Preguntas Frecuentes de Bolas de Valores

 

Rrmcuhtns Ormlumhtms em Kafns em _nfarms (K_F)  

>. ±^uà ms fn Kafs Kafsnn y qu quàà ms ffnn Kaf Kafsn sn em _nfarms _nfarms e emm F`j F`jnn (K_F (K_F)1 )1 Fn Kafs Kafsnn mh tàrj` tàrj`ha hass cm cmhm hmrnf rnfms ms ms uh jmrln jmrlnea ea ea eahe hemm fa fass `h `hvm vmrs rs`a `ah` h`stn stnss rm rmnf nf`zn `znh h apmrnl`ahms em lajprn-vmhtn lah vnfarms (nll`ahms, kahas, pnpmfms lajmrl`nfms, mtl.), s`mhea mstns trnhsnll`ahms rmnf`znens par `htmrjme`nr`as mspml`nf`zneas (mh humstra pnês sa sah h fns fns \al` \al`me mene nems ms Ncmh Ncmhtms tms em Kafsn Kafsn). ). Fas Fas jmrln jmrlnea eass ku kurs rsît` ît`fm fmss sah sah ar arcn cnh` h`zn znea eas, s, rmcfnjmhtneas y trnhspnrmhtms, pnrn qum fns apmrnl`ahms smnh momltunens lah nksafutn laho`nhzn.

Fn Kafsn em _nfarms em F`jn ms uhn mjprmsn pr`vnen qum onl`f`tn fn hmcal`nl`üh em vnfarms `hslr`tas mh Kafsn, aorml`mhea n fas pnrt`l`pnhtms (mj`sarms m `hvmrs`ah`stns) fas smrv` smr v`l`a l`as, s, s`stmj s`stmjns ns y jmln jmlnh` h`sj sjas as ne nemlu mlune neas as pn pnrn rn fn `h `hvm vmrs rs`ü `üh h em jnhm jnhmrn rn du dust stn, n, lajpmt`t`vn, aremhnen, laht`hun y trnhspnrmhtm. ]e. pumem lahsuftnr lahsuftnr `hoarjnl`üh `hoarjnl`üh emtnffnen emtnffnen em fn Kafsn em _nfarms _nfarms em F`jn mh fn smll`üh "K_F4 "K_ F4 Fn mjprmsn mjprmsn"" em humstrn humstrn wmk (www.k (www.kvf. vf.laj laj.pm .pm), ), mh eahem eahem mhlah mhlahtrnr trnrîî entas entas cmhmrnfms em fn mjprmsn, rmsmþn g`stür`ln, jmjar`n nhunf, `hoarjnl`üh sakrm mstrulturn y ouhl`ahms, mhtrm atras. Mh fn smll`üh "Jnrla fmcnf" paerî lahsuftnr fns pr`hl`pnfms harjns mj`t`ens par \J_, fns lunfms rmcufnh mf jmrlnea em vnfarms.

;. ±^u ±^u`àh `àhms ms pum pumemh emh `hv `hvmr mrt`r t`r mmh h fn K_F1 K_F1 Uaens fns pmrsahns pumemh `hvmrt`r mh fn Kafsn em _nfarms em F`jn, pmrsahns hnturnfms,  durêe`lns, `hvmrs`ah`stns hnl`ahnfms y mxtrnhdmras.

2 mhlahtrnrî jnyar `hoarjnl`üh em fns \al`menems Ncmhtms em

Kafsn.

5. ±Luî ±Luîfms fms sah sah fas kmh kmhmo`l mo`l`as `as y fas r` r`msca mscass em `hvm `hvmrt`r rt`r mh ffnn Kafsn e emm _nfa _nfarms rms em F` F`jn1 jn1 Kmhmo`l`as •Nllmsa n uhn njpf`n e`vmrs`ene em apl`ahms4 Msta s`ch`o`ln qum mf jmrlnea em vnfarms aormlm uhn vnr`mene em `hstrujmhtas o`hnhl`mras (nll`ahms, kahas, pnpmfms lajmrl`nfms, mtl.) pnrn qum pumen `hvmrt`r. Mstas vnfarms vnrênh mh tàrj`has em rmhtnk`f`ene, f`qu`emz y r`msca, smcôh fn mjprmsn qum mj`t`ü mf vnfar (mj`sar) y fns lahe`l`ahms emf jmrlnea. •[mhtnk`f`ene4 Mf `hvmrs`ah`stn lumhtn lah fn apl`üh em `hvmrt`r mh vnfarms lah jnyar  r`msca, fas lunfms, n su vmz, sah fas qum aormlmh uhn jnyar mxpmltnt`vn em rmhtnk`f`ene. •Lahvmrt`rsm mh uha em fas prap`mtnr`as em crnhems mjprmsns4 Nf nequ`r`r nll`ahms mf `hvmrs`ah`stn sm lahv`mrtm mh prap`mtnr`a emmh uhn pnrtm em fnfn mjprmsn, pue`mhea rml`k`r   kmhmo`l`as (e`v`emheas y nll`ahms f`kmrnens) lnsa em qum mjprmsn m jprmsn cmhmrm ut`f`enems.

 

Ne`l`a Ne`l `ahn hnfj fjmh mhtm tm,, em empm pmhe he`mh `mhea ea em emff t`pa t`pa em nll`ü nll`üh h qu qumm pa pasm smnn ne nequ qu`mr `mrmm mf em emrm rmlg lga a n  pnrt`l`pnr y vatnr mh fns duhtns em nll`ah`stns. •Lahtr`ku`r e`rmltnjmhtm nf emsnrraffa emf pnês4 N jnyar hôjmra em `hvmrs`ah`stns, jnya jn yarr em emjn jnhe henn em vn vnfa farm rms. s. Msta Msta `jpf `jpf`l `lnn qu qumm jîs jîs mjpr mjprmsn msnss pa paer erîh îh o`hn o`hnhl hl`n `nrr sus sus  praymltas n jmharms lastas, `jpufsnhea mf emsnrraffa mlahüj`la emf emf pnês.

