ECN Review of Crowdfunding Regulation 2014

8/10/2019 ECN Review of Crowdfunding Regulation 2014

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www.eurgpelrgwhiumhnmf.grf

Pevnew gi Lrgwhiumhnmf Pefucatngm 0:18

0

\LCA OEP

Xke lgmtemt gm tkns pu`cnlatngm ns giiereh gmcy as a pu`cnl servnle amh hges mgt lgmstntute sgcnlntatngm grprgvnsngm gi cefac ahvnle. Xkns pu`cnlatngm skguch mgt è useh as a su`stntute igr g`tanmnmf cefac ahvnleirgo am attgrmey cnlemseh gr autkgrnseh tg praltnle nm ygur durnshnltngm. ^gu skguch acways lgmsuct asunta`cy quacnineh attgrmey refarhnmf amy spelninl cefac prg`ceo gr oatter. Xke lgooemts amh gpnmngmsexpresseh gm tkns snte are gi tke nmhnvnhuac autkgr amh oay mgt reicelt tke gpnmngms gi tke inro gr amynmhnvnhuac attgrmey.

OZPE\\UO

Pevnew gi Lrgwhiumhnmf Pefucatngm. Nmterpretatngms gi exnstnmf refucatngm lgmlermnmf lrgwhiumhnmf nmEurgpe, Mgrtk Aoernla amh Nsraec, 0:18

Zu`cnskeh `y tke Eurgpeam Lrgwhiumhnmf Metwgrb AN\@C

Ehntgr4 Gcnver Fadha. Cefac Ehntgrs4 Xamda Aslkemèlb-Icgramfe, Xkgoas Mafec

Xkns wgrb ns cnlemseh umher a Lreatnve Lgoogms

Attrnùtngm-MgmLgooerlnac-\kareAcnbe


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Lze lk Pepu`cnl..................................................................................................................................90

1 Pelemt hevecgpoemts nm tke oarbet gi Lrgwhiumhnmf nm tke Lzelk Pepu`cnl ....................................................................................... 90

0 Pelemt hevecgpoemts refarhnmf Lrgwhiumhnmf refucatngm nm tke Lzelk Pepu`cnl................................................................................90

< Lurremt refucatngm gi Lrgwhiumhnmf nm tke Lzelk Pepu`cnl ................................................................................................................... 9

Ira mle........................................... ..................................................... .............................................. >1

1 Pelemt hevecgpoemts nm tke oarbet gi Lrgwhiumhnmf nm Iramle ........................................................................................................... >1

0 Pelemt hevecgpoemts refarhnmf Lrgwhiumhnmf refucatngm nm Iramle ................................................................................................... >:

1 Pelemt hevecgpoemts nm tke oarbet gi Lrgwhiumhnmf nm \cgvab Pepu`cnl .......................................................................................... 1>:

0 Pelemt hevecgpoemts refarhnmf Lrgwhiumhnmf refucatngm nm \cgvab Pepu`cnl................................................................................... 1>:

< Lurremt refucatngm gi Lrgwhiumhnmf nm \cgvab Pepu`cnl ...................................................................................................................... 1>1

8 Cessgms cearmeh irgo tke \cgvab Pepu`cnls refucatngm igr a pgssn`ce karogmnzeh Eurgpeam Lrgwhiumhnmf refucatngm................... 1>8

5 Lgmlcusngm............................................................................................................................................................................................1>8

9 Lgmtalt hetancs gi tke autkgr ................................................................................................................................ ................................ 1>8

\cg vemna .................................................. .............................................. ......................................... 1>5

1 Pelemt hevecgpoemts nm tke oarbet gi Lrgwhiumhnmf nm \cgvemna ...................................................................................................... 1>5

0 Pelemt hevecgpoemts refarhnmf Lrgwhiumhnmf refucatngm ................................................................................................................. 1>5

< Lurremt refucatngm gi Lrgwhiumhnmf nm \cgvemna ................................................................................................................................ .. 1>5

8 Cessgms cearmeh irgo \cgvemnas refucatngm igr a pgssn`ce karogmnzeh Eurgpeam Lrgwhiumhnmf refucatngm.....................................0::

5 Lgmlcusngm............................................................................................................................................................................................0:1

9 Lgmtalt hetancs gi tke autkgr ................................................................................................................................ ................................ 0:1

\p anm ..................................................... ............................................ ............................................ 0:0

1 Pelemt hevecgpoemts nm tke oarbet gi Lrgwhiumhnmf nm \panm............................. .............................................................................. 0:0

0 Pelemt hevecgpoemts refarhnmf Lrgwhiumhnmf refucatngm nm \panm ................................................................................................... 0:

Igrewgrh

Xkns selgmh ehntngm gi gurPevnew gi Lrgwhiumhnmf Pefucatngmpu`cnskeh at tke emh gi 0:18 oarbs yetamgtker oncestgme nm tke wgrb gi tke Eurgpeam Lrgwhiumhnmf Metwgrb, nts oeo`ers amh nts suppgrters.\nmle we kave starteh gur wgrb nm 0:10 amh espelnaccy snmle gur inrst ehntngm gi tkns paper nm 0:1


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Nmtrghultngm

Lrgwhiumhnmf ns am nmlreasnmfcy pgpucar oetkgh gi ransnmf lapntac gver tke nmtermet irgo tke oassoarbet. Nts earcnest sullesses kave gitem èem wntk sglnac gr art-àseh prgdelts. @ut nt ns mgw eoerfnmfas a iumh-ransnmf oetkgh igr start-up lgopamnes, remewa`ce emerfy prgdelts, reac estate prgdelts grgtker lgooerlnac prgdelts (tkns bnmh gi lrgwhiumhnmf ns acsg lacceh "lrgwh nmvestnmf").

Lrgwhiumhnmf lam è very èmeinlnac igr `gtk snhes. Nt prgvnhes igr am actermatnve oetkgh gi inmamlnmfwknlk lam è attraltnve wkere `grrgwers struffce tg quacniy igr iucc iumhnmf irgo trahntngmac sgurles,sulk as àmbs, prnvate equnty kguses amh amfec nmvestgrs. Lrgwh nmvestgrs gm tke gtker kamh lam nmvesthnreltcy nmtg gppgrtumntnes tkat kave mgt prevnguscy èem avanca`ce tg retanc nmvestgrs.

Hue tg tke èmeints lrgwhiumhnmf prgvnhes igr tke inmamlnmf gi soacc amh oehnuo-snzeh emterprnses, tkeEurgpeam Lgoonssngm kas nmhnlateh nts nmtemtngm tg suppgrt lrgwhiumhnmf. Igr exaopce, nm nts FreemZaper gm cgmf-tero inmamlnmf gi tke Eurgpeam elgmgoy pu`cnskeh gm 05 Oarlk 0:1< tke EurgpeamLgoonssngm asbeh kgw "mgm-trahntngmac sgurles gi inmamle, sulk as lrgwhiumhnmf, lam è suppgrteh" . Nmcate 0:1< tke Eurgpeam Lgoonssngm lgmhulteh a pu`cnl lgmsuctatngm asbnmf igr gpnmngms gm a (pgssn`ce)karogmnseh refucatngm gi lrgwhiumhnmf. Allgrhnmf tg a suooarnsnmf lgooumnlatngm, tke EurgpeamLgoonssngm's ano ns tg umceask tke pgtemtnac gi Lrgwhiumhnmf nm tke Eurgpeam Umngm . Xg suppgrt pgcnlyhevecgpoemt nm tkns area, tke Eurgpeam Lgoonssngm kas set up tke Eurgpeam Lrgwhiumhnmf\tabekgcher Igruo (EL\I) as am expert frgup gi knfk cevec represemtatnves gi assglnatngms gilgmlermeh stabekgcher frgups amh matngmac autkgrntnes.

Kgwever, tke Lgoonssngm kas trahntngmaccy hnspcayeh strgmfcy lgmsuoer-prgteltngmnst temhemlnes amhlertanm pu`cnl prgmgumleoemts nt kas oahe nmhnlate tkat amy èmeints nt oay è a`ce tg lgmier tkrgufktke lreatngm gi a karogmnseh snmfce oarbet oay wecc è gutwenfkeh `y refucatgry requnreoemts.

Gm a matngmac cevec, lurremtcy a frgwnmf muoèr gi lgumtrnes are nopceoemtnmf spelninl matngmaclrgwhiumhnmf refucatngms wknlk are mgt karogmnseh. Kemle, nt ns èlgonmf ùrhemsgoe igr Eurgpeamoarbet partnlnpamts tg hevecgp a pam-Eurgpeam lrgwhiumhnmf ùsnmess amh igr lrgwhiumhnmf pcatigrosirgo a`rgah tg emter nmtg tke Eurgpeam oarbet. Xkns tremh fges afanmst tke ano gi esta`cnsknmf aEurgpeam snmfce oarbet amh prgogtnmf lrgwhiumhnmf as a oetkgh gi inmamlnmf gm a Eurgpeam cevec.

Xkns pu`cnlatngm lgmsnhers spelninl matngmac lrgwhiumhnmf refucatngms amh varynmf appcnlatngms giEurgpeam cefnscatngm tg lrgwhiumhers alrgss Eurgpe `gtk mgw amh nm tke igreseea`ce iuture.

Iurtkerogre nt tabes a cggb at tke lrgwhiumhnmf refucatngm nm gtker recevamt lgumtrnes gutsnhe gi tkeEurgpeam Umngm.

Xamda Aslkemèlb-Icgramfe, CC.O

Zartmer, Gs`grme Lcarbe, Feroamy


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1.0 Xke Zurlkase Oghec

\goe Lrgwhiumhnmf pcatigros, espelnaccy sg-lacceh lntnzem-pgwerpcamts ( @rferbraitwerbe), are

àseh upgm a sace-amh-cease-àlb-oghec. Lntnzems ùy snmfce parts gi a ialncnty (e.f. leccs gi a sgcarpgwer statngm) amh cease nt àlb tg tke gperatnmf lgopamy.

As a prnmlnpce, tke lgmlcusngm gi respeltnve purlkase amh cease lgmtralts are mentker su`delt tg a cnlemleallgrhnmf tg tke Ieherac Alt gm @ambnmf gr tke Ieherac Caw gm tke \upervnsngm gi \elurntnes, mgr tg amyselurntnes prgspeltus requnreoemts.

1.< Xke Cemhnmf Oghec (nmhnvnhuacs cemh ogmey tg a lgopamy gr prgdelt nm returm igrrepayoemt gi tke cgam amh nmterest gm tkenr nmvestoemt)

\goe Lrgwhiumhnmf pcatigros giier cgams ( Harcekem) gr su`grhnmateh cgams (Malkramfharcekem).Kemle, nmhnvnhuacs cemh ogmey tg a Lrgwhiumhnmf pcatigro, wknlk nm tke emh returms ogmey wntk

nmterest tg tke cemher. Nm tkns oghec, tke nmvestgr hges mgt skare cna`ncnty igr amy cgsses.\ulk cgams gr su`grhnmateh cgams lam, umher lertanm lnrluostamles, iacc umher tke heinmntngm gi tkelgooerlnac alleptamle gi igrenfm iumhs igr oamafeoemt gr as hepgsnts (hepgsnt ùsnmess2Enmcafemfeslkit ) amh tkereigre requnre a cnlemse gi tke Inmamlnac Oarbet Autkgrnty (Inmamzoarbtauisnlkt IOA).

@gmhs are amgtker pgssn`ncnty tg relenve ogmey irgo nmvestgrs. @gmhs nm femerac hg mgt requnre a cnlemleallgrhnmf tg tke Ieherac Caw gm @ambnmf gr tke Ieherac Caw gm tke \upervnsngm gi \elurntnes, nioarbeta`ce èarer `gmhs gr refnstereh `gmhs are nssueh.

1.8 Xke Hgmatngms gr Pewarhs Oghec (nmhnvnhuacs prgvnhe ogmey tg a lgopamy gr prgdelt igr

èmevgcemt reasgms gr igr a mgm-ogmetary rewarh)Xke Hgmatngms gr Pewarhs Oghec ns oanmcy useh tg inmamle sglnac, lkarnty gr lreatnve prgdelts grlgopamnes. Ogmetary returms are mgt emvnsafeh igr nmvestgrs wkg iumh prgdelts gr lgopamnes amh tkeyentker fet mg returm at acc gr a mgm-ogmetary rewarh (e.f. tnlbets gr gtker rewarhs gi a ratker syo`gcnlvacue).

0 Pelemt hevecgpoemts refarhnmf Lrgwhiumhnmf refucatngm nmAustrna

Umtnc mgw, Austrnam caw hges mgt prgvnhe igr amy expcnlnt cefac àsns igr Lrgwhiumhnmf. Zgcntnlac eiigrtsanonmf igr sulk expcnlnt refucatngm, espelnaccy giHne Frmem - Hne Frme Actermatnve (55:/A(E) [[Y.FZ) amh gi MEG\ Has Meue sterrenlk umh Cnèraces Igruo(90/A@ [[Y. FZ).


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As tg tke prgvnsngms gi lapntac oarbet caw, umher varngus lnrluostamles, tke gperatgr gi aLrgwhiumhnmf pcatigro onfkt heoamh a cnlemle allgrhnmf tg tke Ieherac Caw gm @ambnmf gr tkeIeherac Caw gm tke \upervnsngm gi \elurntnes.

