Dismissal Order in S.E.C. v. Cohmad

8/14/2019 Dismissal Order in S.E.C. v. Cohmad

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UOJVEF [VMVE[ FJ[VTJKV KCUTV[CUVNETO FJ[VTJKV CI OEQ ZCTG[EKUTJVJE[ MOF E^KNMOAE KCLLJ[[JCO(

Phmjovjii(, mamjo{v

0: Kjy/ 59>0 .HH[*Cpjojco mof Ctfet

KCNLMF [EKUTJVJE[ KCTPCTMVJCO(LMUTJKE B/ KCNO( LMTKJM D/ KCNO(mof TCDETV L/ BMIIE(Feieofmov{/

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Vne [ekutjvje{ mof E~knmoae Kcllj{{jco {ue{ feieofmov{ ictpmtvjkjpmvjoa jo vne Pcorj {knele petpevtmvef dz Detomtf H/ Lmfciivntcuan vne joye{vleov mfyj{ctz {ealeov ci Detomtf H/ LmfciiJoye{vleov [ekutjvje{ HHK .$DLJ[$*/ Jv mhheae{ vnmv Lmfcii u{effeieofmov Kcnlmf [ekutjvje{ Kctpctmvjco .$Kcnlmf$*( m teaj{vetefdtcget,femhet( vc lmtgev nj{ joye{vleov mfyj{ctz du{joe{{/ DLJ[mhheaefhz pmjf Kcnlmf mof jv{ tepte{eovmvjye{ iee{ ict tektujvjoaptc{pekvjye khjeov{ vc DLJ[( itcl qnjkn Kcnlmf fetjyef vne lmbctjvzci jv{ teyeoue/ Vne jofjyjfumh feieofmov{ mte Lmutjke B/ Kcno(Kcnlmf!{ Knmjtlmo mof Knjei E~ekuvjye Ciijket7 Lmtkjm D/ Kcno( jv{Pte{jfeov( Knjei Cpetmvjoa Ciijket( mof Knjei Kclphjmoke Ciijket7mof Tcdetv L/ Bmiie( jv{ Yjke Pte{jfeov/ Vnez mte mh{c emknpmtvjmh cqoet{ ci Kcnlmf/

Joycgjoa Tuhe{ =4.d*.9* mof :.d* ci vne Iefetmh Tuhe{ ci KjyjhPtckefute( feieofmov{ lcye vc fj{lj{{ pmtv{ ci vne [EK!{ kclphmjov/[pekjijkmhhz( vnez lcye vc fj{lj{{ vne {ekutjvje{ itmuf khmjl{(qnjkn m{{etv yjchmvjco{( mof mjfjoa mof mdevvjoa yjchmvjco{( ci


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[ekvjco =0.d* ci vne [ekutjvje{ E~knmoae Mkv ci =:;6 .$E~knmoaeMkv$*( =5 U/[/K/ 1>b.d*( mof Tuhe =0d,5 vneteuofet( =1 K/I/T/ 460/=0d,57 yjchmvjco{ ci [ekvjco =1.m* ci vne [ekutjvje{ Mkv ci=:;; .$[ekutjvje{ Mkv$*( =5 U/[/K/ 11}.m*7 mof mjfjoa mofmdevvjoa yjchmvjco{ ci [ekvjco{ 409.=* mof .4* ci vne Joye{vleovMfyj{et{ Mkv ci =:60 .$Mfyj{et{ Mkv$*( =5 U/[/K/ >0d,9.h* mof.4* / Kcnlmf mof vne Kcno{ mh{c lcye vc fj{lj{{ vne khmjl{ ictmjfjoa mof mdevvjoa yjchmvjco{ ci veknojkmh teaj{vtmvjco(kclpeo{mvjco( mof ijhjoa teauhmvjco{ uofet [ekvjco =5.d*.1* ci vneE~knmoae Mkv ( =5 U/[/K/ 1>c.d*.1*( mof Tuhe =5d1,h vneteuofet( =1K/I/T/ 460/=5d1,h7 [ekvjco 409.6* ci vne Mfyj{et{ Mkv( =5 U/[/K/ >0d,9.6*( mof Tuhe 409 .6*,; vneteuofet( =1 K/I/T/ 415 /409 .6*,;7mof( m{ mamjo{v Lmutjke Kcno cohz( [ekvjco =5.d*.=* ci vne E~knmoaeMkv( =5 U/[/K/ 1>c.d*.h*( mof Tuhe =5d;,h vneteuofet( =1 K/I/T/ 460/=5d;,h/= Vnez mh{c lcye vc {vtjge vne [EK!{ te}ue{v ict kjyjhpeomhvje{ ict mjfjoa mof mdevvjoa yjchmvjco{ ci vne Mfyj{et{ Mkv/

