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    Cstrftcoif nc

    Xeltikf Imnustrifl

    CXI

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    Cstrftcoif ncXeltikf Imnustrifl

    CXI

    Lf Cstrftcoif nc lf Ke`umitft Qflcmkifmf pfrf lf Immevfkim,lf Imtcrmfkiemflizfkim y lf Ke`pctitivinfn C`prcsfrifl

    KEM[CLLCRIF N IMN[^RIFKE@CR I IMMEQFK I

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    Ocmcrflitft QflcmkifmfCnitf7 Kemscllcrif nImnstrif, Ke`cr i Immevfki

    Clfberfkim7 Kemscllcrif nImnstrif, Ke`cr i Immevfki, kem lf kelfberfki ncl Imstitut Qflcmki nImvcstiofkiems Ckem`iqucsNisce y `fquctfkim7 Nirckki Ocmcrfl nc [ckrctfrift ncl Kemscll - rcf nc Xublikfkiems

    6 cnikim7 mevic`brc, 2868

    I[BM7 9?4-4>->42-3>3?-3

    Ncpesite Lcofl7

    I`pri`c7 @frc Mestru`

    KEM[CL L CRIF N IMN[^RIFKE@CR I IMMEQ FKI

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    MNIKC

    XRC[CM^FKIEMC[....................................................................................................................

    FKSCRNE XER CL VSC [C [S[KRIBC LF C[^RF^COIFNC XEL^IKF IMNS[^RIFL CXI ......................................................................

    . IM^RENSKKIM ...................................................................................................................

    . NC^CR@IMFM^C[ NC LF KE@XC^I^IQINFN RCOIEMFL................................................

    . C[^RF^COIF NC XEL^IKF IMNS[^RIFL .....................................................

    ;.6. Xrimkipies bsikes nc lf CXI 2868-2863 ..................................................................... ;.2. Ebgctives Cstrftoikes nc lf CXI 2868-2863...............................................................

    ;.2.6. Ebgctives nc ofste c`prcsfrifl cm I+N+i ..........................................................

    ;.2.2. Ebgctives nc pcrsemfl nc I+N+i cm cl sckter privfne .......................................;>

    ;.2.;. Ebgctives nc krcfkim y ncsfrrelle nc c`prcsfs immevfnerfs .........................;>

    ;.2.>. Ebgctives nc c`plce scom lf imtcmsinfn tckmeloikf ..................................... ;3

    ;.2.3. Ebgctives nc imtcrmfkiemflizfkim ..................................................................... ;2

    ;.;. Cgcs y lmcfs nc fktufkim nc lf CXI 2868-2863 .........................................................;1

    ;.;.6. Cgc 67 Xcrsemfs ....................................................................................................;9

    ;.;.2. Cgc 27 Immevfkim ................................................................................................>2 ;.;.;. Cgc ;7 Nivcrsistkfkim ..........................................................................................>4

    ;.;.>. Cgc >7 Krcki`icmte c`prcsfrifl .........................................................................3>

    ;.;.3. Cgc 37 Imtcrmfkiemflizfkim ................................................................................ 3?

    ;.;.1. Cgc 17 Fpucstfs cstrftoikfs ............................................................................. 16

    . C[KCMFRIE XRC[SXSC[^FRIE Y KREMEORF@F.........................................................

    . [COSI@ICM^E....................................................................................................................

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    Lf Ke`umitft Qflcmkifmf ticmc umf orfm trfnikim y um orfm auture imnustrifl. Cm cl kemtcxte ckem`ike

    cspfel se`es lf scoumnf ke`uminfn kem fyer kfmtinfn nc c`plce imnustrifl y umf nc lfs ke`uminfncs

    nemnc lf kemtribukim nc cstc sckter f lf ocmcrfkim nc riquczf cs `s rclcvfmtc.

    Nurfmtc les lti`es trcs lustres lf Ke`umitft Qflcmkifmf df cxpcri`cmtfne um krcki`icmte sestcmine

    per cmki`f nc lf `cnif ke`umitfrif curepcf. Sm pcriene nc prespcrinfn quc sc df viste imtcrru`pine,

    pumtufl`cmtc, per um `e`cmte nc ke`plcginfn ckem`ikf mfkiemfl c imtcrmfkiemfl.

    Cm lf mucvf kemstourfkim nc les `crkfnes imtcrmfkiemflcs lfs sekicnfncs, pfscs e rcoiemcs quc scfmkfpfkcs nc incmtistkfr y fneptfr kem premtitun lfs mucvfs klfvcs ncl preorcse oezfrm nc umf pesikimsekieckem`ikf privilcoifnf. Xer cse y s fll nc lfs mckcsfrifs peltikfs y rcaer`fs nc `bite mfkie-

    mfl quc sem i`prcskimniblcs pfrf quc Cspff siof fvfmzfmne, mucstrf Ke`umitft ncbc fprevckdfr su

    pesikim ocecstrftoikf, su trfnikim c`prcmncnerf y su vekfkim cxpertfnerf. Cm ncstmitivf, ncbc`esfprevckdfr cstf keyumturf pfrf pemcr cm `frkdf mucves rckurses cstrukturflcs quc mes pcr`itfm nfr

    um sflte kuflitftive cm mucstres `ckfmis`es nc ocmcrfkim nc riquczf y sflir rcaerzfnes, y les pri`cres,

    nc cstf krisis.

    Cl Kemscll nc lf Ocmcrflitft df fnquirine um ke`pre`ise olebfl kem cl c`plce. Sm nckleoe nc fpucstfs

    str`cs quc imkluycm cl fpeye f lf ke`pctitivinfn, lf prenuktivinfn, lf immevfkim y lf imtcrmfkiemflizf-kim nc mucstres scktercs prenuktives, y lf kemtimuinfn nc cgcrkcr umf fkkim nc oebicrme bfsfnf cm cl

    nileoe y cm lf kemkcrtfkim.

    Arute nc cstes ke`pre`ises mfkc lf Cstrftcoif nc Xeltikf Imnustrifl 2868-2863. Sm f`plie kemgumte nc

    `cninfs quc plfs`fm lf nckisim ncl Kemscll, gumte kem lfs fpertfkiemcs nc les rcprcscmtfmtcs c`prc-

    sfriflcs y simnikflcs, nc lincrfr um csaucrze ke`m pfrf kemselinfr lfs bfscs nc umf str`c rckupcrfkimnc lf fktivinfn y cl c`plce f trfvs nc um `encle nc ke`pctitivinfn rcoiemfl ericmtfne f fscmtfrsc

    str`c`cmtc cm um cmterme olebfl. Y tene clle sebrc lf bfsc nc mucstre kfpitfl du`fme, quc kemstituyc cl

    primkipfl fktive nc mucstrf Ke`umitft, gumte kem um i`pulse f lf immevfkim y f lf imtcrmfkiemflizfkim

    nc mucstrfs c`prcsfs.

    Lf sekicnfn kivil vflcmkifmf df nfne yf sebrfnfs `ucstrfs nc su kfpfkinfn pfrf fumfr velumtfncs y

    kemkcrtfr csaucrzes ke`e penc`es ebscrvfr cm lfs sukcsivfs str`fs ncl Xfkte Qflcmkifme per cl C`plce

    y lf Ke`pctitivinfn (XFQFKC). Dey, kem cl fkucrne nc cstf Cstrftcoif nc Xeltikf Imnustrifl nf`es tenes

    gumtes um mucve pfse cm lf bucmf nirckkim pfrf lf krcfkim nc c`plce.

    ^cmc`es kfpfkinfn, f`bikim y klfrinfn nc incfs. cmc`es kemstfmzf cm mesetres y cm mucstre auture.Kem mucstre csaucrze y trfbfge lf Ke`umitft Qflcmkifmf cs i`pfrfblc.

    Arfmkiske Kf`ps ErtizXrcsincmt nc lf Ocmcrflitft

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    Cstrftcoif nc Xeltikf Imnustrifl| CXI 2868-2863 9

    Lf Ke`umitft Qflcmkifmf fkfbf nc trfzfr, kem lf fprebfkim nc lf Cstrftcoif nc Xeltikf Imnustrifl, cl

    kf`ime dfkif su rckupcrfkim ckem`ikf.

    Fn`imistrfkim, c`prcsfries y simnikftes dc`es nfne um cgc`ple nc kemkcrtfkim y nileoe sekiflkemscmsufmne um mike neku`cmte quc earckcr, me sle lfs klfvcs nc lf peltikf imnustrifl nc lesprxi`es fes, sime kemstfmzf y scourinfn pfrf quc mucstrfs c`prcsfs y trfbfgfnercs pucnfm faremtfr

    kem fyercs ofrfmtfs cl auture.

    Lf krisis fktufl cst `enistkfmne lfs rcolfs ncl gucoe ckem`ike cm um cmterme olebfl. Fqucllfs sekic-

    nfncs, pfscs e rcoiemcs, quc scfm kfpfkcs nc incmtistkfr kem premtitun lfs mucvfs klfvcs ncl preorcseoezfrm nc umf pesikim privilcoifnf nc kfrf f lf rckupcrfkim. Cm cl kfse nc mucstrf Ke`umitft, ncbc-

    `es fprevckdfr lf prcscmtc keyumturf pfrf pemcr cm frkdf les rcsertcs quc mes pcr`itfm nfr um sflte

    kuflitftive cm mucstres `ckfmis`es nc ocmcrfkim nc riquczf.Lf Cstrftcoif nc Xeltikf Imnustrifl nf rcspucstf f les primkipflcs rctes nc mucstres scktercs prenuktives

    kem cl stm nc csti`ulfr cl krcki`icmte f `cnie y lfroe plfze nc lf prenuktivinfn y nc `enulfr mucstre

    sistc`f prenuktive ericmtmnele dfkif fktivinfncs nc `fyer vfler ffnine kfpfkcs nc ocmcrfr c`plce

    sestcmiblc. Cm ncstmitivf, fscmtfr lf sflinf nc lf krisis sebrc umf bfsc `s slinf quc pcr`itf, f `cnieplfze, rcte`fr lf scmnf ncl krcki`icmte sestcmine quc df kfrfktcrizfne f lf ckeme`f vflcmkifmf nurfmtc

    les lti`es 63 fes. Cstc cs cl ebgctive nc lf Cstrftcoif nc Xeltikf Imnustrifl 2868-2863.

    Immevfkim c imtcrmfkiemflizfkim sem lfs nes kfrfs nc umf `is`f `emcnf. Dey cm nf kuflquicr c`prc-

    sf, pfrf scr ke`pctitivf, le df nc scr f mivcl olebfl. Y pfrf scr ke`pctitives me bfstf kem scr cstkicmtcs

    cm kestcs, perquc cm um cmterme olebfl sic`prc suroirm ke`pctinercs kfpfkcs nc prenukir cm `cgercs

    kemnikiemcs. Lf immevfkim cm tenfs sus aer`fs cs lf mikf vf pfrf niacrcmkifr mucstres prenuktes,flkfmzfr mucves mikdes nc `crkfne y ocmcrfr vcmtfgfs tckmeloikfs quc mes dfofm `s ke`pctitives:

    y clle tfmte cm mucstres scktercs kemselinfnes ke`e cm fquclles c`crocmtcs e nc `fyer imtcmsinfn

    tckmeloikf.

    Lf CXI 2868-2863 cs umf cstrftcoif kcmtrfnf cm lf c`prcsf ke`e focmtc nc kf`bie, per le quc dfnc ftcmncr f lfs cspckistkinfncs ncl tcgine imnustrifl nc lf Ke`umitft. Cm pri`cr luofr f lfs pcrsemfs,

    c`prcsfries y trfbfgfnercs, quc kemstituycm mucstre primkipfl rckurse prenuktive cm lf ckeme`f ncl

    kemeki`icmte7 cl kfpitfl du`fme. Cm scoumne luofr, f um tcgine c`prcsfrifl kemstituine fyeritfrif`cmtc

    per `ikrec`prcsfs af`ilifrcs f lfs quc rcsultf aumnf`cmtfl earckcr rckurses y fpeye pfrf krckcr cm

    tf`fe, ae`cmtfmne prekcses nc krcki`icmte c`prcsfrifl quc pcr`itfm fbernfr kem ofrfmtfs lf imtcr-

    mfkiemflizfkim y lf immevfkim mckcsfrifs pfrf ke`pctir cm um cmterme olebfl. Y per lti`e, ae`cmtfr

    lf nivcrsistkfkim nc mucstre tcgine prenuktive, tfmte fpeyfmne f mucstres scktercs kemselinfnes ke`eae`cmtfmne cl c`prcmncnuris`e y lf krcfkim nc mucvfs c`prcsfs immevfnerfs.

    Cstf Cstrftcoif me cs sele um plfm clfberfne per lf Ocmcrflitft. Kemstituyc umf degf nc rutf cm lf quc

    sc ncstmcm les kimke orfmncs ebgctives quc qucrc`es flkfmzfr7 neblfr cl ofste c`prcsfrifl cm I+N+i,

    imkerperfr rckurses du`fmes kuflistkfnes cm lfs c`prcsfs, imkrc`cmtfr lf krcfkim nc c`prcsfs imme-vfnerfs, petcmkifr lf nivcrsistkfkim imnustrifl c imkrc`cmtfr lf bfsc nc c`prcsfs cxpertfnerfs y cl

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    Cstrftcoif nc Xeltikf Imnustrifl | CXI 2868-286368

    mivcl tckmeloike nc lfs cxpertfkiemcs y tene clle sc i`plc`cmtf cm terme f ;8 `cninfs kemkrctfs kemum prcsupucste ke`pre`ctine dfstf cl fe 2863.

    [c trftf, cm ncstmitivf nc um csaucrze kelcktive cm cl quc cl Kemscll y mucstrf sekicnfn kivil fmfm cs-

    aucrzes pfrf rcaerzfr um encle nc ke`pctitivinfn quc kemtribuyf f ocmcrfr um krcki`icmte sestcminey sestcmiblc nc mucstrf ckeme`f. Xer clle quicre forfnckcr `uy cspckifl`cmtc f les rcprcscmtfmtcs

    nc c`prcsfries y trfbfgfnercs tfmte sus fpertfkiemcs fl neku`cmte ke`e su ke`pre`ise, prcscmtc yauture, kem sus ebgctives.

    Qikcmtc Rf`blf @e`plct Kemscllcr nc Imnustrif, Ke`crkie

    c Immevfkim y Qikcprcsincmtc

    pri`cre ncl Kemscll

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    Fkucrne per lf Cstrftcoif ncXeltikf Imnustrifl (CXI)

    2868-2863

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    Cstrftcoif nc Xeltikf Imnustrifl | CXI 2868-286362

    Cm cl Xflfu nc lf Ocmcrflitft, cl 2 nc mevic`brc nc 2868.

    Rcumines7

    N. Qikcmtc Rf`blf @e`plct, vikcprcsincmtc pri`cre y kemscllcr nc Imnustrif, Ke`crkie c Immevfkim.

    N. Kemrfne Dcrmmncz @fs, sckrctfrie ocmcrfl nc lf Smim Ocmcrfl nc ^rfbfgfnercs ncl Xfs Qflcmkifme.

    N. Xfke @elimf Bflfoucr, sckrctfrie ocmcrfl nc Ke`isiemcs nc Ebrcrfs ncl Xfs Qflcmkifme.

    N. Rfafcl Acrrfmne Oimcr, prcsincmtc nc lf Kemacncrfkim nc Erofmizfkiemcs C`prcsfriflcs nc lf Ke`u-

    minfn Qflcmkifmf.

    Cxpemcm7

    Xri`cre. Lfs pfrtcs quc suskribcm cl prcscmtc Fkucrne str`frem cl nf 63 nc scptic`brc nc 2884 clXfkte Qflcmkifme per cl Krcki`icmte y cl C`plce II (XFQFKC II) 2889-286;.

