU DKt VRSRUWDQGR VXV EXHQRV \ PDORVPRPHQWRVMXQWRVFRQHOILQGHYHUOHDOFDQ]DUVXVVXHxRV\D~QDOFDQ]DGRVPRWLYDUORD UHLQYHQWDUVHSDUDVHUIHOL]

6R\ XQD SHUVRQD DIRUWXQDGD SXHV D OR ODUJR GH PL YLGD KH FRQRFLGR SHUVRQDV YDOLRVDV \ WRGDV PH KDQ HQVHxDGR PXFKDV FRVDV LUUHPSOD]DEOHV 4XLHUR GHGLFDU HVWH WUDEDMR HVSHFLDOPHQWH D PL SDSi -RVp 2UWHJD D PL PDPi 0DUtD (XJHQLD 0DUWtQH] 5tRV \ D PL KHUPDQR-RVpGH-HV~V2UWHJD0DUWtQH]TXLHQHVVRQPLVPHMRUHVDPLJRVVLHPSUHUHFLERGH HOORVPLPRWLYDFLyQ\DSR\RLQFRQGLFLRQDO(VWR\VHJXUDTXHHVWRKDKHFKRGHPtXQDPHMRU SHUVRQD

(5)

$*5$'(&,0,(1726

$JUDGH]FR OD FRQILDQ]D \ RSRUWXQLGDG RWRUJDGDV SRU HO 3URJUDPD 0XOWLGLVFLSOLQDULR GH 3RVJUDGR HQ &LHQFLDV $PELHQWDOHV HO &RQVHMR 1DFLRQDO GH &LHQFLD \ 7HFQRORJtD OD 8QLYHUVLGDG $XWyQRPDGH6DQ/XLV3RWRVt\HO,QVWLWXWRGH,QYHVWLJDFLyQGH=RQDV'HVpUWLFDV SDUDODUHDOL]DFLyQGHORVHVWXGLRVGHSRVJUDGRGHORVFXDOHVVHGHVSUHQGHHVWDWHVLV

$ VX YH] OD SDUWLFLSDFLyQ GH ORV HQFDUJDGRV GH KHUEDULR 7É; -26( *$5&Ì$ 3e5(= '5 38(17( 5$Ô/ '5$ 0$5,$ '( /$ /8= $5(*8Ì1 6É1&+(= %,Ð/ /(21$5'2 $ %(/75É1 52'5Ì*8(= '5$ 6,/9,$ &$3(//2 *$5&Ì$ '5 $1721,2 &257e= ,0e1(= '5 $/(1 -&520%(6 '5 ('8$5'2 (675$'$ & 0& ,5(1( *$5&Ì$ *21=É/(= '5$ 62&2552 *21=É/(=(/,=21'2'5/8,6*8=0É1+(51É1'(='50$5,2,6+,/20&)(/,=$5$0Ð1 )$5,$6 '5$ 6,/9,$ 6$/$6 025$/(6 '5$ 9$/(17,1$ 6(55$12 &É5'(1$6 %,Ð/ (/2< 62/$12 &$0$&+2 '5 -26e $ 9,//$55($/ '5 9,//$6(f25 -26e /8,6 %,Ð/ (15,48( 257Ì='56(5*,2=$08',20&0$5,$(8*(1,$02/,1$

6LQHOORVPHKXELHVHVLGRLPSRVLEOHHQWHQGHUODLPSRUWDQFLDVRFLDOGHORVKHUEDULRV\VXSDSHO HQODLQYHVWLJDFLyQPH[LFDQD

(6)

Ì1',&('(&217(1,'2

5HVXPHQ

6XPPDU\

,QWURGXFFLyQ

-XVWLILFDFLyQ

2EMHWLYRV

&DStWXOR3DQRUDPDKLVWyULFRGHORVKHUEDULRVHQ0p[LFR

/RVKHUEDULRVVXRULJHQIXQFLRQHV\GHVDUUROORHQ0p[LFR

$FWLYLGDGHV\IXQFLRQHVSULQFLSDOHVGHORVKHUEDULRV

,PSRUWDQFLDGHORVKHUEDULRVFRPRXQDKHUUDPLHQWDGHLQYHVWLJDFLyQHQ0p[LFR

&DStWXOR8VRGH6LVWHPDVGH,QIRUPDFLyQ'LJLWDOHV6,'SDUDHOFRQRFLPLHQWR\XVRGHOD %LRGLYHUVLGDG

&RQYHQLRVREUHOD'LYHUVLGDG%LROyJLFD

*OREDO%LRGLYHUVLW\,QIRUPDWLRQ)DFLOLW\*%,)

5HGGH,QIRUPDFLyQ$PELHQWDOGHO6XURHVWHGHORV(VWDGRV8QLGRV6(,1HW

6LVWHPD1DFLRQDOGH,QIRUPDFLyQVREUH%LRGLYHUVLGDGHQ0p[LFR61,%

(VWUDWHJLD1DFLRQDOVREUHOD%LRGLYHUVLGDGHQ0p[LFR(1%

(VWUDWHJLD(VWDWDOVREUH%LRGLYHUVLGDGHQ0p[LFR((%

5HG0XQGLDOGH,QIRUPDFLyQVREUH%LRGLYHUVLGDG5(0,%

8VRGH%LyWLFDSDUDODVLVWHPDWL]DFLyQGHODVFROHFFLRQHVHQORVKHUEDULRVPH[LFDQRV

&DStWXOR+HUEDULR´,VLGUR3DODFLRVµHVWXGLRGHFDVR

&RQWH[WRKLVWyULFR\IXQFLRQDOGHOKHUEDULRHQHOHVWDGRGH6DQ/XLV3RWRVt

(VWDGRDFWXDOGHODFROHFFLyQ

&ODVLILFDFLyQGHORVHVSHFtPHQHV

3UpVWDPRV\UHODFLRQHVGHLQWHUFDPELR

3HUILOGHVHUYLFLRVDXVXDULRV

(VWXGLRGHQHFHVLGDGHVGHRUJDQL]DFLyQGHLQIRUPDFLyQHQHOKHUEDULR6/30

&DStWXOR0DWHULDOHV\PpWRGRV

(QFXHVWD

(TXLSRIRWRJUiILFR\GHLOXPLQDFLyQ

3URJUDPDVHVSHFLDOL]DGRVSDUDHOPDQHMRGHODLQIRUPDFLyQ6RIWZDUH

'LVHxRGHO6LVWHPDGH,QIRUPDFLyQ'LJLWDO5]HGRZVNL

D (VWUXFWXUD\GLVHxRGHO6LVWHPDGH,QIRUPDFLyQ'LJLWDO5]HGRZVNL

E 'HVFULSFLyQ\IXQFLRQDPLHQWRGHORVFDPSRVHQFDGDPyGXOR

F (OHPHQWRVGHOSURJUDPD)LOH0DNHU3UR$GYDQFHG

2SHUDGRUHV\PHQ~GHSDQWDOODVOD\RXWV

0HQ~GHKHUUDPLHQWDV

5HJLVWURV

G 9LVXDOL]DFLyQGHORVGDWRV

H 0HQ~SULQFLSDO

(7)

ŐͿ &DWiORJRGHHVSHFLHV

K &DWiORJRGHORFDOLGDGHV

ŝͿ 5HJLVWURGHHMHPSODUHV

ũͿ 5HJLVWURGHHMHPSODUHVDX[LOLDU

ŬͿ *DOHUtDGHIRWRV

ůͿ 'HVFULSFLyQIORUtVWLFD

ŵͿ(QODFHVZHE

Q $UFKLYRGHHVSHFtPHQHV

R $UFKLYRIRWRJUiILFR

ƉͿ (WLTXHWDV

T &RUUHFFLRQHV

U )RWRHVSpFLPHQ

V 5HIHUHQFLDVELEOLRJUiILFDV

W )LFKHURELEOLRJUiILFR

&DStWXOR5HVXOWDGRV\GLVFXVLyQ

(VWDGRDFWXDOGHORVKHUEDULRV\HOLPSDFWRGHODVWHFQRORJtDVGHLQIRUPDFLyQ\

FRPXQLFDFLyQHQVXIXQFLRQDPLHQWR

9DOLGDFLyQGHOVLVWHPDFRQORVHMHPSODUHV3RDFHDHGHOHVWDGRGH6DQ/XLV3RWRVt

5HYLVLyQ\DQiOLVLVGHORVHMHPSODUHVGHODIDPLOLD3RDFHDHHQHOKHUEDULR´,VLGUR3DODFLRVµ

$QiOLVLVKLVWyULFRGHODVUHFROHFWDVUHDOL]DGDVHQ6DQ/XLV3RWRVtSDUDODIDPLOLD3RDFHDH

&DWiORJRGHHVSHFLHVUHDOL]DGRSDUDHODQiOLVLVGHODVUHFROHFWDVGHODIDPLOLD3RDFHDHHQHO

HVWDGRGH6DQ/XLV3RWRVt

&DWiORJRGHLPiJHQHVSDUDHODQiOLVLVGHODVUHFROHFWDVUHDOL]DGDVGHODIDPLOLD3RDFHDHHQ

HOHVWDGRGH6DQ/XLV3RWRVt

5XWDVGHUHFROHFWDGHODIDPLOLD3RDFHDHHQHOHVWDGRGH6DQ/XLV3RWRVt

9DOLGDFLyQDOVLVWHPD5]HGRZVNLUHDOL]DGDSRUH[SHUWRVHQHVWXGLRVIORUtVWLFRVHQ0p[LFR

&RQFOXVLyQ

%LEOLRJUDItD

3iJLQDVZHEFRQVXOWDGDV

$QH[RV

(8)

Ì1',&('(),*85$6

)LJ'LVWULEXFLyQJHRJUiILFDGHORVKHUEDULRVHQ0p[LFR

)LJ,QFUHPHQWRGHORVHVSHFtPHQHVGHORVKHUEDULRVHQ0p[LFR

)LJ5HFROHFWD\SUHQVDGRGHODSODQWD

)LJ3URFHVDPLHQWRGHODVUHFROHFWDVHLQFRUSRUDFLyQDOKHUEDULR

)LJ(VSpFLPHQGHKHUEDULRSURFHVDGR

)LJ(WLTXHWDGHFRUUHFFLyQSDUDORVHVSHFtPHQHVGHOKHUEDULR

)LJ(VWXGLRVIORUtVWLFRVHQ0p[LFR\VXGLVWULEXFLyQJHRJUiILFD

)LJ/RJRWLSRGHOSUR\HFWR*%,)

)LJ/RJRWLSRGHOD5HGGH,QIRUPDFLyQ$PELHQWDOGHO6XURHVWHGHORV(VWDGRV8QLGRV6(,1HW

)LJ8VRGH2&5SDUDODVHWLTXHWDVHOHFWUyQLFDVHQ6(,1HW

)LJ(VWDQWHGHFRSLDGR\HTXLSRGHLOXPLQDFLyQ'HVHUW%RWDQLFDO*DUGHQ'%*

)LJ/RJRWLSRGHOD&21$%,2

)LJ$QiOLVLVGHORVFRPSRQHQWHVGHORVVLVWHPDVGHLQIRUPDFLyQ

)LJ0RGHOREDVHGHORV6LVWHPDV%LROyJLFRV0H[LFDQRVHVWDEOHFLGRSRU&21$%,2GHVGH

)LJ'HVDUUROORQDFLRQDOGHODV(VWUDWHJLDV(VWDWDOHVSDUDOD%LRGLYHUVLGDG((%HQ0p[LFR

)LJ(VWDGRV1RGRGHOD5(0,%HQ0p[LFR

)LJ9HUVLyQGHOVLVWHPD%LyWLFD‹

)LJ0yGXORVGHOVLVWHPD%LyWLFDYHUVLyQ

)LJ/RFDOL]DFLyQJHRJUiILFDGHOHVWDGRGH6DQ/XLV3RWRVt

)LJ0XQLFLSLRVFRQUHFROHFWDVYLDULDVHOHVWDGRGH6DQ/XLV3RWRVt²

)LJ+HUEDULR´,VLGUR3DODFLRVµUHJLVWUDGRHQHO,QGH[+HUEDULRUXP

)LJ(TXLSRIRWRJUiILFR\GHLOXPLQDFLyQ

)LJ/RJRGHO6LVWHPDGH,QIRUPDFLyQ'LJLWDO5]HGRZVNLSDUDHO6/30

)LJ9tQFXORVHQWUHWDEODVSULQFLSDOHV\FDPSRVHQFRP~Q

)LJ7DEODVSULQFLSDOHVGHO6LVWHPDGH,QIRUPDFLyQ'LJLWDO

)LJ'DWRVSURPHGLRGHORVKHUEDULRVHQ0p[LFR

)LJ%DVHVGHGDWRV\UHJLVWURIRWRJUiILFR

)LJ6LVWHPDGHLQIRUPDFLyQ%LyWLFDHQORVKHUEDULRV

)LJ3URJUDPDVXWLOL]DGRVSDUDODFDSWXUD\DOPDFHQDPLHQWRGHODLQIRUPDFLyQHQORV

HVSHFtPHQHV

)LJ6HUYLFLRVGHFRQVXOWDDOXVXDULRSRUPHGLRVHOHFWUyQLFRV

)LJ(MHPSODUGHKHUEDULR6/30VLQFRRUGHQDGDVJHRJUiILFDV

)LJ&DPELRVQRPHQFODWXUDOHVHQHOFDWiORJRGHHVSHFLH

)LJ&DWiORJRGHLPiJHQHVSDUDODVHVSHFLHVGH3RDFHDHHQHOHVWDGR

GH6DQ/XLV3RWRVt

)LJ(VWLPDFLyQSRUFHQWXDOGHHMHPSODUHVSRUGpFDGD

)LJ5HFROHFWRUHVGHODIDPLOLD3RDFHDHPiVUHSUHVHQWDWLYRV

)LJ5HFROHFWDVUHDOL]DGDVSDUDODIDPLOLD3RDFHDHGHSRVLWDGDVHQHO6/30

)LJ(VSHFtPHQHVGHKHUEDULRGH)*yPH]/RUHQFHSDUDODIDPLOLD3RDFHDH

HQHO6/30

)LJ(VSHFtPHQHVGHKHUEDULRGH$QWRQLR*yPH]*RQ]iOH]SDUDODIDPLOLD3RDFHDH

HQHO6/30

)LJ(VSHFtPHQHVGHKHUEDULRGH)7DNDNLSDUDODIDPLOLD3RDFHDHHQHOHQHO6/30

)LJ(VSHFtPHQHVGHKHUEDULRGH)0HGHOOtQHQHO6/30SDUDODIDPLOLD3RDFHDH

)LJ(VSHFtPHQHVGHKHUEDULRGH-5H\HV$JHURSDUDODIDPLOLD3RDFHDHHQHO6/30

)LJ(VSHFLHVGHODIDPLOLD3RDFHDH\VXVUHFROHFWRUHV

)LJ/RFDOLGDGHVTXHWLHQHQUHFROHFWDVGHODIDPLOLD3RDFHDHHQHO6/30

)LJ(OHPHQWRVDHYDOXDUGHO6LVWHPDGH,QIRUPDFLyQ'LJLWDO5]HGRZVNL

(9)

Ì1',&('(&8$'526

&XDGUR3ULPHURVKHUEDULRVLQVWLWXFLRQDOHVGH0p[LFR\VXVDFHUYRV

&XDGUR'HVFULSFLyQGHORVSURJUDPDVGHWUDEDMRGH*%,)

