UNITED STATES SECURITIES AND EXCHANGE COMMISSION(SEC) v. J.P. MORGAN SECURITIES LLC

7/30/2019 UNITED STATES SECURITIES AND EXCHANGE COMMISSION(SEC) v. J.P. MORGAN SECURITIES LLC

http://slidepdf.com/reader/full/united-states-securities-and-exchange-commissionsec-v-jp-morgan-securities 1/38

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CJOR_

04' EIO! @_J@_! _JIL! _JOK! jgb @ejp @pknepjhe! tplkp rk rme iephep xlrm FT

Ikphjg! eghjheb lg rme okgbuor rmjr pesuareb lg rme lkajrlkgs peajreb rk rme ùan serraeiegrs' FT

Ikphjg jgb FTIJO eghjheb lg rme okgbuor rmjr hje plse rk rme lkajrlkgs peajreb rk rme

bealgzuegr akjgs lg rme XIO2 rpjgsjorlkg'

Rme Rpjgsjorlkgs Lgkalgh @uan _erraeiegrs

0:' @ejp èhjg rme ùan serraeiegr tpjorloe lg kp j`kur 0442' Rme @uan _erraeiegr

PI@_ rpjgsjorlkgs jr lssue lg rmls ojse koouppeb cpki ejpa| 0445 rmpkuhm ajre 0448! tplkp rk rme

FTI Omjse iephep'

Keplex kc @ejp“s PI@_ _eouplrlvjrlkg Tpkoess

00' @ejp“s PI@_ seouplrlvjrlkg tpkoess xjs mjgbaeb jgb+kp kepseeg `| eitak|ees

kc @ejp @pknepjhe' Rme iksr seglkp kccloeps jr rme stkgskp egrlr| EIO petkpreb rk rme ok)mejbs

kc @ejp @pknepjhe“s Ikprhjhe Clgjgoe Betjpriegr! xmk petkpreb rk rme ckpiep Hak`ja Mejb kc

Ikprhjhe jgb Jsser @joneb _eouplrles jr @ejp @pknepjhe -rme ‑Hak`ja Mejb’,' Rme PI@_

ùslgess xjs srpuorupeb hegepjaa| js ser ckprm èakx'

=



0?' EIO tupomjseb mkie ikprhjhe akjgs cpki akjg kplhlgjrkps rmpkuhmkur rme

Uglreb _rjres rmjr mjb egrepeb lgrk ikprhjhe rpjgsjorlkgs xlrm mkiekxgeps' Rme kplhlgjrkps

okge|eb rme akjgs rk EIO rmpkuhm Ikprhjhe Akjg Tupomjse Jhpeeiegrs -‑Kplhlgjrkp

IATJs’,' Rme Kplhlgjrkp IATJs okgrjlgeb jplkus petpesegrjrlkgs jgb xjppjgrles cpki rme

kplhlgjrkps peajreb rk rme akjgs! suom js! ckp e}jitae! rmjr oeprjlg akjg ugbepxplrlgh hulbealges

mjb èeg ier' Rme kplhlgjrkps xepe pezulpeb rk petupomjse akjgs rmjr `pejomeb suom

petpesegrjrlkgs' Rme Kplhlgjrkp IATJs jask usujaa| lgoaubeb ETB tpkreorlkg xmepe`| rme

kplhlgjrkps jhpeeb rk petupomjse akjgs ckp xmlom rme `kppkxep ilsseb jg| kge kc rme clpsr rmpee

tj|iegrs bue'

02' Rme Ikprhjhe Clgjgoe Betjpriegr jr @ejp @pknepjhe rmeg hpkuteb rmese gexa|

tupomjseb akjgs cpki rme jplkus kplhlgjrkps lgrk tkkas pjghlgh lg slve cpki js cex js 544 rk

kep :4!444 akjgs! jgb skab ejom tkka rk jg lgrepiebljre egrlr| ngkxg js rme ‑betkslrkp'’ Rmls

lgrepiebljre egrlr| -kge kc rme @ejp Betkslrkps, xjs xmkaa| kxgeb `| @ejp Tjpegr! ùr mjb gk

setjpjre eitak|ees kp ktepjrlkgs' Lrs kccloeps jgb blpeorkps xepe eitak|ees kc @ejp @pknepjhe'

EIO okge|eb jaa kc lrs plhmr! rlrae jgb lgrepesr lg rme tkka kc akjgs rk rme betkslrkp rmpkuhm j

seokgb IATJ -rme ‑_tkgskp IATJ’,' Rme _tkgskp IATJs jask okgrjlgeb jplkus

petpesegrjrlkgs jgb xjppjgrles cpki EIO rk rme betkslrkp! ùr hegepjaa| cexep rmjg rmkse EIO

mjb peoeleb cpki kplhlgjrkps' EIO blb gkr tpklbe ETB tpkreorlkg rk rme betkslrkp lg rme

_tkgskp IATJs'

05' Rme betkslrkp rmeg okge|eb rme tkka kc akjgs rk j gexa| opejreb jgb setjpjrea|

gjieb PI@_ rpusr rmpkuhm rme T_J opejreb ckp rmjr steolclo rpusr' Lg rme T_J! rme betkslrkp

jsslhgeb ‑jaa kc lrs plhmr! rlrae jgb lgrepesr’ lg rme akjgs! js xeaa js ‑jaa tpkoeebs’ cpki rme akjgs!

rk rme rpusr' Rme betkslrkp jask jsslhgeb lrs plhmrs ugbep rme _tkgskp IATJ -usujaa| jrrjomeb js

<



jg e}ml`lr rk rme T_J,! xmlom lgoaubeb rme petpesegrjrlkgs jgb xjppjgrles kc EIO' Rme rpusr!

uslgh @ejp @pknepjhe js ugbepxplrep! rmeg skab seouplrles `joneb `| rme akjgs rk lgesrkps' Rme

lgesrkps lg PI@_ xepe! ckp rme iksr tjpr! lgsrlrurlkgja lgesrkps suom js mebhe cugbs! `jgns!

tegslkg cugbs! opeblr uglkgs! jgb iuruja cugbs'

03' Rme bljhpji èakx sers ckprm rme cakx kc akjgs jgb krmep plhmrs jikgh rme j`ke)

iegrlkgeb tjprles6

Akjg Kplhlgjrkps Kplhlgjrkp IATJs —okge|s akjgs

— okgrjlgs pets+xjppjgrles — okgrjlgs ETBs

_tkgskp -EIO,

" _tkgskp IATJs — okge|s akjgs "

@ejp Betkslrkps -@_J@_! _JIL # _JOK,

e'h'! @JARJ 0443

—

5 e'h'! @_J@_ 0448

—

: e'h'! _JOK 0443

—

=

Sjplkus PI@_ Rpusrs — okge|s akjgs "

Lgesrkps "

Mkie @kppkxeps Mkie Ikprhjhe Akjg Rpjgsjorlkgs "

Lgesrkps Lgesrkps

— okgrjlgs -cexep, pets+xjppjgrles Tkkalgh # _eplolgh Jhpeeiegr — jsslhgs _tkgskp IATJs -jrrjomeb js e}ml`lr,

@kgbs ‟ Ugbepxplrreg jgb skab `| @ejp @pknepjhe

08' Rme akjgs xepe tjsseb rk rme rpusrs rmpkuhm j betkslrkp egrlr| rk egsupe rmjr rme

rpusr jssers xepe ‑`jgnputro| peikre!’ jgb rmus okuab gkr è egouièpeb `| @ejp“s opeblrkps'

Rme| xepe jask srpuorupeb lg rmls xj| rk zujalc| js Peja Esrjre Ikprhjhe Lgesriegr Okgbulrs

-‑PEILOs’,' PEILOs tj| gk rj} jr rme egrlr| aeea' Rk zujalc| ckp rmls rpejriegr! PEILOs

iusr! jikgh krmep rmlghs! è tjsslea| ijgjheb' Jookpblgha|! stkgskps jgb betkslrkps jpe

hegepjaa| tpkml`lreb cpki ijgjhlgh rme jorllr| kc rme rpusrs! jgb jookugrlgh puaes pezulpe rmjr

rme stkgskp pealgzulsm ecceorle okgrpka kc rme akjgs'

:4



0=' PI@_ rpjgsjorlkgs jask lgkaeb ‑seploep’ egrlrles! xmlom xepe tjlb cees `jseb

kg okaaeorlkgs cpki `kppkxeps' Rme sjie egrlr| rmjr joreb js rme seouplrlvjrlkg stkgskp -EIO,

r|tlojaa| jask seploeb skie kp jaa kc rme akjgs lg rme peaejgr rpjgsjorlkgs' Js seploep! EIO!

jikgh krmep rmlghs! okaaeoreb akjg tj|iegrs cpki rme `kppkxeps jgb mjgbaeb ijrreps suom js

esopkx jgb rj} tj|iegrs kg rme akjgs' EIO tjsseb rme `kppkxep tj|iegrs rk rme rpusrs! jgb

rmeg j rpusree blsrplùreb ikgrma| tj|iegrs rk rme PI@_ lgesrkps lg jookpbjgoe xlrm ep|

berjlaeb jgb steolclo tjpjiereps blsoakseb lg rme kcceplgh bkouiegrs jgb ngkxg js j ‑xjrepcjaa'’

Lc jgb xmeg `kppkxeps becjuareb kg rmelp tj|iegrs! EIO lgsrlrureb ckpeoaksupe tpkoeeblghs! jgb

rmeg tjsseb ckpeoaksupe peokeples rk rme rpusrs' Rmese peokeples xepe jask blsrplùreb rk

lgesrkps ikgrma| lg jookpbjgoe xlrm rme xjrepcjaa'

Rme Kcceplgh Bkouiegrs

0<' @ejp @pknepjhe“s Ikprhjhe Clgjgoe Betjpriegr! xlrm jsslsrjgoe cpki lgrepgja

jgb e}repgja okugsea! mjgbaeb rme tpkoess kc tpetjplgh jgb clalgh rme bkouiegrs pezulpeb ckp jg

PI@_ seouplrlvjrlkg' Ejom tuàlo rpjgsjorlkg lgkaeb clalgh guiepkus bkouiegrs xlrm rme

Okiilsslkg' Rme rmpee oegrpja bkouiegrs lg ejom rpjgsjorlkg xepe j smeac pehlsrpjrlkg kg Ckpi

_)?! j tpksteorus suttaeiegr! jgb j T_J'

j' Rme _)?' Buplgh rme peaejgr rlie teplkb! ejom kc rme @ejp Pehlsrpjgr

Betkslrkps mjb jg jorle smeac pehlsrpjrlkg kg Ckpi _)? kg clae xlrm rme Okiilsslkg'

Ejom kc rme Ckpis _)? -js jiegbeb, okgrjlgeb! jikgh krmep rmlghs! j ckpi tpksteorus

besopl`lgh lg peajrlea| `pkjb repis rme seouplrles rk è lssueb cpki rmjr smeac! rme hegepja

srpuorupe kc rme PI@_ rpjgsjorlkgs rk ckaakx! plsn cjorkps! ero' Rme Ckpis _)? xepe

slhgeb `| kccloeps jgb blpeorkps kc rme @ejp Pehlsrpjgr Betkslrkps! lgoaublgh rme Hak`ja

Mejb! xmk xepe eitak|ees kc @ejp @pknepjhe'

::



