Los Fondos de Inversión como vehículo de canalización del ahorro en la actualidad.

7/25/2019 Los Fondos de Inversin como vehculo de canalizacin del ahorro en la actualidad.

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DAHZB]AM MJ ]ZS@XGF P D@IAI[AX

NSAMF JI D@IAI[AX P HFI]AC@B@MAM

Bfs Dfimfs mj @ivjrsì hfgf vjlhubf mj haiab`zahì mjbalfrrf ji ba ahtuab`mam.

]racakf Dì mj Nramf prjsjitamf pfr Nu`bbjrgf Sfmrnujz Haitjbar, s`jimf jb tutfr mjbg`sgf Mfi Kfs Jir`quj Sfgjrf Narha.

T. C. mjb ]utfr; Abugif/a;

M .Kfs Jir`quj Sfgjrf Narha M. Nu`bbjrgf Sfmrnujz Haitjbar

Xjv`bba. Ifv`jgcrj mj 351:


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3/39

NSAMF JI D@IAI[AX P HFI]AC@B@MAM

DAHZB]AM MJ ]ZS@XGF P D@IAI[AX

]SACAKF D@I MJ NSAMF

HZSXF AHAMG@HF _351:-3514W

]]ZBF;

BFX DFIMFX MJ @ITJSX@I HFGF TJLHZBF MJ HAIAB@[AH@I MJBALFSSF JI BA AH]ZAB@MAM

AZ]FS;

NZ@BBJSGF SFMSNZJ[ HAI]JBAS

]Z]FS;

MFI KFX JIS@QZJ SFGJSF NASHA

MJUAS]AGJI]F;

JHFIFGA AUB@HAMA @

SJA MJ HFIFH@G@JI]F;

G]FMFX HZAI]@]A]@TFX UASA BA JHFIFGA P BA JGUSJXA

SJXZGJI;

Bfs dfimfs mj ìvjrsì sfi ui t`pf mj ìvjrsì hfbjht`va quj pjrg`tj ab ìvjrsfrtram`h`fiab part`h`par ji uia nrai m`vjrs`mam mj aht`vfs y gjrhamfs hfi ba vjitaka mjuia njstì prfdjs`fiab, cjijd`hìmfsj mj gjifrjs hfg`s`fijs y ui cuji tratag`jitf

d`shab. Jstas y gs harahtjrst`has lahji mj jbbfs ui prfmuhtf gs hfgpjt`t`vf qujftrfs y huya hfgjrhàb`zahì cjijd`hà a bfs grnjijs mj bas jit`mamjs dìaih`jras jiuia pfha mj t`pfs mj ìtjrs ji gi`gfs, bf quj mjtjrgìa kuitf hfi jb ì`h`f mj barjhupjrahì jhfig`ha uia tjimjihà hrjh`jitj ji su papjb ji jb s`stjga dìaih`jrfjspafb.

UABACSAX HBATJ;

Dfimf mj ìvjrsì? vfbat`b`mam? m`vjrs`d`hahì? r`jsnf? @ist`tuhì mj @ivjrsìHfbjht`va.


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5/39

]DN-D@HF. Bfs Dfimfs mj @ivjrsì hfgf vjlhubf mj haiab`zahì mjb alfrrf ji ba ahtuab`mam

-@-

IM@HJ

1.@I]SFMZHH@I VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV 1

3. BAX @IX]@]ZH@FIJX MJ @ITJSX@I HFBJH]@TA VVVVVVVVVVVVVVVVVVVVVV 8

3.1 AI]JHJMJI]JX P JTFBZH@I MJ BA @ITJSX@I HFBJH]@TA JIJXUAA. VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV 8

3.3 BA @ITJSX@I HFBJH]@TA VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV =

3.8 BAX XFH@JMAMJX MJ @ITJSX@I GFC@B@AS@A VVVVVVVVVVVVVVVVVVVVVVV 4

3.= F]SAX @IX]@]ZH@FIJX MJ @ITJSX@I HFBJH]@TA VVVVVVVVVVVVVVVVVV >

8. BFX DFIMFX MJ @ITJSX@I VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV 0

8.1 BFX DFIMFX MJ @ITJSX@I GFC@B@AS@A. VVVVVVVVVVVVVVVVVVVVVVVVVV 0

8.1.3 Jb Tabfr b`qu`mat`vfVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV0

8.1.8 Tjitakas mj bfs Dfimfs mj @ivjrsìVVVVVVVVVVVVVVVVVVVVVVVVVVVVV11

8.3 M@XUFX@H@FIJX SJBJTAI]JX MJ BFX DFIMFX MJ @ITJSX@I VVVVVV 13

8.8 JB MJCJS MJ @IDFSGAH@I. VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV 1>

8.= HBAX@D@HAH@I MJ BFX DFIMFX XJNI BA TFHAH@I @ITJSXFSA VV 10

8.: BAX JI]@MAMJX NJX]FSAX P MJUFX@]AS@AX MJ DFIMFX MJ@ITJSX@I VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV 31

=.

AIB@X@X HFGUASA]@TF MJ DFIMFX MJ @ITJSX@I VVVVVVVVVVVVVVVV 38

:. HFIHBZX@FIJX MJB JX]ZM@F VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV 3>

4. C@CB@FNSADA VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV 30

>.

AIJ\F VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV 81


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Sfmrnujz Haitjbar, Nu`bbjrgf


7/39

]DN-D@HF. ]DN-D@HF. Bfs Dfimfs mj @ivjrsì hfgf vjlhubf mj haiab`zahì mjb alfrrf ji ba ahtuab`mam

-1-

HAU]ZBF 1

@I]SFMZHH@IBa Nbfcab`zahì mj ba jhfifga if la qujmamf ìamvjrt`ma para bfs gjrhamfs

dìaih`jrfs. Mj ljhlf, ba jxpaisì ìtjriah`fiab mj bfs gjrhamfs ji bas bt`gasmhamas la ìdbu`mf mj gaijra hfis`stjitj ji ba jvfbuhì mj bas dìaizas, y jihfisjhujihà, ji ba apar`hì mj iujvfs prfmuhtfs dìaih`jrfs hfi jb dì mj sat`sdahjrbas hama vjz gs hfgpbjkas ijhjs`mamjs mj ui hb`jitj huyas jx`njihàs ab gjrhamfjsti ji hfitìuf hrjh`g`jitf.

Ahtuabgjitj, uif mj bfs prfmuhtfs gs hfgjrhàb`zamfs pfr bas jit`mamjsdìaih`jras sfi bfs bbagamfs Dfimfs mj @ivjrsì, hfis`mjramfs pfr guhlfs jxpjrtfshfgf jb prfmuhtf quj a ma mj lfy gjkfr haiab`za jb alfrrf, pum`jimf, quj ifasjnuraimf, prfpfrh`fiar abtas rjitac`b`mamjs y fdrjhjr gbt`pbjs vjitakas quj sjmjtabbari ji haptubfs pfstjr`frjs, akustimfsj a bfs m`djrjitjs pjrd`bjs mj bfsalfrramfrjs ab jx`st`r uia nrai var`jmam.

Bas jit`mamjs dìaih`jras jsti ìgjrsas ji ui hfitìuf prfhjsf mj haptahìhfgjrhàb mj jstj prfmuhtf. Jstf sj mjcj a var`fs gft`vfs;

Ufr ui bamf, bfs cakfs t`pfs mj ìtjrs prjsjitjs ji jb gjrhamf lai bastramf bashujitas mj rjsubtamfs mj tfmas bas jit`mamjs ji bfs bt`gfs afs, bas huabjs sj vjifcb`namas a fctjijr sus ìnrjsfs prfhjmjitjs mj bas hfg`s`fijs mj bfs prfmuhtfs. Bfsdfimfs mj ìvjrsì, mjpjim`jimf mj ba t`pfbfna mj ba quj sj tratj, jsti sukjtfs auia sjr`j mj hfg`s`fijs bas huabjs sj vjri gs amjbaitj.

Amjgs, jstfs prfmuhtfs sfi hfifh`mfs hfgf prfmuhtfs dujra mj cabaihj, jstfjs as pfrquj if sj ut`b zai pfr ba jit`mam para hfihjmjr dìaihàhì y if dfrgaipartj mj ba s`tuahì patr`gfiàb mj ba jit`mam, sìf quj sfi rjhursfs njst`fiamfs pfr

ftras jgprjsas, hfgf bas sfh`jmamjs njstfras mj dfimfs, guhlas vjhjs ìtjnramasji jb g`sgf nrupf mj ba jit`mam bf quj prfpfrh`fia gjkfras ji bas hujitashfisfb`mamas, hfgf js jb hasf mj ba njstfra mj dfimfs mj CCTA; CCTA AssjtGaianjgjit, f ba mj Caihf Xaitaimjr; Xaitaimjr AG. Jstf, ui`mf ab gi`gf ìtjrspfr partj mj bas jit`mamjs caiharàs mj haptar mìjrf mjb pcb`hf para ba hfihjsì mjhrm`tfs, ya quj pujmji fctjijrbf rjbat`vagjitj nrat`s prfhjmjitj mjb Caihf HjitrabJurfpjf, ìhrjgjita jb ìtjrs pfr ba hfgjrhàb`zahì mj jstj t`pf mj prfmuhtfs.

Ji jstj jstum`f sj jitrar ji mjtabbj sfcrj tfmas bas harahtjrst`has mj bfs dfimfsmj ìvjrsì, sus vjitakas, y aqujbbas jit`mamjs quj part`h`pai ji sus fpjrah`fijs.Uara jbbf, sj mjcj hfifhjr ji pr`gjr bunar jb trgìf ìvjrsì hfbjht`va y tfmas susgfmab`mamjs, jb huab sj mjsarrfbbar a part`r mj su jvfbuhì l`str`ha ji Jspaa y su

mjsarrfbbf ji bfs bt`gfs afs. Ufstjr`frgjitj, sj lar jspjhàb lìhap` ji jb r`jsnf yba rjitac`b`mam ji jstj t`pf mj ìvjrsì gjmàitj ui jstum`f jgpr`hf mj m`hlasvaràcbjs, hfgparaimf tagcì rjitac`b`mamjs hfi ba jvfbuhì mjb im`hj curst`bjspafb pfr jxhjbjihà, hfi jb dì mj bbjnar a uia sjr`j mj hfihbus`fijs sfcrj jbhfgpfrtag`jitf mj uia sjbjhhì mj dfimfs pfr hatjnfras ji ui lfr`zfitj tjgpfrabmjtjrgìamf.

Uara dah`b`tar ba hfgprjisì mjb bjhtfr, sj la prfhjm`mf a ba jbacfrahì mj uinbfsar`f mj trgìfs rjbjvaitjs ihfrpframf hfgf aijxf ab dìab mjb tracakf.


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Hfgf fckjt`vfs mjb jstum`f sj jigarha hfifhjr jb duih`fiag`jitf mj ba ìvjrsìhfbjht`va, hfihrjtagjitj mj bfs dfimfs mj ìvjrsì dìaih`jrfs, as hfgf vjr jb papjbquj mjsjgpjai hfgf aht`vf mj ìvjrsì ahtuabgjitj ji Jspaa ji huaitf apatr`gfi`f njst`fiamf y nrupfs mj ìtjrs, aiab`zar su jvfbuhì y mjtjrgìar casjsji bas quj sustjitar mjh`s`fijs mj ìvjrsì, taitf gjmàitj jb aib`s`s hfgparat`vf mjuia sjbjhhì mj dfimfs, hfgf a travs mj bas vjitakas quj m`hlfs prfmuhtfs pujmai

fdrjhjr. Hfgpbjgjitaràgjitj, sj lar jspjhàb lìhap` ji hfifhjr ba traisparjihàmj ba ìdfrgahì mj jstj t`pf mj prfmuhtfs, huabjs sfi bas jit`mamjs quj part`h`pai mjjbbfs y cakf quj bjyjs jsti supjrv`samas ahtuabgjitj.


9/39


-8-

HAU]ZBF 3

1. BAX @IX]@]ZH@FIJX MJ @ITJSX@I HFBJH]@TA

3.1 AI]JHJMJI]JX P JTFBZH@I MJ BA @ITJSX@I HFBJH]@TA JIJXUAA.

Ba L`stfrà mj ba ìvjrsì hfbjht`va ji Jspaa sj rjgfita lasta bfs afs hìhujita.Duj jitfihjs, hfihrjtagjitj ji 10:3, hfi ba prfgubnahì mj ba Bjy sfcrj jbrn`gji kurm`hf-d`shab mj bas sfh`jmamjs mj ìvjrsì gfc`bàrà, huaimf sj rjnub pfrpr`gjra vjz m`hla gatjrà ji jb frmjiag`jitf kurm`hf.

Ufstjr`frgjitj, ji jb pjr`fmf hfgprjim`mf lasta 10/4= mjb 85 mj Acr`b, autfr`z ba hfist`tuhì mj sfh`jmamjs mj hap`tab d`kf y varàcbj ashfgf ba hrjahì mj dfimfs mj ìvjrsì gfc`bàr`fs j ìgfc`bàr`fs. Amjgs, sjrjnubaca pfr pr`gjra vjz ba prjsjihà mj bas sfh`jmamjs njstfras, jiharnamas mjamgì`strar jb patr`gfi`f, as hfgf bas mjpfs`taràs, huya bacfr prìh`pab js hustfmàr

bfs vabfrjs quj bf dfrgai. Jstj pjr`fmf dìab`za hfi ba aprfcahì mj ba Bjy =4/8, ba huab tuvf ui dujrtj `gpahtf ijnat`vf sfcrj bfs gjrhamfs dìaih`jrfs y bajhfifga guimàb, y quj ui`ma a bfs jdjhtfs mj ba rjdfrga d`shab ji 10>< prfvfh uiadujrtj hama ji bas cfbsas jspafbas, quj bbjnarfi a sjr mj lasta ui >5%. Ba hr`s`scurst`b adjht ji nrai gjm`ma a bas @ist`tuh`fijs mj @ivjrsì Hfbjht`va, huyashartjras jstacai guy jxpujstas ab gjrhamf iah`fiab ab if pfmjr ìvjrt`r gs mjb 15%mj su patr`gfi`f ji gjrhamfs jxtjr`frjs. Amjgs, ba rjita d`ka sj mjb`g`taca a ba mjbas jgprjsas pr`vamas, ab if jx`st`r jg`s`fijs mj mjuma pcb`ha ji jsj pjr`fmf.