[`mscas Mf r`msca em `hvmrt`r mh Kafsn sm pumem rmsuj`r mh fn pas`k`f`ene em ha cnhnr tnhta laja sm mspmrnkn a `hlfusa pmremr uhn pnrtm emf e`hmra `hvmrt`ea. Fns pmrsahns nequ`mrmh vnfarms mh Kafsn lah fn mxpmltnt`vn em aktmhmr cnhnhl`ns pmra nsê laja nhgmfnh qum fas prml`as em sus nll`ahms suknh, emkmh mstnr lahsl`mhtms em qum fas  prml`as tnjk`àh pumemh kndnr par e`vmrsns l`rluhstnhl`ns, laja par mdmjpfa4 •[`msca-pnês4 [momr`ea n fn s`tunl`üh mlahüj`ln y pafêt`ln emf pnês. •[`msca em smltar mlahüj`la4 Fas e`omrmhtms smltarms mlahüj`las (ncrnr`a, `heustr`nf, j`hmra, mtl.) t`mhmh r`mscas mspmlêo`las. ]h mdmjpfa lfnra smrên fn e`sj`hul`üh em fns lat`znl`ahms `htmrhnl`ahnfms em fas jmtnfms, qum pumemh nomltnr hmcnt`vnjmhtm mf prml`a em fns nll`ahms em fns mjprmsns j`hmrns. •[`msca em mjprmsn4 Uajn mh lumhtn mf jnhmda y fns pmrspmlt`vns em fn mjprmsn qum mj`t`ü mf vnfar. [`msca em jmrlnea4 Mx`stmh mvmhtas `jpartnhtms qum ar`c`hnh larr`mhtms lajprnearns a vmhemearns, fns lunfms praeulmh nfzns a kndns cmhmrnf`znens mh taens fns nll`ahms.

=. ±Mx ±Mx`st `stmm uh last lastaa par par `hvmr `hvmrt`r t`r mmh h fn K_F1 K_F1 \ê, par lnen trnhsnll`üh (lajprn y vmhtn) mf `hvmrs`ah`stn emkm pncnr laj`s`ahms par fas s`cu`mhtms lahlmptas4 •\al`mene Ncmhtm em Kafsn (\NK) •Kafsn em _nfarms em F`jn (K_F) •@hst`tul`üh em Lajpmhsnl`üh y F`qu`enl`ahms em _nfarms (LN_NF@) •\upmr`htmhemhl`n emf Jmrlnea em _nfarms (\J_) •Npartms nf oahea em cnrnhtên y mf oahea em f`qu`emz Rnrn mhlahtrnr `hoarjnl`üh sakrm fas parlmhtndms em lnen laj`s`üh `hcrmsm n fn smll`üh "Hmcal`nl`üh" y fumca "Luatns y Unr`ons"

@jpartnhtm4  Mf @jpumsta Cmhmrnf n fns _mhtns (>7%) sm npf`ln sakrm mf tatnf em fns laj`s`ahms ha sakrm mf vnfar emf tatnf hmcal`nea.

?. ±^uà t` t`pa pa em vnfarm vnfarmss a `hstru `hstrujmhta jmhtass o`hnhl`mr o`hnhl`mras as sm hm hmcal` cal`nh nh mh fn K_ K_F1 F1 _nfarms em [mhtn _nr`nkfm4 \ah nqumffas luyn rmhtnk`f`ene, jme`en kîs`lnjmhtm par fas lnjk`as em su prml`a a lat`znl`üh mh Kafsn, ms vnr`nkfm (lnjk`n) mh ouhl`üh n e`omrmhtms onltarms tnfms laja4 fn layuhturn `htmrhnl`ahnf y hnl`ahnf, emsmjpmþa y rmsuftneas em fn mjprmsn, pafêt`ln em e`v`emheas, mxpmltnt`vns, mtl. Atarcnh n su pasmmear emrmlgas em  prap`mene sakrm mf pntr`jah`a em fn mjprmsn. •Nll`ahms lajuhms •Nll`ahms em `hvmrs`üh •Lmrt`o`lneas em suslr`pl`üh prmomrmhtm •Luatns em pnrt`l`pnl`üh em oaheas em `hvmrs`üh

 

_nfarms [mprmsmhtnt`vas em Emuen4 \ah nqumffas luyn rmhtnk`f`ene sm j`em kîs`lnjmhtm mh tàrj`has em uhn tnsn em `htmràs o`dn (pnltnen s`h lnjk`as pnrn mf pmr`aea em fn mj`s`üh), a em uhn tnsn em `htmràs emtmrj`hnen (qum pumem vnr`nr n fa fnrca emf pmr`aea em mj`s`üh, fa qum emkm smr `hoarjnea par fn mjprmsn nhtms em su lafalnl`üh). Atarcnh n su  pasmmear emrmlgas lrme`t`l`as. Kahas •Larparnt`vas •\ukare`hneas •E m nrrmhenj`mhta o`hnhl`mra •Emuen sakmrnhn (Kahas \akmrnhas y emf Umsara) •G`patmlnr`as •Em t`tuf`znl`üh Unjk`àh Unjk`à h sm pumemh pumemh hmcal`nr hmcal`nr vnfarm vnfarmss mh mf Jmrlne Jmrlnea a em @hstru @hstrujmh jmhtas tas em Mj`s`ü Mj`s`üh h ha Jns`vn (J@MHJ)4 •Rncnràs •Fmtrns em lnjk`a •Onlturns

@jpartnhtm4 Mh mf J@MHJ fn hmcal`nl`üh ms em vnfarms HA `hslr`tas. Uaeas mstas vnfarm vnf armss emkmh emkmh mstnr mstnr rmc`st rmc`strne rneas as mh uhn `hst`t `hst`tul` ul`üh üh em lajpmh lajpmhsnl` snl`üh üh y f`qu`e f`qu`enl` nl`üh üh em vnfarms.

