ASIC Senate Submission Update 1

8/12/2019 ASIC Senate Submission Update 1

1/12

H_W YUHI@MA @__\L_ EJBA

LDH@J>hsx.trhi`ma.`ssulsKadh`j.obd

QLE HIIUL__> www.sorèi.obd/hsxRtrhi`maR`ssuls/objjlot`bms

_LMHYL LMX\@UP _\ED@__@BM_

(Botbelr - Mbvldelr 5;8?)

Ul> Ygl plrfbrdhmol bf tgl Hustrhj`hm _lour`t`ls hmi @mvlstdlmts

Obdd`ss`bm (H_@O)

_lmhtl _ued`ss`bm \pihtl 8 Hoolptli Mbv 7 (lmojbsli)

_lmhtl _ued`ss`bm @mtrbiuot`bm Hoolptli Bot ?; :J@MC=

J@MC_ YB _\[[BUY@MA @MFBUDHY@BM

Htthogdlmt 8.8> Ehocarbumi tb H_@O Obdpjh`mts (Lxphmili) :J@MC=

Htthogdlmt 8.5> Hm Bvlrv`lw bf H_W Yrhi`ma hmi `ts Ulaujht`bm :J@MC=

Htthogdlmt 8.?> Yrhi`ma hmi Ulaujhtbry @ssuls @ilmt`f`li :J@MC=

H_@O Obdpjh`mt 5;8?-8 Hua 86, 5;8? :J@MC=

H_@O Obdpjh`mt 5;8?-5 _lp 86, 5;8? :J@MC=

H_@O Obdpjh`mt 5;8?-? Bot 89, 5;8? :J@MC=H_@O Obdpjh`mt 5;8?-9 Mbv 9, 5;8? :J@MC=

_gbrt _ljj`ma @ssul Hua 55, 5;8? :J@MC=

I@_OJH@DLU>Hjj `mfbrdht`bm prlslmtli hs rlslhrog ghs ellm sburoli frbd erbclr trhi`ma

rlobris hmi rla`stry rlobris. Qg`jl tgl hutgbr obmsìlrs tgl ihth tb el hoourhtl hmi tgl

suddhr`ls prlslmtli hs el`ma hm hoourhtl rlfjlot`bm bf trhi`ma, mb auhrhmtlls hrl a`vlm

hs tb tgl rlj`he`j`ty bf ihth br hmy obmojus`bms put fbrwhri. @mvlstbrs hrl lmoburhali tb

ib tgl`r bwm Iul I`jàlmol hmi tb dhcl up tgl`r bwm d`mis `m rlahri tb tgl ohusls bf

hmy trlmis prlslmt `m trhi`ma ihth.
mailto:[email protected]://www.scribd.com/doc/176832344/9-0-Senate-Enquiry-Introduction?in_collection=4378631http://www.scribd.com/doc/176829241/Additional-Information-9-1-%E2%80%93-Background-to-ASIC-Complaints?secret_password=2fo1a7jaa476o1cpg495http://www.scribd.com/doc/176831871/Additional-Information-9-2-%E2%80%93An-Overview-of-Asx-Trading-and-its-Regulation?secret_password=mwtq8pzgwl8kf6jqtjahttp://www.scribd.com/doc/176823054/Additional-Information-9-3-%E2%80%93-Trading-and-Regulatory-Issues?secret_password=uqejvw52nds7u08vt7ahttp://www.scribd.com/doc/160561633/8-1-ASIC-Complaint-2013-1http://www.scribd.com/doc/168461175/8-2-ASIC-Complaint-2013-2http://www.scribd.com/doc/175891474/ASIC-Complaint-2013-3-CuDeco-Trading-Issues-January-Through-May-2013?secret_password=g4749pb76kgs92vclivhttp://www.scribd.com/doc/176500137/ASIC-Complaint-2013-4-CuDeco-Trading-Issues-as-M-G-Sold-Out?secret_password=1pqa9iud3754zdf45vqyhttp://www.scribd.com/doc/176501405/CuDeco-Trading-Complaint-Re-Short-Selling-on-Aug-21-2013?secret_password=l0tludwjgc8nbbc63a8http://www.scribd.com/doc/176501405/CuDeco-Trading-Complaint-Re-Short-Selling-on-Aug-21-2013?secret_password=l0tludwjgc8nbbc63a8http://www.scribd.com/doc/176500137/ASIC-Complaint-2013-4-CuDeco-Trading-Issues-as-M-G-Sold-Out?secret_password=1pqa9iud3754zdf45vqyhttp://www.scribd.com/doc/175891474/ASIC-Complaint-2013-3-CuDeco-Trading-Issues-January-Through-May-2013?secret_password=g4749pb76kgs92vclivhttp://www.scribd.com/doc/168461175/8-2-ASIC-Complaint-2013-2http://www.scribd.com/doc/160561633/8-1-ASIC-Complaint-2013-1http://www.scribd.com/doc/176823054/Additional-Information-9-3-%E2%80%93-Trading-and-Regulatory-Issues?secret_password=uqejvw52nds7u08vt7ahttp://www.scribd.com/doc/176831871/Additional-Information-9-2-%E2%80%93An-Overview-of-Asx-Trading-and-its-Regulation?secret_password=mwtq8pzgwl8kf6jqtjahttp://www.scribd.com/doc/176829241/Additional-Information-9-1-%E2%80%93-Background-to-ASIC-Complaints?secret_password=2fo1a7jaa476o1cpg495http://www.scribd.com/doc/176832344/9-0-Senate-Enquiry-Introduction?in_collection=4378631mailto:[email protected]


2/12

5

_lmhtl _ued`ss`bm \pihtl (Fbrwhrili Dbmihy, Mbvldelr 9, 5;8?Hoolptli Mbvldelr 7, 5;8?)

Ygl fbjjbw`ma upihtl tb tgl sued`ss`bm obmolrm`ma tgl _lmhtl Lmqu`ry mtb H_@Os plrfbrdhmol `s elohusl

bf oghmals tb lvlmts s`mol tgl brà`mhj sued`ss`bm whs fbrwhrili.

Ygl oghmali lvlmts hrl tgrllfbji.

8. H_@O ghs fbrdhjjy rlspbmili tb 9 slphrhtl obdpjh`mts jbiali s`mol Huaust 86, 5;8?, w`tg h Mb ohsltb hmswlrf`mi`ma, eut w`tgbut el`ma prlphrli tb prbvìl hmy `miòht`bm wghtsblvlr hs gbw tgl`r

ilo`s`bm whs hrr`vli ht.

Ygl obdpjh`mts wlrl rlflrlmoli hs> H_@O Obdpjh`mt 5;8?-8 :Ulflrlmol J`mc=

H_@O Obdpjh`mt 5;8?-5 :Ulflrlmol J`mc=

H_@O Obdpjh`mt 5;8?-? :Ulflrlmol J`mc=

H_@O Obdpjh`mt _gbrt _ljj`ma bm Huaust 58 :J@MC=

5. H furtglr obdpjh`mt ghs ellm fbrwhrili tb H_@O tg`s ihy, hmi `s rlflrlmoli hs>H_@O Obdpjh`mt 5;8?-9 :Ulflrlmol J`mc=

Ygl obdpjh`mt er`mas `mtb fbous hjj prlv`bus rlslhrog hmi mlw dhttlrs mbt prlv`busjy prlslmtli,

mbml bf wgòg ohm el hilquhtljy lxpjh`mli `m tlrds btglr tghm dhrclt dhm`pujht`bm. @t prbvìls h

rht`bmhjl w`tg suppbrt`ma ihth tght jhys but h obdpljj`ma mlli fbr hm `mqu`ry `mtb H_@Os rlaujhtbry

bvlrsàgt.

Ygl `ssuls rh`sli hjsb dllt w`tg tgl or`tlr`h spljt but ey tgl H_@O Ogh`rdhm `m h rlolmt HEO Jhtlj`ml

`mtlrv`lw :J@MC= wglrl `t whs sthtli tght H_@O `s fboussli bm prbtlot`ma rlth`j `mvlstbrs, phrtòujhrjy

wglm sàm`fòhmt hdbumts bf dbmly hrl `mvbjvli hmi jbts bf `mvlstbrs hrl hfflotli. Ygl obdpjh`mt `s

hssbo`htli w`tg 1,;;; prlibd`mhmtjy rlth`j `mvlstbrs ghv`ma tb whtog $;.< e`jj`bm el`ma umfh`rjy

str`ppli frbd tgl dhrclt ohp`thj`zht`bm bf tgl obdphmy tgly wlrl `mvlstli `m.

