{"id":117046,"date":"2018-05-06T00:29:19","date_gmt":"2018-05-05T21:29:19","guid":{"rendered":"https:\/\/www.mohamah.net\/law\/?p=117046"},"modified":"2018-05-06T00:29:19","modified_gmt":"2018-05-05T21:29:19","slug":"%d8%af%d8%b1%d8%a7%d8%b3%d8%a9-%d8%aa%d8%ad%d9%84%d9%8a%d9%84%d9%8a%d8%a9-%d9%81%d9%8a-%d8%a7%d9%84%d9%82%d8%a7%d9%86%d9%88%d9%86-%d8%a7%d9%84%d9%84%d8%a8%d9%86%d8%a7%d9%86%d9%8a-%d8%ad%d9%88%d9%84","status":"publish","type":"post","link":"https:\/\/www.mohamah.net\/law\/%d8%af%d8%b1%d8%a7%d8%b3%d8%a9-%d8%aa%d8%ad%d9%84%d9%8a%d9%84%d9%8a%d8%a9-%d9%81%d9%8a-%d8%a7%d9%84%d9%82%d8%a7%d9%86%d9%88%d9%86-%d8%a7%d9%84%d9%84%d8%a8%d9%86%d8%a7%d9%86%d9%8a-%d8%ad%d9%88%d9%84\/","title":{"rendered":"\u062f\u0631\u0627\u0633\u0629 \u062a\u062d\u0644\u064a\u0644\u064a\u0629 \u0641\u064a \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0644\u0628\u0646\u0627\u0646\u064a \u062d\u0648\u0644 \u0627\u0644\u062a\u0639\u0627\u0631\u0636 \u0628\u064a\u0646 \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0639\u0627\u0645\u0651\u064e\u0629 \u0648\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a"},"content":{"rendered":"

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The Influence of the \u201cExchange Public Order\u201d On the Changing of General Contracting Rules & the Securities Exchange Principals (From the Legal Heritage Changing by Reality Specialty To Fabricate the Securities Exchange) – A Study in the Lebanese Law & the Internal Regulations of the Beirut Stock Exchange –<\/span><\/p>\n

Dr. Humam Al Qussi<\/span><\/p>\n

Abstract<\/span><\/p>\n

The subject of this research is very sensitive to the law; it is a mirror of a legal reality, the sun of modernity and privacy with the traditional rules of the tradition of nullity which comes from the Latin classical school in France.<\/span><\/p>\n

Today, in our field of specialization alone, we have found that the Lebanese legislator has stood up to the general rules regarding the law of financial markets and the rules of procedure of the Beirut Stock Exchange. Hence, from the personal point of view, the declaration of the birth of \u201cExchange Principals\u201d & the \u201cExchange Public Order\u201d which can null any trading transaction although it may satisfying the conditions of the general rules.<\/span><\/p>\n

Thus, through this research, we launch a serious legal debate under the ashes on the specificity of the legal system of the securities exchange in order to extrapolate the reality and conclude its disconnection from the general rules through the point of influence of peremptory norms in the law and regulations of the securities exchange the Exchange Principals to invalidate the correct transaction in accordance with general rules because of the need to ensure the stability of the securities exchange.<\/span><\/p>\n

However, the transition to the application of the Exchange Principals in achieving the fair market. actually led to the activation of the \u201cExchange Principals\u201d in exaggerated terms, which in turn led to the violation of these Principals.<\/span><\/p>\n

So we want to study the validity of this legal change in the enforcement of specialized rules appropriate to the nature of the securities exchange which is highly sensitive and highly volatile, fearing that the exaggeration of this legal change could turn to a fabricate securities exchange, according to Lebanese financial markets law of 2011 & the internal regulation of Beirut Stock Exchange (BSE).<\/span><\/p>\n

Keywords: General Legal Rules, Public Order, Nullity, Securities Exchange, Trading Transaction, Market Price, Price Discovering, Transaction Cancellation, Price Limits, Exchange Principals, Exchange Public Order, Beirut Stock Exchange, BSE.<\/span><\/p>\n

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\u0645\u0627 \u0623\u0648\u062c\u0628 \u0627\u0644\u0628\u062d\u062b \u0641\u064a \u0645\u062f\u0649 \u0633\u0644\u0627\u0645\u0629 \u0647\u0630\u0627 \u0627\u0644\u062a\u063a\u064a\u064a\u0631 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a \u0627\u0644\u062c\u0630\u0631\u064a \u0627\u0644\u0647\u0627\u062f\u0641 \u0644\u0625\u0646\u0641\u0627\u0630 \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0645\u062a\u062e\u0635\u0651\u0650\u0635\u0629 \u0627\u0644\u0645\u0644\u0627\u0626\u0645\u0629 \u0644\u0637\u0628\u064a\u0639\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0639\u0627\u0644\u064a\u0629 \u0627\u0644\u062e\u0635\u0648\u0635\u064a\u0651\u064e\u0629 \u0648\u0630\u0627\u062a \u0627\u0644\u0642\u0627\u0628\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0634\u062f\u064a\u062f\u0629 \u0644\u0644\u062a\u0642\u0644\u0651\u064f\u0628\u060c \u0648\u0630\u0644\u0643 \u0648\u0641\u0642\u0627\u064b \u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a \u0648\u0646\u0638\u0627\u0645 \u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a\u061b \u062e\u0648\u0641\u0627\u064b \u0645\u0646 \u0623\u0646\u0651\u064e \u0627\u0644\u0645\u0628\u0627\u0644\u063a\u0629 \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u062a\u0648\u062c\u0651\u064f\u0647 \u0642\u062f \u064a\u0646\u0642\u0644\u0628 \u0625\u0644\u0649 \u0627\u0635\u0637\u0646\u0627\u0639 \u0627\u0644\u0628\u0648\u0631\u0635\u0629.<\/p>\n

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\u0627\u0644\u0640\u0645\u064f\u0642\u062f\u0651\u0650\u0645\u0629<\/span><\/span><\/p>\n

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\u0648\u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0627\u0644\u0645\u0646\u0647\u062c \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a \u0627\u0644\u062e\u0627\u0635\u0651\u0650 \u0628\u0628\u0648\u0631\u0635\u0629 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0641\u0625\u0646\u0651\u064e\u0646\u0627 \u0646\u0631\u0649 \u0623\u0646\u0651\u064e \u201c\u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u201d \u201cTrade Transactions \u2013 Transactions de N\u00e9gociation\u201c \u0647\u064a:<\/span> \u201c\u062a\u0644\u0643 \u0627\u0644\u0625\u062c\u0631\u0627\u0621\u0627\u062a \u0627\u0644\u062a\u0631\u0627\u062a\u0628\u064a\u0651\u064e\u0629 \u0627\u0644\u0625\u0644\u0632\u0627\u0645\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u064a \u064a\u0646\u062a\u062c \u0639\u0646\u0647\u0627 \u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0628\u064a\u0639\u0627\u064b \u0648\u0634\u0631\u0627\u0621\u064b \u0648\u0641\u0642\u0627\u064b \u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u0646\u0638\u0651\u064e\u0645\u0629 -\u0643\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a- \u0645\u0646 \u0625\u0635\u062f\u0627\u0631 \u0623\u0645\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u060c \u062b\u0645 \u062a\u0646\u0641\u064a\u0630\u0647 \u0639\u0628\u0631 \u062a\u0637\u0627\u0628\u0642\u0647 \u0645\u0639 \u0623\u0645\u0631\u064d \u0645\u0642\u0627\u0628\u0644\u064d \u0644\u0647 \u062f\u0627\u062e\u0644 \u0646\u0638\u0627\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0627\u0644\u0643\u062a\u0631\u0648\u0646\u064a \u0627\u0644\u062a\u0644\u0642\u0627\u0626\u064a \u062f\u0648\u0646 \u0645\u0641\u0627\u0648\u0636\u0627\u062a\u060c \u0625\u0644\u0649 \u062a\u0633\u0648\u064a\u062a\u0647 \u0639\u0628\u0631 \u0627\u0644\u062a\u0633\u062f\u064a\u062f \u0648\u0627\u0644\u062a\u0633\u0644\u064a\u0645\u201d[5]\u060c \u0641\u064a\u0645\u0627 \u064a\u0646\u062f\u0631\u062c \u0636\u0645\u0646 \u0627\u0644\u0625\u062c\u0631\u0627\u0621\u0627\u062a \u0627\u0644\u062a\u0631\u0627\u062a\u0628\u064a\u0651\u064e\u0629 \u0627\u0644\u0625\u0644\u0632\u0627\u0645\u064a\u0651\u064e\u0629 \u0644\u0642\u064a\u0627\u0645 \u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0625\u0628\u0631\u0627\u0645: \u201c\u0639\u0642\u062f \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u201d \u201cTrading Contract \u2013 Contrat de N\u00e9gociation\u201c\u060c \u0627\u0644\u0630\u064a \u064a\u0645\u0643\u0646\u0646\u0627 \u062a\u0639\u0631\u064a\u0641\u0647 \u0628\u0623\u0646\u0651\u064e\u0647: \u201c\u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0645\u0628\u0631\u0645 \u0628\u064a\u0646 \u0645\u062a\u062f\u0627\u0648\u0650\u0644\u064e\u064a\u0652\u0646\u0650 \u0628\u063a\u0631\u0636 \u0628\u064a\u0639 \u0648\u0634\u0631\u0627\u0621 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0628\u062d\u064a\u062b \u062a\u0642\u0648\u0645 \u0639\u0644\u0649 \u0623\u0633\u0627\u0633\u0647 \u0639\u0645\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u0646\u0638\u0651\u064e\u0645\u0629\u201d\u061b \u0641\u0639\u0642\u062f \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0644\u0627 \u064a\u064f\u0634\u0643\u0651\u0650\u0644 \u0628\u0627\u0644\u0636\u0631\u0648\u0631\u0629 \u0639\u0645\u0644\u064a\u0651\u064e\u0629 \u062a\u062f\u0627\u0648\u0644 \u0635\u062d\u064a\u062d\u0629 \u0648\u0641\u0642\u0627\u064b \u0644\u0644\u0646\u0635\u0648\u0635 \u0627\u0644\u0622\u0645\u0631\u0629 \u0627\u0644\u062e\u0627\u0635\u0651\u064e\u0629 \u0628\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u0646\u0638\u0651\u064e\u0645\u0629 \u0648\u0648\u0641\u0642\u0627\u064b \u0644\u0644\u0623\u0646\u0638\u0645\u0629 \u0648\u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0635\u0627\u062f\u0631\u0629 \u0628\u0645\u0642\u062a\u0636\u0627\u0647\u060c \u0628\u064a\u0646\u0645\u0627 \u062a\u062a\u0636\u0645\u0651\u064e\u0646 \u0639\u0645\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0645\u0646\u0639\u0642\u062f\u0629 \u0627\u0644\u0640\u0645\u064f\u0646\u0641\u0651\u064e\u0630\u0629 \u0639\u0642\u062f\u0627\u064b \u0635\u062d\u064a\u062d\u0627\u064b \u0644\u0644\u062a\u062f\u0627\u0648\u0644[6].<\/p>\n

\u0648\u062d\u064a\u062b \u0623\u0646\u0651\u064e \u0625\u062f\u0627\u0631\u0629 \u0628\u0648\u0631\u0635\u0629 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u062a\u0645\u062a\u0644\u0643 -\u0648\u0641\u0642\u0627\u064b \u0644\u0644\u0635\u0644\u0627\u062d\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u062a\u064a \u0645\u0646\u062d\u0647\u0627 \u0625\u064a\u0651\u064e\u0627\u0647\u0627 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0623\u0648 \u0645\u0647\u0651\u064e\u062f \u0644\u0647\u0627- \u0625\u0644\u063a\u0627\u0621 \u0623\u0648\u0627\u0645\u0631 \u0648\u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0645\u0628\u0631\u0645\u0629 \u0635\u062d\u064a\u062d\u0629\u064b \u062e\u0644\u0627\u0644 \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u060c \u0644\u064a\u0633 \u0644\u0644\u0640: \u201c\u0627\u0644\u0628\u0637\u0644\u0627\u0646\u201d \u201cNullity \u2013 Nullit\u00e9\u201d \u0641\u064a \u0623\u0631\u0643\u0627\u0646 \u0639\u0642\u062f \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0645\u0648\u0636\u0648\u0639\u064a\u0651\u064e\u0629\u060c \u0628\u0644 \u0644\u0623\u0646\u0651\u064e\u0647\u0627 \u0642\u062f \u062a\u0624\u062f\u0651\u0650\u064a \u0625\u0644\u0649 \u0627\u0644\u0625\u062e\u0644\u0627\u0644 \u0628\u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u0633\u0628\u0628 \u0633\u0639\u0631\u0647\u0627 \u0623\u0648 \u0645\u062e\u0627\u0644\u0641\u062a\u0647\u0627 \u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u062a\u0628\u0639\u0627\u064b \u0644\u062a\u0642\u062f\u064a\u0631 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629.<\/p>\n

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\u0627\u0644\u0645\u0637\u0644\u0628 \u0627\u0644\u0623\u0648\u0644: \u062a\u0623\u062b\u064a\u0631 \u201c\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u201d \u0639\u0644\u0649 \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0639\u0627\u0645\u0651\u064e\u0629 \u062e\u0644\u0627\u0644 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a.<\/span><\/span><\/p>\n

\u0627\u0644\u0645\u0637\u0644\u0628 \u0627\u0644\u062b\u0627\u0646\u064a: \u062a\u0623\u062b\u064a\u0631\u0647 \u0639\u0644\u0649 \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0639\u0627\u0645\u0651\u064e\u0629 \u062e\u0644\u0627\u0644 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0645\u0633\u062a\u0645\u0631.<\/span><\/span><\/p>\n

\u0627\u0644\u0645\u0637\u0644\u0628 \u0627\u0644\u0623\u0648\u0644: \u062a\u0623\u062b\u064a\u0631 \u201c\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u201d \u0639\u0644\u0649 \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0639\u0627\u0645\u0651\u064e\u0629 \u0648\u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u0651\u064e\u0629 \u062e\u0644\u0627\u0644 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a (\u0625\u0628\u0637\u0627\u0644 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a)<\/span><\/p>\n

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\u0623\u0648\u0644\u0627\u064b: \u0625\u0644\u063a\u0627\u0621 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u0640\u0645\u064f\u0631\u0633\u0644\u064e\u0629 \u062e\u0644\u0627\u0644 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a (\u0625\u0628\u0637\u0627\u0644 \u0627\u0644\u0625\u064a\u062c\u0627\u0628 \u0648\u0627\u0644\u0642\u0628\u0648\u0644 \u062e\u0644\u0627\u0644 \u0627\u0644\u062b\u0628\u0627\u062a)<\/span><\/p>\n

\u0633\u0646\u0628\u062d\u062b \u0641\u064a \u0625\u0644\u063a\u0627\u0621 \u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a \u0628\u0633\u0628\u0628 \u0625\u0631\u0633\u0627\u0644\u0647\u0627 \u0639\u0644\u0649 \u0633\u0639\u0631\u064d \u064a\u062a\u062c\u0627\u0648\u0632 \u0627\u0644\u062d\u062f\u0648\u062f \u0627\u0644\u0633\u0639\u0631\u064a\u0651\u064e\u0629 \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0623\u0648\u0644\u0627\u064b\u060c \u0648\u062a\u0639\u0627\u0631\u0636 \u0641\u0643\u0631\u0629 \u0627\u0644\u0625\u0644\u063a\u0627\u0621 \u0647\u0630\u0647 \u0645\u0639 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0627\u062a\u0651\u0650\u0641\u0627\u0642\u064a \u062b\u0627\u0646\u064a\u0627\u064b.<\/p>\n

1- \u0625\u0644\u063a\u0627\u0621 \u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0628\u0633\u0628\u0628 \u0627\u0644\u062d\u062f\u0648\u062f \u0627\u0644\u0633\u0639\u0631\u064a\u0651\u064e\u0629<\/strong><\/span><\/p>\n

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\u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a\u060c \u064a\u0628\u062f\u0648 \u0623\u0645\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0634\u0643\u0644 \u0639\u0628\u0627\u0631\u0629 \u0639\u0646 \u0625\u064a\u062c\u0627\u0628 \u0645\u0644\u0632\u0645 \u0623\u0648 \u0642\u0628\u0648\u0644 \u0645\u0646\u062a\u062c \u0628\u063a\u0631\u0636 \u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629\u060c \u0648\u0647\u0630\u0627 \u0627\u0644\u0625\u064a\u062c\u0627\u0628 \u0623\u0648 \u0627\u0644\u0642\u0628\u0648\u0644 \u0644\u0627 \u064a\u064f\u0645\u0643\u0646 \u0623\u0646 \u064a\u0643\u0648\u0646 \u0628\u0627\u0637\u0644\u0627\u064b \u0648\u0645\u0644\u063a\u064a\u0651\u064e\u0627\u064b \u0623\u062b\u0631\u0647 \u0648\u0641\u0642\u0627\u064b \u0644\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0639\u0627\u0645\u0651\u064e\u0629 \u0625\u0644\u0627\u0651\u064e \u0641\u064a \u062d\u0627\u0644\u0627\u062a \u0627\u0644\u0628\u0637\u0644\u0627\u0646 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0651\u064e\u0629 \u0645\u062b\u0644 \u0635\u062f\u0648\u0631\u0647 \u0639\u0646 \u0634\u062e\u0635 \u0645\u0633\u0644\u0648\u0628 \u0627\u0644\u0625\u0631\u0627\u062f\u0629 \u062a\u0645\u0627\u0645\u0627\u064b \u0623\u0648 \u0628\u063a\u0631\u0636 \u0627\u0631\u062a\u0643\u0627\u0628 \u062c\u0631\u064a\u0645\u0629 \u0645\u062b\u0644 \u063a\u0633\u0644 \u0627\u0644\u0623\u0645\u0648\u0627\u0644.<\/p>\n

\u0623\u0645\u0651\u064e\u0627 \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0629\u060c<\/span> \u0641\u0625\u0646\u0651\u064e \u0645\u062c\u0631\u0651\u064e\u062f \u0625\u0631\u0633\u0627\u0644 \u0623\u0645\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0628\u0633\u0639\u0631\u064d \u064a\u062a\u062c\u0627\u0648\u0632 \u201c\u0627\u0644\u062d\u062f\u0648\u062f \u0627\u0644\u0633\u0639\u0631\u064a\u0651\u064e\u0629 \u0627\u0644\u0642\u0635\u0648\u0649\u201d -\u0623\u0648 \u0645\u0627 \u064a\u064f\u0633\u0645\u0651\u064e\u0649 \u0628\u0640: \u201c\u0642\u064a\u0648\u062f \u0627\u0644\u0633\u0639\u0631\u201d \u201cPrice Bands \u2013 Pas de Cotation\u201d- \u062e\u0644\u0627\u0644 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u0644\u0627 \u062a\u0633\u0645\u062d \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0644\u0640: \u201c\u0633\u0639\u0631 \u0627\u0644\u0633\u0648\u0642\u201d \u201cMarket Price\u201d[36] \u0623\u0646 \u064a\u062a\u062c\u0627\u0648\u0632\u0647\u0627 -\u0648\u0625\u0646 \u0643\u0627\u0646 \u0627\u062a\u0651\u0650\u062c\u0627\u0647 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0637\u0628\u064a\u0639\u064a \u064a\u062a\u062c\u0627\u0648\u0632\u0647\u0627-\u060c \u064a\u0639\u0646\u064a \u0636\u0631\u0648\u0631\u0629 \u0625\u0628\u0637\u0627\u0644 \u0623\u0645\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u060c \u0648\u0625\u0644\u063a\u0627\u0621 \u0623\u064a\u0651\u0650 \u0623\u062b\u0631\u064d \u0644\u0647\u060c \u0648\u0627\u0639\u062a\u0628\u0627\u0631\u0647 \u0643\u0623\u0646 \u0644\u0645 \u064a\u0643\u0646\u0652\u060c \u0631\u063a\u0645 \u062a\u0648\u0627\u0641\u0631 \u0643\u0644\u0651\u0650 \u0634\u0631\u0648\u0637 \u0635\u062d\u0651\u064e\u0629 \u0623\u0645\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0643\u0625\u064a\u062c\u0627\u0628\u064d \u0623\u0648 \u0642\u0628\u0648\u0644\u064d \u0648\u0641\u0642\u0627\u064b \u0644\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0639\u0627\u0645\u0651\u064e\u0629.<\/p>\n

\u0648\u0647\u0646\u0627 \u0627\u0644\u062a\u0648\u0636\u064a\u062d \u0641\u064a \u0623\u0646\u0651\u064e \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a \u064a\u0633\u0645\u062d \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0628\u0625\u0631\u0633\u0627\u0644 \u0623\u0645\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0639\u0644\u0649 \u0633\u0639\u0631\u064d \u0645\u063a\u0627\u064a\u0631\u064d \u0644\u0633\u0639\u0631 \u0625\u0642\u0641\u0627\u0644 \u064a\u0648\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0633\u0627\u0628\u0642\u060c \u0641\u0644\u0627 \u064a\u0624\u062f\u0651\u0650\u064a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a \u0625\u0644\u0649 \u062a\u0634\u0643\u064a\u0644 \u201c\u0633\u0639\u0631 \u0627\u0644\u0623\u0633\u0627\u0633 \u0627\u0644\u062b\u0627\u0628\u062a\u201d \u201cFixed Price Basis\u201d \u0623\u064a \u0639\u0631\u0636 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0628\u0633\u0639\u0631 \u062b\u0627\u0628\u062a \u0623\u0628\u062f\u0627\u064b[37]\u060c \u0628\u0644 \u064a\u064f\u0633\u0645\u062d \u0628\u0627\u062e\u062a\u0644\u0627\u0641 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0648\u0644\u0643\u0646 \u0641\u064a \u0625\u0637\u0627\u0631 \u0627\u0644\u062d\u062f\u0648\u062f \u0627\u0644\u0633\u0639\u0631\u064a\u0651\u064e\u0629 \u0627\u0644\u0642\u0635\u0648\u0649.<\/p>\n

\u0648\u062a\u0633\u062a\u0646\u062f \u0646\u0638\u0631\u064a\u0651\u064e\u0629 \u0627\u0644\u062d\u062f\u0648\u062f \u0627\u0644\u0633\u0639\u0631\u064a\u0651\u064e\u0629 \u0639\u0644\u0649 \u0641\u0643\u0631\u0629 \u062a\u062d\u062f\u064a\u062f: \u201c\u0646\u0633\u0628\u0629 \u0627\u0644\u0642\u064a\u062f \u0627\u0644\u0633\u0639\u0631\u064a\u201d \u201cQuoting Band Rate \u2013 Taux de Bande de Citation\u201d \u0627\u0644\u062a\u064a \u062a\u0639\u0646\u064a:<\/span> \u201c\u0627\u0644\u0646\u0633\u0628\u0629 \u0627\u0644\u0645\u0641\u0631\u0648\u0636\u0629 \u0645\u0646 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u063a\u0627\u064a\u0629 \u0636\u0628\u0637 \u062f\u0627\u0626\u0631\u0629 \u0627\u0644\u062d\u062f\u0648\u062f \u0627\u0644\u0633\u0639\u0631\u064a\u0651\u064e\u0629 \u0644\u062a\u0633\u0645\u062d \u0628\u062a\u062d\u0631\u0651\u064f\u0643 \u0633\u0639\u0631 \u0627\u0644\u0633\u0648\u0642 \u0627\u0631\u062a\u0641\u0627\u0639\u0627\u064b \u0623\u0648 \u0627\u0646\u062e\u0641\u0627\u0636\u0627\u064b \u0641\u064a \u062d\u062f\u0648\u062f \u062a\u062d\u0642\u064a\u0642 \u0623\u0639\u0644\u0649 \u0623\u0648 \u0623\u062f\u0646\u0649 \u0633\u0639\u0631\u064d \u0645\u0633\u0627\u0648\u064d \u0644\u0647\u0627\u201d[38]\u060c \u0641\u0625\u0646 \u0643\u0627\u0646\u062a \u062a\u0644\u0643 \u0627\u0644\u0646\u0633\u0628\u0629 \u062a\u0639\u0627\u062f\u0644 5%\u060c \u0641\u0644\u0627 \u064a\u062c\u0648\u0632 \u0645\u062b\u0644\u0627\u064b \u0644\u0633\u0639\u0631 \u0627\u0644\u0625\u063a\u0644\u0627\u0642 \u0641\u064a \u064a\u0648\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0633\u0627\u0628\u0642\u060c \u0648\u0647\u0648 1000 \u0644.\u0644 \u0645\u062b\u0644\u0627\u064b\u060c \u0623\u0646 \u064a\u062a\u062c\u0627\u0648\u0632 \u0627\u0631\u062a\u0641\u0627\u0639\u0627\u064b \u0633\u0639\u0631 1050 \u0644.\u0644\u060c \u0623\u0648 \u0627\u0646\u062e\u0641\u0627\u0636\u0627\u064b \u0633\u0639\u0631 950 \u0644.\u0644.<\/p>\n

\u0648\u064a\u0643\u0645\u0646 \u0627\u0644\u0633\u0628\u0628 \u0641\u064a \u0625\u0628\u0637\u0627\u0644 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a \u0644\u0644\u0623\u0648\u0627\u0645\u0631 \u0648\u0641\u0642\u0627\u064b \u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062d\u062f\u0648\u062f \u0627\u0644\u0633\u0639\u0631\u064a\u0651\u064e\u0629 \u0647\u0648 \u062a\u062c\u0627\u0648\u0632\u0647\u0627 \u0627\u0644\u062d\u062f\u0648\u062f \u0627\u0644\u0642\u0635\u0648\u0649 \u0644\u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0643\u0645\u0627 \u062a\u064f\u0642\u062f\u0651\u0650\u0631\u0647\u0627 \u0625\u062f\u0627\u0631\u062a\u0647\u0627\u060c \u0648\u0644\u064a\u0633 \u0643\u0645\u0627 \u064a\u0641\u0631\u0636\u0647 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062d\u0631\u0651\u0650 \u0641\u064a\u0647\u0627[39].<\/p>\n

\u0641\u0641\u064a \u0644\u0628\u0646\u0627\u0646\u060c<\/strong><\/span> \u0648\u0631\u063a\u0645 \u0623\u0646\u0651\u064e \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a \u0631\u0642\u0645 161 \u0644\u0639\u0627\u0645 2011 \u0642\u062f \u0646\u0635\u0651\u064e \u0639\u0644\u0649 \u0636\u0631\u0648\u0631\u0629 \u0627\u0645\u062a\u062b\u0627\u0644 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u0636\u0648\u0627\u0628\u0637: \u201c.. \u0625\u0631\u0633\u0627\u0621 \u0633\u0648\u0642\u064d \u0639\u0627\u062f\u0644\u0629\u064d \u0646\u0638\u0627\u0645\u064a\u0651\u064e\u0629\u064d \u0648\u0634\u0641\u0651\u064e\u0627\u0641\u0629\u201c[40] \u062e\u0644\u0627\u0644 \u0642\u064a\u0627\u0645\u0647\u0627 \u0628\u0645\u0647\u0627\u0645 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u060c \u0641\u0625\u0646\u0651\u064e \u0645\u0631\u0633\u0648\u0645 \u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a \u0644\u0639\u0627\u0645 1995 \u0645\u0627 \u0632\u0627\u0644 \u064a\u0646\u0635\u0651\u064f \u0639\u0644\u0649 \u0623\u0646\u0651\u064e\u0647:<\/p>\n

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\u0648\u0647\u0630\u0627 \u064a\u0639\u0646\u064a \u0623\u0646\u0651\u064e \u0623\u064a\u0651\u064e \u0623\u0645\u0631 \u062a\u062f\u0627\u0648\u0644\u064d \u0645\u064f\u062d\u062f\u0651\u064e\u062f \u0627\u0644\u0633\u0639\u0631 \u0639\u0644\u0649 \u0633\u0639\u0631\u064d \u064a\u062a\u062c\u0627\u0648\u0632 \u0627\u0644\u0641\u0631\u0642 \u0627\u0644\u0623\u0642\u0635\u0649 \u0628\u064a\u0646 \u0633\u0639\u0631 \u0627\u0644\u0625\u0642\u0641\u0627\u0644 \u0648\u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0630\u064a \u0633\u064a\u062a\u0634\u0643\u0651\u064e\u0644 \u0645\u0646 \u062a\u0646\u0641\u064a\u0630 \u0639\u0645\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0633\u064a\u0624\u062f\u0651\u0650\u064a \u0625\u0644\u0649 \u0625\u0644\u063a\u0627\u0621 \u0627\u0644\u0623\u0645\u0631 \u0628\u0634\u0643\u0644\u064d \u0641\u0648\u0631\u064a\u0651\u064d \u062f\u0648\u0646 \u0627\u0644\u0631\u062c\u0648\u0639 \u0625\u0644\u0649 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0627\u0644\u0630\u064a \u0623\u0635\u062f\u0631\u0647\u060c \u0648\u0647\u0648 \u0645\u0627 \u064a\u062d\u0645\u0644 \u0645\u0639\u0646\u0649 \u0625\u0628\u0637\u0627\u0644\u0647 \u0644\u0645\u062e\u0627\u0644\u0641\u062a\u0647 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a[46].<\/p>\n

\u0631\u063a\u0645 \u0623\u0646\u0651\u064e \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a \u0644\u0639\u0627\u0645 2011 \u0639\u0646\u062f\u0645\u0627 \u0627\u0633\u062a\u062e\u062f\u0645 \u0645\u0635\u0637\u0644\u062d \u201c\u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0639\u0627\u062f\u0644\u0629\u201d \u0643\u0627\u0646 \u064a\u0642\u0635\u062f \u062a\u0644\u0643 \u0627\u0644\u062a\u064a \u062a\u0624\u062f\u0651\u0650\u064a \u0625\u0644\u0649 \u062a\u0634\u0643\u0651\u064f\u0644 \u201c\u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0639\u0627\u062f\u0644<\/span>\u201d \u0627\u0644\u0646\u0627\u062a\u062c \u0639\u0646 \u0627\u0644\u062a\u0644\u0627\u0642\u064a \u0627\u0644\u0637\u0628\u064a\u0639\u064a \u0627\u0644\u062d\u0631 \u0628\u064a\u0646 \u0627\u0644\u0639\u0631\u0636 \u0648\u0627\u0644\u0637\u0644\u0628 \u062f\u0648\u0646 \u0642\u064a\u0648\u062f\u064d \u0623\u0648 \u062d\u062f\u0648\u062f\u064d \u0645\u0628\u0627\u0644\u063a\u064d \u0641\u064a\u0647\u0627.<\/p>\n

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\u0648\u062f\u0648\u0646 \u0630\u0644\u0643 \u0641\u0625\u0646\u0651\u064e \u0625\u0644\u063a\u0627\u0621 \u0627\u0644\u0623\u0645\u0631 \u0628\u0633\u0628\u0628 \u0639\u062f\u0645 \u062a\u0646\u0641\u064a\u0630\u0647 \u064a\u0639\u0646\u064a \u0641\u064a \u062d\u0642\u064a\u0642\u062a\u0647: \u201c\u0625\u0641\u0634\u0627\u0644 \u0627\u0644\u0628\u0648\u0631\u0635\u0629\u201d\u060c \u0648\u0647\u0630\u0627 \u0645\u0627 \u064a\u0624\u062f\u0651\u0650\u064a \u0625\u0644\u0649 \u062c\u0639\u0644\u0647\u0627 \u0633\u0648\u0642\u0627\u064b \u0645\u0635\u0637\u0646\u0639\u0629\u064b \u0628\u0641\u0639\u0644 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a \u0628\u062f\u0644 \u0623\u0646 \u064a\u0643\u0641\u0644 \u0647\u0648 \u0630\u0627\u062a\u0647 \u0639\u062f\u0627\u0644\u062a\u0647\u0627 \u0648\u0642\u062f\u0631\u062a\u0647\u0627 \u0639\u0644\u0649 \u0639\u0643\u0633 \u0627\u0644\u0639\u0631\u0636 \u0648\u0627\u0644\u0637\u0644\u0628 \u0627\u0644\u062d\u0642\u064a\u0642\u064a.<\/p>\n

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\u0641\u0639\u0645\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0645\u0642\u0627\u0628\u0644\u0629 \u062a\u062a\u0645\u0651\u064f \u0625\u0630\u0627\u064b \u062e\u0644\u0627\u0644 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a \u0648\u0647\u0630\u0627 \u0645\u0627 \u064a\u0642\u0637\u0639 \u0628\u062a\u0637\u0627\u0628\u0642 \u0627\u0644\u0625\u0631\u0627\u062f\u0627\u062a \u062e\u0644\u0627\u0644\u0647\u061b \u0628\u062f\u0644\u064a\u0644 \u0623\u0646\u0651\u064e \u0633\u0639\u0631 \u0627\u0644\u0633\u0648\u0642 \u064a\u064f\u0633\u062a\u0643\u0634\u064e\u0641 \u0645\u0646\u0647\u0627 \u0641\u064a \u062d\u0627\u0644 \u062a\u0648\u0627\u0641\u0642\u062a \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0639\u0644\u0649 \u0633\u0639\u0631\u064d \u062c\u062f\u064a\u062f\u064d\u060c \u0648\u0647\u0648 \u0623\u062d\u062f \u0623\u0647\u0645\u0651\u0650 \u0648\u0638\u0627\u0626\u0641 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0644\u064a\u0633 \u0643\u0645\u0627 \u064a\u0631\u0649 \u0641\u0642\u0647\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u060c \u0628\u0644 \u062d\u062a\u0649 \u0648\u0641\u0642\u0627\u064b \u0644\u0644\u0642\u0636\u0627\u0621 \u0627\u0644\u0628\u0644\u062c\u064a\u0643\u064a[65].<\/p>\n

\u0648\u0625\u0646 \u0623\u0631\u062f\u0646\u0627 \u0623\u0646 \u0646\u064f\u0643\u064a\u0651\u0650\u0641 \u0639\u0645\u0644\u064a\u0629 \u0627\u0644\u0645\u0642\u0627\u0628\u064e\u0644\u064e\u0629 \u0647\u0630\u0647 \u0641\u0647\u0644 \u0646\u0642\u0648\u0644 \u0628\u0648\u0635\u0641 \u062a\u0646\u0641\u064a\u0630 \u0639\u0645\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0648\u0625\u0628\u0631\u0627\u0645 \u0639\u0642\u062f \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u061f\u061b \u0648\u0630\u0644\u0643 \u0646\u062a\u064a\u062c\u0629 \u062a\u0644\u0627\u0642\u064a \u0627\u0644\u0625\u064a\u062c\u0627\u0628 \u0628\u0627\u0644\u0642\u0628\u0648\u0644 (\u0623\u0645\u0631 \u0627\u0644\u0628\u064a\u0639 \u0628\u0623\u0645\u0631 \u0627\u0644\u0634\u0631\u0627\u0621) \u0639\u0644\u0649 \u0633\u0639\u0631 \u0627\u062a\u0651\u0650\u0641\u0627\u0642\u064a (\u0633\u0639\u0631 \u0627\u0644\u0633\u0648\u0642[66]) \u0642\u062f \u0623\u062f\u0651\u064e\u0649 \u0625\u0644\u0649 \u062a\u062d\u062f\u064a\u062f \u0633\u0639\u0631 \u0627\u0644\u0633\u0648\u0642\u061f\u061b \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0641\u0647\u0644 \u064a\u062c\u0628 \u0627\u0639\u062a\u0628\u0627\u0631 \u0625\u0644\u063a\u0627\u0621 \u0623\u0645\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u062e\u0644\u0627\u0644 \u0627\u0644\u062b\u0628\u0627\u062a \u0625\u0644\u063a\u0627\u0621\u064b \u0644\u0639\u0645\u0644\u064a\u0651\u064e\u0629 \u062a\u062f\u0627\u0648\u0644\u064d \u061f.<\/p>\n

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\u062d\u064a\u062b \u064a\u062a\u0645\u0651\u064f \u062a\u0631\u062a\u064a\u0628 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0639\u0627\u062f\u0629\u064b \u0648\u0641\u0642\u0627\u064b \u0644\u0645\u0639\u0627\u064a\u064a\u0631 \u0645\u062d\u062f\u0651\u064e\u062f\u0629 \u062a\u0646\u0628\u0639 \u0645\u0646 \u0634\u0631\u0648\u0637 \u0623\u0645\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644[94]\u060c \u0641\u064a\u062a\u0645\u0651\u064f \u0648\u0636\u0639 \u201c\u0627\u0644\u0623\u0645\u0631 \u0628\u0633\u0639\u0631 \u0627\u0644\u0633\u0648\u0642\u201d \u201cMarket Order (MO)\u201d \u0623\u0648\u0644\u0627\u064b \u0639\u0644\u0649 \u0627\u0639\u062a\u0628\u0627\u0631 \u0623\u0646\u0651\u064e\u0647 \u0642\u0627\u0628\u0644 \u0644\u0644\u062a\u0646\u0641\u064a\u0630 \u0641\u0648\u0631\u0627\u064b \u0639\u0644\u0649 \u0623\u064a \u0633\u0639\u0631 \u0623\u0648 \u0639\u0644\u0649 \u0623\u0641\u0636\u0644 \u0633\u0639\u0631 \u062f\u0648\u0646 \u0627\u0634\u062a\u0631\u0627\u0637 \u0633\u0639\u0631 \u0645\u062d\u062f\u0651\u064e\u062f \u0631\u0642\u0645\u064a\u0651\u064e\u0627\u064b.<\/p>\n

