1ƒ±UDELL,  %8//(7,12)),&,(/ 6HFWLRQ±2 2UJDQLVDWLRQHWIRQFWLRQQHPHQW GHOD&RPPLVVLRQQDWLRQDOH $UWLFOH /D&RPPLVVLRQQDWLRQDOHVHUpXQLWVXUFRQYRFDWLRQGHVRQ SUpVLGHQWDJLVVDQWGHVDSURSUHLQLWLDWLYHRXjODGHPDQGHGHOD PRLWLp GHV PHPEUHV /H SUpVLGHQW IL[H O¶RUGUH GX MRXU GH OD UpXQLRQ $UWLFOH /HV UpXQLRQV GH OD &RPPLVVLRQ QDWLRQDOH VH WLHQQHQW YDODEOHPHQW ORUVTXH OHV GHX[ WLHUV DX PRLQV GHV PHPEUHV VRQW SUpVHQWV/HVGpFLVLRQVVRQWSULVHVYDODEOHPHQWjODPDMRULWpGHV PHPEUHV SUpVHQWV OD YRL[ GX SUpVLGHQW pWDQW SUpSRQGpUDQWH HQ FDVGHSDUWDJHpJDOGHVYRL[ 6HFWLRQ±6 6WDWXWGHVPHPEUHV $UWLFOH /HVIRQFWLRQVGHPHPEUHGHOD&RPPLVVLRQQDWLRQDOHVRQW LQFRPSDWLEOHVDYHFFHOOHVG DGPLQLVWUDWHXUGHJpUDQWGHPHPEUH GX GLUHFWRLUH RX GH GLUHFWHXU JpQpUDO XQLTXH RX GH PHPEUH GX FRQVHLOGHVXUYHLOODQFHG XQHVRFLpWpGHWUDLWHPHQWGHGRQQpHVj FDUDFWqUHSHUVRQQHO 8QPHPEUHGHOD&RPPLVVLRQQDWLRQDOHQHSHXWSDUWLFLSHUj XQH GpOLEpUDWLRQ RX j GHV YpULILFDWLRQV UHODWLYHV j XQ RUJDQLVPH DX VHLQ GXTXHO LO D GpWHQX XQ LQWpUrW GLUHFW RX LQGLUHFW RX D H[HUFp  XQ PDQGDW RX XQH IRQFWLRQ VL XQ GpODL GH FLQT DQV QH V¶HVW pFRXOp HQWUH OD GDWH R HVW LQWHUYHQXH OD FHVVDWLRQ GH IRQFWLRQ OD ILQ GX PDQGDW RX GH OD GLVSRVLWLRQ GH O¶LQWpUrW HW OD GDWHGHVDQRPLQDWLRQDXVHLQGHOD&RPPLVVLRQQDWLRQDOH 6LO¶LQFRPSDWLELOLWppGLFWpHSDUO¶DOLQpDSUpFpGHQWFRQFHUQH OH SUpVLGHQW GH OD &RPPLVVLRQ QDWLRQDOH LO GpVLJQH XQ PHPEUH GH OD &RPPLVVLRQ QDWLRQDOH SRXU H[HUFHU OD SOpQLWXGH GH VHV FRPSpWHQFHV ORUVTXH O¶DIIDLUH FRQFHUQDQW O¶RUJDQLVPH HQ FDXVH HVW DSSHOpH GHYDQW OD &RPPLVVLRQ QDWLRQDOH /D GpFLVLRQ GX SUpVLGHQWHVWSXEOLpHDX©%XOOHWLQRIILFLHOª $UWLFOH /HV PHPEUHV GH OD &RPPLVVLRQ QDWLRQDOH VRQW WHQXV DX VHFUHWSURIHVVLRQQHOSRXUOHVIDLWVDFWHVHWLQIRUPDWLRQVGRQWLOV RQW SX DYRLU FRQQDLVVDQFH j O RFFDVLRQ GH O DFFRPSOLVVHPHQW GH OHXUV IRQFWLRQV ,OV VRQW VRXPLV j OD PrPH REOLJDWLRQ PrPH DSUqVODILQGHOHXUPDQGDW /HV IRQFWLRQQDLUHV DJHQWV RX WHFKQLFLHQV TXL H[HUFHQW GHV IRQFWLRQV DX VHLQ GH OD &RPPLVVLRQ QDWLRQDOH RX DXSUqV GH VHV PHPEUHV VRQW pJDOHPHQW VRXPLV j O REOLJDWLRQ GH UHVSHFWHU OH VHFUHWSURIHVVLRQQHO $UWLFOH /HVPHPEUHVHWOHVIRQFWLRQQDLUHVRXDJHQWVHWWHFKQLFLHQV GHOD&RPPLVVLRQQDWLRQDOHVRQWSURWpJpVFRQWUHOHVRXWUDJHVRX OHV DWWHLQWHV j OHXU SHUVRQQH GDQV OHV WHUPHV GHV DUWLFOHV  HW GXFRGHSpQDO $UWLFOH /RUVTXH OD &RPPLVVLRQ QDWLRQDOH GpOLEqUH VXU XQH TXHVWLRQ PHWWDQWHQFDXVHXQHDGPLQLVWUDWLRQOHVPHPEUHVUHSUpVHQWDQWVGX JRXYHUQHPHQWSDUWLFLSHQWDX[GpOLEpUDWLRQVDYHFYRL[FRQVXOWDWLYH $UWLFOH /D &RPPLVVLRQ QDWLRQDOH pODERUH HW DSSURXYH VRQ UqJOHPHQW LQWpULHXU TXL HVW VRXPLV