crowdfunding and securities laws: what the americans are doing and the case for an australian...

7/22/2019 Crowdfunding and Securities Laws: What the Americans Are Doing and the Case for an Australian Crowdfunding E

1/26

Rntac6 IrjwbeukbnkghkbYciurntncsAhws6W`htt`cHlcrnihksHrcBjnkghkbt`cIhscejrhk

HustrhanhkIrjwbeukbnkgCxclptnjk

Hut`jr6 LhttUntnks

CHTBhtc(hpprjvcbejrprnkt.683Fuay?489

BJN684+3770*FANY+?489+??+Untnks+8

Kjtc tj uscrs6 Hrtniacs nk t`c Cpuos h`chb je prnkt (CHT. scitnjk hrc pccr rcvncwcb hiicptcb hrtniacstj oc puoans`cb nk t`ns fjurkha+ Tachsc oc hwhrc t`ht hat`jug` CHTs bj kjt `hvc haa onoanjgrhp`ni bcthnas

hvhnahoac yct! t`cy ihk oc intcb usnkg t`c ychr je jkankc puoanihtnjk hkb t`c Bngntha Jofcit Nbcktnencr(BJN. hs ejaajws6 Hut`jr(s.! Hrtniac Rntac! Fjurkha (^chr.! BJN! CHT (phgc ).+

R`c CHT phgc kulocr wnaa oc rcthnkcb nk t`c ojttjl lhrgnk je t`c prnktcb vcrsnjk je t`ns hrtniac w`cknt ns ijaahtcb nk h prnkt nssuc+ Ijaahtcb prnkt vcrsnjks je t`c hrtniac wnaa ijkthnk hk hbbntnjkha vjaulctrniphgc kulocr+ Ojt` phgc inthtnjks wnaa oc rcacvhkt! out hky CHT rcecrckic lust ijktnkuc tj oc prcicbcboy t`c acttcrs CHT+

NYYK,47?>,8203

Ijpyrng`t ?489 Sknvcrsnty je Rhslhknh

Haa rng`ts rcscrvcb+ Yuofcit tj t`c ahw je ijpyrng`t kj phrt je t`ns puoanihtnjk lhy oc rcprjbuicb!stjrcb nk h rctrncvha systcl jr trhkslnttcb nk hky ejrl jr oy hky lchks cacitrjkni! lci`hkniha!p`jtjijpynkg! rcijrbnkg jr jt`crwnsc! wnt`jut t`c pcrlnssnjk je t`c jwkcr je t`c ijpyrng`t+ Haackqunrncs sccmnkg pcrlnssnjk tj rcprjbuic hky phrt je t`ns puoanihtnjk s`juab oc hbbrcsscb nk t`c enrstnksthkic tj6

R`c Cbntjr! Fjurkha je Ahw! Nkejrlhtnjk hkb Yinckic! Trnvhtc Ohg 0>! @johrt! Rhslhknh 7448! Hustrhanh+

cbntjrDfansfjurkha+jrg `ttp6**www+fansfjurkha+jrg*


2/26

CHT 8

Irjwbeukbnkg hkb Yciurntncs Ahws6 W`ht t`c Hlcrnihks Hrc Bjnkghkb t`c Ihsc ejr hk Hustrhanhk Irjwbeukbnkg Cxclptnjk

LHRR UNRNKY&

Nktrjbuitnjk

Irjwbeukbnkg ns jkc je t`c ljrc nktcrcstnkg t`nkgs `hppcknkg jkankc ht t`c ljlckt+ Hs h ohsnibcenkntnjk! irjwbeukbnkg nkvjavcs eukbnkg h prjfcit oy ijaacitnkg slhaa ijktrnoutnjks erjl h ahrgckulocr je pcjpac! usnkg t`c nktcrkct+8 Irjwbeukbnkg ihk oc uscb tj enkhkic enals! ghlcs! sincktnenircschri`! sjinha ihuscs! ousnkcsscs! fjurkhansl haa lhkkcr je prjbuits hkb prjfcits+

Hs ns jetck t`c ihsc wnt` bnsruptnvc kcw t`nkgs erjl t`c nktcrkct! irjwbeukbnkg bjcs kjt snt wcaa wnt`hk cxnstnkg ojby je ahw+ Yciurntncs ahws bcsngkcb tj prjtcit nkvcstjrs erjl lhmnkg ohb bcinsnjks hrcihppnkg t`c iuaturha hkb cijkjlni pjtcktnha je irjwbeukbnkg+ Hs nt sthkbs nk ojt` Hustrhanh hkbSkntcb Ythtcs! irjwbeukbnkg prjljtcrs ihk hiicpt bjkhtnjks jr jeecr pcrms hs hk nkicktnvc tj eukb!out ihk kjt jeecr cqunty jr bcot (nkvcstlckt irjwbeukbnkg. wnt`jut ijlpaynkg wnt` h bcksc sct je

bnsiajsurc ruacs+ R`c ijsts je ijlpanhkic wnt` t`csc ruacs ns prj`nontnvc ejr lhky je t`c slhaa,sihacjpcrhtnjks t`ht `hvc t`c ljst tj ghnk erjl nkvcstlckt irjwbeukbnkg+ Irjwbeukbnkg ns bjnkg quntcwcaa jk t`c snlpac pcrm jr phtrjkhgc ljbca! out nkvcstlckt irjwbeukbnkg ijuab lhtcrnhaay nlprjvc`jw wc rhnsc hkb haajihtc ihpntha+

R`c rcguahtjry rcspjksc tj irjwbeukbnkg nk t`c Skntcb Ythtcs ns sct tj i`hkgc+ Nk Hprna ?48?! t`cFulpsthrt Jur Ousnkcss Ythrtups Hit? (FJOY Hit. whs sngkcb nktj ahw hkb! hljkgst jt`cr t`nkgs! wnaairchtc h kcw cxclptnjk ukbcr t`c Yciurntncs Hit je 8>99 (Yciurntncs Hit. ejr nkvcstlckt irjwbeukbnkg+R`c cxclptnjk wnaa ocijlc hvhnahoac w`ck t`c Yciurntncs hkb Cxi`hkgc Ijllnssnjk (YCI. hbjptsnlpaclcktnkg ruacs! cxpcitcb sjlctnlc nk ?489+

Hustrhanhk hut`jrntncs `hvc himkjwacbgcb irjwbeukbnkg out `hvc kjt thmck hky stcps tjwhrbssuosthktnvc ahw rcejrl+ R`c Hustrhanhk Yciurntncs hkb Nkvcstlckts Ijllnssnjk (HYNI. nssucbgunbhkic jk irjwbeukbnkg nk Hugust ?48?! kjtnkg t`ht sjlc typcs je irjwbeukbnkg ijuab nkvjavc

hitnvntncs rcguahtcb oy t`c Ijrpjrhtnjks Hit ?448 (It`. (Ijrpjrhtnjks Hit.+9

@jwcvcr! kj spcineni

& Lhtt Untnks ns hblnttcb hs h ahwycr nk Kcw Yjut` Whacs hkb rcicktay ijlpactcb h lhstcrs ht @hrvhrb Ahw

Yi`jja+ Lhtt wjuab anmc tj t`hkm Unitjrnh Fhkc Ljjrc! Lhtt`cw Rrhicy hkb t`c hkjkyljus rcvncwcrs t`ht rchbt`ns pncic ejr t`cnr t`jug`teua ijllckts! hkb Hkkh Ajrb! nk gckcrha+ Hky crrjrs je ehit! ahw! styac jr ctnqucttchrc je ijursc t`c hut`jrs jwk+

8 R`crc hrc ht achst h ecw bcenkntnjks je irjwbeukbnkg t`ht inriuahtc nk t`c antcrhturc+ Lhry Yi`hpnrj! t`ck I`hnr jet`c YCI! bcsirnocb irjwbeukbnkg hs h lct`jb je ihpntha ejrlhtnjk w`crc grjups je pcjpac pjja ljkcy!typnihaay ijlprnscb je vcry slhaa nkbnvnbuha ijktrnoutnjks! tj suppjrt hk ceejrt oy jt`crs tj hiijlpans` hspcineni gjha6 _cspjksc Acttcr erjl YCI I`hnr Lhry Yi`hpnrj tj @jusc Jvcrsng`t Ijllnttcc I`hnr BhrrcaaNssh! 5 Hprna ?488! nk Fhlcs @hlnatjk! Fulpsthrt Jur Ousnkcss Ythrtups Hit (II@! ?48?.! 858+ R`ns bcenkntnjk nsrcpchtcb nk SY Ijkgrcssnjkha rcpjrts hkb YCI bjiulckts+ Hkjt`cr chray bcenkntnjk prjvnbcb oy Ahlocrt hkbYi`wnckohi`cr i`hrhitcrnscs irjwbeukbnkg hs hk jpck ihaa! csscktnhaay t`rjug` t`c Nktcrkct! ejr t`c prjvnsnjk

je enkhkinha rcsjurics cnt`cr nk t`c ejrl je bjkhtnjk jr nk cxi`hkgc ejr sjlc ejrl je rcwhrb hkb*jr vjtnkgrng`ts nk jrbcr tj suppjrt nkntnhtnvcs ejr spcineni purpjscs qujtcb nk Hrlnk Yi`wnckohi`cr hkb OckfhlnkAhrrhabc! Irjwbeukbnkg je Ylhaa Cktrcprckcurnha Uckturcs (?0 Ycptclocr ?484.1`ttp6**ssrk+ijl*hostrhit>809;! 2+ R`c bcenkntnjk hojvc phrhp`rhscs Ct`hk Ljaanim nk R`c Bykhlnis jeIrjwbeukbnkg6 Bctcrlnkhkts je Yuiicss hkb Ehnaurc (?9 Hprna ?489. YY_K1`ttp6**ssrk+ijl*hostrhit0;+

? Tuoani Ahw Kj 88?,845! 8?5 Ytht 945 (?48?.+9 Hustrhanhk Yciurntncs % Nkvcstlckts Ijllnssnjk (HYNI.! HYNI Gunbhkic jk Irjwb Eukbnkg! 8?,8>5L_! 82

Hugust ?48?+


3/26

Fjurkha je Ahw! Nkejrlhtnjk hkb Yinckic Uja ??(?. ?48?,?489

CHT ?

hiijlljbhtnjks `hvc occk lhbc ejr irjwbeukbnkg hkb qucstnjks rclhnk hojut `jw irjwbeukbnkgents ukbcr Hustrhanhk ahw+

R`ns phpcr hrgucs t`ht t`crc ns h ihsc ejr hk Hustrhanhk irjwbeukbnkg cxclptnjk+ Thrt N survcys t`cwjrab je irjwbeukbnkg+ Nt bnsiusscs t`c iuaturha hkb cijkjlni prjlnscs je irjwbeukbnkg hkb w`ygcttnkg t`c rcguahtjry scttnkgs rng`t jk t`ns ijuab oc nlpjrthkt+ Thrt NN gnvcs hk jvcrvncw je rcacvhkt SY

hkb Hustrhanhk sciurntncs ahws hkb `jw t`cy heecit irjwbeukbnkg+ Thrt NNN bcsirnocs t`c irjwbeukbnkgprjvnsnjks je t`cFJOY Hit hkb w`ht t`c Hlcrnihks hrc bjnkg+ Hs kjtcb! t`csc prjvnsnjks hrc yct tj ocnlpaclcktcb+ Nt ns kjt yct iachr w`ht ceecit t`c acgnsahtnjk wnaa `hvc jr `jw t`c prhitnic jeirjwbeukbnkg wnaa bcvcajp nk rcspjksc tj t`c kcw rcguahtjry si`clc+ @jwcvcr! t`ns phpcr suggcstst`ht t`c si`clc `hs sjlc hpphrckt s`jrtijlnkgs+ Ijkgrcss tjjm h vcry sciurntncs,icktrni hpprjhi` nkrcguahtnkg irjwbeukbnkg+ Nt ukbcrstjjb irjwbeukbnkg hs h ejrl je sciurntncs jeecrnkg! hkb bcsngkcb hrcgnlc ijksnstckt wnt` t`c ejrlha! prjecssnjkha hkb styanscb iuaturha trhbntnjks je sciurntncs ahws+ R`nslhmcs scksc ht t`c `ng`cr acvcas je irjwbeukbnkg! w`crc ahrgc hljukts hrc nkvjavcb hkb nkvcstlcktjppjrtukntncs ihk rcscloac h trhbntnjkha cqunty jr bcot jeecrnkg+ @jwcvcr! irjwbeukbnkg jpcrhtcs jk hspcitrul+ Ht t`c ajwcr acvcas! irjwbeukbnkg ns h sjinha hitnvnty ljrc t`hk h enkhkinha jkc+ R`ns phpcrbnsiusscs sjlc je t`c iuaturha bykhlnis je irjwbeukbnkg hkb `jw t`csc bykhlnis prjvnbc rcacvhktnkvcstjr prjtcitnjks+ R`ns achbs tj t`c ijkiausnjk t`ht t`c FJOY Hit ijuab `hvc bjkc ljrc tj anocrhtcirjwbeukbnkg erjl t`c strniturcs je t`c Yciurntncs Hit+ Kjkct`cacss! t`c irjwbeukbnkg cxclptnjk nk t`cFJOY Hit! hkb t`c cxtcksnvc ijllckthry nt `hs gckcrhtcb! rcprcsckt cxpcrnckic hkb t`nkmnkg t`ht ihkgunbc t`c bcsngk je hk Hustrhanhk irjwbeukbnkg cxclptnjk+ Thrt NU smcti`cs jut t`c ejrl je hkHustrhanhk cxclptnjk hkb `jw nt ijuab oc nlpaclcktcb+

8 Irjwbeukbnkg H Yurvcy

Irjwbeukbnkg typnihaay nkvjavcs hk nktcrlcbnhry (h irjwbeukbnkg pahtejrl. ijkkcitnkg pjtcktnhaijktrnoutjrs (eukbcrs! ohimcrs jr nkvcstjrs. tj t`jsc sccmnkg eukbnkg ejr t`cnr prjfcits (prjpjscrs jrnssucrs.+ R`c pahtejrls prjvnbc h ihthajguc je prjfcits put ejrwhrb oy vhrnjus prjpjscrs! hkb eukbcrsorjwsc t`rjug` hkb ijktrnoutc tj t`c prjfcits t`cy anmc+ Yjinha lcbnh jetck prjvnbcs hk nlpjrthktjvcrahy nk bnrcitnkg pcjpac tj phrtniuahr prjfcits! hkkjukinkg ijktrnoutnjks hkb orjhbihstnkg prjfcitupbhtcs+ Erjl t`ns pjnkt t`c wjrab je irjwbeukbnkg bnvnbcs nktj h kulocr je ihtcgjrncs hkb suo,ihtcgjrncs+

8+8 Trjfcits Eukbcb

Jkc je t`c prnkinpha bnvnsnjks ns t`c typc je prjfcit eukbcb jk h phrtniuahr pahtejrl+ Mnimsthrtcr! jkc jet`c ljst prjlnkckt irjwbeukbnkg pahtejrls! ns bcbnihtcb tj irchtnvc prjfcits+2 Hkjt`cr wcaa,mkjwksntc! Nkbncgjgj!pjsntnjks ntscae hs h ljrc gckcrha pahtejrl t`ht wnaa haajw ihlphngks ejr hkyt`nkg+ 3 Hkulocr je irjwbeukbnkg pahtejrls hrc bcbnihtcb tj sjinha ihuscs! jt`crs tj `chat`ihrc! sincktnenircschri`! cbuihtnjk! sthrtups hkb slhaa ousnkcsscs+5 Ghlnkg ns h phrtniuahray pjpuahr ihtcgjry! ojt` jkgckcrha sntcs hkb jk ghlnkg ejiuscb pahtejrls+7 Intnzck fjurkhansl `hs hasj occk t`c ejius je sjlc2 R`c Mnimsthrtcr Trjfcit Gunbcankcs kjtc t`ht t`c sntc wnaa kjt `jst i`hrntncs! ousnkcsscs! eukb ly anec prjfcits! jr

prjfcits ckbjrsnkg h pjantniha ihkbnbhtc+ Cxhlpacs je h eukb ly anec prjfcit! nkiaubc prjfcits tj phy tuntnjk! gjjk vhihtnjk jr ouy h kcw ihlcrh+ Mnimsthrtcr! Trjfcit Gunbcankcs1`ttp6**www+mnimsthrtcr+ijl*`cap*gunbcankcs;+

3 Jkc je t`c sntcs ij,ejukbcrs `hs iahnlcb6 Wc `hb h ohoy irjwbeukbcb jk Nkbncgjgj (rcecrrnkg tj h ihlphngkejr nk vntrj ecrtnanshtnjk.6 Ocrkhbcttc Rhkscy! Nkbncgjgj Ouims Rrckb Rjwhrb Kni`c Irjwbeukbnkg Pijkjly(88 Bciclocr ?48?.! 1`ttp6**www+xijkjly+ijl*shk,erhkinsij*?48?*8?*88*nkbncgjgj,ouims,trckb,tjwhrb,kni`c,irjwbeukbnkg*;+

5 _yhk Mnl! H GnghJL Gunbc tj Mnimsthrtcr Whkkhocs GnghJL (?0 Kjvclocr ?48?.1`ttp6**gnghjl+ijl*?48?*88*?0*mnimsthrtcr,ijpyihts*;+

7 Irjwbsjurinkg+jrg! Irjwbeukbnkg ^chr nk _cvncw6 Rjp Grjssnkg Trjfcits je ?48? (87 Bciclocr ?48?.1`ttp6**www+irjwbsjurinkg+jrg*cbntjrnha*irjwbeukbnkg,ychr,nk,rcvncw,tjp,grjssnkg,prjfcits,je,?48?*??578;+


4/26

Irjwbeukbnkg hkb Yciurntncs Ahws

CHT 9

irjwbeukbnkg hitnvnty hkb ijllckthry!0 phrtniuahray gnvck ijktnkunkg ijkicrks hojut w`j ns gjnkg tjphy tj prjbuic kcws jkic t`c ahst `hrbijpy phpcr `hs iajscb+ R`ns anst ns kjt cx`hustnvc+ R`c wjrab jeirjwbeukbnkg ns bnvcrsc+ R`c ljbca ihk oc uscb tj rhnsc ihpntha ejr haljst hky (acgha. cktcrprnsc+

8+? Thtrjkhgc hkb Nkvcstlckt Irjwbeukbnkg

Hkjt`cr usceua bnvnsnjk ejiuscs jk w`ht prjljtcrs jeecr hs hk nkicktnvc tj eukb+ Ejaajwnkg t`nshkhaysns! Orhbejrb `hs `capeuaay jutankcb envc ohsni irjwbeukbnkg ljbcas6 (8. t`c bjkhtnjk ljbca! (?.t`c rcwhrb ljbca! (9. t`c prc,puri`hsc ljbca! (2. t`c ackbnkg ljbca! hkb (3. t`c cqunty ljbca+>

