Uploaded by Salvo Presti

Ita EP Manuale d'Uso

advertisement
*DOLOHR6\VWHP
0DQXDOHG¶8VR
6(=,21(
23(5$7,9,7$¶352*5$00$
(317
3RWHQ]LDOL(YRFDWLSHU*DOLOHR17
5HOHDVH6RIWZDUH
%
5HY$
)$6&,&2/2
(',=,21(
0DJJLR
(%1HXUR
),5(1=(
*DOLOHR6\VWHP
0DQXDOHG¶8VR
6(=,21(
23(5$7,9,7$¶352*5$00$
(317
3RWHQ]LDOL(YRFDWLSHU*DOLOHR17
5HOHDVH6RIWZDUH
%
5HY$
)$6&,&2/2
(%1HXUR
),5(1=(
,1',&(
$99(57(1=$
,1)250$=,21,68/0$18$/(
&217(1872'(/0$18$/(
,1752'8=,21(
/¶$0%,(17(*$/,/(217
&$3,72/248,&.67$57
$&48,6,=,21(',811829275$&&,$72(3
,QVHULPHQWRGLXQQXRYRSD]LHQWH
$JJLXQJHUHXQQXRYRWUDFFLDWR(3DGXQSD]LHQWHHVLVWHQWH
$FTXLVL]LRQHGLXQ7HVW(3
0LVXUH0DWHPDWLFDH0DSSH
6DOYDWDJJLRGHOODDFTXLVL]LRQHQHOWUDFFLDWRFRUUHQWH
*HQHUD]LRQHHVWDPSDGHOUHSRUW
8VFLWDGDOODPRGDOLWj(3
/(7785$',8175$&&,$72(3(6,67(17(
&$3,72/225*$1,==$=,21('(//26&+(502
,0(18
0HQX)LOH
0HQX7UDFFH
0HQX5HSRUW
0HQX:LQGRZV
0HQX+HOS
0HQX3RSXS 7UDFH:LQGRZ
/(722/%$56
7RROEDU$PSOLILHUV
7RROEDU$FTXLVLWLRQ
7RROEDU*HQHUDO
7RROEDU3URFHVVLQJ
/¶$5($'(//26&+(502
:LQGRZ7UDFHV
:LQGRZ$YHUDJHVHWWLQJV
&$3,72/2*(67,21('(,35(6(7
7$%³*(1(5$/´
7LSRGL(VDPH
7$%³0217$*(6´
7$%³$03/,),(56´
7$%³67,08/$7256´
6WLPRODWRUH(OHWWULFR 6RPDWRVHQVRULDOH
6WLPRODWRUH$XGLR
6WLPRODWRUH)ODVK
6WLPRODWRUH3DWWHUQ
0$&52
&$3,72/20,685(('(/$%25$=,21(
0,685(
0LVXUHYHORFL DQFKHLQDFTXLVL]LRQH
3RVL]LRQDPHQWRGHL0DUNHUV
0RGLILFDGHL0DUNHUV
0$7(0$7,&$
0$33,1*
,1752'8=,21(
/¶$0%,(17(*DOLOHR17
*DOLOHR17PHWWHDGLVSRVL]LRQHGHOO¶XWHQWHXQDPELHQWHVWUXWWXUDWRSHUODJHVWLRQH
GLGLYHUVLWLSLGLHVDPL1HXURILVLRORJLFLTXDOLDGHVHPSLROD(OHWWURHQFHIDORJUDILD
OD3ROLVRQQRJUDILDOD(OHWWURPLRJUDILDHFFHWHUD
,O FRPSRQHQWH SULQFLSDOH GL *DOLOHR 17 q LO 'DWDEDVH 0DQDJHU FKH q FRPXQH D
WXWWL L WLSL GL HVDPH PHQWUH RJQL WLSR GL HVDPH q JHVWLWR GD XQD VSHFLILFD
DSSOLFD]LRQHVRIWZDUHDOO¶LQWHUQRGHOODVWUXWWXUDFRPSOHVVLYDGL*DOLOHR17
4XHVWD DUFKLWHWWXUD SHUPHWWH XQD HFFH]LRQDOH RWWLPL]]D]LRQH FKH SRUWD DG XQD
JUDQGHIOHVVLELOLWjHPRGXODULWjGLLPSLHJRSXUPDQWHQHQGRXQDIRUWHRPRJHQHLWj
GHOVLVWHPD
*OLHVDPL(3 3RWHQ]LDOL(YRFDWL VRQRHVHJXLWLGDOPRGXOR(317FKHqFKLDPDWR
GDO 'DWDEDVH 0DQDJHU RJQL YROWD O¶XWHQWH VFHJOL GL DFTXLVLUH R ULYHGHUH XQ
WUDFFLDWR(3
,O SURJUDPPD SHUPHWWH GL LPSRVWDUH L SDUDPHWUL FKH JRYHUQDQR O¶DFTXLVL]LRQH
FLRq OD VHQVLELOLWj L ILOWUL LO PRQWDJJLR HFF GL SURJUDPPDUH LO FRQWHVR GL
VWLPROD]LRQHHGLDFTXLVLUHLOSRWHQ]LDOHGDOSD]LHQWH/RVWHVVRSURJUDPPDSXzLQ
VHJXLWRULYHGHUHHULHODERUDUHLGDWLDFTXLVLWL
&$3,72/2
48,&.67$57
1HO 'DWDEDVH GL *$/,/(2 17 RJQL ³WUDFFLDWR´ SXz FRQWHQHUH YDUL ³WLSL´ GL
UHJLVWUD]LRQHGDXQQRUPDOH((*GLURXWLQHDOOD9,'(2((*DXQDUHJLVWUD]LRQH
(0*R(3 (YRNHG3RWHQWLDOV
3DUODQGRGL3RWHQ]LDOL(YRFDWLODSLSLFFROD³XQLWj´JHVWLWDDOLYHOORGHO'DWDEDVH
GL*$/,/(217 q LO ³WUDFFLDWR (3´ FKH FRQWLHQH WXWWH OH UHJLVWUD]LRQL (3 GHWWH
QHO VHJXLWR WHVWV R DFTXLVL]LRQL R HVDPL HVHJXLWH DOO¶LQWHUQR GL XQD VWHVVD
VHVVLRQH
/¶XWHQWH VWDELOLVFH O¶LQL]LR H OD ILQH GL XQD VHVVLRQH FRQWLQXDQGR OH DFTXLVL]LRQL
VXOORVWHVVRWUDFFLDWRRFUHDQGRXQQXRYRWUDFFLDWR(3
&LDVFXQWUDFFLDWR(3SXzFRQWHQHUHXQJUDQQXPHURGL³DFTXLVL]LRQL(3´GLRJQL
WLSRSUHYLVWRGDOVLVWHPD SHUHVHPSLR6RPDWRVHQVRULDOH%$(33«
,O VRIWZDUH GL JHVWLRQH GHL WUDFFLDWL (3 YLHQH DXWRPDWLFDPHQWH DWWLYDWR TXDQGR
O¶XWHQWHFUHDXQQXRYRWUDFFLDWR(3R³ULFKLDPD´XQWUDFFLDWR(2JLjHVLVWHQWH
$&48,6,=,21(',811829275$&&,$72(3
9LVRQRGXHPRGLSHUFUHDUHXQQXRYRWUDFFLDWR(3FUHDUHXQQXRYRSD]LHQWHR
DJJLXQJHUHDGXQSD]LHQWHJLjHVLVWHQWHXQWUDFFLDWR(3
(VLVWH XQD SURFHGXUD VHPSOLILFDWD FKH SHUPHWWH GL FUHDUH XQ QXRYR SD]LHQWH QHO
GDWDEDVH GL *DOLOHR 17 H DO WHPSR VWHVVR FUHDUH XQ WUDFFLDWR (3 VHQ]D GRYHUVL
SUHRFFXSDUH GL XQD VHULH GL RS]LRQH H SUHVWD]LRQL FKH LO 'DWDEDVH PHWWH D
GLVSRVL]LRQH
4XHVWD SURFHGXUD VHPSOLILFDWD q GHVFULWWD QHOOD VH]LRQH VHJXHQWH PHQWUH OD
PRGDOLWjFRQFXLVLSXzFUHDUHXQQXRYRWUDFFLDWR(3SHUXQSD]LHQWHJLjHVLVWHQWH
qGHVFULWWDQHOOHVH]LRQLVXFFHVVLYH
,QVHULPHQWRGLXQQXRYR3D]LHQWH
4XDQGR *DOLOHR 17 q DYYLDWR GRSR HVVHUVL ³TXDOLILFDWL´ LQVHUHQGR OD SURSULD
SDVVZRUGGLDFFHVVRVXO'DWDEDVHSUHVFHOWR YHGLLO0DQXDOH8WHQWHGL*DOLOHR17
SHU L GHWWDJOL VL SXz VHPSOLFHPHQWH FOLFFDUH VXO ERWWRQH 1HZ $FTXLVWLRQ SHU
DYYLDUHODSURFHGXUD
6LLQVHULVFDQRLGDWLGHOSD]LHQWHFKHVLYXROFUHDUH VLSXzXVDUHLOWDVWR7$%
SHUVDOWDUHGDXQFDPSRDOO DOWURULFRUGDUVLGLLQVHULUHODGDWDGLQDVFLWDFRQO¶DQQR
HVSUHVVRFRQFLIUH VLVFHOJD(3 GDOOD³GURSGRZQOLVW´7\SH QHOO¶DUHD
$FTXLVWLRQ3DUDPHWHU HVLFOLFFKLVX2.
