7UDLQLQJ

3URMHFWV
&RQQHFWLQJ'RWV


 $60(%39&6HFWLRQ9,,,'LY

 6FRSH
7KHH[WHQWRIFRYHUDJHRI9,,,LVGHILQHGLQVHFWLRQ87KHZRUG´6FRSHµ
DFWXDOO\UHIHUVWRWZRWHUPVWKHW\SHRIHTXLSPHQWFRQVLGHUHGDVZHOODV
WKHJHRPHWU\RIWKHSUHVVXUHYHVVHO
%HIRUH DQ\ GHVLJQ LW LV UHFRPPHQGHG WKDW WKH GHVLJQHU FDUHIXOO\ UHYLHZV WKH
SDUDJUDSK 8 WR GHWHUPLQH ZKHWKHU WKH HTXLSPHQW FDQ EH GHVLJQHG
DFFRUGLQJWRWKHFRGHDQGLWVLPSOLFDWLRQV7KHPDLQFRQVLGHUDWLRQVLQFOXGHGLQ
WKHVFRSHRIWKHFRGHDUHVXPPDUL]HGEHORZ
x 8 D    SUHVVXUH YHVVHOV DUH GHILQHG DV FRQWDLQHUV IRU WKH
FRQWDLQPHQWRILQWHUQDORUH[WHUQDOSUHVVXUH7KLVGHILQLWLRQDSSOLHV
WRDYHU\ZLGHUDQJHRISUHVVXUHYHVVHOVVRPHRIZKLFKKDYHQRWEHHQ
FRQVLGHUHGLQWKHGHYHORSPHQWRIWKHUXOHV,QRUGHUWRDYRLGFRQIXVLRQ
DERXWZKDWNLQGRISUHVVXUHYHVVHOLVFRYHUHGE\9,,,WKH&RPPLWWHH
SUHIHUUHGWROLVWWKHHTXLSPHQWQRWFRYHUHGLQWKHGHYHORSPHQWRI
WKHUXOHVµLQVWHDGRIPDNLQJDOLVWRIWKHRQHVFRQVLGHUHG

x 8 F   LQGLFDWHV WKDW 9,,, LV QRW DSSOLFDEOH IRU WKH IROORZLQJ
SUHVVXUHYHVVHOV
D 7KRVHLQFOXGHGLQWKHVFRSHRIRWKHUVHFWLRQVRIWKH$60(&RGH
E 3URFHVVWXEXODUKHDWHUV
F 3UHVVXUH FRQWDLQHUV WKDW DUH LQWHJUDO SDUW RI PDFKLQHV URWDWLQJ
HTXLSPHQW 

x 8 F  G  SLSLQJ V\VWHPV DUH H[FOXGHG IURP WKH VFRSH RI 9,,,
(VWDEOLVKLQJ WKH GLIIHUHQFH EHWZHHQ D SLSLQJ V\VWHP DQG D SUHVVXUH
YHVVHOVRPHWLPHVFDQEHFRPSOH[
D ,IWKHPDLQSXUSRVHRIWKHSUHVVXUHYHVVHOLVWRWUDQVIHUIOXLGIURP
RQHSRLQWWRDQRWKHULQWKHV\VWHPWKHQLWFRXOGEHFRQVLGHUHG
DVDSLSHOLQHDQGLWPXVWFRPSO\ZLWKRWKHUFRGH·VUHTXLUHPHQWV
E 7KH PDLQ SXUSRVH RI LQWHUQDO FRPSRQHQWV VXFK XV IUDFWLRQDWLQJ
WUD\V RU GHPLVWHUV LV QRW WR WUDQVIHU IOXLG WKH\ DUH LQVWDOOHG IRU
SURFHVVUHDVRQVWKHUHIRUHWKH\PXVWEHLQFOXGHGLQWKHVFRSHRI
9,,,

x 8 F    K  GHILQHV WKH VFRSH WRZDUGV SUHVVXUH ,I D YHVVHO KDV DQ
LQWHUQDO RU H[WHUQDO SUHVVXUH OHVV WKDQ  N3D FDQ EH FRQVLGHUHG
RXWVLGHWKHVFRSHRI9,,,

WZ^^hZs^^>^KE>/EKhZ^͕WĂƌƚ/ʹ/ŶƐƚƌƵĐƚŽƌ:ĂǀŝĞƌdŝƌĞŶƚŝ͙͙͙͙͙͙͙͙͙WĂŐĞϭϰ