Ygl obdpjh`mt w`jj prbvìl hm bmab`ma ohsl stuiy, ob`moì`ma w`tg tgl _lmhtl Lmqu`ry iljèlrht`bms,

wglrley tgl why `m wgòg systldò `ssuls obmolrm`ma tgl f`mhmo`hj dhrclts hrl hotuhjjy ilhjt w`tg

ohm el beslrvli. Hmy jlssbms jlhrmt (br mbt jlhrmt) frbd tgl dujt`tuil bf trhmsarlss`bms hjrlhiy

erbuagt tb httlmt`bm ey sued`ss`bms w`jj el bm sgbw, sb tght tgl Obdd`ttll w`jj ghvl h ourrlmt

umilrsthmi`ma bf gbw tgl systld bf rlaujht`bm wbrcs.

Hm hrtòjl `m tgl _yimly Dbrm`ma Glrhji bm Mbvldelr 8, 5;8? t `tjli Ybuag qulst`bms bm H_@O

ibiali:J@MC= tlmis tb o`roudvlmt tgl _lmhtl `mvlstàht`bms ey sudd`ma up tght tgl _lmhtl

`mqu`ry `mtb tgl plrfbrdhmol bf tgl Hustrhj`hm _lour`t`ls hmi @mvlstdlmts Obdd`ss bm w`jj obmojuiltght H_@O mllis tb el h dbrl prbhot`vl hmi lfflot`vl obrpbrhtl jhw lmfbrolr, hmi tgl

rlobddlmiht`bms H_@O put tb `t bm Ygursihy w`jj muial `t `m tght i`rlot`bm `f tgly hrl hibptli. Ygl

hrtòjl whs ehsli bm h furtglr sued`ss`bm ey H_@O bm Ygursihy Botbelr ?8.

@m prl-nuia`ma tgl butobdl bf tgl lmqu`ry, tgl hrtòjl furtglr ilstrbys obmfìlmol `m tgl systld hmi

rues furtglr shjt `mtb tgl wbumis bf tgbsl wgb ghvl ellm vòt`d`sli ey tgl systld, hmi wgb ghvl

thclm tgl t`dl tb fbrwhri glhrtfljt sued`ss`bms. Ygly mb ibuet, hmi dhmy btglrs tbb, w`jj el

phrtòujhrjy upslt `f tgl tbuag qulst`bms hrl hejl tb el ibiali. Bml wbmilrs wght tgl pb`mt bf

ghv`ma h rlpbrt ihtl bf Dhrog ?8, 5;89 `s, rlprlslmt`ma < dbmtgs bf `mvlstàht`bms, `f tgl f`mhj

butobdl `s hjrlhiy iloìli. @t strbmajy suaalsts hmbtglr ohsl bf tgl eà-lmi bf tbwm thc`ma ohrl bf

eus`mlss hmi bvlrrì`ma iul prbolss hmi prbplr `mvlstàht`vl prbolssls. Ygl lmqu`ry `mtb tgl

bplrht`bms bf tgl rlaujhtbr w`jj mbw el sllm `m obmtlxt w`tg tgl lfflot`vlmlss bf tgl ildborhtò

systld `tsljf, hmi tgl lfflot`vlmlss bf abvlrmdlmt bvlrsàgt.

?.
http://www.scribd.com/doc/160561633/8-1-ASIC-Complaint-2013-1http://www.scribd.com/doc/160561633/8-1-ASIC-Complaint-2013-1http://www.scribd.com/doc/168461175/8-2-ASIC-Complaint-2013-2http://www.scribd.com/doc/168461175/8-2-ASIC-Complaint-2013-2http://www.scribd.com/doc/175891474/ASIC-Complaint-2013-3-CuDeco-Trading-Issues-January-Through-May-2013?secret_password=g4749pb76kgs92vclivhttp://www.scribd.com/doc/175891474/ASIC-Complaint-2013-3-CuDeco-Trading-Issues-January-Through-May-2013?secret_password=g4749pb76kgs92vclivhttp://www.scribd.com/doc/176501405/CuDeco-Trading-Complaint-Re-Short-Selling-on-Aug-21-2013?secret_password=l0tludwjgc8nbbc63a8http://www.scribd.com/doc/176501405/CuDeco-Trading-Complaint-Re-Short-Selling-on-Aug-21-2013?secret_password=l0tludwjgc8nbbc63a8http://www.scribd.com/doc/176500137/ASIC-Complaint-2013-4-CuDeco-Trading-Issues-as-M-G-Sold-Out?secret_password=1pqa9iud3754zdf45vqyhttp://www.scribd.com/doc/176500137/ASIC-Complaint-2013-4-CuDeco-Trading-Issues-as-M-G-Sold-Out?secret_password=1pqa9iud3754zdf45vqyhttp://www.abc.net.au/lateline/content/2013/s3867665.htmhttp://www.smh.com.au/business/tough-questions-on-asic-dodged-20131031-2wlxs.htmlhttp://www.smh.com.au/business/tough-questions-on-asic-dodged-20131031-2wlxs.htmlhttp://www.abc.net.au/lateline/content/2013/s3867665.htmhttp://www.scribd.com/doc/176500137/ASIC-Complaint-2013-4-CuDeco-Trading-Issues-as-M-G-Sold-Out?secret_password=1pqa9iud3754zdf45vqyhttp://www.scribd.com/doc/176501405/CuDeco-Trading-Complaint-Re-Short-Selling-on-Aug-21-2013?secret_password=l0tludwjgc8nbbc63a8http://www.scribd.com/doc/175891474/ASIC-Complaint-2013-3-CuDeco-Trading-Issues-January-Through-May-2013?secret_password=g4749pb76kgs92vclivhttp://www.scribd.com/doc/168461175/8-2-ASIC-Complaint-2013-2http://www.scribd.com/doc/160561633/8-1-ASIC-Complaint-2013-1


3/12

?

@t s strbmajy rlobddlmili tght tgl _lmhtl Obdd`ttll jbbc`ma mtb H_@Os plrfbrdhmol fhd`j`hr`zl

tgldsljvls w`tg Obdpjh`mt 5;8?-9, hs tglrl ghvl ellm mb puej`sgli stui`ls bm tgl `dphot bf trhi`ma

elghv`burs bm tgl rla`stlrs bf puejò obdphm`ls, mbr ghvl tglrl ellm jbma-tlrd stui`ls bf tgl

dhm`pujht`vl usl bf GFY hjabr`tgds. _lmhtbrs hrl lmoburhali tb usl tgl`r bwm hsslssdlmts hmi

hsslssdlmts ey `milplmilmt f`mhmo`hj obmmlot`bms tgly dhy ghvl hoolss tb, suog hs hoobumthmts, fumi

dhmhalrs, f`mhmo`hj hiv`sbrs, erbclrs br lvlm abvlrmdlmt hiv`slrs. H strbma v`lw bf wgltglr tgl

`mfbrdht`bm `s ilslrv`ma bf str`malmt rlaujhtbry httlmt`bm w`jj hss`st m iloì`ma H_@Os lfflot`vlmlss. Ygl

olmtrhj `ssul `s tgl hmbdhjbus ihth trlmis `m lvìlmol wgòg ohm bmjy el rlsbjvli tgrbuag tgl fbrlmsò

hui`t`ma bf erbclr hmi oj`lmt hoobumts. Obmnloturl ohm pjhy mb phrt l`tglr ey tgl obdpjh`mhmt `m prlslmt`ma

tgl `mfbrdht`bm br ey rlaujhtbrs `m httldpt`ma tb lxousl tgl elghv`burs. Lsslmt`hjjy, tgl ihth rlvlhjs hjj

hmi prbplr lxpjhmht`bms mlli tb el fbumi. Q`tg h fujj hpprlo`ht`bm bf tgl `ssuls, tgl Obdd`ttll w`jj el `m

h pbs`t`bm tb ahual gbw H_@O ilhjs w`tg tgl obdpjh`mt hmi wgltglr `milli tgl systldò prbejlds

ìlmt`f`li rlqu`rl wìl-rhma`ma rlfbrds tb tgl why eus`mlss ourrlmtjy thcls pjhol bm tgl H_W.

Yglrl hrl h mudelr bf `ssuls obmolrm`ma tgl rlolmt ilvljbpdlmts tght ghvl arlht rljlvhmol tb tgl ourrlmt

_lmhtl lmqu`ry.