,QILQHFOLFFDUHVXOERWWRQH$FTXLUH'DWD SHUHQWUDUHQHOO¶DPELHQWH(3
$JJLXQJHUHXQQXRYRWUDFFLDWR(3DGXQSD]LHQWHHVLVWHQWH
6HOH]LRQDUHLOSD]LHQWH VLIDFFLDVHPSUHULIHULPHQWRDO0DQXDOH8WHQWHGL *DOLOHR
17 HFOLFFDUHVXOERWWRQH1HZ7UDFH
'DOOD ³GURS GRZQ OLVW´ QHOO¶DQJROR LQ DOWR D GHVWUD 3DUDPHWHU ,QIRUPDWLRQ
VFHJOLHUHLO7LSR GLWUDFFLDWR(3 HTXLQGLFOLFFDUHVXOERWWRQH$FTXLUH
$FTXLVL]LRQHGLXQ7HVW(3
8QDYROWDDOO¶LQWHUQRGHOODPRGDOLWj(3ORVFKHUPRGHOFRPSXWHUDSSDULUjFRPHLQ
ILJXUDVHJXHQWH
&OLFFDUHVXOERWWRQH0DFUR VXOODWRROEDUSLDGHVWUD
6LDSULUjOD0DFUR:LQGRZ6HOH]LRQDUHODPDFURFRUULVSRQGHQWHDOWLSRGLWHVW(3
FKH VL YXRO HVHJXLUH H SRL FOLFFDUH VXO ERWWRQH /RDG VL SXz DOWHUQDWLYDPHQWH
HVHJXLUHXQGRSSLRFOLFNVXOQRPHGHOODPDFURGHVLGHUDWD
6L SXz DGHVVR IDU SDUWLUH O¶DFTXLVL]LRQH FOLFFDQGR VXO ERWWRQH 5XQ H FOLFFDUH VXO
ERWWRQH $YJ VXOOD WRROEDU SHU LQL]LDUH LO SURFHVVR GL DFFXPXOR H PHGLD
DYHUDJLQJ
$SSDULUjXQDZLQGRZFRQLSDUDPHWULGHOO¶DYHUDJHUSHUPHWWHQGRFRVuDOO¶XWHQWHGL
YLVXDOL]]DUH R QDVFRQGHUH LO VHJQDOH DFTXLVWR LQ WHPSR UHDOH 5HDO R LO ULVXOWDWR
GHOSURFHVVRGLDYHUDJLQJ $YJ
3UHPHQGRLOWDVWR3DXVH O¶DFTXLVL]LRQHYHUUjVRVSHVDWHPSRUDQHDPHQWHPHQWUHOD
VWLPROD]LRQHFRQWLQXHUj
3UHPHQGRLOWDVWR 5XQ GL QXRYR O¶DFTXLVL]LRQH GHO WHVW FRUUHQWH YHUUj EORFFDWD H
YHUUjEORFFDWDDOFRQWHPSRDQFKHODVWLPROD]LRQH
1HOFDVRVLYRJOLDDFTXLVLUHXQQXRYR³WULDO´FRQHVDWWDPHQWHJOLVWHVVLSDUDPHWUL
GLDFTXLVL]LRQHVWLPROD]LRQHVLSUHPDLOWDVWR1H[W
127$
,SDUDPHWULGLDFTXLVL]LRQHHGLVWLPROD]LRQHSRVVRQRHVVHUHFDPELDWLIUDXQ³WULDO´
HGXQDOWUR,OUHSRUWWHUUjFRQWRGLRJQLFDPELDPHQWRHIIHWWXDWR
'XUDQWH OD DFTXLVL]LRQH q SRVVLELOH FDPELDUH OD SRVL]LRQH GL RJQL WUDFFLD
VHPSOLFHPHQWHFOLFFDQGRVXOOD³ODEHO´GHOODWUDFFLDHWUDVFLQDQGRODVXHJL
(¶ SRVVLELOH HVHJXLUH GHOOH PLVXUH ³DO YROR´ LQVHUHQGR GXH PDUNHU ODWHQ]D HG
DPSLH]]D WHQHQGRSUHPXWRLOWDVWR &75/ VXOODWDVWLHUDH FOLFFDQGRVXOODWUDFFLD
VXO SXQWR GHVLGHUDWR , PDUNHU SRVVRQR TXLQGL HVVHUH IDFLOPHQWH VSRVWDWL
³FOLFFDQGRHWUDVFLQDQGR´OHULVSHWWLYHODEHOV6HVLYXROHLQVHULUHXQDDQQRWD]LRQH
UHODWLYDDGXQDWUDFFLDFOLFFDUHODWUDFFLDFRQLOWDVWRGHVWURGHOPRXVH ULJWKFOLFN VFULYHUHO¶DQQRWD]LRQHHWHUPLQDUHLOWXWWRFRQLOWDVWR5(7851
6L IDFFLD ULIHULPHQWR DOOH VH]LRQL FKH VHJXRQR SHU XQD GHVFUL]LRQH GHWWDJOLDWD GL
WXWWLLFRPDQGL
0LVXUH0DWHPDWLFDH0DSSH
8QDYROWDFKHLOSRWHQ]LDOHqVWDWRDFTXLVLWRFOLFFDUHVX0HDVXUH SHUIDUDSSDULUH
DXWRPDWLFDPHQWH L PDUNHU FKH VRQR VWDWL SUHYHQWLYDPHQWH GHILQLWL QHOOD PDFUR
FRUUHQWH/DSRVL]LRQHGLFLDVFXQPDUNHUSXzHVVHUHDJJLXVWDWDFRQLOPRXVH GUDJ
DQGGURS /D VH]LRQH 0DWK SHUPHWWH GL HVHJXLUH XOWHULRUL SURFHVVLQJ VXOOH WUDFFH
FDQFHOOD]LRQHVPRRWKLQJRSHUD]LRQLDULWPHWLFKHJUDQGDYHUDJLQJ /D VH]LRQH 0DSSLQJ SHUPHWWH GL UDSSUHVHQWDUH LO SRWHQ]LDOH DFTXLVLWR DWWUDYHUVR
XQD PDSSD WULGLPHQVLRQDOH GLQDPLFD FRQ PXOWLSOL SXQWL GL YLVWD H YDOXWD]LRQH D
GLIIHUHQWLODWHQ]H
127(
/D IXQ]LRQH 0DSSH q DELOLWDWD VROR VH VL VRQR DFTXLVLWL XQ VXIILFLHQWH QXPHUR GL
FDQDOL
6DOYDWDJJLRGHOODDFTXLVL]LRQHQHOWUDFFLDWRFRUUHQWH
'RSRDYHUDFTXLVWRXQSRWHQ]LDOHqLPSRUWDQWHVDOYDUHODDFTXLVL]LRQHDOO¶LQWHUQR
GHO WUDFFLDWR FRUUHQWH &Lz q RWWHQXWR VHOH]LRQDQGR 6DYH ([DP GDO 0HQX )LOH
RSSXUH FOLFFDQGR FRQ LO WDVWR GHVWUR GHO PRXVH VX XQ SXQWR TXDOXQTXH GHOO¶DUHD
WUDFFHHVHOH]LRQDQGRO¶RS]LRQH6DYH([DP
'RSRDYHUVDOYDWRO¶DFTXLVL]LRQH(3VLSXzDFTXLVLUHXQDOWUR(3 GLTXDOXQTXH
WLSR VHJXHQGR OH SURFHGXUH GHVFULWWH VRSUD FDULFDPHQWR GL XQD 0DFUR LQL]LR
DFTXLVL]LRQH VDOYDWDJJLR GHL GDWL WXWWL JOL (3 VDOYDWL DQGUDQQR D FRPSRUUH LO
FRQWHQXWR GHO ³WUDFFLDWR (3´ FRUUHQWH ,Q RJQL PRPHQWR q SRVVLELOH JHQHUDUH H
VWDPSDUH XQ ³UHSRUW´ FRQ XQ HVDPH VHOH]LRQDWR IUD TXHOOL HVHJXLWL DOO¶LQWHUQR GHO
WUDFFLDWRFRUUHQWH
*HQHUD]LRQHHVWDPSDGHO5HSRUW
6HOH]LRQDQGR&UHDWH GDOPHQX5HSRUW DSSDULUjODVHJXHQWHZLQGRZ
4XL VL SRVVRQR VHOH]LRQDUH OH DFTXLVL]LRQL WHVWV GHO WUDFFLDWR FRUUHQWH FKH
YHUUDQQRLQVHULWHQHO UHSRUW &OLFFDQGR VXOOD FRORQQD GL GHVWUD VL SXz VHOH]LRQDUH
9 RGHVHOH]LRQDUHFLDVFXQWHVW
&OLFFDQGR VX :RUG3URF YHUUj JHQHUDWR HG DXWRPDWLFDPHQWH LQYLDWR DO :RUG
3URFHVVRUFRUUHQWHPHQWHGHILQLWR :RUG:RUGSDG«
,O UHSRUW SXz TXLQGL HVVHUH HGLWDWR FRPH VL GHVLGHUD SHU O¶XWLOL]]R GHO :RUG
3URFHVVRU VL IDFFLD ULIHULPHQWR DO UHODWLYR 0DQXDOH 8WHQWH H TXLQGL VWDPSDWR
VHOH]LRQDQGR 3ULQW GDO PHQX )LOH R FOLFFDQGR VXO ERWWRQH GL VWDPSD FKH
WLSLFDPHQWHqSUHYLVWRDOORVFRSR
8VFLWDGDOODPRGDOLWj(3
3HU XVFLUH GDOOD PRGDOLWj (3 H WRUQDUH DO 'DWDEDVH GL *DOLOHR 17 DO ILQH GL
