
(AGENPARL) – mar 09 maggio 2023 $3352)21'?0(172

%?/$1&?  (6(5&?=?2 
/( '?6326?=?21? ?1 '(52*$
35(0(66$
1HO SUHVHQWH FRQWULEXWR VL DQDOL]]DQR DOFXQH GLSRVL]LRQL LQ GHURJD DOO?RUGLQDULD GLVFLSOLQD
LQ PDWHULD GL ELODQFL SUHYLVWH SHU O?DQQR  GDO '/  GLFHPEUH  Q  FG
?'HFUHWR 0LOOHSURURJKH? O?DSSOLFDELOLW¢ DOOH DVVHPEOHH VRFLDOL GHOOH 6S$ H 6UO WHQXWH
HQWUR LO  OXJOLR  GHOOH QRUPH FKH FRQVHQWRQR LO ULFRUVR DL PH]]L GL
WHOHFRPXQLFD]LRQH GLVSRVWH GDOO?DUWLFROR  GHO '/ Q  GHO  O?HVWHQVLRQH
DOO?HVHUFL]LR LQ FRUVR DO  GLFHPEUH  GHOOD IDFROW¢ GL VRVSHQGHUH O?DPPRUWDPHQWR
GHO FRVWR GHOOH LPPRELOL]]D]LRQL PDWHULDOL H LPPDWHULDOL SHU WXWWL L VRJJHWWL FKH QRQ
DGRWWDQR L SULQFLSL FRQWDELOL LQWHUQD]LRQDOL H O?HVWHQVLRQH DOOH SHUGLWH HPHUVH QHOO?HVHUFL]LR
LQ FRUVR DO  GLFHPEUH  GHOOD GLVFLSOLQD GL ?VWHULOL]]D]LRQH? SUHYLVWD LQ RULJLQH GDO
'/ Q  GHO  SHU FXL QRQ VL DSSOLFDQR DOFXQL REEOLJKL SUHYLVWL GDO &RGLFH FLYLOH SHU
OH VRFLHW¢ GL FDSLWDOL D SURWH]LRQH GHO ORUR FDSLWDOH VRFLDOH
/$ 35252*$ 68//$ 3266?%?/?7 '? 5?&2562 $? 0(==? '?
7(/(&2081?&$=?21( 3(5 /2 692/*?0(172 '(//( $66(0%/((
62&?(7$5?(
/?DUWLFROR  FRPPD 
XQGHFLHV
 GHO '/  GLFHPEUH  Q  FG ?'HFUHWR
0LOOHSURURJKH? FRQY FRQ PRG GDOOD OHJJH  IHEEUDLR  Q  HVWHQGH O?DSSOLFDELOLW¢
GHOOH QRUPH VXOOR VYROJLPHQWR GHOOH
DVVHPEOHH RUGLQDULH GHOOH 6S$ H 6UO
GLVSRVWH
GDOO?DUWLFROR  '/ Q  GHO  DOOH
DVVHPEOHH VRFLDOL WHQXWH HQWUR LO  OXJOLR


6L UDPPHQWD FKH LO FRPPD  GHO FLWDWR DUWLFROR  '/ Q  GHO  SRVWLFLSD LO WHUPLQH
HQWUR LO TXDOH O?DVVHPEOHD RUGLQDULD GHOOH 6S$ H GHOOH 6UO GHYH HVVHUH QHFHVVDULDPHQWH
$SSURIRQGLPHQWL
GHOOD
$3352)21'?0(172
'(/







$3352)21'?0(172

FRQYRFDWD D FHQWRWWDQWD JLRUQL GDOOD FKLXVXUD GHOO?HVHUFL]LR VSHFLILFDQGR FKH VL WUDWWD
HVFOXVLYDPHQWH GHOOD FRQYRFD]LRQH UHODWLYD DOO?DSSURYD]LRQH GHO ELODQFLR DO  GLFHPEUH
 3HUWDQWR VLD SHU LO ELODQFLR  FKH SHU LO ELODQFLR  LO WHUPLQH GL DSSURYD]LRQH
ª TXHOOR RUGLQDULR GL  JLRUQL VXFFHVVLYL DOOD FKLXVXUD GHOO?HVHUFL]LR VRFLDOH FRPH GD
YLJHQWH GLVFLSOLQD FLYLOLVWLFD