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\u0648\u0647\u0630\u0627 \u0645\u0627 \u064a\u0624\u062f\u0651\u0650\u064a \u0628\u0646\u0627 \u0625\u0644\u0649 \u0623\u0646\u0651\u064e \u0623\u0643\u062b\u0631 \u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0625\u062b\u0627\u0631\u0629\u064b \u0644\u0625\u0634\u0643\u0627\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0625\u0644\u063a\u0627\u0621 \u0641\u064a \u0646\u0638\u0627\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0645\u0633\u062a\u0645\u0631 \u0647\u0648 \u201c\u0627\u0644\u0623\u0645\u0631 \u0627\u0644\u0645\u0641\u062a\u0648\u062d \u0627\u0644\u0645\u062f\u0651\u064e\u0629\u201d \u201cOpen Order \u2013 Ordre Ouvert\u201c[96] \u0627\u0644\u0630\u064a \u064a\u0641\u0631\u0636 \u0637\u064a\u0641\u0627\u064b \u0632\u0645\u0646\u064a\u0651\u064e\u0627\u064b \u0645\u064f\u0637\u0644\u0642\u0627\u064b \u0644\u0644\u0623\u0645\u0631 \u0645\u0646 \u062d\u064a\u062b \u0627\u0644\u0645\u0628\u062f\u0623 \u0648\u0641\u0642\u0627\u064b \u0644\u0625\u0631\u0627\u062f\u0629 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u060c \u0625\u0644\u0627\u0651\u064e \u0623\u0646\u0651\u064e \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a _\u0645\u064f\u0633\u062a\u0646\u062f\u0627\u064b \u0639\u0644\u0649 \u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u0651\u064e\u0629- \u064a\u062a\u062f\u062e\u0651\u064e\u0644 \u0645\u062e\u0627\u0644\u0641\u0627\u064b \u0644\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0639\u0627\u0645\u0651\u064e\u0629 \u0644\u064a\u0641\u0631\u0636 \u062d\u062f\u0651\u064e\u0627\u064b \u0632\u0645\u0646\u064a\u0651\u064e\u0627\u064b \u0623\u0642\u0635\u0649 \u064a\u062a\u0645\u0651\u064f -\u0628\u0639\u062f \u062a\u062c\u0627\u0648\u0632\u0647- \u0625\u0644\u063a\u0627\u0621 \u0627\u0644\u0623\u0645\u0631 \u0631\u063a\u0645\u0627\u064b \u0639\u0646 \u0625\u0631\u0627\u062f\u0629 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u061b \u0646\u0638\u0631\u0627\u064b \u0644\u0643\u0648\u0646 \u0627\u0644\u0623\u0645\u0631 \u0627\u0644\u0645\u0637\u0644\u0642 \u0627\u0644\u0645\u062f\u0651\u064e\u0629 \u064a\u064f\u062e\u0627\u0644\u0641 \u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0645\u0633\u062a\u0645\u0631 \u0641\u064a \u062d\u0631\u0643\u062a\u0647\u0627 \u0648\u062a\u063a\u064a\u0651\u064f\u0631\u0647\u0627\u060c \u0648\u064a\u064f\u0634\u0643\u0651\u0650\u0644 \u0628\u0631\u0643\u0629\u064b \u0645\u0646 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u0631\u0627\u0643\u062f\u0629[97].<\/p>\n

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2- \u0625\u0639\u062f\u0627\u0645 \u0642\u064a\u0645\u0629 \u0627\u0644\u0623\u0645\u0631 \u0627\u0644\u0645\u0641\u062a\u0648\u062d<\/span><\/p>\n

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\u0645\u0627 \u064a\u0639\u0646\u064a \u0623\u0646\u0651\u064e \u0646\u0638\u0627\u0645 \u201c\u0631\u0641\u0636 \u0627\u0644\u0623\u0645\u0631\u201d \u201cReject the Order \u2013 Rejeter L\u2019Ordre\u201d[101]<\/span> \u0627\u0644\u0630\u064a \u064a\u0645\u0633\u0651\u064f \u0627\u0644\u0623\u0645\u0631 \u0627\u0644\u0645\u0641\u062a\u0648\u062d \u0628\u0639\u062f \u0645\u062f\u0651\u064e\u0629 \u0642\u0635\u064a\u0631\u0629 \u0645\u0646 \u0625\u0635\u062f\u0627\u0631\u0647 \u0625\u0639\u0645\u0627\u0644\u0627\u064b \u0644\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a \u0644\u0627 \u064a\u0633\u0645\u062d \u0644\u0647\u0630\u0627 \u0627\u0644\u0623\u0645\u0631 \u0628\u062a\u0623\u062f\u064a\u0629 \u062f\u0648\u0631\u0647 \u0627\u0644\u062a\u0631\u0627\u0643\u0645\u064a\u060c \u0648\u0647\u0648 \u0645\u0627 \u064a\u064f\u062e\u0627\u0644\u0641 \u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u0651\u064e\u0629\u061b \u0641\u0647\u0648 \u064a\u062a\u0646\u0627\u0641\u0649 \u0645\u0639 \u062d\u0645\u0627\u064a\u0629 \u0645\u0635\u0627\u0644\u062d \u062c\u0645\u0647\u0648\u0631 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646\u060c \u0648\u0645\u0639 \u0645\u0628\u0627\u062f\u0626 \u062a\u0648\u0632\u064a\u0639 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0639\u0644\u0649 \u0623\u0643\u0628\u0631 \u0634\u0631\u064a\u062d\u0629\u064d \u0645\u0645\u0643\u0646\u0629\u064d \u0645\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0643\u0645\u0627 \u0641\u0631\u0636 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a[102]\u061b \u0644\u0623\u0646\u0651\u064e\u0647 \u064a\u062d\u0631\u0645 \u062c\u0645\u0647\u0648\u0631\u0627\u064b \u0645\u0646\u0647\u0645 \u0645\u0646 \u0627\u0644\u062a\u062f\u0627\u0648\u0644.<\/p>\n

\u0643\u0645\u0627 \u0623\u0646\u0651\u064e \u0627\u0644\u062a\u062f\u062e\u0651\u064f\u0644 \u0627\u0644\u0639\u0645\u064a\u0642 \u0641\u064a \u0627\u0644\u0622\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0637\u0628\u064a\u0639\u064a\u0651\u064e\u0629 \u0644\u062a\u0644\u0627\u0642\u064a \u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u2013\u0648\u0625\u0646 \u0643\u0627\u0646 \u0647\u0630\u0627 \u0627\u0644\u062a\u062f\u062e\u0644 \u0641\u064a \u0642\u064e\u0635\u0652\u0631\u0650 \u0645\u062f\u0651\u064e\u0629 \u0641\u0639\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0623\u0645\u0631 \u062e\u0644\u0627\u0644 \u0627\u0644\u0627\u0633\u062a\u0645\u0631\u0627\u0631-\u060c \u0633\u064a\u0624\u062f\u0651\u0650\u064a \u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639 \u0625\u0644\u0649 \u0627\u062e\u062a\u0644\u0627\u0641 \u201c\u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0633\u0648\u0642\u064a\u0651\u064e\u0629\u201d \u201cMarket Value\u201d[103] \u0644\u0644\u0648\u0631\u0642\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0639\u0646 \u201c\u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0651\u064e\u0629\u201d \u201cReal Value\u201d[104] \u0644\u0647\u0627\u060c \u062a\u0644\u0643 \u0627\u0644\u062a\u064a \u0643\u0627\u0646\u062a \u0633\u062a\u0638\u0647\u0631 \u0641\u064a \u201c\u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0651\u064e\u0629\u201d \u201cReal Market\u201d[105] \u0641\u064a\u0645\u0627 \u0644\u0648 \u062a\u062d\u0631\u0651\u064e\u0631\u062a \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0645\u0646 \u0635\u0644\u0627\u062d\u064a\u0651\u064e\u0629 \u0627\u0644\u0625\u0644\u063a\u0627\u0621 \u0627\u0644\u0632\u0645\u0646\u064a\u0651\u064e\u0629 \u0634\u062f\u064a\u062f\u0629 \u0627\u0644\u062a\u0633\u0631\u0651\u064f\u0639\u060c \u0641\u0647\u0630\u0647 \u0627\u0644\u0635\u0644\u0627\u062d\u064a\u0651\u064e\u0629 \u062a\u0624\u0630\u064a \u0633\u0644\u0627\u0633\u0629 \u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0645\u0646 \u062d\u064a\u062b \u062a\u0648\u0627\u0635\u0644 \u062f\u0648\u0627\u0626\u0631 \u0627\u0644\u0639\u0631\u0648\u0636 \u0648\u0627\u0644\u0637\u0644\u0628\u0627\u062a \u0639\u0644\u0649 \u0623\u062d\u062c\u0627\u0645\u0647\u0627 \u0648\u0642\u064a\u0645\u0647\u0627 \u0627\u0644\u0637\u0628\u064a\u0639\u064a\u0629\u060c \u0645\u0627 \u0633\u064a\u064f\u0646\u0634\u0626 \u0643\u0645\u0627 \u0646\u0631\u0649: \u201c\u0633\u0639\u0631\u0627\u064b \u0625\u062f\u0627\u0631\u064a\u0651\u064e\u0627\u064b\u201d \u201cAdministrative Price\u201d \u0645\u0635\u0637\u0646\u0639\u0627\u064b \u0628\u062f\u0644 \u0627\u0644\u0633\u0648\u0642\u064a \u0627\u0644\u062d\u0642\u064a\u0642\u064a \u0627\u0644\u0639\u0627\u062f\u0644.<\/p>\n

\u0647\u0630\u0627 \u0625\u0644\u0649 \u062c\u0627\u0646\u0628 \u0623\u0646\u0651\u064e \u0647\u0630\u0627 \u0627\u0644\u062f\u062e\u0648\u0644 \u201c\u0627\u0644\u0641\u0638\u201d \u0644\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a \u0639\u0628\u0631 \u0642\u0648\u0627\u0639\u062f \u0622\u0645\u0631\u0629[106] \u0639\u0644\u0649 \u0627\u0644\u0623\u0645\u0631 \u0627\u0644\u0645\u0641\u062a\u0648\u062d \u0627\u0644\u0645\u062f\u0651\u064e\u0629 \u0645\u064f\u0642\u0631\u0651\u0650\u0631\u0627\u064b \u0625\u0644\u063a\u0627\u0621\u0647\u060c \u064a\u0641\u0631\u0636 -\u0645\u0646 \u0648\u062c\u0647\u0629 \u0646\u0638\u0631\u0646\u0627- \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u062a\u0641\u0643\u064a\u0631 \u0628\u062a\u0647\u062f\u0626\u0629 \u0627\u0644\u0646\u0633\u0642 \u0627\u0644\u0635\u0627\u0631\u0645 \u0644\u0647\u0630\u0627 \u0627\u0644\u0646\u0638\u0627\u0645[107]\u060c \u0639\u0644\u0649 \u0639\u0643\u0633 \u0645\u0627 \u064a\u0631\u0627\u0647 \u062c\u0627\u0646\u0628 \u0645\u0646 \u0627\u0644\u0641\u0642\u0647 \u0627\u0644\u0639\u0631\u0628\u064a \u0645\u0646 \u0623\u0646\u0651\u064e \u0627\u0644\u0642\u064a\u0648\u062f \u0639\u0644\u0649 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u062a\u0633\u0644\u0628\u0647\u0627 \u0627\u062e\u062a\u0635\u0627\u0635\u0647\u0627 \u0627\u0644\u0623\u0635\u064a\u0644 \u0628\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629[108].<\/p>\n

\u0641\u0646\u0642\u0648\u0644 \u0647\u0646\u0627 \u0628\u0623\u0646\u0651\u064e \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0630\u064a \u0642\u062f \u0645\u0646\u062d \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0635\u0644\u0627\u062d\u064a\u0651\u064e\u0629 \u062a\u0633\u064a\u064a\u0631\u0647\u0627 \u0644\u0645 \u064a\u0633\u0645\u062d \u0644\u0647\u0630\u0647 \u0627\u0644\u0625\u062f\u0627\u0631\u0629 \u0628\u0627\u0635\u0637\u0646\u0627\u0639\u0647\u0627 \u0628\u062f\u0644 \u0625\u062f\u0627\u0631\u062a\u0647\u0627\u060c \u0648\u0646\u0631\u0649 \u0641\u064a \u0625\u0644\u063a\u0627\u0621 \u0627\u0644\u0623\u0645\u0631 \u0627\u0644\u0645\u0641\u062a\u0648\u062d \u0625\u0628\u0637\u0627\u0644\u0627\u064b \u0644\u0647 \u0628\u0634\u0643\u0644\u064d \u0645\u0628\u062a\u0633\u0631\u064d\u060c \u0645\u0646 \u0623\u062c\u0644 \u062a\u0632\u064a\u064a\u0641 \u0627\u0644\u0648\u0627\u0642\u0639 \u0641\u0642\u0637\u060c \u0623\u064a: \u0625\u062e\u0641\u0627\u0621 \u062a\u0631\u0627\u0643\u0645 \u0623\u0648\u0627\u0645\u0631 \u0645\u0641\u062a\u0648\u062d\u0629 \u062f\u0648\u0646 \u062a\u0646\u0641\u064a\u0630.<\/p>\n

\u0648\u064a\u062c\u062f\u0631 \u0628\u0646\u0627 \u0627\u0644\u0625\u0634\u0627\u0631\u0629 \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u0646\u0642\u0637\u0629 \u0625\u0644\u0649 \u0625\u0645\u0643\u0627\u0646\u064a\u0651\u064e\u0629 \u0641\u0631\u0636 \u062a\u063a\u064a\u064a\u0631 \u0627\u0644\u0637\u0628\u064a\u0639\u0629 \u0627\u0644\u0633\u0639\u0631\u064a\u0651\u064e\u0629 \u0644\u0644\u0623\u0645\u0631 \u0627\u0644\u0645\u0641\u062a\u0648\u062d \u0645\u0646 \u0623\u0645\u0631 \u0645\u062d\u062f\u0651\u064e\u062f \u0627\u0644\u0633\u0639\u0631 (LO) \u0625\u0644\u0649 \u0623\u0645\u0631 \u0628\u0633\u0639\u0631 \u0627\u0644\u0633\u0648\u0642 \u0623\u0648 \u0639\u0644\u0649 \u0623\u0641\u0636\u0644 \u0633\u0639\u0631 \u0633\u0648\u0642 (MO) \u0628\u0639\u062f \u0645\u0631\u0648\u0631 \u0645\u062f\u0651\u064e\u0629\u064d \u0645\u0639\u064a\u0651\u064e\u0646\u0629\u064d \u0639\u0644\u0649 \u0627\u0646\u062a\u0638\u0627\u0631\u0647 \u062f\u0648\u0646 \u062a\u0646\u0641\u064a\u0630 \u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0625\u0644\u063a\u0627\u0626\u0647 \u0627\u0644\u0641\u0648\u0631\u064a\u061b \u0648\u0630\u0644\u0643 \u0628\u063a\u0631\u0636 \u0625\u062a\u0627\u062d\u0629 \u0627\u0644\u0638\u0631\u0648\u0641 \u0627\u0644\u0633\u0639\u0631\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u064a \u062a\u0633\u0645\u062d \u0628\u0641\u062a\u062d \u0627\u0644\u0645\u0632\u064a\u062f \u0645\u0646 \u0641\u0631\u0635 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0623\u0645\u0627\u0645 \u0627\u0644\u0623\u0645\u0631 \u0627\u0644\u0645\u0641\u062a\u0648\u062d \u0627\u0644\u0630\u064a \u0637\u0627\u0644 \u0639\u0644\u064a\u0647 \u0627\u0644\u0632\u0645\u0646 \u062f\u0648\u0646 \u0623\u0646 \u064a\u062a\u0642\u0627\u0628\u0644 \u0645\u0639 \u0623\u0645\u0631 \u0645\u064f\u0637\u0627\u0628\u0642.<\/p>\n

\u062b\u0627\u0646\u064a\u0627\u064b: \u0625\u0644\u063a\u0627\u0621 \u0627\u0644\u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0645\u064f\u0646\u0641\u0651\u064e\u0630\u0629 \u062e\u0644\u0627\u0644 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0645\u0633\u062a\u0645\u0631 (\u0625\u0628\u0637\u0627\u0644 \u0639\u0642\u062f \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0645\u0628\u0631\u0645 \u062e\u0644\u0627\u0644 \u0627\u0644\u0627\u0633\u062a\u0645\u0631\u0627\u0631)<\/span><\/p>\n

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1- \u0635\u0644\u0627\u062d\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u0625\u0644\u063a\u0627\u0621 \u0627\u0644\u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0645\u064f\u0646\u0641\u0651\u064e\u0630\u0629<\/span><\/p>\n

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\u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0641\u0644\u0627 \u0645\u062c\u0627\u0644 \u0644\u0644\u062d\u062f\u064a\u062b \u0647\u0646\u0627 \u0639\u0646 \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0639\u0627\u0645\u0651\u064e\u0629 \u0627\u0644\u062a\u064a \u0623\u0636\u062d\u062a \u0628\u0639\u064a\u062f\u0629\u064b \u0639\u0646 \u0647\u0630\u0627 \u0627\u0644\u0637\u0631\u062d\u060c \u0643\u0645\u0627 \u0623\u0646\u0651\u064e \u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u0651\u064e\u0629 \u062a\u0638\u0647\u0631 \u0647\u0646\u0627 \u0628\u0645\u0638\u0647\u0631\u064d \u0647\u0632\u064a\u0644\u064d \u0641\u064a \u0645\u0648\u0627\u062c\u0647\u0629 \u0645\u062b\u0644 \u0647\u0630\u0647 \u0627\u0644\u0642\u0633\u0648\u0629 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a\u0651\u064e\u0629\u060c \u0648\u0647\u0643\u0630\u0627 \u0641\u0642\u062f \u062a\u0648\u0633\u0651\u064e\u0639 \u201c\u0645\u0639\u064a\u0627\u0631 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645\u201d \u201cNorm of Public Order\u201d[117] \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u0646\u0642\u0637\u0629 \u0625\u0644\u0649 \u0623\u0628\u0639\u062f \u0645\u062f\u0649.<\/p>\n

\u0648\u0644\u0643\u0646\u0651\u064e\u0646\u0627 \u0646\u0631\u0649 \u0623\u0646\u0651\u064e \u0645\u062c\u0644\u0633 \u0647\u064a\u0626\u0629 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a\u0651\u064e\u0629 \u064a\u0633\u062a\u0637\u064a\u0639\u064f \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0646\u0637\u0627\u0642 \u062a\u0641\u0639\u064a\u0644 \u0635\u0644\u0627\u062d\u064a\u0651\u064e\u062a\u0647 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629 \u0641\u064a: \u201c\u0627\u062a\u0651\u0650\u062e\u0627\u0630 \u0627\u0644\u0625\u062c\u0631\u0627\u0621\u0627\u062a \u0627\u0644\u0645\u0646\u0627\u0633\u0628\u0629 \u0627\u0644\u0643\u0641\u064a\u0644\u0629 \u0628\u062a\u0623\u0645\u064a\u0646 \u0627\u0633\u062a\u0645\u0631\u0627\u0631\u064a\u0629 \u0627\u0644\u0639\u0645\u0644 \u0641\u064a \u0623\u064a\u0651\u064d \u0645\u0646 \u0627\u0644\u0628\u0648\u0631\u0635\u0627\u062a \u0641\u064a \u062d\u0627\u0644 \u062d\u0635\u0648\u0644 \u0623\u064a\u0651\u0650 \u0639\u0627\u0631\u0636\u064d \u064a\u062d\u0648\u0644 \u062f\u0648\u0646 \u0627\u0633\u062a\u0645\u0631\u0627\u0631\u0647\u0627 \u0641\u064a \u062a\u0623\u062f\u064a\u0629 \u0645\u0647\u0627\u0645\u0647\u0627\u201d[118].<\/p>\n

\u0641\u0647\u0630\u0647 \u0627\u0644\u0642\u0627\u0639\u062f\u0629 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u064a \u0623\u0631\u0633\u0627\u0647\u0627 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a \u062a\u064f\u0631\u0633\u0651\u0650\u062e\u064f \u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0636\u0627\u0645\u0646\u0629 \u0644\u0644\u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u0643\u0645\u0627 \u0647\u0648 \u0645\u062a\u0639\u0627\u0631\u0641 \u0639\u0644\u064a\u0647\u0627 \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0629\u060c \u0648\u064a\u064f\u0634\u0643\u0651\u0650\u0644 \u0627\u0646\u062d\u0631\u0627\u0641 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0639\u0646 \u0647\u0630\u0647 \u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0639\u0627\u0631\u0636\u064c \u0645\u0646 \u0639\u0648\u0627\u0631\u0636 \u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u062a\u0646\u0641\u064a\u0630 \u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0625\u0646\u0652 \u0647\u064a \u0642\u0627\u0645\u062a \u0628\u0625\u0644\u063a\u0627\u0621 \u0627\u0644\u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u062e\u0644\u0627\u0644 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0645\u0633\u062a\u0645\u0631 \u0644\u0623\u0633\u0628\u0627\u0628\u064d \u0648\u0627\u0647\u064a\u0629\u064d \u063a\u064a\u0631 \u0645\u062f\u0631\u0648\u0633\u0629\u064d \u0623\u0648 \u0645\u0628\u0627\u0644\u063a\u064d \u0641\u064a\u0647\u0627 \u0634\u062f\u064a\u062f\u0629 \u0627\u0644\u062d\u0630\u0631\u060c \u0648\u064a\u062c\u0628 \u0641\u064a \u0643\u0644\u0651\u0650 \u0627\u0644\u0623\u062d\u0648\u0627\u0644 \u0623\u0644\u0627\u0651\u064e \u062a\u064f\u0641\u0633\u0651\u064e\u0631 \u0647\u0630\u0647 \u0627\u0644\u0642\u0627\u0639\u062f\u0629 \u0628\u063a\u0631\u0636 \u0645\u0646\u062d \u0627\u0644\u0647\u064a\u0626\u0629 \u0635\u0644\u0627\u062d\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0646\u064a\u0644 \u0645\u0646 \u0647\u064a\u0628\u0629 \u0625\u0628\u0631\u0627\u0645 \u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0623\u0648 \u062a\u0639\u062f\u064a\u0644\u0647\u0627 \u0623\u0648 \u0627\u0644\u0645\u0633\u0627\u0633 \u0628\u0633\u0639\u0631\u0647\u0627 \u0627\u0644\u0627\u062a\u0651\u0650\u0641\u0627\u0642\u064a \u0627\u0644\u0639\u0627\u062f\u0644.<\/p>\n

\u0648\u0647\u0630\u0627 \u0627\u0644\u0645\u0648\u0642\u0641 \u0627\u0644\u0631\u0642\u0627\u0628\u064a \u0644\u0645\u062c\u0644\u0633 \u0627\u0644\u0647\u064a\u0626\u0629 \u064a\u062d\u062a\u0627\u062c \u0644\u062a\u0648\u0627\u062c\u062f \u0648\u0639\u064a\u064d \u062a\u0646\u0638\u064a\u0645\u064a\u0651\u064d \u0648\u0645\u0631\u0648\u0646\u0629\u064d \u0641\u064a \u0627\u0644\u0631\u0624\u064a\u0629 \u0627\u0644\u0633\u0648\u0642\u064a\u0651\u064e\u0629 \u0644\u062f\u0649 \u0645\u0648\u0638\u0651\u064e\u0641\u064a \u0627\u0644\u0647\u064a\u0626\u0629 \u2013\u0648\u0647\u0645 \u0627\u0644\u062c\u0647\u0629 \u0627\u0644\u0631\u0642\u0627\u0628\u064a\u0651\u064e\u0629- \u064a\u062a\u062c\u0627\u0648\u0632\u064f \u0630\u0644\u0643 \u0627\u0644\u0645\u0648\u062c\u0648\u062f \u0644\u062f\u0649 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0627\u0644\u062a\u0642\u0646\u064a\u0651\u064e\u0629 \u0627\u0644\u0641\u0646\u064a\u0651\u064e\u0629\u060c \u0648\u0647\u0630\u0627 \u0627\u0644\u0623\u0645\u0631 \u0635\u0639\u0628 \u0627\u0644\u062a\u0648\u0641\u064a\u0631 \u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639 \u0644\u0645\u0627 \u0644\u0637\u0631\u064a\u0642\u0629 \u0627\u0644\u062a\u0641\u0643\u064a\u0631 \u0627\u0644\u0631\u0642\u0627\u0628\u064a\u0651\u064e\u0629 \u0641\u064a \u0627\u0644\u0639\u0627\u062f\u0629 \u0645\u0646 \u201c\u062a\u0633\u0644\u0651\u064f\u0637\u064a\u0651\u064e\u0629\u201d -\u0625\u0646 \u0635\u062d\u0651\u064e \u0627\u0644\u062a\u0639\u0628\u064a\u0631- \u0643\u0645\u0627 \u0633\u0646\u0631\u0649 \u0641\u064a \u0627\u0644\u0641\u0642\u0631\u0629 \u0627\u0644\u0642\u0627\u062f\u0645\u0629.<\/p>\n

2- \u062a\u0633\u0644\u0651\u064f\u0637 \u0627\u0644\u0647\u064a\u0626\u0629 \u0639\u0644\u0649 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u0625\u0644\u063a\u0627\u0621 \u0627\u0644\u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0645\u064f\u0646\u0641\u0651\u064e\u0630\u0629<\/span><\/p>\n

\u0644\u0642\u062f \u0632\u0627\u062f\u062a \u0627\u0644\u0635\u0644\u0627\u062d\u064a\u0651\u064e\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u062d\u062f\u0648\u062f\u0629 \u0627\u0644\u062a\u064a \u0645\u0646\u062d\u0647\u0627 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a \u0644\u0647\u064a\u0626\u0629 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a\u0651\u064e\u0629 \u0639\u0644\u0649 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0645\u0646 \u0627\u062d\u062a\u0645\u0627\u0644 \u062a\u0633\u0644\u0651\u064f\u0637 \u0627\u0644\u0647\u064a\u0626\u0629 \u0631\u0642\u0627\u0628\u064a\u0627\u064b \u0648\u062a\u0646\u0638\u064a\u0645\u064a\u0651\u064e\u0627\u064b \u0639\u0644\u0649 \u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a\u060c \u0628\u062f\u0644 \u062a\u0641\u0639\u064a\u0644 \u0636\u0645\u0627\u0646 \u062f\u0648\u0631 \u0627\u0644\u0647\u064a\u0626\u0629 \u0641\u064a \u0636\u0645\u0627\u0646 \u0627\u0633\u062a\u0645\u0631\u0627\u0631\u064a\u0651\u064e\u0629 \u0627\u0644\u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0640\u0645\u064f\u0646\u0641\u0651\u064e\u0630\u0629 \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0629\u060c \u062d\u064a\u062b \u0646\u0635\u0651\u064e \u0647\u0630\u0627 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0639\u0644\u0649 \u0623\u0646\u0651\u064e\u0647:<\/strong><\/span><\/p>\n

\u201c(\u0644\u0647\u064a\u0626\u0629 \u0627\u0644\u0623\u0633\u0648\u0627\u0642) \u0635\u0644\u0627\u062d\u064a\u0651\u064e\u0629 \u0625\u0635\u062f\u0627\u0631 \u0627\u0644\u062a\u0648\u062c\u064a\u0647\u0627\u062a \u0627\u0644\u0645\u0644\u0632\u0645\u0629 \u0625\u0644\u0649 \u0627\u0644\u0628\u0648\u0631\u0635\u0627\u062a \u0627\u0644\u0639\u0627\u0645\u0644\u0629 \u0628\u0634\u0623\u0646:<\/p>\n

\u0623 \u2013 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a \u0633\u0648\u0642 (\u0627\u0644\u0628\u0648\u0631\u0635\u0629) \u0623\u0648 \u0641\u064a \u0645\u0627 \u064a\u062a\u0639\u0644\u0642 \u0628\u0627\u0644\u0623\u062f\u0648\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u062f\u0631\u064e\u062c\u0629 \u0623\u0648 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u064e\u0644 \u0628\u0647\u0627 \u0641\u064a (\u0627\u0644\u0628\u0648\u0631\u0635\u0629).<\/p>\n

\u0628 \u2013 \u0622\u0644\u064a\u0629 \u0645\u0645\u0627\u0631\u0633\u0629 (\u0627\u0644\u0628\u0648\u0631\u0635\u0629) \u0644\u0623\u0639\u0645\u0627\u0644\u0647\u0627.<\/p>\n

\u062c \u2013 \u0623\u064a\u0651\u064e\u0629 \u0645\u0648\u0627\u0636\u064a\u0639 \u0623\u062e\u0631\u0649 \u062a\u0639\u062a\u0628\u0631\u0647\u0627 (\u0647\u064a\u0626\u0629 \u0627\u0644\u0623\u0633\u0648\u0627\u0642) \u0636\u0631\u0648\u0631\u064a\u0629\u064b \u0644\u062a\u0637\u0628\u064a\u0642 \u0647\u0630\u0627 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u201d[119].<\/p>\n

\u0641\u0647\u0630\u0647 \u201c\u0627\u0644\u0635\u0644\u0627\u062d\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0642\u0645\u0639\u064a\u0651\u064e\u0629\u201d[120] \u0643\u0641\u064a\u0644\u0629\u064c \u0628\u0625\u0641\u0631\u0627\u063a \u0627\u0644\u0633\u0644\u0637\u0629 \u0627\u0644\u0625\u062f\u0627\u0631\u064a\u0651\u064e\u0629 \u0644\u0644\u0628\u0648\u0631\u0635\u0629 \u0645\u0646 \u0645\u0636\u0645\u0648\u0646\u0647\u0627\u060c \u0648\u0625\u0639\u0645\u0627\u0644 \u0642\u0627\u0639\u062f\u0629 \u0645\u0631\u0643\u0632\u064a\u0651\u064e\u0629 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0645\u0646 \u062c\u0647\u0629 \u0631\u0642\u0627\u0628\u064a\u0651\u064e\u0629 \u0639\u0644\u064a\u0627[121] \u062f\u0648\u0646 \u0627\u0644\u0633\u0648\u0642\u064a\u0651\u064e\u0629\u060c \u0648\u0647\u0630\u0647 \u0627\u0644\u0648\u0642\u0627\u0626\u0639 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629 \u0644\u0627 \u062a\u062a\u0645\u0627\u0634\u0649 \u0628\u0627\u0644\u0645\u0637\u0644\u0642 \u0645\u0639 \u0645\u0641\u0647\u0648\u0645 \u0636\u0645\u0627\u0646 \u0627\u0633\u062a\u0645\u0631\u0627\u0631\u064a\u0651\u064e\u0629 \u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0623\u0648 \u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u062f\u0648\u0646 \u0625\u0644\u063a\u0627\u0621 \u062a\u0639\u0633\u0651\u064f\u0641\u064a\u060c \u0648\u062a\u062a\u0639\u0627\u0631\u0636 \u0628\u0634\u0643\u0644\u064d \u0643\u0628\u064a\u0631\u064d \u0645\u0639 \u062d\u0648\u0643\u0645\u0629 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629\u060c \u0648\u062d\u062a\u0649 \u0623\u0646\u0651\u064e \u0623\u0633\u0627\u0633\u0647\u0627 \u0627\u0644\u062f\u0633\u062a\u0648\u0631\u064a \u0645\u062d\u0644\u0651\u064f \u0646\u0642\u0627\u0634\u064d \u0641\u0642\u0647\u064a[122].<\/span><\/p>\n

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\u201c\u0627\u0644\u0645\u062e\u0627\u0644\u0641\u0629 \u0644\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u064a\u062c\u0628 \u0623\u0646 \u062a\u0643\u0648\u0646 \u0645\u0648\u062c\u0651\u064e\u0647\u0629\u064b\u060c \u0628\u0635\u0648\u0631\u0629 \u0623\u0633\u0627\u0633\u064a\u0651\u064e\u0629 \u0646\u062d\u0648 \u0627\u0644\u0645\u0635\u0644\u062d\u0629 \u0627\u0644\u0639\u0627\u0645\u0629 \u0644\u0644\u0645\u062c\u062a\u0645\u0639\u060c \u0648\u0644\u064a\u0633 \u0636\u062f\u0651\u064e \u0627\u0644\u0645\u0635\u0644\u062d\u0629 \u0627\u0644\u062e\u0627\u0635\u0651\u064e\u0629 \u0644\u0644\u0623\u0641\u0631\u0627\u062f\u201d[135].<\/p>\n

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\u0648\u0647\u0648 \u0645\u0627 \u064a\u062c\u0628 \u0623\u0646 \u064a\u064f\u0643\u0627\u0641\u062d\u0647 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a \u0644\u0627 \u0623\u0646\u0652 \u064a\u064f\u0643\u0631\u0651\u0650\u0633\u0647!!.<\/span><\/p>\n

