1250$ 0$7(5,$/,
3529$ ', $'(6,21(
'(, 5,9(67,0(17,
,125*$1,&, ( 25*$1,&,
QRUPD]LRQH 0(',$17( 48$'5(77$785$
3DJLQD
'DWD $SULOH
70'
),1$/,7 '(//$ 1250$
'HVFULYHUH OH PRGDOLW GD VHJXLUH H SUHFLVDUH OH DWWUH]]DWXUH SHU GHWHUPLQDUH OH SURYH GL DGHVLRQH GHL
&ODVVH
ULYHVWLPHQWL LQRUJDQLFL H RUJDQLFL PHGLDQWH TXDGUHWWDWXUD
0RG
(GL]LRQH
/D SUHVHQWH 1RUPD ý FRPSRVWD GL Q SDJLQH
0RGLILFD 'DWD 'HVFUL]LRQH GHOOD PRGLILFD
'LF
(GL]LRQH 0RGLILFDWR LO FRQWHQXWR GHOOD k127$l QHO q k'l $SSDUHFFKLDWXUD GL
3URYD HG HIIHWWXDWR PRGLILFKH UHGD]LRQDOL '$
(GL]LRQH 5LYLVWD FRPSOHWDPHQWH )'
&2126&(1=$ ', 7(5=, 6(1=$ $8725,==$=,21( 6&5,77$ '(//$ ),$7 $872 6S$
,/ 35(6(17( '2&80(172 121 382
(66(5( 5,352'2772 1(
3257$72 $
5,6(59$72
,1 &$62 ', 67$03$ /$ &23,$ (
'$ 5,7(1(56, 121 &21752//$7$ 3(57$172 (
1(&(66$5,2 9(5,),&$5( /
$**,251$0(172 1(//
$3326,72 6,72 :(%
5($/,==$=,21( (',725,$/( $ &85$ ', 6$7,= 1250$=,21(
3DJ
0RGLI
_ q l$l 67580(17$=,21( 1(&(66$5,$ 3(5 /( 3529(
$ $SSDUHFFKLDWXUD SHU OD GHWHUPLQD]LRQH GHOO
LQGLFH GL DGHVLRQH ULI q k'l
$ 0DWLWD SHU WUDFFLDUH
,PSLHJDWD TXDORUD OD VXSHUILFLH VLJQLILFDWLYD DL ILQL GHOOD SURYD GL DGHVLRQH QRQ VLD VXIIL
FLHQWHPHQWH ODUJD GD QRQ SRWHU HVVHUH LQFLVD FRQ LO TXDGUHWWDWRUH
$ 1DVWUR DGHVLYR LQ SODVWLFR YLQLOLFR HODVWLFR VHFRQGR LO &DSLWRODWR 7LSR )
127$ *OL VWUXPHQWL LQGLFDWL QHO VXGGHWWR q SRVVRQR HVVHUH VRVWLWXLWL FRQ DOWUL D FRQGL]LRQH FKH VLDQR
HTXLYDOHQWL R PLJOLRUL SHU FDUDWWHULVWLFKH SUHFLVLRQH H ULSHWLELOLW $OOD DWWUH]]DWXUD ULFKLDPDWD QHO
q l$l YDQQR DJJLXQWL JOL HYHQWXDOL VWUXPHQWL GL FRQWUROOR SUHVFULWWL VXL VLQJROL GRFXPHQWL ULFKLDPDWL
QHO WHVWR YHGHUH q l%l
_ q jj%
'2&80(17, 5,&+,$0$7, 1(/ 7(672
_ _ 1DVWUL DGHVLYL FRQ VSDOPDWXUD XQLODWHUDOH &0'
_ q l&l (/(1&2 $//(*$7,
&2126&(1=$ ', 7(5=, 6(1=$ $8725,==$=,21( 6&5,77$ '(//$ ),$7 $872 6S$
,/ 35(6(17( '2&80(172 121 382
(66(5( 5,352'2772 1(
3257$72 $
5,6(59$72
5($/,==$=,21( (',725,$/( $ &85$ ', 6$7,= 1250$=,21(
3DJ
0RGLI
_ q jj'
