Professional Documents
Culture Documents
1 of 33
employed
1. Introduction
7KHLPSRUWDQFHRIDXWKRUV
ULJKWVIRUMRXUQDOLVWVKDVQHYHUEHHQDVFOHDUDVLW
LV WRGD\ 7HFKQRORJLFDO DQG OHJDO GHYHORSPHQWV LQ UHFHQW \HDUV KDYH PDGH
MRXUQDOLVWVWKLQNDJDLQDERXWDXWKRUV
ULJKWVDQGOHGWKHPWRDUWLFXODWHPRUH
FOHDUO\WKHLUUHTXLUHPHQWVFRQFHUQLQJDXWKRUV
ULJKWV
7KH GHYHORSPHQW RI QHZ GLJLWDO PHGLD DIIHFW WKH ZD\V MRXUQDOLVWV PDNH D
OLYLQJDQGWKHZD\VWKHLUZRUNLVSDLGIRUWKLVLVSDUWRIWKHZLGHO\GLVFXVVHG
GLJLWDOHFRQRP\%XWWKHVHQHZPHGLDDOVRUDLVHLPSRUWDQWTXHVWLRQVDERXW
HGLWRULDOLQGHSHQGHQFHIUHHGRPRIH[SUHVVLRQPHGLDHWKLFVDQGTXDOLW\,WLV
SDUWLFXODUO\
PDJD]LQHV
LPSRUWDQW
DQG
IRU
EURDGFDVW
WKH
TXDOLW\
PHGLD
WKDW
DQG
FUHGLELOLW\
MRXUQDOLVWV
DUH
RI
QHZVSDSHUV
DZDUH
RI
WKHLU
QRQPDWHULDO ULJKWV RU PRUDO ULJKWV VXFK DV WKH ULJKW WR GHIHQG WKH
LQWHJULW\RIWKHLUZRUN-RXUQDOLVWVQHHGWRNQRZKRZWRHQIRUFHWKHVHZKHUH
WKH\ DUH LQDGHTXDWH DQG KRZ WKH\ FDQ EH VWUHQJWKHQHG LQ QDWLRQDO DQG
LQWHUQDWLRQDOODZ
7KH GLJLWDO HFRQRP\ DOVR PHDQV WKDW RQOLQH SXEOLFDWLRQV DUH DYDLODEOH
JOREDOO\
,W
WKHUHIRUH
LQFUHDVHV
WKH
LPSRUWDQFH
RI
FURVVERUGHU
UXOHV
JRYHUQLQJ DXWKRUV
ULJKWV IRU MRXUQDOLVWV DV IRU RWKHU DXWKRUV 7KH (XURSHDQ
)HGHUDWLRQ RI -RXUQDOLVWV ()- LV SXEOLVKLQJ WKLV KDQGERRN WR FODULI\ WKHVH
LVVXHVDQGWRPDNHWKHPHDVLHUIRUMRXUQDOLVWVWRXQGHUVWDQG7KLVKDQGERRN
DWWHPSWVWRSURYLGHDQVZHUVWRPDQ\RIWKHTXHVWLRQVFRQFHUQLQJMRXUQDOLVWV
DXWKRUV
ULJKWV ZKHWKHU WKH\ ZRUN LQ SULQW UDGLR WHOHYLVLRQ RU SKRWRJUDSK\
DQG WR RIIHU VROXWLRQV WR WKH SUREOHPV WKH\ IDFW DW ERWK LQWHUQDWLRQDO DQG
QDWLRQDOOHYHO
2 of 33
ZHUHIUDPHGWRSURYLGHDGHTXDWHSURWHFWLRQIRUOLWHUDU\VFLHQWLILFDQGDUWLVWLF
FUHDWRUV
LQWHUQDWLRQDO
WUHDWLHV
HVWDEOLVK
WKH
EDVLF
SULQFLSOHV
RI
LQWHUQDWLRQDOO\DSSOLFDEOH DXWKRUV
ULJKWV WKH PLQLPXP OHYHOV RI SURWHFWLRQ
WKDW VLJQDWRU\ VWDWHV PXVW RIIHU 7KH\ OHDYH LQGLYLGXDO FRXQWULHV VRPH
IOH[LELOLW\ LQ KRZ WKH\ H[SUHVV WKHVH LQ QDWLRQDO ODZ LQFOXGLQJ WKH RSWLRQ RI
RIIHULQJ VWURQJHU SURWHFWLRQ $V D UHVXOW DXWKRUV
ULJKWV OHJLVODWLRQ YDULHV
TXLWHZLGHO\IURPFRXQWU\WRFRXQWU\
(XURSHDQ
8QLRQ
GLUHFWLYHV
LQ
FRQWUDVW
UHTXLUH
(8
PHPEHU
VWDWHV
WR
LPSOHPHQW WKHP LQ WKHLU QDWLRQDO ODZ (DFK FRYHUV D IDLUO\ QDUURZ DUHD D
VWDQGDUG (XURSHDQ IUDPHZRUN IRU DXWKRUV
ULJKWV ZLOO EHFRPH FOHDUHU DV WKH
OHYHORIGHWDLOLQWKHGLUHFWLYHVLQFUHDVHV
7KH IXQGDPHQWDO GLUHFWLRQ WKDW DXWKRUV
ULJKWV VKRXOG WDNH LQ (XURSH LV VWLOO
KRZHYHU LQ GLVSXWH 7KH FKRLFH LV EHWZHHQ WKH FRS\ULJKW V\VWHP RI WKH
(QJOLVKVSHDNLQJ
ZRUOG
LQ
SDUWLFXODU
DQG
WKH
FRQWLQHQWDO
DSSURDFK
RI
SURWHFWLRQIRUWKHDXWKRU
PDMRU
GLIIHUHQFH
EHWZHHQ
WKH
FRS\ULJKW
DQG
DXWKRUV
ULJKW
V\VWHPV
FRQFHUQV WKH TXHVWLRQ RI ZKR RU ZKDW FDQ KROG SULPDU\ ULJKWV LQ WKH FUHDWHG
ZRUN8.FRS\ULJKWODZIRUH[DPSOHDOORZVFRUSRUDWLRQVWREHUHFRJQLVHGDV
DXWKRUV ,Q FRQWUDVW FRQWLQHQWDO DXWKRUV
ULJKWV FDQ RQO\ EH KHOG E\ UHDO
SHRSOH DXWKRUV PHUHO\ JUDQW ULJKWV WR XVH WKHLU ZRUNV EXW FDQ QHYHU ORVH
WKHLU SRVLWLRQ DV WKH OHJDOO\UHFRJQLVHG FUHDWRU 6HH 6HFWLRQ IRU PRUH RQ
WKLV
3 of 33
7KH ODZV RI WKH 8. DQG ,UHODQG DOVR VWDWH WKDW ZKHUH D ZRUN LV FUHDWHG LQ
WKH FRXUVH RI HPSOR\PHQW WKH HPSOR\HU LV WKH RULJLQDO RZQHU RI FRS\ULJKW
LQ LW DQG WKH HPSOR\HH KDV QR HFRQRPLF ULJKWV 7KH 1HWKHUODQGV RSHUDWHV D
VLPLODUV\VWHP7KLVLVFOHDUO\QRWSRVVLEOHXQGHUDXWKRUV
ULJKWV
7KLV LV RQH RI WKH JUHDWHVW FKDOOHQJHV IRU (XURSHDQ MRXUQDOLVWV
DVVRFLDWLRQV
DQG IRU WKH ()- :H DUH ZRUNLQJ WR SURWHFW DXWKRUV LQ (XURSH XQGHU WKH
FRQWLQHQWDO (XURSHDQ SULQFLSOHV VR WKDW WKH\ ORVH QHLWKHU WKHLU HFRQRPLF
EDVLV QRU WKH LQGHSHQGHQFH JXDUDQWHHG E\ UXOHV DVVRFLDWHG ZLWK DXWKRUV
PRUDO ULJKWV 7KH HQWU\ RI WKH QHZ (DVWHUQ (XURSHDQ PHPEHU VWDWHV ZLOO
VWUHQJWKHQ WKH SRVLWLRQ RI MRXUQDOLVWV VLQFH WKH DXWKRUV
ULJKWV UHJLPHV LQ
WKHVHFRXQWULHVDUHEDVHGRQFRQWLQHQWDOODZ
$QRWKHU FKDOOHQJH LV WKDW WHFKQLFDO FRS\SURWHFWLRQ PHFKDQLVPV VXFK DV
GLJLWDO HQFU\SWLRQ DUH LQFUHDVLQJO\ XVHG WR SUHYHQW UHSULQWLQJ RU HOHFWURQLF
UHSURGXFWLRQ
6RPH
KDYH
HYHQ
VXJJHVWHG
WRWDOO\
UHSODFLQJ
WKH
OHJDO
SURWHFWLRQDIIRUGHGE\DXWKRUV
ULJKWVZLWKVXFKWHFKQLFDOSURWHFWLRQ
ULJKWV $UWLFOH RI WKH 7HUP RI SURWHFWLRQ GLUHFWLYH DQG $UWLFOH RI WKH
GDWDEDVH GLUHFWLYH IRU H[DPSOH VWLSXODWH WKDW ZRUNV PHUHO\ KDYH WR EH WKH
UHVXOW RI RQH
V RZQ LQWHOOHFWXDO LQYHQWLRQ LQ RUGHU WR EH SURWHFWHG 1R RWKHU
FULWHULDPD\EHDSSOLHGWRGHWHUPLQHZKHWKHUDZRUNLVSURWHFWHG
7KH ZLGHO\XVHG FRS\ULJKW QRWLFH IROORZHG E\ WKH QDPH RI WKH SDUW\
KROGLQJWKHDXWKRUV
ULJKWVDQGWKH\HDULQZKLFKWKHZRUNZDVILUVWSXEOLVKHG
LV WKHUHIRUH QRW D FRQGLWLRQ IRU WKH SURWHFWLRQ RI DXWKRUV
ULJKWV 6RPH
FRXQWULHV RXWVLGH (XURSH ZKLFK DUH QRW SDUW\ WR WKH %HUQH &RQYHQWLRQ GR
VWLSXODWH IRUPDO UHTXLUHPHQWV ,I WKHVH FRXQWULHV KDYH VXEVFULEHG WR WKH
8QLYHUVDO &RS\ULJKW &RQYHQWLRQ WKLV FRS\ULJKW QRWLFH JLYHV VRPH SURWHFWLRQ
$QG LI OHJDO DFWLRQ LQ WKH 8QLWHG 6WDWHV LV D SRVVLELOLW\ UHJLVWUDWLRQ ZLWK WKH
86&RS\ULJKW2IILFHLVVWURQJO\UHFRPPHQGHG
,Q RUGHU WR HQMR\ WKH SURWHFWLRQ DIIRUGHG E\ DXWKRUV
ULJKWV D ZRUN PXVW EH
RULJLQDO :KHWKHUWKH ZRUNKDV DQ\OLWHUDU\ RU DUWLVWLF PHULW LV LUUHOHYDQW ,W
LV VXIILFLHQW IRU LW WR EH DQ RULJLQDO SLHFH RI ZRUN +RZHYHU LW PXVW EH
4 of 33
H[SUHVVHG LQ D VSHFLILF SHUFHSWLEOH IRUP ZKHWKHU LQ SLFWXUHV ZRUGV PXVLF
RU PDWHULDO ,GHDV SHU VH DUH QRW SURWHFWHG LW LV WKHLU H[SUHVVLRQ WKDW LV
SURWHFWHGDVVRRQDVLWLVIL[HGDQGJLYHQVSHFLILFIRUP
)RUH[DPSOH
$ MRXUQDOLVW KDV DQ LGHD IRU D VWRU\ DQG WDNHV LW WR D QHZVSDSHU 7KH
QHZVSDSHU VHHV QR DGYDQWDJH LQ ZRUNLQJ ZLWK WKH MRXUQDOLVW EXW OLNHV
WKHLGHD,WHQJDJHVVRPHRQHHOVHWRGHYHORSWKHLGHD7KHSHUVRQZKR
KDG WKH LGHD FDQQRW GR DQ\WKLQJ DERXW WKLV XQGHU FRS\ULJKW RU DXWKRUV
ULJKWVODZ
1RSHUPLVVLRQLVQHHGHGIRUWKHPHGLDRUDQ\RQHHOVHWRXVHQHZVIDFWVDQG
LQIRUPDWLRQ IURP MRXUQDOLVWV
VWRULHV LQ WKH LQWHUHVWV RI WKH IUHH IORZ RI
LQIRUPDWLRQ +RZHYHU JRRG PHGLD HWKLFV GR GLFWDWH QDPLQJ WKH VRXUFH LQ
WKHLQWHUHVWVRIDXWKHQWLFDWLQJWKHLQIRUPDWLRQ
)RUH[DPSOH
$ MRXUQDOLVW ZKR XVHV IDFWXDO GDWD WDNHQ IURP DQRWKHU DUWLFOH WR ZULWH
WKHLU RZQ VWRULHV GR QRW YLRODWH DXWKRUV
ULJKWV +RZHYHU D MRXUQDOLVW