\u0627\u0644\u0646\u062a\u0627\u0626\u062c<\/span><\/span><\/p>\n

-\u062a\u062e\u062a\u0644\u0641 \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0639\u0627\u0645\u0651\u064e\u0629 \u0639\u0646 \u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u064a \u064a\u0636\u0639\u0647\u0627 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0643\u0645\u0628\u0627\u062f\u0626 \u0639\u0627\u0645\u0651\u064e\u0629 \u0628\u0633\u0628\u0628 \u0648\u062c\u0648\u062f \u0625\u0645\u0643\u0627\u0646\u064a\u0651\u064e\u0629 \u0625\u0628\u0637\u0627\u0644 \u0627\u0644\u062a\u0639\u0627\u0642\u062f \u0627\u0644\u0635\u062d\u064a\u062d \u0646\u0638\u0631\u0627\u064b \u0644\u0638\u0631\u0648\u0641 \u0627\u0644\u0628\u0648\u0631\u0635\u0629.
\n-\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a \u064a\u0639\u0646\u064a \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0622\u0645\u0631\u0629 \u0648\u0627\u062c\u0628\u0629 \u0627\u0644\u062a\u0637\u0628\u064a\u0642 \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u063a\u0636\u0651\u0650 \u0627\u0644\u0646\u0638\u0631 \u0639\u0646 \u0645\u062e\u0627\u0644\u0641\u062a\u0647\u0627 \u0644\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0639\u0627\u0645\u0651\u064e\u0629 \u0623\u0648 \u062d\u062a\u0649 \u0644\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u0651\u064e\u0629.<\/span>
\n-\u0627\u0644\u062a\u0639\u0627\u0631\u0636 \u0627\u0644\u0646\u0627\u0634\u0626 \u0628\u064a\u0646 \u0635\u0644\u0627\u062d\u064a\u0651\u064e\u0627\u062a \u0641\u0631\u0636 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a \u0648\u0628\u064a\u0646 \u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u0651\u064e\u0629 \u0647\u0648 \u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639 \u062a\u0639\u0627\u0631\u0636 \u0628\u064a\u0646 \u0639\u0646\u0627\u0635\u0631 \u0630\u0627\u062a \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u061b \u0644\u0623\u0646\u0651\u064e \u0643\u0644\u0627\u0651\u064b \u0645\u0646 \u0627\u0644\u0635\u0644\u0627\u062d\u064a\u0651\u064e\u0627\u062a \u0648\u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0645\u0630\u0643\u0648\u0631\u0629 \u0645\u0641\u0631\u0648\u0636\u064c \u0628\u0646\u0635\u0648\u0635\u064d \u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629\u064d \u0622\u0645\u0631\u0629\u064d\u060c \u062a\u0624\u062f\u0651\u0650\u064a \u0645\u062e\u0627\u0644\u0641\u062a\u064f\u0647\u0627 \u0625\u0644\u0649 \u0625\u0628\u0637\u0627\u0644 \u0627\u0644\u062a\u0635\u0631\u0651\u064f\u0641.
\n-\u0627\u0644\u0635\u0644\u0627\u062d\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u064a \u062a\u0633\u0645\u062d \u0628\u062a\u0637\u0628\u064a\u0642 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a \u0642\u062f \u062a\u062a\u0639\u0627\u0631\u0636 \u0645\u0639 \u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u0651\u064e\u0629\u060c \u0631\u063a\u0645 \u0623\u0646\u0651\u064e \u0647\u0630\u0647 \u0627\u0644\u0635\u0644\u0627\u062d\u064a\u0651\u064e\u0627\u062a \u0642\u062f \u0648\u064f\u062c\u0650\u062f\u064e\u062a \u062d\u062a\u0649 \u062a\u062d\u0645\u064a \u062a\u0644\u0643 \u0627\u0644\u0645\u0628\u0627\u062f\u0626.<\/span>
\n-\u064a\u0638\u0647\u0631 \u062a\u0639\u0627\u0631\u0636 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a \u0645\u0639 \u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u0651\u064e\u0629 \u0641\u064a \u0645\u0633\u0623\u0644\u0629 \u0641\u0631\u0636 \u0625\u0644\u063a\u0627\u0621 \u0623\u0648\u0627\u0645\u0631 \u0648\u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0628\u0633\u0628\u0628 \u0627\u0644\u0645\u0628\u0627\u0644\u063a\u0629 \u0641\u064a \u0627\u0644\u062d\u0630\u0631 \u0645\u0639 \u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0639\u0627\u0645\u0651\u064e\u0629 \u0641\u064a \u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u0627\u0644\u0633\u0648\u0642 \u0648\u0639\u062f\u0627\u0644\u0629 \u0627\u0644\u062a\u0633\u0639\u064a\u0631.
\n-\u0639\u0642\u062f \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0627\u0644\u0640\u0645\u0646\u0638\u0651\u064e\u0645\u0629 \u2013\u0643\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a- \u0647\u0648 \u0639\u0642\u062f\u064c \u0634\u0643\u0644\u064a\u0651\u064c \u0648\u0644\u064a\u0633 \u0631\u0636\u0627\u0626\u064a\u0651\u064e\u0627\u064b\u061b \u0644\u0623\u0646\u0651\u064e \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a \u0642\u062f \u0641\u0631\u0636 \u0625\u0642\u0631\u0627\u0631 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0644\u0647 \u0648\u0625\u0639\u0644\u0627\u0646\u0647\u0627 \u0639\u0646\u0647 \u0642\u0628\u0644 \u062a\u0631\u062a\u064a\u0628\u0647 \u0644\u0623\u064a\u0651\u0650 \u0623\u062b\u0631\u064d \u0623\u0648 \u0627\u0644\u062a\u0632\u0627\u0645\u064d \u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064d\u060c \u0641\u0647\u0648 \u0643\u0627\u0644\u0639\u062f\u0645 \u0642\u0628\u0644 \u0625\u0642\u0631\u0627\u0631 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u0625\u0628\u0631\u0627\u0645 \u0639\u0645\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u060c \u0633\u0648\u0627\u0621\u064b \u062e\u0644\u0627\u0644 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a \u0623\u0645 \u0627\u0644\u0645\u0633\u062a\u0645\u0631\u060c \u0648\u0633\u0648\u0627\u0621\u064b \u0641\u064a\u0645\u0627 \u0628\u064a\u0646 \u0627\u0644\u0645\u062a\u0639\u0627\u0642\u062f\u064a\u0646 \u0623\u0648 \u062a\u062c\u0627\u0647 \u0627\u0644\u063a\u064a\u0631.<\/span>
\n-\u0627\u0644\u062d\u062f\u0648\u062f \u0627\u0644\u0633\u0639\u0631\u064a\u0651\u064e\u0629 \u0647\u064a \u0646\u0638\u0627\u0645 \u064a\u0642\u0648\u0645 \u0628\u062a\u0642\u064a\u064a\u062f \u0633\u0639\u0631 \u0627\u0644\u0633\u0648\u0642\u060c \u0648\u064a\u0635\u0637\u0646\u0639 \u0639\u0645\u0644\u064a\u0629 \u0627\u0633\u062a\u0643\u0634\u0627\u0641\u0647.
\n-\u0641\u0631\u0636 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0644\u062d\u062f\u0648\u062f\u064d \u0633\u0639\u0631\u064a\u0651\u064e\u0629\u064d \u062a\u0637\u0628\u064a\u0642\u0627\u064b \u0644\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a \u064a\u064f\u062e\u0627\u0644\u0641 \u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u0651\u064e\u0629 \u0641\u064a \u062d\u0645\u0627\u064a\u0629 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0639\u0627\u062f\u0644.<\/span>
\n-\u0636\u0631\u0648\u0631\u0629 \u0625\u0642\u0631\u0627\u0631 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0644\u0644\u0627\u0626\u062d\u0629 \u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u062e\u0644\u0627\u0644 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a \u064a\u0641\u0631\u0636 \u0634\u0643\u0644\u064a\u0651\u064e\u0629\u064b \u0645\u0644\u0632\u0645\u0629\u064b \u0644\u0625\u0642\u0631\u0627\u0631 \u062a\u0646\u0641\u064a\u0630 \u0647\u0630\u0647 \u0627\u0644\u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0648\u0641\u0642\u0627\u064b \u0644\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u0651\u064e\u0629.
\n-\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a \u064a\u0624\u062f\u0651\u0650\u064a \u0625\u0644\u0649 \u0625\u0641\u0633\u0627\u062f \u0627\u0644\u0633\u0648\u0642 \u0628\u0641\u0639\u0644 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a.<\/span>
\n-\u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0647\u0648 \u0627\u0644\u0623\u0633\u0627\u0633 \u0641\u064a \u0639\u0631\u0641 \u0627\u0644\u0628\u0648\u0631\u0635\u0629\u060c \u0648\u062b\u0628\u0627\u062a\u0647 \u0647\u0648 \u0627\u0644\u0627\u0633\u062a\u062b\u0646\u0627\u0621.
\n-\u064a\u0643\u0641\u0644 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0645\u0633\u062a\u0645\u0631 \u062a\u0646\u0641\u064a\u0630 \u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0628\u0634\u0643\u0644\u064d \u0641\u0648\u0631\u064a\u0651\u064d \u0637\u0648\u0627\u0644 \u062c\u0644\u0633\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0651\u064e\u0629 \u0645\u0639 \u0627\u0644\u0630\u0643\u0631 \u0627\u0644\u0622\u0646\u064a \u0627\u0644\u0640\u0645\u064f\u062d\u064a\u0651\u064e\u0646 \u0644\u0647\u0627 \u0639\u0644\u0649 \u0644\u0648\u062d\u0629 \u0627\u0644\u0623\u0648\u0627\u0645\u0631\u061b \u0645\u0627 \u064a\u062a\u062c\u0627\u0648\u0632 \u0625\u0634\u0643\u0627\u0644\u064a\u0651\u064e\u0629 \u0625\u0628\u0631\u0627\u0645\u0647\u0627 \u0648\u0639\u062f\u0645 \u0627\u0644\u0627\u0639\u062a\u0631\u0627\u0641 \u0628\u062a\u0646\u0641\u064a\u0630\u0647\u0627 \u0641\u064a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a.<\/span>
\n-\u064a\u062a\u0648\u0627\u0641\u0642 \u0625\u0644\u063a\u0627\u0621 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u0645\u0641\u062a\u0648\u062d\u0629 \u0627\u0644\u0645\u062f\u0651\u064e\u0629 \u0645\u0639 \u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u0651\u064e\u0629\u060c \u0644\u0643\u0646 \u0625\u0644\u063a\u0627\u0621 \u0647\u0630\u0647 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0641\u064a \u0643\u0644\u0651\u0650 \u062c\u0644\u0633\u0629 \u0639\u0644\u0649 \u062d\u062f\u0629 \u0644\u0639\u062f\u0645 \u062a\u0646\u0641\u064a\u0630\u0647\u0627 \u0625\u0639\u0645\u0627\u0644\u0627\u064b \u0644\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a \u064a\u062a\u0639\u0627\u0631\u0636 \u0645\u0639 \u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u0651\u064e\u0629.
\n-\u062a\u0633\u0644\u0651\u064f\u0637 \u0647\u064a\u0626\u0629 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0639\u0644\u0649 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u0641\u0639\u0644 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a \u064a\u064f\u0641\u0631\u0651\u0650\u063a\u064f \u0645\u0641\u0647\u0648\u0645 \u0627\u0644\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0630\u0627\u062a\u064a\u0651\u064e\u0629 \u0627\u0644\u0644\u0627\u0651\u064e\u0645\u0631\u0643\u0632\u064a\u0629 \u0644\u0644\u0633\u0648\u0642 \u0645\u0646 \u0645\u0641\u0647\u0648\u0645\u0647\u0627\u060c \u0648\u064a\u0646\u0642\u0644 \u0627\u0644\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0641\u0639\u0644\u064a\u0651\u064e\u0629 \u0645\u0646 \u062c\u0647\u0629 \u0627\u0644\u0625\u062f\u0627\u0631\u0629 (\u0627\u0644\u0628\u0648\u0631\u0635\u0629) \u0625\u0644\u0649 \u062c\u0647\u0629 \u0627\u0644\u062a\u0646\u0638\u064a\u0645 \u0648\u0627\u0644\u0631\u0642\u0627\u0628\u0629 (\u0627\u0644\u0647\u064a\u0626\u0629)\u060c \u0648\u064a\u064f\u062d\u0648\u0651\u0650\u0644 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0645\u0646 \u0633\u0648\u0642 \u0639\u0627\u062f\u0644\u0629\u064d \u062d\u0631\u0651\u064e\u0629\u064d \u0625\u0644\u0649 \u0633\u0648\u0642 \u0645\u0635\u0637\u0646\u0639\u0629\u064d \u0645\u0648\u062c\u0651\u064e\u0647\u0629\u064d.<\/span>
\n-\u0648\u0642\u0641 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0647\u0648 \u0641\u064a \u062d\u0642\u064a\u0642\u062a\u0647 \u0648\u0642\u0641 \u0644\u0644\u062a\u0633\u0639\u064a\u0631\u060c \u0648\u0647\u0648 \u0641\u064a \u0645\u0646\u0639\u0643\u0633\u0627\u062a\u0647 \u0627\u0644\u0633\u0648\u0642\u064a\u0651\u064e\u0629 \u0625\u0639\u0627\u0642\u0629 \u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u0627\u0644\u062a\u0633\u0639\u064a\u0631 \u0627\u0644\u0639\u0627\u062f\u0644\u060c \u0648\u0641\u064a \u0622\u062b\u0627\u0631\u0647 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629 \u062a\u0639\u0637\u064a\u0644 \u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u0651\u064e\u0629 \u0639\u0628\u0631 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a.
\n-\u062a\u0639\u0627\u0631\u0636 \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0639\u0627\u0645\u0651\u064e\u0629 \u0645\u0639 \u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u064a \u062a\u0631\u0627\u0639\u064a \u062e\u0635\u0648\u0635\u064a\u0651\u064e\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0648\u0627\u0644\u0645\u0647\u0627\u0645 \u0627\u0644\u062a\u0642\u0646\u064a\u0651\u064e\u0629 \u0627\u0644\u0640\u0645\u064f\u0644\u0642\u0627\u0629 \u0639\u0644\u0649 \u0639\u0627\u062a\u0642 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0648\u0627\u0644\u0647\u064a\u0626\u0629 \u0647\u0648 \u0623\u0645\u0631\u064c \u0637\u0628\u064a\u0639\u064a\u0651\u064c \u0628\u0644 \u0648\u0636\u0631\u0648\u0631\u064a\u0651\u064c \u0628\u0647\u062f\u0641 \u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u0625\u0637\u0627\u0631 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a \u0648\u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a \u0627\u0644\u0623\u0645\u062b\u0644 \u0644\u0644\u0628\u0648\u0631\u0635\u0629\u061b \u062d\u062a\u0649 \u062a\u062a\u062d\u0642\u0651\u064e\u0642 \u0639\u062f\u0627\u0644\u062a\u0647\u0627 \u0648\u0643\u0641\u0627\u0621\u062a\u0647\u0627 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0651\u064e\u0629 \u062b\u0645 \u062a\u0642\u0648\u0645 \u0628\u062f\u0648\u0631\u0647\u0627 \u0627\u0644\u0640\u0645\u064f\u0631\u062a\u062c\u0649.<\/span>
\n-\u0627\u0644\u062d\u0644\u0651\u064f \u0627\u0644\u0646\u0647\u0627\u0626\u064a\u0651\u064f \u0644\u0625\u0634\u0643\u0627\u0644\u064a\u0651\u064e\u0629 \u062a\u0639\u0627\u0631\u0636 \u0641\u0631\u0636 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a \u0645\u0639 \u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u0651\u064e\u0629 \u064a\u0643\u0645\u0646 \u0641\u064a \u0631\u0642\u0627\u0628\u0629 \u0647\u064a\u0626\u0629 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0639\u0644\u0649 \u0627\u0644\u0628\u0648\u0631\u0635\u0629\u060c \u0648\u0627\u0644\u0631\u0642\u0627\u0628\u0629 \u0627\u0644\u0642\u0636\u0627\u0626\u064a\u0651\u064e\u0629 \u0639\u0644\u0649 \u0642\u0631\u0627\u0631\u0627\u062a \u0627\u0644\u0647\u064a\u0626\u0629 \u0627\u0644\u062a\u064a \u062a\u0641\u0631\u0636 \u0641\u064a\u0647\u0627 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a \u0645\u0646 \u0645\u062c\u0644\u0633 \u0634\u0648\u0631\u0649 \u0627\u0644\u062f\u0648\u0644\u0629 \u0641\u064a \u0644\u0628\u0646\u0627\u0646 \u0648\u0645\u062d\u0643\u0645\u0629 \u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u061b \u0637\u0627\u0644\u0645\u0627 \u0623\u0646\u0651\u064e \u0627\u0644\u0647\u064a\u0626\u0629 \u0647\u064a \u0633\u0644\u0637\u0629 \u0625\u062f\u0627\u0631\u064a\u0651\u064e\u0629 \u0639\u0644\u064a\u0627 \u0644\u0627 \u0645\u064f\u0639\u0642\u0651\u0650\u0628 \u0623\u0648 \u0631\u0642\u064a\u0628 \u0625\u062f\u0627\u0631\u064a \u0639\u0644\u0649 \u0642\u0631\u0627\u0631\u0647\u0627.
\n\u0627\u0644\u0645\u0642\u062a\u0631\u062d\u0627\u062a<\/span><\/span><\/p>\n

\u062a\u0631\u062a\u064a\u0628 \u0623\u0631\u0643\u0627\u0646 \u201c\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u201d \u0628\u0627\u0644\u062a\u0633\u0644\u0633\u0644 \u0627\u0644\u062a\u0627\u0644\u064a:<\/strong><\/span>
\n\u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u0651\u064e\u0629 \u0627\u0644\u0639\u0627\u0645\u0651\u064e\u0629 \u0644\u0625\u0631\u0633\u0627\u0621 \u0628\u0648\u0631\u0635\u0629 \u0639\u0627\u062f\u0644\u0629\u060c \u0648\u0645\u064f\u062b\u064f\u0644\u0650\u0647\u0627 \u0627\u0644\u0639\u0644\u064a\u0627 \u0627\u0644\u0648\u0627\u062c\u0628\u0629 \u0627\u0644\u0627\u062d\u062a\u0631\u0627\u0645 \u0642\u0627\u0646\u0648\u0646\u0627\u064b\u060c \u0648\u0627\u0644\u062a\u064a \u0642\u062f \u062a\u0634\u0643\u0651\u064e\u0644\u062a \u0641\u064a \u0645\u0639\u0638\u0645\u0647\u0627 \u0628\u0641\u0639\u0644 \u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0623\u0639\u0631\u0627\u0641 \u0627\u0644\u0628\u0648\u0631\u0635\u0629[138].
\n\u0635\u0644\u0627\u062d\u064a\u0651\u064e\u0627\u062a \u0641\u0631\u0636 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a \u0627\u0644\u0645\u0633\u062a\u0646\u062f\u0629 \u0625\u0644\u0649 \u0645\u062c\u0645\u0648\u0639\u0629 \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629 \u0627\u0644\u0622\u0645\u0631\u0629 \u0627\u0644\u062a\u064a \u0644\u0627 \u064a\u062c\u0648\u0632 \u0627\u0644\u0627\u062a\u0651\u0650\u0641\u0627\u0642 \u0639\u0644\u0649 \u0645\u062e\u0627\u0644\u0641\u062a\u0647\u0627 \u0648\u0641\u0642\u0627\u064b \u0644\u0642\u0648\u0627\u0646\u064a\u0646 \u0627\u0644\u0628\u0648\u0631\u0635\u0629.<\/span>
\n\u0627\u0644\u0645\u0635\u0627\u0644\u062d \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0651\u064e\u0629 \u0627\u0644\u062c\u0648\u0647\u0631\u064a\u0651\u064e\u0629[139] \u0641\u064a \u0625\u0631\u0633\u0627\u0621 \u0628\u0648\u0631\u0635\u0629 \u0645\u0633\u062a\u0642\u0631\u0651\u064e\u0629 \u0630\u0627\u062a \u0643\u0641\u0627\u0621\u0629 \u0639\u0627\u0644\u064a\u0629 \u0627\u0644\u062a\u064a \u0643\u0641\u0644\u062a\u0647\u0627 \u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u0651\u064e\u0629.
\n\u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629 \u0627\u0644\u0639\u0627\u0645\u0651\u064e\u0629 \u0641\u064a \u062d\u0627\u0644\u0629 \u0627\u0644\u0641\u0631\u0627\u063a \u0627\u0644\u062a\u0634\u0631\u064a\u0639\u064a \u0627\u0644\u062e\u0627\u0635 \u0648\u0627\u0644\u0639\u0631\u0641\u064a.<\/span>
\n\u0627\u0644\u0646\u0635\u0651\u064f \u0641\u064a \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a \u0628\u062e\u0635\u0648\u0635 \u201c\u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u0651\u064e\u0629\u201d \u0639\u0644\u0649 \u0623\u0646\u0651\u064e:<\/strong><\/span>
\n\u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0645\u0644\u0632\u0645\u0629 \u0648\u0641\u0642\u0627\u064b \u0644\u0647\u0630\u0627 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0648\u0627\u062c\u0628\u0629 \u0627\u0644\u062a\u0637\u0628\u064a\u0642 \u0648\u0625\u0646\u0652 \u062e\u0627\u0644\u0641\u062a \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0639\u0627\u0645\u0651\u064e\u0629.<\/span>
\n\u064a\u062a\u0645\u0651\u064f \u062a\u0646\u0641\u064a\u0630 \u0639\u0645\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0639\u0642\u062f \u062a\u062f\u0627\u0648\u0644 \u0628\u0633\u0639\u0631 \u0627\u062a\u0651\u0650\u0641\u0627\u0642\u064a -\u0633\u0648\u0627\u0621\u064b \u0623\u0643\u0627\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a \u0623\u0645 \u0627\u0644\u0645\u0633\u062a\u0645\u0631- \u0628\u062d\u064a\u062b \u064a\u062e\u0636\u0639 \u0644\u0634\u0643\u0644\u064a\u0651\u064e\u0629 \u0625\u0642\u0631\u0627\u0631 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0644\u0647 \u0641\u064a \u062d\u062f\u0648\u062f \u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0639\u062f\u0627\u0644\u0629 \u0627\u0644\u0633\u0648\u0642.
\n\u0627\u0644\u0635\u0644\u0627\u062d\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a\u0651\u064e\u0629 \u0627\u0644\u0645\u0641\u0631\u0648\u0636\u0629 \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0647\u0630\u0627 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u064a\u062c\u0628 \u0623\u0644\u0627\u0651\u064e \u062a\u062a\u0639\u0627\u0631\u0636 \u0645\u0639 \u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0648\u0627\u062c\u0628 \u062a\u0637\u0628\u064a\u0642\u0647\u0627 \u0644\u0644\u0648\u0635\u0648\u0644 \u0625\u0644\u0649 \u0628\u0648\u0631\u0635\u0629 \u0639\u0627\u062f\u0644\u0629.<\/span>
\n\u0627\u0644\u0646\u0635\u0648\u0635 \u0648\u0627\u0644\u062a\u0639\u0644\u064a\u0645\u0627\u062a \u0648\u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0648\u0627\u0644\u0623\u0646\u0638\u0645\u0629 \u0627\u0644\u062f\u0627\u062e\u0644\u064a\u0651\u064e\u0629 \u0644\u0644\u0628\u0648\u0631\u0635\u0629 \u064a\u062c\u0628 \u0623\u0646 \u062a\u0631\u0636\u062e\u064e \u0644\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0640\u0645\u064f\u0643\u0631\u0651\u064e\u0633\u0629 \u0648\u0641\u0642\u0627\u064b \u0644\u0644\u0642\u0627\u0646\u0648\u0646 \u0641\u064a \u0634\u0643\u0644\u0647\u0627 \u0648\u0645\u0636\u0645\u0648\u0646\u0647\u0627.
\n\u0623\u064a\u0651\u064f \u0627\u0646\u062d\u0631\u0627\u0641\u064d \u0645\u0646 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0623\u0648 \u0647\u064a\u0626\u0629 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0641\u064a \u062a\u0637\u0628\u064a\u0642 \u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0645\u0646\u0635\u0648\u0635 \u0639\u0644\u064a\u0647\u0627 \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0628\u0645\u0627 \u064a\u0645\u0633\u0651\u064f \u0628\u0639\u062f\u0627\u0644\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0648\u0645\u0635\u0627\u0644\u062d \u062c\u0645\u0647\u0648\u0631 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646\u060c \u064a\u064f\u0642\u064a\u0645\u064f \u0627\u0644\u0645\u0633\u0624\u0648\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629 \u0628\u0627\u0644\u062a\u0639\u0648\u064a\u0636 \u0639\u0646 \u0627\u0644\u062e\u0633\u0627\u0626\u0631 \u0627\u0644\u0645\u062a\u0631\u062a\u0651\u0650\u0628\u0629 \u0639\u0646 \u0647\u0630\u0627 \u0627\u0644\u0627\u0646\u062d\u0631\u0627\u0641[140] \u0633\u0648\u0627\u0621\u064b \u0639\u0628\u0631 \u0627\u0644\u0642\u0631\u0627\u0631\u0627\u062a \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a\u0651\u064e\u0629 \u0623\u0645\u0627\u0645 \u0645\u062c\u0644\u0633 \u0634\u0648\u0631\u0649 \u0627\u0644\u062f\u0648\u0644\u0629 \u0641\u064a \u0644\u0628\u0646\u0627\u0646\u060c \u0623\u0645 \u0627\u0644\u0642\u0631\u0627\u0631\u0627\u062a \u0627\u0644\u0641\u0631\u062f\u064a\u0651\u064e\u0629 \u0623\u0645\u0627\u0645 \u0645\u062d\u0643\u0645\u0629 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629.<\/span>
\n\u062a\u0631\u0633\u064a\u062e \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a \u0641\u064a \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a \u0628\u063a\u0627\u064a\u0629 \u062d\u0645\u0627\u064a\u0629 \u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0641\u064a \u062a\u0646\u0641\u064a\u0630 \u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0648\u062a\u0633\u0639\u064a\u0631\u0647\u0627 \u0639\u0644\u0649 \u0623\u0644\u0627\u0651\u064e \u064a\u0624\u062f\u0651\u0650\u064a \u0630\u0644\u0643 \u0625\u0644\u0649 \u0627\u0644\u0625\u0636\u0631\u0627\u0631 \u0628\u0645\u0635\u0627\u0644\u062d \u062c\u0645\u0647\u0648\u0631 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646\u060c \u0644\u0623\u0646\u0651\u064e \u0630\u0644\u0643 \u0633\u064a\u0635\u0637\u0646\u0639 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0648\u064a\u064f\u0646\u0634\u0626 \u0628\u064a\u0626\u0629\u064b \u0637\u0627\u0631\u062f\u0629\u064b \u0644\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u060c \u0645\u0627 \u0633\u064a\u0624\u062f\u0651\u0650\u064a \u0625\u0644\u0649 \u0627\u0644\u0625\u0636\u0631\u0627\u0631 \u0628\u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u0627\u0644\u0646\u062a\u064a\u062c\u0629.
\n\u062a\u0648\u0635\u064a\u0641 \u0639\u0645\u0644 \u0625\u0628\u0637\u0627\u0644 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0623\u0648 \u0627\u0644\u0647\u064a\u0626\u0629 \u0644\u0623\u0645\u0631 \u0623\u0648 \u0639\u0645\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0628\u0640: \u201c\u0627\u0644\u0631\u0641\u0636\u201d\u060c \u0648\u062a\u0648\u0635\u064a\u0641 \u0639\u0645\u0644 \u0627\u0644\u0645\u0633\u062a\u0645\u0631 \u0628\u0627\u0644\u062a\u0631\u0627\u062c\u0639 \u0639\u0646 \u0625\u0631\u0633\u0627\u0644 \u0623\u0645\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0628\u0640: \u201c\u0627\u0644\u0625\u0644\u063a\u0627\u0621\u201d.<\/span>
\n\u062a\u0637\u0628\u064a\u0642 \u0646\u0638\u0627\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a \u062e\u0644\u0627\u0644 \u062c\u0644\u0633\u0629 \u0627\u0644\u0627\u0641\u062a\u062a\u0627\u062d \u0641\u0642\u0637\u060c \u0648\u0641\u0631\u0636 \u0646\u0638\u0627\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0645\u0633\u062a\u0645\u0631 \u0637\u0648\u0627\u0644 \u062c\u0644\u0633\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0651\u064e\u0629 \u0641\u064a \u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a\u060c \u0648\u0630\u0644\u0643 \u0639\u0628\u0631 \u062e\u0637\u0651\u064e\u0629 \u0639\u0645\u0644 \u0645\u062a\u062f\u0631\u0651\u0650\u062c\u0629 \u062a\u0631\u0627\u0639\u064a \u0638\u0631\u0648\u0641 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0648\u0645\u062f\u0649 \u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0623\u0633\u0639\u0627\u0631\u0647\u0627 \u0645\u0646 \u062c\u0647\u0629 \u0648\u0627\u0646\u062a\u0634\u0627\u0631 \u062b\u0642\u0627\u0641\u0629 \u0627\u0644\u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u0648\u0633\u0631\u0639\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0644\u062f\u0649 \u062c\u0645\u0647\u0648\u0631 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0645\u0646 \u062c\u0647\u0629 \u0623\u062e\u0631\u0649.
\n\u0625\u0644\u063a\u0627\u0621 \u0627\u0644\u0635\u0644\u0627\u062d\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0639\u0627\u0645\u0651\u064e\u0629 \u0628\u0631\u0641\u0636 \u0648\u0625\u0628\u0637\u0627\u0644 \u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0623\u0648 \u0627\u0644\u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0640\u0645\u064f\u0646\u0641\u0651\u064e\u0630\u0629 \u0645\u0646 \u0625\u062f\u0627\u0631\u0629 \u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a \u0648\u0647\u064a\u0626\u0629 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0643\u0645\u0628\u062f\u0623\u064d \u0639\u0627\u0645\u0651\u064d\u060c \u0648\u0625\u062a\u0627\u062d\u0629 \u0627\u0644\u0625\u0644\u063a\u0627\u0621 \u0641\u064a \u0627\u0644\u062d\u0627\u0644\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u062b\u0646\u0627\u0626\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u0627\u0644\u064a\u0629:<\/span><\/strong>
\n\u0627\u0646\u062a\u0647\u0627\u0643 \u0627\u0644\u062d\u062f\u0648\u062f \u0627\u0644\u0633\u0639\u0631\u064a\u0651\u064e\u0629 \u0623\u0648 \u0627\u0644\u0632\u0645\u0646\u064a\u0651\u064e\u0629 \u0641\u064a \u0623\u0648\u0642\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u062a\u0642\u0644\u0651\u0650\u0628\u0629 \u0641\u0642\u0637.
\n\u0627\u0631\u062a\u0643\u0627\u0628 \u062c\u0631\u0645 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u062f\u0627\u062e\u0644\u064a\u0629 \u0623\u0648 \u0627\u0644\u062a\u0644\u0627\u0639\u0628 \u0628\u0627\u0644\u0623\u0633\u0639\u0627\u0631.<\/span><\/strong>
\n\u0639\u062f\u0645 \u0627\u0644\u0633\u0645\u0627\u062d \u0644\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u0627\u062a\u0651\u0650\u062e\u0627\u0630 \u0642\u0631\u0627\u0631 \u0648\u0642\u0641 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a\u0647\u0627 \u0625\u0644\u0627\u0651\u064e \u0641\u064a \u062d\u0627\u0644\u0627\u062a \u0627\u0633\u062a\u062b\u0646\u0627\u0626\u064a\u0651\u064e\u0629 \u0645\u062d\u062f\u0651\u064e\u062f\u0629 \u0628\u0634\u0643\u0644 \u062d\u0635\u0631\u064a \u0648\u0645\u0639\u0631\u0651\u064e\u0641\u0629 \u0628\u0634\u0643\u0644 \u0648\u0627\u0636\u062d\u060c \u0648\u0630\u0644\u0643 \u0628\u0639\u062f \u0623\u062e\u0630 \u0645\u0648\u0627\u0641\u0642\u0629 \u0647\u064a\u0626\u0629 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0639\u0644\u0649 \u0647\u0630\u0627 \u0627\u0644\u0642\u0631\u0627\u0631.
\n\u0625\u0646\u0634\u0627\u0621 \u0647\u064a\u0626\u0629 \u063a\u064a\u0631 \u0631\u0628\u062d\u064a\u0651\u064e\u0629 \u0628\u0639\u0636\u0648\u064a\u0651\u064e\u0629 \u0643\u0644 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646 \u0627\u0644\u0645\u0633\u062c\u0651\u064e\u0644\u064a\u0646 \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u062d\u0633\u0627\u0628 \u062a\u062f\u0627\u0648\u0644\u060c \u0639\u0644\u0649 \u0623\u0646 \u064a\u0643\u0648\u0646 \u0647\u062f\u0641\u0647\u0627 \u062d\u0645\u0627\u064a\u0629 \u062c\u0645\u0647\u0648\u0631 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0645\u0646 \u0623\u062e\u0637\u0627\u0621 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0648\u0647\u064a\u0626\u0629 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0639\u0628\u0631 \u062a\u0642\u062f\u064a\u0645 \u0627\u0644\u0634\u0643\u0627\u0648\u064a \u0648\u0627\u0644\u0637\u0639\u0648\u0646 \u0641\u064a \u0642\u0631\u0627\u0631\u0627\u062a \u0633\u0644\u0637\u0629 \u0627\u0644\u0633\u0648\u0642\u060c \u0648\u0625\u0642\u0627\u0645\u0629 \u062f\u0639\u0627\u0648\u064a \u0627\u0644\u062a\u0639\u0648\u064a\u0636 \u0644\u0645\u0635\u0644\u062d\u0629 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0623\u0635\u0627\u0644\u0629 \u0639\u0646 \u0646\u0641\u0633\u0647\u0627 \u0648\u0648\u0643\u0627\u0644\u0629 \u0639\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0627\u0644\u0640\u0645\u064f\u062a\u0636\u0631\u0651\u0650\u0631.<\/strong><\/span>
\n\u0625\u0642\u0627\u0645\u0629 \u0645\u0624\u062a\u0645\u0631 \u0639\u0644\u0645\u064a \u0642\u0627\u0646\u0648\u0646\u064a \u0645\u0627\u0644\u064a \u0644\u062a\u0648\u0636\u064a\u062d \u0645\u0639\u0646\u0649 \u201c\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u201d \u0648\u0643\u064a\u0641\u064a\u0651\u064e\u0629 \u062a\u062c\u062f\u064a\u062f\u0647 \u0644\u0644\u0640: \u201c\u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0639\u0627\u0645\u0651\u064e\u0629\u201d\u060c \u0648\u062a\u062c\u0627\u0630\u0628\u0627\u062a\u0647 \u0645\u0639 \u201c\u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u0629\u201d.<\/p>\n

\u0627\u0644\u0645\u0631\u0627\u062c\u0639<\/span><\/p>\n

\u0623\u0648\u0644\u0627\u064b: \u0627\u0644\u0645\u0624\u0644\u0651\u064e\u0641\u0627\u062a \u0628\u0627\u0644\u0644\u0651\u064f\u063a\u0629 \u0627\u0644\u0639\u0631\u0628\u064a\u0651\u064e\u0629:<\/span><\/p>\n

1- \u0627\u0644\u0643\u062a\u0628:<\/span><\/span><\/p>\n

* \u062f. \u0627\u0644\u0633\u0646\u0647\u0648\u0631\u064a \u0639\u0628\u062f \u0627\u0644\u0631\u0632\u0627\u0642\u060c \u0627\u0644\u0648\u0633\u064a\u0637\u060c \u0627\u0644\u062c\u0632\u0621 \u0627\u0644\u0623\u0648\u0644\u060c \u0645\u0635\u0627\u062f\u0631 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645.<\/p>\n

* \u0627\u0644\u062d\u0645\u0631\u0627\u0646\u064a \u0635\u0627\u0644\u062d \u0631\u0627\u0634\u062f\u060c \u062f\u0648\u0631 \u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0633\u0645\u0633\u0631\u0629 \u0641\u064a \u0628\u0648\u0631\u0635\u0629 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629\u060c \u0645\u0624\u0633\u0633\u0629 \u0627\u0644\u0628\u064a\u0627\u0646 \u0644\u0644\u0637\u0628\u0627\u0639\u0629 \u0648\u0627\u0644\u0646\u0634\u0631 \u0648\u0627\u0644\u062a\u0648\u0632\u064a\u0639\u060c \u0645\u0643\u062a\u0628\u0629 \u062f\u0628\u064a \u0644\u0644\u062a\u0648\u0632\u064a\u0639\u060c \u062f\u0628\u064a\u060c \u0639\u0627\u0645 2004.<\/p>\n

* \u062f. \u0627\u0644\u0645\u062d\u0645\u062f \u0635\u0628\u062d\u064a\u060c \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0623\u0632\u0645\u0627\u062a\u060c \u0645\u0631\u0643\u0632 \u0627\u0644\u062a\u0639\u0644\u064a\u0645 \u0627\u0644\u0645\u0641\u062a\u0648\u062d\u060c \u0627\u0644\u0625\u062f\u0627\u0631\u0629 \u0648\u0627\u0644\u0645\u062d\u0627\u0633\u0628\u0629 \u0641\u064a \u0627\u0644\u0645\u0634\u0631\u0648\u0639\u0627\u062a \u0627\u0644\u0635\u063a\u064a\u0631\u0629 \u0648\u0627\u0644\u0645\u062a\u0648\u0633\u0651\u0650\u0637\u0629\u060c \u0645\u0646\u0634\u0648\u0631\u0627\u062a \u062c\u0627\u0645\u0639\u0629 \u062d\u0644\u0628\u060c \u0627\u0644\u062c\u0645\u0647\u0648\u0631\u064a\u0651\u064e\u0629 \u0627\u0644\u0639\u0631\u0628\u064a\u0651\u064e\u0629 \u0627\u0644\u0633\u0648\u0631\u064a\u0651\u064e\u0629\u060c 2011.<\/p>\n

* \u0645\u062d\u0645\u0648\u062f \u0634\u0639\u0628\u0627\u0646 \u0623\u062d\u0645\u062f\u060c \u0633\u0644\u064a\u0645 \u0631\u062c\u0628 \u0639\u0628\u062f \u0627\u0644\u062d\u0643\u064a\u0645:<\/p>\n

\u0634\u0631\u062d \u0623\u062d\u0643\u0627\u0645 \u0642\u0627\u0646\u0648\u0646 \u0633\u0648\u0642 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644\u060c \u0627\u0644\u062c\u0632\u0621 \u0627\u0644\u0623\u0648\u0644\u060c \u062f\u0627\u0631 \u0623\u0628\u0648 \u0627\u0644\u0645\u062c\u062f \u0644\u0644\u0637\u0628\u0627\u0639\u0629 \u0628\u0627\u0644\u0647\u0631\u0645\u060c \u0627\u0644\u0642\u0627\u0647\u0631\u0629\u060c 2004\u060c \u0627\u0644\u0637\u0628\u0639\u0629 \u0627\u0644\u0623\u0648\u0644\u0649.
\n\u0634\u0631\u062d \u0623\u062d\u0643\u0627\u0645 \u0642\u0627\u0646\u0648\u0646 \u0633\u0648\u0642 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644\u060c \u0627\u0644\u062c\u0632\u0621 \u0627\u0644\u062b\u0627\u0646\u064a\u060c \u062f\u0627\u0631 \u0623\u0628\u0648 \u0627\u0644\u0645\u062c\u062f \u0644\u0644\u0637\u0628\u0627\u0639\u0629 \u0628\u0627\u0644\u0647\u0631\u0645\u060c \u0627\u0644\u0642\u0627\u0647\u0631\u0629\u060c 2004\u060c \u0627\u0644\u0637\u0628\u0639\u0629 \u0627\u0644\u0623\u0648\u0644\u0649.
\n* \u062f. \u0647\u0644\u0627\u0644\u064a \u062d\u0633\u064a\u0646\u060c \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u0629 \u0648\u0627\u0644\u0628\u0648\u0631\u0635\u0627\u062a \u2013 \u0645\u062f\u062e\u0644 \u0645\u062a\u0643\u0627\u0645\u0644\u060c \u062f\u0627\u0631 \u0627\u0644\u0646\u0647\u0636\u0629 \u0627\u0644\u0639\u0631\u0628\u064a\u0651\u064e\u0629 \u0644\u0644\u0646\u0634\u0631\u060c \u0627\u0644\u0642\u0627\u0647\u0631\u0629\u060c 1999\u060c \u0627\u0644\u0637\u0628\u0639\u0629 \u0627\u0644\u0623\u0648\u0644\u0649.<\/p>\n

* \u062f. \u0647\u0646\u062f\u064a \u0645\u0646\u064a\u0631 \u0625\u0628\u0631\u0627\u0647\u064a\u0645\u060c \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0648\u0623\u0633\u0648\u0627\u0642 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644\u060c \u0645\u0646\u0634\u0623\u0629 \u0627\u0644\u0645\u0639\u0627\u0631\u0641\u060c \u0627\u0644\u0627\u0633\u0643\u0646\u062f\u0631\u064a\u0651\u064e\u0629\u060c \u0639\u0627\u0645 1993.<\/p>\n

