Y3I>EK11ctoh pecnYI>U11kac11 ou11 ba ypta

MO!lUR 6O3OpU MOoe!lU eG mGpmU6!lGiumUpUiu mU3UMU 6U!lGT- 6O2!lU� 6Gb3U MY)fUM MGCG!lG!lGp
Y36eKHcTOH MOJlH51 6O3OpHHH TapTH6Jl THpHw TH3HMH 9.3 naparpacp)l, KeJlTHpHJlraH 6HpHHYH TypKyM MO)l, Jl KHpa)l,H. YHHHr x, cycH51 wyH)l, KH, yH)l, x,O3HpYa Ha 6aHKJlapHHHr, Ha MOJlH51 HHcTHTyTJl pHHHHr (HHBecTHu,H51 HHcTHTyTJl pH, cyFypTa TawKHJlOTJl , cpOH)l,Jlap), Ha HHcTHTyu, HaJl HHBecTOpJl r, Ha Mai1)l,a YaKaHa HHBecTOpJl pHHHr aJlOx,H)l, ycTyHJl Ky3aTHJlMai1)l,H. AJlOx,H)l,a cerMeHTJl a (nyJl, BaJloTaJl , KOpnOpaTHB Ba )l,aBJlaT l\ MaTJlH l\OFO3Jl , cyFypTa HHcTpyMeHTJl H, Kpe)l,HT Ba 6aHKJlapHHHr 6Owl\ HHcTpyMeHTJl pH 6O3OpJl ra) 3ra 6yJl , yJl x,O3Hp)l, 6Hp 6HpH
6HJlaH TyJlHl\ 6OFJlHl\ 3Mac Ba x,ap 6HpH TypJl BaKOJlaTJl )l, BJl OpraHJl TOMOHH)l,aH aJlOx,H)l,a TapTH6JlawTHpHJla)l,H (MyBOcpHl\JlawTHpHJla)l,H Ba Ha3OpaT l\HJl )l, ).
MOJlH51 6O3OpHHH TapTH6Jl THpHw MO)l,eJl aHrJl caKcOH Ba KOHTHHeHTaJl MO)l,eJlJl 3JleMeHTJl pHH y3 HYHra OJla)l, .
MOJlH51 6O3OpH)l, aKu,H51)l,OpJl KOMnaHH51Jl pH KOpnOpaTHB 6Owl\ pyB TH3HMH aHrJlO caKcOH (“HHBecTOpJl ”) MO)l,eJlH)l,aH cp pl\Jl KOHTHHeHTaJl (repMaHH51)l,arHra yx,waw “HHcai1)l, pJl ” eKH “HKKH nOFOHaJl ”) MO)l,eJl acOcJl Jl (3.4 naparpacp l\apaJl H) Ba HYKH HO)l, Jl HHBecTHu,H51Jlap x,a MHHH KaMJl , XycycHi1Jl MeXaHH3MH KaM caMapaJl 6yJl Ba peryJl51TOpJl HHHr Kyn cOHJl JlHrH, 6aHKJl , cyFypTa TawKHJl TJl H Ba 6o)l, eT)l, Tawl\ cpOH)l,Jl HHr eTapJl HHBecTHu,HOH caMapa 6HJl HwJl aeTraHH ca6a6Jl , 6apYa yTHw Hl\ cO)l, ra MaHcy6 MaMJlaKaTJl cHHrapH MabJl M )l,apa a)l,a MyaMMOJl KeJl YHl\ l\)l, :