ZKR VLPSO\ WDNHV D VLJQLILFDQW SDUW RI WKH DUWLFOH ZRUG IRU ZRUG LV
LQIULQJLQJDXWKRUV
ULJKWV7KDWLVSODJLDULVP
:KHQHYHU DQ DFWXDO HYHQW LV UHSRUWHG WKH UHSURGXFWLRQ RI ZRUNV ZKLFK FDQ
EH VHHQ RU KHDUG GXULQJ WKH HYHQW IRU H[DPSOH D SRVWHU LQ WKH EDFNJURXQG
RI D QHZV SKRWRJUDSK LV SHUPLWWHG LI WKLV FDQ EH MXVWLILHG E\ WKH QHHG WR
UHSRUWWKHLQIRUPDWLRQFRQFHUQHG
,W LV QRW WKH LQIRUPDWLRQ FRQWDLQHG LQ WKH DUWLFOH EXW WKH IRUP RI WKH DUWLFOH
LWVHOI ZKLFK LV SURWHFWHG 7KH ZD\V LQ ZKLFK IDFWV DQG GDWD DUH GLVVHPLQDWHG
RU FROODWHG DUH KRZHYHU JHQHUDOO\ SURWHFWHG 7KLV DSSOLHV ERWK WR WKH ZRUN
LQ LWV XQFKDQJHG IRUP DQG WR GDWDEDVHV WKDW FRQWDLQ RQO\ IDFWXDO GDWD EXW
UHTXLUHG D JUHDW GHDO RI V\VWHPDWLF ZRUN WR FRQVWUXFW 6R LW PD\ QRW DOZD\V
EHODZIXOWRUHSURGXFHDOOWKHGDWDIURPDQ DUWLFOH IRUH[DPSOH LILW FRQVLVWV
RIIDFWXDOGDWDVXFKDVDODERULRXVO\FRPSLOHGOLVWRIGDWHVDQGSODFHV
(XURSHDQ
8QLRQ
PHPEHU
VWDWHV
DXWKRUV
ULJKWV
LQ
ZULWWHQ
DQG
SKRWRJUDSKLFZRUNVH[SLUH\HDUVDIWHUWKHGHDWKRIWKHDXWKRU
6RPH PHPEHU VWDWHV H[WHQG D SHULRG RI SURWHFWLRQ WR SKRWRJUDSKV WKDW DUH
QRW GHILQHG LQ WKRVH VWDWHV DV ZRUNV ,Q *HUPDQ\ IRU H[DPSOH WKLV
SURWHFWLRQODVWVIRU\HDUVDIWHUWKHSKRWRJUDSKZDVWDNHQRUDSSHDUHG,Q
RWKHUPHPEHUVWDWHVDOOSKRWRJUDSKVDUHSURWHFWHGZRUNV$UWLFOHV WR RI
WKH (8 7HUP RI 3URWHFWLRQ GLUHFWLYH ((& GHVFULEH WKH WHUP RI
SURWHFWLRQ LQ GHWDLO DQG GHDO ZLWK PRUH FRPSOLFDWHG FDVHV OLNH MRLQWO\
DXWKRUHGZRUNVDQGILOPV
5 of 33
GLVWULEXWHLWWKURXJKDQRQOLQHVHUYLFH2QO\WKHDXWKRURUFRS\ULJKWRZQHU
FDQ OLFHQFH DQ\RQH WR PDNH D GHULYDWLYH ZRUN VXFK DV D WUDQVODWLRQ RU
RWKHUUHYLVLRQ
7KHVHULJKWVDOORZMRXUQDOLVWVWRUHFHLYHILQDQFLDOUHPXQHUDWLRQIRUSHUPLWWLQJ
D SDUWLFXODU XVH RI D ZRUN 7KH\ DUH WKHUHIRUH UHIHUUHG WR DV WKH HFRQRPLF
ULJKWVRUXVDJHULJKWV
$XWKRUVFDQZKROO\RUSDUWO\WUDQVIHURUOLFHQVHXVDJHULJKWV,WLVDJRRGLGHD
IRUDXWKRUVWROLFHQVHRQO\OLPLWHGXVDJHULJKWVRUWROLFHQVHWKHVHULJKWVLQD
VSHFLILF IRUP RU IRU D FHUWDLQ SHULRG $XWKRUV ZKR GR WKLV UHWDLQ PRUH
LQIOXHQFHRYHUWKHZD\WKHLUZRUNFDQEHXVHGLQIXWXUHDQGVRWKH\FDQGR
PRUHWRSUHYHQWXQHWKLFDOXVHV
,W LV H[WUHPHO\ LPSRUWDQW WKDW MRXUQDOLVWV DUH DEOH WR GHFLGH KRZ WKHLU ZRUNV
DUH XVHG DQG E\ ZKRP 7KH PRUDO ULJKWV DOORZ DXWKRUV WR WDNH DFWLRQ
DJDLQVW
PXWLODWLRQ
RU
PDQLSXODWLRQ
RI
D
ZRUN
DQG
WR
HQIRUFH
WKHLU
LGHQWLILFDWLRQDVLWVDXWKRU
LV
DQ
LQGLYLVLEOH
OLQN
EHWZHHQ
PRUDO
ULJKWV
DQG
WKH
HWKLFV
DQG
6 of 33
XQLRQV
RU
SURIHVVLRQDO
DVVRFLDWLRQV
KDYH
QHJRWLDWHG
FROOHFWLYH
DJUHHPHQWV WKDW DUH ELQGLQJ RQ HYHU\RQH ZKR VLJQV XS WR WKHP 7KH XQLRQV
FDQ DOVR SURYLGH PRGHO FRQWUDFWV DQG VSHFLPHQ WHUPV DQG FRQGLWLRQV RI
EXVLQHVV ,Q VRPH FRXQWULHV FROOHFWLYH DJUHHPHQWV FDQ VHW RXW PLQLPXP RU
UHFRPPHQGHGIHHV
E\
SXEOLF
DXWKRULWLHV
WR
HQVXUH
WKDW
WKH
UHPXQHUDWLRQ
LV
DSSURSULDWHDQGWKDWWKHLQFRPHLVIDLUO\GLVWULEXWHG
7 of 33
(XURSHDQ
FRXQWULHV
EDVH
WKHLU
DXWKRUV
ULJKWV
OHJLVODWLRQ
RQ
WKH
WKH
$QJOR$PHULFDQ
V\VWHP
HPSOR\HG
MRXUQDOLVWV
XVDJH
ULJKWV
HFRQRPLFULJKWVLQWKHLUZRUNVDUHWUDQVIHUUHGHQWLUHO\DQGDXWRPDWLFDOO\WR
WKH HPSOR\HU ZKHQ WKH ZRUN LV FUHDWHG 7KLV LV DOVR WKH FDVH LQ WKH
1HWKHUODQGV EXW HPSOR\HG MRXUQDOLVWV WKHUH KDYH VXFFHHGHG LQ QHJRWLDWLQJ
FODXVHV LQ FROOHFWLYH DJUHHPHQWV WKDW JLYH WKHP VRPH FRQWURO RYHU UHXVH
DQGSD\PHQWVIRUWKDWUHXVH
8QGHU FRQWLQHQWDO ODZ HPSOR\HUV PXVW SXUFKDVH WKH XVDJH ULJKWV IURP
DXWKRUV E\ PHDQV RI DQ LQGLYLGXDO RU FROOHFWLYH DJUHHPHQW 7KH DXWKRUV
UHWDLQ DQ\ XVDJH ULJKWV QRW OLFHQVHG WR WKH HPSOR\HU E\ WKDW FRQWUDFW IRU
H[DPSOH WKH ULJKW WR UHXVH WKH ZRUN LQ DQ RQOLQH VHUYLFH 7KH\ DUH XVXDOO\
HQWLWOHG WR UHFHLYH IXUWKHU UHPXQHUDWLRQ IRU XVHV WKDW JR EH\RQG WKRVH
FRYHUHGLQWKHFRQWUDFWRIHPSOR\PHQW
)UHHODQFHMRXUQDOLVWVWUDQVIHUXVDJHULJKWVWKDWLVOLFHQVHDSXEOLVKHUWRXVH
WKHLU ZRUN WKURXJK LQGLYLGXDO DJUHHPHQWV $OO XVDJH ULJKWV QRW H[SUHVVO\
FRYHUHGE\WKHVHFRQWUDFWVDUHUHJDUGHGDVVWD\LQJZLWKWKHDXWKRU
7KH
$QJOR$PHULFDQ
OHJDO
V\VWHP
SHUPLWV
WKLV
VROXWLRQ
IRU
IUHHODQFH
MRXUQDOLVWV ,W DOVR DOORZV KRZHYHU FRQWUDFWV WKDW WUDQVIHU DOO ULJKWV RU
DVVLJQ WKH ZRUN WR WKH FOLHQW DQG FOLHQWV RIWHQ DSSO\ SUHVVXUH RQ
IUHHODQFHV WR GR WKLV ,Q WKH 8QLWHG 6WDWHV LQ SDUWLFXODU FOLHQWV RIWHQ DSSO\
SUHVVXUH WR VLJQ ZRUN PDGH IRU KLUH FRQWUDFWV XQGHU ZKLFK DOO ULJKWV JR WR
WKHFOLHQWDVLIWKHIUHHODQFHZDVLWVHPSOR\HH
8QGHU WKH FRQWLQHQWDO V\VWHP WKH ODZ WDNHV SUHFHGHQFH RYHU FRQWUDFW DQG
PDQ\ FRXQWULHV
ODZV DSSO\ WKH SULQFLSOH RI LQ GXELR SUR DXWRUH LQ FDVH RI
GRXEWUXOHIRUWKHDXWKRU,QWKH$QJOR$PHULFDQV\VWHPWKHFRQWUDFWWDNHV
SUHFHGHQFH
7KLV
GLIIHUHQFH
$QJOR$PHULFDQ
EHWZHHQ
V\VWHP
WKH
WZR
VHYHUHO\
OHJDO
OLPLWV
V\VWHPV
IUHHODQFH
LV
QRW
WULYLDO
MRXUQDOLVWV
7KH
SRZHU
WR
QHJRWLDWH ZLWK SXEOLVKHUV DQG RWKHU XVHUV RI WKHLU ZRUNV )RU IUHHODQFH
MRXUQDOLVWV LQ FRQWLQHQWDO (XURSH WKH OLFHQFH WR XVH D ZRUN GRHV QRW KDYH WR
EH OHJDOO\ GHILQHG VLQFH WKH ODZ UHJXODWHV HYHU\WKLQJ QRW H[SOLFLWO\ VWDWHG
7KH
(QJOLVK
IUHHODQFH
RQ
WKH
RWKHU
KDQG
LV
DGYLVHG
WR
GUDZ
XS
FRPSUHKHQVLYHFRQWUDFWWRDYRLGORVLQJDOOULJKWVZLWKRXWEHLQJSDLGIRUWKHP
$XWKRUV
ULJKWV DUH WKH HVVHQWLDO EDVLV IRU IUHHODQFH MRXUQDOLVWV WR PDNH D
OLYLQJ VR WKH ()- IHHOV WKDW LW LV LPSRUWDQW WR HVWDEOLVK HTXLYDOHQW VWDUWLQJ
FRQGLWLRQVLQWHUPVRIDXWKRUV
ULJKWVIRUDOOIUHHODQFHVLQ(XURSH
8 of 33
*HUPDQ\
6PDOO EXVLQHVV DVVRFLDWLRQV DUH HQWLWOHG WR LVVXH UHFRPPHQGDWLRQV
XQGHUFHUWDLQFRQGLWLRQV7KHVHFDQEHIRXQGDW
WKHSKRWRPDUNHWLQJVPDOOEXVLQHVVDVVRFLDWLRQZZZEYSDRUJ
IUHHODQFH MRXUQDOLVWV VPDOO EXVLQHVV DVVRFLDWLRQ DVVRFLDWHG ZLWK
WKH'-9VHHZZZGMYGHVFKZHUSXQNWHIUHLHKRQRUDUHKWP
MRXUQDOLVP VPDOO EXVLQHVV DVVRFLDWLRQ DVVRFLDWHG ZLWK YHUGL VHH
ZZZPHGLDIRQQHWWDULIHSKS
6ZHGHQ
6HHZZZIULODQVULNVRUJIULODQVUHNRPPHQGDWLRQHQBKWP
,Q PDQ\ FRXQWULHV XQLRQV DQG RWKHU MRXUQDOLVWV
DVVRFLDWLRQV SURYLGH IHHV
VXUYH\V 7KHVH DUH QRW UHFRPPHQGDWLRQV EXW VLPSO\ SURYLGH DQ REMHFWLYH
RYHUYLHZ RI WKH PDUNHW DQG WKXV DYRLG SUREOHPV ZLWK WKH FRPSHWLWLRQ
9 of 33
DXWKRULWLHV
6XFKVXUYH\VDUHDYDLODEOHRQOLQHIRU
*HUPDQ\'-9
*HUPDQ\YHUGLDQG
7KH8QLWHG.LQJGRP
(XURSHDQ FRPSHWLWLRQ ODZ KDQJV RYHU VXFK DGYLFH OLNH D VZRUG RI 'DPRFOHV