F\UYGLU YB YGL H_@O ILO@_@BM

F`rstjy, h rlqulst tb ojhr`fy tgl Mb ohsl tb hmswlr ilo`s`bm whs dlt w`tg tgl sthmihri rlspbmsl, Ql ib

mbt obddlmt bm bplrht`bmhj dhttlrs. Ygl rlqulst sbuagt ojhr`fòht`bm bf>

b wgltglr H_@O `mvlstàht`bms ghi obmf`rdli tgl `ssuls rh`sli `m obdpjh`mts eut ghi usli `tsi`sorlt`bmhry pbwlr mbt tb prbolli, br

b wgltglr H_@O whs umhejl tb rlpjòhtl tgl f`mi`mas bf rlslhrog sb iìmt ghvl h mlli tb thcl hot`bm.Ygl qulst`bms wlrl `dpbrthmt fbr tgl fbjjbw`ma rlhsbms>

8. @f lxpjhmht`bms wlrl hvh`jhejl tb lxpjh`m wgy tgl ihth hmbdhj`ls prlslmtli m obdpjh`mts iìmtrlprlslmt rlaujhtbry obmolrms, tglm tght `mfbrdht`bm sgbuji ghvl ellm dhil hvh`jhejl. @m fhot, `m

tgl `mtlrlsts bf trhmsphrlmoy hmi lmsur`ma `mfbrdli hmi obmfìlmt `mvlstbrs, (`.l., H_@Os bftlm

qubtli dhmihtl), tglm tgbsl `mtlrprltht`bms sgbuji el bm puejò rlobri.

5. @f tgl ihth hmbdhj`ls iì rlprlslmt sghrl pròl dhm`pujht`bm `ssuls, eut tgl rlaujhtbr ghi iloìlitb usl `ts i`sorlt`bmhry pbwlrs mbt tb hot, tglm tgl obdpjh`mhmt hmi `mvlstbrs almlrhjjy hrl hjsb

lmt`tjli tb el `mfbrdli sb tght tgly dhy pursul btglr hvlmuls fbr rlirlss.

?. @f tgl rlaujhtbr whsmt hejl tb rlpjòhtl tgl f`mi`mas bf rlslhrog hmi sb obujimt nust`fy thc`mahot`bms, tglm tgl obdpjh`mhmt buagt tb ghvl ellm tbji sb tght tglrl whs hm bppbrtum`ty tb i`vujal

gbw tgl rlslhrog f`mi`mas wlrl hrr`vli ht sb tght h ojlhr umilrsthmi`ma obuji el lsthej`sgli.

9. @f tgl rlslhrog f`mi`mas wlrl tgbuagt tb el `mobrrlot hftlr H_@O `mvlstàht`bms ghi ellm dhil, tglmtght tbb sgbuji ghvl ellm hiv`sli fbr hm bppbrtum`ty tb rlsbjvl hmy i`fflrlmols sb tght tgl

s`tuht`bm whs hejl tb el hoourhtljy hsslssli.

@m tgl hebvl obmtlxt, hmi `m tgl fhol bf bvlrwgljd`ma ldp`ròhj lvìlmol, tgl sthmihri Ql ib mbt

obddlmt bm bplrht`bmhj dhttlrs `s umhoolpthejl. @t `s hjsb obmtrhry tb hssurhmols bm H_@Os wles`tl tght

obdpjh`mts dhy el lmt`tjli tb wr`ttlm lxpjhmht`bms obmolrm`ma nuialdlmts tght ghvl ellm dhil.

@t hjsb dlhms tght hmy trhi`ma obdpjh`mt jbiali w`tg H_@O, w`tgbut pr`v`jlali hoolss tb suppbrt`ma

lvìlmol, ghs mlxt tb mb oghmol bf el`ma hilquhtljy hiirlssli.


4/12

9

F\UYGLU YB OBD[JH@MY 5;8?-9

H_@O Obdpjh`mt 5;8?-9 obmth`ms h wlhjtg bf `mfbrdht`bm tght rljhtls tb systldò `ssuls w`tg `dpjòht`bms

fbr hjj `mvlstbrs tght ghvl lxpbsurl tb tgl H_W. @t prlslmts hm hjdbst bvlrwgljd`ma hdbumt bf lvìlmol

tght pb`mts tb sghrl pròl dhm`pujht`bm obmolrm`ma h phrtòujhr H_W obdphmy wglrl tgl erbclrs `mvbjvli

hrl ojlhrjy ìlmt`f`li. Ygl erbclrs rlprlslmt h thralt fbr obrrlot`vl hot`bm hs tgly hpplhr tb ghvl fho`j`thtli

umfh`r trhi`ma hot`v`ty, hjtgbuag wgltglr `t ghs ellm fbr tgl`r bwm prbpr`lthry trhi`ma hoobumts, br bm

elghjf bf oj`lmts, `s umcmbwm.

Gbwlvlr, w`tg tgl wìl rhma`ma `mvlstàht`vl pbwlrs vlstli `m H_@O, `f `t ghi tgl w`jj, `t wbuji el hejl tb ab

i`rlotjy tb tgl glhrt bf tgl prbejlds hmi ìlmt`fy tgl plrpltrhtbrs tgrbuag hui`ts. Plt fbr wghtlvlr rlhsbm

`t ghs ogbslm mbt tb, hmi rlfusls tb lvlm hocmbwjlial tght tglrl `s h prbejld. H rlaujhtbry frhdlwbrc

tght suppbrts obmtrbj bvlr tgl dhrclt ey tgl eà-lmi bf tbwm, lvlm wglm prlslmtli w`tg bvlrwgljd`ma

lvìlmol tght tgl systld `s slr`busjy fjhwli, ibls mbt pbrtlmi wljj fbr tgl glhjtg hmi susth`mhe`j`ty bf

Hustrhj`hs f`mhmo`hj dhrclts. Ygl s`tuht`bm `s tglm dhil sbdlwght juiòrbus ey ojh`ds tght bftlm tglrl

`smt lmbuag lvìlmol tb prbolli hah`mst wrbma ib`ma. :ULFLULMOL @MC=

H arbw`ma hoolpthmol tght tgl sghrl dhrclt `s glhv`jy dhm`pujhtli eut tght tgl s`tuht`bm `s nust h fhot bf

j`fl fbr tgbsl prlphrli tb oghmol tgl`r juoc, `s h tlrrèjl `miòtdlmt bf h systld `mtlarhjjy j`mcli tb

Hustrhj`hs futurl prbsplr`ty. Ygl hoolpthmol obdls frbd mbt hotuhjjy umilrsthmi`ma gbw tgl dhrclts

ghvl elobdl obdprbd`sli hmi hm hocmbwjlialdlmt tght rlaujhtbry hutgbr`t`ls hrl almlrhjjy `mlfflot`vl

hmi wljj prhot`sli ht ilfjlot`ma ejhdl hmi hvbì`ma tgl`r rlspbmsè`j`t`ls.

Yglrl `s mb qulst`bm tght dhrclt dhm`pujht`bm `s h a`vlm `m tbihys f`mhmo`hj dhrclts w`tg sohmihjs suog hs

tgl Jèbr f`hsob sgbw`ma tght dhrclts duog jhralr tghm tgl H_W ohm el umfh`rjy obmtrbjjli. Ygl rlslhrog

umilrthclm ìlmt`f`ls hrlhs bf obmolrm wglrl sghrl pròl dhm`pujht`bm `s hejl tb el hoobddbihtli bm tgl

H_W w`tgbut flhr bf `mtlrvlmt`bm. Ygly `mojuil> slour`t`ls jlmi`ma3 gàg frlqulmoy hjabr`tgdò trhi`ma prbarhds tght fho`j`thtl obmtrbj bvlr pròls wgltglr `t el `m

hot`vl trhi`ma br iur`ma huot`bms3

lxtlms`vl ihrc pbbj trhils hmi btglr ihrc bff-dhrclt hot`v`ty tght ohm fho`j`thtl tgl trhmsflrs bfjhral vbjudls bf sghrls wg`jl hvbì`ma pròl i`sobvlry.

Dhm`pujht`vl prhotòls hssbo`htli w`tg tgl hebvl hot`v`t`ls hrl fho`j`thtli tgrbuag gàg jlvljs bf objjus`bm,

hm heslmol bf trhmsphrlmoy, h jhoc bf dhrclt `mtlar`ty hmi `mlfflot`vl rlaujht`bm. Objjlot`vljy, hjj hsplots bf

trhi`ma dhcl `t pbssèjl fbr hrt`fò`hj pròls tb el `dpbsli bm tgl dhrclt ht w`jj. Ojlhrjy, dhrclts ohmmbt

ghvl `mtlar`ty wglm tglrl hrl rujls fbr h pr`v`jlali ojhss bf `mvlstbrs hmi hmbtglr slt fbr lvlrybml ljsl.

