English: &RQFHUQLQJ WUDQVPLVVLRQ WLPH UHJXODWLRQ WKH &$63 SURYLGHV WKDW DGYHUWLVHPHQWV LQ ZKLFK SHUVRQDOLWLHV WKDW DSSHDU UHJXODUO\ LQ FKLOGUHQ¶V SURJUDPPHV PXVW QRW EH WUDQVPLWWHG EHIRUH SP $GYHUWLVHPHQWV IRU PHUFKDQGLVH EDVHG RQ FKLOGUHQ¶V SURJUDPPHV PXVW QRW EH EURDGFDVW LQ HLWKHU RI WKH WZR KRXUV SUHFHGLQJ RU VXFFHHGLQJ WUDQVPLVVLRQ RI WKH UHOHYDQW SURJUDPPH $GYHUWLVHPHQWV FRQWDLQLQJ PDWHULDO WKDW PLJKW IULJKWHQ RU FDXVH GLVWUHVV WR FKLOGUHQ PXVW EH VXEMHFW WR DSSURSULDWH UHVWULFWLRQV RQ WLPHV RI WUDQVPLVVLRQ 7KH &$63 DSSO\ LQ IXOO WR WHOHVKRSSLQJ DQG WR VHOISURPRWLRQDO VSRWV ZLQGRZV RU FKDQQHOV 7KH ,7& )DPLO\ YLHZLQJ SROLF\ FRQWDLQV UXOHV SURYLGLQJ WKDW PDWHULDO XQVXLWDEOH IRU FKLOGUHQ VKRXOG QRW EH EURDGFDVW DW WLPHV ZKHQ ODUJH QXPEHUV RI FKLOGUHQ DUH H[SHFWHG WR EH ZDWFKLQJ DQG VHWV XS D SURJUHVVLYH GHFOLQH WKURXJKRXW WKH HYHQLQJ LQ ZKLFK QRWKLQJ VKRXOG EH VKRZQ WKDW LV XQVXLWDEOH IRU FKLOGUHQ ZLWK D WLPH EHLQJ IL[HG DW SP )LQDOO\ WKH ,7& UXOHV RQ WKH DPRXQW DQG VFKHGXOLQJ RI DGYHUWLVLQJ FRQWDLQ YHU\ VLPLODU UXOHV WR WKH &$63 UXOHV :LWK UHJDUGV WR UDGLR DGYHUWLVHPHQWV WKH 5DGLR $XWKRULW\ $GYHUWLVLQJ DQG 6SRQVRUVKLS &RGH DOVR FRQWDLQV VLPLODU UXOHV WR WKH DIRUHPHQWLRQHG &$63 )RU WKH SXUSRVH RI WKLV &RGH FKLOGUHQ DUH LQGLYLGXDOV DJHG  DQG \RXQJHU 7KH &RGH FRYHUV LVVXHV VXFK DV D FOHDU LGHQWLILFDWLRQ RI DGYHUWLVHPHQWV WKH H[FOXVLRQ RI DGYHUWLVHPHQWV IURP VRPH W\SHV RI SURJUDPPHV PLVOHDGLQJ DGYHUWLVHPHQWV SURWHFWLRQ RI SULYDF\« 7KH 5DGLR $XWKRULW\ 3URJUDPPH &RGH SURYLGHV WKDW ZKHQ SURJUDPPLQJ LV VSHFLILFDOO\ GLUHFWHG DW D \RXQJ DXGLHQFH RU WKHUH LV HYLGHQFH RI D VXEVWDQWLDO \RXQJ DXGLHQFH FDUH PXVW EH WDNHQ WR DYRLG FRQWHQWV VXFK DV VWURQJ ODQJXDJH H[SOLFLW QHZV UHSRUWV © SKRQH LQ ª SURJUDPPHV ZKLFK FRYHU H[SOLFLW YLROHQW RU VH[XDO WRSLFV LQ D IUDQN PDQQHU PXVLFDO LWHPV ZLWK YLROHQW RU VH[XDOO\ H[SOLFLW O\ULFV«)RU WKH SXUSRVH RI WKLV &RGH FKLOGUHQ DQG \RXQJ SHUVRQV DUH WKRVH EHORZ DGXOW DJH  WKDW LV XQGHU  \HDUV 2WKHU RUJDQLVDWLRQV SURYLGH WKHLU RZQ UXOHV VXFK DV WKH ,&67,6 UHJXODWRU\ ERG\ IRU WKH SUHPLXP UDWH WHOHFRPPXQLFDWLRQV LQGXVWU\ VXSHUYLVHV WKH FRQWHQW RI SURPRWLRQDO PDWHULDO IRU SUHPLXP UDWH VHUYLFHV 6RPH UXOHV FRQFHUQ FKLOGUHQ¶V SURJUDPPHV GHILQHG DV WKRVH ZKLFK DUH DLPHG DW SHUVRQV XQGHU  \HDUV RI DJH F 6SHFLILF SURYLVLRQV 7KH ,7& DQG 5DGLR $XWKRULW\ &RGHV JHQHUDOO\ FRQWDLQ VWULFWHU UXOHV WKDQ WKRVH RI WKH 7:)
