{"id":176217,"date":"2020-04-14T17:39:14","date_gmt":"2020-04-14T14:39:14","guid":{"rendered":"https:\/\/www.mohamah.net\/law\/?p=176217"},"modified":"2020-04-14T17:39:14","modified_gmt":"2020-04-14T14:39:14","slug":"%d8%a8%d8%ad%d8%ab-%d9%88%d8%af%d8%b1%d8%a7%d8%b3%d8%a9-%d8%ad%d9%88%d9%84-%d8%ad%d8%b8%d8%b1-%d8%a7%d8%b3%d8%aa%d8%ba%d9%84%d8%a7%d9%84-%d8%a7%d9%84%d9%85%d8%b9%d9%84%d9%88%d9%85%d8%a7%d8%aa-%d8%a3","status":"publish","type":"post","link":"https:\/\/www.mohamah.net\/law\/%d8%a8%d8%ad%d8%ab-%d9%88%d8%af%d8%b1%d8%a7%d8%b3%d8%a9-%d8%ad%d9%88%d9%84-%d8%ad%d8%b8%d8%b1-%d8%a7%d8%b3%d8%aa%d8%ba%d9%84%d8%a7%d9%84-%d8%a7%d9%84%d9%85%d8%b9%d9%84%d9%88%d9%85%d8%a7%d8%aa-%d8%a3\/","title":{"rendered":"\u0628\u062d\u062b \u0648\u062f\u0631\u0627\u0633\u0629 \u062d\u0648\u0644 \u062d\u0638\u0631 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u0639\u0644\u0646\u0629 \u0641\u064a \u0636\u0648\u0621 \u0623\u062d\u0643\u0627\u0645 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0627\u0645\u0627\u0631\u0627\u062a\u064a"},"content":{"rendered":"

\u0628\u062d\u062b \u0648\u062f\u0631\u0627\u0633\u0629 \u062d\u0648\u0644 \u062d\u0638\u0631 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u0639\u0644\u0646\u0629 \u0641\u064a \u0636\u0648\u0621 \u0623\u062d\u0643\u0627\u0645 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0627\u0645\u0627\u0631\u0627\u062a\u064a .<\/span><\/strong><\/p>\n

\u062d\u0638\u0631 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u0639\u0644\u0646\u0629 \u0648\u0645\u0648\u0642\u0641 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a \u0645\u0646\u0647<\/span><\/strong><\/p>\n

(\u0627\u0642\u062a\u0631\u0627\u062d \u0646\u0638\u0631\u064a\u0629 \u201c\u0648\u0627\u062c\u0628 \u0627\u0644\u062d\u0630\u0631\u201d \u0648 \u201c\u0627\u0644\u0645\u064f\u062f\u0651\u064e\u0629 \u0627\u0644\u0645\u0639\u0642\u0648\u0644\u0629\u201d)<\/span><\/strong><\/p>\n

Insider Trading Ban by the UAE Law<\/span><\/strong><\/p>\n

(Proposal of \u201cDuty of Caution\u201d & \u201cReasonable Duration\u201d theory)<\/span><\/strong><\/p>\n

\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\u0651\u064f\u0635 \u0642\u0627\u0646\u0648\u0646 \u0648\u0623\u0646\u0638\u0645\u0629 \u0627\u0644\u0633\u0648\u0642<\/span><\/strong><\/p>\n

\u062c\u0627\u0645\u0639\u0629 \u062d\u0644\u0628 \u2013 \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.<\/span><\/strong><\/p>\n

Dr. Humam Al Qussi PhD \u2013 S.J.D in Trading Law \u2013 Exchange Law & Regulation from the University of Aleppo \u2013 Syrian Arab Republic.<\/span><\/strong><\/p>\n

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

I attempt in this research to analyze the legal clauses regulating the Emirates Securities and Commodities Market in a critical method.<\/p>\n

The prohibition of \u201cInsider Trading\u201d by the Emirati lawmaker & regulator is seeking to achieve equality between investors as an investment guarantee, As the investors protecting from insider trading is the first standard of performance evaluation in accordance with the International Organization of Securities Commissions (IOSCO).<\/p>\n

