PwC Capital Markets Union Integration

8/20/2019 PwC Capital Markets Union Integration

1/70

Hepmtec Gerilts \kmak6mktlbretmak ao HepmtecGerilts mk tjlLuraplek \kmak

www.pwh.hag/stkekhmecslrvmhls

Xlptlgdlr 4>5


2/70

4 ^wH Hepmtec Gerilts \kmak

Haktlkts

^rlegdcl >8

Lxlhutmvl Xuggery >0

Mktra`uhtmak ta tjl Hepmtec Gerilts \kmak >:

Rjy e Hepmtec Gerilts \kmak mk Lurapl1 >:

E Hepmtec Gerilts \kmak ta suppart tjl rlec lhakagy dy 4>5= 5>

E rlpart ta esslss gerilt-desl` `lvlcapglkt ek` mktlbretmak 5>

Xlhtmak 56 Gerilt-desl` stkekhmkb ms uk`lr`lvlcapl` 54

5.5 Pjl L\ ms `agmketl` dy caek-desl` stkekhl 58

5.4 Pjlrl ms raag ta mkhrlesl tjl `lptj ao hepmtec gerilts oar KOHs 5<

5.8 Cehi ao ectlrketmvl weys ao stkekhmkb 5:

5.0 Xlhurmtmsetmak es e hagpragmsl ta deki caeks 45

5.< E jltlrablklaus ek` hakhlktretl` hepmtec gerilt 40

Xlhtmak 46 Pjl mktlbretmak ao hepmtec gerilts ms ecrle`y uk`lrwey 4:

4.5 Mk`mhetars desl` ak prmhls 4:

4.5.5 Xtahi gerilts erl sjawmkb smbks ao hakvlrblkhl 4:

4.5.4 Pjl hrmsms jes jmk`lrl` dak` gerilt hakvlrblkhl 85

4.5.8 Pjl caek gerilt ms jmbjcy orebglktl` 88

4.4 Mk`mhetars desl` ak lhakagmh ̀ lhmsmaks ao eblkts 8<

4.4.5 Mkhrlesl` hepmtec fflaws wmtjmk tjl L\ hakstrg mkhrlesl` mktlbretmak 8?

4.4.4 Omkekhmec juds erl lvm`lkhl ao hepmtec gerilts mktlbretmak 8:

4.4.8 Jagl-dmesl` hepmtec gerilts kll` ourtjlr mktlbretmak 0>

Xlhtmak 86 Derrmlrs ta tjl Hepmtec Gerilts \kmak 04

8.5 Mgpl`mglkts ta gerilt-desl` stkekhl 04

8.4 Mgpl`mglkts ta mktlbretmak 0?

Xlhtmak 06 Adslrvetmaks ek` hakhcusmak

Epplk`mx


3/70

^wH Hepmtec Gerilts \kmak 8

^rlegdcl

Aur rlpart oahusls ak tjl adflhtmvls ao tjl Luraplek Haggmssmak”s mkmtmetmvl ta `lvlcap e

Hepmtec Gerilts \kmak

Aur baec wmtj tjms rlpart ms ta aoolr ekecysms

ek` lvm`lkhl wjmhj hek dl jlcpouc ta

pacmhygeilrs ek` strgs ecmil, es tjly

haksm`lr tjl kler tlrg hjekbls prapasl`

mk tjl Haggmssmak”s 4>5< ehtmak pcek oar

e HG\, es wlcc es tjl appartukmtmls wjmhj

ourtjlr pacmhy glesurls hauc` ukcahi.

^wH, dy vmrtul ao mts wari ek` racls

wmtjmk tjl stkekhmec slrvmhls mk`ustry, jes

lxplrmlkhl rlclvekt ta tjl `ldetls teimkb

pcehl mk Lurapl edaut tjl ̀ mrlhtmak, shapl,

egdmtmaks ek` prmarmtmls oar e Hepmtec

Gerilts \kmak.

Ehjmlvmkb e Hepmtec Gerilts \kmak ms ek

egdmtmaus mkmtmetmvl. Mk tjms rlpart, wl

stert dy lxegmkmkb tjl hurrlkt clvlcs ao

mktlbretmak ao L\ hepmtec gerilts.

Rl tjlk pravm`l ek avlrvmlw ao tjl

struhturl ao hepmtec gerilts, wmtj ek

ekecysms ao tjl clvlc ao mktlbretmak, sllimkb

ta m`lktmoy tjl gemk dcahiebls prlvlktmkb

ourtjlr mktlbretmak. Rl tjlk aoolr

adslrvetmaks ak glesurls tjet hauc` dl

(ek` mk sagl hesls erl dlmkb) haksm`lrl`

ta lesl mktlbretmak.

E Hepmtec Gerilts \kmak hlrtemkcy aoolrs

tjl patlktmec ta oastlr jmbjlr clvlcs ao

sustemkedcl lhakagmh brawtj mk tjl L\.

Rl japl tjet aur rlpart wmcc dl uslouc ta

suppart tjl prmarmtmsetmak tjet sjauc` dl slt

ta rlehj tjms mgpartekt adflhtmvl.

Drmek ^aci

^wH \I


4/70


Lxlhutmvl Xuggery

Hepmtec Gerilts \kmak (HG\) ms tjl Luraplek Haggmssmak”s pcek ta `mvlrsmoy ek` mgpravl ehhlss ta

ouk`mkb ao dusmklssls mk tjl rlec lhakagy, tjlrldy suppartmkb jmbjlr clvlcs ao lhakagmh brawtj ek` fad

hrletmak ehrass tjl L\.

Pjl HG\ emgs ta oastlr strakblr,

sustemkedcl lhakagmh brawtj dy6

hrletmkb ̀ llplr ek` garl mktlbretl`hepmtec gerilts mk tjl Luraplek \kmak

(L\)9 rlgavmkb derrmlrs ta hrass-dar`lr

mkvlstglkts9 mkhrlesmkb hagpltmtmak

ek` rlùhmkb hasts ao remsmkb hepmtec9

ek` mgpravmkb ehhlss ta stkekhmkb oar

dusmklssls, lsplhmeccy oar Xgecc ek`

Gl`mug-smzl` Lktlrprmsls (XGLs),

Garl losthmlkt hepmtec gerilts wauc`

mgpravl tjl eccahetmak ao hepmtec ek`

tjlrldy ecsa oastlr lhakagmh brawtj.

Dlttlr mktlbretl` gerilts ek` `mvlrsmstlòuk`mkb saurhls wauc` ecsa mkhrlesl

lhakagmh rlsmcmlkhl dy mgpravmkb tjl

`mvlrsmty ao mkvlstglkt ouk`mkb saurhls.

Pjl HG\ mkmtmetmvl ecsa hagprmsls vermaus

rmsis. Gerilt vacetmcmty hek mkhrlesl

systlgmh rmsis, rlùhl tjl edmcmty ao sgecc

ek` cahec pceylrs ta ehhlss stkekhl ek` rmsi

tjl wleilkmkb ao mkvlstar pratlhtmaks mk

sagl pcehls tjraubj tjl jergakmsetmak

prahlss.

Aur rlpart sllis ta esslss `lvlcapglktek` mktlbretmak ao L\ hepmtec gerilts.

Rl stert dy ekecysmkb tjl struhturl ek` smzl

ao hepmtec gerilts mk Lurapl, jmbjcmbjtmkb

patlktmec ̀ moolrlkhls wmtj atjlr bcadec

rlbmaks. Xlhak`, wl esslss tjl ̀ lbrll

ao tjl mktlbretmak ao hepmtec gerilts

mk L\ hauktrmls dy caaimkb et vermaus

gltrmhs. Pjmr`, wl emg ta m`lktmoy derrmlrsprlvlktmkb tjl ̀ lvlcapglkt ao gerilt-

desl` stkekhl ek` tjl mktlbretmak ao hepmtec

gerilts ehrass tjl L\. Oaurtj, wl pravm`l

e slt ao adslrvetmaks emgl` et e``rlssmkb

tjl derrmlrs m`lktmstl`.

Pa ehjmlvl e trul HG\, twa `moolrlkt dut

hagpclglktery eppraehjls kll` ta dl

pursul`6 strst, tjl HG\ sjauc` oastlr tjl

`lvlcapglkt ao gerilt-desl` saurhls ao

stkekhmkb9 ek` slhak`, mt sjauc` pragatl

tjl mkhrlesl` mktlbretmak ao hepmtecgerilts dy rlgavmkb derrmlrs ta hrass-

dar`lr treksehtmaks. Aur rlpart ek` mts

rlhagglkètmaks gemktemk tjl `mstmkhtmak

dltwllk tjlsl twa eppraehjls.

Gerilt-desl` stkekhl msuk`lr`lvlcapl` mk LuraplPjl L\ ms àgmketl` dy caek-desl`

stkekhl. Garl splhmstheccy, Kak-stkekhmec

harparetmaks (KOHs) rlcy gastcy ak caeks

ek` jevl e cmgmtl` racl mk tjl ̀ ldt gerilt,

wjmcl L\ jausljac`s prlolr dekis wjlk

mkvlstmkb tjlmr esslts. Caek cmedmcmtmls mk tjlL\ ehhaukt oar 454% ao L\ Brass @aglstmh

^raùht (B@^), esslts ao ̀ ldt slhurmtmls

erl wartj 525% ao B@^, ek` cmstl` sjerls

mssul` mk tjl L\ rlprlslkt ?>% ao B@ .̂ Dy

haktrest, mk tjl \X caeks rlprlslkt 502% ao

B@^, `ldt slhurmtmls 44>%, ek` cmstl` sjerls

55


5/70

^wH Hepmtec Gerilts \kmak <

Xlhurmtmsetmak jes dllk mk stle`y

`lhcmkl. Xlhurmtmsetmak eccaws caeks ek`

atjlr rlhlmvedcls ta dlhagl treèdcl,

ek` hek tjlrloarl (mk`mrlhtcy) oastlr

tjl stkekhmkb ao strgs, lsplhmeccy XGLs.

Xlhurmtmsetmak mssuekhl, jawlvlr, jes kat

rlhavlrl` ta mts prl-hrmsms clvlc gemkcy

dlheusl ao tjl gmsusl essahmetl` wmtj tjl

sudprmgl hrmsms ek` tjl usl ao ectlrketmvls,

suhj es havlrl` dak`s. Orag 4>>5 ta 4>>:,tjl ekkuec brawtj retl ao slhurmtmsetmak

mssuekhl wes et 8?.5 %, dut `lhrlesl`

dy 58.0% ak evlrebl lvlry yler orag

4>>= uktmc 4>50. Pjet sem`, rlbucetary

hjekbls erl slt ta daast tjl slhurmtmsetmak

gerilt dy slttmkb up rlbucetmaks emgl`

et stekèr`msmkb ek` mkhrlesmkb tjl

treksperlkhy ao tjms typl ao praùhts.

L\ hepmtec gerilts erl jltlrablklaus

ek` hakhlktretl`. Hepmtec gerilts mk

tjl L\ erl hakhlktretl` mk tjl cerblst

lhakagmls6 tjl \I, Orekhl ek` Blrgeky.

Tlcmekhl ak hepmtec gerilts oar stkekhmkb

vermls lkargauscy orag akl L\ hauktry

ta ekatjlr. Oar mkstekhl, tjl usl ao cmstl`

sjerls ms e haggak prehtmhl mk Rlstlrk

Lurapl, wjlrles ̀ ldt slhurmtmls erl

blklreccy ukevemcedcl ta strgs mk tjl clest

`lvlcapl` L\ lhakagmls.

E Hepmtec Gerilts \kmak hauc` dl desl`

ak e slrmls ao splhmecmst gerilts, wmtj

hauktrmls/rlbmaks splhmecmsmkb mk tjl

stkekhl ao akl (ar e cmgmtl` kugdlr ao)mkùstrmls ar typls ao slhurmty. Akl mssul

dlmkb ̀ ldetl` ms jaw tjl hepmtec gerilt

ukmak wmcc getlrmecmsl orag ek aplretmakec

pamkt ao vmlw. Akl ekswlr ms tjet, retjlr

tjek jevmkb akl ̀ agmkekt stkekhmec hlktrl,

tjl hepmtec gerilt ukmak hauc` dlhagl e

hacclhtmak ao juds splhmecmsmkb mk splhmsth

praùhts ek` ehtmkb es e pcetoarg tjet

wauc` hakklht sevlrs ta mkvlstars orag

eky L\ hauktry. Akl hak`mtmak, jawlvlr,

ms lksurmkb tjet derrmlrs oar lktlrmkb mkta

splhmsth gerilts erl rlgavl` mk ar`lr ta

gemktemk hagpltmtmak egakb L\ hauktrmls.

Pjl mktlbretmak ao hepmtecgerilts ms ecrle`y uk`lrwey Rl jevl glesurl` tjl clvlc ao mktlbretmak

ao hepmtec gerilts dy usmkb twa typls ao

mk`mhetars6 tjasl desl` ak prmhl ek` tjasl

desl` ak tjl lhakagmh ̀ lhmsmaks ao eblkts.

Dlcaw ms e suggery ao aur ily stk`mkbs.

Xtahi gerilts erl sjawmkb smbks ao

hakvlrblkhl. Xtahi gerilt rlturksao L\ lhakagmls erl sjawmkb smbks ao

hakvlrblkhl. Harrlcetmaks ao stahi gerilt

rlturks oar L\ hauktrmls hagperl` ta

rlturks ao tjl dlkhjgeri hauktry jevl

mkhrlesl` avlr tmgl, sjawmkb tjet stahi

gerilts erl dlhagmkb mkhrlesmkbcy

hakklhtl` ta lehj atjlr. Jawlvlr,

`mstrlssl` lhakagmls, suhj es Brllhl ek`

Xpemk, jevl sjawk ̀ lhrlesl` mktlbretmak

ùl ta m`masykhretmh mssuls suhj es

bavlrkglkt mksacvlkhy. Ak tjl atjlr sm`l,

hauktrmls suhj es tjl Hzlhj Tlpudcmh,

Jukbery, Xcaveime, Lstakme ek` Xcavlkme

jevl sjawk mkhrlesl` hakvlrblkhl.

]mlc` hakvlrblkhl jes lesl` mk tjl lura

erle, dut tjl hrmsms jes jmk`lrl` dak`

gerilt hakvlrblkhl. Dlmkb pert ao tjl

gakltery ukmak oehmcmtetls tjl hakvlrblkhl

prahlss oar tjl dak` gerilt. Jawlvlr,

tjl savlrlmbk ̀ ldt hrmsms jes smbkmsthektcy

scawl` ymlc` hakvlrblkhl mk tjl lura erle

hagperl` ta tjl kak-lura erle.

Xjahis ek` bavlrkglkt dak` ymlc`s

erl dlhagmkb clss systlgmh. Avlrecc,

ukcmil stahi gerilts, harrlcetmak ao

dak` gerilt rlturks oar L\ hauktrmls

hagperl` ta Blrgeky jes `lhrlesl`.

Hauktrmls suhj es Tagekme, Jukbery

ek` ̂ acek`, dut ecsa tjasl wmtj wlcc-

lstedcmsjl` mktlr`lplk`lkhmls wmtj atjlr

L\ hauktrmls, suhj es Cuxlgdaurb ek` tjl

\kmtl` Imkbàg, jevl sjawk mkhrlesl`

mktlbretmak. Atjlrs, mkhcu`mkb Xpemk,

ârtubec, Mtecy ek` Brllhl, erl sjawmkb

`lhrlesl` mktlbretmak.

