asic complaint 1

8/12/2019 ASIC Complaint 1

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@uJG@E PLO^GLEAJG^ ^GPGO^@L

@LOTZG^


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>

^GKG^GI@G AMIBP ZE TWNAMPLGJ ^GPGO^@L

@loptgr ?8 Mitreju`tmei

?.? Vly Naef5

?.> Zlg @urrgit Pmtuotmei

?.0 Naef @eitgit

@loptgr >8 Oi Evgrvmgw ek Zrgijs Osse`motgj Vmtl ?7 Ceitls ek Zrojmif

>.? Mitreju`tmei

>.> Zrojmif Zrgijs Evgr o ?7 Ceitl Tgrmej

@loptgr 08 Zrojmif Zrgijs Agojmif up te Ouf ?4?4

0.? Zrojmif Agojmif Wp te tlg Ouf ?< gseur`g Wpfrojg

0.> Oi Oioaysms ek Trm`g Wijgr-Tgrkercoi`g Jurmif Hoi-Kgn >4?4

0.0 Corbgt Coimpuaotmei Mssugs, 6.7 Ceitls ek Ou`tmei Mivgstmfotmeis oij Jewi Zm`b Oioaysms

0.: O gvmgw ek Huig/Huay >44; HE^@ Mssugs

0.7 Corbgt go`tmeis te Pmfimkmòit Oiieui`gcgits >4?4

0.; Zlg >4?4 gseur`g Gstmcotg oij Mssugs gaotgj te HE^@ @ejg @ecpamoi`g

@loptgr :8 Zrojmif tlot E`ùrrgj Keaaewmif tlg Ouf ?4?4 gseur`g Wpfrojg

:.? Lmsterm` Zrgijs oij Ouf ?4?4 Zrojmif Joto

@loptgr 78 Zrojmif Wpjotgs

7.? Plert Tesmtmei Wpjotg - Iev ?, >4??

7.> ^gfmstry Wpjotg os ot Iev 0, >4??

7.0 Corbgt Wpjotg Iev ?:

7.: Puccory ek Mssugs Taus Zrojmif Oiecoamgs Jurmif Ievgcngr >4?? oij mi o Nreojgr @eitgxt

@loptgr ;8 gfmstry Oiecoamgs

;.? Oi Evgrvmgw ek Ceitlay ^gfmstry Oiecoamgs Ppoiimif > ]gors ek Zrojmif;.> Mi`rgosgj gfmstry O`tmvmty [grsus OP\ Nuymif oij Pgaamif

;.0 Zrojmif Kgoturmif Punstoitmoaay Mi`rgosgj gfmstry O`tmvmty Evgr OP\ O`tmvmty - Tort >

;.: Zrojmif Kgoturmif Punstoitmoaay Mi`rgosgj OP\ O`tmvmty Evgr gfmstry O`tmvmty.

;.7 Zlg Mcpo`t ek Mistmtutmeis ei tlg @uJgè gfmstgr

@loptgr 68 gsgor`l Mite Etlgr OP\ @ecpoimgs

6.? gsgor`l Kmijmifs mi gaotmei te @JW, A]@, NNF oij GFT

6.> Kurtlgr gsgor`l Mite OP\ >44 @ecpoimgs - Ami` Gigrfy (AI@)

6.0 OP\ >44 @ecpoiy ^gsgor`lNmaaoneif Nrebgr Joto (NNF)

6.: OP\ >44 @ecpoiy ^gsgor`lAyios Nrebgr Joto (A]@)

4?0-?
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MIZÊJW@ZMEI

NO@BFÊWIJ

Zlg OPM@ ècpaomit giàesgj lgrgwmtl jrows ottgitmei te sgvgroa mssugs èi`grimif tlg trojmif tobmif

pao`g wmtl @uJgè wlm`l los rgsuatgj mi oi ortmkm`moa corbgt oij sgvgrg aessgs ker o cohermty ek

slorgleajgrs, jgspmtg tlg @ecpoiy jmsèvgrmif oij jgvgaepmif o coher cmigroas prevmi`g wlm`l ms àesg te

ngècmif o smfimkmòit igw cmimif gitgrprmsg.

Zlg trojmif nglovmeurs lovg tlg loaacorbs ek o òrtga ek mitgrgsts gxgr`msmif uikomr èitrea evgr tlg slorg

prm`g oij mijuafmif mi o`tmvmtmgs tlot ker o pgrmej ek ot agost tlrgg ygors los gmtlgr òppgj tlg slorg prm`g er

agj te jgàmigs mi tlg slorg prm`g jgspmtg streif epgrotmeioa prefrgss oij sgvgroa igw jmsèvgrmgs o`lmgvgj

ny tlg @ecpoiy.

Zlg ùrrgit ècpaomit keaaews sgvgroa ècpaomits oneut joto oiecoamgs aejfgj ngtwggi Jg` >4?4 oij

Coy >4??wlgrg tlg rgspeisg ny tlg rgfuaoter wos o ruamif ek ie òsg te oiswgr. Zlg oppreo`l ny tlgrgfuaoter wos te ojjrgss tlg mssugs prgsgitgj wlm`l cestay èi`grigj oiecoaeus joto kaews, ny ossgssmif

gxtroigeus cottgrs wmtleut o`tuoaay mivgstmfotmif tlg òusgs ek oiecoaeus joto trgijs.

Zlg cmiutgs ek o tgagpleig èikgrgi`g wmtl OPM@ ekkm`moas te ojjrgss cottgrs prgsgitgj te tlgc ms

miàujgj os Oppgijmx >. Zlg oppreo`l tobgi ny tlg OPM@ poiga no`b mi Coy >4?? wos te ottgcpt te gxpaomi

wly tlg slorg prm`g wos wlgrg mt wos. Mt cgoit tlot tlg joto-nosgj mssugs wgrg smjgamigj, wmtl ottgitmei

ngmif keùssgj ei pgrmplgroa cottgrs su`l os tlg pgrkercoi`g ek @ecpoiy coiofgcgit, oaagfgj peer

@ecpoiy jmsàesurgs, o kuijocgitoa ossgsscgit ek tlg ê`baoijs rgseur`g oij mts mikgrmer ioturg, oij tlg

ko`t tlot tlg rgseur`g wosit up te gxpg`totmeis. Vlmag jmsùssmeis miàujgj joto-nosgj mssugs, ietlmif

uiteworj loj nggi ietm`gj ei tlg rgfuaoters port jgspmtg oi uiprg`gjgitgj (OPM@s gcplosms) oceuit

ek gkkert jgvetgj te @uJgè mssugs. Ie oujmts wgrg uijgrtobgi os OPM@ ekkm`moas sow ie rgoseis tlot weuaj

hustmky tlg kergism` oujmtmif ek o`èuits.

Keaaewmif tlg tgagèikgrgi`g, joto-nosgj mssugs lovg nggi mivgstmfotgj ny slorgleajgr rgsgor`l mi frgot

jgptl. Zlgy lovg oase nggi cojg ovomaonag ei o naef smtg mi tlg mitgrgsts ek troisporgi`y oij te ossmst mi

mikercmif slorgleajgrs wly prm`gs org ambgay te ng tlg rgsuat ek trojmif o`tmvmty oij iet ig`gssormay o trug

rgkag`tmei ek tlg kuijocgitoa voaug ek tlg ê`baoijs rgseur`g. Zlg rgsgor`l los jgamvgrgj kurtlgr mismflts

mite trojmif nglovmeurs wlm`l streifay suffgst tlot trojmif oiecoamgs iggj te ng tobgi sgrmeusay, os tlgy

aeeb te ng rgspeismnag ker tlg `rgotmei oij comitgioi`g ek ortmkm`moa prm`mif agvgas evgr o pgrmej ek ot agost

0.7 ygors.

Plorgleajgrs lovg o rmflt te biew oneut trojmif mssugs tlot org èistromimif prm`gs oij prgvgitmif

gx`gaagit prefrgss rgpertgj ny tlg @ecpoiy krec lovmif oi oppreprmotg mcpo`t ei slorg prm`gs. Ker aeif-

tgrc mivgsters wle cobg mivgstcgit jg`msmeis nosgj ei kuijocgitoa voaug, mt ms gvmjgit tlot tlg corbgt

systgc los àgoray komagj te prevmjg komr prm`g jmsèvgry. Trecmsmif igws rgagosgj ny tlg @ecpoiy los

oacest oawoys nggi jmscmssgj tlreufl tlg sgaamif jewi ek oiieui`gcgits. Mivgsters lovg fgigroaay nggi

èijmtmeigj mite ngamgvmif tlot feej oiieui`gcgits sleuaj lovg o pesmtmvg corbgt mcpo`t se tlot peer

rgspeisgs te sggcmifay pesmtmvg oiieui`gcgits mccgjmotgay òst jeunt oneut tlg mikercotmei prgsgitgj

oij agoj te krustrotmei wmtl tlgmr mivgstcgit oij tlg @ecpoiy. Zlg o`tmvmty ek tlg gitmtmgs rgspeismnag ker

òppmif oij aewgrmif prm`gs, tlus `rgotmif oi ortmkm`moa corbgt givmreicgit uirgspeismvg te @ecpoiy

jgvgaepcgits, los gkkg`tmvgay nggi òceukaofgj wmtlmi tlg trojmif oij sgttagcgit systgc.


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Zlg peeray pgrkercmif slorg prm`g los nggi èitrojm`tery te tlg streif o`ùcuaotmei tlot los tobgi pao`g

ny seplmstmòtgj mivgsters wle lovg èaag`tmvgay cevgj krec ?:.% ek tlg rgfmstgr evgr

tlg pgrmej rgvmgwgj ny rgsgor`l. Zlg o`ùcuaotmei los e`ùrrgj jgspmtg fgigroaay peer slorg prm`g

pgrkercoi`gs, o corbgt tlot rgkusgs te o`biewagjfg uigqumveòaay pesmtmvg oiieui`gcgits, oij o komaurg

ek @ecpoiy o`lmgvgcgits te ng prepgray rgèfimzgj os su`l mi gmtlgr nrebgr `mràgs er tlg kmioi`moa cgjmo.

Zlgrg los nggi o tgijgi`y ny tlg cgjmo oij nrebgrs te keùs ei igfotmvgs, er pgr`gmvgj igfotmvgs, wlmag

ècpagtgay mfiermif tlg pesmtmvg o`ècpamslcgits o`lmgvgj ny tlg @uJgè Neorj. Oktgr oaa, tlg @ecpoiy

los cojg o coher cmigroas jmsèvgry oij ms prefrgssmif mt mite o smfimkmòit aeif tgrc cmimif epgrotmei.

Zlg ùrrgit OPM@ ècpaomit jrows cecgituc krec keur jgvgaepcgits tlot cobg oi mccgjmotg, kuaa, oij

prepgr mivgstmfotmei mite tlg trojmif tobmif pao`g mi @uJgè iet eiay oi urfgit cottgr ker @uJgè

slorgleajgrs, nut o cottgr wmtl gierceus rgpgrùssmeis ker tlg mitgfrmty ek tlg wmjgr corbgt oij tlg

lgoatl ek tlg Oustroamoi kmioi`moa systgc mtsgak.

Zlg jgvgaepcgits miàujg8

Pgvgroa cottgrs mi punamslgj rgsgor`l tlot iggj o kuaa rgfuaotery rgspeisg os tlgy pemit te evgrt

coimpuaotmvg nglovmeurs tobmif pao`g ei o jomay nosms. Zlg ùrrgit popgr oase mitreju`gs

uipunamslgj trojmif joto tlot kurtlgr jgceistrotgs systgcm` trojmif mssugs.

O rg`git jg`msmei ny tlg Oustroamoi Lmfl @eurt tlot los ruagj tlot corbgt coimpuaotmei tlreufl

ottgcpts te comitomi ortmkm`moa prm`mif agvgas org maagfoa oij presgùtonag uijgr tlg @erperotmeis O`t.

^gsgor`l èiàusmvgay jgceistrotmif tlot trojmif mssugs mjgitmkmgj mi rgforj te @uJgè org

jupamòtgj o`ress tlg OP\ oij iggj te ng rgforjgj os `rmtmòaay mcpertoit systgcm` mssugs tlot org

ambgay te ng mcpo`tmif tlg gitmrg corbgt.

Ortmkm`moa prm`mif agvgas mcpesgj ei tlg @ecpoiys slorg prm`g tlreufl tlg lmflay junmeus sgaamif

jewi ek o sunstoitmoa leajmif jurmif Huig oij Huay >4?0, wlgrg coimpuaotmvg o`tmvmty ofomi oppgors

te ng gvmjgit mi trojmif joto.

Zlg keùs ei @uJgè los prevmjgj o wmijew mite mssugs tlot org wmjgsprgoj, wmtl mcpamòtmeis ker ortmkm`moa

prm`mif agvgas o`ress tlg gitmrg corbgt. Ot rmsb org ècpoimgs wle ottro`t tlg ottgitmei ek èrperotg

mitgrgsts, wle org onag te oppay wmtl ècpagtg mcpuimty, coimpuaotmvg trojmif strotgfmgs mi torfgtmif

ècpoimgs uikomray oij mcpesmif ortmkm`moa voauotmeis ei slorg prm`gs.

Lewgvgr, tlg rg`git Lmfl @eurt jg`msmei los prevmjgj o wobg-up òaa tlot coimpuaotmvg nglovmeurs, oij

tlg ortmkm`moa prm`mif givmreicgits tlot o`ècpoiy tlgc, org maagfoa oij org presgùtonag uijgr tlg@erperotmeis O`t. Zlg qugstmei ek mccgisg èi`gri te oaa slorgleajgrs ms8 Vly msit secgtlmif jeig

oneut tlgc5

Mk ietlmif ms ngmif jeig ngòusg tlg òceukaofg prevmjgj ny tlg systgc cobgs mt tee jmkkmùat te fotlgr

gvmjgi`g, tlgi oi oatgriotmvg qugstmei ormsgs8 Vly losit Zrgosury nggi mikercgj se tlot o tmfltgr

agfmsaotmvg krocgwerb òi ng put mi pao`g te cerg gosmay mjgitmky oij presgùtg slorg prm`g coimpuaotmei5

Fumjoi`g te Zrgosury ms oase eig ek OPM@s prmi`mpoa kui`tmeis os tlg iotmeis Ekkm`moa Vot`ljef mi rgforj te

oaa cottgrs kmioi`moa, ygt systgcm` prenagcs ei o froij sòag oij wmtl gierceus mcpo`t ei tlg mitgfrmty

oij kui`tmei ek corbgts, lovg nggi oaaewgj te kaeurmsl. Noij-omj rgfuaotery rgspeisgs lovg koaagi wgaaslert ek wlot ms rgqumrgj te fuoroitgg corbgt mitgfrmty oij komr prm`g jmsèvgry.


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7

ZÔJMIF MPPWGP

Zlg qugstmeionag trojmif nglovmeurs nreuflt te ottgitmei tlreufl oioaysms ek aeif tgrc trojmif joto lovg

keùssgj ei o spg`mkm` freup ek mistmtutmeioa nrebgrs, oatleufl tlg mjgitmtmgs ek tlgmr àmgits org uiàgor.