&XDGUR'LYHUVLGDGGHHVSHFLHVHQ0p[LFR\VXSRUFHQWDMHSRUJUXSRWD[RQyPLFR

&XDGUR/LQHDPLHQWRVSULQFLSDOHVGHOD(VWUDWHJLD1DFLRQDOVREUH%LRGLYHUVLGDG

(1%HQ0p[LFR

&XDGUR3DtVHVH,QVWLWXFLRQHVSDUWLFLSDQWHVHQOD5(0,%

&XDGUR,QYHVWLJDFLyQIORUtVWLFDDSR\DGDSRU&21$%,2LQYHVWLJDGRUHVH,QVWLWXFLRQHV SDUWLFLSDQWHV

&XDGUR3UR\HFWRVGHFRPSXWDUL]DFLyQGHFROHFFLRQHVERWiQLFDVDSR\DGDVSRU &21$%,2

&XDGUR0RGLILFDFLRQHVGHOVLVWHPDUHDOL]DGDVSRUH[SHUWRVGHOD&21$%,2

GHD

&XDGUR&pGXODGHLGHQWLILFDFLyQGHOKHUEDULRµ,VLGUR3DODFLRVµDQWH&21$%,2

&XDGUR([SORUDFLyQERWiQLFDHQHOHVWDGRGH6DQ/XLV3RWRVtGHD

&XDGUR7LSRGHYHJHWDFLyQHQODFROHFFLyQGHOKHUEDULR´,VLGUR3DODFLRVµ

&XDGUR(VWDGRDFWXDOHQHOLPSDFWRGH7,&SDUDORVKHUEDULRV\VXIXQFLRQDPLHQWR

&XDGUR&DPSRVGHOVLVWHPDXWLOL]DGRHQHO6/30\VXGHVFULSFLyQ

(10)

5(680(1

8QKHUEDULRHVXQDIXHQWHGHGDWRVFRQODLQIRUPDFLyQQHFHVDULDSDUDLGHQWLILFDUHVSHFLHVYHJHWDOHV FRQRFHUVXVQRPEUHV\DXWRUHVVDEHUGyQGHFUHFHQHLQGLUHFWDPHQWHHQORVDPELHQWHVTXHORKDFHQ (V XQD FROHFFLyQ GH HMHPSODUHV PRGHOR GH SODQWDV R SDUWH GH HOODV DFRQGLFLRQDGDV SDUD VX SUHVHUYDFLyQLGHQWLILFDGDV\GHIiFLODFFHVRSDUDVXFRQVXOWDGLUHFWD$VXYH]HVXQDUFKLYRRULJLQDO\ ~QLFRFRQGDWRVTXHUHSUHVHQWDQ\GRFXPHQWDQODGLYHUVLGDGYHJHWDOGHOSDtVRUHJLyQGHOSDVDGR\ GHOSUHVHQWH\DTXHFRQVWDQWHPHQWHVHLQFUHPHQWDFRQHOLQJUHVRGHQXHYRPDWHULDO7DPELpQHVXQD IXHQWH GH FRQVXOWD \ DSR\R D ORV SUR\HFWRV TXH VH UHDOLFHQ VREUH ERWiQLFD HQ HO FRUWR \ PHGLDQR SOD]R

/D PRGHUQL]DFLyQ GH XQ KHUEDULR LQFOX\H HO XVR GH WHFQRORJtD GH LQIRUPDFLyQ GLJLWDO HQ WRGDV VXV DFWLYLGDGHVGHVGHDGPLQLVWUDWLYDVKDVWDODGLVSRVLFLyQGHODLQIRUPDFLyQDORVXVXDULRV(VWRFRQGXFHD TXH HV QHFHVDULR GLVHxDU \ SRQHU HQ PDUFKD VLVWHPDV GH LQIRUPDFLyQ ELROyJLFD &RQ HVWR VH EXVFD IDFLOLWDU OD FDSWXUD GH UHJLVWURV GH HVSHFLHV DQiOLVLV GH ORV GDWRV GLVSRQLEOHV \ VX GLYXOJDFLyQ D ORV LQYHVWLJDGRUHVJRELHUQRRS~EOLFRHQJHQHUDOLQWHUHVDGRVHQHOFRQRFLPLHQWRGHODELRGLYHUVLGDG

(OREMHWLYRILQDOHVPHMRUDUODWRPDGHGHFLVLRQHVVREUHHOXVR\PDQHMRGHODGLYHUVLGDGFRQEDVHHQ LQIRUPDFLyQFRQILDEOH\GLVSRQLEOHRSRUWXQDPHQWH(QHVWHWUDEDMRVHWLHQHSRUREMHWLYRV

$QDOL]DU HO HVWDGR DFWXDO GH ORV KHUEDULRV VXV FDUDFWHUtVWLFDV VXV SURFHVRV GH VLVWHPDWL]DFLyQ \ HO LPSDFWRTXHODVWHFQRORJtDVGHLQIRUPDFLyQ\FRPXQLFDFLyQWLHQHQHQVXVIXQFLRQHV\ODERUHVEiVLFDV 'LVHxDU XQ VLVWHPD GH LQIRUPDFLyQ GLJLWDO 6,' TXH SRVLELOLWH HO UHJLVWUR RUJDQL]DFLyQ PDQHMR HODERUDFLyQ GH HWLTXHWDV \ FRQVXOWD GHO PDWHULDO KHUERUL]DGR GHO KHUEDULR \ (YDOXDU OD IXQFLRQDOLGDG PDQHMR GLVHxR \ HVWUXFWXUD GHO VLVWHPD GH LQIRUPDFLyQ GLJLWDO SURSXHVWR 3DUD HOOR SULPHURVHDQDOL]yHOUHJLVWURPDQHMRDOPDFHQDPLHQWR\GLYXOJDFLyQGHODLQIRUPDFLyQGHORVKHUEDULRV LPSRUWDQWHVHQ0p[LFR(OpQIDVLVVHGLRDDTXHOORVFRQXQSHUILOVLPLODUDOKHUEDULR´,VLGUR3DODFLRVµHQ 6DQ/XLV3RWRVt6/30

(VWD LQIRUPDFLyQ GH GLDJQRVWLFR VH REWXYR PHGLDQWH XQD HQFXHVWD UHDOL]DGD D ORV HQFDUJDGRV GH KHUEDULRVPH[LFDQRV GHQWURGHO PDUFR GHO ;9,,,&RQJUHVR 0H[LFDQRGH%RWiQLFD &RQ EDVHHQ HVWH GLDJQRVWLFR VH GLVHxy XQ VLVWHPD GH LQIRUPDFLyQ DFRUGH D ODV QHFHVLGDGHV GH KHUEDULRV VLPLODUHV DO 6/30 FDSD] GH XVDU OD LQIRUPDFLyQ GLJLWDO \D GLVSRQLEOH LQJUHVDU QXHYD \ SRQHU D GLVSRVLFLyQ GH ORV XVXDULRVORVHVSHFtPHQHVGLJLWDOL]DGRV\VXLQIRUPDFLyQGHODVHWLTXHWDVHQWUHRWUD

(VWHVLVWHPDVHUHDOL]yPHGLDQWHODSURJUDPDFLyQGHOVLVWHPDUHDOL]DGRSRUHO,QJ-RVp-HV~V6iQFKH] (VFDODQWHHQFDUJDGRGHKHUEDULRGHOD8QLYHUVLGDG$XWyQRPDGH6RQRUD6RQRUDODVFDSDFLWDFLRQHV UHFLELGDVGHO'U5D~O3XHQWH0DUWtQH]FXUDGRUGHODVFROHFFLRQHVYLYDVGHO-DUGtQ%RWiQLFRGHO'HVLHUWR 3KRHQL[ $UL]RQD\HOSHUVRQDOGHOKHUEDULR´,VLGUR3DODFLRVµHQHO,QVWLWXWRGH,QYHVWLJDFLyQGH=RQDV 'HVpUWLFDV 6DQ/XLV3RWRVt(OVLVWHPDGHLQIRUPDFLyQGLJLWDOGLVHxDGRSDUDHOKHUEDULR6/30OODPDGR ´5]HGRZVNLµHQKRPHQDMH DVXIXQGDGRUSHUPLWHJHQHUDUORVFDWiORJRVGHORFDOLGDGHVGHLPiJHQHV GLJLWDOHVGHHVSHFLHV\GHORVHVSHFtPHQHV

$OPLVPRWLHPSRHVWHVLVWHPDIXHHYDOXDGRSRUWUHVH[SHUWRVPH[LFDQRVHQERWiQLFD\ORVHQFDUJDGRV HQ OD LQIRUPDWL]DFLyQ GLJLWDO GH OD VXV UHFROHFWDV \ GH OD LQIRUPDFLyQ UHODFLRQDGD /D ILQDOLGDG IXH KDFHUOH ORV DMXVWHV QHFHVDULRV GHULYDGR GH VXV REVHUYDFLRQHV FRQ ILQHV GH PHMRUDUOR &RQ OD YHUVLyQ PHMRUDGDFRQHOILQGHHYDOXDUVXHVWUXFWXUDGLVHxR\IXQFLRQDOLGDGSDUDHOKHUEDULR´,VLGUR3DODFLRVµ VHXVRSDUDODGLJLWDOL]DFLyQGHORVHVSHFtPHQHVGHODIDPLOLD3RDFHDH3DUDHOORVHUHDOL]DURQWDPELpQ UHYLVLRQHVQRPHQFODWXUDOHV DOD WDEODGH GDWRV H[LVWHQWH PHGLDQWH ELEOLRJUDItD HVSHFLDOL]DGDGH HVWD IDPLOLD\FRQODD\XGDGHOD'UD<RODQGD+HUUHUD,31&,',5HQ'XUDQJR0H[

(11)

(O XVR GH KHUUDPLHQWDV GH VLVWHPDV GH LQIRUPDFLyQ JHRJUiILFD GLVSRQLEOHV HQ LQWHUQHW SHUPLWLHURQ JHRUUHIHUHQFLDUORVHVSHFtPHQHVUHFROHFWDGRVHQHOHVWDGRGH6DQ/XLV3RWRVt(VWDHVXQDWDUHDGLItFLO FRQ HMHPSODUHV UHFROHFWDGRV HQ HO SDVDGR DQWHV GH GLVSRQHU GH VLVWHPDV LQVWDQWiQHRV GH SRVLFLRQDPLHQWRJHRJUiILFRVVDWHOLWDOHV

/RVUHVXOWDGRVLQGLFDURQTXHODPD\RUtDGHORVKHUEDULRVHVWXGLDGRVFXHQWDQFRQUHJLVWURVGLJLWDOHVHQ SURPHGLR DOPDFHQDQ HVSHFtPHQHV 'H ORV KHUEDULRV HVWXGLDGRV VRODPHQWH WUHV WLHQHQ XQ FDWiORJR HQ OtQHD SDUD WRGR S~EOLFR VLQ HPEDUJR ODV FRQVXOWDV SRU HVSHFLDOLVWDV DO KHUEDULR VH UHVWULQJHQDSRUDxRVDOYRFDVRVH[FHSFLRQDOHVFRPRORVKHUEDULRV0(;8\(1&%TXHOOHJDQDWHQHU KDVWDYLVLWDVDODxR

'HODHYDOXDFLyQLQWHUPHGLDGHO6LVWHPDTXHKLFLHURQERWiQLFRVH[SHUWRVHQJHQHUDOORVSDUWLFLSDQWHV RSLQDURQ TXH HO VLVWHPD GH LQIRUPDFLyQ GLJLWDO ´5]HGRZVNLµ HV XQD DOWHUQDWLYD VHQFLOOD IOH[LEOH \ ~WLO SDUD HO UHJLVWUR GH HVSHFLPHQHV (VWR HV HVSHFLDOPHQWH FLHUWR SDUD KHUEDULRV FRQ LQIUDHVWUXFWXUD \ DFHUYRV VLPLODUHV DO 6/30 (VWR UHSUHVHQWD XQD YHQWDMD SDUD OD RUJDQL]DFLyQ GH OD LQIRUPDFLyQ HQ FRPSDUDFLyQFRQHOXVRGHRWURVVLVWHPDVFRPSOHMRV(OHVWXGLRGHFDVRSHUPLWLyKDFHUXQDYDORUDFLyQ GHO VLVWHPD HQ HO VLWLR GRQGH VH GLVHxR (VWD DSOLFDFLyQ GHO VLVWHPD D OD IDPLOLD 3RDFHDH GHO 6/30 JHQHUy XQ FDWiORJR ORFDOLGDGHV PLVPR TXH FRQWLHQH ODV FRRUGHQDGDV JHRJUiILFDV GH HVSHFtPHQHVGHODFROHFFLyQSURFHGHQWHGHOHVWDGRGH6DQ/XLV3RWRVtSDUDHOORVHHODERUyXQDOLVWD FRQ HVSHFLHV ORFDOL]DGDV HQ VLWLRV GH UHFROHFWD GH PXQLFLSLRV GHO HVWDGR /DV UHFROHFWDV IXHURQUHDOL]DGDVGHVGHKDVWDSDUWLFLSDQGRHQHVWRUHFROHFWRUHV

/DV HVSHFLH FRQ PD\RU Q~PHUR GH UHFROHFWDV VRQ%RXWHORXD JUDFLOLV .XQWK /DJ H[ *ULIILWKV $ULVWLGD OD[D &DY %RXWHORXD FXUWLSHQGXOD 0LFK[ 7RUU $ULVWLGD DGVFHQVLRQLV / /\FXUXV SKOHRLGHV .XQWK %RXWHORXDKLUVXWD/DJHQWUHRWUDV

(O 6LVWHPD SHUPLWH YLQFXODU LPiJHQHV GLJLWDOHV GH ORV HMHPSODUHV D FDGD UHJLVWUR GHO KHUEDULR 6H REWXYLHURQ IRWRJUDItDV GH HMHPSODUHV GH OD IDPLOLD 3RDFHDH GHSRVLWDGRV HQ HO KHUEDULR 6/30 LQFOX\HQ ODV UHFROHWDV UHDOL]DGDV HQ SDtVHV FRQ ORV TXH HO KHUEDULR WLHQH LQWHUFDPELRV 'H ODV FRQFOXVLRQHV GHO WUDEDMR UHDOL]DGR GHVWDFD TXH HO VLVWHPD ´5]HGRZVNLµ D PHGLDQR SOD]R SHUPLWLUi FUHDUXQDPHPRULDGLJLWDOGHORVHVSHFtPHQHVHQHOKHUEDULR\GDUiDFRQRFHUHVWDLQIRUPDFLyQDQWH XVXDULRVGHRWUDVSDUWHVGH0p[LFR\HOPXQGR

(12)

6800$5<

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

7KHPRGHUQL]DWLRQRIDKHUEDULXPLQFOXGHVWKHXVHRIGLJLWDOLQIRUPDWLRQWHFKQRORJ\LQDOOLWVDFWLYLWLHV IURP DGPLQLVWUDWLYH WR WKH SURYLVLRQ RI LQIRUPDWLRQ WR XVHUV 7KLV OHDGV WR WKH QHHG WR GHVLJQ DQG LPSOHPHQW V\VWHPV RI ELRORJLFDO LQIRUPDWLRQ 7KLV VHHNV WR IDFLOLWDWH WKH FDSWXUH RI VSHFLHV UHFRUGV DQDO\VLV RI DYDLODEOH GDWD DQG LWV GLVVHPLQDWLRQ WR UHVHDUFKHUV JRYHUQPHQW DQG JHQHUDO SXEOLF LQWHUHVWHGLQXQGHUVWDQGLQJELRGLYHUVLW\

7KH XOWLPDWH JRDO LV WR LPSURYH GHFLVLRQPDNLQJ RQ WKH XVH DQG PDQDJHPHQW RI GLYHUVLW\ EDVHG RQ UHOLDEOHDQGWLPHO\DYDLODEOH7KLVSDSHUKDVWKHIROORZLQJREMHFWLYHV

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

7KLV GLDJQRVWLF LQIRUPDWLRQ ZDV REWDLQHG WKURXJK D VXUYH\ RI PH[LFDQ KHUEDULXP VWDII ZLWKLQ WKH IUDPHZRUN RI WKH ;9,,, 0H[LFDQ &RQJUHVV RI %RWDQ\ %DVHG RQ WKLV GLDJQRVLV ZDV GHVLJQHG DQ LQIRUPDWLRQ V\VWHP DFFRUGLQJ WR WKH QHHGV RI KHUEDO 6/30OLNH FDSDEOH RI XVLQJ GLJLWDO LQIRUPDWLRQ DYDLODEOHWRGD\HQWHULQJQHZDQGDYDLODEOHWRXVHUVGLJLWL]HGVSHFLPHQVDQGODEHOLQIRUPDWLRQDPRQJ RWKHU