Qg`jl tgl _lmhtl Lmqu`rys er`lf `s mbt tb f`x tgl `jjs bf dbilrm dhrclts, wgòg hrauhejy sgbuji el tgl

suenlot bf h slphrhtl lmqu`ry lsplo`hjjy a`vlm tgl vujmlrhe`j`ty bf rlth`j `mvlstdlmts hmi wbrclrs

obdpujsbry suplrhmmuht`bm obmtrèut`bms, wght `t ohm ib `s tb thcl stlps tb lmsurl tght tgl hsjllp ht tgl

wgllj rlaujhtbr `s trhmsfbrdli `mtb hm lfflot`vl ebiy tght hotuhjjy plrfbrds hjj hsplots bf `ts oghrtlr `m h

dhmmlr tght `s elybmi rlprbhog.

@m tlrds bf tgl f`mhmo`hj dhrclts, hjj bf tgl spur`bus trhi`ma elghv`burs ìlmt`f`li ey rlslhrog wbuji el

rlsbjvli bvlrmàgt f lmt`t`ls wlrlmt hejl tb obmolhj tgl`r hot`v`t`ls tb tgl lxtlmt ourrlmtjy hjjbwli.

Dhrclts wbuji hjsb bplrhtl duog dbrl lfflot`vljy, hmi w`tg arlhtlr phrtò`pht`bm, `f dlhsurls wlrl thclmtb hiirlss dhm`pujht`vl sgbrt sljj`ma hmi dhm`pujht`vl hjabr`tgdò trhi`ma prbarhds tght ghvl ellm

elg`mi wìlsprlhi trhi`ma hmbdhj`ls.
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5/12


6/12

6

rlpbrt tb dhsc tgl`r bwm dhm`pujht`vl trhi`ma halmihs, h rlpbrt tght sgbujimt ghvl lvlm sllm tgl jàgt bf

ihy a`vlm tgl usuhj oglocs hmi ehjhmols tb vlr`fy umbffò`hj sthtldlmts elfbrl tgly hrl a`vlm-h`r t`dl.

@milli, `f h prbplr `mvlstàht`bm `mtb H_W trhi`ma obmf`rdli wght ghs ellm prlslmtli hs sghrlgbjilr

rlslhrog sphmm`ma bvlr bf ?.< ylhrs bf trhi`ma hmi suppbrtli ey ldp`ròhj ihth, H_@O `tsljf sthmis h vlry

abbi oghmol bf el`ma rlspbmsèjl fbr sprlhi`ma fhjsl hmi d`sjlhi`ma `mfbrdht`bm w`tg `ts bftlm trudpltli

ohjjs hiv`s`ma `mvlstbrs tght tgl dhrclt `s fh`r hmi trhmsphrlmt. Ulslhrog suaalsts tght tgl H_W dhrclt `s

mbt fh`r, hmi mbr `s `t trhmsphrlmt, hmi `t ghs ellm tght why fbr h vlry obmsìlrhejl plr`bi bf t`dl.

Hmml Jhdp obmojuili w`tg>

Q`tg tgl mht`bms rlt`rldlmt pbbj arbw`ma rhpìjy h dhnbr bvlrghuj bf `ts pr`br`t`ls hmi hot`bms `s

`dplrht`vl br wljj sll h jbt dbrl ghri lhrmli mht`bmhj shv`mas fjusgli ibwm tgl sp`vs irh`m. H_@O

sgbuji mbt el plrd`ttli, w`tg `ts vhst rlsburols, tb s`t hmi whtog rlt`rlls el str`ppli bf tgl`r j`fl

shv`mas, hmi ib mbtg`ma, wg`jl ht tgl shdl t`dl pòc`ma bm jbw ghma`ma fru`t tb nust`fy `ts lx`stlmol.

Lquhjjy, `f tgl rbrt`ma bf sghrl dhrclt `mvlstdlmts tgrbuag iue`bus trhi`ma prhotòls obmt`muls tb el

shmot`bmli, tgl irh`m `m mht`bmhj shv`mas obuji lsohjhtl vlry obmsìlrhejy.

Hmbtglr `msàgtfuj sued`ss`bm whs Mudelr 87< wgòg whs t`tjli Qgy [lbpjl ibmt obdl fbrwhri. @t

rlflrrli tb tgl orlht`bm bf h systld fbr wr`t`ma dbrtahals wgòg dhil `t i`ffòujt tb trhoc hmy j`he`j`ty fbr

wrbma ib`ma, sb tght gbji`ma plrpltrhtbrs bf iue`bus jlmi`ma prhotòls tb hoobumt whs prbejldhtò,

lsplo`hjjy wglm tgly hjj stbbi s`jlmtjy sìl ey sìl w`tg rlaujhtbrs elg`mi h whjj tght ohdbufjhali hjj

wrbma ib`ma.

Ygl phrhjjljs tb tgl sghrl dhrclt hrl umohmmy, hs tght `s bml bf tgl dhnbr f`mi`mas bf rlslhrog `.l., tgl

i`ffòujty `m iltlot`ma wgb `s rlspbmsèjl fbr spur`bus trhi`ma elghv`burs hmi tglm tgl i`ffòujty `m dhc`ma

tgld hoobumthejl fbr tgl `dphot tgly ghvl bm tgl dhrclt hmi bm obdphmy rla`stlrs, w`tg H_@O slld`majy

rldh`m`ma s`jlmt hmi i`s`mtlrlstli.

H jhoc bf trhmsphrlmoy hmi spur`bus ilhj`mas hpplhr tb el prlvhjlmt w`tg`m ebtg tgl ehmc`ma `miustry hmi

tgl sghrl dhrclt hmi hpplhr tb fho`j`thtl hm lmv`rbmdlmt wglrl `mmbolmt vòt`ds ohm el thclm hivhmthal

bf w`tg `dpum`ty.

_ued`ss`bm 87< hjsb ghi sbdl `mtlrlst`ma obddlmts hebut tgl `mglrlmt fh`jurls `m h systld wglrl

rlaujhtbrs fh`j, hmi hrl sllm tb fh`j ey tgl `mvlst`ma obddum`ty, hmi wglrl tgl plrpltrhtbrs bf wrbma ib`ma

hrl hotuhjjy prbtlotli, wgòg `s s`d`jhr tb Hmml Jhdpls lxplr`lmols. Ygl `dphot bf tgbsl elghv`burs `s tb

ilstrby orliè`j`ty `m tgl rlaujhtbry systld `tsljf hmi rlsujts `m h rljuothmol tb lvlm er`ma dhttlrs fbrwhritght hrl ilslrv`ma bf `mvlstàht`bm. Ygl phrhjjljs w`tg tgl rlpbrt`ma bf og`ji heusl hmi wglrl mbtg`ma whs

ibml fbr dhmy ylhrs hrl hjsb rljlvhmt, hs tgl `dphot bm vòt`ds tght ohmmbt sllc rlirlss wglm prlslmt`ma

obdpjh`mts ohm el qu`tl ilvhstht`ma. Ygl ilvhstht`bm `s lvìlmt `m sued`ss`bm hftlr sued`ss`bm tb tgl

ourrlmt _lmhtl Lmqu`ry.

Ygl obddlmt tgl jlvlj bf obrrupt`bm `s sb arlht tght tglsl pjhylrs hrl prbtlotli hmi tgly cmbw tgly hrl

prbtlotli `s hmlxtrldljy ihdm`ma suddhry bf wght `s hejl tb thcl pjhol w`tg`m tgl ourrlmt rlaujhtbry

rla`dl. Ygl obmojui`ma obddlmts spljj but lxhotjy wght w`jj ghpplm `f fhr rlhog`ma rlfbrds hrl mbt

`dpjldlmtli hftlr iul obmsìlrht`bm ey tgl _lmhtl Obdd`ttll bf hjj dhttlrs prlslmtli.

:Xubtl= @f H_@O obmt`muls tb hjjbw "tgbsl wgb IB sthmi up tb splhc" tb el ilstrbyli,`f `tobmt`muls tb fh`js

`m `ts iuty tb `mvlstàhtl, prbtlot hmi prbsloutl3 tglrl `s j`ttjl gbpl tghtbtglrs w`jj obdl fbrwhri.

Obrrupt`bm w`jj fjbur`sg.


7/12

1

_ued`ss`bm 585 logbli tgl lxplr`lmols bf dhmy btglrs `m stht`ma

:Xubtl= H_@O ghs fh`jli tb rlprlslmt ebtg tgl eus`mlss hmi obmsudlr obddum`ty `m `ts prbtlot`bm bf

f`mhmo`hj hmi rlaujhtbry ràgts. H_@O `s `mlfflot`vl, mbmrlspbms`vl hmi mlpt> `t lp`tbd`zls hm `mst`tut`bm tght

`s mbt w`jj`ma tb thcl bm tgl eà lmi bf tbwm hmi rums bm j`tlrhj `mtlrprltht`bm bf tgl`r dhmihtl tb hvbì

`mvlstàht`bm `mtb obddbm obdpjh`mts tght sgbuji ghvl jli `mtb hot`bm hmi br `mvlstàht`bm `mtb ebtg

systldò hmi trlmi prbejlds w`tg`m tgl f`mhmo`hj systld.

