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Tu`w`o}d dn}daogo} d ]`gd}ah Jfh}ow& Deqhe`h Coa`ed& Cd}qe Ed}deih& Idz`o} Rhnn` p Whjd Zdfoeg`drh} wuw zdf`hwhw ghcoeqd}`hw p }oghcoeadg`heow d fh fd}nh aof aowd}}hffh ao owqo ahgucoeqh& dwghch d qhadw fdw ro}whedw tuo co oez`d}he wuw ghcoeqd}`hw& fhw tuo juo}he ao n}de uq`f`ada d fd
lh}d ao wu ofdmh}dg`e% Rh} wuruowqh& gudftu`o} o}}h} h `eo|dgq`qua tuo wo oeguoeq}o de r}owoeqooe of qo|qh ow ao c` oeqo}d }owrhewdm`f`ada%
WMW Ahgucoeqh ao Q}dmdih
WMW =22=Wuro}`eqoeaoeg`d ao Mdegd p Wonu}hw
W_RO]@EQOEAOEG@D AO MDEGD P WON_]HW
MDEGD OFOGQ]E@GD9 RHW@M@F@ADAOW& ]@OWNHW P F@EODC@OEQHW]ON_FDQH]@HW _ED R]@CO]D DR]H\@CDG@E
Fu`w Ade`of Dffde GdhqoNo}oeg`d ao Owqua`hw Oghec`ghw
A`g`ocm}o =22=
]owucoe
Of w`nu`oeqo ahgucoeqh ao q}dmdih q`oeo rh} hmioqh ldgo} ued `eq}haugg`e dfdw hro}dg`heow ao Mdegd Ofogq}e`gd& r}owoeqd} fhw dgqudfow dzdegow phro}dg`heow tuo wo ade oe euowq}h coa`h oe owqd cdqo}`d& dw ghch fdw
rhw`m`f`adaow ao o|rdew`e p aowd}}hffh oe of Ro}& qhcdeah ghch }ojo}oeg`dfd o|ro}`oeg`d p aowd}}hffhw hmwo}zdahw oe hq}hw rdwow% Dw c`wch& wooejhgd}e fhw }`ownhw tuo dwucoe fhw dnoeqow ,qdeqh fhw mdeghw ghch wuwgf`oeqow) df }odf`yd} hro}dg`heow ao mdegd ofogq}e`gd& p wo ad}e dfnuehwdrueqow oe qocdw ao no}oeg`d ao }`ownhw tuo wo aomoe aowd}}hffd} d j`e aoq}dqd} daogudadcoeqo owqo qocd% J`edfcoeqo& wo o|dc`ed} fd fon`wfdg`eo|`wqoeqo oe of Ro} p oe of cueah oe cdqo}`d ao q}dewdgg`heow p mdegdofogq}e`gd& ghe of j`e ao a`wguq`} fhw f`eodc`oeqhw mw`ghw tuo aomo oejhgd}ued r}hruowqd }onufdqh}`d daogudad df qocd oe guowq`e%
O#cd`f aof duqh}9 fdffd`eBwmw%nhm%ro
Gfdw`j`gdg`e IOF9 G
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MDEGD OFOGQ]E@GD9 RHW@M@F@ADAOW& ]@OWNHW P W_NO]OEG@DW]ON_FDQH]@DW _ED R]@CO]D DR]H\@CDG@E
@% @EQ]HA_GG@E
Au}deqo fhw fq`chw dhw wo ld hmwo}zdah ue }r`ah aowd}}hffh ao fdw hro}dg`heow tuo wo
ruoaoe ffozd} d gdmh oeq}o fhw mdeghw p wuw gf`oeqow& aowqdgeahwo dtuoffdw hro}dg`heow tuo
wo }odf`yde d q}dzw ao qo}c`edfow }ochqdw qdfow ghch ue gdio}h duqhcq`gh& feodw
qofoje`gdw p& cw }og`oeqocoeqo& d q}dzw ao @eqo}eoq% Fhw }og`oeqow aowd}}hffhw oe
qogehfhnd ao fd `ejh}cdg`e p qofoghcue`gdg`heow& iueqh ghe of `eg}ocoeqh aof zhfucoe ao
fdw q}dewdgg`heow mdegd}`dw ffozdadw d gdmh ofogq}e`gdcoeqo owqe gduwdeah fh tuo wo} ue
`crdgqh ro}cdeoeqo oe fdw rhfq`gdw ao eonhg`hw ao fdw `ewq`qug`heow j`edeg`o}dw p oe wu
ro}j`f ao }`ownh4% W`e ocmd}nh& eh ld ldm`ah ue owqua`h rd}dfofh ao fdw rhw`m`f`adaow p
}`ownhw tuo rfdeqod owqo euozh q`rh ao }ofdg`e oeq}o of mdegh p wuw gf`oeqow& qdeqh rh} fd de
mdid a`juw`e tuo qdfow wo}z`g`hw q`oeoe oe fd cdph}d ao fhw gf`oeqow ao fhw mdeghw& ghch
rh} fd ghejuw`e ao dfnuehw q}c`ehw p gfdw`j`gdg`heow oeq}o a`glhw gf`oeqow%Of r}owoeqo ahgucoeqh eh wfh r}owoeqd fhw dzdegow oe of wogqh}& w`eh tuo muwgd a`wguq`} fd
jh}cd oe fd tuo fd mdegd ofogq}e`gd djogqd of ro}j`f ao }`ownh dwuc`ah rh} fdw `ewq`qug`heow
j`edeg`o}dw& dw ghch fd `crh}qdeg`d tuo q`oeo a`glh gdcm`h aowao ue rueqh ao z`wqd ao ued
wuro}z`w`e r}uaoeg`df ao fdw ocr}owdw }onufdadw% Rh} owqh& deqow ao ocroyd} ued a`wguw`e
whm}o Mdegd Ofogq}e`gd& ow ghezoe`oeqo dgfd}d} r}oz`dcoeqo dfnuehw ghegorqhw gfdzow%
T_ OW MDEGD OFOGQ]E@GD8
Mdegd Ofogq}e`gd ow ue q}c`eh tuo ldgo }ojo}oeg`d d fhw wo}z`g`hw tuo hj}ogo ue mdegh&
rh} fhw gudfow wo ruoao }odf`yd} gudftu`o} q`rh ao q}dewdgg`e oeq}o ue gf`oeqo p a`glh mdegh&
`e`g`dad coa`deqo coa`hw ofogq}e`ghw& qdfow ghch ued qd}ioqd ao g}a`qh& qd}ioqd ao am`qh h
dfne a`wrhw`q`zh ao dfcdgoedc`oeqh ao zdfh}& ghe duqh}`ydg`e o|r}owd aof gf`oeqo& ghe fd
4 AO_QWGLO M_EAOWMDEK% Ofogq}he`g mdek`en j}hc d r}uaoeq`df wuro}z`wh}p ro}wrogq`zo%J}dekju}q% Cheqlfp ]orh}q A`g`ocm}o =222& rn% 4%
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% 7
gudf wo `ewq}upo df mdegh ao gd}nd}& aom`qd} h q}dewjo}`} zdfh} aowao fd guoeqd `ea`gdad rh}
a`glh gf`oeqo% Rh} fh qdeqh& ued q}dewjo}oeg`d ofogq}e`gd& wo} qhad dtuoffd q}dewdgg`e tuo
qoend fdw gd}dgqo}wq`gdw coeg`hedadw r}oz`dcoeqo=
Dw ruow& aoeq}h ao owqd aoj`e`g`e gdoe fdw ghcr}dw logldw ghe qd}ioqdw ao g}a`qh h am`qh
aowao ue qo}c`edf tuo dgorqo rdnh ghe owqo q`rh ao qd}ioqdw ,Qo}c`edfow ao Rueqhw ao Zoeqd
RAZ& h RHW& rh} wuw w`nfdw oe `enfw)& q}dewjo}oeg`dw logldw d q}dzw ao ued goeq}df
qofoje`gd `eqof`noeqo& hro}dg`heow aowao ue gdio}h duqhcq`gh p& rh} wuruowqh& gudftu`o}
q`rh ao hro}dg`heow }odf`ydah aowao gudftu`o} gfdwo ao r}hn}dcd h `eqo}jdwo gf`oeqo tuo
q}dewc`qd a`gld `ejh}cdg`e zd @eqo}eoq%
Rh} fh qdeqh& fd Mdegd Ofogq}e`gd eh ow cw tuo ued euozd jh}cd ao }odf`yd} a`zo}wdwhro}dg`heow h }og`m`} wo}z`g`hw zd}`hw d q}dzw ao euowq}h mdegh r}ojo}`ah p& d rowd} ao fd
ehzoada aof q}c`eh& ow dfnh tuo lochw zoe`ah }odf`ydeah aowao ldgo pd mdwqdeqo q`ocrh%
W`e ocmd}nh& fd o|rdew`e ao fhw wo}z`g`hw hj}og`ahw rh} fhw mdeghw d q}dzw ao @eqo}eoq
ldgo tuo of qocd ghm}o owrog`df }ofozdeg`d%
D fh fd}nh ao owqo ahgucoeqh& of oejhtuo wo cdeqoea}& r}`eg`rdfcoeqo& oe fdw
q}dewdgg`heow tuo wo ffozde h ruoaoe ffozd} d gdmh d q}dzw ao @eqo}eoq& ruowqh tuo ow of
gdedf cw ehzoahwh oe euowq}h oeqh}eh; eh hmwqdeqo; fhw ghcoeqd}`hw coeg`hedahw dtu eh
o|gfupoe fhw hq}hw gdedfow coeg`hedahw r}oz`dcoeqo ghch rhw`mfow rd}d }odf`yd}
q}dewdgg`heow ofogq}e`gdw%
DEQOGOAOEQOW AO FHW AOWD]]HFFHW OE MDEGD OFOGQ]E@GD
Ghch rha}ochw zo} oe fd w`nu`oeqo f`wqd& rhgh d rhgh fhw mdeghw lde zoe`ah hj}og`oeah
wo}z`g`hw ao mdegd ofogq}e`gd d wuw gf`oeqow& fhw gudfow lde qoe`ah dgorqdg`e gdad zoy
cdph} p lde ro}c`q`ah fhw aowd}}hffhw dgqudfow oe owqd cdqo}`d%