M`hlfs jdjhtfs sj tramukjrfi ji uia rjmuhhì ji jb patr`gfi`f mj bas @@Hs mj ui88%, rjmuhhì s`g`bar a ba mjb igjrf mj parth`pjs. Ji huaitf a ba hait`mam mj @@Hs,lucf uia hama mj gs mjb 45%, ba gayfra mj jbbas sfh`jmamjs mj ìvjrsì. Ufr jbhfitrar`f, pjrgaijh` hfistaitj jb igjrf mj dfimfs mj ìvjrsì y sj prfmukf ui

augjitf ji jb patr`gfi`f gjm`f pfr ìst`tuhì, hfgf hfisjhujihà mj ba m`djrjihà jiba varàhì jitrj jb patr`gfi`f y jb igjrf mj jit`mamjs.

A part`r mj 108. Lasta 1005 jb patr`gfi`f njst`fiamf sj gubt`pb`h pfrs`jtj, ui hrjh`g`jitf guy pfr jih`ga mjb igjrf mj ìst`tuh`fijs, bf quj m`f bunar a uiìhrjgjitf s`ni`d`hat`vf mjb patr`gfi`f gjm`f njst`fiamf pfr ìst`tuhì. Ufr ftrf bamf,jb igjrf mj ìvjrsfrjs sj v`f augjitamf ji gs mj ui 85.555.


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Ji huaitf a ba m`str`cuh`i mjb patr`gfi`f, mj M`h`jgcrj, mjaprfcah`i mj bfs Urjsupujstfs Njijrabjs mjb Jstamf y ba Bjy 1


11/39


-:-

Jx`stj uia sjr`j mj jit`mamjs huya bacfr prìh`pab hfis`stj ji haptar jstfs dfimfshfi jb dì mj njst`fiarbfs j ìvjrt`rbfs ji m`djrjitjs prfmuhtfs dìaih`jrfs f ifdìaih`jrfs, bas bbagamas @ist`tuh`fijs mj @ivjrsì Hfbjht`va.

Ba duihì mj jstas jit`mamjs hfis`stj ji ba haptahì mj rjhursfs gjmàitj bajg`sì mj aht`vfs dìaih`jrfs ìm`rjhtfs, ya sjai ahh`fijs f part`h`pah`fijs, j

ìvjrt`rbfs ji aht`vfs dìaih`jrfs m`rjhtfs, hfgf pujmji sjr fpjrah`fijs ji jbgjrhamf mj vabfrjs f mj mjuma pcb`ha, f gjmàitj ba ìvjrsì ji aht`vfs rjabjs.

Ufmjgfs m`stìnu`r mfs t`pfs mj @ist`tuh`fijs mj @ivjrsì Hfbjht`va atjim`jimf a badfrga kurm`ha ji ba quj sj hfist`tuyji;

- Dfrga d`muhàrà; Js jb hasf mj bfs dfimfs mj ivjrsì. Gjmàitj jsta dfrgauia sfh`jmam aii`ga (sfh`jmam njstfra) js ba jiharnama mj amgì`strarbfs rjhursfs apfrtamfs pfr bfs ìvjrsfrjs, hfiv`rtìmfsj jstfs ji parth`pjsmjb dfimf ji ba gjm`ma prfpfrh`fiab ab hap`tab apfrtamf. Ba b`qu`mjz mj baspart`h`pah`fijs hfrrj a harnf mjb patr`gfi`f hfgi, ya quj jx`stj jb mjrjhlfmj rjjgcfbsf mj bas part`h`pah`fijs.

- Xfh`jmam pfr ahh`fijs; Bbagamas Xfh`jmamjs mj @ivjrsì (X@) y mj bashuabjs jx`stji m`vjrsas gfmab`mamjs. Xfi sfh`jmamjs aii`gas huyaaht`v`mam prìh`pab hfis`stj ji ba ìvjrsì mj sus rjhursfs ji m`vjrsfsaht`vfs. Ji jstj hasf jb ìvjrsfr sj hfiv`jrtj ji ahh`fi`sta mj ba sfh`jmam,tji`jimf jsta sus prfp`fs rnaifs rjhtfrjs. Ji bas Xfh`jmamjs mj @ivjrsì,jb ahh`fi`sta pujmj mjsvìhubarsj a travs mj ba vjita mj bas ahh`fijs mj basquj js prfp`jtar`f ji jb gjrhamf sjhuimar`f.

D`nura 3.3.1.Gfmab`mamjs mj ìst`tuh`fijs mj @ivjrsì hfbjht`va.Dujitj; Jbacfrahì prfpà

Ufr ftrf bamf, tagcì sj pujmji hbas`d`har a jstj t`pf mj jit`mamjs sjni bapjrspjht`va mj ìvjrsì quj s`na ba ìst`tuhì. Mj jstj gfmf, sj m`djrjihài aqujbbashuya ìvjrsì va mjstìama a aht`vfs mj harhtjr dìaih`jrf, hfgf bas X@HATs

(Xfh`jmamjs mj ìvjrsì gfc`bàrà mj hap`tab varàcbj) f bfs Dfimfs mj @ivjrsìGfc`bàrà, jitrj ftras, y aqujbbas ftras huyas ìvjrs`fijs `ri m`r`n`mas lahà bahfgpra mj aht`vfs ìgujcbjs para su pfstjr`fr arrjimag`jitf, hfgf bas Xfh`jmamjsmj @ivjrsì @igfc`bàrà y bfs Dfimfs mj @ivjrsì @igfc`bàrà, quj dujrfi rjnubamas


12/39


ji Jspaa y ftrfs pasjs mjb jitfrif mjc`mf ab aunj prjsjitj ji bfs bt`gfs afs, hfijb dì mj ìhjit`var ba ìvjrsì ji v`v`jimas y ftrf t`pf mj ìgujcbjs. Hacj hfihrjtarquj jstj jstum`f sj hjitrar sfcrj tfmf ji bas @ist`tuh`fijs mj @ivjrsì Gfc`bàràHfbjht`va, y ji gayfr gjm`ma, ji bfs Dfimfs mj @ivjrsì Gfc`bàrà, a part`r mj alfradfimfs mj ivjrsì.

3.8 BAX XFH@JMAMJX MJ @ITJSX@I GFC@B@AS@ABas Xfh`jmamjs mj @ivjrsì Gfc`bàràs sfi sfh`jmamjs aii`gas huya g`sì js

ba haptahì mj dfimfs, c`jijs f mjrjhlfs mjb pcb`hf para ìvjrt`rbfs ji c`jijs,mjrjhlfs, vabfrjs u ftrfs ìstrugjitfs s`jgprj quj jb rjim`g`jitf mjb ìvjrsfr sjjstacbjzha ji duihì mj bfs rjsubtamfs hfbjht`vfs (Gaiuab mjb s`stjga dìaih`jrfJspafb)

A jsta hatjnfra pjrtjijhji bas X@HATs, sfh`jmamjs aii`gas quj sj mjm`hai aìvjrt`r jb patr`gfi`f fctji`mf pfr bas apfrtah`fijs mj bfs ìvjrsfrjs ji ttubfs mj rjitavaràcbj. Jstj t`pf mj Xfh`jmam mj @ivjrsì mjcj hfitar hfi ui hap`tab gi`gftftabgjitj sushr`tf y mjsjgcfbsamf mj 3,= g`bbfijs mj jurfs.

Bas sfh`jmamjs mj @ivjrsì pujmji hrjarsj pfr sucnrupfs f hfgpart`gjitfshuyas harahtjrst`has m`d`jrji jitrj s pfr ba jg`sì mj m`djrjitjs t`pfs mj ahh`fijsmjpjim`jimf mjb t`pf mj aht`vf dìaih`jrf ji quj ìv`jrta hama partj mjb patr`gfi`f qujdfrgj ui mjtjrgìamf hfgpart`gjitf. Ji jb hasf mj uia X@HAT pfr hfgpart`gjitfs,hama hfgpart`gjitf mjcj tjijr ui hap`tab gi`gf mjsjgcfbsamf mj =,4

3511 8.5:4 38.41= =1=,4

3513 3.0


13/39


->-

3.= F]SAX @IX]@]ZH@FIJX MJ @ITJSX@I HFBJH]@TA

Jb hfitìuf avaihj mj uia mjgaima hama vjz gs jspjhàb`zama ji ba ìvjrsì mjsus rjhursfs dìaih`jrfs, v`f hfgf rjspujsta ba rjdfrga mj ba Bjy mjb Gjrhamf mjTabfrjs ji 100


14/39


@ivjrsì Hfbjht`va huya pfbt`ha mj ìvjrsì jst casama ji ba ìvjrsì ji uia i`ha@@H,bf quj ma bunar a ba apar`hì mj uia ìst`tuhì prìh`pab y ftra sucfrmìama.

Ba @ist`tuhì sucfrmìama js aqujbba (f abnuif mj sus hfgpart`gjitfs s` bfsluc`jra) quj la s`mf autfr`zama para ìvjrt`r, hfgf gi`gf, jb


15/39


-0-

HAU]ZBF 8

BFX DFIMFX MJ @ITJSX@I

8.1 BFX DFIMFX MJ @ITJSX@I GFC@B@AS@A.

Hfgf sj la `mf hfgjitaimf ji apartamfs aitjr`frjs, ui dfimf mj ìvjrsì js uipatr`gfi`f dfrgamf pfr bas m`djrjitjs apfrtah`fijs mj bfs parth`pjs, bfs huabjsrjab`zai ba sushr`phì mj uia sjr`j mj part`h`pah`fijs hfi jb dì mj fctjijr uifsrjsubtamfs ìm`v`muabjs quj `ri ji duihì mj bfs rjsubtamfs hfbjht`vfs mjb dfimf,mjpjim`jimf jstfs a su vjz mj ba varàc`b`mam mjb vabfr mj bfs aht`vfs ji bfs quj jstìv`rt`jimf jb dfimf, mj huya njstì sj jiharnar uia jit`mam njstfra hfi jb hfihursfmj ui mjpfs`tar`f, tfmfs jbbfs sukjtfs a ba supjrv`sì mj ba HIGT.

D`nura 8.1.1. Duih`fiag`jitf njijrab mj dfimfs mj ìvjrsì; jitfrif fpjrat`vf.Dujitj; Ma tu fpìì wjc

8.1.3 Jb Tabfr b`qu`mat`vf

Jb patr`gfi`f mj ui dfimf jst m`v`m`mf ji uia sjr`j mj part`h`pah`fijs hfi uimjtjrgìamf vabfr, bf quj sj hfifhj hfgf vabfr b`qu`mat`vf. Jb vabfr b`qu`mat`vf sjhabhuba m`v`m`jimf jb vabfr mjb patr`gfi`f mjb dfimf jitrj jb igjrf tftab mj

part`h`pah`fijs ji h`rhubahì. Ba gayfra mj bfs dfimfs t`jiji b`qu`mjz màrà, bf qujpjrg`tj hfifhjr hfi dah`b`mam jb vabfr b`qu`mat`vf a uia djhla mjtjrgìama. Uara jbbf,js ijhjsar`f vabfrar bas part`mas hfitacbjs hfi rjspjhtf ab ma hfrrjspfim`jitj.Abnuias part`mas, hfgf bas hujitas hfrr`jitjs, if t`jiji m`djrjihà jitrj ba vabfrahìy jb hfstj. Ji hagc`f, para pfmjr vabfrar uia hartjra mj ahh`fijs hft`zamas, sjrijhjsar`f ahum`r ab gjrhamf mj vabfrjs mfimj sj hfitratai bfs ttubfs.

Jb vabfr mjb patr`gfi`f, a dì mj pfmjr jdjhtuar jb hbhubf mjb vabfr b`qu`mat`vf, sjr jbquj rjsubtj mj mjmuh`r bas hujitas ahrjjmfras mjb tftab mj bfs aht`vfs. Jstfs aht`vfsjstari vabframfs sjni v`jij jstacbjh`mf ji jb Sjnbagjitf sfcrj @@H. Mj jsta dfrga,bfs vabfrjs hft`zamfs sjri vabframfs a prjh`f mj gjrhamf mjb ma ji quj sj rjd`jrapara jb hbhubf mjb vabfr b`qu`mat`vf, g`jitras quj aqujbbfs quj if hft`hji sj vabfrari

sjni su vabfr jdjht`vf, tab y hfgf v`jij jstacbjh`mf ji ba ifrga ; sj vabfrarihfidfrgj a su vabfr jdjht`vf, mj ahujrmf a hr`tjr`fs mj gx`ga prumjihà y apb`haimfgtfmfs mj vabfrahì njijrabgjitj amg`t`mfs ji ba prht`ha.Amjgs, para ba


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hfrrjhta mjtjrgìahì mj m`hlf vabfr, sj mjcjr aprfv`s`fiar mj dfrga màrà tfmfs bfsnastfs mj duih`fiag`jitf quj hfibbjvj ba aht`v`mam.

Xjni v`jij jstacbjh`mf ji jb Arthubf >< mjb Sjnbagjitf mj @ist`tuh`fijs mj@ivjrsì Hfbjht`va, rjdjrjitj ab hbhubf mjb vabfr b`qu`mat`vf y rn`gji mj sushr`ph`fijsy rjjgcfbsfs, jb vabfr b`qu`mat`vf quj sj apb`har a bas sushr`ph`fijs y rjjgcfbsfssjr jb mjb g`sgf ma mj su sfb`h`tum f jb mjb ma lc`b s`nu`jitj, sjni vjina prjv`stfji jb dfbbjtf ìdfrgat`vf s`gpb`d`hamf quj pucb`ha ba jit`mam njstfra ji ba HIGT.Ifrgabgjitj, ji m`hlf dfbbjtf sujbj vji`r jstacbjh`mf uia lfra a part`r mj ba huab taitfbas rmjijs mj hfgpra hfgf mj vjita sj hfis`mjrai rjh`c`mas ab ma lc`b s`nu`jitj.Jsta lfra sujbj sjr aitjr`fr a ba lfra mj h`jrrj mj bfs prìh`pabjs gjrhamfs ji bfs qujjb dfimf t`jij ìvjrt`mf ba gayfr partj mj su patr`gfi`f, hfi jb dì mj jv`targfv`g`jitfs jspjhubat`vfs pfr partj mj bfs ìvjrsfrjs.

D`nura 8.1.1 Fpjrat`va mj dfimfs mj ìvjrsì; pjrspjht`va duih`fiab mj jit`mamjspart`h`paitjs ji su duih`fiag`jitf.Dujitj; Jmudìjt

Bbjnamfs a jstj puitf, sj pfmra pbaitjar ba s`nu`jitj prjnuita; Qu suhjmjra s` sjm`jra jb hasf mj suspjisì mj ba hft`zahì mj ui vabfr prjsjitj ji ba hartjra mjbdfimf6 Ufr jkjgpbf, ba HIGT mjh`mj suspjimjr ba hft`zahì ji Cfbsa mj uiajgprjsa mjb @CJ\8:, hfgf hfisjhujihà mj ui ahfitjh`g`jitf rjbjvaitj hfrpfrat`vfquj pujma adjhtar mj gaijra s`ni`d`hat`va ji ba hft`zahì mj bas ahh`fijs ji jbgjrhamf curst`b, hfi jb dì mj prjvji`r jb usf mj ìdfrgahì pr`v`bjnàma y asjnurar ba`nuabmam mj traisparjihà mj ba ìdfrgahì ji jb gjrhamf.

