Professional Documents
Culture Documents
*(1(5$/ ,1)250$7,21
,QFKHV WR 0LOOLPHWHUV ,QFKHV DQG DQ\ IUDFWLRQ LQ GHFLPDO HTXLYDOHQW LQ [ PP
PXOWLSOLHG E\ HTXDOV PLOOLPHWHUV
&XELF ,QFKHV WR /LWUHV &XELF LQFKHV PXOWLSOLHG E\ HTXDOV OLWUHV FX LQ [ /
2XQFHV WR *UDPV 2XQFHV PXOWLSOLHG E\ HTXDOV JUDPV R] [ J
3RXQGV WR .LORJUDPV 3RXQGV PXOWLSOLHG E\ HTXDOV NLORJUDPV OE [ NJ
,QFK 3RXQGV WR 1HZWRQPHWHUV ,QFK SRXQGV PXOWLSOLHG E\ HTXDOV LQOE [ 1¼P
1HZWRQPHWHUV
)RRW 3RXQGV WR 1HZWRQPHWHUV )RRW SRXQGV PXOWLSOLHG E\ HTXDOV IWOE [ 1¼P
1HZWRQPHWHUV
3RXQGV SHU 6TXDUH ,QFK WR %DUV 3RXQGV SHU VTXDUH LQFK PXOWLSOLHG E\ SVL [ %DU
HTXDOV EDUV
3RXQGV SHU 6TXDUH ,QFK WR 3RXQGV SHU VTXDUH LQFK PXOWLSOLHG E\ SVL [ NJFP
.LORJUDPV SHU 6TXDUH &HQWLPHWHU HTXDOV NLORJUDPV SHU VTXDUH FHQWLPHWHU
3RXQGV SHU 6TXDUH ,QFK WR 3RXQGV SHU VTXDUH LQFK PXOWLSOLHG E\ SVL [ N3D
.LORSDVFDOV HTXDOV NLORSDVFDOV
)OXLG 2XQFHV WR &XELF &HQWLPHWHUV )OXLG RXQFHV PXOWLSOLHG E\ HTXDOV R] [ FF
FXELF FHQWLPHWHUV
*DOORQV WR /LWUHV *DOORQV PXOWLSOLHG E\ HTXDOV OLWUHV JDO [ /
'HJUHHV )DKUHQKHLW WR 'HJUHHV 'HJUHHV )DKUHQKHLW PLQXV GLYLGHG E\ ) &
&HQWLJUDGH HTXDOV GHJUHHV &HQWLJUDGH
7DEOH 0HWULF 7R (QJOLVK )RUPXOD &RQYHUVLRQ 7DEOH
&219(56,21 )2508/$ (;$03/(
0LOOLPHWHUV WR ,QFKHV 0LOOLPHWHUV PXOWLSOLHG E\ HTXDOV LQFKHV PP [ LQ
/LWUHV WR &XELF ,QFKHV /LWUHV PXOWLSOLHG E\ HTXDOV FXELF LQFKHV / [ FX LQ
*UDPV WR 2XQFHV *UDPV PXOWLSOLHG E\ HTXDOV RXQFHV J [ R]
.LORJUDPV WR 3RXQGV .LORJUDPV PXOWLSOLHG E\ HTXDOV SRXQGV NJ [ OE
1HZWRQPHWHUV WR ,QFK 3RXQGV 1HZWRQPHWHUV PXOWLSOLHG E\ HTXDOV 1¼P [ LQOE
LQFK SRXQGV
1HZWRQPHWHUV WR )RRW 3RXQGV 1HZWRQPHWHUV PXOWLSOLHG E\ HTXDOV 1¼P [ IWOE
IRRW SRXQGV
%DUV WR 3RXQGV SHU 6TXDUH ,QFK %DUV PXOWLSOLHG E\ HTXDOV SRXQGV SHU %DU [ SVL
VTXDUH LQFK
.LORJUDPV SHU 6TXDUH &HQWLPHWHU .LORJUDPV SHU VTXDUH FHQWLPHWHU PXOWLSOLHG E\ NJFP [ SVL
WR 3RXQGV SHU 6TXDUH ,QFK SVL HTXDOV SRXQGV SHU VTXDUH LQFK
.LORSDVFDOV WR 3RXQGV SHU 6TXDUH ,QFK .LORSDVFDOV PXOWLSOLHG E\ HTXDOV SRXQGV N3D [ SVL
SVL SHU VTXDUH LQFK
&XELF &HQWLPHWHUV WR )OXLG 2XQFHV &XELF FHQWLPHWHUV PXOWLSOLHG E\ HTXDOV FF [ R]
IOXLG RXQFHV
/LWUHV WR *DOORQV /LWUHV PXOWLSOLHG E\ HTXDOV JDOORQV / [ JDO
'HJUHHV &HQWLJUDGH WR 'HJUHHV 'HJUHHV &HQWLJUDGH PXOWLSOLHG E\ SOXV & [ )
)DKUHQKHLW HTXDOV 'HJUHHV )DKUHQKHLW
)250 )LUVW (GLWLRQ
