Etude poids économique du Droit en France

7/21/2019 Etude poids conomique du Droit en France

1/22

60>8 MN[ JBH - ]jus mrjkts rshrvs. >

Lh pjkms ajbjekquh mu mrjkt hb Crnbah

H]XMH QXV LH PJKMQ HAJBJEK^XH MX MVJK] HB CVNBAH

Xbh tumh rnlksh ln mhenbmh mh l'Nssjakntkjb Crnbnksh mhsOurksths

mHbtrhprksh (NCOH), mu Ahralh Ejbthsqukhu ht m'H[ Qjakt m'NvjantsPnr Mny Jbh, anfkbht mh ajbshkl hb nlkgbhehbt strntgkquh ht

Frubj Mhccnkbs, Prjchsshur majbjekh, Kbstktut Xbkvhrsktnkrh mh Crnbah ht XbkvhrsktPnbtdjb Nssns (Pnrks KK)

Qjeenkrh

H]XMH QXV LH PJKMQ HAJBJEK^XH MX MVJK] HB CVNBAH ............................................. >

Lh Mrjkt, ub jutkl mh ajeptktkvkt ................................................................................................. 6 Lh Mrjkt, cnathur mh arjkssnbah ajbjekquh ............................................................................ 6

Lh ourksth, pklkhrmu mvhljpphehbt saurks mh lhbtrhprksh ..................................................... 1

Ln prjthatkjb mhs nvks mhs ourksths, ub mjuflh cnathur mnttrnatkvkt .......................................... 1

Lh Mrjkt, ub jutklmh mvhljpphehbt ht mh clukmkt mh lhepljk ...................................................... =

Lhbtrhprksh ? ubh jppjrtubkt pjur lhs tumknbts hb mrjkt ......................................................... =

Ourksth mhbtrhprksh, ubh sjurah mhepljk vnljrksh ht vnljrksnflh pjur lnvjant ....................... 8

Ourksths ht nvjants? lhs mhux cnahs mubh eeh emnkllh ....................................................... 3

Llnstkakt mh ljccrh ourkmkquh ....................................................................................................... 7

Lh ourksth mhbtrhprksh ? ubh anpnakt mnadnt mh plus mh 4 ekllknrms mhurjs ............................. 7

Lh ahralh vhrtuhux mh ljccrh ht mh ln mhenbmh ......................................................................... 4


2/22

60>8 MN[ JBH - ]jus mrjkts rshrvs. 6


Qk bul bh mjuth mu rlh kbajbtjurbnflh mu Mrjkt mnbs bjtrh sjakt, phrsjbbh bh ajbbnkt hbajrhsjb pjkms vrktnflh mnbs lajbjekh crnbnksh. Lhxhrakah bhst pns skeplh enks, mnprs bjsrhadhradhs ht nbnlyshs, lkbmustrkh mu Mrjkt hb Crnbah rhprshbthnu ejkbs 6=6 ;;3 hepljksmkrhats pjur 61 ,; ekllknrms mhurjs hb kbalunbt lhs 8,1 ekllknrms mhurjs mh fumght mh lJrmrh

nmekbkstrntkc ht oumkaknkrh. Ahst lqukvnlhbt mh >% mu PKF crnbnks, ah quk, pnr hxheplh, plnah ahshathur hbtrh lh trnbspjrt nrkhb (6>,6 ekllknrms mhurjs) mub at, l kbmustrkh mh ln Puflkakt htmhs tumhs mh enrads (68,6 ekllknrms mhurjs) ht lh shathur mh ln fjkssjb (63,3 ekllknrmsmhurjs) mh lnutrh >.

Mh pnrlh vjlueh mnatkvkt qukl rhprshbth, lh mrjkt bhst pns shulhehbt ub lehbt ajbstktunbtmh lajbjekh enks kl hst bhb pns mjuthr ub cnathur mh ajeptktkvkt mhs hbtrhprkshscrnbnkshs ht mhprjejtkjb mh lhepljk mnbs lhs eultkplhs natkvkts ajbahrbhs . Bjefrhuxsjbt lhs trnvnux quk sjulkgbhbt nuojurmduk lh anrnatrh mthrekbnbt mh lhbvkrjbbhehbt ourkmkquhpjur ln arjkssnbah ajbjekquh mnbs ub hspnah gljfnlks. Bjus bhbthbmjbs pns kak rhbmrh

ajepth mh ln tjtnlkt mhs hbohux ln cjks qunbtktntkcs ht qunlktntkcs enks mrhsshr ub prhekhr fklnbmu pjkms mu shathur ourkmkquh mnbs ln sjakt crnbnksh.

Lh Mrjkt, ub jutkl mh ajeptktkvkt

Lh Mrjkt, cnathur mh arjkssnbah ajbjekquh

Kl hst naquks quh ln entrksh mu mrjkt hst ub cnathur kepjrtnbt mh rjfusthssh ht mh ajeptktkvktmhs hbtrhprkshs ht ajbtrkfuh pukssneehbt ln qunlkt mh ljccrh mnbs lhs enradskbthrbntkjbnux , kbmkqunkt lh rnppjrt Prnmn hb 60>>.

Hajbjekquhehbt, mh bjefrhux trnvnux jbt eks hb vkmhbah ubh rhlntkjb rakprjquh hbtrh mrjktht arjkssnbah ajbjekquh. Lhs rhadhradhs mh Ln Pjrtn, Ljphz mh Qklnbhs, Qdlhkchr ht Sksdbypjpulnrkshs pnr ln Fnbquh Ejbmknlh sjbt ljrkgkbh mh ah ejuvhehbt 6. Lkmh gbrnlh vhutquh ljrsquh ln qunlkt mu mrjktsnelkjrh, ln saurkt mhs trnbsnatkjbs sh trjuvh rhbcjrah hthbghbmrh ubh fnkssh mhs ajts mh trnbsnatkjb hbtrh lhs nathurs ajbjekquhs, ah quk ajbtrkfuhpjsktkvhehbt ln arjkssnbah ajbjekquh. Qjbt bjtneehbt ajbahrb lh mrjkt mhs nccnkrhs, lhmrjkt mh lhbtrhprksh , lh mrjkt cksanl, lh mrjkt sjaknl, lh mrjkt puflka ajbjekquh vjkrh lhs LkfhrtsCjbmnehbtnlhs npplkquhs nux hbtrhprkshs.Pnr nkllhurs, lhs hbtrhprkshs crnbnkshs keplnbths ltrnbghr sjbt lhs prkbakpnlhs sjurahs mhmkccuskjb mh ln aulturh ourkmkquh crnbnksh mh pnr lhurs hcchatkcs ourkmkquhs ltr nbghr. Hb hccht,

Plus mh = 100 ourksths fnss ltrnbghr naajepngbhbt, nu shkb mh lhurs mkrhatkjbs ourkmkquhs,bjs plus grnbmhs hbtrhprkshs crnbnkshs lkbthrbntkjbnl 1. Ahtth cjrah mh prjejtkjb mu mrjkt

> Qjurah KBQHH 60>6.6 Ln Pjrtn V., Ljphz mh Qklnbhs C., Qdhklchr N. ht Sksdby V. (>;;4), Lnw nbm Ckbnbah , Ojurbnl jc Pjlktkanl Hajbjey, vjl. >03,Mhahefhr, pp. >>>1->>88. Sjkr gnlhehbt lh mhrbkhr rnppjrt Mjkbg Fuskbhss kb 6004 , mkspjbkflh hb lkgbh sur lh skth mh lnFnbquh Ejbmknlh ? www.wjrlmfnbi.jrg. 1 Ln anrtjgrnpdkh mhs Mkrhatkjbs Ourkmkquhs 60>= tnflkh pnr Lhxqk ht lh Ahralh Ejbthsqukhu n tnflk quh lhs hbtrhprkshs mkspjsnkhbthb e jyhbbh mh 7 ourksths pjur > ekllknrm mhurjs mh adkccrh mnccnkrhs. Pnr nkllhurs, shljb lhs fhbadenris Mny Jbh, nu ejkbs 80%mhs hcchatkcs mhs Mkrhatkjbs Ourkmkquhs mhs grnbmhs hbtrhprkshs crnbnkshs mu ANA=0 sjbt fnss ltrnbghr. Lh adkccrh mncc nkrhs


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crnbnks ht mh sn plnah hst fkhb plus kepjrtnbth quh ahllh mhsanfkbhts mnvjants crnbnks qukaueulhbt, hb ajepnrnksjb, hbvkrjb 760 nvjants shulhehbt l kbthrbntkjbnl=.

Lh ourksth, pklkhr mu mvhljpphehbt saurks mh lhbtrhprksh

Ln enktrksh mu mrjkt ajefkbh ln ajbbnkssnbah kbtkeh mh lhbtrhprksh, mh sjb ejmlhajbjekquh ht mh sn aulturh, ajbcrhbt nu ourksth mhbtrhprksh , nux mkrhatkjbs cksanlhs, nuxspaknlksths mu mrjkt sjaknl hb hbtrhprksh, nux shartnkrhs mhs ajbshkls m'nmekbkstrntkjb, nux

ourksths nadnts, nux ourksths hb prjprkt kbthllhatuhllh, nux spaknlksths mhs ajbtrnts (ajbtrnatsenbnghrs ) ubh pjsktkjb ubkquh pjur pkljthr ah quh bjus npphllhrjbs lajsysteh mu mrjkt ,nu prjckt mh ln ajeptktkvkt, mh ln saurkt ht mu mvhljpphehbt mhs hbtrhprkshs crnbnkshs.Ourksths, nvjants, bjtnkrhs, duksskhrs, engkstrnts ht oughs ajbsulnkrhs, ajbshkls hb prjprktkbthllhatuhllh, grhcckhrs, nmekbkstrnthurs ht enbmntnkrhs oumkaknkrhs, hta. cjbt pnrtkh kbtgrnbthaht ajsysteh mu mrjkt quk naajepngbh ht saurksh lhbtrhprksh mnbs sjb mvhljpphehbt. Hbhccht, lhs jfshrvntkjbs sur lvjlutkjb mu Mrjkt ejbtrhbt quh lh mrjkt mhvkhbt ubh cjbatkjb trsjprntkjbbhllh tnbt kl hst msjrenks kefrkqu mnbs lh cjbatkjbbhehbt eeh mh lajbjekh ht mhln sjakt. 8

Ln prjthatkjb mhs nvks mhs ourksths, ub mjuflh cnathur mnttrnatk vkt

Mjthr lhs ourksthsmhbtrhprksh mjutkls thls quh ln ajbckmhbtknlkt mhs nvks, ju pjur lh ejkbsajbtrkfuhr nu mvhljpphehbt ht ln prjthatkjb mh shs cjbatkjbs, phrehttrnkt nux hbtrhprkshscrnbnkshs mh ajefnttrh nrehs gnlhs nvha lhurs ajbaurrhbths mnutrhs pnys , cnaklkthrnktln ejfklkt kbthrbntkjbnlh mhs ourksths ljanux nu shkb mh lhur grjuph ht lvhrnkt gnlhehbt ubhfnrrkrh lkbstnllntkjb m hbtrhprkshs trnbgrhs ju mubh pnrtkh mh lhurs mpnrthehbts

ourkmkquhs, hb Crnbah. Ahak pjurrnkt ajbtrkfuhr cnkrh ub pns supplehbtnkrh hb threhsmnttrnatkvkt, enks gnlhehbt, a jeeh bjus nlljbs lh vjkr, mh cnvjrkshr lhepljynfklkt mhsprjchsskjbbhls mu mrjkt ht mjba lhur hepljk hb Crnbah. Lnvnbtngh lh plus vkmhbt mubh thllh rcjreh shrnkt ln pjsskfklkt, pjur lhs hbtrhprkshs ht lhs ourksths

ajbahrbs, mjfthbkr ubh prjthat kjb mh lhurs nvks sheflnflh ahllh mjbt fbckakhbt lhurs djejljguhstrnbghrs, bjtneehbt nbglj- snxjbs. Mkspnrnktrnkt nljrs lubh mhs anushs mh ln rtkahbah mh ahrtnkbsgrjuphs kbthrbntkjbnux ljanlkshr hb Crnbah mhs natkvkts ourkmkquhs 3.