* \u0627\u0644\u0647\u0646\u062f\u064a \u062e\u0644\u064a\u0644\u060c \u0627\u0644\u0646\u0627\u0634\u0641 \u0627\u0646\u0637\u0648\u0627\u0646\u060c \u0627\u0644\u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0651\u064e\u0629 \u0648\u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629\u060c \u0627\u0644\u062c\u0632\u0621 \u0627\u0644\u062b\u0627\u0646\u064a\u060c \u0627\u0644\u0645\u0641\u0647\u0648\u0645 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a \u0644\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0648\u0645\u062f\u0649 \u0639\u0644\u0627\u0642\u062a\u0647\u0627 \u0628\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u060c \u0627\u0644\u0645\u0624\u0633\u0651\u064e\u0633\u0629 \u0627\u0644\u062d\u062f\u064a\u062b\u0629 \u0644\u0644\u0643\u062a\u0627\u0628\u060c \u0637\u0631\u0627\u0628\u0644\u0633\u060c \u0644\u0628\u0646\u0627\u0646\u060c 2000.<\/p>\n

* \u064a\u0627\u0633\u064a\u0646 \u0645\u062d\u0645\u062f \u064a\u0648\u0633\u0641\u060c \u0627\u0644\u0628\u0648\u0631\u0635\u0629\u060c \u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u2013 \u062a\u0646\u0627\u0632\u0639 \u0627\u0644\u0642\u0648\u0627\u0646\u064a\u0646 \u2013 \u0627\u062e\u062a\u0635\u0627\u0635 \u0627\u0644\u0645\u062d\u0627\u0643\u0645\u060c \u0645\u0646\u0634\u0648\u0631\u0627\u062a \u0627\u0644\u062d\u0644\u0628\u064a \u0627\u0644\u062d\u0642\u0648\u0642\u064a\u0651\u064e\u0629\u060c \u0628\u064a\u0631\u0648\u062a\u060c \u0639\u0627\u0645 2004.<\/p>\n

2- \u0627\u0644\u0623\u0628\u062d\u0627\u062b \u0627\u0644\u0645\u062d\u0643\u0645\u0629:<\/span><\/p>\n

* \u062f. \u062d\u0633\u0648\u0646\u0629 \u0639\u0628\u062f \u0627\u0644\u063a\u0646\u064a\u060c \u201c\u0627\u0644\u0648\u0633\u0627\u0637\u0629 \u0641\u064a \u0628\u0648\u0631\u0635\u0629 \u0627\u0644\u0642\u064a\u0645 \u0627\u0644\u0645\u0646\u0642\u0648\u0644\u0629\u201d\u060c \u0645\u062c\u0644\u0651\u064e\u0629 \u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629 \u0648\u0627\u0644\u0633\u064a\u0627\u0633\u064a\u0651\u064e\u0629\u060c \u0639\u062f\u062f 13\u060c \u062c\u0648\u0627\u0646 2016\u060c \u0635\u0635\u0640 145-155.<\/p>\n

* \u062f\u063a\u0645\u0648\u0645 \u0647\u0634\u0627\u0645\u060c \u0642\u0628\u0627\u0644\u064a \u0639\u0628\u062f \u0627\u0644\u0646\u0648\u0631\u060c \u062c\u062f\u0627\u0631 \u0631\u064a\u0627\u0636\u060c \u201d \u0648\u0627\u0642\u0639 \u0648\u062f\u0648\u0631 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0627\u0644\u062c\u0632\u0627\u0626\u0631\u064a\u0629 \u0641\u064a \u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u062a\u0646\u0645\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0628\u0627\u0644\u062c\u0632\u0627\u0626\u0631 \u0627\u0644\u0645\u0639\u0648\u0642\u0627\u062a \u0648\u0627\u0644\u062d\u0644\u0648\u0644\u201d\u060c \u0645\u062c\u0644\u0629 \u0627\u0644\u0645\u0639\u064a\u0627\u0631 \u0641\u064a \u0627\u0644\u062d\u0642\u0648\u0642 \u0648\u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u0633\u064a\u0627\u0633\u064a\u0629 \u0648\u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629\u060c \u0627\u0644\u0645\u0631\u0643\u0632 \u0627\u0644\u062c\u0627\u0645\u0639\u064a \u0623\u062d\u0645\u062f \u0628\u0646 \u064a\u062d\u064a \u0627\u0644\u0648\u0646\u0634\u0631\u064a\u0633\u064a\u060c \u062a\u064a\u0633\u0645\u0633\u064a\u0644\u062a\u060c \u0627\u0644\u062c\u0632\u0627\u0626\u0631\u060c \u0627\u0644\u0639\u062f\u062f 20\u060c \u062f\u064a\u0633\u0645\u0628\u0631 2017.<\/p>\n

* \u0637\u0627\u0647\u0631\u064a \u0634\u0631\u0641\u060c \u201c\u0646\u0638\u0631\u064a\u0629 \u0627\u0644\u0628\u0637\u0644\u0627\u0646 \u0641\u064a \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0648\u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0645\u063a\u0631\u0628\u064a\u201d\u060c \u0645\u0648\u0642\u0639 \u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629 MarocDroit\u060c 14 \u062f\u064a\u0633\u0645\u0628\u0631 2014. \u0623\u0646\u0638\u0631: https:\/\/www.marocdroit.com.<\/p>\n

* \u0639\u0648\u064a\u062f\u064a \u0623\u062d\u0645\u062f \u0639\u0644\u064a\u060c \u0627\u0644\u0639\u062c\u0627\u0631\u0645\u0629 \u0646\u0648\u0641\u0627\u0646 \u0645\u0646\u0635\u0648\u0631\u060c \u0627\u0644\u0633\u0645\u0627\u0645\u0639\u0629 \u062e\u0627\u0644\u062f \u0631\u0636\u0648\u0627\u0646\u060c \u201c\u0625\u062c\u0627\u0632\u0629 \u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0645\u0648\u0642\u0648\u0641 \u0641\u064a \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0645\u062f\u0646\u064a \u0627\u0644\u0623\u0631\u062f\u0646\u064a\u201d\u060c \u0645\u062c\u0644\u0629 \u062f\u0631\u0627\u0633\u0627\u062a \u0627\u0644\u0645\u062d\u0643\u0645\u0629\u060c \u0639\u0644\u0648\u0645 \u0627\u0644\u0634\u0631\u064a\u0639\u0629 \u0648\u0627\u0644\u0642\u0627\u0646\u0648\u0646\u060c \u0627\u0644\u0623\u0631\u062f\u0646\u060c \u0627\u0644\u0645\u062c\u0644\u0651\u062f 43\u060c \u0645\u0644\u062d\u0642 4\u060c \u0639\u0627\u0645 2016\u060c \u0635\u0635\u0640 1595-1610.<\/p>\n

* \u062f. \u0627\u0644\u0642\u0648\u0635\u064a \u0647\u0645\u0627\u0645:<\/p>\n

\u201c\u0625\u0646\u0634\u0627\u0621 \u0642\u0648\u0651\u064e\u0629 \u0633\u0639\u0631\u064a\u0651\u064e\u0629 \u0645\u0635\u0637\u0646\u0639\u0629 \u0644\u0644\u062a\u0644\u0627\u0639\u0628 \u0628\u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0639\u0628\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u064a\u0651\u064e\u0629 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 (\u0623\u0633\u0644\u0648\u0628 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0648\u0637\u0631\u0642 \u0627\u0644\u0645\u0648\u0627\u062c\u0647\u0629)\u201d\u060c \u0645\u062c\u0644\u0651\u064e\u0629 \u0627\u0644\u0643\u0648\u064a\u062a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0651\u064e\u0629 \u0627\u0644\u0645\u062d\u0643\u0645\u0629\u060c \u0627\u0644\u062c\u0645\u0639\u064a\u0651\u064e\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0651\u064e\u0629 \u0627\u0644\u0643\u0648\u064a\u062a\u064a\u0651\u064e\u0629\u060c \u0627\u0644\u0643\u0648\u064a\u062a\u060c \u0627\u0644\u0639\u062f\u062f 23\u060c \u064a\u0648\u0646\u064a\u0648 2012.
\n\u201c\u0627\u0644\u062d\u062f\u0648\u062f \u0627\u0644\u0633\u0639\u0631\u064a\u0651\u064e\u0629 \u0641\u064a \u0628\u0648\u0631\u0635\u0629 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 (\u0628\u064a\u0646 \u0636\u0628\u0637 \u0633\u0639\u0631 \u0627\u0644\u0633\u0648\u0642 \u0648\u0625\u0641\u0633\u0627\u062f \u0639\u062f\u0627\u0644\u062a\u0647)\u201d\u060c \u0627\u0644\u0645\u062c\u0644\u0651\u064e\u0629 \u0627\u0644\u0645\u0635\u0631\u064a\u0651\u064e\u0629 \u0644\u0644\u062f\u0631\u0627\u0633\u0627\u062a \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629 \u0648\u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0651\u064e\u0629 (EJLES)\u060c \u0645\u062c\u0644\u0651\u064e\u0629 \u0639\u0644\u0645\u064a\u0651\u064e\u0629 \u0645\u062d\u0643\u0645\u0629\u060c \u0645\u0635\u0631\u060c \u0627\u0644\u0639\u062f\u062f 10\u060c \u064a\u0646\u0627\u064a\u0631 2018\u060c \u0635\u0635\u0640 732-755.
\n* \u062f. \u0645\u062d\u0645\u0648\u062f \u0633\u0644\u0637\u0627\u0646 \u0639\u0628\u062f \u0627\u0644\u0644\u0647\u060c \u201c\u0627\u0644\u062f\u0641\u0639 \u0628\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0648\u0623\u062b\u0631\u0647\u201d\u060c \u0645\u062c\u0644\u0629 \u0627\u0644\u0631\u0627\u0641\u062f\u06cc\u0646 \u0644\u0644\u062d\u0642\u0648\u0642\u060c \u0627\u0644\u0639\u0631\u0627\u0642\u060c \u0627\u0644\u0645\u062c\u0644\u062f 12\u060c \u0627\u0644\u0639\u062f\u062f 43\u060c \u0644\u0639\u0627\u0645 2010\u060c \u0635\u0635\u0640 85-109.<\/p>\n

* \u062f. \u0646\u0633\u064a\u063a\u0629 \u0641\u064a\u0635\u0644\u060c \u062f. \u062f\u0646\u0634 \u0631\u064a\u0627\u0636\u060c \u201c\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645\u201d\u060c \u0645\u062c\u0644\u0651\u064e\u0629 \u0627\u0644\u0645\u0646\u062a\u062f\u0649 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u060c \u0642\u0633\u0645 \u0627\u0644\u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0645\u0647\u0646\u064a\u0651\u064e\u0629 \u0644\u0644\u0645\u062d\u0627\u0645\u0627\u0629\u060c \u062c\u0627\u0645\u0639\u0629 \u0645\u062d\u0645\u0651\u064e\u062f \u062e\u064a\u0636\u0631\u060c \u0628\u0633\u0643\u0631\u0629\u060c \u0627\u0644\u062c\u0632\u0627\u0626\u0631\u060c \u0627\u0644\u0639\u062f\u062f 5\u060c \u0639\u0627\u0645 2008\u060c \u0635\u0635\u0640 165-188.<\/p>\n

3- \u0627\u0644\u0625\u0635\u062f\u0627\u0631\u0627\u062a \u0627\u0644\u062f\u0648\u0631\u064a\u0651\u064e\u0629:<\/span><\/p>\n

* \u062f. \u0639\u0628\u062f \u0645\u0648\u0644\u0627\u0647 \u0648\u0644\u064a\u062f\u060c \u0627\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u062c\u0632\u0626\u064a\u0651\u064e\u0629 \u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629\u060c \u0633\u0644\u0633\u0644\u0629 \u062c\u0633\u0631 \u0627\u0644\u062a\u0646\u0645\u064a\u0629\u060c \u0627\u0644\u0645\u0639\u0647\u062f \u0627\u0644\u0639\u0631\u0628\u064a \u0644\u0644\u062a\u062e\u0637\u064a\u0637\u060c \u0627\u0644\u0643\u0648\u064a\u062a\u060c \u0627\u0644\u0639\u062f\u062f 91\u060c \u0622\u0630\u0627\u0631 2010.<\/p>\n

4- \u0627\u0644\u0631\u0633\u0627\u0626\u0644 \u0627\u0644\u062c\u0627\u0645\u0639\u064a\u0651\u064e\u0629:<\/span><\/p>\n

* \u062f. \u0628\u0627\u0644\u0637\u064a\u0628 \u0645\u062d\u0645\u0651\u064e\u062f \u0627\u0644\u0628\u0634\u064a\u0631\u060c \u201c\u0627\u0644\u062d\u0631\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u0639\u0627\u0642\u062f\u064a\u0651\u064e\u0629 \u0641\u064a \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0651\u064e\u0629 \u0648\u0641\u0642\u0627\u064b \u0644\u0644\u062a\u0634\u0631\u064a\u0639 \u0627\u0644\u062c\u0632\u0627\u0626\u0631\u064a\u201d\u060c \u0623\u0637\u0631\u0648\u062d\u0629 \u0645\u064f\u0642\u062f\u0651\u064e\u0645\u0629 \u0644\u0646\u064a\u0644 \u0634\u0647\u0627\u062f\u0629 \u062f\u0643\u062a\u0648\u0631\u0627\u0647 \u0627\u0644\u0639\u0645\u0648\u0645 \u0641\u064a \u0627\u0644\u062d\u0642\u0648\u0642\u060c \u0643\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u062d\u0642\u0648\u0642 \u0648\u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u0633\u064a\u0627\u0633\u064a\u0651\u064e\u0629\u060c \u062c\u0627\u0645\u0639\u0629 \u0645\u062d\u0645\u0651\u064e\u062f \u062e\u064a\u0636\u0631\u060c \u0628\u0633\u0643\u0631\u0629\u060c \u0627\u0644\u062c\u0632\u0627\u0626\u0631\u060c \u0646\u0648\u0642\u0634\u062a \u0639\u0627\u0645 2017.<\/p>\n

* \u0628\u0646 \u0632\u0647\u0631\u0629 \u0644\u0645\u06cc\u0627\u0621\u060c \u201c\u0622\u062b\u0627\u0631 \u0628\u0637\u0644\u0627\u0646 \u0627\u0644\u0639\u0642\u062f \u0639\u0644\u0649 \u0627\u0644\u063a\u06cc\u0631\u201d\u060c \u0645\u0630\u0643\u0631\u0629 \u0645\u0642\u062f\u0645\u0629 \u0644\u0627\u0633\u062a\u0643\u0645\u0627\u0644 \u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0634\u0647\u0627\u062f\u0629 \u0627\u0644\u0644\u0633\u0627\u0646\u0633 \u0641\u064a \u0627\u0644\u062d\u0642\u0648\u0642\u060c \u062a\u062e\u0635\u0635: \u0642\u0627\u0646\u0648\u0646 \u062e\u0627\u0635\u060c \u0643\u0644\u06cc\u0629 \u0627\u0644\u062d\u0642\u0648\u0642 \u0648 \u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u0633\u06cc\u0627\u0633\u06cc\u0629\u060c \u062c\u0627\u0645\u0639\u0629 \u0642\u0627\u0635\u062f\u064a \u0645\u0631\u0628\u0627\u062d\u060c \u0648\u0631\u0642\u0644\u0629\u060c \u0627\u0644\u062c\u0632\u0627\u0626\u0631\u060c \u0646\u0648\u0642\u0634\u062a \u0639\u0627\u0645 2014.<\/p>\n

* \u0628\u0648\u0639\u064a\u0634 \u0644\u064a\u0644\u064a\u0629\u060c \u0634\u0648\u0644\u0627\u0642 \u0646\u0631\u064a\u0645\u0627\u0646\u060c \u201c\u0627\u0644\u0627\u062e\u062a\u0635\u0627\u0635 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a \u0644\u0644\u062c\u0646\u0629 \u062a\u0646\u0638\u064a\u0645 \u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0648\u0645\u0631\u0627\u0642\u0628\u062a\u0647\u0627\u201d\u060c \u0645\u0630\u0643\u0651\u0650\u0631\u0629 \u0644\u0646\u064a\u0644 \u0634\u0647\u0627\u062f\u0629 \u0627\u0644\u0645\u0627\u0633\u062a\u0631 \u0641\u064a \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u060c \u0634\u0639\u0628\u0629 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0648\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0639\u0645\u0627\u0644\u060c \u062a\u062e\u0635\u0651\u064f\u0635: \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0639\u0627\u0645 \u0644\u0644\u0623\u0639\u0645\u0627\u0644\u060c \u0643\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u062d\u0642\u0648\u0642 \u0648\u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u0633\u064a\u0627\u0633\u064a\u0651\u064e\u0629\u060c \u0642\u0633\u0645 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0639\u0645\u0627\u0644\u060c \u062c\u0627\u0645\u0639\u0629 \u0639\u0628\u062f \u0627\u0644\u0631\u062d\u0645\u0627\u0646 \u0645\u064a\u0631\u0629\u060c \u0628\u062c\u0651\u064e\u0627\u064a\u0629\u060c \u0627\u0644\u062c\u0632\u0627\u0626\u0631\u060c \u0646\u0648\u0642\u0634\u062a \u0639\u0627\u0645 2015.<\/p>\n

* \u062f. \u0635\u0631\u062e\u0648 \u064a\u0639\u0642\u0648\u0628 \u064a\u0648\u0633\u0641\u060c \u201c\u0627\u0644\u0623\u0633\u0647\u0645 \u0648\u062a\u062f\u0627\u0648\u0644\u0647\u0627 \u0641\u064a \u0627\u0644\u0634\u0631\u0643\u0629 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u0629\u201d\u060c \u0631\u0633\u0627\u0644\u0629 \u0645\u064f\u0642\u062f\u0651\u064e\u0645\u0629 \u0644\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u062f\u0631\u062c\u0629 \u0627\u0644\u062f\u0643\u062a\u0648\u0631\u0627\u0647 \u0641\u064a \u0627\u0644\u062d\u0642\u0648\u0642\u060c \u062c\u0627\u0645\u0639\u0629 \u0627\u0644\u0642\u0627\u0647\u0631\u0629\u060c \u0646\u0648\u0642\u0634\u062a \u0639\u0627\u0645 1982.<\/p>\n

* \u062f. \u0637\u0627\u062d\u0648\u0646 \u0646\u0635\u0631 \u0639\u0644\u064a \u0623\u062d\u0645\u062f\u060c \u0634\u0631\u0643\u0629 \u0625\u062f\u0627\u0631\u0629 \u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0641\u064a \u0645\u0635\u0631\u060c \u0631\u0633\u0627\u0644\u0629 \u0645\u064f\u0642\u062f\u0651\u064e\u0645\u0629 \u0644\u0646\u064a\u0644 \u0634\u0647\u0627\u062f\u0629 \u0627\u0644\u062f\u0643\u062a\u0648\u0631\u0627\u0647 \u0641\u064a \u0627\u0644\u062d\u0642\u0648\u0642\u060c \u062c\u0627\u0645\u0639\u0629 \u0627\u0644\u0642\u0627\u0647\u0631\u0629\u060c \u0646\u0648\u0642\u0634\u062a \u0639\u0627\u0645 2003.<\/p>\n

* \u062f. \u0627\u0644\u0642\u0648\u0635\u064a \u0647\u0645\u0627\u0645\u060c \u201c\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a \u0644\u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629\u201d\u060c \u0631\u0633\u0627\u0644\u0629 \u0623\u064f\u0639\u062f\u0651\u064e\u062a \u0644\u0646\u064a\u0644 \u062f\u0631\u062c\u0629 \u0627\u0644\u062f\u0643\u062a\u0648\u0631\u0627\u0647 \u0628\u0627\u0644\u062d\u0642\u0648\u0642\u060c \u0643\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u062d\u0642\u0648\u0642\u060c \u062c\u0627\u0645\u0639\u0629 \u062d\u0644\u0628\u060c \u0627\u0644\u062c\u0645\u0647\u0648\u0631\u064a\u0651\u064e\u0629 \u0627\u0644\u0639\u0631\u0628\u064a\u0651\u064e\u0629 \u0627\u0644\u0633\u0648\u0631\u064a\u0651\u064e\u0629\u060c \u0646\u0648\u0642\u0634\u062a \u0639\u0627\u0645 2017.<\/p>\n

* \u062f. \u0645\u062d\u0645\u0651\u064e\u062f \u0633\u064a\u0651\u0650\u062f \u0637\u0647 \u0628\u062f\u0648\u064a\u060c \u201c\u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0628\u0648\u0631\u0635\u0629 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0641\u0648\u0631\u064a\u0651\u064e\u0629 \u0648\u0627\u0644\u0622\u062c\u0644\u0629 \u0645\u0646 \u0627\u0644\u0648\u062c\u0647\u0629 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629\u201d\u060c \u0631\u0633\u0627\u0644\u0629 \u0645\u0642\u062f\u0651\u064e\u0645\u0629 \u0644\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u062f\u0631\u062c\u0629 \u0627\u0644\u062f\u0643\u062a\u0648\u0631\u0627\u0647 \u0641\u064a \u0627\u0644\u062d\u0642\u0648\u0642\u060c \u062c\u0627\u0645\u0639\u0629 \u0627\u0644\u0642\u0627\u0647\u0631\u0629\u060c \u0646\u0648\u0642\u0634\u062a \u0641\u064a \u0639\u0627\u0645 2000.<\/p>\n

* \u062f. \u0645\u0646\u0635\u0648\u0631 \u062f\u0627\u0648\u062f\u060c \u201c\u0627\u0644\u0622\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629 \u0644\u0636\u0628\u0637 \u0627\u0644\u0646\u0634\u0627\u0637 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0641\u064a \u0627\u0644\u062c\u0632\u0627\u0626\u0631\u201d\u060c \u0623\u0637\u0631\u0648\u062d\u0629 \u0645\u064f\u0642\u062f\u0651\u064e\u0645\u0629 \u0644\u0646\u064a\u0644 \u0634\u0647\u0627\u062f\u0629 \u062f\u0643\u062a\u0648\u0631\u0627\u0647 \u0627\u0644\u0639\u0644\u0648\u0645 \u0641\u064a \u0627\u0644\u062d\u0642\u0648\u0642\u060c \u062a\u062e\u0635\u0651\u064f\u0635: \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0639\u0645\u0627\u0644\u060c \u0643\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u062d\u0642\u0648\u0642 \u0648\u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u0633\u064a\u0627\u0633\u064a\u0651\u064e\u0629\u060c \u062c\u0627\u0645\u0639\u0629 \u0645\u062d\u0645\u0651\u064e\u062f \u062e\u064a\u0636\u0631\u060c \u0628\u0633\u0643\u0631\u0629\u060c \u0627\u0644\u062c\u0632\u0627\u0626\u0631\u060c \u0646\u0648\u0642\u0634\u062a \u0639\u0627\u0645 2016.<\/p>\n

5- \u0627\u0644\u0645\u0639\u0627\u062c\u0645:<\/span><\/p>\n

\u0625\u0628\u0631\u0627\u0647\u064a\u0645 \u0645\u064a\u0634\u064a\u0644\u060c \u0641\u0631\u062d\u0627\u062a \u0641\u0627\u062f\u064a\u060c \u0645\u0639\u062c\u0645 \u0627\u0644\u0645\u0627\u0644 \u0648\u0627\u0644\u0623\u0639\u0645\u0627\u0644 (\u0625\u0646\u0643\u0644\u064a\u0632\u064a \u2013 \u0639\u0631\u0628\u064a)\u060c \u062f\u0627\u0631 \u0627\u0644\u0643\u062a\u0628 \u0627\u0644\u0639\u0644\u0645\u064a\u0651\u064e\u0629\u060c \u0628\u064a\u0631\u0648\u062a\u060c \u0639\u0627\u0645 2007.<\/p>\n

\u062b\u0627\u0646\u064a\u0627\u064b: \u0627\u0644\u0645\u0624\u0644\u0651\u064e\u0641\u0627\u062a \u0628\u0627\u0644\u0644\u0651\u064f\u063a\u0629 \u0627\u0644\u0625\u0646\u0643\u0644\u064a\u0632\u064a\u0651\u064e\u0629:<\/span><\/span><\/p>\n

* ANGEL James J., BROMS Todd J., GASTINEAU Gary L., \u201cETF Transaction Costs are Often Higher Than Investors Realize\u201d, the Journal of Portfolio Management, Spring 2016, pp. 65-75.<\/p>\n

* BAXTER Brian P., \u201cThe Securities Black Market: Dark Pool Trading and the Need for a More Expansive Regulation ATS-N\u201d, Vanderbilt Law Review, vol. 70:1:311, 2017, pp. 311-337.<\/p>\n

* KWAN Amy, MASULIS Ronald, MCLNISH Thomas H., \u201cTrading Rules, Competition for Order Flow and Market Fragmentation\u201d, ECGI Working Paper Series in Law, N\u00b0 256, April 2014.<\/p>\n

* KAIRYS JR. Joseph P., KRUZA Raimonds, KUMPINS Ritvars, \u201cWinners and losers from the introduction of continuous variable price trading: Evidence from the Riga Stock Exchange\u201d, Journal of Banking & Finance 24 (2000), pp. 603-624.<\/p>\n

* MODOUGAL Myers S., LASSWEL Harold D., \u201cThe Identification and Appraisal of Diverse Systems of Public Order\u201d, the American Journal of International Law, Vol. 53, 1959, pp. 1-29.<\/p>\n

* O\u2019HARA Maureen, \u201cHigh Frequency Market Microstructure\u201d, Journal of Financial Economics, (2015). See: http:\/\/dx.doi.org\/10.1016\/j.jfineco.2015.01.003i (17-3-2018).<\/p>\n

* O\u2019HARA Maureen, SAAR Gideon, ZHONG Zhuo, \u201cRelative Tick Size and the Trading Environment\u201d, September 2016.<\/p>\n

See:http:\/\/sm.xmu.edu.cn\/uploadfile\/2016\/0922\/20160922091112291.pdf (17-3-2018).<\/p>\n

* POLINSKY A. Mitchell, SHAVELL Steven, The Theory of Public Enforcement of Law, Journal of economic literature Vol. 38, No.1, 2000, pp. 45-76.<\/p>\n

* POWELL Richard, Law Today, Longman Group, Edinburgh Gate, Harlow, England, 2003.<\/p>\n

*The SEC Memorandum, \u201cRule 611 of Regulation NMS\u201d, April 30, 2015.<\/p>\n

* TEPE Berna, \u201cJoint-Stock Corporation under Turkish Commercial Law and the Doctrine of Increasing Shareholder Commitments\u201d, Emerging Markets Journal, Vol. 5, No. 2, (2015), pp. 76-88.<\/p>\n

* TURNBULL D. Alasdair S., \u201cPrincipal Trading, Price Improvement and Liquidity Provision in a Non-Anonymous Market\u201d, Journal of Accounting and Finance, Vol. 15(3) 2015, pp. 64-77.<\/p>\n

\u062b\u0627\u0644\u062b\u0627\u064b: \u0627\u0644\u0645\u0624\u0644\u0651\u064e\u0641\u0627\u062a \u0628\u0627\u0644\u0644\u0651\u064f\u063a\u0629 \u0627\u0644\u0641\u0631\u0646\u0633\u064a\u0651\u064e\u0629:<\/span><\/span><\/p>\n

* BOUREIMA SOUMANA Saadatou, \u201cLa Protection des Droits des Cr\u00e9anciers dans les Operations de Restructuration des Soci\u00e9t\u00e9s\u201d, Th\u00e8se Pr\u00e9sent\u00e9e pour obtenir le grade de Docteur de L\u2019Universit\u00e9 de Bordeaux, \u00c9cole Doctorale de Droit, Bordeaux, France, Soutenue le 10 d\u00e9cembre 2015.<\/p>\n

* MARIANISKY Michal, \u201cLe D\u00e9termination le Loi Applicable pour les Transactions sur le Monnaies Virtuelle Conclus sur le March\u00e9 Financier\u201d, Studia Prawnoustrojowe, Uniwersytetu Warminsko, Mazurskiego, Poland, No. 33, 2016, pp. 165-174.<\/p>\n

\u0631\u0627\u0628\u0639\u0627\u064b: \u0627\u0644\u0633\u0648\u0627\u0628\u0642:<\/span><\/span><\/p>\n

1- \u0641\u064a \u0627\u0644\u0648\u0637\u0646 \u0627\u0644\u0639\u0631\u0628\u064a:<\/p>\n

\u0623- \u0644\u0628\u0646\u0627\u0646:<\/p>\n

* \u0645\u062d\u0643\u0645\u0629 \u0627\u0644\u0627\u0633\u062a\u0626\u0646\u0627\u0641 \u0627\u0644\u0645\u062f\u0646\u064a\u0651\u064e\u0629 \u0641\u064a \u0628\u064a\u0631\u0648\u062a\u060c \u0642\u0631\u0627\u0631 \u0631\u0642\u0645 361\u060c \u062a\u0627\u0631\u064a\u062e 26-5-1970.<\/p>\n

* \u0645\u062d\u0643\u0645\u0629 \u0627\u0644\u0634\u0645\u0627\u0644 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a\u0651\u064e\u0629\u060c \u0627\u0644\u0642\u0631\u0627\u0631 \u0631\u0642\u0645 457\u060c \u062a\u0627\u0631\u064a\u062e 5-11-1973.<\/p>\n

* \u0645\u062c\u0644\u0633 \u0627\u0644\u0639\u0645\u0644 \u0627\u0644\u062a\u062d\u0643\u064a\u0645\u064a \u0641\u064a \u0628\u064a\u0631\u0648\u062a\u060c \u0625\u0635\u062f\u0627\u0631 \u0631\u0642\u0645 79\u060c \u062a\u0627\u0631\u064a\u062e 30-1-1973.<\/p>\n

* \u0645\u062d\u0643\u0645\u0629 \u0627\u0644\u062a\u0645\u064a\u064a\u0632 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a\u0651\u064e\u0629\u060c \u0642\u0631\u0627\u0631 \u0631\u0642\u0645 13\u060c \u062a\u0627\u0631\u064a\u062e 19-12-1989.<\/p>\n

* \u0645\u062c\u0644\u0633 \u0634\u0648\u0631\u0649 \u0627\u0644\u062f\u0648\u0644\u0629 \u0641\u064a \u0644\u0628\u0646\u0627\u0646\u060c \u0631\u0642\u0645 57\u060c \u062a\u0627\u0631\u064a\u062e 9-11-1997.<\/p>\n

* \u0645\u062d\u0643\u0645\u0629 \u0627\u0644\u062f\u0631\u062c\u0629 \u0627\u0644\u0623\u0648\u0644\u0649\u060c \u062c\u0628\u0644 \u0644\u0628\u0646\u0627\u0646\u060c \u0642\u0631\u0627\u0631 \u0631\u0642\u0645 0\u060c \u062a\u0627\u0631\u064a\u062e 31-1-2014.<\/p>\n

\u0628- \u0627\u0644\u0645\u0645\u0644\u0643\u0629 \u0627\u0644\u0623\u0631\u062f\u0646\u064a\u0651\u064e\u0629:<\/p>\n

* \u0645\u062d\u0643\u0645\u0629 \u0627\u0644\u062a\u0645\u064a\u064a\u0632 \u0627\u0644\u0623\u0631\u062f\u0646\u064a\u0651\u064e\u0629\u060c \u0627\u0644\u0642\u0631\u0627\u0631 \u0631\u0642\u0645 45\u060c \u062a\u0627\u0631\u064a\u062e 1-1-1953.<\/p>\n

2- \u0641\u064a \u0627\u0644\u0639\u0627\u0644\u0645:<\/p>\n

\u0623- \u0628\u0644\u062c\u064a\u0643\u0627:<\/p>\n

* Cour de cassation de Belgique, Arr\u00eat du 27 mai 2011.<\/p>\n

\u0628- \u0641\u0631\u0646\u0633\u0627:<\/p>\n

* Cour de cassation de France, Chambre civile 1, JURITEXT000006953125, 02 mars 1960.<\/p>\n

* Cour de cassation de France, Chambre civile 1, pourvoi n\u00b0 K 98 11 855, 15 mars 2000.<\/p>\n

* Cour de cassation de France, Chambre civile 2, N\u00b0 de pourvoi: 15-13222, 28 janvier 2016.<\/p>\n

* Cour de cassation de France, chambre civile, arr\u00eat n\u00b0 780 du 19 mai 2016.<\/p>\n

\u062e\u0627\u0645\u0633\u0627\u064b: \u0627\u0644\u0642\u0648\u0627\u0646\u064a\u0646 \u0648\u0627\u0644\u0645\u0631\u0627\u0633\u064a\u0645:<\/span><\/p>\n

* \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a\u060c \u0631\u0642\u0645 161\u060c \u0627\u0644\u0635\u0627\u062f\u0631 \u0628\u062a\u0627\u0631\u064a\u062e 17-8-2011. \u0623\u0646\u0638\u0631:<\/p>\n

https:\/\/cma.gov.lb\/wp-content\/uploads\/2017\/03\/Law-161-Capital-Markets-Authority-Arabic.pdf (4-4-2018).<\/p>\n

* \u0627\u0644\u0645\u0631\u0633\u0648\u0645 \u0627\u0644\u0627\u0634\u062a\u0631\u0627\u0639\u064a \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a\u060c \u0631\u0642\u0645 7667\u060c \u0627\u0644\u062e\u0627\u0635 \u0628\u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a\u060c \u0627\u0644\u0635\u0627\u062f\u0631 \u0628\u062a\u0627\u0631\u064a\u062e 16 \u0643\u0627\u0646\u0648\u0646 \u0627\u0644\u0627\u0648\u0644 1995. \u0623\u0646\u0638\u0631:<\/p>\n

http:\/\/www.bse.com.lb\/LawsRegulations\/Bylaws\/tabid\/79\/Default.aspx (4-4-2018).<\/p>\n

[1] \u062e\u0644\u064a\u0644 \u0627\u0644\u0647\u0646\u062f\u064a\u060c \u0627\u0646\u0637\u0648\u0627\u0646 \u0627\u0644\u0646\u0627\u0634\u0641\u060c \u0627\u0644\u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0651\u064e\u0629 \u0648\u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629\u060c \u0627\u0644\u062c\u0632\u0621 \u0627\u0644\u062b\u0627\u0646\u064a\u060c \u0627\u0644\u0645\u0641\u0647\u0648\u0645 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a \u0644\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0648\u0645\u062f\u0649 \u0639\u0644\u0627\u0642\u062a\u0647\u0627 \u0628\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u060c \u0627\u0644\u0645\u0624\u0633\u0651\u064e\u0633\u0629 \u0627\u0644\u062d\u062f\u064a\u062b\u0629 \u0644\u0644\u0643\u062a\u0627\u0628\u060c \u0637\u0631\u0627\u0628\u0644\u0633\u060c \u0644\u0628\u0646\u0627\u0646\u060c 2000\u060c \u0627\u0644\u0635\u0641\u062d\u0629 87.<\/p>\n

[2] \u0643\u0627\u0646 \u0645\u062c\u0644\u0633 \u0627\u0644\u0634\u0648\u0631\u0649 \u0641\u064a \u0644\u0628\u0646\u0627\u0646 \u0642\u062f \u0627\u0639\u062a\u0628\u0631 \u0623\u0646\u0651\u064e: \u201c\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a \u0647\u064a \u0645\u0624\u0633\u0651\u064e\u0633\u0629 \u0639\u0627\u0645\u0629 \u0648\u0647\u064a \u062a\u062a\u0645\u062a\u0651\u064e\u0639 \u0628\u0635\u0644\u0627\u062d\u064a\u0651\u064e\u0627\u062a \u062a\u0646\u0638\u064a\u0645\u064a\u0651\u064e\u0629\u201d (\u0625\u0635\u062f\u0627\u0631 \u0631\u0642\u0645 57\u060c \u062a\u0627\u0631\u064a\u062e 9-11-1997). \u0623\u0646\u0638\u0631: www.legallaw.ul.edu.lb (26-3-2018).<\/p>\n

\u0648\u0628\u0639\u062f \u0635\u062f\u0648\u0631 \u0642\u0627\u0646\u0648\u0646 \u062e\u0627\u0635 \u0628\u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0641\u064a \u0644\u0628\u0646\u0627\u0646 \u0639\u0627\u0645 2011\u060c \u0641\u0642\u062f \u0627\u0646\u062d\u0635\u0631 \u0639\u0645\u0644 \u062a\u0646\u0638\u064a\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u0640: \u201c\u0647\u064a\u0626\u0629 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629\u201d \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a\u0629. \u0623\u0646\u0638\u0631: \u0627\u0644\u0645\u0627\u062f\u0629 5-\u0623\u060c \u0631\u0642\u0645 161\u060c \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a\u060c \u0627\u0644\u0635\u0627\u062f\u0631 \u0628\u062a\u0627\u0631\u064a\u062e 17-8-2011. \u0631\u0627\u062c\u0639 \u0627\u0644\u0631\u0627\u0628\u0637:<\/p>\n

https:\/\/cma.gov.lb\/wp-content\/uploads\/2017\/03\/Law-161-Capital-Markets-Authority-Arabic.pdf (4-4-2018).<\/p>\n