Zlgmr trojmif o`tmvmtmgs lovg igvgrtlgagss agj te uikomr jecmioi`g evgr trojmif oij uikomr jecmioi`g evgr

prm`mif agvgas. Zlgmr o`tmvmty los nggi òceukaofgj ny o èitmiuoa retotmei ek reags os precmigit nrebgrs,

oij ny e`òsmeioa suppert ny etlgr nrebgrs mi stgppmif mi oij ojeptmif precmigit reags. Zlg o`tmvmty ek oaa

nrebgrs oppgors te rgprgsgit tlg socg sunstoitmoa mitgrgsts os tlg rgfmstgr slews mistmtutmeioa leajmifs

ngmif rgtomigj ot rgoseionay stotm` agvgas jgspmtg oaa ek tlg `luri trojmif tobmif pao`g. Zlg ècnmigj

gkkerts ek nrebgrs, o`tmif ker cu`l tlg socg mitgrgsts, los rgsuatgj mi o ècprecmsgj oij jyskui`tmeioa

corbgt rgforjmif @uJgè, wmtl smcmaormtmgs rgforjmif junmeus trojmif pottgris oase gvmjgit mi tlg trojmif ek

etlgr ècpoimgs o`ress tlg OP\.

Zlg òrtga-ambg o`tmvmty gvmjgit mi trojmif ms suppertgj mi tlg corbgt ny tlg èitrea tlot rgsuats krec tlg

mismjmeus mcpo`t ek oafermtlcs. Zlg mitgro`tmeis ek oafermtlcs tlreufl nrebgrs ossmstmif go`l etlgr wmtl

tlgmr trojmif lovg rgsuatgj mi8

Pgvgrg jmstertmeis ngtwggi OP\ nuymif oij sgaamif veaucgs oij tlg cevgcgits ek slorgs ei tlg

rgfmstgr keaaewmif sgttagcgits. Zlg jms`rgpoi`mgs wlm`l lovg nggi jeùcgitgj ei o ceitl-te-

ceitl nosms org o cgosurg ek tlg giercmty ek uiertlejex trojmif tobmif pao`g.

Gxtgismvg agvgas ek iei-fgiumig trojmif `luri ny mistmtutmeioa mitgrgsts rgsuatmif mi oi ortmkm`moa

mcpo`t ei prm`mif agvgas. Zlg styag ek trojmif uijgrtobgi fgigroaay rgprgsgits o zgre-suc focg wmtl

pewgrkua mitgrgsts evgrwlgacmif tlg corbgt tlreufl wgmflt ek iucngrs wlmag o`lmgvmif tlgmr

prm`mif ofgijos.

Lmfl veaucgs ek iei-fgiumig Vosl Zrojgs oij iei-fgiumig Jorb Zrojgs wlm`l lovg oase loj o

igfotmvg mcpo`t ei prm`mif agvgas. Oase, Vosl Zrojg oij Jorb Zrojg o`tmvmty ms òceukaofgj krec vmgw.

@eitrea evgr prm`mif agvgas os rgvgoagj ny gxtgismvg oiecoamgs osse`motgj wmtl Jewitm`b joto (m.g.,

jewiworj cevgcgits mi prm`gs).

@eitrea evgr epgimif oij àesmif ou`tmei prm`mif oase rgvgoagj ny oioaysms èi`grimif wle tlg

precmigit nrebgrs lovg nggi.

@eitrea evgr prm`gs tlreufl gxtgismvg usg ek coimpuaotmvg slert sgaamif pro`tm`gs wlgrgny prm`gs org

ker`gj aewgr tlreufl sgaamif mi tlg corbgt, oij wlgrg prm`g jmsèvgry ms ovemjgj upei èvgrmif.

ôtlgr tloi ngmif neuflt no`b mi tlg corbgt, aorfg slert gxpesurgs org fgigroaay rgju`gj vmo ekk-

corbgt ojhustcgits wlm`l gkkg`tmvgay miveavgs lmfl agvgas ek èepgrotmei oij/er èaausmei.

@eitrea evgr corbgt sgitmcgit, wlm`l ms o`lmgvgj ny gisurmif oaa pesmtmvg oiieui`gcgits lovg

zgre er igfamfmnag corbgt mcpo`t.

Trm`g jmsèvgry los mi`rgosmifay ngècg hust o rgkag`tmei ek tlg trojmif ofgijos ek pewgrkua

kmioi`moa mitgrgsts rotlgr tloi o komr oppromsoa ek o @ecpoiys wertl nosgj ei kuijocgitoas

Oase ojjrgssgj ny rgsgor`l lovg nggi systgcm` kouats tlot lovg oaaewgj uikomr èitrea evgr trojmif te ng

òceukaofgj krec vmgw. Mt oase cobgs mt vmrtuoaay mcpessmnag ker tlg gitmtmgs rgspeismnag ker trojmif trgijs

te ng mjgitmkmgj oij cojg o`èuitonag ker tlgmr o`tmeis.

Zlg `luri-nosgj trojmif miveavgs cuatmpag erjgrs ny mistmtutmeis ngmif jmstrmnutgj o`ress tlg gitmrg corbgtse tlot tlg cohermty ek trojmif ms wgmflgj jewi ny trojmif rgprgsgitmif mistmtutmeioa mitgrgsts. Zlg igttmif

oij sgttamif ek trojgs tlgi ektgi rgsuats mi cmimcoa `loifgs te ngigkm`moa ewigrslmp ek slorgs wmtlmi tlg

mistmtutmeioa freup. Mt rgprgsgits oi gxtrgcgay ortmkm`moa smtuotmei, obmi te lovmif cuatmpag juccy nmjs er


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cuatmpag koasg nmjs jurmif oi ou`tmei. Zlg mcpo`t ei prm`gs ms tlgrgkerg jrmvgi ny wlotgvgr ofgijos org

prefroccgj mite oafermtlcs. Mt oase miveavgs lmfl agvgas ek èaausmei te gisurg tlot slorgs seaj org

komtlkuaay rgtrmgvgj no`b krec tlg corbgt wlgrg tlg trojmif o`tmvmty msit ig`gssormay cetmvotgj ny trojmif

prekmts.

Miievotmeis te tlg systgc ek trojmif lovg nggi mitreju`gj mi rg`git jgòjgs wmtleut o èccgisurotg

pre`gss ek gkkg`tmvgay ceimtermif oij rgfuaotmif tlg mcpo`t tlgy org lovmif ei corbgts, cu`l te tlgjgtrmcgit ek rgtoma mivgsters oij tlg lgoatl ek tlg Oustroamoi gèiecy. Zlg gij rgsuat ek Oustroamoi

@ecpoiy slorg prm`gs ngmif uijgrvoaugj mi tlms coiigr ms tlg eppertuimstm` tobgevgr ek tlgsg `lgop

ossgts ny ropo`meus cuatmiotmeioas wmtl ie oaagfmoi`g er èccmtcgit te Oustroamoi iotmeioa mitgrgsts.

Zlg ortmkm`moa ioturg ek trojmif jurmif tlg 0.7 ygors ek rgsgor`l ms jgceistrotgj evgrwlgacmifay, iet eiay

ny jeùcgitgj joto trgijs, nut oase ny tlg jrocotm` èaaopsg mi tlg slorg prm`g mi rg`git ceitls. Zlg

èaaopsg los stgccgj krec mistmtutmeioa sgaamif ny tlg C&F Freup. Trgvmeusay, lmfl agvgas ek sgaamif lovg

nggi cot`lgj ny lmfl agvgas ek nuymif rgsuatmif mi iei-fgiumig trojmif `luri ngtwggi envmeus trojmif

portigrs.

Zlg ùrrgit sgaamif oppgors keùssgj ei aewgrmif prm`gs wmtl mistmtutmeioa `luri lgapmif te jrmvg prm`gs

jewi tlreufl lmfl agvgas ek slert sgaamif, oij wmtl slorgs ngmif igt-seaj te rgtoma mivgsters. Zlg onsgi`g ek

mistmtutmeioa nuymif suffgsts o èrperotg ofgijo ot paoy os tlg @ecpoiy ms femif krec strgiftl te strgiftl

epgrotmeioaay, wmtl cmig èccmssmeimif jrowmif igor. Zrojmtmeioaay, oij aefmòaay, wlgi oi gcgrfmif

preju`gr oppreo`lgs tlg èccmssmeimif ek o coher igw cmig, mt ms tlg tmcg ker slorg prm`g opprg`motmei,

iet `rmppamif koaas te ortmkm`moa, uijgr-voaugj agvgas.

^g`git jgvgaepcgits tefgtlgr wmtl tlg jeùcgitgj gvmjgi`g rgforjmif aeif tgrc trgijs suffgst slorg

prm`g coimpuaotmei. Mt oase suffgsts tlot trojmif ms èitmiumif te tobg pao`g mi o fressay uikomr corbgt wlgrgortmkm`moa prm`gs lovg nggi ker`gj upei slorgleajgrs. ^gfuaotery ekkm`moas iggj te o`t qum`bay oij jg`msmvgay

te rgsterg komr trojmif èijmtmeis. Vmjg-roifmif mssugs èi`grimif trojmif mrrgfuaormtmgs iggj te ng ekkm`moaay

jgoat wmtl oij nreuflt te tlg ottgitmei ek oaa stobgleajgrs.

Mt ms lmflay rgèccgijgj tlot trojmif ng suspgijgj mccgjmotgay oij tlot prepgr o`tmei ng tobgi te

ojjrgss tlg mssugs tlot lovg agj te o ècprecmsgj oij uikomr corbgt givmreicgit mi rgaotmei te @uJgè.


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6

@EIZGIZP

Pg`tmei ? ......Tf. 4

PWCCO^] EK Z^OJMIF MPPWGP @EI@G^IMIF @WJG@E

^G[MGVP EK TWNAMPLGJ KMIJMIFP PWTTAGCGIZGJ N] OJJMZMEIOA GPGO^@L JOZO

Pg`tmei 0 Tf. 0?

4?>.

Pg`tmei ; Tf.

Pg`tmei < Tf. =6


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4?4. Tgrlops tlg OP\ lovg agkt mt te tlg igway oppemitgj corbgt rgfuaoter te aeeboktgr oaa mssugs rgaotmif te corbgt coimpuaotmei5

Mi oiy òsg, tlg onevg jgs`rmptmeis ker Trm`g Coimpuaotmei, Vosl Zrojgs oij Corbmif tlg @aesg stmaa stoij

os coimpuaotmvg o`tmvmty oij o rg`git jg`msmei ny tlg Lmfl @eurt los slewi tlot corbgt coimpuaotmei ms

maagfoa oij òi ng su``gsskuaay presgùtgj.

Zlg Lmfl @eurt ruags ei corbgt coimpuaotmei - Vlot ms oi "ortmkm`moa prm`g"5

lttp8//www.agxeaefy.èc/amnrory/jgtoma.ospx5f3gg=k:?6k-67``-:j>4-=6?6-gno`?kjj64g:

Huig >< >4?0

Zlg rg`git hujfgcgit loijgj jewi uioimceusay ny 6 hujfgs ek tlg Oustroamoi Lmfl @eurt èi`grigj

ottgcpts te romsg tlg slorg prm`g ek o @ecpoiy mi oi ottgcpt te ovemj o corfmi òaa. Zlg nglovmeur wos

hujfgj os trymif te `rgotg ortmkm`moa prm`mif agvgas oij wos o èitrovgitmei ek tlg @erperotmeis O`t mi tgrcs

ek prevmsmeis tlot eutaow slorg prm`g coimpuaotmei. Zlg Lmfl @eurt jg`msmei evgrturigj o prmer Puprgcg

@eurt ruamif ei tlg cottgr wlm`l keuij mi koveur ek tlg jgkgijoit.

Zlg kuaa stery ms miàujgj os Oppgijmx ?. Bgy gx`grpts org miàujgj ngaew8

Zlg Lmfl @eurt lgaj tlot oi ortmkm`moa prm`g ms eig tlot jegs iet rgkag`t tlg ker`gs ek fgiumigsuppay oij jgcoij mi oi epgi, mikercgj oij gkkm`mgit corbgt. O`èrjmifay, oi ortmkm`moa prm`g

miàujgs, nut ms iet amcmtgj te, o prm`g rgsuatmif krec o troiso`tmei mi wlm`l tlg nuygr er sgaagr ek

amstgj slorgs uijgrteeb mt ker tlg seag er jecmioit purpesg ek sgttmif er comitomimif o prm`g ot o

portmùaor agvga.

Zlg Lmfl @eurt keuij tlot corbgt coimpuaotmei aows mi Oustroamo lovg nggi, oij èitmiug te ng,jmrg`tgj teworjs mitgitmeioa èiju`t tlot rgsuats mi o prm`g wlm`l jegs iet rgkag`t tlg ker`gs ek

fgiumig suppay oij jgcoij.

Mt ms iet ig`gssory te prevg ny èuitgrko`tuoa orfucgit er etlgrwmsg tlot oi o`ùsgjs èiju`t jmjo`tuoaay kmx er comitomi oi ortmkm`moa prm`g2 mt ms sukkm`mgit te slew tlg o`ùsgj sgt tlg prm`g wmtl tlg

rgagvoit seag er jecmioit purpesg gifofgj mi.
http://www.lexology.com/library/detail.aspx?g=ee9f417f-75cc-4d20-9717-ebac1fdd70e4http://www.lexology.com/library/detail.aspx?g=ee9f417f-75cc-4d20-9717-ebac1fdd70e4http://www.lexology.com/library/detail.aspx?g=ee9f417f-75cc-4d20-9717-ebac1fdd70e4


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??

< Hui >4?0)1AMIB9Zlg Lmfl @eurt los ruagj tlot nuymif er sgaamif slorgs ei tlg slorg corbgt te `rgotg er comitomi o slorg

prm`g sleuaj ng èismjgrgj corbgt coimpuaotmei uijgr tlg @erperotmeis O`t.

Zlg uioimceus ruamif ei tlg jgkmimtmei ek comitomimif oi ortmkm`moa prm`g fmvgs tlg Oustroamoi Pgùrmtmgs

oij Mivgstcgits @eccmssmei o pewgrkua igw wgopei te usg ofomist pgepag wle trojg slorgs te

jgamngrotgay mikaugi`g trojmif ei tlg Oustroamoi Pgùrmtmgs Gx`loifg, agfoa gxpgrts somj.

Zlot rgoaay gxpoijs tlg èi`gpt ek corbgt coimpuaotmei smfimkmòitay, somj êngrt Oustmi, o Cmitgr Gaamsei

èisuatoit oij kercgr IPV Puprgcg @eurt hujfg. Mt fmvgs OPM@ o pewgrkua teea os tlg prmi`mpag corbgt

rgfuaoter.

Zlg @ecceiwgoatl Jmrg`ter ek Tunam` Tresgùtmeis loj oppgoagj krec tlg [m`termoi @eurt ek Oppgoa evgr

oi uiiocgj pgrsei ei 0= èuits ek corbgt coimpuaotmei.

HC, os lg ms òaagj mi tlg hujfcgit, ms oaagfgj te lovg loj lms joufltgr cobg trojgs mi o amstgj @ecpoiys

slorgs mi >44; te bggp mts prm`g ot er onevg 07. HC loj neuflt o aorfg iucngr ek slorgs mi tlg @ecpoiy

usmif o corfmi aeoi. Mk tlg slorg prm`g kgaa ngaew 07, lg weuaj lovg nggi sunhg`t te o corfmi òaa ker`gj

te jgpesmt cerg èaaotgroa ny lms nrebgr.