    [coumne. Lf keyumturf ckem`ikf fktufl cxioc scouir rcaerzfmne cl nileoe sekifl y cl i`pulse cm lfke`pctitivinfn c`prcsfrifl kem cl ebgctive nc rckupcrfr lf scmnf ncl krcki`icmte ckem`ike

    y nc lf ocmcrfkim ncl c`plce cm lf Ke`umitft Qflcmkifmf.

    ^crkcrf. Cl Ebscrvfterie nc lf Imnustrif y nc les [cktercs Ckem`ikes Qflcmkifmes kemstituine nc aer`f

    tripfrtitf y pfritfrif sc crioc ke`e um imstru`cmte nc keepcrfkim cmtrc lf Fn`imistrfkim

    Futem`ikf y les Focmtcs C`prcsfriflcs y [ekiflcs, qucnfmne fnskrite f lf Kemscllcrif kemke`pctcmkifs cm `ftcrif nc imnustrif, ke`crkie c immevfkim per Nckrcte 39/2868, nc 61

    nc fbril, ncl Kemscll, ke`e rofme nc kfrktcr kemsultive, nc pfrtikipfkim y prepucstf cm

    kufmte f lfs `cninfs y peltikfs nc ncsfrrelle e quc pucnc ncsfrrellfr lf Ocmcrflitft cm lesscktercs ckem`ikes c imnustriflcs nc lf Ke`umitft Qflcmkifmf.

    Kufrte. Cm cl scme ncl Ebscrvfterie nc lf Imnustrif y nc les [cktercs Ckem`ikes Qflcmkifmes scprepemcm y cvflfm `cninfs quc kemtribuyfm f quc lfs c`prcsfs y scktercs ericmtcm sus

    cstrftcoifs dfkif lf `cgerf nc lf ke`pctitivinfn afverckicmne su pesikiemf`icmte cm les

    `crkfnes.

    Vuimte. Kemskicmtcs nc lf fnvcrsf situfkim ckem`ikf, y ncmtre ncl `frke ncl XFQFKC II y nclEbscrvfterie nc lf Imnustrif y nc les [cktercs Ckem`ikes Qflcmkifmes, lf Ocmcrflitft df

    kemscmsufne kem les focmtcs ckem`ikes y sekiflcs nc lf Ke`umitft Qflcmkifmf cl neku-

    `cmte quc sc fmcxf y quc, bfge cl me`brc nc Cstrftcoif nc Xeltikf Imnustrifl, cstfblckc lfs

    fktufkiemcs f rcflizfr cm cl pcriene 2868-2863 cm `ftcrif nc7 `cgerf kemtimuf nc lf prenuk-tivinfn y ke`pctitivinfn nc lfs c`prcsfs: ncsfrrelle nc mucvfs fktivinfncs imnustriflcs y nc

    scrvikies bfsfnfs cm cl kemeki`icmte: fu`cmte nc lf ni`cmsim nc lfs c`prcsfs imnustriflcs:

    imtcrmfkiemflizfkim nc lfs c`prcsfs vflcmkifmfs: fu`cmte ncl ofste c`prcsfrifl cm I+N

    y, cspckifl`cmtc, cm immevfkim tfmte tckmeloikf ke`e me tckmeloikf y petcmkifkim ncl

    kfpitfl du`fme c`prcsfrifl.

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    Cstrftcoif nc Xeltikf Imnustrifl| CXI 2868-2863 6;

    Fkucrnfm7

    Xri`cre. [uskribir cl neku`cmte quc sc fmcxf, kem cl me`brc nc Cstrftcoif nc Xeltikf Imnustrifl(CXI) 2868-2863.

    [coumne. Ncsfrrellfr cl kemgumte nc fktufkiemcs quc sc ncrivcm ncl kitfne neku`cmte y quc sc niriocmfl i`pulse nc lf immevfkim, lf imtcrmfkiemflizfkim y lf ke`pctitivinfn c`prcsfrifl nurfmtc

    lf viocmkif ncl prcscmtc fkucrne cmtrc 2868-2863.

    ^crkcre. Lf Ocmcrflitft netfr cm sus prcsupucstes lfs pfrtinfs prcsupucstfrifs mckcsfrifs y sust-

    kicmtcs pfrf cl ncsfrrelle nc les cgcs y `cninfs kemtc`plfnes cm cl kitfne neku`cmte.

    Kufrte. [c krcfr cm cl Ebscrvfterie nc lf Imnustrif y nc les [cktercs Ckem`ikes Qflcmkifmes umfKe`isim nc [coui`icmte nc lf Cstrftcoif nc Xeltikf Imnustrifl 2868-2863 kem cl stm nc

    cvflufr nurfmtc cl prxi`e quimqucmie lf cacktivinfn nc lfs peltikfs pblikfs llcvfnfs f

    kfbe, fs ke`e cl orfne nc i`plikfkim nc les nistimtes focmtcs ncl [istc`f Rcoiemfl nc

    Immevfkim cm lf kemsckukim nc nikdes ebgctives.

    ^f`bim sc krcfrfm ke`isiemcs sckteriflcs pfrf dfkcr um scoui`icmte y cvflufkim nc lfCstrftcoif cm les nistimtes scktercs ckem`ikes c imnustriflcs i`plikfnes.

    Vuimte. [im pcrguikie nc lf viocmkif fkernfnf pfrf cl prcscmtc fkucrne, kem kfrktcr sc`cstrfl scrcvisfr su kemtcmine y flkfmkc fnfptfmne, cm su kfse, cl cskcmfrie stmfmkicre f lf cvelukim

    nc lf situfkim ckem`ikf, sekifl y lfberfl nc lf ckeme`f vflcmkifmf.

    CL QIKCXRC[INCM^C XRI@CRE YI KEM[CLLCR CL [CKRC^FRIE OCMCRFL NC LF SO -XQ

    NIMN[^RIF, KE@CR I IMMEQFKI

    Qikcmtc Rf`blf @e`plct Kemrfne Dcrmmncz @cs

    CL [CKRC^FRIE OCMCRFL KKEE-XQ CL XRC[INCM^C NC KICRQFL

    Xfke @elimf Bflfoucr Rfafcl Acrrfmne Oimcr

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    6.Imtrenukkim

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    Cstrftcoif nc Xeltikf Imnustrifl| CXI 2868-2863 6?

    Cmtrc 6993 y 2884 lf Ke`umitft Qflcmkifmf df pretfoemizfne umf prelemofnf ctfpf nc krcki`icmteckem`ikeaumnf`cmtfne cm lf imvcrsim prenuktivf y cm lf krcfkim nc c`plce. Nurfmtc cstc pcrene,lf tfsf nc ncsc`plce ncskcmni ncsnc cl 2>% fl 4%, fl tic`pe quc sc prenukf lf `fyer cxpfmsim

    kemekinf nc lf peblfkim fktivf.

    Lfs vcmtfgfs nc dfbcr krckine `ukde sem cvincmtcs. [c puse stm fl niacrcmkifl nc pfre kem rcspckte fl

    rcste nc pfscs nc lf Smim Curepcf (SC), sc kemvcroi cm rcmtf rcfl y cm rcmtf pcr kpitf kem rcspckte

    f lf `cnif curepcf, sc `encr lf imflfkim nurfmtc um lfroe tic`pe, y sc fke`cticrem orfmncs ebrfsnc imarfcstrukturfs quc dfm kemtribuine f lf `encrmizfkim nc lf ckeme`f. F stmflcs nc 2884, fmtcs

    nc quc lf fktufl krisis `estrfrf tenf su krunczf cm cl mivcl nc c`plce, lf ckeme`f vflcmkifmf crf umfckeme`f s aucrtc y s ncsfrrellfnf quc lf nc 6993. [c dfbf pretfoemizfne umf metfblc trfmsaer-`fkim cm tr`imes ckem`ikes y sekiflcs.

    [im c`bfroe, les fkemtcki`icmtes ckem`ikes rckicmtcs dfm vuclte f pemcr nc `fmistcste imkluse kem

    `fyer imtcmsinfn quc cm cl pfsfne quc mes dfllf`es cm um `umne plcmf`cmtc olebflizfne, cm cl quc

    les `crkfnes stmfmkicres y nc bicmcs y scrvikies cstm fltf`cmtc imtcrrclfkiemfnes, nc aer`f quc lf

    fpfrikim nc sdekjse pcrturbfkiemcs cm floume nc clles pucncm llcofr f tcmcr kemsckucmkifs nc orfm

    f`plitun sebrc cl kemgumte nc lf ckeme`f `umnifl. Fs, lf ckeme`f cspfelf y per cmnc lf vflcm-

    kifmf flkfmzfbf ncsnc stmflcs nc 288?, um pumte nc imflcxim`frkfne per nes afktercs primkipflcs7per um lfne, y kem kfrktcr keyumturfl, cl kf`bie nc kikle: per etre, y kem kfrktcr `s cstrukturfl, lf

    prninf nc ke`pctitivinfn imtcrmfkiemfl.

    Cl kf`bie nc kikle

    Cl kf`bie nc kikle sc erioimf cm lf krisis stmfmkicrf quc ke`cmz cm cl vcrfme nc 288? y quc cvelukiem

    f umf orfm krisis imtcrmfkiemfl cm 2884. Les nftes imnikfm quc lf imtcmsinfn nc cstf krisis olebfl cs fl`cmes tfm clcvfnf ke`e lf nc les fes trcimtf, y quc df facktfne si`ultmcf`cmtc f lf `fyerf nc lfsckeme`fs ncl plfmctf. Cm lf fktufl krisis sc dfm nfne kitf um orfm m`cre nc pcrturbfkiemcs7 krisisbfmkfrifs cm niacrcmtcs pfscs, cl rpine krcki`icmte nc les nstkits pblikes y les mivclcs nc cmncunf-`icmte nc lf `fyerf nc lfs fn`imistrfkiemcs, nc lfs c`prcsfs y nc lfs af`ilifs, umf orfm velftilinfn

    cm les `crkfnes nc kf`bie, cl ncsple`c nc lf prenukkim y ncl ke`crkie imtcrmfkiemfl, lf cxplesim

    nc burbugfs im`ebilifrifs, krisis burstilcs y preblc`fs nc krcnibilinfn sebrc lf selvcmkif nc lfs stmfm-

    zfs pblikfs quc dfm kemtrfne les `crkfnes nc liquincz y nc krnite. Lf keimkincmkif nc tenes cstes

    ncscquilibries df erioimfne umf krisis `uy preaumnf, rcflcgfnf cspckifl`cmtc cm clcvfnes mivclcs nc

    ncsc`plce, y trfs lf quc sc tfrnfr cm rckupcrfr lf scmnf nc krcki`icmte f lfroe plfze quc sc vcmf

    nisarutfmne ncsnc cnifnes nc les mevcmtf.

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    Cstrftcoif nc Xeltikf Imnustrifl | CXI 2868-286364

    Lf prninf nc ke`pctitivinfn

    Imkluse kem fmtcrierinfn fl kf`bie nc kikle lf ckeme`f cspfelf `estrfbf um aertsi`e nstkit cm su

    bflfmzf cxtcrier, smte`f nc um krcki`icmte bfsfne cm lf nc`fmnf imtcrmf y rcflcge nc umf prninf

    pfulftimf nc ke`pctitivinfn arcmtc fl rcste ncl `umne. Xfrflclf`cmtc, umf pfrtc nc lf ckeme`f vf-

    lcmkifmf, cspckifl`cmtc cm cl kfse nc mucstres scktercs imnustriflcs y nc scrvikies `s kemselinfnes,

    suarf si`ilfrcs prninfs nc ke`pctitivinfn ncrivfnfs nc lf f`cmfzf nc les pfscs prenuktercs nc bfgekestc y nc lf olebflizfkim.

    Cstf prninf nc ke`pctitivinfnsc kemvicrtc cm lf primkipfl f`cmfzf quc pcsf sebrc cl auture nclkemgumte nc scktercs ckem`ikes nc lf Ke`umitft Qflcmkifmf. [icmne lf ke`pctitivinfn um kemkcpte

    rclftive, cstc nstkit me sc rcstcrc mckcsfrif`cmtc f umf nis`imukim cm tr`imes fbselutes sime f

    `cgerfs `s lcmtfs quc lfs quc ncsfrrellfm mucstres ke`pctinercs f le lfroe nc les fes, tfmte cm

    tr`imes nc prenuktivinfn, ke`e nc flcxibilinfn y fnfptfkim f les `crkfnes, ke`e nc ericmtfkim

    preorcsivf f fktivinfncs nc `fyer vfler ffnine.

    Cstes afktercs, y cm pfrtikulfr lf `cgerf nc lf prenuktivinfnke`e nctcr`imfmtc lti`e nc lf ke`-pctitivinfn, sc kemvicrtcm mckcsfrif`cmtc cm les cgcs nc lf Xeltikf Imnustrifl f `cnie y lfroe plfze y,

    cm pfrtikulfr, nc lf Cstrftcoif nc Xeltikf Imnustrifl (CXI) 2868-2863. Cm lf Ke`umitft Qflcmkifmf, cstcprekcse pfsf mckcsfrif`cmtc per `fmtcmcr c imkluse fu`cmtfr cl pcse rclftive nc lf imnustrif cm

    cl XIB rcoiemfl, ke`bimfmne cl `fmtcmi`icmte c i`pulse nc scktercs imnustriflcs nc orfm frrfioe y quc

    sioucm sicmne fltf`cmtc ke`pctitives, gumte kem cl ncsfrrelle nc mucvfs fktivinfncs quc imkerpercm

    um fyer vfler ffnine c imtcmsinfn tckmeloikf, ericmtfmne f lf ckeme`f vflcmkifmf dfkif crkfnes

    `s nim`ikes y kem flte petcmkifl nc krcki`icmte, fprevckdfmne fs lfs epertuminfncs quc sc ncrivfm

    ncl prepie prekcse nc olebflizfkim f cskflf `umnifl.

    Cm su`f, les rctes f les quc sc cmarcmtfm les scktercs prenuktives vflcmkifmes nurfmtc les prxi`es

    fes sem, aumnf`cmtfl`cmtc, les siouicmtcs7

    6. Lf `cgerf kemtimuf nc lf prenuktivinfn y ke`pctitivinfnnc lfs c`prcsfs.

    2. Cl ncsfrrelle nc mucvfs fktivinfncs imnustriflcs y nc scrvikies bfsfnfs cm cl kemeki`icmte.;. Cl fu`cmte nc lf ni`cmsim nc lfs c`prcsfs imnustriflcs pfrf fprevckdfr lfs ckeme`fs nc cskflf

    y kemquistfr mucves `crkfnes.

    >. Lf imtcrmfkiemflizfkimnc lfs c`prcsfs vflcmkifmfs.

    3. Sm fu`cmte ncl ofste c`prcsfrifl cm I+N y, cspckifl cmtc, cmimmevfkim, tfmte tckmeloikf ke`e

    me tckmeloikf.

    1. Lf petcmkifkim ncl kfpitfl du`fme c`prcsfrifl(c`prcsfries, nircktives y trfbfgfnercs) ke`eafkter cstrftoike nc cxkclcmkif y nc ke`pctitivinfn.

    Cm cstc kemtcxte, lf Cstrftcoif nc Xeltikf Imnustrifl, CXI 2868-2863,prctcmnc scmtfr lfs bfscs nc umf

    mucvf ctfpf nc krcki`icmte ckem`ike y sekifl imtcorfmne lf immevfkim, lf ke`pctitivinfn y lf imtcrmf-kiemflizfkim nc lfs c`prcsfs vflcmkifmfs ke`e vcktercs nc preorcse pfrf mucstres scktercs prenuktives.