1HO GHWWDJOLR LO FRPPD  GHOO?DUWLFROR  FRQVHQWH XQ SL»
DPSLR ULFRUVR DL PH]]L GL
WHOHFRPXQLFD]LRQH SHU OR VYROJLPHQWR GHOOH DVVHPEOHH
 ?Q SDUWLFRODUH YLHQH VWDELOLWR
FKH OH 6S$ OH VRFLHW¢ LQ DFFRPDQGLWD SHU D]LRQL 6DSD OH 6UO H OH VRFLHW¢ FRRSHUDWLYH
H OH PXWXH DVVLFXUDWULFL DQFKH LQ GHURJD DOOH GLYHUVH GLVSRVL]LRQL VWDWXWDULH FRQ O?DYYLVR
GL FRQYRFD]LRQH GHOOH DVVHPEOHH RUGLQDULH R VWUDRUGLQDULH SRVVRQR SUHYHGHUH FKH
LO YRWR YHQJD HVSUHVVR LQ
YLD HOHWWURQLFD R SHU FRUULVSRQGHQ]D

O?LQWHUYHQWR DOO?DVVHPEOHD DYYHQJD PHGLDQWH
PH]]L GL WHOHFRPXQLFD]LRQH

O?DVVHPEOHD VL VYROJD DQFKH HVFOXVLYDPHQWH PHGLDQWH
PH]]L GL WHOHFRPXQLFD]LRQH
FKH JDUDQWLVFDQR O?LGHQWLILFD]LRQH GHL SDUWHFLSDQWL OD ORUR SDUWHFLSD]LRQH H
O?HVHUFL]LR GHO GLULWWR GL YRWR
 DL VHQVL H SHU JOL HIIHWWL GL FXL DJOL DUWLFROL  TXDUWR
FRPPD 
 TXDUWR FRPPD H  VHVWR FRPPD &RGLFH FLYLOH
VHQ]D LQ RJQL
FDVR OD QHFHVVLW¢ FKH VL WURYLQR QHO PHGHVLPR OXRJR RYH SUHYLVWL LO SUHVLGHQWH
LO VHJUHWDULR R LO QRWDLR

?Q DJJLXQWD FRQ HVFOXVLYR ULIHULPHQWR DOOH 6UO LO FRPPD  GHOO?DUW  FRQVHQWH FKH
O?HVSUHVVLRQH GHO YRWR DYYHQJD PHGLDQWH
FRQVXOWD]LRQH VFULWWD R SHU FRQVHQVR
HVSUHVVR SHU LVFULWWR

?/ '?))(5?0(172 '(/ 7(50?1( '? &2192&$=?21( 3(5
/?$33529$=?21( '(/ %?/$1&?2 ( /( ?3$57?&2/$5? (6?*(1=(?
(; $57  &200$  &&
?O &RGLFH FLYLOH DJOL DUWW  FF SHU OH 6S$ H 
FF SHU OH 6UO GLVSRQH FKH
O?DVVHPEOHD RUGLQDULD GHL VRFL VLD FRQYRFDWD DOPHQR XQD YROWD O?DQQR HQWUR LO WHUPLQH
VWDELOLWR GDOOR VWDWXWR H FRPXQTXH
HQWUR FHQWRYHQWL JLRUQL GDOOD FKLXVXUD
GHOO?HVHUFL]LR VRFLDOH

?Q UHOD]LRQH D TXDQWR GLVSRVWR GDO VHFRQGR FRPPD GHOO?DUW  FF ULJXDUGR DO WHUPLQH
VWDELOLWR SHU OD FRQYRFD]LRQH GHOO?DVVHPEOHD RUGLQDULD FKH GHOLEHUD O?DSSURYD]LRQH GHO
ELODQFLR YD ULOHYDWR FKH QRQ VL WUDWWD GL XQ WHUPLQH SHU O?DGR]LRQH GHOOD GHOLEHUD
DVVHPEOHDUH PD DSSXQWR SHU OD
FRQYRFD]LRQH GHOO?DVVHPEOHD
VWHVVD 0RWLYR SHU FXL
LO ULWDUGR QRQ SX´ HVVHUH LPSXWDWR DOO?DSSURYD]LRQH GHO ELODQFLR EHQV® DOOD FRQYRFD]LRQH
GHOO?DVVHPEOHD FKLDPDWD DG DSSURYDUH LO ELODQFLR

