united states securities and exchange commission(sec) v. j.p. morgan securities llc
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7/30/2019 UNITED STATES SECURITIES AND EXCHANGE COMMISSION(SEC) v. J.P. MORGAN SECURITIES LLC
http://slidepdf.com/reader/full/united-states-securities-and-exchange-commissionsec-v-jp-morgan-securities 1/38
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7/30/2019 UNITED STATES SECURITIES AND EXCHANGE COMMISSION(SEC) v. J.P. MORGAN SECURITIES LLC
http://slidepdf.com/reader/full/united-states-securities-and-exchange-commissionsec-v-jp-morgan-securities 2/38
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7/30/2019 UNITED STATES SECURITIES AND EXCHANGE COMMISSION(SEC) v. J.P. MORGAN SECURITIES LLC
http://slidepdf.com/reader/full/united-states-securities-and-exchange-commissionsec-v-jp-morgan-securities 3/38
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7/30/2019 UNITED STATES SECURITIES AND EXCHANGE COMMISSION(SEC) v. J.P. MORGAN SECURITIES LLC
http://slidepdf.com/reader/full/united-states-securities-and-exchange-commissionsec-v-jp-morgan-securities 4/38
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7/30/2019 UNITED STATES SECURITIES AND EXCHANGE COMMISSION(SEC) v. J.P. MORGAN SECURITIES LLC
http://slidepdf.com/reader/full/united-states-securities-and-exchange-commissionsec-v-jp-morgan-securities 5/38
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7/30/2019 UNITED STATES SECURITIES AND EXCHANGE COMMISSION(SEC) v. J.P. MORGAN SECURITIES LLC
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7/30/2019 UNITED STATES SECURITIES AND EXCHANGE COMMISSION(SEC) v. J.P. MORGAN SECURITIES LLC
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0?' EIO tupomjseb mkie ikprhjhe akjgs cpki akjg kplhlgjrkps rmpkuhmkur rme
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7/30/2019 UNITED STATES SECURITIES AND EXCHANGE COMMISSION(SEC) v. J.P. MORGAN SECURITIES LLC
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`' Rme Tpksteorus _uttaeiegr' Xlrm ejom lgbllbuja PI@_ rpjgsjorlkg! rme
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-e'h'! rme jttpjlsja! rme akjg jttalojrlkg! `kppkxep clgjgolja lgckpijrlkg! pezulpeb blsoaksupes!
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‑_erraeiegr Xjrepcjaa'’
@ejp Tuptkpreb rk Peblpeor _kie @uan _erraeiegr Cugbs rk rme Rpusrs
?=' Rme _erraeiegr Xjrepcjaa! opejreb xlrm rme lgkaeiegr kc okugsea! ls jg elhmr)
tjhe bkouiegr serrlgh ckprm lg berjla mkx lgokilgh `uan serraeiegr cugbs xepe rk `e jaakojreb'
?<' Ugbep rmls jaakojrlkg! @ejp clpsr peli`upseb lrseac ckp aehja cees! oksrs jgb krmep
e}tegses> seokgb! lr okepeb rme cuaa jikugr kc oeprjlg ‑ikgerjp|’ oajlis -suom js! e'h'! rj} jgb
esopkx jbfusriegrs,> jgb rmlpb! lr bllbeb jg| peijlglgh cugbs tpk)pjrj `erxeeg lgegrkp| jgb
rpusr)kxgeb akjgs' @ejp rmeg useb rme tpk)pjrj jikugr jaakojreb rk rpusr)kxgeb akjgs rk
peli`upse lrseac ckp lrs petupomjses kc jaa `uan serraeiegr akjgs rmjr EIO beeieb ‑ijgbjrkp|’
`eojuse rme petpesegrjrlkgs jgb xjppjgrles rk rme rpusrs mjb `eeg `pejomeb kg rmese akjgs'
Clgjaa|! lc jg| cugbs peijlgeb jcrep jaa kc rme j`ke jaakojrlkgs! EIO xkuab use rme ikge| ckp
petupomjses rmjr EIO beeieb ‑ktrlkgja!’ `krm kc `uan serraeiegr akjgs jgb kc krmep akjgs cpki
seouplrlvjrlkgs'
24' Kga| rmls ajsr jaakojrlkg okuab tpklbe j `egeclr rk rme rpusrs -rk xmlom rme| xepe
gkr japejb| egrlraeb, jplslgh cpki @ejp“s peoeltr kc ̀ uan serraeiegr cugbs' Rmls jaakojrlkg
okgreitajreb rme ‑ktrlkgja’ petupomjse kc j beceorle akjg rmjr! jr aejsr jookpblgh rk EIO“s
lgrepgja jgja|sls! blb gkr jorujaa| `pejom jg| EIO petpesegrjrlkgs rk rme rpusr! `ur xepe ealhl`ae
ckp petupomjse ugbep oeprjlg ktrlkgja petupomjse tpklslkgs lgoaubeb lg @ejp seouplrlvjrlkgs'
EIO ‑ktrlkgjaa|’ petupomjseb kga| 22 `uan serraeiegr akjgs tupsujgr rk rme _erraeiegr
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Xjrepcjaa! jgb useb iksr kc rmls ‑ktrlkgja’ jaakojrlkg rk petupomjse akjgs rmjr xepe gkr lgoaubeb
lg `uan serraeiegrs! `ur rmjr xepe tjpr kc seouplrlvjrlkgs! xmlom okgrjlgeb `uan serraeiegr akjgs'
@ejp Jklbeb _lhglclojgr Aksses @eojuse kc Mkx Lr Jgja|veb Lrs @pejomes Kg @uan _erraeiegr Akjgs
2:' Rk litaeiegr rme jaakojrlkg steolcleb lg rme _erraeiegr Xjrepcjaa! EIO `ehjg
tepckpilgh j T_J `pejom pelex kg `uan serraeiegr akjgs rk berepilge xmermep rmepe xjs j
`pejom kc j petpesegrjrlkg kp xjppjgr| ijbe `| EIO rk rme rpusr' Tplkp rk rmls rlie! xmeg EIO
okgbuoreb rme T_J `pejom pelex kg akjgs rmjr j akjg kplhlgjrkp mjb jhpeeb rk petupomjse! EIO
ckugb j `pejom gejpa| :44% kc rme rlie'
20' Mkxeep! xlrm pehjpb rk `uan serraeiegr akjgs! EIO blb gkr clgb j `pejom kg
eep| akjg'
2?' Lg j Fua| 0448 e)ijla! rme mejb kc EIO“s Zujalr| Okgrpka Betjpriegr okgclpieb
jg ugbepsrjgblgh kc rme blcceplgh jttpkjomes! tklgrlgh kur rmjr! lc jg ETB akjg xjs gkr rk `e
petupomjseb `| jg kplhlgjrkp! rmeg ‑xe bkg“r xjgr rk clgb j T_J `pejom ' ' '’ Rmus! oeprjlg EIO
eitak|ees `ealeeb rmjr EIO blb gkr ‑xjgr rk clgb’ T_J `pejomes kg `uan serraeiegr akjgs'
22' Xmeg pelexlgh `uan serraeiegr akjgs! EIO ckugb rmjr kga| j`kur :0'8% kc rme
`uan serraeiegr akjgs `pejomeb lrs petpesegrjrlkgs jgb xjppjgrles lg rme _tkgskp IATJ'
25' Rme jaakojrlkg steolcleb lg rme _erraeiegr Xjrepcjaa xjs mjareb lg kp jpkugb rme
stplgh kc 044=! jgb oeprjlg kc rme cugbs okaaeoreb peijlgeb lg j setjpjre jookugr'
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_okte kc @uan _erraeiegr Okgbuor
23' Rme `uan serraeiegrs `ehjg js ejpa| js 0442! xlrm iksr kc rme okgbuor kooupplgh
lg 0443 jgb 0448' EIO uarlijrea| egrepeb lgrk `uan serraeiegrs xlrm cjoe jikugrs rkrjalgh
jttpk}lijrea| "?4? ilaalkg' Rmese `uan serraeiegrs lgkaeb akjgs xlrmlg :53 PI@_ rpusrs
lssueb lg 0445 rmpkuhm 0448'