`' Rme Tpksteorus _uttaeiegr' Xlrm ejom lgbllbuja PI@_ rpjgsjorlkg! rme

betkslrkp claeb j guièp kc jbblrlkgja bkouiegrs xlrm rme Okiilsslkg lg rme gjie kc rme

steolclo PI@_ rpusr' Rmese rpjgsjorlkg)steolclo bkouiegrs lgoaubeb! jikgh krmeps! j

tpksteorus suttaeiegr jgb j T_J' Rme tpksteorus suttaeiegrs lgoaubeb iuom kc rme

sjie ajghujhe rmjr jttejpeb lg rme _)? ckpi tpksteorus! ùr rmeg jask besoplèb rme

tjprlouajps kc rme gex rpjgsjorlkg lg berjla' Ckp e}jitae! rme| lgoaubeb rme jikugr jgb

srpuorupe kc rme seouplrles èlgh kccepeb! rme guièp jgb omjpjoreplsrlos kc rme akjgs

`jonlgh rme seouplrles! jgb rme xjrepcjaa ckp tj|iegrs rk rme mkabeps kc rme seouplrles' Rme

tpksteorus suttaeiegrs xepe gkr setjpjrea| slhgeb! ùr rme| èojie j tjpr kc rme

tpelkusa| claeb jgb slhgeb Ckpi _)?'

o' Rme T_J' Rme T_J xjs claeb elrmep xlrmlg kp js jg e}ml`lr rk j Ckpi =)N'

T_Js hegepjaa| ser ckprm rme pkaes! pestkgsl`lalrles! plhmrs jgb kàlhjrlkgs kc rme stkgskp!

rme betkslrkp! rme seploep! jgb rme rpusree! jgb xepe slhgeb `| kccloeps kc ejom kc rmese

tjprles' Rme T_J okge|eb rme akjgs rk rme rpusr jgb ser ckprm petpesegrjrlkgs jgb

xjppjgrles kc rme stkgskp! EIO' Eitak|ees lg @ejp @pknepjhe“s Ikprhjhe Clgjgoe

Betjpriegr hegepjaa| slhgeb rme T_Js kg èmjac kc EIO js stkgskp! jgb! xmeg EIO

xjs j seploep! eitak|ees kc EIO slhgeb lg rmjr ojtjolr|'

?4' Ckp rme sl} tpljre rpjgsjorlkgs jr lssue! rmepe xjs j Tpljre Tajoeiegr

Ieikpjgbui jgb j T_J xmlom lgoaubeb slilajp r|tes kc lgckpijrlkg'

@ejp Ijbe Oajlis Jhjlgsr Kplhlgjrkps rk Petupomjse Beceorle Akjgs

?:' Rmpkuhmkur rme peaejgr rliecpjie! EIO tepckpieb ikgrma| ‑zujalr| okgrpka’

pelexs kg j sjitae kc lrs gexa| tupomjseb akjgs! usujaa| jpkugb :4% kc rme tupomjses ckp rme

ikgrm' Rme zujalr| okgrpka pelex lgkaeb jg jgja|sls kc rme bkouiegrjrlkg lg rme akjg clae

:0



-e'h'! rme jttpjlsja! rme akjg jttalojrlkg! `kppkxep clgjgolja lgckpijrlkg! pezulpeb blsoaksupes!

ero', rk berepilge xmermep rme akjgs `pejomeb jg| petpesegrjrlkgs kp xjppjgrles lg rme Kplhlgjrkp

IATJs' EIO jask oaksea| ikglrkpeb jaa akjgs! gkr fusr j sjitae! ckp ETBs' Xmeg EIO

lbegrlcleb j petpesegrjrlkg kp xjppjgr| `pejom buplgh zujalr| okgrpka! kp jg ETB koouppeb! EIO

okgrjoreb rme kplhlgjrkp jgb beijgbeb rmjr rme kplhlgjrkp petupomjse rme akjg tupsujgr rk rme

Kplhlgjrkp IATJ' EIO“s beijgbs ser ckprm rme petupomjse tploe! jgb EIO hegepjaa| tpkilseb

rmjr! utkg peoellgh rmls jikugr! lr xkuab bealep rme akjg `jon rk rme kplhlgjrkp' EIO ijbe

rmese beijgbs! iksr kc xmlom jpkse cpki ETBs! pehjpbaess kc xmermep lr mjb tkssesslkg kc rme

akjgs lg lrs lgegrkp| kp xmermep lr mjb japejb| skab rme akjgs rk jg PI@_ rpusr'

?0' Xmeg jg kplhlgjrkp jhpeeb rk petupomjse jg lgegrkp| akjg! EIO slita|

okge|eb rme akjg `jon rk rme kplhlgjrkp lg e}omjghe ckp rme petupomjse tploe steolcleb lg rme

Kplhlgjrkp IATJ' Mkxeep! xmeg jg kplhlgjrkp jhpeeb rk petupomjse j rpusr)kxgeb akjg! EIO

mjb rk clpsr petupomjse rme akjg cpki rme rpusr lg kpbep rk bealep lr `jon rk rme kplhlgjrkp' Iksr

kc EIO“s petupomjse beijgbs jhjlgsr kplhlgjrkps xepe ckp ETBs' EIO rkkn rme tkslrlkg rmjr lr

mjb gkr tjsseb ETB tpkreorlkg cpki kplhlgjrkps rmpkuhm rk rme rpusrs jgb rmjr lr geebeb rk clgb j

`pejom kc j petpesegrjrlkg kp xjppjgr| lg rme _tkgskp IATJ lg kpbep rk peike rme akjgs cpki

rme rpusr' Rk jookitalsm rmls! EIO rmeg tepckpieb j seokgb akjg clae pelex! ojaaeb j ‑T_J

`pejom pelex!’ rk lbegrlc| j `pejom kc kge kc EIO“s petpesegrjrlkgs kp xjppjgrles lg rme

_tkgskp IATJ' EIO ckugb j T_J `pejom kg rmese akjgs sajreb ckp petupomjse gejpa| :44% kc

rme rlie'

@ejp Omjgheb Lrs Tpjorloe jgb @ehjg rk Jooetr @uan _erraeiegrs lg Aleu kc Petupomjses Cpki Kplhlgjrkps

??' Js rme mkuslgh ijpner èhjg rk beoalge! jgb `kppkxep becjuars èhjg rk lgopejse!

kplhlgjrkps e}teplegoeb clgjgolja blcclouarles jgb èojie aess xlaalgh jgb jàe rk mkgkp rme

:?



hpkxlgh guièp kc petupomjse beijgbs ijbe `| EIO jgb krmep clpis' EIO belseb rme ùan

serraeiegr tpjorloe js j iejgs rk jbbpess rmls tpkàei'

?2' Rmepejcrep! EIO èhjg gehkrljrlgh serraeiegrs! ckp ojsm jgb krmep okgslbepjrlkg!

cpki akjg kplhlgjrkps lg aleu kc rme kplhlgjrkps“ petupomjse kc rme beceorle akjgs' Rme

serraeiegrs jpleb skiexmjr! ùr hegepjaa| lgoaubeb j peaejse `| EIO kc lrs petupomjse oajlis

kg j steolclo tktuajrlkg kc akjgs' Lg e}omjghe ckp EIO“s peaejse! rme kplhlgjrkp hegepjaa|

jhpeeb rk tj| skie ojsm jikugr petpesegrlgh j cpjorlkg kc rme rkrja oajli jikugrs alsreb lg rme

jhpeeiegr' Rme cpjorlkgja jikugrs peokepeb stjggeb j xlbe pjghe cpki fusr teggles kg rme

bkaajp rk js mlhm js <4%' Rme serraeiegrs blb gkr peaejse @ejp cpki jg| kc lrs kàlhjrlkgs rk rme

rpusrs'

?5' Rme serraeiegrs xepe `jseb kg akjgs rmjr EIO ijlgrjlgeb lg lrs lgegrkp| jgb kg

akjgs rmjr mjb japejb| èeg seouplrlveb jgb skab rk PI@_ rpusrs' Rme serraeiegr jhpeeiegrs blb

gkr hegepjaa| jbbpess xmermep EIO kxgeb rme peaejgr akjgs gkp ijne jg| blsrlgorlkg j`kur rme

rpejriegr kc serraeiegr tpkoeebs ̀ jseb kg seouplrlveb akjgs' EIO! jcrep hegepjaa| pelexlgh

rmkse akjgs ckp tksslàe petupomjse! aecr iksr kc rme rpusr)kxgeb ùan serraeiegr akjgs lg rme

rpusrs! jgb jr gk rlie gkrlcleb rme rpusrs kc rme serraeiegrs lr mjb gehkrljreb `jseb kg rmelp akjgs'

@ejp _eglkp Ijgjheiegr Jttpkeb rme @uan _erraeiegr Tpjorloe

?3' _kierlie lg ejpa| 0443! rme ùan serraeiegr tpjorloe ojie rk rme Hak`ja Mejb“s

jrregrlkg! xmk skuhmr ikpe lgckpijrlkg cpki EIO pehjpblgh rme jikugr kc! jgb tpkoebupes

peajreb rk! rme ùan serraeiegrs kg rpusr)kxgeb akjgs'

?8' Bealèpjrlkgs j`kur mkx rk beja xlrm rme ùan serraeiegrs lgkalgh okugsea jgb

@ejp e}eourles okgrlgueb ckp ijg| ikgrms rmpkuhm rme egb kc 0443 jgb lgrk ejpa| 0448! buplgh

xmlom rlie oeprjlg kc rme cugbs xepe meab lg j setjpjre jookugr' @| rme egb kc Ce`pujp| 0448!

:2



@ejp beolbeb rmjr rme tpjorloe xkuab okgrlgue! rmjr oeprjlg cugbs okaaeoreb rk bjre xkuab è rjneg

lgrk lgokie ckp clpsr zujprep 0448! jgb rmjr curupe serraeiegr cugbs xkuab è jaakojreb tupsujgr

rk j tpkoebupe rmjr xjs |er rk è belseb! jgb xmlom eegrujaa| èojie ngkxg js rme

‑_erraeiegr Xjrepcjaa'’

@ejp Tuptkpreb rk Peblpeor _kie @uan _erraeiegr Cugbs rk rme Rpusrs

?=' Rme _erraeiegr Xjrepcjaa! opejreb xlrm rme lgkaeiegr kc okugsea! ls jg elhmr)

tjhe bkouiegr serrlgh ckprm lg berjla mkx lgokilgh ùan serraeiegr cugbs xepe rk è jaakojreb'

?<' Ugbep rmls jaakojrlkg! @ejp clpsr peliùpseb lrseac ckp aehja cees! oksrs jgb krmep

e}tegses> seokgb! lr okepeb rme cuaa jikugr kc oeprjlg ‑ikgerjp|’ oajlis -suom js! e'h'! rj} jgb

esopkx jbfusriegrs,> jgb rmlpb! lr bllbeb jg| peijlglgh cugbs tpk)pjrj èrxeeg lgegrkp| jgb

rpusr)kxgeb akjgs' @ejp rmeg useb rme tpk)pjrj jikugr jaakojreb rk rpusr)kxgeb akjgs rk

peliùpse lrseac ckp lrs petupomjses kc jaa ùan serraeiegr akjgs rmjr EIO beeieb ‑ijgbjrkp|’

èojuse rme petpesegrjrlkgs jgb xjppjgrles rk rme rpusrs mjb èeg `pejomeb kg rmese akjgs'

Clgjaa|! lc jg| cugbs peijlgeb jcrep jaa kc rme j`ke jaakojrlkgs! EIO xkuab use rme ikge| ckp

petupomjses rmjr EIO beeieb ‑ktrlkgja!’ `krm kc ùan serraeiegr akjgs jgb kc krmep akjgs cpki

seouplrlvjrlkgs'

