Informe sobre la manipulación del Tibor de ICAP Europe Limited por la CFTC

7/27/2019 Informe sobre la manipulacin del Tibor de ICAP Europe Limited por la CFTC

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Ge tmc Ikttcr nl0

SEGXCH QXKXCQ NL KICRGAKBclnrc tmc

ANIINHGXW LSXSRCQ XRKHGEO ANIIGQQGNE

GAKV Curnpc Jgigtch,Rcspnehcet.

) ALXA Hnadct En. ;1 1=

-------------NRHCR GEQXGXSXGEO VRNACCHGEOQ VSRQSKEX XN

QCAXGNEQ < a) KEH < h) NL XMC ANIINHGXW C]AMKEOC KAXIKDGEO LGEHGEOQ KEH GIVNQGEO RCICHGKJ QKEAXGNEQ

G.Xmc Aniinhgty Luturcs Xrkhgeo Aniigssgne (tmc Aniigssgne nr tmc ALXA ) mks

rcksne tn bcjgcvc tmkt GAKV Curnpc Jgigtch ( Rcspnehcet nr GAKV ), k subsghgkry nl GAKVpja, mks vgnjktch Qcatgnes


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GGGXmc Aniigssgne lgehs tmc lnjjnwgeo0

K. QuiikryXmc Wce Jnehne Getcrbked Nllcrch Rktc ( Wce JGB NR ), tmc bceamikrd rktc kt gssuc ge

tmgs Nrhcr, gs nec nl tmc inst gipnrtket lgekeagkj bceamikrd getcrcst rktcs usch krnueh tmc wnrjh.Wce JGBNR gs cstkbjgsmch cvcry hky bksch ne gelnriktgne subigttch by bkeds wmn krc icibcrsnl tmc Wce JGBNR Vkecj. Xmrcc pkecj bkeds mkvc bcce lnueh tn mkvc uehcrigech tmc getcorgtykeh rcjgkbgjgty nlJGBNR keh ntmcr bceamikrd rktcs tmrnuom tmc ikegpujktgvc kats nl tmcgrcipjnyccs. Ks sct lnrtm bcjnw, inecy ikrdct keh hcrgvktgvcs trkhcrs kt tmc bkeds wcrc ent tmcnejy wrneohncrs wgtm rcspcat tn JGBNR. Xmc Wce getcrhckjcr brndcrs nlRcspnehcet GAKVpurpnrtch mnecst ighhjcice bctwcce bkeds- pkrtgagpktch ks wcjj.

Lnr inrc tmke lnur yckrs, lrni kt jckst Natnbcr 266< tmrnuom kt jckst @keukry 26;;( rcjcvket pcrgnh ), GAKV brndcrs ne tmc Wce hcrgvktgvcs keh aksm hcsds denwgeojyhgsscigektch lkjsc keh igsjckhgeo gelnriktgne aneacregeo Wce bnrrnwgeo rktcs tn ikrdctpkrtgagpkets ge kttcipts tn ikegpujktc, kt tgics suaacsslujjy, tmc nllgagkj lgxgeo nl tmc hkgjy WceJGBNR. GAKV brndcrs, geajuhgeo nec denwe ks Jnrh JGBNR, ceokoch ge tmgs igsanehuatprgikrgjy tn kgh keh kbct k mgomjy vkjuch ajgcet, wmn wks k scegnr Wce hcrgvktgvcs trkhcr ( QcegnrWce Xrkhcr ) cipjnych kt SBQ Qcaurgtgcs @kpke An., Jth. ( SBQ ) keh jktcr kt kentmcr bked, gemgs rcjcetjcss kttcipts tn ikegpujktc Wce JGB NR tn bceclgt mgs hcrgvktgvcs trkhgeo pnsgtgnes tmktwcrc tgch tn tmgs bceamikrd. 2

Xmc rktcs anetrgbutch by tmc pkecj bkeds lnr Wce JGBNR krc suppnsch tn rcljcat ckambked s ksscssicet nl tmc ansts nl bnrrnwgeo uescaurch luehs ge tmc Jnehne getcrbked ikrdct.Bclnrc pkecj bkeds ikdc tmcgr rktc subigssgnes ckam hky, ac;gkge getcrhckjcr brndcrs, suam ksGAKV, wmgam getcrichgktc nvcr-tmc-anuetcr ( NXA ) aksm keh JGBNR-bksch hcrgvktgvcstrkeskatgnes bctwcce bkeds keh ntmcr gestgtutgnes, prnvghc bkeds wgtm tmcgr trkhgeo gesgomt neaksm prgageo trcehs ge tmc ikrdct keh ne ksscssicets nl jgdcjy JGB NR rktcs. Brndcrs prnvghctmgs typc nl ikrdct gelnriktgne ks k scrvgac tn ajgcets tn snjgagt keh ikgetkge busgecss, keh krctmus wcjj-sgtuktch tn geljuceac tmc lgxgeo nl Wce JGB NR. Hurgeo tmc lgekeagkj argsgs nl jktc 266?tmrnuom 2667 ( 266?-2667 lgekeagkj argsgs ), pkecj bkeds bcakic gearcksgeojy rcjgket ne suamikrdct gelnriktgne lrni GAKV brndcrs keh ntmcrs tn gelnri tmcgr JGBNR subigssgnes.Kaanrhgeojy, GAKV brndcrs' ikrdct vgcws anujh keh hgh mkvc k sgoeglgaket gipkat ne WceJGBNR subigssgnes.

Ne Hcacibcr ;7 26;2, tmc Aniigssgne gssuch ke Nrhcr Gestgtutgeo Vrnacchgeos Vursuket tn Qcatgnes


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Xmc Qcegnr Wce Xrkhcr snuomt tn akpgtkjgzc ne AKV's cxtcesgvc ectwnrd nl anetkats kttmc Wce JGB NR pkecj bkeds tn kamgcvc mgs ikegpujktgvc onkjs. Bcakusc tmc Qcegnr Wce Xrkhcrwks k sgoeglgaket ajgcet nl tmc GAKV Wce hcrgvktgvcs hcsd, keh tn cesurc tmkt tmc hcsd dcpt kehgearcksch gts smkrc nl mgs busgecss, geajuhgeo tmc aniigssgnes keh bneuscs mc ocecrktch lnrG AKV, tmc G AKV Wce brndcrs rckhgjy kaqugcsach tn mgs rcpcktch hcikehs lnr kssgstkeac geikegpujktgeo Wce JGBNR.

Nvcr tmc yckrs tmc Qcegnr Wce Xrkhcr ikhc inrc tmke 866 ikegpujktgvc rcqucsts nlacrtkge GAKV brndcrs, wmgam tmcy nltce kaaniinhktch. Xmnsc GAKV Wce brndcrs usch twnickes tn hgsscigektc lkjsc Wce JGBNR gelnriktgne keh geljuceac Wce JGBNR subigttcrs. Lgrst,nec GAKV "aksm" brndcr prnvghch hkgjy ikrdct gelnriktgne aneacregeo Wce JGBNR bnrrnwgeorktcs vgk ornup cikgjs keh nrkj aniiuegaktgnes tn ikrdct pkrtgagpkets, geajuhgeo Wce JGBNRsubigttcrs. Xmc ornup cikgjs wcrc akjjch "Rue Xmrus" keh geajuhch "Quoocstch JGBNRs" lnracrtkge Wce JGB NR tcenrs. Ikrdct pkrtgagpkets bcjgcvch tmkt tmc Quoocstch JGBNRs rcljcatchtmc aksm brndcr's ksscssicet nlmnw Wce JGBNR wnujh bc lgxch bksch ne mgs uebgkschcvkjuktgne nl bnrrnwgeo ansts ge tmc getcrbked ikrdct. Kjinst kjj nl tmc pkecj bkeds' WceJGBNR subigttcrs rcacgvch tmc aksm brndcr's Rue Xmru cikgjs, keh scvcrkj rcjgch ne tmci geikdgeo tmcgr nwe rktc subigssgnes. Mnwcvcr, hurgeo tmc rcjcvket pcrgnh, GAKV's Wce aksmbrndcr nltce sdcwch mgs Quoocstch JGBNRs tn bceclgt tmc Qcegnr Wce Xrkhcr, rktmcr tmke prnvghcke nb`catgvc, uebgksch ksscssicet nl tmgs bceamikrd getcrcst rktc. Xmc brndcrs kttciptch tncxpjngt tmc bked subigttcrs' rcjgkeac, cvce snictgics rclcrrgeo tn subigttcrs ks "smccp" bjgehjykhnptgeo tmc Quoocstch JGBNRs ks tmcgr nwe subigssgnes. Qcaneh, kt tgics, ac;gkge GAKV Wcebrndcrs tkroctch pkrtgaujkr subigttcrs nr trkhcrs kt pkecj bkeds keh prnvghch tmci lkjsc JGBNRgelnriktgne gehgvghukjjy uehcr tmc ougsc nl truc ikrdct gelnriktgne.AKV's Wce hcrgvktgvcs hcsd ikgetkgech AKV's hgrcat rcjktgnesmgp wgtm tmc Qcegnr WceXrkhcr. Xmcy keh tmc Qcegnr Wce Xrkhcr cesurch tmc GAKV aksm brndcr's uejkwluj kssgstkeac byprnvghgeo vkrgnus lgekeagkj geacetgvcs, but tmc aksm brndcr orcw gearcksgeojy hcikehgeo. Kt necpnget, tmc GAKV Wce aksm brndcr tmrcktcech tmc mckh nl tmc Wce hcrgvktgvcs hcsd- "en inrc ir

jgbnr"- gl mc wks ent wcjj-anipcesktch lnr mgs scrvgacs. s tmc aksm brndcr's hcikehs orcw,tmc "dgad bkads" (ks tmc mckh nl tmc Wce hcrgvktgvcs hcsd akjjch gt) pkgh tn tmc aksm brndcr lnr"JGBNR scrvgacs" qugadjy csakjktch lrni lrcc ickjs keh amkipkoec, tn aniigssgnes spcagkjjyocecrktch by tmc Qcegnr Wce Xrkhcr, tn k quigcrjy pkyicet nl $7,666 (ujtgiktcjy tntkjgeo$?2,666).Qcpkrktc lrni tmc uejkwluj katgvgty tn mcjp tmc Qcegnr Wce Xrkhcr, ne k jgigtch euibcr nlnaaksgnes, tmc GAKV Wce brndcrs kghch keh kbcttch ntmcr hcrgvktgvcs trkhcrs' kttcipts tnikegpujktc Wce JGB NR, lnr tmc skic rcksnes tmkt intgvktch tmci tn mcjp tmc Qcegnr Wce Xrkhcr.AKV's gecllcatukj supcrvgsgne nltmc Wce hcrgvktgvcs keh aksm hcsds, gts igspjkachrcjgkeac ne tmc cxpcatktgne tmkt Wce hcsd mckhs wnujh celnrac k anipjgkeac rcogic ne tmcgrhcsd anjjckoucs, keh gts lkgjurc tn kuhgt tmc Wce hcrgvktgvcs hcsd nr khcquktcjy rcvgcw tmc Wcebrndcrs' aniiuegaktgnes wgtm ajgcets, kineo ntmcr getcrekj anetrnjs keh supcrvgsnryhclgagceagcs, kjjnwch tmgs igsanehuat tn anetgeuc lnr yckrs.

1


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Ge kaacptgeo GAKV's Nllcr, tmc Aniigssgne rcanoegzcs Rcspnehcet's annpcrktgne hurgeotmc Hgvgsgne nl Celnracicet's gevcstgoktgne nl tmgs ikttcr.

B. RcspnehcetGA V Curnpc Jgigtch ( GAKV ) gs k wmnjjy nwech subsghgkry nl GAKV Ornup Mnjhgeospja ( GAKV Ornup ), k wmnjjy nwech subsghgkry nl GAKV pja, keh gs mckhquigcrch ge Jnehne,Ceojkeh. t ikekocs snic nlgA V Ornup's brndcrgeo busgecss ge Curnpc, geajuhgeo tmcbrndcrgeo busgecss anehuatch by Wce brndcrs keh ntmcr brndcrs ceokoch ge tmc uejkwluj anehuatlnueh mcrcge. Ecgtmcr GAKV enr GAKV Ornup gs rcogstcrch wgtm tmc Aniigssgne ge key akpkagty.