28' Rme `uan serraeiegrs okepeb js ijg| js pkuhma| <!444 akjgs! `krm lg lgegrkp|
jgb seouplrlvjrlkgs! jgb serraeb `krm petupomjse jgb ‑ikgerjp|’ oajlis' Kc rme petupomjse
oajlis! jttpk}lijrea| 3!5?5 okepeb rpusr)kxgeb akjgs! jgb EIO eegrujaa| petupomjseb j rkrja
kc jttpk}lijrea| ==4 kc rmese akjgs! aejlgh j`kur 5!355 `uan serraeiegr akjgs lg rme rpusrs'
@ejp Ijbe Ijrepljaa| Ilsaejblgh _rjreiegrs jgb Kilsslkgs lg PI@_ Kcceplgh Bkouiegrs
2=' @ejp blb gkr blsoakse rk lgesrkps! jgb lgesrkps lg @ejp PI@_ xepe gkr jxjpe kc
rme `uan serraeiegr tpjorloe kp rmjr @ejp mjb peoeleb jgb netr cugbs cpki akjg kplhlgjrkps kg
rpusr)kxgeb ETB akjgs'
2<' Rme @ejp egrlrles cjlaeb rk blsoakse rme `uan serraeiegr tpjorloe lg jg| kc rme
bkouiegrs tpklbeb rk lgesrkps kp claeb xlrm rme Okiilsslkg peajrlgh rk rme @uan _erraeiegr
PI@_' Lgsrejb! rmese egrlrles ijbe ijrepljaa| ilsaejblgh srjreiegrs jgb kilsslkgs peajrlgh rk
oeprjlg jsteors kc rme seouplrlvjrlkgs! jgb jask cjlaeb rk blsoakse oeprjlg lgckpijrlkg pezulpeb
ugbep su`tjpr ::44 kc Okiilsslkg pehuajrlkg _)N ^:8 O'C'P' ¨¨ 00<'::44)'::0?Y peajreb rk
jsser)`joneb seouplrles kcceplghs jgb peceppeb rk js pehuajrlkg J@'
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54' Rme `uan serraeiegr tpjorloe xjs lgokgslsregr xlrm cugbjiegrja tplgoltaes
ugbepa|lgh PI@_ rpjgsjorlkgs ‟ rmjr lr xjs lg rme lgrepesr kc jaa tjprles rmjr rme akjgs tepckpi
xeaa' Lg jbblrlkg! rme rpusrs blb gkr peoele bls`upseiegr kc okaaeoreb tpkoeebs jgb beceorle
akjgs xepe gkr peikeb cpki rme rpusrs'
5:' Rme kcceplgh bkouiegrs cpezuegra| blsoakseb rme e}lsregoe kc @ejp“s plhmrs jhjlgsr
kplhlgjrkps! jgb rme algn `erxeeg rme e}epolse kc rmkse plhmrs jgb petupomjses kur kc rme rpusr'
Mkxeep! rme| blb gkr blsoakse rmjr @ejp ilhmr e}epolse rmese plhmrs! jgb neet kp ser jslbe rme
tpkoeebs rmepecpki! xlrmkur petupomjslgh rme akjgs' Ckp e}jitae! lg Ce`pujp| kc 0448! @ejp
jiegbeb rme Ckpi _)? ckp kge kc rme @ejp Pehlsrpjgr Betkslrkps! _JIL! rk lgoaube rme ckaakxlgh
ajghujhe6
‑Rme lgj`lalr| ^kc akjg kplhlgjrkpsY rk petupomjse ^ETBY akjgs ij| jask jcceor rmetepckpijgoe kc jg| seouplrles `joneb `| rmkse akjgs'’
Js kc Ijpom :! 0448! @ejp jbbeb rme ckaakxlgh ajghujhe rk lrs tpksteorus suttaeiegrs jgb
T_Js6
‑ ' ' ' rme _tkgskp ij|! jr lrs ktrlkg! tupomjse jg| ikprhjhe akjg cpki rme lssulgh egrlr|
ckp xmlom rme clpsr somebuaeb tj|iegr bue rk rme Lssulgh Egrlr| jcrep rme Oakslgh Bjre
`eokies ?4 bj|s tjsr bue> tpklbeb mkxeep! suom ikprhjhe akjg xjs tupomjseb `| rme
_tkgskp -kp kge kc lrs jcclaljres, cpki jg kplhlgjrkp tupsujgr rk j akjg tupomjse jhpeeiegr
xmlom k`alhjreb suom kplhlgjrkp rk petupomjse suom ikprhjhe akjg lc kge kp ikpe
somebuaeb tj|iegrs `eokies ?4 kp ikpe bj|s bealgzuegr -jgb suom kplhlgjrkp mjs jhpeeb
rk petupomjse suom ikprhjhe akjg,'’
50' Lg jbblrlkg! pehlsrpjrlkg srjreiegrs! tpksteorus suttaeiegrs jgb T_Js petpesegreb
rmjr rme stkgskp jgb betkslrkp xkuab kp mjb rpjgsceppeb jaa ‑plhmr! rlrae jgb lgrepesr’ lg rme akjgs!
js xeaa js jaa ‑tpkoeebs’ cpki rme akjgs lgrk rme rpusrs'
5?' @ejp blb gkr blsoakse rmjr! bestlre rmls rpjgscep! @ejp egckpoeb plhmrs jhjlgsr
kplhlgjrkps ckp akjgs kxgeb `| rme rpusrs xlrmkur petupomjslgh rmei'
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52' @ejp jcclpijrlea| ilssrjreb! jgb skierlies cjlaeb rk ijne! rme pezulpeb
blsoaksupes ugbep lrei :::<-o, kc pehuajrlkg J@! xmlom pezulpes blsoaksupe kc peajrlkgsmlts
lgkalgh kp peajrlgh rk rme tkka jssers `erxeeg rme stkgskp jgb kplhlgjrkps kc ikpe rmjg :4% kc
rme tkka jssers' @| lprue kc lrs tpjorloe kc ijnlgh oajlis jhjlgsr kplhlgjrkps kg rpusr)kxgeb
jssers! @ejp ijlgrjlgeb j peajrlkgsmlt xlrm kplhlgjrkps peajrlgh rk rme tkka jssers' Rk rme e}regr
rmjr @ejp mjb suom j peajrlkgsmlt xlrm kplhlgjrkps kc :4% kp ikpe kc rme rpusr jssers! rmjr
peajrlkgsmlt xjs pezulpeb rk `e blsoakseb'
55' Lrei ::42-o, kc pehuajrlkg J@ pezulpes blsoaksupe kc ‑lgckpijrlkg kp cjorkps
peajreb rk rme stkgskp rmjr ij| `e ijreplja rk jg jgja|sls kc rme kplhlgjrlkg kp tepckpijgoe kc rme
tkka jssers'’ Rme `uan serraeiegr tpjorloe xjs peaejgr rk rme kplhlgjrlkg kc akjgs `eojuse @ejp
okaaeoreb jbblrlkgja cugbs kg ETB akjgs skab rk PI@_ rpusrs' \er! rme tpjorloe xjs gkr
blsoakseb'
53' @ejp jask blsoakseb kga| j tkprlkg kc rme rpurm xlrm pesteor rk EIO“s kxg
petupomjse k`alhjrlkgs' Lreis ::::-e, jgb ::::-h, kc pehuajrlkg J@ pezulpe blsoaksupe kc
‑petpesegrjrlkgs jgb xjppjgrles ijbe okgoepglgh rme tkka jssers’ jgb rme peiebles jjlaj`ae ckp
`pejomes kc rmkse petpesegrjrlkgs jgb xjppjgrles! js xeaa js j besopltrlkg kc rme ‑olpouisrjgoes’
ugbep xmlom ‑tkka jssers ij| `e ' ' ' peikeb cpki rme jsser tkka! suom js ^ckpY j `pejom kc j
tkka jsser petpesegrjrlkg kp xjppjgr|'’ Rme T_Js slhgeb `| rme @ejp Betkslrkps jgb EIO
besopl`eb rme peiebles jjlaj`ae rk rme rpusrs ckp `pejomes kc petpesegrjrlkgs jgb xjppjgrles `|
rme stkgskp' Mkxeep! rmepe xjs gk blsoaksupe rmjr @ejp xkuab e}epolse lrs plhmrs jhjlgsr
kplhlgjrkps! xlrmkur petupomjslgh rme akjgs' Lg cjor! rme petupomjse peieb| hegepjaa| xjs gkr
jjlaj`ae `eojuse @ejp lgcpezuegra| ckugb `pejomes kc lrs petpesegrjrlkgs jgb xjppjgrles kg `uan
serraeiegr akjgs'
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@ejp Ilsaeb Tupomjseps kc PI@_ _eouplrles rmpkuhm j Gui`ep kc Ugblsoakseb @uan _erraeiegr Jors jgb Tpjorloes
58' Rme `uan serraeiegr tpjorloe lgkaeb j gui`ep kc ugblsoakseb jors rmjr ilsaeb
PI@_ lgesrkps' Rmese jors lgoaubeb! `ur xepe gkr alilreb rk6 -:, _erralgh petupomjse oajlis
jhjlgsr kplhlgjrkps kg rpusr)kxgeb akjgs! jgb neetlgh oeprjlg kc rme tpkoeebs peoeleb! xmeg
@ejp blb gkr petupomjse rme akjgs cpki rme rpusrs> -0, Jtta|lgh srjgbjpbs ckp petupomjse kc akjgs!
xmlom pesuareb lg j gejpa| :44% `pejom pjre ckp akjgs rmjr jg kplhlgjrkp mjb jhpeeb rk petupomjse!
