Peer Review Report Phase 1 Legal and Regulatory Framework - Guernsey

8/7/2019 Peer Review Report Phase 1 Legal and Regulatory Framework - Guernsey

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IAKD@A GKT\J KE VT@ESX@TLECR @EF L]CM@EIL

KG BEGKTJ@VBKE GKT V@] X\TXKSLS

Xllt Tlwbly TlxktvXm`sl 0Ali`a `ef Tli|a`vktr Gt`jlykto

I\LTESLR


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3/81

Iakdà Gkt|jke Vtèsx`tlecr

èf L}cmèilkg Begktj`vbke gkt V`}

X|txksls Xllt Tlwblys>I|lteslr

4800XM@SL 0

Nè|`tr 4800-tlgalcvbei vml alià èf tli|a`vktr gt`jlykto`s `v N|ar 4808"


4/81

Vmbs ykto bs x|dabsmlf ke vml tlsxkesbdbabvr kg vml Slctlv`tr*Ileltà kg vml KLCF%

Vml kxbebkes l}xtlsslf èf `ti|jlevs ljxakrlf mltlbe fk ekv elclss`tbar tlgalcv

vml kggbcbà wblys kg vml KLCF kt kg vml ikwltejlevs kg bvs jljdlt ck|evtbls kt

vmksl kg vml Iakdà Gkt|j ke Vtèsx`tlecr èf L}cmèil kg Begktj`vbke gkt V`}

X|txksls%

BSDE 29=*24*76*827=3*9 -xtbev"BSDE 29=*24*76*827= I|lteslr 4800> Xm`sl 0> Alià èf Tli|a`vktr Gt`jlykto! Iakdà Gkt|j ke

Vtèsx`tlecr èf L}cmèil kg Begktj`vbke gkt V`} X|txksls> Xllt Tlwblys! KLCF

X|dabsmbei%

mvvx>++f}%fkb%kti+08%09=9+29=2476827=


5/81

XLLT TLWBLY TLXKTV XM@SL 0> ALI@A @EF TLI\A@VKTR GT@JLYKTO I\LTESLR KLCF 4800

V@DAL KG CKEVLEVS 3

V`dal kg ckevlevs

@dk|v vml Iakdà Gkt|j % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % N|tbsfbcvbkes Tlsxkesl vk vml Tlwbly Tlxktv % % % % % % % % % % % % % % % % % % 93

@eel} 4> Absv kg @aa L}cmèil*kg*Begktj`vbke Jlcmèbsjs be Gktcl % % % % % % % 9 Absv kg A`ys! Tli|a`vbkes èf Kvmlt Tlalwèv J`vltbà % % % % % % % % % % 97


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@DK\V VML IAKD@A GKT\J ALI@A @EF TLI\A@VKTR GT@JLYKTO I\LTESLR KLCF 4800

L]LC\VBWL S\JJ@TR 9

L}lc|vbwl S|jj`tr

0% Vmbs tlxktv s|jj`tbsls vml alià ef tli|a`vktr gt`jlykto gkt vtès*x`tlecr èf l}cmèil kg begktj`vbke be I|lteslr% Vml bevlte`vbkeà svèf`tfymbcm bs slv k|v be vml Iakdà Gkt|js Vltjs kg Tlgltlecl vk Jkebvkt èf

Tlwbly Xtkitlss Vky`tfs Vtèsx`tlecr èf L}cmèil kg Begktj`vbke! bsckecltelf ybvm vml `w`ba`dbabvr kg tlalwèv begktj`vbke ybvmbe ` n|tbsfbcvbke!vml ckjxlvlev `|vmktbvrs `dbabvr vk i`be `cclss vk vm`v begktj`vbke! èf bev|te! ymlvmlt vm`v begktj`vbke cè dl lgglcvbwlar l}cmèilf ke ` vbjlar d`sbsybvm bvs l}cmèil kg begktj`vbke x`tvelts%

4% Vml D`babybco kg I|lteslr bs ` n|tbsfbcvbke ckjxtbsbei vmtll slag*ikwltebei alibsa`v|tls> I|lteslr -beca|fbei vml bsaèfs kg Mltj èf Nlvmk|"!@afltelr èf S`to -beca|fbei vml bsaèf kg Dtlcpmk|"% Vml xtlslev tlxktvckwlts vml n|tbsfbcvbkes kg I|lteslr èf @afltelr! ymbcm `tl lgglcvbwlar `sbeial n|tbsfbcvbke gkt v`}`vbke x|txksls% S`to bs ` slx`t`vl n|tbsfbcvbke gktv`}`vbke x|txksls èf vml bss|l kg vml bjxaljlev`vbke kg bevlte`vbkeà svèf*`tfs kg vtèsx`tlecr èf l}cmèil kg begktj`vbke gkt v`} x|txksls dr S`to bsekv flàv ybvm be vmbs tlxktv d|v smk|af dl ckesbfltlf dr vml Iakdà Gkt|j%

3% I|lteslrs èf @afltelrs fkjlsvbc a`ys lsv`dabsm ` s`vbsg`cvktrgt`jlykto vk les|tl vm`v tlalwèv kyeltsmbx! bflevbvr! dèobei èf `cck|ev*bei begktj`vbke bs `w`ba`dal% Gbtsv! vmltl `tl kdabi`vbkes bjxkslf fbtlcvar keckjxèbls! x`tvelts èf vt|svlls vk tlv`be èf! be skjl besvècls! vk xtkwbfls|cm begktj`vbke vk ikwltejlev `|vmktbvbls% Vmbs bs ckjxaljlevlf dr kdabi`*vbkes bjxkslf vmtk|im vml abclesbei tlibjl `xxabc`dal vk cltv`be tli|a`vlf

d|sbelss `cvbwbvbls! beca|fbei jksv x`tvelts! fbtlcvkts! cktxkt`vl sltwbcls xtk*wbflts! ekjbells! vt|svlls èf xtkvlcvkts kg ` vt|sv% Gbeàar! vml èvb*jkelra`|efltbei tli|a`vbkes! ymbcm `xxar vk tli|a`vlf gbeècbà d|sbelssls èftlalwèv xtkglssbkeàs! ctl`vl ` vmbtf a`rlt kg tlp|btljlevs vk c`xv|tl tlalwèvbegktj`vbke%

6% @e kwltsbimv ìlecr m`s dlle ctl`vlf be vml D`babybco! b%l% vmlI|lteslr Gbeècbà Sltwbcls Ckjjbssbke -IGSC" ymbcm bs tlsxkesbdal gkts`gli|`tfbei ckjxabècl ybvm tli|a`vktr èf èvb*jkelr a`|efltbei kdab*i`vbkes% Vml IGSC yblafs è `tt`r kg legktcljlev jl`s|tls kwlt gbf|cb*

`tr abcleslls! beca|fbei xtbw`vl y`tebeis! x|dabc sv`vljlevs! bewlsvbi`vktr


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= L]LC\VBWL S\JJ@TR

xkylts! èf cèclaa`vbke kg abclecls% Gbeècbà xleàvbls `tl àsk `w`ba`dal vksècvbke dtl`cmls kg kdabi`vbkes%


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BEVTKF\CVBKE 2

Bevtkf|cvbke

Begktj`vbke èf jlvmkfkakir |slf gkt vml xllt tlwbly kg I|lteslr

2% Vml `sslssjlev kg vml alià ef tli|a`vktr gt`jlykto kg I|lteslr y`sd`slf ke vml bevlte`vbkeà svèf`tfs gkt vtèsx`tlecr ef l}cmèil kg begktj`*vbke `s flsctbdlf be vml Iakdà Gkt|js Vltjs kg Tlgltlecl! èf y`s xtlx`tlf|sbei vml Iakdà Gkt|js Jlvmkfkakir gkt Xllt Tlwblys èf Eke*JljdltTlwblys% Vml `sslssjlev y`s d`slf ke vml a`ys! tli|a`vbkes! èf l}cmèil kgbegktj`vbke jlcmèbsjs be gktcl kt lgglcv `s `v N|ar 4808! I|lteslrs tlsxkeslsvk vml Xm`sl 0 p|lsvbkee`btl èf s|xxaljlev`tr p|lsvbkes! kvmlt j`vltbàs s|x*xablf dr I|lteslr! èf begktj`vbke s|xxablf dr x`tvelt n|tbsfbcvbkes%

08% Vml `sslssjlev y`s ckef|cvlf dr è `sslssjlev vl`j! ymbcm cke*sbsvlf kg vyk l}xltv `sslsskts èf vyk tlxtlslev`vbwls kg vml Iakdà Gkt|jSlctlv`tb`v> Js% Wàltb` Sxltèflk gtkj vml Bvàbè Tlwle|l @ilecr!@sslssjlev Fbtlcvkt`vl! Bevlte`vbkeà Fbwbsbke! L}cmèil kg Begktj`vbkeKggbcl? Jbss Dàdbt O`|t! slebkt v`} sxlcbàbsv ybvm vml V`} Xkabcr 'Bevlte`vbkeà V`} Fbwbsbke kg vml Beaèf Tlwle|l @|vmktbvr kg Sbei`xktl? Js%Tle`v` Gkevè` èf Js% Iyleàal Al Ck|sv|jlt gtkj vml Iakdà Gkt|jSlctlv`tb`v% Vml `sslssjlev vl`j `sslsslf vml alià èf tli|a`vktr gt`jl*ykto gkt vtèsx`tlecr èf l}cmèil kg begktj`vbke èf tlalwèv l}cmèil kgbegktj`vbke jlcmèbsjs be I|lteslr%

00% Vml Vltjs kg Tlgltlecl dtlò fkye vml svèf`tfs kg vtèsx`tlecr

èf l}cmèil kg begktj`vbke bevk vle lsslevbà laljlevs èf 30 le|jlt`vlf`sxlcvs |eflt vmtll dtk`f c`vliktbls> -@" `w`ba`dbabvr kg begktj`vbke! -D"`cclss vk begktj`vbke! èf -C" l}cmèibei begktj`vbke% Vmbs tlwbly `sslsslsI|lteslrs alià èf tli|a`vktr gt`jlykto ì`besv vmlsl laljlevs èf l`cmkg vml le|jlt`vlf `sxlcvs% Be tlsxlcv kg l`cm lsslevbà laljlev ` flvltjbe`*vbke bs j`fl vm`v lbvmlt> -b" vml laljlev bs be xa`cl! -bb" vml laljlev bs be xa`cl

d|v cltv`be `sxlcvs kg vml alià bjxaljlev`vbke kg vml laljlev ellf bjxtkwl*jlev! kt-bbb" vml laljlev bs ekv be xa`cl% Vmlsl flvltjbe`vbkes `tl `cckjx`*eblf dr tlckjjlef`vbkes gkt bjxtkwljlev ymltl tlalwèv% @ s|jj`tr kggbefbeis ì`besv vmksl laljlevs bs slv k|v ke xìls 90*94 kg vmbs tlxktv%


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08 BEVTKF\CVBKE

Kwltwbly kg I|lteslr

Lckekjbc ckevl}v

04% Vml D`babybco kg I|lteslr ckesbsvs kg ` itk|x kg bsaèfs -I|lteslr!@afltelr! S`to! Mltj! Nlvmk| èf Dtlcpmk|" akc`vlf be vml Leiabsm Cmèelakgg vml ck`sv kg Gtècl% Bv bs vml 47vm sjàalsv ck|evtr be vml yktaf ybvm `xkx|a`vbke kg 7< 888% Leiabsm bs vml kggbcbà aèi|ìl% Vml kggbcbà c|ttlecrbs vml Xk|ef Svltabei -IDX"!0 be c|ttlecr |ebke ybvm vml \ebvlf Obeifkj%

03% I|lteslrs ekjbeà Itkss Fkjlsvbc Xtkf|cv gkt 4882 y`s IDX0!==3 jbaabke% Vml sltwbcl slcvkt kg I|lteslr jòls |x =3, kg vml lckekjr!ybvm vml gbeècbà slcvkt be x`tvbc|a`t `cck|evbei gkt `dk|v 43, kg ljxakr*jlev èf


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BEVTKF\CVBKE 00

@afltelr! ymksl alibsa`v|tl bs vml Sv`vls kg @afltelr% @afltelr m`s àlià srsvlj slx`t`vl gtkj I|lteslr -l%i% ybvm ` slx`t`vl alibsa`vbkeke ckjxèbls"! l}clxv gkt v`} x|txksls -sll dlaky"%

S`to -ymbcm beca|fls Dtlcpmk|"! ymksl alibsa`v|tl bs vml Cmblg Xal`skg S`to% S`to m`s ek beckjl v`}! ek ckjxèr a`y -vm|s ek ckjxèbls`tl tlibsvltlf kt becktxkt`vlf vmltlbe" èf ek abcleslf dèos -dèokxlt`vbkes be S`to `tl dtècmls kg I|lteslr dèos"%

07% I|lteslr bs vml a`tilsv èf jksv xkx|ak|s bsaèf be vml D`babybco!èf vml alibsa`vbwl ckjxlvlecl kg vml Sv`vls kg Flabdlt`vbke bs ybflt vmè vm`vkg vml Sv`vls kg @afltelr èf vml Cmblg Xal`s kg S`to `s bv bs! gkt l}`jxal!`dal vk le`cv ctbjbeà alibsa`vbke ymbcm m`s lgglcv vmtk|imk|v vml D`babybco%S`to èf @afltelr `tl àsk s|dnlcv vk I|lteslrs tlibjl gkt vml tli|a`vbkekg vml gbeècl bef|svtr dr vml I|lteslr Gbeècbà Sltwbcls Ckjjbssbke-IGSC" èf vk vml D`babybcos @evb*Jkelr A`|efltbei èf vml Ck|evltbeivml Gbeècbei kg Vlttktbsj -@JA+CGV" tlibjl%

09% Vml n|fbcbà srsvlj bs ckjxtbslf kg Jìbsvt`vls Ck|tvs! èf vmlTkrà Ck|tv! ymbcm bs j`fl |x kg ` D`babgg èf 07 xltjèlevar lalcvlfN|t`vs% Vml Tkrà Ck|tv kg I|lteslr bs -be dkvm ctbjbeà èf cbwba j`vvlts"vml `xxlaa`vl ck|tv gkt vml Ck|tv kg @afltelr èf vml Ck|tv kg vml Slelscmàkg S`to! ymbcm be ctbjbeà j`vvlts xksslss kear abjbvlf xkylts vk vtr èfx|ebsm s|jj`tr kgglecls% @xxlàs gtkj vml Tkrà Ck|tv `tl xtlsbflf kwltdr vml I|lteslr Ck|tv kg @xxlàs% Vml |avbj`vl ck|tv kg `xxlàs bs vml

N|fbcbà Ckjjbvvll kg vml Xtbwr Ck|ecba% I|lteslr àsk m`s è @vvktelrIleltà èf ` Skabcbvkt Ileltà! MJ Xtkc|tl|t èf MJ Ckjxvtkaalt tlsxlc*vbwlar! ymk sltwl `s alià `fwbskts vk vml Ctkye èf vml Sv`vls%

Vml v`}`vbke srsvlj

0=% @s ` tls|av kg ` 026= ìtlljlev! I|lteslr èf @afltelr `tl lgglc*vbwlar ` sbeial n|tbsfbcvbke gkt v`}`vbke x|txksls èf I|lteslrs beckjl v`}alibsa`vbke4 `xxabls fbtlcvar vk @afltelr% I|lteslr m`s àsk l}xtlss xkylt vkalibsa`vl gkt @afltelr be vml `tl` kg l}cmèil kg begktj`vbke ke v`} j`vvlts%Vmltlgktl! vml vltj I|lteslr |slf be vml gkaakybei x`tìt`xms ckwltsI|lteslr! @afltelr èf Mltj%

02% S`to bs è beflxleflev n|tbsfbcvbke gkt v`} a`y x|txksls -beca|fbeil}cmèil kg begktj`vbke" èf bv m`s ek beckjl v`}%

4% Vml xtbj`tr alibsa`vbke ikwltebei beckjl v`} bs vml Beckjl V`} -I|lteslr" A`y!