    Rcaerzfr cl fktufl `encle nc ke`pctitivinfn nc lf Ke`umitft sc trfnukc cm kemselinfr sus aertflczfs

    fktuflcs y petcmkifr fqucllfs fktivinfncs quc `irfm dfkif cl auture. Faertumfnf`cmtc cxistcm mu`cresfs

    aertflczfs cm lfs quc fpeyfrsc: pcre me ncbc subcsti`frsc lf mckcsinfn nc fktufr kufmte fmtcs y kem

    lf `fyer cmcrof y cstkfkif.

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    Cstrftcoif nc Xeltikf Imnustrifl| CXI 2868-2863 69

    Lf CXI 2868-2863 prcscmtf umf cstrukturf nivininf cm trcs orfmncs blequcs7 cm pri`cr luofr sc ncstmcm

    lesafktercs nctcr`imfmtcs nc lf ke`pctitivinfn rcoiemflkem cl stm nc ncstfkfr fquclles sebrc les qucsc ncbc imkinir: cm scoumne luofr, sc ncstmcm lesebgctives cstrftoikespfrf cl pcrene 2868-2863, fske`e les cgcs y prepucstfsquc lf imtcorfm: cm tcrkcr luofr sc kemkrctfm lfs pfrtinfs prcsupucstfrifsprcvistfspfrf lf stmfmkifkim nc lf Cstrftcoif y clkremeorf`f nc cgckukim: per lti`e sc cstfblckcm

    les `ckfmis`es nc cvflufkim y scoui`icmte.

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    2.Nctcr`imfmtcsnc lf ke`pctitivinfn

    rcoiemfl

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    Cstrftcoif nc Xeltikf Imnustrifl| CXI 2868-2863 2;

    Cl orfne nc ke`pctitivinfn nc mucstrf ckeme`f nctcr`imfr, cm cl auture, lf kfpfkinfn nc lf sekicnfn

    vflcmkifmf nc kemscouir um krcki`icmte sestcmine cm c`plce, rcmtf y bicmcstfr per dfbitfmtc, sckterifl-

    `cmtc cquilibrfne, sestcmiblc, fbicrte f lfs epertuminfncs quc prcscmtf lf olebflizfkim y kedcsiemfne

    sekifl y tcrriterifl`cmtc.

    F su vcz, lfke`pctitivinfn nc umf ckeme`f e nc um tcrriterie,ncpcmnc nc umf ke`plcgf scric ncafktercs quc, cm lti`f imstfmkif, sem les nctcr`imfmtcs nc lfprenuktivinfnncl `is`e. @ukdes nc cstes

    afktercs ticmcm um kfrktcr cstrukturfl, sc cmkucmtrfm aucrf ncl flkfmkc nc les prepies scktercs prenuk-

    tives y nc lf peltikf imnustrifl, y ke`pctcm f nistimtes mivclcs nc lfs Fn`imistrfkiemcs Xblikfs.F kemtimufkim sc rckeoc umf klfsistkfkim cm scis orupes nc floumes nc cstes afktercs, kem fplikfkiemcs

    kemkrctfs fl kfse nc lf Ke`umitft Qflcmkifmf. Cl imtcrs aumnf`cmtfl nc cstf tipeleof rcsinc cm lf incm-

    tistkfkim nc vcktercs cstrukturflcs nc krcki`icmte ckem`ike f `cnie y lfroe plfze, fs ke`e ocmcrfrumf mckcsfrif rcflcxim fkcrkf nc fquclles cm les kuflcs pucnc imkinir rfzemfblc`cmtc lf Ocmcrflitft,

    arcmtc f les quc scrfm ke`pctcmkif ncl Oebicrme Kcmtrfl (orstke 6).

    Orstke 6.Afktercs nctcr`imfmtcs nc lf ke`pctitivinfn

    Nispemibilinfn ncrckurses y cstkicmkif nc

    les crkfnes

    @frke imstitukiemfl ycmterme rcoulfterie

    Qflerfkim sestcmiblc ncvcmtfgfs ke`pctitivfsfsekifnfs fl tcrriterie

    Netfkim y kflinfn nclkfpitfl du`fme

    Imarfcstrukturfs ynetfkim nc kfpitfl

    prenuktive

    Kfpfkinfn c`prcmncnerf,immevfnerf c I+N+i

    KE@XC^I^IQINFN

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    Cstrftcoif nc Xeltikf Imnustrifl| CXI 2868-2863 23

    >. Imarfcstrukturfs y Netfkim nc Kfpitfl Xrenuktive7

    Imarfcstrukturfs leostikfs y fcrepertufrifs7 Xucrtes y Fcrepucrtes nc Qflcmkif, Flikfmtc y Kfstc-

    llm,

    Kemcktivinfn acrrevifrif7 FQC y Kerrcner @cnitcrrmce.

    [ucle c`prcsfrifl y etrfs imvcrsiemcs prenuktivfs.

    3. Netfkim y Kflinfn ncl Kfpitfl Du`fme7

    @encle Cnukftive7 nis`imukim ncl arfkfse cskelfr, cgerf nc lf aer`fkim preacsiemfl, ae`cmtencl c`prcmncnuris`e, inie`fs, kelfberfkim umivcrsinfn y c`prcsf.

    Nc`eorfaf c Im`iorfkim.

    1. Kfpfkinfn Immevfnerf, Ofste cm I+N+i y Nimf`is`e C`prcmncner7

    Kfrfktcrstikfs ncl tcgine prenuktive. Smivcrsinfncs y Rcn nc Imstitutes ^ckmeloikes. Imnikfnercs nc ofste cm I+N+i. Fpeye f mucvfs c`prcsfs immevfnerfs y nc kemtcmine tckmeloike.

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    ;.Cstrftcoif nc

    Xeltikf Imnustrifl2868-2863

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    Cstrftcoif nc Xeltikf Imnustrifl| CXI 2868-2863 29

    Rcsultf cvincmtc quc nc les nistimtes afktercs nctcr`imfmtcs nc lf ke`pctitivinfn rcoiemfl quc sc fkfbfm

    nc cmu`crfr, sle umes pekes cstm rcfl`cmtc fl flkfmkc nc umf peltikf imnustrifl rcoiemfl.

    Xer etre lfne, lf CXI me pucnc rcnukirsc sele f umf cstrftcoif ocmcrfl nc tipe `fkreckem`ike, sime quc

    prctcmnc kcmtrfrsc cmlf c`prcsf ke`e focmtc nc kf`bie y nc ke`pctitivinfn.Y sicmne lf prenukti-vinfn, ke`e dc`es viste, cl primkipfl nctcr`imfmtc nc lf ke`pctitivinfn c`prcsfrifl f lfroe plfze, csi`pertfmtc ncstfkfr fquclles afktercs nc lf prenuktivinfn sebrc les quc pucnc rfzemfblc`cmtc imkinir

    lf peltikf imnustrifl.

    Lf prenuktivinfn nc umf c`prcsf pucnc rcaerzfrsc f trfvs nc nistimtfs vfs, cmtrc lfs kuflcs sc cm-kucmtrfm7 . lf imvcrsim cm kfpitfl stge quc imkerperc fvfmkcs tckmeloikes: . Lf imvcrsim cm kfpitfl

    du`fme (cnukfkim, aer`fkim y dfbilinfncs nc lf `fme nc ebrf y nc les cquipes nircktives): . Cl

    fu`cmte nc lf ke`pctcmkif: . Lfs cgerfs imtcrmfs nc cstkicmkif (cxkclcmkif epcrftivf): v. Lf immevfkim

    y, per lti`e, . Lf imtcrmfkiemflizfkim. Lf CXI kemticmc, ke`e sc vcr `s fnclfmtc, `cninfs cm tenes

    cstes `bites: sim c`bfroe, y nc `ene ocmcrfl, les primkipflcs imstru`cmtes pfrf fkclcrfr cl krcki`icmte

    nc lf prenuktivinfn nc umf aer`f cstfblc sem les nes lti`es, lf immevfkim y lf imtcrmfkiemflizfkim.

    Ncsnc um pumte nc vistf c`prcsfrifl lfimmevfkim kemsistc cm lf i`plfmtfkim nc umf kulturf nc ocs-tim quc pcr`itf, nc aer`f kemtimuf y sistc`tikf, fplikfr lf krcftivinfn y cl kemeki`icmte f ocmcrfr

    vfler cm cl `crkfne, erioimfmne fs umf vcmtfgf ke`pctitivf sestcmiblc pfrf lf c`prcsf. Cm kemkrcte,cl vfler ocmcrfne per lf immevfkim sc pucnc ncrivfr ncl ncsfrrelle nc mucves prekcses y prenuktes,

    nc lf i`plfmtfkim nc mucvfs aer`fs nc erofmizfkim nc lf c`prcsf, nc mucvfs aer`fs nc fkkcncr fl

    `crkfne quc lf dfofm `s ke`pctitivf.

    Smf c`prcsf immevfnerf me le cs sle per ncsfrrellfr preycktes nc I+N+i: sc rcquicrc, fnc`s, cl nc-sfrrelle nc kfpfkinfncs imtcrmfs (rckurses du`fmes) kfpfkcs nc nctcktfr epertuminfncs nc mcoekie,

    nc ncsfrrellfr y ocstiemfr umf kfrtcrf nc preycktes y, per lti`e, nc ebtcmcr rcsultfnes cm cl crkfne.Xer etre lfne, cs cvincmtc quc me tenfs lfs immevfkiemcs sem nc kfrktcr tckmeloike mi sc erioimfmcm preycktes nc I+N: lf immevfkim nc ocstim y nc `encle nc mcoekie gucofm, dey cm nf, um pfpclaumnf`cmtfl. Clle rcsultf cspckifl`cmtc kicrte cm umf ckeme`f ke`e lf vflcmkifmf, nemnc cl 93% nclfs c`prcsfs sem `ikrec`prcsfs nc `cmes nc 68 trfbfgfnercs: f lfs quc lcs cs niakil ncsfrrellfr imtcr-

    mf`cmtc fktivinfncs nc I+N, fumquc s pucncm llcvfr f kfbe prekcses nc immevfkim kem cl fpeye, percgc`ple, nc les Imstitutes ^ckmeloikes y nc lfs umivcrsinfncs. Cm cstc scmtine, me tenfs lfs c`prcsfspucncm dfkcr I+N, pcre tenfs ncbcmnc um `ene u etre fbernfr prekcses nc immevfkim pfrfke`pctir y sebrcvivir cm um cmterme olebfl.

    Ncsnc umf pcrspcktivf rcoiemfl, cl petcmkifl immevfner nc lfs c`prcsfs cst nircktf`cmtc vimkulfne f

    lf cxistcmkif nc um sistc`f nc immevfkim, nemnc cl rcste nc focmtcs (Fn`imistrfkiemcs Xblikfs, Smi-

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    Cstrftcoif nc Xeltikf Imnustrifl | CXI 2868-2863;8

    vcrsinfncs y Kcmtres ^ckmeloikes, Focmtcs [ekiflcs, K`frfs nc Ke`crkie,) fsu`fm lf immevfkim

    ke`e vckter nc preorcse sekifl y ocmcrcm `ckfmis`es nc kelfberfkim cm rcn quc nimf`ikcm cl sistc`f

    y `cgercm su rcmni`icmte. Xer tene clle, umf rcoim immevfnerfprierizf fqucllfs fktivinfncs quc `irfm

    dfkif cl auture, sc netf nc les rckurses mckcsfries pfrf faremtfr cm `cgercs kemnikiemcs les rctes ncl

    preorcse, y lincrf prefktivf`cmtc floumes nc sus arcmtcs.

    Smf rcoim immevfnerf cs, per ncstmikim, umf rcoim fbicrtf fl `umne. Xer clle, lf imtcrmfkiemflizfkimsc kemvicrtc mckcsfrif`cmtc, gumte kem lf immevfkim, cm cl scoumne vckter nc cvelukim nc mucstrf

    cstrukturf prenuktivf quc prckemizf lf CXI. Smf c`prcsf immevfnerf cs `s ke`pctitivf, per le quc

    pucnc fbernfr kem `fyercs prebfbilinfncs nc xite cl fkkcse f les `crkfnes cxtcriercs: f lf imvcrsf,

    umf c`prcsf imtcrmfkiemflizfnf nispemc, fl epcrfr cm um `crkfne `s f`plie, nc `fyercs kfpfkinfncs

    y rckurses pfrf ncsfrrellfr preycktes immevfnercs quc kemselincm su vcmtfgf ke`pctitivf.

    Lf imtcrmfkiemflizfkim me kemsistc sle cm cxpertfr pfrtc nc lf prenukkim, cspckifl`cmtc cm scktercs

    se`ctines f umf aucrtc ke`pctcmkif cm kestcs per pfrtc nc tcrkcres pfscs: ncbc cmtcmncrsc, cm um

    cmterme olebfl, ke`e lf epti`izfkim nc lf kfncmf nc vfler f mivcl `umnifl. Y, ke`e cm cl kfse nc lf

    immevfkim, les prekcses nc imtcrmfkiemflizfkim ncbcm fke`ctcrsc tfmte cm lfs c`prcsfs nc lesscktercs kemselinfnes ke`e cm lfs nc `s rckicmtc krcfkim cm scktercs c`crocmtcs. Cm cl pri`crkfse lf fpcrturf fl cxtcrier e lf kemselinfkim nc su prcscmkif cm les `crkfnes cxtcriercs lc pcr`itirsupcrfr kem `fyercs ofrfmtfs lfs nistkultfncs f lfs quc sc cmarcmtfm cm lf fktuflinfn, cspckifl`cmtc

    cm um kemtcxte nc nbil nc`fmnf imtcrmf pfrf cl kemgumte nc lf ckeme`f cspfelf. Cm cl scoumne kfse,

    lfs c`prcsfs s immevfnerfs y nc bfsc tckmeloikf cmkemtrfrm metfblcs vcmtfgfs cm lf imtcrmfkiemf-

    lizfkim ncsnc les imikies: cstc tipe nc fktivinfn imkerperf clcvfnes kestcs nc I+N kuyf ebselcskcmkifcs clcvfnf, per le quc lf f`plifkim nc lfs vcmtfs f les `crkfnes cxtcriercs pcr`itc fkclcrfr lf f`er-tizfkim nc lfs imvcrsiemcs rcflizfnfs.

    Cm ncstmitivf, lf immevfkim y lf imtcrmfkiemflizfkim sc kemstourfm ke`e lfs bfscs ncl auture `encle

    nc ke`pctitivinfn pfrf lf Ke`umitft Qflcmkifmf.F kemtimufkim sc cstfblckcm tfmte les primkipiesrcktercs ke`e les ebgctives, cgcs y lmcfs nc fktufkim nc lf Cstrftcoif nc Xeltikf Imnustrifl 2868-2863.

    ;.6. Xrimkipies bsikes nc lf CXI 2868-2863

    Lf Cstrftcoif nc Xeltikf Imnustrifl 2868-2863 kemstituyc umf cstrftcoif f kerte, `cnie y lfroe plfze

    pfrf rcaerzfr cl `encle nc ke`pctitivinfn nc lf ckeme`f nc lf Ke`umitft Qflcmkifmf, scmtfmne fslfs bfscs pfrf quc lf sflinf nc lf krisissc kemvicrtf cm cl imikie nc umf mucvf ctfpf nc krcki`icmteckem`ike, ocmcrfkim nc c`plce y bicmcstfr pfrf mucstres kemkiunfnfmes.

    [u `bite nc fplikfkim sc kcmtrf cm lesscktercs imnustriflcs,tfmte kemselinfnes ke`e c`crocmtcs,fs ke`e fquclles scrvikiesvimkulfnes f lf imnustrif (leostikf, tcrkifrie fvfmzfne, ^IK) y, per su-pucste, fl ke`crkie.

