Mais conteúdo relacionado Semelhante a Plava knjiga vodic_eu_direktive (20) Plava knjiga vodic_eu_direktive1. (95236.$.20,6,-$
%ULVHO
'RFHUWLI
1$57
92',ý
=$,03/(0(17$,-8',5(.7,9$
=$6129$1,+1$12920,
*/2%$/12035,67838
9(5=,-$
2. 3KDUH35$4,,,3URJUDPPH
5HJLRQDO3URJUDPPHRQ4XDOLW$VVXUDQFH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1$6/2925*,1$/$
³*8,'(727+(,03/(0(17$7,212)
',5(7,9(6%$6('211(:$3352$+
$1'*/2%$/$3352$+´
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
,='$9$ý
3KDUH35$*,,,3URJUDP
]D%RVQXL+HUFHJRYLQX
$GUHVD
=$92'=$67$1'$5',=$,-8
0-(5,7(/-6792,3$7(17(
%261(,+(5(*29,1(
+DPGLMHýHPHUOLüD6DUDMHYR%L+
35,-(92'
6HQDG+URPLü
5((1=,-$
'DULMD5DPOMDN%RãQMDN
3. 6$'5ä$-
35('*2925
892' BBBBBBBBBBBBBBBBBBBBBBBB
3RMDP1RYRJL*OREDOQRJSULVWXSD BBBBBBBBBBBBBBBBBBBBBBBB
6WDQGDUGQLHOHPHQWLGLUHNWLYD1RYRJSULVWXSD BBBBBBBBBBBBBBBBBBBBBBBB
8VYDMDQMHGLUHNWLYD1RYRJSULVWXSD BBBBBBBBBBBBBBBBBBBBBBBB
3UHX]LPDQMHGLUHNWLYD1RYRJSULVWXSD BBBBBBBBBBBBBBBBBBBBBBBB
'LUHNWLYH1RYRJSULVWXSD BBBBBBBBBBBBBBBBBBBBBBBB
32'58ý-(35,0-(1(',5(.7,9$1292*35,6783$ BBBBBBBBBBBBB
3URL]YRGLSRWþLQMHQLGLUHNWLYDPD BBBBBBBBBBBBBBBBBBBBBBBB
,VWRYUHPHQDSULPMHQDGLUHNWLYD BBBBBBBBBBBBBBBBBBBBBBBB
3ODVLUDQMHQDWUåLãWHLVWDYOMDQMHXXSRWUHEX BBBBBBBBBBBBBBBBBBBBBBBB
3ODVLUDQMHQDWUåLãWH BBBBBBBBBBBBBBBBBBBBBBBB
6WDYOMDQMHXXSRWUHEX BBBBBBBBBBBBBBBBBBBBBB BB
3UHOD]QLSHULRG BBBBBBBBBBBBBBBBBBBBBBBB
2'*29251267, BBBBBBBBBBBBBBBBBBBBBBBB
3URL]YRÿDþ BBBBBBBBBBBBBBBBBBBBBBBB
'LUHNWLYH1RYRJSULVWXSD BBBBBBBBBBBBBBBBBBBBBBBB
'LUHNWLYDRRGJRYRUQRVWL]DSURL]YRGLGLUHNWLYDRRSüRMVLJXUQRVWLSURL]YRGDBBBBBBBB
2YODãWHQLSUHGVWDYQLN BBBBBBBBBBBBBBBBBBBBBBBB
8YR]QLNRVREDRGJRYRUQD]DSODVLUDQMHQDWUåLãWHBBBBBBBBBBBBBBBBBBBBBBB
'LVWULEXWHU BBBBBBBBBBBBBBBBBBBBBBBB
6DVWDYOMDþLPRQWDåHU BBBBBBBBBBBBBBBBBBBBBBBB
.RULVQLN BBBBBBBBBBBBBBBBBBBBBBBB
2GJRYRUQRVW]DSURL]YRG BBBBBBBBBBBBBBBBBBBBBBBB
86$*/$â(12676$=$+7-(9,0$',5(.7,9$0$ BBBBBBBBBBBBBBBB
(VHQFLMDOQL]DKWMHYL BBB BBBBBBBBBBBBBBBBBBBBB
+DUPRQL]LUDQLVWDQGDUGL BBBBBBBBBBBBBBBBBBBBBBBB
3UHWSRVWDYNDRXVNODÿHQRVWL BBBBBBBBBBBBBBBBBBBBBBBB
3RYODþHQMHSUHWSRVWDYNHRXVNODÿHQRVWL BBBBBBBBBBBBBBBBBBBBBBBB
5HYL]LMDKDUPRQL]LUDQLKVWDQGDUGD BBBBBBBBBBBBBBBBBBBB BBBB
5. GHNODUDFLMDRXVNODÿHQRVWLBBBBBBBBBBBBBBBBBBBB
35,-$9/-(1$7,-(/$ BBBBBBBBBBBBBBBBBBBBBBBB
3ULQFLSLSULMDYOMLYDQMD BBBBBBBBBBBBBBBBBBBBBBBB
3URFHGXUDSULMDYOMLYDQMDLSRYODþHQMHSULMDYOMLYDQMDBBBBBBBBBBBBBBBBBBBBBB
3URFHGXUDSULMDYOMLYDQMD BBBBBBBBBBBBBBBBBBBBBBBB
3RYODþHQMHSULMDYOMLYDQMD BBBBBBBBBBBBBBBBBBBBBBBB
2SüHRGJRYRUQRVWLSULMDYOMHQLKWLMHOD BBBBBBBBBBBBBBBBBBBBBBBB
3ULMDYOMHQDWLMHODLRFMHQMLYDQMHXVNODÿHQRVWL BBBBBBBBBBBBBBBBBBBBBBBB
3ULMDYOMHQDWLMHODLSRGXJRYDUDQMH BBBBBBBBBBBBBBBBBBBBBBBB
.RRUGLQLUDQMHLVDUDGQMD BBBBBBBBBBBBBBBBBBBBBBBB
(2=1$ý$9$1-( BBBBBBBBBBBBBBBBBBBBBBBB
3ULQFLSL(R]QDþDYDQMD BBBBBBBBBBBBBBBBBBBBBBBB
3URL]YRGLNRMLWUHEDMXELWLR]QDþHQL(R]QDNRPBBBBBBBBBBBBBBBBBBBBBBBB
3RVWDYOMDQMH(R]QDNH BBBBBBBBBBBBBBBBBBBBBBBB
(R]QDþDYDQMHLGUXJHR]QDNH BBBBBBBBBBBBBBBBBBBBBBBB
1$'=251$'75ä,â7(0 BBBBBBBBBBBBBBBBBBBBBBBB
3ULQFLSLQDG]RUDQDGWUåLãWHP BBBBBBBBBBBBBBBBBBBBBBBB
$NWLYQRVWLQDG]RUDQDGWUåLãWHP BBBBBBBBBBBBBBBBBBBBBBBB
1DGJOHGDQMHSURL]YRGDSODVLUDQLKQDWUåLãWHBBBBBBBBBBBBBBBBBBBBBBBB
.RUHNWLYQHPMHUH BBBBBBBBBBBBBBBBBBBBBBBB
2VWDOHDNWLYQRVWL BBBBBBBBBBBBBBBBBBBBBBBB
3URFHGXUDSURSLVDQD]DãWLWQRPNODX]XORP BBBBBBBBBBBBBBBBBBBBBBBB
8VORYL]DSR]LYDQMHQD]DãWLWQXNODX]XOX BBBBBBBBBBBBBBBBBBBBBBBB
2EDYMHãWDYDQMH.RPLVLMH BBBBBBBBBBBBBBBBBBBBBBBB
8SUDYOMDQMH]DãWLWQRPNODX]XORP BBBBBBBBB BBBBBBBBBBBBBBB
=DãWLWD(R]QDþDYDQMD BBBBBBBBBBBBBBBBBBBBBBBB
6LVWHPLUD]PMHQHLQIRUPDFLMD BBBBBBBBBBBBBBBBBBBBBBBB
3RWURãDþNLSURL]YRGL%U]DUD]PMHQDLQIRUPDFLMDBBBBBBBBBBBBBBBBBBBBB
0HGLFLQVNDVUHGVWYD6LVWHPXSR]RUDYDQMDX]EXQMLYDQMDBBBBBBBBBBBBBBBBBB
,QIRUPDFLRQLVLVWHPRQHVUHüDPDXNXüLLQHVUHüDPDXVORERGQRYULMHPHBBBBBBBBB
2VWDOLVLVWHPL]DUD]PMHQXLQIRUPDFLMDQDQLYRX=DMHGQLFHBBBBBB BBBBBBBBBB
$GPLQLVWUDWLYQDVDUDGQMD BBBBBBBBBBBBBBBBBBBBBBBB
.UDWDNSUHJOHGDGPLQLVWUDWLYQHVDUDGQMH BBBBBBBBBBBBBBBBBBBBBBBB
,QIUDVWUXNWXUH]DDGPLQLVWUDWLYQXVDUDGQMX BBBBBBBBBBBBBBBBBBBBBBBB
3URL]YRGLXYH]HQLL]WUHüLK]HPDOMD BBBBBBBBBBBBBBBBBBBBBBBB
6. 632/-1,$63(.7, BBBBBBBBBBBBBBBBBBBBBBBB
6SRUD]XPX(YURSVNRMHNRQRPVNRM]RQL BBBBBBBBBBBBBBBBBBBBBBBB
2VQRYQLHOHPHQWLVSRUD]XPD BBBBBBBBBBBBBBBBBBBBBBBB
3ULMDYOMLYDQMHWLMHOD BBBBBBBBBBBBBBBBBBBBBBBB
3URFHGXUDSURSLVDQD]DãWLWQRPNODX]XORP BBBBBBBBBBBBBBBBBBBBBBBB
6SRUD]XPLRX]DMDPQRPSUL]QDYDQMXHYURSVNLSURWRNROLRRFMHQMLYDQMXXVNODÿHQRVWLBB
6SRUD]XPLRX]DMDPQRPSUL]QDYDQMX BBBBBBBBBBBBBBBBBBBBBBBB
(YURSVNLSURWRNROLRRFMHQMLYDQMXXVNODÿHQRVWL BBBBBBBBBBBBBBBBBBBBBBBB
7HKQLþNDSRPRü BBBBBBBBBBBBBBBBBBBBBBBB
6SRUD]XPRWHKQLþNLPEDULMHUDPDSUHPDWUJRYLQLBBBBBBBBBBBBBBBBBBBBBBB
35,/2*
3ULORJ=DNRQRGDYVWYR=DMHGQLFHQDNRMHVHXSXüXMHXYRGLþX
3ULORJ'RGDWQLGRNXPHQWLVPMHUQLFHQSUOLVWDUHOHYDQWQLKFHUWLILFLUDQLKGRNXPHQDWDL
VHNWRUVNLYRGLþL 12. NRMDMHXVWDQRYLODVOLMHGHüHSULQFLSH
x =DNRQRGDYQD KDUPRQL]DFLMD MH RJUDQLþHQD QD HVHQFLMDOQH ]DKWMHYH NRMH SURL]YRGL
SODVLUDQLQDWUåLãWH=DMHGQLFHPRUDMX]DGRYROMLWLDNRVHåHOLGDRQLXåLYDMXSRYODVWLFH
NRMHSURL]LOD]HL]VORERGQRJNUHWDQMDXRNYLUX=DMHGQLFH
x 7HKQLþNHVSHFLILNDFLMHSURL]YRGDNRMH]DGRYROMDYDMXHVHQFLMDOQH]DKWMHYHXVSRVWDYOMHQH
XGLUHNWLYDPDELWLüHXJUDÿHQHXKDUPRQL]LUDQHVWDQGDUGH
x 3ULPMHQD KDUPRQL]LUDQLK LOL GUXJLK VWDQGDUGD RVWDMH GREURYROMQD L SURL]YRÿDþ PRåH
XYLMHNSULPLMHQLWLGUXJHWHKQLþNHVSHFLILNDFLMH
x 3URL]YRGL SURL]YHGHQL X VNODGX VD KDUPRQL]LUDQLP VWDQGDUGLPD LPDMX SUHGQRVW X
SUHWSRVWDYFLXVNODÿHQRVWLVDRGJRYDUDMXüLPHVHQFLMDOQLP]DKWMHYLPD
'MHORYDQMHGLUHNWLYD1RYRJSULVWXSD]DKWMHYDGDVWDQGDUGLQXGHJDUDQWLUDQLQLYR]DãWLWHXVNODGXVD
HVHQFLMDOQLP ]DKWMHYLPD XVWDQRYOMHQLP GLUHNWLYDPD L GD QDFLRQDOQD QDGOHåQD WLMHOD LVSXQH VYRMH
RGJRYRUQRVWL ]D ]DãWLWX VLJXUQRVWL LOL GUXJH LQWHUHVH SRNULYHQH GLUHNWLYRP 1DGDOMH SURFHGXUD
SURSLVDQD ]DãWLWQRP NODX]XORP MH QHRSKRGQD GD GR]YROL PRJXüQRVWL RVSRUDYDQMD XVNODÿHQRVWL
SURL]YRGDJUHãDNDLOLQHSRWSXQRVWLKDUPRQL]LUDQLKVWDQGDUGD
3RãWR 1RYL 3ULVWXS SR]LYD GD HVHQFLMDOQL ]DKWMHYL EXGX KDUPRQL]LUDQL L SRVWDQX REDYH]QL SXWHP
GLUHNWLYD RYDNDY SULVWXS MH RGJRYDUDMXüL VDPR JGMH MH WR LVWLQVNL PRJXüH GD VH QDSUDYL UD]OLND
L]PHÿXHVHQFLMDOQLK]DKWMHYDLWHKQLþNLKVSHFLILNDFLMD
,]YRUQRRFMHQLYDQMHRGWUHüHVWUDQHMHVPDWUDQRQHRSKRGQLPJGMHSURL]YRGLQLVXELOLSURL]YHGHQLXVNODGX
VDKDUPRQL]LUDQLPVWDQGDUGLPD2YRVHUD]YLORRGXVYDMDQMDSUYLKGLUHNWLYD1RYRJSULVWXSD
13. 1DGDOMH ãLURNL RSVHJ SURL]YRGD PRUD ELWL GRYROMQR KRPRJHQ LOL KRUL]RQWDOQL UL]LN PRJXü ]D
LGHQWLILFLUDQMH GD RPRJXüL ]DMHGQLþNH HVHQFLMDOQH ]DKWMHYH 3RVPDWUDQR SRGUXþMH SURL]YRGD LOL
UL]LNDPRUDWDNRÿHUELWLSRJRGQR]DVWDQGDUGL]DFLMX