$33$5(&&+,$785$ ', 3529$
'HVFUL]LRQH GHOO
DSSDUHFFKLDWXUD SHU OD GHWHUPLQD]LRQH GHOO
LQGLFH GL DGHVLRQH
/
DSSDUHFFKLDWXUD ULI q $ ý FRVó FRVWLWXLWD
TXDGUHWWDWRUH GHO WLSR H GHOOH GLPHQVLRQL GL FXL DOOD )LJXUD TXDQGR OR VSLJROR WDJOLHQWH
ý DSSLDWWLWR ILQR D PP YD UHWWLILFDWR
'LPHQVLRQL LQ PP
0 [
$FFLDLR SHU XWHQVLOL +5& |
),*85$
127$ JOL VWUXPHQWL GD XWLOL]]DUH SHU OD SURYD GL TXDGUHWWDWXUD SRVVRQR HVVHUH GRWDWL GL SLÖ ODPLQH R ILOL
FRQ GLVWDQ]D YDULDELOH IUD OH VWHVVH HG LO TXDGUHWWDWRUH SXÌ DQFKH HVVHUH GL WLSR DXWRPDWL
FR
3HU VSHVVRUL GD w ³P ý FRQVLJOLDELOH XQD GLVWDQ]D GL PP
3HU VSHVVRUL GD w ³P ý FRQVLJOLDELOH XQD GLVWDQ]D GL PP
4XDORUD VRSUD L ³P QRQ IRVVH GLVFULPLQDQWH OD SURYD GL DGHVLRQH FRQ LO FROWHOOR GL FXL VRSUD
ý RSSRUWXQR XWLOL]]DUH XQR VWUXPHQWR D ODPLQDILOR DGDWWR DQFKH SHU VXSHUILFL FXUYH YHGHUH
&2126&(1=$ ', 7(5=, 6(1=$ $8725,==$=,21( 6&5,77$ '(//$ ),$7 $872 6S$
)LJXUD
,/ 35(6(17( '2&80(172 121 382
(66(5( 5,352'2772 1(
3257$72 $
4XDQGR OH v
SXQWH VRQR
FRQVXPDWH D
PHQR GL
PP GHYRQR
HVVHUHULDIILODWH
5,6(59$72
VXSHUILFLH GL
ULDIILODWXUD
!
GLUH]LRQH WDJOLR
),*85$ 6WUXPHQWR D XQ ILOR
5($/,==$=,21( (',725,$/( $ &85$ ', 6$7,= 1250$=,21(
3DJ
0RGLI
$0%,(17( ', 3529$ VDOYR GLYHUVDPHQWH SUHVFULWWR
WHPSHUDWXUD ! &
SUHVVLRQH DWPRVIHULFD PEDU
XPLGLWD
UHODWLYD
35,1&,3,2
,O PHWRGR ý EDVDWR VXO FRQWUROOR GHOO
HYHQWXDOH GLVWDFFR GHO ULYHVWLPHQWR VRWWRSRVWR DG LQFLVLRQH PHGLDQ
WH TXDGUHWWDWRUH R PDWLWD GHUPRJUDILFD
3URFHGLPHQWR
(VHJXLUH OD SURYD DG XQD WHPSHUDWXUD GL á &
,QFLGHUH OD VXSHUILFLH ULYHVWLWD LQ XQD ]RQD VLJQLILFDWLYD SLDQD HG LQ YLVWD GHO FDPSLRQH LQ HVDPH
R ODPLHULQR YHUQLFLDWR HVHUFLWDQGR XQD SUHVVLRQH FRVWDQWH VXO TXDGUHWWDWRUH ULI q $ WDOH FKH
O
LQFLVLRQH VFRSUD LO VXSSRUWR SODVWLFR R PHWDOOLFR 1HO FDVR GL ULYHVWLPHQWL SDUWLFRODUPHQWH GXUL
XVDUH OD PDWLWD GHUPRJUDILFD ULI q $
127$ SHU OD GHWHUPLQD]LRQH GHOO
DGHVLRQH GL ULYHVWLPHQWL VX PDWHULDOL SODVWLFL OD SURYD GHYH HVVHUH HVH