*(1(5$/ ,1)250$7,21
:KHQHYHU WZR RU PRUH ZLUHV UXQ WRJHWKHU WKH\ :LUHV WR FRQWDLQ ´GULS ORRSµ EHIRUH HQWHULQJ ER[
VKRXOG EH IDVWHQHG WRJHWKHU DW QR PRUH WKDQ IRXU WR H[FHSW ZKHUH XVLQJ ERWWRP HQWUDQFH
VL[ LQFK LQWHUYDOV FORVHU ZKHUH QHFHVVDU\ ZLWK WLH
:KHQ LQVWDOOLQJ IOH[LEOH FRQGXLW XVH VWUDLJKW FRQQHF
ZUDSV 3RZHU ZLUHV YROWV RU JUHDWHU VKRXOG QHYHU
EH UXQ WRJHWKHU ZLWK DQ\ RWKHU LQVWUXPHQW RU FRQWURO WRU IRU VLGH HQWUDQFH ,I WRS HQWUDQFH LV UHTXLUHG XVH
ZLUHV 6SDFLQJ IRU WKHVH W\SHV RI ZLUHV VKRXOG EH HOERZ FRQQHFWRU
VL[ LQFKHV PLQLPXP WR HOLPLQDWH HOHFWULFDO ´QRLVHµ ,I ZLUH KDUQHVV KDV D FRYHULQJ FODPS KDUQHVV VR
SUREOHPV LQ WKH LQVWUXPHQW RU FRQWURO ZLUHV RSHQLQJV RI FRYHULQJ DUH GRZQZDUG
$OO ZLUHV VKRXOG EH PRXQWHG RII KRW DUHDV RI WKH 7KH URXWLQJ RI ZLUHV VKRXOG EH GHWHUPLQHG IRU
HQJLQH ZLWK LQVXODWHG FOLSV DW LQWHUYDOV RI QR PRUH WKDQ UHOLDELOLW\ DQG DSSHDUDQFH DQG QRW E\ VKRUWHVW GLVWDQFH
WZHOYH LQFKHV FORVHU ZKHUH QHFHVVDU\ :LUHV PXVW
QHYHU EH UXQ FORVHU WKDQ VL[ LQFKHV WR H[KDXVW ,QVWDOODWLRQ FRQQHFWLRQ ZLUH PXVW EH FRLOHG DQG
PDQLIROGV WXUERFKDUJHUV RU H[KDXVW SLSHV VHFXUHG WR SURYLGH SURWHFWLRQ GXULQJ VKLSPHQW
,Q FDVHV ZKHUH ZLUHV GR QRW UXQ RYHU WKH HQJLQH WKH\ (DFK HQG RI IOH[LEOH PHWDO FRQGXLW PXVW KDYH DQ
VKRXOG EH IDVWHQHG WR ULJLG QRQPRYLQJ ERGLHV ZLWK LQVXODWLQJ VOHHYH WR SURWHFW ZLUHV IURP FKDILQJ
LQVXODWHG FOLSV ZKHQ SRVVLEOH RU WLH ZUDSV )DVWHQHUV
VKRXOG EH VSDFHG DW QR PRUH WKDQ WZHOYH LQFK
LQWHUYDOV
$OZD\V ODEHO ´+,*+ 92/7$*(µ RQ HQJLQH PRXQWHG
:KHQ ZLUHV UXQ WKURXJK KROHV UXEEHU JURPPHWV
HTXLSPHQW RYHU YROWV )DLOXUH WR DGKHUH WR WKLV
VKRXOG EH LQVWDOOHG LQ KROHV WR SURWHFW WKH ZLUHV :LUHV
ZDUQLQJ FRXOG UHVXOW LQ SHUVRQDO LQMXU\ RU GHDWK
VKRXOG QHYHU EH UXQ RYHU URXJK VXUIDFHV RU VKDUS HGJHV
ZLWKRXW SURWHFWLRQ VHH ,WHP
$OO HQJLQH PRXQWHG HOHFWULFDO HTXLSPHQW RYHU
YROWV VKDOO KDYH ´+,*+ 92/7$*(µ ZDUQLQJ GHFDO
'R QRW XVH QRQHOHFWUL 'HFDO WR EH DWWDFKHG WR DOO WKH HTXLSPHQW DQG MXQFWLRQ
FDO JUDGH 579V 1RQ ER[HV RQ YLVLEOH VXUIDFH YHUWLFDO VXUIDFH ZKHQHYHU
HOHFWULFDO 579V FDQ HPLW FRUURVLYH JDVHV WKDW FDQ SRVVLEOH
GDPDJH HOHFWULFDO FRQQHFWRUV
:LULQJ WKDW LV URXWHG LQ ULJLG RU IOH[LEOH FRQGXLW VKDOO
KDYH DOO ZLUH VSOLFHV PDGH RQO\ LQ MXQFWLRQ ER[HV RXWOHW
ER[HV RU HTXLSPHQW ER[HV :LUH VSOLFHV VKDOO QRW EH
ORFDWHG LQ WKH UXQ RI DQ\ FRQGXLW