029


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04 BEVTKF\CVBKE

48% @aa befbwbf|às ymk `tl skalar kt xtbecbxàar tlsbflev ef ckjxèblsymbcm `tl tlsbflev be I|lteslr `tl s|dnlcv vk beckjl v`} ke vmlbt yktafybflbeckjl ymltlwlt s|cm beckjl j`r `tbsl kt `cct|l -slcvbke < kg vml BeckjlV`} A`y"% @s tli`tfs befbwbf|às! tlsbflecl be I|lteslr bs vtbiiltlf dr>

- "xtlslecl gkt 20 f`rs kt jktl be ` v`} rl`t! kt-d"xtlslecl gkt 3< f`rs bevm`v rl`t èf gkt 37< f`rs be vml gk|t xtlclfbei rl`ts -slcvbke 3"%3

40% @s vk ckjxèbls! tlsbflecl gkt v`} x|txksls be I|lteslr bs flvlt*jbelf ke vml d`sbs kg> - " sm`tlmkaflt wkvbei ckevtka? kt -d" becktxkt`vbke!ymle vml ckjxèr m`s ekv dlle itèvlf è l}ljxvbke gtkj v`} 6 gkt vml rl`tkg cm`til -slcvbke 6"% Eke*tlsbflev befbwbf|às èf ckjxèbls `tl s|dnlcv vkabjbvlf v`}`vbke be tlsxlcv kg vmlbt I|lteslr*sk|tcl beckjl -beca|fbei beckjlfltbwlf vmtk|im ` xltjèlev lsv`dabsmjlev vmltlbe" kvmlt vmè dèo flxksbvbevltlsv% Xltskes vt`fbei kt l}ltcbsbei ` xtkglssbke kt d|sbelss be I|lteslr be

` x`tveltsmbx `tl v`}lf ke vmlbt slx`t`vl sm`tls kg vml x`tveltsmbx beckjl%

44% \x |evba 4889! ckjxèbls èf befbwbf|às ymk `tl tli`tflf `s tlsb*flevs be I|lteslr x`bf ` ga`v v`} t`vl kg 48,% Sbecl 0 Nè|`tr 488=! befbwbf|*às m`wl ckevbe|lf vk x`r vml 48, beckjl v`} ymbal ckjxèbls m`wl jkwlfbevk ` ~ltk*vle cktxkt`vl v`} srsvlj! ybvm vml ckjxèr svèf`tf v`} kebeckjl gtkj d|sbelss! kggbcls! ljxakrjlevs! èf kvmlt sk|tcls `v 8,? vmlckjxèr bevltjlfb`vl t`vl! ymbcm ckwlts cltv`be beckjl gtkj dèobei d|sb*elss! `v 08,? èf vml ckjxèr mbimlt t`vl beca|fbei beckjl gtkj vt`fbei`cvbwbvbls tli|a`vlf dr vml Kggbcl kg vml Fbtlcvkt Ileltà kg \vbabvr Tli|a`vbke

èf beckjl gtkj vml kyeltsmbx kg aèfs èf d|bafbeis `v 48,%

3% Vmltl `tl vyk s|dc`vliktbls kg tlsbflevs! ymbcm `tl vtl`vlf àbol gkt beckjl

v`} x|txksls> - " skalar tlsbflev ymle vml befbwbf|à bs ckesbfltlf tlsbflev be

I|lteslr f|tbei vml x`tvbc|a`t rl`t kg cm`til èf ekv tlsbflev laslymltl -b%l% vml

befbwbf|à fkls ekv sxlef 20 f`rs kt jktl be èr kvmlt xa`cl"? èf -d"xtbecbxàar

tlsbflev ymle vml befbwbf|à bs xtlslev be I|lteslr gkt 0=4 f`rs kt jktl be ` v`}

rl`t! kt bs xtlslev gkt 20 f`rs be vm`v rl`t èf gkt `v al`sv 938 f`rs be vml gk|t xtl*

clfbei rl`ts! kt vòls |x ` xltjèlev tlsbflecl be I|lteslr! be `ffbvbke vk jllv*

bei vml flgbebvbke kg tlsbflev èf dlbei skalar kt xtbecbxàar tlsbflev be I|lteslr

be vml gkaakybei rl`t kg cm`til"% Vmltl bs ` slx`t`vl c`vliktr kg tlsbflecl sv`v|symle è befbwbf|à bs ckesbfltlf tlsbflev d|v ekv skalar kt xtbecbxàar tlsbflev be

I|lteslr% Be ileltà! è befbwbf|à ymk bs tlsbflev d|v ekv skalar kt xtbecbxàar

tlsbflev be I|lteslr bs cm`til`dal ke mbs yktafybfl beckjl f|tbei vml rl`t kg

cm`til! |ealss! ybvmbe ` xltbkf kg vyk rl`ts bjjlfb`vlar `gvlt vml lef kg èr

rl`t kg cm`til ckjjlecbei `gvlt 488=! ml lalcvs vk x`r v`} ke mbs I|lteslr

sk|tcl beckjl! kvmlt vmè dèo bevltlsv -s|dnlcv vk ` jbebj|j svèf`tf cm`til

kg IDX 4< 888"%

6% \eflt slcvbke 68@ èf vml Beckjl V`} -L}ljxv Dkfbls" Ktfbeècl kg 02=2

-Scmlf|als 0 ef 4"% Sbecl 488=! vmbs l}ljxvbke m`s kear dlle `w`ba`dal vk x|dabc

ckaalcvbwl bewlsvjlev scmljls%


15/81


BEVTKF\CVBKE 03

43% Vmltl `tl ek v`}ls cm`til`dal |xke c`xbvà ylàvm -s|cm s C`xbvà I`besV }! Bemltbvècl V`} kt Ibgv V`}" be I|lteslr% Mkylwlt! vmltl `tl ` e|jdlt kggktjs kg befbtlcv v`}`vbke! s|cm `s f|vbls |xke àckmka! vkd`cck èf xlvtkal|jsxbtbv% Vmltl `tl ek ileltà sàls! x|tcm`sls kt Wà|l @fflf V }ls alwblf%

Vml tli|a`vktr gt`jlykto -beca|fbei vml gbeècbà slcvkt"

46% I|lteslrs tli|a`vktr alibsa`vbke fkls ekv `|vkj`vbcàar `xxar lbvmltvk @afltelr kt S`to% Be ktflt gkt vml cbwba alibsa`vbke vk dl dbefbei vmtk|imk|vvml D`babybco! vm`v alibsa`vbke j|sv dl `xxtkwlf dr àa vmtll alibsa`v|tls èfvmle tlclbwl Tkrà sècvbke% ALI@A @EF TLI\A@VKTR GT@JLYKTO I\LTESLR KLCF 4800

06 BEVTKF\CVBKE

c|svkj`tr a`y èf ckev`be xtkwbsbkes ymbcm `tl bflevbcà be jèr tlsxlcvs vkvml Leiabsm ckjjke a`y% Vml 4889 A`y `xxabls vk I|lteslr kear% @afltelrèf Mltj fk ekv m`wl vt|svs alibsa`vbke! vm|s bv bs kear xkssbdal vk slv |x vt|svsvmltlbe |eflt c|svkj`tr a`y%

L}cmèil kg begktj`vbke gkt v`} x|txksls

42% I|lteslr bs sbie`vktr vk 07 V`} Begktj`vbke L}cmèil @itlljlevs-VBL@s"% Bv bs àsk ` sbie`vktr vk vyk Fk|dal V } Ckewlevbkes -FVCs"ckev`bebei LKB `tvbcals vm`v fk ekv jllv vml bevlte`vbkeà svèf`tfs% Vmlgt`jlykto gkt vml l}cmèil kg begktj`vbke gkt v`} x|txksls bs kwltslle drI|lteslrs Fbtlcvkt kg Beckjl V`}! ymk bs I|lteslrs ckjxlvlev `|vmktbvrgkt LKB x|txksls%

38% @ ckjxalvl absv kg vml VBL@s èf FVCs ymbcm m`wl dlle ckeca|flfdr I|lteslr `tl slv k|v be @eel} 4 beca|fbei vmlbt f`vls kg sbie`v|tl èflevtr bevk gktcl! `s ylaa `s vml sv`v|s kg LKB ìtlljlevs ymbcm m`wl dlleckeca|flf d|v ekv sbielf dr I|lteslr% @ ckjxalvl absv kg àa vml alibsa`vbkeèf tli|a`vbkes tlalwèv vk vml l}cmèil kg begktj`vbke! `s ylaa `s eke*dbefbei i|bfècl vl}vs! bs slv k|v be @eel} 3%

30% Sbecl 488

33% @s ` ckeslp|lecl! I|lteslr m`s ek xkylt vk tlxtlslev S`to ke vmlbevlte`vbkeà svìl èf vml VBL@s ckeca|flf dr I|lteslr fk ekv `xxar vkS`to% Be `ffbvbke! vml xkylts ibwle vk I|lteslrs ckjxlvlev `|vmktbvbls vkckjxla vml xtkf|cvbke kg begktj`vbke fk ekv `xxar be tla`vbke vk S`to% @er

n|tbsfbcvbke ybsmbei vk kdv`be begktj`vbke gtkj S`to yk|af vmltlgktl ellf vk`xxtk`cm S`to fbtlcvar%

7% Vml xksbvbke bs fbggltlev gkt @afltelr ymltl be tla`vbke vk v`} j`vvlts vml xksb*

vbke bs ikwltelf dr è ìtlljlev kg 026= èf vml @afltelr -@xxabc`vbke kg

Alibsa`vbke" A`y! 026=! |eflt ymbcm I|lteslr èf @afltelr ckjxtbsl ` sbeial

v`} n|tbsfbcvbke èf I|lteslr v`} alibsa`vbke m`s `|vkj`vbc lgglcv be @afltelr%


17/81


BEVTKF\CVBKE 0 ALI@A @EF TLI\A@VKTR GT@JLYKTO I\LTESLR KLCF 4800

CKJXAB@ECL YBVM VML SV@EF@TFS> @W@BA@DBABVR KG BEGKTJ@VBKE 09

Ckjxabècl ybvm vml Svèf`tfs

@% @w`ba`dbabvr kg Begktj`vbke

Kwltwbly

32% Lgglcvbwl l}cmèil kg begktj`vbke tlp|btls vml `w`ba`dbabvr kg tlab`dalbegktj`vbke% Be x`tvbc|a`t! bv tlp|btls begktj`vbke ke vml bflevbvr kg kyelts

èf kvmlt svòlmkaflts `s ylaa `s begktj`vbke ke vml vtès`cvbkes c`ttblf k|vdr levbvbls èf kvmlt ktièbs`vbkeà svt|cv|tls% S|cm begktj`vbke j`r dl olxvgkt v`}! tli|a`vktr! ckjjltcbà kt kvmlt tl`skes% Bg s|cm begktj`vbke bs ekvolxv kt vml begktj`vbke bs ekv j`bev`belf gkt ` tl`ske`dal xltbkf kg vbjl! `n|tbsfbcvbkes ckjxlvlev `|vmktbvr j`r ekv dl `dal vk kdv`be èf xtkwbfl bvymle tlp|lsvlf% Vmbs slcvbke kg vml tlxktv flsctbdls èf `sslssls I|lteslrsèf @afltelrs alià èf tli|a`vktr gt`jlykto ke `w`ba`dbabvr kg begktj`vbke%

68% Be tlsxlcv kg kyeltsmbx èf bflevbvr begktj`vbke! vml kdabi vbkesbjxkslf dr I|lteslr èf @afltelr ke ckjxèbls! x`tveltsmbxs èf vt|svs

`tl ileltàar s|ggbcblev vk jllv vml bevlte`vbkeà svèf`tf% Vmlsl kdabi`vbkes`tl bjxkslf fbtlcvar dr alibsa`vbke ikwltebei vml gktj`vbke kg vmlsl levbvbls!`s ylaa `s c|svkj`tr a`y! vml @JA+CGV kdabi`vbkes èf abclesbei tlp|btl*jlevs bjxkslf ke xltskes xltgktjbei tli|a`vlf `cvbwbvbls dr y`r kg d|sbelss-s|cm `s tlsbflev ìlevs! cktxkt`vl kt befbwbf|à fbtlcvkts! gbf|cb`tbls! ekjb*ells èf gbeècbà sltwbcls d|sbelssls"% Xleàvbls `tl ileltàar `w`ba`dal vklegktcl vmlsl kdabi vbkes%

60% Vml kdabi`vbkes bjxkslf be tlsxlcv kg cck|evbei tlcktfs `tl ileltàars`vbsg`cvktr! ybvm s|ggbcblev sxlcbgbcbvr be tlsxlcv kg vml xtlcbsl begktj`vbke vk

dl j`bev`belf% Mkylwlt! tlp|btljlevs gkt |efltarbei fkc|jlevs èf tlcktfs


20/81


0= CKJXAB@ECL YBVM VML SV@EF@TFS> @W@BA@DBABVR KG BEGKTJ@VBKE

vm`v tlgalcv vml flv`bas tlp|btlf dr @%4%4 kg vml Vltjs kg Tlgltlecl `tl |eclt*v`be% Gkt vmksl `cck|evbei tlcktfs ymbcm `tl tlp|btlf vk dl olxv! vml kdabi`vbkel}bsvs vk tlv`be vmlj gkt `v al`sv gbwl rl`ts%

64% Be tlsxlcv kg dèobei begktj`vbke! vml ckjdbe`vbke kg vml @JA+CGVtlibjl ef abclesbei tlp|btljlevs gkt flxksbv*vòbei besvbv|vbkes bjxksl xxtk*xtb`vl kdabi`vbkes vk les|tl vm`v àa tlcktfs xltv`bebei vk `cck|evs! `s ylaa `stla vlf gbeècb a èf vtès`cvbkeà begktj`vbke! `tl `w`ba dal be I|lteslr% Bext`cvbcl! ckjxabècl ybvm tlibsvt`vbke! abclesbei èf @JA+CGV tlp|btljlevsbs cakslar jkebvktlf dr vml I|lteslr Gbeècbà Sltwbcls Ckjjbssbke -IGSC"vmtk|im jlès s|cm `s bebvbà -ek akeilt gkt I|lteslr eke*claa|a`t ckjxèbls"èf keikbei tlibsvt`vbke wlvvbei! `s ylaa `s ke*sbvl wbsbvs%

