Les banques islamiques en droit koweïtien : "étude juridique à la lumière de la Charia"
414
0
0
Texte intégral
(2) 8QLYHUVLWpGH6WUDVERXUJ eFROH'RFWRUDOH 'URLW6FLHQFH3ROLWLTXHHW+LVWRLUH &HQWUHGHGURLWSULYpIRQGDPHQWDO 6WUDVERXUJ
(3). 7+Ê6(SUpVHQWpHSDU 0RKDPPHG$/.$1'$5, VRXWHQXHOH MXLQ SRXUREWHQLUOHJUDGHGH 'RFWHXUGHO 8QLYHUVLWpGH6WUDVERXUJ 'LVFLSOLQHVSpFLDOLWp 'URLWSULYp. /(6%$148(6,6/$0,48(6(1 '52,7.2:(,7,(1 e78'(-85,',48(¬/$. /80,Ê5('(/$&+$5,$. 5)µ4&EJSJHÏFQBS . 0*HRUJHV:,('(5.(+5. $QFLHQGR\HQHWSURIHVVHXUpPpULWHjO 8QLYHUVLWpGH6WUDVERXUJ. 0PH)UpGpULTXH*5$1(7/$0%5(&+763URIHVVHXUjO 8QLYHUVLWpGH6WUDVERXUJ &RGLUHFWULFH
(4) 5$33257(856 00HVKDO-DZKDU+$<$76RXVVHFUpWDLUHGHVDIIDLUHVMXULGLTXHV0LQLVWqUHGHO HQVHLJQHPHQW VXSpULHXU$QFLHQSURIHVVHXUjO 8QLYHUVLWpGH.RZHLW 0)UDQoRLV;DYLHU/,&$5,0DvWUH GH FRQIpUHQFHV j O 8QLYHUVLWp GH /RUUDLQH.
(5) 5(0(5&,(0(17. :ĞƉƌĠƐĞŶƚŵĞƐƌĞŵĞƌĐŝĞŵĞŶƚƐăƚŽƵƐĐĞƵdžƋƵŝŵΖŽŶƚƐŽƵƚĞŶƵƉĞŶĚĂŶƚůĂƌĠĂůŝƐĂƚŝŽŶĚĞůĂ ƉƌĠƐĞŶƚĞƚŚğƐĞĞƚ͕ĞŶƉĂƌƚŝĐƵůŝĞƌăŵŽŶƉƌŽĨĞƐƐĞƵƌD͘ůĞŽLJĞŶ͘'ĞŽƌŐĞƐt/ Z< ,Z͕ƉŽƵƌ ůΖŽƌŝĞŶƚĂƚŝŽŶ͕ůĞƐĐŽŶƐĞŝůƐĞƚůĞƐĞŶĐŽƵƌĂŐĞŵĞŶƚƐƋƵΖŝůŵΖĂƉƌŽĚŝŐƵĠƐƚŽƵƚĂƵůŽŶŐĚĞůĂ ƌĠĚĂĐƚŝŽŶĚĞŵĂŶƵƐĐƌŝƚũƵƐƋƵ͛ăƐĂǀĞƌƐŝŽŶĚĠĨŝŶŝƚŝǀĞ͘ :ΖĞdžƉƌŝŵĞĠŐĂůĞŵĞŶƚŵĂŐƌĂƚŝƚƵĚĞăůΖƵŶŝǀĞƌƐŝƚĠĚĞ^ƚƌĂƐďŽƵƌŐ;ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ĐŽƌƉƐ ƉƌŽĨĞƐƐŽƌĂů͕ƉĞƌƐŽŶŶĞů͙ͿƋƵŝŶΖĠƉĂƌŐŶĞĂƵĐƵŶĞĨĨŽƌƚƉŽƵƌĂƐƐƵƌĞƌŶŽƚƌĞĨŽƌŵĂƚŝŽŶĚĂŶƐůĞƐ ŵĞŝůůĞƵƌĞƐĐŽŶĚŝƚŝŽŶƐ͘.
(6) ÈPRQSqUH ÈPDPqUH ÈPHVV°XUV ÈPDIHPPHVHWPDILOOH . . . .
(7) ^ŽŵŵĂŝƌĞ ,1752'8&7,21 &+$3,75(35e/,0,1$,5( qUH3DUWLH 5pJLPHMXULGLTXHGHVEDQTXHVLVODPLTXHV ,QWURGXFWLRQ &+$3,75(,/¶DSSDULWLRQGHVEDQTXHVLVODPLTXHVDX.RZHwW 6HFWLRQ /DIRUPHMXULGLTXHGHODEDQTXHHWVHVILOLDOHV 6HFWLRQ / RUJDQLVDWLRQGHVEDQTXHVLVODPLTXHV &KDSLWUH,, /HVRSpUDWLRQVGHILQDQFHPHQWHWVHUYLFHVVDQVLQWpUrWV ,QWURGXFWLRQ /HVFRQWUDWVGDQVO¶,VODP 6HFWLRQ /HVRSpUDWLRQVGHILQDQFHPHQW 6HFWLRQ /HVVHUYLFHVVDQVLQWpUrWV qPH3DUWLH / LQWpUrW©5LEDªHQGURLWGHOD&KDULDHWHQGURLW.RZHwWLHQ &KDSLWUH, 5qJOHVGHVLQWpUrWV3DUUDSSRUWOD&KDULD 6HFWLRQ /DQRWLRQGX©ULEDª O¶LQWpUrW
(8) HWO¶KLVWRLUHGHVRQLQWHUGLFWLRQ 6HFWLRQ /¶,VODPHWODQRWLRQGXULED 6HFWLRQ /HVEDQTXHVLVODPLTXHVHWODQRWLRQGXULED &KDSLWUH,, 5qJOHVGHVLQWpUrWVHQGURLWNRZHwWLHQ 6HFWLRQ /DQRWLRQHWOHVFDWpJRULHVGHVLQWpUrWVHQGURLW 6HFWLRQ / LQWpUrWHQGURLWFRPPHUFLDOHWVHVLPDJHVHQGURLWFLYLONRZHwWLHQ &21&/86,21 %,%/,2*5$3+,( */266$,5( $11(;(6.
(9) /(67('(66,*/(6 $$2,), $FFRXQWLQJDQG$XGLWLQJ2UJDQL]DWLRQIRU,VODPLF)LQDQFLDO,QVWLWXWLRQV $%& $UDE%DQNLQJ&RUSRUDWLRQ $,%, $VVRFLDWLRQ,QWHUQDWLRQDOHGHV%DQTXHV,VODPLTXHV $0) $XWRULWpGHV0DUFKpV)LQDQFLHUV %&. %DQTXH&HQWUDOHGX.RZHwW %,% %DKUHwQ,VODPLF%DQN %,' %DQTXH,VODPLTXHGH'pYHORSSHPHQW &%&% &RPLWpGH%kOHVXUOH&RQWU{OH%DQFDLUH ',% 'XEDw,VODPLF%DQN '0, 'DUDO0DODO,VODPL*URXS *&& *XOI&RRSHUDWLRQ&RQXFLO *)+ *XOI)LQDQFH+RXVH *,% *XOI,QWHUQDWLRQDO%DQN ,,)$ ,QWHUQDWLRQDO,VODPLF)LTK$FDGHP\ ,)56 ,QWHUQDWLRQDO)LQDQFLDO5HSRUWLQJ6WDQGDUGV ,65$ ,QWHUQDWLRQDO6KDULDK5HVHDUFK$FDGHP\RI,VODPLF)LQDQFH .)+ .RZHwW)LQDQFH+RXVH 333 3DUWDJHGHV3URILWVHW3HUWHV 4,% 4DWDU,VODPLF%DQN. . . . ̱ʹ̱.
(10) ,QWURGXFWLRQ $OODKGLW ©&HX[TXLPDQJHQW>SUDWLTXHQW@GHO LQWpUrWXVXUDLUHQHVHWLHQQHQW DXMRXU GX-XJHPHQW GHUQLHU
(11) TXHFRPPHVHWLHQW FHOXLTXHOHWRXFKHU GH6DWDQ DERXOHYHUVp&HOD SDUFH TX LOV GLVHQW ³/H FRPPHUFH HVW WRXW j IDLW FRPPH O LQWpUrW´ $ORUV TX $OODK D UHQGX OLFLWHOHFRPPHUFHHWLOOLFLWHO¶LQWpUrWª ,O WUDQVFULW pJDOHPHQW GDQV VRQ OLYUH ©{ OHV FUR\DQWV 1H SUDWLTXH] SDV O XVXUH HQ PXOWLSOLDQWGpPHVXUpPHQWYRWUHFDSLWDO(WFUDLJQH]$OODKDILQTXHYRXVUpXVVLVVLH]ª $OODK FLWD GDQV VRQ OLYUH j OD VRXUDWH G¶$O %DTDUDK TXH OH FKkWLPHQW GX 5LED VHUD O¶DEVHQFH GH EpQpGLFWLRQ EDUDND
(12) TX¶LO O¶DQpDQWLW HW VRQ LVVXH VHUD OD SHUWH 7DQGLV TXH OH UpVXOWDWGHODYHQWH©KDOODOªRXGHVDXP{QHVVHUDO¶DERQGDQFHODFURLVVDQFHHWODEpQpGLFWLRQ EDUDND
(13) &HODHVWUHSULVGDQVODSDUROHG¶$OODKTXLGLW ©$OODKDQpDQWLWO¶LQWpUrWXVXUDLUHHW IDLWIUXFWLILHUOHVDXP{QHV(W$OODKQ¶DLPHSDVOHPpFUpDQWSrFKHXUª &¶HVWGDQVFHWHVSULWTXHQRXVPqQHURQVQRWUHGLVFXVVLRQHWQRWUHUHFKHUFKH /D ILQDQFH LVODPLTXH Q¶HVW SDV XQ QRXYHDX FRQFHSW &¶HVW DX FRQWUDLUH OD UHIRUPXODWLRQ G¶XQ HQVHPEOH GH SUDWLTXHV FRPPHUFLDOHV HW ILQDQFLqUHV XWLOLVpHV DXSDUDYDQW SDU OHV PDUFKDQGVVXUOHVJUDQGVD[HVFRPPHUFLDX[G¶$IULTXHHWOHVSD\VDUDERPXVXOPDQV /HV IRQGHPHQWV GH OD ILQDQFH LVODPLTXH VRQW GLUHFWHPHQW SXLVpV GDQV OD &KDULD PDLV VXUWRXWGDQVOH6DLQW&RUDQ/D&KDULDDpWDEOLXQSURJUDPPHFRPSOHWSRXUODYLHKXPDLQHHW FH GHUQLHU HVW YDODEOH HQ WRXW WHPSV HW HQ WRX OLHX &HWWH YDOLGLWp WDQW WHPSRUHOOH TXH WHUULWRULDOHFRQVLVWHGDQVOHIDLWTXHOD&KDULDFRPSRUWHWRXVOHVIDFWHXUVDXWRULVpV KDOODO
(14) TXL QRXV pORLJQHQW GH O¶LQWHUGLW KDUDP
(15) (OOH SODQWH GRQF OHV JUDLQHV GHV ERQQHV FKRVHV TXL LQYDOLGHQWOHVIUXLWVPDOLQV 'H SOXV OD &KDULD D SURKLEp O¶H[SORLWDWLRQ GHV LQGLYLGXV GDQV OH EHVRLQ DX PR\HQ GHV GHWWHVHQSUHQDQWOHXUVFDSLWDX[DYHFGHVLQWpUrWVVXSSOpPHQWDLUHV &¶HVW VXU FHWWH EDVH HW FHV SLOLHUV TXH V¶HVW FRQVWUXLWH O¶LGpH VHORQ ODTXHOOH OHV EDQTXHV LVODPLTXHVGRLYHQWrWUHXQQR\DXXQSKDUHHQSOXVG¶rWUHXQH[HPSOHFRQFUHWGHO¶DSSOLFDWLRQ . ϭ. ^ŽƵƌĂƚĞůĂƋĂƌĂŚ;>ĂsĂĐŚĞͿ͕ǀĞƌƐĞƚϮϳϱ͘ ^ŽƵƌĂƚĞůͲ/ŵƌĂŶ;>ĂĨĂŵŝůůĞĚ͛/ŵƌĂŶͿ͕ǀĞƌƐĞƚϭϯϬ ϯ ^ŽƵƌĂƚĞůĂƋĂƌĂŚ;>ĂsĂĐŚĞͿ͕ǀĞƌƐĞƚϮϳϲ. Ϯ. . ̱͵̱.
(16) G¶XQH DOWHUQDWLYH OpJLWLPH GH O¶XVXUH &¶HVW GRQF XQH VROXWLRQ LQVSLUpH GH OD SHQVpH pFRQRPLTXHLVODPLTXHEDVpHVXUGHVUqJOHVVSpFLILTXHVTXLODGLIIpUHQFLHGHVDXWUHVV\VWqPHV pFRQRPLTXHV /¶DUJHQW HW OD SURSULpWp GLVSRVHQW GH UqJOHV VSpFLILTXHV FH TXL SUpGLW TXH O¶DUJHQWQ¶DSDVG¶LPSDFWRXGHUpSHUFXVVLRQHQOXLPrPHjPRLQVG¶rWUHDFFRPSDJQpG¶XQH DFWLRQHWTXHOHUpVXOWDWGHFHOOHFLVRLWODSDUWLFLSDWLRQDXSURILWHWOHSDUWDJHGHVSHUWHV /D QRXYHDXWp UpVLGH GDQV OH IDLW GH FLWHU SDUPL OHV EDVHV GH OD ILQDQFH LVODPLTXH O¶LQFLWDWLRQ j O¶HPSORL GH FDSLWDX[ DILQ GH FRQWULEXHU j O¶DFFURLVVHPHQW GH O¶HIILFDFLWp GH OD FDSDFLWpGHSURGXFWLRQHWDXGpYHORSSHPHQWGHODVRFLpWp /DILQDQFHLVODPLTXHF¶HVWXQHGLVFXVVLRQUHODWLYHPHQWUpFHQWHGRQWO¶pWXGHGpWDLOOpHQ¶D pWpODQFpHTXHGDQVODVHFRQGHPRLWLpGXqPHVLqFOH/¶pWXGHGHODILQDQFHLVODPLTXHV¶DYqUH rWUH WUqV FRPSOH[H FDU HOOH FRPSRUWH XQH GLPHQVLRQ UHOLJLHXVH /D FRPSUpKHQVLRQ GHV PpFDQLVPHV ILQDQFLHUV VXSSRVH DORUV TXH O¶RQ V¶LQWpUHVVH G¶DERUG j OD WKpRULH pFRQRPLTXH LVODPLTXH &HV pWXGHV RQW SHUPLV O¶pODERUDWLRQ GH SURJUDPPHV G¶pFRQRPLH LVODPLTXH PDLV DXVVLGHEDQTXHVLVODPLTXHVHQSDUWLFXOLHUGDQVOHPRQGHDUDERPXVXOPDQ /D SURKLELWLRQ GH O¶LQWpUrW HQ ,VODP HW OD YRORQWp GHV PXVXOPDQV GH UHQGUH FHWWH LQWHUGLFWLRQ UpHOOH RQW SHUPLV OD FUpDWLRQ G¶LQVWLWXWLRQV LVODPLTXHV j WUDYHUV OH PRQGH &¶HVW DLQVLTXHpFRQRPLHHVWGHYHQXHXQVXMHWG¶pWXGHHWG¶LQWpUrWSRXUOHPRQGHRFFLGHQWDOHQFH TX¶LOFRQVWLWXHXQQRXYHDXV\VWqPHSRXUOHVSD\VRFFLGHQWDX[ &HVSD\VpWDQWKDELWXpVDXV\VWqPHFDSLWDOLVWHV\VWqPHTXLHQO¶RFFXUUHQFHQHIDLWDXFXQH GLVWLQFWLRQHQWUHULFKHVHWSDXYUHV/¶DUJHQWpWDQWWRXWFHTXLFRQVWLWXHOHVGHWWHVHWFUpDWHXUGH GURLWVHWGHSURSULpWpV &RPPHWRXWDXWUHV\VWqPHEDQFDLUHOHV\VWqPHLVODPLTXHHVWVRXPLVjXQHpYDOXDWLRQHW UpYLVLRQFRQVWDQWHVGXHVjVRQpYROXWLRQ &H WUDYDLO V¶V¶DWWDFKH j PHWWUH HQ H[HUJXH OH U{OH GH FHWWH pFRQRPLH FRPPH DOWHUQDWLYH DX[ DXWUHV V\VWqPHV EDVpV VXU O¶LQWpUrW XVXUDLUH FHOXLOj PrPH TXL D SDUWLFLSp j OD FKXWH GH V\VWqPHVILQDQFLHUVFRPSOHWVGXUDQWODGHUQLqUHFULVHILQDQFLqUHGDWDQWGH &HWWH UHFKHUFKH PHW VRXV OH IHX GHV SURMHFWHXUV OH V\VWqPH GHV EDQTXHV LVODPLTXHV DX .RZHwW j SDUWLU GH VD SUpVHQWDWLRQ WDQW GX SRLQW GH YXH MXULGLTXH TXH GX SRLQW GH YXH GH OD &KDULD. . ̱Ͷ̱.
