Diritto Commerciale Mazzoni

download Diritto Commerciale Mazzoni

of 24

Transcript of Diritto Commerciale Mazzoni

  • ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    ',5,772&200(5&,$/( SURI$OEHUWR0D]]RQL3HULRGL 'LULWWRFRPPHUFLDOHQDVFHQWH ;,VHFROR ILQRDO6L IRUPDGDOODSUDVVLQDVFHQHOO,WDOLD GHL FRPXQL H VL GLIIRQGH LQ WXWWD (XURSD &ODVVH GHL PHUFDQWL /H UHJROH UHODWLYH DOORVYROJLPHQWR GHOOH ORUR DWWLYLWj QRQ VRQR TXHOOH GHO GLULWWR FRPXQH PD OH FRQWURYHUVLH WUDFRPPHUFLDQWL VRQR LQYHFHJLXGLFDWH GD FRQVROL HVWUDWWL GDOOD FODVVHGHLPHUFDQWL FKHHODERUDQRUHJROHHTXLWjGDDSSOLFDUHDOOHORURDWWLYLWjDQFKHLQFRQWUDVWRDOGLULWWRURPDQRRDOOHGLVSRVL]LRQLHFFOHVLDVWLFKH YHGL LQWHUHVVL (PHUJH OLGHD PRGHUQD GHOOD VRFLHWj LO FRQWUDWWR GL VRFLHWj KDYDORUHQRQVRORSHU LUDSSRUWL LQWHUQLWUDLVXRLPHPEULPDDQFKHULVSHWWRDLWHU]L1DVFHOLGHDGLVRFLHWjFRPHSHUVRQDJLXULGLFDFRQXQSURSULRSDWULPRQLR1HOGLULWWRURPDQRLOFRQWUDWWRGLVRFLHWjKDYDORUHQHLUDSSRUWLWUDFRORURFKHORVRWWRVFULYRQR'LULWWRFRQVRODUHQDVFHODFDPELDOHOHWWHUDGL FDPELR QDVFH LO FRQWUDWWR GL FRPPHQGD GDO TXDOH GHULYD OD VRFLHWj LQ DFFRPDQGLWDHFFOHVLDVWLFL R QRELOL GDQQR GHQDUR DL PHUFDQWL L TXDOL OR JHVWLVFRQR 1DVFH OD GLVFLSOLQD GHOIDOOLPHQWRLQDGHPSLHQWHTXLQGL LPEURJOLRQHSHQDGLPRUWHHVLOLR1DVFRQROHFRUSRUD]LRQLQHOOHTXDOL VL DSSOLFDQR TXHVWH UHJROH,Q VHJXLWR OD ORUR OHJJH VL DSSOLFD DQFKH DJOL DSSUHQGLVWLFRPPHUFLDQWL HSRLDQFKHTXDQGRXQDVRODSDUWHqXQPHUFDQWH/HFRQWURYHUVLHFRPPHUFLDOL VLDIILGDYDQRDFRQVROLVSHFLDOLDSSOLFDQGROHUHJROHSUHVHQWLQHJOLVWDWXWLGHLPHUFDQWL6HORVWDWXWRGHLPHUFDQWLHUDGLYHUVRH ORHUDDQFKH ODUHJRODDOORUDRVLDSSOLFDYDODUHJRODGHLPHUFDQWLGHOOXRJRFDVRSRFRIUHTXHQWHORVWDWRqQHXWURRSSXUHLOJLXGLFHFRQVRODUHGRYHYDWURYDUHODOHJJHJLXVWD VRSUD OD UHJROD VWj LO GLULWWR FKHq IUXWWR GHOOD UDJLRQH/(XURSD VL ULWURYDFRVL XQ GLULWWRFRPXQHSHULUDSSRUWLWUDLPHUFDQWL%DQFDURWWD 5RWWXUDGHOEDQFRGHOPHUFDQWHSHUUHQGHUQHSXEEOLFRLOIDOOLPHQWR/RVWDWRFRPLQFLDDGDYHUHXQUXRORDWWLYRQHOOHFRQRPLD,Q)UDQFLDFRQLO5H6ROHH&ROEHUW ORVWDWR VL ID FDULFR GL LQGLUL]]DUH OHFRQRPLD/XLJL ;,9 ID GLYHQLUH OHJJL GHOOR VWDWR OH UHJROH GHOOHFRUSRUD]LRQLHVLFHUFDGLHOLPLQDUHOHFRUSRUD]LRQLHWUDVIRUPDUOHLQHQWLSXEEOLFL&RPPLVWLRQHWUDGLULWWRFRPPHUFLDOHHGLULWWRFRPXQH4XHVWRSHULRGRWHUPLQDFRQODULYROX]LRQH IUDQFHVHHLFRGLFLQDSROHRQLFL6L HOLPLQDQR JLOGH H FRUSRUD]LRQL ,O GLULWWR FRPPHUFLDOH GLYHQWD GLULWWR RJJHWWLYR GHJOL DWWL GLFRPPHUFLRDWWLGLFRPPHUFLRLQVHQVRRJJHWWLYR1HOFRGLFHGLFRPPHUFLRQDSROHRQLFROHUHJROHVLDSSOLFDQRDWXWWLFRORUR FKHPHWWRQRLQDWWRDWWLGLFRPPHUFLRDQFKHVHQRQVRQRPHUFDQWL1RQVL JXDUGD SL DOOH SHUVRQH PD DJOL DWWL ,O FRPPHUFLDQWH QRQ q SL FROXL FKH DSSDUWLHQH DOOHFRUSRUD]LRQLPD q FKLXQTXH FRPSLD DWWL GL FRPPHUFLR ,O GLULWWR FRPPHUFLDOH q DPPLQLVWUDWR GDWULEXQDOLGLYHUVLGDTXHOOLGHOGLULWWRFLYLOH0RVVD /HFRQRPLD QRQ q SL GRPLQDWD GDOOR VFDPELR GL EHQL PD GDOOD SURGX]LRQH GLEHQLRUJDQL]]D]LRQHGHLIDWWRULSURGXWWLYLFDSLWDOHODYRUR,GHDGLLPSUHVDFRPHRUJDQL]]D]LRQHHGLLPSUHQGLWRUHFRPHODYRUDWRUHLOVXRODYRURqRUJDQL]]DUHLPH]]LGLSURGX]LRQH,OSURILWWRqODUHPXQHUD]LRQHGHOOLPSUHQGLWRUHSHUTXHVWRVXRODYRURGLRUJDQL]]D]LRQHHFRGLFHFLYLOHH FRGLFH GL FRPPHUFLR GRSR PHVL QHO LO FRGLFH YLHQHXQLILFDWR /H UHJROH VSHFLDOL GHOODGLVFLSOLQD GL GLULWWR FRPPHUFLDOH GLYHQWDQR JHQHUDOL &RGLFH VL VRVWLWXLVFRQR OH QR]LRQL GLFRPPHUFLDQWH H GL DWWL GL FRPPHUFLR FRQ TXHOOH GL LPSUHQGLWRUH H GL LPSUHVD /H QR]LRQL GLLPSUHQGLWRUHHGLLPSUHVDVRQRDFDUDWWHUHJHQHUDOHFRPSUHQGRQRDQFKHHQWLSXEEOLFLFRQDWWLYLWjLPSUHQGLWRULDOH H OH DWWLYLWj LQ FDPSR DJULFROR 3ULPD OD GLVFLSOLQD GHOODJULFROWXUD HUD DIILGDWD DOGLULWWR FLYLOH 9HQJRQR WUDWWDWL FRPH LPSUHQGLWRUL JOL DUWLJLDQL SULPD HUDQR DQFKHVVL DVVRFLDWL LQJLOGH PD QRQ HUDQR DVVRJJHWWDWL DO GLULWWR FRPPHUFLDOH /H OLEHUH SURIHVVLRQL SURIHVVLRQLLQWHOOHWWXDOL VRQR HVFOXVH GDO GLULWWR FRPPHUFLDOH H L OLEHUL SURIHVVLRQLVWL QRQ VRQR WUDWWDWL GDOODOHJJH FRPH LPSUHQGLWRUL QRQ VRQR TXLQGL VRJJHWWL DOOR VWDWXWR GHJOL LPSUHQGLWRUL ,O OLEHURSURIHVVLRQLVWDSXzGLYHQWDUHLPSUHQGLWRUHVHHVHUFLWDDQFKHXQDDWWLYLWjFROODWHUDOHGLLPSUHVDDGHVHPSLRXQPHGLFRFKHJHVWLVFHDQFKHXQDFDVDGLFXUDSULYDWD/DQR]LRQHGLLPSUHVDKDFRVLXQD DPSOLVVLPD DSSOLFD]LRQH &RPSUHQGH WXWWL JOL LPSUHQGLWRUL OR VWDWXWR GHJOL LPSUHQGLWRUL&RPSUHQGH DOFXQL LPSUHQGLWRUL OR VWDWXWR VSHFLILFR GHOOLPSUHQGLWRUH FRPPHUFLDOH QRQ SLFFRORQRQ VL DSSOLFD DJOL DUWLJLDQL DOOH LPSUHVHDJULFROH D FHUWL HQWL SXEEOLFL FRQVLGHUDWL LPSUHQGLWRUL&RGLFH OLPSUHQGLWRUH q YLVWR FRPH FDSR JHUDUFKLFR GHOOLPSUHVD &DSR GL XQDRUJDQL]]D]LRQH>1RUPHGHOODFDUWDGHOODYRUR1RUPHGHOOHFRUSRUD]LRQL@ RUDTXHVWHQRUPHQRQVRQRSL IRQWLGHOGLULWWRH ODFDUWDGHO ODYRURqVWDWDDEURJDWD$UW&& HDUW&&VRQRLQGLFDWLYLGLXQDYLVLRQHGHOOLPSUHVDOHJDWDDOEHQHVVHUHGHOODFRUSRUD]LRQHHGHOOHFRQRPLDGHOOR

  • ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    VWDWR (FRQRPLD FRUSRUDWLYD 6RQR DPPHVVL L SDWWL DQWLFRQFRUUHQ]LDOL PD QRQ OD FRQFRUUHQ]DVOHDOH1DVFRQRLFRQVRU]LSHUHOLPLQDUHODFRQFRUUHQ]D/RVWDWRFUHDDQFKHFRQVRU]LFRDWWLYL,QDOWUL RUGLQDPHQWL TXHVWL FRPSRUWDPHQWL HUDQR JLj YLHWDWL /LEHUWj GHL VLQJROL QRQ OLEHUWj GLFRQFRUUHQ]D &RVWLWX]LRQH QRUPH ULJXDUGDQWL OHFRQRPLD FRPH DG HVHPSLR JOL DUWLFROL H /LEHUWj GL LQL]LDWLYD HFRQRPLFD ULVSHWWR GHOOXWLOLWj VRFLDOH GHOODWWLYLWj 'LEDWWLWR VXOODIXQ]LRQDOL]]D]LRQH GHOOLPSUHVD /LPSUHQGLWRUH GHYH SHUVHJXLUH OXWLOLWj VRFLDOH SHU OD VLQLVWUD6HFRQGRDOWUL ODUWLFRORSRQHVRORXQOLPLWHFLRqODWWLYLWjQRQGHYHSUHJLXGLFDUHOXWLOLWjVRFLDOH5DSSRUWRWUDLPSUHVDSULYDWDHGLPSUHVDSXEEOLFD6RQRSRVWHGDOODFRVWLWX]LRQHVXGLXQSLDQRGLSDULWj /D GLVFLSOLQD GHOOLPSUHVD q LGHQWLFD D SUHVFLQGHUH GD FKL OD HVHUFLWD ,Q FHUWL VHWWRUL qFRQVHQWLWR DOOR VWDWR GL DYHUH LO PRQRSROLR LQ FHUWL VHWWRUL HFRQRPLFL GL FDUDWWHUH JHQHUDOH R GLLQWHUHVVHSXEEOLFRRLQFDVRGLPRQRSROLQDWXUDOL,OGLULWWRFRPXQLWDULRKDIDWWRXQDVFHOWDGLYHUVD$FFUHVFLPHQWR GHOOH LPSUHVH SXEEOLFKH LQ ,WDOLD JLj D SDUWLUH GDOOR VWDWR FRUSRUDWLYR IDVFLVWDLQWHUYHQWLVPRVWDWDOHIDVFLVWD1DVFHO,5,,VWLWXWRSHUODULFRVWUX]LRQHLQGXVWULDOHFKHLQWHUYLHQHDFTXLVWDQGRWLWROLGLEDQFKHHGLLPSUHVHFRLQYROWHQHOODFULVLLQGXVWULDOH&20,7%DQFDGL5RPD&5(',7,1$$*,3OHJJHVXOOHSDUWHFLSD]LRQLVWDWDOLFRQODFUHD]LRQHGLXQPLQLVWHURFKHJHVWLVFH OH LPSUHVH FRQSDUWHFLSD]LRQHSXEEOLFD1HOOD UHDOWj OLPSUHVDSXEEOLFD QRQq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j GLSUHVWD]LRQHGLVHUYL]LOLEHUDFLUFROD]LRQHGHLODYRUDWRULOLEHUWjGLHVHUFL]LRGLXQLPSUHVDLQXQDOWURVWDWR OLEHUWjGLPRYLPHQWRGHL FDSLWDOL $UWLFROLHGHO7UDWWDWR&(( $UW 9LHWD OHLQWHVH FRQ VFRSR RG HIIHWWR OD UHVWUL]LRQH GHOOD FRQFRUUHQ]D 6LD XQ DFFRUGR IRUPDOH VLD XQFRPSRUWDPHQWRFRQFHUWDWRQXOOLWjGHOODFFRUGRHXQDFRPPLVVLRQHSXzRUGLQDUHVDQ]LRQL0DQFDSHUzXQDGLVFLSOLQDSHULOULVDUFLPHQWRGHOGDQQR1HJOL86$LOGDQQHJJLDWRSXzSURPXRYHUHD]LRQHHRWWHQHUHYROWHLOGDQQR,QROWUHTXHVWHYLROD]LRQLVRQRSHUVHJXLWHSHQDOPHQWH1HOOD8(VLSXzUHFXSHUDUH LO ULVDUFLPHQWR GHO GDQQR SURYDQGR GL HVVHUH VWDWL GDQQHJJLDWL /H LQWHVH SRVVRQRHVVHUH WROOHUDWH SHU XQ WHPSR GHWHUPLQDWR TXDQGR OD FRPPLVVLRQH DFFRJOLH OLQWHVD FRPHIDYRUHYROHSHUOHFRQRPLD&LVRQRTXLQGLUDJLRQLFKHSRVVRQRIDUGHURJDUHDTXHVWDUHJROD $UW $EXVRGLSRVL]LRQHGRPLQDQWH1RQqYLHWDWDODSRVL]LRQHGRPLQDQWHPRQRSROLRPDqYLHWDWRODEXVRGLTXHVWDSRVL]LRQH4XHVWDUHJRODQRQqPDLGHURJDELOH1RQqYLHWDWRODYYLFLQDUVLDGXQDSRVL]LRQH GL PRQRSROLR FRPH q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jSROLWLFDGLLVWLWXLUHPRQRSROLQRQq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j/D FRPXQLWj QRQ SXz VRSUDIIDUH OH LVWDQ]H GL FLDVFXQ SDHVH 3ULQFLSLR GL VXVVLGLDULHWj ,O GLULWWR

  • ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    FRPXQLWDULRQRQSUHYDOHVXOGLULWWRLQWHUQR4XDQGRLOGLULWWRLQWHUQRQRQSXzULVROYHUHODTXHVWLRQHLQWHUYLHQH LO GLULWWR FRPXQLWDULR PD VDUj DPPLQLVWUDWR GDJOL VWHVVL RUJDQLVPL GHFHQWUDWL FKHDPPLQLVWUDQR LO GLULWWR LQWHUQR 1R]LRQH FRPXQLWDULD GLPSUHVD DWWLYLWj VYROWD LQ FRQGL]LRQLGLQGLSHQGHQ]DQRQVSRUDGLFDFRQFDUDWWHULVWLFDGLHFRQRPLFLWjDWWLYLWjFKHQRQULIOHWWHOHVHUFL]LRGL IXQ]LRQHSXEEOLFD0ROWHDWWLYLWjFKHHUDQRFRQVLGHUDWHSXEEOLFKHRGL IXQ]LRQHSXEEOLFDVRQRRUDFRQVLGHUDWHLPSUHVHGDOGLULWWRFRPXQLWDULR,OLEHULSURIHVVLRQLVWLSHULOGLULWWRFRPXQLWDULRVRQRFRQVLGHUDWL LPSUHQGLWRUL SHU LO GLULWWR QD]LRQDOH QR /LEHUWj GL VWDELOLPHQWR XQ VRJJHWWR SXzOLEHUDPHQWHVWDELOLUVLLQXQDOWURSDHVHPHPEUR/LEHUWjGLSUHVWD]LRQHGLVHUYL]L,QFRQVHJXHQ]DGLFLzDQFKH OH LPSUHVH LQWHUQH VRQR OLEHUHGL HQWUDUHQHOPHUFDWRVHQ]DYDOXWD]LRQHGLVFUH]LRQDOHGHOOR 6WDWR 1RQ FL VRQR SL FRQWUROOL R DWWLYLWj GL YLJLODQ]D 3ULPD L QRQ VWDELOLWL LQ ,WDOLD QRQSRWHYDQRIRUQLUHVHUYL]LLQ,WDOLD2UDVLHLFRQWUROOLGLIRQGRVSHWWDQRDOOR6WDWRQHOTXDOHOLPSUHVDqVWDELOLWD1R]LRQL GLPSUHQGLWRUH H GLPSUHVD $UW LPSUHQGLWRUH QR]LRQH VRJJHWWLYD LQ GLULWWR LOVRJJHWWR q OLPSUHQGLWRUH /DWWLYLWj q OLPSUHVD H OR VWUXPHQWR SHU OR VYROJLPHQWR GHOODWWLYLWj qOD]LHQGD 1RQ FRQIRQGHUH GLVFLSOLQD GHOOLPSUHVD FRQ GLVFLSOLQD GHOOH VRFLHWj ,PSUHVD q FRVDGLYHUVDGDOODVRFLHWj/DWWLYLWjGLPSUHVDSXzHVVHUHHVHUFLWDWDGDXQVRJJHWWRXQDVRFLHWjXQDIRQGD]LRQHXQDFRRSHUDWLYDXQFRQVRU]LR'LVFLSOLQDGLPSUHVDVLDSSOLFDD WXWWL L VRJJHWWL FKHVYROJRQRXQDWWLYLWjGLPSUHVD/DVRFLHWjqXQRGHLSRVVLELOLVRJJHWWLLPSUHQGLWRUL$UW FDUDWWHUHHFRQRPLFRGHOODWWLYLWjRUJDQL]]D]LRQHGHOODWWLYLWjSURIHVVLRQDOLWjQHOODWWLYLWjGHVWLQD]LRQHDOPHUFDWRGHOODWWLYLWj&DUDWWHUHQRQHFRQRPLFRGHOODWWLYLWjPHUDPHQWH LQWHOOHWWXDOHGHO OLEHURSURIHVVLRQLVWD " 12 &DUDWWHUHHFRQRPLFRGHOODWWLYLWj QRQ ORVFRSRSHUVHJXLWRPD LOPH]]RDWWUDYHUVR LOTXDOHVLFHUFDGLSHUVHJXLUOR0RGDOLWjFRQFXLqVYROWD ODWWLYLWj/DWWLYLWjGHOOLEHUR SURIHVVLRQLVWD q XQDWWLYLWj GL FDUDWWHUH HFRQRPLFR ( XQ VHUYL]LR FKH KD YDOXWD]LRQHHFRQRPLFD $QFKH ODWWLYLWj OLEHUR SURIHVVLRQDOH q HFRQRPLFD $UW UHTXLVLWR GHOODSURIHVVLRQDOLWjGHOOLPSUHQGLWRUH DWWLYLWjQRQRFFDVLRQDOH&LVRQRLSRWHVLSHUFXLXQXQLFR DIIDUHTXDOLILFD LO VRJJHWWR FKH OR KD DWWXDWR FRPH SURIHVVLRQLVWD 5HTXLVLWR GHOOD RUJDQL]]D]LRQHLPSLHJR FRRUGLQDWRGHL IDWWRUL GHOODSURGX]LRQH1RQGL WXWWL L IDWWRULPDGLDOWUL ULVSHWWRDOSURSULRODYRUR6HFRQGRXQDFHUWDWHRULDSHURQRQYLqGLIIHUHQ]DWUDLPSUHVDHODYRURDXWRQRPR$WWLYLWjDOILQHGLSURGX]LRQHRVFDPELRGLEHQLRVHUYL]LDUW6HODWWLYLWjqGLPHURJRGLPHQWRGHL IUXWWLGHLEHQL WUDPLWH ODVRODJHVWLRQHGHLEHQLQRQYLq LPSUHVD/DGHVWLQD]LRQHDOPHUFDWRQRQqXQ UHTXLVLWRSHUTXDOLILFDUHXQDDWWLYLWjFRPH LPSUHVD3HUzSDUWHGHOODGRWWULQD LQWHUSUHWDODUW QHO VHQVR RSSRVWR ULWHQHQGR OD GHVWLQD]LRQH DO PHUFDWR IRQGDPHQWDOH SHU TXDOLILFDUHODWWLYLWj FRPH LPSUHVD /D GRWWULQD ULWHQHYD FKH SHU SRWHU SDUODUH GL DWWLYL Wj GLPSUHVD GRYHYDHVVHUFL ORVFRSRGL OXFURFUHDUHXWLOLHDSSURSULDUVLGLTXHJOLXWLOL2JJL ODGRWWULQDULWLHQHQRQSLQHFHVVDULR OR VFRSR GL OXFUR SHU SRWHU SDUODUH GL DWWLYLWj GL LPSUHVDVRFLHWj FRRSHUDWLYH ILQHPXWXDOLVWLFR LPSUHVH SXEEOLFKH (QWL SXEEOLFL HFRQRPLFL QRQ GHYRQR PLUDUH DO OXFUR PD DOODJHVWLRQHLQHFRQRPLFLWj$VVRFLD]LRQLHIRQGD]LRQLFRQVFRSRDOWUXLVWLFR/RVFRSRGLOXFURQRQqXQUHTXLVLWRSHUOLPSUHVDBBBBB4XHVWLVRWWROLQHDWLQRQVRQRSULQFLSLHVSUHVVL5LVFRQWURGHOODVSHQGLWDGHOQRPH(LPSUHQGLWRUHLOVRJJHWWRFKHQHOORVYROJLPHQWRGHOODWWLYLWjGLLPSUHVDVSHQGHLOVXRQRPH1RQqXQSULQFLSLRHVSUHVVRGDOODUWLFROR/LFHLWj,PSUHVHLOOHFLWHSHUFKHLPPRUDOLFRQILQHFRQWUDULRDOODOHJJH,PSUHVDLOOHJDOH RJJHWWRQRQFRQWUDULR DOOD OHJJH PD PDQFDQ]D GL DXWRUL]]D]LRQLDWWLYLWj EDQFDULH H DVVLFXUDWLYH ,PSUHVDPDILRVD LSURYHQWLGHOOLPSUHVDVHUYRQRSHUULFLFODUHGHQDURVSRUFR2JJHWWRGHOODWWLYLWjOHFLWRPDXVDWRFRPHFRSHUWXUD$QFKHOLPSUHVDLOOHFLWDq LPSUHVDODSDUWHFKHWXWHODLWHU]LGHOODGLVFLSOLQDGLLPSUHVDVLDSSOLFD/DSDUWHGHOODGLVFLSOLQDGLLPSUHVDDWXWHODGHOOLPSUHQGLWRUHQRQVLDSSOLFD&DWHJRULH GL LPSUHVH H QRUPH SHU FDWHJRULH GL LPSUHVH 6WDWXWR JHQHUDOH GHOOLPSUHQGLWRUH &LVRQR SRLLVWLWXWLFKHVLDSSOLFDQRVRORDOOHLPSUHVHFRPPHUFLDOLQRQSLFFROH VWDWXWRVSHFLILFR/LPSUHQGLWRUHDJULFRORRDQFKHFRPPHUFLDOHPDSLFFRORQRQqVRJJHWWRDTXHVWDGLVFLSOLQD,PSUHQGLWRUHDJULFROR ODGHILQL]LRQHHVFOXGH OLPSUHQGLWRUHDJULFRORGDOODSSOLFD]LRQHGHOORVWDWXWR VSHFLDOH$WWLYLWj FROWLYD]LRQHGHO IRQGRVLOYLFROWXUDDOOHYDPHQWRGHOEHVWLDPH$WWLYLWjFKHDYUHEEHURQDWXUDFRPPHUFLDOHPDSRVVRQRHVVHUHFRQVLGHUDWHDJULFROH,PSUHQGLWRUHDJULFRORULVFKLRDPELHQWDOHPDJJLRUULVFKLRWUDWWDPHQWRGL IDYRUHQHLFRQIURQWLGHOOLPSUHVDFRPPHUFLDOH4XLQGL OLPSUHVD q DJULFROD VH HVLVWH LO ULVFKLR DPELHQWDOH /DOOHYDPHQWR LQ EDWWHULD QRQ q XQLPSUHVD DJULFRODSRLFKH QRQ Fq LO ULVFKLR DPELHQWDOH&KL DOOHYD FDYDOOL GD FRUVD HVHUFLWD DWW LYLWjFRPPHUFLDOH1RQ VROR ODQLPDOH PD DQFKH LO ILQH SHU LO TXDOH YLHQH DOOHYDWR VRQR ULOHYDQWL SHULQGLYLGXDUHVHOLPSUHVDqFRPPHUFLDOHRQR$WWLYLWjFRQQHVVHWLSLFKHDFXLIDULIHULPHQWRODOHJJH

  • ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    DUWHFKHVRQR UHJRODWHGDHVVDRDWLSLFKH6RQR FRQVLGHUDWHDWWLYLWjDJULFROHVH OHDWWLYLWjVRQR VYROWH GD XQ LPSUHQGLWRUH JLj DJULFROR6L SRVVRQR FODVVLILFDUH DJULFROH TXHVWH DWWLYLWj VHDFFHVVRULHDQFKHGDOSXQWRGLYLVWDHFRQRPLFR1RQSRVVRQRDYHUH UHGGLWLYLWjVXSHULRUHDTXHOODQRUPDOHFKHFDUDWWHUL]]DOLPSUHQGLWRUHFRPHDJULFROR4XHVWDGHILQL]LRQHGLLPSUHQGLWRUHDJULFRORKDODIXQ]LRQHGLHVFOXGHUHODSSOLFD]LRQHGHOORVWDWXWRVSHFLDOHGHOOLPSUHQGLWRUH3LFFROR LPSUHQGLWRUH QRQ VL DSSOLFD OR VWDWXWR GHOOLPSUHVD FRPPHUFLDOH DQFKH VH LO SLFFRORLPSUHQGLWRUHVYROJHXQDWWLYLWjFRPPHUFLDOH FROWLYDWRULGLUHWWLSLFFROLFRPPHUFLDQWLDUWLJLDQLHGRYHqSUHYDOHQWHLOODYRURSURSULRHTXHOORGHL IDPLOLDUL QHOOHVHUFL]LR GHOODWWLYLWj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zIDOOLUH ,PSUHVDSULYDWD ,PSUHVDSXEEOLFDVWDGLYHQWDQGRXQIHQRPHQRPDUJLQDOHSULYDWL]]D]LRQL $]LHQGDDXWRQRPDD]LHQGHPXQLFLSDOL]]DWHRUJDQL]]D]LRQLLQWHUQHDOOHQWHDXWRQRPR (QWL GL SDUWHFLSD]LRQH SXEEOLFD ,5, (1, HQWL GL JHVWLRQH GHOOH SDUWHFLSD]LRQL VWDWDOL VRQRGLYHQWDWH 63$H VRQR VWDWH SULYDWL]]DWH FRPH OH EDQFKH(QWL SXEEOLFL HFRQRPLFL3ULPDQRQHUDQRVRJJHWWLDOORVWDWXWRGHOOLPSUHVDQRQHUDQRVRJJHWWLDOIDOOLPHQWR,PSUHVDLQGLYLGXDOH LPSUHVDFROOHWWLYD,PSUHVDIDPLOLDUH qVWDWDLQVHULWDELVQHJOLDQQL&ROODERUD]LRQHGLIDPLOLDULDOODJHVWLRQHGHOOLPSUHVD6LDSSOLFDTXDQGRQRQFqDOWURWLWRORJLXULGLFRSHUODFROODERUD]LRQHGHLIDPLOLDULQRQVLDSSOLFDDGHVHPSLRVHVRQRDVVXQWLFRPHGLSHQGHQWL,OWLWRODUH q VHPSUH OLPSUHQGLWRUH , IDPLOLDUL KDQQR GHL GLULWWL DOOLQWHUQR GHOOLPSUHVD QHL FRQIURQWLGHOOLPSUHQGLWRUH,PSUHVDFROOHWWLYD SHUVRQDJLXULGLFDVRFLHWjRDWWLYLWjGLLPSUHVDHVHUFLWDWDGDXQDDVVRFLD]LRQH/DVVRFLD]LRQHKDXQRVFRSRQRQHJRLVWLFR$UWQRQULFKLHGHORVFRSRGLOXFURSHUFKpFLVLDDWWLYLWjGLLPSUHVD$QFKHODVVRFLD]LRQHVHLQVROYHQWHIDOOLVFH&RQVRU]L VWUXWWXUHFKHULXQLVFRQRSLLPSUHQGLWRUL(VHUFLWDQRLQVLHPHXQDIDVHGHOODSURGX]LRQHRGHOODGLVWULEX]LRQH,OFRQVRU]LRVWHVVRqLPSUHQGLWRUH6RFLHWj LPSUHVD FROOHWWLYD DQFKH VH SRVVRQR HVLVWHUH 65/ XQLSHUVRQDOL LPSUHQGLWRUH QRQ qOXQLFRVRFLRPDqODVRFLHWj$UW ODVRFLHWjULFKLHGHORVFRSRGLOXFUR6RFLHWjFRRSHUDWLYH VFRSRPXWXDOLVWLFR,PSUHQGLWRUL!OLEHULSURIHVVLRQLVWL!ODYRUDWRULDXWRQRPL3UHVWDWRULGRSHUDSURIHVVLRQDOL3URIHVVLRQLSURWHWWHRUGLQHGHLSURIHVVLRQLVWLRQRQSURWHWWH3HUHVHUFLWDUHSURIHVVLRQLSURWHWWHELVRJQDDYHUH WLWRORGLVWXGLRVXSHUDUHXQHVDPHH LVFULYHUVLDOODOER$UW8Q OLEHURSURIHVVLRQLVWDQRQq LPSUHQGLWRUHSHU OD OHJJH/HVHUFL]LR LQGLYLGXDOHGHOOD OLEHUDSURIHVVLRQHqSHUVFHOWDGLYHUVRGDOODWWLYLWj LPSUHQGLWRULDOH6RFLHWj WUDSURIHVVLRQLVWLVRQRDPPLVVLELOLGDO/RVWXGLRDVVRFLDWRqXQDFRVDGLYHUVDVHUYHSHUUHQGHUHGLVSRQLELOLLPH]]LSHUORVYROJLPHQWRGHOODWWLYLWjOLEHURSURIHVVLRQDOHDLVLQJROLSURIHVVLRQLVWL4XDQGRFLVDUjODVRFLHWjWUDSURIHVVLRQLVWLODWWLYLWjVDUjFRQVLGHUDWDDWWLYLWjGLLPSUHVDFRQDSSOLFD]LRQHGHOORVWDWXWRGHOOLPSUHQGLWRUH/DQR]LRQHGLLPSUHVDGHOGLULWWRFRPXQLWDULRqGLYHUVDGDOODQR]LRQHGLLPSUHVDGHO GLULWWR QD]LRQDOH ,PSUHVD DWWLYLWj HFRQRPLFD RUJDQL]]DWD 1RQ KD ULOHYDQ]D QH OD IRUPDJLXULGLFDQHODWLWRODULWjGHOOLPSUHVD8QRVWXGLRSURIHVVLRQDOHDVVRFLDWRSHULOGLULWWRFRPXQLWDULRqXQ LPSUHVD *UXSSL GL VRFLHWj SHU LO GLULWWR FRPXQLWDULR VRQR XQ XQLFD LPSUHVD 3HU LO GLULWWRFRPXQLWDULR FKH YHGH L OLEHUL SURIHVVLRQLVWL FRPH LPSUHQGLWRUL OH WDULIIH SURIHVVLRQDOL VRQR XQDOLPLWD]LRQHGHOODFRQFRUUHQ]D1R]LRQHGL LPSUHVDSXEEOLFDQHOGLULWWRFRPXQLWDULR LPSUHVDFDUDWWHUL]]DWDGDOIDWWRGLDYHUHXQDSROLWLFDGLJHVWLRQHLQIOXHQ]DWDGDOORVWDWR$UW7UDWWDWR&((OLEHUWjGLVWDELOLPHQWRYDOHDQFKHSHUOHVRFLHWjVLDGLGLULWWRSULYDWRVLDGLGLULWWRSXEEOLFR$UW7UDWWDWR&((YLHWDJOLDLXWLGLVWDWR/DSSOLFD]LRQH GHOOR VWDWXWR GHOOLPSUHQGLWRUH FRPPHUFLDOH SHU OH VRFLHWj SUHVFLQGH GDOOHGLPHQVLRQL H GDOODWWLYLWj FRPPHUFLDOH $UW OHJJH IDOOLPHQWDUHOH VRFLHWj QRQ VRQR PDLFRQVLGHUDWH SLFFROH ,VFUL]LRQH QHO UHJLVWUR GHOOH LPSUHVH VFULWWXUH FRQWDELOL IDOOLPHQWR 4XHVWDGLVFLSOLQD VL DSSOLFD DOOH VRFLHWj LQGLSHQGHQWHPHQWH GDOORJJHWWR GHOODWWLYLWj VLD TXHVWDFRPPHUFLDOH RSSXUH QR 8QD 63$ FRQ RJJHWWR DJULFROR SHUz QRQ IDOOLVFH 0D OH QRUPH VXOOHVFULWWXUHFRQWDELOLHVXOODSXEEOLFLWj LQYHFHVLDSSOLFDQRDQFKHDOOHVRFLHWjFRQRJJHWWRGHOODWWLYLWj

  • ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    DJULFROR /D GLVFLSOLQD GL LPSUHVD VL DSSOLFD LQ FDVL GL HIIHWWLYLWj 6H XQ QRQ DXWRUL]]DWR VYROJHDWWLYLWjGLLPSUHVDDGHVHPSLREDQFDULDVLDSSOLFDODGLVFLSOLQDGLPSUHVDSLOHHYHQWXDOLVDQ]LRQL3ULQFLSLR GL HIIHWWLYLWj OD OLFHQ]D LQ Vp QRQ UHQGH LPSUHQGLWRUH OR VYROJLPHQWR GHOODWWLYLWj UHQGHLPSUHQGLWRUH,PSUHVDHVHUFLWDWDVHQ]DXQDXWRUL]]D]LRQHVLDSSOLFDODGLVFLSOLQDGLPSUHVD,PSUHVD HVHUFLWDWD GD XQ VRJJHWWR FXL OD OHJJH SURLELVFH GL HVHUFLWDUH OLPSUHVD VL DSSOLFDVHPSUHODGLVFLSOLQDGLPSUHVD&RQWUDULHWj DOOD OHJJH 2JJHWWR FRQWUDULR DOOD OHJJH 6YROJLPHQWR GL DWWLYLWj FRPSOHWDPHQWHLOOHFLWDFRPPHUFLRGLVWXSHIDFHQWLEXRQDSDUWHGHOODGRWWULQDULWLHQHFKHLQTXHVWLFDVLQRQVLSXzDGRWWDUH OD GLVFLSOLQD GHOOLPSUHQGLWRUH 8Q DOWUR RULHQWDPHQWR GLVWLQJXH LO FDVR LQ FXL YL VLD XQDSDUWHLQFDXVDFKHSXzGLPRVWUDUVLLQQRFHQWHEDQFDFKHILQDQ]LDODFTXLVWRGLXQLPPRELOH FKHLQUHDOWj q XQD UDIILQHULD GL GURJD GHOOD FULPLQDOLWj RUJDQL]]DWDVL SXz DSSOLFDUH OD GLVFLSOLQDGLPSUHVDVHLOFUHGLWRUHVLGLPRVWUDLQQRFHQWHHVVHQGRLQFRQVDSHYROHGHOODLOOLFHLWjGHOOLPSUHVD6WDWXWR JHQHUDOH LPSUHQGLWRUH YLVWR FRPH FDSR GHOOLPSUHVD QRUPH VXL UDSSRUWL GL ODYRURQHOOLPSUHVDGLULWWRGHO ODYRUR VRQRQRUPHHVWHVHDQFKHDL OLEHULSURIHVVLRQLVWLFKHSHU LOFRGLFHQRQVRQR LPSUHQGLWRUL$UW3HUFKpYLVLDFRQWUDWWRGLDVVLFXUD]LRQHXQRGHLFRQWUDHQWLGHYHHVVHUHXQLPSUHVDRUJDQL]]DWDDOWULPHQWLQRQVLDSSOLFDQROHUHJROHVXOODVVLFXUD]LRQH/RVWHVVRYDOHDGHVHPSLRSHULOFRQWUDWWRGDSSDOWRGRYHXQFRQWUDHQWHGHYHHVVHUHLPSUHQGLWRUH,O&&ULVHUYDYDOLVFUL]LRQHSXEEOLFLWjFRPPHUFLDOHDLVROLLPSUHQGLWRULFRPPHUFLDOLQRQ SLFFROLRUDLO UHJLVWUR GHOOH LPSUHVHq VWDWR DIILGDWR DOOH FDPHUHGL FRPPHUFLRHQWL SXEEOLFL DVVRJJHWWDWHDOGLULWWRDPPLQLVWUDWLYR3DUWHRUGLQDULDGHOUHJLVWUR LPSUHVHFRPPHUFLDOLQRQSLFFROHVRFLHWjRQR3DUWH VSHFLDOH GHO UHJLVWUR LVFUL]LRQH D ILQL SDUWLFRODUL GL VRFLHWj VHPSOLFL DUWLJLDQL SLFFROLLPSUHQGLWRUL LPSUHVH DJULFROH $OFXQH LVFUL]LRQL KDQQR HIIHWWR GL SXEEOLFLWj GLFKLDUDWLYD DOWUH GLSXEEOLFLWjFRVWLWXWLYDDOWUHGLSXEEOLFLWjQRWL]LD&RVWLWXWLYD DVVROYLPHQWRGHOORQHUHGLSXEEOLFLWjqHOHPHQWRFRVWLWXWLYRGHOODWWR(V LVFUL]LRQHGHOOD63$ 'LFKLDUDWLYD RSSRQLELOLWj ODWWRHVLVWHqYDOLGRPDQRQRSSRQLELOHDLWHU]LILQFKHQRQYLHQHSXEEOLFL]]DWR'DTXDQGRODWWRqLVFULWWRHVVRqRSSRQLELOH DL WHU]L 6H XQ DWWR QRQ YLHQH LVFULWWR FKL KD LQWHUHVVH DOOD VLWXD]LRQH UHDOH PD QRQLVFULWWD QRQ SXz RSSRUUH PD SXz SURYDUH FKH LO WHU]R FRQRVFHYD ODWWR ( RSSRQLELOH DL WHU]L DFRQRVFHQ]DGHOODWWR1RWL]LD QRQQHGLVFHQGRQRHIIHWWLQHFRVWLWXWLYLQHGLFKLDUDWLYL(VGHSRVLWRGHOELODQFLR/HLVFUL]LRQLQHOODSDUWHVSHFLDOHKDQQROHIIHWWRGLSXEEOLFLWjQRWL]LD 2EEOLJRGLWHQXWDGHOOHVFULWWXUHFRQWDELOLSHUOHLPSUHVHFRPPHUFLDOLQRQSLFFROH'LSHQGHGDOODQDWXUDGHOOLPSUHVDTXDOLOLEULDJJLXQWLYLROWUHDLGXHFRPXQLDWXWWLVRQRREEOLJDWRULSHUOLPSUHVD6FULWWXUH IDFROWDWLYH/H6FULWWXUHREEOLJDWRULHSRVVRQRHVVHUHXWLOL]]DWHD ILQLGLSURYD ,Q ,WDOLD OHVFULWWXUHSULYDWHKDQQRYDORUHGLSURYDTXDQGRFRQWUDULHDOOLQWHUHVVHGHOVRJJHWWRFKHVFULYH0DOHVFULWWXUH FRQWDELOL UHJRODUPHQWH WHQXWH IDQQR SURYD DQFKH D IDYRUH SXUFKp VLDQR UDSSRUWL WUDLPSUHQGLWRUL UHODWLYL DOOHVHUFL]LR GL LPSUHVD 3RVVRQR IDUH SURYD QRQ IDQQR SURYDDXWRPDWLFDPHQWH $VVRJJHWWDPHQWRDOOHSURFHGXUHFRQFRUVXDOLIDOOLPHQWR8QDLPSUHVDDJULFROD63$QRQIDOOLVFH $XVLOLDULGHOOLPSUHQGLWRUH6RJJHWWLFKHSRVVRQRYLQFRODUH OLPSUHQGLWRUHQHLUDSSRUWLFRQL WHU]L5DSSUHVHQWDQ]D FKH QRQ GHULYD GD SURFXUD R GD XQ DWWR PD GDOOD SRVL]LRQH FKH RFFXSDQRDOOLQWHUQR GHOOLPSUHVD /H QRUPH LQGLFDQR TXDOL SRWHUL KDQQRTXHVWL VRJJHWWL D FDXVDGHOOD ORURSRVL]LRQH QHOORUJDQL]]D]LRQH GHOOLPSUHVD /LPSUHQGLWRUH QRQ Gj L SRWHUL DOOLVWLWRUH PD OL SXzOLPLWDUHTXHVWLVRQRJLjGDWLH[OHJH5DSSUHVHQWDQ]D VLSURGXFRQRQHOODVIHUDGLUDSSRUWLGL$DWWLFRPSLXWLGD%5DSSUHVHQWDQ]DOHJDOH5DSSUHVHQWDQ]DYRORQWDULD GHULYDGDXQVRJJHWWRFDSDFHGLDJLUHSURFXUDDWWRGLFRQIHULPHQWRGLSRWHUH5DSSUHVHQWDQ]DRUJDQLFD SRWHUHGLPDQLIHVWDUHODYRORQWjGHOODSHUVRQDJLXULGLFD$PPLQLVWUDWRUHGHOHJDWRKD SRWHULGLUDSSUHVHQWDQ]DRUJDQLFD,VWLWRUHRSURFXUDWRUHKDUDSSUHVHQWDQ]DFRPPHUFLDOH5DSSUHVHQWDQ]DFRPPHUFLDOH LQVWLWRUHSURFXUDWRUHFRPPHVVR ,O IRQGDPHQWRGHLSRWHULQRQqGHFLVLRQHGLGDUOLPDqOD OHJJHFKHIDGLVFHQGHUH LSRWHULGLUDSSUHVHQWDQ]DGDOODSRVL]LRQHGHLVRJJHWWLDOOLQWHUQRGHOOLPSUHVDFRPPHUFLDOH1RQFqELVRJQRGLVSHFLILFDUHTXDOLSRWHULLOVRJJHWWRKD,OJHVWRUHGHOOLPSUHVDKDWXWWLLSRWHUL6HYLqXQDSURFXUDLSRWHULLQTXHVWRFDVRYHQJRQROLPLWDWL3RWHULDXWRPDWLFDPHQWHGLVFHQGHQWLGDOODSRVL]LRQHGHOVRJJHWWRQHOOLPSUHVD

  • ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    $UW,QVWLWRUHGLUHWWRUHJHQHUDOHQHOOLPSUHVDFRPPHUFLDOHQRSHULPSUHVDDJULFROD5HJRODIDYRUHYROHDLWHU]LPHQWUHQHOODUDSSUHVHQWDQ]DYRORQWDULDLQGLULWWRFLYLOHqVIDYRUHYROHDLWHU]L/DSURFXUDOLPLWDWLYDYDUHJLVWUDWDQHOUHJLVWURGHOOHLPSUHVHSHUUHQGHUODRSSRQLELOHDLWHU]L6HYLVRQR SL LQVWLWRUL GL SDUL JUDGR SRVVRQR DJLUH VHSDUDWDPHQWH VDOYR GLYHUVD LQGLFD]LRQH QHOODSURFXUD $UW SRWHUL GHOOLQVWLWRUH 3Xz FRPSLHUH WXWWL JOL DWWL SHUWLQHQWL DOOR VYROJLPHQWRGHOOLPSUHVD QRQ OLPLWDWL GD SURFXUD1R SHU DOLHQD]LRQH R LSRWHFD GL LPPRELOL OLQVWLWRUH QRQ KDSRWHUH GL GLVSRUQH D PHQR FKH ODOLHQD]LRQH GL LPPRELOL VLD RJJHWWR GHOODWWLYLWj GHOOLPSUHVD5DSSUHVHQWDQ]D SURFHVVXDOH /LQVWLWRUH SXz VWDUH LQ JLXGL]LR SHU OLPSUHVD 5DSSUHVHQWDQ]DSURFHVVXDOH VLD DWWLYD FKH SDVVLYD6L DPPHWWH OD UHVWUL]LRQH GHOOD UDSSUHVHQWDQ]D SURFHVVXDOHDWWLYD QRQ GL TXHOOD SDVVLYD $UW VL YXROH HYLWDUH FKH LO WHU]R UHVWL LQ VWDWR GL LQFHUWH]]DGDQGRJOL D]LRQH FRQWUR HQWUDPEL L TXDOL SRL VH OD YHGUDQQR WUD ORURQHL UDSSRUWL LQWHUQL$UW3URFXUDWRUH&RPPHVVL PDQVLRQHFKHSRUWDLOGLSHQGHQWHDGDYHUHUDSSRUWLFRQLWHU]L$=,(1'$ VWUXPHQWRFRQLOTXDOHLOVRJJHWWRLPSUHQGLWRUHHVHUFLWDODWWLYLWjGLPSUHVD&RPSOHVVRGLEHQLRUJDQL]]DWLGDOOLPSUHQGLWRUHSHUOHVHUFL]LRGHOODWWLYLWjGLPSUHVD,EHQLSRVVRQRDQFKHQRQHVVHUH GL SURSULHWj GHOOLPSUHQGLWRUH $IILWWR GL D]LHQGD $]LHQGD FRPH EHQH LQ Vp GLYHUVR GDJOLHOHPHQWLFKH ODFRPSRQJRQR "12 1RQqXQEHQHGLYHUVRRDVp6RQRFRPSUHVLQHOOD]LHQGDVROREHQLLQWHVLFRPHFRVHRDQFKHLUDSSRUWL ",FUHGLWLVHJXRQRRQROHFRVH "9DORUH GHO FRPSOHVVR IXQ]LRQDOPHQWH DJJUHJDWR ! 9DORUH GHOOH VLQJROH FRVH /D GLIIHUHQ]D qODYYLDPHQWR /DYYLDPHQWR q DQFKH OD FDSDFLWj GL DWWUDUUH FOLHQWHOD GHOOXQLWj SURGXWWLYD LQ VpDYYLDPHQWR RJJHWWLYR R GHOOLPSUHQGLWRUH DYYLDPHQWR VRJJHWWLYR 'LYLHWR GL FRQFRUUHQ]D SHUOLPSUHQGLWRUHDOLHQDQWH&LUFROD]LRQHGD]LHQGDYDOJRQRWXWWL LQHJR]L YHQGLWDGRQD]LRQHDIILWWRXVXIUXWWRHUHGLWjOHJLWWLPLSHUODFLUFROD]LRQHGLEHQL&RQIHULPHQWRGHOOD]LHQGDLQVRFLHWj$UW&LUFROD]LRQHGLD]LHQGHSHULPSUHVHVRJJHWWHDUHJLVWUD]LRQH)RUPDDGVXEVWDQWLDP QHFHVVDULDSHUODYDOLGLWjVHQRQFqLOFRQWUDWWRqQXOOR)RUPDDGSUREDWLRQHP QHFHVVDULDDILQLGLSURYDPDLOQHJR]LRqFRPXQTXHYDOLGR1RQVLSRVVRQRXWLOL]]DUHFHUWLPH]]LGLSURYDHVWHVWLPRQLDQ]DPDVH QHSRVVRQRXWLOL]]DUHDOWULFRQIHVVLRQHJLXUDPHQWR3HUFRVWLWXLUHXQDVRFLHWjFRQFRQIHULPHQWRGLD]LHQGDqQHFHVVDULRXQDWWRSXEEOLFR$WWRSXEEOLFR DWWRGHOQRWDLR6FULWWXUDSULYDWDDXWHQWLFDWD LOQRWDLRULFRQRVFHFKHODILUPDqVWDWDDSSRVWDLQVXDSUHVHQ]D'RQD]LRQHULFKLHGHODWWRSXEEOLFRODGRQD]LRQHqXQFRQWUDWWRQRQXQDWWRXQLODWHUDOH)RUPDDGUHJXODULWDWHP IRUPDSHUOLVFUL]LRQHQHLUHJLVWUL$UW'LYLHWRGLFRQFRUUHQ]D FRPPDSHU ODPDJJLRUSDUWHGHLJLXULVWLTXHVWRFRPPDSXzDQFKHHVVHUHGHURJDWR,OFRQWUDWWRqVHPSUHDOLHQD]LRQHGLD]LHQGD'LYLHWRGLLQL]LDUHXQDQXRYDLPSUHVDWDOHGDVYLDUHODYHFFKLDFOLHQWHODSHURJJHWWRHXELFD]LRQH,OGLYLHWRGLFRQFRUUHQ]DSXzHVVHUHDPSOLDWRSHUSDWWRPDQRQILQRDOSXQWRGDRSSULPHUHODOLEHUWjHFRQRPLFDJDUDQWLWDGDOODFRVWLWX]LRQH 1RQ SXz GXUDUH SL GL DQQL $UW q QXOOR LO FRQWUDWWR FKH YD FRQWUR QRUPHLPSHUDWLYHPD LQYHFH LO SDWWRSHUGXUDWD VXSHULRUHDDQQLQRQqQXOORPDq ULSRUWDWRDO OLPLWHPDVVLPR GL DQQL $UW LQ GLULWWR SULYDWR OH GXH SDUWL SRVVRQR VRVWLWXLUH D VH XQ VRJJHWWRGLYHUVRFHVVLRQHGHOFRQWUDWWRPDFLGHYHHVVHUHLOFRQVHQVRGHOODOWURFRQWUDHQWH,QPDWHULDGLWUDVIHULPHQWRGLD]LHQGDLOFRQWUDHQWHFHGXWRqLQVWDWRGLSDVVLYLWjQRQSXz LPSHGLUHODFHVVLRQH$UW VH QRQ q SDWWXLWR GLYHUVDPHQWH &RQWUDWWL FKH QRQ KDQQR FDUDWWHUH SHUVRQDOH &HUWLFRQWUDWWL SHU OHJJH VHJXRQR OD]LHQGD FHGXWD UDSSRUWL GL ODYRUR $XWRPDWLFR VXEHQWURGHOODFTXLUHQWHGHOOD]LHQGDFRPHGDWRUHGLODYRUR3DWWXL]LRQLFRQWUDULHVRQRQXOOHRSSXUHSRVVRQRHVVHUHFRQVLGHUDWHYDOLGHSHUOHSDUWLPDQRQHIILFDFLSHULODYRUDWRUL DOORUDODFTXLUHQWHFKLHGHUjXQLQGHQQL]]RDOODOLHQDQWH/RFD]LRQLGLLPPRELOLDGLELWLDILQDOLWjSURGXWWLYD,OORFDWRUHLQWDOFDVRKDGLULWWRDFRQVLGHUDUH LOFRQWUDWWR ULVROWR/D]LHQGDYDOHPHQR 4XHVWRGLULWWR LQYHFHQRQSXzHVVHUH IDWWR YDOHUH ODFTXLUHQWH LQYHFH ULHQWUD QHOOD FRQGL]LRQH GL FRQGXWWRUH DO SRVWRGHOODOLHQDQWH3DWWRFRQWUDULRQRQGjGLULWWRDOORFDWRUHGLFRQVLGHUDUHLOFRQWUDWWRULVROWR&RQWUDWWRGLWUDVIHULPHQWR1RQVLSRVVRQRHVFOXGHUHEHQLRFRQWUDWWLTXDOLLOFRQWUDWWRGLOHDVLQJLQTXHVWRFDVR QRQ VL KD FRQWUDWWR GL WUDVIHULPHQWR GL D]LHQGD PD WUDVIHULPHQWR GL VLQJROL EHQL 3HU&DPSREDVVR YDOXWD]LRQH RJJHWWLYD VH LO FRPSOHVVR GL EHQL FHGXWR DG XQ WHU]R TXDOXQTXH SXzFRVWLWXLUH FRPSOHVVR D]LHQGDOH 0D LQYHFH VL GHYH JXDUGDUH QHOOD SURVSHWWLYD GHOODFTXLUHQWHYDOXWD]LRQH VRJJHWWLYD VH HJOL SXz FRQ FLz FKH KD JLj H FRQ FLz FKH DFTXLVWD FRQVLGHUDWLGDOODOLHQDQWHEHQLGLVDJJUHJDWLFRVWLWXLUHXQDD]LHQGD

  • ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    &RQWUDWWL SHU OHJJH HVFOXVL GDO WUDVIHULPHQWR GHOOD]LHQGD SHUFKp D FDUDWWHUH VWUHWWDPHQWHSHUVRQDOH 6L JXDUGD DOOD SRVL]LRQH GHOODOLHQDQWH &DPSREDVVR &RORPER QHL FRQIURQWL GHOWHU]RHOHPHQWLGHOODOLHQDQWHULOHYDQWLSHULOWHU]R FRQWUDWWLEDQFDULQRQSDVVHUHEEHUR2WWLFD GL SURWH]LRQH QRQ GHO WHU]R PD GL OLEHUWj GHOODFTXLUHQWH 0D]]RQL HV FRQWUDWWR GLDVVLVWHQ]D SURIHVVLRQDOH FRPPD DUW 7XWHOD GHO WHU]RSULPD VL SDUODYD GL WXWHODGHOODFTXLUHQWH 'LULWWR GL UHFHVVR HQWUR PHVL FRQ JLXVWD FDXVD ,O WHU]R GHYH GLPRVWUDUHOHVLVWHQ]DGLUDJLRQLRJJHWWLYDPHQWHDSSUH]]DELOL5HVSRQVDELOLWjGHOODOLHQDQWHYHUVRLOWHU]RSHUODVFHOWDGHOODFTXLUHQWH5LFDGRQRWXWWLLFRQWUDWWLLQFXLXQDGHOOHSDUWLQRQKDHVHJXLWRRKDHVHJXLWRLQSDUWHOREEOLJD]LRQH$UW&HVVLRQHGLFUHGLWLGDOPRPHQWRGHOOLVFUL]LRQHGHOWUDVIHULPHQWRGHOOD]LHQGDQHOUHJLVWURGHOOH LPSUHVH RFFRUUH XQ DFFRUGR SHUFKp L FUHGLWL SDVVLQR QHO VLOHQ]LR GHOOH SDUW L FRQ LOWUDVIHULPHQWRGLD]LHQGDLFUHGLWLQRQYHQJRQRFHGXWL/HIIHWWRVLSURGXFHDQFKHVHLOWHU]RQRQQHKDDYXWRQRWL]LD0DVH LO WHU]RSDJDDO FUHGLWRUHYHFFKLR VEDJOLDWRq OLEHUDWRVHKDSDJDWR LQEXRQDIHGHDOFUHGLWRUHDSSDUHQWH$UW'HELWLUHODWLYLDOOLPSUHVDFHGXWDFRPPD UHJRODJHQHUDOH GLULWWRFRPXQHFRPPD ULJXDUGDLOWUDVIHULPHQWRGLLPSUHVHFRPPHUFLDOL FRPPD /DOLHQDQWH QRQ q OLEHUDWR VH LO WHU]R QRQ q GDFFRUGR OLPSHJQR YLHQH DVVXQWRGDOODFTXLUHQWH DFFROOR SULYDWLYR ,O WUDVIHULPHQWR GHOOD]LHQGD QRQ GHWHUPLQD LO SDVVDJJLR GHLGHELWL,OFUHGLWRUHGHYHDFFHWWDUHODVRVWLWX]LRQH FRPPD 3HU WUDVIHULPHQWR GL LPSUHVH FRPPHUFLDOL QRQ SLFFROHOH SLFFROH QRQ KDQQR OHVFULWWXUH FRQWDELOL ULVSRQGH DQFKH ODFTXLUHQWH ROWUH DOODOLHQDQWH VH QRQ q VWDWR OLEHUDWR SHU LGHELWLFKHULVXOWDQRGDOOHVFULWWXUHFRQWDELOL$OLHQDQWHHDFTXLUHQWHVRQRGHELWRULLQVROLGR$QFKHLQGLFDFKH OD UHVSRQVDELOLWjSULPDULDFRQWLQXDDGHVVHUHGHOODOLHQDQWH'HELWL FKH ULVXOWDQR GDOOHVFULWWXUHFRQWDELOLFKHVRQRTXLQGLFRQRVFLXWLGDOODFTXLUHQWH3RLFKpODUDWLRqODFRQRVFHQ]DGHOGHELWRODFTXLUHQWHSHUDOFXQLDXWRULqUHVSRQVDELOHDQFKHSHUGHELWLFKHFRQRVFHYDPDFKHQRQULVXOWDYDQR/DFDVVD]LRQHKDULQQHJDWRTXHVWD WHRULD ODUDWLR LQIDWWLq ODQHFHVVLWjGL UHQGHUH OHD]LHQGH FLUFRODELOL QRQJUDYDQGRTXLQGL WURSSR VXOODFTXLUHQWH6FLVVLRQH VL DSSOLFD OD GLVFLSOLQDGHOWUDVIHULPHQWRGD]LHQGD0DWUDVIHULPHQWRGLSDWULPRQLRqSLGLWUDVIHULPHQWRGLD]LHQGD)XVLRQH DSSOLFD]LRQHGLFHUWH UHJROHGHO WUDVIHULPHQWRGD]LHQGDSHUDQDORJLD0DL LQGLULWWRYLqVXFFHVVLRQHQHOOLPSUHVDVLVXFFHGHQHOOD]LHQGD6LVXFFHGHQHOORVWUXPHQWR$IILWWRGLD]LHQGDQRQVLDSSOLFDO$UW,PSUHVD H FRQFRUUHQ]D 1HO FRGLFH OD OLEHUWj GL FRQFRUUHQ]D HUD JDUDQWLWDPD OLPLWDWD GDOIDWWRFKHOLPSUHQGLWRUHSRWHYDGLVSRUUHGHOVXRGLULWWRGLFRPSHWHUH2JJLDOOHJLVODWRUHLQWHUHVVDODOLEHUWj GHO PHUFDWR QHO VXR FRPSOHVVR QRQ OLQWHUHVVH GHOOLPSUHQGLWRUH 1RQ VL DPPHWWRQRUHVWUL]LRQL QH OHJDOL QHFKHGHULYLQRGDOOD YRORQWjGL GLVSRUUHGHOOLPSUHQGLWRUH/HQRUPHGHO&&QRQ KDQQR SL OR VWHVVR VLJQLILFDWR GHO $UW FRVWLWX]LRQH RJJL q DSSOLFDWR /LQL]LDWLYDHFRQRPLFDSULYDWDqOLEHUDFLzQRQVLJQLILFDFKHFKLHQWUDQHOPHUFDWRFLSXzUHVWDUHVRODPHQWHYROHQGROR 5LPDQJRQR VROR L SL HIILFLHQWL FKH UHVLVWRQR DOOD FRPSHWL]LRQH &RPSRUWDPHQWLUD]LRQDOLGLXQLPSUHQGLWRUHSRVVRQRSRUWDUHDGXQDUHVWUL]LRQHGHOODFRQFRUUHQ]D/LPLWD]LRQLDOODFRQFRUUHQ]D GHULYDQR DQFKH GDOOD OHJJH R GD DFFRUGL QRQ VROR GL FDUWHOOR WUD L VRJJHWWL/LPLWD]LRQL OHJDOL GHOOD FRQFRUUHQ]D /LPLWD]LRQL GHOOD FRQFRUUHQ]D FKH GHULYDQR GDOOD OHJJH /LPLWD]LRQL FKH ULVSRQGRQR DG LQWHUHVVL GL FDUDWWHUH JHQHUDOH UHVWUL]LRQL DOODFFHVVR SHUOHVHUFL]LRGLFHUWHDWWLYLWjHVLQ,WDOLDSHUDWWLYLWjSURIHVVLRQDOLILQRDSRFRIDSHULQHJR]LOLFHQ]DDWWLYLWj EDQFDULH HG DVVLFXUDWLYH $UW FRVWLWX]LRQH OHJLWWLPLWj GHOOD HOLPLQD]LRQH GHOODFRQFRUUHQ]DLQFHUWLVHWWRULPRQRSROLGHOORVWDWRRGLHQWLSXEEOLFL3HULOGLULWWRFRPXQLWDULRTXHVWLPRQRSROL SRVVRQRDQFKHHVVHUHDIILGDWLDSULYDWL UHVWDQGRSXU VHPSUHVRJJHWWL DOOHQRUPHVXOODFRQFRUUHQ]D 'LULWWL GL SURSULHWj LQGXVWULDOH PDUFKLR GLWWD LQVHJQD 6RQR VLD QHOOLQWHUHVVHGHOOLPSUHQGLWRUHFKHGHOODJHQHUDOLWjLQFHQWLYRDOODULFHUFDHDOODLQQRYD]LRQH,QWHUHVVHJHQHUDOHDOODOLEHUWjGHOPHUFDWR/LPLWD]LRQLFKHULVSRQGRQRDGLQWHUHVVLGLXQVLQJRORLPSUHQGLWRUH$UWREEOLJRGLIHGHOWj$UW $UW $UW DOLHQD]LRQH GL D]LHQGDODOLHQDQWH QRQ SXz IDUH FRQFRUUHQ]DFRQWUDWWRGLDJHQ]LDHVFOXVLYDSHU ODJHQWH/H UHVWUL]LRQL OHJDOLDG LQWHUHVVHGLXQVLQJRORVRQRGHURJDELOL/LPLWD]LRQL FRQYHQ]LRQDOL GHOOD FRQFRUUHQ]D VWDELOLWH SHU SDWWR && $UW L SDWWL GL QRQFRQFRUUHQ]DVRQRYDOLGLDQ]LVRQRYLVWLFRQXQFHUWRIDYRUH$QFKHVHQRQqIDWWRSHULVFULWWRQRQqQXOOR LO SDWWR 6L FRQVLGHUDYD OD OLEHUWj GL FRQFRUUHQ]D XQ GLULWWR GL FXL OLPSUHQGLWRUH SRWHYD

  • ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    GLVSRUUH(V LO FDUWHOORDFFRUGRSHU LSUH]]LVRSUDYYLYRQRQHOPHUFDWR OH LPSUHVH LQHIILFLHQWL VLVRWWUDHDLFRQVXPDWRULULFFKH]]DDIDYRUHGHLFDUWHOOLVWL3DWWRGLHVFOXVLYDqDFFHVVRULRDOSDWWRGLVRPPLQLVWUD]LRQH H TXLQGL YD WUDWWDWR GLYHUVDPHQWH $UW 4XHVWH FRQVLGHUD]LRQL YDOJRQRVRODPHQWH SHU DFFRUGL FKH QRQ KDQQR LQIOXHQ]D VXO PHUFDWR FRQFRUUHQ]LDOH 'LVWRUVLRQH QRQULOHYDQWH GHOOD FRQFRUUHQ]D $UW H GHO 7UDWWDWR SHU GLVWRUVLRQL ULOHYDQWL GHOODFRQFRUUHQ]DGLIHVDGHOOD OLEHUWjGLFRQFRUUHQ]DGHOPHUFDWR6KHUPDQ$FW ,Q ,WDOLD OHJJH$QWLWUXVW LQ FRQIRUPLWj DO GLULWWR FRPXQLWDULR 6L ID ULIHULPHQWR GLUHWWR DOOD GLVFLSOLQDFRPXQLWDULD)DWWLVSHFLH YLHWDWH ,QWHVD DFFRUGR FRQ VFRSR RG HIIHWWR GL UHVWULQJHUH OD FRQFRUUHQ]D&RPSRUWDPHQWRFRQYHUJHQWHDQFKHQRQ IRUPDOL]]DWRPDFRQVDSHYROPHQWH WHQXWR(VXIILFLHQWHODFFRUGR QRQ OHIIHWWR 6L DPPHWWH FKH LQ FHUWL FDVL YL SRVVD HVVHUH XQD VRPPD GL EHQHILFLPDJJLRUHGHJOLVYDQWDJJLFKHODOLPLWD]LRQHGHOODFRQFRUUHQ]DSRUWD&HUWLFDUWHOOLRLQWHVHSRVVRQRHVVHUHEXRQHHTXLQGLSRVVRQRHVVHUHDFFHWWDWH&RQVRU]LWUDSLFFROHLPSUHVH,QWHVHSHUFRPXQLDWWLYLWjGL ULFHUFDHVYLOXSSR/LQWHVDGHYHHVVHUH OLPLWDWDQHO WHPSRVLGHYHSURYDUHFKHFqXQEHQHILFLRHFKHSDUWHGHOEHQHILFLRqSDVVDWRDLFRQVXPDWRUL0XOWDGDOODOGHO IDWWXUDWR1XOOLWj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jGHOPHUFDWR/DWXWHODGHLVHJQLQRQGHYHVHJPHQWDUHLOPHUFDWRHQRQGHYHRVWDFRODUHODOLEHUWjGHOPHUFDWR6HJQLGLVWLQWLYLWLSLFL GLWWDPDUFKLRLQVHJQD'LWWD VHJQRGLVWLQWLYRGLLPSUHQGLWRUHRGLD]LHQGD0DUFKLR VHJQRGLVWLQWLYRFKH LGHQWLILFDLSURGRWWL,QVHJQD VHJQRGLVWLQWLYRFKHLQGLFDLOORFDOHLQFXLqVYROWDODWWLYLWjGLLPSUHVD3RVVRQR HVLVWHUH GHL VHJQL GLVWLQWLYL DWLSLFL TXDOL OR VORJDQ KD FDSDFLWj GL DWWUDUUH FOLHQWHOD GLULIHULUVLDGXQDLPSUHVD5DUDPHQWHVLDSSOLFDODGLVFLSOLQDGHLVHJQLGLVWLQWLYLPDVLDSSOLFDQROHQRUPHVXOGLULWWRGHOODFRQFRUUHQ]D'LWWD!QRPHFLYLOHVLSXzXWLOL]]DUHXQQRPHSHULQGLYLGXDUHXQDWWLYLWjLPSUHQGLWRULDOH7XWHODGHOQRPHFLYLOH!WXWHODGLQRPHXVDWRFRPHGLWWDDILQLLPSUHQGLWRULDOLSXzHVVHUHFHGXWR$UW FRPPD FROOHJDPHQWR GHOOD GLWWD FRQ LO QRPH FLYLOH GHOOLPSUHQGLWRUH 6H LO QRPH qXWLOL]]DWRFRPHGLWWDYLqGLULWWRGLHVFOXVLYDQHOOXWLOL]]RGLTXHOQRPHSHUXQDWWLYLWjFRPPHUFLDOH$UW ,QFDVRGLVRPLJOLDQ]DRFFRUUHSURFHGHUHDG LQWHJUD]LRQHRPRGLILFDFRPPDSHU OHLPSUHVHFRPPHUFLDOLOREEOLJRGLLQWHJUD]LRQHRPRGLILFD]LRQHVSHWWDDFKLWUDVFULYHSRVWHULRUPHQWHODGLWWDQHOUHJLVWURGHOOHLPSUHVH3HU0D]]RQLOLVFUL]LRQHqVRORXQLQGL]LRVHYLqSULRULWjGLXVRDOORUD LOGRYHUHGLPRGLILFD]LRQLVSHWWDDFKLQRQKDTXHVWDSULRULWj3HU&DPSREDVVR LQYHFHFKLWUDVFULYH GRSR GHYH PRGLILFDUH OD GLWWD 3HU LO OHJLVODWRUH QRQ q PRQHWL]]DELOH OD GLWWD LQ Vp LQGLSHQGHQWHPHQWH GDOOD]LHQGD R GD XQ UDPR GL HVVD ,QYHFH L PDUFKL VRQR PRQHWL]]DELOLVHSDUDWDPHQWH GD TXDOXQTXH DOWUR HOHPHQWR GHOOD]LHQGD 7UDVIHULPHQWR GHOOD]LHQGD LQWHU YLYRVSHU WUDVIHULUH WXWWL L EHQL DJJUHJDWL QRQ q QHFHVVDULD LQGLFD]LRQH 6L WUDVIHULVFH LO FRPSOHVVRIXQ]LRQDOPHQWH DJJUHJDWR4XHVWD UHJROD QRQ VL DSSOLFD DOOD GLWWD /H SDUWL GHYRQRDFFRUGDUH LOWUDVIHULPHQWR DQFKH GHOOD GLWWD 1HO VLOHQ]LR GHOOH SDUWL OD GLWWD QRQ SDVVD 7UDVIHULPHQWRGHOOD]LHQGDPRUWLVFDXVDQRQVLVXFFHGHPDLQHOOLPSUHVDPDVRORQHOOD]LHQGD,QTXHVWR FDVRVLFHGHDQFKH ODGLWWDVHQRQq LQGLFDWRGLYHUVDPHQWHQHO WHVWDPHQWRGHOGHFXLXV/DGLWWDSXzHVVHUHWUDVIHULWDDQFKHVRORFRQXQUDPRGHOOD]LHQGD&KLWUDVIHULVFHODGLWWDFRQXQUDPRQRQSXzXWLOL]]DUH OD GLWWD FRQ LO UDPR GD]LHQGD FKH JOL UHVWD8QD VRFLHWj GL SHUVRQH R GL FDSLWDOL GHYHDYHUHXQQRPH6RFLHWjGLSHUVRQHUDJLRQHVRFLDOH!GLWWD'LWWD LQGLYLGXDXQDWWLYLWjLPSUHQGLWRULDOH0DUFKLR GLVFLSOLQDPRGLILFDWDQHOSHUDGHJXDUVLDOOHQRUPHFRPXQLWDULH3ULPDODGLVFLSOLQDGHLPDUFKL HUD QHO && RUD q LQ XQD OHJJH PDUFKL ,O PDUFKLR RJJL q WUDVIHULELOH VHSDUDWDPHQWHGDOOD]LHQGD2JJL LOPDUFKLR q HVVHQ]LDOPHQWH XQ FROOHWWRUH GL FOLHQWHOD FKHQRQGHYH FRVWLWXLUHLQJDQQR&ODVVLILFD]LRQHGHLPDUFKL L VHJQL FKHSRVVRQRDVVXPHUH IXQ]LRQHGLPDUFKLRVRQR

  • ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    QRPHGLVHJQRLPPDJLQHIRUPD8QPDUFKLRSXzFRQWUDVVHJQDUHSURGRWWLRSXzFRQWUDVVHJQDUHVHUYL]L0DUFKLUHJLVWUDWLHPDUFKLGLIDWWRWXWHODWLFRQOHQRUPHVXOODFRQFRUUHQ]DVOHDOH0DUFKLGHEROLHPDUFKL IRUWL(OHPHQWRFRVWLWXWLYRGHOODRULJLQDOLWjQRYLWj OLFHLWj1RYLWj PDUFKLRQRQLGHQWLFRRVLPLOHDGXQRJLjHVLVWHQWH2ULJLQDOLWj GLVWDQ]DWUDLOQRPHRLOVHJQRXWLOL]]DWRHLOQRPH XVXDOH GHO SURGRWWR SHU LO TXDOH LO PDUFKLR q FUHDWR 5HTXLVLWR GL RULJLQDOLWj GHO PDUFKLRGLVWDQ]D WUD PDUFKLR H GHQRPLQD]LRQH XVXDOH GHOOD FRVD 1XOOLWj GHO PDUFKLR SHU GLIHWWR GHOUHTXLVLWR GHOOD RULJLQDOLWj GHEROH]]D GHO PDUFKLR FKH QRQ q SURWHWWR GD DOWUL LPSUHQGLWRUL FKHXWLOL]]DQRPDUFKLVLPLOLRXJXDOL/HJJHPDUFKLDFHUWHFRQGL]LRQLDPPHWWH ODGLIHVDGHOPDUFKLRSXUVHQDWRQXOORRGHEROHLQVLWXD]LRQLGLVHFRQGDU\PHDQLQJDFDXVDGLIRUWHSXEEOLFLWj$OFXQLDXWRULULWHQJRQRQHFHVVDULRDQFKHLOUHTXLVLWRGHOODYHULWjPDODOHJJHQRQYXROHVRORFKHLOPDUFKLRLQJDQQLDWWULEXHQGRTXDOLWjLQHVLVWHQWLRFDUDWWHULVWLFKHGHOSURGRWWRFKHLOSURGRWWRQRQKDDIIDWWR3HUDSSOLFDUHODGLVFLSOLQDGHLPDUFKLGHYRQRVXVVLVWHUHWXWWLHTXDWWURLUHTXLVLWL ODQXOOLWjSXzHVVHUHIDWWDYDOHUHVHPSUHGDFKLQHKDLQWHUHVVH,VWLWXWRGHOODFRQYDOLGDGHOPDUFKLRQXOOR&KLQRQYLHQHDWWDFFDWRSHUDQQLYHGHDQQXOODWD ODVLWXD]LRQHGLSRVVLELOH LQYDOLGLWj ,OPDUFKLRYLHQH FRQYDOLGDWR ,O PDUFKLR QXOOR SXz HVVHUH FRQYDOLGDWR LQ EDVH DOOD WHRULD GHO VHFRQGDU\PHDQLQJ8IILFLPDUFKLGHOOHLPSUHVH GLIHQGHUHLPDUFKLGLSURGRWWLFKHRWWHQJRQRXQFRVuJUDQGHVXFFHVVRGDGLYHQWDUHGHQRPLQD]LRQHXVXDOHGHOSURGRWWR9ROJDUL]]D]LRQHGHOPDUFKLR*OLXIILFLPDUFKLGHYRQRFRQWLQXDUHDGLPRVWUDUHFKHLPDUFKLYROJDUL]]DWLKDQQRDQFRUDSRWHUHGLVWLQWLYRHDWWUDWWLYRGHOODFOLHQWHOD0DUFKLFROOHWWLYL VWUXPHQWRSHUDWWULEXLUHXQDIXQ]LRQHGLTXDOLWjDVRJJHWWLDVVRFLD]LRQLFRQVRU]LFKH JDUDQWLVFRQR XQD LGHQWLILFD]LRQH GL TXDOLWj GHO SURGRWWR IXQ]LRQH GL JDUDQ]LD GHOOD TXDOLWjLQGLFD OD TXDOLWj ODSSDUWHQHQ]D DG XQD DVVRFLD]LRQH H LO IDWWR FKH ODVVRFLD]LRQH FRQWUROOD ODTXDOLWj$GLIIHUHQ]DGHOODGLWWDLOPDUFKLRHVVHQGRXQEHQHGHOOD]LHQGDVLWUDVIHULVFHQHOVLOHQ]LRGHOOHSDUWLFRQ LO WUDVIHULPHQWRGHOOD]LHQGD ,OPDUFKLRSXzHVVHUHYHQGXWRFRPHSXUR YDORUH LQVp3URGRWWLFRQORVWHVVRPDUFKLRSRVVRQRYHQLUHGD IRQWLGLYHUVH&LSRVVRQRHVVHUHOLFHQ]LDWDULGHOWLWRODUHFKHRSHUDQRVXOORVWHVVRPHUFDWRFRQORVWHVVRPDUFKLR,OPDUFKLRFROOHWWLYRLQGLFDWXWHODGLDOWDTXDOLWj ,O PDUFKLR LQGLYLGXDOH LQGLFD VROR TXDOLWj XJXDOH GHL SURGRWWL DQFKH SURYHQLHQWL GD IRQWLGLYHUVH,QVHJQD VL DSSOLFDQR OH QRUPH VXOOD GLWWD PD SHU OD GRWWULQD q SUHIHULELOH DSSOLFDUH ODGLVFLSOLQD GHO PDUFKLR /LQVHJQD SDVVD FRQ LO WUDVIHULPHQWR GL D]LHQGD /LQVHJQD SXz HVVHUHYHQGXWDVHSDUDWDPHQWHGDOOD]LHQGDHGDOODWWLYLWjFKHHUDVYROWDLQTXHOORFDOH&21&255(1=$ 6/($/( ,O QRVWUR RUGLQDPHQWR QRQ FRQVHQWH D VRJJHWWL GDQQHJJLDWL SHUFRPSRUWDPHQWL GL DOWUL GL RWWHQHUH VHPSUH ULVDUFLPHQWR GDO GDQQHJJLDQWH ,O GDQQR GHYH HVVHUHLQJLXVWR /D FRQFRUUHQ]D VOHDOH QRQ q IRQWH GL ULVDUFLPHQWR VROR SHUFKp SURYRFD GDQQL D FKL ODVXELVFH PD SHUFKp TXHVWL GDQQL VRQR LQJLXVWL &RQFRUUHQ]D VOHDOH GHJHQHUD]LRQH GLFRPSRUWDPHQWLGLFRQFRUUHQ]DOHDOHHFRUUHWWD/LPLWD]LRQHqEHQYLVWDDPHQRFKHGLYHQWLVHUYLOH1RQ RJQL YROWD FKH VL VRWWUDH XQ GLSHQGHQWH DOOD FRQFRUUHQ]D TXHVWR q XQ DWWR GL FRQFRUUHQ]DVOHDOHVWRUQRGLGLSHQGHQWL1RUPDOLIDWWLLOOHFLWL!FRQFRUUHQ]DVOHDOH&RQFRUUHQ]DVOHDOHqXQLOOHFLWRFKHULJXDUGDLUDSSRUWLWUDLPSUHQGLWRULRWUDFKLVWDSHUGLYHQWDUHLPSUHQGLWRUHHVXQH[GLSHQGHQWH1RQqQHFHVVDULRFKHULFRUUDOHOHPHQWRSVLFRORJLFRGHOGRORRGHOODFROSDLQFKLFRPPHWWHODWWRGLFRQFRUUHQ]DVOHDOH,OGRORHODFROSDVLSUHVXPRQRHODWWRqFROSLWRDQFKHVHYLHQHSURYDWRFKHqVHQ]DGRORRFROSD,QTXHVWRFDVRQRQVLqWHQXWLDSDJDUHLGDQQLIHUPRVHPSUHLOGLYLHWRGLSRUUHLQHVVHUHODWWR,QGLULWWRFRPXQHWRFFDDFKLDJLVFHSURYDUHFKHLOFRQYHQXWRqLQGRORRFROSD'LVFLSOLQDGHOODFRQFRUUHQ]DVOHDOHFRUUHODWDDOODGLVFLSOLQDGHLVHJQL GLVWLQWLYL $UW 3RVVLELOLWj FXPXODWLYD GL XWLOL]]D]LRQH GHOOH QRUPH VXL VHJQL GLVWLQWLYLQRUPH VSHFLDOL H VXOOD FRQFRUUHQ]D VOHDOH QRUPH JHQHUDOL /H QRUPH GL FRQFRUUHQ]D VOHDOHSRUWDQRSHQHFXPXODWLYHDOOHDOWUHDGHVHPSLRODSXEEOLFD]LRQHGHOODVHQWHQ]D$UW $WWL GL FRQFRUUHQ]D VOHDOH 3HU FRQIXVLRQH 3HU VRWWUD]LRQH &RUUHWWH]]DSURIHVVLRQDOH,PLWD]LRQHOHFLWDLPLWD]LRQHVHUYLOHLOOHFLWDLPLWD]LRQHGLDVSHWWLQRQHVVHQ]LDOLGHOSURGRWWRPDGLDVSHWWLPDUJLQDOLRUQDPHQWDOLHVXSHUIOXL6LJHWWDGLVFUHGLWRVXOODVXDRQRUDELOLWj DQFKHGLFHQGR ODYHULWjVLDPPHWWHVRORSHU OHJLWWLPDGLIHVDLOGLIIRQGHUHQRWL]LHVXOODOWUDLPSUHVDFKHSRUWDQRGLVFUHGLWR

  • ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    $SSURSULDUVL GL SUHJL R TXDOLWj GL DOWUL SURGRWWL ,O SURSULR SURGRWWR QRQ q FRQIRQGLELOH PD JOL VLDJJLXQJRQRTXDOLWjHSUHVWLJLGLXQDOWURSURGRWWRJLjSUHVHQWHVXOPHUFDWR6LUXEDODYYLDPHQWRGLTXHOSURGRWWRVHQ]DFRQIRQGHUVLFRQHVVR&DUWHOOL$WWRGLFRQFRUUHQ]DVOHDOH ERLFRWWDUHLOVRJJHWWRFKHULILXWDGLDGHULUHDOFDUWHOOR62&,(7$6RFLHWjFRPHFRQWUDWWR6RFLHWjFRPHVRJJHWWRFKHQDVFHSHUHIIHWWRGHOFRQWUDWWR'LVFLSOLQDGHOOHVRFLHWjFRPHVRJJHWWR!GLVFLSOLQDGLLPSUHVD0HGLRHYRJLXULVGL]LRQLFRQVRODULWULEXQDOLIDWWLGDLPHUFDQWL5HJROHGLVRFLHWjGLYHUVHGDOODVRFLHWDVURPDQD6RFLHWDVURPDQD FRQWUDWWRFRPHWXWWLJOLDOWULLPSRQHGLULWWLHGREEOLJKLWUDLILUPDWDUL1HLUDSSRUWLFRQLWHU]LVHUYHXQDSDUWLFRODUHSURFXUDSHUFKpXQVRFLRYLQFROLDQFKHJOL DOWUL/DVRFLHWjQRQ q ULFRQRVFLXWD QHL UDSSRUWL HVWHUQL ,UULOHYDQ]D DOOHVWHUQR GHO UDSSRUWR FRQWUDWWXDOH LQWHUQR5HJROH GL GLULWWR FRPPHUFLDOHPHGLRHYDOH SULYLOHJLDUH L FUHGLWRUL SHU FDXVD GL FRPPHUFLR L EHQLDSSRUWDWL VRQR YLQFRODWL D GHVWLQD]LRQH FRPPHUFLDOH H TXLQGL L FUHGLWRUL SHU FDXVDGL FRPPHUFLRKDQQR GLULWWR D VRGGLVIDUVL SHU SULPL VXL EHQL 1R]LRQH GL SDWULPRQLR GHOOD VRFLHWj VHSDUDWR GDOSDWULPRQLR GHL VLQJROL VRFL , FUHGLWRUL VRFLDOL VRQR L VROL D SRWHUVL VRGGLVIDUH VXL EHQL VRFLDOL ,FUHGLWRULSHUVRQDOLQRQVLSRVVRQRVRGGLVIDUHVXLEHQLVRFLDOL1RQFqELVRJQRGLXQFRQIHULPHQWRDSSRVLWRSHUFKpXQPHUFDQWHYLQFROLJOLDOWUL,OYLQFRORGLVFHQGHGDOODSRVL]LRQHGLVRFLRQRQVHUYHXQ FRQIHULPHQWR GL SRWHUL WLSL GL VRFLHWj GL SHUVRQH 6RFLHWDVPHUFDWRUXP 6RFLHWj LQ QRPHFROOHWWLYR L VRFL ULVSRQGRQR DQFKH FRQ LO ORUR SDWULPRQLR SHUVRQDOH &RQWUDWWR GL VRFLHWj LQDFFRPDQGLWD6RFLHWjVHPSOLFH1RQ HUDQR VRFLHWj DGDWWH DOOD UDFFROWD GL LQJHQWL ULVRUVH &RPSDJQLH FRORQLDOL HVLJHQ]H GLHVSDQVLRQH9HQLYDFRQFHVVRDOOHFRPSDJQLHGLEDWWHUHPRQHWHFUHDUHHVHUFLWLHDPPLQLVWUDUHODJLXULVGL]LRQH SHU FRQWR GHO VRYUDQR 9HQLYD ULFRQRVFLXWR LO SULYLOHJLR GL HVVHUH WUDWWDWR FRPHSHUVRQDJLXULGLFD9HQLYDFRVLOLPLWDWRLOULVFKLRSHUVRQDOH6LOLPLWRDOSDWULPRQLRGHOODFRPSDJQLDLO SDWULPRQLR DJJUHGLELOH GDL FUHGLWRUL /LPLWD]LRQH GHOOD UHVSRQVDELOLWj WUDVPLVVLELOLWj GHOODFRQGL]LRQHGLSDUWHFLSDQWHDOODFRPSDJQLDQDVFHOD]LRQHYHLFRORGLWUDVPLVVLRQHGHOODTXDOLWj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jJLXULGLFDHTXHVWDYLHQHDVVRJJHWWDWDDOODVRGGLVID]LRQHGLFHUWL UHTXLVLWLGL OHJJH6XSHUDWLTXHVWL UHTXLVLWL LOJRYHUQRQRQSXzSLULILXWDUHODSHUVRQDOLWjJLXULGLFDODTXDOHqFRVLDWWULEXLWDDXWRPDWLFDPHQWH8QD65/SXzDQFKHQDVFHUHGDXQDWWRXQLODWHUDOHQRQVRORGDXQFRQWUDWWR$UW RSLSHUVRQH FRQIHULVFRQR EHQL R VHUYL]L /D SOXUDOLWj q QHFHVVDULD LQ VHGH GL FRVWLWX]LRQH 1RQ qQHFHVVDULRFKHVLDPDQWHQXWDODSOXUDOLWjGRSRODVWLSXOD]LRQHGHOFRQWUDWWR6RFLHWjGLFDSLWDOL ODVRFLHWj SXz FRQWLQXDUH LQGHILQLWDPHQWHPDVL DSSOLFDQR UHJROHSDUWLFRODUL6RFLHWjGL SHUVRQH ODVRFLHWjGHYHWRUQDUHDGDYHUHSLVRFLHQWURXQFHUWRWHUPLQH'HVWLQD]LRQHGHOFRQIHULPHQWRDILQDOLWj VFRSRPH]]RVFRSRILQH6RFLHWjFRQWUDWWRSOXULODWHUDOHSHUVWUXWWXUD RSLSHUVRQH8QFRQWUDWWRGLPXWXRWUDXQLPSUHVDH EDQFKH FKH LQ SRRO GDQQR LO ILQDQ]LDPHQWR q XQ FRQWUDWWR ELODWHUDOH QRQ SOXULODWHUDOH ,OFRQWUDWWR GL VRFLHWj WUD GXH VRFL q XQ FRQWUDWWR SOXULODWHUDOH VWUXWWXUDOPHQWH SRLFKp DL GXH SXzDJJLXQJHUVLXQWHU]RXQTXDUWRHWF6RQRSOXULODWHUDOLLQJHQHUHLFRQWUDWWLDVVRFLDWLYL,OFRQWUDWWRSOXULODWHUDOH ORVFLRJOLPHQWRGLXQYLQFRORQRQIDSHUGHUHHIILFDFLDDOFRQWUDWWRUHFHVVRXQLODWHUDOHVFLRJOLPHQWR GL XQ FRQWUDWWR QHL ULVSHWWL GL XQ VLQJROR VRFLR D PHQR FKH OR VFLRJOLPHQWR GL XQYLQFROR GHWHUPLQL XQD LPSRVVLELOLWj GL UDJJLXQJHUH OR VFRSR SUHYLVWR GDO FRQWUDWWR &RQWUDWWLELODWHUDOLGLVFDPELRDSUHVWD]LRQLFRUULVSHWWLYH YHQGLWD/HVHFX]LRQHGHOOHSUHVWD]LRQLUHFLSURFKHHVDXULVFHODIXQ]LRQHGHOFRQWUDWWR1HOFRQWUDWWRSOXULODWHUDOHOHVHFX]LRQHGHOOHSUHVWD]LRQLqVROROLQL]LRHGqFRQGL]LRQHQHFHVVDULDSHU UHDOL]]DUHSRL OD IXQ]LRQHGHOFRQWUDWWR)RUPD]LRQHGLXQSDWULPRQLRDXWRQRPRHIIHWWRUHDOHGHOFRQWUDWWRGLVRFLHWj/DVWLSXODGHOFRQWUDWWRFUHDGLULWWLHGREEOLJKL2EEOLJRGLHIIHWWXDUHLFRQIHULPHQWL'LULWWRGLJHVWLUHODWW LYLWjGHOODVRFLHWjHGLSDUWHFLSDUHDJOLXWLOL,EHQLFRQIHULWLHVFRQRGDOSDWULPRQLRGHLVRFLHYDQQRDILQLUHQHOSDWULPRQLRGHOODVRFLHWj

  • ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    9HQGLWD6RFLHWj$%$%&'LULWWL2EEOLJKL( '6RFLR6YROJLPHQWRGLXQDWWLYLWjHFRQRPLFD$WWLYLWjHFRQRPLFDQRQ YXROGLUHQHFHVVDULDPHQWHDWWLYLWjGLLPSUHVD$WWLYLWjHFRQRPLFDSXzDQFKHHVVHUHXQDWWLYLWjFKHQRQKDOHFDUDWWHULVWLFKHGLDWWLYLWjGLLPSUHVDVRFLHWjSHU ORVYROJLPHQWRLQFRPXQHGLDWWLYLWjSURIHVVLRQDOHVRFLHWjRFFDVLRQDOL(VHUFL]LRLQFRPXQH QRQqSDUWHFLSD]LRQHGLWXWWLLVRJJHWWLDOOHVHFX]LRQHGHOODWWLYLWjFKHqVFRSRGHO FRQWUDWWR 6L SDUWHFLSD QHO VHQVR FKH JOL VRQR LPSXWDWL L ULVXOWDWL GHOODWWLYLWj HFRQRPLFD LQFRPXQHDJOLDOWULVRFL1RQqSDUWHFLSD]LRQHDWWLYDDOODJHVWLRQH6FRSRGLGLYLGHUHJOLXWLOL $UW&LVRQRSHUzQHOVLVWHPDGHOOHVRFLHWjSHU OHTXDOLGLVWULEXLUHXWLOLqXQRSWLRQDORSSXUHqDGGLULWWXUDYLHWDWR$OFXQLVRVWHQJRQRFKHORVFRSRGLOXFURQRQqQHFHVVDULRSHUOHVRFLHWjGLFDSLWDOL$UW1RQFq OLSRWHVL GL QXOOLWj GHO FRQWUDWWR GL VRFLHWj SHU PDQFDQ]D GHOOR VFRSR OXFUDWLYR 2SLQLRQHPDJJLRULWDULD ORVFRSRGLGLYLVLRQHGHJOLXWLOLqXQHOHPHQWRQHFHVVDULRGHOFRQWUDWWRGLVRFLHWjVHODOHJJHVSHFLDOHQRQGLVSRQHGLYHUVDPHQWH$UW1RQVLSXzXVDUHOHWLFKHWWDGLVRFLHWjFRPHPHURFRQWHQLWRUHGLEHQLFRQLTXDOLQRQVLYXROHVYROJHUHJHVWLRQHGLQDPLFD,OPHURJRGLPHQWRGLEHQL QRQ SXz HVVHUH RJJHWWR GL FRQWUDWWR GL VRFLHWj PD EHQVu GL FRPXQLRQH ( HOHPHQWRHVVHQ]LDOHGHOODVRFLHWjODJHVWLRQHGLQDPLFD1RQVRQRSLSRVVLELOLOHVRFLHWjGLJRGLPHQWRFRPHHUDQRLQYHFHQHOFRGLFHSUHFHGHQWH6HODVRFLHWjqGLSHUVRQHDSSHQDYLHQHVFRSHUWRFKHqGLPHURJRGLPHQWR ODVRFLHWjYLHQHVXELWR ULTXDOLILFDWD3HU OHVRFLHWjGLFDSLWDOL ODVRFLHWjQRQSXz HVVHUH GLFKLDUDWD QXOOD SHU VFRSR GL FRPXQLRQH PD VDUj SRVVLELOH GLPRVWUDUH OD QDWXUDVLPXODWDGHOFRQWUDWWRGLVRFLHWj$UWSULQFLSLRGHOODWLSLFLWjGHOODVRFLHWj$XWRQRPLDSULYDWDLQPDWHULD FRQWUDWWXDOHTXHVWD OLEHUWj QRQ Fq SHU LO FRQWUDWWR GL VRFLHWj 3HU OD VRFLHWj Fq XQQXPHURILVVRGLUHJLPLFRQWUDWWXDOL/HVRFLHWjDWLSLFKHQRQSRVVRQRHVLVWHUHSHULOGLULWWRLWDOLDQR1XOOLWjHLQHIILFDFLDRVRVWLWX]LRQHGHJOLDVSHWWLGLVFRVWDQWLFRQOHQRUPHGHFUHWDWHGDOGLULWWRSHUXQFRQWUDWWRGLVRFLHWjWLSLFR7LSLFLWjRQXPHURFKLXVRFRPHSHULGLULWWLUHDOL LQGLULWWRSULYDWR1RQVLSRVVRQR LQYHQWDUH QXRYL SHVL VXL EHQL DVVRJJHWWDUH L EHQL D YLQFROL 3HU OH VRFLHWj VL FHUFD GLHYLWDUH LQJDQQL H PDQFKHUHEEHUR UHJROH XQLYRFKH H FHUWH VL FUHHUHEEHUR LQFHUWH]]H VXOOHUHVSRQVDELOLWj &L VRQR SHUz GHL PDUJLQL PROWR DPSL SHU OH VRFLHWj GL SHUVRQH VRQR VHPSUHLQGHURJDELOLOHQRUPHVXOODUHVSRQVDELOLWj3HUFKp SHUOHVRFLHWjGLSHUVRQHIDOOLVFRQRDQFKHLVRFLLOOLPLWDWDPHQWHUHVSRQVDELOLLQFHQWLYRDOODSUXGHQ]D3HUOHVRFLHWjGLFDSLWDOLOHGHURJKHSRVVLELOLVRQR PROWR ULGRWWH 3RLFKp LO ULVFKLR q VROR SHU LO FRQIHULPHQWR GL EHQL H FDSLWDOH 1RQ Fq XQLQFHQWLYRDOODSUXGHQ]D$UW 6RFLHWj OXFUDWLYH WLSL SRVVLELOL GL VRFLHWj FRRSHUDWLYH &DXVD PXWXDOLVWLFD 6RFLHWjOXFUDWLYD SURGXUUHXQHFFHGHQWHDWWLYRGLJHVWLRQHXWLOHFKHYDWHQGHQ]LDOPHQWHULSDUWLWR6FRSRILQH XOWLPR DFFXPXOD]LRQH GHOOXWLOH 6RFLHWj FRRSHUDWLYHQRQ Fq DFFXPXOR GL XWLOL VL FHUFD GLRWWHQHUHYDQWDJJLGLUHWWDPHQWHSHULVRFLFDXVDPXWXDOLVWLFDQRQFDXVDOXFUDWLYD1RQqSRVVLELOHSHUXQDVRFLHWjOXFUDWLYDWUDVIRUPDUVLLQXQDVRFLHWjFRQFDXVDPXWXDOLVWLFDHQRQqSRVVLELOHSHUXQDVRFLHWjFRRSHUDWLYDWUDVIRUPDUVLLQXQDVRFLHWjOXFUDWLYD6RFLHWjOXFUDWLYH6RFLHWjDGRJJHWWRFRPPHUFLDOHRDGRJJHWWRQRQFRPPHUFLDOH6RFLHWjGLWLSRFRPPHUFLDOH H GL WLSR QRQ FRPPHUFLDOH 6RFLHWj FKH HVLVWRQRPD FKH QRQ KDQQR VFHOWR LO WLSRVRFLHWjGL IDWWR$UW LOGLULWWR ULFRQRVFH ODVRFLHWjDQFKHVH LVRFLQRQVRQRFRQVDSHYROLGLDYHUFRVWLWXLWRXQDVRFLHWj4XDOHWLSRVLDSSOLFD "4XDQGRODVFHOWDQRQFqRQRQqIDWWDEHQH6RFLHWj QRQ FRPPHUFLDOL6RFLHWj VHPSOLFH $WWLYLWj FRPPHUFLDOH6RFLHWj LQ QRPH FROOHWWLYR1RQ VL SXz VYROJHUH DWWLYLWj FRPPHUFLDOH FRQ XQD VRFLHWj VHPSOLFHVH TXHVWD UHJROD YLHQHYLRODWDLOFRQWUDWWRYLHQHULTXDOLILFDWR6RFLHWjGLSHUVRQH VRFLHWjGLFDSLWDOL(FRQVHQWLWRLOSDVVDJJLRGDVRFLHWjGLSHUVRQHDVRFLHWjGLFDSLWDOL6RFLHWjGLSHUVRQH VRFLHWjVHPSOLFHVRFLHWjLQQRPHFROOHWWLYRVRFLHWjLQDFFRPDQGLWDVHPSOLFH6RFLHWj VHPSOLFH LQWURGRWWDQHOSHUFRPSHQVDUH ODEROL]LRQHGHOODVRFLHWjFLYLOH LPSRUWDWDGDO GLULWWR VYL]]HUR 8QD VRFLHWj FRQ RJJHWWR FRPPHUFLDOH FKH QRQ DVVXPH XQ WLSR GL VRFLHWjYLHQH ULFRQRVFLXWD VRFLHWj LQ QRPH FROOHWWLYR /H VRFLHWj LQ QRPH FROOHWWLYR LUUHJRODUL YHGRQRODSSOLFD]LRQHGHOOHQRUPHVXOODVRFLHWjVHPSOLFH

  • ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    6RFLHWjGLFDSLWDOL 6RFLHWjSHUD]LRQLFRQWLWROLTXRWDWLVRQRLQUHDOWjRUPDLXQQXRYRWLSRSRLFKpKDQQR QRUPDWLYD GLIIHUHQWH 6RFLHWj SHU D]LRQL 6RFLHWj LQ DFFRPDQGLWD SHU D]LRQL 6RFLHWj DUHVSRQVDELOLWj OLPLWDWD3ULPDSHU FRVWLWXLUH XQD VRFLHWj DQRQLPDHUD QHFHVVDULD ODXWRUL]]D]LRQHJRYHUQDWLYDHUDLQYHFHIDFLOHFRVWLWXLUHOHVRFLHWjLQDFFRPDQGLWDSHUD]LRQLYLHQHLQWURGRWWDOD65/FRSLDQGRODGDLWHGHVFKL/H63$SRVVRQRDQFKHHVVHUHXWLOL]]DWHGDDSSHQDVRFL*UXSSLVRFLHWDUL&ROOHJDPHQWRWUDVRFLHWjWUDPLWHSDUWHFLSD]LRQL &DSLWDOHGHOODVRFLHWj LQGLULWWR SDWWRVXXQDFLIUDRVXXQTXDQWXP1RQVRQR OH ULVRUVHUHDOLGLVSRQLELOL 8WLOHRSHUGLWDSHULOGLULWWR HFFHGHQ]DRGHILFLHQ]DGHOSDWULPRQLRQHWWRULVSHWWRDOODFLIUDFKHqRJJHWWRGHOSDWWRVXOFDSLWDOH &RQIHULPHQWL RJJHWWR GHOOD SUHVWD]LRQH FKH L FRQWUDHQWL VRQR WHQXWL DG HVHJXLUH LQFRQVHJXHQ]D GHOOD VWLSXOD]LRQH GHO FRQWUDWWR GL VRFLHWj 1HOOD VRFLHWj GL SHUVRQH TXDOXQTXHEHQH FKHSRUWD XWLOLWj SXzGLYHQLUH RJJHWWR GL FRQIHULPHQWR1HOOD VRFLHWj GL FDSLWDOL SRVVRQRGLYHQLUHRJJHWWRGLFRQIHULPHQWRVRORDOFXQLEHQLROWUHDOGHQDURHVSUHVVDPHQWHLQGLFDWL $PPLQLVWUD]LRQH JHVWLRQH LQWHUQD GL XQD DWWLYLWj R GL XQD VLWXD]LRQH SRWHUH GL GHFLGHUHGDOOLQWHUQRJOLDWWLGDFRPSLHUH 5DSSUHVHQWDQ]D PDQLIHVWD]LRQHHVWHUQDGHOODYRORQWjGHOJUXSSR &LUFROD]LRQHGHOOHSDUWHFLSD]LRQL 6RFLHWjGLSHUVRQHYDOHLOSULQFLSLRGLGLULWWRFRPXQHULJXDUGRDOODFHVVLRQHGHOFRQWUDWWR,OFRQWUDHQWHFHGXWRGHYHHVVHUHGDFFRUGR3HUOHVRFLHWjGLFDSLWDOLODFLUFROD]LRQHqPROWRSLIDFLOH %LODQFLR H XWLOL 6RFLHWj GL SHUVRQH DSSURYD]LRQH GHO ELODQFLR q XQ DWWR GL GLVSRVL]LRQH OXWLOHFKH ULVXOWD FHVVD GL GLYHQWDUH SDWULPRQLR GHOOD VRFLHWj H SDVVD GLUHWWDPHQWH QHO SDWULPRQLRSHUVRQDOH GHL VRFL FRPH LPPHGLDWR FUHGLWR ,O ELODQFLR QHOOH VRFLHWj GL SHUVRQH q XQ DWWRIRUWHPHQWHGLVSRVLWLYR6RFLHWjGLFDSLWDOL ELODQFLRDSSURYDWRLQDVVHPEOHDDPDJJLRUDQ]DPDQRQFqGLUHWWDPHQWHGLVWULEX]LRQHGHJOLXWLOL 5HVSRQVDELOLWjGHLVRFL LOOLPLWDWDSHUVRFLHWjGLSHUVRQH OLPLWDWDSHUVRFLHWjGLFDSLWDOL62&,(7$',3(5621($UW 6RFLHWj VHPSOLFH RJJHWWR HVFOXVLYR DWWLYLWj DJULFROD 1RQ Fq REEOLJR GL LVFUL]LRQH QHOUHJLVWURGHOOHLPSUHVHRUGLQDULHPDFqREEOLJRGLLVFUL]LRQHQHOODSDUWHVSHFLDOHGHOUHJLVWURGHOOHLPSUHVH FRQ IXQ]LRQH GL SXEEOLFLWj QRWL]LD ,O FRQWUDWWR SHU FRVWLWXLUH XQD VRFLHWj VHPSOLFH QRQULFKLHGHIRUPHSDUWLFRODULPDYDQQRWHQXWHOHIRUPHSHULFRQIHULPHQWL6DOYRIRUPHULFKLHVWHGDOODQDWXUDGHLEHQL FRQIHULWL&RQIHULPHQWL SUHVWD]LRQHGRSHUDGHQDUREHQLPDWHULDOLH LPPDWHULDOLFUHGLWL $UW *DUDQ]LD SHU ULVFKL GHL EHQL FRQIHULWL ,O FRQIHULPHQWR GHL FUHGLWL q IDWWR SURVROYHQGR/DGLVFLSOLQDGHOODVRFLHWjVHPSOLFHqSUHYLVWDTXDQGRQRQqSDWWXLWRLQPRGRGLYHUVRQHOFRQWUDWWRVRFLDOH$UW/DPPLQLVWUD]LRQHGHOODVRFLHWjVSHWWDDFLDVFXQVRFLRGLVJLXQWDPHQWHGDJOL DOWUL VRFL VH QRQ q SUHYLVWR GLYHUVDPHQWH QHO FRQWUDWWR GL VRFLHWj /DPPLQLVWUD]LRQHSXzHVVHUH HVHUFLWDWD LQ YLD FRQJLXQWLYD ( SRVVLELOH SUHYHGHUH FKH VROR DOFXQL VRFL VLDQRDPPLQLVWUDWRUL 'L UHJROD WXWWL L VRFL VRQR DPPLQLVWUDWRUL UHJROD GHURJDELOH $UW *OLDPPLQLVWUDWRULQRQVRQRPDQGDWDULPDKDQQRGLULWWLHGRQHULGHLPDQGDWDULVRQRUHVSRQVDELOLGHJOLDWWL SRVWL LQHVVHUH LQYLROD]LRQHGLXQD OHJJHRGHOFRQWUDWWRVRFLDOHFKHGHWHUPLQLQRGDQQRDOODVRFLHWj ( VRQR WHQXWL D ULVDUFLUH L GDQQL 5HQGLFRQWR GLULWWR DJOL XWLOL 3DUWHFLSD]LRQH D SURILWWL HSHUGLWHGHOODVRFLHWj6DOYRSDWWRFRQWUDULRXQDYROWDDSSURYDWRLOUHQGLFRQWRVHFLVRQRGHJOLXWLOLRJQL VRFLR KD GLULWWR DOOD VXD SHUFHQWXDOH GL XWLOL LQ SURSRU]LRQH DO YDORUH GHL FRQIHULPHQWL SHUFRQWUDWWRSXzHVVHUHVWDELOLWRGLYHUVDPHQWH,VRFLVRQRLOOLPLWDWDPHQWHUHVSRQVDELOLQHLFRQIURQWLGHL WHU]L 'HYRQR ULVSRQGHUH DQFKH ROWUH LO YDORUH GHL FRQIHULPHQWL HIIHWWXDWL $UW $UWLQGHURJDELOHGLYLHWRGHOSDWWROHRQLQR1RQVLSXzSUHYHGHUHFKHXQVRFLRDEELDVRORGLULWWRDJOLXWLOLHQRQVRSSRUWL OHSHUGLWHGHOODVRFLHWj5DSSRUWLGHOODVRFLHWjVHPSOLFHFRQL WHU]L&LDVFXQVRFLRDPPLQLVWUDWRUH KD SRWHUH GL UDSSUHVHQWDQ]D GHOOD VRFLHWj 5DSSUHVHQWDQ]D GD HVHUFLWDUH LQPDQLHUD GLVJLXQWLYD UHJROD GHURJDELOH5HVSRQVDELOLWjGHOOD VRFLHWjHGHL VRFLQHL FRQIURQWL GHLFUHGLWRUL VRFLDOL &LDVFXQ VRFLR q UHVSRQVDELOH LOOLPLWDWDPHQWH H VROLGDOPHQWH ( SRVVLELOHSUHYHGHUHSHUFHUWLVRFLODUHVSRQVDELOLWjOLPLWDWDDOYDORUHGHOFRQIHULPHQWRHVHJXLWR1RQGHYRQRHVVHUHVRFLDPPLQLVWUDWRUL/HVFOXVLRQHGHYHULVXOWDUHGDOFRQWUDWWRVRFLDOHHGHYHHVVHUQH IDWWDSXEEOLFLWj3ULPDGHYHHVVHUHXWLOL]]DWRLOSDWULPRQLRGHOODVRFLHWjHSRLTXHOORGHLVRFL,OFUHGLWRUHSXzFKLHGHUH LOSDJDPHQWRDGXQVRFLRPDTXHVWLSXz LQGLFDUHGHLEHQLGHOODVRFLHWjVXLTXDOL LO

  • ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    FUHGLWRUHSXzVRGGLVIDUVLDJHYROPHQWH5HVSRQVDELOLWjVROLGDOH'LULWWRDIDUVLULPERUVDUHGDJOLDOWULVRFLKDXQD]LRQHGLUHJUHVVRQHLFRQIURQWLGHJOLDOWULVRFL1HLFRQIURQWLGHLFUHGLWRULSDUWLFRODULGHOVRFLR6XOODVXDTXRWDLFUHGLWRULGHOVRFLRKDQQRSDUWLFRODULGLULWWL VHTXHVWUR FRQVHUYDWLYR OLTXLGD]LRQH GHOOD TXRWD GHO VRFLR GHELWRUH 7UDVIHULPHQWR GHOOHTXRWH QHOOH VRFLHWj GL SHUVRQH 6FLRJOLPHQWR SDU]LDOH YHUVR XQ VRFLR H WRWDOH GHOOD VRFLHWj$UW6FLRJOLPHQWRSDU]LDOHSHUPRUWHSHU UHFHVVRGHOVRFLRHSHUHVFOXVLRQH3HUPRUWHJOLDOWUL VRFL GHYRQR OLTXLGDUH OD TXRWD DJOL HUHGL VDOYR FKH L VRFL GHFLGDQR GL VFLRJOLHUH OD VRFLHWjRSSXUH SRVVRQR FRQWLQXDUH OD VRFLHWj FRQ JOL HUHGL VDOYR SDWWR FRQWUDULR &ODXVROD GLFRQVROLGD]LRQH ODTXRWDVDUj OLTXLGDWDDJOLHUHGL &ODXVRODGLFRQWLQXD]LRQHFRQJOLHUHGL LVRFLULPDQHQWL FRQWLQXHUDQQR ODVRFLHWjFRQJOLHUHGL &ODXVRODGLFRQWLQXD]LRQH IDFROWDWLYD JOLHUHGLVRQROLEHULGLVFHJOLHUHVHVXEHQWUDUHRSSXUHQR &ODXVRODGLFRQWLQXD]LRQHREEOLJDWRULD JOLHUHGLVRQR REEOLJDWL D VXEHQWUDUH QHOOD SRVL]LRQH GHO VRFLR &ODXVROD GL VXFFHVVLRQH DXWRPDWLFRLQJUHVVRGHJOLHUHGLQHOODSRVL]LRQHQHOODPELWRGHOODVRFLHWj8QDSHUVRQDQRQSXzGLYHQWDUHVRFLRLOOLPLWDWDPHQWHUHVSRQVDELOHGLXQDVRFLHWjVHQRQYXROH'LYLHWRGHOSDWWRVXFFHVVRULR1RQVLSXzGLVSRUUHSHUFRQWUDWWRGHOSURSULRSDWULPRQLRSHUFDXVDGLPRUWH/DWWRGLGLVSRVL]LRQHGHOSURSULRSDWULPRQLRSHUFDXVDGLPRUWHGHYHHVVHUHXQDWWRXQLODWHUDOH5HFHVVR6FLRJOLPHQWRGRYXWRDOODYRORQWjGHOVLQJRORVRFLR5HFHVVRXQLODWHUDOH3HULFRQWUDWWLDWHPSR LQGHWHUPLQDWR OLEHUR UHFHVVR FRQ SUHDYYLVR GL DOPHQR PHVL 6H OD VRFLHWj q D WHPSRGHWHUPLQDWRLOUHFHVVRqSRVVLELOHVRORSHUJLXVWDFDXVD(VFOXVLRQH(VFOXVLRQHGLGLULWWRVFLRJOLPHQWRGRYXWRDYRORQWjGHOODVRFLHWjRSHUFDXVDGLOHJJHR DXWRPDWLFD IDOOLPHQWR GHO VLQJROR VRFLR 8Q FUHGLWRUH GHO VRFLR RWWLHQH OD OLTXLGD]LRQH GHOODTXRWD (VFOXVLRQH IDFROWDWLYD DYYLHQH SHU YRORQWj GHOOD VRFLHWj JUDYL LQDGHPSLHQ]H GHOOHREEOLJD]LRQLFKHGHULYDQRGDOODOHJJHRGDOFRQWUDWWRVRFLDOHLQWHUGL]LRQHRLQDELOLWD]LRQHGHOVRFLRFRQGDQQD DG XQD SHQD FKH FRPSRUWD OLPLWD]LRQL DOOHVHUFL]LR GL SXEEOLFL XIILFL (VFOXVLRQH DPDJJLRUDQ]DRJQLVRFLRKDXQYRWRJLRUQLSHUIDUHULFRUVR6FLRJOLPHQWRGHOFRQWUDWWRVRFLDOH$UW 3HU GHFRUUHQ]D GHO WHUPLQH UDJJLXQJLPHQWR FRQVHJXLPHQWR GHOORJJHWWR VRFLDOHRSSXUHVHqVRSUDJJLXQWD OLPSRVVLELOLWjGLFRQVHJXLUORSHUYRORQWjGLWXWWL LVRFLTXDQGRYLHQHDPDQFDUH OD SOXUDOLWj GHL VRFL H QRQq ULFRVWLWXLWD HQWUR PHVL9HUUHEEHDPDQFDUH LOPRWLYR GLPDQWHQHUHODVRFLHWjSRLFKpVDUHEEHHTXLYDOHQWHDGXQLPSUHVDLQGLYLGXDOH'XUDWD GHWHUPLQDWD R LQGHWHUPLQDWD ,Q FDVR GL GXUDWD GHWHUPLQDWD LO WHUPLQH SXz HVVHUHSRVWLFLSDWR/LTXLGD]LRQHGHOODVRFLHWj ULVFRVVLRQHGHLFUHGLWLHVRGGLVIDFLPHQWRGLWXWWLLFUHGLWRUL,OSDWULPRQLRGHOOD VRFLHWj YDXWLOL]]DWRSHU LO SDJDPHQWRGHL FUHGLWRUL1RPLQDGHL OLTXLGDWRUL DOOXQDQLPLWj6HQRQ VL ULHVFH VDUDQQR QRPLQDWL GDO WULEXQDOH 'RYUDQQR ULVFXRWHUH FUHGLWL H SURYYHGHUH DOSDJDPHQWRGHL FUHGLWRUL6H LO SDWULPRQLRQRQqVXIILFLHQWH UHVSRQVDELOLWjVXVVLGLDULDGHL VRFL6LFKLHGHUDQQRDLVRFLGHLFRQWULEXWL LQSURSRU]LRQHDOOHORURTXRWH6HLQYHFHLOSDWULPRQLRVRFLDOHqVXIILFLHQWHDSDJDUHLGHELWLUHVWLWX]LRQHDLVRFLGHLFRQIHULPHQWL,OVRFLRGRSHUDQRQKDGLULWWRDOODUHVWLWX]LRQHGLQHVVXQFRQIHULPHQWR6HGRSRODUHVWLWX]LRQHGHLFRQIHULPHQWLULVXOWDQRDQFRUDGHLYDORUL DOORUD YDQQR ULSDUWLWL WUD L VRFL LQ SURSRU]LRQH DOOH ORUR TXRWH H TXL KD GLULWWR DQFKH LOSUHVWDWRUHGRSHUD