ZKHWKHU LW LV FODVVLILHG DV D UHFRPPHQGDWLRQ RU D VXUYH\7KH (XURSHDQ
&RPPLVVLRQ
VFRPSHWLWLRQODZGHSDUWPHQWUHJDUGVVXFKUHFRPPHQGDWLRQVDV
SUREOHPDWLF
VLFNQHVV
FDUH
SHQVLRQ
DQG
XQHPSOR\PHQW
LQVXUDQFH
HVVHQWLDOO\ RQ WKH EDVLV RI WD[HG LQFRPH DV D VHOIHPSOR\HG SHUVRQ
DQGRU LI WKLV H[FHHGV D EDVLF DPRXQW ZLWK YROXQWDU\ PHPEHUVKLS RI
DQXQHPSOR\PHQWLQVXUDQFHVFKHPH)LQODQG6ZHGHQ
,Q)UDQFH
IUHHODQFH PHGLD SHRSOH DUH JHQHUDOO\ FODVVLILHG DV SLJLVWHV IUHHODQFH
MRXUQDOLVWV ZKR SD\ QDWLRQDO LQVXUDQFH DQG DOVR KDYH D FODLP WR SDLG
KROLGD\ DQG FROOHFWLYHO\ DJUHHG IHHV 2Q WKH RWKHU KDQG ORFDO SUHVV
FRUUHVSRQGHQWV DUH JHQHUDOO\ UHJDUGHG DV IUHHODQFHV EXW DUH VWLOO
UHTXLUHG WR SD\ LQWR D VSHFLDO LQVXUDQFH VFKHPH &5($ &DLVVH GH
5HWUDLWH
GH
O
(QVHLJQHPHQW
GHV
$UWV
DSSOLTXpV
GX
6SRUW
HW
GX
7RXULVPH
*HUPDQ\
PDNHV PHPEHUVKLS RI WKH .QVWOHUVR]LDONDVVH DUWLVWV
VRFLDO VHFXULW\
IXQG FRPSXOVRU\ IRU IUHHODQFH MRXUQDOLVWV 7KLV SURYLGHV WKHP ZLWK
DFFHVV WR VWDWXWRU\ VLFNQHVV QXUVLQJ DQG SHQVLRQ LQVXUDQFH EXW QRW WR
XQHPSOR\PHQW LQVXUDQFH $W WKH VDPH WLPH WKH\ UHFHLYH DQ DOORZDQFH
RI WRZDUGV WKHLU FRQWULEXWLRQV ,I WKH\ ZRUN FORVHO\ ZLWK D VLQJOH
HPSOR\HU WKH\ PD\ DOVR EH UHTXLUHG WR SD\ QDWLRQDO LQVXUDQFH GLUHFWO\
DV DQ HPSOR\HH 7KLV IUHTXHQWO\ RFFXUV ZLWK SXEOLF UDGLR FRPSDQLHV
ZKLFK RIWHQ FODVVLI\ WKHLU IUHHODQFHV DV QRQVHOIHPSOR\HG ZKLFK
PHDQVWKDWWKH\PXVWSD\FRQWULEXWLRQV(YHQLQWKLVFDVHWKHTXHVWLRQ
10 of 33
RI ZKHWKHU VXFK SHRSOH DUH HQWLWOHG WR XQHPSOR\PHQW EHQHILW RU RWKHU
SD\PHQWVZKHQWKH\UHJLVWHUDVXQHPSOR\HGLVDPDWWHUIRUGLVSXWH
%HOJLXPDQGWKH1HWKHUODQGV
RIIHURQO\DXWRPDWLFLQVXUDQFHDJDLQVWVSHFLDOVLFNQHVVFRVWV
,Q DOO WKHVH FRXQWULHV VLFN SD\ LV OLPLWHG WR DQ DVVHVVHG PD[LPXP DPRXQW
DQGRU D SHUFHQWDJH JHQHUDOO\ EHWZHHQ DQG RI WKH SUHYLRXV
LQFRPH ,Q ,FHODQG VLFN SD\ LV MXVW
SHUZHHNDQGLQWKH8QLWHG.LQJGRPEHWZHHQ
DQG
SHUZHHN
6RFLDOVHFXULW\DUUDQJHPHQWVIRUIUHHODQFHVE\FRXQWU\
'DWD
0
6
0XWXDO,QIRUPDWLRQ6\VWHPRQ6RFLDO3URWHFWLRQ3')V
6XPPDULHVRI/HJLVODWLRQ
.H\
$
DXWRPDWLFRUXQLYHUVDO
&
FRPSXOVRU\UHTXLUHVUHJLVWUDWLRQFRQWULEXWLRQ
9
YROXQWDU\
&RXQWU\
'DWD 6LFNQHVV
LQVXUDQFH
6LFN
3HQVLRQ
8QHPSOR\PHQW
SD\
LQVXUDQFH
LQVXUDQFH
$XVWULD
&
&
%HOJLXP
&
&
'HQPDUN
&
&
*HUPDQ\
&
&
&
)LQODQG
&
$9
)UDQFH
&
&
&
*UHHFH
&
&
,FHODQG
&
&
,UHODQG
&
,WDO\
&
/LHFKWHQVWHLQ
&
/X[HPERXUJ
&
&
&
1HWKHUODQGV
&
1RUZD\
&
&
3RUWXJDO
&
6SDLQ
&
6ZHGHQ
&
$9
8QLWHG
&
.LQJGRP
:HZLOODGGGDWDRQRWKHU(XURSHDQFRXQWULHVDVLWEHFRPHVDYDLODEOH
7KH DERYH VKRZV WKDW VRFLDO VHFXULW\ VWDQGDUGV IRU IUHHODQFH MRXUQDOLVWV DUH
ORZHU WKDQ IRU SHUPDQHQW HPSOR\HHV H[FHSW LQ WKH 6FDQGLQDYLDQ FRXQWULHV
(YHQ IXOO LQVXUDQFH V\VWHPV DUH OLQNHG WR LQFRPH ZKLFK ORJLFDOO\ OHDGV WR
ORZHU SD\PHQWV IRU EHORZDYHUDJH LQFRPHV 7KH '-9 IRU H[DPSOH DVVXPHV
WKDW WKH DYHUDJH IUHHODQFH MRXUQDOLVW LQ *HUPDQ\ ZLOO UHFHLYH D SHQVLRQ RI
DURXQG
LVGRZQZDUGVSDUWO\GXHWRWKHFXWVLQVWDWXWRU\SHQVLRQ
11 of 33
0LVVRF WKH PXWXDO VRFLDO VHFXULW\ LQIRUPDWLRQ V\VWHP IRU WKH PHPEHU VWDWHV
RI WKH (XURSHDQ 8QLRQ FRQWDLQV DQ H[WHQVLYH FRPSDUDWLYH VXUYH\ RI WKH
VRFLDO LQVXUDQFH FRYHU RI VHOIHPSOR\HG SHRSOH DQG HPSOR\HHV ZLWKLQ WKH
(XURSHDQ8QLRQ6HHPRUHDFFHVVLEOHEXWGDWDKHUH
12 of 33
((&
FRQFHUQLQJ
OHJDO
SURWHFWLRQ
IRU
FRPSXWHU
7KLV DOORZV
DXWKRUV WR DXWKRULVH RU SURKLELW WKH UHQWDO RU OHQGLQJ RI RULJLQDOV DQG
FRSLHV
RI
ZRUNV
7KH\
FDQQRW
ZDLYH
WKH
ULJKW
WR
D
HTXLWDEOH
UHPXQHUDWLRQ IRU UHQWDO ,W PDNHV LW SRVVLEOH IRU PHPEHU VWDWHV WR
H[HPSWFHUWDLQFDWHJRULHVRIOHQGHUIRUH[DPSOH%UDLOOHOLEUDULHV
'LUHFWLYH ((& RQ WKH FRQFHUQLQJ FRS\ULJKW DQG ULJKWV UHODWHG
WR
FRS\ULJKW
DSSOLFDEOH
WR
VDWHOOLWH
EURDGFDVWLQJ
DQG
FDEOH
UHWUDQVPLVVLRQ RI 7KLV VWDWHV WKDW WKH ULJKWV RI WKH
SDUWLHV KROGLQJ WKH DXWKRUV
ULJKWV DQG KROGHUV RI UHODWHG ULJKWV WR
SHUPLW RU IRUELG WKH WUDQVPLVVLRQ RI D EURDGFDVW YLD FDEOH RU VDWHOOLWH
FDQ RQO\ EH H[HUFLVHG E\ RUJDQLVDWLRQV PDQDJLQJ FROOHFWLYH LQWHUHVWV
7KHULJKWVH[HUFLVHGE\DEURDGFDVWLQJRUJDQLVDWLRQ DUHDQ H[FHSWLRQWR
WKLV 6DWHOOLWH EURDGFDVWV DUH JRYHUQHG E\ WKH DXWKRUV
ULJKWV ODZ RI WKH
FRXQWU\RIRULJLQ
'LUHFWLYH
((&
FRQFHUQLQJ
KDUPRQLVDWLRQ
RI
WKH
WHUP
RI
DQG WKRVH
SXEOLVKHG XQGHU
SVHXGRQ\PV
'LUHFWLYH
13 of 33
(&
RQ
WKH
OHJDO
SURWHFWLRQ
RI
GDWDEDVHV
RI
ULJKWV
SXUSRVHV
5HOHYDQW
H[DPSOHV
RI
GDWDEDVHV
LQFOXGH
GDLO\
QHZVSDSHUDQGPDJD]LQHDUFKLYHVDQGVWRFNPDUNHWGDWD5LJKWVLQWKH
GDWDEDVH DV D ZKROH GR QRW DIIHFW DQ\ DXWKRUV
ULJKWV WKDW DSSO\ WR LWV
FRQWHQWV
'LUHFWLYH (& FRQFHUQLQJ WKH DXWKRU
V UHVDOH ULJKW LQ WKH
RULJLQDO RI D ZRUN RI DUW RI 7KLV VSHFLILHV WKDW DXWKRUV
RIZRUNVRIDUWLQFOXGLQJDUWLVWLFSKRWRJUDSKVJHWDVKDUHLQWKHVHOOLQJ
SULFH HYHU\ WLPH WKH RULJLQDO LV UHVROG NQRZQ DV GURLWH GH VXLWH
0HPEHUVWDWHVPXVWLPSOHPHQWLWE\-DQXDU\
'LUHFWLYH
ULJKWV
(&
DQG
UHODWHG
KDUPRQLVLQJ
ULJKWV
LQ
FHUWDLQ
WKH
DVSHFWV
LQIRUPDWLRQ
RI
DXWKRUV
VRFLHW\
RI
14 of 33
UHJXODWLRQ ZRXOG UHTXLUH XQDQLPLW\ LQ WKH (8 &RXQFLO RI 0LQLVWHUV ZKLFK LV
LPSUREDEOH JLYHQ WKH GLIIHUHQFHV EHWZHHQ WKHLU H[LVWLQJ DXWKRUV
ULJKWV
UHJLPHVDQGSUHVVXUHRQ0LQLVWHUVWRPDLQWDLQWKHLUWUDGLWLRQV
$FKLHYLQJ D KLJK OHYHO RI SURWHFWLRQ IRU DXWKRUV WKURXJKRXW (XURSH ZLOO
GHPDQG IXUWKHU HIIRUW $W SUHVHQW KRZHYHU ZH REVHUYH SUHVVXUH LQ WKH
RSSRVLWHGLUHFWLRQ
7KHUH LV D SHUFHSWLRQ WKDW DXWKRUV
ULJKWV SURWHFWLRQ KLQGHUV WKH VKDULQJ RI
LQIRUPDWLRQ WKURXJK WKH LQWHUQHW 7KH PXVLF LQGXVWU\ LV PDNLQJ PXFK QRLVH
DERXW LWV LQWHQWLRQ WR SURVHFXWH LQWHUQHW XVHUV LQFOXGLQJ FKLOGUHQ IRU
VXSSRVHG DXWKRUV
ULJKWV YLRODWLRQV 7KHVH GHYHORSPHQWV FUHDWH D FOLPDWH
ZKLFKLVQRWIDYRXUDEOHWRDXWKRUV$GGLWLRQDOO\WKHYDOXHRIDXWKRUV
FUHDWLYH
ZRUNDQGLWVFXOWXUDOLPSRUWDQFHLVQRWHPEHGGHGLQWKHFRQVFLRXVQHVVRIWKH
SRSXODWLRQ
0XFK ZRUN UHPDLQV WR EH GRQH E\ WKH ()- IRU H[DPSOH HIIRUW WR LQVWDOO
(8ZLGH UHJXODWLRQV JRYHUQLQJ FRQWUDFWV &DUHIXO DFWLRQ WR DFKLHYH WKLV
QDUURZHU JRDO PD\ EH PRUH VXFFHVVIXO WKDQ FDOOLQJ IRU (8ZLGH DXWKRUV
ULJKWV
7KH
&RPPLVVLRQ
RI
WKH
(8
LV
SUHSDULQJ
D
&RPPXQLFDWLRQ
RQ
ULJKWV
PDQDJHPHQW 7KLV FRQFHUQV WKH DFWLYLWLHV RI FROOHFWLQJ VRFLHWLHV EXW DOVR
LQGLYLGXDO ULJKWV PDQDJHPHQW ,W LV OLNHO\ WKDW WKH (8 &RPPLVVLRQ ZLOO