7KLV V\VWHP ZDV SHUIRUPHG E\ V\VWHP SURJUDPPLQJ E\ 0U -RVH -HVXV 6DQFKH] (VFDODQWH PDQDJHU KHUEDO $XWRQRPRXV 8QLYHUVLW\ RI 6RQRUD 6RQRUD WKH WUDLQLQJ UHFHLYHG E\ 'U 5D~O 0DUWtQH] 3XHQWH FXUDWRU RI OLYLQJ FROOHFWLRQV DW WKH 'HVHUW %RWDQLFDO *DUGHQ 3KRHQL[ $UL]RQD DQG KHUEDULXP VWDII ,VLGUR3DODFLRVLQWKH5HVHDUFK,QVWLWXWHRI'HVHUW$UHDV6DQ/XLV3RWRVL7KHGLJLWDOLQIRUPDWLRQV\VWHP GHVLJQHGIRUWKHKHUEDULXP6/30FDOOHG5]HGRZVNLLQKRQRURILWVIRXQGHULWDOORZVORFDOLWLHVFDWDORJV GLJLWDOLPDJLQJRIVSHFLHVDQGVSHFLPHQV

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

(13)

8VLQJ WRROV RI JHRJUDSKLF LQIRUPDWLRQ V\VWHPV DYDLODEOH RQ WKH ,QWHUQHW DOORZHG JHRUHIHUHQFLQJ VSHFLPHQVFROOHFWHGLQWKHVWDWHRI6DQ/XLV3RWRVL7KLVLVDGLIILFXOWWDVNZLWKVSHFLPHQVFROOHFWHGLQWKH SDVWEHIRUHGLVSRVLQJRIJHRJUDSKLFSRVLWLRQLQJV\VWHPVVDWHOOLWHLQVWDQWDQHRXV

7KHUHVXOWVLQGLFDWHGWKDWPRVWVWXGLHGKHUEDOGLJLWDOUHFRUGVKDYHRQDYHUDJHVSHFLPHQVVWRUHG 2IWKHKHUEDOVWXGLHGRQO\WKUHHKDYHDQRQOLQHFDWDORJIRUDOODJHJURXSVKRZHYHUFRQVXOWDWLRQVE\ VSHFLDOLVWV DUH UHVWULFWHG WR WKH KHUEDULXP WR SHU \HDU H[FHSW LQ H[FHSWLRQDO FDVHV VXFK DV KHUEDO DQG(1&%0(;8WKDWJURZWRXSWRYLVLWVSHU\HDU

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

7KH FROOHFWLRQ ZDV FRQGXFWHG IURP WR SDUWLFLSDWLQJ LQ WKLV JDWKHULQJ 7KH JUHDWHVW QXPEHUVRIVSHFLHVFROOHFWHGDUH%RXWHORXDJUDFLOLV.XQWK/DJH[*ULIILWKV$ULVWLGDOD[&DY%RXWHORXD FXUWLSHQGXOD 0LFK[ 7RUU DGVFHQVLRQLV $ULVWLGD / .XQWK SKOHRLGHV /\FXUXV %RXWHORXD KLUVXWD /DJDPRQJRWKHUV

(14)

,1752'8&&,Ð1

/DV~OWLPDVGpFDGDVHQHOVLJOR;;KDQVLGRXQDpSRFDGHWUDQVLFLyQSROtWLFDVRFLDOHFRQyPLFD\VREUH WRGR WHFQROyJLFD SDUD OD KXPDQLGDG &RPR OR KL]R HQ VX PRPHQWR OD UHYROXFLyQ LQGXVWULDO OD UHYROXFLyQ WHFQROyJLFD HVWi PDUFDQGR ODV SDXWDV KDFLD XQD QXHYD FLYLOL]DFLyQ (Q HOOD HO FRQRFLPLHQWR\ODYHORFLGDGHQTXHHVWHVHVLJXHJHQHUDQGR\FRPSDUWLHQGRVRQIDFWRUHVLPSRUWDQWHV HQHOGHVDUUROORGHODVRFLHGDG

(VWH QXHYR HVFHQDULR HQ ODV DFWLYLGDGHV KXPDQDV \ VX LPSDFWR HQ OD QDWXUDOH]D SDUDGyMLFDPHQWH SRQH HQ ULHVJR OD VREUHYLYHQFLD GH OD KXPDQLGDG \ GH ODV HVSHFLHV GH ODV TXH VH GHSHQGH SDUD VREUHYLYLU3RUHOORHQSDtVHVGHVDUUROODGRVODLQYHUVLyQHQFLHQFLD\GHVDUUROORWHFQROyJLFRHVFDGDYH] PiV VLJQLILFDWLYD (O XVR GH WHFQRORJtDV GH LQIRUPDFLyQ \ FRPXQLFDFLyQ VRQ KHUUDPLHQWDV TXH FRDG\XYDQDUHVROYHUSUREOHPDVGHGLYHUVDtQGROHHQWUHHOORVORVUHODFLRQDGRVFRQODFRQVHUYDFLyQGH OD ELRGLYHUVLGDG IDFLOLWDQGR VX PDQHMR GLJLWDO \ VX FRQRFLPLHQWR SRU ORV XVXDULRV \ GH TXLHQHV WRPDQ

GHFLVLRQHV SDUD VX JHVWLyQ 0p[LFR FRPR XQ SDtV PHJDGLYHUVR UHTXLHUH GH HVWUDWHJLDV SDUD OD FRQVHUYDFLyQ GH OD ELRGLYHUVLGDG (VWD WDUHD SXHGH VHU PiV HILFLHQWH FRQ HO XVR GH PpWRGRV \ WHFQRORJtDVTXHSHUPLWDQSHUFLELUTXHHVORTXHFRQRFHPRVDFWXDOPHQWHGHORVUHFXUVRVELyWLFRV3DUD TXH HVWR VXFHGD HV QHFHVDULR TXH HO SDtV WHQJD XQ SUR\HFWR \ OD LQIUDHVWUXFWXUD DGHFXDGD SDUD HMHFXWDUOR

´(O KHUEDULR HV HO PiV YLHMR HO PiV HVHQFLDO HO PiV FDUR \ HO PiV GLItFLO GH LQVWLWXLU GH WRGRV ORV LQVWUXPHQWRV GH WUDEDMR SDUD HO HVWXGLR GH OD ERWiQLFD VLVWHPiWLFDµ 5]HGRZVNL 6H OH GHILQH

FRPRXQDFROHFFLyQGHSODQWDVGHVHFDGDVHQFRQGLFLRQHVySWLPDVFRQVHUYDGDVORPiVSDUHFLGRDO HVWDGR RULJLQDO GH OD SODQWD SRU RWUD SDUWH WDPELpQ VH SXHGH HQWHQGHU FRPR HO HVSDFLR GRQGH VH HQFXHQWUDHVWDFROHFFLyQ 0RUHQR $OLJXDOTXHRWURVFHQWURVGHGRFXPHQWDFLyQORVKHUEDULRV VH HQFXHQWUDQ LQPHUVRV HQ SURFHVRV GH LQIRUPDWL]DFLyQ GH VXV FROHFFLRQHV ORV FXDOHV XWLOL]DQ WHFQRORJtDVFRPSXWDFLRQDOHVSDUDFDSWXUDUDOPDFHQDUDQDOL]DU\GLIXQGLUODLQIRUPDFLyQTXHVHWLHQH

GRFXPHQWDGDHQVXVHVSHFtPHQHV/DXGRQ

/RV HVSHFtPHQHV GH KHUEDULR VRQ GH YLWDO LPSRUWDQFLD SDUD YDULDV FLHQFLDV SRUTXH VH XWLOL]DQ FRPR UHIHUHQFLDIXQGDPHQWDOSDUDGHVFXEULURFRQILUPDUODLGHQWLGDGGHXQDHVSHFLHVXVSURSLHGDGHVXVRV HQWUHRWUDVFRVDV 0RUHQR/DRSRUWXQLGDGGHFRPSDUWLU HVWD LQIRUPDFLyQ DPLOHVGHSHUVRQDV TXH QR SXHGHQ FRQVXOWDU HVWRV GDWRV HQ HO KHUEDULR SRU PHGLR GH OD LQWHUQHW SHUPLWH TXH OD LQIRUPDFLyQJHQHUHFRQRFLPLHQWR\DVXYH]HOKHUEDULR\VXVVHUYLFLRVVHFRQR]FDQHQRWUDVSDUWHVGHO

(15)

-867,),&$&,Ð1

(OKHUEDULR,VLGUR3DODFLRV6/30VHIXQGyHQSRUHO'U-HU]\5]HGRZVNL5RWWHUHVWiXELFDGRHQODV LQVWDODFLRQHVGHO,QVWLWXWRGH,QYHVWLJDFLyQGH=RQDV'HVpUWLFDVGHOD8QLYHUVLGDG$XWRQRPDGH6DQ/XLV

3RWRVt$SDUWLUGHVXIXQGDFLyQVHKDQYHQLGRGHSRVLWDQGRHVSHFtPHQHVUHSUHVHQWDWLYRVGHORVGLVWLQWRV HFRVLVWHPDVGHOHVWDGR\WLHQHLPSRUWDQWHVUHODFLRQHVGHLQWHUFDPELRFRQRWURVKHUEDULRVQDFLRQDOHVH LQWHUQDFLRQDOHV7DPELpQDOJXQRVLQYHVWLJDGRUHVTXHKDFHQXVRGHVXLQIUDHVWUXFWXUDKDQGHSRVLWDGR GXSOLFDGRV GH VXV UHFROHFWDV ERWiQLFDV (VWH DFHUYR HV SDUWH GHO SDWULPRQLR FLHQWtILFR \ FXOWXUDO GHO HVWDGRGH6/3

(O+HUEDULRFRQVWDGHPiVGHHVSHFtPHQHV'HHVWHWRWDOVRORXQHVWLPDGRGHVHHQFXHQWUD

DOPDFHQDGRGLJLWDOPHQWHHQXQDWDEODGHGDWRVGH$FFHVV(VXQDFDQWLGDGHQRUPHGHLQIRUPDFLyQ SHURVXGLVSRQLELOLGDGDFWXDOVHUHVWULQJHDODFRQVXOWDGLUHFWDGHORVHVSHFtPHQHVKHUERUL]DGRV

$ ODUJR SOD]R ORV HVSHFtPHQHV SXHGHQ SUHVHQWDU GHWHULRUR SRU OD PDQLSXODFLyQ FRQVWDQWH DXQDGR D HVWR VH HQFXHQWUD OD DPHQD]D TXH SXHGD WHQHU HO KHUEDULR DQWH DFFLGHQWHV (V SRU HOOR QHFHVDULR HODERUDUXQDPHPRULDGLJLWDOTXHUHVJXDUGHORV HVSHFtPHQHV\TXHSHUPLWDQFRQVXOWDUOD\DOPLVPR

WLHPSR PDQWHQHU OD LQWHJULGDG GH ORV HVSHFtPHQHV \ OD LQIRUPDFLyQ GHSRVLWDGD HQ HOORV &DEH PHQFLRQDU TXH HVWH PpWRGR EXVFD PHMRUDU \ SURWHJHU OD FRQVXOWD GHO HVSpFLPHQ QR TXH GHMH GH XWLOL]DUVHHQFDVRGHVHUQHFHVDULR

(V SRU HOOR QHFHVDULR GLJLWDOL]DU VXV HVSHFtPHQHV HVWR SHUPLWLUi GDU D FRQRFHUODV DQWH HO PXQGR

FRQVHUYDUORV \ FRQ HOOR PHMRUDU HO FRQRFLPLHQWR \ XVR GH OD GLYHUVLGDG GH HVSHFLHV YHJHWDOHV HQ HO HVWDGRGH6DQ/XLV3RWRVt

(16)

2%-(7,926

™ $QDOL]DU HO HVWDGR DFWXDO GH ORV KHUEDULRV VXV FDUDFWHUtVWLFDV VXV SURFHVRV GH VLVWHPDWL]DFLyQ\ HO LPSDFWRTXHODV WHFQRORJtDVGHLQIRUPDFLyQ\ FRPXQLFDFLyQWLHQHQ

HQVXVIXQFLRQHV\ODERUHVEiVLFDV

™ 'LVHxDU XQ VLVWHPD GH LQIRUPDFLyQ GLJLWDO 6,' TXH SRVLELOLWH HO UHJLVWUR RUJDQL]DFLyQ PDQHMRHODERUDFLyQGHHWLTXHWDV\FRQVXOWDGHOPDWHULDOKHUERUL]DGRGHOKHUEDULR

™ (YDOXDU OD IXQFLRQDOLGDG PDQHMR GLVHxR \ HVWUXFWXUD GHO VLVWHPD GH LQIRUPDFLyQ GLJLWDO SURSXHVWR

(17)

(18)

&DStWXOR3DQRUDPDKLVWyULFRGHORVKHUEDULRV\VXGHVDUUROORHQ0p[LFR

'HILQLFLyQGHKHUEDULRVXRULJHQ\GHVDUUROORHQ0p[LFR

/RV KHUEDULRV VH GHILQHQ FRPR FROHFFLRQHV GH SODQWDV GHVHFDGDV HQ FRQGLFLRQHV ySWLPDV SDUDTXHODIRUPD\FRPSRVLFLyQGHVXVyUJDQRVVHFRQVHUYHQGHODIRUPDPiVSDUHFLGDD VXV FRQGLFLRQHV RULJLQDOHV )RQW 4XHU /RV UHJLVWURV GH HVWDV FROHFFLRQHV SHUPLWHQ GRFXPHQWDUORVFDPELRV\ODGLVWULEXFLyQJHRJUiILFDGHODVSODQWDV

6XRULJHQVXUJLySUREDEOHPHQWHFRQHOLQWHUpVGHORVKXPDQRVSRUSURFXUDUDTXHOORTXHOHV GDED GH FRPHU FRELMR \ VDOXG UD]yQ SRU OD FXDO VH OOHYDEDQ D FDVD HVSHFLHV ELHQ FRQRFLGDVSRUVXVSURSLHGDGHVFXUDWLYDV$OWVFKXO(VWDVFROHFFLRQHVYLYDVIRUPDURQORV MDUGLQHV ERWiQLFRV FRQ VX GHVHFDFLyQ VH FRPHQ]DURQ D FRQVWUXLU ORV MDUGLQHV VHFRV +RUWXV VHFRV TXHVRQ HO DQWHFHGHQWH LQPHGLDWR GH OR TXH KR\ FRQRFHPRV FRPR KHUEDULR 0HGHOOtQ/HDO

/DVFLXGDGHVGH3LVD\%RORQLDHQ,WDOLDVHDWULEX\HQODIXQGDFLyQGHOSULPHUKHUEDULRHQHO PXQGRORFLHUWRHVTXHDPEDVVRQODFXQDGHHVWHUHFLQWR\DTXHHQ3LVDVHLQYHQWDURQODV WpFQLFDVGHFRQVHUYDFLyQ\%RORQLDIXHODTXHLQLFLyODFRQVHUYDFLyQDODUJRSOD]R\FXHQWD FRQOD FROHFFLyQGHHVSHFtPHQHVPiVDQWLJRVGHOPXQGRGH8OLVHV $OGURYDQGL 0HGHOOtQ /HDO

(Q ORV VLJORV ;9 \ ;9, VH XWLOL]DED OD SDODEUD KHUEDULR SDUD GHVLJQDU XQ OLEUR HQ HO FXDO VH GHVFULEtDQSULQFLSDOPHQWHSODQWDVPHGLFLQDOHV\ORVXVRVGHODVPLVPDV7DPELpQVHXWLOL]DED pVWHWpUPLQRSDUDUHIHULUVHDXQFRQMXQWRGHSODQWDVYLYDVFX\RSURSyVLWRHUDHOHVWXGLRROD HQVHxDQ]DGHODERWiQLFD%XWDQGDHWDO

7XYLHURQTXHSDVDUPXFKRVDxRVSDUDTXHGHVSXpVGHODHGDGPHGLD\ORVFDPELRVVRFLDOHV RFXUULGRV FRQ OD ,OXVWUDFLyQ SHUVRQDMHV FRPR /LQQHR -XVVLHX \ -RKQ 5D\ GHGLFDUDQ JUDQ SDUWH GH VX ODERU FLHQWtILFD HQ OD FRQIRUPDFLyQ GH FROHFFLRQHV ERWiQLFDV (VWR SURSLFLy HO FUHFLPLHQWRGHKHUEDULRVHQ(XURSDGXUDQWHHOVLJOR;9,,,0HGHOOtQ/HDO