`ur kga| j :0'8% `pejom pjre ckp ̀ uan serraeiegr akjgs> -?, Cjlalgh rk blsoakse rme `uan
serraeiegr tpjorloe xmeg jgsxeplgh zuesrlkgs j`kur ETBs tkseb `| oeprjlg lgesrkps> jgb -2,
Cjlalgh rk gkrlc| lgesrkps j`kur rme tpkoeebs @ejp perjlgeb peajreb rk seouplrlveb akjgs! bestlre
ngkxlgh rmjr lgesrkps xepe ugjxjpe kc rme `uan serraeiegr tpjorloe'
@ejp“s Ilsaejblgh _rjreiegrs!Kilsslkgs! jgb Okgbuor Slkajreb rme Cebepja _eouplrles Ajxs
5=' Rme `uan serraeiegr tpjorloe xkuab mje `eeg ijreplja rk lgesrkps“ beolslkgs
xmermep rk lgesr lg @ejp“s seouplrles kcceplghs! `eojuse! jikgh krmep rmlghs! @ejp xjs okaaeorlgh
ikge| rmjr xjs gkr bls`upseb rk rme rpusrs ckp rpusr)kxgeb akjgs rmjr becjuareb ejpa|> jgb rmese
ejpa| becjuarlgh `uan serraeiegr akjgs! ugalne kplhlgjrkp)petupomjseb akjgs! xepe cpezuegra| gkr
petupomjseb' Lg jbblrlkg! rme tpjorloe kg j tajrckpi aeea hegepjreb regs kc ilaalkgs kc bkaajps!
xmlom xjs gkr tjsseb kg rk lgesrkps'
5<' Rme @ejp Pehlsrpjgr Betkslrkps! EIO! jgb @ejp @pknepjhe jpe jaa tplijpla| alj`ae
ckp rme ilssrjreiegrs jgb kilsslkgs lg rme kcceplgh bkouiegrs ckp rme tu`alo rpjgsjorlkgs' Rme
@ejp Pehlsrpjgr Betkslrkps slhgeb rme Ckpi _)? Pehlsrpjrlkg _rjreiegrs js lssueps ckp rme
seouplrles jgb xepe jask pestkgsl`ae ckp rme okgregr kc rme tpksteorus suttaeiegrs! xmlom xepe
lgokptkpjreb lgrk rme tpksteoruses rmjr xepe tjpr kc rme Pehlsrpjrlkg _rjreiegrs' @krm rme @ejp
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Pehlsrpjgr Betkslrkps jgb EIO! js stkgskp! slhgeb jgb claeb rme T_Js' @ejp @pknepjhe“s gjie
jttejpeb kg rme seouplrlvjrlkg bkouiegrs js rme ugbepxplrep! jgb lrs eitak|ees xepe rme kccloeps
kc rme @ejp Pehlsrpjgr Betkslrkps xmk tpetjpeb jgb slhgeb rme kcceplgh bkouiegrs' EIO jgb
@ejp @pknepjhe xepe jask lgsrpuiegrja lg tpetjplgh jaa kc rme kcceplgh bkouiegrs jgb ijgjhlgh
rme `uan serraeiegr tpkoess' Ikpekep! jaa kc rme kccloeps kc rme @ejp Betkslrkps xepe eitak|ees
kc @ejp @pknepjhe' Ejom kc rmese egrlrles jask tjprloltjreb lg rme jors besopl`eb lg tjpjhpjtm 58
j`ke'
34' Rme @ejp Betkslrkps! EIO! jgb @ejp @pknepjhe xepe rmeiseaes okgbuorlgh rme
`uan serraeiegr tpjorloe! ngex j`kur rme lgokie `elgh hegepjreb! jgb ngex rmjr lgesrkps ojpeb
j`kur rmls lssue `ur blb gkr ngkx j`kur rme tpjorloe' Cjlalgh rk blsoakse rme tpjorloe rk lgesrkps!
lg alhmr kc krmep srjreiegrs rme| ijbe jgb rmelp blsoaksupe k`alhjrlkgs! xjs ugpejskgj`ae' Js j
pesuar! rme @ejp egrlrles“ okgbuor xjs gehalhegr'
Rme XIO2 Rpjgsjorlkg
3:' Rme XIO2 rpjgsjorlkg `ehjg xlrm jg jhpeeiegr lg kp j`kur Fua| 0443 `| F'T'
Ikphjg Ikprhjhe Jozulslrlkg Okptkpjrlkg -‑F'T' Ikphjg Jozulslrlkg’,! j blpeor! xmkaa| kxgeb
su`slbljp| kc FTI Omjse! rk tupomjse ikpe rmjg <!444 su`)tplie ikprhjhe akjgs cpki XIO'
Rme kcceplgh oakseb lg Beoei`ep 0443'
@jonhpkugb Peajreb rk Bealgzuego| Blsoaksupes
30' Jr jaa rlies peaejgr rk rme XIO2 rpjgsjorlkg! pehuajrlkg J@ pezulpeb blsoaksupe
kc bealgzuego| lgckpijrlkg peajreb rk jssers rmjr tpklbeb okaajrepja ckp jg jsser)`joneb
seouplrles kcceplgh' Rme pezulpeb blsoaksupes lgoaubeb blsoaksupe kc rme iermkb kc berepilglgh
bealgzuegoles! rme rkrja jikugr kc bealgzuegr jssers js j tepoegrjhe kc rme jhhpehjre jsser tkka!
jgb krmep ijreplja lgckpijrlkg okgoepglgh bealgzuegr jssers jgb xepe steolcleb lg! jikgh krmep
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tpklslkgs! lreis ::44-`,! ::45-j,! ::::-o, kc pehuajrlkg J@ ^:8 O'C'P' ¨¨ 00<'::44-`,
'::45-j,-o,! '::::-o,Y'
3?' Lgckpijrlkg j`kur rme bealgzuego| srjrus kc ikprhjhe akjgs rmjr tpklbe okaajrepja
ckp jg PI@_ kcceplgh xjs litkprjgr rk lgesrkps' Rme ikprhjhe akjgs rmjr tpklbe rme okaajrepja
lg jg PI@_ rpjgsjorlkg jpe rme tplijp| skupoe kc cugbs `| xmlom lgesrkps tkregrljaa| ojg
peokep jgb tpkclr cpki rmelp lgesriegrs' Rme tpesegoe jgb e}regr kc ouppegr jgb mlsrkploja
bealgzuegoles ls litkprjgr lgckpijrlkg rk lgesrkps `eojuse lr meats egj`ae rmei rk jssess rme
alnealmkkb rmjr `kppkxeps xlaa `e j`ae rk petj| rmelp ikprhjhe akjgs jgb! js j pesuar! xmermep
lgesrkps xlaa succep aksses kg! kp xlaa peokep jgb tpkclr cpki! rmelp lgesriegrs'
32' Jr rme rlie kc rme XIO2 rpjgsjorlkg! rmepe xepe rxk tplijp| iermkbs ckp
berepilglgh bealgzuego| srjrus kc j ikprhjhe akjg' Kge iermkb xjs ngkxg js rme Kccloe kc
Rmplcr _uteplslkg -‑KR_’, iermkb! jgb rme krmep xjs ngkxg js rme Ikprhjhe @jgneps
Jsskoljrlkg -‑I@J’, iermkb' Rme KR_ iermkb tplijpla| xjs useb ckp berepilglgh rme
bealgzuego| srjrus kc su`)tplie akjgs! jgb rme I@J iermkb tplijpla| xjs useb rk berepilge rme
bealgzuego| srjrus kc tplie jgb oeprjlg krmep r|tes kc akjgs' Ugbep rme KR_ iermkb! j ikprhjhe
akjg xjs rmlpr| bj|s bealgzuegr lc tj|iegr bue kg j bue bjre lg kge ikgrm xjs gkr peoeleb `|
rme oakse kc `uslgess kg rme akjg“s bue bjre lg rme ckaakxlgh ikgrm' Ugbep rme I@J iermkb!
rmjr ikprhjhe akjg xjs rmlpr| bj|s bealgzuegr lc tj|iegr xjs gkr peoeleb `| rme oakse kc
`uslgess kg rme liiebljrea| tpeoeblgh bj|' Js jg e}jitae! lc j akjg mjb j tj|iegr bue bjre kc
Gkei`ep :! rmjr akjg xkuab `e rmlpr| bj|s bealgzuegr ugbep rme KR_ iermkb lc rme tj|iegr
xjs gkr peoeleb `| rme oakse kc ̀ uslgess kg Beoei`ep :' Ugbep rme I@J iermkb! mkxeep!