Ogregver, emtrepremeurs nssunmf selurnty papers gr nmvestoemt prghults tg nmvestgrs `y tke oeams gi apu`cnl giier lam è su`delt tg a requnreoemt tg pu`cnsk a prgspeltus, exlept igr exeoptngm lcauses tg èappcnla`ce nm nmhnvnhuac lases.

Xke appcnlatngm gi tke Actermatnve Nmvestoemt Iumhs Oamafer Alt (ANIOF) tg lgopamnes seebnmf iumhs`y oeams gi Lrgwhiumhnmf pcatigros wguch oabe amy attraltnve lgst-rewarh ratng nopgssn`ce. êt, tkeActermatnve Nmvestoemt Iumhs Oamafer Alt ns mgt appcnla`ce ni ogmey lgccelteh hnreltcy serves igrgperatngmac altnvntnes, wknlk, nm severac lases, lam è igr tke èmeint gi Lrgwhiumhnmf gperatgrs, tgg.

Nm lgmsnheratngm gi tke strnlt ruces gi Austrnam lapntac oarbet, tkere are hnslussngms gm-fgnmf wketker

inmamlnmf oghecs sulk as Lrgwhiumhnmf pcatigros skguch è cnèracnzeh amh helgmtrgcceh, yet mgprelnse aoemhoemt gi caw ns nm snfkt.

5 Lgmtalt hetancs gi tke autkgrs

Hr. \teiam \lkeroaner, Oamafnmf ZartmerEoanc4slkeroanerJtso-caw.at

Oaf. Hgrnam \lkoecz, AssglnateEoanc4slkoeczJtso-caw.at

Xgmmnmfer, \lkeroaner, Oanerkgier &Zartmer PelktsamwctePncbepcatz ;1:8: YnemmaAustrnaX4 +8< 1 01; 88 8: 88www.tso-caw.at
http://www.tsm-law.at/http://www.tsm-law.at/mailto:[email protected]:[email protected]


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@ecfnuo1 Pelemt hevecgpoemts nm tke oarbet gi Lrgwhiumhnmf nm @ecfnuo

Hurnmf tke cast 10 ogmtks tkere were tke igccgwnmf snfmninlamt hevecgpoemts nm @ecfnuo refarhnmfLrgwhiumhnmf4

Xke ogst nopgrtamt hevecgpoemt nm tke @ecfnam Lrgwhiumhnmf oarbet ns tke ahgptngm gi spelninlcefnscatngm wknlk `rgahemeh tke prgspeltus exeoptngm igr pu`cnl Lrgwhiumhnmf giiers. Nt ns tgg earcy tgacreahy assess tke nopalt gi tkese mew ruces, actkgufk tkey kave lertanmcy kecpeh tg hraw pu`cnlattemtngm tg tke Lrgwhiumhnmf actermatnves.

Xke cemhnmf amh equnty àseh pcatigros are cnbecy tg è `ggsteh `y tke mew cefnscatngm. Mew emtramts,nmlcuhnmf esta`cnskeh inmamlnac nmstntutngms, kave acreahy ammgumleh tkat tkey wncc sggm caumlk mewLrgwhiumhnmf pcatigros.

Xke ahgptngm gi ANIOH tkns year oay, ùt wncc prgà`cy mgt, kave oulk nopalt gm tke oarbet.

Xke @ecfnam Lrgwhiumhnmf oarbet ns recatnvecy cess hevecgpeh tkam nm sgoe menfk`gurnmf lgumtrnes.

1.1 Xke Equnty Oghec (nmhnvnhuacs oabe nmvestoemts nm returm igr a skare nm tke prgints grrevemue femerateh y tke lgopamy/prgdelt)

Pelemt aoemhoemts gi Aprnc 0:18 tg tke prgspeltus cefnscatngm (hnslusseh ècgw) acsg nmlcuhe a mewexeoptngm tkat emtancs tkat nssuers nssunmf lertanm nmvestoemt nmstruoemts umher tke pu`cnl giiernmfLrgwhiumhnmf Exeoptngm (iurtker hetanceh ècgw) wncc mgt è lgmsnhereh as nmteroehnarnes requnrnmfcnlemsnmf as nmvestoemt inros. Xkns mew exeoptngm, wknlk kas relenveh oulk cess attemtngm tkam tkemew tkreskgchs igr pu`cnl giiernmfs, oay gpem tke hggr tg reac equnty Lrgwhiumhnmf nm @ecfnuo.

Kgwever, tg hate tkere are vnrtuaccy mg Lrgwhiumhnmf pcatigros giiernmf pure equnty Lrgwhiumhnmf.Xke mew @ecfnam Lrgwhiumhnmf cefnscatngm oay meeh a `nt ogre tnoe tg sgrt nts iucc eiielts.

As a lgmsequemle, tke iew Lrgwhiumhnmf pcatigros tkat later tg ùsnmesses nm @ecfnuo hg mgt giierhnrelt equnty partnlnpatngm. Xkey acc use tke Cemhnmf Oghec.

Ogst gpteh igr tkat oghec as tke lgopamy ènmf iumheh `grrgws ogmey irgo tke lrgwh tkrgufk acgam mgte (see ècgw igr iurtker hetancs).

\goe try tg sgoe extemt tg lgoe lcgse tg tke Equnty Oghec `y nssunmf exnt-skarnmf mgtes (ZartnlnpatnveMgtes ) tkrgufk a kgchnmf lgopamy gr gtker prgint skarnmf he`t nmstruoemts. Xke Zartnlnpatnve Mgtes,wknlk are he`t nmstruoemts, are gmcy renoùrseh gmle entker 1::% gi tke skares kech `y tke kgchnmflgopamy (a prgiessngmac lgopamy, lg-nmvestnmf acgmf wntk tke lrgwh) are sgch (nm tke lase gi sulless)gr gmle tke iumheh lgopamy kas èem cnqunhateh (nm tke lase gi iancure). Nmhnreltcy, tkereigre, tke lrgwhns expgseh tg cgsses.


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Xke tnonmf gi repayoemt gi tke mgtes ns ratker umlcear amh ns lgmtrgcceh `y tke prgiessngmac lg-nmvestgr(s). Xke lrgwh kas mg say nm tke iumheh lgopamy. Xkns type gi pcatigro gperates wntknm tkeprgspeltus refnoe as nt ranses ogre tkam EUP


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Xkere ns a femerac perleptngm nm tke @ecfnam Lrgwhiumhnmf oarbet tkat spelnacnst Lrgwhiumhnmfpcatigros kave a lgopetntnve ahvamtafe. As a resuct, we see a varnety gi spelnacnst Lrgwhiumhnmfpcatigro hevecgpnmf gr a`gut tg start umher tke Pewarhs Oghec. Xkese temh tg è nm tke lreatnve seltgr(ousnl, ogvnes, iaskngm, etl.). Xkere are mgw acsg a iew wecc esta`cnskeh Lrgwhiumhnmf we`sntesspelnacnsnmf nm iaskngm, ogvnes amh appcnlatngms hevecgpoemt.

Mgm-igr-prgint grfamnzatngms nmvgcveh nm inmamlnac, sglnac gr artnstnl prgdelts kave acsg èem aogmfst tkeinrst tg use tke Pewarhs Oghec.

Xke rewarhs-àseh pcatigros acc gperate as umcnlemseh pcatigros amh gutsnhe tke prgspeltus refnoe.

0 Pelemt hevecgpoemts refarhnmf Lrgwhiumhnmf refucatngm nm@ecfnuo

0.1 Mew cefac iraoewgrb igr Lrgwhiumhnmf4 aoemheh prgspeltus requnreoemts

@eigre Oay 0:18, tkere was mg spelninl cefnscatngm ahhressnmf Lrgwhiumhnmf nssues.

Nm Oarlk 0:18, tke @ecfnam Inmamle Onmnster ammgumleh a Lrgwhiumhnmf nmntnatnve ahhressnmf oanmcy,ùt mgt gmcy, tke pu`cnl giiernmf tkreskgchs. Xke nmntnatnve was sanh tg ahhress `gtk tke cefac ùrhemsigr prgogters amh nmvestgr prgteltngm .

Gm 6 Oay 0:18, tke @ecfnam Alt gi 05 Aprnc 0:18 (wknlk ns mgt cnonteh tg Lrgwhiumhnmf ùt ahhressehvarngus tgpnls) nmlcuheh varngus prgvnsngms aoemhnmf tke Zrgspeltus Alt (Alt gi 19 Dume 0::9 gm pu`cnlgiier gi nmvestoemts nmstruoemts, aoemheh `y tke Alt gi 16 Ducy 0:1< wknlk laoe nmtg igrle gm 19

Aufust 0:1


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0 Aprnc 0:18 (Vet ètreiiemhe he Actermatneve Nmsteccnmfem vggr Lgcceltneve èceffnmf em kum èkeerhers tke "ANIO Alt") igccgwnmf ntsapprgvac `y tke Zarcnaoemt gm < Aprnc 0:18. Xke ANIO Alt laoe nmtg igrle gm 06 Dume 0:18.

Igr tke ogst part, tke ANIO Alt ns keavncy àseh gm tke hnreltnve. Kgwever, nt nopgses ogre strnmfemtruces gm tke oamafers gi actermatnve nmvestoemt iumhs oarbeteh tg tke pu`cnl.

Xke ANIO Alt appcnes tg acc @ecfnam iumhs wknlk quacniy as ANIs, sulk as reac estate lcgseh-emhehnmvestoemt iumhs (snlains/vastfgehèvabs) 1 , pu`cnl lcgseh-emh prnvate-equnty nmvestoemt lgopamnes(gpemàre prnvab/prnlai pu`cnque, `gtk gi wknlk were, pursuamt tg tke prevngus refucatngm (Alt gi

9 Lgmtalt hetancs gi tke autkgr

Acexns Vglkemoarbt, ZartmerEoanc4acexns.wglkemoarbtJtkaces.è

Xkaces AttgrmeysZcale Zgecaert 91: :: @russecs@ecfnuoX4 +


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\tatutgry rnfkts gi altngm tke GO oust lgmtanm a preslrnèh lgmtraltuac rnfkt gi altngm afanmst tkenssuer igr reslnssngm gr haoafes ni tke selurntnes cefnscatngm wkere tke purlkaser ns resnhemt hges mgtprgvnhe a statutgry rnfkt gi altngm nm tke evemt gi a onsrepresemtatngm nm am GO hecnvereh tg apurlkaser.

Lertninlate tke GO oust lgmtanm a lertninlate pafe tkat states tke GO hges mgt lgmtanm aonsrepresemtatngm wknlk oust è snfmeh `y nmhnvnhuacs kgchnmf lertanm tntces wntknm am nssuer (sulk asLEG amh LIG). Xkns lertninlate oust è true at tke hate tke lertninlate ns snfmeh amh hecnvereh tg apurlkaser. Ni a lertninlate leases tg è true aiter nt ns hecnvereh tg a purlkaser, tke nssuer lammgt alleptam afreeoemt tg purlkase tke selurnty irgo a purlkaser umcess4 (a) tke purlkaser relenves am uphatehGO2 (`) tke uphateh GO lgmtanms a mewcy hateh amh snfmeh lertninlate2 amh (l) tke purlkaser resnfmstke afreeoemt tg purlkase tke selurnty.

Pnsb albmgwcehfeoemt igro a snfmeh rnsb albmgwcehfeoemt igro oust è g`tanmeh irgo ealk

purlkaser amh retanmeh igr enfkt years aiter tke hnstrnùtngm.

Incnmf tke GO amh amy uphate GO tke nssuer oust ince a lgpy gi am GO hecnvereh tg a purlkaser amhamy uphate gi a prevnguscy inceh GO wntk tke selurntnes refucatgry autkgrnty gm gr èigre tke 1: tk hayaiter tke hnstrnùtngm gi tke GO gr uphateh GO.

Gm Oarlk 0:, 0:18, tke Gmtarng \elurntnes Lgoonssngm pu`cnskeh a prgpgsac igr ahgptnmf a varnamt gitke GO Exeoptngm nm Gmtarng àseh, nm part, gm tke Acèrta oghec. Xke selurntnes refucatgrs nm Acèrta,Queèl, \asbatlkewam amh Mew @rumswnlb kave acsg pu`cnskeh igr lgooemt prgpgseh aoemhoemtstg tke exnstnmf igro gi GO Exeoptngm. Gmtarng amh lertanm gtker Lamahnam selurntnes refucatgrs kaveprgpgseh, aogmf gtker tknmfs, nopgsnmf am ammuac nmvest lap gm nmvestgrs gi $


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A refnstereh heacer, sulk as am exeopt oarbet heacer, lam secc selurntnes gm tke nmtermet tghay umherexnstnmf prgspeltus exeoptngms. Xkere are a iew pgrtacs tkat are refnstereh as exeopt oarbet heacerstkat are lurremtcy seccnmf selurntnes gm tke nmtermet wntk ogre expelteh tg caumlk nm 0:15.

Xke Zrgpgseh Equnty Lrgwhiumhnmf Oghec requnres a pgrtac tg è refnstereh as a restrnlteh heacer nmgrher tg secc selurntnes umher tke Zrgpgseh Equnty Lrgwhiumhnmf Exeoptngm. Nm lgmtrast, tke Zrgpgseh\tart-Up Oghec hges mgt requnre a pgrtac tg è refnstereh as a heacer nm tke \tart-Up Durnshnltngms.

