Insights 09 Big Data

8/17/2019 Insights 09 Big Data

1/16

Lgslibts Dnymg` fnksurnfngt

Pnxt

4

LgslibtsDnymg` fnksurnfngt

Dli `ktk, aclfktn fm`ncclgi kg`k gnw nrk mo fnksurnfngt

Fnntlgi Dli @ktk“s DliinstAbkccngins

Pbn `ktk rnvmcutlmg=Yn“vn snng gmtblgi ynt


2/16

Lgslibts Dnymg` fnksurnfngt

Amgtngts

54

AmgtngtsOmrnwmr`. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51

Bmw dli `ktk akg outurn prmmomur altlns. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .50

Bkrgnsslgi ugnxpcmltn` sktnccltn ̀ ktkomr lgomrfktlmg wltb smalkc kg` namgmfladngn t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5?

Dli ̀ ktk, aclfktn fm`ncclgi kg`k gnw nrk mo fnksurnfngt . . . . . . . . . . . . . . . . . . .52

Fnntlgi Dli @ktk“s Dliinst Abkccngins . . ;5

Dli `ktk omr kcc8 bmw QFNs akg bkrgnssblib pnromrfkgan amfputlgi . . . . . . . . . . . . . . .;1

Pbn `ktk rnvmcutlmg=Yn“vn snng gmtblgi ynt . . . . . . . . . . . . . . . . . . . . . . . . .;>

Pbls lssun mo Lgslibts ormf tbn GktlmgkcUbyslakc Ckdmrktmry (GUC) ls `n`laktn` tm dli`ktk, dut wbkt `m wn fnkg dy tbkt tnrf=

Lg tbnsn pkins ymu wlcc snn dli `ktk rnonrrn` tmks dmtb k tnabgmcmiy kg` k smcutlmg tm vkrlmusabkccngins. \mu wlcc kcsm snn lt `nsarldn` ks kabkccngin lg ltsnco wltb gnw kpprmkabns kg`kcimrltbfs gnn`n` tm smcvn lt.

Pbn `lstnrngan ls mgn mo pnrspnatlvn ‑ tbmsn lg`ktk prmvngkgan, amfputnr salngan kg` ng`usnrs wlcc kcc bkvn `lstnrngt vlnws mg wbkt dli`ktk ls, mr amuc` dn. Lt ls tbn rmcn mo k GktlmgkcFnksurnfngt Lgstltutn cljn GUC tm spkg kcc motbnsn vlnws, kg` bncp pkrtgnrs lg nkab snatmrtm dngn t ormf tbn pmtngtlkc mo dli `ktk.

>5dg

Dli`ktk wlcc arnktn

>2,555gnw hmds lg tbn ^J dy 45;9

1;dg

amggnatn` `nvlans, kccarnktlgi `ktk

dy 4545K `lsj `rlvn akpkdcn mo stmrlgikcc tbn wmrc`“s fusla akg dndmuibt omr

$?55

Icmdkc fkrjnt omr duslgnss `ktk kgkcysls lsnxpnatn` tm dn £1;dg dy 45;?

45;?

Ybkt lsdli `ktk=


3/16

Lgslibts Dnymg` fnksurnfngt 51

Omrnwmr`

Pm`ky wn bkvn k cmtfmrn lgomrfktlmgrnamr`n` kg`kvklckdcn tm us tbkgnvnr dnomrn, kg`

tbkgjs tm tbn lgtnrgntlt ls nkslnr tm rnamr`,amccnat kg` sbkrn

lt. Pbn tnrf ‒dli ̀ ktk“ rnfflnats tbnpmssldlcltlns tbkt tbls nxpcmslmg molgomrfktlmg akg prmvl`n: lt ls kdmutwbkt wn akg cnkrg ormf kaanss tmsuab buin dm`lns mo `ktk, kdmutbmw wn bkrgnss tbls lgomrfktlmg tmlfprmvn mur wmrc`.

‒Dli `ktk“ ls kcrnk`y `nclvnrlgi dngn ts tm tbnrnsnkrab amffuglty, lgùstry, kg` smalnty ks kwbmcn. Cnt“s stkrt dy cmmjlgi kt rnsnkrab. Nvnry`ky salngtlsts kt ANTG prmanssns mgn pntkdytnmo lgomrfktlmg, wblab ls nqulvkcngt tm fmrntbkg 455,555 @_@s ormf tbn nxpnrlfngts kttbn Ckrin Bk`rmg Amccl`nr (CBA). Pbls `ktk lstbng `lstrldutn` karmss tbn wmrc` vlk k irl` tmprmvl`n fmrn tbkg 2,555 pbyslalsts gnkr rnkc-tlfn kaanss tm CBA `ktk bncplgi tm kaancnrktntbn rnsnkrab prmanss. Dli `ktk kcsm prmflsns

tm bncp stlfucktn irmwtb lg lgùstry - k 45;4rnpmrt stktn` tbkt dli `ktk amuc` arnktn >2,555gnw hmds mvnr vn ynkrs, kg` amgtrldutn £4;?dlcclmg tm tbn ^J namgmfy, mr 4.1% mo I@U, mvnrtbkt tlfn. Bkrgnsslgi dli `ktk ls kcsm bncplgius tm spnn` up tbn `nvncmpfngt mo gnw `ruis,lfprmvn ckw ngomranfngt kg` tkajcn mtbnrsmalntkc lssuns.

Lg tbn ^J, dli `ktk bks kcrnk`y dnng ackssl n`ks imvnrgfngt-prlmrlty tbrmuib lts stktus ksmgn mo tbn nlibt irnkt tnabgmcmilns mo tbnouturn. Uudcla oug`lgi lg dli `ktk kg` kcimrltbfrnsnkrab bks dnng lgarnkslgi tbrmuib tbnTnsnkrab Amugalcs kg` tbrmuib prmhnats suab ks

tbn £04 flcclmg lgvnstfngt lg tbn Kckg PurlgiLgstltutn, wblab drlgis tmintbnr cnk`nrs lgk`vkgan` fktbnfktlas kg` amfputnr salngan.

Bmwnvnr, ks wltb kgy `ktk, wn gnn` tm dnamg `ngt mo lts kaaurkay. Dli @ktk ls `n gn`dy snvng _s8 _mcufn, _ncmalty, _krlnty, _lsamslty,_krlkdlclty, _nrkalty kg` _mcktlclty. Pbn vnrkaltyarltnrlmg ls jny bnrn, lo wn krn tm fkjn `nalslmgsdksn` mg Dli @ktk, tbng wn gnn` tm ngsurntbkt lt ls ugdlksn` kg` trucy rnclkdcn. Pbnrnomrnlt ls pkrkfmugt tbkt tbn stkg`kr`s krn lg pckantm ngsurn tbkt tbn pmtngtlkc mo dli `ktk ls ouccyrnkclsn`. Pbkt ls wbnrn GUC akg bncp, dmtb dybncplgi tm `n gn tbnsn gnw stkg`kr`s kg` dywmrjlgi wltb pkrtgnrs lg lgùstry kg` kak`nflkwbm krn katlvn lg dli `ktk, kg` prmvl`lgi tbnblibcy kaaurktn fnksurnfngt salngan tbktakg bncp tbnf tm `nvncmp smcutlmgs tm tbnabkccngins tbny okan.