(17) 1RXV DOORQV WHQWHU GH UHPHWWUH HQ FDXVHV OHV FRQFHSWV IDXVVHPHQW SUppWDEOLV PDLV DXVVL FRQWUDGLFWRLUHVGHFHWWHpFRQRPLH (QFHTXLFRQFHUQHOHVEDQTXHVLVODPLTXHVQRXVDOORQVOHVDQDO\VHUVSpFLILTXHPHQWSRXU OH.RZHwWSRXUPRQWUHUO¶DYDQWJDUGHGHVEDQTXHVLVODPLTXHVGDQVOHPRQGHHWODIDoRQGRQW OH.RZHwWDpWpOHSLRQQLHUGDQVO¶pFRQRPLHLVODPLTXHPDLVDXVVLGDQVOHVEDQTXHVLVODPLTXHV 1RXVDOORQVGpWDLOOHUGXSRLQWGHYXHMXULGLTXHVDQVRXEOLHUOHSRLQWGHYXHGHOD&KDULDOD PDQLqUHGHWUDYDLOOHUGHVEDQTXHVLVODPLTXHVOHXUFUpDWLRQOHXUPLVHHQSODFHHQSOXVGHOD JHVWLRQGHO¶(WDWGX.RZHwWWRXWFHFLIHUDSDUWLHGHVVXMHWVDQDO\VpVGDQVODSUHPLqUHSDUWLHGX FKDSLWUHSUHPLHU (QUHYDQFKHGDQVOHVHFRQGFKDSLWUHGHODSUHPLqUHSDUWLHQRXVDOORQVH[SRVHUOHVGLYHUV PR\HQVGHILQDQFHPHQWDSSOLTXpVGDQVOHVEDQTXHVLVODPLTXHVGXPRQGHDUDEHHWLVODPLTXH PDLV SOXV SUpFLVpPHQW VRQ DSOOLFDWLRQ DX .RZHwW HW SUHQGURQV FRPPH H[HPSOHV QRQ H[KDXVWLIVOD0RXGDUDEDOD0RXFKDUDNDOD0RXUDEDKDOD0RXWDMDUDHWDXWUHVWUDQVDFWLRQV ILQDQFLqUHV LVODPLTXHV DXWRULVpHV &HOOHVFL pWDQW FRQVLGpUpHV FRPPH GHV DOWHUQDWLYHV DX[ SUrWV XVXUDLUHV HW FODVVpHV FRPPH IDLVDQW SDUWLH GHV DFWLYLWpV GH SDUWLFLSDWLRQ GH QDWXUH FRPPHUFLDOH 1RXV DOORQV DXVVL WUDLWHU OHV VHUYLFHV EDQFDLUHV HW VRFLDX[ SUpVHQWpV SDU OHV EDQTXHVLVODPLTXHVDX.RZHwWHQSOXVGHFHTXLHQHVWDSSOLTXp 'DQVODGHX[LqPHSDUWLHQRXVDOORQVWHQWHUGHFRPSUHQGUHFHTX¶HVWO¶XVXUHDXUHJDUGGX FRQFHSWOLQJXLVWLTXHPDLVDXVVLOpJDO1RXVDOORQVGHVXUFURLWDQDO\VHUTXRLFRQVLVWHOH5LED GDQV OD &KDULD LVODPLTXH TXHOV VRQW FHV W\SHV PDLV DXVVL FHV FRQGLWLRQV HQ WHUPHV GH OpJLWLPLWp 'X SRLQW GHYXH OpJDO QRXV DOORQV DERUGHU OD SRVLWLRQ GH ODORL NRZHLWLHQQH SDU UDSSRUWDX[LQWpUrWVXVXUDLUHVGXSRLQWGHYXHGXGURLWFRPPHUFLDOHWDXUHJDUGGXGURLWFLYLO VDQVRXEOLHUGHFLWHUWRXWHVOHVLOOXVWUDWLRQVGHVLQWpUrWVXVXUDLUHVGDQVFKDFXQGHFHVGURLWV . . . ̱ͷ̱.
(18) . ± . . ̱̱. .
(19)
(20) 'pILQLWLRQGHVEDQTXHVLVODPLTXHV &HX[ TXL FKHUFKHQW j GpILQLU OD QRWLRQ GHV EDQTXHV LVODPLTXHV VRQW FRQIURQWpV j XQ SUREOqPHVpULHX[FDULOQ¶H[LVWHSDVGHGpILQLWLRQH[DFWHHWELHQSUpFLVHGHFHWWHDSSHOODWLRQ PDLV SOXW{W SOXVLHXUV 1pDQPRLQV JUkFH j FHWWH PXOWLWXGH GH GpILQLWLRQV QRXV SRXYRQV UHPDUTXHU GLIIpUHQWHV VLJQLILFDWLRQV TXL VRQW IRUFpPHQW VLPLODLUHV j FRQGLWLRQ TX¶HOOHV UHVSHFWHQWFHUWDLQVIRQGHPHQWVHVVHQWLHOVjVDYRLU x &H VRQW GHV LQVWLWXWLRQV EDQFDLUHV TXL QH IRQFWLRQQHQW SDV VXU OD EDVH GHV LQWpUrWV 5LED
(21) HWTXLRQWGDQVOHXUVDFWLYLWpVHWOHXUVUHODWLRQVFRPPHIRQGHPHQWOHVSULQFLSHVGHOD &KDULD. x &HVRQWGHVLQVWLWXWLRQVILQDQFLqUHVHWEDQFDLUHVTXLWLHQQHQWjpYLWHUOH 5LED
(22) TXHOTXHV. VRLHQWOHVFDVHWGDQVWRXWHVOHXUVUHODWLRQV. x &H VRQW OHV EDQTXHV HW OHV LQVWLWXWLRQV ILQDQFLqUHV UHSRVDQW VXU XQ GURLW TXL VWLSXOH. TX¶HOOHVGRLYHQWrWUHFRQIRUPHVDX[SULQFLSHVGHOD&KDULDHWQHSDVDYRLUXQHFRQGXLWHEDVpH VXUOH 5LED
(23) '¶DLOOHXUVLOH[LVWHSOXVLHXUVGpILQLWLRQVGXILTK3DUH[HPSOHVHORQ$OQDMDU/DEDQTXH LVODPLTXHHVWXQHLQVWLWXWLRQTXLUDVVHPEOHOHVIRQGVHWOHVXWLOLVHHQVHEDVDQWVXUOD&KDULDFH TXLSHUPHWODFRQVWUXFWLRQGHODVROLGDULWpLVODPLTXHODUpDOLVDWLRQGHO¶pTXLWpGHGLVWULEXWLRQ HW O¶LQYHVWLVVHPHQW GH FHV IRQGV GDQV XQ SDUFRXUV LVODPLTXH ,O DIILUPH TXH OHV EDQTXHV LVODPLTXHV VRQW ©GHV LQVWUXPHQWV ILQDQFLHUV TXL RQW SRXU EXW OH GpYHORSSHPHQW HW TXL IRQFWLRQQHQW GDQV OH FDGUH GH OD &KDULD LVODPLTXH HQ VH EDVDQW VXU GHV SULQFLSHV GH PRUDOH pQRQFpV SDU OHV ORLV GLYLQHV (OOHV RQW SRXU ILQ OD GpWHUPLQDWLRQ GX U{OH GX FDSLWDO GDQV OD VRFLpWp$LQVLFHVRQWGHVLQVWUXPHQWVGHGpYHORSSHPHQWVRFLDX[HWILQDQFLHUVSDUFHTX¶HOOHV MRXHQWOHU{OHGHVEDQTXHV VXUOHSODQGHOD JHVWLRQGHV pFKDQJHV ,O V¶DJLW G¶LQVWUXPHQWV GH GpYHORSSHPHQWG¶XQHSDUWGDQVODPHVXUHRLOVUHQGHQWXQVHUYLFHjODVRFLpWpGDQVODTXHOOH LOV UpDOLVHQW XQGpYHORSSHPHQWHW RLOV LQYHVWLVVHQWOHXUV IRQGVSRXUOHELHQGH FHWWHPrPH VRFLpWp '¶DXWUH SDUW LOV VRQW DXVVL GHV LQVWUXPHQWV VRFLDX[ FDU LOV HQWUDLQHQW GDQV OHXU . $66$)*HWDXWUHVµLGDUDWDOPDVDULISHWV ,5&+,'0$FKDPLOILPRX¶DPDODWDOPDVDULIDOLVODP\D'DU$O1DID¶LVV-RUGDQLHqPHpGSHW $/1$-$5$5HYXHGHVEDQTXHVLVODPLTXHVQS'KXDO4L¶GDK . . ̱̱.
(24) IRQFWLRQQHPHQWOHVSDUWLFXOLHUVjGpSHQVHUHWjpSDUJQHUHWOHVDLGHQWjGpYHORSSHUOHXUVIRQGV FHTXLSHXWDYRLUGHVUpVXOWDWVSRVLWLIVjOHXUpJDUGHWjFHOXLGHOHXUVRFLpWpHWVXUWRXWSRXUOD UpDOLVDWLRQGHODVROLGDULWpHQWUHOHVPHPEUHVGHODVRFLpWpHQOHVLQYLWDQWjSD\HUOD=DNDWOD UDVVHPEOHUHWODGpSHQVHUSRXUGHVPRWLIVOpJLWLPHVª &KH]XQDXWUHDXWHXUQRXVSRXYRQVWURXYHUODGpILQLWLRQVXLYDQWH ©O¶DUJHQWHVWO¶DUJHQW GH 'LHX HW O¶KXPDQLWp HVW WHQXH GH O¶XWLOLVHU SRXU OD ERQQH FDXVH SRXU O¶XWLOLWp GHV rWUHV KXPDLQV HW TXH OD SHUVRQQH Q¶HVW SDV OLEUH WRWDOHPHQW SRXU IDLUH GH VRQ DUJHQW FH TXL OXL VHPEOHSDUFHTXHOHYUDLSURSULpWDLUHHQHVW'LHX6XUFHODEDQTXHLVODPLTXHGRLWIRQFWLRQQHU VXUOHVEDVHVGHOD&KDULDTXLRULHQWHQWO¶DUJHQWDXVHUYLFHGHODVRFLpWpHQSULRULWp&¶HVWDYHF FHW HQJDJHPHQW TX¶HOOH SDUYLHQGUD DX VXFFqV SDUFH TXH 'LHX D SDUDFKHYp OD UHOLJLRQ HW VRQ ELHQIDLWHWLOQRXVDPRQWUpGHOD&KDULDFHTXLHVWYDODEOHGDQVOHPRQGHWHUUHVWUHHWFpOHVWH FRPPH 'LHX D GLW ©$XMRXUG¶KXL -¶DL SDUDFKHYp SRXU YRXV YRWUH UHOLJLRQ HW DFFRPSOL VXU YRXV0RQELHQIDLW(W-¶DJUpHO¶,VODPFRPPHUHOLJLRQSRXUYRXVª 6XU XQ DXWUH SODQ OHV EDQTXHV LVODPLTXHV VRQW GpILQLHV FRPPH VXLW ©OD EDQTXH LVODPLTXH HVW XQH LQVWLWXWLRQ PRQpWDLUH GRQW O¶DFWLYLWp HVW G¶DWWLUHU OHV UHVVRXUFHV PRQpWDLUHV GHV SHUVRQQHV HW OHV XWLOLVHU GDQV OH ERQ VHQV HW OHV DFFURvWUH GDQV XQ FDGUH EDVp VXU OHV SULQFLSHVGHOD&KDULDHWGHFHTXLSHXWUHQGUHVHUYLFHjO¶KXPDQLWpHWOHGpYHORSSHPHQWGH VRQpFRQRPLHª'DQVOHPrPHRUGUHG¶LGpHVXQDXWUHDXWHXUSUpFLVHTXH ©2QHQWHQGSDU EDQTXH LVODPLTXH OHV LQVWLWXWLRQV TXL SURFqGHQW DX[ DFWLYLWpV ILQDQFLqUHV HQ pYLWDQW O¶XWLOLVDWLRQ GHV LQWpUrWV ± SDUFH TXH F¶HVW LOOLFLWH ± HW WRXW DXWUH DFWH TXL VHUD FRQWUDLUH DX[ SULQFLSHVGHOD&KDULDLVODPLTXHª (QHIIHWjWUDYHUVFHVGpILQLWLRQVHWELHQG¶DXWUHVQRXVSRXYRQVUHPDUTXHUTXHSOXVLHXUV DXWHXUVLVODPLTXHVRQWHVVD\pGHPHWWUHHQH[HUJXHFHTXLHVWYDODEOHRXQRQSRXUXQHEDQTXH LVODPLTXH $LQVL O¶DFFRUG SRXU O¶LQVWLWXWLRQ GH O¶XQLRQ PRQGLDOH GHV EDQTXHV LVODPLTXHV D PLVHQpYLGHQFHXQHGpILQLWLRQGHFHVEDQTXHVGDQVVRQDUWLFOH±D ©2QHQWHQGSDUEDQTXH LVODPLTXHGDQVFHFDGUHOHVEDQTXHVHWOHVLQVWLWXWLRQVILQDQFLqUHVTXLVHIRQGHQWVXUXQGURLW. . $/1$-$5$$QLDOERXQRXTDOLVODP\D PDGDTDORXDO¶LWWLKDGDGGDZO\OLOERXQRXTDOLVODP\D&DLUH S /H&RUDQ6RXUDWH$O0D\GD OD7DEOHVHUYLH
(25) YHUVHW $/.+$',5,0$OERXQRXTDOLVODP\D IDFXOWpGHVVFLHQFHVDGPLQLVWUDWLYHV
(26) S $/-$0$/*$OPDVVDULIZDDOD¶PDODOPDVULI\DILDFKDUL¶DDOLVODP\DZDDOTDQRXQLQVWLWXWDULVVDOD'DU $FKRXURXN&DLUHVDQVGDWHS HWV &+(5.$28,$$OERXQRXTDOLVODP\D±DWWDMULEDKED\QDDOILTKZDDOTDQRXQZDDWWDWE\T/HFHQWUH FXOWXUHODUDEH&DVDEODQFDpUHpGLWLRQS. . ̱ͺ̱.