Aitj jsta s`tuahì, jb vabfr mj ba jgprjsa ji jb gjrhamf qujmagfgjitijagjitj parab`zamf y, pfr taitf, if pujmji jkjhutarsj rmjijs mj hfgpra-vjita mj bfs ttubfs. Jstj jshjiar`f v`jij hfitjgpbamf ji jb Sjnbagjitf mj @@H,pum`jimf marsj mfs s`tuah`fijs;

Ufr ui bamf, s` ba vabfrahì mj bfs ttubfs suspjim`mfs if jxhjmj mjb : pfr h`jitfsfcrj jb patr`gfi`f mjb dfimf y m`hla s`tuahì la s`mf prjv`sta ji jb rjnbagjitf mjnjstì mj m`hlf dfimf, taitf jb rjjgcfbsf hfgf bas sushr`ph`fijs mj baspart`h`pah`fijs sj lari ab prjh`f mjtjrgìamf hfidfrgj a bfs hr`tjr`fs lac`tuabjsjstacbjh`mfs para jbbf.

Ji hagc`f, s` pfr jb hfitrar`f if sj mai bas mfs harahtjrst`has mjb hasf aitjr`fr, jbprjh`f mj hfgpra y vjita mj bas part`h`pah`fijs if tjimr ji hujita bfs vabfrjs

suspjim`mfs, lahìmfsj jdjht`va ba m`djrjihà ab rjaiumarsj ba hft`zahì y tfgaimfhfgf rjdjrjihà ba hft`zahì mjb pr`gjr ma mj ba rjaiumahì.


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8.1.8 Tjitakas mj bfs Dfimfs mj @ivjrsì

Bfs Dfimfs mj @ivjrsì sfi hfistaitjgjitj prjsjitamfs pfr bas jit`mamjsdìaih`jras hfgjrhàb`zamfras hfgf ui prfmuhtf dìaih`jrf quj fdrjhj gbt`pbjsvjitakas. CCTA bf prjsjita hfgf uia ljrrag`jita mj ìvjrsì bbjia mj vjitakas, yab `nuab quj ftras nraimjs jit`mamjs hfgf Ha`xacaio, t`jiji a m`spfs`hì mjb hb`jitjm`stìtfs cushamfrjs mj dfimfs fibìj quj pjrg`tji jihfitrar bfs gs amjhuamfs parahama hb`jitj. Ftrfs, hfgf jb hasf mj Caihf Xacamjbb, bfs mai a hfifhjr hfgf ftradfrga mj sahar part`mf a tus alfrrfs, y fdrjhj ab hb`jitj abtas jxpjhtat`vas mjrjitac`b`mam amaptamas a hama pjrd`b ìvjrsfr. Ujrf, Lasta qu puitf js h`jrtf6 Plasta qu puitf mjpfs`tai bfs hb`jitjs su hfidàiza ji bas jit`mamjs caiharàs,mjspus mjb papjb quj jstfs lai mjsjgpjamf muraitj ba hr`s`s dìaih`jra6 Bf quj sjs h`jrtf js quj bas jstamst`has lacbai pfr s sfbas, y as bf mjgujstrai bfs matfsavaizamfs mjb gjs mj Fhtucrj mj 351: pucb`hamfs pfr @ivjrhf mj ba jvfbuhì mj bfsparth`pjs ji dfimfs mj ìvjrsì iah`fiabjs, auiquj js mj hfis`mjrar quj partj mjjbbfs sj trata mj ìvjrsfrjs jxtraikjrfs. M`hlfs matfs qujmai rjhfn`mfs ji ba nrd`haquj sj jxpfij a hfitìuahì;

Nrd`ha 8.1.3. Uarth`pjs ji D.@ iah`fiabjs.Dujitj; @ivjrhf

Hfgf sj pujmj fcsjrvar, jb igjrf mj parth`pjs ji dfimfs iah`fiabjs s`nuj uiatjimjihà hbaragjitj hrjh`jitj mjsmj dìabjs mj 3513, hfi ui augjitf mj has` jb >5pfr h`jitf y abhaizaimf i`vjbjs mj 355


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cfi`d`hah`fijs hfi apfrtah`fijs a pbaijs mj pjis`fijs, hfi ba ìtjihì mj vìhubar abhb`jitj hfi ba jit`mam a travs mj bf quj sj hfifhj hfgf vjita hruzama. Amjgs,guhlas fdrjhji cfi`d`hah`fijs pfr traspasfs mj dfimfs prfhjmjitjs mj ftrasjit`mamjs, pfr bf quj jstas jsti ìgjrsas ahtuabgjitj ji bf quj sj pujmj mjifgìarhfgf ba nujrra mj dfimfs.

@imjpjim`jitjgjitj mj bas fpì`fijs hfi rjspjhtf a ba t`ha ji jb ijnfh`f caihar`f(para bf quj sj rjhfg`jima hfifhjr ba fpjrat`va mj ]rfmfs Caio), y hjitrimfsj jipuitfs mj harhtjr fckjt`vf, jx`stji uia sjr`j mj vjitakas prjsjitjs ji jstj t`pf mjprfmuhtfs. If fcstaitj, y js mj rjbjvaihà sjabar, m`hlas vjitakas if narait`zari jiiìni gfgjitf bfs cjijd`h`fs duturfs jspjramfs, ya quj ba rjitac`b`mam mjb dfimfjst hfim`h`fiama pfr ba jvfbuhì mj bfs aht`vfs ji bfs quj jst ìvjrt`mf supatr`gfi`f.

Zia mj bas vjitakas quj fdrjhji bfs dfimfs js ba sjnur`mam quj prfpfrh`fiai hfirjspjhtf a ba prfp`jmam mj bas part`h`pah`fijs, bas huabjs pujmji sjr vjim`mas ji jbgfgjitf ji quj jb ìvjrsfr bf jst`gj fpfrtuif. M`hlas part`h`pah`fijs sfihfgjrhàb`zamas pfr jit`mamjs dìaih`jras sukjtas a uia sjr`j mj rjqu`s`tfs mjsfbvjihà y t`jiji ba fcb`nahì mj `mjit`d`har y sjngjitar hfrrjhtagjitj a sus

hb`jitjs, bf quj pjrg`tj ab ìvjrsfr pfmj rjhupjrar su hap`tab ji jb hasf mj ìsfbvjihàmj ba jit`mam hfgjrhàb`zamfra. Ji jb hasf mj quj ba ìsfbvjihà prfvjina mj banjstfra f ba mjpfs`tarà, jstas sjrai sust`tu`mas sì adjhtar a bfs dfimfs.

]fmas bas ifrgas a bas quj jsti sukjtas m`hlas jit`mamjs sfi supjrv`samas pfr baHIGT gjmàitj ba rjhjphì mj ìdfrgahì, hfgui`hahì a m`staihà j ìhbusfìspjhh`fijs.

Ftra mj bas vjitakas quj fdrjhji bfs dfimfs js quj jsti mftamfs mj b`qu`mjz màrà,abnf quj if fdrjhji ftrfs t`pfs mj prfmuhtfs ji jb gjrhamf ahtuab. Ujrf ba quj sjhfbfha hfgf ba gjkfr vjitaka para guhlfs js jb rn`gji d`shab ab quj jst sfgjt`mf.If fcstaitj, jstj sjr mjtabbamf ji jb prx`gf apartamf. Ufr ftrf bamf, ba pfs`c`b`mampara jb ìvjrsfr mj tjijr a su m`spfs`hì uia agpbà ìdfrgahì mfta a jstfsprfmuhtfs mj uia jbjvama traisparjihà.

Ufr ftrf bamf, jb hfitrfb mj bfs r`jsnfs y ba m`vjrs`d`hahì mj bas ìvjrs`fijsrjab`zamas cakf m`djrjitjs pfbt`has, fdrjhji a bfs parth`pjs ba pfs`c`b`mam mj part`h`parji uia nrai var`jmam mj gjrhamfs hfi uias apfrtah`fijs y nastfs guhlf gjifrjsquj ji hfim`h`fijs ifrgabjs, y tfmf jbbf cakf uia njstì prfdjs`fiab.

8.3 M@XUFX@H@FIJX SJBJTAI]JX MJ BFX DFIMFX MJ @ITJSX@I

Jitrj bas m`spfs`h`fijs gs rjbjvaitjs mj bfs Dfimfs mj @ivjrsì mjstahagfs bass`nu`jitjs;

]aitf bfs dfimfs hfgf sus njstfras mjcji tjijr ji tjrr`tfr`f iah`fiab su mfg`h`b`fsfhàb, ab `nuab quj su amgì`strahì y njstì. Bas jit`mamjs mjpfs`taràs tagcìmjcjri tjijrbf f, ab gjifs, uia suhursab. Uara su hrjahì, sjr ijhjsarà bafpfrtuia autfr`zahì mj ba HIGT, as hfgf su ìshr`phì ji jb rjn`strf mj ba g`sga.Am`h`fiabgjitj, hfgf sj hfgjit aitjr`frgjitj, mjcjri hfist`tu rsj hfgf Dfimf mj@ivjrsì. Ji jb hasf mj bas jit`mamjs njstfras, sj rjqu`jrj para su hfist`tuhì uiaautfr`zahì prjvà mjb gì`stjr`f mj Jhfifga y Hfgpjt`t`v`mam a pjt`hì mj baHIGT, as hfgf su ìshr`phì ji jbba y ji jb Sjn`strf Gjrhait`b.

Ba sfb`h`tum mj autfr`zahì pfr partj mj ba HIGT mjcjr hfitjijr uia sjr`j mjmfhugjitfs fcb`natfr`fs tabjs hfgf ba gjgfrà, jb prfyjhtf mj rjnbagjitf mj njstìy ui dfbbjtf mfimj sj mjtabbj tfma ba ìdfrgahì rjbjvaitj sfcrj jb dfimf mj ìvjrsìpara bfs parth`pjs. Amjgs, sjr ijhjsar`f ahrjm`tar ba prfdjs`fiab`mam y

lfifrac`b`mam mj bfs harnfs m`rjht`vfs y amgì`stramfrjs. Jsta sfb`h`tum mjcjrrjsfbvjrsj ji jb pbazf mj ui gjs mjsmj su rjhjphì f mjsmj quj sj hfgpbjtf ba


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-18-

mfhugjitahì rjqujr`ma. X` ji jb pbazf mj hìhf gjsjs if sj luc`jra mamf rjspujstaabnuia, m`hla sfb`h`tum sj jitjimjr hfgf autfr`zama.

]aitf bas sfh`jmamjs mj ìvjrsì, hfgf sj v`f ji jb haptubf aitjr`fr, hfgf bfsdfimfs mj ìvjrsì pujmji hrjarsj pfr hfgpart`gjitfs. Jstas ìst`tuh`fijs jstim`v`m`mas ji var`fs nrupfs quj sj m`djrjihài pfr su pfbt`ha mj ìvjrsì f pfr su

rn`gji mj hfg`s`fijs, auiquj sj hfist`tuyji cakf ui i`hf hfitratf y rjnbagjitf mjnjstì f jstatutfs sfhàbjs. Hama hfgpart`gjitf rjh`cj uia mjifgìahì hfihrjta yma bunar a ba jg`sì mj sus prfpàs ahh`fijs f part`h`pah`fijs, bf quj cjijd`hà a bfsparth`pjs f ahh`fi`stas ya quj pujmji jbjn`r bfs hfgpart`gjitfs huyas harahtjrst`hassj amjhuji gjkfr a sus jxpjhtat`vas mj ìvjrsì. Ba hrjahì mj jstj t`pf mjìst`tuh`fijs vìf hfi ba jitrama ji v`nfr mj ba Bjy 8:/3558 mj @@H. Hamahfgpart`gjitf mj ui dfimf mj ìvjrsì t`jij su prfpà pfbt`ha mj ìvjrsì, uiahartjra ìmjpjim`jitj y ui vabfr b`qu`mat`vf m`djrjihàmf. A su vjz, pujmj jg`t`rm`stìtfs t`pfs mj part`h`pah`fijs m`djrjihàmas sjni bfs hfstjs apb`hamfs, y ab `nuabquj bfs hfgpart`gjitfs, hama t`pf mj part`h`pahì tjimr su prfp`f ifgcrj, jb huabìhbu`r ba mjifgìahì mjb dfimf y mjb hfgpart`gjitf ab quj pjrtjijzha. Jitrj bfsrjqu`s`tfs para hfid`nurar ui dfimf mj ìvjrsì m`v`m`mf pfr hfgpart`gjitfs sj

jihujitrai bfs s`nu`jitjs;- Mjcjr lacjr, ab gjifs, 35 parth`pjs pfr hama hfgpart`gjitf, mjc`jimf

abhaizar ui gi`gf mj 155 jitrj tfmfs bfs hfgpart`gjitfs, sjni v`jijmjdì`mf ji jb Sjab Mjhrjtf 1850/355:.

- Jb patr`gfi`f gi`gf mj hama hfgpart`gjitf mjcjr sjr mj 455.555 jurfs(45.555 jurfs muraitj bfs sj`s pr`gjrfs gjsjs), mjc`jimf bbjnar a 8g`bbfijs mj jurfs, ab gjifs, para hfgpbjtar jb patr`gfi`f mjb dfimf.

- If sj pfmri hrjar hfgpart`gjitfs mj harhtjr dìaih`jrf ji dfimfs ifdìaih`jrfs i` a ba ìvjrsa, i` hfgpart`gjitfs mj ìvjrsì b`crj ji @@H mjm`stìta iaturabjza.