rmjr akjg xkuab `e rmlpr| bj|s bealgzuegr lc tj|iegr xjs gkr peoeleb `| rme oakse kc `uslgess kg
Gkei`ep ?4'
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35' Js ser ckprm lg hpejrep berjla lgcpj lg rmls Okitajlgr! FT Ikphjg jgb FTIJO
blsoakseb rmjr rme| useb rme KR_ iermkb ckp berepilglgh rme bealgzuego| srjrus kc rme su`)tplie
ikprhjhe akjgs rmjr tpklbeb rme okaajrepja ckp rme XIO2 rpjgsjorlkg' Rme| cuprmep petpesegreb
rmjr rme| xepe blsoakslgh rme bealgzuego| srjrus kc rme ikprhjhe akjgs js kc rme oakse kc `uslgess
kg Beoei`ep :! 0443! rme our)kcc bjre ckp rme rpjgsjorlkg' Tj|iegrs kg jaa kp lprujaa| jaa kc rme
akjgs lgoaubeb js okaajrepja ckp rme XIO2 rpjgsjorlkg xepe bue kg rme clpsr bj| kc ejom ikgrm'
Js j pesuar! ugbep rme KR_ iermkb! js besopl`eb sutpj lg tjpjhpjtm 32 kc rmls Okitajlgr! lc j
tj|iegr bue kg rme clpsr bj| kc j ikgrm xjs gkr ijbe `| rme oakse kc `uslgess kg rme clpsr bj| kc
rme ckaakxlgh ikgrm! rmjr akjg rmeg xkuab `e rmlpr| bj|s bealgzuegr' Rme our)kcc bjre ckp rme
XIO2 rpjgsjorlkg rmus okppestkgbeb xlrm rme bjre xmeg akjgs xlrm j Gkei`ep :! 0443! kp jg
Kork`ep :! 0443! ge}r tj|iegr bue bjre `eojie rmlpr| kp sl}r| bj|s bealgzuegr'
FT Ikphjg Jozulslrlkg Tupomjses rme Akjgs cpki XIO! jgb FT Ikphjg jgb FTIJO Hjrmep jgb Pelex Akjg Lgckpijrlkg ckp Blsoaksupe lg rme Kcceplgh Bkouiegrs
33' Kg kp j`kur Fua| 04! 0443! F'T' Ikphjg Jozulslrlkg egrepeb lgrk j gehkrljreb
rpjbe xlrm XIO ckp rme tupomjse kc j ": `laalkg tkka kc su`)tplie ikprhjhe akjgs cpki XIO'
_eepja bj|s ajrep! rme tjprles jhpeeb rk lgopejse rme slve kc rme rpjbe rk rme tupomjse kc "0 `laalkg
kc su`)tplie ikprhjhe akjgs' Rme tupomjse xjs rk oakse kg Kork`ep ?4! 0443'
38' Kg kp j`kur Kork`ep ?4! 0443! F'T' Ikphjg Jozulslrlkg oakseb kg rme tupomjse kc
jttpk}lijrea| <!=?0 su`)tplie ikprhjhe akjgs cpki XIO ckp jttpk}lijrea| "0 `laalkg' F'T'
Ikphjg Jozulslrlkg su`sezuegra| skab jr aejsr <!3?8 ikprhjhe akjgs rk FTIJO' FTIJO! lg
rupg! skab <!3?8 akjgs rk rme rpusr ngkxg js F'T' Ikphjg Ikprhjhe Jozulslrlkg Rpusr 0443)
XIO2 rmjr xjs esrj`alsmeb ckp rme XIO2 rpjgsjorlkg' XIO jgb FT Ikphjg jhpeeb kg j
Beoei`ep :! 0443! ecceorle bjre ckp rme rpjgscep kc seplolgh cpki rme okitjgles seplolgh rme
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akjgs ckp XIO rk rme okitjgles seplolgh rme akjgs ckp rme rpusr! FT Ikphjg Omjse @jgn! G'J'
jgb Omjse Mkie Clgjgoe AAO -rme ‑Omjse seploeps’,'
3=' Jask ckaakxlgh rme tupomjse kc rme ikprhjhe akjgs cpki XIO! FT Ikphjg jgb
FTIJO tepskggea `ehjg xkpn kg rme kcceplgh rmjr ojie rk `e ngkxg js rme XIO2 rpjgsjorlkg'
Js tjpr kc rmjr xkpn! FT Ikphjg jgb FTIJO tepskggea hjrmepeb skie lgckpijrlkg kg rme
tj|iegr srjrus kc akjgs rk `e lgoaubeb js okaajrepja ckp rme XIO2 rpjgsjorlkg' Rme| hjrmepeb
rmls lgckpijrlkg! jr aejsr lg tjpr! lg okggeorlkg xlrm pezulpeb blsoaksupes j`kur xmermep rme
ikprhjhe akjgs xepe kp mjb `eeg bealgzuegr' Rmkse blsoaksupes lgoaubeb petpesegrjrlkgs j`kur
`krm ouppegr jgb mlsrkploja bealgzuegoles'
3<' Xmlae FT Ikphjg jgb FTIJO tepskggea hjrmepeb lgckpijrlkg kg rme tj|iegr
srjrus kc akjgs rmjr xepe rk tpklbe okaajrepja ckp rme XIO2 rpjgsjorlkg! FT Ikphjg jgb FTIJO
tepskggea jask xkpneb kg tpetjpjrlkg kc j gui`ep kc bkouiegrs useb rk okitaere rme
rpjgsjorlkg' Rmese bkouiegrs lgoaubeb j tpealilgjp| tpksteorus suttaeiegr jgb rme clgja
tpksteorus suttaeiegr' @krm kc rmese bkouiegrs xepe claeb xlrm rme Okiilsslkg' Rme
tpksteorus suttaeiegr xjs claeb tupsujgr rk j pehlsrpjrlkg srjreiegr ckp PI@_ kcceplghs rmjr
FTIJO tpelkusa| mjb claeb jgb! kgoe claeb! `eojie tjpr kc rmjr pehlsrpjrlkg srjreiegr' Rme
bpjcrlgh kc rme tpealilgjp| tpksteorus suttaeiegr jgb rme tpksteorus suttaeiegr rkkn tajoe
tplijpla| buplgh rme teplkb cpki ejpa| Beoei`ep 0443 rmpkuhm Beoei`ep 04! 0443! rme bjre
xmeg rme tpksteorus suttaeiegr xjs claeb xlrm rme Okiilsslkg'
FT Ikphjg jgb FTIJO Ksregsl`a| Use rme KR_ Iermkb kc Berepilglgh rme
Bealgzuego| _rjrus kc rme Ikprhjhe Akjgs Lgoaubeb lg rme XIO2 Rpjgsjorlkg
84' Rme lglrlja bpjcr kc rme tpealilgjp| tpksteorus suttaeiegr ckp rme XIO2
rpjgsjorlkg lgoaubeb rme ckaakxlgh besopltrlkg kc rme iermkb rmjr FT Ikphjg jgb FTIJO useb
ckp berepilglgh xmermep j akjg xjs bealgzuegr6
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Ikprhjhe akjgs jpe peokhglveb ckp bealgzuego| jgb becjuar tupsujgr rk rme Kccloekc Rmplcr _uteplslkg -‑KR_’, iermkbkakh|' Ugbep rme KR_ iermkbkakh|! j ikprhjheakjg ls okgslbepeb bealgzuegr lc jg| tj|iegr bue rmepekg ls gkr ijbe tupsujgr rk rmerepis kc suom ikprhjhe akjg `| rme oakse kc `uslgess kg rme bj| suom tj|iegr lssomebuaeb rk `e bue' J ikprhjhe akjg ls ‑?4 bj|s bealgzuegr’ lc suom tj|iegr mjs gkr
`eeg peoeleb `| rme oakse kc `uslgess kg rme okppestkgblgh bj| kc rme ikgrmliiebljrea| suooeeblgh rme ikgrm lg xmlom suom tj|iegr xjs bue! kp! lc rmepe ls gk suomokppestkgblgh bj| -e'h'! js xmeg j ?4)bj| ikgrm ckaakxs j ?:)bj| ikgrm lg xmlom jtj|iegr xjs bue kg rme ?:sr bj| kc suom ikgrm,! rmeg kg rme ajsr bj| kc suomliiebljrea| suooeeblgh ikgrm' _lilajpa| ckp ‑34 bj|s bealgzuegr!’ ‑<4 bj|sbealgzuegr’ jgb sk kg'
Rmls besopltrlkg xjs lgoaubeb lg rme clgja epslkgs kc rme tpealilgjp| tpksteorus suttaeiegr jgb
tpksteorus suttaeiegr rmjr xepe claeb xlrm rme Okiilsslkg'
FT Ikphjg jgb FTIJO Peoele Lgckpijrlkg rmjr Akjgs
rk @e Lgoaubeb lg rme XIO2 Rpjgsjorlkg Xepe Rmlpr| kp Ikpe Bj|s Bealgzuegr
8:' Kg kp j`kur Beoei`ep :?! 0443! FT Ikphjg tepskggea xkpnlgh kg rme XIO2
rpjgsjorlkg olpouajreb lgckpijrlkg smkxlgh rmjr! js kc Beoei`ep ::! 0443! tj|iegrs bue kg
Gkei`ep :! 0443! ckp jttpk}lijrea| 888 kc rme ikprhjhe akjgs tupomjseb cpki XIO! xlrm j
tplgoltja `jajgoe kc jttpk}lijrea| ":85!=:2!385! mjb gkr `eeg ijbe jgb rmjr tj|iegrs bue kg
Kork`ep :! 0443! ckp jttpk}lijrea| 2 akjgs! xlrm j tplgoltja `jajgoe kc jttpk}lijrea|
"84?!334! jask mjb gkr `eeg ijbe'
80' Jask kg kp j`kur Beoei`ep :?! 0443! j FT Ikphjg lgesriegr `jgnep xkpnlgh kg
rme XIO2 rpjgsjorlkg pjlseb j zuesrlkg j`kur xmermep akjgs tupomjseb cpki XIO js rk xmlom
tj|iegr xjs bue kg Gkei`ep :! 0443! `ur xjs gkr peoeleb `| Beoei`ep :! 0443! xepe rmlpr|
bj|s bealgzuegr ugbep rme KR_ iermkb kc berepilglgh bealgzuegoles' Rme KR_ iermkb kc
berepilglgh rme bealgzuego| srjrus kc j ikprhjhe akjg ls besopl`eb sutpj lg tjpjhpjtms 32 jgb
35 kc rmls Okitajlgr! jgb FT Ikphjg jgb FTIJO useb rme oakse kc `uslgess kg Beoei`ep :!