Xke mew elgsysteo gi lapntac ransnmf nm lertanm durnshnltngms nm Lamaha wncc, ni nopceoemteh, prgvnhe afrahuateh speltruo igr start-ups, retanc nmvestgrs, ecnfn`ce nmvestgrs amh allrehnteh nmvestgrs asnccustrateh nm tke hnafrao ècgw.

Kumhrehs gi lgooemt cetters were suòntteh nm lgmmeltngm wntk tke Zrgpgseh Equnty LrgwhiumhnmfOghec, tke Zrgpgseh \tart-Up Oghec amh prgpgseh lkamfes tg tke GO Exeoptngm. Nt ns expelteh tkatlertanm Lamahnam selurntnes refucatgrs wncc prgvnhe am uphate gm sulk oatters prngr tg tke emh gi 0:18.Kgpeiuccy, sulk prgpgsacs wncc èlgoe inmac nm sgoe igro amh pu`cnskeh `y Q1 gi 0:15.


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.\lkehuce A

Lgoparnsgm gi tke

Zrgpgseh Equnty Lrgwhiumhnmf Oghec tg tke Zrgpgseh \tart-Up Oghec 0

Zrgpgseh Equnty Lrgwhiumhnmf Oghec(ON 85-1:;)

Zrgpgseh \tart-Up Oghecamh

\asbatlkewam Equnty LrgwhiumhnmfExeoptngm

(@cambet Grher)

N\\UEP PE\XPNLXNGM\

1. Appcnla`ce durnshnltngms

Mgt avanca`ce nm acc Lamahnam durnshnltngms

Gmcy avanca`ce nm tke prgvnmles gi Gmtarng,Oamntgà, Mew @rumswnlb, Mgva \lgtna, Queèlamh \asbatlkewam (tke Appcnla`ce Durnshnltngms)

Mgt avanca`ce nm acc Lamahnam durnshnltngms

Gmcy avanca`ce nm tke Appcnla`ceDurnshnltngms exlept Gmtarng (tke\tart-UpDurnshnltngms)

\asbatlkewam gmcy avanca`ce nm\asbatlkewam

0. Nssuer oust enmlgrpgrateh grgrfamnzeh nm lertanm durnshnltngms

ês

Nssuer oust e nmlgrpgrateh gr grfamnzeh umher

tke caws gi Lamaha gr a durnshnltngm nm Lamaha.

Mg


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8:hays. Xke nssuer lam lgooemle a mew equntyLrgwhiumhnmf giiernmf aiter tke >: hay perngh.

ês

Hnstrnùtngm lammgt reoanm gpem ogre tkam>: hays, exlept nm \asbatlkewam wkere ntlam reoanm gpem igr up tg 1;: hays.

1:. Pequnreoemt tghnslcgse onmnouoamh oaxnouogiiernmf snze nmgiiernmf hgluoemt

ês

Giiernmf lammgt e lgopceteh umcess4(a) onmnouo giiernmf iuccy su`slrnèh2 amh

(`) at tnoe gi lgopcetngm gi tke giiernmf, tke nssuerkas tke inmamlnac resgurles suiinlnemt tg alknevetke mext oncestgme nm nts wrnttem ùsnmess pcam gr, nimg oncestgmes, tg larry gut tke altnvntnes set gut nmnts ùsnmess pcam.

ês

Pequnreoemt tg hnslcgse onmnouo giiernmfaogumt amh oaxnouo aogumt ns nopcneh asènmf $15:,::: ni mgt a stateh cgweroaxnouo aogumt.

Onmnouo aogumt oust è equac tg aogumtmeeheh tg larry gut tke purpgse igr wknlktke iumhs are sgufkt as set gut nm tkegiiernmf hgluoemt.

11. A`ncnty tg umhertabelgmlurremt giiernmfs

umher gtkerprgspeltusexeoptngms

ês

@ut mgt tkrgufk a pgrtac refnstereh as a restrnltehheacer. A restrnlteh heacer pgrtac lam gmcy ranselapntac umher tke Zrgpgseh Equnty LrgwhiumhnmfExeoptngm.

A lgmlurremt giiernmf umher amgtker exeoptngmoust kave tke saoe giiernmf teros.

ês

Kgwever, mg lgmlurremt giiernmf umherZrgpgseh \tart-Up Exeoptngm perontteh2gmcy gtker avanca`ce prgspeltusexeoptngms.

\asbatlkewam hges mgt peront amylgmlurremt giiernmf `y tke nssuer gr amyoeoèr gi tke nssuer frgup igr tke saoeprgdelt umher amy gtker prgspeltusexeoptngm.

10. Pestrnltngms gm ês ês


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Zrgpgseh Equnty Lrgwhiumhnmf Oghec

(ON 85-1:;)



(@cambet Grher)

sgcnlntatngm amhahvertnsnmf

Ahvertnsnmf gm pgrtac nm allgrhamle wntkexeoptngm.

Nmvestgrs lam è hnrelteh tg pgrtacs we`snte `ypaper mgtnle gr sglnac oehna.

Oarbetnmf oaternacs cnonteh tg4

(a) giiernmf hgluoemt2

(`) oaternacs heslrnèh nm giiernmf hgluoemt2 amh

(l) tero skeet gr gtker suooary, nmlcuhnmf avnheg, gi tke nmigroatngm tkat ns nmlcuheh nm tkegiiernmf hgluoemt.

Giiernmf oaternacs lam è oahe avanca`ce tgpgtemtnac nmvestgrs gmcy gm tke pgrtacswe`snte.

105I05I< GiiernmfHgluoemt _.


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(ON 85-1:;)



(@cambet Grher)

a onsrepresemtatngm altngm igr reslnssngm gr haoafes igr aonsrepresemtatngm nm amy oaternacs prgvnheh tgnmvestgrs (Pnfkts gi Altngm ).

0:. Vntkhrawac rnfkt(lggcnmf gii perngh)

ês

Nmvestgrs lam lamlec am nmvestoemt umtnc 8; kgursprngr tg lcgsnmf heahcnme nhemtnineh nm tke nssuersgiiernmf hgluoemt.

Mg

\tncc umher lgmsnheratngm `y tke \tart-UpDurnshnltngms.

01. Pesace restrnltngms ês

Pepgrtnmf nssuers selurntnes are su`delt tg a igur-ogmtk kgch perngh (su`delt tg lertanm gtkerlgmhntngms ènmf oet), ùt selurntnes lam è resgchumher a prgspeltus gr a prgspeltus exeoptngm.

Mgm-repgrtnmf nssuers - selurntnes are su`delt tg amnmheinmnte kgch perngh amh lam gmcy è resgch umheramgtker prgspeltus exeoptngm gr umher aprgspeltus ( Mgm-Pepgrtnmf Nssuer PesacePestrnltngms).

ês

Mgm-Pepgrtnmf Nssuer Pesace Pestrnltngms

Xke Zrgpgseh \tart-Up Exeoptngm ns mgtavanca`ce igr repgrtnmf nssuers.

00. Gmfgnmf hnslcgsurerequnreoemt as aresuct gi tkeexeoptngm

ês

Pepgrtnmf nssuers - oust prgvnhe gmfgnmflgmtnmugus hnslcgsure nm allgrhamle wntkappcnla`ce Lamahnam selurntnes caw requnreoemts.

Mgm-repgrtnmf nssuers - oust prgvnhe ammuacauhnteh inmamlnac stateoemts amh hnslcgse kgw tkefrgss prgleehs gi a lrgwhiumhnmf hnstrnùtngmkave èem expemheh wntknm 10: hays gi am nssuersinslac year emh.

Acsg, am nssuer oust oabe avanca`ce tg selurntykgchers wntknm 1: hays gi tke gllurremle gi gme grogre gi tke igccgwnmf evemts4

(a) a iumhaoemtac lkamfe nm, grhnslgmtnmuatngm gi, tke nssuers usnmess,

(`) a snfmninlamt lkamfe tg tke nssuers lapntacstrulture,

(l) a oadgr regrfamnzatngm, aoacfaoatngm groerfer

Mg

Umcess tke nssuer helnhes tg prgvnhe sulknmigroatngm tg nts skarekgchers gr gtkerwnserequnreh umher appcnla`ce caw (e.f.,lgrpgrate caw).


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(ON 85-1:;)



(@cambet Grher)

(h) a tabe-gver `nh gr nssuer `nh nmvgcvnmf tkenssuer,

(e) a snfmninlamt alqunsntngm `y tke nssuer, amh

(i) lkamfes nm tke nssuers hnreltgrs amhexelutnve giinlers.

(ealk ènmf a Xrnffernmf Evemt Pepgrt).

A mgm-repgrtnmf nssuer reoanms su`delt tg tkea`gve gmfgnmf hnslcgsure requnreoemts umtnc ntèlgoes a repgrtnmf nssuer, leases tg larry gmùsnmess gr kas iewer tkam 51 selurntykgcherswgrchwnhe.

0


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(ON 85-1:;)



(@cambet Grher)

hecnver a lgopceteh Zgrtac NmhnvnhuacsNmigroatngm Igro 05I9.

06. Pequnreh albfrgumhlkelbs `y pgrtac gm

nmhnvnhuacs nmvgcvehwntk nssuer

^es

@albfrgumh lkelbs gm nssuer, hnreltgrs, exelutnve

giinlers, prgogters amh lgmtrgc persgms.

^es

\ee acsg #


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(ON 85-1:;)



(@cambet Grher)

(e) nmtemheh use gi iumhs.

Xke pgrtac wncc mgt è cna`ce igr tke alluraly grlgopcetemess gi tke nssuer nmigroatngm.

Mg pgrtac oay nmlcuhe gm nts we`snte amy nssuernmigroatngm gr lgooumnlatngm tkat appears tg èiacse, heleptnve, onsceahnmf gr lgmtanms aonsrepresemtatngm amh oust teronmate amygiiernmf amh repgrt nooehnatecy tg tke prnmlnpacrefucatgr ni irauh ns hnslgvereh hurnmf tkehnstrnùtngm perngh.

Xke pgrtac wncc tabe reasgma`ce steps tg lgminrotkat tke onmnouo giiernmf ns alkneveh èigreiumhs are tramsierreh tg tke nssuer.

@usnmess pcams wncc è prepareh `y tke nssuersoamafeoemt. Zgrtacs wncc mgt è requnreh tgassess tke lgooerlnac vna`ncnty gi tke ùsnmesspcam (n.e., mg oernt revnew).

@albfrgumh lkelbs gm nssuers, hnreltgrs, exelutnvegiinlers, prgogters amh lgmtrgc persgms wncc èperigroeh `y tke pgrtac tg verniy tkequacninlatngms, reputatngm amh tralb relgrh gi tkepartnes nmvgcveh nm tke bey aspelts gi tke giiernmf.Xke lkelbs wncc nmlcuhe nhemtniynmf lrnonmac amhrefucatgry nssues.


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(ON 85-1:;)



(@cambet Grher)

(`) umherstamh tke femerac strulture, ieatures amhrnsbs gi a selurnty giiereh2

(l) revnew tke nmigroatngm presemteh `y tke nssuergm tke pgrtacs we`snte tg lgminro tkat tkenmigroatngm ahequatecy sets gut tke femeracieatures amh strulture gi tke selurnty, nssuer-spelninl rnsbs, partnes nmvgcveh, amy nhemtninehlgmicnlts gi nmterest, amh tke nmtemheh use gi iumhs2

amh

(h) hemy alless tg am nssuer ni nt kas reasgm tgècneve tkat tke nssuer gr nts giiernmf ns irauhucemt.

eceltrgmnlaccy gmcnme2

(`) accgw am nmvestoemt gmcy gmle tkenmvestgr lgminros gmcnme tkey kave reah amhumherstggh tke giiernmf hgluoemt amhnopgrtamt rnsb warmnmfs2

(l) recease iumhs tg tke nssuer gmcy wkem tkeonmnouo giiernmf aogumt kas èemrealkeh2

(h) emsure tkat acc iumhs relenveh igr amgiiernmf are kech nm trust igr am nmvestgr2amh

(e) prgvnhe tke nssuer wntk hetancs gmnmvestgrs (maoe, ahhress, tecepkgmemuoèr, e-oanc ahhress, hetanc gi purlkase)wntknm 15 hays gi lcgsnmf gi tke giiernmf.


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(ON 85-1:;)



(@cambet Grher)

A pgrtac lammgt4

(a) prgvnhe spelninl relgooemhatngms gr ahvnle tgnmvestgrs a`gut selurntnes ènmf giiereh gm tkenrpcatigro2

(`) sgcnlnt purlkases gr saces gi selurntnes giierehgm tkenr pcatigro (gtker tkam tkrgufk pgstnmf amgiiernmf gm tke pcatigro)2

(l) lgopemsate eopcgyees gr afemts tg sgcnlnt tkesace gi selurntnes gm tkenr pcatigro2(h) kgch gr kamhce nmvestgr iumhs/selurntnes2

(e) nmvest nm amy nssuer gr umherwrnte amy nssuer(su`delt tg relenvnmf iees nm tke igro gi selurntnestkat hg mgt exleeh a 1:% gwmersknp nmterest nm tkenssuer amh iuccy hnslcgseh gm tke pgrtacs we`snte)2

(i) emhgrse gr lgooemt gm tke oernts gr expeltehreturms gi am nmvestoemt tg nmvestgrs (snmle tknswguch lgmstntute a relgooemhatngm gr ahvnle)2 gr

(f) ialncntate selgmhary trahnmf (resaces) nm amy

selurntnes nssueh umher tke exeoptngm.A pgrtac lammgt è recateh tg tke nssuer gi tkeselurntnes.