Lnelkjrntkjb mh lhbvkrjbbhehbt ourkmkquh mhs nghbts ajbjekquhs bh pnssh pns ubkquhehbtpnr mhs rcjrehs struaturhllhs, hllh rhlvh gnlhehbt mubh ljgkquh jrgnbksntkjbbhllh htjprntkjbbhllh . Hb mnutrhs threhs, lnaarjksshehbt mhs ejyhbs ajbsnars pnr lhs hbtrhprkshs lhur crnehwjri ourkmkquh ajbtrkfuh nelkjrhr lhur hcckanakt ht, pnr hxthbskjb, ln prjmuatkvktht mjba ln arjkssnbah mh lhbsheflh mh lajbjekh. Ahst ah bkvhnu quh ln prjchsskjb m h ourksth

tjtnl mhs hbtrhprkshs mu ANA=0 pjur lnbbh 60>= slvh > 618 ekllknrms mhurjs (sjurah ? Fjursjrnen). Bjtrh dypjtdsh shanlaulh mjba nkbsk ? YAdkccrh mnccnkrhs ANA =0 x 7 (ourksths)U x 80%.= Qjurah ? Lhgnl 800 - b jefrh mnvjants keplnbts ltrnbghr mhs anfkbhts mnvjants mnccnkrhs crnbnks. 8 Qjurah ? Ln mkrhatkjb ourkmkquh mh mhenkb , Jlkvkhr Adnmuthnu, LGMO 60>= 3 O-E. Mnrrjks, Vnppjrt Mnrrjks ? Shrs ubh grnbmh prjchsskjb mu Mrjkt , Ln Mjauehbtntkjb crnbnksh, 600;


4/22

60>8 MN[ JBH - ]jus mrjkts rshrvs. =


mhbtrhprksh phut ojuhr ub rlh kepjrtnbt fns sur ln rhajbbnkssnbah mubh rhlntkjb mkrhath hbtrh eksh hb uvrh hcckanah ht hcchatkvh mu mrjkt ht qunlkt mhs kbthrvhbnbts hb entkrh mh ajbshkls

ourkmkquhs nutnbt kbthrbhs qu'hxthrbhs.

Hb ehttnbt hb plnah ub mkspjsktkc qukvnlhbt ahux hxkstnbt adhz bjs vjkskbs (Nllhengbh,Mnbhenri, Hspngbh, Krlnbmh, Pnys-Fns, Vjynueh-Xbk), lh ourksth hb Crnbah pjurrnkt nkbsktrnvnkllhr mnbs lhs eehs ajbmktkjbs quh shs ajbcrrhs trnbghrs, bjtneehbt hb entkrh mhprjthatkjb mhs nvks ourkmkquhs ht mh sharht prjchsskjbbhl7. Kl hst kbtrhssnbt mh bjthr qunu shkbmhs Mkrhatkjbs Ourkmkquhs mhs grjuphs kbthrbntkjbnux keplnbts hb Crnbah, ln prjpjrtkjb mhsnvjants mnbs lhs hcchatkcs djrs mh Crnbah mh ahs mkrhatkjbs ourkmkquhs ntthkbt hbvkrjb 40%, nljrquhllh bhst quh mh > >% hb Crnbah4.

N mcnut, jb rksquhrnkt mh vjkr mh grnbmhs hbtrhprkshs plnahr mhs nvjants trnbghrs ln tth mhsmkrhatkjbs ourkmkquhs ht jb pjurrnkt nssksthr ubh mljanlksntkjb mhs rhspjbsnfklkts ourkmkqumhs prkbakpnux grjuphs kbthrbntkjbnux. N tktrh mhxheplh, shljb lNCOH, sur lhs =0 hbtrhprkshsmu ANA =0, >= jbt mhs mkrhathurs ourkmkquhs nbglj-snxjbs kbsarkts nu fnrrhnu mh lhur pnys .

Lh Mrjkt ht ln prjejtkjb mh lheplj k

Nu-mhl mu sjutkhb ln ajeptktkvkt mhs hbtrhprkshs, lh rhbcjrahehbt mh ln cjbatkjb mh ourksthmhbtrhprksh rhprshbth ahrtnkbhehbt ub ntjut pjur lhepljk nu shkb mhs prjchsskjbs ourkmkquhs.Ah rhbcjrahehbt phrehttrnkt mh mvhljpphr lhs pnsshrhllhs hbtrh lhs nvjants ht lh mrjkt hbhbtrhprksh. Ahln rhbmrnkt plus clukmh lh enrad mu trnvnkl enks nussk plus phrcjrenbth lnprjchsskjb mu mrjkt ? lhs nvjants pjurrnkhbt ekhux ajbshkllhr l'hbtrhprksh hb ln ajeprhbnbt mhl'kbtrkhur, lhs hbtrhprkshs pjurrnkhbt ekhux ajbsjeehr lh mrjkt hb npprdhbmnbt lhcjbatkjbbhehbt mh lhurs ajbshkls. Lhs hcchatkcs rhsphatkcs pjurrnkhbt snousthr plus lkfrhehbt,

phrehttnbt nux hbtrhprkshs plus mh prjnatkvkt mnbs lhurs prkshs mh makskjbs hbtrhkbthrbnlksntkjb ht hxthrbnlksntkjb.

Lhbtrhprksh ? ubh jppjrtubkt pjur lhs tumknbts hb mrjkt

Nprs nbnlysh ht sybtdsh mhs mjbbhs mh 8 grnbmhs ubkvhrskts rpnrtkhs sur tjuth ln Crnbah; ,tjtnlksnbt 6 =64 tumknbts mkples>0, mjbt 80% (> 6>> tumknbts) jbt cnkt ajbbnktrh lhurhepljyhur 67 ejks nprs nvjkr t mkples ah quk kbalut ln prkjmh mh pnssngh mhlhxnehbmu fnrrhnu ht mhs stnghs jflkgntjkrhs.

7 Qjurah ? HALN - >4 p nys mh lXH fbckakhbt mu lhgnl prkvklhgh sur 64 pnys, nkbsk quh rhprks hb nbbhxh 6 4 Qjurah ? Vnppjrt mh ln Ajeeksskjb Mrjkt & Hbtrhprksh, Ajbshkl Bntkjbnl mhs Fnrrhnux, 60>= ;

Bjus nvjbs nbnlys lhs mjbbhs puflkhs pnr lhs ubkvhrskts mh Pnrks S, Lkllh KK, Nkx-Enrshkllh, Lyjb KKK ht Vhbbhs K, rhprshbtntkvhsmu enrad mu mrjkt , mnbs lh anmrh mubh grnbmh hbquth bntkjbnlh mhenbmh pnr lh Ekbkstrh mh lHbshkgbhehbt Quprkhur ht mh lnVhadhradh sur lh tnux mkbshrtkjb prjchsskjbbhllh hb 60>1 mhs tum knbts mkples hb 60>>. Qk tjuths lhs ubkvhrskts jbt pnrtkakp lhbquth, hllhs bjbt pns tjuths rhauhkllk lh eeh bkvhnu mkbcjrentkjb. >0 Hb 60>6, lh bjefrh mtumknbts nynbt rhu lh mkpleh mh Ensthr mh Mrjkt ht Qakhbahs Pjlktkquhs slvh >4 177 t umknbts. Lhbjefrh mtumknbts kbsarkt hb ensthr 6 mh Mrjkt ht Qakhbahs Pjlktkquhs slhvnkt qunbt luk 6> 748. Qjurah ? Vhprhs ht rcrhbahsstntkstkquhs, Ekbkstrh mh lHmuantkjb bntkjbnlh, mh lhbshkgbhehbt suprkhur ht mh ln rhadhradh (60>=)


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6/22



Ahst hbajrh plus vrnk pjur lhs cheehs. Jb bjthrn quh > cheeh sur 1, ajbtrh > djeeh sur 8,quktth ln prjchsskjbmnvjants mnbs lhs >0 prhekrhs nbbhs m'hxhrakah>6 ht quh lh tnux mhssjrtkhs jfshrvhs nu- mhl mhs >0 nbs mhxhrakah hst plus kepjrtnbt adhz lhs cheehs quh adhz djeehs ? 10 % pjur lhs cheehs ht 66% pjur lhs djeehs >1. Lh pka mh sjrtkh mckbktkvh mhscheehs nynbt lkhu hbtrh 6 ht = nbs m'hxhrakah pjur prs mh >0% m'hbtrh hllhs>=.

Lhs Mkrhatkjbs ourkmkquhs mhbtrhprksh rhprshbthbt mjba mhs jppjrtubkts mh mvhljpphehbt mhanrrkrh, pjur lhs djeehs, enks nussk pjur lhs cheehs. Hb hccht, ubkquhehbt 6=,8% mhsnss jaks mnbs lhs anfkbhts mnvjants sjbt mhs cheehs >8, nljrs quh =3% mhs pjsths mh Mkrhathur

ourkmkquhs sjbt thbus pnr mhs cheehs hb hbtrhprksh >3. Ahtth nelkjrntkjb mh ln clukmkt hbtrh lhs prjchsskjbs mh ourksth ht mnvjant phrehttrnkt mh lutthrajbtrh lh adengh "kbvkskflh" mh ohubhs nvjants hb rgkeh FBA, quk bh phuvhbt vkvrh mh lhursrtrjahsskjbs m'djbjrnkrhs ju mh lhur alkhbtlh.

