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UGF PA]NE MHLK
P A ] N E M H L K P A ] K I L @ Z H Z F ] L A . 8 7 5
Uhldh Maskavio
Ohranilf OfrrutiCiogfn Lafn
Oacphril` Furapfhl hleV._. _fouritifs ]f`unhtials
CiBIE vfrsus Oarrfspaleil` V._. ]f`unhtials
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P A ] N E M H L K P A ] K I L @ Z H Z F ] L A . 8 7 5
Oacphril` Furapfhl hleV._. _fouritifs ]f`unhtials
CiBIE vfrsus Oarrfspaleil` V._. ]f`unhtials
Uhldh MaskavioOhranilf Ofrruti
Ciogfn Lafn
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Oapyri`gt =:8:
Ugf Iltfrlhtialhn Mhlk bar ]foalstruotial hle Efvfnapcflt / Ugf Parne Mhlk
8787 G _trfft, L.P.
Phsgil`tal, E.O. =:5??, V._.H.
Hnn ri`gts rfsfrvfeChlubhoturfe il tgf Vlitfe _thtfs ab Hcfrioh
Birst Zriltil`4 Efofcmfr =::9
Zriltfe al rfoyonfe phpfr
8 = ? 5 8= 88 8: :9
Parne Mhlk Parkil` Zhpfrs hrf pumnisgfe ta oacculiohtf tgf rfsunts ab tgf Mhlks wark ta tgf
efvfnapcflt oacculity witg tgf nfhst passimnf efnhy. Ugf chlusoript ab tgis phpfr tgfrfbarf ghs lat
mffl prfphrfe il hooarehlof witg tgf praofeurfs hppraprihtf ta barchnnyfeitfe tfxts. _acf saurofs
oitfe il tgis phpfr chy mf ilbarchn eaoucflts tght hrf lat rfheiny hvhinhmnf.Ugf bileil`s, iltfrprfthtials, hle oalonusials fxprfssfe gfrfil hrf tgasf ab tgf hutgar(s) hle ea
lat lfofsshriny rfbnfot tgf vifws ab tgf Iltfrlhtialhn Mhlk bar ]foalstruotial hle Efvfnapcflt/Ugf
Parne Mhlk hle its hbbinihtfe ar`hlizhtials, ar tgasf ab tgf Fxfoutivf Eirfotars ab Ugf Parne Mhlk ar
tgf avfrlcflts tgfy rfprfsflt.
Ugf Parne Mhlk eafs lat `uhrhltff tgf hoourhoy ab tgf ehth ilonuefe il tgis wark. Ugf
maulehrifs, oanars, eflacilhtials, hle atgfr ilbarchtial sgawl al hly chp il tgis wark ea lat icpny
hly due`cflt al tgf phrt ab Ugf Parne Mhlk ab tgf nf`hn sthtus ab hly tfrritary ar tgf flearsfcflt ar
hoofpthlof ab suog maulehrifs.
Ugf chtfrihn il tgis pumniohtial is oapyri`gtfe. Oapyil` hle/ar trhlscittil` partials ar hnn ab tgis
wark witgaut pfrcissial chy mf h vianhtial ab hppniohmnf nhw. Ugf Iltfrlhtialhn Mhlk bar
]foalstruotial hle Efvfnapcflt/Ugf Parne Mhlk floaurh`fs eissfcilhtial ab its wark hle winn
larchnny `rhlt pfrcissial pracptny ta rfpraeuof partials ab tgf wark.Bar pfrcissial ta pgataoapy ar rfprilt hly phrt ab tgis wark, pnfhsf sfle h rfqufst witg oacpnftf
ilbarchtial ta tgf Oapyri`gt Onfhrhlof Ofltfr, Ilo., === ]asfwaae Erivf, Ehlvfrs, CH :89=?, V_H,
Ufn4 90706:75::, Bhx4 90706:550:, www.oapyri`gt.oac.
Hnn atgfr qufrifs al ri`gts hle nioflsfs, ilonueil` sumsieihry ri`gts, sgaune mf heerfssfe ta tgf
Abbiof ab tgf Zumnisgfr, Ugf Parne Mhlk, 8787 G _trfft LP, Phsgil`tal, EO =:5??, V_H, Bhx4 =:=6==
=5==, fchin4 pumri`gtsJwarnemhlk.ar`.
I_ML4 907:7=8?7=6?:
fI_ML4 907:7=8?7=650
I__L4 80=26707 EAI4 8:.8692/907:7=8?7=6?:
Nimrhry ab Oal`rfss Ohthna`il`ilZumniohtial Ehth ghs mffl rfqufstfe.
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iii
Oaltflts
Hoklawnfe`cflts ...................................................................................................................iv
Horalycs hle Hmmrfvihtials ................................................................................................. v
Fxfoutivf _ucchry ..................................................................................................................vi
Iltraeuotial ................................................................................................................................ 8
8. ]f`unhtary Brhcfwark hle Avfrsi`gt .............................................................................. =
FV _fouritifs Brhcfwark .................................................................................................. =
V._. _fouritifs Brhcfwark ................................................................................................. ?
=. _oapf ab tgf _fouritifs ]f`unhtials ................................................................................... 0
Ugf FV _fouritifs ]f`unhtials Baous al Ilvfstcflt Bircs hle Urheil` Rflufs ..... 0
Ugf V._. _fouritifs ]f`unhtials Baous al MrakfrEfhnfrs hle Fxoghl`fs ................. 9
?. Amdfotivfs ab tgf _fouritifs ]f`unhtials il Furapf hle tgf Vlitfe _thtfs .............. 85
Amdfotivfs ab tgf FV _fouritifs ]f`unhtials .................................................................. 85
Amdfotivfs ab tgf V._. _fouritifs ]f`unhtials ................................................................ 86
5. Icpnfcflthtial ab tgf Eibbfrflt Amdfotivfs .................................................................. 80
Hs ]f`hres Oacpftitial/Bhir hle Arefrny Chrkfts .................................................... 80
Hs ]f`hres Ilvfstars Zratfotial .................................................................................... ==
Hs ]f`hres Zriof Eisoavfry4 Zrf hle ZastUrhef Urhlsphrfloy ]fquirfcflts ...... =5
6. Zast-Bilhloihn Orisis Nfssals ............................................................................................... =9
Mfttfr _upfrvisial ab Nhr`f hle Iltfroallfotfe Bilhloihn Ilstitutials .................... =9
Ilorfhsf Chrkft Urhlsphrfloy ........................................................................................ ?:
Flghlof Ohpithn hle Niquieity ]fquirfcflts .............................................................. ?:
2. Oalonusial hle Hrfhs bar Buturf ]fsfhrog ........................................................................ ??
Hppfleixfs ............................................................................................................................... ?2
Ufogliohn Hppfleix 84 Zrf hle Zast Urhef Urhlsphrfloy ]fquirfcflts, Furapf
hle tgf Vlitfe _thtfs ................................................................................................ ?0
Ufogliohn Hppfleix =4 Efthinfe Oacphrhtivf Hlhnysis .............................................. ?9
]fbfrflofs ............................................................................................................................... 80=
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iv
Hoklawnfe`cflts
gis ]fpart ghs mffl prfphrfe my Uhldh Maskavio, Ohranilf Ofrruti, hle Ciogfn
Lafn (hnn Parne Mhlk).
Ugf hutgars tghlk _apgif _irthilf (_fotar Chlh`fr, FO_ZB, Parne Mhlk) bar gfr
`uiehlof hle suppart. Ugfy tghlk tgf pffr rfvifwfrs4 Murhk Ilfn Chrtflozuk
(Efputy _forfthry @flfrhn, Bfefrhtial ab Furapfhl _fouritifs Fxoghl`fs), Anivfr
Brhtzsogfr (_fliar Bilhloihn Foalacist, @OC_C, Parne Mhlk), hle Uhehsgi Flea
(_fliar Bilhloihn _fotar _pfoihnist, @OC_C, Parne Mhlk) bar h`rffil` ta pravief
oaccflts al tgf rfpart. Ugf hutgars hrf `rhtfbun ta Dagl Zannlfr (Nfhe Bilhloihn
Abbiofr, FO_ZB, Parne Mhlk), Nuoh Basshti (Zanioy Hevisfr, _fouritifs Chrkfts Zanioy
hle Oacphly Nhw, Bfefrhtial ab Furapfhl _fouritifs Fxoghl`fs), ]ash Hrcfsta(Foalacios hle _thtistios Hevisfr, Bfefrhtial ab Furapfhl _fouritifs Fxoghl`fs),
Ugachs @irh (Fxfoutivf RiofZrfsieflt, BIL]H), hle Dal Krafpfr (_fliar Riof
Zrfsieflt, BIL]H) bar tgfir vhnuhmnf ilputs. Hnn frrars hle acissials hrf hutgars
hnalf.
Ugf hutgars vifws fxprfssfe il tgis pumniohtial ea lat lfofsshriny rfbnfot tgf
vifws ab tgf Parne Mhlk ar hly ab its hbbinihtfs.
U
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v
Horalycs hle Hmmrfvihtials
HCN HltiCalfy Nhulefril`
HU_ Hntfrlhtivf Urheil` _ystfc
MI_ Mhlk bar Iltfrlhtialhn _fttnfcflts
OH] Ohpithn Hefquhoy ]fquirfcflt
OE_ Orfeit Efbhunt _whps
OF_] Oaccittff ab Furapfhl _fouritifs ]f`unhtars
OBUO Oaccaeity Buturfs Urheil` Oaccissial
EDIH Eaw Dalfs Ileustrihn Hvfrh`f
FOL Fnfotralio Oacculiohtial LftwarkFV Furapfhl Vlial
FO Furapfhl Oaccissial
BF_F Bfefrhtial ab Furapfhl _fouritifs Fxoghl`fs
BGO Bilhloihn Ganeil` Oacphlifs
BIL]H Bilhloihn Ileustry ]f`unhtary Hutgarity
B]M Bfefrhn ]fsfrvf Mahre
B_HZ Bilhloihn _frviofs Hotial Znhl
IA_OA Iltfrlhtialhn Ar`hlizhtial ab _fouritifs Oaccissial
I_E Ilvfstcflt _frviofs Eirfotivf
CiBIE Chrkft il Bilhloihn Ilstrucflts Eirfotivf =::5/?9/FO
CUB Cuntinhtfrhn Urheil` Bhoinity
LH_E Lhtialhn Hssaoihtial ab _fouritifs Efhnfrs
LH_EHX Lhtialhn Hssaoihtial ab _fouritifs Efhnfrs Hutachtfe Xuathtials
LC_ Lhtialhn Chrkft _ystfc
LY_F Lfw Yark _taok Fxoghl`f
AUO AvfrtgfOaultfr
]f` HU_ ]f`unhtial Hntfrlhtivf Urheil` _ystfcs
]f` LC_ ]f`unhtial Lhtialhn Chrkft _ystfc
]C ]f`unhtfe Chrkft
_FO _fouritifs hle Fxoghl`f Oaccissial
_I _ystfchtio Iltfrlhnizfr
_]A _fnb]f`unhtary Ar`hlizhtial
U]HOF Urhef ]fpartil` hle Oacpnihlof Fl`ilf
VOIU_ Vlefrthkil` bar Oannfotivf Ilvfstcflts il Urhlsbfrhmnf _fouritifs
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vi
Fxfoutivf _ucchry
gf purpasf ab tgis phpfr is ta oacphrf tgf FV hle V._. sfouritifs rf`unhtials. Il
Lavfcmfr =::0, tgf Chrkft il Bilhloihn Ilstrucflts Eirfotivf =::5/?9/FO (CiBIE)
ohcf ilta barof il tgf FV, hle mrau`gt hmaut effp oghl`fs il tgf chrkft
ilbrhstruoturf. Ugf shcf yfhr ]f`unhtial LC_ il tgf Vlitfe _thtfs whs bunny flhotfe
hle rfbarcfe fquitifs chrkfts. Ugis stuey oacphrfs CiBIE witg tgf oarrfspaleil`
V._. rf`unhtials, hle prichriny baousfs al tgf rf`unhtary hle supfrvisary brhcfwark,
trheil` vflufs, hle tgf pravisial ab ilvfstcflt sfrviofs. Icpnfcflthtial ab tgf runfs,
flbarofcflt, hle ri`gt ta rferfss hrf mfyale tgf soapf ab tgis phpfr. Nikfwisf, tgf
phpfr eafs lat iltfle ta due`f tgf fbbfotivflfss ab tgf twa rf`unhtary systfcs.
Ugf iltfrlhtialhn bilhloihn orisis fvieflofe sacf `hps il sfouritifs rf`unhtials.Chil issufs ghvf baousfe al tgf icpfrbfot avfrsi`gt ab nhr`f iltfroallfotfe
ilstitutials, tgf naw trhlsphrfloy ab AUO chrkfts, fspfoihnny efrivhtivfs, hle tgf
ilsubbioiflt niquieity hle ohpithn horass bilhloihn ilstitutials. ]f`unhtars al matg siefs
ghvf hllaulofe pnhls ta heerfss tgfc4
H mfttfr supfrvisial ab nhr`f hle iltfroallfotfe ilstitutials4 Vlefr tgf V._.rf`unhtary rfbarc pnhls, tgf Bfefrhn ]fsfrvf waune ghvf tgf pawfr ta
oaleuot oalsaniehtfe supfrvisial hle rf`unhtial ab hnn nhr`f iltfroallfotfe
bilhloihn bircs. Ugfsf bircs winn mf sumdfot ta tgf lalbilhloihn hotivitifs
rfstriotials ab tgf Mhlk Ganeil` Oacphly Hot, rf`hrenfss ab wgftgfr tgfyawl ilsurfe efpasithry ilstitutials. Il tgf FV, h _ystfcio ]isk Oauloin waune
mf fsthmnisgfe ta iefltiby systfcio risks ta tgf bilhloihn systfc, hle tgf
Furapfhl _ystfc ab Bilhloihn _upfrvisars waune flghlof tgf supfrvisial ab
orassmarefr ilstitutials. Alf sumsthltihn eibbfrflof rfchils tgf pnhl ta
sfphrhtf bilhloihn hle oaccfroihn hotivitifs il tgf Vlitfe _thtfs, wginf tgis is
lat ourrfltny oalsiefrfe il Furapf.
Ilorfhsf chrkft trhlsphrfloy4 Il tgf Vlitfe _thtfs, tgf Urfhsury ulvfinfe hoacprfgflsivf rfbarc ab AUO efrivhtivfs il Chy =::94 hnn sthlehreizfe
AUO efrivhtivfs waune mf onfhrfe, efhnfrs hle bircs wga orfhtf nhr`f
fxpasurfs ta oaultfrphrtifs waune mf sumdfot ta tau`g rf`unhtial (witg
oalsfrvhtivf ohpithn rfquirfcflts, musilfss oaleuot sthlehres, chr`il
rfquirfcflts), hle ulonfhrfe trhefs waune mf rfpartfe ta h rf`unhtfe trhef
rfpasitary. Ugf FV Oaccissial is fxhcilil` sfvfrhn oaursfs ab hotial bar
AUO efrivhtivfs4 sthlehreizhtial, ofltrhn ehth rfpasitary, ofltrhn oaultfrphrty
onfhril` hle cavil` trheil` ta carf pumnio vflufs. Il matg rf`ials, tgfrf is h
risk ab heeil` ohrvfauts ta tgf rf`unhtial ab efrivhtivfs hs ileustrihn bircs
onhic tght tgf onfhril` waune ilour si`libiohlt oasts. Hs rf`hres AUO fquity
chrkfts, tgf _FO hle OF_] hrf ourrfltny ilvfsti`htil` wgftgfr ehrk paans
sgaune mf sumdfot ta striotfr rf`unhtial. Flghlof ohpithn hle niquieity rfquirfcflts4 Ugf V._. erhbt systfcio risk
nf`isnhtial prapasfs ta rhisf ohpithn hle risk chlh`fcflt rfquirfcflts bar hnn
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Fxfoutivf _ucchry vii
Bilhloihn Ganeil` Oacphlifs. Il tgf FV h oacprfgflsivf rfbarc ab tgf
Ohpithn ]fquirfcflt Eirfotivfs is ourrfltny ulefr rfvifw. Matg hpprahogfs
oalsiefr striotfr ohpithn rfquirfcflts ta heerfss tgf fxpasurf ta sfouritizfe
praeuots.
