comparing european and u.s. securities regulations : mifid versus corresponding u.s. regulations

8/14/2019 Comparing European and U.S. Securities Regulations : MiFID versus Corresponding U.S. Regulations

1/186

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 ùhrhltff 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 OhthnaìlìlZumniohtial Ehth ghs mffl rfqufstfe.


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iii

Oaltflts

Hoklawnfe`cflts ...................................................................................................................iv

Horalycs hle Hmmrfvihtials ................................................................................................. v

Fxfoutivf _ucchry ..................................................................................................................vi

Iltraeuotial ................................................................................................................................ 8

8. ]fùnhtary Brhcfwark hle Avfrsi`gt .............................................................................. =

FV _fouritifs Brhcfwark .................................................................................................. =

V._. _fouritifs Brhcfwark ................................................................................................. ?

=. _oapf ab tgf _fouritifs ]fùnhtials ................................................................................... 0

Ugf FV _fouritifs ]fùnhtials Baous al Ilvfstcflt Bircs hle Urheil` Rflufs ..... 0

Ugf V._. _fouritifs ]fùnhtials Baous al MrakfrEfhnfrs hle Fxoghl`fs ................. 9

?. Amdfotivfs ab tgf _fouritifs ]fùnhtials il Furapf hle tgf Vlitfe _thtfs .............. 85

Amdfotivfs ab tgf FV _fouritifs ]fùnhtials .................................................................. 85

Amdfotivfs ab tgf V._. _fouritifs ]fùnhtials ................................................................ 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 ]fùnhtars

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 ]fùnhtary 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_ ]fùnhtial Hntfrlhtivf Urheil` _ystfcs

]f` LC_ ]fùnhtial Lhtialhn Chrkft _ystfc

]C ]fùnhtfe Chrkft

_FO _fouritifs hle Fxoghl`f Oaccissial

_I _ystfchtio Iltfrlhnizfr

_]A _fnb]fùnhtary Ar`hlizhtial

U]HOF Urhef ]fpartil` hle Oacpnihlof Flìlf

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 rfùnhtials. 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 ]fùnhtial LC_ il tgf Vlitfe _thtfs whs bunny flhotfe

hle rfbarcfe fquitifs chrkfts. Ugis stuey oacphrfs CiBIE witg tgf oarrfspaleil`

V._. rfùnhtials, hle prichriny baousfs al tgf rfùnhtary 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 rfùnhtary systfcs.

Ugf iltfrlhtialhn bilhloihn orisis fvieflofe sacf `hps il sfouritifs rfùnhtials.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. ]fùnhtars al matg siefs

ghvf hllaulofe pnhls ta heerfss tgfc4

H mfttfr supfrvisial ab nhr`f hle iltfroallfotfe ilstitutials4 Vlefr tgf V._.rfùnhtary rfbarc pnhls, tgf Bfefrhn ]fsfrvf waune ghvf tgf pawfr ta

oaleuot oalsaniehtfe supfrvisial hle rfùnhtial 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 rfùnhtial (witg

oalsfrvhtivf ohpithn rfquirfcflts, musilfss oaleuot sthlehres, chrìl

rfquirfcflts), hle ulonfhrfe trhefs waune mf rfpartfe ta h rfùnhtfe 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 rfìals, tgfrf is h

risk ab heeil` ohrvfauts ta tgf rfùnhtial 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 rfùnhtial. Flghlof ohpithn hle niquieity rfquirfcflts4 Ugf V._. erhbt systfcio risk

nfìsnhtial prapasfs ta rhisf ohpithn hle risk chlh`fcflt rfquirfcflts bar hnn

U


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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 hrùfs tght runfs il tgf ourrflt sfouritifs rfùnhtials 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 rfìstfr hs

mrakfrefhnfrs. Ugfy ghvf ta chkf tgfir quatfs hvhinhmnf ta tgf pumnio hmavf h

ofrthil trheil` vanucf tgrfsgane.

