You are on page 1of 3

,0$)81*86ā92/80(ā12±

+RZWRGHVFULEHDQHZIXQJDOVSHFLHV

ART I CLE
.HLWK$6HLIHUW  DQG$P\<5RVVPDQ 


%LRGLYHUVLW\ 0\FRORJ\  (DVWHUQ &HUHDO DQG 2LOVHHG 5HVHDUFK &HQWUH $JULFXOWXUH  $JUL)RRG &DQDGD 2WWDZD 2QWDULR .$
&&DQDGDFRUUHVSRQGLQJDXWKRUHPDLO.HLWK6HLIHUW#$*5*&&$

6\VWHPDWLF 0\FRORJ\  0LFURELRORJ\ /DERUDWRU\ 86'$$56 5P  %$  %DOWLPRUH $YH %HOWVYLOOH 0' 
86$

IRUWKH,QWHUQDWLRQDO&RPPLVVLRQRQWKH7D[RQRP\RI)XQJLZZZIXQJDOWD[RQRP\RUJ

$EVWUDFW 7KH IRUPDO UHTXLUHPHQWV DQG EHVW SUDFWLFHV IRU WKH SXEOLFDWLRQ .H\ZRUGV
RIGHVFULSWLRQVRIQHZIXQJDOVSHFLHVDUHGLVFXVVHG([SHFWDWLRQVIRU'1$ &XOWXUH&ROOHFWLRQV
VHTXHQFHV DQG FXOWXUHV DUH FRQVLGHUHG $ PRGHO PDQXVFULSW RIIHUV RQH +HUEDULD
SRVVLEOHDSSURDFKWRZULWLQJVXFKDSDSHU  ,QWHUQDWLRQDO&RGHRI%RWDQLFDO1RPHQFODWXUH
/DWLQGLDJQRVHV
0ROHFXODUSK\ORJHQHWLFV