$UWW  F  H 
 FF
$3352)21'?0(172

6L HYLGHQ]LD WXWWDYLD FKH DL VHQVL GHO FLWDWR DUW 
FF SHU OH 6UO LO ELODQFLR GHYH
HVVHUH SUHVHQWDWR DL VRFL HQWUR LO WHUPLQH VWDELOLWR GDOO?DWWR FRVWLWXWLYR H FRPXQTXH QRQ
VXSHULRUH D FHQWRYHQWL JLRUQL GDOOD FKLXVXUD GHOO?HVHUFL]LR VRFLDOH VDOYD OD SRVVLELOLW¢ GL
XQ PDJJLRU WHUPLQH QHL OLPLWL H DOOH FRQGL]LRQL SUHYLVWL GDO VHFRQGR FRPPD GHOO?DUWLFROR

7DOH WHUPLQH VH OR VWDWXWR OR SUHYHGH SX´ DUULYDUH D
FHQWRWWDQWD JLRUQL
QHO FDVR GL
VRFLHW¢ WHQXWH DOOD
UHGD]LRQH GHO ELODQFLR FRQVROLGDWR
 RYYHUR TXDQGR OR ULFKLHGDQR
SDUWLFRODUL HVLJHQ]H UHODWLYH DOOD VWUXWWXUD H DOO?RJJHWWR GHOOD VRFLHW¢
 LQ WDOL FDVL JOL
DPPLQLVWUDWRUL VHJQDODQR QHOOD UHOD]LRQH VXOOD JHVWLRQH GL FXL DOO?DUWLFROR  FF OH
UDJLRQL GHOOD GLOD]LRQH
3X´ YHULILFDUVL FKH O?DVVHPEOHD SXU VH UHJRODUPHQWH FRQYRFDWD QHL WHUPLQL GDJOL
DPPLQLVWUDWRUL QRQ VL ULXQLVFD R VH ULXQLWD QRQ ULHVFD D FRVWLWXLUVL YDOLGDPHQWH FRPH
DFFDGH QHOO?LSRWHVL GL PDQFDWR UDJJLXQJLPHQWR GHL
TXRUXP
ULFKLHVWL GDOO?DUW  GHO
&RGLFH FLYLOH FG ?DVVHPEOHD GHVHUWD? /?DUW  FF SUHYHGH LQ TXHVWR FDVR FKH
GHEED DYYHQLUH XQD
QXRYD FRQYRFD]LRQH GHOO?DVVHPEOHD
 FKH QRQ SRWU¢
?DYHU OXRJR
QHOOR VWHVVR JLRUQR ILVVDWR SHU OD SULPD?
H GRYU¢ HVVHUH ILVVDWD
?HQWUR  JLRUQL GDOOD GDWD?
GL TXHVW?XOWLPD


3RLFK« OR VWDWXWR SX´ QRQ FRQWHQHUH QHFHVVDULDPHQWH O?LQGLFD]LRQH DQDOLWLFD H VSHFLILFD
GHOOH SDUWLFRODUL HVLJHQ]H FKH FRQVHQWRQR LO SUROXQJDPHQWR GHO WHUPLQH VWHVVR