@%0% Kyeltsmbx ef bflevbvr begktj`vbke

Ckjxèbls -VkT9 @%0%0"

63% Vml D`babybco kg I|lteslr m`s vyk fbsvbecv dkfbls kg ckjxèr ali*bsa`vbke> vml Ckjxèbls -I|lteslr" A`y! 488= -I|lteslr Ckjxèbls A`y"èf vml Ckjxèbls -@afltelr" A`y! 0226 -@afltelr Ckjxèbls A`y"! ymbcm

ikwlte vml ckjxèbls be I|lteslr èf @afltelr tlsxlcvbwlar%

66% Vyk dtk`f vrxls kg ckjxèbls l}bsv |eflt I|lteslr CkjxèblsA`y> eke*claa|a`t èf claa|a`t ckjxèbls -slcvbkes 0*08"% Vml gbtsv kels ckt*tlsxkef vk vml vrxls kg ckjxèbls ileltàar `w`ba`dal `ctkss n|tbsfbcvbkes%Vml slckef vrxl bewkawls vml claa ckeclxv flwlakxlf be I|lteslr vk `fftlsstbso*jèìljlev ckecltes kg vml bes|tècl bef|svtr%

Eke*claa|a`t ckjxèbls>

* Ckjxèbls abjbvlf dr sm`tls! be ymbcm vml jljdlts ab`dbabvr bs

abjbvlf vk vml `jk|ev |ex bf -bg èr" ke vmlbt sm`tls% Vmlsl `tlvml jksv ckjjkear |slf ckjxèbls%

* Ckjxèbls abjbvlf dr i|`tèvll! be ymbcm vml jljdlts levltbevk è `ttèiljlev vk i|`tèvll ` cltv`be `jk|ev kg vml fldvskg vml ckjxèr! èf ab`dbabvr bs abjbvlf vk vml `jk|ev kg vmli|`tèvll% Vmlsl ckjxèbls `tl |slf xtbj`tbar dr ekv*gkt*xtkgbvktièbs`vbkes kt ckjxèbls%

9% Vltjs kg Tlgltlecl vk Jkebvkt èf Tlwbly Xtkitlss Vky`tfs Vtèsx`tlecr èf

L}cmèil kg Begktj`vbke%

N|tbsfbcvbkes smk|af les|tl vm`v kyeltsmbx èf bflevbvr begktj`vbke gkt àa tlalwèv

levbvbls èf `ttèiljlevs bs `w`ba`dal vk vmlbt ckjxlvlev `|vmktbvbls%


21/81



* Ckjxèbls ybvm |eabjbvlf ab`dbabvr! be ymbcm vml jljdlts m`wl|eabjbvlf ab`dbabvr%

* Ckjxèbls ybvm jb}lf ab dbabvr! ymbcm cè m`wl ` ckjdbe`*

vbke kg sm`tlmkaflts! i|`tèvll jljdlts èf |eabjbvlf ab`dbabvrjljdlts%

Claa|a`t ckjxèbls>

* Xtkvlcvlf Claa Ckjxèbls -XCCs"! èf

* Becktxkt`vlf Claa Ckjxèbls -BCCs" èf Becktxkt`vlf Claas-BCs" kg vml BCCs%

6


22/81


48 CKJXAB@ECL YBVM VML SV@EF@TFS> @W@BA@DBABVR KG BEGKTJ@VBKE

V`} èf vk s|djbv v`} tlv|tes -kt ca`bj l}ljxvbke"!2 d|v v`} gbals fk ekv cke*v`be èr kyeltsmbx begktj`vbke! l}clxv ymltl vml begktj`vbke bs beca|flfbe gbeècbà sv`vljlevs ymbcm jbimv `cckjxèr v`} tlv|tes kt ymltl vmlbegktj`vbke bs tlp|btlf vk dl xtkwbflf dr ` ckjxèr |eflt vml ~ltk*vle v`}

srsvlj! be tlsxlcv kg fbsvtbd|vbkes èf flljlf fbsvtbd|vbkes kg vml ckjxèrsbeckjl -slcvbke =0D"%

Tlibsvt`vbke

6=% @aa I|lteslr ckjxèbls j|sv s|djbv vml gkaakybei begktj`vbke vkvml Tlibsvt`t gkt becktxkt`vbke>08 -b" tlibsvltlf kggbcls `fftlss be I|lteslr-I|lteslr Ckjxèbls A`y! slcvbke 38? BC èf BCC m`wl vml s`jl tlibsvltlfkggbcl! slcvbke 30"? -bb" e`jls! `fftlssls èf sbie`v|tls kg gk|eflt jljdlts?

x`tvbc|a`t kg vml fbtlcvkts -sll slcvbke 063-6"-d""! ymk ellf ekv dl tlsbflev beI|lteslr? -bbb" tlsbflev ìlev -slcvbke 6=


23/81



kg è ee|à wàbf`vbke -slcvbkes 436 èf 43


24/81



Tli|a`vlf d|sbelss cvbwbvbls


25/81



ckjxèr kt cktxkt`vl fjbebsvt`vbke! beca|fbei vml gktj`vbke! jè*ìljlev kt `fjbebsvt`vbke kg ckjxèbls -`s ylaa `s x`tveltsmbxs!vt|svs èf kvmlt |ebecktxkt`vlf dkfbls"? èf

`cvbei `s kt xtkwbfbei gkt cktxkt`vl kt befbwbf|à fbtlcvkts kg ckj*xèbls - s ylaa `s x`tveltsmbxs èf kvmlt |ebecktxkt`vlf dkfbls! ktcktxkt`vl kt befbwbf|à vt|svll kt xtkvlcvkt kg ` vt|sv" ymlvmlt beckt*xkt`vlf kt lsv`dabsmlf be vml D`babybco kt laslymltl%


26/81



Begktj`vbke olxv dr vml ckjxèbls! sltwbcl xtkwbflts èf kvmltxltskes

78% I|lteslr èf @afltelr ckjxèbls j`bev`be |x*vk*f`vl bflevbvr

begktj`vbke ke vmlbt ali a kyelts% @avmk|im I|lteslr ckjxèbls `tl ekvkdabilf vk cmlco vml bflevbvr kg vmlbt dlelgbcbà kyelts! jksv I|lteslr ckj*xèbls j|sv m`wl ` tlsbflev ìlev ymk ellfs vk bflevbgr èf ollx tlcktfs kgvml ckjxèbls dlelgbcbà kyelts% @afltelr ckjxèbls fk ekv m`wl sbjba`tkdabi`vbkes |eflt vml @afltelr Ckjxèbls A`y! d|v vmlr cè kear dl gktjlfybvm vml ckeslev kg vml IGSC! ymbcm c`ttbls k|v xtbkt f|l fbabilecl ke vmlxtkxkslf dlelgbcbà kyelts kg vml ckjxèr% Be `ffbvbke! gbeècbà sltwbclsd|sbelss -beca|fbei gbf|cb`tr abcleslls" j|sv kdsltwl c|svkjlt f|l fbabilecltlp|btljlevs èf `tl s|dnlcv vk vml @JA+CGV tli|a`vktr gt`jlykto%

Vml ckjxèr èf bvs jljdlts

70% I|lteslr Ckjxèbls A`y tlp|btls ckjxèbls vk j`bev`be `v vmlbtI|lteslr tlibsvltlf kggbcl ` tlibsvlt kg jljdlts -alià kyelts"! beca|fbeivmlbt e`jl èf `fftlss! èf vml f`vl ke ymbcm ` xltske dlc`jl èf cl`slf vkdl ` jljdlt% Ymltl vml ckjxèr m`s ` sm`tl c`xbvà! vml tlibsvlt j|sv àskckev`be ` sv`vljlev kg vml sm`tls e|jdlt! ca`ss èf `jk|ev x`bf èf |ex`bfke l`cm sm`tl -slcvbke 043"%

74% Ymltl vml ckjxèr bs ` xtkvlcvlf claa ckjxèr! vml tlibsvlt j|sv

fbsvbei|bsm dlvylle jljdlts kg claas èf jljdlts kg vml cktl -slcvbke 043"%Sbjba`tar! è BCC j|sv ollx ` tlibsvlt kg vml jljdlts kg l`cm kg bvs BCs%Ymle ` ckjxèr m`s jktl vmè


30/81



vml wlba kg ekjbells bs xbltclf> -b" èr xltske x|txktvbei vk `cv kedlmàg kg vml c|svkjlt bs bflevbgblf èf mbs bflevbvr èf mbs `|vmktbvrvk sk `cv bs wltbgblf? èf -bb" ` flvltjbe`vbke bs j`fl `s vk ymlvmltvml c|svkjlt bs `cvbei ke dlmàg kg èkvmlt xltske èf! bg vml xltske

bs sk `cvbei! tl`ske`dal jl`s|tls `tl vòle vk kdv`be s|ggbcblev bfle*vbgbc`vbke f`v` vk bflevbgr èf wltbgr vml bflevbvr kg vm`v kvmlt xltske%

94% Be skjl besvècls vml @JA+CGV tlibjl àakys tlabècl ke bevtkf|c*lts! ymk j`r dl k|vsbfl vml sckxl kg vml D`babybco tli|a`vktr gt`jlykto-Tli|a`vbke 08" vk m`wl wltbgblf vml bflevbvr kg vml c|svkjlt! dlelgbcbàkyelts èf èr |efltarbei xtbecbxàs% S|cm bevtkf|clts j|sv dl - " lsv`d*absmlf be ` n|tbsfbcvbke absvlf be @xxlefb} C vk vml GSD Mèfdkko! ymbcm`tl ckesbfltlf dr vml IGSC vk m`wl be xa`cl @JA+CGV alibsa`vbke ckjxab*èv ybvm G@VG Tlckjjlef vbkes! c|ttlevar ckjxtbsbei 30 n|tbsfbcvbkes? kt

-d" gtkj ` s`jl itk|x% Vml c|svkjlt f|l fbabilecl xtkclss cè dl y`bwlfgkt bevtkf|clf d|sbelssls! b%l% bg è bevtkf|clt ibwls ` ytbvvle ckegbtj`vbkekg bflevbvr èf kvmlt j`vvlts!43 xtkwbflf vm`v vml bevtkf|clt ollxs s|cm bfle*vbgbc`vbke f`v` èf fkc|jlevs èf jòl vmlj `w`ba`dal vk vml CSX kt alià

xtkglssbkeà |xke tlp|lsv èf ybvmk|v fla`r -cm`xvlt 6 kg vml mèfdkkos"% Vmltlsxkesbdbabvr kg ckjxarbei ybvm vml `dkwl jlevbkelf tli|a`vbkes tlj`besybvm vml abclesll%

93% Gbeècbà sltwbcls d|sbelssls èf alià xtkglssbkeàs j|sv ollxtlcktfs gkt gbwl rl`ts `gvlt vml tla`vbkesmbx ybvm vml c|svkjlt cl`slf kt vml

kcc`sbkeà vtès`cvbke y`s ckjxalvlf -tli|a`vbkes 06 èf 02" d|v vmlr fk ekvtk|vbelar+srsvlj`vbcàar j`bev`be |x*vk*f`vl begktj`vbke ke vml alià èfdlelgbcbà kyeltsmbx svt|cv|tl kg vmlbt c|svkjlts% Besvl`f! cmèils be vmlkyeltsmbx svt|cv|tl kg vml c|svkjlts j|sv dl jkebvktlf ke ` tbso*slesbvbwl

d`sbs! b%l% vml GSD Mèfdkko -x`tìt`xms 47


31/81



vml Gbf|cb`tr A`y gkt ymbcm ` abclesl j|sv dl kdv`belf% Vmbs a`y `xxabls vkxltskes xtkwbfbei ekjbell sltwbcls be kt gtkj ybvmbe vml D`babybco èf vkD`babybco ckjxèbls tlefltbei s|cm sltwbcls be kt gtkj ybvmbe èr xa`cl bevml yktaf%

9 gkt vml x|txksls kgvml Gbf|cb`tbls A`y ` xltske ymk c`ttbls ke èr `cvbwbvr smàa dl flljlf vkfk sk dr y`r kg d|sbelss bg ml tlclbwls èr beckjl! gll! ljka|jlev kt kvmltckesbflt`vbke be jkelr kt jkelrs yktvm gkt fkbei sk% Vmltlgktl vml t|alskear l}ca|fl xltskes vm`v xltgktj sltwbcls it`v|bvk|sar kt be vml ck|tsl kg `

x|tlar xtbw`vl eke*d|sbelss tla`vbkesmbx! èf I|lteslrs `|vmktbvbls ckesbflt

vm`v bv yk|af dl bjxkssbdal! èf |eflsbt`dal! vk `vvljxv vk s|dnlcv xtbw`vlbefbwbf|à g|ecvbkes kt vtès`cvbkes ymbcm cè `tbsl ke è lwltrf`r d`sbs vkjèf`vktr abclesbei dr vml IGSC%

99% @s kear ` abjbvlf e|jdlt kg ekjbells yk|af dl l}ca|flf gtkj vml sckxlkg vml Gbf|cb`tr A`y! I|lteslrs `|vmktbvbls ckesbflt vm`v vmbs l}clxvbkebs e`ttky èf fkls ekv xtlwlev lgglcvbwl LKB% Vml l}xaè`vbkes ibwle drI|lteslr `dk|v vml xt`cvbcà `xxabc`vbke kg vml t|als èf bvs bjx`cv ke LKBybaa dl tlwblylf be vml Xm`sl 4 kg vml tlwbly xtkclss%

Dl`tlt sm`tls -VkT @%0%4"9=% Dl`tlt sm`tls `tl bjxabcbvar xtkmbdbvlf |eflt dkvm vml I|lteslr èfvml @afltelr Ckjxèbls A`y sbecl vml e`jl kg àa jljdlts j|sv dl olxv bevml tlibsvlt kg jljdlts% @ I|lteslr ckjxèr ymbcm g`bas vk j`bev`be vm`vbegktj`vbke bs i|bavr kg ` ctbjbeà kgglecl -slcvbkes 043 èf 94 tlsxlcvbwlar"%

92% Vml GSD Mèfdkko befbc`vls vm`v dèos smk|af kear kxle `cck|evsgkt ckjxèbls kt svt|cv|tls c`x`dal kg bss|bei dl`tlt besvt|jlevs ymltl vmlmkaflts kg vml besvt|jlevs `tl wltbgblf -x`tìt`xm


32/81



kt ` vt|svlf bevltjlfb`tr ymbcm m`s |efltvòle vk begktj vml dèos kg èrxtkxkslf cmèil be kyeltsmbx kg vml ckjxèr kt svt|cv|tl%