Ourksths ht nvjants ? lhs mhux cnahs m ubh eeh emnkllh

Pnrnlllhehbt, puksquh lhs ourksths phuvhbt, nprs 4 nbs m'hxhrakah, mksartkjb mu ABF,

rhojkbmrh ln prjchsskjb m'nvjant, rhbcjrahr ln cjbatkjbmh ourksth mhbtrhprksh phrehttrnkt ubsysteh m'nllhr ht rhtjur skeplkck ht hbanmr, gnrnbtkssnbt ln qunlkt mhs prhstntkjbs mh ajbshkllkvrhs hb hbtrhprksh ju pjur lhbtrhprks h. Kl hst kepjrtnbt, tnbt hb threhs mhepljynfklkt quhmhepljks, mh phrehttrh ahtth clukmkt madnbgh.

Hbckb, mnprs lh Fnrjetrh Mny Jbh 60>= sur lhs Ejuvhehbts mNssjaks mh anfkbhtsmnvjants mnccnkrhs , sur ub tjtnl mh > 7=; rharuthehbts mnvjant s nssjaks mnbs lhs anfkbhtsmnvjants mnccnkrhs nu ajurs mhs ; mhrbkrhs nbbhs, jb ajbstnth quh 7% mhs nssjaksprjvhbnkhbt mubh struaturh bjb -nvjants (hbtrhprkshs, pjlktkquh, ubkvhrskt, anfkbht mh ajbshkl).Pnrek hux, ln ejktk shulhehbt (86%) prjvhbnkhbt mubh hbtrhprksh. Hb mnutrhs threhs, mhpuks6003, shulhehbt 1,8% mhs nvjants nssjaks nrrkvnbts tnkhbt kssus mu ejbmh mh lHbtrhprksh. Klsngkt sjuvhbt mh mkrhathurs ourkmkquhs hb ckb mh anrrkrh quk sjudnkthbt nppjrthr lhur hxprkhb pluskhurs hbtrhprkshs ht cnaklkthbt nkbsklnaas nu mrjkt pjur lhs PEH. Lhur russkth mnbs lhurprjoht hbtrhprhbhurknl, naajepngbh pnr mhs ajllnfjrnthurs mh lhbtrhprksh, shrnkt cnaklkth pnr lnejmkckantkjb mhs rglhs mh pnsshrhllh.

>6 Vhgnrms sur ubh bjuvhllh gbrntkjb m'nvjants, Vnppjrt mh l'Jfshrvntjkrh mu Ajbshkl Bntkjbnl mhs Fnrrhnux (6007), pp. >1->= >1 Vnppjrt mh l'Jfshrvntjkrh mu Ajbshkl Bntkjbnl mhs Fnrrhnux (60>0), Vhgnrms sur ln mejgrnpdkh mhs nvjants, p. 6= >= Nvjants? cnkts ht adkccrhs. Xbh prjchsskjb quk nvnbah, Vnppjrt mu Ajbshkl Bntkjbnl mhs Fnrrhnux (6004)>8 Nljrs quh 38% mhs lvhs mh lHajlh mh Cjrentkjb mu Fnrrhnu mh Pnrks hb 60>= tnkhbt mhs cheehs . Qjurah ? Htumh AhralhEjbthsqukhu / Makmhurs, 60>8 >3

Qjurah ? Anrtjgrnpdkh mhs mkrhatkjbs ourkmkquhs 60>=


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Vpnrtktkjb mh ljrkgkbh mhs Nssjaks rhojkgbnbt ub anfkbht mnvjants ,hb prjvhbnbah mh lhxtrkhur, mhpuks 6003

]J]NL ? >66 rharuthehbts

Qjurah ? Fnrjetrh Mny Jbh 60>= sur lhs Ejuvhehbts mNssjaks Bjth mh lhaturh ? Ah grnpdkquh rhprshbth ln rpnrtktkjb mhs ejuvhe hbts mnssjaks, mjbt ln bjekbntkjb shst cnkth nljrs qukls

btnkhbt pns nvjant.

L'hepljynfklkt mhs nvjants ajeeh ln phrcjrenbah mhs ourksths m'hbtrhprkshs pjurrnkhbt trhnelkjrhs pnr ln eksh hb plnah m'ub trjba ajeeub mh cjrentkjb quk rpjbmrnkt nux hbohux mhshbtrhprkshs hb ajuvrnbt mh bjuvhllhs entkrhs nu shrvkah mh ln phrcjrenbah ourkmkquh ? ghstkjbmh prjohts, ajeplknbah, ghstkjb mhs rksquhs, kbcjrentkquh... ah quk nugehbthrnkt, nu fbckah mhadnquh prjchsskjb, lhs pjsskfklkts mh ajllnfjrntkjb ht mh rheplnahehbt nelkjrnbt nkbsk lnclukmkt mu enrad mu trnvnkl pjur lh shathur ourkmkquh.

Llnstkakt mh ljccrh ourkmkquh

Lh ourksth mhbtrhprksh ? ubh anpnakt mnadnt mh plus mh 4 ekllknrms mhurjs

Anr hb threhs mnatkvkt, k l bh cnut nfsjluehbt pns rnksjbbhr sur lh pjstulnt keplkakth quh lhenrad mu mrjkt shrnkt hb quhlquh sjrth ub gthnu quh lhs nvjants sh pnrtnghrnkhbt, ah qukhbtrnbhrnkt bahssnkrhehbt ubh mkekbutkjb mh ln pnrt mh adnaub hb rnksjb mu rlh naaru mhs

ourksths mhbtrhprkshs . Ah qukl cnut ehttrh hb vkmhbah, ahst plutt ub hccht mkbmuatkjb shljblhquhl ljccrh mh mrjkt ht l'nelkjrntkjb mh ln ajepthbah arhbt (nu ejkbs pnrtkhllhehbt) lnmhenbmh mh mrjkt.

N bjthr quh lh adkccrh mnccnkrhs mhs anfkbhts mnvjants kssus mhs prhstntkjbs vhbmuhs nux

hbtrhprkshs slvh ; ekllknrms mhurjs hb 60>1>7

. Pnr nkllhurs, mnprs lhs adkccrhs mh lKBQHH,mnbs sjb tumh 60>>, kl rhssjrt quh ;1,03% mu adkccrh mnccnkrhs mu shathur ajbjekquh mhs Natkvkts ourkmkquhs hst kssu mhbtrhprkshs jprnbt sur lh thrrktjkrh crnbnks. Qur ln fnsh mh ahs

>7Anlaul Mny Jbh sur ln fnsh mhs mjbbhs sukvnbths ? >. Adkccrh mnccnkrhs mhs nvjants s lvh >1 ekllknrms mhurjs hb 60>1,

sjurah ABF, Lkvrh Flnba, Oustkah mu TTK skalh, Cvrkhr 60>= 6. Ln pnrt mhs hbtrhprkshs mnbs lh adkccrh mnccnkrhs mh ln pr jchsskjbmnvjants hst mh 3;%, sjurah rnppjrt ABF, Nvjants ? cnkts ht adkccrhs , 6004


8/22



adkccrhs, kl bjus sheflh ajdrhbt mhstkehr quh lh adkccrh mnccnkrhs mhs anfkbhts mnvjantskssus mhs hbtrhprkshs keplnbths hb Crnbah slvh 4,17 ekllknrms mhurjs hb 60>= >4.Ms ljrs, lh pjuvjkr n adnbg mh enkbs ht ln rclhxkjb sur ln vnlhur nojuth mh ln cjbatkjb

ourkmkquh ht sn phrcjrenbah hb lkhb nvha ln phrcjrenbah mh lhbtrhprksh keplkquhbt ahrths ubhvjlutkjb hb kbthrbh hbtrh lhs ourksths ht lhs jprntkjbbhls, enks surtjut ub adnbghehbt enohur

mnbs ln rhlntkjb hbtrh nvjants ht ourksths mhbtrhprkshs YU.>;

Lh ahralh vhrtuhux mh l jccrh ht mh ln mhenbmh

Xb pjkbt kepjrtnbt erkth ahphbmnbt mtrh mksaut ajbahrbnbt lnutjbjekh ju bjb mh lnmhenbmh pnr rnppjrt ljccrh. Lh ejmlh ajbjekquh stnbmnrm ajbskmrh hb gbrnl quh lnmhenbmh hst nutjbjeh. Lhs tumhs stntkstkquhs60 mvjklhbt ahphbmnbt mhs pnrtkaulnrkts pjur lhenrad mu mrjktquh bh phut snkskr lh ejmlh stnbmnrm puksquhllhs ajbmukshbt rhehttrh hbanush lnutjbjekh mh ln mhenbmhpnr rnppjrt ljccrh ht mvhljpphr ubh npprjadh quk eht lnaahbt sur mhs hcchts mkbmuatkjb. Hb hccht, ln cjbatkjb mh mhenbmh mh oustkah sh rvlh phulnstkquh nu prkx. Lh ajbahpt mh mhenbmh nu shbs trnmktkjbbhl sh trjuvh nkbsk mksautnflh. Ksheflh hb pnrtkaulkhr quh ahst mnbs lh anfkbht mnvjant s quh sh ajbstrukt ln makskjb mhajbsjeehr 9 lnvjant, ajeeh lh ourksth mhbtrhprksh sjbt ln cjks rvlnthur mu fhsjkb htprjmuathur mu shrvkah, hb cjbatkjb mhs vjlutkjbs makmhs pnr lh lgkslnthur, quk hb Crnbahajeeh nu bkvhnu Hurjphb, gbrhbt mh ln ajeplhxkt ourkmkquh adnquh ojur.

Jccrh ht mhenbmh sjbt kbthrmphbmnbths, ln cjbatkjb mh mhenbmh hst hb pnrtkh hbmjgbhnu ajepjrthehbt mh ljccrhur mh shrvkahs . Mh ah cnkt, kl sheflh pjsskflh mnvnbahr lkmhmubh kbthrmphbmnbah mh ljccrh ht mh ln mhenbmh quk sh trnmukt pnr ubh ajrrlntkjb pjsktkvh htjfshrvnflh hbtrh ln mhbskt mnvjants ht mh spaknlksths ourkmkquhs rhajbbus, anpnakt mnadnt, mnbs ub pnys ju ubh rgkjb ht lh rhajurs nu mrjkt (ju lutklksntkjb mu systeh ourkmkquh).Lnaarjksshehbt mu bjefrh mnvjants ht mh ourksths mhbtrhprkshs nurnkt nkbsk ub hcchtmhbtrnbhehbt sur ln mhenbmh mh shrvkahs ourkmkquhs susahptkflhs mhbghbmrhr, bjb ubhmkekbutkjb mu adkccrh mnccnkrhs mh ln prjchsskjb mnbs sjb hbsheflh, enks ubh nugehbtntkjb trnvhrs lehrghbah mh bjuvhnux enrads ht mh bjuvhnux mfjuads. Lehrghbah mhbjuvhnux ejmlhs mh shrvkahs pjurrnkt juvrkr lh enrad mhs H]K lnkss nux hxphrts-ajeptnflhs.Bjtrh jpkbkjb hst quh ahtth lj gkquh mkbthrmphbmnbah hbtrh jccrh ht mhenbmh hstpnrtkaulkrhehbt vrnkh mnbs lh mjenkbh mu mrjkt mhs nccnkrhs,mu mrjkt mh lhbtrhprksh ht mu mrjktcksanl.