DPPLQLVWUDWRUL VRQR WHQXWL D YDOXWDUH H LOOXVWUDUH OH UDJLRQL
FKH JLXVWLILFDQR OD
FRQYRFD]LRQH QHO WHUPLQH PDVVLPR GL FHQWRWWDQWD JLRUQL QHL VHJXHQWL GRFXPHQWL
D
YHUEDOH GHO &RQVLJOLR GL DPPLQLVWUD]LRQH GL DSSURYD]LRQH GHOOD SURURJD
E
UHOD]LRQH VXOOD JHVWLRQH LQ FDVR GL UHGD]LRQH GHO ELODQFLR RUGLQDULR
F
QRWD LQWHJUDWLYD LQ FDVR GL ELODQFLR LQ IRUPD DEEUHYLDWD
G
YHUEDOH GL DSSURYD]LRQH GHO ELODQFLR LQ FXL GHYH VHPSUH HVVHUH PHQ]LRQDWD OD SURURJD
?O IDWWR FKH XQD VRFLHW¢ GHEED UHGLJHUH
LO ELODQFLR FRQVROLGDWR UDSSUHVHQWD XQ GDWR
RJJHWWLYR
FKH SHUPHWWH O?XWLOL]]R GHO PDJJLRU WHUPLQH GL FRQYRFD]LRQH GHOO?DVVHPEOHD
GHL FHQWRWWDQWD JLRUQL GDOOD ILQH GHOO?HVHUFL]LR QHOOD UHOD]LRQH VXOOD JHVWLRQH JOL

&DVVD]LRQH FLYLOH VH] ??  GLFHPEUH  Q   2PHVVD FRQYRFD]LRQH GHOO
DVVHPEOHD ?
??Q WHPD GL
VDQ]LRQL DPPLQLVWUDWLYH ULVSRQGH GHOOD YLROD]LRQH GL FXL DOO
DUW  FRPPD  FF O
DPPLQLVWUDWRUH FKH YLROD
REEOLJR GL FRQYRFDUH O
DVVHPEOHD GHL VRFL SHU O
DSSURYD]LRQH GHO ELODQFLR HQWUR TXDWWUR PHVL GDOOD FKLXVXUD
HVHUFL]LR VRFLDOH RYH OD SULPD FRQYRFD]LRQH YDGD GHVHUWD H QRQ SURYYHGD DL VHQVL GHJOL DUW  H 
FF D IDU VYROJHUH HIIHWWLYDPHQWH O
DVVHPEOHD LQ VHFRQGD FRQYRFD]LRQH HQWUR WUHQWD JLRUQL GHFRUUHQWL GDOOD
SUHFHGHQWH DGXQDQ]D QRQ SRWHQGR ULWHQHUVL DGHPSLXWD OD SUHVFUL]LRQH QRUPDWLYD FRQ OD PHUD ILVVD]LRQH GL
XOWHULRUH FRQYRFD]LRQH?

 0DVVLPD Q  GHO &RQVLJOLR 1RWDULOH GL 0LODQR
?7HUPLQL SHU O?DSSURYD]LRQH GHO ELODQFLR?
 0DVVLPD Q
+% GHO &RQVLJOLR 1RWDULOH 7UH 9HQH]LH
?)RUPXOD]LRQH GHOOH FODXVROH UHODWLYH DL PDJJLRUL WHUPLQL SHU
O?DSSURYD]LRQH GHO ELODQFLR?
$3352)21'?0(172