Vnete j{ ocvnjoa joneteovhz itmufuheov mdcuv teiettjoaku{vclet{ vc mo joye{vleov mfyj{et ict iee{( mof vne kclphmjov fce{ocv mhheae {vmveleov{ ct clj{{jco{ dz feieofmov{ vnmv mteitmufuheov md{eov mqmteoe{{ ct ocvjke vnmv Lmfcii{ joye{vleov

mfyj{ctz du{joe{{ qm{ m {nml/ Vnu{( vc {vmve jv{ {ekutjvje{ itmufkhmjl{( vne [EK lu{v {ncq vnmv feieofmov{ goeq ci( ct tekghe{{hzfj{teamtfef( Lmfcii{ itmuf/ Jo cvnet qctf{( coe qnc kcofukv{

= Vne [EK mh{c m{{etv{ khmjl{ ict yjchmvjco{( mof mjfjoa mof mdevvjoa yjchmvjco{(ci [ekvjco =1.m* ci vne E~knmoae Mkv( =5 U/[/K/ 1>}.m*( mof Tuhe =1m,;vneteuofet( =1 K/I/T/ 460/=1m,;( qnjkn feieofmov{ fc ocv lcye vc fj{lj{{/, 4 ,


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octlmh du{joe{{ mkvjyjvje{ qnjhe jaoctmov vnmv vnc{e mkvjyjvje{ mteiutvnetjoa m itmuf j{ ocv hjmdhe ict {ekutjvje{ itmuf/

Jo kcovtm{v( vnete j{ oc oeef ict vne [EK vc {ncq feieofmov{!gocqhefae ci Lmfcii{ itmuf vc {vmve ymhjf khmjl{ ict veknojkmhtuhe yjchmvjco{/

TUHE[ =4.d*.9* MOF :.d*Co m lcvjco vc fj{lj{{ uofet Tuhe{ =4.d*.9* mof :.d* ci vne

Iefetmh Tuhe{ ci Kjyjh Ptckefute( vne Kcutv lu{v mkkepv m{ vtue vne

imkvumh mhheamvjco{ jo vne kclphmjov( mof ftmq mhh tem{comdhejoieteoke{ jo vne phmjovjii!{ imyct/ Ljhh{ y/ Pchmt LchekuhmtKctp/( =4 I/;f ==1 0( ==16 .4f Kjt/ =::;*/

Vc {utyjye m lcvjco vc fj{lj{{ uofet Tuhe =4.d*.9*(m kclphmjov lu{v kcovmjo {uiijkjeov imkvumh lmvvet(mkkepvef m{ vtue( vc {vmve m khmjl vc tehjei vnmv j{phmu{jdhe co jv{ imke/ M khmjl nm{ imkjmh phmu{jdjhjvzqneo vne phmjovjii phemf{ imkvumh kcoveov vnmv mhhcq{ vnekcutv vc ftmq vne tem{comdhe joieteoke vnmv vne feieofmovj{ hjmdhe ict vne lj{kcofukv mhheaef/ Vne phmu{jdjhjvz{vmofmtf j{ ocv mgjo vc m ptcdmdjhjvz te}ujteleov( duv jvm{g{ ict lcte vnmo m {neet pc{{jdjhjvz vnmv m feieofmovnm{ mkvef uohmqiuhhz/ Qnete m kclphmjov phemf{ imkv{vnmv mte letehz kco{j{veov qjvn m feieofmov!{ hjmdjhjvz(jv {vcp{ {nctv ci vne hjoe devqeeo pc{{jdjhjvz mofphmu{jdjhjvz ci eovjvheleov vc tehjei/

M{nktciv y/ J}dmh( U/[/ ( =4: [/ Kv / =:;1( =:6: .400:*.jovetomh kjvmvjco{ mof }ucvmvjco lmtg{ cljvvef*/

Mhheamvjco{ ci itmuf lu{v mh{c kclphz qjvn Tuhe : .d* ( qnjknte}ujte{ vnmv vne phmjovjii ${vmve qjvn pmtvjkuhmtjvz vnekjtkul{vmoke{ kco{vjvuvjoa itmuf/$ Vnj{ tuhe $petljv{ {kjeovetWaujhvz gocqhefae\ vc de felco{vtmvef dz joieteoke( Wduv\ vnj{ lu{v

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ocv de lj{vmgeo ict hjkeo{e vc dm{e khmjl{ ci itmuf co {pekuhmvjcomof kcokhu{ctz mhheamvjco{/ Mo mlphe imkvumh dm{j{ lu{v de{upphjef vc {uppctv vne knmtae{/$ Qccf e~ teh/ U/[/ y/ MpphjefTe{emtkn M{{ck{/( Jok/( ;4> I/ Mpp!~ 166( 161 .4f Kjt/ 400:*.jovetomh }ucvmvjco lmtg{ cljvvef*/

