3529,1&,$',3$'29$
&RPXQHGL
0(*/,$',12
6 $ 1 ) , ' (
1=,2
35*
9$5,$17(1ƒ
$**,251$726(&21'235(6&5,=,21,
5(*,21$/,
'(/,%(5(*,817$5(*,21$/(9(1(72
1ƒGHO/8*/,2
1ƒGHO129(0%5(
1ƒGHO129(0%5(
1GHO0$5=2
$QQRGLVWHVXUD
1250(',$778$=,21(
LOSURJHWWLVWD
BBBBB$UFK6&$3,1*,$&202
LOVLQGDFR
BBBBBBBBBBBBBBBBBBBBBBBBBB
LOVHJUHWDULR
,1',&(
7,72/2ΙΙ$778$=,21('(/35*
$UW&RQWHQXWRHYDOLGLWjGHO5HJRODPHQWR
SDJ $UW5LFKLDPRDGLVSRVL]LRQLGLOHJJHHGLUHJRODPHQWR SDJ $UW$WWXD]LRQHGHO35*
SDJ $UW6WUXPHQWLXUEDQLVWLFLDWWXDWWLYL SDJ $UW&RQWHQXWRGHJOLVWUXPHQWLDWWXDWWLYL
SDJ $UW(ODERUDWLGHJOLVWUXPHQWLDWWXDWWLYL
SDJ $UW&RQYHQ]LRQH
SDJ $UW,QGLFLXUEDQLVWLFLHGHGLOL]L
SDJ $UW3RWHULGLGHURJD SDJ 7,72/2ΙΙΙ&225',1$0(17285%$1,67,&2
$UW=RQHWHUULWRULDOLRPRJHQHH
SDJ $UW=RQHUHVLGHQ]LDOL
SDJ $UW=RQD$
SDJ $UW=RQD%
SDJ $UW=RQD&
SDJ $UW=RQD'
SDJ $UW=RQD(
SDJ $UW=RQD)
SDJ $UW9HUGHGLULVSHWWR SDJ $UW)DVFHGLULVSHWWR SDJ $UW)DVFHDWXWHOD
SDJ $UW,QWHUYHQWLVXOO¶HVLVWHQWH SDJ 7,72/2ΙΙΙΙ',6326,=,21,75$16,725,((),1$/,
$UW'HFDGHQ]DFRQFHVVLRQLHDXWRUL]] SDJ $UW0LVXUHGLVDOYDJXDUGLD SDJ $UW(QWUDWDLQYLJRUH SDJ $UW1RUPHDEURJDWH SDJ $UW6DQ]LRQL SDJ $UW9DULDQWL
SDJ 7,72/2ΙΙ$778$=,21('(/35*
$UW&217(1872(9$/,',7$¶'(/5(*2/$0(172
/HGLVSRVL]LRQLGHOOHSUHVHQWL1RUPHVLDSSOFDQRDGRJQLDWWLYLWj
FRPSRUWDQWH WUDVIRUPD]LRQH XUEDQLVWLFD HG HGLOL]LD GHO WHUULWRULR
FRPXQDOH
/H QRUPH LQ HVVR FRQWHQXWH VRQR LQGHURJDELOL VDOYR TXDQWR
SUHYLVWRDJOLDUWWHGHOOD/HJJHDJRVWRQƒHGDUW
GHOOD/HJJH5HJLRQDOHJLXJQRQƒ
)RUPDQR SDUWH LQWHJUDQWH GHOOH SUHVHQWL 1RUPH OH WDYROH
JUDILFKHGHO35*
$UW5,&+,$02$',6326,=,21(',/(**((',5(*2/$0(172
2OWUHDOOHGLVSRVL]LRQLGHOOHSUHVHQWLQRUPHWURYDQRDSSOLFD]LRQH
OH /HJJL GHOOD 5HSXEEOLFD ,WDOLDQD H GHOOD 5HJLRQH 9HQHWR HG LQ
SDUWLFRODUHTXHOOHYLJHQWLLQPDWHULDGL
XUEDQLVWLFD
UHJLPHGHLVXROL
SURWH]LRQHGHOOHEHOOH]]HQDWXDUOL
WXWHODGHOSDWULPRQLRDUWLVWLFRVWRULFRHGDUFKHRORJLFR
HGLOL]LDSHUOH]RQHVLVPLFKH
UHTXLVLWLGHLPDWHULDOLGDFRVWUX]LRQH
FHPHQWLDUPDWL
RUGLQDPHQWLHSUHYLGHQ]HSURIHVVLRQDOL
YLQFROLLGURJHRORJLFL
FDYHHPLQLHUH
DFTXHSXEEOLFKHDFTXHGRWWLHOHWWURGRWWLROHRGRWWLJDVGRWWLHFF
SURSULHWj WHUPLFKH LJURPHWULFKH GL YHQWLOD]LRQH H GL LOOXPLQD]LRQH
GHOOHFRVWUX]LRQLHGLOL]LH
LJLHQHVDQLWjSROL]LDPRUWXDULD
DVFHQVRULHPRQWDFDULFKL
HGLOL]LDVFRODVWLFD
FLUFROD]LRQHVWUDGDOH
LQTXLQDPHQWL
DQWLQIRUWXQLVWLFD
SUHYHQ]LRQHLQFHQGL
OHJJHFRPXQDOHHSURYLQFLDOH
HTXRFDQRQH
ULVSDUPLRHQHUJHWLFR
4XDORUD VL PDQLIHVWDVVHUR GLVFRUGDQ]H WUD OD QRUPDWLYD GHO
SUHVHQWH 5HJRODPHQWR HG DOWUH QRUPH GL OHJJH SUHYDOJRQR OH SL
UHVWULWWLYH
4XDORUD OD GLVFRUGDQ]D VL ULVFRQWUDVVH WUD JUDILFL D VFDOD
GLYHUVDYDOJRQROHSUHVFUL]LRQLDVFDODPDJJLRUH
$UW$778$=,21('(/35*
,O 3LDQR 5HJRODWRUH *HQHUDOH VL DWWXD PHGLDQWH VWUXPHQWL
XUEDQLVWLFLDWWXDWLYLHGLQWHUYHQWLGLUHWWL
67580(17,85%$1,67,&,$778$7,9,
D3LDQLGLLQL]LDWLYDSXEEOLFD
3LDQR3DUWLFRODUHJJLDWR33
3LDQRSHUO¶(GLOL]LD(FRQRPLFDH3RSRODUH3((3
3LDQRSHU,QVHGLDPHQWL3URGXWWLYL3,3
3LDQRGL5HFXSHURGL,QL]LDWLYD3XEEOLFD35LSX
E3LDQLGLLQL]LDWLYDSULYDWD
3LDQRGL/RWWL]]D]LRQH3GL/
3LDQRGL5HFXSHURGLLQL]LDWLYD3ULYDWD35LSU
*OL VWUXPHQWL XUEDQLVWLFL DWWXDWLYL YHQJRQR UHGDWWL QHL PRGL
SUHYLVWL GDOOD /HJJH 5HJLRQDOH JLXJQR Qƒ H ƒ 6HWWHPEUH
Qƒ
,17(59(17,',5(77,
*OLLQWHUYHQWLGLUHWWLVRQRTXHOOLDWWXDELOLPHGLDQWHDXWRUL]]D]LRQH
R FRQFHVVLRQH HGLOL]LD VHQ]D OD SUHYHQWLYD DSSURYD]LRQH GL XQR
VWUXPHQWRDWWXDWLYR
6DOYR OH SUHVFUL]LRQL GHO 35* VRQR VHPSUH DPPHVVL JOL
LQWHUYHQWLVLQJROLRGLFRPSDUWR
DVXOSDWULPRQLRHGLOL]LRHVLVWHQWH
E QHOOH DUHH GL FRPSOHWDPHQWR JLj GRWDWH GHOOH SULQFLSDOL RSHUH GL
XUEDQL]]D]LRQHSULPDULDHVHFRQGDULD
FQHOOD]RQDDJULFROD
$UW67580(17,85%$1,67,&,$778$7,9,
(¶ IDWWR REEOLJR G¶LQWHUYHQWR PHGLDQWH VWUXPHQWR XUEDQLVWLFR
DWWXDWLYR QHOOH ]RQH VSHFLILFDWDPHQWH LQGLYLGXDWH HG LQ TXHOOH GL
FRPSOHWDPHQWRRYHOHRSHUHGLXUEDQL]]D]LRQHSULPDULHHRVHFRQGDULH
PDQFKLQRRQHFHVVLWDQRGLSRWHQ]LDPHQWR
/D GHOLPLWD]LRQH GL WDOL DUHH SXzVXELUHGHOOHOLPLWDWHYDULD]LRQL
GLSHULPHWURHWUDVSRVL]LRQLGL]RQDFRQVHJXHQWHPHQWHDOOHGHILQL]LRQL
HVHFXWLYHGHOOHLQIUDVWUXWWXUHHGHOOHDWWUH]]DWXUHSXEEOLFKH SXUFKpQHO
ULVSHWWR GHOOD FDSDFLWj LQVHGLDWLYD UHVLGHQ]LDOH WHRULFD GHO 3LDQR H
SUHYLRDSSRVLWRSURYYHGLPHQWRGHO&RQVLJOLR&RPXQDOH
$UW&217(1872'(*/,67580(17,$778$7,9,
*OL VWUXPHQWL R SLDQL DWWXDWLYL QHO ULVSHWWR GHOOD YLJHQWH
GLVFLSOLQDXUEDQLVWLFDGHYRQRSUHYHGHUH
D LO WUDFFLDWR H OH FDUDWWHULVWLFKH VH]LRQL WLSRORJLH SDUFKHJJL
HFF GHOOD YLDELOLWj UD]LRQDOPHQWH LQVHULWD QHOOD PDJOLD
VWUDGDOH HVLVWHQWH H FKH WHQJD FRQWR GHOOH HYHQWXDOL
LQGLFD]LRQLGHO35*
E ODGLVWULEX]LRQHGHOOHVXSHUILFLHGLILFDELOLGLTXHOOHGHVWLQDWH
DG XVL SXEEOLFL DG DWWLYLWj VSHFLDOL VLD GL FDUDWWHUH SULYDWR
FKHSXEEOLFR
F L SHULPHWUL H L YROXPL HQWUR L TXDOL GHYH VYLOXSSDUVL OD
SURJHWWD]LRQH VSHFLILFDQGR VLD L FDUDWWHUL WLSRORJLFL FKH OD
FDSDFLWjHGLILFDWRULD
G L UDSSRUWL GL DOWH]]D GLVWDQ]D H FRSHUWXUD FKH GRYUDQQR
HVVHUH ULVSHWWDWL GDOOD SURJHWWD]LRQH DUFKLWHWWRQLFD LQ
HVHFX]LRQHGHOOHSUHVFUL]LRQLGL]RQDGHO35*
H FRPSXWR GHJOL VWDQGDUGV XUEDQLVWLFL LQ UHOD]LRQH DOOH
TXDQWLWjGLHGLILFD]LRQHSUHYLVWH
I OH RSHUH GL XUEDQL]]D]LRQH SULPDULH HR VHFRQGDULH H OD
VWLPDGHLFRVWLUHODWLYL
JLOFRPSOHWRULOLHYRGHQGURORJLFRGHOO¶DUHDGLLQWHUYHQWR
/H VWUDGH GHYRQR HVVHUH SURSRU]LRQDWH DOOD ORUR IXQ]LRQH OD
ODUJKH]]D GHOOD FDUHJJLDWD SRWUj UDJJLXQJHUH LO YDORUH PLQLPR GL PO
FRQDLERUGLPDUFLDSLHGLGLODUJKH]]DPLQLPDGLPOTXDORUDLO
IOXVVRYHLFRODUHSUHYLVWRVLDULGRWWRHYHQJDDSSRVWRLOOLPLWHGLYHORFLWj
GL.PK
4XDORUD OD VWUDGD VHUYD QRQ SL GL GXH ORWWL HVVD YLHQH
FRQVLGHUDWDFRPHDFFHVVRSULYDWRHSHUWDQWRQRQVRJJHWWDDOLPLWD]LRQL
GL ODUJKH]]D ,Q WDO FDVR LO VXR LQQHVWR QHOOR VSD]LR SXEEOLFR GHYH
HVVHUH FKLXVR GD FDQFHOOR R VEDUUD /¶DUHD UHODWLYD DOO¶DFFHVVR YLHQH