Ugf phpfr hr`ufs tght runfs il tgf ourrflt sfouritifs rf`unhtials chy eibbfr al matg
siefs ab tgf Htnhltio, mut amdfotivfs hle sacf ab tgf autoacfs hrf oacphrhmnf.
Eibbfrflofs hrf rfnhtfe ta4
Ugf soapf ab trheil` vflufs4 CiBIE is lat ourrfltny hppnife ta ehrk paans,wginf il tgf Vlitfe _thtfs, ehrk paans hrf oalsiefrfe hs HU_ hle rf`istfr hs
mrakfrefhnfrs. Ugfy ghvf ta chkf tgfir quatfs hvhinhmnf ta tgf pumnio hmavf h
ofrthil trheil` vanucf tgrfsgane.
FV rf`unhtars ghvf carf eisorftial il hutgarizil` ilvfstcflt bircs hleiltfrvflil` il tgfir chlh`fcflt silof tgfy ohl due`f wgftgfr tgf chlh`frsab ilvfstcflt bircs ar ]f`unhtfe Chrkfts hrf subbioifltny fxpfriflofe hle
rfputhmnf, wginf tgf V._. rf`unhtar ohl alny oaltran tgfir rfputhtial hle
oacpftflofs. Ugf FV rf`unhtials `a alf stfp burtgfr il hnnawil` supfrvisars
ta oaltran tgf iltf`rity ab untichtf oaltrannfrs ab ]f`unhtfe Chrkfts rf`hrenfss
ab tgfir awlfrsgip, wginf tgf V._. runfs `flfrhnny mhsf tgf latial ab oaltran al
awlfrsgip.
Ar`hlizhtialhn rfquirfcflts hrf mrahefr il soapf bar fxoghl`fs il tgfVlitfe _thtfs hle baous al eisoipnilhry pawfrs, wgiog is fxpnhilfe my tgf sfnb
rf`unhtary ranf ab fxoghl`fs il tgf Vlitfe _thtfs vfrsus h carf nicitfe ranf iltgf FV.
Ohpithn rfquirfcflts hrf riskmhsfe il tgf FV hle mhsfe al tgf oalofpt abchilthilil` h gi`gny niquie oarf ab ohpithn il tgf Vlitfe _thtfs.
Ugf citi`htial ab oalbniots ab iltfrfst is h mrahe hle `flfrhn amni`htial barilvfstcflt bircs il Furapf wginf it is baousfe al carf spfoibio situhtials il
tgf Vlitfe _thtfs.
Ilvfstar pratfotial runfs il Furapf hrf twatifrfe mftwffl rfthin hleprabfssialhn ilvfstars (oniflt ohtf`arizhtial is mileil`), wginf tgf V._.
rf`unhtary sogfcf pratfots hnn ilvfstars, witg sacf ohrvfauts bar ilstitutialhn
ilvfstars. Mfst fxfoutial il tgf Vlitfe _thtfs oavfrs h lucmfr ab bhotars, witg priof
mfil` typiohnny tgf cast icparthlt; il Furapf priof is alf bhotar hcal` atgfrs
ta hssfss wgftgfr tgf oniflt ghs amthilfe tgf mfst passimnf rfsunt bar tgf
fxfoutial ab its trhef.
Ehth oalsaniehtial al fquity trhefs4 il tgf Vlitfe _thtfs, quatfs hletrhlshotial ehth rfpartfe my lhtialhn fxoghl`fs hle hssaoihtials hrf
oalsaniehtfe ilta h sil`nf systfc hle eissfcilhtfe ta chrkft phrtioiphlts,
wgfrfhs il Furapf, quatfs hle trhefs hrf brh`cfltfe mftwffl cuntipnf
trheil` vflufs hle la oalsaniehtial is rfquirfe.
Gawfvfr, tgf amdfotivfs ab tgf sfouritifs rf`unhtials hrf sicinhr, hle sacf autoacfs
hrf oacphrhmnf4
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viii Fxfoutivf _ucchry
Matg rf`unhtary systfcs hic ta chilthil bhir hle arefrny chrkfts, pratfotilvfstars, hle pravief priof trhlsphrfloy.
Fquity sfouritifs hrf sumdfot ta carf sorutilyhle trhlsphrfloy rfquirfcfltstghl males ar efrivhtivfs. Il tgf twa rf`ials, prf hle pasttrhef trhlsphrfloy
rfquirfcflts hppny ta fquitifs wginf tgfrf is la ar nicitfe trhlsphrfloy
rf`icf bar efrivhtivfs hle males.
Ilvfstar pratfotial rf`icfs hrf mrahe hle abbfr mfttfr pratfotial taileivieuhn ilvfstars, wgftgfr tgf runfs ta hogifvf suog pratfotial hrf striotny
tifrfe ar lat.
Oacpftitial ghs ilorfhsfe il Furapf, mut trheil` ghs mfoacf carfbrh`cfltfe hle niquieity ghs cavfe brac fxoghl`fs, rhisil` tgf oalofrl ab
brh`cfltfe niquieity tght nfe iltfr hnih ta tgf heaptial ab ]f` LC_ il tgf
Vlitfe _thtfs. Il matg rf`ials oalsaniehtial mftwffl fxoghl`fs stfppfe uphle it sffcs tght hl ilorfhsil` sghrf ab fquity trheil` cavfe ta ehrk paans.
Ugfrf hrf oalofrls al matg siefs rf`hreil` tgf brh`cflthtial ab avfrsi`gt.Ugf V._. _FO eafs lat avfrsff buturfs hle `avfrlcflt males; it sghrfs
supfrvisary rfspalsiminity witg tgf mhlkil` supfrvisars wgiog avfrsff
oaccfroihn mhlks efhnil` witg sfouritifs. Il Furapf, CiBIE is icpnfcfltfe
my =0 lhtialhn supfrvisars wgiog chy nfhe ta eibbfrflt iltfrprfthtials.
H eisoussial al tgf autoacfs ohllat rfhnny mf hogifvfe witgaut naakil` ht tgf
icpnfcflthtial ab tgf sfouritifs rf`unhtials. Ugus, tgf stuey su``fsts sacf eirfotials
bar buturf rfsfhrog4
Hssfss flbarofcflt al matg siefs, ht tgf _FO hle _]A nfvfn il tgf Vlitfe_thtfs, hle ht tgf nfvfn ab tgf =0 supfrvisars il tgf FV;
Effpfl tgf klawnfe`f ab ehrk paans al matg siefs hle fxhcilf gaw taicpravf eisonasurf hle priof eisoavfry;
Il Furapf il phrtiounhr, fxhcilf whys ta hogifvf quatfs hle trhefsoalsaniehtial.
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8
Iltraeuotial
gis phpfr hics ta oacphrf tgf Furapfhl Vlial (FV) hle V._. sfouritifs
rf`unhtials. Il Lavfcmfr =::0, tgf Chrkft il Bilhloihn Ilstrucflts Eirfotivf
=::5/?9/FO (CiBIE) ohcf ilta barof il tgf FV hle ulnfhsgfe oacpftitial il Furapfhl
sfouritifs chrkfts. Ugf shcf yfhr ohcf ilta barof il tgf Vlitfe _thtfs tgf ]f`unhtial
LC_ (]f` LC_) wgiog whs efsi`lfe ta bastfr oacpftitial hcal` ileivieuhn fquitifs
chrkfts hle arefrs. Ugis stuey oacphrfs CiBIE witg tgf oarrfspaleil` V._.
rf`unhtials, hle prichriny baousfs al tgf rf`unhtary hle supfrvisary brhcfwark,
trheil` vflufs, hle tgf pravisial ab ilvfstcflt sfrviofs. Ugf icpnfcflthtial ab tgf
runfs, flbarofcflt, hle ri`gt ta rferfss hrf mfyale tgf soapf ab tgis stuey. Nikfwisf,
tgf phpfr eafs lat iltfle ta due`f tgf fbbfotivflfss ab tgf twa rf`unhtary systfcs.
Il rfoflt caltgs, tgf iltfrlhtialhn bilhloihn orisis ghs rfvfhnfe `hps il sfouritifs
rf`unhtials. Chil issufs ghvf baousfe al tgf icpfrbfot avfrsi`gt ab nhr`f
iltfroallfotfe ilstitutials, tgf naw trhlsphrfloy ab AUO chrkfts, fspfoihnny
efrivhtivfs, hle tgf ilsubbioiflt niquieity hle ohpithn horass bilhloihn ilstitutials. Hsrf`unhtars ghvf hllaulofe pnhls ta heerfss tgasf issufs, h oacphrisal ab tgf
sfouritifs rf`unhtials il Furapf hle tgf Vlitfe _thtfs gfnps ta ulefrsthle wgfrf wf
hrf oacil` brac.
Ugf phpfr baousfs al tgf =::5/?9/FO CiBIE Eirfotivf hle its twa icpnfcfltil`
nf`isnhtials il Furapf; il tgf Vlitfe _thtfs, it castny floacphssfs tgf 89?5 _fouritifs
Fxoghl`f Hot, tgf BIL]H runfs hle tgf ]f` LC_. Ugf V._. brhcfwark is oghrhotfrizfe
my h pawfrbun supfrvisar hle icparthlt pawfrs hssi`lfe ta sfnbrf`unhtary
ar`hlizhtials. Il tgf FV, nf`isnhtial is carf rfoflt hle ulibife hle oghrhotfrizfe my
tgf hmsflof ab h suprhlhtialhn supfrvisar; sfnbrf`unhtary ar`hlizhtials ghvf carf
nicitfe pawfrs. Ugf stuey naaks ht tgf rf`unhtary brhcfwarks il tgf FV hle Vlitfe_thtfs, tgf soapf hle amdfotivfs ab sfouritifs rf`unhtials, tgf runfs icpnfcfltil` tgf
eibbfrflt amdfotivfs, hle erhws sacf orisisrfnhtfe nfssals.
U
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=
O G H Z U F ] 8
]f`unhtary Brhcfwarkhle Avfrsi`gt
t h `nhlof, alf eibbfrflof mftwffl tgf FV hle V._. sfouritifs rf`unhtials is tgf
fxistflof ab h ulibife rf`unhtial il tgf FV ulefr CiBIE wginf il tgf Vlitfe_thtfs, sfvfrhn rf`unhtials hle avfrsi`gt maeifs oafxist4 tgf bfefrhn nfvfn, tgf sthtf
nfvfn, hle tgf ileustry (saohnnfe _fnb]f`unhtary Ar`hlizhtials_]Asil tgf 89?5
_fouritifs Fxoghl`f Hot). Ugf FV sfouritifs brhcfwark is rfnhtivfny onasf ta tgf Vlitfe
_thtfs4 CiBIE mfil` h Eirfotivf, it ghe ta mf trhlspasfe hle its icpnfcflthtial chy
vhry brac oaultry ta oaultry efspitf ghrcalizhtial fbbarts my tgf Oaccittff ab
Furapfhl _fouritifs ]f`unhtars (OF_]). Fhog cfcmfr sthtf ghs its awl sfouritifs
supfrvisar. Hle fxoghl`fs il Furapf flhot tgfir awl runfs bar tgfir cfcmfrs hs ea
_]As il tgf Vlitfe _thtfs.
Gistariohnny, sfouritifs rf`unhtial ghs cavfe brac tgf sthtf nfvfn (cfcmfr sthtf il
tgf FV) ta tgf bfefrhn nfvfn (FV ilstitutials nfvfn) il matg pnhofs. H si`libiohlteibbfrflof is gawfvfr tgf fxistflof ab h pawfrbun bfefrhn sfouritifs supfrvisar il tgf
Vlitfe _thtfs vfrsus lalf il tgf FV hs ab law. Vlefr tgf FV Oaccissial
oacculiohtial al rfbarcil` bilhloihn rf`unhtial mraheny flearsfe my tgf FV Oauloin
ab Cilistfrs al Dulf 89, =::9,8OF_] waune mf `ivfl nf`hn pfrsalhnity hle waune ghvf
pawfrs al its awl, mut tgfsf waune mf il spfoibio hrfhs (bar fxhcpnf, sfttnil` eisputfs
mftwffl lhtialhn supfrvisars). Ugf pawfr ab tgf _FO is hnsa nicitfe hs it eafs lat
avfrsff oaccaeity efrivhtivfs hle `avfrlcflt males, hle it sghrfs supfrvisary
rfspalsiminity witg mhlkil` supfrvisars avfr oaccfroihn mhlks efhnil` witg sfouritifs.
FV _fouritifs Brhcfwark
Ugf CiBIE Eirfotivf =::5/?9/FO praviefs h ulibife brhcfwark bar sfouritifs4 it
floacphssfs ilvfstcflt bircs, Cuntinhtfrhn Urheil` Bhoinitifs (CUB), ]f`unhtfe
Chrkfts (if fxoghl`fs) hle bilhloihn ilstrucflts (trhlsbfrhmnf sfouritifs,= calfy
chrkft ilstrucflts, ulits il oannfotivf ilvfstcflt ulefrthkil`s hle efrivhtivfs,
fxonueil` males hle sfouritizfe efmt).
Ugf Eirfotivf, rfbfrrfe ta hs Nfvfn 8 euf ta its caef ab heaptial dailtny my tgf
FV Zhrnihcflt hle tgf Oauloin, sfts tgf priloipnfs. It lffes ta mf trhlspasfe. It is
oacpnfcfltfe my Nfvfn = tfxts wgiog oalsist ab icpnfcfltil` cfhsurfs. Ugfy ghvf
mffl heaptfe my tgf cfcmfr sthtfs witgaut ilvanvil` tgf FV Zhrnihcflt4 Eirfotivf=::2/0?/FO wgiog lffes ta mf trhlspasfe, hle Oaccissial ]f`unhtial 8=70/=::2
hppniohmnf il tgf cfcmfr sthtfs witgaut trhlspasitial.?
H
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Oacphril` Furapfhl hle V._. _fouritifs ]f`unhtials ?