    Cl ebgctive kcmtrfl nc lf CXI cs prepikifr cl ncsfrrelle y krcfkim nc c`prcsfs olebflcs y ke`pcti-tivfs cm tenes les scktercs (c`crocmtcs y kemselinfnes). [c trftf, per le tfmte, nc `enulfr mucstre`encle prenuktive rcoiemfl kem lf stmflinfn nc dfkcrle `s ke`pctitive.

    Xfrf clle, lf CXI 2868-2863 sc imtcorf cm cl kemtcxte nclEbscrvfterie nc lf Imnustrif y nc les [cktercs

    Ckem`ikes Qflcmkifmes (XFQFKC II 2889-286;),y prctcmnc cstfblckcr lfs bfscs nc um @encle ncKe`pctitivinfnpfrf lf Ke`umitft kcmtrfne cm7

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    Cstrftcoif nc Xeltikf Imnustrifl| CXI 2868-2863 ;6

    6. Cl fu`cmte kemtimufne nc lf prenuktivinfn nc lfs c`prcsfs,

    2. LfsXy`cs, quc kemstituycm lf im`cmsf `fyerf nc mucstre tcgine prenuktive, gumte kem cl ncsfrrelle

    nc flifmzfs y orupes c`prcsfriflcs trfktercsy kem `fsf krtikf,

    ;. Smf cstrukturf prenuktivfimnustrifl y nc scrvikiesnivcrsistkfnf, kem fktivinfncs, nc krckicmtc

    imtcmsinfn tckmeloikf, `fyer vfler ffnine, y>. Clcvfnes mivclcs nc imtcrmfkiemflizfkim.

    Fs, lf CXI kcmtrf su ftcmkim cm lf c`prcsf ke`e focmtc nc kf`bie y nc preorcse, cstfblckicmnetrcs tipes aumnf`cmtflcs nc imikiftivfs (orstke 2)7

    6. Imikiftivfs nc Immevfkimpfrf mucstrf bfsc ckem`ikf nc prcscmtc7 lf immevfkim ke`e aucmtcnc vfler ffnine y ke`pctitivinfn c`prcsfrifl cm mucstres scktercs kemselinfnes.

    2. Imikiftivfs nc Nivcrsistkfkim dfkif scktercs c`crocmtcs pfrf kemstruir cl auture ncsfrrellfmne ykfptfmne mucvfs c`prcsfs y scktercs imtcmsives cm kemeki`icmte.

    ;. Imikiftivfs nc Imtcrmfkiemflizfkimkem lf stmflinfn nc fprevckdfr lfs epertuminfncs nc lf olebf-lizfkim pfrf ke`pctir y krckcr.

    Orstke 2.Xrimkipies rcktercs nc lf CXI 2868-2863

    Aucmtc nc vfler ffnine Aucmtc nc ke`pctitivinfn c`prcsfrifl

    cm scktercs kemselinfnes

    Fktivinfncs y scktercs c`crocmtcs Mucvfs c`prcsfs y scktercs imtcmsives

    cm kemeki`icmtes

    Fprevckdfr lfs epertuminfncs nc lfolebflizfkim

    [fbcr ke`pctir pfrf pencr krckcr

    Ae`cmte nc lfimmmevfkim

    Nivcrsistkfkimc`prcsfrifl

    Imtcrmfkiemflizfkim

    LF C@XRC[F KE@E XRIMKIXFL FOCM^C NC KF@BIE

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    Cstrftcoif nc Xeltikf Imnustrifl | CXI 2868-2863;2

    Cl xite cm cl ncsfrrelle nc cstfs cstrftcoifs cm cl pcrene 2868-2863 rcquicrc, ke`e kemnikiemcs mc-

    kcsfrifs, nc7

    6. Sm f`pliefkucrne cmtrc les primkipflcs focmtcsi`plikfnes, cspckifl`cmtc Ocmcrflitft y focmtcs

    sekiflcs, tfmte sebrc lf mckcsinfn nc ku`plir les ebgctives `frkfnes ke`e sebrc lf kemvcmicmkif

    nc frtikulfr lf Xeltikf Imnustrifl nc les prxi`es fes cm bfsc f lfs lmcfs ocmcrflcs cstfblckinfs

    cm lf CXI.

    2. Lincrfzoe ncl prekcse nc kf`bie per lf Ocmcrflitft (cm kelfberfkim kem fl rcste nc Fn`imis-trfkiemcs Xblikfs), cm bfsc f su kfpfkinfn pfrf ocmcrfr um kemtcxte afverfblc f lf immevfkim

    c`prcsfrifl (mer`ftive, stskfl, stmfmkicre, sucle imnustrifl), cm lf nivcrsinfn nc sus `bites nc

    fktufkim (sflun, `cnie f`bicmtc, cnukfkim, bicmcstfr sekifl, scktercs prenuktives, cmtrc etres)

    y, per lti`e, cm su pfpcl trfkter sebrc lf ckeme`f vflcmkifmf.

    ;. Fvfmzfr cm lffrtikulfkim ncl [istc`f Rcoiemfl nc Immevfkim, kemsiouicmne quc sus nistimtesfocmtcs ke`pfrtfm lf f`bikim y lf visim nc auture imkluinfs cm lf CXI, cstfmne fnc`s nispucstes

    f flimcfr sus imtcrcscs y fktufkiemcs kem nikdf cstrftcoif pfrf dfkcr nc lf Ke`umitft Qflcmkifmf um

    ckesistc`f immevfner keernimfne, cstkfz y cstkicmtc.>. Cl ke`pre`ise, per pfrtc nc mucstre tcgine c`prcsfrifl,nc fsu`ir cl kfrktcr cstrftoike nc lf

    immevfkim y lf imtcrmfkiemflizfkimke`e kemnikiemcs mckcsfrifs nc ke`pctitivinfn prcscmtc yauturf, kemtribuycmne f ncsfrrellfr c imtcrierizfr umf vcrnfncrf kulturf immevfnerf y umf vekfkim

    olebfl cm sus c`prcsfs.

    ;.2. Ebgctives Cstrftoikes nc lf CXI 2868-2863

    Lf Cstrftcoif nc Xeltikf Imnustrifl ticmc ke`e ebgctive kcmtrfl lf `cgerf nc lf prenuktivinfn y ke`-

    pctitivinfn nc mucstrfs c`prcsfs. Kemscouir cstes ebgctives y cstfblckcr `ckfmis`es nc scoui`icmte

    nurfmtc su cgckukim rcquicrcm cl cstfblcki`icmte nc ebgctives kufmtitftives nc kfrktcr cstrftoike7

    6. Ebgctives nc ofste c`prcsfrifl cm I+N+i

    2. Ebgctives nc pcrsemfl nc I+N+i c`plcfne cm cl sckter privfne

    ;. Ebgctives nc krcfkim y ncsfrrelle nc c`prcsfs immevfnerfs

    >. Ebgctives nc c`plce scom imtcmsinfn tckmeloikf

    3. Ebgctives nc imtcrmfkiemflizfkim

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    Cstrftcoif nc Xeltikf Imnustrifl| CXI 2868-2863 ;;

    ;.2.6. Ebgctives nc ofste c`prcsfrifl cm I+N+i6

    6. Kemvcrocr dfkif les ebgctives nc lf Focmnf nc Lisbef,flkfmzfmne cl 2% ncl XIB rcoiemfl cmofste

    tetfl nc I+Ncm 2863, cm kemsemfmkif kem le cstfblckine cm cl Xlfm Ocmcrfl Cstrftoike nc Kicmkif y

    ^ckmeleof nc lf Ke`umitft Qflcmkifmf (XOCKy^) 2868-2863. Ncl tetfl, um `mi`e ncl 38% ncbcr

    scr cgckutfne per cl sckter privfne.

    2. Nuplikfr clofste c`prcsfrifl cm I+N+i, pfsfmne ncl 6,62% ncl XIB fl 2,;% cm 2863, nemnc fl `cmes

    cl 38% nc cstc ofste ncbc kerrcspemncr f ofste cm immevfkim (6,;% ncl XIB).

    Cl siouicmtc csquc`f (orstke ;) rckeoc les ebgctives kufmtitftives `s ocmcrflcs cm `ftcrif nc ofste

    privfne cm I+N+i. Cl pumte nc pfrtinf cs cl fe 2884 cl lti`e kem cstfnstikfs IMC nispemiblcs cm

    cl `e`cmte nc rcnfktfr lf CXI y cl nc llcofnf 2863. Fl tic`pe quc cl sistc`f krckc, sc rcaer`f cm lfnirckkim fpumtfnf per lf Cstrftcoif nc Lisbef nc eterofr um pfpcl `s pretfoemistf fl sckter privfnequc pfsf nc rcprcscmtfr cl >>% nc lf I+N tetfl cm 2884 fl 38% cm 2863.

    Cl csaucrze c`prcsfrifl cm cl ofste siomistkf dfkcr krckcr su imvcrsim cm I+N+i f umf tfsf `cnif fmufl

    ncl 62% nurfmtc cl pcrene. [i tcmc`es cm kucmtf quc cm lf stmfmkifkim nc cstc ofste kemkurrcm tfmte

    cl csaucrze privfne ke`e lf kestmfmkifkim pblikf f trfvs tfmte nc fyunfs nircktfs f lf I+N+i ke`enc ncsorfvfkiemcs stskflcs cm cl I`pucste nc [ekicnfncs y f pcsfr nc lf keyumturf fktufl, stc pfrckc

    um ebgctive cxiocmtc pcre me imflkfmzfblc.

    6 Cl ofste cm I+N+i c`prcsfrifl vicmc afkilitfne per cl IMC cm lf Cmkucstf nc Immevfkim, `icmtrfs quc les nftes nc I+N privfney pblike prekcncm nc lf Cmkucstf nc I+N. Cm kemsckucmkif, cl ofste cm immevfkim (i) sc kflkulf ke`e lf niacrcmkif cmtrc cl ofstecm I+N+i c`prcsfrifl y lf I+N privfnf

    Orstke ;.Ebgctives nc ofste c`prcsfrifl cm I+N+i *

    I + N 0 6,83%I + Npub0 8,39%

    I + Nc`p0 8,>1%

    i 0 8,11%

    I + N+i c`p0 6,62%

    I + N 0 2%

    I + Npub0 6%

    I + Nc`p0 6%

    i 0 6,;8%

    I + N+i c`p0 2,;8%

    2884

    2863^fsfs nc krcki`icmte`cnie fmufl ncl ofste rcfl

    4,4%

    6;%

    66,>%

    ^fsf nc krcki`icmte `cnie fmufl cmofste rcfl nc I+N+i c`p(IC) 62%

    - Nuplikfr cl ofste cm I+N

    - Nuplikfr cl ofste I+N+i c`prcsfrifl

    * Xerkcmtfgcs rcspckte fl XIB. [c supemc um krcki`icmte ncl XIB rcfl ncl 6%. ^fsfs cm tr`imes rcflcs. Aucmtc7 Clfberfkim prepif.

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    Cstrftcoif nc Xeltikf Imnustrifl | CXI 2868-2863;>

    Cstfs prcvisiemcs i`plikfm umf cvelukim ncl ofste privfne cm I+N+i quc pfsf nc les 6.646 `illemcs nc

    cures cm 2884 f les 2.11? `illemcs nc cures kerricmtcs cm 2863 (orstke >).

    Ke`e yf sc df `cmkiemfne,cstc csaucrze imvcrser ncbcr scr kestmfmkifne per cl sckter privfney lfs fn`imistrfkiemcs pblikfsrcoiemflcs (prcsupucstes nc lf Ocmcrflitft y Xreorf`f Epcrftive288?-286;), mfkiemflcs (Xlfm Mfkiemfl nc I+N+i 2884-2866, Cstrftcoif C2i, KN^I y Aemne ckmeloike288?-286;) y curepcfs (QII Xreorf`f @frke nc I+N y Xreorf`f @frke pfrf lf Immevfkim y lf Ke`pc-

    titivinfn 288?-286;).

    ;.2.2. Ebgctives nc pcrsemfl nc I+N+i cm cl sckter privfne

    Les preorf`fs nc fpeye ncstimfnes f clcvfr cl mivcl tckmeloike nc lfs c`prcsfs i`pulsfrm lf imkerpe-rfkim cm cl sckter privfne nc ?88 imvcstiofnercs, tckmleoes y ocstercs nc lf immevfkim fmuflcs

    cm c`prcsfs y kcmtres tckmeloikes vflcmkifmes dfstf pfsfr nc fprexi`fnf`cmtc ?.;?6 cm 2884 f um

    tetfl nc 66.888 cm 2863.

    ;.2.;. Ebgctives nc krcfkim y ncsfrrelle nc c`prcsfs immevfnerfs

    Imkerperfr 488 c`prcsfs immevfnerfs/fe, tfmte cm mucstres scktercs kemselinfnes ke`e f trfvs nc

    lf krcfkim nc mucvfs c`prcsfs nc bfsc tckmeloikf (MCB^s), pfrf neblfr lf kiarf nc fprexi`fnf`cmtc

    3.888 cm 2884 dfstf 68.888 cm 2863.

    Orstke >.Cvelukim ncl ofste c`prcsfrifl cm I+N+i. 2884-2863 * (@illemcs nc cures)

    * IXK csti`fne7 6,3% fmufl (2889-2862) y 2% fmufl (286;-2863). Aucmtc7 Clfberfkim prepif.

    2884 2889 2868 2866 2862 286; 286> 2863

    8

    388

    6.888

    6.388

    2.888

    2.388

    ;.888

    I+N privfnf Immevfkim

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    Cstrftcoif nc Xeltikf Imnustrifl| CXI 2868-2863 ;3

    ;.2.>. Ebgctives nc c`plce scom lf imtcmsinfn tckmeloikf2

    Clorstke 3 imnikf quc, cm 2884, cl pcse rclftive ncl c`plce cm scktercs nc imtcmsinfn tckmeloikf `cnif

    crf supcrier cm lf Ke`umitft Qflcmkifmf quc cm cl tetfl mfkiemfl. [im c`bfroe, lf Ke`umitft prcscmtf

    `fyer perkcmtfgc nc c`plce cm scktercs nc mivcl tckmeloike bfge, y `cmer cm fquclles nc imtcmsinfntckmeloikf fltf, kem rcspckte f lf `cnif mfkiemfl.

    Xer clle lf CXI prctcmnc nivcrsistkfr lf bfsc imnustrifl y nc scrvikies nc lf Ke`umitft Qflcmkifmf dfkif

    fktivinfncs c`crocmtcs nc clcvfne vfler ffnine, supcrfmne cm 2863 cl 23% nc trfbfgfnercs c`-plcfnes cm scktercs nc imtcmsinfn tckmeloikf fltf,arcmtc fl 64,9% nc 2884.

    ;.2.3. Ebgctives nc imtcrmfkiemflizfkim

    Les ebgctives nc imtcrmfkiemflizfkim sc rcstcrcm tfmte fl imkrc`cmte nc lf bfsc cxpertfnerf ke`e f lfke`pesikim, per mivcl tckmeloike, nc lfs cxpertfkiemcs nc lf Ke`umitft7

    6. Imkrc`cmtfr cl pcse nc lfs c`prcsfs cxpertfnerfs cm lf Ke`umitft Qflcmkifmf (>,>% cm 2884)

    cm um 38% dfstf flkfmzfr cl 1,3% cm 2863,nuplikfmne lf `cnif mfkiemfl y kemselinfmne cl kf-rktcr imtcrmfkiemfl nc lf c`prcsf vflcmkifmf.