8+?+8 Thtrjkhgc Irjwbeukbnkg

R`c enrst t`rcc ihtcgjrncs ihk oc grjupcb tjgct`cr ukbcr t`c `chbnkg phtrjkhgc irjwbeukbnkg+84 R`nstypc je irjwbeukbnkg anlnts eukbnkg nkicktnvcs tj cnt`cr kjt`nkg jr pcrms+ R`c bjkhtnjk ljbca nkvjavcsh snlpac gnet nk suppjrt je h prjfcit (ejr nksthkic! h i`hrnty. wnt`jut hky eurt`cr nkicktnvc ocyjkbeccankg gjjb+ R`c rcwhrb ljbca `hs prjljtcrs jeecrnkg pcrms t`ht ns! t`nkgs jr cxpcrnckics jetckohscb jk t`c hljukt ijktrnoutcb+ R`ns ns typnihaay h ijpy je t`c haoul! enal! jr ojjm prjbuicb! outeukbcrs ihk gct quntc irchtnvc+ Hrtnsts sjlctnlcs jeecr prnvhtc s`jws! t`hkm yju p`jkc ihaas! hiicss tjcvckts hkb sj ejrt`+88 R`c enrst prjfcit tj rhnsc h lnaanjk bjaahrs jk Mnimsthrtcr (t`c nT`jkc Cacvhtnjk

Bjim. hkb t`c ljst suiicsseua prjfcit tj bhtc (t`c Tcooac Wrnst Whti`. hrc ojt` cxhlpacs je t`c prc,puri`hsc ljbca+8? Nk chi` ihsc t`c prjljtcrs pjstcb bcsngks! sjug`t eukbnkg tj gj nktj prjbuitnjk! hkbprjlnscb ijktrnoutjrs jkc jr ljrc bjims jr whti`cs bcpckbnkg jk t`c hljukt ijktrnoutcb+

Thtrjkhgc irjwbeukbnkg ns t`c bjlnkhkt ejrl je irjwbeukbnkg ht t`c ljlckt ht achst nk phrt ejrrcguahtjry rchsjks+ R`ns typc je irjwbeukbnkg bjcs kjt nkvjavc hk jeecr je hky enkhkinha nkicktnvcs(sui` hs nktcrcst phylckts jr hk jppjrtuknty ejr prjent phrtninphtnjk. hkb! hs sui`! wnaa kjt jrbnkhrnayoc suofcit tj sciurntncs rcguahtnjk+

8+?+? Nkvcstlckt Irjwbeukbnkg

Nkvcstlckt irjwbeukbnkg ijvcrs ihtcgjrncs (2. hkb (3.+ R`ns typc je irjwbeukbnkg lhy nkvjavcjeecrnkg bcot! cqunty jr sjlc jt`cr enkhkinha nktcrcst hkb! bcpckbnkg jk w`crc yju hrc hkb t`c tcrls jet`c jeecr! lhy oc rcguahtcb ukbcr sciurntncs ahws+ R`ns ns gckcrhaay t`c ihsc nk t`c Skntcb Ythtcs hkbHustrhanh+ @jwcvcr! sjlc furnsbnitnjks hrc ljrc pcrlnssnvc+ Irjwbiuoc jpcrhtcs jut je t`c SkntcbMnkgbjl hkb prjvnbcs h pahtejrl ejr eukbnkg sthrt,ups hkb jt`cr ousnkcsscs+ Hs h ihsc stubyprjljtcb jk t`c sntc! t`c _us`ljrc Grjup! w`ni` ruks t`c cxicptnjkha ijimthna ohr Lnam % @jkcy!rhnscb 8!444!444 t`rjug` Irjwbiuoc scaankg 84 pcr ickt je nts cqunty tj 829 scphrhtc nkvcstjrs+ R`ns ns hkcxhlpac je h rcahtnvcay sjp`nstnihtcb jeecrnkg! out t`crc hrc ajwcr jrbcr ejrls je nkvcstlcktirjwbeukbnkg+ H kulocr je irjwbeukbnkg pahtejrls hrc struiturcb hrjukb enkhkinha nkicktnvcs hkb

0 Ycc! cg! Ach` Octhkijurt! Ns Irjwbeukbnkg t`c Euturc je Fjurkhansl: Lhs`hoac (85 Fuay ?44>.!

1`ttp6**lhs`hoac+ijl*?44>*47*85*irjwbeukbcb,kcws*;= hasj scc6 Khrrhtnvc+ay! 1`ttp6**khrrhtnvc+ay;(eukbcb nk phrt t`rjug` Mnimsthrtcr.! hkb Ypjt+us 1`ttp6**spjt+us; (h phgc bcbnihtcb tj ijlluknty,eukbcbrcpjrtnkg.+

> I Ytcvck Orhbejrb! Irjwbeukbnkg hkb t`c Ecbcrha Yciurntncs Ahws (?48?. (?48?.(8. Ijaulonh Ousnkcss Ahw_cvncw! 82+

84 Cbhk Ourmctt! H Irjwbeukbnkg Cxclptnjk: Jkankc Nkvcstlckt Irjwbeukbnkg hkb S+Y+ Yciurntncs _cguahtnjk

(?488. 89 Rckkcsscc Fjurkha je Ousnkcss Ahw 59! 55+88 Nkbncgjgj `hs s`hrcb rcschri` suggcstnkg t`ht `hvnkg h SY "?3 pcrm ns t`c acvca ht w`ni` ihlphngks lhmc hk

jptnlul hljukt je ljkcy6 Mht Tjpnca! 3 _jjmnc Lnsthmcs nk Irjwbeukbnkg (8 Lhy ?48?.1`ttp6**oajg+nkbncgjgj+ijl*hut`jr*mht,pjpnca*phgc*?;= Mnimsthrtcr kjtcs ejur ijlljk rcwhrb typcs6 (8.ijpncs je t`c t`nkg= (?. irchtnvc ijaahojrhtnjks (nc h eukbcr hppchrs hs h i`hrhitcr nk t`c enal! ojjm! cti.= (9.irchtnvc cxpcrnckics (h vnsnt tj t`c sct! h p`jkc ihaa.= (2. irchtnvc lclcktjs (nc pjahrjnbs! smcti`cs! sanbcs.!Mnimsthrtcr Yi`jja 1`ttp6**www+mnimsthrtcr+ijl*`cap*si`jja;+

8? _yhk Mnl! Mnimsthrtcr Ijlcs je Hgc hs h Ong,Rnlc Eukbnkg Tahtejrl GnghJL (84 Ecoruhry ?48?.1`ttp6**gnghjl+ijl*?48?*4?*84*mnimsthrtcr,ijlcs,je,hgc,hs,h,ong,tnlceukbnkg,pahtejrl*;+


5/26


CHT 2

prjent phrtninphtnjk s`jrt je ejrlha cqunty jr bcot+89Hppohimr! ejr nksthkic!prjvnbcs h pahtejrl w`crcnkvcstjrs ihk suppjrt t`c bcvcajplckt je h ljonac hpp nk cxi`hkgc ejr h ijpy je t`c hpp hkb sjlclnkjr acvca je prjent phrtninphtnjk+82 Ijktrnoutnjks jk Hppohimr hrc typnihaay wcaa ocajw SY "844+ Hshkjt`cr cxhlpac! Ycaahohkb haajws eukbcrs tj suppjrt lusni prjfcits! wnt` h pcrickthgc rcvckuc s`hrchvhnahoac hs h sthkbhrb nkicktnvc hajkgsnbc ijpncs je haouls hkb jt`cr rcwhrbs+83

R`ns phpcr uscs t`c tcrl nkvcstlckt irjwbeukbnkg tj rcecr tj irjwbeukbnkg jeecrnkgs je h enkhkinhakhturc! nkiaubnkg cqunty hkb bcot! hkb h rhkgc je enkhkinha nktcrcsts t`ht ajjm sjlct`nkg anmc cqunty jrbcot+

8+?+9 R`c Ohsni Irjwbeukbnkg Ljbcas

R`c ejaajwnkg thoac scts jut t`c ohsni irjwbeukbnkg ljbcas bcsirnocb nk t`ns scitnjk+ R`csc ihtcgjrncshrc nlpjrthkt hs t`c ankc octwcck phtrjkhgc irjwbeukbnkg hkb nkvcstlckt irjwbeukbnkg! hat`jug``hrb tj brhw wnt` prcinsnjk! ihk oc uscb hs s`jrt`hkb ejr t`jsc typcs je irjwbeukbnkg t`ht hrc ljstayacet hajkc oy sciurntncs rcguahtjrs! hkb t`jsc t`ht hrc prjpcray wnt`nk t`c sijpc je hppanihoac sciurntncsahws+

Thtrjkhgc Irjwbeukbnkg

(8.

bjkhtnjk(?. rcwhrb(9. prc,jrbcr

Nkvcstlckt Irjwbeukbnkg

(2.

ackbnkg(3. cqunty

(h enkhkinha nktcrcst.

Rhoac 86 ohsni irjwbeukbnkg ljbcas+

8+9 Ythtc je t`c Nkbustry

H scrncs je rcschri` rcpjrts puoans`cb t`rjug` Irjwbsjurinkg+jrg `hs irjwbeukbnkg pahtejrlsbnstrnoutnkg hpprjxnlhtcay SY "8+3 onaanjk nk ?488 hkb SY "?+7 onaanjk nk ?48?+85 R`c enrst je t`csc

89 Hkyjkc schri`nkg ejr iachr bcenkntnjkha ankcs `crc ns anmcay tj oc bnshppjnktcb+ @clnkwhy rcecrs tj t`csc sjrts je

nkicktnvcs hs ukcqunty h phrtniuahr ihtcgjry je irjwbeukbnkg nkvcstlckt t`ht jiiupncs h sphic nk,octwcckbcot hkb cqunty+ R`ht ns! h enkhkinha nktcrcst t`ht prjvnbcs prjent,s`hrnkg jr rcvckuc,s`hrnkg jk h s`jrt,tcrl

ohsns! wnt`jut hky hiijlphkynkg gjvcrkhkic rng`ts (Hppohimr hkb Ycaahohkb prjvnbc cxhlpacs.+ Hs @clnkwhykjtcs! t`ns typc je nktcrcst ns h sciurnty (wnt`nk t`c bcenkntnjk sct jut nk t`c Yciurntncs Hit.! out ns kcnt`cr bcot (hst`crc ns kj rcphylckt joanghtnjk. kjr cqunty+ Fjhk LhiAcjb @clnkwhy! W`ht ns h Yciurnty nk t`cIrjwbeukbnkg Crh: (?48?. 7 J`nj Ythtc Cktrcprckcurnha Ousnkcss Ahw Fjurkha 993! 954+ Hasj scc Ourmctt! hojvc k84! 72,3+

82 Hppohimr 1www+hppohimr+ijl;+83 Tuoani Ckcly uscb Ycaahohkb tj enkhkic t`cnr twj ljst rcickt haouls! wnt` lnxcb suiicss+ Tnjkccrs nk

irjwbeukbnkg! hs nk `np,`jp! Tuoani Ckcly ahuki`cb h ihlphngk nk ?484 sccmnkg SY "?34!444! out ajwcrcb t`nsthrgct tj SY "73!444 hetcr h sajw sthrt+ R`c ohkb ijllcktcb jk nts Ycaahohkb phgc6 Wc `hvc achrkcb t`ht t`c ehkeukbnkg ljbca ns stnaa kjt euaay bcvcajpcb hkb! hs h rcsuat! h "?34!444 eukb rhnsnkg ceejrt! w`nac pjssnoac! wnaathmc tjj ajkg tj hiijlpans`+ Ycaahohkb Tuoani Ckcly1`ttps6**www+scaahohkb+ijl*ck*prjfcits*puoanickcly;+ R`c twj irjwbeukbcb haouls wcrc bcanvcrcb nk?48?+ Wnmnpcbnh kjtcs pjsntnvc rcvncws ejr ojt`!1`ttp6**ck+wnmnpcbnh+jrg*wnmn*LjstZjeZLyZ@crjcsZYtnaaZBjk't,ZHppchrZjkZKjZYthlp;= hkb1`ttp6**ck+wnmnpcbnh+jrg*wnmn*R`cZCvnaZClpnrcZjeZCvcryt`nkg;+

85 Lhssjautnjk! Irjwbeukbnkg Nkbustry _cpjrt (Lhy ?48?. hkb ?489IE R`c Irjwbeukbnkg Nkbustry _cpjrt (Hprna?489.! ojt` rcpjrts hkb icrthnk sullhry bhth hrc hvhnahoac ht 1`ttp6**www+irjwbsjurinkg+jrg;+ Ht tnlc jewrntnkg! Mnimsthrtcr `hs eukbcb 93 lnaanjk,bjaahr paus prjfcits hkb sjlc 598 prjfcits ht octwcck SY "844!444hkb SY "8 lnaanjk+ Ghlcs bjlnkhtcb t`c lnaanjk bjaahr paus ihtcgjry wnt` ?8 jut je t`c 93 lnaanjk bjaahr pausprjfcits eukbcb+ Enal hkb Unbcj! Bcsngk hkb Rci`kjajgy hrc hasj wcaa,eukbcb ihtcgjrncs+ Mnimsthrtcr mccpssthtnstnis (sui` hs t`csc. jk Mnimsthrtcr Ythts 1`ttp6**www+mnimsthrtcr+ijl*`cap*sthts;+


6/26


CHT 3

rcpjrts! puoans`cb ahst ychr! nbcktnencb 23? hitnvc irjwbeukbnkg pahtejrls hs ht Hprna ?48?+ 87 R`csckulocrs suggcst grjwt`! out hasj sjlc chray `ypc+ Wc s`juab cxpcit h acvca je ijksjanbhtnjk hkbturouackic nk ijlnkg ychrs t`ht wnaa `jpceuaay gnvc why tj h ljrc lhturc p`hsc ejr t`c nkbustry nk t`cychrs t`ht ejaajw+80 R`c nbch t`ht irjwbeukbnkg ns snlpay hkjt`cr eacctnkg nktcrkct ljlckt `hs occkvjnicb hkb ns pjssnoac+ @jwcvcr! t`crc wjuab sccl tj oc sjlc iuaturha hkb cijkjlni vhauc hssjinhtcbwnt` t`c irjwbeukbnkg ljbca t`ht wnaa `cap nt tj csthoans` nts pahic+

8+2 Trjlnscs je Irjwbeukbnkg

8+2+8 Iuaturha

Ht t`c prjecssnjkha acvca! t`c ousnkcss je prjbuinkg enals hkb jt`cr iuaturha prjbuits ns cxpcksnvc+@jaaywjjb whs jrghknscb jk `ng` prjbuitnjk vhaucs hkb `ng` up erjkt ihpntha ijsts! t`ck orjhbbnstrnoutnjk tj h lhss,hubnckic+ R`ht ns! cxpcksnvc oajimoustcrs nk t`chtrcs cvcryw`crc+ Ynlnahr ruacs`hvc tckbcb tj hppay ejr fjurkhansl! tcacvnsnjk! lusni hkb vnbcj ghlcs+8> H ijkscquckic je t`ns ljbcans t`ht prjbuitnjk bcinsnjks hrc icktrhanscb hkb rnsm hvcrsc+ Trjfcits `hvc tj iachr h kulocr jeghtcmccpcrs ocejrc gcttnkg lhbc! wnt` stubnjs! bnstrnoutjrs hkb enkhkincrs prjvnbnkg sngk,jee+ R`csystcl hiijrbnkgay nkiankcs tjwhrbs shec octs+

Irjwbeukbnkg ihk suppaclckt hkb inriulvckt t`ns ljbc je iuaturha prjbuitnjk+ R`c eukbrhnsnkgijkbuitcb ejr t`c vnbcj ghlc Bjuoac Enkc Hbvckturc prjvnbcs h usceua (hkb cxpanint. cxhlpac+?4 Hs phrtje h Mnimsthrtcr pnti` t`c ghlcs prjbuicrs cxpahnkcb6

Ong ghlcs ijst ong ljkcy Rj enkhkic t`c prjbuitnjk! prjljtnjk! hkb bnstrnoutnjk jet`csc lhssnvc ukbcrthmnkgs! ijlphkncs anmc Bjuoac Enkc `hvc tj rcay jk cxtcrkha sjuricsanmc puoans`crs! nkvcstlckt enrls! jr ajhks+ Hkb w`nac t`cy euaenaa hk nlpjrthkt rjac nk t`cprjicss! t`cnr nkvjavclckt hasj ijlcs wnt` sngknenihkt strnkgs htthi`cb t`ht ihk puaa t`cghlc nk t`c wrjkg bnrcitnjks jr cvck ihkica nts prjbuitnjk hatjgct`cr

Irjwb,sjuricb eukbrhnsnkg sntcs anmc Mnimsthrtcr `hvc occk hk nkircbnoac ojjk tj t`cnkbcpckbckt bcvcajplckt ijlluknty+ R`cy bcljirhtnzc t`c prjicss oy haajwnkgijksulcrs tj suppjrt t`c ghlcs t`cy whkt tj scc bcvcajpcb hkb gnvc t`c bcvcajpcrs t`cerccbjl tj cxpcrnlckt! thmc rnsms! hkb bcsngk wnt`jut hkyjkc casc ijlprjlnsnkg t`cnrvnsnjk+ Nts t`c mnkb je irchtnvc auxury t`ht ljst lhfjr! csthoans`cb stubnjs snlpay ihktheejrb ?8

87 Lhssjautnjk! Irjwbeukbnkg Nkbustry _cpjrt (Lhy ?48?.! hojvc k 85+80 R`c anocrhanshtnjk je irjwbeukbnkg rcguahtnjk t`rjug` t`c FJOY Hit wnaa prjohoay cxtckb t`c `ypc ejr h w`nac

t`rjug` ?489! out lhy hasj ackb sjlc ircbnonanty tj t`c irjwbeukbnkg ljbca+ R`ht ns! jkic irjwbeukbnkg nsshkitnjkcb oy h sct je YCI ruacs! nt lhy oc scck hs h ljrc acgntnlhtc why je rhnsnkg ihpntha+

8> H sct je `nstjrniha hkb cijkjlni ehitjrs cxpahnk w`y t`ns ljbca je iuaturha prjbuitnjk ocihlc csthoans`cbhirjss bneecrckt lcbnh+ Hs chi` je t`csc nkbustrncs bcvcajpcb t`cy wcrc s`hpcb oy t`ck cxnstnkg anlnthtnjks nkbnstrnoutnjk! nkiaubnkg anlntcb orjhbihstnkg ihphinty! anlntcb sircck hkb s`cae,sphic! hkb bneeniuatncshggrcghtnkg gcjgrhp`nihaay bnspcrscb kni`c hubnckics+ R`ns acb tj lhss iuaturha prjbuits bcsngkcb tj `hvcwnbc hppcha+ Ycc I`rns Hkbcrsjk! R`c Ajkg Rhna 8?+84 Wnrcb (Jitjocr ?442.!