j O¶KRPRORJDWLRQ GX JRXYHUQHPHQWDYDQWVDSXEOLFDWLRQDX©%XOOHWLQRIILFLHOª  6HFWLRQ±$ $GPLQLVWUDWLRQ $UWLFOH /H SUpVLGHQW HVW DVVLVWp GDQV O¶H[HUFLFH GH VHV IRQFWLRQV DGPLQLVWUDWLYHV HW ILQDQFLqUHV SDU XQ VHFUpWDLUH JpQpUDO QRPPp SDUOHJRXYHUQHPHQWVXUSURSRVLWLRQGXSUpVLGHQW /H VHFUpWDLUH JpQpUDO RXWUH OHV SRXYRLUV TX¶LO H[HUFH SDU GpOpJDWLRQGXSUpVLGHQWHVWFKDUJp ±GH JpUHU OH SHUVRQQHO UHFUXWp RX GpWDFKp VHORQ OHV GpFLVLRQVGXSUpVLGHQW ±GH SUpSDUHU HW G¶H[pFXWHU OH EXGJHW GH OD &RPPLVVLRQ QDWLRQDOHGRQWLOHVWVRXVRUGRQQDWHXU ±GH SUpSDUHU HW GH SDVVHU OHV PDUFKpV GH OD &RPPLVVLRQ QDWLRQDOH ±GH SUpSDUHU OHV GRFXPHQWV GH WUDYDLO GHV UpXQLRQV GH OD &RPPLVVLRQ QDWLRQDOH HW GH WHQLU OH UHJLVWUH GH VHV GpFLVLRQV ±GH VXLYUH OHV  WUDYDX[ GHV FRPLWpV PLV HQ SODFH SDU OD &RPPLVVLRQ QDWLRQDOH HW GH PHWWUH j OHXU GLVSRVLWLRQ OHV PR\HQV PDWpULHOV HW KXPDLQV QpFHVVDLUHV j O¶DFFRPSOLVVHPHQWGHOHXUVPLVVLRQV $UWLFOH /H VHFUpWDLUH JpQpUDO GLVSRVH SRXU O¶H[HUFLFH GH VHV DWWULEXWLRQV G¶XQ SHUVRQQHO DGPLQLVWUDWLI HW WHFKQLTXH FRPSRVp GH IRQFWLRQQDLUHV GHV DGPLQLVWUDWLRQV SXEOLTXHV RX G¶DJHQWV SXEOLFV GpWDFKpV DXSUqV GH OD &RPPLVVLRQ QDWLRQDOH HW G¶XQ SHUVRQQHOUHFUXWpFRQIRUPpPHQWDX[SURFpGXUHVDSSOLFDEOHVHQOD PDWLqUHQRWDPPHQWSDUYRLHFRQWUDFWXHOOH $UWLFOH /D &RPPLVVLRQ QDWLRQDOH FUpH OHV FRPLWpV SHUPDQHQWV RX DGKRF QpFHVVDLUHV jO¶DFFRPSOLVVHPHQWGHVHV PLVVLRQV SDU GHV GLVSRVLWLRQVGXUqJOHPHQWLQWpULHXU (OOH IL[H GDQV OH PrPH UqJOHPHQW OHV PRGDOLWpV GH IRQFWLRQQHPHQWHWG¶RUJDQLVDWLRQGHFHVFRPLWpVTXLGRLYHQWrWUH SUpVLGpV SDU XQ PHPEUH GH OD &RPPLVVLRQ QDWLRQDOH PDLV SHXYHQW rWUH FRPSRVpV GH SHUVRQQDOLWpV FKRLVLHV HQ GHKRUV GHV PHPEUHV GH OD &RPPLVVLRQ QDWLRQDOH RX IDLVDQW SDUWLH GH VRQ SHUVRQQHO &KDSLWUH9 'XWUDQVIHUWGHGRQQpHVYHUVXQSD\VpWUDQJHU $UWLFOH /H UHVSRQVDEOH G XQ WUDLWHPHQW QH SHXW WUDQVIpUHU GHV GRQQpHV j FDUDFWqUH SHUVRQQHO YHUV XQ (WDW pWUDQJHU TXH VL FHW (WDW DVVXUH XQ QLYHDX GH SURWHFWLRQ VXIILVDQW GH OD YLH SULYpH HW GHV OLEHUWpV HW GURLWV IRQGDPHQWDX[ GHV SHUVRQQHV j O pJDUG GX WUDLWHPHQWGRQWFHVGRQQpHVIRQWO REMHWRXSHXYHQWIDLUHO REMHW /HFDUDFWqUHVXIILVDQWGXQLYHDXGHSURWHFWLRQDVVXUpSDUXQ eWDW V DSSUpFLH QRWDPPHQW HQ IRQFWLRQ GHV GLVSRVLWLRQV HQ YLJXHXU GDQV FHW (WDW GHV PHVXUHV GH VpFXULWp TXL \ VRQW DSSOLTXpHV GHV FDUDFWpULVWLTXHV SURSUHV GX WUDLWHPHQW WHOOHV TXH VHV ILQV HW VD GXUpH DLQVL TXH GH OD QDWXUH GH O RULJLQH HW GH OD GHVWLQDWLRQGHVGRQQpHVWUDLWpHV /D&RPPLVVLRQQDWLRQDOHpWDEOLWODOLVWHGHV(WDWVUpSRQGDQW DX[FULWqUHVGpILQLVDX[DOLQpDVHWFLGHVVXV

Select target paragraph3