    2 Lf klfsistkfkim nc scktercs per imtcmsinfn tckmeloikf scpfrf lfs fktivinfncs ckem`ikfs cm trcs orfmncs blequcs (bfgf,`cnif y fltf imtcmsinfn) ncpcmnicmne ncl orfne nc I+N y tckmeleof imkerperfnf f lf fktivinfn (klfsistkfkim utilizfnf per cl IMCpfrf forupfr les scktercs nc fltf tckmeleof) fnc`s nc kemsincrfr cl orfne nc imtcmsinfn imtclcktufl e imtcmsinfn nc kemeki`icmteimdcrcmtc fl sckter. Nc cstf aer`f, cmtrc etres, sc kemsincrfm scktercs nc fltf imtcmsinfn tckmeloikf tfmte les kemsincrfnes sck-tercs nc fltf tckmeleof (imnustrif afr`fkutikf, imnustrif qu`ikf, kemstrukkim nc fcremfvcs, afbrikfkim nc ftcrifl nike,)gumte f etrfs fktivinfncs bfsfnfs cm cl kemeki`icmte (fktivinfncs nc kemsulterf cspckiflizfnf, scrvikies tkmikes nc imocmicrfs,fktivinfncs nc imvcstiofkim, nisce cspckiflizfne,). Lf visim nc umf ckeme`f ncl kemeki`icmte ncbc imkluir cstes scktercsquc, pcsc f me scr imtcmsives cm I+N, s quc rcquicrcm um clcvfne mivcl nc kemeki`icmte.

    Orstke 3.Nistribukim ncl c`plce scom lf imtcmsinfn tckmeloikf. Ke`umitft Qflcmkifmf y Cspff. 2884

    Aucmtc7 IMC y clfberfkim prepif.

    (Xerkcmtfgcs)

    Cspff Ke`umitft Qflcmkifmf

    8

    28

    >8

    18

    48

    688

    2;,?64,9

    >3,1>?,4

    ;8,? ;;,;

    Mivcl tckmeloike flte Mivcl tckmeloike cnie Mivcl tckmeloike bfge

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    Cstrftcoif nc Xeltikf Imnustrifl | CXI 2868-2863;1

    2. Imkrc`cmtfr cl mivcl tckmeloike nc lfs cxpertfkiemcs nc lf Ke umitft Qflcmkifmf ericmtmnelfs dfkif

    sco`cmtes nc `fyer vfler ffnine y flkfmzfmne cm 2863 cl >3% cm cxpertfkiemcs nc imtcmsinfn

    tckmeloikf fltf y `cnif-fltf (arcmtc fl ;1,4 nc 2884,orstke 1).

    ;.;. Cgcs y lmcfs nc fktufkim nc lf CXI 2868-2863

    Xfrf kemscouir cstes ebgctives, lf CXI sc frtikulf cm terme f 1 Cgcs Cstrftoikes7

    6. Xcrsemfs,perquc cm lf ckeme`f ncl kemeki`icmte, les rckurses du`fmes kemstituycm lf pri`crfaucmtc nc ke`pctitivinfn.

    2. Immevfkim,tckmeloikf, nc ocstim y nc `encle nc mcoekie, pfrf ocmcrfr mucvfs epertuminfncsnc mcoekie y mikdes nc crkfne, cspckifl`cmtc cm mucstres scktercs kemselinfnes.

    ;. Nivcrsistkfkim ,ocmcrfmne fktivinfncs imnustriflcs y nc scrvikies nc flte vfler ffnine cm scktercs

    c`crocmtcs y ae`cmtfmne cl c`prcmncnuris`e immevfner.

    >. Krcki`icmte c`prcsfrifl, pfrf imkrc`cmtfr cl tf`fe cnie nc mucstrfs c`prcsfs y fpeyfr cl nc-

    sfrrelle nc orupes c`prcsfriflcs trfktercs cm scktercs cstrftoikes pfrf lf ckeme`f vflcmkifmf.

    3. Imtcrmfkiemflizfkim, pfrf quc mucstrfs c`prcsfs y scktercs f`plcm su pesikiemf`icmte ke`pctiti-

    ve cm les `crkfnes imtcrmfkiemflcs y cxpletcm plcmf`cmtc lfs epertuminfncs nc lf olebflizfkim.

    1. Fpucstfs Cstrftoikfs, pfrf frtikulfr y rcaerzfr cl [istc`f Rcoiemfl nc Immevfkim nc lf Ke`umitft

    y ncsfrrellfr imarfcstrukturfs cm rcfs y tckmeleofs imnustriflcs y nc auture.

    Orstke 1.Nistribukim lfs cxpertfkiemcs scom lf imtcmsinfn tckmeloikf. Ke`umitft Qflcmkifmf y Cspff. 2884

    Aucmtc7 IMC y clfberfkim prepif.

    (Xerkcmtfgcs)

    Cspff Ke`umitft Qflcmkifmf

    8

    28

    >8

    18

    48

    688

    3,36,6

    >2,6

    ;3,?

    2?,8

    24,6

    23,>;3,6

    Mivcl tckmeloike flte

    Mivcl tckmeloike `cnie-flte

    Mivcl tckmeloike cnie bfge

    Mivcl tckmeloike bfge

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    Cstrftcoif nc Xeltikf Imnustrifl| CXI 2868-2863 ;?

    Kfnf ume nc cstes Cgcs Cstrftoikes sc ncsfrrellf, f su vcz, cm umf scric nc Ebgctives y nc Lmcfs ncFktufkim cm tetfl, umfs ;8 tfl y ke`e rcsu`c lf ^fblf 6.

    Orstke ?.Cgcs cstrftoikes nc lf CXI 2868-2863

    Imtcrmfkiemflizfkim

    Fpucstfscstrftoikfs

    Xcrsemfs

    Immevfkim

    NivcrsistkfkimKrcki`icmtec`prcsfrifl

    CXI2868 - 2863

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    Cstrftcoif nc Xeltikf Imnustrifl | CXI 2868-2863;4

    EBGC^IQE[ L MCF[ NC FK^SFKI M

    CGC 6. XCR[EMF[6. [cmsibilizfr f lfs c`prcsfs sebrc lf mckcsi-nfn ncl kf`bie

    6.6. Niausim7 krcfkim nc Aeres nc Immevfkim

    2. Frtikulfr ckfmis`es cstfblcs nc aer`fkim 6.2. Aer`fkim nc nircktives cm ke`pctcmkifs fvfmzfnfs nc ocstim

    ;. Imkerperfr RR.DD. kuflistkfnes f lf c`prcsf6.;. Ae`cmte nc lf kemtrftfkim nc tckmleoes y ocstercs nc lf immevfkimcm c`prcsfs

    >. Ae`cmtfr cl use nc lfs IK 6.>. Xreorf`f nc cgerf nc lf ke`pctitivinfn cnifmtc cl use nc IKs

    CGC 2. IMMEQFKIM6. @imi`izfr lfs kfrofs fn`imistrftivfs y ncocstim nc fyunfs

    2.6. Xlfm nc si`plistkfkim fn`imistrftivf nc fyunf f c`prcsfs

    2. Kemkcmtrfr les rckurses pfrf I+N2.2. Xreorf`fs nc I+N ericmtfnes dfkif scktercs cstrftoikes y lf keepcrf-kim cmtrc Xy`cs.

    ;. Xetcmkifr preorf`fs nc fpeye f lf immevf-kim bfsfnes cm cl kemkcpte nc itimcrfrie

    2.;. Xreorf`fs nc fpeye f lf immevfkim c`prcsfrifl cm scktercs kemseli-nfnes

    >. @cninfs nc fke`pff`icmte pfrf kfptfr`s rckurses nc preorf`fs mfkiemflcs y cure-pces

    2.>. Estkimf nc preycktes c`prcsfriflcs nc I+N+i (EXINi)

    3. Xetcmkifr lf Imtcliocmkif Ke`pctitivf yCstrftoikf

    2.3. Kcmtre nc cstrftcoifs c`prcsfriflcs (KCC[)

    1. Fpeye f lf imvcrsim cm bicmcs nc cquipe 2.1. Fpeye f lf imvcrsim cm bicmcs nc cquipe cm scktercs imnustriflcs

    CGC ;. NIQCR[IAIKFKIM6. Cstfblckcr um kemscmse sebrc lfs epertuminf-ncs cstrftoikfs nc auture pfrf lf imnustrif

    ;.6. Epertuminfncs cstrftoikfs nc auture

    2. Clfberfr umf cstrftcoif imtcorfl pfrf nc-sfrrellfr um tcgine c`prcsfrifl immevfner

    ;.2. Imikiftivf KrcH, Focmkif Qflcmkifmf ncl C`prcmncner

    ;. Dfkcr nc lfs FF.XX. um `eter nc lf immevf-kim f cskflf rcoiemfl

    ;.;. Lf Ocmcrflitft ke`e @eter nc Immevfkim

    >. Xetcmkifr lf kfptfkim nc imvcrsiemcs ;.>. Kfptfkim nc imvcrsiemcs mfkiemflcs c imtcrmfkiemflcs

    CGC >. KRCKI@ICM^E C@XRC[FRIFL6. Xemcr f nispesikim nc lfs c`prcsfs lesrckurses mckcsfries pfrf su krcki`icmte

    >.6. Afkilitfr Rckurses stmfmkicres

    2. Ncsfrrellfr peltikfs rcoiemflcs fktivfs nckrcki`icmte nc Xy`c y orupes c`prcsfriflcs

    >.2. Ncsfrrellfr peltikfs fktivfs nc fpeye f lf keepcrfkim y krcki`icmtec`prcsfrifl>.;. Xre`evcr lf ketizfkim nc c`prcsfs vflcmkifmfs cm cl @crkfne Fltcr-mftive Burstil (@FB)

    >.>. Afkilitfr sucle imnustrifl

    >.3. Xreorf`f nc lincrfzoe c`prcsfriflCGC 3. IM^CRMFKIEMFLIWFKIM6. Ae`cmtfr lf krcfkim nc ultimfkiemflcsvflcmkifmfs

    3.6. Xreorf`fs nc imkerperfkim nc mucvfs c`prcsfs f lf imtcrmfkiemfli-zfkim

    2. I`pulsfr cl lincrfzoe imtcrmfkiemfl3.2. Afkilitfr rckurses ckem`ikes y cstrftoikes pfrf lf imtcrmfkiemflizf-

    kim

    ;. Kemselinfr um tcrriterie kem preyckkim imtcr-mfkiemfl y ftrfktives pfrf cl cxtcrier

    3.;. Xeltikfs fktivfs nc fpeye f lf i`focm nc lfs c`prcsfs fl cxtcrier

    3.>. @cninfs nc fpeye f lf pretckkim imtcrmfkiemfl7 prepicnfn imnustrifl

    3.3. Xreorf`fs nc aer`fkim nc preacsiemflcs

    3.1. Keernimfkim imstitukiemflcs cmtrc lf imtcrmfkiemflizfkim y lf kfptf-kim nc imvcrsiemcs

    ^fblf 6. CXI 2868-2863. Ebgctives y lmcfs nc fktufkim

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    Cstrftcoif nc Xeltikf Imnustrifl| CXI 2868-2863 ;9

    CGC 1. FXSC[^F[ C[^RF^OIKF[6. Frtikulfr y petcmkifr cl [istc`f Rcoiemfl ncImmevfkim7 c`prcsfs, Imstitutes ckmeloikes,Smivcrsinfncs y FF.XX.

    1.6. Rcn ImmevHmct

    2. Xetcmkifr lf krcfkim nc klustcrs 1.2. Xetcmkifr rclfkiemcs Smivcrsinfn-C prcsf

    ;. ^ckmeleofs nc auture7 Bietckmeleof y Mfme-tckmeleof

    1.;. Xetcmkifkim nc lf Rcn nc Imstitutes ckmeloikes (RCNI^)

    1.>. Xetcmkifr les Klustcrs Imnustriflcs

    1.3. BIEQFL y MFMEQFL

    ;.;.6. CGC 67 XCR[EMF[

    Cl kfpitfl du`fme yf scf kicmtstke, tckmeloike e c`prcsfrifl cs lf primkipfl aucmtc nc riquczf cm lf

    sekicnfn ncl kemeki`icmte. Xer clle, cl mucve `encle nc ke`pctitivinfn ncbc bfsfrsc mckcsfrif`cmtc

    cm lfs pcrsemfs ke`e focmtc nc kf`bie.

    Lf aer`fkim, quc me cs sime lf imvcrsim cm kfpitfl du`fme, ae`cmtf lf iouflnfn nc epertuminfncs, lf

    `evilinfn sekifl y lf kfptfkim nc tflcmte cxtcrme, kemtribuycmne nckisivf`cmtc f lf ke`pctitivinfn

    nc mucstres scktercs prenuktives y nc mucstre tcrriterie. Cm cstc scmtine, rcsultf pri`ernifl rcflizfr um

    csaucrze i`pertfmtc cm frtikulfr um sistc`f nc scmsibilizfkim y aer`fkim c`prcsfrifl quc kemtc`plc

    les nistimtes mivclcs c itimcrfries mckcsfries pfrf leorfr cl `xi`e i`pfkte cm mucstre tcgine c`prcsf-

    rifl, fs ke`e keernimfr les preorf`fs trfmsvcrsflcs mckcsfries pfrf clle.

    ^fmte lf aer`fkim rcolfnf ke`e lf aer`fkim kemtimuf y ekupfkiemfl nc les trfbfgfnercs sem ebgcte

    nc fkucrne cm etres `bites, ke`e per cgc`ple cl XFQFKC II: per clle, lf CXI 2868-2863 sc kcmtrf cmlf aer`fkim nc c`prcsfries y nircktives nc Xy`cs, cspckifl`cmtc cm lfs rcfs rclfkiemfnfs kem lf`cgerf nc lf ocstim c`prcsfrifl y lf pre`ekim nc umf kulturf immevfnerf cm cl scme nc lf c`prcsf7

    6. Cxkclcmkif epcrftivf cm lf ocstim7

    Lf cstkicmkif epcrftivf e `imi`izfkim nc kestcs kemstituyc, cm um cmterme olebflizfne, umf

    kemnikim mckcsfrif nc ke`pctitivinfn. Cm etres tr`imes, umf c`prcsf me pucnc scr ke`pcti-tivf, mi per supucste immevfnerf, si me flkfmzf les mivclcs nc cxkclcmkif epcrftivf mckcsfries pfrfncacmncr su pesikiemf`icmte cm cl `crkfne. Smf c`prcsf bicm ocstiemfnf cs, sim nunf floumf, `s

    ke`pctitivf.

    Lf `imi`izfkim nc kestcs pcr`itc flkfmzfr `cgerfs nc lf prenuktivinfn f kerte plfze y cs cl rc-

    sultfne nc umf scric nc kfpfkinfncs y ke`pctcmkifs nc les rckurses du`fmes nc lf c`prcsf, cspc-

    kifl`cmtc cm lfs rcfs nc sistc`fs fvfmzfnes nc ocstim, epti`izfkim nc prekcses, i`plfmtfkimnc lfs ^IK y sistc`fs nc `cgerf kemtimuf y nc kflinfn.

    2. Kulturf nc immevfkim7

    Lf i`plfmtfkim nc umf kulturf nc immevfkim cm cl scme nc lf c`prcsf rcquicrc, ncsnc cl pumte

    nc vistf nc les rckurses du`fmes, les siouicmtcs fspcktes7 cl ncsfrrelle nc umfs ke`pctcmkifstrfmsvcrsflcs mi`fs quc pcr`itfm fbernfr prekcses nc immevfkim (sistc`fs fvfmzfnes nc ocs-tim, kflinfn tetfl): lf pfrtikipfkim nc les trfbfgfnercs cm les prekcses nc immevfkim rcsultfaumnf`cmtfl7 per clle, sc rcquicrc um tipe nc erofmizfkim y ocstim bfsfne cm cl lincrfzoe, lfspcrsemfs y sus ke`pctcmkifs y lf ocstim cstkfz nc lf krcftivinfn: y, per lti`e, nc umes rckursesdu`fmes cspckiflizfnescm lf ocstim nc lf immevfkim.