8GRGDWNXQDSULQFLSH1RYRJSULVWXSDXVORYL]DSRX]GDQRRFMHQMLYDQMHXVNODÿHQRVWLVXQHRSKRGQL
.OMXþQL HOHPHQWL X RYRP SRJOHGX VX JUDGQMD SRYMHUHQMD NUR] QDGOHåQRVW L WUDQVSDUHQWQRVW L
XVSRVWDYOMDQMH VYHREXKYDWQH SROLWLNH L RNYLUD ]D RFMHQLYDQMH XVNODÿHQRVWL 5H]ROXFLMD 9LMHüD R
*OREDOQRP3ULVWXSXFHUWLILFLUDQMXLLVSLWLYDQMX2- 16. MHXRSãWHQR
x 8VSRVWDYOMDQMH DNUHGLWDFLRQLK VLVWHPD L NRULãWHQMH WHKQLND LQWHUNRPSDUDFLMH NRMH VH
SURPRYLUDMXX'UåDYDPDþODQLFDPDLQDQLYRX=DMHGQLFH
x 6SRUD]XPL R X]DMDPQRP SUL]QDYDQMX NRML VH RGQRVH QD LVSLWLYDQMH L FHUWLILFLUDQMH X
QHUHJXOLUDQRMVIHULVHSURPRYLUDMX
x 5D]OLNH SRVWRMHüLK LQIUDVWUXNWXUD NYDOLWHWD QSU NDOLEUDFLMD L PMHULWHOMVNL VLVWHPL
ODERUDWRULMH]DLVSLWLYDQMDFHULILNDFLRQDLLQVSHNFLMVNDWLMHODLDNUHGLWDFLRQDWLMHOD 24. 6DJODVQRWRPHSURL]YRG
PRåHELWLSRNULYHQVDQHNROLNRGLUHNWLYD
; 3RGUXþMHSULPMHQHGLUHNWLYDSRJODYOMH
3ODVLUDQMHQDWUåLãWHLVWDYOMDQMHXXSRWUHEX
'UåDYH þODQLFH VX REDYH]QH GD SUHGX]PX QHRSKRGQH PMHUH GD RVLJXUDMX GD SURL]YRGL EXGX
SODVLUDQLQDWUåLãWHLVWDYOMHQLXXSRWUHEXRVLPDNRRQLQHXJURåDYDMXVLJXUQRVWL]GUDYOMHOMXGLLOL
GUXJHMDYQHLQWHUHVHSRNULYHQHGLUHNWLYRPNDGDVXSURSLVQRLQVWDOLUDQLRGUåDYDQLLNRULãWHQL]D
QDPMHQMHQHVYUKH
6WDQGDUGQLHOHPHQWLVXSUHGVWDYOMHQLXUHGRVOLMHGXNRMLVHRELþQRVOLMHGLXGLUHNWLYDPD1RYRJSULVWXSD
x 'LUHNWLYH1RYRJSULVWXSDVX]DVQRYDQHQDVOLMHGHüLPSULQFLSLPD
Ÿ +DUPRQL]DFLMDMHRJUDQLþHQDQDHVHQFLMDOQH]DKWMHYH
Ÿ 6DPRSURL]YRGLNRML]DGRYROMDYDMXHVHQFLMDOQH]DKWMHYHVXSUHGPHWVORERGQRJSURWRND
Ÿ +DUPRQL]LUDQLVWDQGDUGLþLMLVXUHIHUHQWQLEURMHYLREMDYOMHQLX6OXåEHQRPOLVWXLNRMLVX
XVYRMHQL NDR QDFLRQDOQL VWDQGDUGL GDMX SUHWSRVWDYNX XVNODÿHQRVWL VD RGJRYDUDMXüLP
HVHQFLMDOQLP]DKWMHYLPD
Ÿ 3ULPMHQD KDUPRQL]LUDQLK VWDQGDUGD LOL GUXJLK WHKQLþNLK VSHFLILNDFLMD RVWDMH
GREURYROMQD L SURL]YRÿDþL VX VORERGQL GD L]DEHUX ELOR NRMH WHKQLþNR UMHãHQMH NRMH
REH]EMHÿXMH]DGRYROMDYDQMHHVHQFLMDOQLK]DKWMHYD
Ÿ 3URL]YRÿDþL PRJX L]DEUDWL L]PHÿX UD]OLþLWLK SURFHGXUD ]D RFMHQMLYDQMH XVNODÿHQRVWL
REH]ELMHÿHQLKXSULPMHQMLYRMGLUHNWLYL
27. 3UHWSRVWDYNDRXVNODÿHQRVWL
=D SURL]YRGH NRML VX X VNODGX VD QDFLRQDOQLP VWDQGDUGLPD ãWR VX SUHX]HWL NDR KDUPRQL]LUDQL
VWDQGDUGLþLMLVXUHIHUHQWQLEURMHYLREMDYOMHQLX6OXåEHQRPOLVWX(YURSVNH=DMHGQLFHSUHWSRVWDYOMD
VHGDVXXVNODGXVDRGJRYDUDMXüLPHVHQFLMDOQLP]DKWMHYLPD7DPRJGMHSURL]YRÿDþQLMHSULPLMHQLR
LOLMHVDPRGMHOLPLþQRSULPMHQLRWDNDYVWDQGDUGRQPRUDGRNXPHQWRYDWLSUHGX]HWHPMHUHLQMLKRYX
SULNODGQRVWUDGLXVNODÿLYDQMDVDHVHQFLMDOQLP]DKWMHYLPD
; 3RYLQRYDQMHGLUHNWLYDPDSRJODYOMH
=DãWLWQDNODX]XOD
'UåDYHþODQLFHVXREDYH]QHGDSUHGX]PXVYHRGJRYDUDMXüHPMHUHGD]DEUDQHLOLRJUDQLþHSODVLUDQMH
QDWUåLãWHSURL]YRGDNRMLQRVH(R]QDNXLOLGDLKSRYXNXVDWUåLãWD DNR EL RYL SURL]YRGLPRJOL
XJUR]LWLVLJXUQRVWL]GUDYOMHSRMHGLQDFDLOL GUXJL MDYQL LQWHUHV SRNULYHQ SULPMHQMLYLP GLUHNWLYDPD
NDGDVHSURL]YRGLNRULVWH]DQMLKRYXQDPLMHQMHQXVYUKX1DGDOMH'UåDYDþODQLFDPRUDLQIRUPLUDWL
.RPLVLMXRRYDNYRMPMHUL7DPRJGMH.RPLVLMDVPDWUDQDFLRQDOQXPMHUXRSUDYGDQRPLQIRUPLUDVYH
'UåDYHþODQLFHNRMHPRUDMXSUHGX]HWLRGJRYDUDMXüXDNFLMX
; 1DG]RUQDGWUåLãWHPSRJODYOMH
; =DãWLWQDNODX]XODSRJODYOMH
2FMHQMLYDQMHXVNODÿHQRVWL
3ULMHSODVLUDQMDSURL]YRGDQDWUåLãWH=DMHGQLFHSURL]YRÿDþPRUDSRGYUJQXWLVYRMSURL]YRGSURFHGXUL
RFMHQMLYDQMD XVNODÿHQRVWL REH]EMHÿHQRM X WX VYUKX X SULPMHQMLYRM GLUHNWLYL VD RVYUWRP QD
SRVWDYOMDQMH(R]QDNH
; 2GJRYRUQRVWLSRJODYOMH
; 3URFHGXUDRFMHQMLYDQMDXVNODÿHQRVWLSRJODYOMH
3ULMDYOMHQDWLMHOD
2FMHQMLYDQMHXVNODÿHQRVWLWUHüHVWUDQHSURYRGHSULMDYOMHQDWLMHODNRMDXVSRVWDYOMDMX'UåDYHþODQLFH
L]ERURP L]PHÿX WLMHOD NRMD LVSXQMDYDMX ]DKWMHYH XVSRVWDYOMHQH X GLUHNWLYL L NRMD VX RVQRYDQD QD
QMLKRYRMWHULWRULML
; 3ULMDYOMHQDWLMHODSRJODYOMH
(R]QDþDYDQMH
3URL]YRGL XVNODÿHQL VD VYLP RGUHGEDPD SULPMHQMLYLKGLUHNWLYD REH]EMHÿHQLK ]D ( R]QDþDYDQMH
PRUDMXQRVLWLRYXR]QDNX3UHPDWRPH(R]QDNDXND]XMHSRVHEQRGDVXSURL]YRGLXVNODGXVD
VYLPHVHQFLMDOQLP]DKWMHYLPDVYLK
29. .RPLVLMD üH X]LPDMXüL X RE]LU
PLãOMHQMH NRPLWHWD REDYLMHVWLWL 'UåDYH þODQLFH GD OL EL VWDQGDUG WUHEDR ELWL SRYXþHQ LOL QH VD
REMDYOMHQHOLVWHX6OXåEHQRPOLVWX(YURSVNH]DMHGQLFH
0QRJH GLUHNWLYH 1RYRJ SULVWXSD SUHGYLÿDMX IRUPLUDQMH 6WDOQRJ NRPLWHWD NRML PRåH SRPRüL
.RPLVLML L]QRãHQMHP VYRJD PLãOMHQMD X YH]L VD QDFUWRP PMHUD SUHGORåHQLK ]D LPSOHPHQWDFLMX
RGUHGELUHOHYDQWQHGLUHNWLYHLLVSLWDWLELORNRMHSLWDQMHSRYH]DQRVDLPSOHPHQDFLMRPLSUDNWLþQRP
SULPMHQRPGLUHNWLYH1DGDOMH UHGRYQL VDVWDQFL ]D GLVNXVLMX R LPSOHPHQWDFLML RNR VSRUQLK SLWDQMD
RGYLMDMX VH NUR] UDGQH JUXSH NRMH VX VDVWDYOMHQHRG SUHGVWDYQLND LPHQRYDQLK RG VWUDQH 'UåDYD
þODQLFDL]DLQWHUHVRYDQLKJUXSDQSUSULMDYOMHQLKWLMHODRUJDQL]DFLMD]DVWDQGDUGL]DFLMXSURL]YRÿDþD
GLVWULEXWHUDLWUJRYDþNLKXQLMD 30. DYRÿHQLVXRGVWUDQH.RPLVLMH
; 3RYODþHQMHSUHWSRVWDYNHXVNODÿHQRVWLSRJODYOMH
; $GPLQLVWUDWLYQDVDUDGQMDSRJODYOMH
3UHX]LPDQMHLSUHOD]QHRGUHGEH
2G 'UåDYD þODQLFD VH ]DKWLMHYD GD REH]ELMHGH SUHX]LPDQMH RGUHGEL GLUHNWLYD X VYRMH QDFLRQDOQH
]DNRQVNHDNWH2QHWDNRÿHUPRUDMXLQIRUPLUDWL.RPLVLMXRSUHGX]HWLPPMHUDPD
'UåDYH þODQLFH PRUDMX GR]YROLWL SODVLUDQMH SURL]YRGDQD WUåLãWH X VNODGX VD SURSLVLPD NRML VX QD
VQD]LQDQMLKRYRMWHULWRULMLQDGDQSULPMHQHSUHGPHWQHGLUHNWLYHGRGDWXPDRGUHÿHQRJXGLUHNWLYL8
VNODGX VD RGUHÿHQLP RJUDQLþHQMLPD WDNYLP SURL]YRGLPD PRUD ELWL WDNRÿHU GR]YROMHQR GD EXGX
VWDYOMHQLXXSRWUHEXSRVOLMHWRJGDWXPD
; 3UHX]LPDQMHGLUHNWLYDSRJODYOMH
; 3UHOD]QLSHULRGSRJODYOMH
6DUDGQMD VH ]DVQLYD QDRGOXFL9LMHüD R UD]YRMX DGPLQLVWUDWLYQH VDUDGQMH X LPSOHPHQWDFLML L SURYRÿHQMX
]DNRQVNLKDNDWD=DMHGQLFHQDXQXWUDãQMHPWUåLãWX2- 31. 869$-$1-(',5(.7,9$1292*35,6783$
8 VNODGX VD þODQRP E 6SRUD]XPD .RPLVLMD LQLFLUD XVYDMDQMH GLUHNWLYD 1RYRJ SULVWXSD LOL
QMLKRYXPRGLILNDFLMXSXWHPIRUPLUDQMDSULMHGORJDNRMLVHXSXüXMH9LMHüXL(YURSVNRPSDUODPHQWX
7DNYLSULMHGOR]L.RPLVLMHNRMLVHRGQRVHQD]GUDYOMHVLJXUQRVW]DãWLWXRNROLQHL]DãWLWXSRWURãDþD
PRUDMXVDJODVQRVDþODQRPDX]HWLNDRRVQRYXYLVRNQLYR]DãWLWH
1DNRQ SULMHPD SULMHGORJD .RPLVLMH 9LMHüH SUYR ]DKWLMHYD PLãOMHQMH 3DUODPHQWD L (NRQRPVNRJ L
6RFLMDOQRJ NRPLWHWD SULMH QHJR ãWR IRUPLUD ]DMHGQLþNL VWDY R SULMHGORJX .DGD MH VWDY MHGQRP
IRUPLUDQSURVOLMHÿXMHVH3DUODPHQWXNRMLJDPRUDSULKYDWLWLRGELWLLOLSUHGORåLWLDPDQGPDQHXWRNX
GUXJH UDVSUDYH R SRPHQXWRP VWDYX .RPLVLMD SUHLVSLWXMH VYRM SULMHGORJ X VYMHWOX DPDQGPDQD
GRQHVHQLKQD3DUODPHQWXLYUDüDSULMHGORJ9LMHüXNRMHPRUDGRQLMHWLNRQDþQXRGOXNXXURNXRGWUL
PMHVHFD $NR MH QHRSKRGQR SUREOHPL VH UMHãDYDMX X NRPLWHWX ]D XVNODÿLYDQMH L]PHÿX 9LMHüD L
3DUODPHQWDXNRPH.RPLVLMDXþHVWYXMHNDRSRVUHGQLN'LMDJUDPWRNDSULND]XMHSURFHGXUXXVYDMDQMD
VDJODVQRþODQXE6SRUD]XPDLDOWHUQDWLYHXUD]OLþLWLPID]DPD
x 'LUHNWLYH 1RYRJ SULVWXSD VH XVYDMDMX X VNODGX VD SURFHGXURP VDRGOXþLYDQMD NRMD MH
REH]ELMHÿHQDXþODQXE6SRUD]XPD
x 8VYRMHQH GLUHNWLYH 1RYRJ SULVWXSD VH REMDYOMXMX X / VHULML 6OXåEHQRJ OLVWD (YURSVNH