1`ttp6**www+wnrcb+ijl*wnrcb*hri`nvc*8?+84*thna+`tla;= hasj scc ^ji`hn Ockmacr! R`c Wchat` je Kctwjrms(^hac Sknvcrsnty Trcss! ?445. 98,9?+ Ejr h bcsirnptnjk je `jw kcwsphpcrs hkb orjhbihst lcbnh ocihlcjrghknscb hrjukb `ng`,ijst*`ng`,vjaulc prjbuitnjk ljbca hkb `jw t`c nktcrkct jeecrs hk hatcrkhtnvc! scc^ji`hn Ockmacr! Erjl Ijksulcrs tj Sscrs6 Y`netnkg t`c Bccpcr Ytruiturcs je _cguahtnjk Rjwhrbs YusthnkhoacIjlljks hkb Sscr Hiicss (?444. 3? Ecbcrha Ijlluknihtnjks Ahw Fjurkha 358! 359+

?4 Bjuoac Enkc Hbvckturc `nt nts nkntnha thrgct je SY "244!444 nk hrjukb cng`t `jurs+ Nt rhnscb jvcr SY "9 lnaanjk nktjtha hkb whs t`c scijkb lnaanjk,bjaahr paus prjfcit jk Mnimsthrtcr+ Mnl! hojvc k 8?= Bjuoac Enkc Hbvckturc Mnimsthrtcr Trjfcit Thgc 1`ttp6**www+mnimsthrtcr+ijl*prjfcits*bjuoacenkc*bjuoac,enkc,hbvckturc;+

?8 Bjuoac Enkc Hbvckturc Mnimsthrtcr Trjfcit Thgc! hojvc k ?4+


7/26


CHT 5

R`ns suls t`nkgs up wcaa+ Nt ns hasj wjrt` kjtnkg t`c bneecrckt rcahtnjks`np octwcck t`c ijksulcr hkbprjbuicr nk t`ns scttnkg+ Bjuoac Enkc Hbvckturc `hb sjlc 07!444 ohimcrs jk Mnimsthrtcr iurnjus tj sccw`ht t`c ghlcs prjbuicrs ijuab bj+ R`c prjbuicrs csthoans`cb h Bjuoac Enkc Hbvckturc wcosntc t`htghvc bcthnacb nkejrlhtnjk hojut t`c prjfcit! nkiaubnkg w`crc ljkcy ns ocnkg spckt! hkb upbhtcs jk hrt!i`hrhitcr! stjryojhrb hkb prjgrhllnkg+?? Ohimcrs hasj `hb hiicss tj prnvhtc ejruls w`crc t`cy ijuabnktcrhit wnt` t`c prjbuicrs hkb ijllckt jk ghlc bcvcajplckt+ R`ns ns vcry bcanocrhtc ijlluknty,ounabnkg+

Bjuoac Enkc Hbvckturc ns hk cxhlpac je h prjfcit t`ht whs cktnrcay irjwbeukbcb+ @jwcvcr!irjwbeukbnkg ihk hasj hit hs h stcppnkg,stjkc hkb suppaclckt tj ljrc trhbntnjkha sjurics je eukbnkg+Irjwbeukbnkg ihk prjvc hk hubnckic ejr ukjrt`jbjx prjfcits+ Nt ihk hasj prjvnbc nkntnha jr chray,rjukbihpntha! thmnkg h prjfcit tj h acvca w`crc kctwjrms! bnstrnoutjrs jr hrts eukbnkg ojbncs wnaa prjvnbcsuppjrt+ Ejr nksthkic! t`c Hustrhanhk prjbuitnjk ijlphky Hquhrnus Enals phrtay eukbcb jkc je ntsiurrckt prjfcits t`rjug` t`c irjwbeukbnkg pjrtha Tjznoac+?9 R`c prjbuicrs `hb rcpjrtcbay sciurcb hacttcr je nktckt erjl Yircck Hustrhanh ejr t`c echturc enal R`c Ycijkb Ijlnkg! out ehicb h s`jrtehaa+?2 R`cnrTjznoac ihlphngk rhnscb HS "73!444 nk ceecit prjvnbnkg ghp,enkhkinkg+ Hs h slhaa,sihac (out typniha.cxhlpac! t`c prjbuicrs je t`c s`jrt hknlhtnjk Ihoont rhnscb h ecw t`jushkb bjaahrs t`rjug` Mnimsthrtcr!w`nac hasj rcaynkg jk pcrsjkha eukbs hkb prnvhtc suppjrt+?3

Irjwbeukbnkg t`crcejrc ihrrncs twj nlpjrthkt iuaturha prjlnscs+ Nt bcljirhtnscs prjbuitnjk bcinsnjks

hkb nt bcvcajps ijkkcitnjks octwcck hubnckics hkb irchtjrs+ Wc ihk scc t`csc ceecits nk prjfcitsrhkgnkg erjl t`c ijtthgc,acvca (Ihoont. tj lnb,rhkgc hkb luatn,lnaanjk bjaahr prjbuitnjks (R`c YcijkbIjlnkg! Bjuoac Enkc Hbvckturc.+?5 R`c kcxt tnlc sjlcjkc ijlpahnks hojut w`ht ns jk ht t`c inkclh!t`nkm hojut irjwbeukbnkg hs hk hatcrkhtnvc tj trhbntnjkha eukbnkg ljbcas+

8+2+? Cijkjlni

Hiicss tj ihpntha ns ojt` nlpjrthkt hkb bneeniuat ejr slhaa ousnkcsscs+ R`c ohsni sjurics je ihpntha (ohkmackbnkg! hkgca nkvcstjrs! vckturc ihpnthansts. hrc kjt hawhys chsy tj hiicss+ Jkc rchsjk ejr t`ns ns hknssuc je sihac+ R`c trhkshitnjk ijsts hssjinhtcb wnt` h prjecssnjkha,grhbc nkvcstlckts hrc sui` t`hthkgca nkvcstjrs hkb vckturc ihpnthansts hrc ukanmcay tj oc ojt`crcb bchankg nk slhaa hljukts+?7 H scijkbrchsjk rcahtcs tj nkejrlhtnjk hsyllctrncs octwcck slhaa ousnkcsscs hkb pjtcktnha nkvcstjrs+?0 Hs Oahim

??

Bjuoac Enkc Hbvckturc 1`ttp6**www+bjuoacenkc+ijl*beh;+?9 R`c Ycijkb Ijlnkg Tjznoac Trjfcit Thgc 1`ttp6**www+pjznoac+ijl*prjfcit*5>42;+?2 Lni`caa @hlljkb Hiquhrnus Enals Jeecrs Jk,Yct _jac nk "?44!444 Tjznoac Eukb _hnsnkg Ythrtupslhrt

(Ycptclocr 88! ?48?. 1`ttp6**www+sthrtupslhrt+ijl+hu*eukbnkg*hquhrnus,enals,jeecrs,jk,sct,rjac,ejr,"?44444,pjznoac,eukb,rhnsnkg*;+

?3 Ihoont Mnimsthrtcr Trjfcit Thgcs 1www+mnimsthrtcr+ijl*prjfcits*t`csjjgnc*ihoont,y,tutcahry,h,s`jrt,enal,oy,sjjgnc (T`hsc N.! hkb 1www+mnimsthrtcr+ijl*prjfcits*t`csjjgnc*ihoont,y,tutcahry,p`hsc,nn,4; (T`hsc NN.+ R`chknlhtnjk ns hvhnahoac `crc6 `ttp6**vnlcj+ijl*3379037?+ Ajjm ejr Kjrh Untnks (t`c hut`jrs ljt`cr. nk t`circbnts+

?5 Hs h rcickt hkb wcaa,bjiulcktcb cxhlpac je t`c typc je ahrgc,sihac! ijllcrinha iuaturha prjbuitnjk t`ht nssthrtnkg tj hppchr jk Mnimsthrtcr! t`c ihlphngk ejr t`c kcw Ucrjknih Lhrs ljvnc (tj oc prjbuicb oy WhrkcrOrjs+. rhnscb "? lnaanjk nk 88 `jurs! orchmnkg vhrnjus irjwbeukbnkg rcijrbs+ R`c ihlphngk uatnlhtcay rhnscb"3+7 lnaanjk erjl jvcr >8!444 ohimcrs+ R`c Ucrjknih Lhrs Ljvnc Trjfcit1`ttp6**www+mnimsthrtcr+ijl*prjfcits*33>>82797*t`c,vcrjknih,lhrs,ljvnc,prjfcit;+ Je ijursc! kjt haa

irjwbeukbnkg ihlphngks hrc suiicsseua (cvck t`jsc prjljtcb oy icacorntncs.+ Vjsnh Lhlcts ihlphngk tj rhnsc"94!444 tj prjbuic h ejam lusni vnbcj wnt` `cr yjukgcr snstcr irhs`cb hkb ourkcb hkb `hs nkspnrcb onti`yijllckthry6 scc! ejr cxhlpac! Yjp`nc @chwjjb Vjsnh Lhlct6 t`c Rrjuoac wnt` Irjwbeukbnkg R`c Guhrbnhk(98 Lhy ?489.= Caack Ghlcrlhk! R`c Rrjuoac Wnt` Mnimsthrtcr R`c Whaa Ytrcct Fjurkha (?8 Fukc ?489.+

?7 Orhbejrb! hojvc k >! 844,848+?0 Ycc gckcrhaay6 Lni`hca Fcksck hkb Wnaanhl Lcimankg! R`cjry je t`c Enrl6 Lhkhgcrnha Oc`hvnjur! Hgckiy Ijsts

hkb Jwkcrs`np Ytruiturc (8>75. 9Fjurkha je Enkhkinha Cijkjlnis 943= Hkby Ijs`! Bjugahs F Iullnkg hkb Hahk@ug`cs! Jutsnbc Cktrcprckcurnha Ihpntha (Hugust 87! ?447. Cijkjlni Fjurkha1`ttp6**ssrk+ijl*hostrhit


8/26


CHT 7

cxpahnks! nkvcstjrs bj kjt mkjw hkb ihkkjt chsnay vcrney t`c quhanty je nkejrlhtnjk prjvnbcb oy housnkcss sccmnkg eukbnkg+?> R`ns ns cspcinhaay truc nk t`c chray p`hscs! w`crc h ousnkcss `hs kj sthoactrhim rcijrb jr hubntcb enkhkinha sthtclckts+ Httrhitnkg ihpntha ukbcr t`csc ijkbntnjks ns bneeniuat+ Ntrcqunrcs h achp je ehnt` oy nkvcstjrs jr ackbcrs+ R`c acvcas je rnsm nkvjavcb hasj lchk t`ht ackbcrs jrnkvcstjrs wnaa bclhkb rcahtnvcay `ng` rcturks cnt`cr nk t`c ejrl je `ng`cr nktcrcst rhtcs jr h grchtcrpcrickthgc je t`c ousnkcss nk jrbcr tj prjvnbc eukbnkg+94 R`c rcsuat je haa t`ns ns t`ht cktrcprckcurs wnaatckb tj sthrt jut wnt` nktcrkha sjurics je eukbnkg pcrsjkha shvnkgs! ircbnt ihrbs! ernckbs hkb ehlnay!hvhnahoac ihs`,eajw ocejrc turknkg tj cxtcrkha bcot jr cqunty+98 Nk s`jrt! slhaa ousnkcsscs ehic hihpntha eukbnkg ghp= hkb sjlc gjjb nbchs bj kjt gct eukbcb+

Irjwbeukbnkg jeecrs ht achst h phrtnha sjautnjk tj t`csc prjoacls+ Nt iuts t`c trhkshitnjk ijsts hssjinhtcbwnt` slhaa,sihac ajhks hkb nkvcstlckts! prjvnbnkg h ajwcr enrst stcp jk t`c ihpntha,rhnsnkg ahbbcr t`hkcxnstnkg hatcrkhtnvcs+ Nssucs je nkejrlhtnjk hsyllctry pcrsnst! out t`c sjinha hspcit je irjwbeukbnkgihk hbb h ahycr je trust t`ht lhmcs nkejrlhtnjk hsyllctrncs acss sngknenihkt tj hk nkvcstlckt bcinsnjk+R`c irjwbeukbnkg ljbca lhy hasj `cap tj ijkkcit slhaa ousnkcsscs wnt` acss bclhkbnkg nkvcstjrs jr!oy prjvnbnkg hiicss tj hk hatcrkhtnvc sjuric je eukbnkg hkb h ahrgcr pjja je pjtcktnha nkvcstjrs! lhyrcbuic bnsphrntncs nk acvcrhgc octwcck t`jsc sccmnkg hkb prjvnbnkg ihpntha+9?

R`crc hrc sjlc gjjb rchsjks t`ck ojt` iuaturha hkb cijkjlni ejr acgnsahturcs hkb rcguahtjrs tj ocnktcrcstcb nk irjwbeukbnkg! hkb sjlc gjjb rchsjks tj cksurc rcguahtnjk bjcs kjt ukkcicsshrnay rcstrnit

t`c prhitnic+

? Yciurntncs Ahws

?+8 @nstjry hkb T`najsjp`y

R`c Yciurntncs Hit gjvcrks t`c nkntnha jeecr hkb shac je sciurntncs nk t`c Skntcb Ythtcs+ R`ns acgnsahtnjk whshbjptcb tj rcspjkb tj erhub nk t`c sciurntncs nkbustry! w`ni` whs t`jug`t tj `hvc ijktrnoutcb tj t`cstjim lhrmct irhs` je 8>?> hkb t`c Grcht Bcprcssnjk+99 R`c ahw hnls tj prjljtc puoani ijkenbckic nkihpntha lhrmcts oy rcqunrnkg euaa hkb ehnr bnsiajsurc je lhtcrnha nkejrlhtnjk hojut sciurntncs jeecrcbejr shac! hkb oy prj`nontnkg lnsrcprcsckthtnjks hkb erhub nk t`c shac je sciurntncs+92 R`c Yciurntncs Hit nssjlctnlcs rcecrrcb tj hs t`c trut` nk sciurntncs ahw+93

R`c ejukbhtnjkha p`najsjp`y je t`c Yciurntncs Hit ns nkvcstjr prjtcitnjk t`rjug` bnsiajsurc+ Ijlphkncsihk jeecr haa lhkkcr je cxjtni! `ng`,rnsm hkb pahnk hweua sciurntncs! prjvnbcb t`ht t`cy prjpcray bnsiajsct`c rnsms nkvjavcb hkb t`c nkejrlhtnjk kcicsshry ejr hk nkvcstjr tj lhmc hk nkejrlcb bcinsnjk hojutw`ct`cr tj nkvcst+ R`ns `hs rcsuatcb nk h rcahtnvcay ijlpacx sct je ruacs t`ht bcenkc w`ht prjpcrbnsiajsurc ajjms anmc hkb `jw hkb w`ck t`c bcthnas je hk jeecr lhy oc ijlluknihtcb+

?> Ocrkhrb Y Oahim! Nkejrlhtnjk Hsyllctry! t`c Nktcrkct hkb Yciurntncs Jeecrnkgs (8>>0. ? Fjurkha je Ylhaa %

Clcrgnkg Ousnkcss Ahw >8! >8+94 Bhknca Nsckocrg! R`c _jhb tj Irjwbeukbnkg @caa @hrvhrb Ousnkcss _cvncw Oajg Kctwjrm (?9 Hprna! ?48?.