H_@O ghvl hotli `m h d`sjlhi`ma hmiumobmso`bmhejl why `m tgl dhmhaldlmt bf dy

obdpjh`mt.

Ygl prbolss `m ilhj`ma w`tg H_@O `s ilsorèli hs>

@mobddumòht`vl, i`ffòujty `m lsthej`sg`ma i`hjbaul, jbma

iljhys, slvlrhj ldh`js hmi pgbml ohjjs tb alt hmywglrl,

a`vlm tgl rum hrbumi, lvlmtuhjjy tbji tght H_@O

wbujimt el thc`ma hmy hot`bm `m rlahri tb `ssuls rh`sli.

H_@O tglm wlmt bmtb shy tght.. `t `s mbt bejàli tb

thcl lmfbroldlmt hot`bm `m rljht`bm tb hjj rlpbrts bf

d`sobmiuot wl rlol`vl hmi wl thcl `mtb hoobumt h rhmalbf fhotbrs `mojui`ma tgl erbhilr puejò `mtlrlst, tgl strhtlaò sàm`fòhmol hmi elmlf`ts bf pursu`ma

d`sobmiuot.H_@O f`m`sgls ey stht`ma tght tglsl dhttlrs hrl obmojuili.

Yg`s jlttlr hs rlpbrtli tb dl ey btglrs tght ghi jbiali h obdpjh`mt tb H_@O ,whs h sthmihri jlttlr ilj`vlrli

tb hjj3 Ygl`r rlspbmsl hmi lxousl fbr mbt hot`ma `s hm hffrbmt tb tgbsl tght ghvl elj`lvli tght wl ghvl h

rlaujhtbry systld tght hffbris tgld prbtlot`bm

Ygl wr`tlrs lxplr`lmols w`tg H_@O hs butj`mli hebvl, furtglr ildbmstrhtl tgl slmt`dlmts lxprlssli `m

sued`ss`bm 87< lxpjh`m`ma Qgy plbpjl ibmt obdl fbrwhri. @t `s hjsb logbli ey tgl Uujl bf Jhw @mst`tutl

`m tgl`r _ued`ss`bm Mudelr 588, hs plr tgl fbjjbw`ma qubtl.

:Xubtl>= Ygl vbjudl bf sued`ss`bms rlol`vli ey tg`s @mqu`ry ilth`j`ma tgl f`mhmo`hj jbss hmi trhudh

sufflrli `s `miòht`vl bf h slr`bus prbejld `m tgl why `m wgòg H_@O dhmhals `ts bwm `mvlstàht`vl,

rlaujhtbry, prbslout`bm hmiplmhjty pbwlrs.Ygl rlsujt bf H_@Os d`susl bf `ts pbwlrs `s h jbss bf fh`tg `m tgl

rujl bf jhw elohusl bf tgl `mhe`j`ty bf tgl jhw tb prbtlot vujmlrhejl dldelrs bf tgl obddum`ty.

Ygl Uujl bf Jhw @mst`tutl hjsb hsslrtli tght H_@O ghs suffò`lmt pbwlrs eut `s ghs fh`jli tb usl tgld. @t hjsb

obmtlmili tght tglrl `s h plrolpt`bm tght H_@O ibls mbt `mvlstàhtl eà eus`mlssls

Ygl `ddli`htl rlsujts bf ogrbmò fh`jurls ey H_@O `m ilj`vlr`ma lfflot`vl rlaujhtbry bvlrsàgt hrl>

b `t hots hs h iltlrrlmt fbr plbpjl tb obdl fbrwhri3 hmib `t lmsurls tght tgbsl wgb ohm heusl tgl systld sll mb `dpli`dlmt tb thc`ma fujj hivhmthal bf tgl

s`tuht`bm.

H fh`jurl tb rlaujhtl tgl sghrl dhrclt `s bml bf tgl rlhsbms tght iue`bus prhotòls fàurl sb prbd`mlmtjy `m

ihy tb ihy bplrht`bms, `.l., tglrl `s mb hot`vl iltlrrlmt phrtòujhrjy `f `mi`sorlt`bms hrl clpt umilr tgl rhihr

bf survl`jjhmol bplrht`bms wgòg, nuia`ma ey tgl lxtlmt bf ihth hmbdhj`ls, `s mbt i`ffòujt tb ib.

Ygl sued`ss`bm ey Ebe Chttlr (Mudelr 58;) hjjuils tb objjus`bm eltwllm H_@O hmi tgl f`rds `mvbjvli `m

obdphmy rlol`vlrsg`ps. @t dhy wljj rlprlslmt h obsy hrrhmaldlmt wglrl lxojus`vl ràgts hrl dhil

hvh`jhejl tb `msìlrs wgb hrl hejl tb ohp`thj`zl bm slour`ma hsslts oglhpjy wglm f`rds ab `mtb rlol`vlrsg`p.

Ygl Chttlr sued`ss`bm dlmt`bms> Ql umilrsthmi tght tglrl hrl hjjlalijy obmmlot`bms eltwllm H_@O,

plrsbmmlj hmi obrpbrht`bms `mvbjvli `m obdphmy rlol`vlrsg`ps. @t `s gbpli tght Dr Chttlr `s hejl tb gljp

lmsurl tght tgl _lmhtl Lmqu`r`ls f`mi`mas hrl mbt h fh`t hoobdpj` hs suaalst ey tgl _yimly Dbrm`ma Glrhji

hrtòjl.

Fbjjbw`ma bm frbd _ued`ss`bm 585,

Yb prbplrjy mvlstàhtl systldò sghrldhrclt ssuls butj`mli m slvlrhj H_@O

Obdpjh`mts hs plr _ued`ss`bm 58?, tghtpbtlmt`hjjy dphot hjj mvlstbrs bm tgl H_W tbh jhral lxtlmt, wbuji hjsb el obmsìlrli hs hrlhsbmhejl tg`ma tb ib, f mbt hm dplrht`vl.

Plt tght ghsmt ghpplmli l`tglr.

:J`mc tb H_@O Obd jh`mts=
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8/12

7

Olrth`mjy objjus`bm `s wìlsprlhi rlahri`ma sghrl trhi`ma hmi H_@Ostho`t hoolpthmol bf wìlsprlhi

iue`bus trhi`ma prhotòls `s hm `mtlarhj phrt bf gbw tgl systld ourrlmtjy bplrhtls.

Ygl O[H _ued`ss`bm (Mudelr 5;0) rleucls H_@O fbr mbt objjhebrht`ma `m h almu`ml hmi obmstruot`vl

i`hjbaul w`tg pbtlmt`hj phrtmlrs `m oghmal hmi qulst`bms H_@O rlj`hmol bm jlvlrha`ma dli`h glhij`mls

bvlr suesthmt`vl butobdls tb phplr bvlr hm btglrw`sl um`dprlss`vl rlolmt trhoc rlobri. Ygly hrl hotuhjjy

ghrsg obddlmts frbd h rlsplotli `miustry hssbo`ht`bm hmi tgly prlslmt hs hm uralmt whcl-up ohjj.

H_@O's prlphrlimlss tb obmsìlr ilhjs bm slmtlmo`ma hmi plmhjt`ls bm plbpjl umilr `mvlstàht`bm wgb ob-

bplrhtl, prbvìli tgl`r bfflmol whs mbt tbb slr`bus br iljèlrhtljy rlocjlss :ULFLULMOL J@MC= rlprlslmts

hm hi gbo hpprbhog tb rlaujht`bm wglrl sjhps bm tgl wr`st hrl ghrijy h iltlrrlmt tb btglrs, hmi fh`j tb

rlobam`zl tgl jbssls fholi ey `mmbolmt eysthmilrs wgb ghvl ellm hfflotli ey `dprbplr prhotòls.

Ygl @mst`tutl bf Oghrtlrli Hoobumthmts (_ued`ss`bm 5;?) irhws httlmt`bm tb H_@Os v`thjjy dpbrthmt rbjl

`m prbdbt`ma obmfìlmol hmi sthe`j`ty `m bur ohp`thj dhrclts, wgòg `m turm `dphots bm tgl hot`v`t`ls bf

obrpbrht`bms hmi eus`mlssls erbhijy, hs wljj hs hjdbst lvlry Hustrhj`hm gbuslgbji. Ygl sthtldlmt `m

lfflot irhws httlmt`bm tb wìlsprlhis ilfò`lmo`ls `m tgl why tgl systld bplrhtls hs gàgjàgtli ey

sued`ss`bm hftlr sued`ss`bm.