ULYHGHUHXQDOWURWUDFFLDWRFUHDUQHDOWULHFFHWHUD VHOH]LRQDUH([LW GDOPHQX)LOH R
FOLFFDUHVXOOD³[´QHOO¶DQJRORLQDOWRDGHVWUDGHOODZLQGRZGHOODPRGDOLWj(3
/HWWXUDGLXQWUDFFLDWR(3HVLVWHQWH
'DO'DWDEDVH 3DWLHQW9LHZRU7UDFH9LHZ VHOH]LRQDUHLOWUDFFLDWR(3GHVLGHUDWR
H FOLFFDUH VXO ERWWRQH 7UDFH $OWHUQDWLYDPHQWH VL SXz HVHJXLUH XQ ³GRSSLR FOLF´
VXOWUDFFLDWRLQTXHVWLRQH
9HUUj LPPHGLDWDPHQWH PRVWUDWR LO SULPR ³HS WHVW´ FRQWHQXWR QHO WUDFFLDWR
$OILQHGLVHOH]LRQDUHJOLDOWULWHVWVSUHVHQWLQHOWUDFFLDWRXVDUHLOFRPDQGR /RDG
([DP GDO PHQX )LOH RSSXUH FOLFFDUH FRQ LO WDVWR GHVWUR VXOO¶DUHD WUDFFH H
VHOH]LRQDUH/RDG([DP
9HUUjSUHVHQWDWDODOLVWDGHJOLHVDPL(3SUHVHQWLQHOWUDFFLDWRFRUUHQWH6LVHOH]LRQL
TXHOORGLLQWHUHVVHHVLFOLFFKLVX/RDG
,O ERWWRQH 'HOHWH FDQFHOOHUj VH SUHPXWR O¶HVDPH VHOH]LRQDWR GDO WUDFFLDWR
FRUUHQWH
3HULYRVWULDSSXQWL
&$3,72/2
25*$1,==$=,21('(//26&+(502
8QDYROWDFKHODPRGDOLWj(3qVWDWDODQFLDWD DFTXLVL]LRQHRUHSOD\ ORVFKHUPR
VDUjRFFXSDWRGDOODVXD:LQGRZSULQFLSDOH$OO¶LQWHUQRGLTXHVWDZLQGRZVDUDQQR
SUHVHQWL YDUL HOHPHQWL GDOO¶DOWR LQ EDVVR OD EDUUD GHL PHQX OD WRROEDU H GLYHUVH
ZLQGRZ³ILJOLH´ODSLLPSRUWDQWHGHOOHTXDOLqODZLQGRZWUDFFH
1HOOHSDJLQHFKHVHJXRQRYHUUjGHVFULWWDFLDVFXQDGHOOHSDUWLPHQ]LRQDWH
,0HQX
/D³PDLQEDU´QHOODSDUWHVXSHULRUHGHOOD:LQGRZSULQFLSDOHFRQWLHQHLFRPDQGLH
OH RS]LRQL GLVSRQLELOL $OFXQL FRPDQGL VRQR DFFHVVLELOL DQFKH DWWUDYHUVR
³VKRUWFXW´ FLRq XQD FRPELQD]LRQH GL WDVWL VSHVVR GHQRPLQDWL DFFHOHUDWRUL FLz
SHUPHWWHDGXQXWHQWHDYDQ]DWRSUDWLFDPHQWHRJQLRSHUD]LRQHVHPSOLFHPHQWHFRQ
ODSUHVVLRQHGLXQWDVWR
,PHQXGLVSRQLELOLVRQR
)LOH
7UDFHV
5HSRUW
:LQGRZV
+HOS
2SHUD]LRQLVXILOHHFRQWUROORVWDPSD
&RPDQGLHGRS]LRQLUHODWLYLDOOHWUDFFH
*HVWLRQHGHOUHSRUW
&RPDQGLGLJHVWLRQHGHOOHZLQGRZ
RQOLQHKHOS
0HQX)LOH
3HUPHWWHGL³FDULFDUH´XQWHVW(3GDOWUDFFLDWRFRUUHQWH /RDG([DP GLVDOYDUH
LO SRWHQ]LDOH SUHVHQWH VXOOR VFKHUPR DOO¶LQWHUQR GHO WUDFFLDWR FRUUHQWH 6DYH
([DP RSSXUH GL XVFLUH GDOOD PRGDOLWj (3 H WRUQDUH DO JHVWRUH GHO 'DWDEDVH GL
*DOLOHR17 ([LW
0HQX7UDFFH
4XHVWR PHQX FRQWLHQH WXWWH OH RS]LRQL OHJDWH DOOH WUDFFH HG q GLYLVR LQ GLYHUVL
³VRWWRPHQX´
&RORUV
3HUPHWWH GL LPSRVWDUH L FRORUL
SUHIHULWL SHU RJQL HOHPHQWR
JUDILFRGHOTXDGURWUDFFH
)RQW
3HUPHWWH GL VHOH]LRQDUH LO IRQW
SUHIHULWR SHU OH ODEHOV GHOOH
WUDFFHHGLHPDUNHU
9LHZ
0RVWD R QDVFRQGH LO VHJQDOH
5HDO HR $YHUDJHG FRPH SXUH
OD JULJOL R OD OLQHD LVRHOHWWULFD
EDVHOLQH
*ULG
3HUPHWWH GL VFHJOLHUH IUD OD
JULJOLD FRPSOHWD )XOO R VROR
LQWHUVH]LRQL &URVVHG
0HQX5HSRUW
4XHVWR PHQX SHUPHWWH OD JHVWLRQH GHO 5HSRUW GDOOD JHQHUD]LRQH GL XQ QXRYR
UHSRUWDOODGHILQL]LRQHGHLSDUDPHWULGDXVDUH
&UHDWH$SSHQG2SHQ
6HXQUHSRUWqJLjVWDWRFUHDWR
SHU LO WUDFFLDWR FRUUHQWH
XVDQGR LO FRPDQGR &UHDWH 2SHQ ULFKLDPHUj WDOH 5HSRUW
PHQWUH$SSHQG DJJLXQJHUjDG
HVVROHLQIRUPD]LRQLFRUUHQWL ,PSRUW
'HILQLVFH L SDUDPHWUL GD
LQVHULUH QHO UHSRUW GDO JUDILFR
GHOOH WUDFFH DL SDUDPHWUL GL
VWLPROD]LRQH DL PDUNHU R DOOH
PLVXUH
)RUPDWWLQJ
6H 3DJH %UHDN q
VHOH]LRQDWR RJQL YROWD FKH XQ
HVDPH q DJJLXQWR DSSHQG DO
UHSRUW YHUUj XWLOL]]DWD XQD
QXRYD SDJLQD DOWULPHQWL L
QXRYL GDWL YHUUDQQR SRVWL GL
VHJXLWRDLSUHFHGHQWL
0HQX:LQGRZV
&RQWLHQH L FRPDQGL GL JHVWLRQH GHOOH ZLQGRZ VHFRQGR OR VWDQGDUG GL :LQGRZ
17
6HXQDZLQGRZYLHQHSHUHVHPSLRQDVFRVWDGDXQ¶DOWUDVHOH]LRQDQGRODGDTXHVWR
PHQXVLSXzUHQGHUODGLQXRYRYLVLELOH
0HQX+HOS
5LFKLDPDOR³+HOSRQOLQH´XQDYHUVLRQHHOHWWURQLFDGHOSUHVHQWHPDQXDOH
0HQX3RSXS 7UDFHV:LQGRZ
&OLFFDQGRFRQLOWDVWRGHVWURGHOPRXVHLQXQSXQWRTXDOVLDVLGHOO¶DUHDWUDFFHYHUUj
PRVWUDWRLOVHJXHQWH³SRXSPHQX´
6DYH([DP/RDG([DP
6DYHDQG/RDGH[DPKDQQRODVWHVVDIXQ]LRQHGHLUHODWLYLFRPDQGLGHO0HQX)LOH
SHUPHWWHQGR GL VDOYDUH LO WHVW (3 FRUUHQWH DOO¶LQWHUQR GHO WUDFFLDWR FRUUHQWH R GL
FDULFDUHXQDOWURWHVWVHPSUHGDOILOHWUDFFLDWRFRUUHQWH
&RPPHQW
$SUH OD ZLQGRZ GHO FRPPHQWR QHOOD TXDOH SXz HVVHUH LPPHVVR XQ EUHYH
FRPPHQWRUHODWLYRDOOHWUDFFHVXOORVFKHUPR/DZLQGRZGLFRPPHQWRSXzHVVHUH
FKLXVD GHVHOH]LRQDQGR LO ³&RRPHQWR´ GDO SRXS PHQX R FOLFFDQGR VXOOD ³[´ DO
VXRDQJRORLQDOWRDGHVWUD
127$
,O&RPPHQWRYHUUjVDOYDWRLQVLHPHDOOHWUDFFHTXDQGRYHUUjVHOH]LRQDWRLOFRPDQGR
³6DYH([DP´
7UDFH6HWWLQJV
$SUH OD VH]LRQH ³$PSOLILFDWRUL´ GHOOD 0DFUR FRUUHQWH SHUPHWWHQGR GL
YHGHUHPRGLILFDUH L SDUDPHWUL GL DPSOLILFD]LRQH HR ILOWUDJJLR LQ DFTXLVL]LRQH
4XHVWDVH]LRQHSXzHVVHUHDSHUWDDQFKHFRQXQ³GRSSLRFOLF´VXOO¶DUHDWUDFFH
5HVL]HVFUHHQ
5LSRUWDOD:LQGRZWUDFFHDOOHVXGLPHQVLRQLVWDQGDUG
