$UWLFOH
/HV FOLQLTXHV HW pWDEOLVVHPHQWV DVVLPLOpV GRLYHQW
V¶DSSURYLVLRQQHU GLUHFWHPHQW DXSUqV GHV pWDEOLVVHPHQWV
SKDUPDFHXWLTXHVGpVLJQpVjO¶DUWLFOHFLDSUqV
&HV pWDEOLVVHPHQWV GRLYHQW FpGHU OHV PpGLFDPHQWV OLYUpV
DX[ FOLQLTXHV HW pWDEOLVVHPHQWV DVVLPLOpV DX SUL[ K{SLWDO GpILQL
SDU YRLH UpJOHPHQWDLUH &HV GHUQLHUV GRLYHQW IDFWXUHU OHV
PpGLFDPHQWVGLVSHQVpVDX[SDWLHQWVTXL\VRQWKRVSLWDOLVpVGDQV
OHVOLPLWHVGXSUL[SUpFLWp
$UWLFOH
,O HVW LQWHUGLW GH GLVSHQVHU OHV PpGLFDPHQWV RX SURGXLWV
SKDUPDFHXWLTXHV QRQ PpGLFDPHQWHX[ j WLWUH JUDWXLW RX RQpUHX[
SRXU GHV VRLQV HQ GHKRUV GH OD FOLQLTXH RX GH O¶pWDEOLVVHPHQW
DVVLPLOp
6HFWLRQ,,,±'HVpWDEOLVVHPHQWVSKDUPDFHXWLTXHV
$UWLFOH
/HV pWDEOLVVHPHQWV SKDUPDFHXWLTXHV FRPSUHQQHQW OHV
pWDEOLVVHPHQWV SKDUPDFHXWLTXHV LQGXVWULHOV HW OHV pWDEOLVVHPHQWV
SKDUPDFHXWLTXHVJURVVLVWHVUpSDUWLWHXUV
/¶pWDEOLVVHPHQW SKDUPDFHXWLTXH LQGXVWULHO HVW WRXW
pWDEOLVVHPHQWGLVSRVDQWG¶XQVLWHGHIDEULFDWLRQHWHIIHFWXDQWOHV
RSpUDWLRQV GH IDEULFDWLRQ G¶LPSRUWDWLRQ G¶H[SRUWDWLRQ HW GH
YHQWHHQJURVGHVPpGLFDPHQWVHWOHFDVpFKpDQWODGLVWULEXWLRQ
HQJURV
/¶pWDEOLVVHPHQW SKDUPDFHXWLTXH JURVVLVWH UpSDUWLWHXU HVW
WRXW pWDEOLVVHPHQW H[HUoDQW OHV DFWLYLWpV OLpHV j O¶DFKDW j OD
GpWHQWLRQ HW j OD GLVWULEXWLRQ HQ JURV GHV PpGLFDPHQWV DX[
RIILFLQHVGHSKDUPDFLHHWDX[UpVHUYHVGHPpGLFDPHQWVGDQVOHV
FOLQLTXHV
6RXVVHFWLRQ, ±'LVSRVLWLRQVFRPPXQHV
$UWLFOH
7RXW SURMHW GH FUpDWLRQ G¶XQ pWDEOLVVHPHQW SKDUPDFHXWLTXH
HVW VXERUGRQQp j O
RFWURL G
XQH DXWRULVDWLRQ SUpDODEOH DFFRUGpH
SDU O
DGPLQLVWUDWLRQ DSUqV DYLV GX FRQVHLO QDWLRQDO GH O
RUGUH GHV
SKDUPDFLHQV
$FHWHIIHWOHRXOHVPHPEUHVIRQGDWHXUVGHO
pWDEOLVVHPHQW
SKDUPDFHXWLTXH GRLYHQW SUpVHQWHU j O
DGPLQLVWUDWLRQ DX[ ILQV
G¶DSSUREDWLRQ SUpDODEOH GX SURMHW XQ GRVVLHU SUpFLVDQW OH OLHX
G
LPSODQWDWLRQ HW OHV PRGDOLWpV G
H[SORLWDWLRQ GH O
pWDEOLVVHPHQW
O
LGHQWLWp HW OHV TXDOLWpV GX SKDUPDFLHQ UHVSRQVDEOH HW
pYHQWXHOOHPHQW GHV SKDUPDFLHQV GpOpJXpV HW GHV SKDUPDFLHQV
DVVLVWDQWV
/
DXWRULVDWLRQ SUpDODEOH GX SURMHW GH FUpDWLRQ G¶XQ
pWDEOLVVHPHQWSKDUPDFHXWLTXHHVWDFFRUGpHHQFRQVLGpUDWLRQGHOD
TXDOLWp GHV LQVWDOODWLRQV HW GHV pTXLSHPHQWV DLQVL TXH GHV
TXDOLILFDWLRQV GH VRQ SHUVRQQHO FRQIRUPpPHQW DX[ QRUPHV
WHFKQLTXHV pGLFWpHV SDU O
DGPLQLVWUDWLRQ DSUqV DYLV GX FRQVHLO
QDWLRQDOGHO
2UGUHGHVSKDUPDFLHQV
/HV PRGDOLWpV GH FRQVWLWXWLRQ HW GH GpS{W GX GRVVLHU GH
GHPDQGH GH FUpDWLRQ G
XQ pWDEOLVVHPHQW SKDUPDFHXWLTXH DLQVL
TXH OHV GpODLV GH GpOLYUDQFH GH O¶DXWRULVDWLRQ SUpYXH j O¶DOLQpD
SUpFpGHQWVRQWGpILQLVSDUYRLHUpJOHPHQWDLUH
$UWLFOH
/¶HQWUpH HQ IRQFWLRQQHPHQW GH O¶pWDEOLVVHPHQW
SKDUPDFHXWLTXH FRQFHUQp HVW VXERUGRQQpH j O¶REWHQWLRQ GH
O¶DXWRULVDWLRQGpILQLWLYHG¶RXYHUWXUH
Select target paragraph3