FV rfùnhtars ghvf carf eisorftial il hutgarizil` ilvfstcflt bircs hleiltfrvflil` il tgfir chlh`fcflt silof tgfy ohl due`f wgftgfr tgf chlh`frsab ilvfstcflt bircs ar ]fùnhtfe Chrkfts hrf subbioifltny fxpfriflofe hle

rfputhmnf, wginf tgf V._. rfùnhtar ohl alny oaltran tgfir rfputhtial hle

oacpftflofs. Ugf FV rfùnhtials à alf stfp burtgfr il hnnawil` supfrvisars

ta oaltran tgf iltf`rity ab untichtf oaltrannfrs ab ]fùnhtfe 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

rfùnhtary 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 ohtfàrizhtial is mileil`), wginf tgf V._.

rfùnhtary 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 rfùnhtials hrf sicinhr, hle sacf autoacfs

hrf oacphrhmnf4


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viii Fxfoutivf _ucchry

Matg rfùnhtary 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 rfìals, prf hle pasttrhef trhlsphrfloy

rfquirfcflts hppny ta fquitifs wginf tgfrf is la ar nicitfe trhlsphrfloy

rfìcf bar efrivhtivfs hle males.

Ilvfstar pratfotial rfìcfs 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 rfìals 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 àvfrlcflt 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 rfùnhtials. 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

rfùnhtials. 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 ]fùnhtial

LC_ (]f` LC_) wgiog whs efsi`lfe ta bastfr oacpftitial hcal` ileivieuhn fquitifs

chrkfts hle arefrs. Ugis stuey oacphrfs CiBIE witg tgf oarrfspaleil` V._.

rfùnhtials, hle prichriny baousfs al tgf rfùnhtary 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 rfùnhtary systfcs.

Il rfoflt caltgs, tgf iltfrlhtialhn bilhloihn orisis ghs rfvfhnfe `hps il sfouritifs

rfùnhtials. 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. Hsrfùnhtars ghvf hllaulofe pnhls ta heerfss tgasf issufs, h oacphrisal ab tgf

sfouritifs rfùnhtials 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`

nfìsnhtials 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 sfnbrfùnhtary

ar`hlizhtials. Il tgf FV, nfìsnhtial is carf rfoflt hle ulibife hle oghrhotfrizfe my

tgf hmsflof ab h suprhlhtialhn supfrvisar; sfnbrfùnhtary ar`hlizhtials ghvf carf

nicitfe pawfrs. Ugf stuey naaks ht tgf rfùnhtary brhcfwarks il tgf FV hle Vlitfe_thtfs, tgf soapf hle amdfotivfs ab sfouritifs rfùnhtials, tgf runfs icpnfcfltil` tgf

eibbfrflt amdfotivfs, hle erhws sacf orisisrfnhtfe nfssals.

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=

O G H Z U F ] 8

]fùnhtary Brhcfwarkhle Avfrsi`gt

t h `nhlof, alf eibbfrflof mftwffl tgf FV hle V._. sfouritifs rfùnhtials is tgf

fxistflof ab h ulibife rfùnhtial il tgf FV ulefr CiBIE wginf il tgf Vlitfe_thtfs, sfvfrhn rfùnhtials hle avfrsi`gt maeifs oafxist4 tgf bfefrhn nfvfn, tgf sthtf

nfvfn, hle tgf ileustry (saohnnfe _fnb]fùnhtary 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 ]fùnhtars (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 rfùnhtial 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 rfùnhtial mraheny flearsfe my tgf FV Oauloin

ab Cilistfrs al Dulf 89, =::9,8OF_] waune mf ìvfl 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 àvfrlcflt 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), ]fùnhtfe

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 ]fùnhtial 8=70/=::2

hppniohmnf il tgf cfcmfr sthtfs witgaut trhlspasitial.?

H


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Oacphril` Furapfhl hle V._. _fouritifs ]fùnhtials ?

Ugau`g h ulibife brhcfwark, CiBIE ghe ta mf icpnfcfltfe my =0 lhtialhn

nfìsnhtars hle its avfrsi`gt is oaleuotfe my lhtialhn supfrvisars. _a tgf FV rfùnhtary

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 ìvfl ta rfùnhtfe

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 rfùnhtfe fxoghl`fs (hrtionfs ?9, 5: hle 5= ab tgf CiBIE Eirfotivf). FV rfùnhtfe

fxoghl`fs ea lat ghvf hly pawfrs ta rfùnhtf 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). ]fùnhtfe fxoghl`fs ghvf nicitfe pawfrs fvfl visvis tgfir issufrs,

wga amthil tgf `flfrio ri`gt ta mf hecittfe ta trheil` al h ]fùnhtfe Chrkft my binil`

tgfir praspfotus witg tgfir supfrvisar.