X`tveltsmbxs -VkT @%0%3"=8% Vml D`babybco kg I|lteslr c|ttlevar m`s vyk vrxls kg x`tveltsmbxs>ktfbe`tr x`tveltsmbxs be vml ymkal vlttbvktr! èf abjbvlf x`tveltsmbxs -AXs"be I|lteslr% Ymbasv ktfbe`tr x`tveltsmbxs `tl ekv s|dnlcv vk tlibsvt`vbke beI|lteslr -|ealss vmlr xltgktj ` gbeècbà sltwbcl d|sbelss"! AXs `tl tlibs*vltlf ybvm vml Itlggblt -` g|ecvbke smktvar vk dl vtèsglttlf vk vml Tlibsvt`tkg Ckjxèbls"% Vml ileltà x`tvelts kg vml AX j|sv gbal ` flca`t`vbke sv`v*bei! bevlt àb`! flv`bas kg vml ileltà x`tvelts% Vmltl bs ek tlp|btljlev vk gbalflv`bas kg vml e`jls kg vml abjbvlf x`tvelts kt vmlbt c`xbvà ckevtbd|vbkes bevml flca`t`vbke gktj! d|v AXs j`bev`be ` tlibsvlt kg abjbvlf x`tvelts% Elbvmltktfbe`tr ekt abjbvlf x`tveltsmbxs `tl tlp|btlf vk s|djbv x`tveltsmbx v`}tlv|tes vk vml Fbtlcvkt kg Beckjl V`}% Mkylwlt! vmlbt x`tvelts j|sv beca|flvmlbt sm`tl kg vml x`tveltsmbxs beckjl bevk vmlbt v`} tlv|te%

Ktfbe`tr x`tveltsmbxs

=0% Be I|lteslr! ktfbe`tr vt`fbei x`tveltsmbxs `tl ikwltelf dr vmlvltjs kg vml X`tveltsmbx -I|lteslr" A`y! 022< -X`tveltsmbx A`y"! ymbcmy`s le`cvlf vk ckfbgr èf ca`tbgr vml c|svkj`tr a`y ke x`tveltsmbxs% Vmltl

bs ek sv`v|vktr x`tveltsmbx a`y be @afltelr d|v ` x`tveltsmbx gktjlf vmltlbe|eflt c|svkj`tr a`y bs sbjba`t vk ` I|lteslr x`tveltsmbx gktjlf |eflt vmlX`tveltsmbx A`y! `s vml c|svkj`tr a`y kg @afltelr bs vml s`jl `s vm`v kgI|lteslr% Vml dlaky x`tìt`xms xxar vk aa ktfbe`tr x`tveltsmbxs%

Begktj`vbke mlaf dr x|dabc `|vmktbvbls

=4% Ktfbe`tr x`tveltsmbxs tl ekv tlibsvltlf dr ` x|dabc |vmktbvr -elbvmltvml Sv`vls kg I|lteslr ekt vml IGSC" |ealss vmlbt `cvbwbvbls `tl sxlcbgbcàarckwltlf dr sv`v|vl -gkt l}`jxal! be vml c`sl kg ` gbeècbà sltwbcls d|sbelss"%

X`tveltsmbxs m`wl ek alià xltskeàbvr èf vml x`tvelts `tl v`}lf ke vmlbtslx`t`vl sm`tls kg vml x`tveltsmbxs beckjl ke vml d`sbs kg vml x`tvelts tlsb*flecl èf s|dnlcv vk vml ktfbe`tr xtbecbxals kg vml Beckjl V`} -I|lteslr"A`y! 029< -slcvbkes 64 èf 039"% Vml v`} `|vmktbvbls oeky ymlvmlt è befb*wbf|à kt alià levbvr bs ` x`tvelt be ` x`tveltsmbx! ymltl vml x`tvelt bs ab`dalvk v`} be tlsxlcv kg ` sm`tl kg vml x`tveltsmbx beckjl% Vml beckjl v`} tlv|tetlp|btls l`cm x`tvelt vk xtkwbfl ` ckxr kg vml `cck|evs èf ckjx|v`vbkes%Be xt`cvbcl! vml Fbtlcvkt kg Beckjl V`} ktfbe`tbar tlclbwls ` slv kg x`tvelt*smbx `cck|evs smkybei vml xtkgbvs kg vml x`tveltsmbx èf è àakc`vbke kg vmlsm`tls vk vml befbwbf|à x`tvelts! vk ymbcm l`cm befbwbf|à x`tvelt cè tlglt!

be ktflt vk fbsxlesl ybvm vml tlp|btljlev gkt mbj+mlt vk slef vml `cck|evs


33/81



mbj+mltslag% Vmbs jl`s|tl `wkbfs vml Beckjl V } Kggbcl tlclbwbei j|avbxalslvs kg vml s`jl `cck|evs% @s ` tls|av! vml v`} `|vmktbvbls fk j`bev`be kyelt*smbx begktj`vbke kg ileltà x`tveltsmbx! |xf`vlf lwltr rl`t%

Begktj`vbke mlaf dr vml x`tvelts èf sltwbcl xtkwbflts

=3% Vmltl `tl ek sxlcbgbc tlp|btljlevs gkt x`tveltsmbxs vk tlv`be begktj`vbke|eflt vml X`tveltsmbx A`y% Ymle `cvbei `s ` x`tvelt kg ` akcà kt gktlbie

x`tveltsmbx dr y`r kg d|sbelss! ` xltske mkafbei ` gbf|cb`tr abclecl bs s|dnlcvvk vml kdabi`vbkes jlevbkelf `dkwl ckecltebei vml `cp|bsbvbke! tlvlevbke èfxtkf|cvbke kg begktj`vbke `tbsbei |eflt vml Gbf|cb`tbls A`y èf vml @JA+CGV tlibjl? èf vml x`tveltsmbx bvslag j`r dl s|dnlcv vk sxlcbgbc sv`v|vktrkdabi vbkes -gkt l}`jxal! `s be vml c`sl kg ` gbeècbà sltwbcls d|sbelss"%

Abjbvlf X`tveltsmbxs be I|lteslr

=6% \eflt vml Abjbvlf X`tveltsmbxs -I|lteslr" A`y! 022

Begktj`vbke mlaf dr x|dabc `|vmktbvbls

=


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=9% Vml `dslecl kg tlibsvt`vbke xtlwlevs vml abjbvlf x`tvelts gtkj m`wbeiabjbvlf ab`dbabvr èf àa x`tvelts `tl flljlf vk dl ileltà x`tvelts -slc*vbke 00"% Cmèils vk vml `fftlss kg vml tlibsvltlf kggbcl kt kg ` ileltà x`tveltj|sv dl ekvbgblf vk vml Tlibsvt`t ybvmbe 40 f`rs kg vml cmèil% Vml `dslecl

kg ekvbgbc`vbke bs è kgglecl x|ebsm`dal ke s|jj`tr ckewbcvbke vk ` gbel |xvk IDX 08 888 -`xxabc`dal vk vml x`tveltsmbx èf l`cm ileltà x`tvelt"%

==% @aa AXs j|sv gbal è èe|à tlv|te be ktflt vk tlj`be be ikkf svèfbei!x|ts|èv vk vml Abjbvlf X`tveltsmbxs -Glls èf @ee|à Tlv|te" -I|lteslr"Tli|a`vbkes! 488=% Vml èe|à tlv|te j|sv ckev`be vml |xf`vlf bflevbvr begkt*j`vbke ke vml ileltà x`tvelts! `s ylaa `s ` sv`vljlev kg ymlvmlt kt ekv vmlAX m`s ckjxablf ybvm bvs kdabi`vbke vk ollx ` tlibsvlt kg abjbvlf x`tvelts èf`cck|evbei tlcktfs% Vml Tlibsvlt kg Abjbvlf X`tveltsmbxs bs x|dabcar `w`ba`dalèf j`r dl sl`tcmlf keabel |xke vml x`rjlev kg ` sjàa gll%

=2% Abol ktfbe`tr x`tveltsmbxs -sll `dkwl"! x`tvelts kg è AX j|svbeca|fl vmlbt sm`tl kg vml x`tveltsmbxs beckjl be vmlbt v`} tlv|te! d|v vml AXbvslag fkls ekv gbaa be è begktj`vbke sv`vljlev befbc`vbei vml e`jl èf sm`tlkg beckjl kg l`cm kg bvs x`tvelts% @ abjbvlf x`tvelt ymbcm bs ` eke*tlsbflevckjxèr kt è befbwbf|à ekv skalar kt xtbecbxàar tlsbflev be I|lteslr bs ekvab`dal vk v`} be I|lteslr xtkwbflf vm`v vml beckjl kdv`belf vmtk|im vml AXbs ymkaar fltbwlf gtkj bevlte`vbkeà kxlt`vbkes -slcvbke


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Vt|svs -VkT @%0%6"

20% Vml Vt|svs -I|lteslr" A`y! 4889 -Vt|svs A`y" ckev`bes vml sv`v|vktrxtkwbsbkes tla`vbei vk vml ctl`vbke èf ikwlteècl kg vt|svs be vml bsaèf kg

I|lteslr! ef xltjbvs dkvm svèf`tf èf x|txksl vt|svs vk dl ctl vlf% Vmltlbs ek vt|sv alibsa`vbke be @afltelr èf Mltj! vm|s bv bs kear xkssbdal vk slv |xvt|svs vmltlbe |eflt c|svkj`tr a`y%

24% Vt|svs m`wl ek alià xltskeàbvr èf `tl ekv kg vmljslawls s|dnlcv vk `srsvlj kg tlibsvt`vbke% \eflt vml Beckjl V`} A`y! vmltl bs ` ileltà tlp|btl*jlev vk gbal è beckjl v`} tlv|te |xke vml vt|svlls vmljslawls! èf vml dle*lgbcb`tr -kt vml slvvakt! bg vml vt|sv bs tlwkc`dal"! d|v vml Fbtlcvkt kg BeckjlV`} j`r l}ljxv vt|svlls gtkj vmbs kdabi`vbke bg vmltl `tl ek I|lteslr tlsb*flev dlelgbcb`tbls èf vml vt|sv m`s ek -v`}`dal" I|lteslr sk|tcls kg beckjl%

Elwltvmlalss! gbf|cb`tr abcleslls xltgktjbei tli|a`vlf `cvbwbvbls -beca|fbeivt|sv*tla`vlf `cvbwbvbls s|cm `s `cvbei `s ` vt|svll" `tl s|dnlcv vk vml @JA+CGV tli|a`vktr gt`jlykto! |eflt ymbcm vt|svlls ellf vk mkaf s|ggbcblevarflv`balf bflevbvr begktj`vbke ke slvvakt-s"! xtkvlcvkt-s"! ck*vt|svll-s"! èfdlelgbcb`tbls ybvm ` wlsvlf bevltlsv%

Vt|sv kyeltsmbx èf bflevbvr begktj`vbke tlp|btlf vk dl xtkwbflf vkikwltejlev `|vmktbvbls

23% Vt|svs `tl ekv s|dnlcv vk ` srsvlj kg tlibsvt`vbke%4< Gktjà fkc|*

jlevs `tl ekv lsslevbà gkt vml lsv`dabsmjlev kg vt|svs be I|lteslr! |ealssvmlr `tl |ebv vt|svs kt mkaf tlà xtkxltvr be I|lteslr -Vt|svs A`y! slcvbke 7"%Vml jksv ckjjke gktj kg I|lteslr vt|sv bs vml xtbw`vl fbsctlvbke`tr vt|sv%Dlsbfls vmlbt xtbw`vl |sl be g`jbar sbv|`vbkes! bectl`sbei |sl m`s dlle j`flkg vt|svs `s bewlsvjlev wlmbcals -ckaalcvbwl bewlsvjlev g|efs" èf gkt ckj*xèr xlesbke scmljls! tlvbtljlev èe|bvbls èf ljxakrll dlelgbv scmljls%I|lteslr vt|svs ybvm dkvm akcà èf bevlte`vbkeà dlelgbcb`tbls `tl ckjjkearjèìlf dr xtkglssbkeà abcleslf gbf|cb`tbls sbv|`vlf be I|lteslr%

26% Be xtbecbxal! vml Beckjl V`} A`y -slcvbkes


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vt|sv! èf vml vt|sv m`s ek -v`}`dal" I|lteslr sk|tcls kg beckjl! ml ybaaekv sllo vk cm`til vml beckjl kg vml vt|sv vk I|lteslr beckjl v`}% Be s|cmcbtc|jsvècls! vmltl ybaa dl ek tlp|btljlev vk gbal ` v`} tlv|te èf vml ckj*xlvlev `|vmktbvbls ybaa m`wl ek tlcktf kg vml bflevbvr kg vml vt|svlls! dlelgb*

cb`tbls! slvvakt-s" kt xtkvlcvkt-s"%

Vt|sv kyeltsmbx èf bflevbvr begktj`vbke tlp|btlf vk dl tlv`belf drvml vt|sv

2


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CKJXAB@ECL YBVM VML SV@EF@TFS> @W@BA@DBABVR KG BEGKTJ@VBKE 3 -b" kxle è`cck|ev kt lsv`dabsm ` tla`vbkesmbx ybvm ` I|lteslr dèo kt kvmlt abcleslfgbf|cb`tbls s|dnlcv vk vml @JA+CGV gt`jlykto! kt -bb" x|tcm`sl èr tlàxtkxltvr be I|lteslr! @afltelr kt Mltj wb` ` a`yrlt èf lsv`vl ìlev ymkyk|af àsk dl s|dnlcv vk vml @JA+CGV gt`jlykto%

088% I|lteslrs `|vmktbvbls `tl kg vml wbly vm`v vmlsl l}clxvbkes tl abjbvlfvk ` e`ttky ca`ss kg c`sls ymltl abclesbei kt tli|a`vbke y`s ekv ckesbfltlfelclss`tr kt c`sls be ymbcm ikwltejlev m`s ek alibvbj`vl bevltlsv kt ckeclte%Gkt besvècl! vml gktj`vbke kg ` vt|sv cè kcc|t be lwltrf`r xtbw`vl fkjlsvbc

sbv|`vbkes -l%i% ymltl x`tlevs tlclbwl ibgvs ke dlmàg kg vmlbt cmbaftle" vk ymbcmbv bs ekv glav `xxtkxtb`vl vk s|dnlcv vml vt|svlls vk tli|a`vbke èf abclesbei%Vmlr `ff vm`v bv bs l}vtljlar bjxtkd`dal vm`v ` vt|svll `cvbei be ` xtbw`vlc`x`cbvr èf ekv `cvbei dr y`r kg d|sbelss ybaa ekv oeky ymk vml |efltar*bei xtbecbxà+slvvakt kg vml vt|sv bs% I|lteslrs `|vmktbvbls sbjba`tar ckesbflt bvàjksv beckeclbw`dal vm`v ` xltske `cvbei `s vt|svll gkt ` eke I|lteslr tlsb*flev ybaa ekv dl `cvbei dr y`r kg d|sbelss! èf vm|s c`|imv dr vml Gbf|cb`tblsA`y%