$UWLFOHLQIR6XEPLWWHG2FWREHU$FFHSWHG2FWREHU3XEOLVKHG1RYHPEHU

,1752'8&7,21 )250$/5(48,5(0(176

(YHU\ IXQJDO VSHFLHV LV XQLTXH 7KHUHIRUH HYHU\ 7KH ,QWHUQDWLRQDO &RGH RI %RWDQLFDO 1RPHQFODWXUH
GHVFULSWLRQ RI D IXQJDO VSHFLHV LV DOVR XQLTXH ,&%1 JRYHUQVWKHQDPLQJRIIXQJL7KLVLVDFRPSOH[
7KH PRUSKRORJLFDO SK\VLRORJLFDO HFRORJLFDO DQG GRFXPHQWEXW\RXVKRXOGUHDGWKHUHOHYDQWDUWLFOHVRI
PROHFXODU GLYHUVLW\ LQ IXQJL PHDQV WKDW GHVFULSWLRQV WKH&RGHIRUH[DFWZRUGLQJRIWKHUHJXODWLRQV7KH,&%1
DQG LOOXVWUDWLRQV GLIIHU IURP RQH WD[RQRPLF JURXS LV XSGDWHG HYHU\ VL[ \HDUV DIWHU HDFK ,QWHUQDWLRQDO
WR DQRWKHU 7KHUH DUH QR IRUPDO VWDQGDUGV IRU WKH %RWDQLFDO &RQJUHVV DQG LV DYDLODEOH RQ WKH :RUOG
GHVFULSWLRQ DQG LOOXVWUDWLRQ RI VSHFLHV EXW WKHUH DUH :LGH :HE VHH UHIHUHQFHV  7KH PRVW UHFHQWO\
VRPH IRUPDO RU µOHJDO¶  UHTXLUHPHQWV IRU SURSRVLQJ SXEOLVKHGFRGHPXVWEHIROORZHGDQGSUHYLRXV&RGHV
QDPHV WKDW DUH LPSRVHG E\ WKH ,QWHUQDWLRQDO &RGH RI DUH FRQVLGHUHG REVROHWH $OWKRXJK WKHUH KDYH EHHQ
%RWDQLFDO 1RPHQFODWXUH ,&%1 0F1HLOO HW DO   GLVFXVVLRQVDERXWDSRVVLEOHLQGHSHQGHQW0\FRORJLFDO
)XUWKHUPRUH FRPPXQLW\ VWDQGDUGV RI VFLHQWL¿F ULJRU &RGHRUD%LR&RGHFRYHULQJDOORUJDQLVPVWKHVHDUH
DUHHQIRUFHGE\HGLWRUVDQGUHYLHZHUV VWLOO LQ WKH GLDORJXH VWDJH 7KH 3K\ORFRGH &DQWLQR 
)RUWKHEHJLQQHULWLVXVHIXOWRKDYHPRGHOVWRDVVLVW GH 4XHLUR]   SURPRWHV SK\ORJHQHWLFDOO\ EDVHG
ZLWKWKHSUHSDUDWLRQRIGHVFULSWLRQVDQGLOOXVWUDWLRQV,Q QRQ/LQQDHDQQRPHQFODWXUHDQGLVQRWUHOHYDQWIRUWKH
WKLVSDSHUIRUPDOUHTXLUHPHQWVDQGEHVWSUDFWLFHVWKDW GHVFULSWLRQRIQHZVSHFLHVDVSUHVHQWHGKHUH
VKRXOGEHFRQVLGHUHGIRUDQ\GHVFULSWLRQDUHRXWOLQHG ,QWD[RQRPLFODQJXDJHVSHFLHVPXVWEHµHIIHFWLYHO\¶
DQG D PRGHO PDQXVFULSW IRU GHVFULELQJ D QHZ VSHFLHV µOHJLWLPDWHO\¶DQGµYDOLGO\¶SXEOLVKHG7KHVHWKUHHZRUGV
LVSURYLGHG6HYHUDOµWULFNVRIWKHWUDGH¶DQGFDXWLRQDU\ KDYH VSHFLDO PHDQLQJV LQ WD[RQRPLF WHUPLQRORJ\ DV
QRWHVDUHDOVRLQFOXGHG GR µLOOHJLWLPDWH¶ DQG µLQYDOLG¶  DQG WKH\ VKRXOG QRW EH
$GGLWLRQDO KLQWV FDQ IRXQG LQ WKH QRZ VRPHZKDW XVHGLQRWKHUZD\VLQWD[RQRPLFPDQXVFULSWV
GDWHG&RGHRI3UDFWLFHGHYHORSHGE\WKH,&7) 6LJOHU 
+DZNVZRUWK DQGWKHJXLGHERRNIRUP\FRORJLVWV  7R EH HIIHFWLYHO\ SXEOLVKHG $UWV ±  LH WR
E\ +DZNVZRUWK   $OWKRXJK QRW H[FOXVLYHO\ EH PDGH DYDLODEOH D GHVFULSWLRQ RI D QHZ VSHFLHV
FRQFHUQHGZLWKIXQJLWKHERRNE\:LQVWRQ  DOVR PXVW EH SXEOLVKHG LQ D MRXUQDO WKDW FDQ EH UHDG
SURYLGHVDYDOXDEOHSHUVSHFWLYH E\ WKH VFLHQWL¿F FRPPXQLW\ 6SHFLHV SXEOLVKHG
LQ QHZVSDSHU DUWLFOHV RU PHQWLRQHG LQ RUDO
SUHVHQWDWLRQV DW VFLHQWL¿F PHHWLQJV IRU H[DPSOH
DUHQRWFRQVLGHUHGHIIHFWLYHO\SXEOLVKHG$WSUHVHQW