Zlg ortmkm`moa prm`g ruag wos ermfmioaay mitreju`gj mi ?=


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?>

4?4/446.ltc&pofgMJ344:&cmi3`gno&]gor3&Je`Zypg

@urrgitay, tlg coxmcuc pgioaty ker mismjgr trojmif ms $>>4,4442 ker etlgr ekkgi`gs mt's $>>,444. Zlms wmaa ng

mi`rgosgj te gmtlgr $744,444, er tlrgg tmcgs tlg prekmt er aess cojg ny tlg èiju`t wlm`l èistmtutgs tlg

ekkgi`g mi rgaotmei te oi mijmvmjuoa. Ot tlg cecgit, tlg coxmcuc pgioaty prmsei tgrc ker tlgsg ekkgi`gs ms

kmvg ygors. Zlms wmaa ng mi`rgosgj te ?4 ygors. Zlms wmaa nrmif Oustroamo mite amig wmtl tlg Wimtgj Ptotgs ker tlg

teuflgst pgioatmgs ker tlgsg typgs ek ekkgi`gs. Mt wmaa oase oamfi wmtl etlgr ekkgi`gs, su`l os òrtga èiju`t

oij entomimif o kmioi`moa ojvoitofg ny jg`gptmei.

Ker èrperotmeis, tlg coxmcuc pgioaty wmaa mi`rgosg krec tlg ùrrgit $? cmaamei te $7 cmaamei, er tlrggtmcgs tlg prekmt cojg er aess ovemjgj ny tlg èiju`t, er ?4 pgr `git ek tlg oiiuoa turievgr ek tlg

èrperotmei mi tlg rgagvoit pgrmej, wlm`lgvgr ms frgotgr. Zlgsg org sunstoitmoa pgioatmgs, nut tlgy'rg oase

pgioatmgs wlm`l kmt tlg `rmcg. Zlg kmioi`moa poyekk krec uijgrtobmif tlgsg ekkgi`gs ms vgry sunstoitmoa2 mt's

oppreprmotg tlot tlg pgioaty ng vgry sunstoitmoa.

Oatleufl tlg fevgricgit los mi`rgosgj tlg pgioatmgs ker mikrmifgcgits rgaotmif te mismjgr trojmif, òrtga

èiju`t oij kmioi`moa jg`gptmei, tlg pgioatmgs ny tlgcsgavgs wmaa lovg ie gkkg`t wmtleut o wmaamifigss te

mivgstmfotg oij presgùtg wreifjegrs, tlgi oppay tlesg pgioatmgs o`èrjmifay.

OPM@ los komagj te pm`b up oij o`t ei ongrroit trojmif trgijs rgforjmif @uJgè mi evgr 0 ygors ek corbgt

survgmaaoi`g, gvgi oktgr rgkgrroa ny èi`grigj slorgleajgrs.

^gsgor`l ei Nmaaoneif @erperotmei, Ami` Gigrfy, Ayios @erperotmei oij G`le Gitgrtomicgit los oase

mjgitmkmgj ongrroit trojmif nglovmeurs smcmaor te tlesg wlm`l lovg nggi gxtgismvgay jeùcgitgj wmtl

@uJgè. Zlg èccei trgijs suffgst tlot suspm`meus trojmif nglovmeurs giècpossmif tlg gxtgismvg usg

ek oafermtlcs, Jorb Teea trojmif, coimpuaotmvg slert sgaamif, oij ekk-corbgt ojhustcgits te slorg pertkeames

org ambgay te ng systgcm` wmtl vgry amttag o`èuitonmamty osse`motgj wmtl tlg ùrrgit trojmif oij sgttagcgit

systgc.

O bgy komamif ek tlg systgc ms tlot mt ms gxtrgcgay jmkkmùat te mjgitmky tlg gitmtmgs nglmij trojmif trgijs oij

wlot tlg mcpo`t tlgmr trojmif los ei tlg rgfmstgrs ek punam` ècpoimgs. Mt cgois tlot prmer te tlg rg`git

Lmfl @eurt hujfgcgit, gitmtmgs lovg nggi onag te trojg oij pursug èrperotg enhg`tmvgs wmtl vgry amttag

o`èuitonmamty.

4 1AMIB9 nut oase los rgagvoi`g te

tlg trojmif tobmif pao`g wmtl @uJgè. Mi ossgssmif trojmif trgijs, mt iggjs te ng nerig mi cmij tlot corbgt

coimpuaotmei òi oij jegs e`ùr gvgi tleufl mt cestay possgs uijgr tlg rojor ek rgfuaoters ngòusg ekkagxmnmamtmgs tlot gxmst mi ùrrgit rgfuaotery krocgwerbs. Zlg ko`t tlot tlg cohermty ek trojmif ovemjs

sunstoitmoa slorgleajgr s`rutmiy prevmjgs o cossmvg fgt eut ek homa òrj krgg te gitmtmgs wle gisurg tlot
http://ministers.treasury.gov.au/DisplayDocs.aspx?doc=transcripts/2010/007.htm&pageID=004&min=ceba&Year=&DocTypehttp://ministers.treasury.gov.au/DisplayDocs.aspx?doc=transcripts/2010/007.htm&pageID=004&min=ceba&Year=&DocTypehttp://ministers.treasury.gov.au/DisplayDocs.aspx?doc=transcripts/2010/007.htm&pageID=004&min=ceba&Year=&DocTypehttp://www.scribd.com/doc/144097419/7-3-ASX200-Company-Research-Billabong-BBG-Broker-Datahttp://www.scribd.com/doc/144097419/7-3-ASX200-Company-Research-Billabong-BBG-Broker-Datahttp://www.scribd.com/doc/144097419/7-3-ASX200-Company-Research-Billabong-BBG-Broker-Datahttp://ministers.treasury.gov.au/DisplayDocs.aspx?doc=transcripts/2010/007.htm&pageID=004&min=ceba&Year=&DocType


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?0

junmeus trojmif pro`tm`gs je iet trmffgr envmeus prm`g cevgcgit, oij trojmif veaucg tlrgsleajs, tlot org

ceimtergj ei o jomay nosms.

Plorg prm`g coimpuaotmei coimkgsts mi o vormgty ek woys, wlgrg kuij coiofgrs o`tmif tlreufl freups ek

nrebgrs oij wlgrg nrebgrs oij gitmtmgs o`tmif mi tlgmr ewi rmflt òi gxgr`msg èitrea evgr tlg corbgt

tlreufl8

Zlg usg ek preprmgtory trojmif prefrocs tlot jgamvgr èitrea evgr prm`mif agvgas tlreufl tlg ker`mif ek

Jewitm`bs vmo vormeus `ressmif strotgfmgs oij vmo soags ngtwggi freups ek nrebgrs èaaujmif wmtl tlgmrtrojmif, oaa ek wlm`l oppgor te ng èerjmiotgj ny oafermtlcs2

@eitrea (ofomi vmo trojmif oafermtlcs) evgr tlg sgttmif ek prm`gs jurmif ou`tmeis2

Zlg sgaamif ek slorgs ny gitmtmgs no`b oij kertl te tlgcsgavgs (m.g., trojmif `luri) wmtl erjgrsjmstrmnutgj oceifst o aorfg iucngr ek nrebgrs te òceukaofg tlg o`tmvmty2

Zlg rg-noaoi`mif ek leajmifs wmtleut prm`g jmsèvgry tlreufl gxtgismvg ekk-corbgt troiskgrs oijtlreufl trojgs gxgùtgj mi Jorb Teea vgiugs2

Zlg mcpagcgitotmei ek portmùaor trojmif ofgijos tlreufl jgsmfiotgj nrebgrs nut wmtl trojmif puttlreufl etlgr nrebgrs jgsmfigj te ko`mamtotg tlg portmùaor trojmif ofgijo, (g.f., nuymif er sgaamif

tlreufl eig er cerg nrebgrs nut `lurimif ste`b tlreufl etlgrs mi oi ottgcpt te èitrea/coiofg tlg

corbgt)2 Wsmif tlg systgc ek slert sgaamif os o coimpuaotmvg trojmif teea wlgrgny jewiworj prgssurg ei tlg

slorg prm`gs e`ùrs tlreufl slert sgaamif mi tlg corbgt oij wlgrg ojhustcgits te slert gxpesurgs org

jeig ekk-corbgt te ovemj komr prm`g jmsèvgry. Zlg o`tmvmty suffgsts èaausmei ny tlesg wmtl slert

gxpesurg oij tlesg wle org wmaamif te suppay slorgs ekk-corbgt te rgju`g tlesg gxpesurgs2

Vreif-keetmif oij poim`bmif rgtoma mivgsters tlreufl to`tm`s su`l os jgamngrotgay sgaamif jewioiieui`gcgits tlot lgroaj coher jgvgaepcgits ker tlg @ecpoiy. O jmsoppemitmif slorg prm`g

rgo`tmei mivormonay tobgs owoy krec tlg smfimkmòi`g ek oi oiieui`gcgit oij agojs te mivgster oifst2

^gfmstgrmif sunstoitmoa leajmifs o`ress cuatmpag iecmigg o`èuits wmtlmi oi mistmtutmei er o`resscuatmpag o`èuits wmtl cuatmpag mistmtutmeis tlus prevmjmif tlg sunstoitmoa leajgr wmtl vormeus eptmeis

te jgamvgr nuymif oij/er sgaamif erjgrs te ossmst wmtl trojmif ofgijos2 Toim`bmif mivgsters ny usmif aorfg nuy nmjs te suppert tlg prm`g oij tlgi sujjgiay sgaamif mite tlg nmjs

te fmvg tlg oppgoroi`g ek prm`g wgobigss nut wlgrg tlg nuymif oij sgaamif los nggi ngtwggi rgaotgj

gitmtmgs2

@opmtoamzmif ei trojmif veaotmamty ny gitmtmgs gifmiggrmif prm`g koaas mi trojmif ngtwggi tlgcsgavgs tlotagoj te tlg corfmi amcmts ek gxpesgj mivgsters ngmif trmffgrgj oij te mrrotmeioa poim` oceifst rgtoma

mivgsters tlgrgny o``gagrotmif prm`g koaas2

@oceukaofmif gxtgismvg agvgas ek wlot cmflt ng èismjgrgj Vosl Zrojgs (m.g., ie `loifgs te ngigkm`moaewigrslmp) ny puttmif coiy ek tlg trojgs tlreufl nrebgrs wmtl aorfg iucngrs ek rgtoma àmgits oij

tlgi sgttamif ei tlg igt pesmtmeis ot tlg àesg ek trojmif2

Zobmif ojvoitofg ek o sgttagcgit systgc wlgrg tlg nrebgrs usgj ker lmfl veaucgs ek junmeusmistmtutmeioa trojgs org iet mjgitmkmgj ei tlg rgfmstgr, tlus kurtlgr òceukaofmif tlg trojmif o`tmvmty2

Zobmif ojvoitofg ek uirgamonag rgpertmif systgcs te jmsfumsg trojmif o`tmvmty os gvmjgi`gj nysunstoitmoa `loifgs mi slert pesmtmeis iet ngmif cot`lgj ny èrrgspeijmif `loifgs mi ste`b agijmif &

ste`b nerrewmif joto, oij wlgrg ker gxocpag o aorfg mi`rgosg mi epgi pesmtmeis ms usuoaay iet rgkag`tgj

ei tlg rgfmstgr ny èrrgspeijmif koaas mi tlg agijgr s leajmif2

Zlg jgamngrotg sgaamif jewi ek o leajmif te `rgotg veaotmamty eiay te rg-pur`losg slorgs os mivgsterspoim`2

Zlg agobmif ek mikercotmei te tlg cgjmo ny @ecpoiy mismjgrs wlgrg tlg igws mtgcs se fgigrotgj orgusgj te hustmky spg`mkm` trojmif ofgijos.


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NGLO[MEW^P AMIBGJ ZE O^ZMKM@MOA T^M@GP

44?," tlg Lmfl @eurt somj mi mts hujfcgit succory. 1AMIB9

Zlg Lmfl @eurt jg`msmei prevmjgs o ngi`lcorb oij sgts tlg prg`gjgit krec wlm`l trojmif òi ng ossgssgj

mi tgrcs ek maagfoa nglovmeurs.

Zlg Lmfl @eurt jg`msmei iggjs te ng vmgwgj mi rgaotmei te tlg rgfuaoters stotgcgits ei Huay 0?, >4?0

rgforjmif tlg èaaopsg ek Pterc Kmioi`moa.

OPM@ `lomrcoi Frgf Cgj`rokt somj tlg èrperotg rgfuaoter èuaj eiay tobg o`tmei mk tlgrg wos sukkm`mgit

gvmjgi`g. "@agoray, wg jei't pursug gvgry òsg," lg teaj rgpertgrs mi Nrmsnoig ei Vgjigsjoy ei tlg

smjgamigs ek o Kmioi`moa Pgrvm`gs @eui`ma keruc. "Pecgtmcgs wg sgg o aet ek lorc, o aet ek aess, wg sgg o feej

òsg ker cevmif olgoj nut mk tlg gvmjgi`g ms iet tlgrg, wg òi't pursug mt. "Tgepag fe 'tlgy'rg onseautgay

fumaty, fumaty os smi'. Vg prenonay ofrgg wmtl tlgc oij ektgi wg'aa tobg tlmifs te èurt, nut tlg ko`t yeu

gitgr èurt cgois tlg eutècg ms ui`grtomi." 1AMIB9

Oij mt oase iggjs te ng èismjgrgj ofomist tlg rgfuaoters ewi kmijmifs mi rgforj te @uJgè mi Coy >4??,

wlm`l lovg nggi succormzgj os keaaews (^gkgr Oppgijmx >)

OPM@ lovg jgvetgj oi uiprg`gjgitgj oceuit ek tmcg oij rgseur`gs mite aeebmif mite tlg mssugs romsgj

èi`grimif @uJgè. Zlg mivgstmfotmeis lovg tobgi mite o`èuit o kuijocgitoa oioaysms ek tlg @ecpoiy

agojmif te o vmgw tlot kau`tuotmeis mi tlg slorg prm`g org rgojmay gxpaomigj oij tlot tlg slorg prm`g ms prm`gj

oneut rmflt ot tlg ùrrgit tmcg. Zlg mivgstmfotmeis lovg oase aeebgj mite slorg rgfmstry cevgcgits, slert

sgaamif pesmtmeis oij tlg agvgas ek luri oij trojmif pottgris osse`motgj wmtl tlg ste`b. Oktgr gxtgismvg

jgamngrotmei, OPM@ jegs iet ngamgvg tlot oiy nrgo`lgs lovg e`ùrrgj wmtl tlg trojmif tlot los tobgi pao`g

mi @uJgè er tlot tlgrg ms sukkm`mgit gvmjgi`g ek oiy trojmif nglovmeurs tlot weuaj hustmky kurtlgr

mivgstmfotmei.

Zlg àgor jmrg`tmei prevmjgj ny tlg Lmfl @eurt rgforjmif wlot èistmtutgs corbgt coimpuaotmei prevmjgs

frgot àormty te lew faormif joto oiecoamgs èi`grimif @uJgè iggj te ng ojjrgssgj. Zlg jmagcco ker

mivgsters ms tlot OPM@ los ossgrtgj tlot mt iggjs gvmjgi`g mi erjgr te presgùtg òsgs ek maagfoa o`tmvmty ygt

jgspmtg uiprg`gjgitgj agvgas ek mivgstmfotmei rgforjmif @uJgè, OPM@ los keuij ietlmif wertl pursumif.

@agoray secgtlmif ms ocmss os rgsgor`l jgceistrotgs gxtroerjmiory agvgas ek o`tmvmty tlot òi eiay ng

gxpaomigj mi tgrcs ek ottgcpts te `rgotg oi ortmkm`moa corbgt oij te coiofg prm`mif agvgas.