24' Kga| rmls ajsr jaakojrlkg okuab tpklbe j ègeclr rk rme rpusrs -rk xmlom rme| xepe

gkr japejb| egrlraeb, jplslgh cpki @ejp“s peoeltr kc ̀ uan serraeiegr cugbs' Rmls jaakojrlkg

okgreitajreb rme ‑ktrlkgja’ petupomjse kc j beceorle akjg rmjr! jr aejsr jookpblgh rk EIO“s

lgrepgja jgja|sls! blb gkr jorujaa| `pejom jg| EIO petpesegrjrlkgs rk rme rpusr! ùr xepe ealhlàe

ckp petupomjse ugbep oeprjlg ktrlkgja petupomjse tpklslkgs lgoaubeb lg @ejp seouplrlvjrlkgs'

EIO ‑ktrlkgjaa|’ petupomjseb kga| 22 ùan serraeiegr akjgs tupsujgr rk rme _erraeiegr

:5



Xjrepcjaa! jgb useb iksr kc rmls ‑ktrlkgja’ jaakojrlkg rk petupomjse akjgs rmjr xepe gkr lgoaubeb

lg ùan serraeiegrs! ùr rmjr xepe tjpr kc seouplrlvjrlkgs! xmlom okgrjlgeb ùan serraeiegr akjgs'

@ejp Jklbeb _lhglclojgr Aksses @eojuse kc Mkx Lr Jgja|veb Lrs @pejomes Kg @uan _erraeiegr Akjgs

2:' Rk litaeiegr rme jaakojrlkg steolcleb lg rme _erraeiegr Xjrepcjaa! EIO èhjg

tepckpilgh j T_J `pejom pelex kg ùan serraeiegr akjgs rk berepilge xmermep rmepe xjs j

`pejom kc j petpesegrjrlkg kp xjppjgr| ijbe `| EIO rk rme rpusr' Tplkp rk rmls rlie! xmeg EIO

okgbuoreb rme T_J `pejom pelex kg akjgs rmjr j akjg kplhlgjrkp mjb jhpeeb rk petupomjse! EIO

ckugb j `pejom gejpa| :44% kc rme rlie'

20' Mkxeep! xlrm pehjpb rk ùan serraeiegr akjgs! EIO blb gkr clgb j `pejom kg

eep| akjg'

2?' Lg j Fua| 0448 e)ijla! rme mejb kc EIO“s Zujalr| Okgrpka Betjpriegr okgclpieb

jg ugbepsrjgblgh kc rme blcceplgh jttpkjomes! tklgrlgh kur rmjr! lc jg ETB akjg xjs gkr rk è

petupomjseb `| jg kplhlgjrkp! rmeg ‑xe bkg“r xjgr rk clgb j T_J `pejom ' ' '’ Rmus! oeprjlg EIO

eitak|ees èaleeb rmjr EIO blb gkr ‑xjgr rk clgb’ T_J `pejomes kg ùan serraeiegr akjgs'

22' Xmeg pelexlgh ùan serraeiegr akjgs! EIO ckugb rmjr kga| j`kur :0'8% kc rme

ùan serraeiegr akjgs `pejomeb lrs petpesegrjrlkgs jgb xjppjgrles lg rme _tkgskp IATJ'

25' Rme jaakojrlkg steolcleb lg rme _erraeiegr Xjrepcjaa xjs mjareb lg kp jpkugb rme

stplgh kc 044=! jgb oeprjlg kc rme cugbs okaaeoreb peijlgeb lg j setjpjre jookugr'

:3



_okte kc @uan _erraeiegr Okgbuor

23' Rme ùan serraeiegrs èhjg js ejpa| js 0442! xlrm iksr kc rme okgbuor kooupplgh

lg 0443 jgb 0448' EIO uarlijrea| egrepeb lgrk ùan serraeiegrs xlrm cjoe jikugrs rkrjalgh

jttpk}lijrea| "?4? ilaalkg' Rmese ùan serraeiegrs lgkaeb akjgs xlrmlg :53 PI@_ rpusrs

lssueb lg 0445 rmpkuhm 0448'

28' Rme ùan serraeiegrs okepeb js ijg| js pkuhma| <!444 akjgs! `krm lg lgegrkp|

jgb seouplrlvjrlkgs! jgb serraeb `krm petupomjse jgb ‑ikgerjp|’ oajlis' Kc rme petupomjse

oajlis! jttpk}lijrea| 3!5?5 okepeb rpusr)kxgeb akjgs! jgb EIO eegrujaa| petupomjseb j rkrja

kc jttpk}lijrea| ==4 kc rmese akjgs! aejlgh j`kur 5!355 ùan serraeiegr akjgs lg rme rpusrs'

@ejp Ijbe Ijrepljaa| Ilsaejblgh _rjreiegrs jgb Kilsslkgs lg PI@_ Kcceplgh Bkouiegrs

2=' @ejp blb gkr blsoakse rk lgesrkps! jgb lgesrkps lg @ejp PI@_ xepe gkr jxjpe kc

rme ùan serraeiegr tpjorloe kp rmjr @ejp mjb peoeleb jgb netr cugbs cpki akjg kplhlgjrkps kg

rpusr)kxgeb ETB akjgs'

2<' Rme @ejp egrlrles cjlaeb rk blsoakse rme ùan serraeiegr tpjorloe lg jg| kc rme

bkouiegrs tpklbeb rk lgesrkps kp claeb xlrm rme Okiilsslkg peajrlgh rk rme @uan _erraeiegr

PI@_' Lgsrejb! rmese egrlrles ijbe ijrepljaa| ilsaejblgh srjreiegrs jgb kilsslkgs peajrlgh rk

oeprjlg jsteors kc rme seouplrlvjrlkgs! jgb jask cjlaeb rk blsoakse oeprjlg lgckpijrlkg pezulpeb

ugbep su`tjpr ::44 kc Okiilsslkg pehuajrlkg _)N ^:8 O'C'P' ¨¨ 00<'::44)'::0?Y peajreb rk

jsser)`joneb seouplrles kcceplghs jgb peceppeb rk js pehuajrlkg J@'

:8



54' Rme ùan serraeiegr tpjorloe xjs lgokgslsregr xlrm cugbjiegrja tplgoltaes

ugbepa|lgh PI@_ rpjgsjorlkgs ‟ rmjr lr xjs lg rme lgrepesr kc jaa tjprles rmjr rme akjgs tepckpi

xeaa' Lg jbblrlkg! rme rpusrs blb gkr peoele blsùpseiegr kc okaaeoreb tpkoeebs jgb beceorle

akjgs xepe gkr peikeb cpki rme rpusrs'

5:' Rme kcceplgh bkouiegrs cpezuegra| blsoakseb rme e}lsregoe kc @ejp“s plhmrs jhjlgsr

kplhlgjrkps! jgb rme algn èrxeeg rme e}epolse kc rmkse plhmrs jgb petupomjses kur kc rme rpusr'

Mkxeep! rme| blb gkr blsoakse rmjr @ejp ilhmr e}epolse rmese plhmrs! jgb neet kp ser jslbe rme

tpkoeebs rmepecpki! xlrmkur petupomjslgh rme akjgs' Ckp e}jitae! lg Ce`pujp| kc 0448! @ejp

jiegbeb rme Ckpi _)? ckp kge kc rme @ejp Pehlsrpjgr Betkslrkps! _JIL! rk lgoaube rme ckaakxlgh

ajghujhe6

‑Rme lgj`lalr| ^kc akjg kplhlgjrkpsY rk petupomjse ÊTBY akjgs ij| jask jcceor rmetepckpijgoe kc jg| seouplrles `joneb `| rmkse akjgs'’

Js kc Ijpom :! 0448! @ejp jbbeb rme ckaakxlgh ajghujhe rk lrs tpksteorus suttaeiegrs jgb

T_Js6

‑ ' ' ' rme _tkgskp ij|! jr lrs ktrlkg! tupomjse jg| ikprhjhe akjg cpki rme lssulgh egrlr|

ckp xmlom rme clpsr somebuaeb tj|iegr bue rk rme Lssulgh Egrlr| jcrep rme Oakslgh Bjre

èokies ?4 bj|s tjsr bue> tpklbeb mkxeep! suom ikprhjhe akjg xjs tupomjseb `| rme

_tkgskp -kp kge kc lrs jcclaljres, cpki jg kplhlgjrkp tupsujgr rk j akjg tupomjse jhpeeiegr

xmlom kàlhjreb suom kplhlgjrkp rk petupomjse suom ikprhjhe akjg lc kge kp ikpe

somebuaeb tj|iegrs èokies ?4 kp ikpe bj|s bealgzuegr -jgb suom kplhlgjrkp mjs jhpeeb

rk petupomjse suom ikprhjhe akjg,'’

50' Lg jbblrlkg! pehlsrpjrlkg srjreiegrs! tpksteorus suttaeiegrs jgb T_Js petpesegreb

rmjr rme stkgskp jgb betkslrkp xkuab kp mjb rpjgsceppeb jaa ‑plhmr! rlrae jgb lgrepesr’ lg rme akjgs!

js xeaa js jaa ‑tpkoeebs’ cpki rme akjgs lgrk rme rpusrs'

5?' @ejp blb gkr blsoakse rmjr! bestlre rmls rpjgscep! @ejp egckpoeb plhmrs jhjlgsr

kplhlgjrkps ckp akjgs kxgeb `| rme rpusrs xlrmkur petupomjslgh rmei'

:=



52' @ejp jcclpijrlea| ilssrjreb! jgb skierlies cjlaeb rk ijne! rme pezulpeb

blsoaksupes ugbep lrei :::<-o, kc pehuajrlkg J@! xmlom pezulpes blsoaksupe kc peajrlkgsmlts

lgkalgh kp peajrlgh rk rme tkka jssers èrxeeg rme stkgskp jgb kplhlgjrkps kc ikpe rmjg :4% kc

rme tkka jssers' @| lprue kc lrs tpjorloe kc ijnlgh oajlis jhjlgsr kplhlgjrkps kg rpusr)kxgeb

jssers! @ejp ijlgrjlgeb j peajrlkgsmlt xlrm kplhlgjrkps peajrlgh rk rme tkka jssers' Rk rme e}regr

rmjr @ejp mjb suom j peajrlkgsmlt xlrm kplhlgjrkps kc :4% kp ikpe kc rme rpusr jssers! rmjr

peajrlkgsmlt xjs pezulpeb rk è blsoakseb'

55' Lrei ::42-o, kc pehuajrlkg J@ pezulpes blsoaksupe kc ‑lgckpijrlkg kp cjorkps

peajreb rk rme stkgskp rmjr ij| è ijreplja rk jg jgja|sls kc rme kplhlgjrlkg kp tepckpijgoe kc rme

tkka jssers'’ Rme ùan serraeiegr tpjorloe xjs peaejgr rk rme kplhlgjrlkg kc akjgs èojuse @ejp

okaaeoreb jbblrlkgja cugbs kg ETB akjgs skab rk PI@_ rpusrs' \er! rme tpjorloe xjs gkr

blsoakseb'

53' @ejp jask blsoakseb kga| j tkprlkg kc rme rpurm xlrm pesteor rk EIO“s kxg

petupomjse kàlhjrlkgs' Lreis ::::-e, jgb ::::-h, kc pehuajrlkg J@ pezulpe blsoaksupe kc

‑petpesegrjrlkgs jgb xjppjgrles ijbe okgoepglgh rme tkka jssers’ jgb rme peiebles jjlajàe ckp

`pejomes kc rmkse petpesegrjrlkgs jgb xjppjgrles! js xeaa js j besopltrlkg kc rme ‑olpouisrjgoes’

ugbep xmlom ‑tkka jssers ij| è ' ' ' peikeb cpki rme jsser tkka! suom js ^ckpY j `pejom kc j

tkka jsser petpesegrjrlkg kp xjppjgr|'’ Rme T_Js slhgeb `| rme @ejp Betkslrkps jgb EIO

besoplèb rme peiebles jjlajàe rk rme rpusrs ckp `pejomes kc petpesegrjrlkgs jgb xjppjgrles `|

rme stkgskp' Mkxeep! rmepe xjs gk blsoaksupe rmjr @ejp xkuab e}epolse lrs plhmrs jhjlgsr

kplhlgjrkps! xlrmkur petupomjslgh rme akjgs' Lg cjor! rme petupomjse peieb| hegepjaa| xjs gkr

jjlajàe èojuse @ejp lgcpezuegra| ckugb `pejomes kc lrs petpesegrjrlkgs jgb xjppjgrles kg ùan

serraeiegr akjgs'

:<



@ejp Ilsaeb Tupomjseps kc PI@_ _eouplrles rmpkuhm j Guièp kc Ugblsoakseb @uan _erraeiegr Jors jgb Tpjorloes

58' Rme ùan serraeiegr tpjorloe lgkaeb j guièp kc ugblsoakseb jors rmjr ilsaeb

PI@_ lgesrkps' Rmese jors lgoaubeb! ùr xepe gkr alilreb rk6 -:, _erralgh petupomjse oajlis

jhjlgsr kplhlgjrkps kg rpusr)kxgeb akjgs! jgb neetlgh oeprjlg kc rme tpkoeebs peoeleb! xmeg

@ejp blb gkr petupomjse rme akjgs cpki rme rpusrs> -0, Jtta|lgh srjgbjpbs ckp petupomjse kc akjgs!

xmlom pesuareb lg j gejpa| :44% `pejom pjre ckp akjgs rmjr jg kplhlgjrkp mjb jhpeeb rk petupomjse!