1`ttp6**oajgs+`or+jrg*is*?48?*42*t`cZrjhbZtjZirjwbeukbnkgZ`caa+`tla;+98 Ijs`! Iullnkg hkb @ug`cs! hojvc k ?0! ?6 Hat`jug` t`cy bnsiuss h kulocr je cxicptnjks hkb quhanenihtnjks!

t`c hut`jrs kjtc h sthkbhrb pcimnkg jrbcr t`cjry! nk t`ht enrls prcecr tj enkhkic kcw prjfcits wnt` nktcrkhaihs` eajws enrst! hkb t`ck ne kcicsshry! t`crchetcr sccm cxtcrkha bcot ihpntha hkb ahstay sccm cxtcrkha cqunty

ihpntha+ Ycc hasj Orhbejrb! hojvc k >! 848= Yi`wnckohi`cr hkb Ahrrhabc! hojvc k 8! 0,>+9? H brhet rcschri` phpcr oy Ct`hk Ljaanim eurt`cr suggcsts t`ht irjwbeukbnkg ijuab haacvnhtc sjlc gcjgrhp`ni

hkb gckbcr onhscs hssjinhtcb wnt` t`c why vckturc ihpnthansts ajjm ejr sngkhas je quhanty6 Ct`hk Ljaanim YwcptHwhy oy t`c Irjwb:6 Irjwbeukbnkg! Uckturc Ihpntha! hkb t`c Ycacitnjk je Cktrcprckcurs (?3 Lhri` ?489.1`ttp6**ssrk+ijl*hostrhit


9/26


CHT 0

R`c Hustrhanhk Ijrpjrhtnjks Hit hbjpts h snlnahr bnsiajsurc ejiuscb hpprjhi` nk nts rcguahtnjk je t`ceukbrhnsnkg hitnvntncs je Hustrhanhk ijlphkncs+ R`c Ijrpjrhtnjks Hit rcqunrcs h bnsiajsurc bjiulckt ejrljst Hustrhanhk sciurntncs jeecrnkgs+ Nk t`c jrbnkhry ijursc! h bnsiajsurc bjiulckt lust ijkthnk haankejrlhtnjk hk nkvcstjr (jr t`cnr prjecssnjkha hbvnsjrs. wjuab rchsjkhoay rcqunrc tj lhmc hk nkejrlcbhsscsslckt je t`c sciurntncs jeecrcb+95 Hs nk t`c Skntcb Ythtcs! t`c Ijrpjrhtnjks Hit hkb ruacs bctcrlnkcboy HYNI hrc rcahtnvcay prcsirnptnvc hojut t`c ejrl! suosthkic hkb tnlnkg je bnsiajsurc bjiulckts! hkb`jw sciurntncs jeecrnkgs lhy oc prjljtcb+

H pniturc ns `jpceuaay sthrtnkg tj bcvcajp hrjukb t`c acgha iuaturha trhbntnjks je sciurntncs ahws+ R`cschrc ejrlha hkb bcthnacb ahws! bcsngkcb tj rcguahtc sjp`nstnihtcb nkstrulckts hkb onaanjk bjaahrtrhkshitnjks+ Hat`jug` ijlpacx! sciurntncs ahws hrc hpprjprnhtc hkb wcaa hbhptcb ejr t`cnr purpjsc+R`csc ahws bj scrnjus wjrm+ R`cy bceckb t`c nktcgrnty je sngknenihkt ihpntha lhrmcts+ Nk jkc je t`c knicrpncics je wrntnkg jk sciurntncs rcguahtnjk! Oahim cxpahnks6

R`c Skntcb Ythtcs ns kjt t`c jkay ijuktry wnt` h suiicsseua sciurntncs lhrmct! out nt surcay`hs jkc je t`c ocst+ R`c Skntcb Ythtcs lhrmcts hrc! ejr lhky ijuktrncs! h sjuric je ckvy Nts lhgniha! nk h why+ Tcjpac phy ckjrljus hljukts je ljkcy ejr ijlpactcay nkthkgnoacrng`ts+ Nktcrkhtnjkhaay! t`ns lhgni ns prctty rhrc+ Nt bjcs kjt hppchr nk ukrcguahtcblhrmcts+97

Hs Oahim suggcsts! sciurntncs ahws hrc nlpjrthkt nk lhnkthnknkg puoani ijkenbckic nk ihpntha lhrmcts+R`ns ijkenbckic lchks ousnkcsscs `hvc hk chsncr tnlc rhnsnkg ihpntha hkb nt kccbs tj oc ihrceuaayprjtcitcb+ Nt ns kjt iachr! `jwcvcr! t`ht t`c rcguahtjry erhlcwjrm csthoans`cb ejr sui` scrnjusnkvcstlckts ns hpprjprnhtc ejr irjwbeukbnkg+

R`c ejaajwnkg phrhgrhp`s ajjm ht `jw Skntcb Ythtcs hkb Hustrhanhk sciurntncs ahws heecitirjwbeukbnkg+ R`ns ohimgrjukb `caps tj cxpahnk w`y t`c Hlcrnihks ecat h irjwbeukbnkg cxclptnjkwhs h gjjb nbch! hkb w`y hk cqunvhackt lng`t hasj oc h gjjb nbch nk Hustrhanh+

?+? Yciurntncs Ahws hkb Irjwbeukbnkg nk t`c Skntcb Ythtcs

?+?+8 Yciurntncs

Hs h t`rcs`jab lhttcr! irjwbeukbnkg wnaa kjt hitnvhtc ecbcrha sciurntncs ahws nk t`c Skntcb Ythtcs ukacssnt nkvjavcs hk jeecr je h sciurnty+90 R`c bjkhtnjk! rcwhrb hkb prc,jrbcr ejrls je phtrjkhgcirjwbeukbnkg bcsirnocb hojvc bj kjt typnihaay nkvjavc hky jeecr je h sciurnty hkb t`crcejrc csihpc jutje t`c rcguahtjry rcgnlc csthoans`cb ukbcr t`c Yciurntncs Hit+9> R`c stjry ns bneecrckt w`crc hirjwbeukbnkg ihlphngk prjlnscs h enkhkinha rcturk+ Irjwbeukbnkg wnaa ljst anmcay nkvjavc t`c jeecrje h sciurnty ne hk nkvcstjr ns jeecrcb nktcrcst jk h bcot= 24 jr sjlc ejrl je phrtninphtnjk nk t`c prjents jrrcvckuc je hk cktcrprnsc+28 Cxhlpacs je nkvcstlckt irjwbeukbnkg w`crc t`crc ns hk hituha haajtlckt je95 Ijrpjrhtnjks Hit s 784 (t`c gckcrha bnsiajsurc tcst.+97 Oahim! hojvc k ?>! >?+90 H sciurnty ns orjhbay bcenkcb nk s ?(h.(8. je t`c Yciurntncs Hit+ R`c bcenkntnjk scts jut h kjk,cx`hustnvc anst je

sciurntncs! nkiaubnkg hky icrtnenihtc je nktcrcst jr phrtninphtnjk nk hky prjent s`hrnkg hgrcclckt! hkynkvcstlckt ijktrhit jr hky nktcrcst jr nkstrulckt ijlljkay mkjwk hs h sciurnty+

9> Ourmctt! hojvc k 84! 04= Orhbejrb! hojvc k >! 98+24 W`ct`cr h bcot nktcrcst wnaa oc h sciurnty ejr t`c purpjscs je t`c Yciurntncs Hit wnaa ljst anmcay turk jk hk

hkhaysns ukbcr t`c ehlnay rcscloahkic tcst put ejrwhrb nk _cvcs v Crkst % ^jukg 2>2 SY 35 (8>>4.+ Hs@clnkwhy hkb @jeelhk cxpahnk! Irjwbeukbnkg nktcrcsts struiturcb nk t`c ejrl je nktcrcst,ochrnkg kjtcs jrsnlnahr bcot nkstrulckts hrc anmcay tj oc iahssnencb hs sciurntncs ukbcr t`c _cvcs tcst6 Fjhk Lhiacjb @clnkwhyhkb Y`cabck _yhk @jeelhk Trjiccb ht yjur Tcrna6 Irjwbeukbnkg hkb t`c Yciurntncs Hit je 8>99 (?488. 70Rckkcsscc Ahw _cvncw 07>! 0>8+ Ycc hasj @clnkwhy! hojvc k 89! 939,935= hkb jk t`c hppanihtnjk je t`c _cvcs tcst6Orhbejrb! hojvc k >! 92,2?+

28 H irjwbeukbnkg jeecrnkg t`ht nkvjavcs rcvckuc jr prjent,s`hrnkg hrrhkgclckts wnaa ljst anmcay oc iahssnencb hshk nkvcstlckt ijktrhit hkb h typc je sciurnty ukbcr t`c tcst prjpjscb nk YCI v WF @jwcy Ij+ 9?0 SY ?>9+ Ejr


10/26


CHT >

s`hrcs jr kjtcs (anmc t`c _us`ljrc Grjup eukbrhnsnkg bnsiusscb hojvc. wjuab iachray ijlc wnt`nk t`csijpc je t`c Yciurntncs Hit ne ijkbuitcb nk t`c Skntcb Ythtcs+ Nk sullhry! sjlc irjwbeukbnkg jeecrnkgshrc sciurntncs jeecrnkgs+

?+?+? _cgnstrhtnjk

Ycitnjk 3 je t`c Yciurntncs Hit prj`nonts t`c jeecr jr shac je h sciurnty wnt`jut hk ceecitnvc rcgnstrhtnjksthtclckt! ukacss hk cxclptnjk hppancs+ Hk jeecr lust oc rcgnstcrcb jr cxclpt+ R`c rcgnstrhtnjk prjicssns typnihaay cxpcksnvc hkb tnlc,ijksulnkg+ R`c bnrcit ijsts je rcgnstrhtnjk nkiaubc rcgnstrhtnjk eccs hkbt`c prjecssnjkha eccs nkiurrcb oy ahwycrs hkb hiijukthkts nk prcphrnkg rcacvhkt bnsiajsurc bjiulckts+R`c cxtckt je t`csc ijsts wnaa bcpckb sjlcw`ht jk t`c snzc hkb ijlpacxnty je t`c jeecrnkg! out rhkgc nkt`c ùkbrcbs je t`jushkbs je bjaahrs+2? R`ns lhmcs rcgnstrhtnjk prj`nontnvcay cxpcksnvc w`ck rhnsnkgslhaa hljukts je ihpntha+ R`c ijsts je rcgnstrhtnjk lhy cvck cxiccb t`c hljukt je ihpntha sjug`t oyslhaa ousnkcsscs jr ejr slhaa prjfcits! hkb rcgnstrhtnjk wjuab rhrcay (ne cvcr. lhmc scksc nk suiìnriulsthkics+

?+?+9 Cxclptnjks

R`c ijkscksus je hihbclni ijllckthry ns t`ht kjkc je t`c iurrckt cxclptnjks nk SY ecbcrha sciurntncsahws ijuab oc uscb tj suppjrt nkvcstlckt irjwbeukbnkg+29 Ycitnjk 2(h.(?. je t`c Yciurntncs Hit irchtcs hk

cxclptnjk ejr trhkshitnjks kjt nkvjavnkg hky puoani jeecrnkg+ R`ns cxclptnjk haajws prnvhtcpahiclckts je sciurntncs tj h anlntcb kulocr je sjp`nstnihtcb nkvcstjrs+22 R`c prnvhtc pahiclcktcxclptnjk ns rcacvhkt ejr icrthnk ejrls je jkankc eukbrhnsnkg! 23 out ijuab kjt hiijlljbhtc ghrbckvhrncty nkvcstlckt irjwbeukbnkg ejr h ecw rchsjks+ Irjwbeukbnkg tckbs kjt tj oc cxiausnvcay ejiuscbjk sjp`nstnihtcb nkvcstjrs+ R`c prnvhtc pahiclckt cxclptnjk ns hasj ht jbbs wnt` t`c irjwb hspcit jeirjwbeukbnkg! hkb ijuab kjt oc uscb tj put jut hk jpck ihaa ejr eukbnkg t`rjug` t`c nktcrkct+ 25Hkjt`cr sct je cxclptnjks erjl rcgnstrhtnjk hrc hvhnahoac ukbcr t`c YCIs _cguahtnjk B! out hrcsnlnahray uk`capeua+27 Yuofcit tj h lnkjr cxicptnjk! jeecrnkgs ukbcr _cguahtnjk B lhy kjt usc hky ejrl

bcthnacb hkhaysns je irjwbeukbnkg hkb t`c @jwcy tcst scc @clnkwhy hkb @jeelhk! hojvc k 24! 003,>45+ Nk@jwcy! t`c Ijurt `cab t`ht h ijktrhit! trhkshitnjk jr si`clc w`crcoy h pcrsjk nkvcsts `ns ljkcy nk h ijlljk

cktcrprnsc hkb ns acb tj cxpcit prjents sjacay erjl t`c ceejrts je h prjljtcr jr h t`nrb phrty ns hk nkvcstlcktijktrhit! qujtcb nk Ourmctt! hojvc k 84! 04+ Kjtc t`c snlnahrnty wnt` t`c bcenkntnjks je h enkhkinha prjbuit hkblhkhgcb nkvcstlckt si`clc ukbcr t`c Ijrpjrhtnjks Hit (bnsiusscb ocajw.+

2? Hs h gunbc! Orhbejrb intcs h SY Gjvcrklckt Hiijukthonanty Jeenic cstnlhtc je t`c hvcrhgc ijst je SY "?+9lnaanjk ejr h SY "?3 lnaanjk ukbcrwrnttck puoani jeecrnkg! out kjtcs t`ht lui` je t`ns wjuab oc ukbcrwrntnkgbnsijukts hkb ijllnssnjks+ Orhbejrb! hojvc k >! 2? k ?44+ Ourmctt! hkb @clnkwhy hkb @jeelhk hasj put t`cnrcstnlhtcs nk t`c ùkbrcbs je t`jushkbs je bjaahrs+ Ourmctt! hojvc k 84! 0?= @clnkwhy hkb @jeelhk! hojvc k24! >40,>4>+ Ejr prcsckt purpjscs nt ns ckjug` tj shy t`ht rcgnstrhtnjk wnaa jetck oc nlpjssnoay cxpcksnvc ejr

ousnkcsscs sccmnkg slhaa hljukts je ihpntha+29 R`jlhs Acc @hzck Irjwbeukbnkg jr Erhubeukbnkg: Yjinha Kctwjrms hkb t`c Yciurntncs Ahws W`y t`c

Ypcinhaay Rhnajrcb Cxclptnjk Lust oc Ijkbntnjkcb jk Lchknkgeua Bnsiajsurc (?488,?48?. >4 Kjrt` IhrjankhAhw _cvncw 8793! 8722,34= @clnkwhy hkb @jeelhk! hojvc k 24! >8?= Orhbejrb! hojvc k >! 22,2>= Ourmctt! hojvck 84! 02,00+

22 Ycc @clnkwhy hkb @jeelhk! hojvc k 24! >8?,>85! ejr h bnsiussnjk je t`c Yuprclc Ijurts nktcrprcthtnjk je s

2(h.(?. nk YCI v _hastjk Turnkh Ij+ 925 SY 88> (8>39. hkb t`c phrhlctcrs je t`c sjp`nstnihtcb nkvcstjrrcqunrclckt+23 Ejr nksthkic! HkgcaAnst jpcrhtcs h pahtejrl ijkkcitnkg sjp`nstnihtcb*hiircbntcb hkgca nkvcstjrs wnt` sthrt up

ijlphkncs+ Ycc HkgcaAnst 1`ttp6**hkgca+ij*;+25 Tuoani hbvcrtnsnkg hkb t`c gckcrha sjaninthtnjk je nkvcstjrs wjuab oc nkijksnstckt wnt` h iahnl je h prnvhtc

jeecrnkg! @clnkwhy hkb @jeelhk! hojvc k 24! >85= @hzck! hojvc k 29! 8723+27 R`c cxclptnjks nk _cguahtnjk B hrc sct jut nk rr 342! 343 hkb 345 chi` je w`ni` ns suofcit tj bneecrckt

rcqunrclckts+ _uacs 342 hkb 343 hrc bcsngkcb ejr slhaa jeecrnkgs (ihppcb ht SY "8 lnaanjk hkb SY "3 lnaanjkwnt`nk h twcavc,ljkt` pcrnjb rcspcitnvcay.+ _uac 345 ns kjt suofcit tj h bjaahr anlnt+


11/26


CHT 84

je gckcrha sjaninthtnjk jr gckcrha hbvcrtnsnkg+20 R`ns ahkguhgc ns orjhb ckjug` tj prj`nont jeecrsijkbuitcb t`rjug` hk jpck nkvcstlckt irjwbeukbnkg pahtejrl+2> Yjlc je t`c _cguahtnjk Bcxclptnjks hasj anlnt t`c kulocr je uk,hiircbntcb nkvcstjrs t`ht lhy phrtninphtc! hghnk nkijksnstcktwnt` t`c ijkicpt je t`c irjwb+34

?+9 Yciurntncs Ahws hkb Irjwbeukbnkg nk Hustrhanh

Hustrhanhk ahw nk t`ns hrch ahrgcay trhims t`c rcgnlc nk t`c Skntcb Ythtcs! hat`jug` t`c icktrhabcenkntnjks hrc h ont bneecrckt+ R`c SY Yciurntncs Hit prjgrcsscs jk h orjhb ukbcrsthkbnkg je h sciurnty+R`c Hustrhanhk Ijrpjrhtnjks Hit orchms t`ns up nktj enkhkinha prjbuits (eacxnoay bcenkcb. hkbsciurntncs (s`hrcs hkb bcockturcs.+ Hs HYNI kjtcs nk nts gunbhkic! irjwbeukbnkg lhy oc rcguahtcb nkh kulocr je whys ukbcr t`c Ijrpjrhtnjks Hit+38 H irjwbeukbnkg jeecrnkg lhy hljukt tj hk jeecr je henkhkinha prjbuit! hk nktcrcst nk h lhkhgcb nkvcstlckt si`clc (h typc je enkhkinha prjbuit. jr hkjeecr je sciurntncs+ R`c rcguahtjry ijkscquckics t`ht ejaajw bcpckb jk w`ni` je t`csc bcenkntnjkshppancs+

?+9+8 Enkhkinha prjbuits

R`c bcenkntnjk je h enkhkinha prjbuit

R`c tcrl enkhkinha prjbuit ns t`c suofcit je h luatn,ahycrcb bcenkntnjk nk t`c Ijrpjrhtnjks Hit+3?Kjthoay! h enkhkinha prjbuit nkiaubcs h ehinanty t`rjug` w`ni` h pcrsjk lhmcs h enkhkinhankvcstlckt39 H enkhkinha nkvcstlckt ns w`ck (h. hk nkvcstjr prjvnbcs h ijktrnoutnjk! (o. sjlcjkcuscs! jr httclpts tj usc! t`c ijktrnoutnjk tj gckcrhtc h enkhkinha rcturk! hkb (i. t`c nkvcstjr `hs kj bhy,tj,bhy ijktrja jvcr t`c usc je t`c ijktrnoutnjk tj gckcrhtc t`ht enkhkinha rcturk+ 32 Ht t`c ckb je haa t`ns!wc ijlc jut sjlcw`crc rchsjkhoay iajsc tj t`c hkhaysns ukbcr SY ecbcrha ahw t`ht brhws h ankc hrjukbt`c phylckt je nktcrcst jr prjlnsc je rcvckuc, jr prjent,s`hrnkg+33 H irjwbeukbnkg jeecrnkg t`htprjlnscs h enkhkinha rcturk ijuab qunimay oc iahssnencb hs h enkhkinha prjbuit hkb rcguahtcb ukbcr t`cIjrpjrhtnjks Hit+

20 87 IE_ ?94+34?(i.+ R`crc ns sjlc ljvclckt jk t`ns erjkt! hat`jug` kjt`nkg tjj rcvjautnjkhry+ R`c FJOY Hitwnaa pcrlnt hbvcrtnsclckts tj hiircbntcb nkvcstjrs ejr jeecrnkgs ukbcr r 3456 FJOY Hit! ?48(h.(8.! YCITrjpjscb _uac Canlnkhtnkg t`c Trj`nontnjk Hghnkst Gckcrha Yjaninthtnjk hkb Gckcrha Hbvcrtnsnkg nk _uac 345 hkb 822HJeecrnkgs ]_cachsc Kj 99,>932= Enac Kj Y7,47,8?\ 77 (Kj 87?. Ecb _cg! (Ycptclocr 3! ?48?.+

2> @clnkwhy hkb @jeelhk! hojvc k 24! >8>+ Ycc hasj @hzck! hojvc k 29! 8723,2>+ @hzck hasj bnsiusscs t`ccxclptnjk hvhnahoac ukbcr _cguahtnjk H! w`ni` prjvnbcs ejr jeecrs ukbcr SY "3 lnaanjk hkb haajws gckcrhasjaninthtnjk! out rcqunrcs h bnsiajsurc bjiulckt+ Hs @hzck kjtcs! hssjinhtcb ijlpanhkic ijsts anlnt _cguahtnjkHs utnanty ejr irjwbeukbnkg6 ht 8725= scc hasj Orhbejrb! hojvc k >! 20+

