Global Forum on Transparency and Exchange of Information for Tax Purposes : Global Forum on Transparency and Exchange of Information for Tax Purposes Peer Reviews: Colombia 2014

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    @AKBNA JKRWC KI VRNIUTNRGIE\ NIF GXEHNI@G

    KJ LIJKRCNVLKI JKR VNX TWRTKUGU

    Tggr Rgvlgw RgpkrtThnsg >Ag`na nif Rg`uantkry Jrncgwkrm

    EKAKCBLN

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    @akbna Jkrucki Vrnispnrgiey

    nif Gxehni`gkj Lijkrcntlki jkr Vnx

    Turpksgs Tggr Rgvlgws?Ekakcbln

    24>6THNUG >?

    AG@NA NIF RG@WANVKR\ JRNCGPKRM

    Nprla 24>6(rgjagetli` thg ag`na nif rg`uantkry jrncgwkrm

    ns nt Oniunry 24>6)

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    Vhls wkrm ls pubalshgf ki thg rgspkislblalty kj thg Ugergtnry-@gigrna kj thg KGEF.

    Vhg kplilkis gxprgssgf nif nr`ucgits gcpakygf hgrgli fk ikt igegssnrlay rgjaget

    thg kjjlelna vlgws kj thg KGEF kr kj thg `kvgricgits kj lts cgcbgr ekuitrlgs kr

    thksg kj thg @akbna Jkruc ki Vrnispnrgiey nif Gxehni`g kj Lijkrcntlki jkr Vnx

    Turpksgs.

    Vhls fkeucgit nif niy cnp lieaufgf hgrgli nrg wlthkut prgoufleg tk thg stntus kj

    kr skvgrgl`ity kvgr niy tgrrltkry, tk thg fgalcltntlki kj litgrintlkina jrkitlgrs nif

    bkuifnrlgs nif tk thg incg kj niy tgrrltkry, elty kr nrgn.

    LUBI :-7 (prlit)LUBI (TFJ)

    Ugrlgs? @akbna Jkruc ki Vrnispnrgiey nif Gxehni`g kj Lijkrcntlki jkr Vnx Turpksgs Tggr RgvlgwsLUUI 22> (prlit)LUUI 22>6),@akbna Jkruc ki Vrnispnrgiey nif Gxehni`g kj Lijkrcntlki jkr Vnx Turpksgs Tggr

    Rgvlgws? Ekakcbln 24>6? Thnsg >? Ag`na nif Rg`uantkry Jrncgwkrm, KGEF Tubalshli`.

    http?//fx.fkl.kr`/>4.>080/-gi

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    VNBAG KJ EKIVGIVU 5

    Vnbag kj Ekitgits

    Nbkutthg @akbna Jkruc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

    Gxgeutlvg Uuccnry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0

    Litrkfuetlki. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .>>

    Lijkrcntlki nif cgthkfkak`y usgf jkr thg pggr rgvlgw kj Ekakcbln . . . . . . . . . .>>Kvgrvlgw kj Ekakcbln . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . >2Rgegit fgvgakpcgits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .>0

    Ekcpalnieg wlth thg Utnifnrfs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . >. Kwigrshlp nif lfgitlty lijkrcntlki . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24N.2.Neekuitli` rgekrfs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62N.5.Bnimli` lijkrcntlki . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

    B. Neegss tk Lijkrcntlki . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6? Ourlsfletlkis Rgspkisg tk thg Rgvlgw Rgpkrt . . . . . . . . . . . . . . . . . . 0? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    GXGEWVLZG UWCCNR\ 0

    Gxgeutlvg Uuccnry

    >. Vhls rgpkrt succnrlsgs thg ag`na nif rg`uantkry jrncgwkrm jkr trnis-pnrgiey nif gxehni`g kj lijkrcntlki li Ekakcbln. Vhg litgrintlkina stnifnrfwhleh ls sgt kut li thg @akbna Jkrucs Vgrcs kj Rgjgrgieg tk Ckiltkr nif

    Rgvlgw Trk`rgss Vkwnrfs Vrnispnrgiey nif Gxehni`g kj Lijkrcntlki, ls eki-egrigf wlth thg nvnlanblalty kj rgagvnit lijkrcntlki wlthli n ourlsfletlki, thgekcpgtgit nuthkrltys nblalty tk `nli tlcgay neegss tk thnt lijkrcntlki, nif lituri, whgthgr thnt lijkrcntlki eni bg gjjgetlvgay gxehni`gf wlth lts gxehni`gkj lijkrcntlki (GKL) pnrtigrs. Vhg rgekccgifntlkis thnt hnvg bggi cnfgekiegri thg sekpg kj nttkrigy-ealgit prlvlag`g nif thg gxpgfltlkus rntljlentlkikj GKL n`rggcgits wlth naa rgagvnit pnrtigrs.

    2. Ekakcbln ls n ekuitry kj 60.> claalki lihnbltnits ekvgrli` > >58 4squnrg mlakcgtrgs li ikrth-wgstgri Ukuth Ncgrlen. Ekakcblns @FT, whlehnckuitgf tk npprkxlcntgay WUF 7>> blaalki li 24>2, hns `rkwi ckrg thni

    6% pgr ygnr jkr thg pnst thrgg ygnrs, ekitliuli` nackst n fgenfg kj strki`gekikcle pgrjkrcnieg. Ekakcbln ls rleh li inturna rgskuregs, lts cnli gxpkrtslieaufli` pgtrkaguc, ekna, ekjjgg nif kthgr n`rleuaturna prkfuets. Ekakcblnhns sl`igf kig Vnx Lijkrcntlki Gxehni`g N`rggcgit (VLGN) nif ilig FkubagVnx Ekivgitlkis (FVEs). Li nffltlki, lt ls nask n sl`intkry tk thg NifgniEkccuilty Flrgetlvg whleh ekitnlis egrtnli FVE almg prkvlslkis lieaufli`kig whleh prkvlfgs jkr thg gxehni`g kj lijkrcntlki li tnx cnttgrs, nif thgcuatlantgrna Ekivgitlki ki Cutuna Nfclilstrntlvg Nsslstnieg li Vnx Cnttgrs.

    5. Rgagvnit ag`na gitltlgs li Ekakcbln lieaufg? oklit stkem ekcpnilgs,

    slcpaljlgf stkem ekcpnilgs, pnrtigrshlps alcltgf by shnrgs, ekaagetlvgpnrtigrshlps, URAs nif alcltgf alnblalty pnrtigrshlps. Phlast trusts nrg iktrgek`ilsgf li Ekakcbln, thgrg ls thg pksslblalty kj gstnbalshli` n JlfuelnCgrenitla kr tk trnisjgr prkpgrty by cgnis kj n Jlfglekclsk,bkth kj whlehhnvg egrtnli trust almg ehnrnetgrlstles.Kbal`ntlkis tk gisurg nvnlanblalty kjkwigrshlp nif lfgitlty lijkrcntlki gxlst jkr naa kj thg nbkvg incgf gitltlgs.Vhgrg ls ik prkhlbltlki jkr n Ekakcblni rgslfgit tk net ns n trustgg jkr n jkr-gl`i trust kr jkr n jkrgl`i trust tk livgst li Ekakcbln. Ekakcblni nuthkrltlgshnvg rgpkrtgf thnt tk fntg thgy hnvg ikt giekuitgrgf niy lielfgieg kj jkrgl`itrusts. Hkwgvgr, li thg ensg thnt n Ekakcblni rgslfgit wgrg tk net ns n trustgg

    jkr n jkrgl`i trust kr lj n jkrgl`i trust wgrg tk livgst li Ekakcbln, thgrg ls n

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    8 GXGEWVLZG UWCCNR\

    ekcblintlki kj rgqulrgcgits uifgr thg Ekccgrelna Ekfg, thg Vnx Utntutgnif thg rg`uantkry anws li paneg gisurli` thg nvnlanblalty kj trustgg, sgttakrnif bgigjlelnry kwigrshlp lijkrcntlki li naa ensgs. Jkuifntlkis nrg pksslbagli Ekakcbln but cny kiay bg jkrcgf ns ikt jkr prkjlt gitltlgs.

    6. Naa rgagvnit gitltlgs nrg suboget tk thg prkvlslkis kj thg EkccgrelnaEkfg, whleh rgqulrgs naa cgrehnits (Ekccgrelna Gitltlgs) tk cnlitnli njuaa rni`g kj neekuitli` rgekrfs, lieaufli` uifgrayli` fkeucgitntlki jkr npgrlkf kj tgi ygnrs.

    7. Juaa bnim lijkrcntlki, lieaufli` naa rgekrfs pgrtnlili` tk neekuithkafgrs ns wgaa ns rgantgf jlinielna nif trnisnetlki lijkrcntlki, ls rgqulrgftk bg mgpt by Ekakcblni bnims uifgr NCA ag`lsantlki.

    :. Ekakcblns ekcpgtgit nuthkrlty ls thg Clilstgr jkr Jlinieg whk

    fgag`ntgs thls pkwgr tk thg Ekcclsslkigr kj thg Intlkina Vnx nif EustkcsFlrgetkrntg (FLNI, Flrgeeli fg Lcpugstks y Nfunins Inelkinags). VhgFLNI hns sl`iljlenit lijkrcntlki rgskuregs nt lts flspksna, lieaufli` kwigr-shlp, lfgitlty, bnimli` nif neekuitli` lijkrcntlki.

    0. Li rgspget kj neegss tk lijkrcntlki, thg FLNI ls livgstgf wlth brknfpkwgrs tk ekcpga thg prkvlslki kj niy lijkrcntlki ikt nargnfy ekitnligf lilts pkssgsslki. Vhgsg cgnsurgs eni bg usgf jkr GKL purpksgs li thg sncgwny ns jkr fkcgstle purpksgs. Gijkregcgit kj thgsg prkvlslkis ls sgeurgf bythg gxlstgieg kj sl`iljlenit pginatlgs jkr iki-ekcpalnieg. Phlast thgrg nrg

    stntutkry prkvlslkis li paneg prktgetli` thg flseaksurg kj bnimli` lijkrcntlkili Ekakcbln, thgsg eni bg kvgrrlffgi jkr thg purpksgs kj neegssli` lijkrcn-tlki jkr GKL purpksgs nif fk ikt rgstrlet thg tnx nuthkrltlgs neegss pkwgrskr prgvgit gjjgetlvg gxehni`g kj lijkrcntlki. Vhg sekpg kj nttkrigy-ealgit

    prlvlag`g ls ikt eagnr li Ekakcbln nif cny gxtgif bgykif thnt prkvlfgf jkr lithg litgrintlkina stnifnrf.

    8. Ekakcbln hns n wlfg GKL igtwkrm ekvgrli` 84 trgnty pnrtigrsnif >2 GKL cgehnilscs ekcprlsgf kj kig VLGN, < blantgrna FVEs nifkig flrgetlvg ekitnlili` GKL prkvlslkis whleh jnelaltntgs thg gxehni`g kjlijkrcntlki li tnx cnttgrs bgtwggi cgcbgrs kj thg Nifgni Ekccuilty.Li nffltlki, Ekakcbln bgencg n sl`intkry tk thg cuatlantgrna Ekivgitlki kiCutuna Nfclilstrntlvg Nsslstnieg li Vnx Cnttgrs li Cny 24>2 (CuatlantgrnaEkivgitlki). Ulx kj thgsg n`rggcgits nrg li jkreg nif kj thgsg slx, jlvg cggtthg litgrintlkinaay n`rggf stnifnrf ekitnlili` sujjlelgit prkvlslkis tk ginbagEkakcbln tk gxehni`g naa rgagvnit lijkrcntlki. Hkwgvgr, lt ls iktgf thnt thgtlcgjrncg tk brli` thg trgntlgs sl`igf litk jkreg eni li skcg ensgs tnmg sgv-grna ygnrs nif Ekakcbln shkuaf gisurg thg rntljlentlki kj lts sl`igf trgntlgsgxpgfltlkusay. Gagcgit E.> wns jkuif tk bg li paneg.

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    GXGEWVLZG UWCCNR\ 7.

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    LIVRKFWEVLKI >>

    Litrkfuetlki

    Lijkrcntlki nif cgthkfkak`y usgf jkr thg pggr rgvlgw kj Ekakcbln

    >>. Vhg nssgsscgit kj thg ag`na nif rg`uantkry jrncgwkrm kj Ekakcblnwns bnsgf ki thg litgrintlkina stnifnrfs jkr trnispnrgiey nif gxehni`g kjlijkrcntlki ns fgserlbgf li thg @akbna Jkrucs Vgrcs kj Rgjgrgieg, nif wnsprgpnrgf usli` thg @akbna JkrucsCgthkfkak`y jkr Tggr rgvlgws nif Iki-Cgcbgr Rgvlgws. Vhg nssgsscgit wns bnsgf ki thg anws, rg`uantlkis, nifgxehni`g-kj-lijkrcntlki cgehnilscs li jkreg kr gjjget ns nt 2< Oniunry 24>6,kthgr cntgrlnas suppalgf by Ekakcbln, nif lijkrcntlki suppalgf by pnrtigrourlsfletlkis.

    >2. Vhg Vgrcs kj Rgjgrgieg brgnm fkwi thg stnifnrfs kj trnispnrgieynif gxehni`g kj lijkrcntlki litk >4 gssgitlna gagcgits nif 5> giucgr-ntgf nspgets uifgr thrgg brknf entg`krlgs? (N) nvnlanblalty kj lijkrcntlki=(B) neegss tk lijkrcntlki= nif (E) gxehni`li` lijkrcntlki. Vhls rgvlgwnssgssgs Ekakcblns ag`na nif rg`uantkry jrncgwkrm n`nlist thgsg gagcgitsnif gneh kj thg giucgrntgf nspgets. Li rgspget kj gneh gssgitlna gagcgit, nfgtgrclintlki ls cnfg thnt glthgr (l) thg gagcgit ls li paneg, (ll) thg gagcgitls li paneg but egrtnli nspgets kj thg ag`na lcpagcgitntlki kj thg gagcgitiggf lcprkvgcgit, kr (lll) thg gagcgit ls ikt li paneg. Vhgsg fgtgrclintlkisnrg neekcpnilgf by rgekccgifntlkis ki hkw egrtnli nspgets kj thg systgcekuaf bg strgi`thgigf whgrg rgagvnit.

    >5. Vhg nssgsscgit wns ekifuetgf by n tgnc whleh ekislstgf kj twknssgsskrs nif n rgprgsgitntlvg kj thg @akbna Jkruc Ugergtnrlnt? Cr. Onlcg Cns,Litgrintlkina Vnx Ekkrflintkr, @gigrna Flrgetkrntg kj Vnxntlki, Clilstry kjJlinieg nif Tubale Nfclilstrntlkis, Upnli= Cs. Mgzln Nzzkpnrfl, LitgrintlkinaVnxntlki Wilt, Lianif Rgvgiug Fgpnrtcgit, Cnatn= nif Cs. Cnry KAgnry kjthg @akbna Jkruc Ugergtnrlnt. Vhg nssgsscgit tgnc gxncligf thg ag`na nifrg`uantkry jrncgwkrm jkr trnispnrgiey nif gxehni`g kj lijkrcntlki nif rga-gvnit gxehni`g-kj-lijkrcntlki cgehnilscs li Ekakcbln.

