Decreto Nº 37.025/MAG/S - Reglamento de Coordinación entre el Ministerio de Salud y el Ministerio de Agricultura y Ganadería en lo que concierne el funcionamiento de los establecimientos de alimentos de origen animal
Made 2012-02-22 · Text as of 2026-10-01
Public law and official guidance, published as research. Not legal, tax or financial advice.
About this law
- Language
- Spanish
- Kind
- Regulation
- Organisation
- Caribbean Community (CARICOM)
- Country
- Costa Rica
- Subjects
- Food and nutrition
- Keywords
- institution, legal proceedings/administrative proceedings, food safety and quality, processing/handling, meat, poultry products, fish products, authorization/permit, hygiene/sanitary procedures, governance
Where to read it
No source link is recorded for this law.
Text
The law's own text, section by section, as held. Each section has its own link.
/D*DFHWD1²0DUWHVGHPDU]RGHO 3iJ ²4XH DUTXLWHFWyQLFDPHQWH OD &DVRQD GH OD +DFLHQGD ²4XH VHJ~Q ORV LQFLVRV E \ F GHO DUWtFXOR GH OD /H\ /DV ÈQLPDV FRQVHUYD ODV FDUDFWHUtVWLFDV IXQGDPHQWDOHV TXH OD *HQHUDOGHO6HUYLFLR1DFLRQDOGH6DOXG$QLPDO/H\1GHO LGHQWL¿FDQFRPR&DVRQDGH+DFLHQGD*XDQDFDVWHFDSXHVSUHVHUYD GHDEULOGHOHO6(1$6$HVFRPSHWHQWHSDUDRWRUJDURUHWLUDU VXRULJLQDOLGDG\ODPD\RUtDGHOWHMLGRKLVWyULFRTXHHYLGHQFLDQVX HO&92HQWUHRWURVDORVHVWDEOHFLPLHQWRVTXHHODERUHQLPSRUWHQ FDUiFWHUYHUQiFXOR GHVDOPDFHQHQ IUDFFLRQHQ DOPDFHQHQ WUDQVSRUWHQ \ YHQGDQ ²4XH HV GHEHU GHO (VWDGR VDOYDJXDUGDU HO 3DWULPRQLR SURGXFWRV \ VXESURGXFWRV GH RULJHQ DQLPDO DVt FRPR D DTXHOORV +LVWyULFR $UTXLWHFWyQLFR SDUD IRUWDOHFHU OD LGHQWLGDG HQWUH HO GHVWLQDGRVDOVDFUL¿FLRGHDQLPDOHVRTXHLQGXVWULDOLFHQHPSDTXHQ FLXGDGDQR\VXFLXGDG UHIULJHUHQSURFHVHQRH[SHQGDQHQHOQLYHOPD\RULVWDSURGXFWRV ²4XH SRU ODV FRQGLFLRQHV KLVWyULFRDUTXLWHFWyQLFDV VXESURGXFWRV R GHULYDGRV GH DQLPDOHV SDUD FRQVXPR KXPDQR R FLWDGDV\FRQIXQGDPHQWRHQOD/H\1/H\GH3DWULPRQLR DQLPDO +LVWyULFR$UTXLWHFWyQLFR GH &RVWD 5LFD HO 'HFUHWR (MHFXWLYR 1 ²4XH DQWH OD H[LVWHQFLD GH HVWDV GRV DXWRUL]DFLRQHV &5HJODPHQWRDGLFKD/H\\HO'HFUHWR(MHFXWLYR1 DGPLQLVWUDWLYDV SHUPLVR VDQLWDULR GH IXQFLRQDPLHQWR \ &92 OD &UHIRUPDDO5HJODPHQWRGHODPLVPDOH\HO0LQLVWHULRGH&XOWXUD VHxRUD0LQLVWUDGH6DOXGKL]RXQDFRQVXOWDDOD3URFXUDGXUtD*HQHUDO \-XYHQWXGUHDOL]yODLQVWUXFFLyQGHOSURFHGLPLHQWRDGPLQLVWUDWLYR GHOD5HS~EOLFD 3*5 HOGtDGHIHEUHURGH UHFLELGDHQOD SDUD'HFODUDUH,QFRUSRUDUDO3DWULPRQLR+LVWyULFR$UTXLWHFWyQLFR 3*5HOGtDGHIHEUHURGHOPLVPRDxR FRQHOREMHWRGHDFODUDUXQ GH&RVWD5LFDHOLQPXHEOHHQFXHVWLyQ3RUWDQWR SRVLEOHFRQÀLFWRHQWUHDPEDVOH\HV '(&5(7$1 ²4XH OD 3*5 PHGLDQWH 'LFWDPHQ YLQFXODQWH 1 & $UWtFXOR ²'HFODUDU H LQFRUSRUDU DO 3DWULPRQLR +LVWyULFR GHGHPDU]RGHFRQVLGHUyTXHDSDUWLUGHODHQWUDGD $UTXLWHFWyQLFR GH &RVWD 5LFD EDMR OD FDWHJRUtD GH HGL¿FDFLyQ HO HQ YLJHQFLD GH OD /H\ *HQHUDO GHO 6HUYLFLR 1DFLRQDO GH 6DOXG LQPXHEOH FRQRFLGR FRPR ³&DVRQD GH OD +DFLHQGD /DV ÈQLPDV´ $QLPDO/H\1GHOGHDEULOGHOORVHVWDEOHFLPLHQWRV LQVFULWRHQHO5HJLVWUR1DFLRQDOEDMRODPDWUtFXODIROLRUHDOQ~PHUR LQGLFDGRV HQ HO DUWtFXOR GH HVWH FXHUSR OHJDO QR WLHQHQ TXH SODQR FDWDVWUDO * XELFDGR HQ OD SURYLQFLD VROLFLWDUDO0LQLVWHULRGH6DOXGHOSHUPLVRGHIXQFLRQDPLHQWRVLQR GH*XDQDFDVWHFDQWyQ/D&UX]GLVWULWR/D*DULWDSURSLHGDG TXHGHEHQSHGLUDO6(1$6$HOFHUWL¿FDGRYHWHULQDULRGHRSHUDFLyQ GHOD(PSUHVD$JURSHFXDULD(O3HGUHJDO/LPLWDGDFpGXODMXUtGLFD FRQFOX\pQGRVH TXH OD FRPSHWHQFLD GHO 0LQLVWHULR GH 6DOXG HQ OD 1 PDWHULDKDTXHGDGRGHURJDGD $UWtFXOR ²(VWD GHFODUDWRULD SURKtEH OD GHPROLFLyQ GHO ²4XHHVWDLQWHUSUHWDFLyQIXHFRQ¿UPDGDSRUPHGLRGHORV LQPXHEOH H LJXDOPHQWH VX UHPRGHODFLyQ SDUFLDO R