34 _uac 343 hkb 345 jeecrnkgs hrc ahrgcay anlntcb tj hiircbntcb nkvcstjrs (t`c kulocr je uk,hiircbntcb nkvcstjrsukbcr cnt`cr ruac ihk kjt cxiccb 93.! 87 IE_ ?94+34?,345+ Nk ihaiuahtnkg t`c kulocr je nkvcstjrs t`ht lhy ocsjab tj ukbcr r 343 hkb 345 ajjm ht 87 IE_ ?94+348(c.! w`ni` cxclpts rcahtnvcs hkb hiircbntcb nkvcstjrs(hljkgst jt`crs.+

38 HYNI! hojvc k 9+3? Ejr bnsiussnjk scc Mcvnk Acwns W`ck ns h Enkhkinha Trjbuit Kjt h Enkhkinha Trjbuit (?442. ?? Ijlphky %

Yciurntncs Ahw Fjurkha 849+39 Ijrpjrhtnjks Hit s 759H(8.+ Ycitnjk 752H je t`c Ijrpjrhtnjks Hit scts jut h anst je t`nkgs t`ht hrc bcenkntcay wnt`nk

t`c bcenkntnjk! nkiaubnkg sciurntncs (s`hrcs hkb bcockturcs.! bcrnvhtnvcs! vhrnjus nksurhkic prjbuits! rctnrclcktshvnkgs hiijukts+ Ycitnjk 753H je t`c Ijrpjrhtnjks Hit scts jut h anst je t`nkgs t`ht hrc kjt enkhkinha prjbuits!sui` hs `chat` nksurhkic+

32 Nonb s 759O+33 Ycc ejjtkjtcs 24 hkb 28 hojvc jk t`c hppanihtnjk je t`c _cvcs hkb @jwcy tcsts+


12/26


CHT 88

Lhkhgcb Nkvcstlckt Yi`clcs

Hk nktcrcst nk h lhkhgcb nkvcstlckt si`clc ns h typc je enkhkinha prjbuit ukbcr t`c Ijrpjrhtnjks Hit+35Nk nts gunbhkic jk irjwbeukbnkg! HYNI ijllcktcb t`ht h irjwbeukbnkg prjfcit ijuab oc h lhkhgcbnkvcstlckt si`clc bcpckbnkg jk t`c typc je rcwhrb jeecrcb (hkb jt`cr ehitjrs.+37 R`c ohsni bcenkntnjkje h lhkhgcb nkvcstlckt nk t`c Ijrpjrhtnjks Hit ns h si`clc w`crc6 (h. pcjpac ijktrnoutc ljkcy! (o.

ijktrnoutnjks hrc pjjacb jr uscb nk h ijlljk cktcrprnsc tj prjbuic enkhkinha ockcents jr ockcentsijksnstnkg je h rng`t jr nktcrcst nk prjpcrty ejr lclocrs! hkb (i. lclocrs bj kjt `hvc bhy,tj,bhyijktrja jvcr t`c jpcrhtnjk je t`c si`clc+30 R`ns rcecrckic tj enkhkinha ockcents jr ockcents ijksnstnkg jerng`ts jr nktcrcsts nk prjpcrty ns orjhb ahkguhgc+3> Nt ijuab nkinbckthaay ihti` h rhkgc je nkkjicktirjwbeukbnkg nkicktnvcs nkiaubnkg nkicktnvcs jeecrcb wnt`nk t`c phtrjkhgc irjwbeukbnkg ljbca+ Hbctcrlnkhtnjk t`ht h irjwbeukbnkg prjfcit ns h lhkhgcb nkvcstlckt si`clc wjuab oc ehtha nk ljstnksthkics+ R`c jpcrhtnjks je h lhkhgcb nkvcstlckt si`clc hrc `chvnay rcguahtcb hkb suofcit tjbcthnacb ijlpanhkic rcqunrclckts ukbcr I`hptcr 3I je t`c Ijrpjrhtnjks Hit+54 Nt wjuab kjt ocprhitnihoac tj ruk h irjwbeukbnkg prjfcit hs h lhkhgcb nkvcstlckt si`clc cxicpt nk cxtrhjrbnkhryinriulsthkics! hkb ejr ng`ay ihpnthanscb prjfcits+

Trjbuit Bnsiajsurc Ythtclckts

Hk jeecr je h enkhkinha prjbuit (nkiaubnkg h lhkhgcb nkvcstlckt si`clc. wnaa jrbnkhrnay kccb tj oc

hiijlphkncb oy h prjbuit bnsiajsurc sthtclckt+58 H prjbuit bnsiajsurc sthtclckt ns h bcthnacbbjiulckt hkb lust ijkthnk sui` nkejrlhtnjk hs lng`t rchsjkhoay oc cxpcitcb tj `hvc h lhtcrnhankeauckic jk h bcinsnjk tj hiqunrc t`c prjbuit+5? R`c Ijrpjrhtnjks Hit csthoans`cs strnit anhonanty ejr ehasc!lnsachbnkg jr bcicptnvc sthtclckts lhbc nk h prjbuit bnsiajsurc sthtclckt+59 Hs h rcsuat! prjbuitbnsiajsurc sthtclckts hrc ihrceuaay prcphrcb oy prjecssnjkha hbvnsjrs hkb hrc hiijrbnkgay cxpcksnvc+

?+9+? Yciurntncs

Bnsiajsurc Bjiulckts

Hk jeecr je sciurntncs (s`hrcs jr bcockturcs. ns prj`nontcb nk Hustrhanh wnt`jut h bnsiajsurc bjiulckt!hat`jug` t`ns gckcrha ruac ns suofcit tj cxicptnjks+52 R`crc hrc h ecw typcs je bnsiajsurc bjiulckt ukbcrt`c Ijrpjrhtnjks Hit+ H prjspcitus ns t`c sthkbhrb euaa,bnsiajsurc bjiulckt hkb t`c ljst ijlljk+53 H

35 Ijrpjrhtnjks Hit s 752H(8.+37 HYNI! hojvc k 9+30 Ijrpjrhtnjks Hit s > (bcenkntnjk je lhkhgcb nkvcstlckt si`clc.+3> Kjtc t`ht prjpcrty lchks hky acgha jr cqunthoac csthtc jr nktcrcst (w`ct`cr prcsckt jr euturc hkb w`ct`cr

vcstcb jr ijktnkgckt. nk rcha hkb pcrsjkha prjpcrty je hky bcsirnptnjk+ Ijrpjrhtnjks Hit s > (bcenkntnjk jeprjpcrty.+

54 H lhkhgcb nkvcstlckt si`clc wnt` twckty jr ljrc lclocrs (h `jstnac kulocr nk t`c ijktcxt jeirjwbeukbnkg. gckcrhaay kccbs tj oc rcgnstcrcb wnt` HYNI hkb lust oc ijkbuitcb t`rjug` h puoani ijlphkywnt` hk Hustrhanhk enkhkinha scrvnics anicksc+ Ijrpjrhtnjks Hit ss 548CB! 548EH+ R`c si`clc lust `hvc hijlpanhkic pahk (Ijrpjrhtnjks Hit s 548@. hkb lust `hvc h ijlpanhkic ijllnttcc ne acss t`hk `hae je t`cbnrcitjrs je t`c rcspjksnoac cktntncs hrc cxtcrkha bnrcitjrs (Ijrpjrhtnjks Hit s 548FH.+

58 Ijrpjrhtnjks Hit s 848?O(9.+ Ycc gckcrha HYNI! _cguahtjry Gunbc 8506 Bnsiajsurc6 Trjbuit Bnsiajsurc Ythtclckts (hkb

Jt`cr Bnsiajsurc Joanghtnjks.! 5 Ycptclocr ?484+5? Ijrpjrhtnjks Hit s 8489C+59 Nonb s 8428C (ehasc jr lnsachbnkg sthtclckts.! 8428@ (lnsachbnkg jr bcicptnvc ijkbuit invna anhonanty.! 8428N

(invna ihusc je hitnjk.+52 Nonb ss 740! 7?7+53 Nonb s 743+ R`crc hrc t`rcc typcs je bnsiajsurc bjiulckt6 h prjspcitus! h prjenac sthtclckt! hkb hk jeecr

nkejrlhtnjk sthtclckt6 Ijrpjrhtnjks Hit s > (bcenkntnjk je bnsiajsurc bjiulckt.+ H prjenac sthtclckt! ns h s`jrtbjiulckt t`ht lhy oc uscb hajkgsnbc h prjspcitus w`crc hpprjvcb oy HYNI6 Ijrpjrhtnjks Hit s 74>(?.+@jwcvcr! HYNI `hs kjt hpprjvcb hky uscs ejr prjenac sthtclckts ht tnlc je wrntnkg6 HYNI! _hnsnkg Eukbs nk


13/26


CHT 8?

prjspcitus lust ijkthnk icrthnk spcineni bnsiajsurcs hs wcaa hs haa nkejrlhtnjk t`ht nkvcstjrs hkb t`cnrprjecssnjkha hbvnsjrs wjuab rchsjkhoay rcqunrc tj lhmc hk nkejrlcb hsscsslckt je t`c sciurntncsjeecrcb+55 R`c Ijrpjrhtnjks Hit nkiaubcs prjvnsnjks bchankg wnt` lnsachbnkg jr bcicptnvc sthtclckts hkbjlnssnjks nk bnsiajsurc bjiulckts+57 R`c rcsuat je t`csc rcqunrclckts w`ni` s`juab oy kjw ocehlnanhr ns t`ht prjspcituscs hkb jt`cr bnsiajsurc bjiulckts hrc ijlpacx hkb cxpcksnvc tjprcphrc+50

Cxclptnjks

R`c Ijrpjrhtnjks Hit scts jut sjlc cxclptnjks tj t`c gckcrha bnsiajsurc bjiulckt rcqunrclckt+ Hs nkt`c Skntcb Ythtcs! kjkc je t`c iurrckt cxclptnjks nk Hustrhanhk ahw ijuab suppjrt t`c iahssni ejrl jenkvcstlckt irjwbeukbnkg+ R`crc hrc twj lhnk sntuhtnjks w`crc h bnsiajsurc bjiulckt ns kjt rcqunrcbnk hk Hustrhanhk sciurntncs jeecrnkg6 jeecrs lhbc tj sjp`nstnihtcb nkvcstjrs hkb slhaa,sihac jeecrnkgs+

R`c sjp`nstnihtcb nkvcstjr cxclptnjk haajws jeecrs je HS "344!444 hkb hojvc= hkb jeecrs lhbc tjnkvcstjrs t`ht ihk prjvc ht achst HS "?+3 lnaanjk nk kct hsscts jr HS "?34!444 nk hkkuha nkijlc+ 5> Heurt`cr cxclptnjk cxnsts ejr prjecssnjkha nkvcstjrs! nkiaubnkg nkvcstjrs t`ht ijktrja ljrc t`hk HS "84lnaanjk nk hsscts+74 R`c t`rcs`jabs ejr t`csc cxclptnjks hrc nkijksnstckt wnt` irjwbeukbnkg+ R`c iahssje quhanencb nkvcstjrs ns tjj anlntcb tj ijkstntutc h irjwb+

R`c slhaa,sihac jeecrnkgs cxclptnjk `hs bneecrckt anlnthtnjks t`ht hrc snlnahray prjoaclhtni ejrnkvcstlckt irjwbeukbnkg+ H pcrsjkha jeecr je sciurntncs nk Hustrhanh wnaa kjt rcqunrc bnsiajsurc tjnkvcstjrs prjvnbcb t`ht kj ljrc t`hk ?4 nkvcstjrs phrtninphtc hkb kj ljrc t`hk HS "? lnaanjk ns rhnscbnk hky 8?,ljkt` pcrnjb+78 Hk jeecr ukbcr t`c slhaa,sihac jeecrnkgs cxclptnjk lhy kjt oc hbvcrtnscb+7?Hghnk! t`ns cxclptnjk ns tjj anlntcb ejr ljst typcs je nkvcstlckt irjwbeukbnkg+ Hk jpckirjwbeukbnkg phgc hkb prjljtnjk t`rjug` sjinha lcbnh ijuab ijkeanit wnt` t`c hbvcrtnsnkg rcstrnitnjk!hkb twckty nkvcstjrs ns kjt h irjwb+ @jwcvcr! h ljbnencb vcrsnjk je t`c slhaa,sihac jeecrnkgscxclptnjk cxnsts ukbcr h Iahss Jrbcr bctcrlnkcb oy HYNI hkb `hs occk uscb tj nktcrcstnkg ceecit+

?+9+9 HYNI Iahss Jrbcr 4?*?79

Nt ns wjrt` h bctjur nktj sjlc rcguahtjry `nstjry+ Nk 8>>7! t`c Trjbuitnvnty Ijllnssnjk nssucb h rcpjrtjk Nkejrlha Cqunty Nkvcstlckt+ R`c rcpjrt kjtcb ijkicrks hojut t`c hvhnahonanty je eukbs t`rjug` ejrlhaihpntha lhrmcts ejr slhaa ousnkcsscs out t`ht nkejrlha nkvcstlckt (oy prnvhtc nkvcstjrs. whs h lhfjr

sjuric je ihpntha+79 R`c rcpjrt bjiulcktcb t`c clcrgckic je scrvnics t`ht hnlcb tj ehinanthtc nkejrlhaHustrhanh 1`ttp6**www+hsni+gjv+hu*hsni*hsni+kse*oy`chbankc*_hnsnkg-eukbs-nk-Hustrhanh:jpckBjiulckt;+Hk jeecr nkejrlhtnjk sthtclckt lhy oc uscb nkstchb je h prjspcitus ejr sciurntncs jeecrnkgs je acss t`hk HS "84lnaanjk6 Ijrpjrhtnjks Hit s 74>(2.+ Hk jeecr nkejrlhtnjk sthtclckt ns h ang`tcr bjiulckt t`hk h prjspcitus outstnaa bcthnacb hkb stnaa suofcit tj t`c anhonanty rcgnlc ejr bnsiajsurc bjiulckts+ Ijrpjrhtnjks Hit ss 783! 7?0! 7?>+

55 Ijrpjrhtnjks Hit s 784 (gckcrha bnsiajsurc tcst. s 788 (spcineni bnsiajsurcs.+57 Nonb ss 7?0! 7?>+50 Hkbrcw F Ycrpcaa R`c Euturc je Enkhkinha Ycrvnics _cguahtjry _cejrl nk Hustrhanh6 Ijkbuit hkb Bnsiajsurc

Joanghtnjks (?440. 3Lhiquhrnc Fjurkha je Ousnkcss Ahw 9?>! 924+ H s`jrt,ejrl prjspcitus lhy rcecr tj lhtcrnhaajbgcb wnt` HYNI hkb lhy oc uscb nk pahic je h euaa prjspcitus+ Ijrpjrhtnjks Hit s 78?+ H trhkshitnjk spcineni jrspcinha prjspcitus lhy oc uscb ejr ijktnkujusay qujtcb sciurntncs+ Ijrpjrhtnjks Hit s 789+ R`csc ruacs lhyrcbuic phpcrwjrm ejr puoani ijlphkncs t`ht rcguahray enac wnt` HYNI! out wnaa kjt hssnst h kcw irjwbeukbnkgprjfcit+

5> Ijrpjrhtnjks Hit s 740(0.(i.! Ijrpjrhtnjks _cguahtnjks ?448 (It`. rcg 5B+?+49+ R`c hkkuha nkijlc tcst rcqunrcsprjje je grjss nkijlc ejr chi` je t`c ahst twj enkhkinha ychrs+

74 Ijrpjrhtnjks Hit ss > (bcenkntnjk je prjecssnjkha nkvcstjr.! 740(88.+78 Nonb s 740(8.,(9.+ Hk cxicptnjk ns hasj hvhnahoac ejr slhaa sihac jeecrnkgs je icrthnk enkhkinha prjbuits t`ht lng`t

jt`crwnsc rcqunrc h prjbuit bnsiajsurc sthtclckt+ Ijrpjrhtnjks Hit s 848?C+7? Ijrpjrhtnjks Hit s 792(8.+79 Trjbuitnvnty Ijllnssnjk! Nkejrlha Cqunty Nkvcstlckt! Nkbustry Ijllnssnjk Nkejrlhtnjk Thpcr! ?? Hprna 8>>7!

nnn+


14/26


CHT 89

bnrcit nkvcstlckt oy nktrjbuinkg ousnkcsscs hkb pjtcktnha nkvcstjrs+72 Nt suggcstcb pjssnonantncs ejr hsngknenihkt cxphksnjk je nkejrlha nkvcstlckt t`rjug` t`c bcvcajplckt je orjhbcr kctwjrms jeousnkcss hbvnsjrs! nkvcstjrs hkb ousnkcsscs+73 R`c rcpjrt ijktnkucb6 R`ns ijuab oc ehinanthtcb oy t`ccxphksnjk nk Hustrhanh je t`c usc je t`c Nktcrkct! jr oy usnkg sjlc jt`cr ljrc spcineni ijlputcr,ohscbkctwjrm 75

Yjlctnlc ahtcr nk 8>>7! HYNI nssucb Iahss Jrbcr >7*?9?>! w`ni` prjvnbcb cxclptnvc rcance erjlicrthnk prjvnsnjks je t`c Ijrpjrhtnjks Ahw ejr ousnkcss nktrjbuitnjk jr lhti`nkg scrvnics nkiaubnkg t`jsc jpcrhtnkg t`rjug` ouaactnk ojhrbs hkb t`c Nktcrkct+77 R`c 8>>7 Iahss Jrbcr cvjavcbnktj Iahss Jrbcr 4?*?79! w`ni` rclhnks nk ceecit+70

Iahss Jrbcr 4?*?79 haajws nkejrlhtnjk hojut slhaa,sihac jeecrnkgs tj oc inriuahtcb tj pjtcktnhankvcstjrs nk phrtniuahr inriulsthkics! prjvnbcb t`ht iachr whrknkgs hojut t`c rnsms je nkvcstlckt hrchasj prjvnbcb+ R`ht ns! nt anocrhanscs hbvcrtnsnkg rcstrnitnjks jk slhaa,sihac jeecrnkgs (suofcit tjijkbntnjks.+ R`c Iahss Jrbcr hasj irchtcs cxclptnjks ejr nssucrs hkb jt`cr hitjrs t`ht ceecitnvcay anet t`cicnankg ejr slhaa,sihac jeecrnkgs tj HS "3 lnaanjk w`crc sui` jeecrnkgs hrc ijkbuitcb t`rjug` hknktrjbuitnjk scrvnic+7> R`c Iahss Jrbcr ns brhetcb sui` t`ht t`c ?4 nkvcstjr anlnt rclhnks nk pahic ejrslhaa,sihac jeecrnkgs (w`ct`cr ukbcr t`c Ijrpjrhtnjks Hit jr t`c Iahss Jrbcr.! cxicpt tj t`c cxtckt t`htjt`cr cxclptnjks nk t`c Ijrpjrhtnjks Hit hrc hvhnahoac+04 Yj! ejr cxhlpac! t`c cxclptnjk hvhnahoac ukbcrt`c Iahss Jrbcr ijuab oc ijlonkcb wnt` t`c sjp`nstnihtcb jr prjecssnjkha nkvcstjr cxclptnjks+

R`c Hustrhanhk Ylhaa Yihac Jeecrnkgs Ojhrb

R`c 8>>7 Iahss Jrbcr hkb nts suiicssjrs sct ejukbhtnjks ejr h anlntcb ejrl je nkvcstlckt irjwbeukbnkgnk Hustrhanh+ R`c Hustrhanhk Ylhaa Yihac Jeecrnkgs Ojhrb (HYYJO. jpcrhtcs h ousnkcss nktrjbuitnjkpahtejrl ht hssjo+ijl+hu! rcaynkg jk h ijlonkhtnjk je cxclptnjks hvhnahoac ukbcr t`c Ijrpjrhtnjks Hithkb Iahss Jrbcr 4?*?79+08 R`c sntc ijkejrls tj t`c ohsni irjwbeukbnkg styac+ Nt ansts ijlphkncs sccmnkgeukbnkg+ @jwcvcr! erjl t`ns pjnkt HYYJO rhti`cts up h ecw acvcas+ HYYJO ijkbuits buc bnangckic jkijlphkncs sccmnkg tj anst+ Nt hasj rcqunrcs t`ht ijlphkncs ckghgc hk hpprjvcb spjksjr (prjecssnjkhaousnkcss hbvnsjr. tj hssnst wnt` t`c anstnkg prjicss+ Hs hk jvcrahy tj cxnstnkg rcqunrclckts ukbcr t`cIjrpjrhtnjks Hit (HYYJO jkay ansts ijlphkncs.! t`c HYYJO _uacs je Hblnssnjk sct jut icrthnkgjvcrkhkic hkb rcpjrtnkg rcqunrclckts! nkiaubnkg t`ht ijlphky bnrcitjrs sngk h sjavckiy sthtclckt!t`ht t`c ijlphky hppjnkt hk hubntjr! hkb t`ht ijlphkncs rcpjrt lhtcrnha nkejrlhtnjk t`ht wjuab heecits`hrc`jabcr nktcrcsts+0?