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    Cstrftcoif nc Xeltikf Imnustrifl | CXI 2868-2863>8

    f) Ebgctives

    6. [cmsibilizfry niaumnir cmtrc les c`prcsfries vflcmkifmes les cgcs sebrc les quc sc bfsf cl mucve`encle nc ke`pctitivinfn, preperkiemmnelcs lf `etivfkim y les itimcrfries mckcsfries pfrf lincrfrkem xite cl kf`bie cm sus c`prcsfs.

    2. Frtikulfr, cm kelfberfkim kem Kicrvfl y cl Kemscge nc K`frfs, `ckfmis`es nc aer`fkim cstfblcs

    pfrf quc c`prcsfries, nircktives y kufnres imtcr`cnies pucnfm i`plfmtfr les sistc`fs fvfmzfnesnc ocstim y les kf`bies erofmizftives mckcsfries pfrf ocmcrfr c`prcsfs s ke`pctitivfs.

    ;. Xrepikifr lf kemtrftfkim,per pfrtc nc lfs c`prcsfs, nc tckmleoes y ocstercs nc lf immevfkim qucpucnfm i`pulsfr kem xite ncsnc lfs prepifs c`prcsfs les kf`bies mckcsfries.

    >. Ae`cmtfr clc`plce nc lfs ^IKke`e dcrrf`icmtf cstrftoikf nc krcki`icmte nc lf prenuktivinfny lf ke`pctitivinfn c`prcsfrifl cm mucstrf Xy`cs.

    b) @cninfs

    Lmcf 6.67 Niausim y scmsibilizfkim c`prcsfrifl7 Aeres nc immevfkim

    ^rfmsaer`fr umf c`prcsf cm umf erofmizfkim immevfnerf rcquicrc um clcvfne mivcl nc lincrfzoe perpfrtc nc lf prepicnfn y ncl cquipe nircktive. Les Aeres nc Immevfkim ticmcm ke`e ebgctive netfr fles c`prcsfries y fltes nircktives nc lf Ke`umitft Qflcmkifmf nc lfs ke`pctcmkifs mckcsfrifs pfrfquc sus erofmizfkiemcs fberncm kem xite cl rcte nc lf immevfkim.

    Cl preorf`f sc plfmtcf ke`e umf fktivinfn aer`ftivf y nc scmsibilizfkim, kem aer`ftes y kem-tcmines prccstfblckines, imtcmsives y nc kertf nurfkim, y quc sc i`pfrtir kem umf arckucmkifnctcr`imfnf cm nistimtes pumtes nc lf Ke`umitft Qflcmkifmf f orupes rcnukines nc c`prcsfries(28-23 fsistcmtcs).

    [u cmaequc scr c`imcmtc`cmtc prktike y fplikfne f lf c`prcsf, sebrc les siouicmtcs tc`fs7 Im-mevfkim Cstrftoikf (`encle nc mcoekie), Ocstim nc lf Immevfkim (tckmeloikf, erofmizftivf,)

    y Ocstim ncl Kf`bie f trfvs nc lfs Xcrsemfs (lincrfzoe y cquipes). Lf Kemscllcrif nc Imnustrif, Ke`crkie c Immevfkim preperkiemfr stmfmkifkim pfrf cl nisce

    imikifl ncl preorf`f cm cl cgcrkikie 2868 cm kelfberfkim kem Kicrvfl y Kemscge nc K`frfs ftrfvs nc lf rcn ImmevHmct (lmcf 1.6).

    Les ofstes nc aumkiemf`icmte ncl preorf`f sc ke-stmfmkifrm kem kfroe f les kemvcmies fmuflcsernimfries kem kemacncrfkiemcs, fsekifkiemcs y erofmis`es c`prcsfriflcs (K`frfs), cstunim-

    nesc lf pesibilinfn nc quc scf stmfmkifblc vf Aemne [ekifl Curepce.

    Lmcf 6.27 Aer`fkim nc Nircktives cm Ke`pctcmkifs Fvfmzfnfs nc Ocstim

    Krcfkim nc umpreorf`f nc bckfs(krnites cm kemnikiemcs prcacrcmtcs y/e subvcmkiemcs)pfrf quc nircktives cm fktive nc Xy`cs nc lf Ke`umitft Qflcmkifmf fkkcnfm f Xreorf`fs ncNcsfrrelle Nircktivenc cskuclfs nc mcoekies nc prcstioie (mfkiemflcs c imtcrmfkiemflcs). Cm clnisce y stmfmkifkim ncl preorf`f pfrtikipfrm lf Ocmcrflitft, lfs cmtinfncs stmfmkicrfs vflcm-kifmfs y Kicrvfl. [cr kemnikim mckcsfrif pfrf bcmcstkifrsc nc lfs fyunfs cl quc cl bcmcstkifrie

    sc ke`pre`ctf f scouir ncsfrrellfmne su fktivinfn preacsiemfl cm lf Ke`umitft Qflcmkifmfnurfmtc fl `cmes kimke fes.

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    Cstrftcoif nc Xeltikf Imnustrifl| CXI 2868-2863 >6

    Ncsfrrelle, per pfrtc nc lfs kemacncrfkiemcs c`prcsfriflcs nc lf Ke`umitft Qflcmkifmf y cm cl`frke nc sus fktufkiemcs nc aer`fkim kemtimuf stmfmkifnf kem kfroe fl Aemne [ekifl Curepce

    ([crvca/Xfvfkc), nc um m`cre li`itfne nc `nules aer`ftives pfrf nircktives y kufnresimtcr`cnies kem umf cstrukturf nc kemtcmines ke`m y fnfptfnf f lfs nircktrikcs nc lf CXI.

    Lmcf 6.;7 Ae`cmte nc lf Kemtrftfkim nc ^ckmleoes y Ocstercs nc lf Immevfkim cm C`prcsfs

    Lfs erofmizfkiemcs immevfnerfs rcquicrcm nc pcrsemfl cspckiflizfne kfpfz tfmte nc nctcktfr mucvfs

    epertuminfncs nc mcoekie `cnifmtc lf imtcliocmkif ke`pctitivf, ke`e nc ocstiemfr umf kfrtcrf ncpreycktes nc immevfkim, nc evilizfr les rckurses du`fmes y stmfmkicres imtcrmes y cxtcrmes mckc-

    sfries pfrf ncsfrrellfrles y, stmfl`cmtc, nc i`plc`cmtfrles. Y tene clle, cm cstrckdf kelfberfkim kem

    lf fltf nirckkim y kem les nistimtes cslfbemcs nc lf kfncmf nc vfler nc lf c`prcsf (ke`prfs, nisce

    c I+N, prenukkim, frjctimo, leostikf, vcmtfs,). Nc fd lf i`pertfmkif ncl Ebgctive Cstrftoike 2nc lf CXI.

    Lfs kfrfktcrstikfs y pcrstlcs nc nikde pcrsemfl vfrfm siomistkftivf`cmtc scom cl sckter, cl tf`f-

    e e cl `encle nc mcoekie nc lf c`prcsf, per le quc sc ncbc kemsincrfr ncsnc lf kemtrftfkim nctckmleoes y/e nektercs umivcrsitfries dfstf cxpcrtes cm nisce y ocstercs nc lf immevfkim, cmtrc

    etres.

    Xfrf i`pulsfr lf kemtrftfkim, per pfrtc nc lfs c`prcsfs, nc cstes rckurses du`fmes fltf`cmtc

    cspckiflizfnes sc i`pulsfr cl Xreorf`f Cxpfmnc(ocstiemfne per I@XIQF), fs ke`e lf pfrti-

    kipfkim nc c`prcsfs vflcmkifmfs cm les preorf`fs Xreorf`f ^errcs Vucvcne cImmkerperfncl @imistcrie nc Kicmkif c Immevfkim.

    Lmcf 6.>7 Ncsfrrelle nc um Xreorf`f nc @cgerf nc lf Ke`pctitivinfn nc les [cktercs Imnustriflcs y nc [cr-

    vikies `cnifmtc cl use nc ^IKs Lf rclfkim cmtrc orfne nc i`plfmtfkim nc lfs ^IK, mivcl nc ofste privfne cm I+N+i y ke`pctitivinfn

    nc um tcrriterie cst klfrf`cmtc cstfblckinf. Cm pri`cr luofr, perquc cl sckter IK cs cspckifl`cmtc

    imtcmsive cm kemeki`icmte y tckmeleof, per le quc umf `fyer prcscmkif nc stc rcnumnf cm lf `cgerf

    nc les rfties nc imvcrsim cm I+N. Cm scoumne luofr cl c`plce nc lfs IK gumte kem lf utilizfkim nc

    tkmikfs fvfmzfnfs nc ocstim y lf ocstim nc lf kflinfn kemstituycm umf kemnikim mckcsfrif pfrf

    ocmcrfr erofmizfkiemcs immevfnerfs: nc dckde, lf i`plfmtfkim fnckufnf y use nc lfs ^IK pcr`itcocmcrfr`cgerfs nc prenuktivinfn f kerte plfze, y cs um afkter aumnf`cmtfl cm cl krcki`icmte nclf prenuktivinfn ncl trfbfge.

    Lfs peltikfs nc lf Ocmcrflitft nc fpeye f lf i`plfmtfkim nc lfs IK cm lf c`prcsf scrm keernimfnfs

    per lf Kemscllcrif nc Imnustrif, Ke`crkie c Immevfkim. Xer tene clle sc prepemcm lfs siouicmtcs

    fktufkiemcs7

    Krcfkim nc um preorf`f cspckstke cm lf Ocmcrflitft, cm kelfberfkim kem cl Xlfm FvfmzH (Xre-

    orf`f XY@C Nioitfl) ncl @imistcrie nc Imnustrif, ^uris`e y Ke`crkie , ae`cmtc lf i`plfmtfkim

    nc lfs IK, cspckifl`cmtc cmtrc lfs ikrec`prcsfs y Xy`cs nc mucstres scktercs kemselinfnes.

    Cm pfrtikulfr sc prepemc imkluir lfs siouicmtcs fktufkiemcs7

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    Cstrftcoif nc Xeltikf Imnustrifl | CXI 2868-2863>2

    Clfberfkim nc nifomstikes tckmeloikes y nc i`plfmtfkim nc ^IKs cm lf c`prcsf.

    Clfberfkim nc um Xlfm Nirckter nc IKs, flimcfne kem lf cstrftcoif nc lf c`prcsf.

    Xucstf cm `frkdf nc sistc`fs nc Qioilfmkif ckmeloikf c Imtcliocmkif Ke`pctitivf.

    Aer`fkim nc pcrsemfl nc lf c`prcsf cm IKs.

    ;.;.2. CGC 27 IMMEQFKIM

    Cl imkrc`cmte ncl ofste c`prcsfrifl cm I+N+i Ebgctive Cstrftoike 6 nc lf CXI me kemstituyc umstm cm s `is`e. Xcre s quc rcsultf um imnikfner kemtrfstfne nc lf kfpfkinfn nc mucstrfs c`prcsfspfrf ncsfrrellfr mucvfs cstrftcoifs ke`pctitivfsy, f lfroe plfze, um nctcr`imfmtc aumnf`cmtfl nclimkrc`cmte nc lf prenuktivinfn

    Cstc ebgctive cs f`bikiese, nfne quc i`plikf um imkrc`cmte `cnie fmufl ncl ofste privfne cm I+N+i

    ncl 62% cm cl pcriene 2868-2863. Y rcsultf cvincmtc quc les rckurses prcsupucstfries pfrf kestmfmkifr

    cstc csaucrze stmfmkicre me pucncm prekcncr cxklusivf`cmtc nc lf Ocmcrflitft, sime quc cs mckcsfrie

    i`plikfr f, y kelfberfr kem, lf Fn`imistrfkim Kcmtrfl y lf Smim Curepcf.Cm scoumne luofr lf peltikf rcoiemfl nc fpeye f lf I+N+i df nc cstfr fmklfnf cm cl tcrriterie, ftcm-nicmne f lfs mckcsinfncs cspckstkfs nc um tcgine imnustrifl kemstituine cm su im`cmsf `fyerf per

    `ikre y pcqucfs c`prcsfs pfrf lfs kuflcs rcsultf niakil ncsfrrellfr kfpfkinfncs imtcrmfs nc I+N. Xcre

    tf`bim rcsultf mckcsfrie frbitrfr `ckfmis`es pfrf quc cstfs c`prcsfs keepcrcm cmtrc s, fs ke`e quc

    lfs `cnifmfs y orfmncs c`prcsfs tf`bim imnivinufl`cmtc e forupfnfs cm kemserkies ncsfrrellcmpreorcsivf`cmtc preycktes nc `fyer tf`fe, ricsoe tckmeloike y prcsupucste, cspckifl`cmtc cm rcfs

    cstrftoikfs s imtcmsivfs cm I+N.

    Cm tcrkcr luofr, les primkipies nc ke`plc`cmtfricnfn y subsinifricnfnkem rcspckte f lfs peltikfsmfkiemflcs y curepcfs rcquicrcm quc lf peltikf rcoiemfl fnquicrf um kicrte orfne nc cspckiflizfkim,

    kemkcmtrfmne les rckurses cm nctcr`imfnfs rcfs y, fl `is`e tic`pe, ncsfrrellc `cninfs tcmncmtcsf ae`cmtfr y afkilitfr cl fkkcse nc lfs c`prcsfs f preycktes mfkiemflcs y curepces kem `fsf krtikf,

    cspckifl`cmtc nc I+N cm keepcrfkim.

    Xer tene clle, lf CXI 2868-2863 cstfblckc quc lfs peltikfs nc fpeye f lf I+N+i c`prcsfrifl ncsfrrellfnfs

    per lf Ocmcrflitft sc frtikulcm cm terme f nes cgcs aumnf`cmtflcs (Orstke 4)7

    6. Xreorf`fs Rcoiemflcs7 rcvisfr, cm su kfse, lf cstrukturf prcsupucstfrif y nc kemvekfterifs pfrf kem-

    kcmtrfr les rckursescm fqucllfs fktufkiemcs vimkulfnfs f lfs mckcsinfncs cspckstkfs nc mucstrfs

    Xy`cs, kem fktufkiemcs derizemtflcs ncstimfnfs f ae`cmtfr lf imkerperfkim nc kfpitfl du`fme cm

    c`prcsfs, lf immevfkim(tckmeloikf y me tckmeloikf), clncsfrrelle tckmeloikey lfaer`fkimnc kemserkies nc I+Ncm keepcrfkim (lmcfs 2.6, 2.2 y 2.;).

    2. @cninfs nc Fke`pff`icmte, quc pre`ucvfm cl fkkcse nc lfs c`prcsfs vflcmkifmfs f les mu`cre-ses aemnes nispemiblcs cm preorf`fs mfkiemflcs(Xlfm Mfkiemfl nc I+N y Kcmtre pfrf cl Ncsfrrelle

    ^ckmeloike Imnustrifl - KN^I) y curepces(Xreorf`fs @frke nc I+N) nc I+N+i cm kemnikiemcs ke`pc-

    titivfs, aer`fmne kemserkies kem lf `fsf krtikfsustkicmtc pfrf fkkcncr f preycktes cm keepcrfkim

    nc `fyer ricsoe tckmeloike y prcsupucste quc les stmfmkifblcs kem aemnes rcoiemflcs (lmcfs 2.>,

    2.3 y 2.1).

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    Cstrftcoif nc Xeltikf Imnustrifl| CXI 2868-2863 >;

    f) Ebgctives

    6. @imi`izfr lfs kfrofs fn`imistrftivfs y nc ocstim nc lfs fyunfs quc, pfrf lfs c`prcsfs, supemcm

    um kestc nirckte y rcnukcm su cackte imkcmtivfner. Fnfptfr les plfzes nc selikitun nc lfs fyunfs f

    lfs nckisiemcs nc imvcrsim nc lfs c`prcsfs7 tcmncr dfkif kemvekfterifs fbicrtfs, plurifmuflinfn

    prcsupucstfrif y afkilitfr cl fmtikipe nc les aemnes.