A. Lkats;. JGBNR keh tmc Lgxgeo nl JGBNRJGBNR gs tmc inst wghcjy usch bceamikrd getcrcst rktc ge tmc wnrjh keh kllcats ikrdctpkrtgagpkets keh anesuicrs tmrnuomnut tmc wnrjh, geajuhgeo ge tmc Segtch Qtktcs. JGBNR gs uschks k bkrnictcr tn icksurc strkge ge inecy ikrdcts keh gs nltce k okuoc nl tmc ikrdct'scxpcatktgne nl luturc acetrkj bked getcrcst rktcs. JGBNR gs usch ge getcrcst rktc trkeskatgnes wgtmk entgnekj vkjuc nl $366 trgjjgne, suam ks NXA swkps, jnkes keh cxamkeoc-trkhch getcrcst rktcluturcs keh nptgnes anetrkats.Hurgeo tmc rcjcvket pcrgnh, uehcr tmc kuspgacs nl tmc Brgtgsm Bkedcrs' Kssnagktgne( BBK ),1 JGBNRs wcrc gssuch ne k hkgjy bksgs lnr tce aurrceagcs, geajuhgeo Wce, wgtm lgltccetcenrs g.c., hurktgnes lnr getcrcst rktcs) rkeogeo lrni nvcregomt tmrnuom twcjvc inetms. Acrtkgeaurrceagcs, geajuhgeo Wce, krc inrc wghcjy rclcrceach ge getcrcst rktc anetrkats. Nec, tmrcc keh

sgx inetms krc tmc inst aniine tcenrs rclcrceach ge JGBNR-gehcxch trkeskatgnes.Kaanrhgeo tn tmc BBK, JGBNR gs bksch ne nllcrch getcr-bked hcpnsgt rktcs anetrgbutchge kaanrhkeac wgtm tmc Gestruatgnes tn BBK JGBNR Anetrgbutnr bkeds. Xmc BBK rcqugrcs tmkt0TkYe gehgvghukj BBK JGBNR Anetrgbutnr Vkecj Bked wgjj anetrgbutc tmc rktc ktwmgam gt anujh biXnw luehs, wcrc gt tn hn sn by ksdgeo lnr keh tmce kaacptgeogetcr-bked nllcrs ge rcksnekbjc ikrdct sgzc `ust prgnr tn T;; 066 k.i. JnehnetgicY.8

Ne @ujy 7, 26;1, EWQC Curnecxt Rktc Khigegstrktgne Jgigtch keenueach tmkt gt mkh bcce kppngetchks tmc ecw khigegstrktnr lnr JGB NR. Xmc trkeslcr nl tmc khigegstrktgne lrni BBK JGB NR Jth, tmcsubsghgkry nl tmc BBK, gs cxpcatch tn bc anipjctch ge ckrjy 26;8, neac tmc Lgekeagkj Anehuat Kutmnrgty's( LAK ) kutmnrgzktgne nlEWQC Curnecxt Rktc Khigegstrktgne Jgigtch gs anipjctc.8 Xmgs hclgegtgne nlJGBNR mks bcce usch by tmc BBK lrni ;77= tn tmc prcscet.


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Cvcry busgecss hky smnrtjy bclnrc ;;066 k.i. Jnehne tgic, tmc bkeds ne tmc JGB NRpkecjs subigt tmcgr rktcs tn Xmnisne Rcutcrs. K trgiich kvcrkogeo prnacss gs usch tn cxajuhctmc tnp keh bnttni qukrtgjc n rktcs keh tmc rcikgegeo rktcs krc kvcrkoch lnr ckam tcenr. Xmktkvcrkoc rktc bcanics tmc nllgagkj BBK hkgjy JGB NR (tmc JGBNR lgxgeo ).Xmc BBK ikdcs pubjga tmc hkgjy JGBNR lgxgeo lnr ckam aurrceay keh tcenr, ks wcjj kstmc hkgjy subigssgnes n ckam pkecj bked, tmrnuom Xmnisne Rcutcrs keh tmc ntmcr hktk vcehnrsjgacesch by tmc BBK. Xmgs gelnriktgne gs ikhc kvkgjkbjc keh rcjgch upne by ikrdct pkrtgagpketskeh ntmcrs tmrnuomnut tmc wnrjh, geajuhgeo ge tmc Segtch Qtktcs.By gts hclgegtgne, JGB NR rcqugrcs tmkt tmc subigttgeo pkecj bkeds cxcragsc tmcgr `uhoicettn hctcrigec tmc rktcs kt wmgam tmcy iky nbtkge uescaurch luehs ge tmc Jnehne getcrbked ikrdct.Xmcsc hclgegtgnes rcqugrc tmkt subigssgnes rcjktc tn luehgeo keh hn ent pcrigt anesghcrktgne nlkatnrs uercjktch tn tmc ansts n bnrrnwgeo uescaurch luehs, suam ks tmc bceclgt tn k bkeja' shcrgvktgvcs nr inecy ikrdct trkhgeo pnsgtgnes.32. GAKV s Rnjc ks ke jetcrhckjcr Brndcr

k GAKV Getcrichgktcs NXA Hcrgvktgvcs keh Aksm XrkeskatgnesBcakusc n tmcgr rnjc ge tmc lgekeagkj ikrdcts, getcrhckjcr brndcrs, geajuhgeo GAKV, mkvc ksgoeglgaket gipkat ne pkecj bkeds' vgcws n tmc getcrbkeja ikrdcts lnr aksm hcpnsgts, kehtmcrclnrc mkvc k pntcetgkj gipkat ne pkecj bkeds' JGBNR subigssgnes. Getcrhckjcr brndcrs, kjsndenwe ks vngac keh cjcatrnega brndcrs, kat ks getcrichgkrgcs bctwcce ik`nr hckjcrs ge tmc inecyikrdcts keh tmc NXA hcrgvktgvcs ikrdcts tn lkagjgtktc cxcautgne n getcrhckjcr trkhcs. Getcrhckjcrbrndcrs kssgst bkeds ge nbtkgegeo luehgeo by lkagjgtktgeo tmc econtgktgne n hcpnsgts keh jnkes,keh ge mchogeo tmnsc trkeskatgnes wgtm hcrgvktgvcs trkhcs nltce rclcrceach tn JGB NR. Brndcrs

iktam buycrs keh scjjcrs ge rcture lnr aniigssgnes, keh prnvghc ikrdct gelnriktgne lnr bkejasXypgakjjy, brndcr aniigssgnes krc bksch ne k pcracetkoc n tmc entgnekj vkjuc n anesuiiktchtrkeskatgnes. Xmcrclnrc, mgomcr aniigssgnes krc ocecrktch lrni brndcrgeo jkrocr trkhcs.Ge nrhcr tn lgeh iktamgeo anuetcrpkrtgcs, brndcrs prnvghc bgh nr nllcr prgacs lnr klgekeagkj trkeskatgne. Brndcrs usc squkwd bnxcs nr spckdcrpmnecs wmgam kjjnw tmci tn spckdtn euicrnus trkhgeo hcsds n tmcgr bkeja ajgcets keh sgiujtkecnusjy tn hgsscigektc brnkhjy bghkeh nllcr prgacs. Brndcrs kjsn lrcqucetjy usc Bjnnibcro gestket icsskoc amkts keh ntmcricsskogeo pjktlnris, cikgj keh hchgaktch tcjcpmnec jgecs.

Ge @uec 266=, tmc BBK ajkrglgch tmkt pkecj bkeds anujh ent anetrgbutc k rktc bksch ne tmc prgageo nkey hcrgvktgvc lgekeagkj gestruicet. BBK oughcjgecs gssuch ge Natnbcr 2667 ligmcr ajkrglgch tmkt JGHNRsubigttcrs smnujh ent ksd getcrichgkrgcs wmcrc tmcy bcjgcvc JGHNR rktcs wgjj sct ne k ogvce hky keh usctmgs ks k bksgs lnr subigssgnes. Xmgs igsscs tmc pnget n tmc bceamikrd, keh gs k agraujkr prnacss tmktwnujh rkpghjy jckh tn gekaaurktc rktcs.3


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b GAKV NrokegzktgneGAKV cipjnys aksm brndcrs, wmn getcrichgktc aksm trkhcs ge tmc inecy ikrdcts, kehhcrgvktgvcs brndcrs, wmn getcrichgktc hcrgvktgvcs trkeskatgnes. GAKV nrokegzcs gts brndcrs nehcsds by aurrceay keh by prnhuat, wmgam ickes tmkt lnr acrtkge aurrceagcs, tmc aksm brndcrs keh

tmc hcrgvktgvcs brndcrs sgt ne hgllcrcet hcsds. Xmc hcsd prgikrgjy gevnjvch ge tmc uejkwlujanehuat lnueh mcrcge wks tmc Wce hcrgvktgvcs hcsd ( Wce Hcsd ) wmgam wks aniprgsch nl sikey ks scvce brndcrs geajuhgeo tmc mckh nltmc hcsd ( Wce Hcsd Mckh ). Qcegnr Wce Xrkhcrwks k ajgcet nl tmc inst scegnr Wce brndcr ne tmc hcsd, Hcrgvktgvcs Brndcr ;. Qcegnr WceXrkhcr kjsn wnrdch wgtm kentmcr scegnr Wce brndcr ne tmc hcsd ( Hcrgvktgvcs Brndcr 2 ) wmceHcrgvktgvcs Brndcr ; wks nut nltmc nllgac. Hcrgvktgvcs Brndcr ; keh tmc Wce Hcsd Mckh wcrctmc brndcrs prgeagpkjjy gevnjvch ge tmc lkjsc rcpnrtgeo nl Wce JGB NR ikrdct gelnriktgne keh tmckttcipts tn ikegpujktc tmc Wce JGBNR lgxgeos. Mnwcvcr, tmc cetgrc Wce Hcsd, geajuhgeokentmcr jneotgic Wce brndcr ( Hcrgvktgvcs Brndcr 1 ) keh k ecwjy-krrgvch uegnr brndcr( @uegnr Brndcr ; ), wks kjsn gevnjvch keh kwkrc nl tmc anehuat. Acrtkge nl tmc Wce hcrgvktgvcsbrndcrs rcacgvch k pnrtgne nltmc Wce Hcsd's ect rcvceuc ks k bneus.Xmc Curn Wce Aksm Hcsd ( Aksm Hcsd ) lkagjgtktch aksm trkeskatgnes ge scvcrkjaurrceagcs, wgtm gehgvghukj brndcrs ne tmc hcsd spcagkjgzgeo ge pkrtgaujkr aurrceagcs. Nec brndcr

ne tmc hcsd lnausch ne bntm Curn- keh Wce-bksch trkeskatgnes ( Aksm Brndcr ; ). Aksm Brndcr; wks AKV's snjc Wce aksm brndcr keh wks tmc aksm brndcr wmn denwgeojy hgsscigektch lkjscikrdct gelnriktgne aneacregeo Wce JGBNR. Kt tgics, wmce Aksm Brndcr ; wks nut nltmcnllgac, GAKV Wce hcrgvktgvcs brndcrs usch k Curn aksm brndcr ( Aksm Brndcr 2 ), wmn hgh entbrndcr Wce trkeskatgnes, tn hgsscigektc tmc lkjsc ikrdct gelnriktgne. Xrykeh sceh nut 7< gl ynu ake pjckscAksm Brndcr ;0 NLL ANSRQCAksm Brndcr ; tmce hgstrgbutch mgs inregeo Rue Xmru cikgj, ge wmgam mgs QuoocstchJGBNRs stktch tmkt tmrcc-inetm JGBNR lgxgeo wnujh bc 6.7< keh sgx-inetm JGBNR lgxgeownujh bc ;.63. Kt tmc skic tgic, Hcrgvktgvcs Brndcr ; aniiuegaktch vgk Bjnnibcro amkts wgtmntmcr hcrgvktgvcs brndcrs ne tmc Wce Hcsd rcokrhgeo tmc Qcegnr Wce Xrkhcr's rcqucst,spcaglgakjjy ksdgeo tmc Wce Hcsd Mckh tn kppjy khhgtgnekj prcssurc tn Aksm Brndcr ; wgtmrcspcat tn bntm mgs tmrcc-inetm keh sgx-inetm JGBNR suoocstgnes0

Hcrgvktgvcs Brndcr ;0 wket jgbnrs up tnhky .... bgo lgx ge 1ins sn tmkt gs instgipnrtket . . . tmkeds@uegnr Brndcr ;0 amccrs THcrgvktgvcs Brndcr ;YHcrgvktgvcs Brndcr ;0 ... ont TAksm Brndcr ; sY jgbnrs tmds@uegnr Brndcr ;0 jgb ;i-=6, 1i- 7< keh


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Qgeac tmc nrgogekj Rue Xmru kppkrcetjy wks ent mgom cenuom tn sugt tmc Qcegnr WceXrkhcr's hcikehs, Aksm Brndcr ; hgstrgbutch tmc lnjjnwgeo "Rcvgsch JGBNRs" cikgj, anipjygeowgtm Hcrgvktgvcs Brndcr ; s rcqucst tn invc mgs JGBNR rcaniicehktgnes lnr tmrcc-inetm kehsgx-inetm JGBNR lgxgeo mgomcr tmke tmc nrgogekj Rue Xmru (tmrcc-inetm amkeoch lrni 6.7< tn6.7=, keh sgx-inetm amkeoch lrni ;.63 tn ;.6=)0

Lrni0 TAksm Brndcr ;YQcet0 Xucshky, Qcptcibcr 8 266? 702? KIQub`cat0RC\GQCH JGBNRQ;I 6.=2I 6.=Bkeja L Wce Qubigttcr0 en hnet rckjjy wket tn stkrt ikdgeo jgbnrs tn jnwcr hncsent kamgcvc iuamAksm Brndcr ;0 nd tmds TBked Wce JGB NR QubigttcrY

b Ntmcr Brndcrs ne tmc Wce Hcsd Annrhgektch tn Cesurc tmc Qcegnr WceXrkhcr s Hcikehs _crc Ict

Ge tmc sprgeo nl266? Hcrgvktgvcs Brndcr ; rcjnaktch lrni Jnehne tn Ecw Pckjkeh, kehwks kwky lrni mgs hutgcs lnr scvcrkj inetms. Ge mgs kbsceac, tmc Wce Hcsd Mckh kehHcrgvktgvcs Brndcr 2 tnnd prgikry rcspnesgbgjgty lnr brndcrgeo trkhcs lnr tmc Qcegnr Wce Xrkhcrkeh lkagjgtktgeo tmc Qcegnr Wce Xrkhcr' s anetgeukj uejkwluj rcqucsts. Kltcr Hcrgvktgvcs Brndcr ;rc-kssuich mgs hutgcs ge Ecw Pckjkeh, tmc Qcegnr Wce Xrkhcr rcikgech mgs nejy ajgcet. Huc tntmc ocnorkpmgakj keh tgic znec scpkrktgne, Hcrgvktgvcs Brndcr ; rcqugrch tmc kssgstkeac nltmcWce Hcsd ge Jnehne tn aniiuegaktc tmc Qcegnr Wce Xrkhcr's rcqucsts tn Aksm Brndcr ; keh tncesurc tmkt Aksm Brndcr gssuch tmc sdcwch Quoocstch JGBNRs ge mgs hkgjy Rue Xmru cikgjs.