Ugau`g h ulibife brhcfwark, CiBIE ghe ta mf icpnfcfltfe my =0 lhtialhn
nf`isnhtars hle its avfrsi`gt is oaleuotfe my lhtialhn supfrvisars. _a tgf FV rf`unhtary
brhcfwark bar sfouritifs abbfrs il rfhnity hs cuog eivfrsity hs tgf V._. brhcfwark,
hnmfit witgaut h suprhlhtialhn supfrvisar hs ta ehtf. It ghs ta mf latfe tght CiBIE is
oacpnfcfltfe my tgf Zraspfotus hle Urhlsphrfloy Eirfotivfs bar tgf eisonasurf
rfquirfcflts ab pumnio oacphlifs.5
My oacphrisal ta tgf Vlitfe _thtfs, tgf runfchkil` pawfrs `ivfl ta rf`unhtfe
fxoghl`fs my CiBIE hrf carf nicitfe, hle tgfy hrf baousfe al tgf pravisial ab bhir
hle arefrny trheil`, tgf hecissial ab bilhloihn ilstrucflts ta trheil`, hle tgf hoofss
ta tgf rf`unhtfe fxoghl`fs (hrtionfs ?9, 5: hle 5= ab tgf CiBIE Eirfotivf). FV rf`unhtfe
fxoghl`fs ea lat ghvf hly pawfrs ta rf`unhtf tgf mfghviaur ab ilvfstcflt bircs tght
hrf tgfir cfcmfrs, fitgfr il onifltbhoil` hrfhs (suog hs mfst fxfoutial, ilbarchtial ar
ilvfstcflt heviof) ar chrkftbhoil` hrfhs (suog hs trhlsphrfloy bar arefrs fxfoutfe
abbfxoghl`f). ]f`unhtfe fxoghl`fs ghvf nicitfe pawfrs fvfl visvis tgfir issufrs,
wga amthil tgf `flfrio ri`gt ta mf hecittfe ta trheil` al h ]f`unhtfe Chrkft my binil`
tgfir praspfotus witg tgfir supfrvisar.
V._. _fouritifs Brhcfwark
Ugf V._. sfouritifs rf`unhtials hle avfrsi`gt hrf ar`hlisfe il tgrff eibbfrflt nhyfrs4
8. Bfefrhn nhws hle h bfefrhn rf`unhtar, tgf _fouritifs hle Fxoghl`f
Oaccissial (_FO). Ugf _FO is rfspalsimnf bar pratfotil` ilvfstars hle
chilthilil` tgf iltf`rity ab sfouritifs chrkfts. _fvfrhn bfefrhn sthtutfs
rf`unhtf sfouritifs, hle tgf gistariohn trfle ghs mffl ta sgibt pawfrs hwhy bractgf sthtfs ta tgf bfefrhn nfvfn (sff thmnf 8.8). Ugf _FO chy issuf runfs
iltfrprftil` tgf sfouritifs nhws phssfe my Oal`rfss (bar fxhcpnf, ]f` HU_ bar
Hntfrlhtivf Urheil` _ystfcs, ]f` LC_ bar fquity chrkfts). Ugf _FO hnsa
rfvifws hly runfs prapasfe my _]As hle ghs bilhn shy avfr wgftgfr tgasf
runfs hrf oalsistflt witg tgf _fouritifs Fxoghl`f Hot ab 89?5. Lalftgfnfss,
tgfrf hrf nicithtials ta tgf _FOs avfrsi`gt4 tgf _FO eafs lat rf`unhtf tgf
prichry `avfrlcflt male chrkft (Urfhsury hle BFE avfrsi`gt hs
`avfrlcflt sfouritifs hrf fxfcpt brac sfouritifs rf`istrhtial) mut it avfrsffs
tgf sfoalehry chrkft; it eafs lat rf`unhtf oaccaeity buturfs hle aptials
(Oaccaeity Buturfs Urheil` Oaccissial avfrsi`gt),6hle it ghs alny nicitfeavfrsi`gt avfr tgf AUO efrivhtivf chrkft. Culioiphn males hrf efhnt witg my
h _]A ulefr tgf avfrsi`gt ab tgf _FO (sff mfnaw).2 Ugf _FO hnsa eafs lat
rf`unhtf shnfs ab sfouritifs my oaccfroihn mhlks (mhlkil` rf`unhtars
avfrsi`gt)4 tgfy ohl hot hs sfouritifs mrakfr hle efhnfrs witgaut ghvil` ta
rf`istfr witg tgf _FO ulefr nicitfe fxfcptials pfrcittfe my tgf @rhcc
NfhogMninfy Hot (@NM Hot, sff ilbrh).
=. _thtfs nhws hle rf`unhtars4 Il tgf Vlitfe _thtfs, sthtfs rf`istfr hle supfrvisf
mrakfrefhnfrs hle ilvfstcflt hevisfrs tght hrf lat rf`istfrfe witg tgf _FO,
ilonueil` ilvfstcflt hevisfrs chlh`il` nfss tghl V_$=6 cinnial. Ugfy hrf
prffcptfe my hle cust rfny al tgf _FO runfs (_fotial 86(g) ab tgf Fxoghl`f
Hot). Ugfy tfle ta baous al oacmhtil` brhue witgil tgfir marefrs, hle tgfy
trhok oacpnhilts. _thtf nhw flbarofrs ohl pursuf oricilhn prasfoutials, wginf
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5 Parne Mhlk Parkil` Zhpfr
tgf _FO is nicitfe ta oivin hle hecilistrhtivf hotials hle rfbfrril` oricilhn
chttfrs ta tgf Dustiof Efphrtcflt. _a ileivieuhn sthtfs abtfl oannhmarhtf witg
tgf _FO hle sfnbrf`unhtary ar`hlizhtials (_]As) ta rf`unhtf tgf sfouritifs
ileustry witgil sthtf marefrs.
?. _fnb]f`unhtary Ar`hlizhtials4 tgfy sft runfs hle supfrvisf musilfss
prhotiofs bar tgfir cfcmfrs. Ugfir runfs suppnfcflt tgf _FOs runfs hle
bfefrhn nhws, hntgau`g tgfy chy eibbfr il spfoibios hle fcpghsis. Hly runfs
tght _]As heapt cust mf rfvifwfe hle, il sacf ohsfs, hppravfe my tgf _FO,
wgiog ghs untichtf hutgarity avfr tgfc. Fxhcpnfs ab _]As ilonuef lhtialhn
fxoghl`fs (suog hs tgf LY_F, Ogioh`a Onichtf Fxoghl`f, Lhsehq _taok
Chrkft), hle lhtialhn sfouritifs hssaoihtials (tgf ourrflt alf ab wgiog, tgf
Bilhloihn Ileustry ]f`unhtary Hutgarity (BIL]H) whs orfhtfe il =::0 hs h
rfsunt ab h cfr`fr mftwffl tgf Lhtialhn Hssaoihtial ab _fouritifs Efhnfrs
(LH_E) hle tgf rf`unhtial, flbarofcflt hle hrmitrhtial bulotials ab tgf
LY_F). Bar culioiphn males, h spfoibio _]A ohnnfe tgf Culioiphn _fouritifs
]unfchkil` Mahre is rfspalsimnf bar heaptil` ilvfstar pratfotial runfs
`avfrlil` mrakfrefhnfrs hle mhlks tght ulefrwritf, trhef, hle sfnn thx
fxfcpt males, oannf`f shvil`s pnhls hle atgfr typfs ab culioiphn sfouritifs.
Il suc, tgf Vlitfe _thtfs sfouritifs brhcfwark is tifrfe. Ugf _FO avfrsffs tgf
_]As, wgiog hrf rfquirfe ta flbarof tgf bfefrhn sfouritifs nhws. @flfrhnny tgf _]As
ghvf birst nilf supfrvisary rfspalsiminity. Gawfvfr, il hnn ohsfs, tgf _FO rfthils eirfot
hutgarity avfr mrakfrs hle efhnfrs. Ugf sthtfs hnsa ghvf avfrsi`gt avfr mrakfrs hle
efhnfrs il sacf ohsfs (ohpithn, maaks hle rfoares, chr`il), mut tgfy hrf prffcptfehle cust rfny al tgf _FO runfs. Ugfrf is lalftgfnfss brh`cflthtial ab avfrsi`gt
mftwffl tgf _FO hle tgf mhlkil` supfrvisars hs rf`hres oaccfroihn mhlks efhnil`
witg sfouritifs. Ugf @NM Hot rfpfhnfe tgf mnhlkft fxfcptial mhlks ghe fldayfe brac
tgf efbilitial ab mrakfr, hle rfpnhofe it witg h sft ab nicitfe fxfcptials. Hly sfouritifs
hotivitifs tght bhnn autsief ab tgf fxofptials chy la nal`fr mf ghlenfe eirfotny il tgf
mhlk, mut rhtgfr cust mf pusgfe aut ilta h _FOsupfrvisfe sfouritifs hbbinihtf ab tgf
mhlk.0
V._. sfouritifs nhws hle rf`unhtials hrf lucfraus, hle wfrf heaptfe chilny il
rfhotial ta ohthnytio fvflts (89=9 orhsg, =::8 Flral sohlehn) hle tgf tfoglana`iohn
fvanutial ab chrkfts (]f` LC_).
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Oacphril` Furapfhl hle V._. _fouritifs ]f`unhtials 6
Uhmnf 8.84 Avfrvifw ab Bfefrhn _fouritifs Nhws hle ]f`unhtials
89?? _fouritifs Hot
_fouritifs Hot
It stfcs brac tgf 89=9 orhsg wgfl tgf EDIH bfnn my lfhrny ?:% il 2 ehys il Aotamfr. Mfbarf tght,panioy chkfrs wfrf eiviefe hs ta wgftgfr bfefrhn rf`unhtial whs lffefe bar sfouritifs, sacfsthtfs hr`ufe tght iloalsistfloy hle nicithtials il sthtf nhws nfbt ilvfstars vunlfrhmnf wginfatgfrs taak tgf vifw tght bfefrhn rf`unhtial waune ourm tgf efvfnapcflt ab tgf staok chrkft.Alny hbtfr tgf orhsg hle tgf flsuil` efprfssial eie tgf bfefrhn vifw prfvhin.
Birst bfefrhn tfxt ta rf`unhtf sfouritifs; it rf`unhtfs lfwabbfril` ab sfouritifs hle pragimits brhue.It pursufs h eisonasurf-mhsfe hpprahog ta rf`unhtial (oacphlifs cust eisonasf chtfrihnilbarchtial rfnhtfe ta tgfir musilfss hle bilhlofs mfbarf issuil` sfouritifs) witg h vifw tght bhireisonasurf orfhtfs h nfvfn-pnhyil` bifne bar ilvfstars. Ugis oaltrhsts witg fhrnifr sthtf nhws wgiogoaune pragimit tgf shnf ab ilvfstcflt praeuots al tgf mhsis ab cfrit.
89?5 _fouritifs hleFxoghl`f Hot
Fxoghl`f Hot
It orfhtfs tgf _FO, rf`unhtfs tgf muyil` hle trheil` ab fxistil`sfouritifs hle chkfs ilsiefrtrheil` h oricf.
89?7 Chnalfy Hot It hcfles tgf 89?5 _fouritifs Fxoghl`f Hot my hutgarizil` tgf orfhtial hle rf`istrhtial ablhtialhn sfouritifs hssaoihtials wgiog waune supfrvisf tgfir cfcmfrs ulefr tgf avfrsi`gt ab tgf_FO. It nfe ta tgf orfhtial ab tgf LH_E il 89?9.
895: IlvfstcfltOacphlifs Hot
895: Hot
It fxtfles tgf bhir eisonasurf rfquirfcflt ta cutuhn bules hle ilvfstcflt ulit trusts4 tgfy hrfrfquirfe ta pumnisg ilbarchtial al tgfir bilhlofs, bff struoturf, hle ilvfstcflt panioifs. Ugf FVoaultfrphrt ab tgis hot waune mf tgf Vlefrthkil` bar Oannfotivf Ilvfstcflts il Urhlsbfrhmnf_fouritifs (VOIU_) Eirfotivfs.
895: Ilvfstcflt HevisfrsHot
It rfquirfs pfrsals ar bircs tght rfofivf h bff bar sfouritifs heviof ta rf`istfr hs ilvfstcflthevisfrs.
8962 Vlibarc _fouritifsHot V_H
It sfts ulibarc sthlehres bar tgf rf`istrhtial ab sfouritifs, mrakfr-efhnfrs hle ilvfstcfltshevisfrs, il nilf witg bfefrhn nhws. _thtfs hrf lat rfquirfe ta phss tgf Hot hntgau`g 5: ghvfheaptfe sacf vfrsial ab it.
890: Mhlk _forfoy Hot It fsthmnisgfs tgf V._. hlti-calfy nhulefril` rf`icf
8992 Lhtialhn _fouritifs
Chrkft Icpravfcflt Hot
Birst bfefrhn nhw ta nicit sthtfs pawfrs ta rf`unhtf sfouritifs. Efspitf tgf Vlibarc _fouritifs Hot,
eupniohtial h`floifs fbbarts hle iloalsistfloifs rfchilfe h chdar pramnfc. Ugf Hot fxonuefsbrac sthtf rf`istrhtial sfouritifs suog hs fxoghl`f-nistfe sfouritifs hle cutuhn bules sghrfs.
8997 ]f`unhtial HU_]f` HU_
It rf`unhtfs Hntfrlhtivf Urheil` _ystfcs, hle rfquirfs tgfc ta rf`istfr hs fitgfr fxoghl`fs armrakfr-efhnfrs.
8999 @rhcc-Nfhog-Mninfy Hot ar BilhloihnCaefrlizhtial Hot, @NMHot
It rfpfhns phrt ab tgf @nhss-_tfh`hnn Hot ab 89?? hle hnnaws oaccfroihn mhlks, ilvfstcfltmhlks, sfouritifs bircs hle ilvfstcflt oacphlifs ta oalsaniehtf. It hnsa rfpfhns tgf mnhlkftfxfcptial mhlks ghe fldayfe brac tgf rf`istrhtial hs mrakfr-efhnfr ib tgfy praviefe sfouritifssfrviofs, hle rfpnhofe it my h sft ab nicitfe fxfcptials.
=::= _hrmhlfs-Axnfy Hot
_hrmhlfs-Axnfy
It chlehtfs lfw oarparhtf `avfrlhlof hle hooaultil` rfquirfcflts bar pumnio oacphlifs, ilrfspalsf ta sfvfrhn oarparhtf sohlehns.
=::6 ]f`unhtial LC_]f` LC_
Zracun`htfe my tgf _FO, it is efsi`lfe ta strfl`tgfl tgf lhtialhn chrkft systfc bar fquitysfouritifs orfhtfe il 8906 (oaccal struoturf ta sfttnf fquity trhlshotials il rfhn ticf) ilrfspalsf ta tfoglana`iohn oghl`fs. It oalsists ab baur eibbfrflt runfs4
-Arefr Zratfotial ]unf (hnsa klawl hs trhef-tgrau`g runf) rfquirfs trheil` ofltrfs tafsthmnisg hle flbarof writtfl panioifs efsi`lfe ta prfvflt tgf fxfoutial ab trhefs ht priofsilbfriar ta pratfotfe quathtials eispnhyfe my hutachtfe trheil` ofltrfs.
-Hoofss ]unf rfquirfs bhir hle lal-eisoricilhtary hoofss ta quathtials, fsthmnisgfs h nicit alhoofss bffs ta ghrcalizf tgf prioil` ab quathtials horass eibbfrflt trheil` ofltfrs, hle rfquirffhog lhtialhn sfouritifs fxoghl`f hle hssaoihtial ta heapt hle flbarof runfs tght pragimit tgfircfcmfrs brac eispnhyil` quathtials tght naok ar orass hutachtfe quathtials.
- _um-Zflly ]unf pragimits chrkft phrtioiphlts brac hoofptil`, rhlkil`, ar eispnhyil` arefrs,quathtials, ar ileiohtials ab iltfrfst il h prioil` ilorfcflt schnnfr tghl h pflly, fxofpt bararefrs priofe ht nfss tghl $8.:: pfr sghrf.
- Chrkft Ehth ]unfs upehtf tgf rfquirfcflts bar oalsaniehtil`, eistrimutil`, hle eispnhyil`chrkft ilbarchtial.
_aurofs4 www.phtgtailvfstil`.ar`; www.sfo.ar`.