# Glotuow9 Fd `eq}haugg`e ao fd gheg`f`dg`e ofogq}e`gd oeq}o mdeghw& rd}d dn`f`yd}
fhw r}hgowhw ao owqdmfog`c`oeqh ao wdfahw oe fdw gcd}dw ao ghcroewdg`e%
= Owqd aoj`e`g`e ow w`c`fd} d fd tuo wo oeguoeq}d oe fd Ofogq}he`g Jueaw Q}dewjo} Dgq ,4? _%W%G Wog% 4:07)&fop tuo ad of cd}gh fondf ao fdw q}dewjo}oeg`dw ofogq}e`gdw oe Owqdahw _e`ahw%
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% 1
# Fdw qd}ioqdw ao g}a`qh p ao am`qh% Fd r}hf`jo}dg`e ao w`wqocdw RAZ% A`glhw
w`wqocdw lde ro}c`q`ah of dggowh o `e`g`h ao q}dewdgg`heow ofogq}e`gdw d q}dzw ao
gheo|`heow a`}ogqdw oeq}o of mdegh& of zoeaoah} p of gf`oeqo& rd}d }odf`yd}
hro}dg`heow ao ghcr}dzoeqd ao m`oeow p wo}z`g`hw d q}dzw ao ued }oa go}}dad& ghe
gd}nh d fdw guoeqdw aof gf`oeqo oe of mdegh oc`wh} ao a`gldw qd}ioqdw%
# Fhw Gdio}hw Duqhcq`ghw ,h W`wqocdw ao Q}dwjo}oeg`d Ofogq}e`gd ao Jheahw)% Oe
ue r}`eg`r`h& owqhw w`wqocdw ro}c`qde of dggowh d fdw guoeqdw aof gf`oeqo oe wu
mdegh& ghe of j`e ao hmqoeo} ojogq`zh% Rhgh d rhgh& wo fo ddaoe jdg`f`adaow qdfow
ghch9 ghewufqd ao wdfahw p chz`c`oeqhw& }odf`ydg`e ao q}dewjo}oeg`dw d guoeqdw
r}hr`dw& rdnhw d qo}go}hw& ghezo}w`e ao cheoad ,hmqoeo} cheoad o|q}deio}d df q`rhao gdcm`h aof mdegh& aowao ued guoeqd oe cheoad fhgdf& h z`gozo}wd)& oqg%
# Fd Mdegd Qofoje`gd h Goeq}dfow @eqof`noeqow& d q}dzw ao fdw gudfow fhw gf`oeqow
ruoaoe }odf`yd} ghewufqdw& rdnhw p q}dewjo}oeg`dw rh} coa`h ao fd feod qofoje`gd%
# Fd Mdegd rh} Gdmfo9 Dr}hzogleahwo ao fhw w`wqocd ao gdmfo go}}dah ,wodf
go}}dad) dfnuehw mdeghw a`wod}he `eqo}jdgow ao dggowh d q}dzw ao fd wodf ao gdmfo
,q`rh ^omQZ h} QZEoq)& fh tuo z`oeo d wo} r}oaogowh} a`}ogqh ao fdw rn`edw ~om
ao fhw mdeghw oe fd dgqudf`ada%
T_@EOW RD]Q@G@RDE OE _ED Q]DEWDGG@E OFOGQ]E@GD8
D a`jo}oeg`d ao ued hro}dg`e a`}ogqd oe fdw hj`g`edw aof mdegh& oe aheao fd }ofdg`e ao wqo
ghe of gf`oeqo ow a`}ogqd p j}oeqo d j}oeqo& oe ued hro}dg`e ofogq}e`gd ruoaoe ldmo} hq}hw
rd}q`g`rdeqow eh a`}ogqdcoeqo `aoeq`j`gdahw% Owqhw euozhw rd}q`g`rdeqow fo ade euozdw
gd}dgqo}wq`gdw d fdw hro}dg`heow ofogq}e`gdw& dw ghch fdw o|rheoe d hq}hw }`ownhw% Rh}
owqh& ow `crh}qdeqo `aoeq`j`gd} d owqhw rd}q`g`rdeqow& dw ghch d fhw ao}oglhw& aomo}ow p}owrhewdm`f`adaow tuo fow gh}}owrheaoe%
Oe ued q}dewdgg`e ofogq}e`gd ghezoeg`hedf ao mdegd ofogq}e`gd wo ruoao `aoeq`j`gd} d
owqhw rd}q`g`rdeqow9
# Of Mdegh aof gf`oeqo tuo `e`g`d fd q}dewdgg`e%
# Of gf`oeqo tuo `e`g`d fd q}dewdgg`e
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% ?
# Of r}hzooah} ao wo}z`g`hw ao }oa ,pd wod ao fd }oa ao gdio}hw& aof wo}z`g`h tuo
gheogqd fd }oa ao RAZ& of h fhw r}hzooah}ow ao wo}z`g`hw ao @eqo}eoq& oqg%)
# W` fd q}dewdgg`e ow ued ghcr}dzoeqd ao m`oeow h wo}z`g`hw& qdcm`e `eqo}z`oeo of
zoeaoah} aof r}haugqh ,dwuc`oeah tuo ow of ghcr}dah} of tuo `e`g`d of r}hgowh ao
ghcr}d) p of mdegh ghe of tuo wqo q}dmdid%
# Fdw Duqh}`adaow ao Go}q`j`gdg`e& tu`oeow whe ,ghch wo q}dqd} rhwqo}`h}coeqo) fhw
tuo wo oegd}nde ao `aoeq`j`gd} d fhw rd}q`g`rdeqow aoeq}h ao ued }oa ,pd wod ued }oa
`eqo}ed h @eqo}eoq)7%
Gdad ueh ao owqhw rd}q`g`rdeqow rhwoo g`o}qhw ao}oglhw& owq whcoq`ah d a`zo}whw }`ownhw pq`oeo aoqo}c`edadw }owrhewdm`f`adaow& wone fh dgh}adah oe fd fop z`noeqo p fhw gheq}dqhw
}odf`ydahw oeq}o fdw rd}qow% Oe of r}owoeqo ahgucoeqh ehw oejhgd}ochw oe dtuoffhw qocdw
tuo gheg`o}eoe df mdegh& d wuw gf`oeqow p rh} wuruowqh d fd duqh}`ada }onufdqh}`d%
7 Rd}d ued a`wguw`e dgo}gd ao gch ow tuo hro}d ued Duqh}`ada Go}q`j`gdah}d& zdwo of Deo|h 4%
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% :
@@% MDEGD OFOGQ]E@GD OE OF RO]
Of dzdego ao fd mdegd ofogq}e`gd oe of rdw eh owq qde r}hjueadcoeqo aowd}}hffdah ghch
wo rua`o}d& r}`eg`rdfcoeqo aom`ah d fd owgdwd roeoq}dg`e ao @eqo}eoq oe of lhnd} p fd
ocr}owd& p df aowghehg`c`oeqh h qoch} ao fhw rhw`mfow gf`oeqow dgo}gd ao wuw ao}oglhw p
}owrhewdm`f`adaow oe ued q}dewdgg`e ao owqo q`rh% Eh hmwqdeqo& of eco}h ao hro}dg`heow
tuo wo }odf`yde d q}dzw ao @eqo}eoq ld zoe`ah oe ducoeqh oe fhw fq`chw cowow% Oe muoed
rd}qo& owqh wo aomo d fhw coeh}ow ghwqhw ao q}dewdgg`e ao a`gldw hro}dg`heow& qdeqh oe
q}c`ehw ao q`ocrh `ezo}q`ah ghch rh} of coeh} ghwqh cheoqd}`h ao ued q}dewdgg`e oe
feod; p df g}og`oeqo coe ao hrg`heow dggow`mfow aowao fdw rn`edw ~om ao fhw mdeghw%Rd}d }owdfqd} of r}`co} rueqh& gdmo coeg`hed} tuo& wone ue `ejh}co ao fd Dco}`gde
Mdek`en Dwwhg`dq`he& of ghwqh ao ued q}dewdgg`e mdegd}`d ow ao !4%2> w` wo }odf`yd
a`}ogqdcoeqo oe fd zoeqde`ffd ao ued wugu}wdf& ao !2%?1 gudeah wo }odf`yd ued ffdcdad df
wo}z`g`h ao mdegd qofoje`gd& ao !2%=> gudeah wo ocrfod ue gdio}h duqhcq`gh& ro}h qde wfh
ao !2%24 w` wo }odf`yd rh} coa`h ao @eqo}eoq1%
Daocw ao fdw zoeqdidw rh} }oaugg`e ao ghwqhw& wo ruoao oegheq}d} hq}dw zoeqdidw ao fhw
wo}z`g`hw }odf`ydahw d q}dzw ao fd mdegd ofogq}e`gd& rd}d fhw gf`oeqow& }owrogqh ao fhw
gdedfow q}da`g`hedfow ao hro}dg`heow ghe of mdegh9
# Dggowh fdw =1 lh}dw aof ad& aowao gudftu`o} RG h a`wrhw`q`zh gheogqdah d @eqo}eoq
# ]oaugg`e ao fdw ghfdw oe fdw zoeqde`ffdw p gdio}hw duqhcq`ghw& dw ghch }oaugg`e
aof ghwqh ao wuofd ao ydrdqh? rd}d of gf`oeqo tuo }odf`yd wuw q}dewdgg`heow oe feod
,ow aog`}& d q}dzw ao @eqo}eoq)%
# A`wrhe`m`f`ada oe q`ocrh }odf ao fd `ejh}cdg`e cw }ofozdeqo& ghch ghewufqd ao
wdfahw& }oz`w`e ao }otu`w`qhw& oqg%
# A`wc`eug`e oe of q`ocrh ao r}hgowdc`oeqh ao fd `ejh}cdg`e& ruowqh tuo of mdeghfd hmq`oeo a`}ogqdcoeqo d ued mdwo ao adqhw& d q}dzw ao ue jh}cdqh r}oaoj`e`ah%
1 G`qdah oe9 O#Mdegd% rn 4: 4>% Oe9 M_W@EOWW% Eonhg`hw oe of Ro}% F`cd& Co}gdahw Ghewufqh}d pRumf`gdg`heow% Dh Z@@& E :> ,Dm}`f ao =222)%? Wo }oj`o}o df mdih ghwqh oe tuo `egu}}o ue dnoeqo rh} }odf`yd} ued hro}dg`e fozocoeqo chfowqd& ro}h tuoaomo wo} }odf`ydad zd}`dw zogow ,ghch `} d }oq`}d} rotuodw gdeq`adaow ao a`eo}h aof mdegh& ndwqdeah wuofd aoydrdqh ghejh}co wo zd df mdegh p wo }on}owd ao wqo)% Ow ue ghwqh }ofozdeqo gudeah wo qhcd oe guoeqd wuwojogqhw dn}ondahw d fh fd}nh ao ue ro}hah ao q`ocrh }ofdq`zdcoeqo fd}nh%