ùr kga| j :0'8% `pejom pjre ckp ̀ uan serraeiegr akjgs> -?, Cjlalgh rk blsoakse rme ùan

serraeiegr tpjorloe xmeg jgsxeplgh zuesrlkgs j`kur ETBs tkseb `| oeprjlg lgesrkps> jgb -2,

Cjlalgh rk gkrlc| lgesrkps j`kur rme tpkoeebs @ejp perjlgeb peajreb rk seouplrlveb akjgs! bestlre

ngkxlgh rmjr lgesrkps xepe ugjxjpe kc rme ùan serraeiegr tpjorloe'

@ejp“s Ilsaejblgh _rjreiegrs!Kilsslkgs! jgb Okgbuor Slkajreb rme Cebepja _eouplrles Ajxs

5=' Rme ùan serraeiegr tpjorloe xkuab mje èeg ijreplja rk lgesrkps“ beolslkgs

xmermep rk lgesr lg @ejp“s seouplrles kcceplghs! èojuse! jikgh krmep rmlghs! @ejp xjs okaaeorlgh

ikge| rmjr xjs gkr blsùpseb rk rme rpusrs ckp rpusr)kxgeb akjgs rmjr becjuareb ejpa|> jgb rmese

ejpa| becjuarlgh ùan serraeiegr akjgs! ugalne kplhlgjrkp)petupomjseb akjgs! xepe cpezuegra| gkr

petupomjseb' Lg jbblrlkg! rme tpjorloe kg j tajrckpi aeea hegepjreb regs kc ilaalkgs kc bkaajps!

xmlom xjs gkr tjsseb kg rk lgesrkps'

5<' Rme @ejp Pehlsrpjgr Betkslrkps! EIO! jgb @ejp @pknepjhe jpe jaa tplijpla| aljàe

ckp rme ilssrjreiegrs jgb kilsslkgs lg rme kcceplgh bkouiegrs ckp rme tuàlo rpjgsjorlkgs' Rme

@ejp Pehlsrpjgr Betkslrkps slhgeb rme Ckpi _)? Pehlsrpjrlkg _rjreiegrs js lssueps ckp rme

seouplrles jgb xepe jask pestkgslàe ckp rme okgregr kc rme tpksteorus suttaeiegrs! xmlom xepe

lgokptkpjreb lgrk rme tpksteoruses rmjr xepe tjpr kc rme Pehlsrpjrlkg _rjreiegrs' @krm rme @ejp

04



Pehlsrpjgr Betkslrkps jgb EIO! js stkgskp! slhgeb jgb claeb rme T_Js' @ejp @pknepjhe“s gjie

jttejpeb kg rme seouplrlvjrlkg bkouiegrs js rme ugbepxplrep! jgb lrs eitak|ees xepe rme kccloeps

kc rme @ejp Pehlsrpjgr Betkslrkps xmk tpetjpeb jgb slhgeb rme kcceplgh bkouiegrs' EIO jgb

@ejp @pknepjhe xepe jask lgsrpuiegrja lg tpetjplgh jaa kc rme kcceplgh bkouiegrs jgb ijgjhlgh

rme ùan serraeiegr tpkoess' Ikpekep! jaa kc rme kccloeps kc rme @ejp Betkslrkps xepe eitak|ees

kc @ejp @pknepjhe' Ejom kc rmese egrlrles jask tjprloltjreb lg rme jors besoplèb lg tjpjhpjtm 58

j`ke'

34' Rme @ejp Betkslrkps! EIO! jgb @ejp @pknepjhe xepe rmeiseaes okgbuorlgh rme

ùan serraeiegr tpjorloe! ngex j`kur rme lgokie èlgh hegepjreb! jgb ngex rmjr lgesrkps ojpeb

j`kur rmls lssue ùr blb gkr ngkx j`kur rme tpjorloe' Cjlalgh rk blsoakse rme tpjorloe rk lgesrkps!

lg alhmr kc krmep srjreiegrs rme| ijbe jgb rmelp blsoaksupe kàlhjrlkgs! xjs ugpejskgjàe' Js j

pesuar! rme @ejp egrlrles“ okgbuor xjs gehalhegr'

Rme XIO2 Rpjgsjorlkg

3:' Rme XIO2 rpjgsjorlkg èhjg xlrm jg jhpeeiegr lg kp j`kur Fua| 0443 `| F'T'

Ikphjg Ikprhjhe Jozulslrlkg Okptkpjrlkg -‑F'T' Ikphjg Jozulslrlkg’,! j blpeor! xmkaa| kxgeb

su`slbljp| kc FTI Omjse! rk tupomjse ikpe rmjg <!444 su`)tplie ikprhjhe akjgs cpki XIO'

Rme kcceplgh oakseb lg Beoeièp 0443'

@jonhpkugb Peajreb rk Bealgzuego| Blsoaksupes

30' Jr jaa rlies peaejgr rk rme XIO2 rpjgsjorlkg! pehuajrlkg J@ pezulpeb blsoaksupe

kc bealgzuego| lgckpijrlkg peajreb rk jssers rmjr tpklbeb okaajrepja ckp jg jsser)`joneb

seouplrles kcceplgh' Rme pezulpeb blsoaksupes lgoaubeb blsoaksupe kc rme iermkb kc berepilglgh

bealgzuegoles! rme rkrja jikugr kc bealgzuegr jssers js j tepoegrjhe kc rme jhhpehjre jsser tkka!

jgb krmep ijreplja lgckpijrlkg okgoepglgh bealgzuegr jssers jgb xepe steolcleb lg! jikgh krmep

0:



tpklslkgs! lreis ::44-`,! ::45-j,! ::::-o, kc pehuajrlkg J@ ^:8 O'C'P' ¨¨ 00<'::44-`,

'::45-j,-o,! '::::-o,Y'

3?' Lgckpijrlkg j`kur rme bealgzuego| srjrus kc ikprhjhe akjgs rmjr tpklbe okaajrepja

ckp jg PI@_ kcceplgh xjs litkprjgr rk lgesrkps' Rme ikprhjhe akjgs rmjr tpklbe rme okaajrepja

lg jg PI@_ rpjgsjorlkg jpe rme tplijp| skupoe kc cugbs `| xmlom lgesrkps tkregrljaa| ojg

peokep jgb tpkclr cpki rmelp lgesriegrs' Rme tpesegoe jgb e}regr kc ouppegr jgb mlsrkploja

bealgzuegoles ls litkprjgr lgckpijrlkg rk lgesrkps èojuse lr meats egjàe rmei rk jssess rme

alnealmkkb rmjr `kppkxeps xlaa è jàe rk petj| rmelp ikprhjhe akjgs jgb! js j pesuar! xmermep

lgesrkps xlaa succep aksses kg! kp xlaa peokep jgb tpkclr cpki! rmelp lgesriegrs'

32' Jr rme rlie kc rme XIO2 rpjgsjorlkg! rmepe xepe rxk tplijp| iermkbs ckp

berepilglgh bealgzuego| srjrus kc j ikprhjhe akjg' Kge iermkb xjs ngkxg js rme Kccloe kc

Rmplcr _uteplslkg -‑KR_’, iermkb! jgb rme krmep xjs ngkxg js rme Ikprhjhe @jgneps

Jsskoljrlkg -‑I@J’, iermkb' Rme KR_ iermkb tplijpla| xjs useb ckp berepilglgh rme

bealgzuego| srjrus kc su`)tplie akjgs! jgb rme I@J iermkb tplijpla| xjs useb rk berepilge rme

bealgzuego| srjrus kc tplie jgb oeprjlg krmep r|tes kc akjgs' Ugbep rme KR_ iermkb! j ikprhjhe

akjg xjs rmlpr| bj|s bealgzuegr lc tj|iegr bue kg j bue bjre lg kge ikgrm xjs gkr peoeleb `|

rme oakse kc ùslgess kg rme akjg“s bue bjre lg rme ckaakxlgh ikgrm' Ugbep rme I@J iermkb!

rmjr ikprhjhe akjg xjs rmlpr| bj|s bealgzuegr lc tj|iegr xjs gkr peoeleb `| rme oakse kc

ùslgess kg rme liiebljrea| tpeoeblgh bj|' Js jg e}jitae! lc j akjg mjb j tj|iegr bue bjre kc

Gkeièp :! rmjr akjg xkuab è rmlpr| bj|s bealgzuegr ugbep rme KR_ iermkb lc rme tj|iegr

xjs gkr peoeleb `| rme oakse kc ̀ uslgess kg Beoeièp :' Ugbep rme I@J iermkb! mkxeep!

rmjr akjg xkuab è rmlpr| bj|s bealgzuegr lc tj|iegr xjs gkr peoeleb `| rme oakse kc ùslgess kg

Gkeièp ?4'

00



35' Js ser ckprm lg hpejrep berjla lgcpj lg rmls Okitajlgr! FT Ikphjg jgb FTIJO

blsoakseb rmjr rme| useb rme KR_ iermkb ckp berepilglgh rme bealgzuego| srjrus kc rme su`)tplie

ikprhjhe akjgs rmjr tpklbeb rme okaajrepja ckp rme XIO2 rpjgsjorlkg' Rme| cuprmep petpesegreb

rmjr rme| xepe blsoakslgh rme bealgzuego| srjrus kc rme ikprhjhe akjgs js kc rme oakse kc ùslgess

kg Beoeièp :! 0443! rme our)kcc bjre ckp rme rpjgsjorlkg' Tj|iegrs kg jaa kp lprujaa| jaa kc rme

akjgs lgoaubeb js okaajrepja ckp rme XIO2 rpjgsjorlkg xepe bue kg rme clpsr bj| kc ejom ikgrm'

Js j pesuar! ugbep rme KR_ iermkb! js besoplèb sutpj lg tjpjhpjtm 32 kc rmls Okitajlgr! lc j

tj|iegr bue kg rme clpsr bj| kc j ikgrm xjs gkr ijbe `| rme oakse kc ùslgess kg rme clpsr bj| kc

rme ckaakxlgh ikgrm! rmjr akjg rmeg xkuab è rmlpr| bj|s bealgzuegr' Rme our)kcc bjre ckp rme

XIO2 rpjgsjorlkg rmus okppestkgbeb xlrm rme bjre xmeg akjgs xlrm j Gkeièp :! 0443! kp jg