Xmc Wce Hcsd mkh hkgjy getcrekj annrhgektgne hgsaussgnes vgk Bjnnibcro amkts kbnut tmcQcegnr Wce Xrkhcr 's JGB NR ecchs. Kjj nl tmc brndcrs ne tmc Wce Hcsd pkrtgagpktch ge tmcschkgjy Bjnnibcro amkts wgtm Hcrgvktgvcs Brndcr ;. Ocecrkjjy, ckam hky Hcrgvktgvcs Brndcranevcych tmc Qcegnr Wce Xrkhcr's JGB NR ecchs. \krgnus uegnr Wce hcrgvktgvcs brndcrs(geajuhgeo @uegnr Brndcr ; wcrc kssgoech tn aniiuegaktc tmc Qcegnr Wce Xrkhcr's rcqucsts tnAksm Brndcr ;. Xmc `uegnr brndcrs tmce typgakjjy gelnrich Hcrgvktgvcs Brndcr nl tmcQuoocstch JGBNRs tmkt Aksm Brndcr ; getcehch tn geajuhc ge mgs hkgjy Rue Xmru. Gl HcrgvktgvcsBrndcr ; wks hgssktgslgch wgtm tmc JGB NR euibcrs, mc cgtmcr0 (;) ksdch tmc `uegnr brndcrs tngestruat Aksm Brndcr tn invc tmc JGB NR euibcrs up nr hnwe, anesgstcet wgtm tmc Qcegnr WceXrkhcr's prclcrceacs4 nr (2) ksdch tmc Wce Hcsd Mckh tn prcssurc Aksm Brndcr ; tn invc mgsJGBNR euibcrs gl mc lcjt Aksm Brndcr ; wks ent annpcrktgeo. Nltce sgiujtkecnusjy,Hcrgvktgvcs Brndcr ; ikgetkgech ajnsc aniiuegaktgne wgtm tmc Qcegnr Wce Xrkhcr tn hgsauss tmcQcegnr Wce Xrkhcr's trkhgeo pnsgtgnes keh JGB NR ecchs.

Xmc aniiuegaktgnes kineo tmc GAKV Wce brndcrs keh wgtm tmc Qcegnr Wce Xrkhcr wcrcnpce keh hctkgjch rcokrhgeo tmcgr `nget cllnrts tn ikegpujktc tmc Wce JGBNR lgxgeos. Xmclnjjnwgeo krc cxkipjcs nl suam aniiuegaktgnes0

;?


18/58

@uec 8, 266? (cipmksgs suppjgch)0Wce Hcsd Mckh0 wmkt hncs TQcegnr Wce XrkhcrY wket wgtm jgbnrs>Hcrgvktgvcs Brndcr ;0 ... DCCV jIXM KQ JN_ KQ VNQQGBJC VJCKQCWce Hcsd Mckh0 en prnbs ikrdgeo ji hnwe kt


19/58

Qcptcibcr ;6, 266? (cipmksgs suppjgch)0;st icsskoc (cipmksgs suppjgch)0Hcrgvktgvcs Brndcr ;0 jnndgeo lnr mgom 1i keh


20/58

a GA V Brndcrs Rckpch Aniigssgnes keh Bneuscs keh Nbtkgech CxtrkVkyicets lrni SBQ ks k Rcsujt n Xmcgr JGB NR Qcrvgacs lnr tmc QcegnrWce XrkhcrQcvcrkj GAKV brndcrs wcrc mgomjy geacetgvgzch tn lkagjgtktc tmc Qcegnr Wce Xrkhcr 's

ikegpujktgvc samcics. Xmc Qcegnr Wce Xrkhcr oukrketcch tmc GAKV brndcrs' jnykjty kehannpcrktgne wgtm mgs ikegpujktgvc samcics by cesurgeo tmkt AKV's Wce hcrgvktgvcs keh aksmbrndcrs wcrc wcjj-anipcesktch ne scvcrkj jcvcjs0Lgrst SBQ, keh ge pkrtgaujkr tmc Qcegnr Wce Xrkhcr, wcrc sgoeglgaket ajgcets nl tmc GAKVWce Hcsd. Xmc Qcegnr Wce Xrkhcr stccrch k anesghcrkbjc kinuet nl busgecss tnwkrh HcrgvktgvcsBrndcr ; rcsujtgeo ge substketgkj bneuscs ent nejy lnr Hcrgvktgvcs Brndcr ; but kjsn lnr scvcrkjntmcr brndcrs ne tmc Wce Hcsd, geajuhgeo tmc Wce Hcsd Mckh, bksch ne tmc kinuet nlaniigssgnes mgs busgecss ocecrktch lnr tmc Hcsd. Bcogeegeo ge @uec 266?, SBQ pkgh GAKV kinetmjy lgxch lcc tmkt kvcrkoch bctwcce ?6,666 OBV keh =3,666 OBV pcr inetm (SQ$;2


21/58

Brndcr ; rclcrrch tn mgiscjl usgeo tmc skic inegdcrs.) But, ljkttcry wks ent cenuom. XmcHcrgvktgvcs Brndcr ; Wce Hcsd Mckh keh tmc Qcegnr Wce Xrkhcr kjsn trgch tn kppcksc mgi byogvgeo mgi k trkhc wgtm SBQ ne naaksgne tn getcrichgktc, lnr wmgam mc wnujh ckre k brndcr'saniigssgne. Lnr cxkipjc0

@keukry 23, 266?0Aksm Brndcr ;0Wce Hcsd Mckh0Aksm Brndcr

Lcbrukry 22, 266?0

G mckr tmrnuom tmc vgec ynu mkvc k onnh inetm. Mnws iybneus pnt jnndgeo> Ijnrh jgbnrwgjj pusm nec ynur wky tnhkyNd amgcl .. . tmds Keh gi pusmgeo


22/58

Aksm Brndcr ;

Wce Hcsd Mckh0

TGescrts sub`cat jgec JGBNRQ EN INRC Y TWce HcsdMckhY ... Ks lkr ks G wks aneacrech TQcegnr Wce XrkhcrYwks pkygeo lnr tmc jgbnr kssgst lnr iy kssgstkeac. Wnu mkvcks lkr ks G ki aneacrech mkvc amkroch mgi brk ne tmc hckj.Mkppy hkys lnr u lykd kjj lnr ic kokge ...TAksm Brndcr ;Y G wgjj mkvc k jueam wgtm ynu ecxt wccdkeh mkvc k amkt kbnut gt.G mkvc bcce tmgedgeo nl wkys nlsnrtgeo ynu nut jl tmc ecchs bc G wgjj jnnd getn gt ne kbgoocr sakjc co ynur skjkry pkadkoc.

@uec ?, 266? (icsskoc scet tn Hcrgvktgvcs Brndcr ; (cipmksgs suppjgch)0Wce Hcsd Mckh0 TG ecchY tn anvcr TAksm Brndcr Y wgtm luturc bneuspkyicets tmkt G mkh tn prnigsc mgi . gl ynu anujh spckd

tn TQcegnr Wce XrkhcrY nut nl mnurs keh mget tmkt TAksmBrndcr ;Y mkh skgh mc wnujh stnp ogvgeo tmcjgbnr ljnws tmce ikybc TQcegnr Wce XrkhcrY anujhpusm Tmgs supcrvgsnr kt SBQY tn ikjZ0c tmc pkyicet,TQcegnr Wce XrkhcrY skgh gl gt wcrc hnwe tn mgi gtwnujh bc pkgh ks TAksm Brndcr ;Y ikdcs mgi jnkhs nlinecy keh g mkh tn aniigt tn pkygeo jnrh bkjgll krcoujkr bneus bcakusc bksgakjjy wmgjc ynu wcrc nll mcskgh gt wks kjj nvcr keh mc wnujh ent mcjp keyinrc gltmcrc wks ent cenuom inecy ge gt lnr mgi

Xmc Wce Hcsd Mckh keh Hcrgvktgvcs Brndcr ; prcssch tmc Qcegnr Wce Xrkhcr kbnutpkygeo Aksm Brndcr ke khhgtgnekj bneus. Xmc Qcegnr Wce Xrkhcr rckhgjy korcch, keh ks k rcsujtnltmc Qcegnr Wce Xrkhcr 's cllnrts wgtmge SBQ tn oct rcanoegtgne lnr tmc JGBNR scrvgacs" tmktAksm Brndcr prnvghch tn mgi, GAKV suaacsslujjy rc-econtgktch gts lgxch lcc anetrkat wgtm SBQge @ujy 266? tn gearcksc gts inetmjy lgxch lcc by ke khhgtgnekj 3,666 OBV (SQ$7,666). AksmBrndcr rcacgvch lrni tmc Wce Hcsd tmgs kinuet ks k qukrtcrjy bneus, keh tmc Wce Hcsdrctkgech tmc rcst ks khhgtgnekj bneuscs keh anipcesktgne lnr tmc Hcsd.

Vcrgnhgakjjy, wmce tmc Wce JGB NR lgxgeo hgh ent invc ge tmc hgrcatgne mc rcqucstch, tmcQcegnr Wce Xrkhcr tmrcktcech tn tkdc SBQ busgecss lrni GAKV. Ge rcspnesc, Hcrgvktgvcs Brndcrkeh Wce Hcsd Mckh urocetjy prcssch Aksm Brndcr tn inhgly mgs Quoocstch JGBNRs. Lnrcxkipjc, ne @uec 2=, 266?, Aksm Brndcr wks rcsgstgeo scehgeo k rcvgsch Quoocstch JGBNRrcljcatgeo tmc Qcegnr Wce Xrkhcr' s prclcrrch sgx-inetm rktc, kltcr mc mkh kjrckhy hgstrgbutch tmchky's Rue Xmru. Hcrgvktgvcs Brndcr keh Wce Hcsd Mckh mkh tmc lnjjnwgeo cxamkeoc(cxajkiktgne by kjj-akpgtkjjcttcrs ge nrgogekj)0

Hcrgvktgvcs Brndcr ;0 TWce Hcsd MckhY XMGQ GQ OCXXGEO QCRGNSQ TQcegnrWce XrkhcrY GQ ENX MKVVW _GXM XMC _KW XMGEOQKRC VRNORCQQGEO MC GQ ONGEO XN MK\C K_NRH _GXM TAnipctgeo BrndcrY XN RCAXGLW XMCQGXSKXGNE. AKE WNS VJCKQC OCX MNJH NL TAksm22


23/58

Wce Hcsd Mckh0

Brndcr ;Y KEH OCX MGI XN QCEH NSX < INQ JGBNR KX 6.=Qcegnr Wce Xrkhcr0 en tn bc mnecst THcrgvktgvcs Brndcr 2Y gs tnn busy mc mkstnn ikey jgecs g rckjjy rkrcjy oct TAksm Brndcr ; sY gesnomtg rcjy ne TWce Brndcr kt Brndcr BY inrc enwHcrgvktgvcs Brndcr ;0 nd wc ake rcichy tmkt 0-( g'jj ogvc tmci k dgad up tmc kr sckeh anetkat TAksm Brndcr ;Y hgrcatQcegnr Wce Xrkhcr0 yckm wnujh bc bcttcrh. GAKV Wce Brndcrs Ssch Kentmcr Aksm Brndcr wmce Aksm BrnjZ.cr ; _ksKbscet

_mce Aksm Brndcr ; wks ent ge tmc nllgac, k Curn aksm brndcr, Aksm Brndcr 2, tnnd nvcrmgs rcspnesgbgjgtgcs, geajuhgeo scehgeo nut Aksm Brndcr ; s hkgjy Rue Xmru cikgjs kehhctcrigegeo tmc Quoocstch JGBNRs tn geajuhc ge tmc cikgj. Aksm Brndcr 2 mkh jgttjc cxpcrgceacwgtm tmc Wce ikrdct keh rcjgch ne cgtmcr gelnriktgne lrni tmc Wce hcrgvktgvcs brndcrs tn ikdcmgs JGBNR ksscssicets, nr hgrcatgnes jclt by Aksm Brndcr ; (Kt jckst neac mc wks rclcrrch tn ksk iuppct by mgs anjjckoucs.) Ne iujtgpjc naaksgnes, tmcsc ntmcr brndcrs prnvghch lkjscgelnriktgne tn Aksm Brndcr 2 ge ke cllnrt tn geljuceac mgs JGBNR rcaniicehktgnes tn bceclgttmc Qcegnr Wce Xrkhcr.