‹,QWHUQDWLRQDO0\FRORJLFDO$VVRFLDWLRQ

<RXDUHIUHHWRVKDUHWRFRS\GLVWULEXWHDQGWUDQVPLWWKHZRUNXQGHUWKHIROORZLQJFRQGLWLRQV
$WWULEXWLRQ  <RXPXVWDWWULEXWHWKHZRUNLQWKHPDQQHUVSHFL¿HGE\WKHDXWKRURUOLFHQVRU EXWQRWLQDQ\ZD\WKDWVXJJHVWVWKDWWKH\HQGRUVH\RXRU\RXUXVHRIWKHZRUN 
1RQFRPPHUFLDO <RXPD\QRWXVHWKLVZRUNIRUFRPPHUFLDOSXUSRVHV
1RGHULYDWLYHZRUNV <RXPD\QRWDOWHUWUDQVIRUPRUEXLOGXSRQWKLVZRUN
)RUDQ\UHXVHRUGLVWULEXWLRQ\RXPXVWPDNHFOHDUWRRWKHUVWKHOLFHQVHWHUPVRIWKLVZRUNZKLFKFDQEHIRXQGDWKWWSFUHDWLYHFRPPRQVRUJOLFHQVHVE\QFQGOHJDOFRGH$Q\RIWKHDERYHFRQGLWLRQVFDQEHZDLYHGLI\RXJHW
SHUPLVVLRQIURPWKHFRS\ULJKWKROGHU1RWKLQJLQWKLVOLFHQVHLPSDLUVRUUHVWULFWVWKHDXWKRU¶VPRUDOULJKWV