(27) TXL VWLSXOH GH VH FRQIRUPHU DX[ SULQFLSHV GH OD &KDULD LVODPLTXH HW G¶pYLWHU OHV LQWpUrWVHQ SUHQDQWRXHQGRQQDQWª 6XU OD EDVH GH FH TXL SUpFqGH OD PDMRULWp GX ILTK LVODPLTXH FRQWHPSRUDLQ V¶DFFRUGH ± GDQVVDGpILQLWLRQWKpRULTXH±VXUOHIDLWTXHODEDQTXHLVODPLTXHHVWXQHLQVWLWXWLRQPRQpWDLUH FRPPHUFLDOH TXL VH IRQGH VXU O¶LGpH GH UDVVHPEOHU OHV IRQGV SXLV GH OHV LQYHVWLU SDU GHV PR\HQV G¶LQYHVWLVVHPHQW TXL QH FRQWUHGLVHQW SDV OD &KDULD LVODPLTXH HW TXL SURKLEHQW OHV LQWpUrWVGDQVVHVpFKDQJHV 3RXU FH TXL FRQFHUQH OHV V\VWqPHV MXULGLTXHV QRXV SRXYRQV WURXYHU GHV GpILQLWLRQV TXL V¶DFFRUGHQWSOXVDXPRLQVDYHFOHILTKLVODPLTXH$WLWUHG¶H[HPSOHGDQVOHGURLW.RZHLWLHQ ODEDQTXHLVODPLTXHHVWGpILQLHFRPPHVXLW /¶DUWLFOHGXFKDSLWUHVXUOHVEDQTXHVLVODPLTXHVGDQVOHFRGHGHODEDQTXHFHQWUDOHGX .RZHwWVWLSXOHTXH ©OHVEDQTXHVLVODPLTXHVVRQWFHOOHVTXLSUDWLTXHQWOHVWUDYDX[ILQDQFLHUV HW WRXWFHTXHOHGURLW FRPPHUFLDOpQRQFHRXOD FRXWXPH HW TXL SHXW rWUHFRQVLGpUpFRPPH HQWUDQWGDQVODIRQFWLRQGHVEDQTXHVHWFHFLVXUODEDVHGHVSULQFLSHVGHOD&KDULDLVODPLTXH (OOHVDFFHSWHQWHQWHPSVQRUPDOWRXWHVRUWHGHFRQVLJQDWLRQVTXHOOHVVRLHQWGHVFRPSWHVHQ FRXUV GHV FRPSWHV G¶pSDUJQH RX G¶pFRQRPLH RX HQFRUH GHV FRPSWHV G¶LQYHVWLVVHPHQW SRXU GHV SpULRGHV GpWHUPLQpHV RX LQGpWHUPLQpHV HQ H[HUoDQW OHV RSpUDWLRQV GH ILQDQFHPHQW DYHF VHV GpODLV GLIIpUHQWV HQ XWLOLVDQW SRXU FHWWH ILQ GHV FRQWUDWV OLFLWHV FRPPH SDU H[HPSOH 0RXUDEDKD 0RXFKDUDND HW 0RXGDUDED « V¶DMRXWH DXVVL TX¶HOOHV SUpVHQWHQW GHV VHUYLFHV PRQpWDLUHVHWILQDQFLHUVSRXUVHVFOLHQWVHWOHVVHUYLFHVG¶LQYHVWLVVHPHQWGLUHFWVHWPRQpWDLUHV TXH FH VRLW SRXU VRQ FRPSWH RX FHOXL G¶XQ DXWUH WHOV TXH OD FRQVWUXFWLRQ GHV VRFLpWpV OD FRQWULEXWLRQ DX[ VRFLpWpV HQ FRXUV GH UpDOLVDWLRQ TXL H[HUFHQW GLIIpUHQWHV DFWLYLWpV FRPPHUFLDOHVFRQIRUPpPHQWDX[SULQFLSHVGHOD&KDULDLVODPLTXHHWOHVQRUPHVpPLVHVSDUOH FRQVHLO G¶DGPLQLVWUDWLRQ GH OD EDQTXH FHQWUDOH VXU FH SRLQW HW O¶HQVHPEOH GRLW rWUH VRXV OHV GLVSRVLWLRQVSUpYXHVSDUFHFRGHª &RPPH QRXV SRXYRQV OH FRQVWDWHU OD GpILQLWLRQ GX GURLW .RZHLWLHQ GHV EDQTXHV LVODPLTXHVHVWFODLUHHWVRXSOHHQPrPHWHPSV$LQVLOHVGLVSRVLWLRQVGHODEDQTXHLVODPLTXH VHORQO¶DUWLFOHGXFRGHGHODEDQTXHFHQWUDOHGX.RZHwWVRQW 3UHPLqUHPHQWO¶REOLJDWLRQGHVEDQTXHVLVODPLTXHVG¶H[HUFHUOHVVHUYLFHVILQDQFLHUVRXFH TXHOHGURLWFRPPHUFLDOHW ODFRXWXPHpQRQFHQW VXUOHVVHUYLFHV GHVEDQTXHV &HSHQGDQW OD . $FFRUGG¶LQVWLWXWLRQGHO¶XQLRQPRQGLDOHGHVEDQTXHVLVODPLTXHVLPSULPHULHGHO¶XQLRQPRQGLDOHGHVEDQTXHV LVODPLTXHV &DLUH
(28) S /HVIRQGHPHQWVGHVEDQTXHVLVODPLTXHVSUpYRLHQWO¶H[HUFLFHGHVDFWLYLWpVEDQFDLUHVHWG¶LQYHVWLVVHPHQWVHORQ G¶DXWUHVPpWKRGHVHQFRQIRUPLWpDYHFOHVSULQFLSHVGHOD&KDULDLVODPLTXH. . ([SRVpGHVPRWLIVGHODORLQMDU\GDWDO.RZHLWQ OH. . ̱ͻ̱.
(29) EDQTXHLVODPLTXHHVWWHQXHGHVHOLPLWHUGDQVO¶H[HUFLFHGHVHVIRQFWLRQVpFKDQJHVHWUHODWLRQV DX VHUYLFH EDQFDLUH VDXI GDQV OHV FDV R OH GURLW OXL DXWRULVH G¶DXWUHV VHUYLFHV WHOV OHV RSpUDWLRQV G¶LQYHVWLVVHPHQWV GLUHFWV HW ILQDQFLHUV VRLW SRXU VRQ SURSUH FRPSWH VRLW SRX XQ DXWUH 'HX[LqPHPHQW O¶REOLJDWLRQ GH OD EDQTXH LVODPLTXH G¶H[HUFHU VHV IRQFWLRQV FRQIRUPpPHQW DX[ SULQFLSHV GH OD &KDULD LVODPLTXH (Q UpDOLWp OD GpILQLWLRQ SUpYXH GDQV O¶DUWLFOHGXGURLWNRZHLWLHQELHQTX¶HOOHQHVRLWSDVH[SUHVVHVXUOHIDLWG¶LQWHUGLUHOH5LEDj OD EDQTXH LVODPLTXH VRXOLJQH DYHF LQVLVWDQFH TXH FHWWH GHUQLqUH GRLW IRQFWLRQQHU FRQIRUPpPHQW DX[ SULQFLSHV GH OD &KDULD LVODPLTXH FH TXL VRXV HQWHQG TXH OHV EDQTXHV GX .RZHwWGRLYHQWSURKLEHUOHVHUYLFHDYHFLQWpUrWLQFRPSDWLEOHDYHFOD&KDULD 3DU VXUFURvW O¶DUWLFOH GX FRGH GH OD EDQTXH FHQWUDOH GX .RZHwW SUpYRLW XQH FHUWDLQH OLVWHGHVVHUYLFHVTX¶XQHEDQTXHLVODPLTXHSHXWUpDOLVHUFRPPHSDUH[HPSOH DFFHSWHUWRXWHV OHVFRQVLJQDWLRQV TX¶HOOHV VRLHQW VRXV IRUPHGHFRPSWHHQFRXUVGHV FRPSWHV G¶pSDUJQHRX G¶pFRQRPLHRXELHQGHVFRPSWHVG¶LQYHVWLVVHPHQWSRXUGHVGpODLVHWGHVPLVVLRQVGpILQLHVRX LQGpILQLHVHWHQSOXVODGLWHEDQTXHGRLWH[HUFHUOHVGLIIpUHQWHVRSpUDWLRQVGHILQDQFHPHQWHQ VHEDVDQWVXUGHVPpWKRGHVLVODPLTXHVFRPPH0RXGDUDED0RXUDEDKDRX0RXFKDUDND«HW G¶DXWUHVVHUYLFHVEDQFDLUHSRXUVHVFOLHQWV 3DUDLOOHXUVODQRWHH[SOLFDWLYHGXFRGHQGHGDQVVRQDUWLFOHYLVHXQFDGUH JpQpUDOGXVHUYLFHEDQFDLUHLVODPLTXHHQSUpFLVDQWFHUWDLQHVPpWKRGHVGHILQDQFHPHQWWRXWHQ D\DQW FRQVFLHQFH GH OD SRVVLELOLWp GH QDLVVDQFH GH QRXYHDX[ V\VWqPHV QRQ HPSOR\pV DFWXHOOHPHQWSDUOHVEDQTXHVLVODPLTXHV ,OHVWXWLOHGHUDSSHOHUTXHFHWDUWLFOHDDXWRULVpDX[EDQTXHVLVODPLTXHVG¶HIIHFWXHUGHV RSpUDWLRQVG¶LQYHVWLVVHPHQWILQDQFLHUHWG¶LQYHVWLVVHPHQWGLUHFW VHORQGLIIpUHQWHVRSWLRQVTXL Q¶HQWUHQWSDVGDQVOHGRPDLQHEDQFDLUHRXILQDQFLHUTXHFHVRLWSRXUVRQFRPSWHRXQRQRX HQSDUWLFLSDQWjODFRQVWUXFWLRQGHVVRFLpWpVRHOOHVSUHQQHQWOHXUSDUWWRXWHQVHEDVDQWVXUOHV GLVSRVLWLRQVGHODEDQTXHFHQWUDOHGX.RZHwWHQFHVHQV,OV¶DJLWjFHQLYHDXTXHOHVEDQTXHV LVODPLTXHVRQWSOXVGHVDFWLYLWpVTXHGHODEDQTXHWUDGLWLRQQHOOHGDQVODPHVXUHROHGURLWD GRQQpDX[EDQTXHVLVODPLTXHVODSRVVLELOLWpGHUpDOLVHUGHVRSpUDWLRQVG¶LQYHVWLVVHPHQWGLUHFW. . %<280<6'LUDVVDWILµLGDUDWDOERXQRXTDOLVODP\DELDWWDWE\TµDODDOMLKD]DOPDVULI\DVVRXGDQ\ 0DNWDEDWµD\QDFKDPV S HWV ([SRVpGHVPRWLIVGHODORLQRSFLWS6 /HSDUDJUDSKHGHO¶DUWLFOHGHODORLQGH . . ̱ͳͲ̱.
(30) HW ILQDQFLHU GDQV XQ GRPDLQH QRQ EDQFDLUH GDQV OH FDGUH GHV QRUPHV pPLVHV SDU OD EDQTXH FHQWUDOHXQGURLWXQHSUDWLTXHTXLSURYRTXHUDODFRQFXUUHQFHHQWUHOHVEDQTXHVLVODPLTXHV /¶DUWLFOHGXGpFUHWLQVWLWXDQWODEDQTXH%RXE\DQ .RZHwW
(31) HQVHUpIpUDQWjODGpILQLWLRQ GHVEDQTXHVLVODPLTXHVSUpYXHGDQVO¶DUWLFOHpYRTXpFLGHVVXVVRXOLJQHTXHOHVPLVVLRQV SRXUOHVTXHOOHVXQHEDQTXHSHXWYRLUOHMRXUHVWVDQVGRXWHG¶XQHSDUWO¶H[HUFLFHGHVIRQFWLRQV EDQFDLUHVHWG¶DXWUHSDUWFHTXHSUpYRLHQWOHGURLWFRPPHUFLDOHWODFRXWXPHVXUODEDVHVGHV SULQFLSHVGHOD&KDULDLVODPLTXHHWFHX[GHODEDQTXHFHQWUDOH$XWUHPHQWGLWODEDQTXHQH SHXW HQ DXFXQ FDV DFFRPSOLU XQH RX SOXVLHXUV PLVVLRQV TXL pYLQFHURQW OHVGLWV SULQFLSHV &RQFHUQDQWFHWWHEDQTXHGHPDQLqUHSDUWLFXOLqUHHOOHHVWVRXVREOLJDWLRQG¶DFFHSWHUWRXWHVOHV FRQVLJQDWLRQV VRXV IRUPH GH FRPSWHV HQ FRXUV G¶pSDUJQH G¶pFRQRPLH RX G¶LQYHVWLVVHPHQW SRXU GHV GpODLV HW GHV REMHFWLIV GpWHUPLQpV RX LQGpWHUPLQpV PDLV HOOH GRLW DXVVL PHQHU GHV RSpUDWLRQV GH ILQDQFHPHQW VRXV GLIIpUHQWV GpODLV HQ VH FRQIRUPDQW DX[ PRGqOHV LVODPLTXHV WHOV TXH OD 0RXUDEDKD 0RXGDUDED 0RXFKDUDND HW OD ORFDWLRQ ORFDOH RX LQWHUQDWLRQDOH SUpVHQWHU OHV VHUYLFHV EDQFDLUH HW ILQDQFLHUV GH WRXWH VRUWH HW XWLOLVHU OHV DFWLRQV ILQDQFLqUHV VDQV FRQWUDLQWH VHORQ OHV SULQFLSHV GH OD &KDULD LVODPLTXH DFFRPSOLU OHV RSpUDWLRQV G¶LQYHVWLVVHPHQW GLUHFW HW ILQDQFLHU VRLW SRXU VRQ FRPSWH VRLW SRXU XQ DXWUH ""
(32) RX HQ V¶HQJDJHDQWDYHFXQHDXWUHSDUWLH LQYHVWLUGDQVOHVVRFLpWpVRXSDUWLFLSHUjO¶LQYHVWLVVHPHQW GHVVRFLpWpVSUpFRQVWUXLWHVRXHQFRXUVGHFRQVWUXFWLRQOHVTXHOOHVIRQFWLRQQHQWFRQIRUPpPHQW DX[SULQFLSHVGHOD&KDULDLVODPLTXHHWHQILQHOOHGRLWDSSRUWHUVDSDUWLFLSDWLRQjWRXWDXWUH SURMHW HQWUDQW GDQV FH FDGUH GH PDQLqUH GLUHFWH RX QRQ /D EDQTXH %RXE\DQ HVW DXVVL WHQXH G¶DFKHWHU VHV DFWLRQV LQVWLWXWLRQV RX VRFLpWpV RX OHV IDLUH LQWpJUHU GDQV VRQ V\VWqPH VRXV FRQGLWLRQ TX¶HOOHV DFFRPSOLVVHQW OHV VHUYLFHV HQ FRQIRUPLWp DYHF OHV QRUPHV GH OD &KDULD LVODPLTXHG¶XQFRWpHWFHOOHVGHODEDQTXHFHQWUDOHGHO¶DXWUH$LQVLODFKDPEUHGHODILQDQFH NRZHLWLHQQH±DSUqVVRQHQUHJLVWUHPHQWGDQVOHUHJLVWUHGHVEDQTXHVLVODPLTXHV jODEDQTXH FHQWUDOHGX.RZHwWOH0DL±DPRGLILpVHVREMHFWLIVDYHFO¶DFWHGHIRQGDWLRQHWVRQ V\VWqPHFHQWUDOHWFHFLHQYHUWXGXGpFUHW SDUXOHRFWREUH&HFKDQJHPHQW V¶HVWFRQFHQWUpGHPDQLqUHJpQpUDOHVXUOHVRSpUDWLRQVQRQEDQFDLUHVDX[TXHOOHVODFKDPEUH GH ILQDQFH V¶LQWpUHVVDLW DYDQW O¶DSSDULWLRQ GH FH GHUQLHU GpFUHW SDUFH TXH OD FKDPEUH GH OD ILQDQFH NRZHLWLHQQH Q¶D JDUGp TXH FHUWDLQV EXWV G¶LQYHVWLVVHPHQW WHOV OD IRQGDWLRQ GHV QRXYHOOHVVRFLpWpVRXOHXUVVXEYHQWLRQVHWO¶DFFRPSOLVVHPHQWGHO¶HQVHPEOHGHVpWXGHVHWGHV . $UWLFOHGXGpFUHWLQVWLWXDQWODEDQTXH%RXE\DQHWO¶DUWLFOHGHVRQUqJOHPHQW-DULGDWDONRZHLWQOH -DULGDWDONRZHLWQOH. . ̱ͳͳ̱.