Nkbsk, kl hst kbtrhssnbt mh bjthr quh mnbs lhs pnys hurjphbs nynbt nttrkfu ln ajbckmhbtknlktmhs nvks ourkmkquhs nux ourksths htj lh bjefrh mnvjants pjur >00 000 dnfktnbts hst fkhbsuprkhur ahluk mh ln Crnbah, lh enrad mu mrjkt hst sjlkmh ht trs mybnekquh.

>4 N tktrh mh ajepnrnksjb, l h adkccrh mnccnkrhs mhs >00 prhekhrs anfkbhts mnvjants crnbnks slhvnkt hb 60>1 1,88 ekllknrms mhurjs.

Qjurah ? Vnmkjgrnpdkh 60>= mhs anfkbhts mnvjants mnccnkrhs hb Crnbah >; Qjurah ? Lhs anfkbhts mnvjants mnccnkrhs hb Crnbah, (Ajeehbtnkrhs, N utjebh 60>=), Jlkvkhr Adnmuthnu60 Sjkr bjtneehbt Mhccnkbs ht Mjrknt (Vhvuh Hajbjekquh, 600>) ju lh rnppjrt pjur lh GKP Mrjkt ht Oustkah mkrkg pnr Ajdhb htGnrnpjb hb 600> sur ln qunlkt mh ln Oustkah.


9/22

60>8 MN[ JBH - ]jus mrjkts rshrvs. ;


Nvha ln ajeplhxkckantkjb ht lkbclntkjb mhs lgkslntkjbs ht rglhehbtntkjbs, ajbouguhs lkbthrbntkjbnlksntkjb mhs hbtrhprkshs, lh bjefrh mnvjants shrn kbsuccksnbt ht ljccrh mh mrjkt pjurnaajepngbhr lhs hbtrhprkshs mnbs lhur mvhljpphehbt lkekth, nljrs quh lh bjefrh mtumknbtshb mrjkt nugehbth rgulkrhehbt. Hb ejyhbbh, mhpuks 6003, lnugehbtntkjb mu bjefrhmtumknbts bjuvhnux hbtrnbts hst mh 6% pnr nb.

Pjur lnbbh ubkvhrsktnkrh 60>1 -60>=, lh bjefrh mtumknbts hb mrjkt, bjuvhllhehbt hbtrs lubkvhrskt slhvnkt 1; 674 6>. Ahst mjba ub prjfleh ajbjekquh gbrnl quk sh pjs hajbahrbnbt ln plnah mhs prjchsskjbs ourkmkquhs mnbs ln sjakt. Hb hccht sk l'jb vhut prshrvhr lnanpnakt mu lgkslnthur prjeulguhr mh bjuvhllhs rglhs snbs hbtrnvhr lhs hbtrhprkshs kl hstbahssnkrh mh mkspjshr hb kbthrbh ajeeh hb hxthrbh mhs ajepthbahs ourkmkquhs bahssnkrhs.Kl hb vn eeh mh ln anpnakt mu lgkslnthur ajrrhathehbt lgkcrhr hb s'hbtjurnbt mhajepthbahs ourkmkquhs, quk hb bjefrh arjkssnbt, nbkehs mnbs ubh prjchsskjb ubkquhpjurrnkhbt sh spaknlkshr hb Nccnkrhs puflkquhs ht ajbtrkfuhr nu trnvnkl pnrlhehbtnkrh.

Pnys Bf mnvjants pjur>00 000 dnfktnbts

Crnbah - nvjants 44

Crnbah - nvjants ht ourks ths >>6

Nllhengbh 601

Mnbhenri >07

Hspngbh 108

Pnys-Fns >0=

Vjynueh-Xbk 67>Qjurah ? Ajbshkl mhs fnrrhnux hurjphbs (AAFH), Ln Fnbquh Ejbmknlh,60>1-60>=

Hb ckb mh ajepth, eubkr ln cjbatkjbmh ourksth mhbtrhprkshs mh ln ajbckmhbtknlkt mh lhurs nvks htplus gljfnlhehbt rhbcjrahr lh rlh mh ourksth mhbtrhprksh pjur lh rnpprjadhr mhs nvjants,rhbcjrah kbajbthstnflhehbt ln plnah mu Mrjkt hb hbtrhprksh66, ajbtrkfunbt nkbsk nu mvhljpphehbtajbjekquh mu mrjkt mhs nccnkrhs, enks ajbtrkfunbt surtjut nelkjrhr ajeptktkvkt htrjfusthssh mh bjs hbtrhprkshs, nkbsk quh lhs phrsphatkvhs m'vjlutkjbsht lhepljynfklkt mhsprjchsskjbbhls mu mrjkt mnbs lhur hbsheflh.

6> Qjurah ? Vhprhs ht rcrhbahs stntkstkquhs, Ekb kstrh mh lHmuantkjb bntkjbnlh, mh lhbshkgbhehbt suprkhur ht mh ln rhadhradh

(60>=) 66 Ajeeh lkbmkquh lh Vnppjrt Ohnbtht, 600= ? Ln qunlkt mnvjant mu ourksth kbthrbh mh lhbtrhprksh rhbcjrahrnkt, pnr lh prhs tkgh htlhxkghbah mu tktrh, ht pnr ln rhajbbnkssnbah mh sjb kbmphbmnbah, ln plnah mu mrjkt mnbs lhbtrhprksh .


10/22

60>8 MN[ JBH - ]jus mrjkts rshrvs. >0


Nbbhxh > Etdjmjljgkh

Lh Mrjkt hb Crnbah ahst ? 6=6 ;;3 hepljks rhprshbtnbt >4,3 ekllknrms mhurjs mh adkccrhmnccnkrhs + 8,1 ekllknrms mhurjs pjur lhs prjchsskjbs nmekbkstrntkvhs ht oumkaknkrhs, sjkt61,; ekllknrms mhurjs .

Lh pjkms ajbjekquh mu Mrjkt n t ehsur trnvhrs trjks antgjrkhs ?> Antgjrkh rhgrjupnbt lhs prjchsskjbs rhlhvnbt mu shathurajbaurrhbtkhl 6 Antgjrkh rhgrjupnbt lhs prjchsskjbs rhlhvnbt mh tnrkcsrglhehbts 1 Antgjrkh rhgrjupnbt lhs prjchsskjbs nmekbkstrntkvhs ht oumkaknkrhs

NvhrtksshehbtLnbnlysh rkgjurhush mu pjkms mu mrjkt hb Crnbah suppjshrnkt mh rnlkshr ubh tumh ajbjekquhnpprjcj bmkh mhs hcchts (mkrhats ht kbmkrhats) mu mrjkt sur ljrgnbksntkjb ht lhs phrcjrenbahs mhs nathursajbjekquhs ht sjaknux hb Crnbah. Xbh thllh tumh hst ah stnmh kbhbvksnghnflh cnuth mh theps ht mhejyhbs pjur sn rnlksntkjb. Kl sngkrn mjba kak mh prja mhr mh enbkrh purhehbt stntkstkquh trnvhrslkmhbtkckantkjb mhshcchatkcs ht mhs ejyhbs ejfklkss mnbs lh adnep mu mrjkt nu bkvhnu bntkjbnl. Pjur utklhquh sjkt ah trnvnkl, kl bh phreht mh rhbmrh ajepth quh mh enbkrh pnrtkhllhhb sjus hstkenbt lh pjkmsrhl mu mrjkt mnbs lajbjekh crnbnksh.

Lh ajrjllnkrh mh ln rhenrquh pramhbth hst quh bjus bh pjuvjbs bjus fnshr quh sur lhs stntkstkquhsnaahsskflhs ht nksehbt vrkcknflhs enbnbt mhs kbstnbahs jcckakhllhs ht/ju mhs prjchsskjbs ajbahrbhspnr ln prshbth tumh.Lhsshbtkhl mh lkbcjrentkjb prjvkhbt mjba mh lKBQHH, mu Ekbkstrh mh ln Oustkah jumhs jrgnbksntkjbs prjchsskjbbhllhs. Ljrsqukl bn pns t pjsskflh mkmhbtkckhr mhs mjbbhs cknflhs(hxheplh mh ln emkntkjb) ju ljrsquh lh rksquh mh mjuflh-ajeptnfklksntkjb hst nppnru kepjrtnbt (hxheplhmh lnrfktrngh), bjus nvjbs rhbjba ajeptnfklkshr ahs natkvkts mh enbkrh spakckquh, mj ubh sjurahsupplehbtnkrh mh sjus hstkentkjb mu pjkms rhl mu mrjkt.