VOLUME 1 · NO. 2 109


6HLIHUW 5RVVPDQ

GHVFULSWLRQV RI QHZ VSHFLHV FDQQRW EH SXEOLVKHG :RUOG )HGHUDWLRQ IRU &XOWXUH &ROOHFWLRQV VG 
ART I CLE

H[FOXVLYHO\RQHOHFWURQLFPHGLDVXFKDV&'520V 7KLVSUDFWLFHLVQRWZLGHO\XVHGLQP\FRORJ\H[FHSW
'9'V RU RQ WKH ,QWHUQHW (IIHFWLYH SXEOLFDWLRQ LV IRU \HDVWV &XOWXUHV FDQ EH GULHG IRU XVH DV W\SH
RQO\DFFHSWHGE\WKH,&%1ZKHQDWOHDVWWZRSDSHU VSHFLPHQV &RQVWDQWLQHVFX WDNHFDUHWRGU\
FRSLHV DUH DUFKLYHG LQ D VFLHQWL¿F OLEUDU\ RU RWKHU DQ XQFRQWDPLQDWHG RSWLPDOO\ GHYHORSHG FXOWXUH
GHVSRVLWDU\ KRZHYHU ZH IHHO WKDW PDQ\ PRUH QRW DQ ROG RQH WKDW KDV VWDUWHG WR GHJHQHUDWH ,I
SULQWHG FRSLHV VKRXOG EH GHSRVLWHG SUHIHUDEO\ RQ \RXZLVKWRGHVLJQDWHDPLFURVFRSHVOLGHDVDW\SH
HDFK FRQWLQHQW 6HYHUDO P\FRORJLFDO MRXUQDOV QRZ RUWRLQFOXGHRQHZLWKWKHW\SHLWLVZRUWKWKHHIIRUW
SXEOLVK DUWLFOHV LQFOXGLQJ QHZ VSHFLHV RQOLQH DQG WRPDNHDSHUPDQHQWSUHSDUDWLRQXVLQJWKHPHWKRG
GHSRVLW SULQWHG FRSLHV LQ SHUPDQHQW OLEUDULHV WR GHVFULEHGE\.RKOPH\HU .RKOPH\HU  
PHHW HIIHFWLYH SXEOLFDWLRQ UHTXLUHPHQWV WKH GDWH
RISXEOLFDWLRQRIWKHSDSHUFRS\UHPDLQVWKHRI¿FLDO
GDWH QRW WKH RIWHQ HDUOLHU GDWH RI SXEOLFDWLRQ RQ ,1)250$/5(48,5(0(176
OLQH $FDGHPLF 3K' RU RWKHU WKHVHV SUHVHQWHG WR
XQLYHUVLWLHVDVSDUWRIGHJUHHUHTXLUHPHQWVDUHQRW 7R VXFFHVVIXOO\ GHVFULEH D QHZ VSHFLHV WKH DXWKRU
FRQVLGHUHG HIIHFWLYH SXEOLFDWLRQV HYHQ LI FRSLHV PXVW FRQYLQFH UHDGHUV HVSHFLDOO\ UHYLHZHUV DQG
DUH GLVWULEXWHG WR RWKHU XQLYHUVLWLHV XQOHVV WKH\ HGLWRUV WKDW
KDYHDQ,6%1QXPEHURUFOHDUO\VWDWHWKDWWKH\DUH
WREHLQWHQGHGHIIHFWLYHSXEOLFDWLRQV $UW   7KHVSHFLHVLVUHDOO\XQGHVFULEHG
 7KH VSHFLHV LV EHLQJ GHVFULEHG LQ WKH PRVW
 7R EH OHJLWLPDWHO\ SXEOLVKHG $UW   LH OHJDOO\ DSSURSULDWH JHQXV DQG LI PROHFXODU GDWD DUH
DFFHSWDEOH D QHZ VSHFLHV PXVW KDYH D XQLTXH DYDLODEOH WKH JHQXV LQFOXGLQJ WKH QHZ VSHFLHV
ELQRPLDO LH LW FDQQRW KDYH WKH VDPH VSHFLHV UHPDLQVPRQRSK\OHWLF
HSLWKHW DV DQRWKHU VSHFLHV YDOLGO\ SXEOLVKHG LQ WKH  7KH VSHFLHV LV GHVFULEHG LOOXVWUDWHG RU RWKHUZLVH
VDPHJHQXV FKDUDFWHUL]HG DGHTXDWHO\ VR WKDW LW FDQ EH
UHFRJQL]HGDJDLQE\VXEVHTXHQWZRUNHUV
 7REHYDOLGO\SXEOLVKHG $UWV± DQHZVSHFLHV  $ VXI¿FLHQW QXPEHU RI FXOWXUHV RU VSHFLPHQV ZHUH
PXVWEHFOHDUO\GHVLJQDWHGDVDQHZVSHFLHVKDYH H[DPLQHG,GHDOO\QHZVSHFLHVVKRXOGEHGHVFULEHG
D/DWLQGLDJQRVLVDQGDVLQJOHFOHDUO\GHVLJQDWHG EDVHG RQ PRUH WKDQ RQH VSHFLPHQ RU FXOWXUH DQG
DQG SHUPDQHQWO\ SUHVHUYHG µW\SH¶ ZKLFK ¿[HV VRPH MRXUQDOV GHPDQG WKLV :LWK OLPLWHG PDWHULDO