WRWDO VLQ OD 'LFWiPHQHVYLQFXODQWHV&GHGHGLFLHPEUHGH\ DXWRUL]DFLyQSUHYLDGHO&HQWURGH,QYHVWLJDFLyQ\&RQVHUYDFLyQGHO &GHOGHVHWLHPEUHGHO 3DWULPRQLR&XOWXUDOGHO0LQLVWHULRGH&XOWXUD\-XYHQWXG ²4XHFRQHOREMHWLYRGHDSOLFDUORGLVSXHVWRHQHO'LFWDPHQ $UWtFXOR ²(V REOLJDFLyQ GHO SURSLHWDULR \ SRVHHGRUHV &GHOD3*5HO3RGHU(MHFXWLYRDGRSWyGRVGHFUHWRV3RU FRQVHUYDUSUHVHUYDU\PDQWHQHUDGHFXDGDPHQWHHOLQPXHEOH XQDSDUWHHPLWLyXQQXHYR5HJODPHQWR*HQHUDOSDUDHO2WRUJDPLHQWR $UWtFXOR²5LJHDSDUWLUGHVXSXEOLFDFLyQ GH 3HUPLVRV GH )XQFLRQDPLHQWR GHO 0LQLVWHULR GH 6DOXG 'HFUHWR 'DGR HQ OD 3UHVLGHQFLD GH OD 5HS~EOLFD²6DQ -RVp HO GtD (MHFXWLYR16GHOGHPD\RGHGRQGHVHGHURJDHO YHLQWLWUpVGHQRYLHPEUHGHOGRVPLORQFH UHJODPHQWR TXH DQWHULRUPHQWH UHJtD OD PDWHULD 'HFUHWR (MHFXWLYR 1 GH GH MXQLR GH \ VH GH¿QHQ HQ VX DQH[R XQD /$85$&+,1&+,//$0,5$1'$²(O0LQLVWURGH&XOWXUD VHULHGHDFWLYLGDGHVTXHDSDUWLUGHVXHQWUDGDHQYLJHQFLDGHEHQVHU \-XYHQWXG0DQXHO2EUHJyQ/ySH]²YH]²2&1² DXWRUL]DGDVSRUHO0$*SRUPHGLRGHO6(1$6$3RURWUDSDUWHVH 6ROLFLWXG1²&² ',1 DGRSWyHO5HJODPHQWR*HQHUDOSDUDHO2WRUJDPLHQWRGHO&HUWL¿FDGR 10$*6 9HWHULQDULRGH2SHUDFLyQ'HFUHWR(MHFXWLYR10$*GH GHRFWXEUHGHGRQGHVHHVWDEOHFHQORVUHTXLVLWRVVXVWDQFLDOHV /$35(6,'(17$'(/$5(3Ò%/,&$ \SURFHGLPHQWDOHVSDUDFRQFHGHUHO&92 </$60,1,675$6'($*5,&8/785$< ²4XH D SHVDU GH HVWRV FDPELRV UHJODPHQWDULRV OD *$1$'(5Ë$<'(6$/8' LPSOHPHQWDFLyQ GHO GLFWDPHQ GH OD 3URFXUDGXUtD *HQHUDO GH OD (QXVRGHODVIDFXOWDGHVTXHOHVFRQ¿HUHQORVDUWtFXORV 5HS~EOLFDSUHVHQWDGL¿FXOWDGHVGHRUGHQSUiFWLFRSXHVSHUVLVWHXQ LQFLVRV \ \GHOD&RQVWLWXFLyQ3ROtWLFD WUDVODSHGHFRPSHWHQFLDVTXHDIHFWDDDOJXQRVHVWDEOHFLPLHQWRVGH EGHOD/H\1GHOGHPD\RGH/H\*HQHUDOGHOD DOLPHQWRV $GPLQLVWUDFLyQ 3~EOLFD OD /H\ 1 GHO GH DEULO GH ²4XH GLFKDV GL¿FXOWDGHV VH GHULYDQ IXQGDPHQWDOPHQWH /H\GH)RPHQWRDOD3URGXFFLyQ$JURSHFXDULD)2'($\2UJiQLFD GHOKHFKRGHTXHODVOH\HVHQFXHVWLyQVLJXHQHQIRTXHVUHJXODWRULRV GHO0$*OD/H\1GHOGHDEULOGHO/H\*HQHUDOGHO GLIHUHQWHVORTXHLPSRVLELOLWDXQDGLYLVLyQFODUDGHODVFRPSHWHQFLDV 6HUYLFLR1DFLRQDOGH6DOXG$QLPDOGHOD/H\1GHO LQVWLWXFLRQDOHVHQFXDQWRDODDXWRUL]DFLyQSDUDHOIXQFLRQDPLHQWR GHRFWXEUHGH/H\*HQHUDOGH6DOXG\GHOD/H\ GH ORV HVWDEOHFLPLHQWRV GH DOLPHQWRV (Q HIHFWR HO WUDVODSH GH GHOGHQRYLHPEUHGH/H\2UJiQLFDGHO0LQLVWHULRGH6DOXG FRPSHWHQFLDVVHRULJLQDSRUFXDQWROD/H\*HQHUDOGH6DOXG/H\ &RQVLGHUDQGR 1 GHO GH RFWXEUH GH VLJXH XQ HQIRTXH EDVDGR HQ ²4XHGHDFXHUGRFRQHODUWtFXORGHOD/H\*HQHUDOGH DFWLYLGDGHV SURGXFWLYDV PLHQWUDV TXH OD /H\ *HQHUDO GH 6DOXG 6DOXG/H\1GHOGHRFWXEUHGHWRGDSHUVRQDQDWXUDO $QLPDO /H\ 1 GHO GH DEULO GHO VLJXH XQ HQIRTXH RMXUtGLFDTXHGHVHHLQVWDODUXQHVWDEOHFLPLHQWRGHDOLPHQWRVGHEHUi EDVDGRHQSURGXFWRV\VXESURGXFWRVVLQTXHHQQLQJXQRGHORVGRV REWHQHUHOFRUUHVSRQGLHQWHSHUPLVRGHIXQFLRQDPLHQWRRWRUJDGRSRU FDVRV OD OHJLVODFLyQ GH¿QD R GHOLPLWH FODUDPHQWH FXiOHV VRQ ODV HO0LQLVWHULRGH6DOXG DFWLYLGDGHV SURGXFWLYDV R ORV SURGXFWRV HVSHFt¿FRV D TXH VH KDFH ²4XH HO DUWtFXOR GH OD /H\ *HQHUDO GH 6DOXG /H\ UHIHUHQFLD 1GHOGHRFWXEUHGHGH¿QHTXHXQHVWDEOHFLPLHQWR ²4XHHQYLUWXGGHHVWDGLIHUHQFLDHQFXDQWRDORVHQIRTXHV GH DOLPHQWRV HV ³WRGR OXJDU R ORFDO SHUPDQHQWH R GH WHPSRUDGD QRUPDWLYRVODDSOLFDFLyQSUiFWLFDGHODVOH\HVPHQFLRQDGDVUHTXLHUH GHVWLQDGRV D OD HODERUDFLyQ PDQLSXODFLyQ WHQHQFLD FRPHUFLR \ XQD FRRUGLQDFLyQ LQWHULQVWLWXFLRQDO SDUWLFXODUPHQWH H¿FD] OD TXH VXPLQLVWURGHDOLPHQWRV´ GHEH VHU GHVDUUROODGD DO DPSDUR GH ODV QRUPDV FRQWHQLGDV HQ ORV ²4XH PHGLDQWH OD /H\ *HQHUDO GHO 6HUYLFLR 1DFLRQDO DUWtFXORVLQFLVRL \GHOD/H\*HQHUDOGH6DOXG$QLPDO/H\1 GH6DOXG$QLPDO/H\1GHOGHDEULOGHOVHFUHDHO GHOGHDEULOGHOHQHODUWtFXORELVGHOD/H\*HQHUDO 6HUYLFLR1DFLRQDOGH6DOXG$QLPDO 6(1$6$ FRPRXQyUJDQRGH GH6DOXG/H\1\HQHODUWtFXORGHOD/H\GH3URWHFFLyQDO GHVFRQFHQWUDFLyQPtQLPDGHO0LQLVWHULRGH$JULFXOWXUD\*DQDGHUtD &LXGDGDQRGHO([FHVRGH5HTXLVLWRV\7UiPLWHV$GPLQLVWUDWLYRV\ 0$* VXUHIRUPD/H\1GHOGHPDU]RGH ²4XH OD /H\ *HQHUDO GHO 6HUYLFLR 1DFLRQDO GH ²4XHDGHPiVGHOFXPSOLPLHQWRGHORV¿QHVTXHSHUVLJXHQ 6DOXG $QLPDO /H\ 1 GHO GH DEULO GHO FUHD XQD ODVOH\HVDQWHVPHQFLRQDGDVODFRRUGLQDFLyQHQWUHODVDXWRULGDGHV DXWRUL]DFLyQDGPLQLVWUDWLYDSDUDHOIXQFLRQDPLHQWRGHFLHUWRWLSRGH GH ORV 0LQLVWHULRV GH 6DOXG \ GH $JULFXOWXUD \ *DQDGHUtD GHEH HVWDEOHFLPLHQWRVGHQRPLQDGD&HUWL¿FDGR9HWHULQDULRGH2SHUDFLyQ SURFXUDUHOUHVSHWRGHODQRUPDFRQWHQLGDHQHODUWtFXORGHOD/H\ &92 FX\RFRQWHQLGRHVGH¿QLGRHQHODUWtFXORGHODOH\ GH 3URWHFFLyQ DO &LXGDGDQR GHO ([FHVR GH 5HTXLVLWRV \ 7UiPLWHV
3iJ /D*DFHWD1²0DUWHVGHPDU]RGHO $GPLQLVWUDWLYRV \ VX UHIRUPD /H\ 1 GHO GH PDU]R GH H 3URGXFWRV DYtFRODV FXDQGR SURFHGDQ GH ODV DYHV GRQGHVHHVWDEOHFHTXHQLQJ~QDGPLQLVWUDGRGHEHUiDFXGLUD GRPpVWLFDV PiV GH XQD LQVWDQFLD HQWLGDG X yUJDQR S~EOLFR SDUD OD VROLFLWXG H &DUQHSDUWHPXVFXODUFRPHVWLEOHGHORVDQLPDOHVGH GH XQ PLVPR WUiPLWH R UHTXLVLWR /DV GLIHUHQWHV HQWLGDGHV GH OD PDWDQ]D VDFUL¿FDGRV \ SURFHVDGRV HQ XQ PDWDGHUR DGPLQLVWUDFLyQS~EOLFDGHEHUiQOOHJDUDXQDFXHUGRSDUDHVWDEOHFHU DXWRUL]DGR VH LQFOX\HQ SRUFLRQHV GH JUDVDV KXHVR XQ WUiPLWH ~QLFR \ GH QR KDFHUOR HO 3RGHU (MHFXWLYR SURFHGHUi D FDUWtODJR SLHO WHQGRQHV DSRQHXURVLV QHUYLRV YDVRV UHJXODUHOWUiPLWH VDQJXtQHRV\OLQIiWLFRVTXHQRUPDOPHQWHDFRPSDxDQ ²4XHHQHOSURFHGLPLHQWRGHHODERUDFLyQ\DGRSFLyQGHO DO WHMLGR PXVFXODU \ TXH QR VRQ VHSDUDGRV GH HVWH SUHVHQWH'HFUHWR(MHFXWLYRVHDFDWyODGLVSRVLFLyQFRQWHQLGDHQHO GXUDQWHHOSURFHVDPLHQWR6HLQFOX\HHQHVWDFDWHJRUtD DUWtFXOR GH OD /H\ GH 3URWHFFLyQ DO &LXGDGDQR GHO ([FHVR GH ODFDUQHSLFDGDRPROLGD 5HTXLVLWRV\7UiPLWHV$GPLQLVWUDWLYRV/H\1GHOGHPDU]R H +XHYRV GHDGLFLRQDGRPHGLDQWHOD/H\1GHGHVHWLHPEUH H 3URGXFWRV GH OD SHVFD /RV SHVFDGRV FUXVWiFHRV GH PROXVFRV EDWUDFLRV UHSWLOHV \ PDPtIHURV GH HVSHFLHV ²4XH HQ DUDV GH OD FRRUGLQDFLyQ LQVWLWXFLRQDO GH OD FRPHVWLEOHV \D VHD GH DJXD GXOFH R VDODGD LQFOX\HQGR OD VLPSOL¿FDFLyQ GH WUiPLWHV \ GH OD HOLPLQDFLyQ GH ODV GXDOLGDGHV DFXLFXOWXUDGHVWLQDGRVDOFRQVXPRKXPDQR HQ HO RWRUJDPLHQWR GH ODV DXWRUL]DFLRQHV DGPLQLVWUDWLYDV SDUD H 3URGXFWRVDStFRODVPLHOGHDEHMD HO IXQFLRQDPLHQWR GH ORV HVWDEOHFLPLHQWRV GH DOLPHQWRV UHVXOWD I 6(1$6$6HUYLFLR1DFLRQDOGH6DOXG$QLPDOGHO0LQLVWHULR QHFHVDULR\RSRUWXQRHVWDEOHFHUORVPHFDQLVPRVSURSLFLRVSDUDTXH GH$JULFXOWXUD\*DQDGHUtD HVWDDXWRUL]DFLyQVHDRWRUJDGDVRODPHQWHSRUXQDGHODVLQVWLWXFLRQHV J 6XESURGXFWRVGHRULJHQDQLPDO6HHQWLHQGHSRUVXESURGXFWR LQYROXFUDGDV3RUWDQWR GH RULJHQ DQLPDO DTXHO TXH SURFHGH GH DQLPDOHV R SDUWH GH '(&5(7$1 HOORV\TXHQRHVWiFRPSUHQGLGRHQODGH¿QLFLyQGHSURGXFWR GHRULJHQDQLPDO 5HJODPHQWRGH&RRUGLQDFLyQHQWUHHO0LQLVWHULRGH6DOXG \HO0LQLVWHULRGH$JULFXOWXUD\*DQDGHUtDHQORTXH /RV VXESURGXFWRV VH GLYLGHQ HQ FRPHVWLEOHV WDOHV FRPR FRQFLHUQHDODDXWRUL]DFLyQSDUDHOIXQFLRQDPLHQWR JUDVDDOE~PLQDGHVDQJUHKtJDGRFRUD]yQED]RULxyQHQWUHRWURV GHORVHVWDEOHFLPLHQWRVGHDOLPHQWRV DSUREDGRVSRUODDXWRULGDGFRPSHWHQWH\HQQRFRPHVWLEOHVFRPR VHERFXHURSOXPDDOLPHQWRSDUDFRQVXPRGHORVDQLPDOHVKXHVR &$3Ë78/2, HQWUHRWURV 'LVSRVLFLRQHV*HQHUDOHV &$3Ë78/2,, $UWtFXOR ²2EMHWLYR (O SUHVHQWH UHJODPHQWR WLHQH FRPR 5HFRQRFLPLHQWRGH$XWRUL]DFLRQHV$GPLQLVWUDWLYDV REMHWLYR HVWDEOHFHU ORV PHFDQLVPRV JHQHUDOHV GH FRRUGLQDFLyQ $UWtFXOR ²5HFRQRFLPLHQWR GH DXWRUL]DFLRQHV 3DUD ORV HQWUH HO 0LQLVWHULR GH 6DOXG \ HO 6HUYLFLR 1DFLRQDO GH 6DOXG ¿QHVGHOSUHVHQWHUHJODPHQWRHO0LQLVWHULRGH6DOXG\HO6(1$6$ $QLPDO 6(1$6$ GHO0LQLVWHULRGH$JULFXOWXUD\*DQDGHUtDFRQ GHO0LQLVWHULRGH$JULFXOWXUD\*DQDGHUtDUHFRQRFHUiQPXWXDPHQWH UHVSHFWR DO RWRUJDPLHQWR GH ODV DXWRUL]DFLRQHV GH IXQFLRQDPLHQWR FRPR HTXLYDOHQWHV VXV DXWRUL]DFLRQHV DGPLQLVWUDWLYDV SDUD HO SDUD HVWDEOHFLPLHQWRV GH DOLPHQWRV TXH SURFHVDQ SURGXFWRV IXQFLRQDPLHQWR GH HVWDEOHFLPLHQWRV FXDQGR VH FXPSOD DOJXQR GH VXESURGXFWRV\GHULYDGRVGHRULJHQDQLPDO ORVVLJXLHQWHVVXSXHVWRV $UWtFXOR²ÈPELWRGHDSOLFDFLyQ/DVGLVSRVLFLRQHVGHHVWH D &XDQGR XQ HVWDEOHFLPLHQWR GH DOLPHQWRV DO UHDOL]DU XQD GH UHJODPHQWR VH DSOLFDUiQ D ORV HVWDEOHFLPLHQWRV GRQGH VH HODERUHQ ODVDFWLYLGDGHVVHxDODGDVHQHODUWtFXORGHOD/H\*HQHUDO DOLPHQWRVSDUDHOFRQVXPRKXPDQRDSDUWLUGHOSURFHVDPLHQWRGH GH 6DOXG /H\ 1 GHO GH RFWXEUH GH HODERUH SURGXFWRV VXESURGXFWRV R GHULYDGRV GH RULJHQ DQLPDO FRQ RWURV SURGXFWRV VXESURGXFWRV \ GHULYDGRV GH RULJHQ DQLPDO WDO TXHQRWLHQHQGLFKRRULJHQ6HH[FOX\HQGHOSUHVHQWH5HJODPHQWR FRPRVHGH¿QHQHQHVWHUHJODPHQWR ORV HVWDEOHFLPLHQWRV GHQRPLQDGRV ³VHUYLFLRV GH $OLPHQWDFLyQ DO E &XDQGR XQ HVWDEOHFLPLHQWR HODERUH DOLPHQWRV TXH XWLOLFHQ 3~EOLFR´ FRPR LQJUHGLHQWHV SURGXFWRV VXESURGXFWRV R GHULYDGRV GH $UWtFXOR²'H¿QLFLRQHV\DEUHYLDWXUDV3DUDORVHIHFWRVGH DQLPDOHV \ VX SURGXFWR ¿QDO QR SXHGD VHU FRQVLGHUDGR XQ LQWHUSUHWDFLyQGHOSUHVHQWHUHJODPHQWRVHHVWDEOHFHQODVVLJXLHQWHV SURGXFWRVXESURGXFWRRGHULYDGRGHRULJHQDQLPDOWDOFRPR GH¿QLFLRQHV\DEUHYLDWXUDV VHGH¿QHQHQHVWHUHJODPHQWR F &XDQGRVHHODERUHQORVSURGXFWRVHQXPHUDGRVHQHO$QH[R D &92&HUWL¿FDGR9HWHULQDULRGH2SHUDFLyQ GHOSUHVHQWHUHJODPHQWR E 'HULYDGRV 3URGXFWRV FRPHVWLEOHV HODERUDGRV PHGLDQWH G &XDQGRVHHODERUHQORVSURGXFWRVHQXPHUDGRVHQHO$QH[R WUDWDPLHQWRV WHFQROyJLFRV TXH PRGL¿FDQ ORV FDUDFWHUHV GHOSUHVHQWHUHJODPHQWR RUJDQROpSWLFRV \ FRPSRVLFLyQ D SDUWLU GH SURGXFWRV R VXESURGXFWRVGHRULJHQDQLPDODXWRUL]DGRV $UWtFXOR ²(VWDEOHFLPLHQWRV DXWRUL]DGRV SRU HO F /H\6(1$6$/H\*HQHUDOGHO6HUYLFLR1DFLRQDOGH6DOXG 6(1$6$ &RUUHVSRQGHUi ~QLFDPHQWH DO 6(1$6$ GHO 0LQLVWHULR GH $JULFXOWXUD \ *DQDGHUtD DXWRUL]DU HO IXQFLRQDPLHQWR GH ORV $QLPDO/H\1GHGHDEULOGHO HVWDEOHFLPLHQWRVHQXQFLDGRVHQORVLQFLVRD \F GHODUWtFXORGHO G 36)3HUPLVR6DQLWDULRGH)XQFLRQDPLHQWR SUHVHQWHUHJODPHQWR'LFKDDXWRUL]DFLyQDGPLQLVWUDWLYDVHKDUiSRU H 3URGXFWRVGHRULJHQDQLPDO/RVSURGXFWRVGHRULJHQDQLPDO PHGLRGHO&HUWL¿FDGR9HWHULQDULRGH2SHUDFLyQ &92 HOFXiOVHUi VHGHQRPLQDUiQVHJ~QVXSURFHGHQFLD RWRUJDGR\UHYRFDGRHQORVWpUPLQRVGH¿QLGRVHQOD/H\6(1$6$\ H 3URGXFWRV JDQDGHURV FXDQGR SURFHGDQ GH DQLPDOHV HQVXVUHJODPHQWRVGHDSOLFDFLyQ PDPtIHURVGRPpVWLFRV (O &92 RWRUJDGR HQ ORV FDVRV PHQFLRQDGRV HQ HO SiUUDIR H &DUQH SDUWH PXVFXODU FRPHVWLEOH GH ORV DQLPDOHV DQWHULRUVHUiUHFRQRFLGRFRPRHTXLYDOHQWHDO3HUPLVR6DQLWDULRGH GHPDWDQ]DVDFUL¿FDGRV\SURFHVDGRVHQXQPDWDGHUR )XQFLRQDPLHQWRGHO0LQLVWHULRGH6DOXG $UWtFXOR²(VWDEOHFLPLHQWRVDXWRUL]DGRVSRUHO0LQLVWHULR DXWRUL]DGR VH LQFOX\HQ SRUFLRQHV GH JUDVDV KXHVR GH 6DOXG &RUUHVSRQGHUi ~QLFDPHQWH DO 0LQLVWHULR GH 6DOXG FDUWtODJR SLHO WHQGRQHV DSRQHXURVLV QHUYLRV YDVRV DXWRUL]DU HO IXQFLRQDPLHQWR GH ORV HVWDEOHFLPLHQWRV HQXQFLDGRV VDQJXtQHRV\OLQIiWLFRVTXHQRUPDOPHQWHDFRPSDxDQ HQORVLQFLVRE \G GHODUWtFXORGHOSUHVHQWHUHJODPHQWR'LFKD DO WHMLGR PXVFXODU \ TXH QR VRQ VHSDUDGRV GH HVWH DXWRUL]DFLyQDGPLQLVWUDWLYDVHKDUiSRUPHGLRGHO3HUPLVR6DQLWDULR GXUDQWHHOSURFHVDPLHQWR6HLQFOX\HHQHVWDFDWHJRUtD GH)XQFLRQDPLHQWR 36) HOFXDOVHUiRWRUJDGR\UHYRFDGRHQORV ODFDUQHSLFDGDRPROLGD WpUPLQRVGH¿QLGRVHQOD/H\*HQHUDOGH6DOXG/H\1\HQ H /HFKH VHFUHFLyQ PDPDULD QRUPDO GH DQLPDOHV VXVUHJODPHQWRVGHDSOLFDFLyQ OHFKHURV REWHQLGD PHGLDQWH XQR R PiV RUGHxRV VLQ (O 36) RWRUJDGR HQ ORV FDVRV PHQFLRQDGRV HQ HO SiUUDIR QLQJ~QWLSRGHDGLFLyQGHVWLQDGDDOFRQVXPRHQIRUPD DQWHULRU VHUi UHFRQRFLGR FRPR HTXLYDOHQWH DO &92 GHO 6(1$6$ GHOHFKHOtTXLGDRDHODERUDFLyQXOWHULRU GHO0LQLVWHULRGH$JULFXOWXUD\*DQDGHUtD