/H7RROEDUV
/H WRROEDU GHWWH DQFKH FRPPDQG SDQHO VRQR SRVWH VRWWR OD EDUUD GHL PHQX H
FRVWLWXLVFRQRXQDYLDYHORFHWUDPLWHODTXDOHSRVVRQRYHQLUHHVHJXLWHOHRSHUD]LRQL
SULQFLSDOLSUHYLVWHGDOVRIWZDUHTXDOLDGHVHPSLRLOFDPELRGHLILOWULORVWDUWVWRS
GHOODDFTXLVL]LRQHHFF
7RROEDU$PSOLILHUV
/D WRROEDU FRQWLHQH L SDUDPHWUL UHODWLYL DOOH WUDFFH 6HQVLELOLWj H )LOWUL SRVVRQR
HVVHUH PRGLILFDWL SHU WXWWH OH WUDFFH R VRODPHQWH SHU OD WUDFFLD VHOH]LRQDWD XQD
WUDFFLDSXzHVVHUHVHOH]LRQDWDFOLFFDQGRVXOODVXD³ODEHO´
&OLFFDQGRVXOODLFRQDSLDVLQLVWUDODVHOH]LRQHWUDFFHqUHVHWWDWDLFDQDOLYHUUDQQR
TXLQGLFRQVLGHUDWLHPRGLILFDWLLQJUXSSR $//PRGH ,O SDUDPHWUR $Y6HQV VSHFLILFD LO IDWWRUH GL PROWLSOLFD]LRQH GHO VHJQDOH DYHUDJHG
TXDQGRSUHVHQWDWR ULVSHWWRDOODVHQVLELOLWjGHOVHJQDOHLQUHDOWLPH
7RROEDU$FTXLVLWLRQ
4XHVWD WRROEDU FRQWLHQH L FRPDQGL SHU IDU SDUWLUH R IHUPDUH OD DFTXLVL]LRQH H
O¶DYHUDJHUHSHUFUHDUHXQQXRYR³WULDO´
5XQ
$YUJ
3DXVH
&OHDU
1H[W
$WWLYD H EORFFD OD DFTXLVL]LRQH (3 6H O¶DYHUDJHU QRQ q DELOLWDWR
ERWWRQH$YUJ QRQSUHPXWR YHUUjSUHVHQWDWRVRORLOVHJQDOH³5HDO´
$WWLYD O¶DYHUDJHU H SUHVHQWD XQD SLFFROD ZLQGRZ YHGL VHJXLWR 4XDQGR TXHVWR ERWWRQH q SUHPXWR GL QXRYR OD ZLQGRZ GHOO¶DYHUDJHU
YHUUjFKLXVDHO¶DYHUDJHUYHUUjUHVHWWDWR ORVWHVVRDFFDGHFKLXGHQGROD
ZLQGRZ GHOO¶DYHUDJHU 8QD RSSRUWXQD ³GLDORJ ER[´ DYYHUWLUj GL
TXHVWRSHUPHWWHQGRGLDQQXOODUHLOFRPDQGRRGLSURFHGHUH
6RVSHQGH WHPSRUDQHDPHQWH O¶DFTXLVL]LRQH ODVFLDQGR DWWLYD OD
VWLPROD]LRQH
$]]HUDORVFKHUPRHJOLDFFXPXODWRULGHOO¶DYHUDJHU
3HUPHWWHGLDJJLXQJHUHXQQXRYR³WULDO´DTXHOOLJLjDFTXLVLWL ,OWLSR
GLVWLPROD]LRQHHGLUHODWLYLSDUDPHWULSRVVRQRHVVHUHFDPELDWLIUDXQ
WULDOHGLOVXFFHVVLYR
7RROEDU*HQHUDO
2KPHWHU $ELOLWDODPLVXUDGHOO¶LPSHGHQ]DGLFRQWDWRGHLYDULHOHWWURGLDFTXLVWL
,OYDORUHPLVXUDWRqUDSSUHVHQWDWRGDXQDEDUUDFRORUDWDFKHSXzHVVHUH
YHUGH EXRQR JLDOOD GLVFUHWR RURVVD LPSHGHQ]DWURSSRDOWD
6WLPXODWRU 5LFKLDPDODZLQGRZGLLPSRVWD]LRQHGHJOLVWLPRODWRULSHUPHWWHQGR
ODPRGLILFDGHLSDUDPHWULGLVWLPROD]LRQH
7RROEDU3URFHVVLQJ
4XHVWD WRROEDU FRQWLHQH L FRPDQGL SHU OD JHVWLRQH GHO SUHVHW (3 0DFUR GHL
PDUNHUVHGHOOHPLVXUH 0HDVXUH GHOODPDWHPDWLFDH SRVWSURFHVVLQJ 0DWHP H
GHOOH PDSSH 0DS , ERWWRQL 6WLPXODWRU H 0DFUR DSULUDQQR OD UHODWLYD ³VHWWLQJ
ZLQGRZ´FRPHGHVFULWWRLQPDJJLRUGHWWDJOLRQHOOHVH]LRQHUHODWLYDDL3UHVHW
/¶DUHDGHOORVFKHUPR VFUHHQDUHD
1HOOD³VFUHHQDUHD´SRVVRQRFRPSDULUHGLYHUVH ZLQGRZ ³ILJOLH´ FLDVFXQD KD XQ
FRQWHQXWRHXQDIXQ]LRQHVSHFLILFD
:LQGRZ7UDFHV
4XHVWDqODZLQGRZLQFXLYHQJRQRSUHVHQWDWHOHWUDFFH6XOODVLQLVWUDFRPSDLRQR
OHODEHOVGHOOHWUDFFH/DZLQGRZSXzHVVHUHOLEHUDPHQWH³ULGLPHQVLRQDWD´WUDPLWH
LOPRXVHWUDVFLQDQGRLERUGLRJOLDQJROL
&OLFFDQGR VX XQD VLQJROD ODEHO VL VHOH]LRQHUj OD WUDFFLD UHODWLYD WXWWH OH VXH
SURSULHWj VDUDQQR RUD VLQJRODUPHQWH PRGLILFDELOL DWWUDYHUVR OD ³PDLQ WRROEDU´
6RQR FRQVHQWLWH VHOH]LRQL PXOWLSOH FOLFFDUH VX OH YDULH ODEHO WHQHQGR LO WDVWR
&75/SUHPXWR
&OLFFDQGRHWUDVFLQDQGRXQDODEHOSHUPHWWHUjGLVSRVWDUHVXHJLXQDWUDFFLD
/D SRVL]LRQH UHODWLYD GL XQD WUDFFLD ULVSHWWR DOOD VXD ODEHO SXz HVVHUH PRGLILFDWD
WUDVFLQDQGRFRQLOPRXVHODWUDFFLDVWHVVD
8QGRSSLRFOLFVXOO¶DUHDWUDFFHULFKLDPHUjOD7UDFH6HWWLQJ:LQGRZFKHSHUPHWWH
GLYHGHUHHRPRGLILFDUHLSDUDPHWULGLDPSOLILFD]LRQH
&OLFFDQGRFRQLOWDVWRGHVWURGHOPRXVHQHOO¶DUHDWUDFFHULFKLDPHUjLOSRSXSPHQX
GHVFULWWRQHOOHVH]LRQLSUHFHGHQWLFRQWHQHQWHLFRPDQGL 6DYH([DP/RDG([DP
&RPPHQW7UDFH6HWWLQJVH5HVL]HVFUHHQ
&OLFFDQGR FRQ LO WDVWR GHVWUR GHO PRXVH VX XQD VSHFLILFD WUDFFLD DQFKH GXUDQWH
O¶DFTXLVL]LRQH SHUPHWWH GL LQVHULUH XQ EUHYH FRPPHQWR UHODWLYR DOOD WUDFFLD LQ
TXHVWLRQH
7HQHQGRSUHPXWRLOWDVWR&75/HFOLFFDQGRVXXQDWUDFFLDIDUjDSSDULUHLPDUNHU
SHUOHPLVXUHUDSLGH7DOLPDUNHUVRQRGHVFULWWLQHOVHJXLWR
:LQGRZ$YHUDJHVHWWLQJV
4XHVWDSLFFRODZLQGRZqPRVWUDWDTXDQGRO¶DYHUDJHUqDWWLYR SXzHVVHUHDWWLYDWR
R GLVDWWLYDWR WUDPLWH LO ERWWRQH ³$YHUDJH´ VXOOD $FTXLVWLRQ WRROEDU R DJHQGR VXL
ERWWRQL ³[´ H ³³ DOO¶DQJROR DOWRGHVWUD GHOOD ZLQGRZ H SHUPHWWH GL FDPELDUH L
SDUDPHWULSHULOQXPHURGL³DFFXPXOL´GDHVHJXLUHHSHUODVRJOLDGLUHLH]LRQH
,O FRQWDWRUH PRVWUD TXDQWH ³ULVSRVWH´ VRQR VWDWH DFFXPXODWH FRQ VXFFHVVR
&RXQWHU HTXDQWHLQYHFHVRQRVWDWHVFDUWDWH 5HMHFWHG
, GXH ERWWRQL 9LHZ5HDO H 9LHZ$YUJ SHUPHWWRQR GL PRVWUDUH R QDVFRQGHUH LO
VHJQDOHUHDOWLPH 5HDO HTXHOORPHGLDWR $YJ /DVWHVVDRSHUD]LRQHSXzHVVHUH
HVHJXLWDGDPHQX7UDFHRWUDPLWHWDVWLDFFHOHUDWRUL
3HULYRVWULDSSXQWL
&$3,72/2
*(67,21('(,35(6(7