Korkèp :! 0443! ge}r tj|iegr bue bjre èojie rmlpr| kp sl}r| bj|s bealgzuegr'

FT Ikphjg Jozulslrlkg Tupomjses rme Akjgs cpki XIO! jgb FT Ikphjg jgb FTIJO Hjrmep jgb Pelex Akjg Lgckpijrlkg ckp Blsoaksupe lg rme Kcceplgh Bkouiegrs

33' Kg kp j`kur Fua| 04! 0443! F'T' Ikphjg Jozulslrlkg egrepeb lgrk j gehkrljreb

rpjbe xlrm XIO ckp rme tupomjse kc j ": `laalkg tkka kc su`)tplie ikprhjhe akjgs cpki XIO'

_eepja bj|s ajrep! rme tjprles jhpeeb rk lgopejse rme slve kc rme rpjbe rk rme tupomjse kc "0 `laalkg

kc su`)tplie ikprhjhe akjgs' Rme tupomjse xjs rk oakse kg Korkèp ?4! 0443'

38' Kg kp j`kur Korkèp ?4! 0443! F'T' Ikphjg Jozulslrlkg oakseb kg rme tupomjse kc

jttpk}lijrea| <!=?0 su`)tplie ikprhjhe akjgs cpki XIO ckp jttpk}lijrea| "0 `laalkg' F'T'

Ikphjg Jozulslrlkg su`sezuegra| skab jr aejsr <!3?8 ikprhjhe akjgs rk FTIJO' FTIJO! lg

rupg! skab <!3?8 akjgs rk rme rpusr ngkxg js F'T' Ikphjg Ikprhjhe Jozulslrlkg Rpusr 0443)

XIO2 rmjr xjs esrjàlsmeb ckp rme XIO2 rpjgsjorlkg' XIO jgb FT Ikphjg jhpeeb kg j

Beoeièp :! 0443! ecceorle bjre ckp rme rpjgscep kc seplolgh cpki rme okitjgles seplolgh rme

0?



akjgs ckp XIO rk rme okitjgles seplolgh rme akjgs ckp rme rpusr! FT Ikphjg Omjse @jgn! G'J'

jgb Omjse Mkie Clgjgoe AAO -rme ‑Omjse seploeps’,'

3=' Jask ckaakxlgh rme tupomjse kc rme ikprhjhe akjgs cpki XIO! FT Ikphjg jgb

FTIJO tepskggea èhjg xkpn kg rme kcceplgh rmjr ojie rk è ngkxg js rme XIO2 rpjgsjorlkg'

Js tjpr kc rmjr xkpn! FT Ikphjg jgb FTIJO tepskggea hjrmepeb skie lgckpijrlkg kg rme

tj|iegr srjrus kc akjgs rk è lgoaubeb js okaajrepja ckp rme XIO2 rpjgsjorlkg' Rme| hjrmepeb

rmls lgckpijrlkg! jr aejsr lg tjpr! lg okggeorlkg xlrm pezulpeb blsoaksupes j`kur xmermep rme

ikprhjhe akjgs xepe kp mjb èeg bealgzuegr' Rmkse blsoaksupes lgoaubeb petpesegrjrlkgs j`kur

`krm ouppegr jgb mlsrkploja bealgzuegoles'

3<' Xmlae FT Ikphjg jgb FTIJO tepskggea hjrmepeb lgckpijrlkg kg rme tj|iegr

srjrus kc akjgs rmjr xepe rk tpklbe okaajrepja ckp rme XIO2 rpjgsjorlkg! FT Ikphjg jgb FTIJO

tepskggea jask xkpneb kg tpetjpjrlkg kc j guièp kc bkouiegrs useb rk okitaere rme

rpjgsjorlkg' Rmese bkouiegrs lgoaubeb j tpealilgjp| tpksteorus suttaeiegr jgb rme clgja

tpksteorus suttaeiegr' @krm kc rmese bkouiegrs xepe claeb xlrm rme Okiilsslkg' Rme

tpksteorus suttaeiegr xjs claeb tupsujgr rk j pehlsrpjrlkg srjreiegr ckp PI@_ kcceplghs rmjr

FTIJO tpelkusa| mjb claeb jgb! kgoe claeb! èojie tjpr kc rmjr pehlsrpjrlkg srjreiegr' Rme

bpjcrlgh kc rme tpealilgjp| tpksteorus suttaeiegr jgb rme tpksteorus suttaeiegr rkkn tajoe

tplijpla| buplgh rme teplkb cpki ejpa| Beoeièp 0443 rmpkuhm Beoeièp 04! 0443! rme bjre

xmeg rme tpksteorus suttaeiegr xjs claeb xlrm rme Okiilsslkg'

FT Ikphjg jgb FTIJO Ksregslà| Use rme KR_ Iermkb kc Berepilglgh rme

Bealgzuego| _rjrus kc rme Ikprhjhe Akjgs Lgoaubeb lg rme XIO2 Rpjgsjorlkg

84' Rme lglrlja bpjcr kc rme tpealilgjp| tpksteorus suttaeiegr ckp rme XIO2

rpjgsjorlkg lgoaubeb rme ckaakxlgh besopltrlkg kc rme iermkb rmjr FT Ikphjg jgb FTIJO useb

ckp berepilglgh xmermep j akjg xjs bealgzuegr6

02



Ikprhjhe akjgs jpe peokhglveb ckp bealgzuego| jgb becjuar tupsujgr rk rme Kccloekc Rmplcr _uteplslkg -‑KR_’, iermkbkakh|' Ugbep rme KR_ iermkbkakh|! j ikprhjheakjg ls okgslbepeb bealgzuegr lc jg| tj|iegr bue rmepekg ls gkr ijbe tupsujgr rk rmerepis kc suom ikprhjhe akjg `| rme oakse kc ùslgess kg rme bj| suom tj|iegr lssomebuaeb rk è bue' J ikprhjhe akjg ls ‑?4 bj|s bealgzuegr’ lc suom tj|iegr mjs gkr

èeg peoeleb `| rme oakse kc ùslgess kg rme okppestkgblgh bj| kc rme ikgrmliiebljrea| suooeeblgh rme ikgrm lg xmlom suom tj|iegr xjs bue! kp! lc rmepe ls gk suomokppestkgblgh bj| -e'h'! js xmeg j ?4)bj| ikgrm ckaakxs j ?:)bj| ikgrm lg xmlom jtj|iegr xjs bue kg rme ?:sr bj| kc suom ikgrm,! rmeg kg rme ajsr bj| kc suomliiebljrea| suooeeblgh ikgrm' _lilajpa| ckp ‑34 bj|s bealgzuegr!’ ‑<4 bj|sbealgzuegr’ jgb sk kg'

Rmls besopltrlkg xjs lgoaubeb lg rme clgja epslkgs kc rme tpealilgjp| tpksteorus suttaeiegr jgb

tpksteorus suttaeiegr rmjr xepe claeb xlrm rme Okiilsslkg'

FT Ikphjg jgb FTIJO Peoele Lgckpijrlkg rmjr Akjgs

rk @e Lgoaubeb lg rme XIO2 Rpjgsjorlkg Xepe Rmlpr| kp Ikpe Bj|s Bealgzuegr

8:' Kg kp j`kur Beoeièp :?! 0443! FT Ikphjg tepskggea xkpnlgh kg rme XIO2

rpjgsjorlkg olpouajreb lgckpijrlkg smkxlgh rmjr! js kc Beoeièp ::! 0443! tj|iegrs bue kg

Gkeièp :! 0443! ckp jttpk}lijrea| 888 kc rme ikprhjhe akjgs tupomjseb cpki XIO! xlrm j

tplgoltja `jajgoe kc jttpk}lijrea| ":85!=:2!385! mjb gkr èeg ijbe jgb rmjr tj|iegrs bue kg

Korkèp :! 0443! ckp jttpk}lijrea| 2 akjgs! xlrm j tplgoltja `jajgoe kc jttpk}lijrea|

"84?!334! jask mjb gkr èeg ijbe'

80' Jask kg kp j`kur Beoeièp :?! 0443! j FT Ikphjg lgesriegr `jgnep xkpnlgh kg

rme XIO2 rpjgsjorlkg pjlseb j zuesrlkg j`kur xmermep akjgs tupomjseb cpki XIO js rk xmlom

tj|iegr xjs bue kg Gkeièp :! 0443! ùr xjs gkr peoeleb `| Beoeièp :! 0443! xepe rmlpr|

bj|s bealgzuegr ugbep rme KR_ iermkb kc berepilglgh bealgzuegoles' Rme KR_ iermkb kc

berepilglgh rme bealgzuego| srjrus kc j ikprhjhe akjg ls besoplèb sutpj lg tjpjhpjtms 32 jgb

35 kc rmls Okitajlgr! jgb FT Ikphjg jgb FTIJO useb rme oakse kc ùslgess kg Beoeièp :!

0443! js rme ‑our)kcc bjre’ ckp lgckpijrlkg rk è lgoaubeb lg rme tpksteorus suttaeiegr ckp rme

XIO2 rpjgsjorlkg'

05



8?' Js j pesuar kc rme zuesrlkg j`kur bealgzuegr ikprhjhe akjgs rmjr rme FT Ikphjg

lgesriegr `jgnep pecepegoeb sutpj lg tjpjhpjtm 80 kc rmls Okitajlgr mjb pjlseb! kg kp j`kur

Beoeièp :?! 0443! FT Ikphjg jgb FTIJO tepskggea pestkgslàe ckp okitaerlgh rme XIO2

rpjgsjorlkg okgrjoreb okugsea ckp FT Ikphjg jgb FTIJO rk blsouss rme lssue' Jr rme rlie kc rmjr

okiiuglojrlkg! FT Ikphjg jgb FTIJO mjb èeg tajgglgh rk ‑tplgr’ rme tpealilgjp| tpksteorus

suttaeiegr kg Beoeièp :?! 0443! jgb rmeg rk clae lr xlrm rme Okiilsslkg' Js j pesuar kc rme

bealgzuego| lssue! mkxeep! tjprloltjgrs lg rme okiiuglojrlkg xlrm okugsea ckp FT Ikphjg jgb

FTIJO beolbeb rk beaj| rme tplgrlgh kc rme tpealilgjp| tpksteorus suttaeiegr' Lg jg e)ijla rk

j FT Ikphjg rpjbep! rme lgbllbuja xmk mjb pjlseb rme lssue! xpkre rmjr

^xYe beolbeb gkr rk tplgr rkglhmr ' ' ' èojuse xe xepeg“r jàe rk okie rk j okgsegsusxlrm rme ajx|eps kg rme bealgzuego| jgb rme beclglrlkg kc ”Our)kcc Bjre“ ̂ sloY Xe xlaaokgrlgue rk xkpn xlrm ' ' ' ^j ajx clpiY rk okie ut xlrm jg jooetrjàe Our)kcc+bealgzuego| beclglrlkg lg rme ikpglgh' Jr rme egb kc rme bj|! eep|rmlgh ilhmr srj|rme xj| lr ls gkx' Xe xlaa ojaa |ku lg rme ikpglgh rk blsouss'

Okugsea ckp FT Ikphjg jgb FTIJO rmepejcrep blsousseb rme KR_ iermkb kc berepilglgh rme

bealgzuego| srjrus kc j ikprhjhe akjg xlrm tepskggea cpki FT Ikphjg! FTIJO! jgb rme Omjse

seploeps'