DPPLQLVWUDWRUL GRYUDQQR VHPSOLFHPHQWH VHJQDODUH WDOH PRWLYR GL SURURJD GHOOD
VFDGHQ]D
0HULWDQR LQYHFH GL HVVHUH DWWHQWDPHQWH YDOXWDWH OH FG
?SDUWLFRODUL HVLJHQ]H?
UHODWLYH
DOOD VWUXWWXUD H DOO?RJJHWWR GHOOD VRFLHW¢ FKH SRVVRQR DXWRUL]]DUH JOL DPPLQLVWUDWRUL D
SURURJDUH OD VFDGHQ]D GHOOD FRQYRFD]LRQH DVVHPEOHDUH
*OL DPPLQLVWUDWRUL LQROWUH KDQQR O?REEOLJR GL HYLGHQ]LDUH QHOOD UHOD]LRQH VXOOD
JHVWLRQH
RYYHUR LQ QRWD LQWHJUDWLYD SHU TXHL VRJJHWWL QRQ REEOLJDWL DOOD VWHVXUD GHOOD
UHOD]LRQH LO
PRWLYR GHOOR VOLWWDPHQWR GHL WHUPLQL H LO QHVVR FRQ OH SRVWH GL ELODQFLR
LQWHUHVVDWH
 /D UHOD]LRQH DVVXPH SHUWDQWR XQ UXROR IRQGDPHQWDOH DO ILQH GL SURYDUH LO
EXRQ RSHUDWR GHJOL DPPLQLVWUDWRUL VWHVVL HG HYLWDUH LQ FDVR GL XQD LQJLXVWLILFDWD
YLROD]LRQH GHL WHUPLQL OH VHJXHQWL FRQVHJXHQ]H
D
VDQ]LRQL SHFXQLDULH DUW  FF
E
UHVSRQVDELOLW¢ FLYLOH SHU GDQQL FDXVDWL DOOD VRFLHW¢ R DL FUHGLWRUL DUWW   H
 FF
F
UHYRFD GHOOD FDULFD GL DPPLQLVWUDWRUH DUW  FF
6L HOHQFDQR GL VHJXLWR DOFXQL
HVHPSL GL ?SDUWLFRODUL HVLJHQ]H? GL FXL DOO?DUW 
FRPPD 
 FF GL GLIIHULPHQWR GHO WHUPLQH GL FRQYRFD]LRQH GHOO?DVVHPEOHD RUGLQDULD SHU
O?DSSURYD]LRQH GHO ELODQFLR GL HVHUFL]LR
D
SULPR DQQR GL DGR]LRQH GHL SULQFLSL FRQWDELOL LQWHUQD]LRQDOL
E
HYHQWXDOL GLPLVVLRQL GHOO?RUJDQR DPPLQLVWUDWLYR QHOO?LPPLQHQ]D GHO WHUPLQH
RUGLQDULR GL FRQYRFD]LRQH GHOO?DVVHPEOHD
F
GLPLVVLRQL GHO UHVSRQVDELOH DPPLQLVWUDWLYR FRQ RYYLH ULSHUFXVVLRQL LQ FDSR DO
IXQ]LRQDPHQWR GHOOD VWUXWWXUD LQWHUQD
G
PRGLILFD DOOD VWUXWWXUD GHO VLVWHPD LQIRUPDWLFR FRQ ULFDGXWH VXO VLVWHPD FRQWDELOH
H
ULVWUXWWXUD]LRQH GHO UHSDUWR DPPLQLVWUDWLYR FRQ PROWHSOLFLW¢ GL VHGL H FRQWDELOLW¢
VHSDUDWH
I
VRFLHW¢ FRQ GLYHUVH VHGL LQ ?WDOLD H DOO?HVWHUR DXWRQRPH GDO SXQWR GL YLVWD
DPPLQLVWUDWLYR H JHVWLRQDOH H FRQ OD QHFHVVLW¢ GL IDU SHUYHQLUH L GDWL DOOD VRFLHW¢ FKH
UHGLJH LO ELODQFLR
J
FRLQYROJLPHQWR GHOOD VRFLHW¢ LQ RSHUD]LRQL VWUDRUGLQDULH VFLVVLRQL IXVLRQL HFF
K
FRLQYROJLPHQWR GHOOD VRFLHW¢ LQ FDODPLW¢ QDWXUDOL IXUWL LQFHQGL HFF
$3352)21'?0(172

/$ 6263(16?21( '(*/? $00257$0(17? 35(9?67$ $1&+( 3(5
?/ %?/$1&?2 
/?DUWLFROR  FRPPD  GHO '/  GLFHPEUH  Q  FG ?'HFUHWR 0LOOHSURURJKH?
HVWHQGH DOO?HVHUFL]LR LQ FRUVR DO  GLFHPEUH  OD IDFROW¢ GL VRVSHQGHUH
O?DPPRUWDPHQWR
GHO FRVWR GHOOH LPPRELOL]]D]LRQL PDWHULDOL H LPPDWHULDOL SHU WXWWL L
VRJJHWWL FKH
QRQ DGRWWDQR L SULQFLSL FRQWDELOL LQWHUQD]LRQDOL
 /D QRYHOOD PRGLILFD
O?DUWLFROR  FRPPD 
 GHO GHFUHWROHJJH Q  GHO  FRPH FRQYHUWLWR GDOOD OHJJH
Q  GHO 