Ji huaitf a ba pfbt`ha mj ìvjrs`fijs, tfmfs bfs Dfimfs mj @ivjrsì mjcjrirjab`zar bas ìvjrs`fijs atjim`jimf a bfs prìh`p`fs mj b`qu`mjz, traisparjihà ym`vjrs`d`hahì. Bas @@H pfmri ìvjrt`r ji uia nrai var`jmam mj aht`vfs, tabjs hfgfvabfrjs ijnfhàcbjs j ìstrugjitfs amg`t`mfs a hft`zahì ji cfbsa mj vabfrjs u ftrfsgjrhamfs, ìmjpjim`jitjgjitj mjb jstamf ji quj ram`quj, s`jgprj quj hugpba hfiuia rjnubahì y fdrjzhai sjnur`mam s`g`barjs a bfs gjrhamfs sjhuimar`fs fd`hàbjs?ahh`fijs y part`h`pah`fijs mj ftras @@H dìaih`jra? mjps`tfs ji jit`mamjs mj hrm`tf aba v`sta f hfi ui vjih`g`jitf mj lasta mfhj gjsjs, s`jgprj quj ba jit`mam tjina sjmjji ui Uas g`jgcrf mj ba ZJ f mj ba FHMJ pjrf hfi s`g`barjs ifrgas? ìstrugjitfsmjr`vamfs? istrugjitfs mjb gjrhamf gfijtar`f

D`nura 8.3.1.Cfbsa mj Gamr`mDujitj; Cushamfr wjc


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Bfs Dfimfs mj @ivjrsì jsti sukjtfs a uia sjr`j mj bg`tjs a ba lfra mj ìvjrt`r supatr`gfi`f. Uujmji ìvjrt`r, hfgf gx`gf, ji jb :% mj vabfrjs mj ui g`sgf jg`sfr.If fcstaitj, jstj bg`tj sj pfmr jbjvar ab 35% pfr jb Gì`stjr`f mj Jhfifga yHfgpjt`t`v`mam y hfi jxprjsa lac`b`tahì mj ba HIGT.

M`hlf pfrhjitakj pfmr augjitarsj ji lasta ji ui 15%, s`jgprj quj jbpfrhjitakj ìvjrt`mf if rjprjsjitj gs mjb =5% mjb patr`gfi`f mjb dfimf mj ìvjrsì.Amjgs, pfmr jbjvarsj ab 85% s`jgprj quj ba ìvjrsì sj rjab`hj ji vabfrjsjg`t`mfs f avabamfs pfr ui Jstamf mj ba ZJ f huabqu`jr ftrf quj tjina ui ratìn `nuabf supjr`fr ab mj Jspaa. Huaimf ba ìvjrsì sj bbjvj a hacf ji prfmuhtfs hfgfhmubas l`pftjharàs y Dfimfs mj ]`tub`zahì L`pftjharà, jb bg tj mjb :% qujmaragpbàmf lasta jb 3:%, auiquj ba suga mj m`hlas ìvjrs`fijs quj jxhjmai mjb hìhfpfr h`jitf if pfmr supjrar jb :%. Ji jstjhasf jb bg`tj mjb :% sj agpba lasta jb 35% mjb patr`gfi`f mjb dfimf, pumìmfsjagpbàr am`h`fiabgjitj ui 15% s`jgprj quj ba ìvjrsì sja ji prfmuhtfs mjr`vamfs.

Jx`stji guhlfs mj bfs dfimfs mj ìvjrsì jspafbjs quj sfi hfgjrhàb`zamfs jiftrfs jstamfs g`jgcrfs mj ba ZJ. Jstfs jsti sfgjt`mfs a bfs bg`tjs aitjr`frjs,

auiquj para pfmjr ìvjrt`r lasta jb 155% mj su patr`gfi`f ji vabfrjs jg`t`mfs pfrjit`mamjs pcb`has tabjs hfgf jstamfs mj hfgui`mamjs autifgas, bfhabjs, fjstamfs mj ba ZJ, js ijhjsar`f m`vjrs`d`har ba jg`sì mj bas part`h`pah`fijs ji, abgjifs, sj`s jg`s`fijs m`djrjihàmas y quj ba ìvjrsì ji vabfrjs prfhjmjitjs mj uiag`sga jg`sì if supjrj jb trjìta pfr h`jitf mjb aht`vf mjb dfimf.

Amjgs, bfs dfimfs mj ìvjrsì if pfmri ìvjrt`r ji ahh`fijs sì vftf,ìstrugjitfs mj mjuma j ìstrugjitfs gfijtar`fs prfhjmjitjs mjb g`sgf jg`sfr jiui pfrhjitakj mjb 15% pfr jih`ga mj bas ahh`fijs sì vftf, ìstrugjitfs mj mjuma ymjb gjrhamf gfijtar`f ji h`rhubahì mj jsj jg`sfr, as hfgf tagpfhf ìvjrt`r jipart`h`pah`fijs mj ui dfimf pfr jih`ga mjb 3:% mjb vfbugji ji h`rhubahì mj m`hlfdfimf.

Bfs dfimfs mj ìvjrsì, hfgf gx`gf, pfmri ìvjrt`r ji part`h`pah`fijs jg`t`maspfr ftrf dfimf ji lasta ui vjìt`hìhf pfr h`jitf, sabvf aqujbbfs dfimfs quj ìv`jrtaiji uif sfbf.

Jb tftab mj ba jxpfs`hì a r`jsnf mj gjrhamf, ji jb hasf mj ba ìvjrsì jiprfmuhtfs dìaih`jrfs mjr`vamfs, if pfmr supjrar jb patr`gfi`f ijtf mj ba @@H, ashfgf ba jxpfs`hì ab r`jsnf drjitj a uia g`sga hfitrapartj if pfmr jxhjmjr mjb :%mjb patr`gfi`f, ui 15% ji jb hasf mj quj m`hla hfitrapartj sja uia jit`mam mjhrm`tf.

Bas jit`mamjs njstfras mj dfimfs mj ìvjrsì, t`jiji bf quj sj hfifhj hfgf jbmjcjr mj ìdfrgahì, hfi jb dì mj `gpbaitar ba traisparjihà ji jb gjrhamf hfirjspjhtf a bfs dfimfs mj ìvjrsì quj njst`fiai.

Uara jbbf, mjcji pucb`har ui dfbbjtf ìdfrgat`vf, ui mfhugjitf tr`gjstrab y sjgjstrabquj rjhfka bfs matfs duimagjitabjs para jb ìvjrsfr mj dfrga sjih`bba, crjvj yhfgprjis`cbj para ui pjrd`b ìvjrsfr hfi hfifh`g`jitfs dìaih`jrfs gfmjramfs, as


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hfgf var`fs ìdfrgjs hfgf rjsubtamfs mj aum`tfras, ìdfrgjs mj njstì y hujitasaiuabjs quj rjhfkai ba ìdfrgahì sfcrj jb patr`gfi`f mjb dfimf. Ufstjr`frgjitj sjhjitrara ui haptubf ji jb mjcjr mj ìdfrgahì quj anuarma jstj t`pf mj prfmuhtfs.

As g`sgf, sj mjcjr pucb`har, gjmàitj hfgui`hahì a ba HIGT, tfmfs aqujbbfsaspjhtfs quj pujmai ìdbu`r ji jb vabfr mj bas part`h`pah`fijs mj ui dfimf, tabjs hfgf

gfm`d`hah`fijs ji sfh`jmamjs njstfras f mjpfs`taràs f rjjgcfbsfs s`ni`d`hat`vfs jibas part`h`pah`fijs mj ui dfimf, jitjimìmfsj hfgf tab aqujbbfs supjr`frjs ab 35%mjb patr`gfi`f.

Lah`jimf rjdjrjihà a bas apfrtah`fijs ab patr`gfi`f a ba lfra mj hfist`tu`r ui dfimfmj ìvjrsì, hacj rjsabtar quj jstas lai mj rjab`zarsj mj gaijra jxhbus`va jijdjht`vf, vabfrjs amg`t`mfs a hft`zahì ji gjrhamfs sjhuimar`fs fd`hàbjs u ftrfsaht`vfs aptfs mj ahujrmf hfi jb rjnbagjitf mj hama dfimf para hugpb`r hfi jbprìh`p`f mj b`qu`mjz h`tamf aitjr`frgjitj.

Jb igjrf gi`gf mj parth`pjs if pfmr sjr ìdjr`fr a 155. Bas part`h`pah`fijstjimri bas g`sgas harahtjrst`has y pujmji rjprjsjitarsj pfr hjrt`d`hamf ifgìat`vfsì vabfr ifgìab f gjmàitj aiftah`fijs ji hujitai sfgjt`mas ab rn`gji

jstacbjh`mf ji ba Bjy mjb Gjrhamf mj Tabfrjs.Xjni jstacbjhj jb Sjnbagjitf, bfs dfimfs mj ìvjrsì mjcji gaitjijr, ab

gjifs, ui 8% mj hfjd`h`jitj mj b`qu`mjz. M`hlf hfjd`h`jitj sj habhuba sfcrj jbprfgjm`f gjisuab mj bfs sabmfs màr`fs mj jsj patr`gfi`f y mjcj gatjràb`zarsj jijdjht`vf, mjps`tfs, hujitas a ba v`sta ji ba jit`mam mjpfs`tarà f ji abnuia ftrajit`mam mj hrm`tf s` jsta if t`jij jsa hfis`mjrahì, f ji fpjrah`fijs rjpfs a ui maji vabfrjs mj mjuma pcb`ha. M`hlf hfjd`h`jitj pujmj vjrsj gfm`d`hamf pfr baHfg`sì Iah`fiab mjb Gjrhamf mj Tabfrjs, s`jgprj quj if sfcrjpasj jb bg`tjgx`gf mjb m`jz pfr h`jitf.

]ab y hfgf sj hfgjitaca ji ba ìtrfmuhhì, bfs dfimfs mj ìvjrsì jsti sukjtfs auia sjr`j mj hfg`s`fijs y nastfs. Zia mj jbbas js ba hfg`sì mj njstì, huyf

cjijd`hàr`f js ba jit`mam njstfra pfr ba rjab`zahì mjb sjrv`h`f mj njstì yamgì`strahì mjb dfimf. Jsta hfg`sì, ifrgabgjitj, sj jstacbjhj ji duihì mjbpatr`gfi`f, auiquj tagcì sj pujmj apb`har ji duihì mj bfs rjim`g`jitfs f uiahfgcìahì mj agcfs. Ji jb hasf mj quj sj jstacbjzha ji duihì mjb patr`gfi`f, bahfg`sì if pfmr jxhjmjr jb 3.3:% mjb g`sgf, g`jitras quj s` sj jstacbjhj jiduihì mj bfs rjsubtamfs sj pfmr apb`har lasta ui 1


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Jx`stji ftrfs bg`tjs a bfs huabjs jsti sukjtfs bas @@Hs, y js quj jstas jit`mamjs ifpujmji rjh`c`r dfimfs mjb pcb`hf cakf ba gfmab`mam mj mjps`tfs, prstagfs fhjs`fijs tjgpfrabjs mj aht`vfs dìaih`jrfs, as hfgf tagpfhf pujmji amqu`r`rhfggfm`t`js f ìgujcbjs huya dìab`mam m`d`jra mjb mjsarrfbbf mj su aht`v`mam prìh`pab.If fcstaitj, s quj pujmji hjmjr partj mj sus aht`vfs hfgf naraita para gjkfrar bashfim`h`fijs mj dìaihàhì, as hfgf tagcì sj bjs pjrg`tj ba hjsì mj vabfrjs

gfc`bàr`fs ji prstagfs, sjni jb s`stjga mj hrm`tf curst`b f jb quj jstacbjzha@cjrhbjar. M`hlfs vabfrjs tjimri uia rjguijrahì mj gjrhamf, if pum`jimf hjmjrgs mjb hìhujita pfr h`jitf mjb patr`gfi`f mj ba ìst`tuhì.

Jb rn`gji d`shab mj bfs dfimfs mj ìvjrsì js uif mj bfs aspjhtfs mj jstfsprfmuhtfs quj la davfrjh`mf su mjsarrfbbf ji bfs bt`gfs afs. Jb tratag`jitf d`shab mjjstj t`pf mj prfmuhtf dìaih`jrf m`d`jrj mjpjim`jimf mjb sukjtf mjb quj sj tratj, ya sjajb parth`pj f ba @ist`tuhì mj @ivjrsì Hfbjht`va.

Ba d`shab`mam para bfs parth`pjs mj dfimfs mj ìvjrsì tr`cutar, sjnihfrrjspfima, ji jb @gpujstf mj Xfh`jmamjs f, pfr jb hfitrar`f, ji jb @SUD. M`hlatr`cutahì sj rjab`zar pfr ba fctjihì mj rjitas, ya sjai pfs`t`vas f ijnat`vas, qujprfhjmai mj ba traisg`sì mj bas part`h`pah`fijs f mj su rjjgcfbsf, as hfgf pfr ba

m`str`cuhì mj bfs rjsubtamfs fctji`mfs pfr ba @@H.Bas naiaihàs y prm`mas patr`gfiàbjs prfhjmjitjs mjb rjjgcfbsf mj bas

part`h`pah`fijs pfr partj mj parth`pjs sukjtfs a @SUD, sj ìtjnrari ji ba casj`gpfi`cbj mjb alfrrf sjni v`jij jstacbjh`mf ji ba ifrgat`va mjb @SUD. Ji jb hasf mjquj m`hla casj dujra pfs`t`va, tr`cutar a ui t`pf `gpfs`t`vf quj vjimr mjtjrgìamfpfr ba casj b`qu`macbj mjb alfrrf mjb hfitr`cuyjitj y mjb jkjrh`h`f mjb quj sj tratj.

A hfitìuahì sj gujstra a gfmf mj rjsugji uia tacba huya ìdfrgahì la s`mfprfpfrh`fiama pfr @ivjrhf, ba asfhàhì mj @@Hs y dfimfs mj pjis`fijs quj sjjiharna mj mjdjimjr bfs ìtjrjsjs mj bas g`sgas drjitj a bas amgì`strah`fijspcb`has y ftras frnai`zah`fijs rjprjsjitat`vas, ji ba huab sj mjtabba bfs m`djrjitjst`pfs mj nravgjijs;

Uartj mj bacasj b`qu`macbjmjb alfrrf ()

Jkjrh`h`f

351=

Jkjrh`h`f

351:

Jkjrh`h`f

3514

Lasta 4.555 31% 35% 10%

Mjsmj 4.555,51 lasta 3=.555

3:% 33% 31%

Mjsmj3=.555,51

lasta :5.555

3>% 33% 31%

Mjsmj:5.555,51 ji

amjbaitj

3>% 3=% 38%

]acba 3.1 D`shab`mam mj dfimfs mj ìvjrsì ji @SUDDujitj; Jbacfrahì prfpà a part`r mj ìdfrgahì fctji`ma mj @ivjrhf.

Zi hasf part`hubar mj tr`cutahì sj prfmuhj huaimf jb `gpfrtj rjh`c`mf mjb rjjgcfbsfmj bas part`h`pah`fijs sj mjstìa a ba sushr`phì mj ftras part`h`pah`fijs mj @@Hs, bfquj sj hfifhj hfgf traspasf. Ji jsj hasf, ba naiaihà f prm`ma patr`gfiàb ifhfgputar, hfisjrvaimf bas iujvas part`h`pah`fijs jb vabfr y ba djhla mj amqu`s`hì

mj bas part`h`pah`fijs traisg`t`mas.Jstj rn`gji jspjhàb if pfmr apb`harsj ji jb hasf mj quj jb `gpfrtj mjb

rjjgcfbsf mj bas part`h`pah`fijs bbjnuj a pfijrsj a m`spfs`hì mjb hfitr`cuyjitj, i`


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huaimf ba traisg`sì tjina pfr fckjtf part`h`pah`fijs rjprjsjitat`vas mjb patr`gfi`fmj dfimfs hft`zamfs.