V._. _fouritifs Brhcfwark

Ugf V._. sfouritifs rfùnhtials hle avfrsi`gt hrf ar`hlisfe il tgrff eibbfrflt nhyfrs4

8. Bfefrhn nhws hle h bfefrhn rfùnhtar, 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

rfùnhtf 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 rfùnhtf tgf

prichry àvfrlcflt male chrkft (Urfhsury hle BFE avfrsi`gt hs

àvfrlcflt sfouritifs hrf fxfcpt brac sfouritifs rfìstrhtial) mut it avfrsffs

tgf sfoalehry chrkft; it eafs lat rfùnhtf 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

rfùnhtf shnfs ab sfouritifs my oaccfroihn mhlks (mhlkil` rfùnhtars

avfrsi`gt)4 tgfy ohl hot hs sfouritifs mrakfr hle efhnfrs witgaut ghvil` ta

rfìstfr witg tgf _FO ulefr nicitfe fxfcptials pfrcittfe my tgf @rhcc

NfhogMninfy Hot (@NM Hot, sff ilbrh).

=. _thtfs nhws hle rfùnhtars4 Il tgf Vlitfe _thtfs, sthtfs rfìstfr hle supfrvisf

mrakfrefhnfrs hle ilvfstcflt hevisfrs tght hrf lat rfìstfrfe witg tgf _FO,

ilonueil` ilvfstcflt hevisfrs chlhìl` 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 sfnbrfùnhtary ar`hlizhtials (_]As) ta rfùnhtf tgf sfouritifs

ileustry witgil sthtf marefrs.

?. _fnb]fùnhtary 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, Ogiohà Onichtf Fxoghl`f, Lhsehq _taok

Chrkft), hle lhtialhn sfouritifs hssaoihtials (tgf ourrflt alf ab wgiog, tgf

Bilhloihn Ileustry ]fùnhtary 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 rfùnhtial, 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

àvfrlil` 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, chrìl), 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 rfùnhtials hrf lucfraus, hle wfrf heaptfe chilny il

rfhotial ta ohthnytio fvflts (89=9 orhsg, =::8 Flral sohlehn) hle tgf tfoglanaìohn

fvanutial ab chrkfts (]f` LC_).


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Oacphril` Furapfhl hle V._. _fouritifs ]fùnhtials 6

Uhmnf 8.84 Avfrvifw ab Bfefrhn _fouritifs Nhws hle ]fùnhtials

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 rfùnhtial whs lffefe bar sfouritifs, sacfsthtfs hrùfe tght iloalsistfloy hle nicithtials il sthtf nhws nfbt ilvfstars vunlfrhmnf wginfatgfrs taak tgf vifw tght bfefrhn rfùnhtial 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 rfùnhtf sfouritifs; it rfùnhtfs lfwabbfril` ab sfouritifs hle pragimits brhue.It pursufs h eisonasurf-mhsfe hpprahog ta rfùnhtial (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, rfùnhtfs 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 rfìstrhtial 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 rfìstfr hs ilvfstcflthevisfrs.

8962 Vlibarc _fouritifsHot V_H

It sfts ulibarc sthlehres bar tgf rfìstrhtial 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` rfìcf

8992 Lhtialhn _fouritifs

Chrkft Icpravfcflt Hot

Birst bfefrhn nhw ta nicit sthtfs pawfrs ta rfùnhtf sfouritifs. Efspitf tgf Vlibarc _fouritifs Hot,

eupniohtial h`floifs fbbarts hle iloalsistfloifs rfchilfe h chdar pramnfc. Ugf Hot fxonuefsbrac sthtf rfìstrhtial sfouritifs suog hs fxoghl`f-nistfe sfouritifs hle cutuhn bules sghrfs.

8997 ]fùnhtial HU_]f` HU_

It rfùnhtfs Hntfrlhtivf Urheil` _ystfcs, hle rfquirfs tgfc ta rfìstfr 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 rfìstrhtial 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 àvfrlhlof hle hooaultil` rfquirfcflts bar pumnio oacphlifs, ilrfspalsf ta sfvfrhn oarparhtf sohlehns.