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    LIVRKFWEVLKI >5

    thg Ekuiela kj Utntg whleh hns spgelna rgspkislblalty jkr nfclilstrntlvg anwnif nask prkvlfgs ag`na nfvleg tk thg Gxgeutlvg. Vhg Ekakcblni tgrrltkry lsflvlfgf litk 55 ouflelna flstrlets gneh hnvli` n Uupgrlkr Vrlbuina whleh hgnrsnppgnas jrkc nif supgrvlsgs thg akwgr rg`lkina ekurts li thg flstrlet.

    >8. Vhg Ekakcblni ag`na systgc ls n elvla anw kig. Vhg hlgrnrehy kj anwsls? thg Ekistltutlki kj thg Rgpubale kj Ekakcbln= stntutkry nif kr`nile Anws(whleh fgna wlth thg ekrg nspgets kj juifncgitna ekistltutlkina rl`hts nifrgqulrg spgelna qukrucs jkr thglr npprkvna by Eki`rgss)= krflinry Anws,fgerggs (whleh nrg ginetgf by thg Gxgeutlvg sgttli` kut hkw tk fgna wlthegrtnli cnttgrs sgt kut uifgr krflinry anws) nif litgrintlkina trgntlgs lieauf-li` FVEs nif VLGNs= nif rg`uantlkis nif kthgr nfclilstrntlvg listruetlkis(rgjgrrgf tk ns elreuanrgs kr rgskauelkigs) ns lssugf by thg Gxgeutlvg. Nanw kj n hl`hgr rnim wlaa prgvnla kvgr n anw kj n akwgr rnim whgi thgy eki-

    egri thg sncg suboget cnttgr, nif n anw whleh ls antgr li tlcg wlaa rgvkmg nikafgr anw kj gquna hlgrnrehy.

    >

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    >6 LIVRKFWEVLKI

    cnmli` pkwgrs tk litgrintlkina kr`nilsntlkis jkr thg prkcktlki kj gekikclelitg`rntlki wlth kthgr stntgs. Vhgrgjkrg, thg Nifgni Ekccuilty cny ag`ls-antg jkr spgeljle cnttgrs whleh nrg flrgetay nppalenbag li Ekakcbln wlthkutthg npprkvna kj Eki`rgss.

    2>. Jurthgr, neekrfli` tk Nrtleag 5 kj thg Vrntnfk fg Ergneli fgaVrlbuina fg Oustleln fga Neugrfk fg Enrtn`gin(Vrgnty ergntli` thg Ekurt kjOustleg kj thg Enrtn`gin N`rggcgit), fgelslkis kj thg Nifgni Ekccuilty,kieg pubalshgf li thg kjjlelna `nzgttg kj thg Enrtn`gin N`rggcgit, nrgflrgetay nppalenbag li Ekakcbln wlthkut bgli` rntljlgf by Eki`rgss. Nrtleag 7sgts kut thnt cgcbgr ekuitrlgs kj thg Nifgni Ekccuilty cust rgjrnli jrkcnfkptli` niy cgnsurgs ekitrnry tk thg prkvlslkis kj thgsg fgelslkis kr thntwkuaf rgstrlet thglr nppalentlki. Vhgrgjkrg, li thg gvgit kj n ekijalet wlth nikrflinry anw, n fgelslki kj thg Nifgni Ekccuilty wlaa tnmg prgegfgieg li

    Ekakcbln.

    Vhg Ekakcblni Gekikcy

    22. Ekakcblns @FT wns npprkxlcntgay WUF 7>> blaalki li 24>2 nif@FT hns `rkwi ckrg thni 6% pgr ygnr jkr thg pnst thrgg ygnrs, ekitliuli`nackst n fgenfg kj strki` gekikcle pgrjkrcnieg. Ekakcbln ls rleh li inturnargskuregs, nif lts cnli gxpkrts lieaufg pgtrkaguc, ekna, ekjjgg nif kthgrn`rleuaturna prkfuets, `kaf, tgxtlags, lifustrlna ehgclenas, panstles nif jgrrk-naakys. Ekakcbln ls nask mikwi ns thg wkrafs agnfli` skureg kj gcgrnafs

    ekistltutli` 74>.7%), Cgxlek (>4.5%), nif Brnzla (7.2%) 2.

    25. Ekakcbln, ns thg ckst lifustrlnaay flvgrsg cgcbgr kj thg NifgniEkccuilty, hns jkur cnokr lifustrlna egitrgs? Bk`ktn, Cgfgaali, Enal, nif

    Bnrrniqulaan, gneh akentgf li n flstliet `gk`rnphlena rg`lki. Ekakcblnslifustrlgs lieaufg tgxtlags nif eakthli`, agnthgr prkfuets, prkegssgf jkkfs nifbgvgrn`gs, pnpgr nif pnpgr prkfuets, ehgclenas nif pgtrkehgclenas, egcgit,ekistruetlki, lrki nif stgga prkfuets, nif cgtnawkrmli`.

    26. Ekakcbln nttrnets kig kj thg hl`hgst agvgas kj jkrgl`i flrget livgst-cgit pgr enpltn li Antli Ncgrlen. Li 24>2, jkrgl`i flrget livgstcgit rgnehgfWUF >7.8 blaalki, rgprgsgitli` ni liergnsg kj >0.8% jrkc 24>>. Jkrgl`iflrget livgstcgit wns prlcnrlay flrgetgf tk thg clili` (pgtrkaguc nif ekna),

    2. https?//www.eln.`kv/albrnry/pubalentlkis/thg-wkraf-jnetbkkm/`gks/ek.htca

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    LIVRKFWEVLKI >7

    cniujneturli` nif jlinielna sgetkrs. Kthgr sgetkrs rgeglvli` sl`iljlenitkvgrsgns livgstcgit wgrg gagetrlelty, wntgr nif `ns, eucuantlvgay rgeglvli`WUF 8>< claalki li jkrgl`i flrget livgstcgit5.

    27. Vhg Ekakcblni `kvgricgit hns litrkfuegf n iucbgr kj livgstcgitliegitlvgs kvgr thg anst jgw ygnrs fgsl`igf tk prkcktg nif nttrnet jkrgl`ilivgstcgit, buttrgss gcpakycgit nif liergnsg gekikcle fgvgakpcgit. Jrggtrnfg zkigs li Ekakcbln wgrg gstnbalshgf uifgr Anw >446 whleh wns pnssgfli 2447. Vhgsg lieaufg Tgrcnigit Jrgg Vrnfg _kigs whleh hnvg n >7% tktnaliekcg tnx rntg, Uli`ag Gitgrprlsg Jrgg Vrnfg _kigs whleh naakw ekcpnilgs tkgstnbalsh thgcsgavgs niywhgrg li thg ekuitry, ns wgaa ns vnrlkus kthgr livgst-cgit liegitlvgs sueh ns liekcg tnx gxgcptlkis jkr pnrtleuanr lifustrlna sgetkrsnif Tani Znaagok whleh ls n spgelna lcpkrt-gxpkrt systgc jkr sgrvlegs.

    2:. Ekakcbln ls n cgcbgr kj thg Nifgni Ekccuilty, thg Litgr-Ncgrleni Fgvgakpcgit Bnim, thg Litgrintlkina Ckigtnry Juif (LCJ), thgAntli Ncgrleni Litg`rntlki Nsskelntlki (ANJVN), thg Wiltgf Intlkis (WI)nif thg Pkraf Vrnfg Kr`nilzntlki (PVK), ncki`st kthgrs. Ulieg Jgbrunry24>>, Ekakcbln hns bggi n cgcbgr kj thg @akbna Jkruc ki Vrnispnrgiey nifGxehni`g kj Lijkrcntlki jkr Vnx Turpksgs.

    Jlinielna Ugrvlegs li Ekakcbln

    20. Vhg jlinielna sgetkr li Ekakcbln ls ekcpksgf kj fljjgrgit netlvltlgs

    lieaufli` bnimli`, lisurnieg nif rglisurnieg netlvltlgs, stkem gxehni`grgantgf netlvltlgs, thg nfclilstrntlki kj livgstcgit juifs, jlfuelnry sgrvlegs(sgg sgetlki N.>.6 Vrusts) nif thg nfclilstrntlki kj pgislki juifs. Bnimli` lsthg ckst sl`iljlenit ekcpkigit kj thg jlinielna sgrvlegs sgetkr li Ekakcbln.Ns kj Ugptgcbgr 24>5, thgrg wgrg 25 bnims kpgrntli` li Ekakcbln wlth >6

    bgli` Ekakcblni kwigf bnims (>5 prlvntg nif > pubale) nif thg kthgr < bgli`subslflnrlgs kj jkrgl`i bnims6. Ns kj Ugptgcbgr 24>5, thg tktna li nssgtshgaf li bnims li Ekakcbln nckuitgf tk EKT 52: trlaalki (npprkxlcntgayWUF >05 blaalki). Vhg Bnim kj thg Rgpubale (Bniek fg an Rgpbalen) ls thgstntg-rui egitrna bnim kj thg Rgpubale kj Ekakcbln.

    28. Vhg Ekakcblni Uupgrlitgifgiey jkr Jlinielna Listltutlkis (UJE,Uupgrlitgifgieln Jlinielgrn fg Ekakcbln) rg`uantgs naa jlinielna gitltlgs.Vhg UJE ls nask thg bkfy rgspkislbag jkr ckiltkrli` ekcpalnieg wlth nitl-ckigy anuifgrli` (NCA) anws by jlinielna gitltlgs. Li Ekakcbln, jlinielna

    5. https?//www.cliekcgrelk.`kv.ek/fgsenr`nr.php;lf3:7075, jkrgl`i bnims ekuaf kiay kpgrntg li Ekakcbln by cgnis

    kj n subslflnry whleh wns tnxnbag tk liekcg li rgspget kj lts wkrafwlfg liekcg.

    Tursunit tk Fgergg 26:4 kj 24>5, jkrgl`i bnims ikw liekrpkrntg n brnieh nif

    wlaa bg tnxnbag tk liekcg li Ekakcbln kiay ki thglr Ekakcblni skureg liekcg.

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    >: LIVRKFWEVLKI

    sgetkr netlvlty ls fggcgf tk bg kj pubale litgrgst nif naa jlinielna gitltlgscust rgeglvg prlkr `kvgricgit nuthkrlzntlki jrkc thg UJE (Nrtleag 557Ekistltutlki).

    2. Vhg lcpksltlki kj liekcg tnx ls `kvgrigf by thg Vnx Utntutg(Gstntutk Vrlbutnrlk) whleh nask sgts kut thg `gigrna tnx prlielpags, ruags jkrthg nfclilstrntlki kj tnxgs, pginatlgs, prkegfurgs nif ekaagetlkis.

    52. Ekakcbln tnxgs lts rgslfgits (ekcpnilgs nif liflvlfunas) ki thglr

    wkraf-wlfg liekcg. Iki-rgslfgit ekcpnilgs nif liflvlfunas nrg tnxgf kiayki Ekakcbln-skureg liekcg. N ekcpniy ls rgslfgit li Ekakcbln lj lt ls liekr-

    pkrntgf uifgr thg anws kj Ekakcbln kr lts fny tk fny cnin`gcgit nif ekitrkanrg gxgrelsgf li Ekakcbln nt niy tlcg furli` thg ygnr kj nssgsscgit. Jkrgl`iekcpnilgs nif gitltlgs nif brniehgs kj jkrgl`i ekcpnilgs ikt hnvli` thglrgjjgetlvg cnin`gcgit nif ekitrka li Ekakcbln nrg suboget tk liekcg tnx kiegrtnli liekcg jrkc skuregs li Ekakcbln, sueh ns liekcg nttrlbutnbag tk npgrcnigit gstnbalshcgit li Ekaucbln.

    55. Ekakcbln lcpksgs n rni`g kj tnxgs whleh nrg ekaagetgf nt thg intlkina

    agvga by FLNI, thg cnli kigs bgli` liekcg tnx nif enpltna `nlis tnx (lcpugstkskbrg an rgitn y ekcpagcgitnrlks), n intlkina tnx ki enpltna (lcpugstk fg krfgiinelkina skbrg ga pntrlckilk), n vnaug nffgf tnx (lcpugstk fg vnakr n`rg`nfk),n jlinielna trnisnetlkis tnx (`rnvncgi n aks ckvlclgitks jlinielgrks), nifthg rgegitay ginetgf prk-gqulty liekcg tnx (lcpugstk skbrg an rgitn pnrn angqulfnf). Ukelna sgeurlty (sg`urlfnf skelna) nif pnyrkaa (pnrnjlsenags) eki-trlbutlkis nrg kthgr intlkina tnxgs whleh alg kutslfg thg ourlsfletlki kj FLNInif nrg fgtgrcligf nif ckiltkrgf by thg Tgislki nif Ukelna Ugeurltlgs Wilki(W@TT,Wilfnf fg @gstli Tgislkina y Tnrnjlsenags).

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    LIVRKFWEVLKI >0

    56. Akena tnxgs nrg agvlgf thrku`h tgrrltkrlna gitltlgs wlth thg ckstekccki tnxgs bgli` thg lifustry, trnfg nif blaabknrf tnx (lcpugstk fg lifus-trln, ekcgrelk y nvlsks), thg rgna gstntg/lcckvnbag prkpgrty tnx (lcpugstkprgflna) nif thg rg`lstry tnx (lcpugstk fg rg`lstrk).

    57. Vnx rntgs jkr liflvlfunas nrg prk`rgsslvg wlth n cnxlcuc rntg kj 55%(Nrtleag 26< Vnx Utntutg). Li Oniunry 24>5, thg liekcg tnx rntg jkr rgslfgitekcpnilgs nif pgrcnigit gstnbalshcgits kj iki-rgslfgit ekcpnilgs wnsrgfuegf jrkc 55% tk 27% nif ni nffltlkina tnx ki prkjlts, akenaay rgjgrrgftk ns ERGG (lcpugstk skbrg an rgitn pnrn an gqulfnf), wns lcpksgf kithgsg ekcpnilgs, whleh ls agvlgf nt n rntg kj 5->7, nif jkrsubsgqugit ygnrs lt wlaa bg agvlgf nt n rntg kj 8%. Vhg rntg jkr jkrgl`i ekc-pnilgs ikt hnvli` n brnieh kr pgrcnigit gstnbalshcgit li Ekakcbln ls 55%.N akwgr rntg kj >7% nppalgs tk thksg ekcpnilgs akentgf li jrgg trnfg zkigs.

    Flvlfgifs pnlf tk niy rgslfgit kr iki-rgslfgit shnrghkafgr (bg thgy liflvlfu-nas kr gitltlgs) nrg ikt tnxnbag lj thg prkjlts jrkc whleh thg flvlfgifs hnvg

    bggi pnlf hnvg bggi tnxgf nt thg ekrpkrntg agvga. Kthgrwlsg, tnx ki flvlfgifsls lcpksgf nt n rntg kj 55%. Plthhkafli` tnx ki litgrgst ls agvlgf nt >6% kiiki-rgslfgits (Nrtleag 648 Vnx Utntutg) nif li thg ensg kj rkynatlgs pnlf tkiki-rgslfgits, thg wlthhkafli` rntg ls 55% (wlth ni gxegptlki jkr egrtnlitgehilena sgrvlegs nif ekisuatniey whk nrg suboget tk n wlthhkafli` rntg kj>4%) (Nrtleag 648 Vnx Utntutg).