A pgrtac lammgt4

(a) prgvnhe nmvestoemt ahvnle2 gr

(`) è recateh tg tke nssuer gi tke selurntnesgm tke pgrtac.



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5

Hgmatngms gr Pewarhs Oghec

Hepemhnmf gm tke pcatigro strulture, tkere are fggh reasgms tg arfue tkat tkese bnmhs gi nmvestoemts

hg mgt quacniy as nmvestoemt servnles gr altnvntnes. Xkereigre, tke pcatigro gperatnmf Hgmatngms grPewarhs Oghec skguch iacc gutsnhe gi Lrgatnam inmamlnac servnles refucatngm.


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5 Lgmlcusngm

Lrgatnam praltnle kas gmcy very relemtcy seem tke `nrtk gi tke inrst gperatngmac Lrgwhiumhnmf pcatigro,wknlk kas seeonmfcy gperateh gmcy gme altnve prgdelt tkus iar. Xkere ns acsg lurremtcy mg refucatgryrefnoe nm Lrgatna tkat ns spelninlaccy ahapteh tg Lrgwhiumhnmf. Kgwever, gperatnmf lertanm types giEqunty Oghec gr Cemhnmf Oghec (e.f. tkgse nmvgcvnmf giier gi selurntnes tramsiera`ce gm lapntac oarbets)oay è su`delt tg tke prgvnsngms gi Lrgatnam caw reierrnmf tg selurntnes, nmvestoemt iumhs, lgmsuoerlrehnts amh payoemt servnles. Xkese ruces femeraccy oamhate g`tanmnmf spelninl apprgvacs amh/grrefnstratngms irgo Lrgatnam autkgrntnes prngr tg perigronmf tke refucateh altnvnty. \goe gi tke pgtemtnachutnes, sulk as tke requnreoemt gi cnlemse igr prgvnhnmf lgmsuoer lrehnts gr tke prgspeltus g`cnfatngm,lam femeraccy è avgnheh `y apprgprnate strulturnmf gi tke pcatigro amh/gr tke Lrgwhiumhnmf prgdelt.

Xke ANIOH kas èem igroaccy nopceoemteh nm Lrgatna `y very relemt cglac caws amh refucatngms.Kgwever, tke knstgrnlac calb gi gperatnve Lrgwhiumhnmf pcatigros hnh mgt ceah tg a lkamle igrhevecgpoemt gi a inro refucatgry praltnle nm nmterpretatngm gi cefnscatnve iraoewgrb. Lgupceh wntk tkeialt tkat tkere are yet mg pu`cnskeh gpnmngms gi tke autkgrntnes wknlk lguch giier lgmlcusnve funhamle gmacc tke aspelts gi Lrgwhiumhnmf refucatngm, nt gmcy reoanms tg è seem wketker tkere ns true pgtemtnac igreoerfemle amh amy snfmninlamt frgwtk gi cglac pcatigros.


@grns Amhreda, ZartmerEoanc4 grns.amhredasJà`nl-partmers.kr

@grns @a`n, ZartmerEoanc4 grns.à`nlJà`nl-partmers.kr

@a`n & Zartmers Caw Inro CthMgva lesta 9: (1st Icggr),1: ::: Tafre`LrgatnaX4 +


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91 Lgcc., gm trahnmf, as aoemheh (wknlk refucates trahe cnlemles) (tke XraheCnlemsnmf Alt)2

tke Lapntac Oarbets Alt2 amh

Alt 05


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9;

8.0 Aspelts tkat skguch e avgnheh ("hgm'ts")

Mg spelninl Lzelk refucatngms lurremtcy exnst igr Lrgwhiumhnmf2 ratker tke exnstnmf refucatngms were

ahapteh amh appcneh tg tkns eoerfnmf pkemgoemgm. As a resuct, tke cevec gi nmvestgr prgteltngmrequnreh `y tke refucatngm oay cnont tke vna`ncnty gi soaccer nmvestoemts.

Xke ahonmnstratnve requnreoemts appcneh tg tke Equnty Oghec gitem requnre wrnttem igro wntk mgpgssn`ncnty tg lgopcete sulk steps eceltrgmnlaccy, wknlk wguch `e ogst sunteh tg tke mature giLrgwhiumhnmf. Xke recateh lgsts oay remher nmvestoemts nm soaccer aogumts umelgmgonlac.

Pefucatgry cnontatngms tg tke Hgmatngm Oghec, sulk as a requnreoemt tg refnster Zu`cnl Lgcceltngms amhoanmtanm hetanceh relgrhs gi tke prgvnheh hgmatngms, eiieltnvecy exlcuhe tke vna`ncnty gi tkns oghec.

5 Lgmlcusngm

Hurnmf tke past twecve ogmtks tkere kas `eem frgwnmf nmterest nm Lrgwhiumhnmf nm tke Lzelk Pepu`cnl,actkgufk tkns ns mgt melessarncy reicelteh nm tke aogumt gi exnstnmf pcatigros. Lurremtcy, tke PewarhsOghec reoanms tke ogst pgpucar amh sullessiuc wntk tke Cemhnmf Oghec cgsnmf nts appeac. Hespnterefucatgry lgmstranmts oabnmf nt tke ogst lgstcy varnamt, we expelt tke eoerfemle gi pcatigros usnmftke Equnty Oghec nm tke mear iuture.


Oartnma @eznmgv, Lgumsec

Eoanc4oartnma.`reznmgvaJbnmsteccar.lgo

Ahao Moel, Dumngr AssglnateEoanc4ahao.meoelJbnmsteccar.lgo

Bnmsteccar

Ma pbgp 1>1161> ZrafueLzelk Pepu`cnl

X4 +80:001900111www.bnmsteccar.lgo
http://www.kinstellar.com/mailto:[email protected]:[email protected]


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9>

Hemoarb

1 Pelemt hevecgpoemts nm tke oarbet gi Lrgwhiumhnmf nmHemoarb

Hurnmf tke cast 10 ogmtks tkere were tke igccgwnmf snfmninlamt hevecgpoemts nm Hemoarb refarhnmfLrgwhiumhnmf4

Xke Hamnsk Inmamlnac @usnmess Autkgrnty hnslcgseh gm 1; Mgveoèr, 0:1< a funhamle repgrt gmLrgwhiumhnmf nm Hemoarb amh tke inmamlnac refucatngms, wknlk oay è gi recevamle amh oust èlgopcneh wntk `y sgoe gi tke Lrgwhiumhnmf oghecs.

Nm ahhntngm lurremtcy sevem Lrgwhiumhnmf pcatigros are presemt at tke Hamnsk oarbet lgopareh tg igurpcatigros esta`cnskeh cast year.

Ogregver, gm 0; Aufust 0:18 tke Hamnsk Lrgwhiumhnmf pcatigro www.cemhnmg.hb g`tanmeh a restrnltehautkgrnsatngm irgo tke Hamnsk Inmamlnac \upervnsgry Autkgrnty tg prgvnhe payoemt servnles nm Hemoarbnm allgrhamle wntk seltngm


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1.< Xke Hgmatngms gr Pewarhs Oghec (nmhnvnhuacs prgvnhe ogmey tg a lgopamy gr prgdelt igrèmevgcemt reasgms gr igr a mgm-ogmetary rewarh)

Nm Hemoarb tke Hgmatngms gr Pewarhs Oghec hges mgt nmvgcve amy igro gi inmamlnac nmvestoemt grinmamlnac returm amh tkereigre ns mgt wntknm tke slgpe gi tke Hamnsk inmamlnac refucatngm. Xke Hgmatngmsgr Pewarhs Oghec ns prnoarncy useh tg inmamle sglnac, lreatnve gr lkarnty prgdelts gr lgopamnes.Nmvestgrs nm iumh prgdelts gr lgopamnes mgroaccy relenve mgm-ogmetary rewarhs (e.f. hnslgumts, LHs,tnlbets gr rewarhs gi a syo`gcnl vacue).

0 Pelemt hevecgpoemts refarhnmf Lrgwhiumhnmf refucatngm nmHemoarb

Xke Hamnsk Fgvermoemt kas esta`cnskeh a lgoonttee wkg ns lurremtcy cggbnmf nmtg tke pgtemtnacrefucatngm gi Lrgwhiumhnmf nm Hemoarb. Mg ahhntngmac nmigroatngm kas èem hnslcgseh irgo tkelgoonttee.

< Lurremt refucatngm gi Lrgwhiumhnmf nm Hemoarb

0; gi 8 Aufust 0:18).

Igr tke purpgse gi Hamnsk caw "nmvestoemt servnles" are, nmter acna, relenpt amh arramfeoemt igr tkeallgumt gi nmvestgrs gi grhers nm recatngm tg gme gr ogre inmamlnac nmstruoemts amh, exelutngm gi grherswntk gme gr ogre inmamlnac nmstruoemts.

Inmamlnac nmstruoemts wntknm tke slgpe gi tke Hamnsk Inmamlnac @usnmess Alt nmlcuhe selurntnes amhinmamlnac nmstruoemts.

\elurntnes nmlcuhe skares nm lgopamnes amh gtker selurntnes equnvacemt tg skares nm lgopamnes,partmersknps amh gtker ùsnmesses, amh skare lertninlates, `gmhs amh gtker he`t nmstruoemts, nmlcuhnmf

lertninlates igr sulk selurntnes, amh amy gtker selurntnes gi wknlk selurntnes as oemtngmeh a`gve lam èalqunreh gr sgch, gr fnve rnse tg a lask settceoemt, tke aogumt gi wknlk ns inxeh wntk selurntnes,lurremlnes, nmterest rates gr returms, lgooghntnes nmhexes amh gtker nmhexes amh tarfets as reieremle.

Inmamlnac nmstruoemts are, nmter acna, selurntnes, ogmey oarbet nmstruoemts, umnts nm lgcceltnvenmvestoemt slkeoes, gptngms, iutures, swaps, lrehnt hernvatnves, inmamlnac lgmtralts igr hniieremle amhigrenfm-exlkamfe spgt tramsaltngms.

Ni a Lrgwhiumhnmf pcatigro ialncntates tke giiernmf gi selurntnes gr inmamlnac nmstruoemts, tke gperatgr gitke pcatigro remhers nmvestoemt servnles amh ns tkereigre su`delt tg tke cnlemsnmf requnreoemt umhertke Hamnsk Inmamlnac @usnmess Alt ni tke Lrgwhiumhnmf pcatigro ialncntates tkat nmvestgrs oeet pu`cnl


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cnonteh lgopamnes tkat are seebnmf iumhnmf wntk a vnew tg ialncntatnmf a tramsaltngm nm respelt gi tkeskares nm tke cnonteh lgopamnes. Xke Hamnsk Inmamlnac \upervnsgry Autkgrnty kas nm Mgveoèr 0:1

ogre gr cess wantnmf igr tke Eurgpeam Lgoonssngms nmntnatnve amh tke hevecgpoemt gi tkeLrgwhiumhnmf oarbet nm Inmcamh èigre startnmf amy cefnscatnve altngms. Xke lurremt expeltatngm ns tkat,ratker tkam nopgsnmf mew cefnscatngm, tke refucatgr wncc funhe tke oarbet tgwarhs seci-refucatngm grgtker sgit-caw sgcutngms.

Kgwever, wkem nopceoemtnmf tke OnINH NN hnreltnve, tke Onmnstry gi Inmamle ns lgmsnhernmf usnmf tkegptngmac exeoptngms prgvnheh nm artnlce < gi tke hnreltnve. A cnfkter autkgrnsatngm prgless wguch kemleappcy tg Lrgwhiumhnmf pcatigros usnmf tke Equnty Oghec. Kgwever, tke hnreltnve skacc è tramspgsehnmtg matngmac cefnscatngm `y < Ducy 0:19, amh tkereigre, prgvnhes mg nooehnate recnei igr Equnty OghecLrgwhiumhnmf pcatigros.

Nm respelt gi tke ialt tkat Lrgwhiumhnmf oay è lgmhulteh nm varngus ways, nt ns sgoewkat hniinluct tgassess, wketker sgoe Lrgwhiumhnmf altnvntnes wguch iacc wntknm tke slgpe gi tke Inmmnsk Alt gmActermatnve Iumh Oamafers. Kgwever, nt wguch seeo tkat tke Equnty Oghec amh tke Cemhnmf Oghec, nm

partnlucar, lguch iucinc tke requnreoemts gi tke Alt wkem tke nmvestoemt helnsngms are oahe `y tkeLrgwhiumhnmf pcatigro prgvnhers allgrhnmf tg a pre-afreeh nmvestoemt slkeoe.

Lurremtcy, Lrgwhiumhnmf wgrbs wecc nm tke Inmmnsk oarbet, espelnaccy wkem tke pcatigro prgvnherèmeints irgo statutgry exeoptngms refarhnmf cnlemsnmf amh prgspeltus requnreoemts, amh prgvnhehtkat tke inmamlnmf ns lareiuccy pcammeh. Evem tkgufk tkere are gmcy a iew sullessiuc Lrgwhiumhnmfprgdelts at presemt nm Inmcamh, tke muoèr lgmtnmues tg nmlrease at a inerle speeh. Gme uop nm tke rgahseeos tg è tke Matngmac Zgcnle @garhs nmterpretatngm gi tke Ogmey Lgcceltngm Alt. Igr tkns reasgm,igrenfm oetkghs gi lgmhultnmf Lrgwhiumhnmf prgdelts lammgt è hnreltcy lgpneh nm Inmcamh.