Ufr ftrf bamf, huaimf jb traspasf f rjjgcfbsf mj ui dfimf mj ìvjrsì sj prfmuhjpfr ui t`tubar sukjtf ab `gpujstf mj sfh`jmamjs, sj ìtjnrari bas rjitas fctji`mas jisus rjspjht`vas casjs `gpfi`cbjs tr`cutaimf ab t`pf `gpfs`t`vf quj hfrrjspfima, s`jimf

jb t`pf njijrab mjb trjìta pfr h`jitf.]aitf ji jb @SUD hfgf ji jb @X bas pbusvabas, fctji`mas hfgf m`djrjihà jitrj jb

vabfr b`qu`mat`vf mj bas part`h`pah`fijs ji jb gfgjitf mj ba sushr`phì y mjrjjgcfbsf, jstari sukjtas, hfi harhtjr njijrab, a uia rjtjihì mjb vjìtj pfr h`jitf,quj m`sgìu`r ab m`jhìujvj pfr h`jitf ji 3514 hfgf hfisjhujihà mj ba rjdfrgad`shab bbjvama a hacf pfr jb nfc`jrif. If fcstaitj, jx`stj uia jxjihì mj m`hlarjtjihì para aqujbbas pbusvabas prfhjmjitjs mj rjjgcfbsfs f traisg`s`fijs mjpart`h`pah`fijs s`jgprj quj jstas prfhjmai mj dfimfs mj ivjrsì hft`zamfs.

Ufr ftra partj, ji jb bamf mj ba tr`cutahì mj ba @@H, hacj rjsabtar quj su rn`gjid`shab v`jij rjdjr`mf taitf ab @gpujstf sfcrj Xfh`jmamjs hfgf ab @gpujstf sfcrj]raisg`s`fijs Uatr`gfiàbjs y Ahtfs Kurm`hfs Mfhugjitamfs.

Lah`jimf rjdjrjihà ab @X, bfs dfimfs mj ìvjrsì jsti sukjtfs a ui t`pf rjmuh`mfmjb uif pfr h`jitf, sjni v`jij jstacbjh`mf ji jb arthubf 3


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Ufr ftrf bamf, tagcì js mj fcb`natfr`jmam rjdbjkar ba `mjit`mam mj bfs g`jgcrfs mjbrnaif mj amgì`strahì, bfs gjrhamfs ji bfs quj sj fpjra, ìdfrgahì sfcrj bfshfgpart`gjitfs (ji jb hasf mj ui dfimf hrjamf pfr hfgpart`gjitfs), as hfgf matfsrjdjrjitjs ab hap`tab sfhàb, aum`tfrjs, djhla mj h`jrrj mj hujitas aiuabjs y rn`gjid`shab apb`hacbj.

Zia partj guy rjbjvaitj mjb dfbbjtf ìdfrgat`vf js ba ìdfrgahì rjdjr`ma a bapfbt`ha mj ìvjrsì mjb dfimf, ya quj aparjhji bas m`djrjitjs hatjnfras mj aht`vfsdìaih`jrfs ji bas quj jstj pujmj ìvjrt`r, bf huab js uia ìdfrgahì mjtjrgìaitjpara jb ìvjrsfr a ba lfra mj fptar pfr ui dfimf u ftrf. Ji m`hla partj mjcjr lahjrsjhfistar (s` ba luc`jra), ba autfr`zahì para ba part`h`pahì ji gjrhamfs dìaih`jrfsmjr`vamfs y, mamf jb hasf, s` m`hla ìvjrsì js rjab`zama cakf jstratjnàs mjhfcjrturas hfi jb dì mj g`t`nar bfs r`jsnfs f para jb hugpb`g`jitf mj bfs fckjt`vfs mjìvjrsì.

Ji bf quj a gatjrà mj r`jsnfs sj rjd`jrj, ba ifrga jstacbjhj quj jb dfbbjtf mjcjahbarar mj dfrga jxprjsa aqujbbfs hasfs ji bfs quj jb vabfr b`qu`mat`vf pujmaprjsjitar uia abta vfbat`b`mam mjc`mf a ba hfgpfs`hì mj su hartjra f a bas thi`hasjgpbjamas para su njstì. Jb r`jsnf mj hama dfimf sj gujstra a travs mj uia jshaba

mj 1 a >, s`jimf rjbjvaitj mjstahar quj jb nramf 1 if s`ni`d`ha quj m`hla ìvjrsì jstb`crj mj r`jsnf.

]agcì mjcj aparjhjr jb pjrd`b mjb t`pf mj ìvjrsfr ab quj va m`r`n`mf jb dfimf, ashfgf ìdfrgahì hfgjrhàb para ba hfitratahì mjb prfmuhtf, ba jvfbuhì l`str`hamjb dfimf mfimj sj gujstrai bas rjitac`b`mamjs mj bfs bt`gfs afs a travs mj uianrd`ha bustrat`va y tfmfs aqujbbfs nastfs y hfg`s`fijs pfs`cbjgjitj apb`hacbjs.

Ftrf mfhugjitf fcb`natfr`f mj prjsjitar pfr ba @@H, h`tamf aitjr`frgjitj, js jb qujrjhfnj bfs matfs duimagjitabjs para jb ìvjrsfr. Jstj mfhugjitf hfgprjimj baìdfrgahì sfcrj bas harahtjrst`has jsjihàbjs mjb dfimf mj ìvjrsì, r`nìmfsj pfrbf jstacbjh`mf ji ba Bjy 8:/355>, mj = mj Ifv`jgcrj, y ji jb Sjnbagjitf (ZJ)i:


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vjitakas mj jstj t`pf mj prfmuhtfs sì gjih`fiar bfs r`jsnfs prjsjitjs ji ba ìvjrsì.Ba mjh`sì mj ahtuahì prjvjit`va pfr partj mj ba HIGT mj atakar huaitf aitjs bas`rrjnubar`mamjs mj hfgpfrtag`jitf ji jb tratag`jitf mj ba ìdfrgahì mftar abgjrhamf mj uia gayfr traisparjihà y, ji hfisjhujihà, ui augjitf mj ba hfidàizamjb ìvjrsfr. M`hlf ìvjrsfr mjcj sjr hfish`jitj mj quj jx`stji uia sjr`j mj r`jsnfsakjifs a bfs tp`hfs mjb gjrhamf, t`pfs, m`v`sas, pfbt`hfhfgf js jb r`jsnf

fpjrah`fiab. Jb r`jsnf fpjrah`fiab js aqub pfr jb quj ui alfrramfr pujmj ìhurr`r jiprm`mas mjc`mf a jrrfrjs fpjrat`vfs mj ba tjhifbfna, prfhjsfs ìtjrifs, draumjs, ashfgf tagcì prht`has hfgjrhàbjs ìamjhuamas, bas huabjs pujmji jstar prjsjitjsji ba hfitratahì mj jstj t`pf mj prfmuhtfs hfgf hfisjhujihà mj dabta mjhfifh`g`jitfs thi`hfs pfr partj mjb njstfr as hfgf mj pfs`cbjs s`tuah`fijs mj jstrsbacfrab mjr`vamas mj bfs hama vjz gs dujrtjs fckjt`vfs hfgjrhàbjs, bf quj pujmjmjsjgcfhar ji ba hfbfhahì mj jstfs prfmuhtfs a pjrd`bjs mj hb`jitjs pfhf `mijfs.

Jstj aspjhtf quj jinbfca ba traisparjihà mjb gjrhamf la s`mf gjkframf nrahàs aba m`rjht`va sfcrj ìstrugjitfs mj gjrhamfs dìaih`jrfs, ba G@D@M (Garojt ì Dìaihàb@istrugjits M`rjht`vj), ba huab cusha ba prftjhhì mj bfs hb`jitjs mj sjrv`h`fs mjasjsfrag`jitf dìaih`jrf a travs mj su sjngjitahì y mj ba rjab`zahì mj tjsts mj

`mfij`mam y amjhuahì quj fdrjhji vabfrah`fijs sfcrj qu prfmuhtf js mj gayfrhfivji`jihà fdrjhjr a hama t`pf mj hb`jitj ji duihì mj sus hfifh`g`jitfs y ftrfsaspjhtfs.

Hacj mjstahar quj ba HIGT js ba jiharnama mj mjtjrgìar jb hfitji`mf y ba dfrgamj prjsjitar ba ìdfrgahì, pum`jimf jstacbjhjr jspjhàb`mamjs ji duihì mjb t`pf mjdfimf mj ìvjrsì, bfs huabjs acarhai m`djrjitjs hatjnfras quj sjri mjtabbamas jijb prx`gf apartamf.

8.= HBAX@D@HAH@I MJ BFX DFIMFX XJNI BA TFHAH@I @ITJSXFSA

Jx`stji m`djrjitjs puitfs mj v`sta a ba lfra mj hbas`d`har bfs dfimfs mj ìvjrsì, hfgfpujmj sjr ba zfia njfnrd`ha f jb sjhtfr. If fcstaitj, ba dfrga gs lac`tuab mjlahjrbf js atjim`jimf ab t`pf mj aht`vfs dìaih`jrfs ji bfs quj ìv`jrtj ui dfimf, jsmjh`r, sjni ba vfhahì ìvjrsfra mjb g`sgf, pumìmfsj jihfitrar m`djrjitjshatjnfras;

Gfijtar`f a hfrtf pbazf; Ba harahtjrst`ha prìh`pab mj jstj t`pf mj dfimfs js baausjihà mj jxpfs`hì a rjita varàcbj, r`jsnf mj m`v`sa y gatjràs pr`gas. Mjcjiahjptar màràgjitj taitf sushr`ph`fijs hfgf rjjgcfbsfs mj part`h`pah`fijs. Jbfckjt`vf mj jstj t`pf mj dfimfs js gaitjijr jb hap`tab prìh`pab y fctjijr uirjim`g`jitf ahfrmj hfi bfs t`pfs mj ìtjrs mjb gjrhamf gfijtar`f. Xfbf ìv`jrtji jiaqujbbfs aht`vfs huyf ratìn js supjr`fr a A3, if lahìmfbf ji aqujbbfs ftrfs aht`vfssì uia hab`d`hahì hrjm`t`hà jspjhd`ha mj hab`mam jqu`vabjitj a ku`h`f mj ba sfh`jmamnjstfra.

Mjpjim`jimf mj ba murahì gjmà y mjb vjih`g`jitf gjm`f mj ba hartjra, sjpujmji jihfitrar dfimfs gfijtar`fs a hfrtf pbazf (murahì gjmà mj ba hartjra `nuabf ìdjr`fr a 05 mas y vjih`g`jitf gjm`f mj 135 mas) y gfijtar`fs a barnf pbazf(murahì gjmà ìdjr`fr f `nuab a 4 gjsjs y vjih`g`jitf gjm`f mj 1 af). Amjgs,hacj gjih`fiar quj bfs D@ gfijtar`fs a hfrtf pbazf if ìvjrt`ri su patr`gfi`f jiìstrugjitfs quj tjinai ui vjih`g`jitf rjs`muab supjr`fr a : afs.

D@ mj Sjita d`ka; Bfs dfimfs mj ìvjrsì mj Sjita d`ka sj harahtjr`zai pfr baausjihà tftab mj jxpfs`hì a rjita varàcbj. Aqujbbfs quj jsti sfgjt`mfs lasta ui15% a r`jsnf mj m`v`sas sj mjifgìai D@ Sjita d`ka Jurf, g`jitras quj bfs quj sjjxpfiji a ui pfrhjitakj supjr`fr sj hfifhji hfgf D@ Sjita d`ka @itjriah`fiab.

Jstj t`pf mj dfimf sujbj ìvjrt`r ji aht`vfs hfgf cfifs, bjtras, hrm`tfs, panars,mjps`tfs, rjpfs y b`qu`mjz. Jstfs aht`vfs sfi vabframfs màràgjitj, pfr bf qujpujmji prfmuh`rsj varàh`fijs ji su vabfr b`qu`mat`vf atjim`jimf a ba jvfbuhì mj bfst`pfs mj ìtjrs ji jb gjrhamf y mjb vjih`g`jitf gjm`f mj bfs aht`vfs ji hartjra.


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Huaimf sj prfmuhji suc`mas ji bfs t`pfs mj ìtjrs, bfs aht`vfs mj rjita d`ka cakai mjprjh`f y pfr taitf tagcì bf lar jb vabfr b`qu`mat`vf mjb dfimf, fhurr`jimf bf hfitrar`fji hasf mj uia cakama mj bfs t`pfs.

Hfiv`jij mjstahar quj jb hfihjptf mj rjita d`ka if s`ni`d`ha rjitac`b`mam d`ka iàusjihà mj r`jsnf, ui hfihjptf mj dh`b y hfgi hfidusì ji bfs ìvjrsfrjs hfi uiacaka huab`d`hahì dìaih`jra, pfr bf quj js mj jspjhàb rjbjvaihà jb papjb mjb njstfr mjcaiha a ba lfra sj asjsfrar a bfs hb`jitjs y jv`tar as pfs`cbjs prfcbjgas mj dabta mjtraisparjihà.

D`nura 8.=.1.Hbas`d`hahì mj dfimfs tram`h`fiabjs pfr i`vjb mj r`jsnf pftjihàb.Dujitj; Saioà.

Dfimfs mj Sjita varàcbj; Jstfs dfimfs t`jiji uia jxpfs`hì gi`ga mjb >:% jirjita varàcbj, prìh`pabgjitj ji ahh`fijs mj m`stìtfs jg`sfrjs. Bfs dfimfs mjìvjrsì mj rjita varàcbj sj sujbji jspjhàb`zar ji m`vjrsas gfmab`mamjs sjni ba

pfbt`ha mj ìvjrsì quj bbjvj a hacf, m`djrjihìmfsj su ìvjrsì ji gjrhamfsmjsarrfbbamfs f jgjrnjitjs? ji jgprjsas quj dfrgai partj mj bfs prih`pjs im`hjscurst`bjs? ji sjhtfrjs jhfig`hfs jspjhd`hfs

Ba HIGT, gjmàitj ba H`rhubar 1/3550, jstacbjh` m`djrjitjs sucnrupfs mj dfimfsmj rjita varàcbj, jihfitraimf as bfs D@ Sjita varàcbj Jurf, hfi ab gjifs ui 45%mj su jxpfs`hì ji rjita varàcbj jg`t`ma pfr jit`mamjs pjrtjijh`jitjs ab jurf, y bfsD@ Sjita varàcbj @itjriah`fiab, huaimf gs mjb >:% mj ba jxpfs`hì tftab a rjitavaràcbj if la s`mf hbas`d`hamf hfgf rjita varàcbj jurf.

