6(&7,21 ,; 3(56211( 121 5e6,'$17( ©ௗQRQUpVLGHQWௗª 3RXU O¶DSSOLFDWLRQ GH OD SUpVHQWH VHFWLRQ O¶H[SUHVVLRQ ©ௗQRQUpVLGHQWௗª VLJQLILH XQH SHUVRQQH TXL QH UpVLGH SDV DX 4XpEHF HW TXL Q¶HVW SDV LQVFULWH HQ YHUWX GH OD VHFWLRQ , GX FKDSLWUH 9,,, +LVWRULTXH F Dௗ F Dௗ F Dௗ )RXUQLWXUH WD[DEOH j XQ QRQUpVLGHQW ² WUDQVIHUW GH OD SRVVHVVLRQ PDWpULHOOH G¶XQ ELHQ DX 4XpEHF 'DQV OH FDV R XQ LQVFULW HQ YHUWX G¶XQH FRQYHQWLRQ FRQFOXH HQWUH OXL HW XQ QRQUpVLGHQW HIIHFWXH DX 4XpEHF DX QRQUpVLGHQW OD IRXUQLWXUH WD[DEOH G¶XQ ELHQ PHXEOH FRUSRUHO SDU YHQWH RX G¶XQ VHUYLFH GH IDEULFDWLRQ RX GH SURGXFWLRQ G¶XQ WHO ELHQ RX DFTXLHUW OD SRVVHVVLRQ PDWpULHOOH G¶XQ ELHQ PHXEOH FRUSRUHO DXWUH TX¶XQ ELHQ G¶XQH SHUVRQQH TXL UpVLGH DX 4XpEHF RX TXL HVW LQVFULWH HQ YHUWX GH OD VHFWLRQ , GX FKDSLWUH 9,,, DILQ G¶HIIHFWXHU DX QRQUpVLGHQW OD IRXUQLWXUH WD[DEOH G¶XQ VHUYLFH FRPPHUFLDO j O¶pJDUG GX ELHQ HW TXH j XQ PRPHQW TXHOFRQTXH HW HQ YHUWX GH FHWWH FRQYHQWLRQ O¶LQVFULW IDLW WUDQVIpUHU OD SRVVHVVLRQ PDWpULHOOH GX ELHQ j XQ HQGURLW DX 4XpEHF j XQH WLHUFH SHUVRQQH ² DSSHOpH ©ௗFRQVLJQDWDLUHௗª GDQV OH SUpVHQW DUWLFOH ² RX DX QRQUpVLGHQW OHV UqJOHV VXLYDQWHV V¶DSSOLTXHQWௗ O¶LQVFULW HVW UpSXWp DYRLU HIIHFWXp DX QRQUpVLGHQW HW FHOXLFL HVW UpSXWp DYRLU UHoX GH O¶LQVFULW XQH IRXUQLWXUH WD[DEOH GX ELHQ TXL HVW UpSXWpH DYRLU pWp HIIHFWXpH SRXU XQH FRQWUHSDUWLH TXL GHYLHQW GXH HW HVW SD\pH j FH PRPHQW pJDOHௗ D GDQV OH FDV R O¶LQVFULW D IDLW WUDQVIpUHU OD SRVVHVVLRQ PDWpULHOOH GX ELHQ j XQ FRQVLJQDWDLUH j TXL OH QRQUpVLGHQW D IRXUQL OH ELHQ j WLWUH JUDWXLW j ]pUR E GDQV OHV DXWUHV FDV j OD MXVWH YDOHXU PDUFKDQGH GX ELHQ j FH PRPHQW GDQV OH FDV R O¶LQVFULW D HIIHFWXp DX QRQUpVLGHQW OD IRXUQLWXUH G¶XQ VHUYLFH GH IDEULFDWLRQ RX GH SURGXFWLRQ GX ELHQ RX G¶XQ VHUYLFH FRPPHUFLDO j O¶pJDUG GX ELHQ LO HVW UpSXWp QH SDV DYRLU HIIHFWXp FHWWH IRXUQLWXUH GH VHUYLFH VDXI V¶LO V¶DJLW GH OD IRXUQLWXUH G¶XQ VHUYLFH G¶HQWUHSRVDJH RX G¶H[SpGLWLRQ GX ELHQ ([FHSWLRQV /H SUpVHQW DUWLFOH QH V¶DSSOLTXH SDV VL OH QRQUpVLGHQW HVW XQ FRQVRPPDWHXU GX ELHQ RX GX VHUYLFH IRXUQL SDU