/D*DFHWD1²0DUWHVGHPDU]RGHO 3iJ &$3Ë78/2,,, &RRUGLQDFLyQ,QWHULQVWLWXFLRQDOHQXQSOD]RGHVHLVPHVHVDSDUWLUGH &RRUGLQDFLyQ,QWHULQVWLWXFLRQDO ODSXEOLFDFLyQGHHVWH'HFUHWR(VWRVSURWRFRORVWHQGUiQFRPREDVH DTXHOORVTXHVHDQHVWDEOHFLGRVHQHOPDUFRGHOD8QLyQ$GXDQHUD $UWtFXOR ²&UHDFLyQ GH OD &RPLVLyQ GH &RRUGLQDFLyQ &HQWURDPHULFDQD ,QWHULQVWLWXFLRQDO 6H FRQVWLWX\H OD &RPLVLyQ GH &RRUGLQDFLyQ /RVIXQFLRQDULRVGHGLFKDVLQVWLWXFLRQHVTXHQRVHDGHF~HQDO ,QWHULQVWLWXFLRQDO HQWUH HO 0LQLVWHULR GH 6DOXG \ HO 6(1$6$ GHO SURFHGLPLHQWRGHFRRUGLQDFLyQDTXtHVWDEOHFLGRVHUiQVDQFLRQDGRV 0LQLVWHULRGH$JULFXOWXUD\*DQDGHUtDODFXDOWHQGUiGHQWURGHVXV GHDFXHUGRDORHVWDEOHFLGRSRUOD/H\*HQHUDOGH6DOXG/H\1 IXQFLRQHV GHOGHRFWXEUHGH\OD/H\6(1$6$ D (YDOXDU GH PDQHUD SHUPDQHQWH HO SURFHVR GH FRRUGLQDFLyQ $UWtFXOR ²([SRUWDFLRQHV 6L SDUD OD H[SRUWDFLyQ GH ORV LPSOHPHQWDGRHQHVWH'HFUHWR SURGXFWRVLQFOXLGRVHQHOiPELWRGHDSOLFDFLyQGHHVWHUHJODPHQWROD E 5HGDFWDU SURSXHVWDV \ UHFRPHQGDU DO 3RGHU (MHFXWLYR OD DXWRULGDGH[WUDQMHUDUHTXLHUHFHUWL¿FDGRVHPLWLGRVSRUODDXWRULGDG PRGL¿FDFLyQ GH ODV OLVWDV FRQWHQLGDV HQ ORV $QH[RV GHO QDFLRQDOHQVDOXGDQLPDO 6(1$6$ VHDSOLFDUiQODVGLVSRVLFLRQHV SUHVHQWHUHJODPHQWRDWUDYpVGHOSURFHGLPLHQWRVHxDODGRHQ FRQWHQLGDVHQORVDUWtFXORV\SiUUDIRVHJXQGRGHODUWtFXOR HODUWtFXOR HQHOSURFHGLPLHQWRGHHPLVLyQGHGLFKRVFHUWL¿FDGRV F 3URSRQHU PHGLGDV GH PHMRUD UHJXODWRULD VLPSOL¿FDFLyQ $UWtFXOR ²&DUiFWHU QRUPDWLYR GH ORV DQH[RV /RV FRRUGLQDFLyQ \ HVWDQGDUL]DFLyQ HQ SURFHGLPLHQWRV GH DQH[RVVRQSDUWHLQWHJUDOGHOSUHVHQWH'HFUHWR LQVSHFFLyQ 7UDQVLWRULR ,²/RV HVWDEOHFLPLHQWRV TXH VH HQFXHQWUHQ G (ODERUDUSURJUDPDVGHFDSDFLWDFLyQFRQMXQWD6DOXG6(1$6$ GHQWURGHODVFRPSHWHQFLDVGHO6(1$6$FRQEDVHHQHOSUHVHQWH GLULJLGRVDORVIXQFLRQDULRVGHDPEDVLQVWLWXFLRQHVFRQHO¿Q 'HFUHWRSHURTXHDOGtDGHKR\FXHQWHQFRQHO3HUPLVR6DQLWDULR GHDFODUDU\HVWDQGDUL]DUSURFHGLPLHQWRV GH )XQFLRQDPLHQWR YLJHQWH PDQWHQGUiQ VX YDOLGH] KDVWD VX YHQFLPLHQWRQRREVWDQWHODUHQRYDFLyQGHODDXWRUL]DFLyQGHEHVHU $UWtFXOR²,QWHJUDFLyQGHOD&RPLVLyQGH&RRUGLQDFLyQ WUDPLWDGDDQWHODFRUUHVSRQGLHQWHVHGHGHO6(1$6$ ,QWHULQVWLWXFLRQDO/DFRPLVLyQFUHDGDHQHODUWtFXORDQWHULRUHVWDUi 7UDQVLWRULR ,,²/RV HVWDEOHFLPLHQWRV FX\D DFWLYLGDG FRQIRUPDGDSRU SURGXFWLYDVHDHQDGHODQWHFRQEDVHHQHOSUHVHQWH'HFUHWRWXWHODGD D 'RV IXQFLRQDULRV GHO 6(1$6$ GHVLJQDGRV SRU HO OD SRUHO0LQLVWHULRGH6DOXGDWUDYpVGHO3HUPLVRGH)XQFLRQDPLHQWR 0LQLVWUR D GH$JULFXOWXUD\*DQDGHUtD \TXHDODIHFKDFXHQWHQFRQ&92DOPRPHQWRGHVXDFWXDOL]DFLyQ E 'RVIXQFLRQDULRVGHO0LQLVWHULRGH6DOXGQRPEUDGRVSRUHO GHOUHJLVWURDQXDOGHEHUiQDFXGLUDO0LQLVWHULRGH6DOXGDVROLFLWDU OD 0LQLVWUR D GH6DOXG ODUHQRYDFLyQGHO3HUPLVR6DQLWDULRFRUUHVSRQGLHQWH 7UDQVLWRULR,,,²/DVUHQRYDFLRQHVLQGLFDGDVHQORVWUDQVLWRULRV /DFRPLVLyQVHVLRQDUiXQDYH]DOPHVGHPDQHUDRUGLQDULD\ DQWHULRUHVVHUiQWUDPLWDGDVFRPRWDOHV\HQQLQJ~QFDVRFRPRQXHYDV FDGDYH]TXHVHDFRQYRFDGDSRUHO OD 0LQLVWUR D GH$JULFXOWXUD\ DXWRUL]DFLRQHV GH IXQFLRQDPLHQWR 1R REVWDQWH VHUi LQGLVSHQVDEOH *DQDGHUtDRSRUHO OD 0LQLVWUR D GH6DOXGGHPDQHUDH[WUDRUGLQDULD TXHODVUHQRYDFLRQHVTXHLQYROXFUHQUHTXLVLWRVQRFRQWHPSODGRVSRU /D &RPLVLyQ WHQGUi OD IDFXOWDG GH LQYLWDU D VXV VHVLRQHV D ODDXWRULGDGVDQLWDULDDQWHULRUVHDQRSRUWXQDPHQWHSUHVHQWDGDVSDUD UHSUHVHQWDQWHVGHOVHFWRUSURGXFWLYRORVFXDOHVQRWHQGUiQYRWR TXHVHUHDOLFHODUHQRYDFLyQ$VtPLVPRORVPLQLVWHULRVHVWiQHQOD (O TXyUXP \ ODV GHPiV GLVSRVLFLRQHV VREUH HVWH yUJDQR REOLJDFLyQGHUHPLWLUHOH[SHGLHQWHDODHQWLGDGDODTXHOHFRUUHVSRQGD FROHJLDGR