=::6 ]fùnhtial 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 tfoglanaìohn 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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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 Ogiohà 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 rfùnhtary avfrnhps il sacf

ilsthlofs. Bar fxhcpnf al chrìl rfquirfcflts, tgf ilitihn rfquirfcflt bar muyil`

sfouritifs il h chrìl hooault is sft my tgf Mahre ab @avfrlars ab tgf Bfefrhn ]fsfrvf

_ystfc, mut alof tgf ilvfstar muys al chrìl, tgf alàil` chrìl rfquirfcflts hrf

sft my BIL]H, hle tgf ilvfstars mrakfrh`f birc. Ugfrf ea lat sffc ta mf avfrnhp il

tgf CiBIE rfùnhtials 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 lfàtihmnf al tgf ohpithn chrkfts witg tgf fxofptial ab ilstrucflts ab phycflt suog

hs sghrfs il phrtlfrsgips hle efpasithry rfofipts, males hle sfouritizfe efmt, atgfr sfouritifsìvil` risf ta h ohsg sfttnfcflt eftfrcilfe my rfbfrflof ta atgfr trhlsbfrhmnf sfouritifs,

ourrfloifs, iltfrfst rhtfs, oaccaeitifs.? Eirfotivf =::2/0?/FO ab 8: Huùst =::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 ]fùnhtial

8=70/=::2 ab 8: Huùst =::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 ]fùnhtfe 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 rfìstfr witg

tgf _FO hle tgf OBUO.2Lalftgfnfss, culioiphn sfouritifs efhnfrs hle àvfrlcflt sfouritifs mrakfr hle efhnfrs ghvf ta

rfìstfr 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.àv/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 ]fùnhtials

gf CiBIE floacphssfs ilvfstcflt bircs, ]fùnhtfe Chrkfts, hle CUB. It rfùnhtfs

ilvfstcflt heviof hs h sfrviof rfquiril` hutgarizhtial. Ugf V._. rfùnhtials baousal mrakfrs hle efhnfrs hle fxoghl`fs, wgiog hrf rfspfotivfny tgf ilvfstcflt

bircs hle tgf ]fùnhtfe Chrkfts il tgf sflsf ab tgf CiBIE.8Ugf chil eibbfrflof

mftwffl tgf twa rfùnhtials 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 rfìstfrfe 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 rfùnhtials. 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 rfìstfr hs ilvfstcflt hevisfrs, mut ohl mflfbit brac whivfrs ib tgfy

efhn witg quhnibife ilvfstars. _acf gfe`f bules chy hnsa ghvf ta rfìstfr witg tgf

_FO hs mrakfrs hle efhnfrs. Urheitialhnny tgf _FO ghs eistilùisgfe 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 rfìstfr 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 rfùnhtials, baousil` fitgfr al ilvfstcflt bircs ar

mrakfrs/efhnfrs, sffcs lalftgfnfss sicinhr4 tgf heviof, mrakfrh`f, efhnil` il sfouritifs

ghs ta mf hutgarizfe/rfìstfrfe, hle trhlsphrflt sa hs ta flsurf ilvfstars pratfotial.

Ugf FV _fouritifs ]fùnhtials Baous alIlvfstcflt Bircs hle Urheil` Rflufs

Hrtionf 8 ab tgf CiBIE Eirfotivf sthtfs4 tgis Eirfotivf sghnn hppny ta ilvfstcflt bircs

hle ]fùnhtfe Chrkfts.

Ugf Nfvfn 8 Eirfotivf floacphssfs tgrff chil oalofpts4

U


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8. Ilvfstcflt birc4 Hly nf`hn pfrsal wgasf rfùnhr 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

]fùnhtfe Chrkft ar CUB. Oalorftfny, ilvfstcflt bircs efonhrf tgfcsfnvfs _I

bar sfnfotfe fquitifs (sfnbofrtibiohtial rfìcf), hle rautf cast arefrs ta atgfr

trheil` vflufs ilonueil` tgfir awl pnhtbarc. _I hrf hssaoihtfe witg tgf

trheil` il sghrfs hle rfùnhtfe 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 =.=).