VXJJHVW WKDW QR QHZ UHJXODWLRQV DUH UHTXLUHG 7KH &RPPXQLFDWLRQ ZLOO
SURYLGH DQ RSSRUWXQLW\ IRU WKH ()- WR DUJXH WKH QHFHVVLW\ RI UHJXODWLQJ
FRQWUDFWXDOODZLQ(XURSH
15 of 33
ULJKWV FDQ EH XVHG DQG UHXVHG 7KLV GHYHORSPHQW LV QRW \HW FRPSOHWH ,W
DOUHDG\ PDNHV D SUHYLRXVO\ XQGUHDPWRI ZHDOWK RI LQIRUPDWLRQ DYDLODEOH WR
DQ\RQH ZKRKDV DWOHDVW DFRPSXWHU DQG D WHOHSKRQH OLQH DW YHU\ OLWWOH FRVW
-RXUQDOLVWVVKRXOGEHDEOHHQMR\WKHEHQHILWVRIWKHLQIRUPDWLRQVRFLHW\LQWZR
ZD\V
DV SURIHVVLRQDO SURYLGHUV RI QHZV ZKR KDYH WKH H[SHUWLVH QHHGHG WR
VRUWGLJHVWDQGSUHSDUHWKLVZHDOWKRILQIRUPDWLRQDQG
DV DXWKRUV ZKR JDLQ IXUWKHU RXWOHWV IRU UHSXEOLFDWLRQ DQG WKXV
VRXUFHVRILQFRPHRQWRSRIWKHSUHYLRXVIRUPVRIGLVVHPLQDWLRQ
+RZHYHU IXOILOOLQJ WKLV SURPLVH UHTXLUHV WKDW LQIRUPDWLRQ SXEOLVKHG GLJLWDOO\
EH YDOXHG DV KLJKO\ DV LQIRUPDWLRQ LQ WKH GDLO\ QHZVSDSHUV RU RQ WKH UDGLR
IRU H[DPSOH $XWKRUV QHHG D KLJK OHYHO RI SURWHFWLRQ VR WKDW WKH\ FDQ JUDQW
ULJKWV LQ WKHLU ZRUNV IRU UHDVRQDEOH UHPXQHUDWLRQ DQG WKXV FRQWLQXH WR EH
FUHDWLYH
7KH DLP RI WKH (8 GLUHFWLYH RI 0D\ LV WR SURWHFW DXWKRUV LQ WKLV
UHVSHFW ,W SURYLGHV HIIHFWLYH UHJXODWLRQ WR SURWHFW DXWKRUV
ULJKWV DV RQH RI
WKHPRVWLPSRUWDQWLQVWUXPHQWVIRUJXDUDQWHHLQJWKHQHFHVVDU\UHVRXUFHVIRU
FXOWXUDO
DFWLYLW\
LQ
(XURSH
DQG
HQVXULQJ
DXWKRUV
LQGHSHQGHQFH
LQ
WKH
LQIRUPDWLRQVRFLHW\
7KH GLUHFWLYH DOVR DLPV WR H[WHQG WKH H[LVWLQJ OHJDO IUDPHZRUN WR SURWHFW
DXWKRUV
ULJKWV ZLWKLQ WKH (8 LQ VXFK D ZD\ WKDW WKH VWDWXWRU\ UHJXODWLRQV RI
LQGLYLGXDO VWDWHV GR QRW FUHDWH OHJDO XQFHUWDLQW\ LQ WKH LQIRUPDWLRQ VRFLHW\
DQGGRQRWLQKLELWRUDIIHFWWKHPRYHPHQW WRZDUGVWKH LQIRUPDWLRQVRFLHW\ LQ
(XURSH
7KLVGLUHFWLYHZDVKRZHYHUXQDEOHWRFRQVLJQWKH$QJOR$PHULFDQFRS\ULJKW
PRGHO
WR
WKH
SDVW
LQ
(XURSH
(XURSHDQ
DQG
LQWHUQDWLRQDO
LQIRUPDWLRQ
UHVHOOHUVSDUWLFXODUO\WKH(XURSHDQSXEOLVKHUV
DVVRFLDWLRQVOREELHGKDUGIRU
WKH$QJOR$PHULFDQV\VWHPWREHDGRSWHGLQWKHGLUHFWLYH7KH\ZHUHXQDEOH
16 of 33
WR DFKLHYH WKLV 7KH (8 ERGLHV UHDFKHG WKH FRQFOXVLRQ WKDW RQHVLGHG
SURWHFWLRQ IRU SURGXFHUV RQO\ ZRXOG EH LQFRPSDWLEOH ZLWK WKH &RPPXQLW\
V
OHJDO IUDPHZRUN DQG WKH SURWHFWLRQ RI DXWKRUV
ULJKWV &RPPXQLW\ ODZ
UHJDUGV WKH QHHG WR DFKLHYH DQG GHYHORS FUHDWLYH DFWLYLW\ DV MXVWLILFDWLRQ IRU
WKH KLJK OHYHO RI SURWHFWLRQ DIIRUGHG E\ DXWKRUV
ULJKWV 7KH UHVXOW ZDV D
FRPSURPLVH SHUPLWWLQJ WKH $QJOR$PHULFDQ V\VWHP WR FRQWLQXH LQ WKH 8.
DQG,UHODQG
7KH GLUHFWLYH HVWDEOLVKHV OHJDO VHFXULW\ RI XVDJH ULJKWV ,Q DGGLWLRQ WR WKH
H[LVWLQJ H[FOXVLYH ULJKWV WR DXWKRULVH GXSOLFDWLRQ GLVVHPLQDWLRQ DQG SXEOLF
UHSURGXFWLRQRIZRUNVWKHGLUHFWLYHDGGVWR(XURSHDQODZWKHULJKWWRPDNH
SXEOLFO\ DFFHVVLEOH DULVLQJ IURP WKH :,32 WUHDWLHV ,W LV QRW WRWDOO\ FOHDU LQ
DQ\ RI WKH PHPEHU VWDWHV KRZHYHU WKDW MRXUQDOLVWLF DXWKRUV KDYH DQ
H[FOXVLYHULJKWWRSHUPLWXVHRIWKHLUZRUNVLQRQOLQHVHUYLFHVHWF
7KH
GLUHFWLYH
UHTXLUHV
WKH
H[FHSWLRQV
WR
WKH
H[FOXVLYH
XVDJH
ULJKWV
EDVLFDOO\ UXOHV DOORZLQJ FRS\LQJ LQ WKH SXEOLF LQWHUHVW WKDW WKH PHPEHU
VWDWHVGHILQHWREHDVVHVVHGDJDLQVWWKHEDFNJURXQGRIWKHGLJLWDOPHGLD7KH
PHPEHUVWDWHVDUHWRWDNHDFFRXQWRIWKHOHYHORIWHFKQRORJLFDOGHYHORSPHQW
DQG WKH HFRQRPLF VLJQLILFDQFH RI H[FHSWLRQV SDUWLFXODUO\ ZLWK UHVSHFW WR
SULYDWH GLJLWDO FRSLHV (IIHFWLYH WHFKQLFDO SURWHFWLRQ PHDVXUHV VKRXOG QRW EH
REVWUXFWHG
E\
H[FHSWLRQV
RU
UHVWULFWLRQV
(TXDOO\
WHFKQLFDO
SURWHFWLRQ
PHDVXUHV VKRXOG QRW PHDQ WKDW H[FHSWLRQV DQG UHVWULFWLRQV WKDW DUH LQ WKH
SXEOLF LQWHUHVW FDQ EH LJQRUHG IRU H[DPSOH LI D VWDWH
V ODZV DOORZ FRS\LQJ
ZLWKRXW SHUPLVVLRQ IRU QRQSURILW UHVHDUFK RU IRU XVH E\ EOLQG SHRSOH DQ\
HQFU\SWHGGLJLWDOSXEOLVKLQJWHFKQRORJ\PXVWDOORZDZD\LQIRUVXFKXVHV
7KHVHEDVLFSULQFLSOHVDUHLPSRUWDQWIRUMRXUQDOLVWV2QWKHRQHKDQGWKH\VHW
FRQGLWLRQV IRU XVH RI ZRUNV LQ HOHFWURQLF SUHVV UHYLHZV DQG VR RQ 2Q WKH
RWKHUWKH\HQVXUHWKDWTXRWDWLRQVIRUWKHSXUSRVHVRIFULWLFLVPRUUHYLHZVRU
WKHXVHRILQIRUPDWLRQIURPZRUNVWRUHSRUWFXUUHQWHYHQWVDUHSHUPLWWHGDQG
SRVVLEOHHYHQLIZRUNVDUHSURWHFWHGE\WHFKQLFDOPHDVXUHV
7KH ZD\ WKH GLUHFWLYH GHDOV ZLWK DXWKRUV
FRPSHQVDWLRQ IRU VXFK XVH RI WKHLU
ZRUNV LQ WKH SXEOLF LQWHUHVW LV OHVV VDWLVIDFWRU\ ,W PHUHO\ SURYLGHV IRU IDLU
FRPSHQVDWLRQ
ZKLFK
LV
QRW
WKH
VDPH
DV
D
FODLP
VWDWH
SURYLGHV
IRU
GHSHQGLQJ
HTXLWDEOH
RQ
ZKHWKHU
UHPXQHUDWLRQ
WKH
IRU
XVH
HTXLWDEOH
GLIIHUHQWO\ LQ
FRXQWU\
WKH
IRU
RI
FRQFHUQHG
ZRUNV
HDFK
DOUHDG\
XQGHU
WKH
H[FHSWLRQV JLYHQ WKH GLVFUHWLRQ WKH GLUHFWLYH JLYHV LQGLYLGXDO FRXQWULHV ,W LV
WR EH KRSHG WKDW LQ WKH ORQJ WHUP WKH SUHYDLOLQJ ODZ ZLOO EH WKDW RI WKRVH
FRXQWULHV WKDW DOUHDG\ DOORZ DXWKRUV WR FODLP UHPXQHUDWLRQ YLD FROOHFWLQJ
VRFLHWLHV LQ VLWXDWLRQV ZKHUH WKHLU H[FOXVLYH ULJKW LV OLPLWHG E\ KLJKHU
LQWHUHVWV
7KH GLUHFWLYH KDV QRW \HW EHHQ IXOO\ FRQYHUWHG LQWR QDWLRQDO ODZ LQ DOO WKH
PHPEHUVWDWHV7KHFXUUHQWGHEDWHFHQWUHVRQTXHVWLRQV DVVRFLDWHGZLWK WKH
LQWURGXFWLRQRIGLJLWDOULJKWVPDQDJHPHQWV\VWHPV
17 of 33
,QIRVRF GLUHFWLYH IRU H[DPSOH 7KH REYLRXV ZD\ WKDW ZRUNV SURWHFWHG E\
DXWKRUV
ULJKWV DUH XVHG LOOHJDOO\ RQ WKH LQWHUQHW LQGLFDWHV GHILFLHQFLHV LQ WKDW
SURWHFWLRQ 7KLV DSSOLHV IRU H[DPSOH WR WKH PDVV LOOHJDO FRS\LQJ RI PXVLF
ILOHVDQGWRWKHHOHFWURQLFXVHRIMRXUQDOLVWLFZRUNVWH[WDQGLPDJHVERWKRI
ZKLFKDUHRIWHQGRQHLQFRPSOHWHLJQRUDQFHRIWKHLULOOHJDOLW\
2WKHUV SDUWLFXODUO\ VRPH SXEOLVKHUV KDYH SURSRVHG WKDW WKH DQVZHU OLHV
QRW LQ WKH ODZ EXW LQ WHFKQRORJ\ WKDW SK\VLFDOO\ SUHYHQW ZRUNV EHLQJ FRSLHG
XQOHVV D IHH LV SDLG 'LJLWDO 5LJKWV 0DQDJHPHQW RU '50 V\VWHPV /HJDO
SURWHFWLRQ RI DXWKRUV FRQWLQXHV WR EH YHU\ LPSRUWDQW DQG HYHQ WHFKQLFDOO\
PDWXUH '50 V\VWHPV ZLOO UHTXLUH D OHJDO EDVLV ZKLFK PXVW FRPH IURP WKH
ILHOGRIDXWKRUV
ULJKWV
ULJKWV 7KH\ FDQ EH XVHG E\ SHRSOH ZKR PDNH LOOHJDO XVH RI ZRUNV SURWHFWHG
E\ DXWKRUV
ULJKWV 7KLV FDQ OHDG WR DXWKRUV EHLQJ H[FOXGHG IURP WKH
SURWHFWLRQ RI WKHLU RZQ ZRUNV RU HYHQ EHLQJ UHJDUGHG DV DQ LOOHJDO XVHU RI
WKHLURZQZRUNZLWKLQWKHV\VWHP
)LQDOO\ HIIHFWLYH WHFKQLFDO SURWHFWLRQ PHDVXUHV SUHYHQW WKH SRVVLELOLW\ RI
LOOHJDO XVH 7KH\ GR QRW VLPSO\ DSSO\ DIWHU WKH HYHQW DV GR DXWKRUV
ULJKWV
8VLQJ DXWKRUV
ULJKWV DORQH VXFK WKRURXJKJRLQJ SURWHFWLRQ FRXOG RQO\ EH