WKH DSSOLFDWLRQ RI WKH QDPH 8VXDOO\ WKH W\SH LV EXWFOHDUWD[RQRPLFQRYHOW\WKHDXWKRUPD\EHDEOH
SUHVHUYHG LQ D SXEOLF KHUEDULXP +ROPJUHQ HW WR ZULWH D FRQYLQFLQJ DUJXPHQW IRU WKH SURSRVDO RI
DO   WKDW ZLOO PDNH WKH PDWHULDO DYDLODEOH WR D QHZ VSHFLHV WKDW LV DFFHSWDEOH WR HGLWRUV DQG
LQWHUHVWHG VFLHQWLVWV KDV DQ RQOLQH GDWDEDVH RI UHYLHZHUV
KROGLQJV DQG WKDW ZLOO DVVLJQ D XQLTXH DFFHVVLRQ
QXPEHUZKLFK\RXZLOOWKHQTXRWHWRFOHDUO\LGHQWLI\ 0DQXVFULSWV WKDW GR QRW VDWLVI\ WKHVH FULWHULD VKRXOG
WKH W\SH VSHFLPHQ ,I WKHUH GXSOLFDWHV RI WKH W\SH QRWEHSXEOLVKHGXQWLOWKH\FDQEHPHW1RUPDOO\SHHU
VSHFLPHQ RU FXOWXUHV GHULYHG IURP LW WKHVH PXVW UHYLHZHUV DQG HGLWRUV DVVHVV ZKHWKHU WKHVH FULWHULD
EH H[SOLFLWO\ GLVWLQJXLVKHG IURP WKH KRORW\SH WKH DUHVDWLV¿HG
RWKHUV DUH UHIHUUHG WR DV µLVRW\SHV¶ RU DV µH[W\SH ,Q UHFHQW GHFDGHV SDUWO\ DV D UHVXOW RI WKH VSLULW
FXOWXUHV¶7RVDIHJXDUGDJDLQVWORVVDQGWRIDFLOLWDWH RI WKH 81 &RQYHQWLRQ RQ %LRORJLFDO 'LYHUVLW\ &%' 
DFFHVV E\ RWKHU P\FRORJLVWV LVRW\SHV VKRXOG WD[RQRPLVWV DUH HQFRXUDJHG DQG VRPHWLPHV OHJDOO\
EH GHSRVLWHG LQ VHYHUDO KHUEDULD RQ GLIIHUHQW UHTXLUHG E\ QDWLRQDO ODZV WR GHSRVLW W\SH VSHFLPHQV
FRQWLQHQWVLISRVVLEOH LQ SXEOLF UHIHUHQFH FROOHFWLRQV LQ WKH FRXQWU\ ZKHUH
7KHUHDUHPDQ\QXDQFHVWRWKHFRQFHSWRIDW\SH WKH VSHFLPHQV ZHUH RULJLQDOO\ FROOHFWHG ,I FXOWXUHV
$UWV ±  )RU D QHZ VSHFLHV \RX ZLOO QRUPDOO\ ZHUH LVRODWHG WKHUH PD\ EH D VLPLODU UHTXLUHPHQW
SURSRVH D µKRORW\SH¶ 7KH KRORW\SH LV XVXDOO\ D RU H[SHFWDWLRQ IURP WKH RULJLQDWLQJ FRXQWU\ &XOWXUHV
GULHG SK\VLRORJLFDOO\ LQHUW VSHFLPHQ RU D GULHG RI QHZ VSHFLHV VKRXOG EH GHSRVLWHG LQ WZR RU WKUHH
FXOWXUH  WKDW LQFOXGHV DOO GLDJQRVWLF PRUSKRORJLFDO LQWHUQDWLRQDOO\ UHFRJQL]HG SXEOLF FXOWXUH FROOHFWLRQV
FKDUDFWHUV RI WKH VSHFLHV )RU PLFURVFRSLF IXQJL ZKLFK DJUHH WR PDNH WKHP DYDLODEOH WR RWKHU
VHYHUDOVHSDUDWHLQGLYLGXDOVFDQEHSUHVHQWDVORQJ UHVHDUFKHUV7KLVODWWHUSUDFWLFHLVDFRQGLWLRQIRUYDOLG
DVWKH\DUHSDUWRIRQHVDPSOHFROOHFWLRQLHPDGH SXEOLFDWLRQ RI QHZ EDFWHULDO VSHFLHV /DSDJH HW DO
DWRQHWLPHLQDSUHFLVHORFDOLW\/LYLQJFXOWXUHVDUH   DQG LV HQIRUFHG DV DQ HGLWRULDO SROLF\ E\ VRPH
QRZDOORZHGDVKRORW\SHV $UW EXWRQO\LIWKH\ MRXUQDOVWKDWSXEOLVKQHZIXQJDOVSHFLHV
DUHSUHVHUYHGLQDPHWDEROLFDOO\LQDFWLYHVWDWH LH ,W LV FULWLFDO WKDW W\SH VSHFLPHQV DQG FXOWXUHV DUH
E\O\RSKLOL]DWLRQRULQOLTXLGQLWURJHQ LGHDOO\LQDQ DYDLODEOH WR RWKHU WD[RQRPLVWV ZKR ZDQW WR VWXG\
LQWHUQDWLRQDOO\ UHFRJQL]HG FXOWXUH FROOHFWLRQ VHH DQG FRPSDUH WKHP ZLWK RWKHU PDWHULDO 7KH ,&%1

