lt
YLPR ñWDLVDV QHOHLGŀLD SHUMXQJWL NU\SWLHV YDULNOLXL
VXNDQWLV 9LGXULQÙMH SDGÙW\MH YDOG\PR MXQJLNOLV
\UD XŀEORNXRWDV 3DVSDXGÛ GHģLQLQÙVNDLULQÙV
HLJRV SHUMXQJLNOñ ñ GHģLQÛ SULHWDLVR YHLNLPR
NU\SWLPL QXVWDW\VLWH GHģLQLQÛ HLJÇ 3DVSDXGÛ
GHģLQLQÙVNDLULQÙV HLJRV SHUMXQJLNOñ ñ NDLUÛ SULH
WDLVR YHLNLPR NU\SWLPL QXVWDW\VLWH NDLULQÛ HLJÇ
6XNLPRVL JUHLÏLR SDVLULQNLPDV GYLHMĵ
HLJĵ MXQJLNOLX
5
1852'<0$6
0HFKDQLQLX GYLHMĵ HLJĵ MXQJLNOLX JDOLWH SDVLULQNWL
VXNLPRVL JUHLWñ 6XNLPRVL JUHLWLV QXURG\WDV WDP
DWYHMXL NDL DNXPXOLDWRULXV \UD YLVLģNDL ñNUDXWDV
6)& ತ$ HLJD ದ PLQ HLJD ದ
PLQ 6)& ತ$ HLJD ದ PLQ HLJD
ದ PLQ
ðMXQJLPDVLģMXQJLPDV
/ÙWDL VSDXVGDPL YDOG\PR MXQJLNOñ VXNLPRVL
JUHLWñ JDOLWH VNODQGŀLDL NHLVWL LNL SDW PDNVLPDOLRV
MR UHLNģPÙV
*UÇŀWR ñVWDW\PDV
'HģLQLQÙVNDLULQÙV HLJRV SHUMXQJLNOñ QXVWD
W\NLWH ñ YLGXULQÛ SDGÙWñ DUED QXR SULHWDLVR
DWMXQNLWH DNXPXOLDWRULĵ
3DWLNULQNLWH DU ñVWDWRPR ñUDQNLR NRWDV \UD
ģYDUXV -HL UHLNLD QXYDO\NLWH Mñ
ðUDQNñ ñVWDW\NLWH ñ ñUDQNLR JULHEWXYÇ LU YHUŀNLWH
JUHLWR ILNVDYLPR JUÇŀWR JULHEWXYÇ WRO NRO Lģ
JLUVLWH GDXJNDUWLQñ PHFKDQLQñ VSUDJVÙMLPÇ
3DWLNULQNLWH DU ñUDQNLV ODLNRVL WYLUWDL
*UÇŀWR LģÙPLPDV
'HģLQLQÙVNDLULQÙV HLJRV SHUMXQJLNOñ QXVWD
W\NLWH ñ YLGXULQÛ SDGÙWñ DUED QXR SULHWDLVR
DWMXQNLWH DNXPXOLDWRULĵ
$WLGDU\NLWH JUHLWR ILNVDYLPR JUÇŀWR JULHE
WXYÇ
,ģWUDXNLWH ñUDQNñ Lģ JULHEWXYR
*UÛŀLPDV
$76$5*,$,
$SGLUEDPLHPV UXRģLQLDPV ñWYLUWLQWL QDXGRNLWH
VSDXVWXYXV DUED YHUŀWXYXV 7DLS VDXJLDX QHL
ODLN\WL MXRV UDQNRPLV EH WR ODLVYRPLV UDQNR
PLV JDOÙVLWH WLQNDPDL QDXGRWLV SULHWDLVX
3DVXNLWH VXNLPR PRPHQWR LU IXQNFLMRV QX
VWDW\PR ŀLHGÇ ñ JUÛŀLPR VLPEROLX SDŀ\PÙWÇ
SDGÙWñ
'HģLQLQÙVNDLULQÙV HLJRV SHUMXQJLNOñ QXVWD
W\NLWH ñ GHģLQLQLR VXNLPRVL SDGÙWñ
9DUŀWĵ VXNLPDV
$QWJDOLĵ ODLNLNOLR DQWJDOLR ñVWDW\PDV
'HģLQLQÙVNDLULQÙV HLJRV SHUMXQJLNOñ QXVWD
W\NLWH ñ YLGXULQÛ SDGÙWñ DUED QXR SULHWDLVR
DWMXQNLWH DNXPXOLDWRULĵ
$WLGDU\NLWH JUHLWR ILNVDYLPR JUÇŀWR JULHE
WXYÇ
$QWJDOLĵ ODLNLNOñ ñVWDW\NLWH ñ JUHLWR ILNVDYLPR
JUÇŀWR JULHEWXYÇ LU JHUDL SULYHUŀNLWH
3DWUDXNGDPL Xŀ DQWJDOLĵ ODLNLNOLR SDWLNULQ
NLWH DU MLV JHUDL XŀYHUŀWDV