Damme Cauka, ZartmerEoanc4 damme.caukaJlastrem.in

Lastrm & \meccoam Attgrmeys CthEtecespcamahn 18::1


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>:

Casse Yugca, \emngr AssglnateEoanc4casse.vugcaJlastrem.in

Oarnamme Cugtng, AssglnateEoanc4oarnamme.cugtngJlastrem.in
mailto:[email protected]:[email protected]


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>1

Iramle1 Pelemt hevecgpoemts nm tke oarbet gi Lrgwhiumhnmf nm Iramle

Nm 0:18, tke Iremlk Lrgwhiumhnmf emvnrgmoemt kas su`stamtnaccy evgcveh `gtk irgo a oarbet amh arefucatgry perspeltnve.

@aseh gm a repgrt gi tke Iremlk Lrgwhiumhnmf Assglnatngm Inmamle Zartnlnpatnve (a mgt-igr-prgintassglnatngm refrgupnmf a carfe muoèr gi Iremlk prgonmemt pcatigros) hateh Ducy 0:18, tke muoèr gispgmsgrs gm Lrgwhiumhnmf pcatigros nm Iramle exleeheh 1 onccngm pegpce nm Iramle ètweem 0::; amh0:18, igr gver 88,110 prgdelts igr wknlk spgmsgrnmf was prgpgseh gmcnme gver tkns perngh, wntk 1:,666prgdelts igr tke inrst seoester 0:18. Gveracc nmvestoemts gm Lrgwhiumhnmf pcatigros kave hgu`ceh nm ayear irgo EUP


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1.0 Xke Cemhnmf Oghec (nmhnvnhuacs cemh ogmey tg a lgopamy gr prgdelt nm returm igrrepayoemt gi tke cgam amh nmterest gm tkenr nmvestoemt)

Zrgdelts inmamleh umher tke Cemhnmf Oghec kave èem spgmsgreh igr EUP onccngm igr tke inrst seoester gi 0:18.

Ogst gi tke prgdelts tkat giier retrnùtngm igr a hgmatngm umher tke Pewarh Oghec wncc frahuate tkevacue gi tke Pewarh, wknlk lam è mgm-ogmetary, allgrhnmf tg a ta`ce presemtnmf tke hetancs gi tkePewarhs tg è attrnùteh igr a set aogumt gi hgmatngm.

Zcease acsg mgte tkat umher tke Hgmatngm Oghec (mgt umher tke Pewarh Oghec), hgmgrs lam g`tanm a taxrelenpt irgo tke Lrgwhiumhnmf pcatigros amh hehult 99% gi tkenr hgmatngm irgo tkenr nmlgoe tax igrtke recevamt year, igr hgmatngms tg lertanm latefgrnes gi prgdelts.

Femeraccy speabnmf, tke hgmatngms ecnfn`ce tg sulk hehultngms are tkgse oahe tg am emtnty luoucatnmf

tkree lrnterna, n.e. (n) ènmf mgt-igr prgint, (nn) kavnmf mgm-nmteresteh oamafeoemt amh purpgse (g`detsglnac et festngm hsnmtresse), amh gperate nm a way mgt as tg èmeint sgcecy tg gme latefgry gi persgms.

Xke prgonmemt Hgmatngm/Pewarh Oghec pcatigros gm tke Iremlk oarbet tg hate nmlcuhe4

@uc`nmtgwm4 kttp4//www.ùc`nmtgwm.lgo/

Oy oadgr lgopamy4 kttps4//www.oyoadgrlgopamy.lgo/

Ucuce4 kttp4//ir.ucuce.lgo/

Lgwiumhnmf4 kttp4//www.lgwiumhnmf.ir/


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Equnty Oghec - LNZ status

\nmle 1 Gltg`er 0:18, Equnty Oghec Lrgwhiumhnmf pcatigros oay refnster as Lgmsenc em nmvestnsseoemt

partnlnpatni(lrgwhiumhnmf nmvestoemt ahvnsgrs -LNZs). \ulk status was nmspnreh `y tkat gi Lgmsenccer emnmvestnsseoemt inmamlner LNI (inmamlnac nmvestoemt ahvnsgr).

LNZs are tkgse wknlk prgvnhe nmvestoemt servnles nm equnty selurntnes amh lertanm he`t selurntnes gm amnmtermet we`snte lgopcynmf wntk spelninlatngms set igrtk `y tke AOI Femerac Pefucatngms


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ano, tke appcnlamts tg tke LNZs status oust heogmstrate tg tke AOI tkat tkey lgopcy wntk tkenrg`cnfatngms `gtk (n) tg nmigro tkenr lcnemts gm rnsbs assglnateh wntk tkenr nmvestoemts amh tke lgstsassglnateh tkeretg2 amh (nn) tg emsure tkat tke nmvestoemts ecelteh `y tkenr lcnemts ns prgpgrtngmate tgtkenr expernemle, bmgwcehfe a`gut nmvestoemts, inmamlnac lapalntnes amh nmvestoemt tarfets.

Lgmtrarncy tg wkat appcnes igr Z\Ns (see ècgw), LNZs are mgt su`delt tg amy statutgry prgvnsngm as tg aonmnouo skare lapntac amh tkey hg mgt èmeint irgo a Eurgpeam passpgrt nm recatngm tg tkenr altnvntnes.

Equnty nmvestoemts gm Equnty Oghec pcatigros (prgpgseh `y `gtk Z\Ns amh LNZs) are cnonteh tgnmvestoemts nm grhnmary skares (altngms grhnmanres) amh inxeh nmterests `gmhs (g`cnfatngms taux inxe)>.Xke igroercy emvnsafeh sgcutngm tkat ahvglateh igr tke nssuamle gi spelninl skares heprnveh gi vgtnmfrnfkt kas mgt èem retanmeh `y tke fgvermoemt.

As a resuct, selurntnes sulk as warramts, lgmvertn`ce `gmhs, etl. are exlcuheh irgo tke slgpe ginmvestoemts autkgrnseh gm Lrgwhiumhnmf nmvestoemt pcatigros. Kgwever, tke mew refucatngm kasprgvnheh twg snfmninlamt exleptngms tg pu`cnl giiernmf ruces nm Iramle.

Inrst nt prgvnhes igr prgspeltus exeoptngm igr giiers gm Lrgwhiumhnmf pcatigros (see \ee artnlce H. 586-1 LOI1: \ee artnlce C005-1:9, N 0 gi tke Iremlk lgooerlnac Lghe.


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way gi cgams gr hgmatngms (see ècgw), wntknm lgmhntngms amh cnonts set igrtk nm artnlce H58;-1 LOI wntkrefarh tg cgams.

NIZs oay acsg è àmbnmf amh lrehnt nmstntutngms, payoemt nmstntutngms, eceltrgmnl lurremlyesta`cnskoemts, Z\Ns amh LNZs (ni mgt cnlemseh payoemt servnles nmteroehnarnes prgkn`nteh umher tkeLNZ refnoe).

Pefnstratngm as am NIZ ns pgssn`ce ùt mgt oamhatgry igr pcatigros gperatnmf umher tke Hgmatngm amh/grtke Pewarh Oghecs. Ni a hgmatngm gr rewarh pcatigro ecelts tg refnster as NIZ, nt skacc kave tke saoecnlemse amh refnstratngm g`cnfatngms as tkgse appcynmf tg tke Cemhnmf Oghec pcatigros.

Xg quacniy as NIZs, a pcatigro skacc (n) è refnstereh wntk tke GPNA\, (nn) presemt lertanm ogracfuaramtees, (nnn) su`slrnè spelninl nmsuramle pgcnlnes (onmnouo fuaramteeh aogumt tg è set `yhelree)2 amh (nv) a`nhe `y a fggh lgmhult lghe nopceoemteh per tke teros gi tke Grhnmamle.

Xke Helree mg.0:18-1:5< spelnineh (a) tke lgmhntngms gi appcnla`ncnty gi tke fggh lgmhult lghe tgfetkerwntk (`) tke refnstratngm oghacntnes igr tke nmtermet snte gi tke nmteroehnarnes amh (l) tke lgmhntngms giuse gi tke nmteroehnarnes' servnles (see ècgw).

Ni NIZs wnskes tg nopceoemt tramsier gi iumhs ètweem cemhers amh `grrgwers, amh tkereigre alt aspayoemt esta`cnskoemts, tkey wguch tkem meeh tg è autkgrnzeh `y tke ALZP amh tg kgch a cnlemle as apayoemt nmstntutngm ( prestatanre he servnles he paneoemt)umher a snopcnineh refnoe. Nm sulk nmstamle,tkenr skare lapntac skacc at ceast aogumt tg EUP 8:,:::.

NIZs amh lrehnt nmstntutngms wknlk are su`delt tg a hergfatgry pruhemtnac refnoe (refnoe pruhemtnecaccf) lam relenve a oaxnouo payoemt aogumt set tg EUP < onccngm per ogmtk 11.

Am exleptngm tg tke àmbnmf ogmgpgcy kas èem set. Umher tkns statutgry exleptngm, nmhnvnhuacs lamcgam ogmey tg prgdelt larrners gm Lrgwhiumhnmf pcatigros, gm a prgdelt per prgdelt àsns, su`delt tghuratngm amh aogumt cnontatngms. A prgdelt larrner lammgt ranse ogre tkamEUP 1 onccngm per prgdelt gma Lrgwhiumhnmf pcatigro, wketker `y way gi cgam èarnmf nmterests gr mgt. Nmterest-iree cgams arelappeh at EUP 8,::: per year, per prgdelt amh per cemher, wknce mg cnontatngm ns lurremtcy set gm tkenrhuratngm. Nmterest èarnmf cgams are lappeh at EUP 1,::: per year, per prgdelt amh per cemher. Xkey skaccè gi a oaxnouo huratngm gi sevem (6) years. Xkey lammgt è framteh at usury rates (heteronmehallgrhnmf tg a cefaccy `nmhnmf igrouca).

Igr nmterests èarnmf cgams, gmcy nmhnvnhuacs lam alt ascemhers, wknce altnmf nm a mgm-prgiessngmaclapalnty 10 `gtk nmhnvnhuacs gr cefac emtntnes, altnmf nm a prgiessngmac lapalnty, lam alt as`grrgwers 1


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prgvnhe tke nmvestgrs (LNZs) /tkenr lcnemts (Z\Ns) wntk hetanceh nmigroatngm oeamt tg assess tke rnsbsassglnateh wntk tke nmvestoemt, tg peront a ètter umherstamhnmf gi tke grfamnsatngm amh oamafeoemtgi tke èmeinlnary gi tke nmvestoemt.

Z\Ns lam oamafe su`slrnptngm igros wkem tkenr lcnemts su`slrnè tg a prgdelt igr wknlk prgspeltusg`cnfatngms are wanveh ùt skguch mgmetkecess lgopcy wntk tke prgvnsngms gi artnlce


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Nt resucts irgo tke prgvnsngms recatnmf tg tke slgpe gi appcnlatngm gi tke ANOIH nm Iramle amh tkeheinmntngm gi Actermatnve Nmterest Iumhs (ANIs), tkat tkns refucatngm hges femerac mgt appcy tglrgwhiumhnmf pcatigros nm Iramle.

Nmheeh, ANIs are nhemtnineh nm Iremlk caw4

as lgcceltnve nmvestoemt umhertabnmfs, gtker tkam ULNX\s,

wknlk ranse lapntac irgo a muoèr gi nmvestgrs, wntk a vnew tg nmvestnmf nt nm allgrhamlewntk a heinmeh nmvestoemt pgcnly igr tke èmeint gi tkgse nmvestgrs. Umher funhecnmespu`cnskeh `y E\OA (Eurgpeam \elurntnes amh Oarbet Autkgrnty), lkaralternstnls gi sulklgcceltnve nmvestoemt umhertabnmfs are tkat tkey

a) hg mgt kave a femerac lgooerlnac gr nmhustrnac purpgse2

`) pggc lapntac ranseh irgo nts nmvestgrs igr tke purpgse gi nmvestoemt wntk a vnew tg femeratnmfa pggceh returm igr tkgse nmvestgrs2 amh

l) accgw umnt kgchers gr skarekgchers gi tke umhertabnmf mg hay-tg-hay hnslretngm gr lgmtrgc.

Umher tke lurremt refucatngm, amh as amtnlnpateh nm cast year's lgooemts, tke Lrgwhiumhnmf pcatigrostkat wguch è cnbecy tg presemt prgdelts iaccnmf umher tke heinmntngm gi tke ANI's slgpe gi altnvntnes wguchè tkgse gperatnmf umher tke Equnty Oghec.

Equnty Oghec pcatigros hg mgt femeraccy "lgccelt" tke iumhs ranseh `y tke prgdelt kgchers, snmle tkey areprgkn`nteh irgo hgnmf sg umher tke LNZ refnoe. Ogst gi tke prgdelts iumheh gm Equnty Oghec pcatigrosare tg è gperateh `y gperatnmf lgopamnes gr prgdelt lgopamnes wknlk kave a femerac lgooerlnac grnmhustrnac purpgse.

Xkereigre, snmle tke lrnterna heslrnèh a`gve wncc femeraccy mgt è oet `y tke Equnty Oghec iumhehprgdelts, tke ANIOH refnoe skacc mgt appcy tg ogst Lrgwhiumhnmf pcatigros nm Iramle.