]DMHGQLFH3ULMHGOR]LGLUHNWLYD1RYRJSULVWXSDRGVWUDQH.RPLVLMHVHREMDYOMXMXXVHULML
6OXåEHQRJOLVWD
34. 35(8=,0$1-(',5(.7,9$1292*35,6783$
'LUHNWLYH 1RYRJ SULVWXSD XVDJODãDYDMX ]DNRQH 'UåDYD þODQLFD UDGL RWNODQMDQMD EDULMHUD SUHPD
WUJRYLQL =ERJ WRJD ãWR GLUHNWLYH 1RYRJ 3ULVWXSD YUãH SRWSXQX KDUPRQL]DFLMX 'UåDYH þODQLFH
PRUDMX SRYXüL VYH QDFLRQDOQH ]DNRQVNH DNWH NRML VX X VXSURWQRVWL VD GLUHNWLYDPD 1DGDOMH
'UåDYDPD þODQLFDPD QLMH GR]YROMHQR D WR MH RSãWH SUDYLOR NDR ãWR MH VOXþDM VD GLUHNWLYDPD
XVYRMHQLPXVNODGXVDþODQRPD6SRUD]XPDWMGLUHNWLYHQDPLMHQMHQHSREROMãDQMX]GUDYOMDL
VLJXUQRVWLUDGQLNDSRVHEQRXUDGQRPRNUXåHQMX 36. 'UåDYHþODQLFHVXREDYH]QHGDGDMXNRPSHQ]DFLMX]DãWHWXNRMDMHUH]XOWDWQHSURYRÿHQMD]DNRQD
=DMHGQLFH 2YD REDYH]D SRVWRML NDGD SUHNUãHQLP SUDYLORP ]DNRQD VH QDPMHUDYD GDWL SUDYR
SRMHGLQFLPD SUHNUãDM MH GRYROMQR R]ELOMDQ L SRVWRML GLUHNWQD X]URþQD YH]D L]PHÿX QHLVSXQMHQD
REDYH]HNRMDMHRVWDODQD'UåDYLþODQLFLLãWHWHXþLQMHQHWUHüRMVWUDQL
',5(.7,9(1292*35,6783$
8RYRPYRGLþXGLUHNWLYH1RYRJSULVWXSDGHILQLVDQHVXNDRGLUHNWLYHNRMHVOLMHGHSULQFLSH1RYRJL
*OREDOQRJSULVWXSD
7DEHOD'LUHNWLYH1RYRJSULVWXSD
'LUHNWLYD %URM GLUHNWLYH
DPDQGPDQ
'DWXP
SULPMHQH
.UDMSUHOD]QRJ
SHULRGD
(OHNWULþQD RSUHPD GL]DMQLUDQD ]D XSRWUHEX X RGUHÿHQLP
QDSRQVNLPJUDQLFDPD³QLVNRQDSRQVNDRSUHPD´ 37. ((
((
-HGQRVWDYQHSRVXGHSRGSULWLVNRP ((
((
((
6LJXUQRVWLJUDþDND ((
((
*UDÿHYLQVNLSURLYRGL ((
((
(OHNWURPDJQHWQDNRPSDWLELOQRVW ((
((
((
(
0DãLQH
(
/LþQD]DãWLWQDRSUHPD ((
((
((
(
1HDXWRPDWVNHYDJH ((
((
$NWLYQDLPSODQWDFLRQDPHGLFLQVNDVUHGVWYD ((
((
((
8UHÿDMLNRMLVDJRULMHYDMXJDVRYLWDJRULYD³JDVQLXUHÿDML´ 39. ((
0HGLFLQVNDVUHGVWYD ((
2SUHPD L ]DãWLWQL VLVWHPL QDPLMHQMHQL ]D XSRWUHEX X
SRWHQFLMDOQR HNVSOR]LYQLP DWPRVIHUDPD ³SRWHQFLMDOQR
HNVSOR]LYQHDWPRVIHUH´ 40. (
5HNUHDFLRQDSORYLODRSUHPD]DUHNUHDFLMX 41. (
3DNRYDQMHLRVWDFLRGSDNRYDQMD (
2YDGLUHNWLYDVLVWHPDWLþQRXUHÿXMHXMHGDQMHGLQVWYHQWHNVWGLUHNWLYX((NRMDMHPRGLILFLUDQD
SUHPD GLUHNWLYDPD (( (( L (( 'DWXP SULPMHQH VH ]DVQLYD QD RULJLQDOQLP
GLUHNWLYDPD
43. (
0HGLFLQVNDVUHGVWYD]D³LQYLWUR´GLMDJQRVWLFLUDQMH ;;( ;;
1HNROLNRGLUHNWLYD1RYRJSULVWXSDVDGUåHGRGDWQHHOHPHQWHXRGQRVXQDRQHXVSRVWDYOMHQH1RYLPL
*OREDOQLPSULVWXSRP'LUHNWLYDRQLVNRQDSRQVNRMRSUHPLMHGRQHVHQDJRGLQHSULMHQHJRãWRMH
SRMDP1RYRJL*OREDOQRJSULVWXSDELRXVWDQRYOMHQ'LUHNWLYDMHXVNODÿHQDVDQHNLPSURãLUHQMLPD
VDRVWDOLPGLUHNWLYDPD1RYRJSULVWXSDJRGLQH
6DJODVQR GLUHNWLYL NRMD VH RGQRVL QD JUDÿHYLQVNH SURL]YRGH HVHQFLMDOQL ]DKWMHYL VH GDMX X
NRQNUHWQRM IRUPL X GRNXPHQWLPD ]D WXPDþHQMH NRML VX GRQHVHQL RG VWUDQH WHKQLþNLK NRPLWHWD
'LUHNWLYDWDNRÿHUXVSRVWDYOMDPHKDQL]DPHYURSVNRJWHKQLþNRJRGREUHQMDNRMLSUHGVWDYOMDWHKQLþNX
RFMHQXSULNODGQRVWLSURL]YRGD]DNRULãWHQMH2YRWHKQLþNRRGREUHQMHPRåHELWLGDWRSURL]YRGLPD]D
NRMH QH SRVWRMH QLWL KDUPRQL]LUDQL VWDQGDUG QL SUL]QDWL QDFLRQDOQL VWDQGDUG QLWL PDQGDW ]D
KDUPRQL]LUDQLPVWDQGDUGRPLSURL]YRGLPDNRMLVH]QDþDMQRUD]OLNXMXRGKDUPRQL]LUDQLKLSUL]QDWLK
QDFLRQDOQLKVWDQGDUGD1DGDOMH.RPLVLMDVSHFLILFLUDSURFHGXUXRFMHQLYDQMDXVNODÿHQRVWL]DSURL]YRG
LOLGDWXIDPLOLMX SURL]YRGD]DVQRYDQX QD PHWRGDPD XVSRVWDYOMHQLP X SULORJX GLUHNWLYL 6DJODVQR
WRPHSRJODYOMHSURFHGXUDRFMHQLYDQMDXVNODÿHQRVWL 44. QLMHSULPMHQOMLYR
'LUHNWLYH NRMH VH RGQRVH QD DNWLYQD PHGLFLQVND LPSODQWDFLRQD VUHGVWYD PHGLFLQVND VUHGVWYD L
PHGLFLQVNDVUHGVWYD]D³LQYLWUR´GLMDJQRVWLFLUDQMHXVSRVWDYOMDMXVLVWHPHXSR]RUDYDQMDX]EXQMLYDQMD
NRMLREDYH]XMX'UåDYXþODQLFXGDLQIRUPLUD.RPLVLMXLRVWDOH'UåDYHþODQLFHRPRJXüLPR]ELOMQLP
LQFLGHQWLPD YLGL SRJODYOMH 45. 'LUHNWLYH NRMH VH RGQRVH QD PHGLFLQVND VUHGVWYD ]D ³LQ YLWUR´
GLMDJQRVWLFLUDQMH L PHGLFLQVNH XUHÿDMH WDNRÿHU ]DKWLMHYDMX ]D XUHÿDMH QDPLMHQMHQH ]D NOLQLþNH
SUHWUDJHL]MDYXNRMDVHSRGQRVLNRPSHWHQWQRPSUHGPHWQRPQDFLRQDOQRPQDGOHåQRPWLMHOXNRMHWR
LVSLWXMH QD RVQRYX UD]PDWUDQMD MDYQRJ ]GUDYOMD L UHGD 'RGDWQR GLUHNWLYH NRMH VH RGQRVH QD
PHGLFLQVNH XUHÿDMH L PHGLFLQVND VUHGVWYD ]D ³LQYLWUR´ GLMDJQRVWLFLUDQMH ]DKWMHYDMX UHJLVWULUDQMH
RVREDRGJRYRUQLK]DSODVLUDQMHXUHÿDMDQDWUåLãWH
'LUHNWLYD NRMD VH RGQRVL QD HNVSOR]LYH ]D FLYLOQH QDPMHQH XVSRVWDYOMD RGUHGEH XSUDYOMDQMD
QDGJOHGDQMHPSURPHWDHNVSOR]LYDX=DMHGQLFL'LUHNWLYDWDNRÿHU]DKWLMHYDGDIL]LþNRLOLSUDYQROLFH
SRVMHGXMH GR]YROX LOL RYODãWHQMH NRMH PX GDMH SUDYR GD VH XNOMXþL X SURL]YRGQMX VNODGLãWHQMH
XSRWUHEXSURPHWLOLWUJRYLQXHNVSOR]LYLPD
'LUHNWLYDNRMDVHRGQRVLQDSRWHQFLMDOQRHNVSOR]LYQHDWPRVIHUHXVWDQRYOMDYDNDRGRGDWDNQD(
R]QDþDYDQMHVSHFLILþQRR]QDþDYDQMH]D]DãWLWXRGHNVSOR]LMH
'LUHNWLYDRSDNRYDQMXLRVWDFLPDSDNRYDQMDGRSXãWDGDSDNRYDQMHEXGHSODVLUDQRQDWUåLãWHVDPR
DNR ]DGRYROMDYD HVHQFLMDOQH ]DKWMHYH NRML VH RGQRVH QD VSULMHþDYDQMH RGODJDQMD PRJXüQRVW
SRQRYQRJNRULãWHQMDLUHFLNODåH
2YD GLUHNWLYD VLVWHPDWLþQR XUHÿXMH XMHGDQMHGLQVWYHQ WHNVW GLUHNWLYX (( NRMDMH PRGLILFLUDQD
GLUHNWLYRP (( L GRGDWQRP GLUHNWLYRP (( 'DWXP SULPMHQH VH ]DVQLYD QD RUJLQDOQLP
GLUHNWLYDPD
47. 6DJODVQRWRPHSRJODYOMD
QLVXSULPMHQMLYDQDGLUHNWLYXRSDNRYDQMXLRVWDFLPDRGSDNRYDQMD
'LUHNWLYD NRMD VH RGQRVL QD RSUHPX ]D UDG SRG SULWLVNRP XVSRVWDYOMD HYURSVNR RGREUHQMH ]D
PDWHULMDOHWMWHKQLþNLGRNXPHQWNRMLGHILQLãHNDUDNWHULVWLNHPDWHULMDODQDPLMHQMHQH]DSRQRYOMLYX
XSRWUHEXXSURL]YRGQMLRSUHPH]DUDGSRGSULWLVNRPDQLVXSRNULYHQLELORNRMLPKDUPRQL]LUDQLP
VWDQGDUGRP 'LUHNWLYD WDNRÿHU ]DKWLMHYD RG 'UåDYD þODQLFD GD RGREUDYDMX QD VYRMRM WHULWRULML
SODVLUDQMHQDWUåLãWHVWDYOMDQMHXSURPHWSXWHPNRULVQLNDRSUHPH]DUDGSRGSULWLVNRPLOLPRQWDåX
LVWH NRMD QH QRVL ( R]QDNX DOL WR MH SUHGPHW RFMHQMLYDQMD XVNODÿHQRVWL SURYHGHQRJ RG VWUDQH
NRULVQLþNRJLQVSHNWRUDWDXPMHVWRSULMDYOMHQRJWLMHOD
'LUHNWLYD NRMD VH RGQRVL QD WHOHNRPXQLNDFLRQX WHUPLQDO RSUHPX GR]YROMDYD ]D KDUPRQL]LUDQH
VWDQGDUGH GD LP VH GD PDQGDWRUQL VWDWXV NUR] ]DMHGQLþNH WHKQLþNH SURSLVH 'LUHNWLYD WDNRÿHU
XVSRVWDYOMD VLPERO NRML SRND]XMH NROLNR RSUHPD ]DGRYROMDYD X VPLVOX VSDMDQMD QD MDYQX
WHOHNRPXQLNDFLRQXPUHåXLGRGDMHRGUHÿHQHWHOHNRPXQLNDFLRQH]DKWMHYHQDSURFHGXUHRFMHQMLYDQMD
XVNODÿHQRVWL 6DJODVQR WRPH SRJODYOMH SUHWSRVWDYND XVNODÿHQRVWL 51. (
3RPRUVNDRSUHPD (
'LUHNWLYH R WRSORYRGQLP NRWORYLPD L UDVKODGQLP DSDUDWLPD SUHGYLÿDMX RFMHQMLYDQMH XVNODÿHQRVWL
VDJODVQR SULQFLSLPD *OREDOQRJ SULVWXSD L ]D ( R]QDþDYDQMH DOL SULPMHQD VWDQGDUGD QD NRML
XSXüXMH GLUHNWLYD MH REDYH]QD 6DJODVQR WRPH SRJODYOMH SRYLQRYDQMH GLUHNWLYDPD 54. NRMD MH XVSRVWDYOMHQD X þODQX E
6SRUD]XPD'LUHNWLYDQHSRNULYD(R]QDþDYDQMH1DGDOMHWHKQLþNHVSHFLILNDFLMH]DPHÿXVREQX
]DPMHQMLYRVW76, 58. QLVXSULPMHQMLYD
'LUHNWLYD R QDXWLþNRM RSUHPL QLWLVH ]DVQLYD QD þODQX D 6SRUD]XPD QLWL VH XVYDMD VDJODVQR
SURFHGXULVDRGOXþLYDQMDNRMDMHXVSRVWDYOMHQDXþODQXE6SRUD]XPD'LUHNWLYDQHSRNULYD(
R]QDþDYDQMHDOLXVSRVWDYOMDSRVHEQXR]QDNXXVNODÿHQRVWL1DGDOMHRSUHPDSRNULYHQDGLUHNWLYRP