Antgjrkh Hepljksmkrhats

Pjkmsajbjekquh

Vhvhbus (hb e m)

Pjkm s ajbjekquhAN (hb e m )

Bjb kbalus mnbs lhprke trh m h b j t rh tumh

e nks rhpr shb tnbt ubpj kms aj bj e kqu h ahrtnkb

>. Prjchsskjbs rhlhvnbtmu shathur ajbaurrhbtkhl >78 70; ;,0 em >>,>em

]juths lhs prjchsskjbsprntkqunbt lh mrjkt tktrhnaahssjkrh thllh quh prvuhpnr ln ljk mu 1> mahefrh

>;7> (hx ? lhs nssjakntkjbs htsybmkants) lhxahptkjb mhs

hxphrts-ajeptnflhs

6. Prjchsskjbs rhlhvnbtmh tnrkcs rglhehbts >1 ;68 >,; em 7,8 em

1. Prjchsskjbsnmekbkstrntkvhs ht

oumkaknkrhs81 136 8,1 em b/n

]J]NL 6=6 ;;3 >3,6 em >4,3 em


11/22

60>8 MN[ JBH - ]jus mrjkts rshrvs. >>


>. Lhs prjchsskjbs rhlhvnbt mu shathur ajbaurrhbtkhl

>78 70; hepljks ht >>,48 ekllknrms mhurjs mh adkccrh mnccnkrhs

N/ Prjchsskjbs ourkmkquhs ? >7> 0=7 hepljks mkrhats, ; ekllknrmsmhurjs mh rhvhbus ht>>,> ekllknrmsmhurjs mh AN

Etkhr HepljksPjkms

ajbjekquhVhvhbus

Pjkmsajbjekquh

ANNbbh Qjurah

Ourksths >8 400 > >03e b/n 60>6 NCOH

Nvjants 30 661 = 000 e >0 000 e 60>=/60>> Ajbshkl Bntkjbnl muFnrrhnu

Nvjants nu AjbshklmHtnt ht ln Ajur mh

Anssntkjb>>> bjb mkspjbkflh bjb mkspjbkflh 60>= Qkth whf ? JrmrhPrjchsskjbbhl

Hxphrt-ajeptnflh 6= = =8768 >11,763 e =6> e 60>6 HQNBH-KBQHH,

PrjchsskjbAjeptnflh

Ajbshkls hb PrjprktKbthllhatuhllh (APK) > 634 44,4 e

67 370 e 60>=/60>> KBPK/ABAPK

Ajbaklknthurs mh oustkah (djrs nrfktrhsht emknthurs)

> 744 bjb mkspjbkflh bjb mkspjbkflh 60>= Ekbkstrh mh lnOustkah

Qnlnrks mhs anfkbhts(nvjants, APK,) 47 =00 1 370 e

64 b/n 60>= KBQHH

]J]NL >7> 0=7 4 ;;; e >> 0;> e

Hb plus mhs prjchsskjbs ourkmkquhs, kl hst kepjrtnbt mnojuthr lhs prjchsskjbs hxhrnbt lh mrjkt tktrh naahssjkrh.Qhljb ln ljk mu 1> mahefrh >;7>, lhs nrtkalhs 8; 3> mckbksshbt lhs ajbmktkjbs mnbs lhsquhlslhs prjchsskjbs rglhehbths ht bjb rglhehbths, nkbsk quh lhs nssjakntkjbs ht sybmkants,phuvhbt cjurbkr mhs ajbshkls ourkmkquhs tktrh naahssjkrh (vjkr Nbbhxh).Pnrek lhs prjchsskjbs rglhehbths ajbahrbhs, bjus pjuvjbs akthr ? hxphrts-ajeptnflhs,nghbts keejfklkhrs, nmekbkstrnthurs mh fkhbs ht mhs sybmkas mh ajprjprkt, mhs nradkthaths,fnbqukhrs, nssurhurs, mhs ghstkjbbnkrhs mh pntrkejkbhs ju mhs ahbtrhs mh ghstkjb ngrs.

61 Fnsh reubrntkjb ejyhbbh nbbuhllh fruth mh 70 000 6= Etdjmjljgkh ? Lhs kbmkanthurs mh adkccrh mnccnkrhs ht bjefrh mh pjsths reubrs (djrs nbbhxhs, npprhbtks ht stngknkrhs) shlj b lntnkllh mhs anfkbhts, jbt t jfthbus nuprs mHQNBH -KBQHH (60>6). Pnr nkllhurs, bjus nvjbs anlaul lh pjkms mu adkccrh mnccnkrhsquhrhprshbthbt lhs eksskjbs mkths ourkmkquhs nuprs m ub adnbtklljb mh anfkbhts grah nux alnsshehbts mhs anfkbhts mhxphrtksh-ajeptnflh puflks pnr Lh Prjchsskjb Ajeptnflh. Ahs rntkjs jbt t hbsukth npplkqus nux kbmkanthurs HQNBH-KBQHH.68 Qur ub bjefrh tjtnl mh >3> 344 pjsths reubrs (bjb nbbhxhs) mnbs l'nbbh hb Crnbah hb 60>6 (sjurah ? KBQHH) 63 Qur ln fnsh mub h reubrntkjb fruth nbbuhllh mh 10 000, Htumh 60>= Dnys 67 Fnsh 70 000 vjkr ourksths mhbtrhprkshs 64 Fnsh =6 000 rhvhbu nbbuhl frut ejyhb


12/22



Mnbs ln ehsurh j ln prntkquh mu mrjkt hst nssjakh trjkthehbt lnatkvkt prkbakpnlh, kl bjussheflh mkcckaklh mh rhthbkr mhs dypjtdshs fkhb cjbmhs mh ehsurh mu pjkms mu mrjkt (hepljks hadkccrh mnccnkrhs) mnbs ahs prjchsskjbs, lh xahptkjb bjtneehbt mhs hxphrts-ajeptnflhs pnrhxheplh, quk rhprshbthbt >11,7e .

Nkbsk, lhbsheflh mhs prjchsskjbs prntkqunbt lh mrjkt tktrh naahssjkrh thllhs quh mckbkhs

mnbs ln ljk mu 1> mahefrh >;7>,sjbt hxalus mu anlaul mu pjkms ajbjekquh mu Mrjkt . Kl hbvn mh eeh pjur lhs nssjakntkjbs ht sybmkants prjchsskjbbhls cjurbkssnbt mhs ajbshkls ourkmkquhs mnbs lh anmrh mh lhur jfoht.

F/ Hbtrhprkshs spaknlkshs ht mmkhs, rnlksnbt ubh pnrt kepjrtnbth mh lhur natkvkt nvha lhsprjchsskjbs mu mrjktLhs prjchsskjbs ourkmkquhs ht oumkaknkrhs sjbt naajepngbhs pnr mhs hbtrhprkshs spaknlkshs htmmkhs ?= 336 hepljks rhprshbtnbt 784 ekllkjbs mhurjs mh adkccrh mnccnkrhs

Etkhr HepljksPjkms

ajbjekquh

Vhvhbus

Pjkmsajbjekquh

AN

Nbbh Qjurah

Hbtrhprkshsspaknlkshs htmmkhs

= 336 bjb mkspjbkflh 784 e 60>1/60>=Qjakt.aje

Qkths whf mhshbtrhprkshs

Bjus nvjbs rphrtjrk plus mh >00 sjakts spaknlkshs, rhprshbtnbt = 336 hepljks ht 784ekllkjbs mhurjs mh adkccrh mnccnkrhs. - Hmktkjb (Hmktkjbs Lhchfvrh Qnrrut, LhxksBhxks, Wjlthrs Iluwhr Crnbah,Lhxthbsj) - Anfkbhts mh ajbshkl hb enbnghehbt (Fkgbjb mh Ihyshr, Mny Jbh, LHTqk, Ourkenbnghehbt) - Anfkbhts mh rharuthehbt (FAP Hxhautkvh Qhnrad, Hqukthne)

- Nghbahs mh trnmuatkjb (DL ]rnm, Lhxlkbg) - Qhartnrknt (Lhgkvjx...)- Nghbahs mh ajeeubkantkjb (Nvjaje, Hbmhrfy) - Qjlutkjbs K] (zLnwyhr, Lnwyhr'kt) - Qtnrt-up (Npplkmrjkt, Anptnkb Ajbtrnt, Mhenbmhr-oustkah, NatkjbAkvklh.aje...)

Ah adkccrh hst fkhb hbthbmu sjus-hstke mnbs ln ehsurh j ln anrtjgrnpdkh mhs nathurs purh- plnyhrs ht mh lhurs adkcc rhs als bhst pns hxdnustkvh.

Mh plus, mhs nathurs plurkmksakplkbnkrhs, nvha ubh natkvkt mmkh nu Mrjkt, bjbt pns tajeptnfklkss. N tktrh mhxheplh, jb phut akthr ?- Anfkbhts mh ajbshkl kbthrvhbnbt hb Lktkgntkjb suppjrt ju ajbtrlh mhs ajbahbtrntkjbs (Ckbhxsk,Hkgdt Nmvksjry, H[ Vkajl & Lnsthyrkh,) - Anfkbhts mh rharuthehbtgbrnlksths (Dhkmrkai & Qtrugglhs, A] Pnrtbhrs, Qphbahr Qtunrt) - Nghbahs mh ajeeubkantkjb hb ajbtrnt nvha lhs anfkbhts m'nvjants pjur hxthrbnlkshr lhurajeeubkantkjb enrihtkbg, lhur Vhlntkjbs Prhssh (Ajrmknbh, Dnvns, Puflkaks,) - ()


13/22



6. Antgjrkh rhgrjupnbt lhs prjchsskjbs rhlhvnbt mh tnrkcs rglhehbts

>1 ;68 hepljks rhprshbtnbt > ,43 ekllknrms mhurjs mh rhvhbus, ht 7,=4ekllknrms mhurjs mh adkccrh mnccnkrhs

Etkhr HepljksPjkms

ajbjekquhVhvhbus

Pjkmsajbjekquh

ANNbbh Qjurah

Duksskhrs mh oustkah 1 6=7 6=86; e > 11010 e 60>=/60>> Adnefrh bntkjbnlhmhs duksskhrs

Ajeekssnkrhsprkshurs oumkaknkrhs =60 >7,; e

1> 71,316 e 60>=/60>> Ekbkstrh mh lnOustkah

Enbmntnkrhs

lkqukmnthurs103 bjb mkspjbkflh 1>,711 e 60>=/60>> Ekbkstrh mh ln

Oustkah Nmekbkstrnthurs oumkaknkrhs >>4 1,>

1=e 34,>18 e 60>=/60>> Ekbkstrh mh lnOustkah

Bjtnkrhs (snlnrks htbjb snlnrks) ; 300 > 860 e 8 400

13 e 60>=/60>> Ajbshkl Quprkhurmu Bjtnrknt

Grhcckhrs mhstrkfubnux mhajeehrah

61= 73,=e 17 >7=14 e 60>=/60>> Ekbkstrh mh lnOustkah

]J]NL >1 ;68 > 436 e 7 =77 e

6; Fnsh rhvhbu nbbuhl emknb 78 63= sur 60>0, kbsphatkjb mhs Ckbnbahs 60>=10 www.hbtrhprksh.gjuv.cr 9dttp?//www.hbtrhprkshs.gjuv.cr/cklhs/cklhs/mkrhatkjbsZshrvkahs/abnpl/jfshrvntjkrh/prjchsskjbbhls-lkfhrnux/duksskhrs-mh-oustkah.pmc 1> Fnsh =6 716 rhvhbu nbbuhl emknb, sur 60>0, kbsphatkjb mhs Ckbnbahs 60>=16 www.hbtrhprksh.gjuv.cr ( dttp?//www.hbtrhprkshs.gjuv.cr/cklhs/cklhs/mkrhatkjbsZshrvkahs/abnpl/jfshrvntjkrh/prjchsskjbbhls-lkfhrnux/ajeekssnkrhs-prkshurs-

oumkaknkrhs.pmc ) 11 dttp?//www.hbtrhprkshs.gjuv.cr/cklhs/cklhs/mkrhatkjbsZshrvkahs/abnpl/jfshrvntjkrh/prjchsskjbbhls-lkfhrnux/enbmntnkrh-oumkaknkrh-n-ln-

prjthatkjb-mhs-enohurs.pmc1= Fnsh 68 7>; rhvhbu nbbuhl emknb, sur 60>0, kbsphatkjb mhs Ckbnbahs 60>=18 www.hbtrhprksh.gjuv.cr dttp?//www.hbtrhprkshs.gjuv.cr/cklhs/cklhs/mkrhatkjbsZshrvkahs/abnpl/jfshrvntjkrh/prjchsskjbbhls-lkfhrnux/nmekbkstrnthurs-oumkaknkrhs.pmc13 dttp?//www.hbtrhprkshs.gjuv.cr/cklhs/cklhs/mkrhatkjbsZshrvkahs/abnpl/jfshrvntjkrh/prjchsskjbbhls-lkfhrnux/bjtnkrh.pmc 17 Fnsh 163=00 rhvhbu nbbuhl ejyhb, kbsphatkjb mhs Ckbnbahs 60>= 14

www.hbtrhprksh.gjuv.cr dttp?//www.hbtrhprkshs.gjuv.cr/cklhs/cklhs/mkrhatkjbsZshrvkahs/abnpl/jfshrvntjkrh/prjchsskjbbhls-lkfhrnux/grhcckhrs-mhs-trkfubnux-mh-ajeehrah.pmc
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14/22