3. ±Luî ±Luîff ms mf garnr garnr`a `a em hm hmcal` cal`nl`ü nl`üh h em fn K Kafsn afsn em em _nfa _nfarms rms em F`jn F`jn11 Emsem mf smcuhea eaj`hca em jnrza nf pr`jmr eaj`hca em hav`mjkrm4 Onsm em npmrturn4 Em 274;2 n 27454=; n >=422 (*)  Hmcal`nl`üh n prml`a em l`mrrm4 Em >=422 n >=4>2

Emssem mf pr` Em r`j jmr ea eaj j`h `hcca em hav av`m `mj jkrm krm nf smcu cuh hea eaj aj`h `hca ca em jn jnrrza4 za4 Onsm Onsm Onsm

em em em

 Hmcal`nl`üh

npmrturn4 Em hmcal`nl`üh4 l`mrrm4 Em n

prml`a

em

20422 Em >=4=; l`mrrm4

n 204?422

204?422

(*) >=4== (*)

n

>?4>2

(*) Fn garn em o`hnf`znl`üh em fn onsm em npmrturn y em fn onsm l`mrrm pnrn vnfarms mj`t`eas mh mf Rmrô mstî sudmtn n uh rnhca nfmntar`a qum sm mxt`mhem gnstn >;2 smcuheas nhtms y emspuàs em fn garn `he`lnen.

7. ±Lü ±Lüja ja pu pumea mea g gnlm nlmrr pnr pnrnn trn trnknd kndnr nr mh fn fn K_F K_F11 \` emsmn oarjnr pnrtm em fn Kafsn em _nfarms em F`jn, pumem rmj`t`r su Lurr`lufuj _`tnm nf s`cu`mhtm larrma mfmltrüh`la4 smfmll`ahkvfBkvf.laj.pm.

0. ±Eü ±Eühe hemm pum pumea ea nprm nprmhem hemrr n `hvmr `hvmrt`r t`r mh ffnn K_F K_F11 Mh mf Lmhtra em vnr`mene Mstue`asem Kursît`f em fn Kafsn em jmrlnea _nfarms em mf Rnrn lunf aormlm uhn crnh lursas K][\MH, pnrn su nprmhe`zndm sakrm em F`jn, vnfarms.

 

jnyar `hoarjnl`üh pumem `hcrmsnr n fn pîc`hn wmk4 www.kursmh.laj.pm, www.kursmh.laj.pm, lahtnltnrsm vên tmfmoüh`ln nf ?>0-. ±Lüja emka em mfmc`r uhn \al`mene \al`mene Ncmhtm em Kafsn1 Rnrn mfmc`r uhn \al`mene Ncmhtm em Kafsn emkm `hoarjnrsm prmv`njmhtm nlmrln em su s`t s`tunl unl`üh `üh o`hnhl o`hnhl`mrn `mrn,, mxpmr`m mxpmr`mhl` hl`n, n, rmprmsm rmprmsmhtn htnhtm htmss nutar` nutar`zne zneas, as, laj`s`a laj`s`ahms, hms, smrv`l` smrv`l`as as ne`l`ahnfms qum kr`henh y lnf`ene em smrv`l`a.

>;. ±^u`àhms sah fas rrmprmsmhtnhtm mprmsmhtnhtms1 s1 \ah rmprmsmhtnhtms, nqumffns pmrsahns emk`enjmhtm nutar`znens par fn Kafsn, n saf`l`tue em fns \NKs, pnrn rmnf`znr mh hajkrm em fn \NK nfcuhns ouhl`ahms tnfms laja, lajprn y vmhtn em vnfarms, nsmsarnj`mhta, mtl. Fn rmfnl`üh em rmprmsmhtnhtms em lnen \NK, paerî mhlahtrnrfn mh gttp4//www.kvf.laj.pm

>5. ±\m pumem lnjk`nr em \al`mene N Ncmhtm cmhtm em Kafsn1 \ê. \us vnfarms rmc`strneas pnsnrênh nutajît`lnjmhtm n fn \al`mene Ncmhtm em Kafsn em su mfmll`üh, emkm tmhmr mh lumhtn qum smcôh pafêt`ln em lnen \NK sm lakrn uhn laj`s`üh em trnspnsa, e`lga trnspnsa sm rmnf`zn mh lumst`üh em j`hutas. ]hn vmz rmnf`znea mf trnsfnea em fas vnfarms tmherî qum ffmhnr uhn o`lgn em `hslr`pl`üh mh fn humvn \NK.

>=. ±\m pumem tm tmhmr hmr jîs em uh uhnn \al`mene Nc Ncmhtm mhtm em Kafsn1 \ê. \us vnfarms mstnrênh rmc`strneas mh fns \al`menems Ncmhtm em Kafsn qum mf`dn.

>?. ±Fn K_F rml rmlaj`mhen aj`mhen nfcuhn \ \al`mene al`mene Ncmhtm e emm Kafsn1

 

 Ha, mf `htmrmsnea pr`jmra emkm `hoarjnrsm nlmrln em fns \al`menems Ncmhtms em Kafsn qum mx`stmh mh mf jmrlnea em vnfarms (nutar`znens par fn \J_) y eml`e`r fa qum n su lr`tmr`a ms fn jmdar apl`üh.

>3. ±^uà gnlmr mh lnsa em tm tmhmr hmr nfcôh pra prakfmjn kfmjn lah fn \NK \NK11 \` su prakfmjn ha ms saful`ahnea par fn j`sjn \NK, ustme paerî nlmrlnrsm n fn \J_, n o`h em gnlmr mf rmlfnja rmspmlt`va. Mstm rmlfnja emkmrî smr prmsmhtnea mh uh pfnza qum ha mxlmen em fas havmhtn (02) eêns em rmnf`znen fn laj`s`üh em fn `hornll`üh a emsem qum àstn oum rnzahnkfmjmhtm lahal`en par mf laj`tmhtm y prmv`n emtmrj`hnl`üh em fn `hornll`üh par   pnrtm em fn \al`mene Ncmhtm em Kafsn.

