&216(59((67$6,16758&&,21(6
*($SSOLDQFHVFRP
1RJXDUGHQLXVHPDWHULDOHVLQIODPDEOHVHQRFHUFD
GHXQKRUQRLQFOX\HQGRSDSHOSOiVWLFRPDQJRVGH
FDFHURODVURSDSDSHOGHSDUHGFRUWLQDVQLJDVROLQD
\RWURVYDSRUHV\OtTXLGRVLQIODPDEOHV
1XQFDXVHSUHQGDVVXHOWDVRFROJDQGRPLHQWUDV
XVDHOHOHFWURGRPpVWLFR(VWDVSUHQGDVVHSXHGHQ
SUHQGHUIXHJRVLWRPDQFRQWDFWRFRQVXSHUILFLHV
FDOLHQWHVSURYRFDQGRTXHPDGXUDVJUDYHV
1RSHUPLWDTXHVHDFXPXOHJUDVDQLPDWHULDOHV
LQIODPDEOHVHQRFHUFDGHOHVSDFLR/DJUDVDGHQWUR
GHOKRUQRRFHUFDGHOPLVPRVHSXHGHSUHQGHU
IXHJR
0$17(1*$/260$7(5,$/(6,1)/$0$%/(6
$/(-$'26'(/+2512
1RXVHDJXDVREUHLQFHQGLRVJHQHUDGRVFRQJUDVD
1XQFDWRPHXQDFDFHURODFRQOODPDV
6LVHLQFHQGLDHOKRUQRGXUDQWHXQDFRFFLyQDKRJXH
HOIXHJRFHUUDQGRODSXHUWDGHOKRUQR\DSDJDQGRHO
PLVPRRXVDQGRXQPDWDIXHJRGHTXtPLFRVVHFRVR
GHHVSXPDPXOWLSURSyVLWR
6LVHSURGXFHHOLQFHQGLRGHOKRUQRGXUDQWHOD
OLPSLH]DDXWRPiWLFDDSDJXHHOKRUQR\HVSHUH
DTXHHOIXHJRVHH[WLQJD1RIXHUFHODSXHUWD
SDUDDEULUOD/DHQWUDGDGHDLUHIUHVFRDOD
WHPSHUDWXUDGHODOLPSLH]DDXWRPiWLFDSRGUi
SURYRFDUODSURSDJDFLyQGHODVOODPDVHQHOKRUQR
6LQRVHVLJXHHVWDLQVWUXFFLyQVHSRGUiQSURGXFLU
TXHPDGXUDVJUDYHV
(1&$62'(,1&(1',26,*$/266,*8,(17(63$626
3$5$(9,7$5/(6,21(62/$3523$*$&,Ï1'(/
0,602
0DQWpQJDVHDOHMDGRGHOKRUQRDODEULUODSXHUWDGHO
PLVPR(ODLUHFDOLHQWHRHOYDSRUTXHVHHVFDSD
SXHGHRFDVLRQDUTXHPDGXUDVHQODVPDQRVURVWUR
\XRMRV
0DQWHQJDODYHQWLODFLyQGHOKRUQRGHVREVWUXLGD
(YLWHTXHVHSURGX]FDODDFXPXODFLyQGHJUDVDHQHO
KRUQR/DJUDVDGHOKRUQRVHSXHGHSUHQGHUIXHJR
&RORTXHORVHVWDQWHVGHOKRUQRHQXQDXELFDFLyQ
GHVHDGDPLHQWUDVHOPLVPRVHHQIUtD6LVHGHEH
PRYHUXQHVWDQWHPLHQWUDVHOKRUQRHVWiFDOLHQWH
HYLWHTXHODPDQLMDGHODFDFHURODWRPHFRQWDFWR
FRQHOHOHPHQWRFDOLHQWHSDUDFDOHQWDUGHOKRUQR
$OXVDUEROVDVSDUDFRFLQDURDVDUHQHOKRUQRVLJD
ODVLQVWUXFFLRQHVGHOIDEULFDQWH
'HVOL]DUORVHVWDQWHVFRPXQHVKDVWDVXVWRSHVR
HOHVWDQWHH[WHQVLEOHKDVWDVXSRVLFLyQPi[LPD
GHDEHUWXUDHVFRQYHQLHQWHDOOHYDQWDUFRPLGDV
SHVDGDV7DPELpQSUHYLHQHTXHPDGXUDVGHELGRDO
FRQWDFWRFRQVXSHUILFLHVFDOLHQWHVGHOKRUQRRODV
SDUHGHVGHOPLVPR
1RGHMHDUWtFXORVWDOHVFRPRSDSHOXWHQVLOLRVGH
FRFLQDRFRPLGDHQHOKRUQRFXDQGRQRHVWpQHQ
XVR/RVDUWtFXORVJXDUGDGRVHQXQKRUQRVHSXHGHQ
SUHQGHUIXHJR
1RXVHSDSHOGHDOXPLQLRSDUDFXEULUHOIRQGRGHO
KRUQR(ODOXPLQLRSXHGHDWUDSDUHOFDORURGHUUHWLUVH
ORFXDOSXHGHGDxDUHOSURGXFWR\SURYRFDUULHVJRGH
GHVFDUJDHOpFWULFDRXQLQFHQGLR
,16758&&,21(6'(6(*85,'$''(/+2512
£$'9(57(1&,$
£$'9(57(1&,$
£$'9(57(1&,$