1. 
   MHHOpHTap aKu,H51)l,OpJl yJlywJl KaMai1 x,HcO6Hra i1HpHK aKu,H51)l,OpJl nai1)l,O 6yJl wH, HaTH a)l, HHBecTHu,H51Jlap cHcp )l, MOJlH51 Hi1 pecypcJl aJl6 l\HJl HHwH cycai1 wH Ky3aTHJl Ol\)l, . 4yHKH i1 pHK HHBecTOpJl KOpnOpaTHB MaHcpaaTJl HJl KOMnaHH51Jlap)l, ycTyBOp MaBl\ 3raJlJl , Tawl\ nOpTcpeJl HHBecTHu,H51Jlap Ol\ Tycl\HHJl K l\HJla)l, Jl , 6y 3ca 51 H 3MHccH51Jlapra (ai1 Hl\ IPO MeXaHH3MHHH OpHi1 l\HJlHHHwHHH) i1yJl 6epMai1)l,H, Jl HHr )l, pa acH)l,aH y3Ol\Jl )l, , l\ TJl l\ FO3Jl HHr OYHl\ 6HpJl H Ba )l, BOMHi1 y3JlyKcH3 HKKHJl H 6O3OpH pHBO Hra caJl Hi1 TabcHp KypcaTa)l,H. yH)l, ai1 OH3KH, KynYHJl HYKH cTpaTerHK HHBecTOpJl aKu,H51Jl pHHH i1 naKeTJlapH )l, HpacH)l, KOMnaHH51JlapHra y3Ol\ My)l,)l, TJl l\ wHMYa HHBecTHu,H51Jl pHH i1yHaJlTHpHwHH Kyn)l, H x,Ox,Jl Mai1)l,HJl , 6aJl H HJl H 6OpHYa KOMnaHH51 Hr HYKH pe3epBJl pH x,HcO6Hra y3Jl HHHHr capcpJl H KanHTaJlJl H l\ i1 ra l\H3Hl\a)l,HJl , 6y 3ca KOMnaHH51 r KanHTaJlH3au,H51 )l, pa acHHH KecKHH nacai1 H6, MO)l, u,H51Jl wTHpHw Ba HHBecTHu,H51Jl pra Myx,TO Jl HH KecKHH OwHpa)l,H. Tawl\ i1 pHK cTpaTerHK HHBecTOpJl 3ca y3JlapHra TO6e 6yJl aH KOMnaHH51HH y3Ol\ My)l,)l, TJl cTpaTerHK pe a Ba MaHcp Jl HJl HKKHJl YH 6O3Opra YHl\ wra MOi1 Jl 6yJlMai1)l,HJl .
   
2. 
   aHK TH3HMH MO)l,eJl aHrJlO caKcOH MO)l,eJlH)l, cpapl\Jl KynpOl\ repMaHH51)l, a yx,
   

MO)l, Jl acOcJl raHJl H 6aHKJlapHH MOJlH51 6O3Op Jl H)l, TyJlHl\ l\OHJl HHBecTHu, OH Ba Kpe)l,HT Onepau,H51Jl pHHHr Tawa66ycKOpH Ba KaTaJlH3aTOpH cHcpaTH)l,a cp OJlJl l\HJlHwHra Tycl\HHJlHK l\HJlMOl\)l,a.
aHKJl yYyH aKu,H51Jl p 6O3OpH ol\OpH pHcKJl 6yJl Ba KOMnaHH51Jl pHHHr KOpnOpaTHB 6Owl\ yBH)l, HwTHpOK 3THwra MOi1HJl 6yJl raHJl Jl H (Ha3OpaT naKeTH 6yJl HJl rH Ba yJlapHHHr acOcHi1 cp OJlH51 Jl H )l,OHpacH)l, H Tawl\ H 6yJlraHJl H) yYyH nOpTcpeJl HHBecTHu,H51Jl pra KaM MOi1HJl 6yJla)l,HJl . yH)l, Tawl\ 6aHKJl HHr pecypcJl , KanHTaJl 3au,H51 )l, Ba Map acH HHc6aTaH KaMJl rH ce3HJlMOl\)l, .

3. 
   CyFypTa TH3HMH x,aJl 51x,wH pHBO Jl raHJl Ba HHBecTHu, OH pecypcJlapH KaMJl , x,aM)l,a cpOH)l, 6O3OpH)l, TyFpH)l, H TyFpH nOpTcp Jl HHBecTHu,H51Jl p 6HJlaH wyFyJlJlaHMaraHJl ca6aJl , yJl Ha KOpnOpaTHB 6Owl\ B TH3HMH)l, , Ha 6HpJl H Ba HKKHJl H 6O3OpJlap)l,a cp OJlJl ce3HJlMa51nTH.
   
4. 
   o)l, eT)l, Tawl\ cpOH)l,Jl cpal\ )l,aBJl l\ MaTJl l\OFO3Jl Hra HHBecTHu,H51Jlap l\HJl 6HJl H YeKJlaHraHJl p, aKu,H51Jlap 6O3OpH yJl p yYyH y)l,a pHcKJl .
   