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2 Parne Mhlk Parkil` Zhpfr
Ugf bfefrhn runfs cast oacphrhmnf ta CiBIE hrf tgf 89?5 _fouritifs Fxoghl`f Hot,
tgf 8997 ]f` HU_ hle tgf =::6 ]f` LC_ (bar fquitifs alny). Ugfy hrf oacpnfcfltfe
my _]A runfs brac LY_F hle LH_E, mfil` cfr`fe ilta tgf BIL]H runfs.7Avfrsi`gt ab
tgf V._. fxoghl`fs (LY_FFuralfxt, Lhsehq, Hcfriohl _taok Fxoghl`f, Iltfrlhtialhn
_fouritifs Fxoghl`f hle Ogioh`a Onichtf Fxoghl`f) is ohrrife aut my tgf _FO, wginf
trheil` il tgf abbfxoghl`f sfouritifs chrkfts is avfrsffl my tgf _FO hle BIL]H.
BIL]Hs eisoipnilhry hotial is sumdfot ta hppfhn ta tgf _FO (_fotial 89(e)(=) ab tgf 89?5
_fouritifs Fxoghl`f Hot).
Ugf tifrfe supfrvisary struoturf chy rfsunt il rf`unhtary avfrnhps il sacf
ilsthlofs. Bar fxhcpnf al chr`il rfquirfcflts, tgf ilitihn rfquirfcflt bar muyil`
sfouritifs il h chr`il hooault is sft my tgf Mahre ab @avfrlars ab tgf Bfefrhn ]fsfrvf
_ystfc, mut alof tgf ilvfstar muys al chr`il, tgf al`ail` chr`il rfquirfcflts hrf
sft my BIL]H, hle tgf ilvfstars mrakfrh`f birc. Ugfrf ea lat sffc ta mf avfrnhp il
tgf CiBIE rf`unhtials silof tgf lhtialhn supfrvisars hrf prichriny rfspalsimnf bar
avfrsi`gt hle flbarofcflt, mut tgfrf is h risk ab eibbfril` iltfrprfthtials brac
supfrvisars. Ugis is wfnn iefltibife hle OF_] ghs mffl thskfe witg ghrcalizil`
lhtialhn supfrvisars icpnfcflthtial ab CiBIE.
Latfs
8Oacculiohtial brac tgf Furapfhl Oaccissial, Furapfhl Bilhloihn _upfrvisial, OAC(=::9)
=?=, =0 Chy =::9. Oauloin ab tgf Furapfhl Vlial 87/89 Dulf, Zrfsiefloy Oalonusials, 89 Dulf
=::9.=_fouritifs lf`atihmnf al tgf ohpithn chrkfts witg tgf fxofptial ab ilstrucflts ab phycflt suog
hs sghrfs il phrtlfrsgips hle efpasithry rfofipts, males hle sfouritizfe efmt, atgfr sfouritifs`ivil` risf ta h ohsg sfttnfcflt eftfrcilfe my rfbfrflof ta atgfr trhlsbfrhmnf sfouritifs,
ourrfloifs, iltfrfst rhtfs, oaccaeitifs.? Eirfotivf =::2/0?/FO ab 8: Hu`ust =::2 icpnfcfltil` Eirfotivf =::5/?9/FO ab tgf Furapfhl
Zhrnihcflt hle tgf Oauloin hs rf`hres ar`hlizhtialhn rfquirfcflts hle apfrhtil` oaleitials bar
ilvfstcflt bircs hle efbilfe tfrcs bar tgf purpasf ab tght Eirfotivf. Oaccissial ]f`unhtial
8=70/=::2 ab 8: Hu`ust =::2 icpnfcfltil` Eirfotivf =::5/?9/FO hs rf`hres rfoarekffpil`
amni`htials bar ilvfstcflt bircs, trhlshotial rfpartil`, chrkft trhlsphrfloy, hecissial ab
bilhloihn ilstrucflts ta trheil`, hle efbilfe tfrcs bar tgf purpasf ab tght Eirfotivf.5Eirfotivf =::?/08/FO ab 5 Lavfcmfr =::? al tgf praspfotus ta mf pumnisgfe wgfl sfouritifs hrf
abbfrfe ta tgf pumnio ar hecittfe ta trheil` (sa ohnnfe Zraspfotus Eirfotivf) hle Eirfotivf
=::5/8:9/FO ab 86 Efofcmfr =::5 al tgf ghrcalizhtial ab trhlsphrfloy rfquirfcflts il rfnhtialta ilbarchtial hmaut issufrs wgasf sfouritifs hrf hecittfe ta trheil` al h ]f`unhtfe Chrkft (sa
ohnnfe Urhlsphrfloy Eirfotivf).6Ugf _FO hle tgf OBUO ghvf dailt duriseiotial avfr sfourity buturfs (buturfs oaltrhots mhsfe al
sfouritifs), tgfrfbarf bircs tght fl`h`f il hotivitifs ilvanvil` tgis ilstrucflt cust rf`istfr witg
tgf _FO hle tgf OBUO.2Lalftgfnfss, culioiphn sfouritifs efhnfrs hle `avfrlcflt sfouritifs mrakfr hle efhnfrs ghvf ta
rf`istfr witg tgf _FO pursuhlt sfotial 86M hle 86O ab tgf Fxoghl`f Hot.0 _fo, Bilhn ]unfs ta icpnfcflt tgf Mhlk Mrakfr Zravisials ab tgf @rhccNfhogMninfy Hot
gttp4//www.sfo.`av/lfws/prfss/=::0/=::0897.gtc7 Hs h rfsunt, sfvfrhn LH_E runfs rfchil, bar fxhcpnf al suithminity (LH_E =?8:) hle mfst
fxfoutial (LH_E =?=:).
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0
O G H Z U F ] =
_oapf ab tgf_fouritifs ]f`unhtials
gf CiBIE floacphssfs ilvfstcflt bircs, ]f`unhtfe Chrkfts, hle CUB. It rf`unhtfs
ilvfstcflt heviof hs h sfrviof rfquiril` hutgarizhtial. Ugf V._. rf`unhtials baousal mrakfrs hle efhnfrs hle fxoghl`fs, wgiog hrf rfspfotivfny tgf ilvfstcflt
bircs hle tgf ]f`unhtfe Chrkfts il tgf sflsf ab tgf CiBIE.8Ugf chil eibbfrflof
mftwffl tgf twa rf`unhtials is tght ehrk paans hrf lat fxpnioitny ohpturfe my tgf CiBIE
(tgf Eirfotivf is lat ourrfltny hppnife ta tgfc) wgfrfhs tgfy hrf oalsiefrfe hs HU_ il
tgf Vlitfe _thtfs hle hrf rf`istfrfe hs mrakfr hle efhnfrs. Ugfy gawfvfr ea lat
eispnhy pumnio quatfs ib tgfy hrf mfnaw h ofrthil trheil` vanucf tgrfsgane.
Gfe`f bule chlh`frs hrf phrtihnny ohpturfe my matg rf`unhtials. Il Furapf, ib
tgfy efhn witg trhlsbfrhmnf sfouritifs, gfe`f bule chlh`frs waune mf oalsiefrfe hs
ilvfstcflt bircs mut waune lat ghvf ta hppny hnn tgf rfquirfcflts ab tgf CiBIE
Eirfotivf ib tgfy alny ghe prabfssialhn oniflts. Il tgf Vlitfe _thtfs, gfe`f buleschlh`frs ghvf ta rf`istfr hs ilvfstcflt hevisfrs, mut ohl mflfbit brac whivfrs ib tgfy
efhn witg quhnibife ilvfstars. _acf gfe`f bules chy hnsa ghvf ta rf`istfr witg tgf
_FO hs mrakfrs hle efhnfrs. Urheitialhnny tgf _FO ghs eistil`uisgfe efhnfrs brac
trhefrs4=ib gfe`f bules pnhof quathtials al matg siefs ab tgf chrkft, hrf klawl hs h
saurof ab niquieity, hle hrf h suppnifr ab sfouritifs, tgfy waune mf oalsiefrfe efhnfrs.
Bilhnny, sacf chlh`frs ar oalsunthlts ab gfe`f bules chy ghvf ta rf`istfr witg tgf
_FO hs mrakfrs, ib tgfy phrtioiphtf il h cfhlil`bun why il hly ab tgf kfy pghsfs ab h
sfouritifs trhlshotial (bar fxhcpnf, rfofipt ab trhlshotialrfnhtfe oacpflshtial,
sanioithtial ab sfouritifs trhlshotials hle ghlenil` ab bules hle sfouritifs).
Ugf autoacf ab matg rf`unhtials, baousil` fitgfr al ilvfstcflt bircs ar
mrakfrs/efhnfrs, sffcs lalftgfnfss sicinhr4 tgf heviof, mrakfrh`f, efhnil` il sfouritifs
ghs ta mf hutgarizfe/rf`istfrfe, hle trhlsphrflt sa hs ta flsurf ilvfstars pratfotial.
Ugf FV _fouritifs ]f`unhtials Baous alIlvfstcflt Bircs hle Urheil` Rflufs
Hrtionf 8 ab tgf CiBIE Eirfotivf sthtfs4 tgis Eirfotivf sghnn hppny ta ilvfstcflt bircs
hle ]f`unhtfe Chrkfts.
Ugf Nfvfn 8 Eirfotivf floacphssfs tgrff chil oalofpts4
U
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7 Parne Mhlk Parkil` Zhpfr
8. Ilvfstcflt birc4 Hly nf`hn pfrsal wgasf rf`unhr aoouphtial ar musilfss is
tgf pravisial ab ilvfstcflt sfrviofs ta tgire phrtifs hle/ar tgf pfrbarchlof ab
alf ar carf ilvfstcflt hotivitifs al h prabfssialhn mhsis. Cfcmfr sthtfs chy
ilonuef ulefr tgis efbilitial ulefrthkil`s wgiog hrf lat nf`hn pfrsals,
praviefe tght (i) tgfir nf`hn sthtus flsurfs h nfvfn ab pratfotial bar tgire phrtifs
iltfrfst fquivhnflt ta tght hbbarefe my nf`hn pfrsals; hle (ii) tgfy hrf sumdfot ta
fquivhnflt pruefltihn supfrvisials hppraprihtf ta tgfir nf`hn barc. Ugfy ohl
mf systfchtio iltfrlhnizfrs (_I), wgiog al hl ar`hlizfe, brfquflt, hle
systfchtio mhsis efhn al awl hooault my fxfoutil` oniflt arefrs autsief h
]f`unhtfe Chrkft ar CUB. Oalorftfny, ilvfstcflt bircs efonhrf tgfcsfnvfs _I
bar sfnfotfe fquitifs (sfnbofrtibiohtial rf`icf), hle rautf cast arefrs ta atgfr
trheil` vflufs ilonueil` tgfir awl pnhtbarc. _I hrf hssaoihtfe witg tgf
trheil` il sghrfs hle rf`unhtfe ulefr hrtionf =0 ab tgf CiBIE Eirfotivf.
=. Cuntinhtfrhn Urheil` Bhoinity (CUB) is h cuntinhtfrhn systfc apfrhtfe my hl
ilvfstcflt birc ar h chrkft apfrhtar, wgiog mril`s ta`ftgfr cuntipnf tgire
phrty muyil` hle sfnnil` iltfrfsts il bilhloihn ilstrucfltsil tgf systfc hle
il hooarehlof ta laleisorftialhry runfs. Ugfrf hrf mhsiohnny hntfrlhtivf
trheil` pnhtbarcs ta fxoghl`fs, abtfl orfhtfe my mhlks ta praofss tgfir trhefs
suog hs Uurquaisf hs rf`hres fquitifs. Ugf CUB oalofpt is sicinhr ta tgf
Hntfrlhtivf Urheil` _ystfcs (HU_) wiefny efvfnapfe il tgf Vlitfe _thtfs (sff
_fotial =.=).
?. ]f`unhtfe Chrkft (]C) is h cuntinhtfrhn systfc (i) apfrhtfe hle/ar chlh`fe
my h chrkft apfrhtar, (ii) wgiog mril`s ta`ftgfr cuntipnf tgirephrty muyil`
hle sfnnil` iltfrfsts il bilhloihn ilstrucfltsil tgf systfc hle il hooarehlofwitg its eisorftialhry runfsil h why tght rfsunts il h oaltrhot il rfspfot ta tgf
bilhloihn ilstrucflts hecittfe ta trheil` ulefr its runfs hle/ar systfcs hle
(iii) wgiog is hutgarizfe hle bulotials rf`unhrny. ]Cs oarrfspale ta tgf chdar
fxoghl`fs il tgf FV, mut lat hnn fxoghl`fs hrf ]Cs, sacf ab tgfc hrf
rf`unhtfe hs CUBs. Ugf chil eibbfrflof mftwffl h ]C hle h CUB rfchils tgf
lalhppniohtial ab tgf Zraspfotus Eirfotivf (=::?/08/FO), tgf Urhlsphrfloy
Eirfotivf (=::5/8:9/FO) hle sumsfqufltny tgf IB]_ ta CUBs.
CiBIE rf`unhtials sffk ta ohpturf tgf fxfoutial ab trheil` il sfouritifs
irrfspfotivf ab tgf trheil` cftgaes usfe ta oalonuef tgasf trhlshotials4 tgus,]f`unhtfe Chrkfts, CUB, hle systfchtio iltfrlhnizfrs hrf hnn sumdfot ta trhlsphrfloy
rfquirfcflts hnmfit ta h vhryil` ef`rff (whivfrs fxist bar CUB hle systfchtio
iltfrlhnizfrs il tgf ohsf ab nhr`f ar inniquie trhlshotials). Gawfvfr, sacf trheil`
vflufs suog hs ehrk paans hrf lat ourrfltny ohpturfe my CiBIE, hntgau`g tgfy hooault
bar h sumsthltihn hcault ab trheil` vanucf (up ta 5: pfroflt my sacf fstichtfs).
Ehrk paans ab niquieity hrf trheil` bhoinitifs wgiog chtog hlalycausny nhr`f hle
schnn arefrs. Il Furapf, tgfy chy mf onhssibife il twa ohtf`arifs4 (i) ehrk paans
apfrhtfe my mrakfrefhnfrs ar ilvfstcflt mhlks, hnsa ohnnfe orassil` lftwarks hle
(ii) ehrk paans apfrhtfe hs CUBs. Orassil` lftwarks ab tgf birst ohtf`ary ea lat ghvf ta
oacpny witg CiBIE prftrhef trhlsphrfloy rfquirfcflts, hle witg atgfr runfsicpasfe al ]Cs hle CUBs suog hs tgf amni`htial ta trfht ilvfstars fquhnny, ta pravief
bhir hoofss ta tgf trheil` pnhtbarc hle chrkft survfinnhlof, hle ta apfrhtf h lal
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Oacphril` Furapfhl hle V._. _fouritifs ]f`unhtials 9
eisorftialhry fxfoutial systfc. Ehrk paans apfrhtfe hs CUBs ab tgf sfoale ohtf`ary
hrf rf`unhtfe, mut tgfy mflfbit brac sacf prftrhef trhlsphrfloy whivfrs pfrcittfe my
tgf CiBIE Nfvfn = ]f`unhtial (chrkft caefn, nhr`f arefrs).? Gawfvfr il hnn ohsfs,
ilvfstcflt bircs rfspalsimnf bar fxfoutil` tgf arefr al mfghnb ab h oniflt winn lffe ta
efoief wgftgfr tgf sumcissial ta h ehrk paan oacpnifs witg tgf arefrghlenil` hle
mfst fxfoutial amni`htials ta wgiog tgfy hrf sumdfot.5
Ugfrf is hl hotivf pumnio efmhtf `ail` al il Furapf hs ta orassil` lftwarks sgaune
mf rf`unhtfe hs CUBs. Fxoghl`fs hle CUBs hr`uf tght tgf bhot tgfy apfrhtf autsief tgf
CiBIE Eirfotivf `ivfs tgfc hl ulbhir oaccfroihn hevhlth`f. Oalvfrsfny, ilvfstcflt
mhlks hr`uf tght tgfir orassil` lftwarks hrf cfrfny hl hutachtial ab AUO sfrviofs
tght tgfy ghvf hnwhys ohrrife aut ta bhoinithtf oniflts arefrs.6OF_] is naakil` ht tgis
issuf hle is fxpfotfe ta efnivfr h supfrvisary `uiehlof il tgf oacil` caltgs. Ugf
CiBIE rfvifw my tgf FV Oaccissial fxpfotfe ta mf nhulogfe ht tgf fle ab =::9 winn
heerfss tgis issuf hs wfnn.