French: °XYUH O¶DUWLFOH  GH OD GLUHFWLYH 796) PDLV OHV UqJOHV VXpGRLVHV YRQW DXGHOj GH FHWWH GHUQLqUH /D SXEOLFLWp HVW pJDOHPHQW LQWHUGLWH GLUHFWHPHQW DYDQW RX DSUqV XQH pPLVVLRQ WpOpYLVpH RX XQH SDUWLH G¶pPLVVLRQ WpOpYLVpH V¶DGUHVVDQW HVVHQWLHOOHPHQW DX[ HQIDQWV kJpV GH PRLQV GH  DQV VDXI HQ FH TXL FRQFHUQH OHV VSRQVRUV GX SURJUDPPH &HWWH GLVSRVLWLRQ PHW HQ °XYUH O¶DUWLFOH  GH OD GLUHFWLYH 796) /D /57 LQWHUGLW pJDOHPHQW OHV pPLVVLRQV GH WpOpYLVLRQ FRPSRUWDQW GHV GHVFULSWLRQV UpDOLVWHV HW GpWDLOOpHV G¶DFWHV GH YLROHQFH RX GH VLWXDWLRQV j FDUDFWqUH SRUQRJUDSKLTXH &HWWH UqJOH PHW HQ °XYUH O¶DUWLFOH  GH OD GLUHFWLYH 796) /D ORL VXU OHV SUDWLTXHV FRPPHUFLDOHV HW OD ORL VXU OD UDGLR HW OD WpOpYLVLRQ V¶DSSOLTXHQW DX WpOpDFKDW ,O Q¶H[LVWH DXFXQH UqJOH VSpFLILTXH DSSOLFDEOH DX SDUUDLQDJH HQ FH TXL FRQFHUQH OHV PLQHXUV -XVTX¶HQ  OH FRPLWp GH VXUYHLOODQFH GH OD UDGLR HW GH OD WpOpYLVLRQ pWDLW O¶DXWRULWp GH FRQWU{OH $XMRXUG¶KXL F¶HVW O¶DJHQFH GH SURWHFWLRQ GHV FRQVRPPDWHXUV /D /3& HVW DSSOLFDEOH j WRXWHV IRUPHV GH WHFKQLTXHV GH PDUNHWLQJ /H FRGH LQWHUQDWLRQDO GX PDUNHWLQJ GLUHFW GH OD &&, HVW pJDOHPHQW DSSOLFDEOH DX PDUNHWLQJ GLUHFW ,O H[LVWH XQH FHUWDLQH MXULVSUXGHQFH HQ FH TXL FRQFHUQH O¶XWLOLVDWLRQ GX PDUNHWLQJ GLUHFW DYHF GHV PLQHXUV GH PRLQV GH  DQV GDQV OD PHVXUH R DYDQW FHW kJH LOV QH VRQW SDV KDELOLWpV j HQJDJHU OHXU UHVSRQVDELOLWp /D /57 VWLSXOH TXH VL XQH pPLVVLRQ WpOpYLVpH HVW WRWDOHPHQW RX SDUWLHOOHPHQW SDUUDLQpH OH QRP GX VSRQVRU SHXW DSSDUDvWUH DYDQW RX DSUqV OH SURJUDPPH F 'LVSRVLWLRQV VSpFLILTXHV 6HORQ OD ORL VXU OH PDUNHWLQJ GHV ERLVVRQV DOFRROLVpHV OHV DFWLYLWpV GH PDUNHWLQJ GHV ERLVVRQV DOFRROLVpHV GRLYHQW UHVWHU PRGpUpHV /D SXEOLFLWp SRXU OHV ERLVVRQV DOFRROLVpHV HVW LQWHUGLWH j OD WpOpYLVLRQ HW j OD UDGLR /¶DJHQFH GH SURWHFWLRQ GHV FRQVRPPDWHXUV D pJDOHPHQW SXEOLp GHV GLUHFWLYHV FRPSRUWDQW GHV UqJOHV WHOOHV TXH O¶LQWHUGLFWLRQ GH FRPPHUFLDOLVHU GHV ERLVVRQV DOFRROLVpHV GDQV GHV ORFDX[ HVVHQWLHOOHPHQW GHVWLQpV DX[ MHXQHV GH PRLQV GH  DQV /D SXEOLFLWp SRXU OHV SURGXLWV GX WDEDF V¶DGUHVVDQW DX[ FRQVRPPDWHXUV GDQV OHV SpULRGLTXHV RX GHV SXEOLFDWLRQV VLPLODLUHV DLQVL TX¶j OD UDGLR RX OD WpOpYLVLRQ HVW JpQpUDOHPHQW LQWHUGLWH /HV GLUHFWLYHV GH O¶DJHQFH GH SURWHFWLRQ GHV FRQVRPPDWHXUV VWLSXOHQW TXH OHV DFWLRQV GH PDUNHWLQJ QH GRLYHQW SDV HQFRXUDJHU TXHOTX¶XQ j FRPPHQFHU j IXPHU VXUWRXW ORUVTX¶HOOHV V¶DGUHVVHQW DX[ MHXQHV /HV PHVVDJHV SXEOLFLWDLUHV GDQV OHV ORFDX[ HVVHQWLHOOHPHQW XWLOLVpV SDU GHV MHXQHV GH PRLQV GH  DQV DLQVL TXH GDQV OHV pFROHV VRQW LQWHUGLWV