JXLWD DG XQD WHPSHUDWXUD GL á & GRSR DOPHQR K GDOO
DYYHQXWD SROLPHUL]]D]LRQH VH QRQ
GLYHUVDPHQWH VSHFLILFDWR
$SSOLFDUH VXOOD VXSHUILFLH LQFLVD LO QDVWUR DGHVLYR ULI q $
&2126&(1=$ ', 7(5=, 6(1=$ $8725,==$=,21( 6&5,77$ '(//$ ),$7 $872 6S$
6WDFFDUH PDQXDOPHQWH H UDSLGDPHQWH LO QDVWUR GDOOD VXSHUILFLH LQFLVD HVHUFLWDQGR XQD IRU]D GDO EDVVR
,/ 35(6(17( '2&80(172 121 382
(66(5( 5,352'2772 1(
3257$72 $
YHUVR O
DOWR
(635(66,21( '(, 5,68/7$7,
9DOXWDUH O
DGHVLRQH YHULILFDQGR OD ULVSRQGHQ]D FRQ TXDQWR ULFKLHVWR GDO &DSLWRODWR VSHFLILFR GHO SURGRWWR
R GHO ULYHVWLPHQWR LQ HVDPH
$O ULJXDUGR ROWUH O
HVSUHVVLRQH LQ SHUGLWD GHOO
DGHVLRQH LQ JHQHUH ý WROOHUDWD QHOOD PLVXUD GHO PD[
5,6(59$72
GRSR OH SURYH LQ LQYHFFKLDPHQWR HVLVWH XQD VFDOD GL YDORUL ULSRUWDWD QHOOD WDEHOOD VHJXHQWH XWLOL]]DUH
QHOO
HYHQWXDOLW GL XQ FRQWUROOR FRPSDUDWLYR IUD SLÖ SURYLQLFDPSLRQL ULYHVWLWL FRQ FLFOL DOWHUQDWLYL
5($/,==$=,21( (',725,$/( $ &85$ ', 6$7,= 1250$=,21(
3DJ
0RGLI
3DUDPHWUL GHOOD SURYD GL TXDGUHWWDWXUD
3$5$0(752
'(//
,1&,6,21( '(6&5,=,21( 5$)),*85$=,21(
$ 5(7,&2/2
, ERUGL GHO WDJOLR VRQR SHUIHWWDPHQWH
$G OLVFL QRQ VL ý GLVWDFFDWD DOFXQ IUDP
PHQWR GHOOD YHUQLFLDWXUD
$L SXQWL GL LQWHUVH]LRQH GHO UHWLFROR
VL VRQR GLVWDFFDWH SLFFROH VFKHJJH
$G
VXSHUILFLH GLVWDFFDWD GHL
IUDPPHQWL
/D YHUQLFLDWXUD VL ý GLVWDFFDWD OXQJR
$G L ERUGL GL WDJOLR HR DL SXQWL GL LQWHUVH
]LRQH GHO UHWLFROR
/D YHUQLFLDWXUD VL ý GLVWDFFDWD OXQJR
L ERUGL GL WDJOLR SDU]LDOPHQWH R GHO
$G WXWWR LQ ODUJKH VWULVFLH HR OD YHUQL
FLDWXUD VL ý GLVWDFFDWD SDU]LDOPHQWH
R GHO WXWWR GD IUDPPHQWL VLQJROL
/D YHUQLFLDWXUD VL ý GLVWDFFDWD GHO
WXWWR R SDU]LDOPHQWH OXQJR L ERUGL LQ
$G ODUJKH VWULVFLH R GDL IUDPPHQWL VLQ
JROL VXSHUILFLH GLVWDFFDWD
GHL IUDPPHQWL
6XSHUILFLH GLVWDFFDWD SLÖ GHO
$G
GHL IUDPPHQWL
&2126&(1=$ ', 7(5=, 6(1=$ $8725,==$=,21( 6&5,77$ '(//$ ),$7 $872 6S$
,/ 35(6(17( '2&80(172 121 382
(66(5( 5,352'2772 1(
3257$72 $
5,6(59$72
5($/,==$=,21( (',725,$/( $ &85$ ', 6$7,= 1250$=,21(