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% >
# Q}dewrd}oeg`d ao fd `ejh}cdg`e oeq}o ghcroq`ah}ow& ruowqh tuo of gf`oeqo ruoao
ghcrd}d} fhw wo}z`g`hw& ghea`g`heow p qd}`jdw tuo hj}ogoe a`wq`eqhw mdeghw rh}
r}haugqhw w`c`fd}ow%
Rh} hq}d rd}qo& fd dgorqdg`e ao fhw r}haugqhw p wo}z`g`hw tuo hj}ogo fd mdegd ofogq}e`gd ow&
ghch wo coeg`he r}oz`dcoeqo& de f`c`qdah& aom`ah d fd jdfqd ao ghehg`c`oeqh& dggowh h
ghej`deyd ao rhqoeg`dfow gf`oeqow% Oe ued o|rhw`g`e }odf`ydad rh} Z`wdeoq oe dnhwqh ao
=222: wo r}owoeqd}he fhw }owufqdahw ao ued oeguowqd }odf`ydad rh} offhw d ue n}urh ao
l`wrdehw oe Owqdahw _e`ahw% Mdih fd r}onueqd9 ]dyheow rd}d eh ghcr}d} oe @eqo}eoq& of
?=%:/ ao fdw }owruowqdw owquz`o}he }ofdg`hedadw d qocdw ao wonu}`ada& w`oeah fd r}`eg`rdf}owruowqd9 Eh qoenh ghej`deyd oe of r}hgowh ,=0%0/)& c`oeq}dw tuo ue ?/ ao fhw
oeguowqdahw wodf qoeo} dfne r}hmfocd ao dggowh d @eqo}eoq%
Oe fd c`wcd o|rhw`g`e& wo wodf ghch r}`eg`rdfow md}}o}dw rd}d fd a`juw`e ao fdw
q}dewdgg`heow zd @eqo}eoq fdw w`nu`oeqow9
# Jdfqd ao ued cdwd g}q`gd ao uwud}`hw ao @eqo}eoq tuo r}hcuozd of aowd}}hffh
dgofo}dah aof ghco}g`h ofogq}e`gh%
# Aowghej`deyd aof gf`oeqo deqo fd r}a`ad ao fd q}dewdgg`e gd}d d gd}d& ow aog`}& df
eh rhao} `eqo}dgqud} ghe dfnu`oe tuo& ao g`o}qd jh}cd& zdf`ao fd q}dewdgg`e ,whm}o
qhah oe gdwh ao ghcr}dw h q}dewjo}oeg`dw ao a`eo}h)%
# Mdih e`zof ao a`juw`e ao fhw w`wqocdw ao wonu}`ada oe fdw q}dewdgg`heow
ofogq}e`gdw& aom`ah df ghwqh ao `crfocoeqdg`e ao fhw r}hqhghfhw ao wonu}`ada WWF
p WOQ> tuo wo uwde rd}d r}hqono} a`gldw q}dewdgg`heow%
# Owgdwh aowd}}hffh oe fhw wo}z`g`hw ao oezh ao r}haugqhw ,oe of cm`qh fhgdf o
`eqo}edg`hedf)%
# Jdfqd ao ued gufqu}d ao ghcr}d d a`wqdeg`d& h ao }odf`ydg`e ao q}dewdgg`heow da`wqdeg`d% Jdfqd ao ghej`deyd oe owqhw w`wqocdw%
: Z@WDEOQ% Ghco}g`h Ofogq}e`gh Wonu}h% O|rhw`g`e }odf`ydad oe of cd}gh aof Woc`ed}`h9 Ghco}g`hOfogq}e`gh Jueadcoeqhw p O|ro}`oeg`dw% R_GR& 41 4: ao dnhwqh ao =222% Fdw o|rhw`g`heow}odf`ydadw wo ruoaoe oegheq}d} oe lqqr9((~~~%rugr%oau%ro(ozoeqhw(ghcofog>R}hqhghfh WWF ,Wogu}o Whgkoqw Fdpo}& h E`zof ao Gheo|`heow Wonu}dw)& ow ue w`wqocd ao wonu}`ada tuo wouwd rd}d r}hqono} fdw ghcue`gdg`heow oeq}o ahw ghcruqdah}dw h wo}z`ah}ow% R}hqhghfh WOQ ,Wogu}o Ofogq}he`gQ}dewdgq`he& h Q}dewdgg`heow Ofogq}e`gdw Wonu}dw)& ow ue w`wqocd ao wonu}`ada tuo q}dwc`qo p zdf`ad fdwq}dewdgg`heow ofogq}e`gdw gudeah wo ldgo ued ghcr}d rh} @eqo}eoq& uwdeah ued qd}ioqd ao g}a`qh h w`c`fd}%Rd}d ued o|rf`gdg`e ao gch ow tuo jueg`hede owqhw r}hqhghfhw& zdwo of deo|h e =%
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% %= lh}dw(wocded%
# Wone Qofoje`gd Wo}z`g`hw @eqo}eoq& gdad cow of eco}h ao uwud}`hw ao @eqo}eoq oe
of Ro} ducoeqd oe :/; p of q`ocrh r}hcoa`h ao edzondg`e& oe 4?/
# Of Mdegh ao G}a`qh }on`wq} cw ao 2 c`ffheow ao afd}ow%
# Of :2/ ao fhw gf`oeqow aof Mdegh ^`owo Wuadco}`w uwde }onufd}coeqo wuw wo}z`g`hw
rh} @eqo}eoq%
Dw`c`wch& ued r}owoeqdg`e ao fd Wuro}`eqoeaoeg`d ao Mdeghw ao Nudqocdfd whm}o of
qocd41& g`qd fhw w`nu`oeqow adqhw9
# Oe of =22? of 4?/ ao qhadw fdw q}dewdgg`heow j`edeg`o}dw wo ld}e rh} @eqo}eoq%
# Oe Owqdahw _e`ahw ldm} =< c`ffheow ao uwud}`hw%
# Ou}hrd qoea} =1 c`ffheow ao uwud}`hw%
# Fdq`ehdc}`gd qoea} uehw 42 c`ffheow ao uwud}`hw ao mdegd ofogq}e`gd d q}dzw ao
@eqo}eoq%
Owqhw adqhw& fhw gudfow cuowq}de fdw ro}wrogq`zdw ao g}og`c`oeqh aof wogqh}& rd}ogoe
rotuohw w` wo ghcrd}de ghe g`j}dw `eqo}edg`hedfow ao roeoq}dg`e ao fhw wo}z`g`hw
j`edeg`o}hw oe feod4?9
47 G`qdah oe9 _e euozh owqead}% rnw =< 74% Oe9 M_W@EOWW% Eonhg`hw oe of Ro}% F`cd& Co}gdahwGhewufqh}d p Rumf`gdg`heow% Dh Z@@& E :0 ,Iue`h ao =222)%41 W_RO]@EQOEAOEG@D AO MDEGHW AO N_DQOCDFD& Dac`e`wq}dg`e ao fhw }`ownhw `elo}oeqow dfd mdegd ofogq}e`gd% Nudqocdfd& Dm}`f ao =22=& j`fc`ed 71%
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% 41
# Wone IR Ch}nde& rh} fh coehw 42 c`ffheow ao ou}hrohw }odf`yde dfnued
q}dewdgg`e j`edeg`o}d oe feod%
# Of mdegh fao} oe Ou}hrd& of Mdegh Co}`qd& guoeqd ghe :42 222 uwud}`hw ldm`qudfow
ao wo}z`g`hw j`edeg`o}hw oe feod ,10/ aof qhqdf); fo w`nuoe of Aouqwglo Mdek& ghe
142 222 uwud}`hw ,:/); of WOMdekoe& ghe ==2 222 uwud}`hw ,74/)& p of Lprh
Zo}o`ewmdek& ghe 40? 222 uwud}`hw ,?/)%
# Oe Owqdahw _e`ahw& Wdfhche Wc`ql * Md}eop owq`c tuo of :/ ao fhw 0 c`ffheow
ao gf`oeqow aof Mdek Heo p of 0/ ao fhw 4? c`ffheow ao gf`oeqow aof ^offw Jd}nh
Mdek uq`f`yde fhw wo}z`g`hw zd @eqo}eoq%
Rh} hq}d rd}qo& wo owq`cd tuo94:
W` m`oe owqd owq`cdg`e owq logld rd}d of co}gdah eh}qodco}`gdeh& oe aheao fdw
ghea`g`heow ao dggowh d @eqo}eoq jdg`f`qde cuglh cw of aowd}}hffh ao wogqh}ow ghch of ao fd
mdegd ofogq}e`gd& rhaochw owq`cd} guf rha}d wo} qdcm`e of aowd}}hffh rd}d of gdwh
ro}udeh& adah of ro}j`f aof `eqo}eduqd ro}udeh tuo wo coeg`hed}d df `e`g`h ao owqo rueqh%
4? G`qdah oe9 O#Mdegd% rn 4: 4>% Oe9 M_W@EOWW% Eonhg`hw oe of Ro}% F`cd& Co}gdahw Ghewufqh}d pRumf`gdg`heow% Dh Z@@& E :> ,Dm}`f ao =222)%4: I_R@QO] GHCC_E@GDQ@HEW% J`edeg`df Wo}z`gow Hef`eo% Jh}ogdwqw dea Wq}dqon`ow jh} Dgtu`w`q`he&]oqoeq`he& dea ^dffoq Wld}o% Iur`qo} Ghccue`gdq`hew ]owod}gl Wqua`ow Wo}`ow% Worq`ocm}o 4000% G`qdahoe9 ]hhc qh n}h~& rn 47% Oe9 Qlo Mdeko} Wurrfocoeq% Fhea}ow% J`edeg`df Q`co Muw`eoww% ,Dm}`f =222)
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% 4?