,OERWWRQH6HWWLQJV SHUPHWWHGLDFFHGHUHDOODJHVWLRQHGLWXWWLLSDUDPHWULXVDWLSHU
XQD DFTXLVL]LRQH /¶LQVLHPH GL WDOL SDUDPHWUL SXz HVVHUH PHPRUL]]DWR LQ XQD
VWUXWWXUDFKLDPDWD0DFUR FXLSXzHVVHUHDVVHJQDWRXQQRPH
8QD0DFURSXzLQVHJXLWRHVVHUHULFKLDPDWDFRQODVHPSOLFHSUHVVLRQHGLXQWDVWR
RVHOH]LRQDQGRODGDXQDOLVWDFRQO¶DLXWRGHOPRXVH
/DILQHVWUD6HWWLQJFRQWLHQHGLYHUVH³SDJLQH´ SDQHOVRWDEV &LDVFXQWDEFRQWLHQH
XQD UDFFROWD GL SDUDPHWUL LQ TXDOFKH PRGR RPRJHQHL , WDEV SUHVHQWL VRQR
*HQHUDO0RQWDJHV$PSOLILHUV6WLPXODWRUV0DFUR
$O ILQH GL ³FRVWUXLUH´ XQD QXRYD 0DFUR VL LPSRVWLQR WXWWL L SDUDPHWUL ³JHQHUDOL´
WHPSREDVHWLSRGLHVDPHHFF LSDUDPHWULGLDPSOLILFD]LRQHHGLPRQWDJJLRL
SDUDPHWUL GL VWLPROD]LRQH H TXLQGL VL VDOYL LO WXWWR GDQGR DOOD QXRYD 0DFUR XQ
RSSRUWXQR QRPH RSSXUH VL SXz VDOYDUH LO WXWWR VX XQD 0DFUR HVLVWHQWH FKH YHUUj
TXLQGL PRGLILFDWD (¶ TXLQGL PROWR FRQYHQLHQWH SDUWLUH GD XQD 0DFUR HVLVWHQWH
FDPELDUHVRORLSDUDPHWULFKHGLIIHUHQ]LDQRODQXRYD0DFURGDTXHOODGLSDUWHQ]D
HSURFHGHUHDOVDOYDWDJJLRGHOODQXRYD0DFURFRQXQGLYHUVRQRPH
7$%³*HQHUDO´
4XHVWR³WDE´FRQWLHQHLSDUDPHWUL³JHQHUDOL´GLDFTXLVL]LRQHFRPHLOWHPSREDVHLO
WLSR GL HVDPH DFXVWLFR VRPDWRVHQVRULDOH « LO IDWWRUH GL SUH R SRVW WULJJHU L
YDORUL GL GHIDXOW SHU LO QXPHUR GL DYHUDJHV H GL UHLH]LRQH HG HYHQWXDOL SDUDPHWUL
DGGL]LRQDOLSHULSURWRFROOLVSHFLDOLTXDOLOD3ROD&19
(¶ LPSRUWDQWH VFHJOLHUH SHU SULPR LO WHPSR EDVH LQ TXDQWR PROWL DOWUL SDUDPHWUL
FRPHSHUHVHPSLRLOQXPHURPDVVLPRGLFDQDOLDFTXLVLELOL GLSHQGRQRLQTXDOFKH
PRGRGDHVVR
7LSRGL(VDPH
$FRXVWLF6RPDWRVHQVRU\9LVXDO
4XHVWL VRQR WLSL ³VWDQGDUG´ GL HVDPL (3 4XHVWD VFHOWD QRQ KD SDUWLFRODUH
LQIOXHQ]DVXOUHVWRGHLSDUDPHWUL OYHURWLSRGLSHQGHGDOORVWLPRODWRUHXVDWR PD
YLHQHULFKLHVWDHGqXVDWDVRORSHUVFRSLGLFODVVLILFD]LRQH
%$(3:DWHUIDOO
(¶ XVDWD SHU GHWHUPLQDUH LO OLYHOOR GL VRJOLD XGLWLYD 3HUPHWWH GL UHJLVWUDUH XQ
LQVLHPHGLWHVW%$(3 GDDGHILQLELOHQHOODVH]LRQHUHODWLYDDJOLVWLPRODWRUL
DFXVWLFL FRQXQOLYHOORGLVWLPRORGHFUHVFHQWHGLG%DOODYROWD
3
/R VWLPRODWRUH ³IUHTXHQWH´ H ³UDUR´ SRVVRQR HVVHUH VFHOWL LQVLHPH DL UHODWLYL
SDUDPHWUL FOLFFDQGRVXLERWWRQL³«´SUHVHQWLQHOODSDUWHGHVWUDGHOODZLQGRZ
/¶LQWHUYDOOR SL FRUWR H SL OXQJR LQ PLOOLVHFRQGL IUD GXH VWLPROL SXz HVVHUH
LPSRVWDWR FRQ L FRQWUROOL 0LQ H 0D[ ,O UDSSRUWR IUD VWLPROL IUHTXHQWL H UDUL q
LPSRVWDWRQHOFRQWUROOR0D[UHODWLYDPHQWHDOORVWLPRORUDUR,OYDORUHUDSSUHVHQWD
LOYDORUHPHGLRIUDVWLPROLIUHTXHQWLHUDULDOODILQHGHOWHVW,O 3UHVHWVLULIHULVFHDO
QXPHURGLVWLPROLUDUL
&19
/R VWLPRODWRUH ³:DUQLQJ´ H ³&RQGLWLRQLQJ´ SRVVRQR HVVHUH VFHOWL LQVLHPH DL
UHODWLYL SDUDPHWUL FOLFFDQGR VXL ERWWRQL ³«´ SUHVHQWL QHOOD SDUWH GHVWUD GHOOD
ZLQGRZ
,SDUDPHWUL ,7, ,QWHU7ULDO,QWHUYDO H ,6, ,QWHU6WLPXOXV,QWHUYDO SRVVRQRHVVHUH
LPSRVWDWLWUDPLWHLUHODWLYLFRQWUROOL
7$E³0RQWDJHV´
8Q 0RQWDJJLR SXz HVVHUH ³FRVWUXLWR´ FOLFFDQGR DOWHUQDWLYDPHQWH VXO ERWWRQH
UHODWLYRDOSULPRHOHWWURGRHTXLQGLVXOVHFRQGRHOHWWURGRGLFLDVFXQDWUDFFLD
2S]LRQDOPHQWHDFLDVFXQDWUDFFLDSXzHVVHUHDVVHJQDWDXQD ODEHOVHOH]LRQDQGRLO
FDPSR³/DEHO´GHOODWUDFFLDGHVLGHUDWDVFULYHQGROD ODEHOHTXLQGLFOLFFDQGRODGL
QXRYR
7$%³$PSOLILHUV´
,Q TXHVWR WDE VL SRVVRQR LPSRVWDUH H PRGLILFDUH L SDUDPHWUL GL DFTXLVL]LRQH GL
FLDVFXQ FDQDOH DFTXLVLWR 6RQR SRVVLELOL VHOH]LRQL VLQJROH H PXOWLSOH 7XWWH OH
PRGLILFKHVLDSSOLFDQRVRORDO DL FDQDOH L VHOH]LRQDWR L
7$%³6WLPXODWRUV´
,OWDE6WLPRODWRULSHUPHWWHODLPSRVWD]LRQHGLWXWWLLSDUDPHWULGLVWLPROD]LRQH
$WWXDOPHQWHVRQRVXSSRUWDWLJOLVWLPRODWRUL(OHWWULFR$XGLR)ODVKH3DWWHUQ
6WLPRODWRUH(OHWWULFR 6RPDWRVHQVRULDOH
6RQR JHVWLWL GXH VWLPRODWRUL 6WLP $ H 6WLP % 3HU FLDVFXQR GL HVVL VL SXz
LPSRVWDUHODGXUDWDGHOO¶LPSXOVRHODFDGHQ]DGLVWLPROD]LRQH
4XDQGR VL VHOH]LRQD OD PRGDOLWj ³'RSSLR 6WLPROR´ OR VWLPRODWRUH JHQHUD RJQL
YROWDXQDFRSSLD GL VWLPROL LO SULPR FKH JHQHUD LO WULJJHU GL DFTXLVL]LRQH HG XQ
VHFRQGRGLVWDQ]LDWRGLXQWHPSRLPSRVWDELOHWUDPLWHLOUHODWLYRFRQWUROOR
6WLPRODWRUH$XGLR
1HOODSDUWHVLQLVWUDGHOOD ZLQGRZO¶XWHQWHSXzVFHJOLHUHIUDPRGDOLWj FOLFNHWRQR
0RGH6HWWLQJ HTXLQGLVSHFLILFDUHLSDUDPHWULUHODWLYLDOODPRGDOLWjVFHOWDSHU
OD PRGDOLWj &OLFN OD GXUDWD GHOO¶LPSXOVR H OD VXD SRODULWj FRPSUHVVLRQH
UDUHID]LRQH R DOWHUQDWR PHQWUH SHU OD PRGDOLWj 7RQR VL LPSRVWHUDQQR OD GXUDWD
GHOORVWLPROR 3ODWHDX HODIUHTXHQ]DGHOWRQRJHQHUDWR
/$VH]LRQH*HQHUDO6HWWLQJ QHOODSDUWHGHVWUDSHUPHWWHGLLPSRVWDUHODFDGHQ]DGL
VWLPROD]LRQHLOOLYHOORGHOORVWLPROR
/DVH]LRQH(DUSKRQH GHWHUPLQDODPRGDOLWjFRQFXLORVWLPRORYLHQH³SUHVHQWDWR´