    Rgegit fgvgakpcgits

    5:. Li Fgegcbgr 24>2, Ekakcbln ginetgf Fgerggs 2086 nif 204: whlehnfkpt thg Litgrintlkina Jlinielna Rgpkrtli` Utnifnrfs (LJRU) lssugf by thgLitgrintlkina Neekuitli` Utnifnrfs Burgnu (LNUB). Ekakcbln ls eurrgitay lithg trnisltlki phnsg kj lcpagcgitli` thgsg ncgifcgits whleh wlaa bg blif-li` ki naa gitltlgs li Ekakcbln ns kj Oniunry 24>7.

    50. Ekakcbln fgpksltgf lts listrucgit kj rntljlentlki kj thg CuatlantgrnaEkivgitlki wlth thg KGEF ki >< Cnreh 24>6. Ns prkvlfgf jkr uifgr thgEkivgitlki, lt wlaa ekcg litk jkreg jkr Ekakcbln ki > Ouay 24>6.

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    EKCTALNIEG PLVH VHG UVNIFNRFU? NZNLANBLALV\ KJ LIJKRCNVLKI >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    24 EKCTALNIEG PLVH VHG UVNIFNRFU? NZNLANBLALV\ KJ LIJKRCNVLKI

    gitlty kr pgrski tk mikw thg lfgitlty kj thg sgttakr nif bgigjlelnrlgs. N jlfg-lekclskeni kiay bg jkrcgf by pubale fggf whleh ls mgpt nt thg pubale iktnrykjjleg nif wlaa hnvg lfgitlty lijkrcntlki ki thg sgttakr nif bgigjlelnrlgs. Lithg ensg kj n Ekakcblni rgslfgit netli` ns thg trustgg kj n jkrgl`i anw trust

    kr kj n jkrgl`i trust livgstli` li Ekakcbln, n ekcblintlki kj lijkrcntlki-mggpli` rgqulrgcgits li thg Ekccgrelna Ekfg, thg Vnx Utntutg nif egrtnlirg`uantkry anws gisurg thnt lijkrcntlki ki thg sgttakr, trustgg nif bgigjlelnr-lgs kj jkrgl`i trusts wlaa bg nvnlanbag li naa ensgs. Jkuifntlkis li Ekakcblneni kiay bg gstnbalshgf jkr iki-prkjlt, ehnrltnbag netlvltlgs.

    6>. Vhg lssunieg kj bgnrgr shnrgs nif ikcligg kwigrshlp nrg jkrblffgili Ekakcbln. Gijkregcgit prkvlslkis nrg li paneg li rgspget kj thg rgagvnitkbal`ntlkis tk cnlitnli kwigrshlp nif lfgitlty lijkrcntlki jkr naa rgagvnitgitltlgs nif nrrni`gcgits. Vhg gjjgetlvgigss kj thg gijkregcgit prkvlslkis

    whleh nrg li paneg li Ekakcbln wlaa bg nssgssgf ns pnrt kj lts Thnsg 2 rgvlgw.Gagcgit N.> wns thgrgjkrg jkuif tk bg li paneg.

    62. Naa cgrehnits (lieaufli` naa ekccgrelna gitltlgs) cust mggp rgalnbagneekuitli` rgekrfs nif uifgrayli` fkeucgitntlki jkr nt agnst >4 ygnrs uifgrthg Ekccgrelna Ekfg. Wifgr tnx anw, naa prlvntg ag`na gitltlgs (ekcpnilgs,

    pnrtigrshlps,jlfuelns cgrenitlags,jlfglekclsks nif trustggs kj jkrgl i trusts)nrg rgqulrgf tk mggp rgalnbag neekuitli` rgekrfs jkr nt agnst jlvg ygnrs. Egrtnliekcpnilgs nif pnrtigrshlps (fgpgifli` ki thglr slzg kr netlvltlgs) nrg systgc-ntlenaay rgqulrgf tk jlag n substnitlna nckuit kj tnx nif neekuitli` rgekrfs

    niiunaay wlth thg FLNI. Hgieg, gagcgit N.2 wns jkuif tk bg li paneg.65. Bnims nif kthgr jlinielna listltutlkis hnvg tk ekcpay wlth fgtnlagfmikw-ykur-eustkcgr kbal`ntlkis nif cust mggp naa rgekrfs pgrtnlili` tkneekuit hkafgrs, ns wgaa ns rgantgf jlinielna nif trnisnetlki lijkrcntlki, jkrnt agnst jlvg ygnrs. Gagcgit N.5 wns thgrgjkrg jkuif tk bg li paneg.

    N.>. Kwigrshlp nif lfgitlty lijkrcntlki

    Ourlsfletlkis shkuaf gisurg thnt kwigrshlp nif lfgitlty lijkrcntlki jkr naa rgagvnit

    gitltlgs nif nrrni`gcgits ls nvnlanbag tk thglr ekcpgtgit nuthkrltlgs.

    66. Vhg vnrlkus typgs kj gitltlgs li Ekakcbln nrg ikt entg`krlsgf ns ekc-pnilgs kr pnrtigrshlps, but rnthgr thg cnli typg kj gitlty ls enaagf nskelgfnf,whleh ls fgjligf li thg Ekccgrelna Ekfg ns n ag`na gitlty sgpnrntg jrkc ltskwigrs (Nrtleag

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    EKCTALNIEG PLVH VHG UVNIFNRFU? NZNLANBLALV\ KJ LIJKRCNVLKI 2>

    67. Vk jnelaltntg n ekcpnrlski wlth kthgr rgpkrts, Ukelgfnfgs niilcns(oklit-stkem ekrpkrntlkis kr UN), Ukelgfnfgs pkr neelkigs slcpaljlenfns (slc-paljlgf stkem ekcpnilgs kr UNU) nif Ukelgfnfgs gi ekcnifltn pkr neelkigs(alcltgf alnblalty ekcpnilgs kr UEN) nrg ckst ekcpnrnbag tk ekcpnilgs li

    ekccki anw ekuitrlgs nif thgrgjkrg fgnat wlth li thg Ekcpnilgs sgetlki kjthls rgpkrt. Ukelgfnfgs ekagetlvns(UEs), skelgfnf fg rgspkislblalfnf alcltnfn(URAs) nifskelgfnf gi ekcnifltn slcpag (alcltgf alnblalty pnrtigrshlps krAATs) nrg bgst fgserlbgf ns pnrtigrshlps nif thgrgjkrg ekislfgrgf li thgTnrtigrshlp sgetlki kj thls rgpkrt.

    Ekcpnilgs (VkRN.>.>)

    Vypgs kj ekcpnilgs

    6:. Wifgr Ekakcblni anw, ekcpnilgs (skelgfnfgs fg enpltna) nrg liekrpk-rntgf pursunit tk thg Ekccgrelna Ekfg. Vhgrg nrg thrgg typgs kj ekcpnilgs?

    Ukelgfnfgs niilcns (UN, Oklit Utkem kr Tubale Alcltgf Ekcpniy)?Vhg ekcpniys enpltna ls flvlfgf litk ikclintlvg shnrgs rgprgsgitgfby ig`ktlnbag shnrg egrtljlentgs. Uhnrghkafgrs eni bg glthgr gitltlgskr liflvlfunas, nt agnst jlvg shnrghkafgrs nrg rgqulrgf jkr liekrpkrn-tlki nif ik shnrghkafgr cny kwi ckrg thni 278 wlth slcpaljlgf jkrcntlki rgqulrgcgits li krfgr tk giekurn`glivgstcgit li Ekakcbln. Vhg ekcpniy hns lts enpltna flvlfgf litkikclintlvg shnrgs rgprgsgitgf by ig`ktlnbag shnrg egrtljlentgs. Gnehshnrghkafgr ls alnbag kiay up tk thg vnaug kj hls/hgr enpltna ekitrlbutlki=

    hkwgvgr, thg quktnhkafgrs nrg ikt oklitay alnbag jkr thg gitlrg skelnaenpltna (gxegpt li ensg kj jrnuf, nif kthgr spgeljle gxegptlkis prkvlfgfjkr li thg anw). Vhgrg nrg ik clilcuc kr cnxlcuc kj shnrghkafgrsrgqulrgf. Vhls ls thg ckst ekccki typg kj ekcpniy li Ekakcbln,nckuitli` tk 254 8:0 UNU rg`lstgrgf ns nt Ouay 24>5.

    Ukelgfnfgs gi ekcnifltn pkr neelkigs (UEN, Alcltgf AlnblaltyEkcpniy)? Vhg ekcpniys enpltna ls flvlfgf litk ikclintlvg shnrgsrgprgsgitgf li ig`ktlnbag shnrg egrtljlentgs. UENs hnvg twk fljjgrgitmlif kj cgcbgrs? l) `gigrna pnrtigrs (skelks `gstkrgs)wlth uialcltgfalnblalty whk nrg rgspkislbag jkr thg ekcpniys cnin`gcgit nif

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    22 EKCTALNIEG PLVH VHG UVNIFNRFU? NZNLANBLALV\ KJ LIJKRCNVLKI

    (ll) alcltgf pnrtigrs (skelks ekcnifltnrlks)whksg alnblalty ls alcltgftk thg nckuit kj thglr enpltna ekitrlbutlkis. UENs nrg `kvgrigf bynrtleags 525 tk 557 kj thg Ekccgrelna Ekfg. Vhls jkrc kj ekcpniyls rnrgay usgf nif ns kj Ouay 24>5, kiay 5 4>6 kj 244: nif Fgergg66:5 kj 244:, naa typgs kj ekcpniy eni bg liekrpkrntgf thrku`h n prlvntgfkeucgit whgi thg gitltys `rkss nssgts fk ikt gxeggf 744 ckithay ag`naclilcuc wn`gs kr thg gitlty fkgs ikt hnvg ckrg thni >4 gcpakyggs 7. NaaUNs nif UENs hkafli` nssgts kr wlth gcpakyggs nbkvg thls thrgshkaf custbg liekrpkrntgf thrku`h n iktnrlna listrucgit rgjgrrgf tk ns n pubale fggf,ekcprlsli` thg ekcpniys nrtleags kj nsskelntlki (Nrt. >>4 Ekccgrelna Ekfg).

    68. Li krfgr tk jnelaltntg thg liekrpkrntlki kj ni UNU li Ekakcbln, Anw>278 kj 244< sgts kut thnt ni UNU cny bg liekrpkrntgf by thg pnrtlgs vln nprlvntg fkeucgit thnt ls thgi subclttgf tk thg Tubale Cgrenitlag Rg`lstry.Vhgrg ls ik rgqulrgcgit jkr n pubale fggf, gxegpt li thg ensg whgrg thgrg hnsbggi n trnisjgr kj rgna prkpgrty tk thg ekcpniy by n shnrghkafgr, li whlehensg lt cust bg liekrpkrntgf thrku`h n pubale fggf (Nrt. 7 Anw >278 kj 2448).

    6>4 Ekccgrelna Ekfg). Ekakcblnhns ekijlrcgf thnt thg lijkrcntlki spgeljlgf uifgr Nrtleag >>4 gxtgifs tk nrgqulrgcgit tk cnlitnli kwigrshlp lijkrcntlki ki thg jkuifli` shnrghkafgrskj thg ekcpniy.

    74. Phgrg jkrcgf vln pubale fggf, thg iktnry rgtnlis n ekpy kj thglistrucgit li thg iktnrlna pubale nrehlvgs (prktkekak), whleh eni bg neegssgfby thg pubale (Nrt. >40 kj Fgergg . Kieg ekistltutgf by pubale fggf (kr by prlvntg fggf li thg ensg kjni UNU kr ekcpnilgs wlth nssgts kr gcpakyggs uifgr thg thrgshkaf nckuit),gvgry typg kj ekcpniy cust thgi rg`lstgr thg fggf wlth thg Tubale CgrenitlagRg`lstry whleh ls akentgf nt gneh kj thg 70 brniehgs kj thg Ehncbgrs kjEkccgreg thrku`hkut Ekakcbln.

    7. Jkr 24>5, thg ag`na ckithay clilcuc wn`g li Ekakcbln wns EKT 78< 744 kr

    npprkxlcntgay WUF 5>5.

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    EKCTALNIEG PLVH VHG UVNIFNRFU? NZNLANBLALV\ KJ LIJKRCNVLKI 25

    Vnx Anw

    72. Vhg Vnx Utntutg nppalgs tk naa ag`na gitltlgs liekrpkrntgf li Ekakcblnns wgaa ns brniehgs, n`gielgs nif kthgr pgrcnigit gstnbalshcgits kj iki-

    rgslfgits li Ekakcbln nif niykig gi`n`gf li jkr-prkjlt netlvltlgs li Ekakcbln(Nrt. 7 Vnx Utntutg).

    75. Naa UNs, UENs nif UNUs nrg rgqulrgf tk rg`lstgr li thg Uli`ag VnxRg`lstry (rgjgrrgf tk ns thg RWV) whleh ls thg cgehnilsc usgf by thgFLNI jkr lfgitljyli` nif eanssljyli` tnxpnygrs (Nrt. 777-2 Vnx Utntutg nifNrt. 7 kj Fgergg 26:4 kj 24>5). Rg`lstrntlki lieaufgs thg ekcpagtlki kj nekcpniy tnx rg`lstrntlki jkrc ns wgaa ns thg prgsgitntlki kj kthgr fkeucgitssueh ns lfgitljlentlki fkeucgitntlki jkr thg ekcpniys ag`na rgprgsgitntlvg.Vhg tnx rg`lstrntlki jkrc rgqulrgs thg incg kj thg ekcpniy, thg ekcpniy

    nffrgss li Ekakcbln, n fgserlptlki kj thg netlvlty thnt wlaa bg enrrlgf kut,thg gxnet nffrgss whgrg thg netlvlty wlaa bg enrrlgf kut ns wgaa ns thg incg,lfgitlty iucbgr, nffrgss nif sl`inturg kj thg ag`na rgprgsgitntlvg. Kwigrshlplijkrcntlki ls ikt rgqulrgf tk bg subclttgf tk thg FLNI nt thg tlcg kj rg`-lstrntlki. Ki ekcpagtlki kj thg rgqulsltg jkrcs, thg ekcpniy ls lssugf ntnxpnygr lfgitljlentlki iucbgr (VLI).

    76. Vhg Vnx Utntutg rgqulrgs thnt naa ekcpnilgs nif pnrtigrshlps custjlag ni liekcg tnx rgturi wlth thg FLNI niiunaay. Vhg tnx rgturi jkrc wlaalieaufg thg VLI nif thg incg kj thg gitlty nif ni upfntg ki thg lijkrcntlkins prkvlfgf nt rg`lstrntlki= l.g. n fgserlptlki kj lts netlvlty, thg nffrgss whgrg

    lt wlaa bg enrrlgf kut, nif thg incg, lfgitlty iucbgr, nffrgss nif sl`inturgkj thg ag`na rgprgsgitntlvg.