Mt ms gxtrgcgay jmsoppemitmif tlot tlg rgfuaoter òcg up wmtl o ie òsg te oiswgr kmijmif rgforjmif

@ujgè nosgj comiay ei gxtroigeus cottgrs, iet tlg joto mssugs rgkgrrgj te mt, ygt rgsgor`l losjgceistrotgj tlot slorg prm`g coimpuaotmei los jecmiotgj trojmif oij nggi rgspeismnag ker tlg sgttmif ek

ortmkm`moa prm`gs ker o vgry gxtgijgj pgrmej ek tmcg.
http://www.businessspectator.com.au/news/2013/6/28/asx/high-court-ruling-expands-concept-market-manipulationhttp://www.businessspectator.com.au/news/2013/6/28/asx/high-court-ruling-expands-concept-market-manipulationhttp://www.couriermail.com.au/business/breaking-news/asic-boss-says-it-cant-pursue-every-case/story-fnihsevj-1226689010477http://www.couriermail.com.au/business/breaking-news/asic-boss-says-it-cant-pursue-every-case/story-fnihsevj-1226689010477http://www.couriermail.com.au/business/breaking-news/asic-boss-says-it-cant-pursue-every-case/story-fnihsevj-1226689010477http://www.businessspectator.com.au/news/2013/6/28/asx/high-court-ruling-expands-concept-market-manipulation


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?7

Vlmag kuaa oij prepgr ossgsscgits òi eiay ng o`lmgvgj tlreufl tlg kergism` oujmtmif ek o`èuits,

rgsgor`l los slewi tlot tlgrg ms evgrwlgacmif gvmjgi`g tlot slorg prm`g coimpuaotmei ms tobmif pao`g mi

@uJgè, oij etlgr OP\ ècpoimgs, ei o jomay nosms. Oij wlmag tlg gitmtmgs rgspeismnag ker maagfoa trojmif

nglovmeurs org uionag te ng mjgitmkmgj tlreufl punamày ovomaonag joto, tlg nrebgrs tlgy org o`tmif tlreufl

cest `grtomiay òi ng.

Zlg keùs ek rgsgor`l los nggi te gstonamsl, usmif gcpmrmòa joto, tlot slorg prm`g coimpuaotmei coimkgststlreufl tlg keaaewmif trojmif nglovmeurs.

@O^ZGA NGLO[MEW^P8

Gitmtmgs o`tmif wmtlmi mistmtutmeioa o`èuits lovg jecmiotgj trojmif wmtl nglovmeurs tlot suffgst streif

agvgas ek èepgrotmei oij/er èaausmei rotlgr tloi fgiumig ècpgtmtmei mi tlg corbgt. Nuymif oij sgaamif

ker tlg socg sunstoitmoa mitgrgsts los nggi jmspgrsgj o`ress tlg gitmrg igtwerb ek nrebgrs oij los

rgsuatgj mi oi gxtrgcgay koasg corbgt. Lmfl veaucgs ek slorgs lovg nggi seaj mite tlg corbgt oij

èivgimgitay rgtrmgvgj se tlot leajmifs lovg nggi comitomigj oij secgtmcgs mi`rgosgj ot tlg gxpgisg ek

rgtoma slorgleajgrs. @eistoit trojmif no`b oij kertl los oase nggi oufcgitgj ny ojhustcgits cojg vmo

Jorb Teeas er tlreufl ekk-corbgt nrebgr `ressmifs wlm`l lovg ovemjgj prepgr prm`g jmsèvgry. Zlg

ortmkm`moa, iei-fgiumig ioturg ek trojmif ms rgkag`tgj ny tlg rgtgitmei ek leajmifs jgspmtg oaa ek tlg lmfl

veaucg trojmif o`tmvmty tobmif pao`g. Zlgrg ms oase tlg mssug tlot trojmif no`b oij kertl èitmiueusay

rgsgcnags o zgre-suc focg. Trekmts krec secg trojgs org òi`gaagj eut ny aessgs wmtl etlgr trojgs. Oport

krec mcpo`tmif prm`gs uikomray, su`l trojmif oase suffgsts cetmvgs etlgr tloi prekmts org rgspeismnag ker tlg

trojmif o`tmvmty.

Zlg jecmioi`g ny mistmtutmeis ms rgvgoagj wlgi ottgcptmif te rgèi`mag mistmtutmeioa rgfmstry slorg kaews

wmtl nrebgr nuymif oij sgaamif wlgrg tlg cohermty ek oaa nrebgr troiso`tmeis org rgqumrgj te noaoi`g tlgiucngrs. Zlg sprgoj ek mistmtutmeioa mikaugi`g ms oase rgkag`tgj ny eig nrebgr, WNP Pgùrmtmgs, ngmif

rgspeismnag ker o vgry lmfl agvga ek sgttagcgit troiso`tmeis ècporgj te mts ewi agvgas ek nuymif oij sgaamif

mi tlg corbgt. Coiy mistmtutmeioa trojgs krec etlgr nrebgrs oppgor te ng kuiigaagj tlreufl WNP

sgttagcgit o`èuits suffgstmif àesg rgaotmeislmps ngtwggi okkmamotgs er trojmif portigrs.

Vlmag òrtga o`tmvmty ms oi mssug ker tlg rgfuaoter mi tgrcs ek slorg prm`g coimpuaotmei mt ms oase oi mssug ker

tlg Oustroamoi @ecpgtmtmei oij @eisucgr @eccmssmei (O@@@) wlgrg òrtga o`tmvmty ms oase maagfoa. Zlgmr

wgnsmtg àgoray stotgs tlot8Nusmigssgs tlot cobg ofrggcgits wmtl tlgmr ècpgtmters te kmx prm`gs, rmf nmjs, slorg

corbgts er rgstrm`t eutputs org nrgobmif aows oij smagitay stgoamif krec èisucgrs oij nusmigssgs ny mikaotmif prm`gs,rgju`mif `lem`gs oij jocofmif tlg gèiecy.1AMIB9

Zlg pgioatmgs mi pao`g te ojjrgss òrtga o`tmvmty org stotgj os8

Ker èrperotmeis, tlg coxmcuc kmig er pgùimory pgioaty ker go`l `rmcmioa òrtga ekkgi`g er `mvma

èitrovgitmei (wlm`lgvgr oppamgs) wmaa ng tlg frgotgr ek8

$?4 444 444

tlrgg tmcgs tlg tetoa voaug ek tlg ngigkmts entomigj ny eig er cerg pgrseis oij tlot org rgoseionay

ottrmnutonag te tlg ekkgi`g er èitrovgitmei.Vlgrg ngigkmts òiiet ng kuaay jgtgrcmigj, ?4 pgr `git ek tlg oiiuoa turievgr ek tlg ècpoiy (miàujmif

rgaotgj èrperotg nejmgs) mi tlg prg`gjmif ?> ceitls.
http://www.accc.gov.au/business/anti-competitive-behaviour/cartelshttp://www.accc.gov.au/business/anti-competitive-behaviour/cartelshttp://www.accc.gov.au/business/anti-competitive-behaviour/cartels


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?;

OW@ZMEI T^M@MIF8

Zlg scoaa freup ek nrebgrs èismstgitay mjgitmkmgj os agojmif portm`mpoits o`ress oaa ou`tmeis evgr aeif

pgrmejs ek tmcg oase aeeb te ng lmflay cetmvotgj ny spg`mkm` trojmif ofgijos tlot rgqumrg èitrea evgr

prm`mif eutècgs. Zlgmr streif miveavgcgits mjgitmky wmtl corbgt coimpuaotmei, iet fgiumig trojmif. Oase,

tlg trgij ker tlg scoaa freup ek agojmif nrebgrs ms te retotg wmtl tlgmr precmigit reags. Ot tmcgs tlgy coy

ng jecmioit nuygrs oij ot etlgr tmcgs, tlgy coy ng jecmioit sgaagrs er tlgy coy gvgi ng precmigitnuygrs oij sgaagrs wmtlmi tlg socg ou`tmei. Zlg sto`bmif oij sujjgi wmtljrowoa ek nmjs tlot rgfuaoray

e`ùrs mi ou`tmeis oase mjgitmkmgs wmtl ottgcpts te `rgotg ortmkm`moa prm`gs oij se cust ng rgforjgj os

corbgt coimpuaotmei.

JEVIZM@B MI[EA[GCGIZP8

Nrebgrs wle org èismstgitay jecmioit os tlg sgaagrs ek Jewitm`b trojgs oase rgvgoa trojmif ofgijos ambgay

te ng cetmvotgj ny èitrea evgr prm`gs. Zlg socg freup ek nrebgrs oase loppgi te ng jecmioit os nuygrs

ek Jewitm`bs os wgaa, wlm`l kurtlgr lgaps te ko`mamtotg jewiworj cevgcgits mi prm`g. O àgor-ùt mijmòter

oneut tlgmr miveavgcgit wmtl sgttmif ortmkm`moa prm`gs, qumtg sgporotg te tlg veaucgs ek Jewitm`bs tlgy orgosse`motgj wmtl, ms tlg prepertmei ek Jewitm`bs tlgy lovg nggi rgspeismnag ker ei oiy fmvgi joy. Pmtuotmeis

wlgrg o nrebgrs corbgt slorg ek Jewitm`btrojgs os sgaagrs, ms corbgjay jmkkgrgit tloi tlgmr corbgt slorg

ek oaa sgaamif tlgy lovg nggi miveavgj wmtl, suffgsts èi`grtgj o`tmei te aewgr prm`g. Aefmòaay, tlg

prepertmei ek Jewitm`b trojgs òusgj ny o nrebgr sgaamif mite tlg corbgt, euflt te ng smcmaor te tlgmr

corbgt slorg ek sgaamif fgigroaay. Ptreif oiecoamgs ngtwggi tlg twe oacest `grtomiay suffgst sgaamif tlot ms

jgamngrotgay jgsmfigj te aewgr prm`gs.

Zlg socg oppamgs te wlgrg tlg miveavgcgit ek nrebgrs os nuygrs ek Jewitm`b trojgs ms corbgjay jmkkgrgit

te tlgmr corbgt slorgs os nuygrs fgigroaay. Lmfl agvgas ek Jewitm`b pur`losgs ècporgj te pur`losgsfgigroaay oase suffgst streif cetmvotmeis te ko`mamtotg aewgr prm`gs.

Zlg rgoamty ms tlot mt ms trojmif oafermtlcs tlot jgamvgr jewiworj prgssurg ei prm`gs tlreufl `grtomi nrebgrs

ker`mif Jewitm`bs os sgaagrs, oij mt ms oafermtlcs tlot oase ko`mamtotg tlg jewiworj cevgcgit ny lovmif

etlgr nrebgrs o``gpt tlg Jewitm`b trojgs os pur`losgrs. Os mt loppgis, tlg nrebgrs rgspeismnag ker

Jewitm`bs os netl sgaagrs oij nuygrs ek Jewitm`b trojgs, loppgi te ng cgcngrs ek o scoaa freup wle

lovg gcgrfgj os precmigit nrebgrs mi èitreaamif prm`mif eutècgs oij wle tgij te retotg reags os

precmigit nrebgrs krec eig joy te tlg igxt. Zlg retotmei ek reags streifay suffgsts èaausmei os oaa

precmigit nrebgrs jgoa gxàusmvgay ei ngloak ek mistmtutmeis.

Ojjmtmeioa mijmòters ker tlg ortmkm`moa sgttmif ek prm`gs tlreufl sgaamif tlot òusgs Jewitm`bs mi prm`g org8

Zlg aorfg iucngrs ek trojgs tlot org put tlreufl tlg corbgt tlot miveavg scoaa por`gas ek slorgs2 oij

Lmfl agvgas ek nrebgr `ressmifs tlot eiay miveavg scoaa por`gas ek slorgs.

PGAAMIF MIZE OIIEWI@GCGIZP8

Corbgt sgitmcgit òi ng èitreaagj ny gisurmif tlot precmsmif er gvgi streif oiieui`gcgits rgsuat mi

cmimcoa corbgt mcpo`t. Zlg nrebgrs rgspeismnag ker tlg sgaamif jewi ek oiieui`gcgits org rgojmay

mjgitmkmonag os tlg nrebgrs wle lovg gifofgj mi ker`mif Jewitm`bs os sgaagrs ei joys wlgrgoiieui`gcgits org rgagosgj. Pu`l o`tmvmty, wlgi ensgrvgj tobmif pao`g ny tlg socg scoaa freup ek

nrebgrs evgr aeif pgrmejs ek tmcg, prevmjgs kurtlgr streif gvmjgi`g rgforjmif tlg `rgotmei ek ortmkm`moa


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?6

prm`mif agvgas, portmùaoray os igws ms cgoit te ng o comi jrmvgr ek corbgts. @eismstgitay èuitgrmitumtmvg

rgspeisgs ny tlg corbgt te feej igws org tlgrgkerg o streif mijmòter ek slorg prm`g coimpuaotmei.

Zlg coimpuaotmvg sgaamif ms nerig eut ny sgaamif mi rgspeisg te oi oiieui`gcgit su`l os sgùrmif o``gss te

roma ko`mamtmgs wlm`l ms oi envmeus voaug-ojjmif o`qumsmtmei. Zlg oiieui`gcgit (rgkgr @osg >: Pg`tmei ?4)

loj ietlmif te je wmtl èppgr rgseur`gs oij frojgs wlm`l lovg nggi tlg sunhg`t ek èistoit èikusmei

oij èihg`turg keaaewmif HE^@ gstmcotgs tlot oppgor te lovg komagj te ojgquotgay ojjrgss lmfl frojgèppgr oiecoamsc. Zlg sgaamif jewi ek oi oiieui`gcgit tlot o`tuoaay upfrojgj rgseur`gs,

oiieui`gcgits tlot suffgst cu`l lmflgr frojgs krec mimtmoa cmimif oktgr su``gsskua nuab cmimif trmoas,

oiieui`gcgits tlot org ambgay te rgsuat mi mi`rgosgj rgseur`gs tlreufl su``gss wmtl rgfmeioa gxpaerotmei

oij gxpaerotmei ot jgptl, oij oi oiieui`gcgit tlot lgroajgj o aeif owomtgj cmimif am`gisg oaa cobg ie

sgisg mi tgrcs ek tlg mi`rgosmif voaug rgkag`tgj mi tlg @ecpoiy tlreufl seamj o`lmgvgcgits. Vlot tlgy je

pemit te ms o systgcotm` ottgcpt ny `grtomi mitgrgsts te jgtro`t krec corbgt sgitmcgit wlgrgvgr pessmnag.

VOPL ZÔJGP OIJ JO^B ZÔJGP

Vosl Zrojgs org maagfoa. Lewgvgr, wmtl tlg usg ek oafermtlcs, trojgs tlot o`lmgvg tlg socg rgsuat os VoslZrojgs (m.g., ie `loifg te ngigkm`moa ewigrslmp) org onag te tobg pao`g wmtleut mitgrvgitmei ny tlg corbgt

rgfuaoter. Zlg ko`t tlot etlgr nrebgrs org miveavgj wlgi soags ny oi gitmty org rg`yàgj no`b oij kertl

ngtwggi o cmx ek nrebgrs, ngkerg ngmif rgpur`losgj ny tlg ermfmioa sgaamif gitmty, oppgors te ovemj ngmif

rgforjgj os o Vosl Zrojg. Lewgvgr tlg trojmif òi cest jgkmimtgay rgsuat mi ortmkm`moa prm`gs portmùaoray mk

coiy ek tlg nrebgrs miveavgj org èaaujmif wmtl tlgmr trojmif. @orgkua oioaysms tlreufl oujmts coy rgvgoa

tlot oaa ek tlg nuymif oij sgaamif osse`motgj wmtl su`l trojmif o`tmvmty tlot jegsit rgsuat mi `loifgs te

ewigrslmp, ms mi gkkg`t obmi te slorg prm`g coimpuaotmei os jgkmigj ny tlg Lmfl @eurt hujfgcgit. Zlg

rgau`toi`g ny tlg rgfuaoter te èiju`t oujmts oij te fgt te tlg nettec ek junmeus trojmif pro`tm`gs coy mi

gkkg`t ng soi`tmeimif slorg prm`g coimpuaotmei ei o vgry aorfg sòag wmtl mcpamòtmeis ker tlg gitmrg corbgt.