(33) WUDYDX[HQOHVSUpVHQWDQWDX[PHPEUHVHWDX[DXWRULWpVSXEOLTXHV6¶DMRXWHDXVVLO¶DFKDWGHV WHUUHVHWGHVLPPHXEOHVGDQVOHEXWGHOHVUHYHQGUHVRLWGDQVOHXUpWDWQDWXUHOVRLWDSUqVOHXU FRQVWUXFWLRQ RX OHXU ORFDWLRQ $XVVL OD EDQTXH HVW REOLJpH G¶DFFRPSOLU WRXV OHV WUDYDX[ TXL UpDOLVHQW VHV EXWV ILQDQFLHUV HW G¶LQYHVWLVVHPHQW GLUHFWHPHQW RX DYHF OD FROODERUDWLRQ GHV VRFLpWpVHWGHVDXWRULWpVHQFRQIRUPLWpDYHFOHVSULQFLSHVGHOD&KDULDLVODPLTXH 'DQVO¶($8O¶DUWLFOHSUHPLHUGX'URLWEDQFDLUHLVODPLTXHpPLUDWLHVWLSXOHTXH ©2Q HQWHQG SDU EDQTXH LQVWLWXWLRQ ILQDQFLqUH HW VRFLpWp LVODPLTXH FHOOHV EDVpHV VXU GHV DFWHV FRQVWLWXWLIV TXL VRQW FRQIRUPHV j OD SUDWLTXH GHV SULQFLSHV GH OD &KDULD LVODPLTXH HW TXL IRQFWLRQQHQW FRQIRUPpPHQW j FHV SULQFLSHVª 6XU FHWWH EDVH OHV EDQTXHV LVODPLTXHV VRQW REOLJpHV GH IRQFWLRQQHU HW G¶H[HUFHU OHXUV VHUYLFHV HW OHXUV RSpUDWLRQV ILQDQFLqUHV FRPPHUFLDOHVRXG¶LQYHVWLVVHPHQWHWWRXWHDXWUHVRUWHG¶RSpUDWLRQVTX¶H[HUoDLHQWOHVEDQTXHV WUDGLWLRQQHOOHVGDQVODORLIpGpUDOHQGH VDQVVHFRQIRUPHUDX[GpODLVSUpFLVpVSDUFH FRGHTXHFHVRLWGHVRSpUDWLRQVIDLWHVYHUVGHVEDQTXHVLVODPLTXHVRXDXWUHV /HVEDQTXHVLVODPLTXHVGDQVO¶($8RQWOHGURLWGHIRQGHUGHVVRFLpWpVHWGHSDUWLFLSHU DX[LQYHVWLVVHPHQWVjFRQGLWLRQG¶rWUHHQFRQIRUPLWpDYHFOHVSULQFLSHVpQRQFpVSDUOD&KDULD LVODPLTXH 3DU H[FHSWLRQ VRXV UpIpUHQFH GH O¶DUWLFOH GX 'URLW GHV EDQTXHV LVODPLTXHV GH O¶($8LOHVWSHUPLVDX[EDQTXHVG¶H[HUFHUGHVDFWLYLWpVGHFRPPHUFHRXG¶LQGXVWULHHOOHV SHXYHQW DXVVL SRVVpGHU GHV PDUFKDQGLVHV HW OHV FRPPHUFLDOLVHU SRXU OHXU SURILW DYRLU GHV IRQFWLRQV GDQV O¶LPPRELOLHU HW FHFL GRLW VH IDLUH HQ UHVSHFWDQW OHV YDOHXUV HW SULQFLSHV OpJLVODWLIVDSSOLTXpVGDQVFHVpPLUDWV $X4DWDUO¶DFWHFRQVWLWXWLIGHODEDQTXHLQWHUQDWLRQDOHLVODPLTXHGH4DWDUVWLSXOHTXHOHV EDQTXHV SHXYHQW DFFRPSOLU j OHXUV FRPSWHV RX SRXU OH FRPSWH G¶DXWUXL GHV DFWLYLWpV ILQDQFLqUHV HW G¶LQYHVWLVVHPHQW FRPPH O¶DFFHSWDWLRQ GHV FRQVLJQHV HQ WRXWH VRUWH HW O¶RXYHUWXUH GHV GLIIpUHQWV FRPSWHV HOOHV SHXYHQW DXVVL H[HUFHU OH FRPPHUFH pWUDQJHU pFKDQJHUODGHYLVHSURGXLUHGHV FDUWHVGHSDUWHQDULDWIDLUHYDORLUGHV FKqTXHFRQWULEXHURX IRQGHU GHV LQYHVWLVVHPHQWV GDQV WRXV OHV GRPDLQHV WHOV OHV EDQTXHV LVODPLTXHV HW OHV DVVXUDQFHV DLQVL TXH O¶DFKDW HW OD YHQWH GHV IRQGV HW GHV FDSLWDX[ FHV EDQTXHV SHXYHQW ILQDQFHUGLIIpUHQWHVDFWLYLWpVFRPPHUFLDOHVVRLWGHPDQLqUHGLUHFWHRXLQGLUHFWHHQSUpVHQWDQW OHILQDQFHPHQWQpFHVVDLUHDX[PHPEUHVGHVVRFLpWpV/¶HQVHPEOHGHVEDQTXHVGRLYHQWUHPSOLU . $UWLFOHGHODGpFODUDWLRQGHODEDQTXHGX.RZHwWDYDQWPRGLILFDWLRQTXLHVWGHYHQXO¶DUWLFOH $UWLFOHGHODGpFODUDWLRQGHODEDQTXHGX.RZHwW $UWLFOHHWGHODORLQGH FRQFHUQDQWOHVEDQTXHVHWLQVWLWXWLRQVILQDQFLHUVHWOHVVRFLpWpV G¶LQYHVWLVVHPHQWLVODPLTXHVHQ($8. . . . ̱ͳʹ̱.
(34) FHV IRQFWLRQV HQ WRXWH FRQIRUPLWp DYHF OHV SULQFLSHV GH OD &KDULD LVODPLTXH HW QH OHV HQIUHLQGUHHQDXFXQFDV $X/LEDQO¶DUWLFOHSUHPLHUGXGURLWGHVEDQTXHVLVODPLTXHVQGHVRXOLJQHTXH 2Q HQWHQG SDU EDQTXH LVODPLTXH FHOOH GRQW OH V\VWqPH FHQWUDO UHSRVH VXU OH UHVSHFW GH OD &KDULDLVODPLTXHGDQVVRQDFWLYLWpHWVXUWRXWFHOOHTXLQ¶XWLOLVHSDVOH5LED $X GpEXW GH OD PRLWLp GX pPH VLqFOH OD PDMRULWp GHV PXVXOPDQV MDORX[ SRXU OHXU QDWLRQHWOHXUUHOLJLRQRQWUpFODPpFRPPHXQEHVRLQGHVEDQTXHVLVODPLTXHVDSUqVO¶LQYDVLRQ GHVEDQTXHVpWUDQJqUHVVXUOHVeWDWVLVODPLTXHV'HVEDQTXHVTXLQHUHSRVHQWSDVVXUOH5LED 3OXVLHXUVVDYDQWVPXVXOPDQVRQWIRXUQLVGHVHIIRUWVjXQHFHUWDLQHpSRTXHVDXITXHFHV HIIRUWVVRQWUHVWpVOLPLWpVSDUO¶DQQRQFHGHO¶LOOLFpLWpGX5LEDHWODPLVHHQYDOHXUGHFHUWDLQV SULQFLSHV GH FRPPHUFH LVVXV GX &RUDQ GH OD 6XQQD HW GX ILTK LVODPLTXH VDQV SRXU DXWDQW DPHQHUXQHVROXWLRQSRXUIDLUHIDFHjODGHPDQGHGHVSDUWLFXOLHUVFRQFHUQDQWODPLVHHQSODFH GHVEDQTXHLVODPLTXHVDQV5LED&HWWHFDUHQFHV¶H[SOLTXHSDUOHVPRWLIVVXLYDQWV /D QRQFRQIRUPLWp GH OD SHQVpH GHV VDYDQWV PXVXOPDQV DX[ SULQFLSHV GH OD &KDULD LVODPLTXHSDUFHTX¶LOVpWDLHQWLQIOXHQFpVSDUODFLYLOLVDWLRQRFFLGHQWDOHHWLOVVRQWWRPEpVGDQV OHILOHWGHVEDQTXHVTXLIRQFWLRQQHQWSDUOH5LED /D GXDOLWp G¶HQVHLJQHPHQW GDQV OHV eWDWV LVODPLTXHV ODLVVpH SDU OH FRORQLVDWHXU SXLVTX¶RQ WURXYH GHX[ FDWpJRULHV G¶HQVHLJQHPHQW XQ UHOLJLHX[ HW O¶DXWUH DFDGpPLTXH &HSHQGDQWGDQVOHVpWDEOLVVHPHQWVUHOLJLHX[RQVHOLPLWHDX[VFLHQFHVUHOLJLHXVHVODODQJXH DUDEHO¶KLVWRLUH &HX[ TXL RQW pWXGLp OH FRPPHUFH GHV ILOV GH PXVXOPDQV O¶RQW pWXGLp GDQV GHV XQLYHUVLWpVpWUDQJqUHVRXDYHFGHVSURIHVVHXUVLVVXVGHFHVXQLYHUVLWpVHWSDUFRQVpTXHQWLOV RQWFRPSULVOHFRPPHUFHVHORQODSHQVpHHXURSpHQQHF HVWjGLUHVXUOHVEDVHVGXFDSLWDOLVPH $LQVL OD PDMRULWp G¶HQWUH HX[ Q¶RQW DXFXQH FRQQDLVVDQFH GX V\VWqPH FRPPHUFLDO HQ ,VODP GDQVOHVRXYUDJHVGXILTKLVODPLTXH &HX[ TXL FRQWU{ODLHQW OHV EDQTXHV GDQV OHV (WDWV PXVXOPDQV pWDLHQW GHV pWUDQJHUV MXVTX¶j OD ILQ GHV DQQpHV HQWRXUpV SDU GHV DUDEHV HW GHV PXVXOPDQV XQH IRLV TXH OHV pWUDQJHUVRQWpWpUHOHYpVGHOHXUVIRQFWLRQVOHVIRQFWLRQQDLUHVDUDEHVRQWSULVOHXUSODFHPDLV . /¶DUWLFOHGXGpFUHWLQVWLWXDQWGHODEDQTXHLVODPLTXHGH4DWDU&RQFHUQDQWFHWWHEDQTXHYRLU$/+$,7<$DO PDVVDULIDOLVODP\DRSFLWSHWV /¶DUWLFOHGHODORLIRQGDWULFHGHVEDQTXHVLVODPLTXHVQGHDX/LEDQ . /HVIRQGDWHXUVGHODEDQTXHpJ\SWLHQQHGH VRQW =UQHVW&DVVHO6UDV6\OYDMRXLOVVRQWWRXVGHVMXLIV pWUDQJHUVY+DUDNDWDOERXQRXTDOLVODP\DSpGLWLRQ &DLUH . . ̱ͳ͵̱.
(35) LOV pWDLHQW LQIOXHQFpV SDU HX[ HW SDU OHV SULQFLSHV GX FDSLWDOLVPH SRXU OD JHVWLRQ GHV GLWHV EDQTXHV ,O IDOOX GRQF DWWHQGUH OH GpEXW GH FH VLqFOH SRXU TXH GHV YRL[ V¶pOqYHQW SRXU OD IRQGDWLRQGHVEDQTXHV LVODPLTXHV HW SRXUTXHFHUWDLQV DXWHXUVWHOV6DLG 4RWE$EGHO 4DGHU $RGDHW=DNL0DKPRXG&KDEDQDKpFULYHQWGHVRXYUDJHVTXLWUDLWHQWGXFRPPHUFHLVODPLTXH ,OIDXWDMRXWHUDXVVLOHVSURIHVVHXUVGXFRPPHUFHGDQVOHVXQLYHUVLWpVpJ\SWLHQQHVFHX[ TXLQ¶RQWSDVpWpLQIOXHQFpSDUODFLYLOLVDWLRQRFFLGHQWDOHTXLVHVRQWEDWWXVHWDFFURFKpVDX[ SULQFLSHVGHOD&KDULDSRXUOHVDSSOLTXHUGDQVOHXUYLHTXRWLGLHQQHPDLVDXVVLGDQVOHV\VWqPH FRPPHUFLDOHWTXLjFHWWHILQVHVRQWPLVjODUHFKHUFKHGHVSULQFLSHVGHFRPPHUFHHQ,VODP GDQVOH&RUDQOD6XQQDHWOHILTKLVODPLTXH3DUPLOHVSUHPLHUVGHFHVDXWHXUVRQSHXWFLWHU 0DKPRXG$ERX6DRXG,VVD=DNL$KPHG$QQDMDU*KDULE$O-DPDO0RKDPHG(O$UELGHOD UpSXEOLTXHDUDEHG¶(J\SWH &RQFHUQDQW OH UHVWH GX PRQGH LVODPLTXH GHV DXWHXUV GH O¶,QGH HW GX 3DNLVWDQ RQW pFULW GDQV OH GRPDLQH GX FRPPHUFH LVODPLTXH HW VXU OHV WKpRULHV GHV RSpUDWLRQV GH EDQTXHV LVODPLTXHV FRPPH 0RKDPHG +DPLG $OODK $QZDU ,NEDO 4RUFKL, $ERX $O $DOD $OPDZGRXGL0RKDPHG1DMDW$OODK6LGNLHW$KPHG,UFKDG 9X OD SUHVVLRQ GH O¶RSLQLRQ SXEOLTXH GDQV OH PRQGH LVODPLTXH HW VXUWRXW HQ eJ\SWH HQ ,QGHHWDX3DNLVWDQOHVPLQLVWUHVpWUDQJHUVGHVeWDWVLVODPLTXHVRQWpWpLQYLWpVSRXUWUDLWHUGH ODIRQGDWLRQG¶XQHEDQTXHLVODPLTXH&HFLV¶HVWFRQFUpWLVpGDQVODGHX[LqPHFRQIpUHQFHGHV PLQLVWUHVpWUDQJHUVGHVeWDWVLVODPLTXHVTXLDHXOLHXj.DUDFKLGXDXGpFHPEUH 'XUDQW FHWWH FRQIpUHQFH OD UpSXEOLTXH DUDEH G¶eJ\SWH D SUpVHQWp XQH SURSRVLWLRQ TXL SRUWH VXU XQH pWXGH SRXU OD UpDOLVDWLRQ G¶XQH EDQTXH LVODPLTXH RX O¶XQLRQ GHV EDQTXHV LVODPLTXHV /H 3DNLVWDQ TXDQW j OXL D DXVVL SUpVHQWp XQ UDSSRUW R LO H[SRVH OHV PrPHV PRWLIV 2Q D FKDUJp OD UpSXEOLTXH DUDEH G¶eJ\SWH GH IDLUH XQH pWXGH FRPSOqWH VXU FHWWH TXHVWLRQHWGHPrPHRQDODLVVpODSRUWHRXYHUWHjWRXVOHVeWDWVPHPEUHV GHODFRQIpUHQFH SRXUSUpVHQWHUOHXUVVXJJHVWLRQVGDQVXQGpODLGHPRLVjSDUWLUGHODGDWHGHUpXQLRQ &HSHQGDQW WURLV pWXGHV RQW pWp SUpVHQWpHV GXUDQW OD FRQIpUHQFH SRXU OD IRQGDWLRQ GHV EDQTXHV LVODPLTXH XQH SDU OD UpSXEOLTXH DUDEH G¶(J\SWH O¶DXWUH SDU OD GpOpJDWLRQ SDNLVWDQDLVHHWODGHUQLqUHSDUOHVHFUpWDLUHJpQpUDOGHODFRQIpUHQFH /D GpOpJDWLRQ pJ\SWLHQQH D SUpVHQWp VRQ pWXGH VRXV OD GLUHFWLRQ G¶+DVVDQ $WRXKDPL FRQVHLOOHUGXSUpVLGHQWGHOD5pSXEOLTXHDYHFOHSDUWHQDULDWGH+DVVDQ%RXOERXO0RKDPHG. . -$0$/*DOPDVVDULIZDDOD¶PDODOPDVULI\DILDFKDUL¶DDOLVODP\DZDDOTDQRXQRSFLWS. . ̱ͳͶ̱.