But this guarantee of equality may be transformed by legal gaps into a \u201cFactitious Equality\u201d.<\/p>\n

So, I came up with two new personal theories to fill the regulatory gaps:<\/p>\n

The first is the \u201cDuty of Caution\u201d theory imposed on a Secondary Insider; who is from outside the company, for the purpose of being considered an insider merely by dealing without proof of intent to exploit information or statement if he has not made certain that the information or statement on which he is dealing is not confidential.<\/p>\n

The second is theory is \u201cReasonable Duration\u201d in estimating the period that must be known to the Principal Insider; who is from within the company or authorized to inform, this insider under Reasonable Duration theory is completely refrain from dealing in the market before disclosure without specifying a typical standard period prior to disclosure but reasonable one.<\/p>\n

Then, I found that the clauses of the Emirati lawmaker & regulator which facing Insider Trading allows for the formation of the factitious equality.<\/p>\n

– Key words: Securities & Commodity Exchange, Market Abuse, Insider Trading, Inside Information & Data, Confidential Information & Data, Insider Dealing, Primary Insider, Secondary Insider.<\/p>\n

\u0627\u0644\u0645\u0644\u062e\u0635<\/span><\/strong><\/p>\n

\u0646\u062d\u0627\u0648\u0644\u064f \u0645\u0646 \u062e\u0644\u0627\u0644 \u0647\u0630\u0627 \u0627\u0644\u0628\u062d\u062b \u062a\u0642\u062f\u064a\u0645 \u062f\u0631\u0627\u0633\u0629\u064d \u062a\u062d\u0644\u064a\u0644\u064a\u0651\u064e\u0629\u064d \u0646\u0642\u062f\u064a\u0651\u064e\u0629\u064d \u0644\u0644\u0646\u0635\u0648\u0635 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629 \u0627\u0644\u0640\u0645\u064f\u0646\u0638\u0651\u0650\u0645\u0629 \u0644\u0633\u0648\u0642 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a \u0644\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0648\u0627\u0644\u0633\u0644\u0639 \u0628\u063a\u0631\u0636 \u062a\u0642\u064a\u064a\u0645 \u062d\u0638\u0631 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629 \u0645\u0646 \u0627\u0644\u0645\u0634\u0631\u0639 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a.<\/p>\n

\u062d\u064a\u062b \u0625\u0646\u0651\u064e \u0647\u0630\u0627 \u0627\u0644\u062d\u0638\u0631 \u064a\u0647\u062f\u0641 \u0628\u0627\u0644\u0623\u0633\u0627\u0633 \u0625\u0644\u0649 \u0636\u0645\u0627\u0646 \u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u0645\u0633\u0627\u0648\u0627\u0629 \u0628\u064a\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0641\u064a \u0627\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0633\u0631\u064a\u0651\u064e\u0629 \u0630\u0627\u062a \u0627\u0644\u062a\u0623\u062b\u064a\u0631 \u0639\u0644\u0649 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0633\u0648\u0642\u060c \u0627\u0633\u062a\u0646\u0627\u062f\u0627\u064b \u0639\u0644\u0649 \u0623\u0646\u0651\u064e \u062d\u0645\u0627\u064a\u0629 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0645\u0646 \u0627\u0644\u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0647\u0648 \u0623\u0648\u0644 \u0645\u0639\u064a\u0627\u0631 \u0645\u0646 \u0645\u0639\u0627\u064a\u064a\u0631 \u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a \u0648\u0641\u0642\u0627\u064b \u0644\u0644\u0645\u0646\u0638\u0651\u064e\u0645\u0629 \u0627\u0644\u062f\u0648\u0644\u064a\u0651\u064e\u0629 \u0644\u0647\u064a\u0626\u0627\u062a \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 (IOSCO).<\/p>\n