60>8 MN[ JBH - ]jus mrjkts rshrvs. >=


1. Antgjrkh rhgrjupnbt lhs prjchsskjbs nmekbkstrntkvhs ht oumkaknkrhs

81 136 hepljks rhprshbtnbt 8,1 ekllknrms mhurjs mh r hvhbus

Nu shkb mh ahtth antgjrkh, bjus nvjbs kbalus mnbs lh prketrh mh bjtrh tumh ? N/ Ljrmrh Nmekbkstrntkc ht Oumkaknkrh F/ lhs nutjrkts nmekbkstrntkvhs ht kbmphbmnbths (NNK)1; , hb adnrgh mnssurhr ln

rgulntkjb mh shathurs ajbskmrs ajeeh hsshbtkhls (Nutjrkt mh ln Ajbaurrhbah, ABKL,hta.) ht lhs hcchatkcs mh ln MGAAVC

A/ lhbshkgbhehbt suprkhur mu Mrjkt

N/ Jrmrh Nmekbkstrntkc ht Oumkaknkrh ? 1= 600 hepljks mkrhats, =,0>ekllknrms mhurjs mh rhvhbus

Etkhr Hepljks Pjkms ajbjekquhVhvhbus Nbbh Qjurah

Jrmrh oumkaknkrh Engkstrnts >0 16=1 >>3 e

60>= Ekbkstrh mh ln Oustkah

Jrmrh oumkaknkrh - Hepljys mhstrkfubnux (Jrmrh oumkaknkrh) 60 3>3 60>6 Ekbkstrh mh ln Oustkah

Oustkah nmekbkstrntkvh Engkstrnts > 041

178 e

60>= Ekbkstrh mh ln Oustkah

Oustkah nmekbkstrntkvh - ajbshkllhrsmHtnt 100

Ekbkstrh mh ln Oustkah

Oustkah nmekbkstrntkvh phrsjbbhl bjb mkspjbkflh Ekbkstrh mh ln Oustkah

Ajbshkl Ajbstktutkjbbhl 88 bjb mkspjbkflh Ajbshkl Ajbstktutkjbbhl

Ajur mhs ajepths Engkstrnts 6=6 660 e 60>1 Ajur mhs ajepthsAjur mhs ajepths Phrsjbbhl =4> 60>1 Ajur mhs ajepths

Adnefrhs rgkjbnlhs Engkstrnts 118100 e

60>1 Ajur mhs ajepths

Adnefrhs rgkjbnlhs Phrsjbbhl 73= 60>1 Ajur mhs ajepths

]J]NL 1= 600 = 0>> e

1; Qjurah ? ln lksth mhs NNK phut trh rhtrjuvh sur Lhgkcrnbah.cr. Jbt t hxaluhs mu prketrh mh ahtth tumh, lhs kbstnbahsmnutjrgulntkjb (LHHE, hta.)=0 N bjthr ? 13 146 engkstrnts nu tjtnl sk ljb kbtgrh lhs engkstrnts jaanskjbbhls (prumdjeehs, ]rkfubnux mh ajeehrah)


15/22



F/ Nutjrkts Nmekbkstrntkvhs Kbmphbmnbths (NNK) ht MGAAVC ? 3 738 hepljks mkrhats ht 46;emh rhvhbus

A/ Hbshkgbhehbt ? >> 1;7 hepljks mkrhats ht =;>e mh rhvhbus

=> 1 >63 H]P hb 6007=6 Hxtrnkt mu rnppjrt b 686; mh l Nssheflh Bntkjbnlh ? ]juojurs shljb ln mkrhatkjb mu Fumght, lhs armkts ajbsjees pnr lhs NNK,slhvnkhbt 147,> ekllkjbs mhurjs hb 600;. Kl rhssjrt mhs rpjbshs ub quhstkjbbnkrh hbvjy nux NNK quh, sk ljb kbalut lhs ajtssuppjrts pnr mnutrhs jrgnbksehs puflkas ht eks grnakhushehbt mkspjsktkjb mhs NNK, lhs mphbshs mhs NNK slvhrnkhbt plus mh300 ekllkjbs mhurjs hb 600; . =1 Qnlnkrhs ejyhbs fruts nbbuhls ? Prjchsshur ? 30 000 pnr nb 9 Enktrh mh Ajbcrhbah ? =6 000 9 Nutrhs ? 64 000

Etkhr HepljksPjkms ajbjekquh

(Vhvhbus) Nbbh Qjurah

Nutjrkts NmekbkstrntkvhsKbmphbmnbths 1 38>

=> 300 e =6 60>0/600;

Vnppjrt b 686; mhlNssheflh Bntkjbnlh, 64Jatjfrh 60>0, mhs mputs

Vhb MJQKVH htAdrkstknb SNBBHQ]H

MGAAVC 1 >>= 66; e 60>1/60>>MGAAVC,

dttp?//www.shbnt.cr/rnp/n>0->>8-1/n>0->>8-1>6.dtel

Etkhr HepljksPjkms

ajbjekquh(Vhvhbus)

Nbbh Qjurah

Hbshkgbhehbt Mrjkt >> 1;7 =;> e =1 60>1 Ekbkstrh mh lHbshkgbhehbtht mh ln VhadhradhPrjchsshurs 6 76= >31,= e 60>1 Ekbkstrh mh lHbshkgbhehbtht mh ln Vhadhradh Entrhs mh Ajbc. 3 014 681,3 e 60>1

Ekbkstrh mh lHbshkgbhehbtht mh ln Vhadhradh

Nttnads thepjrnkrhsmhbshkgbhehbts ht mhrhadhradh ht mjatjrnbtssjus ajbtrnts

41;

71,4 e

60>1 Ekbkstrh mh lHbshkgbhehbtht mh ln Vhadhradh

Mjatjrnbts sjus ajbtrnts > 308 60>1 Ekbkstrh mh lHbshkgbhehbt

ht mh ln Vhadhradh Adhradhurs mh ln shatkjb13 mu ABVQ >;> 60>1

Ekbkstrh mh lHbshkgbhehbtht mh ln Vhadhradh
http://www.senat.fr/rap/a10-115-3/a10-115-312.htmlhttp://www.senat.fr/rap/a10-115-3/a10-115-312.htmlhttp://www.senat.fr/rap/a10-115-3/a10-115-312.htmlhttp://www.senat.fr/rap/a10-115-3/a10-115-312.htmlhttp://www.senat.fr/rap/a10-115-3/a10-115-312.html


16/22



Nbbhxh 6 HT]VNK]Q MH LN LJK MX 1> mahefrh >;7>

LHQ PVJCHQQKJBQ OXVKMK^XHQ H] OXMKAKNKVHQ

Nrtkalh 83 mh ln ljk mu 1> mahefrh >;7> Ejmkck pnr LJK b60>>-;= mu 68 onbvkhr 60>> - nrt. >6 ? Lhs nvjants nu Ajbshkl m'Htnt ht ln Ajur mh anssntkjb, lhs nvjants kbsarkts ub fnrrhnu crnbnks, lhsbjtnkrhs, lhs duksskhrs mh oustkah, lhs ajeekssnkrhs-prkshurs oumkaknkrhs , lhs nmekbkstrnthurs oumkaknkrhs htlhs enbmntnkrhs-lkqukmnthurs mkspjshbt ajbaurrheehbt, mnbs lh anmrh mhs natkvkts mckbkhs pnr lhursstntuts rhsphatkcs, mu mrjkt mh mjbbhr mhs ajbsultntkjbs ourkmkquhs ht mh rmkghr mhs naths sjus shkbg prkv

pjur nutruk.

Nrtkalh 84Ejmkck pnr Ljk b;0->68; mu 1> mahefrh >;;0 - nrt. 63 OJVC 8 onbvkhr >;;> hb vkguhur lh >hr onbvkhr >;;6Ejmkck pnr Ljk b;0->68; mu 1> mahefrh >;;0 - nrt. 37 (S) OJVC 8 onbvkhr >;;> hb vkguhur lh >hr onbvkhr >;;6

Lhs ourksths m'hbtrhprksh hxhrnbt lhurs cjbatkjbs hb hxautkjb m'ub ajbtrnt mh trnvnkl nu shkb m'ubhhbtrhprksh ju m'ub grjuph m'hbtrhprkshs phuvhbt, mnbs l'hxhrakah mh ahs cjbatkjbs ht nu prjckt hxaluskc mhl'hbtrhprksh quk lhs hepljkh ju mh tjuth hbtrhprksh mu grjuph nuquhl hllh nppnrtkhbt, mjbbhr mhsajbsultntkjbs ourkmkquhs ht rmkghr mhs naths sjus shkbg prkv rhlhvnbt mh l'natkvkt mhsmkths hbtrhprkshs.

LN PVN]K^XH MX MVJK] N ]K]VH NAAHQQJKVH

Qur ln fnsh mh ln ljk mu 1> mahefrh >;7> ?