Omrnwmr` Plf T. @kstmrg ls tbn Ablno Qalngtl a K`vlsnr kt tbn @npkrtfngt omr Duslgnss,Lggmvktlmg & Qjlccs kg` Urmonssmr mo Dlmtnabgmcmiy kt tbn ^glvnrslty moDlrflgibkf

Pbn ^Jls bmfn tm

4>

mo tbn

>55fmst pmwnrouc

amfputnrs lg tbn wmrc`, lgacu`lgitbn NUAA“s @lTKA amfputnr


4/16

Lgslibts Dnymg` fnksurnfngt50

Pm`ky, fmrn tbkgbkco tbn wmrc`“s

pmpucktlmg(1.> dlcclmg pnmpcn)clvns lg altlns, k iurntbkt ls prn`latn` tmirmw tm ?5% dy 4515kg` tbng 9>% dy

45>5. Pbn fkhmrlty mo tbls irmwtb(%) ls nxpnatn` tm amfn ormf tbn`nvncmplgi wmrc`, motng lg rnilmgstbkt krn `nkclgi wltb tbn `ukc tbrnktmo buin urdkg pmpucktlmg irmwtbkstnatlgi rnsmurans kg` tbn lfpkat moaclfktn abkgin. Pbls lgacu`ns krnkssuab ks Dkgikcmrn, wbmsn pmpucktlmgrmsn dy kcfmst >5% lg k `nak`nkg` Dkgijmj, wbmsn namgmfy cmst$1


5/16

Lgslibts Dnymg` fnksurnfngt 5>

Bmw dli ̀ ktk akg bncp outurn prmmo mur altlns

tbls wn bkvn `nvncmpn` Outurn Urmm gi Altlns1 ‑ k rnpmrt `nvncmpn` lg pkrtgnrsblp wltb tbn@npkrtfngt omr Lgtnrgktlmgkc @nvncmpfngt kg`^glvnrslty Amccnin Cmg`mg cmmjlgi kt tbn rlsjskg` mppmrtugltlns omr lgacuslvn urdkg irmwtblg `nvncmplgi amugtrlns. Ormf tbls kg` mursudsnqungt wmrj lgacu`lgi Outurn Urmm giLg`lkg Altlns kg` Outurn Urmm gi Ckims wn bkvnl`ngtl n` slx mppmrtugltlns omr uslgi dli `ktk8

;. [ukgtloylgi vucgnrkdlclty tm rlsj. Pbls wlcckssnss wbnrn amffugltlns krn dksn` lgrncktlmg tm gkturkc bkzkr`s, suab ks fflmm`lgi,kg` prn`lat wbkt k`kptlvn akpkalty tbny bkvntm rnspmg` suab sltuktlmgs.

4. L`ngtloylgi lgorkstruaturn `n alts kg``kfkin. Pbls akg nxkflgn wbnrn (lg rncktlmgtm `nfkg`) tbnrn ls flsslgi mr fkcougatlmglgilgorkstruaturn.

1. Fkpplgi alty aktabfngts. Pbls amuc` lgacu`nl`ngtloylgi lfpmrtkgt cmaktlmgs suab ks wbnrnk alty“s omm` smurans krn.

0. L`ngtloylgi tbn fmvnfngts mo pnmpcn lgtmkg` karmss k alty, lg rncktlmg tm tbn typns motrkgspmrt kvklckdcn.

>. @nvncmplgi aclfktn-rncktn` tbrnsbmc`s omrlgorkstruaturn `nfkg` kg` `kfkin.

?. ^g`nrstkg`lgi bmw pnmpcn rnspmg` tmgkturkc `lskstnrs kg` bmw tbny flibtrnspmg` tm rlsj rnùatlmg fnksurns.

Kt Ktjlgs wn krn wmrjlgi lg pkrtgnrsblp wltbspnalkclsts tm ourtbnr `nvncmp bmw wn utlclsndli `ktk tm lfprmvn bmw wn prnpkrn muraltlns omr outurn abkccngins. Omr nxkfpcn, wnbkvn rnangtcy amgtrldutn` tm tbn Kssmalktlmgmo Inmirkpbla Lgomrfktlmg“s 4545 OmrnslibtTnpmrt .0 Pbls l`ngtl n` tbn arltlakc rmcn tbkttbn inmspktlkc amffuglty wlcc bkvn tm bncptbn lgorkstruaturn snatmr ug`nrstkg`, kgkcysnkg` fkgkin tbn fkssns mo `ktk kvklckdcn tmlt. Qpnal akccy, tbn inmspktlkc amffuglty“snxpnrtlsn lg `ktk kgkcytlas akg bncp tkajcn lssunsmo `ktk qukclty kg` snaurlty tbkt wlcc lfprmvn`nalslmg-fkjlgi kg` pckgglgi.

Kgmtbnr nxkfpcn ls tbn pkrtgnrsblp wn omrfn`wltb fmdlcn pbmgn gntwmrj NN, tm arnktnfmdlcn `ktk-ngkdcn` prmùats kg` snrvlanstbkt ingnrktn uglqun lgslibts ormf dli `ktk. Pbnsn prmùats kg` snrvlans bkvn tbn pmtngtlkctm abkgin bmw tbn ^J irmws kg` lfprmvns lts

lgorkstruaturn dy pckalgi austmfnrs“ gnn`s kttbn bnkrt mo lgorkstruaturn `nalslmg-fkjlgi.

Dli `ktk akg ngkdcn us tm dnttnr ug`nrstkg`tbn fntkdmclsf mo mur altlns. Lt akg bncp us g`kgy ikps lg snrvlan prmvlslmg kg` plgpmlgtlgorkstruaturn lgvnstfngts tm tbn amffugltlnskg` tbkt gnn` lt fmst - wbnrn tbn lfpkat wlcc dnirnktnst. Dli `ktk akg kcsm bncp us kvml` smfnlssuns wltb trk`ltlmgkc `ktk amccnatlmg suab ksstktlstlakc skfpclgi, amst kg` snaurlty.

Bmwnvnr, dli `ktk ls gmt k aurn-kcc smcutlmg. Kstbn Icmdkc Uucsn wbltn pkpnr nfpbkslsns, tbnrnkrn twm fklg okatmrs tbkt tbn suaanss mo dli`ktk lg `nvncmpfngt blgins mg8

–Mgn ls tbn cnvnc mo lgstltutlmgkc kg` gkgalkcsuppmrt ormf pudcla snatmr katmrs, kg` tbnwlcclgignss mo prlvktn amrpmrktlmgs kg` kak`nflatnkfs tm amcckdmrktn wltb tbnf, lgacu`lgi dysbkrlgi ̀ ktk kg` tnabgmcmiy kg` kgkcytlakc tmmcs.Pwm ls tbn ̀ nvncmpfngt kg` lfpcnfngtktlmg mognw gmrfs kg` mgtmcmilns omr tbn rnspmgsldcn usnkg` sbkrlgi mo Dli @ktk omr @nvncmpfngt, dkajn`dy k gnw lgstltutlmgkc krabltnaturn kg` gnw typnsmo pkrtgnrsblps.‖

Pbn swncc mo lgomrfktlmg kvklckdcn tm us gmw akgkppnkr `kugtlgi, dut tbn mppmrtugltlns lt mstnrslg tnrfs mo `nvncmpfngt gnn` tm dn irkspn`.Dy wmrjlgi wltb rnamiglsn` nxpnrts karmsstbn prlvktn kg` pudcla snatmr kg` amfdlglgidli `ktk wltb fmrn trk`ltlmgkc smurans molgomrfktlmg wn akg dn dnttnr lgomrfn` wbngkgswnrlgi qunstlmgs kdmut wbkt mur altlnswlcc gnn` tm dn cljn lg tbn outurn. Pbnrn wlccdn abkccngins kcmgi tbn wky, dut bmw wnamccnatlvncy rnspmg` tm tbnf wlcc `ntnrflgntbn sbkpn, amfomrt kg` skonty mo mur blibcyurdkglsn` outurn amffugltlns.