>7. ±Lah luîh luîhta ta e`hmra p pumea umea mjpmz mjpmznr nr n `hvm `hvmrt`r1 rt`r1  Ha mx`stm uh jahta jêh`ja pmra emkm tmhmr mh lumhtn qum par lnen lajprn y vmhtn em vnfarms qum rmnf`lm emkm pncnr uhn laj`s`üh em `htmrjme`nl`üh, fa qum pumem cmhmrnr uh momlta mh fn rmhtnk`f`ene qum emsmn nflnhznr. www.kvf.laj.pm,, mh fn smll`üh Fns tnr`ons fns pumem mhlahtrnr mh humstrn pîc`hn wmk4 www.kvf.laj.pm  pukf`lnl`ahms, apl`üh kafmtêh e`nr`a a mh mf s`cu`mhtm gttp4//www.sjv.cak.pm/snk/\NKQUnr`onr`as.nsp f`hi4gttp4//www.sjv.cak.pm/snk/\NKQUnr`onr`as.nsp f`hi4

>0. ±Mh quà jahmen sm pumem pumem `hvmrt`r `hvmrt`r11 Mf `hvmrsar emkmrî ut`f`znr mf j`sja t`pa em jahmen mh qum mstî mxprmsnea mf vnfar qum  prmtmhem nequ`r`r.

;2. ±Lüja sm pumem ak aktmhmr tmhmr `hoarjnl`üh em fns mjprmsns mjprmsns (mstneas o`hnhl`mras, o`hnhl`mras, jmjar`ns, gmlgas `jpartnhtms, `jpartnhtms, mhtrm atras) qum f`stnh sus nll`ahms mh fn Kafsn em _nfarms em F`jn1 N trnvàs em humstrn pîc`hn wmk4 www.kvf.laj.pm, `hcrmsnhea n fn smll`üh "Kafsn hmws", fumca emkmrî smfmll`ahnr "Gmlgas em `jpartnhl`n" y mslacmr mf hajkrm em fn mjprmsn luyn `hoarjnl`üh rmqu`mrm lahsuftnr.

;>. ±Eühem mhlahtr mhlahtrnr nr `hoarjnl`üh sakrm sakrm tmhmhl`ns em vnfarm vnfarms, s, mhtrmcn em e`v`emheas e`v`emheas y nll`ahms f`kmrnens1 Lunhea sm trntmh em vnfarms nhatneas mh lumhtn fas `hvmrs`ah`stns paerîh nllmemr nf smrv`l`a em `hoarjnl`üh qum LN_NF@ \.N. @LF_ aormlm vên `htmrhmt prmv`n suslr`pl`üh a mh su suss pr pra ap`ns p`ns ao ao`l `l`h `hns ns.. Jnya Jnyarr emtn emtnff ffmm la lahs hsuf uftn tnrr mh gttp4//www.lnvnf`.laj.pm gttp4//www.lnvnf`.laj.pm.. Lunhea sm trntm em vnfarms rmprmsmhtneas par têtufas emkmrî e`r`c`rsm nf mj`sar.

;;. ±Lüja jm `hoarja emf prml`a em uhn nll`üh mj`t`en par fns mjprmsns qum f`stnh mh fn Kafsn em _nfarms em F`jn1 @hcrmsnhea n humstrn pîc`hn wmk4 www.kvf.laj.pm, www.kvf.laj.pm, mh fn smll`üh Jmrlnea nf Eên, msladn fn jnhmrn laja o`ftrnr mf f`stnea em mjprmsns pnrn qum su kôsqumen sm gncn jîs smhl`ffn. Nquê mhlahtrnrî mhlahtrnrî fn `hoarjnl`üh `hoarjnl`üh em fas prml`as prml`as em fns nll`ahms, fn j`sjn qum sm nltunf`zn nltunf`zn

 

lnen

;2

j`hutas.

\` emsmn snkmr fas prml`as em fns nll`ahms mh t`mjpa rmnf pumem aktmhmr uh tmrj`hnf em lahsuftn emf \`stmjn em Hmcal`nl`üh Mfmltrüh`la (Kafsn mh Fêhmn). Rnrn lahsuftnr fas prml`as y suslr`k`rsm nf Kafsn mh Fêhmn pumem `hcrmsnr mh fn smll`üh \mrv`l`as em @hoarjnl`üh, Kafsn mh Fêhmn a vên tmfmoüh`ln nf ?>0-2). ]e. pumem lahsuftnr e`lgn harjn mh fn smll`üh "Jnrla fmcnf" em humstrn  pîc`hn wmk ( www.kvf.laj.pm) a mh fn smll`üh "Harjns fmcnfms" em fn pîc`hn wmk em fn

 

\J_.

2?2?2?, Lmrlnea em F`jn - Umfàoaha ?>0. ±^uà sah nll`ahms em `hvmrs`üh1

Fns nll`ahms em `hvmrs`üh sah vnfarms qum rmprmsmhtnh uhn pnrtm praparl`ahnf em uhn lumhtn mspml`nf emf pntr`jah`a em fn mjprmsn mj`sarn emhaj`hnen ‖Lumhtn Nll`ahms em @hvmrs`üh‚. Fas t`tufnrms em mstns nll`ahms ha t`mhmh emrmlga n vata pmra sê t`mhmh emrmlga n pnrt`l`pnr mh fn e`str`kul`üh em ut`f`enems mh fn ‖j`sjn apartuh`ene y lahe`l`ahms‚ qum fas nll`ah`stns em lnp`tnf. LNR@UNF@TNL@AH K][\NU@F MH FN K._.F. (par vnfarms, n e`l`mjkrm emf ;222)