(19)

1HW]DKXDOFy\RWO 0RFWH]XPD &XLWOiKXDF H ,W]FyDWO HQWUH RWURV PRQDUFDV WODWRDQL IXQGDURQMDUGLQHVERWiQLFRVXQERVTXHFXOWLYDGR\OXJDUHVGHUHFUHDFLyQTXHUHVJXDUGDEDQ HVSHFLHV YHJHWDOHV (O FRQRFLPLHQWR KHUERODULR SUHKLVSiQLFR VH UHJLVWUy HQ ORV KHUEDULRV SLFWyULFRVFRPRHO&yGLFH%HUEHULQLRHO%DGLDXQXVWUDGXFLGRDOQiKXDWO\SRU0DUWtQGHOD &UX]\DOODWtQSRU-XDQ%DGLDQRHQ0HGHOOtQ/HDO

/D UHDOL]DFLyQ GH H[SHGLFLRQHV ERWiQLFDV HXURSHDV HQ HO VLJOR ;9,,, LQFUHPHQWDURQ ORV HVWXGLRV GH ERWiQLFD HQ OD 1XHYD (VSDxD /D H[SHGLFLyQ ERWiQLFD PiV LPSRUWDQWH IXH HQYLDGDSRUHOUH\GH(VSDxD&DUORV,,UHDOL]DGDGHVGHKDVWD(VWXYRGLULJLGDSRU 0DUWtQ GH 6HVVp \ /DFDVWD \ HQ HOOD SDUWLFLSDURQ ERWiQLFRV \ FROHFWRUHV GH ORV FXDOHV VH SXHGHQGHVWDFDUORVQRPEUHVGH9LFHQWH&HUYDQWHV-XDQ'LHJRGHO&DVWLOOR-RVp/RQJLQRV 0DUWtQH]\-RVp0DULDQR0RFLxR%XWDQGDHWDO

2WURV QDWXUDOLVWDV FRPR +XPEROGW \ %RQSODQG H[SORUDURQ JUDQ SDUWH GH OD 1XHYD (VSDxD GXUDQWH GLH] PHVHV HQFRQWUDQGR XQD YDOLRVD FROHFFLyQ GH SODQWDV OD LGHQWLILFDFLyQ \ FODVLILFDFLyQGHODVHVSHFLHVODUHDOL]DURQHQ(VSDxDD\XGDGRVSRU&DUORV.XQWK%XWDQGDHW DO

6X WUDEDMR PRWLYy D RWURV QDWXUDOLVWDV FRPR :LOKHOP )ULHGULFK %HUODQGLHU :LOKHOP 6FKLHGH *DOHRWWL D FRQWLQXDU HVWXGLDQGR OD GLYHUVLGDG ELROyJLFD HQ HO QXHYR PXQGR KDVWD TXH ODV OXFKDV LQGHSHQGHQWLVWDV \ ODV SRVWHULRUHV HQWUH OLEHUDOHV \ FRQVHUYDGRUHV SRVWHUJDURQ OD DSDULFLyQGHKHUEDULRVLQVWLWXFLRQDOHVKDVWDPLWDGHVGHOVLJOR;,;0HGHOOtQ/HDO

/DFROHFFLyQLQLFLDGDSRUODV(VFXHODVGH$JULFXOWXUDODGH0LQDV\OD1DFLRQDO3UHSDUDWRULD IRUPDURQ HO DFHUYR GHO 0XVHR 1DFLRQDO TXH VH IXQGy HQ D FDUJR GH 0DQXHO 8UELQD FRQWUHVPLOHMHPSODUHV

&XDQGRVHIXVLRQyFRQHO,QVWLWXWR0pGLFR1DFLRQDO\OD&RPLVLyQ*HRJUiILFD([SORUDGRUDHQ VHLQFUHPHQWyODFDQWLGDGGHHMHPSODUHVDQXHYHPLO'HVGHHQWRQFHV\KDVWDHO DFHUYR VXPDED FLHQWR GLHFLVLHWH PLO HMHPSODUHV UHVJXDUGDGRV GHVGH SRU ,VDDF 2FKRWRUHQDTXLHQRFXSDEDHOFDUJRGHGLUHFWRUHQHO,QVWLWXWRGH%LRORJtDGHOD8QLYHUVLGDG 1DFLRQDO$XWyQRPDGH0p[LFR0HGHOOtQ/HDO

(20)

3DUD OD VHJXQGD PLWDG GHO VLJOR ;,; YDULRV KHUEDULRV LQVWLWXFLRQDOHV DEULHURQ VXV SXHUWDV &XDGUR&RQHOWUDEDMRTXHVXVLQYHVWLJDGRUHVVHORJUyHOGHVDUUROOR\FUHFLPLHQWRGHVXV DFHUYRVDOJXQRVGHHOORVHVSHFLDOL]DGRV0HGHOOtQ/HDO

&XDGUR3ULPHURVKHUEDULRVLQVWLWXFLRQDOHVGH0p[LFR\VXVDFHUYRV

,QVWLWXFLyQ )XQGDGRU $xRGH

IXQGDFLyQ

(VSHFtPHQHV 0XVHR1DFLRQDO

)RUPDGRFRQODVFROHFFLRQHVGHODVHVFXHODVGH $JULFXOWXUDGH0LQDV

<1DFLRQDO3UHSDUDWRULD

0LJXHO8UELQD

&RPLVLyQ*HRJUiILFD([SORUDGRUD\HO,QVWLWXWR0pGLFR 1DFLRQDO

)HUQDQGR$OWDPLUDQR -RVp5DPtUH]

\

,QVWLWXWRGH%LRORJtD*HQHUDO\0pGLFD

+HUHGyORVHVSHFtPHQHVGHO0XVHR1DFLRQDO\GHOD &RPLVLyQ*HRJUiILFD([SORUDGRUD

&DVVLDQR&RQ]DWWL $OIRQVR/+HUUHUD

,QVWLWXWRGH%LRORJtD

8QLYHUVLGDG1DFLRQDO$XWyQRPDGH0p[LFR

+HOLD%UDYR+ROOLV 0D[LPLQR0DUWtQH] )DXVWLQR0LUDQGD (L]L0DWXGD

²

)DFXOWDGGH&LHQFLDV%LROyJLFDV 8QLYHUVLGDG$XWyQRPDGH1XHYR/HyQ

$QWRQLR+HUQiQGH] &RU]R

(VFXHOD1DFLRQDOGH&LHQFLDV%LROyJLFDV 0D[LPLQR0DUWtQH]

,QVWLWXWR%RWiQLFRGH&KLDSDV

&RPLVLyQ%RWiQLFDGHO*RELHUQRGHO(VWDGRGH0p[LFR (L]L0DWXGD

,QVWLWXWRGH,QYHVWLJDFLyQGH=RQDV'HVpUWLFDV 8QLYHUVLGDG$XWyQRPDGH6DQ/XLV3RWRVt

-HU]\5]HGRZVNL 5RWWHU

,QVWLWXWR7HFQROyJLFR\GH(VWXGLRV6XSHULRUHVGH 0RQWHUUH\

'HSDUWDPHQWRGH%LRORJtD

,QVWLWXWR1DFLRQDOGH,QYHVWLJDFLRQHV)RUHVWDOHV (L]L0DWXGD

(VFXHOD1DFLRQDOGH$JULFXOWXUDGH&KDSLQJR (IUDtQ+HUQiQGH] ;RORFRW]tQ

8QLYHUVLGDGGH*XDGDODMDUD /X]0DUtD9LOODUUHDOGH 3XJD

8QLYHUVLGDG$XWyQRPDGH*XDGDODMDUD &DUORV/XLV'tD]GH /XQD

8QLYHUVLGDG9HUDFUX]DQD 0DULR9i]TXH]7RUUHV

)XHQWH&DUORV'tDV/\9LOODUUHDO/0 (ODERUDGRSRU/DDXWRUD

(21)

'HVGH PHGLDGRV GHO VLJOR ;,; D OD DFWXDOLGDG HO GHVDUUROOR FLHQWtILFR \ ERWiQLFR GHO SDtV VXVFLWy OD FUHDFLyQ GH KHUEDULRV GH DOFDQFH ORFDO UHJLRQDO \ QDFLRQDO HQ 0p[LFR HVWD FDWHJRUL]DFLyQ GHSHQGH GH OD FDQWLGDG GH HMHPSODUHV HQ VXV FROHFFLRQHV \ GHO QLYHO GH LQYHVWLJDFLyQGHVXVFRODERUDGRUHV$3HVDUGHTXHHVWHGHVDUUROORHVFRQVWDQWHGHVSXpVGH

ODVHJXQGDGHORVDxRV QRYHQWDHQOD~OWLPDGpFDGD VHUHJLVWUDXQDSpUGLGDGH KHUEDULRV LQVWLWXFLRQDOHVFRPRVHPXHVWUDHQOD)LJXUD

)LJ'HVDUUROORGHORVKHUEDULRVHQ0p[LFR

)XHQWH6RVD\'iYLOD,QGH[+HUEDULRUXP (ODERUDGRSRUODDXWRUD

/DPD\RUSDUWHGHORVKHUEDULRVHQ0p[LFRVHFRQFHQWUDQHQHOHVWDGRGH0p[LFR\HO'LVWULWR )HGHUDO FRQ XQ GHO WRWDO VHJXLGRV HQ PHQRU SURSRUFLyQ SRU ORV HVWDGRV GH -DOLVFR 9HUDFUX] 1XHYR /HyQ &KLDSDV \ $JXDVFDOLHQWHV VLQ HPEDUJR HO LQFUHPHQWR GH ORV HVSHFtPHQHV GH KHUEDULR WLHQHQ XQ GHVSXQWH LPSUHVLRQDQWH D SDUWLU GH ORV DxRV QRYHQWD )LJXUD

)LJ,QFUHPHQWRGHORVHVSHFtPHQHVGHORVKHUEDULRVHQ0p[LFR

)XHQWHÌQGH[+HUEDULRUXP\&21$%,2 (ODERUDGRSRUODDXWRUD

ϭ

(22)

$FWLYLGDGHV\IXQFLRQHVSULQFLSDOHVGHORVKHUEDULRV

/RVKHUEDULRVIUHFXHQWHPHQWHIRUPDQSDUWHGHODVLQVWLWXFLRQHVGHHQVHxDQ]DVXSHULRURWUDV YHFHVHVWiQDGVFULWRVDRUJDQLVPRVGHLQYHVWLJDFLyQRVHUYLFLRVS~EOLFRV(VSRUHOORTXHODV DFWLYLGDGHV GH ORV KHUEDULRV YDUtDQ \D TXH VH HQFXHQWUDQ HQIRFDGDV HQ HO ORJUR GH ORV REMHWLYRVGHFDGDHVSDFLR5]HGRZVNL

/DV DFWLYLGDGHV \ IXQFLRQHV SULQFLSDOHV GHO KHUEDULR SXHGHQ UHVXPLUVH HQ FXDWUR UXEURV SULQFLSDOHV

/DERUHV EiVLFDV(Q HVWH UXEUR VH HQFXHQWUDQ ODV DFWLYLGDGHV DGPLQLVWUDWLYDV TXH SRU OR

JHQHUDO QR UHVXOWDQ HYLGHQWHV SDUD ORV XVXDULRV SHUR SRGUtDQ FRPSDUDUVH FRQ HO PDQWHQLPLHQWRDFWXDOL]DFLyQGHODLQIRUPDFLyQPRQWDMHGHHMHPSODUHVHQWUHRWUDVFRVDV(V HO WUDEDMR GH UXWLQD /D RUJDQL]DFLyQ GHO KHUEDULR FRQVWD GH FXDWUR IDVHV LPSRUWDQWHV HO HQULTXHFLPLHQWRSURFHVDPLHQWRPDQWHQLPLHQWR\DGPLQLVWUDFLyQ*HUPiQ

(O HQULTXHFLPLHQWR GH OD FROHFFLyQ GHSHQGH GH ODV SURSLDV UHFROHFFLRQHV GHO SHUVRQDO )LJXUDGRQDFLRQHVHLQWHUFDPELRVFRQRWURVKHUEDULRV

)LJ5HFROHFWD\SUHQVDGRGHODSODQWD

)XHQWH/DDXWRUD

(O SURFHVDPLHQWR LQFOX\H HO GHVHFDGR HWLTXHWDGR PRQWDMH UHJLVWUR H LQWHUFDODGR GHO HVSpFLPHQ GHQWUR GH OD FROHFFLyQ )LJXUD 8QD YH] TXH VH LQJUHVDQ ORV HVSHFtPHQHV DO KHUEDULR VH SURFHGH D GHVHFDUORV VX HWLTXHWDGR VH UHDOL]D FRQ ORV GDWRV REWHQLGRV GH OD OLEUHWDGHFDPSR

(23)

/RV GDWRV HVHQFLDOHV TXH VH HQFXHQWUDQ HQ OD HWLTXHWD \ HQ HO HVSpFLPHQ VRQ LQVWLWXFLyQ SUR\HFWRQRPEUHFLHQWtILFRGHODHVSHFLHORFDOLGDGUHIHUHQFLDVJHRJUiILFDVFDUDFWHUtVWLFDV GHODSODQWDKiELWDWQRPEUHGHOUHFROHFWRUQ~PHURGHUHFROHFWD\IHFKDGHUHFROHFWD

)LJ3URFHVDPLHQWRGHODVUHFROHFWDVHLQFRUSRUDFLyQDOKHUEDULR )XHQWH/DDXWRUD

3RVWHULRUPHQWHVHPRQWDHO HMHPSODUHVWHSURFHVR FRQVLVWHHQDGKHULUODSODQWDGHVHFDGD HQ XQD FDUWXOLQD GH [R FP EXVFDQGR FRQVHUYDU ODV FDUDFWHUtVWLFDV RULJLQDOHV GH OD HVSHFLH &XDQGR VH ILQDOL]D FRQ HO PRQWDMH VH LQWHUFDOD HO HVSpFLPHQ )LJXUD HQ OD FROHFFLyQGHDFXHUGRDORVFULWHULRVGHRUJDQL]DFLyQGHOKHUEDULR

)LJ(VSpFLPHQGHKHUEDULRSURFHVDGR

)XHQWH/DDXWRUD

(24)

(O PDQWHQLPLHQWR GHO KHUEDULR WLHQH YDULDV DFWLYLGDGHV HQWUH HOODV VH HQFXHQWUD OD GHSXUDFLyQ GH ODV

FROHFFLRQHV IXPLJDFLRQHV KHFKXUD GH FDUSHWDV PRQWDMHV \ HO PiV LPSRUWDQWH HV DFDGpPLFR FRUUHFFLRQHV/DDFWXDOL]DFLyQGHODVFROHFFLRQHVHVXQDHWDSDPX\LPSRUWDQWHHQHOSURFHVRPiVVL ORV FDPELRV QRPHQFODWXUDOHV VH KDFHQ SRU HVSHFLDOLVWDV )LJXUD 6XV QXHYDV GHWHUPLQDFLRQHV VH DQRWDQHQHWLTXHWDVTXHVHGHQRPLQDQHWLTXHWDVGHFRUUHFFLyQ

)LJ(WLTXHWDGHFRUUHFFLyQSDUDORVHVSHFtPHQHVGHOKHUEDULR )XHQWH/DDXWRUD

)LQDOPHQWH OD DGPLQLVWUDFLyQ GH XQ KHUEDULR LQFOX\H HO PDQHMR \ FRQWURO GH ODV DFWLYLGDGHV \ OD DVLJQDFLyQGHUHVSRQVDELOLGDGHVDGHPiVGHODFRPSUDGHPDWHULDOHVHOPDQHMRGHODVFROHFFLRQHV\