LQ FXIILD FRQ R VHQ]D UXPRUH GL PDVFKHUDPHQWR 1HO FDVR VL XVL LO UXPRUH GL
PDVFKHUDPHQWRVHQHSXzRYYLDPHQWHVWDELOLUHO¶LQWHQVLWj
/$ VH]LRQH %$(3 6HWWLQJ q XWLOL]]DWD QHL WHVW (3 GL WLSR ³:DWHUIDOO´ YHGL
VH]LRQL SUHFHGHQWL H SHUPHWWH GL VWDELOLUH LO QXPHUR GL SDVVL GHFUHVFHQWL FKH
GHYRQRHVVHUHDFTXLVLWL
,OERWWRQH7HVW SHUPHWWHGLXGLUHO¶HIIHWWRGHOOHLPSRVWD]LRQLPHQWUHVLHVHJXRQROH
PRGLILFKH
6WLPRODWRUH)ODVK
6RQR LPSRVWDELOL OD FDGHQ]D GL VWLPROD]LRQH 5DWH H O¶HQHUJLD (QHUJ\ GHO
IODVKOXPLQRVR
3HU UDJLRQL GL VLFXUH]]D LO OLYHOOR PDVVLPR GL HQHUJLD q PDQWHQXWR DO GL VRWWR GL
XQDFHUWDVRJOLDTXHVWRLPSOLFDDQFKHFKHDLYDORULSLDOWLGLHQHUJLDODFDGHQ]D
GLVWLPROD]LRQHSXzHVVHUHOLPLWDWD
/D VH]LRQH 0RGH SHUPHWWH GL VFHJOLHUH LO WLSR GL IODVK GD XWLOL]]DUH PD FRQ OD
DWWXDOHUHOHDVHGLKDUGZDUHHVRIWZDUHVRORODPRGDOLWj,QWHUQDOqDWWLYD
6WLPRODWRUH3DWWHUQ
6RQR GLVSRQLELOL GXH SDWWHUQ LQGLSHQGHQWL FRQ GLPHQVLRQL LQGLSHQGHQWL OH
GLPHQVLRQLSRVVRQRHVVHUHPRGLILFDWHWUDPLWHLFRQWUROOL'LP H'LP
(¶SRVVLELOHGHILQLUHXQSDWWHUQGLYHUVRSHUFLDVFXQRGHLTXDWWURTXDGUDQWLLQFXLq
GLYLVRORVFKHUPRGHOPRQLWRUGLVWLPROD]LRQHFRPHSXUHSHUO¶DUHDGL³IL[DWLRQ´
SHU IDU FLz FOLFFDUH VXOOD EDUUD LPPHGLDWDPHQWH VRSUD LO SDWWHUQ LO WLSR GL SDWWHUQ
GHVLGHUDWR QHUR VFDFFKLHUD OLQHH YHUWLFDOL R OLQHH RUL]]RQWDOL VHOH]LRQDUH OD
GLPHQVLRQH RSSXUH HTXLQGLFOLFFDUHVXOTXDGUDQWHGHVLGHUDWRSHUDSSOLFDUH
OD VFHOWD IDWWD 6H LO SDWWHUQ QHFHVVLWD GL HVVHUH LQYHUWLWR FOLFFDUH VXO FRQWUROOR
UHODWLYR 5HYHUVHG
,O ERWWRQH FRQ LO VLPEROR GHO PRXVH SHUPHWWH GL DFFHGHUH DOOD PRGDOLWj LQ FXL VL
SRVVRQRPRGLILFDUHOHGLPHQVLRQLGHLTXDGUDQWLHGHOO¶DUHDGLIL[DWLRQVHOH]LRQDUH
WDOH PRGDOLWj H TXLQGL WUDVFLQDUH FRQ LO PRXVH OH OLQHH FKH GHWHUPLQDQR OD
VHSDUD]LRQHGHLTXDGUDQWL
4XDQGR O¶DUHD IL[DWLRQ q DELOLWDWD DQFKH HVVD SXz HVVHUH GLPHQVLRQDWD H
SRVL]LRQDWDQHOORVWHVVRPRGR
/DVH]LRQH6WLPXODWLRQ GHWHUPLQDODPRGDOLWjGLVWLPROD]LRQHQHOPRGR5HYHUVH
OR VWLPRODWRUH SUHVHQWD DOWHUQDWLYDPHQWH LO SDWWHUQ LPSRVWDWR H TXLQGL LO VXR
³LQYHUVR´VFDPELDQGRIUDORUROH]RQHELDQFKHHQHUHQHOODPRGDOLWj$OWHUQDWHOR
VWLPRODWRUHSUHVHQWDDOWHUQDWLYDPHQWHLSDWWHUQ$H%FRPHGHILQLWLGDOO¶XWHQWH
,O SDUDPHWUR 5DWH VSHFLILFD O¶LQWHUYDOOR GL VWLPROD]LRQH PHQWUH LO SDUDPHWUR
&RQWUDVW SHUPHWWHGLLPSRVWDUHLOFRQWUDVWRYLVLYRGHO SDWWHUQ LQ YDORUL FUHVFHQWL
GDD PD[ ,OSDUDPHWUR7ULJJHUGHWHUPLQDVHLOWULJJHUGLVWLPROD]LRQHYHUUjJHQHUDWRDGRJQL
FDPELRGHOSDWWHUQ 7 RVRORDOODSUHVHQWD]LRQHGHOIUDPHSULQFLSDOH 7
,OSDUDPHWUR0RQLWRU;< )DFWRUqXWLOL]]DWRSHUFRUUHJJHUHLOUDSSRUWRGLIRUPD
GHOPRQLWRUGLVWLPROD]LRQH TXHVWRYDORUHGLSHQGHGDOPRQLWRUXVDWRHVVRqJLj
LPSRVWDWRQHOFDVRVLXWLOL]]LQRPRQLWRUIRUQLWLGD(%1HXURLQVLHPHDOVLVWHPD 0DFUR
8QD YROWD LPSRVWDWL WXWWL L SDUDPHWUL HVVL SRVVRQR HVVHUH VDOYDWL LQ XQD 0DFUR
HVLVWHQWHRLQXQDQXRYD0DFUR
3HU VDOYDUH L SDUDPHWUL LQ XQD 0DFUR HVLVWHQWH FOLFFDUH VHPSOLFHPHQWH VXO QRPH
GHOOD0DFURQHOODOLVWDHSRLFOLFFDUHVXOERWWRQH6DYH
6HVLYXROFUHDUHXQDQXRYD0DFUR FOLFFDUHVXOODSULPDFRORQQDGHOO¶XOWLPDOLQHD
GHOODOLVWD FKHqVHPSUHYXRWD VFULYHUHLOQRPHGHOODQXRYD0DFURHFOLFFDUHVXO
ERWWRQH6DYH
7XWWL L SDUDPHWUL H VHWWDJJL FKDQQHOV PRQWDJHV WLPH EDVH VWLPXODWRUV VRQR
VDOYDWL LQVLHPH DOOD 0DFUR 4XHVWR PHFFDQLVPR UHQGH XQD DFTXLVL]LRQH
HVWUHPDPHQWH VHPSOLFH O¶XWHQWH GHYH VROR HQWUDUH QHO SURJUDPPD VHOH]LRQDUH
XQD0DFURHTXLQGLDYYLDUHO¶DFTXLVL]LRQHFRQLOERWWRQH³5XQ´
/¶DFTXLVL]LRQH SXz HVVHUH FRQWLQXDWD VX TXDOXQTXH HVDPH FDULFDWR GD XQ ILOH
WUDFFLDWR SUHHVLVWHQWH GDO PRPHQWR FKH WXWWL L SDUDPHWUL QHFHVVDUL VRQR VDOYDWL
LQVLHPHDOO¶HVDPH(3VWHVVR
'RSRDYHUVDOYDWRXQD0DFURqFRQYHQLHQWHVLPXODUHXQDDFTXLVL]LRQHLPSRVWDUH
LPDUNHUVGLPLVXUDHVDOYDUOLQHOOD0DFUR 9HGLODVH]LRQH³(GLWLQJWKH0DUNHUV´
QHOVHJXLWR
3HULYRVWULDSSXQWL
&$3,72/2
0,685(('(/$%25$=,21(
0,VXUH
0LVXUHYHORFL DQFKHLQDFTXLVL]LRQH
'XUDQWHODDFTXLVL]LRQHHGLOUHSOD\GHOOHWUDFFHqSRVVLELOHHVHJXLUHGHOOHPLVXUH
³YHORFL´(VVHGDQQRLQIRUPD]LRQLVXOODODWHQ]DHGDPSLH]]DUHODWLYDDGXHPDUNHU
DDOOHORURUHODWLYHGLIIHUHQ]H
,PDUNHUSRVVRQRHVVHUHSRVL]LRQDWLVXOORVFKHUPRWHQHQGRSUHPXWRLOWDVWR&75/
PHQWUHVLFOLFFDVXOSXQWRGHOODWUDFFLDLQFXLVLYXROLQVHULUHLOPDUNHU
/$ SULPD YROWD FKH VL HVHJXH WDOH RSHUD]LRQH VL LQVHULUj LO SULPR PDUNHU OD
VHFRQGD YROWD VL LQVHULUj LO VHFRQGR PDUNHU VH VL ULSHWH XQD WHU]D YROWD VL
ULSRVL]LRQHUjGLQXRYRLOSULPRPDUNHUHFRVuGLVHJXLWR
8QDYROWDSRVL]LRQDWLLPDUNHUSRVVRQRHVVHUHVSRVWDWLWUDVFLQDQGRFRQLOPRXVHL