PRUD ]DGRYROMLWL XPMHVWR HVHQFLMDOQLK ]DKWMHYD SULPMHQMLYH ]DKWMHYH PHÿXQDURGQLK NRQYHQFLMD
UHOHYDQWQLK UH]ROXFLMD L FLUNXODUQLK SLVDPD 0HÿXQDURGQH PRUQDULþNH RUJDQL]DFLMH ,02 63. 32'58ý-(35,0-(1(',5(.7,9$1292*35,6783$
352,=92',327ý,1-(1,',5(.7,9$0$
'LUHNWLYH1RYRJSULVWXSDVHSULPMHQMXMXQDSURL]YRGHNRMLVHQDPMHUDYDMXSODVLUDWLLLOLVWDYLWLX
XSRWUHEXQDWUåLãWH=DMHGQLFH2ELþQRVXWDNYLSURL]YRGLVSUHPQL]DXSRWUHEXLOL]DKWLMHYDMXVDPR
SULODJRÿDYDQMD NRMD PRJX ELWL SURYHGHQD X SRJOHGX QMLKRYH QDPMHQH 1DGDOMH GLUHNWLYH VH
SULPMHQMXMXVDPRNDGDVHSURL]YRGSODVLUDLLOLVWDYOMDXXSRWUHEXQDWUåLãWH=DMHGQLFHSUYLSXW=ERJ
WRJDGLUHNWLYHVHSULPMHQMXMXQDNRULãWHQHLSRORYQHSURL]YRGHXYH]HQHL]WUHüH]HPOMHNDGD RQL
XOD]HQDWUåLãWH=DMHGQLFHSUYLSXW
x 'LUHNWLYH1RYRJSULVWXSDVHSULPMHQMXMXQDSURL]YRGHNRMLVHQDPMHUDYDMXSODVLUDWLLLOL
VWDYLWLXXSRWUHEXQDWUåLãWH=DMHGQLFHSUYLSXW=ERJWRJDVHGLUHNWLYHSULPMHQMXMXQD
QRYH SURL]YRGH SURL]YHGHQH X 'UåDYDPD þODQLFDPD L QD QRYH NDR L QD NRULãWHQH WH
SRORYQHSURL]YRGHXYH]HQHL]WUHüLK]HPDOMD
x 3RMDPSURL]YRGDYDULUDPHÿXGLUHNWLYDPD1RYRJSULVWXSDLRGJRYRUQRVWMHSURL]YRÿDþD
GD YHULILFLUD GD OL MH LOL QH QMHJRY SURL]YRG X RNYLUX SRGUXþMD SULPMHQH MHGQH LOL YLãH
GLUHNWLYD
x 3URL]YRGLNRMLVXSUHWUSMHOLYDåQHL]PMHQHPRJOLELVHVPDWUDWLQRYLPSURL]YRGLPDNRML
PRUDMX]DGRYROMLWLRGUHGEHSULPMHQMLYLKGLUHNWLYDNDGDVHSODVLUDMXQDWUåLãWH=DMHGQLFHL
VWDYOMDMXXXSRWUHEX2YRVHPRUDRFLMHQLWLRGVOXþDMDGRVOXþDMD
x 3URL]YRGLNRMLVXYUDüHQLXSUYRELWQRVWDQMHEH]SURPMHQHRUJLQDOQHNDUDNWHULVWLNHVYUKH
LLOLWLSDQLVXSUHGPHWRFMHQMLYDQMDXVNODÿHQRVWLVDJODVQRGLUHNWLYDPD1RYRJSULVWXSD
x 3URL]YRGL SRVHEQR GL]DMQLUDQL ]D YRMQH LOL SROLFLMVNH VYUKH VX HNVSOLFLWQR LVNOMXþHQL L]
SRGUXþMD SULPMHQH RGUHÿHQLK GLUHNWLYD 1RYRJ SULVWXSD =D RVWDOH GLUHNWLYH 'UåDYH
þODQLFH EL PRJOH SRG RGUHÿHQLP XVORYLPD LVNOMXþLWL L] QMLKRYRJ SRGUXþMD SULPMHQH
VDJODVQRþODQX 66. GLMHORYH RSUHPH SRPRüQL SULERU LOL VLVWHPH
2GJRYRUQRVW SURL]YRÿDþD MH GD YHULILFLUD GD OL MH QMHJRY SURL]YRG X RNYLUX SRGUXþMD SULPMHQH
GLUHNWLYHLOLQH
.RPELQDFLMDSURL]YRGDLGLMHORYDRGNRMLKMHVYDNLXVNODGXVDSULPMHQMLYLPGLUHNWLYDPDQHPRUD
XYLMHNELWLXVNODGXLNDRFLMHOLQD0HÿXWLPXQHNLPVOXþDMHYLPDNRPELQDFLMDUD]OLþLWLKSURL]YRGDL
GLMHORYDGL]DMQLUDQLKLLOLVDVWDYOMHQLKRGVWUDQHLVWHRVREHVHVPDWUDNDRMHGDQ]DYUãHQSURL]YRG
NRMLNDRWDNDYPRUDELWLXVNODGXVDGLUHNWLYRP3RVHEQRNDGDMHWDNYDNRPELQDFLMDSODVLUDQDQD
WUåLãWHNDRSRVHEQDIXQNFLRQDOQDLOLNRPHUFLMDOQDMHGLQLFD]DNUDMQMHJNRULVQLNDLQDPLMHQMHQDGD
EXGH LQVWDOLUDQD L NRULãWHQD NDR FMHOLQD X VPLVOX L]YUãHQMD RGUHÿHQRJ ]DGDWND RG SURL]YRÿDþD
RYDNYH NRPELQDFLMH VH RþHNXMH GD SUHX]PH RGJRYRUQRVW ]D QMHQR XVNODÿLYDQMH NDR FMHOLQH VD
SULPMHQMLYLPGLUHNWLYDPD2GOXNDRWRPHGDOLNRPELQDFLMDSURL]YRGDLOLGLMHORYDWUHEDGDVHVPDWUD
NDRMHGDQ]DYUãHQSURL]YRGPRUDELWLGRQHVHQDRGVOXþDMDGRVOXþDMD
3URL]YRGNRMLMHSUHWUSLR]QDþDMQHL]PMHQHNRMHPLMHQMDMXQMHJRYXRULJLQDOQXNDUDNWHULVWLNXVYUKX
LLOL WLS QDNRQ ãWR MH VWDYOMHQ X XSRWUHEX PRåH VHVPDWUDWL QRYLP SURL]YRGRP 2YR PRUD ELWL
RFLMHQMHQRRGVOXþDMDGRVOXþDMDDSRVHEQRXSRJOHGX FLOMD GLUHNWLYH L WLSD SURL]YRGD SRNULYHQLK
SUHGPHWQRP GLUHNWLYRP 7DPR JGMH VH REQRYOMHQL LOL PRGLILNRYDQL SURL]YRG VPDWUD QRYLP
SURL]YRGRP RQ PRUD ELWL XVNODÿHQ VD VYLP RGUHGEDPD SULPMHQMLYLK GLUHNWLYD NDGD VH SURL]YRG
SODVLUD QD WUåLãWH LLOL VWDYOMD X XSRWUHEX L WR PRUD ELWL YHULILFLUDQRSR RFMHQMLYDQMX UL]LND RYR VH
VPDWUD QHRSKRGQLPSXWHP SULPMHQH RGJRYDUDMXüH SURFHGXUH RFMHQMLYDQMD XVNODÿHQRVWL
XVSRVWDYOMHQHXSUHGPHWQRMGLUHNWLYL2VREDNRMDSURYRGLYDåQHL]PMHQHQDSURL]YRGXMHRGJRYRUQD
]DYHULILFLUDQMHGDOLQHNLSURL]YRGWUHEDVPDWUDWLQRYLPSURL]YRGRP
3URL]YRGL NRML VX YUDüHQL X SUYRELWQR VWDQMH QSU ]ERJ RãWHüHQMD 67. EH] SURPLMHQMHQLK RULJLQDOQLK
NDUDNWHULVWLND VYUKH LLOL WLSD QH VPDWUDMX VH QRYLP SURL]YRGLPD VDJODVQR GLUHNWLYDPD 1RYRJ
SULVWXSD3UHPDWRPHWDNYLSURL]YRGLQHWUHEDMXSURYRÿHQMHRFMHQMLYDQMDXVNODÿHQRVWLQHRYLVQRRG
WRJDGDOLMHRULJLQDODQSURL]YRGELRSODVLUDQQDWUåLãWHSULMHLOLSRVOLMHVWXSDQMDGLUHNWLYHQDVQDJX
2YRMHUHOHYDQWQRþDNLDNRMHSURL]YRGSULYUHPHQRL]YH]HQXWUHüX]HPOMX]ERJSRSUDYNH7DNYH
SRSUDYNHVHRELþQRSURYRGHQDQDþLQGDVH]DPLMHQLRãWHüHQLLOLLVWURãHQLGLRUH]HUYQLPGLMHORP
RGNRMLKMHVYDNLLGHQWLþDQ
8 RYRP NRQWHNVWX =DMHGQLFRP VH VPDWUD VNXS VDGDãQMLK 'UåDYD þODQLFD JGMH VH VORERGDQ SURWRN
NRULãWHQLKLSRORYQLKSURL]YRGDRGYLMDVDJODVQRþODQRYLPDL6SRUD]XPD
8YH]LVDSODVLUDQMHPQDWUåLãWHLVWDYOMDQMHPXXSRWUHEXYLGLSRJODYOMH
9LGLSULORJ
8YH]LVDRGJRYRUQRVWLYLGLSRJODYOMH
72. E 6SRUD]XPD QXGL 'UåDYDPD
þODQLFDPDPRJXüQRVWGDLVNOMXþHL]SULPMHQH]DNRQVNLKDNDWD=DMHGQLFHSURL]YRGHQDPLMHQMHQH]D
SRVHEQH YRMQH VYUKH LVWR WDNR L SURL]YRGH NRML VH SRMDYOMXMX QD OLVWL GRQHVHQRM RG VWUDQH 9LMHüD
VDJODVQRþODQX 73. 1DGDOMHWDNYRLVNOMXþLYDQMHPRJORELLPDWLQHSRåHOMDQHIHNDWQDXVORYH
NRQNXUHQFLMHQDWUåLãWX=DMHGQLFH]DVOXþDMSURL]YRGDNRMLQLVXSRVHEQRQDPLMHQMHQL]DYRMQHVYUKH
,67295(0(1$35,0-(1$',5(.7,9$
'LUHNWLYH1RYRJSULVWXSD
'LUHNWLYH 1RYRJ SULVWXSD SRNULYDMX ãLURNR SRGUXþMH SURL]YRGD LLOL UL]LND NRML VH PHÿXVREQR
SRGXGDUDMX L GRSXQMXMX MHGQL GUXJH .DR UH]XOWDW WRJD QHNROLNR GLUHNWLYD EL PRJOR ELWL X]HWR X
UD]PDWUDQMH ]D MHGDQ SURL]YRG SRãWRVH SODVLUDQMH QD WUåLãWH L VWDYOMDQMH X XSRWUHEX PRåH GHVLWL
VDPRNDGDMHSURL]YRGXVNODGXVDVYLPSULPMHQMLYLPRGUHGEDPD
8YH]LVDSURL]YRGLPDNRMLVHNRULVWHQDUDGQRPPMHVWXSRVORGDYDFPRUDSUHGX]HWLVYHQHRSKRGQHPMHUH
GDRVLJXUDGDUDGQDRSUHPDEXGH]DGRYROMDYDMXüDLVLJXUQD1DSULPMHU NRULVQLNSRSUDYOMHQHPDãLQHPRUD
ELWLVLJXUDQGDWDPDãLQDQLMHPDQMHVLJXUQDQHJRRULJLQDOQD9LGLSRJODYOMH
9LGL GLUHNWLYH NRMH VH RGQRVH QD PDãLQH OLþQX ]DãWLWQX RSUHPX HNVSOR]LYH ]D FLYLOQH QDPMHQH
SRWHQFLMDOQRHNVSOR]LYQHDWPRVIHUHOLIWRYHLRSUHPX]DUDGSRGSULWLVNRP
x (VHQFLMDOQL]DKWMHYLXVSRVWDYOMHQLGLUHNWLYDPD1RYRJSULVWXSDPRJOLELVHSRGXGDUDWLLLOL
GRSXQMDYDWLRYLVQRRUL]LFLPDSRYH]DQLPVDSUHGPHWQLPSURL]YRGRP
x 3ODVLUDQMHQDWUåLãWHLVWDYOMDQMHXXSRWUHEXPRåHVHGHVLWLVDPRNDGDSURL]YRG]DGRYROMDYD
RGUHGEH VYLK SULPMHQMLYLK GLUHNWLYD L NDGD MH SURYHGHQR RFMHQMLYDQMH XVNODÿHQRVWL X
VDJODVQRVWLVDVYLPSULPMHQMLYLPGLUHNWLYDPD
x 7DPR JGMH MH LVWL SURL]YRG LOL UL]LN SRNULYHQ VD GYLMH LOL YLãH GLUHNWLYD SULPMHQD RVWDOLK
GLUHNWLYDVHPRåHSRQHNDGLVNOMXþLWLQDSULPMHUVOLMHGHüLDQDOL]XUL]LNDSURL]YRGD
76. 0DGDWDNYRXSXüLYDQMHQLMHXNOMXþHQRXPQRJLPGLUHNWLYDPDRSüLLSULQFLSLVWRYUHPHQHSULPMHQH
MRãXYLMHNMHUHOHYDQWDQWDPRJGMHHVHQFLMDOQL]DKWMHYLGLUHNWLYDQDGRSXQMXMXMHGDQGUXJRJ
,VWL SURL]YRG LOL UL]LN PRåH ELWL SRNULYHQ VD GYLMH LOL YLãH GLUHNWLYD 8 WDNYRP VOXþDMX SULPMHQD
GUXJLKGLUHNWLYDMHþHVWRRJUDQLþHQDLVNOMXþLYDQMHPRGUHÿHQLKSURL]YRGDL]SRGUXþMDSULPMHQHGUXJLK
GLUHNWLYD LOL GDYDQMHP SUHGQRVWL RGUHÿHQLMRM GLUHNWLYL 2YR RELþQR ]DKWLMHYD DQDOL]X UL]LND
SURL]YRGDLOLSRQHNDGDQDOL]XQDPMHQHSURL]YRGDNRMDRQGDRGUHÿXMHSULPMHQMLYXGLUHNWLYX