@r Inmst @krab ls Bnk` mo Aclfktn Abkgin kt Ktjlgs kg` cnk`s tbn amfpkgy“s Aclfktn Outurnstnkf, wblab ug`nrtkjns kppcln` rnsnkrab kgàmgsuctkgay mg tbn outurn lfpkat mo aclfktn mglgorkstruaturn. Bn ls k Abkrtnrn` Qalngtlst wltb kUb@ lg aclfktn abkgin lfpkats, k Iunst Cnaturnrkt tbn Aclfktla Tnsnkrab ̂ glt, ̂ NK, kg LgùstrlkcQupnrvlsmr kt tbn Angtrn omr ̂ rdkg Qustklgkdlcltykg` Tnslclngan, ÂC, kg` ls Abklr mo ALYNF“sAclfktn Abkgin Gntwmrj.; bttp8//www1.wnomruf.mri/`mas/YNO]PA]FOQ]Dli@ktkDliLfpkat]Drln gi]45;4.pò

4 bttp8//www.ugicmdkcpucsn.mri/sltns/`nokuct/ cns/Dli@ktkomr@nvncmpfngt-^GIcmdkcUucsnHugn45;4.pò

1bttp8//www.outurnprmm gialtlns.amf0 bttp8//www.kil.mri.uj/gnws/omrnslibt-rnpmrt


6/16

Lgslibts Dnymg` fnksurnfngt5?

Bkrgnsslgi ugnxpcmltn` sktnccltn ̀ ktk omr lgomrfktlmg wltb smalkc kg` namgmfla dngn t

Ybng wn tkcj kdmutdli `ktk lg NkrtbMdsnrvktlmg (NM)wn“rn motng rnonrrlgitm tbn amugtcnss

lfkins tbkt krnakpturn` dy tbnsktnccltns pmlgtlgi

kt tbn Nkrtb: lfkins wn“rn kccokflclkr wltb mwlgi tm usnouc tmmcscljn Immicn Nkrtb. Dut tbnrn“s kcsmk vkrlnty mo `ktk lg lgvlsldcn pkrtsmo tbn spnatruf tbkt lsg“t rnk`lcykvklckdcn ynt8 lgorkrn`, flarmwkvnmr uctrkvlmcnt `ktk omr lgstkgan. Gmwtbnrn ls k sbkrp lgarnksn lg lgtnrnstlg turglgi kcc tbls `ktk lfkinry lgtmusnouc lgomrfktlmg tm bncp fkjnnvl`ngan-dksn` `nalslmgs tm rnùanduslgnss mpnrktlgi amsts, lfprmvnprmùatlvlty kg` lfprmvn tbnwnccdnlgi mo pnmpcn.

Quab lgomrfktlmg akg dn usn` tm sbmw tbnrlpngnss mo k nc` mo wbnkt tm tncc k okrfnr

wbng tm bkrvnst, mr tbn nxtngt mo cmakc fflmm`lgitm kl` nfnringay vnblacn rnspmgsn, mr tbnrlsj mo k ckg`scl`n gnxt tm k pudcla rmk` mr rklctrkaj. Pbn clst mo pmssldcn lgomrfktlmg prmùats

snnfs kcfmst ng`cnss kg` gnw mgns krn dnlgiarnktn` kcc tbn tlfn. Fuab mo tbls lgtnrnst bksdnng spkrjn` dy lgvnstfngts suab ks tbn NQKkg` N^ Ampnrglaus prmirkffn, k amgstnccktlmgmo sktnccltns ilvlgi us k gnw smuran mo `ktkomr tbn omrnsnnkdcn outurn. Bmwnvnr, tbnrn krnabkccngins lg `nclvnrlgi lgomrfktlmg suab kstbls mg `nfkg` mr lg rnkc tlfn, kg` nstmrtskrn mgimlgi tm strnkfclgn kaanss tm `ktk kgàrnktn kg namsystnf akpkdcn mo `nclvnrlgi tbnvkcukdcn lgslibts tm suppmrt nvl`ngan dksn``nalslmg fkjlgi. NM `ktk, motng amfdlgn`wltb mtbnr omrfs mo lg-sltu `ktk bks kcc tbn tncc-tkcn sligs mo Dli @ktk: lt bks _mcufn, _krlntykg` _ncmalty. Lt kcsm bks _nrkalty (lgacu`n` lgLDF“s `n gltlmg mo Dli @ktk), lg mtbnr wmr`s,tbn lgbnrngt `ktk uganrtklgty tbkt amfns wltbfnksurnfngts mo kgy jlg`.

Pbls uganr tklgty lg NM `ktk wks tbn rnksmgtbkt GUC kg` tbn ^glvnrslty mo Qurrny hmlgnòmrans kg` nstkdclsbn` tbn Icmdkc Qngslgikg` Qktnccltn (IcmQQ) Angtrn, tm `nfmgstrktn`ktk qukclty kssurkgan lg k gnw nrk mo NkrtbMdsnrvktlmg Lgomrfktlmg snrvlans lg omausn`krnks lgacu`lgi Kirlaucturn, Outurn Altlns kg`Fkrltlfn Qurvnlcckgan. Pbn mdhnatlvn ls tm pucctmintbnr tbn amfdlgn` salngtl a nxanccnganlg `ktk, sngsmrs, fntrmcmiy kg` sktnccltntnabgmcmilns kg` `nfmgstrktn tbn namgmfla

kg` smalntkc dngn ts mo qukclty-`rlvng Nkrtbmdsnrvktlmg smcutlmgs. Pbls kpprmkab mstnrssudstkgtlkc namgmfla kg` smalkc iklgs lgfkgy krnks8

Bkrgnsslgi ugnxpcmltn`sktnccltn `ktk omr lgomrfktlmgwltb smalkc kg` namgmfladngn tTmdnrt Ncclmtt, Qpkan Duslgnss @nvncmpfngt Fkgkinr kt GUC, `lsaussns bmwlgomrfktlmg amfdlgn` ormf sktnccltns kg` mtbnr sngsmrs akg dn usn` omrfmgltmrlgi tm lfprmvn `nalslmg fkjlgi lg k drmk` rkgin mo kppclaktlmgs


7/16

Lgslibts Dnymg` fnksurnfngt 59

Bkrgnsslgi ugnxpcmltn` sktnccltn ̀ ktk omr lgomrfktlmg wltb smalkc kg` namgmfla dngn t

Prkgspmrt Lgorkstruaturn omr OuturnAltlnsNalngt kssnt fkgkinfngt ls rnqulrn` tm fnntlgarnkslgicy strlgingt `nfkg`s mg skonty kg`rnclkdcn pnromrfkgan mo lgorkstruaturn. Pbn

Prkgspmrt Lgorkstruaturn Fkgkinfngt (PLF)Qnrvlan ls pckggn` ks k gnw ingnrktlmg mo kssntfmgltmrlgi snrvlans tbkt akg dn `npcmyn`karmss fuctlgktlmgkc mrikglsktlmgs. Pbn amganptls dksn` mg tbn lgtnirktlmg mo cmaktlmg kg`fkpplgi akpkdlcltlns mo spkan kssnts kgìrmug` cmakc pmlgt sngsmr gntwmrjs - `nclvnrlgi`ktk kg` qukclty lgomrfktlmg lg tbn fmstnalngt fkggnr.

K tnkf, cn` dy GUC, kssnssn` tbn sultkdlclty mok 4> ynkr snrvlan tm amvnr tbn krnk mo Irnktnr

Cmg`mg dmug`n` dy tbn F4> mrdltkc fmtmrwky,lgacu`lgi tbn rmk`s, k`hkangt ckg`, nkrtbwmrjskg` struaturns. Lt wlcc `nclvnr k cmgi tnrfamgtlgumus fmgltmrlgi mo irmug` kg` struaturkcsurokan `lspckanfngt lg 4@ kg` 1@, lg smfnaksns `mwg tm angtlfntrn cnvnc mo lgomrfktlmg.

Pbn ckrin sakcn `nfmgstrktlmg mo tbn snrvlanomr tbn wbmcn mo tbn Cmg`mg krnk ls aurrngtcy lg`lsausslmg wltb tbn Nurmpnkg Qpkan Kingay. Pbn prmhnat mutputs bkvn kcsm dnng mo lgtnrnsttm wktnr amfpkglns, rklc mpnrktmrs, bnrltkin

dulc`lgis kg` lgsurkgan amfpkglns, wltb k bmstmo omaussn` prmhnats mg tbnsn dnlgi `nclvnrn`lg 45;?.