Zroiskgrs ek slorgs tlot ovemj prm`g jmsèvgry org gxtrgcgay ambgay te ng suppertmif trojmif tlot los

rgsuatgj mi ortmkm`moa prm`mif agvgas.

PLE^Z PGAAMIF

Plert sgaamif ms agfoa ei tlg OP\ nut pro`tm`gs osse`motgj wmtl slert sgaamif tlot rgsuat mi ortmkm`moa prm`mif org

maagfoa. Zlg bgy te slert sgaamif ms prm`g jmsèvgry. Mk prm`gs org mikaotgj oij slert sgaamif aewgrs tlgc te

cerg rgoamstm` agvgas, tlgi oiy sunsgqugit pur`losgs te cobg o prekmt krec tlg o`tmvmty, ms o agfmtmcotg

trojmif o`tmvmty. Vlot ms iet agfmtmcotg ms wlgrg prm`gs org rgju`gj tlreufl slert sgaamif ker`mif tlgc te

ortmkm`moa er uijgrvoaugj agvgas, oij tlgi ker gxpesgj epgi slert pesmtmeis te ng èvgrgj ny o`tmvmty tlot

ovemjs prm`g jmsèvgry. Mt ms èccei pro`tm`g ker aorfg slert pesmtmeis te ng uiweuij tlreufl ekk-corbgt

ojhustcgits wlm`l ovemj prm`g jmsèvgry, iet tlreufl tlg rg-pur`losg ek slorgs tlreufl tlg corbgt. Zlg

pro`tm`g los nggi soi`tmeigj ny tlg rgfuaoter nut tlg rg`git Lmfl @eurt hujfgcgit suffgsts tlot mt

rgprgsgits slorg prm`g coimpuaotmei tlreufl tlg mcpesmif ek ortmkm`moa èistromits ei prm`mif agvgas.

Onusgs ek slert sgaamif pessmnay rgprgsgit tlg smifag cest petgit trojmif o`tmvmty rgspeismnag ker fgigrotmif

ortmkm`moa prm`mif agvgas. Pecg ek tlg mssugs èi`grimif slert sgaamif lovg nggi stotgj os keaaews.


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? cgois tlot :=,=== slerts pgr gitmty iggjit ng rgpertgj, rgprgsgitmif ovgry

suntoitmoa pertmei ek joy-te-joy trojmif ei joys wlgrg amflt veaucgs org miveavgj.

. Vlot rgspeismnag kuij coiofgr, èis`meus ek tlg iggj te pgrkerc ofomist lms/lgr pggrs wlmaggitrustgj te mi`rgosg tlg mivgstcgit pertkeame ek àmgits, weuaj ko`mamtotg slert sgaamif tlreufl tlg

agijmif ek àmgit slorgs biewmif tlot àmgit pertkeames weuaj ng sunstoitmoaay jgvoaugj ny tlg

o`tmvmty5

0. Vle weuaj o`tmvgay ossmst gitmtmgs te èvgr aorfg slert gxpesurgs mi su`l o woy os te ovemj oiy prm`gmcpo`t wlgi slert sgaagrs uijgr prgssurg te èvgr weuaj ng gxpg`tgj te poy o prgcmuc te o``gss

aorfg troi`lgs ek slorgs5

:. Los gxtgismvg ste`b agijmif `rgotgj o smtuotmei wlgrg tlg keùs ny mikaugitmoa gitmtmgs ms te jgstreyvoaug oij te gisurg tlot prm`gs rgcomi uijgr prgssurg te coiofg gxpesurgs oij te cmimcmzg tlg

iggj ker suppaymif ojjmtmeioa èaaotgroa mi tlg gvgit ek prm`g mi`rgosgs5

7. Lew òi corbgt mitgfrmty ng comitomigj ker oi mijustry tlot okkg`ts tlg kmioi`moa wgakorg ek secoiy pgepag tlreufl ècpuasery supgroiiuotmei, wlgi vgstgj mitgrgsts `leesg te put tlgmr ewi

mitgrgsts olgoj ek tlg àmgits wlesg kuijs tlgy coiofg2

;. Fmvgi tlg cossmvg aessgs ko`gj ny supgroiiuotmei kuijs mi rg`git ygors oij mi tlg ygors keaaewmiftlg FK@, wle org tlg gitmtmgs wle lovg pesmtmeigj tlgcsgavgs te ngigkmt krec tlg cossmvg

oceuits ek slert sgaamif tlot los e`ùrrgj oij wlgrg lovg tlesg prekmts nggi rgpotrmotgj te5

Mt ms jmkkmùat mk iet mcpessmnag te su``gsskuaay oiswgr qugstmeis su`l os tlg onevg wmtleut fgttmif mite

mssugs ek èaausmei, èaaonerotmei oij slorg prm`g coimpuaotmei. Zlgrg òi ng ie jeunt tlot tlg systgc ek

slert sgaamif systgc los nggi lmho`bgj ny seplmstmòtgj mivgsters wle lovg seuflt te jgstrey wgoatl

tlreufl aewgr slorg prm`gs wlgrgvgr pessmnag, oij usmif etlgr pgepagsslorgs te pesmtmei tlgcsgavgs. Zlg

systgc los pao`gj corbgts mi o pgrmaeus pesmtmei oij mt ms iet ot oaa surprmsmif tlot slert sgaamif ms tlg kmrst

òsuoaty ek veaotmag corbgts wmtl Fevgricgits mccgjmotgay tobmif stgps te noi tlg pro`tm`g.

Zlg @uJgè smtuotmei rgprgsgits hust oietlgr òsuoaty ek coimpuaotmvg onusgs ngmif pgrpgtrotgj mi tlg

iocg ek agfoamzgj slert sgaamif pro`tm`gs, lewgvgr tlgrg ms o `loi`g tlot wmtl tlg rg`git Lmfl @eurt

jg`msmei coimpuaotmvg o`tmvmtmgs oij ortmkm`moa prm`mif eutècgs coy prevmjg oi ovgiug te àgoi up tlgsgùrmtmgs-agijmif mijustry, gvgi mk tlg systgc mtsgak ms agfoa.
http://www.scribd.com/doc/144097419/7-3-ASX200-Company-Research-Billabong-BBG-Broker-Datahttp://www.scribd.com/doc/144097419/7-3-ASX200-Company-Research-Billabong-BBG-Broker-Datahttp://www.scribd.com/doc/144097419/7-3-ASX200-Company-Research-Billabong-BBG-Broker-Datahttp://www.scribd.com/doc/144097419/7-3-ASX200-Company-Research-Billabong-BBG-Broker-Data


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Pg`tmei >

PWCCO^] EK @uJG@E MPPWGP


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>?

.? O AMPZ EK ZÔJMIF MPPWGP @EI@GÎMIF @uJG@E AMCMZGJ

Mistmtutmeioa jgoamifs mi rgaotmei te @uJgè lovg nggi `loro`tgrmzgj ny lmfl agvgas ek trojmif `luri, wmtl

slorgs ngmif èitmiueusay possgj no`b oij kertl ngtwggi go`l etlgr, ektgi wmtleut smfimkmòit `loifgs te

leajmifs jgspmtg tlg aorfg veaucgs trojgj. Zlg gosg ot wlm`l slorgs lovg nggi seaj oij rgpur`losgj,

evgr oij evgr, smfioas wmjgsprgoj èaausmei oij aeebs te ng rgspeismnag ker netl oi ortmkm`moa trojmif

givmreicgit oij o fressay uijgrvoaugj slorg prm`g.

Joto-nosgj ensgrvotmeis rgforjmif @uJgè trojmif evgr tlg pgrmej Hoi >4?4 te Huig >4?> (>.7 ygors) lovg

nggi punamslgj eilttp8//www.s`rmnj.èc/ùjgèUrgsgor`los o sgrmgs ek ^gsgor`l Topgrs. Mi portmùaor, o

iucngr ek trojmif mssugs lovg nggi romsgj mi @loptgrs ;.? tlreufl te ;.7 wlm`l miàujg tlg keaaewmif.

.?.? ZLG ZÔJMIF @LWÎ N] MIPZMZWZMEIP8 Kmvg mistmtutmeioa slorgleajgrs lovg o`tgj mi o òrtga-ambg

coiigr wlgi o`èuitmif ker 64% ek oaa rgfmstry cevgcgits evgr tlg >.7 ygors, oij 4?>, oij2

e Hust twe mistmtutmeioa slorgleajgrs mi tlgmr ewi rmflt wgrg rgspeismnag ker 74% ek oaa rgfmstryo`tmvmty evgr >.7 ygors oij 64% ek oaa rgfmstry o`tmvmty evgr tlg kmrst smx ceitls ek >4?>.

e Zlg òrtga-ambg o`tmvmty suffgsts tlot gitmtmgs èaaujmif mi tlgmr trojmif tlreufl o wmjg igtwerb eknrebgrs lovg nggi jecmiotmif trojmif oij jm`totmif tgrcs te tlg rgst ek tlg corbgt.

.?.> Zrojmif ny tlg twe agojmif mistmtutmeis los nggi rgcorbonay syccgtrmòa wmtl aorfg veaucgs put

tlreufl tlg rgfmstgr ècporgj te oaa etlgr gitmtmgs. Zlg syccgtry ek tlg leajmifs suffgsts tlot kuij

coiofgrs lovg nggi streifay suppertmif go`l etlgr wmtl tlgmr trojmif.(^gk. Topgr ;.7 Pg`t ;.7.7.:,476,;0? ?>0,?;:,;=> -,=0=

Iotmeioa Iecmiggs ==,;?7,70> ==,;0=,04= >0,666

.?.0 Peplmstmòtgj mivgsters o`tmif wmtlmi mistmtutmeioa iecmigg o`èuit stru`turgs, oij/er mistmtutmeioakuij coiofgrs oij/er mistmtutmeioa nrebgrs, lovg oaa loj o coher mikaugi`g evgr trojmif tlreufleut tlg >.7

ygor pgrmej rgvmgwgj. Vlmag tlg mcpo`t ek tlgmr trojmif òi ng ensgrvgj oij quoitmkmgj, tlg mjgitmtmgs ek

tlesg gitmtmgs rgspeismnag ker trojmif oiecoamgs òiiet ng jgtgrcmigj wmtleut rgfuaotery oujmts.

Mistmtutmeioa trojmif o`tmvmty los nggi ietgj os keaaews8

Mistmtutmeis os o freup lovg mi`rgosgj tlgmr agvga ek ewigrslmp ek tlg @ecpoiy krec ;.:% mi >44;te 0=.6% mi >4?>. Zlg mi`rgosg los cestay e`ùrrgj mi tlg pgrmej èvgrgj ny rgsgor`l wlgrg

gxtgismvg prm`g òppmif tlreufl tlg `lurimif ek leajmifs oij tlreufl ste`b agijmif oij slert

sgaamif los o`ècpoimgj tlgmr o`ùcuaotmei.

Mk tlg possmvg mivgstcgit ek èrigrsteig mivgster Igw Opgx Osmo ms oase miàujgj, seplmstmòtgjmivgsters lovg mi`rgosgj tlgmr ewigrslmp ek tlg @ecpoiy te 7>.:% .

O`ùcuaotmei los nggi o`lmgvgj ot tlg gxpgisg ek rgtoma mivgsters (>4 C slorgs seaj), èrperotgmivgsters (7 C slorgs seaj) oij tlreufl @ecpoiy pao`gcgits (;0.> C slorgs) ^gkgr ;.7.7.;.>

Zlg mi`rgosg mi mistmtutmeioa ewigrslmp ny seplmstmòtgj mivgsters agj ny eig ek tlg werajs agojmifkuijs (m.g., tlg C&F/[oifuorj Freup) los iet nggi osse`motgj wmtl jgcoij prgssurgs tlot lovg

amktgj prm`gs. Trm`gs lovg fgigroaay nggi òppgj oij lovg nggi sggcmifay uisuppertgj.

O`ùcuaotmei los nggi èitrojm`tery te tlg wmjgsprgoj oij eifemif igfotmvmty sprgoj ny nrebgrs,tlg kmioi`moa cgjmo oij punam` kerucs wlm`l los fgigroaay èikusgj rgtoma mivgsters oij pgrsuojgj

coiy te sgaa . Peplmstmòtgj mivgsters lovg nosgj tlgmr mivgstcgit jg`msmeis ei Jug Jmamfgi`g oij

lovg pursugj èrperotg ofgijos os wgaa os prekmtonag trojmif eppertuimitmgs, uiswoygj ny tlg sgoek èikusmei oij igfotmvmty tlot los surreuijgj tlg ste`b.

Mt èuaj ng rgoseionay orfugj tlot igfotmvmty los nggi purpesgkuaay coiuko`turgj te suppert tlg

o`ùcuaotmei tobmif pao`g, gspg`moaay os oaa pesmtmvg jgvgaepcgits èi`grimif tlg ècpoiy lovg

nggi vmrtuoaay mfiergj.
http://www.scribd.com/cudeco_researchhttp://www.scribd.com/cudeco_researchhttp://www.scribd.com/cudeco_researchhttp://www.scribd.com/cudeco_research


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Zlg trojmif stotmstm`s ek mistmtutmeis krec Hoi >4?4 te Huig >4?> wgrg os keaaews8

^gfmstry Plorg Kaews krec Zrojmif Eiay ^gfmstry Plorg Kaews krec Zrojmif paus Tao`gcgits

EKK EI IGZ EKK EI IGZ

@mtmèrp Iecmiggs ?>:,476,;0? ?>0,?;:,;=> -,=0= ?>:,476,;0? ?>0,?;:,;=> -,=0=

Iotmeioa Iecmiggs ==,;?7,70> ==,;0=,04= >0,666 ==,;?7,70> ==,;0=,04= >0,666

LPN@ Iecmiggs :?,;=7,=:; :7,?6?,4;: 0,:67,??< ;=,:=0,;>7 4,6:7,;4: 07,>>;,74< ?:,:4,6:7,;4: ;0,:=,670,?06

OIX Iecmiggs ?0,7::,>;: ;: 0,=66,444 >0,=66,444

>==,;7,44?,,0:>,6,:7;,;7; :4>,=>7,67

Zlg trojmif o`tmvmty wmtlmi @mtmèrp oij Iotmeioa Iecmiggs ms ambgay te lovg prevmjgj o naoibgt ek èitrea

evgr tlg corbgt mi suppert ek tlg streif o`ùcuaotmei tlot los e`ùrrgj mi LPN@ Iecmiggs oij HT Cerfoi

Iecmiggs. O`ùcuaotmei los nggi mi tlg kerc ek @ecpoiy pao`gcgits oij ei-corbgt nuymif. Zlg èitrea

evgr trojmif los sggi tlg òppmif ek prm`gs oij prm`g jgàmigs wmtl oi ortmkm`moa prm`mif givmreicgit ambgay

te lovg nggi mi pao`g ker cu`l ek tlg 04 ceitl pgrmej rgvmgwgj.