'LUHNWLYH1RYRJSULVWXSDLGLUHNWLYDRRSüRMVLJXUQRVWLSURL]YRGD
1DSULPMHU
x 'LUHNWLYDNRMDVHRGQRVLQDQLVNRQDSRQVNXRSUHPXQLMHSULPMHQMLYDQDHOHNWULþQXRSUHPX]DPHGLFLQVNH
VYUKHXPMHVWRVYDNHRGGLUHNWLYDGLUHNWLYHNRMDVHRGQRVLQDDNWLYQDLPSODQWDFLRQDPHGLFLQVNDVUHGVWYD
LOLGLUHNWLYHNRMDVHRGQRVLQDPHGLFLQVNDVUHGVWYDNRMHELVHPRJOLSULPLMHQLWL
x 'LUHNWLYD NRMD VH RGQRVL QD HOHNWURPDJQHWQX NRPSDWLELOQRVW QLMH SULPMHQMLYD QD SURL]YRGH SRNULYHQH
RGUHÿHQLP GLUHNWLYDPD NRMH KDUPRQL]LUDMX ]DãWLWQH ]DKWMHYH RGUHÿHQH X GLUHNWLYL R HOHNWURPDJQHWQRM
NRPSDWLELOQRVWL
x 'LUHNWLYD NRMD VH RGQRVL QD OLþQX ]DãWLWQX RSUHPX SULPMHQMXMH VH X VYLP VLWXDFLMDPD JGMH SULQFLS
QDPLMHQMHQHVYUKHOLþQH]DãWLWQHRSUHPHMHVWH GD]DãWLWLWLRVREXNRMDWRNRULVWLEH]RE]LUDGDOLVHRYR
RGYLMDXPHGLFLQVNRPRNUXåHQMX
x 'LUHNWLYDNRMDVHRGQRVLQDOLIWRYHQLMHSULPMHQMLYDQDOLIWRYHYH]DQH]D PHKDQL]DFLMXLQDPLMHQMHQDMH
LVNOMXþLYR]DSULVWXSUDGQRPPMHVWXXPMHVWRGLUHNWLYHNRMDVHRGQRVLQDPDãLQH
x 3RPRUVNDRSUHPDNRMDMHWDNRÿHUXRNYLUXSRGUXþMDSULPMHQH GUXJLKGLUHNWLYDUD]OLþLWLKRGGLUHNWLYHR
SRPRUVNRMRSUHPLMHLVNOMXþHQDL]SULPMHQHWDNYLKGLUHNWLYD
x 'LUHNWLYD R RSüRM VLJXUQRVWL SURL]YRGD VH SULPMHQMXMH QD SRWURãDþNH SURL]YRGH
QDEDYOMHQHXWRNXNRPHUFLMDOQLK DNWLYQRVWLDREH]EMHÿHQDMHDNR
Ÿ SURL]YRG QLMH SRNULYHQ GLUHNWLYDPD 1RYRJ SULVWXSD LOL GUXJLP ]DNRQVNLP DNWLPD
=DMHGQLFHLOL
Ÿ VYL DVSHNWL VLJXUQRVWL LOL NDWHJRULMH UL]LND QLVX SRNULYHQH GLUHNWLYDPD 1RYRJ
SULVWXSDLOLGUXJLP]DNRQVNLPDNWLPD=DMHGQLFH
78. MHGDRVLJXUDGDSRWURãDþNLSURL]YRGL
SODVLUDQL QD WUåLãWH QH SUHGVWDYOMDMX UL]LN SUL QRUPDOQLP XVORYLPD XSRWUHEH 2QD ]DKWLMHYD RG
SURL]YRÿDþDGDSODVLUDMXVDPRVLJXUQHSURL]YRGHQDWUåLãWHLLQIRUPLUDMXRUL]LFLPD2QDWDNRÿHU
REDYH]XMH 'UåDYH þODQLFH GD YUãH QDG]RU QDG SURL]YRGLPD QD WUåLãWX L LQIRUPLUDMX .RPLVLMX R
SUHGX]HWLPDNFLMDPDLOLNUR]SURFHGXUXGDWXVLJXUQRVQRPNODX]XORPLOLLQIRUPDFLRQLPVLVWHPRP]D
R]ELOMQHLQHSRVUHGQHUL]LNH
'LUHNWLYD]DRSüXVLJXUQRVWSURL]YRGDSRNULYDQRYHNRULãWHQHLSURL]YRGHYUDüHQHXGREURVWDQMH
QDPLMHQMHQHSRWURãDþLPDLOL]DNRMHVHRþHNXMHGDEXGXNRULãWHQLRGVWUDQHSRWURãDþDDQDEDYOMHQHX
WRNX NRPHUFLMDOQH DNWLYQRVWL 6DJODVQR RYRM GHILQLFLML SURL]YRGL X RNYLUX SRGUXþMD SULPMHQH
QHNROLNRGLUHNWLYD1RYRJSULVWXSDVHVPDWUDMXSRWURãDþNLPSURL]YRGLPDQSULJUDþNHRSUHPD]D
UHNUHDFLMXUDVKODGQLXUHÿDMLLGRRGUHÿHQLKJUDQLFDHOHNWULþQDRSUHPDJDVQLDSDUDWLLOLþQD]DãWLWQD
RSUHPD 79. 'LUHNWLYD R RSüRM VLJXUQRVWL SURL]YRGD MH SULPMHQMLYD X WROLNRM PMHUL GRN QH SRVWRMH RGUHÿHQH
RGUHGEHXSUDYLOLPD]DNRQD=DMHGQLFHNRMHXSUDYOMDMXVYLPVLJXUQRVQLPDVSHNWLPDSURL]YRGDQD
NRMH VH RGQRVH 1DGDOMH WDPR JGMH VSHFLILþQD SUDYLOD ]DNRQD =DMHGQLFH VDGUåH RGUHGEH NRMH
XSUDYOMDMXVDPRRGUHÿHQLPDVSHNWLPDVLJXUQRVWLSURL]YRGDLOLNDWHJRULMDPDUL]LND]DSURL]YRGQD
NRML VH RGQRVH RYH RGUHGEH VX SULPMHQOMLYH QD SUHGPHWQH SURL]YRGH VD RVYUWRP QD UHOHYDQWQH
DVSHNWH VLJXUQRVWL L UL]LNH 2YR SUDYLOR GDMH SULRULWHW SULPMHQL GLUHNWLYD 1RYRJ SULVWXSD ]D VYH
DVSHNWHVLJXUQRVWLSURL]YRGDLNDWHJRULMHUL]LNDNRMHRQHSRNULYDMX
3RWURãDþNL SURL]YRGL YDQ SRGUXþMD SULPMHQH GLUHNWLYD 1RYRJ SULVWXSD L GUXJLK ]DNRQVNLK DNDWD
=DMHGQLFH QSU SURL]YRGL NRML QH SRGOLMHåX GHILQLFLML XVSRVWDYOMHQRM SR SUHGPHWQRM GLUHNWLYL
NRULãWHQLLSRORYQLSURL]YRGLNRMLVXSODVLUDQLQDWUåLãWH=DMHGQLFHSULMHQHJRãWRMHGLUHNWLYDVWXSLOD
QDVQDJXLSRSUDYOMHQLSURL]YRGL 83. 3UHPD WRPH QMLKRYD QDPMHUD MH GD
VSULMHþH NROLNR JRG MH PRJXüH SODVLUDQMH QD WUåLãWH L VWDYOMDQMH X XSRWUHEX QHVLJXUQLK LOL SDN
QHXVNODÿHQLKSURL]YRGD'LUHNWLYDRRGJRYRUQRVWL]DSURL]YRG(( 84. NRMDMHSULPMHQMLYDQD
VYHSURL]YRGHSRNULYHQHGLUHNWLYDPD1RYRJSULVWXSDSULVLOMDYDGREDYOMDþDGDSURL]YRGL VLJXUQH
SURL]YRGH X QDPMHUL GD L]EMHJQH WURãNRYH NRMH PX QDPHüH RGJRYRUQRVW ]D RãWHüHQH SURL]YRGH
3RVOLMHGLFDWRJDMHGDVHGLUHNWLYH1RYRJSULVWXSDLGLUHNWLYDRRGJRYRUQRVWL]DSURL]YRGPHÿXVREQR
QDGRSXQMXMXXVPLVOXRVLJXUDQMDRGJRYDUDMXüHJQLYRD]DãWLWH
3/$6,5$1-(1$75ä,â7(,67$9/-$1-(883275(%8
2YDSURFHGXUDMHRSLVDQDXSRJODYOMX
8YH]LVDRGJRYRUQRVWL]DSURL]YRGSRJOHGDWLSRJODYOMH
'LUHNWLYH NRMH VH RGQRVH QD VLJXUQRVW LJUDþDND QLVNRQDSRQVNRX RSUHPX JUDÿHYLQVNH SURL]YRGH
HNVSOR]LYH]DFLYLOQHQDPMHQHLUDVKODGQHDSDUDWHSRNULYDMXVDPRSODVLUDQMHQDWUåLãWH
x 'LUHNWLYD R RGJRYRUQRVWL ]D SURL]YRG MH SULPMHQMLYD ]D VYH SURL]YRGH SRNULYHQH
GLUHNWLYDPD1RYRJSULVWXSD
x 3URL]YRG VH PRUD XVNODGLWL VD VYLP SULPMHQMLYLP GLUHNWLYDPD 1RYRJ SULVWXSD NDGD VH
SODVLUDSUYLSXWQDWUåLãWH=DMHGQLFHLVWDYOMDXXSRWUHEX
x 'UåDYHþODQLFHVXREDYH]QH
Ÿ GDQH]DEUDQMXMXRJUDQLþDYDMXLOLRPHWDMXSODVLUDQMHQDWUåLãWHLVWDYOMDQMHX
XSRWUHEX SURL]YRGD NRML VX X VNODGX VD SULPMHQMLYLP GLUHNWLYDPD 1RYRJ
SULVWXSDL
Ÿ SRGX]HWL VYH QHRSKRGQH PMHUH GD VH RVLJXUD GD VH SURL]YRGL SODVLUDMX QD
WUåLãWH LLOL VWDYOMDMX X XSRWUHEX VDPR DNR RQL QH XJURåDYDMX VLJXUQRVW L
]GUDYOMHOMXGLLOLGUXJHLQWHUHVHSRNULYHQHSULPMHQMLYLPGLUHNWLYDPDNDGDVX
SURSLVQR NRQVWUXLVDQL LQVWDOLUDQL RGUåDYDQL L NRULãWHQL X VNODGX VD
QMLKRYRPQDPMHQRP
x 3ODVLUDQMHQDWUåLãWHMHSRþHWQDDNFLMDNRMRPVHSURL]YRGSUYLSXWVWDYOMDQDUDVSRODJDQMH
WUåLãWX=DMHGQLFHXVPLVOXGLVWULEXFLMHLLOLXSRWUHEH
87. VDQLYRDSURL]YRGQMHVD
QDPMHURPGLVWULEXFLMHLLOLNRULãWHQMDQDQLYRX=DMHGQLFH
2VLPWRJDSRMDPSODVLUDQMDQDWUåLãWHVH
RGQRVL QD VYDNL SURL]YRG SRMHGLQDþQR QH QD WLS SURL]YRGD QLWL RYLVL RG WRJD GD OL MH SURL]YRG
SURL]YHGHQNDRSRVHEQDMHGLQLFDLOLXVHULML
7UDQVIHUSURL]YRGDVHGRJDÿDRGSURL]YRÿDþDLOLQMHJRYRJRYODãWHQRJSUHGVWDYQLNDX=DMHGQLFLGR
XYR]QLND VD VMHGLãWHP X =DMHGQLFL LOL GR RVREH RGJRYRUQH ]D GLVWULEXFLMX SURL]YRGD QD WUåLãWH
=DMHGQLFH 7UDQVIHU VH PRåH WDNRÿHU GRJRGLWL GLUHNWQR RG SURL]YRÿDþD LOL QMHJRYRJ RYODãWHQRJ
SUHGVWDYQLNDX=DMHGQLFLGRNUDMQMHJSRWURãDþDLOLNRULVQLND
3ODVLUDQMHQDWUåLãWHVHGHILQLãHXVDPRQHNROLNRGLUHNWLYD6DJODVQRGLUHNWLYLRLJUDþNDPDSODVLUDQMHQD
WUåLãWHSRNULYDRERMHLSURGDMXLEHVSODWQXGLVWULEXFLMXVDJODVQRGLUHNWLYDPDNRMHVHRGQRVHQDPHGLFLQVND
VUHGVWYDLPHGLFLQVNDVUHGVWYD]D³LQYLWUR´GLMDJQRVWLFLUDQMHWR]QDþLSUYRXþLQLWLGRVWXSQLPQDNRQL]YUãHQRJ
SODüDQMDLOLEHVSODWQR]DXUHÿDMXSRJOHGXQDGLVWULEXFLMHLLOLNRULãWHQMHQDWUåLãWX=DMHGQLFHQHRYLVQRRG
WRJDGDOLMHQRYRGSRWSXQRREQRYOMHQRJVDJODVQRGLUHNWLYLRHNVSOR]LYLPD]DFLYLOQHQDPMHQHWR]QDþLSUYR
SURGDMD]DQRYDFLOLEHVSODWQR]DHNVSOR]LYHSRNULYHQHGLUHNWLYRPVDRE]LURPQDQMLKRYXGLVWULEXFLMXLLOL
NRULãWHQMHQDWUåLãWX=DMHGQLFHLVDJODVQRGLUHNWLYLROLIWRYLPDSODVLUDQMHQDWUåLãWHVHGRJDÿDNDGDPRQWDåHU
XþLQLOLIWGRVWXSQLPNUDMQMHPNRULVQLNX
9LGL XSXüLYDQMD X GLUHNWLYDPD NRMH VH RGQRVH QD MHGQRVWDYQH SRVXGH SRG SULWLVNRP JUDÿHYLQVNH
SURL]YRGHPDãLQHOLþQX]DãWLWQXRSUHPXSRWHQFLMDOQRHNVSOR]LYQHDWPRVIHUHRSUHPX]DUHNUHDFLMXOLIWRYHL
RSUHPX]DUDGSRGSULWLVNRP2YRPRåHSRVWDWLSULPMHQMLYRXVHNWRULPDNRMHSRNULYDMXGUXJHGLUHNWLYH
3UHPDWRPHXYR]GREDUD]DYODVWLWHSRWUHEHVHWDNRÿHUVPDWUDSODVLUDQMHPQDWUåLãWHXWUHQXWNXQMLKRYRJ
XODVNDX=DMHGQLFX
X=DMHGQLFL6WDYOMDQMHQDUDVSRODJDQMHPRåHELWLLOL]DQRYDFLOLEHVSODWQR