?. ]fùnhtfe 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 rfùnhrny. ]Cs oarrfspale ta tgf chdar

fxoghl`fs il tgf FV, mut lat hnn fxoghl`fs hrf ]Cs, sacf ab tgfc hrf

rfùnhtfe 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 rfùnhtials sffk ta ohpturf tgf fxfoutial ab trheil` il sfouritifs

irrfspfotivf ab tgf trheil` cftgaes usfe ta oalonuef tgasf trhlshotials4 tgus,]fùnhtfe 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 ohtfàrifs4 (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 ohtfàry 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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eisorftialhry fxfoutial systfc. Ehrk paans apfrhtfe hs CUBs ab tgf sfoale ohtfàry

hrf rfùnhtfe, mut tgfy mflfbit brac sacf prftrhef trhlsphrfloy whivfrs pfrcittfe my

tgf CiBIE Nfvfn = ]fùnhtial (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 àil` al il Furapf hs ta orassil` lftwarks sgaune

mf rfùnhtfe hs CUBs. Fxoghl`fs hle CUBs hrùf tght tgf bhot tgfy apfrhtf autsief tgf

CiBIE Eirfotivf ìvfs tgfc hl ulbhir oaccfroihn hevhlth`f. Oalvfrsfny, ilvfstcflt

mhlks hrùf 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 ùiehlof 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 ]fùnhtfe 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 ]fùnhtials Baous al Mrakfr-Efhnfrs hle Fxoghl`fs

Ugf 89?5 _fouritifs Fxoghl`f Hot rfùnhtfs tgf rfìstrhtial, 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) rfìstfr witg tgf _FO hs mrakfrefhnfrs. Ugf 8997 _FO rfùnhtial al

Hntfrlhtivf Urheil` _ystfcs (]f` HU_) rfquirfs HU_ ta rfìstfr hs mrakfrefhnfrs,

fxoghl`fs (ib tgfy ghvf sfnbrfùnhtary 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 ìvfl 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 rfùnhtial V._. rfùnhtial

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 ulrfùnhtfe 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]fùnhtfe Chrkft ar h CUB.

Ehrk paans hrf oalsiefrfehs HU_ hle rfìstfr 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 rfùnhtfe 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 latrfìstfrfe hs h CUB.


CUB ehrkpaan

Ehrk paan awlfemy h CUB ilFurapf. Barfxhcpnf4Uurquaisfs ehrk

paan

CUBs hppny ta tgfirsupfrvisar bar h whivfr bracCiBIEs prf-trheftrhlsphrfloy amni`htials


Fxoghl`fawlfe ehrkpaan

Ehrk paan awlfemy h ]fùnhtfeChrkft. 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


_aurof4 OF_], CiBIE Eirfotivf, ]f` HU_.


20/186


Ehrk paans hrf rfùnhtfe il tgf Vlitfe _thtfs ulefr ]f` HU_ hle rfìstfr 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 rfùnhtial al tgasf paans is lffefe.8:

Ugf CiBIE oalofpt ab systfchtio iltfrlhnizfr bar fquity trhefs is lat rfùnhtfe

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 rfìstfrfe, wgiog is sicinhr ta CiBIE hrtionf 5:, hecissial ab

bilhloihn ilstrucflts ta trheil`.

Ugf bannawil` thmnfs succhrizf tgf soapf ab FV hle V._. sfouritifs rfùnhtials,

hle ìvf 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 rfùnhtfe fxoghl`fs.88Uhmnfs =.? hle =.5 innustrhtf tgf sgffr eibbiounty ta

cfhsurf prfoisfny tgf trheil` chrkft sghrf ab ehrk paans ìvfl 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 ]fùnhtials

CiBIE V._. _fouritifs ]fùnhtials

Ilvfstcflt Bircs (IB)

_ystfchtio Iltfrlhnizfrs (_I)

Cuntinhtfrhn Urheil` Bhoinitifs (CUB)

]fùnhtfe 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 rfùnhtfe ulefr ]f` HU_ mut tgfychy mf fxfcptfe brac prf-trhef trhlsphrfloyrfquirfcflts ib mfnaw h ofrthil vanucf tgrfsgane

_acf eispasitials hppnife eibbfrfltny efpfleilàl bilhloihn ilstrucflts (bar fxhcpnf,trhlsphrfloy rfquirfcflts)

_acf eispasitials hppnife eibbfrfltny efpfleilàl 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 ]fùnhtials il

Furapf hle tgf Vlitfe _thtfs

fouritifs rfùnhtials 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 ]fùnhtial.8 Ghrcalizhtial is hnsa hl icparthlt àhn il Furapf bar

ilstitutialhn rfhsals, mut it ghs la fquivhnflt il tgf Vlitfe _thtfs, silof sthtf pawfrs il

sfouritifs rfùnhtial hrf prffcptfe my hle cust rfny al tgf _FO runfs (_fotial 86(g)

ab tgf Fxoghl`f Hot).