[3] \u0644\u0627 \u064a\u064f\u0634\u062a\u0631\u0637 \u0641\u064a \u0627\u0644\u0639\u0631\u0641 \u0623\u0646 \u064a\u0643\u0648\u0646 \u0645\u0643\u062a\u0648\u0628\u0627\u064b\u060c \u0648\u0644\u0627 \u0623\u0646 \u064a\u0643\u0648\u0646 \u0646\u0627\u0641\u0630\u0627\u064b \u0639\u0628\u0631 \u0642\u0627\u0646\u0648\u0646 \u0623\u0648 \u062a\u0646\u0638\u064a\u0645\u064d \u0645\u0639\u064a\u0651\u064e\u0646\u064d\u060c \u0625\u0644\u0627\u0651\u064e \u0623\u0646\u0651\u064e \u0644\u0647 \u0635\u0641\u0629 \u0627\u0644\u0625\u0644\u0632\u0627\u0645 \u0641\u064a \u0627\u0644\u0645\u062c\u062a\u0645\u0639 \u0627\u0644\u0630\u064a \u0623\u0646\u0634\u0623 \u0647\u0630\u0627 \u0627\u0644\u0639\u0631\u0641 \u0625\u0644\u0649 \u0627\u0644\u062f\u0631\u062c\u0629 \u0627\u0644\u062a\u064a \u062a\u062c\u0639\u0644 \u0623\u0637\u0631\u0627\u0641 \u0647\u0630\u0627 \u0627\u0644\u0645\u062c\u062a\u0645\u0639 \u064a\u064e\u0646\u0641\u0650\u0631\u0648\u0646 \u0645\u0646 \u0623\u0639\u0636\u0627\u0626\u0647 \u0627\u0644\u0630\u064a\u0646 \u064a\u0646\u062a\u0647\u0643\u0648\u0646 \u0647\u0630\u0627 \u0627\u0644\u0639\u0631\u0641. \u0623\u0646\u0638\u0631:<\/p>\n

Richard POWELL, Law Today, Longman Group, Edinburgh Gate, Harlow, England, 2003, page 9.<\/p>\n

[4] \u062a\u064f\u0639\u062a\u0628\u0631 \u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a: \u201c\u0645\u0624\u0633\u0651\u064e\u0633\u0629\u064b \u062a\u062c\u0627\u0631\u064a\u0651\u064e\u0629\u064b \u062a\u062f\u064a\u0631 \u0645\u0631\u0641\u0642\u0627\u064b \u0639\u0627\u0645\u0651\u064e\u0627\u064b. \u0645\u0648\u0638\u0651\u064e\u0641\u0648\u0647\u0627 \u0627\u0644\u0645\u0639\u064a\u0651\u064e\u0646\u0648\u0646 \u0628\u0645\u0631\u0627\u0633\u064a\u0645\u064d \u064a\u062e\u0636\u0639\u0648\u0646 \u0641\u064a \u0646\u0632\u0627\u0639\u0647\u0645 \u0645\u0639\u0647\u0627 \u0644\u0644\u0642\u0636\u0627\u0621 \u0627\u0644\u0627\u062f\u0627\u0631\u064a\u201d. \u0623\u0646\u0638\u0631: \u0645\u062c\u0644\u0633 \u0627\u0644\u0639\u0645\u0644 \u0627\u0644\u062a\u062d\u0643\u064a\u0645\u064a \u0641\u064a \u0628\u064a\u0631\u0648\u062a\u060c \u0625\u0635\u062f\u0627\u0631 \u0631\u0642\u0645 79\u060c \u062a\u0627\u0631\u064a\u062e 30-1-1973. \u0623\u0646\u0638\u0631: www.legallaw.ul.edu.lb (26-3-2018).<\/p>\n

\u0648\u0644\u0643\u0646 \u0625\u0646 \u062a\u0645\u0651\u064e \u062a\u0637\u0628\u064a\u0642 \u0627\u0644\u0645\u0627\u062f\u0629 56-2-1 \u0645\u0646 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a \u0641\u064a \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u060c \u0641\u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u062d\u0627\u0644\u0629 \u0633\u062a\u0635\u0628\u062d \u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a: \u201c\u0634\u0631\u0643\u0629 \u0645\u063a\u0641\u0644\u0629 \u0644\u0628\u0646\u0627\u0646\u064a\u0651\u064e\u0629\u201d \u062a\u062d\u062a \u0627\u0633\u0645: \u201c\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a \u0634.\u0645.\u0644\u201d.<\/p>\n

[5] \u0648\u0647\u0646\u0627 \u0639\u0644\u064a\u0646\u0627 \u0627\u0644\u062a\u0641\u0631\u064a\u0642 \u0628\u064a\u0646 \u0625\u0628\u0631\u0627\u0645 \u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0630\u064a \u064a\u064f\u0637\u0644\u0642 \u0639\u0644\u064a\u0647 \u0641\u064a \u0641\u0642\u0647 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u201c\u0627\u0644\u062a\u0646\u0641\u064a\u0630\u201d \u201cExecution \u2013 Ex\u00e9cution\u201d\u060c \u0648\u0628\u064a\u0646 \u0625\u0646\u0647\u0627\u0621 \u0647\u0630\u0647 \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u0646\u0647\u0627\u0626\u064a\u0651\u064e\u0627\u064b \u0639\u0628\u0631 \u062a\u0633\u0644\u064a\u0645 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0644\u0645\u0634\u062a\u0631\u064a\u0647\u0627 \u0648\u062a\u0633\u0644\u064a\u0645 \u0627\u0644\u062b\u0645\u0646 \u0644\u0628\u0627\u0626\u0639\u0647\u0627\u060c \u0648\u0647\u0648 \u0645\u0627 \u064a\u064f\u0637\u0644\u0642 \u0639\u0644\u064a\u0647 \u0641\u064a \u0641\u0642\u0647 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u201c\u0627\u0644\u062a\u0633\u0648\u064a\u0629\u201d \u201cClearing \u2013 Clairi\u00e8re\u201d\u061b \u062d\u064a\u062b \u0623\u0646\u0651\u064e \u0633\u0644\u0637\u0629 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a \u0641\u064a \u0625\u0628\u0637\u0627\u0644 \u0625\u0628\u0631\u0627\u0645 \u0639\u0645\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u062a\u062a\u0646\u0627\u0648\u0644 \u0625\u0644\u063a\u0627\u0621 \u0639\u0645\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0648\u0639\u0642\u062f \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u060c \u0623\u0645\u0651\u064e\u0627 \u0625\u062c\u0631\u0627\u0621\u0627\u062a \u0627\u0644\u062a\u0633\u0648\u064a\u0629 \u0641\u0644\u0627 \u062a\u0646\u0637\u0648\u064a \u0639\u0644\u0649 \u062a\u0639\u0627\u0642\u062f \u0628\u0644 \u0639\u0644\u0649 \u0622\u0644\u064a\u0651\u064e\u0629 \u0645\u062d\u0627\u0633\u0628\u064a\u0651\u064e\u0629 \u0644\u062a\u0633\u0648\u064a\u0629 \u0627\u0644\u062a\u0639\u0627\u0642\u062f\u060c \u0648\u0647\u064a \u0645\u062d\u0643\u0648\u0645\u0629\u064c \u0628\u0645\u0635\u064a\u0631 \u062a\u0646\u0641\u064a\u0630 (\u0625\u0628\u0631\u0627\u0645) \u0627\u0644\u0639\u0645\u0644\u064a\u0651\u064e\u0629\u061b \u0641\u0625\u0646\u0651\u064e \u0635\u062d\u0651\u064e \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0648\u062c\u0628\u062a \u0627\u0644\u062a\u0633\u0648\u064a\u0629\u060c \u0648\u0625\u0646 \u062a\u0645\u0651\u064e \u0625\u0644\u063a\u0627\u0621 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 (\u0625\u0628\u0637\u0627\u0644 \u0627\u0644\u0625\u0628\u0631\u0627\u0645) \u0631\u064f\u0641\u0636\u062a \u0627\u0644\u062a\u0633\u0648\u064a\u0629.<\/p>\n

[6] \u062f. \u0647\u0645\u0627\u0645 \u0627\u0644\u0642\u0648\u0635\u064a\u060c \u201c\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a \u0644\u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629\u201d\u060c \u0631\u0633\u0627\u0644\u0629 \u0623\u064f\u0639\u062f\u0651\u064e\u062a \u0644\u0646\u064a\u0644 \u062f\u0631\u062c\u0629 \u0627\u0644\u062f\u0643\u062a\u0648\u0631\u0627\u0647 \u0628\u0627\u0644\u062d\u0642\u0648\u0642\u060c \u0643\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u062d\u0642\u0648\u0642\u060c \u062c\u0627\u0645\u0639\u0629 \u062d\u0644\u0628\u060c \u0627\u0644\u062c\u0645\u0647\u0648\u0631\u064a\u0651\u064e\u0629 \u0627\u0644\u0639\u0631\u0628\u064a\u0651\u064e\u0629 \u0627\u0644\u0633\u0648\u0631\u064a\u0651\u064e\u0629\u060c \u0646\u0648\u0642\u0634\u062a \u0639\u0627\u0645 2017\u060c \u0627\u0644\u0635\u0641\u062d\u0629 17.<\/p>\n

[7] \u0623\u0637\u0644\u0642 \u0627\u0644\u0645\u0634\u0631\u0639 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a \u0639\u0644\u064a\u0647\u0627 \u062a\u0633\u0645\u064a\u0629: \u201c\u0627\u0644\u0639\u0646\u0627\u0635\u0631 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0651\u064e\u0629 \u0644\u0644\u0639\u0642\u0648\u062f\u201d\u060c \u0648\u0647\u064a \u062a\u0634\u0645\u0644 \u0627\u0644\u062a\u0631\u0627\u0636\u064a\u060c \u0648\u0645\u0648\u0636\u0648\u0639 \u0627\u0644\u0639\u0642\u062f\u060c \u0648\u0627\u0644\u0633\u0628\u0628 \u0627\u0644\u0630\u064a \u064a\u064f\u062d\u0645\u0644 \u0639\u0644\u064a\u0647. \u0623\u0646\u0638\u0631: \u0627\u0644\u0645\u0627\u062f\u0629 177- \u0627\u0644\u0641\u0642\u0631\u0627\u062a \u0645\u06461 \u0625\u0644\u0649 4\u060c \u0627\u0644\u0635\u0627\u062f\u0631 \u0628\u062a\u0627\u0631\u064a\u062e 9-3-1932.<\/p>\n

[8] \u0627\u0644\u0645\u0627\u062f\u0629 128\u060c \u0627\u0644\u0645\u0631\u0633\u0648\u0645 \u0627\u0644\u0627\u0634\u062a\u0631\u0627\u0639\u064a \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a\u060c \u0631\u0642\u0645 7667\u060c \u0627\u0644\u062e\u0627\u0635 \u0628\u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a\u060c \u0627\u0644\u0635\u0627\u062f\u0631 \u0628\u062a\u0627\u0631\u064a\u062e 16 \u0643\u0627\u0646\u0648\u0646 \u0627\u0644\u0627\u0648\u0644 1995. \u0631\u0627\u062c\u0639:<\/p>\n

http:\/\/www.bse.com.lb\/LawsRegulations\/Bylaws\/tabid\/79\/Default.aspx (4-4-2018).<\/p>\n

[9] \u062f. \u0646\u0635\u0631 \u0639\u0644\u064a \u0623\u062d\u0645\u062f \u0637\u0627\u062d\u0648\u0646\u060c \u0634\u0631\u0643\u0629 \u0625\u062f\u0627\u0631\u0629 \u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0641\u064a \u0645\u0635\u0631\u060c \u0631\u0633\u0627\u0644\u0629 \u0645\u064f\u0642\u062f\u0651\u064e\u0645\u0629 \u0644\u0646\u064a\u0644 \u0634\u0647\u0627\u062f\u0629 \u0627\u0644\u062f\u0643\u062a\u0648\u0631\u0627\u0647 \u0641\u064a \u0627\u0644\u062d\u0642\u0648\u0642\u060c \u062c\u0627\u0645\u0639\u0629 \u0627\u0644\u0642\u0627\u0647\u0631\u0629\u060c \u0646\u0648\u0642\u0634\u062a \u0639\u0627\u0645 2003\u060c \u0627\u0644\u0635\u0641\u062d\u0629 119.<\/p>\n

[10] \u062e\u0644\u064a\u0644 \u0627\u0644\u0647\u0646\u062f\u064a\u060c \u0627\u0646\u0637\u0648\u0627\u0646 \u0627\u0644\u0646\u0627\u0634\u0641\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 142.<\/p>\n

[11] \u0631\u0627\u062c\u0639 \u0641\u064a \u0645\u0641\u0647\u0648\u0645 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0640\u0645\u064f\u0646\u0638\u0651\u064e\u0645\u0629 \u0644\u062f\u0649: \u062f. \u0645\u0646\u064a\u0631 \u0625\u0628\u0631\u0627\u0647\u064a\u0645 \u0647\u0646\u062f\u064a\u060c \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0648\u0623\u0633\u0648\u0627\u0642 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644\u060c \u0645\u0646\u0634\u0623\u0629 \u0627\u0644\u0645\u0639\u0627\u0631\u0641\u060c \u0627\u0644\u0627\u0633\u0643\u0646\u062f\u0631\u064a\u0629\u060c \u0639\u0627\u0645 1993\u060c \u0627\u0644\u0635\u0641\u062d\u0629 95.<\/p>\n

[12] \u0641\u0644\u0627 \u064a\u0645\u0643\u0646 \u0644\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u064a\u0646 \u0627\u0644\u0627\u062a\u0641\u0627\u0642 \u0639\u0644\u0649 \u0625\u0628\u0631\u0627\u0645 \u0627\u0644\u0639\u0645\u0644\u064a\u0651\u064e\u0629 \u0631\u063a\u0645\u0627\u064b \u0639\u0646 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629\u060c \u0648\u0644\u0627 \u062e\u0627\u0631\u062c \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0643\u0648\u0646 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u062f\u0631\u064e\u062c\u0629 \u0641\u064a\u0647\u0627 \u0644\u0627 \u064a\u0635\u062d\u0651\u064f \u062a\u062f\u0627\u0648\u0644\u0647\u0627 \u062e\u0627\u0631\u062c\u0647\u0627\u060c \u0648\u0647\u0643\u0630\u0627 \u062a\u0628\u0637\u0644\u064f \u0639\u0645\u0644\u064a\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0644\u0639\u062f\u0645 \u0627\u0633\u062a\u062c\u0645\u0627\u0639 \u0627\u0644\u0639\u0642\u062f \u0644\u0623\u0631\u0643\u0627\u0646\u0647 \u0643\u0627\u0645\u0644\u0629\u064b \u0628\u0633\u0628\u0628 \u0625\u063a\u0641\u0627\u0644 \u0627\u0644\u0631\u0643\u0646 \u0627\u0644\u0634\u0643\u0644\u064a \u0641\u064a\u0647. \u0623\u0646\u0638\u0631: \u062f. \u0639\u0628\u062f \u0627\u0644\u0631\u0632\u0627\u0642 \u0627\u0644\u0633\u0646\u0647\u0648\u0631\u064a\u060c \u0627\u0644\u0648\u0633\u064a\u0637\u060c \u0627\u0644\u062c\u0632\u0621 \u0627\u0644\u0623\u0648\u0644\u060c \u0645\u0635\u0627\u062f\u0631 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u060c \u0627\u0644\u0635\u0641\u062d\u0629 394.<\/p>\n

[13] \u0644\u0642\u062f \u0623\u0643\u0651\u064e\u062f \u0627\u0644\u0645\u0634\u0631\u0639 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a \u0641\u064a \u0628\u0639\u0636 \u0627\u0644\u0627\u062d\u0648\u0627\u0644 \u0639\u0644\u0649 \u0636\u0631\u0648\u0631\u0629 \u062b\u0628\u0648\u062a \u0627\u0644\u0631\u0636\u0627 \u0628\u0634\u0643\u0644\u064d \u0645\u0639\u064a\u0646\u064d. \u0623\u0646\u0638\u0631: \u0627\u0644\u0645\u0627\u062f\u0629 177-5\u060c \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0645\u0648\u062c\u0628\u0627\u062a \u0648\u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a \u0644\u0639\u0627\u0645 1932.<\/p>\n

[14] \u0641\u0627\u0644\u0625\u0644\u063a\u0627\u0621 \u0648\u0627\u0644\u0628\u0637\u0644\u0627\u0646 \u0647\u0645\u0627 \u0645\u0646 \u0623\u0639\u0645\u0627\u0644 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u062d\u062a\u0649 \u0641\u064a\u0645\u0627 \u064a\u062e\u0635 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u060c \u0648\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0634\u0631\u0643\u0627\u062a. \u0623\u0646\u0638\u0631:<\/p>\n

Berna TEPE, \u201cJoint-Stock Corporation under Turkish Commercial Law and the Doctrine of Increasing Shareholder Commitments\u201d, Emerging Markets Journal, Vol. 5, No. 2, (2015), pp. 76-88, page 87.<\/p>\n

[15] \u0644\u0642\u062f \u0628\u0642\u064a \u0645\u0648\u0636\u0648\u0639 \u0641\u0631\u0636 \u0633\u0644\u0637\u0629 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0641\u064a \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u062e\u0627\u0645\u0644\u0627\u064b \u0641\u064a \u0627\u0644\u0641\u0642\u0647 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a \u062d\u062a\u0649 \u0633\u062a\u064a\u0646\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0642\u0631\u0646 \u0627\u0644\u0645\u0627\u0636\u064a. \u0623\u0646\u0638\u0631:<\/p>\n

Mitchell POLINSKY, Steven SHAVELL, The Theory of Public Enforcement of Law, Journal of economic literature Vol. 38, No.1, 2000, pp. 45-76, section 1, introduction.
\n\u0648\u062d\u0648\u0644 \u0641\u0643\u0631\u0629 \u201c\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u201d\u060c \u0623\u0646\u0638\u0631: \u062f. \u0641\u064a\u0635\u0644 \u0646\u0633\u064a\u063a\u0629\u060c \u062f. \u0631\u064a\u0627\u0636 \u062f\u0646\u0634\u060c \u201c\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645\u201d\u060c \u0645\u062c\u0644\u0651\u064e\u0629 \u0627\u0644\u0645\u0646\u062a\u062f\u0649 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u060c \u0642\u0633\u0645 \u0627\u0644\u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0645\u0647\u0646\u064a\u0651\u064e\u0629 \u0644\u0644\u0645\u062d\u0627\u0645\u0627\u0629\u060c \u062c\u0627\u0645\u0639\u0629 \u0645\u062d\u0645\u062f \u062e\u064a\u0636\u0631\u060c \u0628\u0633\u0643\u0631\u0629\u060c \u0627\u0644\u062c\u0632\u0627\u0626\u0631\u060c \u0627\u0644\u0639\u062f\u062f 5\u060c \u0639\u0627\u0645 2008\u060c \u0635\u0640 165-188\u060c \u0627\u0644\u0635\u0641\u062d\u0629 177.<\/p>\n

\u0648\u064a\u0631\u0649 \u062c\u0627\u0646\u0628 \u0645\u0646 \u0627\u0644\u0641\u0642\u0647 \u0627\u0644\u0639\u0631\u0628\u064a \u201c\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u201d \u0641\u064a \u0625\u0637\u0627\u0631 \u0641\u0631\u0636 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0648\u0637\u0646\u064a \u0639\u0644\u0649 \u062d\u0633\u0627\u0628 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u062a\u062c\u0627\u0631\u064a \u0627\u0644\u062f\u0648\u0644\u064a. \u0623\u0646\u0638\u0631: \u062f. \u0633\u0644\u0637\u0627\u0646 \u0639\u0628\u062f \u0627\u0644\u0644\u0647 \u0645\u062d\u0645\u0648\u062f\u060c \u201c\u0627\u0644\u062f\u0641\u0639 \u0628\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0648\u0623\u062b\u0631\u0647\u201d\u060c \u0645\u062c\u0644\u0629 \u0627\u0644\u0631\u0627\u0641\u062f\u06cc\u0646 \u0644\u0644\u062d\u0642\u0648\u0642\u060c \u0627\u0644\u0639\u0631\u0627\u0642\u060c \u0627\u0644\u0645\u062c\u0644\u062f 12\u060c \u0627\u0644\u0639\u062f\u062f 43\u060c \u0644\u0639\u0627\u0645 2010\u060c \u0635\u0640 85-109\u060c \u0627\u0644\u0635\u0641\u062d\u0629 100.<\/p>\n

[16] \u062d\u064a\u062b \u0623\u0646\u0651\u064e \u0627\u0644\u0628\u0637\u0644\u0627\u0646 \u0627\u0644\u0640\u0645\u064f\u0637\u0644\u0642 \u064a\u0641\u0631\u0636\u0647 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0625\u0645\u0651\u064e\u0627 \u0644\u0627\u0639\u062a\u0628\u0627\u0631\u0627\u062a\u064d \u0641\u0646\u064a\u0651\u064e\u0629\u064d \u0642\u062f \u063a\u0627\u0628\u062a \u0639\u0646 \u0627\u0644\u0639\u0642\u062f \u0643\u0645\u0627 \u0641\u064a \u062a\u062e\u0644\u0651\u064f\u0641 \u0627\u0644\u0631\u0636\u0627\u060c \u0623\u0648 \u0644\u0627\u0639\u062a\u0628\u0627\u0631\u0627\u062a \u062d\u0645\u0627\u064a\u0629 \u0627\u0644\u0645\u062c\u062a\u0645\u0639 \u0645\u0646 \u0645\u062e\u0627\u0644\u0641\u0629 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645. \u0623\u0646\u0638\u0631: \u0644\u0645\u06cc\u0627\u0621 \u0628\u0646 \u0632\u0647\u0631\u0629\u060c \u201c\u0622\u062b\u0627\u0631 \u0628\u0637\u0644\u0627\u0646 \u0627\u0644\u0639\u0642\u062f \u0639\u0644\u0649 \u0627\u0644\u063a\u06cc\u0631\u201d\u060c \u0645\u0630\u0643\u0631\u0629 \u0645\u064f\u0642\u062f\u0651\u064e\u0645\u0629 \u0644\u0627\u0633\u062a\u0643\u0645\u0627\u0644 \u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0634\u0647\u0627\u062f\u0629 \u0627\u0644\u0644\u0633\u0627\u0646\u0633 \u0641\u064a \u0627\u0644\u062d\u0642\u0648\u0642\u060c \u062a\u062e\u0635\u0651\u064f\u0635: \u0642\u0627\u0646\u0648\u0646 \u062e\u0627\u0635\u060c \u0643\u0644\u06cc\u0651\u064e\u0629 \u0627\u0644\u062d\u0642\u0648\u0642 \u0648\u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u0633\u06cc\u0627\u0633\u06cc\u0651\u064e\u0629\u060c \u062c\u0627\u0645\u0639\u0629 \u0642\u0627\u0635\u062f\u064a \u0645\u0631\u0628\u0627\u062d\u060c \u0648\u0631\u0642\u0644\u0629\u060c \u0627\u0644\u062c\u0632\u0627\u0626\u0631\u060c \u0646\u0648\u0642\u0634\u062a \u0639\u0627\u0645 2014\u060c \u0627\u0644\u0635\u0641\u062d\u0629 9.<\/p>\n

[17] \u062e\u0644\u064a\u0644 \u0627\u0644\u0647\u0646\u062f\u064a\u060c \u0627\u0646\u0637\u0648\u0627\u0646 \u0627\u0644\u0646\u0627\u0634\u0641\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 138. \u0623\u0646\u0638\u0631 \u0643\u0630\u0644\u0643: \u062f. \u0634\u0639\u0628\u0627\u0646 \u0623\u062d\u0645\u062f \u0645\u062d\u0645\u0648\u062f\u060c \u0631\u062c\u0628 \u0639\u0628\u062f \u0627\u0644\u062d\u0643\u064a\u0645 \u0633\u0644\u064a\u0645\u060c \u0634\u0631\u062d \u0623\u062d\u0643\u0627\u0645 \u0642\u0627\u0646\u0648\u0646 \u0633\u0648\u0642 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644\u060c \u0627\u0644\u062c\u0632\u0621 \u0627\u0644\u0623\u0648\u0644\u060c \u062f\u0627\u0631 \u0623\u0628\u0648 \u0627\u0644\u0645\u062c\u062f \u0644\u0644\u0637\u0628\u0627\u0639\u0629 \u0628\u0627\u0644\u0647\u0631\u0645\u060c \u0627\u0644\u0642\u0627\u0647\u0631\u0629\u060c 2004\u060c \u0627\u0644\u0637\u0628\u0639\u0629 \u0627\u0644\u0623\u0648\u0644\u0649\u060c \u0627\u0644\u0635\u0641\u062d\u0629 542.<\/p>\n

[18] \u062f. \u0645\u062d\u0645\u062f \u0627\u0644\u0628\u0634\u064a\u0631 \u0628\u0627\u0644\u0637\u064a\u0628\u060c \u201c\u0627\u0644\u062d\u0631\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u0639\u0627\u0642\u062f\u064a\u0651\u064e\u0629 \u0641\u064a \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0651\u064e\u0629 \u0648\u0641\u0642\u0627\u064b \u0644\u0644\u062a\u0634\u0631\u064a\u0639 \u0627\u0644\u062c\u0632\u0627\u0626\u0631\u064a\u201d\u060c \u0623\u0637\u0631\u0648\u062d\u0629 \u0645\u064f\u0642\u062f\u0651\u064e\u0645\u0629 \u0644\u0646\u064a\u0644 \u0634\u0647\u0627\u062f\u0629 \u062f\u0643\u062a\u0648\u0631\u0627\u0647 \u0627\u0644\u0639\u0645\u0648\u0645 \u0641\u064a \u0627\u0644\u062d\u0642\u0648\u0642\u060c \u0643\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u062d\u0642\u0648\u0642 \u0648\u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u0633\u064a\u0627\u0633\u064a\u0651\u064e\u0629\u060c \u062c\u0627\u0645\u0639\u0629 \u0645\u062d\u0645\u062f \u062e\u064a\u0636\u0631\u060c \u0628\u0633\u0643\u0631\u0629\u060c \u0627\u0644\u062c\u0632\u0627\u0626\u0631\u060c \u0646\u0648\u0642\u0634\u062a \u0639\u0627\u0645 2017\u060c \u0627\u0644\u0635\u0641\u062d\u0629 142.<\/p>\n

[19] A. Mitchell POLINSKY, Steven SHAVELL, op. cit., section 17, conclusion.<\/p>\n

[20] \u064a\u062c\u0628 \u0623\u0646 \u062a\u0631\u062a\u0643\u0632 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0627\u0644\u0639\u0627\u062f\u0644\u0629 \u0639\u0644\u0649 \u0645\u0628\u062f\u0623\u064d \u0623\u0633\u0627\u0633\u064a\u0651\u064d\u061b \u0648\u0647\u0648 \u0625\u064a\u062c\u0627\u062f \u0627\u0642\u062a\u0635\u0627\u062f\u064d \u062d\u0631\u0651\u064d. \u0623\u0646\u0638\u0631: \u062e\u0644\u064a\u0644 \u0627\u0644\u0647\u0646\u062f\u064a\u060c \u0627\u0646\u0637\u0648\u0627\u0646 \u0627\u0644\u0646\u0627\u0634\u0641\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c 2000\u060c \u0627\u0644\u0635\u0641\u062d\u0629 7.<\/p>\n

[21] \u201c\u0627\u0644\u0639\u0642\u062f \u0644\u0627 \u064a\u0642\u0648\u0645 \u0645\u0642\u0627\u0645 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0628\u064a\u0646 \u0627\u0644\u0645\u062a\u0639\u0627\u0642\u062f\u064a\u0646 \u0625\u0644\u0627\u0651\u064e \u0641\u064a \u062d\u062f\u0648\u062f \u0627\u0644\u062f\u0627\u0626\u0631\u0629 \u0627\u0644\u062a\u064a \u064a\u064f\u062c\u064a\u0632\u0647\u0627 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0623\u064a \u0641\u064a \u0646\u0637\u0627\u0642 \u0644\u0627 \u064a\u0635\u0637\u062f\u0645 \u0628\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645\u201d. \u0623\u0646\u0638\u0631: \u0645\u062d\u0643\u0645\u0629 \u0627\u0644\u062a\u0645\u064a\u064a\u0632 \u0627\u0644\u0623\u0631\u062f\u0646\u064a\u0651\u064e\u0629\u060c \u0627\u0644\u0642\u0631\u0627\u0631 \u0631\u0642\u0645 45\u060c \u062a\u0627\u0631\u064a\u062e 1-1-1953\u060c \u0644\u062f\u0649: \u0645\u062d\u0645\u062f \u0627\u0644\u0628\u0646\u062f\u0642\u062c\u064a\u060c \u062c\u0631\u064a\u062f\u0629 \u0627\u0644\u0631\u0623\u064a \u0627\u0644\u0623\u0631\u062f\u0646\u064a\u0651\u064e\u0629\u060c \u0627\u0644\u0633\u0628\u062a 10-1-2015.<\/p>\n

[22] Myres S. MODOUGAL, Harold D. LASSWEL, \u201cThe Identification and Appraisal of Diverse Systems of Public Order\u201d, the American Journal of International Law, Vol. 53, 1959, pp. 1-29, page 1.<\/p>\n

[23] \u062f. \u0641\u064a\u0635\u0644 \u0646\u0633\u064a\u063a\u0629\u060c \u062f. \u0631\u064a\u0627\u0636 \u062f\u0646\u0634\u060c \u201c\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645\u201d\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 167.<\/p>\n

[24] \u0644\u0642\u062f \u0623\u0634\u0627\u0631\u062a \u062c\u0627\u0645\u0639\u0629 \u0639\u0628\u062f \u0627\u0644\u0631\u062d\u0645\u0646 \u0645\u064a\u0631\u0647 \u0641\u064a \u0645\u062f\u064a\u0646\u0629 \u0628\u062c\u0651\u064e\u0627\u064a\u0629 \u0625\u0644\u0649: \u201c\u0627\u0644\u062a\u062d\u0648\u0651\u064f\u0644 \u0641\u064a \u0641\u0643\u0631\u0629 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645: \u0645\u0646 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0625\u0644\u0649 \u0627\u0644\u0623\u0646\u0638\u0645\u0629 \u0627\u0644\u0639\u0627\u0645\u0651\u064e\u0629\u201d\u060c \u0648\u0630\u0644\u0643 \u0641\u064a \u0645\u064f\u0644\u062a\u0642\u0649 \u062f\u0648\u0644\u064a \u0639\u064f\u0642\u0650\u062f\u064e \u0641\u064a \u0643\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u062d\u0642\u0648\u0642 \u0648\u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u0633\u064a\u0627\u0633\u064a\u0651\u064e\u0629 \u0645\u0646 5 \u0625\u0644\u0649 7 \u0645\u0627\u064a \u0645\u0646 \u0639\u0627\u0645 2014.<\/p>\n

[25] \u062f. \u0645\u062d\u0645\u062f \u0627\u0644\u0628\u0634\u064a\u0631 \u0628\u0627\u0644\u0637\u064a\u0628\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 142.<\/p>\n

[26] \u0648\u0647\u0648 \u201c\u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0627\u0633\u062a\u0643\u0634\u0627\u0641\u064a\u201d \u201cDiscovering Price\u201d \u0627\u0644\u0630\u064a \u062a\u0644\u062a\u0642\u064a \u0639\u0646\u062f\u0647 \u0623\u0643\u0628\u0631 \u0643\u0645\u064a\u0651\u064e\u0629 \u062a\u0631\u0627\u0643\u0645\u064a\u0651\u064e\u0629 \u0644\u0644\u0637\u0644\u0628\u0627\u062a \u0645\u0639 \u0623\u0643\u0628\u0631 \u0643\u0645\u064a\u0651\u064e\u0629 \u062a\u0631\u0627\u0643\u0645\u064a\u0651\u064e\u0629 \u0644\u0644\u0639\u0631\u0648\u0636. \u0623\u0646\u0638\u0631: \u062f. \u0646\u0635\u0631 \u0639\u0644\u064a \u0623\u062d\u0645\u062f \u0637\u0627\u062d\u0648\u0646\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 121.<\/p>\n

[27] \u0639\u0646\u062f\u0645\u0627 \u064a\u062a\u0639\u0644\u0651\u064e\u0642 \u0627\u0644\u0623\u0645\u0631 \u0628\u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629\u060c \u0646\u062c\u062f \u062d\u0627\u0644\u0627\u062a\u064d \u0643\u062b\u064a\u0631\u0629\u064d \u0645\u0646 \u0645\u062e\u0627\u0644\u0641\u0627\u062a \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0639\u0627\u0645\u0651\u064e\u0629\u061b \u0641\u0642\u062f \u0623\u0643\u0651\u064e\u062f\u062a \u0645\u062d\u0643\u0645\u0629 \u0627\u0644\u0646\u0642\u0636 \u0627\u0644\u0641\u0631\u0646\u0633\u064a\u0651\u064e\u0629 \u0641\u064a \u062d\u0643\u0645\u0647\u0627 \u0644\u0639\u0627\u0645 2016 \u0628\u0635\u062d\u0651\u064e\u0629 \u062f\u0641\u0639 \u0642\u064a\u0645\u0629 \u0639\u0642\u062f \u0627\u0644\u062a\u0623\u0645\u064a\u0646 \u0639\u0644\u0649 \u0627\u0644\u062d\u064a\u0627\u0629 \u0639\u0628\u0631 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0639\u0644\u0649 \u0639\u0643\u0633 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u062e\u0627\u0635 \u0628\u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0639\u0627\u0645\u0651\u064e\u0629. \u0623\u0646\u0638\u0631:<\/p>\n

Cour de cassation de France, arr\u00eat n\u00b0 780 du 19 mai 2016.<\/p>\n

[28] Saadatou BOUREIMA SOUMANA, \u201cLa Protection des Droits des Cr\u00e9anciers dans les Operations de Restructuration des Soci\u00e9t\u00e9s\u201d, Th\u00e8se Pr\u00e9sent\u00e9e pour obtenir le grade de Docteur de L\u2019Universit\u00e9 de Bordeaux, \u00c9cole Doctorale de Droit, Bordeaux, France, Soutenue le 10 d\u00e9cembre 2015, page 116.<\/p>\n

[29] \u0648\u062d\u0648\u0644 \u062a\u062c\u0631\u0628\u0629 \u0628\u0648\u0631\u0635\u0629 \u0627\u0644\u062c\u0632\u0627\u0626\u0631 \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0625\u0637\u0627\u0631\u060c \u0623\u0646\u0638\u0631: \u0647\u0634\u0627\u0645 \u062f\u063a\u0645\u0648\u0645\u060c \u0639\u0628\u062f \u0627\u0644\u0646\u0648\u0631 \u0642\u0628\u0627\u0644\u064a\u060c \u0631\u064a\u0627\u0636 \u062c\u062f\u0627\u0631\u060c \u201d \u0648\u0627\u0642\u0639 \u0648\u062f\u0648\u0631 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0627\u0644\u062c\u0632\u0627\u0626\u0631\u064a\u0629 \u0641\u064a \u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u062a\u0646\u0645\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0628\u0627\u0644\u062c\u0632\u0627\u0626\u0631 \u0627\u0644\u0645\u0639\u0648\u0642\u0627\u062a \u0648\u0627\u0644\u062d\u0644\u0648\u0644\u201d\u060c \u0645\u062c\u0644\u0629 \u0627\u0644\u0645\u0639\u064a\u0627\u0631 \u0641\u064a \u0627\u0644\u062d\u0642\u0648\u0642 \u0648\u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u0633\u064a\u0627\u0633\u064a\u0629 \u0648\u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629\u060c \u0627\u0644\u0645\u0631\u0643\u0632 \u0627\u0644\u062c\u0627\u0645\u0639\u064a \u0623\u062d\u0645\u062f \u0628\u0646 \u064a\u062d\u064a \u0627\u0644\u0648\u0646\u0634\u0631\u064a\u0633\u064a\u060c \u062a\u064a\u0633\u0645\u0633\u064a\u0644\u062a\u060c \u0627\u0644\u062c\u0632\u0627\u0626\u0631\u060c \u0627\u0644\u0639\u062f\u062f 20\u060c \u062f\u064a\u0633\u0645\u0628\u0631 2017\u060c \u0635\u0635\u0640247-267\u060c \u0627\u0644\u0635\u0641\u062d\u0629 260.<\/p>\n

[30] \u0623\u0646\u0638\u0631 \u062d\u0648\u0644 \u0627\u0644\u0627\u0646\u0647\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a\u0651\u064e\u0629 \u0644\u0628\u0648\u0631\u0635\u0627\u062a \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0644\u062f\u0649: \u062f. \u062d\u0633\u064a\u0646 \u0647\u0644\u0627\u0644\u064a\u060c \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u0629 \u0648\u0627\u0644\u0628\u0648\u0631\u0635\u0627\u062a \u2013 \u0645\u062f\u062e\u0644 \u0645\u062a\u0643\u0627\u0645\u0644\u060c \u062f\u0627\u0631 \u0627\u0644\u0646\u0647\u0636\u0629 \u0627\u0644\u0639\u0631\u0628\u064a\u0651\u064e\u0629 \u0644\u0644\u0646\u0634\u0631\u060c \u0627\u0644\u0642\u0627\u0647\u0631\u0629\u060c 1999\u060c \u0627\u0644\u0637\u0628\u0639\u0629 \u0627\u0644\u0623\u0648\u0644\u0649\u060c \u0627\u0644\u0635\u0641\u062d\u0629 41.<\/p>\n