(36) 6DPLU,EUDKLP*KDULE-DPDO$KPHG$QQDMDU&KDZNL,VPDLO6DODKHGGLQ2XGHW0DKPRXG 1RXPDG$O$QVDUL '¶DXWUHV pWXGHVRQW pWp PHQpHV FRQFHUQDQW ODIRQGDWLRQGHVEDQTXHVLVODPLTXHVGDQVOH PRQGH LVODPLTXH HQWUH DXWUHV OH UDSSRUW GH OD GpOpJDWLRQ SUpSDUDWRLUH GH OD FKDPEUH GH ILQDQFHPHQW NRZHLWLHQQH TXL FRPSRUWDLW ,VPDLO 5DDIDW -DPDO $W\D $EGHOD]]L] $O $WLEL $EGXOODK $NLO $EGXOZDKHG $PDQ $O ,WWLW ,VVD $EGRXK 0RXKLE $O 0DKMDUL 0RKDPHG +DPDQ $O +DFKLPL 0RXK\GLQ $W\D 1L]DU 6HUUDM HW <RXVVHI $O 0]LQL &HWWH GpOpJDWLRQ D GHPDQGpj0RKDPHG%DNLU$VVDGUGHSUpVHQWHUXQHpWXGHRSpUDWLRQQHOOHG¶XQHEDQTXHVDQV 5LEDHWLOO¶DSUpVHQWpH 3DUDLOOHXUV0RXVWDSKD$EGXOODK(O+DPFKDULDIDLWODSUHPLqUHpWXGHXQLYHUVLWDLUHVXU OHV WKpRULHV GHV RSpUDWLRQV EDQFDLUHV GDQV OD &KDULD LVODPLTXH ,O O¶D SUpVHQWpH j FHUWDLQHV XQLYHUVLWpV pJ\SWLHQQHV HW D REWHQX XQ PDVWHU HQ LQWLWXOp OHV RSpUDWLRQV EDQFDLUHV HW O¶,VODP &HWWH pWXGH D pWp LPSULPpH VRXV VRQ ILQDQFHPHQW HQ $]KDU DYHF OD SUpVHQFH GH 0RKDPHG$ERX=DKUD ,O V¶DJLW GHV DXWHXUV OHV SOXV FRQQXV TXL RQW WKpRULVp OHV RSpUDWLRQV EDQFDLUHV HQ ,VODP GDQVODSpULRGHHQWUH HW FRPPHOHVRXOLJQH-DPDO$GLQ$W\D6DXITX¶LOH[LVWH G¶DXWUHV pWXGHV DX FHQWUH GHV UHFKHUFKHV LVODPLTXHV j $/ $]KDU GDQV OD PrPH SpULRGH DXTXHOO¶DXWHXUSUpFLWpQ¶DSDVIDLWUpIpUHQFH/HFHQWUHGHVUHFKHUFKHVLVODPLTXHVDRUJDQLVp SOXVLHXUVFRQIpUHQFHVRRQDGLVFXWpGHVUHFKHUFKHVFRPPHUFLDOHVHWFHOOHVTXLSRUWHQWVXUOHV EDQTXHVHQ,VODPDLQVLOHFHQWUHDLPSULPpODSOXSDUWGHFHVUHFKHUFKHV x 3URSULpWDLUH GHV LQGLYLGXV GH OD WHUUH HW VHV DYDQWDJHV j O¶,VODP GH 0RKDPHG $OL $VVDORXVV. x /DSURSULpWpLQGLYLGXHOOHG¶$EGXOODK.DQRXQ. x/DSURSULpWpSULYpHHWVHVOLPLWHVHQ,VODPGH0RKDPHG$EGXOODK$O$UEL x /DSURSULpWpLQGLYLGXHOOHHWVDGpWHUPLQDWLRQHQ,VODPG¶$OL$O.KDILI x /HVVRXUFHVILQDQFLqUHVHQ,VODPG¶$EG$UDKPDQ+DVVDQ. x /HV RSpUDWLRQV EDQFDLUHV FRQWHPSRUDLQHV HW O¶DYLV GH O¶,VODP GH 0RKDPHG $EG. $UDKPDQ$O$UEL . . $7<$-$OERXQRXTDOLVODP\DSNLWDEDOµRXPPDQpGLWLRQUL¶DVVDWDOPDKDNLPDFKTDU¶\DZD DFKRX¶RXQDGGLQ\DELGDZODWTDWDU )$5+28'0$OKRXNPDFKDU¶\OLO¶LVWLWKPDUDWZDDONKDGDPDWDOPDVULI\DDOODW\WDTRXPRXELKDDOERXQRXT DOLVODP\DPLQVLOVLODWDOLTWLVVDGDOLVODP\©5$0(=0ª$/$=,=<$'DUDOIRXUTDQOLQDFKUZDDWWDZ]L¶ µDPPDQpGLWLRQS $7,<$-RSFLW $WWDZM\KDWWDFKUL¶\ILDOLVODPMWDE¶DWPRXMDPD¶DOERXKRXW . . ̱ͳͷ̱.
(37) x /¶LQYHVWLVVHPHQWGHVFDSLWDX[HQ,VODPGH0RKDPHG$EG$UDKPDQ$O$UEL x /D=DNDWGH0RKDPHG$KPHG$ERX=DKUD. x /HVIRQGHPHQWVFRPPHUFLDX[VXUOHVTXHOOHVVHEDVHQWOHVEDQTXHVFRQWHPSRUDLQHVHW. FRPPHQWOHVDGDSWHUjOD&KDULDLVODPLTXHGH0RKDPHG*KDULE-DPDO /D WKpRULVDWLRQ V¶HVW SRXUVXLYLH HW QH V¶HVW SDV DUUrWpH HQ 3DU FRQWUH HOOH D pYROXp ELHQSOXVUDSLGHPHQWORUVTX¶RQDFRPPHQFpjO¶DSSOLTXHU /¶XQLYHUVLWpGX5RL$EG(O$]L]DYDLWRUJDQLVpODSUHPLqUHFRQIpUHQFHVXUOHFRPPHUFH LVODPLTXHSRXUODSpULRGHGXDXIpYULHU jOD0HFTXH8QJUDQGQRPEUHG¶DXWHXUV HWVDYDQWVGHOD&KDULDHWGXFRPPHUFHRQWSDUWLFLSpjFHWWHFRQIpUHQFHLOVRQW HIIHFWXpGHV UHFKHUFKHVVFLHQWLILTXHVSRUWDQWVXUOHFRPPHUFHHWOHVRSpUDWLRQVEDQFDLUHVHQ,VODP$LQVL OH FHQWUH LQWHUQDWLRQDO SRXU OHV UHFKHUFKHV GX FRPPHUFH LVODPLTXH VXLYDQW O¶XQLYHUVLWp D LPSULPpGHVUHFKHUFKHVFKRLVLHVSDUPLFHOOHVSUpVHQWpHVGXUDQWODFRQIpUHQFHHWHOOHVRQWpWp SXEOLpHVVRXVOHWLWUHGH©OHFRPPHUFHLVODPLTXHªHQ 'DQV OH PrPH RUGUH G¶LGpH HQ O¶XQLYHUVLWp LVODPLTXH GH O¶,PDP 0RKDPHG %HQ 6DRXG DX 5\DG D RUJDQLVp XQH FRQIpUHQFH VXU OH ILTK LVODPLTXH R SOXVLHXUV WUDYDX[ VXU OH FRPPHUFHLVODPLTXHRQWpWpSUpVHQWpVHWOHVHIIHWVGHO¶DSSOLFDWLRQGHFHV\VWqPHFRPPHUFLDO VXU OHV VRFLpWpV $XVVL HQ O¶XQLYHUVLWp D LPSULPp FHV UHFKHUFKHV GDQV XQ RXYUDJH LQWLWXOp©OHVHIIHWVGHO¶DSSOLFDWLRQGXV\VWqPHFRPPHUFLDOVXUOHVVRFLpWpVª 4XDQWDX3DNLVWDQXQHGHX[LqPHFRQIpUHQFHVXUOHFRPPHUFHLVODPLTXHDpWpRUJDQLVpHj ,VODPDEDG HQ 'HV FKHUFKHXUV PXVXOPDQV GDQV OH GRPDLQH GX FRPPHUFH VH VRQW SUpVHQWpV DYHF GHV WUDYDX[ FRQFHUQDQW OH GpYHORSSHPHQW OD GLVWULEXWLRQ HW OH ILQDQFHPHQW GDQV OD FRQFHSWLRQ LVODPLTXH /H FHQWUH LQWHUQDWLRQDO VXU OHV UHFKHUFKHV GX FRPPHUFH LVODPLTXH D LPSULPp GHV UHFKHUFKHV GH FHWWH FRQIpUHQFH HW LO OHV D SXEOLpHV VRXV OH WLWUH GH ©pWXGHVGDQVOHFRPPHUFHLVODPLTXHªHQ /H FHQWUH GHV UHFKHUFKHV FRPPHUFLDOHV LVODPLTXHV D SXEOLp SDU DLOOHXUV XQ RXYUDJH FRPSUHQDQW FLQT VXMHWV VXU OH FRPPHUFH LVODPLTXH LQWLWXOp © OHFWXUH GDQV OH FRPPHUFH LVODPLTXHª /¶DXWHXU-DPDO(GLQ $W\DSUpFLVHTXH ©OHVSXEOLFDWLRQV VXUFHVXMHW VRQWGHYHQXHV GH SOXVHQSOXVQRPEUHXVHVHWHQWRXWHVOHVODQJXHVPDJD]LQHVRXYUDJHVUHFKHUFKHVHWPrPHDX QLYHDX GHV WUDYDX[ GH PpPRLUHV GH PDVWHU HW GHV WKqVHV GH GRFWRUDWV TXL RQW GpSDVVp OD FLQTXDQWDLQH VHXOHPHQW HQ (XURSH HW HQ $PpULTXH &HV pWXGHV FRQFHUQDLHQW OH FRPPHUFH . . . )$5+28'02SFLWS $7,<$-RSFLW. ̱ͳ̱.
(38) LVODPLTXHHWODSUpSDUDWLRQGHVRSpUDWLRQVEDQFDLUHVLVODPLTXHVHWDYDLHQWFRPPHIRQGHPHQW ODJHVWLRQGHVRSpUDWLRQVEDQFDLUHVGDQVO¶,VODPVXUODEDVHGHODFROODERUDWLRQHQSHUWHHWHQ JDLQjODSODFHGX5LEDTX¶LOV¶DJLVVHGHODUHODWLRQHQWUHO¶LQYHVWLVVHXUHWODEDQTXHVRLWSDUOD 028'$5$%$ 028&+$5$.$ RX 0281$.$66$ WRXW HQ DFFRPSOLVVDQW OHV VHUYLFHV EDQFDLUHV HQ FRQWUHSDUWLH G¶XQH YDOHXU $LQVL O¶REMHFWLI GH FHV WUDYDX[ QH V¶HVW SDV OLPLWp j H[FOXUH OH 5LED PDLV DX GpYHORSSHPHQW GH OD VRFLpWp pFRQRPLTXHPHQW HW VRFLDOHPHQW HQ ILQDQoDQW OHV SHWLWV DUWLVDQV HW OHV KRPPHV G¶DIIDLUHV HW OHV DLGDQW j VH GpYHORSSHU j ILQ GH UDSSURFKHUOHV FODVVHV VRFLDOHV 6¶DMRXWH DXVVLO¶HQFRXUDJHPHQW OHVSHUVRQQHV TXL pSDUJQHQW HQ OHV RULHQWDQW YHUV GHV LQYHVWLVVHPHQWV GX GpYHORSSHPHQW O¶RUJDQLVDWLRQ GHV VHUYLFHV VRFLDX[SRXUOHVSHUVRQQHVFRQFHUQpHVGX.DUG+DVVDQFRPPHRQYDO¶H[SOLTXHUSOXVWDUGHW HQILQODIRQGDWLRQGHVFDLVVHVSRXUODUpDOLVDWLRQGHFHVEXWVWHOOHVODFDLVVHGHOD=DNDW /¶HQVHPEOHGHVWKpRULFLHQVSRXUODIRQGDWLRQGHVEDQTXHVLVODPLTXHVSUpYRLHQWGHGRQQHU XQERQFUpGLWQRQSDVVHXOHPHQWSRXUODFRQVRPPDWLRQPDLVDXVVLSRXUODSURGXFWLRQGDQV OHVGLIIpUHQWVGRPDLQHVTXLSHUPHWWHQWDX[EpQpILFLDLUHVGHFRPPHQFHUOHXUYLHLQGpSHQGDQWH RXO¶DPpOLRUDWLRQGHOHXUVDODLUH &HSHQGDQWFHUWDLQVWUDYDX[SUpFLVHQWTX¶LOHVWSRVVLEOHGHIRQGHUGHVEDQTXHVLVODPLTXHV VSpFLDOLVpHV GDQV O¶LQGXVWULH O¶DJULFXOWXUH RX OH FRPPHUFH WRXW HQ SHUPHWWDQW DX[ EDQTXHV LVODPLTXHVQRQVSpFLDOLVpHODUpDOLVDWLRQGHVVHUYLFHVGDQVFHVGRPDLQHV $LQVL OHV UqJOHV GH GURLW GH FHUWDLQHV EDQTXHV LVODPLTXHV QpFHVVLWHQW O¶H[LVWHQFH G¶XQ OpJLVODWHXUpOXSDUYRWHSDUO¶DVVHPEOpHJpQpUDOHGHODEDQTXHLVODPLTXHHWF¶HVWOHSRQWTXHMH YDLV DQDO\VHU GDQV OH VHFRQG WLWUH GH FH WUDYDLO TXL SRUWH VXU OH FRQWU{OH GDQV OHV EDQTXHV LVODPLTXHV 3DU H[HPSOH O¶DUWLFOH GX GURLW NRZHLWLHQ Q GH VWLSXOH TXH OH FRQWU{OH OpJDO GRLWrWUHH[HUFpGDQVOHVEDQTXHVLVODPLTXHVGHPDQLqUHLQGpSHQGDQWH SDUXQFRQVHLOFRPLWp TXL FRPSUHQGUD WURLV PHPEUHV RX SOXV GRQW OH U{OH VHUD GH V¶DVVXUHU UpJXOLqUHPHQW TXH OD EDQTXHUHVSHFWHVHVREOLJDWLRQVGDQVVHVDFWLYLWpVHWVHVVHUYLFHVjO¶pJDUGGHOD&KDULDFHTXH OH GURLW D FRQVLGpUp FRPPH XQ IRQGHPHQW HVVHQWLHO SRXU OD IRQGDWLRQ G¶XQH EDQTXH LVODPLTXH6XUFHOHVEDQTXHVLVODPLTXHVVXLYHQWOHVWHQGDQFHVGHFHWWHpSRTXHTX¶RQSHXW GpFULUHSDUO¶LQWHQWLRQGHV¶RULHQWHUYHUVO¶,VODP +DVVDQ 6DGLN +DVVDQ VRXOLJQH TXH ©OD FDXVH GH OD IRQGDWLRQ GHV EDQTXHV LVODPLTXHV HVWOHUpVXOWDWG¶XQHGpIHQVHUHOLJLHXVHHWOHVHQWLPHQWGHODPDMRULWpGHVeWDWVLVODPLTXHVTXH OHVEDQTXHVH[LVWDQWHVUpDOLVHQWOHXUVVHUYLFHVSDUOH5LEDG¶XQF{WpHWTXHO¶,VODPHVWGHYHQX . /DORLGHODEDQTXHFHQWUDOHGX.RZHwWQGHOHVDUWLFOHV . . ̱ͳ̱.