DFKLHYHGE\FRQVWDQWO\PRQLWRULQJHYHU\FLWL]HQ7HFKQLFDOSURWHFWLRQE\'50
V\VWHPV WKXV GLIIHUV IXQGDPHQWDOO\ IURP WKH OHJDO SURWHFWLRQ RI DXWKRUV
ULJKWV
18 of 33
EHHQ FRQVLGHUHG ,W LV DOVR GRXEWIXO ZKHWKHU LW FDQ EH GHVLUDEOH WR UHSODFH
VWDWXWRU\ UHJXODWLRQ LQ WKLV ILHOG HQWLUHO\ ZLWK SULYDWH DJUHHPHQWV XVXDOO\
RIIHUHG E\ ODUJH FRUSRUDWLRQV WR FLWL]HQV ZLWK QR UHDO QHJRWLDWLQJ SRZHU
5XOHV RQ ZKHQ FRS\LQJ LV DQG LV QRW DOORZHG DOVR FRQWLQXH WR SHUIRUP
LPSRUWDQWIXQFWLRQVLQWKHSXEOLFLQWHUHVW
LQFOXGH
WKH
QHHG
IRU
XQUHVWULFWHG
UHSRUWLQJ
LQ
WKH
PHGLD
TXRWDWLRQV XVH IRU WUDLQLQJ SXUSRVHV DQG XVH IRU SHUVRQDO RU QRQSURILW
UHVHDUFK
7KHVH DUH PDWWHUV RI SXEOLF LQWHUHVW DQG RI SXEOLF SROLF\ H[SUHVVO\ OHJLVODWHG
E\ JRYHUQPHQWV DQG MXVWLILDEOH RQ WKH EDVLV RI IXQGDPHQWDO KXPDQ ULJKWV
'50 V\VWHPV FDQQRW LGHQWLI\ WKH SXUSRVHV IRU ZKLFK FRS\LQJ LV UHJXODWHG
7KH\VLPSO\SUHYHQWFRS\LQJ7KH\WKXVKLQGHURUHQWLUHO\SUHYHQWVXFK XVHV
LQWKHSXEOLFLQWHUHVW
:KLOH WKHRUHWLFDO '50 V\VWHPV PD\ SURPLVH VLPSOLFLW\ DQG ORZ FRVWV UHDO
V\VWHPVPXVWXQGHUWKH(8
V,QIRVRFGLUHFWLYHDOORZVXFKH[FHSWLRQVWRWKH
DXWKRU
VRUULJKWVKROGHU
VULJKWWRSUHYHQWFRS\LQJ
'50 V\VWHPV DOVR GR DZD\ ZLWK WKH OLPLW RQ FRS\LQJ UHVWULFWLRQV WR \HDUV
SRVW
PRUWHP
DXWRULV
7KLV
ULVNV
UHSODFLQJ
OLPLWHG
DXWKRUV
ULJKWV
ZLWK
SHUSHWXDO FRS\ULJKW 7KLV LV QRW GHVLUDEOH IURP HLWKHU DQ HFRQRPLF RU D
OHJDO YLHZSRLQW VLQFH LW ZRXOG UHVWULFW WKH FXOWXUDO FUHDWLRQ RI QHZ ZRUNV E\
PDNLQJ WKH FRQGLWLRQV XQGHU ZKLFK QHZ ZRUNV DUH FUHDWHG PRUH GLIILFXOW ,W
ZRXOGDOVRQRWEHLQWKHLQWHUHVWVRIWKHIUHHGRPRILQIRUPDWLRQWREHGHULYHG
IURPDUWLFOHRIWKH(XURSHDQ&RQYHQWLRQRQ+XPDQ5LJKWV
RI
WKH
LQFRPH
IURP
WKH
XVH
RI
WKHLU
ZRUNV
EH\RQG
WKH
EH
LGHQWLILHG
RU
PHDVXUHG
DQG
WKH\
KDYH
EHHQ
UHILQLQJ
WKHLU
FROOHFWLQJ PHWKRGV RYHU D ORQJ SHULRG 7KH\ DUH QRZ GHYHORSLQJ DQG WHVWLQJ
GLJLWDO V\VWHPV WKDW ZLOO DOORZ WKHP WR PHDVXUH DQG DOORFDWH LQFRPH ZLWK
PD[LPXPDFFXUDF\
,QGLYLGXDO OLFHQVLQJ V\VWHPV VWLOO SUHVHQW FRQVLGHUDEOH SUREOHPV KRZHYHU
7KH\ DUH QRW \HW WHFKQLFDOO\ PDWXUH DQG FDQ VWLOO EH GHIHDWHG 6RPH OHJDO
TXHVWLRQV DVVRFLDWHG ZLWK UHJXODWLRQ RI FRS\LQJ KDYH QRW \HW EHHQ VROYHG
19 of 33
20 of 33
QDWLRQDO
MRXUQDOLVWV
DVVRFLDWLRQV
VKRXOG
FRQFOXGH
FROOHFWLYH
7KH ,)- VWURQJO\ UHFRPPHQGV WKDW FRQWUDFWV VKRXOG VSHFLI\ WKDW WKH
MRXUQDOLVW
V DSSURYDO LV UHTXLUHG EHIRUH WKHLU ZRUNV DUH GXSOLFDWHG DQG
UHSURGXFHG SXEOLFO\ 6XFK FRQWUDFWV WKHUHIRUH QHHG WR VSHFLI\ WKDW
XVDJH
ULJKWV
FDQQRW
EH
WUDQVIHUUHG
ZKROHVDOH
7KH\
HQVXUH
WKDW
IRU
H[DPSOH
UHXVHG
LQ
DGYHUWLVLQJ
EURFKXUHV
8QIRUWXQDWHO\ WKLV SULQFLSOH LV VWLOO QRW NQRZQ RU DFFHSWHG LQ PDQ\
FRXQWULHV SDUWLFXODUO\ WKRVH WKDW PDNH HPSOR\HG MRXUQDOLVWV
ZRUN WKH
SURSHUW\ RI WKH HPSOR\HU RU DOORZ IUHHODQFHV WR DVVLJQ WKHLU ZRUN
HQWLUHO\WRWKHFOLHQW
E
&RQWUDFWV VKRXOG QHYHU EH RQO\ YHUEDO 7KH ODZV RI VRPH (8 VWDWHV
VWDWHWKDWFRQWUDFWVPXVWEHZULWWHQEXWLQPRVWVWDWHVYHUEDOFRQWUDFWV
DUH SHUPLWWHG +HUH SUHVVXUH RI WLPH RIWHQ OHDGV WR SXUHO\ YHUEDO
FRQWUDFWV ZLWK WKH ULVN RI PDNLQJ XQFOHDU DUUDQJHPHQWV DQG IRUJHWWLQJ
QHFHVVDU\ SURYLVLRQV :KHQ WKHUH LV D GLVSXWH MRXUQDOLVWV
FODLPV PDGH
RQWKHEDVLVRIYHUEDOFRQWUDFWVRIWHQIDLOGXHWRWKHODFNRIHYLGHQFH,I
WLPH SUHVVXUHV PDNH LW DEVROXWHO\ LPSRVVLEOH WR FRQFOXGH D ZULWWHQ
FRQWUDFW LPPHGLDWHO\ WKH PRVW LPSRUWDQW FRQGLWLRQV W\SH RI XVH
VFRSH RI WKH ULJKWV JUDQWHG GHOLYHU\ GDWH DJUHHG IHHV SD\PHQW GDWH
PRUDOULJKWVVKRXOGDWOHDVWEHFRQILUPHGEULHIO\LQDID[RUHPDLO
F
&RQWUDFWV VKRXOG DOZD\V VSHFLI\ WKH GHOLYHU\ GDWH IHHV IRU WKH XVDJH
ULJKWVJUDQWHGDQGWKHSD\PHQWGDWH
G
H
:KHQDFRQWUDFWJLYHVSHUPLVVLRQIRUV\QGLFDWLRQUHVHOOLQJ RIXVDJH
ULJKWV WR WKLUG SDUWLHV LW VKRXOG TXDOLI\ WKLV IRU H[DPSOH ZLWK D OLVW RI
SDUWLHV WR ZKRP WKH ULJKWV PD\ QRW EH UHVROG ,W VKRXOG VWDWH WKDW WKH
DXWKRU PXVW EH LQIRUPHG RI DQ\ VXFK SXEOLFDWLRQV VWLSXODWLQJ WKH IRUP
RIQRWLFHDQGWKHSD\PHQWGXH
,WLVH[WUHPHO\GLIILFXOWWRUHWDLQVXFKFRQWURORYHUZRUNWKDWDSSHDUVRQOLQH
7KH MRXUQDOLVW ORVHV VLJKW RI WKH ZD\ LQ ZKLFK WKH ZRUN LV UHSXEOLVKHG
UHSURGXFHG RU HGLWHG 7HFKQRORJLFDO ULJKWV PDQDJHPHQW V\VWHPV PD\ RIIHU
VROXWLRQV WR WKHVH SUREOHPV LQ WKH IXWXUH ([SHULPHQWV ZLWK VXFK V\VWHPV
GLJLWDO ZDWHUPDUNV DQG HQFU\SWLRQ WHFKQLTXHV KDYH QRW EHHQ YHU\ VXFFHVVIXO
VRIDU
$JUHHPHQWV RQ WKH XVH RI MRXUQDOLVWLF ZRUNV FDQ EH PDGH HLWKHU WKURXJK
FROOHFWLYH DJUHHPHQWV ZKHUH WKHVH DUH SRVVLEOH RU LQGLYLGXDO FRQWUDFWV
21 of 33
ZLWK LQGLYLGXDO MRXUQDOLVWV 7KH DGYDQWDJH RI FROOHFWLYH DJUHHPHQWV LV WKDW
WKH\
FDQQRW
DGYDQWDJH
EH
RI
FKDQJHG
WKH
ZLWKRXW
LQGLYLGXDO
FRQVXOWDWLRQ
MRXUQDOLVW
V
E\
LQIHULRU
HPSOR\HUV
WKDW
QHJRWLDWLQJ
WDNH
SRVLWLRQ
&ROOHFWLYH DJUHHPHQWV DOVR KDYH WKH DGYDQWDJH WKDW WKH\ DSSO\ WR DQ\
UHOHYDQW ZRUN RU HPSOR\PHQW UHODWLRQVKLS HYHQ LI RWKHUZLVH DJUHHG LQ WKH
LQGLYLGXDOFRQWUDFW
WKH
MRXUQDOLVW
ZRUNV
IRU
H[DPSOH
RQH
HGLWLRQ
RI
D
GDLO\
QHZVSDSHU
OLWW
7KH ULJKW WR UHSXEOLVK LQ RWKHU PHGLD VXFK DV UDGLR PDJD]LQHV
RQOLQHVHUYLFHVRURWKHUW\SHVRIXVHPD\EHJUDQWHGLIWKHSXEOLVKLQJ
KRXVH RU RWKHU VHOOHU XQGHUWDNHV WR DFFRXQW WR WKH MRXUQDOLVW RU WKHLU
XQLRQ IRU DQ\ XVH RU UHXVH RI WKH JUDQWHG ULJKWV DQG WR SD\ IXUWKHU
UHPXQHUDWLRQIRUVXFKXVH
7KH PRGHO FROOHFWLYH DJUHHPHQW FRQWDLQV WKH IROORZLQJ UHTXLUHPHQWV
FRQFHUQLQJWKHMRXUQDOLVW
VPRUDOULJKWV
DJUHHPHQWV UHODWLQJ WR WKH LGHQWLILFDWLRQ RI WKH FUHDWRU RI WKH
MRXUQDOLVWLFZRUN
WKH ULJKW WR SUHYHQW WKH ZRUN IURP EHLQJ SXEOLVKHG LQ DQRWKHU
QHZVSDSHU PDJD]LQH RU ERRN RU EURDGFDVW RQ UDGLR WHOHYLVLRQ RU
YLDDGDWDVHUYLFH
WKH
ULJKW
WR
UHYLHZ
RU
ZLWKGUDZ
WKH
ZRUN
XQGHU
FHUWDLQ
FLUFXPVWDQFHVDQG
WKDW WKH HPSOR\HU LV UHVSRQVLEOH IRU HQVXULQJ FRPSOLDQFH ZLWK WKH
DJUHHPHQW
,Q
WKH
,)-
DOVR
VHW
RXW
VRPH
IXQGDPHQWDO
DQG
PRGLILHG
22 of 33
'HQPDUN
7KLV FROOHFWLYH DJUHHPHQW DSSOLHV WR YDULRXV 'DQLVK QHZVSDSHUV ,W ZDV
FRQFOXGHGE\WKH'DQVN-RXUQDOLVW)RUEXQGHW
*HUPDQ\
7KHFROOHFWLYHDJUHHPHQWPDJD]LQHVDSSOLHVWRPRVWRIWKHPDJD]LQHV
LQ
*HUPDQ\
,W
ZDV
FRQFOXGHG
EHWZHHQ
WKH
'HXWVFKHU
-RXUQDOLVWHQ9HUEDQG '-9 DQG YHUGL RQ RQH VLGH DQG WKH 9HUEDQG
'HXWVFKHU =HLWVFKULIWHQYHUOHJHU 9'= RQ WKH RWKHU 7KH FROOHFWLYH
