3R]]LSURIRQGL
/DSUHLPSRVWD]LRQHGDIDEEULFDGHO6XEWURQLF6&
JDUDQWLVFHODSURWH]LRQHGDIXQ]LRQDPHQWRDVHFFR
QHOODPDJJLRUSDUWHGHOOHFRQGL]LRQLSRVVLELOL
7XWWDYLDQHOOHDSSOLFD]LRQLLQSR]]LSURIRQGLFRQ
SRPSHDEDVVDSRUWDWDSRVVRQRFUHDUVLFRQGL]LRQL
FKHJHQHUDQRGLVLQQHVWLIDVWLGLRVLODSRPSDPRWRUH
VLVSHJQHGXUDQWHLOSRPSDJJLRGHOO¶DFTXDRQHVVXQ
GLVLQQHVWRDQFKHVHODSRPSDIXQ]LRQDDVHFFR6H
VLRVVHUYDQRFRQGL]LRQLVLPLOLLQIDVHGLLQVWDOOD]LRQH
O¶LQVWDOODWRUHGHYHUHJRODUHFRQSUHFLVLRQHODVRJOLD
GLGLVLQQHVWRGHOIXQ]LRQDPHQWRDVHFFRVRYUDSRP
SDJJLR
/DYLWHGLUHJROD]LRQHVLWURYDLQEDVVRDGHVWUD
GHO3&%LQWHUQRHGqFRQWUDVVHJQDWRFRQ³8QGHU
ORDGVHQLWLYLW\´
8VDUHXQFDFFLDYLWHDWDJOLRLVRODWRSHUUHJRODUHOD
VHQVLELOLWjGHOIXQ]LRQDPHQWRDVHFFR¿QRDFKHOD
FRPPXWD]LRQHqFRUUHWWD
/HUHJROD]LRQLGHYRQRHVVHUHIDWWHOHQWDPHQWH
IDUHXQDSLFFRODUHJROD]LRQHHDWWHQGHUHODUHD]LR
QH6HQRQVLRVVHUYDDOFXQDUHD]LRQHFRQWLQXD
UHDIDUHSLFFROHUHJROD]LRQL¿QRDGRWWHQHUHLO
ULVXOWDWRGHVLGHUDWR
,QIRUPDWLRQ
'RSRODPHVVDLQHVHUFL]LRLOVLVWHPD
IXQ]LRQDVHQ]DFRQWUROORRPDQXWHQ
]LRQH7XWWDYLDLQFDVRGLPDOIXQ
]LRQDPHQWRQRQLQVLVWHUHDIDU
IXQ]LRQDUHLOGLVSRVLWLYR&RQWDWWDUH
O¶LQVWDOODWRUHRO¶DVVLVWHQ]D
2I
I7
LPH0LQXWHV
5XQ7LPH0LQXWHV
)LJXUH
6PDUW5HVHW:HOO5HFRYHU\7LPH
0DQXWHQ]LRQH
6XE7URQLF6&
qHVHQWHGDPDQXWHQ]LRQH,OGLVSR
VLWLYRGLFRPDQGRQRQFRQWLHQHSDUWLGDVRWWRSRUUHD
PDQXWHQ]LRQH
(OLPLQD]LRQHGLPDOIXQ]LRQDPHQWL
,O6XE7URQLF6&
XVDXQVHPSOLFHPRGRSHUPRQL
WRUDUHOHFRQGL]LRQLGLIXQ]LRQDPHQWR8QDVHULH
GLVLPEROLVXOFRSHUFKLRGHO6XE7URQLF6&
IRUQLVFH
LQIRUPD]LRQLFKHDLXWDQRDXVDUHLQPRGRRWWLPDOHLO
JUXSSRPRWRUHSRPSD/HGLYHUVHFRQGL]LRQLSRVVR
QRHVVHUHGLYLVHLQWUHJUXSSL
)XQ]LRQDPHQWRQRUPDOH
,QGLFD]LRQH
&RQGL]LRQH
&DXVD6ROX]LRQH
0RGDOLWjPDQXDOH
,QWHUUXWWRUH6XE7URQLF6&
LQSRVL
]LRQH2))
&RPPXWDUH VX 21 SHU DYYLDUH OD
SRPSD
0RGDOLWjDXWRPDWLFD
SUHVVRVWDWR
,OVLVWHPDqSUHVVXUL]]DWR3UHVVR
VWDWRLQSRVL]LRQH2))/DSRPSDVL
DYYLD TXDQGR OD SUHVVLRQH VFHQGH
DOGLVRWWRGHOYDORUHPLQLPRLPSR
VWDWRVXOSUHVVRVWDWR
0RGDOLWjPDQXDOH
,QWHUUXWWRUH 6XE7URQLF6&
LQ SR
VL]LRQH 21 SRPSD LQ IXQ]LRQH
&RPPXWDUHVX2))SHUVSHJQHUH
0RGDOLWjDXWRPDWLFD
SUHVVRVWDWR
3UHVVRVWDWR LQ SRVL]LRQH 21
SRPSD LQ IXQ]LRQH /D SRPSD VL
DUUHVWDTXDQGRYLHQHUDJJLXQWDOD
SUHVVLRQHPDVVLPDLPSRVWDWD
3UHVVRVWDWR
6XE7URQLF6&
qGHVWLQDWRDOO¶XVRFRQSUHVVRVWDWR
FRQYHQ]LRQDOH1RQqQHFHVVDULRXQUHOqVXSSOH
PHQWDUHRFRQWDWWLDXVLOLDULGLFRQWUROORLQTXDQWRL
FRQWDWWLGHOSUHVVRVWDWRVRQRVXI¿FLHQWLSHUODSRWHQ
]DQRPLQDOH
,
(OLPLQD]LRQHGLPDOIXQ]LRQDPHQWL
,QGLFD]LRQH&RQGL
]LRQH*XDVWR
&DXVD6ROX]LRQH
,OPRWRUHSRPSDQRQ
VLDYYLD
0DQFDQ]DGLDOLPHQWD
]LRQH
&RQWUROODUHODWHQVLRQH
GLUHWHDOWULDSSDUHFFKL
FROOHJDWLIXQ]LRQDQR"
,QWHUUXWWRUHGDQQHJJLDWR
&RQWDWWDUHO¶DVVLVWHQ]D
3URWH]LRQHVRYUDFFDULFR
LQWHUYHQXWD
5HVHWWDUHODSURWH]LRQH