Gnw armp lgomrfktlmg omr okrfnrstbrmuib sngsmr kg` sktnccltn `ktklggmvktlmg Pbn usnoucgnss mo Nkrtb Mdsnrvktlmg `ktk tmsuppmrt okrfnrs kg` tbnlr vnblacns ls k wnccug`nrstmm` krnk kg` ls ornqungtcy usn` lgprnalslmg armp sprkylgi, kutmfktlmg mo ckrinfkablgnry kg` armp ylnc` nstlfktlmg. PbnIcmQQ angtrn tkjns k pkrtlauckr lgtnrnst lgbmw tm ingnrktn ngtlrncy gnw typns mo qukcltylgomrfktlmg tm okrfnrs tbkt wlcc amgtlgun tmsuppmrt okrflgi lgtngsl aktlmg, kiklgst ksnatmr okan` wltb rnùan` abnflakc rnslstkgantm pnsts kg` `lsnksn, cmw prm t fkrilgs kg`gnw rniucktlmgs dkgglgi tbn usn mo anrtklgabnflakcs. Gmvnc lg-sltu fnksurnfngt sngsmrs,suab ks tbmsn `nvncmpn` kt GUC tm fnksurnby`rktlmg kg` suikr amgtngt mo lg`lvlùkc

pckgts, fky dn usn` tm vkcl`ktn gnw vnintktlmglg`lans rntrlnvn` ormf sktnccltn `ktk, prmvl`lgiamfpcntncy gnw lgslibts lgtm tbn stktus mok armp mr suppmrt tbn `nalslmg fkjlgi mo

kutmfktn` fkablgnry suab ks sfkrt lrrliktlmgmr rmdmtla bkrvnstlgi. Pbn IcmQQ angtrn ls kcsmdnilgglgi tm `nvncmp flglkturn fuctl- kg`bypnrspnatrkc sngsmrs omr usn dy okrfnrs nltbnrmg ̂ gfkggn` Knrlkc _nblacns (^K_s) mr mgdmkr` cmw amst sktnccltns, tm prmvl`n `ktk tmkl` armp kg` smlc amg`ltlmgs lg wkys gmt ynt`nvncmpn`.

Qurvnlcckgan mo tbn FkrltlfnNgvlrmgfngtLg 45;0, GUC kg` tbn ^glvnrslty mo Qurrnywnrn lgvmcvn` lg kg klr-dksn` `nfmgstrktlmgmo QKT rk`kr tnabgmcmiy mvnr tbn NgiclsbAbkggnc. K amfdlgktlmg mo lggmvktlmg lgfuctlspnatrkc lfkilgi, `ktk ouslmg kgàkcldrktn` lg-sltu fnksurnfngts bncpn` tml`ngtloy kg` `lstlgiulsb mlc splccs lg fuab gnr`ntklc, rnùalgi tbn amst mo survnlcckgan kg`rnspmgsn tm outurn mlc splcc bkzkr`s kg` acnkg-up mpnrktlmgs. Lg outurn, gnw mpnrktlmgkcflsslmgs suab ks Qngtlgnc-; kg` GmvkQKT, k ^Jsktnccltn dulct dy Qurrny Qktnccltn PnabgmcmiyCt`, wlcc prmvl`n cmgi tnrf mpnrktlmgkc snrvlanstm tbn Fkrltlfn Qnatmr suab ks tbnsn dksn` mgtbn `nfmgstrktlmg wmrj akrrln` mut dy GUCkg` Qurrny. Pbn skfn QKT tnabgmcmiy ls kcsmdnlgi lgarnkslgicy usn` omr sblp `ntnatlmg kg`

trkajlgi, lccnikc cmiilgi, mwlgi tm lts uglqunkdlclty tm mpnrktn `ky mr glibt kg` akg snntbrmuib acmu`s.

Pbn IcmQQ angtrn wlcc amgtlgun tm suppmrt tbn`nslig kg` `nfmgstrktlmg mo qukclty-`rlvnglgomrfktlmg snrvlans tm bncp spkrj amcckdmrktlmg,lggmvktlmg kg` pudcla kg` prlvktn lgvnstfngtomr kak`nflk, nstkdclsbn` mrikglsktlmgs kg`vkcun-k``lgi stkrt-up duslgnssns.

©lQtmaj.amf/fn`lkpbmtms


8/16

Lgslibts Dnymg` fnksurnfngt52

Dli ̀ ktk, aclfktn fm`ncclgi kg` k gnw nrk mo fnksurnfngt

Dli `ktk, aclfktnfm`ncclgi kg` k gnw nrk mofnksurnfngtHkgn Durstmg, Bnk` mo Aclfktn kg` Ngvlrmgfngt kt GUC, `lsaussns tbn nfnrilgiabkccngins prnsngtn` dy lgarnkslgicy vkst vmcufns mo ‒dli `ktk“ ormf NkrtbMdsnrvktlmg sktnccltns.

Yltb bug`rn`smo sktnccltns gmwprmvl`lgi amgstkgt`ktk kdmut tbnNkrtb kt nvnr blibnrrnsmcutlmgs, tbn fflmwmo `ktk ormf spkanakg gmw wncc kg`

trucy dn `n gn` ks –dli `ktk‖. Mvnrlts rst >5 ynkrs mo blstmry, NkrtbMdsnrvktlmg `nclvnrn` pnrbkps konw pntkdytns (;,555 tnrkdytns) mo`ktk. Gmw, lg tbn 4;st angtury, wn krnnxpnrlngalgi k fflmm` mo `ktk tbkt wlccsmmg dn rnqulrlgi `ktk prmansslgikg` stmrkin akpkalty kt tbn nxkdytn(; flcclmg tnrkdytns) sakcn.

Qm fuab `ktk ls irnkt omr ngkdclgi fmrnkaaurktn cmgi tnrf prn`latlmgs kdmut tbnaclfktn, bncplgi tm dnttnr lgomrf imvnrgfngt,lg`ustry kg` tbn pudcla mg tbn rlsjs moaclfktn abkgin.

Dut stmrlgi, kaansslgi kg` qukclty kssurlgi kccmo tbls `ktk ls k buin abkccngin. Mgn mo Nurmpn“sgnwnst sktnccltns, Qngtlgnc-4k, omr nxkfpcn, wksckugabn` hust k onw fmgtbs kim kg` wlcc `nclvnrmvnr ?55 tnrkdytns mo ornn, pudclakccy kvklckdcn

`ktk kdmut Nkrtb“s aclfktn lg lts rst ynkr kcmgn.Qakcn tbls up tm tbn bug`rn`s mo sktnccltnsaurrngtcy mpnrktlmgkc kg` tbn prmdcnfdnamfns acnkr.

Ks tbn kfmugt kg` uskdlclty mo sktnccltn `ktkirmws, sm `mns tbn gnn` tm fkjn lt ks kaaurktnks pmssldcn. Mgn mo tbn amrn tbnfns mo GUC“sAngtrn omr Akrdmg Fnksurnfngt ls tm cmwnrtbn uganrtklgty mo aclfktn `ktk kcc kcmgi tbnsuppcy abklg: ormf akcldrktlgi tbn sktnccltnsdnomrn tbny“rn ckugabn` tm qukclty kssurlgi tbnlgomrfktlmg `nclvnrn` tm ng` usnrs.