110 IMA FUNGUS


+RZWRGHVFULEHDQHZIXQJDOVSHFLHV

UHFRPPHQGV 5HF $  EXW FDQQRW HQIRUFH WKDW W\SH JHQHUD VKRXOG QRW EH GHVFULEHG LQ WKH DEVHQFH RI

ART I CLE
VSHFLPHQV EH GHSRVLWHG LQ SXEOLF LQVWLWXWLRQV ZLWK FXOWXUHVRUVHTXHQFHV)RURWKHUDVFRP\FHWHVVLQJOH
D SROLF\ WR DOORZ VFLHQWL¿F UHVHDUFKHUV WR H[DPLQH VSRUH FXOWXUHV PD\ \LHOG XQH[SHFWHG DQDPRUSKV WKDW
PDWHULDO $ IUHTXHQW SUREOHP LV WKH XQDYDLODELOLW\ ZLOODOORZWKHGHVFULSWLRQRIDPRUHFRPSOHWHOLIHF\FOH
RI W\SH RU RWKHU VSHFLPHQV IURP XQGHUUHVRXUFHG '1$ VHTXHQFHV FDQ EH XVXDOO\ REWDLQHG IURP DOO
FROOHFWLRQVRUFROOHFWLRQVQRWFXUDWHGE\DP\FRORJLVW EXW WKH PRVW UHFDOFLWUDQW PDWHULDOV VXFK DV IRVVLOV 
6RPHKLVWRULFDOFROOHFWLRQVPD\QHYHUEHVHQWRQORDQ 7KHUH LV D JURZLQJ H[SHFWDWLRQ WKDW GHVFULSWLRQV RI
EHFDXVH RI WKHLU IUDJLOLW\ DQG H[WUHPH LPSRUWDQFH DOO QHZ VSHFLHV VKRXOG EH DFFRPSDQLHG E\ PROHFXODU
6RPHQDWLRQVIRUELGVSHFLPHQVRUFXOWXUHVIURPEHLQJ GDWDGULYHQLQSDUWE\WKHQHHGIRU'1$VHTXHQFHGDWD
VHQWDEURDGXQGHUWKHLULQWHUSUHWDWLRQVRIWKH&%'$ WR LQWHJUDWH QHZ VSHFLHV LQWR PROHFXODU SK\ORJHQLHV
SDUDOOHO VLWXDWLRQ LV WKH UHOXFWDQFH RI VRPH LQGXVWULDO 7KH JURZWK RI PROHFXODU HFRORJ\ ZKLFK UHOLHV RQ
UHVHDUFKHUV HJ SKDUPDFHXWLFDO FRPSDQLHV  WR GDWDEDVHV RI UHIHUHQFH VHTXHQFHV IRU LGHQWL¿FDWLRQ
DOORZ DFFHVV WR FXOWXUHV WKDW WKH\ RZQ %DODQFLQJ WKH RI HQYLURQPHQWDO VHTXHQFHV KDV DOVR KLJKOLJKWHG WKH
TXHVWLRQ RI RSHQ DFFHVV WR VSHFLPHQV RU FXOWXUHV LPSRUWDQFHRIVHTXHQFLQJDOOQHZO\GHVFULEHGVSHFLHV
DJDLQVW WKH OHJDO RU SURSULHWDU\ LQWHUHVWV DWWDFKHG WR 7KHUHIRUH DQ LQFUHDVLQJ QXPEHU RI MRXUQDOV HGLWRUV
WKDW PDWHULDO LV FRPSOLFDWHG EXW PXVW EH FRQVLGHUHG RU UHYLHZHUV LQVLVW RQ FXOWXUHV RU '1$ VHTXHQFHV
ZKHQGHSRVLWLQJW\SHVSHFLPHQV7KHVFLHQWL¿FSURFHVV EHIRUH D PDQXVFULSW LV DFFHSWHG IRU SXEOLFDWLRQ ,I
GHPDQGVUHSURGXFLELOLW\DQGLIWKLVFDQQRWEHDVVXUHG \RX GR QRW KDYH FXOWXUHV RU '1$ VHTXHQFHV \RXU
UHVSRQVLEOHMRXUQDOVZLOOQRWDOORZSXEOLFDWLRQ7KHULVN QHZ VSHFLHV FDQ RQO\ EH SXEOLVKHG LQ D MRXUQDO ZLWK
IRUWKHDXWKRUVRIVSHFLHVWKDWFDQQRWEHUHH[DPLQHG GLIIHUHQW SROLFLHV :H HQFRXUDJH P\FRORJLVWV ZKR
RU VWXGLHG E\ RWKHU WD[RQRPLVWV LV WKDW WKH VSHFLHV ODFN UHVRXUFHV IRU FXOWXULQJ RU '1$ VHTXHQFLQJ WR
ZLOO QRW EH DFFHSWHG E\ IXWXUH VFLHQWLVWV DQG WKDW WKH FROODERUDWH ZLWK FROOHDJXHV ZKR FDQ DVVLVW ZLWK WKLV
HIIRUWVDQGZRUNRIWKHDXWKRUVRIVXFKVSHFLHVZLOOEH RIWHQLQUHWXUQIRUFRDXWKRUVKLS
ZDVWHGDQGLJQRUHG
$OPRVW DOO P\FRORJLFDO MRXUQDOV QRZ UHTXLUH
WKDW QDPHV DQG FHUWDLQ QRPHQFODWXUDO LQIRUPDWLRQ
IRU DOO QHZO\ SURSRVHG IXQJDO WD[D LQFOXGLQJ QHZ
FRPELQDWLRQVEHGHSRVLWHGLQ0\FR%DQN &URXVHWDO
  DQG WKDW WKH 0\FR%DQN DFFHVVLRQ QXPEHU EH
LQFOXGHGDVSDUWRIWKHGHVFULSWLRQ:KLOHWKHPLQLPXP
UHTXLUHPHQWVDUHWKHGHSRVLWRIWKH/DWLQGLDJQRVLVDQG
LQIRUPDWLRQ RQ WKH W\SH VSHFLPHQ LW LV JRRG SUDFWLFH
WR LQFOXGH DV PXFK LQIRUPDWLRQ DV SRVVLEOH LQFOXGLQJ
LOOXVWUDWLRQV WKH (QJOLVK GHVFULSWLRQ DQG OLQNV WR
PROHFXODU GDWD EHFDXVH WKLV FULWLFDO LQIRUPDWLRQ ZLOO
WKHQEHIUHHO\DYDLODEOHWRDOOVFLHQWLVWV