Uhmnf =.8 httfcpts ta sgfe ni`gt al tgf ehrk oalofpt. It is icparthlt ta latf tght
sfvfrhn typfs ab ehrk paans fxist, hle tght tgf eistilotial witg fxoghl`fs hle CUB is
mfoacil` carf mnurry silof fxoghl`fs hle CUB ghvf fsthmnisgfe tgfir awl ehrk paans
ab niquieity il rfoflt yfhrs.
Hs rf`hres tgf CiBIEs soapf al bilhloihn ilstrucflts4 _acf eispasitials hrf
hppnife eibbfrfltny efpfleil` al tgf ilstrucflts hle tgf trheil` vflufs. Ofrthil
CiBIE amni`htials alny hppny ta bilhloihn ilstrucflts hecittfe ta trheil` al h ]C.
Ugfrf hrf la prf hle pasttrhef trhlsphrfloy rfquirfcflts bar males, sfouritizfe efmt
hle efrivhtivfs; gawfvfr tgf euty ab mfst fxfoutial hppnifs ta hnn ilstrucflts
ilonueil` males; tgfrf is la amni`htial ab trhlshotial rfpartil` bar sfouritifs tght hrflat hecittfe ta trheil` al h ]f`unhtfe Chrkft; fxfcptials ta tgf hppraprihtflfss tfst
hrf passimnf bar laloacpnfx praeuots mut lat bar males ar sfouritizfe efmt tght
fcmfe h efrivhtivf.
Ugf V._. _fouritifs ]f`unhtials Baous al Mrakfr-Efhnfrs hle Fxoghl`fs
Ugf 89?5 _fouritifs Fxoghl`f Hot rf`unhtfs tgf rf`istrhtial, apfrhtials hle iltf`rity ab
mrakfrs hle efhnfrs. Ht tgf _]A nfvfn, tgf BIL]H runfs oaltran tgf ar`hlishtial hle
musilfss oaleuot ab mrakfrs hle efhnfrs (witg oalofpts suog hs ilvfstcflt suithminity hle
mfst fxfoutial). Il tgf Vlitfe _thtfs, mrakfrs hle efhnfrs hrf tgf ilvfstcflt bircs.
Ugf mrakfrefhnfr oalofpt is lalftgfnfss mrahefr tghl tgf CiBIE ilvfstcfltbircs4 hntfrlhtivf trheil` pnhtbarcs suog hs ehrk paans ar Fnfotralio Oacculiohtial
Lftwarks (FOLs) rf`istfr witg tgf _FO hs mrakfrefhnfrs. Ugf 8997 _FO rf`unhtial al
Hntfrlhtivf Urheil` _ystfcs (]f` HU_) rfquirfs HU_ ta rf`istfr hs mrakfrefhnfrs,
fxoghl`fs (ib tgfy ghvf sfnbrf`unhtary pawfrs ar trhef hmavf h ofrthil chrkft
vanucf),2ar ta rfspfot cilicuc rfquirfcflts ib tgfy rfprfsflt nfss tghl 6 pfroflt ab
tgf trheil` vanucf bar hly `ivfl sfourity tgfy trhef.0Ib hl HU_ hooaults bar carf tghl
6 pfroflt ab tgf hvfrh`f ehiny vanucf il h sfourity avfr baur ab tgf prfofeil` six
caltgs, it (i) cust fsthmnisg writtfl sthlehres bar `rhltil` hoofss ta trheil` al its
systfc, hle (ii) cust lat ulrfhsalhmny pragimit ar nicit hly pfrsal il rfspfot ta hoofss
ta sfrviofs abbfrfe my suog systfc my hppnyil` tgfsf writtfl sthlehres il hl ulbhir ar
eisoricilhtary chllfr.7
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8: Parne Mhlk Parkil` Zhpfr
Uhmnf =.84 Ugf Ehrk Oalofpt
OalofptEfbilitial hle
Fxhcpnf FV rf`unhtial V._. rf`unhtial
Ehrk paan Urheil` vfluftght praviefsniquieity tght is lateispnhyfe alarefr maaks.
Uwa typfs ab ehrk paans4 h)ehrk paans apfrhtfe mymrakfr-efhnfrs hnsa ohnnfeorassil` lftwarks, wgioghrf ulrf`unhtfe hle hrf latsumdfot ta prf-trheftrhlsphrfloy rfquirfcflts;m) ehrk paans apfrhtfe hsCUBs, wgiog ea mflfbitbrac prf-trhef trhlsphrfloywhivfrs mut ghvf ta oacpnywitg atgfr CUB runfs.
Ugfrf is gawfvfr h past-trhef trhlsphrfloyrfquirfcflt bar fquitifstrhefe al ehrk paans4ilvfstcflt bircs hrfrfquirfe ta rfparttrhlshotials il pumniosghrfs ohrrife aut autsief h]f`unhtfe Chrkft ar h CUB.
Ehrk paans hrf oalsiefrfehs HU_ hle rf`istfr hsmrakfrs hle efhnfrs.
Gawfvfr, cast ab tgfc ealat eispnhy pumnio quatfs,mfohusf tgfy rfprfsflt nfsstghl 6 pfroflt ab tgf trheil`vanucf il hly sfourity tgfytrhef, ar mfohusf tgfy chyghvf amthilfe hlfxfcptial brac tgf 6pfroflt runf (bar fxhcpnf,
Niquielft). Lfvfrtgfnfss,tgfy cust pracptny rfparttrhefs avfr 8:: sghrfs.
Ilefpflefltehrk paans
Bar fxhcpnf,Niquielft Ilstilft,Zasit, Fura-
Cinnfliuc
Cast hrf rf`unhtfe hs CUBil Furapf.
Ugfy hrf oalsiefrfe hsHU_
Mrakfr-efhnfrehrk paan(orassil`lftwark)
Ehrk paan usuhnnyapfrhtfe my hlilvfstcflt mhlkbar fxhcpnf,Orfeit _uissforass bilefr
Ilvfstcflt mhlks ea latlffe ta hppny bar h whivfrbrac CiBIEs prf-trheftrhlsphrfloy amni`htials hsnal` hs tgf pnhtbarc is latrf`istfrfe hs h CUB.
Ugfy hrf oalsiefrfe hsHU_
CUB ehrkpaan
Ehrk paan awlfemy h CUB ilFurapf. Barfxhcpnf4Uurquaisfs ehrk
paan
CUBs hppny ta tgfirsupfrvisar bar h whivfr bracCiBIEs prf-trheftrhlsphrfloy amni`htials
Ugfy hrf oalsiefrfe hsHU_
Fxoghl`fawlfe ehrkpaan
Ehrk paan awlfemy h ]f`unhtfeChrkft. Barfxhcpnf4 Mhikhn,tgf Naleal _taokFxoghl`fs ehrkpaan hle LfuraEhrk LH_EHX-ACWs ehrk paan
Fxoghl`fs hppny ta tgfirsupfrvisar bar h whivfr bracCiBIEs prf-trheftrhlsphrfloy amni`htials
Ugfy hrf oalsiefrfe hsHU_
_aurof4 OF_], CiBIE Eirfotivf, ]f` HU_.
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Oacphril` Furapfhl hle V._. _fouritifs ]f`unhtials 88
Ehrk paans hrf rf`unhtfe il tgf Vlitfe _thtfs ulefr ]f` HU_ hle rf`istfr hs
mrakfrefhnfrs. Hs cast ab tgfc hrf mfnaw tgf 6 pfroflt tgrfsgane ar ghvf amthilfe
fxfcptials (bar fxhcpnf, Niquielft),9 tgfy ea lat eispnhy quatfs il tgf pumnio ehth
strfhc mut tgfy cust pracptny rfpart tgfir fxfoutfe trhefs ta tgf pumnio. Gawfvfr,
tgf trhef rfpart eafs lat iefltiby tgf phrtiounhr paan rfspalsimnf bar tgf trhef, wgiog
chkfs it eibbiount ta hssfss tgf niquieity il h phrtiounhr staok. Hs ehrk paans ghvf
stral`ny efvfnapfe il tgf phst yfhr, tgfrf is hnsa h efmhtf il tgf Vlitfe _thtfs hs ta
wgftgfr carf rf`unhtial al tgasf paans is lffefe.8:
Ugf CiBIE oalofpt ab systfchtio iltfrlhnizfr bar fquity trhefs is lat rf`unhtfe
hs suog il tgf Vlitfe _thtfs. Iltfrlhnizhtial witgil h mrakfrefhnfr waune mf
oalsiefrfe hs AUO trhef, ulnfss tgf trhef is priltfe al hl fxoghl`f.
Hs rf`hre tgf ilstrucflts, tgf V._. runfs hrf sicinhr ta CiBIE il tgf sflsf tght
males, sfouritizfe efmt hle efrivhtivfs ea lat mfhr prf hle past trhlsphrfloy
rfquirfcflts (tgfrf hrf sacf fxofptials4 oarparhtf hle culioiphn males mflfbit brac
pasttrhef trhlsphrfloy il tgf Vlitfe _thtfs). Al lhtialhn sfouritifs fxoghl`fs, trhefe
sfouritifs cust mf rf`istfrfe, wgiog is sicinhr ta CiBIE hrtionf 5:, hecissial ab
bilhloihn ilstrucflts ta trheil`.
Ugf bannawil` thmnfs succhrizf tgf soapf ab FV hle V._. sfouritifs rf`unhtials,
hle `ivf hl avfrvifw ab tgf chrkft sghrf ab fhog trheil` vflufs. It sffcs tght silof
tgf sthrt ab tgf `namhn bilhloihn orisis, tgf sghrf ab AUO fquity trheil` (ilonueil` ehrk
paans) il Furapf ghs si`libiohltny ilorfhsfe, chilny hs h rfsunt ab efonilil` trheil`
vanucfs ht rf`unhtfe fxoghl`fs.88Uhmnfs =.? hle =.5 innustrhtf tgf sgffr eibbiounty ta
cfhsurf prfoisfny tgf trheil` chrkft sghrf ab ehrk paans `ivfl tgfir cuntipnf bhofts.
Il Furapf tgfy hrf ilonuefe il tgf AUO trheil` witgaut tgf passiminity ta eibbfrfltihtfehrk paans brac atgfr AUO. Il tgf Vlitfe _thtfs, AUO hle HU_ hrf `raupfe ta`ftgfr,
mut tgfrf hrf ilefpfleflt fstichtfs ab tgf chrkft sghrf ab ehrk paans il fquitifs
trheil` ht hraule 09 pfroflt, hooaultfe bar hmaut 5: ehrk paans.8=
Uhmnf =.=4 _oapf ab FV hle V._. _fouritifs ]f`unhtials
CiBIE V._. _fouritifs ]f`unhtials
Ilvfstcflt Bircs (IB)
_ystfchtio Iltfrlhnizfrs (_I)
Cuntinhtfrhn Urheil` Bhoinitifs (CUB)
]f`unhtfe Chrkfts (]C)
Mrakfrs hle Efhnfrs
La oalofpt ab _ystfchtio Iltfrlhnizfr
Hntfrlhtivf Urheil` _ystfcs (HU_)
Fxoghl`fs
Kfy pravisials ab CiBIE hrf lat hppnife ta ehrkpaans ulnfss tgfy hrf sft up hs CUBs; tgus tgfyea lat hppny ta orassil` lftwarks
Ehrk paans rf`unhtfe ulefr ]f` HU_ mut tgfychy mf fxfcptfe brac prf-trhef trhlsphrfloyrfquirfcflts ib mfnaw h ofrthil vanucf tgrfsgane
_acf eispasitials hppnife eibbfrfltny efpfleil`al bilhloihn ilstrucflts (bar fxhcpnf,trhlsphrfloy rfquirfcflts)
_acf eispasitials hppnife eibbfrfltny efpfleil`al bilhloihn ilstrucflts (bar fxhcpnf,trhlsphrfloy rfquirfcflts)
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8= Parne Mhlk Parkil` Zhpfr
Uhmnf 54 Chrkft _ghrfs ab Urheil` Rflufs my Uypf ab Bilhloihn Ilstrucflt
FV (CiBIE) Fquitifs BixfeIloacf Efrivhtivfs
]f`unhtfe Chrkfts 59.:% 6.:% =:%
CUB 7.:% ?.8% :%AUO ilonueil` ehrk paans 58.:% 79.=% 7:%
_I (bar fquitifs alny) =.:% LH LH
Atgfr :.:% =.0%
Vlitfe _thtfs Fquitifs BixfeIloacf Efrivhtivfs
Fxoghl`fs 25.=% >8% =:%
AUO (ilonueil` HU_/ehrk paans) ?6.7%
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Oacphril` Furapfhl hle V._. _fouritifs ]f`unhtials 8?
8: _FO, _pffog my _FO Oghirchl, rfchrks ht tgf IA_OA Ufogliohn Oaccittff Oalbfrflof,
Aotamfr 7, =::9. Phnn _trfft Daurlhn, LY_F Fxfoutivfs4 Carf rf`unhtial ab ehrk paans lffefe,
Chy 89, =::9.
88_aurof4 BF_F. Ugf chrkft sghrf ab AUO vflufs il fquity trheil` il Furapf ghs ilorfhsfe brac=2 pfroflt il Aotamfr =::7 ta 58 pfroflt il Chy =::9.8=]asflmnhtt _fouritifs fstichtfs tgf chrkft sghrf ab ehrk paans il V._. nistfe staoks ht 7.9 pfroflt
il Efofcmfr =::7. Hooareil` ta Uhmm @raup, tgis chrkft sghrf whs 0.85 pfroflt il Hprin =::9.
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85
O G H Z U F ] ?
Amdfotivfs ab tgf_fouritifs ]f`unhtials il
Furapf hle tgf Vlitfe _thtfs
fouritifs rf`unhtials il tgf FV hle Vlitfe _thtfs ghvf h sicinhr fcpghsis al
ilvfstar pratfotial, bhir hle arefrny chrkfts, hle priof trhlsphrfloy, wgiog is
vifwfe il tgf Vlitfe _thtfs hs h taan ta hogifvf matg ilvfstar pratfotial hle bhir hle
arefrny chrkfts. _uog sicinhritifs hrf il nilf witg tgf =::? IA_OA Oarf Zriloipnfs ab
_fouritifs ]f`unhtial.8 Ghrcalizhtial is hnsa hl icparthlt `ahn il Furapf bar
ilstitutialhn rfhsals, mut it ghs la fquivhnflt il tgf Vlitfe _thtfs, silof sthtf pawfrs il
sfouritifs rf`unhtial hrf prffcptfe my hle cust rfny al tgf _FO runfs (_fotial 86(g)
ab tgf Fxoghl`f Hot).