Oumhtm4 Kafsn em _nfarms em F`jn >;. ±^uà ms mf jmrlnea em emuen1

Mf jmrlnea em emuen pmrj`tm n fns mjprmsns lnptnr rmlursas n trnvàs em fn mj`s`üh em kahas (akf`cnl`ahms mj`t`ens n pfnzas jnyarms em uh nþa) m `hstrujmhtas em larta pfnza (akf`cnl`ahms mj`t`ens n pfnzas jmharms n uh nþa). Fn mj`s`üh em mstas vnfarms akf`cn n fas mj`sarms n rmnf`znr pncas pmr`üe`las em `htmrmsms y n emvafvmr mf `jpartm tatnf em fn emuen nf vmhl`j`mhta em fn j`sjn. Mstas vnfarms pumemh vmhemrsm nhtms em su vmhl`j`mhta, pmrj`t`mhea qum fas `hvmrs`ah`stns `hvmrs`ah` stns pumenh aktmhmr, nemjîs em fas `htmrmsms, cnhnhl`ns (a pàre`ens) em lnp`tnf emr`vnens em fn e`omrmhl`n mhtrm fas prml`as em lajprn y vmhtn. Empmhe`mhea em fn mvnfunl`üh mlahüj`la“o`hnhl`mrn em fn mjprmsn mj`sarn, àstn paerî aptnr par mj`t`r e`rmltnjmhtm nll`ahms em lnp`tnf lah a s`h emrmlga n vata, kahas, `hstrujmhtas em larta pfnza a par fn t`tuf`znl`üh em pnrtm Rar em sus nlt`vas. vmhtndns nsal`nens n lnen nll`ahms uha em fasrmspmlta n fn `hstrujmhtas jmhl`ahneas. mdmjpfa, uhnMx`stmh vmhtndn mh mf lnsa em fn mj`s`üh mj`s`üh em kahas, ms qum ha mx`stm pfnza em vmhl`j`mhta y mf mj`sar ha mhormhtnrî prms`ahms pnrn

 

emvafvmr mh uh pfnza a pfnzas em t`mjpa mst`pufneas mf o`hnhl`nj`mhta o`h nhl`nj`mhta qum fm gn s`ea praparl`ahnea. >5.±^u`àh nluem nf jmrlnea em vnfarms pnrn `hvmrt`r1

Mh pr`hl`p`a, lunfqu`mr pmrsahn lah uh mxlmemhtm em e`hmra e`hmr a pumem `hvmrt`r mh têtufas mh mf jmrlnea em vnfarms “nll`ahms m `hstrujmhtas em emuen- lah mf akdmt`va em aktmhmr uhn rmhtnk`f`ene par su `hvmrs`üh. Rnrn mffa, emkm lahtnr lah fn `hoarjnl`üh `h oarjnl`üh hmlmsnr`n pnrn rmnf`znr uhn kumhn `hvmrs`üh. J`mhtrns qum uh ngarr`stn qum empas`tn su e`hmra mh uh knhla safnjmhtm rmqu`mrm `hoarjnl`üh nlmrln em fn tnsn em `htmràs, fas lastas em jnhtmh`j`mhta em msn lumhtn y, mh nfcuhas lnsas, em fns lahe`l`ahms pnrn rmt`rnr su e`hmra a lnhlmfnr mf empüs`ta, pnrn `hvmrt`r snt`sonltar`njmhtm mh mf jmrlnea em vnfarms sm hmlms`tn jîs `hoarjnl`üh. Msta ms nsê parqum mf `hvmrsar (yn ha mf knhla) ms qu`mh larrm lah mf r`msca em pmremr su e`hmra mh uhn jnfn `hvmrs`üh. Em ngê qum mf pmro`f emf `hvmrsar emf jmrlnea em vnfarms smn jîs sao`st`lnea qum mf em uh lumhtn-larrmht`stn. Msta ha qu`mrm eml`r qum mf jmrlnea em vnfarms ha sm mhlumhtrm nf nflnhlm emf pôkf`la mh cmhmrnf9 nf lahtrnr`a, par su vafujmh, mf ngarra pôkf`la ms uhn oumhtm ouhenjmhtnf emf jmrlnea em vnfarms pnrn lukr`r fn aomrtn em têtufas mj`t`eas par fns mjprmsns. >=. ±Lüja sm lnhnf`znh fas rmlursas emf pôkf`la mh mf jmrlnea em vnfarms1

Fas rmlursas emf pôkf`la sumfmh lnhnf`znrsm nf jmrlnea em vnfarms n trnvàs em `hvmrsarms mspml`nf`zneas, qum rmôhmh crnhems lnht`enems em e`hmra y emst`hnh t`mjpa y e`hmra pnrn aktmhmr fn `hoarjnl`üh hmlmsnr`n pnrn e`vmrs`o`lnr mf r`msca y gnlmr uhn kumhn `hvmrs`üh. N mffas sm fms lahalm laja ‖`hvmrs`ah`stns `hst`tul`ahnfms‚ . \ah `hvmrs`ah`stns `hst`tul`ahnfms fas s`stmjns prmv`s`ahnfms (NORs y atras oaheas mstntnfms), fas knhlas, fns lajpnþêns em smcuras, fas oaheas jutuas y fas oaheas em `hvmrs`üh. Mstas nltarms t`mhmh mh lajôh mf jnhmda em `jpartnhtms sujns em e`hmra sakrm fns lunfms emkmh aktmhmr uhn rmhtnk`f`ene. >?. ±^uà sah fas oaheas jutuas1

Fas oaheas jutuas rmôhmh e`hmra pravmh`mhtm emf pôkf`la pnrn `hvmrt`rfa mh vnfarms, mhtrmcnhea n lnjk`a lmrt`o`lneas em pnrt`l`pnl`üh. Em mstn jnhmrn sm e`fuym mf lasta em uhn nej`h`strnl`üh praoms`ahnf (nhnf`stns em `hvmrs`üh) y sm e`vmrs`o`ln mf r`msca (`hv`rt`mhea mh fn jnyar lnht`ene em vnfarms). Fas oaheas jutuas pumemh ndustnrsm n e`vmrsas pmro`fms em `hvmrs`üh4 par t`pa em vnfar (nll`ahms, akf`cnl`ahms, lajk`hnl`üh em njkas), par jahmen, ar`mhtnea n smltarms praeult`vas, par mf pfnzas em vmhl`j`mhta em fas vnfarms, mtl. Fas `hvmrsarms ha emkmh pmremr em v`stn qum fn `hvmrs`üh mh luatns em uh oahea jutua ha mqu`vnfm n uh empüs`ta em ngarra. Ms eml`r, fn nequ`s`l`üh em mstns luatns ha cmhmrn `htmrmsms s`ha rmhe`j`mhtas, fas f as lunfms sm akt`mhmh laja rmsuftnea em fn cnhnhl`n a pàre`en em fns `hvmrs`ahms rmnf`znens lah fas rmlursas emf oahea. >3. ±^uà sah fas oaheas em `hvmrs`üh1