 6L FRJOLH O?RFFDVLRQH SHU ULFKLDPDUH LO FRQWHQXWR GHOOD FLWDWD GLVFLSOLQD
/?DUWLFROR  FRPPL GD 
D 
TXLQTXLHV
 GHO GHFUHWROHJJH  DJRVWR  Q 
FRQYHUWLWR FRQ PRGLILFD]LRQL GDOOD OHJJH  RWWREUH  Q  GLVFLSOLQD OD
VRVSHQVLRQH GHJOL DPPRUWDPHQWL D GHFRUUHUH GDOO?DQQR 
 DO ILQH GL ULGXUUH JOL
HIIHWWL QHJDWLYL GHOOD SDQGHPLD VXO ELODQFLR ?O YDORUH GHJOL DPPRUWDPHQWL SHUWDQWR SX´
HVVHUH PDQWHQXWR FRPH ULVXOWDQWH GDOO?XOWLPR ELODQFLR UHJRODUPHQWH DSSURYDWR
/D VRVSHQVLRQH SRWU¢ ULJXDUGDUH
ILQR DO  GHOOD TXRWD GL DPPRUWDPHQWR GHOOH
LPPRELOL]]D]LRQL PDWHULDOL H LPPDWHULDOL
H RSHUD HVSUHVVDPHQWH DQFKH LQ GHURJD
DOO?DUWLFROR  SULPR FRPPD QXPHUR  GHO &RGLFH FLYLOH
/D GLVSRVL]LRQH FLYLOLVWLFD FRPH ª QRWR SUHYHGH GL UHJROD FKH O?DPPRUWDPHQWR LQ RJQL
HVHUFL]LR GHYH HVVHUH HIIHWWXDWR WHQHQGR FRQWR GHOOD ORUR UHVLGXD SRVVLELOLW¢ GL
XWLOL]]D]LRQH GHO FHVSLWH &RPH LQGLFDWR
GDOO?2?& QHO 'RFXPHQWR LQWHUSUHWDWLYR Q 
GHOO?DSULOH 


OD VRVSHQVLRQH SRWU¢ ULJXDUGDUH DQFKH L
VLQJROL EHQL R JUXSSL GL EHQL

DQFRUFK« OD QRUPD QRQ ULFKLDPL HVSOLFLWDPHQWH OD SRVVLELOLW¢ GL DSSOLFDUH OD GHURJD
DQFKH DOOH LPPRELOL]]D]LRQL
DFTXLVWDWH QHO FRUVR GHJOL HVHUFL]L LQGLYLGXDWL GDOOD
QRUPD
 WXWWDYLD LQ FRHUHQ]D FRQ OH GLVSRVL]LRQL UHODWLYH DOOH DOWUH LPPRELOL]]D]LRQL
OD GHURJD ª DSSOLFDELOH DQFKH D WDOL LPPRELOL]]D]LRQL ?O FDOFROR GHOOD TXRWD GL
DPPRUWDPHQWR SHU TXDQWR ULJXDUGD OH LPPRELOL]]D]LRQL PDWHULDOL VHJXH LO GLVSRVWR
GHO SDU  GHOO?2?&  ??PPRELOL]]D]LRQL 0DWHULDOL?
/?LPSUHVD KD OLEHUW¢ GL GHFLGHUH OD
PLVXUD GHOOD TXRWD GL DPPRUWDPHQWR
FKH LQWHQGH
VRVSHQGHUH H FKH GXQTXH SX´ UDJJLXQJHUH DQFKH O?LQWHUR DPPRQWDUH GHOO?HVHUFL]LR
6L ULEDGLVFH FRPXQTXH FKH OD GLVSRVL]LRQH QRQ SUHYHGH YLQFROL VSHFLILFL DO ULJXDUGR SHU
FXL OD GHFLVLRQH VH VRVSHQGHUH LQWHUDPHQWH OD TXRWD G?DPPRUWDPHQWR R ULGXUOD
VWDELOHQGR OD PLVXUD H OH PRGDOLW¢ ª ODVFLDWD DOOD GHFLVLRQH GHJOL DPPLQLVWUDWRUL DQFKH VH