ðUDQNñDQWJDOñ ñVWDW\NLWH ñ DQWJDOLĵ ODLNLNOñ
9DUŀWĵ VXNLPDV
6XNLPR PRPHQWR LU JUÛŀLPR QXVWDW\PR
ŀLHGX
SDVLULQNLWH
IXQNFLMÇ
ಱ6XNLPR
PRPHQWDV LģMXQJWDVಯ
'HģLQLQÙVNDLULQÙV HLJRV SHUMXQJLNOLX SDVL
ULQNLWH SDJHLGDXMDPÇ VXNLPRVL NU\SWñ
ðUDQNLRDQWJDOLR DQWJDOLĵ ODLNLNOLR
LģÙPLPDV
'HģLQLQÙVNDLULQÙV HLJRV SHUMXQJLNOñ QXVWD
W\NLWH ñ YLGXULQÛ SDGÙWñ DUED QXR SULHWDLVR
DWMXQNLWH DNXPXOLDWRULĵ
ðUDQNñDQWJDOñ LģLPNLWH Lģ DQWJDOLĵ ODLNLNOLR
$WLGDU\NLWH JUHLWR ILNVDYLPR JUÇŀWR JULHE
WXYÇ
,ģLPNLWH DQWJDOLĵ ODLNLNOñ
/LÏLR MRQĵ DNXPXOLDWRULDXV ñNURYRV O\JLR
WLNULQLPDV
6
1852'<0$6
'DUER PHWX ñNURYRV O\JLR VXŀLQRWL QHJDOLPD
ģYLHVRV GLRGR PLUNVÙMLPX LQGLNXRMDPDV YLVLģNDV
DNXPXOLDWRULDXV LģVLNURYLPDV DUED SHU DXNģWD
DNXPXOLDWRULDXV WHPSHUDWĭUD ! r& ĢLXR
DWYHMX DNXPXOLDWRULĵ UHLNLD ñVWDW\WL ñ NURYLNOñ
/LÏLR MRQĵ DNXPXOLDWRULXV WXUL ñNURYRV O\JLR LQGL
NDWRULĵ .URYLPR PHWX ñNURYRV O\Jñ URGR DNXPX
OLDWRULDXV LQGLNDWRULXV ŀU .URYLNOLR QDXGRMLPR
LQVWUXNFLMÇ .DL SULHWDLVDV QHYHLNLD SDVSDX
GXV YLHQÇ Lģ DNXPXOLDWRULDXV ILNVDYLPR P\JWXNĵ
DUED ñGHGDQW DNXPXOLDWRULĵ ñ SULHWDLVÇ DNXPX
OLDWRULDXV ñNURYRV O\Jñ WULV VHNXQGHV URGR NHWXUL
ģYLHVRV GLRGDL
7HFKQLQÙ SULHŀLĭUD LU UHPRQWDV
$76$5*,$,
3ULHģ YDO\GDPL LģWUDXNLWH DNXPXOLDWRULĵ WDP
NDG LģYHQJWXPÙWH QHW\ÏLQLR SULHWDLVR ñVLMXQ
JLPR
ðUDQNLĵ SULHŀLĭUD
1XYDO\NLWH EHW NRNLXV QHģYDUXPXV SULOLSXVLXV
SULH ñVWDWRPĵ ñUDQNLĵ SDYLUģLDXV 1RUÙGDPL DS
VDXJRWL MXRV QXR NRUR]LMRV NDUWDLV SDWULQNLWH
MXRV DO\YRMH VXYLOJ\WD PHGŀLDJRV VNLDXWH
3ULHWDLVR SULHŀLĭUD
$76$5*,$,
3ULHWDLVDV \SDÏ MR UDQNHQĵ SDYLUģLDL YLVDGD
WXUL EĭWL VDXVL ģYDUĭV QHVXWHSWL DO\YD DU WLUģWX
WHSDOX 1HQDXGRNLWH SULHŀLĭURV SULHPRQLĵ NX
ULĵ VXGÙW\MH \UD VLOLNRQR
,ģRULQLV NRUSXVDV SDJDPLQWDV Lģ VPĭJLDPV DW
VSDUDXV SODVWLNR 5DQNHQRV SDJDPLQWRV Lģ HODV
WRPHUR
1HQDXGRNLWH SULHWDLVR MHL MR YÙGLQLPR DQJRV
\UD XŀVLNLPģXVLRV 9ÙGLQLPR DQJDV DWVDUJLDL
LģYDO\NLWH VDXVX ģHSHÏLX 6DXJRNLWH SULHWDLVÇ
NDG ñ Mñ QHSDWHNWĵ VYHWLPNĭQLĵ 3ULHWDLVR LģRUÛ
UHJXOLDULDL YDO\NLWH VXGUÙNLQWD ģOXRVWH 9DO\PXL
QHQDXGRNLWH SXUNģWXYR DXNģWR VOÙJLR JDUĵ ñUDQ