Qpkan ls k bkrsb ngvlrmgfngt tm `m salngan.Lt“s k vkauuf acmsn tm kdsmcutn znrm, bks gmmzmgn tm prmtnat kiklgst rk`lktlmg ormf amsflarkys kg` lgvmcvns k blib-ngnriy ckugab hust tmint tbnrn. Ks k rnsuct, nvng tbn fmst pnronatcyirmug`-akcldrktn` sktnccltn lgstrufngt wlcc `rlotlg lts kaaurkay, rnsuctlgi lg uganrtklgtlns lg tbn`ktk motng tmm blib tm amg `ngtcy `ntnat tbncmgi-tnrf abkgins lg aclfktn.

Pm bncp mvnramfn tbls prmdcnf, tbn Angtrnls wmrjlgi wltb tbn Amfflttnn mg Nkrtb

Mdsnrvktlmg Qktnccltns (ANMQ) tm nstkdclsb kgntwmrj mo wncc-abkrkatnrlsn` rnonrngan sltns mgtbn irmug` tm amfpkrn wltb tbn fnksurnfngtstkjng mvnrbnk` dy tbn sktnccltn.

Yblcst tbnsn pmst-ckugab amrrnatlmgs bncp,tbny wlcc kcwkys bkvn tm fkjn kssufptlmgskdmut tbn nstnat mo tbn ktfmspbnrn kg` cmakcokatmrs lg tbnlr amrrnatlmgs, amfprmflslgitbnlr nstnatlvngnss. Pm mvnramfn tbls, tbnAngtrn, wltb k wl`n amgsmrtluf mo pkrtgnrs, bks`nslign` kg` ls cnk`lgi tbn prmpmsn` sktnccltn

flsslmg akccn` PT^PBQ (Prkankdcn Tk`lmfntry^g`nrplgglgi Pnrrnstrlkc- kg`- Bnclm Qtu`lns). Pbls wlcc, lo ckugabn`, flfla tbn ckdmrktmryakcldrktlmg fntbm`s kutmfktlakccy lg spkan,


9/16

Lgslibts Dnymg` fnksurnfngt 5<

Dli ̀ ktk, aclfktn fm`ncclgi kg` k gnw nrk mo fnksurnfngt

kccmwlgi lt tm tkjn fnksurnfngts tng tlfnsfmrn kaaurktncy tbkg aurrngtcy pmssldcn wblcstkcsm dmmstlgi tbn kaaurkay mo mtbnr sktnccltns.

Dut tbn jny kg` trucy uglqun dngn t mo PT^PBQls tbkt lt akg trkgsonr lts akcldrktlmg tm mtbnrsktnccltns dy mdsnrvlgi amffmg tkrintskg` amfpkrlgi tbn twm fnksurnfngts tmug`nrstkg` bmw fuab tbn rncktlvn kaaurkaybks `rlotn`. Pbls prmvl`ns kg mppmrtuglty tmupirk`n tbn kaaurkay mo tbn wbmcn mptlakcNkrtb Mdsnrvktlmg systnf, nstnatlvncy arnktlgik ‒stkg`kr`s ckdmrktmry lg spkan“ wltb hust mgnsktnccltn. Pbls bks irnkt lfpclaktlmgs omr tylgitmintbnr fuctlpcn `ktk strnkfs tm arnktn kgkdsmcutn akcldrktlmg, fkjlgi tbn kppclaktlmg modli `ktk dmtb nkslnr kg` fmrn rmdust.

Ks tbn nrk mo ‒dli `ktk“ irmws kg` tbn gnn`omr nxkdytn cnvncs mo stmrkin kg` prmansslgipmwnr dnamfns k rnkclty, tbn gnn` omr kaaurktnfnksurnfngt kg` wncc-akcldrktn` `ktk wlccmgcy irmw wltb lt. Mur mvnrkcc imkc ls tm fkjnNkrtb Mdsnrvktlmg kg` aclfktn `ktk ks kaaurktnks pmssldcn, sm tbkt tbn `ktk prm`uan` akg dnkppcln` kgywbnrn kg` dy kgymgn lg tbn wmrc`,bncplgi us ug`nrstkg` mur ngvlrmgfngt lgugpkrkccncn` `ntklc.

Hkgn Durstmg, Bnk` mo Aclfktn kg`Ngvlrmgfngt, Gktlmgkc Ubyslakc Ckdmrktmry


10/16

Lgslibts Dnymg` fnksurnfngt;5

Fnntlgi Dli @ktk“s Dliinst Abkccngins

Pbn wmrc` ls kwksbwltb `ktk ‑ kgnxpmgngtlkc fflmm`mo lgomrfktlmg molgarn`ldcn sampnkg` sakcn. Omr nvnrymrikglsktlmg, tbnimkc fust dn tm rl`n

tbn tl`n rktbnr tbkg int sudfnrin`dy lt. Pbkt fnkgs flglgi dli `ktknstnatlvncy, tm l`ngtloy trng`s kg`plgpmlgt gnw fkrjnts, tm ingnrktntnabglakc lgslibts tbkt kaancnrktnkg` strngitbng `nvncmpfngt mo gnwprmùats kg` snrvlans, tm sbn` ornsbclibt mg dnbkvlmurs kg` ksplrktlmgs,kg` nvng tm bncp k``rnss irkgàbkccngins suab ks ngnriy snaurlty,omm` snaurlty, pmpucktlmg flirktlmgkg` aclfktn abkgin.

Kcc mo wblab ls nkslnr skl` tbkg `mgn, mo amursn.Dli `ktk akg dn k pnrlcmus snk tm gkvliktn,ckrincy ùn tm tbrnn _s8 vmcufn, vkrlnty kg`vncmalty. Pbn sbnnr qukgtlty gmw kvklckdcn akgfkjn lt pbngmfngkccy bkr` tm snlzn amgtrmckg` squnnzn fnkglgi ormf `ktk ‑ kg` lt“sprn`latn` tbkt tbn wmrc` wlcc dn ingnrktlgi kgnyn-wktnrlgi 05 znttkdytns dy 4545. Dut tbn

rnfkrjkdcn rkgin mo `ktk pmsns k abkccngintmm8 lgtnrgkc, nxtnrgkc kg` ‒mpng“: struaturn`,ugstruaturn` kg` snfl-struaturn`: kt rnst mrstrnkflgi lg rnkc tlfn. Fnkgwblcn, tbn spnn`

mo `ktk fflmws ‑ ormf prmanssns, gntwmrjs, smalkcfn`lk, fmdlcn `nvlans kg` tbn rnst ‑ jnnpsrktabntlgi up.

Pkflgi dli `ktk, tbng, prnsngts fksslvnabkccngins ‑ nvng dnomrn okatmrlgi lgamgsl`nrktlmgs cljn `ktk skonty, snaurlty kg`prlvkay. Gm wmg`nr nxlstlgi amfputlgipcktomrfs kg` krabltnaturns, arnkjlgi ug`nr tbnwnlibt, krn `mmfn` tm dnamfn lgarnkslgicyug t omr purpmsn. Fmrnmvnr, omr fkgymrikglsktlmgs, lt“s slfpcy ugrnkclstla tm `nvncmpkg` fklgtklg tbn cnvnc mo LP akpkdlclty gnansskrytm plgpmlgt usnouc lgomrfktlmg lg `ktk mankgs,kgkcysn lt okst kg` nalngtcy, kg` tbng nxpcmltlt prmùatlvncy. \nt tbn prlan mo okcclgi sbmrt akg

dn `nvkstktlgi, ks tbny `rmwg lg `ktk ynt flssvltkc mppmrtugltlns kg` cmmj mg bncpcnsscy ksrlvkcs kg` amfpntltmrs suaanssouccy ugcmajtbn pmtngtlkc.

Fnntlgi Dli @ktk“s Dliinst

AbkccnginsDli `ktk akg `nclvnr buin dngn ts, fktabn` mgcy dy tbn fkigltu`n mo tbnamfputlgi abkccngins lgvmcvn` lg ugcnksblgi lts oucc pmtngtlkc. K`rlkg Pmckg`,Duslgnss @nvncmpfngt Fkgkinr kt tbn QPOA Bkrtrnn Angtrn nxpcklgs bmwtbny krn dulc`lgi mg tbn omug`ktlmg mo tbn Angtrn“s acmsn rncktlmgsblps wltbmrikglsktlmgs cljn GUC tm suppcy tbn rnpmwnr gnn`n` dy lgùstry kg` tbnrnsnkrab amffuglty.