[EKUTJVJE[ ITMUFLmfcii!{ itmuf qm{ vne u{e ci ehmdctmve lmknjoetz( jokhufjoa

imh{jizjoa mkkcuov {vmveleov{ mof vtmfe kcoijtlmvjco{( vc ptclcvevne jhhu{jco vnmv ne qm{ lmgjoa {ekutjvje{ vtmo{mkvjco{ qjvnjoye{vct{! lcoez( qneo vne temhjvz qm{ vnmv $qneo emthjet joye{vct{{cuanv vc kchhekv vnejt !ptcijv{(! Lmfcii {jlphz pmjf vnel cuv civne kmpjvmh tekejyef itcl oeqet joye{vct{/$ Moqmt y/ ImjtijehfAteeoqjkn Hvf/( I/ [upp/ 4f ( Oc/ 0: Kjy/ 0==>( 400: QH5=0;4;6( mv "6 .[/F/O/Z/ Fek/ 4;( 400:*/ Ncqeyet( ocqnete fce{ vnekclphmjov mhheae moz imkv vnmv qcuhf nmye puv feieofmov{ co ocvjkeci Lmfcii{ itmuf/

Tmvnet( vne kclphmjov {uppctv{ vne tem{comdhe joieteoke vnmvLmfcii icchef vne feieofmov{ m{ ne fjf jofjyjfumh joye{vct{(ijomokjmh jo{vjvuvjco{( mof teauhmvct{/ M{ jv mhheae{( Lmfcii j{ mictlet Knmjtlmo ci vne OM[FM] {vckg lmtgev/ DLJ[ nm{ e~j{vef {joke=:90/ Lmutjke Kcno j{ Lmfcii{ ictlet oejandct/ Vnez ictlefKcnlmf jo =:>5( mof Lmtkjm Kcno bcjoef jo =:> >( deicte Lmfciimhheaefhz deamo cpetmvjoa DLJ[!{ joye{vleov mfyj{ctz du{joe{{ m{ mitmuf jo =::=/ Vne Kcno{ qctgef jo Kcnlmf!{ Oeq Zctg ciijke co vne=>vn mof =:vn ihcct{ ci DLJ[!{ Oeq Zctg ptelj{e{( itcl qnjkn DLJ[

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cpetmvef heajvjlmve lmtgev,lmgjoa mof ptcptjevmtz vtmfjoadu{joe{{e{/ DLJ[!{ itmufuheov joye{vleov mfyj{ctz du{joe{{ qm{ covne =1vn ihcct/ Bmiie qm{ imtvnet telcyef itcl vne {jve ci vneitmuf( cpetmvjoa Kcnlmf!{ Dc{vco ciijke/ Feieofmov{! mte khmjlefvc nmye teiettef ptc{pekvjye khjeov{ vc DLJ[/ Vnez mte ocv mhheaefvc nmye nmf m tche jo lmomajoa khjeov{! iuof{/ Qneo khjeov{ kmhhefKcnlmf qjvn }ue{vjco{ mdcuv vnejt DLJ[ mkkcuov{( vne Kcno{ knekgef$qjvn Lmfcii ct elphczee{ co DLJ[! =1 vn ihcct vc ijof cuv vne

mo{qet{/$ Kclph/ i ;5/ Vne jofjyjfumh feieofmov{ lmjovmjoef vnejtcqo DLJ[ mkkcuov{/ Cuv{jfe ci jv{ teiettmh du{joe{{( $ Kcnlmf nmf{cle 900 tevmjh dtcgetmae mkkcuov{ qnjkn( ict lmoz zemt{( Kcnlmfkhemtef vntcuan vne dtcget,femhet Demt [veto{ [ekutjvje{ Kctp/($jf/ Ji =6( mof jv e~ekuvef vtmfe{ co vne Oeq Zctg [vckg E~knmoae ictDLJ[!{ heajvjlmve lmtgev,lmgjoa du{joe{{/ Kcnlmf j{ ocv mhheaef vcnmye eoamaef jo qtcoafcjoa jo vnc{e mkvjyjvje{/

Vne mhheamvjco{ ci feieofmov{! {kjeovet kmo de atcupef jovcicut kmveactje{( duv qnevnet kco{jfetef jofjyjfumhhz ctkchhekvjyehz( vnez fc ocv {ncq vnmv feieofmov{ goeq ci( cttekghe{{hz fj{teamtfef( Lmfcii{ itmuf2

=/ Kcnlmf!{ Kclpeo{mvjco Mttmoaeleov qjvn DLJ[Vne [EK mtaue{ vnmv vne Kcno{! itmufuheov joveov kmo de

joiettef itcl Kcnlmf!{ kclpeo{mvjco mttmoaeleov qjvn DLJ[( jf/ i 412Vne jokeovjye ict Kcnlmf tepte{eovmvjye{ qm{ m tjknkclpeo{mvjco {vtukvute/ Lmfcii kclpeo{mvef Kcnlmf emknzemt .jo lcovnhz jo{vmhhleov{* qjvn m petkeovmae.fekhjojoa itcl =% vc /45% cyet vne zemt{* ci vnectjajomh kmpjvmh joye{vleov dtcuanv jovc DLJ[! mfyj{ctzdu{joe{{ dz Kcnlmf tepte{eovmvjye{ ict m{ hcoa m{ vne, 5 ,