FRPSXWDWDFRPHSULYDWDDLILQLGHOO¶RVVHUYDQ]DGHOOHSUHVHQWLQRUPH
2JQL WLSR GL VWUDGD SXEEOLFD R SULYDWD GHYH DYHUH XQ LQQHVWR
DWWUH]]DWR/HFDUDWWHULVWLFKHGLWDOHLQQHVWRVRQRGHILQLWHLQUHOD]LRQHDO
YROXPHHDOWLSRGLWUDIILFRFKHLQWHUHVVDQRVLDODVWUDGDFXL VLDFFHGH
VLDO¶DFFHVVRPHGHVLPR
6L GHYRQR SUHYHGHUH LVROH GLUH]LRQDOL R LQQHVWL D EDLRQHWWD
VHJQDOHWLFDRUL]]RQWDOHHYHUWLFDOHLGRQHDLOOXPLQD]LRQHHRYHRFFRUUD
SLVWHGLDFFHOHUD]LRQHHGHFHOHUD]LRQH
6L GHYRQR SUHYHGHUH DUHH SHU LO SDUFKHJJLR LQ VHGH SURSULD D
PDUJLQHGHOODFDUHJJLDWDVWUDGDOHRDOGLIXRULGLHVVDGLSURIRQGLWjQRQ
LQIHULRUH D PW H GL VXSHUILFLH QRQ LQIHULRUH D TXHOOD VWDELOLWD GDOOD
YLJHQWHOHJLVOD]LRQH
8Q DGHJXDWR QXPHUR GL SDUFKHJJL GHYH HVVHUH SRVWR LQ
FRUULVSRQGHQ]DGHJOLHGLILFLHORFDOLGLXVRFROOHWWLYR
,SDVVDJJLSHGRQDOLGHYRQRDYHUHXQDODUJKH]]DQRQLQIHULRUHD
PW GHYRQR HVVHUH FRQYHQLHQWHPHQWH VLVWHPDWL LOOXPLQDWL H
SUHFOXVLFRQRSSRUWXQLRVWDFROLDOWUDQVLWRGLTXDOVLDVLWLSRGLYHLFROR
/H ]RQH YHUGL GL XVR SXEEOLFR GLPHQVLRQDWH LQ EDVH DOOD
QRUPDWLYD YLJHQWH GHYRQR HVVHUH FRQFHQWUDWH LQ EDVH DOOD
RUJDQL]]D]LRQHXUEDQLVWLFDGHOSLDQRDWWXDWLYRWHQHQGRLQGHELWRFRQWR
GHOOHLQGLFD]LRQLGHO35*
'HWWH DUHH GHYRQR HVVHUH DWWUH]]DWH SHU LO JLRFR H OR VYDJR H
VLVWHPDWH D JLDUGLQR FRQ O¶REEOLJR GL SRUUH D GLPRUD DOEHUDWXUH GL
HVVHQ]DDGHJXDWDVHFRQGRXQSURJHWWRGDFRQFRUGDUHFRQLO&RPXQH
*OLLPSLDQWLJHQHUDOLGHYRQRHVVHUHSURJHWWDWLVHFRQGROHEXRQH
UHJROH G¶DUWH OH QRUPH H OH FRQVXHWXGLQL YLJHQWL 'LPHQVLRQL SURILOL H
PDWHULDOLVRQRFRQFRUGDWLFRQLO&RPXQHHULSRUWDWLQHOODFRQYHQ]LRQHGL
FXLDO5(
$UW(/$%25$7,'(*/,67580(17,$778$7,9,
*OL HODERUDWL GHL 3LDQL 3DUWLFRODUHJJLDWL 3LDQL GL 5HFXSHUR H
3LDQLGL/RWWL]]D]LRQHVRQRTXHOOLVWDELOLWLULVSHWWLYDPHQWHGDJOLDUWW
GHOOD/HJJH5HJLRQDOH*LXJQRQƒ
*OLHODERUDWLGHL3LDQLSHUO¶(GLOL]LD(FRQRPLFDH3RSRODUHHSHU
L 3LDQL SHU ,QVHGLDPHQWL 3URGXWWLYL VRQR TXHOOL VWDELOLWL QHOOH VSHFLILFKH
GLVSRVL]LRQLGLOHJJH
$UW&219(1=,21(
/¶DXWRUL]]D]LRQH D ORWWL]]DUH YLHQH ULODVFLDWD GDO 6LQGDFR R
GDOO¶$VVHVVRUH D WDOH VFRSR GHOHJDWR GRSR FKH VLD VWDWD HVSOHWDWD OD
SURFHGXUD SUHVFULWWD GDOO¶DUW /5 FRVu FRPH PRGLILFDWR
GDOO¶DUW GHOOD /5 Qƒ GHO HG LQ SDUWLFRODUH GRSR FKH VLDQR
LQWHUYHQXWL
O¶DSSURYD]LRQHFRQVLOLDUHGHOSURJHWWRHGHOORVFKHPDGLFRQYHQ]LRQH
O¶HVHFXWLYLWj GHOOD GHOLEHUD]LRQH FRQVLOLDUH DL VHQVL GHOO¶DUW GHOOD
&RVWLWX]LRQH
ODVWLSXOD]LRQHGHOODFRQYHQ]LRQHODUHJLVWUD]LRQHHWUDVFUL]LRQHGHOOD
VWHVVD /D FRQYHQ]LRQH GRYUj SUHYHGHUH WXWWL JOL HOHPHQWL SUHVFULWWL
GDOOD YLJHQWH OHJLVOD]LRQH H FRPSUHQGHUH HVSOLFLWDPHQWH TXDQWR
HODERUDWRQHOSURJHWWRTXDOHSDUWHLQWHJUDQWHHVRVWDQ]LDOH
,QSDUWLFRODUHGRYUjHVVHUHRJJHWWRGHOODFRQYHQ]LRQH
REEOLJRGHOODUHDOL]]D]LRQHGLWXWWHOHRSHUHGLXUEDQL]]D]LRQHSULPDULH
OH QRUPH WHFQLFKH GL UHDOL]]D]LRQH GHOOH VWHVVH L WHUPLQL HQWUR L TXDOL
GRYUDQQR HVVHUH XOWLPDWH FROODXGDWH H FHGXWH JUDWXLWDPHQWH DO
&RPXQH
REEOLJR GHOOD FHVVLRQH JUDWXLWD DO &RPXQH GHOOH HYHQWXDOL DUHH
GHVWLQDWH DOOH RSHUH GL XUEDQL]]D]LRQH VHFRQGDULD H O¶DVVXQ]LRQH GL
XQD TXRWD FRUULVSRQGHQWH DO FRVWR GHL UHODWLYL RQHUL SHU OD
UHDOL]]D]LRQH GHOOH RSHUH VWHVVH RYYHUR GHOOH RSHUH QHFHVVDULH SHU
DOODFFLDUHOD]RQDDLSXEEOLFLVHUYL]L
JDUDQ]LD ILQDQ]LDULD SHU O¶DGHPSLPHQWR GHJOL REEOLJKL DVVXQWL QHOOD
FRQYHQ]LRQH
,Q FDVL SDUWLFRODUL H GRFXPHQWDWL TXDQGR OD TXRWD SDUWH GHOOH
RSHUH GL XUEDQL]]D]LRQH VHFRQGDULD YHQJD FRQYHUWLWD LQ GHQDUR QHOOD
FRQYHQ]LRQH LO &RPXQH VL LPSHJQD DG XWLOL]]DUH GHWWD VRPPD SHU
UHDOL]]DUH OH RSHUH GL XUEDQL]]D]LRQH SUHYLVWH GDOOD YLJHQWH GLVFLSOLQD
XUEDQLVWLFDHGLQGLVSHQVDELOHSHUODORFDOLWj
/¶DXWRUL]]D]LRQHYLHQHVHPSUHULODVFLDWDVDOYLHGLPSUHJLXGLFDWL
L GLULWWL GHL WHU]L DQFKH VHQ]D FKH LO SURYYHGLPHQWR GHO 6LQGDFR
FRQWHQJDHVSUHVVDPHQ]LRQHDOULJXDUGR
/D WUDVPLVVLRQH GHO SURJHWWR DO &RQVLJOLR &RPXQDOH q
VXERUGLQDWD DOOD VRWWRVFUL]LRQH SUHOLPLQDUH GHOOD FRQYHQ]LRQH UHGDWWD
VHFRQGRORVFKHPDSURSRVWRGDO&RPXQHVRWWRVFULWWDGDOULFKLHGHQWHH
GDOSURSULHWDULRHFRUUHGDWDGDLGRFXPHQWLFRPSURYDQWLODSURSULHWj
$UW,1',&,85%$1,67,&,('(',/,=,
3HU O¶HGLILFD]LRQH GHOOH YDULH ]RQH GHO WHUULWRULR FRPXQDOH
YHQJRQRGHILQLWLLVHJXHQWLLQGLFL
'HQVLWj HGLOL]LD IRQGLDULD LO UDSSRUWR WUD LO YROXPH PDVVLPR FRVWUXLELOH
IXRULWHUUDHODVXSHUILFLHIRQGLDULDGHOORWWRDGHVVRFRUULVSRQGHQWH
'HQVLWjHGLOL]LDWHUULWRULDOHLOUDSSRUWRWUDLOYROXPHPDVVLPRFRVWUXLELOH
IXRUL WHUUD H OD VXSHUILFLH GHOOD WRWDOLWj GHO WHUULWRULR LQWHUHVVDWR
DOO¶LQWHUYHQWR HVFOXGHQGR OH DUHH SHU VWDQGDUGV VHFRQGDUL WDOH LQGLFH
YDDSSOLFDWRVRORLQVHGHGLVWUXPHQWRXUEDQLVWLFRDWWXDWLYR
,QGLFH GL FRSHUWXUD LO UDSSRUWR SHUFHQWXDOH WUD OD VXSHUILFLH FRSHUWD
GHOO¶HGLILFLRHODVXSHUILFLHIRQGLDULDGHOORWWRDGHVVRFRUULVSRQGHQWH
'HQVLWjHGLOL]LDPLQLPDQRQGRYUjHVVHUHLQIHULRUHDOGHOPDVVLPR
FRQVHQWLWRGDO3LDQR
6XSHUILFLH IRQGLDULD q OD VXSHUILFLH UHDOH GHO ORWWR GHULYDQWH GDO ULOLHYR
WRSRJUDILFR DO QHWWR GHJOL VSD]L DG XVR SXEEOLFR HVLVWHQWL R SUHYLVWL
VWUDGH SLD]]H IRVVL VFDUSDWH UHODWLYH HFF PLVXUDWD LQ SURLH]LRQH
RUL]]RQWDOHLYLFRPSUHVHOHDUHHGLULVSHWWRGHOOHVWUDGHFRQVLGHUDWHGDO
35*LQHGLILFDWH
6XSHUILFLHFRSHUWDqODSURLH]LRQHVXOSLDQRRUL]]RQWDOHGLWXWWHOHSDUWL
HGLILFDWH IXRUL WHUUD QRQ FRUURQR DOOD IRUPD]LRQH GHOOD VXSHUILFLH
FRSHUWD JOL DJJHWWL VHQ]D VRYUDVWDQWL FRUSL FKLXVL H OH VFDOHDSHUWHFRQ
VEDO]RILQRDPW
$OWH]]D GHO IDEEULFDWR q OD GLIIHUHQ]D WUD OD TXRWD GHO PDUFLDSLHGH R
SLDQRFDPSDJQDHODTXRWDGHOO¶LQWUDGRVVRGHOVRIILWWRGHOO¶XOWLPRSLDQR
SUDWLFDELOHRGHOSLDQRGHOODWHUUD]]D,QSUHVHQ]DGLWHUUHQLLQGLVOLYHOOR
VL DVVXPH TXDOH DOWH]]D GHO IDEEULFDWR O¶DOWH]]D PHGLD 4XDORUD LO
VRIILWWR GHOO¶XOWLPR SLDQR SUDWLFDELOH QRQ VLD RUL]]RQWDOH O¶DOWH]]D q
ULIHULWDDOSXQWRPHGLRGHOVXRLQWUDGRVVR
$OWH]]D GHOOH IURQWL q O¶DOWH]]D GHWHUPLQDWD FRPH DO SXQWR SUHFHGHQWH