0443! js rme ‑our)kcc bjre’ ckp lgckpijrlkg rk `e lgoaubeb lg rme tpksteorus suttaeiegr ckp rme
XIO2 rpjgsjorlkg'
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8?' Js j pesuar kc rme zuesrlkg j`kur bealgzuegr ikprhjhe akjgs rmjr rme FT Ikphjg
lgesriegr `jgnep pecepegoeb sutpj lg tjpjhpjtm 80 kc rmls Okitajlgr mjb pjlseb! kg kp j`kur
Beoei`ep :?! 0443! FT Ikphjg jgb FTIJO tepskggea pestkgsl`ae ckp okitaerlgh rme XIO2
rpjgsjorlkg okgrjoreb okugsea ckp FT Ikphjg jgb FTIJO rk blsouss rme lssue' Jr rme rlie kc rmjr
okiiuglojrlkg! FT Ikphjg jgb FTIJO mjb `eeg tajgglgh rk ‑tplgr’ rme tpealilgjp| tpksteorus
suttaeiegr kg Beoei`ep :?! 0443! jgb rmeg rk clae lr xlrm rme Okiilsslkg' Js j pesuar kc rme
bealgzuego| lssue! mkxeep! tjprloltjgrs lg rme okiiuglojrlkg xlrm okugsea ckp FT Ikphjg jgb
FTIJO beolbeb rk beaj| rme tplgrlgh kc rme tpealilgjp| tpksteorus suttaeiegr' Lg jg e)ijla rk
j FT Ikphjg rpjbep! rme lgbllbuja xmk mjb pjlseb rme lssue! xpkre rmjr
^xYe beolbeb gkr rk tplgr rkglhmr ' ' ' `eojuse xe xepeg“r j`ae rk okie rk j okgsegsusxlrm rme ajx|eps kg rme bealgzuego| jgb rme beclglrlkg kc ”Our)kcc Bjre“ ̂ sloY Xe xlaaokgrlgue rk xkpn xlrm ' ' ' ^j ajx clpiY rk okie ut xlrm jg jooetrj`ae Our)kcc+bealgzuego| beclglrlkg lg rme ikpglgh' Jr rme egb kc rme bj|! eep|rmlgh ilhmr srj|rme xj| lr ls gkx' Xe xlaa ojaa |ku lg rme ikpglgh rk blsouss'
Okugsea ckp FT Ikphjg jgb FTIJO rmepejcrep blsousseb rme KR_ iermkb kc berepilglgh rme
bealgzuego| srjrus kc j ikprhjhe akjg xlrm tepskggea cpki FT Ikphjg! FTIJO! jgb rme Omjse
seploeps'
82' Lg kp j`kur rme ikpglgh kc Beoei`ep :2! 0443! rme FT Ikphjg lgesriegr `jgnep
pecepegoeb sutpj lg tjpjhpjtm 80 kc rmls Okitajlgr blsousseb rme KR_ iermkb kc berepilglgh rme
bealgzuego| srjrus kc j ikprhjhe akjg xlrm okugsea ckp FT Ikphjg jgb FTIJO' Ckaakxlgh rmjr
okgepsjrlkg! rmjr FT Ikphjg lgesriegr `jgnep segr jg e)ijla `krm rk FT Ikphjg rpjbeps jgb rk
j ikpe seglkp FT Ikphjg lgesriegr `jgnep xkpnlgh kg rme XIO2 rpjgsjorlkg lg xmlom me
srjreb rmjr ‑C\L jrrjomeb ls j bealgzuego| `pejnbkxg' Jssuilgh eep|rmlgh ls okppeor! pkuhma|
='=% -":3< ii, kc rme tkka akkns rk `e bealgzuegr js kc ajsr glhmr'’ Rme lgesriegr `jgnep xmk
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segr rme e)ijla jrrjomeb j kge)tjhe bkouiegr rmjr smkxeb rme gui`ep jgb ouppegr `jajgoes kc
ikprhjhe akjgs xlrm ge}r tj|iegr bue bjres kc Kork`ep :! 0443! jgb Gkei`ep :! 0443'
85' Lg kp j`kur rme jcrepgkkg kc Beoei`ep :2! 0443! rme lgesriegr `jgnep pecepegoeb
sutpj lg tjpjhpjtm 80 kc rmls Okitajlgr! segr jg e)ijla rk okugsea ckp FT Ikphjg jgb FTIJO'
Rme lgesriegr `jgnep xpkre! ‑Bealgzuego| js blsousseb’ jgb jrrjomeb rme kge)tjhe bkouiegr
xlrm rme lgckpijrlkg j`kur rme ikprhjhe akjgs xlrm rme Kork`ep :! 0443 jgb Gkei`ep :! 0443!
ge}r tj|iegr bue bjres besopl`eb sutpj lg tjpjhpjtm 82 kc rmls Okitajlgr'
Rme Tajggeb Bealgzuego| Blsoaksupes E}oaube Akjgs xlrm j Gkei`ep :! 0443! Ge}r Tj|iegr Bue Bjre
83' Jask lg kp j`kur rme jcrepgkkg kc Beoei`ep :2! 0443! jcrep peoellgh rme e)ijla
besopl`eb sutpj lg tjpjhpjtm 85 kc rmls Okitajlgr! okugsea ckp FT Ikphjg jgb FTIJO tpktkseb
omjghes rk j tajggeb seorlkg kc rme tpealilgjp| tpksteorus suttaeiegr! jgb rme tpksteorus
suttaeiegr! ckp rme XIO2 rpjgsjorlkg peajreb rk XIO“s k`alhjrlkgs rk petupomjse ikprhjhe
akjgs' Jikgh krmep rmlghs! okugsea tpktkseb rme jbblrlkg kc rme ckaakxlgh ajghujhe6 ‑Rme bue
bjre ckp rme clpsr ikgrma| tj|iegr ckaakxlgh rme lglrlja sjae kc rme ikprhjhe akjgs rk rme seaaep
mjs koouppeb jgb j slhglclojgr tepoegrjhe -`jseb kg jhhpehjre tplgoltja `jajgoe, kc `kppkxeps
mje cjlaeb rk ijne suom tj|iegr'’ XIO k`feoreb rk krmep tkprlkgs kc rme petupomjse
k`alhjrlkg seorlkg `eojuse rme okitjg| blb gkr `ealee rmjr rme seorlkg jooupjrea| besopl`eb
XIO“s petupomjse k`alhjrlkgs' Js j pesuar kc rmjr k`feorlkg! jgb jcrep okiiuglojrlkgs j`kur
rme tpktkseb blsoaksupe xlrm FT Ikphjg jgb FTIJO! jgb rmelp okugsea! rme egrlpe seorlkg xjs
e}oaubeb cpki rme tpealilgjp| tpksteorus suttaeiegr jgb rme tpksteorus suttaeiegr' Rme
tpktkseb blsoaksupe rmjr j slhglclojgr tepoegrjhe kc `kppkxeps mjb cjlaeb rk ijne rmelp clpsr
tj|iegr ckaakxlgh rme sjae kc rme akjgs rmepejcrep xjs gkr lgoaubeb jg|xmepe lg elrmep rme
tpealilgjp| tpksteorus suttaeiegr kp rme tpksteorus suttaeiegr'
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88' FT Ikphjg jgb FTIJO! rmpkuhm rmelp tepskggea! jask beolbeb rk e}oaube
ikprhjhe akjgs xlrm j Gkei`ep :! 0443! ge}r tj|iegr bue bjre cpki rme blsoaksupes kc akjgs
rmjr xepe kp mjb `eeg rmlpr| kp ikpe bj|s bealgzuegr rmjr xkuab `e lgoaubeb lg rme tpealilgjp|
tpksteorus suttaeiegr jgb rme tpksteorus suttaeiegr'
8=' Lg kp j`kur rme eeglgh kc Beoei`ep :2! 0443! okugsea ckp FT Ikphjg jgb
FTIJO olpouajreb j bpjcr kc rme tpealilgjp| tpksteorus ckp rme XIO2 rpjgsjorlkg rk FT Ikphjg