\u0648\u0645\u0646 \u0647\u0646\u0627 \u0633\u0646\u062d\u0627\u0648\u0644 \u062d\u0644\u0651\u064e \u0625\u0634\u0643\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0646\u0642\u0644\u0627\u0628 \u0627\u0644\u0645\u0633\u0627\u0648\u0627\u0629 \u0645\u0646 \u0636\u0645\u0627\u0646\u0629\u064d \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0651\u064e\u0629\u064d \u0644\u0644\u062c\u0645\u0647\u0648\u0631\u060c \u0625\u0644\u0649 \u0645\u0633\u0627\u0648\u0627\u0629\u064d \u0638\u0627\u0647\u0631\u064a\u0651\u064e\u0629\u064d \u063a\u064a\u0631 \u062d\u0642\u064a\u0642\u064a\u0651\u064e\u0629\u064d \u0628\u064a\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0628\u0641\u0639\u0644 \u0627\u0644\u062b\u063a\u0631\u0627\u062a \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629.<\/p>\n

\u0648\u0628\u0627\u0644\u062a\u062d\u0644\u064a\u0644\u060c \u0641\u0642\u062f \u0648\u062c\u062f\u0646\u0627 \u0623\u0646\u0651\u064e \u0646\u0635\u0648\u0635 \u0627\u0644\u0645\u0634\u0631\u0639 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a \u0627\u0644\u062a\u064a \u062a\u064f\u0648\u0627\u062c\u0650\u0647 \u062d\u0638\u0631 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0647\u064a \u0641\u064a \u062d\u0627\u0644\u0629\u064d \u062a\u0633\u0645\u062d \u0628\u062a\u0634\u0643\u0651\u064f\u0644 \u0627\u0644\u0645\u0633\u0627\u0648\u0627\u0629 \u0627\u0644\u0638\u0627\u0647\u0631\u064a\u0651\u064e\u0629 \u0628\u064a\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646.<\/p>\n

\u0648\u0642\u062f \u062e\u0631\u062c\u0646\u0627 \u0628\u0646\u0638\u0631\u064a\u0651\u064e\u062a\u064a\u0646 \u0634\u062e\u0635\u064a\u0651\u064e\u062a\u064a\u0646 \u062c\u062f\u064a\u062f\u062a\u064e\u064a\u0652\u0646 \u0628\u063a\u0631\u0636 \u0633\u062f \u0627\u0644\u062b\u063a\u0631\u0627\u062a \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a\u0629:<\/p>\n

\u0627\u0644\u0623\u0648\u0644\u0649 \u0646\u0638\u0631\u064a\u0629 \u201c\u0648\u0627\u062c\u0628 \u0627\u0644\u062d\u0630\u0631\u201d \u0627\u0644\u0630\u064a \u064a\u064f\u0641\u0631\u064e\u0636 \u0639\u0644\u0649 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u062b\u0627\u0646\u0648\u064a -\u0627\u0644\u062e\u0627\u0631\u062c\u064a \u0639\u0646 \u0627\u0644\u0634\u0631\u0643\u0629- \u0628\u063a\u0631\u0636 \u0627\u0639\u062a\u0628\u0627\u0631\u0647 \u0645\u064f\u0633\u062a\u063a\u0644\u0627\u0651\u064b \u0644\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u0639\u0644\u0646\u0629 \u0628\u0645\u062c\u0631\u0651\u064e\u062f \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u062f\u0648\u0646 \u0625\u062b\u0628\u0627\u062a \u0642\u0635\u062f \u0627\u0644\u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0641\u064a \u062d\u0627\u0644\u0629 \u0639\u062f\u0645 \u062a\u0623\u0643\u0651\u064f\u062f\u0647 \u0645\u0646 \u0639\u062f\u0645 \u0633\u0631\u064a\u0651\u064e\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u062a\u064a \u064a\u062a\u0639\u0627\u0645\u0644 \u0639\u0644\u0649 \u0623\u0633\u0627\u0633\u0647\u0627.<\/p>\n