DXPHQWDWD GHOOD HYHQWXDOH PDJJLRU DOWH]]D GHO ERUGR VXSHULRUH GHOOD
OLQHDGLJURQGDRGHOSDUDSHWWRSLHQRRGHOODPHGLDGHLWLPSDQL
9ROXPHGHOIDEEULFDWRqLOYROXPHGHOVROLGRHPHUJHQWHGDOWHUUHQRDG
HFFH]LRQHGHOOHORJJHULHQWUDQWLQRQSLGLPWHGHLYROXPLWHFQLFL
WRUULGLVFDOHHGLDVFHQVRULVRWWRWHWWLQRQSUDWLFDELOLFDPLQLHFFVRQR
HVFOXVLLYROXPLWHFQLFLQHFHVVDULSHUODDUHD]LRQHRGUHQDJJLRGHLVRODL
GHO SLDQR WHUUD SHU XQ PDVVLPR GL FP H VRODPHQWH TXDQGR QRQ
HVLVWRQRYROXPLLQWHUUDWL
6RQR GD FRQVLGHUDUH YROXPL WHFQLFL LO YROXPH GHO VRWWRWHWWR VH QRQ q
DELWDELOHRDJLELOHLVHUEDWRLLGULFLO¶H[WUDFRUVDGHJOLDVFHQVRULLYDVLGL
HVSDQVLRQH GHOO¶LPSLDQWR GL ULVFDOGDPHQWR OH FDQQH IXPDULH H GL
YHQWLO]LRQHLOYDQRVFDODDOGLVRSUDGHOOHOLQHHGLJURQGD
*OL VSD]L SRUWLFDWL QHOOH ]RQH % H & HG LQ TXHOOH DJULFROH VRQR
DPPLVVLELOLILQRDGHOODVXSHUILFLHFRSHUWDGHOO¶HGLILFLRLOYROXPHGHO
SRUWLFR QRQ YLHQH FRPSXWDWR DL ILQL GHO FRQWHJJLR GHO YROXPH WRWDOH
FRPHSXUHODVXSHUILFLHFRSHUWD
1XPHUR GHL SLDQL q LO QXPHUR WRWDOH GHL SLDQL DELWDELOL R DJLELOL
FRPSUHVRO¶HYHQWXDOHSLDQRGLULWLURDWWLFRPDQVDUGDLVRSSDOFKLQRQ
FRVWLWXLVFRQRSLDQLDELWDELOLRDJLELOLTXDQGRVLDQRDSHUWLSHUDOPHQRXQ
ODWR VXO ORFDOH VRWWRVWDQWH H IRUPLQR FRQ HVVR LQVFLQGLELOH XQLWj
DELWDWLYD
'LVWDQ]D GDOOH VWUDGH q OD GLVWDQ]D PLQLPD PLVXUDWD LQ SURLH]LRQH
RUL]]RQWDOHGHOODVXSHUILFLHFRSHUWDGDOFLJOLRVWUDGDOHHGDJOLDOWULVSD]L
SXEEOLFLHVLVWHQWLRSUHYLVWLSLD]]HPDUFLDSLHGLHFF
'LVWDQ]D GDL FRQILQL q OD GLVWDQ]D PLQLPD PLVXUDWD LQ SURLH]LRQH
RUL]]RQWDOH GHOOD VXSHUILFLH FRSHUWD GDL FRQILQL GL SURSULHWj /D
QRUPDWLYD ULJXDUGDQWH L GLVWDFFKL GDL FRQILQL QRQ VL DSSOLFD DOOH
FRVWUX]LRQLFKHQRQHPHUJRQRGDOOLYHOORGHOVXROR/DGLVWDQ]DPLQLPD
GDLFRQILQLSXzHVVHUHPRGLILFDWDDVHJXLWRDFFRUGRWUDOHSDUWLSXUFKp
VLDFRPXQTXHVDOYDJXDUGDWRLOGLVWDFFRWUDIDEEULFDWL
'LVWDFFR WUD IDEEULFDWL q OD GLVWDQ]D PLQLPD WUD L IURQWL GHJOL HGLILFL
PLVXUDWD LQ SURLH]LRQH RUL]]RQWDOH H LQ GLUH]LRQH RUWRJRQDOH DL IURQWL
VWHVVL $ WDO ILQH QRQ YLHQH FRQVLGHUDWD OD GLVWDQ]D SHU DJJHWWL OD FXL
VSRUJHQ]D QRQ VXSHUL PW JUDGLQDWH VFDOH HVWHUQH EDOFRQL
FRUQLFLSHQVLOLQHHFF
'HVWLQD]LRQH G¶XVR q OD SULQFLSDOH GHVWLQD]LRQH G¶XVR GHO YROXPH
HGLOL]LR DVVHJQDWD LQ VHGH GL ULODVFLR GHOOD FRQFHVVLRQH HGLOL]LD LQ
FRQIRUPLWjDOOHGHVWLQD]LRQLG¶XVRSUHVFULWWHQHOOHVLQJROH]RQHWHUULWRULDOL
RPRJHQHH
9DQLXWLOLDELWDELOLVRQRTXHOOLFKHKDQQRODGLPHQVLRQHPLQLPDGLPT
H FRQ ODWL GL DOPHQR PW H VRQR LOOXPLQDWL HG DHUDWL GLUHWWDPHQWH
GDOO¶HVWHUQR6LFRQVLGHUDQRWDOLDQFKHOHFXFLQHFKHUDJJLXQJDQRGHWWD
GLPHQVLRQHPLQLPD
6XSHUILFLH IRQGLDULD FRUULVSRQGHQWH DOO¶HQWUDWD LQ YLJRUH GHO SUHVHQWH
35* RJQL YROXPH HGLOL]LR HVLVWHQWH R GD FRVWUXLUH GHWHUPLQD VXO
WHUULWRULRODVXSHUILFLHIRQGLDULDDGHVVRFRUULVSRQGHQWH
$UW327(5,','(52*$
,O 6LQGDFR SXz ULODVFLDUH FRQFHVVLRQL LQ GHURJD DOOH SUHVHQWL
QRUPHHGDOOHSUHYLVLRQLXUEDQLVWLFKHJHQHUDOLTXDQGRULJXDUGLQRHGLILFL
HR LPSLDQWL SXEEOLFL H GL LQWHUHVVH SXEEOLFR SXUFKp QRQ DEELDQR SHU
RJJHWWRODPRGLILFDGHOOHGHVWLQD]LRQLGL]RQD
7,72/2ΙΙΙ&225',1$0(17285%$1,67,&2
$UW=21(7(55,725,$/,202*(1((
,OWHUULWRULRFRPXQDOHVHFRQGRODJUDILDULSRUWDWDQHOOHWDYROHq
VXGGLYLVRLQ
=72$ SDUWL LQWHUHVVDWH DG DJJORPHUDWL XUEDQL FKH ULYHVWRQR
FDUDWWHUH VWRULFR DUWLVWLFR R GL SDUWLFRODUH SUHJLR
DPELHQWDOH FRPSUHVH OH DUHH FLUFRVWDQWL FKH SRVVRQR
FRQVLGHUDUVL SHU WDOL FDUDWWHULVWLFKH SDUWL LQWHJUDQWL GHJOL
DJJORPHUDWLVWHVVL
=72% SDUWLWRWDOPHQWHRSDU]LDOPHQWHHGLILFDWHGLYHUVHGDOOD]RQD
$
=72& SDUWL GHVWLQDWH D QXRYL FRPSOHVVL LQVHGLDWLYL FKH ULVXOWLQR
LQHGLILFDWHRVFDUVDPHQWHHGLILFDWH
=72' SDUWL GHVWLQDWH DG LQVHGLDPHQWL SURGXWWLYL SHU LPSLDQWL
LQGXVWULDOLDUWLJLDQDOLFRPPHUFLDOL
=72( SDUWLGHVWLQDWHDOODSURGX]LRQHDJULFROD
=72) SDUWL GL LQWHUHVVH SXEEOLFR GHVWLQDWH DG DWWUH]]DWXUH HG
LPSLDQWL GL LQWHUHVVH JHQHUDOH DUHH GL ULVSHWWR YHUGH
SXEEOLFRYLQFROLVSHFLDOL
$UW=21(5(6,'(1=,$/,
/H]RQHRPRJHQHH$%&KDQQRFDUDWWHUHSUHYDOHQWHPHQWH
UHVLGHQ]LDOH
,QWDOL]RQHROWUHDOODUHVLGHQ]DVRQRDPPHVVL
QHJR]LHERWWHJKH
VWXGLSURIHVVLRQDOLHFRPPHUFLDOL
PDJD]]LQLHGHSRVLWLOLPLWDWDPHQWHDLSLDQLWHUUHQLRVHPLQWHUUDWL
ODERUDWRUL DUWLJLDQDOL L FXL LPSLDQWL QRQ SURGXFRQR UXPRUL RG RGRUL
PROHVWLOLPLWDWDPHQWHDLSLDQLWHUUHQL
DXWRULPHVVH SXEEOLFKH R SULYDWH VWD]LRQL GL VHUYL]LR SXUFKp VLD
JDUDQWLWRXQLGRQHRDFFHVVR
DOEHUJRSHQVLRQLULVWRUDQWLWUDWWRULHRVWHULHEDUFDIIq
EDQFKH
VDOHGLVSHWWDFRORHOXRJKLGLGLYHUWLPHQWRHVYDJR
DPEXODWRUL
6RQRHVFOXVLGDOOH]RQHUHVLGHQ]LDOL
LQGXVWULH
RVSHGDOL
PDFHOOL
VWDOOH
VFXGHULHHIDEEULFDWLGDDGLELUHDGDOOHYDPHQWL
WXWWHTXHOOHDWWLYLWjFKHDJLXGL]LRGHO&RPXQHVRQRLQFRPSDWLELOLFRQLO
FDUDWWHUHUHVLGHQ]LDOHGHOOD]RQD
6RQR DPPHVVL DOWUHVu L VHUYL]L SHUWLQHQWL DJOL LQVHGLDPHQWL
UHVLGHQ]LDOLLQUHOD]LRQHDJOLVWDQGDUGVXUEDQLVWLFL
$UW=72$
$**/20(5$7, 85%$1, (' (',),&, ,62/$7, &+( 5,9(67212
&$5$77(5(6725,&2$57,67,&2('$0%,(17$/(
,QTXHVWD]RQDq
FRPSUHVD
&KLHVD $UFLSUHWDOH FRQ WRUUH FDPSDQDULD HG DUHD GL SHUWLQHQ]DVLWD
LQ3LD]]D*0DWWHRWWL
,QTXHVWD]RQDqYLHWDWDODQXRYDHGLILFD]LRQHHGqREEOLJDWRULD
OD FRQVHUYD]LRQH GHL SDUFKL H GHL JLDUGLQL H OD GHVWLQD]LRQH G¶XVR
DWWXDOH HG q DPPHVVD VROR PDQXWHQ]LRQH RUGLQDULD ± PDQXWHQ]LRQH
VWUDRUGLQDULD
3HU JOL DOWUL HGLILFL FRPSUHVL QHOOD ]RQD $ QHO ULVSHWWR GHOOH
FDUDWWHULVWLFKH DUFKLWHWWRQLFKH DPELHQWDOL H GHL PDWHULDOL VRQR
FRQVHQWLWLLVHJXHQWLLQWHUYHQWL
D &RVWUXLWLDQWHqSRVVLELOHLOUHFXSHURGHOOHYROXPHWULHHVLVWHQWL
SUHYLVWHGDOOHOHWWHUHD±E±FGHOO¶DUWGHOODOHJJH
E 3HU TXHOOL GL UHFHQWH FRVWUX]LRQH q SRVVLELOH LO UHFXSHUR GHOOH
YROXPHWULH HVLVWHQWL PHGLDQWH LQWHUYHQWL SUHYLVWL GDOOD OHWWHUD G
GHOO¶DUWGHOODOHJJH
F 1HLFRQLYLVXDOLLQGLFDWLQHOOHWDYROHGL3LDQRLQORFDOLWj 3UjGL%RWWH
VRQRYLHWDWLLQWHUYHQWLWDOLGDDOWHUDUHLQPDQLHUDVRVWDQ]LDOHOD