HOFRQWUROGHORVLQWHUFDPELRV(VWDVDFWLYLGDGHVUXWLQDULDVVRQXQDD\XGDH[FHSFLRQDODOXVXDULR TXLHQ D VX YH] GHVDUUROOD GH PDQHUD GLUHFWD HVWXGLRV FLHQWtILFRV HQFDPLQDGRV DO FRQRFLPLHQWRIORUtVWLFR\WD[RQyPLFRGHOSDtV

,GHQWLILFDFLyQ /D FRQVXOWD H LGHQWLILFDFLyQ GH SODQWDV HV QHFHVDULD SDUD HVWXGLDQWHV

GRFHQWHV SURIHVLRQLVWDV HPSUHVDULRV DJHQWHV JXEHUQDPHQWDOHV HWF TXH QHFHVLWDQ FRQRFHUORVXVRVTXHVHOHGDQDODSODQWD

7DPELpQ HV LPSRUWDQWHFRQRFHU OD GLVWULEXFLyQ JHRJUiILFD \ ODV ORFDOLGDGHV H[DFWDV GRQGH SXHGHQ HQFRQWUDUVH ODV HVSHFLHV (VWR SHUPLWH WDPELpQ PDQWHQHU DFWXDOL]DGD OD QRPHQFODWXUDWD[RQyPLFDGHODVHVSHFLHVYHJHWDOHV

(QVHxDQ]D 3DUWLFLSDQ GH IRUPD DFWLYD HQ SURJUDPDV GH FDSDFLWDFLyQ R IRUPDFLyQ

HGXFDWLYD 7LHQHQ XQ SDSHO H LQVWUXPHQWR GH SURPRFLyQ FRQVHUYDFLRQLVWD SDUD HO DSURYHFKDPLHQWRUDFLRQDOGHORVUHFXUVRVELyWLFRV

(25)

,QYHVWLJDFLyQ6HFRQVLGHUDTXHODVSODQWDVVRQHOUHIOHMRPiVILGHGLJQRGHOPHGLRDPELHQWH

ItVLFR \ ELROyJLFR TXH ODV URGHD (O HVWXGLR GH VXV FDUDFWHUtVWLFDV VH GHULYD GH XQD VHULH GH UHODFLRQHV H LQWHUUHODFLRQHV FRQ EDVH HQ HO FRQRFLPLHQWR GH VX HVWUXFWXUD FRPSRVLFLyQ IORUtVWLFDIRUPDELROyJLFDGHODVHVSHFLHVJUDGRGHVRFLDELOLGDGHQWUHRWUDVFRVDV0DGULJDO

(OSDSHOTXHOHVFRUUHVSRQGHDORVHVSHFtPHQHVGHOKHUEDULRHQODLQYHVWLJDFLyQVHUHIOHMDHQ HOFRQRFLPLHQWR\UHJLVWURGHORVGDWRVFRQWHQLGRVHQODVHWLTXHWDVTXHORVDFRPSDxDQ/RV HVSHFtPHQHVVRQXQDKHUUDPLHQWDHVHQFLDOSDUDWRGDVODVFLHQFLDVTXHGHSHQGHQGHHVWRV HVWXGLRV$VWHLQ]D

,PSRUWDQFLDGHORVKHUEDULRVFRPRXQDKHUUDPLHQWDGHLQYHVWLJDFLyQHQ0p[LFR

$XQTXHKLVWyULFDPHQWHGXUDQWHHOGHVDUUROORGHODERWiQLFDSXGRKDEHUSUHYDOHFLGRODLGHD GH TXH OD IRUPDFLyQ GH XQ KHUEDULR FRQVWLWX\H XQ ILQ HQ Vt PLVPR OD LPSRUWDQFLD IXQGDPHQWDOGHORVKHUEDULRVUHVLGHHQVXHPSOHRFRPRLQVWUXPHQWRGHWUDEDMR5]HGRZVNL

(O KHUEDULR HV XQ KHUUDPLHQWD LQGLVSHQVDEOH SDUD ORV HVWXGLRV HFROyJLFRV \ SDUD OD H[SORWDFLyQFLHQWtILFDGHORVUHFXUVRVQDWXUDOHVPiVD~QVLVHOHFRQFLEHFRPRXQDLQVWLWXFLyQ HQ GRQGH FLWRJHQHWLVWDV ERWiQLFRV ILVLyORJRV PRUIyORJRV \ HFyORJRV SXHGHQ LQYHVWLJDU $VWHLQ]D /RV KHUEDULRV VH UHFRQRFHQ FRPR KHUUDPLHQWD IXQGDPHQWDO SDUD OD ERWiQLFD VLVWHPiWLFD H KLVWyULFDPHQWH KDQ IDYRUHFLGR OD ODERU GH VtQWHVLV GHO FRQRFLPLHQWR ELROyJLFRHQHOSDtV

'H DFXHUGR FRQ 'iYLOD H[LVWHQ UHJLRQHV ORFDOLGDGHV R HVWDGRV GH OD UHS~EOLFD TXH KDQVLGRREMHWRGHHVWXGLRVIORUtVWLFRVFRPRHVHOFDVRGHOD)ORUDGH%DMD&DOLIRUQLD'HVLHUWR &KLKXDKXHQVH 6LQDORD 'XUDQJR 1D\DULW 1XHYD *DOLFLD $JXDVFDOLHQWHV &XLFDWOiQ 7HKXDFiQ4XHUpWDUR9DOOHGH0p[LFR2D[DFD7DEDVFR&KLDSDV&DPSHFKH<XFDWiQ\ 4XLQWDQD5RR)LJXUD

(26)

)LJ(VWXGLRVIORUtVWLFRVHQ0p[LFR\VXGLVWULEXFLyQJHRJUiILFD

)XHQWH'iYLOD (ODERUDGRSRU/DDXWRUD

(VWXGLRVIORUtVWLFRVPXHVWUDQTXHHOGHODVXSHUILFLHGHOSDtVQRHVWiFRQVLGHUDGDHQDOJ~Q HVWXGLR IORUtVWLFR )LJXUD SULQFLSDOPHQWH HO QRUHVWH GHO WHUULWRULR QDFLRQDO 6H FDOFXOD TXH GH ODV HVSHFLHV SDUD HO SDtV D~Q QR KDQ VLGR OLVWDGDV QL HVWXGLDGDV WD[RQyPLFDPHQWH

'iYLOD

'HDFXHUGRFRQ5]HGRZVNL(OGHOWHUULWRULRVHFRPSRQHSRUPDWRUUDOHV[HUyILWRV\ SDVWL]DOHVGHORVFXDOHVH[LVWHQJpQHURVGHiUEROHV\DUEXVWRVHQGpPLFRVHQ]RQDViULGDV \VHPLiULGDVORTXHHTXLYDOHDSRUFLHUWRGHODYHJHWDFLyQ

(27)

(28)

&DStWXOR 8VR GH 6LVWHPDV GH ,QIRUPDFLyQ 'LJLWDOHV 6,' SDUD HO

FRQRFLPLHQWR\XVRGHOD%LRGLYHUVLGDG

&RQYHQLRVREUHOD'LYHUVLGDG%LROyJLFD

'XUDQWHODFRQIHUHQFLDGH5tRGH-DQHLURHQ%UDVLOHQOD2UJDQL]DFLyQGHODV1DFLRQHV 8QLGDV SDUD OD (GXFDFLyQ 81(6&2 UHFRQRFLy PXQGLDOPHQWH OD LPSRUWDQFLD GH OD ELRGLYHUVLGDG\HOGHWHULRURGHOFXDOHVREMHWRSDUDHOGHVDUUROORGHODKXPDQLGDG

&RPR UHVXOWDGR GH ORV ORJURV GH HVWH HYHQWR VH FUHy HO &RQYHQLR VREUH OD 'LYHUVLGDG %LROyJLFD &'% (O &'% HV XQ WUDWDGR PXQGLDO MXUtGLFDPHQWH YLQFXODQWH TXH SHUVLJXH WUHV REMHWLYRVIXQGDPHQWDOHV

/DFRQVHUYDFLyQGHODGLYHUVLGDGELROyJLFD (OXVRVRVWHQLEOHGHVXVFRPSRQHQWHV

/DGLVWULEXFLyQMXVWD\HTXLWDWLYDGHORVEHQHILFLRVSURYHQLHQWHVGHODXWLOL]DFLyQGHORV UHFXUVRVJHQpWLFRV

8QRGHORVWHPDVWUDQVYHUVDOHVGHO&'%HVHOXVRGHODLQIRUPDFLyQELROyJLFD\WHFQROyJLFD SRU OR TXH HQ HO OD FRQIHUHQFLD GH ODV SDUWHV DGRSWy HO 3URJUDPD GH 7UDEDMR VREUH 7UDQVIHUHQFLDGH7HFQRORJtD\&RRSHUDFLyQ&LHQWtILFD\7HFQROyJLFDTXHFXHQWDFRQFXDWUR FRPSRQHQWHV ORV FXDOHV WLHQHQ PHWDV REMHWLYRV \ DFWLYLGDGHV TXH VH GHVFULEHQ D FRQWLQXDFLyQ

(YDOXDFLRQHVGHODWHFQRORJtD&RQMXQWRGHDFWLYLGDGHVTXHFRQGXFHDORVSDUWLFLSDQWHVD

UHDOL]DU XQ SURFHVR GH FRQVXOWD SDUD LGHQWLILFDU \ GHWHUPLQDU ODV QHFHVLGDGHV GH ORV SDUWLFLSDQWHVHQUHVSXHVWDDODVSULRULGDGHV\SROtWLFDVQDFLRQDOHV

6LVWHPDVGHLQIRUPDFLyQ6LVWHPDVGLJLWDOHVSDUDODUHFROHFFLyQ\GLIXVLyQGHODLQIRUPDFLyQ

VREUH OD WUDQVIHUHQFLD GH WHFQRORJtD \ FRRSHUDFLyQ WpFQLFD \ FLHQWtILFD %XVFD IDFLOLWDU OD WUDQVIHUHQFLD GH WHFQRORJtD SDUD OD FRQVHUYDFLyQ \ HO XVR VRVWHQLEOH GH OD ELRGLYHUVLGDG \ TXHVHSURPXHYD\SURSLFLHODFRRSHUDFLyQWpFQLFD\FLHQWtILFD

&UHDFLyQGHDPELHQWHVSURSLFLRV$FWLYLGDGHVGHORVJRELHUQRVDHVFDODORFDOSDUDIRUPDUXQ

(29)

&UHDFLyQ\PHMRUDPLHQWRGHFDSDFLGDG/D FUHDFLyQ R HOPHMRUDPLHQWRGHODFDSDFLGDG

WpFQLFDFLHQWtILFDLQVWLWXFLRQDO\DGPLQLVWUDWLYDHVXQDUHVSRQVDELOLGDGLQWHUVHFWRULDOGHJUDQ LPSRUWDQFLDSDUDUHDOL]DUHYDOXDFLRQHVGHODWHFQRORJtDSDUDFUHDU\IRUWDOHFHUORVVLVWHPDV QDFLRQDOHV R UHJLRQDOHV GH LQIRUPDFLyQ ELROyJLFD \ SDUD OD FUHDFLyQ GH iPELWRV SURSLFLRV SDUDODWUDQVIHUHQFLDGHWHFQRORJtD\ODFRRSHUDFLyQWHFQROyJLFD

*OREDO%LRGLYHUVLW\,QIRUPDWLRQ)DFLOLW\

/D *OREDO %LRGLYHUVLW\ ,QIRUPDWLRQ )DFLOLW\ *%,) )LJXUD HV XQD LQLFLDWLYD SDUD SRQHU HQ ,QWHUQHW GH IRUPD JUDWXLWD WRGD OD LQIRUPDFLyQ GLVSRQLEOH VREUH ORV RUJDQLVPRV YLYRV FRQRFLGRVDQLYHOPXQGLDO

6HLQLFLyHQDWUDYpVGHXQJUXSRGHWUDEDMRGHOD2&'(GHQRPLQDGR0HJD6FLHQFH )RUXP :RUNLQJ *URXS FX\R SULQFLSDO LQWHUpV HUD SURSRQHU LQLFLDWLYDV FLHQWtILFDV GH LQWHUpV IXQGDPHQWDOSHURTXHSRUVXHVFDODQRHUDQYLQFXODQWHVSRUHOORVHFRQVWLWX\yIRUPDOPHQWH HQHO6XVDFWLYLGDGHVVHHQFXHQWUDQGLYLGLGDVHQVHLViUHDVWHPiWLFDV&XDGUREDMR VHLVSURJUDPDVGHWUDEDMRGLIHUHQWHV

)LJ/RJRWLSRGHOSUR\HFWR*%,)

)XHQWH*%,)

(30)

&XDGUR'HVFULSFLyQGHORVSURJUDPDVGHWUDEDMRGH*%,)

7HPDV 3URJUDPDV

,QIRUPDWL]DFLyQ GH FROHFFLRQHV GH KLVWRULD QDWXUDO

'LJLWL]DWLRQRI1DWXUDO+LVWRU\&ROOHFWLRQ'DWD ',*,7

7HFQRORJtDHLQWHURSHUDELOLGDG 'DWD$FFHVVDQG'DWD,QWHURSHUDELOLW\'$',

&DWiORJRGHQRPEUHVFLHQWtILFRV (OHFWURQLF&DWDORJRI1DPHVRI.QRZQ2UJDQLVPV

(&$7

)RUPDFLyQ\FRRSHUDFLyQ 2XWUHDFKDQG&DSDFLW\%XLOGLQJ2&%

%DVHVGHGDWRVFRQLQIRUPDFLyQDQLYHOGHWD[yQ 'HVFULSFLRQHV FODYHV LPiJHQHV D~Q QR LQLFLDGR 6SHFLHV%DQNV

%DVHV GH GDWRV FRQ LQIRUPDFLyQ VREUH

ELRGLYHUVLGDG GH SXEOLFDFLRQHV FLHQWtILFDV \ RWUDV IXHQWHVVHFXQGDULDV

$~QQRLQLFLDGR'LJLWDO%LRGLYHUVLW\/LWHUDWXUH 5HVRXUFHV

)XHQWH81(6&2

$GHPiVVHFRQFLEHFRPRXQDUHGGHEDVHVGHGDWRVGHELRGLYHUVLGDGLQWHUFRQHFWDGDVTXH SUHWHQGH VHU XQD KHUUDPLHQWD EiVLFD SDUD HO GHVDUUROOR FLHQWtILFR GH ORV SDtVHV \ FRQWULEXLU VLJQLILFDWLYDPHQWHDXQDPHMRUSURWHFFLyQ\XVRGHODELRGLYHUVLGDGHQHOSODQHWD

&RPRSDUWHGHVXVSROtWLFDVVHDVLHQWDTXHODVLQVWLWXFLRQHVDVRFLDGDVDODJHQHUDFLyQGHORV GDWRVWLHQHQHOFRQWURO\SURSLHGDGGHORVPLVPRV6HUHFRQRFHQORVGHUHFKRVGHSURSLHGDG LQWHOHFWXDO \ TXH VX GLVHxR HV D ODUJR SOD]R QR FHQWUDOL]DGR \ DELHUWR /D*%,) SDUD VX IXQFLRQDPLHQWRVHRUJDQL]DFRPRVLJXH

/RVHVWDGRVPLHPEURVVHDILOLDQD*%,)PHGLDQWHODILUPDGHO0HPRUDQGRGHHQWHQGLPLHQWR \ VH FRPSURPHWHQ D VHU XQ QRGR SDUWLFLSDQWH HO FXDO HV SRUWDO GH OD LQIRUPDFLyQ VREUH ELRGLYHUVLGDGGHVX]RQDGHLQIOXHQFLD

(31)

5HGGH,QIRUPDFLyQ$PELHQWDOGHO6XURHVWHGHORV(VWDGRV8QLGRV6(,1HW

/D 5HG GH ,QIRUPDFLyQ $PELHQWDO GHO 6XURHVWH 6(,1HW SRU VXV VLJODV HQ LQJOpV HV XQD DVRFLDFLyQ GH KHUEDULRV HQ HO HVWDGR GH $UL]RQD )XH FUHDGD SDUD VHUYLU FRPR SXHUWD GH HQWUDGDDGLVWULEXLUORVUHFXUVRVGHGDWRVGHLQWHUpVSDUDODFRPXQLGDGGHLQYHVWLJDFLyQGHO DPELHQWH XWLOL]D XQD SiJLQD ZHE FRP~Q TXH SHUPLWH FRQVXOWDU ORFDOL]DU DFFHGHU \ WUDEDMDUFRQXQDYDULHGDGGHGDWRV