    2. Ericmtfr prieritfrif`cmtc les preorf`fs nc fyunfsnc lf Ocmcrflitft dfkif lf immevfkimc`prc-

    sfrifl, cl ncsfrrelle tckmeloikey lf I+N cm keepcrfkimkemkcmtrfmne les rckurses nispemiblcscm preycktes c`prcsfriflcs kem mivclcs fnckufnes nc cxkclcmkif.

    ;. Niscfr, cspckifl`cmtc pfrf les preorf`fs rcoiemflcs nc fpeyef lf immevfkim c`prcsfrifl, umkemgumte kedcrcmtc nc `cninfs bfsfnfs cm cl kemkcpte nc itimcrfriey quc fbfrqucm7 fkkiemcs ncniausim scmsibilizfkim y aer`fkim: cstfblcki`icmte nc focmnfs c`prcsfriflcs nc immevfkim:

    stmfmkifkim nc preycktes nc immevfkim (tckmeloikf, erofmizftivf, nc encle nc mcoekie,) c I+N

    imnivinufl y cm keepcrfkim.

    >. Xemcr f nispesikim nc lfs c`prcsfs vflcmkifmfs lfs `cninfs nc fke`pff`icmtemckcsfrifs pfrf`cgerfr sustfmkifl`cmtc les rctermes ebtcmines nc preorf`fs mfkiemflcs y curepces.

    3. Xetcmkifr lf Imtcliocmkif Ke`pctitivf y Cstrftoikfy pemcrlf f nispesikim nc tenfs mucstrfsc`prcsfs.

    1. Fpeyfr lf imvcrsim c`prcsfrifl cm bicmcs nc cquipequc imkerpercm fvfmkcs tckmeloikes y`cnief`bicmtflcs.

    Orstke 4.Cstrukturf nc les preorf`fs nc I+N+i c`prcsfrifl

    Aucmtc7 Clfberfkim prepif

    XREORF@F[ RCOIEMFLC[

    @cninfs ncfke`pff`icmte

    QII Xreorf`f @frke I + N

    KIX

    Xreorf`fs mfkiemflcs I + N(KN^I)

    ^f`fe, ricsoe,rckurses,

    keepcrfkim

    +

    -

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    Cstrftcoif nc Xeltikf Imnustrifl | CXI 2868-2863>>

    b) @cninfs

    Lmcf 2.67 Xlfm nc [i`plistkfkim Fn`imistrftivf nc Fyunfs f C`prcsfs

    Lfs kfrofs fn`imistrftivfs y nc ocstim nc lfs fyunfs supemcm um kestc nirckte pfrf lfs c`prcsfsy, per le tfmte, rcnukcm cl cackte imkcmtivfner nc nikdfs fyunfs. Fnc`s, cs lf Fn`imistrfkim lfquc ncbc fnfptfrsc f lfs mckcsinfncs y plfzes nc lfs c`prcsfs, y me fl kemtrfrie . Xer le tfmte,

    lf Kemscllcrif nc Imnustrif, Ke`crkie c Immevfkim llcvfr f kfbe lf siouicmtc fktufkim7

    Clfberfkim, cm um plfze nc scis `cscs, nc um Xlfm tcmncmtc f rcnukir lfs kfrofs fn`imis-trftivfscm les prekcses nc selikitun, stmfmkifkim, cgckukim y gustistkfkim nc lfs fyunfs fc`prcsfs y fsekifkiemcs. Nikde Xlfm tcmnr, ke`e ebgctives aumnf`cmtflcs, lf kemsckukim nckemvekfterifs fbicrtfs, nc lf plurifmuflinfn prcsupucstfrif y, f kerte plfze, lf ocstim tclc`tikfke`plctf nc lfs fyunfs.

    Lmcf 2.27 Xreorf`fs nc I+N ericmtfnes dfkif scktercs cstrftoikes y lf keepcrfkim cmtrc Xy`cs

    Fktufl`cmtc lf Kemscllcrif nc Imnustrif, Ke`crkie c Immevfkim kucmtf kem trcs preorf`fs primkipflcsnc I+N7

    Cm pri`cr luofr, lfs kemvekfterifs nc I+N pfrf Xy`cs y pfrf orfmncs c`prcsfs ocstiemfnfs perI@XIQF y ericmtfnfs f stmfmkifr, sebrc tene, preycktes imnivinuflcs nc I+N.

    Cm scoumne luofr, cl preorf`f nc Fkkiemcs Cstrftoikfs nc Nivcrsistkfkim Imnustrifl ocstiemfne perlf Nirckkim Ocmcrfl nc Imnustrif c Immevfkim. Qf ericmtfne f ae`cmtfr lf krcfkim nc kemserkiestrfktercs lincrfnes per orfmncs y/e cnifmfs c`prcsfs cm keepcrfkim kem etrfs Xy`cs, pri`fmnelfs rcfs y tckmeleofs nc imtcrs cstrftoike pfrf lf Ke`umitft Qflcmkifmf (vfsc lf lmcf ;.6) yafkilitfmne lf ocmcrfkim nc preycktes kem lf `fsf krtikf sustkicmtc ke`e pfrf scr ke`pctitives fmivcl mfkiemfl c imtcrmfkiemfl, kemsiouicmne fs stmfmkifkim fnikiemfl ncl Kcmtre pfrf cl Ncsfrrelle^ckmeloike Imnustrifl y ncl QII Xreorf`f @frke.

    ^e`fmne ke`e bfsc cl prcsupucste 2868, lfs nes pri`crfs kemvekfterifs fbserbcm fprexi`fnf-`cmtc cl ?;% ncl tetfl, fsiommnesc cl 2?% rcstfmtc f lf I+N cm keepcrfkim. Lf pri`crf `cninf

    kemsistc cm imkrc`cmtfr preorcsivf`cmtc cl pcse rclftive nc lf I+N cm keepcrfkim f trfvs nc lfkemvekfterif nc Fkkiemcs Cstrftoikfs dfstf um `mi`e ncl 38%.

    Etrfs `cninfs f ncsfrrellfr cm cstc `bite sem lfs siouicmtcs7

    Kemkcsim nc fyunfs f c`prcsfs vf krnites rcc`belsfblcs (Kfptule 4 nc les prcsupucstesnc lf Ocmcrflitft), y me cxklusivf`cmtc f trfvs nc subvcmkiemcs (Kfptules > y ?) ke`e sc dfrcflizfne dfstf cstc e`cmte.

    Rcaerzf`icmte nc lf kelfberfkim tkmikfkem cl Oebicrme Kcmtrfl, cspckifl`cmtc cm cl nc-sfrrelle nc lf Cstrftcoif Cstftfl nc Immevfkim (@imistcrie nc Kicmkif c Immevfkim) fs ke`ekem cl KN^I, kem cl ebgctive nc ocmcrfr ke`plc`cmtfricnfncs y cxpletfr lfs epertuminfncs nckelfberfkim quc rcnumncm cm `fyercs epertuminfncs nc stmfmkifkim pfrf mucstrfs c`prcsfs.

    Lf imvcrsim nc mucstrfs c`prcsfs cm I+N ncbc scr fnckufnf`cmtc pretcoinf cm tfmte cm kufmtesc kemkrctc cm rcsultfnes cxpletfblcs y suskcptiblcs nc scr pftcmtfnes. Fnc`s, lf ncacmsf nclf prepicnfn imnustriflarcmtc f lf kepif c i`itfkim per pfrtc nc ke`pctinercs cxtrfmgcrespcr`itc f mucstrfs c`prcsfs `fyercs plfzes nc f`ertizfkim nc lf imvcrsim, fs ke`e pretcocrlfs vcmtfgfs ke`pctitivfs fnquirinfs `cnifmtc lf I+N+i (vfsc tf`bim lf lmcf 3.>). Xer clle,

    lfs kemvekfterifs nc fpeye f lf I+N+i imkluirm, cmtrc sus ofstes subvcmkiemfblcs, lf pretckkim

    nc lf prepicnfn imnustrifl prekcncmtc nc rcsultfnes nc preycktes nc I+N.

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    Cstrftcoif nc Xeltikf Imnustrifl| CXI 2868-2863 >3

    Lmcf 2.;7 Xreorf`fs nc Fpeye f lf Immevfkim c`prcsfrifl

    F`plifr lf bfsc nc c`prcsfs immevfnerfscm lf Ke`umitft Qflcmkifmf kemstituyc um ebgctiveirrcmumkifblc, ke`e qucnf rcflcgfne cm cl Ebgctive Cstrftoike ; nc lf CXI. Lf immevfkim me cs, sim

    c`bfroe, pftri`emie cxklusive nc c`prcsfs quc ncsfrrellfm fktivinfncs tckmeloikfs e dfkcm I+N:

    kemsistc cm ncsfrrellfr lf kfpfkinfn nc lfs c`prcsfs pfrf trfmsaer`fr cl kemeki`icmte (tckmeloike,

    erofmizfkim, frjctimo,) cm rcsultfnes ckem`ikes y sekiflcs.Smf c`prcsfcsimmevfnerfkufmne7

    6. Imkerperf lf immevfkim ke`e clc`cmte kcmtrfl nc su cstrftcoify ke`e aucmtc nc vcmtfgfke`pctitivf,

    2. Nispemc nc lf erofmizfkim y kulturfquc lc netfm nc lf kfpfkinfn nc immevfr nc aer`f sistc-`tikf y, ke`e kemsckucmkif,

    ;. Rcflizf immevfkiemcscm prenukte/scrvikie, prekcse, `crkfne y erofmizfkim quc lc pcr`itcm`fmtcmcr lf ke`pctitivinfn f lfroe plfze.

    Cm kemsckucmkif, lfs c`prcsfs immevfnerfs sc kfrfktcrizfm per um tipe nc erofmizfkim y ocstim

    cm cl quc lfs klfvcs sem cl lincrfzoe, lfs pcrsemfs y sus ke`pctcmkifs: cm lf ckeme`f ncl kemeki-`icmte sem cstes fktives imtfmoiblcs les quc, fl kemstituir lf primkipfl aucmtc nc niacrcmkifkim cm

    cl `crkfne y scr imi`itfblcs, ocmcrfm vcmtfgfs ke`pctitivfs sestcmiblcs.

    Cm lf fktuflinfn, lf Kemscllcrif nc Imnustrif, Ke`crkie c Immevfkim kucmtf kem nistimtes preorf`fs

    nc fpeye f lf immevfkim c`prcsfrifl, cmtrc les quc ncstfkfm7

    Xreorf`fs ocstiemfnes per cl I@XIQF y ericmtfnes aumnf`cmtfl`cmtc f lf imnustrif7 Kdcquctckmeloike, Xlfmcs [ckteriflcs nc Ke`pctitivinfn c Immec`prcsf (kemgumtf`cmtc kem cl @i-

    mistcrie nc Imnustrif, uris`e y Ke`crkie).

    Xreorf`fs cspckstkes ncl sckter ke`crkiflocstiemfnes per lf Nirckkim Ocmcrfl nc Ke`crkie

    y Kemsu`e.

    Kemvcrtir umf c`prcsf, cspckifl`cmtc umf Xy`c, cm umf erofmizfkim immevfnerf rcquicrc tic`pe,

    csaucrze, aer`fkim y, cm ocmcrfl, cl fpeye nc kemsultercs cxtcrmes cspckiflizfnes quc tutclcm cl

    prekcse f `cnie y lfroe plfze. Xer le tfmte, y ncsnc cl pumte nc vistf ncl nisce nc lfs peltikfs, me

    bfstf kem earckcr f lfs c`prcsfs kemvekfterifs nc I+N+i: sc rcquicrc cstfblckcr itimcrfriesqucstmfmkicm y fpeycm cl ncsfrrelle nc umf vcrnfncrf kulturf nc immevfkim cm lfs c`prcsfs vflcm-

    kifmfs, tfmte cm cl prekcse e cm cl prenukte/scrvikie, ke`e cm `frjctimo y erofmizfkim.

    Xfrf clle, me cs sustkicmtc kem earckcr f lf c`prcsf lf pesibilinfn nc ncsfrrellfr preycktes kem-

    krctes nc immevfkim, sime quc dfy quc netfrlf nc les `cniespfrf fmflizfr su `encle nc mcoekie,

    niscfr um plfm nc fktufkim y ncsfrrellfr lfs fktufkiemcs mckcsfrifs pfrf llcvfrle f kfbe. Y tene

    clle kem cl fpeye nc cxpcrtes quc preperkiemcm les `cnies tkmikes y lf aer`fkim mckcsfrif. Xer

    tene clle, sc prepemc7

    Lf krcfkim nc um mucve preorf`f, ncme`imfne Kdcquc nc Ocstim,`cnifmtc cl quc lf Ocmc-

    rflitft stmfmkifr lf kemtrftfkim per pfrtc nc lfs c`prcsfs bcmcstkifrifs nc kemsultercs de`e-

    leofnes quc prekcncrfm f ae`cmtfr lf immevfkim cm lfs Xy`cs cm les `bites nc lf ocstim yerofmizfkim c`prcsfrifl y nc lf ke`crkiflizfkim, nurfmtc um pcrene nc cmtrc 1 y 9 `cscs.

    Cm pfrtikulfr, cl Kdcquc nc Ocstim vf ericmtfne f stmfmkifr les siouicmtcs fspcktes7

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    Cstrftcoif nc Xeltikf Imnustrifl | CXI 2868-2863>1

    Cl ncsfrrelle nc um prekcse imtcrme nc rcflcxim y fmlisis imtcrme cm lf c`prcsf quc pcr`itffmflizfr su pcrstl nc mcoekie, kemkrctfr lmcfs nc fktufkim y ncstmir umf Focmnf nc Immevfkimimnivinuflizfnf.

    Cl ncsfrrelle y tutclf, per pfrtc nc les kemsultercs, nc les preycktes nc fscserf`icmte ci`plc`cmtfkim cm lfs rcfs nc7 epti`izfkim nc rckurses du`fmes, `cgerf nc lf cstkicmkif

    epcrftivf y nc lf prenuktivinfn, ncsfrrelle nc mucves kfmflcs nc vcmtf y nistribukim nc pre-nuktes, y fmlisis nc mucvfs epertuminfncs nc Imtcrmfkiemflizfkim.

    Lf prcpfrfkim y prcscmtfkim nc selikituncs f nistimtfs kemvekfterifs nc I+N+i rcoiemflcs,mfkiemflcs c imtcrmfkiemflcs.

    Lmcf 2.>7 Estkimf nc Xreycktes C`prcsfriflcs nc I+N+i (EXINi)

    Cl neku`cmte nc fmlisis y plfmistkfkim7Xlfm nc Fktivfkim y @cgerf nc lf Xfrtikipfkim nc lf Ke`u-mitft Qflcmkifmf cm Xreorf`fs Mfkiemflcs c Imtcrmfkiemflcs nc I+N+i (Nirckkim Ocmcrfl nc Imnustrifc Immevfkim 2889),kemkluyc quc c`prcsfs y kcmtres tckmeloikes nc lf Ke`umitft Qflcmkifmfpenrfm kfptfr umf cnif nc 31@@ fmuflcs fnikiemflcs cm preycktes nc I+N+iocstiemfnes per

    lf Fn`imistrfkim Ocmcrfl ncl Cstfne (aumnf`cmtfl`cmtc, KN^I)y lf Smim Curepcf (QII Xreorf`f@frke), dfstf um tetfl nc 248 @@ fnikiemflcs cm 288?-286;. Cstc tipe nc preycktes sem ke`-pctitives, per le quc cs mckcsfrie ae`cmtfr lf prcscmtfkim nc prepucstfs kem fltf prebfbilinfn ncxite per pfrtc nc c`prcsfs vflcmkifmfs: cm pfrtikulfr7

    Krcfkim nc lf Estkimf nc Xreycktes C`prcsfriflcs nc I+N+i(EXINi), kuyf aumkim cs keer-nimfr lfs imikiftivfs ncsfrrellfnfs per nistimtes erofmis`es (Ocmcrflitft, Kemscge nc K`frfs,Kicrvfl, RCNI^, [CI@CN, Aumnfkim Ke`umitft Qflcmkifmf Rcoim Curepcf,) y earckcr fpeyeimnivinuflizfne f lfs c`prcsfs.