\u0648\u064a\u0638\u0647\u0631 \u0641\u064a \u0646\u0637\u0627\u0642 \u0645\u0648\u0627\u062c\u0647\u0629 \u0647\u0630\u0647 \u0627\u0644\u0627\u0646\u0647\u064a\u0627\u0631\u0627\u062a \u0639\u0644\u0649 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0623\u0646 \u062a\u0642\u0648\u0645 \u0628\u0645\u0627 \u064a\u064f\u0633\u0645\u0651\u0650\u0647 \u0627\u0644\u0641\u0642\u0647 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0628\u0640: \u201c\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0623\u0632\u0645\u0627\u062a\u201d \u201cCrisis Management\u201d\u060c \u062d\u064a\u062b \u0623\u0646\u0651\u064e \u0627\u0644\u0623\u0632\u0645\u0629 \u0628\u0645\u0641\u0647\u0648\u0645\u0647\u0627 \u0627\u0644\u0639\u0627\u0645 \u0647\u064a: \u201c\u0645\u0648\u0642\u0641\u064c \u064a\u064f\u0647\u062f\u0651\u0650\u062f \u0627\u0644\u0623\u0647\u062f\u0627\u0641 \u0627\u0644\u062a\u064a \u062a\u064f\u0645\u062b\u0651\u0650\u0644 \u0623\u0648\u0644\u0648\u064a\u0651\u064e\u0629 \u0628\u0627\u0644\u063a\u0629 \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0640\u0645\u064f\u062a\u0651\u064e\u062e\u0630 \u0627\u0644\u0642\u0631\u0627\u0631\u060c \u0648\u064a\u064f\u0642\u064a\u0651\u0650\u062f \u0627\u0644\u0648\u0642\u062a \u0627\u0644\u0640\u0645\u064f\u062a\u0627\u062d \u0644\u0644\u062a\u0635\u0631\u0651\u064f\u0641 \u0648\u0627\u062a\u0651\u0650\u062e\u0627\u0630 \u0627\u0644\u0642\u0631\u0627\u0631\u060c \u0648\u064a\u064f\u0641\u0627\u062c\u0626\u064f \u0645\u064f\u0640\u0651\u064e\u062e\u0630\u064e \u0627\u0644\u0642\u0631\u0627\u0631 \u0641\u064a \u0648\u0642\u0648\u0639\u0647\u201d. \u0623\u0646\u0638\u0631: \u062f. \u0635\u0628\u062d\u064a \u0627\u0644\u0645\u062d\u0645\u062f\u060c \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0623\u0632\u0645\u0627\u062a\u060c \u0645\u0631\u0643\u0632 \u0627\u0644\u062a\u0639\u0644\u064a\u0645 \u0627\u0644\u0645\u0641\u062a\u0648\u062d\u060c \u0627\u0644\u0625\u062f\u0627\u0631\u0629 \u0648\u0627\u0644\u0645\u062d\u0627\u0633\u0628\u0629 \u0641\u064a \u0627\u0644\u0645\u0634\u0631\u0648\u0639\u0627\u062a \u0627\u0644\u0635\u063a\u064a\u0631\u0629 \u0648\u0627\u0644\u0645\u062a\u0648\u0633\u0651\u0650\u0637\u0629\u060c \u0645\u0646\u0634\u0648\u0631\u0627\u062a \u062c\u0627\u0645\u0639\u0629 \u062d\u0644\u0628\u060c \u0633\u0648\u0631\u064a\u0629\u060c 2011\u060c \u0627\u0644\u0635\u0641\u062d\u0629 19.<\/p>\n

\u0641\u064a\u0645\u0627 \u062a\u064f\u0639\u0631\u0651\u064e\u0641 \u0627\u0644\u0623\u0632\u0645\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0628\u0623\u0646\u0651\u064e\u0647\u0627: \u201c\u0627\u0636\u0637\u0631\u0627\u0628\u064c \u062d\u0627\u062f\u0651\u064c \u0648\u0645\u064f\u0641\u0627\u062c\u0626\u064c \u0641\u064a \u0628\u0639\u0636 \u0627\u0644\u062a\u0648\u0627\u0632\u0646\u0627\u062a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0651\u064e\u0629\u060c \u064a\u062a\u0628\u0639\u0647 \u0627\u0646\u0647\u064a\u0627\u0631\u064c \u0641\u064a \u0639\u062f\u062f\u064d \u0645\u0646 \u0627\u0644\u0645\u0624\u0633\u0651\u064e\u0633\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u062a\u0645\u062a\u062f\u0651\u064f \u0622\u062b\u0627\u0631\u0647 \u0625\u0644\u0649 \u0627\u0644\u0642\u0637\u0627\u0639\u0627\u062a \u0627\u0644\u0623\u062e\u0631\u0649\u201d (\u0627\u0644\u0645\u0631\u062c\u0639 \u0627\u0644\u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 241).<\/p>\n

\u0648\u064a\u064f\u0639\u062a\u0628\u0631 \u0645\u0646 \u0623\u0647\u0645\u0651\u0650 \u0623\u0633\u0633 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 \u0627\u0644\u0623\u0632\u0645\u0627\u062a \u201c\u0627\u0644\u0633\u064a\u0637\u0631\u0629 \u0627\u0644\u0645\u0633\u062a\u0645\u0631\u0651\u064e\u0629 \u0639\u0644\u0649 \u0627\u0644\u0623\u062d\u062f\u0627\u062b\u201d (\u0627\u0644\u0645\u0631\u062c\u0639 \u0627\u0644\u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 175)\u060c \u0648\u0647\u0648 \u0645\u0627 \u064a\u0632\u064a\u062f \u0645\u0646 \u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a \u0639\u0644\u0649 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0627\u0644\u0640\u0645\u064f\u0635\u0627\u0628\u0629 \u0628\u0627\u0644\u0623\u0632\u0645\u0629.<\/p>\n

[31] \u062f. \u0648\u0644\u064a\u062f \u0639\u0628\u062f \u0645\u0648\u0644\u0627\u0647\u060c \u0627\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u062c\u0632\u0626\u064a\u0629 \u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629\u060c \u0633\u0644\u0633\u0644\u0629 \u062c\u0633\u0631 \u0627\u0644\u062a\u0646\u0645\u064a\u0629\u060c \u0627\u0644\u0645\u0639\u0647\u062f \u0627\u0644\u0639\u0631\u0628\u064a \u0644\u0644\u062a\u062e\u0637\u064a\u0637\u060c \u0627\u0644\u0643\u0648\u064a\u062a\u060c \u0627\u0644\u0639\u062f\u062f 91\u060c \u0622\u0630\u0627\u0631 2010\u060c \u0627\u0644\u0635\u0641\u062d\u0629 3.<\/p>\n

[32] \u0627\u0644\u0645\u0627\u062f\u0629 126\u060c \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a \u0644\u0639\u0627\u0645 1995.<\/p>\n

[33] \u0645\u062d\u0645\u062f \u064a\u0648\u0633\u0641 \u064a\u0627\u0633\u064a\u0646\u060c \u0645\u062d\u0645\u062f \u064a\u0648\u0633\u0641 \u064a\u0627\u0633\u064a\u0646\u060c \u0627\u0644\u0628\u0648\u0631\u0635\u0629\u060c \u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u2013 \u062a\u0646\u0627\u0632\u0639 \u0627\u0644\u0642\u0648\u0627\u0646\u064a\u0646 \u2013 \u0627\u062e\u062a\u0635\u0627\u0635 \u0627\u0644\u0645\u062d\u0627\u0643\u0645\u060c \u0645\u0646\u0634\u0648\u0631\u0627\u062a \u0627\u0644\u062d\u0644\u0628\u064a \u0627\u0644\u062d\u0642\u0648\u0642\u064a\u0651\u064e\u0629\u060c \u0628\u064a\u0631\u0648\u062a\u060c \u0639\u0627\u0645 2004\u060c \u0627\u0644\u0635\u0641\u062d\u0629 106.<\/p>\n

[34] \u0645\u064a\u0634\u064a\u0644 \u0625\u0628\u0631\u0627\u0647\u064a\u0645\u060c \u0641\u0627\u062f\u064a \u0641\u0631\u062d\u0627\u062a\u060c \u0645\u0639\u062c\u0645 \u0627\u0644\u0645\u0627\u0644 \u0648\u0627\u0644\u0623\u0639\u0645\u0627\u0644 (\u0625\u0646\u0643\u0644\u064a\u0632\u064a \u2013 \u0639\u0631\u0628\u064a)\u060c \u062f\u0627\u0631 \u0627\u0644\u0643\u062a\u0628 \u0627\u0644\u0639\u0644\u0645\u064a\u0651\u064e\u0629\u060c \u0628\u064a\u0631\u0648\u062a\u060c \u0639\u0627\u0645 2007\u060c \u0627\u0644\u0635\u0641\u062d\u0629 463.<\/p>\n

[35] \u0644\u0644\u062a\u0639\u0645\u0651\u064f\u0642 \u0641\u064a \u0627\u0644\u062a\u0641\u0627\u0635\u064a\u0644 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629 \u0627\u0644\u062e\u0627\u0635\u0651\u064e\u0629 \u0628\u0625\u0635\u062f\u0627\u0631 \u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u060c \u0631\u0627\u062c\u0639: \u0635\u0627\u0644\u062d \u0631\u0627\u0634\u062f \u0627\u0644\u062d\u0645\u0631\u0627\u0646\u064a\u060c \u062f\u0648\u0631 \u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0633\u0645\u0633\u0631\u0629 \u0641\u064a \u0628\u0648\u0631\u0635\u0629 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629\u060c \u0645\u0624\u0633\u0651\u064e\u0633\u0629 \u0627\u0644\u0628\u064a\u0627\u0646 \u0644\u0644\u0637\u0628\u0627\u0639\u0629 \u0648\u0627\u0644\u0646\u0634\u0631 \u0648\u0627\u0644\u062a\u0648\u0632\u064a\u0639\u060c \u0645\u0643\u062a\u0628\u0629 \u062f\u0628\u064a \u0644\u0644\u062a\u0648\u0632\u064a\u0639\u060c \u062f\u0628\u064a\u060c \u0639\u0627\u0645 2004\u060c \u0627\u0644\u0635\u0641\u062d\u0629 322\u060c \u0648\u0643\u0630\u0644\u0643: \u062f. \u0647\u0645\u0627\u0645 \u0627\u0644\u0642\u0648\u0635\u064a\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 71.<\/p>\n

[36] \u0648\u0647\u0648 \u0622\u062e\u0631 \u0633\u0639\u0631\u064d \u0642\u062f \u062a\u0637\u0627\u0628\u0642\u062a \u0639\u0644\u064a\u0647 \u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0629. \u0623\u0646\u0638\u0631: \u0645\u064a\u0634\u064a\u0644 \u0625\u0628\u0631\u0627\u0647\u064a\u0645\u060c \u0641\u0627\u062f\u064a \u0641\u0631\u062d\u0627\u062a\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 399.<\/p>\n

[37] \u0627\u0644\u0645\u0631\u062c\u0639 \u0627\u0644\u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 250.<\/p>\n

[38] \u062f. \u0647\u0645\u0627\u0645 \u0627\u0644\u0642\u0648\u0635\u064a\u060c \u201c\u0627\u0644\u062d\u062f\u0648\u062f \u0627\u0644\u0633\u0639\u0631\u064a\u0651\u064e\u0629 \u0641\u064a \u0628\u0648\u0631\u0635\u0629 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 (\u0628\u064a\u0646 \u0636\u0628\u0637 \u0633\u0639\u0631 \u0627\u0644\u0633\u0648\u0642 \u0648\u0625\u0641\u0633\u0627\u062f \u0639\u062f\u0627\u0644\u062a\u0647)\u201d\u060c \u0627\u0644\u0645\u062c\u0644\u0629 \u0627\u0644\u0645\u0635\u0631\u064a\u0651\u064e\u0629 \u0644\u0644\u062f\u0631\u0627\u0633\u0627\u062a \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629 \u0648\u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0651\u064e\u0629 (EJLES)\u060c \u0645\u062c\u0644\u0651\u064e\u0629 \u0639\u0644\u0645\u064a\u0651\u064e\u0629 \u0645\u062d\u0643\u0645\u0629\u060c \u0645\u0635\u0631\u060c \u0627\u0644\u0639\u062f\u062f 10\u060c \u064a\u0646\u0627\u064a\u0631 2018\u060c \u0627\u0644\u0635\u0641\u062d\u0629 741.<\/p>\n

[39] \u0644\u0642\u062f \u0623\u0643\u0651\u064e\u062f \u0627\u0644\u0641\u0642\u0647 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a \u0623\u0646\u0651\u064e \u0627\u0644\u0642\u064a\u0648\u062f \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a\u0651\u064e\u0629 \u0639\u0644\u0649 \u0627\u0644\u0623\u0633\u0639\u0627\u0631 -\u0627\u0644\u062a\u064a \u062a\u0645\u0646\u0639 \u0633\u0639\u0631 \u0627\u0644\u0633\u0648\u0642 \u0645\u0646 \u0627\u0644\u0627\u0646\u0637\u0644\u0627\u0642 \u0628\u062d\u0631\u064a\u0651\u064e\u0629\u064d- \u062a\u0624\u062f\u0651\u0650\u064a \u0625\u0644\u0649 \u0625\u0636\u0639\u0627\u0641 \u0627\u0644\u0628\u064a\u0626\u0629 \u0627\u0644\u062a\u0646\u0627\u0641\u0633\u064a\u0651\u064e\u0629 \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0629\u061b \u0644\u0623\u0646\u0651\u064e \u0627\u0644\u0631\u0628\u062d \u0645\u0646 \u0641\u0631\u0642 \u0627\u0644\u0633\u0639\u0631 \u062e\u0644\u0627\u0644 \u0627\u0644\u062c\u0644\u0633\u0629 \u0627\u0644\u0648\u0627\u062d\u062f\u0629 \u064a\u0643\u0648\u0646 \u0645\u062d\u062f\u0651\u064e\u062f\u0627\u064b \u0633\u0644\u0641\u0627\u064b \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u062d\u0627\u0644\u0629\u061b \u0641\u0645\u062b\u0644\u0627\u064b \u0645\u0627 \u064a\u064f\u062d\u0642\u0651\u0650\u0642\u0647 \u0627\u0644\u0645\u0636\u0627\u0631\u0628 \u0639\u0644\u0649 \u0627\u0631\u062a\u0641\u0627\u0639 \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0625\u0646 \u0627\u0631\u062a\u0641\u0639 \u0633\u0639\u0631 \u0627\u0644\u0633\u0648\u0642 \u0645\u062d\u062f\u0648\u062f\u064c \u0628\u0627\u0644\u062d\u062f\u0651\u0650 \u0627\u0644\u0623\u0642\u0635\u0649 \u0644\u0627\u0631\u062a\u0641\u0627\u0639 \u0627\u0644\u0623\u0633\u0639\u0627\u0631. \u0623\u0646\u0638\u0631 \u062d\u0648\u0644 \u0627\u0644\u0642\u064a\u0648\u062f \u0627\u0644\u0633\u0639\u0631\u064a\u0651\u064e\u0629 \u0627\u0644\u062e\u0627\u0635\u0651\u064e\u0629 \u0628\u0647\u0627\u0645\u0634 \u0627\u0644\u0641\u0631\u0642 \u0628\u064a\u0646 \u0633\u0639\u0631 \u0627\u0644\u0628\u064a\u0639 \u0648\u0627\u0644\u0634\u0631\u0627\u0621 \u0627\u0644\u062e\u0627\u0635 \u0628\u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0641\u064a \u0628\u0648\u0631\u0635\u0629 \u0646\u064a\u0648\u064a\u0648\u0631\u0643\u060c \u0644\u062f\u0649:<\/p>\n

Amy KWAN, Ronald MASULIS, Thomas H. MCLNISH, \u201cTrading Rules, Competition for Order Flow and Market Fragmentation\u201d, ECGI Working Paper Series in Law, N\u00b0 256, April 2014, page 1.<\/p>\n

[40] \u0627\u0644\u0645\u0627\u062f\u0629 28-1-\u0623\u060c \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a\u060c \u0631\u0642\u0645 161\u060c \u0627\u0644\u0635\u0627\u062f\u0631 \u0628\u062a\u0627\u0631\u064a\u062e 17-8-2011.<\/p>\n

\u064a\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u0640\u0645\u064f\u0646\u0638\u0651\u0650\u0645 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a \u0645\u0635\u0637\u0644\u062d: \u201c\u0631\u0641\u0636 \u0627\u0644\u0623\u0645\u0631\u201d\u201dReject of Order\u201d \u0628\u062f\u0644 \u0625\u0644\u063a\u0627\u0626\u0647 \u0639\u0646\u062f \u0627\u0644\u062d\u062f\u064a\u062b \u0639\u0646 \u0625\u0644\u063a\u0627\u0626\u0647 \u0645\u0646 \u0627\u0644\u0628\u0648\u0631\u0635\u0629\u060c \u0628\u064a\u0646\u0645\u0627 \u064a\u0633\u062a\u062e\u062f\u0645 \u0645\u0635\u0644\u062d \u201c\u0625\u0644\u063a\u0627\u0621 \u0627\u0644\u0623\u0645\u0631\u201d \u201cCancel of Order\u201d \u0639\u0646\u062f \u0627\u0644\u062d\u062f\u064a\u062b \u0639\u0646 \u0625\u0644\u063a\u0627\u0626\u0647 \u0645\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0627\u0644\u0630\u064a \u0623\u0635\u062f\u0631\u0647 \u0623\u0635\u0644\u0627\u064b\u061b \u0648\u0630\u0644\u0643 \u0644\u0623\u0646\u0651\u064e \u0627\u0644\u0625\u0644\u063a\u0627\u0621 \u0642\u0631\u064a\u0628\u064c \u0645\u0646 \u0645\u0639\u0646\u0649 \u062a\u0635\u0631\u0651\u064f\u0641 \u0635\u0627\u062d\u0628 \u0627\u0644\u0639\u0644\u0627\u0642\u0629\u060c \u0623\u0645\u0651\u064e\u0627 \u0627\u0644\u0631\u0641\u0636 \u0641\u064a\u0635\u062f\u0631 \u0639\u0627\u062f\u0629\u064b \u0645\u0646 \u0627\u0644\u062c\u0647\u0629 \u0627\u0644\u0625\u062f\u0627\u0631\u064a\u0651\u064e\u0629 \u0630\u0627\u062a \u0627\u0644\u0635\u0644\u0627\u062d\u064a\u0651\u064e\u0629\u060c \u0648\u0625\u0646 \u0643\u0627\u0646\u062a \u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0641\u064a \u0627\u0644\u062d\u0627\u0644\u062a\u064a\u0646 \u0647\u064a \u0625\u0628\u0637\u0627\u0644 \u0645\u0641\u0639\u0648\u0644 \u0627\u0644\u0623\u0645\u0631. \u0623\u0646\u0638\u0631 \u0641\u064a \u0642\u0648\u0627\u0639\u062f \u0628\u0648\u0631\u0635\u0629 \u0646\u064a\u0648\u064a\u0648\u0631\u0643:<\/p>\n

Rule 7.32. Rules of NYSE.<\/p>\n

\u0643\u0645\u0627 \u064a\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u0641\u0642\u0647 \u0627\u0644\u0623\u0646\u062c\u0644\u0648-\u0633\u0627\u0643\u0633\u0648\u0646\u064a \u0645\u0635\u0637\u0644\u062d: \u0627\u0644\u0623\u0645\u0631 \u0627\u0644\u0630\u064a \u201c\u0644\u0627 \u064a\u0645\u0643\u0646 \u0625\u062a\u0645\u0627\u0645\u0647\u201d \u201cCannot Complete\u201d \u0639\u0644\u0649 \u0627\u0644\u0623\u0645\u0631 \u0627\u0644\u0645\u0631\u0641\u0648\u0636 \u062a\u0628\u0639\u0627\u064b \u0644\u0634\u0631\u0648\u0637 \u0627\u0644\u0633\u0648\u0642. \u0623\u0646\u0638\u0631: \u0645\u064a\u0634\u064a\u0644 \u0625\u0628\u0631\u0627\u0647\u064a\u0645\u060c \u0641\u0627\u062f\u064a \u0641\u0631\u062d\u0627\u062a\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 90.<\/p>\n

[41] \u0627\u0644\u0645\u0627\u062f\u0629 118\u060c \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a \u0644\u0639\u0627\u0645 1995.<\/p>\n

\u0648\u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639\u060c \u064a\u0642\u0648\u0645 \u0627\u0644\u0645\u062d\u0644\u0651\u0650\u0644\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064f\u0648\u0646 \u0628\u062f\u0631\u0627\u0633\u0629 \u062d\u062a\u0649 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u0645\u0644\u063a\u0627\u0629 \u0645\u0646 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0645\u064f\u062d\u062f\u0651\u064e\u062f\u0629 \u0627\u0644\u0633\u0639\u0631\u060c \u0648\u0630\u0644\u0643 \u0628\u0647\u062f\u0641 \u0627\u0644\u0648\u0635\u0648\u0644 \u0625\u0644\u0649 \u0631\u0624\u064a\u0629\u064d \u0639\u0627\u0645\u0651\u064e\u0629\u064d \u0644\u0628\u064a\u0626\u0629 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0629\u061b \u0641\u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u0645\u0644\u063a\u0627\u0629 \u0643\u0627\u0646\u062a \u062a\u062d\u0645\u0644 \u0645\u0639\u0647\u0627 \u0633\u064a\u0648\u0644\u0629\u064b \u0645\u0637\u0631\u0648\u062d\u0629\u064b \u0623\u0648 \u0645\u0637\u0644\u0648\u0628\u0629\u064b\u060c \u0648\u0644\u0643\u0646 \u0648\u064e\u0642\u064e\u0641\u064e \u0625\u0644\u063a\u0627\u0624\u0647\u0627 \u062f\u0648\u0646 \u0637\u0631\u062d \u0623\u0648 \u0633\u062d\u0628 \u0647\u0630\u0647 \u0627\u0644\u0633\u064a\u0648\u0644\u0629. \u0623\u0646\u0638\u0631:<\/p>\n

Maureen O\u2019HARA, Gideon SAAR, and Zhuo ZHONG, \u201cRelative Tick Size and the Trading Environment\u201d, September 2016, page 9.<\/p>\n

See: http:\/\/sm.xmu.edu.cn\/uploadfile\/2016\/0922\/20160922091112291.pdf (17-3-2018).<\/p>\n

[42] \u0627\u0644\u0645\u0627\u062f\u0629 132\u060c \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a \u0644\u0639\u0627\u0645 1995.<\/p>\n

[43] \u0627\u0644\u0645\u0627\u062f\u0629 134\u060c \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a \u0644\u0639\u0627\u0645 1995.<\/p>\n

\u0648\u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639\u060c \u064a\u0642\u0648\u0645 \u0627\u0644\u0645\u062d\u0644\u0651\u0650\u0644\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064f\u0648\u0646 \u0628\u062f\u0631\u0627\u0633\u0629 \u062d\u062a\u0649 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u0645\u0644\u063a\u0627\u0629 \u0645\u0646 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0645\u064f\u062d\u062f\u0651\u064e\u062f\u0629 \u0627\u0644\u0633\u0639\u0631\u060c \u0648\u0630\u0644\u0643 \u0628\u0647\u062f\u0641 \u0627\u0644\u0648\u0635\u0648\u0644 \u0625\u0644\u0649 \u0631\u0624\u064a\u0629\u064d \u0639\u0627\u0645\u0651\u064e\u0629\u064d \u0644\u0628\u064a\u0626\u0629 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0629\u061b \u0641\u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u0645\u0644\u063a\u0627\u0629 \u0643\u0627\u0646\u062a \u062a\u062d\u0645\u0644 \u0645\u0639\u0647\u0627 \u0633\u064a\u0648\u0644\u0629\u064b \u0645\u0637\u0631\u0648\u062d\u0629\u064b \u0623\u0648 \u0645\u0637\u0644\u0648\u0628\u0629\u064b\u060c \u0648\u0644\u0643\u0646 \u0648\u064e\u0642\u064e\u0641\u064e \u0625\u0644\u063a\u0627\u0624\u0647\u0627 \u062f\u0648\u0646 \u0637\u0631\u062d \u0623\u0648 \u0633\u062d\u0628 \u0647\u0630\u0647 \u0627\u0644\u0633\u064a\u0648\u0644\u0629. \u0623\u0646\u0638\u0631:<\/p>\n

Maureen O\u2019HARA, Gideon SAAR, and Zhuo ZHONG, \u201cRelative Tick Size and the Trading Environment\u201d, September 2016, page 9.<\/p>\n

See: http:\/\/sm.xmu.edu.cn\/uploadfile\/2016\/0922\/20160922091112291.pdf (17-3-2018).<\/p>\n

[44] \u0645\u062d\u0645\u062f \u064a\u0648\u0633\u0641 \u064a\u0627\u0633\u064a\u0646\u060c \u0627\u0644\u0628\u0648\u0631\u0635\u0629\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 106.<\/p>\n

[45] \u062e\u0644\u064a\u0644 \u0627\u0644\u0647\u0646\u062f\u064a\u060c \u0627\u0646\u0637\u0648\u0627\u0646 \u0627\u0644\u0646\u0627\u0634\u0641\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 148.<\/p>\n

[46] \u0644\u0642\u062f \u0627\u0633\u062a\u0642\u0631\u0651\u064e\u062a \u0645\u062d\u0643\u0645\u0629 \u0627\u0644\u0646\u0642\u0636 \u0627\u0644\u0641\u0631\u0646\u0633\u064a\u0651\u064e\u0629 \u0639\u0644\u0649 \u0648\u062c\u0648\u062f \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u062a\u062c\u0627\u0631\u064a. \u0623\u0646\u0638\u0631 \u0627\u0644\u062d\u0643\u0645 \u0627\u0644\u0635\u0627\u062f\u0631 \u0639\u0627\u0645 2016:<\/p>\n

Cour de cassation de France, civile, Chambre civile 2, N\u00b0 de pourvoi: 15-13222, 28 janvier 2016.<\/p>\n

[47] \u0627\u0644\u0645\u0627\u062f\u0629 5-\u062c\u060c \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a \u0644\u0639\u0627\u0645 2011.<\/p>\n

[48] \u062f. \u0647\u0645\u0627\u0645 \u0627\u0644\u0642\u0648\u0635\u064a\u060c \u201c\u0627\u0644\u062d\u062f\u0648\u062f \u0627\u0644\u0633\u0639\u0631\u064a\u0651\u064e\u0629 \u0641\u064a \u0628\u0648\u0631\u0635\u0629 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 (\u0628\u064a\u0646 \u0636\u0628\u0637 \u0633\u0639\u0631 \u0627\u0644\u0633\u0648\u0642 \u0648\u0625\u0641\u0633\u0627\u062f \u0639\u062f\u0627\u0644\u062a\u0647)\u201d\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 752.<\/p>\n

[49] \u0627\u0644\u0645\u0627\u062f\u0629 128-6\u060c \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a \u0644\u0639\u0627\u0645 1995.<\/p>\n

[50] \u0644\u0642\u062f \u0623\u0634\u0627\u0631 \u0627\u0644\u0641\u0642\u0647 \u0627\u0644\u0628\u0648\u0644\u0646\u062f\u064a \u0625\u0644\u0649 \u0647\u0630\u0627 \u0627\u0644\u0627\u0646\u062d\u0631\u0627\u0641 \u0628\u0628\u062d\u062b\u064d \u0645\u0643\u062a\u0648\u0628\u064d \u0628\u0627\u0644\u0644\u0651\u064f\u063a\u0629 \u0627\u0644\u0641\u0631\u0646\u0633\u064a\u0651\u064e\u0629 \u0644\u0644\u0623\u0633\u062a\u0627\u0630 MARIANISKY. \u0623\u0646\u0638\u0631:<\/p>\n

Michal MARIANISKY, \u201cLe D\u00e9termination le Loi Applicable pour les Transactions sur le Monnaies Virtuelle Conclus sur le March\u00e9 Financier\u201d, Studia Prawnoustrojowe, Uniwersytetu Warminsko, Mazurskiego, Poland, No. 33, 2016, pp. 165-174, page 172.<\/p>\n

[51] \u0627\u0644\u0645\u0627\u062f\u0629 28-1-\u0623\u060c \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a \u0644\u0639\u0627\u0645 2011.<\/p>\n

\u064a\u064f\u0637\u0644\u0650\u0642 \u0627\u0644\u0641\u0642\u0647 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a \u0639\u0644\u0649 \u0645\u062b\u0644 \u0647\u0630\u0647 \u0627\u0644\u062d\u0627\u0644\u0627\u062a \u0645\u0635\u0637\u0644\u062d \u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0640: \u201c\u062a\u0643\u0627\u0644\u064a\u0641\u201d \u201cCosts\u201d \u0627\u0644\u062e\u0627\u0635\u0651\u064e\u0629 \u0628\u0623\u0645\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644. \u0623\u0646\u0638\u0631:<\/p>\n

James J. ANGEL, Todd J. BROMS, Gary L. GASTINEAU, \u201cETF Transaction Costs are Often Higher Than Investors Realize\u201d, the Journal of Portfolio Management, Spring 2016, pp. 65-75, page 65.<\/p>\n

[52] \u0648\u0643\u0630\u0644\u0643 \u064a\u064f\u0637\u0644\u0642 \u0639\u0644\u064a\u0647\u0627 \u0633\u0648\u0642 \u0627\u0644\u062d\u0631\u0643\u0629 \u0627\u0644\u0639\u0645\u0648\u062f\u064a\u0651\u064e\u0629 \u0646\u0638\u0631\u0627 \u064b\u0644\u0623\u0646\u0651\u064e \u062a\u0642\u0644\u0651\u064f\u0628 \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u064a\u062c\u0639\u0644\u0647\u0627 \u062a\u062a\u062d\u0631\u0651\u064e\u0643 \u0628\u0634\u0643\u0644\u064d \u0639\u0645\u0648\u062f\u064a\u0651\u064d\u060c \u0639\u0644\u0649 \u0639\u0643\u0633 \u062d\u0631\u0643\u0629 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0623\u0641\u0642\u064a\u0651\u064e\u0629 \u062e\u0644\u0627\u0644 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0651\u064e\u0629. \u0623\u0646\u0638\u0631: \u0641\u0627\u062f\u064a \u0641\u0631\u062d\u0627\u062a\u060c \u0645\u064a\u0634\u064a\u0644 \u0625\u0628\u0631\u0627\u0647\u064a\u0645\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 604.<\/p>\n

[53] \u064a\u064f\u0639\u0637\u064a \u0645\u0635\u0637\u0644\u062d \u201cTrend\u201d \u0627\u0644\u0623\u0646\u062c\u0644\u0648-\u0633\u0627\u0643\u0633\u0648\u0646\u064a \u0645\u0639\u0646\u0649 \u0627\u0644\u0627\u062a\u0651\u0650\u062c\u0627\u0647 \u0627\u0644\u0639\u0627\u0645 \u0644\u0644\u0633\u0648\u0642. \u0623\u0646\u0638\u0631: \u0641\u0627\u062f\u064a \u0641\u0631\u062d\u0627\u062a\u060c \u0645\u064a\u0634\u064a\u0644 \u0625\u0628\u0631\u0627\u0647\u064a\u0645\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 678.<\/p>\n

[54] \u0630\u0643\u0631 \u0627\u0644\u0645\u0634\u0631\u0639 \u0627\u0644\u062c\u0632\u0627\u0626\u0631\u064a \u0637\u0631\u064a\u0642 \u062f\u0639\u0648\u0649 \u0627\u0644\u0625\u0644\u063a\u0627\u0621 \u0635\u0631\u0627\u062d\u0629\u064b \u0628\u0635\u062f\u062f \u0642\u0631\u0627\u0631 \u0631\u0641\u0636 \u0627\u0644\u062a\u0631\u062e\u064a\u0635 \u0645\u0646 \u0627\u0644\u0647\u064a\u0626\u0629 \u0644\u0644\u0648\u0633\u064a\u0637 \u0627\u0644\u0645\u0627\u0644\u064a. \u0623\u0646\u0638\u0631: \u062f. \u062d\u0633\u0648\u0646\u0629 \u0639\u0628\u062f \u0627\u0644\u063a\u0646\u064a\u060c \u201c\u0627\u0644\u0648\u0633\u0627\u0637\u0629 \u0641\u064a \u0628\u0648\u0631\u0635\u0629 \u0627\u0644\u0642\u064a\u0645 \u0627\u0644\u0645\u0646\u0642\u0648\u0644\u0629\u201d\u060c \u0645\u062c\u0644\u0651\u064e\u0629 \u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629 \u0648\u0627\u0644\u0633\u064a\u0627\u0633\u064a\u0651\u064e\u0629\u060c \u0639\u062f\u062f 13\u060c \u062c\u0648\u0627\u0646 2016\u060c \u0635\u0640 145-155\u060c \u0627\u0644\u0635\u0641\u062d\u0629 151.<\/p>\n

[55] \u062e\u0644\u064a\u0644 \u0627\u0644\u0647\u0646\u062f\u064a\u060c \u0627\u0646\u0637\u0648\u0627\u0646 \u0627\u0644\u0646\u0627\u0634\u0641\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 112.<\/p>\n

[56] \u0641\u0641\u0643\u0631\u0629 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u062a\u062a\u0639\u0644\u0651\u064e\u0642 \u0628\u0637\u0631\u064a\u0642\u0629 \u062a\u0641\u0633\u064a\u0631 \u0627\u0644\u0642\u0636\u0627\u0621 \u0644\u0647\u0627. \u0623\u0646\u0638\u0631: \u062f. \u0641\u064a\u0635\u0644 \u0646\u0633\u064a\u063a\u0629\u060c \u062f. \u0631\u064a\u0627\u0636 \u062f\u0646\u0634\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 171.<\/p>\n

[57] \u0627\u0644\u0645\u0627\u062f\u0629 139\u060c \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a \u0644\u0639\u0627\u0645 1995.<\/p>\n

[58] \u0627\u0644\u0645\u0627\u062f\u0629 128-1\u060c \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a \u0644\u0639\u0627\u0645 1995.<\/p>\n

[59] Richard POWELL, op. cit., page 68.<\/p>\n

[60] \u062e\u0644\u064a\u0644 \u0627\u0644\u0647\u0646\u062f\u064a\u060c \u0627\u0646\u0637\u0648\u0627\u0646 \u0627\u0644\u0646\u0627\u0634\u0641\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 8.<\/p>\n

[61] \u0627\u0644\u0645\u0627\u062f\u0629 128\u060c \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a \u0644\u0639\u0627\u0645 1995.<\/p>\n

[62] \u0645\u064a\u0634\u064a\u0644 \u0625\u0628\u0631\u0627\u0647\u064a\u0645\u060c \u0641\u0627\u062f\u064a \u0641\u0631\u062d\u0627\u062a\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 457.<\/p>\n

[63] \u062e\u0644\u064a\u0644 \u0627\u0644\u0647\u0646\u062f\u064a\u060c \u0627\u0646\u0637\u0648\u0627\u0646 \u0627\u0644\u0646\u0627\u0634\u0641\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 130.<\/p>\n

[64] \u0627\u0644\u0645\u0627\u062f\u0629 128-2\u060c \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a \u0644\u0639\u0627\u0645 1995.<\/p>\n

[65] Cour de cassation de Belgique, Arr\u00eat du 27 mai 2011.<\/p>\n

[66] \u062d\u062a\u0649 \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0623\u0633\u0647\u0645 \u062e\u0627\u0631\u062c \u0627\u0644\u0628\u0648\u0631\u0635\u0629\u060c \u0641\u0642\u062f \u064a\u062a\u0645\u0651\u064f \u0627\u0644\u0627\u062d\u062a\u0643\u0627\u0645 \u0644\u0633\u0639\u0631 \u0627\u0644\u0633\u0647\u0645 \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u063a\u0627\u064a\u0629 \u062a\u062d\u062f\u064a\u062f \u062b\u0645\u0646 \u0627\u0644\u062a\u0646\u0627\u0632\u0644 \u0639\u0646 \u0645\u062b\u064a\u0644\u0627\u062a\u0647\u0627 \u0645\u0646 \u0627\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u0645\u062f\u0631\u064e\u062c\u0629 \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0629. \u0623\u0646\u0638\u0631: \u062f.\u064a\u0639\u0642\u0648\u0628 \u064a\u0648\u0633\u0641 \u0635\u0631\u062e\u0648\u060c \u201c\u0627\u0644\u0623\u0633\u0647\u0645 \u0648\u062a\u062f\u0627\u0648\u0644\u0647\u0627 \u0641\u064a \u0627\u0644\u0634\u0631\u0643\u0629 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u0629\u201d\u060c \u0631\u0633\u0627\u0644\u0629 \u0645\u064f\u0642\u062f\u0651\u064e\u0645\u0629 \u0644\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u062f\u0631\u062c\u0629 \u0627\u0644\u062f\u0643\u062a\u0648\u0631\u0627\u0647 \u0641\u064a \u0627\u0644\u062d\u0642\u0648\u0642\u060c \u062c\u0627\u0645\u0639\u0629 \u0627\u0644\u0642\u0627\u0647\u0631\u0629\u060c \u0646\u0648\u0642\u0634\u062a \u0639\u0627\u0645 1982\u060c \u0627\u0644\u0635\u0641\u062d\u0629 438.<\/p>\n