21


24/58

Aksm Brndcr 2 typgakjjy lnjjnwch tmc hgrcatgnes nl tmc Wce Hcsd, wgtm tmc rcsujt tmkt mgsQuoocstch JGBNRs rcljcatch tmc rcqucsts nl tmc Qcegnr Wce Xrkhcr. Kt tgics, gl ecacsskry tnamkeoc tmc Quoocstch JGBNRs kltcr Aksm Brndcr 2 mkh kjrckhy hgstrgbutch k Rue Xmru lnr tmchky, tmc Wce Hcsd akusch Aksm Brndcr 2 tn sceh nut k rcvgsch Rue Xmru tn cesurc tmc QuoocstchJGBNRs kaaurktcjy rcljcatch tmc Qcegnr Wce Xrkhcr's rcqucsts. Hcrgvktgvcs Brndcr ; keh tmcQcegnr Wce Xrkhcr wcrc pjcksch wgtm tmc kssgstkeac rcacgvch lrni Aksm Brndcr 2 wgtmHcrgvktgvcs Brndcr ; entgeo ne naaksgne tmkt tmc ikrdct lnjjnwch Aksm Brndcr 2 s Rue Xmrurcaniicehktgnes.

Lnr cxkipjc, ne @ujy < 266?, kltcr Aksm Brndcr 2 mkh hgstrgbutch k Rue Xmru, tmclnjjnwgeo cxamkeoc naaurrch0@ujy < 266?0

Hcrgvktgvcs Brndcr ;0 tgbnrs wcrc mgomcr kokge sn pjcksc oct tmkt ynueo ikeTAksm Brndcr 2Y tn rkip tmc


25/58

Xmc lnjjnwgeo aniiuegaktgnes lurtmcr rcljcat tmc usc nl Aksm Brndcr 2 by tmc Wce Hcsd tnanetgeuc tmc uejkwluj JGB NR scrvgacs nl Aksm Brndcr ;0Kuoust ;3, 266?0

;st icsskoc0Hcrgvktgvcs Brndcr ; ycm tmged tmc wky tmcsc swkps krc octtgeo ogvce jgbnrs krclkjjgeo qugadjy TQcegnr Wce XrkhcrY ecchs


26/58

Brndcr 2Y wgjj put wmktcvcr wc tcjj mgi ... 1i keh ijnndgeo ueamkeoch kt tmc ini ..Qcegnr Wce Xrkhcr0 nd ake wc sceh nut .7= kokgeHcrgvktgvcs Brndcr ;0 ... ycs iktc .. tmc lwhs krc suoocstgeo tmscs iky on bcttcrbgh tmru tmc inregeo

Natnbcr 3 266? (cipmksgs suppjgch)0Hcrgvktgvcs Brndcr ;0 Ttn @uegnr Brndcr ;Y GL TAksm BrnjZ0 cr ;Y GQ NLL

XNHKW T@uegnr Brndcr ;Y KEH XMCQC JGBNRQANIC RNKRGEO NLL G JJ MNJH WNSVCRQNEKJW RCQVNEQGBJC .... DCCV NEXN XMKXNXMCR ISVVCX TAksm Brndcr 2Y VJCKQC GL QNXMKEDQ IKXC,ONNH JSAD XNHKW

c GAKV Wce Brndcrs Xrgch tn Aneackj Wce JGBNR Qcrvgacs wgtm Anhc_nrhs

Ge jktc 266? keh ckrjy 266=, tmc Wce Hcsd Mckh, Hcrgvktgvcs Brndcr ; keh Aksm Brndcr ;bcakic aneacrech tmkt GAKV anipjgkeac igomt hgsanvcr tmkt tmcy wcrc kghgeo tmc Qcegnr WceXrkhcr's kttcipts tn ikegpujktc Wce JGB NR. Xn aneackj tmcgr uejkwluj katgvgtgcs, HcrgvktgvcsBrndcr ; bcoke aniiuegaktgeo by pcrsnekj inbgjc tcjcpmnecs keh tcxt icsskocs wgtm AksmBrndcr ;. Hcrgvktgvcs Brndcr ; kjsn kjcrtch tmc Qcegnr Wce Xrkhcr kbnut tmc ecch tn bc akrclujge tmcgr aniiuegaktgnes.Envcibcr ; 266?0

Hcrgvktgvcs Brndcr ;0 MG IKXC,@SQX MKH TWce Hcsd MckhY BKAD NE RCJGBNRQ,MKH K JNX NL ANIVJGKEAC VRCQQSRCRCACEXJW HSC XN XMC ARCHGX VRNBJCIQ, _CBNXM ECCH XN BC K JGXXJC INRC QSBXJC GENSR \GC_Q . .GC' G XMGED XMC L_HQ KRCQSOOCQXGEO XMGQ


27/58

anvcrch.Bnxcs krc tkppch keh nbvgnusjy iy c-ikjs akebc jnndch kt.En bnhy mks sgkh keytmgeo but mc wkets tnanvcr mgs bkaj{sghcQcegnr Wce Xrkhcr0 nd

Ikram 2 G tmged tmgs wgjj prnbkbjy sugt.

;; Ne tmgs hktc, AKV's Wce Hcsd rcspnehch tn AKV's "Gelnriktgne Qcrvgacs" Hcpkrticet's rcqucstlnr k hcsargptgne nl tmc typcs nl gelnriktgne tmkt Wce brndcrs scet tn austnicrs. Anetrkry tn wmkt AksmBrndcr ; bcjgcvch, tmgs rcqucst lnr gelnriktgne wks ent k anipjgkeac rcvgcw.2?


28/58

@keukry 2=, 266= (cipmksgs suppjgch)0Hcrgvktgvcs Brndcr ;0 TAksm Brndcr ; sY jgbnrs .sccs ;i keh 1i anigeo geueamkeoch ynuHcrgvktgvcs Brndcr ;0 mgom 1i jnw


29/58

wgtmnut kllcatgeo tmc lgx gc4 ynu wgjj stgjj bc aut nll tmcbnttni lnr lgxgeo purpnscs,but ynu wgjj kllcat ;i keh 1igl ynu ake invc tmci up(ynu wcrc nl tmc vcry lcw tmktecvcr invch up ycstcrhky. Xry keh mkvc k wnrh wgtm TSBQWce JGBNR QubigttcrY

Kprgj23 266= (cipmksgs suppjgch)0

Iky 27, 266=0

Hcrgvktgvcs Brndcr 0 ynu ecch tn ikdc surc TSBQ Wce JGB NR QubigttcrYhncse't invc tmcsc up wmcrc mc wks akjjgeo tmci ....... hne'twket kjj tmc mkrh wnrd octtgeo smnt kwky by ynur nwebkejaQcegnr Wce Xrkhcr0 g denw g ki trygeo

Hcrgvktgvcs Brndcr 0 gt wgjj bc rktmcr grnega gl TAksm Brndcr Y keh TWce Brndcrkt Brndcr BY hn tmcgr bcst keh TSBQ Wce JGBNRQubigttcrY smnnts ynu ge tmc lnntQcegnr Wce Xrkhcr0 yckm `ust bnuomt mgi k anllcc

Hcrgvktgvcs Brndcr 0 0-H anujh bc tmc amckpcst brgbc n ynur jglc

Hcrgvktgvcs Brndcr 0 gl TSBQ Wce JGBNR QubigttcrY mgs ikrdgeo mgs 6/


30/58

Hcrgvktgvcs Brndcr ; anespgrch wgtm tmc Qcegnr Wce Xrkhcr ge tmgs cllnrt, kghgeo mgi gewnrdgeo wgtm ntmcr bkeds tmkt wcrc wgjjgeo tn pkrtgagpktc ge tmc samcic, keh pusmgeo ntmcr GAKVbrndcrs, geajuhgeo Aksm Brndcr ; tn prnvghc kssgstkeac by "amksgeo" kltcr ntmcr bkeds kehgssugeo tmc sdcwch Quoocstch JGBNRs.

Xmc lnjjnwgeo krc cxkipjcs nl aniiuegaktgnes rcokrhgeo tmcsc samcics0@uec 2, 26670

;st icsskoc0Qcegnr Wce Xrkhcr0 pjs tkjd tn TAksm Brndcr ;Y rc TBked BY

Hcrgvktgvcs Brndcr ;0 kjrckhy c-cikgjch keh tcxtch ckrjgcr busy trygeo tn tkjd tnTAksm Brndcr ;Y ne ynur bcmkjl iktc, tmkt's wmy g hghe't octtmc 6/ `ust wnehcrgeo wmy mc gs invgeo mgs 1i up

sn koorcssgvcjy, sccis tn up gt nec hky jnwcr gt tmc ecxtKrbg prcssurc sccis tn bc pusmgeo ji keh 1i jnwcr hurgeotndyn tgic. Key vgcws orktclujjy kaacptch. THcrgvktgvcsBrndcr ;Y

@uec ;


31/58

@uec 21, 2667 (cipmksgs suppjgch)0Qcegnr Wce Xrkhcr0 g ajh hn wgtm ueam ge 1i kjj gt hncs gs put prcssurc ne tgbnrHcrgvktgvcs Brndcr 0 yckm TAksm Brndcr ;Y mkse't invch mgs jgbnrs lnr kbnut =

hkys enwQcegnr Wce Xrkhcr0 ks jneo ks


32/58

Hcrgvktgvcs Brndcr 0 nd TAksm Brndcr ;Y mks spndce wgtm TBked MY keh TBkedCYent surc kbnut TBked BYQcegnr Wce Xrkhcr0 yckm TBked BY gs nec tmkt ake rckjjy mcjp2 h icsskoc0Hcrgvktgvcs Brndcr ;0 vcry gipnrtket krbgtrkoc ljnw tnhky ne tmc jgbnrsjnndgeo lnr 1i tn on up ;/2bp (tgbnr up jbp) keh


33/58

@ujy 21, 2667 (cipmksgs suppjgch)0Hcrgvktgvcs Brndcr ;0 ynu TSBQY nuomt tn stkrt invgeo ynur


34/58

Qcptcibcr ;6, 26670Hcrgvktgvcs Brndcr 0 Mkppy lrghky iktc jgbnrs stgjj mckhgeo ge tmc rgomt

hgrcatgne.SBQ Wce Xrkhcr 20 onnh ieo inehky gs tmc h-hkyHcrgvktgvcs Brndcr 0 bgo lgx>SBQ Wce Xrkhcr 20 yckm bntm 1s keh SBQ Wce Xrkhcr 20 ycHcrgvktgvcs Brndcr ;0 nd wgjj akjj TAksm Brndcr Y ne tmc trkge getn wnrd TSBQ

Wce Xrkhcr 2Y, ynu rckjgsc tmkt ynu mkvc tmc kbgjgty tngeljuceac tmc 1i lgx, ynu krc aurrcetjy sgttgeo kt tmc uppcrceh nl tmc rkeoc. Xmc