080% @s gkt vml l}ljxvlf `cvbwbvbls |eflt slcvbke 3 kg vml Gbf|cb`tbls A`y!vmlr ckeclte `cvbwbvbls tli|a`vlf dr kvmlt jlès! s|cm `s -b" `cvbei `s ` vt|s*vll kt c|svkfbè kg ` ckaalcvbwl bewlsvjlev scmljl `|vmktbslf dr vml IGSC|eflt vml Xtkvlcvbke kg Bewlsvkts a`y? -bb" `cvbei `s vt|svll kg vlsv`jlev`trvt|svs ctl`vlf dr vml ybaa kg ` xltske ymk y`s tlsbflev kt fkjbcbalf be vmlD`babybco `v vml vbjl kg vml l}lc|vbke kg vml ybaa kt `v vml vbjl kg fl`vm! xtk*wbflf vm`v vml xltske sk `cvbei bs ` a`yrlt%

42% L}clxv ymltl> bv x|txktvs vk fk èrvmbei ckevt`tr vk vml a`y kg I|lteslr? bv

ckeglts èr tbimv kt g|ecvbke vml l}ltcbsl kg ymbcm yk|af dl ckevt`tr vk vml a`y

kg I|lteslr? kt vml Tkrà Ck|tv flca`tls vm`v bv bs bjjktà kt ckevt`tr vk x|dabc

xkabcr -Vt|svs A`y! slcvbke 7


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084% @s kear ` abjbvlf e|jdlt kg vt|svlls yk|af dl l}ca|flf gtkj vmlsckxl kg vml Gbf|cb`tr A`y! I|lteslrs `|vmktbvbls ckesbflt vm`v vmbs l}clx*vbke bs e`ttky èf fkls ekv xtlwlev lgglcvbwl LKB% Jktlkwlt! I|lteslr j`be*v`bes vm`v àa vt|svlls kg I|lteslr vt|svs `tl tlp|btlf vk m`wl begktj`vbke ke

vml slvvakt èf -ymltl vmlr l}bsv" vml dlelgbcb`tbls |eflt c|svkj`tr gbf|cb`trkdabi vbke% Vml l}xaè`vbkes ibwle dr I|lteslr `dk|v vml xt`cvbcà `xxabc`*vbke kg vml t|als èf bvs bjx`cv ke LKB ybaa dl tlwblylf be vml Xm`sl 4 kg vmltlwbly xtkclss%

083% Vml jlcmèbsjs flsctbdlf `dkwl be I|lteslr les|tl vml `w`ba`dba*bvr kg begktj`vbke ke vt|svs! ymlvmlt I|lteslr kt gktlbie a`y vt|svs! ymltlsbiebgbcèv laljlevs kg vml vt|sv s|cm `s vml tlsbflecl kg bvs vt|svlls `tl cke*elcvlf ybvm I|lteslr% Elwltvmlalss! bv bs ckeclbw`dal vm`v ` vt|sv ck|af dlctl`vlf ymbcm m`s ek ckeelcvbke ybvm I|lteslr kvmlt vmè vm`v vml slvvakt

cmkksls vm`v vml vt|sv ybaa dl ikwltelf dr vml a`ys kg I|lteslr% Be vm`v lwlevvmltl j`r dl ek begktj`vbke `dk|v vml vt|sv `w`ba`dal be I|lteslr%

Gk|ef`vbkes -VkT @%0%


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Tlibsvt`vbke

087% Vml Tlibsvt`t kg Ckjxèbls m`s xkylt vk tlp|lsv vml xtkf|cvbkekg èf kvmltybsl kdv`be s|cm fkc|jlevs! `cck|evs èf begktj`vbke ymbcm

`tl elclss`tr gkt vml x|txksl kg l}ltcbsbei bvs g|ecvbkes% Mkylwlt! ymletlclbwbei è `xxabc`vbke gkt becktxkt`vbke kg ` ckjxèr kt AX! vml Tlibsvt`tj`r tlar |xke vml flca`t`vbke kg ckjxabècl be àa tlsxlcvs èf `ccktfbeiarbs ekv dk|ef vk lep|btl g|tvmlt `s vk ymlvmlt! be tla`vbke vk èr `xxabc`vbkegkt becktxkt`vbke! vml xtkwbsbkes kg vml a`ys m`wl dlle ckjxablf ybvm% Vmbsfkls ekv xtlwlev vml Tlibsvt`t gtkj tlnlcvbei è `xxabc`vbke kt wàbf`vbkeymle bv ckesbflts vm`v vml xtkwbsbkes kg vml a`y m`wl ekv dlle ckjxablf ybvm-slcvbke 02-4"!

* ` xltske! ymk jòls ` gàsl flca`t`vbke kg ckjxab ecl ckeclte*bei ` tlibsvt`vbke `xxabc`vbke kt èe|à wàbf`vbke?

* ckjxèbls vm`v g`ba vk m`wl ` tlsbflev ìlev kt vk ekvbgr vmlTlibsvt`t kg bvs cmèil?

* jljdlts! ymk g`ba vk fbscaksl dlelgbcbà kyeltsmbx begktj`vbkevk vml tlsbflev ìlev èf tlsbflev ìlevs ymk g`ba vk fbscaksl vmbsbegktj`vbke vk a`y legktcljlev `|vmktbvbls%

` gbel |x vk IDX 08 888! bjxtbskejlev |x vk vmtll jkevms kt dkvmì`besv ` xltske ymk xtkwbfls gàsl kt jbsal`fbei begktj`vbke vk vmlTlibsvt`t kt vml IGSC%

08=% Ymle ` tlsbflev ilev g`bas vk j`bev`be ` tlcktf kg dlelgbcbà kyelts!fbggltlev sècvbkes j`r `xxar! flxlefbei ke ymlvmlt ml bs ` akcàar tlsbflevbefbwbf|à fbtlcvkt kt ` CSX% Befbwbf|às ymk g`ba vk ckjxar ybvm vmlbt kdab*i`vbkes `s tlsbflev ìlevs j`r dl fbsp|àbgblf gtkj `cvbei `s ` fbtlcvkt beI|lteslr gkt ` xltbkf kg |x vk 0< rl`ts -slcvbkes 649*642"% @ CSX ymbcmg`bas vk ckjxar ybvm bvs kdabi`vbkes `s tlsbflev ìlev ybaa àsk g`ba vk jllv vml

38% Slcvbke


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svèf`tfs tlp|btlf dr vml Gbf|cb`tbls A`y -Scmlf|al 0! slcvbke 0" èf j`r dls|dnlcv vk fbggltlev sècvbkes -sll x`tìt`xm 006 dlaky"%

082% Ymlelwlt ` ckjxèr kt è AX m`s ckjjbvvlf è kgglecl |eflt

vml Beckjl V`} A`y! èf bv bs xtkwlf vm`v bv m`s dlle ckjjbvvlf ybvm vmlckeslev! ckeebwècl kg! kt bs f|l vk vml eliabilecl kg ` fbtlcvkt! jèìlt!slctlv`tr! lvc% kg vml ckjxèr! vmbs xltske bs àsk x|ebsm`dal -slcvbke 48=@"%Vml Ckjxèbls! Abjbvlf X`tveltsmbx èf tli|a`vktr A`ys ckev`be vml s`jlxtkwbsbke%

008% Vml Tlibsvt`t m`s vml xkylt vk jòl ktflts fbtlcvbei x`rjlev kgcbwba xleàvbls! gkt besvècl ymle ` ckjxèr g`bas vk ekvbgr ` cmèil kgfbtlcvkt kt tlsbflev ìlev vk vml Tlibsvt`t kt fkls ekv ckjxalvl è èe|àwàbf`vbke kg vml f`v` j`bev`belf dr vml Tlibsvt`t% @ ckjxèr bs mkylwltekv ab`dal vk ` cbwba xleàvr bg ` xtkslc|vbke be tlsxlcv kg vml j`vvlt m`s dlleckjjleclf%30

000% Be `ffbvbke vml Tlibsvt`t cè svtbol ` ckjxèr kgg vml Tlibsvlt ymltlvml ckjxèr m`s g`balf vk s|djbv è èe|à wàbf`vbke kt vk m`wl ` tlsbflevìlev? kt bs xltsbsvlevar be ckevt`wlevbke ybvm vml a`y -slcvbkes 3x`rjlev `s bg bv yltl ` cbwba fldv%

34% Gbeècb a Sltwbcls Ckjjbssbke -D`babybco kg I|lteslr" A`y! 02=9! slcvbke =?

Gbeècbà Sltwbcls Ckjjbssbke -Sbvl Wbsbvs" -D`babybco kg I|lteslr" Ktfbeècl

kg 488=%


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003% Vml ckeslp|lecls kg èr sbiebgbcèv g`ba|tl vk jllv vml svèf`tfstlp|btlf dr vml Gbf|cb`tbls A`y -Scmlf|al 0! slcvbke 0"! vml mèfdkkos èfvml tlalwèv le`cvjlevs beca|fl> -b" cèclaa`vbke kg vml gbf|cb`tr abclecl?-bb" X|dabc Sv`vljlevs j`fl |eflt slcvbke 00C kg vml Gbeècbà Sltwbcls

Ckjjbssbke A`y? kt -bbb" bjxksbvbke kg ` gbeècbà xleàvr kg |x vk IDX488 888 -slcvbke 00F"% G|tvmltjktl! ` xltske ymk xltgktjs ` tli|a`vlf`cvbwbvr ybvmk|v kdv`bebei ` gbf|cb`tr abclecl gtkj vml IGSC kt be ckevt`*wlevbke kg vml ckefbvbkes kg s|cm ` abclecl bs i|bavr kg è kgglecl èf j`r dltlp|btlf vk>

tlx`r jkebls `cclxvlf gtkj kt x`bf kwlt dr cablevs -slcvbke 0-3" becken|ecvbke ybvm slcvbke 34"?

ke s|jj`tr ckewbcvbke! x`r ` gbel ekv l}cllfbei IDX 08 888 èf+kt dl ab`dal vk bjxtbskejlev gkt ` vltj ekv l}cllfbei vmtll jkevms-slcvbke 0-3" be cken|ecvbke ybvm slcvbke 69"? kt

ke ckewbcvbke ke befbcvjlev! x`r ` gbel kg èr jìebv|fl èf+kt dlab`dal vk bjxtbskejlev gkt ` vltj ekv l}cllfbei vyk rl`ts -slcvbke0-3" be cken|ecvbke ybvm slcvbke 69"%

Flvltjbe`vbke èf g`cvkts |efltarbei tlckjjlef`vbkes

Xm`sl 0 Flvltjbe`vbke

Vml laljlev bs be xa`cl%

@%4% @cck|evbei tlcktfs

006% @ ckefbvbke gkt l}cmèil kg begktj`vbke gkt v`} x|txksls vk dl lgglc*vbwl! bs vm`v tlab`dal begktj`vbke! gktlsll`dar tlalwèv vk vml v`} tlp|btljlevs

kg ` tlp|lsvbei n|tbsfbcvbke bs `w`ba`dal! kt cè dl j`fl `w`ba`dal! be ` vbjlarjèelt% Vmbs tlp|btls cal`t t|als tli`tfbei vml j`bevleècl kg `cck|evbeitlcktfs% Vml kdabi`vbke vk j`bev`be tlab`dal `cck|evbei tlcktfs `tl gk|efbe jksv kg vml a`ys ikwltebei vml w`tbk|s vrxls kg levbvbls ckwltlf dr vmbstlxktv! èf be vml Beckjl V`} A`y%

N|tbsfbcvbkes smk|af les|tl vm`v tlab`dal `cck|evbei tlcktfs `tl olxv gkt àa

tlalwèv levbvbls èf `ttèiljlevs%


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Ilelt`a tlp|btljlevs -VkT @%4%0"

Tlalw`ev levbvbls ikwltebei a`ys

00


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j|sv dl tlv`belf èf `w`ba`dal% Vmltl bs ek tlp|btljlev vm`v vml tlcktfs dlolxv be I|lteslr% Ymbasv àa vt|svlls `tl s|dnlcv vk ` gbf|cb`tr f|vr vk ollx`cc|t`vl `cck|evs èf tlcktfs! vml l}vlev kg s|cm tlp|btljlevs ck|af ekv dl`scltv`belf f|tbei vml Xm`sl 0 Xllt Tlwbly% @e be*flxvm `sslssjlev kg vml

lgglcvbwlelss kg vmbs ckjjke a`y tlibjl ybaa dl ckesbfltlf `s x`tv kg vmlXm`sl 4 Xllt Tlwbly kg I|lteslr%

040% Ymltl ` cm`tbvr levbvr -ckjxèr! x`tveltsmbx kt vt|sv" bs tlp|btlfvk tlibsvlt |eflt vml EXK A`y! bv j|sv jòl! ollx èf tlv`be tlcktfs kgàa gbeècbà vtès`cvbkes -ybvm ymksklwlt j`fl" be ktflt vk lwbflecl vml`xxabc`vbke kt |sl kg vml ktièbs`vbkes `sslvs! g|efs èf beckjl -EXKA`y! Scmlf|al 0! slcvbke =-0""% S|cm tlcktfs j|sv dl s|ggbcblevar flv`balfvk le`dal wltbgbc`vbke vm`v vml ktièbs`vbkes `sslvs! g|efs èf beckjl m`wl

dlle `xxablf kt |slf be ` jèelt ckesbsvlev ybvm vml x|txksls! kdnlcvbwls èf

kdnlcvs kg vml ktièbs`vbke! `s sv`vlf -slcvbke =-4"-d""%

044% \eflt vml @JA+CGV tlibjl! gbeècbà sltwbcls d|sbelssls èf a`y*rlts! `cck|evèvs èf lsv`vl ìlevs `tl kdabilf vk ollx tlcktfs kg fkc|jlevske vmlbt vtès`cvbkes c`ttblf k|v ybvm! dr kt ke dlmàg kg vmlbt cablevs! be vmlck|tsl kg dkvm fkjlsvbc èf bevlte`vbkeà d|sbelss -GSD Tli|a`vbke 06! `sca`tbgblf dr vml GSD Mèfdkko"% S|cm tlcktfs j|sv beca|fl> -b" vml e`jl èf`fftlss kg vml c|svkjlt! dlelgbcbà kyelt èf |efltarbei xtbecbxà? -bb" bg `jkelv`tr vtès`cvbke! bvs `jk|ev? -bbb" è `cck|ev e`jl èf e|jdlt dr ymbcmbv cè dl bflevbgblf? -bw" flv`bas kg vml ck|evltx`tvr! beca|fbei `cck|ev flv`bas?