Pjl L\ caek gerilt ms jmbjcy

orebglktl`. Lurapl ̀ alsk”t pravm`l

lquec stkekhmkb hasts. Pjl mktlrlst retls

eppcml` ta caeks ̀ moolr ehrass hauktrmls

ek` dekis eppler ta gemktemk tjlsl

`moolrlkhls avlr tmgl. Lvlk wjlk teimkb

mkta ehhaukt hauktry splhmsth rmsi, hrl`mt

hak`mtmaks rlgemk ̀ moolrlkt orag akl

hauktry ta ekatjlr. Atjlr mk`mhetars suhj

es tjl lvacutmak ao hrl`mt gerilt hak`mtmaks

eppcml` dy dekis ta KOHs ̀ a kat oaccaw

tjl segl petj ehrass L\ hauktrmls. Omkeccy,

XGLs ehhlss ta stkekhl rlgemks pertmhucercy

orebglktl` mk tjet ehhlss ta stkekhl ̀ moolrs

orag akl hauktry ta tjl atjlr.

Mkhrlesmkb hepmtec fflaws wmtjmk tjl

L\ hakstrg mkhrlesl` mktlbretmak.

Mktlbretmak ms rlffllhtl` tjraubj tjl

mktlrketmakecmsetmak ao tjl aplretmaks ao

stkekhmec mkstmtutmaks. Egakb tjl tap dekis

mk lehj hauktry, ecc cle`mkb dekis mk tjl

L\ erl jle`quertlrl` mk ek L\ hauktry.

Omkeccy, tjl sjerl ao hrass-dar`lr ̀ lecs

vecul ms mkhrlesmkb avlr tmgl `lgakstretmkb

tjet L\ Glgdlr Xtetls erl mkhrlesmkbcy

dlhagmkb mktlrhakklhtl` ek` mktlbretl`.

Omkekhmec juds pravm`l lvm`lkhl ao

hepmtec gerilts mktlbretmak. Derrmlrs

orag hepmtec fflaws jevl dllk suosthmlktcy

caw ta eccaw tjl splhmecmsetmak ao hauktrmls

mk tlrgs ao stkekhmec slrvmhls, lsplhmeccy

rlber`mkb tjl mkvlstglkt ouk` mkùstry.

Xagl hauktrmls, suhj es Cuxlgdaurb ek`

Mrlcek`, jevl pasmtmakl` tjlgslcvls es

juds oar mkvlstglkt.

Jagl dmesl` hepmtec gerilts kll`

ourtjlr ettlktmak oar mktlbretmak. Jagl

dmesls erl stmcc prlslkt wmtjmk L\ hepmtec

gerilts. Oar ecgast twa-tjmr s̀ ao stkekhmec

mkstmtutmaks, esslts erl stmcc mkvlstl` mk

àglstmh gerilts. Garlavlr, ketmakec

mkvlstglkt stmcc ̀ lplk`s gemkcy ak

jausljac` ̀ aglstmh sevmkbs.

Xlvlrec derrmlrs erl stmcc prlvlktmkb tjl lglrblkhl aotjl Hepmtec Gerilts \kmakAur rlpart m`lktmstls lmbjt gefar derrmlrs

ta tjl ̀ lvlcapglkt ao tjl HG\ ek`

`mstmkbumsjls mgpl`mglkts prlvlktmkb tjl`lvlcapglkt ao gerilt-desl` stkekhl orag

tjasl prlvlktmkb mkhrlesl` mktlbretmak ao

hepmtec gerilts.


6/70

? ^wH Hepmtec Gerilts \kmak

5. Pjl hasts oar strgs, lsplhmeccy XGLs,

ta lktlr mkta gerilt-desl` stkekhmkb

sacutmaks, suhj es cmstl` stahi gerilts,

rlgemk jmbj. Mkvlstars” hasts erl ecsa

jmbj es adtemkmkb mkoargetmak ak

tjl hrl`mtwartjmklss ao XGLs ms tmgl

haksugmkb.

4. Jausljac`s” evlrsmak ta rmsi ek`

stkekhmec gerilts prlvlkts gerilt-desl` stkekhl `lvlcapglkt. Mk

Lurapl, tjl evlrebl sjerl ao kak-

stkekhmec esslts rlprlslkts


7/70


0. ^ragatmkb `mvlrsmstl` saurhls ao

stkekhmkb wauc` rlùhl ̀ lplk`lkhy

ak dekimkb caeks. Pjl pragatmak

ao ectlrketmvl gltja`s ao stkekhmkb

ms mgpartekt ta rlùhl avlrrlcmekhl

ak akl splhmsth stkekhmkb gltja`.

Hrawòuk`mkb jes rlhlktcy epplerl`

es ek e``mtmakec taac oar stkekhmkb

sgecc ta gl`mug-smzl` strgs. Jawlvlr,

hrawòuk`mkb ms mkhaksmstlktcyrlbucetl` ehrass Glgdlr Xtetls, wjmhj

mgpl`ls tjl shecedmcmty ao tjl slhtar.

^rmvetl pcehlglkt ms ecsa e pragmsmkb

appartukmty ta ̀ mvlrsmoy stkekhmkb

gltja`s oar XGLs ek` sjauc` dl

haksm`lrl` dy gerilt pceylrs ek`

rlbucetars.


8/70

: ^wH Hepmtec Gerilts \kmak

Mktraùhtmak ta tjl Hepmtec Gerilts \kmak

Mk Fucy 4>50, Flek-Hceu`l Fukhilr, ̀ urmkb jms aplkmkb stetlglkt et tjl Luraplek ̂ ercmeglkt pclkery

slssmak, ceukhjl` tjl Hepmtec Gerilts \kmak mkmtmetmvl. Pa lxpcemk mts retmakecl, wl wmcc lcedaretl aktjl lxplhtl` dlklstts ao e Luraplek Hepmtec Gerilts \kmak ek` tjl adflhtmvls pursul` dy tjl Luraplek

Haggmssmak rlber̀ mkb tjl mkmtmetmvl. Rmtjmk tjms haktlxt, aur rlpart wmcc `lcmvlr ek esslssglkt ao tjl

hurrlkt `lbrll ao gerilt-desl` stkekhmkb es wlcc es ao tjl `lbrll ao mktlbretmak ao hepmtec gerilts. Mt wmcc

ecsa e``rlss tjl gemk dcahiebls tjet prlvlkt Luraplek hepmtec gerilts orag dlmkb ourtjlr mktlbretl`.

Omkeccy, tjms rlpart wmcc `lstkl tjl prmarmtmls tjet sjauc` dl slt ta ehjmlvl suhj e ukmak.

Rjy e Hepmtec Gerilts

\kmak mk Lurapl1 Ehhar`mkb ta tjl prmkhmpcl ao tjl Prlety ao

Tagl, hepmtec sjauc` fflaw orllcy wmtjmk

tjl Luraplek \kmak. Hakslqulktcy, hepmtec

gerilts sjauc` dl ouccy mktlbretl`, ek` tjms

sjauc` pasmtmvlcy mgpeht lhakagmh brawtj.

Mktlbretl` hepmtec gerilts oastlr lhakagmh ehtmvmty E hepmtec gerilt ms e gerilt tjet hjekklcs

ouk`s orag klt sevlrs (suhj es rltemc

mkvlstars ek` mkstmtutmakec mkvlstars) ta klt

splk`lrs cmil dusmklssls, bavlrkglkts ek`mk`mvmùecs. Mk ek aplk lhakagy, kak-

rlsm`lkts hek ecsa pertmhmpetl mk tjms gerilt

es klt sevlrs ar splk`lrs.

Rjlk hepmtec gerilts erl ouccy

mktlbretl`, esslts passlssmkb m`lktmhec

rmsi hjerehtlrmstmhs jevl tjl segl prmhl

rlber`clss ao tjl hauktrmls mk wjmhj tjly

erl tre`l`. Mk`ll`, mo tjlrl erl ka derrmlrs

ta stkekhmec fflaws, harrlspak`mkb rmsi

esslts sjauc` haggek` tjl segl lxplhtl`

rlturk, mrrlsplhtmvl ao ̀ agmhmcl. Mk atjlr

war`s, hepmtec gerilts mktlbretmak mgpcmlse prahlss ao hakvlrblkhl mk gerilt rmsi ek`

prmhl. Ak tjl atjlr jek`, wjlk gerilts

erl slbglktl`, twa ao tjl segl lxeht

esslts hek jevl ̀ moolrlkt lxplhtl` rlturks

dlheusl tjl saurhls ao rmsi ek` tjlmr prmhls

gey ̀ moolr ehrass gerilts ek ̀tjl hauktry-

splhmsth rmsis hekkat dl ouccy ̀ mvlrsmstedcl.

Pjl mktlbretmak ao hepmtec gerilts ms

oukèglktec ta mgpravmkb Lurapl”s lhakagy.

Tlgavmkb derrmlrs ta mktlbretmak wmcc lkjekhl

lhakagmh ehtmvmty mk tjl oaccawmkb weys6

• Omrst, mkhrlesl ̀hagpltmtmak dltwllk

mktlrgl m̀ermls wmcc kerraw tjl gerbmk ao

tjlsl mktlrgl m̀ermls, glekmkb tjet tjl hast

ao stkekhl wmcc ̀ lhrlesl oar darrawlrs, wjmcl

rlturks oar sevlrs wmcc mkhrlesl. Pjms wmcc

lkhaurebl sevlrs ta pravm̀ l garl stkekhl,

ek ̀darrawlrs ta adtemk hjleplr stkekhl. Es

e rlsuct, e garl losthmlkt stkekhmec mkùstry

sjauc̀ remsl tjl clvlc ao mkvlstglkt.

• Xlhak ,̀ ̀ llplr ek ̀garl hagpltmtmvl

stkekhmec gerilts hek ecsa haktrmdutl ta

brawtj dy eccahetmkb hepmtec garl losthmlktcy.

Dy oehmcmtetmkb tjl tre m̀kb, jl`bmkb ek`

paacmkb ao rmsis, e garl jmbjcy-`lvlcapl`

stkekhmec slhtar wauc̀ eccaw mkvlstars

ta ouk ̀prasttedcl dut rmsiy mkvlstglkt

appartukmtmls tjet wauc̀ atjlrwmsl

dl oarbakl. Pa tjl lxtlkt tjet garl

sapjmstmhetl ̀mktlrgl m̀ermls hek ̀ mstmkbumsjbaa ̀praflhts orag de ̀akls, ouk`s wmcc

ba ta tjl garl prasttedcl praflhts ek ̀tjl

praùhtmvmty ao tjl lhakagy wmcc mkhrlesl.

Mk tjl hesl ao tjl Luraplek \kmak,

lsplhmeccy tjl Lurazakl, mktlbretl` hepmtec

gerilts jevl ekatjlr gemk e`vektebl‐

mkhrlesl` lhakagmh rlsmcmlkhl. Ehhar`mkb

ta tjl Luraplek Hlktrec Deki (LHD)56

• Mgpravmkb ̀ mvlrsmsthetmak ao ouk`mkb wmcc

lkjekhl hrass-dar`lr rmsi teimkb ek`

eccaw hepmtec gerilts ta pcey e brletlr

racl mk rlùhmkb tjl mgpeht ao e sjahi mk

akl hauktry9

• Losthmlkt ek` `mvlrsmstl` hepmtec gerilts

wmcc dl eccawl` ta jevl garl hrass-

dar`lr dekis tjet erl cerbl lkaubj ta

aplretl ehrass dar`lrs ek` ̀ mvlrsmoy

rmsis, dut sgecc lkaubj ta dl rlshuedcl.

Pjl treksgmssmak ao gakltery pacmhy wmcc

dl mgpravl` es lhakagmh pacmhmls ek`

hak`mtmaks ao glgdlr stetls dlhagl

garl jagablkmsl`‐tjl garl smgmcer

tjly erl, tjl garl sumtedcl tjl smkbcl

gakltery pacmhy wmcc dl oar lehj hauktry.

Mk`ll`, mktlbretmak wmcc mgpcy mkhrlesl`

hagpltmtmak egakb hepmtec gerilts mk

Lurapl. Pjms wmcc kerraw ̀ moolrlktmecs

ehrass hauktrmls mk vermaus gerilt

slbglkts (hrl`mt gerilt, dak` gerilt,

lth.). Es e hakslqulkhl, gakltery pacmhystmgucus wmcc eoolht Luraplek gerilts mk

e guhj garl jagablkaus wey tjek mt

wauc` mk e orebglktl̀ gerilt. Garlavlr,

mo mktlbretmak gleks jergakmsetmak ao

rlbucetmak, suhj es mksacvlkhy cews,


9/70

^wH Hepmtec Gerilts \kmak =

mt wauc` eccaw mkvlstars ta prmhl mk e

haksmstlkt wey ehrass hauktrmls. Pjms wauc`

eccaw hakvlrblkhl mk tjl hast ao darrawmkb

ehrass hauktrmls, geimkb gakltery pacmhy

`lhmsmaks lesmlr ta mgpclglkt.

Es wlcc es mts draè lhakagmh e`vektebls,

tjl Hepmtec Gerilts \kmak hauc` dl sudflht

ta vermaus rmsis. Dy mkhrlesmkb cmkiebls

ehrass hauktrmls, akl hjecclkbl tjlHG\ pasls ms tjl rmsi ao jevmkb systlgmh

rlplrhussmaks mk hesl ao e`vlrsl lhakagmh

sjahis tabltjlr wmtj mkhrlesl` vacetmcmty mk

tjl gerilts. Pjms erbuglkt hek jawlvlr

dl hauktlrdecekhl` es tjl Hepmtec Gerilts

\kmak mkmtmetmvl sjauc` dl uk`lrstaa` es

e wey oar mkvlstars ta ̀ mvlrsmoy saurhls ao

mkvlstglkts ehrass stkekhmec praùhts ek`

hauktrmls.

Akl atjlr hjecclkbl oar tjl HG\ ms mts

oahus ak XGLs. Ourtjlr mktlbretmak ao

hepmtec gerilts hauc` cle` ta cmttcl `mrlhtmgpeht oar XGLs mk tjlmr edmcmty ta ehhlss

hepmtec gerilts. Mk`ll`, tjl mktlbretmak

ao hepmtec gerilts hauc` daast tjl

`lvlcapglkt ao mktlrketmakec gerilts

wjmhj XGLs, dlmkb gemkcy cahec pceylrs,

wauc` kat dl edcl ta ehhlss. Mk tjms vmlw, es

`lshrmdl` mk aur adslrvetmak 0 (sll pebl

>:)0, ms tjl

jltlrablklmty ao darrawlrs ek` tjl cahec

keturl ao tjl mkoargetmak tjet clk`lrs

kll`.

• Mk tjl lqumty gerilt, tjl LG\”s

pasmtmvl mgpeht ms wlcc-àhuglktl`.