x 6WDYOMDQMHXXSRWUHEXVHGRJDÿDXWUHQXWNXSUYHXSRWUHEHXQXWDU=DMHGQLFHRGVWUDQH
NUDMQMHJNRULVQLND0HÿXWLPSRWUHEDGDVHRVLJXUDXRNYLUXQDG]RUDQDGWUåLãWHPGD
VX SURL]YRGL X VNODGX VD RGUHGEDPD GLUHNWLYH NDGD VH VWDYOMDMX X XSRWUHEX MH
RJUDQLþHQRQDSURL]YRGHNRMLQLVXGLUHNWQRVSUHPQL]DXSRWUHEXQDQLYRXSODVLUDQMD
QDWUåLãWHQDþLMHSRYLQRYDQMHGLUHNWLYLPRJXXWLFDWLXVORYLGLVWULEXFLMHLLOLNRMLQLVX
SODVLUDQLQDWUåLãWHSULMHVWDYOMDQMDXXSRWUHEX
89. YODVQLãWYD 2YDM WUDQVIHU PRåH ELWL ]D QRYDFLOL EHVSODWDQ L PRåH ELWL ]DVQRYDQ QD ELOR
NRMHPWLSX]DNRQVNRJVUHGVWYD3UHPDWRPHVPDWUDVHGDVHWUDQVIHUSURL]YRGDGRJRGLRQDSULPMHU
XRNROQRVWLPDSURGDMH]DMPD]DNXSDQDMPDLSRNORQD
6PDWUDVHGDMHSURL]YRGSRQXÿHQ]DWUDQVIHUNDGDJDSURL]YRÿDþLOLQMHJRYRYODãWHQLSUHGVWDYQLNX
=DMHGQLFLVWDYHQDUDVSRODJDQMHXVYRPYODVWLWRPNRPHUFLMDOQRPODQFXGLVWULEXFLMHVRE]LURPQD
QMHJRYWUDQVIHUGRNUDMQMHJSRWURãDþDLOLNRULVQLND 93. LOLMHXVORERGQRM]RQL
x SURL]YHGHQX'UåDYLþODQLFLVQDPMHQRP]DL]YR]SURL]YRGDXWUHüX]HPOMX
x L]ORåHQQDWUJRYDþNLPVDMPRYLPDL]ORåEDPDLOLSUH]HQWDFLMDPD
LOL
x XVNODGLãWLPDSURL]YRÿDþDLOLQMHJRYRJRYODãWHQRJSUHGVWDYQLNDVDVMHGLãWHPX =DMHGQLFLWDPR
JGMHSURL]YRGQLMHMRãVWDYOMHQQDUDVSRODJDQMHL]X]HYNDGDQDGUXJLQDþLQQLMHREH]ELMHÿHQ]D
SODVLUDQMHQDWUåLãWHXRNYLUXSULPMHQMLYLKGLUHNWLYD
=DSURL]YRGNRMLMHSRQXÿHQXNDWDORJXLOLSXWHPHOHNWURQVNHWUJRYLQHVHVPDWUDGDQLMHSODVLUDQQD
WUåLãWH=DMHGQLFHGRNSURL]YRGQLMH]DLVWDVWDYOMHQQDUDVSRODJDQMHSUYLSXW8QDPMHULGDSRãWXMH
SUDYLOD L SULQFLSH XVPMHUHQH QD ]DEUDQX SRJUHãQRJ UHNODPLUDQMD QHXVNODÿHQRVW SURL]YRGD
QDPLMHQMHQRJWUåLãWX=DMHGQLFHWUHEDODELELWLMDVQRQD]QDþHQD
3URL]YRGL PRUDMX ELWL X VNODGX VD VYLP SULPMHQMLYLP GLUHNWLYDPD 1RYRJ SULVWXSD L GUXJLP
]DNRQVNLPDNWLPD=DMHGQLFHNDGDVHSODVLUDMXQDWUåLãWH6DJODVQRWRPHQRYLSURL]YRGLSURL]YHGHQL
X=DMHGQLFLLVYLSURL]YRGLXYH]HQLL]WUHüLK]HPDOMDELORQRYLLOLNRULãWHQLPRUDMX]DGRYROMLWL
RGUHGEH SULPMHQMLYLK GLUHNWLYD NDGD VX VWDYOMHQL QD UDVSRODJDQMH SUYL SXW QD WUåLãWX =DMHGQLFH
'UåDYHþODQLFHLPDMXREDYH]XGDWRRVLJXUDMXXRNYLUXQDG]RUDQDGWUåLãWHP
.RULãWHQLSURL]YRGL
NRMLVXQD
8YH]LVDRYODãWHQLPJSUHGVWDYQLNRPYLGMHWLSRJODYOMH
9LGLSURSLV9LMHüD(( 98. 'UåDYH þODQLFH QH VPLMX ]DEUDQLWL RJUDQLþLWL LOL RPHWDWL VWDYOMDQMH X XSRWUHEX SURL]YRGD NRML
]DGRYROMDYDMX RGUHGEH SULPMHQMLYLK GLUHNWLYD
0HÿXWLP 'UåDYDPD þODQLFDPD MH GRSXãWHQR GD
XVYRMHXVNODGXVD6SRUD]XPRPQSUþODQRYLL 100. 35(/$=1,3(5,2'
LOM SUHOD]QRJ SHULRGD MH GD RPRJXüL SURL]YRÿDþLPD L SULMDYOMHQLP WLMHOLPD SRVWHSHQR
SULODJRÿDYDQMHSURFHGXUDPDRFMHQMLYDQMDXVNODÿHQRVWLNRMHVXXVSRVWDYOMHQHSRQRYRMGLUHNWLYLL
SUHPD WRPH VSULMHþL UL]LN EORNLUDQMD SURL]YRGQMH 1DGDOMH SURL]YRÿDþLPD XYR]QLFLPD L
GLVWULEXWHULPDWUHEDELWLGDWRYULMHPHGDRVWYDUHQHNDSUDYDNRMDVXRQLVWHNOLXVNODGXVDSUDYLOLPD
NRMDGDWLUDMXSULMHQRYHGLUHNWLYHQSUSURGDMDQMLKRYLK]DOLKDSURL]YRGDSURL]YHGHQLKXVNODGXVD
QDFLRQDOQLPSUDYLOLPDNRMDVXELODQDVQD]LSULMHGLUHNWLYH.RQDþQRSUHOD]QLSHULRGREH]EMHÿXMH
GRGDWQRYULMHPH]DXVYDMDQMHKDUPRQL]LUDQLKVWDQGDUGDþDNLDNRRYRQLMHXSULQFLSXSUHGXVORY]D
SULPMHQXGLUHNWLYD1RYRJSULVWXSD
8VNODGXVDFLOMHYLPDSUHOD]QRJSHULRGD'UåDYHþODQLFHVXREDYH]QHGDRGUåDYDMXVYRMDQDFLRQDOQD
SUDYLODGRNUDMDSUHOD]QRJSHULRGDXNROLNRWRQDGUXJLQDþLQQLMHUHJXOLVDQR
2EDYH]DRGUåDYDQMD
UDQLMLKSUDYLODVHRGQRVLQHVDPRQDVYHREDYH]QHRGUHGEHNRMHVXQDVQD]LXVYDNRM'UåDYLþODQLFL
QHJRLQDVYHQDFLRQDOQHVSHFLILNDFLMHNRMHSURL]YRÿDþLSULPMHQMXMXGREURYROMQR
8YH]LVDGLUHNWLYDPD1RYRJSULVWXSDYLGLWDEHOXD]DGLUHNWLYHED]LUDQHQD*OREDOQRPSULVWXSXYLGL
WDEHOXX SRJODYOMX3UHOD]QLSHULRGMHMRãXYLMHNXWRNX]DGLUHNWLYHNRMHVHRGQRVHQDQHDXWRPDWVNH
YDJHGR 107. 0HÿXWLP WDPR JGMH QDFLRQDOQL SURSLVL NRML EL WUHEDOL ELWL ]DPLMHQMHQL VH ]DPMHQMXMX SRVWRMHüLP
KDUPRQL]LUDQLP ]DNRQVNLP DNWLPD =DMHGQLFH VYL SURL]YRGL ELOR GD VX X VNODGX VD VWDULP LOL QRYLP
VLVWHPRP 108. VXSUHGPHWVORERGQRJSURWRNDX WRNX SUHOD]QRJ SHULRGD 1D SULPMHUQDFUWL GLUHNWLYD RUDGLR L
WHOHNRPXQLNDFLRQRMWHUPLQDORSUHPLLHPLVLMLEXNHWUHEDGD]DPLMHQHSRVWRMHüHGLUHNWLYH=DMHGQLFH
.DRL]X]HWDNGLUHNWLYDNRMDVHRGQRVLQDDSDUDWHNRMLVDJRULMHYDMXJDVRYLWDJRULYDQHQDPHüHREDYH]X
'UåDYDPDþODQLFDPDDOLGHILQLWLYQRRGUHÿXMHGDRQHPRJXGR]YROLWLSODVLUDQMHQDQMLKRYDWUåLãWDSURL]YRGDX
VNODGXVDUDQLMLPSUDYLOLPDXWRNXSUHOD]QRJSHULRGD
x 9HüLQDGLUHNWLYD1RYRJSULVWXSDREH]EMHÿXMHSUHOD]QLSHULRG
x 'UåDYHþODQLFHVXREDYH]QHGDRGUåDYDMXVYRMQDFLRQDOQLVLVWHPGRNUDMDSUHOD]QRJ
SHULRGD 3UHPD WRPH SURL]YRÿDþ LPD L]ERU X SUHOD]QRP SHULRGX GD SULPLMHQL
QDFLRQDOQLVLVWHPLOLGLUHNWLYX
x 8WRNXSUHOD]QRJSHULRGDSURL]YRGLXVNODÿHQLVDVYLPSULPMHQMLYLPGLUHNWLYDPDPRJX
ELWL SODVLUDQL QDWUåLãWH =DMHGQLFH L VWDYOMHQL X XSRWUHEX X ELOR NRMRM 'UåDYL þODQLFL
3URL]YRGL SURL]YHGHQL X VNODGX VD QDFLRQDOQLP SURSLVLPD LOL QHREDYH]QLP WHKQLþNLP
VSHFLILNDFLMDPD VH NUHüX VORERGQR VDJODVQR VD SULQFLSLPD XVSRVWDYOMHQLP SR
þODQRYLPDL6SRUD]XPD
x 1DNUDMXSUHOD]QRJSHULRGDGLUHNWLYDVHSULPMHQMXMHLVNOMXþXMXüLELORNRMDQDFLRQDOQD
SUDYLODNRMDSRNULYDMXLVWHSURL]YRGHLLVWHHVHQFLMDOQH]DKWMHYH3RVOMHGLFDWRJDMHGD
VDPRSURL]YRGLXVNODGXVDSULPMHQMLYRPGLUHNWLYRPPRJXELWLSODVLUDQLQDWUåLãWHLOL
VWDYOMHQLXXSRWUHEXQDWUåLãWH=DMHGQLFHQDNRQSUHOD]QRJSHULRGD
109. 3RVOMHGLFDWRJDMHGD'UåDYHþODQLFHEH]SURSLVDXXåHPVPLVOXPRUDMXRGUåDYDWLSRVWRMHüLVLVWHPL
]ERJWRJDX]GUåDWLVHRGGRQRãHQMD]DNRQVNLKDNDWD1DGDOMHQDFLRQDOQHRUJDQL]DFLMH]DVWDQGDUGH
VX REDYH]QH GD VWDYH QD UDVSRODJDQMH X WRNX SUHOD]QRJ SHULRGD NRSLMH QDFLRQDOQLK VWDQGDUGD
SULPLMHQMHQLKXVNODGXVDSRVWRMHüLPQDFLRQDOQLPVLVWHPRP
6YDNDGLUHNWLYDXSUHOD]QRPSHULRGXXVSRVWDYOMDGDWXP]DPU]DYDQMDQDFLRQDOQRJVLVWHPDNRMLMHQD
VQD]L 8RSãWHQR RYR MH GDWXP NDGD GLUHNWLYD VWXSDQD VQDJX DOL SRQHNDG MH WR L GDWXP NDGD MH
GLUHNWLYDXVYRMHQD
8WRNXSUHOD]QRJSHULRGD'UåDYHþODQLFHQHPRUDMXGDSUDYHL]PMHQHSUHGPHWQRJVLVWHPDNRMLEL
PRJDR PRGLILNRYDWL ]DKWMHYH ]D SURL]YRGRP LOL SURFHGXUX RFMHQMLYDQMD XVNODÿHQRVWL LOL NRML EL
PRJDR QD GUXJL QDþLQ XWLFDWL QD VWHþHQD SUDYD 0HÿXWLP 'UåDYDPD þODQLFDPD VH GR]YROMDYDGD
L]YUãHL]PMHQHXVOXþDMHYLPDYLãHVLOH1DSULPMHUWHKQLþNLSURJUHVLOLQHSUHGYLÿHQHRNROQRVWLPRJX
RWNULWL GD VLVWHP NRML MH QD VQD]L QH PRåH GD ]DGRYROML ]DNRQVNL ]DKWMHY L GD RYD QHSRWSXQRVW
SURL]YRGLUL]LNHNRMH'UåDYDþODQLFDQLMHELODXPRJXüQRVWLGDVSULMHþLXRGJRYDUDMXüHPYUHPHQX
GRSXQMDYDQMHPSUDYLODNRMDVXQDVQD]L2RYDNYLPDPDQGPDQLPDVHPRUDGDWLREDYLMHVWNDGDVX
RQLQDQLYRXQDFUWDNDRãWRMH]DKWLMHYDQRSRGLUHNWLYL(WDNRGDQMLKRYDRSUDYGDQRVWPRåH
ELWLYHULILFLUDQD
1DNUDMXSUHOD]QRJSHULRGD'UåDYHþODQLFHVXREDYH]QHGD]DXVWDYHQDFLRQDOQHVLVWHPHNRMLVXELOL
QD VQD]L GR WDGD QSU RSR]LYDQMH UHOHYDQWQLK SURSLVD .DR UH]XOWDW WRJD QDFLRQDOQH PMHUH
LPSOHPHQWLUDMXüLQRYXGLUHNWLYXüHELWLMHGLQDREDYH]QDSUDYLODQDVQD]L]DSURL]YRGHLUL]LNHQD
NRMHVHRGQRVHXVYDNRM'UåDYLþODQLFL3RVOMHGLFDWRJDMHGDVHSURL]YRGLQHPRJXGDOMHSURL]YRGLWL