Ygl`r sued`ss`bm hjsb irhws httlmt`bm tb tgl mlli fbr sbumi rlaujhtbry rla`dl tb prbtlot tgl obdpujsbry

suplrhmmuht`bm bf Hustrhj`hm wbrclrs, ey stht`ma hjdbst lvlry Hustrhj`hm mbw ghs h sthcl `m tgl bmab`ma

sthe`j`ty hmi trhmsphrlmoy bf bur ohp`thj dhrclts.

Ygl oghrtlrli hoobumthmts ibmt slld tb rlhj`zl tght tgl dhnbr`ty bf dhrclt ilhj`mas hrl bphqul tb tgl

dhrclt hmi tght tgl dhrclt `tsljf bplrhtls hs hm um-jlvlj pjhy`ma f`lji. Gbwlvlr tgly iì hsslrt tght tglrl

ghs ellm hm hpphrlmt jhoc bf w`jj`mamlss bmH_@Os phrt tb wbrc m hm bplm hmi sghrli dhmmlr `m brilr tb

slourl tgl ràgt butobdls `m tgl dhrcltpjholwgòg `s pbssèjy h vl`jli sw`pl ht H_@Os tlmilmoy tb

hivhmtahl sbpg`stòhtli `mvlstbrs bvlr hjj btglrs. Ygl fh`jurl tb oghral \E_ fbr trhi`ma `rrlaujhr`t`ls w`tg htrhi`ma sp`cl m Botbelr jhst ylhr :Ulflr> \E_ oj`lmt `m spbtjàgt bm trhi`ma sp`cl = `s ylt hmbtglr lxhdpjl

bf tgl eà-lmi bf tbwm altt`ma bff jàgtjy lsplo`hjjy wglm obdphrli tb tgl bvlr-tgl-tbp rlhot`bm hssbo`htli

w`tg tgl Nbmhtgbm Dbyjhm fhjsl ldh`j `moìlmt obmolrm`ma Qg`tlghvlm Obhj.

_ued`ss`bm 5;? hjsb pb`mtli tb tgl tlmilmoy ey rlaujhtbry halmo`ls tb jhy rlspbmsè`j`ty fbr pbbr

rlaujhtbry butobdls ht tgl fllt bf btglr halmo`ls, rhtglr tghm el`ma sllm tb bplrhtl hs bml obgls`vl arbup

bf jhw lmfbroldlmt halmo`ls. _uog elghv`burs pb`mt tb sljf slrv`ma hot`v`ty hmi tgl jbbc`ma hftlr bf lj`t`st

dhtls rhtglr tghm h obmolrtli lffbrt tb hid`m`stlr nustòl hmi tb lmsurl tgl gàglst sthmihris bf ltgòhj

prhotòl hrl dh`mth`mli w`tg`m tgl f`mhmol `miustry.

Ygl sued`ss`bm ey tgl @miustry _uplr hssbo`ht`bm (@_H), mudelrli 5;8, ldpghs`zli H_@Os d`ss`bm tb

lmsurl tght tgl dhrclts hrl fh`r hmi trhmsphrlmt, suppbrtli ey obmfìlmt hmi `mfbrdli `mvlstbrs hmi

obmsudlrs,wgòg hah`m rlprlslmts tgl sthmihri dhmtrh frbd H_@O hmi tgl `miustry, eut umfbrtumhtljy,

wght boours `m prhotòl `s fhr i`fflrlmt. H arbw`ma rlobam`t`bm bf H_@Os sgbrtfhjjs hmi fh`jurls tb hot dlhms

tght suog ojh`ds hrl `morlhs`majy rlahrili w`tg oymò`sd. Ygl `mlv`thejl butobdl `s h rliuot`bm `m rlsplot

fbr tgl pbs`t`bm bf dhrclt rlaujhtbr wgòg slrvls tb lxholrehtl trhi`ma heusls hmi mbm-obdpj`hmol.

Ygl @_H sued`ss`bm `mi`rlotjy irhws httlmt`bm tb `ssuls prlslmtli `m tgl obdpjh`mts thejli `m tg`s wr`tlrs

sued`ss`bm (`.l., H_@O Obdpjh`mts 5;8?-8 tb 5;8?-9 :J@MC=), hmi `m phrtòujhr rlahri`ma Obdpjh`mt 5;8?-9.

Ygl prbejld `s tght rlslhrog tght quhmt`f`ls tgl `dphot bf trhi`ma bm tgl rla`stlrs bf puejò obdphm`ls hmiìlmt`fy`ma tgl `dphot bf hjabr`tgdò trhils bm pròls, ghsmt ellm ibml ey tgl `miustry, hmi `f `t wlrl, `t `s

j`cljy tght tgly (`.l., tgl @_H, hmi fbr tght dhttlr, hjj btglr sthclgbjilrs) wbuji el lxolli`majy dbrl vbohj

hs tgl prbejlds hrl houtl.
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9/12

0

Gbwlvlr tgl @_H iì dlmt`bm tgl fbjjbw`ma>

Ygl @_H dhil h mudelr bf sued`ss`bms tb H_@O `m rljht`bm tb GFY hot`v`t`ls, wgòg wl elj`lvl hrl ihdha`ma

tb jbma-tlrd `mvlstbrs suog hs suplrhmmuht`bm fumis. H_@O umilrtbbc h tgbrbuag obmsujtht`bm prbolss bm

Gàg Frlqulmoy Yrhi`ma hmi Ihrc [bbjs, wgòg ujt`dhtljy rlsujtli `m sbdl`dprbvldlmts `m tgl

trhmsphrlmoy rlqu`rldlmts hmi dbm`tbr`ma bf GFY, hjel`t mbt ab`ma hs fhr hs tgl rlobddlmiht`bms

prbpbsli ey @_H. @_H w`jj obmt`mul tb strbmajy hivbohtl fbr furtglr tàgtlm`ma bf tgl rlaujht`bm bf GFY hmi

obmsìlrht`bm bm dhrclt struoturl `ssuls sb tght h gbj`stò hpprbhog ohm el thclm w`tg tgl v`lw tb orlht`ma

fh`rlr hmi dbrl lffò`lmtohp`thj dhrclts.

Ygl fh`rmlss `ssuls wlrl pbj`tljy umilrsthtli ey tgl @_H, eut hjsb, mbt hiirlssli whs tgl `dphot tght

dhm`pujht`vl sgbrt sljj`ma ghs bm suplrhmmuht`bm pbrtfbj`bs. Ygl `ssul bf oustbi`hms jlmi`ma dldelrs

sghrls fbr tgl pr`dhry elmlf`t bf glial fumis hmi btglrs, rlsujt`ma `m suesthmt`hj jbssls tb tgl bwmlrs bf

dhmhali sghrls `m rlturm fbr dlharl jlmi`ma flls, rlprlslmts tgl ljlpghmt `m tgl rbbd obmolrm`ma tgl

dhmhali fumis `miustry. :Ulflr> _gbrt sljjlrs r`ma up $15em prbf`t bvlr 87 dbmtgs=. Ygl lxtlmt bf

prbejlds rlahri`ma GFY wlrl mbt fjhaali l`tglr eut tgl @miustry _uplr Mltwbrc (@_M) ghs ibml sb `m h

prlss rljlhsl :Gàg _plli Yrhils Obst $8.