\u0648\u0627\u0644\u062b\u0627\u0646\u064a\u0629 \u0646\u0638\u0631\u064a\u0629 \u201c\u0627\u0644\u0645\u064f\u062f\u0651\u064e\u0629 \u0627\u0644\u0645\u0639\u0642\u0648\u0644\u0629\u201d \u0641\u064a \u062a\u0642\u062f\u064a\u0631 \u0627\u0644\u0645\u064f\u062f\u0651\u064e\u0629 \u0627\u0644\u0648\u0627\u062c\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u0631\u0626\u064a\u0633\u064a -\u0645\u0646 \u062f\u0627\u062e\u0644 \u0627\u0644\u0634\u0631\u0643\u0629 \u0623\u0648 \u0627\u0644\u0645\u062e\u0648\u0651\u064e\u0644 \u0644\u0644\u0639\u0644\u0645 \u0628\u0645\u0639\u0644\u0648\u0645\u0627\u062a\u0647\u0627- \u0627\u0644\u0627\u0645\u062a\u0646\u0627\u0639 \u0627\u0644\u062a\u0627\u0645 \u0639\u0646 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0642\u0628\u0644 \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u062f\u0648\u0646 \u062a\u062d\u062f\u064a\u062f \u0645\u064f\u062f\u0651\u064e\u0629 \u0646\u0645\u0648\u0630\u062c\u064a\u0651\u064e\u0629 \u0645\u0648\u062d\u0651\u064e\u062f\u0629 \u0633\u0627\u0628\u0642\u0629 \u0639\u0644\u0649 \u0627\u0644\u0625\u0641\u0635\u0627\u062d\u061b \u0628\u063a\u0631\u0636 \u0639\u062f\u0645 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0644\u0639\u0644\u0645\u0647 \u0627\u0644\u0633\u0627\u0628\u0642 \u0639\u0646 \u0628\u062f\u0621 \u0627\u0644\u0645\u064f\u062f\u0651\u064e\u0629 \u0627\u0644\u0645\u0648\u062d\u0651\u064e\u062f\u0629.<\/p>\n

\u0648\u0642\u062f \u062a\u0642\u062f\u0651\u064e\u0645\u0646\u0627 \u0628\u0627\u0642\u062a\u0631\u0627\u062d \u0645\u0634\u0631\u0648\u0639 \u0642\u0627\u0646\u0648\u0646 \u0625\u0645\u0627\u0631\u0627\u062a\u064a \u0627\u062a\u062d\u0627\u062f\u064a \u062c\u062f\u064a\u062f \u064a\u0647\u062f\u0641 \u0625\u0644\u0649 \u062a\u0644\u0627\u0641\u064a \u0639\u064a\u0648\u0628 \u0627\u0644\u0646\u0635 \u0627\u0644\u062a\u0634\u0631\u064a\u0639\u064a \u0627\u0644\u0642\u0627\u0626\u0645.<\/p>\n

-\u0627\u0644\u0643\u0644\u0645\u0627\u062a \u0627\u0644\u0645\u0641\u062a\u0627\u062d\u064a\u0651\u064e\u0629: \u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629\u060c \u0627\u0646\u062a\u0647\u0627\u0643 \u0627\u0644\u0633\u0648\u0642\u060c \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629\u060c \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u062f\u0627\u062e\u0644\u064a\u0629\u060c \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629\u060c \u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639\u064a\u0646\u060c \u062a\u0639\u0627\u0645\u0644 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639\u064a\u0646\u060c \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u060c \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u062b\u0627\u0646\u0648\u064a.<\/p>\n