Dfimfs G`xtfs; Ba ìvjrsì mj bfs dfimfs g`xtfs js uia hfgcìahì jitrj rjitad`ka y rjita varàcbj, pumìmfsj jihfitrar dfimfs mj rjita d`ka g`xta, hfi uiajxpfs`hì gx`ga a rjita varàcbj mjb 85%, y rjita varàcbj g`xta, huya jxpfs`hì a

ba rjita varàcbj fsh`ba jitrj jb 85% y jb >5%. A gayfr jxpfs`hì a rjita varàcbj,gayfr r`jsnf sfpfrtar jb dfimf y, pfr taitf, gayfr sjr ba rjitac`b`mam pftjihàb.

A su vjz, mj ahujrmf hfi ba m`djrjihàhì rjab zama ji bas hatjnfras aitjr`frjs, sjpujmji jihfitrar taitf dfimfs mj rjita d`ka g`xta Jurf f @itjriah`fiab hfgf jb g`sgfhasf para ba rjita varàcbj.

Dfimfs Narait`zamfs; Bfs dfimfs mj ìvjrsì narait`zamfs sfi aqujbbfs qujasjnurai ab ìvjrsfr ba mjvfbuhì tftab f parhàb mj ba ìvjrsì ì`hàb a uia djhlamjtjrgìama, tji`jimf hfgf pfbt`ha mj ìvjrsì ba fctjihì mj uia rjitac`b`mammjtjrgìama ji m`hla djhla. Jx`stji narait`zamfs mj rjim`g`jitf d`kf, mj rjim`g`jitfvaràcbj y mj naraita parhàb.

Bfs dfimfs narait`zamfs mj rjim`g`jitf d`kf asjnurai ba ìvjrsì ì`hàb y fdrjhjiui rjim`g`jitf d`kf mjtjrgìamf, g`jitras quj bfs mj rjim`g`jitf varàcbj jbrjim`g`jitf asjnuramf js uia pfs`cbj hait`mam vìhubam a ba jvfbuhì mj uia sjr`j mj


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ìstrugjitfs mj rjita varàcbj, m`v`sas f huabqu`jr ftrf aht`vf. Ufr ftrf bamf, bfs mjnaraita parhàb asjnurai uia hait`mam ìdjr`fr ab 155% mjb hap`tab ì`hàb.

Dfimfs mj Sjtfrif acsfbutf; Jb fckjt`vf mj jstfs dfimfs js fctjijr uiarjitac`b`mam/r`jsnf pjr`m`ha s`nu`jimf uias thi`has mj vabfr acsfbutf mìg`has. Iffcstaitj, jb fckjt`vf mj njstì if jst narait`zamf.

Dfimfs Nbfcabjs; Bfs dfimfs mj ìvjrsì nbfcabjs sj harahtjr`zai pfr if tjijrmjdì`ma su pfbt`ha mj ìvjrsì, if jihakaimf mj tab gaijra ji iìnuia mj bashatjnfras mjshr`tas aitjr`frgjitj. ]`jiji ba b`cjrtam para if d`kar hfi aitjbahì sujxpfs`hì a rjita d`ka f varàcbj, m`v`sas f gjrhamfs. Xujbji jihfitrarsj dfimfs mjjsta hatjnfra hfi i`vjbjs guy jbjvamfs mj r`jsnf.

8.: BAX JI]@MAMJX NJX]FSAX P MJUFX@]AS@AX MJ DFIMFX MJ @ITJSX@I

Bas Xfh`jmamjs Njstfras mj Dfimfs mj @ivjrsì sfi sfh`jmamjs aii`gas huyffckjtf sfhàb rjhaj ji amgì`strar y njst`fiar bfs dfimfs, njst`fiar sus ìvjrs`fijs ashfgf bas rmjijs mj sushr`phì y rjjgcfbsf.

Uara bbjvar a hacf su fckjtf sfhàb mjcjr hugpb`r uia sjr`j mj rjqu`s`tfs. Ji pr`gjrbunar, hfgf sj hfgjit ji bas m`spfs`h`fijs njijrabjs mj bfs dfimfs mj ìvjrsì,para su hrjahì mjcj jstar mjc`magjitj autfr`zama pfr jb gì`strf mj Jhfifga yHfgpjt`t`v`mam a pjt`hì mj ba HIGT.

Jb hap`tab sfhàb gi`gf para quj pujma hfist`tu`rsj js mj 855.555 jurfs, hait`mamquj sj vj ìhrjgjitama ji m`djrjitjs prfpfrh`fijs sjni m`djrjitjs aspjhtfs hfgf jbpatr`gfi`f tftab njst`fiamf, bfs ìnrjsfs crutfs pfr hfg`s`fijs f mjpjim`jimf mj s` baprfpà njstfra hfgjrhàb`za bas part`h`pah`fijs f if.

Ufr ftrf bamf, bas njstfras mj dfimfs if pujmji jg`t`r fcb`nah`fijs, panars fjdjhtfs, i` mar ji naraita aht`vfs ji quj sj gatjràb`zai rjhursfs prfp`fs gi`gfs.

Amjgs, sfbf pujmji jimjumarsj lasta ui 35% mj sus rjhursfs prfp`fs y sfbf t`jijiba pfs`c`b`mam mj hfihjmjr prstagfs a sus jgpbjamfs hfi jb g`sgf i`vjb h`tamf.

Bas sfh`jmamjs njstfras jsti sfgjt`mas a uia sjr`j mj bg`tjs mj ìvjrsì hfi jbdì mj asjnurar ba m`vjrs`d`hahì mj sus ìvjrs`fijs, mj gaijra quj bas ìvjrs`fijs jivabfrjs mj ui g`sgf jg`sfr if pfmr supjrar jb 3:% mj sus rjhursfs prfp`fs, agjifs quj jb jg`sfr sja ui Jstamf g`jgcrf mj ba ZJ, Hfgui`mamjs Autifgas yftrfs g`jgcrfs mj ba FHMJ (Frnai`zahì para ba Hffpjrahì y jb MjsarrfbbfJhfig`hf) quj hujitji hfi uia hab`mam hrjm`t`hà s`g`bar a ba mj Jspaa.

Am`h`fiabgjitj a bas aht`v`mamjs mjr`vamas mj su fckjtf sfhàb, bas sfh`jmamjsnjstfras pujmji rjab`zar ftrf t`pf mj duih`fijs hfgf ba njstì ìm`v`muab`zama mjhartjras mj ìvjrsì f ba amgì`strahì, njstì y hfgjrhàb`zahì mj dfimfs mj

hap`tab r`jsnf. Mj dfrga hfgpbjgjitarà, tagcì pujmji prjstar sjrv`h`f mjasjsfrag`jitf dìaih`jrf ji gatjrà mj vabfrjs u ftrfs ìstrugjitfs f hustfmàr baspart`h`pah`fijs mj bfs dfimfs.

Uara quj uia sfh`jmam njstfra pujma ìhfrpfrar jitrj sus duih`fijs bahfgjrhàb`zahì mj bas part`h`pah`fijs mj bfs dfimfs mj ìvjrsì quj njst`fia, mjcjiprjsjitar aitj ba HIGT uia mjhbarahì mj aht`v`mamjs mfimj sj rjdbjkj m`hlaìtjihì kuitf hfi uia gjgfrà quj jxpb`quj quj ba sfh`jmam jst hapah`tama parahugpb`r hfi tfmfs bfs rjqu`s`tfs ijhjsar`fs para jb jkjrh`h`f mj su duihì.

Ji huaitf a bas fcb`nah`fijs quj m`hlas sfh`jmamjs mjcji hugpb`r, sj jihujitra barjmahhì mjb rjnbagjitf mj njstì mjb dfimf y jkjrhjr tfmfs bfs mjrjhlfs ìljrjitjsa bfs vabfrjs ìtjnramfs ji jb dfimf ji cjijd`h`f mj bfs parth`pjs. ]agcì sfi bas

njstfras bas jiharnamas mj bbjvar ba hfitac`b`mam mj bfs dfimfs y rjab`zar jb hbhubf mjbvabfr b`qu`mat`vf mj bas part`h`pah`fijs, ahfrmar ba m`str`cuhì mj bfs rjsubtamfs mjbjkjrh`h`f, sjbjhh`fiar bfs vabfrjs quj mjcji dfrgar jb dfimf mjpjim`jimf mj ba pfbt`ha


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mj ìvjrsì prjv`sta ji jb dfbbjtf as hfgf prfpfrh`fiar a ba jit`mam mjpfs`tarà baìdfrgahì ijhjsarà para rjab`zar sus duih`fijs. Mj dfrga hfgpbjgjitarà ab mjcjrmj ìdfrgahì ab quj sj l`zf abusì aitjr`frgjitj, bas sfh`jmamjs njstfras mjdfimfs mjcji hfgui`har a ba HIGT jb ìdfrgj mj aum`tfra mj hujitas y basvaràh`fijs s`ni`d`hat`vas ji ba traisg`sì mj bas ahh`fijs quj dfrgai partj mj suhap`tab, para bf huab tjimri ui pbazf mj s`jtj mas a part`r mjb hfifh`g`jitf mj ba

fpjrahì.

Ji huaitf a bas sfh`jmamjs mjpfs`taràs, `nuabgjitj mjcjri jstar autfr`zamas pfrba HIGT j ìshr`tas ji su rjn`strf amgì`strat`vf. Xujbji sjr jit`mamjs hfgf caihfs,hakas mj alfrrf, HJHA (Hfidjmjrahì Jspafba mj Hakas mj Alfrrf), hffpjrat`vas mjhrm`tf as hfgf sfh`jmamjs y anjihàs mj vabfrjs.

Hacj mjstahar, quj para pfmjr rjab`zar sus duih`fijs hfgf mjpfs`taràs mjcji mjpart`h`par ji bfs s`stjgas mj hfgpjisahì, b`qu`mahì y rjn`strf ji bfs gjrhamfs jibfs quj vaya a fpjrar. Hama dfimf sfbf pfmr tjijr uia mjpfs`tarà, ab `nuab quj ifpfmr tjijr uia g`sga njstfra y mjpfs`tarà.

Jitrj bas duih`fijs y fcb`nah`fijs gs rjbjvaitjs mj jstj t`pf mj sfh`jmamjsmjstahai bas s`nu`jitjs;

Mjcji hfgprfcar bas fpjrah`fijs rjab`zamas sfcrj m`djrjitjs aht`vfs pfr basfh`jmam njstfra mjb dfimf, as hfgf vjr`d`har quj m`hlas fpjrah`fijs hugpbji hfibfs rjqu`s`tfs, hfjd`h`jitjs, hr`tjr`fs y b`g`tah`fijs quj jstacbjhj ba ifrgat`va.]agcì js ba jiharnama mj supjrv`sar bfs prfhjm`g`jitfs y hr`tjr`fs ut`b`zamfs pfr basnjstfras para jb hbhubf mjb vabfr b`qu`mat`vf mj bas part`h`pah`fijs mj bfs dfimfs, parabf quj mjcj `gpbjgjitar ui s`stjga mj hfitrfb quj dah`b`tj jb hfrrjhtf mjsjgpjf mjm`hla duihì mj supjrv`sì mj bas jit`mamjs njstfras.

Ufr ftrf bamf, js rjbjvaitj sjabar quj hfgf duihì prìh`pab mj m`hlassfh`jmamjs, bas mjpfs`taràs sfi bas jiharnamas mj hustfmàr tfmfs bfs vabfrjs y

mjgs aht`vfs quj dfrgai jb patr`gfi`f mjb dfimf, bf huab sj lar mj dfrga m`rjhta f atravs mj ui tjrhjrf quj sja part`h`paitj ji bfs s`stjgas mj b`qu`mahì yhfgpjisahì mj bfs gjrhamfs ji bfs quj sj fpjrj.

Amjgs, bas mjpfs`taràs ìtjrv`jiji ji bas rmjijs mj hfgpra y vjita mj baspart`h`pah`fijs hfidfrgj a bas m`rjhtr`hjs mj bas njstfras, mjc`jimf asjnurarsj mjquj sj rjab`zai mj ahujrmf a bfs prfhjm`g`jitfs mj panf prjv`stfs y ji ba g`sgadfrga quj v`jij jxpbh`ta ji bfs dfbbjtfs.

Ufr bt`gf, hacj gjih`fiar quj taitf bas njstfras hfgf bas mjpfs`taràs pujmjisjr sust`tu`mas prjvà sfb`h`tum a ba HIGT y s`jgprj y huaimf jx`sta uia iujvasfh`jmam, njstfra f mjpfs`tarà, quj sj gujstrji m`spujstas a ahjptar bas duih`fijspjrtìjitjs. Lay quj rj`tjrar, hfgf sj la hfgjitamf aitjr`frgjitj, quj ui dfimf ifpujmj tjijr uia g`sga njstfra y mjpfs`tarà. If fcstaitj, bas rjnbas prjsjitjs ji jbarthubf 1=4 mjb Sjab Mjhrjtf 15


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-38-

HAU]ZBF =3. AIB@X@X HFGUASA]@TF MJ DFIMFX MJ @ITJSX@I

Bfs dfimfs mj ìvjrsì, hfgf huabqu`jr ftrf aht`vf dìaih`jrf, jsti mjdì`mfs pfr trjsvaràcbjs bas huabjs t`jiji uia jstrjhla rjbahì jitrj s y dfrgai bas harahtjrst`hashfguijs mj tfmf aht`vf dìaih`jrf; rjitac`b`mam, r`jsnf y b`qu`mjz.

M`hlas varàcbjs, y dfhab`zaimf ji jb cìfg`f rjitac`b`mam-r`jsnf, mjcji sjr tji`masji hujita a ba lfra mj tfgar mjh`s`fijs mj ìvjrsì, mj tab dfrga quj ui ìvjrsfr qujcusquj uia rjitac`b`mam pftjihàb gayfr mjcjr asug`r, ji bijas njijrabjs, ui i`vjbmj r`jsnf gs jbjvamf.

@ivjrt`r ji dfimfs, ab `nuab quj ftra ìvjrsì, `gpb`ha asug`r ui i`vjb mjtjrgìamfmj r`jsnf, quj mjpjimjr mj bas harahtjrst`has mjb dfimf y mj bfs aht`vfs ji bfs qujsj ìv`jrta su patr`gfi`f, pfr bf quj js rjbjvaitj hfifhjr bfs i`vjbjs mj r`jsnf mj hamauif hfi jb dì mj sjbjhh`fiar aqub quj gjkfr sj amjhuj a bas jxpjhtat`vas mjìvjrsì. Ufr taitf, sj pujmj mjh`r quj jb ìvjrsfr cusha fctjijr ba gx`garjitac`b`mam hfi ba jxpfs`hì ab gjifr r`jsnf pfs`cbj, jsf s, mjitrf mj uifs bg`tjsquj rjdbjkai ba rjbahì mj agcas varàcbjs.