[67] \u0627\u0644\u0645\u0627\u062f\u0629 128\u060c \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a \u0644\u0639\u0627\u0645 1995.<\/p>\n

[68] \u0627\u0644\u0645\u0627\u062f\u0629 194-11\u060c \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a \u0644\u0639\u0627\u0645 1995.<\/p>\n

[69] \u0646\u0635\u0651\u064e\u062a \u0627\u0644\u0645\u0627\u062f\u0629 138 \u0645\u0646 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a \u0644\u0639\u0627\u0645 1995 \u0639\u0644\u0649 \u0623\u0646\u0651\u064e\u0647: \u201c\u064a\u0646\u062a\u062c \u0627\u0644\u062a\u0633\u0639\u064a\u0631 \u0639\u0646 \u0645\u0642\u0627\u0628\u0644\u0629 \u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u0628\u064a\u0639 \u0648\u0627\u0644\u0634\u0631\u0627\u0621 \u0627\u0644\u0645\u062f\u062e\u0644\u0629 \u0645\u0646 \u0642\u0628\u0644 \u0627\u0644\u0648\u0633\u0637\u0627\u0621 \u062e\u0644\u0627\u0644 \u062c\u0644\u0633\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0629\u060c \u0648\u0648\u0641\u0642\u0627\u064b \u0644\u0644\u0634\u0631\u0648\u0637 \u0627\u0644\u062a\u064a \u062a\u064f\u062d\u062f\u0651\u0650\u062f\u0647\u0627 \u0644\u062c\u0646\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629. \u062a\u0646\u0642\u0644 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u0649 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0623\u0645\u0631\u0627\u064b \u0623\u0645\u0631\u0627\u064b \u062f\u0648\u0646 \u0627\u0645\u0643\u0627\u0646\u064a\u0651\u064e\u0629 \u0636\u0645\u0651\u0650 \u0647\u0630\u0647 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0648\u062f\u0648\u0646 \u0645\u0642\u0627\u0635\u0651\u064e\u0629 \u0645\u0633\u0628\u0642\u0629 \u0628\u064a\u0646 \u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u0634\u0631\u0627\u0621 \u0648\u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u0628\u064a\u0639 \u0627\u0644\u062a\u064a \u062a\u062a\u0646\u0627\u0648\u0644 \u0627\u0644\u0635\u0643 \u0627\u0644\u0645\u0627\u0644\u064a \u0646\u0641\u0633\u0647\u201d.<\/p>\n

[70] \u062f. \u0639\u0628\u062f \u0627\u0644\u0631\u0632\u0627\u0642 \u0627\u0644\u0633\u0646\u0647\u0648\u0631\u064a\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 398.<\/p>\n

[71] \u0627\u0644\u0645\u0627\u062f\u0629 128-1\u060c \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a \u0644\u0639\u0627\u0645 1995.<\/p>\n

[72] Myres S. MODOUGAL, Harold D. LASSWEL, op. cit., page 13.<\/p>\n

[73] \u0644\u0623\u0646\u0651\u064e \u0639\u062f\u0645 \u062a\u0648\u0627\u0641\u0631 \u0627\u0644\u0634\u0643\u0644 \u0627\u0644\u0630\u064a \u062a\u0637\u0644\u0651\u064e\u0628\u0647 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0644\u0627\u0646\u0639\u0642\u0627\u062f \u0627\u0644\u0639\u0642\u062f \u064a\u0639\u0646\u064a \u0628\u0637\u0644\u0627\u0646\u0647. \u0623\u0646\u0638\u0631: \u0644\u0645\u064a\u0627\u0621 \u0628\u0646 \u0632\u0647\u0631\u0629\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 44.<\/p>\n

[74] \u062d\u062a\u0649 \u0623\u0646\u0651\u064e \u062c\u0627\u0646\u0628 \u0645\u0646 \u0627\u0644\u0641\u0642\u0647 \u0627\u0644\u0639\u0631\u0628\u064a \u0642\u062f \u0634\u0631\u062d \u0628\u0635\u062f\u062f \u0642\u0627\u0646\u0648\u0646 \u0628\u0648\u0631\u0635\u0629 \u0627\u0644\u0642\u064a\u0645 \u0627\u0644\u0645\u0646\u0642\u0648\u0644\u0629 \u0627\u0644\u062c\u0632\u0627\u0626\u0631\u064a \u0623\u0646\u0651\u064e \u062a\u0642\u062f\u064a\u0645 \u0623\u0645\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u064a\u062c\u0628 \u0623\u0646 \u064a\u0643\u0648\u0646 \u0643\u062a\u0627\u0628\u0629\u064b \u062a\u062d\u062a \u0637\u0627\u0626\u0644\u0629 \u0627\u0644\u0628\u0637\u0644\u0627\u0646 \u0627\u0644\u0645\u0637\u0644\u0642 \u0631\u063a\u0645 \u0648\u062c\u0648\u062f \u0646\u0635\u0648\u0635\u064d \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u062a\u064f\u062a\u064a\u062d \u0627\u0644\u0639\u0643\u0633. \u0623\u0646\u0638\u0631: \u062f. \u062d\u0633\u0648\u0646\u0629 \u0639\u0628\u062f \u0627\u0644\u063a\u0646\u064a\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 149.<\/p>\n

[75] \u062f. \u0645\u0646\u064a\u0631 \u0625\u0628\u0631\u0627\u0647\u064a\u0645 \u0647\u0646\u062f\u064a\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 186.<\/p>\n

[76] \u0627\u0644\u0645\u0627\u062f\u0629 376 \u0645\u0646 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0645\u0648\u062c\u0628\u0627\u062a \u0648\u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a \u0644\u0639\u0627\u0645 1932.<\/p>\n

[77] \u0627\u0644\u0645\u0627\u062f\u0629 388 \u0645\u0646 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0645\u0648\u062c\u0628\u0627\u062a \u0648\u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a \u0644\u0639\u0627\u0645 1932.<\/p>\n

[78] \u0634\u0631\u0641 \u0637\u0627\u0647\u0631\u064a\u060c \u201c\u0646\u0638\u0631\u064a\u0629 \u0627\u0644\u0628\u0637\u0644\u0627\u0646 \u0641\u064a \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0648\u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0645\u063a\u0631\u0628\u064a\u201d\u060c \u0645\u0648\u0642\u0639 \u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629 Marco Droit\u060c 14 \u062f\u064a\u0633\u0645\u0628\u0631 2014. \u0623\u0646\u0638\u0631: https:\/\/www.marocdroit.com .<\/p>\n

[79] Myers S. MODOUGAL, Harold D. LASSWEL, op. cit., page 17.<\/p>\n

[80] \u0627\u0644\u0645\u0627\u062f\u0629 128-1\u060c \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a \u0644\u0639\u0627\u0645 1995.<\/p>\n

[81] \u0623\u0645\u0651\u064e\u0627 \u0641\u064a \u0628\u0648\u0631\u0635\u0629 \u062f\u0645\u0634\u0642 \u0644\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0641\u0642\u062f \u0646\u0635\u0651\u064e\u062a \u0627\u0644\u0645\u0627\u062f\u0629 3 \u0645\u0646 \u062a\u0639\u0644\u064a\u0645\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0644\u062f\u064a\u0647\u0627 \u0639\u0644\u0649 \u0639\u062f\u0645 \u0627\u0644\u0633\u0645\u0627\u062d \u0628\u062a\u0646\u0641\u064a\u0630 \u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a \u062e\u0644\u0627\u0644 \u062c\u0644\u0633\u0629 \u0627\u0644\u0627\u0641\u062a\u062a\u0627\u062d\u060c \u0648\u0644\u0645 \u062a\u0623\u062a\u0650 \u0647\u0630\u0647 \u0627\u0644\u062a\u0639\u0644\u064a\u0645\u0627\u062a \u0639\u0644\u0649 \u0630\u0643\u0631 \u062d\u0638\u0631 \u201c\u0625\u062a\u0645\u0627\u0645\u0647\u0627\u201d \u0625\u0644\u0649 \u062c\u0627\u0646\u0628 \u201c\u062a\u0646\u0641\u064a\u0630\u0647\u0627\u201d \u201c\u0641\u064a \u0623\u064a\u0651\u0650 \u062d\u0627\u0644 \u0645\u0646 \u0627\u0644\u0623\u062d\u0648\u0627\u0644\u201d \u0623\u0648 \u062d\u0638\u0631 \u0625\u0628\u0631\u0627\u0645 \u0639\u0642\u062f\u0647\u0627 \u0628\u0645\u0639\u0646\u0649 \u0623\u062f\u0642 \u0643\u0645\u0627 \u0646\u0635\u0651\u064e\u062a \u0627\u0644\u0645\u0627\u062f\u0629 128 \u0645\u0646 \u0646\u0638\u0627\u0645 \u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a\u060c \u0645\u0627 \u062c\u0639\u0644 \u0645\u0635\u064a\u0631 \u201c\u0639\u0642\u062f \u0627\u0644\u0627\u0641\u062a\u062a\u0627\u062d\u201d \u0627\u0644\u0645\u0628\u0631\u0645 \u0628\u0641\u0639\u0644 \u062a\u0644\u0627\u0642\u064a \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u063a\u0627\u0645\u0636\u0627\u064b \u0648\u0647\u0648 \u0627\u0644\u0630\u064a \u064a\u0633\u0628\u0642 \u0625\u0642\u0631\u0627\u0631 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[82] \u0639\u0644\u0649 \u0639\u0643\u0633 \u0639\u0642\u062f \u0628\u064a\u0639 \u0627\u0644\u0639\u0642\u0627\u0631 \u0627\u0644\u0631\u0636\u0627\u0626\u064a \u063a\u064a\u0631 \u0627\u0644\u0646\u0627\u0642\u0644 \u0644\u0644\u0645\u0644\u0643\u064a\u0651\u064e\u0629 \u0625\u0644\u0627\u0651\u064e \u0628\u0627\u0644\u062a\u0633\u062c\u064a\u0644 \u0641\u064a \u0627\u0644\u0633\u062c\u0644 \u0627\u0644\u0639\u0642\u0627\u0631\u064a\u060c \u0641\u0647\u0648 \u0639\u0642\u062f\u064c \u0635\u062d\u064a\u062d\u064c \u064a\u064f\u0646\u062a\u062c \u0622\u062b\u0627\u0631\u0627\u064b \u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629\u064b \u0628\u064a\u0646 \u0627\u0644\u0645\u062a\u0639\u0627\u0642\u062f\u064a\u0646 \u0641\u064a \u0625\u0644\u0632\u0627\u0645 \u0627\u0644\u0628\u0627\u0626\u0639 \u0628\u0627\u0644\u062a\u0633\u062c\u064a\u0644\u060c \u062d\u064a\u062b \u0623\u0643\u0651\u064e\u062f \u0627\u0644\u0642\u0636\u0627\u0621 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a \u0639\u0644\u0649 \u0623\u0646\u0651\u064e\u0647: \u201c\u0644\u064a\u0633 \u0644\u0639\u0642\u062f \u0627\u0644\u0628\u064a\u0639 \u0627\u0644\u0639\u0642\u0627\u0631\u064a \u0628\u062d\u062f\u0651\u0650 \u0630\u0627\u062a\u0647 \u0645\u0641\u0639\u0648\u0644\u064c \u0646\u0627\u0642\u0644\u064c \u0644\u0645\u0644\u0643\u064a\u0629 \u0627\u0644\u0639\u0642\u0627\u0631 \u0645\u0648\u0636\u0648\u0639\u0647 \u0625\u0646\u0651\u064e\u0645\u0627 \u064a\u0642\u062a\u0635\u0631 \u0623\u062b\u0631\u0647 \u062d\u062a\u0649 \u0628\u064a\u0646 \u0627\u0644\u0645\u062a\u0639\u0627\u0642\u062f\u064a\u0646 \u0639\u0644\u0649 \u0645\u0646\u062d \u0627\u0644\u0634\u0627\u0631\u064a \u062d\u0642\u0651\u064e\u0627\u064b \u0634\u062e\u0635\u064a\u0651\u064e\u0627\u064b \u0628\u0627\u0644\u0632\u0627\u0645 \u0627\u0644\u0628\u0627\u0626\u0639 \u0628\u0627\u0644\u062a\u0633\u062c\u064a\u0644 \u0628\u062d\u064a\u062b \u0644\u0627 \u062a\u0646\u062a\u0642\u0644 \u0627\u0644\u0645\u0644\u0643\u064a\u0651\u064e\u0629 \u0639\u0644\u0649 \u0627\u0633\u0645 \u0627\u0644\u0634\u0627\u0631\u064a \u0625\u0644\u0627\u0651\u064e \u0645\u0646\u0630 \u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0642\u064a\u062f \u0641\u064a \u0627\u0644\u0633\u062c\u0644 \u0627\u0644\u0639\u0642\u0627\u0631\u064a\u201d. \u0623\u0646\u0638\u0631: \u0645\u062d\u0643\u0645\u0629 \u0627\u0644\u062f\u0631\u062c\u0629 \u0627\u0644\u0623\u0648\u0644\u0649\u060c \u062c\u0628\u0644 \u0644\u0628\u0646\u0627\u0646\u060c \u0642\u0631\u0627\u0631 \u0631\u0642\u0645 0\u060c \u062a\u0627\u0631\u064a\u062e 31-1-2014. \u0623\u0646\u0638\u0631: www.legallaw.ul.edu.lb (26-3-2018).<\/p>\n

\u0628\u064a\u0646\u0645\u0627 \u0639\u0642\u062f \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0644\u0627 \u064a\u064f\u0646\u062a\u062c \u0623\u064a\u0651\u064e \u0623\u062b\u0631\u064d \u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064d \u0648\u0644\u0627 \u0623\u064a\u0651\u064e \u0627\u0644\u062a\u0632\u0627\u0645\u064d \u0642\u0628\u0644 \u0625\u0642\u0631\u0627\u0631 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0639\u0644\u0649 \u0625\u0628\u0631\u0627\u0645 \u0639\u0645\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0648\u0625\u0639\u0644\u0627\u0646\u0647\u0627 \u0639\u0646\u0647\u0627.<\/p>\n

[83] \u0644\u0642\u062f \u0646\u0635\u0651\u064e\u062a \u0627\u0644\u0645\u0627\u062f\u0629 225 \u0645\u0646 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0645\u0648\u062c\u0628\u0627\u062a \u0648\u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a \u0639\u0644\u0649: \u201c\u0623\u0646\u0651\u064e \u0627\u0644\u0639\u0642\u062f \u0644\u0627 \u064a\u064f\u0646\u062a\u062c \u0641\u064a \u0627\u0644\u0623\u0633\u0627\u0633 \u0645\u0641\u0627\u0639\u064a\u0644\u0647 \u0641\u064a \u062d\u0642 \u0634\u062e\u0635 \u062b\u0627\u0644\u062b\u060c \u0628\u0645\u0639\u0646\u0649 \u0623\u0646\u0651\u064e\u0647 \u0644\u0627 \u064a\u064f\u0645\u0643\u0646 \u0623\u0646 \u064a\u064f\u0643\u0633\u0628 \u0647\u0630\u0627 \u0627\u0644\u0634\u062e\u0635 \u062d\u0642\u0648\u0642\u0627\u064b \u0623\u0648 \u064a\u062c\u0639\u0644\u0647 \u0645\u062f\u064a\u0648\u0646\u0627\u064b\u060c \u0641\u0625\u0646\u0651\u064e \u0644\u0644\u0639\u0642\u062f \u0645\u0641\u0639\u0648\u0644\u0627\u064b \u0646\u0633\u0628\u064a\u0651\u064e\u0627\u064b \u064a\u0646\u062d\u0635\u0631 \u0641\u064a\u0645\u0627 \u0628\u064a\u0646 \u0627\u0644\u0645\u062a\u0639\u0627\u0642\u062f\u064a\u0646 \u0623\u0648 \u0627\u0644\u0630\u064a\u0646 \u0646\u0627\u0644\u0648\u0627 \u062d\u0642\u0648\u0642 \u0647\u0624\u0644\u0627\u0621 \u0628\u0648\u062c\u0647\u064d \u0639\u0627\u0645\u0651\u064d\u201d. \u0648\u0644\u0644\u062a\u0639\u0645\u0651\u064f\u0642 \u0641\u064a \u0623\u0635\u0644 \u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0645\u0648\u0642\u0648\u0641\u060c \u0623\u0646\u0638\u0631: \u0623\u062d\u0645\u062f \u0639\u0644\u064a \u0639\u0648\u064a\u062f\u064a\u060c \u0646\u0648\u0641\u0627\u0646 \u0645\u0646\u0635\u0648\u0631 \u0627\u0644\u0639\u062c\u0627\u0631\u0645\u0629\u060c \u062e\u0627\u0644\u062f \u0631\u0636\u0648\u0627\u0646 \u0627\u0644\u0633\u0645\u0627\u0645\u0639\u0629\u060c \u201c\u0625\u062c\u0627\u0632\u0629 \u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0645\u0648\u0642\u0648\u0641 \u0641\u064a \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0645\u062f\u0646\u064a \u0627\u0644\u0623\u0631\u062f\u0646\u064a\u201d\u060c \u0645\u062c\u0644\u0629 \u062f\u0631\u0627\u0633\u0627\u062a \u0627\u0644\u0645\u062d\u0643\u0645\u0629\u060c \u0639\u0644\u0648\u0645 \u0627\u0644\u0634\u0631\u064a\u0639\u0629 \u0648\u0627\u0644\u0642\u0627\u0646\u0648\u0646\u060c \u0627\u0644\u0645\u062c\u0644\u0651\u062f 43 \u060c \u0645\u0644\u062d\u0642 4\u060c 2016\u060c \u0635\u0635\u0640 1595-1610\u060c \u0627\u0644\u0635\u0641\u062d\u0629 1595.<\/p>\n

[84] \u0644\u0642\u062f \u0628\u062d\u062b \u062c\u0627\u0646\u0628 \u0645\u0646 \u0627\u0644\u0641\u0642\u0647 \u0627\u0644\u0639\u0631\u0628\u064a \u0645\u0646\u0630 \u062b\u0645\u0627\u0646\u064a\u0646\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0642\u0631\u0646 \u0627\u0644\u0645\u0627\u0636\u064a \u0641\u064a \u0645\u0648\u0636\u0648\u0639 \u0628\u0637\u0644\u0627\u0646 \u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0623\u0633\u0647\u0645\u060c \u0648\u0648\u062c\u062f \u0623\u0646\u0651\u064e\u0647 \u0642\u062f \u064a\u062a\u0645\u0651\u064f \u0625\u0628\u0637\u0627\u0644 \u0647\u0630\u0627 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0648\u0641\u0642\u0627\u064b \u0644\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0639\u0627\u0645\u0651\u064e\u0629 \u0641\u064a \u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0623\u0633\u0647\u0645 \u062e\u0627\u0631\u062c \u0623\u0631\u0648\u0642\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629\u060c \u0641\u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u062d\u0627\u0644\u0629 \u0644\u0627 \u062a\u0648\u062c\u062f \u0628\u0648\u0631\u0635\u0629 \u0645\u064f\u0646\u0638\u0651\u064e\u0645\u0629 \u0623\u0648 \u0645\u0628\u0627\u062f\u0626 \u0628\u0648\u0631\u0635\u064a\u0651\u064e\u0629 \u0623\u0648 \u0646\u0638\u0627\u0645 \u0639\u0627\u0645 \u0628\u0648\u0631\u0635\u064a. \u0623\u0646\u0638\u0631: \u062f. \u064a\u0639\u0642\u0648\u0628 \u064a\u0648\u0633\u0641 \u0635\u0631\u062e\u0648\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 453.<\/p>\n

[85] \u062f. \u0648\u0644\u064a\u062f \u0639\u0628\u062f \u0645\u0648\u0644\u0627\u0647\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 3.<\/p>\n

[86] \u0643\u0645\u0627 \u0623\u0646\u0651\u064e \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0645\u0633\u062a\u0645\u0631 \u064a\u0633\u0645\u062d\u064f \u0628\u0631\u0624\u064a\u0629\u064d \u062d\u0642\u064a\u0642\u064a\u0651\u064e\u0629\u064d \u0623\u0643\u062b\u0631 \u0639\u0645\u0642\u0627\u064b \u0648\u0627\u062a\u0651\u0650\u0633\u0627\u0639\u0627\u064b \u0641\u064a \u0644\u062d\u0638\u0629 \u062a\u062f\u0627\u0648\u0644\u064d \u0648\u0627\u062d\u062f\u0629\u064d \u0625\u0644\u0649 \u0628\u064a\u0626\u0627\u062a\u064d \u0645\u062a\u0639\u062f\u0651\u0650\u062f\u0629\u064d \u0645\u0646 \u0627\u0644\u062a\u062f\u0627\u0648\u0644. \u0623\u0646\u0638\u0631:<\/p>\n

Maureen O\u2019HARA, Gideon SAAR, and Zhuo ZHONG, op. cit., page 25.<\/p>\n

\u0641\u0645\u062b\u0644\u0627\u064b \u0627\u0644\u0643\u0645\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0645\u062a\u0637\u0627\u0628\u0642\u0629 \u0644\u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a \u0644\u062d\u0638\u0629\u064d \u0648\u0627\u062d\u062f\u0629\u064d \u062a\u064f\u0648\u0636\u0651\u0650\u062d\u064f \u0627\u0632\u062f\u064a\u0627\u062f \u0643\u0645\u064a\u0651\u064e\u0627\u062a \u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0644\u0644\u0645\u0636\u0627\u0631\u0628\u064a\u0646 \u0639\u0644\u0649 \u0627\u0644\u0635\u0639\u0648\u062f \u0623\u0648 \u0627\u0644\u0647\u0628\u0648\u0637\u060c \u0645\u0627 \u064a\u0624\u062f\u0651\u0650\u064a \u0625\u0644\u0649 \u0627\u0631\u062a\u0641\u0627\u0639 \u0633\u0639\u0631 \u0627\u0644\u0633\u0648\u0642 \u0623\u0648 \u0627\u0646\u062e\u0641\u0627\u0636\u0647\u060c \u0627\u0644\u0623\u0645\u0631 \u0627\u0644\u0630\u064a \u064a\u0633\u0645\u062d \u0644\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u0627\u062a\u0651\u0650\u062e\u0627\u0630 \u0642\u0631\u0627\u0631 \u0636\u0628\u0637 \u0627\u0644\u062a\u0633\u0639\u064a\u0631 \u0627\u0644\u0645\u0646\u0627\u0633\u0628 \u0648\u0641\u0642\u0627\u064b \u0644\u0638\u0631\u0648\u0641 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0637\u0628\u064a\u0639\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u064a \u0642\u062f \u062a\u0634\u0643\u0651\u064e\u0644\u062a \u0623\u0645\u0627\u0645\u0647 \u0628\u0627\u0644\u0644\u0651\u064e\u062d\u0638\u0629 \u0648\u0627\u0644\u062a\u0648\u0651\u0650 \u062f\u0648\u0646 \u062a\u062f\u062e\u0651\u064f\u0644\u064d \u062a\u0646\u0638\u064a\u0645\u064a\u0651\u064d.<\/p>\n

[87] \u062e\u0644\u064a\u0644 \u0627\u0644\u0647\u0646\u062f\u064a\u060c \u0627\u0646\u0637\u0648\u0627\u0646 \u0627\u0644\u0646\u0627\u0634\u0641\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 82.<\/p>\n

[88] Joseph P. KAIRYS JR., Raimonds KRUZA, Ritvars KUMPINS, \u201cWinners and losers from the introduction of continuous variable price trading: Evidence from the Riga Stock Exchange\u201d, Journal of Banking & Finance 24 (2000), pp. 603-624, page 621.<\/p>\n

[89] \u0645\u062d\u0645\u062f \u064a\u0648\u0633\u0641 \u064a\u0627\u0633\u064a\u0646\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 106.<\/p>\n

[90] \u0627\u0644\u0645\u0627\u062f\u0629 194-1\u060c \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a \u0644\u0639\u0627\u0645 1995.<\/p>\n

[91] Cour de cassation de France, Chambre civile 1, pourvoi n\u00b0 K 98 11 855, 15 mars 2000.<\/p>\n

[92] Cour de cassation de France, Chambre civile 1, JURITEXT000006953125, 02 mars 1960.<\/p>\n

[93] \u0627\u0644\u0645\u0627\u062f\u0629 120\u060c \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a \u0644\u0639\u0627\u0645 1995.<\/p>\n

[94] \u062f. \u0647\u0645\u0627\u0645 \u0627\u0644\u0642\u0648\u0635\u064a\u060c \u201c\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a \u0644\u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629\u201d\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 304.<\/p>\n

[95] \u064a\u062c\u0628 \u0628\u062e\u0635\u0648\u0635 \u0627\u0644\u0627\u062a\u0651\u0650\u062c\u0627\u0647 \u0627\u0644\u0645\u0639\u0627\u0635\u0631 \u0627\u0644\u0637\u0627\u063a\u064a \u0646\u062d\u0648 \u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627\u060c \u0627\u0644\u0623\u062e\u0630 \u0628\u0639\u064a\u0646 \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631 \u0623\u0646\u0651\u064e \u0644\u0648\u062d\u0629 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u0625\u0644\u0643\u062a\u0631\u0648\u0646\u064a\u0629 \u0627\u0644\u0628\u0627\u0631\u062f\u0629 \u0627\u0644\u062c\u0627\u0645\u062f\u0629 \u0627\u0644\u062a\u064a \u062a\u064f\u0639\u0627\u0644\u062c \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0648\u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0644\u0627 \u062a\u0633\u062a\u0637\u064a\u0639 \u0627\u0644\u062a\u0641\u0643\u064a\u0631 \u0628\u0627\u0644\u0639\u062f\u0627\u0644\u0629 \u0641\u064a \u0645\u062c\u0627\u0644 \u0645\u0631\u0627\u0639\u0627\u0629 \u0638\u0631\u0648\u0641 \u0648\u0641\u0626\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646. \u0623\u0646\u0638\u0631 \u062d\u0648\u0644 \u0647\u0630\u0647 \u0627\u0644\u0641\u0643\u0631\u0629 \u0644\u062f\u0649:<\/p>\n

Maureen O\u2019HARA, \u201cHigh Frequency Market Microstructure\u201d, Journal of Financial Economics, (2015), page 13. See: http:\/\/dx.doi.org\/10.1016\/j.jfineco.2015.01.003i (17-3-2018).<\/p>\n

[96] \u0644\u0644\u062a\u0639\u0645\u0651\u064f\u0642 \u0641\u064a \u0645\u0641\u0647\u0648\u0645 \u0647\u0630\u0627 \u0627\u0644\u0623\u0645\u0631\u060c \u0631\u0627\u062c\u0639: \u0635\u0627\u0644\u062d \u0631\u0627\u0634\u062f \u0627\u0644\u062d\u0645\u0631\u0627\u0646\u064a\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 340.<\/p>\n

[97] \u0648\u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639 \u062a\u064f\u0634\u0643\u0651\u0650\u0644\u064f \u0647\u0630\u0647 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u0631\u0627\u0643\u062f\u0629 \u062f\u0627\u0641\u0639\u0627\u064b \u0644\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u062d\u062a\u0649 \u062a\u0641\u0631\u0636 \u0623\u0646\u0638\u0645\u0629\u064b \u0623\u0643\u062b\u0631 \u0642\u0633\u0627\u0648\u0629 \u0648\u0623\u0643\u062b\u0631 \u0625\u0636\u0631\u0627\u0631\u0627\u064b \u0628\u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0628\u0627\u0644\u062a\u0627\u0644\u064a. \u0623\u0646\u0638\u0631 \u062d\u0648\u0644 \u0647\u0630\u0627 \u0627\u0644\u0645\u0648\u0636\u0648\u0639:<\/p>\n

Brian P. BAXTER, \u201cThe Securities Black Market: Dark Pool Trading and the Need for a More Expansive Regulation ATS-N\u201d, Vanderbilt Law Review, vol. 70:1:311, 2017, pp. 311-337, page 311.<\/p>\n

\u0648\u0642\u062f \u0648\u062c\u062f\u062a \u0627\u0644\u0628\u0648\u0631\u0635\u0627\u062a \u0627\u0644\u0623\u0646\u062c\u0644\u0648-\u0633\u0627\u0643\u0633\u0648\u0646\u064a\u0651\u064e\u0629 \u0641\u064a \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0623\u0646\u0651\u064e \u062d\u0644 \u0647\u0630\u0647 \u0627\u0644\u0625\u0634\u0643\u0627\u0644\u064a\u0651\u064e\u0629 \u064a\u0643\u0645\u0646 \u0641\u064a \u0627\u0644\u062a\u0631\u062e\u064a\u0635 \u0644\u0635\u0627\u0646\u0639 \u0633\u0648\u0642\u064d \u064a\u064f\u0644\u0632\u0645\u064f \u0628\u0645\u0642\u0627\u0628\u0644\u0629 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0628\u062d\u062f\u0651\u0650 \u0633\u064a\u0648\u0644\u0629\u064d \u0623\u062f\u0646\u0649\u061b \u0648\u0630\u0644\u0643 \u0628\u063a\u0631\u0636 \u0627\u0644\u062a\u0636\u064a\u064a\u0642 \u0645\u0646 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u063a\u064a\u0631 \u0627\u0644\u0640\u0645\u064f\u0646\u0641\u0651\u064e\u0630\u0629 \u0625\u0644\u0649 \u0623\u0642\u0635\u0649 \u062d\u062f\u060c \u0648\u064a\u064f\u0637\u0644\u0642 \u0639\u0644\u0649 \u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0635\u0627\u0646\u0639: \u201c\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u201d \u201cPrincipal Trading\u201d\u060c \u0648\u0647\u0648 \u0630\u0648 \u062a\u0623\u062b\u064a\u0631\u064d \u0625\u064a\u062c\u0627\u0628\u064a\u0651\u064d \u0645\u0644\u0645\u0648\u0633\u064d \u0639\u0644\u0649 \u0635\u0639\u064a\u062f \u0636\u062e\u0651\u0650 \u0627\u0644\u0633\u064a\u0648\u0644\u0629. \u0623\u0646\u0638\u0631 \u0641\u064a \u0627\u0644\u0641\u0642\u0647 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a:<\/p>\n

Alasdair S. TURNBULL, \u201cPrincipal Trading, Price Improvement and Liquidity Provision in a Non-Anonymous Market\u201d, Journal of Accounting and Finance, Vol. 15(3) 2015, pp. 64-77, page 75.
\n[98] \u0627\u0644\u0645\u0627\u062f\u0629 121\u060c \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a \u0644\u0639\u0627\u0645 1995.<\/p>\n

[99] \u0627\u0644\u0645\u0627\u062f\u0629 128-6\u060c \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a \u0644\u0639\u0627\u0645 1995.<\/p>\n

[100] \u0627\u0644\u0645\u0627\u062f\u0629 52-3\u060c \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a \u0644\u0639\u0627\u0645 2011.<\/p>\n

[101] \u064a\u062a\u0639\u0627\u0643\u0633 \u0627\u0644\u0623\u0645\u0631 \u0627\u0644\u0645\u0641\u062a\u0648\u062d \u0627\u0644\u0645\u062f\u0651\u064e\u0629 \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u0646\u0642\u0637\u0629 \u0645\u0639 \u0623\u0645\u0631\u064d \u0622\u062e\u0631 \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0629\u060c \u0648\u0647\u0648 \u0627\u0644\u0623\u0645\u0631 \u201c\u0627\u0644\u0641\u0648\u0631\u064a \u0623\u0648 \u0627\u0644\u0645\u0644\u063a\u064a\u201d \u201cImmediate or Cancel (IOC)\u201d\u060c \u0627\u0644\u0630\u064a \u064a\u064f\u0635\u062f\u0631\u0647 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u062d\u062a\u0649 \u064a\u062a\u0645\u0651\u064e \u062a\u0646\u0641\u064a\u0630\u0647 \u0641\u0648\u0631 \u0625\u062f\u062e\u0627\u0644\u0647 \u0623\u0648 \u0625\u0644\u063a\u0627\u0626\u0647 \u0641\u0648\u0631\u0627\u064b \u0641\u064a \u062d\u0627\u0644 \u0639\u062f\u0645 \u062a\u0637\u0627\u0628\u0642\u0647 \u0645\u0639 \u0623\u0645\u0631\u064d \u0645\u0642\u0627\u0628\u0644\u064d \u0628\u063a\u0627\u064a\u0629 \u0639\u062f\u0645 \u0627\u0646\u062a\u0638\u0627\u0631 \u0627\u0644\u0623\u0645\u0631 \u0639\u0644\u0649 \u0644\u0627\u0626\u062d\u0629 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0623\u0628\u062f\u0627\u064b\u060c \u0641\u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639 \u064a\u0633\u0639\u0649 \u0627\u0644\u0623\u0645\u0631 \u0627\u0644\u0641\u0648\u0631\u064a \u0623\u0648 \u0627\u0644\u0645\u0644\u063a\u064a \u0625\u0644\u0649 \u0627\u0644\u062a\u0641\u0627\u0639\u0644 \u0627\u0644\u0641\u0648\u0631\u064a \u0645\u0639 \u062a\u062f\u0641\u0651\u064f\u0642 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0639\u0644\u0649 \u0637\u0631\u0641 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0622\u062e\u0631. \u0623\u0646\u0638\u0631:<\/p>\n

Amy KWAN, Ronald MASULIS, Thomas H. MCLNISH, op. cit., page 12.<\/p>\n

[102] \u0627\u0644\u0645\u0627\u062f\u0629 52-5-3\u060c \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a \u0644\u0639\u0627\u0645 2011.<\/p>\n

\u0648\u0630\u0644\u0643 \u0628\u063a\u0631\u0636 \u0625\u0634\u0631\u0627\u0643 \u0634\u0631\u0627\u0626\u062d\u064d \u0648\u0627\u0633\u0639\u0629\u064d \u0645\u0646 \u0627\u0644\u0645\u062c\u062a\u0645\u0639 \u0641\u064a \u062f\u0648\u0631\u0629 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644\u060c \u0627\u0644\u0630\u064a \u0633\u064a\u064e\u0646\u062a\u064f\u062c\u064f \u0639\u0646\u0647 \u0631\u0641\u0639 \u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u0645\u0639\u064a\u0634\u0629 \u0627\u0644\u0639\u0627\u0645 \u0625\u0646 \u0627\u0631\u062a\u0642\u062a \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u0645\u0633\u062a\u0648\u0649 \u0643\u0641\u0627\u0621\u062a\u0647\u0627.<\/p>\n

\u0648\u064a\u064f\u0637\u0644\u0650\u0642 \u0627\u0644\u0641\u0642\u0647 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a \u0639\u0644\u0649 \u062d\u0627\u0644\u0627\u062a \u0627\u0644\u0631\u0641\u0636 \u0627\u0644\u0643\u062b\u064a\u0641 \u0644\u0644\u0623\u0648\u0627\u0645\u0631 \u0645\u0635\u0637\u0644\u062d \u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0640: \u201c\u062a\u0643\u0627\u0644\u064a\u0641\u201d \u201cCosts\u201d \u0627\u0644\u062e\u0627\u0635\u0651\u064e\u0629 \u0628\u0623\u0645\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644. \u0623\u0646\u0638\u0631:<\/p>\n

James J. ANGEL, Todd J. BROMS, Gary L. GASTINEAU, \u201cETF Transaction Costs are Often Higher Than Investors Realize\u201d, the Journal of Portfolio Management, Spring 2016, pp. 65-75, page 65.<\/p>\n

[103] \u0641\u0647\u064a \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u062a\u064a \u062a\u0639\u062a\u0645\u062f\u0647\u0627 \u0627\u0644\u0628\u0648\u0631\u0635\u0629. \u0623\u0646\u0638\u0631: \u0645\u064a\u0634\u064a\u0644 \u0625\u0628\u0631\u0627\u0647\u064a\u0645\u060c \u0641\u0627\u062f\u064a \u0641\u0631\u062d\u0627\u062a\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 400.<\/p>\n

[104] \u0641\u0647\u064a \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u062a\u064a \u062a\u064f\u0645\u062b\u0651\u0650\u0644 \u0627\u0639\u062a\u0642\u0627\u062f \u062c\u0645\u0647\u0648\u0631 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646\u060c \u0648\u0644\u064a\u0633 \u0645\u0646 \u0627\u0644\u0636\u0631\u0648\u0631\u064a \u0623\u0646 \u062a\u062a\u0633\u0627\u0648\u0649 \u0645\u0639 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u062a\u064a \u062a\u0638\u0647\u0631 \u0641\u064a \u0633\u062c\u0644\u0627\u0651\u064e\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062e\u0627\u0635\u0651\u064e\u0629 \u0628\u0627\u0644\u0628\u0648\u0631\u0635\u0629.<\/p>\n

