Introducción Educación Inclusiva

 

  > kh >: 

>. XAMFNFMÖO FXQQMFXDNQ OCLAQH KH DN NVMJON[XQN

FÖKMJC MOV[M[XFMCOND

ÎQHN

PQCBXOKMYNFMÖO. Fökmjc nsmjonkc pcr rhjmstrc y fcotrcd   fcotrcd [MPC KH PHQÌCKC NFNKÍLMFC Vhlhstrnd (>2 shlnons) Funtrmlhstrnd (>1 shlnons) [rmlhstrnd (= shlnons) U ECQNV KH [QNANIC FQÍKM[CV QHDNFMÖO KHD FCO ECQNV KH [QNANIC NFNKÍLMFCV KH DN FQÍKM[C NFCLPNÞNLMHO[C MOKHPHOKMHO[H NVMJON[XQN NFNKÍLMFC KMQHF[C 1 >2 50 >98 [HU[C(V) KH HV[XKMC   LNQFC KH DN HKXFNFMÖO MOFDXVMRN DN N[HOFMÖO HKXFN[MRN N DN PCADNFMÖO FCO KMVFNPNFMKNK“. KHFQH[C >;1> KH NJCV[C KH 10>:   Crmhotnfmcohs [ífomfns, Nklmomstrntmvns y Phknjöjmfns pnrn dn Nthofmöo Hkufntmvn n Hstukmnoths fco Kmsfnpnfmknk ho hd lnrfc kh dn Hkufnfmöo Mofdusmvn ‖ LHO .   FcdcllamnNprhokh.hku.fc   Lcdmohr, Jnrfìn, Ckht. 10>6. Hkufnfmöo mofdusmvn, Xomvhrsmtnt Inulh M. Vhrvhm kh Fcluomfnfmö m Puadmfnfmcos, Prc^uhst Haccg Fhotrnd, rhfuphrnkc kh ettps9//haccgfhotrnd.prcquhst.fcl/dma/amadmci ettps9//haccgfhotrnd.prc quhst.fcl/dma/amadmcikfsp/khtnmd.nftmco3k kfsp/khtnmd.nftmco3kcfMK: 

hkufntmvns hsphfmndhs7 ho hkufnfmöo phrscondmznkn. Lnhstrìn c kcftcrnkc ho hkufnfmöo c îrhns nbmohs. Lìomlc 1 nþcs Mofdusmöo Hkufntmvn y Nthofmöo n dn Kmvhrsmknk. K mvhrsmknk.

Vhlmonrmc —MOFDXVMÖO HO HD NXDN QHJXDNQ“ Vhlmonrmc —XO LCKHDC KH BCQLNFMÖO HO KMKÎF[MFNV BDHUMADHV PNQN DN NDBNAH[MYNFMÖO“ Vhlmonrmc [nddhr —PQCJQNLNFMÖO OHXQCDMOJXÌV[MFN PNQN LHICQNQ HD QHOKMLMHO[C QHOKMLMHO[ C HVFCDNQ“ cftuarh kh 10>0  Vhlmonrmc —ICQONKN KH NF[XNDMYNFMÑO HO QHENAMDM[NFMÑO QHENAMDM[NFMÑ O ] HKXFNFMÑO“ Vhlmonrmc [nddhr —FCLXOMFNFMÖO NXLHO[N[MRN ] ND[HQON[MRN“ Vhlmonrmc —OXHRCV LÍ[CKCV PHKNJÖJMFCV ] [HQNPÍX[MFCV HO HKXFNFMÖO ] QHENAMDM[NFMÖO“

Hxphrmhofmn9 HO[MKNK9 Vhfrhtnrmn kh Hkufnfmöo Luomfmpnd FNQJC9 Bcocnukmödcjn ‖  Prcbhsmcond kh Npcyc HO[MKNK9 Mostmtufmöo Hkufntmvn Jmlonsmc Jrno FCDCLAMNOC FNQJC9 Fccrkmonkcrn kh Fcovmvhofmn HO[MKNK9 BMVMC[HQ FNQJC9 Bcocnukmödcjn HO[MKNK9 Mostmtutc kh Fnpnfmtnfmöo y Nprhokmz nih Oc Bcrlnd. VHQHV ‖  noths Fhotrc kh Hkufnfmöo Hsphfmnd kh [uoin FNQJC9 Kmrhftcrn HO[MKNK9 Xomvhrsmknk Phknjöjmfn y [hfocdöjm fn kh Fcdclamn. FNQJC9 Fnthkrîtmfn Hotrh ctrcs

1. FXHQPC KH DN JXÌN 1.>. 

AMHORHOMKN

Buturcs Hkufnfmöo Mofdusmvn9 su pnrtmfmpnfmöo ho hsth prcfhsc, hs smoprcbhsmcond kukn uon hvmkhofmnhsphfmndmstns kh su khshchokh fcostnoth nftundmznfmöo, fnrnfthrìstmfc kh uo hxfhdhoth 1

 

  6 kh >: 

fclprclhtmkc fco dn hkufnfmöo. Fco dns nftundhs pcdìtmfns hkufntmvns quh prmcrmzno dn mofdusmöo fclc prmofmpmc, ísth lökudc lökudc sh fcovmhrth ho mlphrntmvc pnrn su bcrlnfmöo. Qnzöo pcr dn fund, dcs movmtc n pnrtmfmpnr pnrt mfmpnr mofmkhothlhoth ho ísth prcfhsc bcrlntmvc.  bcrlntmvc. 

1.1. 

MO[QCKXFFMÖO

Hstn nsmjonturn, sh fcofmah fc fclc lc dn mmothjrnfmöo othjrnfmöo kh fcocfmlmhotcs aîsmfcs, iuotc fco hxphrmhofmns moehrhoths moehrhoths n dn hkufnfmöo pnrn tckcs, fcl fclc c sustrntc khd prcf prcfhsc hsc rhbdhxmvc kh fnkn pnrtmfmpnoth scarh su rcd fclc dìkhr kh dcs prmofmpmcs kh dn hkufnfmöo mofdusmvn khskh su îrhn kmsfmpdmonr. Hotrh ctrcs, dns thlîtmfns rhvmsnkns, shrîo khthrlmonoths ho dn nprcpmnfmöo kh snahrhs ohfhsnrmcs fclc sco dn hvcdufmöo emstörmfn kh dn hkufnfmöo mofdusmvn, dcs brhoths kh trnanic quh khskh ístn hvcdufmöo sh eno knkc n dc dnrjc kh su trnosbcrlnfmöo. Dcs hobcquhs y hd khsnrrcddc scfmnd quh mlpdmfnrco dcs fnlamcs ho hd lnohic kh ístn brnoin pcadnfmcond, pnrn bmondmznr ho dcs kmbhrhoths hobcquhs quh sh eno thomkc ho fuhotn, hsphfmndlhoth hd hobcquh kmbhrhofmnd khskh uon phrsphftmvn kh khrhfecs. XOMKNK [HLÎ[MFN MM >.  LCKHDCV HVPHFMBMFCV KHD BXOFMCONLMHO[C EXLNOC KH FNQNF[HQMYNFMÖO >.>.  Lckhdc ludtmkmlhosmcond ludtmkmlhosmcond khd buofmconlmhotc eulnoc, prcpuhstc pcr dn Nscfmnfmöo Nlhrmfnon kh Kmsfnpnfmknkhs Mothdhftundhs y khd Khsnrrcddc (NNMKK) (10>>)7 >.1.  Lckhdc kh fndmknk kh vmkn. Vfendcfg y Rhrkujc (1001, 10>1)7 >.6.  Lckhdc kh fnpnfmknkhs kh Oussanul (1008, 10>>). XOMKNK [HLN[MFN MMM  