Jeràuvlcms lt ec. (5===)>:) erbul tjet mktlbretmak

ahhurrl` eotlr tjl mktraùhtmak ao tjl

lura.? E peplr dy êcema`mgas (4>58)2

subblsts ek mktlrgl`mery hakhcusmak6

tjl mktlbretmak ao tjms gerilt epplersta jevl mkhrlesl` strakbcy erauk`

tjl hrletmak ao tjl hurrlkhy ukmak.

Oretzshjlr (4>55): lxpcemks tjet tjl

lcmgmketmak ao lxhjekbl retl vacetmcmty

pceyl` e ily racl mk tjms prahlss.

Mo tjl LG\ wes mk`ll` ek mgpartekt

hak`mtmak oar tjl lglrblkhl ao e pek-

Luraplek hepmtec gerilt, mt jes kat dllk

e suosthmlkt akl. Kuglraus ormhtmaks mk

tjl oarg ao tex systlgs, e`gmkmstretmvl

dur`lks, vermaus slttclglkt systlgs ek`

mkoargetmakec esyggltrmls haktmkul ta

mgpl`l ourtjlr mktlbretmak. Garlavlr, tjl

Lurazakl ms akcy akl pert ao tjl Luraplek

\kmak (L\), ek` mt epplers tjet tjl atjlr

L\ hauktrmls jevl lvlk clss mktlbretl`

hepmtec gerilts mk dak`s ek` lqumtmls.=

Omkeccy, tjl bcadec stkekhmec hrmsms jes

rlvlrsl` tjl prahlss ao mktlbretmak ao

hepmtec gerilts mk Lurapl. Xudslqulkt

stshec sltdehis jevl pertcy klutrecmsl`

tjms mktlbretmak mk datj lqumty ek` dak`

gerilts, hrletmkb e oer garl slbglktl`Lurazakl wmtj rlsplht ta pacmhy pcekkmkb.5>

5 Halurí D. , glgdlr ao tjl Lxlhutmvl Daer` ao tjl LHD, Xpllhj `lcmvlrl` et MCO Hakolrlkhl, Gerhj 4>558.

8 Eèg, I. lt ec., Ekecysl, Hagperl, ek` Eppcy Ectlrketmvl Mk`mhetars ek` Gakmtarmkb Gltjaàcabmls ta Glesurl tjl Lvacutmak ao Hepmtec Gerilt Mktlbretmak mk tjlLuraplek \kmak, HXLO, 4>>4.

0 Fepplccm P. ek` ̂ ebeka G., Omkekhmec Gerilt Mktlbretmak uk`lr LG\, Luraplek Haggmssmak, Lhakagmh êplrs 854, 4>>:.

< Jeràuvlcms B., Geccmerapucas @. ek` ̂ rmlstcly T., LG\ ek` Luraplek Xtahi Gerilt Mktlbretmak, Pjl Faurkec ao Dusmklss, _ac 2=, Ka 5, 4>>?.

? Heppmlcca C., Ieèrlfe E. ek` Gekbeklccm X., Pjl mgpeht ao tjl lura ak lqumty gerilts, LHD warimkb peplr slrmls, Ka. =>?, 4>>:.

2 êcema`mgas B. P., mdm`.

: Oretzshjlr G., Omkekhmec Gerilt Mktlbretmak mk Lurapl6 Ak tjl Llht ao LG\ ak Xtahi Gerilts, 4>>5.

= Eèg I. lt ec., mdm`.

5> êcem`mgas B. P., mdm`.


10/70

5> ^wH Hepmtec Gerilts \kmak

E Hepmtec Gerilts\kmak ta suppart tjlrlec lhakagy dy 4>5=

Pjl hrl`mt hrukhj wjmhj rlsuctl` orag

tjl bcadec stkekhmec hrmsms clot Lurapl mk

`mrl kll` ao kak-deki saurhls ao stkekhl,

ek` tjl smtuetmak jes dllk lxehlrdetl`

dy Lurapl”s orebglktl` hepmtec gerilts.Rmtjmk tjms haktlxt, tjl Luraplek

Haggmssmak (LH) jes ekkaukhl` tjet mt

wmcc wari ta hrletl e Hepmtec Gerilts \kmak

dy 4>5=. Pjl gemk baecs ao tjl Hepmtec

Gerilts \kmak erl tjl oaccawmkb6

• Hrletl e smkbcl gerilt oar hepmtec dy

rlgavmkb derrmlrs ta hrass-dar`lr

mkvlstglkts9

• Mkhrlesl hagpltmtmak ta rlùhl tjl hast

ao remsmkb hepmtec9

• Mgpravl ehhlss ta stkekhmkb oar ecc

dusmklssls erauk` Lurapl9 mk pertmhucer,

jlcp sgecc ek` gl`mug lktlrprmsls

(XGLs) remsl stkekhl garl lesmcy9

• @mvlrsmoy tjl ouk`mkb ao tjl lhakagy dy

gethjmkb suppcy ta ̀ lgek`9

• Gexmgmsl tjl dlklstts ao hepmtec gerilts

sa tjly hek suppart lhakagmh brawtj

ek` fad hrletmak9 ek`

• Jlcp tjl L\ ta ettreht mkvlstglkts orag

ecc avlr tjl warc` ek` dlhagl garlhagpltmtmvl.

Es e rlsuct ao tjms mkmtmetmvl, tjmki tekis

ek` Luraplek mkstmtutmaks jevl ecrle`y

oargucetl` rlhagglkètmaks ta gavl

oarwer` wmtj tjms ukmak, mkhcu`mkb tjl

oaccawmkb655

• Pjl garl hauktrmls tjet pertmhmpetl,

tjl brletlr tjl dlklstts. Mk tjms slksl,

tjl Hepmtec Gerilts \kmak sjauc` dl ek

L\-wm`l praflht retjlr tjek e Lurazakl

mkmtmetmvl.

• Pjl Hepmtec Gerilts \kmak prabreggl

ms vlry egdmtmaus ek` wmcc dl `mosthuct

ta ̀ lstkl. Pjlrloarl, mt ms hruhmec ta

`lcmkletl prlhmslcy tjl clvlc ao egdmtmak

ek` tjl splhmsth adflhtmvls pursul`.

• Ek eppraprmetl oarg ao suplrvmsmak

sjauc` dl oauk`. Pjl \kmak sjauc` rlcy

prlolredcy ak lxmstmkb eutjarmtmls, ek`

rlmkoarhl tjlg mk ar`lr ta strlkbtjlkek` jergakmsl L\ rlbucetmaks.

• Pjl `lvlcapglkt ao hlrtemk gerilt

slbglkts (l.b. slhurmtmsetmak, prmvetl

lqumty) sjauc` dl ge`l strst tjraubj

gerilt-cl̀ mkmtmetmvls, stekèr`msetmak,

mkhrlesl` treksperlkhy (l.b. hrl`mt

rlbmstlrs) ek` jergakmsetmak.

• âcmhy sjauc` oahus ak mkhrlesmkb tjl

ettrehtmvlklss ao hepmtec gerilts datj

oar L\ mkvlstars ek` oar mkvlstars orag

autsm`l tjl \kmak.

E rlpart ta esslssgerilt-desl``lvlcapglkt ek`mktlbretmak

Pjl uctmgetl adflhtmvl ao tjl Luraplek

Haggmssmak mk lstedcmsjmkb e Hepmtec

Gerilts \kmak ms ta oastlr lhakagmh

brawtj. Es lhakagmh brawtj ms gemkcy

`rmvlk dy kak-stkekhmec harparetmaks

(wjmhj ehhaukt oar ecgast ?


11/70

Mk Xlhtmak 5, wl wmcc esslss tjl lxtlkt

ta wjmhj hepmtec gerilts mk Lurapl erl

gerilt-desl` dy hagpermkb tjl usl

ao ̀ ldt, lqumty ek` caeks es gleks ao

stkekhmkb ek` dy pravm`mkb ily stburls

rlber`mkb tjl struhturl ao hepmtec gerilts

mk tjl Luraplek \kmak.

Mk Xlhtmak 4, wl wmcc usl stek`er`

mk`mhetars ao mktlbretmak ta glesurl tjl`lbrll ao mktlbretmak ao hepmtec gerilts mk

tjl Luraplek \kmak.

Mk Xlhtmak 8, wl wmcc m`lktmoy tjl gemk

dcahiebls ta mktlbretmak dy hetlbarmsmkb

tjlg ehhar`mkb ta tjasl tjet prlvlkt tjl

`lvlcapglkt ao gerilt-desl` stkekhmkb

(rlbucetmaks, dljevmaur ao jausljac`s

ek` kak-stkekhmec harparetmaks), ek`

tjl akls tjet prlvlkt tjl mktlbretmak ao

hepmtec gerilts (prmhmkb, treksperlkhy ek`

evemcedmcmty ao mkoargetmak).

Mk Xlhtmak 0, wl wmcc autcmkl e slrmls ao

adslrvetmaks tjet wauc` suppart tjl

`lvlcapglkt ao gerilt-desl` stkekhl ek`

ourtjlr mktlbretmak ao hepmtec gerilts mk

tjl L\.

Rl japl tjet tjms rlpart wmcc pravm`l

uslouc mksmbjts tjet wmcc jlcp ta lstedcmsj

hepmtec gerilts tjet erl garl ehhlssmdcl ta

stkekhl kak-stkekhmec harparetmaks (KOHs),

lsplhmeccy XGLs.



12/70


Gerilt-desl` stkekhmkb msuk`lr`lvlcapl`

Omkekhmec gerilts erl gemkcy uk`lrstaa` es gakly gerilts ek` `ldt ek` lqumty gerilts. Oar tjl

purpasls ao tjms rlpart, wl wekt ta mccustretl jaw ouk`s hek fflaw orag sevlrs ta darrawlrs tjraubj tjl`ldt ek` lqumty gerilts, es wlcc es tjraubj atjlr ectlrketmvl gerilt-desl` stkekhmkb struhturls suhj es

hrawòuk`mkb ek` prmvetl lqumty. Ouk`s hek ecsa fflaw tjraubj caeks dy usmkb dekis es mktlrgl`mermls9

tjms harrlspak`s ta caek-desl` stkekhmkb.

Pjraubjaut tjms rlpart, wl ̀ lstkl hepmtec gerilts es ̀ ldt, lqumty, ek` caek gerilts.58 Aur struhturl ao hepmtec gerilts ms mccustretl` mk

Omburl 5.

58 Mk aur geppmkb, lqumty gerilts haksmst akcy ao cmstl` lqumtmls ek` `ldt gerilts mkhcu`l sjart- ek` cakb-tlrg `ldt slhurmtmls. Atjlr hagpaklkts ao gakly gerilts,wjmhj haksmst ao hesj slbglkts ek` ̀ lrmvetmvls slbglkts, jevl dllk lxhcu`l` es tjly pravm`l akcy vlry sjart-tlrg kekhmkb. Lqumty ms uk`lrstaa` es pudcmh ek`

prmvetl lqumty. Hrawòuk`mkb ms e hagdmketmak ao tjl vermaus mkstruglkts.

Omburl 56 Xtruhturl ao hepmtec gerilts

^lrhlktebl ao B@^ oar tjl wjacl lhakagy Omkekhmkb aws

Xaurhl6 ̂ wH Gerilt Tlslerhj Hlktrl

Gerilt-desl`

@ldt gerilt

Lqumty gerilt

Ectlrketmvl weys ao kekhmkb

CaeksMktlrgl`mermls

Mktlrgl`mermls

Clk`lrs/klt sevlrsDarrawlrs/klt

splk`lrs

Caek-desl`

Tlsm`lkt

• Omrgs

• Bavlrkglkts • Jausljac`s

• Xjart tlrg

• Cakb tlrg

• Dekis

• ^lksmak ouk`s

• Mksurekhl harparetmaks

• Mkvlstglkt ouk`s

• Atjlr

(^rmvetl lqumty, vlkturl hepmtec, dusmklss ekblcs,

hrawòuk`mkb...)

• ûdcmhTlsm`lkt

• Omrgs

• Bavlrkglkts

• Jausljac`s

Kak-rlsm`lkt

Kak-rlsm`lkt

525%

?>%

>.


13/70


Jlrleotlr, wl lxegmkl tjl lxtlkt ta

wjmhj Lurapl es e wjacl tlk`s ta dl e

caek-desl` lhakagy retjlr tjek e gerilt-

desl` lhakagy. Rl hagperl Lurapl”s

hepmtec gerilt struhturl ta atjlr cle`mkb

lhakagmls, haksm`lr tjl racl pceyl` dy

kak-deki ehtars, caai et tjl ̀ mvlrsmty ao

stkekhmkb ectlrketmvls ek` jmbjcmbjt tjl

`lbrll ao jltlrablklmty egakb Luraplek

hauktrmls mk tlrgs ao stkekhmkb.

5.5 Pjl L\ ms `agmketl`dy caek-desl` stkekhl

Pjl L\ ms e caek-desl` lhakagy. Pjms hek

dl sllk orag tjl smzl ao tjl caek gerilt

hagperl` ta atjlr gerilts. Ak tjl akl

jek`, strgs erl vlry rlcmekt ak deki caeks

ta stkekhl tjlmr ehtmvmtmls hagperl` ta

atjlr typls ao mkstruglkts. Ak tjl atjlr

jek`, jausljac`s starl e smbkmsthekt sjerl

ao tjlmr sevmkbs mk deki ̀ lpasmts, wjmhjpcehls dekilrs mk e hrmtmhec pasmtmak ta

eht es tjl gefar stkekhmec mktlrgl`mery

oar hjekklccmkb ouk`s orag sevlrs ta

darrawlrs.

Pjl caek gerilt ms tjl prlvemcmkb gerilt Pjl mgpartekhl ao caek-desl` stkekhl mk

tjl L\ ms rlffllhtl` mk mts sjerl ao Brass

@aglstmh ̂ ra`uht (B@^) ao tjl tatec

lhakagy wmtj rlsplht ta atjlr typls ao

cmedmcmtmls. Caek cmedmcmtmls mk tjl L\ ehhaukt

oar 454% ao L\ B@^, `ldt slhurmtmls erl wartj 525% ao B@ ,̂ ek` cmstl` sjerls

mssul` mk Lurapl rlprlslkt ?>% ao B@^.

Hagperl` ta atjlr cerbl lhakagmls, tjl

rlsplhtmvl sjerls mk tjl \X erl6 502% oar

caeks, 55%

oar ̀ ldt slhurmtmls‐wjmhj mk`mhetls ek

mgprlssmvl `ldt gerilt. Hagperl` ta

Fepek, tjl L\ caeks gerilt ms cawlr. Pjl

sjerl ao caek cmedmcmtmls ta B@^ stek`s

et 422%. Garlavlr, tjl sjerl ao `ldt

slhurmtmls ms guhj garl ̀ lvlcapl` mk

Fepek tjek mt ms mk tjl L\. Pjet sem`, tjl

smbkmsthekt smzl ao Fepek”s ̀ ldt gerilt ms

gemkcy ̀ ul ta tjl kuglraus glesurls

`lpcayl` ta cmgmt ̀ lffletmak, mkhcu`mkb

quektmtetmvl lesmkb, smkhl @lhlgdlr 4>54.

Pjl L\ jes tjl sgecclst lqumty gerilt

wmtj e gerilt hepmtecmsetmak hagperedcl

ta Fepek”s, dut clss tjek jeco ao tjl \X

gerilt.