jgb FTIJO tepskggea jgb krmeps xmk xepe xkpnlgh kg rme rpjgsjorlkg' Rmjr bpjcr lgoaubeb rme
jbblrlkg kc ajghujhe kg bealgzuegr akjgs rk seorlkgs kc rme tpealilgjp| tpksteorus suttaeiegr
egrlraeb ‑Plsn Cjorkps!’ ‑Besopltrlkg kc rme Ikprhjhe Tkka!’ jgb ‑Bealgzuego| jgb Ckpeoaksupe
Lgckpijrlkg ckp rme Ikprhjhe Akjgs’6
j' rme Plsn Cjorkps ajghujhe! lg peaejgr tjpr! tpklbeb rmjr ‑^jYttpk}lijrea|
4'4:%! 4'45% jgb 4'42% kc rme ikprhjhe akjgs lg hpkut :! hpkut 0 jgb rme jhhpehjre
tkka! pesteorlea| -lg ejom ojse! `| jhhpehjre tplgoltja `jajgoe kc rme peajreb hpkut kp
jhhpehjre tkka! js jttaloj`ae,! js kc rme our)kcc bjre! xepe ?4 rk 5< bj|s bealgzuegr’>
`' rme Besopltrlkg kc rme Ikprhjhe Tkka ajghujhe! lg peaejgr tjpr! tpklbeb
rmjr
^jYs kc rme Our)kcc Bjre! 4'4:%! 4'45% jgb 4'42% kc rme IkprhjheAkjgs lg Hpkut :! Hpkut 0 jgb rme Jhhpehjre Tkka xepe okgslbepeb ?4)5<bj|s bealgzuegr' Js kc rme Our)kcc Bjre! gk Ikprhjhe Akjg xjs 34 kpikpe bj|s bealgzuegr' Rme bealgzuego| srjrus kc j ikprhjhe akjg lsberepilgeb js kc rme bue bjre lg rme ckaakxlgh ikgrm lg jookpbjgoe xlrmrme KR_ iermkb! sk rmjr! ckp e}jitae! lc j `kppkxep cjlaeb rk ijne jikgrma| tj|iegr bue kg Gkei`ep : `| Gkei`ep ?4! rmjr ikprhjheakjg xkuab `e okgslbepeb aess rmjg ?4 bj|s bealgzuegr lg tj|iegr' Lc j`kppkxep cjlaeb rk ijne j ikgrma| tj|iegr bue kg Kork`ep : `|Gkei`ep ?4! rmjr ikprhjhe akjg xkuab rmeg `e okgslbepeb rk `e jr aejsr?4 `ur aess rmjg 34 bj|s bealgzuegr lg tj|iegr> jgb
o' Rme Bealgzuego| jgb Ckpeoaksupe Lgckpijrlkg ckp rme Ikprhjhe Akjgs
seorlkg xjs omjgheb cpki j petpesegrjrlkg rmjr! js kc rme our)kcc bjre! gk akjg mjb `eeg
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rmlpr| kp ikpe bj|s bealgzuegr buplgh rme tpeoeblgh rxeae ikgrms rk rme lgoauslkg kc -l,
j omjpr smkxlgh rmjr! js kc rme our)kcc bjre! 2 akjgs xlrm j tplgoltja `jajgoe kc
"84?!055'<2! jgb petpesegrlgh '42% kc rme akjg tkka! mjb `eeg ?4 ‟ 5< bealgzuegr lg rme
tpeoeblgh :0 ikgrms! jgb gk akjg mjb `eeg 34 kp ikpe bj|s bealgzuegr jgb -ll, j
petpesegrjrlkg rmjr! js kc rme our)kcc bjre! gk akjg mjb mjb ikpe rmjg kge lgsrjgoe kc
bealgzuego|'
8<' Rme tpktkseb bealgzuego| blsoaksupes ckp rme tpealilgjp| tpksteorus suttaeiegr
ckp rme XIO2 rpjgsjorlkg! besopl`eb sutpj lg tjpjhpjtm 8= kc rmls Okitajlgr! ksregsl`a| peajreb
rk rme gui`ep jgb tepoegrjhe kc ikprhjhe akjgs rmjr xepe rmlpr| kp ikpe bj|s bealgzuegr js kc
rme our)kcc bjre ckp rme rpjgsjorlkg! rme oakse kc `uslgess kg Beoei`ep :! 0443' Rme besopltrlkg
kc xmermep j akjg xkuab `e bealgzuegr ugbep rme KR_ iermkb jbbeb rk rme bpjcr tpealilgjp|
tpksteorus suttaeiegr besopl`eb sutpj lg tjpjhpjtm 8='`' kc rmls Okitajlgr! mkxeep! peajreb
kga| rk rme bealgzuego| srjrus kc j akjg kg Gkei`ep ?4' Rmjr besopltrlkg mjb gkr `eeg useb lg
kcceplgh bkouiegrs ckp tplkp PI@_ rpjgsjorlkgs' Lr xjs opejreb jgb jbbeb rk kcceplgh
bkouiegrs ckp rme XIO2 rpjgsjorlkg jcrep rme lgesriegr `jgnep pecepegoeb sutpj lg tjpjhpjtm
80 kc rmls Okitajlgr pjlseb rme bealgzuego| lssue'
=4' Jr kp j`kur :4643 t'i' kg Beoei`ep :2! 0443! j alrrae ikpe rmjg jg mkup jgb j
mjac jcrep okugsea ckp FT Ikphjg jgb FTIJO olpouajreb rme bpjcr tpealilgjp| tpksteorus
suttaeiegr ckp rme XIO2 rpjgsjorlkg besopl`eb sutpj lg tjpjhpjtm 8= kc rmls Okitajlgr!
okugsea olpouajreb jgkrmep bpjcr rk FT Ikphjg jgb FTIJO tepskggea jgb krmeps xmk xepe
xkpnlgh kg rme rpjgsjorlkg' Lg rmls bpjcr! rme Gkei`ep ?4 bjre rmjr mjb `eeg useb lg rme
besopltrlkg kc xmermep j ikprhjhe akjg xkuab `e bealgzuegr ugbep rme KR_ iermkb ser ckprm
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sutpj lg tjpjhpjtms 8='` jgb 8< kc rmls Okitajlgr xjs omjgheb rk Beoei`ep :' Rme bpjcr! lg
peaejgr tjpr! rmeg tpklbeb js ckaakxs6
Rme bealgzuego| srjrus kc j ikprhjhe akjg ls berepilgeb js kc rme bue bjre lg rme
ckaakxlgh ikgrm lg jookpbjgoe xlrm rme KR_ iermkb! sk rmjr! ckp e}jitae! lc j `kppkxepcjlaeb rk ijne j ikgrma| tj|iegr bue kg Gkei`ep : `| Gkei`ep ?4! Beoei`ep :!rmjr ikprhjhe akjg xkuab `e okgslbepeb aess rmjg ?4 bj|s bealgzuegr lg tj|iegr' Lc j`kppkxep cjlaeb rk ijne j ikgrma| tj|iegr bue kg Kork`ep : `| Gkei`ep ?4!Beoei`ep :! rmjr ikprhjhe akjg xkuab rmeg `e okgslbepeb rk `e jr aejsr ?4 `ur aess rmjg34 bj|s bealgzuegr lg tj|iegr'
Okgslsregr xlrm rme besopltrlkg kc rme KR_ iermkb ser ckprm sutpj lg tjpjhpjtm 84 kc rmls
Okitajlgr! jgb lgoaubeb lg rme clgja epslkgs kc rme tpealilgjp| tpksteorus suttaeiegr jgb rme
tpksteorus suttaeiegr ckp rme XIO2 rpjgsjorlkg! j ikprhjhe akjg xlrm j tj|iegr bue kg
Gkei`ep : xkuab `e rmlpr| bj|s bealgzuegr lc rmjr tj|iegr xjs gkr peoeleb `| rme oakse kc
`uslgess kg Beoei`ep :'
=:' Jr kp j`kur ::6?< t'i' kg Beoei`ep :2! 0443! j alrrae ikpe rmjg jg mkup jgb j
mjac jcrep okugsea ckp FT Ikphjg jgb FTIJO olpouajreb rme bpjcr tpealilgjp| tpksteorus
suttaeiegr ckp rme XIO2 rpjgsjorlkg besopl`eb sutpj lg tjpjhpjtm =4 kc rmls Okitajlgr!