èf -w" vml f`vl kg vml vtès`cvbke%

V`} a`y

043% Vml Beckjl V`} A`y bvslag fkls ekv bjxksl èr kdabi`vbke vk ollx`cck|evbei tlcktfs% Bv ekelvmlalss xtkwbfls vm`v lwltr xltske tlp|btlf vk gbaabe ` v`} tlv|te j|sv g|tebsm vk vml Fbtlcvkt kg Beckjl V`} s|cm `cck|evskt kvmlt begktj`vbke `s ml j`r tlp|btl -cltvbgblf! bg ml sk tlp|btls! dr è`cck|evèv! ymk bs be v|te s|dnlcv vk vml @JA+CGV tlibjl? slcvbke 7="% Be

xt`cvbcl! èr xltske c`ttrbei ke ` d|sbelss -ymlvmlt è befbwbf|à! ` x`tvelt

kg ` x`tveltsmbx kt ` ckjxèr" j|sv s|djbv vmlbt `cck|evs vkilvmlt ybvmvmlbt v`} tlv|tes% Ckjxèbls `tl àsk tlp|btlf vk s|djbv ` ckxr kg vml èe|àgbeècbà `cck|evs àkei ybvm vml beckjl v`} tlv|te gktj%

046% Vml Beckjl V`} -Ollxbei kg Tlcktfs! lvc" -I|lteslr" Tli|a`vbkes!4887 -Tlcktf Ollxbei Tli|a`vbkes" bjxksl skjl kdabi`vbkes vk ollx x`t*vbc|a`t tlcktfs èf |efltarbei fkc|jlevs! w`trbei `ccktfbei vk vml vrxlkg beckjl% Vml tlp|btljlevs `tl vml s`jl ymlvmlt ` d|sbelss bs c`ttblfke be I|lteslr kt laslymltl! èf vml tlcktfs smk|af dl |xf`vlf tli|a`tar%Vml Tlcktf Ollxbei Tli|a`vbkes tlp|btl èr xltskes gbabei ` v`} tlv|te vktlv`be àa tlcktfs -èf s|xxktvbei fkc|jlevs" be tlsxlcv kg vmlbt d|sbelss


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èf xtkxltvr beckjl -slcvbkes 0 èf 4" d|v kear tlcktfs ymbcm yltl |slfbe jòbei vml levtbls ke vmlbt v`} tlv|te be tlsxlcv kg kvmlt beckjl -slcvbke3"% Vmltlgktl! s|cm tli|a`vbkes fk ekv bjxksl è kdabi`vbke vk ollx tlcktfsybvm tlsxlcv vk beckjl gtkj sk|tcls kvmlt vmè d|sbelssls èf xtkxltvr vm`v

vt`cl gbeècbà vtès`cvbkes ekv tlalwèv gkt v`} x|txksls -l%i% eke*d|sbelssl}xlesls vm`v `tl ekv abeolf vk ` flf|cvbke ca`bj"%

\efltarbei fkc|jlev`vbke -VkT @%4%4"

04


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tlsxlcv kg beckjl gtkj kvmlt sk|tcls -kvmlt vmè d|sbelss èf xtkxltvr" keartlcktfs vm`v vt`cl gbeècbà vtès`cvbkes tlalwèv gkt v`} x|txksls j|sv dlj`bev`belf%


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Vml laljlev bs be xa`cl! d|v cltv`be `sxlcvs kg vml alià bjxaljlev`vbke

kg vml laljlev ellf bjxtkwljlev%

G`cvkts |efltarbei tlckjjlef`vbkes Tlckjjlef`vbkes

Kdabi`vbkes vk j`bev`be tlab`dal

`cck|evbei tlcktfs beca|fbei

|efltarbei fkc|jlevs be abel ybvm

vml Vltjs kg Tlgltlecl `tl ekv

ckesbsvlevar be xa`cl gkt tlalwèv

levbvbls èf `ttèiljlevs be àa

besvècls%

Bevtkf|cl ckesbsvlev kdabi`vbkes gkt àa

tlalwèv levbvbls èf `ttèiljlevs vk

j`bev`be tlab`dal `cck|evbei tlcktfs!

beca|fbei |efltarbei fkc|jlevs be

abel ybvm vml Vltjs kg Tlgltlecl%

Vmltl bs c|ttlevar ek l}xtlsskdabi`vbke gkt ckjxèbls fltbwbei

vmlbt beckjl gtkj sk|tcls kvmlt vmè

d|sbelssls èf xtkxltvr vk ollx

|efltarbei fkc|jlevs gkt jktl vmè

vyk rl`ts ekt vt|svlls fltbwbei vmlbt

beckjl gtkj sk|tcls kvmlt vmè

d|sbelssls èf xtkxltvr vk ollx

`cck|evbei tlcktfs èf |efltarbei

fkc|jlevs gkt jktl vmè vyk rl`ts%

Ca`tbgr dbefbei tlp|btljlevs keckjxèbls fltbwbei vmlbt beckjl

gtkj sk|tcls kvmlt vmè d|sbelssls

èf xtkxltvr vk ollx |efltarbei

fkc|jlevs gkt `v al`sv gbwl rl`ts èf

ke vt|svlls fltbwbei vmlbt beckjl gtkj

sk|tcls kvmlt vmè d|sbelssls èf

xtkxltvr vk ollx `cck|evbei tlcktfs

èf |efltarbei fkc|jlevs gkt `v al`sv

gbwl rl`ts%

@%3% Dèobei begktj`vbke

Tlcktf*ollxbei tlp|btljlevs -VkT @%3%0"

Dèobei a`ys

033% Vmltl `tl 66 dèos be vml D`babybco! àa flxksbv*vòbei d|sbelssls!39

c|ttlevar abcleslf |eflt vml Dèobei S|xltwbsbke -D`babybco kg I|lteslr"A`y! 0226 -Dèobei S|xltwbsbke A`y"% Be ktflt vk xltgktj vmlbt `cvbwbvbls!flxksbv*vòbei d|sbelssls j|sv kdv`be ` abclecl itèvlf dr vml IGSC -slc*vbkes 0 èf 7" èf jllv vml jbebj|j ctbvltb` gkt abclesbei |eflt Scmlf|al3! ymbcm beca|fl j`bev`bebei srsvljs kg ckevtka èf tlcktf ollxbei kg vmlbesvbv|vbke gkt d|sbelss |efltvòle kt ckevljxa`vlf èf flwlakxbei s|cmsrsvljs -slcvbkes 6-3" èf -6"-d""% Ymle lsv`dabsmbei ` d|sbelss tla`vbkesmbx

39% @s flgbelf be slcvbke 3% Ckaalcvbwl bewlsvjlev scmljls `tl s|dnlcv vk sbjba`t

kdabi`vbkes |eflt vml Xtkvlcvbke kg Bewlsvkts A`y%


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CKJXAB@ECL YBVM VML SV@EF@TFS> @W@BA@DBABVR KG BEGKTJ@VBKE 6 ALI@A @EF TLI\A@VKTR GT@JLYKTO I\LTESLR KLCF 4800


03=% Vml x`rjlev sltwbcl xtkwbflt kg vml x`rlt j|sv! dlgktl vtèsglttbeièr g|efs! wltbgr vml ckjxalvl begktj`vbke ke vml x`rlt èf s|cm wltbgbc`*vbke j|sv dl ke vml d`sbs kg fkc|jlevs! f`v` kt kvmlt begktj`vbke kdv`belfgtkj ` tlab`dal èf beflxleflev sk|tcl -slcvbke 4-3""! s|dnlcv vk ` fl jbebjbs

abjbv`vbke kg L\T 0 888 -slcvbke 4-

slv |x èkerjk|s `cck|evs kt `cck|evs be e`jls ymbcm bv oekys! ktm`s tl`ske`dal c`|sl vk s|sxlcv! vk dl gbcvbvbk|s!

levlt bevk! kt ckevbe|l! ` ckttlsxkeflev dèobei tla`vbkesmbx ybvm `smlaa dèo68 kt ybvm ` tlsxkeflev dèo oekye vk xltjbv bvs `cck|evsvk dl |slf dr ` smlaa dèo%

32% @ ckttlsxkeflev dèobei bs ` tla`vbkesmbx ymbcm bewkawls vml xtkwbsbke kg

sltwbcls dr kel dèo -ckttlsxkeflev dèo" vk èkvmlt dèo -tlsxkeflev dèo"

-slcvbke


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064% Vml ckjdbe`vbke kg vml @JA+CGV alibsa`vbke `s ylaa `s vml tli|a`*vktr tlibjl gkt abcleslf dèos èf kvmlt gbeècbà besvbv|vbkes les|tls vm`v àatlcktfs xltv`bebei vk `cck|evs `s ylaa `s tla`vlf gbeècbà èf vtès`cvbkeàbegktj`vbke `tl `w`ba`dal%




jljdlt kg ` itk|x kg dkfbls cktxkt`vl ymbcm bs s|dnlcv vk lgglcvbwl ckeskabf`vlf

s|xltwbsbke%


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CKJXAB@ECL YBVM VML SV@EF@TFS> @CCLSS VK BEGKTJ@VBKE 62

D% @cclss vk Begktj`vbke

Kwltwbly

063% @ w`tblvr kg begktj`vbke j`r dl ellflf be ` v`} lep|btr èf n|tbsfbc*vbkes smk|af m`wl vml `|vmktbvr vk kdv`be àa s|cm begktj`vbke% Vmbs beca|flsbegktj`vbke mlaf dr dèos èf kvmlt gbeècbà besvbv|vbkes `s ylaa `s begkt*j`vbke ckecltebei vml kyeltsmbx kg ckjxèbls kt vml bflevbvr kg bevltlsvmkaflts be kvmlt xltskes kt levbvbls! s|cm `s x`tveltsmbxs èf vt|svs! `s ylaa`s `cck|evbei begktj`vbke be tlsxlcv kg àa s|cm levbvbls% Vmbs slcvbke kg vmltlxktv l}`jbels ymlvmlt I|lteslrs alià èf tli|a`vktr gt`jlykto ibwlsvk vml `|vmktbvbls `cclss xkylts vm`v ckwlt vml tbimv vrxls kg xltskes èfbegktj`vbke èf ymlvmlt tbimvs èf s`gli|`tfs yk|af dl ckjx`vbdal ybvmlgglcvbwl l}cmèil kg begktj`vbke% @s ekvlf be vml bevtkf|cvbke! I|lteslr

èf @afltelr `tl ` sbeial n|tbsfbcvbke gkt v`}`vbke x|txksls% Vmlr m`wl `sbeial ckjxlvlev `|vmktbvr èf lwltr tlgltlecl vk I|lteslr be vmbs x`tv kgvml tlxktv ckwlts @afltelr%

066% I|lteslrs v`} a`ys xtkwbfl vml ckjxlvlev `|vmktbvr ybvm dtk`f`cclss xkylts vk begktj`vbke gktlsll`dar tlalwèv gkt LKB x|txksls%I|lteslrs ckjxlvlev `|vmktbvr m`s xkylts vk kdv`be kyeltsmbx! bflevbvr èf`cck|evbei begktj`vbke! ymlvmlt bv bs tlp|btlf vk dl olxv |eflt vml BeckjlV`} A`y kt kvmlt a`ys! èf ymlvmlt kt ekv bv bs tlp|btlf vk dl olxv% Bv cèkdv`be begktj`vbke gtkj èr xltske ymk m`s be mbs xksslssbke kt xkylt kgs|cm begktj`vbke% I|lteslr àsk m`s `cclss vk dèo begktj`vbke gkt LKB x|t*xksls% Be jksv c`sls! vmbs xkylt bs l}ltcbslf dr bss|l kg ` ekvbcl tlp|lsvbeivml xtkf|cvbke kg vml begktj`vbke! kt fkc|jlev èf eke*ckjxabècl cè dlsècvbkelf ybvm sbiebgbcèv xleàvbls% Vml ckjxlvlev `|vmktbvr àsk m`s vmlxkylt vk kdv`be ` y`ttèv vk sl`tcm xtljbsls èf vk slb~l begktj`vbke% @s vkvml `vvktelr*cablev xtbwbalil! I|lteslrs a`ys xtkwbfl vm`v fkc|jlevs s|dnlcvvk vml alià xtkglssbkeà xtbwbalil -èf begktj`vbke ckev`belf vmltlbe" fk ekvm`wl vk dl fbscakslf vk vml Fbtlcvkt kg Beckjl V`} kt x|ts|èv vk ` ck|tv ktflt%

06


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@CCLSS VK BEGKTJ@VBKE

D%0% Ckjxlvlev @|vmktbvrs `dbabvr vk kdv`be èf xtkwbfl begktj`vbke

067% I|lteslrs ckjxlvlev `|vmktbvr bs vml Fbtlcvkt kg Beckjl V`}% Mbsg|ecvbkes beca|fl vml kdv`bebei èf l}cmèibei kg begktj`vbke x|ts|èvvk è `xxtkwlf bevlte`vbkeà ìtlljlev%60 @aa V`} Begktj`vbke L}cmèil@itlljlevs -VBL@s" sbielf dr I|lteslr -l}clxv vml kel tlclevar ckeca|flf

ybvm Xktv|ià! ymbcm bs c|ttlevar be vml xtkclss kg t`vbgbc`vbke" jllv vmbsflgbebvbke! ymbal I|lteslrs c|ttlev Fk|dal V`} Ckewlevbkes -FVCs" fk ekv%Vmltlgktl! vk f`vl! vml ckjxlvlev `|vmktbvr cè |sl bvs begktj`vbke i`vmlt*bei xkylts vk èsylt è LKB tlp|lsv gtkj vml slwle Ektfbc n|tbsfbcvbkes!@|svtàb`! Btlaèf! vml Elvmltaèfs! vml \ebvlf Obeifkj èf vml \ebvlfSv`vls -b%l%n|tbsfbcvbkes ybvm ymbcm I|lteslr m`s ckeca|flf ` VBL@ ymbcm bs`xxtkwlf èf be gktcl64"! d|v cèekv |sl bvs begktj`vbke i`vmltbei xkylts vkèsylt èr tlp|lsv gtkj Nltslr% Vml `|vmktbvbls kg I|lteslr befbc`vlf vm`vvml Sv`vls yk|af dl `solf vk sxlcbgr vm`v vml FVC ybvm Nltslr! ymbcm ybaasmktvar ckjjlecl tl*elikvb`vbke! bs è `xxtkwlf bevlte`vbkeà ìtlljlev?