Fas oaheas em `hvmrs`üh t`mhmh lnrnltmrêst`lns s`j`fnrms n fas oaheas jutuas mh mf smht`ea qum tnjk`àh rmôhmh fas npartms em uh crupa em `hvmrsarms, pmra lah fn pnrt`lufnr`ene em qum mf e`hmra qum nej`h`strnh tnjk`àh pumem smr `hvmrt`ea mh vnfarms ha hmlmsnr`njmhtm akdmta em aomrtn pôkf`ln a mh k`mhms `hjak`f`nr`as. Fn paln f`qu`emz em fns luatns emk`ea n fn hnturnfmzn em sus `hvmrs`ahms emtmrj`hn qum e`lgas oaheas smnh em lnp`tnf lmrrnea (hôjmra o`da em luatns, s`h pas`k`f`ene em rmslntm a rmemhl`üh). >7. ±Rar quà ms `jpartnhtm fn rmcufnl`üh pnrn ntrnmr `hvmrs`üh nf jmrlnea em vnfarms1

Fn emjnhen em têtufas, fn f`qu`emz emf jmrlnea em vnfarms y, mh cmhmrnf, fn e`spah`k`f`ene em rmlursas pnrn lukr`r fn aomrtn em têtufas vnfarms empmhemrî mh crnh jme`en em fas fêj`tms, pnrîjmtras y rmcfns qum fn rmcufnl`üh `jpahcn n fas nej`h`strnearms em oaheas em pmhs`ahms, oaheas jutuas y oaheas em `hvmrs`üh. Mh mstm smht`ea, ms `jpartnhtm qum fn rmcufnl`üh smn momlt`vn lah mf o`h em pratmcmr fas rmlursas emf pôkf`la qum mstas jmlnh`sjas nej`h`strnh pmra s`h qum msta m sta rmstm f`qu`emz nf jmrlnea em vnfarms h` rmstr`hdn mf emsnrraffa em humvns nftmrhnt`vns em o`hnhl`nj`mhta m `hvmrs`üh. Em fn j`sjn jnhmrn, ms ouhenjmhtnf mf trntnj`mhta tr`kutnr`a n fns `hvmrs`ahms y n fas `hvmrsarms `hst`tul`ahnfms, nsê laja n fas vmgêlufas qum mstas ut`f`lmh pnrn lnhnf`znr sus rmlursas. ]h mdmjpfa em lüja fn fmc`sfnl`üh tr`kutnr`n pumem akstnluf`znr mf emsnrraffa em fas oaheas em `hvmrs`üh ms mf

 

trntnj`mhta v`cmhtm emf `jpumsta n fn rmhtn qum crnvn fns ut`f`enems em mstas oaheas, oaheas, s`h lahs`emrnr qum àstas sah ôh`lnjmhtm uhn gmrrnj`mhtn hmutrnf par fn qum ofuymh fas rmlursas. Mstn s`tunl`üh `jp`em fn pnrt`l`pnl`üh em l`mrtas l`mrtas `hvmrsarms `jpartnhtms, qum laja fns NORs NORs caznh em uhn mxahmrnl`üh nf `jpumsta n fn rmhtn, pumsta qum fn ut`f`ene qum fms larrmspahemrên sm crnvn em taens jnhmrns nhtms em qum fms smn e`str`ku`en. >0.±Rar quà sm hmlms`tn em fn `hvmrs`üh mxtrnhdmrn pnrn emsnrraffnr mf jmrlnea em vnfarms1

Fn `hvmrs`üh mxtrnhdmrn rmv`stm s`hcufnr `jpartnhl`n pnrn mf emsnrraffa emf jmrlnea em vnfarms, mhtrm atrns rnzahms, parqum nyuen n lukr`r fas rmqumr`j`mhtas em lnp`tnf em fns mjprmsns falnfms y nujmhtn fn f`qu`emz emf jmrlnea smluhenr`a em vnfarms. Nemjîs, cmhmrn uhn lajpmtmhl`n lah fas `hvmrsarms falnfms par lnptnr fas têtufas jîs ntrnlt`vas, mfmvnhea em nfcuhn jnhmrn su vnfar. Fas jmrlneas em vnfarms dumcnh uh `jpartnhtm raf mh onl`f`tnr mf ofuda em lnp`tnfms n trnvàs em fns orahtmrns. Mh fn kôsqumen em rmhtnk`f`ene y e`vmrs`o`lnl`üh, fas `hvmrsarms `h vmrsarms mstnrîh s`mjprm e`spumstas n lnhnf`znr sus rmlursas n nqumffas jmrlneas qum snt`soncnh sus akdmt`vas. Mh msm smht`ea, smht` ea, uhn em fns jnhmrns laja fas pnêsms lajp`tmh par ntrnmr fas lnp`tnfms mxtrnhdmras ms pah`mhea n e`spas`l`üh em àstas uh jmrlnea em vnfarms mo`l`mhtm, trnhspnrmhtm y nllms`kfm. Rar msn rnzüh, y tajnhea mh lumhtn qum fas lnp`tnfms sm jav`f`znh par mf juhea mhtmra pmrjnhmhtmjmhtm, mx`stm fn hmlms`ene em qum humstra jmrlnea em vnfarms snt`soncn mstîhenrms jêh`jas em mo`l`mhl`n emjnheneas par fas `hvmrsarms mxtrnhdmras. Em hnen smrv`rên qum fns mjprmsns pmrunhns aormzlnh uhn rmhtnk`f`ene lajpmt`t`vn s` ha sm cnrnht`zn trnhspnrmhl`n h` smcur`ene n fn `hvmrs`üh. ;2. ±Mh quà lahs`stm mf lahlmpta em kumh cak`mrha larparnt`va1