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mkkcuov qm{ cpeo/ Ncqeyet( vc vne e~veov vnmv mozqjvnftmqmh{ qete lmfe itcl vne joye{vct!{ mkkcuov( vnemlcuov ci kmpjvmh {udbekv vc vne iee kmhkuhmvjco qm{tefukef/ Vne ym{v lmbctjvz ci vne{e pmzleov{ qm{ pm{{efco vc vne tepte{eovmvjye{ jo }umtvethz jo{vmhhleov{/Jo 4 0 04( vne mttmoaeleov knmoaef ict Lmutjke Kcno( mof ne

tekejyef m ihmv iee ci &4 ljhhjco m zemt/Kcnlmf!{ kclpeo{mvjco mttmoaeleov qjvn DLJ[ ptcyjfef

jokeovjye{ vc jofuke ku{vclet{ vc joye{v qjvn DLJ[ mof $fj{kcutmaejoye{vct{ itcl qjvnftmqjoa moz iuof{ vnmv ljanv e~keef vne mlcuov

ci vne jofjyjfumh joye{vleov{/$ Jf/ i 51/ Vnmv fce{ ocv jofjkmveitmuf/ Vne kclpeo{mvjco {vtukvute qm{ kco{j{veov qjvn Kcnlmf!{du{joe{{( qnjkn e~j{vef deicte Lmfcii!{ itmuf deamo/ Kcnlmfteiettef ku{vclet{ vc m putpctvef joye{vleov mfyj{et mof ptcyjfefku{vclet {etyjke( duv jv nmf oc tche jo joye{vleov fekj{jco{( {c jvj{ hcajkmh vnmv Kcnlmf fjf ocv emto iee{ co $ptcijv{$ itcljoye{vleov/ Vne fektem{e jo vne iee{ cyet vjle itcl =% vc /45% j{jokco{j{veov qjvn moz joieteoke vnmv Lmfcii qm{ jofukjoa feieofmov{vc pmtvjkjpmve jo m itmuf mof vnetedz $puv vne Feieofmov{W!\hjkeo{e{( mof vne jofjyjfumh feieofmov{! hjyehjnccf{( mv tj{g($ jf/N 9/ [ee [njehf{ y/ Kjvzvtu{v Dmokctp( Jok/( 45 I/;f ==46( ==;0.4f Kjt/ =::6* .$Jo hccgjoa ict m {uiijkjeov mhheamvjco ci lcvjye(qe m{{ule vnmv vne feieofmov j{ mkvjoa jo nj{ ct net joictlefekcocljk {ehi,jovete{v/$*/ Oc joieteoke ci itmufuheov lcvjye kmode ftmqo itcl vne knmoae jo kclpeo{mvjco ict Lmutjke Kcno jo 4004(dekmu{e vnete mte oc mhheamvjco{ vnmv jv te{uhvef jo njanet pmzvnmo ne qm{ emtojoa deicte( mof vne knmoae j{ ocv vjef vc moz

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{u{pjkjcu{ eyeov/ Kclpmte Gmhojv y/ Ejknhet( 496 I/;f =;=( =;: .4fKjt/ 400=* .ptcyjfjoa e~mlphe ci itmufuheov lcvjye $qnete phmjovjiimhheaef vnmv feieofmov{ lj{tepte{eovef kctpctmve petictlmoke vcjoihmve {vckg ptjke{ qnjhe vnez {chf vnejt cqo {nmte{$*/

[joke feieofmov{! itmufuheov lcvjye j{ ocv mppmteov( $vne{vteoavn ci vne kjtkul{vmovjmh mhheamvjco{ lu{v de kctte{pcofjoahzatemvet/$ Jf/ mv =64/

4/ Lmfcii!{ Te}ue{v{ ict [ektekzVne [EK mtaue{ vnmv feieofmov{! itmufuheov joveov kmo de

joiettef itcl mhheamvjco{ vnmv Lmfcii te}ue{vef {ektekz jolmtgevjoa DLJ[( mof vnmv feieofmov{ kclphjef/ Mkkctfjoa vc vnekclphmjov( $Lmfcii fjtekvef Kcnlmf mof vne Kcno{ vc lmjovmjo mkhcuf ci {ektekz mdcuv ncq DLJ[ qm{ lmtgevef( dmoojoa mhh qtjvveolmtgevjoa lmvetjmh{( kchf kmhh{( mof elmjh{/$ Kclph/ i 5;/ Lmfciimh{c $kclluojkmvef vc vne Feieofmov{ vnmv ne qcuhf ocv mkkepvjoye{vleov{ itcl mozcoe qnc qctgef jo vne ijomoke ct dmogjoajofu{vtz$ dekmu{e ${cpnj{vjkmvef joye{vct{ qcuhf m{g !vcc lmoz}ue{vjco{/!$ Jf/ i 6>/ Vnu{( vc tektujv ku{vclet{( jf/ % 49(

Kcnlmf!{ tepte{eovmvjye{ {vtmveajkmhhz kjtkuhmvefmlcoa qemhvnz jofjyjfumh{ jo e~khu{jye ljhjeu{ , OeqBet{ez achi khud{( Pmhl Demkn Kcuovtz Khud( mof vne hjge, mof ciinmofefhz leovjcoef vnmv vnez qete miijhjmvefqjvn Lmfcii/ Vne tepte{eovmvjye{ ptcbekvef vnel{ehye{ m{jofjyjfumh{ qnc dekmle qemhvnz vntcuan DLJ[( nmf oc oeefvc qctg( mof letehz ite}ueovef kcuovtz khud{/ Qneoptc{pekvjye joye{vct{ m{gef ji vne tepte{eovmvjye{ kcuhflmge mo jovtcfukvjco vc Lmfcii {c vnez kcuhf joye{v qjvnDLJ[( vne Kcnlmf tepte{eovmvjye{ qcuhf matee vc vtz vcpuv jo m accf qctf qjvn Lmfcii mof {ee ji vnez kcuhf aevvne joye{vct{ jo/ Kcnlmf mof jv{ tepte{eovmvjye{ qcuhfvneo m{{j{v mof mttmoae vne cpeojoa ci mkkcuov{ qjvn DLJ[/

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Vnmv Lmfcii!{ {ektekz qmtoef feieofmov{ ci itmuf mlcuov{ vc momtauleov ci $itmuf dz njof{janv($ qnjkn vne [ekcof Kjtkujv $nm{tebekvef m{ m dm{j{ ict m {ekutjvje{ itmuf kclphmjov/$ [veyehlmoy/ Mhjm{ Te{emtkn( Jok/( =16 I/;f 1:( >5 .4f Kjt/ =:::* / Vnekclphmjov jv{ehi ciiet{ qnmv feieofmov{ lmz tem{comdhz nmyepetkejyef qm{ m oeuvtmh e~phmomvjco ict Lmfcii{ {ektekz2 vnmv$Lmfcii nmf m kheyet lmtgevjoa {vtmveaz$ dz qnjkn $Ne kuhvjymvef momutm ci {ukke{{ mof {ektekz {uttcuofjoa DLJ[( ptcbekvjoa vc m

{ckjmh oevqctg ci qemhvnz itjeof{ mof joye{vct{ vnmv ne qm{ njanhz{ukke{{iuh mof fjf ocv oeef vc lmtgev ct {chjkjv vc cdvmjojoye{vleov{/$ Kclph/ i 4;/ Vnmv {vtmveaz qm{ {ukke{{iuh jo vnmv($Dz ktemvjoa mo mjt ci pte{vjae mof e~khu{jyjvz( lmoz ci DLJ[!yjkvjl{ iehv ptjyjheaef vc de mhhcqef vc joye{v qjvn Lmfcii mofDLJ[ mof lmoz ptc{pekvjye joye{vct{ moahef ict qmz{ vc aev jo/$Jf/ i 46/ Jv fjf ocv ajye ocvjke ci itmuf dekmu{e( m{ Kcnlmf mofvne Kcno{ e~phmjo( $mozcoe qnc qmvkne{ VY kclletkjmh{ ct temf{lmamrjoe mf{ kmo mvve{v$ vnmv $vne ptcbekvjco ci mo !mutm cie~khu{jyjvz! j{ m kcllco lmtgevjoa vmkvjk/$ Kcnlmf ) Kcno Lel/ 45/

;/ Teauhmvctz Yjchmvjco{Vne [EK mtaue{ vnmv feieofmov{! itmufuheov joveov kmo de

joiettef itcl mhheamvjco{ vnmv Kcnlmf imjhef vc fj{khc{e vne iuhhe~veov ci jv{ tehmvjco{njp qjvn DLJ[ jo jv{ teauhmvctz ijhjoa{ mofdccg{ mof tekctf{( mof vnmv feieofmov{ qete mqmte vnmv DLJ[ imjhefvc teaj{vet vnel m{ m{{ckjmvef qjvn DLJ[/

Vne [EK pcjov{ vc Kcnlmf!{ Ictl DF mof mleofleov{ ijhef qjvn


9/16

vne [EK vne pm{v {j~ zemt{( Kclph/ _ ;:2 ]ue{vjco 1 co vne Ictl DF m{g{2 $Fce{ mpphjkmov teietct jovtcfuke ku{vclet{ vc moz dtcget ct femhet3$

Kcnlmf mo{qetef $Ze{($ duv cohz fj{khc{ef Demt [veto{(jv{ khemtjoa ijtl ict vne tevmjh dtcgetmae du{joe{{mof imjhef vc fj{khc{e moz teieteoke vc DLJ[( vc qnjknjv teiettef cyet >00 ku{vclet{/ Welpnm{j{ jokclphmjov\

]ue{vjco =4 m{g{ vne ijhet vc jfeovjiz $Vzpe{ ciDu{joe{{$ eoamaef jo mof Kcnlmf fjf ocv jfeovjiz jv{ptjlmtz du{joe{{ ci cdvmjojoa joye{vct{ ict DLJ[/Mhvncuan vne kmvknmhh dc~ ict $Cvnet$ qm{ knekgef(Kcnlmf fjf ocv fj{khc{e jv{ ptefcljomov du{joe{{teiettjoa ku{vclet{ vc DLJ[ jo te{pco{e vc vne}ue{vjco( duv jo{vemf jfeovjijef jv{ du{joe{{ m{$Feyehcpleov ci Vtmfjoa( Nefajoa mof Joye{vleov[vtmveaje{/$