O¶LQVFULW HQ YHUWX GH OD FRQYHQWLRQ +LVWRULTXH F Dௗ F D >PRGLILp SDU F D >FHWWH PRGLILFDWLRQ VHUD SOHLQHPHQW DSSOLFDEOH ORUVTXXQH GDWH GH SULVH GHIIHW VHUD IL[pH SDU GpFUHW GX JRXYHUQHPHQW@ F D @ F Dௗ %XOOHWLQV GLQWHUSUpWDWLRQ 794 5 &RQFRUGDQFH IpGpUDOH 7UDQVIHUW GH OD SRVVHVVLRQ PDWpULHOOH G¶XQ ELHQ j XQ LQVFULW TXL UHPHW XQ FHUWLILFDW /¶DUWLFOH QH V¶DSSOLTXH SDV j XQH IRXUQLWXUH YLVpH DX VRXVSDUDJUDSKH D GX SDUDJUDSKH VL OHV FRQGLWLRQV VXLYDQWHV VRQW VDWLVIDLWHVௗ XQ LQVFULW HQ YHUWX G¶XQH FRQYHQWLRQ FRQFOXH HQWUH OXL HW XQ QRQUpVLGHQW j OD IRLVௗ D HIIHFWXH DX 4XpEHF DX QRQUpVLGHQW OD IRXUQLWXUH WD[DEOH G¶XQ ELHQ PHXEOH FRUSRUHO SDU YHQWH RX G¶XQ VHUYLFH GH IDEULFDWLRQ RX GH SURGXFWLRQ G¶XQ WHO ELHQ RX DFTXLHUW OD SRVVHVVLRQ PDWpULHOOH G¶XQ ELHQ PHXEOH FRUSRUHO DXWUH TX¶XQ ELHQ G¶XQH SHUVRQQH TXL UpVLGH DX 4XpEHF DILQ G¶HIIHFWXHU DX QRQUpVLGHQW OD IRXUQLWXUH WD[DEOH G¶XQ VHUYLFH FRPPHUFLDO j O¶pJDUG GX ELHQ E IDLW WUDQVIpUHU OD SRVVHVVLRQ PDWpULHOOH GX ELHQ j XQ HQGURLW DX 4XpEHF j XQH WLHUFH SHUVRQQH ² DSSHOpH ©ௗFRQVLJQDWDLUHௗª GDQV OH SUpVHQW DUWLFOH ² TXL HVW LQVFULWH HQ YHUWX GH OD VHFWLRQ , GX FKDSLWUH 9,,, OH QRQUpVLGHQW Q¶HVW SDV XQ FRQVRPPDWHXU GX ELHQ RX GX VHUYLFH IRXUQL SDU O¶LQVFULW HQ YHUWX GH OD FRQYHQWLRQ OH FRQVLJQDWDLUH UHPHW j O¶LQVFULW HW O¶LQVFULW FRQVHUYH XQ FHUWLILFDW TXL j OD IRLVௗ D LQGLTXH OH QRP GX FRQVLJQDWDLUH HW OH QXPpUR G¶LQVFULSWLRQ TXL OXL D pWp DWWULEXp HQ YHUWX GH O¶XQ GHV DUWLFOHV HW E UHFRQQDvW TXH OH FRQVLJQDWDLUH HQ SUHQDQW SRVVHVVLRQ PDWpULHOOH GX ELHQ DVVXPH O¶REOLJDWLRQ GH SD\HU RX GH YHUVHU XQ PRQWDQW TXL HVW RX SHXW GHYHQLU SD\DEOH RX j YHUVHU SDU OH FRQVLJQDWDLUH HQ YHUWX GHV DUWLFOHV RX j O¶pJDUG GX ELHQ )RXUQLWXUH UpSXWpH HIIHFWXpH KRUV GX 4XpEHF 'DQV OH FDV R OH SUHPLHU DOLQpD V¶DSSOLTXH WRXWH IRXUQLWXUH HIIHFWXpH SDU O¶LQVFULW HW YLVpH DX VRXVSDUDJUDSKH D GX SDUDJUDSKH GH FHW DOLQpD HVW UpSXWpH DYRLU pWp HIIHFWXpH KRUV GX 4XpEHF VDXI V¶LO V¶DJLW GH OD IRXUQLWXUH G¶XQ VHUYLFH G¶H[SpGLWLRQ GX ELHQ +LVWRULTXH F Dௗ F Dௗ F Dௗ 7$;( '( 9(17( '8 48e%(& HU -$19,(5 7