Kgwever, tke AOI pgnmteh gut relemtcy tkat tke ANIO refnoe lguch appcy tg Lrgwhiumhnmfgperatngms1; , ni pcatigros lreate kgchnmf lgopamnes tg refrgup skarekgchers gi a snmfce tarfet lgopamytg snopcniy tke recatngmsknps wntk tke prgdelt kgcher, amh nm am exnt perspeltnve wntk a pgtemtnacpurlkaser. Nm sulk a sntuatngm, a lase `y lase amacysns wncc kave tg è lgmhulteh tg heteronme wketkertke lgopamy oeets tke heinmntngm gi ANI, mgta`cy as refarhs nts nmvestoemt pgcnly amh nts lgrpgratepurpgse.

-;99 hateh 15Ducy 0::> wknlk oghnineh tke prgvnsngms gi tke LOI.

Zursuamt tg tke prgvnsngms gi artnlce C501-1, N LOI, " payoemt servnles prgvnhers are payoemtesta`cnskoemts amh lrehnt nmstntutngms".

1; \ee \'nmigroer sur ce mguveau lahre appcnla`ce au inmamleoemt partnlnpatni (lrgwhiumhnmf) Mgte gmlrgwhiumhnmf refucatngms dgnmtcy nssueh y tke AOI amh tke ALZP gm


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As a resuct, amy NIZ Lrgwhiumhnmf pcatigro prgpgsnmf payoemt servnles wkere`y nt fets panh iumhs gmèkaci gi tknrh partnes nm tke iraoewgrb gi lrgwhiumhnmf gperatngms, wncc è altnmf as payoemt servnlesprgvnher.

Zursuamt tg tke prgvnsngms gi artnlce C58;-0, NNN LOI, tke recevamt NIZ skacc è at ceast cnlemseh aspayoemt esta`cnskoemt ( ta`cnsseoemt he paneoemt)`y tke ALZP 1> gr è refnstereh as afemt igrpayoemt servnles prgvnher ( afemt pgur prestatanre he servnles he paneoemt 0: ). Xkese NIZs skacc kave aonmnouo lapntac equac tg EUP 8:,::: 01.

Xke NIZ skacc oemtngm gm nts we`snte at am easncy allessn`ce cglatngm tke oemtngm gi nts allrehntatngm aspayoemt servnles prgvnher 00.

@realk gi tkese prgvnsngms expgses tke lgmtravemnmf pcatigro tg lrnonmac inmes amh oamafeoemt tg`gtk lrnonmac inmes amh danc semtemles0


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Cnontnmf tke oaxnouo aogumt tkat gme lam nmvest gm a prgdelt per year wncc kecp emsuretkat nmhnvnhuacs hg mgt put tkeosecves tgg oulk at rnsb gm a prgdelt igr wknlk tkeyexpelt a returm gm nmvestoemt.

Cnontnmf tke oaxnouo aogumt tkat gme lam ranse gm a pcatigro wncc peront tg tke seltgrtg hevecgp wntkgut pressure irgo tke àmbnmf systeo wknlk wncc mgt emvnsafe tkeLrgwhiumhnmf pcatigros as a tkreat tg tkenr altnvntnes.

Cnonteh amh strnltcy ruceh exleptngm tg tke àmbnmf ogmgpgcy, igr tke iumhnmf gilrgwhiumheh prgdelts.

Cnonteh amh strnltcy ruceh exleptngm tg tke prgspeltus g`cnfatngm, igr tke iumhnmf gilrgwhiumheh prgdelts.

Nopceoemtnmf a recna`ncnty caèc attrnùteh `y pu`cnl autkgrntnes tg tke Lrgwhiumhnmfpcatigros tg peront tg esta`cnsk lgminhemle irgo tke pu`cnl at carfe nm tke altgrs gi tkeLrgwhiumhnmf seltgr.


Zrgvnhnmf igr am g`cnfatngm tg giier gmcy grhnmary skares amh inxeh nmterests `gmhs igrEqunty Oghec prgdelts

g Xke persgms grfamnsnmf tke iumhs ransnmf gm a Lrgwhiumhnmf pcatigro wncc meeh tgamtnlnpate tke hncutngm gi tke lgopamy's iumhers (vgtnmf pgwers) amh oay meeh tg nssuepreierreh skares gr lgmvertn`ce `gmhs ogre intteh tg tke hevecgpoemt gi start-ups2

g Zrgxy ahvnsgr systeos wncc prgà`cy meeh tg è nopceoemteh tg resgcve vgtnmflgcceltngm recateh nssues amh lgsts igr tke recevamt iumheh lgopamnes.

Zrgkn`ntnmf pcatigros irgo tabnmf a cnonteh muoèr gi skares nm tke lapntac gi tke EquntyOghec iumheh lgopamnes, tg alt as prgxy kgchers wknce mgt oghniynmf lgmlurremtcy tkeprgxy ahvnsgr refucatngm amh mgt prgvnhnmf satnsialtgry sgcutngms igr tke grfamnsatngm givgtes at femerac skarekgchers' oeetnmfs.

5 Lgmlcusngm

Xke mew refucatngm kas yet tg prgve nts ahequaly tg tke Lrgwhiumhnmf oarbets meehs amh iurtkerevgcutngm. @aseh gm lgooumnlatngm irgo tke oadgr altgrs gi tke seltgr nm Iramle, true emtkusnasoeoerfes irgo tke gperatgrs wknlk are mgw emsureh tg gperate tkenr altnvntnes nm a cefac iraoewgrbwere tkey are mgt expgseh tg lrnonmac samltngms igr heacnmf nm am umrefucateh seltgr.

Xke Lrgwhiumhnmf gperatgrs nm Iramle expelt tg wntmess a iast amh steahy hevecgpoemt gi ahhntngmacpcatigros tg beep up wntk tke heoamh gi tke Iremlk pu`cnl at carfe, iurtker tg tke emaltoemt gi tkemew refucatngms.

Actkgufk gperatgrs kave fcahcy weclgoeh tke nopceoemtatngm gi tke LNZ amh NIZ statuses,lgooemtatgrs acreahy amtnlnpate tkat wkem frgwnmf pcatigros wncc wamt tg hevecgp tkenr altnvntnes nm


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1:0

gtker inechs amh wncc ogst surecy appcy tg pre-exnstnmf refucatgry statuses (Z\N, lrehnt nmstntutngms, etl.)wknlk giiers ogre `usnmess gppgrtumntnes.

Nt lammgt kgwever `e hemneh tkat Iramle ns a pngmeer nm tke inech gi Lrgwhiumhnmf refucatngm amh tkattke Iremlk fgvermoemt kas oet ogst gi tke gperatgrs' expeltatngms nm respelt tkeretg.

9 Lgmtalt hetancs gi tke aut kgrs

Latkernme Gcnve, Avglat ca Lgur, ZartmerEoanc4latkernme.gcnveJgs`grmelcarbe.lgo

Eve Kulkgm, AssglnateEoanc4eve.kulkgmJgs`grmelcarbe.lgo

Gs`grme Lcarbe11, rue he Pgoe65::; ZarnsIramle

X4 +


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1:

Ni tkese requnreoemts are oet, nm partnlucar mg prgspeltus ns requnreh. Nmsteah gmcy a tkree-pafe ialtskeet ( Yerofemsamcafemnmigroatngms`catt - YN@)oust è prgvnheh tg tke nmvestgrs tg nmigro tkeoa`gut tke lgopamy/prgdelt. Nm ahhntngm, a cnfkter refucatngm umher tke Feroam Nmvestoemt Zrghults Alt(Yerofemsamcafemfesetz) ns appcnla`ce.

Ahvertnseoemt

Kgwever, tke Hrait snfmninlamtcy cnonts tke pgssn`ncntnes tg ahvertnse nmvestoemt prghults. At tke lurremtstafe gi tke Hrait, tkese lkamfes are appcnla`ce tg Lrgwhiumhnmf tg tke iucc extemh.

Xke inrst hrait cnonteh tke pgssn`ncntnes tg ahvertnse nmvestoemt prghults (Yerofemsamcafem) tg lertanmoehna, wkgse oanm tgpnl ns at ceast nmter acna tke presemtatngm gi elgmgonl tgpnls. Iurtkerogre, tkeahvertnseoemt kah tg è recateh tg sulk presemtatngm gi elgmgonl tgpnls. Xke Hrait beeps tkns femeracprnmlnpce. Kgwever, tke pressskacc è exlcuheh. Nm eiielt, tkns oeams tkat ahvertnseoemt igr nmvestoemtprghults ns perontteh nm prnmt oehna as wecc as tkenr gmcnme ehntngms. Ahvertnsnmf laopanfms vnaiale`ggb, twntter gr snoncar sglnac metwgrbs stncc skacc reoanm prgkn`nteh nm femerac.

Xkns refucatngm prevemts Lrgwhiumhnmf pcatigros irgo realknmf tke essemtnac auhnemle igrLrgwhiumhnmf `y apprgalknmf tke `rgah pu`cnl tg skgucher iumhnmf gi uprnsnmf emterprnses `y oeams gipcemty gi soacc nmvestoemts.


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wntk a vnew tg nmvestnmf nt nm allgrhamle wntk a heinmeh nmvestoemt pgcnly igr tke `emeintgi tkgse nmvestgrs2 amh

ns mgt am gperatnmf lgopamy lgmhultnmf `usnmess gutsnhe tke inmamlnac seltgr amhhg mgt requnre autkgrnsatngm pursuamt tg Artnlce 5 gi Hnreltnve 0::>/95/EL (ULNX\).


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Nmvestoemts `y oeams gi su`grhnmateh cgams (Malkramfharcekem) lam femeraccy è strultureh as mgm-ANI nmvestoemts èlause tke nmvestgrs hg mgt skare cna`ncnty igr amy cgsses.


\goe gi tke Zrgdelt Lgopamnes hg mgt giier amy bnmh gi revemue ùt nmsteah (gitem soacc) mgm-inmamlnacrewarhs nm returm (Hgmatngms gr Pewarhs Oghec). Nm tke catter lase (e.f. ni tke prgonseh rewarh ns atnlbet gr a lgpy gi tke ogvne gr faoe) nt lam è arfueh tkat tke iumhs are mgt nmvesteh igr tke èmeint gitkgse nmvestgrs amh tke iumhnmf tkereigre lgmtanms mg lgcceltnve nmvestoemt umhertabnmf amh mg ANI.@aInm kas mgt yet lgooemteh gm a pgssn`ce appcnlatngm gi tke ANIOH refnoe tg rewarhs àsehLrgwhiumhnmf.


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Freele1 Pelemt hevecgpoemts nm tke oarbet gi Lrgwhiumhnmf nm Freele

Hurnmf tke cast 10 ogmtks mg snfmninlamt hevecgpoemts nm tke oarbet gi Lrgwhiumhnmf tggb pcale nmFreele.

0 Pelemt hevecgpoemts refarhnmf Lrgwhiumhnmf refucatngm nmFreele

Hurnmf tke cast 10 ogmtks mg snfmninlamt hevecgpoemts refarhnmf Lrgwhiumhnmf refucatngm tggb pcalenm Freele.

< Lurremt refucatngm gi Lrgwhiumhnmf nm Freele


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Cemhnmf Oghec

Actkgufk tke Cemhnmf Oghec ns mgt lurremtcy giiereh nm Freele, tke femerac ruce ns tkat allgrhnmf tg Caw

), tkeprgvnsngm gi cgams gr gtker lrehnts, nm a prgiessngmac lapalnty, ns accgweh gmcy tg lrehnt nmstntutngms amhlertanm inmamlnac nmstntutngms (n.e. lrehnt lgopamnes) cnlemseh `y tke @amb gi Freele (@gF ), gractermatnvecy tg lrehnt nmstntutngms amh lertanm inmamlnac nmstntutngms esta`cnskeh nm gtker Eurgpeam Umngm(EU) lgumtrnes kavnmf tke èmeint gi tke Eurgpeam passpgrt tg giier servnles entker tkrgufk a `ramlkgr gm a lrgss-`grher àsns wntkgut esta`cnskoemt nm Freele.


Xke strulture gi tke Hgmatngms gr Pewarhs Oghec ns àseh gm mgm-ogmetary returms/fnveaways tg tkenmvestgrs gr gm mg returm at acc amh mg nmvestoemt ns nmvgcveh. @aseh gm sanh strulture, tke pcatigrosgperatnmf tkns oghec oay mgt è lgmsnhereh tg è giiernmf nmvestoemt gr àmbnmf servnles amh tkus iaccgutsnhe tke slgpe gi tke recevamt refucatngms.

prgvnheh tkat nt ns prgkn`nteh tg perigro nm amy way wkatsgever ahvertnseoemts, mgtninlatngms,helcaratngms gr ammgumleoemts tg tke pu`cnl anonmf at attraltnmf tke pu`cnl igr nmvestnmf ogmey nm amybnmh gi he`t nmstruoemts as wecc as tke lgcceltngms gi savnmfs irgo tke pu`cnl igr partnlnpatnmf nm amybnmh gi nmvestoemt, umcess a spelnac peronssngm kas èem framteh y tke LOL . Xkus, as refarhs tkegiiers gi nmvestoemts wknlk hg mgt quacniy as selurntnes gr gtker refucateh prghults (sulk as iumhs grhepgsnts etl), wntknm tke oeamnmf gi Caw /0:1< (tke ANIOH Caw ).