Jo jv{ 4 001 Mooumh Mufjv Tepctv ijhef qjvn vne [EK( Kcnlmffj{khc{ef vne mlcuov ci jv{ iee{ itcl DLJ[( duv jv khm{{jijef vnelm{ $dtcgetmae {etyjke iee{($ jf/ % 64( mof jo jv{ }umtvethz ICKU[tepctv{ ijhef qjvn vne Ijomokjmh Jofu{vtz Teauhmvctz Muvnctjvz( jvkhm{{jijef vnel m{ $Iee{ ict mkkcuov {upetyj{jco( joye{vleovmfyj{ctz mof mfljoj{vtmvjye {etyjke{($ jf/ U 6;/ Kcnlmf mh{clmjovmjoef $oc lemojoaiuh tekctf{$ ci jv{ teiettmh du{joe{{ $Cvnetvnmo mo coacjoa vmhhz ci mlcuov{ joye{vef .he{{ qjvnftmqmh{ ciptjokjpmh*/$ Jf/ i 66/

Md{eov imkv{ {ncqjoa vnmv feieofmov{ qete co ocvjke ciLmfcii{ itmuf( vne knmjo ci joieteoke{ vnmv Kcnlmf!{ tekeovteauhmvctz fj{khc{ute{! imjhute $vc mkkutmvehz jfeovjiz vne omvutemof {kcpe ci vne du{joe{{ mttmoaeleov devqeeo Kcnlmf mof DLJ[($ jf/i 6=( {ncqef mo joveovjco vc kcokemh vnmv tehmvjco{njp( mof iutvnet

, : ,


10/16

vnmv vne kcokemhleov qm{ dekmu{e moz feieofmov goeq vnmv Lmfcii qm{kclljvvjoa itmuf( j{ {pekuhmvjye mof ihjl{z/

6/ Jtteauhmtjvje{ jo Bmiie!{ Pet{comh DLJ[ Mkkcuov{M{ vc Bmiie( vne [EK mh{c tehje{ co pmtmatmpn{ 90 mof 94 ci

vne kclphmjov teamtfjoa nj{ pet{comh DLJ[ mkkcuov{290/ DLJ[ fjtekvhz kclpeo{mvef Bmiie ict vneouletcu{ joye{vct{ ne dtcuanv vc DLJ[/ Uohjge vne cvnetKcnlmf tepte{eovmvjye{( Bmiie!{ kclpeo{mvjco fjf ocv kcleyjm Kcnlmf/ Jo{vemf( Bmiie tekejyef kclpeo{mvjcofjtekvhz itcl DLJ[( vntcuan nj{ pet{comh DLJ[ mkkcuov{/Vntcuan vne{e mkkcuov{( DLJ[ ptcyjfef Bmiie qjvn cuv{jref

tevuto{2 Bmiie tekejyef mooumh tevuto{ ci up vc 69%qnjhe vne joye{vct{ vnmv Bmiie dtcuanv jovc DLJ[ tekejyefmooumh tevuto{ ci cohz =4,=>%/ Dm{ef co vne{e cuv{jreftevuto{( Bmiie lmfe hmtae qjvnftmqmh{ itcl nj{ DLJ[mkkcuov{( vcvmhjoa mv hem{v &=50 ljhhjco devqeeo =::9 mof400> /

94/ Bmiie ite}ueovhz lmfe {pekjijk te}ue{v{ vc DLJ[{eegjoa m {pekjijk fchhmt mlcuov ci amjo{ ict m ajyeopetjcf/ [cle ci vne{e qete te}ue{v{ ict {pekjijk fchhmtmlcuov{ ci $hcoa vetl amjo{$ co {pekjijk fmz{/ M DLJ[elphczee qcuhf vneo jo{etv m dmkgfmvef vtmfe acjoa dmkgfmz{( qeeg{ ct eyeo lcovn{ vnmv miictfef Bmiie!{ mkkcuovvnmv pmtvjkuhmt amjo mof vneo lmjhef kcoijtlmvjco{ mofmkkcuov {vmveleov{ vc Bmiie teihekvjoa vnc{e vtmfe{/Vnj{ qm{ m njanhz uou{umh mttmoaeleov( pmtvjkuhmthz ajyeovnmv vne jo{vtukvjco{ te}ue{vef {pekjijk fchhmt mlcuov{mof qete ocv ict vne {mhe ci moz pmtvjkuhmt {ekutjvje{(duv qete ichhcqef dz kcoijtlmvjco{ teihekvjoa vtmfe{ vnmvmovefmvef vne te}ue{v{/Vne dm{j{ ict vne m{{etvjco vnmv ne qm{ pmtv ci vne itmuf j{

vnmv $Bmiie tekejyef mooumh tevuto{ ci up vc 69% qnjhe vnejoye{vct{ vnmv Bmiie dtcuanv jovc DLJ[ tekejyef mooumh tevuto{ cicohz =4,=>%($ jf/ _ 90( duv vne kclphmjov fce{ ocv mhheae qneo ctncq civeo Bmiie tekejyef $cuv{jref tevuto{$ vc {uppctv vne