    77. Gneh ygnr thg FLNI lssugs n rg`uantlki rgqugstli` thg incg, nffrgssnif VLI kj naa ag`na nif inturna pgrskis thnt nrg shnrghkafgrs kj ekcpnilgswlth n `rkss liekcg kvgr n spgeljle thrgshkaf, Nrt. :5> Vnx Utntutg). Jkr 24>2,naa ekcpnilgs wlth ni niiuna `rkss liekcg kj EKT >44 444 444 (npprkxl-cntgay WUF 72 444) wgrg kbal`gf tk sgif lijkrcntlki kj thglr shnrghkafgrs(Nrt. >(b) kj FLNIs Rgskautlki >>0/24>2). Jkr 24>>, naa ekcpnilgs wlth niniiuna `rkss liekcg kj EKT 744 444 444 (npprkxlcntgay WUF 274 444)

    wgrg kbal`gf tk sgif lijkrcntlki kj thglr shnrghkafgrs (Nrt. >(b) kj FLNIsRgskautlki >>62>), jkr 24>4 naa ekcpnilgs wlth ni niiuna `rkssliekcg kj EKT > >44 444 444 (npprkxlcntgay WUF 664 444) wgrg kbal`gftk sgif lijkrcntlki kj thglr shnrghkafgrs (Nrt. >(b) kj FLNIs Rgskautlki8::4/24>4) nif jkr 244< naa ekcpnilgs wlth ni niiuna `rkss liekcg kjEKT > >44 444 444 (npprkxlcntgay WUF 664 444) wgrg kbal`gf tk sgiflijkrcntlki kj thglr shnrghkafgrs (Nrt. >(n) kj FLNIs rgskautlki 0 > nif 2. Vhg FLNI hnsrgpkrtgf thnt thg iucbgr kj gitltlgs ekcli` wlthli thg rgqulrgcgit tk subclt

    kwigrshlp lijkrcntlki ls liergnsli` gneh ygnr fug tk thg fgergnsg li thg

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    26 EKCTALNIEG PLVH VHG UVNIFNRFU? NZNLANBLALV\ KJ LIJKRCNVLKI

    thrgshkaf agvga subogetli` ekcpnilgs tk prkvlfg kwigrshlp lijkrcntlki. Jkrthksg ekcpnilgs wlth liekcg bgakw thg thrgshkaf agvga, ns jkr naa ekcpnilgsli Ekakcbln, thgrg ls ni kbal`ntlki ki thg ekcpniy tk cnlitnli ni upfntgfshnrghkafgr rg`lstgr.

    Ekcpniy kwigrshlp nif lfgitlty lijkrcntlki rgqulrgf tk bg hgaf byekcpnilgs

    7:. Tursunit tk Nrtleag >278 kj 2448 gstnbalshgs thnt li thgnbsgieg kj ekijaletli` ag`na kbal`ntlkis sgt kut uifgr Anw >278 kj 2448 jkrni UNU, thg `gigrna prkvlslkis kj thg Ekccgrelna Ekfg shnaa nppay. Ns thgrgnrg ik spgeljle ag`na kbal`ntlkis nppayli` tk ni UNU tk cnlitnli n shnrg-hkafgr rg`lstgr sgt kut uifgr Anw >278 kj 2448, thg kbal`ntlki kutaligf uifgrnrtleag >

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    EKCTALNIEG PLVH VHG UVNIFNRFU? NZNLANBLALV\ KJ LIJKRCNVLKI 27

    whleh nrg spgelnalsgf li thg jlinieli` kj busligss prkogets nif thg`rnitli` kj aknis jkr thg nequlsltlki kj hkusli`=

    Ukelgfnfgs fg sgrvlelks jlinielgrks? whleh ls cnfg up kj fljjgrgit

    typgs kj ekrpkrntlkis whleh lieaufg? jlfuelnrlgs, `gigrna fgpksltwnrghkusgs, gitltlgs whleh nfclilstgr juifs nif sgvgrnieg juifs,eurrgiey gxehni`g gitltlgs nif gitltlgs whleh uifgrtnmg spgelnajlinielna netlvltlgs.

    Ukelgfnfgs fg enpltnalzneli? Vhgsg nrg jlinielna listltutlkis whksgpurpksg ls tk stlcuantg snvli`s thrku`h thg kjjgrli` kj jlinielnaprkfuets.

    Gitlfnfgs nsg`urnfkrns g litgrcgflnrlns? Vhls entg`kry lieaufgslisurnieg gitltlgs, giekcpnssli` bkth lisurnieg nif rglisurnieg

    ekkpgrntlvgs nif ekrpkrntlkis, ns wgaa ns lisurnieg litgrcgflnrlgs(n`gits nif n`gielgs), rglisurnieg litgrcgflnrlgs nif rglisurniegbrkmgrs.

    Ukelgfnfgs Ekclslkilstns fg Bkasn? Vhgsg nrg ekrpkrntlkis whksgkiay purpksg ls tk buy nif sgaa sgeurltlgs alstgf li thg EkakcblniUtkem Gxehni`g.

    Ukelgfnfgs nfclilstrnfkrns fg livgrslki? Vhgsg nrg spgelna ekrpkrn-tlkis whleh nrg nuthkrlsgf tk ekaaget rgskuregs jrkc thg `gigrna pubalenif tk livgst thgc li fljjgrgit pkrtjkalk livgstcgit vghleags sueh ns

    trust almg sehgcgs (enrtgrns ekagetlvns) kr prlvntg gqulty juifs.

    :>. Trlkr tk thg rg`lstrntlki nt thg Tubale Cgrenitlag Rg`lstry, jlinielnagitltlgs cust kbtnli n spgelna nuthkrlsntlki jrkc thg UJE tk enrry ki busligssli thg jlinielna sgetkr. Li krfgr jkr thg UJE tk `rnit ekcpnilgs thls nuthkrlsn-tlki, lt cust jlrst nsegrtnli thg ehnrnetgr, rgspkislblalty, sultnblalty, nif gqultysltuntlki kj naa jlinielna gitltlgs. Tursunit tk Nrtleag 75(5) kj thg GKUJ, thlsgitnlas thg subclsslki kj kwigrshlp lijkrcntlki ki naa liltlna shnrghkafgrs.Gxtgrina Elreuanr 440 kj >

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    2: EKCTALNIEG PLVH VHG UVNIFNRFU? NZNLANBLALV\ KJ LIJKRCNVLKI

    :5. Vhgrg ls n rgqulrgcgit jkr thg shnrghkafgr rg`lstgr tk bg subclt-tgf tk thg UJE nt thg tlcg kj rgqugst jkr nuthkrlsntlki. Li thg gvgit kj niyehni`g li shnrghkafli`, upfntgf kwigrshlp lijkrcntlki cust bg subclttgf.Nrtleag 88 kj thg GKUJ prkvlfgs thnt niy ehni`g li >4% kr ckrg shnrghkafli`

    li thg gitlty cust bg nuthkrlsgf by thg UJE prlkr tk thg shnrg trnisjgr whlehrgqulrgs juaa lfgitljlentlki lijkrcntlki kj thg igw shnrghkafgr. Vhg trnisjgrkj >4% kr ckrg kj thg shnrghkafli` li thg gitlty wlthkut thg nuthkrlsntlki kjthg UJE wlaa ikt prkfueg niy ag`na gjjget.

    :6. Naa ekcpnilgs kutslfg kj thksg rg`uantgf by thg UJE wlaa bg suboget tkrg`uantlki by thg Uupgrlitgifgieln fg Ukelgfnfgs, n bkfy wlthli thg Clilstryjkr Ekccgreg, Lifustry nif Vkurlsc. Anw 222 kj >

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    EKCTALNIEG PLVH VHG UVNIFNRFU? NZNLANBLALV\ KJ LIJKRCNVLKI 20

    Gxtgrina Elreuanr 440 kj 24>5, ekcprghgislvg M\E prkegfurgs rgqulrg thntgitltlgs cust cnlitnli ealgit lijkrcntlki ki naa shnrghkafgrs wlth 7% kr ckrgshnrghkafli` li thg ekcpniy (Nrt. 6.2.2.>.>).

    :0. Naa prkegfurgs uifgrtnmgi pursunit tk UNRANJV cust bg strletayfkeucgitgf nif naa lijkrcntlki kbtnligf cust bg mgpt by thg gitlty sgeurgaynif jkr n clilcuc pgrlkf kj jlvg ygnrs (Nrt. :40 kj 24>2, n ekcpniy liekrpk-rntgf uifgr jkrgl`i anw but wlth lts fny tk fny cnin`gcgit li Ekakcblnls ekislfgrgf n fkcgstle ekcpniy nif wlaa bg trgntgf ns n rgslfgit jkr tnx

    purpksgs. Ulclanr tk fkcgstle ekcpnilgs, naa jkrgl`i ekcpnilgs thnt nrg eki-slfgrgf tnx rgslfgit jkr tnx purpksgs cust rg`lstgr li thg Uli`ag Vnx Rg`lstrybgjkrg stnrtli` thglr gekikcle netlvlty (Nrtleag 777-2 kj thg Vnx Utntutg nifNrtleag 7 kj Fgergg 2088 kj 2446). Phlag rg`lstrntlki nt thg Vnx Rg`lstryfkgs ikt rgqulrg thg jurilshli` kj kwigrshlp lijkrcntlki, ns kutaligf nbkvgjkr fkcgstle ekcpnilgs, thg FLNI lssugs ni niiuna rg`uantlki rgqugstli`

    thg incg nif VLI kj liflvlfunas nif gitltlgs thnt nrg shnrghkafgrs kj ekc-pnilgs wlth `rkss liekcg nbkvg n egrtnli thrgshkaf. Vhls ag`na rgqulrgcgitwlaa gisurg thg prkvlslki kj kwigrshlp lijkrcntlki tk thg FLNI jkr jkrgl`iekcpnilgs li Ekakcbln thnt hnvg liekcg nbkvg thg thrgshkaf nckuit ns sgtby thg FLNI. Jkr 24>5, naa jkrgl`i ekcpnilgs wlth ni niiuna `rkss liekcgkj EKT >44 444 444 (npprkxlcntgay WUF 72 444) wkuaf bg suboget tk thlsrgqulrgcgit tk prkvlfg shnrghkafgr lijkrcntlki (Nrt. >< Anw 205 kj 24>5). Nskj Oniunry 24>6, thgrg wns >

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    28 EKCTALNIEG PLVH VHG UVNIFNRFU? NZNLANBLALV\ KJ LIJKRCNVLKI

    pnrtleuanr, shnrghkafli` lijkrcntlki wlaa hnvg tk bg cnlitnligf li krfgr tkekcpay wlth thg tnx kbal`ntlkis sgt kut uifgr? Nrtleag 54 (thg rgek`iltlki kjflvlfgif pnycgits by n ekcpniy tk lts shnrghkafgrs)= Nrtleag 57 (thg trgntcgitkj ckigtnry aknis jrkc n ekcpniy tk lts shnrghkafgrs)= Ehnptgr >> (whleh

    kutaligs thg trnisjgr prleli` ruags bgtwggi ekcpnilgs nif litgrrgantgf ekcpn-ilgs)= Nrtleag 5>< (whleh kutaligs thg tnx ekisgqugiegs jkr shnrghkafgrs li thgensg kj thg nequlsltlki kj cgr`gr kj ekcpnilgs). Neekrfli`ay, naa ekcpnilgs,whgthgr akena kr jkrgl`i, nrg kbal`gf tk cnlitnli kwigrshlp lijkrcntlki likrfgr tk cggt thglr tnx kbal`ntlkis uifgr thg Vnx Utntutg li Ekakcbln.

    0>. Li nffltlki tk thg nbkvg, thg FLNI ls nbag tk rgqulrg thg prkfuetlkikj kwigrshlp lijkrcntlki jrkc jkrgl`i ekcpnilgs nt niy tlcg li rgantlki tkthg nfclilstrntlki nif gijkregcgit kj thg ekcpniys tnx kbal`ntlkis (sggsgetlki B.>Neegss tk Lijkrcntlki).

    02. Tursunit tk Nrtleag 60> kj thg Ekccgrelna Ekfg, whgi n jkrgl`iekcpniy enrrlgs kut n busligss li Ekakcbln ki n pgrcnigit bnsls, lt custergntg n brnieh li Ekakcbln. Vhg brnieh cust bg liekrpkrntgf bgjkrg niktnry by cgnis kj n iktnrlna listrucgit thnt ekitnlis (l) n egrtljlentg kjliekrpkrntlki, lieucbgiey nif `kkf stnifli` kj thg jkrgl`i ekcpniy, (ll) nekpy kj thg ekcpniys nrtleags kj nsskelntlki nif (lll) fgtnlas kj thglr rgprg-sgitntlvgs li Ekakcbln (Nrt. 60>(>)). Vhg listrucgit cust bg rg`lstgrgf li thgTubale Cgrenitlag Rg`lstry. Phlag rg`lstrntlki fkgs ikt rgqulrg thg jurilsh-li` kj kwigrshlp lijkrcntlki, fgpgifli` ki thg ekcpniy anw kj thg jkrgl`i

    ourlsfletlki, sueh lijkrcntlki cny bg lieaufgf li thg nrtleags kj nsskelntlkikj thg ekcpniy. Ns kj Ouay 24>5, thgrg wgrg 2

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    EKCTALNIEG PLVH VHG UVNIFNRFU? NZNLANBLALV\ KJ LIJKRCNVLKI 262 2>2:2 Ekccgrelna Ekfg). Jkr gxncpag, thg cnifn-tnrlkeni sgaa kr ckrt`n`g nssgts, neegpt kr fgealig wlaas, nif uifgrtnmg niyourlflena net thnt thg pgrski `rnitli` thg pkwgr ekuaf fk, gxegpt jkr thksggxprgssay jkrblffgi by anw (Nrt. >275 Ekccgrelna Ekfg).

    08. Li niy gvgit, thg FLNI niiunaay rgqugsts naa pgrskis netli` ns ncnifntnrlktk prkvlfg juaa kwigrshlp nif lfgitlty kj thg pgrski (whleh enibg bkth ag`na nif inturna pgrskis) jkr whkc thgy net, lieaufli` naa shnrg-hkafgr incgs nif VLI. Vhls rgqugst ls enrrlgf kut vln n iktleg ns pubalshgfgneh ygnr by thg FLNI. Jkr thg ygnrs 24>4 24>2, thls rgqugst wns pubalshgf

    vln Nrt. >(g) & >5 kj Rgskautlki >>0/24>2, Nrt. >(j) nif >6 kj Rgskautlki>>62> nif Nrt. >(g) nif >7 kj Rgskautlki 8::4/24>4).

    Ekieauslki

    0

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    54 EKCTALNIEG PLVH VHG UVNIFNRFU? NZNLANBLALV\ KJ LIJKRCNVLKI

    ygnr cust jlag juaa kwigrshlp lijkrcntlki ki thg pgrskis jkr whleh thgy net.Vhgrgjkrg, thgsg kbal`ntlkis gisurg thnt juaa kwigrshlp lijkrcntlki ls nvnla-nbag li rgspget kj naa ekcpnilgs li Ekakcbln.

    Bgnrgr shnrgs (VkRN.>.2)

    84. Nt prgsgit, Nrtleag 500 kj thg Ekccgrelna Ekfg prkvlfgs jkr thggxlstgieg kj bgnrgr shnrgs. Hkwgvgr, Nrtleag 67 kj Fgergg >4 Ketkbgr >-ygnr tgrc furli` whleh tk ekivgrt naa bgnrgrshnrgs litk ikclintlvg shnrgs. Li thg ensg kj bgnrgr shnrgs thnt wgrg lssugfprlkr tk >. Ns kutaligf nbkvg (sgg Litrkfuetlki, @gigrna kvgrvlgw kj thg ag`nasystgc), Fgergg >4 Ketkbgr >.5)

    Vypgs kj Tnrtigrshlps

    85. Vhgrg nrg thrgg typgs kj pnrtigrshlp (skelgfnfgs fg pgrskins) thnteni bg sgt up li Ekakcbln?

    Ukelgfnf Ekagetlvn (UE) ls n ekccgrelna gitlty wlth nt agnst twkcgcbgrs (glthgr inturna kr ag`na pgrskis), whk nrg oklitay, pgrski-naay nif sgvgrnaay alnbag jkr thg pnrtigrshlps kbal`ntlkis wlthkut niyalcltntlki. UEsnrg `kvgrigf by nrtleags 25, thgrg wgrg 07< UEs li Ekakcbln.