(39) XQH EDVH FODLUH GDQV OD SOXSDUW GHV eWDWV LVODPLTXHV DSUqV OHXUV LQGpSHQGDQFH G¶XQ DXWUH F{Wp«ª 3DUWDQW GX SULQFLSH GH SURKLELWLRQ GX 5LED HVW DSSDUXH OD SULVH GH FRQVFLHQFH HW OD UHOHFWXUHGHVV\VWqPHVILQDQFLHUVHWGHVRXWLOVG¶LQYHVWLVVHPHQWGDQVOHV(WDWVLVODPLTXHV(Q HIIHWHQ0DODLVLHRQDFRPPHQFpjSHQVHUGDQVOHVDQQpHVTXDUDQWHDX[FRPSWHVG¶pSDUJQH VDQV LQWpUrWV /H 3DNLVWDQ TXDQW j OXL D DGRSWp O¶LGpH HQ GH IRQGHU XQH EDQTXH TXL DFFHSWH OHV GpS{WV GHV LQGLYLGXV SRXU OHV SUrWHU DX[ SHWLWV DJULFXOWHXUV VDQV LQWpUrWV &HSHQGDQWFHSURMHWQ¶DSDVYXODUpXVVLWHHQUDLVRQG¶DEVHQFHG¶XQV\VWqPHDGPLQLVWUDWLIHW ILQDQFLHUFDSDEOHGHUHPSOLUOHVPLVVLRQVHWDXVVL FDUWURSSHXGHSHUVRQQHRQWGpSRVpOHXUV pSDUJQHVGDQVFHVEDQTXHV'DQVOHPrPHFDGUHHQ(J\SWHGHVEDQTXHV G¶pSDUJQHLQWHUQHV RQWYXOHMRXUHQUHSRVDQWVXUGHVSULQFLSHVGHOD&KDULDLVODPLTXHHWVDQVLQWpUrWVPDLVHQFRUH XQH IRLV FHV EDQTXHV RQW FHVVp GH IRQFWLRQQHU HQ UDLVRQ GH QRQ H[LVWHQFH GHV FDGUHV DSWHV SRXUH[HUFHUO¶DFWLYLWpEDQFDLUHLVODPLTXH(Q RQDIRQGpODEDQTXHVRFLDOH1DVVHUHQ eJ\SWHTXLHVWODSUHPLqUHjH[HUFHUO¶DFWLYLWpEDQFDLUHVDQVLQWpUrWV . $%28-$/$/0$OERXQRXTDOLVODP\D PDINRXPRXKDZDQDFK¶DWRXKDZDWDWDZRXURXKDPD¶DGLUDVVD PD\GDQ\DµDODPDVULILVODP\DOPRX¶DVVDVVDDOZDWDQ\DOLONLWDEDOMD]D¶LU SS . $/)28/<2WDT\PDWWDMULEDDOPDOL]\DILLTDPDWDZDOVRXTQDTG\LVODP\0DMDOODWDOKRTRXT± .RO\DWDOKRTRXT±-DPL¶DWDO,VNDQGDU\DQHW SHWVODSUHPLqUHH[SpULHQFHGHVEDQTXHV LVODPLTXHVUHPRQWHHQ0DODLVLHHQ SXLVTX¶RQDpODERUpODORLGHO¶DFWLYLWpEDQFDLUHLVODPLTXHOD SUHPLqUHEDQTXHLVODPLTXHDYDLWFRPPHDSSHOODWLRQ©ODEDQTXHLVODPLTXHGH0DODLVLHj5KDGVXLWHj XQHLQLWLDWLYHSXEOLTXH$/)28/<9ODUHYXHSUpFLWpHSSHWSUpFLVpPHQW9 6\PSRVLXPRIWKH0DOD\VLDQ([SHULHQFHLQ,VODPLF'DWR$KPDG7DMRXGDQ$EGXO5DKPDQ WKH2SHUDWLRQDQG 7HFKQLFDO$VSHFWRIWKH,VODPLF%DQN &DVH6WXG\RIWKH0DOD\VLD%HUKDG0DUFK 0RKDPPHG5D]LI$GEXO.DGLU WKH5ROHRI7KH&HQWUDO%DQNLQ7KH3ROLF\5HJXODWRU\DQGVXSHUYLVRU\ %DQNLQJLQ0DOD\VLD
(40) ,OV¶DJLWGHGHX[SURMHWVSUpVHQWpVVRXVOHFRQWU{OHGX+DXWMXU\G¶LQYHVWLVVHPHQWSRXUO¶DFFRPSOLVVHPHQWGH O¶DSSOLFDWLRQGHVSULQFLSHVGHOD&KDULDDLVODPLTXH±.RZHwW±HQFROODERUDWLRQDYHFODEDQTXH&HQWUDOHGX .RZHwWHWFHOOHGH0DODLVLH . $/+$,7<+$OPDVVDULIDOVODP\DED\QDDQQDGDU\DZDDWWDWE\TRSFLWS $%28-$/$/0$OERXQRXTDOLVODP\D PDINRXPRXKDZDQDFK¶DWRXKDZDWDWDZRXURXKDPD¶DGLUDVVD PD\GDQ\DµDODPDVULILVODP\DOPRX¶DVVDVVDDOZDWDQ\DOLONLWDEDOMD]D¶LU SS . . $/)28/<0DVV\UDWDOµDPDODOPDVULI\DOLVOPD\ED\QDDVVRX¶RXEDWZDDODIDTDOPRXVWDTEDO\DPDMDOODW DOKRXTRXTNRXO\DWDOKRXTRXTMDPLDWDOLVNDQGDU\DQHW S'¶DXWUHVRQWIDLWUpIpUHQFHjXQH H[SpULHQFHDQWpULHXUHjFHOOHGH1DVVHU,OV¶DJLWGHVEDQTXHVORFDOHVG¶pSDUJQHGDQVOHVFRPSDJQLHVG¶(J\SWH H[ +DVVLQ2PDUTXLQ¶XWLOLVHSDVO¶LQWpUrWHWTXLDFRPPHGpSRVLWDLUHSOXVGH HQWURLVPRLV0DLVFHWWH LQLWLDWLYHDSULVILQHQ HQUDLVRQG¶DEVHQFHGHVEDVHVGHO¶DFWLYLWpEDQFDLUHLVODPLTXH9RLU$/+$,70<$ $OPDVVDULIDOLVODP\DED\QDDQQDGDU\DZDDWWDWE\TRSFLWSHW$/0$/4<$&DOERXQRXTDO LVODP\DED\QDDOILTKZDDOTDQRXQZDDWWDWE\TRSFLW. . ̱ͳͺ̱.
(41)
(42) $SHUoX+LVWRULTXH /D SUHPLqUH WHQWDWLYH SRXU IRQGHU XQH EDQTXH LVODPLTXH D HX OLHX HQ SXLVTX¶RQ DVVLVWHjODIRQGDWLRQGHVEDQTXHVG¶pSDUJQHORFDOHVHQeJ\SWHGRQWOHIRQGDWHXUHVW$+0(' $11$-$5OHSUpVLGHQWGHO¶XQLRQLQWHUQDWLRQDOHGHVEDQTXHVLVODPLTXHVHWFHWWHH[SpULHQFH DIRQFWLRQQpSRXUXQHGXUpHGHWURLVDQV /H SRLQW GH GpSDUW GH FHWWH EDQTXH UHSRVDLW VXU OH QRQ 5LED HW QRQ SDV VXU OH SULQFLSH G¶DSSOLTXHUOHVEDVHVLVODPLTXHVHWSHXWrWUHTXHOHVFLUFRQVWDQFHVSROLWLTXHVpWDLHQWOHVFDXVH PrPHGHO¶DSSHOODWLRQ $XVVLW{WDSUqVODEDQTXHVRFLDOH1DVVHUDYXDXVVLOHMRXU(QHIIHWLOV¶DJLWGHODSUHPLqUH EDQTXH GRQW OH GURLW LQVLVWH VXU OD SURKLELWLRQ GX 5LED $LQVL O¶DFWLYLWp SULQFLSDOH pWDLW ELHQ VRFLDOH HW QRQ SDV ILQDQFLpUH &HSHQGDQW OD PDMRULWp UHMHWWH FHWWH LQWHUSUpWDWLRQ HW SUpIqUH OD EDQTXHLVODPLTXHGH'XEDwGH TXLUHSRVHVXUGHVQDVHVFRPPHUFLDOHVHWHVWFRQVLGqUpH FRPPHODSUHPLqUHEDQTXHLVODPLTXH /HYUDLGpEXWGHODIRQGDWLRQGHVEDQTXHVLVODPLTXHVIRQFWLRQQDQWVHORQOHVSULQFLSHVGH OD &KDULD LVODPLTXH HVW DSSDUX ORUV GH OD FRQIpUHQFH GHV PLQLVWqUHV pWUDQJHUV GHV eWDWV LVODPLTXHVj'MHGGDHQ$UDELH6DRXGLWHHQ RXQWH[WHDpWpSURPXOJXpSRXUODQpFHVVLWp GHFUpHUXQHEDQTXHLQWHUQDWLRQDOHLVODPLTXHSRXUOHVeWDWVLVODPLTXHV (WSDUFRQVpTXHQWRQDDVVLVWpjO¶pODERUDWLRQGHO¶DFFRUGSRXUODIRQGDWLRQGHODEDQTXH LVODPLTXHSRXUOHGpYHORSSHPHQWVLJQpSDUOHPLQLVWqUHGHVILQDQFHVGHVeWDWVLVODPLTXHVHQ &HWWHEDQTXHDGpEXWpVRQDFWLYLWpHQ j'MHGGDHWVDTXDOLWpUpVLGHGDQVOHIDLWTXH F¶HVWXQHEDQTXHSXEOLTXHTXLQHWUDLWHSDVDYHFOHVLQGLYLGXV /DIRQGDWLRQGHVEDQTXHVLVODPLTXHVDSRXUVXLYLVRQFKHPLQMXVTX¶jDWWHLQGUHOHFKLIIUH GHEDQTXHVHWLQVWLWXWLRQVILQDQFLqUHVGDQVSOXVGH pWDWVGXPRQGHVHORQOHUDSSRUWGH GXFRQVHLOJpQpUDOGHVEDQTXHVLVODPLTXHV . . +$0'< $ 7DMWLEDW DO ERXQRXT DO LVODP\D PDMDOODW DO PRXVOLP DO PRX¶DVVLU Q $RXW 6HSWHPEUH 2FWREUH S $/0$57$167DTU\UDOPRX¶DVVDVVDWDWWDWE\T\DOLOLTWLVVDGDOLVODP\DQQDZDILGDOLVODP\DOLOPDVVDULIDO EDQN\DSZZZNDQWDNMLRUJ 0DK\DWDOPDVVDULIDOLVODP\DS ZZZ.DQWDNML2UJ $/$00$5,+$OPDVVDULIDOLVODP\DZDGDZURXKDILWD¶]L]DOTLWD¶DOPDVULILPDMPRX¶DWGHODKDOEDUDND 'LPDFKTS. . ̱ͳͻ̱.
(43) /HVSUHPLqUHVEDQTXHVLVODPLTXHV /DEDQTXHG¶pSDUJQH &¶HVWODSUHPLqUHEDQTXHPpULWDQWFHWWHDSSHOODWLRQ)RQGpHHQ GDQVODUpJLRQ©0\W *KDPUªDQQH[pHjODSUpIHFWXUH©$O'DTKLO\DªHQ(J\SWH&¶HVWELHQOHSUHPLHUSDVYHUVOD IRQGDWLRQ GHV EDQTXHV LVODPLTXHV SXLVTX¶RQ D FRPPHQFp j HVVD\HU G¶DSSOLTXHU OH V\VWqPH EDQFDLUH LVODPLTXH KRUV GH VRQ LPDJH WUDGLWLRQQHOOH &HW HVVDL DYDLW O¶DSSDUHQFH GH EDQTXH G¶pSDUJQHSRUWDQWOHQRPG¶XQSD\VHXURSpHQLOV¶DJLVVDLWGHO¶$OOHPDJQH $KPHG$/1$-$5HVWOHSURSULpWDLUHGHO¶LGpHGHODIRQGDWLRQGHFHWWHEDQTXHHWF¶HVW OXLTXLDPLVHQSODFHFHV\VWqPHSRXUUHPSODFHUFHOXLEDVpVXUOH5LED/¶LGpHJpQpUDOHF¶HVW TXHFHWWHEDQTXHGRLWH[HUFHUVRQDFWLYLWpVHORQWURLVVRUWHVGHFRPSWHV 3UHPLqUHPHQW OHFRPSWHGHVGpS{WV/DEDQTXHDFFHSWHOHVGpS{WVGHVSDUWLFXOLHUVDYHF OHWDX[OHSOXVEDVSRVVLEOHMXVTX¶DXWDX[]pUR/HSDUWLFXOLHUSHXWUHWLUHUWRXWVRQFRPSWHRX XQHSDUWVDQVREOLJDWLRQVHWODEDQTXHQHSD\HSDVG¶LQWpUrWVXUFHFRPSWH (Q FRQWUHSDUWLH OD EDQTXH GRQQH XQ FUpGLW VDQV LQWpUrW VHXOHPHQW SRXU XQ REMHFWLI FRPPHUFLDOSRXUTXHOHSDUWLFXOLHUSXLVVHSD\HUOHFUpGLWVDQVGLIILFXOWp 'HX[LqPHPHQWO¶LQYHVWLVVHPHQWSDUODFROODERUDWLRQ/DEDQTXHDFFHSWHO¶DUJHQWDYHFXQ WDX[EDV /D EDQTXH YD LQYHVWLU O¶DUJHQW GH FH FRPSWH VRLW SDU HOOHPrPH VRLW SDU OH ELDLV GHV H[SHUWVHW GHVVSpFLDOLVWHVTXL YRQW O¶LQYHVWLUGDQVGLIIpUHQWV GRPDLQHV LQGXVWULHOVDJULFROHV RXFRPPHUFLDX[$LQVLjODILQGHFKDTXHDQQpHLOFRPSWHVHV JDLQV HW VHVSHUWHVSRXUOHV GLVWULEXHUVXUOHVLQYHVWLVVHXUV TXL RQW GHV FDSLWDX[PDLV TXLQHSHXYHQWSDV OHVLQYHVWLUSDU HX[PrPHVHWTXLVRXKDLWHQWDXVVLOHVDXJPHQWHU 7URLVLqPHPHQWOHFRPSWHGHOD=DNDW DSSHOpDXVVLOHFRPSWHGHOD=DNDWHWGXVHUYLFH VRFLDO /D EDQTXH UHoRLW O¶DUJHQW GH OD =DNDW GRQQpH SDU OHV SDUWLFXOLHUV SRXU ILQDQFHU VHV FRPSWHVOpJLVODWLIVO¶DXP{QHHWDXWUHVGRQVOpJDX[ &HWWH H[SpULHQFH D YX XQ JUDQG VXFFqV JUkFH DX[ SHUVRQQHV TXL OD JqUHQW SXLVTX¶LOV VH EDVHQWVXUGHVSULQFLSHV FRPPHUFLDX[VROLGHVOHXUERQQHpWXGHGHVLQYHVWLVVHPHQWVHWDXVVL OHXUFKRL[GHVLQGLYLGXVTXLOHXUVHURQWDVVRFLpV&HSHQGDQWOHQRPEUHGXSHUVRQQHOGDQVOD . /DEDQTXHG¶pSDUJQHHQeJ\SWHHVWODSUHPLqUHEDQTXHLVODPLTXHKRUPLVOHVEDQTXHVFRRSpUDWLYHVGHO¶,QGHHW GX3DNLVWDQFHVGHUQLqUHVQRQSDVGXUpFRPPHFHOOHG¶pSDUJQH-$7<$$OERXQRXTDOLVODP\DRSFLWS $/1$-$5$+DUDNDWDOERXQRXTDOLVODP\DRSFLWS ,GHPS. . ̱ʹͲ̱.