AOWD]]HFFHW @EQO]EDG@HEDFOW OE MDEGD OFOGQ]E@GD
Aom`ah df }r`ah dzdego p a`juw`e ao fdw qogehfhndw& fd ghcroqoeg`d oe of co}gdah p d fd
}ofdg`e ao euowq}d mdegd ghe fd mdegd o|q}deio}d& ow dfqdcoeqo r}hmdmfo tuo fhw r}|`chw
dzdegow oe cdqo}`d ao r}haugqhw p wo}z`g`hw oe euowq}h co}gdah ruoade r}ozo}wo
hmwo}zdeah fhw aowd}}hffhw dgqudfow oe hq}hw rdwow%
Aoeq}h ao fhw aowd}}hffhw `eqo}edg`hedfow oe cdqo}`d ao mdegd ofogq}e`gd& wo ruoaoe
}owdfqd} fhw w`nu`oeqow9
# Dro}qu}d ao Guoeqdw9 Of gf`oeqo& ghe wfh g`o}qhw adqhw p ued guoeqd dgq`zd tuo
whrh}qo q}dewjo}oeg`dw ofogq}e`gdw df mdegh }ogorqh}& ruoao dm}`} ued guoeqd aodlh}}hw& d rfdyh& guoeqd gh}}`oeqo& ghcr}d} go}q`j`gdahw ao aorw`qhw& oqg% Fhw
jheahw eogowd}`hw rd}d fd dro}qu}d wo q}dewj`o}oe ao fd guoeqd h}`n`edf d fd euozd
guoeqd%
# Mhfoqdw Ofogq}e`gdw9 Owqdw mhfoqdw otu`zdfoe d ued mhfoqd ao zoeqd h jdgqu}d& rh}
fd ghcr}dzoeqd ao ue m`oe h of uwh ao ue wo}z`g`h& p ro}c`qo qdcm`e wu ghm}h oe
feod& r}owoeqdeah a`gld jdgqu}d df mdegh aof ghcr}dah}%
# Glotuow Ofogq}e`ghw9 Fhw glotuow ofogq}e`ghw whe gh}}ohw ofogq}e`ghw ghe ue
jh}cdqh owrog`df& of gudf gheq`oeo qhad fd `ejh}cdg`e eogowd}`d rd}d q}dewjo}`} zdfh}
ao fd guoeqd aof oc`wh} d fd guoeqd aof }ogorqh}% Owqhw glotuow owqe }owrdfadahw p
duqoeq`gdahw rh} of mdegh oc`wh} aof glotuo% Aom`ah d tuo }otu`o}oe ue dfqh e`zof
ao wonu}`ada& fh tuo `crf`gd of uwh ao j`}cdw p go}q`j`gdahw a`n`qdfow4> ,fhw gudfow
de eh q`oeoe cugld a`juw`e d e`zof aof uwud}`h r}hcoa`h ao @eqo}eoq)& wu dfgdego p
uwh ow de cup f`c`qdah%
# R}owoeqdg`e ao Jh}cufd}`hw Chaofh9 rd}d fd whf`g`qua ao a`zo}whw wo}z`g`hw p
r}haugqhw& ghe of j`e ao tuo of gf`oeqo word tu ow fh tuo q`oeo tuo qoeo} d fd cdeh hfhw adqhw tuo fo zde d roa`} gudeah whf`g`qo of wo}z`g`h%
4> _e go}q`j`gdah a`n`qdf ow ue coewdio gha`j`gdah tuo gheq`oeo fd `ejh}cdg`e eogowd}`d rd}d `aoeq`j`gd}rfoedcoeqo df oc`wh} ao ue coewdio ofogq}e`gh ,pd wod ue gh}}oh ofogq}e`gh& ue jh}cufd}`h ao whf`g`qua aowo}z`g`hw& oqg%) oe @eqo}eoq% _edj`}cd a`n`qdf ow ue qo|qh gha`j`gdah ghe fhw gheqoe`ahw aof go}q`j`gdah a`n`qdf&tuo wo daiueqd d fhw coewdiow oez`dahw rh} of oc`wh} ao wqhw& ghe fh gudf of coewdio tuoad j`}cdah& df`nudf tuo fd j`}cd cdeuwg}`qd `aoeq`j`gd df oc`wh} ao ue ahgucoeqh jw`gh% Rd}d cdph} a`wguw`e aof h}`noe&jueg`hedc`oeqh p wonu}`ada ao fhw go}q`j`gdahw p j`}cdw a`n`qdfow& zdwo of Deo|h 4%
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% 4:
# Noeo}dg`e ( Dr}hmdg`e ao G}a`qhw oe feodw9 Dfnuehw mdeghw pd lde
`egh}rh}dah r}hgowhw ao `crfocoeqdg`e ao g}a`qhw oe feod& ao qdf cdeo}d tuo of
r}hgowh wo `e`g`d aowao of ghcruqdah} aof gf`oeqo% Of rueqh ldwqd of gudf wo ruoao
dzdeyd} oe of r}hgowh ow zd}`dmfo oeq}o fhw mdeghw& gum}`oeah aowao wfh fd
`ewg}`rg`e `e`g`df& ldwqd fd }odf`ydg`e p dr}hmdg`e ghcrfoqd aof g}a`qh ,wuioqd
whfdcoeqo d fd r}owoeqdg`e ao ued gd}qd j`}cdad rh} of gf`oeqo)% W`e ocmd}nh& ghe
of aowd}}hffh ao fdw j`}cdw a`n`qdfow p qogehfhndw w`c`fd}ow& r}heqh wo zd d rhao}
wur}`c`} owqo rdwh p oioguqd} qhah of r}hgowdc`oeqh p dr}hmdg`e ,`egfupoeah of
aowocmhfwh) ao ue g}a`qh& zd @eqo}eoq%
# Oc`w`e ao Qd}ioqdw ao Zdfh} Dfcdgoedah ,QZD)9 Owqdw qd}ioqdw r}o#rdndadw ,pdwode aowogldmfow h }ogd}ndmfow) w`}zoe rd}d datu`}`} r}haugqhw p wo}z`g`hw aoeq}h ao
ued }oa ao owqdmfog`c`oeqhw tuo dgorqde owqo q`rh ao qd}ioqdw% Fd a`jo}oeg`d ghe ued
qd}ioqd ao g}a`qh h ao am`qh ow tuo owqd qd}ioqd q`oeo of zdfh} oe w9 eh aoroeao ao
ued guoeqd goeq}df h ao ued mdwo ao adqhw ao aheao o|q}do wu zdfh}% Ao owqd
cdeo}d& of gdcm`h oe fd rhwow`e jw`gd ao owqd qd}ioqd ao ue uwud}`h d hq}h ,wod rh}
gudftu`o} coa`h) q}dwrdwd of zdfh} ,ow aog`}& of rhao} ao ghcr}d) d owo hq}h
uwud}`h& w`e tuo of wonueah }otu`o}d of ghehg`c`oeqh ao ued gfdzo& gheq}dwod&
`aoeq`j`gdg`e h gudftu`o} hq}h coa`h ao zo}`j`gdg`e ao `aoeq`ada rd}d rhao} ldgo}
uwh aof zdfh} dfcdgoedah oe a`gld qd}ioqd% Owqdw qd}ioqdw whe ao uwh ghce oe
oeqh}ehw aor}hrw`qh w`crfo4
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% 4>
# Mdegd @eqo}dgq`zd9 owqo q`rh ao }ofdg`e ghe of mdegh uq`f`yd fhw cw chao}ehw
ghcrheoeqow cufq`coa`d rd}d ojogqud} qofoghejo}oeg`dw oe q`ocrh }odf=2 oeq}o of
gf`oeqo p of oioguq`zh ao eonhg`hw aof mdegh% Ao owd cdeo}d& dcmhw dnoeqow ruoaoe
cdeqoeo} ued ghezo}wdg`e j}oeqo d j}oeqo& qdf p ghch w` }odfcoeqo owquz`o}de oe
ue c`wch fund}& p ghe fd c`wcd e`q`aoy%
# Jueg`e ao Duqh}`ada Go}q`j`gdah}d9 Of mdegh& rd}d ad} cdph} wonu}`ada p
ghej`deyd d fdw hro}dg`heow ao wuw gf`oeqow& ruoao hrqd} rh} dgqud} ao Duqh}`ada
Go}q`j`gdah}d& }owrdfadeah fd `aoeq`ada ao wqhw deqo hq}hw gf`oeqow aof c`wch mdegh
h deqo fhw uwud}`hw ao @eqo}eoq ,`egfu`ahw fhw gf`oeqow ao hq}hw mdeghw) oe noeo}df% W`
m`oe oe of Ro} ldp r}`co}hw dzdegow oe owqo qocd& fd jueg`e tuo dtu wo g`qd fowro}c`qo d fdw oeq`adaow j`edeg`o}dw oc`q`} go}q`j`gdahw eh wfh d wu ro}whedf& w`eh df
rmf`gh oe noeo}df%
# R}hqhghfh M@RW ,Mdek @eqo}eoq Rdpcoeq Wpwqoc)=4% Of r}hqhghfh M@RW ow ue r}`co}
aowd}}hffh rd}d noeo}d} ued }oa mdegd}`d ao rdnhw d q}dzw ao @eqo}eoq& fd tuo
ro}c`qd ldgo} q}dewjo}oeg`dw oeq}o gf`oeqow& ocr}owdw o `ewq`qug`heow j`edeg`o}dw oe
noeo}df% Fd a`jo}oeg`d ghe fhw r}hqhghfhw dgqudfow ow tuo wqo wo}d ue r}hqhghfh eh#
r}hr`oqd}`h; ow aog`}& ao uwh ghce rh} qhadw fdw oeq`adaow p ocr}owdw& rh} fh tuo
eh }otuo}`}d ao }oaow go}}dadw p wuw }aoeow wo}de ghcr}oew`mfow rh} fhw w`wqocdw
ao gudftu`o} `ewq`qug`e h ocr}owd tuo qoend `ewqdfdah of c`wch r}hqhghfh% A`glh
owtuocd rhqoeg`d fd `eqo}ghcue`gdg`e oeq}o fhw a`wq`eqhw rd}q`g`rdeqow ao fdw
q}dewdgg`heow ofogq}e`gdw ao cdeo}d owrogqdgufd}& dw ghch jdg`f`qd gudftu`o}
r}hgowh ao juw`heow oeq}o `ewq`qug`heow j`edeg`o}dw ,pd tuo fhw foenudiow ao
ghcue`gdg`e ao q}dewdgg`heow ofogq}e`gdw whe fhw c`wchw)%
=2 Ow aog`}& oe aheao fd q}dwjo}oeg`d ao adqhw wo ad `ecoa`dqdcoeqo& ao qdf jh}cd tuo fhw adqhw ffonuoe df}ogorqh} `ecoa`dqdcoeqo aowruw ao tuo of oc`wh} fhw ld oez`dah% Drf`gdah d ued gcd}d ao zaoh gheogqdadd fd ghcruqdah}d& owh w`ne`j`gd tuo fdw ro}whedw ruoaoe zo}wo p ghezo}wd} qdf ghch w` fh owquz`o}de ldg`oeahj}oeqo d j}oeqo% Fd qogehfhnd }otuo}`ad rd}d hmqoeo} ued q}dewc`w`e ao adqhw ao fd cdne`qua p zofhg`ada}otuo}`ad& w`e ocmd}nh& de eh owq df dfgdego ao qhahw fhw uwud}`hw& aom`ah df r}og`h }ofdq`zdcoeqo ofozdahao fhw a`wrhw`q`zhw eogowd}`hw%=4 J@EDEG@DF WO]Z@GOW QOGLEHFHNP GHEWH]Q@_C% Mdek @eqo}eoq Rdpcoeq Wpwqoc%Wrog`j`gdq`he dea R}hqhghf% Zo}w`he 4%4% JWQG& Euozd Ph}k& Ehzocmo} =224& rn% 7%
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% 4%
Hq}hw q`rhw ao r}hmfocdw tuo rha}d wuj}`} ue mdegh }ofdg`hedahw ghe fd wonu}`ada