okugsea olpouajreb jgkrmep bpjcr rk FT Ikphjg jgb FTIJO tepskggea jgb krmeps xkpnlgh kg rme
rpjgsjorlkg' Lg rmls bpjcr! rme Beoei`ep : bjre rmjr mjb `eeg useb lg rme besopltrlkg kc xmermep j
ikprhjhe akjg xkuab `e bealgzuegr ugbep rme KR_ iermkb ser ckprm sutpj lg tjpjhpjtm =4 kc rmls
Okitajlgr xjs omjgheb `jon rk Gkei`ep ?4' Rme bpjcr! lg peaejgr tjpr! rmeg tpklbeb js
ckaakxs6
Rme bealgzuego| srjrus kc j ikprhjhe akjg ls berepilgeb js kc rme bue bjre lg rme
ckaakxlgh ikgrm lg jookpbjgoe xlrm rme KR_ iermkb! sk rmjr! ckp e}jitae! lc j `kppkxepcjlaeb rk ijne j ikgrma| tj|iegr bue kg Gkei`ep : `| Beoei`ep :! Gkei`ep ?4!rmjr ikprhjhe akjg xkuab `e okgslbepeb aess rmjg ?4 bj|s bealgzuegr lg tj|iegr' Lc j`kppkxep cjlaeb rk ijne j ikgrma| tj|iegr bue kg Kork`ep : `| Beoei`ep :! Gkei`ep?4! rmjr ikprhjhe akjg xkuab rmeg `e okgslbepeb rk `e jr aejsr ?4 `ur aess rmjg 34 bj|sbealgzuegr lg tj|iegr'
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Rme Kcceplgh ckp rmeXIO2 Rpjgsjorlkg jgb rme Bealgzuego| Blsoaksupes rmjr FT Ikphjg
jgb FTIJO Ijbe lg rme Tpksteorus _uttaeiegr jgb Tpealilgjp| Tpksteorus _uttaeiegr
=0' Jcrep rme omjghe rk rme bealgzuego| blsoaksupe besopl`eb sutpj lg tjpjhpjtm =: kc
rmls Okitajlgr xjs ijbe! FT Ikphjg jgb FTIJO clgjalveb rme tpealilgjp| tpksteorus
suttaeiegr ckp rme XIO2 rpjgsjorlkg jgb! kg Beoei`ep :5! 0443! bealepeb lr rk rme
Okiilsslkg ckp clalgh' Rme tpealilgjp| tpksteorus suttaeiegr xjs beeieb claeb xlrm rme
Okiilsslkg kg Beoei`ep :=! 0443'
=?' Jcrep clalgh rme tpealilgjp| tpksteorus suttaeiegr ckp rme XIO2 rpjgsjorlkg
xlrm rme Okiilsslkg! FT Ikphjg jgb FTIJO tepskggea! js xeaa js rmelp okugsea! xkpneb rk
okitaere rme tpksteorus suttaeiegr ckp rme rpjgsjorlkg' Buplgh rme rlie xmeg rme| xepe
okitaerlgh rme tpksteorus suttaeiegr! FT Ikphjg tepskggea tpetjpeb! jgb segr rk krmep FT
Ikphjg tepskggea xkpnlgh kg rme rpjgsjorlkg! j bkouiegr ngkxg js j ‑clgja lssujgoe rjte'’ Rme
clgja lssujgoe rjte lgoaubeb j alsr kc ejom su`)tplie ikprhjhe akjg rmjr xjs tpklblgh okaajrepja
ckp rme rpjgsjorlkg jgb okauigs kc lgckpijrlkg kg ejom akjg' Jikgh rme lgckpijrlkg lgoaubeb lg
rme clgja lssujgoe rjte xjs rme ge}r tj|iegr bue bjre ckp ejom akjg' Js ser ckprm lg rme clgja
lssujgoe rjte! jttpk}lijrea| 8:8 akjgs! xlrm j tplgoltja `jajgoe kc jttpk}lijrea| ":5<'3
ilaalkg mjb j ge}r tj|iegr bue bjre kc Gkei`ep :! 0443'
=2' Lg rme tpksteorus suttaeiegr! jgb rme tpealilgjp| tpksteorus suttaeiegr! ckp rme
XIO2 rpjgsjorlkg! FT Ikphjg jgb FTIJO ijbe petpesegrjrlkgs xlrm pesteor rk akjgs rmjr xepe
bealgzuegr js kc rme our)kcc bjre ckp rme rpjgsjorlkg! rme oakse kc `uslgess kg Beoei`ep :! 0443!
js xeaa js akjgs rmjr mjb `eeg bealgzuegr buplgh rme rxeae ikgrms egbeb js kc rme our)kcc bjre'
FT Ikphjg jgb FTIJO petpesegreb rmjr! js kc rme our)kcc bjre! -j, `jseb kg rme jhhpehjre
tplgoltja `jajgoe! '42% kc rme ikprhjhe akjgs lg rme akjg tkka rmjr tpklbeb rme okaajrepja ckp rme
rpjgsjorlkg xepe ?4 ‟ 5< bj|s bealgzuegr> -`, gk akjg xjs 34 kp ikpe bj|s bealgzuegr> -o, 2
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akjgs! petpesegrlgh '42% kc rme akjgs `jseb kg rme jhhpehjre tplgoltja `jajgoe! mjb `eeg ?4 ‟ 5<
bj|s bealgzuegr lg rme tpeoeblgh rxeae ikgrms> jgb -b, gk akjg mjb mjb ikpe rmjg kge lgsrjgoe
kc bealgzuego| lg rmjr rxeae ikgrm teplkb' FT Ikphjg jgb FTIJO jask ijbe rme ckaakxlgh
petpesegrjrlkg xlrm pesteor rk rme srjrlsrloja lgckpijrlkg lgoaubeb lg rme tpksteorus suttaeiegr
jgb rme tpealilgjp| tpksteorus suttaeiegr6
Rme srjrlsrloja lgckpijrlkg kg rme ikprhjhe akjgs tpesegreb mepelg ls `jseb kg rmetplgoltja `jajgoe kc suom ikprhjhe akjgs js kc rme oakse kc `uslgess kg Beoei`ep :! 0443-peceppeb rk mepelg js rme ‑our)kcc bjre’,' _uom lgckpijrlkg bkes gkr rjne lgrk jookugrbecjuars! bealgzuegoles jgb tpetj|iegrs rmjr ij| mje koouppeb xlrm pesteor rk rmeikprhjhe akjgs slgoe suom bjre' Js j pesuar! rme srjrlsrloja blsrpl̀ urlkg kc rmeomjpjoreplsrlos lg rme clgja ikprhjhe hpkuts js kc rme oakslgh bjre xlaa jp| cpki rme
srjrlsrloja blsrpl`urlkg kc suom omjpjoreplsrlos js tpesegreb lg rmls tpksteorus suttaeiegr!jarmkuhm suom jpljgoe xlaa gkr `e ijreplja'
=5' Lg ijnlgh rme bealgzuego| blsoaksupes besopl`eb sutpj lg tjpjhpjtm =2 kc rmls
Okitajlgr! FT Ikphjg jgb FTIJO blb gkr lgoaube jg| kc rme akjgs rmjr mjb j Gkei`ep :!
0443! ge}r tj|iegr bue bjre'
=3' Kg Beoei`ep 04! 0443! FT Ikphjg jgb FTIJO claeb rme tpksteorus suttaeiegr
ckp rme XIO2 rpjgsjorlkg xlrm rme Okiilsslkg' Lg okggeorlkg xlrm rme clgjalvjrlkg kc rme
tpksteorus suttaeiegr ckp rme rpjgsjorlkg! okugsea ckp FT Ikphjg jgb FTIJO lssueb xmjr xjs
ngkxg js j ‑gehjrle jssupjgoe’ aerrep rk FT Ikphjg jgb FTIJO' Lg rmjr aerrep! okugsea srjreb
rmjr! ‑kg rme `jsls kc rme lgckpijrlkg hjlgeb lg rme okupse kc tepckpilgh rme seploes’ besopl`eb
lg rme aerrep! ‑gkrmlgh ojie rk kup jrregrlkg rmjr ojuseb us rk `ealee’ rmjr rme tpksteorus
suttaeiegr kp rme tpealilgjp| tpksteorus suttaeiegr ‑okgrjlgeb jg ugrpue srjreiegr kc j
ijreplja cjor kp kilrreb rk srjre j ijreplja cjor geoessjp| lg kpbep rk ijne rme srjreiegrs rmepelg!
lg alhmr kc rme olpouisrjgoes ugbep xmlom rme| xepe ijbe! gkr ilsaejblgh'’ Jr rme sjie rlie!
mkxeep! okugsea e}tpessa| blsoajlieb pestkgsl`lalr| ckp! jikgh krmep rmlghs! srjrlsrloja kp
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guieploja lgckpijrlkg lgoaubeb lg rme tpksteorus suttaeiegr kp rme tpealilgjp| tpksteorus
suttaeiegr'
=8' Rme tpksteorus suttaeiegr rmjr FT Ikphjg jgb FTIJO claeb kg Beoei`ep 04!