Gnstn nhtms em fn npmrturn em humstras jmrlneas, fn jnyarên em fns pr`hl`pnfms pr`h l`pnfms mjprmsns pmrunhns sm lnrnltmr`znrah par lahlmhtrnr su mstrulturn nll`ahnr`n y jnhmda cmrmhl`nf mh jnhas em crupas onj`f`nrms. Msta sm trneulên mh uh jnrla fmcnf sal`mtnr`a prmalupnea ôh`lnjmhtm mh rmcufnr sal`menems Knda msm jnrla fmcnf, ha mrn hmlmsnr`a `htraeul`rnfjmlnh`sjas lahtraf em fnnhüh`jns cmrmhl`n,lmrrnens. em pratmll`üh nf nll`ah`stn j`har`tnr`a, h` em `hoarjnl`üh `hvmrsar. em \`h mjknrca, mf jnrla fmcnf sal`mtnr`a emk`ü nemlunrsm nf humva pmro`f em mjprmsn qum sm emsmhvumfvm mh uhn mlahajên cfaknf`znen, ms eml`r, n mjprmsns qum rmqu`mrmh nkr`r su lnp`tnf n fn `hvmrs`üh pr`vnen hnl`ahnf y mxtrnhdmrn, y qum pnrn mffa hmlms`tnh kr`henr h`vmfms jêh`jas em lahtraf, pratmll`üh m `hoarjnl`üh nf `hvmrsar y nll`ah`stn j`har`tnr`a. Mf lahduhta em harjns a prîlt`lns emf kumh cak`mrha larparnt`va, `hvafulrnh fns rmfnl`ahms mhtrm mf e`rmltar`a, fn cmrmhl`n, fas nll`ah`stns y atras crupas em `htmràs (nlrmmearms, kah`stns, par mdmjpfa). Mf akdmt`va ms qum mf e`rmltar`a y fn cmrmhl`n nltômh s`mjprm mh kmhmo`l`a em fas `htmrmsms em fn mjprmsn y em sus nll`ah`stns, y qum sm onl`f`tm mf jah`tarma momlt`va par pnrtm em àstas ôft`jas, `hlmht`vîheasm mf usa jîs mo`l`mhtm em fas rmlursas par pnrtm em fns mjprmsns. Raemjas jmhl`ahnr fns harjns qum akf`cnh n fns f ns mjprmsns n mfmvnr mf mstîhenr em jnhmda nej`h`strnt`va, n lahtrntnr nue`tarêns, n praoms`ahnf`znr mf jnhmda em su lahtnk`f`ene, mtl. Mf kumh cak`mrha larparnt`va ms uh mfmjmhta msmhl`nf mh fn kôsqumen em mo`l`mhl`n mlahüj`ln pnrn taea jmrlnea em vnfarms. ;>. ±^uà nltarms pnrt`l`pnh mh mf jmrlnea em vnfarms1

 Ne`l`ahnfjmhtm n fas mj`sarms m `hvmrsarms, mh mf jmrlnea em em vnfarms mx`stmh e`vmrsns `hst`tul`ahms qum lujpfmh uh raf mspmlêo`la mh mf l`rlu`ta l` rlu`ta em fn hmcal`nl`üh em vnfarms. Fas pr`hl`pnfms nltarms sah fns sal`menems ncmhtms em kafsn, fn kafsn em vnfarms, LN_NF@, fns mjprmsns lfns`o`lnearns em r`msca y LAHN\M_.  Ns`j`sja, emhtra emf pr`hl`p`a em knhln jôft`pfm, fns mht`enems knhlnr`ns knhlnr`ns pumemh rmnf`znr e`vmrsns apmrnl`ahms mh mf jmrlnea em vnfarms, mhtrm mffns, apmrnl`ahms em o`hnhl`nj`mhta mstrulturnea, pnrt`l`pnr mh pralmsas em t`tuf`znl`üh, y suslr`k`r trnhs`tar`njmhtm pr`jmrns mj`s`ahms em vnfarms lah cnrnhtên tatnf a pnrl`nf em su lafalnl`üh. Rnrn mffa, fas knhlas emkmh lahst`tu`r suks`e`nr`ns mspml`nf`znens tnfms laja \al`menems Ncmhtms em Kafsn, \al`menems Nej`h`strnearns em Oaheas Jutuas y em Oaheas em @hvmrs`üh, y \al`menems U`tuf`znearns. ;;. ±Luîf ms mf pnpmf em fns \al`menems Ncmhtms em Kafsn (\NK)1

Fns sal`menems ncmhtms em kafsn, sah sal`menems nhüh`jns nutar`znens y supmrv`snens par fn Laj`s`üh Hnl`ahnf \upmrv`sarn em Mjprmsns y _nfarms (LAHN\M_). \u ouhl`üh pr`hl`pnf ms fn em rmprmsmhtnr fn lajprn a vmhtn em fas `hvmrsarms ormhtm n atrns \al`menems Ncmhtms em Kafsn. Unjk`àh pumemh prmstnr atras smrv`l`as, tnfms laja rmscunrenr fas vnfarms (lustae`n), nej`h`strnr lnrtmrn y kr`henr nsmsarên. Mh mf Rmrô uh tatnf emmh ;Z . Fn K_F sm mhlumhtrn eatnen em uhn nemlunen `hornmstrulturn oês`ln y tmlhafüc`ln tmlh afüc`ln lah fn o`hnf`ene em pmrj`t`r mf mhlumhtra fnsnej`h`strn prapumstnseas em jmlnh`sjas lajprn y vmhtn em fas `htmrjme`nr`as pnrn fn fn [umen mdmlul`üh sus apmrnl`ahms. Rnrnem mffa, lmhtrnf`zneas em hmcal`nl`üh4 em em Kafsn mh fn qum sm hmcal`nh hmcal`nh vnfarms jak`f`nr`as `hslr`tas mh mf [mc`stra Rôkf`la emf Jmrlnea e em m  _nfarms, y mf Jmlnh`sja pnrn fn Hmcal`nl`üh em @hstrujmhtas em Mj`s`üh Mj`s`üh Ha Jns`vn “ J@MHJ. J@MHJ. Fns apmrnl`ahms sm rmnf`znh n trnvàs em uh s`stmjn em hmcal`nl`üh mfmltrüh`ln mfmltrüh` ln fa qum sm trneulm mh jmharms lastas y jnyar mo`l`mhl`n mh mf pralmsa em oarjnl`üh em prml`as.  Nemjîs em fns apmrnl`ahms nf lahtnea Y;Z lah nll`ahms, sm pumemh rmnf`znr apmrnl`ahms em rmpartm Y007, laja uh Ems`chntme Aoosgarm \mlur`t`ms Jnrimt (Jmrlnea ‖\‚) par fn ]h`tme \tntms \mlur`t`ms nhe Mxlgnhcm Lajj`ss`ah “ \ML. Knda mstn rmcufnl`üh, fas `hvmrs`ah`stns lnf`o`lneas hartmnjmr`lnhas pumemh hmcal`nr vnfarms mh fn pfnzn f`jmþn s`h qum sm rmqu`mrn su `hslr`pl`üh mh fn f n \ML \ML Y5Z  Y5Z . ;5. ±^uà ms LN_NF@1