SLFFROL³ER[´YLFLQLDLERUGLLQIHULRUHHGHVWURGHOO¶DUHDWUDFFH7UDVFLQDQGRLER[
³/´HG³/´VLVSRVWHUDQQRLPDUNHUOXQJRO¶DVVHGHLWHPSLPHQWUHWUDVFLQDQGRL
ER[³$´HG³$´VLVSRVWHUDQQRLPDUNHUGLDPSLH]]D
$SSHQDVLLQVHULVFHXQPDUNHUFRPSDUHXQDSLFFRODZLQGRZVVXOODGHVWUDGHOO¶DUHD
WUDFFH /D ZLQGRZ SUHVHQWD OD ODWHQ]D H O¶DPSLH]]D UHODWLYH DL GXH PDUNHU H OH
UHODWLYHGLIIHUHQ]HLQODWHQ]D G/DW HGDPSLH]]D G$PS
6H q LQ FRUVR XQD DFTXLVL]LRQH HVVD QRQ VDUj LQ DOFXQ PRGR LQIOXHQ]DWD GDOOH
PLVXUHHORVFKHUPRYHUUjDJJLRUQDWRQRQDSSHQDLOWDVWRGOPRXVHVDUjULODVFLDWR
3RVL]LRQDPHQWRGHL0DUNHUV
1HOFDVRVLDVWDWRLPSRVWDWRQHOODPDFURFRUUHQWH FOLFFDQGRVXOERWWRQH0HDVXUH
VXOOD WRROEDU UHODWLYD XQD VHULH GL PDUNHU YHUUDQQR DXWRPDWLFDPHQWH SRVWL VXOOH
WUDFFH LQWHUHVVDWH H OH UHODWLYH PLVXUH PRVWUDWH LQ XQD RSSRUWXQD ZLQGRZ VXOOD
GHVWUDGHOTXDGURWUDFFH
0RGLILFDGHL0DUNHUV
3HUDJJLXVWDUHODSRVL]LRQHGHLPDUNHUVFOLFFDUHFRQLOPRXVHVXOPDUNHUGDHGLWDUH
H WUDVFLQDUOR QHOOD SRVL]LRQH GHVLGHUDWD /H LQIRUPD]LRQL VXOOD ZLQGRZ GHOOH
PLVXUHYHUUjDXWRPDWLFDPHQWHDJJLRUQDWD
3HU FDQFHOODUH XQ PDUNHU VHOH]LRQDUH OD VXD OLQHD QHOOD WDEHOOD GHOOH PLVXUH H
FOLFFDUHVXOERWWRQH&OHDU,OERWWRQH&OHDU $OO FDQFHOODWXWWLLPDUNHU
6H VL GHYRQR LQVHULUH QXRYL PDUNHU VXOOH WUDFFH FOLFFDUH VXOOD WUDFFLD DOOD
SRVL]LRQHGHVLGHUDWDXQQXRYRPDUNHUFRQXQDODEHOGLGHIDXOW SHUHVHPSLR&
YHUUjLQVHULWR(VVRSRWUjHVVHUHSRVL]LRQDWRSLDFFXUDWDPHQWHWUDVFLQDQGRORFRQ
LO PRXVH H OD VXD ODEHO PRGLILFDWD FOLFFDQGR VXO ERWWRQH /DEHO H VFULYHQGR OD
QXRYDODEHO
3HU LQVHULUH XQD PLVXUD GLIIHUHQ]LDOH FOLFFDUH VXO ERWWRQH 'LIIHUHQWLDO H TXLQGL
VHOH]LRQDUH OH GXH PLVXUH DVVROXWH GHOOH TXDOL VL GHYH FDOFRODUH OD GLIIHUHQ]D
FOLFFDQGRVXGLHVVH
&OLFFDQGRVX6SDFH VLLQVHULUjXQDOLQHDYXRWD4XHVWDOLQHDSXzHVVHUHXWLOH SHU
VHSDUDUHJUXSSLGLPLVXUHODVWHVVDOLQHDFRPSDULUjQHOUHSRUW
1H[W DSSOLFKHUzLPDUNHUVDOYDWLDOSURVVLPRWULDOVHHVLVWH
5HVWRUH DSSOLFKHUj GL QXRYR L PDUNHU VDOYDWL DOOH WUDFFH FRUUHQWL LJQRUDQGR RJQL
PRGLILFDVXFFHVVLYDDOO¶XOWLPRVDOYDWDJJLR
4XDQGRO¶LQVLHPHGLPDUNHUHGLODEHOqVWDWRGHILQLWRFRPHGHVLGHUDWRGDOO¶XWHQWH
LOFRQWHQXWRGHOORVFKHUPR WUDFFHPDUNHU SXzHVVHUHVDOYDWRQHOILOHWUDFFLDWR
FRUUHQWHFRQLOFRPDQGR6DYH([DP GDOPHQX)LOH RSSXUHFOLFFDQGRFRQLOWDVWR
GHVWURGHOPRXVHHVHOH]LRQDQGR6DYH([DPGDOSRSXSPHQX
,PDUNHUHOHPLVXUHSRVVRQRLQROWUHHVVHUHVDOYDWLDOO¶LQWHUQRGHOODPDFURFRUUHQWH
FOLFFDQGRVXOERWWRQH6DYHWR0DFUR
0DWHPDWLF$
4XHVWD VH]LRQH SHUPHWWH GL HVHJXLUH XQD VHULH GL RSHUD]LRQL PDWHPDWLFKH VXOOH
WUDFFHDFTXLVLWH
6PRRWKLQJ
3HUPHWWH GL DSSOLFDUH XQ ILOWUR SDVVD EDVVR VXOOH
WUDFFH VHOH]LRQDWH 3ULPD VHOH]LRQDUH XQD R SL
WUDFFH TXLQGL FOLFFDUH VX ³´ SHU HVHJXLUH VWHS GL
VPRRWKLQJ VXFFHVVLYL RSSXUH VX ³³ SHU WRUQDUH
LQGLHWUR GL XQ SDVVR ,O ERWWRQH 8QGR ULSRUWD OH
WUDFFHDOODORURFRQGL]LRQHLQL]LDOH
$ULWKPHWLF
4XHVWR FRPDQGR SHUPHWWH GL VRPPDUH R VRWWUDUUH
WUDFFHDFTXLVLWHFRQORVWHVVRPRQWDJJLR6HOH]LRQDUH
OD SULPD WUDFFLD O¶RSHUDWRUH GHVLGHUDWR ³´ R ³³ VHOH]LRQDUH OD VHFRQGD WUDFFLD H FOLFFDUH VXO ERWWRQH
(QWHU
*UDQG$YHUDJLQJ
)UD OH WUDFFH DFTXLVLWH FRQ OR VWHVVR PRQWDJJLR
VHOH]LRDQDUH TXHOOH VX FXL VHJXLUH O¶RSHUD]LRQH
FOLFFDUH VXO ERWWRQH (QWHU
SHU RWWHQHUH LO
UHODWLYR³*UDQG$YHUDJLQJ´
6HOHFWLYH&OHDU
3HUPHWWHGLFDQFHOODUHVHOHWWLYDPHQWHDOFXQHWUDFFH
6HOH]LRQDUH OH WUDFFH GD FDQFHOODUH FOLFFDQGR VX GL
HVVH R XWLOL]]DQGR XQR GHL ERWWRQL GHGLFDWL $YUJ
*U$YUJ 5DUH$Y )UHT$Y H TXLQGL FOLFFDUH VXO
ERWWRQH (QWHU
SHU HVHJXLUH OD FDQFHOOD]LRQH
GHVLGHUDWD
0DSSLQJ
6H VL VRQR DFTXLVWL DOPHQR FDQDOL HOHWWURGL q SRVVLELOH UDSSUHVHQWDUH LO
SRWHQ]LDOHDFTXLVWRVRWWRIRUPDGLPDSSDWULGLPHQVLRQDOHYLVWDGDGLIIHUHQWLSXQWL
GLYLVWDHVXSRVL]LRQHPXOWLSOHGHOWUDFFLDWR
&OLFFDQGR VXO ERWWRQH 0DS DSSDUH XQ FXUVRUH QHOO¶DUHD WUDFFH H YLHQH GLVHJQDWD
XQDQXRYDZLQGRZFKHPRVWUDODPDSSDWULGLPHQVLRQDOHGHOSRWHQ]LDOHQHOSXQWR
GHO WUDFFLDWR LGHQWLILFDWR GDO FXUVRUH ,O FXUVRUH SXz HVVHUH VSRVWDWR WUDVFLQDQGR
FRQLOPRXVHHODPDSSDVLDJJLRUQDLQFRQVHJXHQ]D
1HOODSDUWHLQIHULRUHGHOODZLQGRZGHOODPDSSDVLSXzVFHJOLHUHODVFDODGLFRORUH
GHVLGHUDWD *UD\5HG%OXHRU5DLQERZ /DVFDOD q FDOFRODWD DXWRPDWLFDPHQWH D
PHQR FKH LO ER[ 0DQXDO QRQ VLD ³VPDUFDWR´ LQ TXHVWR FDVR O¶XWHQWH SXz
VSHFLILFDUHLYDORULPLQLPLHPDVVLPLGHOODVFDOD
6HO¶HVDPHFRUUHQWHqGLWLSR3QHOODVH]LRQH75& VLSXzVFHJOLHUHVHHVHJXLUH
ODPDSSDVXLGDWLUHODWLYLDOORVWLPRORIUHTXHQWHRDTXHOORUDUR
$O ILQH GL YHGHUH LO SRWHQ]LDOH LQ WXWWL L VXRL DVSHWWL OD WHVWD SXz HVVHUH UXRWDWD