>. pnrn mofdusmöo y dn kmvhrsmknk 1. Hkufnfmöo Dn kmvhrsmknk khddnpuhadc Fcdclamnoc y dns kmbhrhoths lmrnkns hkufntmvns 6. Ocrlntmvmknk pnrn kmbhrhoths jrupcs pcadnfmcon pcadnfmcondhs dhs Dmohnlmhotcs jhohrndhs pnrn dn nthofmöo hkufntmvn n jrupcs vudohrnadhs y vìftmln khd fcobdmftc nrlnkc mothroc kh pcdìtmfn pnrn dn nthofmöo hkufntmvn n pcadnfmcohs vudohrnadhs LHO ((10>;). 10>;). 

1.6. 

PCDÌ[MFNV KH DN NVMJON[XQN

Pnrn uo auho khsnrrcddc kh dcs prcpösmtcs kh dn nsmjonturn, n fcotmounfmöo, sh hstmpudno dcs prmofmpndhs nfuhrkcs kh buoknlhotnd fclprclmsc pcr pnrth kh dcs hstukmnoths9 hstu kmnoths9   Puotundmknk ho dn hotrhjn kh trnanics y nftmvmknkhs.



  Pnrtmfmpnfmöo nftmvn ho dcs hofuhotrcs prhshofmndhs.



  Fcotrmaumr nd trnanic jrupnd kh dn nsmjonturn kh rhquhrmrsh.



6

 

  ; kh >: 

  Qhsphtc pcr dns cpmomcohs cpmomcohs kh dcs khl khlîs îs hstukmnoths.



t rnanics y nlpdmnr dcs   Fcosudtnr dns anshs kh kntcs kh dn Mostmtufmöo, pnrn hd khsnrrcddc kh trnanics



thlns.   Mojrhsc nd nudn vmrtund pnrn fcosudtnr f cosudtnr hd lnthrmnd fcrrhspcokmhoth kh dn nsmjonturn y



khsnrrcddnr dns nftmvmknkhs prcpuhstns.   Qhsphtnr dns mkhns kh ctrcs nutcrhs, utmdmznokc dns ocrlns pnrn rhbhrhofmnr y nsì hvmtnr hd pdnjmc.



1.;. 

PQCPÖVM[C(V) KH DN NVMJON[XQN

Dn ocrlntmvmknk vmjhoth fcovcfn hd shrvmfmc kh tckcs dcs prcbhsmcondhs quh vmofudnkcs c oc nd smsthln hkufntmvc, nacrkho nacrkho dn Hkufnfmöo Mofdusmv Mofdusmvnn khskh sus îrhns kmsfm kmsfmpdmonrhs. pdmonrhs. Dn pcadnfmöo kmvhrsnlhoth buofmcond, rhqumhrh kh prcbhsmcondhs mköohcs quh fcoczfno hd thln y dc fcokuzfno kh bcrln öptmln fco hd bmo kh cbrhfhr rhspuhstns fcehrhoths fco hd lclhotc emstörmfc pcr hd quh hstnlcs pnsnokc. Hs buoknlhotnd, nsulmrdn fclc dn suln kh khrhfecs pcthofmndlhoth bnvcrnadhs pnrn uon brnoin pcadnfmcond rhqumhrh hd fcofursc kh tckcs. Hsphrc quh hd nacrknih momfmnkc ho hsth quh fnlmoc, kh dns lnycrmtnrmnlhoth dufhs ohfhsnrmns pnrn fcotrmaumr ho hd lhicrnlmhotc kh dn fndmknk kh vmkn kh ístn pcadnfmöo. pcadnfmöo.   Nd bmondmznr dn nsmjonturn dcs hstukmnoths prclcvhrîo hspnfmcs, n pnrtmr kh sus fcocfmlmhotcs prhvmcs, ho hd quh fcostruyno nprcxmlnfmcohs n dn hkufnfmöo mofdusmvn khskh sus hobcquhs, lckhdcs kh buofmconlmhotc y ocrlntmvns dhjndhs pnrn dn nthofmöo hkufntmvn kh dcs hstukmnoths fco fnpnfmknkhs kmvhrsns y hd jcfh hbhftmvc khd khrhfec n uon Hkufnfmöo fco fndmknk

1.8. 

FCLPH[HOFMNV H MOKMFNKCQHV KH FCLPH[HOFMN (KHVHLPHÞCV) MOKMFNKCQHV KH FCLPH[HOFMN (KHVHLPHÞCV)

FCLPH[HOFMN(V)

Hdhlhotcs (Kmlhosmcohs) Fcjomtmvc

Nondmzn dcs rhbhrhoths thörmfcs kh dn hkufnfmöo mofdusmvn y su hvcdufmöo n dc dnrjc kh dn emstcrmn khskh Prcfhkmlhotnd hobcquhs y lckhdcs hsphfìbmfcs kh buofmconlmhotc ho tcroc n dns fnpnfmknkhs kmvhrsns hxmsthoths ho Nftmtukmond Nftmtuk mond hd shftcr hkufntmvc. hkufntmvc.

Khsfrmpfmöo N pnrtmr kh hxphrmhofmns kh mothrnffmöo nfnkílmfn - scfmnd, hd hstukmnoth hstukmnoth ndfnoznrî dn submfmhoth fdnrmknk ho tcroc n dns fnpnfmknkhs kmvhrsns hxmsthoths ho hd shftcr hkufntmvc Hd hstukmnoth prcpcokrî hstrnthjmns quh vmnamdmfho hd jcfh hbhftmvc khd khrhfec n dn hkufnfmöo pcr pnrth kh tckcs  Hd hstukmnoth lckmbmfn, kh shr ohfhsnrmc su nftmtuk kh nphrturn enfmn hd rhfcocfmlmhotc kh dn fcokmfmöo kh suihtc kh khrhfecs kh tckns dns phrscons smo kmstmojc ndjuoc

;

 

  8 kh >: 

MOKMFNKCQHV KH FCLPH[HOFMN (KHVHLPHÞCV) FCLPH[HOFMN(V)

Hdhlhotcs (Kmlhosmcohs) Fcjomtmvc

Qhfcocfh dn kmvhrsmknk kh jrupcs pcadnfmcondhs khskh dns kmbhrhofmns fudturndhs hstnadhfmkns ho dn nftund ocrlntmvmknk onfmcond y fcostruyh rhkhs kh npcyc mothrshftcrmnd ho fcothxtcs scfmndhs y hkufntmvcs. hkufntmvcs.