VH UHJLUiQ SRU HO &DStWXOR ,,, GH OD /H\ *HQHUDO GH OD WUDPLWDUODUHQRYDFLyQSUHYLRFRQVHQWLPLHQWRGHODGPLQLVWUDGR $GPLQLVWUDFLyQ 3~EOLFD /H\ GHO GRV GH PD\R GH PLO 7UDQVLWRULR ,9²(Q ORV FDVRV HQ TXH XQ HVWDEOHFLPLHQWR QRYHFLHQWRVVHWHQWD\RFKRFRQFHUQLHQWHDORVÏUJDQRV&ROHJLDGRV KD VLGR SUHYLDPHQWH DXWRUL]DGR SRU HO 6(1$6$ GHO 0LQLVWHULR $UWtFXOR²3URFHGLPLHQWRGHPRGL¿FDFLyQGHORV$QH[RV GH $JULFXOWXUD \ *DQDGHUtD \ GHED UHQRYDU VX DXWRUL]DFLyQ GH &XDOTXLHUPRGL¿FDFLyQDODOLVWDFRQWHQLGDHQORV$QH[RVGHHVWH IXQFLRQDPLHQWRDQWHHO0LQLVWHULRGH6DOXGHODGPLQLVWUDGRGHEHUi UHJODPHQWRGHEHUiVHJXLUHOVLJXLHQWHSURFHGLPLHQWR HQWUHJDU HO GRFXPHQWR GRQGH FRQVWD HO &92 D ODV DXWRULGDGHV /D &RPLVLyQ GH &RRUGLQDFLyQ ,QWHULQVWLWXFLRQDO GHEHUi GHO0LQLVWHULRGH6DOXGDOVROLFLWDUWDOUHQRYDFLyQ$SDUWLUGHHVH UHGDFWDU XQD SURSXHVWD GH UHIRUPD D ODV OLVWDV DQWHV LQGLFDGDV GH PRPHQWRHO&92\DQRWHQGUiYDOLGH] SUHYLR D FDGD PRGL¿FDFLyQ /D &RPLVLyQ GDUi DXGLHQFLD GH GLH] 7UDQVLWRULR9²/D&RPLVLyQGH&RRUGLQDFLyQ,QWHULQVWLWXFLRQDO GtDV KiELOHV D ODV HQWLGDGHV UHSUHVHQWDWLYDV GH FDUiFWHU JHQHUDO \ FUHDGDHQHOSUHVHQWHUHJODPHQWRGHEHUiHVWDEOHFHUORVPHFDQLVPRV FRUSRUDWLYR TXH SRGUtDQ YHUVH DIHFWDGDV SDUD TXH H[SRQJDQ VX GH FRRUGLQDFLyQ TXH SHUPLWDQ OD DSOLFDFLyQ GH ODV GLVSRVLFLRQHV SDUHFHUVREUHODUHIRUPDDGLFKDOLVWD WUDQVLWRULDVDQWHULRUPHQWHHVWDEOHFLGDV $JRWDGR HO SHUtRGR GH FRQVXOWDV OD &RPLVLyQ HQYLDUi OD 7UDQVLWRULR 9,²'HQWUR GHO SOD]R GH PHVHV FRQWDGRV D SURSXHVWDGHPRGL¿FDFLyQDO3RGHU(MHFXWLYRSDUDTXHHVWHYDORUH SDUWLUGHODHQWUDGDHQYLJHQFLDGHHVWHUHJODPHQWROD&RPLVLyQGH ODPRGL¿FDFLyQGHORVDQH[RVDO'HFUHWR &RRUGLQDFLyQ ,QWHULQVWLWXFLRQDO DTXt FUHDGD GHEHUi HVWDEOHFHU ORV SURWRFRORVXQLIRUPHVGHLQVSHFFLyQDORVTXHVHKDFHUHIHUHQFLDHQ (OSURFHGLPLHQWRDQWHVLQGLFDGRQRSXHGHH[FHGHUGHWUHLQWD HOSiUUDIRWHUFHURGHODUWtFXOR GtDVQDWXUDOHV $UWtFXOR²9LJHQFLD5LJHDSDUWLUGHVXSXEOLFDFLyQHQHO &$3Ë78/2,9 'LDULR2¿FLDO/D*DFHWD 'LVSRVLFLRQHV¿QDOHV 'DGR HQ OD 3UHVLGHQFLD GH OD 5HS~EOLFD²6DQ -RVp D ORV $UWtFXOR ²)DFXOWDGHV GH LQVSHFFLyQ /D DXWRULGDG YHLQWLGyVGtDVGHOPHVGHIHEUHURGHOGRVPLOGRFH VDQLWDULD TXH HPLWD OD DXWRUL]DFLyQ GH IXQFLRQDPLHQWR GH /$85$ &+,1&+,//$ 0,5$1'$²/D 0LQLVWUD GH FRQIRUPLGDGFRQORHVWDEOHFLGRHQORVDUWtFXORV\GHOSUHVHQWH $JULFXOWXUD\*DQDGHUtD*ORULD$EUDKDP3HUDOWD²/D0LQLVWUDGH 'HFUHWR VHUi OD FRPSHWHQWH SDUD LQVSHFFLRQDU HO HVWDEOHFLPLHQWR 6DOXG 'DLV\ 0DUtD &RUUDOHV 'tD]² YH]²2 & 1 ² GHDOLPHQWRVFRQIRUPHDVXVDWULEXFLRQHVOHJDOHV\UHJODPHQWDULDV 6ROLFLWXG²&² ',1 1R REVWDQWH HO 0LQLVWHULR GH 6DOXG \ HO 6(1$6$ GHO 0LQLVWHULRGH$JULFXOWXUD\*DQDGHUtDPDQWHQGUiQVXIDFXOWDGGH $QH[R LQVSHFFLyQ FRQMXQWD R LQGLYLGXDO HQ HO PDUFR GH VXV DWULEXFLRQHV 6(1$6$ OHJDOHVGHFRQIRUPLGDGFRQOD/H\*HQHUDOGH6DOXG/H\1 D (PEXWLGRV GHOGHRFWXEUHGH\OD/H\6(1$6$HQORVFDVRVHQTXH E $OLPHQWRVFUXGRVHPSDFDGRVGHFDUQHIUHVFDRSHVFDGR VHHQFXHQWUHHQULHVJRODVDOXGS~EOLFD\ODVDOXGS~EOLFDYHWHULQDULD F $OLPHQWRV SUHFRFLGRV \ FRFLGRV FRQJHODGRV TXH FRQWLHQHQ RFXDQGRVHWUDWHGHXQWUiPLWHGHH[SRUWDFLyQFRQIRUPHDODUWtFXOR SURGXFWRVGHRULJHQDQLPDO LQFOX\HWDFRVEXUULWRVODVDxDV GHOSUHVHQWH'HFUHWR HQWUHRWURV HQHOFDVRTXHODIiEULFDWDPELpQHODERUHRWURV (O 0LQLVWHULR GH 6DOXG \ HO 6(1$6$ GHO 0LQLVWHULR GH SURGXFWRV VXESURGXFWRV R GHULYDGRV GH RULJHQ DQLPDO R $JULFXOWXUD \ *DQDGHUtD GHEHUiQ XWLOL]DU SURWRFRORV XQLIRUPHV HQ HO FDVR TXH VH HQFXHQWUH LQWHJUDGD YHUWLFDOPHQWH FRQ OD GH LQVSHFFLyQ ORV FXDOHV VHUiQ HVWDEOHFLGRV SRU OD &RPLVLyQ GH SURGXFFLyQSULPDULD