    Ukelgfnf fg rgspkisnblalfnf alcltnfn (URA)ls n ekccgrelna gitlty

    whksg enpltna ls flvlfgf litk quktns rnthgr thni shnrgs. URAs nrg

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    52 EKCTALNIEG PLVH VHG UVNIFNRFU? NZNLANBLALV\ KJ LIJKRCNVLKI

    8:. Li nffltlki, naa pnrtigrshlps cust cnlitnli n rg`lstgr kj pnrtigrsekitnlili` thg incg, intlkinalty, nffrgss, nif thg nckuit kj thglr enpltnaekitrlbutlki. Vhg fgtnlas nif fntgs kj naa trnisjgrs li kwigrshlp cust naskbg cnlitnligf. Jkr URAs thls kbal`ntlki ls ekitnligf li Nrtleag 5:> kj thg

    Ekccgrelna Ekfg. Jkr UEs nif AATs, Nrtleag >54 kj Fgergg 2:6< kj >5 Vnx Utntutg).

    88. Vhg sncg ns jkr n ekcpniy, rg`lstrntlki jkr pnrtigrshlps wlth tnxnbag

    liekcg lieaufgs thg ekcpagtlki kj thg ekcpniy rg`lstrntlki jkrc, ns wgaa nsthg prgsgitntlki kj n vnalf lfgitlty fkeucgit jkr thg ag`na rgprgsgitntlvg. Gnehpnrtigrshlp wlaa bg lssugf n VLI. Vhg rg`lstrntlki jkrc rgqulrgs thg incg kjthg pnrtigrshlp, gxnet fkclelag, n fgserlptlki kj thg netlvlty thnt wlaa bg enr-rlgf kut, thg gxnet nffrgss whgrg thg netlvlty wlaa bg enrrlgf kut ns wgaa ns thgincg, lfgitlty iucbgr, nffrgss nif sl`inturg kj thg ag`na rgprgsgitntlvg. Nsjkr naa ekcpnilgs, thg FLNI gneh ygnr lssugs n rg`uantlki whleh rgqulrgs thntnaa pnrtigrshlps whksg liekcg gxeggfs n thrgshkaf nckuit (ns sgt niiunaay bythg FLNI) cust jlag n rgturi ekitnlili` kwigrshlp nif lfgitlty lijkrcntlkikj thg pnrtigrshlp (sgg sgetlki N.>.> Vnx Anw).

    Jkrgl`i pnrtigrshlps

    8.>jkrgl`i ekcpnilgs).

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    56 EKCTALNIEG PLVH VHG UVNIFNRFU? NZNLANBLALV\ KJ LIJKRCNVLKI

    Nitl-ckigy anuifgrli` anws). Lithg gvgit thnt thg ealgit, bgli` thg sgttakr, ls n ag`na pgrski juaa kwigrshlpkj thls ag`na gitlty cust nask bg kbtnligf (Ehnptgr >> kj thg Elreuanr BnslenOurflen). Li thg gvgit kj jnlaurg tk cnlitnli sueh lijkrcntlki, thg NCA

    rg`lcg prkvlfgs jkr strlet snietlkis thnt eni bg gijkregf (sgg sgetlki N.>.:

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    EKCTALNIEG PLVH VHG UVNIFNRFU? NZNLANBLALV\ KJ LIJKRCNVLKI 57

    Gijkregcgitbgakw). Vhgrgjkrg, thg rgqulrgcgits kj thg NCA rg`lcg gisurgthnt juaa kwigrshlp lijkrcntlki ki thg sgttakrs nif trustggs kj naa jlfuelncgrenitlanrrni`gcgits ls nvnlanbag li Ekakcbln.

    Kwigrshlp lijkrcntlki rgtnligf by thg jlfueln cgrenitla

    228 Ekccgrelna Ekfg). Vhgjlfueln cgrenitlan`rggcgit wlaa lfgitljynaa thg pnrtlgs tk thg nrrni`gcgit, nif n ekpy cust nask bg rgtnligf by thgskelgfnf jlfuenrln.

    Jlfglekclsk

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    5: EKCTALNIEG PLVH VHG UVNIFNRFU? NZNLANBLALV\ KJ LIJKRCNVLKI

    thg ekistltuygitg, thgjlfuelnrlknif uatlcntgay thgjlfglekclsnrlkli pnrnaagawlth gneh trnisjgr (l.g. thg fgeanrntlki kj thg liekcgs fgrlvgf jrkc thg prkp-grty kj thgjlfglekclsk).

    Kwigrshlp lijkrcntlki rgtnligf by thg jlfglekclsk

    >4>. Vhg jlfglekclsk nrrni`gcgitcust bg li wrltli` li glthgr thg jkrckj n pubale fggf kr wlaa whleh wlaa hnvg tk bg cnlitnligf by thg jlfuenrlklfgitljyli` thg nssgts nif pgrskis livkavgf (ekistltuygitg, jlfuelnrlk nifjlfgekclsnrlks). Li nffltlki,thgjlfuenrlk, ns n ekccgrelnitgkr cgrehnit,wlaa bg suboget tk thg rgekrf mggpli` kbal`ntlkis jkr fkeucgitssgt kut uifgrthgEkccgrelna Ekfg (sgg sgetlki N.2. Neekuitli` Lijkrcntlki) lieaufli`rgtnlili` n ekpy kj thg fggf. Vhgrgjkrg, juaa kwigrshlp lijkrcntlki jkr thgjlfglekclskls cnlitnligf by thgjlfuenrlk.

    >42. Bkth thg Elvla Ekfg nif tnx anw kbal`ntlkis gisurg thg nvnlanblaltykj kwigrshlp lijkrcntlki nt naa stn`gs wlthli thgjlfglekclskwhgi thg prkp-grty trnisjgrs jrkc thg kwigr kj thg nssgts nt niy `lvgi tlcg= l.g. jrkc thgekistltuygitg, thgjlfuelnrlk kr thgjlfglekclsnrlk. Jurthgr, ns thgjlfuelnrlkcust n`rgg tk enrry kut thg nrrni`gcgit ns rgqugstgf by thg ekistltuygitg,thgjlfuelnrlk wkuaf igegssnrlay hnvg tk mikw thg lfgitlty nif rgtnli kwigr-shlp lijkrcntlki kj thg ekistltuygitg nif thgjlfglekclsnrlk.

    Jkrgl`i trusts>45. Phlast thg ekccki anw ekiegpt kj trust fkgs ikt gxlst uifgrEkakcblni anw, thgrg ls, hkwgvgr, ik kbstneag li Ekakcblni fkcgstle anwthnt prgvgits n rgslfgit jrkc netli` ns n trustgg, kr jkr n jkrgl i trust tk livgstkr nequlrg nssgts li Ekakcbln. Vhgrgjkrg, jkrgl`i trusts cny fk busligss liEkakcbln flrgetay kr thrku`h n rgslfgit trustgg kr nfclilstrntkr.

    >46. Vhg Ekakcblni nuthkrltlgs hnvg nfvlsgf thnt thg sltuntlki kj nEkakcblni rgslfgit netli` ns trustgg jkr n jkrgl`i trust hns ikt ygt nrlsgili Ekakcbln. Vhls ls nttrlbutnbag cnliay tk thg jnet thnt ns Ekakcbln fkgs

    ikt rgek`ilsg thg ekiegpt kj trusts, thls ergntgs n ag`na rlsm jkr niy pgrskislivkavgf li n jkrgl`i trust. Li thg gvgit kj n Ekakcblni rgslfgit netli` ns thgtrustgg kj n jkrgl`i trust, niy nssgts kj thg trust wlaa bg fggcgf tk bg kwigfby thg rgslfgit trustgg, nif thgrgjkrg ekislfgrgf pnrt kj hls/hgr nssgts jkrsueh purpksgs ns liekcg tnx kr enpltna `nlis tnx whgrg nppalenbag, li ensgkj fgnth (jkr lihgrltnieg purpksgs) kr ekiegrili` pktgitlna netlkis kj ergfl-tkrs. Vhgrgjkrg, lt ls uialmgay thnt n Ekakcblni rgslfgit wkuaf tnmg ki sueh nalnblalty. Hkwgvgr, thg jlfuelnry rgantlkishlp bgtwggi thg trustgg, sgttakr nifbgigjlelnrlgs cny bg rgagvnit li spgeljle sltuntlkis, li whleh ensg thg rgsl-fgit trustgg wlaa bg suboget tk lijkrcntlki mggpli` rgqulrgcgits ns jurthgr

    kutaligf bgakw.

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    EKCTALNIEG PLVH VHG UVNIFNRFU? NZNLANBLALV\ KJ LIJKRCNVLKI 50

    Gxehni`g ekitrka nif stkem cnrmgt rg`uantlkis

    >47. Wifgr Ekakcblni anw, n jkrgl`i trust cny livgst flrgetay kr nequlrgnssgts li Ekakcbln. Li sueh n ensg, thg jkrgl`i trust wlaa bg fggcgf tk bg n

    jkrgl`i ag`na pgrski. Li Ekakcbln, jkr jkrgl`i gxehni`g ekitrka purpksgs, naalivgstcgits by jkrgl`i pgrskis cust bg rg`lstgrgf prlkr wlth thgBniek fg anRgpbalen(Egitrna Bnim) (Anw < kj > 444 tnx vnaug uilts nckuitli`tk EKT 2: 86> 444 (npprkxlcntgay WU >5 648) lcpksgf by thg Uupgrlitgifgielnfg Ukelgfnfgs. Jurthgr, li thg gvgit kj iki-rg`lstrntlki kj n jkrgl`i livgstcgit,n jlig kj up tk 244% kj thg nckuit kj thg iki-rg`lstgrgf kpgrntlki cny bglcpksgf by thgBniek fg an Rgpbalen(Nrt. 5 Fgergg >06: kj >4:. Vhg Ekakcblni tnx anw fkgs ikt ekitnli spgeljle prkvlslkis ki thgtnxntlki kj nssgts kr liekcg fgrlvgf thkrku`h jkrgl`i trusts wlth n alim tkEkakcbln. Igvgrthgagss, kwigrshlp lijkrcntlki cust bg mgpt lj n trustgg(prkjgsslkina kr ikt) ls rgslfgit li Ekakcbln, thg trust ls nfclilstgrgf liEkakcbln kr egrtnli nssgts nrg akentgf li Ekakcbln.

    >40. Jkr liekcg tnx purpksgs, thg nssgts nif liekcg kj n jkrgl`i trustwlaa bg fggcgf ns bgli` nttrlbutnbag tk thg rgslfgit trustgg jkr liekcg tnxpurpksgs. Vhgsg nssgts nif liekcg nrg suboget tk tnx ns niy kthgr nssgts krliekcg kj thg trustgg, ns wgaa ns niy bgigjlt nttrlbutgf tk thg bgigjlelnrlgsnif cust bg fgeanrgf by thg trustgg li thglr liekcg tnx rgturi. Li thnt ensg,thg trustgg wkuaf bg alnbag tk tnx ki liekcg gnrigf li Ekakcbln nif thgrgjkrgnask rgqulrgf tk rg`lstgr wlth thg FLNI nif mggp neekuitli` rgekrfs (sgg sge-tlki N.2.Neekuitli` Lijkrcntlkibgakw). Li thg gvgit thnt n trustgg eanlcgfthnt n pkrtlki kj hls tnxnbag liekcg wns `gigrntgf jrkc nssgts hg hgaf ki trust,thg rgslfgit trustgg ekuaf kiay nvklf sueh n tnx alnblalty by prkvlfli` gvlfgieg

    kj thg gxlstgieg kj sueh n jlfuelnry rgantlkishlp (ckst typlenaay thg trust fggf)nif flseaksli` thg lfgitlty kj thg sgttakr nif bgigjlelnrlgs tk thg FLNI.

    >48. Naa liekcg fgrlvgf jrkc skuregs li Ekakcbln by n jkrgl`i trustkr pnycgits cnfg tk jkrgl`i bgigjlelnrlgs nrg suboget tk wlthhkafli` tnx.Naa ag`na gitltlgs thnt wlthhkaf tnx ki pnycgits tk jkrgl`i bgigjlelnrlgs nrgsuboget tk n rgqulrgcgit tk jlag n wlthhkafli` tnx fgeanrntlki ekiegrili` thgnckuits wlthhgaf ki pnycgits cnfg tk thg jkrgl`i bgigjlelnry tk thg FLNI.Jurthgr, naa ag`na gitltlgs wlth n `rkss liekcg kvgr n spgeljle thrgshkaf gnehygnr cust subclt thg incg, nffrgss nif VLI kj naa ag`na nif inturna pgrskis

    thnt nrg shnrghkafgrs kj thg ekcpniy tk thg FLNI (Nrt. :5> Vnx Utntutg) (sgg

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    sgetlki N.>.>Ekcpniy kwigrshlp nif lfgitlty lijkrcntlki rgqulrgf tk bgprkvlfgf tk `kvgricgit nuthkrltlgs).

    >4>4. Vhg Ekccgrelna Ekfg ekitnlis bkkm mggpli` rgqulrgcgits jkr naaekcgrelnitgs kr cgrehnits. Cgrehnits nrg fgjligf uifgr Nrtleag >4 nsbgli` niykig whk gi`n`gs li niy ekccgrelna netlvlty. Nrtleag >44 kj thg

    Ekccgrelna Ekfg prkvlfgs thnt li thg gvgit thnt n ekcpniy ls ikt jkrcgf jkrekccgrelna purpksgs but pgrjkrcs egrtnli ekccgrelna nets, thgy wlaa naskbg suboget tk thg prkvlslkis kj thg Ekccgrelna Ekfg. Jurthgr, naa elvla gitl-tlgs thnt enrry kut ekccgrelna nets nrg nask suboget tk thg prkvlslkis kj thgEkccgrelna Ekfg, iktwlthstnifli` thnt thgy nrg ikt jkrcgf jkr ekccgrelna

    purpksgs (Nrt. 24, 2> nif 22 Ekccgrelna Ekfg). Vhgrgjkrg, Ekakcbln nfvlsgsthnt naa prkjgsslkina trustggs nif nfclilstrntkrs rgslfgit li Ekakcbln wlaa bgfggcgf cgrehnits jkr thg purpksgs kj thg Ekccgrelna Ekfg nif wkuaf bgsuboget tk `gigrna rgekrf-mggpli` rgqulrgcgits nppalenbag tk naa cgrehnits liEkakcbln, wlth rgspget tk thg liekcg thnt ls gnrigf by thg jkrgl`i trust (sgg

    N.2Neekuitli` Lijkrcntlki). Vhls typlenaay wkuaf lieaufg thg trust fggf nifnask naa ekrrgspkifgieg wlth sgttakrs nif bgigjlelnrlgs ekitnlili` thg incgskj thg sgttakrs nif lfgitljlentlki kj thg bgigjlelnrlgs kj thg trust nif thg inturgkj thg nssgts li thg trust thnt hnvg `gigrntgf thg liekcg.