(44) EDQTXHDDWWHLQWSOXVGHTXDWUHPLOOHHPSOR\pVHQXQVHXOPRLVGHSXLVVDIRQGDWLRQHWOHWDX[ DDXJPHQWpMXVTX¶jGL[KXLWPLOOHVHPSOR\pVHQIpYULHU &HWWH LQLWLDWLYH D FRQQX XQ JUDQG pODQ HW OD PDMRULWp GHV JHQV RQW DFFHSWp O¶LGpH GHV FRPSWHV VDQV LQWpUrWV HW SDU FRQVpTXHQW OH IRQGDWHXU GH FHWWH H[SpULHQFH D UHoX SOXV GH VRL[DQWHGL[ GHPDQGHV GH GLIIpUHQWHV UpJLRQV G¶eJ\SWH SRXU OD IRQGDWLRQ GHV EDQTXHV G¶pSDUJQH $LQVL RQ D IRQGp FLQT DXWUHV EDQTXHV WHOOHV FHOOH GH ©0\W *KDPUª GDQV FLQT YLOOHVG¶$O'DTKLO\DHWRQDG¶DXWUHVH[HPSOHVGDQVG¶DXWUHVUpJLRQV )RUFH HVW GH UDSSHOHU TXH FHWWH LQLWLDWLYH D VXVFLWpH DXVVL O¶LQWpUrW HW O¶pWXGH GHV H[SHUWV G¶(XURSHHWG¶$PpULTXHHQFRQVWDWDQWTX¶LOV¶DJLWG¶XQERQPR\HQSRXUOHGpYHORSSHPHQWGHV VRFLpWpV$SUqVXQHSpULRGHGHDQVFHPRGqOHGHEDQTXHDpWpUHPSODFpSDUOHV\VWqPHGX 5LEDHWSDUFRQVpTXHQWODGHVWUXFWLRQGHVEDVHVLVODPLTXHV /DEDQTXHVRFLDOHGH1DVVHU &HWWH EDQTXH D pWp IRQGpH HQ eJ\SWH HQ DYHF OD SURPXOJDWLRQ GH OD ORL Q GH &HWWH ORL SUpYRLW OD FRQVWLWXWLRQ G¶XQH DVVHPEOpH JpQpUDOH VRXV OH QRP OD EDQTXH VRFLDOH GH 1DVVHU
(45) D\DQW OD SHUVRQQDOLWp PRUDOH GRQW OH VLqJH VHUDLW DX &DLUH HW VXLYDQW OH PLQLVWUH GX 7UpVRU 6HORQ OD ORL IRQGDWULFH GH FHWWH EDQTXH FHWWH GHUQLqUH GRLW SDUWLFLSHU j O¶DPpOLRUDWLRQGHODEDVHGHODVROLGDULWpVRFLDOHWHO x /H UDSSRUW GX V\VWqPH GHV SHQVLRQV HW GHV DVVXUDQFHV HW VXUWRXW O¶DVVXUDQFH FRRSpUDWLYHSRXU FHX[TXL QHEpQpILFLHQWSDV GH SHQVLRQV HW G¶DVVXUDQFH VRFLDOHGHPDQLqUH JUDGXHOOH. x 2FWUR\HUGHVFUpGLWVDX[FLWR\HQV. x $FFHSWHUOHVFDXWLRQVHWVXUWRXWFHOOHG¶pSDUJQHHWRUJDQLVHUVRQLQYHVWLVVHPHQW. x ,QYHVWLUO¶DUJHQWGHODFRPPLVVLRQGDQVGHVLQYHVWLVVHPHQWVSXEOLFVHWDXVVLSULYpVHW ODSULRULWpHVWGRQQpHDX[LQYHVWLVVHPHQWVGRQWODVRFLpWpDEHVRLQ. x 2FWUR\HUGHVDLGHVDX[SHUVRQQHVTXLRQWHQEHVRLQHWQHSDVXWLOLVHUOH5LED. (Q HIIHW FHWWH EDQTXH HVW FRQVLGpUpH FRPPH pWDQW OD SUHPLqUH EDQTXH LVODPLTXH RIILFLHOOHHQWKpRULHGDQVOHPRQGHLVODPLTXH6DORLDFODLUHPHQWSUpYXGHQHSDVXWLOLVHUOH . . $/1$-$5$+DUDNDWDOERXQRXTDOLVODP\D2SFLWS ,GHPS 9RLUOHUDSSRUWGH$/1$-$5VXUXQFKHUFKHXUDPpULFDLQ« $/1$-$5+DUDNDWDOERXQRXTDOLVODP\DRSFLWS $7,<$$OERXQRXTDOLVODP\DRSFLWHW$/1$--$5+DUDNDWDOERXQRXTDOLVODP\DRSFLWSS . . . ̱ʹͳ̱.
(46) 5LED HW TXH OD EDQTXH UHPSOLUD GHV VHUYLFHV VRFLDX[ DFFHSWHUD O¶DUJHQW SRXU O¶LQYHVWLU HW GRQQHUGHVFUpGLWVSRXUFHX[TXLRQWHQEHVRLQ /HWH[WHGHORLDVRXOLJQpTX¶XQHGpGXFWLRQGHGHVILQDQFHVDGPLQLVWUDWLYHVVHUDIDLWH HWGHVGpSHQVHVGHQRQSDLHPHQWGHVULVTXHVSRXUFKDFXQHGHVDQQpHVVXUOHFUpGLW /HFDSLWDOGHODEDQTXHFRPSUHQGOHVWDX[TXHOHSUpVLGHQWGHO¶eWDWGpFLGHGH GpGXLUH GHV UHVVRXUFHV ILQDQFLqUHV pWUDQJqUHV GH O¶eWDW HW WRXW DXWUH LQYHVWLVVHPHQW FRQFHUQDQW O¶DXWRULWpSXEOLTXHRXOHVpWDEOLVVHPHQWVSXEOLFV«0DLVFHWWHEDQTXHFRPPHOHVRXOLJQH$ 1$-$5DFRPPHQFpjFUpGLWHUDYHFGHVLQWpUrWVHWGHVJDUDQWLHVWUqVVpYqUHVHWTXDQGHOOH V¶HVW PLV j H[HUFHU G¶DXWUHV DFWLYLWpV LO V¶DJLVVDLW G¶LPSRUWHU GHV PDUFKDQGLVHV HW GHV YRLWXUHVSRXUOHVUHYHQGUH«RQV¶HVWWURXYpGDQVGHVDFWHVVXVSHFWV6XUFHOD$1$-$5D GpSRVpGHV UDSSRUWVVXU OHV\VWqPH FHQWUDO GHV FRPSWHV FRQFHUQDQW OHELODQGHODEDQTXHHQ HW RLODPHQWLRQQpTXHODEDQTXHSDUWLFLSDLWHWIRQFWLRQQDLWSDUOH5LEDFHTXLHVW FRQWUDLUHDX[GLVSRVLWLRQVGHODORLQGH )RUFH HVW GH PHQWLRQQHU TXH OD ORL GH OD EDQTXH HW VRQ DJHQGD QH FRQWLHQQHQW DXFXQH PHQWLRQGXFRQWU{OHOpJLVODWLIRXGHO¶,VODPPDLVV¶DSSXLHVHXOHPHQWVXUO¶HPEOqPH VRFLpWp GHO¶HIILFDFLWpHWGHODMXVWLFH
(47) FRPPHEDVHGHODEDQTXH /DEDQTXHLVODPLTXHSRXUOHGpYHORSSHPHQW &¶HVWXQHLQVWLWXWLRQLQGpSHQGDQWHIRQGpHOH HOOHDFRPPHQFpjIRQFWLRQQHU OH 6RQ FDSLWDO HVW GH XQ PLOOLDUG GH 'LQDUG (OOH FRPSUHQG eWDWV GHV SD\V PXVXOPDQVWRXVIDLVDQWSDUWLHVGHODFRQIpUHQFHLVODPLTXHHWDXVRPPHWRQWURXYHO¶$UDELH 6DRXGLWHOD/\ELHO¶eJ\SWHOH.RZHwWOHVePLUDWVOD-RUGDQLHOH3DNLVWDQHWOD0DODLVLH /HEXWGHODIRQGDWLRQGHFHWWHEDQTXHpWDLWGHUDVVHPEOHUO¶DUJHQWGHVPXVXOPDQVTXLHVW GpSRVpGDQVGHVEDQTXHVQRQLVODPLTXHVGHVSD\VpWUDQJHUV&HWWHEDQTXHGHYDLWVHEDVHUVXU OHV SULQFLSHV GH OD &KDULD LVODPLTXH TXL VRQW OH IRQGHPHQW GX FRPPHUFH GDQV OH PRQGH LVODPLTXHHWGHSRXUVXLYUHOHVERQVPR\HQVSRXUIDYRULVHUOHGpYHORSSHPHQWpFRQRPLTXHHQ LQYHVWLVVDQW GDQV O¶LQGXVWULH ORXUGH IRQGHU GHV EDUUDJHV UpSDUHU GHV WHUUHV DELPpHV HW HQFRXUDJHUOHFRPPHUFHLQWHUQDWLRQDOHQWUHOHVSD\VPHPEUHVGHODEDQTXH (QUHYDQFKHFHFLDIDLWJDJQHUjODEDQTXHGHVLQYHVWLVVHPHQWVDLQVLTX¶jO¶HQVHPEOHGHV SD\V LVODPLTXH SDUWLFLSDQWV SXLVTXH OHV pWDWV ULFKHV SDUWLFLSHQW ILQDQFLqUHPHQW DORUV TXH OHV . $/1$-$5RSFLW $7,<$ $O ERXQRXT DO LVODP\D RS FLW SS 'LUUDVVDW IL DO LTWLVVDG DO LVODP\ H[WUDLW GH OD GHX[LqPH FRQIpUHQFHPRQGLDOHVXUOHFRPPHUFHLVODPLTXHTXLDHXOLHXDX3DNLVWDQHQ VRXVLQYLWDWLRQGX5RL$EGHO $]L]pGLWLRQ UHFKHUFKH$/0$665<5S )$5+28'0$OKRXNPDFKDU¶LOLOLVWLWPDUDWZDDONKDGDPDWDOPDVULI\DDOODWLWDTRXPRXELKDDOERXQRXTDO LVODP\D2SFLWSS . . ̱ʹʹ̱.
(48) DXWUHV SDUWLFLSHQW SDU OHXU SUpVHQFH GH SRSXODWLRQ OHXU H[SpULHQFH HW OHXU VDYRLU IDLUH QRQ H[SORLWp7HOVVRQWOHVEXWVGXWH[WHGHORLGHEDVH 4XDQW DX F{Wp SUDWLTXH O¶DXWHXU $$/ 1$-$5 GpFODUH ©M¶DL DVVLVWp j OD GHX[LqPH UpXQLRQDQQXHOOHGXFRQVHLOGHODEDQTXHLVODPLTXHGXGpYHORSSHPHQW .XDOD/XPSXUOH GpFHPEUH
(49) RXQFRPSWDEOHGHODEDQTXHDSUpYXGDQVVRQUDSSRUWTXHOHVEpQpILFHVRXV IRUPHG¶LQWpUrWVRQWGHVPpULWHVGHODEDQTXHSRXUOHVPRQWDQWVGHVFDXWLRQVTXLVRQWGpSRVpV GDQV OHV EDQTXHV pWUDQJqUHV TXL FRXWHQW HQYLURQ WUHQWH PLOOLRQV GH 'ROODUV /D EDQTXH GpSRVDLW VHV FRPSWHV GDQV O¶LQVWLWXWLRQ GH OD EDQTXH DUDEH GH O¶$UDELH 6DRXGLWH SRXU OH GpYHORSSHPHQW TXL j VRQ WRXU OH SUrWH DYHF GHV LQWpUrWV DX[ EDQTXHV pWUDQJqUHV /HV PHPEUHVGXFRQVHLOGHODEDQTXHLVODPLTXHSRXUOHGpYHORSSHPHQWRQWGLVFXWpVXUOHGHVWLQGH FHWDUJHQWHWFRPPHQWO¶XWLOLVHUª /DEDQTXHLVODPLTXHGH'XEDw ',%
(50) /D EDQTXH D pWp IRQGpH OH PDUV HW HOOH D VRQ VLqJH j 'RXEDw VRXV GpFUHW GX &KHLNK 5DFKHG $/ 0DNWRXP /H IRQGDWHXU pWDLW (/ +DGM 6DLG $KPHG /RXWDK DYHF VHV PR\HQV ILQDQFLHUV &RQFHUQDQW OD IDFXOWp PRUDOH +DVVDQ $EDVV =DNL pWDLW j O¶pSRTXH OH FRQVHLOOHU GX SUpVLGHQW GH FHWWH EDQTXH HW PHPEUH GX FRQVHLO FULWLTXH GH O¶eWDW V¶DMRXWHQW DXVVL ,VVD $EGRXK HW G¶DXWUHV 2XODPDV PXVXOPDQV HQWUH DXWUHV $EG (/ %DGLL 6DTU 2Q D DFFHSWp OD IRQGDWLRQ GH FHWWH EDQTXH SXLVTX¶HOOH D pWp GpFODUpH FRPPH pWDQW XQH VRFLpWp SXEOLTXHOLPLWpHSDUWLFLSDQWHTXLSRUWHOHQRPGH©EDQTXHLVODPLTXHGH'RXEDwª2XWUH(/ +DGM6DLG$KPHG/RXWDK5DFKHG/RXWDK6RXOWDQ$KPHG/RXWDK0RXKDOHG1DVVHU/RXWDK HW$GEHOODK6DLGRQWSDUWLFLSpjVDIRQGDWLRQ/HWH[WHIRQGDWHXUGHODEDQTXHVRXOLJQHTXHOD EDQTXH GRLW H[HUFHU WRXWHV VHV DFWLYLWpV VDQV 5LED (OOH GRLW DFFRPSOLU WRXV OHV VHUYLFHV ILQDQFLHUV G¶LQYHVWLVVHPHQW GLUHFW HQ DFKHWDQW RX HQ YHQGDQW GHV LQYHVWLVVHPHQWV H[HUFHU WRXWHV OHV DFWLYLWpV GHV EDQTXHV HW GHV FRPSWHV G¶pSDUJQH UHPSOLU OHV IRQFWLRQV GHV HQWUHSULVHVHWOHVWUDYDX[SRXUO¶H[WUDFWLRQPLQLqUHGHVKXLOHVGHVSLHUUHVHWWRXWDXWUHSURGXLW QDWXUHO (Q RXWUH OD EDQTXH GRLW UHPSOLU OHV VHUYLFHV GX VHFWHXU G¶LQYHVWLVVHPHQW GDQV O¶DJULFXOWXUHHWWRXWHVOHVRSpUDWLRQVG¶LPSRUWHWH[SRUWGHODQDYLJDWLRQPDULWLPHHWDpULHQQH OHWUDQVSRUWURXWLHUODFRQVWUXFWLRQGHVURXWHV HW GHVEDUUDJHVO¶DFKDWGHVWHUUHVHWGHVWLWUHV DILQ GH OHV UHYHQGUH GDQV OHXU pWDW LQLWLDO HW FHFL VXU OD EDVH GHV SULQFLSHV GH OD &KDULD LVODPLTXH . $/1$-$5+DUDNDWDOERXQRXTDOLVODP\D2SFLWS. . $7,<$$OERXQRXTDOLVODP\DRSFLWS5HFKHUFKHGH$/0$665<5PLQNLWWDEGLUUDVVDGILDOLTWLVVDGDO LVODP\RSFLWS $1$-$5+DUDNDWDOERXQRXTDOLVODP\D2SFLWS. . ̱ʹ͵̱.