ruoaoe wo} gduwdahw rh} dqdtuow o|qo}ehw ao ldgko}w=@m`a& rn% ?=< _e ldgko}ow dtuof `ea`z`auh tuo `eqoeqd `en}owd} `eqoeg`hedfcoeqo d ue w`wqocd `ejh}cq`gh& d q}dzw ao@eqo}eoq h gudftu`o} hq}h coa`h ao dggowh }ochqh& dq}dzowdeah fdw md}}o}dw ao wonu}`ada ao wo} eogowd}`h& gheof j`e ao }oz`wd} p(h dfqo}d}& add}& aowq}u`} h gudftu`o} hq}d jh}cd ao djogqd} of gheqoe`ah ao a`glhw w`wqocdw& hnded} of gheq}hf whm}o fhw c`wchw%=0 Fd `ejh}cdg`e woew`mfo ao ue dnoeqo ow qhad dtuoffd `ejh}cdg`e ro}whedf tuo& ao }og`m`} cdf uwh& rha}dgduwd}fo ro}iu`g`h a`}ogqh d wqo% Oiocrfhw ao `ejh}cdg`e woew`mfo whe9 Adqhw ro}whedfow& adqhw ao qd}ioqdw ao
7/31/2019 BANCA ELECTRNICA: POSIBILIDADES, RIESGOS Y LINEAMIENTOS REGULATORIOS UNA PRIMERA APROXIMACIN (
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% =4
qoeo} oe guoeqd fhw rhw`mfow }`ownhw tuo gheffozd wu `crfocoeqdg`e; oe owrog`df& of
}`ownh ao dggowh d fhw w`wqocdw tuo dfcdgoede p(h q}dewj`o}oe of zdfh}%
]`ownhw ao cdf uwh ao fhw r}haugqhw rh} rd}qo ao fhw gf`oeqow
Hq}d juoeqo ao }`ownh ruoao wo} of cdf uwh& h dmuwh& gdwudf h `eqoeg`hedf& ao fhw
w`wqocdw p r}haugqhw rh} rd}qo ao fhw gf`oeqow% Oe duwoeg`d ao cqhahw ao gheq}hf
daogudahw& ue gf`oeqo rha}d eond} ued q}dewdgg`e r}oz`dcoeqo duqh}`ydad% W` ue
gf`oeqo uwd of r}haugqh oe ue oeqh}eh `ewonu}h72& rha}d ro}c`q`} tuo ue ldgko} dggoad d
`ejh}cdg`e woew`mfo p gduwd} r}a`adw df gf`oeqo p df mdegh% Rh} fq`ch& of }`ownh ao
uwd} fhw r}haugqhw p w`wqocdw aof mdegh rd}d ojogqud} fdzdah ao a`eo}h ruoao zo}wo
`eg}ocoeqdah oe duwoeg`d ao fhw gheq}hfow daogudahw%]`ownhw ao a`woh& `crfocoeqdg`e p cdeqoe`c`oeqh ao w`wqocdw
Fhw w`wqocdw ao ue mdegh ruoaoe wo} noeo}dah}ow ao }`ownh w` ow tuo eh wo `crfocoeqde
daogudadcoeqo% Jdffdw oe of w`wqocd ao mdegd ofogq}e`gd& r}hmfocdw ghe fd }oa&
gheq}hfow `edaogudahw& w`wqocdw hmwhfoqhw h w`wqocdw eh `eqon}dahw ghe fhw aocw
r}hgowhw aof mdegh ruoaoe gduwd} r}hmfocdw ghe fhw gf`oeqow& h }ogldyh rh} rd}qo ao
wqhw w` ow tuo fhw w`wqocdw eh gucrfoe ghe fdw o|rogqdq`zdw& fh gudf ruoao noeo}d}&
daocw& ued cdfd ro}gorg`e ao fhw eonhg`hw aof mdegh oe noeo}df& ghe fh gudf wqo
gdo}d oe }`ownh }oruqdg`hedf%
Hq}h q`rh ao }`ownhw drd}ogo gudeah of mdegh gheq}dqd d qo}go}hw rd}d fd r}hz`w`e ao
dfne wo}z`g`h gheo|h d fdw dgq`z`adaow ao mdegd ofogq}e`gd% Jdfqd ao o|ro}`oeg`d p
wo}`oada rh} rd}qo aof r}hzooah}& r}hmfocdw oe fd dgqudf`ydg`e ao fd qogehfhnd
uq`f`ydad& r}hmfocdw wo}`hw aof r}hzooah} ,qdfow ghch jdffdw j`edeg`o}dw tuo fh rhende
oe rof`n}h ao tu`om}d h w`c`fd}) tuo rhende oe }`ownh fd gheq`eu`ada oe fd r}hz`w`e aof
wo}z`g`h qdcm`e `eg}ocoeqde of }`ownh ao wuj}`} r}hmfocdw ao w`wqocdw%
Ghch fhw w`wqocdw `ejh}cq`ghw gdcm`de qde }r`adcoeqo& fhw mdeghw oej}oeqde }`ownhwao gdo} oe hmwhfowgoeg`d `ejh}cq`gd& ro}h qdcm`e ao dgqudf`yd} wuw w`wqocdw }ochqhw
coa`deqo gdedfow `ewonu}hw& tuo ro}c`qde tuo fd euozd qogehfhnd wod `eqo}gorqdad p
cha`j`gdad cdf`g`hwdcoeqo% Rh} fq`ch& of gdcm`h oe fhw w`wqocdw ruoao wo} qde }r`ah
g}a`qh& a`}ogg`e& qofjheh& gh}}oh ofogq}e`gh& nuwqhw p r}ojo}oeg`dw& jfuihw ao ghewuch& mdfdegow oe guoeqdwmdegd}`dw& oqg%72 Oe q}c`ehw `ejh}cq`ghw& ow dtuof oeqh}eh oe tuo fd q}dewjo}oeg`d ao adqhw ow wuwgorq`mfo ao wo}`eqo}gorqdad& }oz`wdad p(h cha`j`gdad rh} ue qo}go}h& c`oeq}dw fhw adqhw owqe oe q}ew`qh ldg`d wu aowq`eh%
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% ==
tuo of ro}whedf ruoao eh oeqoeao} ghcrfoqdcoeqo fd edqu}dfoyd p jueg`hedc`oeqh ao fhw
euozhw w`wqocdw& fh gudf ruoao noeo}d} r}hmfocdw hro}dq`zhw ghe owqhw fq`chw%
]`ownhw dwhg`dahw d a`eo}h ofogq}e`gh
Oe of gdwh ao a`eo}h ofogq}e`gh& whm}o qhah w` fhw w`wqocdw ao a`eo}h ofogq}e`gh
uq`f`yde qd}ioqdw QZD& o|`wqo }`ownh ao dfqo}d} h aurf`gd} fhw gheqoe`ahw ao owqdw qd}ioqdw&
q}dqdeah dw ao add} fhw w`wqocdw h ao `eg}ocoeqd} j}duaufoeqdcoeqo fhw mdfdegow ao
wqdw; dw ghch fhw uwud}`hw ao owqdw qd}ioqdw ruoaoe wuj}`} }hmhw ao qd}ioqdw zf`adw; h of
ro}whedf ao fd ocr}owd oc`wh}d ao fdw QZD ruoao ghcoqo} j}duao dfqo}deah
`eqo}edcoeqo fhw wdfahw& }odf`ydeah q}dwjo}oeg`dw h zoea`oeah fhw aoqdffow ao fd
qogehfhnd uwdad oe fdw QZD d qo}go}hw& rd}d jdg`f`qd}fow of dggowh h cha`j`gdg`e ao fdwc`wcdw74%
m) ]`ownh fondf
Of }`ownh fondf wu}no& oe q}c`ehw noeo}dfow& rh} fd jdfqd ao ue cd}gh fondf gfd}h tuo
owqdmfoygd rfoedcoeqo fhw ao}oglhw p aomo}ow ao fdw rd}qow rd}q`g`rdeqow oe ued q}dewdgg`e&
`egfupoeah fdw q}dewdgg`heow ofogq}e`gdw& h gudeah wqo eh ow }oghehg`ah rh} qhadw fdw
rd}qow% Dw c`wch& gudeah fd `ewq`qug`e wo o|rheo d z`hfdg`heow h `edaogudg`e d fd
eh}cdq`zd z`noeqo%
Zdf`aoy ao fdw ghcue`gdg`heow
O|`wqo }`ownh gudeah dfnued ao fdw rd}qow ruoao }orua`d} dfnued `ewq}ugg`e h
gheq}dqh r}oz`dcoeqo dgorqdahw& ghe fh tuo o|rheo d fd hq}d rd}qo d r}a`adw% Dw
c`wch& o|`wqo }`ownh gudeah fdw ghcue`gdg`heow ofogq}e`gdw oeq}o dcmdw rd}qow eh
q`oeoe ue gd}gqo} r}hmdqh}`h& whm}o qhah w` ow of e`gh q`rh ao ghcue`gdg`e
owqdmfog`ah oeq}o of mdegh p wuw gf`oeqow%
Wo}z`g`hw da`g`hedfowFhw wo}z`g`hw da`g`hedfow ao ue mdegh& qdfow ghch oefdgow d hq}dw rn`edw p fd
go}q`j`gdg`e ao wuw gf`oeqow ,dgqudeah of mdegh ghch Duqh}`ada Go}q`j`gdah}d)
ruoaoe noeo}d}fo r}hmfocdw ao owqo q`rh w` fdw rn`edw oefdydadw whe uwdadw rh}
74 Rd}d cdph} a`wguw`e whm}o a`eo}h ofogq}e`gh p wonu}`ada& zdwo MDEK JH] @EQO]EDQ@HEDFWOQQFOCOEQW% Wogu}`qp hj Ofogq}he`g Cheop ]orh}q mp qlo Ghcc`qqoo he Rdpcoeq dea WoqqfocoeqWpwqocw dea qlo N}hur hj Ghcruqo} O|ro}qw hj qlo Goeq}qdf Mdekw hj qlo N}hur hj Qoe ghueq}`ow% M@W%Mdw`fod& Dnhwqh 400: ,a`wrhe`mfo aowao fd rn`ed ofogq}e`gd aof M@W9 lqqr9((~~~%m`w%h}n()
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% =7
ldgko}w& h of gf`oeqo go}q`j`gdah rh} of mdegh ghcoqo dgq`z`adaow j}duaufoeqdw
zdf`eahwo ao owqd go}q`j`gdg`e% Fhw uwud}`hw ro}iua`gdahw rha}de aocdead} df
mdegh rh} adhw p ro}iu`g`hw% Dw c`wch& ue mdegh rha}d wo} hmioqh ao aocdeadw
rh} rd}qo ao uwud}`hw oenddahw rh} rn`edw ~om jdfw`j`gdadw tuo& dr}hzogleahwo
ao ue a`woh cup w`c`fd} d fd zo}adao}d& gduwde dfne q`rh ao ro}iu`g`h d fhw
uwud}`hw ao owqd fq`cd%
Hro}dg`heow `eqo}edg`hedfow
Fhw mdeghw ruoaoe zo}wo o|ruowqhw d }`ownh fondf gudeah }odf`yd hro}dg`heow ghe
dnoeqow tuo wo oeguoeq}de oe of o|qo}`h} p fuonh o|`wqo dfne r}hmfocd h
a`wg}ordeg`d ghe }owrogqh d a`gldw hro}dg`heow& ghe fh gudf ruoao ldmo}`ego}q`aucm}o whm}o fd fon`wfdg`e drf`gdmfo% Rh} oiocrfh& oe of gdwh ao ued
q}dewjo}oeg`d ao jheahw }odf`ydad rh} ued ro}whed tuo z`zo oe Idre& p tuo
q}dewj`}` jheahw aowao ued guoeqd oe ue mdegh ao Euozd Ph}k d ue mdegh fhgdf& w`
wo r}owoeqd ued gheq`enoeg`d& mdih tu fon`wfdg`e wo }owuofzo8
Q}c`ehw ao wo}z`g`h ao fhw r}haugqhw hj}og`ahw
J`edfcoeqo& ue mdegh ruoao zo}wo ghcr}hcoq`ah oe r}hmfocdw fondfow w` fhw
q}c`ehw ao fhw wo}z`g`hw oe feod tuo m}`ead& eh whe chwq}dahw o|rfg`qdcoeqo d wuw
gf`oeqow& h w` wqhw q`oeoe dfnued noeu`ed jh}cd ao r}hmd} tuo of mdegh eh m}`ea
q}c`ehw gfd}hw deqow ao ro}c`q`}fow uwd} fhw wo}z`g`hw oe feod& p rh} owqo chq`zh of
gf`oeqo wo z`h o|ruowqh d dfne q`rh ao ro}iu`g`h%
Hq}hw qocdw