èf vml s`jl yk|af `xxar vk èr FVC vm`v I|lteslr bs elikvb`vbei kt yk|afelikvb`vl ybvm èr kvmlt n|tbsfbcvbke%

069% Dlgktl i`vmltbei begktj`vbke! vml ckjxlvlev `|vmktbvr j|sv dl s`vbs*gblf vm`v vml tlp|lsv gkt begktj`vbke bs j`fl be `ccktfècl ybvm vml xtkwb*sbkes kg! èf gkt vml x|txksl kg! vml VBL@ x|ts|èv vk ymbcm vml tlp|lsv bsj`fl -slcvbke 9


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CKJXAB@ECL YBVM VML SV@EF@TFS> @CCLSS VK BEGKTJ@VBKE


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V`}! kt dr ` ck|tv ktflt! ml bs x|ebsm`dal dr bjxtbskejlev |x vk vyk rl`tsèf+kt ` gbel |x vk IDX 48 888% Vml s`jl sècvbke bs `xxabc`dal ì`besv xlt*skes ymk oekybeiar kt tlcoalssar jòl sv`vljlevs kt xtkwbfl begktj`vbkeymbcm `tl gàsl! flclxvbwl kt jbsal`fbei -slcvbke 9


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CKJXAB@ECL YBVM VML SV@EF@TFS> @CCLSS VK BEGKTJ@VBKE


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be ckeelcvbke ybvm vml ibwbei kg alià fwbcl kt alià xtkcllfbeis% Bvljs mlafybvm vml bevlevbke kg g|tvmltbei ` ctbjbeà x|txksl `tl ekv bvljs s|dnlcv vkalià xtkglssbkeà xtbwbalil%

073% Vmbs flgbebvbke `xxl`ts vk beca|fl ekv kear begktj`vbke lecakslfybvmbe ` ckjj|ebc`vbke dlvylle è `vvktelr èf cablev d|v àsk ybvmbe `ckjj|ebc`vbke dlvylle ` cablev èf èkvmlt xltske ymk bs ekv è `vvktelr*`v*a`y! ymbcm bs dlrkef vml l}ljxvbke gkt vvktelr*cablev xtbwbalil |eflt vmlbevlte`vbkeà svèf`tf% Vmbs bss|l ybaa dl gkaakylf |x be Xm`sl 4 kg vml tlwblyxtkclss%

Dèo slctlcr

076% @ c|svkj`tr+ckjjke a`y f|vr kg ckegbflevbàbvr bjxksls è kdab*

i`vbke ke dèos vk ollx vmlbt c|svkjlts `gg`bts ckegbflevbà% Be `ffbvbke!vml Dèobei S|xltwbsbke A`y xtkwbfls gkt ckegbflevbàbvr ybvm tli`tfs vkdèobei begktj`vbke |eflt slcvbkes 63 vk 6


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CKJXAB@ECL YBVM VML SV@EF@TFS> @CCLSS VK BEGKTJ@VBKE 67

vmltl bs ` sbjba`t ek vbxxbei*kgg xtkwbsbke be vml fkjlsvbc v`} ali*bsa`vbke kg vml kvmlt vlttbvktr!

vm`v vlttbvktr ckegbtjs vm`v bv yk|af l}ltcbsl vm`v xkylt bg bv tlclbwlf` tlp|lsv gkt begktj`vbke gtkj I|lteslr! be sbjba`t cbtc|jsv`ecls!

67% @ I|bfl vk Beckjl V } Begktj`vbke Xkylts ym`v vmlr tl `ef ymle ef mky

vmlr ybaa dl |slf%


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vml kvmlt vlttbvktr m`s sxlcbgbcàar `solf gkt vml ek vbxxbei*kgg fbtlc*vbke vk dl j`fl! èf

vml kvmlt vlttbvktr m`s ckegbtjlf vm`v fbscaks|tl yk|af sltbk|sar

xtln|fbcl vml `sslssjlev kt ckaalcvbke kg v`} be vml kvmlt vlttbvktr%098% Vmbs t|al `xxl`ts vk dl be ckegktjbvr ybvm vml KLCF Jkfla VBL@!ymbcm sv`vls vm`v vml tlp|lsvbei n|tbsfbcvbke j|sv sv`vl vm`v vml tlp|lsv bsbe ckegktjbvr ybvm bvs a`y èf `fjbebsvt`vbwl xt`cvbcls% Vml bevltxtlv`vbkeèf bjxaljlev`vbke kg vml a`sv ckefbvbke smk|af ekelvmlalss dl jkebvktlf beXm`sl 4 kg vml tlwbly xtkclss vk les|tl vm`v bv bs ekv tlsvtbcvbwlar `xxablf% Be

x`tvbc|a`t! I|lteslrs ckjxlvlev `|vmktbvr smk|af les|tl vm`v vmbs yk|af ekv|ef|ar xtlwlev kt fla`r lgglcvbwl l}cmèil kg begktj`vbke% Gkt besvècl! vmlsltbk|s xtln|fbcl ckefbvbke smk|af `xxar be c`sls be ymbcm vml tlp|lsv bs kg` wltr |tilev e`v|tl kt vml ekvbgbc`vbke bs abolar vk |efltjbel vml cmècl kgs|cclss kg è keikbei bewlsvbi`vbke%

@xxlà tbimvs

090% Vml Beckjl V`} A`y ckev`bes `xxlà tbimvs vk vml Tkrà Ck|tv ì`besvvml flcbsbkes kg vml ckjxlvlev `|vmktbvr -slcvbke 9


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CKJXAB@ECL YBVM VML SV@EF@TFS> L]CM@EIBEI BEGKTJ@VBKE


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L]CM@EIBEI BEGKTJ@VBKE

vk l}cmèil kg cltv`be vrxls kg begktj`vbke be `ccktfècl ybvm vml bevlte`*vbkeà svèf`tfs! s|cm `s d|sbelss kt xtkglssbkeà slctlvs! kt begktj`vbke vmls|dnlcv kg `vvktelr*cablev xtbwbalil! kt ymltl vml fbscaks|tl kg vml begktj`vbketlp|lsvlf yk|af dl ckevt`tr vk x|dabc xkabcr! `tl àsk becktxkt`vlf be fkjls*

vbc a`y `s ylaa `s be bvs VBL@s%

C%0% L}cmèil kg begktj`vbke jlcmèbsjs

097% I|lteslr62 bs sbie`vktr vk VBL@s ybvm 07 n|tbsfbcvbkes> @|svtàb`!Flej`to! G`tkl Bsaèfs! Gbeaèf! Gtècl! Iltjèr! Itlleaèf! Bclaèf!

Btlaèf! vml Elvmltaèfs! Ely ^làèf! Ekty`r! Xktv|ià! Sylfle! vml\ebvlf Obeifkj èf vml \ebvlf Sv`vls% Bv bs àsk ` sbie`vktr vk vyk FVCsckev`bebei LKB `tvbcals vm`v fk ekv jllv vml bevlte`vbkeà svèf`tfs ybvmNltslr èf vml \ebvlf Obeifkj! be x`tvbc|a`t dlc`|sl I|lteslrs ckjxlvlev`|vmktbvr cèekv l}ltcbsl bvs begktj`vbke i`vmltbei xkylts vk èsylt tlp|lsvsj`fl d`slf ke vmlsl vtl`vbls%

47 kg vml Jkfla Ckewlevbke> Vml v`}`vbke `|vmktbvbls kg I|lteslr èf _Nltslr+

vml \OZ smàa l}cmèil s|cm begktj`vbke -dlbei begktj`vbke `w`ba`dal |eflt

vmlbt tlsxlcvbwl v`}`vbke a`ys" `s bs elclss`tr gkt c`ttrbei k|v vml xtkwbsbke kg

vmbs @ttèiljlev kt gkt vml xtlwlevbke kg gt`|f kt vml `fjbebsvt`vbke kg sv`v|vktr

xtkwbsbkes ì`besv alià `wkbfècl be tla`vbke vk v`}ls ymbcm `tl vml s|dnlcv kg

vmbs @ttèiljlev%

L}cmèil kg begktj`vbke jlcmèbsjs smk|af àaky gkt lgglcvbwl l}cmèil kg begktj`vbke%


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CKJXAB@ECL YBVM VML SV@EF@TFS> L]CM@EIBEI BEGKTJ@VBKE


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78 CKJXAB@ECL YBVM VML SV@EF@TFS> L]CM@EIBEI BEGKTJ@VBKE

0=0% \eflt jksv kg vml VBL@s ckeca|flf dr I|lteslr! vml tlp|lsvlf x`tvrbs |eflt ek kdabi`vbke vk xtkwbfl begktj`vbke ymbcm bs elbvmlt mlaf dr vml`|vmktbvbls ekt be vml xksslssbke kg ekt kdv`be`dal dr xltskes ymk `tl ybvmbebvs vlttbvktb`a n|tbsfbcvbke% Vml tlalw`ev xtkwbsbkes |eflt vmksl VBL@s


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L}cmèil kg begktj`vbke be dkvm cbwba èf ctbjbeà v`} j`vvlts-VkT C%0%7"

020% Begktj`vbke l}cmèil j`r dl tlp|lsvlf dkvm gkt v`} `fjbebsvt`vbke

x|txksls èf gkt v`} xtkslc|vbke x|txksls% Vml bevlte`vbkeà svèf`tf bs ekvabjbvlf vk begktj`vbke l}cmèil be ctbjbeà v`} j`vvlts d|v l}vlefs vk begkt*j`vbke tlp|lsvlf gkt v`} `fjbebsvt`vbke x|txksls -àsk tlglttlf vk `s cbwbav`} j`vvlts"%

024% @aa kg vml VBL@s ckeca|flf dr I|lteslr l}xabcbvar kt bjxabc*bvar xtkwbfl gkt vml l}cmèil kg begktj`vbke be dkvm cbwba èf ctbjbeà v`}j`vvlts%

Xtkwbfl begktj`vbke be sxlcbgbc gktj tlp|lsvlf-VkT C%0%9"

023% Be skjl c`sls! ` Ckevt`cvbei Sv`vl j`r ellf vk tlclbwl begktj`vbkebe ` x`tvbc|a`t gktj vk s`vbsgr bvs lwbflevb`tr kt kvmlt alià tlp|btljlevs%S|cm gktjs j`r beca|fl flxksbvbkes kg ybvelssls èf `|vmlevbc`vlf ckxblskg ktbibeà tlcktfs% Ckevt`cvbei Sv`vls smk|af lefl`wk|t `s g`t `s xkssbdal vk`cckjjkf`vl s|cm tlp|lsvs% Vml tlp|lsvlf Sv`vl j`r flcabel vk xtkwbfl vmlbegktj`vbke be vml sxlcbgbc gktj tlp|lsvlf bg! gkt besvècl! vml tlp|lsvlf gktjbs ekv oekye kt xltjbvvlf |eflt bvs a`y kt `fjbebsvt`vbwl xt`cvbcl% @ tlg|sàvk xtkwbfl vml begktj`vbke be vml gktj tlp|lsvlf fkls ekv `gglcv vml kdabi`vbkevk xtkwbfl vml begktj`vbke%

026% @aa kg vml VBL@s ckeca|flf dr I|lteslr -|s|àar |eflt @tvbcal6%3 kt


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Dl ibwle lgglcv vmtk|im fkjlsvbc a`y -VkT C%0%2"

029% Gkt begktj`vbke l}cmèil vk dl lgglcvbwl vml x`tvbls vk è l}cmèilkg begktj`vbke `ttèiljlev ellf vk le`cv èr alibsa`vbke elclss`tr vk ckjxar

ybvm vml vltjs kg vml `ttèiljlev%02=% Vml \ebvlf Obeifkj m`s ckesvbv|vbkeà tlsxkesbdbabvr gkt vml flgleclèf bevlte`vbkeà tla`vbkes kg vml Ctkye Flxleflecbls% Mkylwlt! be cltv`becbtc|jsvècls! vml Ctkye Flxleflecbls j`r dl `|vmktbslf vk tlxtlslev vmlbtkye bevltlsvs bevlte`vbkeàar dr ` xtkclss kg levt|svjlev! vmtk|im alvvlts kglevt|svjlev gtkj vml \O Ikwltejlev% @ Alvvlt kg Levt|svjlev bs ` gktjàjlès dr ymbcm Mlt J`nlsvrs ikwltejlev vtèsglts vml ckjxlvlecl vkckeca|fl bevlte`vbkeà ìtlljlevs vk I|lteslr% Vk f`vl! vmbs m`s kcc|ttlf betla`vbke vk vml xtkclss kg ckeca|fbei I|lteslrs ìtlljlevs ybvm vml 49 L\Jljdlt Sv`vls be `ccktfècl ybvm vml Fbtlcvbwl ke vml V`}`vbke kg S`wbeisBeckjl -4883+6=+LC" èf gkt vml x|txksls kg ckeca|fbei VBL@s ybvm KLCF!I48 èf L\ jljdlts! `s ylaa `s n|tbsfbcvbkes vm`v m`wl s|dsvèvbàar bjxal*jlevlf vml bevlte`vbkeàar ìtllf v`} svèf`tf `ccktfbei vk vml XtkitlssTlxktv -sll yyy%klcf%kti+sbvl+8!3689!le[40


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G`cvkts |efltarbei tlckjjlef`vbkes Tlckjjlef`vbkes

Vml FVC dlvylle I|lteslr èf

Nltslr kear xtkwbfls gkt vml l}cmèil

kg begktj`vbke ymbcm bs `w`ba`dal vk

vml ckjxlvlev `|vmktbvbls |eflt vmlbt

tlsxlcvbwl beckjl v`} a`ys%

I|lteslr smk|af ckjjlecl

elikvb`vbkes ybvm Nltslr èf les|tl

vm`v vml tlwbslf ìtlljlev beca|fls

l}cmèil kg begktj`vbke xtkwbsbkes

be abel ybvm @tvbcal 47 kg vml Jkfla

Ckewlevbke! kt lp|bwàlev vk vmksl

ckev`belf be I|lteslrs VBL@s%

C%4% L}cmèil kg begktj`vbke jlcmèbsjs ybvm àa tlalwèv x`tvelts

480% \avbj`vlar! vml bevlte`vbkeà svèf`tf tlp|btls vm`v n|tbsfbcvbkesl}cmèil begktj`vbke ybvm àa tlalwèv x`tvelts! jlèbei vmksl x`tveltsymk `tl bevltlsvlf be levltbei bevk è begktj`vbke l}cmèil `ttèiljlev%

@itlljlevs cèekv dl ckeca|flf kear ybvm ck|evltx`tvbls ybvmk|v lckekjbcsbiebgbcècl% Bg bv `xxl`ts vm`v ` n|tbsfbcvbke bs tlg|sbei vk levlt bevk ìtll*jlevs kt elikvb`vbkes ybvm x`tvelts! be x`tvbc|a`t kels vm`v m`wl ` tl`ske`dall}xlcv`vbke kg tlp|btbei begktj`vbke gtkj vm`v n|tbsfbcvbke be ktflt vk xtkx*ltar `fjbebsvlt èf legktcl bvs v`} a`ys bv j`r befbc`vl ` a`co kg ckjjbvjlevvk bjxaljlev vml svèf`tfs%

484% Be `xxabc`vbke kg bvs xkabcr flcbsbke vk l}xèf bvs LKB elvykto!I|lteslr m`s ytbvvle vk àa KLCF! I48! L\ - s ylaa `s skjl kvmlt tlalwèv"n|tbsfbcvbkes! ybvm ymbcm bv fbf ekv àtl`fr m`wl ` FVC kt ` VBL@! bewbvbeivmksl n|tbsfbcvbkes vk levlt bevk elikvb`vbkes% Be `ffbvbke vk vml 07 VBL@ssbielf ybvm Iakdà Gkt|j jljdlts -k|v kg ymbcm sb} `tl I48 ck|evtbls"!elikvb`vbkes m`wl dlle mlaf ybvm 04 Iakdà Gkt|j n|tbsfbcvbkes -k|v kg ymbcm08 `tl I48 ck|evtbls"! èf vml vl}v kg ` VBL@ m`s dlle ìtllf kt s|dsvè*vbàar ìtllf -sll @eel}l 4"% Elikvb`vbkes ybvm sb} ely n|tbsfbcvbkes -gbwl kgymbcm `tl Iakdà Gkt|j jljdlts" `tl l}xlcvlf vk dl ckeca|flf f|tbei vmlslckef màg kg 4808% Tlp|lsvs vk elikvb`vl VBL@s yltl flcabelf kt m`wl ekvdlle tlsxkeflf vk dr èkvmlt slwle n|tbsfbcvbkes% Be `ffbvbke! I|lteslr m`s`xxtk`cmlf ` e|jdlt kg n|tbsfbcvbkes vk xtkxksl vml elikvb`vbke kg ` VBL@kt FVC! èf jksv kg vmlj `tl ckesbfltbei I|lteslrs kgglt! beca|fbei kvmltgbeècbà clevtls èf kvmlt Ctkye flxleflecbls%

Vml n|tbsfbcvbkes elvykto kg begktj`vbke l}cmèil jlcmèbsjs smk|af ckwlt

àa tlalwèv x`tvelts%


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CKJXAB@ECL YBVM VML SV@EF@TFS> L]CM@EIBEI BEGKTJ@VBKE 7 ALI@A @EF TLI\A@VKTR GT@JLYKTO I\LTESLR KLCF 4800


489% Be `ffbvbke vk vml ckegbflevbàbvr f|vbls flsctbdlf `dkwl! vml |sl èffbscaks|tl kg begktj`vbke dr vml Beckjl V`} Kggbcl bs ikwltelf dr I|lteslrsF`v` Xtkvlcvbke A`y èf vml Ckfl kg Xt`cvbcl ke F`v` Xtkvlcvbke!