    Rcaerzfr clfpeye stmfmkicref lf pfrtikipfkim nc c`prcsfs cm preorf`fs mfkiemflcs c imtcr-mfkiemflcs, pfrf le quc sc kucmtf yf kem nes imstru`cmtes7 cl Xreorf`f nc Imkcmtives f lfXfrtikipfkim cm Xreorf`fs Mfkiemflcs y Curepces nc I+N+i C`prcsfrifl(ocstiemfne per lf

    Nirckkim Ocmcrfl nc Imnustrif c Immevfkim, ncstimfne cxklusivf`cmtc f c`prcsfs) y lf Fktuf-kim 2 nc lf kemvekfterif nc Xlfmcs [ckteriflcs nc Ke`pctitivinfn(ncstimfnf f erofmis`esimtcr`cnies7 fsekifkiemcs c`prcsfriflcs c Imstitutes ckmeloikes).

    Xre`evcr y fpeyfr, f trfvs nc I@XIQF-Cmtinfn nc Kcrtistkfkim, lf kcrtistkfkim f cacktes sts-kflcsnc preycktes nc I+N+i quc afkilitcm cl fkkcse nc lfs Xy`cs vflcmkifmfs f lfs ncnukkiemcsprcvistfs per cstc kemkcpte cm lf Lcy ncl I`pucste sebrc [ekicnfncs.

    Lmcf 2.37 Kcmtre nc Cstrftcoifs C`prcsfriflcs (KCC[)

    Lf immevfkim cstrftoikf, cs nckir fqucllf quc fktf sebrc cl `encle nc mcoekie nc lf c`prcsf(ericmtfkim y pesikiemf`icmte cm cl `crkfne), rcquicrc lf te`f nc nckisiemcs quc ericmtcm lf

    cstrftcoif c`prcsfrifl f `cnie y lfroe plfze dfkif mucvfs epertuminfncs y mikdes nc `crkfne, cs-pckifl`cmtc cm scktercs kemselinfnes. Xfrf afkilitfr f les c`prcsfries lf te`f nc cstfs nckisiemcs

    cxistcm nes dcrrf`icmtfs bsikfs7

    Lf imtcliocmkif ke`pctitivf(IK) kemsistc, cscmkifl`cmtc, cm kfptfr imaer`fkim f mivcl sckterifly nc `crkfne y kemvcrtirlf cm kemeki`icmte nc flte vfler ffnine pfrf lf c`prcsf. Lf IK pucnc

    rcacrirsc tfmte f lf vioilfmkif tckmeloikf, ke`e f lf cvelukim nc les `crkfnes y nc lf kfncmf

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    Cstrftcoif nc Xeltikf Imnustrifl| CXI 2868-2863 >?

    nc vfler nc um nctcr`imfne sckter e f lfs tcmncmkifs cm lfs prcacrcmkifs y cstiles nc vinf nc

    les kemsu`inercs.

    Lf prespcktivf cstrftoikf(XC) prevcc f lf c`prcsf nc imaer`fkim sebrc les cskcmfries ke`-pctitives autures f mivcl imtcrmfkiemfl y sebrc les encles nc mcoekie nc rcacrcmkif, afkilitfmne

    fs lf te`f nc nckisiemcs cstrftoikfs kem lf fmtikipfkim sustkicmtc pfrf faremtfr les rctes nc

    `crkfne. Xer clle cm les lti`es fes sc dfm llcvfne f kfbe umf scric nc fktufkiemcs ericmtfnfs f petcmkifr

    y kemselinfr cstes nes fspcktes7

    Lf Rcn nc Imstitutes ^ckmeloikes df ncsfrrellfne, kem stmfmkifkim nc lf Ocmcrflitft, umf scric

    nc ebscrvfteries nc imtcliocmkif ke`pctitivf(Ebscrvfteries ^ckmeloikes, nc @crkfne y nc^cmncmkifs), fs ke`e um Kcmtre nc Xrespcktivf Cstrftoikf(KCAAER) vimkulfne f FINI@F(orstke 9).

    Lf krcfkim, nurfmtc lf lti`f lcoislfturf, nc lf Rcn iKRCE(Kcmtres nc Rcflcxim Cstrftoikf ncEpertuminfncs), stmfmkifnf cm lf fktuflinfn f trfvs nc les Xlfmcs [ckteriflcs nc Ke`pctitivinfn,

    quc imkluyc umf trcimtcmf nc tkmikes fltf`cmtc kuflistkfnesi`plfmtfnes cm fsekifkiemcsc`prcsfriflcs sckteriflcs, ncnikfnes f tfrcfs nc imtcliocmkif ke`pctitivf, cspckifl`cmtc f lf

    nctckkim nc mucvfs epertuminfncs nc mcoekie pfrf lfs c`prcsfs.

    Cxistc per le tfmte cm lf Ke`umitft Qflcmkifmf lf bfsc pfrf frtikulfr umf vcrnfncrf imarfcstrukturfncl kemeki`icmte c`prcsfrifl, quc prevcf nc clcvfne vfler ffnine sebrc cskcmfries y preyck-kiemcs nc auture me sle f c`prcsfs y scktercs sime tf`bim f les nistimtes focmtcs sekiflcs y f lfprepif Ocmcrflitft. Xer etre lfne, cl cmaequc c`imcmtc`cmtc sckterifl nc lfs imikiftivfs cxistcmtcsli`itf cl fkkcse f nikde kemeki`icmte per pfrtc nc tenfs lfs c`prcsfs y li`itf lfs simcroifs quc

    pucnfm suroir nc lf keepcrfkim imtcrsckterifl7

    Orstke 9.Ebscrvfteries nc imtcliocmkif ke`pctitivf

    Aucmtc7 Clfberfkim prepif

    Ebscrvfterie nc @crkfneEbscrvfterie ckmeloikeEbscrvfterie nc cmncmkifs ncDbitftKcmtre nc Xrespcktivf

    Ebscrvfterie nc @crkfneEbscrvfterie ckmeloikeEbscrvfterie nc cmncmkifs ncDbitft

    Ebscrvfterie nc @crkfneEbscrvfterie ckmeloikeEbscrvfterie nc cmncmkifs ncDbitft

    Ebscrvfterie nc @crkfneEbscrvfterie ckmeloikeEbscrvfterie nc cmncmkifs

    @ucblcFINI@F

    Kcr`ikfI^K

    ^cxtilFI^CT

    GuouctcFIGS

    Ebscrvfterie nc @crkfneEbscrvfterie ckmeloike

    Ebscrvfterie nc @crkfneEbscrvfterie ckmeloike

    Ebscrvfterie nc @crkfneEbscrvfterie ckmeloikeEbscrvfterie nc cmncmkifs

    Ebscrvfterie ckmeloike Ebscrvfterie nc @crkfne Ebscrvfterie nc @crkfne

    XlstikeFI@XLF[

    KflzfneIMC[KEX

    Bie`ckmikfIBQ

    @ctfl`ckmike

    FI@@C

    Kemstrukkim

    FINIKE

    Imare`tikf

    I^I

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    Cstrftcoif nc Xeltikf Imnustrifl | CXI 2868-2863>4

    Lf krcfkim nc um Kcmtre nc Cstrftcoifs C`prcsfriflcs nc lf Ke`umitft Qflcmkifmf(KCC[),lincrfnf ncsnc lf Ocmcrflitft f trfvs nc RCNI^, quc keernimc y ocstiemc cstfs imikiftivfs. Cl

    KCC[ frrfmkfr, kem kfrktcr nc preyckte pilete, kem lfs fktivinfncs nc Imtcliocmkif Ke`pctitivf

    pfrf cl dipcrsckter Dbitft-Ekie. Xer lf mfturflczf cstrftoikf nc sus fmlisis y prepucstfs, cl

    KCC[ imaer`fr pcrinikf`cmtc sebrc les `is`es fl Ebscrvfterie nc lf Imnustrif y nc les

    [cktercs Ckem`ikes Qflcmkifmes.

    Lmcf 2.17 Fpeye f lf Imvcrsim cm Bicmcs nc Cquipe cm [cktercs Imnustriflcs.

    Cspckifl`cmtc cm scktercs imnustriflcs, lf imvcrsim cm bicmcs nc cquipe y `quimf dcrrf`icmtf

    kemstituyc umf aer`f cstkfz nc imkerperfkim nc immevfkim nc prekcse y prenukte, y quc fnc`s

    ocmcrf `cgerfs nc prenuktivinfn, nc scourinfn imnustrifl, `cnief`bicmtflcs y nc cstkicmkif cmcr-otikf. F `cmune cstfs imvcrsiemcs rcsultfm nc lf cmtrfnf cm vioer nc mucvfs mer`ftivfs, cspckifl-

    `cmtc lfs `cnief`bicmtflcs (per cgc`ple, lf Futerizfkim F`bicmtfl Imtcorfnf). Lfs fktufkiemcs

    prcvistfs cm cstc scmtine sem7

    Nisce nc um preorf`f nc fpeye f lf stmfmkifkim nc lf imvcrsim cm cstc tipe nc fktives,tfmte pfrf c`prcsfs cm aumkiemf`icmte ke`e pfrf fqucllfs nc mucvf krcfkim (ftrfkkim nc

    imvcrsiemcs). Les imstru`cmtes f c`plcfr pucncm scr nc nistimtf mfturflczf7

    Lmcfs krcnitikifs cm kemnikiemcs prcacrcmtcs f kemkcncr per cl IQA.

    Kestmfmkifkim nc kestcs stmfmkicres nc lmcfs kemkcninfs per etres erofmis`es (per cgc`ple,

    IKE) e

    Kestmfmkifkim nc lf imvcrsim f trfvs nc subvcmkiemcs cm um mucve preorf`f ocstiemfne

    per lf Ocmcrflitft f trfvs ncl I@XIQF.

    Smf fktufkim nc cspckifl i`pfkte cm cstc scmtine scrf cl lfmzf`icmte nc um Xlfm Rcmevc nc@fquimfrif Imnustrifl.

    Xer lti`e, tf`bim sc fpeyfr f lf imnustrif nc afbrikfkim nc bicmcs nc cquipe y `quimf-dcrrf`icmtfnc lf Ke`umitft Qflcmkifmf f trfvs nc lmcfs cspckstkfs quc pcr`itfm `cgerfrsu nisce, niacrcmkifkim cm cl `crkfne y vfler ffnine.

    ;.;.;. CGC ;7 NIQCR[IAIKFKIM

    Lfs cstrftcoifs nc nivcrsistkfkim prenuktivf rcsultfm cscmkiflcs f lf derf nc i`pulsfr lf fktivinfnimnustrifl y nc scrvikies dfkif scktercs y `crkfnes c`crocmtcs y, per le tfmte, nc ericmtfr cl `encle

    prenuktive dfkif fktivinfncs nc fyer vfler ffnine c imtcmsinfn tckmeloikf. Cstfs cstrftcoifs, ericm-

    tfnfs fl ku`pli`icmte nc les Ebgctives Cstrftoikes ; y > nc lf CXI 2868-2863, sc bfsfm mckcsfrif`cmtc

    cm trcs tipes nc fktufkiemcs7

    6. Nivcrsistkfkim cm scktercs kemselinfnes, ae`cmtfmne lf immevfkim (nc prenukte, nc prekcse,erofmizftivf y nc `encle nc mcoekie) pfrf cxpletfr mucves mikdes nc `crkfne f pfrtir ncl tcgine

    prenuktive cxistcmtc. Cstc tipe nc fktufkiemcs dfm sine, cm orfm `cninf, ncsfrrellfnfs cm cl Cgc 2,Immevfkim.

    2. Ae`cmte ncl c`prcmncnuris`e immevfnercm fktivinfncs y `crkfnes c`crocmtcs, fs ke`e nclf krcfkim nc C`prcsfs nc Bfsc ^ckmeloikf (CB^s), cm ocmcrfl f pfrtir nc ncsfrrelles kicmtstke-

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    Cstrftcoif nc Xeltikf Imnustrifl| CXI 2868-2863 >9

    tkmikes ocmcrfnes cm erofmis`es pblikes nc imvcstiofkim, pfrqucs kicmtstkes c Imstitutes ^ck-

    meloikes.

    ;. Kfptfkim sclcktivf nc imvcrsiemcsmfkiemflcs y cxtrfmgcrfs, cspckifl`cmtc cm fquclles scktercs`s imtcmsives cm kemeki`icmte c I+N+i.

    Xer etre lfne, cxistcm umf scric nc fktufkiemcs trfmsvcrsflcs quc kemtribuycm f frtikulfr cstfs peltikfs76. Lf cxpletfkim nc lfs vcmtfgfs ke`pctitivfs fsekifnfs fl tcrriterie(cspckifl`cmtc oceorstkfs,

    netfkim nc kfpitfl du`fme c imarfcstrukturfs), quc pcr`itcm ftrfcr imvcrsiemcs y tflcmte ocmcrfmne

    fs um krkule virtuese quc rcaucrzf lfs peltikfs purf`cmtc imnustriflcs.

    2. Lf cxistcmkif nc um f`plie kemscmse sebrc lfs fktivinfncs c`crocmtcsy rcfs prieritfrifspfrf

    cl ncsfrrelle imnustrifl nc lf rcoim f `cnie y lfroe plfze.

    ;. Lfs Fn`imistrfkiemcs Xblikfs gucofm um pfpcl aumnf`cmtfl cm cl cstfblcki`icmte nc cmtermesfn`imistrftives y mer`ftivesquc afverczkfm cl ncsfrrelle c`prcsfrifl. Fnc`s, ncsfrrellfm umcackte trfkteri`pertfmtc y quc rcsultf i`prcskimniblc `evilizfr ke`e `eter nc lf immevfkimy nc ncsfrrelle nc mucves scktercs y `crkfnes cm rcfs c`crocmtcs.

    f) Ebgctives

    6. Cstfblckcr um kemscmse sebrc lfs epertuminfncs cstrftoikfs nc auturepfrf cl ncsfrrelle nc

    lf imnustrif vflcmkifmf y ke`plc`cmtfr lfs fkkiemcs trfmsvcrsflcs imkluinfs cm lf CXI 2868-2863

    kem um fpeye nckinine f lfsrcfs y tckmeleofs cspckstkfsquc kemtribuirm f ncsfrrellfrcstfs epertuminfncs.

    2. Clfberfkim nc umf cstrftcoif imtcorfl pfrf lf pre`ekim y ncsfrrelle nc um tcgine c`prcsfrifl

    immevfnerf pfrtir ncl ae`cmte ncl c`prcmncnuris`e y nc lf krcfkim nc c`prcsfs, scfm ncbfsc tckmeloikf e vimkulfnfs f scktercs kemselinfnes, bfsfnfs cm cl kemeki`icmte y kem um

    flte petcmkifl nc krcki`icmte f `cnie y lfroe plfze.

    ;. Dfkcr nc lfs Fn`imistrfkiemcs Xblikfs (Ocmcrflitft, Fyumtf`icmtes,) um vcrnfncre `eter nclf immevfkimf cskflf rcoiemfl, ae`cmtfmne lf krcfkim nc mucves klustcrs imnustriflcs y ncscrvikies cm rcfs c`crocmtcs y ut