J`edfcoeqo& hq}hw qocdw d ghew`ao}d} q`oeoe tuo zo} ghe of cdeoih p uwh ao fd
`ejh}cdg`e woew`mfo ao fhw gf`oeqow& fhw ao}oglhw ao r}hr`oada ao fhw ghegorqhw
ocrfodahw ,rh} oiocrfh& ao fhw r}haugqhw deueg`dahw oe fd rn`ed ~om& p fhw
a`wohw uwdahw oe wqd)& fhw gheq}hfow ocrfodahw rd}d ghcmdq`} of fdzdah ao a`eo}h&oqg%
g) ]`ownh ]oruqdg`hedf
Of }`ownh }oruqdg`hedf ow of }`ownh ao wuj}`} ued r}a`ad ghew`ao}dmfo ao gf`oeqow h ao
jheaoh& aom`ah d gudftu`o} r}hmfocd tuo djogqo eondq`zdcoeqo fd `cdnoe aof mdegh deqo fd
hr`e`e rmf`gd% Mw`gdcoeqo& fhw ofocoeqhw ao mdegd ofogq}e`gd tuo ruoaoe noeo}d}
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% =1
r}a`ad ao fd muoed }oruqdg`e whe of cdf jueg`hedc`oeqh ao fhw r}haugqhw h wo}z`g`hw
hj}og`ahw& fd `ewdq`wjdgg`e ao fhw gf`oeqow ghe owqhw r}haugqhw h wo}z`g`hw p r}hmfocdw ghe
fd jh}cd ao }owhfzo} fdw tuoidw ao fhw gf`oeqow% _e mdegh qdcm`e ruoao nded}wo r}hmfocdw
ao }oruqdg`e w` wo fo aoqogqde m}ogldw h r}hmfocdw ghe fd wonu}`ada ao wuw w`wqocdw& h w`
fhw wo}z`g`hw gheo|hw tuo m}`ead of mdegh gduwde& aom`ah d dgg`heow cdf`eqoeg`hedadw h
o}}h}ow ghcoq`ahw rh} rd}qo ao qo}go}hw& dfne ro}iu`g`h d fhw uwud}`hw%
Owqo }`ownh ruoao gheqdn`d}wo d hq}hw mdeghw w` tu`oe wuj}o fhw r}hmfocdw ghe wuw
w`wqocdw ao mdegd ofogq}e`gd ow ue mdegh `crh}qdeqo& pd tuo `ecoa`dqdcoeqo wo rhea}d oe
auad fd wonu}`ada h daogudg`e ao fhw w`wqocdw uwdahw rh} mdeghw cw rotuohw%
a) Hq}hw }`ownhw
Fhw mdeghw tuo }odf`yde dgq`z`adaow ao mdegd ofogq}e`gd ruoaoe zo}wo wuioqhw d hq}h
q`rh ao }`ownhw& cw ghcueow df }owqh ao dgq`z`adaow mdegd}`dw% W`e ocmd}nh& fd
o|rhw`g`e aof mdegh d owqhw }`ownhw& w` m`oe ow `crh}qdeqo& eh ow a`wq`eqd d fd tuo q`oeoe
oe wuw hq}hw eonhg`hw h feodw ao hro}dg`e% Rh} fh qdeqh& wo dwuco tuo fhw mdeghw pd
q`oeoe cogde`wchw daogudahw rd}d fd `aoeq`j`gdg`e p dac`e`wq}dg`e ao fhw }`ownhw
coeg`hedahw mdih owqo fq`ch rueqh%
# ]`ownh G}oa`q`g`h9 W` of mdegh ghegoao g}a`qhw oe feod& ruoao zo}wo oe }`ownh ao
eh ozdfud} daogudadcoeqo d wu gf`oeqo& h ao oej}oeqd} cdph}ow a`j`gufqdaow rd}d
}ogfdcd}fo oe gdwh ao tuo of gf`oeqo eh gucrfd ghe aozhfzo} of g}a`qh& aom`ah d fdw
cdph}ow a`wqdeg`dw tuo ruoao o|`wq`} oeq}o fdw rd}qow%
# ]`ownh ao F`tu`aoy9 Owrog`dfcoeqo w`ne`j`gdq`zh oe of gdwh ao tuo fhw mdeghw
ojogqoe hro}dg`heow ao a`eo}h ofogq}e`gh& p gd}oygde ao ue e`zof ao dgq`zhw
ftu`ahw wuj`g`oeqo ghch rd}d oej}oeqd} ued wdf`ad m}uwgd ao ojogq`zh ,oe of gdwh& rh}
oiocrfh& ao tuo cuglhw gf`oeqow }odf`goe ghcr}dw n}deaow rh} @eqo}eoq p tuo fhwzoeaoah}ow whf`g`qoe df mdegh ldgo} ojogq`zh a`glh a`eo}h)%
# ]`ownh ao Qdwd ao @eqo}w9 Qdcm`e w`ne`j`gdq`zh oe of gdwh ao fhw mdeghw tuo
}odf`yde hro}dg`heow ao a`eo}h ofogq}e`gh& tuoadeah o|ruowqhw d owqo q`rh ao
}`ownhw oe gdwh ao tuo gd`nd of `eqo}w }odf tuo hmq`oeoe rh} fhw dgq`zhw ftu`ahw oe
fhw gudfow wo }owrdfad fd oc`w`e aof a`eo}h ofogq}e`gh ,rh} oiocrfh& oe of gdwh ao
dfqd h l`ro}`ejfdg`e)%
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% =?
# ]`ownh ao Co}gdah rh} Q`rh ao Gdcm`h9 Of mdegh wo o|rheo d owqo }`ownh gudeah&
rh} wuw hro}dg`heow ao mdegd ofogq}e`gd h a`eo}h ofogq}e`gh& dgorqd of gdcm`h ao
dgq`zhw p(h rdw`zhw oe a`wq`eqdw cheoadw ,rdnh ao g}a`qhw h jheaoh ao a`eo}h
ofogq}e`gh oe cheoad a`wq`eqd d fd cheoad oe fd gudf fdw hmf`ndg`heow juo}he
oc`q`adw)%
DR_EQOW OE NO]OEG@D AO ]@OWNHW NOEO]DAHW RH] HRO]DG@HEOW AO MDEGD
OFOGQ]E@GD
W` m`oe of r}hrw`qh ao owqo ahgucoeqh eh ow of ao ad} fhw f`eodc`oeqhw eogowd}`hw rd}d ueddaogudad Nowq`e ao ]`ownhw& ow ro}q`eoeqo ldgo} coeg`e ao fhw qocdw cw }ofozdeqow
`aoeq`j`gdahw rh} h}nde`wchw `eqo}edg`hedfow& tuo ruoaoe dpuad} d ued daogudad
ghcr}oew`e ao fhw cogde`wchw df dfgdego ao fdw `ewq`qug`heow j`edeg`o}dw rd}d r}hqono}wo
ao a`glhw }`ownhw% Fhw qocdw tuo wo zo}e d gheq`eudg`e lde w`ah }oghn`ahw ao a`wq`eqhw
ahgucoeqhw rumf`gdahw rh} of Ghc`q ao Mdw`fod& of Joao}df Aorhw`q @ewu}dego Gh}rh}dq`he
p of Joao}df ]owo}zo% W`e ocmd}nh& fd }owrhewdm`f`ada ao aoeq`j`gdg`e p nowq`e daogudad
ao fhw }`ownhw tuo ojogq`zdcoeqo oej}oeqde fhw mdeghw oe wuw hro}dg`heow ao mdegd
ofogq}e`gd aoroeaoe cuglh aof q`rh ao hro}dg`heow dahrqdadw& rh} fh tuo owqd fdmh}& oe
fq`ch gdwh& ow ao oeqo}d }owrhewdm`f`ada ao fhw mdeghw& fhw tuo qoea}e tuo dadrqd} fdw
}oghcoeadg`heow adadw d wuw r}hr`hw owtuocdw hro}dq`zhw%
Of r}`eg`rdf }`ownh hro}dg`hedf tuo gh}}o ue mdegh df }odf`yd} hro}dg`heow ao mdegd
ofogq}e`gd owq }ofdg`hedah ghe fd wonu}`ada ao wuw w`wqocdw% Rh} fh qdeqh& fh r}`co}h tuo
aomo }oz`wd} ue mdegh deqow ao `e`g`d} wuw hro}dg`heow& ow fd j`dm`f`ada p wonu}`ada ao fhw
w`wqocdw `ejh}cq`ghw tuo zd d uwd}& dw ghch aof ro}whedf tuo q`oeo dggowh d owqhww`wqocdw%
Of Joao}df ]owo}zo Mhd}a& oe wu ahgucoeqh Whuea R}dgq`gow Nu`adego jh} @ejh}cdq`he
Wogu}`qp jh} Eoq~h}kw& a`h fdw w`nu`oeqow }oghcoeadg`heow gfdzow7=9
7= MHD]A HJ NHZO]EH]W HJ QLO JOAO]DF ]OWO]ZO MDEK% Whuea R}dgq`gow Nu`adego jh}@ejh}cdq`he Wogu}`qp jh} Eoq~h}kw% J]M W] 0>#7= ,W_R)% 1 ao a`g`ocm}o ao 400>% G`qdah oe9
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% =:
# _e r}hn}dcd ao wonu}`ada ao `ejh}cdg`e cup rhqoeqo ow owoeg`df9 Owqh `egfupo
}oz`w`e dgq`zd aof A`}ogqh}`h p ao fd No}oeg`d whm}o qocdw ao z`w`e noeo}df&
rhfq`gdw p r}hgoa`c`oeqhw& w`wqocdw ao coa`g`e p che`qh}oh& p gheq}hfow `eqo}ehw
rd}dfofhw% Of A`}ogqh}`h aomo dwonu}d}wo ao tuo fd `ezo}w`e oe w`wqocdw ao
r}hqogg`e ao adqhw wod daogudad df e`zof ao }`ownhw tuo wo oej}oeqde oe fdw
hro}dg`heow%
# Wo aomo rheo} dqoeg`e owrog`df d fd wonu}`ada ao fd }oa `eqo}ed9 Owqo qocd ruoao
rd}ogo} coehw hmz`h rd}d of A`}ogqh}`h tuo fdw dcoedydw r}hzoe`oeqow ao @eqo}eoq&
ro}h fhw dqdtuow r}hzoe`oeqow aowao of `eqo}`h} ao fd }oa aof mdegh ruoaoe wo} fhw
cw ad`ehw& df qoeo} of ro}whedf aof mdegh p fhw ghewufqh}ow o|qo}ehw dggowh d}ogu}whw g}q`ghw aof w`wqocd%
# Fd `ejh}cdg`e ghej`aoeg`df aomo wo} oeg}`rqdad779 Adah tuo fd q}dewc`w`e ao
adqhw ao ue rueqh d hq}h ao fd }oa& wo ad d q}dzw ao feodw dggow`mfow rmf`gdcoeqo&
fd `ejh}cdg`e woew`mfo tuo wo oezo d q}dzw ao offdw aomo owqd} r}hqon`ad rd}d tuo
wfh of aowq`edqd}`h ruoad `eqo}r}oqd}fd%
# Fdw gheo|`heow ghe @eqo}eoq aomoe ghewq}u`}wo gu`adahwdcoeqo9 Gudeqhw cw
wo}z`g`hw oe feod wo hj}oygde& cw rhw`m`f`adaow ao dqdtuow o|`wq`}e% Of cdph}
}`ownh ao fdw gheo|`heow oe @eqo}eoq ow of ao ro}c`q`} of dggowh d fd }oa `eqo}ed aof
mdegh% Rh} fh qdeqh& ow g}ug`df ghcr}hmd} fd wonu}`ada ao qhahw fhw w`wqocdw aowao
aheao of mdegh `eqo}gdcm`d `ejh}cdg`e ghe fd }oa& rd}d `croa`} zdghw tuo
ro}c`qde dggowhw `edaogudahw d fhw w`wqocdw `eqo}ehw& dw ghch jdffdw oe fd
r}hz`w`e ao wo}z`g`hw o|qo}ehw%
# Ow eogowd}`h }oz`wd} o|lduwq`zdcoeqo of l`wqh}`df aof ro}whedf ghe dggowh d
`ejh}cdg`e dfqdcoeqo woew`q`zd9 Owqh `egfupo d fhw dac`e`wq}dah}ow ao w`wqocdw& of
wqdjj ao whrh}qo d qofoghcue`gdg`heow& fhw r}hn}dcdah}ow ao drf`gdg`heow mdegd}`dwp hq}hw w`c`fd}ow q`oeoe dggowh d `ejh}cdg`e ghej`aoeg`df& ghehg`c`oeqh cup