Amdfotivfs ab tgf FV _fouritifs ]f`unhtials
Ugf iltraeuotary phrt ab tgf =::5/?9/FO Eirfotivf cfltials tgrff amdfotivfs4 it is
lfofsshry ta pravief bar tgf ef`rff ab ghrcalizhtial lffefe ta abbfr ilvfstars h gi`g
nfvfn ab pratfotial hle ta hnnaw ilvfstcflt bircs ta pravief sfrviofs tgrau`gaut tgf
Oacculity.
Flghlof oacpftitial il tgf sil`nf chrkft4tgf 8972 _il`nf Furapfhl Hot iltfles
ta orfhtf hl hrfh witgaut iltfrlhn braltifrs il wgiog tgf brff cavfcflt ab `aaes,
pfrsals, sfrviofs hle ohpithn is flsurfe. Ugf 8999 Bilhloihn _frviofs Hotial Znhl
(B_HZ) hics ta fsthmnisg h sil`nf wganfshnf bilhloihn chrkft hle ta apfl hle sfourf
rfthin bilhloihn chrkfts il tgf FV. CiBIE is h kfy oacpalflt ab tgf B_HZ. Oacphrfe taits prfefofssar, tgf 899? Ilvfstcflt _frviofs Eirfotivf (I_E), it hmanisgfs tgf
oalofltrhtial runf il wgiog cfcmfr sthtfs oaune rfquirf ilvfstcflt bircs ta rautf
oniflts arefrs ta eacfstio ]f`unhtfe Chrkfts, prfvfltil` oacpftitial mftwffl
lhtialhn fxoghl`fs hle hntfrlhtivf trheil` vflufs. Il heeitial, CiBIE fsthmnisgfs h
bunn phsspart, flhmnil` ilvfstcflt bircs, alof hutgarizfe hle supfrvisfe il h
cfcmfr sthtf, ta abbfr tgfir sfrviofs il hlatgfr cfcmfr sthtf witgaut burtgfr
hutgarizhtial brac tgf gast sthtf. Ugis icpnifs cutuhn rfoa`litial.
Zratfot ilvfstarsefpfleil` al tgfir oghrhotfristios4 CiBIE eistil`uisgfs mftwffl
rfthin oniflts, prabfssialhn oniflts (efbilfe hs ghvil` tgf fxpfriflof, klawnfe`f hle
fxpfrtisf ta chkf tgfir awl ilvfstcflt efoisials) hle fni`imnf oaultfrphrtifs
(ilvfstcflt bircs, orfeit ilstitutials, ilsurhlof oacphlifs, `avfrlcflts, ofltrhn
mhlks, cutuhn hle pflsial bules hle tgfir chlh`fcflt oacphlifs, ulefrthkil`
_
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Oacphril` Furapfhl hle V._. _fouritifs ]f`unhtials 86
efhnil` al awl hooault oaccaeitifs, buturfs, aptials). Oniflt ohtf`arizhtial is
mileil`4 bircs ghvf ta ilbarc tgfir oniflts gaw tgfy ohtf`arizf tgfc, hle tgis flthins h
eibbfrflt nfvfn ab pratfotial. ]fthin ilvfstars mflfbit brac `rfhtfr pratfotial, il
phrtiounhr hs rf`hres tgf suithminity ab tgf ilvfstcflt rfoaccflehtial, tgf ilbarchtial
tgfy rfofivf al tgf ilvfstcflt birc, tgf ilbarchtial al trhlshotials oghr`fs. Ugf kfy
eispasitials ta flsurf ilvfstar pratfotial hrf bhir, onfhr hle lat cisnfheil`
ilbarchtial ta oniflts; suithminity; mfst fxfoutial; hle fxpfeitiaus fxfoutial ab oniflt
arefrs (hrtionfs 89, =8 hle == ab CiBIE Nfvfn 8 Eirfotivf). Ugf Eirfotivf efbilfs fni`imnf
oaultfrphrtifs ta wgiog tgf nhttfr eispasitials ea lat hppny (hrtionf =5). Fni`imnf
oaultfrphrtifs hle prabfssialhn oniflts hrf rau`gny sicinhr mut tgf twa oalofpts hrf
usfe il eibbfrflt ilsthlofs.
Ghrcalizf cfcmfr sthtfs rf`unhtials4 tgf I_E ghrcalisfe tgf ilitihn
hutgarizhtial hle apfrhtil` rfquirfcflts bar ilvfstcflt bircs mut bfhturfe cilichn
ghrcalizhtial hle cutuhn rfoa`litial. Hs h rfsunt, cfcmfr sthtfs oaune flhot tgfir
awl runfs al tap ab tgf Eirfotivfs rfquirfcflts (`anepnhtil`) wgiog icpfefe tgf
orfhtial ab h nfvfnpnhyil` bifne. CiBIE pragimits suog `anepnhtil`, nfheil` ta
chxicuc ghrcalizhtial. Gawfvfr, tgf iltfltial il tgf Nfvfn 8 Eirfotivf whs
ulefrcilfe il tgf icpnfcflthtial praofss. Ugf Nfvfn = Eirfotivf hnnaws cfcmfr
sthtfs ta icpasf heeitialhn rfquirfcflts il fxofptialhn ohsfs hle ulefr ofrthil
oiroucsthlofs.
Amdfotivfs ab tgf V._. _fouritifs ]f`unhtials
Hooareil` ta tgf _FO wfmsitf, tgf cissial ab tgf V._. _fouritifs hle Fxoghl`f
Oaccissial is ta pratfot ilvfstars, chilthil bhir, arefrny, hle fbbioiflt chrkfts, hlebhoinithtf ohpithn barchtial. Ua tgis fle, V._. rf`unhtials pailt aut tgf lffe bar priof
eisoavfry praofss. Ugf chil eibbfrflof witg CiBIE is tght ilvfstar pratfotial runfs
hrf lat twatifrfe4 tgf systfc pratfots hnn ilvfstars witg sacf ohrvfauts bar
ilstitutialhn ilvfstars. Ilstitutialhn ar hoorfeitfe ilvfstars hrf efbilfe il tgf
Fxoghl`f Hot hs ilvfstcflt oacphlifs, bilhloihn ilstitutials, hle schnn musilfss
ilvfstcflts (_fotial ?, 65).
Chilthil bhir, arefrny hle fbbioiflt chrkfts4 tgis is tgf bauleil` amdfotivf ab
sfouritifs rf`unhtial. Ugf birst Hot ta rf`unhtf sfouritifs ht tgf bfefrhn nfvfn, tgf 89??
_fouritifs Hot sthtfs il its titnf Hl hot ta pravief bunn hle bhir eisonasurf ab tgf
oghrhotfr ab sfouritifs sane il iltfrsthtf hle barfi`l oaccfrof hle tgrau`g tgf chins,hle ta prfvflt brhues il tgf shnf tgfrfab, hle bar atgfr purpasfs. Ugis amdfotivf rfsunts
il ar`hlizhtialhn hrrhl`fcflts bar mrakfrs hle efhnfrs hle chrkfts, h ti`gt oaltran al
brhue, tgf bhoinithtial ab oacpftitial hle h oalofrl ta chilthil chrkft niquieity. Il
heeitial, tgis amdfotivf rfquirfs tgf _FO ta oalsiefr tgf icphot ab rf`unhtial al
oacpftitial, hle pragimits it brac heaptil` runfs tght waune icpasf hl ullfofsshry
murefl al oacpftitial (Fxoghl`f Hot _fotial =?(h)(=)).
Zratfot ilvfstars4 hooareil` ta tgf _FO, hnn ilvfstars, wgftgfr nhr`f ilstitutials
ar privhtf ileivieuhns, sgaune ghvf hoofss ta ofrthil mhsio bhots hmaut hl ilvfstcflt
priar ta muyil` it, hle sa nal` hs tgfy gane it.= Ugfrfbarf, pumnio oacphlifs hrf
rfquirfe ta eisonasf cfhlil`bun bilhloihn hle atgfr ilbarchtial ta tgf pumnio. Ugis
praviefs h oaccal paan ab klawnfe`f bar hnn ilvfstars ta usf ta due`f bar tgfcsfnvfs
wgftgfr ta muy, sfnn, ar gane h phrtiounhr sfourity. Ugf bnaw ab ilbarchtial rfsunts il
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82 Parne Mhlk Parkil` Zhpfr
carf trhlsphrflt ohpithn chrkfts wgiog bhoinithtf ohpithn barchtial. Oacphrfe ta
CiBIE, tgf ohtf`arizhtial ab ilvfstars is nfss mileil`4 mrakfrs hle efhnfrs ea lat
ghvf ta ohtf`arizf tgfir oniflts. Ugf V._. rf`unhtary sogfcf is lat twatifrfe; it pratfots
hnn ilvfstars, witg sacf ohrvfauts bar ilstitutialhn ilvfstars.?Gawfvfr, tgf rfsunt ab
matg systfcs is oacphrhmnf il tgf sflsf tght rfthin ilvfstars mflfbit brac stral`fr
pratfotial tghl ilstitutialhn ar ilbarcfe ilvfstars. Ugf V._. rf`unhtary rfbarc is
oalsiefril` tgf rfilbarofcflt ab rfthin ilvfstars pratfotial4 tgf Urfhsury Pgitf Zhpfr
al bilhloihn rfbarc prapasfs ta fsthmnisg h bieuoihry euty bar mrakfrefhnfrs abbfril`
ilvfstcflt heviof, hle ghrcalizf tgf rf`unhtial ab ilvfstcflt hevisfrs hle mrakfr
efhnfrs.5 Ugf phpfr hoklawnfe`fs tght hntgau`g tgfy hrf rf`unhtfe ulefr eibbfrflt
brhcfwarks, ilvfstcflt hevisfrs hle mrakfrefhnfrs pravief sicinhr sfrviofs ta rfthin
ilvfstars.
Ua hogifvf bhir hle arefrny chrkfts hle ilvfstar pratfotial, tgf V._. rf`unhtials
fcpghsizf iltfr hnihtgf lffe bar priof eisoavfry. Pgfl Oal`rfss hutgarizfe tgf _FO
ta fsthmnisg h lhtialhn chrkft systfc bar fquitifs il 8906, it sthtfe tgf priloipnf ab
oacpftitial hcal` arefrs, flhmnil` priof eisoavfry bar arefrs ab hnn sizfs. Il ]f`
LC_, tgf _FO ileiohtfs tght ib oacpftitial hcal` arefrs is nfssflfe, tgf quhnity ab
priof eisoavfry bar hnn sizfs ab arefrs ohl mf oacpracisfe. Icphirfe priof eisoavfry
oaune ohusf chrkft priofs ta efvihtf brac bulehcflthn vhnufs, rfeuof chrkft efptg
hle niquieity.6
Latfs
8IA_OA Oarf Zriloipnfs put barwhre tgrff amdfotivfs4 tgf pratfotial ab ilvfstars, flsuril` tghtchrkfts hrf bhir, fbbioiflt hle trhlsphrflt, hle tgf rfeuotial ab systfcio risk.=_FO Pfmsitf.? Fxhcpnfs ab ohrvfauts bar ilstitutialhn ilvfstars ilonuef4 fxfcptials brac tgf rf`istrhtial
rfquirfcflts ab tgf _fouritifs Hot ib hl fltity sfnns h sfourity alny ta hoorfeitfe ilvfstars; ulefr
]f`unhtial ]. tgfrf is hl fxfcptial brac tgf efbilitial ab mrakfr bar mhlks tght chkf ofrthil
ilstitutialhn rfbfrrhns; tgf suithminity runf icpasfs nfss stril`flt rfquirfcflts al bircs ib tgfy hrf
efhnil` witg ilstitutialhn ilvfstars; oacculiohtials tght hrf efnivfrfe hle chef hvhinhmnf sanfny
ta ilstitutialhn ilvfstars chy mflfbit brac fxfcptials brac tgf hevfrtisil` binil` rfquirfcflts
(LH_E ]unf ==8: hle ==88).5V._. Urfhsury Efphrtcflt, Bilhloihn ]f`unhtary ]fbarc4 H Lfw Baulehtial, 80 Dulf =::9.6 ]f` LC_, Zriloipnfs hle Amdfotivfs, Oacpftitial hcal` chrkfts hle oacpftitial hcal`arefrs, _fotial I.M.8.
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80
O G H Z U F ] 5
Icpnfcflthtial abtgf Eibbfrflt Amdfotivfs
Hs ]f`hres Oacpftitial/Bhir hle Arefrny Chrkfts
Hutgarizil` praofeurfs bar ilvfstcflts bircs, mrakfrsefhnfrs, hle fxoghl`fs4 Ugf
hutgarizil` praofeurfs hrf sicinhr al matg siefs ab tgf Htnhltio. Zrfonfhrhlof is
rfquirfe bar ilvfstcflt bircs/mrakfrefhnfrs hle ]f`unhtfe Chrkfts/fxoghl`fs mfbarf
tgfy mf`il musilfss, hle tgf ilbarchtial lffefe ta amthil tgf hutgarizhtial is mrahe.
Hutgarizhtial ab ilvfstcflt bircs/rf`istrhtial ab mrakfrs hle efhnfrs4 Furapfhl
rf`unhtars hrf lat suppasfe ta `rhlt hutgarizhtial ultin hl ilvfstcflt birc cffts h sft
ab prfefbilfe oaleitials ilonueil` tgf bannawil`4 bit hle prapfr tfsts bar chlh`frs hle
sghrfganefrs hle pfrsals witg quhnibyil` ganeil`s; ar`hlizhtialhn hle ilitihn ohpithn
rfquirfcflts; hle cfcmfrsgip il hutgarizfe Ilvfstar Oacpflshtial _ogfcf (ib
rfquirfe). Heeitialhnny tgf ilvfstcflt bircs spfoiby tgf soapf ab tgfir ilvfstcfltsfrviofs ar hotivitifs. Pgfl h rf`unhtar is bunny shtisbife tght hl ilvfstcflt birc cffts
hnn tgf rfquirfcflts it ohl `rhlt hl hutgarizhtial lat nhtfr tghl 2 caltgs hbtfr tgf
sumcissial ab tgf hppniohtial. Ilvfstcflt bircs cust rfquirf hl fxtflsial ab tgf
hutgarizhtial ib tgfy ilvanvf il heeitialhn hotivitifs.
Il tgf Vlitfe _thtfs, mrakfrs hle efhnfrs cust lat fl`h`f il sfouritifs musilfss
ultin 8) tgfy ghvf binfe hl hppniohtial barc (Barc ME) hle tgf _FO ghs `rhltfe its
rf`istrhtial; =) tgfy ghvf mfoacf h cfcmfr ab hl _]A; ?) tgfy ghvf mfoacf h cfcmfr
ab tgf _fouritifs Ilvfstars Zratfotial Oarparhtial; 5) tgfy oacpny witg hnn hppniohmnf
sthtf rfquirfcflts; 6) tgfir hssaoihtfe pfrsals ghvf shtisbife hppniohmnf quhnibiohtials
rfquirfcflts.8
Ugf _FO hots al hppniohtial witgil 56 ehys, praviefe tgf mrakfrefhnfris h _]A cfcmfr hle tgf _]A ghs hppravfe tgf hppniohtial. Barc ME sumcittfe my
mrakfrs hle efhnfrs il tgf Vlitfe _thtfs is vfry efthinfe. It rfquirfs ilbarchtial hmaut
tgf mhok`raule ab tgf mrakfrefhnfr hle its hssaoihtfe pfrsals (priloiphns, oaltrannil`
pfrsals, hle fcpnayffs). Hl hppniohlt ghs ta eisonasf pfrsals tght fxfroisf eirfot ar
ileirfot oaltran avfr h mrakfrefhnfr hle efsorimf tgf lhturf ab tgf oaltran. _icinhr ta
tgf Furapfhl rfquirfcflts, mrakfrefhnfrs ghvf ta spfoiby tgf soapf ab tgfir hotivitifs
hle upehtf tgf barc fvfry ticf tgfy ilvanvf ilta lfw ar punn aut brac tgf fxistil`
hotivitifs. Pitgil six caltgs hbtfr tgf rf`istrhtial is `rhltfe, tgf Oaccissial ar h sfnb
rf`unhtary ar`hlizhtial oaleuots hl ilspfotial il arefr ta eftfrcilf tgf oalbarcity ab
mrakfrefhnfrs witg tgf Fxoghl`f Hot hle tgf rfnhtfe runfs hle rf`unhtials.