35/58

JGB NR. Xmc Qcegnr Wce Xrkhcr decw tmc Qtcrjgeo Brndcr lrni wmce bntm prcvgnusjy wnrdch ktRBQ. Xmc GAKV Qtcrjgeo Brndcr wks k lrgceh nltmc RBQ Wce JGBNR Qubigttcr, keh rckhgjykorcch tn mcjp tmc Qcegnr Wce Xrkhcr by ksdgeo tmc RBQ Wce JGBNR Qubigttcr tn ikdcsubigssgnes tmkt wnujh bceclgt tmc Qcegnr Wce Xrkhcr. Xmc RBQ Wce JGBNR Qubigttcrkaaniinhktch tmcsc rcqucsts.Ikram 1, 26;6 (cipmksgs suppjgch)0

st icsskoc0Qcegnr Wce Xrkhcr0

Qtcrjgeo Brndcr0Qcegnr Wce Xrkhcr0Qtcrjgeo Brndcr0Qcegnr Wce Xrkhcr0

2eh icsskoc 0Qtcrjgeo Brndcr0RBQ Wce Qubigttcr0Qtcrjgeo Brndcr0RBQ Wce Qubigttcr0Qtcrjgeo Brndcr0RBQ Wce Qubigttcr0Qtcrjgeo Brndcr0RBQ Wce Qubigttcr0Qtcrjgeo Brndcr0RBQ Wce Qubigttcr0Qtcrjgeo Brndcr0

g rckjjy ecch k jnw 1i`py jgbnr getn tmc gii keylkvnurs ynu ake oct wgtm tmc huc kt rbs wnujh bc iuamkpprcagktch cvce gl mc ne4jy invc 1i hnwe ;bp lrni23 tn 28g jj ogvc mgi k euhoc jktcr, scc wmkt mc ake hntmkeds iktc rckjjy rckjjy wnujh kpprcagktc tmktmkvce t scce mgi sgeac g jclt sn igomt buy mgi k stckd tnaktam upyckm ... g mkvc k muoc lgx ne tmc gii sn gl mc invcshnwe bp enw keh jckvcs gt tmkt wnujh bc orckt

ake g pgad ur brkge>yckmu scc 1i py jgbnr ongeo keywmcrc btwcce enw kehgii>jnnds lkgrjy stktga tn bc mnecst , pnss inrc prcssurc neupsghc , but ent kjntnm wc mvc k iutukj lrgceh wmn h jnvc tn scc gt onhnwe, en amkeac kt kjj>mkmk TQcegnr Wce XrkhcrY by amkeacsmmmmcmcmc , igec smnujh rcikge ljkt , kjwkys sugts ic glkeytmgeo tn on jnwcr ks g ravc luehsontamk, tmkeds, keh, gl u auh scc ur wky tn k sikjjhrnp tmcrc igomt bc k stckd ge gt lnr yk, mkmkentch4-)=-)

1rh icsskoc scet tmc lnjjnwgeo hky0RBQ Wce JGBNR Qubigttcr0 Jgbnr jnwcr 4-)

Iky ;1,26;6 (cipmksgs suppjgch)0Qtcrjgeo Brndcr0RBQ Wce Qubigttcr0Qtcrjgeo Brndcr0

kjjnn, ake g `ust amd ur jckvgeo urs ueam>nm ycsT,Y igomt cvce `ust on jnwcr lnr tmc lue nl gt 0-)rckjjy, mnw iuam

13


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RBQ Wce Qubigttcr0Qtcrjgeo Brndcr0

Denw TsgaY ueamkeoch but g decw TQcegnr WceXrkhcrY wnujh oct cxgatch TsgaY by tmktm

By igh-26 ;6, Aksm Brndcr ; cxprcssch tmc bcjgcl tmkt mgs kbgjgty tn geljuceac tmc Wceikrdct mkh wkech. Hcspgtc tmgs, Hcrgvktgvcs Brndcr ceanurkoch keh kghch ge tmc Qcegnr WceXrkhcr 's neongeo anehuat keh anetgeuch tn pusm Aksm Brndcr ; tn kssgst tmc Qcegnr Wce Xrkhcr.@uec 2, 26;60

@uec 22, 26;60

Hcrgvktgvcs Brndcr 0 Mg iktc,en amkeoc jgbnrs, ynu jckvgeo tmci uetgj @uecrnjjs> TAksm Brndcr Y mks Hcrgvktgvcs Brndcr ; 0 wks cipmksgsgeo tmc ture, pcnpjc k jgttjc ueaniigtkj netmc yce.g GA V Brndcrs ghch keh bcttch ttcipts tn Ikegpujktc by WceXrkhcrs kt Ntmcr Vkecj Bkeds

Kjtmnuom GAKV's Wce brndcrs ceokoch ge uejkwluj anehuat prgikrgjy kt tmc bcmcst nltmcQcegnr Wce Xrkhcr, ge k jgigtch euibcr nl ntmcr gestkeacs, vkrgnus Wce brndcrs ne bntm tmc Wcekeh Aksm Hcsds kttciptch tn geljuceac Wce JGB NR subigssgnes lnr tmc purpnscs nlikegpujktgeo Wce JGBNR ne bcmkjl nl ntmcr Wce hcrgvktgvcs trkhcrs ge tmc ikrdct. Lnr cxkipjc,ge Hcacibcr 26;6, Aksm Brndcr ; kttciptch tn hcvcjnp k rcjktgnesmgp wgtm Bked H Wce Xrkhcr,ke katgvc trkhcr wmn kppckrch tn bc bcanigeo inrc hnigeket ge tmc wkdc nl Qcegnr WceXrkhcr's hcpkrturc. Aksm Brndcr ; nllcrch scrvgacs sgigjkr tn tmnsc prnvghch tn tmc Qcegnr WceXrkhcr by prnpnsgeo tn geljuceac Wce JGB NR subigttcrs tn ikdc subigssgnes tmkt anujh bceclgt1


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Bkeja H Wce Xrkhcr. Xmus, Aksm Brndcr ; nllcrch tn anetkat Wce JGBNR subigttcrs ne bcmkjl nltmc Bked H Wce Xrkhcr. Aksm Brndcr ; s cllnrts ne bcmkjl nlBked H anetgeuch tmrnuom @keukry26;;.Hcacibcr ; 26;60

Bkeja H Wce Xrkhcr0 Mnpc tmgs wgjj pusm jgbnrs hnweAksm Brndcr ;0 nd wc ecch jnwcr jgbnrs tninrrnw ycs>Bked H Wce Xrkhcr0 WckmAksm Brndcr ;0 nd j j wnrd snic ikoga lnr tninrrnw0-)Bked H Wce Xrkhcr0 G wket 1 Keh Mnw>Aksm Brndcr ;0 wc wkgt keh scc, tninrrnw jnwcr lrghky k jgttjc bgt inrc butj j hn iy bcstBkeja H Wce Xrkhcr0 Wckm tmged yce jgbnrs smuh bc jnwcr but ppj tceh tndccp tmci mgomcr wmcrcks ush jgbnrs ppjjnnds jgdcikegpujktcjy put tmci mgomcrAksm Brndcr ;0 jj wnrd snic ikoga tninrrnw mnpclujjy, 1i ;7 ... jgbnrsueameoch. . . . stgjj kltcr jnw 1i>inregeo. yckm ... g stgjj jgdc gt tn bc ks jnw ks pnssgbjcnd stgjj wnrdgeo ne gt lnr ynutmked ynu

Bked H Wce Xrkhcr0 g enw wuh jgdc


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8 Gekhcquktc Anetrnjs keh Qupcrvgsgne jjnwch Brndcr Igsanehuat tnAnetgeuc lnr WckrsHurgeo tmc rcjcvket pcrgnh, GAKV lkgjch tn gipjcicet khcquktc getcrekj anetrnjs keh

prnachurcs tn onvcre gts Wce brndcrs' aniiuegaktgnes keh getcrkatgnes wgtm ajgcets kehprnspcatgvc ajgcets. Enr hgh gt khcquktcjy supcrvgsc keh nvcrscc gts Wce brndcrs keh tmc Wce kehAksm Hcsds.

GAKV pja, k ojnbkj cetgty, mkh sct up k rcognekj-bksch systci nl pnjgagcs, prnachurcs, kehanetrnjs tmkt kppjgch tn gts cetgrc lkigjy nl subsghgkrgcs hurgeo tmc rcjcvket tgic pcrgnh. GAKVpja's subsghgkrgcs kjjnaktch anipjgkeac cipjnyccs by rcogne. GAKV wks pkrt nltmc Curnpc,Ighhjc Ckst keh Klrgak ( CICK ) rcogne. Kjtmnuom GAKV mkh nejy k hchgaktch amgclanipjgkeac nllgacr, mc wks suppnrtch by twcjvc ntmcr anipjgkeac cipjnyccs kineo GAKV pja'sCICK-bksch subsghgkrgcs. Xmgs systci nl anipjgkeac lkgjch tn hctcat keh hctcr tmc wrneolujanehuat nl tmc G ~ V brndcrs.

Xmrnuom tmgs systci nl anipjgkeac, GAKV hgh ent mkvc khcquktc getcrekj anetrnjs,pnjgagcs keh prnachurcs tn oughc keh inegtnr Wce brndcrs ge tmcgr aniiuegaktgnes wgtm ajgcets,nr tmc prnvgsgne nl ikrdct gelnriktgne nr ikrdct anjnr tn ajgcets keh ntmcrs. Lurtmcrinrc, GAKVmkh en prnachurcs lnr kpprnvkj nl tmc hgsscigektgne nl ikrdct gelnriktgne, nr lnr rcvgcw kehvcrglgaktgne nl tmc bksgs lnr tmc ikrdct gelnriktgne bcgeo hgsscigektch by GAKV brndcrs.Kaanrhgeojy, Aksm Brndcr ; wks kbjc tn sceh nut tmc sdcwch Quoocstch JGBNRs ge mgs RueXmrus wgtmnut hctcatgne.

_gtmge GAKV, tmc Wce keh Aksm Hcsds wcrc gekhcquktcjy supcrvgsch. Xmc Wce brndcrs,geajuhgeo tmc Wce Hcsd Mckh, wnrdch wgtm igegikj supcrvgsgne lrni scegnr GAKV ikekocicet.Aksm Brndcr ; tmc nejy Wce aksm brndcr kt GAKV, npcrktch gehcpcehcet jy wgtm jgttjc tn ensupcrvgsgne lrni tmc mckh nl tmc Aksm Hcsd. Jgdcwgsc, GAKV jclt anipjgkeac nvcrsgomt tn tmcWce keh Aksm Hcsd Mckhs wmn wcrc cxpcatch tn rcpnrt key suspgagnus anehuat tn AKV'sanipjgkeac nllgacr. Xmgs systci nl anipjgkeac keh supcrvgsgne wks nl anursc kjj but uscjcss kstmc Wce Hcsd Mckh wks anipjgagt ge tmc igsanehuat tkdgeo pjkac ne tmc Wce Hcsd.

Xmcsc anipjgkeac ljkws wcrc cxkacrbktch by tmc lkat tmkt tmc Wce Hcsd wks entpcracgvch ks k pntcetgkj anipjgkeac rgsd, keh tmus wks ent sub`catch tn key anipjgkeac rcvgcwsnr kuhgts hurgeo tmc rcjcvket pcrgnh, rcsujtgeo ge en rcvgcws nr kuhgts nl tmc Wce Hcsd lnr inrctmke lnur yckrs. GAKV Qcaurgtgcs Jgigtch, kentmcr CICK cetgty, wks rcspnesgbjc lnr tmc kuhgtkeh rgsd ikekocicet lueatgnes kt GAKV, keh hctcrigech wmgam nlgAKV's brndcrgeo hcsdsrcqugrch ke kuhgt. _mgjc tmc Aksm Hcsd wks kuhgtch twgac hurgeo tmc rcjcvket pcrgnh, tmc kuhgtgeajuhch nejy k skipjgeo nl brndcr aniiuegaktgnes, keh kaanrhgeojy, Aksm Brndcr ; sigsanehuat wks ent hgsanvcrch. Gl ke kuhgt mkh bcce anehuatch nl tmc Wce Hcsd, keh tmcgetcrekj keh cxtcrekj aniiuegaktgnes nltmc Wce keh Aksm Hcsds mkh bcce rcvgcwch, GAKVjgdcjy wnujh mkvc hgsanvcrch tmkt0 (;) tmc Qcegnr Wce Xrkhcr wks tmc cxajusgvc ajgcet nlHcrgvktgvcs Brndcr ; keh k sgoeglgaket snurac nl rcvceuc lnr tmc Wce Hcsd, arcktgeo pntcetgkjaneljgats nl getcrcst4 (2) tmc GAKV Wce brndcrs ceokoch ge sustkgech cllnrts tn ikegpujktc WceJGBNR ne bcmkjl nl tmc Qcegnr Wce Xrkhcr4 keh (1) tmc JGBNR scrvgacs lnr wmgam GAKV

1=


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suaacsslujjy econtgktch k spcagkj bneus lnr Aksm Brndcr ; wcrc ge lkat tmc hgsscigektgne nl lkjscikrdct gelnriktgne getcehch tn bceclgt tmc Qcegnr Wce Xrkhcr.GAKV s jkad nl spcaglga getcrekj anetrnjs keh prnachurcs rcjktgeo tn cxtcrekjaniiuegaktgnes, keh hgstgeougsmgeo bctwcce pcrigssgbjc keh gipcrigssgbjc ikrdct gelnriktgne

prnvghch by gts Wce brndcrs tn ajgcets keh ntmcrs, ks wcjj ks gts nvcrkjj jkx supcrvgsgne nl tmc Wcekeh Aksm Hcsds, kjjnwch tmc igsanehuat tn anetgeuc uekbktch tmrnuomnut tmc rcjcvket pcrgnh.G\.