DJUHHPHQW GDLO\ QHZVSDSHUV ZDV DJUHHG EHWZHHQ WKH '-9 DQG YHUGL
RQRQHVLGHDQGWKH%XQGHVYHUEDQG'HXWVFKHU=HLWXQJVYHUOHJHU%'=9
RQWKHRWKHU
)LQODQG
7KH FROOHFWLYH DJUHHPHQW DSSOLHV WR GDLO\ QHZVSDSHUV DQG PDJD]LQHV
DQGZDVDJUHHGZLWKWKH6XRPHQ-RXUQDOLVWLOLLWWRR
)UDQFH
9DULRXV
FROOHFWLYH
DJUHHPHQWV
ZLWK
LQGLYLGXDO
GDLO\
QHZVSDSHUV
FRQFOXGHGE\WKHV\QGLFDWIUDQoDLVGHVMRXUQDOLVWHV
6ZHGHQ
7KH FROOHFWLYH DJUHHPHQW ZDV FRQFOXGHG EHWZHHQ WKH GDLO\ QHZVSDSHU
SXEOLVKHUVDQGWKH6YHQVND-RXUQDOLVW)|UEXQGHW
)XUWKHUQDWLRQDOFROOHFWLYHDJUHHPHQWVDUHFXUUHQWO\XQGHUGHYHORSPHQW
$XVWULD
7KH $XVWULDQ FROOHFWLYH DJUHHPHQW DOORZV WKH ULJKW RI XVH DQG UHODWHG
ULJKWV WR EH WUDQVIHUUHG LQ IXOO WR WKH SXEOLVKLQJ KRXVH DQG H[SUHVVO\
DOORZV IRU EODQNHW V\QGLFDWLRQ DUUDQJHPHQWV RU RWKHU IRUPV RI HGLWRULDO
FRRSHUDWLRQ ,W LV DOVR SRVVLEOH WR WUDQVIHU WKHVH ULJKWV WR WKLUG SDUWLHV
IRU XVH LQ $XVWULD RU DEURDG -RXUQDOLVWV ZKR OHDYH D SXEOLVKHU FDQ XVH
WKHLU
ZRUNV
ZLWKRXW
WKH
SXEOLVKHU
V
SHUPLVVLRQ
RQH
\HDU
DIWHU
FROOHFWLYH
DJUHHPHQWV
IRU
GDLO\
DQG
ZHHNO\
SDSHUV
LQFOXGH
FRPSDQLHV
7KH
DLP
LQ
%HOJLXP
LV
WR
UHJXODWH
ULJKWV
FROOHFWLYHO\YLDWKHDXWKRUV
ULJKWVRUJDQLVDWLRQ6$--$0
)UDQFH
7KH QDWLRQDO FROOHFWLYH DJUHHPHQW VSHFLILHV WKDW WKH XVH RI MRXUQDOLVWLF
ZRUN LQ DQ\ SXEOLFDWLRQV RWKHU WKDQ WKRVH RI WKH SXEOLVKLQJ KRXVH
UHTXLUH SULRU DJUHHPHQW ZLWK WKH DXWKRUV FRQFHUQHG DQG ILQDQFLDO
UHPXQHUDWLRQ PXVW DOVR EH DJUHHG 2WKHUZLVH WKH FROOHFWLYH DJUHHPHQW
UHIHUV
WR
WKH
/RL
VXU
OD
SURSULpWp
OLWWpUDLUH
HW
DUWLVWLTXH
)UHQFK
MRXUQDOLVWV
RUJDQLVDWLRQV KDYH FRQFOXGHG YDULRXV LQKRXVH FROOHFWLYH
DJUHHPHQWVZKLFKSULPDULO\FRYHUWKHXVHRIZRUNVLQWKHQHZPHGLD
1HWKHUODQGV
7KH
'XWFK
FROOHFWLYH
DJUHHPHQW
HQVXUHV
WKDW
LI
ZRUN
FUHDWHG
E\
MRXUQDOLVWV LQ IXOILOPHQW RI WKHLU FRQWUDFWV RI HPSOR\PHQW LV WR EH XVHG
RXWVLGH WKH QHZVSDSHU RU PDJD]LQH IRU ZKLFK WKH MRXUQDOLVW ZRUNV WKH
DSSURYDO RI ERWK WKH SXEOLVHU DQG WKH MRXUQDOLVW LV UHTXLUHG 7KH
SXEOLVKHU PD\ XVH ZRUNV IRU SXUSRVHV RWKHU WKDQ IRU WKH QHZVSDSHU
FRQFHUQHGEXWPXVWREWDLQWKHDXWKRU
VDSSURYDO7KHDXWKRUPD\RQO\
23 of 33
UHIXVH LI KH LV QRW SDLG DSSURSULDWHO\ IRU VXFK XVH RU WKH SXEOLFDWLRQ
JRHVDJDLQVWKLVSURIHVVLRQDOHWKLFV
1RUZD\
,Q 1RUZD\ WKH FROOHFWLYH DJUHHPHQW JLYHV WKH SXEOLVKHU DQ H[FOXVLYH
ULJKWWRXVHWKHZRUNVWKDWWKHMRXUQDOLVWKDVSURGXFHGIRUWKHSXEOLVKHU
LQ WKH FRXUVH RI HPSOR\PHQW 7KLV XVDJH ULJKW H[WHQGV WR RWKHU PHGLD
RZQHG E\ WKH SXEOLVKHU VXFK DV HOHFWURQLF QHZVSDSHUV UDGLR RU
WHOHYLVLRQ 7KH RQO\ H[FOXVLRQ LV FROOHFWLYH ZRUNV RI DUWLVWLF RU OLWHUDU\
PHULW ,W LV SRVVLEOH WR WUDQVIHU XVDJH ULJKWV WR WKLUG SDUWLHV LQ ZKLFK
FDVH WKH DXWKRU VKRXOG EH SDLG D IHH RI 12. IRU XVH RQ WKH
LQWHUQHW 7KH DXWKRU FDQ UHTXHVW SD\PHQW LI WKH ZRUN LV XVHG LQ WKH
FRQWH[WRIFRRSHUDWLRQEHWZHHQSXEOLVKHUV
6ZLW]HUODQG
8QGHUWKH6ZLVVXPEUHOODFRQWUDFWRIHPSOR\PHQWMRXUQDOLVWVJUDQWWKH
SXEOLVKHU XVDJH ULJKWV LQ ZRUNV FUHDWHV LQ WKH FRXUVH RI HPSOR\PHQW
7KLV DSSOLHV RQO\ WR WKH PHGLD SURGXFW E\ ZKLFK WKH MRXUQDOLVW LV
HPSOR\HG KRZHYHU $Q\ IXUWKHU XVH RI WKH ZRUN UHTXLUHV ZULWWHQ
DJUHHPHQWDQGDSSURSULDWHSD\PHQW
6RPHQDWLRQDOFROOHFWLYHDJUHHPHQWVDQGDXWKRU
VULJKWVODZFDQEHIRXQGRQ
WKHZHEVLWHVRI,)-PHPEHURUJDQLVDWLRQV
24 of 33
,)-PHPEHURUJDQLVDWLRQVLQ(XURSH
'HQPDUN
'DQVN-RXUQDOLVW)RUEXQGHW
*HUPDQ\
'HXWVFKHU-RXUQDOLVWHQ9HUEDQG
YHUGL'-8
(VWRQLD
(HVWL$MDNLUMDQLNH/LLW
)LQODQG
6XRPHQ-RXUQDOLVWLOLLWWRR
)UDQFH
6\QGLFDW1DWLRQDOGHV-RXUQDOLVWHV
*UHHFH
3DQKHOOHQLF)HGHUDWLRQRI-RXUQDOLVWV
8QLRQV
1DWLRQDO8QLRQRI-RXUQDOLVWVRI8.DQG
,UHODQG
,UHODQG
,WDO\
)HGHUD]LRQH1DWLRQDOH6WDPSD,WDOLDQD
/LWKXDQLD
/LHWXYRV=XUQDOLVWX6DMXQJD
/X[HPERXUJ
$VVRFLDWLRQOX[HPERXUJHRLVHGHV
MRXUQDOLVWHVHPDLO
1HWKHUODQGV
1HGHUODQGVH9HUHQLJLQJYDQ-RXUQDOLVWHQ
1RUZD\
1RUVN-RXUQDOLVWODJ
3RODQG
$VVRFLDWLRQRI-RXUQDOLVWVRIWKH5HSXEOLFRI
3RODQG6'53HPDLO
3RUWXJDO
6LQGLFDWRGRV-RUQDOLVWDV
6ZLW]HUODQG
LPSUHVVXP
FRPHGLD
6ZHGHQ
6YHQVND-RXUQDOLVW)|UEXQGHW
6SDLQ
)HGHUDFLyQGH$VRFLDFLRQHVGHOD3UHQVD
(VSDxRODHPDLO
8QLWHG
1DWLRQDO8QLRQRI-RXUQDOLVWVRI8.DQG
.LQJGRP
,UHODQG
)UHHODQFHZHEVLWH
HPSOR\PHQW
FRQGLWLRQV
DQG
TXHVWLRQV
RI
DXWKRUV
ULJKWV
IRU
ULJKWV
)UHHODQFHV
GR
QRW
JHQHUDOO\
IDOO
XQGHU
WKH
VFRSH
RI
FROOHFWLYH
DJUHHPHQWVDQGLQVRPHFRXQWULHVWKLVLVHYHQSURKLELWHGE\ODZ
7KH ,)- KDV DOVR LVVXHG D 0RGHO FRQWUDFW IRU IUHHODQFH MRXUQDOLVWV ZKLFK
JHQHUDOO\RQO\DOORZVRQHRIIXVHRIMRXUQDOLVWLFZRUNVE\DSXEOLVKLQJ KRXVH
$V D PRGHO FRQWUDFW LW LV LQWHQGHG WR EH UHZRUGHG E\ IUHHODQFHV )RU
H[DPSOH WKH\ FDQ UHWDLQ WKH H[FOXVLYH XVH RI WKH DUWLFOH HYHQ LQ RWKHU
SXEOLFDWLRQV RI WKH VDPH FRPSDQ\ RU VSHFLI\ WHUPV IRU XVH E\ WKLUG SDUWLHV
VXFKDVSXEOLFDWLRQLQGDWDEDVHV
7KH PDMRULW\ RI ()- PHPEHU RUJDQLVDWLRQV FDQ SURYLGH PRGHO FRQWUDFWV IRU
IUHHODQFH MRXUQDOLVWV $ EULHI VXUYH\ RI WKH LQWHUQHW OLQNV RI WKH ,)- PHPEHU
25 of 33
RUJDQLVDWLRQVZLOOSURYLGHDQLQLWLDORYHUYLHZ
&ROOHFWLYH DJUHHPHQWVIRU IUHHODQFH MRXUQDOLVWV FDQ EH FDOOHG XS IURP WKH ()VLWHRUWKRVHRIWKHQDWLRQDOMRXUQDOLVWV
XQLRQV$IHZRUJDQLVDWLRQVKDYHDOVR
PDGHWKHVHWH[WVDYDLODEOHRQOLQHIRUH[DPSOH
'HQPDUN
'-99HUGL
)LQODQG
)UDQFH61-
6ZHGHQ
6ZLW]HUODQGFRPHGLDDQG,PSUHVVXP
:HUHFRPPHQGWKDW\RXFDOOXSWKHWH[WVIRUWKHYDULRXVILHOGVRIMRXUQDOLVWLF
DFWLYLW\ IURP WKH QDWLRQDO RUJDQLVDWLRQV DQG FRQWDFW WKH RUJDQLVDWLRQ EHIRUH
XVLQJWKHP
)UHHODQFH MRXUQDOLVWV QHHG PRUH WKDQ PRGHO FRQWUDFWV 7KH\ QHHG WR EH
DZDUH RI WKH ODZ RQ DXWKRUV
ULJKWV LQ WKHLU FRXQWU\ DQG LQFUHDVLQJO\ LQ
RWKHU FRXQWULHV ZKHUH WKH\ OLFHQVH WKHLU ZRUN LQ RUGHU WR LPSURYH WKHLU
QHJRWLDWLQJ SRVLWLRQ ZLWK SXEOLVKHUV DQG EURDGFDVWLQJ FRPSDQLHV /DFN RI
VSDFH SUHYHQWV IXUWKHU GHWDLOV EHLQJ SURYLGHG KHUH 7KH (8 VWXG\ RQ WKH
FRQGLWLRQV DSSOLFDEOH WR FRQWUDFWV UHODWHG WR LQWHOOHFWXDO SURSHUW\ LQ WKH
(XURSHDQ 8QLRQ VKRZV WKDW WKH VLWXDWLRQ LV DQ\WKLQJ EXW KDUPRQLRXV 7KHUH
LVFOHDUO\DQHHGWR EULQJFRQWUDFW ODZDUUDQJHPHQWV LQ(XURSH LQWROLQH 7KLV
LVLOOXVWUDWHGE\WKHIROORZLQJH[DPSOHV
,Q
-XO\
*HUPDQ\
DGRSWHG
D
QHZ
DXWKRUV
ULJKWV
ODZ
WKDW
SUHVFULEHV UHDVRQDEOH IHHV IRU DXWKRUV IRU WKH ILUVW WLPH $FFRUGLQJ WR
WKH ODZ UHPXQHUDWLRQ LV UHDVRQDEOH LI DW WKH WLPH WKH FRQWUDFW ZDV