Jx`stji var`jmam mj gtfmfs mj gjm`hì mj r`jsnfs ut`b`zamfs pfr bfs aiab`staspara su pfstjr`fr hfgparahì, hfgf pujmji sjr bfs rat`fs Cjta, Abda f jb rat`f mjXlarpj. ]fmas jstas ljrrag`jitas mj gjm`hì t`jiji abnf ji hfgi, y js quj tfmasjbbas jsti casamas ji drgubas jstamst`has. If fcstaitj, uif mj bfs gtfmfs mjgayfr ut`b`mam js ba vfbat`b`mam. Ba vfbat`b`mam js ui hfihjptf quj sj jxprjsa mj dfrga

gatjgt`ha hfgf ba mjsvàhì tp`ha mj bas rjitac`b`mamjs, s`jimf uia gjm`ma mjm`spjrsì quj ìm`ha jb nramf ji quj ba rjitac`b`mam mjb dfimf sj la mjsvàmf mj surjitac`b`mam gjmà l`str`ha. Huaitf gayfr sja jb i`vjb mj m`spjrsì, gayfrjsvaràh`fijs lacri sudr`mf bas rjitac`b`mamjs mjb dfimf, y v`hjvjrsa.

As pujs, a gayfr i`vjb mj vfbat`b`mam gayfr js jb r`jsnf quj jb dfimf sfpfrta. Bavfbat`b`mam hfgf gtfmf mj gjm`hì mjb r`jsnf mj ui dfimf js uia mj bas l`ptjs`s jibas quj sj casa ba ]jfra mj sjbjhhì mj hartjras pfstubama pfr Larry Garofw`tz ji10:3, tjfra a part`r mj ba huab sj fct`jij bf quj sj hfifhj hfgf ba hurva mj badrfitjra jd`h`jitj.Ba drfitjra jd`h`jitj jstar dfrgama pfr aqujbbfs dfimfs quj t`jijiuia gayfr rjitac`b`mam gjmà para ui i`vjb mjtjrgìamf mj r`jsnf, bf quj s`ni`d`ha qujaqujbbfs dfimfs quj sj jihujitrji dujra mj jbba sfi hab`d`hamfs hfgf ìjd`h`jitjs.

Uara bbjvar a ba prht`ha m`hla tjfra hfi jb dì mj rjab`zar ui aib`s`s hfgparat`vf,sj la prfhjm`mf a ba sjbjhhì mj ui tftab mj 35 dfimfs mj ìvjrsì hfgjrhàb`zamfspfr uia `gpfrtaitj jit`mam dìaih`jra. Bfs matfs ut`b`zamfs para rjab`zar jb jstum`f sj


30/39


lai fctji`mf mj ba prfpà njstfra mj dfimfs quj bfs amgì`stra. Ba sjbjhhì sj larjab`zamf mj dfrga m`vjrs`d`hama, fptaimf pfr dfimfs pjrtjijh`jitjs a bas hatjnfrastram`h`fiabjs; gfijtar`fs, rjita d`ka, rjita varàcbj y g`xtfs, sjparaimf jstfs bt`gfsji rjita d`ka, rjita varàcbj y gubtàht`vfs. Jstfs bt`gfs sfi dfimfs mj as`niahì mjaht`vfs nbfcabjs quj m`vjrs`d`hai sus ìvjrs`fijs ji guy m`vjrsfs t`pfs mj aht`vfs.Amjgs, ji jb hasf mj bfs dfimfs mj ìvjrsì mj rjita varàcbj, su jbjhhì

njfnrd`ha la s`mf guy varàma ji huaitf a gjrhamfs; Jspaa, Jurfpa, JJ.ZZ,Batìfagr`ha y Hlìa.

Jb lfr`zfitj tjgpfrab jbjn`mf para jb aib`s`s la s`mf mj bfs bt`gfs hìhf afshfgpbjtfs y jb ahtuab 351: ji hursf. Ba gjtfmfbfna sj la casamf ji ba hfistruhhìmj uia nrd`ha quj rjprjsjita ba rjitac`b`mam akustama ab r`jsnf, a part`r mjb hbhubf mjbas rjitac`b`mamjs gjmàs y su mjsvàhì tp`ha hfgf gjm`ma mj vfbat`b`mam.

Am`h`fiabgjitj, sj lai ìhfrpframf matfs mjb prìh`pab im`hj curst`b jspafb, jb@CJ\8: as hfgf bfs mj ui dfimf hft`zamf quj bf rjpb`ha, hfi jb dì mj hfgparar y

jvabuar ba bacfr mjb njstfr.A hfitìuahì sj gujstra uia tacba mj matfs kuitf hfi su rjprjsjitahì mj ba

m`spjrsì y mj bas rjitac`b`mamjs gjmàs pfr hatjnfras;

]@UF DFIMF SJI]AC@B@MAM AIZAB SJI].GJ MJXT.]@U

3515 3511 3513 3518 351= 351:

A)GFIJ]AS@FX

DFIMF B@QZ@MJ[ D@ 5,18% 1,=5% 1,8% 5,33% -5,1>% 5,40% 5,55>>4

CFIFX HAXL D@ 5,83% 1,15% 1,35% 5,81% -5,53% -5,81% 3,38% 5,=% 5,41% 5,54% -5,3:%

C)SJI]A D@KA

ALFSSF JGUSJXAX D@ 5,3=% 1,:,8% 1,>:% -1,:0% 3,10% 5,5301% -5,5:% 5,>% 1,11% -5,1>% 5,00% 5,5315>

SJI][email protected] 1,8>% 1,4=% 5,185,0>% -1:,01% 15,58% 18,=:% >,03% 3,51%

M)G@\]FX

SJI]AD@KA NJX]@I HFIXJSTAMFSA D@ -1,,=8% -18,11% -=,44% 31,=5% 8,44% 5,


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-3:-

D`nura =.1. Aib`s`s hfgparat`vf mj dfimfs pfr hatjnfra.Dujitj; Jbacfrahì prfpà.

Ufr ui bamf, mjsmj ui jidfquj pfr hatjnfra, sj fcsjrva hfgf mj dfrga njijrab basjbjhhì mj dfimfs mj rjita d`ka fdrjhji uia gayfr rjitac`b`mam ji hfgparahì hfijb r`jsnf quj sfpfrtai drjitj ab rjstf mj hatjnfras, mj tab dfrga quj ba bija quj uijbfs puitfs rjprjsjitamfs pfr jstfs dfimfs, sabvf uif mj rjita varàcbj, dfrgara babbagama hurva mj ba drfitjra jd`h`jitj, ya quj sfi bfs dfimfs quj gayfr rjitac`b`mamgjmà fdrjhji para hama i`vjb mj r`jsnf mamf.

Bbaga ba atjihì ba m`djrjihà hfi rjspjhtf a bfs dfimfs mj rjita varàcbj, mj bfshuabjs tjr`hagjitj sj jspjrai rjitac`b`mamjs pftjihàbjs supjr`frjs. Ji hagc`f, ji

su gayfra, if sfbf fdrjhji rjitac`b`mamjs gjmàs pfr mjcakf mj bas prjsjitamas pfrbfs dfimfs mj rjita d`ka (ui 5.:0% drjitj a ui 1.>0%), sìf quj amjgs sfpfrtaii`vjbjs mj r`jsnfs gs jbjvamfs. Mj aqu sj fct`jij uia pr`gjra hfihbusì, y js qujpara jb hfikuitf mj dfimfs sjbjhh`fiamfs fckjtf mj aib`s`s, ba rjita varàcbj asjnuraba jxpfs`hì a i`vjbjs supjr`frjs mj r`jsnf, sì jgcarnf, jstf if t`jij pfrqujtramuh`rsj ijhjsaràgjitj ji ba fctjihì mj gayfrjs rjitac`b`mamjs.

Ufr ftrf bamf, js hfivji`jitj sjabar quj huaitf gs hjrhaif a ba jsquìa ìdjr`frmjrjhla sj jihujitrj rjprjsjitama ba m`spjrsì mjb dfimf, gayfrjs gft`vfs sjtjimr para hjitrar ji b mjh`s`fijs mj ìvjrsì, ya quj prjsjitar gayfrrjitac`b`mam gjmà a m`djrjihà mj uia caka vfbat`b`mam. Hfihrjtagjitj, ji ui puitfhjrhaif sj jihujitra ui dfimf mj rjita varàcbj, huyf hfgpfrtag`jitf m`d`jrj mjb

rjstf mj su hatjnfra. Xj trata mj ui dfimf huyf patr`gfi`f sj ìv`jrtj ji rjitavaràcbj mj JJ.ZZ, jb huab prjsjita rjitac`b`mamjs gjmàs jbjvamas hfgfhfisjhujihà, sfcrj tfmf, mj bfs cujifs rjsubtamfs mj jstas muraitj bfs mfs bt`gfsjkjrh`h`fs.

Ji huaitf a bfs dfimfs gfijtar`fs, sj pujmj fcsjrvar hgf sj jihujitrai jizfias hjrhaias a bfs jkjs, bf quj sj tramuhj ji quj fdrjhji taitf rjitac`b`mamjsgjmàs hfgf r`jsnfs castaitjs cakfs, bf quj sj mjcj ab t`pf mj aht`vf ji bfs qujìv`jrtj m`hlf dfimf y a bfs ahtuabjs t`pfs mj ìtjrs ji gi`gfs. As pujs, sj mjsharta`mfij`mam mj mjh`sì mj ìvjrsì ji jstfs dfimfs, ya quj sj hfis`mjra quj sjpfmra ìvjrt`r m`rjhtagjitj ji bfs aht`vfs quj bf dfrgai hfi ba jxpfs`hì a i`vjbjs mjr`jsnf rjmuh`mfs. If fcstaitj, pujmji sjr mj ut`b`mam ji hasfs mj ìvjrsì tjgpfrab

hfi jb dì mj jv`tar ba d`shab`mam, ya quj hfgf sj la v`stf, gjmàitj bfs traspasfs mjdfimfs sj jv`ta ba tr`cutahì lasta jb gfgjitf mj rjjgcfbsf, pfr bf quj jb alfrrfd`shab ji jsj gfgjitf mjcj hfis`mjrarsj hfgf ui cjijd`h`f `gpbh`tf.


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Ji bf quj a dfimfs g`xtfs sj rjd`jrj, ba rjprjsjitahì gujstra hfgf bfs qujìv`jrtji mj dfrga gayfr`tarà su hap`tab ji rjita varàcbj prjsjita rjitac`b`mamjsgjmàs supjr`frjs a bfs mj rjita d`ka, s` c`ji bf lahj mj gaijra gfmjrama.

X` sj at`jimj a bfs matfs prjsjitamfs pfr jb @CJ\8:, sj gujstra hfgf jb im`hjjspafb sj jihujitra dujra mj zfia ahjptacbj, prjsjitaimf rjitac`b`mamjs gjmàsijnat`vas. Gs dujra ai s` hacj sj s`ta jb J]D @CJ\ 8:, ui dfimf hft`zamf qujrjdbjka m`hlf im`hj. Hfi jb g`sgf i`vjb mj vfbat`b`mam, fdrjhj rjitac`b`mamjs gjmàs pfrmjcakf mj bas mj su im`hj mj rjdjrjihà, bf quj ma mjc`mas prujcas mj ba ìhapah`mammjb njstfr para hfisjnu`r cat`r a bfs gjrhamfs dìaih`jrfs, y maimf gujstra mj ba nraihfgpbjk`mam quj jbbf hfibbjva.

Gs abb mj bfs hfihjptfs mj rjitac`b`mam y r`jsnf, hjitraimf jb aib`s`shfgparat`vf ji ba jvfbuhì mjb sjhtfr mj dfimfs mj ìvjrsì ji Jspaa, sj pujmjifcsjrvar uia sjr`j mj hfgpfrtag`jitfs ji ba jvfbuhì mj bas m`djrjitjs hatjnfras.

Ji huaitf ab patr`gfi`f njst`fiamf, ji ba d`nura =.3 sj pujmj fcsjrvar ba tjimjihàhrjh`jitj mjsmj dìabjs mj 3513, hfgf hfisjhujihà mjb hfg`jizf mj ba rjhupjrahìjhfig`ha, bf quj sj tramuhj ji ui hrjh`g`jitf mj has` ui


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-3>-

]acba =.3. Taràhì y m`str`cuhì mjb patr`gfi`f mj dfimfs pfr hatjnfra mj dfimf.Dujitj; @ivjrhf.

HAU]ZBF :

HFIHBZX@FIJX MJB JX]ZM@F

]ras ba rjab`zahì mj m`hlf jstum`f, sj bbjna a ba hfihbusì mj quj sj la prfmuh`mfui dujrtj augjitf mj ba prjsjihà mj ba ìvjrsì hfbjht`va ji Jspaa,duimagjitabgjitj ìstrugjitama ji dfimfs mj ìvjrsì dìaih`jrfs. Jb dujrtj aunj mjjstj prfmuhtf, part`hubargjitj ji ba jhfifga mj bfs pjqujfs alfrramfrjs jsmjc`mf, ji nrai gjm`ma, ab dujrtj pfmjr hfgjrhàb jkjrh`mf pfr bas jit`mamjs caiharàs,ya quj ba njijrab`zama ìsud`h`jitj jmuhahì dìaih`jra ji Jspaa if pjrg`tj, ji bagayfra mj bfs hasfs, ba autfnjstì gfmjramagjitj sud`h`jitj mjb patr`gfi`f mjbalfrramfr, bf quj prfvfha ji abnuias fhas`fijs jb fdrjh`g`jitf mj jstfs prfmuhtfs apjrd`bjs mj mjgaima pfhf amjhuamfs.

If fcstaitj, js h`jrtf quj m`hlf jstum`f mjgujstra ba jx`stjihà mj m`djrjitjsvjitakas quj lahji mj jbbfs uif mj bfs prfmuhtfs gs atraht`vfs ji jb gjrhamf, hfgfba m`vjrs`d`hahì f jb tratag`jitf d`shab, amjgs mj ba pfha hfgpjtjihà quj fdrjhjiftrfs prfmuhtfs caihar`fs ji ba ahtuab`mam. Amjgs, lay hfistaihà mj quj bahfidàiza mj bfs alfrramfrjs jspafbjs va rjstacbjhìmfsj hfi jb pasf mj bfs afsmjspus mj vjrsj dujrtjgjitj pjrkum`hama pfr ba dabta mj traisparjihà y ba hr`s`sdìaih`jra ji njijrab, nrahàs ji nrai partj a bas gjm`mas mj supjrv`sì `gpujstastras jbba. Xj hfihbuyj ji quj ba traisparjihà mj ba ìdfrgahì ji jstj t`pf mj

prfmuhtfs js guy jbjvama y ahtuab`zama hfgf sj la pfm`mf hfgprfcar ji basduih`fijs mj mjcjr mj ìdfrgahì mj bas jit`mamjs njstfras.