Prcfhkmlhotnd Nftmtukmond Nftmtuk mond

Khsfrmpfmöo N pnrtmr kh- scfmnd, hxphrmhofmns kh mothrnffmöo nfnkílmfn hd hstukmnoth hstukmnoth ndfnoznrî dn submfmhoth fdnrmknk ho tcroc n dcs jrupcs pcadnfmcondhs hstnadhfmkcs ho dn ocrlntmvmknk ocrlntmvmkn k onfmcond fdnrmbmfnokc dns pcsmadhs rhkhs kh npcyc mothrshftcrmnd npdmfnadhs ho hd shftcr s hftcr hkufntmvc Hd hstukmnoth prcpcokrî hstrnthjmns quh vmnamdmfho hd jcfh hbhftmvc khd khrhfec n dn hkufnfmöo pcr pnrth kh tckcs  Hd hstukmnoth lckmbmfn, kh shr ohfhsnrmc su nftmtuk kh nphrturn enfmn hd rhfcocfmlmhotc kh dn fcokmfmöo kh suihtc kh khrhfecs kh tckns dns phrscons smo kmstmojc ndjuoc

MOKMFNKCQHV KH FCLPH[HOFMN (KHVHLPHÞCV) FCLPH[HOFMN(V)

Hdhlhotcs (Kmlhosmcohs) Fcjomtmvc

Qhfcocfhr dns kmbhrhofmns y nsphftcs fcluohs emstörmfcs y scfmndhs ho funotc n kmvhrsmknk h Prcfhkmlhotnd mofdusmöo

Nftmtukmond

1.2. 

Khsfrmpfmöo N pnrtmr kh hxphrmhofmns kh mothrnffmöo nfnkílmfn - scfmnd, hd hstukmnoth hstukmnoth ndfnoznrî dn submfmhoth fdnrmknk ho tcroc n dn nprcxmlnfmöo kh dn fcofhpfmöo kh dn kmvhrsmknk h mofdusmöo hkufntmvn khotrc kh dcs fcothxtcs scfmndhs y hsfcdnrhs vmjhoths. Hd hstukmnoth prcpcokrî hstrnthjmns quh vmnamdmfho hd jcfh hbhftmvc khd khrhfec n dn hkufnfmöo pcr pnrth kh tckcs. Hd hstukmnoth lckmbmfn, kh shr ohfhsnrmc su nftmtuk kh nphrturn enfmn hd rhfcocfmlmhotc kh dn fcokmfmöo kh suihtc kh khrhfecs kh tckns dns phrscons smo kmstmojc ndjuoc.

KMNJQNLN RMVXND KH DN NVMJON[XQN

N fcotmounfmöo, sh hsquhlntmzno dns rhdnfmcohs kh dcs fcothomkcs quh sh nacrknrno ho hd khsnrrcddc kh dn nsmjonturn9

8

 

  2 kh >: 

HKXFNFMCO MOFDXVMRN

KHBMOMFMÖO

EMV[CQMN

DMOHNLMHO[CV DMOHNLMHO[ CV DHJNDHV

PCADNFMÖO CAIH[MRC

OCQLN[MRMKNK RMJHO[H

LNQFC FCOFHP[XND

HOBC^XHV

LCKHDCV

KMRHQVMKNK BXOFMCOND 1.:. 

LH[CKCDCJÌN KH DN NVMJON[XQN

Xon kh dns hstrnthjmns lîs smjombmfntmvns hs dn fcostruffmöo kh snahrhs n pnrtmr khd rhfcocfmlmhotc khd snahr prhvmc. Ístn sh thokrî ho funotn phrlnohothlhoth ho tckns dns cpfmcohs kh nprhokmznih. Dns hstrnthjmns kmkîftmfns quh sh utmdmznrîo u tmdmznrîo ho hsth hspnfmc hspn fmc bcrlntmvc, sco9 Hstrnthjmns kh nprhokmznih mothrnftmvc9        

Fdnsh lnjmstrnd.  Noîdmsms kh vmkhcs, mlîjhohs, mlîjhohs, Hxpcsmfmcohs. Vcfmndmznfmöo y khanths.

2

 

  : kh >: 

Hstrnthjmns kh nprhokmznih fcdnacrntmvc9    Nprhokmznih ansnkc ho prcadhlns. jrupnd.    Noîdmsms y kmsfusmöo jrupnd.   [nddhrhs prîftmfcs y noîdmsms kh fnscs.   Vcfmndmznfmöo kh prckuffmcohs jrupndhs.

Hstrnthjmns pnrn hd nutcnprhokmznih9              

Dhfturn mokhphokmhoth. Moknjnfmöo y noîdmsms kh mobcrlnfmöo. Hdnacrnfmöo kh hosnyc. Prckuffmöo kh thxtc fmhotìbmfc   [rnanic Mokmvmkund c fccphrntmvc.  Prhshotnfmöo kh Hstukmcs kh Fnsc   Prhpnrnfmöo kh hxpcsmfmcohs c shlmonrmcs.  

1.5. 

FCO[HOMKCV [HLÎ[MFCV

>.  XOMKNK [HLÎ[MFN M LNQFC FCOFHP[XND VCAQH HKXFNFMÖO MOFDXVMRN  >.>.  Hvcdufmöo emstörmfn, rhprhshotnfmcohs scfmndhs brhoth n dn kmvhrsmknk buofmcond ho dn emstcrmn >.1 Dn hkufnfmöo mofdusmvn y hd khsnrrcddc scfmnd >.6. Hobcquhs >.6.>. Hobcquh Amcpsmfcscfmnd >.6.1. Hobcquh kmbhrhofmnd. ] kh khrhfecs pnrn dn mofdusmöo XOMKNK [HLÎ[MFN MM LCKHDCV HVPHFMBMFCV KHD BXOFMCONLMHO[C EXLNOC KH FNQNF[HQMYNFMÖO  1.>  Lckhdc ludtmkmlhosmcond khd buofmconlmhotc eulnoc, prcpuhstc pcr dn Nscfmnfmöo Nlhrmfnon kh Kmsfnpnfmknkhs Mothdhftundhs y khd Khsnrrcddc. 1.1. Lckhdc kh fndmknk kh vmkn. 1.1  Lckhdc kh fnpnfmknkhs XOMKNK [HLÎ[MFN MMM. HKXFNFMÖO PNQN DN MOFDXVMÖO ] DN KMRHQVMKNK  6.>. Dn kmvhrsmknk khd puhadc fcdclamnoc y dns kmbhrhoths lmrnkns hkufntmvns 6.1. Ocrlntmvmknk pnrn kmbhrhoths jrupcs pcadnfmcondhs

1.=. 

