&+$3,75(,9
'(/
87,/,6$7,21'(602<(16
'(&5<37$*(
$UW 1
HVW VRXPLVH j DXFXQH SURFpGXUH SUpDODEOH
O
XWLOLVDWLRQ GHV PR\HQV GH FU\SWDJH GH OD SUHPLqUH
FDWpJRULH KRPRORJXpV FRQIRUPpPHQW DX[ GLVSRVLWLRQV GX
SUpVHQW GpFUHW RX GHV PR\HQV GH FU\SWDJH GH OD GHX[LqPH
FDWpJRULH TXL XWLOLVHQW OHV pOpPHQWV SHUVRQQHOV GH OD
VLJQDWXUH pOHFWURQLTXH GpSRVpV FKH] OH IRXUQLVVHXU GH
VHUYLFHVGHFHUWLILFDWLRQpOHFWURQLTXHDXWRULVpHWTXLIRXUQLW
OHVVHUYLFHVGHFU\SWDJH
/
XWLOLVDWLRQ GH WRXW DXWUH PR\HQ GH FU\SWDJH GH OD
GHX[LqPH FDWpJRULH j WUDYHUV OHV UpVHDX[ GHV
WpOpFRPPXQLFDWLRQV HVW LQWHUGLWH WDQW TX
XQH FRSLH GHV
pOpPHQWV GH GpFU\SWDJH GH FH PR\HQ Q
D SDV pWp GpSRVpH
DXSUqV GH O
DJHQFH QDWLRQDOH GH FHUWLILFDWLRQ pOHFWURQLTXH
FRQWUHUHoXGHGpS{W
$UW ± ,O HVW LQWHUGLW G
XWLOLVHU WRXV OHV PR\HQV GH
FU\SWDJH j WUDYHUV OHV VWDWLRQV UDGLRpOHFWULTXHV GH ORLVLU RX
OHV pTXLSHPHQWV UDGLRpOHFWULTXHV TXL IRQFWLRQQHQW VXU OHV
FDQDX[GHVHFRXUVHWGHODQDYLJDWLRQPDULWLPH
&+$3,75(9
'(/$&200,66,21'(&5<37$*(
$UW (VW FUppH DXSUqV GX PLQLVWUH GH OD GpIHQVH
QDWLRQDOHXQHFRPPLVVLRQFRQVXOWDWLYHFKDUJpHQRWDPPHQW
GHGRQQHUVRQDYLVVXU
OHV GHPDQGHV G
DXWRULVDWLRQ UHODWLYHV j O
H[HUFLFH GHV
DFWLYLWpVGHFU\SWDJH
OHV SURMHWV GH WH[WHV UpJOHPHQWDLUHV FRQFHUQDQW OH
GRPDLQHGHFU\SWDJH
OHV QRUPHV WHFKQLTXHV DGRSWpHV GDQV OH GRPDLQH GX
FU\SWDJH GHV pFKDQJHV j WUDYHUV OHV UpVHDX[ GHV
WpOpFRPPXQLFDWLRQV
WRXWH TXHVWLRQ UHODWLYH DX GpYHORSSHPHQW GHVPR\HQV
RX VHUYLFHV GH FU\SWDJH VRXPLVH j OD FRPPLVVLRQ SDU OH
PLQLVWUH GH OD GpIHQVH QDWLRQDOH RX OH PLQLVWUH GHV
WHFKQRORJLHVGHODFRPPXQLFDWLRQ
$UW/DFRPPLVVLRQGHFU\SWDJHHVWSUpVLGpHSDUOH
PLQLVWUH GH OD GpIHQVH QDWLRQDOH RX VRQ UHSUpVHQWDQW (OOH
HVWFRPSRVpHGHVPHPEUHVVXLYDQWV
XQUHSUpVHQWDQWGX3UHPLHUPLQLVWqUH
XQUHSUpVHQWDQWGXPLQLVWqUHGHVDIIDLUHVpWUDQJqUHV
XQUHSUpVHQWDQWGXPLQLVWqUHGHODGpIHQVHQDWLRQDOH
XQUHSUpVHQWDQWGXPLQLVWqUHGHO
LQWpULHXU
XQ UHSUpVHQWDQW GX PLQLVWqUH GHV WHFKQRORJLHV GH OD
FRPPXQLFDWLRQ
XQUHSUpVHQWDQWGXPLQLVWqUHGXFRPPHUFH
XQ UHSUpVHQWDQW GH O
DJHQFH QDWLRQDOH GH FHUWLILFDWLRQ
pOHFWURQLTXH
XQUHSUpVHQWDQWGXFHQWUHG
pWXGHVHWGHUHFKHUFKHVGHV
WpOpFRPPXQLFDWLRQV
/HVPHPEUHVGHODFRPPLVVLRQVRQWQRPPpVSDUDUUrWp
GX PLQLVWUH GH OD GpIHQVH QDWLRQDOH VXU SURSRVLWLRQ GHV
PLQLVWqUHVHWHQWUHSULVHVFRQFHUQpV
/H SUpVLGHQW GH OD FRPPLVVLRQ SHXW LQYLWHU j WLWUH
FRQVXOWDWLI WRXWH SHUVRQQH GRQW OD FRQWULEXWLRQ HVW MXJpH
XWLOH
3DJH
/D FRPPLVVLRQ VH UpXQLW VXU FRQYRFDWLRQ GH VRQ
SUpVLGHQW VXU OD EDVH G
XQ RUGUH GH MRXU FRPPXQLTXp DX[
PHPEUHV XQH VHPDLQH DYDQW OD UpXQLRQ GH OD FRPPLVVLRQ
/D FRPPLVVLRQ QH SHXW VH UpXQLU TX
HQ SUpVHQFH GH OD
PDMRULWp GH VHV PHPEUHV DX FDV R OH TXRUXP Q