OLQHD GHOO¶RUL]]RQWH H YDQQR IDYRULWH RSHUD]LRQL DWWH D ULFRPSRUUH JOL
HOHPHQWL FDUDWWHUL]]DQWL GHO SDHVDJJLR PLJOLRUDQGRQH OD SHUFH]LRQH
FRPSOHVVLYD D VDOYDJXDUGLD GHO FRQWHVWR DPELHQWDOH FDUDWWHUL]]DWR
GDOOD SUHVHQ]D GL SLDQWDJLRQL GL JHOVL 0RUXV DOED / XOWLPD
WHVWLPRQLDQ]D GL XQ¶DWWLYLWj OD EDFFKLFROWXUD ILRUHQWH QHOOD ]RQD DL
SULPL GHO QRYHFHQWR GHWWL FRQL YLVXDOL LQGLYLGXDQR DUHH OLEHUH FKH
SRVWH DG LQWHUUX]LRQH GL TXHOOH HGLILFDWH FRQVHQWRQR UHOD]LRQL SL
DPSLHHGDSHUWXUHSURVSHWWLFKHVXOORURFRQWHVWRSDHVDJJLVWLFR
*OL LQWHUYHQWL GL UHFXSHUR SHU JOL HGLILFL GHO FRPPD SUHFHGHQWH
OHWWHUDDHETXDORUDULJXDUGLQRSRU]LRQLRHGLILFLFRPSRUWDQWLLOULFDYR
GL SL DOORJJL R ORFDOL SHU DWWLYLWj FRPPHUFLDOH H GLUH]LRQDOH VRQR
FRQVHQWLWL SXUFKq VLDQR GLVFLSOLQDWL GD FRQYHQ]LRQH R DWWR G¶REEOLJR
XQLODWHUDOH WUDVFULWWR D FXUD GHO &RPXQH H D VSHVH GHO FRPPLWWHQWH
PHGLDQWH LO TXDOH LO FRQFHVVLRQDULR VL LPSHJQL D ULVSHWWDUH GHWHUPLQDWH
PRGDOLWjHVHFXWLYHGHOO¶LQWHUYHQWRHGLQSDUWLFRODUH
OD VLVWHPD]LRQH GHOOH DUHH VFRSHUWH SHU OD YLDELOLWj SDUFKHJJLR H
SDUFR
DOODFFLDPHQWLDLSXEEOLFLVHUYL]L
FHVVLRQH DO &RPXQH GL DUHH HR LPPRELOL GD GHVWLQDUVL DG XVR
SXEEOLFR
FRQFRUVR QHJOL RQHUL GL XUEDQL]]D]LRQH DL VHQVL GHOOD OHJJH
Qƒ
,Q SDUWLFRODUH SHU TXDQWR FRQFHUQH LO FRPSOHVVR GL 9LOOD ³)DYD´
DWWXDOPHQWH GHVWLQDWD DG DWWLYLWj VSRUWLYR ± ULFUHDWLYD FHQWUR
G¶HTXLWD]LRQH ROWUH D TXDQWR SUHYLVWR DL FRPPL SUHFHGHQWL VDUj
SRVVLELOHODUHDOL]]D]LRQHGLDOFXQHVWUXWWXUHLQHUHQWLDOO
DWWLYLWjHVLVWHQWH
LQGLYLGXDWHGDDSSRVLWDVFKHGDSURJHWWXDOHDOOHJDWDDOODFDUWRJUDILDGHO
35* 6&+('$ 1 FRQ WLSRORJLD DQDORJD D TXHOOD SUHYLVWD
DOO¶DUWLFRORQGHOOH17$SHUOD]RQDDJULFROD
$UW=72B%
=21$5(6,'(1=,$/(',&203/(7$0(172
1HOOD ]RQD % VRQR FRQVHQWLWH PHGLDQWH LQWHUYHQWL GLUHWWL WXWWH
OH RSHUD]LRQL HGLOL]LH GL FRQVHUYD]LRQH WUDVIRUPD]LRQH H QXRYD
FRVWUX]LRQH QHO ULVSHWWR GHOOD WLSRORJLD H GHOOH FDUDWWHULVWLFKH VWUXWWXUDOL
SUHGRPLQDQWL
OD QXRYD HGLILFD]LRQH q LQGLYLGXDWD QHOOD WDYROD Q H FRQ JOL
HGLILFL LQ SURJHWWR H OD YROXPHWULD PDVVLPDDPPLVVLELOHqGLPF
SHUOHDELWD]LRQLUHVLGHQ]LDOLXQLIDPLOLDULHSHUOHHYHQWXDOLGHPROL]LRQL
H ULFRVWUX]LRQL q DPPHVVR XQ DXPHQWR YROXPHWULFR GHO GHOOD
FXEDWXUDHVLVWHQWHFRQXQPDVVLPRGLPF
7DOHSRVVLELOLWjqHVWHVDDFLDVFXQDGHOOHGXHDELWD]LRQLVRORQHOFDVR
GLHGLILFLELIDPLOLDUL
VXSHUILFLHFRSHUWDGHOORWWR
DOWH]]DPDVVLPDPW
GLVWDQ]D GDL FRQILQL PW RYYHUR VXL FRQILQL ODWHUDOL TXDQGR HVLVWD
DFFRUGRWUDOHSDUWLRSUHHVLVWDFRVWUX]LRQHLQFRQILQH
GLVWDQ]D GDOOD VWUDGD D ILOR PDUFLDSLHGH R VHFRQGR O¶DOOLQHDPHQWR
SUHGRPLQDQWHTXHVWDSRVVLELOLWjQRQqFRQFHVVDSHULORWWLG¶DQJROR
LQFDVRGLHGLILFD]LRQHLVRODWDVLGRYUjULVSHWWDUHODGLVWDQ]DPLQLPDGL
PW
GLVWDQ]D WUD FRUSL GL IDEEULFD PW H FRPXQTXH QRQ LQIHULRUH
DOO¶DOWH]]DGHOO¶HGLILFLRSLDOWR
$UW=72B&
=21$5(6,'(1=,$/(',(63$16,21(
6RWWR]RQD&
&RPSUHQGHOHDUHHGLHVSDQVLRQHVFDUVDPHQWHHGLILFDWH
/¶HGLILFD]LRQH PHGLDQWH LQWHUYHQWR GLUHWWR GRYUj DYYHQLUH QHO ULVSHWWR
GHOO¶LQGLYLGXD]LRQHQHOOHWDYROHQHGHJOLHGLILFLLQSURJHWWRGRYHq
DPPLVVLELOHXQDYROXPHWULDPDVVLPDGLPF
VXSHUILFLHFRSHUWDGHOORWWR
DOWH]]DPDVVLPDPW
GLVWDQ]DGDLFRQILQLPW
GLVWDQ]DGDOOHVWUDGHVHFRQGRDUW',QƒRQHOULVSHWWR
GHJOLDOOLQHDPHQWLGHOSLDQRDWWXDWLYR
VRQRSRVVLELOLDPSOLDPHQWLPDVVLPLGHOSHUJOLHGLILFLUHVLGHQ]LDOL
XQLIDPLOLDULFRQXQPDVVLPRGLPF
7DOH SRVVLELOLWj q HVWHVD D FLDVFXQR GHJOL DOORJJL VROR QHO FDVR GL
HGLILFLELIDPLOLDUL
GLVWDQ]DWUDLFRUSLGLIDEEULFDPW
WLSRORJLDHGLOL]LDDVFKLHUDLQOLQHDXQLIDPLOLDUHDEORFFR
6RWWR]RQD&
&RPSUHQGHOHDUHHFRQSLDQRGLORWWL]]D]LRQHLQDWWR
/¶HGLILFD]LRQH QHOOH DUHH FRQ ORWWL]]D]LRQH LQ FXL VLD JLj VWDWD
VRWWRVFULWWD OD FRQYHQ]LRQH GRYUj DYYHQLUH QHO ULVSHWWR GHOOD QRUPDWLYD
GHOSLDQRVWHVVR
/D YDOLGLWj GL WDOH QRUPD UHVWD ILVVDWD FRQ LO SHULRGR GL YDOLGLWj GHOOD
FRQYHQ]LRQH JLj VRWWRVFULWWD DOOD VFDGHQ]D YDUUDQQR OH QRUPH SURSULH
GHO35*
1HOOH DUHH GL QXRYR LPSLDQWR q IDWWR REEOLJR GHOOD SUHYHQWLYD
DSSURYD]LRQH GL XQR VWUXPHQWR XUEDQLVWLFR DWWXDWLYR QHO ULVSHWWR GHOOD
YLDELOLWj HVLVWHQWH R LQ YLD GL HVHFX]LRQH H UHJRODWD GD DSSRVLWD
FRQYHQ]LRQHVHFRQGROHLQGLFD]LRQLGHOOHWDYROHGHO35*
*OL VSD]L SXEEOLFL GLPHQVLRQDWL VXOOD EDVH GL PT SHU L
SDUFKHJJL H PT SHU YHUGH SXEEOLFR DWWUH]]DWR GRYUDQQR HVVHUH
XELFDWLVHFRQGROHLQGLFD]LRQLGLPDVVLPDGHOOHWDYROHGHO3LDQR/¶DUHD
DYHUGHGRYUjHVVHUHDWWUH]]DWDDSDUFRFRQWDSSHWRHUERVRHSLDQWHDG
DOWRIXVWRHFRQYLDOLVLVWHPDWLRSSRUWXQDPHQWHHPXQLWLGLSDQFKLQH
,QROWUH TXDORUD OD FDSDFLWj LQVHGLDWLYD GHULYDQWH GDO VLQJROR
LQWHUYHQWR XUEDQLVWLFR GHWHUPLQL LO QXPHUR GL DELWDQWL LQVHGLDELOL FKH
PROWLSOLFDWR P DE GLD XQD VXSHUILFLH VXSHULRUH D PT HVVD
GRYUj HVVHUH UHSHULWD QHOO¶LQWHUYHQWR H FHGXWD DO &RPXQH SHU RSHUH GL
XUEDQL]]D]LRQH 1HO FDVR FKH QRQ VL DUULYDVVH D WDOH TXDQWLWj GL
VXSHUILFLHO¶DUHDGRYUjHVVHUHPRQHWL]]DWD
,O SLDQR DWWXDWLYR SHU O¶XWLOL]]D]LRQH GHO VXROR GRYUj ULVSRQGHUH
DLVHJXHQWLUHTXLVLWL
GHQVLWjWHUULWRULDOHPFPT
VXSHUILFLHFRSHUWDGHOORWWR
VXSHUILFLHPLQLPDGHOORWWRSHUFDVHXQLIDPLOLDULPT
DOWH]]DPDVVLPDPO
QXPHURPDVVLPRSLDQLDELWDELOLQƒ
GLVWDQ]D GDL FRQILQL PW TXDQGR LO IDEEULFDWR VRUJH VWDFFDWR GD
TXHVWL
GLVWDFFRWUDFRUSLGLIDEEULFDPO
GLVWDQ]DGDOOHVWUDGH'0Qƒ
WLSRORJLDHGLOL]LDDVFKLHUDLQOLQHDXQLELIDPLOLDUHDEORFFR
XWLOL]]D]LRQHPLQLPDGHOODYROXPHWULDHGLILFDELOH
1HOOH WDYROH GHO 35* VRQR LQGLFDWH FRQ DSSRVLWD JUDILD OH DUHH FKH
GRYUDQQRHVVHUHDWWXDWHFRQ3((3
$UW=72B'
=21$352'877,9$
7DOH ]RQD q ULVHUYDWD DOO¶HGLILFD]LRQH GL IDEEULFDWL SHU
ODYRUD]LRQLDUWLJLDQDOLLQGXVWULDOLHFRPPHUFLDOL
,Q HVVH HG LQ SDUWLFRODUH QHOOH DUHH DG XVR SXEEOLFR D VHUYL]LR
GHOOHDWWLYLWjSURGXWWLYHLQGLYLGXDWHGDLSLDQLDWWXDWWLYLVRQRFRQVHQWLWL
PHQVH
EDU
VHUYL]LVRFLDOLSHULODYRUDWRUL
YHUGHDWWUH]]DWRHGLPSLDQWLVSRUWLYL