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

\u064a\u062d\u062a\u0627\u062c\u064f \u0627\u0644\u0648\u0633\u0637 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0651\u064f \u0641\u064a \u0623\u064a\u0651\u0650 \u0632\u0645\u0627\u0646\u064d \u0648\u0645\u0643\u0627\u0646\u064d \u0625\u0644\u0649 \u0648\u062c\u0648\u062f \u0645\u062c\u0645\u0648\u0639\u0629\u064d \u0645\u0645\u0651\u064e\u0627 \u064a\u0645\u0643\u0646\u0646\u0627 \u062a\u0633\u0645\u064a\u062a\u0647: \u201c\u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0627\u0644\u062a\u0634\u0631\u064a\u0639\u064a\u0651\u064e\u0629\u201d \u201cLegislation Guarantees \u2013 Garanties L\u00e9gislatives\u201d \u0627\u0644\u062a\u064a \u062a\u064f\u0643\u0631\u0651\u0650\u0633 \u0627\u0646\u0636\u0628\u0627\u0637 \u0627\u0644\u0633\u0648\u0642 \u0648\u0633\u064e\u064a\u0631\u0650\u0647 \u0641\u064a \u0627\u0644\u0627\u062a\u0651\u0650\u062c\u0627\u0647 \u0627\u0644\u0635\u062d\u064a\u062d\u060c \u0648\u0647\u0648 \u0645\u0627 \u064a\u064f\u0634\u062c\u0651\u0650\u0639 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0639\u0644\u0649 \u0648\u0636\u0639 \u0645\u062f\u0651\u064e\u062e\u0631\u0627\u062a\u0647\u0645 \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0648\u0633\u0637 \u0628\u0647\u062f\u0641 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0647\u0627\u060c \u0648\u0630\u0644\u0643 \u0646\u062a\u064a\u062c\u0629 \u062a\u0636\u0627\u0624\u0644 \u201c\u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0651\u064e\u0629\u201d \u201cInvestment Risks\u201d \u0625\u0644\u0649 \u0627\u0644\u062d\u062f\u0648\u062f \u0627\u0644\u062f\u0646\u064a\u0627 \u0641\u064a \u0638\u0644\u0651\u0650 \u0648\u062c\u0648\u062f \u0647\u0630\u0647 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a.<\/p>\n

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\u0648\u0645\u0646 \u062d\u064a\u062b \u0627\u0644\u0632\u0645\u0627\u0646\u060c \u0641\u0642\u062f \u0646\u0627\u0644\u062a \u0627\u0644\u0623\u0632\u0645\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0651\u064e\u0629 \u0645\u0646 \u0633\u0648\u0642 \u062f\u0628\u064a \u0628\u0634\u0643\u0644\u064d \u0639\u0645\u064a\u0642\u064d \u0645\u0646\u0630 \u0639\u0627\u0645 2009\u061b \u062d\u064a\u062b \u0627\u0646\u0647\u0627\u0631\u062a \u062a\u0644\u0643 \u0627\u0644\u0633\u0648\u0642 \u0628\u0639\u062f \u0623\u0646 \u062e\u0633\u0631\u062a \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u0642\u064a\u0627\u062f\u064a\u0651\u064e\u0629 \u0627\u0644\u0645\u062f\u0639\u0648\u0645\u0629 \u062d\u0643\u0648\u0645\u064a\u0627\u064b \u0641\u064a\u0647\u0627 \u0644\u0623\u0643\u062b\u0631 \u0645\u0646 80% \u0645\u0646 \u0642\u064a\u0645\u062a\u0647\u0627[1]\u060c \u0645\u0645\u0651\u064e\u0627 \u0623\u062f\u0651\u064e\u0649 \u0625\u0644\u0649 \u062e\u0633\u0627\u0631\u0629 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0644\u0633\u064a\u0648\u0644\u062a\u0647\u0645[2].<\/p>\n