WUDVFLQDQGRXQVXRSXQWRTXDOXQTXHFRQLOPRXVH/DWHVWDSXzHVVHUHLQJUDQGLWDR
ULPSLFFLROLWDWUDPLWHLWDVWL³´H³³GHOWDVWLHULQRQXPHULFR
&OLFFDQGR VXO ERWWRQH UDSSUHVHQWDQWH XQD PDFFKLQD IRWRJUDILFD XQD LPPDJLQH
GHOODPDSSDFRPHDSSDUHLQTXHOPRPHQWR VQDSVKRW YHUUjFRSLDWDQHOODFRORQQD
DGHVWUD3RVVRQRHVVHUHVDOYDWLILQRDVQDSVKRWGLYHUVL3HUFDQFHOODUHO¶XOWLPR
VQDSVKRWXVDUHLOERWWRQH&OHDU3HUYHGHUHWXWWLJOLVQDSVKRWXVDUHVHQHFHVVDULROD
VFUROOEDUVXOODGHVWUDGHOODFRORQQDGHJOLVQDSVKRW
&OLFFDQGRVXOO¶LFRQDUDSSUHVHQWDQWHOD VWDPSDQWH YHUUj ODQFLDWR LO SURJUDPPD GL
JHVWLRQHLPPDJLQLFRUUHQWHPHQWHLPSRVWDWRLQ:LQGRZV HVHPSLR 3DLQWEUXVK H
YHUUj PRVWUDWD XQ¶LPPDJLQH FRQWHQHQWH WXWWL JOL VQDSVKRW VDOYDWL LQVLHPH DOOH
WUDFFHHGDOFXUVRUHLQGLFDQWHLOSXQWRGHOWUDFFLDWRFXLJOLVQDSVKRWVLULIHULVFRQR
/¶LPPDJLQHSXzHVVHUHVWDPSDWD RHODERUDWD DWWUDYHUVRLQRUPDOLFRPDQGLGHO
SURJUDPPDGLJHVWLRQHGHOOHLPPDJLQL
3HUHVHPSLRSHUVWDPSDUHVLVHOH]LRQLODYRFH³3ULQW´GDOPHQX³)LOH´
3HULYRVWULDSSXQWL
$99(57(1=$
3HULYRVWULDSSXQWL
,1)250$=,21,68/0$18$/(
4XHVWRGRFXPHQWRFRQWLHQHLQIRUPD]LRQLGLSURSULHWjULVHUYDWD1HVVXQDSDUWHGL
TXHVWD SXEEOLFD]LRQH SRWUj HVVHUH IRWRFRSLDWD R ULSURGRWWD VHQ]D LO SUHYHQWLYR
FRQVHQVRVFULWWRGL(%1HXUR
/H LQIRUPD]LRQL FRQWHQXWH LQ TXHVWR GRFXPHQWR SRVVRQR HVVHUH VRJJHWWH D
PRGLILFKHHGDJJLRUQDPHQWLVHQ]DSUHDYYLVR
&URQRORJLDGLVWDPSD
3ULPDHGL]LRQH
%5HY$0DJJLR
,O SUHVHQWH PDQXDOH q SDUWH LQWHJUDQWH GHOOR VWUXPHQWR $O PRPHQWR GHOOD SULPD
LQVWDOOD]LRQH GHOO¶DSSDUHFFKLR O¶RSHUDWRUH GHYH SURFHGHUH DG HIIHWWXDUH XQ
DFFXUDWRFRQWUROORGHOFRQWHQXWRGHOPDQXDOHDOILQHGLYHULILFDUQHO¶LQWHJULWjHOD
FRPSOHWH]]D
1HO FDVR LQ FXL LO PDQXDOH G¶XVR ULVXOWDVVH URYLQDWR LQFRPSOHWR R LQDGHJXDWR
SUHJDVLFRQWDWWDUH(%1HXURFRVuGDUHLQWHJUDUHRVRVWLWXLUHSURQWDPHQWHLOPDQXDOH
QRQFRQIRUPH
/H YHUVLRQL XIILFLDOL GHO PDQXDOH G¶XVR GHOOH TXDOL (%1HXUR q GLUHWWDPHQWH
UHVSRQVDELOHVRQRODYHUVLRQHLQOLQJXDLWDOLDQDHGLQOLQJXDLQJOHVH3HULSDHVLGL
OLQJXDGLYHUVDGDTXHOOHGHOOHYHUVLRQLVRSUDFLWDWHLOPDQXDOHXIILFLDOHqTXHOORLQ
OLQJXDLQJOHVH(%1HXURQRQVLDVVXPHDOFXQDUHVSRQVDELOLWjULVSHWWRDGHYHQWXDOL
WUDGX]LRQLLQOLQJXHGLYHUVHHVHJXLWHGDGLVWULEXWRULRXWHQWLVWHVVL
/¶RVVHUYDQ]D GHOOH SURFHGXUH RSHUDWLYH H GHOOH DYYHUWHQ]H GHVFULWWH QHO SUHVHQWH
PDQXDOHqXQUHTXLVLWRHVVHQ]LDOHSHULOFRUUHWWRIXQ]LRQDPHQWRGHOGLVSRVLWLYRH
SHUJDUDQWLUHODVLFXUH]]DGHOSD]LHQWHHGHOO¶RSHUDWRUH
,OPDQXDOHGHYHHVVHUHOHWWRLQWXWWHOHVXHSDUWLFRPHIDVHSURSHGHXWLFDDOO¶XVRLQ
PRGR FKH ULVXOWLQR FKLDUH OH PRGDOLWj GL IXQ]LRQDPHQWR L FRPDQGL H OH
SUHFDX]LRQLSHUXQXVRFRUUHWWRHVLFXUR
,O PDQXDOH GHYH HVVHUH FRQVHUYDWR LQWHJUR H OHJJLELOH LQ WXWWH OH VXH SDUWL LQ XQ
OXRJR VLFXUR HG DOOR VWHVVR WHPSR DFFHVVLELOH UDSLGDPHQWH GDOO¶RSHUDWRUH GXUDQWH
O¶XVRGHOGLVSRVLWLYR
&RQYHQ]LRQL
127$
/HQRWHFRQWHQJRQRLQIRUPD]LRQLLPSRUWDQWLGDPHWWHUHLQHYLGHQ]DULVSHWWRDOUHVWR
GHO WHVWR (VVH FRQWHQJRQR JHQHUDOPHQWH LQIRUPD]LRQL XWLOL DOO¶RSHUDWRUH SHU
HVHJXLUHLQPRGRFRUUHWWRHGRWWLPL]]DUHOHSURFHGXUHRSHUDWLYHGHOO¶DSSDUHFFKLR
$99(57(1=$
,PHVVDJJLGLDYYHUWHQ]DDSSDLRQRQHOPDQXDOHSULPDGLSURFHGXUHRGLRSHUD]LRQL
FKH GHYRQR HVVHUH RVVHUYDWH SHU HYLWDUH LO YHULILFDUVL GL SRVVLELOL SHUGLWH GL GDWL R
GDQQLDOOHDSSDUHFFKLDWXUH
$77(1=,21(
,PHVVDJJLGLDWWHQ]LRQHDSSDLDQRQHOPDQXDOHLQFRUULVSRQGHQ]DGHOODGHVFUL]LRQH
GLSURFHGXUHRGLRSHUD]LRQLFKHVHQRQHVHJXLWDLQPDQLHUDQRQFRUUHWWDSRWUHEEH
FDXVDUHGDQQLDOO¶RSHUDWRUHRDOSD]LHQWH
&217(1872'(/0$18$/(
4XHVWR GRFXPHQWR FRVWLWXLVFH XQD JXLGD DOOD FRPSUHQVLRQH GHOOH FDUDWWHULVWLFKH
GHOVRIWZDUH*DOLOHR(317GHVFULYHQGRQHOHRSHUD]LRQLHGLFRPDQGLULFKLHVWLSHU
O¶DFTXLVL]LRQHHO¶DQDOLVLGHLGDWL
,O PDQXDOH LQL]LD FRQ XQD VH]LRQH FKLDPDWD ³4XLFN 6WDUW´ FKH KD OR VFRSR GL
DELOLWDUH O¶XWLOL]]DWRUH DOO¶HIIHWWXD]LRQH GL XQ WHVW (3 XWLOL]]DQGR XQ SUHGHILQLWR
SUHVHW PDFUR SRVL]LRQDUHLPDUNHUVGLGHIDXOWJHQHUDUHHVWDPSDUHLUHSRUW WXWWR
TXHOORFKHFRPSUHQGHLOHVDPHGLURXWLQH /H WUH VH]LRQL VHJXHQWL FRQVHQWRQR DOO¶XWLOL]]DWRUH GL FRPSUHQGHUH LQ GHWWDJOLR LO
VLJQLILFDWR GL FLDVFXQD SDUWH H IXQ]LRQH GLVSRQLELOH LQ TXHVWR VRIWZDUH ,Q
SDUWLFRODUHXQDVH]LRQHGHVFULYHUjO¶RUJDQL]]D]LRQHGHOORVFKHUPRHOHIXQ]LRQLGL
WXWWLLFRPDQGLGLVSRQLELOLODVHJXHQWHVH]LRQHqGHGLFDWDDOODGHVFUL]LRQHGLWXWWLL
SDUDPHWULFKHSRVVRQRHVVHUHPRGLILFDWLHPHPRUL]]DWLQHOOHPDFUR
/¶XOWLPDVH]LRQHqGHGLFDWDDOOD³HODERUD]LRQH´´FLRqDOODGHVFUL]LRQHGLWXWWHOHRSHUD]LRQLFKHSRVVRQRHVVHUH
HIIHWWXDWHVXOOHWUDFFHPDUNHUYHORFLPLVXUHPDWHPDWLFDHPDSSH
Download