.?.: NÊBG^ MPPWGP8 Zrojmif rgèrjs evgr o pgrmej ek 04 ceitls slew lmflay oiecoaeus vormotmeis

ngtwggi nrebgr nuymif oij sgaamif veaucgs, oij tlg rgfmstry veaucgs tlot e`ùr os trojgs org sgttagj. Zlg

tonag jrows ottgitmei te secg ek tlg cerg envmeus oiecoamgs wlm`l romsg suspm`meis oneut wlot ms o`tuoaay

paoymif eut mi tlg corbgt. Ek èursg mi o truay troisporgit trojmif oij sgttagcgit givmreicgit miveavmif

fgiumig nuymif & sgaamif, nrebgr veaucgs euflt te komtlkuaay èrrgspeij wmtl àmgit rgfmstry cevgcgits.

Trepertmei ek

OP\ Zrojgs

Zroisporgit

Zrojgs

Iei-Zroisporgit

Zrojgs

Igt

Nuys/Pgaas

[msmnag

@amgits

Trepertmei ek

PgttagcgitsWNP 7.:% 70% :6% -:,?:7,;76 Nrmspet Iecmiggs >;.=%

JCF .:%

CPJV 0.;% 4% ?44% ??,:,.4%

@PWM >.;% 4% ?44% 7;?,04: 5 >.4%

GZ^J ;.>% 70% :6% ->,6 [ormeus gtoma =.?%

Zlg joto jgceistrotgs tlg gxtgit ek enkusòtmei osse`motgj wmtl trojmif wlm`l mi turi los sgrmeus

mcpamòtmeis ker corbgt troisporgi`y oij corbgt mitgfrmty. Zlg keaaewmif gxocpags lmflamflt èi`gris

gspg`moaay smi`g tlg nuymif oij sgaamif ek feejs euflt te ng o smcpag, stromfltkerworj pre`gss8

WNP lovg nggi miveavgj mi o jmsprepertmeiotg iucngr ek sgttagcgits ècporgj wmtl trojgs mt los puttlreufl tlg corbgt. Ngmif rgspeismnag ker >;.=% ek sgttagcgit slorg kaews nut eiay 7.:% ek nuymif

oij sgaamif mi tlg amt corbgt ms gxtrgcgay uiusuoa cobmif WNP o bgy nrebgr ek mitgrgst mi rgforj te

oiecoaeus joto.

Zlg jecmioi`g ny WNP wmtl sgttagcgits suffgsts tlg petgitmoa ker èaausmei oij pessmnag mismjgr

trojmif, smcpay ngòusg WNP weuaj ng prmvy te tlg jgoamifs ek oaa tlesg mt los troiso`tgj sgttagcgits

ker. WNP los nggi gxtrgcgay mikaugitmoa mi oaa trojmif, ngmif o agojmif nrebgr mi troiso`tmeis tlot

òusgj Jewitm`bs mi prm`g oij mi èitreaamif ou`tmei eutècgs. Ofomi WNPs precmigi`g wmtl tlgsg

o`tmvmtmgs ms mi èitrost te mts rgju`gj corbgt slorg ek nuymif & sgaamif mi tlg amt corbgt.

Oaa trojgs ny nrebgrs @MZM, CPJV oij @PWM org ècpagtgay epoqug te tlg corbgt krec o rgfmstry

pgrspg`tmvg, ygt twe ek tlg nrebgrs org osse`motgj wmtl gitmtmgs tlot lovg loj o coher mcpo`t eitlg rgfmstgr8 @MZM tlreufl mts osse`motmei wmtl @mtmèrp Iecmiggs, oij CPJV mi mts reag os nuygr ker

tlg C&F/[oifuorj Freup. Zlg trojmif veaucgs lewgvgr jeit ècputg wmtl rgfmstry `loifgs

suffgstmif tlot etlgr nrebgrs org oase miveavgj tlus prevmjmif o kurtlgr aoygr ek epoqug jgoamifs.


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;4% ek oaa trojgs put tlreufl ny @ECC, ny kor tlg cest o`tmvg nrebgr, rgprgsgit epoqugmistmtutmeioa jgoamifs tlot oaeig org frgotgr mi veaucg tloi tlg jgoamifs ek oiy etlgr smifag nrebgr.

Zlg òceukaofg okkerjgj te aorfg veaucgs ek mistmtutmeioa trojgs tlreufl @ecceiwgoatl Pgùrmtmgs

tlgrgkerg rgprgsgits vgry smfimkmòit rgfuaotery èi`gris.

Zlg rgcomimif :4% ek @ECC trojgs tlot rgprgsgit rgtoma o`tmvmty org mjgitmkmonag ei tlg rgfmstgroij org tlgrgkerg kuaay troisporgit. Mi ko`t mt ms eiay rgtoma trojmif tlot òi ng fgigroaay rgforjgj os

troisporgit, ygt rgtoma mivgsters, jgspmtg tlgmr aorfg iucngrs, eiay rgprgsgit o scoaa prepertmei ek

oaa troiso`tmeis put tlreufl tlg corbgt.

Zlg lgovy igt sgaamif ny netl WNP oij JCF (ossucgj te ng ei ngloak ek mistmtutmeis) tefgtlgr wmtlsgaamif ny rgtoma nrebgrs ms noaoi`gj ny CPJVs nuymif ker sunstoitmoa leajgr C&F. Lewgvgr, wlmag

tlg igt sgaamif ek soy GZ^J oij OMG\ òi ng ottrmnutgj te rgtoma mivgsters, iet se envmeus ms tlg igt

sgaamif ny WNP & JCF ker seplmstmòtgj mivgsters wlgrg tlgrg los nggi ie èrrgspeijmif rgju`tmei

mi leajmifs ei tlg rgfmstgr. Mt pgrlops sgrvgs te jgceistrotg tlot kuij coiofgrs lovg nggi lgovmay

sgaamif tlreufl secg nrebgrs su`l os WNP & JCF, wlmag nuymif tlreufl etlgrs nut ker tlg socg

o`èuits. Pu`l òceukaofgj oij pessmnay junmeus o`tmvmty èuaj ng èitrmnutmif vgry smfimkmòitay te

tlg sgttmif oij comitgioi`g ek ortmkm`moa prm`mif agvgas.

O rgèi`mamotmei ek nrebgr trojmif oij nrebgr rgfmstry rgèrjs los slewi tlot oreuij 6>.:% ek oaatrojmif tobmif pao`g evgr >.7 ygors rgprgsgits surpaus trojgs ek nrebgrs te tlot jmsàesgj ei tlg

rgfmstgr. Zlg surpaus trojgs org èiju`tgj ei ngloak ek mistmtutmeis oij org sgttagj ny etlgr ofgits

iet tlg nrebgrs tlgcsgavgs. Zlg surpaus trojgs org tlg eiay woy ek o`èuitmif ker tlg cossmvg

veaucgs ek mistmtutmeioa trojgs tlot slew up mi o`èuits su`l os @mtmèrp Iecmiggs, Iotmeioa

Iecmiggs & LPN@ Iecmiggs gt`. Zlg sgttagcgit pre`gss mi gkkg`t òceukaofgs tlg surpaus trojgs

ek nrebgrs ny iet slewmif tlg amibofgs ngtwggi tlg o`tmvg nrebgrs mi tlg corbgt oij tlg

mistmtutmeis tlgy org sgrvm`mif. (^gkgr Topgr ;.7 Pg`t ;.7.7.>.0). Zlg mikaugi`g ek mistmtutmeis tlreufl

tlgmr kuij coiofgrs ms tlgrgkerg sggi te ng sprgoj o`ress o cohermty ek nrebgrs wlgrg prm`g

òppmif oij tlg `rgotmei ek oi ortmkm`moa trojmif givmreicgit org gcmigitay o`lmgvonag.

.?.7 IEI FGIWMIG ZÔJMIF/ @LÊIM@ ^GFMPZ^] OIECOAMGP8

Ceitl ny ceitl ècpormseis ngtwggi nrebgr trojmif o`tmvmty oij tlg mcpo`t tlot trojmif los loj ei tlg

@uJgè rgfmstgr rgvgoas wmjg vormotmeis evgr tlg 04 ceitls pgrmej rgvmgwgj. Zlg troiskgr ek ewigrslmp

wlgi o slorg ms seaj mi tlg corbgt oij wlgi o leajmif rgju`gs ot sgttagcgit ms o stromflt kerworj pre`gss

wmtl o eig-te-eig èrrgspeijgi`g. ]gt nrebgr trojmif oij rgfmstry kaews slew gierceus jms`rgpoi`mgs

wmtl tlg rgfmstgr ot tmcgs rgkag`tmif8

kor kgwgr slorg cevgcgits tloi nuymif oij sgaamif weuaj suffgst, wmtl tlg slertkoaas ottrmnutgj teVosl Zrojgs, er trojgs tlot lovg tlg socg gkkg`t os Vosl Zrojg gvgi mk etlgr nrebgrs org miveavgj2

Ot etlgr tmcgs, tlg rgfmstgr los rgkag`tgj frgotay mi`rgosgj slorg kaews te wlot nuymif oij sgaamifweuaj suffgst wmtl tlg gx`gss trojgs ottrmnutgj te troiso`tmeis tobmif pao`g owoy krec tlg amt

corbgt (m.g., se òaagj Jorb Zrojgs).

Zlg `lreim` vormotmeis suffgst uiusuoa, uiertlejex oij pessmnay coimpuaotmvg oij/er maagfoa trojmif oij

sgttagcgit o`tmvmty, gspg`moaay mi vmgw ek tlg ortmkm`moa prm`mif agvgas tlot lovg nggi fgigrotgj.

Ceitlay trojmif pgrmejs wlgrg Vosl Zrojgs lovg jecmiotgj pre`ggjmifs oij pgrmejs wlgrg Jorb Zrojgs

lovg nggi o precmigit kgoturg, org ambgay te lovg loj o streif gkkg`t ei prm`g jmsèvgry oij rgsuatgj mi tlg

corbgt ngmif sgvgrgay ècprecmsgj jurmif tlesg tmcgs.

Zlg gxtgit ek su`l trojmif, oaa ek wlm`l los nggi epoqug te tlg corbgt, los nggi gstmcotgj os keaaews8

Zetoa Vosl Zrojgs8 .?4)

Zetoa Jorb Zrojgs8 ??;.= cmaamei sgaas, ??=.7 cmaamei nuys


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Kurtlgrcerg8

Vosl Zrojgs er trojgs tlot lovg nggi igttgj eut, oij se jeit oppgor ei tlg rgfmstgr, rgprgsgitoacest o quortgr ek oaa trojmif tobmif pao`g.

Zlg ceitls wlgrg Jorb Zrojgs lovg kmfurgj precmigitay (miàujmif pgrmejs ek suspgismei),rgsuatgj mi tlg onevg slorg kaews evgr oij onevg tlg sgttagcgit slorg kaews osse`motgj wmtl?;=

cmaamei slorgs neuflt oij seaj ei tlg OP\ evgr tlg socg pgrmej. Os su`l Jorb Zrojgs rgprgsgitgj

o plgiecgioa :>% ek oaa rgfmstry o`tmvmty o`ress tlg ?< ceitls wlgrg Jorb Zrojgs lovg nggi oprecmigit kgoturg ek trojmif. Vlot tlg trojgs o`tuoaay rgprgsgit, oij wlot mcpo`t tlgy lovg ei

prm`mif agvgas, prgsgits os o coher rgfuaotery èi`gri os tlgy lovg nggi lgovmay òceukaofgj oij

iet rgojmay gxpaomigj tlreufl iercoa trojmif o`tmvmty2

O aorfg pgr`gitofg ek Vosl Zrojgs aeeb te lovg e`ùrrgj wmtlmi rgtoma nrebgrs os suffgstgj ny lmflrotgs ek iei-troisporgit jgoamifs ny tlg ambgs ek @ecceiwgoatl Pgùrmtmgs, Gtrojg oij OMG\.

Peplmstmòtgj mivgsters `leesmif te trojg lgovmay wmtlmi tlg òceukaofg ekkgrgj ny tlg rgtoma àmgits

ek rgtoma nrebgrs org òceukaofgj kurtlgr wmtlmi tlg systgc ek sgttagcgits wlgrg amibs te nrebgrs org

iet spg`mkmgj. Mt cobgs tlgmr trojmif gxtrgcgay sus`gptmnag te onusg ny gitmtmgs prgporgj te mcpesg

uikomr ofgijos evgr tlg corbgt.

Zlg trojmif oij sgttagcgit systgc os mt ùrrgitay epgrotgs cgois tlot gitmtmgs rgspeismnag ker trojmiftrgijs òiiet ng rgojmay mjgitmkmgj oij se òiiet ng cojg o`èuitonag ker junmeus er uikomr trojmif

o`tmvmty. Zlgrg ms o frgot iggj ker rgfuaotery oujmts te ojjrgss tlg smtuotmei.

.?.; MPPWGP @EI@GÎMIF OAFE^MZLCP8 Kuij coiofgrs gifofg tlg sgrvm`gs ek mistmtutmeioa nrebgrs wle

prevmjg o``gss te tlg lmfl spggj outecotgj trojmif prefrocs tlot usg seplmstmòtgj oafermtlcs te jgamvgr

strotgfm` ojvoitofg, oij mijggj uatmcotg èitrea, evgr trojmif eutècgs. Zlgy org wmjgay rgèfimzgj ker

tlgmr reag mi kreit ruiimif erjgrs oij `lmsgaamif fomis krec rgtoma mivgsters ny cobmif tlgc poy cerg os

nuygrs oij rg`gmvmif agss os sgaagrs.

Lewgvgr, wlot los nggi mfiergj mi oaa jgnotg rgforjmif oafermtlcs ms tlgmr usg mi èrperotgay torfgtmifècpoimgs tlreufl8

èitrea evgr prm`g cevgcgits mi fgigroa trojmif (m.g., os cgosurgj ny Jewi Zm`b stotmstm`s)2

èitrea evgr tlg sgttmif ek ou`tmei prm`gs2

tlg prefroccgj usg ek o vormgty ek nrebgr `ressmifs te lgap mcpagcgit trojmif ofgijos2

tlg jmstrmnutmei ek preamkm` iucngrs ek scoaa troiso`tmeis no`b oij kertl ngtwggi freups ek nrebgrs wlesuppert go`l etlgr wmtl tlgmr trojmif (m.g., èaausmvg trojmif o`tmvmty) wmtl joto trgijs suffgstmif tlot

oafermtlcs org òponag ek `leesmif wle tlgy mitgro`t wmtl. Oafermtlcs mi tlot sgisg prevmjg o pewgrkua

teea ker gitmtmgs sggbmif te gifofg mi òrtga ambg trojmif o`tmvmty oij mi tlg sgttmif ek ortmkm`moa prm`mif

agvgas.

OAPE8

Jewi Zm`bs (koaas mi prm`g) coy wgaa èitomi tlg jioek slorg prm`g coimpuaotmei os pro`tm`gj ei tlg OP\

wmtl oi gxtroerjmiormay lmfl agvga ek oiecoamsc osse`motgj wmtl Jewitm`b stotmstm`s.

Ker gxocpag8

Zlg cohermty ek Jewi Zm`bs lovg e`ùrrgj ngtwggi o rgaotmvgay scoaa freup ek nrebgrs wle oppgor teoatgriotg ngtwggi reags os nuygrs ek JZs oij os sgaagrs ek JZs, tlgrgny suppertmif go`l etlgrs

trojgs mi rgaotmei te ker`mif jewiworj cevgcgits mi prm`g.