5. 
   VI THu,H51 HHcTHTyTJl pH, ai1HHl\ca HHBecTHu,H51 cpOH)l,JlapH Ba KOMnaHH51Jl pHHHr HHBecTHu,HOH pecypcJl x,a MH Ba MeHe MeHTH cHcp y)l, nacT, yJl acOcaH XycycHi1Jl THpHw MeXaHH3MH OMHJl TabcHpH OcTH)l, l\OJlraHJlap.
   
6. 
   HHc6aTaH Kyn Bal\T )l, BOMH)l, XycycHi1JlawTHpHJlraH KOMnaHH51Jl )l, )l, BJl r Hx,THepH)l, aKu,H51Jl pHHHr i1 naKeTJlapH TypH6 l\OJlraHJlHrH Ba yJlap)l, KOpnOpaTHB 6Owl\ pyB Ba MeHe MeHT (MOJlH51BHi1, a)l, HHcTpaTHB Ba cTpaTerHK) TH3HMH caMapacH3 l\OJl aHJl H (yH)l, acOcaH )l,aBJl Hr HwOHYJl BaKHJlJl pH cHcpaTH)l,a )l, BJl OpraHJl pH x,H3MaTYHJl H Ba HwOHYJlH 6Owl\ pyBYH
   

KOMnaHH51Jl )l,aBJl HOMH)l, l\ raHJl caMapacH3 6yJl aHJl H), HaTH a)l, pecTpyKTypH3au,H51 caMapacH3 aMaJl OwHpHJl , MO)l, 3au,H51 l\HJlHHMai1 MOJlH51BHi1 ax,BOJlH 6OpraH capH eMOHJl 6OpraHJl H ca6aJl , )l,aBJl pecypcJl HHHr Kyn l\ H cTpaTerHK Ba cneKyJl51 HB nOpTcpeJl HHBecTOpJl a cOTHJl l\Hi1HH 6yJl KeJl l\)l, , cOTHJl x,aM i1 pHK HHBecTOpJl a KeTMOl\)l, , HaTH a)l, caJl6Hi1 x,OJlaTJlap o3ara KeJl l\)l, . yH)l, 6aHKJl Ba 6Owl\ MOJlH51 HHcTHTyTJl HHHHr HHBecTHu, OH cp OJlJl H ce3HJlMai1 KeJl Ol\)l, , XycycHi1Jl OpraHH 3ca x,O3Hp)l, Kyn MaMJlaKaTJlap)l, caMapa 6epaeTraH IPO MeXaHH3MHHH l\yJlJl acOcH)l, )l,aBJl pecypcJl HH caMapaJlH
Oi1Jl wTHpHwHH OpHi1 l\HJlMa51nTHJl p.

7. 
   XycycHi1 MyJl YHJlHK TH3HMH Ba yHra Ta51 H 6H3Hec 51XwH pHBOJl i1 cycTJl a l\OJlMOl\)l,a.
   

yH)l,a 3pHaH)l,O )l, COTO x,yJl Ba TabKH)l,Jl pH y3 Tac)l,HFHHH TOnMOl\)l,a⁶⁶.

8. 
   KOMnaHH51Jl HHr 6a3aBHi1 l\ Jl l\OFO3Jl aJl6)l, Ba TOBap 6O3OpH)l, pal\O6aT6ap)l, w 6yJl HJl , )l, BOMHi1 y3JlyKcH3 6apl\apOp HKKHJl H (cneKyJl51 ) 6O3Op i1yl\Jl rH ca6a6JlH, 6a3HcJl
   

l\ TJl l\OFO3Jl ()l, pHBaTHBJl p) 6O3OpH waKJlJl HHwHra i1yJl 6epMa51nTH.

9. 
   aHKJl Ba TypJl KOMnaHH51Jl p)l,a 3MHccHOH, )l, H)l, H)l, Ba HHBecTHu, OH cHecaTJl pH MeHe MeHTHHHHr yi1 yHJl K)l, OnTHMaJl 6aJl ra 3pHwHw MacaJlacHra ax,aMH51 6epHJlMac)l, KeJl MOl\)l, , HaTH a)l, yJl HYKH Ba Tawl\ pecypcJl H caMapaJlH aJl l\ Jl OJl a51nTHJl .
   