JCOKJ HGQASQQGNEK. GAKV Denwgeojy Akusch Acrtkge Vkec j Bkeds tn Ikdc Lkjsc, Igsjckhgeo nrDenwgeojy Gekaaurktc Rcpnrts Aneacregeo Wce Bnrrnwgeo Ansts ge \gnjktgne nlQcatgne 7(k)(2) nl tmc Kat

Qcatgne 7(k)(2) nl tmc Kat ikdcs gt uejkwluj lnr key pcrsne denwgeojy tn hcjgvcr nrakusc tn bc hcjgvcrch lnr trkesigssgne tmrnuom tmc ikgjs nr getcrstktc aniicrac by tcjcorkpm,tcjcpmnec, wgrcjcss, nr ntmcr ickes nl aniiuegaktgne lkjsc nr igsjckhgeo nr denwgeojygekaaurktc rcpnrts aneacregeo arnp nr ikrdct gelnriktgne nr anehgtgnes tmkt kllcat nr tceh tnkllcat tmc prgac nl key aniinhgty ge getcrstktc aniicrac ? S.Q.A. ;1(k)(2) (266


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Acrtkge GAKV Wce brndcrs uehcrstnnh keh cxpcatch tmkt ikey nl tmc Wce pkecj bkedsrcjgch ne ikrdct gelnriktgne lrni tmnsc GAKV brndcrs aneacregeo tmc Wce bnrrnwgeo rktcs ge tmcJnehne getcrbked ikrdct. Gehcch, GAKV brndcrs prnvghch nrkj nr wrgttce Wce JGBNRprchgatgnes, g.c. tmc Quoocstch JGBNRs, tmkt rcljcatch tmcgr uebgksch keh mnecst ksscssicet nlWce bnrrnwgeo ansts ge tmc getcrbked ikrdct. Mnwcvcr, tn bceclgt acrtkge GAKV ajgcets, gepkrtgaujkr tmc Qcegnr Wce Xrkhcr, keh tn kssgst tmcgr cllnrts tn kttcipt tn ikegpujktc tmc lgxgeo nlWce JGBNR ne tmcgr bcmkjl, GAKV Wce brndcrs nltce denwgeojy hgsscigektch lkjsc, igsjckhgeokeh jinwgeojy gekaaurktc ikrdct gelnriktgne tn tmc Wce Vkecj bkeds tmrnuom twn prgikryickes0 (;) Aksm Brndcr ; nr ntmcrs prnvghch sdcwch Quoocstch JGBNRs, tmrnuom tmc hkgjy WceJGBNR Rue Xmru cikgjs nr nrkj aniiuegaktgnes wgtm subigttcrs nr trkhcrs kt tmc Wce JGB NRpkecj bkeds4 keh (2) GAKV brndcrs hgrcatjy prcssurch Wce JGBNR subigttcrs keh trkhcrs kt pkecjbkeds tn subigt acrtkge rktcs, tmkt wcrc sdcwch tn rcljcat rktcs bceclgagkj tn tmc Qcegnr WceXrkhcr keh kt tgics ntmcr trkhcrs. Kt tgics, acrtkge Wce pkecj bkeds usch GAKV's sdcwchQuoocstch JGBNRs ge hctcrigegeo keh ikdgeo tmcgr Wce JGBNR subigssgnes tn tmc BBK. Ks krcsujt, tmnsc Wce JGB NR subigssgnes wcrc lkjsc, igsjckhgeo nr denwgeojy gekaaurktc bcakusctmc pkecj bkeds' subigssgnes purpnrtch tn rcljcat tmc pkecj bkeds' pcracgvch ansts nl bnrrnwgeoWce ge tmc getcrbked ikrdct but ge rckjgty, rcljcatch ge wmnjc nr ge pkrt tmc rktcs tmkt bcecl gtchtmc trkhgeo pnsgtgnes nlgAKV's ajgcets. ;1

Kaanrhgeojy, by acrtkge brndcrs' katgnes hcsgoech keh getcehch tn bceclgt ajgcets kehtmciscjvcs, GAKV, tmrnuom tmcsc brndcrs keh k hcsd ikekocr, denwgeojy akusch tmc pkecj bkedstn hcjgvcr tmrnuom tmc ikgjs nr getcrstktc aniicrac lkjsc nr igsjckhgeo nr denwgeojy gekaaurktcikrdct gelnriktgne tmkt kllcats nr tcehs tn kllcat k aniinhgty ge getcrstktc aniicrac, geajuhgeoWce JGBNR keh vgnjktch Qcatgne 7(k)(2) nltmc Kat, ? S.Q.A. ;1(k)(2) (266


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lnjjnwgeo lnur cjcicets iust bc ict, by k prcpnehcrkeac nl tmc cvghceac, tn smnw k suaacsslujikegpujktgne mks naaurrch0(;) tmc TrcspnehcetY mkh tmc kbgjgty tn geljuceac ikrdct prgacs4(2) tmc TrcspnehcetY spcaglgakjjy getcehch tn hn sn4(1) krtglgagkj prgacs cxgstch4 keh(8) tmc TrcspnehcetY akusch ke krtglgagkj prgac.

Ge rc Anx, T;7=


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Aniigssgnecr mks aniicetch0 TtYmgs gs inrc ke kxgni tmke k tcst. Ge hctcrigegeo wmctmcr kekrtglgagkj prgac mks naaurrch0TNYec iust jnnd kt tmc koorcoktc lnracs nl suppjy keh hcikeh keh sckram lnrtmnsc lkatnrs wmgam krc cxtrkecnus tn tmc prgageo systci, krc ent k jcogtgiktc pkrtnl tmc caneniga prgageo nl tmc aniinhgty, nr krc cxtrgesga tn tmkt aniinhgtyikrdct. _mce tmc koorcoktc lnracs nl suppjy keh hcikeh bckrgeo hnwe ne kpkrtgaujkr ikrdct krc kjj jcogtgiktc, gt lnjjnws tmkt tmc prgac wgjj ent bc krtglgagkj.Ne tmc ntmcr mkeh wmce k prgac gs cllcatch by k lkatnr wmgam gs ent jcogtgiktc, tmcrcsujtgeo prgac gs ecacsskrgjy krtglgagkj. Xmus, tmc lnaus smnujh ent bc ks iuam netmc ujtgiktc prgac ks ne tmc ekturc nl tmc lkatnrs akusgeo gt.

Gehgkek Lkri B u r c k u ~ 2;,?7< kt 2?,2== e 2 Qcc kjsn HgVjkaghn 16,7?6 kt


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Ks cvghceach by tmc cxtcesgvc aniiuegaktgnes keh ntmcr lkats sct ligm kbnvc, ge akusgeoacrtkge pkecj bkeds kt tgics tn ikdc lkjsc nr igsjckhgeo Wce JGBNR subigssgnes, GAKV brndcrsspcaglgakjjy getcehch tn kllcat tmc hkgjy Wce JGBNR lgxgeo lnr acrtkge tcenrs, geajuhgeo necinetm, tmrcc-inetm, keh sgx-inetm. Xmcgr getcet gs kjsn cvghceach by tmcgr intgvktgne tn jurckeh dccp tmc sgoeglgaket busgecss nl tmc Qcegnr Wce Xrkhcr keh ntmcr hcrgvktgvcs trkhcrs byikdgeo cxtcesgvc cllnrts tn cesurc tmkt Wce JGBNR lgxch kt rktcs tmkt bceclgtch tmcgr ajgcetshcrgvktgvcs trkhgeo pnsgtgnes.

Ks k rcsujt nlgA V brndcrs geljuceac ne tmc rktcs subigttch by pkecj bkeds, kt tgicssnic nltmc pkecj bkeds ikhc Wce JGBNR subigssgnes, wmctmcr denwgeojy nr ent, tmkt hgh entrcljcat tmcgr bkeja s ansts nl bnrrnwgeo uescaurch luehs ge tmc Jnehne Wce getcrbkeja ikrdct butgestckh rcljcatch rktcs bceclgagkj tn tmc trkhgeo pnsgtgnes nl tmc Qcegnr Wce Xrkhcr keh ntmcrtrkhcrs. Kaanrhgeojy, tmrnuom GAKV brndcrs katgnes, tmnsc Wce JGBNR subigssgnes katch ksgjjcogtgiktc lkatnrs ge tmc prgageo nltmc hkgjy Wce JGBNR lgxgeos lnr acrtkge tcenrs wgtm tmcrcsujt tmkt tmc nllgagkj Wce JGBNR lnr acrtkge tcenrs wcrc krtglgagkj ne acrtkge naaksgnes. Xmus,tmc GAKV brndcrs katgnes wcrc k prnxgiktc akusc nl tmc krtglgagkj Wce JGBNR lgxgeos.

Kaanrhgeojy, ne acrtkge naaksgnes, GAKV, tmrnuom tmc kats nl acrtkge brndcrs keh k hcsdikekocr, ikegpujktch Wce JGBNR lnr ac;gkge tcenrs, k aniinhgty ge getcrstktc aniicrac, gevgnjktgne nl Qcatgnes


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H GAKV Kghch keh Kbcttch tmc Kttcipts nl Hcrgvktgvcs Xrkhcrs tn Akusc Lkjsc nrIgsjckhgeo Wce JGBNR Qubigssgnes tn bc Ikhc keh tn Ikegpujktc Wce JGBNRVursuket tn Qcatgne ;1(k) nl tmc Kat, GAKV kghch keh kbcttch tmc kttcipts nl hcrgvktgvcstrkhcrs kt Wce JGB NR pkecj bkeds tn ikegpujktc Wce JGB NR ge vgnjktgne nl tmc Kat, pkrtgaujkrjy

tmc Qcegnr Wce Xrkhcr. ? S.Q.A. ;1a(k) (266


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Qcatgnes


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;;6 Qtkt. =8?, =3?-=


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Aniinhgty Luturcs Xrkhgeo AniigssgneHgvgsgne nl CelnracicetKXXE0 Kaanuets Rcacgvkbjcs--- KIP 186C-ikgj Bnx0 7-KIA-KIP-KR-ALXAHNX KK/IIKA


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npgegnes rcokrhgeo tmc jcvcjs kt wmgam k Bceamikrd Getcrcst Rktc;3 wgjj sct4keh (1) tmkt gs pubjgsmch ne k rcoujkr bksgs keh gs hgstrgbutch tn inrc tmke necaustnicr.

b Quam Vnjgagcs, Vrnachurcs keh Anetrnjs smkjj prnvghc tmkt ckam prnvgsgne nlIkrdct Vubjgaktgnes smkjj bc bksch ne upne k rgonrnus keh mnecst ksscssicetnl ikrdct hktk keh gelnriktgne, keh smkjj ent bc geljuceach by getcrekj nrcxtcrekj aneljgats nl getcrcst nr key ntmcr gjjcogtgiktc lkatnrs.

a Vnjgagcs, Vrnachurcs keh Anetrnjs rcjktgeo tn Ikrdct Vubjgaktgnes smkjj geajuhcnr prnvghc lnr tmc lnjjnwgeo0

; Xmkt Ikrdct Vubjgaktgnes smkjj bc bksch ne kjj hclgegtgnes, rujcs kehoughkeac kppjgakbjc tn tmc rcjcvket Bceamikrd Getcrcst Rktc ksprnvghch by tmc Bceamikrd Vubjgsmcr4

;; Xmkt Ikrdct Vubjgaktgnes smkjj bc bksch ne trkeskatgnes, bghs kehnllcrs, ikrdct scetgicet, gehgaktgnes nl getcrcst, keh ntmcr rcjcvketikrdct katgvgty gelnriktgne kvkgjkbjc tn tmc GAKV Anipkegcs ge tmcikrdcts rcjcvket tn Bceamikrd Getcrcst Rktcs. e Kutmnr's rcjgkeacne keh utgjgzktgne nl sub`catgvc ikrdct katgvgty gelnriktgne smnujh bcjgigtch nejy tn gelnriktgne tmkt tmc Kutmnr ;< rcksnekbjy keh ge onnhlkgtm bcjgcvcs anetrgbutcs tn tmc kaaurkay nl key prchgatgnes,suoocstgnes, nr npgegnes rcokrhgeo tmc jcvcjs kt wmgam k BceamikrdGetcrcst Rktc wgjj sct ks anetkgech ge tmc Ikrdct Vubjgaktgne4

;;; K hcsargptgne nl tmc typcs nl ikrdct agrauistkeacs tmkt rcqugrc tmc uscnl inhcjs, anrrcjktch ikrdct hktk nr rcjktch trkhgeo gestruicets geikdgeo Ikrdct Vubjgaktgnes4

G\. Xmc anetcipnrkecnus hnauicetktgne, geajuhgeo rcanrhgeo tmc bksgslnr, Ikrdct Vubjgaktgnes, keh rctcetgne nl tmc skic4

;3 Xmc lnjjnwgeo tcris krc hclgech ks lnjjnws0Bceamikrd Getcrcst Rktc0 Ke getcrcst rktc lnr k aurrceay keh ikturgty/tcenr tmkt gs akjaujktch bkschne hktk rcacgvch lrni ikrdct pkrtgagpkets keh pubjgsmch tn tmc ikrdct ne k rcoujkr, pcrgnhga bksgs,suam ks JGBNR keh Curgbnr4Bceamikrd Vubjgsmcr0 K bkedgeo kssnagktgne nr ntmcr cetgty tmkt gs rcspnesgbjc lnr nr nvcrsccs tmcakjaujktgne keh pubjgaktgne nl k Bceamikrd Getcrcst Rktc4 kehQubigssgne(s)0 Xmc getcrcst rktc(s) subigttch lnr ckam aurrceay keh ikturgty/tcenr tn k BceamikrdVubjgsmcr. Lnr cxkipjc, gl k pkecj bked subigts k rktc lnr nec-inetm keh tmrcc-inetm S.Q. HnjjkrJGBNR, tmgs wnujh anestgtutc twn Qubigssgnes.