/D QRUPD FLWDWD DYHYD JL¢ SUHYLVWR WDOH SRVVLELOLW¢ SHU JOL HVHUFL]L   H 

'HQRPLQDWR ?/HJJH  RWWREUH  Q  'LVSRVL]LRQL WUDQVLWRULH LQ PDWHULD GL SULQFLSL GL UHGD]LRQH
GHO ELODQFLR  VRVSHQVLRQH DPPRUWDPHQWL?
$3352)21'?0(172

RFFRUUH WHQHUH FRQWR FKH OD GHURJD DOO?DUWLFROR  SULPR FRPPD QXPHUR  FF QRQ
ULJXDUGD OH LQIRUPD]LRQL GD IRUQLUH QHOOD QRWD LQWHJUDWLYD
/?DUW  FRPPD 
TXDWHU
 '/ Q  LQIDWWL SUHYHGH HVSUHVVDPHQWH FKH LQ HVVD ª
QHFHVVDULR
GDUH FRQWR GHOOH UDJLRQL GHOOD GHURJD QRQFK« GHOO?LVFUL]LRQH H
GHOO?LPSRUWR GHOOD FRUULVSRQGHQWH ULVHUYD LQGLVSRQLELOH
 LQGLFDQGRQH O?LQIOXHQ]D VXOOD
UDSSUHVHQWD]LRQH GHOOD VLWXD]LRQH SDWULPRQLDOH H ILQDQ]LDULD H GHO ULVXOWDWR HFRQRPLFR
HVHUFL]LR
3HUWDQWR QHOOD
QRWD LQWHJUDWLYD
OD VRFLHW¢ GHYH LQGLFDUH


D
VX TXDOL LPPRELOL]]D]LRQL H LQ FKH PLVXUD QRQ VRQR VWDWL HIIHWWXDWL JOL DPPRUWDPHQWL
E
OH UDJLRQL FKH O?KDQQR LQGRWWD DG DYYDOHUVL GHOOD GHURJD
F
O?LPSDWWR GHOOD GHURJD LQ WHUPLQL HFRQRPLFL H SDWULPRQLDOL
PLFURLPSUHVH
FKH GHFLGRQR GL DYYDOHUVL GHOOD GHURJD SRVVRQR UHGLJHUH OD 1RWD
?QWHJUDWLYD RSSXUH IRUQLUH O?LQIRUPDWLYD ULFKLHVWD GDOOD QRUPD LQ FDOFH DO ELODQFLR
2SHUDWLYDPHQWH OD TXRWD GL DPPRUWDPHQWR FKH QRQ ª VWDWD HIIHWWXDWD QHOO?HVHUFL]LR
LPSXWDWD DO FRQWR HFRQRPLFR GL TXHOOR VXFFHVVLYR
H FRQ OR VWHVVR FULWHULR VRQR
GLIIHULWH OH TXRWH VXFFHVVLYH SUROXQJDQGR TXLQGL SHU WDOH TXRWD LO SLDQR GL
DPPRUWDPHQWR RULJLQDULR GL XQ DQQR
?O WUDWWDPHQWR FLYLOLVWLFR GHOOD TXRWD GL DPPRUWDPHQWR FKH QRQ ª VWDWR HIIHWWXDWR
SUHYHGH OD GHVWLQD]LRQH D XQ?DSSRVLWD
ULVHUYD LQGLVSRQLELOH GL XWLOL GL DPPRQWDUH
FRUULVSRQGHQWH DOOD TXRWD GL DPPRUWDPHQWR QRQ HIIHWWXDWD