=0


11/16

j o i e t e o k e v n m v v n e z q e te u o u { u m h c t { u { p j k j c u { / J o h j a n v c iLmf c i i { e { v m d h j { n e f t e p u v m v j c o m { m { u k k e { { i u h m o f t e { p e k v e fj o y e { v l e o v m f y j { e t ( v n e n j a n t e v u t o { n e p t c f u k e f q e t e o c v a e o e t m h h zp e t k e j y e f . e y e o d z p t c i e { { j c o m h { * m { m d m f a e c i i t m u f /

[ j l j h m t h z ( v n e k c l p h m j o v f c e { o c v m h h e a e ncq c i v e o B m i i e ! {m k k c u o v t e i h e k v e f m d m k g f m v e f v t m f e / Mo j t t e a u h m t v t m f e f m v e c y e tv n e v q e h y e z e m t { v n m v B m i i e l m j o v m j o e f m o m k k c u o v q j v n DLJ[ f c e {o c v {ncq t e k g h e { { f j { t e a m t f c i Lmf c i i { i t m u f / B m i i e t e m { c o m d h zl j a n v d e h j e y e v n m v n j { m k k c u o v t e i h e k v e f m o j o o c k e o v d c cg g e e p j o a c tv z p c a t m p n j k m h e t t c t /

V n u { ( v n e [EK n m { i m j h e f v c m h h e a e i m k v { a j y j o a t j { e v c mp h m u { j d h e j o i e t e o k e c i v n e K c n o {! c t B m i i e ! { i t m u f u h e o v j o v e o v ( m ofv n e { e k u t j v j e { i t m u f k h m j l { m a m j o { v v n el m t e f j { l j { { e f / 4 [ j o k e v n e[EK n m { i m j h e f v c p h e m f v n e K c n o { ! c t B m i i e ! { i t m u f u h e o v j o v e o v. m o f j v f c e { o c v m t a u e v n m v L mf ci i { j o v e o v k m o d e j l p u v e f v cK c nl m f* ( v n e { e k u t j v j e { i t m u f k h m j l { m a m j o { v K cnl mf m t e f j { l j { { e fm { q e h h /

TEAJ[V TMVJC O( KCLPEO[MVJCO( MOF IJH JOA YJCHMVJCO[K cn lmf m o f v n e K cn o { m h { c l cy e v c f j { l j { { k h m j l { i c t m j f j o a

m of m d e v v j o a v e k n o j k m h t e a j { v t m v j c o ( k c l p e o { m v j c o ( m o f i j h j o ay j c h m v j c o { c i v n e i e f e t m h { e k u t j v j e { h m q { / V n e {e k h m j l { f c o c v

4 V ne [EK m t a u e { v n m v B m i i e ! { m { { e t v j c o ci n j { I j i v n Ml eofl eov p t j y j h e a e f u t j o an j { [EK j o y e { v j a m v j y e v e { v j l c o z $ p t c y j f e { m { u i i j k j e o v m of j o f e p e o f e o v t e m { c o i c tf e o z jo a n j { l c v jc o v c f j { l j { { j o j v { e o v j t e v z / $ P H ! { C p p / v c B m i i e Lc v / 4 ; /V ne m f y e t {e j o i e t e o k e v n m v lmz d e f t m q o i tc l B m i i e ! { j o y c k m v j c o ci n j { I j i v nM leofl eov p t j y j h e a e j { q e m g / A j y eo v n e o u l et cu { k t j l j o m h j o y e { v j a m v j c o { m t j { j o aitcl Lmfcii!{ i t m u f ( v n e t e j { m b u { v j i j m d h e k c o k e t o i c t mo z co e qnc f j f d u { j o e { {q j v n D L J[ !{ j o y e { v l e o v m f y j { c t z u o j v ( m { f j f B m i i e ( v n m v n e c t { n e q j h h d e n m u h e fj o v c v n e k t j l j o m h p t c d e / , == ,


12/16

te}ujte mqmteoe{{ ct ocvjke ci Lmfcii { itmuf/ Oct mte vnez{udbekv vc Tuhe :.d*!{ {vmofmtf{ ict mhheajoa itmuf/ Vne [EK nm{phemfef vnc{e khmjl{ mpmtv itcl jv{ itmuf mhheamvjco{/

Dekmu{e vne [EK m{{etv{ mjfjoa mof mdevvjoa hjmdjhjvz(ncqeyet( jv lu{v phemf .j* vne e~j{veoke ci vne veknojkmh yjchmvjcodz vne ptjlmtz pmtvz7 .jj* gocqhefae ci vnj{ yjchmvjco co vne pmtvci feieofmov{7 mof .jjj* {ud{vmovjmh m{{j{vmoke dz feieofmov{ jovne mknjeyeleov ci vne yjchmvjco/ [ee [EK y/ FjDehhm( 5>1 I/;f