72 Nonb! 2>+73 Nonb! 33+75 Nonb+77 HYNI! _cguahtjry Gunbc 8?>6 Ousnkcss Nktrjbuitnjk jr Lhti`nkg Ycrvnics! 2 Ecoruhry 8>>0+70 HYNI! HYNI Iahss Jrbcr, Ousnkcss Nktrjbuitnjk jr Lhti`nkg Ycrvnics! IJ 4?*?79! 3 Lhri` ?44? (Iahss Jrbcr

4?*?79.+7> Iahss Jrbcr 4?*?79! kjtc t`c Enrst Cxclptnjk hkb Ycijkb Cxclptnjk+ Hasj kjtc t`ht t`c Iahss Jrbcr lhy oc

uscb ejr slhaa,sihac jeecrnkgs je sciurntncs jr si`clc nktcrcsts+04

Iahss Jrbcr 4?*?79! Ycijkb Cxclptnjk! ?(b.+08 Nonb+ W`ck rchb tjgct`cr! suo,ss 740(8. hkb (9. je t`c Ijrpjrhtnjks Hit (w`ni` sct jut jpcrhtnvc phrts je t`c

slhaa,sihac jeecrnkgs cxclptnjk. shy t`ht t`c cxclptnjk ns ajst ne t`c kulocr je pcjpac tj w`jl sciurntncs `hvcocck nssucb cxiccb ?4 nk h twcavc,ljkt` pcrnjb+ R`c prcecrrcb rchbnkg `crc ns t`ht nt wjuab kjt oc pjssnoac tjhbb tjgct`cr t`c ?4 nkvcstjrs haajwcb ukbcr suo,s 740(8. hkb t`c ?4 nkvcstjrs haajwcb ukbcr t`c scphrhtccxicptnjk nk Iahss Jrbcr 4?*?79+ Kjtc! `jwcvcr! t`ht jeecrs lhbc tj sjp`nstnihtcb nkvcstjrs jr prjecssnjkhankvcstjrs jr ukbcr sjlc jt`cr cxicptnjk ukbcr s 740 hrc kjt ijuktcb ejr t`c purpjscs je cnt`cr anlnt6Ijrpjrhtnjks Hit s 740(8.(3.! Iahss Jrbcr 4?*?79! Ycijkb Cxclptnjk! 9(o.(H.+

0? HYYJO _uacs je Hblnssnjk 1`ttp6**www+hssjo+ijl+hu*cktrcprckcurs+hsp:phgc


15/26


CHT 82

HYYJO ns wjrmnkg ceecitnvcay wnt`nk t`c phrhlctcrs sct oy t`c Ijrpjrhtnjks Hit+ Ht tnlc je wrntnkg!HYYJO `hs rhnscb sjlct`nkg nk t`c jrbcr je HS "894 lnaanjk! 09 hkb t`c hvcrhgc hljukt je ihpntharhnscb nk h suiicsseua HYYJO jeecrnkg ns hrjukb `hae h lnaanjk bjaahrs+02 R`ns puts HYYJO ht t`csjp`nstnihtcb ckb je irjwbeukbnkg hkb ihphoac je tjacrhtnkg t`c ijlpacx rcguahtjry ckvnrjklckt nkw`ni` nt enkbs ntscae+ HYYJO hasj kccbs tj oc ukbcrstjjb hs h vcry ang`t vcrsnjk je irjwbeukbnkg+ R`cijktnkunkg ?4,nkvcstjr anlnthtnjks nk t`c Ijrpjrhtnjks Hit hkb Iahss Jrbcr 4?*?79 lchk t`ht t`cpahtejrl ns kcnt`cr bcsngkcb kjr pcrlnttcb tj ckghgc nk irjwbeukbnkg hs nt ns gckcrhaay ukbcrstjjb+Kjkct`cacss! HYYJO prjvnbcs hk nktcrcstnkg cxhlpac je w`ht cqunty irjwbeukbnkg ijuab ajjm anmc+03

?+2 Yciurntncs Ahws hkb Irjwbeukbnkg nk _cvncw

Nk rcvncw! t`c pjsntnjk nk t`c Skntcb Ythtcs (pckbnkg t`c nlpaclckthtnjk je rcacvhkt prjvnsnjks je t`cFJOY Hit. ns t`ht nkvcstlckt irjwbeukbnkg ns ijkstrhnkcb+ H irjwbeukbnkg ihlphngk t`ht prjlnscsnktcrcst jk h bcot jr sjlc ejrl je prjent phrtninphtnjk lhy hljukt tj hk jeecr je h sciurnty+ H sciurntylhy kjt oc jeecrcb jr sjab cxicpt pursuhkt tj h rcgnstrhtnjk sthtclckt jr w`crc hk cxclptnjk hppancs+R`c cxclptnjks hvhnahoac nk t`c Yciurntncs Hit hrc gckcrhaay nkijlphtnoac wnt` irjwbeukbnkg! wnt`rcacvhkt cxclptnjks anlntnkg gckcrha sjaninthtnjk hkb t`c kulocr hkb khturc je phrtninphtnkg nkvcstjrs+

H prnkinpha nssuc ejr irjwbeukbnkg nk Hustrhanh ns t`ht nts pjsntnjk ukbcr hppanihoac ahws ns hlongujus+

HYNIs gunbhkic jk irjwbeukbnkg hkb rcacvhkt sthtutjry bcenkntnjks nkbnihtc t`ht sjlc ejrls jephtrjkhgc irjwbeukbnkg! hkb ljst ejrls je nkvcstlckt irjwbeukbnkg! ijuab oc rcguahtcb ukbcr t`cIjrpjrhtnjks Hit+ HYNI gnvcs sjlc rchssurhkic nk nts gunbhkic t`ht6 Ne t`c pcjpac prjvnbnkg t`c eukbshrc lhmnkg h bjkhtnjk jr hrc jkay tjab t`cy lhy rcicnvc sjlc hssct je kjlnkha vhauc w`ni` ns kjt ntscaeh enkhkinha prjbuit! rcguahtnjk ukbcr t`c Ijrpjrhtnjks Hit lhy kjt hppay+05 R`ns lhmcs nt tjacrhoay iachrt`ht ohsni phtrjkhgc irjwbeukbnkg ns jmhy+ @jwcvcr! nt ns vhguc rchssurhkic ht ocst hkb achvcs h iajubjvcr t`c typcs je nkicktnvcs irjwbeukbnkg prjljtcrs lhy jeecr cvck wnt`nk t`c phtrjkhgc ljbca+W`crc h irjwbeukbnkg jeecrnkg hljukts tj h lhkhgcb nkvcstlckt si`clc jr hk jeecr je sjlc jt`crenkhkinha prjbuit sjlc chvy rcguahtnjk mnims,nk+ Ynlnahray! w`crc h irjwbeukbnkg jeecrnkg hljukts tjhk jeecr je sciurntncs! t`c nssucr lust prcphrc ijlpacx bnsiajsurc bjiulckts! ohimcb oy hknktnlnbhtnkg anhonanty rcgnlc ejr lnssthtclckts hkb jlnssnjks! jr khvnghtc t`rjug` sjlc khrrjwcxclptnjks nk t`c Ijrpjrhtnjks Hit+ Hat`jug` HYYJO `hs pus`cb t`rjug` h ijlpacx rcguahtjryckvnrjklckt tj enkb sjlc sukang`t! nts ceecitnvckcss `hs occk ijkstrhnkcb oy anlnthtnjks jk hbvcrtnsnkghkb jk t`c kulocr je nkvcstjrs t`ht lhy phrtninphtc nk hk jeecrnkg+ Nk s`jrt! t`c Ijrpjrhtnjks Hit bjcs

kjt ijlejrthoay hiijlljbhtc nkvcstlckt irjwbeukbnkg+R`c ejaajwnkg scitnjk ajjms ht `jw irjwbeukbnkg lng`t oc ljrc hpprjprnhtcay rcguahtcb+ Nt rcvncwsw`ht t`c Hlcrnihks `hvc bjkc wnt` t`c FJOY Hit hkb prjvnbcs sjlc ijllckthry+ R`c phpcr t`ckljvcs jk tj ijksnbcr t`c `ng`,acvca bcsngk je hk Hustrhanhk irjwbeukbnkg cxclptnjk+

09

H rukknkg ijuktcr ns prcscktcb jk t`c erjkt phgc je t`c HYYJO wcosntc 1`ttp6**www+hssjo+ijl+hu*;+02 Hustrhanhk Ylhaa Yihac Jeecrnkgs Ojhrb Anlntcb! Enkhkinha _cpjrt ejr t`c ^chr Ckbcb 94 Fukc ?48?!?0 Ycptclocr?48?! 2! 1`ttp6**www+ksxh+ijl+hu*hkkjukiclcktsZanst+hsp:ksxijbc


16/26


CHT 83

9 @jw tj Cxclpt Irjwbeukbnkg jut je Yciurntncs Ahws (hkb tj W`ht Cxtckt.

9+8 Ohimgrjukb

H ihpntha eukbnkg ghp ejr slhaa ousnkcsscs cxnsts hkb rclhnks nkhbcquhtcay hbbrcsscb+ R`ns nssuc whs

ijlpjukbcb oy t`c gajoha enkhkinha irnsns! phrtniuahray nk t`c Skntcb Ythtcs! w`ck ohkm ackbnkg ocihlcljrc ijkscrvhtnvc+ R`c enkhkinha irnsns hkb t`c sajw rcijvcry t`ht ejaajwcb irchtcb inriulsthkicsukbcr w`ni` SY pjantninhks ocihlc nktcrcstcb nk irjwbeukbnkg hs hk nkkjvhtnvc ejrl je enkhkinkg+07Nk h rcpjrt jk prcbcicssjr acgnsahtnjk tj t`cFJOY Hit! t`c SY @jusc je _cprcsckthtnvcs Ijllnttcc jkEnkhkinha Ycrvnics cxpahnkcb6

Ihpntha ejrlhtnjk ns kcicsshry ejr fjo irchtnjk hkb ns csscktnha ejr hky ahstnkg cijkjlnircijvcry+ Wnt`jut hiicss tj ihpntha! ousnkcsscs ihkkjt cxphkb+ Wnt`jut rcguahtjryicrthnkty! ihpntha bnshppchrs+

Ijlphkncs jothnk ihpntha t`jug`t ojrrjwnkg jr cqunty enkhkinkg+ Ocihusc ohkms `hvctng`tckcb t`cnr ackbnkg sthkbhrbs nk t`c whmc je t`c cijkjlni irnsns! t`crc ns acss ircbnthvhnahoac tj eukb grjwt`+++

Irjwbeukbnkg ns hk nkirchsnkgay pjpuahr lct`jb je ihpntha ejrlhtnjk00

R`c @jusc Ijllnttcc ijktnkucb tj kjtc t`ht sciurntncs rcguahtnjks nlpcbcb irjwbeukbnkg+ Nk ang`t jet`c hojvc! ejaajwnkg sjlc hlckblckts oy t`c Yckhtc! Ijkgrcss phsscb t`cFJOY Hit+

9+? R`c FJOY Hit

9+?+8 R`c Cxclptnjk

R`cFJOY Hit nkiaubcs h kcw cxclptnjk erjl rcgnstrhtnjk ejr irjwbeukbnkg jeecrnkgs+ R`c cxclptnjk!sct jut nk scitnjk 2(5. je t`c Yciurntncs Hit! ns hvhnahoac ejr sciurntncs trhkshitnjks w`crc6

(h. t`c hggrcghtc hljukt sjab tj haa nkvcstjrs bjcs kjt cxiccb SY "8 lnaanjk nk hky 8?ljkt` pcrnjb=

(o. t`c hggrcghtc hljukt sjab tj hky jkc nkvcstjr bjcs kjt cxiccb6n+ SY "?444 jr 3 pcr ickt je t`c hkkuha kct wjrt` je t`c nkvcstjr (w`crc t`c hkkuha

nkijlc jr kct wjrt` je t`c nkvcstjr ns acss t`hk SY "844!444.= jr

nn+ 84 pcr ickt je t`c hkkuha nkijlc jr kct wjrt` je t`c nkvcstjr! up tj h lhxnlulhggrcghtc hljukt je SY "844!444 (w`crc t`c hkkuha nkijlc jr kct wjrt` je t`cnkvcstjr ns cquha tj jr ljrc t`hk SY "844!444.=

(i. t`c trhkshitnjk ns ijkbuitcb t`rjug` h rcgnstcrcb irjwbeukbnkg pjrtha t`ht ijlpancswnt` icrthnk spcinencb joanghtnjks= hkb

(b. t`c nssucr ijlpancs wnt` icrthnk spcinencb bnsiajsurc hkb jt`cr joanghtnjks+ 0>

07 @jusc _cpjrt Kj 88?,?5?! 98 Jitjocr ?488! 2+00 Nonb+0> Yciurntncs Hit 2(5.+


17/26


CHT 85

9+?+? Nktcrlcbnhrncs

R`c joanghtnjks t`ht hppay tj nktcrlcbnhrncs sccmnkg tj rcay jk t`c kcw irjwbeukbnkg cxclptnjk hrcsct jut nk s 2H(h. je t`c Yciurntncs Hit+ R`c scitnjk prjvnbcs t`ht irjwbeukbnkg nktcrlcbnhrncs lustrcgnstcr wnt` t`c YCI hkb hky hppanihoac nkbustry scae,rcguahtjry ojby+>4 Nt t`ck scts jut h scrncs jercqunrclckts bnrcitcb ht nkvcstjr cbuihtnjk+ Nktcrlcbnhrncs lust prjvnbc nkvcstjrs wnt` w`htcvcr

whrknkgs! bnsiajsurcs hkb lhtcrnhas t`c YCI bctcrlnkcs tj oc hpprjprnhtc+ >8 Nktcrlcbnhrncs lustcksurc t`ht nkvcstjrs pjsntnvcay heenrl t`cy ukbcrsthkb t`cy ijuab ajsc t`cnr nkvcstlckt! hkb hkswcrqucstnjks bcljkstrhtnkg hk ukbcrsthkbnkg je nkvcstlckt rnsms hkb sui` jt`cr lhttcrs hs t`c YCI lhybctcrlnkc+>? R`c nktcrlcbnhry lust thmc stcps tj hbbrcss erhub! nkiaubnkg ijkbuitnkg ohimgrjukb hkbrcguahtjry `nstjry i`cims jk t`c bnrcitjrs! jeenicrs hkb lhfjr s`hrc`jabcrs je t`c nssucr+>9 R`c YCI lhyrcqunrc eurt`cr hktn,erhub lchsurcs nk nts nlpaclcktnkg ruacs+>2 Nktcrlcbnhrncs hrc rcspjksnoac ejrcksurnkg t`ht t`c nkejrlhtnjk rcqunrcb je nssucrs ns prjvnbcb tj nkvcstjrs hkb t`c YCI ht achst ?8 bhysprnjr tj t`c enrst shac je sciurntncs! sajwnkg t`nkgs bjwk h ont+>3 Eurt`cr sajwnkg t`nkgs bjwk!nktcrlcbnhrncs lhy kjt phy jut eukbs tj hk nssucr uktna t`c thrgct hljukt ejr t`c jeecrnkg ns lct jrcxiccbcb+>5

9+?+9 Nssucrs

R`c joanghtnjks t`ht hppay tj irjwbeukbnkg nssucrs hrc sct jut nk s 2H(o. je t`c Yciurntncs Hit+ Hk nssucr

lust prjvnbc nkvcstjrs wnt` nkejrlhtnjk nkiaubnkg nts khlc hkb hbbrcss! khlcs je bnrcitjrs! jeenicrshkb sngknenihkt s`hrc`jabcrs! bcsirnptnjks je nts ousnkcss! enkhkinha ijkbntnjk! jwkcrs`np hkb ihpnthastruiturc! hkb nts nktckbcb usc je prjiccbs je t`c jeecrnkg+ >7 Ijksnstckt wnt` cxnstnkg irjwbeukbnkgprhitnic! hk nssucr lust sthtc h thrgct hljukt hkb t`c bchbankc tj rchi` t`ht thrgct! hkb lust prjvnbcnkvcstjrs wnt` rcguahr prjgrcss upbhtcs+>0 Eurt`cr bnsiajsurc joanghtnjks hkb jt`cr rcqunrclckts lhyoc bctcrlnkcb oy t`c YCI ejr t`c prjtcitnjk je nkvcstjrs hkb nk t`c puoani nktcrcst+>>