Mk tjl L\, kak-stkekhmecharparetmaks rlcy jlevmcy akcaeks

Hagperl` ta atjlr cerbl lhakagmls,5<

tjl Luraplek KOHs erl jlevmcy rlcmekt ak

caeks. Mk`ll`, tjl sjerl ao caek cmedmcmtmls

wmtjmk tatec KOH stkekhmec cmedmcmtmls stek`s

et 42.=%, `mrlhtcy eotlr Fepek wmtj 4:.5%,

es sjawk mk Omburl 8 (tjl spcmt ehrass L\

hauktrmls ms evemcedcl mk Omburl 5< pebl

40). Dy haktrest, KOHs mk tjl \X gemktemk

e caek sjerl ao 54.?% ao tatec stkekhmec

cmedmcmtmls ‘ clss tjek jeco tjet ao tjlmr

hauktlrperts mk tjl L\.

Pjl twa gemk hetlbarmls ao gerilt-desl`

stkekhmkb (`ldt slhurmtmls, sjerls ek` atjlr

lqumty) rlprlslkt >%

5%

5>>%

%

>%

\X Fepek L\

44>%

55%

454%


14/70


Jausljac`s prlolr dekis wjlk mkvlstmkb tjlmr essltsPjl cerbl racl ao dekis ms pertcy `ul ta

prlolrlkhls ao jausljac`s.52 Mk`ll`, ak tjl

sevlrs” sm`l, stkekhmec esslts ao jausljac`s

erl smbkmsthektcy hagpasl` ao hurrlkhy

ek` deki ̀ lpasmts, `lgakstretmkb jawdekis ettreht gast ao tjl ouk`s evemcedcl

mk tjl L\ (tjl sjerl oar lehj L\ hauktry

ms bmvlk mk Omburl 84 mk tjl epplk`mx).

Hurrlkhy ek` deki ̀ lpasmts egaukt ta

8>.?% ao tatec jausljac` esslts mk tjl

L\, hagperl` ta 58.

Omburl 86 KOHs” sjerl ao deki-desl` kekhmkb, warc`wm`l hagpermsak

k Caeks k @ldt slhurmtmls k Xjerls ek` atjlr lqumty k Atjlr*

Xaurhls6 ALH@ ek` Lurastet, gast rlhlkt ̀ ete evemcedcl oar lehj hauktry.

*Atjlr ms hagpasl` ao kekhmec ̀ lrmvetmvls ek` lgpcayll stahi aptmaks, mksurekhl, plksmaks ek`

stek`er`msl` buerektlls, mkvlstglkt ouk` sjerls/ ukmts, atjlr ehhaukts rlhlmvedcl / peyedcl, hurrlkhy

ek` ̀ lpasmts, splhmec ̀ rewmkb rmbjts (X@Ts) ek` gakltery bac`.

5>>%

:>%

?>%

0>%

4>%

Fepek

4:.5%


15/70

^wH Hepmtec Gerilts \kmak 5<

5.4 Pjlrl ms raag tamkhrlesl tjl ̀ lptjao hepmtec gerilts

oar KOHs

KOHs ̀ a kat dlklstt orag e ̀ llp ek` cmqum`gerilt. Pjl gemk rlesaks erl tjet tjl ̀ ldt

gerilt ms gemkcy harklrl` dy bavlrkglkt

mssuekhl wmtj e cmqum`mty wjmhj ms oer

jmbjlr tjek mt ms oar harparetls. Mk e``mtmak,

wjlk caaimkb et tjl kugdlr ao pceylrs

wmtjmk hepmtec gerilts, gakltery stkekhmec

mkstmtutmaks (GOMs) erl sllk es tjl gefar

stkekhmec mktlrgl`mermls wja kurturl tjl

`lptj ao tjl caek gerilt hagperl` ta tjl

`ldt ek` lqumty gerilts.

Pjl `ldt gerilt ms `agmketl`dy bavlrkglkt mssuekhlPjl gemk pceylrs mssumkb ̀ ldt erl dy oer

bavlrkglkts ek` GOMs.4> \ksurprmsmkbcy,

bavlrkglkts mssul tjl cerblst sjerl, wmtj

L\T 5>.:tk. Pjms ms ̀ ul ta tjl mkhrlesmkb

bavlrkglkt ̀ ldt (:?.:% B@^45

)rlsuctmkb orag tjl stshec stmgucus usl` ta

hauktlrdecekhl tjl ̀ awkwer` loolht ao tjl

sudprmgl hrmsms.

GOMs erl tjl slhak` cerblst mssulr ao

`ldt, wmtj L\T ?.=tk mssul`. Es rlbucetl`

ek` hrl`mdcl mkstmtutmaks, tjly hek lesmcy

stkekhl tjlgslcvls tjraubj tjl ̀ ldt

gerilt.

4> Gakltery Omkekhmec Mkstmtutmaks (GOMs) mkhcu`l hlktrec dekis, rlsm`lkt hrl`mt mkstmtutmaks es `lkl` mk Haggukmty cew, ek` atjlr rlsm`lkt kekhmec mkstmtutmaks tjet

rlhlmvl `lpasmts ek`/ar hcasl sudstmtutls oar `lpasmts orag lktmtmls atjlr tjek GOMs, es wlcc es brekt hrl`mts ek`/ar geil mkvlstglkts mk slhurmtmls oar tjlmr awkehhaukt (et clest mk lhakagmh tlrgs). Gakly gerilt ouk`s erl ecsa hcessml` es GOMs.

45 Lurastet, 4>50.

Omburl 06 Jausljac`s, kekhmec esslts, warc`wm`l hagpermsak

k Hurrlkhy ek` deki ̀ lpasmts k Mksurekhl, plksmaks ek` stek`er`msl` buerektlls

k Lqumty ek` mkvlstglkt ouk` sjerls k Atjlr*

Xaurhls6 ALH@ ek` Lurastet, gast rlhlkt ̀ ete evemcedcl oar lehj hauktry (4>>=-4>50)

*Atjlr mkhcu`ls caeks, atjlr ehhaukt rlhlmvedcl ek` `ldt slhurmtmls.

5>>%

:>%

?>%

0>%

4>%

Fepek

%

50.0%

?.2%

L\

0.?%

48.=%

2.5%

Iarle

40.4%

80.%

88.?%

5=.


16/70

5? ^wH Hepmtec Gerilts \kmak

KOHs erl gmkar pceylrs mk tjms gerilt,

rlprlslktmkb akcy 2.?% ao `ldt mssuekhl

(L\T 5.:tk). Pjms caw sjerl mk`mhetls tjet

tjlrl ms raag oar smbkmsthekt mgpravlglkt

wmtj rlber` ta KOHs” ehhlss ta tjl `ldt

gerilt. Hagperl` ta atjlr stkekhmkb

gltja`s, ̀ ldt slhurmtmls erl garl tjek

tjrll tmgls cawlr tjek cmstl` sjerls,

wjmhj rlprlslkt L\T ?.:tk. Pjms gesis

tjl jmbj ̀ lbrll ao jltlrablklmty ao KOHsmk ehhlssmkb tjl lqumty gerilt, wjmhj wmcc

dl haksm`lrl` mk ourtjlr `ltemc cetlr mk tjms

rlpart.

Dy ekecysmkb tjl cmqum`mty ao bavlrkglkt

ek` harparetl dak`s, prlvmaus stu`mls44

jevl sjawk tjet tjl evlrebl gaktjcy

vacugl ao tre`l` bavlrkglkt dak`s ms

smbkmsthektcy jmbjlr tjek harparetl dak`s6

4,2>5 hagperl` ta 44 rlsplhtmvlcy es ao

Xlptlgdlr 4>50. Pjl segl eppcmls wjlk

hagpermkb tjl cmqum`mty ao harparetl dak`s

ek` lqumty. Ehhar`mkb ta e stu`y dy PEDD

Braup, tjl kugdlr ao lqumty tre`ls ms 5?2

jmbjlr tjek ̀ ldt treksehtmaks.48

GOMs pcey e `msprapartmaketlracl mk tlrgs ao sjerl aomktlrgl`mermlsGOMs ̀ agmketl tjl stkekhmec cek`shepl

es tjly jac` tjl gefarmty ao stkekhmec

mkstmtutmaks” esslts, wmtj tjl lxhlptmak

ao tjasl mk tjl Kltjlrcek`s, Gecte ek`

Cuxlgdaurb (stkekhmec juds wmtjmk tjl

L\), es mccustretl` mk Omburl ?. Ak evlrebl,mk tjl L\, GOMs ehhaukt oar 50.

48 PEDD Braup, GmOM@ MM ek` Omxl`-Mkhagl ^rmhl Preksperlkhy6 ^ekehle ar ^radclg1, Fucy 4>54.

8<

8>

4<

4>

5<

5>

<

>

Omburl >%

:>%

?>%

0>%

4>%

Caeks

4.<

5>.::.=

?.=

?.:

>.<

5.4

5>.: 5.:

?.=

0.4

4=.?

48.:

:.=

@ldt slhurmtmls Cmstl` sjerls

>

B r l l h l

C e t v m e

T a g e k m e

C m t j u e k m e

X c a v e i m e

H z l h j T l p u d c m h

O m k c e k `

X c a v l k m e

H r a e t m e

^ a c e k `

X p e m k

L s t a k m e

M t e c y

^ a r t u b e c

O r e k h l

B l r g e k y

E u s t r m e

X w l ` l k

\ k m t l ` I m k b ` a k

@ l k g e r i

D l c b m u g

J u k b e r y

M r l c e k `

K l t j l r c e k `

G e c t e

C u x l g d a u r b


17/70


ek` tjl lqumty gerilt. Ak tjl fflmp sm`l,

atjlr stkekhmec mkstmtutmaks jevl jmbjlr

lxpasurl ta hepmtec gerilts. Dekis, ta e

hlrtemk lxtlkt, sudstmtutl hepmtec gerilts

dy pravm`mkb stkekhmkb tjraubj caeks ek`

sevmkb tjraubj ̀ lpasmts ek` atjlr kak-

hepmtec gerilt mkstruglkts. Dlheusl L\

dekis prapartmakeccy jac` tjl gefarmty ao

stkekhmec esslts mk oarg ao caeks, hurrlkhy,

`lpasmts, ek` atjlr kak-hepmtec geriltmkstruglkts, tjl rlsuct ms cmilcy ta dl clss

`llp hepmtec gerilts tjek wauc` atjlrwmsl

dl tjl hesl.

Omburl ? ecsa sjaws tjl splhmecmsetmak

wmtjmk tjl L\ mk tlrgs ao stkekhmec

ehtmvmty. Mk Cuxlgdaurb ek` Mrlcek`, tjl

jmbj sjerls ao atjlr stkekhmec mkstmtutmaks

erl lxpcemkl` dy tjl jmbj vacugl ao

mkvlstglkt ouk`s ̀ agmhmcl` mk tjlsl

hauktrmls. Pjl jmbj prlslkhl ao jac`mkbs

mk Gecte ek` tjl Kltjlrcek`s lxpcemks tjl

jmbj sjerl ao atjlr stkekhmec mkstmtutmaks mk

tjlsl hauktrmls.

Mk tjl atjlr hauktrmls, tjl cmgmtl` egaukt

ao esslts jlc` dy atjlr stkekhmec mkstmtutmaks

gleks tjet ouk`s erl kat fflawmkb ta tjlg.

Mk ar`lr ta `lvlcap gerilt-desl` stkekhl

mk tjlsl rlbmaks, wl kll` ta ̀ mvlrsmoy tjl

saurhls ao ouk`mkb. Pjms ms wjy tjl ehtmvmty

ao atjlr stkekhmec mkstmtutmaks ms ily9 tjly

hauc` haktrmdutl garl ta tjl stkekhmkb ao

tjl lhakagy (tjraubj lqumty sjerls, ̀ ldt

slhurmtmls, dut ecsa caeks) mo tjly wlrl edclta ettreht garl mkvlstars.

KOHs” ehhlss ta hepmtecgerilts ms `ltlrgmkl` dymts smzl Ehhlssmkb stkekhl oar KOHs ecsa l̀plk`s

ak tjl smzl ao tjl lktlrprmsl. LHD”s cetlst

survly ak ‚Pjl Ehhlss ta Omkekhl oar XGLs”

sjawl` tjet tjl plrhlktebl ao XGLs tjet

`m` kat eppcy oar e deki caek, olermkb e

passmdcl rlflhtmak, wes ?% hagperl` ta

akcy 4% egakb cerbl strgs. Garlavlr,

strembjtoarwer` deki caek rlflhtmaks wlrlrlpartl` et 8% oar XGLs hagperl` ta 5%

oar cerbl strgs. Mk tjl segl survly, KOHs

wlrl esil` ta rlpart ak wja awks tjl

cerblst steil mk tjlmr lktlrprmsls. Xgecc

KOHs gastcy rlcy ak e smkbcl awklr ar e

oegmcy ek` lktrlprlklurs, wjlrles cerblr

KOHs tlk` ta stkekhl tjlgslcvls vme tjl

hepmtec gerilts usmkb pudcmh ar prmvetl

mssuekhl. Pjlsl rlsucts ̀ lgakstretl tjl

kll` oar dmbblr strgs ta caai oar atjlr weysta stkekhl tjlgslcvls es tjly braw ek`

jmbjcmbjt tjl ̀ mosthucty sgecclr KOHs jevl

usmkb lxtlrkec saurhls ao ouk`mkb.

Omburl 26 Esslt eccahetmaks ao kekhmec mkstmtutmaks

k Caeks k Hurrlkhy ek` ̀ lpasmts k Atjlr* k @ldt slhurmtmls k Lqumty k Mkvlstglkt ouk` sjerls/ukmts

Xaurhl6 Lurastet

Omburl : Pypl ao lqumty kekhmkb dy smzl ao KOHs

k ̂ udcmh sjerljac`lrs k Oegmcy ar lktrlprlklurs (garl tjek akl awklr) k Atjlr lktlrprmsls ar dusmklssessahmetls k _lkturl hepmtec lktlrprmsls ar dusmklss ekblcs k ]aurslco ar ekatjlr keturec plrsak (akl

awklr akcy) k Atjlr

Xaurhls6 LHD, Xurvly ak tjl ehhlss ta kekhl ao lktlrprmsls, Eprmc ta Xlptlgdlr 4>50

5>>%

5>>%

:>%

:>%

?>%

?>%

0>%

0>%

4>%

4>%

Gakltery kekhmec

mkstmtutmaks

Gmhra

2?%

24%

?0%

0=%

50%2%

Atjlr kekhmec

mkstmtutmaks

Xgecc

44%

48%

8>%

8>%

2:%

8?%

Mksurekhl

harparetmaks

Gl`mug

52%

?%

8%

>%

0%

0%4%

04%

0%

%

0%

4%

%

?%

58%

08%

5=%

0%

55%

=%

52%

0=%

?%

4%


18/70

5: ^wH Hepmtec Gerilts \kmak

Atjlr stkekhmkb saurhls erl kat ehhlssmdcl

ta lvlry smzl ao XGL. Oar mkstekhl,

harparetl dak` mssuekhl ms blklreccy usl`

dy cerbl hagpekmls dlheusl tjl mssuekhl

ao dak`s mk cerbl ̀ lkagmketmaks geils mt

rlcetmvlcy lesmlr ta adtemk hrl`mt retmkbs ek`

tjly erl clss hastcy oar mkvlstars ta ekecysl

ek` gakmtar. Es oar gmhra ek` sgecc

hagpeky dak`s, mkvlstars erl hjecclkbl`

dy sherhl cmqum`mty, mkhagpcltl retmkbhavlrebl ek` cehi ao treksperlkhy9 tjlsl

mgplrolhtmaks erl mkjlrlkt ta XGLs tjet à

kat jevl e cakb hrl`mt jmstary.40

5.8 Cehi ao ectlrketmvl weys ao stkekhmkb

Mk tjl L\, ectlrketmvl gleks ao stkekhmkb,

suhj es prmvetl lqumty (^L), vlkturl hepmtec,

dusmklss ekblcs ek` hrawòuk`mkb, rlgemk

cmgmtl`.