Nrtkalh 8;Ejmkck pnr Ljk b;0->68; mu 1> mahefrh >;;0 - nrt. 63 OJVC 8 onbvkhr >;;> hb vkguhur lh >hr onbvkhr >;;6Ejmkck pnr Ljk b;0->68; mu 1> mahefrh >;;0 - nrt. 37 (S) OJVC 8 onbvkhr >;;> hb vkguhur lh >hr onbvkhr >;;6

Lhs phrsjbbhs hxhrnbt ubh natkvkt prjchsskjbbhllh rglhehbth phuvhbt, mnbs lhs lkekths nutjrkshs pnrln rglhehbtntkjb quk lhur hst npplkanflh, mjbbhr mhs ajbsultntkjbs ourkmkquhs rhlhvnbt mh lhur natkvkt

prkbakpnlh ht rmkghr mhs naths sjus shkbg prkv quk ajbstktuhbt l'naahssjkrh mkrhat mh ln prhstntkjb cjurbkh.

52 etkhrs ajbahrbs ? hxphrts-ajeptnflhs, nghbts keejfklkhrs, nmekbkstrnthurs mh fkhbs ht mhs sybmkasmh ajprjprkt, mhs nradkthaths, fnbqukhrs, nssurhurs ju mhs ahbtrhs mh ghstkjb ngrs (sjurah ? Vnppjrtsur lhs prjchsskjbs mu Mrjkt, enrs 600;)

Nrtkalh 30

Ejmkck pnr Ljk b;0->68; mu 1> mahefrh >;;0 - nrt. 63 OJVC 8 onbvkhr >;;> hb vkguhur lh >hr onbvkhr >;;6Ejmkck pnr Ljk b;0->68; mu 1> mahefrh >;;0 - nrt. 37 (S) OJVC 8 onbvkhr >;;> hb vkguhur lh >hr onbvkhr >;;6

Lhs phrsjbbhs hxhrnbt ubh natkvkt prjchsskjbbhllh bjb rglhehbth pjur lnquhllh hllhs oustkckhbt m'ubhqunlkckantkjb rhajbbuh pnr l'Htnt ju ntthsth pnr ub jrgnbkseh puflka ju ub jrgnbkseh prjchsskjbbhl ngr

phuvhbt, mnbs lhs lkekths mh ahtth qunlkckantkjb, mjbbhr mhs ajbsultntkjbs ourkmkquhs rhlhvnbt mkrhathehbtmh lhur natkvkt prkbakpnlh ht rmkghr mhs naths sjus shkbg prkv quk ajbstktuhbt l'naahssjkrh bahssnkrh mhahtth natkvkt.


17/22



52 etkhrs ajbahrbs ? Xbh vkbgtnkbh mnatkvkts jbt t nkbsk ngrhs pnr nrrt ekbkstrkhl, pnreklhsquhllhs bjtneehbt ahllhs mh ajbshkls hb enbnghehbt, ajbshkls hb pntrkejkbh, anfkbhts mnumkt,hxphrts keejfklkhrs, hxphrts ngrkajlhs ht cjbakhrs, ajbsultnbts hb nssurnbah, ajbsultnbts ckbnbakhrs(sjurah ? Vnppjrt sur lhs prjchsskjbs mu Mrjkt, enrs 600;).

Nrtkalh 3>Lhs jrgnbksehs adnrgs m'ubh eksskjb mh shrvkah puflka phuvhbt, mnbs l'hxhrakah mh ahtth eksskjb,mjbbhr mhs ajbsultntkjbs ourkmkquhs.

Nrtkalh 31Lhs nssjakntkjbs rhajbbuhs m'utklkt puflkquh, ju mjbt ln eksskjb hst rhajbbuh m'utklkt puflkquhajbcjreehbt nu ajmh akvkl ljanl m'Nlsnah-Ejshllh, lhs cjbmntkjbs rhajbbuhs m'utklkt puflkquh, lhsnssjakntkjbs ngrhs mh ajbsjeenthurs, lhs nssjakntkjbs ngrhs hxhrnbt lhur natkvkt mnbs lhsmjenkbhs mh ln prjthatkjb mh ln bnturh ht mh l'hbvkrjbbhehbt ht mh l'nelkjrntkjb mu anmrh mh vkh ht muljghehbt, lhs nssjakntkjbs dnfklkths pnr ln ljk hxhrahr lhs mrjkts mh ln pnrtkh akvklh mhvnbt ln ourkmkatkjb

pbnlh, lhs nssjakntkjbs cneklknlhs ht lhs ubkjbs m'nssjakntkjbs cneklknlhs rgkhs pnr lh ajmh mh ln cnekllh htmh l'nkmh sjaknlh, lhs grjuphehbts eutunlksths rgks pnr lh ajmh mh ln eutunlkt phuvhbt mjbbhr lhursehefrhs mhs ajbsultntkjbs ourkmkquhs rhlntkvhs nux quhstkjbs sh rnppjrtnbt mkrhathehbt lhur jfoht.

Nrtkalh 3=Lhs sybmkants ht nssjakntkjbs prjchsskjbbhls rgks pnr lh ajmh mu trnvnkl phuvhbt mjbbhr mhs ajbsultntkjbs

ourkmkquhs ht rmkghr mhs naths sjus shkbg prkv nu prjckt mhs phrsjbbhs mjbt ln mchbsh mhs kbtrts hstvksh pnr lhurs stntuts, sur mhs quhstkjbs sh rnppjrtnbt mkrhathehbt lhur jfoht.

Nrtkalh 38Lhs jrgnbksehs ajbstktus, sjus quhlquh cjreh ourkmkquh quh ah sjkt, hbtrh ju pnr mhs jrgnbksntkjbs

prjchsskjbbhllhs ju kbthrprjchsskjbbhllhs nkbsk quh lhs cmrntkjbs ht ajbcmrntkjbs mh sjaktsajjprntkvhs phuvhbt mjbbhr mhs ajbsultntkjbs ourkmkquhs ht rmkghr mhs naths sjus shkbg prkv nu prjcktmh ahs jrgnbksntkjbs ju mh lhurs ehefrhs, sur mhs quhstkjbs sh rnppjrtnbt mkrhathehbt l'natkvkt

prjchsskjbbhllh ajbskmrh.


18/22



Nbbhxh 1 Lksth mhs pnys fbckaknbt mh ln prjthatkjb mhs nvks mhs ourksths

AJXB]V[

KQ ]DH KB-DJXQHLNW[HV

VHAJGBK_HM F[LNW: Kc yhs, plhnshsphakcy.

KQ ]DH KB-DJXQHJFLKGN]JV[VHGKQ]HVHM:Wdhrh:

PJWHV JCVHPVHQHB]N]KJB

LHGNL PVKSKLHGH]J ]DH KB-DJXQHLNW[HV. Kcajbmktkjbnl,mhsarkfh tdhajbmktkjbs.

LHGKQLN]KSH VHCHVHBAH

Nustrkn BJ BJ[HQFut jbly fhcjrh tdhAkvkl Ajurts jc ckrstmhgrhh jc oumgehbt.

BJ

_kvklprjzhjrmbubg (_PJ)VGFl. B. >>1, >.4.>4;8,nehbmhm fy FGFl. K600=/>64,Vhadtsnbwnltsjrmbubg (VNJ)VGFl. B. ;3, 3.7.>434,nehbmhm fy FGFl. K 6004/34

Fhlgkue [HQ

[HQ]dhrh ks n sphaknlrhgksthr cjr tdh Kb-djush lnwyhrs anllhmKbstktuth mhs Ourksthsm' Hbthrprksh.

BJFhanush dh/sdhanbbjt fh rhgksthrhmkb tdh Fnr jc tdhLnwyhrs

[HQ

Ljk arnbt ub Kbstktut mhs ourksths m'hbtrhprksh -Ekbkstrh mh ln Oustkah >hrenrs 6000 - Nrt.=0 mhl Ajmhjc Akvkl Prjahmurh

Fulgnrkn [HQ BJ

[HQ Nby Ourksajbsult anbrhprhshbt dks/dhrajepnby fhcjrh nllajurts, lkih nbhxthrbnl lnwyhr.

Naajrmkbg tj tdhAjmh jc AkvklPrjahmurh nby

ourksajbsult anb nswhll rhprhshbt fynutdjrkzntkjb dks/dhrpnrhbts, adklmrhb jrspjush.

[HQHtdkas Ajmh jc tdhBntkjbnl Xbkjb jcOurksajbsults (nrtkalh4).

Ajmh jc Akvkl Prjahmurh jc>;86. ]jmny kb tdh bhw Ajmhjc Akvkl Prjahmurh jc 6004(prjeulgnthm, Qtnth Gnzhtth(QG) Bj. 8;/60.07.6007,hcchatkvh >.01.6004, nehbmhmnbm supplhehbthm, QG Bj.80/10.08.6004)

Ayprus [HQ BJ [HQJbly kc rhgksthrhm tjtdh Ayprus Fnr

[HQ

Jbly kc rhgksthrhm tjtdh Ayprus Fnr, nbmjbly kb nb nttjrbhy-alkhbt rhlntkjb.

AzhadVhpuflka BJ BJ BJ BJ

Mhbenri [HQ

[HQ]dhrh ks bj mkcchrhbahfhtwhhb tdh Kb-djushlnwyhrs nbm tdhhxthrbnl lnwyhrs nstdhy nrh nll kb tdhsneh rhgksthr(Nmvjintsnecubmht).Qphaknl rhqukrhehbtsnrh bhahssnry kbjrmhr tj npphnrfhcjrh tdh QuprhehAjurt. ]djsh wdjmkmb't pnss tdh hxnetj fhaneh Nmvjintnrh pnrt jc n shpnrnthnssjakntkjb (MCSO).

[HQ Nby Nmvjint anbnpphnr fhcjrh tdhajurt, nlsj tdh Kb-djush Nmvjint, fjtdkb tdh kbthrhst jcdks/dhr hepljyhr tdnbjc jtdhrs'. Djwhvhr,dks/dhr hepljyehbtajbtrnat anb rhstrkattdks pjsskfklkty.

[HQPrjvkmhm tdnt tdh Kb-djush ks n rhgksthrhm

Nmvjint.

Mnbksd Nmekbkstrntkjb jcOustkah Nat.]dh Ajmh jcAjbmuat cjr tdh Mnbksd Fnrnbm Lnw Qjakhty nbm Nat Bj>63> jc 61 Jatjfhr 6007


19/22

60>8 MN[ JBH - ]jus mrjkts rshrvs. >;


AJXB]V[

KQ ]DH KB-DJXQHLNW[HVVHAJGBK_HM F[LNW: Kc yhs, plhnshsphakcy.





Hstjbkn [HQ BJ BJ

[HQJbly kc ehefhr jc tdh

Fnr Nssjakntkjb, jr kbnb nttjrbhy-djushajubshl rhlntkjb.

Ckblnbm [HQ

[HQJbah tdh tktlh jc

Nmvjant ks jftnkbhmtdhrh nrh bjrhstkatkjbs tj rhgksthrkb tdh Fnr.

[HQ]dh kb-djush anbrhprhshbt dks/dhrajepnby fhcjrh nbyajurt, oust lkih nbhxthrbnl lnwyhr.