10. 
    aBJl peryJl51 HHcTHTyTJl pHHHHr Kyn cOHJl rH Ba TapTH6Jl THpHw MeXaHH3MJl pH 6Hp 6HpJl H 6HJlaH 6Hp MyHYa HOMyTaHOcH6Jl )l, 6yJlraHJl (yJl HH yi1 yHJlHK)l, 6HpJl )l, H 6Hp 6yTyH 51 yMyMMHJlJlHi1 MaKpOperyJl51 i1yl\Jl ) ca6aJl , MOJlH51 6O3OpH yMyMaH OJl aH)l,a Hl\ O)l,HeT)l,arH y3 cp HKu,H51cHHH TyJlHl\ Ba caMapaJl 6apHwH l\Hi1HH KeYMOl\)l, , 6yH)l, 3ca 6O3Op l\ YHJl H y3 Ba3HcpaJl H 6a apHwra TyJlHl\ l\ )l, 6yJl araHHYa l\OJl l\)l,aJl .
    
11. 
    aBJlaT l\ Jl l\ 3Jl H TypJl Ba x, MH HHc6aTaH KaMJl rH, yJl 6HJl 6OFJlHl\ Onepau,H51Jl pHHHr cycTJlHrH, MapKa3Hi1 6aHKHHHr OYHl\ MOJlH51 6O3OpJlapH)l,arH Onepau,H51Jl pH ce3HJl Jl 3MacJl MOJlH51 6O3OpHHH pHBO Jl wHra Tycl\HHJlHK l\HJlMOl\)l, . yH)l, H Tawl\apH Max,aJlJlHi1 x,OKHMH51TJl TOMOHH)l,aH MyHHu,HnaJl O6Jl au,H51Jlap YHl\apHJlMacJl l\ wHMYa HHBecTHu, OH pecypcJl MaH6acH)l, cp i1)l,aJl MacJlHKKa OJl KeJl l\)l, .
    
12. 
    VInOTeKa Ba JlH3HHr 6O3OpJl eTapJlHYa waKJlJl araH. X, 3raYa 3KcnOpT Jl Ba HnOTeKaBHi1 l\ MaTJlH l\OFO3Jl H, BeKceJlJlap Ba MaB y)l,JlapH)l, 6Owl\ Typ)l, l\ MaTJl l\OFO3Jl
    

l\ Jl i1yl\. AKTHBJl p ceKbopHTH3au,H51 MaB y)l, 3Mac. MOJlH51 HH eHepH51 H Ba yHHHr HHHOBau, Max,cyJlOTJlapH TapKH6 TOnMaraH Ba x,.K.

13. 
    MaMJl )l, 6Hp aJl Ba 6Hp a)l, Tawl\ 3Jl H caB)l, TH3HMJl Hr HHc6aTaH KynJl O6OpOT x,a MJl pH KaMJl rH, yJl HHHr 6apYacHHH TH OpaT TawKHJlOTJl 3KaHJl H, MOc paBHw)l,a x,HcO6 opHTHw, caB)l,O Ba x,HcO6 KHTO6Jlap yTKa3Hw 6yi1 a TerHwJl HHcTHTyTJl p x,H3MaTH)l, cpOi1)l, Jl BYH l\ THawYHJlapHHHr TpaHcaKu, OH x,apa aTJl pH MHl\)l,OpH KynJlHrH, Ba y3HHH y3H MyBOcpHl\Jl THpHw MeXaHH3MHra acOcJl araHJl H MOJlH51 6O3OpHHH Mai1)l,aJl wHra Ba caMapa)l, pJl rHHH nacai1HwHra OJl 6 KeJl l\)l, . YMyMaH OJl aH)l, , x,HcO6 opHTHw, caB)l, Ba x,HcO6- KHTO6Jl yTKa3Hw TH3HMH MyKaMMaJl 3Mac.
    

15. aBJl KOMnaHH51Jl HHHr KOpnOpaTHB 6Owl\ BH cHecaTH)l,a HKKH TOMOHJl Ma HwTHpOK 3TMOl\)l, :

1. 
   3apypaTra l\ KOpnOpaTHB cHecaTHHHr x,yl\yl\Hi1 6a3acHHH 51 Ba TaKOMHJlJl pHw x,aM)l,a l\ H x, aTJl pH HOpMaJl pHra pHO51 l\HJl wHH Ha3OpaT l\HJlHw i1yJl 6HJlaH l\ THawMOl\)l,a.
   

y i1yJl KOpnOpaTHB cHecaT MO)l,eJl waKJlJl THpHw)l,a KynHHYa HHBecTOpJl yYyH l\ T 6yJl
)l, BJl aMaJlHi1 cnepHMeHTaJl 3BOJlou, OHH3MHHH KeJl YHl\ pa)l,H;

⁶⁶ 3pHaH)l, )l,e COTO. CeKpeT KanHTaJl . nOYeMy KanHTaJl M TOp ecTByeT Ha 3ana)l, H TepnHT nOpa eHHe BO BceM OcTaJlbHOM MHpe./nep. c aHrJl.-M.: 0Jl Mn H3Hec, 2001.-272 c.