Tor`ga smzgs miveavgj wmtl Jewi Zm`bs lovg nggi cu`l scoaagr tloi tlg ovgrofg nuy er sgaa por`ga2

Nrebgrs rgspeismnag ker aorfg iucngrs ek Jewitm`bs org fgigroaay osse`motgj wmtl sgaamif prekmags wgaa

ngaew tlg pertmei ek JZs o`lmgvgj. Mt suffgsts tlg jgamngrotg torfgtmif ek aewgr prm`gs. Oase, nrebgr`ressmifs ot aewgr prm`gs rgprgsgit o smfimkmòit cg`loimsc ker ker`mif Jewitm`bs.

Nrebgrs o`tmif os pur`losgrs ek Jewitm`b trojgs tgij te ng o`tmvg os nuygrs ek JZs ot agvgas kor migx`gss ek tlgmr nuymif prekmags o`ress tlg corbgt weuaj suffgst.


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>7

Zlg smtuotmei suffgsts jewiworj prm`g cevgcgits org ngmif purpesgkuaay gifmiggrgj ny trojmif

oafermtlcs rotlgr tloi ngmif tlg rgsuat ek fgiumig trojmif jg`msmeis ny mivgsters mistru`tmif tlgmr

nrebgrs te o``gpt agss.

Nrebgr miveavgcgits mi èitrmnutmif te jewiworj cevgcgits mi prm`g os sgaagrs òi ng lmflamfltgj

froplmòaay ny ècpormif Jewitm`b miveavgcgit os sgaagrs te tlgmr sgaamif prekmags fgigroaay, oij ny

ècpormif nrebgr miveavgcgits os nuygrs ek Jewitm`b trojgs te oaa ek tlgmr nuymif.

Zlg keaaewmif gxocpag slews lmflay oiecoaeus sgaamif o`tmvmty ker twe nrebgrs jurmif Hui >4?>. Zlgtgijgi`y te ng precmigit ei jmkkgrgit joys slews tlg sert ek retotmei ek reags tlot ms o kgoturg ek oaa

trojmif.

OIJ

Ou`tmei prm`gs lovg nggi èismstgitay èitreaagj ny o scoaa freup ek mistmtutmeioa nrebgrs o`tmifèaausmvgay wlmag sgrvm`mif cu`l tlg socg mitgrgsts. Zrojmif oafermtlcs lovg ko`mamtotgj èitrea evgr

ou`tmeis oij gisurgj tlot nrebgr o`tmvmty ms retotgj te jgamvgr nrebgr nuymif oij sgaamif prekmags tlot

jeit ottro`t ottgitmei gvgi tleufl tlgy lovg nggi jecmioit misgttmif prm`gs.

Nrebgrs rgspeismnag ker coimpuaotmif er coiofmif prm`gs tlreufleut ou`tmeis lovg nggi mjgitmkmgj ny8e ècpormif nrebgr miveavgcgits o`ress oaa ou`tmeis evgr gxtgijgj pgrmejs ek tmcg mi tgrcs

ek tlgmr pgr`gitofg slorg ek nuymif oij sgaamif jurmif go`l ou`tmei2

e ècpormif tlg tetoa veaucgs ek slorgs nrebgrs lovg trojgj mi oaa ou`tmeis evgr vormeuspgrmejs ek tmcg2 oij

e ècpormif tlg ou`tmei o`tmvmty ek nrebgrs os sgaagrs oij nuygrs tlreufleut ou`tmeis te tlgmro`tmvmty mi iercoa trojmif evgr gxtgijgj pgrmejs ek tmcg. Nrebgrs wmtl mi`rgosgj prekmags

jurmif ou`tmeis org scoaa mi iucngr oij tlgmr ou`tmei trojmif joto ms gxtrgcgay gagvotgj

ècporgj te oaa etlgr nrebgrs.

.?.6 GTE^ZMIF MPPWGP8 Joto osse`motgj wmtl sgùrmtmgs agijmif oij slert sgaamif jrows ottgitmei te tlg

fress miojgquo`y ek gxmstmif fumjgamigs tlot soi`tmei slert sgaamif. Plert sgaamif oiecoamgs wgrg romsgj miTopgr ;.> Pg`tmei ?, wlgrg rgfmstry o`tmvmty wos ècporgj ker twe pgrmejs ek veauitory suspgismei. Zlg

slorg kaews tlot e`ùrrgj ei tlg rgfmstgr gvgi tleufl ie slorgs trojgj ei tlg OP\ ngòusg ek suspgismei

wgrg qumtg rgvgoamif.

Agvgas ek JomayJewitm`bs

Agvgas ekJomay Pgaamif

Agvgas ek JomayJewitm`bs

Agvgas ekJomay Pgaamif

WNP Pgùrmtmgs - WNP Jguts`lg Noib - JCF

Gxocpags slewmif aew

sgaamif prekmags nut lmfl

agvgas ek Jewitm`bs


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>;

Zlg joto ms succormzgj ngaew8

Puspgismei

Jotgs >4??Jurotmei

OP\

Zrojgs

Epgi Plerts ot

tlg Ngfmiimif

Epgi Plerts

ot tlg Gij^gfmstry

EKK Cevgcgits

^gfmstry

EI Cevgcgits

Tgrmej ? Cor ?4-Opr >6 ; wggbs 4 =6:,:07,,?, Ouf ?=-E`t 0? ?4 wggbs 4 ?,6, Pg`tmei ?.?.6 oase pemitgj eut tlg onsurjmty wlgrg ker 0 sgporotg trojmif

pgrmejs ek gquoa jurotmei te Tgrmej ? onevg, oij wlgrg jomay veaucgs ovgrofgj oreuij 744,444slorgs, tlg ovgrofg jomay ojhustcgits te slert pesmtmeis wgrg agss tloi wlot e`ùrrgj wlgi zgre

slorgs trojgj ngòusg ek suspgismei.

Vlotgvgr tlg rgoseis nglmij tlg oiecoaeus joto, tlg slert èvgrmif o`tmvmty oppgors kor rgcevgj

krec wlot cmflt ng gxpg`tgj krec iercoa nusmigss mi o agijmif givmreicgit wlgrg gtlmòa

trojmif pro`tm`gs org cgoit te ng jgamvgrgj ot oaa tmcgs.

Zlg etlgr mssug wmtl rgpertmif ms tlot jomay rgperts org iet rgamonag oij slew rgfuaor mièismstgi`mgs wlgi

ker gxocpag jomay kau`tuotmeis mi epgi slert pesmtmeis org ècporgj te jomay joto ker OP\ veaucgs, slert

sgaamif veaucgs, ste`b agijmif `loifgs, ste`b nerrewmif `loifgs oij jomay rgfmstry cevgcgits. Zlg ao`b ek

èrrgaotmei ms uio``gptonag oij agovgs reec ker oi gierceus oceuit ek kagxmnmamty mi jmsfumsmif junmeus

trojmif nglovmeurs.

.?.< PLE^Z PGAAMIF MPPWGP8 Eig ek tlg ekkm`moa hustmkmòtmeis ker slert sgaamif ms tlot mt omjs gkkm`mgit prm`g

jmsèvgry, oij tlot mt goris oi miècg ker leajgrs wle agij tlgmr slorgs. Lewgvgr jurmif tlg pgrmej

èvgrgj ny rgsgor`l, slert sgaamif ms cerg ambgay te lovg nggi usgj os o coimpuaotmvg trojmif teea te

prgssurg prm`gs tloi ker fgiumig miècg. O èisgqugi`g ek tlms jmsmifgiueus slert sgaamif ms tlg sgvgrg

jgàmig mi tlg torfgtgj @ecpoiy's slorg prm`g oij èrrgspeijmif aess mi voaug ek tlg pertkeames ek tlesg

gitmtmgs gifofgj mi ste`b agijmif, wlm`l ms eiay portmoaay ekksgt ny oiy ste`b agijmif kggs tlgy coy lovg

o``rugj.

Zlg pro`tm`g ek slert sgaamif os oppamgj te @uJgè oppgors sgrmeusay ècprecmsgj oij jggpay suspm`meus ker

tlg keaaewmif rgoseis8

Plert sgaamif jrocotmòaay mi`rgosgj ot o tmcg tlg @ecpoiy ngòcg sunstoitmoaay jg-rmsbgjkeaaewmif oiieui`gcgits te tlg corbgt rgforjmif kmioi`g oij cmimif opprevoas.

Mt los prmcormay nggi mistmtutmeis wle lovg nggi agijmif tlgmr slorgs, gifofmif mi slert sgaamif oijoase nuymif slorgs seaj slert mite tlg corbgt, jgspmtg tlg o`tmvmty òusmif smfimkmòit jgvoauotmeis

te leajmifs. Mt aeebs te ng o`tmvmty iet jgsmfigj te fgigrotg prekmts oij los èitrmnutgj te uikomray

jgvoaumif tlg leajmifs ek oaa slorgleajgrs.

Zlg leajmifs ek agijgrs wle lovg agit eut sunstoitmoa iucngrs ek slorgs ker slert sgaamif lovgitslewi èrrgspeijmif jg`rgosgs ei tlg rgfmstgr, suffgstmif o ècprecmsgj rgpertmif pre`gss, er

tlot slorgs agit eut lovg nggi rgpur`losgj mi tlg corbgt.

Aorfg jomay kau`tuotmeis mi epgi slert pesmtmeis fgigroaay orgit rgkag`tgj ei tlg rgfmstgr, suffgstmiftlot sgùrmtmgs agijmif orroifgcgits coy miveavg o systgc ek jeunag o`èuitmif.


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>6

Aorfg kau`tuotmeis mi epgi slert pesmtmeis usuoaay orgit rgkag`tgj mi ekkm`moa rgpertmif ek igt ste`bnerrewmif oij igt ste`b agijmif pesmtmeis os punamslgj ny tlg OP\.

Vlmag aorfg mi`rgosgs mi epgi slert pesmtmeis lovg nggi o`lmgvgj tlreufl slert sgaamif mi tlgcorbgt, aorfg rgju`tmeis lovg nggi o`lmgvgj mi ekk-corbgt jgoamifs wlm`l lovg ovemjgj prm`g

jmsèvgry. Mt rgprgsgits o`tmvmty èitrojm`tery te komr trojmif rgqumrgcgits.

Vlmag o`tmvgay gifofgj mi o`tmvmtmgs tlot lovg prgssurgj slorg prm`gs, (m.g., trojmif `luri ngtwggitlgcsgavgs miàujmif slert sgaamif) mistmtutmeis lovg oase o`ùcuaotgj ste`b oij sgùrgj oi 4?? up uitma goray Iev ;, >4?>, oij tlgi o jgàmig mi slert pesmtmeis up uitma

aotg Kgnruory >4?0.

O rgju`tmei mi slert pesmtmeis ek oreuij :.: cmaamei slorgs e`ùrrgj wmtleut oiy mcpo`t ei tlgslorg prm`g os cest slert èvgrmif teeb pao`g ekk-corbgt. Zlg slorg prm`g o`tuoaay rgtrgotgj krec

$:.;6 wlgi epgi slerts pgobgj ot ;.< cmaamei te $0.64 ei Kgn ?4?0 wlgi epgi slerts steej ot

>.: cmaamei.

Zlg onrupt rgcevoa ek slerts wmtleut èrrgspeijmif corbgt mcpo`t jgky corbgt prmi`mpags eksuppay oij jgcoij oij mt sggcs te ng o`lmgvgj tlreufl èaausmei oij/er er èepgrotmei tobmif

pao`g owoy krec tlg amt corbgt. Ny `mrùcvgitmif prm`g jmsèvgry, tlg o`tmvmty maaustrotgs tlg ortmkm`moa

ioturg ek prm`g sgttmif oij tlg coiofgcgit ek gxpesgj pesmtmeis. Mt oase suffgsts o sgvgrgay

ècprecmsgj corbgt.

4

?

>

0

:

7

;

6

4?4 te Kgn >>, >4?0

@eitmiueus grrotm` ojhustcgits suffgst

uiertlejex jgoamifs

Plert evgrmif wmtleut o pesmtmvg

mcpo`t ei prm`gs èccgi`gs


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>4?? wlgi veaotmag trojmif mi weraj

corbgts, jug te Gurepgoi Pevgrgmfi jgnt mssugs, rgsuatgj mi gxtrgcgay lmfl agvgas ek slertmif o`ress coiy

OP\ ste`bs. Zlg jomay slert sgaamif ker @uJgè rgprgsgitgj =?.0% ek oaa sgaamif tlot teeb pao`g (^gkgr Pg`tmei

6.;% ek tlg nuymif oij sgaamif ny nrebgrs evgr >.7 ygors ek trojmif msonag te ng mjgitmkmgj ei tlg rgfmstgr igxt te tlgmr àmgits. Mt cgois tlot tlg vost cohermty ek nrebgr

trojmif ms sgttagj ny etlgr ofgits ei ngloak ek mistmtutmeis. Pu`l jgoamifs org iei-troisporgit te tlg

corbgt fmvgi tlot tlg amib ngtwggi àmgit oij nrebgr ms iet jmsàesgj. Mt cgois tlot tlg cohermty ek

trojmif o`tmvmty ms epoqug te tlg corbgt oij tlot gitmtmgs oij tlgmr nrebgrs orgit gosmay cojgo`èuitonag ker tlgmr trojmif o`tmeis.

Pu`l èiveautgj jgoamifs org aorfgay jgsmfigj te èi`goa tlg mjgitmtmgs ek tlesg miveavgj, lewgvgr tlg

kagxmnmamtmgs ovomaonag te corbgt portm`mpoits mi coiofmif junmeus trojmif nglovmeurs rgprgsgit lufg

èitrojm`tmeis te àomcs ek fgiumig oij komr trojmif, troisporgit jgoamifs, oij lmfl agvgas ek gkkm`mgi`y oij

corbgt mitgfrmty.

Zlg gxtgit ek iei-troisporgi`y mi OP\ jgoamifs cgois tlot rgfmstry oiecoamgs miveavmif aorfg jms`rgpoi`mgs

ngtwggi tlg veaucgs ek nuymif & sgaamif mi tlg corbgt oij tlg veaucgs ek slorg kaews tlot e`ùr ei tlgrgfmstgrm.g., os prgvmeusay quoitmkmgj mi tgrcs ek Vosl Zrojgs oij Jorb Zrojgsorg ambgay te ng o pemitgr

te uiertlejex oij coimpuaotmvg trojmif nglovmeurs tlot org ècpagtgay òceukaofgj krec vmgw.


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>=

Vmtleut oujmts ek nrebgr oij àmgit o`èuits, su`l oiecoamgs òiiet ng prepgray uijgrsteej oij oiy

coimpuaotmvg jgoamifs miveavgj, wlm`l petgitmoaay èuaj ng vgry aorfg mi sèpg, org ambgay te ng possmif

uijgr tlg rojor ek rgfuaoters oij/er namtlgay o``gptgj wmtleut qugstmei.