3HU RJQL DWWLYLWj SURGXWWLYD q DPPHVVD OD FRVWUX]LRQH GL XQ
DOORJJLR FRQ OD YROXPHWULD PDVVLPD GL PF SHU O¶HVLJHQ]D GHO
SURSULHWDULR R GHL GLSHQGHQWL H WDOH YROXPH GRYUj HVVHUH LQVHULWR
DUPRQLFDPHQWHQHOFRPSOHVVRSURGXWWLYR
1RUPHSDUWLFRODULSHUWXWWHOH]RQH'
7XWWL JOL LQVHGLDPHQWL FKH GLDQR OXRJR D SURGRWWL GL VFDULFR VROLGL
OLTXLGL R JDVVRVL GRYUDQQR HVVHUH PXQLWL GL DSSRVLWL LPSLDQWL DWWL D
GHSXUDUHHVPDOWLUHWDOLULILXWLDQRUPDGLOHJJH
, FRUSL WHFQLFL TXDOL VLORV FDELQH HOHWWULFKH FLVWHUQH H YDVFKH
LPSLDQWL GLGHSXUD]LRQHHFFQRQVRQRFRPSXWDELOLDLILQLGHJOLLQGLFL
GL]RQDDGHFFH]LRQHGHOODGLVWDQ]DGDLFRQILQLFKHQRQGRYUjHVVHUH
LQIHULRUHDPW
6RWWR]RQD'
$57,*,$1$/(,1'8675,$/(&200(5&,$/(',&203/(7$0(172
4XHVWD DUHD ULVXOWD TXDVL LQWHUDPHQWH RFFXSDWD GD LPSLDQWL
SURGXWWLYL VRUWL VHQ]D XQ GLVHJQR XUEDQLVWLFR EHQ GHILQLWR PD FKH
KDQQRRUPDLDFTXLVLWRXQDFRQIRUPD]LRQHRUJDQL]]DWDHVWDELOH
/¶HGLILFD]LRQH DYYHUUj D VHPSOLFH FRQFHVVLRQH HGLOL]LD FRQ OD
SUHVFUL]LRQH GHOO¶HVHFX]LRQH GHOOH RSHUH SULPDULH PDQFDQWL H GRYUj
ULVSHWWDUHLVHJXHQWLLQGLFL
O¶DUHD FRSHUWD GHL IDEEULFDWL QRQ GRYUj HVVHUH VXSHULRUH DO GHOO¶DUHDIRQGLDULD
GLVWDQ]DGDLFRQILQLGLSURSULHWjQRQGRYUjHVVHUHLQIHULRUHDPO
ODGLVWDQ]DPLQLPDWUDIDEEULFDWLHFRUSLGLIDEEULFDQRQGRYUjHVVHUH
LQIHULRUHDPO
L IDEEULFDWL QRQ GRYUDQQR VXSHUDUH O¶DOWH]]D PDVVLPD GL PW VDOYR FKH SDUWLFRODUL DOWH]]H VLDQR ULFKLHVWH GD HVLJHQ]H GL FDUDWWHUH
WHFQRORJLFRHSURGXWWLYR
GLVWDQ]DGDOOHVWUDGHPWGDFRPXQDOLHSURYLQFLDOLHPW
GDOODVWUDGDVWDWDOHDUW'0SHUVWUDGHGLSLDQR
'LVSRVL]LRQLSHUOHDUHHGHVWLQDWHDVHUYL]L
1HOOH ]RQH LGHQWLILFDWH FRQ DSSRVLWD VLPERORJLD QHOOD WDYROD
GHO SLDQR GHVWLQDWH DL VHUYL]L GHOO¶DUHD SURGXWWLYD YDOJRQR OH
QRUPHSUHYLVWHGDOO¶DUWSHUOH]RQHUHVLGHQ]LDOLGLWLSR³&´
6RWWR]RQD'
&200(5&,$/(',(63$16,21( *OL LQWHUYHQWL LQ WDOH DUHD VRQR DVVRJJHWWDWL DOOD SUHYHQWLYD
DSSURYD]LRQHGLXQRVWUXPHQWRDWWXDWWLYRHGDOODYDOXWD]LRQHGLLPSDWWR
DPELHQWDOH VH ULHQWUDQWL QHOOD IDWWLVSHFLH SUHYLVWD GDO FRPPD GHOO¶DUW
GHOOD/5$JRVWRQƒ
/¶HGLILFD]LRQHGRYUjULVSHWWDUHLVHJXHQWLLQGLFL
VXSHUILFLHFRSHUWDGHOOD6XSHUILFLH7HUULWRULDOH
GLVWDQ]DGDLFRQILQLPW
GLVWDQ]DWUDFRUSLGLIDEEULFDPO
GLVWDQ]D GDOOH VWUDGH PW GDOOD VWUDGD VWDWDOH PW GDOOH
VWUDGHFRPXQDOLHVHFRQGRO¶DUW'0SHUOHVWUDGHGLSLDQR
DOWH]]D PDVVLPD PW VDOYR FKH SDUWLFRODUL DOWH]]H VLDQR
ULFKLHVWHGDHVLJHQ]HGLFDUDWWHUHWHFQRORJLFR
/HDUHHSHUJOLVWDQGDUGVHSHULVHUYL]LGRYUDQQRULVSHWWDUHLPLQLPL
SUHYLVWLGDOODQRUPDWLYDVWDWDOHHUHJLRQDOHYLJHQWH
/DWLSRORJLDHGLOL]LDHGLOQXPHURGLSLDQLFRQVHQWLWLHGLGXH
/H DUHH GL ULVSHWWR VWUDGDOH GRYUDQQR HVVHUH RSSRUWXQDPHQWH
SLDQWXPDWHFRQO¶XWLOL]]RGLVSHFLHDUERUHHFDUDWWHULVWLFKHGHOOD]RQD
3HU O¶XUEDQL]]D]LRQH VHFRQGDULD O¶$PPLQLVWUD]LRQH &RPXQDOH SXz
DSSOLFDUH LO GLVSRVWR GHOOD /5 Qƒ GHO FKH UHFLWD OD
SHUFHQWXDOH UHODWLYD DOOH RSHUH GL XUEDQL]]D]LRQH VHFRQGDULD SXz
HVVHUH ULGRWWD GDO &RPXQH ILQR D QHOOD ]RQD GL HVSDQVLRQH
PHGLDQWH FRQYHQ]LRQH LQ FXL LO &RPXQH RWWLHQH LO FRUULVSHWWLYR LQ
GHQDURSHUODULGX]LRQHGHOODVXSHUILFLH
/DVXHSUILFLHVFRSHUWDGRYUjHVVHUHVLVWHPDWDDYHUGHFRPSUHVHOH
DUHHGDGHVWLQDUHDSDUFKHJJLRSHULTXDOLGRYUDQQRHVVHUHXWLOL]]DWL
VLVWHPL FKH FRQVHQWRQR OD PDVVLPD SHUPHDELOLWj SRWUDQQR HVVHUH
LPSHUPHDELOL]]DWHOHVROHVXSHUILFLHGHVWLQDWHDOODYLDELOLWjGLVHUYL]LR
H SLD]]ROH SHU ULFHYLPHQWR PHUFL FRQ XQ PDVVLPR FRPXQTXH GHO
GHOOD VXSHUILFLH VFRSHUWD WRWDOH LQROWUH O¶DUHD D SDUFKHJJLR
GRYUjSUHYHGHUHDOPHQRXQDDOEHUDWXUDG¶DOWRIXVWRRJQLPT
VXO ODWR HVWHUQR GHOOH UHFLQ]LRQL GRYUj HVVHUH DGGRVVDWD XQD
SLDQWXPD]LRQHVHPSUHYHUGH
6RWWR]RQD'
$57,*,$1$/(,1'8675,$/((&200(5&,$/(
,Q TXHVWD ]RQD O¶HGLILFD]LRQH q VXERUGLQDWD DOOD SUHYHQWLYD
DSSURYD]LRQHGLXQRVWUXPHQWRXUEDQLVWLFRDWWXDWWLYRFRQYHQ]LRQDWR
7DOH]RQDqULVHUYDWDDOO¶HGLILFD]LRQHGLIDEEULFDWLSHUODERUDWRUL
DUWLJLDQDOLLQGXVWULDOLHFRPPHUFLDOLTXDOL
RSLILFL
ODERUDWRUL
PDJD]]LQL
GHSRVLWL
PRVWUH
DXWRULPHVVHHFF
/¶HGLILFD]LRQHGRYUjULVSHWWDUHLVHJXHQWLLQGLFL
VXSHUILFLHFRSHUWDGHOORWWR
GLVWDQ]DGDLFRQILQLPWRVXOFRQILQHSUHYLRDFFRUGRWUDOHSDUWL
SHUFRVWUX]LRQHLQDGHUHQ]D
GLVWDQ]DWUDFRUSLGLIDEEULFDPO
GLVWDQ]HGDOOHVWUDGHPWGDFRPXQDOLHSURYLQFLDOLDUW'0
SHUVWUDGHGLSLDQR
DOWH]]D PDVVLPD PW VDOYR FKH SDUWLFRODUL DOWH]]H VLDQR
ULFKLHVWHGDHVLJHQ]HGLFDUDWWHUHWHFQRORJLFRHSURGXWWLYR
OH DUHH GL ULVSHWWR VWUDGDOH GRYUDQQR HVVHUH RSSRUWXQDPHQWH
SLDQWXPDWH 'HWWH DUHH VDUDQQR FRPSXWDELOL DL ILQL GHOO¶HGLILFDELOLWj
GHOOHDUHHILQLWLPHVHFRQGRLSDUDPHWULGHOOHVWHVVH
VLVWDPD]LRQHGHJOLVSD]LHVWHUQLDJLDUGLQRQHOODSHUFHQWXDOHPLQLPD
GHO D SDUFKHJJL H D VSD]L GL PDQRYUD R D YLDELOLWj FRQ
SHUFHQWXDOHQRQLQIHULRUHDOORVWHVVRYDORUH
OD WLSRORJLD HGLOL]LD OD GHQVLWj IRQGLDULD HG LO QXPHUR GL SLDQL QRQ
YHQJRQR SUHVFULWWL GLSHQGHQGR GD SDUWLFRODUL HVLJHQ]H SURGXWWLYH R
FRPPHUFLDOL
LOORWWRPLQLPRGRYUjHVVHUHGLPT
SXz HVVHUH GHURJDWR GDOOD PLQLPD VXSHUILFLH GHO ORWWR TXDORUD VLD
SUHYLVWDO¶HGLILFD]LRQHGLFDSDQQRQLVHFRQGRXQRVFKHPDPRGXODUHD
VFKLHUD R TXDQGR VL SUHYHGD O¶DFFRVWDPHQWR GL DOPHQR GXH XQLWj
SURGXWWLYH
SHU O¶XUEDQL]]D]LRQH VHFRQGDULD O¶$PPLQLVWDU]LRQH &RPXQDOH SXz
DSSOLFDUH LO GLVSRVWR GHOOD /5 Qƒ GHO FKH UHFLWD OD
SHUFHQWXDOH UHODWLYD DOOH RSHUH GL XUEDQL]]D]LRQH VHFRQGDULD SXz
HVVHUHULGRWWDGDO&RPXQHILQRDOQHOOD]RQDGLHVSDQVLRQHHILQR
DO QHOOD ]RQD GL FRPSOHWDPHQWR PHGLDQWH FRQYHQ]LRQH LQ FXL LO
&RPXQH RWWLHQH LO FRUULVSHWWLYR LQ GHQDUR SHU OD ULGX]LRQH GHOOD
VXSHUILFLH
QHOOH ORWWL]]D]LRQL JLj DSSURYDWH YDOJRQR OH QRUPH FRQWHQXWH QHOOH
UHODWLYHFRQYHQ]LRQLSHULOSHULRGRGLYDOLGLWjGHOOHVWHVVH$OORVFDGHUH
GHOOHFRQYHQ]LRQLVWHVVHYDUUDQQROHQRUPHGHO35*
$77,9,7$¶352'877,9('$&21)(50$5(
$WWLYLWj SURGXWWLYH QHOO¶LQWHUR WHUULWRULR FRPXQDOH DO GL IXRUL GHOOH ]RQH
'H'
,IDEEULFDWLSURGXWWLYLLQGLYLGXDWLQHOOHWDYROHGHO3LDQRSRWUDQQR