;< Lnr tmc purpnscs nl tmcsc Sehctgkdgeos, tmc tcri Kutmnr ickes key gehgvghukj wgtmge tmc GAKVAnipkegcs wmn gs rcspnesgbjc lnr tmc anetcet nl Ikrdct Vubjgaktgnes.

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v Xmc rcvgcw keh kpprnvkj nl Ikrdct Vubjgaktgnes by k supcrvgsnr prgnrtn hgsscigektgne4\j. Xmc geajusgne nl k supcrvgsnr keh k rcprcscetktgvc lrni tmc anipjgkeac

hcpkrticet ks ke ghcetglgch rcagpgcet ne key wrgttce IkrdctVubjgaktgnes hgsscigektch4

ve. Xmc hgsajnsurc nl tmc lnjjnwgeo gelnriktgne lnr Ikrdct Vubjgaktgneshgsscigektch smkjj geajuhc kt jckst tmc lnjjnwgeo0

; K stktcicet tmkt key Ikrdct Vubjgaktgne rcprcscets tmcprchgatgnes, suoocstgnes, npgegnes nr ksscssicets nl tmc Kutmnrbksch ne ikrdct hktk keh ikrdct katgvgty gelnriktgne4

2) Ghcetglgaktgne nl tmc snurac s) nl gelnriktgne nr hktk upnewmgam tmc Ikrdct Vubjgaktgne gs bksch4 keh

1) Ks kpprnprgktc, ghcetglgaktgne nl tmc usc nl key inhcjs,anrrcjktch ikrdcts nr rcjktch trkhgeo gestruicets ge tmclnriktgne nl tmc Ikrdct Vubjgaktgnes4

vi. Getcrekj anetrnjs rcokrhgeo ntmcr giprnpcr aniiuegaktgnes rcjktch tnIkrdct Vubjgaktgnes0; Quam anetrnjs smkjj bc hcsgoech tn hctcat, hctcr keh prcvcet

giprnpcr aniiuegaktgnes bctwcce keh kineo cipjnyccs,kocets keh supcrvgsnrs nl tmc GAKV Anipkegcs, nr wgtm keynutsghc pkrty, keh tn cesurc tmc getcorgty keh rcjgkbgjgty nl tmcIkrdct Vubjgaktgnes4

2) Lnr tmcsc purpnscs, giprnpcr aniiuegaktgnes smkjj geajuhc, ktk igegiui0 ;) key kttcipt tn giprnpcrjy geljuceac tmcanetcet nl nr kjtcr tmc vgcws anetkgech ge Ikrdct Vubjgaktgnes42) usgeo Ikrdct Vubjgaktgnes lnr tmc bceclgt nl key tmgrh

pkrty s trkhgeo pnsgtgne4 nr 1) key kttcipt tn geljuceac nrkllcat key pkecj bked s Qubigssgne. Lnr cxkipjc, IkrdctVubjgaktgnes smkjj ent geajuhc, keh cipjnyccs, kocets kehsupcrvgsnrs nltmc GAKV Anipkegcs smkjj ent hgsajnsc, k bked sprnpnsch Qubigssgnes tn ntmcr ikrdct pkrtgagpkets4 keh

;x Xmc pcrgnhga but rnutgec rcvgcw nl cjcatrnega aniiuegaktgnes kehkuhgn rcanrhgeos nl nr rcjktgeo tn tmc Ikrdct Vubjgaktgnes keh ntmcrrcjktch aniiuegaktgnes bctwcce keh kineo cipjnyccs, kocets kehsupcrvgsnrs nl tmc GAKV Anipkegcs, nr wgtm key nutsghc pkrty.

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2. Ntmcr Ikrdct Aniiuegaktgnes -Vnjgagcs Vrnachurcs keh Anetrnjs0k Xmc GAKV Anipkegcs smkjj gestgtutc, gipjcicet keh/nr strceotmce anipjgkeackeh supcrvgsnry pnjgagcs, prnachurcs keh getcrekj anetrnjs hcsgoech tn cesurctmc getcorgty n tmc GAKV Anipkegcs Ntmcr Ikrdct Aniiuegaktgnes,

geajuhgeo prnvgsgnes lnr supcrvgsgne, inegtnrgeo, kuhgtgeo, trkgegeo kehrcpnrtgeo.b Ntmcr Ikrdct Aniiuegaktgnes smkjj geajuhc, but krc ent jgigtch tn0 ;)

prchgatgnes, suoocstgnes nr npgegnes rcokrhgeo tmc jcvcjs n BceamikrdGetcrcst Rktcs aniiuegaktch nrkjjy4 (2) prchgatgnes, suoocstgnes nr npgegnesrcokrhgeo tmc jcvcjs n prgageo ge aksm hcpnsgt ikrdcts rcjktch tn kehhcrgvktgvcs ikrdcts bksch ne Bceamikrd Getcrcst Rktcs ge O= aurrceagcs kehkey JGBNR aurrceay4 keh (1) aniiuegaktgnes aneacregeo prgacs ntrkeskatgnes, bghs nr nllcrs ge aksm hcpnsgt ikrdcts rcjktch tn keh hcrgvktgvcsikrdcts bksch ne Bceamikrd Getcrcst Rktcs ge O= aurrceagcs keh key JGBNRaurrceay.

a Xmcsc Vnjgagcs, Vrnachurcs keh Anetrnjs smkjj bc hcsgoech tn hctcat, hctcr kehprcvcet giprnpcr aniiuegaktgnes bctwcce keh kineo cipjnyccs, kocets kehsupcrvgsnrs n tmc GAKV Anipkegcs, nr wgtm key nutsghc pkrty, keh tn cesurctmc getcorgty keh rcjgkbgjgty n tmcsc Ntmcr Ikrdct Aniiuegaktgnes.

h Lnr tmcsc purpnscs, giprnpcr aniiuegaktgnes smkjj geajuhc, kt k igegiui0(;) key kttcipt tn giprnpcrjy geljuceac tmc anetcet n nr kjtcr tmc vgcwsanetkgech ge Ntmcr Ikrdct Aniiuegaktgnes4 (2) usgeo Ntmcr IkrdctAniiuegaktgnes giprnpcrjy lnr tmc bceclgt n key tmgrh pkrty s trkhgeopnsgtgne4 nr (1) key kttcipt tn geljuceac nr kllcat key pkecj bked sQubigssgne. Lnr cxkipjc, Ntmcr Ikrdct Aniiuegaktgnes smkjj ent geajuhc,keh cipjnyccs, kocets keh supcrvgsnrs n tmc GAKV Anipkegcs smkjj enthgsajnsc, k bked s prnpnsch Qubigssgnes tn ntmcr ikrdct piggagpkets.

1. Ocecrkj Vnjgagcs Vrnachurcs keh Anetrnjs0 Xmc GAKV Anipkegcs smkjjgestgtutc, gipjcicet keh/nr strceotmce tmc lnjjnwgeo ocecrkj pnjgagcs, prnachurcskeh getcrekj anetrnjs0k Xmc supcrvgsgne keh ikekocicet n cipjnyccs, kocets keh supcrvgsnrs n tmc

GAKV Anipkegcs tn cesurc anipjgkeac wgtm tmc GAKV Anipkegcs Vnjgagcs,Vrnachurcs keh Anetrnjs, keh tmcsc Sehctgkdgeos4b Xmc prnachurc(s) lnr tmc rcpnrtgeo keh gevcstgoktgne n key vgnjktgnes n tmc

Sehcrtkdgeos, tmc GAKV Anipkegcs Vnjgagcs, Vrnachurcs keh Anetrnjs, nr keyqucstgnekbjc, ueusukj nr uejkwluj katgvgty aneacregeo tmc GAKV AnipkegcsIkrdct Vubjgaktgnes nr Ntmcr Ikrdct Aniiuegaktgnes, geajuhgeo entglgaktgnetn tmc kpprnprgktc anipjgkeac nr jcokj pcrsneecj keh rcpnrtgeo, ks ecacsskry,tn kutmnrgtgcs4

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a Xmc pcrgnhga pmysgakj prcsceac nl anipjgkeac pcrsneecj ne tmc brndcrgeoljnnrs wmcrc Ikrdct Vubjgaktgnes krc prcpkrch, keh/nr prnhuats tmkt krc tmcsub`cat nlIkrdct Vubjgaktgnes krc brndcrch, keh/nr aksm hcpnsgts lnr O=aurrceagcs keh key JGBNR aurrceay krc brndcrch, keh/nr hcrgvktgvcs prnhuatsbksch ne Bceamikrd Getcrcst Rktcs ge O= aurrceagcs keh key JGBNR aurrceaykrc brndcrch, ge aneecatgne wgtm tmcsc Vnjgagcs, Vrnachurcs keh Anetrnjs,wmgam smkjj bc anehuatch kt jckst inetmjy lnr ikge nllgacs geajuhgeo Jnehne,S.D. keh Ecw @crscy, S.Q.) keh kt jckst cvcry sgx inetms lnr brkeam nllgacs4keh

h Xmc mkehjgeo nl anipjkgets aneacregeo key giprnpcr Ikrdct Vubjgaktgnes kehgiprnpcr Ntmcr Ikrdct Aniiuegaktgnes by key cipjnycc, kocet nrsupcrvgsnr nl tmc GAKV Anipkegcs, geajuhgeo0

; Icinrgkjgzgeo kjj suam anipjkgets4 keh;; Cstkbjgsmgeo k rcvgcw keh lnjjnw-up by tmc amgc l anipjgkeac nllgacr s)

nr k hcsgoecc nl suam anipjkgets4 keh;;; Xmc rcpnrtgeo nl iktcrgkj anipjkgets tn tmc mgclCxcautgvc Nllgacr

keh Bnkrh nl Hgrcatnrs nl tmc rcjcvket G AKV anipkey, rcjcvket scjlrcoujktnry nrokegzktgnes, tmc Aniigssgne, keh/nr ntmcr kpprnprgktcrcoujktnrs.

8 [ukjglgaktgnes nl Kutmnrs keh Qupcrvgsnrs Kjj Kutmnrs nlIkrdct Vubjgaktgneskeh tmcgr supcrvgsnrs smkjj0k Mkvc sgoeglgaket cxpcrgceac ge tmc ikrdcts tmkt krc tmc sub`cat nl mgs nr mcr

Ikrdct Vubjgaktgne, keh/nr ge aksm hcpnsgt ikrdcts rcjktch tn keh hcrgvktgvcsikrdcts bksch ne Bceamikrd Getcrcst Rktcs ge O= aurrceagcs keh key JGBNRaurrceay4 keh

b. Rcacgvc trkgegeo ne tmc hclgegtgne, rujcs keh oughkeac surrnuehgeo tmckppjgakbjc Bceamikrd Getcrcst Rktc ks sct by tmc Bceamikrd Vubjgsmcr.