.?.?4 PLO^G T^M@G WIJG^[OAWOZMEIP8 Zrojmif mi @uJgè los jgceistrotgj o komaurg ny tlg corbgt

systgc te pgrkerc tlg reag gxpg`tgj ek mt mi rgforj te prevmjmif komr prm`g jmsèvgry ngtwggi fgiumig

nuygrs oij fgiumig sgaagrs.Gxocpags tlot jgceistrotg pgrsmstgit slorg prm`g uijgrvoauotmeis miàujg8

tlg @ecpoiy òpmtoamzmif ei uijgrvoaugj prm`gs tlreufl gxtgismvg Nuy No`b prefrocs oij tlgirg-mssumif slorgs ot lmflgr prm`gs2

tlg @ecpoiy èismstgitay romsmif kuijs ot streif prgcmucs te tlg slorg prm`g2

tlg @ecpoiy lovmif o coher suppamgr (Pmiestgga) wmaamifay tobg slorgs ot o prgcmuc te tlg slorgprm`g mi amgu ek òsl ker gifmiggrmif sgrvm`gs2

èistru`tmei èitro`ters o``gptmif poycgit ker sgrvm`gs tleufl tlg mssug ek slorgs mi amgu ekòsl poycgits2 oij

ècpormseis te pggrs, portmùaoray fmvgi oi mimtmoa ?4 ygor epgi ùt epgrotmei wmtl o cgosurgj

oij mijmòtgj rgseur`g neostmif renust prehg`t gèiecm`s, mikrostru`turg ojvoitofgs oij wmtloaa opprevoas mi pao`g te pre`ggj. Ie etlgr @ecpoiy los o cmig ekkgrmif tlg ojvoitofgs tlot

ê`baoijs los, gspg`moaay evgr tlg mimtmoa ygors ek preju`tmei wlgrg frojgs sunstoitmoaay lmflgr

tloi HE^@ gstmcotgs org ambgay te ng cmigj.

.?.?? NÊBG^ ^GAOZMEIPLMTP

Zrojmif joto suffgsts lmfl agvgas ek èepgrotmei er èaausmei ngtwggi nrebgrs wmtl o ècpagx aonyrmitl ek

kercoa oij mikercoa rgaotmeislmps mi pao`g. Zlg mitgro`tmeis ngtwggi nrebgrs ms nerig eut ny tlg

mierjmiotgay lmfl agvga ek sgttagcgit o`tmvmty ny WNP (>;.=%) evgr o 04 ceitl pgrmej fmvgi mts agvga ekmiveavgcgit mi tlg corbgt (7,:%) oij tlg lmfl pgr`gitofg ek trojgs uijgrtobgi ny rgtoma nrebgrs ei ngloak

ek mistmtutmeis gstmcotgj te ovgrofg ot oreuij ;4% ek oaa rgtoma nrebgr nuymif oij sgaamif. ^gtoma nrebgrs

tlgrgkerg rgprgsgit oi gxtrgcgay kercmjonag freup os kor os mistmtutmeioa trojmif ms èi`grigj.

Zlg kercoa èiig`tmeis ngtwggi @mtmfreup, Cerfoi Ptoiagy oij Pcmtl Norigy os pemitgj eut mi ^gsgor`l

Topgr ;.7 Pg`tmei ;.7.:.=.? 1AMIB9 oase cobg tlg trojmif ny tlg 0 nrebgrs o vgry kercmjonag freup mk tlgmr

trojmif ms èismjgrgj mi o ècnmigj èitgxt.

Zlg èepgrotmei oij okkmamotmeis ngtwggi nrebgrs ms oase lmflamfltgj ny tlg mi`rgosgj agvgas ek `luri tlot

e`ùrrgj wlgi C&F èiju`tgj tlgmr ei-corbgt nuymif òcpomfi jurmif Ievgcngr >4?4 tlreufl Cerfoi

Ptoiagy oij o cmx ek etlgr nrebgrs. O smifag nrebgr aeebmif te o`qumrg slorgs mi tlg corbgt ms ie rgosei ker

etlgr nrebgrs te fe mite o trojmif `luri krgizy uiagss tlg werj wos eut oneut tlg iggj ker veaotmamty wlmag

o`ùcuaotmei wos tobmif pao`g. Zlg socg sert ek `luri oij veaotmamty los o`ècpoimgj tlg rg`git sgaa jewi

ny C&F tlreufl Cerfoi Ptoiagy.

Zlg retotmei ek nrebgrs mi tgrcs ek tlgmr precmigi`g mi sgaamif & nuymif fgigroaay, mi ou`tmei miveavgcgits,

mi Jewitm`b miveavgcgits, oij wmtl tlg sgaamif jewi ek oiieui`gcgits oase suffgst streif èepgrotmei

oij o corbgt tlot los nggi cojg ortmkm`moa ny nrebgrs werbmif tefgtlgr mi jgamvgrmif tlg trojmif ofgijos ek

seplmstmòtgj mivgsters. Zlg o`tmvmtmgs lewgvgr oaa ècg uijgr tlg sert ek corbgt coimpuaotmei noiigr

ojjrgssgj ny tlg rg`git Lmfl @eurt jg`msmei oij iew rgqumrg prepgr mivgstmfotmei.
http://www.scribd.com/doc/114380425/6-5-The-Impact-of-Institutions-on-the-Cudeco-Registerhttp://www.scribd.com/doc/114380425/6-5-The-Impact-of-Institutions-on-the-Cudeco-Register


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.>.? NÊBG^ Z^GIJP OPPE@MOZGJ VMZL ZLG ZÔJMIF MI @uJG@E

Kgoturgs ek trojmif ambgay te ng fgigrotmif oij suppertmif ortmkm`moa prm`mif agvgas

?. Fgigroa jecmioi`g evgr tlg rgfmstgr ny gitmtmgs o`tmif tlreufl Mistmtutmeis oij @erperotg Gitmtmgs wmtl o òrtga-ambg èitrea evgrtrojmif oij wmtl trojmif luri tlg evgrwlgacmif kgoturg ek trojmif.

>. Jecmioi`g evgr tlg rgfmstgr ny Mistmtutmeis fgigroaay nut ny @mtmèrp Iecmiggs & Iotmeioa Iecmiggs mi portmùaor.

0. Zlg cohermty ek nrebgr trojmif ngmif ei ngloak ek mistmtutmeis wmtl trojmif jgtomas ensùrgj ny tlg sgttagcgitpre`gss oij tlg rgfmstrotmei ek trojgs.

:. O ietm`gonag èitrojm`tmei ngtwggi rgfuaotery àomcs ek troisporgit corbgts oij tlg aorfg veaucgs ek epoqugtrojmif osse`motgj wmtl mistmtutmeioa jgoamifs. O bgy prenagc ms tlot nrebgr mjgitmtmgs org iet jmsàesgj ker

mistmtutmeis wlgrgos tlgy org ker rgtoma mivgsters.

7. Aorfg veaucg trojgs wlgrg gitmtmgs tobg eppesmif smjgs ek go`l etlgrs nuymif & sgaamif, suffgstmif àesg è-epgrotmei oij/er eaausmei ngtwggi trojmif portigrs.

;. Zlg ambgamleej ek mistmtutmeis gkkg`tmvgay nuymif oij sgaamif te tlgcsgavgs, er te go`l etlgr wmtl erjgrs jmstrmnutgj

o`ress cuatmpag nrebgrs oij mi tlg pre`gss jm`totmif prm`gs oij rgtomimif gkkg`tmvg ewigrslmp evgr slorgs.

6. Coher nrebgrs trojmif aorfg veaucgs ker opporgit igt aessgs, suffgstmif ofgijos etlgr tloi trojmif prekmts.

. Gx`gssmvg agvgas ek ekk-corbgr nrebgr slorg troiskgrs tlot org nypossmif tlg amt corbgt oij romsmif qugstmeisoneut wlot ms ngmif o`lmgvgj tlreufl su`l troiskgrs.

?0. Jewitm`b stotmstm`s tlot suffgst trojmif oafermtlcs org jgsmfigj te ko`mamtotg koaas mi tlg slorg prm`g, wmtl nrebgrstrojmif eaausmvgay os sgaagrs ek Jewitm`bs oij nuygrs ek Jewitm`bs. Mi portmùaor, o rgfuaor kgoturg ek trojmif ms

nrebgrs wmtl eiay amflt trojmif veaucgs ngmif miveavgj wmtl ui`loro`tgrmstmòaay aorfg miveavgcgits os sgaagrs ek

Jewitm`bs oij nuygrs ek Jewi Zm`bs. Pu`l trojmif suffgsts streif eaausmei mi kmxmif prm`mif agvgas.

?:. Pmfimkmòit oiieui`gcgits ngmif cgt ny èuitgr mitumtmvg trojmif nglovmeurs (m.g., tlg sgaamif jewi ek feej igws)

rgsuatmif mi eikusmei oij jmsoppemitcgit ker slorgleajgrs oij o corbgt tlot jegsit rgkag`t @ecpoiykuijocgitoas.

?7. @eitrea gxgrtgj evgr tlg prm`g-sgttmif kui`tmei ek ou`tmeis ny grtomi nrebgrs tlreufl eismstgitay lmfl agvgas ekou`tmei nmjjmif & lmfl agvgas ek ou`tmei ottgijoi`g. Mt los agj te trgijs wlgrg epgimif prm`gs lovg tgijgj te ng

ngaew tlg prgvmeus àesg, wlgrg àesmif prm`gs lovg tgijgj te ng ngaew tlg aost trojg ek tlg joy, oij wlgrg

trojmif ker tlg joy los tgijgj te slew o jg`rgosg mi prm`g.

?;. Zlg rgfmstgr slewmif tlot tlg @ecpoiy Nuy No`b strmppgj slorgs krec rgtoma mivgsters suffgstmif tlot oiymistmtutmeioa slorgs neuflt ny tlg Nuy No`b wgrg rgpao`gj ny sunsgqugit rg-pur`losgs krec tlg corbgt. Mt oase

suffgsts tlot tlg mistmtutmeioa sgaamif wos iei-fgiumig.

?6. Zlg usg ek slertmif strotgfmgs ny mistmtutmeis (mi netl tlg agijmif ek ste`b oij mi èiju`tmif slert soags) te torfgtaewgr prm`gs jgspmtg tlg vgry sunstoitmoa aewgrmif ek pertkeame voaugs ny tlg o`tmvmty. Zlg coiofgcgit oij

rgju`tmei ek slert gxpesurgs los oase nggi eiju`tgj ekk-corbgt oij los fgigroaay ovemjgj prm`g jmsèvgry.

?


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0?

Pg`tmei 0

MPPWGP OPPE@MOZGJ VMZL MIPZMZWZMEIOA ZÔJMIF

Oietlgr bgy kmijmif ek tlg rgsgor`l uijgrtobgi ms tlg jecmioi`g evgr trojmif ny gitmtmgs wlesg leajmifs org

èitomigj wmtlmi kmvg bgy mistmtutmeioa slorgleajmifs. Ze o`èuit ker tlg cevgcgits ek slorgs mi oij eut ek

mistmtutmeioa o`èuits, o rgèi`mamotmei ek tlg rgfmstgr ofomist nrebgr trojmif evgr o pgrmej ek >.7 ygors los

slewi tlot tlg cohermty ek trojmif ny oaa nrebgrs los nggi ei ngloak ek seplmstmòtgj mivgsters. Pe tee lovg

slert sgaamif rgvgaotm7is osse`motgj wmtl tlg trojmif tlot e`ùrrgj ei Ouf =, >4?? os ojjrgssgj mi Pg`tmei =.7

Zlg pgrvosmvg mikaugi`g ek seplmstmòtgj mivgsters/mistmtutmeis mitreju`gs wmjg roifmif troisporgi`y

mssugs. Zlgmr nuymif oij sgaamif ms sggi te ng jmspgrsgj o`ress o vost igtwerb ek nrebgrs wlm`l ms peeagj os

kor os sgttagcgit ms èi`grigj nut wmtl ie amib te tlg nrebgrs rgspeismnag ker nuymif oij sgaamif. Mt cgoistlot wmtleut oujmts mt ms vgry jmkkmùat, mk iet mcpessmnag, te jgtgrcmig mk trojmif ms fgiumig oij wlot mcpo`t

tlgmr trojmif coy lovg loj ei tlg rgfmstgr. Os o èisgqugi`g, seplmstmòtgj gitmtmgs lovg nggi onag te

trojg epoqugay usmif coimpuaotmvg strotgfmgs te sgt ortmkm`moa prm`mif agvgas wmtl ècpagtg mcpuimty.

Tgrsmstgit joto oiecoamgs suffgst tlot tlg cohermty ek trojmif miveavgs coiofmif slorg prm`gs, os jmstmi`t

krec fgiumig nuymif oij sgaamif. Zlg rgsuat ms tlot slorg prm`gs lovg nggi òppgj oij comitomigj ot

ortmkm`moa agvgas wlm`l mi ie woy lovg rgkag`tgj tlg epgrotmeioa fomis o`lmgvgj ny tlg @ecpoiy oij tlg

cgrmts ek oi gcgrfmif aeif amkg, epgi ùt, cmig ot ê`baoijs tlot wmaa pre`gss vgry lmfl frojg erg oij ng

gxtrgcgay prekmtonag mi tlg kmrst ygors ek epgrotmei.

Peplmstmòtgj mivgsters lovg rgèfimzgj tlg cgrmts ek ê`baoijs os slewi ny tlgmr streif o`ùcuaotmei

tlreufl pao`gcgits oij te o agssgr gxtgit tlreufl ei-corbgt pur`losgs. Zlgmr mi`rgosmif èitrea evgr tlg

rgfmstgr wlmag tlg slorg prm`g los aoifumslgj, tefgtlgr wmtl tlg rgfmstgr slewmif cmimcoa `loifgs te

ngigkm`moa ewigrslmp ek slorgs jgspmtg aorfg veaucgs ek slorgs `lurigj no`b oij kertl, oaa pemit teworjs

slorg prm`g coimpuaotmei. Trm`gs lovg nggi sgt ot ortmkm`moa agvgas o`èrjmif te tlg wlmcs ek gitmtmgs wle

lovg èccei trojmif ofgijos oij wlesg trojmif oafermtlcs lovg nggi onag te jgamvgr strotgfm` trojmif

ojvoitofgs wlmag mcpesmif prm`mif ofgijos ei tlg corbgt.

Ei`g ofomi tlg mcpertoi`g ek tlg rg`git Lmfl @eurt jg`msmei sleuaj iet ng uijgrgstmcotgj. Mt losprevmjgj o wobg-up òaa ker tlesg rgspeismnag ker aox corbgt rgfuaotmei wlgrg faormif oiecoamgs lovg nggi

oaaewgj te e`ùr rgforjmif @uJgè. Mt oase prevmjgs o wobg-up òaa ker gitmtmgs gifofgj mi sgttmif ortmkm`moa

prm`mif agvgas wmtl tlgmr trojmif. Zlg jg`msmei los sgt o prg`gjgit wlgrgny tlg sert ek trojmif rgspeismnag

ker aeif-tgrc joto oiecoamgs oij tlg `rgotmei ek ortmkm`moa prm`mif agvgas o`tuoaay oamfi wmtl slorg prm`g

coimpuaotmei os jgkmigj ny tlg Lmfl @eurt. Jewitm`b Zrgijs oij Ou`tmei Zrgijs tlgrgkerg prevmjg o

streif keùs os te wlgrg oi mivgstmfotmei sleuaj mimtmoaay èi`gitrotg mi erjgr te mjgitmky tlesg gifofgj mi

maagfoa trojmif pro`tm`gs.


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GPZMCOZGP KE^ MIPZMZWZMEIOA O@ZM[MZ] ker HWIG >4?>

Pg`tmei 6.6.? te 6.6.7 KW^ZLG^ Z^OJMIF ENPG^[OZMEIP

^gsgor`l @loptgr ;.78 1AMIB9

Pg`tmei 7 MIPZMZWZMEIOA ^GFMPZ^] O@ZM[MZ] TG^MEJ HOI >4?4 te HWIG

asic complaint 1

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