0443! xjs ckp rme kccep kc jttpk}lijrea| ":!=?2!558!444 kc seouplrles okaajrepjalveb `| <!3?8
su`)tplie ikprhjhe akjgs xlrm j rkrja tplgoltja `jajgoe kc jttpk}lijrea| ":!<::!<00!2??' Lg
jbblrlkg rk `elgh claeb xlrm rme Okiilsslkg! rme tpksteorus suttaeiegr xjs jrrjomeb rk j tpljre
tajoeiegr ieikpjgbui useb rk seaa kge rpjgome kc ":<!:04!444 kc seouplrles'
==' Lg okggeorlkg xlrm rme XIO2 rpjgsjorlkg! FT Ikphjg skab iksr kc rme rpjgomes
kc seouplrles rk lgesrkps jgb peoeleb jttpk}lijrea| ":'= `laalkg cpki rmkse sjaes' FT Ikphjg!
lg rupg! tjlb FTIJO! jgb FTIJO peoeleb! salhmra| aess rmjg rme jikugr rmjr FT Ikphjg mjb
peoeleb cpki rme sjaes rk lgesrkps' Cpki rme tpkoeebs rmjr lr peoeleb! FT Ikphjg jaakojreb
lrseac jg ugbepxplrlgh cee kc jttpk}lijrea| "0!8=4!5:3'
Jcrep rme Tpksteorus _uttaeiegr Xjs Claeb! FT Ikphjg jgb FTIJO Peoele Jbblrlkgja Bealgzuego| Lgckpijrlkg
=<' @| rme rlie xmeg rme XIO2 rpjgsjorlkg xjs okitaereb! su`slbljples kc FTI
Omjse! jgb rme Omjse seploeps! xepe jorlgh js seploep jgb su`)seploep kc rme ikprhjhe akjgs
lgoaubeb js okaajrepja ckp rme rpjgsjorlkg' _mkpra| jcrep okitaerlkg kc rme rpjgsjorlkg! lr xjs
berepilgeb rmjr rme okitjg| rmjr mjb `eeg seplolgh rme akjgs tupomjseb cpki XIO `eckpe rme
Omjse seploeps mjb ijbe jg eppkp peajreb rk rme egrp| jgb peokpblgh kc rme ge}r tj|iegr bue
bjres ckp oeprjlg kc rme akjgs' Rme Omjse seploeps skuhmr rk mje rme eppkp okppeoreb! jgb rme
tplkp seploep ijbe omjghes rk rme ge}r tj|iegr bue bjres' Jcrep rmese omjghes xepe ijbe! FT
Ikphjg jgb FTIJO peoeleb lgckpijrlkg smkxlgh rmjr! js kc rme our)kcc bjre ckp rme rpjgsjorlkg!
jttpk}lijrea| 3?0 akjgs mjb j ge}r tj|iegr bue bjre kc Gkei`ep :! 0443'
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<4' Ckaakxlgh rme omjghes rk rme ge}r tj|iegr bue bjres besopl`eb sutpj lg tjpjhpjtm
=< kc rmls Okitajlgr! FT Ikphjg jgb FTIJO berepilgeb rmjr tj|iegrs bue kg Gkei`ep :!
0443! ckp glge kc rme akjgs! xlrm j tplgoltja `jajgoe kc jttpk}lijrea| ":'5 ilaalkg! lgoaubeb js
okaajrepja ckp rme XIO2 rpjgsjorlkg mjb `eeg ijbe `| rme our)kcc bjre ckp rme rpjgsjorlkg'
Rmkse akjgs! rmepeckpe! xkuab gkr mje geebeb rk mje `eeg lgoaubeb lg rme ojaouajrlkg
berepilgjrlkg kc akjgs rmjr! js kc rme our)kcc bjre! xepe rmlpr| kp ikpe bj|s bealgzuegr'
Rme Bealgzuego| Blsoaksupes rmjr FT Ikphjg jgb FTIJO Ijbe lg rme Tpksteorus _uttaeiegr jgb Tpealilgjp| Tpksteorus _uttaeiegr
Xepe Ijrepljaa| Cjase jgb Ilsaejblgh <:' Ugbep rme KR_ iermkb kc berepilglgh rme bealgzuego| srjrus kc j ikprhjhe akjg!
js besopl`eb sutpj lg tjpjhpjtms 32 jgb 35 kc rmls Okitajlgr! rme akjgs lgoaubeb js okaajrepja ckp
rme XIO2 rpjgsjorlkg js rk xmlom tj|iegrs bue kg Gkei`ep :! 0443! mjb gkr `eeg ijbe `|
rme our)kcc bjre ckp rme rpjgsjorlkg smkuab mje `eeg rpejreb jgb blsoakseb js akjgs rmjr xepe ?4)
5< bj|s bealgzuegr' Pjrmep rmjg rme '42% kc akjgs lg rme jhhpehjre akjg tkka! petpesegrlgh 2
akjgs! rmjr FT Ikphjg jgb FTIJO blsoakseb! rmepe xepe jttpk}lijrea| 30? akjgs rmjr! js kc rme
our)kcc bjre! xepe ?4 ‟ 5< bj|s bealgzuegr' @jseb kg rmelp tplgoltja `jajgoe! rmkse 30? akjgs
petpesegreb jttpk}lijrea| 8':% kp ":?5'2 ilaalkg kc rme akjgs lgoaubeb js okaajrepja ckp rme
XIO2 rpjgsjorlkg' Rme akjgs petpesegrlgh rme '42% rmjr xepe blsoakseb js `elgh ?4 ‟ 5< bj|s
bealgzuegr mjb jg Kork`ep :! 0443! ge}r tj|iegr bue bjre jgb! rmepeckpe! smkuab mje `eeg
rpejreb! jgb blsoakseb! js 34 ‟ =< bj|s bealgzuegr js kc rme our)kcc bjre'
<0' Rme blsoaksupe okgoepglgh mlsrkploja bealgzuegoles besopl`eb sutpj lg tjpjhpjtm
=2 kc rmls Okitajlgr xjs ijrepljaa| lgjooupjre `eojuse ikpe rmjg 304 akjgs mjb e}teplegoeb
lgsrjgoes kc bealgzuego| kc ?4 kp ikpe bj|s lg rme rxeae ikgrms egbeb js kc rme our)kcc bjre'
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<?' Lgckpijrlkg j`kur rme e}regr rk xmlom rme su`)tplie ikprhjhe akjgs rmjr tpklbeb
okaajrepja ckp rme XIO2 rpjgsjorlkg lgoaubeb akjgs rmjr xepe kp mjb `eeg bealgzuegr xjs
litkprjgr rk tkregrlja lgesrkps'
Aksses kg rme XIO2 Rpjgsjorlkg
<2' Lgesrkps lg rme XIO2 rpjgsjorlkg mje succepeb slhglclojgr aksses' Xlrm pesteor
rk rme ikpe rmjg 304 akjgs rmjr mjb lgsrjgoes kc bealgzuego| kc rmlpr| kp ikpe bj|s! besopl`eb
sutpj! lg tjpjhpjtms <: jgb <0 kc rmls Okitajlgr! oeprjlg kc rme akjgs xepe petupomjseb cpki F'T'
Ikphjg Ikprhjhe Jozulslrlkg Rpusr 0443)XIO2! rme rpusr esrj`alsmeb lg okggeorlkg xlrm rme
XIO2 rpjgsjorlkg' Akjgs rmjr xepe gkr petupomjseb mje joruja jgb tpkfeoreb aksses! `jseb kg
`jgnputroles jgb ckpeoaksupes! rkrjalgh jr aejsr "?8 ilaalkg' Js j pesuar kc rme sjae kc bealgzuegr
akjgs rk F'T' Ikphjg Ikprhjhe Jozulslrlkg Rpusr 0443)XIO2! lgesrkps mje succepeb rmkse
aksses'
OAJLI CKP PEALEC
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mepelg `| pecepegoe'
<3' Becegbjgrs FT Ikphjg! EIO! @_J@_! _JIL! _JOK! jgb FTIJO! blpeora| kp
lgblpeora|! `| rme use kc rme iejgs kp lgsrpuiegrs kc rpjgstkprjrlkg kp okiiuglojrlkg lg
lgrepsrjre okiiepoe! kp `| use kc rme ijlas! lg rme kccep kp sjae kc seouplrles! k`rjlgeb ikge| kp
tpktepr| `| iejgs kc ugrpue srjreiegrs kc ijreplja cjor kp kilsslkgs rk srjre ijreplja cjors
geoessjp| rk ijne rme srjreiegrs ijbe! lg alhmr kc rme olpouisrjgoes ugbep xmlom rme| xepe
ijbe! gkr ilsaejblgh jgb eghjheb lg j rpjgsjorlkg! tpjorloe! kp okupse kc `uslgess xmlom
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ktepjreb kp xkuab ktepjre js j cpjub kp beoelr utkg tupomjseps' J lkajrlkg kc seorlkgs :8-j,-0,
kp -?, kc rme _eouplrles Jor ij| `e esrj`alsmeb `| j smkxlgh kc gehalhegoe'
<8' @| pejskgs kc rme ckpehklgh! Becegbjgrs FT Ikphjg! EIO! @_J@_! _JIL!
_JOK! jgb FTIJO ejom lkajreb seorlkg :8-j,-0,! -?, kc rme _eouplrles Jor'
TPJ\EP CKP PEALEC
XMEPECKPE! rme Okiilsslkg pesteorcuaa| pezuesrs rmjr rmls Okupr egrep j clgja
fubhiegr
J' tepijgegra| egfklglgh ejom kc Becegbjgrs FT Ikphjg! EIO! @_J@_! _JIL!
_JOK! jgb FTIJO cpki lkajrlgh seorlkg :8-j,-0,! -?, kc rme _eouplrles Jor ^:5 U'_'O'
¨88z-j,-0,! -?,Y>
@' kpbeplgh Becegbjgrs FT Ikphjg! EIO! @_J@_! _JIL! jgb _JOK! fklgra| jgb
seepjaa|! rk tj| blshkpheiegr kc laa)hkrreg hjlgs cpki rme `uan serraeiegr tpjorloes! taus tpe)
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7/30/2019 UNITED STATES SECURITIES AND EXCHANGE COMMISSION(SEC) v. J.P. MORGAN SECURITIES LLC
http://slidepdf.com/reader/full/united-states-securities-and-exchange-commissionsec-v-jp-morgan-securities 38/38
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