Fn @hst`tul`üh em Lajpmhsnl`üh y F`qu`enl`üh em _nfarms (@LF_) ms fn mht`ene rmspahsnkfm qum fns apmrnl`ahms rmnf`znens mh Kafsn lahlfuynh snt`sonltar`njmhtm, n trnvàs em fn mhtrmcn emf momlt`va n fas vmhemearms y em fas vnfarms n fas lajprnearms. Mh mf Rmrô mstn `hst`tul`üh sm emhaj`hn LN_NF@ @.L.F._. \.N. LN_NF@ ms tnjk`àh rmspahsnkfm em ffmvnr mf [mc`stra Lmhtrnf em vnfarms jme`nhtm su nhatnl`üh mh lumhtn (rmc`stras mfmltrüh`las). Mstm s`stmjn sm lahalm laja ‖emsjntmr`nf`znl`üh‚ y pmrj`tm mf`j`hnr mf r`msca nsal`nea nf jnhmda oês`la em fas vnfarms, nemjîs em nc`f`znr s`ch`o`lnt`vnjmhtm fn rmnf`znl`üh em apmrnl`ahms. \m emkm `he`lnr qum n o`hms emf ;222, mf =>,=% em fas vnfarms `hslr`tas mh [umen em Kafsn sm mhlahtrnknh emsjntmr`nf`zneas. LN_NF@ ffmvn fn t`tufnr`ene em vnfarms n hajkrm em fas `hvmrs`ah`stns o`hnfms Y=Z lah fa qum sm ncrmcn smcur`ene (fns jae`o`lnl`ahms süfa sm rmnf`znh mh mf rmc`stra lmhtrnf) y mo`l`mhl`n (fas `htmrjme`nr`as ha t`mhmh qum `hlurr`r mh fas lastas emf rmc`stra `he`v`eunf`znea y fas mj`sarms lumhtnh lah

 

`hoarjnl`üh lajpfmtn sakrm fas t`tufnrms em vnfarms mj`t`eas par mffas). Mf tatnf em lumhtns nej`h`strnens par LN_NF@ @LF_ \.N. n o`hms emf ;222 nslmhe`ü n > =30, em fns lunfms mf 03% larrmspaheênh n pmrsahns hnturnfms, mf 2.3% n `hvmrs`ah`stns `hst`tul`ahnfms y fn e`omrmhl`n n pmrsahns durêe`lns ha `hst`tul`ahnfms. ;=. ±Luîf ms fn `jpartnhl`n qum t`mhmh fns mjprmsns Lfns`o`lnearns em [`msca1

Fns mjprmsns lfns`o`lnearns em r`msca sah mjprmsns mspml`nf`znens qum mj`tmh ap`h`üh sakrm fn lnpnl`ene em uh mj`sar pnrn lujpf`r lah fns akf`cnl`ahms nsuj`ens nf mj`t`r par aomrtn pôkf`ln, kahas m `hstrujmhtas em larta pfnza, em nlumrea n fns lahe`l`ahms mstnkfml`ens (tnsn em `htmràs, pfnza, mtl.). Em mstn jnhmrn, fas `hvmrsarms pumemh lahalmr y lajpnrnr mf r`msca em mstas vnfarms, sakrm fn knsm em uhn ap`h`üh mspml`nf`znen. Lunhta jmdar smn fn lfns`o`lnl`üh em r`msca r `msca jnyar smrî fn pas`k`f`ene em qum fn mjprmsn lujpfn lah fns akf`cnl`ahms em pnca nsuj`en, s`h mjknrca, mf e`ltnjmh em lfns`o`lnl`üh ha lahst`tuym uhn rmlajmhenl`üh pnrn lajprnr, vmhemr a jnhtmhmr uh vnfar lfns`o`lnea, ms tnh süfa uhn ap`h`üh rmspmlta n fn lnf`ene emf vnfar. \mcôh fn fmc`sfnl`üh v`cmhtm mh mf Rmrô, fas mj`sarms em kahas y atrns akf`cnl`ahms emkmh lahtnr lah fn ap`h`üh em nf jmhas eas mjprmsns lfns`o`lnearns em r`msca. Fns lfns`o`lnearns em r`msca qum n fn omlgn apmrnh mh mf Rmrô sah Npaya & Nsal`neas @htmrhnl`ahnfms \.N. Lfns`o`lnearn em [`msca, Lfns`o`lnearn em [`msca Rnl`o`l Lrme`t [nt`hc \NL, Lfnss & Nsal`neas \.N. Lfns`o`lnearn em [`msca, Mqu`f`kr`uj Lfns`o`lnearn em [`msca \.N. Y>Z Fn Kafsn em _nfarms em Nrmqu`pn ouhl`ahü gnstn >00=. Y;Z Fns apmrnl`ahms nf lahtnea sm f`qu`enh (mhtrmcn em fas oaheas nf vmhemear y em fas vnfarms nf lajprnear) nf tmrlmr eên em rmnf`znens a mh mf U +