XVNODGXVDRGREUHQMLPDWLSDLOLGUXJLPFHUWLILNDWLPDL]GDWLPSRVLVWHPXNRMLWUHEDELWLSRYXþHQ
1DNRQ SUHOD]QRJ SHULRGD SURL]YRGL SURL]YHGHQL SULMH LOL ]D YULMHPH RYRJ SHULRGD X VNODGX VD
VLVWHPRPNRMLELWUHEDRELWL SRYXþHQ QH PRJX VH YLãH SODVLUDWL QD WUåLãWH =DMHGQLFH 8 VNODGXVD
VLJXUQRVWL LOL GUXJLP FLOMHYLPD QRYH GLUHNWLYH SURL]YRGX NRML VH SODVLUD QD WUåLãWH SULMH NUDMD
SUHOD]QRJSHULRGD 110. ELWUHEDORELWLGR]YROMHQRGDEXGHVWDYOMHQXXSRWUHEXQDNRQWRJGDWXPDDNRMH
SURL]YRGELRVSUHPDQ]DXSRWUHEXNDGDMHELRSODVLUDQQDWUåLãWH1DGUXJLQDþLQSURL]YRGELPRJDR
ELWL VWDYOMHQ X XSRWUHEX QDNRQ WRJ GDWXPD VDPR DNR MH RQ SRWSXQR X VNODGX VD RGUHGEDPD
GLUHNWLYH
8VNODGXVDRSãWLPSUDYLORP(R]QDþDYDQMHXND]XMHGDVH]DSURL]YRGHNRMLVXSUHGPHWQHNROLNR
GLUHNWLYDREH]ELMHÿHQLK]DQMHJRYRSRVWDYOMDQMHSUHGSRVWDYOMDGD
3RãWR GLUHNWLYH NRMH VH RGQRVH QD VLJXUQRVW LJUDþDND QLVNRQDSRQVNX RSUHPX JUDÿHYLQVNH SURL]YRGH
HNVSOR]LYH]DFLYLOQHQDPMHQHLUDVKODGQHDSDUDWHSRNULYDMXVDPRSODVLUDQMHQDWUåLãWHWDNYLSURL]YRGLPRJX
ELWLVWDYOMHQLXXSRWUHEXXELORNRMHYULMHPHDGDQHEXGXSUHGPHWXVNODÿLYDQMDSUHPDQDUHGQLPXVORYLPD
XVSRVWDYOMHQLPXVNODGXVDRYLPGLUHNWLYDPD,VWRVHRGQRVLLQDSURL]YRGHSRNULYHQHGLUHNWLYDPDNRMHVH
RGQRVH QD DNWLYQD LPSODQWDFLRQD PHGLFLQVND VUHGVWYD PHGLFLQVND VUHGVWYD L PHGLFLQVND VUHGVWYD ]D ³LQ
YLWUR´GLMDJQRVWLFLUDQMHSRãWRMHVWDYOMDQMHX XSRWUHEXGHILQLVDQRNDRVWDYOMDQMHSURL]YRGDQDUDVSRODJDQMH
PHGLFLQVNRMVWUXFL]DLPSODQWDFLMXLOLRGQRVQRNDRQLYRQDNRPHMHXUHÿDMVSUHPDQ]DXSRWUHEXQDWUåLãWX
=DMHGQLFHSRSUYLSXW]DQMHPXQDPLMHQMHQXVYUKX8YH]L VDSODVLUDQMHPQDWUåLãWHLVWDYOMDQMDXXSRWUHEX
YLGLSRJODYOMH
111. VHSRQDãDMXXVNODGXVDRGUHGEDPDVYLKRYLKGLUHNWLYD0HÿXWLPWDPRJGMHMHGQDLOLYLãHRGRYLK
GLUHNWLYD GR]YROMDYD SURL]YRÿDþX ]D YULMHPH SUHOD]QRJ SHULRGD GD L]DEHUH NRMH VSRUD]XPH üH
SULPLMHQLWL(R]QDþDYDQMHR]QDþDYDXVNODÿHQRVWVDPRSUHPDGLUHNWLYDPDSULPLMHQMHQLPRGVWUDQH
SURL]YRÿDþD 3RVOMHGLFD WRJD MH GD ]D YULMHPH SUHOD]QRJ SHULRGD ( R]QDþDYDQMH QH R]QDþDYD
REDYH]QR GD VH SURL]YRG SRQDãD X VNODGX VD VYLP SULPMHQMLYLP GLUHNWLYDPD REH]ELMHÿHQLP ]D
QMHJRYRSRVWDYOMDQMH=ERJWRJDGRNXPHQWLREDYMHãWHQMDLOLXSXWVWYD]DKWMHYDQDRGVWUDQHGLUHNWLYD
L NRMD SUHGVWDYOMDMX SUDWHüX GRNXPHQWDFLMX SURL]YRGX PRUDMX MDVQR VLJQDOL]LUDWL GLUHNWLYH NRMH MH
SURL]YRÿDþSULPLMHQLRJGMHQDMPDQMHMHGQDRGSULPMHQMLYLKGLUHNWLYDVDGUåLSUHOD]QLSHULRGXNRPH
MH SURL]YRG SURL]YHGHQ 7DPR JGMH GLUHNWLYD QH ]DKWLMHYD GRNXPHQWH REDYMHãWHQMDLOL XSXWVWYD
LQIRUPDFLMHPRUDMXELWLGDWHQDSDNRYDQMXSURL]YRGD,QIRUPDFLMHNRMHVHRGQRVHQDSULPLMHQMHQH
GLUHNWLYHPRUDMXELWLGDWHX(GHNODUDFLMLRXVNODÿHQRVWL
8YH]LVD(GHNODUDFLMRPRXVNODÿHQRVWLYLGLSRJODYOMH8YH]LVD(R]QDþDYDQMHPYLGLSRJODYOMH
112. 2'*29251267,
352,=92$ý
'LUHNWLYH1RYRJSULVWXSD
3URL]YRÿDþ MH ELOR NRMH IL]LþNR LOL SUDYQR OLFH NRMH MH RGJRYRUQR ]D GL]DMQLUDQMH L SURL]YRGQMX
SURL]YRGD LPDMXüL X YLGX QMHJRYR SODVLUDQMH QD WUåLãWH =DMHGQLFH SRG VYRMLP YODVWLWLP LPHQRP
2GJRYRUQRVWL SURL]YRÿDþD VH RGQRVH WDNRÿHU QD ELOR NRMH IL]LþNR LOL SUDYQR OLFH NRMH VDVWDYOMD
SDNXMHSUHUDÿXMHLLOLHWLNHWLUDJRWRYHWYRUQLþNHSURL]YRGHVDFLOMHPQMLKRYRJSODVLUDQMDQDWUåLãWH
=DMHGQLFHSRGVYRMLPYODVWLWLPLPHQRP1DGDOMHRGJRYRUQRVWSURL]YRÿDþDVHSUHQRVLQDELORNRMX
RVREX NRMD PLMHQMD QDPMHQX SURL]YRGD QD WDNDY QDþLQ GD SRVWDMH SULPMHQMLY GUXJL HVHQFLMDOQL
]DKWMHY LOL ELWQR PLMHQMD LOL REQDYOMD SURL]YRG SUHPD WRPH NUHLUD QRYL SURL]YRG VD FLOMHP
SODVLUDQMDSURL]YRGDQDWUåLãWH=DMHGQLFH
3URL]YRÿDþ PRåH GL]DMQLUDWL L SURL]YHVWL SURL]YRG OLþQR .DR DOWHUQDWLYD RVRED PRåH GRELWL
SURL]YRGGL]DMQLUDQSURL]YHGHQVDVWDYOMHQ]DSDNRYDQSUHUDÿHQLLOLHWLNHWLUDQVFLOMHPQMHJRYRJ
SODVLUDQMD QD WUåLãWH =DMHGQLFH SRG VYRMLP YODVWLWLP LPHQRP L SUHPD WRPH SUHGVWDYLWL VHEH NDR
SURL]YRÿDþD7DPRJGMHVHGLRSRVORYDSRGXJRYDUDSURL]YRÿDþPRUD]DGUåDWLFMHORNXSQXNRQWUROX
QDG SURL]YRGRP L RVLJXUDWL GD SULPD VYH LQIRUPDFLMH NRMH VX QHRSKRGQH GD LVSXQL VYRMH
RGJRYRUQRVWLXVNODGXVDGLUHNWLYDPD1RYRJSULVWXSD
3URL]YRÿDþ QLMH GHILQLVDQ X GLUHNWLYDPD 1RYRJ SULVWXSD VD L]X]HWNRP GLUHNWLYD NRMH VH RGQRVH QD
PHGLFLQVNDVUHGVWYDLPHGLFLQVNDVUHGVWYD]D³LQYLWUR´GLMDJQRVWLFLUDQMH
8YH]LVDSURL]YRGLPDSRWþLQMHQLPGLUHNWLYDPDYLGLSRJODYOMH
x 3URL]YRÿDþX]QDþHQMX1RYRJSULVWXSDMHRVREDNRMDMHRGJRYRUQD]DGL]DMQLUDQMHL
SURL]YRGQMXSURL]YRGDVDFLOMHPQMHJRYRJSODVLUDQMDQDWUåLãWH=DMHGQLFHXVYRMHLPH
x 3URL]YRÿDþ LPD REDYH]X GD RVLJXUD GD MH SURL]YRG NRML MH QDPLMHQMHQ GD EXGH
SODVLUDQ QD WUåLãWH =DMHGQLFH GL]DMQLUDQ L SURL]YHGHQ L GD MH L]YUãHQD RFMHQD
XVNODÿHQRVWL SUHPD HVHQFLMDOQLP ]DKWMHYLPD X VNODGX VD RGUHGEDPD SULPMHQMLYHLK
GLUHNWLYHD1RYRJSULVWXSD
x 3URL]YRÿDþPRåHNRULVWLWLJRWRYHSURL]YRGHJRWRYHGLMHORYHLOLNRPSRQHQWHLOLPRåH
SRYMHULWLSRGXJRYDUDþXVYRMH]DGDWNH0HÿXWLPRQPRUDXYLMHN]DGUåDWLFMHORNXSQX
NRQWUROXLLPDWLQHRSKRGQXQDGOHåQRVWGDSUHX]PHRGJRYRUQRVW]DSURL]YRG
113. 3URL]YRÿDþ NRML GDMH QHNH LOL VYH VYRMH DNWLYQRVWL SRGXJRYDUDþLPD QH EL PRJDR QL X NRMLP
RNROQRVWLPD UD]YODVWLWL VHEH RG VYRMLK RGJRYRUQRVWL QSU GD LK SUHX]PH RYODãWHQL SUHGVWDYQLN
GLVWULEXWHUWUJRYDFQDPDORWUJRYDFQDYHOLNRNRULVQLNLOLSRGXJRYDUDþ
3URL]YRÿDþLPDLVNOMXþLYXLNUDMQMXRGJRYRUQRVW]DXVNODÿHQRVWVYRJDSURL]YRGDVDSULPMHQMLYLP
GLUHNWLYDPD2QMHRGJRYRUDQ
x ]D GL]DMQLUDQMH L SURL]YRGQMX SURL]YRGD X VNODGX VD HVHQFLMDOQLP ]DKWMHYLPD XVSRVWDYOMHQLP
SXWHPGLUHNWLYHDL
x ]DSURYRÿHQMHRFMHQMLYDQMDXVNODÿHQRVWLXVNODGXVDSURFHGXURPDPDXVSRVWDYOMHQRMLP SXWHP
GLUHNWLYHD
3URL]YRÿDþ MH REDYH]DQ GD UD]XPLMH RERMH L GL]DMQ L L]UDGX SURL]YRGD GD EL PRJDR SUHX]HWL
RGJRYRUQRVW]DSURL]YRGWMGDSURL]YRGEXGHXVNODGXVDVYLPRGUHGEDPDUHOHYDQWQHLKGLUHNWLYHD
1RYRJ SULVWXSD 8 RGQRVX QD RFMHQMLYDQMH XVNODÿHQRVWL RGJRYRUQRVW SURL]YRÿDþD RYLVL R
SULPLMHQMHQRM SURFHGXUL .DR RSãWH SUDYLOR SURL]YRÿDþ PRUD SUHGX]HWLVYH QHRSKRGQH PMHUH GD
RVLJXUD GD SURFHV SURL]YRGQMH RVLJXUDYD XVNODÿHQRVW SURL]YRGD QSU GD XSUDYOMD VLVWHPRP
NYDOLWHWD 117. 6DJODVQR WRPH RQ PRUD RVLJXUDWL GD MH SURL]YRG X VNODGX VD
SULPMHQMLYLPGLUHNWLYDPDLGDMHSURYHGHQDRGJRYDUDMXüDSURFHGXUDRFMHQMLYDQMDXVNODÿHQRVWL
3URL]YRG EL PRJDR ELWL VWDYOMHQ X XSRWUHEX EH] SUHWKRGQRJ SODVLUDQMD QD WUåLãWH QSU SURL]YRG
SURL]YHGHQ]DYODVWLWXXSRWUHEX 121. 6DJODVQR WRPH RQ PRUD RVLJXUDWL GD MH SURL]YRG X VNODGX VD GLUHNWLYRP L GD VH SURYRGL
RGJRYDUDMXüDRFMHQDXVNODÿHQRVWL
'LUHNWLYH1RYRJSULVWXSDQH]DKWLMHYDMXGDSURL]YRÿDþEXGHVDVMHGLãWHPX=DMHGQLFL3UHPDWRPH
RGJRYRUQRVWL SURL]YRÿDþDVD VMHGLãWHP YDQ =DMHGQLFH VX MHGQDNH VD RGJRYRUQRVWLPD SURL]YRÿDþD
XVSRVWDYOMHQRJX'UåDYLþODQLFL
'LUHNWLYDRGJRYRUQRVWL]DSURL]YRGLGLUHNWLYDRRSüRMVLJXUQRVWLSURL]YRGD
3RMDP SURL]YRÿDþD X VNODGX VD 1RYLP SULVWXSRP MH UD]OLþLW RG SRMPD SURL]YRÿDþD X VNODGX VD
GLUHNWLYRPRRGJRYRUQRVWL]DSURL]YRGLGLUHNWLYRPRRSüRMVLJXUQRVWLSURL]YRGD
=DNRQVNDLOLDGPLQLVWUDWLYQDDNFLMDPRåHVHSURYHVWLSURWLYELORNRMHRVREHXODQFXVQDGELMHYDQMDLOL