5(48,5(0(176 )25 &8/785(6 $1'


02/(&8/$5'$7$
$WSUHVHQWWKHUHDUHQRIRUPDOUHTXLUHPHQWVWKDW\RX
PXVW KDYH FXOWXUHV RU '1$ VHTXHQFHV RI D IXQJXV
EHIRUH\RXFDQGHVFULEHDQHZVSHFLHV1HYHUWKHOHVV
'1$VHTXHQFHVDQGFXOWXUHVVLJQL¿FDQWO\HQKDQFHWKH
YDOXH RI D VSHFLHV GHVFULSWLRQ DQG \RX VKRXOG PDNH
HYHU\HIIRUWWRJHQHUDWHWKHVHUHVRXUFHV
0\FRORJLVWV GHVFULELQJ QHZ VSHFLHV VKRXOG
LQGLFDWH ZKHWKHU WKH\ KDYH WULHG WR REWDLQ FXOWXUHV
DQG ZKDW PHWKRGV ZHUH DWWHPSWHG 1RW DOO VSHFLHV
FDQ EH FXOWXUHG XVLQJ FXUUHQWO\ DYDLODEOH PHWKRGV
EXW IRU PRVW JURXSV FXOWXULQJ VKRXOG EH UHODWLYHO\
VWUDLJKWIRUZDUGDIWHUFRQVXOWLQJWKHOLWHUDWXUHRQUHODWHG
VSHFLHV&XOWXUHVDUHHVVHQWLDOIRUVRPHJURXSVZKHUH
WKH PRGHUQ PRUSKRORJLFDO WD[RQRP\ LV EDVHG HQWLUHO\
RQ LQ YLWUR FKDUDFWHUV HVSHFLDOO\ K\SKRP\FHWHV VXFK
DV $OWHUQDULD $VSHUJLOOXV &ODGRVSRULXP )XVDULXP
3HQLFLOOLXP DQG 7ULFKRGHUPD QHZ VSHFLHV LQ WKHVH

VOLUME 1 · NO. 2 111

You might also like