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\u0648\u062a\u0639\u0646\u064a \u0647\u0630\u0647 \u0627\u0644\u0645\u0645\u0627\u0631\u0633\u0629 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0644\u0639\u0644\u0645\u0647 \u0628\u0640: \u201c\u0645\u0639\u0644\u0648\u0645\u0629\u064d \u063a\u064a\u0631 \u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629\u201d \u201cInside Information\u201d \u0623\u0648 \u201c\u0628\u064a\u0627\u0646 \u0645\u0627\u0644\u064a\u201d \u201cFinancial Statement\u201d \u0630\u0648 \u062a\u0623\u062b\u064a\u0631\u064d \u062c\u0648\u0647\u0631\u064a\u0651\u064d \u0639\u0644\u0649 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0633\u0648\u0642 \u0628\u0647\u062f\u0641 \u062a\u062d\u0642\u064a\u0642 \u0623\u0641\u0636\u0644\u064a\u0651\u064e\u0629\u064d \u0639\u0644\u0649 \u062d\u0633\u0627\u0628 \u0628\u0627\u0642\u064a \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639\u064a\u0646 \u0639\u0644\u064a\u0647\u0627[8]\u061b \u0645\u0645\u0651\u064e\u0627 \u064a\u0633\u0645\u062d \u0644\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0628\u062a\u062d\u0642\u064a\u0642 \u0631\u0628\u062d\u064d \u0634\u0628\u0647 \u0645\u0636\u0645\u0648\u0646\u064d \u0623\u0648 \u062a\u0644\u0627\u0641\u064a \u062e\u0633\u0627\u0631\u0629\u064d \u0634\u0628\u0647 \u0645\u064f\u062d\u0642\u0651\u064e\u0642\u0629 \u0623\u0648 \u0625\u0641\u0634\u0627\u0621 \u0647\u0630\u0647 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0629 \u0644\u0644\u063a\u064a\u0631 \u0627\u0644\u0647\u0627\u062f\u0641 \u0644\u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0645\u0636\u0645\u0648\u0646.<\/p>\n

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\u0623\u0647\u062f\u0627\u0641 \u0627\u0644\u0628\u062d\u062b<\/span><\/strong><\/p>\n

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\n\u0627\u0642\u062a\u0631\u0627\u062d \u0646\u0638\u0631\u064a\u0629 \u201c\u0627\u0644\u0645\u064f\u062f\u0651\u064e\u0629 \u0627\u0644\u0645\u0639\u0642\u0648\u0644\u0629\u201d \u0641\u064a \u062a\u0642\u062f\u064a\u0631 \u0627\u0644\u0645\u064f\u062f\u0651\u064e\u0629 \u0627\u0644\u0648\u0627\u062c\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0627\u0644\u0627\u0645\u062a\u0646\u0627\u0639 \u0627\u0644\u062a\u0627\u0645 \u0639\u0646 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0642\u0628\u0644 \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u062f\u0648\u0646 \u062a\u062d\u062f\u064a\u062f \u0645\u064f\u062f\u0651\u064e\u0629 \u0646\u0645\u0648\u0630\u062c\u064a\u0651\u064e\u0629 \u0645\u0648\u062d\u0651\u064e\u062f\u0629 \u0633\u0627\u0628\u0642\u0629 \u0639\u0644\u0649 \u0627\u0644\u0625\u0641\u0635\u0627\u062d\u061b \u0628\u063a\u0631\u0636 \u0639\u062f\u0645 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0644\u0639\u0644\u0645\u0647 \u0627\u0644\u0633\u0627\u0628\u0642 \u0639\u0646 \u0628\u062f\u0621 \u0627\u0644\u0645\u064f\u062f\u0651\u064e\u0629 \u0627\u0644\u0645\u0648\u062d\u0651\u064e\u062f\u0629.
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\u0623\u0647\u0645\u064a\u0629 \u0627\u0644\u0628\u062d\u062b<\/span><\/strong><\/p>\n

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\u0645\u0646\u0647\u062c \u0627\u0644\u0628\u062d\u062b<\/span><\/strong><\/p>\n

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\u0625\u0634\u0643\u0627\u0644\u064a\u0629 \u0627\u0644\u0628\u062d\u062b<\/span><\/strong><\/p>\n

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\u0645\u062c\u0627\u0644 \u0627\u0644\u0628\u062d\u062b<\/span><\/strong><\/p>\n