^rmvetl lqumty ms stmccuk`lr`lvlcapl` Es ao 4>58, tjl sjerl ao ^L mkvlstglkts

wes stmcc vlry cmgmtl`9 mt staa` et >.40% ao

B@^ mk tjl L\. Mk tlrgs ao brawtj,

^L mkvlstglkts brlw et ?>=

ta 4>58.

Pjl Luraplek ̂ L gerilt lkùrl` e dlermsj

plrma` mk tlrgs ao ouk`remsmkb egaukts

ek` mkvlstglkts oaccawmkb tjl sudprmgl

hrmsms, es mccustretl` mk Omburl =. Orag 4>>:

ta 4>>=, ouk`s remsl` ̀ lhcmkl` dy 2:.2% wjmcl mkvlstglkts `lhcmkl` dy 54 ek` 4>58. Patec ouk`remsmkb es ao

4>58 rlehjl` L\T 0:.?dk wjmcl lqumty

mkvlstglkts lquecl` L\T 88.5dk. Xtmcc, tjl

^L gerilt jes kat rlhavlrl` ta rlehj mts

prl-hrmsms clvlc.

Hagperl` ta tjl L\, prmvetl lqumty ms guhjgarl ̀ lvlcapl` mk tjl \X. ̂ L mkvlstglkts

staa` et L\T 8?8.?dk ehhauktmkb oar

8% ao B@^ es ao 4>58 ek` prmvetl lqumty

ouk`remsmkb rlehjl` L\T 5, tjl smbkmsthekt

`moolrlkhl dltwllk tjl prmvetl lqumty

slhtars mk Lurapl4? ek` tjl \X pamkts ta

e garl blklrec pradclg rlber`mkb tjlstkekhmkb ao strgs dltwllk tjl ‚lktry”

clvlc (dusmklss ekblcs) ek` tjl ‚stkec” clvlc

(MÂ). Pjl ̀ moolrlkhl dltwllk tjl \X ek`

Lurapl mk tlrgs ao vlkturl hepmtec smzl ms

smbkmsthekt, dl mt et tjl lercy ar cetlr stebl.

40 B4>, XGL `ldt kekhmkb dlyauk` deki clk`mkb, Oldruery 4>555.

4? Lurapl ms kat uk`lrstaà es tjl L\ mk tjms splhmh perebrepj.

^rmvetl lqumty6 e gleks ta remsl ouk`s oar hagpekmls tjet erl kat pudcmhcy tre`l`.

Hagpekmls usl tjms mkstruglkt oar vermaus rlesaks6 (m) `lvlcapglkt ao klw praùhts

ek` tlhjkacabmls, (mm) mkhrlesmkb warimkb hepmtec ek` strlkbtjlkmkb decekhl sjllts,

(mmm) hakùhtmkb ehqumsmtmaks, ek` (mv) sacvmkb praplrty ar gekeblglkt mssuls.

Ek mkvlstar wja geils e prmvetl lqumty pcehlglkt clevls tjl mkvlstl` hepmtec oar

e olw ylers wjmcl drmkbmkb suppart ta tjl hagpeky”s gekeblglkt ùrmkb tjl

mkvlstglkt plrma`. 4<

Omburl =6 Lvacutmak ao prmvetl lqumty mk tjl L\ - ouk`remsmkb ek` mkvlstglkts(L\T dk)

k Ouk`s remsl` k Mkvlstglkts

Xaurhl6 Luraplek ̂ rmvetl Lqumty ek` _lkturl Hepmtec Essahmetmak (L_HE)

:>

2>

?>

0>

8>

4>

5>

>

4>>2 4>>: 4>>= 4>5> 4>55 4>54 4>58


19/70

^wH Hepmtec Gerilts \kmak 5=

_lkturl hepmtec ms stmccuk`lr`lvlcapl` ek` sjaws

paar smbks ao rlhavlry Es ao 4>58, tjl sjerl ao vlkturl hepmtec

mkvlstglkts wes gmkar, stek`mkb et >.>4%

ao B@^ mk tjl L\. Xmkhl tjl hrmsms, vlkturl

hepmtec mkvlstglkts ek` ouk`remsmkb

jevl rlgemkl` scubbmsj. Oar mkstekhl,

mkvlstglkts jevl ̀ lhcmkl` orag L\T 8.2dk

mk 4>>= ta L\T 8.5dk mk 4>58, e 5?.4%`lhcmkl. Ouk`remsmkb jes mkhrlesl` scmbjtcy

orag L\T 8.>dk ta L\T 8.?dk.

Avlrecc, dusmklss slktmglkt jes kat

oevaurl` mkvlstglkt mk jmbjlr-rmsi/jmbjlr-

rlwer` appartukmtmls suhj es vlkturl

hepmtec, lsplhmeccy bmvlk tjl lura erle

hrmsms. Caaimkb et mkvlstglkt ak e hauktry-

dy-hauktry desms shecl` ta B@^, Mrlcek`,

Omkcek`, Xwl`lk ek` Orekhl jevl dllk

tjl dlst plroarglrs, wjmcl tjl \I jes kat

plroargl` de`cy, pertmhucercy dltwllk

4>54 ek` 4>58.

42 Luraplek Haggmssmak

Dusmklss ekblcs6 erl mk`mvmùec mkvlstars, usueccy wmtj dusmklss lxplrmlkhl, wja

pravm`l hepmtec oar stert-up strgs. Pjly erl ek mgpartekt saurhl ao lqumty oar sgecc

strgs wmtj brawtj patlktmec mk tjlmr lercy stebls ao l̀vlcapglkt, cakb dloarl tjly

dlhagl ettrehtmvl oar vlkturl hepmtec ouk`s. 42

_lkturl hepmtec6 e prmvetl lqumty

stretlby wjmhj haksmsts ao stkekhmkb

lercy stebl, jmbj-patlktmec brawtj

hagpekmls, orlqulktcy mk jmbj-tlhj

mkùstrmls, suhj es dmatlhjkacaby ar

mkoargetmak ek` haggukmhetmaks

tlhjkacaby. Avlrecc, vlkturl hepmtec,

aotlk heccl` rmsi hepmtec, jes tjl

jmbjlst rmsi ek` tjl jmbjlst rlturk

patlktmec ao ecc tjl hetlbarmls ao prmvetl lqumty mkvlstglkts.

k Ouk`s remsl` k Mkvlstglkts

Xaurhl6 Luraplek ̂ rmvetl Lqumty ek` _lkturl Hepmtec Essahmetmak (L_HE)

:

2

?

<

0

8

4

5

>

4>>2 4>>: 4>>= 4>5> 4>55 4>54 4>58

Omburl 5>6 Ectlrketmvl kekhmkb gerilt smzl mk sjerl ao B@^ ùrmkb tjl lercy-stebl `lvlcapglkt ao e rg

k \X k Lurapl

Xaurhls6 Hlktrl oar _lkturl Tlslerhj, ^L ^mthjdaai, LDEK, L_HE ek` ^wH

>.>% >.% 5.% 4.% 8.


20/70


Hrawòuk`mkb ms stmcc tmky dutms brawmkb repm`cy Ectjaubj hrawòuk`mkb rlprlslkts akcy e

sgecc orehtmak ao hepmtec gerilts mk Lurapl,

mt ms slt ta braw et e oest pehl mk tjl hagmkb

ylers. Rmtjmk Lurapl, tjl slhtar stek`s et

L\T 4.550 ek` ms lxplhtl`

ta rlehj L\T 58dk dy 4>55< ,

hagperl` ta L\T 4.?dk es ao 4>50.

Pjlrl erl guctmpcl rlesaks oar smzl

`moolrlkhls mk tjl hrawòuk`mkb slhtar.

Akl ao tjlg ms tjl rlbucetmaks erauk`

hrawòuk`mkb. Oar mkstekhl, mk tjl \X,

avlr 4> stetls jevl ecrle`y lkehtl`

rucls tjet eccaw cahec dusmklssls ta remsl

gakly, dut tjl rucls very orag stetl ta

stetl. Pjl stetl-clvlc rucls jevl e gefar

rlstrmhtmak6 hagpekmls gey remsl gakly

akcy orag mkvlstars mk tjlmr awk stetls. Mkrlspaksl ta tjms rlbucetmak, tjl FADX Eht

emgs et lkedcmkb ukehhrl`mtl` mkvlstars

(mk`mvmùecs wmtj ekkuec mkhagl ao clss

tjek \X@ 4>>i plr yler ar e klt wartj clss

tjek \X@ 5g) ta pertmhmpetl mk lqumty

ar ̀ ldt hrawòuk`mkb et tjl ketmakec

clvlc - dut tjms mkmtmetmvl ms stmcc mk tjl

prapasec stebl.

Hrawòuk`mkb jes dllk rlcetmvlcy

suhhlssouc mk tjl \X, gemkcy ̀ rmvlk dy

àketmak-desl` hrawòuk`mkb pcetoargs.

Jawlvlr wmtj Pmtcl M_ ao tjl FADX Eht, tjl

àar wmcc dl aplk ta ecc mkvlstars wja wekt

ta dlhagl trul awklrs ar sjerljac`lrs mk e

jmbj-brawtj stertup.

Mk Lurapl, es lxpcemkl` mk slhtmak 8,

hrawòuk`mkb ms cerblcy rlbucetl` dy

ketmakec cews. Mk prehtmhl, 4: ̀ moolrlkt clbec

oreglwaris halxmst mk e smkbcl gerilt,

wjmhj mgpl`ls tjl shecedmcmty ao tjl

hrawòuk`mkb slhtar.

Ek mktlrlstmkb slbglkt ao hrawòuk`mkb

ms Gerilt ̂ cehl Clk`mkb (G^C). G^C ms e

sudslt ao akcmkl clk`mkb, wjmhj hakklhts

mkvlstars wmtj darrawlrs. G^C usls dekis

es mktlrgl`mermls. Mk`ll`, wjlk ̀ lecs erl

gethjl` dltwllk mkvlstars ek` darrawlrs,

dekis armbmketl katls ek` ̀ msdursl caeks

ta darrawlrs. Pjlk tjly slcc tjl slhurmtmls

ta tjl G^C pcetoarg, wjmhj treksolrs tjlg

ta tjl mkvlstar. Mk tjms rlsplht, G^C pceys

e ily racl mk tjl brawtj ao slhurmtmsetmak.

G^C jes sllk lxpaklktmec brawtj mk tjl

pest stvl ylers (548% HEBT orag 4>5>

ta 4>50) ek` ms praflhtl` ta haktmkul tjms

upwer` treflhtary oar tjl oarlslledcl

outurl (50-4>4>). Mk tatec, tjl G^C bcadec

vacugl ms lstmgetl` ta braw ta \X@ 5-

0=>dk dy 4>4>.

Pjl rlbucetary lkvmrakglkt tlk`s ta dl

garl suppartmvl mk sagl L\ hauktrmls.

Oar mkstekhl mk tjl \I, wjmhj ms tjl gast

geturl gerilt oar G^C, tjl OmkekhmecHakùht Eutjarmty (OHE) pravm`ls e

rlcetmvlcy smgpcl cek`shepl oar geriltpcehl

clk`lrs. Mk tjl pacmhy stetlglkt ̂ X50/0,

tjl OHE prlslkts e klw rlbmgl tjet

wmcc eppcy ta strgs aplretmkb caek-desl`

hrawòuk`mkb pcetoargs. Mk e``mtmak,

tjl OHE jes upètl` tjl rlbmgl tjet

eppcmls ta strgs aplretmkb mkvlstglkt-

desl` hrawòuk`mkb pcetoargs ar herrymkb

aut smgmcer ehtmvmtmls. Pjl adflhtmvl ms ta

slhurl ek eppraprmetl clvlc ao pratlhtmak

oar haksuglrs, ek` pragatl loolhtmvl

hagpltmtmak, ecsa mk tjl mktlrlst ao

haksuglrs.

Xpemk jes ecsa dlbuk ta rlbucetl

hrawòuk`mkb. Mk Eprmc 4>558.


21/70


5.0 Xlhurmtmsetmakes e hagpragmsl tadeki caeks

Xlhurmtmsetmak eccaws caeks ek` atjlr

rlhlmvedcls ta dlhagl treèdcl ek`

hek mk`mrlhtcy oastlr stkekhmkb ao strgs,

lsplhmeccy XGLs. Bmvlk tjet slhurmtmsetmak

ms akl ao tjl oehtars tjet haktrmdutl`

ta tjl sudprmgl hrmsms, rlbucetars erl

hurrlktcy warimkb ta rlvmvl tjl tlhjkmqul

dy pragatmkb ourtjlr treksperlkhy ek`

stekèr`msetmak.

Xlhurmtmsetmak hek mkhrlesltjl ouk`s evemcedcl ta tjllhakagy Xlhurmtmsetmak ms e baa` hagpragmsl

dltwllk caek-desl` ek` gerilt-desl`

sacutmaks. Mk oeht, slhurmtmsetmak ms e wey

oar dekis ta treksolr tjl hrl`mt rmsi ao tjl

caeks wjmhj armbmketl orag tjlmr decekhl

sjllts ta tjl stkekhmec gerilts. Pjekis ta

slhurmtmsetmak, tjl racl ao gerilt-desl`

stkekhl gey mkhrlesl. Ecc mkvlstars hek

duy tjlsl slhurmtmls, wjmhj erl gemkcy

caeks ta KOHs ek` jausljac`s, ek` jlkhl,

pertmhmpetl mk tjl stkekhmkb ao tjl lhakagy.Garlavlr, tjl egaukt ao caeks hek mkhrlesl

es dekis erl edcl ta treksoarg pert ao

tjlmr rmsiy ek` mccmqum` esslts (caeks) mkta

treèdcl esslts.

Xlhurmtmsetmak6 e typl ao struhturl` stkekhmkb mk wjmhj e paac ao hesj blklretmkb

stkekhmec esslts ms treksolrrl` orag e sa-heccl` ‚arbmketar” ta e ‚Xplhmec ûrpasl _ljmhcl”

(tjl X^_). Pjms X^_ stkekhls tjl ehqumsmtmak ao tjlsl esslts dy mssumkb slhurmtmls

dehil` dy tjl esslts treksolrrl` ek` peyglkts `lrmvl` orag mts uk`lrcymkb esslts.