82' Lg kp j`kur rme ikpglgh kc Beoeièp :2! 0443! rme FT Ikphjg lgesriegr `jgnep

pecepegoeb sutpj lg tjpjhpjtm 80 kc rmls Okitajlgr blsousseb rme KR_ iermkb kc berepilglgh rme

bealgzuego| srjrus kc j ikprhjhe akjg xlrm okugsea ckp FT Ikphjg jgb FTIJO' Ckaakxlgh rmjr

okgepsjrlkg! rmjr FT Ikphjg lgesriegr `jgnep segr jg e)ijla `krm rk FT Ikphjg rpjbeps jgb rk

j ikpe seglkp FT Ikphjg lgesriegr `jgnep xkpnlgh kg rme XIO2 rpjgsjorlkg lg xmlom me

srjreb rmjr ‑C\L jrrjomeb ls j bealgzuego| `pejnbkxg' Jssuilgh eep|rmlgh ls okppeor! pkuhma|

='=% -":3< ii, kc rme tkka akkns rk è bealgzuegr js kc ajsr glhmr'’ Rme lgesriegr `jgnep xmk

03



segr rme e)ijla jrrjomeb j kge)tjhe bkouiegr rmjr smkxeb rme guièp jgb ouppegr `jajgoes kc

ikprhjhe akjgs xlrm ge}r tj|iegr bue bjres kc Korkèp :! 0443! jgb Gkeièp :! 0443'

85' Lg kp j`kur rme jcrepgkkg kc Beoeièp :2! 0443! rme lgesriegr `jgnep pecepegoeb

sutpj lg tjpjhpjtm 80 kc rmls Okitajlgr! segr jg e)ijla rk okugsea ckp FT Ikphjg jgb FTIJO'

Rme lgesriegr `jgnep xpkre! ‑Bealgzuego| js blsousseb’ jgb jrrjomeb rme kge)tjhe bkouiegr

xlrm rme lgckpijrlkg j`kur rme ikprhjhe akjgs xlrm rme Korkèp :! 0443 jgb Gkeièp :! 0443!

ge}r tj|iegr bue bjres besoplèb sutpj lg tjpjhpjtm 82 kc rmls Okitajlgr'

Rme Tajggeb Bealgzuego| Blsoaksupes E}oaube Akjgs xlrm j Gkeièp :! 0443! Ge}r Tj|iegr Bue Bjre

83' Jask lg kp j`kur rme jcrepgkkg kc Beoeièp :2! 0443! jcrep peoellgh rme e)ijla

besoplèb sutpj lg tjpjhpjtm 85 kc rmls Okitajlgr! okugsea ckp FT Ikphjg jgb FTIJO tpktkseb

omjghes rk j tajggeb seorlkg kc rme tpealilgjp| tpksteorus suttaeiegr! jgb rme tpksteorus

suttaeiegr! ckp rme XIO2 rpjgsjorlkg peajreb rk XIO“s kàlhjrlkgs rk petupomjse ikprhjhe

akjgs' Jikgh krmep rmlghs! okugsea tpktkseb rme jbblrlkg kc rme ckaakxlgh ajghujhe6 ‑Rme bue

bjre ckp rme clpsr ikgrma| tj|iegr ckaakxlgh rme lglrlja sjae kc rme ikprhjhe akjgs rk rme seaaep

mjs koouppeb jgb j slhglclojgr tepoegrjhe -`jseb kg jhhpehjre tplgoltja `jajgoe, kc `kppkxeps

mje cjlaeb rk ijne suom tj|iegr'’ XIO k`feoreb rk krmep tkprlkgs kc rme petupomjse

kàlhjrlkg seorlkg èojuse rme okitjg| blb gkr èalee rmjr rme seorlkg jooupjrea| besoplèb

XIO“s petupomjse kàlhjrlkgs' Js j pesuar kc rmjr k`feorlkg! jgb jcrep okiiuglojrlkgs j`kur

rme tpktkseb blsoaksupe xlrm FT Ikphjg jgb FTIJO! jgb rmelp okugsea! rme egrlpe seorlkg xjs

e}oaubeb cpki rme tpealilgjp| tpksteorus suttaeiegr jgb rme tpksteorus suttaeiegr' Rme

tpktkseb blsoaksupe rmjr j slhglclojgr tepoegrjhe kc `kppkxeps mjb cjlaeb rk ijne rmelp clpsr

tj|iegr ckaakxlgh rme sjae kc rme akjgs rmepejcrep xjs gkr lgoaubeb jg|xmepe lg elrmep rme

tpealilgjp| tpksteorus suttaeiegr kp rme tpksteorus suttaeiegr'

08



88' FT Ikphjg jgb FTIJO! rmpkuhm rmelp tepskggea! jask beolbeb rk e}oaube

ikprhjhe akjgs xlrm j Gkeièp :! 0443! ge}r tj|iegr bue bjre cpki rme blsoaksupes kc akjgs

rmjr xepe kp mjb èeg rmlpr| kp ikpe bj|s bealgzuegr rmjr xkuab è lgoaubeb lg rme tpealilgjp|

tpksteorus suttaeiegr jgb rme tpksteorus suttaeiegr'

8=' Lg kp j`kur rme eeglgh kc Beoeièp :2! 0443! okugsea ckp FT Ikphjg jgb

FTIJO olpouajreb j bpjcr kc rme tpealilgjp| tpksteorus ckp rme XIO2 rpjgsjorlkg rk FT Ikphjg

jgb FTIJO tepskggea jgb krmeps xmk xepe xkpnlgh kg rme rpjgsjorlkg' Rmjr bpjcr lgoaubeb rme

jbblrlkg kc ajghujhe kg bealgzuegr akjgs rk seorlkgs kc rme tpealilgjp| tpksteorus suttaeiegr

egrlraeb ‑Plsn Cjorkps!’ ‑Besopltrlkg kc rme Ikprhjhe Tkka!’ jgb ‑Bealgzuego| jgb Ckpeoaksupe

Lgckpijrlkg ckp rme Ikprhjhe Akjgs’6

j' rme Plsn Cjorkps ajghujhe! lg peaejgr tjpr! tpklbeb rmjr ‑^jYttpk}lijrea|

4'4:%! 4'45% jgb 4'42% kc rme ikprhjhe akjgs lg hpkut :! hpkut 0 jgb rme jhhpehjre

tkka! pesteorlea| -lg ejom ojse! `| jhhpehjre tplgoltja `jajgoe kc rme peajreb hpkut kp

jhhpehjre tkka! js jttalojàe,! js kc rme our)kcc bjre! xepe ?4 rk 5< bj|s bealgzuegr’>

`' rme Besopltrlkg kc rme Ikprhjhe Tkka ajghujhe! lg peaejgr tjpr! tpklbeb

rmjr

^jYs kc rme Our)kcc Bjre! 4'4:%! 4'45% jgb 4'42% kc rme IkprhjheAkjgs lg Hpkut :! Hpkut 0 jgb rme Jhhpehjre Tkka xepe okgslbepeb ?4)5<bj|s bealgzuegr' Js kc rme Our)kcc Bjre! gk Ikprhjhe Akjg xjs 34 kpikpe bj|s bealgzuegr' Rme bealgzuego| srjrus kc j ikprhjhe akjg lsberepilgeb js kc rme bue bjre lg rme ckaakxlgh ikgrm lg jookpbjgoe xlrmrme KR_ iermkb! sk rmjr! ckp e}jitae! lc j `kppkxep cjlaeb rk ijne jikgrma| tj|iegr bue kg Gkeièp : `| Gkeièp ?4! rmjr ikprhjheakjg xkuab è okgslbepeb aess rmjg ?4 bj|s bealgzuegr lg tj|iegr' Lc j`kppkxep cjlaeb rk ijne j ikgrma| tj|iegr bue kg Korkèp : `|Gkeièp ?4! rmjr ikprhjhe akjg xkuab rmeg è okgslbepeb rk è jr aejsr?4 ùr aess rmjg 34 bj|s bealgzuegr lg tj|iegr> jgb

o' Rme Bealgzuego| jgb Ckpeoaksupe Lgckpijrlkg ckp rme Ikprhjhe Akjgs

seorlkg xjs omjgheb cpki j petpesegrjrlkg rmjr! js kc rme our)kcc bjre! gk akjg mjb èeg

0=



rmlpr| kp ikpe bj|s bealgzuegr buplgh rme tpeoeblgh rxeae ikgrms rk rme lgoauslkg kc -l,

j omjpr smkxlgh rmjr! js kc rme our)kcc bjre! 2 akjgs xlrm j tplgoltja `jajgoe kc

"84?!055'<2! jgb petpesegrlgh '42% kc rme akjg tkka! mjb èeg ?4 ‟ 5< bealgzuegr lg rme

tpeoeblgh :0 ikgrms! jgb gk akjg mjb èeg 34 kp ikpe bj|s bealgzuegr jgb -ll, j

petpesegrjrlkg rmjr! js kc rme our)kcc bjre! gk akjg mjb mjb ikpe rmjg kge lgsrjgoe kc

bealgzuego|'

8<' Rme tpktkseb bealgzuego| blsoaksupes ckp rme tpealilgjp| tpksteorus suttaeiegr

ckp rme XIO2 rpjgsjorlkg! besoplèb sutpj lg tjpjhpjtm 8= kc rmls Okitajlgr! ksregslà| peajreb

rk rme guièp jgb tepoegrjhe kc ikprhjhe akjgs rmjr xepe rmlpr| kp ikpe bj|s bealgzuegr js kc

rme our)kcc bjre ckp rme rpjgsjorlkg! rme oakse kc ùslgess kg Beoeièp :! 0443' Rme besopltrlkg

kc xmermep j akjg xkuab è bealgzuegr ugbep rme KR_ iermkb jbbeb rk rme bpjcr tpealilgjp|

tpksteorus suttaeiegr besoplèb sutpj lg tjpjhpjtm 8='`' kc rmls Okitajlgr! mkxeep! peajreb

kga| rk rme bealgzuego| srjrus kc j akjg kg Gkeièp ?4' Rmjr besopltrlkg mjb gkr èeg useb lg

kcceplgh bkouiegrs ckp tplkp PI@_ rpjgsjorlkgs' Lr xjs opejreb jgb jbbeb rk kcceplgh

bkouiegrs ckp rme XIO2 rpjgsjorlkg jcrep rme lgesriegr `jgnep pecepegoeb sutpj lg tjpjhpjtm

80 kc rmls Okitajlgr pjlseb rme bealgzuego| lssue'

=4' Jr kp j`kur :4643 t'i' kg Beoeièp :2! 0443! j alrrae ikpe rmjg jg mkup jgb j

mjac jcrep okugsea ckp FT Ikphjg jgb FTIJO olpouajreb rme bpjcr tpealilgjp| tpksteorus

suttaeiegr ckp rme XIO2 rpjgsjorlkg besoplèb sutpj lg tjpjhpjtm 8= kc rmls Okitajlgr!

okugsea olpouajreb jgkrmep bpjcr rk FT Ikphjg jgb FTIJO tepskggea jgb krmeps xmk xepe

xkpnlgh kg rme rpjgsjorlkg' Lg rmls bpjcr! rme Gkeièp ?4 bjre rmjr mjb èeg useb lg rme

besopltrlkg kc xmermep j ikprhjhe akjg xkuab è bealgzuegr ugbep rme KR_ iermkb ser ckprm

0<

http://slidepdf.com/reader/full/703,255.94

http://slidepdf.com/reader/full/703,255.94



sutpj lg tjpjhpjtms 8='` jgb 8< kc rmls Okitajlgr xjs omjgheb rk Beoeièp :' Rme bpjcr! lg

peaejgr tjpr! rmeg tpklbeb js ckaakxs6

Rme bealgzuego| srjrus kc j ikprhjhe akjg ls berepilgeb js kc rme bue bjre lg rme

ckaakxlgh ikgrm lg jookpbjgoe xlrm rme KR_ iermkb! sk rmjr! ckp e}jitae! lc j `kppkxepcjlaeb rk ijne j ikgrma| tj|iegr bue kg Gkeièp : `| Gkeièp ?4! Beoeièp :!rmjr ikprhjhe akjg xkuab è okgslbepeb aess rmjg ?4 bj|s bealgzuegr lg tj|iegr' Lc j`kppkxep cjlaeb rk ijne j ikgrma| tj|iegr bue kg Korkèp : `| Gkeièp ?4!Beoeièp :! rmjr ikprhjhe akjg xkuab rmeg è okgslbepeb rk è jr aejsr ?4 ùr aess rmjg34 bj|s bealgzuegr lg tj|iegr'