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kear xtbwbalilf vk vml l}vlev vm`v vml `vvktelr kt kvmlt alià tlxtlslev`vbwl cvsbe mbs kt mlt c`x`cbvr `s è `vvktelr kt kvmlt alià tlxtlslev`vbwl% Ymltl `vvkt*elr*cablev xtbwbalil bs jktl dtk`far flgbelf bv fkls ekv xtkwbfl wàbf itk|efske ymbcm vk flcabel ` tlp|lsv gkt l}cmèil kg begktj`vbke% Vk vml l}vlev!

vmltlgktl! vm`v è `vvktelr `cvs `s ` ekjbell sm`tlmkaflt! ` vt|svll! ` slvvakt! `ckjxèr fbtlcvkt kt |eflt ` xkylt kg `vvktelr vk tlxtlslev ` ckjxèr be bvsd|sbelss `gg`bts! l}cmèil kg begktj`vbke tls|avbei gtkj èf tla`vbei vk èrs|cm `cvbwbvr cèekv dl flcabelf dlc`|sl kg vml `vvktelr*cablev xtbwbalil t|al%

404% Vml abjbvs xtkwbflf gkt be vml KLCF Jkfla VBL@ èf @tvbcal 47kg vml KLCF Jkfla V } Ckewlevbke ke begktj`vbke ymbcm cè dl l}cmèilf`tl beca|flf be l`cm kg vml VBL@s ckeca|flf dr I|lteslr% Vm`v bs! begktj`*vbke ymbcm bs s|dnlcv vk alià xtbwbalil? ymbcm yk|af fbscaksl èr vt`fl! d|sb*elss! bef|svtbà! ckjjltcbà kt xtkglssbkeà slctlv kt vt`fl xtkclss? kt ymbcm

yk|af dl ckevt`tr vk x|dabc xkabcr! bs ekv tlp|btlf vk dl l}cmèilf%

403% Be tlsxlcv kg tbimvs èf s`gli|`tfs kg xltskes! vml KLCF JkflaVBL@ xtkwbfls vm`v vmlr tlj`be `xxabc`dal vk vml l}vlev vm`v vmlr fk ekv|ef|ar xtlwlev kt fla`r lgglcvbwl l}cmèil kg begktj`vbke% Be ckevt`sv!skjl kg vml VBL@s sbielf dr I|lteslr


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7= CKJXAB@ECL YBVM VML SV@EF@TFS> L]CM@EIBEI BEGKTJ@VBKE

a`xsl kg vbjl! vml begktj`vbke j`r ek akeilt dl kg |sl vk vml tlp|lsvbei`|vmktbvbls% Vmbs bs x`tvbc|a`tar bjxktvèv be vml ckevl}v kg bevlte`vbkeàckkxlt`vbke `s c`sls be vmbs `tl` j|sv dl kg s|ggbcblev bjxktvècl vk y`ttèvjòbei ` tlp|lsv%

40

vml tlp|lsvbei X`tvr bs kear `sobei gkt begktj`vbke vm`v bs gktlsll`dartlalwèv vk vml `fjbebsvt`vbke èf legktcljlev kg bvs fkjlsvbc a`ysckecltebei v`}ls ckwltlf dr vml VBL@?


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vml begktj`vbke tlp|lsvlf bs mlaf dr vml `|vmktbvbls be I|lteslr kt bsbe vml xksslssbke kg! kt kdv`be`dal dr! ` xltske ybvmbe vml vlttbvktbàn|tbsfbcvbke kg I|lteslr?

vml tlp|lsvbei X`tvr m`s xtkwbflf àa kg vml begktj`vbke vm`v bv bstlp|btlf vk xtkwbfl ymle jòbei ` tlp|lsv! `s slv k|v be vml @tvbcalL}cmèil kg Begktj`vbke \xke Tlp|lsv? ef

vml cbtc|jsvècls be ymbcm I|lteslr j`r flcabel vk l}cmèil begkt*j`vbke flv`balf be vml @tvbcal Xkssbdbabvr kg Flcabebei ` Tlp|lsv`tl ekv xtlslev%

448% @e `jlefjlev vk vml Beckjl V`} A`y ekv rlv be gktcl


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S\JJ@TR KG FLVLTJBE@VBKES @EF G@CVKTS \EFLTARBEI TLCKJJLEF@VBKES 90

S|jj`tr kg Flvltjbe`vbkes èf G`cvkts

\efltarbei Tlckjjlef`vbkes

Flvltjbe`vbke G`cvkts |efltarbei

tlckjjlef`vbkes

Tlckjjlef`vbkes

N|tbsfbcvbkes smk|af les|tl vm`v kyeltsmbx èf bflevbvr begktj`vbke gkt àa tlalwèv levbvbls

èf `ttèiljlevs bs `w`ba`dal vk vmlbt ckjxlvlev `|vmktbvbls% -VkT @%0"

Vml laljlev bs be xa`cl

N|tbsfbcvbkes smk|af les|tl vm`v tlab`dal `cck|evbei tlcktfs `tl olxv gkt àa tlalwèv levbvbls

èf `ttèiljlevs% -VkT @%4"

Vml laljlev bs bexa`cl! d|v cltv`be

`sxlcvs kg vml alià

bjxaljlev`vbke kg

vml laljlev ellf

bjxtkwljlev

Kdabi`vbkes vk j`bev`be tlab`dal

`cck|evbei tlcktfs beca|fbei

|efltarbei fkc|jlevs be abel

ybvm vml Vltjs kg Tlgltlecl

`tl ekv ckesbsvlevar be xa`cl

gkt tlalwèv levbvbls èf

`ttèiljlevs be àa besvècls%

Bevtkf|cl ckesbsvlev

kdabi`vbkes gkt àa tlalwèv

levbvbls èf `ttèiljlevs vk

j`bev`be tlab`dal `cck|evbei

tlcktfs! beca|fbei |efltarbei

fkc|jlevs be abel ybvm vml

Vltjs kg Tlgltlecl%

Vmltl bs c|ttlevar ek l}xtlsskdabi`vbke gkt ckjxèbls

fltbwbei vmlbt beckjl

gtkj sk|tcls kvmlt vmè

d|sbelssls ef xtkxltvr vk

ollx |efltarbei fkc|jlevs

gkt jktl vmè vyk rl`ts ekt

vt|svlls fltbwbei vmlbt beckjl



ollx `cck|evbei tlcktfs èf|efltarbei fkc|jlevs gkt

jktl vmè vyk rl`ts%

Ca`tbgr dbefbei tlp|btljlevske ckjxèbls fltbwbei vmlbt

beckjl gtkj sk|tcls kvmlt

vmè d|sbelssls ef xtkxltvr

vk ollx |efltarbei fkc|jlevs

gkt `v al`sv gbwl rl`ts èf ke

vt|svlls fltbwbei vmlbt beckjl



ollx `cck|evbei tlcktfs èf

|efltarbei fkc|jlevs gkt `val`sv gbwl rl`ts%

Dèobei begktj`vbke smk|af dl `w`ba`dal gkt àa `cck|ev*mkaflts% -VkT @%3"


Ckjxlvlev `|vmktbvbls smk|af m`wl vml xkylt vk kdv`be èf xtkwbfl begktj`vbke vm`v bs vml

s|dnlcv kg ` tlp|lsv |eflt è l}cmèil kg begktj`vbke `ttèiljlev gtkj èr xltske ybvmbe

vmlbt vlttbvktbà n|tbsfbcvbke ymk bs be xksslssbke kt ckevtka kg s|cm begktj`vbke -bttlsxlcvbwl

kg èr alià kdabi`vbke ke s|cm xltske vk j`bev`be vml slctlcr kg vml begktj`vbke"% -Vkt D%0"



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94 S\JJ@TR KG FLVLTJBE@VBKES @EF G@CVKTS \EFLTARBEI TLCKJJLEF@VBKES

Flvltjbe`vbke G`cvkts |efltarbei

tlckjjlef`vbkes

Tlckjjlef`vbkes

Vml tbimvs èf s`gli|`tfs -l%i% ekvbgbc`vbke! `xxlà tbimvs" vm`v `xxar vk xltskes be vml

tlp|lsvlf n|tbsfbcvbke smk|af dl ckjx`vbdal ybvm lgglcvbwl l}cmèil kg begktj`vbke% -VkT D%4"Vml laljlev bs be xa`cl

L}cmèil kg begktj`vbke jlcmèbsjs smk|af àaky gkt lgglcvbwl l}cmèil kg begktj`vbke%

-VkT C%0"

Vml laljlev bs be xa`cl Vml FVC dlvylle I|lteslr

èf Nltslr kear xtkwbfls gkt

vml l}cmèil kg begktj`vbke

ymbcm bs `w`ba`dal vk vml

ckjxlvlev `|vmktbvbls |eflt

vmlbt tlsxlcvbwl beckjl v`}

a`ys%

I|lteslr smk|af ckjjlecl

elikvb`vbkes ybvm Nltslr

èf les|tl vm`v vml tlwbslf

ìtlljlev beca|fls l}cmèil

kg begktj`vbke xtkwbsbkes be abel

ybvm @tvbcal 47 kg vml Jkfla

Ckewlevbke! kt lp|bwàlev vk

vmksl ckev`belf be I|lteslrs

VBL@s%

Vml n|tbsfbcvbkes elvykto kg begktj`vbke l}cmèil jlcmèbsjs smk|af ckwlt àa tlalwèv

x`tvelts% -VkT C%4"

Vml laljlev bs be xa`cl I|lteslr bs `cvbwlar sllobei

vk l}xèf bvs elvykto kg

begktj`vbke l}cmèil

jlcmèbsjs%

I|lteslr smk|af ckevbe|l vk

flwlakx bvs LKB elvykto ybvm

àa tlalwèv x`tvelts%

Vml n|tbsfbcvbkes jlcmèbsjs gkt l}cmèil kg begktj`vbke smk|af m`wl `flp|`vl

S\TRAWATPWYTMPW]\MYOMGTPIMPYAFKAYQTBAPBT\XFYATP\MGMARMI-VkT C%3%"Vml laljlev bs be xa`cl

Vml l}cmèil kg begktj`vbke jlcmèbsjs smk|af tlsxlcv vml tbimvs èf s`gli|`tfs kg

v`}x`rlts ef vmbtf x`tvbls% -VkT C%6"


Vml n|tbsfbcvbke smk|af xtkwbfl begktj`vbke |eflt bvs elvykto kg ìtlljlevs be ` vbjlar

jèelt% -VkT C%


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@EEL]LS 93

@eel} 0> N|tbsfbcvbkes Tlsxkesl vk vml Tlwbly Tlxktv.

I|lteslr yk|af abol vk `coekyalfil vml ckesbflt`dal lggktv dr vml @sslssjlevVl`j be ckjxbabei I|lteslrs Xm`sl 0 Xllt Tlwbly Tlxktv% Ekvybvmsvèfbeivml wltr abjbvlf vbjlgt`jl ybvmbe ymbcm vml @sslssjlev Vl`j y`s kxlt`v*

bei! bv m`s dlle kxle! vmtk|imk|v vml xtkclss! vk labcbvbei! èf ckesbfltbei! vmlwblys kg I|lteslr ke j`vvlts ckwltlf dr vml Tlxktv%

I|lteslr dlablwls vm`v vml Tlxktv cal`tar fljkesvt`vls bvs ckjjbvjlev vkvtèsx`tlecr èf l}cmèil kg begktj`vbke gkt v`} x|txksls! èf vm`v ckjxtl*mlesbwl alibsa`vbke èf kvmlt jl`s|tls `tl be xa`cl vk le`dal bv vk fbscm`tilbvs tlsxkesbdbabvbls |eflt vml bevlte`vbkeà ìtlljlevs vm`v bv m`s levltlf bevk!èf ckevbe|ls vk levlt bevk! sbecl 4884%

Vk g|tvmlt fljkesvt`vl vmbs ckjjbvjlev! I|lteslr bs xal`slf vk tlxktv vmlgkaakybei xtkitlss ymbcm m`s dlle j`fl sbecl vml lgglcvbwl f`vl kg vml Xllt

Tlwbly Tlxktv -N|ar 4808"%

Vml VBL@ ybvm Gtècl levltlf bevk gktcl ke 6 Kcvkdlt 4808%

Vml VBL@ ybvm Ely làèf levltlf bevk gktcl ke = Ekwljdlt 4808%

I|lteslr sbielf VBL@s ybvm>

* Sè J`tbek! ke 42 Slxvljdlt 4808!

* Itllcl! ke = Kcvkdlt 4808! èf

* Cmbe`! ke 49 Kcvkdlt 4808%

Be `ffbvbke! I|lteslr m`s eky ckeca|flf! kt wbtv|àar ckeca|flf!elikvb`vbkes ybvm ` g|tvmlt 03 n|tbsfbcvbkes%

Bv bs mkxlf vm`v bv ybaa dl xkssbdal gkt vmlsl! èf mkxlg|aar kvmlt! VBL@s vk dlsbielf f|tbei vml ck|

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Peer Review Report Phase 1 Legal and Regulatory Framework - Guernsey