6(,1HW)LJXUDHVGHVFULWDSRUVXVFUHDGRUHVFRPRDOJRPiVTXHXQVLWLRZHE\DTXHHVXQ FRQMXQWRGHWHFQRORJtDVGHDFFHVRDGDWRV\XQDUHGGLVWULEXLGDGHORVGHSDUWDPHQWRVORV PXVHRV\ODVDJHQFLDVTXHSURSRUFLRQDQODLQIRUPDFLyQDPELHQWDO

6XV RUtJHQHV IXHURQ OD LQWHJUDFLyQ GH EDVHV GH GDWRV GHQWUR GH OD 8QLYHUVLGDG (VWDWDO GH $UL]RQD(VVXEVLGLDGRSRUOD)XQGDFLyQ1DFLRQDOGH&LHQFLDV

)LJ/RJRWLSRGHOD5HGGH,QIRUPDFLyQ$PELHQWDOGHO6XURHVWHGHORV(VWDGRV8QLGRV6(,1HW

)XHQWH6(,1(7

/RV KHUEDULRV FRPSDUWHQ LQIRUPDFLyQ TXH HV GLVWULEXLGD D WUDYpV GH OD :(% \ PDQHMDQ XQ DFHUYR IRWRJUiILFR GH ORV HMHPSODUHV UHFROHFWDGRV 8WLOL]DQ WHFQRORJtD FUHDGD SRU OD 8QLYHUVLGDG(VWDWDOGH$UL]RQDFRPRORHV6$/,;XQSURJUDPDGHOHFWXUDSDUDHWLTXHWDVGH HMHPSODUHV

(32)

(VWH VLVWHPD FRQYLHUWHODV HWLTXHWDV HQ ORV HMHPSODUHV IRWRJUDILDGRV HQ OHWUDV OHJLEOHV SRU HO VLVWHPDHOFXDOSDVDDXWRPiWLFDPHQWHORVGDWRVDODHWLTXHWDHOHFWUyQLFD)LJXUD

)LJ8VRGH2&5SDUDODVHWLTXHWDVHOHFWUyQLFDVHQ6(,1HW )XHQWH'HVHUW%RWDQLFDO*DUGHQ

6H XWLOL]D XQ HTXLSR IRWRJUiILFR )LJXUD TXH SHUPLWH DOPDFHQDU ORV HMHPSODUHV HOHFWUyQLFRV HQ DUFKLYRV IRWRJUiILFRV GLVSRQLEOHV SRU OD SiJLQD ZHE

KWWSVZELRGLYHUVLW\RUJVHLQHWFROOHFWLRQVLQGH[SKS

)LJ(VWDQWHGHFRSLDGR\HTXLSRGHLOXPLQDFLyQ'HVHUW%RWDQLFDO*DUGHQ'%*

(33)

6LVWHPD1DFLRQDOGH,QIRUPDFLyQVREUHOD%LRGLYHUVLGDGHQ0p[LFR

0p[LFRIXHHOƒSDtVHQUDWLILFDUHQHO&'%\HVWiFRQVLGHUDGRFRPRXQRGHORVSDtVHV FRQPD\RUGLYHUVLGDGELROyJLFDGHELGRDTXHWLHQHXQDXELFDFLyQJHRJUiILFDHQODTXHVH HQWUHOD]DQGRVJUDQGHVUHJLRQHVELRJHRJUiILFDVQHiUWLFD\QHRWURSLFDO

&HUFDGHGHODVHVSHFLHVGHSODQWDVVXSHULRUHVGHOSODQHWD\XQSRFRPiVGHOGH HOODVVRQH[FOXVLYDVGHOSDtV&XDGUR

&XDGUR'LYHUVLGDGGHHVSHFLHVHQ0p[LFR\VXSRUFHQWDMHSRUJUXSRWD[RQyPLFR

3RUFHQWDMH

HQ UHODFLyQ

FRQHOQ~PHURGHHVSHFLHVSRUJUXSRHQHOPXQGR

3RUFHQWDMHHQUHODFLyQFRQHOWRWDOGHHVSHFLHVPH[LFDQDVSRUJUXSR )XHQWH&21$%,2

(QFRPRUHVSXHVWDDODSUREOHPiWLFDGHFRQVHUYDFLyQ\GHWHULRURGHODELRGLYHUVLGDG VH FUHy OD &RPLVLyQ 1DFLRQDO SDUD HO &RQRFLPLHQWR \ 8VR GH OD %LRGLYHUVLGDG &21$%,2 (VWDFRPLVLyQWLHQHFRPRPLVLyQSULQFLSDOSURPRYHUFRRUGLQDUDSR\DU\UHDOL]DUDFWLYLGDGHV GLULJLGDV DO FRQRFLPLHQWR GH OD GLYHUVLGDG ELROyJLFD DVt FRPR VX FRQVHUYDFLyQ \ XVR VRVWHQLEOHSDUDEHQHILFLRGHODVRFLHGDG&21$%,2

)LJ/RJRWLSRGHOD&21$%,2 )XHQWH&21$%,2

(34)

/DVDFWLYLGDGHVGHHVWDFRPLVLyQEXVFDQSULQFLSDOPHQWHHOFXPSOLPLHQWRGHOD/H\*HQHUDO GH(TXLOLEUR(FROyJLFR\3URWHFFLyQDO$PELHQWH/*((3$TXHHQVXDUWtFXORIUDFFLyQ9 RWRUJD D HVWD FRPLVLyQ HO HVWDEOHFLPLHQWR GH XQ VLVWHPD QDFLRQDO GH LQIRUPDFLyQ VREUH ELRGLYHUVLGDG\GHFDOLILFDFLyQGHOXVRVXVWHQWDEOHGHVXVFRPSRQHQWHV«µ/*((3$

/RV VLVWHPDV GH LQIRUPDFLyQ 6, )LJXUD EXVFDQ IDFLOLWDU OD FDSWXUD GH ORV GDWRV VX HODERUDFLyQ\VXH[SRVLFLyQGHIRUPDDGHFXDGDSDUDPHMRUDUODVDFWLYLGDGHVGHJHVWLyQ\ FRQWUROGHORVGRFXPHQWRV/DXGRQ\/DXGRQ6XVDFWLYLGDGHVEiVLFDVVRQ

)LJ$QiOLVLVGHORVFRPSRQHQWHVGHORVVLVWHPDVGHLQIRUPDFLyQ

)XHQWH/DXGRQ\/DXGRQ (ODERUDGRSRU/DDXWRUD

&DSWXUDGHORVGDWRV3URFHVRHQHOFXDOVHUHJLVWUDQORVGDWRVSDUDSURFHVDUODLQIRUPDFLyQ

SRUPHGLRGHHVWDFLRQHVGHWUDEDMRGLVFRVXVEFGHWF

$OPDFHQDU ORV GDWRV FDSWXUDGRV (V XQD GH ODV DFWLYLGDGHV PiV LPSRUWDQWHV HQ OD

DFWXDOLGDG HV FRP~Q JXDUGDU ORV GDWRV HQ XQD FRPSXWDGRUD SRU OD IDFLOLGDG TXH UHSUHVHQWD \ OD FDSDFLGDG TXH WLHQHQ SDUD HVWD IXQFLyQ /D GLVSRQLELOLGDG GHEH VHU SHUPDQHQWH\QRVyORHQHOKRUDULRGHWUDEDMRGHOKHUEDULR

$QiOLVLVGHODLQIRUPDFLyQUHTXHULGDHQIXQFLyQGHORVGDWRV7UDQVIRUPDFLyQ\DQiOLVLVGHORV

GDWRVSDUDODWRPDGHGHFLVLRQHV

6DOLGDGHODLQIRUPDFLyQ&DSDFLGDGGHXQVLVWHPDSDUDHQWUHJDURUGHQDGDODLQIRUPDFLyQ

TXH VH SURFHVy (Q HVWH SDVR VH LQFOX\H OD GLYXOJDFLyQ GH OD LQIRUPDFLyQ SUHYLR DQiOLVLV \ HODERUDFLyQGHOLQIRUPHUHVSHFWLYRHVFULWR(OREMHWLYRILQDOGHXQ6,HV

(35)

• 0HMRUDUODWRPDGHGHFLVLRQHVFRQLQIRUPDFLyQRSRUWXQD\UHJLVWUDUORVSURFHVRVTXH VHUHDOL]DQ

• )DFLOLWDUHOFRQWUROGHODVDFWLYLGDGHVGHVDUUROODGDV

&RPRFXDOTXLHURWURVLVWHPDGHLQIRUPDFLyQ6,ORV6LVWHPDVGH,QIRUPDFLyQ%LROyJLFRV6,% IDYRUHFHQODFDSWXUDGHUHJLVWURVGHIORUD\IDXQDHODQiOLVLVGHORVGDWRVHQFRQWUDGRV\VX GLYXOJDFLyQDORVXVXDULRVLQWHUHVDGRVHQHOFRQRFLPLHQWRGHODULTXH]DGHODELRGLYHUVLGDG GHOSDtV

8QRGHORVSULQFLSDOHVREMHWLYRVGHOD&21$%,2GHVGHVXFUHDFLyQIXHODREWHQFLyQPDQHMR DQiOLVLV\GLYXOJDFLyQGHLQIRUPDFLyQGHQXHVWUDGLYHUVLGDGELROyJLFD)LJXUD

(VWDLQIRUPDFLyQHVLQGLVSHQVDEOHSDUDODWRPDGHGHFLVLRQHVVREUHHOXVR\FRQVHUYDFLyQGH OD ELRGLYHUVLGDG VXVWHQWDGD HQ XQ FRQRFLPLHQWR FLHQWtILFR 3DUD FRPSLODU RUJDQL]DU \ GLVWULEXLU HVWD LQIRUPDFLyQ VH HVWDEOHFLy HO 6LVWHPD 1DFLRQDO GH ,QIRUPDFLyQ VREUH %LRGLYHUVLGDG61,%GH0p[LFR&21$%,2

/RVHOHPHQWRVTXH FRQVWLWX\HQDO 61,%VRQWRGDVODVEDVHVGHGDWRVSURSRUFLRQDGDVSRU ORV SUR\HFWRV DSR\DGRV SRU &21$%,2 HQ WRGR HO SDtV FRQ GDWRV WD[RQyPLFRV JHRJUiILFRV HFROyJLFRV FREHUWXUDV JHRJUiILFDV VREUH WRSRJUDItD KLGURJUDItD YHJHWDFLyQ FOLPD H LPiJHQHV GH VDWpOLWH VLVWHPDV GH LQIRUPDFLyQ SDUD OD UHIRUHVWDFLyQ LQFHQGLRV \ ELRVHJXULGDGDVtFRPRGLIHUHQWHVWLSRVGHUHJLRQDOL]DFLRQHV&21$%,2

)LJ0RGHOREDVHGHORV6LVWHPDV%LROyJLFRV0H[LFDQRVHVWDEOHFLGRSRU&21$%,2GHVGH

)XHQWH&21$%,2

(36)

6HJ~Q OD ~OWLPD DFWXDOL]DFLyQ GHO 61,% SDUD HO VH FXHQWD FRQ UHJLVWURV FXUDWRULDOHV /RV SUR\HFWRV DSR\DGRV SRU &21$%,2 VLJXHQ XQD VHULH GH OLQHDPLHQWRV TXH EXVFDQ HVWDQGDUL]DUWRGD ODLQIRUPDFLyQ TXH VH REWLHQH GH ORV SDUWLFLSDQWHV HQWUH HOORV ORV UHSUHVHQWDQWHV HVWDWDOHV TXLHQHV GHVDUUROODQ D VX YH] XQD HVWUDWHJLD TXH VH LPSOHPHQWD D QLYHOORFDO

(VWUDWHJLD1DFLRQDOVREUH%LRGLYHUVLGDGHQ0p[LFR

/D &21$%,2 SURPXHYH OD (VWUDWHJLD 1DFLRQDO VREUH %LRGLYHUVLGDG (1% HQ 0p[LFR /RV OLQHDPLHQWRV SULQFLSDOHV GH OD (1% HQ 0p[LFR EXVFDQ HQWUH RWUDV FRVDV HO UHVFDWH \ VLVWHPDWL]DFLyQ GH FRQRFLPLHQWRV VREUH ELRGLYHUVLGDG HQWUH ORV TXH VH HQFXHQWUDQ ODV FROHFFLRQHV GH ORV KHUEDULRV (VWH SURJUDPD WDPELpQ VH EXVFD HYDOXDU HO FRQRFLPLHQWR IORUtVWLFRQDFLRQDO

(Q XQD GH ODV OtQHDV GH DFFLyQ GH OD (1% VH EXVFD LQFUHPHQWDU OD SDUWLFLSDFLyQ VRFLDO HQ YDULRVVHFWRUHVGHODVRFLHGDGHVSHFtILFDPHQWHHQiUHDVGHLQYHVWLJDFLyQVLVWHPDWL]DFLyQ GH FROHFFLRQHV \ GLIXVLyQ GH LQIRUPDFLyQ VREUH ELRGLYHUVLGDG &RQ HVWH ILQ OD &21$%,2 GLVHxy XQ SURJUDPD QDFLRQDO GH FROHFWD GH FROHFFLRQHV ERWiQLFDV TXH EXVFD HYDOXDU HO FRQRFLPLHQWR IORUtVWLFR QDFLRQDO 'LFKR DSDUWDGR VH RULHQWD SRU FXDWUR OLQHDPLHQWRV SULQFLSDOHV&XDGUR

&XDGUR/LQHDPLHQWRVSULQFLSDOHVGHOD(VWUDWHJLD1DFLRQDOVREUH%LRGLYHUVLGDG(1%HQ

0p[LFR

3URWHFFLyQ\ FRQVHUYDFLyQ

9DORUDFLyQGHOD %LRGLYHUVLGDG

&RQRFLPLHQWR\PDQHMR GHODLQIRUPDFLyQ

'LYHUVLILFDFLyQGHO XVR

&RQVHUYDFLyQLQVLWX 5HVFDWHGHHOHPHQWRVGH ODGLYHUVLGDGELROyJLFD %LRVHJXULGDG

(VSHFLHVH[yWLFDV\ WUDVORFDFLyQ

3UHYHQFLyQ\FRQWUROGH DFWRVLOtFLWRV

6HJXLPLHQWR

$WHQFLyQDHPHUJHQFLDV

,PSRUWDQFLDHQOD FXOWXUDQDFLRQDO $SRUWDFLRQHVGHOD ELRGLYHUVLGDG $FWXDOL]DFLyQ LQVWLWXFLRQDO

,QYHVWLJDFLyQ\HVWXGLRV ,QYHQWDULRV\

FROHFFLRQHV 5HVFDWH\

VLVWHPDWL]DFLyQGH FRQRFLPLHQWRV ,QWHUFDPELRGH LQIRUPDFLyQ 'LIXVLyQ

(GXFDFLyQ$PELHQWDO &DSDFLWDFLyQ\ IRUPDFLyQDFDGpPLFD *HVWLyQGHOD

LQIRUPDFLyQVREUH ELRGLYHUVLGDG

8VRDFWXDO 'LYHUVLILFDFLyQ SURGXFWLYD &ULWHULRVH LQGLFDGRUHV &RPHUFLDOL]DFLyQ\ PHUFDGRV

)XHQWH&21$%,2

(ODERUDGRSRU/DDXWRUD

(37)

(VWUDWHJLD(VWDWDOVREUH%LRGLYHUVLGDGHQ0p[LFR

3DUDORJUDUORVREMHWLYRVSODQWHDGRVSRUOD(VWUDWHJLD1DFLRQDOGH%LRGLYHUVLGDGOD&21$%,2 SDUWLFLSDFRQJRELHUQRVHVWDWDOHV\GLIHUHQWHVRUJDQL]DFLRQHVSDUDHODERUDUXQGLDJQyVWLFR (VWHSURFHVRSHUPLWHLQWHJUDUHOFRQRFLPLHQWRGHODGLYHUVLGDGFXOWXUDOJHRJUiILFDVRFLDO\ ELROyJLFDGHXQHVWDGRORTXHVHFRQRFHFRPR(VWUDWHJLD(VWDWDOGHOD%LRGLYHUVLGDG((%