3. Hnauicetktgne Xmc GAKV Anipkegcs smkjj prnvghc tmc hnauicets sct ligmbcjnw prniptjy keh hgrcatjy tn tmc Aniigssgne upne rcqucst, wgtmnut subpnceknr ntmcr prnacss, rcokrhjcss nl wmctmcr tmc rcanrhs krc mcjh nutsghc nl tmc SegtchQtktcs, tn tmc cxtcet pcrigttch by jkw.k Rcqugrcicet tn Hnauicet Ikrdct Vubjgaktgnes0 Xmc GAKV Anipkegcs smkjj

anetcipnrkecnusjy icinrgkjgzc, keh rctkge ge ke cksgjy kaacssgbjc lnrikt, lnrk pcrgnh nl lgvc 3) yckrs kltcr tmc hktc nl ckam hgsscigektgne, tmc lnjjnwgeo0

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;. Kjj Ikrdct Vubjgaktgnes4;;. Xmc ghcetgty n tmc Kutmnrs n tmc Ikrdct Vubjgaktgnes hgsscigektch4

keh;;;. Xmc rcanrh bksgs lnr tmc Ikrdct Vubjgaktgnes, geajuhgeo, but ent jgigtchtn, tmc lnjjnwgeo0

; Xmc rcjcvket ikrdct hktk keh gelnriktgne usch, geajuhgeospcaglga trkeskatgnes, nllcrs keh bghs rcjgch upne by gelnriujktgeo tmc Ikrdct Vubjgaktgnes4

2 Xmc snurac s) n tmc gelnriktgne nr hktk rcjgch upne41 Key inhcjs, anrrcjktch ikrdct hktk keh hktk lnr rcjktch trkhgeogestruicets usch ge lnriujktgeo tmc Ikrdct Vubjgaktgnes4 keh8) Key gelnriktgne rcokrhgeo ikrdct cvcets anesghcrch ge

lnriujktgeo tmc Ikrdct Vubjgaktgnes, geajuhgeo tmc spcaglgaikrdct keenueacicet s) nr cvcet s) keh key cllcat n suamikrdct cvcet s) ne trkeskatch rktcs, nllcrs nr bghs ge tmcrcjcvket ikrdcts.

b. Xrkeskatgne Rcanrhs0 Xmc GAKV Anipkegcs smkjj rctkge lnr k pcrgnh n lgvc3) yckrs trkhc trkeskatgne rcanrhs rcjktch tn tmc brndcrgeo katgvgtgcs ge tmcikrdcts tmkt krc tmc sub`cat n Ikrdct Vubjgaktgnes, keh/nr ge aksm hcpnsgtikrdcts rcjktch tn keh hcrgvktgvcs ikrdcts bksch ne Bceamikrd Getcrcst Rktcsge O= aurrceagcs keh key JGBNR aurrceay. Xmc rcanrhs smkjj bc cksgjykaacssgbjc keh anevcrtgbjc getn tmc Igarnsnlt Cxacj lgjc lnrikt.

a. Qarcce Hktk0 _mcrc ke GAKV Anipkey ikgetkges k sarcce tmkt gs utgjgzch tnhgspjky tn austnicrs bghs, nllcrs, keh/nr trkeskatgnes ge tmc ikrdcts tmkt krctmc sub`cat n Ikrdct Vubjgaktgnes, keh/nr ge aksm hcpnsgt ikrdcts rcjktch tnkeh hcrgvktgvcs ikrdcts bksch ne Bceamikrd Getcrcst Rktcs ge O= aurrceagcskeh key JGBNR aurrceay, tmc GAKV Anipkegcs smkjj akpturc keh rctkge lnr kpcrgnh n lgvc 3 yckrs k sarcce smnt n suam gelnriktgne kt tmc npcegeo kehajnsc n tmc ikrdct lnr suam prnhuat ge tmc rcjcvket tgic znec, ks wcjj ks kt tmctgic n tmc hckhjgec lnr subigttgeo tmc Bceamikrd Getcrcst Rktc ks gipnschby tmc Bceamikrd Vubjgsmcr.

h. Rcqugrcicet tn Rcanrh Aniiuegaktgnes0 Xmc GAKV Anipkegcs smkjj rcanrhkeh rctkge tn tmc orcktcst cxtcet prkatgakbjc0

;. Kjj aniiuegaktgnes n cipjnyccs, kocets nr supcrvgsnrs n tmc GAKVAnipkegcs wmn prgikrgjy brndcr prnhuats ge tmc ikrdcts tmkt krc tmcsub`cat n Ikrdct Vubjgaktgnes, keh/nr ge aksm hcpnsgt ikrdcts rcjktch

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tn keh hcrgvktgvcs ikrdcts bksch ne Bceamikrd Getcrcst Rktcs ge O=aurrceagcs keh key JGBNR aurrceay.;; Xmc kbnvc aniiuegaktgnes smkjj ent bc anehuatch ge k ikeecr tn

prcvcet tmc GAKV Anipkegcs lrni rcanrhgeo suam aniiuegaktgnes.;;; Kuhgn aniiuegaktgnes nl Kutmnrs nl Ikrdct Vubjgaktgnes keh tmcgrsupcrvgsnrs smkjj bc rctkgech lnr k pcrgnh nl nec (;) yckr. Kuhgnaniiuegaktgnes nl ntmcr cipjnyccs, kocets nr supcrvgsnrs nl GAKVAnipkegcs wmn prgikrgjy brndcr prnhuats ge tmc ikrdcts tmkt krc tmc

sub`cat nl Ikrdct Vubjgaktgnes, keh/nr ge aksm hcpnsgt ikrdcts rcjktchtn keh hcrgvktgvcs ikrdcts bksch ne Bceamikrd Getcrcst Rktcs ge O=aurrceagcs keh key JGBNR aurrceay smkjj bc rctkgech lnr k pcrgnh nlsgx (


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b Vcrgnhga Kuhgts0 Qtkrtgeo sgx (


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vg. Vrnvghgeo k wrgttce kuhgt rcpnrt tn GAKV pja, Rcspnehcet, keh tmcAniigssgne (wgtm anpgcs khhrcssch tn tmc Aniigssgne's Hgvgsgne nlCelnracicet (tmc Hgvgsgne )).

?. Xrkgegeo Xmc GAKV Anipkegcs smkjj hcvcjnp trkgegeo prnorkis lnr kjjcipjnyccs, kocets keh supcrvgsnrs wmn krc gevnjvch ge arcktgeo keh/nrhgsscigektgeo Ikrdct Vubjgaktgnes. Quam cipjnyccs, kocets keh supcrvgsnrs smkjjbc prnvghch wgtm prcjgigekry trkgegeo rcokrhgeo tmc Vnjgagcs, Vrnachurcs kehAnetrnjs hcvcjnpch pursuket tn tmcsc Sehctgkdgeos. By en jktcr tmke Lcbrukry


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= Rcpnrts tn tmc Aniigssgnek Anipjgkeac wgtm Sehcrtkdgeos0 Cvcry lnur (8) inetms, stiggeo ;26 hkyslrni tmc cetry nl tmgs Nrhcr, GAKV pja keh Rcspnehcet smkjj ikdc getcrgi

rcpnrts tn tmc Aniigssgne, tmrnuom tmc Hgvgsgne, cxpjkgegeo tmcgr prnorcsstnwkrhs anipjgkeac wgtm tmc Sehcrtkdgeos sct lnrtm mcrcge. _gtmge 1


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; Vrcscrvc kjj rcanrhs rcjktgeo tn tmc sub`cat ikttcr nl tmgs prnacchgeo,geajuhgeo, but ent jgigtch tn, kuhgn lgjcs, cjcatrnega ikgj, ntmcrhnauicetch aniiuegaktgnes, keh trkhgeo rcanrhs4;; Anipjy lujjy, prniptjy, anipjctcjy, keh trutmlujjy wgtm kjj gequgrgcskeh rcqucsts lnr gelnriktgne nr hnauicets4;;; Vrnvghc kutmcetgaktgne nl hnauicets keh ntmcr cvghcetgkry iktcrgkj4G\. Qub`cat tn kppjgakbjc jkws keh rcoujktgnes, prnvghc anpgcs nlhnauicets wgtmge GAKV pga keh Rcspnehcet s pnsscssgne, austnhy nranetrnj4v Qub`cat tn kppjgakbjc jkws keh rcoujktgnes, GAKV pja keh Rcspnehcetwgjj ikdc tmcgr bcst cllnrts tn prnhuac key aurrcet (ks nl tmc tgic nltmc rcqucst) nllgacr, hgrcatnr, cipjnycc, nr kocet nlgA V pga kehRcspnehcet, rcokrhjcss nltmc gehgvghukj s jnaktgne, keh kt suamjnaktgne tmkt igegigzcs Aniigssgne trkvcj cxpcehgturcs, tn prnvghc

kssgstkeac kt key trgkj, prnacchgeo, nr Aniigssgne gevcstgoktgne rcjktchtn tmc sub`cat ikttcr nl tmgs prnacchgeo, geajuhgeo, but ent jgigtch tn,rcqucsts lnr tcstginey, hcpnsgtgnes, keh/nr getcrvgcws, keh tnceanurkoc tmci tn tcstgly anipjctcjy keh trutmlujjy ge key suamprnacchgeo, trgkj, nr gevcstgoktgne4 keh

v; Qub`cat tn kppjgakbjc jkws keh rcoujktgnes, GAKV pja keh Rcspnehcetwgjj ikdc tmcgr bcst cllnrts tn kssgst ge jnaktgeo keh anetkatgeo keyprgnr (ks nl tmc tgic nl tmc rcqucst) nllgacr, hgrcatnr, cipjnycc nr kocetnl GAKV pja keh Rcspnehcet.

b GAKV pja keh Rcspnehcet kjsn korcc tmkt tmcy wgjj ent uehcrtkdc key kat tmktwnujh jgigt tmcgr kbgjgty tn annpcrktc lujjy wgtm tmc Aniigssgne. GAKV pgakeh Rcspnehcet wgjj hcsgoektc ke kocet jnaktch ge tmc Segtch Qtktcs nlKicrgak tn rcacgvc kjj rcqucsts lnr gelnriktgne pursuket tn tmcscSehc;gkdgeos, keh smkjj prnvghc entgac rcokrhgeo tmc ghcetgty nl suam Kocet tntmc Hgvgsgne upne cetry nl tmgs Nrhcr. Qmnujh GAKV pja keh Rcspnehcet sccdtn amkeoc tmc hcsgoektch kocet tn rcacgvc suam rcqucsts, entgac nl suamgetcetgne smkjj bc ogvce tn tmc Hgvgsgne lnurtcce (;8) hkys bclnrc gt naaurs.Key pcrsne hcsgoektch tn rcacgvc suam rcqucst smkjj bc jnaktch ge tmc SegtchQtktcs nl Kicrgak.

;6 Vrnmgbgtch Nr Aneljgatgeo Sehcrtkdgeos0k Qmnujh tmc Sehcrtkdgeos mcrcge bc prnmgbgtch by, nr bc anetrkry tn tmcprnvgsgnes nl key nbjgoktgnes gipnsch ne GAKV pga nr Rcspnehcet by keyprcscetjy cxgstgeo, nr mcrcgekltcr cekatch nr prniujoktch jkws, rcoujktgnes keh

rcoujktnry ikehktcs, tmce GAKV pja keh Rcspnehcet smkjj prniptjy trkesigt

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entgac tn tmc Aniigssgne tmrnuom tmc Hgvgsgne) nl suam prnmgbgtgne nraneljgat, keh smkjj icct keh anelcr ge onnh lkgtm wgtm tmc Aniigssgnetmrnuom tmc Hgvgsgne) tn rckam ke korccicet rcokrhgeo pnssgbjc inhglgaktgnes

tn tmc Sehcrtkdgeos mcrcge sullgagcet tn rcsnjvc suam geanesgstcet nbjgoktgnes.Ge tmc getcrgi, GAKV pja keh Rcspnehcet wgjj kbghc by tmc nbjgoktgnesgipnsch by tmc jkw, rcoujktgnes keh rcoujktnry ikehktcs.

b Entmgeo ge tmcsc Sehcrtkdgeos smkjj jgigt, rcstrgat nr ekrrnw key nbjgoktgnespursuket tn tmc Kat nr tmc Aniigssgne s Rcoujktgnes prniujoktch tmcrcuehcr,geajuhgeo but ent jgigtch tn Rcoujktgnes ;.1; keh ;.13, ;? A.L.R. ;.1; keh;.13 26;2), ge cllcat enw nr ge tmc luturc.

;; Vubjga Qtktcicets0 GAKV pja keh Rcspnehcet korcc tmkt ecgtmcr tmcy enr key nltmcgr suaacssnrs keh kssgoes, kocets nr cipjnyccs uehcr tmcgr kutmnrgty nr anetrnjsmkjj tkdc key katgne nr ikdc key pubjga stktcicet hceygeo, hgrcatjy nr gehgrcatjy,key lgehgeos nr aneajusgnes ge tmgs Nrhcr nr arcktgeo, nr tcehgeo tn arcktc, tmcgiprcssgne tmkt tmgs Nrhcr gs wgtmnut k lkatukj bksgs4 prnvghch, mnwcvcr, tmktentmgeo ge tmgs prnvgsgne smkjj kllcat GAKV pja keh Rcspnehcet s g) tcstginegkjnbjgoktgnes, nr gg) rgomt tn tkdc jcokj pnsgtgnes ge ntmcr prnacchgeos tn wmgam tmcAniigssgne gs ent k pkrty. GAKV pja, Rcspnehcet keh tmcgr suaacssnrs kehkssgoes smkjj uehctgkdc kjj stcps ecacsskry tn cesurc tmkt kjj nl tmcgr kocets keh/nrcipjnyccs uehcr tmcgr kutmnrgty nr anetrnj uehcrstkeh keh anipjy wgtm tmgskorccicet.

Xmc prnvgsgnes n tmgs Nrhcr smkjj bc cllcatgvc ks n tmgs hktc

By tmc Aniigssgne.

Icjgssk H @urocesQcarctkry nl tmc AniigssgneAniinhgty Luturcs Xrkhgeo Aniigssgne

Hktch0 Qcptcibcr 23, 26;1

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