©lQtmaj.amf/AH]Tmfks


11/16

Lgslibts Dnymg` fnksurnfngt ;;

PKD

Pbn Bkrtrnn ‑ kt tbn bnkrt mo tbn `ktkrnvmcutlmgUkrt mo tbn Qalngan kg` Pnabgmcmiy OkalcltlnsAmugalc (QPOA) kg` dksn` kt @krnsduryCkdmrktmry lg Abnsblrn, tbn Bkrtrnn Angtrn bksk 15 ynkr trkaj rnamr` lg nxtng`lgi tbn ormgtlnrsmo amfputlgi salngan. Dkajn` dy fuctl-flcclmg-

pmug` ^J Imvnrgfngt lgvnstfngt kg` kstrktnila amcckdmrktlmg wltb LP ilkgts LDF, wngmt mgcy `nclvnr wmrc`-cnk`lgi rnsnkrab dut kcsmkat ks kg lgùstrlkc iktnwky tm ikfn-abkgilgiakpkdlcltlns kg` okalcltlns spkgglgi blibpnromrfkgan amfputlgi (BUA), `ktk salngan,`ktk kgkcytlas, kg` vlsukclsktlmg, slfucktlmgkg` fm`ncclgi. Ks k amrn pkrt mo mur flsslmg,wn mstnr spnalkclsf lg dli `ktk, prmvl`lgi dmtbduslgnssns kg` rnsnkrab mrikglsktlmgs wltbdngabfkrj nxpnrtlsn lg bkrgnsslgi dli `ktk,lg `ktk-angtrla rnsnkrab kg` lg rncktn`, okst-

nfnrilgi nc`s suab ks amigltlvn amfputlgi,wbnrn lgtncclingt fkablgns cnkrg ormfnxpnrlngan cljn bufkgs `m, kg` tbn Lgtnrgntmo Pblgis.

^g`nrplgglgi tbn Bkrtrnn“s pn`lirnn lg tbnplmgnnrlgi `nvncmpfngt kg` kppclaktlmg moauttlgi-nìn amfputlgi akpkdlcltlns ls kgkrrky mo dlcktnrkc kg` fuctlcktnrkc pkrtgnrsblpstypl n` dy mur prmùatlvn, mgimlgi rncktlmgsblpwltb GUC. @mvntklclgi wltb wl`nr clgjs dntwnngGUC kg` QPOA (lgacu`lgi k Fnfmrkgùf mo^g`nrstkg`lgi wltb tbn LQLQ pucsn` gnutrmg

kg` fumg smuran kt QPOA“s Tutbnromr` KppcntmgCkdmrktmry), tbls rncktlmgsblp bks, omr lgstkgan,snng GUC kg` tbn Bkrtrnn hmlg omrans wltb LDFkg` N`lgdurib ^glvnrslty tm `nvlsn k rk`lakckpprmkab tm fktnrlkcs slfucktlmg, amfdlglgikstmr`kdlclty wltb k stnp abkgin lg kaaurkay kgàuttlgi tbn gufdnr mo pbyslakc nxpnrlfngtsgnn`n` tm `nvncmp gnw fktnrlkcs.

Pbn rf omug`ktlmgs tbkt suab orultoucamcckdmrktlmgs bncp tm prmvl`n ngsurn tbkt tbnBkrtrnn ls wncc nqulppn` tm amgormgt gnw kg`

nvmcvlgi abkccngins. Yltb rnspnat tm dli `ktk,mur rncnvkgt lgvngtmry mo bkr`wkrn, smotwkrnkg` suppmrtlgi akpkdlcltlns lgacu`ns wmrc`-ackss supnramfputnrs kg` `ktk kgkcysls acustnrs,


12/16


Fnntlgi Dli @ktk“s Dliinst Abkccngins

bypnrsakcn `ktk stmrkin, cnk`lgi-nìn am`narnktlmg kg` mptlflsktlmg sjlccs, stktn mo tbnkrt lgtncclingt/prn`latlvn fkablgns, pcus tmp-

ng` vlsukclsktlmg sultns ‑ nvnrytblgi gnn`n`tm ngkdcn mur austmfnrs kg` amcckdmrktmrstm l`ngtloy vkcukdcn `ktk strnkfs, `rlcc `mwglgtm tbnf, plgpmlgt usnouc lgomrfktlmg, clgjlt tmintbnr kg` vlnw rnsucts kaanssldcy kgàmfprnbngsldcy.

K [unstlmg mo KppclaktlmgLg tbn gkc kgkcysls, suab akpkdlcltlns“ vkcun akgmgcy dn huìn` dy tbn `lstnrngan tbny fkjn ‑gmt hust lg tnrfs mo `nvncmplgi pcktomrfs kg`krabltnaturns tbkt akg fnnt tmfmrrmw“s gnn`s

dut kcsm lg ngkdclgi kcc jlg`s mo mrikglsktlmgstm bkrgnss dli `ktk prmùatlvncy rlibt gmw.Gmt surprlslgicy, fmrn kg` fmrn mrikglsktlmgskarmss nvnry amganlvkdcn snatmr krn rnamiglslgidli `ktk“s pmtngtlkc vkcun lg tm`ky“s lgarnkslgicy`ktk-`rlvng, jgmwcnìn-dksn` namgmfy, kg`lts kdlclty tm prmvl`n nvl`ngan amgùalvn tmdnttnr `nalslmg fkjlgi kg` uctlfktn suaanss.

Ormf bncplgi dkgjnrs lfprmvn tbnlrug`nrstkg`lgi mo gkgalkc fkrjnts kg` sm fmrnnkslcy prn`lat kg` prnvngt fkrjnt vmcktlclty, tm

prmvl`lgi alvlc ngilgnnrs wltb lgslibts lgtm tbncmgi-tnrf dnbkvlmur mo amgstruatlmg fktnrlkcslg prmhnats krmug` tbn wmrc` ‑ tbn kppclaktlmgskrn vlrtukccy clfltcnss. Pkjn bnkctbakrn kg` tbnabkccngin mo prmtnatlgi bufkglty kiklgst outurnpkg`nflas. Umwnrouc dli `ktk akpkdlcltlns akgsakg fn`lakc hmurgkcs, rnsnkrab pkpnrs kg`k tmrrngt mo mtbnr `ktk smurans qulajcy kg`kaaurktncy ‑ nxtrkatlgi kg` clgjlgi lgomrfktlmgkdmut nvnrytblgi ormf ckdmrktmry tnsts, `ruitrlkcs kg` vkaalgn nakay tm tbn lgal`ngan mo`lstnrngt fflu strklgs kg` tbn sprnk` mo kglfkc

`lsnksns tbkt fky bkvn pmtngtlkc tm hufpspnalns kg` tbrnktng fkgjlg`.

Bnrn kt tbn Bkrtrnn, wn krn kcrnk`y `nclvnrlgirnsucts mo prnalsncy tbls wl`n-rkgilgi kg`lgvkcukdcn jlg`. Pm tkjn hust twm nxkfpcns, wnbkvn bncpn` bnkctbakrn fuctlgktlmgkc IQJ flgnamfpcnx gntwmrjs mo lgomrfktlmg kdmut ingn-`lsnksn rncktlmgsblps tm okalcltktn `nvncmpfngtmo gnw `ruis omr lgaurkdcn lccgnssns: kg` wnbkvn bncpn` stkrt-up amfpkgy @nfmarktkbkrgnss mpng `ktk tm prn`lat tbn prnsngan mo

kgalngt rnfklgs kt prmpmsn` amgstruatlmg sltns‑ kcc kablnvn` kcmgisl`n mur mgimlgi BUA wmrjwltb pkrtgnrs cljn ^glcnvnr tm ngkdcn tbnf tmdrlgi gnw, lfprmvn` prmùats tm fkrjnt fmrnqulajcy kg` amst-nstnatlvncy.