'HDFXHUGRDORVOLQHDPLHQWRVGHOD(1%&21$%,2HOREMHWLYRGHODV((%VRQ

&RQWDU FRQ KHUUDPLHQWDV HVWDWDOHV SDUD TXH OD WRPD GH GHFLVLRQHV VHD FRQJUXHQWH FRQODJHVWLyQGHUHFXUVRVELROyJLFRV

,QVWLWXFLRQDOL]DUSROtWLFDVS~EOLFDVHQPDWHULDGHELRGLYHUVLGDG

D (VWDEOHFHU6LVWHPDV(VWDWDOHVGH,QIRUPDFLyQVREUH%LRGLYHUVLGDG61,% E &RQVROLGDU6LVWHPDV(VWDWDOHVGHÉUHDV1DWXUDOHV3URWHJLGDV

F (VWDEOHFHU SURJUDPDV HVWDWDOHV GH HGXFDFLyQ DPELHQWDO \ GLIXVLyQ VREUH OD LPSRUWDQFLDGHODELRGLYHUVLGDG

G ,QWHJUDU\DUPRQL]DULQLFLDWLYDVGHFRQVHUYDFLyQ\XVRVXVWHQWDEOH

3URPRYHUODFUHDFLyQGHOH\HVVREUHELRGLYHUVLGDGDHVFDODORFDOUHSDUWRHTXLWDWLYR GHODFRQVHUYDFLyQ\HODSURYHFKDPLHQWRGHODELRGLYHUVLGDG

)DFLOLWDU HO LQWHUFDPELR FLHQWtILFR FXOWXUDO \ SROtWLFR UHIHUHQWH D OD ELRGLYHUVLGDG D GLVWLQWDVHVFDODVHQHOPDUFRGHO&RQYHQLRGH'LYHUVLGDG%LROyJLFD&'%

/DV((%EXVFDQFRPSOHWDUGRVGRFXPHQWRVGHSODQLILFDFLyQHVWUDWpJLFDLPSRUWDQWHV

(VWXGLR GH (VWDGR TXH HV XQ GLDJQyVWLFR GH OtQHD EDVH VREUH OD ELRGLYHUVLGDG GHO (VWDGRHQVXVGLIHUHQWHVQLYHOHV

(VWUDWHJLD1DFLRQDOVREUH%LRGLYHUVLGDG

&RPR VH PXHVWUD HQ HO PDSD )LJXUD ODV HWDSDV GH OD ((% VRQ WUHV (Q OD SULPHUD VH HVWDEOHFH XQ FRPSURPLVR D WUDYpV GH OD ILUPD GHO FRQYHQLR HVWDWDO GH OD HVWUDWHJLD OD VHJXQGDHV XQDHWDSDGHSODQHDFLyQ\HVWXGLRGHHVWUDWHJLDVKDFLDODFRQVHUYDFLyQGHOD ELRGLYHUVLGDGHVWDWDO\OD~OWLPDHVODLPSOHPHQWDFLyQGHHVWRVSODQHVHVWDWDOHV

(38)

)LJ'HVDUUROORQDFLRQDOGHODV(VWUDWHJLDV(VWDWDOHVSDUDOD%LRGLYHUVLGDG((%HQ0p[LFR )XHQWH&21$%,2

6yORWUHVHVWDGRVHQODUHS~EOLFDVHHQFXHQWUDQHQODHWDSDGHLPSOHPHQWDFLyQODPD\RUtD HVWiQ HQ XQD HWDSD GH SODQHDFLyQ \ RWURV HQWUH HOORV 6DQ /XLV 3RWRVt HQ OD HWDSD GH DFHUFDPLHQWRGHOD((%

5HG0XQGLDOGH,QIRUPDFLyQVREUH%LRGLYHUVLGDG

/D 5HG 0XQGLDO GH ,QIRUPDFLyQ VREUH %LRGLYHUVLGDG 5(0,% HVWi FRQIRUPDGD SRU YHLQWH LQVWLWXFLRQHV QDFLRQDOHV VLHWH GH (VWDGRV 8QLGRV XQD ODWLQRDPHULFDQD \ GRV HXURSHDV &XDGUR (V QHFHVDULR TXH OD GXUDFLyQ GHO SUR\HFWR VHD VROR GH XQ DxR LQFOX\HQGR GRV PHVHV SDUD FRUUHFFLRQHV ILQDOHV6HSXHGHUHDOL]DUHQ YDULDVHWDSDVLQGLFDQGR FODUDPHQWH ORVUHVXOWDGRVTXHVHDOFDQ]DUiQUHVSHFWRDOSUR\HFWRJHQHUDO

(39)

&XDGUR3DtVHVH,QVWLWXFLRQHVSDUWLFLSDQWHVHQOD5(0,%

)XHQWH&21$%,2

3HUWHQHFHUDOD5(0,%FRQOOHYDXQDJUDQUHVSRQVDELOLGDGSDUDVXVDJUHPLDGRV/DQDWXUDOH]D GHORVDSR\RV\VXVOLPLWDFLRQHVUHSUHVHQWDQXQUHWRVREUHWRGRSDUDDTXHOORVTXHQRWLHQHQ OD LQIUDHVWUXFWXUD \ ORV UHFXUVRV KXPDQRV VXILFLHQWHV 3DUD VROR VHLV HVWDGRV VRQ FRQVLGHUDGRVQRGRVGHOD5(0,%)LJXUD

3$Ì6 ,167,78&,Ð1

0p[LFR ¾ 8QLYHUVLGDG$XWyQRPD0HWURSROLWDQD8QLGDG,]WDSDODSD8$0,

¾ %DQFR1DFLRQDOGH*HUPRSODVPD9HJHWDO%$1*(9

¾ ,QVWLWXWRGH(FRORJtD$&;DODSD,(;$/

¾ 0XVHRGH=RRORJtDGHOD)DFGH&LHQFLDV0=)&81$0 ¾ ,QVWLWXWRGH&LHQFLDVGHO0DU\/LPQRORJtD,&0\/')81$0

¾ 8QLYHUVLGDGGH6RQRUD8621

¾ ,QVWLWXWRGH&LHQFLDVGHO0DU\/LPQRORJtD8QLGDG$FDGpPLFD

0D]DWOiQ,&0\/0$=81$0

¾ &ROHJLRGHOD)URQWHUD6XU8QLGDG6DQ&ULVWyEDO(&26856& ¾ &ROHJLRGHOD)URQWHUD6XU8QLGDG&KHWXPDO(&2685&+

¾ 8QLYHUVLGDG$XWyQRPDGH1XHYR/HyQ8$1/

¾ ,QVWLWXWRGH(FRORJtD$&&HQWUR5HJLRQDOGHO%DMtR,(%$-Ì2

¾ &RPLVLyQ1DFLRQDOSDUDHO&RQRFLPLHQWR\8VRGHOD%LRGLYHUVLGDG &21$%,2

¾ 8QLYHUVLGDG1DFLRQDO$JUDULD/D0ROLQD02/

¾ &HQWURGH,QYHVWLJDFLRQHV%LROyJLFDVGHO1RURHVWH6&&,%125 ¾ &HQWUR,QWHUGLVFLSOLQDULRGH&LHQFLDV0DULQDV&,&,0$5,31

¾ )DFXOWDGGH(VWXGLRV6XSHULRUHV,]WDFDOD)(6,81$0

¾ 8QLYHUVLGDG$XWyQRPDGH%DMD&DOLIRUQLD8$%&,QVWLWXWRGH%LRORJtD

,%81$0

¾ &HQWURGH,QYHVWLJDFLyQ&LHQWtILFDGH<XFDWiQ&,&<

¾ &HQWUR1DFLRQDOGH5HIHUHQFLDGH&RQWURO%LROyJLFR'LUHFFLyQ*HQHUDO

GH6DQLGDG9HJHWDO6$*$53$

¾ &HQWURGH,QYHVWLJDFLyQ\GH(VWXGLRV$YDQ]DGRV,QVWLWXWR3ROLWpFQLFR 1DFLRQDO&,19(67$9,31

(VWDGRV8QLGRV ¾ 9HUWHEUDGRVGHO0XVHRGH=RRORJtDGHOD8QLYHUVLGDGGH&DOLIRUQLD %HUNHOH\8&%HUNHOH\

¾ $FDGHPLDGH&LHQFLDVGH&DOLIRUQLD&$6

¾ 8QLYHUVLGDGGH7H[DV$XVWLQ87$

¾ -DUGtQ%RWiQLFRGH0LVVRXUL02

¾ 8QLYHUVLGDGGH$UL]RQD8$

¾ +HUEDULXPGH*HR%+LQWRQ

¾ -DUGtQ%RWiQLFRGH1XHYD<RUN1<%*+HUEDULRGH/tTXHQHV$68 &RVWD5LFD ¾ ,QVWLWXWR1DFLRQDOGH%LRGLYHUVLGDGGH&RVWD5LFD,1%,2

,QJODWHUUD ¾ +HUEDULR.HZGHO5HDO-DUGtQ%RWiQLFR5%*.(:

(40)

)LJ(VWDGRV1RGRGHOD5(0,%HQ0p[LFR

)XHQWH&21$%,2 (ODERUDGRSRU/DDXWRUD

/D LQIRUPDFLyQ GHEH YDOLGDUVH SRU OR TXH HV QHFHVDULD OD SDUWLFLSDFLyQ GH HVSHFLDOLVWDV HQ IDPLOLDV\GHWD[yQRPRVH[SHUWRV(Q FDVRQHFHVDULRDSR\DQFRQYLiWLFRVDORVLQWHUHVDGRV HQSDUWLFLSDU/RVDSR\RVHFRQyPLFRVLQFOX\HQDGTXLVLFLRQHVFRPRFRPSXWDGRUDVFiPDUDV PRELOLDULR HTXLSR SDUD OD FRQVHUYDFLyQ GH ORV HMHPSODUHV HTXLSRV SDUD HO HVWXGLR GH ODV FROHFFLRQHVHWFVLHPSUH\FXDQGRQRVHH[FHGDHOGHOPRQWRWRWDOVROLFLWDGR\QRVHD SDUDODFRQVWUXFFLyQRUHPRGHODFLyQGHOKHUEDULR

&DEH DFODUDU TXH ORV UHFXUVRV HFRQyPLFRV VRQ DVLJQDGRV SRU &21$%,2 GH DFXHUGR D ODV FRQGLFLRQHVGHFDGDFROHFFLyQ\GHEHQMXVWLILFDUVHSOHQDPHQWH

+D\WDPELpQDSR\RVHFRQyPLFRVUHODFLRQDGRVFRQODFRQWUDWDFLyQGHFDSWXULVWDVWpFQLFRV H[SHUWRV HQ OD YDOLGDFLyQ GH HMHPSODUHV LQIRUPiWLFRV HWF 7DPELpQ VH FDSDFLWD D ORV LQWHUHVDGRVHQHOXVRGHOVLVWHPD%,27,&$‹\DDXQTXHQRVHXWLOLFHVHGHEHUiQFXPSOLUORV UHTXLVLWRV HVWDEOHFLGRV SRU HO ,QVWUXFWLYR SDUD OD FRQIRUPDFLyQ GH EDVHV GH GDWRV FRPSDWLEOHVFRQHO61,%

(41)

/DVSROtWLFDVSDUDFRPSXWDUL]DUODVFROHFFLRQHVERWiQLFDV\VXVHMHPSODUHVVXVFULWHULRVVRQORV VLJXLHQWHV

• 6H RWRUJD DSR\R SDUD OD FRPSXWDUL]DFLyQ GH FROHFFLRQHV FLHQWtILFDV GH FXDOTXLHU JUXSR GH RUJDQLVPRV FX\RV GDWRV QR VH HQFXHQWUHQ HQ HO 6LVWHPD 1DFLRQDO GH ,QIRUPDFLyQ VREUH %LRGLYHUVLGDG GH OD &21$%,2 61,% R HQ OD 5HG 0XQGLDO GH ,QIRUPDFLyQVREUH%LRGLYHUVLGDG5(0,%

• 1RKD\DQUHFLELGRDSR\RGHOD&21$%,2SDUDVXFRPSXWDUL]DFLyQ

• $O PHQRV HO GH VXV HMHPSODUHV HVWpQ LGHQWLILFDGRV D QLYHO GH HVSHFLH FXUDGRV FRQIRUPHDORVHVWiQGDUHVSDUDFDGDXQRGHORVJUXSRVWD[RQyPLFRVTXHFRQWHQJDQ HLQWHJUDUORVHQODFROHFFLyQ

• /DPD\RUSDUWHGHVXVHMHPSODUHVHVWpQGHWHUPLQDGRVRUHYLVDGRVSRUH[SHUWRVRTXH VHFRQVLGHUHFRPRSDUWHGHOSUR\HFWRODYDOLGDFLyQGHVXVGHWHUPLQDFLRQHV

• (QWUH \ GH VXV HMHPSODUHV GHSHQGLHQGR GH OD DQWLJHGDG GH ODV FROHFFLRQHV HVWpQ GHELGDPHQWH JHRUUHIHUHQFLDGRV R ELHQ TXH FXHQWHQ FRQ OD LQIRUPDFLyQQHFHVDULDSDUDREWHQHUGLFKRGDWR

• 3RVHDQHMHPSODUHVWLSRRUHSDWULDGRV

• 7HQJDQFREHUWXUDQDFLRQDOVREUHODVUHJLRQDOHVRHVWDWDOHV/DVFROHFFLRQHVSRGUiQ VHULQVWLWXFLRQDOHVRSDUWLFXODUHVSHURGHEHUiQFRQWDUFRQHOUHJLVWURGH6(0$51$7

• 3DUD DTXHOODV LQVWLWXFLRQHV TXH WHQJDQ PiV GH XQD FROHFFLyQ TXH FRQWHPSODVH OD LQWHJUDFLyQ GH WRGDV VXV FROHFFLRQHV HQ XQ VROR VLVWHPD GH LQIRUPDFLyQ EDVH GH GDWRV

• (VUHFRPHQGDEOHXWLOL]DUHOVLVWHPDGHLQIRUPDFLyQ%LyWLFDYHUVLyQ1RVHH[FOX\HOD SRVLELOLGDG GH TXH VH SXHGDQ DSR\DU SURSXHVWDV TXH QR FXEUDQ OR LQGLFDGR HQ HO SXQWRSHURWHQGUiQPHMRUSULRULGDG\GHEHUiQVHxDODUODVFLUFXQVWDQFLDVHVSHFLDOHV TXHQRSHUPLWHQFXEULUORVUHTXLVLWRVLQGLFDGRVHQGLFKRSXQWR

0XFKDV LQVWLWXFLRQHV HQ QXHVWUR SDtV HVWiQ LQVHUWDV HQ ODV DFWLYLGDGHV GH OD &21$%,2 \ IRUPDQ SDUWH GH OD 5(0,% FRQ DFWLYLGDGHV GH LQYHVWLJDFLyQ IORUtVWLFD &XDGUR \ FRPSXWDUL]DFLyQGHFROHFFLRQHVERWiQLFDV&XDGUR

(42)

&XDGUR ,QYHVWLJDFLyQ IORUtVWLFD DSR\DGD SRU &21$%,2 LQYHVWLJDGRUHV H LQVWLWXFLRQHV SDUWLFLSDQWHV

,19(67,*$&,Ð1)/25Ì67,&$ 5()(5(1&,$6

&HQWUR &XOWXUDO 6DQWR 'RPLQJR +HUEDULR GHO 3ODQWDV DFXiWLFDVHQHO0(;8

&KiYH]