HVW SDV
DWWHLQW OD FRPPLVVLRQ WLHQGUD DSUqV GL[ MRXUV XQH
GHX[LqPH UpXQLRQ TXHOTXH VRLW OH QRPEUH GHV PHPEUHV
SUpVHQWV 'DQV WRXV OHV FDV OD FRPPLVVLRQ SUHQG VHV
GpFLVLRQV j OD PDMRULWp GHV YRL[ GHV PHPEUHV SUpVHQWV HQ
FDVG
pJDOLWpGHVYRL[FHOOHGXSUpVLGHQWHVWSUpSRQGpUDQWH
/HV WUDYDX[ GH OD FRPPLVVLRQ VRQW FRQVLJQpV GDQV GHV
SURFqVYHUEDX[ FRPPXQLTXpV j VHV PHPEUHV GDQV OHV GL[
MRXUVVXLYDQWODGDWHGHODUpXQLRQGHODFRPPLVVLRQ
/H SUpVLGHQW GH OD FRPPLVVLRQ SHXW VH IDLUH DLGHU SDU
GHV FRPPLVVLRQV WHFKQLTXHV FUppHV HQ O
REMHW FKDUJpHV GX
VXLYL GX GpYHORSSHPHQW GHV PR\HQV HW GHV VHUYLFHV GH
FU\SWDJH j O
pFKHOOH QDWLRQDOH HW LQWHUQDWLRQDOH HW GH OD
SURSRVLWLRQGHWRXWFHTXLHVWGHQDWXUHjOHVSURPRXYRLUHW
OHVGpYHORSSHU
&+$3,75(9,
'(66$1&7,216$'0,1,675$7,9(6
$UW1RQREVWDQWOHVVDQFWLRQVSpQDOHVSUpYXHVSDU
OH FRGH GHV WpOpFRPPXQLFDWLRQV OH PLQLVWUH GH OD GpIHQVH
QDWLRQDOH SHXW DSUqV DYLV GH OD FRPPLVVLRQ GH FU\SWDJH
LQIOLJHU DX[ FRQWUHYHQDQWV OHV VDQFWLRQV DGPLQLVWUDWLYHV
VXLYDQWHVDSUqVDXGLWLRQGXFRQWUHYHQDQWFRQFHUQp
OHUHWUDLWSURYLVRLUHGHO
DXWRULVDWLRQSRXUXQHSpULRGH
QHGpSDVVDQWSDVPRLV
OHUHWUDLWGpILQLWLI
$UW (Q FDV GH PDQTXHPHQW IODJUDQW DX[
GLVSRVLWLRQV GX SUpVHQW GpFUHW OH PLQLVWUH GH OD GpIHQVH
QDWLRQDOH SHXW SURQRQFHU OD VXVSHQVLRQ LPPpGLDWH GH
O
DXWRULVDWLRQ
8Q GRVVLHU FLUFRQVWDQFLp GRLW rWUH VRXPLV j OD
FRPPLVVLRQ GH FU\SWDJH HW OD VLWXDWLRQ GX FRQWUHYHQDQW
FRQFHUQp GRLW rWUH UpJXODULVpH FRQIRUPpPHQW j O
DUWLFOH
GXSUpVHQWGpFUHWGDQVXQGpODLQ
H[FpGDQWSDVGHX[PRLVj
FRPSWHUGHODGDWHGHODVXVSHQVLRQ
$UW /HV PR\HQV GH FU\SWDJH GH WRXWHV FDWpJRULHV
SHXYHQW rWUH VDLVLV SURYLVRLUHPHQW VDQV LQGHPQLWp SDU
GpFLVLRQGXPLQLVWUHGHODGpIHQVHQDWLRQDOHRXGXPLQLVWUH
GH O
LQWpULHXU V
LO V
DYqUH TXH O
XWLOLVDWLRQ GH FHV PR\HQV
SHUWXUEH OD GpIHQVH QDWLRQDOH HW OD VpFXULWp SXEOLTXH HW GX
PLQLVWUH GHV WHFKQRORJLHV GH OD FRPPXQLFDWLRQ V
LO V
DYqUH
TXH O
XWLOLVDWLRQ GH FHV PR\HQV SHUWXUEH OD VpFXULWp GHV
UpVHDX[GHVWpOpFRPPXQLFDWLRQV
&+$3,75(9,,
',6326,7,21675$16,72,5(6
$UW /HV SHUVRQQHV H[HUoDQW GHV DFWLYLWpV GH
FU\SWDJHjODGDWHGHSXEOLFDWLRQGXSUpVHQWGpFUHWGLVSRVHQW
G
XQH SpULRGH GH VL[ PRLV j FRPSWHU GH FHWWH GDWH SRXU
UpJXODULVHUOHXUVVLWXDWLRQVFRQIRUPpPHQWDX[GLVSRVLWLRQV
GHO
DUWLFOHGXSUpVHQWGpFUHW
$UW /HV PLQLVWUHV GHV DIIDLUHV pWUDQJqUHV GH OD
GpIHQVH QDWLRQDOH GH O
LQWpULHXU GHV WHFKQRORJLHV GH OD
FRPPXQLFDWLRQGHVILQDQFHVHWGXFRPPHUFHVRQWFKDUJpV
FKDFXQ HQ FH TXL OH FRQFHUQH GH O
H[pFXWLRQ GX SUpVHQW
GpFUHWTXLVHUDSXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH
7XQLVLHQQH
7XQLVOHQRYHPEUH
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²QRYHPEUH
=LQH(O$ELGLQH%HQ$OL
1