3iJ /D*DFHWD1²0DUWHVGHPDU]RGHO $QH[R ORVSULQFLSLRVGHUD]RQDELOLGDGHTXLGDGSURSRUFLRQDOLGDGOyJLFD 0LQLVWHULRGH6DOXG REMHWLYLGDG\FRQYHQLHQFLDHQFXDQWRDHGXFDFLyQGHFDOLGDGUH¿HUH SRUFXDQWRODFDQWLGDGGHFXUVRVTXHSXHGHFRQIRUPDUFDGDFDUUHUDGH D +HODGRVDEDVHGHOHFKHFXDQGRHOHVWDEOHFLPLHQWRQRSURGX]FD GLSORPDGRHVYDULDEOH\DTXHSXHGHQGXUDUGHKDVWDDxRVVLHQGR RWURVSURGXFWRVVXESURGXFWRV\GHULYDGRVGHRULJHQDQLPDO ORFRUUHFWRHODQiOLVLVDQLYHOGHFUpGLWRV\HOHPSOHRGHWpUPLQRV E /HFKHVPRGL¿FDGDVFRQJUDVDVYHJHWDOHV SRUFHQWXDOHV FRPR SDUiPHWUR GH YDORUDFLyQ (Q FRQVHFXHQFLD F +XHYRVGHDYHHQFRQVHUYD SDUD HO FDVR FRQFUHWR VH FRQVLGHUD SHUWLQHQWH UHIRUPDU HO UHIHULGR G 3URWHtQDFiUQLFDGHVKLGUDWDGD SiUUDIRHQHOVHQWLGRGHTXHODVYDULDQWHVDLPSOHPHQWDUQRDIHFWHQ H +XHYRFRQJHODGROtTXLGRRGHVKLGUDWDGR PiVGHXQGHORVFUpGLWRVORFXDOUHVXOWDWRWDOPHQWHDFRUGH I 'HULYDGRV GH RULJHQ DQLPDO GHVKLGUDWDGRV R HQ SROYR FRPR FRPSDWLEOH\SUHFLVRDOSURYHHUXQDPD\RUH[DFWLWXGHQYLUWXGGHOD \RJXUW HQ SROYR VXHUR GH OHFKH HQ SROYR QDWLOOD HQ SROYR HOHYDGDFDSDFLGDGGHDMXVWHSURSRUFLRQDOTXHIDFLOLWDODVWDUHDVGH TXHVRHQSROYRFDUQHHQSROYRHWF YDORUDFLyQUHVSHFWRDODFDQWLGDGWRWDOTXHFRPSRQHQFDGDFDUUHUD ²4XH HO SiUUDIR SULPHUR GHO DUWtFXOR GHO DFWXDO 10(3 5HJODPHQWR D OD /H\ TXH 5HJXOD ODV ,QVWLWXFLRQHV GH (QVHxDQ]D /$35(6,'(17$'(/$5(3Ò%/,&$ 6XSHULRU 3DUDXQLYHUVLWDULD Q~PHUR HVWDEOHFH TXH ³/DV <(/0,1,6752'(('8&$&,Ï13Ò%/,&$ LQVWLWXFLRQHV SDUDXQLYHUVLWDULDV S~EOLFDV FDGD WUHV DxRV GHEHUiQ &RQIXQGDPHQWRHQODVIDFXOWDGHV\DWULEXFLRQHVFRQIHULGDVHQ SUHVHQWDU DO &RQVHMR 6XSHULRU GH (GXFDFLyQ ODV DFWXDOL]DFLRQHV ORVDUWtFXORVLQFLVRV \ \GHOD&RQVWLWXFLyQ3ROtWLFDDVt \ PRGL¿FDFLRQHV FXUULFXODUHV QHFHVDULDV HQ ODV FDUUHUDV GH FRPRORVDUWtFXORV\VLJXLHQWHVGHOD/H\GHOD$GPLQLVWUDFLyQ GLSORPDGR « ´ )LQDQFLHUDGHOD5HS~EOLFD\3UHVXSXHVWRV3~EOLFRVQ~PHUR ²4XH FRQIRUPH OR DQDOL]DGR SRU OD UHIHULGD &RPLVLyQ GHOGHVHWLHPEUHGHOVXVQRUPDVUHJODPHQWDULDVFRQH[DV GH /H\HV \ 5HJODPHQWRV HQ HO FDVR FRQFUHWR GH ODV FDUUHUDV GH DGHPiVGHORGLVSXHVWRHQORVDUWtFXORV\WUDQVLWRULR,9GH GLSORPDGR HV KDVWD ORV GRV R WUHV DxRV FRQWDGRV D SDUWLU GH VX OD/H\GHOGHQRYLHPEUHGHTXH5HJXOD,QVWLWXFLRQHV DSUREDFLyQ TXH VH SUHVHQWD OD SULPHUD JUDGXDFLyQ GH HVWXGLDQWHV GH(QVHxDQ]D6XSHULRU3DUDXQLYHUVLWDULD\HQVXMHFLyQDODFXHUGR \ DVt VXFHVLYDPHQWH SRU OR TXH VHJ~Q OD FDUUHUD TXH VH WUDWH DGRSWDGRSRUHO&RQVHMR6XSHULRUGH(GXFDFLyQHQDFWD FXUULFXODUPHQWH SXHGH GDUVH HO FDVR GH TXH UHVXOWH WRWDOPHQWH SUHPDWXUR H[WUDHU GH OD H[SHULHQFLD FRQ XQD SULPHUD JHQHUDFLyQ GHVHVLyQRUGLQDULDQ~PHURFHOHEUDGDHOGtDGHQRYLHPEUHGHO ORVHOHPHQWRVGHMXLFLRVX¿FLHQWHVTXHVLUYDQSDUDGDUXQVXVWHQWR DxRGRVPLORQFH FRQFUHWRDXQDDFWXDOL]DFLyQRPRGL¿FDFLyQGHFRQWHQLGRVRSRUHO &RQVLGHUDQGR FRQWUDULRHQFXDOTXLHUWLHPSRDQWHVGHORVDxRVELHQSXHGHVXUJLU ²4XHGHFRQIRUPLGDGFRQORH[SUHVDGRSRUOD6HFUHWDUtD HYHQWXDOPHQWHDOJ~QHOHPHQWRREMHWLYRTXHLQFLGDGLUHFWDPHQWHHQ 7pFQLFD GH OD$XWRULGDG 3UHVXSXHVWDULD SHUWHQHFLHQWH D OD &DUWHUD ODQHFHVLGDGLQPHGLDWD\MXVWL¿FDGDGHLQWHUYHQLUODFDUUHUDHQDUDV GH+DFLHQGDPHGLDQWHR¿FLR67$3GHIHFKDGHDEULO GHSUHYHQLUXQSHUMXLFLRHQODIRUPDFLyQHVSHFt¿FDGHHVDJHQHUDFLyQ GHORVDUWtFXORV\GHODFWXDO5HJODPHQWRDOD/H\TXH GHHGXFDQGRV\ODVVXEVLJXLHQWHV(QFRQVHFXHQFLDHOWpUPLQRGH 5HJXOD ODV ,QVWLWXFLRQHV GH (QVHxDQ]D 6XSHULRU 3DUDXQLYHUVLWDULD FDGDDxRVVHFRQVWLWX\HHQXQDIRUPDLUUD]RQDEOHPHQWHUtJLGDTXH Q~PHUR UHJXODQ DVSHFWRV SURSLRV GHO UpJLPHQ HFRQyPLFR GHYLHQHHQODLQRSHUDWLYLGDGHLQH¿FDFLDGHODQRUPDTXHODFRQWLHQH ¿QDQFLHUR GH ORV yUJDQRV \ HQWHV DGPLQLVWUDGRUHV R FXVWRGLRV GH SRUORTXHVHHVWLPDDEVROXWDPHQWHQHFHVDULRUHIRUPDUHOUHIHULGR ORV IRQGRV S~EOLFRV DVt FRPR GH SROtWLFD SUHVXSXHVWDULD LQFOXVR SiUUDIR EULQGDQGR D ORV FHQWURV HGXFDWLYRV SDUDXQLYHUVLWDULRV OD URVDQ OR DWLQHQWH D YDORUDFLRQHV HQ PRQWRV \ YLJHQFLDV GH ORV RSFLyQFXPSOLUFRQODREOLJDFLyQGHDFWXDOL]DFLyQRPRGL¿FDFLyQHQ SXHVWRVH[FOXLGRVGHO5pJLPHQGH6HUYLFLR&LYLOHQWUHORVFXDOHV FXDOTXLHUWLHPSRGXUDQWHXQSOD]RPi[LPRWpFQLFDPHQWHGH¿QLGR VHHQFXHQWUDHOSHUVRQDOGHODVLQVWLWXFLRQHVSDUDXQLYHUVLWDULDV HQFDGDDxRV ²4XH SRU OR DQWHULRU DPERV DUWtFXORV HQ FXHVWLyQ VH ²4XHDOGtDGHKR\VHWRUQDQHFHVDULRODPRGL¿FDFLyQGH FRQVLGHUDQ HQ IUDQFD FRQWUDGLFFLyQ FRQ HO UHVWR GHO RUGHQDPLHQWR ODVFLWDGDVQRUPDVFRQWHQLGDVHQHODFWXDO5HJODPHQWRDOD/H\TXH MXUtGLFR GH PD\RU UDQJR TXH UHJXOD HQ HVSHFLDO OD PDWHULD SXHVWD 5HJXOD ODV ,QVWLWXFLRQHV GH (QVHxDQ]D 6XSHULRU 3DUDXQLYHUVLWDULD H[SUHVDPHQWHEDMRODFRPSHWHQFLDGHGLFKD6HFUHWDUtDSXHVLQYDGHQ Q~PHUR\DTXHHQUD]yQGHOWUDQVFXUVRGHOWLHPSR\HYROXFLyQ VRFLDOGXUDQWHVXDSOLFDFLyQHOFRQWHQLGRGHODVPLVPDVKDGHYHQLGR \FRQWUDYLHQHQGLUHFWDPHQWHORVSUHFHSWRVFRQWHQLGRVHQOD/H\GH HQLQVX¿FLHQWHGLVIXQFLRQDO\KDVWDFRQWUDGLFWRULRFRQHOUHVWRGH $GPLQLVWUDFLyQ)LQDQFLHUDGHOD5HS~EOLFD\3UHVXSXHVWRV3~EOLFRV RUGHQDPLHQWRDHIHFWRVGHFRQWDUFRQXQDDGHFXDGDUHJXODFLyQTXH Q~PHURHQORVDUWtFXORV\VLJXLHQWHVVXVUHJODPHQWRV D\XGH D RULHQWDU GH OD PHMRU PDQHUD HO HMHUFLFLR GH OD HQVHxDQ]D HVSHFt¿FDPHQWH HQ OR RUGHQDGR SRU HO DUWtFXOR GHO 'HFUHWR VXSHULRUSDUDXQLYHUVLWDULD (MHFXWLYRQ~PHUR\HQHODUWtFXORGHO'HFUHWR(MHFXWLYR ²4XHHQHMHUFLFLRGHODVIDFXOWDGHVFRQIHULGDVHQHODUWtFXOR Q~PHUR $GHPiV GH YLROHQWDUVH HO SULQFLSLR GH MHUDUTXtD \ WUDQVLWRULR ,9 GH OD /H\ GHO GH QRYLHPEUH GH QRUPDWLYD FRQWHQLGR HQ HO DUWtFXOR GH OD /H\ *HQHUDO GH OD TXH5HJXOD,QVWLWXFLRQHVGH(QVHxDQ]D6XSHULRU3DUDXQLYHUVLWDULD $GPLQLVWUDFLyQ3~EOLFDQ~PHUR FRQVFLHQWH GH WDO QHFHVLGDG HO &RQVHMR 6XSHULRU GH (GXFDFLyQ KD ²4XHUHVXOWDFRQIRUPHDORUGHQDPLHQWRMXUtGLFRHVSHFLDO DFRUGDGR UHDOL]DU PRGL¿FDFLRQHV HQ OD UHJODPHQWDFLyQ YLJHQWH TXHUHJXODODPDWHULDDFRJHUODVROLFLWXGIRUPXODGDSRUOD6HFUHWDUtD SURPXOJDGDYtD'HFUHWR(MHFXWLYRTXHGHVDUUROODODUHIHULGD 7pFQLFDGHOD$XWRULGDG3UHVXSXHVWDULDSHUWHQHFLHQWHDOD&DUWHUDGH QRUPDOHJDOD¿QGHVDWLVIDFHUORVUHTXHULPLHQWRVGHDFWXDOL]DFLyQ\ +DFLHQGDSRUPHGLRGHOR¿FLR67$3FRQVHFXHQWHPHQWH PHMRUDUHJODPHQWDULD\DPHQFLRQDGRVORTXHLQFOX\HODGHURJDWRULD SURFHGHUDHIHFWXDUODGHURJDWRULDGHOWH[WRSUHVHQWHHQORVDUWtFXORV WRWDOGHOWH[WRGHORVDUWtFXORV\DVtFRPRUHIRUPDSDUFLDOGHO \ GHO 5HJODPHQWR D OD /H\ TXH 5HJXOD ODV ,QVWLWXFLRQHV GH FRQWHQLGRSUHVHQWHHQORVDUWtFXORV\ORFXDOVHUiSURSXHVWRDO (QVHxDQ]D 6XSHULRU 3DUDXQLYHUVLWDULD 'HFUHWR (MHFXWLYR Q~PHUR 3RGHU(MHFXWLYRDWUDYpVGHO0LQLVWHULRGH(GXFDFLyQ3~EOLFDSDUD VXGHELGDDSUREDFLyQ3RUWDQWR ²4XHHODUWtFXORSiUUDIRVHJXQGRGHODFWXDO5HJODPHQWR '(&5(7$1 D OD /H\ TXH 5HJXOD ODV ,QVWLWXFLRQHV GH (QVHxDQ]D 6XSHULRU 3DUDXQLYHUVLWDULD Q~PHUR GH¿QH TXH ³WRGR FDPELR X 0RGLItTXHVHHOWH[WRGHO5HJODPHQWRDOD/H\TXH5HJXOD PRGL¿FDFLyQ GH XQD FDUUHUD GH GLSORPDGR DSUREDGD PDQWHQGUi ODV,QVWLWXFLRQHVGH(QVHxDQ]D6XSHULRU3DUDXQLYHUVLWDULD HVD FRQGLFLyQ VLHPSUH TXH ORV FDPELRV VROLFLWDGRV QR YDUtHQ HO 'HFUHWR(MHFXWLYRQ~PHURGHOGHRFWXEUH SHU¿OGHVDOLGDGHODFDUUHUD\ODVYDULDQWHVQRDIHFWHQPiVGH GHOPHGLDQWHODGHURJDWRULDGHORVDUWtFXORV FXUVRVGHORFRQWUDULRVHUiFRQVLGHUDGDFRPRXQDFDUUHUDQXHYD´ \\ODUHIRUPDSDUFLDODOWH[WR ²4XHHQDWHQFLyQDORDQDOL]DGRSRUORVVHxRUHVPLHPEURV GHORVDUWtFXORV\ GH OD &RPLVLyQ GH/H\HV\5HJODPHQWRVGHO&RQVHMR 6XSHULRU GH $UWtFXOR²'HUyJXHQVHODWRWDOLGDGGHOWH[WRFRQWHQLGRHQ (GXFDFLyQODUHIHUHQFLDDODFDQWLGDGGHFXUVRVTXHVHKDFHHQHO ORV DUWtFXORV \ GHO DFWXDO 5HJODPHQWR D OD /H\ TXH 5HJXOD SiUUDIRVHJXQGRGHODUWtFXORGHFLWDVHFRQVWLWX\HHQXQSDUiPHWUR ODV,QVWLWXFLRQHVGH(QVHxDQ]D6XSHULRU3DUDXQLYHUVLWDULDQ~PHUR LQDGHFXDGR FDUHQWH GH IXQGDPHQWDFLyQ WpFQLFD TXH FRQWUDYLHQH