Okgslsregr xlrm rme besopltrlkg kc rme KR_ iermkb ser ckprm sutpj lg tjpjhpjtm 84 kc rmls

Okitajlgr! jgb lgoaubeb lg rme clgja epslkgs kc rme tpealilgjp| tpksteorus suttaeiegr jgb rme

tpksteorus suttaeiegr ckp rme XIO2 rpjgsjorlkg! j ikprhjhe akjg xlrm j tj|iegr bue kg

Gkeièp : xkuab è rmlpr| bj|s bealgzuegr lc rmjr tj|iegr xjs gkr peoeleb `| rme oakse kc

ùslgess kg Beoeièp :'

=:' Jr kp j`kur ::6?< t'i' kg Beoeièp :2! 0443! j alrrae ikpe rmjg jg mkup jgb j

mjac jcrep okugsea ckp FT Ikphjg jgb FTIJO olpouajreb rme bpjcr tpealilgjp| tpksteorus

suttaeiegr ckp rme XIO2 rpjgsjorlkg besoplèb sutpj lg tjpjhpjtm =4 kc rmls Okitajlgr!

okugsea olpouajreb jgkrmep bpjcr rk FT Ikphjg jgb FTIJO tepskggea jgb krmeps xkpnlgh kg rme

rpjgsjorlkg' Lg rmls bpjcr! rme Beoeièp : bjre rmjr mjb èeg useb lg rme besopltrlkg kc xmermep j

ikprhjhe akjg xkuab è bealgzuegr ugbep rme KR_ iermkb ser ckprm sutpj lg tjpjhpjtm =4 kc rmls

Okitajlgr xjs omjgheb `jon rk Gkeièp ?4' Rme bpjcr! lg peaejgr tjpr! rmeg tpklbeb js

ckaakxs6

Rme bealgzuego| srjrus kc j ikprhjhe akjg ls berepilgeb js kc rme bue bjre lg rme

ckaakxlgh ikgrm lg jookpbjgoe xlrm rme KR_ iermkb! sk rmjr! ckp e}jitae! lc j `kppkxepcjlaeb rk ijne j ikgrma| tj|iegr bue kg Gkeièp : `| Beoeièp :! Gkeièp ?4!rmjr ikprhjhe akjg xkuab è okgslbepeb aess rmjg ?4 bj|s bealgzuegr lg tj|iegr' Lc j`kppkxep cjlaeb rk ijne j ikgrma| tj|iegr bue kg Korkèp : `| Beoeièp :! Gkeièp?4! rmjr ikprhjhe akjg xkuab rmeg è okgslbepeb rk è jr aejsr ?4 ùr aess rmjg 34 bj|sbealgzuegr lg tj|iegr'

?4



Rme Kcceplgh ckp rmeXIO2 Rpjgsjorlkg jgb rme Bealgzuego| Blsoaksupes rmjr FT Ikphjg

jgb FTIJO Ijbe lg rme Tpksteorus _uttaeiegr jgb Tpealilgjp| Tpksteorus _uttaeiegr

=0' Jcrep rme omjghe rk rme bealgzuego| blsoaksupe besoplèb sutpj lg tjpjhpjtm =: kc

rmls Okitajlgr xjs ijbe! FT Ikphjg jgb FTIJO clgjalveb rme tpealilgjp| tpksteorus

suttaeiegr ckp rme XIO2 rpjgsjorlkg jgb! kg Beoeièp :5! 0443! bealepeb lr rk rme

Okiilsslkg ckp clalgh' Rme tpealilgjp| tpksteorus suttaeiegr xjs beeieb claeb xlrm rme

Okiilsslkg kg Beoeièp :=! 0443'

=?' Jcrep clalgh rme tpealilgjp| tpksteorus suttaeiegr ckp rme XIO2 rpjgsjorlkg

xlrm rme Okiilsslkg! FT Ikphjg jgb FTIJO tepskggea! js xeaa js rmelp okugsea! xkpneb rk

okitaere rme tpksteorus suttaeiegr ckp rme rpjgsjorlkg' Buplgh rme rlie xmeg rme| xepe

okitaerlgh rme tpksteorus suttaeiegr! FT Ikphjg tepskggea tpetjpeb! jgb segr rk krmep FT

Ikphjg tepskggea xkpnlgh kg rme rpjgsjorlkg! j bkouiegr ngkxg js j ‑clgja lssujgoe rjte'’ Rme

clgja lssujgoe rjte lgoaubeb j alsr kc ejom su`)tplie ikprhjhe akjg rmjr xjs tpklblgh okaajrepja

ckp rme rpjgsjorlkg jgb okauigs kc lgckpijrlkg kg ejom akjg' Jikgh rme lgckpijrlkg lgoaubeb lg

rme clgja lssujgoe rjte xjs rme ge}r tj|iegr bue bjre ckp ejom akjg' Js ser ckprm lg rme clgja

lssujgoe rjte! jttpk}lijrea| 8:8 akjgs! xlrm j tplgoltja `jajgoe kc jttpk}lijrea| ":5<'3

ilaalkg mjb j ge}r tj|iegr bue bjre kc Gkeièp :! 0443'

=2' Lg rme tpksteorus suttaeiegr! jgb rme tpealilgjp| tpksteorus suttaeiegr! ckp rme

XIO2 rpjgsjorlkg! FT Ikphjg jgb FTIJO ijbe petpesegrjrlkgs xlrm pesteor rk akjgs rmjr xepe

bealgzuegr js kc rme our)kcc bjre ckp rme rpjgsjorlkg! rme oakse kc ùslgess kg Beoeièp :! 0443!

js xeaa js akjgs rmjr mjb èeg bealgzuegr buplgh rme rxeae ikgrms egbeb js kc rme our)kcc bjre'

FT Ikphjg jgb FTIJO petpesegreb rmjr! js kc rme our)kcc bjre! -j, `jseb kg rme jhhpehjre

tplgoltja `jajgoe! '42% kc rme ikprhjhe akjgs lg rme akjg tkka rmjr tpklbeb rme okaajrepja ckp rme

rpjgsjorlkg xepe ?4 ‟ 5< bj|s bealgzuegr> -`, gk akjg xjs 34 kp ikpe bj|s bealgzuegr> -o, 2

?:



akjgs! petpesegrlgh '42% kc rme akjgs `jseb kg rme jhhpehjre tplgoltja `jajgoe! mjb èeg ?4 ‟ 5<

bj|s bealgzuegr lg rme tpeoeblgh rxeae ikgrms> jgb -b, gk akjg mjb mjb ikpe rmjg kge lgsrjgoe

kc bealgzuego| lg rmjr rxeae ikgrm teplkb' FT Ikphjg jgb FTIJO jask ijbe rme ckaakxlgh

petpesegrjrlkg xlrm pesteor rk rme srjrlsrloja lgckpijrlkg lgoaubeb lg rme tpksteorus suttaeiegr

jgb rme tpealilgjp| tpksteorus suttaeiegr6

Rme srjrlsrloja lgckpijrlkg kg rme ikprhjhe akjgs tpesegreb mepelg ls `jseb kg rmetplgoltja `jajgoe kc suom ikprhjhe akjgs js kc rme oakse kc ùslgess kg Beoeièp :! 0443-peceppeb rk mepelg js rme ‑our)kcc bjre’,' _uom lgckpijrlkg bkes gkr rjne lgrk jookugrbecjuars! bealgzuegoles jgb tpetj|iegrs rmjr ij| mje koouppeb xlrm pesteor rk rmeikprhjhe akjgs slgoe suom bjre' Js j pesuar! rme srjrlsrloja blsrpl̀ urlkg kc rmeomjpjoreplsrlos lg rme clgja ikprhjhe hpkuts js kc rme oakslgh bjre xlaa jp| cpki rme

srjrlsrloja blsrplùrlkg kc suom omjpjoreplsrlos js tpesegreb lg rmls tpksteorus suttaeiegr!jarmkuhm suom jpljgoe xlaa gkr è ijreplja'

=5' Lg ijnlgh rme bealgzuego| blsoaksupes besoplèb sutpj lg tjpjhpjtm =2 kc rmls

Okitajlgr! FT Ikphjg jgb FTIJO blb gkr lgoaube jg| kc rme akjgs rmjr mjb j Gkeièp :!

0443! ge}r tj|iegr bue bjre'

=3' Kg Beoeièp 04! 0443! FT Ikphjg jgb FTIJO claeb rme tpksteorus suttaeiegr

ckp rme XIO2 rpjgsjorlkg xlrm rme Okiilsslkg' Lg okggeorlkg xlrm rme clgjalvjrlkg kc rme

tpksteorus suttaeiegr ckp rme rpjgsjorlkg! okugsea ckp FT Ikphjg jgb FTIJO lssueb xmjr xjs

ngkxg js j ‑gehjrle jssupjgoe’ aerrep rk FT Ikphjg jgb FTIJO' Lg rmjr aerrep! okugsea srjreb

rmjr! ‑kg rme `jsls kc rme lgckpijrlkg hjlgeb lg rme okupse kc tepckpilgh rme seploes’ besoplèb

lg rme aerrep! ‑gkrmlgh ojie rk kup jrregrlkg rmjr ojuseb us rk èalee’ rmjr rme tpksteorus

suttaeiegr kp rme tpealilgjp| tpksteorus suttaeiegr ‑okgrjlgeb jg ugrpue srjreiegr kc j

ijreplja cjor kp kilrreb rk srjre j ijreplja cjor geoessjp| lg kpbep rk ijne rme srjreiegrs rmepelg!

lg alhmr kc rme olpouisrjgoes ugbep xmlom rme| xepe ijbe! gkr ilsaejblgh'’ Jr rme sjie rlie!

mkxeep! okugsea e}tpessa| blsoajlieb pestkgsl`lalr| ckp! jikgh krmep rmlghs! srjrlsrloja kp

?0



guieploja lgckpijrlkg lgoaubeb lg rme tpksteorus suttaeiegr kp rme tpealilgjp| tpksteorus

suttaeiegr'

=8' Rme tpksteorus suttaeiegr rmjr FT Ikphjg jgb FTIJO claeb kg Beoeièp 04!