&HQWUR GH ,QYHVWLJDFLyQ HQ $OLPHQWDFLyQ \ 'HVDUUROOR 6RQRUD

(VTXHGD

&HQWURGH,QYHVWLJDFLRQHVKLVWyULFDV\VRFLDOHV,1,)$3\ 6$*$53$0LFKRDFiQ

&KiYH]/HyQ

&HQWUR ,QWHUGLVFLSOLQDULR SDUD HO 'HVDUUROOR ,QWHJUDO 5HJLRQDO'XUDQJR,31

*DUFtD*RQ]iOH]+HUUHUD

&HQWUR ,QWHUGLVFLSOLQDULR SDUD HO 'HVDUUROOR ,QWHJUDO 5HJLRQDO0LFKRDFiQ,31

*DUFtD5Xt]

&HQWUR ,QWHUGLVFLSOLQDULR SDUD HO 'HVDUUROOR ,QWHJUDO 5HJLRQDO2D[DFD,31

6RODQR

&HQWUR,QWHUQDFLRQDOGH0HMRUDPLHQWRGH0Dt]\7ULJR 6NRYPDQG

&ROHJLRGHOD)URQWHUD1RUWH 5LHPDQQ

&ROHJLRGHOD)URQWHUD6XU *RQ]iOH]/HyQ:ROI

&ROHJLR GH 3RVWJUDGXDGRV ,QVWLWXWR GH 5HFXUVRV 1DWXUDOHV

*RQ]iOH]/HGHVPD7HUUD]DV

&RQVHUYDWLRQ,QWHUQDWLRQDO0p[LFR$& /HY\

(VFXHOD1DFLRQDOGH&LHQFLDV%LROyJLFDV,31 %DUULRV0HQGR]D5RGUtJXH]

,QVWLWXWR&KLQRLQ$&2D[DFD +DJVDWHU\6RWR

,QVWLWXWR&KLQRLQ$&0p[LFR') *DUFtD&UX]6RWR$UHQDV6RWR$UHQDV\ 6RODQR

,QVWLWXWRGH(FRORJtD0p[LFR') %iUFHQDV/RUHD0XQQ3DQHUR\/RUHD 5HQGyQ$JXLODU\1~xH]6RWR(VSDU]D7pOOH]\ 0DUWtQH]

,QVWLWXWRGH(FRORJtD0LFKRDFiQ 5]HGRZVNL\&DOGHUyQ

,QVWLWXWRGH(FRORJtD9HUDFUX] &DVWLOOR

,QVWLWXWRGH+LVWRULD1DWXUDO\(FRORJtD&KLDSDV 3DODFLRV

,QVWLWXWR)RUHVWDOGH,QYHVWLJDFLRQHV)RUHVWDOHV$JUtFRODV \3HFXDULDV

&iUGHQDV&KiYH]*XWLpUUH]0XViOHP

6RFLHGDGSDUDORVUHFXUVRVELyWLFRVGH2D[DFD$& 6DODV\1DYD

8$$$18QLYHUVLGDG$XWyQRPD$JUDULD$QWRQLR1DUUR 9DOGpV

8$(0 8QLYHUVLGDG $XWyQRPD GHO (VWDGR GH 0RUHORV &HQWURGH,QYHVWLJDFLRQHV%LROyJLFDV

%RQLOOD

8$0 8QLYHUVLGDG $XWyQRPD 0HWURSROLWDQD 8QLGDG ,]WDSDODSD

(VSHMR6HUQD\/ySH])HUUDUL0HDYH5LED\ 1DYD

8$1/)DFXOWDGGH&LHQFLDV%LROyJLFDV )DYHOD

(43)

,19(67,*$&,Ð1)/25Ì67,&$ 5()(5(1&,$6

8$4)DFXOWDGGH&LHQFLDV1DWXUDOHV *yPH]

8$7&HQWURGH,QYHVWLJDFLyQHQ&LHQFLDV%LROyJLFDV 0DUWtQH]\3pUH]

8$78QLYHUVLGDG$XWyQRPDGH7DPDXOLSDV,QVWLWXWRGH (FRORJtD$SOLFDGD

+HUQiQGH]0DUWtQH]$YDORV0DUWtQH]

8$< 8QLYHUVLGDG $XWyQRPD GH <XFDWiQ )DFXOWDG GH 0HGLFLQD

)ORUHV

8$= )DFXOWDG GH $JURQRPtD +HUEDULR GH OD 8QLGDG $FDGpPLFDGH$JURQRPtD

%DOOH]D

8&$ 8QLYHUVLGDG GH &LHQFLDV \ $UWHV GH &KLDSDV (VFXHODGH%LRORJtD

(VWUDGD3pUH]0DUWtQH]

8'*8QLYHUVLGDGGH*XDGDODMDUD&HQWUR8QLYHUVLWDULR GH &LHQFLDV %LROyJLFDV \ $JURSHFXDULDV 9HWHULQDULD \ =RRWHFQLD

+HUQiQGH]5RGUtJXH]

8'*8QLYHUVLGDGGH*XDGDODMDUD&HQWUR8QLYHUVLWDULR GHOD&RVWD6XU

6DQWDQD0LFKHOH&XHYDV\*X]PiQ

81$0&HQWURGH,QYHVWLJDFLRQHVHQ(FRVLVWHPDV ,EDUUD\&RUQHMR7HQRULR-LPpQH]

81$0)DFXOWDGGH&LHQFLDV 'LHJR*RQ]iOH]/HyQ/XQD

0HDYH0HGLQD0RQWHMDQR\*ROG0RUJDQ 0217(-$12=85,7$

81$0)DFXOWDGGH(VWXGLRV6XSHULRUHVGH,]WDFDOD /LUD6DDGH\%ODQFNDHUW

81$0)DFXOWDGGH(VWXGLRV6XSHULRUHV=DUDJR]D 6RODQR

81$0,QVWLWXWRGH%LRORJtD $ULDV%DUDMDV%\H%\H$HGR\)DED

&KLDQJ'iYLOD'HOJDGLOOR*DUFtD 0HQGR]D*RQ]iOH]/HyQ4XHUR 5H\HV*DUFtD$6RXVD\9HODVFR6RXVD 7pOOH]9LOODVHxRU\-XiUH]9LOODVHxRU2UWt]\ 0pQGH]

81$0,QVWLWXWRGH&LHQFLDVGHO0DU\/LPQRORJtD /LFHD=DPXGLR/XQD\6RWR

81$0,QVWLWXWRGH(FRORJtD %~UTXH](]FXUUD0DQGXMDQR3HxDOED

*DUPHQGLD0&\%~UTXH]

8QLYHUVLGDG$XWyQRPDGH%DMD&DOLIRUQLD6XU /HyQ6LTXHLURV

8QLYHUVLGDG$XWyQRPDGH%DMD&DOLIRUQLD)DFXOWDGGH &LHQFLDV &HQWUR GH ,QYHVWLJDFLRQHV %LROyJLFDV GHO 1RURHVWH6&

'HOJDGLOOR

8QLYHUVLGDG $XWyQRPD GH 6LQDORD )DFXOWDG GH $JURQRPtD

9HJD9HJD\9HJD

8QLYHUVLGDG$XWyQRPDGH7DEDVFR *XDGDUUDPD

)XHQWH&21$%,2 (ODERUDGRSRU/DDXWRUD

(44)

7DPELpQ KD\ DSR\RV HFRQyPLFRV SDUD LQVWLWXFLRQHV TXH GHVHHQ UHQRYDU R DFWXDOL]DU VXV FROHFFLRQHVEDMRORVVLJXLHQWHVFULWHULRV

• 6HRWRUJDDSR\RSDUDDFWXDOL]DUEDVHVGHGDWRVGHFROHFFLRQHVFLHQWtILFDVTXHIRUPHQ SDUWH GHO 6LVWHPD 1DFLRQDO GH ,QIRUPDFLyQ VREUH %LRGLYHUVLGDG 61,% XVXDOPHQWH VRQ GHSUR\HFWRVFRQFOXLGRVTXHUHFLELHURQDSR\RGHHVWD&RPLVLyQRSRUSHUWHQHFHUDOD 5(0,%

• /DDFWXDOL]DFLyQGHEHFRPSUHQGHUDODUHYLVLyQ\GHSXUDFLyQGHODLQIRUPDFLyQTXH FRQWLHQHQ ODV EDVHV GH GDWRV HODERUDGDV HQ RWURV SUR\HFWRV DSR\DGRV SRU HVWD&RPLVLyQ\EVXHQULTXHFLPLHQWRFRQODLQFRUSRUDFLyQGHQXHYRVUHJLVWURV\GDWRV TXHOD&21$%,2FRQVLGHUDREOLJDWRULRVDFWXDOPHQWH

6HGDSULRULGDGDORVSUR\HFWRVGHDFWXDOL]DFLyQGHEDVHVGHGDWRVGHDTXHOODVFROHFFLRQHV TXH

• 3HUWHQH]FDQDOD5(0,%RVXVDXWRULGDGHVH[SUHVHQVXLQWHUpVSRULQFRUSRUDUVHDGLFKD 5HG

• 7HQJDQFREHUWXUDQDFLRQDOPiVTXHUHJLRQDORHVWDWDO

• &RQWHPSOHQODLQWHJUDFLyQGHVXVEDVHVGHGDWRVHQXQDVROD%LyWLFD

• 'H VHU QHFHVDULR OD &21$%,2 SRGUi KDFHU OD PLJUDFLyQ R XQLILFDFLyQ GH EDVHV GH GDWRVDOVLVWHPD%LyWLFDYHUVLyQ(VWDEDVHGHGDWRVVHUiHOSXQWRGHSDUWLGDGHOD DFWXDOL]DFLyQ 6L SDUD OD PLJUDFLyQXQLyQ VH UHTXLULHVHQ KDFHU FRUUHFFLRQHV D OD EDVH GHGDWRVHVWDDFWLYLGDGVHOOHYDUtDDFDERFRPRSDUWHGHOSUR\HFWR

• 6HRWRUJDDSR\RSDUDDFWXDOL]DUEDVHVGHGDWRVGHFROHFFLRQHVFLHQWtILFDVTXHIRUPHQ SDUWH GHO 6LVWHPD 1DFLRQDO GH ,QIRUPDFLyQ VREUH %LRGLYHUVLGDG 61,% XVXDOPHQWH VRQ GHSUR\HFWRVFRQFOXLGRVTXHUHFLELHURQDSR\RGHHVWD&RPLVLyQRSRUSHUWHQHFHUDOD 5(0,%

• /DDFWXDOL]DFLyQGHEHFRPSUHQGHUDODUHYLVLyQ\GHSXUDFLyQGHODLQIRUPDFLyQTXH FRQWLHQHQ ODV EDVHV GH GDWRV HODERUDGDV HQ RWURV SUR\HFWRV DSR\DGRV SRU HVWD&RPLVLyQ\EVXHQULTXHFLPLHQWRFRQODLQFRUSRUDFLyQGHQXHYRVUHJLVWURV\GDWRV TXHOD&21$%,2FRQVLGHUDREOLJDWRULRVDFWXDOPHQWH

• /D PD\RUtD GH ORV HMHPSODUHV SDUD ORV TXH VHD IDFWLEOH KDFHUOR GHEHQ HVWDU GHWHUPLQDGRVDQLYHOHVSHFtILFR\JHRUUHIHUHQFLDGRV

(45)

&XDGUR 3UR\HFWRV GH FRPSXWDUL]DFLyQ GH FROHFFLRQHV ERWiQLFDV DSR\DGDV SRU &21$%,2

&20387$5,=$&,Ð1 5()(5(1&,$6

$FWXDOL]DFLyQHLQFUHPHQWRGH HMHPSODUHVGHOD %8$3

&RQWUHUDV

&HQWUR GH ,QYHVWLJDFLyQ &LHQWtILFD GH <XFDWiQ +HUEDULR&,&<%DVHGHGDWRV%$)/23<

)ORUHV&DPSRV\/LUD&DUQHYDOL\'XUDQ

)RUPDFLyQ GH OD EDVH GH GDWRV GHO KHUEDULR 8&$0&DPSHFKH

=DPRUD6iQFKH]*RQ]iOH]\$UDJyQ$[RPXOFR

+HUEDULR&+$3 &XHYDV*Xt]DU

+HUEDULR&,&< &DUQHYDOL\'XUiQ

+HUEDULRGH(L]L0DWXGD&KLDSDV 3pUH]0DUWtQH]\0DUWtQH]

+HUEDULRGHOD)DFXOWDGGH&LHQFLDVGHOD81$0 )&0(

-LPpQH]\0DUWtQH]1RYHOR

+HUEDULRGHOD8QLYHUVLGDGGH6RQRUD8621 6iQFKH]\$UPHQWD

+HUEDULRGHO,QVWLWXWRGH(FRORJtD;$/ /RUHD$YHQGDxR\6RVD3DODFLRV5tRV

+HUEDULR(1&% )HUQiQGH]9RYLGHV$QGUHZ\1LFRODOGH

0RUHMyQ

+HUEDULRILFROyJLFRGHOD8$%& 5LRVPHQD

+HUEDULR+&,% 5LRVPHQD5RGUtJXH]

+HUEDULR-HU]\5]HGRZVNL8$4 3pUH]/HyQGHOD/X]

+HUEDULR 1DFLRQDO )RUHVWDO %LyO /XFLDQR 9HOD *iOYH],1,)$3

*XWLpUUH]*DUGXxR

+HUEDULR40(; 6HUUDQR

-DUGtQ%RWiQLFR5HJLRQDOGH&DGHUH\WD 6iQFKH]$ULDV&KiYH]+HUQiQGH]0DUWtQH]

-DUGtQ(WQRERWiQLFRGH2D[DFD &KiYH]5HQGyQ

3ODQWDVYDVFXODUHV\PDFURPLFHWRVGH8-$7 *XDGDUUDPD

;LORWHFDGHO,QVWLWXWRGH%LRORJtDGHOD81$0 2UWHJD

,QVWLWXWRGH+LVWRULD1DWXUDO\(FRORJtD0p[LFR ')

(VFREDU\0RUDOHV

)XHQWH&21$%,2 (ODERUDGRSRU/DDXWRUD

(46)

8VRGH%LyWLFDSDUDODVLVWHPDWL]DFLyQGHODVFROHFFLRQHVHQORVKHUEDULRVPH[LFDQRV

(O VLVWHPD %LyWLFD‹ VH FUHy SRU OD QHFHVLGDG GH &21$%,2 GH PDQLSXODU PXFKDV EDVHV GH GDWRVGHGLIHUHQWHVWLSRV\WDPDxRVUHFLELGDVGHWRGRVORVSDUWLFLSDQWHVGHVXVSUR\HFWRV/D GLILFXOWDGSDUDXQLILFDUHOIRUPDWRGHORVGDWRVJHQHUDEDPXFKRWUDEDMR\ODFDOLGDGGHOD LQIRUPDFLyQQRHUDQHFHVDULDPHQWHODPHMRU

)LJ9HUVLyQGHOVLVWHPD%LyWLFD‹

/D SULPHUD YHUVLyQ GH %LyWLFD VH WXYR HQ &RQVWDED GH WDEODV UHODFLRQDGDV \ XQ VLVWHPDGHFDSWXUDHQIRUPDWR$FFHVV)LJXUD6RODPHQWHRFKRSUR\HFWRVSDUWLFLSDURQ FRQHVWHPRGHOR\VXVH[SHUWRV\XVXDULRVVHKDQHQFDUJDGRGHPRGLILFDUODSDUDWHQHURWUDV QXHYHYHUVLRQHVKDVWD&XDGUR

(47)
(48)
(49)
(50)
(51)

/D~OWLPDYHUVLyQGH%LyWLFDYWLHQHGLH]PyGXORV)LJXUDFXHQWDFRQPiVGHVHWHQWD WDEODV3HUPLWHLQWHUDFWXDUFRQODLQIRUPDFLyQ GHODVEDVHVGHGDWRVSRUPHGLRGHRWUDV DSOLFDFLRQHV SDUD LPiJHQHV VRQLGRV SiJLQDV ZHE KRMDV GH FiOFXOR HWF &DGD WDEOD WLHQHFDPSRVTXHLQFOX\HQXQDJUDQYDULHGDGGHGDWRV~WLOHVSDUDHOFRQRFLPLHQWRGHOD ELRGLYHUVLGDGHQHOSDtV

)LJ0yGXORVGHOVLVWHPD%LyWLFDYHUVLyQ

Figure

Actualización...

Referencias

Actualización...

Descargar ahora (147 página)