[105] \u0645\u064a\u0634\u064a\u0644 \u0625\u0628\u0631\u0627\u0647\u064a\u0645\u060c \u0641\u0627\u062f\u064a \u0641\u0631\u062d\u0627\u062a\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 539.<\/p>\n

[106] \u062f. \u0641\u064a\u0635\u0644 \u0646\u0633\u064a\u063a\u0629\u060c \u062f. \u0631\u064a\u0627\u0636 \u062f\u0646\u0634\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 171.<\/p>\n

[107] \u0644\u0642\u062f \u0638\u0647\u0631 \u0641\u064a \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0651\u064e\u0629 \u0627\u062a\u0651\u0650\u062c\u0627\u0647\u064c \u064a\u0647\u062f\u0641 \u0625\u0644\u0649 \u062d\u0645\u0627\u064a\u0629 \u0627\u0644\u062a\u0633\u0639\u064a\u0631\u0627\u062a \u0627\u0644\u062e\u0627\u0635\u0651\u064e\u0629 \u0628\u0627\u0644\u0633\u0648\u0642 \u0628\u0634\u0643\u0644\u064d \u0639\u0627\u0645\u060c \u0648\u0644\u064a\u0633 \u0641\u0642\u0637 \u062a\u0644\u0643 \u0627\u0644\u0645\u062d\u062f\u0651\u064e\u062f\u0629 \u0645\u0646 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u0645\u0641\u062a\u0648\u062d\u0629\u060c \u0641\u0642\u062f \u062a\u0645\u0651\u064e \u0625\u0635\u062f\u0627\u0631 \u201c\u0642\u0627\u0639\u062f\u0629 \u062d\u0645\u0627\u064a\u0629 \u0623\u0645\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u201d \u201cOrder Protection Rule\u201d \u0645\u0646 \u0644\u062c\u0646\u0629 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0648\u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0651\u064e\u0629 SEC\u060c \u0623\u0646\u0638\u0631:<\/p>\n

The SEC Memorandum, \u201cRule 611 of Regulation NMS\u201d, April 30, 2015, page 1.<\/p>\n

\u0648\u062a\u0647\u062f\u0641 \u0647\u0630\u0647 \u0627\u0644\u0642\u0627\u0639\u062f\u0629 \u0625\u0644\u0649 \u201c\u062d\u0645\u0627\u064a\u0629 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0623\u0648\u0627\u0645\u0631\u201d \u201cPrice Protection of Orders\u201d \u0639\u0628\u0631 \u0641\u0631\u0636 \u0625\u0637\u0627\u0631 \u0623\u0643\u0628\u0631 \u0645\u0646 \u0627\u0644\u0627\u062d\u062a\u0631\u0627\u0645 \u0644\u0633\u0639\u0631 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u062a\u0634\u0643\u0651\u0650\u0644 \u0645\u0646 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0623\u0648\u0627\u0645\u0631\u060c \u0631\u063a\u0645 \u0623\u0646\u0651\u064e \u0647\u0630\u0647 \u0627\u0644\u0642\u0627\u0639\u062f\u0629 \u062a\u062a\u0642\u0627\u0637\u0639 \u0645\u0639 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0648\u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a \u0644\u0639\u0627\u0645 1934 \u0627\u0644\u0630\u064a \u0643\u0627\u0646 \u064a\u0639\u062a\u0628\u0631 \u0641\u064a \u0627\u0644\u0645\u0627\u062f\u0629 11-\u0623 \u0645\u0646\u0647 \u0623\u0646\u0651\u064e \u0623\u0647\u0645 \u0648\u0638\u064a\u0641\u0629 \u0644\u0644\u062c\u0646\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0647\u064a \u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0623\u0641\u0636\u0644 \u0644\u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0645\u0646 \u0627\u0644\u0646\u0627\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0651\u064e\u0629\u061b \u0645\u0627 \u062a\u0645\u0651\u064e \u062a\u0641\u0633\u064a\u0631\u0647 \u0639\u0644\u0649 \u0623\u0646\u0651\u064e\u0647 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0623\u0641\u0636\u0644 \u0644\u0644\u0628\u0648\u0631\u0635\u0629 \u062f\u0648\u0646 \u0630\u0643\u0631 \u062d\u0645\u0627\u064a\u0629 \u0639\u062f\u0627\u0644\u0629 \u0633\u0639\u0631 \u0627\u0644\u0633\u0648\u0642 \u0645\u0646 \u0646\u0627\u062d\u064a\u0629 \u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646. \u0623\u0646\u0638\u0631 \u062d\u0648\u0644 \u0647\u0630\u0627 \u0627\u0644\u0645\u0648\u0636\u0648\u0639:<\/p>\n

The SEC Memorandum, op. cit., page 3.<\/p>\n

[108] \u0645\u062d\u0645\u062f \u064a\u0648\u0633\u0641 \u064a\u0627\u0633\u064a\u0646\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 56.<\/p>\n

[109] \u0644\u0642\u062f \u0639\u0627\u0646\u062a \u0628\u0648\u0631\u0635\u0629 (\u0631\u064a\u062c\u0627) \u0641\u064a \u062f\u0648\u0644\u0629 (\u0644\u0627\u062a\u0641\u064a\u0627) \u0645\u0646 \u062a\u0622\u0643\u0644 \u0641\u064a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0628\u0639\u062f \u062a\u0637\u0628\u064a\u0642\u0647\u0627 \u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0645\u0633\u062a\u0645\u0631\u060c \u0639\u0644\u0649 \u0639\u0643\u0633 \u0628\u0648\u0631\u0635\u0627\u062a \u0643\u062b\u064a\u0631\u0629\u060c \u0648\u0647\u0630\u0627 \u0645\u0627 \u0623\u0648\u062c\u062f \u0627\u0644\u062f\u0644\u064a\u0644 \u0639\u0644\u0649 \u0623\u0646\u0651\u064e \u0627\u0644\u0627\u0646\u062a\u0642\u0627\u0644 \u0646\u062d\u0648 \u0627\u0644\u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u0645\u0646 \u062d\u0627\u0644\u0629 \u0627\u0644\u062b\u0628\u0627\u062a \u0627\u0644\u062f\u0627\u0626\u0645 -\u0643\u0645\u0627 \u0642\u062f \u064a\u062a\u0645\u0651\u064f \u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a- \u064a\u062c\u0628 \u0623\u0646 \u064a\u0643\u0648\u0646 \u0645\u062f\u0631\u0648\u0633\u0627\u064b \u0648\u0639\u0644\u0649 \u0645\u0631\u0627\u062d\u0644. \u0623\u0646\u0638\u0631 \u0628\u062e\u0635\u0648\u0635 \u0628\u0648\u0631\u0635\u0629 (\u0631\u064a\u062c\u0627) \u0644\u0644\u0623\u0633\u0647\u0645:<\/p>\n

Joseph P. KAIRYS JR., Raimonds KRUZA, Ritvars KUMPINS, op. cit., page 621.<\/p>\n

[110] \u0627\u0644\u0645\u0627\u062f\u0629 194-11\u060c \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a \u0644\u0639\u0627\u0645 1995.<\/p>\n

[111] \u0644\u0642\u062f \u062d\u0627\u0648\u0644 \u0627\u0644\u0641\u0642\u0647 \u0627\u0644\u0628\u0648\u0644\u0646\u062f\u064a \u0641\u064a \u0623\u0648\u0631\u0648\u0628\u0627 \u0627\u0644\u0634\u0631\u0642\u064a\u0651\u064e\u0629 \u0627\u0644\u0627\u0633\u062a\u0641\u0627\u062f\u0629 \u0645\u0646 \u0627\u0644\u0623\u0646\u0638\u0645\u0629 \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a\u0651\u064e\u0629 \u0641\u064a \u0645\u062d\u0627\u0648\u0644\u0629 \u0644\u0644\u062a\u0642\u0644\u064a\u0644 \u0645\u0646 \u062d\u0627\u0644\u0629 \u0627\u0644\u0634\u0643\u0651\u0650 \u0641\u064a \u0645\u0648\u062b\u0648\u0642\u064a\u0651\u064e\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629. \u0623\u0646\u0638\u0631:<\/p>\n

Michal MARIANISKY, op. cit., page 172.<\/p>\n

[112] \u0627\u0644\u0645\u0627\u062f\u0629 194-11\u060c \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a \u0644\u0639\u0627\u0645 1995.<\/p>\n

[113] Saadatou BOUREIMA SOUMANA, op. cit., page 152.<\/p>\n

[114] \u0627\u0644\u0645\u0627\u062f\u0629 194-12\u060c \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a \u0644\u0639\u0627\u0645 1995.<\/p>\n

\u0623\u0646\u0638\u0631 \u062d\u0648\u0644 \u0634\u0631\u062d \u0647\u0630\u0627 \u0627\u0644\u0645\u0648\u0636\u0648\u0639 \u0644\u062f\u0649: \u062f. \u0634\u0639\u0628\u0627\u0646 \u0623\u062d\u0645\u062f \u0645\u062d\u0645\u0648\u062f\u060c \u0631\u062c\u0628 \u0639\u0628\u062f \u0627\u0644\u062d\u0643\u064a\u0645 \u0633\u0644\u064a\u0645\u060c \u0634\u0631\u062d \u0623\u062d\u0643\u0627\u0645 \u0642\u0627\u0646\u0648\u0646 \u0633\u0648\u0642 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644\u060c \u0627\u0644\u062c\u0632\u0621 \u0627\u0644\u0623\u0648\u0644\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 883.<\/p>\n

[115] \u0623\u0646\u0638\u0631 \u062d\u0648\u0644 \u0645\u0648\u0636\u0648\u0639 \u062a\u062f\u0627\u0628\u064a\u0631 \u0627\u0644\u0647\u064a\u0626\u0629 \u0639\u0646\u062f \u0648\u062c\u0648\u062f \u062e\u0637\u0631\u064d \u0645\u062d\u062f\u0642\u064d \u0628\u0627\u0644\u0628\u0648\u0631\u0635\u0629\u060c \u0644\u062f\u0649: \u062f. \u0634\u0639\u0628\u0627\u0646 \u0623\u062d\u0645\u062f \u0645\u062d\u0645\u0648\u062f\u060c \u0631\u062c\u0628 \u0639\u0628\u062f \u0627\u0644\u062d\u0643\u064a\u0645 \u0633\u0644\u064a\u0645\u060c \u0634\u0631\u062d \u0623\u062d\u0643\u0627\u0645 \u0642\u0627\u0646\u0648\u0646 \u0633\u0648\u0642 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644\u060c \u0627\u0644\u062c\u0632\u0621 \u0627\u0644\u062b\u0627\u0646\u064a\u060c \u062f\u0627\u0631 \u0623\u0628\u0648 \u0627\u0644\u0645\u062c\u062f \u0644\u0644\u0637\u0628\u0627\u0639\u0629 \u0628\u0627\u0644\u0647\u0631\u0645\u060c \u0627\u0644\u0642\u0627\u0647\u0631\u0629\u060c 2004\u060c \u0627\u0644\u0637\u0628\u0639\u0629 \u0627\u0644\u0623\u0648\u0644\u0649\u060c \u0627\u0644\u0635\u0641\u062d\u0629 1387.<\/p>\n

[116] \u064a\u0648\u062c\u062f \u0641\u064a \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u0651\u064e\u062d\u062f\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0651\u064e\u0629 \u062c\u0647\u0629\u064c \u062a\u0631\u0639\u0649 \u0645\u0635\u0644\u062d\u0629 \u0627\u0644\u062c\u0645\u0647\u0648\u0631 \u062a\u062f\u0639\u0649: \u201c\u0647\u064a\u0626\u0629 \u062d\u0645\u0627\u064a\u0629 \u0645\u0633\u062a\u062b\u0645\u0631 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u201d \u201cSecurities Investor Protection Corporation (SIPC)\u061b \u0648\u0647\u064a \u0647\u064a\u0626\u0629\u064c \u063a\u064a\u0631 \u0631\u0628\u062d\u064a\u0651\u064e\u0629\u064d \u062a\u0647\u062f\u0641 \u0625\u0644\u0649 \u062d\u0645\u0627\u064a\u0629 \u0645\u0635\u0627\u0644\u062d \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0645\u0646 \u0623\u062e\u0637\u0627\u0621 \u0648\u0645\u0645\u0627\u0631\u0633\u0627\u062a \u0627\u0644\u0648\u0633\u0637\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u0650\u064a\u0646. \u0623\u0646\u0638\u0631: \u0645\u064a\u0634\u064a\u0644 \u0625\u0628\u0631\u0627\u0647\u064a\u0645\u060c \u0641\u0627\u062f\u064a \u0641\u0631\u062d\u0627\u062a\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 587.<\/p>\n

\u0648\u0645\u0627\u0630\u0627 \u0641\u064a \u0627\u0644\u0623\u0645\u0631 \u0625\u0646 \u0648\u062c\u062f\u062a \u0645\u062b\u0644 \u0647\u0630\u0647 \u0627\u0644\u0647\u064a\u0626\u0629 \u0644\u062d\u0645\u0627\u064a\u0629 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0645\u0646 \u0623\u062e\u0637\u0627\u0621 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0648\u0647\u064a\u0626\u0629 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u061f!.<\/p>\n

[117] \u0648\u062d\u0648\u0644 \u0645\u0639\u064a\u0627\u0631 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u062e\u0627\u0635 \u0628\u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u062a\u062c\u0627\u0631\u064a \u0641\u064a \u0627\u0644\u0641\u0642\u0647 \u0627\u0644\u062a\u0631\u0643\u064a \u0627\u0644\u0645\u0643\u062a\u0648\u0628 \u0628\u0627\u0644\u0644\u0651\u064f\u063a\u0629 \u0627\u0644\u0625\u0646\u0643\u0644\u064a\u0632\u064a\u0651\u064e\u0629\u060c \u0623\u0646\u0638\u0631:<\/p>\n

TEPE Berna, op. cit., page 87.<\/p>\n

[118] \u0627\u0644\u0645\u0627\u062f\u0629 11-\u0623\u0648\u0644\u0627\u064b-\u062f\u060c \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a \u0644\u0639\u0627\u0645 2011.<\/p>\n

[119] \u0627\u0644\u0645\u0627\u062f\u0629 28-3\u060c \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a \u0644\u0639\u0627\u0645 2011.<\/p>\n

[120] \u062f\u0627\u0648\u062f \u0645\u0646\u0635\u0648\u0631\u060c \u201c\u0627\u0644\u0622\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629 \u0644\u0636\u0628\u0637 \u0627\u0644\u0646\u0634\u0627\u0637 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0641\u064a \u0627\u0644\u062c\u0632\u0627\u0626\u0631\u201d\u060c \u0623\u0637\u0631\u0648\u062d\u0629 \u0645\u064f\u0642\u062f\u0651\u064e\u0645\u0629 \u0644\u0646\u064a\u0644 \u0634\u0647\u0627\u062f\u0629 \u062f\u0643\u062a\u0648\u0631\u0627\u0647 \u0627\u0644\u0639\u0644\u0648\u0645 \u0641\u064a \u0627\u0644\u062d\u0642\u0648\u0642\u060c \u062a\u062e\u0635\u0651\u064f\u0635: \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0639\u0645\u0627\u0644\u060c \u0643\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u062d\u0642\u0648\u0642 \u0648\u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u0633\u064a\u0627\u0633\u064a\u0651\u064e\u0629\u060c \u062c\u0627\u0645\u0639\u0629 \u0645\u062d\u0645\u062f \u062e\u064a\u0636\u0631\u060c \u0628\u0633\u0643\u0631\u0629\u060c \u0627\u0644\u062c\u0632\u0627\u0626\u0631\u060c \u0646\u0648\u0642\u0634\u062a \u0639\u0627\u0645 2016\u060c \u0627\u0644\u0635\u0641\u062d\u0629 93.<\/p>\n

[121] \u062f. \u0633\u064a\u0651\u0650\u062f \u0637\u0647 \u0628\u062f\u0648\u064a \u0645\u062d\u0645\u062f\u060c \u201c\u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0628\u0648\u0631\u0635\u0629 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0641\u0648\u0631\u064a\u0651\u064e\u0629 \u0648\u0627\u0644\u0622\u062c\u0644\u0629 \u0645\u0646 \u0627\u0644\u0648\u062c\u0647\u0629 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629\u201d\u060c \u0631\u0633\u0627\u0644\u0629 \u0645\u0642\u062f\u0651\u064e\u0645\u0629 \u0644\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u062f\u0631\u062c\u0629 \u0627\u0644\u062f\u0643\u062a\u0648\u0631\u0627\u0647 \u0641\u064a \u0627\u0644\u062d\u0642\u0648\u0642\u060c \u062c\u0627\u0645\u0639\u0629 \u0627\u0644\u0642\u0627\u0647\u0631\u0629\u060c \u0646\u0648\u0642\u0634\u062a \u0641\u064a \u0639\u0627\u0645 2000\u060c \u0627\u0644\u0635\u0641\u062d\u0629 265.<\/p>\n

[122] \u0648\u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u062f\u0633\u062a\u0648\u0631\u064a\u0651\u064e\u0629 \u0647\u064a \u0645\u0646 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645. \u0623\u0646\u0638\u0631: \u0645\u062d\u0643\u0645\u0629 \u0627\u0644\u0634\u0645\u0627\u0644 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a\u0651\u064e\u0629\u060c \u0627\u0644\u0642\u0631\u0627\u0631 \u0631\u0642\u0645 457\u060c \u062a\u0627\u0631\u064a\u062e 5-11-1973\u060c \u0644\u062f\u0649: \u0645\u062d\u0645\u062f \u0627\u0644\u0628\u0646\u062f\u0642\u062c\u064a\u060c \u062c\u0631\u064a\u062f\u0629 \u0627\u0644\u0631\u0623\u064a \u0627\u0644\u0623\u0631\u062f\u0646\u064a\u0651\u064e\u0629\u060c \u0627\u0644\u0633\u0628\u062a 10-1-2015.<\/p>\n

[123] \u062f. \u062f\u0627\u0648\u062f \u0645\u0646\u0635\u0648\u0631\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 96.<\/p>\n

[124] \u0639\u0644\u0627\u0621 \u0627\u0644\u062f\u064a\u0646 \u0623\u062d\u0645\u062f \u062c\u0628\u0631\u060c \u0628\u0648\u0631\u0635\u0629 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0627\u0644\u0647\u064a\u0626\u0629 \u0627\u0644\u0645\u0635\u0631\u064a\u0629 \u0627\u0644\u0639\u0627\u0645\u0629 \u0644\u0644\u0643\u062a\u0627\u0628\u060c \u0627\u0644\u0642\u0627\u0647\u0631\u0629\u060c \u0639\u0627\u0645 2007\u060c \u0627\u0644\u0635\u0641\u062d\u0629 211.<\/p>\n

[125] \u0627\u0644\u0645\u0627\u062f\u0629 4\u060c \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a \u0644\u0639\u0627\u0645 2011.<\/p>\n

[126] \u0641\u0645\u062b\u0644\u0627\u064b \u0641\u064a \u0627\u0644\u062c\u0632\u0627\u0626\u0631 \u062a\u064f\u0639\u062a\u0628\u0631 \u0627\u0644\u0633\u0644\u0637\u0629 \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u064a\u0651\u064e\u0629 \u0647\u064a \u0627\u0644\u0645\u062e\u062a\u0635\u0651\u064e\u0629 \u0628\u0627\u0644\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a\u0651\u064e\u0629\u060c \u0628\u064a\u0646\u0645\u0627 \u0642\u062f \u0645\u0646\u062d \u0627\u0644\u0645\u0634\u0631\u0639 \u0644\u062c\u0646\u0629 \u062a\u0646\u0638\u064a\u0645 \u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0628\u0648\u0631\u0635\u0629 -\u0648\u0647\u064a \u062c\u0647\u0629\u064c \u0625\u062f\u0627\u0631\u064a\u0629\u064c \u0645\u0633\u062a\u0642\u0644\u0651\u064e\u0629\u064c- \u0647\u0630\u0647 \u0627\u0644\u0645\u0647\u0645\u0651\u064e\u0629 \u062f\u0648\u0646 \u0648\u062c\u0648\u062f \u0645\u0628\u0631\u0651\u0650\u0631\u064d \u062f\u0633\u062a\u0648\u0631\u064a\u0651\u064d. \u0623\u0646\u0638\u0631: \u0644\u064a\u0644\u064a\u0629 \u0628\u0648\u0639\u064a\u0634\u060c \u0646\u0631\u064a\u0645\u0627\u0646 \u0634\u0648\u0644\u0627\u0642\u060c \u201c\u0627\u0644\u0627\u062e\u062a\u0635\u0627\u0635 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a \u0644\u0644\u062c\u0646\u0629 \u062a\u0646\u0638\u064a\u0645 \u0639\u0645\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0648\u0645\u0631\u0627\u0642\u0628\u062a\u0647\u0627\u201d\u060c \u0645\u0630\u0643\u0631\u0629 \u0644\u0646\u064a\u0644 \u0634\u0647\u0627\u062f\u0629 \u0627\u0644\u0645\u0627\u0633\u062a\u0631 \u0641\u064a \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u060c \u0634\u0639\u0628\u0629 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0648\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0639\u0645\u0627\u0644\u060c \u062a\u062e\u0635\u0651\u064f\u0635: \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0639\u0627\u0645 \u0644\u0644\u0623\u0639\u0645\u0627\u0644\u060c \u0643\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u062d\u0642\u0648\u0642 \u0648\u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u0633\u064a\u0627\u0633\u064a\u0651\u064e\u0629\u060c \u0642\u0633\u0645 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0639\u0645\u0627\u0644\u060c \u062c\u0627\u0645\u0639\u0629 \u0639\u0628\u062f \u0627\u0644\u0631\u062d\u0645\u0627\u0646 \u0645\u064a\u0631\u0629\u060c \u0628\u062c\u0651\u064e\u0627\u064a\u0629\u060c \u0627\u0644\u062c\u0632\u0627\u0626\u0631\u060c \u0646\u0648\u0642\u0634\u062a \u0639\u0627\u0645 2015\u060c \u0627\u0644\u0635\u0641\u062d\u0629 2.<\/p>\n

[127] \u0627\u0644\u0645\u0627\u062f\u0629 12\u060c \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a \u0644\u0639\u0627\u0645 2011. \u0641\u064a\u0645\u0627 \u0643\u0627\u0646 \u0642\u0628\u0644 \u0635\u062f\u0648\u0631 \u0647\u0630\u0627 \u0627\u0644\u0642\u0627\u0646\u0648\u0646: \u201c\u064a\u0645\u0643\u0646 \u0627\u0644\u0627\u0639\u062a\u0631\u0627\u0636 \u0639\u0644\u0649 \u0642\u0631\u0627\u0631\u0627\u062a \u0644\u062c\u0646\u0629 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0623\u0645\u0627\u0645 \u0645\u062d\u0643\u0645\u0629 \u0627\u0633\u062a\u0626\u0646\u0627\u0641 \u0628\u064a\u0631\u0648\u062a \u062e\u0644\u0627\u0644 \u0645\u0647\u0644\u0629 15 \u064a\u0648\u0645\u0627\u064b \u0645\u0646 \u062a\u0627\u0631\u064a\u062e \u0625\u0628\u0644\u0627\u063a \u0627\u0644\u0642\u0631\u0627\u0631 \u062a\u062d\u062a \u0637\u0627\u0626\u0644\u0629 \u0627\u0644\u0633\u0642\u0648\u0637\u201d. \u0623\u0646\u0638\u0631: \u0645\u062d\u0643\u0645\u0629 \u0627\u0644\u0627\u0633\u062a\u0626\u0646\u0627\u0641 \u0627\u0644\u0645\u062f\u0646\u064a\u0651\u064e\u0629 \u0641\u064a \u0628\u064a\u0631\u0648\u062a\u060c \u0642\u0631\u0627\u0631 \u0631\u0642\u0645 361\u060c \u062a\u0627\u0631\u064a\u062e 26-5-1970. \u0623\u0646\u0638\u0631: www.legallaw.ul.edu.lb (26-3-2018).<\/p>\n

[128] \u0628\u0648\u0639\u064a\u0634 \u0644\u064a\u0644\u064a\u0629\u060c \u0634\u0648\u0644\u0627\u0642 \u0646\u0631\u064a\u0645\u0627\u0646\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 49.<\/p>\n

[129] \u0639\u0644\u0627\u0621 \u0627\u0644\u062f\u064a\u0646 \u0623\u062d\u0645\u062f \u062c\u0628\u0631\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 211.<\/p>\n

[130] \u064a\u0624\u0643\u0651\u0650\u062f \u0627\u0644\u0641\u0642\u0647 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a \u0639\u0644\u0649 \u0623\u0646\u0651\u064e \u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644 \u0642\u062f \u0623\u0635\u0628\u062d\u062a \u0645\u062e\u062a\u0644\u0641\u0629\u064b \u062a\u0645\u0627\u0645\u0627\u064b \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0627\u0644\u062d\u0627\u0644\u064a\u060c \u0648\u0630\u0644\u0643 \u0628\u0633\u0628\u0628 \u062a\u0637\u0628\u064a\u0642 \u0623\u0646\u0638\u0645\u0629: \u201c\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0639\u0627\u0644\u064a \u0627\u0644\u062a\u0631\u062f\u0651\u064f\u062f\u201d \u201cHigh Friquency Trading\u201d \u0627\u0644\u062a\u064a \u062a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u062e\u0648\u0627\u0631\u0632\u0645\u064a\u0651\u064e\u0627\u062a\u064d \u0645\u0639\u064a\u0651\u064e\u0646\u0629\u064d \u064a\u062a\u0645\u0651\u064f \u062a\u0633\u062e\u064a\u0631\u0647\u0627 \u0628\u063a\u0631\u0636 \u062a\u0633\u0631\u064a\u0639 \u0648\u062a\u0643\u062b\u064a\u0641 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a \u0622\u0646. \u0623\u0646\u0638\u0631:<\/p>\n

Maureen O\u2019HARA, op. cit., page 1.<\/p>\n

[131] \u064a\u0631\u0649 \u0628\u0639\u0636 \u0627\u0644\u0641\u0642\u0647 \u0627\u0644\u0639\u0631\u0628\u064a \u0623\u0646\u0651\u064e \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a \u064a\u0647\u062f\u0641 \u0625\u0644\u0649 \u062d\u0645\u0627\u064a\u0629 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0640\u0645\u064f\u0635\u062f\u0631\u0629 \u0644\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0640\u0645\u064f\u062f\u0631\u062c\u0629 \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0629\u060c \u0648\u0643\u0630\u0644\u0643 \u062d\u0645\u0627\u064a\u0629 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0625\u0644\u0649 \u062c\u0627\u0646\u0628 \u062a\u0646\u0638\u064a\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u0629. \u0623\u0646\u0638\u0631: \u062f. \u0645\u062d\u0645\u062f \u0627\u0644\u0628\u0634\u064a\u0631 \u0628\u0627\u0644\u0637\u064a\u0628\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 143.<\/p>\n

\u0643\u0645\u0627 \u0631\u0623\u0649 \u062c\u0627\u0646\u0628 \u0645\u0646 \u0627\u0644\u0641\u0642\u0647 \u0627\u0644\u0639\u0631\u0628\u064a \u0623\u0646\u0651\u064e \u0627\u0644\u0647\u062f\u0641 \u0645\u0646 \u0627\u0644\u0631\u0642\u0627\u0628\u0629 \u0639\u0644\u0649 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0647\u0648 \u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u062b\u0642\u0629 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0648\u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u0645\u0633\u0627\u0648\u0627\u0629 \u0648\u0627\u0644\u0639\u062f\u0627\u0644\u0629 \u0641\u064a\u0645\u0627 \u0628\u064a\u0646\u0647\u0645. \u0623\u0646\u0638\u0631: \u062f. \u0646\u0635\u0631 \u0639\u0644\u064a \u0623\u062d\u0645\u062f \u0637\u0627\u062d\u0648\u0646\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 126.<\/p>\n

[132] \u0643\u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631. \u0623\u0646\u0638\u0631:<\/p>\n

James J. ANGEL, Todd J. BROMS, Gary L. GASTINEAU, op. cit., page 69.<\/p>\n

[133] \u064a\u0631\u0628\u0637 \u0627\u0644\u0641\u0642\u0647 \u0627\u0644\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a \u0628\u064a\u0646 \u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0633\u0639\u0631\u064a \u0648\u0628\u064a\u0646 \u062a\u0648\u0641\u0631 \u0627\u0644\u0633\u064a\u0648\u0644\u0629. \u0623\u0646\u0638\u0631:<\/p>\n

Alasdair S. TURNBULL, op. cit., page 65.
\n\u0648\u0627\u0644\u062d\u0642\u064a\u0642\u0629 \u0623\u0646 \u0633\u0648\u0621 \u0627\u0644\u0625\u062f\u0627\u0631\u0629 \u0648\u0627\u0644\u062a\u0646\u0638\u064a\u0645 \u0633\u064a\u0624\u062f\u0651\u0650\u064a \u0625\u0644\u0649 \u0627\u0646\u062d\u0633\u0627\u0631 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0628\u0641\u0639\u0644 \u0627\u0644\u0628\u064a\u0626\u0629 \u0627\u0644\u0637\u0627\u0631\u062f\u0629 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646\u060c \u0645\u0627 \u0633\u064a\u0624\u062f\u0651\u0650\u064a \u0625\u0644\u0649 \u0636\u0639\u0641 \u0627\u0633\u062a\u0643\u0634\u0627\u0641 \u0627\u0644\u0633\u0639\u0631.<\/p>\n

[134] \u0645\u064a\u0634\u064a\u0644 \u0625\u0628\u0631\u0627\u0647\u064a\u0645\u060c \u0641\u0627\u062f\u064a \u0641\u0631\u062d\u0627\u062a\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 507.<\/p>\n

[135] \u0645\u062d\u0643\u0645\u0629 \u0627\u0644\u062a\u0645\u064a\u064a\u0632 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a\u0651\u064e\u0629\u060c \u0642\u0631\u0627\u0631 \u0631\u0642\u0645 13\u060c \u062a\u0627\u0631\u064a\u062e 19-12-1989\u060c \u0644\u062f\u0649: \u0645\u062d\u0645\u062f \u0627\u0644\u0628\u0646\u062f\u0642\u062c\u064a\u060c \u062c\u0631\u064a\u062f\u0629 \u0627\u0644\u0631\u0623\u064a \u0627\u0644\u0623\u0631\u062f\u0646\u064a\u0651\u064e\u0629\u060c \u0627\u0644\u0633\u0628\u062a 10-1-2015.<\/p>\n

[136] \u062f. \u062d\u0633\u064a\u0646 \u0647\u0644\u0627\u0644\u064a\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 33.<\/p>\n

[137] \u062e\u0644\u064a\u0644 \u0627\u0644\u0647\u0646\u062f\u064a\u060c \u0627\u0646\u0637\u0648\u0627\u0646 \u0627\u0644\u0646\u0627\u0634\u0641\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 126.<\/p>\n

[138] \u0641\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0644\u064a\u0633 \u062d\u0643\u0631\u0627 \u0641\u064a \u0628\u062f\u0627\u064a\u0629 \u062a\u0634\u0643\u0651\u064f\u0644\u0647 \u0639\u0644\u0649 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u060c \u0641\u0642\u062f \u064a\u062a\u0634\u0643\u0651\u064e\u0644 \u0628\u0641\u0639\u0644 \u0627\u0644\u0623\u0639\u0631\u0627\u0641\u060c \u0645\u062b\u0644\u0645\u0627 \u0623\u0646\u0651\u064e \u0627\u0633\u062a\u0645\u0631\u0627\u0631\u0647 \u0631\u0647\u0646\u064c \u0628\u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u062a\u0642\u0628\u0651\u064f\u0644 \u0627\u0644\u0645\u062c\u062a\u0645\u0639 \u0644\u0647. \u0623\u0646\u0638\u0631: \u062f. \u0641\u064a\u0635\u0644 \u0646\u0633\u064a\u063a\u0629\u060c \u062f. \u0631\u064a\u0627\u0636 \u062f\u0646\u0634\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 170.<\/p>\n

[139] \u0644\u0642\u062f \u0623\u0634\u0627\u0631 \u0627\u0644\u0641\u0642\u0647 \u0627\u0644\u0639\u0631\u0628\u064a \u0625\u0644\u0649 \u0623\u0647\u0645\u064a\u0651\u064e\u0629 \u0627\u0644\u0645\u0635\u0627\u0644\u062d \u0627\u0644\u062c\u0648\u0647\u0631\u064a\u0651\u064e\u0629 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0651\u064e\u0629 \u0641\u064a \u062a\u0634\u0643\u0651\u064f\u0644 \u0645\u0641\u0647\u0648\u0645 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645. \u0623\u0646\u0638\u0631: \u062f. \u0633\u0644\u0637\u0627\u0646 \u0639\u0628\u062f \u0627\u0644\u0644\u0647 \u0645\u062d\u0645\u0648\u062f\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 106.<\/p>\n

[140] \u0623\u0646\u0638\u0631 \u062d\u0648\u0644 \u0647\u0630\u0627 \u0627\u0644\u0645\u0648\u0636\u0648\u0639 \u0644\u062f\u0649: \u062f. \u0633\u064a\u0651\u0650\u062f \u0637\u0647 \u0628\u062f\u0648\u064a \u0645\u062d\u0645\u0651\u064e\u062f\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 311.
\n\u0625\u0639\u0627\u062f\u0629 \u0646\u0634\u0631 \u0628\u0648\u0627\u0633\u0637\u0629 \u0645\u062d\u0627\u0645\u0627\u0629 \u0646\u062a<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u062a\u0623\u062b\u064a\u0631 \u201c\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u201d \u0639\u0644\u0649 \u062a\u063a\u064a\u064a\u0631 \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0639\u0627\u0645\u0651\u064e\u0629 \u0648\u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u0651\u064e\u0629 (\u0645\u0646 \u062a\u063a\u064a\u064a\u0631 \u0627\u0644\u062a\u0631\u0627\u062b \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a \u0628\u0641\u0639\u0644 \u0627\u0644\u062e\u0635\u0648\u0635\u064a\u0651\u064e\u0629 \u0627\u0644\u0648\u0627\u0642\u0639\u064a\u0651\u064e\u0629 \u0625\u0644\u0649 \u0627\u0635\u0637\u0646\u0627\u0639 \u0627\u0644\u0628\u0648\u0631\u0635\u0629) -\u062f\u0631\u0627\u0633\u0629 \u0641\u064a \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0644\u0651\u064f\u0628\u0646\u0627\u0646\u064a \u0648\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0628\u0648\u0631\u0635\u0629 \u0628\u064a\u0631\u0648\u062a – \u0627\u0644\u062f\u0643\u062a\u0648\u0631 \u0647\u0645\u0627\u0645 \u0627\u0644\u0642\u0648\u0635\u064a \u062f\u0643\u062a\u0648\u0631\u0627\u0647 \u0628\u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u062a\u062c\u0627\u0631\u064a \u062a\u062e\u0635\u0635 \u0642\u0627\u0646\u0648\u0646 \u0648\u0623\u0646\u0638\u0645\u0629 \u0628\u0648\u0631\u0635\u0629 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0645\u0646 \u062c\u0627\u0645\u0639\u0629 \u062d\u0644\u0628 \u0633\u0648\u0631\u064a\u0629. \u0645\u064f\u062d\u0631\u0651\u0650\u0631 \u0645\u0633\u0627\u0639\u062f \u0641\u064a \u0645\u062c\u0644\u0651\u064e\u0629 \u062d\u0648\u0644\u064a\u0651\u064e\u0627\u062a \u062c\u0627\u0645\u0639\u0629 \u0627\u0644\u062c\u0632\u0627\u0626\u0631 \u0627\u0644\u0623\u0648\u0644\u0649 \u0627\u0644\u0645\u062d\u0643\u0645\u0629 The […]<\/p>\n","protected":false},"author":5,"featured_media":117049,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[12851,12850,360,31,1082,358,85],"class_list":["post-117046","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-6","tag-12851","tag-12850","tag-360","tag-31","tag-1082","tag-358","tag-85"],"views":1408,"_links":{"self":[{"href":"https:\/\/www.mohamah.net\/law\/wp-json\/wp\/v2\/posts\/117046","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mohamah.net\/law\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mohamah.net\/law\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mohamah.net\/law\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mohamah.net\/law\/wp-json\/wp\/v2\/comments?post=117046"}],"version-history":[{"count":1,"href":"https:\/\/www.mohamah.net\/law\/wp-json\/wp\/v2\/posts\/117046\/revisions"}],"predecessor-version":[{"id":117050,"href":"https:\/\/www.mohamah.net\/law\/wp-json\/wp\/v2\/posts\/117046\/revisions\/117050"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mohamah.net\/law\/wp-json\/wp\/v2\/media\/117049"}],"wp:attachment":[{"href":"https:\/\/www.mohamah.net\/law\/wp-json\/wp\/v2\/media?parent=117046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mohamah.net\/law\/wp-json\/wp\/v2\/categories?post=117046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mohamah.net\/law\/wp-json\/wp\/v2\/tags?post=117046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}