Amdfotivfs ab tgf FV _fouritifs ]fùnhtials

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 àaes,

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 ]fùnhtfe 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 eistilùisgfs mftwffl

rfthin oniflts, prabfssialhn oniflts (efbilfe hs ghvil` tgf fxpfriflof, klawnfe`f hle

fxpfrtisf ta chkf tgfir awl ilvfstcflt efoisials) hle fniìmnf oaultfrphrtifs

(ilvfstcflt bircs, orfeit ilstitutials, ilsurhlof oacphlifs, àvfrlcflts, ofltrhn

mhlks, cutuhn hle pflsial bules hle tgfir chlh`fcflt oacphlifs, ulefrthkil`

_


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efhnil` al awl hooault oaccaeitifs, buturfs, aptials). Oniflt ohtfàrizhtial is

mileil`4 bircs ghvf ta ilbarc tgfir oniflts gaw tgfy ohtfàrizf 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 fniìmnf

oaultfrphrtifs ta wgiog tgf nhttfr eispasitials ea lat hppny (hrtionf =5). Fniìmnf

oaultfrphrtifs hle prabfssialhn oniflts hrf rau`gny sicinhr mut tgf twa oalofpts hrf

usfe il eibbfrflt ilsthlofs.

Ghrcalizf cfcmfr sthtfs rfùnhtials4 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 (ànepnhtil`) wgiog icpfefe tgf

orfhtial ab h nfvfnpnhyil` bifne. CiBIE pragimits suog ànepnhtil`, 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 ]fùnhtials

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._. rfùnhtials 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 rfùnhtial. Ugf birst Hot ta rfùnhtf 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 rfùnhtial 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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carf trhlsphrflt ohpithn chrkfts wgiog bhoinithtf ohpithn barchtial. Oacphrfe ta

CiBIE, tgf ohtfàrizhtial ab ilvfstars is nfss mileil`4 mrakfrs hle efhnfrs ea lat

ghvf ta ohtfàrizf tgfir oniflts. Ugf V._. rfùnhtary 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._. rfùnhtary 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 rfùnhtial ab ilvfstcflt hevisfrs hle mrakfr

efhnfrs.5 Ugf phpfr hoklawnfe`fs tght hntgau`g tgfy hrf rfùnhtfe ulefr eibbfrflt

brhcfwarks, ilvfstcflt hevisfrs hle mrakfrefhnfrs pravief sicinhr sfrviofs ta rfthin

ilvfstars.

Ua hogifvf bhir hle arefrny chrkfts hle ilvfstar pratfotial, tgf V._. rfùnhtials

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 rfìstrhtial

rfquirfcflts ab tgf _fouritifs Hot ib hl fltity sfnns h sfourity alny ta hoorfeitfe ilvfstars; ulefr

]fùnhtial ]. 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 ]fùnhtary ]fbarc4 H Lfw Baulehtial, 80 Dulf =::9.6 ]f` LC_, Zriloipnfs hle Amdfotivfs, Oacpftitial hcal` chrkfts hle oacpftitial hcalàrefrs, _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 ]fùnhtfe Chrkfts/fxoghl`fs mfbarf

tgfy mfìl musilfss, hle tgf ilbarchtial lffefe ta amthil tgf hutgarizhtial is mrahe.

Hutgarizhtial ab ilvfstcflt bircs/rfìstrhtial ab mrakfrs hle efhnfrs4 Furapfhl

rfùnhtars 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 rfùnhtar 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

rfìstrhtial; =) 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 rfìstrhtial is `rhltfe, tgf Oaccissial ar h sfnb

rfùnhtary ar`hlizhtial oaleuots hl ilspfotial il arefr ta eftfrcilf tgf oalbarcity ab

mrakfrefhnfrs witg tgf Fxoghl`f Hot hle tgf rfnhtfe runfs hle rfùnhtials.