FRQFOXGHG LW FRUUHVSRQGV WR ZKDW LV QRUPDOO\ DQG KRQHVWO\ SDLG LQ WKH
QRUPDO FRXUVH RI EXVLQHVV DFFRUGLQJ WR WKH W\SH DQG VFRSH RI WKH
JUDQWHG XVDJH ULJKWV SDUWLFXODUO\ WKH GXUDWLRQ DQG WLPH DQG WDNLQJ IXOO
DFFRXQW
RI
DOO
WKH
FLUFXPVWDQFHV
7KH
ODZ
SURYLGHV
IRU
WKH
UHDVRQDEOHQHVVRIIHHVDQGRWKHUFRQWUDFWWHUPVWREHWHVWHGLQFRXUW,W
DOVR H[SUHVVO\ SHUPLWV DXWKRUV
DQG SXEOLVKHUV
DVVRFLDWLRQV WR GUDZ XS
DJUHHPHQWV RQ UHPXQHUDWLRQ DUUDQJHPHQWV DQG UHDVRQDEOH IHHV DQG
FRQWUDFWXDOFRQGLWLRQV
,Q 3RODQG WKH DXWKRU KDV D OHJDO FODLP WR HTXLWDEOH UHPXQHUDWLRQ EXW
MRXUQDOLVWV
DVVRFLDWLRQV
DUH
QRW
SHUPLWWHG
WR
PDNH
UHPXQHUDWLRQ
DUUDQJHPHQWV
7KHSRVLWLRQLQ+XQJDU\DQG6ORYHQLDLVVLPLODUDQGDZULWWHQFRQWUDFW
VKRXOGDOZD\VEHUHTXLUHG
6XFK
UHPXQHUDWLRQ
DUUDQJHPHQWV
DUH
QRW
SURYLGHG
IRU
LQ
WKH
1HWKHUODQGV RU LQ WKH 8QLWHG .LQJGRP RU ,UHODQG 7KHVH H[DPSOHV
VKRZ WKDW DXWKRUV GR QRW HQMR\ WKH VDPH KLJK VWDQGDUG RI SURWHFWLRQ
DFURVV(XURSH
6RPH DUJXH WKDW FROOHFWLYH DJUHHPHQWV FDQ WDNH WKH SODFH RI DXWKRUV
ULJKWV
LQWKRVHFRXQWULHVLQZKLFKDXWKRUV
ULJKWVDUHQRWVRVWURQJ%XWWKHDXWKRUV
DVVRFLDWLRQV
GR
QRW
DOZD\V
KDYH
WKH
VDPH
QHJRWLDWLQJ
SRZHU
DV
WKH
SXEOLVKHUV RU WKHLU DVVRFLDWLRQV 7KH OHJDO IRXQGDWLRQ DIIRUGHG E\ D XQLIRUP
(XURSHDQ VWDQGDUG RI DXWKRUV
ULJKWV WKDW SURWHFWV DXWKRUV
LQWHUHVWV FDQQRW
EHUHSODFHGE\FROOHFWLYHDJUHHPHQWV
,Q WKH HQG OHJDO SUHFHGHQW VHW E\ FDVHV IRXJKW WKURXJK WR KLJKHU FRXUWV ZLOO
26 of 33
PRUDO
ULJKWV
FDQ
EH
SURWHFWHG
DQG
ZKLFK
W\SHV
RI
XVH
DUH
UHFRJQLVHG E\ YDULRXV QDWLRQDO ODZV 7KH QDWLRQDO PHPEHU RUJDQLVDWLRQV FDQ
DOVR SURYLGH GHWDLOV RI UHOHYDQW MXGJPHQWV RU SURYLGH LQIRUPDWLRQ XSRQ
UHTXHVW
27 of 33
7 Collecting societies
,W LV QRW DOZD\V SRVVLEOH IRU DXWKRUV WR HQIRUFH WKHLU ULJKWV WKHPVHOYHV $
VLQJOH MRXUQDOLVW FDQ QHLWKHU FRQWURO ZKR UHSURGXFHV DUWLFOHV RU SKRWRJUDSKV
LQIRUH[DPSOHDOOSUHVVUHYLHZVQRUPRQLWRUZKRSKRWRFRSLHVWKHVHZRUNV
1R LQGLYLGXDO LV DEOH WR ZDWFK RYHU ZKR UHFRUGV WKHLU WUDQVPLWWHG ZRUNV RQ
YLGHRRU'9'RUZKLFKEURDGFDVWHUVUHWUDQVPLWWKHP(YHQODUJHFRPSDQLHV
FDQQRW DOZD\V NHHS WUDFN RI SHRSOH ZKR XVH ZRUNV SURWHFWHG E\ DXWKRUV
ULJKWV ZLWKRXW DVNLQJ SHUPLVVLRQ ,QWHUQHW VHDUFK HQJLQHV UHWXUQ ORQJ OLVWV RI
H[DPSOHV VKRZLQJ KRZ DXWKRUV
ZRUNV DUH XVHG ZLWKRXW WKHP JDLQLQJ DQ\
EHQHILWIURPVXFKXVH
&ROOHFWLQJ VRFLHWLHV KDYH EHHQ VHW XS LQ PDQ\ FRXQWULHV WR HQVXUH WKDW
DXWKRUV UHFHLYH WKH EHQHILWV GXH IURP VXFK XVHV 7KHVH FROOHFWLQJ VRFLHWLHV
HQWHU LQWR FRQWUDFWXDO DJUHHPHQWV ZLWK DXWKRUV LQFOXGLQJ MRXUQDOLVWV WR
HQIRUFH WKH ULJKWV WKDW WKH DXWKRUV DUH XQDEOH WR PRQLWRU WKHPVHOYHV 7KHVH
LQFOXGHSKRWRFRS\LQJGLJLWDOUHSURGXFWLRQXVLQJVFDQQHUVRU&'EXUQHUVDQG
WKH EURDGFDVWLQJ RI SURWHFWHG ZRUNV E\ FDEOH QHWZRUNV ,Q VRPH FRXQWULHV
IRUH[DPSOH*HUPDQ\PRQH\LVFROOHFWHGWKURXJKOHYLHVRQ&'520V'9'V
DXGLR DQG YLGHR FDVVHWWHV +HUH FROOHFWLQJ VRFLHWLHV FRQFOXGH FRQWUDFWV ZLWK
PDQXIDFWXUHUV LPSRUWHUV DQG RSHUDWRUV RI GHYLFHV LQWHQGHG WR GXSOLFDWH
ZRUNV SURWHFWHG E\ DXWKRUV
ULJKWV 7KH\ QHJRWLDWH DGHTXDWH UHPXQHUDWLRQ
DQG DUH UHVSRQVLEOH IRU SDVVLQJ RQ WKH UHPXQHUDWLRQ UHFHLYHG WR WKH DXWKRUV
RU WR RUJDQLVDWLRQV RI DXWKRUV DQG VRPHWLPHV WR SXEOLVKHUV DV ZHOO 7KH
DPRXQW RI UHPXQHUDWLRQ FROOHFWHG E\ WKHVH FRPSDQLHV LV FRQVLGHUDEOH 7HQV
RIPLOOLRQVRI (XURVKDYH EHHQFROOHFWHG IRUMRXUQDOLVWV ZKRVKRXOG WKHUHIRUH
FRQFOXGH FRQWUDFWV ZLWK WKHLU QDWLRQDO FROOHFWLQJ VRFLHW\ LQ RUGHU WR EHQHILW
IURPWKHLUSD\RXWV
,QPRVWFRXQWULHVFROOHFWLQJVRFLHWLHVJDWKHU UHPXQHUDWLRQIRU WKHOHQGLQJ RI
ZRUNVDQGDQDORJDQGHOHFWURQLFSUHVVUHYLHZV
$ QXPEHU RI (XURSHDQ FRXQWULHV KDYH D VLQJOH FROOHFWLQJ VRFLHW\ ZKLFK LQ
VRPH
FDVHV
DOVR
UHSUHVHQWV
SXEOLVKHUV
2WKHUV
KDYH
VHYHUDO
QDWLRQDO
VRFLHWLHVHDFKDFWLYHLQDGLIIHUHQWILHOG)RUH[DPSOHVRPHFRXQWULHVKDYHD
FROOHFWLQJ VRFLHW\ SXUHO\ VHUYLQJ MRXUQDOLVWV ZRUNLQJ LQ WKH ZULWWHQ ZRUG DQG
RWKHUVIRUSKRWRJUDSKHUVFDPHUDRSHUDWRUVHWF
7KH FROOHFWLQJ VRFLHWLHV KDYH DQ LQWHUQDWLRQDO XPEUHOOD RUJDQLVDWLRQ WKH
,QWHUQDWLRQDO )HGHUDWLRQ RI 5HSURGXFWLRQ 5LJKWV 2UJDQLVDWLRQV ,)552
ZKLFKDWWHPSWVWRHQIRUFHDXWKRUV
ULJKWVLQWHUQDWLRQDOO\
7KHUHDUHDOVRFRXQWULHVLQZKLFKQRFROOHFWLQJVRFLHWLHV\HWH[LVWRULQZKLFK
WKHUH DUH RQO\ FROOHFWLQJ VRFLHWLHV IRU FHUWDLQ JURXSV RI DXWKRUV H[FOXGLQJ
MRXUQDOLVWV7KLVLVSDUWLFXODUO\WKHFDVHLQWKHIXWXUH(8PHPEHUVWDWHVVXFK
DV 3RODQG 6ORYHQLD WKH &]HFK 5HSXEOLF 6ORYDNLD HWF ,Q WKHVH FRXQWULHV
WKH ()- ZLOO KDYH WR DWWHPSW WR ILQG ZRUNLQJ VROXWLRQV IRU MRXUQDOLVWV LQ
FRRSHUDWLRQ ZLWK ,)552 DQG WKH QDWLRQDO PHPEHU RUJDQLVDWLRQV ,I WKLV ZRUN
SURYHV LPSRVVLEOH WKH IDLOXUH PD\ KDYH QHJDWLYH UHSHUFXVVLRQV RQ WKH
(XURSHDQFRXQWULHVWKDWKDYHSUHYLRXVO\KDGVXFFHVVIXOFROOHFWLQJV\VWHPV
,Q WKH (XURSHDQ 8QLRQ WKH ZRUN RI FROOHFWLQJ VRFLHWLHV LV EHLQJ PRQLWRUHG
28 of 33
FULWLFDOO\ ZLWK UHVSHFW WR WKH FRPSHWLWLRQ UXOHV RI WKH LQWHUQDO PDUNHW 7KH
,QIRVRF GLUHFWLYH VWDWHV IRU H[DPSOH WKDW FROOHFWLQJ VRFLHWLHV VKRXOG IXUWKHU
UDWLRQDOLVH WKHLU DFWLYLWLHV DQG DFKLHYH JUHDWHU WUDQVSDUHQF\ 7KH ()- IHHOV
WKDW WKLV IHDWXUH RI WKH GLUHFWLYH UHFLWDO PXVW QRW OHDG WR VXSSRVHGO\
SRVLWLYH FRPSHWLWLRQ WKDW PHUHO\ JLYHV SUHIHUHQFH WR VRFLHWLHV RIIHULQJ WKH
ORZHVW SULFH IRU HQIRUFLQJ ULJKWV WR WKH GHWULPHQW RI WKH DXWKRUV 7KLV ZRXOG
EHGLVDVWURXVIRUDXWKRUVGHSULYLQJWKHPRIWKHSURWHFWLRQWKH\UHTXLUH
2WKHU FKDOOHQJHV IRU WKH IXWXUH GHYHORSPHQW RI FROOHFWLQJ VRFLHWLHV ZLOO
FRQVLGHULQJWKHXVHRI'50V\VWHPVH[DPLQDWLRQRIWKHTXHVWLRQRIZKHWKHU
DQG WR ZKDW H[WHQW '50 V\VWHPV FDQ UHSODFH WKH HQIRUFHPHQW RI ULJKWV VHH
DERYHDQG
GHYHORSLQJ
GLJLWDO
V\VWHPV
WR
FROOHFW
DQG
GLVWULEXWH
SD\PHQWV
7KHGHYHORSPHQWRIGLJLWDOOLFHQFHPDQDJHPHQWDQGLQIRUPDWLRQV\VWHPVZLOO
PDNH
LW
PXFK
HDVLHU
WR
FODULI\
WKH
LQGLYLGXDO
ULJKWV
IRU
PXOWLPHGLD
SURGXFWLRQV $Q\RQH ZKR ZDQWV WR FRPELQH SKRWRJUDSKV WH[W ILOP H[FHUSWV
DQGPXVLFLQDSURGXFWLRQZLOOILQGLWPXFKHDVLHUWRVHWWOHWKHOHJDOTXHVWLRQV
LI WKH\ XVH D FHQWUDO ULJKWV PDQDJHPHQW DJHQF\ &ROOHFWLQJ VRFLHWLHV RIIHU
WKLV W\SH RI SDFNDJH DV D RQHVWRS VKRS 6XFK FOHDULQJ KRXVH SURMHFWV FDQ
EH IRXQG LQ *HUPDQ\ )LQODQG )UDQFH ,UHODQG ,WDO\ WKH 1HWKHUODQGV