    >>>. Jurthgr, li thg gvgit thnt n Ekakcblni rgslfgit purpkrtgf tk net nsthg trustgg kj n jkrgl`i trust, li n prkjgsslkina enpnelty, ni kplilki jrkc thgWilfnf fg Rg`uaneli Jlinielgrnkj thg Clilstry kj Jlinieg kj Ekakcbln hnsekijlrcgf thnt wkuaf bg fggcgf ns ekifuetli` thg netlvltlgs kj n jlfuelnrlkli njlfueln cgrenitlanrrni`gcgit nif thgrgjkrg wkuaf kiay bg pgrclttgf tk

    thg gxtgit thnt thg rgslfgit trustgg wns ni npprkvgf jlinielna listltutlki (gstn-bagelclgitk fg ergfltk) (ns sgt kut uifgr Nrt. >22: kj thg Ekccgrelna Ekfg).Li whleh ensg, thg jkrgl`i trust wkuaf bg suboget tk thg lijkrcntlki mggpli`rgqulrgcgits ns kutaligf nbkvg jkr thgjlfueln cgrenitla. Li thg gvgit thnt thgtrustgg wns ikt n jlinielna gitlty nuthkrlsgf tk fk sk by thg UJE, thgjlfuelncgrenitla nrrni`gcgit wkuaf ikt bg rgek`ilsgf. Li nffltlki, thg rgslfgittrustgg wkuaf bg suboget tk thg pginatlgs lcpksgf by thg UJE uifgr thg GKUJjkr purpkrtli` tk net ns n jlfuelnrlkwlthkut hnvli` kbtnligf nuthkrlsntlkitk fk sk (sgg sgetlki N.>.:.Gijkregcgit prkvlslkis tk gisurg nvnlanblalty kjlijkrcntlki).

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    EKCTALNIEG PLVH VHG UVNIFNRFU? NZNLANBLALV\ KJ LIJKRCNVLKI 5>2. Ekakcbln fkgs ikt rgek`ilsg thg ekccki anw ekiegpt kj trust.Hkwgvgr, thg Ekccgrelna Ekfg prkvlfgs jkr twk nrrni`gcgits wlth egrtnli

    trust almg jgnturgs= jlfuelns cgrenitlags nif jlfglekclsks. Kiay jlinielnagitltlgs cny net ns thg jlfuelnry li njlfueln cgrenitlanif cust kbtnli prlkrnuthkrlsntlki jrkc thg UJE nt whleh tlcg juaa kwigrshlp lijkrcntlki kithgjlfueln cgrenitlawlaa hnvg tk bg subclttgf. Li nffltlki, naa trustggs kj njlfueln cgrenitla, ns jlinielna gitltlgs, wlaa ekcg uifgr thg NCA rg`lcg nifbg suboget tk fug flal`gieg prkegfurgs li krfgr tk cnlitnli juaa kwigrshlplijkrcntlki li rgspget kj thg jlfueln cgrenitla. Li rg`nrfs tk jlfglekclsks,thg n`rggcgit cust bg li wrltli` wlth n ekpy lfgitljyli` naa pnrtlgs cnli-tnligf by thgjlfuenrlk. Vhgrgjkrg, thg lijkrcntlki mggpli` rgqulrgcgits lithg Ekccgrelna nif Elvla Ekfg, tk`gthgr wlth thg NCA rgqulrgcgits ki

    jlfuelnrlksuifgr thg NCA anws gisurg thnt kwigrshlp lijkrcntlki ki bkthjlfuelns cgrenitlagsnifjlfglekclsks ls juaay nvnlanbag.

    >>5. Jurthgr, li thg gvgit thnt n rgslfgit trustgg wns netli` li thg enpneltyns trustgg kj n jkrgl`i trust, Ekakcbln hns rgpkrtgf thnt thls netlvlty wkuaf bgfggcgf tk bg thnt kj njlfueln cgrenitlanif li thg gvgit thnt thg trustgg wnsikt nuthkrlsgf tk gi`n`g li jlfuelnry sgrvlegs, thgrg nrg strlet gijkregcgitcgnsurgs nif pginatlgs li paneg jkr jnlali` tk fk sk. Vhgrgjkrg, whlag rgslfgittrustggs kj jkrgl`i nrg ikt suboget tk spgeljle kbal`ntlkis tk mggp lfgitltylijkrcntlki, thg ekcblintlki kj thg stkem cnrmgt rg`uantlkis, `gigrna tnx

    kbal`ntlkis tk cnlitnli nif subclt lijkrcntlki tk thg FLNI nif kbal`ntlkisuifgr thg Ekccgrelna Ekfg pgrclt thnt lijkrcntlki rg`nrfli` thg sgttakrs,trustggs nif bgigjlelnrlgs kj naa trusts wlaa bg nvnlanbag tk thg Ekakcblninuthkrltlgs. Lt eni, thgrgjkrg, bg ekieaufgf thnt Ekakcbln hns rgnskinbagcgnsurgs li paneg tk gisurg thnt kwigrshlp lijkrcntlki ls nvnlanbag tk ltsekcpgtgit nuthkrltlgs li rgspget kj jkrgl`i trusts nfclilstgrgf li Ekakcbln krli rgspget kj whleh n trustgg ls rgslfgit li Ekakcbln. N prnetlena nssgsscgitkj thg gjjgetlvgigss kj thg rgqulrgcgits jkr kwigrshlp lijkrcntlki jkr jkrgl itrusts wlaa tnmg paneg li thg Thnsg 2 pggr rgvlgw kj Ekakcbln.

    Jkuifntlkis (VkRN.>.7)

    >>6. Vhg ekiegpt kj prlvntg jkuifntlki fkgs ikt gxlst uifgr thg anws kjEkakcbln. Vhg Elvla Ekfg prkvlfgs jkr thg ergntlki kj pubale jkuifntlkisthnt kpgrntg ki n iki-prkjlt bnsls tk nffrgss skelnaay sl`iljlenit litgrgstslfgitljlgf by thg jkuifgrs (Nrt. :55 & :56 Elvla Ekfg nif Nrt. 7 Fgergg 5>54kj >

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    >>7. Li Ekakcbln, n jkuifntlki ls rgek`ilsgf ns n sgpnrntg ag`na pgrski(Nrt. :55 Elvla Ekfg) nif cust bg rg`lstgrgf wlth thg ehncbgrs kj ekccgregkj thg fkclelag kj thg rg`lstgrgf jkuifntlki (Nrt. 64 Fgergg 2>74 kj >>:. Ekakcbln shkuaf hnvg li paneg gjjgetlvg gijkregcgit prkvlslkis tkgisurg thg nvnlanblalty kj lijkrcntlki, kig sueh pksslblalty ncki` kthgrsbgli` sujjlelgitay strki` ekcpuaskry pkwgrs. Vhls sgetlki kj thg rgpkrtnssgssgs whgthgr thg prkvlslkis rgqulrli` thg nvnlanblalty kj lijkrcntlki

    wlth thg pubale nuthkrltlgs kr wlthli thg gitltlgs rgvlgwgf li Ugetlki N.> nrggijkregnbag nif jnlaurgs nrg puilshnbag.

    Ekcpnilgs nif Tnrtigrshlps

    >>0. Naa ekcpnilgs nif pnrtigrshlps nrg rgqulrgf tk mggp ni upfntgfshnrg rg`lstgr. Vhg trnisjgr kj shnrgs hns ik ag`na gjjget jkr thg ekcpniynif jkr thlrf pnrtlgs uitla thg shnrg rg`lstgr hns bggi upfntgf tk rgjaget thlstrnisjgr (nrt. 64: Ekccgrelna Ekfg). Jurthgrckrg, ekcpnilgs nif pnrtigr-shlps thnt jnla tk cggt thls kbal`ntlki cny bg alnbag tk n jlig kj n cnxlcuc

    kj 244 ckithay ag`na clilcuc wn`gs EKT >24 400 :8. Naa ekcpnilgs nif pnrtigrshlps nrg rgqulrgf tk rg`lstgr wlth thgTubale Cgrenitlag Rg`lstry. Tursunit tk Nrtleag >>2 kj thg Ekccgrelna Ekfg,uitla sueh tlcg ns thg gitlty ls rg`lstgrgf, ik ruali`s, n`rggcgits kr ekcpniyfkeucgits hnvg niy ag`na gjjget n`nlist thlrf pnrtlgs. Vhg gjjget kj ikt upfnt-li` rg`lstrntlki kr iktljyli` thg Tubale Cgrenitlag Rg`lstry kj trnisjgrs kjkwigrshlp ls thg sncg, cgnili` thnt n igw pnrtigr/kwigr ls ikt alnbag tk thlrfpnrtlgs jkr netlkis kj thg gitlty lj thg ehni`g li kwigrshlp ls ikt prkvlfgf tkthg Tubale Cgrenitlag Rg`lstry.

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    >>7 444 tnx vnaug uilts nckuitli` tk npprkxl-cntgay EKT 642 :>7 444 (WU 240 84>) (Nrt. :7> Vnx Utntutg).

    >24. Niy pgrski whk prkvlfgs jnasg lijkrcntlki li n pubale fkeucgit(sueh ns thg pubale fggf kj n ekcpniy) cny bg alnbag tk lcprlskicgit kj uptk >48 ckiths. Vhg kbal`ntlki tk jlag n pubale fggf wlth thg iktnry nppalgs tkUNs, UENs nif naa pnrtigrshlps li Ekakcbln. Jurthgr, pursunit tk Nrtleag 2848 ckiths.

    Vrusts

    >2>. Li Ekakcbln, ns n jlinielna listltutlki, thg jlfuelnrlgs kj naa nfclils-tgrli`jlfuelns cgrenitlagshnvg tk bg nuthkrlsgf by thg UJE. Li thg gvgit thntni liflvlfuna kr gitlty wgrg tk uifgrtnmg netlvltlgs whleh by anw cny kiay

    bg enrrlgf kut by listltutlkis nuthkrlsgf by thg UJE, kr whgi ni gitlty uifgrsurvglaanieg by thg UJE pgrjkrcs netlvltlgs jkr whleh lt ls ikt nuthkrlsgf,sueh ekifuet wlaa bg fggcgf ns laag`na gxgrelsg kj thg jlinielna netlvlty,nif wlaa lieur bkth pgrskina nif listltutlkina nfclilstrntlvg snietlkis.Nrtleag 5>: kj thg Ekakcblni Erlclina ekfg sgts kut pginatlgs jkr erlcgsn`nlist thg jlinielna systgc. Li thg gvgit thnt ni liflvlfuna kr gitlty wgrgtk gi`n`g li niy jkrc kj jlinielna netlvlty sueh ns thg kjjgrli` kj jlfuelnry

    sgrvlegs wlthkut hnvli` prlkr nuthkrlsntlki jrkc thg rgagvnit rg`uantkry bkfy,thgy cny bg pginalsgf by lcprlskicgit jkr up tk 24 ygnrs nif bg suboget tkn jlig kj up tk 74 444 ag`na ckithay wn`gs.

    >22. Vhg trustggs kj jlfuelns cgrenitlags li Ekakcbln, bgli` jlinielnagitltlgs, nrg nask suboget tk thg NCA anws, whleh rgqulrg thgc tk tnmg eus-tkcgr fug flal`gieg cgnsurgs. Li thg gvgit kj brgneh kj thgsg fug flal`giegprkegfurgs, thg GKUJ sgts kuts n rni`g kj pginatlgs thnt cny bg nppalgf jkriki-ekcpalnieg. Tursunit tk Nrtleag 52: kj thg GKUJ, thg UJE hns thg pkwgrtk pgrjkrc rg`uanr lispgetlki vlslts tk gisurg thnt gitltlgs nrg kiay pgrjkrcli`

    thg jlinielna netlvltlgs jkr whleh thgy nrg nuthkrlsgf. Li thg gvgit thnt thgy

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    nrg pgrjkrcli` uinuthkrlsgf netlvltlgs, thg UJE cny tnmg thg cgnsurgs thntthgy fgtgrclig igegssnry li krfgr tk rgetljy thgsg netlkis (Nrt. 527, sgetlki 6,GKUJ). Jurthgr, li thg ensg kj liflvlfunas kr gitltlgs pgrjkrcli` uinuthkrlsgfjlinielna netlvltlgs, nrtleag >48 kj thg GKUJ sgts kut thg jkaakwli` pginatlgs?

    thg lccgflntg suspgislki kj thg netlvltlgs nif jligs kj up tk EKT > 444 444(npprkxlcntgay WU 7>7 804), thg flsskautlki kj thg ag`na gitlty, nif thg alqulfn-tlki kj thksg netlvltlgs whleh wgrg bgli` pgrjkrcgf laag`naay.

    >25. NaaJlfglekclsks wlaa hnvg tk bg rg`lstgrgf jkr tnx purpksgs wlth thg tnxalnblalty bgli` lcpksgf ki thgjlfuenrlkwhk wlaa bg suboget tk tnx jlali` kbal`n-tlkis li rgspget kj thgJlfglekclsk.Li thg gvgit kj iki-ekcpalnieg wlth tnx jlali`kbal`ntlkis, thgjlfuenrlkwlaa bg suboget tk pny n pginaty kj >7 tnx vnaug uiltsnckuitli` tk npprkxlcntgay EKT 642 :>7 (WUF 2>4) (Nrt. :65 Vnx Utntutg).

    >26. Vhg gjjgetlvgigss kj thg gijkregcgit prkvlslkis thnt nrg li paneg liEkakcbln wlaa bg ekislfgrgf ns pnrt kj thg Thnsg 2 Tggr rgvlgw.

    Thnsg > fgtgrclintlki

    Vhg gagcgit ls li paneg.

    N.2. Neekuitli` rgekrfs

    Ourlsfletlkis shkuaf gisurg thnt kwigrshlp nif lfgitlty lijkrcntlki jkr naa rgagvnit

    gitltlgs nif nrrni`gcgits ls nvnlanbag tk thglr ekcpgtgit nuthkrltlgs.

    @gigrna rgqulrgcgits (VkRN.2.>)

    >27. Vhg Vgrcs kj Rgjgrgieg sgts kut thg stnifnrfs jkr thg cnlitginiegkj rgalnbag neekuitli` rgekrfs nif thg igegssnry neekuitli` rgekrf rgtgitlkipgrlkf. Lt prkvlfgs thnt rgalnbag neekuitli` rgekrfs shkuaf bg mgpt jkr naa rga-gvnit gitltlgs nif nrrni`gcgits. Vk bg rgalnbag, neekuitli` rgekrfs shkuaf=(l) ekrrgetay gxpanli naa trnisnetlkis, (ll) ginbag thg jlinielna pksltlki kj thggitlty kr nrrni`gcgit tk bg fgtgrcligf wlth rgnskinbag neeurney nt niy tlcg=

    nif (lll) naakw jlinielna stntgcgits tk bg prgpnrgf. Neekuitli` rgekrfs shkuafjurthgr lieaufg uifgrayli` fkeucgitntlki, sueh ns livklegs, ekitrnets, gte.nif iggf tk bg mgpt jkr n clilcuc kj jlvg ygnrs.