aoqdffdah ao fhw r}hgoa`c`oeqhw ao wonu}`ada h dcmhw% Rh} fh qdeqh& ow eogowd}`h
ZD]QDE@DE& Qlhcdw& oq% df% =4wq Goequ}p Cheop& Mdek`en Dea Ghcco}go% ^dwl`enqhe A%G% Oa%J}`oa& J}dek& Ld}}`w& Wl} zo} * Idghmwhe% 4002%77 R}hgowh rh} of gudf& coa`deqo ue ga`nh o|qoewh ffdcdah ffdzo& ue rdtuoqo ao adqhw wo qh}ed `e`eqof`n`mford}d gudftu`o} w`wqocd & `egfuw`zo rd}d of wo} lucdeh& w`oeah eogowd}`h rd}d aogha`j`gd} fhw adqhw h}`n`edfow ofuwh ao fd ffdzo gh}}owrhea`oeqo% Rd}d ued cdph} a`wguw`e ao fd gfdw`j`gdg`e ao fhw cqhahw ao oeg} rqdg`ep wu uwh& zdwo of Deo|h 4%
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% =>
dwonu}d}wo ao tuo of ro}whedf tuo hguro owqhw ruowqhw gfdzow wod `aeoh& qdeqh q`gd
ghch r}hjow`hedfcoeqo%
# Fd No}oeg`d aomo ozdfud} gu`adahwdcoeqo fhw ghwqhw p moeoj`g`hw ao `crfocoeqd}
w`wqocdw ao wonu}`ada tuo c`e`c`goe fhw }`ownhw o|`wqoeqow%
Hq}dw }oghcoeadg`heow whe9
# @crfocoeqdg`e ao ue w`wqocd ao }dwq}oh h }on`wq}h ao fdw q}dewdgg`heow& rd}d oz`qd}
j}duao& jdfw`j`gdg`e ao adqhw& h rhw`m`f`ada ao }orua`h ao fdw c`wcdw%
# Dgqudf`yd} ro}`a`gdcoeqo& p coa`deqo gdedfow wonu}hw& fhw w`wqocdw p r}hn}dcdw
uwdahw%
# Oeq}oed} p wofogg`hed} gu`adahwdcoeqo df ro}whedf& rd}d tuo wode gdrdgow aooeqoeao} rfoedcoeqo fdw euozdw qogehfhndw drf`gdadw%
# Oaugd} d fhw gf`oeqow oe of gh}}ogqh cdeoih ao fhw r}haugqhw hj}og`ahw rh} of mdegh%
Oe qocdw ao }`ownh fondf& fd r}`eg`rdf }oghcoeadg`e ow of oeq}oedc`oeqh aof ro}whedf
oegd}ndah oe fd drf`gdg`e ao fd eh}cdq`z`ada z`noeqo& dw ghch fd `aoeq`j`gdg`e ao fhw
rueqhw `eg`o}qhw ao fd c`wcd% Ghch rd}qo ao fd owq}dqon`d& ow ghezoe`oeqo }odf`yd} ghewufqdw
d fdw duqh}`adaow ro}q`eoeqow dgo}gd ao fd `eqo}r}oqdg`e ao fdw eh}cdw `eg`o}qdw& dw ghch
jdc`f`d}`yd} df ro}whedf `ea`gdah ghe fd fon`wfdg`e `eqo}edg`hedf drf`gdmfo%
Hq}hw qocdw d qoeo} oe guoeqd oe of aowd}}hffh ao ued owq}dqon`d ao nowq`e ao }`ownhw whe9
# Fdzdah ao A`eo}h9 Wo eogow`qd aowd}}hffd} w`wqocdw tuo ro}c`qde of }on`wq}h p fd
}oz`w`e daogudad ao `ejh}cdg`e ro}whedf ao fhw gf`oeqow% Oe of gdwh ao a`eo}h
ofogq}e`gh& aoehc`edg`heow coeh}ow h w`wqocdw QZD ghe coeh} gdrdg`ada ldgoe
coehw dq}dgq`zh of uwh ao owqhw cogde`wchw%
# Fd `ejh}cdg`e whm}o fdw ghea`g`heow ao uwh ao qhahw fhw r}haugqhw p wo}z`g`hw aomo
owqd} df dfgdego ao qhahw fhw gf`oeqow rhqoeg`dfow& ao qdf jh}cd tuo eh wo ruoaddfond} aowghehg`c`oeqh d fd lh}d ao uwd} dfnueh ao owqhw r}haugqhw h wo}z`g`hw%
Daocw& of ro}whedf aomo wo} oeq}oedah rd}d gheqowqd} fdw auadw cw j}oguoeqow ao
fhw gf`oeqow% Dw`c`wch& of gf`oeqo aomo ghehgo}& ao jh}cd w`crfo ro}h daogudad& wuw
ao}oglhw& hmf`ndg`heow p }owrhewdm`f`adaow oe gudeqh d fhw r}haugqhw tuo uwd p fhw
}`ownhw d fhw tuo owq o|ruowqh rh} wu uwh%
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% =)
# Aoj`e`g`e ao ahgucoeqh h}`n`edf ,D}q%
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% 7=
aowdgqudf`ydahw ghe fhw gdcm`hw oe fd qogehfhnd p oe fhw r}hgoa`c`oeqhw tuo zdpde
wu}n`oeah& ro}h d wu zoy `eg`aoe oe fdw }odw oe fdw tuo of }`ownh wo `eg}ocoeqd% Fhw 41
r}`eg`r`hw tuo gheq`oeo owqo ahgucoeqh wo dn}urde oe q}ow gdqonh}dw9
# Wuro}z`w`e aof A`}ogqh}`h p ao fd No}oeg`d ,r}`eg`r`hw 4 d 7)
# Gheq}hfow ao wonu}`ada ,r}`eg`r`hw 1 d 42)
# No}oeg`d ao ]`ownh Fondf p ]oruqdg`hedf ,r}`eg`r`hw 44 d 41)
Dw`c`wch& a`glh ahgucoeqh gheq`oeo wo`w deo|hw tuo wodfde a`wq`eqdw r}gq`gdw noeo}dfow
wdfuadmfow ,d cdeo}d ao glogkrh`eqw) oe }odw qdfow ghch gheq}hf ao wonu}`ada& huqwhu}g`en&
duqh}`ydg`e ao drf`gdg`heow& dua`qh}d& r}`zdg`ada ao fd `ejh}cdg`e p rfdeow aogheq`enoeg`d%
o) R}hgoa`c`oeqhw ao ]oz`w`e ao fd Whf`aoy p Wonu}`ada ao fd Mdegd Ofogq}e`gd7 MDWFO GHCC@QQOO HE MDEK@EN W_RO]Z@W@HE% ]`wk Cdednocoeq R}`eg`rfow jh} Ofogq}he`gMdek`en& Mdw`fod& Cdph =224% Oe a`glh ahgucoeqh ao q}dmdih wo wodfde dfnuehw r}`eg`r hw noeo}dfow tuo woaomoe qhcd} oe guoeqd oe fd wuro}z`w`e r}uaoeg`df ao fdw dgq`z`adaow ao mdegd ofogq}e`gd%7
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% 77
@ejh}cdg`e ,E`zof @@)& p W`wqocdw Ghcrfoqhw ao Q}dewdgg`heow o @ejh}cdg`e
,E`zof @@@)& aoj`e`oeah fhw g}`qo}`hw ao gdad ueh ao owqhw e`zofow%
# ]`ownhw9 Dtu wo ldgo ue o|dcoe ao fhw }`ownhw d fhw tuo wo whcoqo ue mdegh df
ldgo} dgq`z`adaow ao mdegd ofogq}e`gd%
# Nowq`e ao ]`ownhw9 Oe owqd rd}qo& of ahgucoeqh `ea`gd dfnuehw rueqhw d qoeo} oe
guoeqd d fd lh}d ao a`wod} ue rfde ao Nowq`e ao ]`ownhw& dw ghch wo ade dfnuedw
}oghcoeadg`heow ghe }owrogqh d g`o}qhw }`ownhw ruequdfow oe cdqo}`d ao wonu}`ada
# R}hn}dcd ao O|dc`edg`e9 Owqd wogg`e aowg}`mo of r}hn}dcd ao o|dc`edg`e tuo
}odf`yd of JA@G df ozdfud} d ue mdegh& ldg`oeah a`wq`eg`e oeq}o fhw rueqhw tuo wo
}oz`wde aoeq}h ao gdad }od p wone of E`zof ao fhw w`wqocdw aof mdegh% Fhw qowqwtuo wo fo ldgoe owqe ghewq}u`ahw ao cdeo}d chaufd}& ao qdf jh}cd tuo ue mdegh ghe
w`wqocdw E`zof @@@ q`oeo tuo rdwd} rh} fhw qowqw rd}d fhw w`wqocdw E`zof @ p E`zof @@
qdcm`e% Fdw }odw ao ozdfudg`e ao fhw w`wqocdw whe9
Rfdeodc`oeqh o @crfocoeqdg`e
Rhfq`gdw p R}hgoa`c`oeqhw Hro}dq`zhw
Dua`qh}d
Qocdw Fondfow p ]onufdqh}`hw
Dac`e`wq}dg`e
]ofdg`e ghe Qo}go}hw p Huqwhu}g`en
Daocw& wo r}owoeqde fhw g}`qo}`hw ao ozdfudg`e p ued f`wqd ao ahgucoeqhw tuo wo
ruoaoe whf`g`qd} rd}d ghcrfocoeqd} fd ozdfudg`e%
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% 71
FON@WFDG@E EDG@HEDF
Fd a`juw`e ao fhw wo}z`g`hw ao @eqo}eoq oe of rdw& dw ghch of ducoeqh oe of rmf`gh
hmioq`zh p oe fhw uwud}`hw ao a`glhw wo}z`g`hw& ld `crufwdah qdcm`e fd r}haugg`e ao
eh}cdw drf`gdmfow df cm`qh aof ghco}g`h ofogq}e`gh p d fhw wo}z`g`hw ofogq}e`ghw oe
noeo}df%
d) Fop ao Ao}oglhw ao Duqh} ,A%F% E =04)
Owqd fop cha`j`gd ahw d}qgufhw aof Ga`nh G`z`f& ro}c`q`oeah fd cde`jowqdg`e fd ao
zhfueqda d q}dzw ao coa`hw ofogq}e`ghw& dw ghch hqh}ndeah fd zdf`aoy d fd j`}cd
ofogq}e`gd p d fhw dguwow ao }og`mh noeo}dahw ofogq}e`gdcoeqo& ldpde w`ah
cdeudfcoeqo h duqhcq`gdcoeqo noeo}dahw%
g) Fop whm}o j`}cdw a`n`qdfow ,Fop E =>=:0)
Owqd fop q}dqd ao ue`jh}c`yd} fd ehcoegfdqu}d }ojo}`ad d fdw j`}cdw ofogq}e`gdw p
go}q`j`gdahw a`n`qdfow& p wodfd dfnuedw r}og`w`heow whm}o gueah ued j`}cd ofogq}e`gd
q`oeo of c`wch zdfh} tuo ued j`}cd cdeuwg}`qd p tu`eow owqe duqh}`ydahw d oc`q`}
go}q`j`gdahw a`n`qdfow zf`ahw oe of Ro}& ghe of j`e ao rhao} noeo}d} a`gldw j`}cdw
ofogq}e`gdw% Owqd fop wo }onfdcoeq coa`deqo of Aog}oqh Wur}och E 240#=22=#I_W&
oe aheao wo wodfd& oeq}o hq}hw aoqdffow& tuo @EAOGHR@ ow fd oeq`ada tuo wo oegd}nd}
ao dr}hmd} fhw go}q`j`gdahw a`n`qdfow p ao duqh}`yd} d fdw `ewq`qug`heow tuo fh whf`g`qoe doc`q`} a`glhw go}q`j`gdahw&%
a) Fop ao Aof`qhw @ejh}cq`ghw ,Fop E =>720)
Fd jueg`e ao owqd fop ow q`r`j`gd}& oe of Ga`nh Roedf& aof`qhw }ofdg`hedahw ghe of
dggowh `eaom`ah d w`wqocdw ao ghcruqdah}dw h mdwow ao adqhw%
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% 7?