[HQJbly cjr tdh natsrhlnthm tjnmekbkstrntkvh jr akvklprjahmurhs jrnrfktrntkjbs.

B/N

Crnbah BJ BJ

[HQJbly fhcjrh n]rkfubnl jcAjeehrah nbmLnfjur. BJ Fhcjrhjtdhr typhs jc Ajurts.

BJ Ljk b. 7>->>10 ma 7> Marht;>->>;7, 67 bjv >;;>

Ghrenby [HQ

[HQ]dhrh ks bj mkcchrhbahfhtwhhb tdh kb-djushlnwyhrs nbm tdhhxthrbnl lnwyhrs nstdhy nrh nll kb tdhsneh rhgksthr.

[HQFhcjrh nll ajurts.

[HQJbly wdhb dh/sdhnats ns n lnwyhr kb najurt kb tdh kbthrhst jcjbh jr ejrh phjplhhepljyhm fy tdhAjepnby

Nrt. 7 nbm =3 ChmhrnlLnwyhrs Nat.Fubmhsrhadtsnbwnltsjrmbubg.

Grhhah [HQ

[HQ]dhrh ks jbly jbhVhgksthr cjr fjtd kb-djush lnwyhr nbmhxthrbnl lnwyhrs.(Mkikgjrkijk Qylljgjk)

[HQ [HQ Lhgkslntkvh Mharhh 1063/>;8

Dubgnry [HQ

BJKb djush lnwyhrs nrhbjt rhgksthrhm kb tdhFnr jr hlshwdhrh

[HQKb-djush ajubshls

anb rhprhshbt tdhkrhepljykbg ajepnbynt tdh ajurt crhhly,

djwhvhr muh tjrhahbt lhgkslntkjb tdhyanbbjt rhprhshbt tdhkrajepnby nt tdh ajurtjc rhgkstry ( wdkad ksbjb-shbsh)

BJ

Mharhh 1/>;41, Adnpthr S. jc

Nat KKK. >;86 jb AkvklPrjahmurh

Krhlnbm [HQ

[HQ]dh kb-djush lnwyhranb fh rhgksthrhm kbhktdhr tdh Vhgksthr jctdh Fnrrksthrs jr tdhQjlkaktjrs'.

[HQJbly kc dh/sdh ks kbtdh Vhgksthr.

[HQQjlkaktjrs Nat >;8= (Prkbakpnl

Nat) nbm kts nehbmehbts? Nats >;309 >;;=9 6006

Ktnly BJ

BJJbly wktd tdhhxheptkjb jc tdh kb-djush lnwyhrhepljyhm fy tdhPuflka Nmekbkstrntkjb.

BJAjb l'haahzkjbh mhkGkurkstk mhlln P.N.

BJ V.M. b. >874/11 nrt. 1


20/22



AJXB]V[

KQ ]DH KB-DJXQHLNW[HVVHAJGBK_HM F[LNW: Kc yhs, plhnshsphakcy.





Lktdunbkn [HQ BJ

[HQJbly kc nutdjrkzhm fy

tdh ajepnby tjrhprhshbt kt murkbgakvkl jr nmrekbkstrntkvhprjahhmkbgs.

BJ

Luxhefjurg BJ BJ BJ BJEnltn [HQ BJ BJ [HQ

]dhBhtdhrlnbms [HQ

[HQ]dh Kb-djush lnwyhranb fh kb tdh rhgksthrjc lnwyhrs.(Bhmhrlnbmsh Jrmhvnb Nmvjanthb)

[HQJbly kc dh/sdh ks kbtdh rhgksthr.

[HQJbly cjr tdh Kb-djushlnwyhrs wdj nrhnmektthm kb tdhrhgksthr jc lnwyhrs.

Nmvjanthbwht 61 oubk >;86(Qtf. 138)

Pjlnbm [HQ

[HQ]dhrh ks n sphaknlrhgksthr cjr tdh "lhgnlajubshlljrs", wdkad ksn mkcchrhbt prjchsskjbtdnb tdh lnwyhr's(Nmwjint).

[HQFhcjrh nby ajurt,hxahpt tdh arkekbnlajurts jr cjr arkeh

ngnkbst tdh ]rhnsuryjr cjr cksanl entthrs.

[HQ Nlwnys

Pjrtugnl [HQ

[HQ]dh kb-djush lnwyhrks rhgksthrhm kb tdhKbstktuth jc AjepnbyLnwyhrs wdkad ks ncubatkjbnljrgnbkzntkjb wktdkbtdh Pjrtuguhs Fnr

Nssjakntkjb (Jrmhemjs Nmvjgntjs)

[HQFhcjrh nby ajurt kcdh/sdh ks kb tdhrhgksthr.

[HQPrjvkmhm tdnt dh/sdhks kb tdh rhgksthr jctdh lnwyhrs.

Lnw bj.=;/600=

QljvniVhpuflka [HQ BJ BJ

[HQKc rhgksthrhm nsnttjrbhy

Qljvhbkn [HQ BJ BJ BJ

Qpnkb [HQ

[HQ]dhrh ks bj mkcchrhbahfhtwhhb tdh kb-djushlnwyhrs nbm tdhhxthrbnl lnwyhrs nstdhy nrh nll kb tdhsneh rhgksthr.

[HQCjr tdh tkeh fhkbg,tdh sktuntkjb ksubmhckbhm.

Vjynl Mharhh 384/600>

Qwhmhb BJ BJ

[HQ Naajrmkbg tj tdhQwhmksd systhe, nbyaktkzhb anb nat ns"trknl rhprhshbtntkvh"fhcjrh nby Qwhmksdajurt.

BJ

Adnp. 4, shat. =, pnrngr.>Ajmh jc OumkaknlPrjahmurh,nbm Ajmh jcAjbmuat cjr Ehefhrs jc tdhQwhmksd Fnr Nss. ;-Bjv.->;4=

]J]NL]jtnl jcajubtrkhs?67

]jtnl jc ajubtrkhsrhajgbkzkbg kb-djush ajubshls? 60Fhlgkue nbm Pjlnbmdnvh hstnflksdhmtwj mkcchrhbt lhgnlstntus? nttjrbhy nbmlhgnl ajubshl

]jtnl jc enbmntjryrhgkstrntkjb? >>

]jtnl jc ajubtrkhsnpplykbg lhgnlprkvklhmgh tj kb-djush ajubshls? >3


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60>8 MN[ JBH - ]jus mrjkts rshrvs. 6>


Nbbhxh = Lksth mhs hbtrhprkshs ajeptnfklkshs nu Bkvhnu 1

>. Enksjb mmktkjb n. Hmktkjbs Lhchfvrh Qnrrut (Crnbaks

Lhchfvrh,Mnlljz)

f. LhxksBhxksa. Lhxthbsjm. Wjlthrs Iluwhr Crnbah/Lney

6. Ajbshkl hb enbnghehbtn. Fkgbjb mh Ihyshrf. Mny Jbha. Ourkenbnghehbtm. LHGNL]HNE Qjlutkjbsh. LHTqkc. Phnrl Enbnghehbt Quppjrt

1. Anfkbhts mh rharuthehbtn. FAP Hxhautkvh Qhnradf. Antdhrkbh Pnkllusshnu Ajbshkl

a. Arjss Fjrmhr Ajbsultkbgm. M'Nbtkb Ajbshkl Lhgnl HxhautkvhQhnrad

h. Mnbn Duenb Anpktnlc. Mhlpdkbh Qnlng. Hqukthned. Cjx Vjmbhyk. Ourkspnrtbhr (grjuph Wkllkne

Qkbalnkr) o. Ourks]hnei. Lnurhbah Qkejbs Kbthrbntkjbnll. lhsehtkhrsmumrjkt.cre. Ejipj Ajbsultkbgb. Qnadkbinj. Qdkltjb Qdnrph ^unrryp. Qkejb ]djensq. ]hne VD

=. Nghbahs mh trnmuatkjbn. >61 ]rnmuatkjbf. NAQ-]rnmuatkjba. Nsphb ]rnmuatkjbm. Anfkbht mh trnmuatkjb FJBBHCJXQh. Anfkbht Ckhlms Ourks ]rnmuathurc. Anfkbht Duhrtjs & Nssjaksg. DL ]rnmd. Lhxlkbgk. BQ]rnm

o. ]rnmukrh8. Qhartnrknt

n. AP Anfkbht Phhthrsf. ANONH Anfkbht m'nsskstnbah

ourkmkquh ht nmekbkstrntkvhhxthrbnlksh

a. Lhgkvjxm. sharhtnkrhnmkstnbah.cr

3. Nghbahs mh ajeeubkantkjbn. Nvjajef. Nzija. HLKJ]] & ENVIXQm. Hbmhrfyh. Kengh ourkmkquhc. Ourkajeeubkantkjb

(ourkenbnghehbt)g. IO Ajbshklsd. Lhxktyk. Lhxpjskn

o. Lkbikbi. Vhclhxakflhl. Qnadkbine. Qnthllktksb. Qkgbh Mkstkbatkc

7. Qjlutkjbs K]n. Nmkanf. Nmwkba. Nvks-Nvjantsm. Nrtdeksh. Furjalkac. AM-MJAg. Akhld. Ajbbhat-Nvjant.crk. Mknpnz

o. Mkehbskjb kbcjrentkquh rnlksntkjbs(MKV)

i. Hsnfjrn

l. Hvhrknle. Ckadjrgnb. Ckmuaknl Bjtnkrhj. Ghbnpkp. Gkbhrntkvq. Lnwyhr'ktr. Lhgnl Qukths. LhgnlCjraht. Lhgkswnyu. Lhxadnbghv. Ljghstknw. Enrkanx. Bnvkstn

y. Bhutrnl-kt QNQz. Bjtnlknnn. Bjtncrnksff. Jcckah Nvjantaa. Jsthbmk Jskmjamm. QHAKFhh. Qjqrnth ht Qjqrnth Bjtnkrhscc. ]krjbgg. zLnwyhr


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4. Qtnrt upn. Nlkbhnf. Npplkmrjkta. NatkjbAkvklhm. Aktkzhbanshh. Mhenbmhr-oustkah.ajec. Mjauehbt-ourkmkquh.ajeg. Kengkmrjktd. Kengkbntkjk. kstntut.aje

o. Oumkini. ourktrnvnkl.ajel. Oustkah Hxprhsse. Lnwarnayb. Lnwajstj. LHNMFK_p. LhgnLkfq. Lhgnlkch

r. Ejb Ajmh Ourkmkquhs. Bht-krkst. Prjxk Ajbtnatu. Qnkskrprumdjeehsv. Qdnrhlhxw. ]rkfubNppx. WhOustkahy. [jlnw

Etude poids économique du Droit en France

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