Dli `ktk ls acnkrcy mgn mo tbn fmst vkcukdcnwnkpmgs kvklckdcn tm fnnt aurrngt kg`nfnrilgi abkccngins, tm `rlvn gnw `lsamvnrlnskg` tm aktkcysn duslgnss suaanss. Ks krnamiglsn` bmtspmt mo nxpnrtlsn lg tbls nc`, tbnBkrtrnn Angtrn ls wbmcn-bnkrtn`cy amfflttn`

tm ngsurlgi tbkt tbn pmtngtlkc ls ugcnksbn` tmtbn irnktnst pmssldcn dngn t mo tbn irnktnstgufdnr mo pnmpcn ‑ tm`ky, tmfmrrmw kg` omr`nak`ns tm amfn.

Pbn ^J“s mpng `ktk king`k bks bncpn`tm arnktn mvnr

pudclacy kvklckdcn `ktksnts vlk `ktk.imv.uj,`ntklclgi trkgspmrt usn, mur bnkctb,

mur smalnty, nùaktlmg, imvnrgfngt katlvlty,tbn namgmfy kg` tbn ngvlrmgfngt

45,555

©lQtmaj.amf/cmvniucl


13/16


14/16


Dli @ktk omr kcc

Bmwnvnr ugcljn ckrin mrikglsktlmgs QFNs bkvnclfltn` rnsmurans. Pbny ingnrkccy ckaj tbnfktbnfktlakc, stktlstlakc kg` amfputktlmgkcsalngan sjlccs rnqulrn` tm tkjn k`vkgtkin mo dli`ktk mppmrtugltlns. K ingnrkc ckaj mo gkgalkcrnsmurans blg`nrs k`mptlmg mo tbn pcktomrfs,

tmmcs kg` sjlccs tbkt krn rnqulrn` tm ingnrktnvkcun ormf dli `ktk.

K pkrtlauckr nxkfpcn mo tbnsn abkccngins akgdn omug` lg tbn clon salngans snatmr. Pbnrn krn kdrmk` rkgin mo dli `ktk usns lg tbn snatmr, omrnxkfpcn8

• Abnflstry8 dlm-abnflstry, fmcnauckrfm`ncclgi, kg` prmtnlg omc`lgi

• Dlm-ngilgnnrlgi8 kirlaucturkc ngilgnnrlgi

• Ingmflas kg` prmtnmflas8 gnxt ingnrktlmgsnqungalgi

• Dlmcmiy8 fmcnauckr dlmcmiy

• Ubkrfkamcmiy8 pbkrfkamjlgntla/pbkrfkam`ygkfla (UJ/U@) fm`ncclgi

• Kgkcytlas8 stktlstlakc kgkcysls kg`dlmlgomrfktlas

• Ngnriy8 dlmouncs

Kg` mo amursn tbnsn usns `m gmt nxlst lglsmcktlmg. Ornqungtcy wmrjfflmws gnn` tmamfdlgn `lstnrngt typns mo lgomrfktlmg,suab ks `ktk ormf ingmflas, prmtnmflas,anccuckr sligkcclgi kg` aclglakc rnsnkrab. Pbustbnrn“s tbn gnn` tm dulc` ckrin sakcn `ktklgorkstruaturns akpkdcn mo bkg`clgi fuctlpcnbntnrmingnmus `ktk typns, lgtnirktn` wltbckrin sakcn supnramfputnrs kg` bkrgnsslgisjlccs lg dlmcmiy, dlmlgomrfktlas, stktlstlas,

fktbnfktlas, fkablgn cnkrglgi kgàmfputktlmgkc salngan lg mr`nr tm ingnrktnvkcukdcn mutamfns.

Yblcst ckrin mrikglsktlmgs bkvn tbn akpkdlcltykg` rnsmurans tm arnktn tbnsn amfpcnxwmrjfflmws, sfkccnr amfpkglns `m gmt. OmrQFNs tbn amst mo kaqulrlgi ckrin sakcn `ktk kg`BUA lgorkstruaturns fky dn prmbldltlvn kg`tbny ingnrkccy ckaj tbn kpprmprlktn sjlccs kg`jgmw bmw. Yblcst sligl akgt, tbnsn k`mptlmgdkrrlnrs akg gnvnrtbncnss dn cmwnrn`. Yn snn

twm fklg wkys mo rnùalgi k`mptlmg dkrrlnrs. Pbn rst ls tbrmuib tnabgmcmiy –snrvltlsktlmg‖,kg` tbn snamg` ls tbrmuib tbn prmvlslmg mostruaturkc ksslstkgan.

Tnpckalgi tnabgmcmiy k`mptlmg tbrmuib akpltkcmutcky, wltb kaanss tm tnabgmcmiy tbrmuibks-k-snrvlan fm`ncs akg `nclvnr sligl akgtk`vkgtkin tm QFNs. Kaansslgi acmu` dksnàmfputn kg` `ktk prmansslgi snrvlans, omrnxkfpcn, akg dn k onksldcn kctnrgktlvn tm

kaqulrlgi lg-bmusn bkr`wkrn lgorkstruaturn.Uky-pnr usn snrvlans suab ks Kfkzmg NFT(Nckstla Fkp Tnùan) prmvl`n kaanss tm ckrinsakcn `ktk lgorkstruaturn kg` kgkcytlakcpcktomrfs mg kg mg-`nfkg`, pky-pnr-usn dksls. Pbls akg prmvl`n sligl akgt amst k`vkgtkin mvnrckrin akpltkc mutckys mg lg-bmusn lgorkstruaturn.Qlflckrcy ckrin sakcn amfputn akg dn kaanssn`mg k pky-pnr-usn dksls. Kfkzmg Nckstla Acmu`(KYQ/NA) kg` NUAA“s Kaancnrktmr prmirkffn,omr nxkfpcn, prmvl`n amst nstnatlvn pky-pnr-usnkaanss tm k drmk` rkgin mo BUA pcktomrfs.

K snamg` wky mo cmwnrlgi k`mptlmg dkrrlnrsls tbrmuib struaturkc ksslstkgan. Lg tbn ^JQFN“s akg rnk`lcy dngn t ormf k wl`n rkginmo pudclakccy gkgan` rnsmurans. Omr nxkfpcnLggmvktn ^J, kg` tbn cmakccy omausn` QamttlsbNgtnrprlsn, prmvl`n k rkgin mo oug`lgi vnblacnstkrintn` kt ngkdclgi lfpkat ormf T&@prmirkffns. Lg Ngickg` k rkgin mo Aktkpuctangtrns, suab ks tbn Ancc Pbnrkpy Angtrn, tbn@liltkc Aktkpuct, Fn`lalgns Pnabgmcmiy Aktkpuctkg` Urnalslmg Fn`lalgn Aktkpuct prmvl`n rnk`ykaanss tm rnsmurans, okalcltlns kg` sjlccs. PbnQamttlsb Lggmvktlmg Angtrns suab ks Pbn @ktkCkd, @liltkc Bnkctb Lgstltutn (@BL) kg` @lvlslmgmo Qtrktl n` Fn`lalgn prmvl`n kaanss tm dmtbrnsmurans kg` oug`lgi omr amfpkglns wltblfpkatouc duslgnss aksns. Karmss tbn ^J tbnOkrr Lgstltutn ls rkpl`cy `nvncmplgi ngikinfngtfm`ncs tbkt akg ksslst dmtb rnsnkrab kg`lgùstrlkc usnrs kaancnrktn lggmvktlmgs lg clonsalngans kg` bnkctb akrn dy prmvl`lgi kaanss tmvkcukdcn pktlngt `ktk.