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_ued`ss`bm 805 gàgjàgts lxhotjy gbw obdprbd`sli tgl systld bf rlaujht`bm `s umilr H_@Os whtog hmi

hah`m gàgjàgts wgy plbpjl ibmt obdl fbrwhri. Ygl lxtlmt bf suetlrfual hmi ohdbufjhal tght fho`j`thtls

`mlfflot`vl obdpjh`mt rlsbjut`bm `s hjhrd`ma. _b tbb `s H_@Os rbjl `m cmbw`majy obmtrèut`matb h systld tght

lmsurls tght prbejlds ghvl j`ttjl oghmol bf el`ma lfflot`vljy hiirlssli. Ygl fbjjbw`ma ojhr`fòht`bms `m

_ued`ss`bm 805 tght wlrl dhil `m rljht`bm tb tgl F`mhmo`hj Bdeuisdhms _lrvòl (FB_) hmi H_@O, hrl bf

phrtòujhr obmolrm>

.

b H_@O ghs lmsurli tght tgl F`mhmo`hj Bdeuisdhms _lrvòl (FB_) `s tgl bmjy hvh`jhejl hvlmul fbrh obmsudlr tb jbial h obdpjh`mt hah`mst h Ehmc br f`mhmo`hj `mst`tut`bm. H_@O rlflrs obmsudlrs

tb FB_.

b H_@O ibls mbt `mfbrd obmsudlrs tght FB_ `s h obdphmy bwmli hmi fumili ey `ts sthclgbjilrswgb hrl j`cljy tb el tgl shdl f`mhmo`hj slrvòls prbvìlrs (F_[s) hah`mst wgbd h obmsudlr

obdpjh`mt w`jj el jbiali.

b FB_ `s h obdphmy wgòg hots `m tgl `mtlrlsts bf F_[s dbrl tghm `t ibls fbr obmsudlrs.b Yb a`vl hm h`r bf puejò jla`t`dhoy tb `ts ojh`ds tb el h prbvìlr bf fh`r hmi `milplmilmt i`sputl

rlsbjut`bm fbr obmsudlrs tgl FB_ dhcls mudlrbus hmi lxtlms`vl rlflrlmols tb H_@O bm tgl

Ylrds bf Ulflrlmol phal bf `ts wle s`tl.

b Ygl F_[ br ehmc `mvbjvli `m hmy slr`bus systldò `ssul `s mlvlr mhdli `m hmy rlqu`rli quhrtlrjyrlpbrt`ma tb H_@O, tgl FB_ ibls mbt mhdl tgl F_[ br ehmc puejòjy, hmi obmsudlr `mfbrdht`bm

fumihdlmthj tb tgl prbtlot`bm bf obmsudlr ràgts `m Hustrhj`h `s purpbsljy w`tgglji frbd lvlry

dldelr bf tgl puejò.

b Ygl H_@O rlpbrt`ma fumot`bms bf tgl FB_, wgòg ghvl ellm hpprbvli ey H_@O, ghvl slrvli tblmsurl tght dldelrs bf tgl puejò ghvl mlvlr ellm `mfbrdli bf hmy systldò `ssuls rljht`ma tb

ehmc`ma hmi tght ehmcs tght lmahal `m dhjhid`m`strht`bm `m Jlmi`ma hrl mlvlr mhdli

puejòhjjy.

b Ygl OODO dbm`tbrs suesorè`ma ehmcs obdpj`hmol w`tg tgl Obil. \milr tgl Obil lhog ehmcharlls tb jbial hm Hmmuhj Ulpbrt w`tg tgl OODO hebut tgl`r obdpj`hmol w`tg Obil bejàht`bms

iur`ma tgl rlpbrt`ma ylhr. _`mol 5;;7 tg`s ghs s`dpjy ellm `m tgl fbrd bf h qulst`bmmh`rl `ssuli

ey tgl OODO wgòg hots hs h sljf-hsslssdlmt ey ehmcs w`tg rlahri tb obdpj`hmol w`tg tgl

Obil. Yglrl `s mb lxtlrmhj rlpbrt`ma rlqu`rldlmt ey tgl OODO tb H_@O hmi el`ma h ebiy fumili

ey f`mhmo`hj slrvòl prbvìlrs tglrl `s mb obmtrbj bvlr tgl OODO ey H_@O.

b H_@O tglrlfbrl dh`mth`ms `tsljf obmvlm`lmtjy ej`mi tb tgl ìlmt`ty bf hmy ehmc `mvbjvli `msystldò `ssuls bf Dhjhid`m`strht`bm `m Jlmi`ma hmi rlpbrts mbtg`ma tb obmsudlrs br tb tgl

Hustrhj`hm Abvlrmdlmt. Ehmcs `mvbjvli `m Dhjhid`m`strht`bm `m Jlmi`ma wgbsl ìlmt`ty `s

cmbwm ey tgl FB_, tgl OODO hmi ey tgl obmsudlrs wgb ghvl jbiali obdpjh`mts w`tg tgl FB_,

obmt`mul bm w`tg eus`mlss hs usuhj, slourl m tgl cmbwjlial tght tgl puejò w`jj mlvlr cmbw.

b Ojh`ds ey H_@O tght `t `s h ahtlcllplr br tght `t prbdbtls ahtlcllp`ma `m tgl f`mhmo`hjslrvòls slotbr hrl mbt fbumili `m fhot br suppbrtli ey hot`bms.

b Obmsudlrs hrl mbt trlhtli fh`rjy br `dphrt`hjjy wglm ilhj`ma w`tg FB_. Ygl FB_ ghs lsthej`sglih _lourl _lrvòls hrlh bm `ts wles`tl. Ygl FB_ ghs bml slourl slrvòls hrlh fbr `ts dldelrs

`mojui`ma ehmcs hmi f`mhmo`hj slrvòls prbvìlrs, hmbtglr slphrhtl bml fbr obmsudlr hivbohtls,

hmi mb slourl hrlh ht hjj fbr obmsudlr obdpjh`mhmts.

b Hoobri`ma tb tgl FB_ ey dì 5;85 dbrl tghm


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b FB_ shys tght dldelrs wgb ghvl ghi systldò `ssuls ohm v`lw hmi ibwmjbhi rlpbrts bm tglsl`ssuls. Qght tg`s `m lfflot dlhms `s tght sthff bf ehmcs hmi `msurhmol obdphm`ls ohm frlljy v`lw

tgl FB_ rlpbrts bm obmsudlr i`sputls `m prbarlss w`tg ehmcs ht hmy t`dl. Yg`s pjhols

obmsudlrs wgb ghvl jbiali obdpjh`mts w`tg FB_ ht h slvlrl hmi umfh`r i`shivhmthal.

_ued`ss`bm 805 `s fboussli bm tgl ehmc`ma/jlmi`ma `miustry gbwlvlr tgl sghrl dhrclt `s struoturli `m h

s`d`jhr why w`tg gàg jlvljs bf ohdbufjhal prbtlot`ma jhral vbjudls bf spur`bus trhmshot`bms w`tg j`ttjl

lfflot`vl hot`bm thclm tb hiirlss systldò prbejlds. Yglm tglrl `s tgl sthmihri Ql Ibmt ghvl h [rbejldQ`tg @t dhmtrh `m rlspbmsl tb prhotòhjjy hjj obdpjh`mhmts wgb qulst`bm wght `s hjjbwli tb thcl pjhol.

_ued`ss`bm 80; prbvìls ylt hmbtglr lxhdpjl bf tgl trlhtdlmt ghmili but ey H_@O `m hiirlss`ma

obdpjh`mts bf h slr`bus mhturl. @t hah`m obmvlys wgy plbpjl hrl rljuothmt tb obdl fbrwhri

:Xubtl= @ sued`t tgl fbjjbw`ma lxhdpjl wgòg w`jj sgbw h rlhiy-dhil bppbrtum`ty dhil hvh`jhejl tb H_@O

tb hss`st `m dh`mth`m`ma h gàg sthmihri bf f`mhmo`hj hivòl wgòg whs hjjbwli tb "ab elaa`ma". Ygl rlhj

rlhsbm wgy tg`s whs sb, @ hd st`jj mbt surl bf tb tg`s ihy. Qght `s plrt`mlmt `m tg`s `msthmol whs tgl fhot tght

ilsp`tl tgl lvìlmol el`ma ghmili tb H_@O ey h gàg jlvlj puejò slrvhmt, tglrl whs mb lffbrt dhil tb

pursul tgl fhotuhj lvìlmol hmi hjjlaht`bms bf lxtrldljy slr`bus erlhogls rlpbrtli. Jhstjy, H_@O hjsb fh`jli`m h dbst ehsò why ey mbt lvlm ebtglr`ma tb cllp dl br dy oj`lmts `mfbrdli, wgòg splhcs tb h oujturhj

jhoc bf ldphtgy hmi umilrsthmi`ma hs tb wght lfflot tgly ohm ghvl tb prbtlot plbpjls' f`mhmols hmi wgy

tgly ujt`dhtljy ib lx`st, wgòg `s tb slrvl tgl puejò wgb obmtrèutl tb tgl`r euialt.

_`x dbmtgs jhtlr @ ghi tb ohjj H_@O dysljf tb f`mi but wght prbarlss ghi ellm dhil, bmjy tb el tbji "@'d

sbrry eut H_@O ibls mbt ghmijl `mi`vìuhj obdpjh`mts eut bmjy systldò prbejlds".

H_@O Obdpjh`mts 5;8?-8, 5;8?-5 hmi 5;8?-? obdprlglms`vljy rlvlhj tght H_@O ibls mbt lvlm ghmijl

systldò prbejlds. @mstlhi, tgly hrl `moj`mli tb s`dpjy nust jbbc tgl btglr why w`tg mb lxpjhmht`bms br

ojhr`fòht`bms bfflrli ilsp`tl bev`bus obmfjòts w`tg lx`st`ma jhws tght hiirlss sghrl dhrclt dhm`pujht`bm.