/D ULVHUYD GHYH LQ RJQL FDVR UDJJLXQJHUH O?LPSRUWR GHOOD TXRWD GL DPPRUWDPHQWR QRQ
HIIHWWXDWR H LO OHJLVODWRUH SUHYHGH SULRULWDULDPHQWH FKH LQ FDVR GL XWLOL GL HVHUFL]LR GL
LPSRUWR LQIHULRUH
OD ULVHUYD ª LQWHJUDWD XWLOL]]DQGR ULVHUYH GL XWLOL R DOWUH ULVHUYH
SDWULPRQLDOL GLVSRQLELOL
 LQ PDQFDQ]D OD ULVHUYD ª LQWHJUDWD SHU OD GLIIHUHQ]D
DFFDQWRQDQGR JOL XWLOL GHJOL HVHUFL]L VXFFHVVLYL
?O GHFUHWR 0LOOHSURURJKH WXWWDYLD
QRQ RSHUD QHVVXQD SURURJD DOOD FRQWLQXLW¢
D]LHQGDOH
SULQFLSLR 2?& Q  3HUWDQWR VL UHQGH QHFHVVDULR DQFKH QHO FDVR GL
VRVSHQVLRQH GHJOL DPPRUWDPHQWL YHULILFDUH FKH OD VRFLHW¢ SRVVD FRQWLQXDUH D VYROJHUH
OD VXD DWWLYLW¢ QHJOL HVHUFL]L IXWXUL
/D GLVSRVL]LRQH ILQRUD HVDPLQDWD ULJXDUGD ? FRPH HYLGHQ]LDWR ? LO WUDWWDPHQWR FLYLOLVWLFR
LQ TXDQWR DL ILQL ILVFDOL O?DUW  FRPPD 
TXLQTXLHV
 '/ Q  SUHYHGH FKH OD
TXRWD
GL DPPRUWDPHQWR ª FRPXQTXH DPPHVVD LQ GHGX]LRQH GDO UHGGLWR G?LPSUHVD
DL ILQL
GHOOH LPSRVWH VXL UHGGLWL DOOH VWHVVH FRQGL]LRQL H FRQ JOL VWHVVL OLPLWL SUHYLVWL GDJOL DUWLFROL
 ELV H  GHO 78?5 D SUHVFLQGHUH GDOO
LPSXWD]LRQH DO FRQWR HFRQRPLFR

 2?& GRFXPHQWR LQWHUSUHWDWLYR Q  GHOO?DSULOH 
$3352)21'?0(172

$QDORJD GLVSRVL]LRQH SUHYLVWD DL ILQL GHO 78?5 ª SUHYLVWD DL ILQL GHOOD GHWHUPLQD]LRQH GHO
YDORUH GHOOD SURGX]LRQH GHOO??5$3
GL FXL DJOL DUWLFROL  
  H  GHO 'OJV Q 
&RQ OD
ULVSRVWD Q ( GHO 
O?$JHQ]LD GHOOH (QWUDWH KD FKLDULWR FKH LQ FDVR GL
DSSOLFD]LRQH GHOOD VRVSHQVLRQH FLYLOLVWLFD GHJOL DPPRUWDPHQWL
LO FRQWULEXHQWH KD OD
IDFROW¢ PD QRQ O?REEOLJR GL GHGXUUH H[WUDFRQWDELOPHQWH OD TXRWD GL
DPPRUWDPHQWR VRVSHVD VLD DL ILQL ?5(6 FKH ?5$3
 ?O VRJJHWWR SX´ GHFLGHUH TXLQGL GL
VRVSHQGHUH VLD FRQWDELOPHQWH FKH ILVFDOPHQWH O?DPPRUWDPHQWR
/D GHFLVLRQH ª ULOHYDQWH LQ TXDQWR LQ FDVR GL GHGX]LRQH H[WUDFRQWDELOH GHOOD TXRWD GL
DPPRUWDPHQWR VRVSHVD VL KD O?REEOLJR GL ULOHYDUH OD ILVFDOLW¢ GLIIHULWD GD FRQWDELOL]]DUH
VHFRQGR OH
GLVSRVL]LRQL
GHOO?2?&  VXOOH ??PSRVWH VXO UHGGLWR?
 GL FRQYHUVR TXDORUD
VL VRVSHQGHVVH O?DPPRUWDPHQWR VLD VRWWR LO SURILOR FLYLOLVWLFR FKH WULEXWDULR QRQ VL
JHQHUHUHEEHUR GLVDOOLQHDPHQWL WUD LO YDORUH FLYLOLVWLFR H LO YDORUH ILVFDOH GHO FHVSLWH