Allgrhnmf tg Artnlce 8 gi tke ANIOH Caw, am ANI ns heinmeh as amy lgcceltnve nmvestoemt umhertabnmf,nmlcuhnmf nmvestoemt lgopartoemts tkeregi, wknlk4

(n) ranses lapntac irgo nmvestgrs, wntk a vnew tg nmvestnmf nt nm allgrhamle wntk a heinmehnmvestoemt pgcnly igr tke èmeint gi tkgse nmvestgrs2 amh


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(nn) hges mgt requnre autkgrnsatngm pursuamt tg Artnlce 8 gi Caw 8:>>/0:10 gm ULNX\ gr pursuamttg Artnlce 5 gi Hnreltnve 0::>/95/EL (ULNX\).

Gm tke àsns gi tke aigreoemtngmeh heinmntngm, Lrgwhiumhnmf pcatigros lguch è su`delt tg tkeprgvnsngms gi tke ANIOH caw, ni tkey quacniy as lgcceltnve nmvestoemt umhertabnmfs wknlk ranse lapntacirgo nmvestgrs wntk a vnew tg nmvestnmf nt nm allgrhamle wntk a heinmeh nmvestoemt pgcnly igr tke èmeintgi tkgse nmvestgrs amh are mgt ULNX\. Umher tke ANIOH Caw, tke oamafeoemt gi am ANI nm Freele nslurremtcy su`delt, apart irgo lertanm exeoptngms set gut nm Artnlce < amh tg tke tramsntngmac prgvnsngmsset gut nm Artnlce 5< gi ANIOH Caw, tg tke prngr autkgrnzatngm irgo tke LOL gr gtker EU lgopetemtautkgrnty

>< gm nmtecceltuac prgperty2

Caw


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8 Cessgms cearmeh irgo Freele's refucatngm igr a pgssn`cekarogmnzeh Eurgpeam Lrgwhiumhnmf refucatngm

8.1 Pgce oghec ("hgs")

Mg cessgms lam è cearmeh irgo Freeles refucatngm igr a pgssn`ce karogmnzeh Eurgpeam Lrgwhiumhnmfrefucatngm.


Mg cessgms lam è cearmeh irgo Freeles refucatngm igr a pgssn`ce karogmnzeh Eurgpeam Lrgwhiumhnmfrefucatngm.

5 Lgmlcusngm

Lrgwhiumhnmf ns stncc nm nts nmiamly nm Freele amh tkere ns lurremtcy mg spelninl appcnla`ce refucatgryrefnoe. Gperatnmf tke Equnty Oghec, hepemhnmf gm nts altuac igro, oay è su`delt tg lertanm refucatgryrequnreoemts, nmlcuhnmf ùt mgt cnonteh tg Caw


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Kumfary1 Pelemt hevecgpoemts nm tke oarbet gi Lrgwhiumhnmf nm Kumfary

Hurnmf tke cast 10 ogmtks tkere were tke igccgwnmf snfmninlamt hevecgpoemts nm Kumfary refarhnmfLrgwhiumhnmf4

1.1 Xke Equnty Oghec (nmhnvnhuacs oabe nmvestoemts nm returm igr a skare nm tke prgints grrevemue femerateh y tke lgopamy/prgdelt)

Xkere were mg snfmninlamt hevecgpoemts nm tke Kumfarnam oarbet nm recatngm tg tke Equnty Oghec hurnmf

tke cast 10 ogmtks. Xke Equnty Oghec stncc hges mgt yet kave amy presemle nm tke Kumfarnam oarbet.

1.0 Xke Cemhnmf Oghec (nmhnvnhuacs cemh ogmey tg a lgopamy gr prgdelt nm returm igrrepayoemt gi tke cgam amh nmterest gm tkenr nmvestoemt)

Xkere were mg snfmninlamt hevecgpoemts nm tke Kumfarnam oarbet nm recatngm tg tke Cemhnmf Oghechurnmf tke cast 10 ogmtks. Xke Cemhnmf Oghec stncc hges mgt yet kave amy presemle nm tke Kumfarnamoarbet.


Xkere were mg snfmninlamt hevecgpoemts nm tke Kumfarnam oarbet nm recatngm tg tke Hgmatngms grPewarhs Oghec hurnmf tke cast 10 ogmtks. Actkgufk tkere kave èem lertanm lkamfes nm tke oarbet(e.f. lertanm prevnguscy altnve gmcnme pcatigros èlaoe nmaltnve amh mew oarbet partnlnpamts appearehgm tke oarbet), tke gver-acc oarbet kas mgt èem lkamfeh snfmninlamtcy.

Xkere are iew gmcnme pcatigros tkat use tke Hgmatngms gr Pewarhs Oghec nm Kumfary. Xkgse gmcnmepcatigros lgccelt amh kamhce a recatnvecy cnonteh aogumt gi iumhs.

0 Pelemt hevecgpoemts refarhnmf Lrgwhiumhnmf refucatngm nmKumfary

Actkgufk, tkere kave èem oadgr lkamfes nm tke Kumfarnam cefac systeo hurnmf tke cast 10 ogmtks nmfemerac, nmlcuhnmf tke emtry nmtg igrle gi tke Mew Lnvnc Lghe gm 15 Oarlk 0:18 amh tke emtry nmtg igrlegi tke mew @ambnmf Alt, mg cefnscatnve lkamfes kave èem nopceoemteh nm recatngm tg Lrgwhiumhnmf.Xkere ns stncc mg refucatgry refnoe spelninlaccy ahhressnmf Lrgwhiumhnmf nm Kumfary.


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< Lurremt refucatngm gi Lrgwhiumhnmf nm Kumfary


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iraoewgrb gi ùsnmess altnvntnes larrneh gut gm refucar àsns ni tke altnvnty ns larrneh gut gm a refucaràsns, wntk tke ano gi emternmf nmtg tramsaltngms tkat are mgt spelnineh at tke gutset amh wntk tke ano gioabnmf a prgint.

Nm femerac, nmhnvnhuacs cemhnmf ogmey tg lertanm prgdelts gr ùsnmesses tkrgufk Lrgwhiumhnmf pcatigroshg mgt prgvnhe iumhs gm a refucar àsns wntk tke ano gi emternmf nmtg tramsaltngms tkat are mgt spelninehat tke gutset. Iurtkerogre, nm ogst lases nt ns mgt tke ogmetary returm wknlk ns tke ogst nopgrtamthrnvnmf ialtgr igr nmhnvnhuacs wkem tkey prgvnhe cgams tg ùsnmesses tkrgufk Lrgwhiumhnmf pcatigros,evem ni a lertanm igro gi nmterest ns paya`ce gm tkenr cgam.

Xkereigre, tabnmf nmtg lgmsnheratngm tke very mature gi Lrgwhiumhnmf, nt lguch è arfueh tkat tkatnmhnvnhuacs cemhnmf ogmey tg a ùsnmess tkrgufk a Lrgwhiumhnmf pcatigro skguch mgt è lgmsnhereh aslgmhultnmf a ùsnmess altnvnty gm a refucar àsns as part gi am elgmgonl gperatngm. Xkereigre, weècneve tkat tke rnsb tkat tke cemhnmf altnvnty gi tke nmhnvnhuacs quacnines as a cnlemsa`ce inmamlnac servnle

amh wguch requnre a inmamlnac servnle cnlemle nm Kumfary ns ratker cgw. Kgwever, tke Kumfarnamsupervnsgry autkgrnty kas knstgrnlaccy igccgweh a ratker lgmservatnve apprgalk as tg tke quacninlatngm gicnlemsa`ce inmamlnac servnles amh nm severac lases quacnineh inmamlnac servnles as ènmf lgmhulteh gm arefucar àsns, evem ni tke recevamt tramsaltngm was gmcy a gme-gii tramsaltngm. Allgrhnmf tg tke pu`cnlfunhamle gi tke Kumfarnam Inmamlnac \upervnsgry Autkgrnty, ni tke recevamt emtnty expelts iuture snoncartramsaltngms tg è reacnseh at cater hates amh tke emtnty tabes oeasures tg iucinc sulk tramsaltngms gm arefucar àsns, evem a gme-gii tramsaltngm oay quacniy as am altnvnty larrneh gut gm a refucar àsns.Xkereigre, nt lam mgt è a`sgcutecy exlcuheh tkat a Kumfarnam pcatigro usnmf tke Cemhnmf Oghec wguchtrnffer cnlemsnmf requnreoemts appcnla`ce tg tke nmhnvnhuac cemhers amh/gr tke pcatigro gperatgrs.

Kgwever, tke Lrgwhiumhnmf pcatigros usnmf tke Cemhnmf Oghec lguch pgssn`cy strulture tkenr servnles

sg as tg ecnonmate gr cnont tke rnsb gi trnffernmf Kumfarnam cnlemsnmf requnreoemts. Igr exaopce, sulkoghecs lguch stnpucate tkat nmhnvnhuacs hg mgt relenve nmterest gm tke cgams prgvnheh tg tkelrgwhiumheh ùsnmess (tkere`y ecnonmatnmf tke prgint grnemteh eceoemt), wknlk wguch nm turm cnont tkernsb gi trnffernmf cnlemsnmf requnreoemts). Iurtkerogre, tke Lrgwhiumhnmf pcatigro lguch cnont tkemuoèr gi tke cemhnmf tramsaltngms tkat lguch è nmntnateh `y tke nmhnvnhuac. Nt oay eiieltnvecy cnont tkeappcnla`ncnty gi tke refucarnty eceoemt gi tke altnvnty wknlk wguch, nm turm, acsg cnont tke rnsb gitrnffernmf cnlemsnmf requnreoemts.

Nm ahhntngm, hepemhnmf gm tke strulture useh `y tke Lrgwhiumhnmf pcatigro, tke Kumfarnam payoemtservnles requnreoemts amh lustghnac servnles requnreoemts reierreh tg nm parafrapk


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servnles requnreoemts amh lustghnac servnles requnreoemts reierreh tg nm parafrapk


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iumhs gmcy ni tke affrefateh aogumt gi tke payoemts realkes gr exleehs a spelninl tkreskgch cnont, grupgm tke satnsialtngm gi gtker spelnineh inmamlnmf lrnterna. Xkereigre, nm sulk lases tke pcatigrogperatgr alts as am nmteroehnary wknlk lgccelts iumhs irgo nmhnvnhuacs kgchs sulk iumhs gm eslrgw umtnctke spelnineh inmamlnmf lrnterna are iucincceh amh tkem tramsiers sulk iumhs tg tke lrgwhiumhehùsnmesses.

Xkere ns a rnsb tkat tke lgcceltngm amh kgchnmf gi sulk iumhs `y pcatigro gperatgrs gm eslrgw oaylgmstntute a lustghnac servnle requnrnmf a cnlemle umher tke Kumfarnam @ambnmf Alt, prgvnheh tkat nt nslarrneh gut as a ùsnmess altnvnty gm a refucar àsns as part gi am elgmgonl gperatngm. Kgwever,Lrgwhiumhnmf pcatigros lguch pgssn`cy avgnh cnlemsnmf requnreoemts ni tke pcatigros strulture tkenraltnvntnes sg as tg recy gm exeoptngms irgo tke recevamt lustghnac servnles cnlemsnmf requnreoemts, gr `yusnmf am extermac inmamlnac nmstntutngm gr payoemt servnles prgvnher igr kgchnmf tke aogumts gm eslrgw.

Gmle tke inmamlnmf lrnterna are iucincceh, tke pcatigro gperatgr tramsiers tke lgccelteh iumhs tg tke

lrgwhiumheh ùsnmess. Xkere ns a rnsb tkat sulk tramsier tkrgufk tke pcatigro gperatgr oay quacniy as aogmetary reonttamle servnle amh è su`delt tg Kumfarnam payoemt servnles refucatngms ni nt ns larrnehgut as a ùsnmess altnvnty gm a refucar àsns as part gi am elgmgonl gperatngm. Ni sg, tke pcatigrogperatgr wguch requnre a cnlemle irgo tke Kumfarnam refucatgr tg larry gut payoemt servnles nmKumfary. Kgwever, Lrgwhiumhnmf pcatigros lguch pgssn`cy avgnh payoemt servnles cnlemsnmfrequnreoemts ni tkey lam recy gm exeoptngms irgo tke payoemt servnles cnlemsnmf requnreoemts (e.f. tkelgooerlnac afemt exeoptngm) gr `y usnmf am extermac inmamlnac nmstntutngm gr payoemt servnles prgvnherigr prglessnmf payoemts.


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10>5 ni nt ns heeoeh tg èemfafeh nm tke ùsnmess gi arramfnmf tke prgvnsngm gi lrehnt tg a lgmsuoer. Xke Lgmsuoer Lrehnt Alt1>>5 heinmes lgmsuoer as a maturac persgm altnmf gutsnhe tkenr ùsnmess. Nt ns ieasn`ce tkat aLrgwhiumhnmf pcatigro lguch è emfafeh nm tke ùsnmess gi arramfnmf lrehnt igr a prgdelt tkrgufk amaturac persgm ratker tkam am nmlgrpgrateh `ghy wkere tkat maturac persgms nmvgcveoemt ns gutsnhe kns/ ker ùsnmess. Nt skguch è mgteh tkat nt ns mgt partnlucarcy hniinluct tg g`tanm autkgrnsatngm as a lrehntnmteroehnary umher tke Lgmsuoer Lrehnt Alt 1>>5. Xke prgless ns ogre gi a mgtninlatngm ratker tkam amappcnlatngm igr autkgrnsatngm gi a inmamlnac nmstntutngm wknlk ns ogre gmergus.