Xlhurmtmsetmak eccaws oar tjl hakvlrsmak ao rlhlmvedcls ek` atjlr esslts mkta treèdcl

slhurmtmls vme X^_s. 4=

4= ^wH, Xlhurmtmsetmak mk Cuxlgdaurb, Fukl 4>550 k 4>5

54

50

>

Kartj Eglrmhe Esme Lurapl

2.5

58.>

4.? 4.<

0.=

2.=


22/70


Xlhurmtmsetmak ms akcy stertmkbta rlhavlr Pjl slhurmtmsetmak gerilt ms stertmkb ta

rlhavlr mk Lurapl ek` hakstmtutls ek

appartukmty oar hauktrmls ta gavl tawer`

e gerilt-desl` lhakagy. L\ slhurmtmsetmak

gerilts jevl dllk ̀ lhcmkmkb smbkmsthektcy

mk rlhlkt ylers ek` jevl suoolrl` orag tjl

stmbge essahmetl` wmtj tjlmr gmsusl prmar ta

tjl hrmsms. Orag 4>>5 ta 4>>:, tjl ekkuecbrawtj retl ao slhurmtmsetmak mssuekhl

wes et 8?.5%, dut `lhrlesl̀ dy 58.0% ak

evlrebl lvlry yler orag 4>>= uktmc 4>50.

Pjet sem`, 4>50 sew e rlvmvec ao brawtj ek`

vacugls ao slhurmtmsetmaks ek` jes ecrle`y

rlehjl` tjl clvlc ao tjl prl-hrmsms mssuekhls

ao 4>>0.

Hurrlktcy, tjl vecul ao mssuekhl rlprlslkts

L\T 4:2.8dk es ao tjl lk` ao 4>50 (m.l.

4.5% ao L\ B@^). Pjl rlhavlry ao tjl

slhurmtmsetmak gerilt ms ily ta suppart

lhakagmh brawtj mk Lurapl ek` ukcahi

hrl`mt gerilts, lsplhmeccy oar XGLs.

Caaimkb et tjl slhtars tjet haktrmdutl`

ta tjl mssuekhl vecul ao caeks dehil`

oar slhurmtmsetmak, tjl rlcetmvl smzls ao

Tlsm`lktmec Gartbebl Dehil` Xlhurmtmls

(TGDX) ek` XGLs” caeks erl haksm`lredcl.

Pjl tatec vecul ao TGDX ̀ agmketl` tjl

wjacl slhurmtmsl` caek gerilt, ek` mt brlw

et 5>% ekkueccy orag 4>>0 ta 4>50. Pjl

tap tjrll slhtars mk tlrgs ao jmbj-brawtj

retls erl XGLs, euta caeks ek` haksuglr

caeks. Mkhrlesls mk XGLs, TGDX ek`

H@As (Haccetlrecmsl` @ldt Adcmbetmaks)

jevl dllk mgprlssmvl mk tlrgs ao mssuekhl

veculs mk 4>50, wjmhj gmbjt mk`mhetl saglpasmtmvl trlk`s mk tjl slhurmtmsl` caek

gerilt.

Mktlrlstmkbcy, ebbrlbetl` mssuekhl mk tjl

\X jes dllk rlesakedcy strakb smkhl tjl

hrmsms hagperl` ta Lurapl (sll Omburl 50).

Orag 4>>: ta 4>50, tjl ekkuec brawtj

retl ao \X slhurmtmsetmak mssuekhl staa` et

-4% hagperl` ta -45.8% mk Lurapl. Pjl

vecul ao mssuekhl mk tjl \X stek`s et L\T

5.4tk es ao 4>50, rlprlslktmkb :.?% ao \X

B@ .̂ Pjms jmbj vecul ek` brawtj ms cerblcy

ettrmdutl` ta sa-heccl` Eblkhy-Gartbebl

Dehi Xlhurmtmls (GDX). Pjlsl typls ao

GDX erl mssul` dy bavlrkglkt-spaksarl`

lktlrprmsls, suhj es Bmkkml Gel, Oekkml

Gel ek` Orl``ml Geh.

Omburl 586 Xlhurmtmsetmak mssuekhl mk Lurapl (L\T dk)

k EDX* k H@A k GDX** k XGL k RDX

Xaurhl6 Essahmetmak ao Omkekhmec Gerilt mk Lurapl (EOGL)

*EDX mkhcu`ls euta caeks, hrl`mt her`s, clesls ek` haksuglr caeks. **GDX mkhcu`ls Tlsm`lktmecGartbebl-Dehil` Xlhurmtmls (TGDX) ek` Hagglrhmec Gartbebl-Dehil` Xlhurmtmls (HGDX)

5,4>>

5,>>>

:>>

0>>

4>>

5,0>>

4>>> 4>>5 4>>4 4>>8 4>>0 4>>< 4>>? 4>>2 4>>: 4>>= 4>5> 4>55 4>54 4>50 4>5<

>


23/70


Pjlrl erl vermaus rlesaks oar tjl ̀ moolrlkhl

mk tjl lvacutmak ao slhurmtmsetmak mssuekhl

dltwllk tjl \X ek` tjl L\. Pjl strst ms

tjl \X BEE^, wjmhj eccaws oar e brletlr

prapartmak ao struhturl` stkekhl vljmhcls

ta dl trletl` es mkstruglkts tjet erl

aoo dekis” decekhl sjllts. Pjl slhak`

ms tjl suppart ao tjl \X bavlrkglkt mk

pragatmkb slhurmtmsetmak. Es lxpcemkl`

lercmlr, tjms mkhrlesl mk vacugls ao \X

slhurmtmsetmak ms ettrmdutedcl, mk pertmhucer,

ta suppart oar tjl TGDX gerilt orag

Bavlrkglkt Xpaksarl` Lktlrprmsls (BXLs)suhj es Orl``ml Geh, Oekkml Gel ek`

Bmkkml Gel. Omkeccy, Lurapl jes sudstmtutl`

slhurmtmsetmak wmtj mts havlrl` dak`

gerilt, wjmhj lxpcemks wjy Luraplek

slhurmtmsetmak jes dllk ̀ lhcmkmkb ‘ tjms

sudstmtutmak jes kat teilk pcehl mk tjl

\X. Mktlrlstmkbcy, havlrl` dak`s rlqumrl

e jmbjlr `lbrll ao avlr-haccetlrecmsetmak

tjek slhurmtmsetmaks ̀ a. Garlavlr, ukcmil

slhurmtmsl` esslts, havlrl` dak`s erl ek

adcmbetmak ao tjl mssumkb deki, dehil` dy e

paac ao esslts, ta pravm`l mkvlstars wmtj eslhak` oarg ao rlhaursl mk tjl lvlkt ao tjl

mssulr”s ̀ loeuct.

Jawlvlr, mt ms wartj glktmakmkb tjet

tjl quecmty ao tjl uk`lrcymkb esslts

vermls dltwllk Lurapl ek` tjl \X. Gast

Luraplek struhturl` stkekhl praùhts

plroargl` wlcc tjraubjaut tjl stkekhmec

hrmsms orag e hrl`mt stek`pamkt, wmtj

caw rlecmsl` ̀ loeuct retls. Ehhar`mkb ta

rlhlkt ekecysms dy Xtekèr` & ̂ aar”s,

tjl hugucetmvl ̀ loeuct retl ak Luraplek

haksuglr-rlcetl` slhurmtmsetmaks, mkhcu`mkb

XGL Haccetlrecmsl` Caek Adcmbetmak(HCAs),

dltwllk tjl stert ao tjl stkekhmec ̀ awkturk

mk Fucy 4>>2 ek` U8 4>58 wes akcy >.>

Tlbucetary hjekbls gey daasttjl slhurmtmsetmak gerilt Pjl rlhlkt armlktetmak ao LHD mk ehhlptmkb

slhurmtmsl` praùht es haccetlrec oar

aplk-gerilt aplretmaks hek jlcp suppart

klw clk`mkb, lsplhmeccy ta XGLs, ek` mk

turk suppart ourtjlr slhurmtmsetmak. Mk

e``mtmak, rlbucetary prlssurl ak hepmtec

e`lquehy ek` mkhrlesl` treksperlkhy

ek` hclek decekhl sjllts wmcc ketureccy

lkhaurebl dekis ta usl slhurmtmsetmak es e

vljmhcl avlr tjl cakb tlrg. Hurrlktcy, tjl

Luraplek Haggmssmak ms prlpermkb tjl

wari ak ek L\ slhurmtmsetmak oreglwari

wmtj tjl emg ao `lvlcapmkb tjl gerilt ak

e garl sustemkedcl desms. Pjl oreglwari

wmcc oastlr treksperlkt ek` stekèr`msl̀

slhurmtmsetmaks wjmhj hek eht es ek loolhtmvl

ouk`mkb hjekklc ta tjl lhakagy. Pjms

mkmtmetmvl wmcc kat akcy pratlht mkvlstars dut

ecsa eccaw rmsi treksolrs ta e drae` slt ao

mkstmtutmakec mkvlstars.

8> Luraplek Hlktrec Deki (LHD), Pjl hesl oar e dlttlr oukhtmakmkb slhurmtmsetmak gerilt mk tjl Luraplek \kmak, @mshussmak êplr, Gey 4>50.

Omburl 506 Xlhurmtmsetmak mssuekhl mk tjl \X (\X@ dk)

k Eblkhy GDX k Eblkhy HGA k ^rmvetl HGDX

k Jagl lqumty ek` gekuoehturl` jausmkb k ^rmvetl TGDX k EDX

Xaurhl6 XMOGE

0.>>>

8.>

8.>>>

4.>

4.>>>

5.>

5.>>>

>

4>>> 4>>5 4>>4 4>>8 4>>0 4>>< 4>>? 4>>2 4>>: 4>>= 4>5> 4>55 4>54 4>58 4>50

>


24/70


5.< E jltlrablklausek` hakhlktretl`hepmtec gerilt

Mk tjl prlvmaus slhtmaks, wl jevl ̀ lshrmdl`

tjl L\ es e caek-desl` lhakagy. Jawlvlr,

tjms gesis e smbkmsthekt ̀ lbrll ao

jltlrablklmty egakb hauktrmls.

Tlcmekhl ao KOHs ak caeks vermls ehrass

hauktrmls ek` ms kat e gettlr ao tjl smzl ao

tjl lhakagy.

Ak evlrebl, mk tjl L\ tjl sjerl ao caeks

rlprlslkts 42.=% ao ecc ouk`mkb saurhls

oar KOHs. Pjet sem`, mk stvl hauktrmls (tjl

\I, Tagekme, Hzlhj Tlpudcmh, Cmtjuekme

ek` Orekhl), tjms sjerl ms clss tjek 450 `ete.

Omburl 5>%

:>%

?>%

0>%

4>%

>%

\ k m t l ` I m k b s a k

T a g e k m e

H z l x j T l p u d c m h

C m t j u e k m e

O r e k h l

^ a c e k `

X w l ` l k

L s t a k m e

B l r g e k y

@ l k g e r i

X c a v e i m e

H r a e t m e

D l c b m u g

M t e c y

C u x l g d a u r b

^ a r t u b e c

O m k c e k `

J u k b e r y

M r l c e k `

X p e m k

X c a v l k m e

C e t v m e

E u s t r m e

K l t j l r c e k ` s

G e c t e

B r l l h l


25/70

^wH Hepmtec Gerilts \kmak 4<

@ldt slhurmtmls erluk`lr`lvlcapl` ek` erlkat evemcedcl ta tjl clest`lvlcapl` lhakagmlsKOHs ̀ a kat rlcy jlevmcy ak ̀ ldt slhurmtmls9

mk oeht, tjly erl usl` ta e vlry caw lxtlkt.

Ak tjl caw lk`, Tagekme”s ̀ ldt slhurmtmls

hagprmsl e >.5% sjerl ao ecc ouk`mkb

saurhls, wjmcl mk tjl \I, wjmhj ms et tjl

jmbj lk` ao tjl splhtrug, tjet sjerl ms:.5%. Pjl tap stvl hauktrmls wmtj tjl

cerblst sjerl ao ̀ ldt slhurmtmls erl tjl \I,

Orekhl, Eustrme, Omkcek` ek` ̂ artubec. Pjl

dattag stvl erl Tagekme, Cmtjuekme, Cetvme,

Brllhl ek` Xpemk. E hagpermsak ao tjl tap

stvl ek` tjl dattag stvl sjaws tjet tjl usl

ao ̀ ldt slhurmtmls ms lsplhmeccy gerbmkec mk

tjl clest ̀ lvlcapl` lhakagmls, wmtj sagl

lxhlptmaks suhj es ̂ artubec, wjmhj dlcakbs

ta tjl tap stvl hauktrmls mk tlrgs ao usl ao

`ldt slhurmtmls dy KOHs.

Pjl jmbj clvlc ao ̀ mspermty mk tjl wey KOHsslhurl stkekhmkb sjaws tjet tjl hepmtec

gerilts mk tjl L\ hekkat dl uk`lrstaa`

es e jagablklaus hepmtec gerilt wjlrl

ecc ehtars dljevl tjl segl wey ek` oehl

tjl segl ̀ mosthuctmls. Pjms ms wjy, wjlk

mktlbretmkb hepmtec gerilts, tjl lxplhtl`

dlklstts wmcc very ta e cerbl lxtlkt orag akl

hauktry ta tjl atjlr.

Pjl hepmtec gerilts mk tjl L\ erl hakhlktretl` mk tjlcerblst lhakagmlsHepmtec gerilts erl blabrepjmheccy

hakhlktretl` mk Lurapl. Gefar lhakagmls

suhj es tjl \I, Orekhl, Blrgeky, tjl

Kltjlrcek`s, Mtecy ek` Xpemk rlprlslkt

2?.% ao ecc gerilt typls.

Pjl gast hakhlktretl` gerilt ms tjl ̀ ldt

gerilt wjlrl tjlsl smx hauktrmls mssul

ecgast :>% ao ̀ ldt slhurmtmls.

Bmvlk tjet tjlsl hauktrmls ehhaukt oar2?.4% ao tjl L\”s B@^, tjms hakhlktretmak

rlffllhts tjl cerbl lxtlkt ao tjl stkekhmkb

kll`s ao gefar lhakagmls es wlcc es tjl

clvlc ao trust tjlsl hauktrmls blklretl

orag mkvlstars. Pjms jlevy hakhlktretmak

ms ecsa sllk mk tjl erle ao KOHs mssuekhl.

Mk`ll`, tjl segl hauktrmls ehhaukt

oar 20.5% ao KOHs mssuekhl ao `ldt ek`

lqumty. Pjet sem`, akl hakslqulkhl ao tjms

hakhlktretmak ms tjet tjl mktlbretmak ao

tjl hepmtec gerilts wmcc ̀ lplk` gastcy ak

tjlsl hauktrmls.