FNDHOKNQMC

FNDHOKNQMC KH DN NVMJON[XQN MOKMFNKCQ KH FCLPH[HOFMN FCLPH[HOFMN (KHVHLPHÞC) Nondmzn dcs Fcjomtmvc9 rhbhrhoths

FCO[HOMKCV LNQFC FCOFHP[XND

:

PQCKXF[CFCOKMFMÖO [MHLPC KH HRMKHOFMN KH KH HO[QHJN HO[QHJN NPQHOKMYNIH Pnrtmfmpnfmöo Dn Dns bhfens nftmvn ho dn pnrtmfmpnfmöo kh hotrhjn,

 

  5 kh >: 

thörmfcs kh dn N pnrtmr hkufnfmöo hxphrmhofmns mofdusmvn y su mothrnffmöo hvcdufmöo n dc nfnkílmfn dnrjc kh dn emstcrmn khskh hobcquhs y lckhdcs hsphfìbmfcs kh buofmconlmhotc ho tcroc n dns fnpnfmknkhs kmvhrsns hxmsthoths ho hd shftcr hkufntmvc.

fcostruffmöo kh snahrhs khotrc khd hspnfmc nsmjonkc kh

kh VCAQH kh HKXFNFMÖO MOFDXVMRN9 - Hvcdufmöo

scfmnd, hd hstukmnoth ndfnoznrî dn submfmhoth fdnrmknk ho tcroc n dns fnpnfmknkhs kmvhrsns hxmsthoths ho hd shftcr hkufntmvc.

emstörmfn, rhprhshotnfmcohs scfmndhs brhoth n dn kmsfnpnfmknk ho dn emstcrmn. Dn hkufnfmöo mofdusmvn y hd khsnrrcddc scfmnd.

hstnrîo suihtns n dn crjnomznfmöo frcocdöjmfn

bcrln prhshofmnd.

dcs thokrîo ho kh hofuhotrcs fuhotn Qhbdhxmöo brhoth n kurnoth dcs dcs vmkhcs vmstcs hspnfmcs kurnoth hd prhshofmndhs phrmckc prhshofmnd Prhshotnfmö o kh uo Dìohns kh tmhlpc kcfulhotc HOBC^XHV kh pnrn dc phrtmohoth quh Hobcquh Prcfhkmlhotnd9 n dn emstcrmn kh dcs fuhotn kh Hd hstukmnoth Amcpsmfcscfmnd fnlamcs ho dcs prcfhscs Hobcquh prcpcokrî funotc n emstörmfcs kmbhrhofmnd. ] kh hstrnthjmns quh fcofhptundmznfmö pcr dcs quh vmnamdmfho kh kmvhrsmknk mofdusmöo pnrn dn o hbhftmvc hd jcfh khd khrhfecs buofmcond khrhfec n dn hkufnfmöo pcr Fcostruffmöo kh pnrth kh tckcs thxtc (hosnyc) scarh dn Nftmtukmond9 khbmomfmöo kh hkufnfmöo Hd hstukmnoth mofdusmvn lckmbmfn, kh shr ohfhsnrmc su nftmtuk kh nphrturn enfmn hd rhfcocfmlmhotc kh dn fcokmfmöo kh

Qhfcocfh dn kmvhrsmknk kh jrupcs pcadnfmcondhs khskh dns kmbhrhofmns fudturndhs hstnadhfmkns ho dn nftund ocrlntmvmknk onfmcond y fcostruyh rhkhs

y rhbdhxmöo sco prcfhscs quh sh

suihtc kh khrhfecs tckns dns phrscons smo kmstmojc ndjuoc Fcjomtmvc N pnrtmr kh hxphrmhofmns kh mothrnffmöo nfnkílmfn - scfmnd hd hstukmnoth ndfnoznrî dn submfmhoth fdnrmknk ho tcroc n dcs jrupcs pcadnfmcondhs

LCKHDCV HVPHFMBMFCV KHD BXOFMCONLMHO [C EXLNOC KH FNQNF[HQMYNFM ÖO Lckhdc ludtmkmlhosmcond khd buofmconlmhotc eulnoc,

5

en pnsnkc dn pcadnfmöo kmvhrsnlhot h buofmcond. Hdnacrnfmöo kh uo hosnyc scarh dns rhphrfusmco hs kh dns pcdìtmfns mofduyhoths khotrc khd smsthln hkufntmvc

Hdnacrnfmöo kh FNQ[MDDN mobcrlntmvn scarh Hkufnfmöo Mofdusmvn

Prhshotnfmö o kh uon fnrtmddn pnrn uon mostmtufmöo hkufntmvn quh phrlmtn Hvndunfmöo hsfrmtn uon vmsmöo scarh fcofhptcs jhohrnd kh pcdìtmfns hknkn mobcrlnfmöo vmjhoths. kurnoth hd dns

Dns bhfens kh hotrhjn, hstnrîo suihtns n dn crjnomznfmöo frcocdöjmfn kh dcs hofuhotrcs

 

  = kh >: 

kh npcyc mothrshftcrmnd ho fcothxtcs scfmndhs y

hstnadhfmkcs ho dn ocrlntmvmknk onfmcond fdnrmbmfnokc dns

prcpuhstc pcr dn prcfhsc Nscfmnfmöo Hvndunfmöo Nlhrmfnon kh Fcostruffmöo kh hsfrmtn scarh Kmsfnpnfmknkhs thxtc phrscond dn thlîtmfn

hkufntmvcs.

pcsmadhs rhkhs kh npcyc mothrshftcrmnd npdmfnadhs ho hd shftcr hkufntmvc. Prcfhkmlhotnd Hd hstukmnoth prcpcokrî hstrnthjmns quh vmnamdmfho hd jcfh hbhftmvc khd khrhfec n dn hkufnfmöo pcr pnrth kh tckcs.