o) R}hpogqh ao Fop9 whm}o Ghco}g`h Ofogq}e`gh
Owqo r}hpogqh ao fop muwgd rheo} oe z`noeg`d fd Fop Chaofh ao fd GE_AC@ whm}o
Ghco}g`h Ofogq}e`gh oe of Ro}& oe fd gudf& ghch wo z`h r}oz`dcoeqo& wo eh}cdmd fd
zdf`aoy p fondf`ada ao fdw ghcue`gdg`heow ofogq}e`gdw& aoeq}h ao ue owtuocd dahrqdah
d e`zof `eqo}edg`hedf%
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% 7:
Z% GHEGF_W@E9 F@EODC@OEQHW MW@GHW RD]D _ED R]HR_OWQD
]ON_FDQH]@D%
Fuonh ao }oz`wd} fd ozhfug`e aof wogqh} mdegd}`h oe r}haugqhw p wo}z`g`hw ao mdegd
ofogq}e`gd oe of rdw& fhw }`ownhw tuo wqd `crf`gd p fdw r}hruowqdw p aowd}}hffhw oe cdqo}`d
fondf& rhaochw zo} fhw dzdegow adahw df }owrogqh whe wdq`wjdgqh}`hw& oe gudeqh pd wo hmwo}zd
ued qhcd ao gheg`oeg`d whm}o fhw dzdegow qogehfn`ghw& wuw zoeqdidw o `crf`gdg`heow rd}d fd
}ofdg`e oeq}o r}hzooah}ow p uwud}`hw ao fhw a`wq`eqhw wo}z`g`hw% W`e ocmd}nh& fd
`aoeq`j`gdg`e ao }`ownhw logld oe owqo ahgucoeqh aoid oeq}ozo} tuo ldp dfnuehw qocdw tuo
de eh lde w`ah q}dqdahw oe fd r}hjuea`ada aom`ad& fhw gudfow aomo}e wo} fhw tuo }og`mdecdph} dqoeg`e d fd lh}d ao `e`g`d} ue owqua`h cw r}hjueah oe fd cdqo}`d%
Fh r}`co}h tuo wdfqd d fd z`wqd ow fd jdfqd ao aoj`e`g`heow p ao dguo}ahw oeq}o fdw rd}qow& rd}d
zo} fd drf`gdm`f`ada ao fdw eh}cdw o|`wqoeqow d fhw euozhw r}haugqhw p wo}z`g`hw% Owqh ruoao
noeo}d} r}hmfocdw ghejh}co ducoeqo fd gdeq`ada ao uwud}`hw ao wo}z`g`hw ao mdegd
ofogq}e`gd%
Rh} oiocrfh& fdw rumf`gdg`heow tuo ldgoe fhw mdeghw oe wuw rn`edw ~om& deueg`deah fdw
ghea`g`heow ao wuw r}haugqhw& q`oeoe zdf`aoy p o|`n`m`f`ada fondf8 Tu ow fh tuo aomo
`ea`gd} ued rn`ed ~om w` ow tuo wo rfdeod ldgo} aorw`qhw oe feod h q}dewjo}oeg`dw oeq}o
guoeqdw8 Fhw `ewq}ucoeqhw ghch fdw qd}ioqdw QZD& owqe wuioqdw d }otuo}`c`oeqhw ao
oegdio8 Fhw jheahw whm}o fhw tuo wo }owrdfade fdw q}dewdgg`heow ao a`gld qd}ioqd& owqe
gum`o}qhw rh} of JWA8 Tu }otuo}`c`oeqhw wo fo o|`n`}e d `ewq}ucoeqhw ao a`eo}h
ofogq}e`gh& gudeah drd}oygde8
Rh} hq}d rd}qo& adah tuo of dfgdego ao @eqo}eoq ow cuea`df& tu fon`wfdg`e wo drf`gd oe
gdwh ao ued hro}dg`e `eqo}edg`hedf8 Aomo aog`}fh owh of mdegh& wo} ue dguo}ah oeq}o of
mdegh p of gf`oeqo& h aomo whcoqo}wo d fd ghcroqoeg`d ao ued fop `eqo}edg`hedf8 Gueo|ruowqh p r}ord}dah owq of mdegh deqo ue r}hmfocd fondf& rh} `ego}q`aucm}o aof cd}gh
fondf drf`gdmfo8 Ao tu cdeo}d wo coa`}d p gch wo wdeg`hed}d ued o|rhw`g`e d owqo
q`rh ao }`ownh8 Ow ao wucd `crh}qdeg`d& adah owqo euozh ro}j`f ao }`ownh& of owqdmfog`c`oeqh
ao }ofdg`heow ao `eqo}gdcm`h ao `ejh}cdg`e oeq}o fhw a`wq`eqhw wuro}z`wh}ow mdegd}`hw& ghe
of j`e ao jdg`f`qd} of wonu`c`oeqh ao a`gldw q}dewdgg`heow `eqo}edg`hedfow%
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% 7>
Fhw r}hmfocdw cw wo}`hw tuo r}owoeqde fdw euozdw qogehfhndw whe& hmz`dcoeqo& r}hmfocdw
qogehfn`ghw% Ro}h gudeah wqhw hgu}}oe& tu`e ow of }owrhewdmfo8 W`& au}deqo ued
q}dewdgg`e oe fd rn`ed ~om aof mdegh& ue qo}go}h fhn}d drhao}d}wo ao fhw adqhw ao fd
qd}ioqd aof gf`oeqo p ghcoqo ued hro}dg`e j}duaufoeqd& tu`e aomo wo} }owrhewdm`f`ydah rh}
of o}}h}8 Wod gudf wod fd }owruowqd& owq a`gld }owruowqd o|rfg`qdcoeqo owrog`j`gdad oe fhw
q}c`ehw ao wo}z`g`h8 P ghe }owrogqh ao fd wonu}`ada ao fhw w`wqocdw& wo aomoe o|`n`}
}otu`w`qhw ce`chw d fhw mdeghw8 W` ow dw& ao tu cdeo}d wo o|`n`}de p ao tu cdeo}d wo
}oz`wd}de8 Tu wdeg`e aomo wo}fo drf`gdad d ue mdegh guphw w`wqocdw eh aocuowq}oe fd
wonu}`ada wuj`g`oeqo8 Pd tuo o|`wqo ue f`eodc`oeqh ao }`ownhw noeo}dfow& ued nud ao
r}hgoa`c`oeqhw ao o|dc`edg`e ao w`wqocdw& aomo wo} owqd nud ue ahgucoeqh rmf`gh,ghch oe of gdwh aof JA@G)8
Daocw& wo ld z`wqh tuo of mdegh& rd}d }odfyd} of wo}z`g`h tuo m}`ead d wuw gf`oeqow& ruoao
ad} wo}z`g`hw da`g`hedfow& eh mdegd}`h& tuo gheq}dqd ghe qo}go}hw% W` of mdegh m}`ead hq}hw
wo}z`g`hw& drd}qo ao fhw r}hr`dcoeqo mdegd}`hw& tu`e }onufd fd r}hz`w`e ao a`glhw
wo}z`g`hw8 Ldwqd aeao aomo wo} }owrhewdmfo rh} adhw gduwdahw d fhw gf`oeqow tuo uwd}he
owqhw wo}z`g`hw8
Oe noeo}df& Tu aomo gheqoeo} ue rfde daogudah ao gheq`enoeg`d ao fd oeq`ada j`edeg`o}d
rd}d c`e`c`yd} of `crdgqh& whm}o wuw gf`oeqow& ao gudftu`o} jdffd oe fhw wo}z`g`hw ao mdegd
ofogq}e`gd tuo r}hzoo8
Owqhw whe wfh dfnuedw guowq`heow tuo de eh lde w`ah }owuofqdw& p tuo aomoe wo} owqua`dadw
ghe cw aoqdffo rd}d rhao} a`wod} ued }onufdg`e ojogq`zd whm}o mdegd ofogq}e`gd% Ow
g`o}qh tuo& df wo} ue oeqh}eh euozh& `eg`r`oeqo p oe aowd}}hffh& }otuo}`c`oeqhw cup owq}`gqhw
ruoaoe aowdfoeqd} of g}og`c`oeqh ao fd hjo}qd ao r}haugqhw oe owqo wogqh}% W`e ocmd}nh&
aoid} owqhw qocdw w`e daogudah q}dqdc`oeqh ruoao gduwd}& oe of coa`deh rfdyh& ued
o|rhw`g`e ghew`ao}dmfo d fhw }`ownhw q}dqdahw oe of r}owoeqo ahgucoeqh& fh gudf rha}dc`ed} fd ghej`deyd oe fhw wo}z`g`hw ao mdegd ofogq}e`gd& h ldwqd djogqd} of r}hr`h w`wqocd
mdegd}`h%
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DFFDE& Ade`of% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% 7
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