32:(5 5(48,5(0(176 )25 &86720 E\ GUDZLQJ HQHUJ\ IURP WKH SRZHU VXSSO\ DV TXLFNO\ DV
(1*,1( &21752/Ç 352'8&76 SRVVLEOH UHVXOWLQJ LQ D KLJK FXUUHQW IORZ W\SLFDOO\
DPSV RU PRUH LQ WKH SRZHU VXSSO\ ZLULQJ IRU D VKRUW
7DEOH SURYLGHV \RX ZLWK WKH SRZHU UHTXLUHPHQWV SHULRG RI WLPH
IRU :DXNHVKD·V &XVWRP (QJLQH &RQWUROÇ &(& SURG
XFWV $Q RVFLOORVFRSH PXVW EH XVHG WR YHULI\ ULSSOH 7KH DYHUDJH LJQLWLRQ V\VWHP FXUUHQW UHPDLQV ORZ
OLPLWDWLRQV $OO SRZHU FRQQHFWLRQV PXVW EH LQ DFFRU RU DPSV GHSHQGLQJ RQ WKH QXPEHU RI F\OLQGHUV
GDQFH ZLWK WKH DSSOLFDEOH HOHFWULFDO FRGHV HQJLQH VSHHG DQG VXSSO\ YROWDJH VLQFH WKH KLJK
FXUUHQW RQO\ IORZV IRU WKH VKRUW SHULRG RI WLPH DQG
127( 7R SRZHU WKH &(& ,JQLWLRQ 0RGXOH D QRPLQDO YLUWXDOO\ QR FXUUHQW IORZV WKH UHVW RI WKH WLPH +RZHYHU
VXSSO\ RI 9'& ZLWK OHVV WKDQ D YROW SHDNWRSHDN WKH ZLULQJ PXVW EH VL]HG IRU WKH KLJK LQVWDQWDQHRXV
ULSSOH LV UHFRPPHQGHG IRU FRPSDWLELOLW\ ZLWK RWKHU &(& FXUUHQWV ,Q DGGLWLRQ WKH JURXQGLQJ SDUWLFXODUO\ ZKHUH
SURGXFWV WKH JURXQG LV ´UHIHUHQFHGµ EHFRPHV PRUH FULWLFDO ZKHQ
HOHFWURQLF FRQWUROV DUH XVHG RQ HQJLQHV KDYLQJ WKLV W\SH
&$3$&,7,9( ',6&+$5*( $1' RI &' LJQLWLRQ V\VWHP
*5281',1* :LWK LJQLWLRQ SRZHU VXSSO\ FXUUHQWV RI DSSUR[LPDWHO\
$ &DSDFLWLYH 'LVFKDUJH &' LJQLWLRQ V\VWHP VXFK DV DPSV WKH UHVLVWLYH YROWDJH GURS RI WKH ZLULQJ FDQ
WKH &(& ,JQLWLRQ 0RGXOH UHTXLUHV DQ H[WHUQDO SRZHU HDVLO\ UHDFK D YROW RU WZR $V D UHVXOW LW LV QHFHVVDU\ WR
VRXUFH DQG VSHFLDO ZLULQJ UHTXLUHPHQWV UHIHUHQFH DOO RI WKH JURXQGV WR WKH VDPH SRLQW 6LQFH
7KLV LJQLWLRQ V\VWHP FRQWDLQV VHYHUDO ODUJH HQHUJ\ PDQ\ HOHFWURQLF VHQVRUV DUH LQWHUQDOO\ JURXQGHG WKH
VWRUDJH FDSDFLWRUV :KHQ ILULQJ D VSDUN SOXJ WKH HQHUJ\ HQJLQH FUDQNFDVH KDV EHHQ FKRVHQ DV 7+( *5281'
VWRUHG LQ RQH RI WKHVH FDSDFLWRUV LV UDSLGO\ GLVFKDUJHG UHIHUHQFH WR PLQLPL]H SUREOHPV ZLWK VHQVRU VLJQDOV %\
LQWR DQ LJQLWLRQ FRLO ZKLFK FRQYHUWV LW WR WKH KLJK WHQVLRQ IROORZLQJ WKH UHFRPPHQGHG ZLULQJ DQG JURXQGLQJ
LJQLWLRQ YROWDJH +DYLQJ EHHQ GLVFKDUJHG WKH HQHUJ\ SURFHGXUHV WKH FRQFHUQV DVVRFLDWHG ZLWK WKH LJQLWLRQ
VWRUDJH FDSDFLWRU PXVW WKHQ EH UHFKDUJHG WR EH UHDG\ WR SRZHU VXSSO\ ZLULQJ YROWDJH GURSV FDQ EH JUHDWO\
ILUH DJDLQ 7KH VWRUDJH FDSDFLWRU LV W\SLFDOO\ UHFKDUJHG UHGXFHG RU HOLPLQDWHG
7DEOH 3RZHU 5HTXLUHPHQWV )RU :DXNHVKD &XVWRP (QJLQH &RQWUROÇ 3URGXFWV