ULPDQHUH SXUFKp QRQ GLDQR OXRJR DG LQTXLQDPHQWR GHOOH DFTXH GHO
VXRORGHOO¶DWPRVIHUDRDUXPRULPROHVWL
/¶DPSOLDPHQWR SRWUj HVVHUH FRQFHVVR SHU GRFXPHQWDWH
HVLJHQ]HUHODWLYHD
ULTXDOLILFD]LRQHULFRQYHUVLRQHHULVWUXWWXUD]LRQHSURGXWWLYDD]LHQGDOH
DXPHQWRGHOQXPHURGHJOLDGGHWWL
LJLHQHDPELHQWDOHHVLFXUH]]DGHOODYRUR
DSSOLFD]LRQLGLOHJJLYLJHQWL
'RYUDQQRHVVHUHULVSHWWDWLLVHJXHQWLLQGLFL
VXSHUILFLH FRSHUWD GHO ORWWR LQWHVR TXHVWR FRPH SURSULHWj
DOO¶DGR]LRQHGHO35*
GLVWDQ]DGDLFRQILQLPW
GLVWDQ]DIUDLIDEEULFDWLPW
DOWH]]DGHLIDEEULFDWLPWVDOYRSDUWLFRODULHVLJHQ]HSURGXWWLYH
DPSOLDPHQWRPDVVLPRGHOOD6&SURGXWWLYDHVLVWHQWHVHFRQGR
HOHQFR DOOHJDWR DOOH WDYROH GHO 3LDQR H GRYUj VHPSUH HVVHUH IDWWR LQ
DGHUHQ]DDOO¶HGLILFLRRHGLILFLSURGXWWLYLHVLVWHQWL
WLSRORJLD TXHOOD GHOOD ]RQD DJULFROD R FRQIRUPHPHQWH D TXHOOD
HVLVWHQWH
'RYUj HVVHUH VWLSXODWD DSSRVLWD FRQYHQ]LRQH GHELWDPHQWH UHJLVWUDWD H
WUDVFULWWDFRQFXLLOULFKLHGHQWHVLLPSHJQDDOULVSHWWRGHOOHFRQGL]LRQLGHL
SUHFHGHQWLSXQWLHIRUQLVFDDGHJXDWDJDUDQ]LD
3HUJOLHGLILFLULFDGHQWLLQIDVFLDGLULVSHWWRVWUDGDOHRLGUDXOLFRIOXYLDOH
SRVVRQR HVVHUH DPSOLDWL SXUFKp QRQ VLD VRSUDYDQ]DWR LO IURQWH
GHOO¶HGLILFLRHVLVWHQWH
1HO ULVSHWWR GHOOH QRUPH VXHVSRVWH SXz HVVHUH FRQFHVVR XQ DOORJJLR
QHOOLPLWHGLPFGDFRPSXWDUVLFRQLOYROXPHGHOO¶DWWLYLWj
/¶DPSOLDPHQWR GRYUj DYYHQLUH QHO ULVSHWWR GHOOD WLSRORJLD GL ]RQD R
FRPXQTXH QRQ GRYUj HVVHUH GLIIRUPH GD TXHOOD HVLVWHQWH OD WLSRORJLD
GHOO¶HVLVWHQWH SRWUj HVVHUH PRGLILFDWD VROR SHU XQ VXR DGHJXDPHQWR D
TXHOODGHOOD]RQD
$L FRQILQL GL SURSULHWj GRYUDQQR HVVHUH PHVVH D GLPRUD DOEHUDWXUH H
VLHSL WLSLFKH GHO OXRJR DO ILQH GLDYHUHXQDGHJXDWRILOWURGLSURWH]LRQH
FRQOHDUHHFLUFRVWDQWL
'LVSRVL]LRQLSHUOHDUHHDVHUYL]LSXEEOLFL
/H DUHH D VHUYL]L QHFHVVDUL GRYUDQQR HVVHUH VHPSUH QHO ULVSHWWR GL
TXDQWR VWDELOLWR GDOO¶DUW GHOOD /5 SHUWDQWR GRYUDQQR HVVHUH
PHVVH D GLVSRVL]LRQH DUHH SHU OD XUEDQL]]D]LRQH QHOOD VHJXHQWH
PLVXUD LO GHOOD VXSHUILFLH IRQGLDULD SHU RSHUH GL XUEDQL]]D]LRQH
SULPDULD H GHOOD VXSHUILFLH IRQGLDULD SHU RSHUH GL XUEDQL]]D]LRQH
VHFRQGDULDTXDORUDTXHVWDVHFRQGDLSRWHVLQRQVLDIDWWLELOHODTXDQWLWj
GL WDOH VSD]LR GRYUj HVVHUH PRQHWL]]DWD FRQ O¶LPSHJQR GHO &RPXQH GL
XWLOL]]DUH WDOH VRPPD SHU LO UHSHULPHQWR GHOOH DUHH LQ OXRJKL FKH LO
35*JLjSUHYHGH
$UW=72B(
=21$$*5,&2/$
5,)(5,0(172$//$/5
/¶HGLILFD]LRQH QHOOD ]RQD UXUDOH q UHJRODWD GDOOD /5 GHO
QRQFKp GDOOH SUHVHQWL QRUPH GL DWWXD]LRQH GHO 35* H GDO
UHJRODPHQWRHGLOL]LRFKHLQWHJUDQRODSUHGHWWD/HJJH
/D SDUWH UXUDOH GHO WHUULWRULR q VWDWD VXGGLYLVD LQ VRWWR]RQH
FRQIRUPHPHQWHDJOLLQGLUL]]LGHOO¶DUWGHOODVXGGHWWDOHJJH
/HDUHHSHULPHWUDWHHGLQGLFDWHFRQOHVLJOH( (HG( VRQR
TXHOOH QHOOH TXDOL VRQR VWDWH ULVFRQWUDWH OH FDUDWWHULVWLFKH VSHFLILFKH
SUHYLVWHGDOOD/HJJH
1HO WHUULWRULR GL 0HJOLDGLQR 6DQ )LGHQ]LR QRQ VRQR VWDWH LQGLYLGXDWH
DUHHFRQOHFDUDWWHULVWLFKHGHOODVRWWR]RQD(
1829$(',),&$=,21(,1=21$$*5,&2/$
/¶HGLILFD]LRQH GL FDVH GL DELWD]LRQH QHOOH ]RQH DJULFROH SXz
HVVHUHFRQFHVVDVRORDLVHQVLGHOOD/5Q
/HHVVHQ]LDOLFDUDWWHULVWLFKHWLSRORJLFKHFRVWUXWWLYHHIRUPDOLGD
RVVHUYDUHQHOO¶HGLILFD]LRQHGHOODUHVLGHQ]DGRYUDQQRHVVHUHLQDUPRQLD
FRQLFDUDWWHULGRPLQDQWLGHOO¶HGLOL]LDUXUDOHQHOWHUULWRULR
2JQL QXRYR HGLILFLR UHVLGHQ]LDOH GHYH HVVHUH LQVHULWR
RUJDQLFDPHQWH QHO FRPSOHVVR GHOOH VWUXWWXUH H DWWUH]]DWXUH HVLVWHQWL R
GDSURJHWWDUHDVHUYL]LRGHOIRQGRDJULFRORSHUWLQHQWH
*OLHODERUDWLGLSURJHWWRGRYUDQQRSUHYHGHUHROWUHDLGRFXPHQWL
GLULWRXQDSODQLPHWULDLQVFDODQRQLQIHULRUHDLQFXLVLDQRLQGLFDWL
HG HVDWWDPHQWH ORFDOL]]DWL WXWWL JOL HOHPHQWL FKH FRQFRUURQR
DOO¶RUJDQL]]D]LRQHIXQ]LRQDOHGHOO¶DUHDFLUFRVWDQWHODQXRYDDELWD]LRQH
FRPSUHVLJOLDQQHVVLUXVWLFLJOLVSD]LGLULFRYHURGLVRVWDHPDQRYUDGHL
PH]]LDJULFROLOHHYHQWXDOLUHFLQ]LRQLHODVLVWHPD]LRQHGHOOHDOEHUDWXUH
GRYHSUHYLVWH
1HOODFRVWUX]LRQHVLGRYUDQQRRVVHUYDUHOHVHJXHQWLQRUPH
LWHWWLGRYUDQQRSUHYHGHUHIDOGHUHJRODULFRQSHQGHQ]DQRQVXSHULRUH
DOPDQWRGLFRSHUWXUDLQFRSSLRWHJROHGLIRUPDDQDORJD
OHFRUQLFLGRYUDQQRHVVHUHVDJRPDWHVHFRQGRODWLSRORJLDHVLVWHQWHH
FRPXQTXHFRQVSRUJHQ]DQRQVXSHULRUHDFP
OH PXUDWXUH SRUWDQWL HVWHUQH SRWUDQQR HVVHUH D IDFFLD D YLVWD R
LQWRQDFDWHFRQFRORULWXUHWHQXLGLWLSRWUDGL]LRQDOLVRQRHVFOXVHILQLWXUH
FRQPDWHULDOHFHUDPLFRRVLPLODUHSLDVWUHOOHPRVDLFLHFF
ODWLQWHJJLDWXUDVDUjVFHOWDHQWURODJDPPDGHLFRORULULVFRQWUDELOLQHJOL
HGLILFL UXUDOL HVLVWHQWL H VDUj DSSURYDWD GDOOD &RPPLVVLRQH (GLOL]LD
HYHQWXDOPHQWHVXFDPSLRQDWXUDDULFKLHVWD
L IRUL GL ILQHVWUH VDUDQQR UHWWDQJRODUL FRQ OD EDVH FRVWLWXLWD GDO ODWR
PLQRUHODGLPHQVLRQHPDVVLPDGHOODEDVHVDUjGLPOHO¶DOWH]]D
GLPO
L VHUUDPHQWL GL SRUWH H ILQHVWUH VDUDQQR LQ OHJQR HVFOXVL
HYHQWXDOPHQWH L SRUWRQL GHOOH DXWRULPHVVH QRQ VRQR DPPHVVL JOL
VSD]L D VEDO]R VH QRQ GL OLPLWDWH GLPHQVLRQL HG LQ FRUULVSRQGHQ]D GL
SRUWHHVWHUQH
$QFKH OD WLSRORJLD GHJOL DQQHVVL UXUDOL H GHOOH DOWUH SHUWLQHQ]H
GRYUj HVVHUH IRUPDOPHQWH H VWUXWWXUDOPHQWH LQVHULWD LQ DUPRQLD FRQ L
FDUDWWHULSUHGRPLQDQWLGHOOD]RQD
=21,==$=,21(
/D ]RQD DJULFROD FRPH VSHFLILFDWR DO SXQWR YLHQH
VXGGLYLVDLQVRWWR]RQH
(
DUHHGLSULPDULDLPSRUWDQ]DSHUODIXQ]LRQHDJULFRODSURGXWWLYD
DQFKH
LQ
UHOD]LRQH
DOO¶HVWHQVLRQH
FRPSRVL]LRQH
H
ORFDOL]]D]LRQHGHLWHUUHQL
(
DUHH FKH FDUDWWHUL]]DWH LQ JUDQ SDUWH GD XQ HOHYDWR
IUD]LRQDPHQWR IRQGLDULR VRQR FRQWHPSRUDQHDPHQWH XWLOL]]DELOL
SHUVFRSLDJULFROLSURGXWWLYLHSHUVFRSLUHVLGHQ]LDOL
(
DUHH FKH FDUDWWHUL]]DWH GDOOD SUHVHQ]D GL SUHHVLVWHQ]D
LQVHGLDWLYDVRQRXWLOL]]DELOLSHUO¶RUJDQL]]D]LRQHGHLFHQWULUXUDOL
HGHTXLSDUDELOLDOOH]RQHGLWLSR³&´
LQWDOLVRWWR]RQHqFRQVHQWLWDODVHJXHQWHDWWLYLWjHGLOL]LD
6RWWR]RQD(
,QWHUYHQWL GL FXL DOO¶DUW HGHOOD/5ODQXRYDHGLILFD]LRQH
GRYUjHVVHUHFROORFDWDHQWURDPELWLFKHJDUDQWLVFDQRODPDVVLPDWXWHOD
GHOO¶LQWHJULWjGHOIRQGRLQWHVLTXHVWLFRPHORVSD]LRULFDGHQWHDOO¶LQWHUQR