JRV DUED WHNDQÏLR YDQGHQV 3ULHģLQJX DWYHMX
SULHWDLVDV JDOL WDSWL QHVDXJXV QDXGRWL HOHNWUR
VDXJRV SRŀLĭULX
/LÏLR MRQĵ DNXPXOLDWRULĵ SULHŀLĭUD
6DXJRNLWH NDG ñ DNXPXOLDWRULĵ QHSDWHNWĵ GUÙJ
PÙV
3ULHģ SLUPÇ SULHWDLVR QDXGRMLPÇ DNXPXOLDWRULĵ
ñNUDXNLWH YLVLģNDL
6LHNGDPL SDLOJLQWL DNXPXOLDWRULDXV QDXGRMLPR
ODLNÇ ñNUDXNLWH Mñ Lģ NDUWR SDVWHEÙMÛ NDG SULHWDLVR
JDOLD ŀ\PLDL VXPDŀÙMR
1852'<0$6
-HLJX SULHWDLVDV EXV HNVSORDWXRMDPDV WROLDX
DNXPXOLDWRULDXV LģNURYLPDV DXWRPDWLģNDL EDLJ
VLV PLUNVLQW DNXPXOLDWRULDXV ģYLHVRV GLRGXL
WDÏLDX WDLS UL]LNXRMDPD VXJDGLQWL DNXPXOLDWR
ULDXV VHNFLMDV
$NXPXOLDWRULXV ñNUDXNLWH ಱ+LOWLಯ NURYLNOLDLV VNLU
WDLV OLÏLR MRQĵ DNXPXOLDWRULDPV
1852'<0$6
ĢLHPV DNXPXOLDWRULDPV QHUHLNLD DWOLNWL DWQDXML
QDPRMR ñNURYLPR NDLS 1L&G DUED 1L0+ DNXPX
OLDWRULDPV
ðNURYLPR SURFHVR SHUWUDXNLPDV QHWXUL ñWDNRV
DNXPXOLDWRULDXV LOJDDPŀLģNXPXL
ðNURYLPÇ JDOLPD EHW NDGD QXWUDXNWL LU WDL QHWXUL
ñWDNRV DNXPXOLDWRULDXV LOJDDPŀLģNXPXL ĢLXRVH
DNXPXOLDWRULXRVH QÙUD ñVLPLQLPR HIHNWR NDLS
1L&G DUED 1L0+ DNXPXOLDWRULXRVH
$NXPXOLDWRULXV JHULDXVLD ODLN\WL YLVLģNDL ñNUDX
WXV YÙVLRMH LU VDXVRMH YLHWRMH 1HODLN\NLWH DNX
PXOLDWRULĵ WHQ NXU WHPSHUDWĭUD \UD DXNģWD SY]
Xŀ ODQJR VWLNOR QHV WDL WXUL QHLJLDPRV ñWDNRV Mĵ
LOJDDPŀLģNXPXL LU VNDWLQD VDYDLPLQñ HOHPHQWĵ
LģVLNURYLPÇ
-HL DNXPXOLDWRULXV QHEHñVLNUDXQD YLVLģNDL MR
WDOSD GÙO VHQÙMLPR DUED SHU GLGHOÙV DSNURYRV
\UD VXPDŀÙMXVL 7RNñ DNXPXOLDWRULĵ GDU JDOLPD
QDXGRWL WDÏLDX SDVLWDLNLXV SURJDL Mñ UHLNLD SD
NHLVWL QDXMX
3ULHŀLĭUD
ð63Ø-,0$6
(OHNWULQHV SULHWDLVR GDOLV OHLGŀLDPD UHPRQWXRWL
WLN NYDOLILNXRWLHPV HOHNWULNDPV
5HJXOLDULDL WLNULQNLWH DU YLVRV LģRULQÙV SULHWDLVR
GDO\V QHSDŀHLVWRV LU DU YLVL YDOG\PR HOHPHQWDL
YHLNLD WLQNDPDL 1HQDXGRNLWH SULHWDLVR MHL MR GD
O\V SDŀHLVWRV DUED YDOG\PR HOHPHQWDL IXQNFLR
QXRMD QHWLQNDPDL $WLGXRNLWH SULHWDLVÇ UHPRQ
WXRWL ñ ಱ+LOWLಯ WHFKQLQñ FHQWUÇ
3DWLNUD DWOLNXV SULHŀLĭURV LU UHPRQWR
GDUEXV
$WOLNXV SULHŀLĭURV LU UHPRQWR GDUEXV EĭWLQD SD
WLNULQWL DU VXPRQWXRWL LU DU YHLNLD YLVL DSVDXJLQLDL
ñWDLVDL
363
364
SFC22_A_SFC14_A_P1A_01_12_2010.qxd 2.12.2010 16:20 Uhr Se