Lg suffkry, dli `ktk ls amfpcnx. Bmwnvnr kamfdlgktlmg mo tnabgmcmiy –snrvltlsktlmg‖ kg`tbn nxlstngan mo k vldrkgt snatmr namsystnf dulctormf pudcla-prlvktn amcckdmrktlvn pkrtgnrsblpswlcc bkvn k sligl akgt lfpkat mg kaancnrktlgitbn k`mptlmg mo dli `ktk tnabgmcmilns dy^J QFNs.


15/16

Lgslibts Dnymg` fnksurnfngt ;>

Pbn `ktk rnvmcutlmg= Yn“vn snng gmtblgi ynt

Lg lts 45;? _lsukcGntwmrjlgi Lg`nx,Alsam prn`lats kg21 pnr angt irmwtblg fkablgn tmfkablgn (F4F)

fmdlcn trkadntwnng gmw kg`

4545. Amfn 4545 suab `nvlans,cljn wnkrkdcn `nvlans kg` bmfnfmgltmrs, wlcc dn ingnrktlgi mvnr4 flcclmg tnrkdytns mo lgomrfktlmg kfmgtb ; . Pbls ls nxacu`lgi kcc mtbnrtrka, fmdlcn mr gmg-fmdlcn, suabks sfkrtpbmgns, UAs mr tkdcnts. Ltrnqulrns clttcn lfkilgktlmg tm wmrjmut wbkt `lrnatlmg mur wmrc` lsfmvlgi lg, ks LmP `nvlans dnamfntbn gmrf lg kcc okants mo clon.

Pbls ilikgtla rnsnrvmlr mo `ktk akg dn usn` tmsmcvn smalntkc prmdcnfs, dulc` dlcclmg `mcckramfpkglns mr slfpcy fkjn clon k clttcn nkslnr dybkvlgi k orlìn tbkt jgmws wbng ymu“rn mut moflcj. Dut tbnsn imkcs krn mgcy kablnvkdcn lo wnjgmw bmw kaaurktn tbn `ktk ls.

Amfputnr systnfs aurrngtcy akg“t huìnbmw imm` k plnan mo `ktk ls. Ks smmg kslgomrfktlmg pkssns ormf tbn rnkc wmrc` tm tbn`liltkc - vlk k sngsmr, omr nxkfpcn - tbn systnflt fmvns lgtm kssufns lt ls rnclkdcn. Lg tbnrnkc wmrc` tbkt huìnfngt wmuc` dn fk`nkcfmst wltbmut tblgjlgi dy mur drklgs. \nt tbnlgorkstruaturn (l.n. tbn drklg) tm fkjn tbls akccslfpcy `mnsg“t nxlst lg tbn `liltkc wmrc`. Ynrncy mg tbn `nvlans mr prmanssns tbkt amccnattbn lgomrfktlmg tm dn mo sualngt qukclty, yntwn kcsm jgmw tbkt, omr tbn vkst fkhmrlty lg

amffmg uskin, tbls ls ugcljncy tm dn tbn aksn.

Lt ls wmrtb blibclibtlgi tbkt tbn qukclty mo tbn`ktk ltsnco ls gmt tbn lssun. Dk` lgomrfktlmg

akg dn hust ks lgomrfktlvn ks imm`. Dutwn akg“t fkjn tbkt huìfngt kt prnsngt,wltbmut jgmwlgi tbn sltuktlmg lg wblabtbkt lgomrfktlmg wks amccnatn`. ^gcnss tbnrnls kpprmprlktn fntk`ktk tbkt pkrtgnrs tbnlgomrfktlmg, k systnf tbkt usns lt kcsm akg“tfkjn tbkt huìnfngt kg` wlcc kssufn ltls rnclkdcn.

Ks `ktk amccnatlmg lg nvnry amganlvkdcn kvngunmo clon irmws - bnkctb trkajlgi kpps, pmccutlmgsngsmrs, bmfn ngvlrmgfngt fmgltmrs - sm tmmkrn lfpmrtkgt `nalslmgs kdmut mur wnccdnlgifk`n uslgi tbls `ktk. ^g`nrstkg`lgi tbnrnclkdlclty mo tbls `ktk ls tbnrnomrn arualkc tm mur`klcy clvns.

GUC ls tbn bmfn mo fntrmcmiy. Lt `n gns tbnblib qukclty mo stkg`kr`s dy wblab lgùstrlns,mrikglsktlmgs kg` fkgy tblgis tbkt wn usn `kytm `ky mpnrktn. Lt tbnrnomrn fkjns sngsn omr lttm kcsm `n gn bmw tbn `ktk tbkt amgtrmcs murwmrc` ls ug`nrstmm`, tm put lg pckan k stkg`kr`prmtmamc dy wblab `ktk kg` lts qukclty akg dnfkrjn`. Ilvlgi tbn `liltkc wmrc` tbn kdlclty tmug`nrstkg` tbn qukclty mo tbn `ktk lt usns wlcc`rkfktlakccy lgarnksn tbn nstnatlvngnss mo bmwlt usns tbkt lgomrfktlmg.

Ks tbn rst @lrnatmr mo Pbn Bkrtrnn Angtrn,mgn mo tbn ^J“s omrnfmst dli `ktk angtrns,

L“vn snng tbn dngn ts tbkt tbn lgomrfktlmgrnvmcutlmg bks drmuibt tm mrikglsktlmgs mo kccsbkpns kg` slzns. Dut tbls rnvmcutlmg bks dnngtlgy amfpkrn` tm wbkt ls mg tbn bmrlzmg. Pbndngn ts mo tbn kfmugt mo lgomrfktlmg wn krnkdmut tm ingnrktn amuc` dn vkst, ks cmgi ks wnbkvn tbn lgorkstruaturn lg pckan tm `nkc wltblt. Pbls ls fy imkc kt GUC: ks tbn ^J“s angtrnmo nxanccngan omr fntrmcmiy, fy flsslmg ls tmdrlgi tbls tm dnkr mg dli `ktk kg` fkjn surntbkt mur `ktk-angtrla wmrc` ls mo k dngn t tm kcc.

;

bttp8//www.alsam.amf/a/ng/us/smcutlmgs/ amccktnrkc/snrvlan-prmvl`nr/vlsukc-gntwmrjlgi-lg`nx-vgl/fmdlcn-wbltn-pkpnr-a;;->452?4.btfc#Prng`]1]Fnksurlgi]Fmdlcn]LmN

Pbn `ktk rnvmcutlmg=

Yn“vn snng gmtblgi yntUrmonssmr Hmbg Dkgarmot, @lrnatmr, GUC Gmrtb mo Ngickg`


16/16

Gktlmgkc Ubyslakc CkdmrktmryBkfptmg Tmk`

Pn``lgitmgFl``cnsnx

^gltn` Jlgi`mf

PY;; 5CY

545 2;?

Gktlmgkc Ubyslakc CkdmrktmryGUC ls k wmrc`-cnk`lgi angtrn omr tbn `nvncmpfngt kg`nxpcmltktlmg mo fnksurnfngt salngan, tnabgmcmiy, rncktn`stkg`kr`s, kg` dnst prkatlan lg k `lvnrsn rkgin mo tnabglakckrnks kg` fkrjnt snatmrs. Ks tbn ^J“s Gktlmgkc FnksurnfngtLgstltutn, mur akpkdlcltlns ug`nrplg tbn ^J Gktlmgkc

Fnksurnfngt Qystnf (GFQ), ngsurlgi amgslstngay kg`trkankdlclty mo fnksurnfngts lg suppmrt mo ^J kg` mvnrsnksaustmfnr lgtnrnsts. Yn klf tm prmvl`n wmrc`-ackss salngankg` ngilgnnrlgi wltb namgmfla, smalkc kg` ngvlrmgfngtkcdngn ts tm tbn ^J.

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