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Xj la v`stf hfgf a part`r mjb ì`h`f mj ba rjhupjrahì hama vjz sfi gayfrjs bfsparth`pjs y jb patr`gfi`f njst`fiamf pfr bfs dfimfs mj ìvjrsì, quj ahtuabgjitjs`nuj uia tjimjihà abh`sta.

Am`h`fiabgjitj, ljgfs pfm`mf hfgprfcar hgf jb hfihjptf mj r`jsnf jstìljrjitj ji tfmf t`pf mj ìvjrsì y su gjm`hì a travs mj ba vfbat`b`mam la pjrg`t`mffcsjrvar hfgf js jb vjrmamjrf hfgpfrtag`jitf mj bfs dfimfs ji jb gjrhamf, jihfitram`hhì a vjhjs hfi jb garhf tjr`hf quj bfs mjdìj. If fcstaitj, hacjgjih`fiar hfgf gjm`ma mj gjkfra para ba fctjihì mjb rjsubtamfs prfhjmjitjs mjbaib`s`s hfgparat`vf jb lacjr tfgamf hfgf sjbjhhì ui gayfr igjrf mj dfimfs mjba jit`mam caiharà sjbjhh`fiama para jb jstum`f, as hfgf ba fphì mj s`tuar jbjidfquj sfcrj varàs jit`mamjs hfgjrhàb`zamfras mj dfimfs y rjab`zaimf ba sjbjhhìgjmàitj ui gujstrjf prfcac bst`hf.

Ufr taitf, sj hfis`mjra `gprjshìm`cbjgjitj rjbjvaitj ba gjkfra mj ba jmuhahìdìaih`jra hfi jb dì mj pfmjr autfnjst`fiar gjmàiagjitj bas dìaizas pjrsfiabjs ypfmjr tjijr hapah`mam mj autfmjh`sì f ab gjifs, pfmjr vabfrar bfs prfmuhtfs qujifs fdrjhji ji jb ma a ma, y tjijr hbarf quj jb vabfr mjb patr`gfi`f ji ui dfimf mjìvjrsì, huabqu`jra quj sja su pfbt`ha mj ìvjrsì, jst sukjtf a bas dbuhtuah`fijs

mj bfs gjrhamfs, pum`jimf fctjijrsj taitf rjim`g`jitfs pfs`t`vfs hfgf prm`mas.


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8. C`cb`fnrada

Caihf Xacamjbb; Qu sfi bas jit`mamjs njstfras y mjpfs`tar`as6, Aht`vfcaio.hfglttps;//www.aht`vfcaio.hfg/appb`h/hgs/ksps/aht`vf/n8rjpfs`tfry/UMD/UJI


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Sjmahhì (351=); Qu sfi bfs dfimfs pfr hfgpart`gjitfs6, AIMCAIO Ur`vatj Caiojrs, 3>mj Gayf 351=.lttp;//www.fcsjrvatfr`fmjbìvjrsfr.hfg/quj-sfi-bfs-dfimfs-pfr-hfgpart`gjitfs/.

Sjv`sta;@ivjrsì &Dìaizas, I001-I00:, hfisubta sjgaiab, 14 Fhtucrj a 10 mjIfv`jgcrj mj 351:.

Sjab Mjhrjtf 15


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-81-

=. AIJ\F

NBFXAS@F

Casj @gpfi`cbj mjb alfrrf; Xjnuimf tragf mj ba casj `gpfi`cbj mjb @SUD mfimj sjìhbuyji bfs rjim`g`jitfs y pbusvabas mjb hap`tab gfc`bàr`f, jitrj jbbfs bfs mj bfsdfimfs mj ivjrsì.

Hab`mam hrjm`t`hà (ratìn); Tabfrahì mj uia jgprjsa f jg`sì mj ui aht`vf qujpjrg`tj sacjr ba hab`mam hrjm`t`hà mj sta para lahjr drjitj a duturfs panfs. Jb ratìnsj rjab`za ji casj a uia jshaba, mjsmj ba hab`mam gx`ga (AAA), pasaimf pfr baìtjrgjmà (CCC), lasta bbjnar a ba hab`mam hrjm`t`hà gi`ga (HHH). Huaitf gs cakasja ba hab`mam mj hrm`tf, sj jx`n`r ui gayfr t`pf mj ìtjrs para hfgpjisar jb r`jsnfquj asugj jb ìvjrsfr.

Hmubas L`pftjharàs; ]tubfs jg`t`mfs pfr bas jit`mamjs dìaih`jras quj fdrjhji uiìtjrs d`kf prjd`kamf y narait`zamf hfi ba naraita mj ba tftab`mam f partj mjb vabfr mj

bfs prstagfs l`pftjhar`fs mj bfs quj js t`tubar jb jg`sfr.

HIGT; Ba Hfg`sì Iah`fiab mjb Gjrhamf mj Tabfrjs js ui frnai`sgf quj mjpjimjmj ba sjhrjtarà mj Jstamf mj Jhfifga y apfyf a ba Jgprjsa mjb Gì`stjr`f mjJhfifga y Hfgpjt`t`v`mam quj sj jiharna mj supjrv`sar bfs gjrhamfs mj vabfrjs jiJspaa.

Hfjd`h`jitj mj b`qu`mjz; Ufrhjitakj mj aht`vfs bqu`mfs sfcrj jb tftab mjb hap`tab.

Hfg`sì mj mjps`tf; Ufrhjitakj quj sj hfcra sfcrj jb patr`gfi`f mjb dfimf pfr baamgì`strahì y hustfmà mj bfs aht`vfs.

Hfg`sì mj njstì; Ufrhjitakj hfcramf sfcrj jb patr`gfi`f pfr ba njstì mj bfsaht`vfs.

Hfg`sì mj sushr`phì/rjjgcfbsf; Ufrhjitakj quj hfcra ba sfh`jmam njstfra mjbdfimf huaimf jb hb`jitj qu`jrj hfgprar f vjimjr bfs aht`vfs dujra mj bas djhlasjstacbjh`mas.

Hfggfm`t`js; Gatjràs pr`gas.

Hujitas hfisfb`mamas; Jstamfs dìaih`jrfs fcb`namfs a prjsjitar bas jgprjsas qujdfrgai ui nrupf mj dfrga hfikuita.

Mjsvàhì tp`ha; Gjm`ma jstamst`ha mj m`spjrsì quj rjdbjka ba varàhì jspjramahfi rjspjhtf ab vabfr prfgjm`f.

JFI@A; (Jurf Fvjri`nlt @imjx Avjranj) ]`pf mj ìtjrs fvjri`nlt mj rjdjrjihà para jb

jurf, habhubimfsj hfgf ba gjmà pfimjrama mj bas fpjrah`fijs fvjri`nlt quj sjrjab`zai ji jb gjrhamf ìtjrcaihar`f ì`hàmas ji jb rja jurf para bfs m`stìtfs caihfshfitr`cu`mfrjs.

Naraita; Jdjhtf mj adàizar bf jst`pubamf, fdrjhj sjnur`mam para jb hugpb`g`jitf mjuia fcb`nahì y js rjqujr`ma pfr bas jit`mamjs a ba lfra mj fdrjhjr dìaihàhì.

Ljmnj Duims; ]`pf mj dfimf mj @ivjrsì quj sj harahtjr`za pfr m`spfijr mj ui abtfnramf mj b`cjrtam ji ba njstì mj su patr`gfi`f, pum`jimf ìvjrt`r ji uia agpbà nagamj gjrhamfs y prfmuhtfs hfi m`djrjitjs i`vjbjs mj apabaihag`jitf.

@cjrhbjar; Ifgcrj hfgjrhàb mj ba Xfh`jmam mj Njstì mj bfs X`stjgas mj Sjn`strf,Hfgpjisahì y B`qu`mahì mj Tabfrjs X.A ui`pjrsfiab, jiharnama mj sjr jb

mjpfs`tar`f hjitrab mj vabfrjs jspafb vjbaimf pfr jb hfrrjhtf duih`fiag`jitf mjbs`stjga mj cfbsas y ftrfs gjrhamfs.


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@CJ\8:; im`hj dfrgamf pfr bfs 8: vabfrjs gs bqu`mfs hft`zamfs ji jb s`stjga mjìtjrhfijxì curst`b mj bas huatrf Cfbsas jspafbas. (Gamr`m, Carhjbfia, C`bcaf yTabjihà)

im`hj curst`b; @im`hamfr mjb gfv`g`jitf mj ba hft`zahì mj bas prìh`pabjs ahh`fijsquj hft`zai ji jb gjrhamf f mj ui sjngjitf mjb g`sgf.

@ivjrhf; Uatrfiab jspafba quj anrupa a tfmas bas jit`mamjs mj ìvjrsì hfbjht`va.GAC; Gjrhamf fr`jitamf a jgprjsas mj rjmuh`ma hap`tab`zahì, quj cushaijxpaim`rsj, hfi uia rjnubahì a gjm`ma, m`sjama mj dfrga jspjhd`ha para jbbas yuifs hfstjs y prfhjsfs amaptamfs a sus harahtjrst`has.

Gjrhamf mj hap`tabjs; Gjrhamf dìaih`jrf mfimj sj fdjrtai y mjgaimai ìstrugjitfsa gjm`f y barnf pbazf.

Gjrhamfs gfijtar`fs; Gjrhamfs dìaih`jrfs huyfs aht`vfs ijnfhàmfs jsti mftamfsmj uia nrai b`qu`mjz y huyfs vjih`g`jitfs sj prfmuhji a hfrtf pbazf.

Fpjrahì rjpf; Fpjrahì hfi pahtf mj rjhfgpra ji ba quj uia jit`mam dìaih`jravjimj ui aht`vf hfi jb hfgprfg`sf mj rjhfgprarbf a ui prjh`f mjtjrgìamf ji uia

djhla mama.Uarth`pj; @ivjrsfr mj ui dfimf mj ìvjrsì prfp`jtar`f mj uia sjr`j mjpart`h`pah`fijs.

Sjn`strf Gjrhait`b; @ist`tuhì fd`hàb jiharnama mj mar pucb`h`mam sfcrj bas pjrsfias,ds`has y kurm`has, quj ìtjrv`jiji ji ui hfitratf gjrhait`b.

Sjita d`ka; ]tubfs ijnfhàcbjs huyf dì js ba haptahì mj dfimfs mjb pcb`hf, pfr jbquj jb jg`sfr sj hfgprfgjtj a mjvfbvjr jb hap`tab y rjab`zar jb panf mj uifs ìtjrjsjsji jb pbazf jstacbjh`mf, ifrgabgjitj hfi agfrt`zahì i`ha ab vjih`g`jitf.

Sjita varàcbj; @ivjrsì dfrgama pfr aht`vfs dìaih`jrfs ji ba quj if sj narait`za i`jb hap`tab ìvjrt`mf i` su rjitac`b`mam.

Sjjgcfbsf; Fpjrahì mj vjita mj part`h`pah`fijs mj ui dfimf mj ìvjrsì.

S`jsnf mj hrm`tf; S`jsnf prfhjmjitj mj ba pfs`c`b`mam mj quj jb jg`sfr mj ui aht`vfif at`jima sus fcb`nah`fijs mj panf ji ba djhla jstacbjh`ma.

S`jsnf mj ivjrsì ji mjr`vamfs; Bfs mjr`vamfs dìaih`jrfs sfi istrugjitfs casamfsji jb prjh`f mj ftrf aht`vf bbagamf sucyahjitj. Xfi ut`b`zamfs para hucr`r r`jsnfs mjprjh`fs mj aht`vfs (hfcjrtura) f para rjitac`b`zar su varàhì (jspjhubahì). A vjhjs,tagcì sj ut`b`zai para aprfvjhlarsj mj bas ìjd`h`jihàs mjb gjrhamf (arc`trakj).Baìvjrsì hfibbjva uifs r`jsnfs mjr`vamfs mjb apabaihag`jitf dìaih`jrf, ab tjijr uiajxpfs`hì ab sucyahjitj pfr jih`ga mj ba hait`mam ìvjrt`ma.

S`jsnf mj ìvjrsì ji rjita varàcbj; Urfcac`b`mam mj uia varàhì ijnat`va ji bahft`zahì mj bas ahh`fijs.

S`jsnf mj b`qu`mjz; S`jsnf rjbah`fiamf hfi ba ìvjrsì ji aht`vfs mj cakahap`tab`zahì y/f ji gjrhamfs mj cakf vfbugji, bf quj pujmj ìdbu`r mj gaijraijnat`va ji jb prjh`f mj ui aht`vf.

S`jsnf mj gjrhamf; S`jsnf mjr`vamf mj ba varàhì mjb vabfr mj bfs aht`vfs ji bfs qujsj jst ìv`rt`jimf jb hap`tab, pum`jimf adjhtar ijnat`vagjitj a ba rjitac`b`mam.

S`jsnf mj t`pf mj hagc`f; (f mj m`v`sa). Js jb r`jsnf quj hfibbjva ba varàhì mjb t`pfmj hagc`f mj uia m`v`sa rjspjhtf a ba quj sj jst ìv`rt`jimf.

S`jsnf mj t`pf mj ìtjrs; Taràhì quj pujmj sudr`r jb prjh`f mj ui aht`vf hfgfhfisjhujihà mjb hagc`f ji bfs t`pfs mj ìtjrs. Jx`stj uia rjbahì ìvjrsa jitrj bfst`pfs mj ìtjrs y jb prjh`f mj bfs ttubfs mj rjita d`ka, hfgf bfs cfifs (huaimf sucj jbt`pf mj ìtjrs, jb prjh`f mjb aht`vf caka y v`hjvjrsa).


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Xushr`phì; Fpjrahì mj hfgpra mj part`h`pah`fijs mj ui dfimf mj ìvjrsì.

Tabfr b`qu`mat`vf; Urjh`f ui`tar`f mj bas part`h`pah`fijs quj dfrgai jb patr`gfi`f mj uidfimf mj ivjrsì.

Tfbat`b`mam; Gjm`ma mj r`jsnf mj ui dfimf mj ìvjrsì, js jb prfgjm`f aiuab`zamf mjbas varàh`fijs màràs mjb vabfr b`qu`mat`vf ji ui pjr`fmf rjspjhtf ab vabfr gjm`f mjm`hlf vabfr b`qu`mat`vf ji jsj pjr`fmf.

Los Fondos de Inversión como vehículo de canalización del ahorro en la actualidad.

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Transcript of Los Fondos de Inversión como vehículo de canalización del ahorro en la actualidad.