55;( 599 .4f Kjt/ 400:*/=/ Mjfjoa mof Mdevvjoa Yjchmvjco{ ci [ekvjco =5.d*.1* ci vneE~knmoae Mkv( mof Tuhe =5d1,h Vneteuofet( mof [ekvjco409.6* ci vne Mfyj{et{ Mkv( mof Tuhe 409.6*,; VneteuofetTuhe =5d1,h( put{umov vc [ekvjco =5.d*.1* ci vne E~knmoae Mkv(

lmge{ jv uohmqiuh ict m teaj{vetef dtcget,femhet vc $eiiekv mozvtmo{mkvjco jo( ct jofuke vne putknm{e ct {mhe ci( moz {ekutjvzuohe{{ moz omvutmh pet{co m{{ckjmvef qjvn {ukn dtcget ct femhet qnceiiekv{ ct j{ joychyef jo eiiekvjoa {ukn vtmo{mkvjco j{teaj{vetef/$ Tuhe 409 .6*,;( put{umov vc [ekvjco 409.6* ci vneMfyj{et{ Mkv( ptcnjdjv{ mo joye{vleov mfyj{et itcl pmzjoa mteiettmh iee uohe{{ ketvmjo pte,te}uj{jve{ nmye deeo lev/ Vne [EKmhheae{ vnmv Kcnlmf mof vne Kcno{ mjfef mof mdevvef DLJ[!{yjchmvjco{/ Jo e{{eoke( jv mtaue{ vnmv vnez goeq DLJ[ qm{ joyjchmvjco ci vne tuhe{ duv oeyetvnehe{{ kcovjouef vc kcofukv vnejtteiettmh du{joe{{ qjvn DLJ[/

Vnmv imjh{ vc mhheae vnmv Kcnlmf ct vne Kcno{ mjfef mof

, =4


13/16


14/16


15/16

Vnez mtaue vnmv vne Mfyj{et{ Mkv fce{ ocv atmov muvnctjvz vc jlpc{epeomhvje{ ict mjfjoa mof mdevvjoa yjchmvjco{/ Mivet dtjeijoa covnejt lcvjco khc{ef( vne [ekcof Kjtkujv jo FjDehhm( 5>1 I/;f mv51=,14( nehf vnmv $vne kjyjh peomhvz ptcyj{jco eokclpm{{e{ dcvnptjlmtz mof {ekcofmtz yjchmvct{ ci vne Mfyj{et{ Mkv/$ Vnj{ Kcutvj{ dcuof dz vnmv fekj{jco/ Vnu{( vnj{ m{pekv ci Kcnlmf mof vneKcno{! lcvjco j{ feojef/

HEMYE VC TEPHEMF

Vne [EK te}ue{v{ hemye vc tephemf ji moz ci jv{ khmjl{ mtefj{lj{{ef/ Jv nm{ ocv pteyjcu{hz mleofef jv{ kclphmjov( moffeieofmov{ ciiet oc pet{um{jye tem{co qnz mleofleov qcuhf deiuvjhe/ Mkkctfjoahz( vne [EK j{ atmovef hemye vc tephemf jv{feiekvjye khmjl{ dz ijhjoa mo mleofef kclphmjov qjvnjo ;0 fmz{ itclvne fmve ci vnj{ cpjojco mof ctfet/

KCOKHU[JCOBmiie!{ lcvjco .Fckgev Oc/ =4* j{ atmovef( mof Kcnlmf mof vne

Kcno{! lcvjco .Fckgev Oc/ =1* j{ atmovef jo pmtv mof feojef jopmtv/ Jo pmtvjkuhmt( vne khmjl{ ict {ekutjvje{ itmuf .Khmjl{ Coevntcuan Icut* mte fj{lj{{ef m{ mamjo{v mhh feieofmov{/ Vne khmjl{ict mjfjoa mof mdevvjoa yjchmvjco{ ci [ekvjco 409 .6* ci vneMfyj{et{ Mkv( mof Tuhe 409.6*,; vneteuofet( .Khmjl Ijye* mof[ekvjco =5.d*.1* ci vne E~knmoae Mkv( mof Tuhe =5d1,h vneteuofet(.Khmjl [eyeo* mte fj{lj{{ef m{ mamjo{v Kcnlmf mof vne Kcno{/Kcnlmf mof vne Kcno{! lcvjco j{ cvnetqj{e feojef/

, =5


16/16

Vne [EK j{ atmovef hemye vc tephemf jv{ feiekvjye khmjl{ dzijhjoa mo mleofef kclphmjov qjvnjo ; 0 fmz{ itcl vne fmve ci vnj{cpjojco mof ctfet/

[c ctfetef/

Fmvef2 Oeq Zctg( Oeq ZctgIedtumtz =( 4 0=0HcqU H/ Xo6"MjvuHCUJ[ H/ [VMOVCO

U/[/F/B/

, =9 ,

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