    62&,(7$,1120(&2//(77,92$UW6RFLHWj FRPPHUFLDOH FRPH GLVFLSOLQD H GL WLSR FRPPHUFLDOHPD SXz VYROJHUH DQFKHDWWLYLWjDJULFROD2EEOLJRGLLVFUL]LRQHQHOUHJLVWURGHOOHLPSUHVH/DIRUPDGHOFRQWUDWWRqOLEHUD0DDL ILQLGHOOLVFUL]LRQHQHO UHJLVWURGHOOH LPSUHVHGHYHHVVHUHXQDWWRSXEEOLFRRSSXUHXQDVFULWWXUDSULYDWDDXWHQWLFDWD6RFLHWjQRQ LVFULWWDVRFLHWj LQQRPHFROOHWWLYR LUUHJRODUH&DSLWDOHVRFLDOH VRPPDGHLFRQIHULPHQWLGHLVRFL/DVRFLHWjQRQSXzDYHUHGXUDWDDWHPSRLQGHWHUPLQDWR4XHVWHVRFLHWjSRVVRQRDYHUHVHGLVHFRQGDULH'LYLHWRGLFRQFRUUHQ]DGLFLDVFXQVRFLRULVSHWWRDOODWWLYLWjGHOODVRFLHWj1RQSXzHVVHUHVRFLRLOOLPLWDWDPHQWHUHVSRQVDELOHGLXQDOWUDVRFLHWjLQFRQFRUUHQ]DLO VRFLR GHOOD VRFLHWj LQ QRPHFROOHWWLYR$UW ULSDUWL]LRQHVROR SHU XWLOL UHDOPHQWH FRQVHJXLWLGHYRQR SULPD HVVHUH FRSHUWH OH SHUGLWH GHJOL HVHUFL]L SUHFHGHQWL 3ULQFLSLR GHOODXWRQRPLD

  • ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    SDWULPRQLDOH SLDFFHQWXDWR ULVSHWWRDOOD VRFLHWj VHPSOLFH%HQHILFLRGL SUHYHQWLYDHVFXVVLRQH ,OFUHGLWRUHGHOODVRFLHWjQRQSXzULYROJHUVLDOVRFLRVHSULPDQRQKDWHQWDWRGLDJJUHGLUHLOSDWULPRQLRVRFLDOH GHOOD VRFLHWj 6H LO SDWULPRQLR ULVXOWD LQVXIILFLHQWH DOORUD LO FUHGLWRUH SRWUj FKLHGHUH LOSDJDPHQWRDLVLQJROLVRFL,FUHGLWRULGHOVLQJRORVRFLRSRVVRQRRWWHQHUHODOLTXLGD]LRQHGHOODTXRWDGHO VRFLRVRORDOOR VFLRJOLPHQWRGHOOD VRFLHWjSRWUDQQR LQWDQWR ULVFXRWHUHJOLXWLOL HDWWXDUHD]LRQLFRQVHUYDWLYH GHOOD TXRWD ,Q FDVR GL SURURJD GHOOD VRFLHWj L FUHGLWRUL SDUWLFRODUL GHO VRFLR KDQQRGLULWWRDFKLHGHUHODOLTXLGD]LRQHGHOODTXRWD1HL FRQIURQWL GHL WHU]L FLDVFXQ VRFLR q VHPSUH LOOLPLWDWDPHQWH H VROLGDOPHQWH UHVSRQVDELOH 1HLUDSSRUWLLQWHUQLDOFXQLVRFLSRVVRQRHVVHUHUHVSRQVDELOLOLPLWDWDPHQWHDLVROLFRQIHULPHQWL&RQWUDWWRVRFLDOHPRGLILFDELOHDOOXQDQLPLWj ,QFDVRGLSURURJD LPSOLFLWDR WDFLWDqSRVVLELOHSHU LOVLQJRORVRFLRUHFHGHUHGDOODVRFLHWj,QFDVRGLSURURJDHVSOLFLWDFLYXROHOXQDQLPLWj/HPRGLILFKHYDQQRLQGLFDWHQHOUHJLVWURGHOOHLPSUHVHDFXUDGHJOLDPPLQLVWUDWRUL5LGX]LRQH GHO FDSLWDOH VRFLDOH QRPLQDOH 9DORUH GHO FDSLWDOH VRFLDOH VSURSRU]LRQDWR ULVSHWWRDOORJJHWWRVRFLDOH,FUHGLWRULGHOODVRFLHWjKDQQRGLULWWRGLSURPXRYHUHRSSRVL]LRQHDOODULGX]LRQHGHOFDSLWDOHVRFLDOHSUHVVRLOWULEXQDOHLQFDVRULWHQJDQRWDOHULGX]LRQHSUHJLXGL]LHYROHQHLFRQIURQWLGHLORURFUHGLWL6L SUHVXPH OD UDSSUHVHQWDQ]D HVHUFLWDWD LQ YLD GLVJLXQWD VDOYR GLYHUVD SDWWXL]LRQH (UHVSRQVDELOLWj GHOODPPLQLVWUDWRUH OD FXUD GHOOH VFULWWXUH FRQWDELOL REEOLJDWRULH SHU OH LPSUHVHFRPPHUFLDOL6FLRJOLPHQWR GHOOD VRFLHWj LQ QRPH FROOHWWLYR DOWUL PRWLYL ROWUH D TXHOOL SHU OD VRFLHWj VHPSOLFHVFLRJOLPHQWR GD SDUWH GHOODXWRULWj JRYHUQDWLYDDPPLQLVWUDWLYD SHU YLROD]LRQL GL OHJJH SHUIDOOLPHQWR GHOOD VRFLHWj VH KDRJJHWWR FRPPHUFLDOH6FLRJOLPHQWRDSHUWXUDGHOODSURFHGXUDGLOLTXLGD]LRQH SDJDPHQWR GHL FUHGLWRUL ,O FRQWUDWWR VRFLDOH SRWUHEEH SUHYHGHUH XQ VLVWHPD GLOLTXLGD]LRQH'RSRLOSDJDPHQWRGHLFUHGLWRULLOLTXLGDWRULGHYRQRUHGLJHUHXQSLDQRGLULSDUWRGHOODOLTXLGD]LRQHFKHGHYHHVVHUHDSSURYDWRGDL VRFL$SSURYD]LRQH WDFLWDVHQRQYHQJRQRVROOHYDWHPR]LRQLHQWURPHVL6HFLVRQRPR]LRQLVLSXzULFRUUHUHDOWULEXQDOH&DQFHOOD]LRQHGHOODVRFLHWjGDOUHJLVWURGHOOHLPSUHVH/DFDQFHOOD]LRQHGHOODVRFLHWjqXQDWWRIRUPDOH'RSRODFDQFHOOD]LRQHLFUHGLWRULVRFLDOLFKHVRQRULPDVWLLQVRGGLVIDWWLKDQQRD]LRQHGLUHWWDQHLFRQIURQWLGHLVRFL(VWLQ]LRQHGHOODVRFLHWj$UW OHJJH IDOOLPHQWDUH HVWLQ]LRQHGHOOLPSUHVDqSRVVLELOHFKLHGHUH LOIDOOLPHQWR HQWUR XQ DQQR GDOOHVWLQ]LRQH GHOOD VRFLHWj 3HU DOFXQL HVWLQ]LRQH GHOOD VRFLHWj FDQFHOOD]LRQH GDO UHJLVWUR GHOOH LPSUHVH 3HU OD PDJJLRUDQ]D OHVWLQ]LRQH q TXDQGR VRQR VWDWLSDJDWLWXWWLLFUHGLWRULVRFLDOL(VWLQ]LRQHGHOOHSRVL]LRQLDWWLYHHSDVVLYH,QFDVRSDWULPRQLRVRFLDOHHGHLVRFLQRQEDVWLLFUHGLWRULQRQVRQRVRGGLVIDWWLHTXLQGLVLSRWUjVHPSUHFKLHGHUHLOIDOOLPHQWR,OIDOOLPHQWRGHOODVRFLHWjGLSHUVRQHqDQFKHLOIDOOLPHQWRGHLVLQJROLVRFL&DPSREDVVRFULWLFDTXHVWDWHRULD SUHYDOHQWH LQ JLXULVSUXGHQ]D 1RQ VL GHYH IDU ULIHULPHQWR QH DOOD FDQFHOOD]LRQH QH DOVRGGLVIDFLPHQWR GL WXWWL L FUHGLWRUL 0D VL GHYH IDUH ULIHULPHQWR DOOD IDVH GL GLVJUHJD]LRQH GHOFRPSOHVVRD]LHQGDOHFULWHULRVRVWDQ]LDOH'LVFLSOLQDGHOODVRFLHWjLQQRPHFROOHWWLYRLUUHJRODUH,UDSSRUWL WUDFUHGLWRULHVRFLVRQRGLVFLSOLQDWLFRPHQHOOD VRFLHWj VHPSOLFH3HU OD UDSSUHVHQWDQ]DYDOH ODGLVFLSOLQDGHOOD VRFLHWj VHPSOLFH6LDSSOLFDODGLVFLSOLQDJHQHUDOHSHUODSUHVFUL]LRQHGHLGLULWWLFRQWUDWWXDOLDQQLHVSHULGLULWWLVXJOLXWLOLFRPHQHOODVRFLHWjVHPSOLFHPHQWUHQHOODVRFLHWjLQQRPHFROOHWWLYRUHJRODUHGLULWWRVXJOLXWLOLVLSUHVFULYH LQDQQL ,QPROWL FDVLqSUHYLVWRXQ WHUPLQHQHOFRQWUDWWRVRFLDOHSHU OHVHUFL]LRGLTXHVWLGLULWWLPLQRUHGLTXHOORSUHYLVWRGDOOHJLVODWRUH62&,(7$,1$&&20$1',7$6(03/,&(6RFL DFFRPDQGDQWL VRFL D UHVSRQVDELOLWj OLPLWDWD H VRFL DFFRPDQGDWDUL VRFL D UHVSRQVDELOLWjLOOLPLWDWD$UW /HTXRWHQRQSRVVRQRHVVHUH UDSSUHVHQWDWHGDD]LRQL6RFL FKH LQWHQGRQRSDUWHFLSDUH DWWLYDPHQWH DOOD JHVWLRQH GHOOD VRFLHWj 6RFL ILQDQ]LDWRUL FKH LQYHVWRQR QRQ VLRFFXSDQRGHOODJHVWLRQHPDKDQQRIXQ]LRQLGLFRQWUROOR&RQWUDWWR GL DVVRFLD]LRQH LQ SDUWHFLSD]LRQH $UW $VVRFLDQWH LPSUHQGLWRUH DVVRFLDWRIRUQLVFHXQDSSRUWR3DUWHFLSDDJOLXWLOLPDGLVROLWRVLVWDELOLVFHQHOFRQWUDWWRFKHSDUWHFLSHUjDOOHSHUGLWHFRQLOOLPLWHGLXQDFHUWDSHUFHQWXDOHHODSHUGLWDQRQSXzPDLHVVHUHVXSHULRUHDOODSSRUWRFRQIHULWR/DVVRFLDWRKDPHQRSRWHULGLFRQWUROORULVSHWWRDOVRFLRDFFRPDQGDQWHQHOODVRFLHWj LQDFFRPDQGLWDVHPSOLFH6RFL DFFRPDQGDWDULFRPH QHOOD VRFLHWj LQ QRPH FROOHWWLYR KDQQR LO GLULWWR GL JHVWLUH OD VRFLHWj$UW ODPPLQLVWUD]LRQH GHOOD VRFLHWj SXz HVVHUH FRQIHULWD VROR DL VRFL DFFRPDQGDWDUL TXLQGL

  • ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    QRQSRVVRQRHVVHUHDPPLQLVWUDWRUL LVRFLDFFRPDQGDQWLH L WHU]L1HOODVRFLHWj LQQRPHFROOHWWLYRXQWHU]RSXzHVVHUHDPPLQLVWUDWRUHDJLUjFRPHVHIRVVHXQLVWLWRUHGHOODVRFLHWj, SULPL DPPLQLVWUDWRUL VRQR QRPLQDWL QHOODWWR FRVWLWXWLYR 4XHVWL SRVVRQR HVVHUH UHYRFDWL FRQ LOFRQVHQVR GL WXWWL L VRFL SRLFKp q XQD PRGLILFD GHOODWWR FRVWLWXWLYR 3HU QRPLQDUQH GL QXRYL RVRVWLWXLUOL FRQVHQVR GL WXWWL JOL DFFRPDQGDWDUL H GHJOL DFFRPDQGDQWL FKH UDSSUHVHQWLQR ODPDJJLRUDQ]D GHO FDSLWDOH VRFLDOH *OL DFFRPDQGDQWL QRQ SRVVRQR HVVHUH DPPLQLVWUDWRUL QRQSRVVRQRJHVWLUHR UDSSUHVHQWDUH ODVRFLHWj3RVVRQRSUHVWDUHRSHUDRDWWLPDVRWWR ODGLUH]LRQHGHJOLDPPLQLVWUDWRUL3RVVRQRFRPSLHUHDWWLGLLVSH]LRQH,VRFLDFFRPDQGDQWLQRQSRVVRQRSRUUHLQ HVVHUH DWWL GL JHVWLRQH 6H OR IDQQR GLYHQWDQR VRFL LOOLPLWDWDPHQWH UHVSRQVDELOL SHU WXWWH OHREEOLJD]LRQLGHOODVRFLHWjDQFKHSUHFHGHQWLDOODWWRGHOODFFRPDQGDQWH1HLFRQIURQWLGHLWHU]LSHUGHLO EHQHILFLR GHOOD UHVSRQVDELOLWj OLPLWDWD0D QHL FRQIURQWL GHOOLQWHUQR GHOOD VRFLHWj "1HL UDSSRUWLYHUVR L WHU]L LOVRFLRUHVWDDUHVSRQVDELOLWj LOOLPLWDWDHKDD]LRQHGLUHJUHVVRQHLFRQIURQWLGHLVRFLDFFRPDQGDWDUL3HUODJLXULVSUXGHQ]DLQYHFHLOVRFLRqDUHVSRQVDELOLWjLOOLPLWDWDDQFKHQHLUDSSRUWLLQWHUQL$UWVRFLRDFFRPDQGDQWHFKHDFFRQVHQWDFKHQHOOD UDJLRQHVRFLDOHYHQJD LQVHULWR LOVXRQRPH$QFKH LQTXHVWRFDVRQHLFRQIURQWLGHLWHU]L LOVRFLRGLYHQWDDUHVSRQVDELOLWj LOOLPLWDWD1RQSRVVRQRDSSURYDUHLOELODQFLRSRLFKpqXQDWWRGLJHVWLRQH7UDVIHULPHQWRGHOODTXRWDSHULVRFLDFFRPDQGDWDULPLQRUHOLEHUWjULVSHWWRDLVRFLDFFRPDQGDQWL/DTXRWDGHJOLDFFRPDQGDQWLSXzHVVHUHFHGXWDFRQDSSURYD]LRQHGHOODPDJJLRUDQ]DGHLVRFL,OWUDVIHULPHQWRGHOODTXRWDSHUPRUWLVFDXVDqOLEHUR6FLRJOLPHQWRGHOODVRFLHWj6HYHQJRQRDPDQFDUHJOLDFFRPDQGDWDUL$UWHLQPHVLQRQVLqULFRVWLWXLWDODFDWHJRULDGHJOLDFFRPDQGDWDUL,QTXHVWLPHVLVLQRPLQDDPPLQLVWUDWRUHXQVRFLRDFFRPDQGDQWH R XQ WHU]R FKH SRWUj FRPSLHUH DWWL GL RUGLQDULD DPPLQLVWUD]LRQH VHQ]D GLYHQWDUHVRFLRLOOLPLWDWDPHQWHUHVSRQVDELOH6RFLHWjLQDFFRPDQGLWDVHPSOLFHLUUHJRODUHDWWRFRVWLWXWLYRQRQLVFULWWRQHOUHJLVWURGHOOHLPSUHVH4XDOXQTXH WLSRGLDWWRGL LPPLVWLRQHGHJOLDFFRPDQGDQWLFRPSRUWD ODSHUGLWDGHOODUHVSRQVDELOLWjOLPLWDWDDQFKHVHFqXQDSURFXUD(SUHVXQWRLOSRWHUHGLUDSSUHVHQWDQ]DSHUWXWWLLVRFL62&,(7$',)$772 ,O FRQWUDWWRGL VRFLHWjqXQ FRQWUDWWR FKHQRQ ULFKLHGH OD FRQVDSHYROH]]DGHOOHSDUWL FKHFLzFKHVWDQQRPHWWHQGR LQHVVHUHqXQFRQWUDWWRGLVRFLHWj EDVWDQR LFRPSRUWDPHQWLDVVRJJHWWDELOLDOODGLVFLSOLQDGHOOHVRFLHWj6HQRQqVWDWRVFHOWRXQWLSRSDUWLFRODUHVLDVVRJJHWWDDOUHJLPHGLEDVH6HKDRJJHWWRFRPPHUFLDOHVRFLHWjLQQRPHFROOHWWLYRLUUHJRODUH6HQRQKDRJJHWWRFRPPHUFLDOHVRFLHWjVHPSOLFH3HU LO OHJLVODWRUHVRQRVRFLHWjGL IDWWR OHVRFLHWjQRQ UHJLVWUDWHPDFKHULVXOWDQRGD XQFRQWUDWWRVFULWWRHQRQVRORGDXQPHURFRPSRUWDPHQWRHGDIDWWLFRQFOXGHQWL6HFLVRQRFRQIHULPHQWLFKHULFKLHGRQR XQD FHUWD IRUPD LPPRELOL DOORUD TXHOOD IRUPD VL DSSOLFD DO FRQWUDWWR 7HRULD GHOODFRQYHUVLRQHGHOQHJR]LRQXOOR(QXOOR LO FRQWUDWWRPDYLHQHFRQYHUWLWR LQXQFRQWUDWWRSHUFXL ODIRUPDqOHJDOHFRQIHULPHQWRLQIUDQRYHQQDOHGHOOLPPRELOHFKHQRQULFKLHGHODIRUPDGHOODYHQGLWDGLLPPRELOH62&,(7$ 2&&8/7$ )DOOLPHQWR GHOOD VRFLHWj GL SHUVRQH $UW FRPPD GHOOD OHJJHIDOOLPHQWDUH(VWHQVLRQHGHOIDOOLPHQWRGHOODVRFLHWjDLVRFLDUHVSRQVDELOLWjLOOLPLWDWD$QFKHLVRFLVHSDUDWDPHQWH IDOOLVFRQR4XHVWL IDOOLPHQWLVRQRSHURFROOHJDWL0DQRQqYHURFKHVLYHULILFDXQXQLFR IDOOLPHQWRQH 3Xz DFFDGHUH FKH VL VFRSUDQR GHL VRFL GHL TXDOL QRQ VL VDSHYD OHVLVWHQ]D9LHQHHVWHVRLOIDOOLPHQWRDQFKHDOVRFLRRFFXOWR6HFRQGRDOFXQLDXWRULLOIDOOLPHQWRLQDXWRPDWLFRGHO VRFLR RFFXOWR q XQD VRUWD GL VDQ]LRQH FKH FROSLVFHTXHVWL VRFL SHUFKpQRQKDQQRDLXWDWR ODVRFLHWjDVDOYDUVL8QDOWUDWHRULDYHGHQHOIDOOLPHQWRGHOVRFLRRFFXOWRLOSULQFLSLRVHFRQGRLOTXDOHOD SDUWHFLSD]LRQH DOOD VRFLHWj QRQ GLSHQGH GDOODYHU HVWHULRUL]]DWR OD SURSULD SRVL]LRQH PDGDOOHVHUFL]LR HIIHWWLYR GHO SRWHUH DOOLQWHUQR GHOOD VRFLHWj 7HRULD GHOOLPSUHQGLWRUH RFFXOWR 'HYHIDOOLUHDQFKHOLPSUHQGLWRUHRFFXOWR7XWWLLVRFLVRQRFRLPSUHQGLWRULHSHUTXHVWRQRQqQHFHVVDULDODVSHQGLWDGHOQRPH6RFLHWjRFFXOWD PDQWHQHUH OHVLVWHQ]DGHOODVRFLHWjRFFXOWD$JOLRFFKLGHLWHU]L Fq XQLPSUHVD XQLSHUVRQDOH /D JLXULVSUXGHQ]D WUDWWD TXHVWD VRFLHWj RFFXOWD FRPH XQDVRFLHWj QRQ FRPHXQLPSUHVD LQGLYLGXDOH6LGLFKLDUD LO IDOOLPHQWRGHOOD VRFLHWjGHOOLPSUHQGLWRUHLQGLYLGXDOH H GHL VRFL RFFXOWL 3HUFKp PDL DOORUD QRQ GRYUHEEH IDOOLUH OLPSUHQGLWRUH RFFXOWR

  • ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    LPSUHQGLWRUH FKH VL VHUYH GL XQ SUHVWDQRPH 6L GHYH SURYDUH FKH WUD LPSUHQGLWRUH RFFXOWR HLPSUHQGLWRUHSDOHVHHVLVWHXQDVRFLHWj62&,(7$ $33$5(17( 6H VRQR VWDWL WHQXWL FRPSRUWDPHQWL FKH KDQQR IDWWR SHQVDUH DL WHU]LOHVLVWHQ]DGLXQDVRFLHWj/DJLXULVSUXGHQ]DFRQVLGHUDHVLVWHQWH ODVRFLHWjDQFKHVHVLGLPRVWUDFKHQRQFqSXUFKpGLDOLPSUHVVLRQHGLHVVHUFL62&,(7$',3(5621(3$57(&,3$7('$62&,(7$',&$3,7$/, 6RFLHWjGLIDWWRWUDVRFLHWjGLFDSLWDOL "9LQFHODWHVLFRQWUDULDDTXHVWDWHRULD6RFLHWjGLSHUVRQHFRQXQRRSLVRFLFKHVRQRSHUVRQHJLXULGLFKH "/DGRWWULQDqRVWLOHDTXHVWDWHRULD /D JLXULVSUXGHQ]D q PROWR RVFLOODQWH 6L YHUUHEEH PHQR DO SULQFLSLR GHOOD UHVSRQVDELOLWjLOOLPLWDWDGHLVRFL "12,OYHURDUJRPHQWRqTXHOORGHOODIURGHDOODOHJJH/DVRFLHWjGLSHUVRQHSXzDJLUHFRQPDVVLPDOLEHUWjGLIRUPD6HVLXVDQRFRPHVRFLVRFLHWjGLFDSLWDOLHVLVWHXQDIURGHDOODOHJJHSRLFKp LO VRFLRGHOODVRFLHWjGLFDSLWDOLJRGHUHEEHVLDGHOOD UHVSRQVDELOLWj OLPLWDWDVLDGHOODVWUXWWXUD SL VQHOOD GHOOH VRFLHWj GL SHUVRQH /H VRFLHWj GL FDSLWDOL SRVVRQR SHUz HVVHUH VRFLDFFRPDQGDQWL62&,(7$18//$ /DOHJJHSHUOHVRFLHWjGLSHUVRQHWDFHULJXDUGRDOODQXOOLWj6LDSSOLFDLOGLULWWRFRPXQH OH UHJROH WLSLFKHGHOFRQWUDWWRQXOOR/DQXOOLWjq LPSUHVFULWWLELOHq LQVDQDELOH ODSXz IDUYDOHUH FKLXQTXH YL DEELD LQWHUHVVH 7UDYROJH L GLULWWL DQFKH GHL WHU]L FKH LQ VHJXLWR VRQR HQWUDWLQHOOHIIHWWRGHOODWWR LQEXRQDIHGH6L ULWHQJRQRDSSOLFDELOLSHUDQDORJLDOHQRUPHVXOODQXOOLWjGHOOHVRFLHWjGLFDSLWDOLGD SDUWHGHOODJLXULVSUXGHQ]D1RQqFRQIRUPHDLSULQFLSL6LJXDUGDDOORUDVHQHOODUFRGHOODORURHVLVWHQ]DQRQVLDQRFRQVLGHUDELOLFRPHVRFLHWjGLIDWWR62&,(7$',&$3,7$/, 63$65/62&,(7$,1$&&20$1',7$3(5$=,21,63$ $UW ULVSRQGH VROR OD VRFLHWj FRQ LO VXR SDWULPRQLR /H TXRWH VRQR UDSSUHVHQWDWH GDD]LRQL 1RQ q GHWWR FKH YHQJDQR HPHVVL FHUWLILFDWL LQ IRUPD FDUWDFHD /DFTXLUHQWH GHO FUHGLWRVXEHQWUDQHOODSRVL]LRQHGHOSULPRFUHGLWRUH3HUOHD]LRQLDFTXLVLVFHOD]LRQHFKLQHKDLOSRVVHVVRLQEXRQDIHGH7LWROLGLFUHGLWR/DFTXLUHQWHLQEXRQDIHGHGHOOHD]LRQLFRQSRVVHVVRTXDOLILFDWRHTXLQGLPRGDOLWjSURSULHGHOUHJLPHGLFLUFROD]LRQHGHOOHD]LRQLGLYHQWDSURSULHWDULRDWLWRORRULJLQDULR8QD VRFLHWj SHU D]LRQL SXz GHFLGHUH GL QRQ HPHWWHUH D]LRQL FLz SUHFOXGH ODSSOLFDELOLWj GHOODGLVFLSOLQDGHOODFLUFROD]LRQHGHLWLWROLGLFUHGLWR'DOJHQQDLRLWLWROLHPHVVLGDOOH63$VRQRVPDWHULDOL]]DWL SHU OH SL LPSRUWDQWL 63$ LWDOLDQH4XHVWR UHQGHDQFRUD SRVVLELOH ODSSOLFD]LRQHGHOOHUHJROHUHODWLYHDOODFLUFROD]LRQHGHLWLWROLGLFUHGLWR "3UREDELOPHQWHVDUDQQRDQFRUDDSSOLFDWH6WLSXOD]LRQHGHOODWWRFRVWLWXWLYR RPRORJD]LRQHGDSDUWHGHOODXWRULWjJLXGL]LDULDGHOODWWRFRVWLWXWLYR UHJLVWUD]LRQHQHOUHJLVWURGHOOHLPSUHVHGHOODWWRFRVWLWXWLYR/D63$qSHUIH]LRQDWDHGHVLVWHVRORDOODUHJLVWUD]LRQHQHOUHJLVWURGHOOHLPSUHVH(REEOLJDWRULDDQFKHODSXEEOLFD]LRQHFRQSXEEOLFLWjQRQFRVWLWXWLYDPDGLFKLDUDWLYDVXOODJD]]HWWDXIILFLDOHGHOOHVRFLHWjDUHVSRQVDELOLWj OLPLWDWD %86$5/3HU OHVRFLHWjGLSHUVRQHEDVWDFRPSRUWDUVL LQPRGRFRQFOXGHQWHSHUIDUQDVFHUHLOYLQFRORGLVRFLHWj3HUOHVRFLHWjSHUD]LRQLQRQVLSURGXFHOHIIHWWRUHDOHDPHQRFKHVLDFRPSOHWDWRWXWWROLWHU/HQWHQRQ QDVFH FRQ OD VWLSXOD GHOODWWR FRVWLWXWLYRPD FRQ OD UHJLVWUD]LRQH QHO UHJLVWUR GHOOH LPSUHVH/DWWRFRVWLWXWLYRGHYHHVVHUHVWLSXODWRQHOODIRUPDGHOODWWRSXEEOLFR/DWWRQRQqGHOOHSDUWLPDqGHOQRWDLRHDIIHUPDODYRORQWjPDQLIHVWDWDGDOOHSDUWL$WWRSXEEOLFRSDUWHDWWRFRVWLWXWLYRVLLGHQWLILFDQRJOLDPPLQLVWUDWRULHLVLQGDFLSDUWHVWDWXWRUHJROHGLIXQ]LRQDPHQWRGHOIXWXURHQWH$UWFRQWHQXWRPLQLPRGHOODWWRFRVWLWXWLYRQHOVXRFRPSOHVVR GHQRPLQD]LRQHQRQVDUjQHFHVVDULDPHQWH OD GLWWD FRQ FXL VL HVHUFLWD OLPSUHVD VHGH HG HYHQWXDOL VHGL VHFRQGDULHGHILQL]LRQHGHOORJJHWWRVRFLDOHGHVFUL]LRQHGHOSURJUDPPD1RQVRQRDPPHVVHLQGDJLQLLQIDVHGLRPRORJD]LRQHVXOODHYHQWXDOHGLYHUJHQ]DWUDRJJHWWRVRFLDOHHDWWLYLWjUHDOPHQWHHVHUFLWDWD$PPRQWDUH GHO FDSLWDOH VRFLDOH LO YDORUH QRPLQDOH H LO QXPHUR GHOOH D]LRQL H VH TXHVWH VRQRQRPLQDWLYH R DO SRUWDWRUH LO YDORUH GHL FUHGLWL H GHL EHQL FRQIHULWL LQ QDWXUD q QHFHVVDULD XQDYDOXWD]LRQHSHULEHQLGLYHUVLGDOGHQDURQRUPHVHFRQGROHTXDOLJOLXWLOLGHYRQRHVVHUHULSDUWLWL7XWWLJOLDPPLQLVWUDWRULSRVVRQRJHVWLUHRGHFLGHUHSRWHUHGLDPPLQLVWUD]LRQHPDQRQWXWWLKDQQRLO SRWHUHGL UDSSUHVHQWDQ]DSHU L UDSSRUWL HVWHUQLDOODVRFLHWj/DPPLQLVWUD]LRQHVSHWWDD WXWWLJOLDPPLQLVWUDWRULFRQJLXQWDPHQWH

  • ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    ,OQXPHURGHLFRPSRQHQWL LO FROOHJLRVLQGDFDOH GLVSDUL ODGXUDWDGHOODVRFLHWj OLPSRUWRJOREDOHDSSURVVLPDWLYRGHOOHVSHVHQHFHVVDULHSHUODFRVWLWX]LRQHGHOODVRFLHWjGDDGGHELWDUHDOODVRFLHWj &RVWLWX]LRQHVLPXOWDQHD &RVWLWX]LRQHSHUSXEEOLFDVRWWRVFUL]LRQH&RVWLWX]LRQHVLPXOWDQHD LPSRUWD LOVRGGLVIDFLPHQWRGLDOFXQLUHTXLVLWL)LVVD]LRQHSHUSDWWRGLXQD FLIUD FKH QRQ SXz HVVHUH LQIHULRUH D 7XWWR LO FDSLWDOH GHYH HVVHUHVRWWRVFULWWR &RQIHULPHQWL SDUL DOOD FLIUD SDWWXLWD 'HYH HVVHUH YHUVDWD XQD TXRWD GHL GHOFDSLWDOHVRWWRVFULWWR ,O YHUVDPHQWRYD IDWWRSUHVVRXQ LVWLWXWRGLFUHGLWRVXGLXQFRQWRYLQFRODWRILQRDOOLVFUL]LRQHGHOODVRFLHWjQHOUHJLVWURGHOOHLPSUHVH$XWRUL]]D]LRQH JRYHUQDWLYD SHU DWWLYLWj EDQFDULD DVVLFXUDWLYD VRFLHWj GL LQWHUPHGLD]LRQHILQDQ]LDULD VHWWRUL GHOOHQHUJLD H GHOOH WHOHFRPXQLFD]LRQL $XWRUL]]D]LRQH DOOD FRVWLWX]LRQH RDXWRUL]]D]LRQH DOORPRORJD]LRQH R DXWRUL]]D]LRQH SHU OLQL]LR GHOODWWLYLWj 3HU OH EDQFKHODXWRUL]]D]LRQH q FRVWLWXWLYD 3HU OH 63$ FKH VYROJRQR DWWLYLWj DVVLFXUDWLYD R DWWLYLWjVSRUWLYDODXWRUL]]D]LRQH q DOORPRORJD]LRQH&RQWUROOR QRQ SHU OHPLVVLRQH GL D]LRQL WLSLFKHPDSHUOHPLVVLRQHGLSURGRWWLILQDQ]LDULDWLSLFL(IIHWWLGHOODFRVWLWX]LRQH LQGLVSRQLELOLWjGHLFRQIHULPHQWLHIIHWWXDWLVLSRVVRQRUHFXSHUDUHVHGRSRXQDQQROLWHUGLIRUPD]LRQHGHOODVRFLHWjQRQqDQFRUDFRPSOHWDWR2EEOLJRDFDULFRGHOQRWDLRGLIDURPRORJDUHODWWRFRVWLWXWLYRVHLOQRWDLRQRQORIDOREEOLJRVSHWWDDQFKHDJOL DPPLQLVWUDWRUL VH QHSSXUH TXHVWL SRUWDQR LO FRQWUDWWRDO WULEXQDOHSHU ORPRORJD]LRQHDOORUDFLDVFXQVRFLRSXzSRUWDUORSHUORPRORJD]LRQH&RQWUROOR GHOODXWRULWj JLXGL]LDULD VXOODWWR FRVWLWXWLYR q XQ FRQWUROOR GL OHJDOLWj QRQ GL PHULWR/DXWRULWjQRQSXzHVSULPHUHJLXGL]LVXOODVROLGLWjGHOSURJUDPPDVXOODFRQJUXHQ]DGHOFDSLWDOH,OFRQWUROORGLPHULWRFqSHUOHDVVRFLD]LRQLULFRQRVFLXWH,OFRQWUROORQRQFqSHUOHDVVRFLD]LRQLQRQULFRQRVFLXWH&RQIRUPLWjDOODOHJJHQRQVRORIRUPDOHPDDQFKHVRVWDQ]LDOH&RQIRUPLWjDOODOHJJHGHO FRQWHQXWR GHOODWWR FRVWLWXWLYR FRPSUHQVLYR GHOOR VWDWXWR ,O FRQWUROOR q VROR GL OHJDOLWj PDULJXDUGD RJQL DVSHWWR GHOOD OHJDOLWj QRQ GLSHQGH GDOOD JUDYLWj GHOOD YLROD]LRQH GL OHJJH1RQRVWDQWH ORPRORJD VL SRWUj VHPSUH IDU YDOHUH LO YL]LR H VRVWLWXLUH OD FODXVROD LOOHJDOH FRQ ODGLVSRVL]LRQHGLOHJJH/RPRORJDQRQVDQDODWWRFRVWLWXWLYR/RPRORJDFRQVHQWHOLVFUL]LRQH)LQRDOOLVFUL]LRQH YL q XQD YDOXWD]LRQH VXOOD FRQIRUPLWj DOOD OHJJH FRQ SRVVLELOLWj ILQR DOOLVFUL]LRQH GLULSHQVDPHQWR GD SDUWH GHO JLXGLFH 'RSR FKH OLVFUL]LRQH q VWDWD HIIHWWXDWD QRQ VL SXz SLPRGLILFDUHODWWRFRVWLWXWLYRFRQLSURYYHGLPHQWLUHODWLYLDOORPRORJDVLSXzSHUzIDUYDOHUHODQXOOLWjGHOODWWR FRVWLWXWLYR HTXLQGL OD QXOOLWj GHOOD VRFLHWj RSSXUH VL SXz IDU YDOHUH OD QXOOLWj GL VLQJROHFODXVROH'LVFLSOLQD GHOOH RSHUD]LRQL FRPSLXWH WUD VWLSXOD GHOODWWR FRVWLWXWLYR H LVFUL]LRQH QHO UHJLVWUR GHOOHLPSUHVH2SHUD]LRQL FRPSLXWH LQ QRPHGHOOD VRFLHWj$UWFRQ OLVFUL]LRQH OD VRFLHWjGLYHQWDSHUVRQD JLXULGLFD 3HU OH RSHUD]LRQL SUHFHGHQWL VRQR VROLGDOPHQWH H LOOLPLWDWDPHQWH UHVSRQVDELOLFRORURFKHKDQQRDJLWR5LVSRQGRQRFRORURFKHKDQQRDYXWRFRQWDWWLFRQLWHU]LRSSXUHWXWWLFRORURFKH KDQQR DFFRQVHQWLWR H DSSURYDWR$UW DOFXQL GLFRQR FKH Fq UHVSRQVDELOLWj DQFKH GHOODVRFLHWjSHUTXHVWHRSHUD]LRQL$OWULGLFRQRFKHWUDLVRFLVLIRUPDXQDOWUDVRFLHWjGLIDWWRSDUDOOHODDOOD VRFLHWj 6RQR OHJLWWLPH WXWWH OH RSHUD]LRQL VWUHWWDPHQWH QHFHVVDULH SHU OD FRVWLWX]LRQH GHOODVRFLHWj7XWWHOHDOWUHRSHUD]LRQLQRQSRVVRQRJUDYDUHVXOODVRFLHWj4XDQGRODVRFLHWjIDSURSULHOHRSHUD]LRQLSUHFHGHQWLDOOLVFUL]LRQHVLULWHQJRQROLEHUDWHOHSHUVRQHFKHKDQQRDJLWRHVLVRQRDGGRVVDWH ODUHVSRQVDELOLWj "1RVRQRVHPSUHHVSRVWHHUHVSRQVDELOLSHU OH RSHUD]LRQL FKH KDQQR SRVWR LQ HVVHUH 1RQ SRWUDQQR PDL HVVHUH OLEHUDWL SHU TXHOOHREEOLJD]LRQLQHPPHQRSHUODUDWLILFDGDSDUWHGHOODVRFLHWj5LPDQJRQRHVSRVWLYHUVRLWHU]L/HPLVVLRQHH OD YHQGLWD GHOOH D]LRQL SULPDGHOOD LVFUL]LRQHGHOOD VRFLHWj VRQRQXOOH6RQRQXOOL LQHJR]LUHODWLYLDGD]LRQLDQFRUDQRQHPHVVH$UWFDXVHSHUFXLVLSXzGLFKLDUDUHODQXOOLWjGHOODVRFLHWjVRQRYL]LGHOODWWRVRQRYL]LGHOSURFHGLPHQWR$YYHQXWDOLVFUL]LRQHQHOUHJLVWURGHOOHLPSUHVH 0DQFDQ]DGHOODWWRFRVWLWXWLYR0DQFDWDVWLSXOD]LRQHGHOODWWRFRVWLWXWLYRQHOODIRUPDGHOODWWRSXEEOLFR ,QRVVHUYDQ]DGHOOHGLVSRVL]LRQLGHOO$UWYL]LRUHODWLYRDOSURFHGLPHQWRQRQYL]LRGHOODWWR ,OOLFHLWjRFRQWUDULHWjDOORUGLQHSXEEOLFRGHOORJJHWWRVRFLDOH0DQFDQ]DQHOODWWRFRVWLWXWLYRRQHOORVWDWXWRGLRJQL LQGLFD]LRQHULJXDUGDQWHODGHQRPLQD]LRQHGHOODVRFLHWjLFRQIHULPHQWLODPPRQWDUHGHOFDSLWDOHVRWWRVFULWWRRORJJHWWRVRFLDOH ,QRVVHUYDQ]DGHOYHUVDPHQWRGHL

  • ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    ,QFDSDFLWjGLWXWWLLVRFLIRQGDWRUL0DQFDQ]DGHOODSOXUDOLWjGHLIRQGDWRULQRQYDOHSHUOH65/ 65/XQLSHUVRQDOH/HVRFLHWjGLSHUVRQH QRQ SRVVRQR ULPDQHUH XQLSHUVRQDOL 3HU OH VRFLHWj GL FDSLWDOL 65/SRVVRQR DQFKHHVVHUHFRVWLWXLWHGDXQDVRODSHUVRQD63$H6$3$KDQQRELVRJQRVRORSHUODFRVWLWX]LRQHGHOODSOXUDOLWjGHLVRFLSRLSRVVRQRDQFKHGLYHQWDUHXQLSHUVRQDOL(IIHWWLGHOODGLFKLDUD]LRQHGLQXOOLWj6LFRQVLGHUDVYROWDVLODWWLYLWjFRPSLXWDGDOODVRFLHWjQXOODILQRDOPRPHQWRGHOODGLFKLDUD]LRQHGLQXOOLWj'DTXHOPRPHQWRVLKDORVFLRJOLPHQWRGHOODVRFLHWj1RQYLqQXOOLWjVLKDGLVDSSOLFD]LRQHGHOODQXOOLWj/DGLFKLDUD]LRQHGLQXOOLWjQRQSUHJLXGLFDJOLDWWLSRVWLLQ HVVHUH SULPD GHOOD GLFKLDUD]LRQH GL QXOOLWj , VRFL UHVWDQR REEOLJDWL SHU L FRQIHULPHQWL 6LQRPLQDQR L OLTXLGDWRUL /D QXOOLWj q LQVDQDELOH PD QRQ SHU OH VRFLHWj VL SXz HOLPLQDUH LO YL]LRDVVXPHQGR XQD GHOLEHUD GD SDUWH GHOOD VRFLHWj YL]LDWD FKH HOLPLQL LO GLIHWWR ,PSUHVFULWWLELOLWjGHOOD]LRQHGLQXOOLWj/DVRFLHWjYL]LDWDSXz LQRJQL WHPSRHVVHUHGLFKLDUDWDQXOOD/DQXO OLWjSXzHVVHUH IDWWD YDOHUH GD FKLXQTXH YL DEELD LQWHUHVVH /DPDJJLRU SDUWH VRQR UHJROH LQ GHURJD DOGLULWWRFRPXQH'LVFLSOLQD GHL FRQIHULPHQWL VRQR RJJHWWR GL XQ REEOLJR D FDULFR GHL VRFL ,O FRQWUDWWR GL VRFLHWjSUHYHGHXQFRQIHULPHQWRGLULVRUVH,FRQIHULPHQWLYDQQRDFRVWLWXLUHTXHOOHULVRUVHFKHIRUPDQRLOFDSLWDOHVRFLDOHSDWWXLWR&DSLWDOHVRFLDOH FLIUDSDWWXLWDFRPHFDSLWDOH YDORUHGHLFRQIHULPHQWL+DIXQ]LRQHRUJDQL]]DWLYD&ROOHJDLOSRVVHVVRGLXQDTXRWDGLFDSLWDOHDOODGLPHQVLRQHGHLGLULWWLHGHJOL REEOLJKL 3HU OH VRFLHWj GL SHUVRQH LO FRQWUDWWR q OLEHUR GL SUHYHGHUH FRQ OH OLPLWD]LRQL GHOSDWWR OHRQLQR ODPDQFDQ]DGLSURSRU]LRQDOLWj WUDFDSLWDOHVRFLDOHHTXRWHGLXWLOL HSHUGLWH1HOOHVRFLHWjGLFDSLWDOLRJQLD]LRQHSRUWDGLULWWLHREEOLJKLLQSURSRU]LRQHDOVXRYDORUHULVSHWWRDOFDSLWDOHVRFLDOH+D IXQ]LRQHYLQFROLVWLFD&LIUDSDWWXLWDFKHQRQSRWUjHVVHUH ULGLVWULEXLWDDLVRFLGLFXL ODVRFLHWjQRQSXzOLEHUDPHQWHGLVSRUUH$OOLQL]LR LO QHWWRGHYHSDUHJJLDUH LO FDSLWDOH VRFLDOH0DqXQDFRLQFLGHQ]D WHQGHQ]LDOH DFDXVDGHOOH VSHVH GL FRVWLWX]LRQH (IIHWWLYD DFTXLVL]LRQH GHL FRQIHULPHQWL , VRFL QRQ EDVWD FKH VLDQRREEOLJDWLGHYRQRDQFKHHVHJXLUHODSUHVWD]LRQHDOPHQRLQSDUWH,OWHUPLQHSHULUHVWDQWLGHFLPLqDIDYRUHGHOFUHGLWRUHFKHSXzFKLHGHUHLOSDJDPHQWRGHLUHVWDQWLGHFLPLTXDQGRYXROH$UWVHQRQ LQGLFDWRGLYHUVDPHQWH LOFRQIHULPHQWRYDIDWWRLQGHQDUR,FUHGLWLYDOJRQRFRPHFRQIHULPHQWLPDVHYDQQRDEXRQILQHDOWULPHQWLLOVRFLRGRYUjYHUVDUHLOYDORUHGLFXLqGHELWRUHLQGHQDUR1RQVLSRVVRQRFRQIHULUHRSHUHRVHUYL]L6RQRFDSLWDOL]]DELOL L FRQIHULPHQWL GL EHQL LQJRGLPHQWR$OOD ILQHGHO UDSSRUWRSRVWRFKH LOEHQHWRUQD DO SURSULHWDULR HVVHQGR DPPHVVD OD FDSLWDOL]]D]LRQH GHO FRQIHULPHQWR LQ JRGLPHQWR LOVRFLRVDUjWUDWWDWRFRPHXQVRFLRFKHKDFRQIHULWRORVWHVVRYDORUHLQGHQDUR&RQIHULELOLWjGLEHQL LPPDWHULDOL0DUFKLREUHYHWWLSRVVRQRHVVHUHFRQVLGHUDWLFRQIHULELOL,O.QRZ+RZqXQVDSHUIDUHGLFXLODVRFLHWjYLHQHLQSRVVHVVRHQRQqTXLQGLHVSURSLDELOH'LVFLSOLQDGHLFRQIHULPHQWLLQQDWXUD9HULGLFLWjGHLFRQIHULPHQWL$UWELV,QWHUYHQWR GL XQ HVSHUWR QRPLQDWR GDO SUHVLGHQWH GHO WULEXQDOH H VXFFHVVLYD YHULILFD GHO VXRRSHUDWRGDSDUWHGLDPPLQLVWUDWRULHVLQGDFL/HVSHUWRGHYHJLXUDUHULODVFLDXQDSHUL]LDJLXUDWD$PPLQLVWUDWRUL H VLQGDFL QRQ SRVVRQR DXPHQWDUH OD YDOXWD]LRQH SRVVRQR VROWDQWR GLPLQXLUOD ,OqFRQVLGHUDWRQRUPDOH6HVLHFFHGHDOORUD LOVRFLRQRQSXzHVVHUHREEOLJDWRDULPDQHUH LQVRFLHWj+DGXHSRVVLELOLWjRFRQFRUGDFRQLVLQGDFLRSSXUHSXzUHFHGHUHWHQHUVLLOEHQHHFHVVDFRVuLOVXRREEOLJRGLFRQIHULPHQWR&RQIHULPHQWLLQQDWXUD UHOD]LRQHJLXUDWDGLXQHVSHUWRSRLYLHQHVRWWRSRVWDDYHULILFDGDSDUWHGLDPPLQLVWUDWRUL H VLQGDFL /D YHULILFD GHYH DYYHQLUH HQWUR PHVL GDOOD SUHVHQWD]LRQH GHOODUHOD]LRQH)LQRDOODYHULILFDOHD]LRQLHPHVVHDIURQWHGHOFRQIHULPHQWRLQQDWXUDVRQRLQDOLHQDELOLHGHYRQR HVVHUH WHQXWH GDOOD VRFLHWj 1HOOD SUDWLFD OD YHULILFD q FRQWHVWXDOH DOOD YDOXWD]LRQHGHOOHVSHUWRHQRQVLGLVFRVWDGDHVVD/DYHULILFDPDQFDWDHVSRQHJOLDPPLQLVWUDWRULHLVLQGDFLDUHVSRQVDELOLWj (YHQWXDOH PDQFDQ]D GHOOD UHOD]LRQH GL VWLPD 6HFRQGR &DPSREDVVR FLz QRQGHWHUPLQDODQXOOLWjGHOFRQIHULPHQWRHWDQWRPHQRODQXOOLWjGHOODVRFLHWj$UWSHU0D]]RQLYDFRQVLGHUDWDQXOODODVRFLHWjSHUODTXDOHqVWDWRHIIHWWXDWRXQFRQIHULPHQWRLQQDWXUDVHQ]DFKHVLDVWDWDDOOHJDWDODUHOD]LRQHGLVWLPD$UWFRPPD$UWELV LQDWWXD]LRQHGHOOHGLUHWWLYHFRPXQLWDULHSHU HOLPLQDUHOHSUDWLFKHHOXVLYHGHOOHUHJROHVXLFRQIHULPHQWL LQQDWXUD/DQRUPDSHUzSUHYHGHFKHTXHVWDOHJLVOD]LRQHVSHFLDOHqDSSOLFDELOHVROR QHL DQQL VXFFHVVLYL DOOD FRVWLWX]LRQH GHOOD VRFLHWj H VROR QHL FRQIURQWL GL FHUWH SHUVRQH5LJXDUGD ODFTXLVWRGLEHQLGDSURPRWRULVRFLDPPLQLVWUDWRUL5LJXDUGD ODFTXLVWRGLEHQLQRQGL

  • ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    VHUYL]LLQWHUSUHWD]LRQHLQVHQVROHWWHUDOH/DQRUPDSRLVLDSSOLFDTXDQGRLOYDORUHGHOFRUULVSHWWLYRVXSHUDGHOFDSLWDOHVRFLDOH&LGHYHHVVHUHLQTXHVWLFDVLXQDSSURYD]LRQHGHOODVVHPEOHDVXGLXQDSHUL]LDGLXQHVSHUWRQRPLQDWRGDOWULEXQDOH6H JOL DPPLQLVWUDWRUL YLRODQR LO ELV ODWWR q LQHIILFDFH SRWUj HVVHUH UDWLILFDWR R UHVSLQWR GDOVRJJHWWRFKHLOGLULWWRLQWHQGHSURWHJJHUHODVRFLHWj(YHQWXDOHUHVSRQVDELOLWjGHJOLDPPLQLVWUDWRULSHU GDQQL /XOWLPR FRPPDSUHYHGHXQVLVWHPDGL HVHQ]LRQL SHU GHWHUPLQDWL DFTXLVWL$FTXLVWL DFRQGL]LRQLQRUPDOLQHOODPELWRGHOOHRSHUD]LRQLFRUUHQWLDFTXLVWLLQERUVDDFTXLVWLIDWWLDFRQGL]LRQLGLPHUFDWR1XOOLWj YL]LR LQVDQDELOHODWWRqQXOOR,QHIILFDFLD DWWR LQ Vp QRQ QXOOR PD L FXL HIIHWWL VRQR EORFFDWL SRLFKp PDQFD XQ HOHPHQWR GHOODIDWWLVSHFLH/DWWRDYUjHIILFDFLDTXDQGRVDUjVDQDWR'LVFLSOLQD GHO FDSLWDOH IXQ]LRQH YLQFROLVWLFD IXQ]LRQH RUJDQL]]DWLYD &DSLWDOH GLGHELWRREEOLJD]LRQL9LSRVVRQRSRLHVVHUHDSSRUWLDOSDWULPRQLRFKHQRQGHWHUPLQDQRDXPHQWRGLFDSLWDOHVRFLDOH HVFRQWULEXWLDIRQGRSHUGXWRGDSDUWHGHOORVWDWRDSSRUWRLQSDWULPRQLRFKHQRQGHWHUPLQDDXPHQWRGHOFDSLWDOHVRFLDOH)LQDQ]LDPHQWLVRFL SUDVVLGLIIXVDLQ,WDOLD)LQDQ]LDPHQWLVRFL&IXWXURDXPHQWRGLFDSLWDOH6LGHYHYDOXWDUHOLQWHQWRGHLVRFLSHUYDOXWDUHJOLDSSRUWLFRPHFRQIHULPHQWLRSSXUHFRPHILQDQ]LDPHQWLYHULHSURSUL3UHVWLWL VXERUGLQDWL &q XQ GHELWRUH FRPXQH H XQD SOXUDOLWj GL FUHGLWRUL8Q FUHGLWRUH DFFHWWD GLHVVHUH SDJDWR GRSR JOL DOWUL FUHGLWRUL 6XERUGLQD]LRQH VSHFLILFD R VXERUGLQD]LRQH DVVROXWDXQFUHGLWRUH VXERUGLQD LO VXR FUHGLWR DOOD VRGGLVID]LRQH GL WXWWL JOL DOWUL FUHGLWRUL FKLURJUDIDUL6XERUGLQD]LRQH UHODWLYD,O FUHGLWRUH VXERUGLQD LO VXR FUHGLWR DOOD VRGGLVID]LRQH GL DOFXQL DOWULFUHGLWRUL,FUHGLWLVXERUGLQDWLLQPRGRDVVROXWRSHUOHEDQFKHSRVVRQRHVVHUHFRQWHJJLDWLLQVLHPHDO FDSLWDOH VRFLDOH DL ILQL GHOOD GHWHUPLQD]LRQH GHO FDSLWDOH ULFRQRVFLXWR 3UHVWD]LRQL DFFHVVRULH$UW1RQSXzHVVHUHFRVWLWXLWDGDOGHQDUR'LYLHWRGLSUHVWD]LRQLDFFHVVRULHLQGHQDUR/($=,21,1HOOD63$LOFDSLWDOHVRFLDOHFLIUDSDWWXLWDGDLVRFLqIUD]LRQDWRLQD]LRQL2JQLD]LRQHDWWULEXLVFHGLULWWL SRWHUL HG REEOLJKL /D]LRQH q XQR VWUXPHQWR GL UDSSUHVHQWD]LRQH H FLUFROD]LRQH GHOODSDUWHFLSD]LRQH VRFLDOH 9DORUH QRPLQDOH GHOOD]LRQH /D]LRQH q LQGLYLVLELOH ( DPPHVVD XQDFRQWLWRODULWj GHOOD]LRQHPD QRQ SXz SURYRFDUH SUREOHPL GL UDSSUHVHQWDQ]D 9LHQH QRPLQDWR XQUDSSUHVHQWDQWH $UW FRPXQH SHU HVHUFLWDUH L GLULWWL QHL ULJXDUGL GHOOD VRFLHWj 0HUFDWR GHOYRWR,QGLYLVLELOLWjGHOYRWR1RQqSRVVLELOHVHSDUDUHLOYRWRGDOUHVWRGHLGLULWWLHGREEOLJKLFRQQHVVLDOODSURSULHWjGHOOHD]LRQL4XHVWDSURVSHWWLYDYLHQHSHUzRUDYLVWDFRQIDYRUH GHOHJKHGLYRWR2UDODOLHQD]LRQHGHOYRWRVLYDIDFHQGRVWUDGDQHOODPHQWHDQFKHGHOOHJLVODWRUHLWDOLDQR&RQWUDWWRGLULSRUWR0XWXRGLD]LRQL1HOQRVWURVLVWHPDQRQVLSRVVRQRFUHDUHGLYHUVHFDWHJRULHGLD]LRQLSHUYRORQWj GHOODVRFLHWj6LSRVVRQRFUHDUHFDWHJRULHGLD]LRQLOHFLWHGDQGRDGHVVHGLYHUVLGLULWWLHGREEOLJKL'LULWWLSDWULPRQLDOLUHODWLYLDJOLXWLOLHDOUHVLGXRDWWLYRGLOLTXLGD]LRQHGLULWWRGLYRWR$]LRQLSULYLOHJLDWHD]LRQLDYRWROLPLWDWRHD]LRQLGLJRGLPHQWRQHOD]LRQLGLULVSDUPLR$]LRQLFRQSUHVWD]LRQLDFFHVVRULH $]LRQLSULYLOHJLDWH DWWULEXLVFHDLWLWRODULGLULWWLHFRQRPLFLHSDWULPRQLDOLPDJJLRULGLTXHOOLVSHWWDQWLSHU OHD]LRQLRUGLQDULH6LSXzDYHUHPDJJLRUHSDUWHFLSD]LRQHDJOLXWLOLR SULYLOHJLRDOPRPHQWRGHOOD OLTXLGD]LRQHVXOOHD]LRQLRUGLQDULH)LQRDOVLSRWHYDDWWULEXLUHDOOHD]LRQLSULYLOHJLDWHXQGLULWWRGLYRWRSOXULPR/HD]LRQLDYRWRSOXULPRVRQRVWDWHJLXGLFDWHLOOHJLWWLPHQHOPDVRQRVWDWHPDQWHQXWHTXHOOHJLjHPHVVHQHO $]LRQL D YRWR OLPLWDWR FRPSUHVVLRQH GHO GLULWWR GL YRWR SHU OH DVVHPEOHH RUGLQDULH PD FRQFRQIHULPHQWRGLSULYLOHJL $]LRQL GL JRGLPHQWR DG HVVH VL GLVWULEXLVFRQR GLYLGHQGL VROR VH VRQR VWDWL JLj ULPERUVDWLGLYLGHQGLSDULDOPHQRDOOLQWHUHVVHOHJDOHDWXWWLJOLDOWULVRFLRUGLQDULHSULYLOHJLDWL,OORURFDSLWDOHqJLjVWDWRULPERUVDWR $]LRQL GL ULVSDUPLR QRQ SUHYHGRQR LQ DOFXQ FDVR LO YRWR Fq XQ UDSSUHVHQWDQWH FRPXQH SHUTXHVWL D]LRQLVWL 6DOYL L GLULWWL HVSUHVVDPHQWH DWWULEXLWL GDOOD OHJJH VSHWWDQR DJOL D]LRQLVWL GLULVSDUPLR WXWWL L GLULWWL GHJOL D]LRQLVWL RUGLQDUL 3DUDGRVVR QRQ SXz YRWDUH QHOOH DVVHPEOHDPDSXzLPSXJQDUHJOLDWWLGHOODVVHPEOHDSXzLQWHUYHQLUHQHOODVVHPEOHD $]LRQLFRQSUHVWD]LRQLDFFHVVRULH&,5&2/$=,21('(//( $=,21,

  • ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    &KLDFTXLVWDLOWLWRORGLFUHGLWRDFTXLVWDH[QRYRDFTXLVWDDWLWRORRULJLQDULR7LWROL GL FUHGLWR DVWUDWWL FDPELDOL 1DVFH GD XQ UDSSRUWR VRWWRVWDQWH PD GDO GRFXPHQWR QRQ VLFDSLVFHTXDOHqLOUDSSRUWRVRWWRVWDQWH7LWROLGLFUHGLWRFDXVDOL GLFRQRTXDOHqLOUDSSRUWRVRWWRVWDQWH/D]LRQHGLVRFLHWjqDOPDVVLPRXQWLWRORGLFUHGLWRFDXVDOH1RQSRUWDFRQVpOLPLWD]LRQLQRQLVFULWWHQHOWLWRORHTXLQGLQRQRSSRQLELOLDOWLWRODUHXOWLPR5HJLPHGLFLUFROD]LRQHGHOOHD]LRQLFRPHWLWROLGLFUHGLWR7HFQLFD GHO WUDQVIHUW VL UHDOL]]D D FXUD GHOOD VRFLHWj OHPLVVLRQH GL QXRYL WLWROL VRVWLWXWLYL GHLSUHFHGHQWL VX ULFKLHVWDGHOODOLHQDQWHRGHOODFTXLUHQWH/DOLHQDQWHSXzFKLHGHUHFKH L WLWROLVLDQRULHPHVVLDIDYRUHGHOODFTXLUHQWH/DVRFLHWjULWLUHUjLWLWROLYHFFKL2SSXUHSXzHVVHUHODFTXLUHQWHDFKLHGHUOR PD GHYH SURYDUH LO QHJR]LR FRQ ODOLHQDQWH FRQ XQ DWWR SXEEOLFR R FRQ XQD VFULWWXUDSULYDWDDXWHQWLFDWD,QYHFHGLULHPHWWHUORGLVROLWRVLIDODQRWD]LRQHVXOWLWRORGHOQXRYRLQWHVWDWDULRH SRL ODQQRWD]LRQH VXO OLEUR VRFL 6L XVD QHOOH VRFLHWj SLFFROH FRQ VSRVWDPHQWL GL D]LRQL SRFRIUHTXHQWL&LUFROD]LRQHPHGLDQWHJLUDWD ODOLHQDQWHSRQHXQDJLUDWDSLHQDVXOWLWRORDXWHQWLFDWDHGDWDWDQHLFRQIURQWLGHOODFTXLUHQWH*LUDWDSLHQD LOJLUDWDULRqLGHQWLILFDWRGDOJLUDQWHQHOODJLUDWDQRQq TXLQGLXQDJLUDWDLQELDQFR9DDXWHQWLFDWDGDXQQRWDLRRSSXUHGDXQDJHQWHGLFDPELR1RQVLVXEHQWUDQHOODSRVL]LRQHGLVRFLRVXELWRPDDOOLVFUL]LRQHGHOFRQWUDWWRQHO OLEURVRFLHTXLQGLGRSRODSUHVDGDWWRGHOODVRFLHWj3HULQFDVVDUHLGLYLGHQGLRHVHUFLWDUHLOGLULWWRGLYRWRVHUYHOLVFUL]LRQHQHOOLEURVRFL1HOIXSUHYLVWRFKHLGLULWWL VRFLDOLVLSRWHYDQRIDUYDOHUHDQFKHVHQRQLVFULWWLQHOOLEURVRFL SXUFKp VLDQR VWDWH GHSRVLWDWH OH D]LRQL QRQ SL WDUGL GL JLRUQL SULPD GHOODVVHPEOHD SHUODSSURYD]LRQH GHO ELODQFLROD VROD DWWULEX]LRQH GL JLUDWDULR DWWULEXLVFH OD TXDOLILFD GL VRFLRVHFRQGRDOFXQL,QUHDOWjqDQWLFLSRQHOOHVHUFL]LRGLFHUWLGLULWWL6LVWHPDGHOOD0RQWHWLWROL*UDQGLEDQFKHHDJHQWLGLFDPELRKDQQRRUJDQL]]DWRXQFXVWRGHJHQHUDOHDFXLSRVVRQRDFFHGHUHVRORRSHUDWRULSURIHVVLRQDOL6HXQVRJJHWWRYXROHDOLHQDUH WLWROLGDUjGLVSRVL]LRQLGLDFFUHGLWRDGXQFHUWRDFTXLUHQWH6LUHDOL]]DODFLUFROD]LRQHWUDPLWHOD0RQWHWLWROLVHQ]DFKHFLUFROL ODFDUWD/D0RQWHWLWROLLQFDVVDLGLYLGHQGLHVHUFLWDLGLULWWLGLRS]LRQHIDGDWUDPLWHSHUHVVL/D0RQWHWLWROLQRQKDLGLULWWLDPPLQLVWUDWLYLQRQSXzDYHUHOHGHOHJKHGLYRWR9LQFROLVXOOHD]LRQL SHJQRJDUDQ]LDYRORQWDULDXVXIUXWWRGLULWWRUHDOHOLPLWDWRVHTXHVWURGLD]LRQLJLXGL]LDULR R FRQVHUYDWLYR 'LULWWR GL YRWR R GLYLGHQGL VSHWWDQR DOOXVXIUXWWDULR R DO FUHGLWRUHSLJQRUDWL]LRVDOYRSDWWRFRQWUDULR,OSDWWRFRQWUDULRSHULOSHJQRqIUHTXHQWH1RQ SRVVRQR HVVHUH DFTXLVLWH GD VRFLHWj FKH QRQ VYROJRQR DWWLYLWj LQ VHWWRUL ILQDQ]LDULSDUWHFLSD]LRQL LQ EDQFKH 3HU HYLWDUH FKH LQGXVWULDOL DEELDQR LO FRQWUROOR GL EDQFKH H TXLQGL QHSRVVDQRLQIOXHQ]DUHODJHVWLRQHDSURSULRIDYRUH/LPLWL DOOD FLUFROD]LRQHGHOOHD]LRQL GDSDUWHGHOODXWRQRPLDSULYDWD/LPLWL SDWWL]LR FRQYHQ]LRQDOL/LPLWLFRQYHQ]LRQDOLVWDWXWDUL/LPLWLFRQYHQ]LRQDOLH[WUDVWDWXWDULVLQGDFDWLGLEORFFR&ODXVROHVWDWXDULHGLSUHOD]LRQH$UWSDWWLLQVHULWLQHOFRQWUDWWRVRFLDOHSHULPSRUUHDFLDVFXQD]LRQLVWDFKHLQWHQGDDOLHQDUH OHD]LRQLXQDSUHYLDRIIHUWDDJOLDOWULVRFL3UHIHUHQ]DGDWDDJOLDOWULVRFLDOOHVWHVVHFRQGL]LRQLULVSHWWRDLWHU]L6LQGDFDWL GL EORFFR SURGXFRQR HIIHWWL VROR WUD OH SDUWL FRQWUDHQWL /D YLROD]LRQH QRQ FRPSRUWDLQYDOLGLWjGHOODYHQGLWDGHOOHD]LRQLPDOLQDGHPSLHQWHVDUjWHQXWRDOVRORULVDUFLPHQWRGHLGDQQL,OVLQGDFDWRGLEORFFRQRQSURGXFHHIIHWWLYHUVRLWHU]L3HU0D]]RQL OLPSRVL]LRQHGL XQD FODXVROD GL SUHOD]LRQHQRQSXzHVVHUH LVWLWXLWD DPDJJLRUDQ]DGRSRODFRVWLWX]LRQHGHOODVRFLHWj8QDVRFLHWjFRQFODXVRODGLSUHOD]LRQHQRQSXzHVVHUHTXRWDWDLQERUVD&ODXVROH GL JUDGLPHQWR SHU LPSHGLUH FKH HQWULQR D IDU SDUWH GHOOD VRFLHWj GHL VRFL VJUDGLWL 3RLGLYHQQHXQVLVWHPDDQWLVFDODWD,JLXGLFLSRLULFKLHVHURFKHLOULILXWRGRYHVVHHVVHUHJLXVWLILFDWRHVHOD VRFLHWj ULILXWD LO QXRYR VRFLR GRYUj FRPXQTXH SHUPHWWHUH DO YHFFKLR VRFLR GL GLVLQYHVWLUH RDFTXLVWDQGR OHL OH D]LRQL R WURYDQGR XQ QXRYR VRFLR GL VXR JUDGLPHQWR 2UD VRQR LQHIILFDFL OHFODXVROH GL PHUR JUDGLPHQWR 6RQR DPPHVVH TXHOOH FODXVROH FKH SUHGHWHUPLQDQR L UHTXLVLWLQHFHVVDULSHUHVVHUHDFFHWWDWLFRPHVRFL1RQFLVRQRSLTXLQGLHOHPHQWLGLGLVFUH]LRQDOLWj/LPLWLFRQYHQ]LRQDOLH[WUDVWDWXWDUL$UWVLQGDFDWLGLEORFFR6LQGDFDWL GL YRWR IDOVLILFD LO JLRFR GHOODPDJJLRUDQ]D 6SRVWD IXRUL GDOODVVHPEOHD LO JLRFR GHOOHPDJJLRUDQ]H(SRVVLELOHFKHXQDPLQRUDQ]DRWWHQJDLOSRWHUHDOOLQWHUQRGHOODVRFLHWj

  • ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    ZZZVWXGHQWLGHOODFDWWROLFDFRP ZZZVWXGHQWLGHOODFDWWROLFDFRP

    (SRVVLELOHSRLFKHXQJUXSSRGLVRFLPLQRULWDULFUHLXQDVVHUYLPHQWRDLSURSULLQWHUHVVLSHUVRQDOLFKH VFDYDOFKL JOL LQWHUHVVL VRFLDOL H TXLQGL FKH OR VWHVVR RJJHWWR GHOODWWLYLWj VRFLDOH YHQJDWUDVFXUDWR)DOVLILFD]LRQHGHOOD YRORQWj GHOODPDJJLRUDQ]D /D IRUPD]LRQHGHOOD YRORQWj SXzHVVHUH SULPDHIXRULGDOODVVHPEOHD6RQROHFLWLLSDWWLFKH IXQ]LRQDQRDOOXQDQLPLWj4XHOOLFKHVRQRLQPLQRUDQ]DQHOSDWWRKDQQR OD VFHOWDGL YLRODUH LO SDWWRRSSXUHGL DGHULUHDO SDWWRHQRQHVVHUHFRVuHVSRVWLDOOD]LRQH GL ULVDUFLPHQWR 6H OD GHOLEHUD q LOOHFLWD SRVVRQR YLRODUH LO SDWWR H SRL VL SRVVRQRHVFOXGHUH OH D]LRQL GL ULVDUFLPHQWR GLPRVWUDQGR FKH OD GHOLEHUD HUD LOOHFLWD , SDWWL QRQ SRVVRQRWRJOLHUHLGLULWWLVXOYRWR6RQRQXOOLWXWWLLSDWWLFKHDWWHQJRQRDGHVHUFL]LRGHOYRWRHD