Mothdhftundhs y scarh Hkufnfmöo khd Khsnrrcddc. Khsnrrcddc. Mofdusmvn ho hd dujnr kcokh Lckhdc kh dnacrn. fndmknk kh vmkn. Nftmvmknk kh Lckhdc kh jrupc ho dns fnpnfmknkhs. ecrns prhshofmndhs. Vcdufmöo n trhs fuhstmconlmhotcs prhshotnkcs pcr dcs fclpnþhrcs

Nftmtukmond Hd hstukmnoth lckmbmfn, kh shr ohfhsnrmc su nftmtuk kh nphrturn enfmn hd rhfcocfmlmhotc kh dn fcokmfmöo kh suihtc kh khrhfecs kh tckns dns phrscons smo kmstmojc ndjuoc

Qhfcocfhr kmbhrhofmns nsphftcs fcluohs emstörmfcs scfmndhs funotc kmvhrsmknk

nacrknkn kurnoth hd prmlhr hofuhotrc Kcfulhotc kh oc lîs kh uon ecin ho kcokh khsfrman dn smtunfmöo kh dns pcdìtmfns mofduyhoths ho hd fcothxtc

hd kurnoth dn dnacrnd ho sh prmlhrn icronkn. quh hofuhotrn Prhshotnfmöo kh nftundlhoth rhpdnothnlmhotcs Vcdufmöo kh ho kcfulhotcs dcs fuhstmconlm mostmtufmcondhs khskh pcdìtmfns hotcs mofduyhoths. Ho ehfecs ndjuon mostmtufmöo kurnoth hd hkufntmvn kh su prmlhr prcfhkhofmn c hofuhotrc scarh dns khshlphþc kukns dnacrnd. hxmsthoths nd rhsphftc khd thln Mkhotmbmfnfmö o kh niusths ho dcs kcfulhotcs mostmtufmcond hs dns Fcjomtmvc Qhndmznr uo lnpn Prhshotnfmö y N fcofhptund scarh o kh lnpn pnrtmr kh HKXFNFMÖO DN dcs prcfhscs fcofhptund hxphrmhofmns kh PNQN MOFDXVMÖO ] DN emstörmfcs dcs ho scarh mothrnffmöo y nfnkílmfn prcfhscs hkufnfmöo - KMRHQVMKNK ho scfmnd, Mofdusmvn ho su emstörmfcs ho hd kh hkufnfmöo Dn kmvhrsmknk khd dujnr n hstukmnoth h ndfnoznrî mofdusmvn ho prcfhkhofmn dn puhadc

=

 

  >0 >0 kh  kh >: 

mofdusmöo

submfmhoth fdnrmknk ho tcroc n dn nprcxmlnfmöo kh dn fcofhpfmöo kh dn kmvhrsmknk h mofdusmöo hkufntmvn khotrc kh dcs fcothxtcs scfmndhs y hsfcdnrhs vmjhoths. Prcfhkmlhotnd Hd hstukmnoth prcpcokrî hstrnthjmns quh vmnamdmfho hd jcfh hbhftmvc khd khrhfec n dn

Fcdclamnoc y dns Prhshotnfmöo kh kmbhrhoths fmofc lmrnkns rhfclhoknfmcohs hkufntmvns. jhohrndhs pnrn

hd hoth thrrmtcrmnd kh su prcfhkhofmn

dcs kcfulhotcs Mostmtufmcondhs kh uon Mostmtufmöo Hkufntmvn kh su dujnr kh prcfhkhofmn

Pdhjnadh fco fmofc rhfclhoknfm cohs jhohrndhs quh tckn mostmtufmöo hkufntmvn khah fcothlpdnr ho dn rhhstrufturn fmöo kh dcs kcfulhotcs

Ocrlntmvmknk pnrn kmbhrhoths jrupcs pcadnfmcondhs.

hkufnfmöo pnrth kh tckcs.pcr Nftmtukmond Hd hstukmnoth lckmbmfn, kh shr ohfhsnrmc su nftmtuk kh nphrturn enfmn hd rhfcocfmlmhotc kh dn fcokmfmöo kh suihtc kh khrhfecs kh tckns dns phrscons smo kmstmojc ndjuoc.

mostmtufmcond hs

1.>0.  HV[QN[HJMN KH HRNDXNFMÖO Dn hvndunfmöo hs uo prcfhsc phrlnohoth y kh fnrîfthr bcrlntmvc, quh phrlmth mkhotmbmfnr hd omvhd kh fclphthofmn ndfnoznkc. Ho hd khsnrrcddc kh dn nsmjonturn, sh hvndunrî kh nfuhrkc fco dns smjumhoths hstrnthjmns9 HV[QN[HJMN

PQCKXF[C

Pnrtmfmpnfmöo nftmvn ho dn fcostruffmöo kh snahrhs Npcrths quh hvmkhofmho dn nprcpmnfmöo kh dcs khotrc khd hspnfmc nsmjonkc kh bcrln prhshofmnd. thlns vmstcs y dn rhbdhxmöo brhoth n dcs vmkhcs vmstcs Qhbdhxmöo brhoth n dcs vmkhcs vmstcs kurnoth hd phrmckc prhshofmnd

>0

 

  >> kh >> kh >: 

Dìohns kh tmhlpc pnrn dc phrtmohoth n dn emstcrmn kh dcs fnlamcs ho funotc n fcofhptundmznfmöo kh Kcfulhotc hsfrmtc ‖  Mokmvmkund kcokh sh rhfcoczfn dns htnpns emstörmfns kh dcs prcfhscs kmvhrsmknk buofmcond mofduyhoths nftundhs Fcostruffmöo kh thxtc (hosnyc) scarh dn khbmomfmöo Kcfulhotc hsfrmtc kh oc lîs kh trhs pîjmons kh hkufnfmöo mofdusmvn kcokh sh pcojn ho hvmkhofmn dn pcsmfmöo phrscond brhoth n dn thlîtmfn Hdnacrnfmöo kh FNQ[MDDN mobcrlntmvn scarh Kcfulhotc hsfrmtc mokmvmkund quh mobcrlh n dn fcluomknk kh fcahrturn dcs thlns Hkufnfmöo Mofdusmvn buoknlhotndhs kh dns pcdìtmfns mofduyhoths phrtmohoths n su caihtc kh trnanic Hvndunfmöo hsfrmtn scarh fcofhptcs h mobcrlnfmöo Hvndunfmöo hsfrmtn prhshotnkn kurnoth hd shjuokc knkn kurnoth hd prcfhsc hofuhotrc prhshofmnd Fcostruffm öo kh thxtc phrscond scarh Mofdusmöo Fcostruffmöo [hxtc kh oc lîs kh trhs pîjmons ‖  Mokmvmkund Hkufntmvn ho hd dujnr kcokh dnacrn kcokh sh kí fuhotn kh dcs prcfhscs mofduyhoths ho hd dujnr kh trnanic Nftmvmknk kh jrupc ho dns ecrns prhshofmndhs Vcdufmöo n trhs fuhstmconlmhotcs prhshotnkcs pcr Vcdufmöo fcdhftmvn n dns prhjuotns rhndmznkns ho hd dcs fclpnþhrcs kurnoth dn prmlhrn icronkn prmlhr hofuhotrc Prhshotnfmöo kh rhpdnothnlmhotcs ho kcfulhotcs mostmtufmcondhs khskh pcdìtmfns mofduyhoths. Ho ndjuon mostmtufmöo hkufntmvn kh su prcfhkhofmn c khshlphþc dnacrnd Qhndmznr uo lnpn fcofhptund scarh dcs prcfhscs emstörmfcs ho hkufnfmöo Mofdusmvn ho su dujnr kh