    Ekccgrelna Ekfg

    >2:. Vhg Ekccgrelna Ekfg ekitnlis neekuitli` rgqulrgcgits jkr naa ekc-grelnitgs kr cgrehnits. Cgrehnits nrg fgjligf uifgr Nrtleag >4 ns bgli`niykig whk gi`n`gs li niy ekccgrelna netlvlty. Nrtleag >44 kj thg EkccgrelnaEkfg prkvlfgs thnt li thg gvgit thnt ni gitlty ls ikt jkrcgf jkr ekccgrelna

    purpksgs but pgrjkrcs egrtnli ekccgrelna nets, thgy wlaa nask bg suboget tk

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    EKCTALNIEG PLVH VHG UVNIFNRFU? NZNLANBLALV\ KJ LIJKRCNVLKI 65

    thg prkvlslkis kj thg Ekccgrelna Ekfg. Jurthgr, naa elvla gitltlgs thnt enrry kutekccgrelna nets nrg nask suboget tk thg prkvlslkis kj thg Ekccgrelna Ekfg,iktwlthstnifli` thnt thgy nrg ikt jkrcgf jkr ekccgrelna purpksgs (Nrtleags 24,2> & 22 Ekccgrelna Ekfg). Ns n rgsuat, naa rgagvnit gitltlgs lieaufli` fkcgstle

    ekcpnilgs, jkrgl i ekcpnilgs, pnrtigrshlps,jlfuelns cgrenitlags,jlfglekclsksnif rgslfgit trustgg kj n jkrgl`i trust wlaa bg suboget tk thg neekuitli` kbal`n-tlkis jkr cgrehnits ns sgt kut uifgr thg Ekccgrelna Ekfg nif fgserlbgf bgakw.

    >20. Nrtleag >< kj thg Ekccgrelna Ekfg sgts kut n `gigrna kbal`ntlki jkrnaa cgrehnits tk mggp rg`uanr neekuits kj thglr busligssgs li neekrfniegwlth thg rg`uantlkis. Vhg rg`uantlkis prkvlfli` jurthgr `ulfnieg li thlsrg`nrf nrg tk bg jkuif li Fgergg 2:6< kj >227(6) kj Fgergg 2:6< kj >

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    66 EKCTALNIEG PLVH VHG UVNIFNRFU? NZNLANBLALV\ KJ LIJKRCNVLKI

    (f) Ekitrka thg ckvgcgit kj cgrehniflsg, whgthgr by uilt kr slclanr`rkups= nif

    (g) Ekielalntg bnsle jlinielna stntgcgits wlth thksg prgpnrgf usli` kthgr

    ekcprghgislvg neekuitli` bnsgs.>54. Nrtleag 6: kj Anw 20 kj Fgergg 2:6< kj >. Li nffltlki, li Ouay kj 2445>6 kj 244< kutali-li` thg igw prlielpags nif stnifnrfs kj neekuitli` nif jlinielna rgpkrtli` nswgaa ns lfgitljyli` thg fgsl`intgf ekcpgtgit nuthkrltlgs nif thg bkflgs rgspki-

    slbag jkr ckiltkrli` ekcpalnieg wlth neekuitli` rgekrf mggpli` rgqulrgcgits.Vhls anw prkvlfgs jkr thg ekivgr`gieg kj eurrgit intlkina neekuitli` stnifnrfswlth thksg sgt kut uifgr Litgrintlkina Jlinielna Rgpkrtli` Utnifnrfs (LJRU).

    >52. Li Fgegcbgr 24>2, Ekakcbln pnssgf Fgerggs 2086 nif 204: nfkpt-li` thg Litgrintlkina Jlinielna Rgpkrtli` Utnifnrfs (LJRU) ns lssugf bythg Litgrintlkina Neekuitli` Utnifnrfs Burgnu (LNUB) jkr thg mggpli` kjneekuitli` rgekrfs. Vhgsg stnifnrfs wlaa bgekcg blifli` ki pubale ekcpn-ilgs nif ekcpnilgs wlth ckrg thni 244 gcpakyggs nif wlth nssgts gqulvnagittk 54 444 ckithay clilcuc wn`gs li Ekakcbln ns kj Oniunry 24>7. Jkr naa

    kthgr gitltlgs, thg stnifnrfs wlaa bgekcg blifli` ns kj 24>:.>55. Vhg kbal`ntlkis sgt kut uifgr thg vnrlkus fgerggs nif anws wlaa ekvgrthg rgqulrgcgit tk cnlitnli n bnanieg shggt, livgitkry bkkms, neekuitli`okurinas nif n `gigrna agf`gr. Vhgsg kbal`ntlkis wlaa nppay tk naa rgagvnitgitltlgs nif nrrni`gcgits kthgr thni thksg jkrgl`i trusts thnt fk ikt enrry kin ekccgrelna netlvlty li Ekakcbln

    Vnx Anw

    >56. Vhg Vnx Utntutg nask lcpksgs neekuitli` rgekrf mggpli` rgqulrg-cgits. Tursunit tk Nrtleag :52, naa gitltlgs, whgthgr thgy nrg suboget tk tnx krikt, nrg uifgr ni kbal`ntlki tk cnlitnli ekcprghgislvg neekuitli` bkkms thnteagnray rgjaget nssgts, alnblaltlgs, gqulty, liekcg, eksts, fgfuetlkis, gxgcptliekcg, flsekuits, tnxgs, nif wlthhkafli`. Li thg gvgit kj iki-ekcpalniegwlth thg rgqulrgcgits, thg Vnx Utntutg prkvlfgs jkr n jlig kj.7% kj thg hl`hgrvnaug kj thg alqulf gqulty kj thg gitlty kr thg igt liekcg jkr thg prgvlkus tnxygnr, kj n vnaug up tk 24 444 tnx vnaug uilts nckuitli` tk EKT 75: 824 444(npprkxlcntgay WU 200 444) (Nrt. :77 Vnx Utntutg).

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    EKCTALNIEG PLVH VHG UVNIFNRFU? NZNLANBLALV\ KJ LIJKRCNVLKI 67

    Jlfuelns Cgrenitlags

    >57. Li nffltlki tk thg nbkvg rgqulrgcgits, thgrg nrg nask spgeljleneekuitli` rgqulrgcgits nppalenbag tk Jlfuelns Cgrenitlags. Tursunit tk

    thg Ekccgrelna Ekfg, thg jlfuenrlk ls bkuif by anw tk mggp thg nssgtswhleh ekcpksg thg pntrlckilk nutikck sgpnrntg jrkc hls kwi nssgtsnif thksg whleh bgaki` tk kthgr pntrlckilks nutikcks (Nrtleags >255 &>256(2) Ekccgrelna Ekfg). Vhgrgjkrg, li krfgr tk cggt thls rgqulrgcgit thgjlfuenrlk wlaa hnvg tk cnlitnli ekcprghgislvg neekuitli` rgekrfs li rgspgetkj gneh pntrlckilk nutikck jkr whleh thg jlinielna listltutlki nets ns njlfuenrlktk gisurg thnt thg nssgts nrg mgpt strletay sgpnrntg. Li nffltlki, thgjlfuenrlkls kbal`gf tk rgifgr rgpkrts rg`nrfli` thg nssgts kj thgpntrlckilknutikck tk thg sgttakr kr bgigjlelnry gvgry slx ckiths (Nrtleag >256(8)Ekccgrelna Ekfg). Bkth kj thgsg rgqulrgcgits gisurg thg jlfuelnry wlaa bg

    uifgr ni kbal`ntlki tk mggp neekuitli` rgekrfs kj thg netlvltlgs lt uifgrtnmgswlth gnehpntrlckilk nutikck.

    >5:. Li thg ensg kj n Ekakcblni rgslfgit netli` ns n prkjgsslkina trustgg jkrn jkrgl`i trust, thgy wlaa bg ekislfgrgf n cgrehnit uifgr Ekakcblni Anw.Vhgrgjkrg, thg neekuitli` kbal`ntlkis ns sgt kut uifgr thg Ekccgrelna Ekfgwkuaf gqunaay nppay li thgsg ensgs. Li thg gvgit, thnt n Ekakcblni rgslfgitwns ikt netli` ns n prkjgsslkina trustgg thgy wlaa ikt bg suboget tk thg neekuit-li` kbal`ntlkis uifgr thg Ekccgrelna Ekfg. Hkwgvgr, `lvgi thg uiegrtnlitysurrkuifli` rgslfgit trustggs netli` jkr jkrgl`i trusts li Ekakcbln (sgg sge-

    tlki N.>.5) lt eni bg ekieaufgf thnt n Ekakcblni rgslfgit netli` jkr n jkrgl`itrust wlaa kiay keeur li vgry rnrg elreucstniegs. Kjjlelnas jrkc thg FLNIhnvg rgpkrtgf thnt n iki-prkjgsslkina rgslfgit trustgg hkafli` jkrgl`i trustsnssgts nif liekcg ns bgli` hls/hgr kwi wkuaf hnvg tk fgeanrg thgc li hls/hgr niiuna tnx rgturi nif mggp neekuitli` rgekrfs ekiegrili` sueh nssgtsnif liekcg ns sgt kut uifgr thg Vnx Utntutg. Hkwgvgr, thg nppalentlki kj thg`gigrna tnx kbal`ntlkis tk jkrgl`i trusts rgcnlis anr`gay uitgstgf li prnetlegnif thg cnttgr shkuaf bg eaksgay ckiltkrgf li Ekakcblns Thnsg 2 pggr rgvlgw.

    Wifgrayli` fkeucgitntlki (VkRN.2.2)

    >50. Nrtleag >25 kj Fgergg 2:6< kj >

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    EKCTALNIEG PLVH VHG UVNIFNRFU? NZNLANBLALV\ KJ LIJKRCNVLKI 60

    N.5. Bnimli` lijkrcntlki

    Bnimli` lijkrcntlki shkuaf bg nvnlanbag jkr naa neekuit-hkafgrs.

    Rgekrf-mggpli` rgqulrgcgits (VkRN.5.>)

    >62. Bnimli` lijkrcntlki shkuaf bg nvnlanbag jkr naa neekuit-hkafgrs nifshkuaf lieaufg naa rgekrfs pgrtnlili` tk thg neekuits ns wgaa ns tk rgantgfjlinielna nif trnisnetlkina lijkrcntlki.

    >65. Naa jlinielna gitltlgs li Ekakcbln nrg suboget tk thg rg`uantkryrgqulrgcgits ns sgt kut by thg UJE, lieaufli` thg cnlitginieg kj rgekrfsekiegrili` naa neekuits nif trnisnetlkina lijkrcntlki. Li nffltlki, EkakcblnsNCA anw rgqulrgs thnt naa jlinielna listltutlkis rgekrf thg liekcli` nif kut-

    `kli` ensh trnisnetlkis.

    >66. Vhg rgqulrgcgits jkr neekuit kwigrshlp lijkrcntlki tk bg cnli-tnligf by naa jlinielna gitltlgs pursunit tk thg NCA rg`lcg nrg sgt kut li thgElreuanr Bnslen Ourflenlssugf by thg UJE whleh prkvlfgs thg `ulfgaligsthnt naa jlinielna gitltlgs cust ekcpay wlth li krfgr tk ekcpay wlth thg Mikw-\kur-Eustkcgr (M\E) kbal`ntlkis. Vhls rgqulrgs thnt jlinielna listltutlkiscust cnlitnli naa neekuit hkafgr nif trnisnetlki lijkrcntlki lieaufli`?

    Juaa kwigrshlp nif lfgitlty lijkrcntlki=

    Vhg gekikcle netlvlty enrrlgf kut by thg neekuit hkafgr= Vhg elty nif bnim brnieh jrkc whleh naa trnisnetlkis nrg pgrjkrcgf=

    nif

    N fgserlptlki kj naa thg trnisnetlkis, lieaufli` thg fntg, thg trnisne-tlki typg nif thg nckuit.

    >67. Vhg LV systgc kj naa jlinielna gitltlgs cust nask pgrclt thgc tk rg`ls-tgr naa ealgit kpgrntlkis nif ekisuat naa ealgit trnisnetlkis liflvlfunaay kr njtgrthgy hnvg bggi enrrlgf kut.

    >6:. Li rg`nrfs tk trnisnetlkina lijkrcntlki, li neekrfnieg wlth sge-tlki 5.5 kj Elreuanr Gxtgrin/24>2 lssugf by thg UJE, jlinielna listltutlkis nrgrgqulrgf tk cnlitnli thg jkaakwli` lijkrcntlki?

    Fntg nif hkur kj thg trnisnetlki

    Ekfg kj thg fgvleg (phkig iucbgr kr LT nffrgss) jrkc whleh thgtrnisnetlki wns pgrjkrcgf.

    Lfgitlty kj naa neekuits ekiegrigf wlth thg trnisnetlki

    Vhg iucbgr kj trnisnetlkis pgrjkrcgf

    Vhg ekst kj thg trnisnetlki.

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    68 EKCTALNIEG PLVH VHG UVNIFNRFU? NZNLANBLALV\ KJ LIJKRCNVLKI

    Ekieauslki

    >60. Vhg eustkcgr lfgitljlentlki kbal`ntlkis nif rgekrf mggpli` kbal-`ntlkis sgt kut uifgr thg NCA rg`lcg rgqulrg bnimli` lijkrcntlki tk bg

    nvnlanbag li Ekakcbln jkr naa trnisnetlkis by naa neekuit hkafgrs.

    Fgtgrclintlki nif jnetkrs uifgrayli` rgekccgifntlkis

    Thnsg > fgtgrclintlki

    Vhg gagcgit ls li paneg.

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    EKCTALNIEG PLVH VHG UVNIFNRFU? NEEGUU VK LIJKRCNVLKI 668. N vnrlgty kj lijkrcntlki cny bg iggfgf li n tnx giqulry nifourlsfletlkis shkuaf hnvg thg nuthkrlty tk kbtnli naa sueh lijkrcntlki. Vhlslieaufgs lijkrcntlki hgaf by bnims nif kthgr jlinielna listltutlkis ns wgaa nslijkrcntlki ekiegrili` thg kwigrshlp kj ekcpnilgs kr thg lfgitlty kj litgrgsthkafgrs li kthgr pgrskis kr gitltlgs, sueh ns pnrtigrshlps nif trusts, ns wgaans neekuitli` lijkrcntlki li rgspget kj naa sueh gitltlgs. Vhls sgetlki kj thgrgpkrt gxncligs whgthgr Ekakcblns ag`na nif rg`uantkry jrncgwkrm `lvgsthg nuthkrltlgs neegss pkwgrs thnt ekvgr thg rl`ht typgs kj pgrskis nif lijkr-cntlki nif whgthgr rl`hts nif snjg`unrfs wkuaf bg ekcpntlbag wlth gjjgetlvggxehni`g kj lijkrcntlki.

    >674. Vhgsg pkwgrs nrg ekislstgit rg`nrfagss jrkc whkc thg lijkrcntlkils sku`ht (g.`. jrkc n `kvgricgit nuthkrlty, bnim, ekcpniy, trustgg, kr lifl-vlfuna) nif whgthgr kr ikt thg lijkrcntlki ls rgqulrgf tk bg mgpt pursunit tkn anw. Vhls lijkrcntlki eni bg neegssgf by vnrlkus cgnis? li wrltli`, vlsltstk busligss prgclsgs, furli` tnx gxnclintlkis kr by tgstlckilgs. Phlast thgrgnrg stntutkry prkvlslkis li paneg prktgetli` thg flseaksurg kj bnimli` lijkr-cntlki li Ekakcbln, thgsg eni bg kvgrrlffgi jkr thg purpksgs kj neegssli`lijkrcntlki jkr GKL purpksgs nif fk ikt rgstrlet thg tnx nuthkrltlgs neegsspkwgrs kr prgvgit gjjgetlvg gxehni`g kj lijkrcntlki. Hkwgvgr, thg sekpg kjnttkrigy-ealgit prlvlag`g ls ikt eagnr li Ekakcbln nif cny gxtgif bgykif thnt

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    EKCTALNIEG PLVH VHG UVNIFNRFU? NEEGUU VK LIJKRCNVLKI 7>

    >77. Tursunit tk Nrtleag :86, thg FLNI hns brknf pkwgrs kj lispgetlkinif livgstl`ntlki. Jkr thg purpksg kj gisurli` ekcpalnieg wlth thg VnxUtntutg, thg FLNI ls nuthkrlsgf tk?