GHOSHULPHWURGHILQLWRGDOODGLVWDQ]DGLPGDJOLHGLILFLHVLVWHQWL
6RWWR]RQD(
,QWHUYHQWLGLFXLDOO¶DUWHGHOOD/5JOLLQWHUYHQWLSUHYLVWL
GDOO¶DUW H GHOOD VXFFLWDWD OHJJH QXRYD HGLILFD]LRQH UHVLGHQ]LDOH H
VHFRQGD DELWD]LRQH ULIHUHQWHVL DG HGLILFL ULFDGHQWL LQ VRWWR]RQD (
SRVVRQR HVVHUH XELFDWL LQ TXHVWD DUHD SXUFKp OD QXRYD HGLILFD]LRQH
FRVWLWXLVFD DPSOLDPHQWR HQWUR XQ UDJJLR PDVVLPR GL PO GD
DJJUHJDWL DELWDWLYL SUHHVLVWHQWL DQFKH JOL DQQHVVL UXVWLFL GRYUDQQR
HVVHUHFROORFDWLSHUTXDQWRSRVVLELOHLQOLQHDFRQWLJXDFRQO¶HGLILFDWR
,1',&,GHOOH6RWWR]RQH((
GLVWDQ]D GDL FRQILQL PO R GLYHUVD SUHYLR DFFRUGR WUD OH SDUWL
SXUFKpQHOULVSHWWRGLPOWUDOHSDUHWLILQHVWUDWH
GLVWDFFRWUDFRUSLGLIDEEULFDPO
GLVWDQ]D GDOOH VWUDGH '0 Qƒ H PO SHU VWUDGH
YLFLQDOL UHODWLYDPHQWH DOOH QXRYH FRVWUX]LRQL PHQWUH SHU JOL
DPSOLDPHQWLqVXIILFLHQWHQRQVRSUDYDQ]DUHO¶HGLILFLRSUHHVLVWHQWH
DOWH]]D PDVVLPD PO SHU OH DELWD]LRQL R SDUL DOO¶HYHQWXDOH
HGLILFLRDPSOLDWR
VLUDPPHQWDQRLGLVSRVWLGHO'*5
6RWWR]RQD(
,QWHUYHQWLDPPLVVLELOL
OD QXRYD HGLILFD]LRQH FRQ XQ PDVVLPR GL PF SHU IDEEULFDWR
G¶DELWD]LRQH q LQGLFDWD FRQ DSSRVLWD VLPERORJLD QHOOH WDYROH GL
SURJHWWR
7DOH LQGLYLGXD]LRQH PHQWUH q YLQFRODQWH SHU LO QXPHUR GHOOH
DELWD]LRQLIXWXUHQRQORqSHUODORURVSHFLILFDXELFD]LRQHFKHSRWUj
VXELUHOLHYLVSRVWDPHQWLDVHFRQGDGHOOHFDUDWWHULVWLFKHGHOORWWR
/¶DPSOLDPHQWR ILQR DG XQ PDVVLPR GL PF SHU IDEEULFDWL
G¶DELWD]LRQH HVLVWHQWL H ILQR DG XQ PDVVLPR GL PF SHU
IDEEULFDWL DYHQWL XQ YROXPH DWWXDOH XJXDOH R VXSHULRUH D PF LQWHQGHQGRSHUWDOHWLSRORJLDDQFKHODVLQJRODDELWD]LRQHGLHGLILFLRD
VFKLHUDRLQOLQHD
,O UHFXSHUR DL ILQL UHVLGHQ]LDOL GHJOL DQQHVVL UXUDOL QRQ SL IXQ]LRQDOL
DOODFRQGX]LRQHGHOIRQGRFRQXQOLPLWHPDVVLPRGLPF
'LVWDQ]D GDL FRQILQL PO R GLYHUVD SUHYLR DFFRUGR WUD OH SDUWL
SXUFKq QHO ULVSHWWR GL PO WUD SDUHWL ILQHVWUDWH H PO WUD
SDUHWLQRQILQHVWUDWH
GLVWDQ]D GDOOD VWUDGD PO SHU OD QXRYD HGLILFD]LRQH HG LQ
DOOLQHDPHQWR SHU JOL DPSOLDPHQWL SXUFKq QRQ VLD VRSUDYDQ]DWR LO
IURQWHYHUVRVWUDGDGHOO¶HGLILFLRDPSOLDWR
DOWH]]D PDVVLPD SHU O¶DELWD]LRQH PO R SDUL DOO¶HGLILFLR
DPSOLDWR
VRQRIDWWLVDOYLLYLQFROLGHULYDQWLGDOO¶DSSOLFD]LRQHGHOOD/5H
$UW=72B)
$775(==$785((',03,$17,',,17(5(66(*(1(5$/(
7DOH ]RQD q ULVHUYDWD DOOD FRVWUX]LRQH GL HGLILFL HG LPSLDQWL
SXEEOLFL R GL LQWHUHVVH SXEEOLFR VHFRQGR OH LQGLFD]LRQL GHOOH WDYROH GL
3LDQRqDOWUHVuULVHUYDWDDOODFUHD]LRQHGLDUHHDYHUGHSXEEOLFRHYHUGH
SXEEOLFRDWWUH]]DWR
*OLLQWHUYHQWLGL]RQD)VDUDQQRRJJHWWRGLSDUWLFRODUHVWXGLR DO
ILQH GL FRVWUXLUH HOHPHQWR TXDOLILFDQWH GHO WHVVXWR XUEDQR FXUDQGR OD
SURJHWWD]LRQHGHLFROOHJDPHQWLHXELFDQGRLQPRGRRSSRUWXQROHDUHHGL
SDUFKHJJLR
6RWWR]RQD)
$775(==$785(38%%/,&+((3(5/¶,6758=,21(
,Q TXHVWD ]RQD q FRQVHQWLWR FRVWUXLUH HGLILFL SHU O¶LVWUX]LRQH
HGLILFLSXEEOLFLDPEXODWRULELEOLRWHFKHHFF
7XWWHOHDUHHFLUFRVWDQWLDOOHFRVWUX]LRQLHDJOLLPSLDQWLGRYUDQQR
HVVHUH VLVWHPDWH D SDUFR FRQ DOEHUL DG DOWR IXVWR WLSLFL GHO OXRJR
GRYUDQQR HVVHUHDOWUHVuSUHYLVWLSDUFKHJJLSURSRU]LRQDWLDOO¶DIIOXVVRGHO
SXEEOLFR
/¶HGLILFD]LRQH QRQ SRWUj VXSHUDUH XQ LQGLFH GL FRSHUWXUD GHO
6RWWR]RQD)
3$5&2*,2&2(63257
,Q WDOH ]RQD q SUHYLVWR O¶LPSLDQWR GL SDUFKL DWWUH]]DWXUH HG
LPSLDQWL VSRUWLYL HOHPHQWL GL DUUHGR XUEDQR SLVWH SHGRQDOL H FLFODELOL
QRQFKp DWWUH]]DWXUH FRPSOHPHQWDUL TXDOL FKLRVFKL VSRJOLDWRL ULFRYHUL
DWWUH]]LVHUYL]LGLULVWRURHFF
*OL
LQWHUYHQWL
VDUDQQR
DWWXDWL
PHGLDQWH
SURJHWWR
SDUWLFRODUHJJLDWR LQ FXL VLDQR GHWWDJOLDWDPHQWH LQGLFDWH WXWWH OH
WUDVIRUPD]LRQL SUHYLVWH QRQFKp OD VLVWHPD]LRQH GHO YHUGH FRQ
SDUWLFRODUH ULIHULPHQWR DOOD GLVSRVL]LRQH GHOOH DOEHUDWXUH GHJOL DUEXVWL
HG DOOD GHILQL]LRQH GHOOH HVVHQ]H H GHOOH FROWXUH YHJHWDOL WLSLFKH GHO
OXRJR
'HYRQRHVVHUHPDQWHQXWLHYDORUL]]DWLFRPSDWLELOPHQWHFRQOH
FDUDWWHULVWLFKH GHO SURJHWWR GL WUDVIRUPD]LRQH HG DWWUH]]DWXUH OH
DOEHUDWXUH HVLVWHQWL OH VLHSL HG RJQL DOWURHOHPHQWRSUHHVLVWHQWHVFROL
ILODULHFFFDUDWWHUL]]DQWLOD]RQD
/H FRVWUX]LRQL HVLVWHQWL SRVVRQR HVVHUH GHVWLQDWH DL ILQL
FRPSOHPHQWDUL FRQ OD ]RQD PD VRQR YLHWDWH QXRYH FRVWUX]LRQL D ILQL
GLYHUVL
/D VXSHUILFLH FRSHUWD SHU OH DWWUH]]DWXUH FRPSOHPHQWDUL DG
HFFH]LRQHGHJOLLPSLDQWLVSRUWLYLQRQSRWUjVXSHUDUHLOYDORUHGHOQHO
FRPSOHVVR
6RWWR]RQD)
$775(==$785(5(/,*,26(
/D ]RQD SHU DWWHU]]DWXUH UHOLJLRVH LQGLYLGXDWD QHOOH WDYROH GHO
3LDQRqGHVWLQDWDDWXWWHOHUHDOL]]D]LRQLQHFHVVDULHDOOHRSHUHGLFXOWR
HDOOHDWWUH]]DWXUHFRUUHODWHFRQODYLWDUHOLJLRVD
3HULIDEEULFDWLGRYUDQQRHVVHUHULVSHWWDWLLVHJXHQWLLQGLFL
VXSHUILFLHFRSHUWDGHOORWWR
GLVWDQ]DGDLFRQILQLPW
DOWH]]DGHLIDEEULFDWLPWVDOYHGLYHUVHHVLJHQ]H
GLVWDQ]DWUDLFRUSLGLIDEEULFDPW
GLVWDQ]DGDOOHVWUDGHVHFRQGRDOOLQHDPHQWLR'0
6RWWR]RQD)
3$5&+(**,2
/H DUHH D SDUFKHJJLR LQGLYLGXDWH QHOOH WDYROH GHO 3LDQR
GRYUDQQRHVVHUHDGHJXDWDPHQWHVLVWHPDWHHGDWWUH]]DWHSHUO¶XVR
$UW9(5'(',5,63(772
/H DUHH LQGLFDWH QHOOH WDYROH FRPH YHUGH GL ULVSHWWR VRQR
GHVWLQDWH D FRVWLWXLUH XQ DPELWR GL VDOYDJXDUGLD H FROOHJDPHQWR IUD
LQVHGLDPHQWR XUEDQR HWHUULWRULRDJULFRORDOILQHGLDVVLFXUDUHDQFKHOD
FRQVHUYD]LRQHGLHOHPHQWLSODQLPHWULFLYLVLYLHGDPELHQWDOLFKHVLVRQR
GHWHUPLQDWLVWRULFDPHQWH
,Q HVVH q YLHWDWD RJQL QXRYD FRVWUX]LRQH HSHUTXHOOHHVLVWHQWL
SRWUDQQR HVVHUH DWWXDWL JOL LQWHUYHQWL GL PDQXWHQ]LRQH RUGLQDULD H
VWUDRUGLQDULD
$UW)$6&,(',5,63(772
DIDVFHGLULVSHWWRVWUDGDOHVRQRGLPHQVLRQDWHGDOOHQRUPHGHOQXRYR
&RGLFH GHOOD VWUDGD VHFRQGR LO '/ Qƒ H VXFFHVVLYH
PRGLILFKH VRQR GHVWLQDWH DOOD WXWHOD GHOOD YLDELOLWj HVLVWHQWH R LQ
SURJHWWRWHQHQGRFRQWRDQFKHGLTXDQWRSUHVFULWWRGDO35*
, WUDFFLDWL H OH WLSRORJLH LQGLFDWH QHOOH WDYROH GL 35* SHU OH
LQIUDVWUXWWXUH YLDULH KDQQR YDORUH YLQFRODQWH QHL FRQIURQWL GHL
SURSULHWDUL SULYDWL ILQR DOOD UHGD]LRQH GHL SURJHWWL HVHFXWLYL GL
VLVWHPD]LRQH R FRVWUX]LRQH GHOOH VLQJROH VWUDGH 6LQR D WDOH