[rnanic mokmvmkund c jrupnd quh phrlmtn hvmkhofmnr ndjuons rhfclhoknfmcohs pnrn hd niusth kh dcs kcfulhotcs mostmtufmcondhs n dn duz kh dn ocrlntmvmknk vmjhoth. Nftmvmknk rhndmznkn pcr jrupcs n pnrtmr kh uon rhbdhxmöo scarh dn thlîtmfn

prcfhkhofmn Prhshotnfmöo kh fmofc rhfclhoknfmcohs Ho jrupc, kmshþnr fmofc rhfclhoknfmcohs pnrn hd jhohrndhs pnrn dcs kcfulhotcs Mostmtufmcondhs kh nacrknih kh dcs kcfulhotcs mostmtufmcondhs uon Mostmtufmöo Hkufntmvn kh su dujnr kh prcfhkhofmn

Dn octn lìomln nprcantcrmn hs kh trhs puotcs fmofc (6.8), khotrc kh uon hsfndn kh fhrc (0) n fmofc puotcs fhrc (8.0).

>>

 

  >1 >1 kh  kh >: 

1.>>.  M[MOHQNQMC KH BCQLNFMÖO PDNO KH BCQLNFMÖO PCQ VHLNONV VHLNON Oc. > MOKMFNKCQ(HV) KH FCLPH[HOFMN FCLPH[HOFMN (KHVHLPHÞCV) FCJOM[MRC9 N pnrtmr kh hxphrmhofmns kh mothrnffmöo nfnkílmfn - scfmnd, hd hstukmnoth ndfnoznrî dn submfmhoth fdnrmknk ho tcroc n dns fnpnfmknkhs Nondmzn dcs rhbhrhoths thörmfcs kh dn hkufnfmöo kmvhrsns hxmsthoths ho hd shftcr hkufntmvc mofdusmvn y su hvcdufmöo n dc dnrjc kh dn emstcrmn PQCFHKMLHO[ND9 khskh hobcquhs y lckhdcs hsphfìbmfcs kh Hd hstukmnoth prcpcokrî hstrnthjmns quh buofmconlmhotc ho tcroc n dns fnpnfmknkhs kmvhrsns vmnamdmfho hd jcfh hbhftmvc khd khrhfec n dn hxmsthoths ho hd shftcr hkufntmvc. hkufnfmöo pcr pnrth kh tckcs NF[M[XKMOND99 NF[M[XKMOND Hd hstukmnoth lckmbmfn, kh shr ohfhsnrmc su nftmtuk kh nphrturn enfmn hd rhfcocfmlmhotc kh dn fcokmfmöo kh suihtc kh khrhfecs kh tckns dns phrscons smo kmstmojc ndjuoc [MHLPC NVMJONKC KXQNO[H DN VHLNON FCLPH[HOFMN

KMV[QMAXFMCO KHD [MHLPC

ECQNV KH [QNANIC FCO NFCLPNÞNLMHO[C NFCLPNÞNLMHO [C KMQHF[C ([X[CQÌNV VMOFQÖOMFNV ] NVMOFQÖOMFNV) (E[NK)  (E[NK)  5

ECQNV KH [QNANIC MOKHPHOKMHO[H (E[M)  (E[M) 

[C[ND ECQNV N [QNANINQ HO DN VHLNON

;0

;5

KHVFQMPFMÖO KH DN NF[MRMKNK KH DN VHLNON   Kurnoth hd shlmonrmc9 [QNANIC KMQHF[C Kurnoth hd hofuhotrc prhshofmnd, sh trnaninrîo dns thlîtmfns khsfrmtns ho dcs npnrtnkcs nothrmcrhs fco dn lhtckcdcjìn khbmomkn, fco hd khsnrrcddc kh dns nftmvmknkhs prcpuhstns, dns fundhs shrîo tnddhrhs, rhvmsmöo y kmsfusmöo kh dcs dmohnlmhotcs y crmhotnfmcohs hlnonkcs khd LHO, vmkhcs kh rhbdhxmöo brhoth n dn thlîtmfn mofduyhoth, puhstn ho fclùo kh dns kmbhrhoths hxphrmhofmns dnacrndhs c phrscondhs brhoth nd thln



  Pcsthrmcr nd shlmonrmc9 [QNANIC MOKHPHOKMHO[H  MOKHPHOKMHO[H 



Qhvmsmöo thörmfn kh nfuhrkc fco dn amadmcjrnbìn hstnadhfmkn y hdnacrnfmöo kh dns nftmvmknkhs prcyhftnkns, fco dn nshscrìn fcrrhspcokmhoth HRNDXNFMÖO KH VX KHVNQQCDDC FCJOM[MRC/CPHQNFMCOND/NF[M[XKMOND PQCKXF[CBHFEN FQM[HQMCV KH HRNDXNFMCO KHD RNDCQNFMÖO HRMKHOFMN LÎUMLN KH KHD PQCKXF[C PQCKXF[C VCDMFM[NKC HO[QHJN Pnrtmfmpnfmöo nftmvn Dcs npcrths khrmvnkcs kh dn hxphrmhofmn y hd Dns bhfens kh 10%

>1

 

  >6 >6 kh  kh >: 

frmthrmc prcbhsmcond sco dcs scpcrths pnrn uon nprcxmlnfmöo kh dcs snahrhs prhfmcs y dns prîftmfns mlpdhlhotnkns khskh dn hxphrmhofmn. Dn rhbdhxmöo khd vmkhc c vmkhcs

ho dn fcostruffmöo kh snahrhs khotrc khd hspnfmc nsmjonkc kh bcrln prhshofmnd.

hotrhjn, hstnrîo suihtns n dn crjnomznfmöo

vmstcs prcpcoho uo fnlamc nftmtukmond frcocdöjmfn dcs 60% Qhbdhxmöo brhoth n ohfhsnrmc pnrn dcs buturcs hsphfmndmstns ho kh hofuhotrcs   hofuhotrcs dcs vmkhcs vmstcs hd îrhn. kurnoth hd phrmckc Prhshotnfmöo kh uo kcfulhotc quh kh prhshofmnd. 80% fuhotn kh dcs prcfhscs emstörmfcs pcr dcs Dìohns kh tmhlpc quh en pnsnkc dn pcadnfmöo kmvhrsnlhoth pnrn dc phrtmohoth n buofmcond. dn emstcrmn kh dcs fnlamcs ho funotc n fcofhptundmznfmöo kh kmvhrsmknk Hdnacrnfmöo kh uo hosnyc scarh dns buofmcond. rhphrfusmcohs kh dns pcdìtmfns mofduyhoths khotrc khd smsthln hkufntmvc. Fcostruffmöo kh thxtc (hosnyc) scarh dn khbmomfmöo kh hkufnfmöo mofdusmvn.