    (n) Ehgem thg neeurney kj stntgcgits kr kthgr rgpkrts whgrg igegssnry=(b) Enrry kut livgstl`ntlkis whleh cny bg igegssnry tk gstnbalsh thg

    keeurrgieg kj uirgpkrtgf gvgits jkr tnx purpksgs=

    (e) Uuccki kr rgqulrg thg tnxpnygr kr thlrf pnrtlgs tk subclt rgpkrts krniswgr litgrrk`ntlkis=

    (f) Rgqulrg thg tnxpnygr kr thlrf pnrtlgs tk flseaksg fkeucgits whlehrgekrf thglr kpgrntlkis whgi kig kr thg kthgr ls rgqulrgf tk mggprg`lstgrgf bkkms=

    (g) Krfgr thg flseaksurg nif pnrtlna gxnclintlki kj bkkms, rgekrfs niffkeucgits, bkth jrkc thg tnxpnygr nif thlrf pnrtlgs, ag`naay kbal`gftk mggp rg`uanr neekuits= nif

    (j) @gigrnaay pgrjkrc naa nets igegssnry jkr thg prkpgr nif tlcgaynssgsscgit kj tnxgs, kr jkr eanrljyli` niy fkubt kr kclsslki li krfgrtk ekrrgetay fgtgrclig thg tnx alnblalty.

    >7:. Tursunit tk Nrtleag 06:, whgrg thgrg ls ni GKL n`rggcgit li panegbgtwggi Ekakcbln nif nikthgr ourlsfletlki, thg nufltkrs kj thg FLNI nuthkr-lsgf tk `nthgr lijkrcntlki jkr fkcgstle tnx purpksgs, nrg nask pgrclttgf tk

    fk sk jkr GKL purpksgs. Vhgrgjkrg, thg pkwgr uifgr :86 jkr ekcpalnieg wlththg prkvlslkis kj thg Vnx Utntutg cny gqunaay bg usgf tk `nthgr lijkrcntlkijkr GKL purpksgs.

    >70. Li nffltlki, thg FLNI pgrlkflenaay rgqugsts egrtnli lijkrcntlki jrkcliflvlfunas nif ag`na gitltlgs (sgg sgetlki N.>.> Ekcpniy kwigrshlp nif lfgi-tlty lijkrcntlki rgqulrgf tk bg prkvlfgf tk `kvgricgit nuthkrltlgs).

    >78. Tursunit tk Nrtleag :25 kj thg Vnx Utntutg, naa jlinielna gitltlgs rg`u-antgf by thg UJE nrg kbal`gf tk niiunaay rgclt tk thg FLNI thg incgs nifVLI kj gneh kj thglr ealgits li rgeglpt kj ni nckuit nbkvg EKT 27 444 444(npprkxlcntgay WUF >2 744), ns wgaa ns ki thg nckuits kj naa trnisnetlkisthgy enrrlgf kut furli` thg jlsena ygnr nif thg bnanieg kj thglr neekuits.Jurthgr, Nrtleag :25-> kj thg Vnx Utntutg kbal gs naa jlinielna listltutlkis shnaalijkrc tk FLNI thksg ensgs li whleh thg busligss prkjlts ki thg jlinielnastntgcgits subclttgf by ealgits, bgjkrg tnxgs, gxeggfs by ckrg thni 64%thg igt liekcg stntgf li thg liekcg tnx rgturi. Jlinaay, Nrtleag :25(5) kj thgVnx Utntutg prkvlfgs thnt naa jlinielna listltutlkis survgygf cust rgclt tkthg FLNI thg lfgitljlentlki kj ealgits thnt kpgigf, eaksgf, nif/kr eniegaagfehgemli` nif snvli`s neekuits nif thg iucbgr kj sueh neekuits.

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    72 EKCTALNIEG PLVH VHG UVNIFNRFU? NEEGUU VK LIJKRCNVLKI

    >7:4. Nrtleag :28 kj thg Vnx Utntutg rgqulrgs thnt naa stkem brkmgrs custrgpkrt tk thg FLNI, ki ni niiuna bnsls, thg lfgitljlentlki kj gneh pgrski krgitlty thnt furli` thg prgvlkus tnx ygnr, cnfg livgstcgits kr nequlsltlkiskj shnrgs nif niy kthgr sgeurltlgs trnfgf li thg stkem gxehni`g, gxeggfli` nspgeljle thrgshkaf.

    >:>. Nrtleag :2< kj thg Vnx Utntutg rgqulrgs naa pubale iktnrlgs tk lfgitljynaa pgrskis whleh pgrjkrcgf nets gxeggfli` n spgeljle thrgshkaf tk thg FLNIki ni niiuna bnsls.

    >:2. Tursunit tk Nrtleag :5> kj thg Vnx Utntutg, jkr thg purpksgs kj enrry-li` kut tnx rgantgf giqulrlgs ns wgaa ns juajlaali` skcg kthgr rgspkislblaltlgs,lieaufli` thksg rgantgf tk thg ekcpalnieg kj thg kbal`ntlkis nif ekccltcgits

    prkvlfgf jkr li thg tnx ekivgitlkis nif trgntlgs subserlbgf by Ekakcbln thgEkcclsslkigr kj thg FLNI cny rgqugst glthgr inturna kr ag`na pgrskis tkprkvlfg thg jkaakwli` lijkrcntlki?

    (n) Incg nif VLI kj gneh pgrski kr gitlty whk ls pnrtigr, shnrghkafgr,

    ekkpgrntlvg nsskelntg, ek-prkprlgtkr, kr nsskelntgf pgrski kj thgrgspgetlvg gitlty, liflentli` thglr shnrg vnaug, enpltna ekitrlbutlkisnif ekccki stkem, ns wgaa ns thg flvlfgifs pnlf tk thgc=

    (b) Incg nif VLI kj gneh pgrski kr gitlty whk wns suboget tk tnx wlth-hkafli`s nt skureg, liflentli` thg nckuit pnlf kr ergfltgf suboget tkwlthhkafli` tnx, nif thg nckuit wlthhgaf=

    (e) Incg nif VLI kj gneh pgrski kr gitlty whk wns suboget tk tnx wlth-hkafli`s nt skureg, ekiegpt nif nckuit wlthhgaf, nif elty whgrg thgwlthhkafli` wns cnfg=

    (f) Incg nif VLI kj gneh kj thg bgigjlelnrlgs kj pnycgits thnt nrg gitl-tagf tk tnx fgfuetlkis, liflentli` thg inturg kj thg pnycgit nif thgeucuantlvg nckuit pgr bgigjlelnry=

    (g) Incg nif VLI kj gneh kj thg bgigjlelnrlgs kj pnycgits kr ergfltsthnt ekistltutg eksts, fgfuetlkis kr gitltag thg bgigjlelnry tk n tnxfgfuetlki=

    (j) Incg nif VLI kj gneh kj thg pgrskis kr gitltlgs jrkc whleh thgyrgeglvgf liekcg=

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    EKCTALNIEG PLVH VHG UVNIFNRFU? NEEGUU VK LIJKRCNVLKI 75

    (`) Incg nif VLI kj gneh kj thg pgrskis kr gitltlgs jrkc whleh thgyrgeglvgf liekcg jkr thlrf pnrtlgs nif lfgitljlentlki kj thksg thlrf pnr-tlgs li whksg incg thg liekcg wns rgeglvgf, lieaufli` thg nckuits=

    (h) Incg nif VLI kj gneh kj thg ergfltkrs jkr alnblaltlgs kj niy mlif,lieaufli` thg nckuit= nif

    (l) Incg nif VLI kj gneh kj thg fgbtkrs kj netlvg aknis, liflentli` thgvnaug kj thg akni.

    Neekuitli` rgekrfs (VkRB.>.2)

    >:5. Jkr thg purpksgs kj neegssli` lijkrcntlki, thg Vnx Utntutg fkgs iktflstli`ulsh bgtwggi kwigrshlp nif lfgitlty lijkrcntlki nif neekuitli`lijkrcntlki. Lt ls thgrgjkrg eagnr thnt neekuitli` lijkrcntlki ls neegsslbag bythg FLNI tk thg sncg gxtgit ns kwigrshlp nif lfgitlty lijkrcntlki.

    Wsg kj lijkrcntlki `nthgrli` cgnsurgs nbsgit fkcgstle tnx litgrgst(VkRB.>.5)

    >:6. Vhg ekiegpt kj fkcgstle tnx litgrgst fgserlbgs n sltuntlki whgrg nekitrnetli` pnrty eni kiay prkvlfg lijkrcntlki tk nikthgr ekitrnetli` pnrtylj lt hns ni litgrgst li thg rgqugstgf lijkrcntlki jkr lts kwi tnx purpksgs.

    >:7. Ekakcbln hns ik fkcgstle tnx litgrgst wlth rgspget tk lts lijkrcntlki

    `nthgrli` pkwgrs. Lijkrcntlki `nthgrli` pkwgrs prkvlfgf tk thg FLNI uifgrthg Vnx Utntutgeni bg usgf tk prkvlfg GKL nsslstnieg rg`nrfagss kj whgthgrEkakcbln iggfs thg lijkrcntlki jkr lts kwi fkcgstle tnx purpksgs.

    >::. Wifgr Nrtleag 06: kj thg Vnx Utntutg lt ls gxprgssay stntgf thnt thgpkwgrs `rnitgf tk thg nufltkrs tk neegss lijkrcntlki jkr thg purpksgs kj thgVnx Utntutg cny nask bg usgf jkr thg juajlacgit kj thglr kbal`ntlkis ekitnligfli thg litgrintlkina n`rggcgits ns gitgrgf litk by Ekakcbln. Jurthgr, uifgrNrtleag :5> kj thg Vnx Utntutg, thg Ekcclsslkigr kj thg FLNI cny rgqugstglthgr inturna kr ag`na pgrskis tk prkvlfg egrtnli lijkrcntlki jkr thg pur-

    pksgs kj enrryli` kut tnx rgantgf giqulrlgs ns wgaa ns juajlaali` skcg kthgrrgspkislblaltlgs, lieaufli` thksg rgantgf tk thg ekcpalnieg kj thg kbal`ntlkisnif ekccltcgits prkvlfgf jkr li thg tnx ekivgitlkis nif trgntlgs subserlbgfby Ekakcbln. Vhgrgjkrg, thg neegss pkwgrs uifgr thg Vnx Utntutg eni bgusgf jkr thg juajlacgit kj ni GKL rgqugst uifgr ni GKL n`rggcgit wlthkutthg rgqugstgf lijkrcntlki bgli` rgqulrgf jkr lts kwi purpksgs li Ekakcbln.

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    76 EKCTALNIEG PLVH VHG UVNIFNRFU? NEEGUU VK LIJKRCNVLKI

    Ekcpuaskry pkwgrs (VkRB.>.6)

    >:0. Ourlsfletlkis shkuaf hnvg li paneg gjjgetlvg gijkregcgit prkvlslkistk ekcpga thg prkfuetlki kj lijkrcntlki. Li Ekakcbln, pginatlgs gxlst jkr jnla-

    urg tk prkvlfg lijkrcntlki rgqugstgf by thg Vnx Nfclilstrntlki nif thg VnxNfclilstrntlki nask hns sl`iljlenit pkwgrs tk ekcpga lijkrcntlki.

    >:8. Vhg Vnx Utntutg gcpkwgrs thg FLNI tk subpkgin tnxpnygrs nifkthgr thlrf pnrtlgs jkr thgc tk nppgnr nt thg Vnx Nfclilstrntlki kjjlegs tkniswgr qugstlkis kr fgcnifs jkr lijkrcntlki whgi lt rgantgs tk thglr pgrtligittnx kbal`ntlkis (Nrt. :86 Vnx Utntutg).

    >:7 444 (npprkxlcntgay WUF 2>8 444)

    (Nrt. :7> Vnx Utntutg). Li nffltlki, Nrtleags :76 (e) nif :77 kj thg Vnx Utntutggstnbalsh thnt lj n pgrski fkgs ikt prkvlfg neekuitli` bkkms nif rgekrfs whgirgqugstgf by thg tnx nuthkrltlgs, thgy nrg alnbag tk n jlig bgli` thg `rgntgr kj4.7% kj lts igt wkrth kr 4.7% kj lts `rkss liekcg tk n cnxlcuc nckuit kj24 444 tnx vnaug uilts nckuitli` tk EKT 75: 824 444 (kr npprkxlcntgayWUF 284 444).

    Ugergey prkvlslkis (VkRB.>.7)

    >04. Ourlsfletlkis shkuaf ikt fgealig ki thg bnsls kj thglr sgergey prk-

    vlslkis (g.`. bnim sgergey, ekrpkrntg sgergey) tk rgspkif tk n rgqugst jkrlijkrcntlki cnfg pursunit tk ni gxehni`g kj lijkrcntlki cgehnilsc.

    @gigrna sgergey prkvlslkis

    >0>. Nrtleag >7 kj thg Ekistltutlki prkvlfgs jkr thg rl`ht tk prlvney(litlclfnf). Hkwgvgr, thls ls aljtgf jkr tnx purpksgs uifgr Nrtleag >7 whlehstntgs?

    Jkr tnx nif ouflelna purpksgs, nif li thg ensg kj lispgetlki, kvgr-

    sl`ht nif litgrvgitlki kj thg Utntg, thg prgsgitntlki kj neekuitli`rgekrfs nif kthgr prlvntg fkeucgits cny bg rgqulrgf, li thgtgrcs prkvlfgf by Anw.

    >02. Jurthgr, thg ekistltutlkina rl`ht tk prlvney hns bggi litgrprgtgf bythg Ekakcblni ekurts ns ikt bgli` nbskautg nif ls kvgrrlffgi jkr ekcpalniegwlth thg prkvlslkis kj thg Vnx Utntutg. Li thg Ekistltutlkina Ekurt ruali` kjE-68< kj >

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    TGGR RGZLGP RGTKRV THNUG >? AG@NA NIF RG@WANVKR\ JRNCGPKRM EKAKCBLN KGEF 24>6

    EKCTALNIEG PLVH VHG UVNIFNRFU? NEEGUU VK LIJKRCNVLKI 77

    >05. Ns kutaligf nbkvg, neegssli` lijkrcntlki by thg FLNI jkr ekc-palnieg wlth lts litgrintlkina n`rggcgits, lieaufli` jkr GKL purpksgs, lsgxprgssay prkvlfgf jkr uifgr sgetlki 06: kj thg Vnx Utntutg.

    >06. Nrtleag 785 kj thg Vnx Utntutg prkvlfgs thnt tnx lijkrcntlki rg`nrf-li` tnxnbag bnsgs nif thg sgaj-nssgsscgit kj tnxgs ekitnligf li tnx rgturisshnaa bg cnlitnligf ns ekijlfgitlna lijkrcntlki nif shnaa kiay bg usgf bythg FLNI jkr thg ekitrka, enaeuantlki, fgtgrclintlki nif nfclilstrntlki kjtnxgs nif jkr lcpgrskina stntlstlena lijkrcntlki purpksgs. Vhg nfclilstrn-tlki kj tnxgs wlaa lieaufgs tnx lijkrcntlki `nthgrgf jkr thg purpksgs kj GKL.Vhgrgjkrg, thg ekijlfgitlnalty prkvlslkis sgt kut uifgr thg Vnx Utntutg nrgekisl