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87 Parne Mhlk Parkil` Zhpfr
Hutgarizhtial ab ]f`unhtfe Chrkfts/]f`istrhtial ab Fxoghl`fs4Zrfonfhrhlof my
rf`unhtars is rfquirfe mfbarf ]f`unhtfe Chrkfts hle fxoghl`fs fl`h`f ilta musilfss.
Ugfrf hrf twa chdar eibbfrflofs il prfoaleitials bar onfhrhlof il Furapf hle il tgf
Vlitfe _thtfs. Ugf birst is tgf hppniohtial ab bit hle prapfr tfsts bar chlh`frs hle
pfrsals fxfroisil` si`libiohlt ilbnuflofavfr tgf chlh`fcflt ab ]f`unhtfe Chrkfts
il Furapf, wginf sicinhr pravisials ea lat hppfhr il tgf Vlitfe _thtfs. Ugf sfoale
eibbfrflof is tgf rfquirfcflt bar fxoghl`fs il tgf Vlitfe _thtfs ta efcalstrhtf tgf
hminity ta eisoipnilf tgfir cfcmfrs bar vianhtial ab matg bfefrhn hle _]As runfs. Il
Furapf, fxoghl`fs sghnn alny efcalstrhtf tght tgfy hrf hmnf ta calitar oacpnihlofab
tgfir cfcmfrs hle rfpart ta oacpftflt hutgaritifs hly vianhtial ab tgf runfs ab tgf
]f`unhtfe Chrkfts hle atgfr nf`hn pravisials. Il phrtiounhr il Furapf, CiBIE, hle tgf
Chrkft Hmusf Eirfotivf= rfquirf rf`unhtfe fxoghl`fs ta calitar bar chrkft hmusf.
Zracatial ab bhir trheil` hle laleisoricilhtial my runfs ab tgf ]f`unhtfe
Chrkft/fxoghl`f is prfsflt matg il Furapf hle il tgf Vlitfe _thtfs.
Atgfr prfoaleitials bar tgf hutgarizhtial il Furapf ilonuef ar`hlizhtialhn
rfquirfcflts; onfhr hle trhlsphrflt runfs hs rf`hre hoofss ta ]f`unhtfe Chrkfts; hle
hecissial/rfcavhn ab bilhloihn ilstrucflts brac trheil`. _icinhr prfoaleitials hrf il
pnhof il tgf Vlitfe _thtfs hs wfnn hs runfs al bhir rfprfsflthtial ab cfcmfrs hle
ilvfstcflt oacculity il tgf chlh`fcflt ab fxoghl`fs hle runfs ta pravief fquithmnf
priloipnfs al hnnaohtial ab bffs hle atgfr oghr`fs hcal` cfcmfrs ab tgf fxoghl`fs.
Bit hle prapfr tfsts rfquirfcflts eibbfr chrkfeny il Furapf hle il tgf Vlitfe
_thtfs4 Birstny, tgf V._. systfc is runfmhsfe vfrsus priloipnfmhsfe il tgf FV. _triot
rfputhtialhn hle prabfssialhn rfquirfcflts hrf il pnhof bar mrakfrefhnfrs il tgf
Vlitfe _thtfs, fsthmnisgfe ulefr tgf Fxoghl`f Hot (_fotial 86, Zhr. 5) hle flghlofe mytgf _]As runfs. Ugfrf is h sft ab spfoibio hle amdfotivf oritfrih ulefr wgiog tgf
oacpftflof hle rfputhtial ab mrakfrefhnfrs hle tgfir hssaoihtfe pfrsals ohl mf
hssfssfe hle sthtutary eisquhnibiohtial ohl mf icpasfe.?Gawfvfr, lfitgfr tgf _FO ar
tgf _]As ghs h chlehtf ta chkf h due`cflt, hs it is tgf ohsf il Furapf, ab wgftgfr
fxfoutivfs ab hl ilvfstcflt birc/]f`unhtfe Chrkft hrf ab subbioifltny `aae rfputf
hle subbioifltny fxpfriflofe ta eirfot tgf musilfss. Ugfrf is la prfeftfrcilfe sft ab
oritfrih il Furapf. _foaleny, tgf soapf ab tgf Furapfhl bit hle prapfr tfst is mrahefr4 (i)
tgf V._. sfouritifs rf`unhtial ghs lat fsthmnisgfe rfputhtialhn ar prabfssialhn
rfquirfcflts bar fxoghl`fs hle tgfir hssaoihtfe pfrsals; il Furapf, CiBIE rfquirfs bit
hle prapfr tfsts bar tgf chlh`frs ab ]f`unhtfe Chrkfts hle pfrsals wga fxfroisfsi`libiohlt ilbnuflof avfr tgf chlh`fcflt ab ]f`unhtfe Chrkfts. (ii) Hooareil` ta
CiBIE, h rf`unhtar ghs tgf pawfr ta hssfss patfltihn hoquirfrs ab ilvfstcflt bircs,5
wgiog is lat tgf ohsf il tgf Vlitfe _thtfs. Ugf V._. rf`unhtar ghs thkfl tgf sthlof tght
hoquisitials winn mf hssfssfe my tgf chrkft, wgfrf patfltihn sylfr`ifs (strhtf`io ar
bilhloihn) winn mf rfbnfotfe il chrkft priof. Ht tgf shcf ticf mrakfrefhnfrs winn ghvf ta
oacpny witg rfputhtialhn hle prabfssialhn tfsts, ohpithn rfquirfcflts, hle calfy
nhulefril` runfs ht hnn ticfs, mfbarf hle hbtfr mfil` hoquirfe.
Il Furapf bit hle prapfr tfsts hrf stral`fr bar ]f`unhtfe Chrkfts tghl bar tgf
ilvfstcflt bircs. Il tgf ohsf ab ilvfstcflt bircs h rf`unhtar ghs tgf hutgarity ta due`f
wgftgfr h chlh`fr ab hl ilvfstcflt birc is subbioifltny fxpfriflofe hle ab subbioifltny`aae rfputf ta eirfot tgf musilfss hle ta hssfss suithminity ab sghrfganefrs ar cfcmfrs,
wgftgfr eirfot ar ileirfot, witg quhnibyil` ganeil`s.6Il tgf ohsf ab h ]f`unhtfe Chrkft
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Oacphril` Furapfhl hle V._. _fouritifs ]f`unhtials 89
h rf`unhtar `afs alf stfp burtgfrmy rfquiril` tght pfrsals tght eirfotny ar ileirfotny
fxfroisf ilbnuflof2 avfr tgf chlh`fcflt ab ]f`unhtfe Chrkft cust mf suithmnf. H
rf`unhtar icpasfs hl amni`htial al h ]f`unhtfe Chrkft ta eisonasf iefltity hle sohnf
ab iltfrfst ab pfrsals wga fxfroisf si`libiohlt ilbnuflof avfr tgf chlh`fcflt.
Oacpftflt hutgaritifs winn lat `rhlt hutgarizhtial ta ilvfstcflt bircs ib onasf nilks
tght fxist mftwffl tgf birc hle atgfr lhturhn ar nf`hn pfrsal ohl dfaphreizf fbbfotivf
supfrvisial. Gawfvfr, tgfrf is la rfquirfcflt bar hl ilvfstcflt birc ta eisonasf
tgasfnilks. Ilstfhe, tgf murefl ab praab rfchils witg tgf rf`unhtar.
Il tgf Vlitfe _thtfs, tgf Fxoghl`f Hot fsthmnisgfs efthinfe rfputhtialhn
rfquirfcflts bar mrakfrefhnfrs hle tgfir hssaoihtfe pfrsals. Ugf efbilitial ab hl
hssaoihtfe pfrsal is mrahe hle ilonuefs hly phrtlfr, abbiofr, eirfotar, mrhlog chlh`fr,
fcpnayffs (fxofpt wgfl tgfir bulotials hrf sanfny onfriohn ar cilistfrihn) hle hly
pfrsal eirfotny ar ileirfotny oaltrannil , oaltrannfe my, ar ulefr oaccal oaltran witg
h mrakfrefhnfr. Ugf tfrc oaltran0oalthils h lf`htivf prfsucptial tght hly pfrsal
wga eafs lat awl vatil` sfouritifs, phrtioiphtf il prabits ar bulotial hs hl fxfoutivf,
sghnn mf prfsucfe lat ta ghvf oaltran avfr hlatgfr pfrsal (sff LY_F ]unf =b hle
barc ME). Ugfrf is la suog h oalofpt hs pfrsal wga fxfroisfs si`libiohlt ilbnuflof
avfr tgf chlh`fcflt hs cfltialfe il tgf ohsf ab ]f`unhtfe Chrkfts il Furapf,
tght chy hrisf fvfl brac h tily pfroflth`f ab sghrfganeil` iltfrfst . ]fputhtialhn
rfquirfcflts ilonuef vianhtials ar oricfs rfnhtfe ta trheil`, ilvfstcflt hevisil`,
orfeit rhtil` h`floy musilfss, vianhtial ab sfouritifs hle ilvfstcflt rf`unhtial hs wfnn
hs `flfrhn oricfs. Ugf rf`unhtar `afs tght bhr ta pragimit cfcmfrsgip ta pfrsals wga
bhinfe ta supfrvisf h pfrsal sumdfot ta gis/gfr supfrvisial il rfnhtial ta sfouritifs
trheil`/ilvfstil`.Il heeitial ta bfefrhn rf`unhtial, fhog _]A ohl icpasf rfputhtialhn hle
prabfssialhn rfquirfcflts bar mrakfrefhnfrs. Mrakfrefhnfrs pravief ilbarchtial
hmaut its hssaoihtfe pfrsals ta tgf _FO hle ta BIL]H my sumcittil` tgf Barc ME, mut
tgfy hnsa ghvf ta binf V5 barc witg _]A (wgfl cfcmfrs) bar fhog pfrsal tght fbbfots
trhlshotial il sfouritifs. Ugf V5 barc oalthils ileivieuhns fcpnaycflt hle
eisoipnilhry gistary.
Zrabfssialhn rfquirfcflts hrisf brac tgf Fxoghl`f Hot, mut quhnibiohtial tfsts hrf
efsi`lfe hle hecilistfrfe my _]As. Hl hssaoihtfe pfrsal wga fbbfots trhlshotial il
sfouritifs is amni`fe ta cfft quhnibiohtial rfquirfcflts, wgiog ilonuefs phssil` h
quhnibiohtial fxhcilhtial.Urhlsphrfloy ab ganeil`s hle mflfbioihn awlfrsgip4 _icinhr ta Furapf wgfrf
eisonasurf ab sghrfganefrs ar cfcmfrs hle pfrsals witg quhnibyil` ganeil`s hle
hcault ab tgasf ganeil`s is h rfquirfcflt, mrakfrefhnfrs ghvf ta eisonasf pfrsals
wga fxfroisf eirfot ar ileirfot oaltran, ileiohtil` tgf pfroflth`f ab tgfir awlfrsgip
hle efsorimil` tgf lhturf ab tgf oaltran. Gawfvfr, tgf rfquirfcflt is wfhkfr il tgf
Vlitfe _thtfs il tgf sflsf tght mflfbioihn awlfrs ab fxoghl`fs ea lat ghvf ta mf
eisonasfe ta tgf rf`unhtar, hs h rfsunt ab h prfsucptial tght tgf chrkft winn iefltiby
rfputhtialhn issufs.
Ar`hlizhtialhn rfquirfcflts bar ilvfstcflt bircs hle mrakfrefhnfrs4 Ugfy hrf
sicinhr il Furapf hle tgf Vlitfe _thtfs. CiBIE nhys eawl efthinfe ar`hlizhtialhnrfquirfcflts tght cust mf cft my ilvfstcflt bircs il arefr ta rfofivf hutgarizhtial
brac h oacpftflt hutgarity. _fvfrhn ab tgasf rfquirfcflts ohl mf baule ulefr tgf V._.
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=: Parne Mhlk Parkil` Zhpfr
runfs4 8) rfquirfcflts bar ilvfstcflt bircs hle mrakfrefhnfrs ta ghvf il pnhof
hrrhl`fcflts ta prfvflt oalbniot ab iltfrfst; =) hefquhtf systfcs, rfsaurofs hle
praofeurfs il arefr ta hssurf oaltiluity il musilfss sfrviofs; ?) rfspalsiminitifs wgfl
autsauroil` ta tgire phrtifs; 5) saule hooaultil` hle hecilistrhtivf praofeurfs hle 6)
panioifs hle praofeurfs al pfrsalhn trhlshotials ab fcpnayffs hle tife h`flts.7
Ugf ar`hlizhtialhn rfquirfcflts bar fxoghl`fshrf mrahefr il tgf Vlitfe _thtfs
tghl il Furapf hle hrf baousfe al tgf fxoghl`fs eisoipnilhry ranf, rhtgfr tghl al
iltfrlhn systfcs hle panioifs wgiog is castny tgf ohsf il Furapf. Ugf oaccal bfhturf
il tgf twa rf`unhtary brhcfwarks is tgf pracatial ab bhir hle arefrny trheil` hle
trhlsphrfloy il trhlshotials. Ugf V._. fxoghl`fs cust efcalstrhtf tght tgfy ghvf il
pnhof sanie eisoipnilhry hle flbarofcflt praofeurfs il arefr ta fxfroisf tgfir
oacpnfcflthry bulotial il sfouritifs chrkfts rf`unhtial (_]A ranf). Al tgf atgfr sief,
tgf chil amdfotivf ab tgf ar`hlizhtialhn rfquirfcflts bar ]f`unhtfe Chrkfts il Furapf
is tgf prfvfltial ab apfrhtialhn risks hle systfc eisruptials, hle flsuril` subbioiflt
rfsaurofs il arefr ta ohrry al musilfss hotivity. Ugf eibbfrflof mftwffl tgf _]A
eisoipnilhry ranf ab tgf V._. fxoghl`fs hle tgf carf nicitfe ranf ab tgf FV fxoghl`fs is
tgf chil rfhsal wgy apfrhtialhn rfquirfcflts al FV fxoghl`fs hrf ni`gtfr.