PRPHQWROHLQGLFD]LRQLGL35*YDQQRFRQVLGHUDWHGLPDVVLPDSHU
TXDQWRULJXDUGDO¶DQGDPHQWRJHQHUDOHGHOWUDFFLDWROHFDUDWWHULVWLFKH
GHJOL VYLQFROL H OD ODUJKH]]D GHOOD FDUUHJJLDWD VWUDGDOH JOL
DVVHVWDPHQWL GL WUDFFLDWR H JOL DOWUL HYHQWXDOL ULWRFFKL WHFQLFL VRQR
GHILQLWL LQ VHGH GL SURJHWWR HVHFXWLYR QHOO¶DPELWR GHOOH IDVFH GL
ULVSHWWR GL 35* VHQ]D FKH WDOL PRGLILFKH FRPSRUWLQR YDULDQWH DOOR
VWHVVR35*
/H ]RQH GL ULVSHWWR VWUDGDOH FRQILQDQWL FRQ ]RQH DYHQWL
GHVWLQD]LRQH GLYHUVH GD TXHOOH DJULFROH GHYRQR HVVHUH VLVWHPDWH D
YHUGH HG DOEHUDWH HG LQ HVVH SRVVRQR HVVHUH UHDOL]]DWL SDUFKHJJL
SXEEOLFLHGLXVRSXEEOLFRSHUFRUVLSHGRQDOLHFLFODELOLVHFRQILQDQWL
FRQ ]RQH VRJJHWWH D SLDQR SDUWLFRODUHJJLDWR G¶HVHFX]LRQH R D
ORWWL]]D]LRQH GHYRQR HVVHUH VLVWHPDWH QHO TXDGUR GHOO¶LQWHUYHQWR GL
SHUWLQHQ]D
3HU JOL HGLILFL GL DELWD]LRQH XELFDWL DOO¶LQWHUQR GHOOH ]RQH GL
ULVSHWWR q DPPHVVD OD FRVWUX]LRQH GL VHUYL]L LJLHQLFL HG RJQL DOWUR
DPSOLDPHQWR QHFHVVDULR SHU DGHJXDUH O¶LPPRELOH DOOD GLVFLSOLQD
LJLHQLFR VDQLWDULD YLJHQWH D FRQGL]LRQH FKH O¶DPSOLDPHQWR QRQ
FRPSRUWLDYDQ]DPHQWRULVSHWWRDOO¶HVLVWHQWH
EULVSHWWR IOXYLDOH H LGUDXOLFR OH IDVFLH GL ULVSHWWR IOXYLDOH H LGUDXOLFR
VRQR LQHGLILFDELOL LQ DQDORJLD FRQ TXDQWR QRUPDWR SHU OH IDVFLH GL
ULVSHWWRVWUDGDOH
,QWHUYHQWL VX HGLILFL HVLVWHQWL LQ GHWWH IDVFLH VRQR FRQVHQWLWL
SUHYLR QXOOD RVWD GHOO¶HQWH FRPSHWHQWH SHU WXWHOD SURSULHWDULR R
JHVWRUHGHOEHQHWXWHODWR
FULVSHWWR FLPLWHULDOH LQ WDOH DUHD q YLHWDWD O¶HGLILFD]LRQH GL QXRYH
FRVWUX]LRQLPHQWUHSHUTXHOOHHVLVWHQWLqDPPHVVDODPDQXWHQ]LRQH
RUGLQDULDHVWDURUGLQDULD
$UW)$6&,($787(/$
(QWUR OD IDVFLD D WXWHOD DPELHQWDOH H SDHVLVWLFD LQGLYLGXDWD D
VHQVLGHOODOHJJHQƒJOLLQWHUYHQWLGRYUDQQRRWWHQHUHOD
SUHYHQWLYDDXWRUL]]D]LRQHGHOODFRPSHWHQWH&RPPLVVLRQH3URYLQFLDOHD
QRUPDGHOODSUHGHWWDOHJJH
$UW,17(59(17,68//¶(6,67(17(
1(//(=21(5(6,'(1=,$/,($*5,&2/($//$'$7$',$'2=,21(
'(/35*
'LVWDQ]H GDL FRQILQL SHU L IDEEULFDWL HVLVWHQWL D GLVWDQ]H GDL FRQILQL
LQIHULRUHDTXHOOHSUHVFULWWHGDOSUHVHQWHUHJRODPHQWRVRQRDPPHVVL
LVHJXHQWLLQWHUYHQWL
VRSUDHOHYD]LRQHSHUPRWLYLLJLHQLFRVDQLWDULRHQWURLOLPLWLGL]RQD
SXUFKpQRQYLVLDQRQXRYHDSHUWXUHVXOOHSDUHWLODWHUDOLGLFRQILQH
DPSOLDPHQWLLQDOOLQHDPHQWRULVSHWWRDOFRQILQHSUHYLRDFFRUGRWUDOH
SDUWL SXUFKp VLDQR ULVSHWWDWH OH GLVWDQ]H GL PO WUD OH SDUHWL
ILQHVWUDWHDQWLVWDQWLHPOWUDSDUHWLQRQILQHVWUDWH
TXDORUDVXOORWWROLPLWURIRHVLVWDXQIDEEULFDWRDGLVWDQ]DLQIHULRUHGL
TXHOOD SUHVFULWWD OD QXRYD FRVWUX]LRQH GRYUj ULVSHWWDUH OH SUHYLVWH
GLVWDQ]H GDL FRQILQL SXUFKp VLD JDUDQWLWR LO PLQLPR GL PO WUD
SDUHWLILQHVWUDWHRLQDGHUHQ]DVHLOIDEEULFDWROLPLWURIRWURYDQVLJLj
VXOFRQILQH
'LVWDFFR WUD IDEEULFDWL TXDORUD HVLVWDQR IDEEULFDWL DQWLVWDQWL FRQ
GLVWDFFR LQIHULRUH D TXHOOR SUHVFULWWR GHWWL LPPRELOL SRVVRQR HVVHUH
VRSUDHOHYDWL HVFOXVLYDPHQWH SHU DGHJXDUH O¶DOWH]]D GHL ORFDOL DL
PLQLPLGLOHJJH
)DEEULFDWLFRQXVRGLYHUVRGDTXHOORGL]RQDWDOLIDEEULFDWLSRVVRQR
UHVWDUH D FRQGL]LRQH FKH DGHJXLQR OD ORUR DWWLYLWj LQ PRGR GD QRQ
ULVXOWDUHPROHVWLDOODGHVWLQD]LRQHGL]RQD
*OL LQWHUYHQWL VXO SDWULPRQLR HGLOL]LR HVLVWHQWH SHU JOL HGLILFL FRQ
VSHFLILFD LQGLYLGXD]LRQH VDUDQQR L VHJXHQWL VRQR FRQVHQWLWH OH
RSHUD]LRQL HGLOL]LR DUFKLWHWWRQLFKH QHFHVVDULH DOOD ULYDOXWD]LRQH
GHOO¶HGLILFDWR QHO ULVSHWWR GHOOD OHWWXUD GHOOH IRUPH IXQ]LRQL H VLVWHPL
RULJLQDOLOHLSRWHVLSURJHWWXDOLHPHUJHUDQQRGDOORVWXGLRGHOO¶HVLVWHQWH
HGDLFDUDWWHULVWRULFRDPELHQWDOLULOHYDWL
5LIHULPHQWR DUW GHOOD /5 Qƒ SHU OH FRVWUX]LRQL FRQ
GHVWLQD]LRQH UHVLGHQ]LDOH HVLVWHQWL QHOOH ]RQH DJULFROH ( ( ( q
VHPSUH DPPHVVR LO ULFDYR GL XQR R SL DOORJJL QHL OLPLWL H FRQ OH
PRGDOLWjSUHYLVWHGDOO¶DUWGHOOD/5
/D VXGGLYLVLRQH GHJOL DOORJJL GRYUj HVVHUH UHDOL]]DWD RYH SRVVLELOH
LQ VHQVR YHUWLFDOH ULVSHWWR DOOD SLDQWD GHOO¶HGLILFLR RJJHWWR
GHOO¶LQWHUYHQWR QHO ULVSHWWR GHJOL LQGLUL]]L WLSRORJLFR IRUPDOL SUHYLVWL
GDOO¶$UWGHOOH17$
7,72/2ΙΙΙΙ',6326,=,21,75$16,725,((),1$/,
$UW'(&$'(1=$&21&(66,21,($8725,==$=,21,
/¶HQWUDWD LQ YLJRUH GHO 5HJRODPHQWR (GLOL]LR H GHO 3LDQR
5HJRODWRUH *HQHUDOH FRPSRUWD OD GHFDGHQ]D GHOOH DXWRUL]]D]LRQL D
ORWWL]]DUHHGHOOHFRQFHVVLRQLHRDXWRUL]]D]LRQLHGLOL]LHLQFRQWUDVWRFRQ
OR VWUXPHQWR HQWUDWR LQ YLJRUH VDOYR FKH L UHODWLYL ODYRUL VLDQR VWDWL
LQL]LDWL LQ WHPSR XWLOH H YHQJDQR FRPSOHWDWL HQWUR LO WHUPLQH GL WUH DQQL
GDOODGDWDGLLQL]LR
4XDORUD L ODYRUL QRQ YHQJDQR FRPSOHWDWL HQWUR WDOH WHUPLQH
GHOOD FRQFHVVLRQH R DXWRUL]]D]LRQH UHODWLYD YD SURQXQFLDWD OD
GHFDGHQ]DSHUODSDUWHQRQUHDOL]]DWD
$UW0,685(',6$/9$*8$5',$
'DOOD GDWD GL DGR]LRQH D TXHOOD GL HQWUDWD LQ YLJRUH GHO
5HJRODPHQWR (GLOL]LR H GHO 3LDQR 5HJRODWRUH *HQHUDOH OH QRUPDOL
PLVXUHGLVDOYDJXDUGLDVRQRREEOLJDWRULH
$UW(175$7$,19,*25(
,O 5HJRODPHQWR (GLOL]LR H OH 1RUPH GL $WWXD]LRQH GHO 35*
DSSURYDWH GDOOD $XWRULWj FRPSHWHQWH HQWUDQR LQ YLJRUH LO JLRUQR
VXFFHVVLYR DO ƒ JLRUQR GL SXEEOLFD]LRQH GHO SURYYHGLPHQWR GL
DSSURYD]LRQHGHILQLWLYDQHO%ROOHWWLQR8IILFLDOHGHOOD5HJLRQH
$UW1250($%52*$7(
(¶ DEURJDWD RJQL GLVSRVL]LRQH UHJRODPHQWDUH HPDQDWD GDO
&RPXQH FRQWUDULD R LQFRPSDWLELOH FRQ OH QRUPH GHO SUHVHQWH
5HJRODPHQWR
$UW6$1=,21,
3HU OH FRQWUDYHQ]LRQL DOOH QRUPH GHO SUHVHQWH 5HJRODPHQWR VL
DSSOLFDQR OH VDQ]LRQL SUHYLVWH GDOOD OHJLVOD]LRQH YLJHQWH HG LQ
SDUWLFRODUHGDOOD/HJJH8UEDQLVWLFD
$UW9$5,$17,
/¶HQWUDWD LQ YLJRUH GL QXRYH QRUPH XUEDQLVWLFKH HR
UHJRODPHQWDUL HPDQDWH GDOOH DXWRULWj VXSHULRUL /5 H /6 H
DVVLPLODELOL FRPSRUWDQR O¶DXWRPDWLFR DGHJXDPHQWR GHOOD SUHVHQWH
QRUPDWLYDVHQ]DQHFHVVLWjGLSURYYHGLPHQWRGLYDULDQWHDPHQRFKHOH
OHJJL R QRUPH QRQ QH IDFFLDQR VSHFLILFD PHQ]LRQH LQWHQGHQGRVL
DXWRPDWLFDPHQWHUHFHSLWHHGDJJLRUQDWHOHQRUPHSUHVHQWLHLOUHODWLYR
5HJRODPHQWR(GLOL]LR
Scarica

norme tecniche - Comune di Megliadino San Fidenzio