2. 
   YcTaB cpOH)l,H)l, aBJlaT aKu, 51Jl yJlywHra 3ra 6yJl aH aKu, 51)l,OpJl K aMH51 Jl Hr KOpnOpaTHB cHecaTH)l, yw6y aMH51TJlapHH 6Owl\apHw OpraHJlapH)l, y3 BaKHJlJl Opl\aJl TyFpH)l, - TyFpH HwTHpOK 3THw. yH)l, yYTa BapHaHT l\ JlJlaHHJl Ol\)l, : )l, BJl x,H3MaTYHJl H HYH)l,aH BaKHJlJl HH cai1Jl (Tai1HHJlaw), HwOHYJlH 6Owl\ pyBYHra TOnwHpHw, )l, BJl XOJl)l, rJl Opl\aJl 6Owl\ pHw (VI JlH51 a MO)l,eJl ). y x,OJl KOMnaHH51 )l, BJl cHecaTHra TyJlHl\ 6OFJlHl\ l\HJlH6 l\ 51)l,H, KOMnaHH51 Hr KOpnOpaTHB cHecaTH)l, HwTHpOK 3TyBYH XycycHi1 ceKTOp)l, 6yJl aH MaHcpaaT)l, p waXcJl (HHBecTOpJl , wepHKJl Ba Kpe)l,HTOpJl ) HKKHHYH )l,apa aJlHJlap l\ pHra yTa)l,HJl Ba yJl pHHHr HHBecTHu, OH cpaOJlJlHrH cyca51)l,H.
   

15. IOl\ H)l,arHJl Ba 6Owl\ ca6aJl r 6apYacH MaMJlaKaT)l, KOJlJl B HHBecTOpJlap HHcTHTyTJl pHHH HHBecTHu, OH apaeH)l,a ce3HJl Jl 3MacJl , aKcHHYa i1 )l, 51pJl caMapacH3 6yJl HHBecTOpJl HHr caJlMOFHHH KecKHH OwH6 KeTHwHra OJl KeJl Ol\)l, .
)l{ax, H aMaJlHeTHra 6HHOaH (3.3, 3.4, 9.1-9.6 nparpacpJl ra l\apaJl H) caHa6 yTHJl aH MyaMMOJl Hr 10-6aH)l,H)l,a KeJlTHpHJlraHH MOJlH51 6O3OpH pHBO Jl Hra (3.4 naparpacp)l, ai1 HJl aHJl HH x, 6ra OJlHHca) ai1HHl\ KaTTa TabcHp KypcaTa)l, .
MOJlH51 6O3OpH l\ THawYHJlapHHHHr cp OJlJl cycT, MyOMaJl )l, rH MOJlH51BHi1 HHcTpyMeHTJl pHHHHr TypH KaM, pHcKJlHJl rH Ba BOJlaTHJlJlHK )l, pa acH 6aJlaH)l,, KanHTaJlH3au, 51 Ba Jl BH)l,JlHJl H nacT, x,a MH KaM, O6OpOTH ceKHH, TapTH6JlawTHpHw MeXaHH3MH TaKOMHJl 3Mac Ba x,.K.
yJl HHr 6apYacH Bal\ HHYaJl x,OJl 6yJl , KeJl aK)l, 6Owl\ pHBO JlaHaeTraH MaMJlaKaTJl HHHr MOJlH51 6O3OpJl pH cHHrapH pal\O6aT6ap)l,OwJl )l,apa acHra 3pHwHwH Myl\appap.
Ai1 MyMKHHKH, ypTa Ba y3Ol\ My)l,)l,aT)l, Y36eKHcTOH MOJlH51 6O3OpHHHHr OMHJlJl pHHHr H O6Hi1 TabcHpH wapOHTH)l,a KecKHH pHBO Jl wHHH 6awOpaT l\HJlca 6yJla)l,H. yHHHr yYyH yH)l, 6apYa HMKOHH51TJl MaB y)l,.