R`c acgnsahtnjk thmcs h tncrcb hpprjhi` jk rcqunrcb enkhkinha bjiulckthtnjk+ R`c bjiulckthtnjk hknssucr lust prjvnbc bcpckbs jk t`c thrgct hljukt je t`c jeecrnkg+ Ejr jeecrnkgs t`ht! tjgct`cr wnt` hkyjeecrnkgs nk t`c prcicbnkg 8? ljkt`s! `hvc hk hggrcghtc thrgct hljukt je6

SY "844!444 jr acss! t`c nssucr lust prjvnbc nts nkijlc thx rcturk ejr t`c prcvnjus ychr (ne hky.! hkbenkhkinha sthtclckts icrtnencb oy lhkhgclckt tj oc truc hkb ijrrcit=

SY "844!444 SY "344!444! t`c nssucr lust prjvnbc enkhkinha sthtclckts rcvncwcb oy hk hiijukthktw`j ns nkbcpckbckt je t`c nssucr= hkb

>4 Nonb 2H(h.(8.,(?.+ R`c Enkhkinha Nkbustry _cguahtjry Hut`jrnty (ENK_H. ns t`c jkay rcacvhkt scae,rcguahtjry

ojby ht tnlc je wrntnkg+>8 Yciurntncs Hit 2H(h.(9.+>? Nonb 2H(h.(2.+>9 Nonb 2H(h.(3.+ R`ns wnaa prcsulhoay ijkkcit wnt` ruacs tj oc bcvcajpcb oy t`c YCI csthoans`nkg nssucr

bnsquhanenihtnjk prjvnsnjks (ohb hitjr prjvnsnjks.6FJOY Hit 94?(b.(8.+>2 Yciurntncs Hit 2H(h.(3.+>3 Nonb 2H(h.(5.+>5

Nonb 2H(h.(7.+ R`ns acgnsahtcs ejr h phrtniuahr ejrl je irjwbeukbnkg+ R`cFJOY Hit nksnsts jk hk haa,jr,kjt`nkgeukbnkg hpprjhi` (t`c ljbca hbjptcb oy Mnimsthrtcr.+ Jk t`ns ljbca! eukbs hrc bnstrnoutcb jkay w`ck h prjfcitrchi`cs nts thrgct+ Ne h prjfcit bjcs kjt rchi` nts thrgct ocejrc nts sthtcb bchbankc! kj ljkcy ns ijaacitcb erjleukbcrs+ R`crc hrc jt`cr ljbcas jut t`crc+ Nkbncgjgj! ejr nksthkic! haajws prjljtcrs tj mccp eukbs rhnscb! cvckne t`cy bj kjt lcct t`cnr sthtcb gjha+ Hasj kjtc t`ht ukbcr s 2H(h.(7.! nkvcstjrs lust oc haajwcb tj ihkica t`cnrijllntlckt tj nkvcst nk inriulsthkics tj oc bctcrlnkcb oy t`c YCI+

>7 Yciurntncs Hit 2H(o.(8.(H.,(C.! (@.+>0 Nonb 2H(o.(8.(E.+>> Nonb 2H(o.(8.(N.! 2H(o.(3.+


18/26


CHT 87

SY "344!444 SY "8 lnaanjk! t`c nssucr lust prjvnbc hubntcb enkhkinha sthtclckts+844R`c nssucr lust prjvnbc hkkuha rcpjrts tj t`c YCI hkb nkvcstjrs scttnkg jut rcsuats je jpcrhtnjks hkbenkhkinha sthtclckts! wnt` eurt`cr bcthnas hkb cxicptnjks tj oc bctcrlnkcb oy t`c YCI+848

Hk nssucr lhy kjt hbvcrtnsc t`c tcrls je t`c jeecrnkg cxicpt ejr h kjtnic bnrcitnkg nkvcstjrs tj t`crcacvhkt irjwbeukbnkg nktcrlcbnhry+84? R`ns ahst rcstrnitnjk ns sngknenihkt+ Nt whs hrgucb jk t`c eajjr jet`c @jusc je _cprcsckthtnvcs t`ht t`ns wjuab lchk h ijlphky ijuab kjt twcct t`c ehit t`cyrc trynkgtj rhnsc ihpntha+849 R`ns ns prjohoay tjj strnit hk nktcrprcthtnjk je t`c enkha tcxt t`c ruac ns jkay t`ht hijlphky lhy kjt hbvcrtnsc t`c tcrls je t`c jeecr+ @jwcvcr! nt lchks t`ht irjwbeukbnkg nssucrs wnaa`hvc tj oc ihutnjus nk t`cnr puoani ijlluknihtnjks+

9+?+2 Anhonanty

R`c FJOY Hit irchtcs h prnvhtc rng`t je hitnjk ejr nkvcstjrs nk irjwbeukbnkg trhkshitnjks heecitcb oy hlhtcrnha lnssthtclckt jr jlnssnjk oy hk nssucr+842 R`c nssucr wnaa csihpc anhonanty ne nt ihk s`jw t`ht ntbnb kjt mkjw! hkb nk t`c cxcrinsc je rchsjkhoac ihrc ijuab kjt `hvc mkjwk! je t`c uktrut` jrjlnssnjk+843 Ne t`c hitnjk ns suiicsseua! t`c nkvcstjr ihk rcturk t`c sciurnty hkb iahnl ohim w`htcvcrijksnbcrhtnjk t`cy phnb (wnt` nktcrcst! acss hky nkijlc rcicnvcb.! jr lhy iahnl bhlhgcs ne t`cy kjajkgcr `jab t`c sciurnty+845

9+?+3 YCI _uaclhmnkg

R`c irjwbeukbnkg cxclptnjk wnaa kjt thmc ceecit uktna t`c YCI `hs hbjptcb nlpaclcktnkg ruacs+ Hsnkbnihtcb t`rjug` t`c phrhgrhp`s hojvc! t`c YCI `hs orjhb ahtntubc tj s`hpc t`c uatnlhtc ejrl je t`ccxclptnjk+ Ijkgrcss `hs sct up h erhlcwjrm! out t`c YCI `hs occk acet tj prjvnbc nlpjrthkt bcthnas+R`c FJOY Hit rcqunrcb t`ht t`c YCI bcanvcr nts ruacs wnt`nk ?74 bhys je ckhitlckt+847 R`ns bchbankcphsscb jk Fhkuhry 8! ?489+ Nt ns kjt iachr w`ck ruacs wnaa oc ejrt`ijlnkg! hat`jug` t`cy hrc cxpcitcbahtcr t`ns ychr+840

9+9 Ihpntha Ejrlhtnjk hkb Nkvcstjr Trjtcitnjks

R`c irjwbeukbnkg prjvnsnjks nk t`c FJOY Hit hrc t`c prjbuit je h kcgjtnhtnjk octwcck twj ijlpctnkgnktcrcsts+ R`c purpjsc je t`c acgnsahtnjk whs tj nkirchsc cijkjlni grjwt` oy nlprjvnkg hiicss tj t`cpuoani ihpntha lhrmcts+84> R`ht ns! tj ehinanthtc ihpntha ejrlhtnjk+ Hghnkst t`ns! Ijkgrcss sjug`t tj

844 Nonb 2H(o.(8.(B.+848 Nonb 2H(o.(2.+84? Nonb 2H(o.(?.+849 Ijkgrcssnjkha _cijrb! 88?t` Ijkgrcss! Ycijkb Ycssnjk! ?7 Lhri` ?48?! @8308+842 Yciurntncs Hit 2H(i.(8.+843 Nonb 2H(i.(?.(O.+845 Nonb 2H(i.(8.(H.+847 FJOY Hit 94?(i.+840 Kjthoay! t`ck YCI I`hnr! Lhry Yi`hpnrj! `hb sjug`t 80 ljkt`s tj hbjpt enkha ruacs (rcspjkbnkg tj h 804 bhy

tnlcthoac prjpjscb nk hk chray vcrsnjk je t`c FJOY Hit.6 Acttcr erjl YCI I`hnr Lhry Yi`hpnrj tj YckhtcOhkmnkg Ijllnttcc jk @_ 9545 (89 Lhri` ?48?. nk @hlnatjk! hojvc k 8! 803+ R`c YCI ns yct tj prjpjsc brhetruacs jk irjwbeukbnkg! suggcstnkg nt lhy oc sjlc tnlc ocejrc enkha ruacs hrc hbjptcb+ R`ns shnb! sui`ruaclhmnkg `hs occk nbcktnencb hs h prnjrnty je t`c nkijlnkg I`hnr je t`c YCI! Lhry Fj W`ntc+ Nk tcstnljky

ocejrc t`c Yckhtc Ohkmnkg Ijllnttcc! W`ntc `hs sthtcb6 R`c YCI kccbs tj gct t`c ruacs rng`t! out nt hasj kccbstj gct t`cl bjkc+ Rj ijlpactc t`csc acgnsahtnvc lhkbhtcs cxpcbntnjusay lust oc hk nllcbnhtc nlpcrhtnvc ejrt`c YCI+ Rcstnljky je Lhry Fj W`ntc! Kjlnkcc ejr I`hnr je t`c SY Yciurntncs hkb Cxi`hkgc Ijllnssnjk!

ocejrc t`c Skntcb Ythtcs Yckhtc Ijllnttcc jk Ohkmnkg! @jusnkg hkb Srohk Heehnrs! Lhri` 8?! ?489+84> Trchloac tj t`cFJOY Hit+


19/26


CHT 80

ohahkic t`c cvcr,prcsckt ijkicrk je nkvcstjr prjtcitnjk t`ht `hs ljtnvhtcb sciurntncs ahws snkic t`c8>94s+

R`crc hrc rnsms `crc t`ht kccb tj oc himkjwacbgcb+ Irjwbeukbnkg lhmcs nt pjssnoac ejr rcahtnvcayuksjp`nstnihtcb lclocrs je t`c gckcrha puoani tj t`rjw ljkcy ht phrtniuahray rnsmy cktcrprnscs+884Ylhaa ousnkcsscs jetck ehna+ Tcjpac w`j ihk kjt heejrb nt lhy ajsc ljkcy+ R`crc ns sijpc ejr erhub+ Wc

ijuab hbb h scijkbhry ijkicrk t`ht ne nkvcstjr prjtcitnjks hrc nkhbcquhtc! t`c puoani lhy ajscijkenbckic nk ihpntha lhrmcts hkb ihpntha ejrlhtnjk wnaa ocijlc gckcrhaay ljrc bneeniuat hkbcxpcksnvc+888 Hky cxclptnjk ejr nkvcstlckt irjwbeukbnkg lust hiijrbnkgay oc ijkbntnjkha hkbanlntcb+ @jwcvcr! nt ns chsy tj jvcrsthtc rnsms tj nkvcstjrs hkb tj jvcr,rcguahtc nk rcspjksc+ 88?

9+2 R`c Ohahkic nk t`c FJOY Hit

W`ck orjmck nktj ijkstntuckt phrts! t`crc ns kjt tjj lui` tj irntninsc hojut t`c kcw irjwbeukbnkgcxclptnjk+ R`c struiturc je t`c cxclptnjk lhmcs scksc+ Irjwbeukbnkg jeecrnkgs lust oc ijkbuitcbt`rjug` hk nktcrlcbnhry+ Nktcrlcbnhrncs lust oc rcgnstcrcb wnt` t`c YCI hkb lust prjvnbc whrknkgstj nkvcstjrs+ Nssucrs lust ijlpay wnt` h sct je bnsiajsurc joanghtnjks suppjrtcb oy h prnvhtc rng`t jehitnjk csthoans`nkg anhonanty ejr lnssthtclckts hkb jlnssnjks+ Haa je t`ns ns enkc+ @jwcvcr! t`crcqunrclckts ht chi` sthgc hrc ojt` tjj lhky hkb tjj prcsirnptnvc+ R`c irnlc nk t`c FJOY Hit ns jkc je

cxicss+ R`c YCI hasj `hs orjhb ruac,lhmnkg hut`jrnty tj hbb joanghtnjks ht chi` sthgc je t`c prjicss!hkb t`crc ns h rnsm t`c YCI wnaa hbb h suosthktnha ahycr je bcthna tj hk harchby ijlpacx rcgnlc+889

H kulocr je t`c nkvcstjr prjtcitnjks nk t`c enkha irjwbeukbnkg cxclptnjk wcrc nktrjbuicb oy t`cYckhtc+882 R`csc hlckblckts hbbrcsscb ijllckthry jk chray brhets je t`c irjwbeukbnkg acgnsahtnjkw`ni` `hb cxprcsscb ijkicrks hojut h ahim je nkvcstjr prjtcitnjks hkb ejrcihst nkirchscs nk erhub hkbohb nkvcstlckt bcinsnjks+883 Yjlc suoscquckt ijllckthry `hs suggcstcb t`ht t`c Yckhtc wckt tjj ehrnk rcspjksc t`ht t`c ijlpacxnty je t`c kcw ruacs wnaa prjvc jvcrw`calnkg hkb wnaa anlnt t`c utnanty

884 Orhbejrb! hojvc k >! 842+888 Acttcr erjl t`ck YCI I`hnr Lhry Yi`hpnrj tj Yckhtc Ohkmnkg Ijllnttcc jk @_ 9545 (89 Lhri` ?48?.! nk

@hlnatjk! hojvc k 8! 803= Ythtclckt je Trjecssjr Fj`k I Ijeecc Fr (Hbjae H Ocrac Trjecssjr je Ahw! IjaulonhSknvcrsnty Ahw Yi`jja. ht @chrnkgs Ocejrc t`c Yckhtc Ijllnttcc jk Ohkmnkg! @jusnkg hkb Srohk Heehnrs!Bciclocr 8! ?488= Oahim hojvc k ?>! >?+

88? Hs Thrcbcs ijkiaubcs6 R`c ojttjl ankc ns t`ht sciurntncs rcguahtjrs! hs wcaa hs t`c puoani hkb t`c lcbnh! jetck`hvc hk cxhggcrhtcb ijkicrk jvcr erhub hkb nkvcstjr ajsscs hkb! ht achst oy ijlphrnsjk! h buaacb scksntnvnty tjt`c ijsts je grchtcr nkvcstjr prjtcitnjk+ Rrjy H Thrcbcs! Jk t`c Bcinsnjk tj _cguahtc @cbgc Eukbs6 R`c YCIs_cguahtjry T`najsjp`y! Ytyac hkb Lnssnjk (?445. 3 Sknvcrsnty je Naankjns Ahw _cvncw >73! 844>= hasj qujtcb nkOrhbejrb! hojvc k >! >>+ Hasj kjtc Bjlohahgnhk! Yciurntncs rcguahtnjk ns gckcrhaay hbvhkicb ukbcr t`c ruornije nkvcstjr ijkenbckic jr nkvcstjr prjtcitnjk R`c gjhas je cijkjlni ceeninckiy hkb ihpntha ejrlhtnjk!w`crc t`cy hppchr nk t`c ecbcrha sciurntncs ahws! scrvc hs bcinbcbay scijkbhry ijksnbcrhtnjks+ hs intcb nk@clnkwhy! hojvc k 89! 990+

889 Hat`jug` kjtc t`ht ijkicrks hojut jvcrrcguahtnjk hrc sthrtnkg tj gct sjlc pahy nk t`c prcss hkb nk hihbclniantcrhturc+ Yi`whrtz! ejr cxhlpac! wrntcs! R`ns Csshys ijrc lcsshgc tj t`c YCI! hkb nkijlnkg I`hnrlhk W`ntcns t`ns6 mccp t`c ruacs hkb rcguahtnjks gjvcrknkg sciurntncs irjwbeukbnkg hs ang`t hkb snlpac hs pjssnoac6Hkbrcw H Yi`whrtz! Mccp nt Ang`t! I`hnrlhk W`ntc6 YCI _uaclhmnkg Skbcr t`c I_JWBESKB Hit (?489.55 Uhkbcronat Ahw _cvncw Ck Ohki 29! 5?= Sknvcrsnty je Ijajrhbj Ahw Acgha Ytubncs _cschri` Thpcr Kj 89,01`ttp6**ssrk+ijl*hostrhit


20/26


CHT 8>

je t`c cxclptnjk+885 Ijkgrcsslhk Thtrnim Li@ckry! hut`jr je t`c @jusc irjwbeukbnkg onaa! jeecrcb t`cejaajwnkg ijllckts6

_ht`cr t`hk rcijgknznkg t`ht irjwbeukbnkg ijuab irchtc kcw lhrmcts hkb jppjrtukntncsejr slhaa ousnkcsscs hkb sthrt,ups! t`csc lnsgunbcb Yckhtjrs snlpay shw irjwbeukbnkg hsukrcguahtcb hitnvntncs+ R`ns lnspcricptnjk ihuscb t`cl tj bcsngk h irjwbeukbnkg tntac t`ht

ns rnbbacb wnt` ourbcks jk nssucrs! nkvcstjrs! hkb nktcrlcbnhrncs hkb anlnts gckcrhasjaninthtnjk hkb ck`hkics YCI ruaclhmnkg hut`jrnty+887

R`crc ns ejric tj t`csc irntninsls+ Hs ihpturcb nk t`c Ijkgrcsslhks ijllckts! w`ht sthrtcb hs hkcxcrinsc nk bcrcguahtnjk whs thmck hs hk jppjrtuknty tj rc,rcguahtc hk clcrgnkg prhitnic+

9+3 R`c Irjwbeukbnkg Ypcitrul

R`c Yckhtc hlckblckts ejaajw erjl h vcry sciurntncs,icktrni why je t`nkmnkg hojut `jw tj rcguahtcirjwbeukbnkg+ R`c kcw cxclptnjk sccs irjwbeukbnkg hs h spcincs je sciurntncs jeecrnkg hkb rcguahtcshiijrbnkgay+ R`ns ns kjt haa ohb+ R`c ankc octwcck nkvcstlckt irjwbeukbnkg hkb h trhbntnjkha sciurntncsjeecrnkg ocijlcs nkirchsnkgay oaurrcb w`ck ahrgc hljukts hrc nkvjavcb+ R`c kcw cxclptnjk nsrjug`ay hpprjprnhtc ejr t`c ljrc sjp`nstnihtcb hkb sciurntncs,anmc irjwbeukbnkg jeecrnkgs+ Ht t`csc`ng`cr acvcas! jeecrnkgs rhnsc sueenincktay ahrgc hljukts je ihpntha ejr nssucrs tj hosjro t`c ijsts jeprcphrnkg enkhkinha sthtclckts hkb jt`cr bnsiajsurcs+ R`c pcrickthgcs phnb t`rjug` tj irjwbeukbnkgpahtejrls hrc hasj prjohoay ahrgc ckjug` tj ukbcrwrntc t`c pahtejrls ijsts hssjinhtcb wnt`rcgnstrhtnjk wnt` t`c YCI hkb ijkbuitnkg ohsni bnangckic jk nssucrs+