GLVWULEXFLMH NRMD VH PRåH VPDWUDWL RGJRYRUQRP ]D RãWHüHQ SURL]YRG 2YR EL PRJDR SRVHEQR ELWL
VOXþDMNDGDMHSURL]YRÿDþVDVMHGLãWHPYDQ=DMHGQLFH6DJODVQRGLUHNWLYLRRGJRYRUQRVWL]DSURL]YRG
SRMDPSURL]YRÿDþDSRNULYDYLãHRVREDLUD]OLþLWHRVREHXSRUHÿHQMXVDRQLPãWDVHVPDWUDSRGWLP
SRMPRP SR GLUHNWLYDPD 1RYRJ SULVWXSD'HILQLFLMD SURL]YRÿDþD L QMHJRYH RGJRYRUQRVWL VDJODVQR
GLUHNWLYLRRGJRYRUQRVWL]DSURL]YRGMHRSLVDQDXSRJODYOMX
8VNODGXVDGLUHNWLYRPRRSüRMVLJXUQRVWLSURL]YRGDSURL]YRÿDþMHWDNDYSURL]YRÿDþNRMLSURL]YRGL
SURL]YRG NDGD RQ LPD VMHGLãWH X =DMHGQLFL L ELOR NRMD GUXJD RVRED SUHGVWDYOMD QMHJD NDR
SURL]YRÿDþD NDGD SRVWDYOMD QMHJRYR LPH QD SURL]YRG WUJRYDþNL ]QDN LOL GUXJL SRVHEDQ ]QDN LOL
RVREDNRMDSURL]YRGSRQRYRGRYRGLXLVSUDYQRVWDQMH3URL]YRÿDþMHWDNRÿHULQMHJRYSUHGVWDYQLN
NDGDSURL]YRÿDþQHPDVMHGLãWHX=DMHGQLFLLOLXYR]QLNDNRQHSRVWRMLSUHGVWDYQLNNRMLLPDVMHGLãWH
X =DMHGQLFL .RQDþQR SURL]YRÿDþ MH WDNRÿHU L QHNL GUXJL SURIHVLRQDODF X ODQFX VQDGEMHYDQMD GR
RQLKJUDQLFDGRNRMLKQMHJRYHDNWLYQRVWLPRJXXWMHFDWLQDVLJXUQRVQHNDUDNWHULVWLNHSURL]YRGDQD
WUåLãWX
'LUHNWLYDRRSüRMVLJXUQRVWLSRL]YRGD]DKWLMHYDRGSURL]YRÿDþDGDSODVLUDMXQDWUåLãWHVDPRVLJXUQH
SURL]YRGH 2QL VX REDYH]QL X RNYLUX JUDQLFD QMLKRYLK DNWLYQRVWL GD REH]ELMHGH SRWURãDþLPD
UHOHYDQWQH LQIRUPDFLMH L GD LP RPRJXüH GD RFLMHQH UL]LNH SULVXWQH X SURL]YRGX WDPR JGMH WDNYL
UL]LFLQLVXRGPDKRþLJOHGQLEH]RGJRYDUDMXüLKXSR]RUHQMDLGDSUHGX]PXPMHUHRSUH]DSURWLYWDNYLK
UL]LND 2QL VX WDNRÿHU REDYH]QL GD XVYRMH PMHUH NRMH RGJRYDUDMX NDUDNWHULVWLNDPD SURL]YRGD X
QDPMHULGDVHLQIRUPLUDMXRPRJXüLPUL]LFLPDLGDSUHGX]PXRGJRYDUDMXüXDNFLMXXNOMXþXMXüLDNR
MHQHRSKRGQRSRYODþHQMHSURL]YRGDVDWUåLãWD
2YR QLMH SULPMHQMLYR QD SURL]YRGH SRNULYHQH GLUHNWLYDPD NRMH VH RGQRVH QD VLJXUQRVW LJUDþDND
QLVNRQDSRQVNXRSUHPXJUDÿHYLQVNHSURL]YRGHHNVSOR]LYH]DFLYLOQHQDPMHQHLUDVKODGQHDSDUDWHSRãWRRYH
GLUHNWLYH SRNULYDMX VDPR SODVLUDQMH QD WUåLãWH 1DGDOMH RYR QLMH SULPMHQOMLYR QD RSUHPX ]D UHNUHDFLMX
QDSUDYOMHQX]DYODVWLWHSRWUHEHREH]EMHÿHQXGDVH QHSODVLUDQDWUåLãWH=DMHGQLFHXSHULRGXRGJRGLQDLOL
QDRSUHPXGL]DMQLUDQXSULMHJRGLQH8YH]LVDVWDYOMDQMHPXXSRWUHEXYLGLSRJODYOMH
122. 29/$â7(1,35('67$91,.
3URL]YRÿDþPRåHELWLORFLUDQX=DMHGQLFLLOLQHJGMHGUXJGMH8VYDNRPVOXþDMXSURL]YRÿDþPRåH
SRVWDYLWL RYODãWHQRJ SUHGVWDYQLND GD UDGL X QMHJRYX NRULVW X SURYRÿHQMX RGUHÿHQLK ]DGDWDND
]DKWMHYDQLK X SULPMHQMLYLP GLUHNWLYDPD 0HÿXWLP SURL]YRÿDþ VD VMHGLãWHP YDQ =DMHGQLFH QLMH
REDYH]DQ GD LPD RYODãWHQRJ SUHGVWDYQLND X =DMHGQLFL PDGD WR PRåH SUHGVWDYOMDWL RGUHÿHQH
SUHGQRVWL
8 VPLVOX GLUHNWLYD 1RYRJ SULVWXSD WM GD EL VH PRJOR UDGLWL X NRULVW SURL]YRÿDþD RYODãWHQL
SUHGVWDYQLN PRUD LPDW VMHGLãWH X =DMHGQLFL 7UJRYDþNL SUHGVWDYQLFL SURL]YRÿDþD ELOR GD LPDMX
VMHGLãWH X =DMHGQLFL LOL YDQ QMH QH EL VH WUHEDOL PLMHãDWL VD RYODãWHQLP SUHGVWDYQLNRP VDJODVQR
GLUHNWLYDPD1RYRJSULVWXSD
=DGDFL NRMH ãDOMH SURL]YRÿDþ RYODãWHQRP SUHGVWDYQLNX PRUDMX ELWL WDþQR GHILQLVDQL L X SLVDQRM
IRUPL SRVHEQR GD GHILQLãX VDGUåDMH ]DGDWDND L JUDQLFH PRüL SUHGVWDYQLND 2YLVQR R SURFHGXUL
RFMHQMLYDQMD XVNODÿHQRVWL L SUHGPHWQRM GLUHNWLYL RYODãWHQL SUHGVWDYQLN PRåH QD SULPMHU ELWL
SRVWDYOMHQ GD RVLJXUD L REMDYL GD MH SURL]YRG X VNODGX VD ]DKWMHYLPD SRVWDYL ( R]QDNX L EURM
SULMDYOMHQRJ WLMHOD QD SURL]YRG QDSUDYLWL L SRWSLVDWL ( GHNODUDFLMX R XVNODÿHQRVWL LOL GUåDWL
GHNODUDFLMXLWHKQLþNXGRNXPHQWDFLMXQDUDVSRODJDQMXQDFLRQDOQLPQDGOHåQLPWLMHOLPD]DQDG]RU
2YODãWHQL SUHGVWDYQLN VH RELþQR QH GHILQLãH X GLUHNWLYDPD 1RYRJ SULVWXSD VD L]X]HWNRP GLUHNWLYH R
PHGLFLQVNLPVUHGVWYLPD]D³LQYLWUR´GLMDJQRVWLFLUDQMH
.DR L]X]HWDN VDJODVQR GLUHNWLYDPD R PHGLFLQVNLP VUHGVWYLPD L PHGLFLQVNLP VUHGVWYLPD ]D ³LQ YLWUR´
GLMDJQRVWLFLUDQMHSURL]YRÿDþPRUDLPHQRYDWLRVREXNRMDVHXVSRVWDYOMDX=DMHGQLFLGDEXGHRGJRYRUQD ]D
PDUNHWLQJ PHGLFLQVNLK VUHGVWDYD DNR RQ QHPD SULMDYOMHQ SRVORYQL SURVWRU X 'UåDYL þODQLFL L RQ SODVLUD
XUHÿDMHQDWUåLãWH=DMHGQLFHSRGVYRMLPYODVWLWLPLPHQRP
8YH]LVDGHWDOMQRPOLVWRPRGJRYRUQRVWLNRMDELPRJODELWLGHOHJLUDQDRYODãWHQRPSUHGVWDYQLNXXVNODGXVD
VYDNLPPRGXORPYLGLWDEHOXXSRJODYOMX
x 3URL]YRÿDþ PRåH SRVWDYLWL ELOR NRMH IL]LþNR LOL SUDYQR OLFH GD JD ]DVWXSD X VYRMVWYX
RYODãWHQRJSUHGVWDYQLND
x 8 VPLVOX GLUHNWLYD 1RYRJ SULVWXSD RYODãWHQL SUHGVWDYQLN PRUD LPDWL VMHGLãWH XQXWDU
=DMHGQLFH
x 2YODãWHQLSUHGVWDYQLNVHLVNOMXþLYRLPHQXMHRGVWUDQHSURL]YRÿDþDLRQVHPRåHVPDWUDWL
RGJRYRUQLPRGVWUDQHQDGOHåQLKWLMHOD'UåDYDþODQLFDXPMHVWRSURL]YRÿDþDXSRJOHGX
NDVQLMLKREDYH]DXWYUÿHQLKSRSUHGPHWQRMGLUHNWLYL1RYRJSULVWXSD
x 3URL]YRÿDþ RVWDMH XRSüH RGJRYRUDQ ]D DNFLMH SURYHGHQH RG VWUDQH RYODãWHQRJ
SUHGVWDYQLNDXQMHJRYXNRULVW
126. EL PRJDR SUHX]HWL EULJX R RYRM REDYH]L SXWHP ]DKWLMHYDQMD ]YDQLþQH JDUDQFLMH X SLVDQRM
IRUPLRG
x 8YR]QLN RVRED RGJRYRUQD ]D SODVLUDQMH QD WUåLãWH 127. X ]QDþHQMX GLUHNWLYD 1RYRJ
SULVWXSD MH ELOR NRMH IL]LþNR LOL SUDYQR OLFH VD VMHGLãWHP X =DMHGQLFL NRMH SODVLUD
SURL]YRGL]WUHüH]HPOMHQDWUåLãWH=DMHGQLFH
x 8YR]QLNPRUDRVLJXUDWLGDMHXVWDQMXGDREH]ELMHGLQHRSKRGQHLQIRUPDFLMHQDGOHåQRP
WLMHOX]DQDG]RUQDGWUåLãWHPNRMHVHRGQRVHQDSURL]YRGWDPRJGMHSURL]YRÿDþQHPD
VMHGLãWHX=DMHGQLFLLQHPDRYODãWHQRJSUHGVWDYQLNDX=DMHGQLFL
x )L]LþNRLOLSUDYQROLFHNRMHXYR]LSURL]YRGX=DMHGQLFXVHPRåHXQHNLPVLWXDFLMDPD
VPDWUDWL NDR RVRED NRMD PRUD SUHX]HWL RGJRYRUQRVWL SURL]YRÿDþD X VNODGX VD
SULPMHQMLYLPGLUHNWLYDPD1RYRJSULVWXSD
129. VXSURãLUHQHSUHPDGLUHNWLYDPDNRMHVH
RGQRVHQDPDãLQHLOLIWRYHXVNODGXVNRMLPREDYH]HNRMHVHRGQRVHQDSURFHGXUXRFMHQMLYDQMDXVNODÿHQRVWL
SDGDMX QD RVREX NRMD SODVLUD SURL]YRG QD WUåLãWH X =DMHGQLFL JGMH QLWL SURL]YRÿDþ QL QMHJRY RYODãWHQL
SUHGVWDYQLNQHPDMXVMHGLãWHX=DMHGQLFLLOLPRQWDåHUOLIWDLVSXQMDYDRYHREDYH]H
8YH]LVDRSLVRPSURL]YRÿDþDLQMHJRYLKRGJRYRUQRVWLYLGLSRJODYOMH
x 2GUHGEHNRMHVHRGQRVHQDGLVWULEXFLMXRELþQRQLVXXNOMXþHQHXGLUHNWLYH1RYRJSULVWXSD
x 'LVWULEXWHURPVHVPDWUDELORNRMHIL]LþNRLOLSUDYQROLFHXODQFXVQDGELMHYDQMDNRMHL]YRGL
WUJRYDþNHDNFLMHNRMHVOLMHGHQDNRQãWRMHSURL]YRGSODVLUDQQDWUåLãWH=DMHGQLFH
x 'LVWULEXWHU VH PRUD SRQDãDWL VD REDYH]RP RGJRYDUDMXüH EULJH X QDPMHUL GD QH SODVLUD
RþLJOHGQRQHXVNODÿHQHSURL]YRGHQDWUåLãWH=DMHGQLFH2QWDNRÿHUPRUDELWLXVWDQMXGDRYR
GHPRQVWULUDQDFLRQDOQRPQDGOHåQRPWLMHOX]DQDG]RU
131. VH
PRUDMX SULGUXåLWL SURL]YRGX NRML VX MH]LþNL ]DKWMHYL ]D XSXWVWYD ]D NRULVQLNH LOL GUXJH SUDWHüH
GRNXPHQWH L ãWD MH MDVDQ SRND]DWHOM GD SURL]YRG QLMH XVNODÿHQ 6DJODVQR WRPH RQ QH EL PRJDR
QDEDYOMDWLSURL]YRGH]DNRMH]QDLOLELWUHEDRSUHWSRVWDYLWLQDRVQRYXLQIRUPDFLMDNRMHSRVMHGXMHL
NDR SURIHVLRQDODF GD QLVX X VNODGX VD ]DNRQVNLP DNWLPD 1DGDOMH RQ EL WUHEDR LQIRUPLUDWL
QDFLRQDOQRQDGOHåQRWLMHOR]DQDG]RURQHXVNODÿHQLPSURL]YRGLPDLUL]LFLPDYH]DQLP]DSURL]YRGL
VDUDÿLYDWLXDNFLMDPDSRGX]HWLPGDVHL]EMHJQXLOLPLQLPL]LUDMXRYLUL]LFL
8VORYLGLVWULEXFLMHQSUWUDQVSRUWLOLVNODGLãWHQMH