Ygl obdpjh`mt ey tgl Bdeuisdhm Bffòl (Mb. 870) bmol hah`m irhws httlmt`bm tb Qgy [lbpjl ibmt Obdl

fbrwhri, ey rlflrr`matb `ssuls w`tg tgl H_@O wles`tl hmi gbw uslr umfr`lmijy `t `s.

Hmbtglr obddbm tgldl `m obdpjh`mts rlol`vli ey tgl Bdeuisdhm `s tght oj`lmts hrl bftlm umsurl hebut

gbw tb obdpjh`m tb H_@O hebut H_@O. Qg`jl H_@Os wles`tl obmth`ms h ojlhr glhi`ma, gbw tb obdpjh`m, tgl

sueslqulmt j`st bf j`mcs ibls mbt bfflr h ojlhr hmi lxpjò`t bppbrtum`ty tb dhcl h obdpjh`mt hebut H_@O.

Yglrl `s hjsb rbbd fbr H_@O tb furtglr `dprbvl `ts obddumòht`bm w`tg obdpjh`mhmts.

Bml bf tgl dbst frlqulmt obdpjh`mts tght tgl Bdeuisdhm rlol`vls hebut H_@O `s tght `t ghs mbt

`mvlstàhtli hmi/br thclm lmfbroldlmt hot`bm `m rljht`bm tb h rlpbrt bf d`sobmiuot br erlhog bf jla`sjht`bm.Obdpjh`mhmts typòhjjy sthtl tgly ghvl rlpbrtli tb H_@O wght tgly elj`lvl tb el h sàm`fòhmt hot bf

d`sobmiuot br erlhog bf jla`sjht`bm ey h i`rlotbr, btglr obdphmy bffò`hj br h obdphmy `tsljf. Fbjjbw`ma

rlol`pt bf h jlttlr frbd H_@O rlspbmi`ma tb tgl obdpjh`mhmts rlpbrt bf d`sobmiuot hmi hiv`s`ma tght `t w`jj

mbt `mvlstàhtl, tgl obdpjh`mhmt obmthots tgl Bdeuisdhm elohusl tgly obmsìlr H_@O `s mbt dllt`ma `ts

rlspbmsè`j`ty hs h rlaujhtbr.

Ygl Bdeuisdhm Bffòl hjsb rlflrs tb tgl obmfjòt bf gbw obdpjh`mhmts v`lw H_@O hmi gbw H_@Os v`lws `ts

bwm rbjl, hs plr hivòl bm tgl H_@O wles`tl.

Hjj rlpbrts bf d`sobmiuot tght wl rlol`vl prbvìl us w`tg vhjuhejl `mfbrdht`bm, eut mbt lvlry dhttlrerbuagt tb bur httlmt`bm rlqu`rls us tb thcl hot`bm. \milr tgl jhws wl hid`m`stlr, wl ghvl tgl i`sorlt`bm

tb iloìl wgltglr tb thcl furtglr hot`bm bm rlpbrts bf d`sobmiuot tght wl rlol`vl. Almlrhjjy wl ib mbt hot


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fbr `mi`vìuhjs hmi wl w`jj sllc tb thcl hot`bm bmjy bm tgbsl rlpbrts bf d`sobmiuot wglrl bur hot`bm w`jj

rlsujt `m h arlhtlr `dphot `m tgl dhrclt hmi elmlf`t tgl almlrhj puejò dbrl erbhijy.

Ygl systld bev`busjy prbvìls H_@O w`tg duog fjlxè`j`ty gbwlvlr ey mbt us`ma `ts `mvlstàht`vl pbwlrs `m

rljht`bm tb `ssuls tght pbtlmt`hjjy hfflot hjj `mvlstbrs bm tgl H_W, hmi wgòg `f prbplrjy `mvlstàhtli hrl

j`cljy tb f`mi erlhogls bf lx`st`ma jhws rljht`ma tb dhrclt dhm`pujht`bm hs obvlrli ey tgl Obrpbrht`bms Hot

hmi erlhogls bf prbv`s`bms obmolrm`ma ohrtlj hot`v`ty hs hiirlssli ey tgl HOOO. @mhot`bm ey H_@O dhy

hdbumt tb h ilrljòt`bm bf iuty hs plr Hmml Jhdpls beslrvht`bms rhtglr tghm jla`t`dhtl i`sorlt`bmhry

bvlrsàgt.

F`mhjjy, `t `s hjsb mbtli tght h sdhjj mudelr bf sued`ss`bms ghvl almlrhjjy obdl but `m fhvbur bf H_@O hmi

ghvl rlobddlmili tght H_@O el a`vlm hoolss tb hii`t`bmhj fumi`ma. Gbwlvlr suog sued`ss`bms

obmvlm`lmtjy ambrl H_@Os fh`j`mas w`tg h glhi-`m-tgl-shmi hpprbhog tght pbssèjy suaalsts hm lj`t`st

obmmlotlimlss, hm lsthej`sgdlmt ojue, br lvlm sljf-slrv`ma `mtlrlsts wgb ghvl i`rlotjy br `mi`rlotjy ellm

phrty tb h jbt bf tgl hmast almlrhtli w`tg`m tgl systld. Ygl mlli fbr h _lmhtl Lmqu`ry `s olrth`mjy

tlst`dbmy tb tgl hdbumt bf frustrht`bm tght plrdlhtls tgl f`mhmo`hj dhrclts.

Ygl bvlrwgljd`ma rlspbmsl tb tgl lmqu`ry `s ojlhrjy rlvlhj`ma tght tgl jhral-pjhylrs `m tgl f`mhmo`hj

systld, `mojui`ma tgl rlaujhtbr tgrbuag mbt lfflot`vljy i`soghra`ma `ts iut`ls, hrl obdpjò`t `m hjjbw`maHustrhj`hm o`t`zlms tb el systldhtòhjjy phrtli frbd tgl`r hsslts hmi shv`mas w`tg j`ttjl rlobursl tb nustòl.

Gàgjy iue`bus ilhj`mas ghvl fjbur`sgli `m>

b tgl sghrl dhrcltwglrl trhi`ma `s ml`tglr fh`r br trhmsphrlmt hmi mbr ibls `t fumot`bm w`tg `mtlar`tyht hjj t`dls, wglrl tgl pbrtfbj`bs bf rlth`j `mvlstbrs hmi `mvlstbrs `mvbjvli `m dhmhali fumis, hs

wljj hs ldlra`ma obdphm`ls, hrl hjj umfh`rjy thraltli ey umsorupujbus trhi`ma prhotòls3

b tgl ehmc`ma `miustrywglrl ebrrbwlrs ghvl ellm bm tgl rlol`v`ma lmi bf ojlvlrjy orhftli ehmcjlmi`ma rbrts3 hmi

b tgl obmsudlr f`mhmol/`mvlst`ma slotbrwglrl plbpjl ghvl ellm bm tgl rlol`v`ma lmi bf`mvlstdlmt sohds.

Hs pb`mtli but `m sued`ss`bm 876, tgl euoc rlhjjy ibls stbp w`tg H_@O hmi `t `s up tb tgl _lmhtl Lmqu`ry tb

thcl tgl f`rst stlps tb `m`t`htl hm bvlrghuj bf hjj fholts bf H_@Os bplrht`bms tb lmsurl tght `t lfflot`vljy

ilj`vlrs hjj bf tght wgòg `s lxplotli bf `t. Ygl lxplotht`bms hrl ht jlhst spljt but `m H_@Os auì`ma

sthtldlmts hmi `m Yrlhsury er`lfs wgòg dhcl tgl ourrlmt s`tuht`bm sb umtlmhejl, hs tgl nbe ojlhrjy `smt

altt`ma ibml hs wljj hs `t sgbuji el. Hustrhj`h ohmmbt obmt`mul tb tbjlrhtl h s`tuht`bm wglrl tgl f`mhmo`hj

dhrclts hrl suesthmt`hjjy obdprbd`sli hmi rlaujht`bm `s wìljy rlobam`zli hs el`ma `mlfflot`vl.

Hssud`ma tgl _lmhtl Lmqu`ry ghs tgl mlolsshry wglrlw`tghj hmi tgl hutgbr`ty tb dhcl h i`fflrlmol, `t `s

gbpli tght tgl ibml ilhj hrtòjl prbfflrli ey tgl _yimly Dbrm`ma Glrhji `s why bff tgl dhrc, hmi nust

rlprlslmts hmbtglr lxhdpjl bf dli`h glhij`mls el`ma usli tb try hmi dhmhal lxplotht`bms fbr tgl elmlf`t

bf vlstli `mtlrlsts.

ASIC Senate Submission Update 1

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