Pewarhs Lrgwhiumhnmf ns mgt lurremtcy refucateh nm Nrecamh, as nt hges mgt nmvgcve nmvestoemt grcemhnmf. Lrgwhiumhnmf kas èem hnslusseh nm parcnaoemt as am nopgrtamt iuture sgurle gi iumhnmf igrlkarnta`ce lauses amh lgooumnty nmntnatnves. Kgwever, tkere ns mg prgpgseh cefnscatngm gr refucatngmlurremtcy ènmf lgmsnhereh.

Nt ns wgrtk mgtnmf tkat tke lrehnt umngm ogveoemt ns partnlucarcy strgmf nm Nrecamh. Lrehnt umngms areesta`cnskeh igr tke purpgse gi prgvnhnmf cgw-lgst lrehnt tg nmhnvnhuacs wkg kave a sg-lacceh lgoogm`gmh oeamnmf a lgooumnty lgmmeltngm usuaccy àseh gm a fegfrapknl area gr wgrbpcale. A relemtcypu`cnskeh Pepgrt gi tke Lgoonssngm gm Lrehnt Umngms suffesteh tkat lrehnt umngms è perontteh tgcemh tg soacc amh oehnuo snzeh emterprnses amh lkarnta`ce / lgooumnty nmntnatnves wntknm tkenr lgoogm`gmh. Ni tkese nmntnatnves are ahgpteh lrehnt umngms lguch prgve tg è a ogre strultureh actermatnve tgLrgwhiumhnmf wntk respelt tg lertanm altnvntnes.

0 Pelemt hevecgpoemts refarhnmf Lrgwhiumhnmf refucatngm nmNrecamh

Mg relemt hevecgpoemts refarhnmf Lrgwhiumhnmf refucatngm tggb pcale nm Nrecamh hurnmf tke cast 10

ogmtks.

< Lurremt refucatngm gi Lrgwhiumhnmf nm Nrecamh


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ùsnmess wknlk trnffers tke requnreoemt igr autkgrnsatngm. Ni am emtnty ns mgt tabnmf hepgsnts, wknce ntoay è laufkt `y gtker cnlemsnmf requnreoemts nt wncc mgt è requnreh tg kgch a àmb cnlemle.

Nt skguch è mgteh tkat seltngm 6 gi tke Lemtrac @amb 1>61 lgmtanms a `rgah prgkn`ntngm gm kgchnmfgmeseci gut tg è a àmber. \eltngm 6(0) prgvnhes tkat a persgm skacc è heeoeh tg kgch knoseci gut as aàmber ni, ènmf a `ghy lgrpgrate larrynmf gm amy ùsnmess, tke maoe gi tke `ghy nmlcuhes amy gi tkewgrhs "àmb", "àmber" gr àmbnmf gr amy wgrh wknlk ns a varnamt, hernvatnve gr tramscatngm gi gr nsamacgfgus tg amy gi tkgse wgrhs. Xkereigre, a Lrgwhiumhnmf pcatigro ns cnonteh nm tke slgpe gi tkemaoes nt lam use amh oust avgnh amy maoe tkat oay nmier tkat nt lgmhults àmbnmf ùsnmess.

Xkere are mg inmamlnac servnles ruces nm Nrecamh hesnfmeh spelninlaccy igr Lrgwhiumhnmf. Kgwever, wkem algopamy pntlkes tg nmvestgrs gm a lrgwh-iumhnmf pcatigro, sulk a pntlk ns typnlaccy lgmsnhereh am giiertg tke pu`cnl . Equnty Lrgwhiumhnmf oay è nopalteh `y prgspeltus ruces (as iar as tke nssuer nslgmlermeh) amh `y inmamlnac prgogtngm ruces (as iar as tke nssuer amh pcatigro are lgmlermeh).

>5 (NNA) acsg refucates nmvestoemt servnles amh lam appcy tg sgoe altnvntnes mgtgtkerwnse lgvereh y OnINH. Nmvestoemt ahvnle ns tke ogst recevamt NNA servnle nm tke lase giLrgwhiumhnmf. Nmvestoemt ahvnle ns refucateh as am nmvestoemt servnle umher tke NNA amh OnINH,kgwever, umher tke NNA ahvnsnmf a persgm gm wkere tkey skguch fet nmvestoemt ahvnle wncc ntsecilgmstntute nmvestoemt ahvnle.

Xke releptngm amh tramsonssngm gi grhers igr inmamlnac nmstruoemts amh tke exelutngm gi grhers gmèkaci gi lcnemts lgmstntute nmvestoemt servnles umher tke OnINH Pefucatngms. Xke releptngm amhtramsonssngm gi grhers igr sulk nmstruoemts are lgre altnvntnes igr Equnty Lrgwhiumhnmf. \ulk servnleslam gmcy è prgvnheh `y autkgrnseh nmvestoemt inros. Xke prgless gi autkgrnsatngm ns expemsnve amhcemftky, amh tke cevec gi refucatngm amh lgmsuoer prgteltngm ns snfmninlamt.


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>6 refucates a ogmey tramsonssngm ùsnmess wknlk nsheinmeh as a ùsnmess tkat lgoprnses gr nmlcuhes prgvnhnmf a ogmey tramsonssngm servnle tgoeoèrs gi tke pu`cnl. Ogmey Xramsonssngm \ervnle ns heinmeh as oeamnmf a servnle tkat nmvgcvestramsonttnmf ogmey `y amy oeams, gtker tkam sulk a servnle prgvnheh `y a refucateh emtnty gr gm amamlnccary àsns tg gtker ùsnmess lgmhulteh `y am emtnty.

Xkereigre ogmey tramsonssngm servnles wknlk are mgt gtkerwnse lgvereh `y tke Zayoemt \ervnlesHnreltnve onfkt è refucateh `y tke Lemtrac @amb Alt 1>>6 ni tkey lgoe wntk tke heinmntngm gi a ogmeytramsonssngm usnmess .

Kgwever, nt ns pgssn`ce igr Lrgwhiumhnmf pcatigros tg avgnh tke prgvnsngm gi payoemt servnles gr ogmeytramsonssngm nm tke lgurse gi tkenr servnles, amh sg avgnh tke melessnty igr refnstratngm gr autkgrnsatngmumher tke Z\H Pefucatngms gr tke Lemtrac @amb Alt 1>>6. Xke lurremt Lrgwhiumhnmf pcatigrosgperatnmf nm Nrecamh use tke servnles gi refucateh payoemt servnle prgvnhers as tke oeams tkrgufkwknlk a pgtemtnac nmvestgr lam tramsont iumh tg a lgopamy / prgdelt. Nm tkns way tke Lrgwhiumhnmf


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pcatigros hg mgt tramsont tke iumhs tkeosecves amh are mgt requnreh tg è refucateh tg prgvnhepayoemt servnles.

8 Cessgms cearmeh irgo Nrecamh's refucatngm igr a pgssn`cekarogmnzeh Eurgpeam Lrgwhiumhnmf refucatngm

8.1 Pgce oghec ("hgs")

Xkere are lurremtcy mg cessgms tkat lam è cearmeh irgo Nrecamhs refucatngm igr a pgssn`ce karogmnzehEurgpeam Lrgwhiumhnmf refucatngm.


Xkere are lurremtcy mg cessgms tkat lam è cearmeh irgo Nrecamhs refucatngm igr a pgssn`ce karogmnzehEurgpeam Lrgwhiumhnmf refucatngm

5 Lgmlcusngm

Xkere ns mg cefnscatngm gr refucatngms nm Nrecamh wknlk spelninlaccy heacs wntk Lrgwhiumhnmf. Xkeinmamlnac refucatngm cefnscatngm nm pcale ns hesnfmeh tg refucate gtker ùsnmess oghecs. Xkereigre,Lrgwhiumhnmf pcatigros meeh tg emsure tkat tkey hg mgt nmahvertemtcy prgvnhe a servnle wknlk nsrefucateh as part gi cefnscatngm refucatnmf, nmter acna, nmvestoemt servnles, àmbnmf ùsnmess amh / grpayoemt servnles.

Nm Nrecamh, tke cemhnmf altnvntnes gi Lrgwhiumhnmf pcatigros lam è prgvnheh tg lgrpgrates wntkgut amyrequnreoemt igr refucatngm prgvnheh tke pcatigro hges mgt acsg prgvnhe nmvestoemt servnles gr payoemtservnles. A Lrgwhiumhnmf pcatigro oay requnre autkgrnsatngm as a lrehnt nmteroehnary ni nt ns emfafeh nmtke ùsnmess gi arramfnmf lrehnt igr lgmsuoers, ènmf persgms altnmf gutsnhe tkenr ùsnmess.Lrgwhiumhnmf pcatigros lammgt use tke tero àmb gr represemt tkeosecves as larrynmf gm tkeùsnmess gi àmbnmf. Equnty Lrgwhiumhnmf oay lgoe wntknm tke slgpe gi tke Zrgspeltnve Hnreltnve amhtke ANIOH Pefucatngms umcess tke exeoptngms set gut a`gve lam è avanceh gi.

Xke hevecgpoemt gi a Lrgwhiumhnmf oarbet amh tke refucatngm gi Lrgwhiumhnmf, nm Nrecamh, are at avery earcy stafe. Kgwever, fnvem tkat tke oarbet ns hevecgpnmf at a iaster pale ecsewkere nm tkeEurgpeam Umngm, amh ecsewkere, nt wguch è tnoecy igr tke EU Lgoonssngm tg prgpgse cefnscatngmspelninl tg tkns seltgr.


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Dge @easkec, Zartmer

Oatkesgm6: \nr Dgkm Pgfersgms QuayHu`cnm 0Nrecamh

X4 +


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1;1Appcnla`ce tg Cemhnmf Oghec

Zursuamt tg tke @ambnmf Caw, gmcy a cnlemseh àmb oay allept ogmetary hepgsnts amh prgvnhe lrehnt. ALrgwhiumhnmf pcatigro oay lcano tkat nt hges mgt hnreltcy allept hepgsnts amh prgvnhe lrehnt as tkecgams are fnvem hnreltcy irgo tke cemhers tg tke `grrgwers usnmf tke pcatigro.

0.8 Zrnvaly Zrgteltngm Caw, 5681 1>;1

Appcnla`ce tg Equnty amh Cemhnmf Oghecs

A hataàse gwmer nm Nsraec ns g`cnfateh tg refnster kns/ker hataàse nm tke giinlnac refnstry gi hata-àses

umher lertanm lgmhntngms. Pefnstratngm ns oamhatgry ni a hataàse lgmtanms "semsntnve nmigroatngm"heinmeh as "hata gm tke persgmacnty, nmtnoaly, keactk, inmamlnac sntuatngm, gpnmngms amh ècneis gi apersgm". A Lrgwhiumhnmf pcatigro oay kgch semsntnve inmamlnac nmigroatngm a`gut nts users, espelnaccy nmtke lase gi Lrgwhiumhnmf cemhnmf, amh tkereigre oay meeh tg refnster nts hata-àse

0.5 Pefucatngm gi Nmvestoemt Ahvnle, Nmvestoemt Oarbetnmf amh Nmvestoemt ZgrtigcngOamafeoemt, 5655 1>>5

Appcnla`ce tg Equnty amh Cemhnmf Oghecs

A cnlemse ns requnreh nm grher tg prgvnhe nmvestoemt ahvnle nm Nsraec. Xke questngm ns wketker aLrgwhiumhnmf pcatigro tkat gmcy prgvnhes a servnle tkat ema`ces nmvestoemt tramsaltngms, amh hges mgt

prgvnhe amy ahvnle, nmigroatngm gr amacysns èygmh tke nmigroatngm prgvnheh `y tke nssuers, skacc èheeoeh as prgvnhnmf nmvestoemt ahvnle.

Appcnla`ce tg Cemhnmf Oghec

Nm lgmmeltngm wntk Lrgwhiumhnmf cemhnmf, prgvnhnmf ahvnle recateh tg inmamlnac nmvestoemts tkat arenmicuemleh `y nmterest rate lkamfes oay requnre a cnlemse.

0.9 Pefucatngm gi Mgm-@ambnmf Cgams Caw, 565< - 1>>;1.

0.> Cnlemle umher tke Zayoemt \ervnles Hnreltnve

Nsraec ns mgt am EU oeoèr state amh tkereigre tke Zayoemt \ervnles Hnreltnve ns mgt appcnla`ce.

0.1: Zgssn`ce refucatngm gi Lrgwhiumhnmf pcatigros umher tke ANIOH refnoe nm Nsraec

Nsraec ns mgt am EU oeoèr state amh tkereigre tke Eurgpeam Actermatnve Nmvestoemt Iumh OamafersHnreltnve ("ANIOH") ns mgt appcnla`ce.

< Cessgms cearmeh irgo Nsraecs Lrgwhiumhnmf refucatngm


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\elurntnes are, nmter acna4 (a) lgopamy skares amh gtker skares equnvacemt tg skares gi lgopamnes,partmersknps gr gtker persgms amh skare hepgsnt lertninlates2 (`) `gmhs amh gtker he`t selurntnes,nmlcuhnmf lertninlates gi hepgsnt recatnmf tg sulk selurntnes2 (l) amy gtker selurnty mgroaccy mefgtnatehwknlk peronts tke purlkase gr sace gi selurntnes heslrn`eh nm tke

ECN Review of Crowdfunding Regulation 2014

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