URXQGV RI DSSHDO DQG PDLQ DUJXPHQWV
*URXQGV RI DSSHDO DQG PDLQ DUJXPHQWV
7KH DSSHOODQW UHOLHV RQ WKH IROORZLQJ WKUHH JURXQGV RI DSSHDO
,W LV DOOHJHG LQ WKH ILUVW JURXQG RI DSSHDO WKDW WKH *HQHUDO &RXUW HUUHG LQ ODZ LQ LWV DVVHVVPHQW RI WKH GLVWLQFWLYH FKDUDFWHU RI WKH PDU N DSSOLHG IRU ¶DFKWXQJ · ZRUG ILJXUH XQGHU $UWLFOH E RI WKH (XURSHDQ 8QLRQ 7UDGH 0DUN 5HJXODWLRQ 7KH *HQHUDO &RXUW HUUH G LQ ODZ LQ VR IDU DV LW DFFHSWHG LQ WKH MXGJPHQW XQGHU DSSHDO WKDW D VLJQ ZDV GHYRLG RI DQ\ GLVWLQFWLYH FKDUDFWHU LI DFFRUGLQJ WR RQH SRVⴀ VLEOH PHDQLQJ RI WKDW VLJQ LW FDQ EH LQWHUSUHWHG DV DGYHUWLVLQJ SUDLVH )XUWKHU WKH *HQHUDO &RXUW DVVHVVHG WKH GLVWLQFWLYH FKDUDFWHU RI WKH WHUP ¶$FKWXQJ· LQVWHDG RI WKDW RI WKH VLJQ DSSOLHG IRU ¶DFKWXQJ · ,Q DGGLWLRQ LQ WKH FRXUVH RI LWV DVVHVVPHQW RI GLVWLQFWLYH FKDUDFWHU WKH *HQHUDO &RXUW PDGH DQ LQFRUUHFW DVVXPSWLRQ RI IDFW ZLWKRXW WDNLQJ HYLGHQFH RQ WKH PDWHULDO TXHVWLRQV
,W LV DOVR DOOHJHG LQ WKH VHFRQG JURXQG RI DSSHDO WKDW WKH *HQHUDO &RXUW HUUHG LQ ODZ LQ LWV DVVHVVPHQW RI GLVWLQFWLYH FKDUDFWHU XQGHU $UWLFOH E RI WKH (XURSHDQ 8QLRQ 7UDGH 0DUN 5HJXODWLRQ 7KH *HQHUDO &RXUW HUUHG LQ ODZ LQ WKH MXGJPHQW XQGHU DSSHDO L Q VR IDU DV LW DVVXPHG WKDW WKH IDFW WKDW JRRGV DQG VHUYLFHV ZHUH WKH ¶VXEMHFW RI DGYHUWLVLQJ· ZDV D VXLWDEOH FRPPRQ LQGLFDWRU WR MXVWLI\ WK H DXWRPDWLF FRQFOXVLRQ WKDW WKHUH LV QR GLVWLQFWLYH FKDUDFWHU LQ UHVSHFW RI DOO JRRGV DQG VHUYLFHV FRYHUHG E\ WKH DSSOLFDWLRQ
,Q WKH WKLUG JURXQG RI DSSHDO LW LV DOOHJHG WKDW WKH SULQFLSOHV RI HTXDO WUHDWPHQW DQG VRXQG DGPLQLVWUDWLRQ KDYH EHHQ EUHDFKHG 7K H
*HQHUDO &RXUW HUUHG LQ ODZ LQ VR IDU DV LW IDLOHG WR H[DPLQH ZKHWKHU WKH %RDUG RI $SSHDO KDG FRQVLGHUHG WR D VXIILFLHQW GHJUHH WKH DSSHOⴀ ODQW·V UHOHYDQW SULRU UHJLVWUDWLRQV DQG KDG H[DPLQHG LQ LWV GHFLVLRQ ZKHWKHU WKH VDPH FRQFOXVLRQ VKRXOG EH UHDFKHG RU QRW 7KH FRPⴀ SOHWH IDLOXUH WR WDNH LQWR DFFRXQW LGHQWLFDO SULRU UHJLVWUDWLRQV ZLWK (8,32 FRQVWLWXWHV DQ HUURU LQ ODZ
5HJXODWLRQ (8 RI WKH (XURSHDQ 3DUOLDPHQW DQG RI WKH &RXQFLO RI -XQH RQ WKH (XURSHDQ 8QLRQ WUDGH PDUN 2- /
S