VHLNON Oc. 1 MOKMFNKCQ(HV) KH FCLPH[HOFMN FCLPH[HOFMN (KHVHLPHÞCV) Fcjomtmvc N pnrtmr kh hxphrmhofmns kh mothrnffmöo nfnkílmfn - scfmnd, hd hstukmnoth ndfnoznrî dn

FCLPH[HOFMN

submfmhoth fdnrmknkhstnadhfmkcs ho tcroc n dcshojrupcs pcadnfmcondhs dn ocrlntmvmknk onfmcond fdnrmbmfnokc fdnrmbmfno kc dns Qhfcocfh dn kmvhrsmknk kh jrupcs pcadnfmcondhs pcsmadhs rhkhs kh npcyc mothrshftcrmnd khskh dns kmbhrhofmns fudturndhs hstnadhfmkns ho dn npdmfnadhs ho hd shftcr hkufntmvc. nftund ocrlntmvmknk onfmcond y fcostruyh rhkhs kh Prcfhkmlhotnd npcyc mothrshftcrmnd ho fcothxtcs scfmndhs y Hd hstukmnoth prcpcokrî hstrnthjmns quh hkufntmvcs. vmnamdmfho hd jcfh hbhftmvc khd khrhfec n dn hkufnfmöo pcr pnrth kh tckcs. Nftmtukmond Hd hstukmnoth lckmbmfn, kh shr ohfhsnrmc su nftmtuk kh nphrturn enfmn hd rhfcocfmlmhotc kh dn fcokmfmöo kh suihtc kh khrhfecs kh tckns dns phrscons smo kmstmojc ndjuoc   KMV[QMAXFMCO KHD

[MHLPC NVMJONKC KXQNO[H ECQNV KH [QNANIC FCO DN VHLNON ECQNV KH

>6

[C[ND ECQNV N

 

  >; >; kh  kh >: 

[MHLPC

NFCLPNÞNLMHO[C NFCLPNÞNLMHO [C KMQHF[C ([X[CQÌNV VMOFQÖOMFNV ] NVMOFQÖOMFNV) (E[NK)   (E[NK)

[QNANIC MOKHPHOKMHO[H (E[M)  (E[M) 

[QNANINQ HO DN VHLNON   VHLNON

; NF[MRMKNK KH DN VHLNON 10 KHVFQMPFMÖO KH DN

1;

  Kurnoth hd shlmonrmc9 [QNANIC FCO NFCLPNÞNLMH NFCLPNÞNLMHO[C O[C KMQHF[C



Kurnoth hd hofuhotrc prhshofmnd, sh trnaninrîo dns thlîtmfns khsfrmtns ho dcs npnrtnkcs nothrmcrhs fco dn lhtckcdcjìn khbmomkn, fco hd khsnrrcddc kh dns nftmvmknkhs prcpuhstns, dns fundhs shrîo tnddhrhs, rhvmsmöo y kmsfusmöo kh dcs dmohnlmhotcs y crmhotnfmcohs hlnonkcs khd LHO, vmkhcs kh rhbdhxmöo brhoth n dn thlîtmfn mofduyhoth, puhstn ho fclùo kh dns kmbhrhoths hxphrmhofmns dnacrndhs c phrscondhs brhoth nd thln   Pcsthrmcr nd shlmonrmc9 [QNANIC MOKHPHOKMHO[H 



Qhvmsmöo thörmfn kh nfuhrkc fco dn amadmcjrnbìn hstnadhfmkn y hdnacrnfmöo kh dns nftmvmknkhs prcyhftnkns fco dn nshscrìn fcrrhspcokmhoth HRNDXNFMÖO KH VX KHVNQQCDDC FCJOM[MRC/CPHQNFMCOND/NF[M[XKMOND PQCKXF[C-HRMKHOFMN VCDMFM[NKC

FQM[HQMCV KH HRNDXNFMCO KHD PQCKXF[C

BHFEN LÎUMLN KH HO[QHJN

Hdnacrnfmöo kh Prhshotnfmöo kh uon fnrtmddn pnrn uon Dns bhfens kh mostmtufmöo hkufntmvn quh phrlmtn uon hotrhjn, FNQ[MDDN hstnrîo mobcrlntmvn scarh vmsmöo jhohrnd kh dns pcdìtmfns vmjhoth. suihtns n dn Hkufnfmöo Mofdusmvn. crjnomznfmöo Hvndunfmöo hsfrmtn scarh dn thlîtmfn frcocdöjmfn kh dcs Hvndunfmöo hsfrmtn nacrknkn kurnoth hd prmlhr hofuhotrc. hofuhotrcs. scarh fcofhptcs h mobcrlnfmöo knkn Kcfulhotc kh oc lîs kh uon ecin ho kurnoth hd prcfhsc. kcokh khsfrman dn smtunfmöo kh dns pcdìtmfns

RNDCQNFMÖO KHD PQCKXF[C

;0%

10%

mofduyhoths ho hd fcothxtc dnacrnd ho hd Fcostruffmöo kh quh sh hofuhotrn nftundlhoth. thxtc phrscond scarh Mofdusmöo Hkufntmvn ho hd dujnr Vcdufmöo kh dcs fuhstmconlmhotcs ehfecs kurnoth hd prmlhr hofuhotrc scarh dns kcokh dnacrnd. kukns hxmsthoths nd rhsphftc khd thln. Nftmvmknk kh jrupc ho dns ecrns prhshofmndhs. Vcdufmöo n trhs fuhstmconlmhotcs prhshotnkcs pcr dcs

10%

fclpnþhrcs kurnoth dn prmlhrn Mkhotmbmfnfmö Mkhotmbmfnfmöo o kh niusths ho dcs

>;

 

  >8 kh >8 kh >: 

kcfulhotcs mostmtufmcondhs. 

icronkn Prhshotnfmöo kh rhpdnothnlmhotcs ho kcfulhotcs mostmtufmcondhs khskh pcdìtmfns mofduyhoths. Ho ndjuon mostmtufmöo hkufntmvn kh su prcfhkhofmn c khshlphþc dnacrnd.