(51) /H.RZHwW)LQDQFH+RXVH .)+
(52) /¶LQLWLDWLYH SRXU OD FRQVWLWXWLRQ GH FHWWH EDQTXH UHYLHQW j $KPHG %D]LJK <DVVLQ TXL YRXODLW GHSXLV TXH OHV EDQTXHV H[HUFHQW OHXUV IRQFWLRQV VXU OHV EDVHV GH OD &KDULD LVODPLTXHHWELHQORLQGX5LED(Q LODpWpPHPEUHGHODFKDPEUHGXFRPPHUFHHWGH O¶LQGXVWULH HW DXVVL GX FRQVHLO DGPLQLVWUDWLI GX .RZHwW )LQDQFH +RXVH LO D GHPDQGp OD IRQGDWLRQGHVEDQTXHVLVODPLTXHVDX.RZHwWPDLVLOQ¶DSDVSXODUpDOLVHUMXVTX¶jO¶DUULYpH GDQV OHV DQQpHV GX ,VVD $EGRXK &H GHUQLHU D VXJJpUp O¶LGpH GH OD IRQGDWLRQ GH FHWWH EDQTXH/¶LGpHDpWpUHSULVHSDU$EG$UDKPDQ$O$WLTLPLQLVWUHGHVILQDQFHVjFHWWHpSRTXH HWDYHFOHVRXWLHQGX&KHLNK-DELU$O$KPHG$VVDEDKTXLpWDLWOHSULQFHKpULWLHUHWPHPEUH GX FRQVHLO GHV PLQLVWUHV 2Q D DVVLVWp j OD IRQGDWLRQ GX .RZHwW )LQDQFH +RXVH HQ YHUWX GX GpFUHW GX SULQFH HQ &HSHQGDQW $KPHG %D]LJK <DVVLQ D pWp GpFUpWp FRPPH SUHPLHU SUpVLGHQW GX FRQVHLO DGPLQLVWUDWLI HW PHPEUH DIIHFWp DX .RZHwW )LQDQFH +RXVH &HWWH LQVWLWXWLRQ HVW FRQVLGpUpH FRPPH pWDQW OD SUHPLqUH LQVWLWXWLRQ ILQDQFLqUH TXL H[HUFH VHV IRQFWLRQVVHORQOHVSULQFLSHVGHOD&KDULDLVODPLTXHHQ.RZHwWHWF¶HVWOH TX¶HOOH DFRPPHQFpjUHPSOLUVHVVHUYLFHV /H .RZHwW )LQDQFH +RXVH D pWp IRQGpH FRPPH XQH VRFLpWp SDU DFWLRQV NRZHLWLHQQHV IRQGpH SDU OH PLQLVWUH GHV $ZTDI HW GHV DIIDLUHV LVODPLTXHV OH PLQLVWUH GH ILQDQFH HW OH PLQLVWqUHGHODMXVWLFHDYHFXQFDSLWDOGHGL[0LOOLRQ.'/HVQRQNRZHLWLHQVQ¶\SHXYHQW SDVFRQWULEXHUVHORQOHGpFUHWQGHO¶DQQpH &HPrPHGpFUHWOHFRQVLGqUHHQWDQWTXH VRFLpWp SDU DFWLRQV NRZHLWLHQQHV TXL H[HUFH OHV DFWLYLWpV GHV HQWUHSULVHV ILQDQFLqUHV OHV DVVXUDQFHV HW OHV GLYHUV DVSHFWV G¶LQYHVWLVVHPHQW WRXW HQ UHVSHFWDQW OHV EDVHV GH OD &KDULD LVODPLTXH /¶DVVRFLDWLRQLQWHUQDWLRQDOHGHVEDQTXHVLVODPLTXHV &HWWHDVVRFLDWLRQDpWpIRQGpHHQ (OOHDVRQVLqJHFHQWUDOjOD0HFTXHHWVRQVLqJH RSpUDWLRQQHO DX &DLUH 6D SHUVRQQH PRUDOH VH OLPLWH DX[ EDQTXHV LVODPLTXHV /H EXW GH O¶DVVRFLDWLRQ HVW GH VRXWHQLU OHV UHODWLRQV HQWUH OHV EDQTXHV LVODPLTXHV PDLQWHQLU OD FRRSpUDWLRQHWODFRRUGLQDWLRQHQWUHOHVGLIIpUHQWVVHUYLFHVDILQG¶RIIULUDLGHHWH[SpULHQFHDX[ . . $7,<$2SFLWSHW50$665,2SFLWS (W++$O-RXPRX¶D$OERXQRXT$O,VODP\DILGDZODW $O.RXZLW.RZHLWSUHPLqUHpGLWLRQS . )$5+28'$OKRXNPDFKDU¶LOLOLVWLWPDUDWZDDONKDGDPDWDOPDVULI\DDOODWLWDTRXPRXELKDDOERXQRXTDO LVODP\DRSFLWS. . $/ 1$-$5 +DUDNDW DO ERXQRXT DO LVODP\D RS FLW S 'LUDVVDW IL DO LTWLVVDG DO LVODP\D 5 $O PDVVU\2SFLWS . . ̱ʹͶ̱.
(53) VRFLpWpV LVODPLTXHV TXL VRXKDLWHQW IRQGHU GHV EDQTXHV LVODPLTXHV (OOH HVW DXVVL FKDUJpH G¶DFFRPSOLU OH VXLYL GH OD IRQGDWLRQ GHV EDQTXHV DX QLYHDX UpJLRQDO HW LQWHUQDWLRQDO HQ HQFRXUDJHQW OHXUV VHUYLFHV HW OHV DFWLYLWpV $LQVL HOOH D SRXU REOLJDWLRQ GH FRRSpUHU GH FROODERUHU HW G¶pFKDQJHU OHV H[SpULHQFHV HQWUH O¶HQVHPEOH GHV EDQTXHV LVODPLTXHV WRXW HQ UHVSHFWDQW OD GLVFUpWLRQ WRWDOH HW QH GRLW SDV GLYXOJXHU O¶LQIRUPDWLRQ HQ GHKRUV GHV EDQTXHV PHPEUHV /¶DVVRFLDWLRQ GRLW DXVVL DSSRUWHU GH O¶DLGH HW OHV VROXWLRQV DX[ SUREOqPHV GHV EDQTXHV WRXW HQ JDUGDQW FHWWH OLPLWH GH QH SDV LQWHUYHQLU GDQV OHXUV SURSUHV DIIDLUHV H[pFXWLYHV &HWWHDVVRFLDWLRQLQWHUQDWLRQDOHFRQVWLWXHOHVLQWpUrWVDFWLRQQDLUHVGHVEDQTXHVLVODPLTXHV j WRXV OHV QLYHDX[ OD GpIHQVH GH FHV LQWpUrWV HW OD UHFKHUFKH SRXU UpDOLVHU OD OLEHUWp GH FLUFXODWLRQ GHV IRQGV HQWUH OHV EDQTXHV LVODPLTXHV (Q HIIHW O¶DVVRFLDWLRQ GRLW UpDOLVHU FHV REMHFWLIV SRXU DXJPHQWHU OH QLYHDX G¶HPSOR\pV WUDYDLOODQW GDQV FHV EDQTXHV &HFL HVW UHPDUTXp GDQVODSUpSDUDWLRQGHV pWXGHVG¶LQYHVWLVVHPHQWVSULYpVGHVEDQTXHV LVODPLTXHV HW OHXUVVXJJHVWLRQVGHVPR\HQVGHJHVWLRQGHVUHVVRXUFHV 2Q D pOX SDU YRWH OH SULQFH 0RKDPHG )D\VDO SUpVLGHQW GH O¶DVVRFLDWLRQ HW $KPHG $O 1DMDU FRPPH VRQ 6HFUpWDLUH *pQpUDO /¶DVVRFLDWLRQ UHPSOLW VHV IRQFWLRQV SDU OH ELDLV GX &RQVHLO DGPLQLVWUDWLI O¶$VVHPEOpH *pQpUDOH HW O¶DXWRULWp OpJLVODWLYH /HV UHSUpVHQWDQWV GHV RUJDQLVDWLRQV LVODPLTXHV UpJLRQDOHV HW LQWHUQDWLRQDOHV SHXYHQW SDUWLFLSHU DX[ UpXQLRQV GX FRQVHLOHQWDQWTX¶REVHUYDWHXUV,OVRQWOHGURLWGHSDUWLFLSHUDX[FRQIpUHQFHVPDLVQ¶RQWSDVOH GURLW GH YRWH 4XDQW j O¶DXWRULWp OpJLVODWLYH HOOH FRPSUHQG OHV SUpVLGHQWV GH OD VXUYHLOODQFH OpJLVODWLYHGHFKDTXHEDQTXH7RXWHIRLVOH&RQVHLODGPLQLVWUDWLIDODIDFXOWp GH UDMRXWHUGHV 2XOpPDVHWGHVMXULVFRQVXOWHVTX¶LOMXJHFRPSpWHQWV/DVSpFLDOLWpGHFHWWHDXWRULWpHVWOHVXLYL GHO¶DFWLYLWpGHVEDQTXHVPHPEUHVSDUOHELDLVGXVHFUpWDULDWGHO¶DVVRFLDWLRQHWGHYHLOOHUjVD FRPSDWLELOLWpDYHFOHVSULQFLSHVGHOD&KDULD(OOHGRLWDXVVLGHPDQGHUDX[EDQTXHVPHPEUHV OHXUDFFRUGVXUO¶HQVHPEOHGHVGRQQpHV (QILQWRXWHVOHVLQVWLWXWLRQVEDQFDLUHVTXHQRXVDYRQVPHQWLRQQpHVQHUHSUpVHQWHQWTXH TXHOTXHV H[HPSOHV GH EDQTXHV LVODPLTXHV GDQV OH PRQGH (OOHV FRQVWLWXDLHQW O¶pFODW GH O¶DFWLYLWpEDQFDLUHLVODPLTXHHWjWUDYHUVOHVEDQTXHVTXLOHXURQWVXFFpGpHVHOOHVGHPHXUHQW WRXMRXUVDXMRXUG¶KXL /HVSDUWLFXODULWpVGHVEDQTXHVLVODPLTXHV /D SDUWLFXODULWp GHV EDQTXHV LVODPLTXHV FRQVLVWH j UHVSHFWHU OHV SULQFLSHV GH OD &KDULD LVODPLTXHGDQVO¶HQVHPEOHGHOHXUVDFWLYLWpVGDQVODPHVXUHROD&KDULDLVODPLTXHSUpVHQWH XQHQVHPEOHFRPSOHWG¶XQV\VWqPHGHYLH\FRPSULVO¶DFWLYLWpFRPPHUFLDOHWHOOHO¶pSDUJQH . ̱ʹͷ̱.
(54) O¶LQYHVWLVVHPHQW«(QHIIHWO¶LQWHUGLFWLRQGX5LEDQHVXIILWSDVPDLVLOIDXWTXHOHVDFWLYLWpV VRLHQWFRQIRUPHVDXSULQFLSHGHFHTXLHVWOLFLWHRXQRQ&HSHQGDQWODEDQTXHLVODPLTXHQH GRLWSDVUHPSOLUGHVVHUYLFHVTXLSHXYHQWrWUHFRQWUDLUHjO¶,VODP6XUODEDVHGHFHVPRWLIV OHVEDQTXHVLVODPLTXHVSRVVqGHQWGHVSDUWLFXODULWpVTXLOHVFDUDFWpULVHQWHWSDUFRQVpTXHQWOHV OLJQHVVXLYDQWHVVHURQWFRQVDFUpHVjPHWWUHHQOXPLqUHFHVSDUWLFXODULWpV
(55) 5{OHGHV,QVWLWXWLRQVILQDQFLqUHVLVODPLTXHV /¶H[FOXVLRQGHO¶LQWpUrW /DSUHPLqUHSDUWLFXODULWpTXHODEDQTXHLVODPLTXHPHWHQ°XYUHHVWO¶H[FOXVLRQGX 5LED VXUWRXWHVOHVRSpUDWLRQV,OV¶DJLWGHODEDVHIRQGDPHQWDOHGHFKDTXHEDQTXHLVODPLTXHGDQV ODPHVXUHRVLOH5LEDH[LVWHODEDQTXHVHUDFRQVLGpUpHFRPPHWRXWHDXWUHEDQTXH(QHIIHW O¶,VODPDSURKLEpOH5LEDVRXVWRXWHVVHVIRUPHVHWLODDXVVLPHQWLRQQpGHVVDQFWLRQVVpYqUHV ©Ð OHV FUR\DQWV &UDLJQH] 'LHX HW UHQRQFH] DX UHOLTXDW GH O¶LQWpUrW XVXUDLUH VL YRXV rWHV FUR\DQWV(WVLYRXVQHOHIDLWHVSDVDORUVUHFHYH]O¶DQQRQFHG¶XQHJXHUUHGHODSDUWGH'LHXHW GH6RQPHVVDJHU(WVLYRXVYRXVUHSHQWH]YRXVDXUH]YRVFDSLWDX[9RXVQHOpVH]SHUVRQQH HWYRXVQHVHUH]SRLQWOpVpVª $YHFFHSULQFLSHODEDQTXHLVODPLTXHVHWURXYHHQKDUPRQLHDYHFO¶HQVHPEOHGHVDXWUHV LQVWLWXWLRQV ILQDQFLqUHLVODPLTXHV OHWRXWFRQVWLWXHXQHQVHPEOH FRPSOHW HW FRKpUHQW GDQV OH V\VWqPH LVODPLTXH &¶HVW DXVVL SDUFH TXH WRXWHV OHV LQVWLWXWLRQV LVODPLTXHV \ FRPSULV OD EDQTXH LVODPLTXH WUDYDLOOHQW GXU SRXU QHWWR\HU OD VRFLpWp LVODPLTXH GH WRXW FH TXL SHXW SDUDLWUHLQFRPSDWLEOHDYHFODUHOLJLRQ /H5LEDDSOXVLHXUVF{WpVQpJDWLIV2QHVWDOOpMXVTX¶jGLUHTX¶LO\DXQHTXDVLXQDQLPLWp VXU O¶LGpH TXH OH 5LED HVW OH VRPPHW GH O¶LQMXVWLFH HW GH O¶H[SORLWDWLRQ SXLVTXH OH SUrWHXU UpFXSqUH VRQ FUpGLW DYHF XQH YDOHXU DMRXWpH DEVWUDFWLRQ IDLWH GH O¶pWDW GX GpELWHXU 3OXV OHV FULVHV VRQW QRPEUHXVHV SOXV OHV RSpUDWLRQV GX 5LED DXJPHQWHQW HW OHV JHQV TXL O¶XWLOLVHQW WURXYHQW OHXU ERQKHXU GDQV O¶H[SORLWDWLRQ GHV SHUVRQQHV GpELWULFHV HW SDU FRQVpTXHQW RQ DVVLVWHjODFRQVWLWXWLRQG¶XQHFODVVHTXLSRVVqGHGHVFDSLWDX[FHTXLOXLSHUPHWGHPDQLSXOHU . 1$66(5*2XVVRXODOPDVULI\DDOLVODP\D'DUDERXORXOLWLED¶DZDDQQDFKU/H&DLUH SHWV$/ .+$',5< 0$ $O ERXQRXT DO LVODP\D RS FLW S $/ .$)5$:< $0 $O ERXQRXT DO LVODP\D DQRXTRXGZDDOERXQRXTILDQLGDPDOLVODP\0DUND]DOLVNDQGDU\DOLONLWDE SHWV %<280<6,GDUDWDOERXQRXTDOLVODP\DRSFLWS$O0DOT\$&$OERXQRXTDOLVODP\DRSFLWS 3XLVTXHO¶HQVHPEOHGHVWH[WHVHWGHVORLVLQFLWHQWjO¶DQQXODWLRQGX5LED /H6DLQW&RUDQ 6RXUDWH$O%DTDUDKYHUVHW HW . . ̱ʹ̱.
Documents relatifs
En fonction de celles-ci, droit musulman et charia peuvent être la référence à l’islam dans un environnement juridique, un slogan dénonçant l’illégitimité
رامثتسالا تاباسح ةعيبط ىلإ كلذ عجريو ،لزاب ةنجل لبق نم اهحارتقا مت امك لالما سأر ةيافك عئادولا موهفمب عئادو تسيل اهنأ ثيح
To try in a modest but continuing way to help in the necessary remedying of this last quite deplorable situation of widespread failure to apply available knowledge to
fondies et convergentes, paraissent certes s’entendre pour considérer que la condition de subsidiarité n’autoriserait l’action fondée sur l’enrichisse- ment sans cause que
C’est au XIX e siècle, dans le prolongement de l’Expédition de Bonaparte en Égypte et des grandes entreprises coloniales britanniques et françaises, que se produit
This chapter also presents the sensitivity study done separately for each of the three additional retention tanks upstream (Périnot, Bourran, and Chêne Vert), which aims to select
Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of
Cette partie a pour objectif dans un premier temps de replacer les PP dans leur contexte législatif, puis de faire le point sur l’état des connaissances actuelles relatives à