Irjwbeukbnkg! `jwcvcr! jpcrhtcs jk h spcitrul+ R`c ijlpanhkic ijsts hssjinhtcb wnt` t`c kcwsi`clc lchk t`ht nt wnaa kjt oc usceua ejr slhaacr,sihac nkvcstlckt irjwbeukbnkg+ Nk t`ns! t`ccxclptnjk ehnas tj irchtc sueeninckt sphic ukbcr t`c Yciurntncs Hit ejr sjlc je t`c ljrc nkkjvhtnvc ajwcr,acvca ejrls je nkvcstlckt irjwbeukbnkg t`ht hrc clcrgnkg hkb s`juab oc ckijurhgcb+ R`c Yckhtcbrjppcb t`c wcng`t je trhbntnjkha sciurntncs rcguahtnjk jktj haa tncrs je irjwbeukbnkg! w`ni` whs kjt hsueenincktay kuhkicb hpprjhi`+880 Ht t`c ajwcr hkb nktcrlcbnhtc acvcas! irjwbeukbnkg ns quntc bneecrckterjl h trhbntnjkha sciurntncs jeecrnkg nk tcrls je iuaturha erhlnkg! cxpcithtnjks hkb rnsms+

9+5 R`c Khturc je Irjwbeukbnkg

9+5+8 Yjinha Yystcls

Nk nts ohsni ejrl! irjwbeukbnkg ns h sjinha hitnvnty+ R`c ihaa ejr eukbnkg ns pus`cb t`rjug` sjinhakctwjrms hkb prjvnbcs hk jppjrtuknty tj suppjrt h ernckb jr hssjinhtc nk w`ht t`cy hrc bjnkg+ Ht t`ckcxt acvca! eukbnkg ns brnvck t`rjug` gcjgrhp`ni ijllukntncs jr ijllukntncs je nktcrcst+ Hs wc shwwnt` Bjuoac,Enkc Hbvckturc! irjwbeukbnkg ihk csthoans` bccp ijkkcitnjks octwcck prjfcit prjljtcrshkb h bnsphrhtc ijlluknty je eukbcrs+ R`ns sjinha bnlcksnjk hkb ijlluknty,ounabnkg ihk prjvnbcrcacvhkt nkvcstjr prjtcitnjks+

Ckbjrsclckt systcls

H brhet rcschri` phpcr oy Ct`hk Ljaanim je W`hrtjk nkbnihtcs t`ht t`c sjinha kctwjrms je irjwbeukbnkgprjljtcrs hrc h mcy bctcrlnkhkt je w`ct`cr h prjfcit wnaa httrhit eukbnkg+ 88> R`ns ukbcrankcs t`c sjinha885 Ytuhrt _ Ij`k! R`c Kcw Irjwbeukbnkg _cgnstrhtnjk Cxclptnjk6 Gjjb Nbch! Ohb Cxciutnjk (?48?. 52 Eajrnbh

Ahw _cvncw 8299! 8290+887 Ijkgrcssnjkha _cijrb! 88?t` Ijkgrcss! Ycijkb Ycssnjk! ?7 Lhri` ?48?! @8>?+880 @clnkwhy hrrnvcs ht h snlnahr ijkiausnjk nk ijksnbcrnkg w`ct`cr icrthnk irjwbeukbnkg jeecrnkgs s`juab oc

bcenkcb hs sciurntncs ukbcr t`c Yciurntncs Hit+ Nk `cr wjrbs! R`c rcguahtnjk je enkhkinha nktcrcsts! nkstrulcktshkb jeecrnkgs ihk hkb s`juab oc rct`jug`t wnt` t`c acss sjp`nstnihtcb nktcrcsts hkb nkstrulckts nk lnkb! hswcaa hs t`c ljrc sjp`nstnihtcb nktcrcsts hkb nkstrulckts+ @clnkwhy! hojvc k 89! 95?+

88> Ljaanim! hojvc k 8+


21/26


CHT ?4

khturc je irjwbeukbnkg hkb nktuntnvcay lhmcs scksc+ Hk nlpjrthkt vjtc je trust nk h prjfcit hkbprjljtcr ns cxprcsscb oy chi` pcrsjk t`ht pjsts h ankm jk t`cnr Ehicojjm tnlcankc jr Rwnttcr eccb+ R`nsprjicss je pcjpac vjui`nkg ejr h prjfcit rhbnhtcs jut tj scijkb hkb t`nrb acvca suppjrtcrs! hitnkg hs hejrl je sjinha ckbjrsclckt t`ht nbcktnencs wjrt`w`nac hkb acgntnlhtc prjfcits+ W`crc h prjfcit `hs `ng`acvcas je suppjrt hljkgst t`jsc wnt` enrst,`hkb mkjwacbgc je t`c prjljtcrs! jr hljkgst h ijllukntyehlnanhr wnt` t`cnr wjrm! cxtcrkha nkvcstjrs ihk prjiccb wnt` nkirchscb ijkenbckic+ Wc ihk scccvnbckic je t`ns nk Mnimsthrtcrs eukbnkg sthtnstnis+ Ne h prjfcit irjsscs 94 pcr ickt je nts eukbnkg gjha! ntwnaa usuhaay gj jk tj oc suiicsseuaay eukbcb+8?4 Hs kjtcb nk jkc hkhaysns jeMnimsthrtcr bhth! t`ns ns jetckt`c t`rcs`jab ht w`ni` pcjpac jutsnbc t`c prjljtcrs nllcbnhtc kctwjrm sthrt tj ijktrnoutc tj hihlphngk+8?8 Ijkvcrscay! t`c vhst lhfjrnty je prjfcits t`ht ehna bj sj ht t`c chray sthgcs hkb ht ajwcracvcas je eukbnkg+8?? R`csc sthtnstnis suggcst t`ht ckbjrsclckt systcls lhy wjrm tj enatcr jut ohbprjfcits+

Yjinha joanghtnjks

R`c eurt`cr nlpjrthkic je t`c sjinha khturc je irjwbeukbnkg ns t`ht sjinha joanghtnjks hkb cxpcithtnjkshtthi` w`crc hk nssucr `hs ihaacb jk t`cnr cxtckbcb kctwjrm tj rhnsc eukbs+ Nt lchks t`ht rcputhtnjkhaijkscquckics ejaajw w`crc h irjwbeukbnkg nssucr oc`hvcs ohbay+ Hs cxpahnkcb oy jkc je t`c ij,ejukbcrs je Nkbncgjgj6 H pcrsjk w`j whktcb tj ijllnt erhub oy rhnsnkg ljkcy hkb rukknkg wjuab`hvc tj oc wnaankg tj bcstrjy t`cnr rcputhtnjk hkb sjinha grhp` ijkkcitnjks hirjss t`c wco tj

suiiccb+8?9

Ceecits

R`csc systcls je sjinha ckbjrsclckt hkb hiijukthonanty hppchr tj oc quntc ceecitnvc nk prcvcktnkg erhubhkb ijlpcaankg gjjb ehnt` ijkbuit jk t`c phrt je prjljtcrs+ W`nac t`crc `hs occk h ajt je kjnsc hojutt`c rnsms je erhub nk irjwbeukbnkg! wc hrc kjt sccnkg hky wnbcsprchb rcpjrts hojut hituha erhubceecitcb t`rjug` irjwbeukbnkg sntcs+8?2 R`ns thmcs us ohim tj Ljaanims rcschri` w`ni` `hs nbcktnencbanttac! ne hky! jutrng`t erhub 8?3 Nk hbbntnjk! w`nac enkbnkg t`ht lhky irjwbeukbnkg prjfcits wcrcbcahycb (hkb sjlc scrnjusay bcahycb.! Ljaanim `hs rcpjrtcb t`ht vcry ecw prjfcits bnb kjt hppchr tj oclhmnkg h gjjb ceejrt tj euaenaa t`cnr joanghtnjks+8?5

8?4 Lni`hca Wjae! Hkhayznkg Mnimsthrtcr6 W`ht Yuiiccbs! Oy @jw Lui` hkb @jw Jetck GnghhJl (?0 Fukc ?48?.

1`ttp6**gnghjl+ijl*?48?*45*?0*hkhayznkg,mnimsthrtcr,w`ht,suiiccbs,oy,`jw,lui`,hkb,`jw,jetck*;+ Wjaeputs t`c t`rcs`jab ht 94 pcr ickt+ Mnimsthrtcr suggcsts t`ht h sang`tay ajwcr t`rcs`jab lng`t hppay! kjtnkg 08 pcrickt je prjfcits t`ht irjss ?4 pcr ickt gj jk tj oc euaay eukbcb6 Mnimsthrtcr Ythts! hojvc k 85+

8?8 Wjae! hojvc k 8?4+8?? Mnimsthrtcr Ythts! hojvc k 85+ Kjthoay! hrjukb 88 pcr ickt je prjfcits bj kjt rcicnvc hky pacbgcs+8?9 Bhkhc _nkgaclhkk qujtcb nk Rjl @hrkns`! Iajub Eukbnkg Jeecrs Ljrc t`hk Tckkncs erjl @chvck Irjwb

Yjuric Ihpntha (9 Hugust ?484. 1www+jpckejrul+ijl*nbch,`uo*tjpnis*ljkcy*hrtniac*iajub,eukbnkg,jeecrs,ljrc,t`hk,pckkncs,erjl,`chvck,8*;+ Hasj qujtcb nk Ourmctt! hojvc k 84! 79 k 58+

8?2 Nk hk nktcrvncw wnt` Ejrocs! Fustnk Mhzlhrm jeMnimsthrtcr jeecrcb t`c ejaajwnkg ijllckts jk t`c erhub nssuc6R`ns ns sjlct`nkg wcrc t`nkmnkg hojut+ Ljrc t`hk 9?!444 prjfcits `hvc ahuki`cb hkb suiiccbcb! hkb erhub ns

kjt sjlct`nkg t`ht wcrc cxpcrnckinkg+ R`c why t`ht Mnimsthrtcr wjrms! nts kjt h jkc,tj,jkc rcahtnjks`np w`crcnts chsy tj puaa t`c wjja jvcr pcjpacs cycs+ Hat`jug` t`crc `hvc occk prjfcits t`ht `hvc lhbc iahnls t`ht hrcajety! pcjpac `hvc ihaacb t`cl jut hkb t`cy bjkt gct eukbnkg+ R`c nktcrkct hsms qucstnjks+ R`hts `jw t`csystcl wjrms+ R`crcs h bneecrckic octwcck ehnaurc hkb erhub! hkb wcrc kjt sccnkg erhub qujtcb nk YuwI`hrlhk,Hkbcrsjk! Mnimsthrtcr6 Brchl Lhmcr Jr Trjlnsc Orchmcr: Ejrocs (94 Kjvclocr ?48?.1`ttp6**www+ejrocs+ijl*sntcs*suwi`hrlhkhkbcrsjk*?48?*88*94*mnimsthrtcr,brchl,lhmcr,jr,prjlnsc,

orchmcr*;+8?3 Ljaanim! hojvc k 8+8?5 Ljaanim hasj kjtcs h bnrcit ehnaurc rhtc wcaa ocajw envc pcr ickt+ Ljaanim! nonb+


22/26


CHT ?8

9+5+? Nkejrlhtnjk systcls

H eurt`cr bneecrckic octwcck irjwbeukbnkg hkb h trhbntnjkha sciurntncs jeecrnkg `hs tj bj wnt`nkejrlhtnjk systcls+ R`c khturc je irjwbeukbnkg hs h sjinha hitnvnty! hkb jkc t`ht `hppcks jkankc!heecits `jw nkejrlhtnjk inriuahtcs nk h irjwbeukbnkg jeecrnkg+ R`ns ns nlpjrthkt erjl h rcguahtjrypcrspcitnvc+ R`c icktrha p`najsjp`y je Hustrhanhk hkb SY sciurntncs ahws ns nkvcstjr prjtcitnjk t`rjug`

bnsiajsurc+ Yciurntncs ahws jpcrhtc tj cksurc t`ht nkvcstjrs `hvc haa nkejrlhtnjk rcqunrcb tj lhmcnkejrlcb nkvcstlckt bcinsnjks+ R`c why t`ns `hs trhbntnjkhaay occk bjkc `hs occk tj rcqunrc nssucrs tjenac ijlpactc hkb hut`jrnthtnvc bjiulckthtnjk! t`rchtckcb nktj pcbhktni hiiurhiy oy strnit anhonanty+W`nac t`ns ljbca ns ceecitnvc! nt ns kjt kcicsshrnay hpprjprnhtc ejr slhaacr irjwbeukbnkg jeecrnkgs+

Jvcr,bnsiajsurc

R`crc ns h rcahtnjks`np octwcck t`c snzc je hk nkvcstlckt hkb t`c vhauc je euaa bnsiajsurc+ Nt lhy occeeninckt ejr h prjecssnjkha nkvcstjr tj spckb tnlc iajscay rcvncwnkg bnsiajsurc bjiulckts ocejrcputtnkg bjwk h lnaanjk bjaahrs nk h why t`ht bjcs kjt `jab ejr h irjwbeukbnkg nkvcstjr hojut tj rnsm h`ukbrcb jr h t`jushkb bjaahrs+ R`ht ns! ejr irjwb acvca nkvcstlckts! bcthnacb jr prcsirnptnvcbnsiajsurc rcqunrclckts lhy kjt oc hk ceeninckt why tj cksurc nkvcstjrs `hvc rcacvhkt nkejrlhtnjk+Yui` rcqunrclckts put nssucrs tj t`c cxpcksc je prcphrnkg bjiulckthtnjk t`ht nkvcstjrs! hitnkgrhtnjkhaay! wjuab kjt spckb t`c tnlc tj rchb jr ukbcrsthkb+ Hbbnkg tj t`ns nssuc! jkc je t`c prjoacls

wnt` t`c ejrlha bnsiajsurc rcgnlcs jutankcb hojvc ns t`ht nssucrs tckb tj jvcr,bnsiajsc nk jrbcr tj hvjnbanhonanty ejr jlnssnjks+8?7

R`c qucstnjk t`ck! ns `jw tj cksurc nkvcstjrs `hvc hiicss tj rcacvhkt nkejrlhtnjk+ Nk ijksnbcrnkg t`cnssuc je jvcr,bnsiajsurc! Aulsbck `nkts ht h sjautnjk oy wjkbcrnkg w`ct`cr tj hpprjhi` t`c prjoaclerjl t`c nkvcstjr nk rht`cr t`hk t`c nssucr jut+8?0 R`c trhbntnjkha sciurntncs bnsiajsurc erhlcwjrm ns hiahssnihaay tjp,bjwk lct`jb je prjvnbnkg nkejrlhtnjk+ Nt nkvjavcs h jkc,why! orjhbihstijlluknihtnjk erjl t`c nssucr tj nkvcstjrs+ Hs hk jkankc hitnvnty! irjwbeukbnkg khturhaay nkiankcstjwhrbs h bnhajguc+ Ijlluknihtnjks eajw octwcck nssucrs hkb nkvcstjrs hkb erjl nkvcstjr tj nkvcstjr+R`crc ns stnaa h kccb ejr bnsiajsurc oy nssucrs+ R`ns sthrts t`c ijkvcrshtnjk+ @jwcvcr! nt ns rcacvhkt t`htirjwbeukbnkg sntcs prjvnbc h ejrul w`crc nkejrlhtnjk suppancb oy nssucrs ihk oc qucstnjkcb! tcstcbhkb bnsiusscb+8?> R`rjug` sui` bnhajguc! nkvcstjrs ihk hasj gunbc nssucrs jk t`c typc je nkejrlhtnjkt`ht ns nlpjrthkt+ Nk t`ns lhkkcr nt lhy oc pjssnoac tj gct tj h octtcr ihanorhtcb acvca je bnsiajsurc w`crc jvcr,bnsiajsurc ns anlntcb hkb nkvcstjrs hrc prjvnbcb wnt` nkejrlhtnjk t`ht ns nlpjrthkt tj t`cl

nk t`c ijktcxt je h phrtniuahr prjfcit jr jeecrnkg+ 894

Kcgjtnhtnkg bnsiajsurc

Jkc je t`c whys nk w`ni` nssucrs hkb nkvcstjrs kcgjtnhtc bnsiajsurc ns snlpay t`rjug` t`c bcinsnjk tjeukb+ Hk jeecrnkg t`ht ns kjt suppjrtcb oy hbcquhtc bjiulckthtnjk jr nkejrlhtnjk wnaa oc acss anmcay tjenkb eukbnkg+898 H phpcr oy H`acrs! Iullnkg! Gkt`cr hkb Yi`wcnzcr ns nkejrlhtnvc `crc+ R`c phpcr

8?7 @clnkwhy! hojvc k 89! 920,92>= Hkbrcw F Aulsbck! Yjk je Whaans Bnsiajsurc ejr t`c ?8st Icktury (> Kjvclocr

?44>. ]9>\! 1`ttp6**ssrk+ijl*hostrhit Ejr bnsiussnjk je t`c nlpjrthkic je jpck ijlluknihtnjk systcls nk irjwbeukbnkg! scc Orhbejrb! hojvc k >!

892,893+894 Irjwbeukbnkg nktcrlcbnhrncs hrc phrt je t`ns prjicss+ Nktcrcstnkgay! Mnimsthrtcr `hs sthrtcb tj rcqunrc t`ht

prjljtcrs jutankc _nsms hkb I`haackgcs hssjinhtcb wnt` t`cnr prjfcit h vcry nkejrlha vcrsnjk je t`c rnsmehitjrs sct jut nk sthkbhrb bnsiajsurc bjiulckts+ Ycc Tcrry I`ck! ^hkicy Ytrnimacr hkb I`hracs Hbacr!Mnimsthrtcr ns kjt h Ytjrc Mnimsthrtcr Oajg (?4 Ycptclocr ?48?.1`ttp6**www+mnimsthrtcr+ijl*oajg*mnimsthrtcr,ns,kjt,h,stjrc;+

898 Hs HYYJO kjtcs jk nts sntc! R`c ljrc rcacvhkt t`c nkejrlhtnjk hkb bjiulckthtnjk hk hppanihtnjk `hs tjsuppjrt h ijlphkys prjenankg jk jur Tahtejrl! t`c chsncr nt wnaa oc tj ounab h ircbnoac nkvcstlc

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