5HTXHVW IRU D SUHOLPLQDU\ UXOLQJ IURP WKH -X]JDGR &RQWHQFLRVR $GPLQLVWUDWLYR 1R GH 2XUHQVH 6SDLQ
ORGJHG RQ 0DUFK ³ )$ Y 7HVRUHUtD *HQHUDO GH OD 6HJXULGDG 6RFLDO 7*66
&DVH &
&
/DQJXDJH RI WKH FDVH 6SDQLVK
5HIHUULQJ FRXUW
-X]JDGR &RQWHQFLRVR $GPLQLVWUDWLYR 1R GH 2XUHQVH
3DUWLHV WR WKH PDLQ SURFHHGLQJV
$SSOLFDQW )$
'HIHQGDQW 7HVRUHUtD *HQHUDO GH OD 6HJXULGDG 6RFLDO 7*66
4XHVWLRQV UHIHUUHG
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
:KHUH D QDWLRQDO SURYLVLRQ VXFK DV $UWLFOH RI 2UGHU 7$6 UHTXLUHV HYLGHQFH RI FRQWULEXWLRQ SHULRGV DV D FRQⴀ GLWLRQ RI HOLJLELOLW\ IRU YROXQWDU\ LQVXUDQFH RU RSWLRQDO FRQWLQXHG LQVXUDQFH LV LW QHFHVVDU\ IRU WKH SHUVRQ FRQFHUQHG WR KDY H EHHQ VXEMHFW WR WKH 6SDQLVK OHJLVODWLRQ DW VRPH HDUOLHU VWDJH RU LQ DFFRUGDQFH ZLWK $UWLFOH RI 5HJXODWLRQ 1R PXV W WKH FRPSHWHQW 6SDQLVK LQVWLWXWLRQ WDNH DFFRXQW RI FRQWULEXWLRQ SHULRGV FRPSOHWHG XQGHU WKH OHJLVODWLRQ RI DQRWKHU 0HPEH U 6WDWH DV WKRXJK WKRVH FRQWULEXWLRQ SHULRGV ZHUH FRPSOHWHG LQ 6SDLQ"
5HJXODWLRQ (& 1R RI WKH (XURSHDQ 3DUOLDPHQW DQG RI WKH &RXQFLO RI $SULO RQ WKH FRRUGLQDWLRQ RI VRFLDO VHFXULW\ V\VWHP V
2- / S
5HTXHVW IRU D SUHOLPLQDU\ UXOLQJ IURP WKH -X]JDGR GH 3ULPHUD ,QVWDQFLD Q R GH 2UHQVH 6SDLQ ORGJHG RQ
0DUFK ³ 83 Y %DQFR 3DVWRU 6 $ 8
&DVH &
&
/DQJXDJH RI WKH FDVH 6SDQLVK
5HIHUULQJ FRXUW
-X]JDGR GH 3ULPHUD ,QVWDQFLD Q R GH 2UHQVH
3DUWLHV WR WKH PDLQ SURFHHGLQJV
$SSOLFDQW 83
'HIHQGDQW %DQFR 3DVWRU 6 $ 8
4XHVWLRQV UHIHUUHG
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
0XVW $UWLFOHV DQG RI 'LUHFWLYH EH LQWHUSUHWHG DV PHDQLQJ WKDW IRU D WHUP ODLG GRZQ E\ DQ DJUHHPHQW FRQFOXGH G EHWZHHQ D FRQVXPHU DQG D VHOOHU RU VXSSOLHU ZKLFK DPHQGV DQ HDUOLHU XQIDLU WHUP WR EH FRQVLGHUHG WUDQVSDUHQW WKH FRQVXPH U PXVW KDYH EHHQ LQIRUPHG ZKHQ FRQFOXGLQJ WKH DPHQGLQJ DJUHHPHQW WKDW WKH RULJLQDO WHUP ZDV XQIDLU RU DV WKH FDVH PD\ EH WKDW WKHUH LV D SRVVLELOLW\ WKDW WKDW WHUP PLJKW EH GHFODUHG XQIDLU" ,Q WKDW FRQQHFWLRQ GRHV WKH IDFW WKDW WKH QHZ WHUP ZDV LQGLⴀ YLGXDOO\ QHJRWLDWHG SUHFOXGH LQ DQ\ HYHQW D UHYLHZ RI ZKHWKHU WKDW WHUP LV XQIDLU"
&RXQFLO 'LUHFWLYH ((& RI $SULO RQ XQIDLU WHUPV LQ FRQVXPHU FRQWUDFWV 2- / S