0443! xjs ckp rme kccep kc jttpk}lijrea| ":!=?2!558!444 kc seouplrles okaajrepjalveb `| <!3?8

su`)tplie ikprhjhe akjgs xlrm j rkrja tplgoltja `jajgoe kc jttpk}lijrea| ":!<::!<00!2??' Lg

jbblrlkg rk èlgh claeb xlrm rme Okiilsslkg! rme tpksteorus suttaeiegr xjs jrrjomeb rk j tpljre

tajoeiegr ieikpjgbui useb rk seaa kge rpjgome kc ":<!:04!444 kc seouplrles'

==' Lg okggeorlkg xlrm rme XIO2 rpjgsjorlkg! FT Ikphjg skab iksr kc rme rpjgomes

kc seouplrles rk lgesrkps jgb peoeleb jttpk}lijrea| ":'= `laalkg cpki rmkse sjaes' FT Ikphjg!

lg rupg! tjlb FTIJO! jgb FTIJO peoeleb! salhmra| aess rmjg rme jikugr rmjr FT Ikphjg mjb

peoeleb cpki rme sjaes rk lgesrkps' Cpki rme tpkoeebs rmjr lr peoeleb! FT Ikphjg jaakojreb

lrseac jg ugbepxplrlgh cee kc jttpk}lijrea| "0!8=4!5:3'

Jcrep rme Tpksteorus _uttaeiegr Xjs Claeb! FT Ikphjg jgb FTIJO Peoele Jbblrlkgja Bealgzuego| Lgckpijrlkg

=<' @| rme rlie xmeg rme XIO2 rpjgsjorlkg xjs okitaereb! su`slbljples kc FTI

Omjse! jgb rme Omjse seploeps! xepe jorlgh js seploep jgb su`)seploep kc rme ikprhjhe akjgs

lgoaubeb js okaajrepja ckp rme rpjgsjorlkg' _mkpra| jcrep okitaerlkg kc rme rpjgsjorlkg! lr xjs

berepilgeb rmjr rme okitjg| rmjr mjb èeg seplolgh rme akjgs tupomjseb cpki XIO èckpe rme

Omjse seploeps mjb ijbe jg eppkp peajreb rk rme egrp| jgb peokpblgh kc rme ge}r tj|iegr bue

bjres ckp oeprjlg kc rme akjgs' Rme Omjse seploeps skuhmr rk mje rme eppkp okppeoreb! jgb rme

tplkp seploep ijbe omjghes rk rme ge}r tj|iegr bue bjres' Jcrep rmese omjghes xepe ijbe! FT

Ikphjg jgb FTIJO peoeleb lgckpijrlkg smkxlgh rmjr! js kc rme our)kcc bjre ckp rme rpjgsjorlkg!

jttpk}lijrea| 3?0 akjgs mjb j ge}r tj|iegr bue bjre kc Gkeièp :! 0443'

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<4' Ckaakxlgh rme omjghes rk rme ge}r tj|iegr bue bjres besoplèb sutpj lg tjpjhpjtm

=< kc rmls Okitajlgr! FT Ikphjg jgb FTIJO berepilgeb rmjr tj|iegrs bue kg Gkeièp :!

0443! ckp glge kc rme akjgs! xlrm j tplgoltja `jajgoe kc jttpk}lijrea| ":'5 ilaalkg! lgoaubeb js

okaajrepja ckp rme XIO2 rpjgsjorlkg mjb èeg ijbe `| rme our)kcc bjre ckp rme rpjgsjorlkg'

Rmkse akjgs! rmepeckpe! xkuab gkr mje geebeb rk mje èeg lgoaubeb lg rme ojaouajrlkg

berepilgjrlkg kc akjgs rmjr! js kc rme our)kcc bjre! xepe rmlpr| kp ikpe bj|s bealgzuegr'

Rme Bealgzuego| Blsoaksupes rmjr FT Ikphjg jgb FTIJO Ijbe lg rme Tpksteorus _uttaeiegr jgb Tpealilgjp| Tpksteorus _uttaeiegr

Xepe Ijrepljaa| Cjase jgb Ilsaejblgh <:' Ugbep rme KR_ iermkb kc berepilglgh rme bealgzuego| srjrus kc j ikprhjhe akjg!

js besoplèb sutpj lg tjpjhpjtms 32 jgb 35 kc rmls Okitajlgr! rme akjgs lgoaubeb js okaajrepja ckp

rme XIO2 rpjgsjorlkg js rk xmlom tj|iegrs bue kg Gkeièp :! 0443! mjb gkr èeg ijbe `|

rme our)kcc bjre ckp rme rpjgsjorlkg smkuab mje èeg rpejreb jgb blsoakseb js akjgs rmjr xepe ?4)

5< bj|s bealgzuegr' Pjrmep rmjg rme '42% kc akjgs lg rme jhhpehjre akjg tkka! petpesegrlgh 2

akjgs! rmjr FT Ikphjg jgb FTIJO blsoakseb! rmepe xepe jttpk}lijrea| 30? akjgs rmjr! js kc rme

our)kcc bjre! xepe ?4 ‟ 5< bj|s bealgzuegr' @jseb kg rmelp tplgoltja `jajgoe! rmkse 30? akjgs

petpesegreb jttpk}lijrea| 8':% kp ":?5'2 ilaalkg kc rme akjgs lgoaubeb js okaajrepja ckp rme

XIO2 rpjgsjorlkg' Rme akjgs petpesegrlgh rme '42% rmjr xepe blsoakseb js èlgh ?4 ‟ 5< bj|s

bealgzuegr mjb jg Korkèp :! 0443! ge}r tj|iegr bue bjre jgb! rmepeckpe! smkuab mje èeg

rpejreb! jgb blsoakseb! js 34 ‟ =< bj|s bealgzuegr js kc rme our)kcc bjre'

<0' Rme blsoaksupe okgoepglgh mlsrkploja bealgzuegoles besoplèb sutpj lg tjpjhpjtm

=2 kc rmls Okitajlgr xjs ijrepljaa| lgjooupjre èojuse ikpe rmjg 304 akjgs mjb e}teplegoeb

lgsrjgoes kc bealgzuego| kc ?4 kp ikpe bj|s lg rme rxeae ikgrms egbeb js kc rme our)kcc bjre'

?2



<?' Lgckpijrlkg j`kur rme e}regr rk xmlom rme su`)tplie ikprhjhe akjgs rmjr tpklbeb

okaajrepja ckp rme XIO2 rpjgsjorlkg lgoaubeb akjgs rmjr xepe kp mjb èeg bealgzuegr xjs

litkprjgr rk tkregrlja lgesrkps'

Aksses kg rme XIO2 Rpjgsjorlkg

<2' Lgesrkps lg rme XIO2 rpjgsjorlkg mje succepeb slhglclojgr aksses' Xlrm pesteor

rk rme ikpe rmjg 304 akjgs rmjr mjb lgsrjgoes kc bealgzuego| kc rmlpr| kp ikpe bj|s! besoplèb

sutpj! lg tjpjhpjtms <: jgb <0 kc rmls Okitajlgr! oeprjlg kc rme akjgs xepe petupomjseb cpki F'T'

Ikphjg Ikprhjhe Jozulslrlkg Rpusr 0443)XIO2! rme rpusr esrjàlsmeb lg okggeorlkg xlrm rme

XIO2 rpjgsjorlkg' Akjgs rmjr xepe gkr petupomjseb mje joruja jgb tpkfeoreb aksses! `jseb kg

`jgnputroles jgb ckpeoaksupes! rkrjalgh jr aejsr "?8 ilaalkg' Js j pesuar kc rme sjae kc bealgzuegr

akjgs rk F'T' Ikphjg Ikprhjhe Jozulslrlkg Rpusr 0443)XIO2! lgesrkps mje succepeb rmkse

aksses'

OAJLI CKP PEALEC

Slkajrlkgs kc _eorlkg :8-j,-0, jgb -?, kc rme _eouplrles Jor

^:5 U'_'O' ¨88z-j,-0,! -?,Y

<5' Tjpjhpjtms : rmpkuhm <2 kc rmls Okitajlgr jpe mepe`| pesrjreb jgb lgokptkpjreb

mepelg `| pecepegoe'

<3' Becegbjgrs FT Ikphjg! EIO! @_J@_! _JIL! _JOK! jgb FTIJO! blpeora| kp

lgblpeora|! `| rme use kc rme iejgs kp lgsrpuiegrs kc rpjgstkprjrlkg kp okiiuglojrlkg lg

lgrepsrjre okiiepoe! kp `| use kc rme ijlas! lg rme kccep kp sjae kc seouplrles! k`rjlgeb ikge| kp

tpktepr| `| iejgs kc ugrpue srjreiegrs kc ijreplja cjor kp kilsslkgs rk srjre ijreplja cjors

geoessjp| rk ijne rme srjreiegrs ijbe! lg alhmr kc rme olpouisrjgoes ugbep xmlom rme| xepe

ijbe! gkr ilsaejblgh jgb eghjheb lg j rpjgsjorlkg! tpjorloe! kp okupse kc ùslgess xmlom

?5



ktepjreb kp xkuab ktepjre js j cpjub kp beoelr utkg tupomjseps' J lkajrlkg kc seorlkgs :8-j,-0,

kp -?, kc rme _eouplrles Jor ij| è esrjàlsmeb `| j smkxlgh kc gehalhegoe'

<8' @| pejskgs kc rme ckpehklgh! Becegbjgrs FT Ikphjg! EIO! @_J@_! _JIL!

_JOK! jgb FTIJO ejom lkajreb seorlkg :8-j,-0,! -?, kc rme _eouplrles Jor'

TPJ\EP CKP PEALEC

XMEPECKPE! rme Okiilsslkg pesteorcuaa| pezuesrs rmjr rmls Okupr egrep j clgja

fubhiegr

J' tepijgegra| egfklglgh ejom kc Becegbjgrs FT Ikphjg! EIO! @_J@_! _JIL!

_JOK! jgb FTIJO cpki lkajrlgh seorlkg :8-j,-0,! -?, kc rme _eouplrles Jor ^:5 U'_'O'

¨88z-j,-0,! -?,Y>

@' kpbeplgh Becegbjgrs FT Ikphjg! EIO! @_J@_! _JIL! jgb _JOK! fklgra| jgb

seepjaa|! rk tj| blshkpheiegr kc laa)hkrreg hjlgs cpki rme ùan serraeiegr tpjorloes! taus tpe)

fubhiegr lgrepesr>

O' kpbeplgh Becegbjgrs FT Ikphjg jgb FTIJO fklgra| jgb seepjaa| rk tj|

blshkpheiegr kc rme jikugr kc ugbepxplrlgh cees jaakojreb lg okggeorlkg xlrm rme XIO2

rpjgsjorlkg js xeaa js aksses jklbeb kg rme ikprhjhe akjgs lgoaubeb js okaajrepja ckp rme XIO2

rpjgsjorlkg rmjr! js kc rme our)kcc bjre ckp rme rpjgsjorlkg! xepe kp mjb èeg bealgzuegr `| rmlpr|

kp ikpe bj|s ùr rmjr xepe gkr blsoakseb js bealgzuegr! taus tpe)fubhiegr lgrepesr>

B' kpbeplgh ejom kc Becegbjgrs FT Ikphjg! EIO! @_J@_! _JIL! _JOK! jgb

FTIJO rk tj| j olla tegjar| tupsujgr rk seorlkg 04-b, kc rme _eouplrles Jor ^:5 U'_'O' ¨88r-b,>

jgb

?3



E' hpjgrlgh suom krmep pealec js rme Okupr beeis fusr jgb jttpktpljre'

Bjreb6 Gkei`ep :3! 04:0 Pesteorcuaa| su`ilrreb!

[+s+ N|ae I' Be\kugh[[[[[ N|ae I' Be\kugh -2803:?, Omplsrljg B' M' _omuarv -2=5558, Neggerm P' Aegom -202=8=, Jgbpex @' _tkpnlg -2:<=5:, Rmkijs B' _laepsrelg -053?30, _jppj Omk -2=2828, _eouplrles jgb E}omjghe Okiilsslkg :44 C _rpeer! G'E' Xjsmlghrkg! B'O' 0452< Reaetmkge -040, 55:)2233 Cj} -040, 880)<0<0 Be\kughNDseo'hk

Kc Okugsea6

Ajupj I' IerojaceJaalskg Meppeg AeeJi| J' _uigepBuhjg @alss_eouplrles jgb E}omjghe Okiilsslkg:=4: Ojalckpglj _rpeer_ulre :544

Begep! OK =4040)0353

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION(SEC) v. J.P. MORGAN SECURITIES LLC

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Transcript of UNITED STATES SECURITIES AND EXCHANGE COMMISSION(SEC) v. J.P. MORGAN SECURITIES LLC