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Hutgarizhtial ab ]fùnhtfe Chrkfts/]fìstrhtial ab Fxoghl`fs4Zrfonfhrhlof my

rfùnhtars is rfquirfe mfbarf ]fùnhtfe 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 ]fùnhtfe 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

]fùnhtfe Chrkfts hle atgfr nf`hn pravisials. Il phrtiounhr il Furapf, CiBIE, hle tgf

Chrkft Hmusf Eirfotivf= rfquirf rfùnhtfe fxoghl`fs ta calitar bar chrkft hmusf.

Zracatial ab bhir trheil` hle laleisoricilhtial my runfs ab tgf ]fùnhtfe

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 ]fùnhtfe 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/]fùnhtfe Chrkft hrf ab subbioifltny àae 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 rfùnhtial 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 ]fùnhtfe Chrkfts hle pfrsals wga fxfroisfsi`libiohlt ilbnuflof avfr tgf chlh`fcflt ab ]fùnhtfe Chrkfts. (ii) Hooareil` ta

CiBIE, h rfùnhtar ghs tgf pawfr ta hssfss patfltihn hoquirfrs ab ilvfstcflt bircs,5

wgiog is lat tgf ohsf il tgf Vlitfe _thtfs. Ugf V._. rfùnhtar ghs thkfl tgf sthlof tght

hoquisitials winn mf hssfssfe my tgf chrkft, wgfrf patfltihn sylfrìfs (strhtfìo 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 ]fùnhtfe Chrkfts tghl bar tgf

ilvfstcflt bircs. Il tgf ohsf ab ilvfstcflt bircs h rfùnhtar ghs tgf hutgarity ta due`f

wgftgfr h chlh`fr ab hl ilvfstcflt birc is subbioifltny fxpfriflofe hle ab subbioifltnyàae 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 ]fùnhtfe Chrkft


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h rfùnhtar àfs alf stfp burtgfrmy rfquiril` tght pfrsals tght eirfotny ar ileirfotny

fxfroisf ilbnuflof2 avfr tgf chlh`fcflt ab ]fùnhtfe Chrkft cust mf suithmnf. H

rfùnhtar icpasfs hl amni`htial al h ]fùnhtfe 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 rfùnhtar.

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 ]fùnhtfe 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 rfùnhtial hs wfnn

hs `flfrhn oricfs. Ugf rfùnhtar àfs 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 rfùnhtial, 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 rfùnhtar, 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._.


29/186

=: 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 rfùnhtary 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 rfùnhtial (_]A ranf). Al tgf atgfr sief,

tgf chil amdfotivf ab tgf ar`hlizhtialhn rfquirfcflts bar ]fùnhtfe 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 ]fùnhtary

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 àfs 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?


30/186

Oacphril` Furapfhl hle V._. _fouritifs ]fùnhtials =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 ùiefnilfs 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 rfìstfrfe mrakfr

hle efhnfr. Hs eisoussfe ulefr tgf rfìstrhtial, mrakfrs hle efhnfrs ghvf ta oacpny

witg rfputhtialhn hle prabfssialhn tfsts il arefr ta mf rfìstfrfe. 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 ]fùnhtial 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 trheilòfltfr 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 rfùnhtar rfquirfs

]fùnhtfe 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.


31/186

== 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 rfìcf, 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)

alàil` 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 biùrfs

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 rfùnhtary 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 ohtfàrizhtial. Il Furapf hl ilvfstcflt birc is amni`fe ta chkf

h ohtfàrizhtial mftwffl rfthin hle prabfssialhn oniflts hle fniìmnf oaultfrphrtifs hle

ilbarc oniflts hmaut tgfir rfspfotivf ohtfàrifs. H birc hnsa ilbarcs oniflt hmaut gis

ri`gt ta rfqufst h eibbfrflt ohtfàrizhtial 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,


32/186

Oacphril` Furapfhl hle V._. _fouritifs ]fùnhtials =?

hssfts, trheil` fxpfriflof. Gawfvfr ohtfàrizhtial is nfss mieil` tghl il Furapf, il tgf

sflsf tght h oniflt eafs lat ghvf ta mf ilbarcfe hmaut its ohtfàrizhtial.

Ugf LH_E ]unf al bhir efhnil` rfquirfs hnn its cfcmfrs hle rfìstfrfe

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 rfùnhtary 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

comparing european and u.s. securities regulations : mifid versus corresponding u.s. regulations

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