10% 

VHLNON Oc. 6 MOKMFNKCQ(HV) KH FCLPH[HOFMN FCLPH[HOFMN (KHVHLPHÞCV)

FCLPH[HOFMN

Fcjomtmvc N pnrtmr kh hxphrmhofmns kh mothrnffmöo nfnkílmfnn - scfmnd, hd hstukmnoth ndfnoznrî nfnkílmf ndfnoznrî dn submfmhoth fdnrmknk ho tcroc n dn nprcxmlnfmöo kh dn fcofhpfmöo kh dn kmvhrsmknk h mofdusmöo hkufntmvn khotrc kh Qhfcocfhr dns kmbhrhofmns y nsphftcs fcluohs dcs fcothxtcs scfmndhs y hsfcdnrhs vmjhoths. emstörmfcs y scfmndhs ho funotc n kmvhrsmknk h Prcfhkmlhotnd mofdusmöo Hd hstukmnoth prcpcokrî hstrnthjmns quh vmnamdmfho hd jcfh hbhftmvc khd khrhfec n dn hkufnfmöo pcr pnrth kh tckcs. Nftmtukmond Hd hstukmnoth lckmbmfn, kh shr ohfhsnrmn su nftmtuk kh nphrturn enfmn hd rhfcocfmlmhotc kh dn dns fcokmfmöo khndjuoc.  khrhfecs kh tckns phrsconskhsmosuihtc kmstmojc ndjuoc.   [MHLPC NVMJONKC KXQNO[H DN VHLNON KMV[QMAXFMCO KHD [MHLPC

ECQNV KH [QNANIC FCO NFCLPNÞNLMHO[C KMQHF[C ([X[CQÌNV VMOFQÖOMFNV ] NVMOFQÖOMFNV) (E[NK)  (E[NK)  ;

ECQNV KH [QNANIC MOKHPHOKMHO[H (E[M)   (E[M)

[C[ND ECQNV N [QNANINQ HO DN VHLNON   VHLNON

10

1;

KHVFQMPFMÖO KH DN NF[MRMKNK KH DN VHLNON   Kurnoth hd shlmonrmc9 [QNANIC FCO NFCLPNÞNLM NFCLPNÞNLMHO[C HO[C KMQHF[C



Kurnoth hd hofuhotrc prhshofmnd, sh trnaninrîo dns thlîtmfns khsfrmtns ho dcs npnrtnkcs nothrmcrhs fco dn lhtckcdcjìn khbmomkn, fco hd khsnrrcddc kh dns nftmvmknkhs dns fundhs shrîo rhvmsmöo y kmsfusmöo kh ndcs dmohnlmhotcsprcpuhstns, y crmhotnfmcohs hlnonkcs khdtnddhrhs, LHO, vmkhcs kh rhbdhxmöo brhoth dn >8

 

  >2 >2 kh  kh >: 

thlîtmfn mofduyhoth, puhstn ho fclùo kh dns kmbhrhoths hxphrmhofmns dnacrndhs c phrscondhs brhoth nd thln 

  Pcsthrmcr   nd shlmonrmc9 [QNANIC Qhvmsmöo thörmfn kh nfuhrkc fcoMOKHPHOKMHO[H dn amadmcjrnbìn hstnadhfmkn y hdnacrnfmöo kh dns

nftmvmknkhs prcyhftnkns fco dn nshscrìn fcrrhspcokmhoth HRNDXNFMÖO KH VX KHVNQQCDDC FCJOM[MRC/CPHQNFMCOND/NF[M[XKMOND PQCKXF[C-HRMKHOFMN VCDMFM[NKC

FQM[HQMCV KH HRNDXNFMCO KHD PQCKXF[C

Qhndmznr uo lnpn fcofhptund scarh dcs prcfhscs emstörmfcs ho hkufnfmöo Mofdusmvn ho su dujnr kh prcfhkhofmn Prhshotnfmöo lnpn fcofhptund scarh dcs prcfhscs khemstörmfcs ho hkufnfmöo mofdusmvn ho hd hoth thrrmtcrmnd kh su prcfhkhofmn. Prhshotnfmöo kh fmofc Pdhjnadh fco fmofc rhfclhoknfmcohs rhfclhoknfmcohs jhohrndhs quh tckn mostmtufmöo hkufntmvn jhohrndhs pnrn dcs khah fcothlpdnr ho dn rhhstrufturnfmöo kh kcfulhotcs dcs kcfulhotcs mostmtufmcondhs.  Mostmtufmcondhs kh uon Mostmtufmöo Hkufntmvn kh su dujnr kh prcfhkhofmn.

BHFEN LÎUMLN KH HO[QHJN

RNDCQNFMÖO KHD PQCKXF[C

Dns bhfens kh hotrhjn, hstnrîo suihtns n dn crjnomznfmöo frcocdöjmfn kh dcs hofuhotrcs.

;0% 80% >0% 

1.>1.  HRNDXNFMÖO KHD [X[CQ Nprhfmnkc hstukmnoth9 fco hd caihtc kh lhicrnr fcotmounlhoth ouhstrcs prcfhscs nfnkílmfcs, dh scdmfmtnlcs nlnadhlhoth rhndmznr hvndunfmöo khd kcfhoth tutcr kh dn prhshoth nsmjonturn, ho dn rhsphftmvn pdntnbcrln y/c smsthln hstnadhfmkc pnrn hddc.

1.>6.  AMADMCJQNBÌN FCLPDHLHO[NQMN  

KHFQH[C >;1> KH NJCV[C KH 10>: . —Pcr hd fund sh rhjdnlhotn ho hd lnrfc kh dn hkufnfmöo mofdusmvn dn nthofmöo hkufntmvn n dn pcadnfmöo fco kmsfnpnfmknk“.  >2

 

  >: kh >: kh >: 

Crmhotnfmcohs [ífomfns, Nklmomstrntmvns y Phknjöjmfns pnrn dn Nthofmöo Hkufntmvn n Hstukmnoths fco Kmsfnpnfmknk ho hd Lnrfc Kh Dn Hkufnfmöo Mofdusmvn ‖ Lho   Fcdclamnprhokh. Hku.fc   Crtmz, Imlíohz, Dums. 10>5. Nthofmöo scfmchkufntmvn n phrscons fco kmsfnpnfmknk y/c khphokhofmn, Hkmfmcohs Cftnhkrc, V.D., Prc^uhst Haccg Fhotrnd, rhfuphrnkc kh ettps9//haccgfhotrnd.prcquhst.fcl/dm ettps9//haccgfhotrnd.prc quhst.fcl/dma/amadmcikfsp/khtnm a/amadmcikfsp/khtnmd.nftmco3kcfMK68-> 8;). Hspnþn9 Nlnr      Nmosfcw, L. Khsnrrcddc kh hsfuhdns mofdusmvns. Mkhns, prcpuhstns y hxphrmhofmns pnrn khsnrrcddnr dns mostmtufmcohs hsfcdnrhs. Lnkrmk, Onrfhn100>     Ehroîokhz, L. (10>8). Hd Fcofhptc kh Kmsfnpnfmknk9 Kh dn Hobhrlhknk nd Hobcquh kh Khrhfecs. Qhv. FHV Khrhfec, 2 (1), ;2-8=. ;2- 8=.    Dmohnlmhotcs jhohrndhs pnrn dn nthofmöo hkufntmvn n jrupcs vudohrnadhs y vìftmln khd fcobdmftc nrlnkc mothroc kh pcdìtmfn pnrn dn nthofmöo hkufntmvn n pcadnfmcohs vudohrnadhs LHO (10>;)    Acrsnom, L. (10>>). Fcostrumr uo nudn mofdusmvn9 hstrnthjmns h mothrvhofmcohs. Auhocs  Nmrhs9 Pnmkös 

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