1RUZD\ 3RUWXJDO 6ZLW]HUODQG 6SDLQ 6ZLW]HUODQG DQG WKH 86$ $ (XURSHDQ
FURVVERUGHU V\VWHP LV FXUUHQWO\ XQGHU GHYHORSPHQW DV SDUW RI WKH 9HU\
([WHQVLYH5LJKWV'DWD,QIRUPDWLRQ9(5',FRQFHSW
6XFK V\VWHPV FDQ DOVR LPSURYH FROOHFWLQJ VRFLHWLHV
ZRUN LQ WHUPV RI ULJKWV
PDQDJHPHQWDQGIDLUGLVWULEXWLRQ7KHFROOHFWLQJVRFLHWLHVKDYHSOD\HGDYHU\
LPSRUWDQW UROH LQ WKH GHYHORSPHQW RI V\VWHPV IRU WKH LGHQWLILFDWLRQ RI ZRUNV
WKHLUFUHDWRUVDQGWKHULJKWVDQGUHPXQHUDWLRQVDVVRFLDWHGZLWKHQIRUFHPHQW
FRQWUDFWV IRU H[DPSOH 7KH\ KDYH GHYHORSHG WKH &RPPRQ ,QIRUPDWLRQ
6\VWHP &,6 XQGHUWKH XPEUHOODRI &,6$& 7KH &,6 LV GHVLJQHG WR QHWZRUN
WKH
GDWDEDVHV
RI
WKH
YDULRXV
QDWLRQDO
FROOHFWLQJ
VRFLHWLHV
,W
VSHFLILHV
LQIRUPDWLRQ RQ ULJKWV KROGHUV DQG ULJKWV XVHUV IRU H[DPSOH DQG IRU WKH
XQLTXH LGHQWLILFDWLRQ RI ZRUNV ,W LV QRW \HW FRPSOHWH DQG WKHUH LV PXFK
YDOXDEOH LQIRUPDWLRQ WKDW KDV \HW WR EH REWDLQHG IURP WKH QDWLRQDO FROOHFWLQJ
VRFLHWLHV
29 of 33
RI
WKH
LQIULQJHPHQW
PD\
EH
UHTXHVWHG
IRU
H[DPSOH
ZLWKGUDZDORIDQLWHPWKDWGDPDJHGWKHDXWKRU
VUHSXWDWLRQ
$EDQRQSXEOLFDWLRQRUGHVWUXFWLRQRIWKHSXEOLFDWLRQPD\EHUHTXLUHG
6RPH QDWLRQDO OHJLVODWLRQ DOORZV WKH HQWLUH SULQWUXQ RI WKH SXEOLFDWLRQ
RURWKHUPHGLXPWREHVHL]HG
,QVRPHFRXQWULHVFULPLQDOFKDUJHVFDQEHEURXJKWZKLFKPD\UHVXOWLQ
D MXGJHPHQW DJDLQVW WKH SDUW\ WKDW LQIULQJHG WKH DXWKRU
V ULJKWV DQG
FRQILVFDWLRQRIDQ\FRSLHVDOUHDG\SURGXFHG
-RXUQDOLVWV
ZKR
KDYH
WUDQVIHUUHG
XVDJH
ULJKWV
WR
WKH
SXEOLVKHU
RU
EURDGFDVWLQJ FRPSDQ\ FDQ RQO\ WDNH DFWLRQ DJDLQVW LQIULQJHPHQWV RI WKHLU
PRUDO ULJKWV LQ FRXQWULHV ZKHUH WKH\ KDYH WKHVH ,Q DGGLWLRQ WKH SXEOLVKHU
RU EURDGFDVWLQJ FRPSDQ\ ZKLFK RZQV WKH ULJKWV PXVW VWLOO EH WUDGLQJ ,Q
VRPH
FRXQWULHV
FROOHFWLQJ
VRFLHWLHV
WUDGH
XQLRQV
RU
SURIHVVLRQDO
DXWKRUV
ULJKWV
LQ
EUHDFK
RI
HPSOR\PHQW
FRQWUDFW
()-
PHPEHU
DVVRFLDWLRQV FDQ DOVR SURYLGH UHOHYDQW LQIRUPDWLRQ DQG QDPHV RI ODZ\HUV
ZKRVSHFLDOLVHLQDXWKRUV
ULJKWV
7KH ULJKW WR FRQWUDFWXDO DQG QRQFRQWUDFWXDO HQIRUFHPHQW RI DXWKRUV
ULJKWV
KDV QRW\HW EHHQKDUPRQLVHG LQWKH (XURSHDQ 8QLRQ 7KH ODFN RI D (XURSHDQ
DXWKRUV
ULJKWVODZLVGLVFXVVHGDERYH
7KH (8 KDV DW WKH WLPH RI ZULWLQJ MXVW SDVVHG 'LUHFWLYH (& RQ WKH
HQIRUFHPHQW RI LQWHOOHFWXDO SURSHUW\ ULJKWV ,W LV GRXEWIXO ZKHWKHU WKLV
GLUHFWLYH LV DQRWKHU VWHS WRZDUGV WKH SURWHFWLRQ RI DXWKRUV RU QRW 7KH WH[W
LQFOXGHVULJKWVWRREWDLQLQIRUPDWLRQRQLQIULQJLQJXVHRIZRUNVDQGVWDQGDUG
WHUPV IRU FODLPV IRU FRPSHQVDWLRQ DQG IRU WKH UHPRYDO RU VHL]XUH RI
LQIULQJLQJ ZRUNV ,W DOVR DOORZV SURIHVVLRQDO DVVRFLDWLRQV WR WDNH DFWLRQ WR
GHIHQG WKHLU PHPEHUV
DXWKRUV
ULJKWV 7KH QHZ GLUHFWLYH DOVR LQFOXGHV UXOHV
RQ WKH SURGXFWLRQ RI HYLGHQFH DQG OHJDO UHPHGLHV EXW LW GRHV QRW FRQWDLQ
SURYLVLRQVRQGDPDJHVVXFKDVWKRVHH[LVWLQJLQWKHILUVWGUDIW
30 of 33
9 International cooperation
7KH(XURSHDQ8QLRQKDVMXVWXQGHUWDNHQWKHODUJHVWH[SDQVLRQRILWVKLVWRU\
LQ 0D\ DQRWKHU WHQ VWDWHV EHFDPH PHPEHUV 7KHVH QHZ PHPEHU
VWDWHV DUH UHTXLUHG WR LPSOHPHQW WKH DTXLV FRPPXQDXWDLUH WKH ERG\ RI
VHWWOHG(8ODZLQFOXGLQJWKHGLUHFWLYHVGHDOLQJZLWKDXWKRUV
ULJKWV$XWKRUV
ULJKWV DQG UHODWHG ULJKWV KDYH LPPHQVH VLJQLILFDQFH LQ WKH LQIRUPDWLRQ
VRFLHW\ 7KH QXPEHU RI IUHHODQFH MRXUQDOLVWV LV JURZLQJ ERWK LQ WKH H[LVWLQJ
PHPEHU VWDWHV LQ WKH QHZ HQWUDQWV *LYHQ WKLV LW LV PRUH LPSRUWDQW WKDQ
HYHU WKDW MRXUQDOLVWV
XQLRQV DQG SURIHVVLRQDO DVVRFLDWLRQV WR ZRUN WRJHWKHU
DQGFRRSHUDWHPRUHFORVHO\
7KH()-KDVSODFHGDXWKRUV
ULJKWVDWWKHKHDUWRILWVH[WHQVLYHDFWLYLWLHVDQG
KDV VHW XS WKH $XWKRUV 5LJKWV ([SHUW *URXS $5(* WR EULQJ WRJHWKHU H[SHUW
NQRZOHGJH IURP PDQ\ (XURSHDQ FRXQWULHV $5(* LV LQYROYHG ZLWK DOO WRSLFV
UHODWHG WR DXWKRUV
ULJKWV (QFRXUDJHG E\ $5(* WKH ()- KDV VHW XS WKH SRVW
RI $XWKRUV
5LJKWV &DPSDLJQ 2IILFHU 7KLV ,)- HPSOR\HH
V MRE GHVFULSWLRQ
LQYROYHV FRRUGLQDWLQJ $5(*
V ZRUN FRQWLQXRXVO\ XSGDWLQJ LWV ZHEVLWH ZLWK
FXUUHQW GRFXPHQWV IURP ERWK %UXVVHOV DQG WKH ()- PHPEHU RUJDQLVDWLRQV
DQG DFWLQJ DV D FRQWDFW RQ DOO PDWWHUV DVVRFLDWHG ZLWK LQWHOOHFWXDO SURSHUW\
ULJKWV7KHZRUNRI$5(*DQGWKH&DPSDLJQ2IILFHUDUHLQFRUSRUDWHGLQWRWKH
DFWLYLWLHV RI WKH ,)- ZKLFK FDPSDLJQV DURXQG WKH ZRUOG WR UHLQIRUFH WKH
MRXUQDOLVWV
DXWKRUV
ULJKWV
31 of 33
10 The future
%\ SXEOLVKLQJ WKLV KDQGERRN WKH ,)- DQG ()- DLP WR GUDZ DWWHQWLRQ WR
LPSRUWDQW GHYHORSPHQWV WDNLQJ SODFH LQ (XURSHDQ DQG LQWHUQDWLRQDO DXWKRUV
ULJKWVWKDWFRQFHUQWKHHQIRUFHPHQWRIMRXUQDOLVWV
LQWHUHVWV
7KH KDQGERRN LV UHJXODUO\ VXSSOHPHQWHG DQG XSGDWHG WR LQFRUSRUDWH QHZ
GHYHORSPHQWV <RXU FRQWULEXWLRQ WR WKLV SURFHVV LV FUXFLDO <RX FDQ IRUZDUG
QHZLQIRUPDWLRQWR
3DPHOD0RULQLqUH
,QWHUQDWLRQDO)HGHUDWLRQRI-RXUQDOLVWV
5XHGHOD/RL%ORF&
%%UXVVHOV
%HOJLXP
7HO
)D[
32 of 33
11 List of abbreviations:
$5(*
$XWKRUV
5LJKWV([SHUWV
*URXSRIWKH()-
&',
&RPSDFW'LVF,QWHUDFWLYH
&'520
&RPSDFW'LVF5HDG2QO\0HPRU\
&,6
&RPPRQ,QIRUPDWLRQ6\VWHP
&,6$&
&RQIHGpGpUDWLRQ,QWHUQDWLRQDOHGHV6RFLpWpVG
$XWHXUVHW
&RPSRVLWHXUV
'-9
'HXWVFKHU-RXUQDOLVWHQ9HUEDQG*HUPDQ-RXUQDOLVWV
$VVRFLDWLRQ
'50
'LJLWDO5LJKWV0DQDJHPHQWVSHFLILFDOO\V\VWHPVFRQWUROOLQJ
DFFHVVWRDZRUN
(&
(XURSHDQ&RPPXQLW\
((&
(XURSHDQ(FRQRPLF&RPPXQLW\SUHGHFHVVRURIWKH(&
()-
(XURSHDQ)HGHUDWLRQRI-RXUQDOLVWV
(8
(XURSHDQ8QLRQ7KH(&SOXVFRRSHUDWLRQLQIRUHLJQDQGMXVWLFH
PDWWHUV
*$77
*HQHUDO$JUHHPHQWRQ7DULIIVDQG7UDGH
,)-
,QWHUQDWLRQDO)HGHUDWLRQRI-RXUQDOLVWV
,)552
,QWHUQDWLRQDO)HGHUDWLRQRI5HSURJUDSKLF5LJKWV2UJDQLVDWLRQV
19-
1HGHUODQGVH9HUHQLJLQJYDQ-RXUQDOLVWHQ'XWFK-RXUQDOLVWV
$VVRFLDWLRQ
6$--$0 6RFLHWpGHGURLWG
$XWHXUGHV-RXUQDOLVWHV-RXUQDOLVWHQ
$XWHXUVUHFKWHQ0DDWVFKDSSLM%HOJLDQ-RXUQDOLVWV
$VVRFLDWLRQ
6\QGLFDW1DWLRQDOGHV-RXUQDOLVWHV)UHQFK-RXUQDOLVWV
7UDGH
61-
8QLRQ
75,36
DJUHHPHQWRQ7UDGH5HODWHGDVSHFWVRI,QWHOOHFWXDO3URSHUW\
5LJKWV
8.
8QLWHG.LQJGRPRI*UHDW%ULWDLQDQG1RUWKHUQ,UHODQG
:,32
:RUOG,QWHOOHFWXDO3URSHUW\2UJDQL]DWLRQ
:&7
:,32&RS\ULJKW7UHDW\
:337
:,323HUIRUPDQFHVDQG3KRQRJUDPV7UHDW\
:72
:RUOG7UDGH2UJDQLVDWLRQ
:::
:RUOG:LGH:HE
Authors:
0LFKDHO+LUVFKOHUVHFW
0LFKDHO.OHKPVHFW
%HQQR+3RHSSHOPDQQVHFW
,UHQH.RQLJVVHFW
Editor:
7KH(XURSHDQ)HGHUDWLRQRI-RXUQDOLVWV
3URGXFHGZLWKWKHILQDQFLDOVXSSRUWRIWKH(8&RPPLVVLRQ
33 of 33