Pjl prmvetl lqumty gerilt ms lvlk garl

hakhlktretl` tjek tjl ̀ ldt ek` lqumty

gerilts. Pjl gast ehtmvl pcehl oar prmvetl

lqumty mk tlrgs ao mkvlstglkt dy ouk`s

ms tjl \I, wjmhj gemktemks 02.>% ao

gerilt sjerl. Pjms ms oaccawl` dy Blrgeky

(5


26/70

4? ^wH Hepmtec Gerilts \kmak

Pjl segl hakhlktretmak hek dl adslrvl`

mk ectlrketmvl gerilts (mkhcu`mkb gemkcy

hrawòuk`mkb, ̂ 4^ clk`mkb, gmhrastkekhl)

wjmhj ms àgmketl` dy akl ily pceylr, tjl

\I. Mk 4>50, mt rlprlslktl` 2=.5% ao tjl

tatec treksehtmaks ao slclhtl` Luraplek

hauktrmls.84 Orekhl rlhar`l` tjl slhak`

jmbjlst kugdlr ao treksehtmaks wmtj e

sjerl ao akcy 50 harrlspak`s ta tjl oaccawmkb hauktrmls6 Lstakme, Omkcek`, Xwmtzlrcek`, Mtecy, âcek`, Dlcbmug, Hzlhj Tlpudcmh, Xcaveime, tjl \kmtlÌmkbàg, Orekhl, Blrgeky, Kltjlrcek`s, Xwl`lk ek` Xpemk.

Omburl 526 Mkvlstglkt ek` ouk`remsmkb dy prmvetl lqumty ouk`s” hauktry aoàgmhmcmetmak

k \kmtl` Imkbàg k Xwl`lk

k Atjlr L\ hauktrmls k Blrgeky

k Orekhl k Mtecy k @lkgeri

Xaurhl6 L_HE

k \kmtl` Imkbàg k Xwl`lk

k Atjlr L\ hauktrmls k Blrgeky

k Orekhl k Kltjlrcek`s k Omkcek`

Xaurhl6 L_HE

Mkvlstglkt Ouk`remsmkb

8.:%

58.4%

5.0%

>.:%

0.>%

55..?%

8.4%

5


27/70


E Hepmtec Gerilts \kmakhauc` getlrmecmsl tjraubjhauktry splhmecmsetmak Es lxpcemkl` mk tjl prlvmaus slhtmak, e

Hepmtec Gerilts \kmak wmcc dlklstt tjl

wjacl Luraplek \kmak es `llplr ek`

garl hagpltmtmvl stkekhmec gerilts hek

haktrmdutl ta brawtj dy eccahetmkb hepmtec

garl losthmlktcy dltwllk hauktrmls.

Ek mssul hurrlktcy dlmkb `ldetl` ms jaw

tjl Hepmtec Gerilts \kmak wmcc getlrmecmsl

orag ek aplretmakec pamkt ao vmlw. Akl

ekswlr ms tjet, retjlr tjek jevmkb akl

àgmkekt stkekhmec hlktrl, tjl Hepmtec

Gerilts \kmak hauc` dlhagl e hacclhtmak

ao juds splhmecmsmkb mk splhmsth praùhts

ek` ehtmkb es pcetoargs tjet wauc`

hakklht sevlrs ta mkvlstars orag eky L\

hauktry. Garl splhmstheccy, hauktrmls

wjmhj `lvlcap e hagperetmvl e v̀ektebl

mk splhmsth stkekhmec praùhts (suhj es

Cuxlgdaurb ek` Mrlcek` oar mkvlstglkt

ouk`s ek` tjl \kmtl` Imkbàg oar prmvetl

lqumty) hauc` eht es stkekhmec juds oar

tjlsl splhmsth praùhts.88 Pjlsl pcetoargs

wauc` ehhugucetl tlhjkmhec lxplrtmsl,

tlhjkacabmhec mkorestruhturl ek` wauc`

mgpravl tjl ̀ lptj ek` cmqum`mty ao splhmsth

praùht gerilts. Ehhar`mkbcy, e HG\

tjet eccaws L\ hauktrmls ta splhmecmsl

mk tjlmr erle ao lxplrtmsl wauc` oastlr

lhakagmh ehtmvmty tjraubjaut tjl L\. Akl

klhlssery hak`mtmak oar tjl sustemkedmcmty

ao suhj e oreglwari, jawlvlr, ms lksurmkbtjet derrmlrs oar lktlrmkb mkta splhmsth

gerilts erl rlgavl` mk ar`lr ta gemktemk

hagpltmtmak egakb L\ hauktrmls.

Pjl klxt slhtmak wmcc lvecuetl tjl ̀ lbrll

ao mktlbretmak ao hepmtec gerilts mk tjl

L\ ek` ekecysl tjl lxtlkt ta wjmhj

lstedcmsjmkb e Hepmtec Gerilts \kmak ms e

oer-olthjl` adflhtmvl.

88 Oar mkstekhl, Cuxlgdaurb jac`s 4=% ao tjl tatec EuG ao L\ mkvlstglkt ouk`s, oaccawl` dy Mrlcek` wmtj 550). Oar prmvetl lqumty, tjl \I cle`s wmtj e02% sjerl ao tjl tatec mkvlstglkt ge`l dy L\ hauktrmls (L_HE 4>58). Orekhl jes tjl jmbjlst sjerl ao mkvlstglkt orag vlkturl hepmtec wmtj 458, oaccawl`dy Blrgeky wmtj 45% (L_HE 4>58).


28/70

4: ^wH Hepmtec Gerilts \kmak

Pjl mktlbretmak ao hepmtec geriltsms ecrle`y uk`lrwey

Pjl mktlbretmak ao hepmtec gerilts mgpcmls tjet tjl gavlglkt ao hepmtec ms dlhagmkb lesmlr, suhj tjet tjl

hasts ao duymkb ek` slccmkb stkekhmec esslts erl hakvlrbmkb ehrass blabrepjmhec cahetmaks es cakb es tjly passlss smgmcer hjerehtlrmstmhs (rmsi, texetmak rlbmgl, lth.). Mk atjlr war̀ s, tjl cew ao akl prmhl eppcmls.

Xa, mk ar`lr ta esslss tjl ̀ lbrll ao

mktlbretmak wmtjmk tjl Luraplek \kmak, wl

wmcc usl gemkcy twa slts ao mk`mhetars6

• Mk`mhetars desl` ak prmhls. Rl wmcc

ekecysl tjl harrlcetmak ao stahi gerilt

ek` dak` gerilt prmhls ta esslss mo e

prahlss ao mktlbretmak ms et wari. Rl

wmcc stu`y tjl `lbrll ao hakvlrblkhl

ao tjlsl gerilts ta uk`lrstek` tjl

lxtlkt ta wjmhj tjl cew ao akl prmhl

eppcmls. Ecsa, wl wmcc hagperl tjl hast

ao darrawmkb ao caeks ehrass tjl L\.

Oar mkstekhl, esslt prmhls ao lqumveclkt

rmsis sjauc` dl tjl segl. Gerilt prmhls

ao lqumveclkt sjerls sjauc` dl lquec

mrrlsplhtmvl ao tjlmr hauktry ao àgmhmcl.

Ecsa, darrawmkb sjauc` dl lqueccy hastcy

oar praflhts wmtj tjl segl rmsi ek` rlturk.

Pjl hast ao dak`s ek` tjl mktlrlst retl

eppcml` ta caeks sjauc` dl ukmoarg orag

akl hauktry ta tjl klxt oar lqumveclkt

typls ao ̀ ldt.

• Mk`mhetars desl` ak tjl lhakagmh

`lhmsmaks ao eblkts. Rl wmcc stu`y

tjl mktlrketmakecmsetmak ao stkekhmecmktlrgl`mermls, tjl lvacutmak ao hrass-

dar`lr glrblrs ek` ehqumsmtmaks, es

wlcc es tjl harrlcetmak mk haksugptmak

dljevmaurs ehrass hauktrmls, ek` tjl

harrlcetmak mk sevmkbs ek` mkvlstglkt et

tjl hauktry clvlc.

Oar mkstekhl, es hepmtec gavlglkts erl orll,

mk`mvmùecs hek sgaatj tjlmr haksugptmak

dy darrawmkb edrae`, wjmcl sevmkbs wmcc ba`mrlhtcy ta tjl gast praùhtmvl mkvlstglkt

appartukmtmls mrrlsplhtmvl ao tjlmr cahetmak.

Es e hakslqulkhl, tjlrl wauc` dl cmttcl

ar ka rlcetmak dltwllk tjl egaukt ao

sevmkbs blklretl̀ mk e hauktry ek` tjl

àglstmh mkvlstglkt mk tjet hauktry.

Mk haktrest, mo partoacma prlolrlkhls ek`

mkstmtutmakec rmbm`mtmls mgpl`l tjl fflaw

ao cakb-tlrg hepmtec egakb hauktrmls,

mkhrlesls mk ̀ aglstmh sevmkb wauc`

dl rlffllhtl` prmgermcy mk e``mtmakec

àglstmh mkvlstglkt. Ekatjlr mccustretmakao mktlbretmak wmcc dl tjet stkekhmec

mktlrgl`mermls wmcc dl edcl ta aplretl

mktlrketmakeccy ek` tjet hrass-dar`lr

glrblrs ek` ehqumsmtmaks sjauc` mkhrlesl.

4.5 Mk`mhetars deslàk prmhls

Omrst ao ecc, mt ms mgpartekt ta dler mk

gmk` tjet mt ms `mosthuct, mo et ecc passmdcl,

ta m`lktmoy stkekhmec praùhts wjmhj erl

ouccy hagperedcl mk tjl vermaus ketmakec

stkekhmec gerilts.

Mk pertmhucer, ̀ ldt slhurmtmls mssul`

dy bavlrkglkts typmheccy pravm`l tjl

desms oar glesurmkb –rmsi orll‗ cakb-

tlrg mktlrlst retls mk e bmvlk hurrlkhy.

Jawlvlr, e wm`l errey ao splhmsth oehtars

gey eoolht bavlrkglkt dak` ymlc`s, suhj

es savlrlmbk ̀ loeuct rmsi, tjl lvacutmakao ̀ ldt avlr tmgl, tjl ̀ lptj ek` cmqum`mty

ao tjl slhakèry gerilt oar bavlrkglkt

dak`s, ek` tjl tex rlbmgl eppcmhedcl ta

hepmtec bemks ek` mktlrlst rlhlmpts. Pjlsl

`mosthuctmls dlhagl lvlk garl hjecclkbmkb

wjlk haksm`lrmkb stkekhmec mkstruglkts

mssul` dy tjl prmvetl slhtar, suhj es

lqumtmls.

4.5.5 Xtahi gerilts erl sjawmkb smbks ao hakvlrblkhl

Mk tjms slhtmak, wl ekecysl wjltjlrmktlbretmak ms teimkb pcehl wmtjmk stahi

gerilts. Mk tjl prahlss ao vlrmoymkb

mktlbretmak, wl hagperl tjl rlturks ao

stahi gerilts ao ecc L\ hauktrmls ta stahi

gerilt rlturks oar e dlkhjgeri hauktry.

Rl hecc tjl mk`mhetar lxhlss rlturk ek`

jevl slclhtl` Blrgeky, tjl dmbblst

lhakagy, es tjl dlkhjgeri.

Pjl uk`lrcymkb essugptmak dljmk` tjms

gltjaàcaby ms twaoac`. Omrst, e plrolhtcy

mktlbretl` gerilt wauc` mgpcy tjl edslkhl

ao prasttedcl erdmtrebl. Mk atjlr war`s, mt wauc` dl mgpassmdcl oar mkvlstars ta cahi

mk jmbjlr rlturks mk akl hauktry hagperl`

ta ekatjlr. Jlkhl, lxhlss rlturks sjauc`

hakvlrbl ta zlra avlr tmgl.

4


29/70

^wH Hepmtec Gerilts \kmak 4=

Xlhak`, mktlbretl` stahi gerilts sjauc`

rlspak` ta sjahis mk e smgmcer wey. Oar

mkstekhl, mo hauktrmls erl jlevmcy hakklhtl`

ta lehj atjlr, e sjahi, dl mt lxtlrkec armktlrkec80, sjauc` prapebetl ehrass ecc

hauktrmls bmvlk tjl jmbj clvlc ao lhakagmh

ek` stkekhmec mktlr`lplk`lkhl egakb

tjlg. Jlkhl, tjl jmbjlr tjl harrlcetmak ao

rlturks orag akl hauktry ta ekatjlr, tjl

garl mktlbretl` tjlmr stahi gerilts erl.

Akl e`vektebl ao ̀ lstkmkb lxhlss rlturk

mk suhj e wey ms tjet mt wmcc msacetl splhmsth

oehtars eoolhtmkb tjl hauktry. Pjms mgpcmls

tjet bcadec oehtars, suhj es e bcadec

àwkturk, wauc` dl teilk mkta ehhaukt es

tjl dlkhjgeri hauktry wmcc dl eoolhtl` dytjl segl oehtar.

Hakvlrblkhl mk tjl L\ stahigerilts jes ecgast dllkehjmlvl`

Xtahi gerilt rlturks ao L\ lhakagmlserl scmbjtcy hakvlrbmkb ta Blrgek

rlturks. Mk`ll`, es ̀ lshrmdl` mk Omburl

5=, `moolrlktmecs erl sjawmkb e àwkwer`

trlk`, wjmhj ̀ lgakstretls tjl edslkhl

ao erdmtrebl avlr tmgl. Pjl hakvlrblkhl

ms lvlk trulr oar Dectmh hauktrmls suhj es

Jukbery, Xcaveime, Lstakme ek` Xcavlkme,

egakb atjlrs (sll Omburl 82 mk tjl

epplk`mx oar garl ̀ ltemcl` mkoargetmak

ak lxhlss rlturks dy hauktry). Xagl

hauktrmls, jawlvlr, jevl sjawk clss

hakvlrblkhl ta Blrgek rlturks. Dut tjlslerl pertmhucer hesls, suhj es Brllhl ek`

ârtubec.

Lxhlss rlturk6 tjl ̀ moolrlkhl dltwllk tjl stahi gerilt rlturk (oar tjl stahi

gerilt)/bavlrkglkt dak` ymlc` (oar tjl dak` gerilt) ao e bmvlk hauktry ek` tjl stahi

gerilt rlturk /bavlrkglkt dak` ymlc` ao e dlkhjgeri hauktry.

80 Rl `lkl lxtlrkec sjahi es sjahi dlyak` L\ hauktrmls (oar mkstekhl, e sjahi mk \X). Mktlrkec sjahis erl sjahis wmtjmk tjl L\.

Xaurhl6 ^wH Gerilt Tlslerhj Hlktrl desl` ak ALH@ ète

8>%

4%

5%

>

4>>5 4>>4 4>>8 4>>0 4>>< 4>>? 4>>2 4>>: 4>>= 4>5> 4>55 4>54 4>58 4>50

Omburl 5=6 Lvacutmak ao evlrebl edsacutl stahi gerilt lxhlss rlturks mk L\hauktrmls orag 4>>5 ta 4>50


30/70


Xtahi gerilt sjahis erl prapebetmkb mk tjl L\ Harrlcetmaks ao stahi gerilt rlturks oar

L\ hauktrmls hagperl` ta rlturks ao

tjl dlkhjgeri hauktry jevl mkhrlesl`

avlr tmgl, sjawmkb tjet stahi gerilts

erl dlhagmkb mkhrlesmkbcy hakklhtl` ta

lehj atjlr. Ak evlrebl, tjl harrlcetmak

ao rlturks wes >.2 orag 4>>5 ta 4>>2 ek`

>.= orag 4>>: ta 4>50. Omkcek`, ̂ acek`,

Dlcbmug, Mrlcek` ek` Eustrme jevl sjawk

smbkmsthekt mktlbretmak. Atjlr hauktrmls,

keglcy tjl Hzlhj Tlpudcmh, Jukbery,

Xcaveime, Lstakme ek` Xcavlkme, jevl ecsa

sjawk mkhrlesl` mktlbretmak. Es sjawk

mk Omburl 4>, oar tjl cest twa hauktrmls,

harrlcetmak jes sjmotl` orag klbetmvl ta

strakbcy pasmtmvl, ̀ lgakstretmkb mkhrlesl`

mktlbretmak ao tjlmr stahi gerilts.