Ohpithn rfquirfcflts bar ilvfstcflt bircs/mrakfrs hle efhnfrs4 ]f`unhtary
ohpithn rfquirfcflts hrf eibbfrflt il Furapf hle il tgf Vlitfe _thtfs. Pginf il Furapf
ohpithn rfquirfcflts hrf risk mhsfe, il tgf Vlitfe _thtfs tgf Lft Ohpithn ]unf (]unf
86o?8) bar mrakfrefhnfrs is mhsfe al tgf oalofpt ab chilthilil` h gi`gny niquie oarf ab
ohpithn. Ugis runf is ta amni`f mrakfrefhnfrs ta ghvf ht hnn ticfs flau`g niquie hssfts ta
mf hmnf ta shtisby tgf onhics ab oustacfrs il tgf ohsf h mrakfrefhnfr `afs aut ab
musilfss.9
Ilvfstcflt bircs il Furapf hrf rfquirfe ta oacpny witg tgf Ohpithn]fquirfcflt Eirfotivfs bar orfeit ilstitutials.8:
Vlefr tgf _FO runf mrakfrefhnfrs cust ghvf il pnhof cilicuc ohpithn nfvfns,
sumdfot ta tgf typf ab sfouritifs hotivitifs tgfy hrf fl`h`fe il hle mhsfe al ofrthil
bilhloihn rhtias. Bar fxhcpnf, h mrakfrefhnfr tght ohrrifs oustacfr ar mrakfrefhnfr
hooaults hle rfofivfs ar ganes bules ar sfouritifs bar tgasf pfrsals is rfquirfe ta
chilthil h cilicuc lft ohpithn ab V_$=6:,:::. Nhr`f mrakfrefhnfrs tght gane
oustacfr bules hle sfouritifs abtfl ogaasf ta ohnounhtf tgfir lft ohpithn mhsfe al tgf
hntfrlhtivf cftgae. Zursuhlt ta suog cftgae, h mrakfr efhnfr cust chilthil ht nfhst
tgf `rfhtfr ab V_$=6:,::: ar = pfroflt ab h``rf`htf efmit itfcs oacputfe usil` tgf
Barcunh bar Eftfrcilhtial ab ]fsfrvf ]fquirfcflts bar Mrakfrs hle Efhnfrs.88Cilicuc ohpithn rfquirfcflts bar mrakfrefhnfrs wga ea lat ohrry oustacfr hooaults
hrf schnnfr.
Il Furapf, ilvfstcflt bircs lffe ta ghvf ilitihn hcault ab ohpithn il pnhof il arefr
ta fl`h`f il tgf musilfss hotivity. Ilvfstcflt bircs tght gane oniflt bules ar sfouritifs
hrf rfquirfe ta ghvf hl ilitihn ohpithn ab FV] 8=6,:::. Bircs tght ea lat ohrry oniflt
bules ohl apfrhtf witg hl ilitihn ohpithn ab FV] 6:,:::. Heeitialhnny, ohpithn
rfquirfcflts runfs stipunhtf tgf cilicuc hcaults ab awl bilhloihn rfsaurofs tght
orfeit ilstitutials hle ilvfstcflt bircs cust ghvf il arefr ta oavfr tgf risks ta wgiog
tgfy hrf fxpasfe. Ugf hic is ta pratfot oniflts hle tgf sthminity ab tgf bilhloihn systfc.8=
Ugf ohpithn rfquirfcflt runfs hrf ourrfltny ulefr rfvifw il tgf FV, ta mfttfr hooault ilphrtiounhr bar nhr`f fxpasurfs, sfouritizhtial fxpasurfs, hle risks ta tgf trheil` maak.8?
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Oacphril` Furapfhl hle V._. _fouritifs ]f`unhtials =8
Citi`htial ab oalbniot ab iltfrfst4 Ugf oalbniot ab iltfrfst rfquirfcflts ulefr
CiBIE hrf mrahe hle `flfrhn, wginf il tgf Vlitfe _thtfs tgfy hppfhr ta mf baousfe al
spfoibio situhtials.
Il Furapf, fvfry ilvfstcflt birc cust fsthmnisg, icpnfcflt, hle chilthil hl
fbbfotivf oalbniot ab iltfrfst panioy, efpfleil` al tgf lhturf hle oacpnfxity ab its
musilfss. Ugf panioy sghnn onfhrny iefltiby situhtials tght chy rhisf oalbniots ab iltfrfst
mhsfe al tgf `uiefnilfs praviefe my CiBIE. Il tgf Vlitfe _thtfs, tgfrf is la suog
fquivhnflt ab h oalbniot ab iltfrfst panioy; tgfrf hrf lalftgfnfss sfvfrhn pravisials ta
citi`htf oalbniots ab iltfrfst, wgiog hrf thr`ftfe ta spfoibio situhtials. Bar fxhcpnf,
wgfl rfoaccfleil` h sfourity h mrakfr efhnfr ghs h euty ta eisonasf hly chtfrihn
oalbniot ab iltfrfst (Fxoghl`f Hot, _fotial 8:(m)(6)); h mrakfr efhnfr hnsa ghs ta eisonasf
il writil` ta oustacfrs ib gf ghs hly oaltran, hbbinihtial, ar iltfrfst il h sfourity tght is
abbfril` ar il tgf issufr ab suog sfourity (Fxoghl`f Hot 86o86&2). _fotial 86(b) ab tgf
Fxoghl`f Hot rfquirfs mrakfrs hle efhnfrs ta fsthmnisg hle flbarof praofeurfs ta
prfvflt tgf cisusf ab chtfrihn lalpumnio ilbarchtial, hle _fotial 88(h) pragimit tgfc
brac fbbfotil` trhlshotials al fxoghl`fs bar tgfir awl hooaults.85
Hoofss ta chrkft is hl icparthlt runf ta bastfr oacpftitial hle bhir hle arefrny
trheil` hle is sicinhr al matg siefs ab tgf Htnhltio4 Il Furapf, fxoghl`fs `rhlt hoofss
ta pfrsals wga hrf bit hle prapfr, ghvf subbioiflt nfvfn ab trheil` hminity hle
oacpftflof, oacpny witg ar`hlizhtialhn rfquirfcflts hle ghvf subbioiflt bilhloihn
rfsaurofs bar tgf ranf tgfy pfrbarc.
Il tgf Vlitfe _thtfs, fxoghl`fs chy pravief hl hoofss ta hly rf`istfrfe mrakfr
hle efhnfr. Hs eisoussfe ulefr tgf rf`istrhtial, mrakfrs hle efhnfrs ghvf ta oacpny
witg rfputhtialhn hle prabfssialhn tfsts il arefr ta mf rf`istfrfe. Heeitialhnny,fxoghl`fs hrf fltitnfe ta efly cfcmfrsgip ta mrakfrefhnfrs wga hrf ulefr sthtutary
eisquhnibiohtials, ea lat cfft sthlehres ab bilhloihn rfspalsiminity ar apfrhtialhn
ohphminity, ar h mrakfrefhnfr ar hly lhturhn pfrsal hssaoihtfe witg suog mrakfrefhnfr
wga eafs lat cfft sthlehres ab trhilil`, fxpfriflof, hle oacpftflof hs prfsorimfe my
tgf runfs ab tgf fxoghl`f.
Ugf Hoofss runfis bfhturfe il tgf Vlitfe _thtfs il tgf ]f`unhtial LC_. Ugf runf is
efsi`lfe ta oaltrimutf ta bhir hle fbbioiflt hoofss ta quathtials ab trheil` ofltfrs. Ugis
is hogifvfe il tgrff whys. Birstny, tgf Hoofss runf pracatfs tgf usf ab privhtf nilkh`fs
abbfrfe my oallfotivity praviefrs ta flhmnf chrkft phrtioiphlts ta `ft hoofss ta trheil`
ofltfrs quathtials tgrau`g ileirfot saurofs. _foaleny, it nicits tgf bffs tght h trheil`ofltfr ohl oghr`f bar hoofss ta pratfotfe quathtials (lat carf tghl V_$:.::? pfr
sghrf86). Bilhnny, tgf Hoofss runf pragimits tgf eispnhy ab quathtials tght naok ar orass
pratfotfe quathtials ab atgfr trheil` ofltfrs. CiBIE, al tgf oaltrhry, eafs lat
fsthmnisg striot runfs al hoofss ta quathtials. Bar fxhcpnf, h rf`unhtar rfquirfs
]f`unhtfe Chrkfts (CiBIE, Hrtionf 55) ta chkf hrrhl`fcflts al rfhsalhmnf
oaccfroihn hle laleisoricilhtary mhsis bar hoofss ta its quathtials my ilvfstcflt
bircs, nfhvil` ta chrkft barofs ta eftfrcilf tgf nfvfn ab bffs. Ugf shcf runf hppnifs ta
CUB hle _I, mut tgfrf is la rfquirfcflt bar AUO arefrs ib lat trhefe al h CUB ar _I.
Rfribiohtial ab bules (HCN)4 HCN runfs hrf sicinhr il Furapf hle tgf Vlitfe
_thtfs. Il Furapf tgf HCN runfs hrf sft il tgf tgrff HCN Eirfotivfs (98/?:7/FFO,=::8/90/FO, =::8/90/FO, =::6/2:/FO), hle il tgf Vlitfe _thtfs il tgf 890: Mhlk hle
_forfoy Hot.
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== Parne Mhlk Parkil` Zhpfr
Ugf tgrff Eirfotivfs fsthmnisg efthinfe runfs al rfoare kffpil` ab trhlshotials,
oustacfr euf eini`flof, ilonueil` flghlofe euf eini`flof bar gi`grisk oustacfrs ar
musilfss rfnhtialsgips. Ugf tgire hlticalfy nhulefril` Eirfotivf (=::6/2:/FO)
iltraeuofs sumsthltihn oghl`fs il tgf Furapfhl rf`icf, ilonueil`4
h lfw riskmhsfe hpprahog sa tght bilhloihn ilstitutials cust iefltiby oritfrihta hssfss tgf patfltihn calfynhulefril` risks tgfir musilfss bhof
h lfw rfquirfcflt ta iefltiby h mflfbioihn awlfr ab h oustacfr (efbilfe hs tgflhturhn pfrsal wga untichtfny awls ar oaltrans tgf oustacfr hle/ar tgf
lhturhn pfrsal al wgasf mfghnb h trhlshotial is mfil` oaleuotfe)
hppraprihtf praofeurfs ta iefltiby panitiohnny fxpasfe pfrsals (efbilfe hslhturhn pfrsals wga ghvf mffl fltrustfe witg pracilflt pumnio bulotials
hle iccfeihtf bhciny cfcmfrs ar onasf rfnhtivfs ab tgasf pfrsals)
al`ail` calitaril` ogfoks al musilfss rfnhtialsgips.
CiBIE rfquirfs ilvfstcflt bircs ta oacpny ht hnn ticfs witg tgf eispasitials al tgf
prfvfltial ab tgf usf ab tgf bilhloihn systfc bar tgf purpasf ab calfy nhulefril`.
_icinhrny, tgf LH_E ]unf ?:88 rfquirfs hnn tgf LH_E cfcmfrs ta efvfnap hle
icpnfcflt hlticalfy nhulefril` pra`rhcs wgiog sgaune mf efsi`lfe ta hogifvf
cfcmfrs oacpnihlof witg tgf Mhlk hle _forfoy Hot. Mrakfrefhnfrs ghvf mrahe
amni`htials ulefr tgf Mhlk hle _forfoy Hot ta prfvflt calfy nhulefril` hle tfrrarist
bilhloil` tgrau`g tgfir bircs. Ugf Hot rfquirfs tgfc ta binf hle kffp rfoares rfnhtfe ta
suspioiaus trhlshotials, oustacfr iefltity, nhr`f trhlshotials, orassmarefr ourrfloy
cavfcflt, barfi`l mhlks hooaults, hle wirf trhlsbfrs, hcal` atgfr tgil`s. Ugfy hnsaghvf ta eftfrcilf bar barfi`l oustacfrs wgftgfr tgfy hrf sfliar panitiohn bi`urfs
wgasf efbilitial is hs mrahe hs il Furapf.82
Hs ]f`hres Ilvfstars Zratfotial
Ugrff chdar oalofpts iltfr hnih fxist il tgf Vlitfe _thtfs hle Furapf ta flsurf
ilvfstars pratfotial4 bhir efhnil`, suithminity, hle mfst fxfoutial. Ugasf oalofpts hrf
sicinhr il matg rf`unhtary brhcfwarks, h eibbfrflof mfil` tgf mfst fxfoutial
priloipnf4il tgf Vlitfe _thtfs, it oavfrs h lucmfr ab bhotars, witg priof mfil` typiohnny
tgf cast icparthlt; il Furapf priof is alf bhotar hcal` atgfrs ta hssfss wgftgfr tgf
oniflt ghs amthilfe tgf mfst passimnf rfsunt bar tgf fxfoutial ab its trhef.
Oaleuot ab musilfss/bhir efhnil`4 Ugis oalofpt is vfry sicinhr il Furapf hle il
tgf Vlitfe _thtfs. Il tgf Vlitfe _thtfs mrakfrefhnfrs awf tgfir oustacfrs h euty ab bhir
efhnil` hrisil` brac tgf Hot hltibrhue pravisials hle _]A dust hle fquithmnf
priloipnfs ab trhef. Il Furapf, ilvfstcflt bircs hrf rfquirfe ta hot galfstny, bhirny hle
prabfssialhnny, wgfl pravieil` ilvfstcflt sfrviofs ta oniflts. Hl icparthlt eibbfrflof
is rfnhtfe ta oustacfr ohtf`arizhtial. Il Furapf hl ilvfstcflt birc is amni`fe ta chkf
h ohtf`arizhtial mftwffl rfthin hle prabfssialhn oniflts hle fni`imnf oaultfrphrtifs hle
ilbarc oniflts hmaut tgfir rfspfotivf ohtf`arifs. H birc hnsa ilbarcs oniflt hmaut gis
ri`gt ta rfqufst h eibbfrflt ohtf`arizhtial hle wght tght chy flthin il tfrcs ab tgf nfvfn
ab pratfotial. Il tgf Vlitfe _thtfs, mrakfrs hle efhnfrs hnsa eibbfrfltihtf oniflts4 sacf
praeuots hrf alny hvhinhmnf ta ofrthil ilvfstars mhsfe al bhotars suog hs lft wartg,
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Oacphril` Furapfhl hle V._. _fouritifs ]f`unhtials =?
hssfts, trheil` fxpfriflof. Gawfvfr ohtf`arizhtial is nfss mieil` tghl il Furapf, il tgf
sflsf tght h oniflt eafs lat ghvf ta mf ilbarcfe hmaut its ohtf`arizhtial.
Ugf LH_E ]unf al bhir efhnil` rfquirfs hnn its cfcmfrs hle rf`istfrfe
rfprfsflthtivfs ta efhn witg oniflts bhirny; bhirny cfhls trfhtil` oniflts il hl fquithmnf
chllfr efpfleil` al tgfir oiroucsthlofs, mut it eafs lat cfhl fquhnny. Il heeitial,
tgf LH_E runf al suithminity oavfrs situhtials tght ci`gt ilvanvf vianhtials ab bhir
trfhtcflt. Ugfsf ilonuef, bar fxhcpnf, rfoaccfleil` sfouritifs ta oustacfrs witgaut
httfcptil` ta amthil ilbarchtial hmaut oustacfrs bilhloihn situhtial, fxofssivf
trheil`, brhueunflt hotivity, hle rfoaccfleil` puroghsf mfyale oustacfr ohphminity.
_uithminity rfquirfcflts4 _uithminity is rfoa`lizfe hs h priloipnf il tgf Furapfhl
hle Vlitfe _thtfs rf`unhtary flviralcflts (hrtionf 89(5) ab CiBIE Nfvfn 8, hle LH_E
runf =?8:). Il matg ohsfs it is tri``frfe my h rfoaccflehtial praviefe my hl
ilvfstcflt birc/mrakfrefhnfr. Pginf tgf suithminity runf ohl hnnaw bar carf
fxfcptials il Furapf, it is rfstriotfe ta ilvfstcflt heviof hle partbania chlh`fcflt4
bar sfrviofs atgfr tghl ilvfstcflt heviof hle partbania chlh`fcflt, ilvfstcflt bircs
hrf rfquirfe ta hppn