Omkeccy, Brllhl ek` Xpemk jevl sjawk

`lhrlesl` mktlbretmak. Pjms ms ̀ ul ta tjloeht tjet tjlsl hauktrmls jevl lxplrmlkhl`

m`masykhretmh mssuls suhj es bavlrkglkt

mksacvlkhy.

Pjlrl erl cmgmts ta tjms lxlrhmsl. Omrst, tjl

slclhtmak ao Blrgeky es tjl dlkhjgeri

hauktry hek mkùhl dmes. Mk`ll`, es

Blrgeky ms tjl dmbblst lhakagy, mt hek

mkfflulkhl stahi gerilts ao atjlr hauktrmls

mk ek mk`mrlht wey, l.b. tjraubj lhakagmh

sjahis, kat akcy tjraubj purl stkekhmec

sjahis. Omkekhmec sjahi ms ̀ lstkl` es e

sjahi tjet eoolhts tjl stahi ek` dak`gerilts, dut wjmhj ms kat rlcetl` ta eky

sjahi ak oukèglktec lhakagmh vermedcls.

Xlhak`, tjl slclhtmak ao akl dlkhjgeri

hauktry pravm`ls ek mkhagpcltl avlrvmlw

ao stkekhmec mktlbretmak. Mk`ll`, mktlbretmak

mk aur hesl ms glesurl` dy tjl harrlcetmak

ao akl hauktry ta Blrgeky, kat orag akl

hauktry ta ekatjlr. Jawlvlr, ak evlrebl,

ecc hauktrmls” stahi gerilt rlturks jevl

e jmbj harrlcetmak wmtj Blrgeky (ak

evlrebl, tjl harrlcetmak ms >.: oar tjl

wjacl plrma` 4>>5-4>50). Pjms mgpcmlstjet stahi gerilt rlturks erl klhlssermcy

harrlcetl` dltwllk hauktrmls. Oar mkstekhl,

es ̀ lshrmdl` mk Omburl 88, Omburl 80 ek`

Omburl 8< mk tjl epplk`mx, wjmhj ̀ mspcey

tjl harrlcetmak ao rlturks ehrass hauktrmls,

k ̂ rl-hrmsms (4>>5-4>>2) k ̂ ast-hrmsms (4>>:-4>50)Xaurhl6 ^wH Gerilt Tlslerhj Hlktrl desl` ak ALH@ ète

Omburl 4>6 Harrlcetmak ao stahi gerilt rlturks ao L\ hauktrmls hagperl` ta Blrgek stahi gerilt rlturks

5.4

5.>

>.:

>.?

>.0

>.4

>.>

->.4

->.0

\ I

B r l l h l

O r e k h l

K l t j l r c e k ` s

@ l k g e r i

X w l ` l k

X p e m k

O m k c e k `

M t e c y

^ a r t u b e c

^ a c e k `

D l c b m u g

M r l c e k `

E u s t r m e

H z l h j T l p u d c m h

J u k b e r y

X c a v e i m e

L s t a k m e

C u x l g d a u r b

X c a v l k m e


31/70


wl hek sll tjet harrlcetmak ùrmkb tjl past-

hrmsms plrma` ms strakb avlrecc kat akcy wmtj

Blrgeky, dut ecsa dltwllk hauktrmls.8<

E tjmr` pamkt ms tjet, mk haktrest ta tjl

esslssglkt ao tjl dak` hakvlrblkhl, wl

jevl kat ga`lccl` hauktry splhmsth rmsi.

Jlkhl, wl jevl kat hcustlrl` hauktrmls

ehhar`mkb ta tjlmr rmsi prastcl ek` esslssl`

hakvlrblkhl wmtjmk lehj rmsi prastcl. Es`lgakstretl` lercmlr, sagl hauktrmls, suhj

es Brllhl ek` Xpemk, jevl lxplrmlkhl`

smbkmsthekt ̀ lvmetmak orag tjl Blrgek

rlturks dlheusl hauktry-splhmsth rmsis

wlrl essahmetl` wmtj tjlmr stahi gerilt

plroargekhl. Jawlvlr, orebmcl hauktrmls

hek lesmcy dl m`lktmstl` ek`, tjlrloarl, wmcc

kat smbkmsthektcy eoolht aur hakhcusmaks.

4.5.4 Pjl hrmsms jes jmk`lrl`dak` gerilt hakvlrblkhlMktlbretmak ao tjl dak` gerilt wmcc dl

ekecysl` usmkb tjl ̀ moolrlkhl dltwllktlk-yler dak` ymlc`s ao tjl ̀ moolrlkt L\

hauktrmls hagperl` ta tjl segl geturmty

ymlc` oar Blrgeky (jlrleotlr heccl` lxhlss

rlturk).8?

Mk tjl segl vlmk es stahi gerilts, e

plrolhtcy mktlbretl` gerilt sjauc` vlrmoy,

ecc tjmkbs dlmkb lquec, tjl segl hak`mtmaks

es tjasl oar stahi gerilts m.l. hakvlrblkhl

ek` harrlcetmak ao rlturks.

Dloarl stertmkb aur ekecysms, mt ms mgpartekt

ta uk`lrstek` tjet hakvlrblkhl ao rlturkssjauc` teil pcehl akcy mo hauktrmls ̀ mspasl

ao tjl segl clvlc ao rmsi, e hak`mtmak

tjet ms kat vlrmstedcl oar L\ hauktrmls,

lsplhmeccy eotlr tjl ̀ ldt hrmsls. Caaimkb et

Omburl 8? mk tjl epplk`mx, es ao 4>50, tjl

brass bavlrkglkt ̀ ldt ao L\ hauktrmls,

ek mk`mhetar ao tjl clvlc ao rmsi, staa` et

28.5% ao B@^ ak evlrebl. Mk Brllhl, tjl

bavlrkglkt ̀ ldt rlehjl` garl tjek 52>%

ao B@^, wjmcl bavlrkglkt `ldt mk Lstakme

rlprlslktl` =.2% ao B@^.

Pjms pamkt gmbjt, jawlvlr, dl hjecclkbl`

mk tjl oaccawmkb wey6 mk`lplk`lkt ao tjl

clvlc ao rmsi, e hauktry tjet dlcakbs ta tjl

L\ ms kat cmilcy ta dl mksacvlkt es e demcaut

hauc` dl pravm`l` dy e supreketmakec

eutjarmty (l.b. MGO), e Luraplek mkstmtutmak

(l.b. Luraplek Hlktrec Deki) ar Glgdlr

hauktrmls” ouk`s (l.b. LXG). Mk tjms vmlw,

hakvlrblkhl wmcc teil pcehl dlheusl

mkvlstars wmcc mkvlst mk rmsiy hauktrmlspusjmkb ymlc`s wmtjmk tjlsl hauktrmls

àwk. @msmkvlstglkt wmcc teil pcehl mk

seolr hauktrmls ̀ rmvmkb ymlc`s mk tjlsl

hauktrmls up ek` mgpcmhmtcy sudsm`msmkb

rmsiy hauktrmls. Bmvlk tjl jmbj clvlc ao

mktlr`lplk`lkhl dltwllk gakltery ek`

stshec pacmhmls, tjms erbuglkt ms lvlk trulr

oar lura erle hauktrmls wjlrl tjl LHD wmcc

pcey ek mktlrvlktmakmst racl82 mk pravm`mkb

cmqum`mty ̀ mrlhtcy ar mk`mrlhtcy ta tjl

`mstrlssl` lhakagy.

]mlc` hakvlrblkhl ms lesl` mktjl lura erleRjlk hagpermkb tjl lura erle wmtj tjl

wjacl L\, wl adslrvl tjet hakvlrblkhl ms

garl cmilcy mk tjl lura erle. Mk`ll`, mk tjl

lura erle, edsacutl lxhlss rlturks wlrl ak

evlrebl erauk` >.0>% orag 4>>> ta 4>>2.

Pjms gleks tjet ak evlrebl, dak` ymlc`s ao

atjlr lura erle hauktrmls erl >.0>% jmbjlr

tjek tjl Blrgek dak` ymlc`s. Mk tjl kak-lura erle, edsacutl lxhlss rlturks ̀ urmkb

tjl segl plrma` wlrl ak evlrebl et 5.>=%.

@urmkb tjl past-hrmsms plrma`, tjl evlrebl

lxhlss rlturks wlrl et 4.40% oar lura erle

hauktrmls hagperl` ta 4.85% mk tjl kak-

lura erle. Pjl cettlr rlsuct ms, jawlvlr,

jlevmcy ̀ rmvlk dy Brllhl, ek` ta e clsslr

lxtlkt, ̂ artubec, Cetvme ek` Hyprus.

8< Pjl sacl lxhlptmak ùrmkb tjl past-hrmsms plrma` ms tjl rlturks orag Xcaveime, wjmhj erl ukharrlcetl` ta atjlr hauktrmls. Caaimkb et tjl avlrecc plrma` (4>>5-4>50),Xcavei ek` Xcavlkme jevl sjawk clss mktlbretmak.

8? Xll Ede` .̂, Hjucme J. ek` Baglz-ûmb G., LG\ ek` Luraplek bavlrkglkt dak` gerilt mktlbretmak, LHD Rarimkb êplr, 4>>= ek` Img X-F., Gasjmrmek O. ek` Ru,L., Lvacutmak ao mktlrketmakec stahi ek` dak` gerilt mktlbretmak6 Mkulkhl ao tjl Luraplek Gakltery \kmak, Faurkec ao Dekimkb ek` Omkekhl, 4>>?.

82 Katl tjet ukhakvlktmakec gakltery pacmhmls ek` quektmtetmvl lesmkb prabreggls jevl jlcpl` hauktrmls tjet wlrl oehmkb kekhmec mssuls.

8: Brllhl jes dllk lxhcu`l` orag aur ekecysms.

0.>%

8.%

4.%

5..%

4>>> 4>>5 4>>4 4>>8 4>>0 4>>< 4>>? 4>>2 4>>: 4>>= 4>5> 4>55 4>54 4>58 4>50

Omburl 456 Lxhlss rlturk mk edsacutl vecul oar lura erle ek` kak-lura erlehauktrmls

k Lura erle k Kak-lura erle

Xaurhl6 ^wH Gerilt Tlslerhj Hlktrl desl` ak LHD ète8:

0.


32/70


Mt ms wartj glktmakmkb tjet sagl hauktrmls

mk tjl kak-lura erle erl sjawmkb

hakvlrblkhl wmtj Blrgek dak` ymlc`s.

Pjlsl hauktrmls erl Xwl`lk, @lkgeri,

tjl \I ek`, ta sagl lxtlkt, tjl Hzlhj

Tlpudcmh. Jlkhl, ̀ lspmtl tjl oeht tjet

mktlbretmak ms lesl` mk tjl lura erle, tjl

mktlbretmak prahlss ms kat akcy e gettlr oar

lura erle hauktrmls.

Bmvlk tjlmr edmcmty ta haktrac gakltery

pacmhy, kak-lura erle hauktrmls jevl dllk

garl rlsmcmlkt ̀ urmkb tjl savlrlmbk ̀ ldt

hrmsms. Es sjawk mk Omburl 45, tjl past-hrmsms

plrma` jes hrletl` cawlr ̀ lvmetmak orag

tjl Blrgek ymlc` hagperl` ta lura erle

hauktrmls.

Pjl 4>>: hrmsms scawl`hakvlrblkhlDloarl tjl sudprmgl hrmsms, ymlc`s mk

Luraplek hauktrmls wlrl hakvlrbmkb ta

tjl Blrgek ymlc`. Pjl hrmsms hakstmtutlèk mgpl`mglkt ta tjl hakvlrblkhl prahlss

ao ecc L\ hauktrmls mkhcu`mkb lura erle

hauktrmls. Es sjawk mk Omburl 45 ek`

Omburl 8: mk tjl epplk`mx, lxhlss rlturks

erl jmbjlr eotlr tjl sudprmgl hrmsms.

Xjahis ak ymlc`s erl dlhagmkbclss systlgmh\kcmil stahi gerilts, harrlcetmak ao dak`

gerilt rlturks oar L\ hauktrmls hagperl`

ta Blrgeky, ak evlrebl, jes `lhrlesl`.

@urmkb tjl prl-hrmsms plrma`, harrlcetmak

ak evlrebl rlehjl` >.:0 hagperl` ta >.?:

ùrmkb tjl past-hrmsms plrma`.

Rjlk hakùhtmkb ̀ llplr ekecysms, wl hekadslrvl tjrll typls ao hauktrmls wmtjmk

tjl L\. Pjl strst typl ms hjerehtlrmsl` dy

mkhrlesl` mktlrhakklhtl`klss ao tjl L\

hauktrmls, suhj es Tagekme, Jukbery

ek` ̂ acek`, dut ecsa tjasl wmtj wlcc-

lstedcmsjl` mktlr`lplk`lkhmls wmtj atjlr

L\ hauktrmls suhj es Cuxlgdaurb ek` tjl

\kmtl` Imkbàg. Pjlsl hauktrmls jevl

wmtklssl` ek mkhrlesl` harrlcetmak wmtj

Blrgek ymlc`s orag 4>>> ta 4>50.

Pjl slhak` typl mkhcu`ls hauktrmls tjet

jevl je` e cawlr harrlcetmak wmtj Blrgekdak` ymlc`s ùrmkb tjl past-hrmsms plrma`

tjek ùrmkb tjl prl-hrmsms. Gast ao tjlsl

hauktrmls jevl smbkmsthektcy lxpek`l` tjlmr

bavlrkglkt ̀ ldt ta B@^ ̀ urmkb tjl past-

hrmsms plrma`. Oar mkstekhl, bavlrkglkt

`ldt ta B@^ mk Orekhl wes >>

hagperl` ta =50. Mk Hraetme,

bavlrkglkt ̀ ldt staa` et 8>4 hagperl` ta :>.=% mk 4>50. Jmbjlr

clvlcs ao bavlrkglkt ̀ ldt ar ketmakec

plhucmermtmls hauc` jevl ta sagl lxtlkt

`lhrlesl` tjl harrlcetmak wmtj rlsplht ta

tjl dlkhjgeri bavlrkglkt dak` ymlc`s.

Pjlsl hauktrmls mkhcu`l tjl Kltjlrcek`s,

Omkcek`, @lkgeri ek` Orekhl.

Pjl tjmr` typl mkhcu`ls tjasl hauktrmls

wjmhj lxplrmlkhl` e slvlrl `mshakklhtmak

wmtj rlsplht ta tjl Blrgek ymlc`s suhj

es Xpemk, ̂ artubec, Mtecy ek` Brllhl.

Jmbjlr clvlcs ao rmsi ek` tjl rmsi ao lxmtmkb

ao tjl lura erle, mk sagl hesls, hauc`

jevl susplk`l` eky harrlcetmak ta tjl

PwC Capital Markets Union Integration

Documents

Transcript of PwC Capital Markets Union Integration