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\u0648\u0642\u062f \u0646\u0635\u0651\u064e \u0627\u0644\u0645\u0634\u0631\u0639 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a \u0639\u0644\u0649 \u062d\u0638\u0631 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629\u060c \u0628\u0645\u0627 \u064a\u0634\u0645\u0644 \u062d\u0638\u0631 \u0645\u064f\u062c\u0631\u0651\u064e\u062f \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0647\u0630\u0647 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u0630\u064a \u064a\u064f\u0641\u062a\u0631\u0636 \u0623\u0646\u0651\u064e\u0647 \u0647\u062f\u0641 \u0644\u0627\u0633\u062a\u063a\u0644\u0627\u0644\u0647\u0627 \u062a\u062c\u0627\u0647 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639\u064a\u0646 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0651\u0650\u064a\u0646\u060c \u0648\u062d\u0638\u0631 \u0627\u0633\u062a\u063a\u0644\u0627\u0644\u0647\u0627 \u0628\u0642\u0635\u062f \u0644\u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u0646\u0641\u0639 \u0627\u0644\u0648\u0627\u062c\u0628 \u0627\u0644\u0625\u062b\u0628\u0627\u062a \u062a\u062c\u0627\u0647 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639\u064a\u0646 \u0627\u0644\u062b\u0627\u0646\u0648\u064a\u0651\u0650\u064a\u0646.<\/p>\n

\u0645\u062e\u0637\u0651\u064e\u0637 \u0627\u0644\u0628\u062d\u062b<\/span><\/strong><\/p>\n

\u0633\u064a\u0643\u0648\u0646 \u0645\u064f\u062e\u0637\u0651\u064e\u0637 \u0627\u0644\u0628\u062d\u062b \u0643\u0627\u0644\u062a\u0627\u0644\u064a:<\/p>\n

\u0627\u0644\u0645\u0628\u062d\u062b \u0627\u0644\u0623\u0648\u0644: \u0637\u0628\u064a\u0639\u0629 \u062d\u0638\u0631 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629.<\/p>\n

\u0627\u0644\u0645\u0637\u0644\u0628 \u0627\u0644\u0623\u0648\u0644: \u0627\u0644\u0637\u0628\u064a\u0639\u0629 \u0627\u0644\u0634\u0627\u0645\u0644\u0629 \u0644\u062d\u0638\u0631 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629.<\/p>\n

\u0627\u0644\u0645\u0637\u0644\u0628 \u0627\u0644\u062b\u0627\u0646\u064a: \u0627\u0644\u0637\u0628\u064a\u0639\u0629 \u0627\u0644\u0645\u0634\u0631\u0648\u0637\u0629 \u0644\u0647\u0630\u0627 \u0627\u0644\u062d\u0638\u0631.<\/p>\n

\u0627\u0644\u0645\u0628\u062d\u062b \u0627\u0644\u062b\u0627\u0646\u064a: \u062d\u0638\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0627\u0644\u062a\u0627\u0645 \u0644\u0636\u0645\u0627\u0646 \u0639\u062f\u0645 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0640\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629.<\/p>\n

\u0627\u0644\u0645\u0637\u0644\u0628 \u0627\u0644\u0623\u0648\u0644: \u0645\u0627\u0647\u064a\u0651\u064e\u0629 \u062d\u0638\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0627\u0644\u062a\u0627\u0645 \u0639\u0644\u0649 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629.<\/p>\n

\u0627\u0644\u0645\u0637\u0644\u0628 \u0627\u0644\u062b\u0627\u0646\u064a: \u062d\u0627\u0644\u0627\u062a \u0642\u064a\u0627\u0645 \u0647\u0630\u0627 \u0627\u0644\u062d\u0638\u0631 \u0627\u0644\u062a\u0627\u0645.<\/p>\n

\u0627\u0644\u0645\u0628\u062d\u062b \u0627\u0644\u0623\u0648\u0644<\/span><\/strong><\/p>\n

\u0637\u0628\u064a\u0639\u0629 \u062d\u0638\u0631 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629<\/span><\/strong><\/p>\n

\u064a\u0642\u0648\u0645 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0627\u0644\u0648\u0627\u0639\u064a \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0628\u0627\u062a\u0651\u0650\u062e\u0627\u0630 \u201c\u0642\u0631\u0627\u0631\u0647 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u201d \u201cInvestment Decision\u201d \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u062f\u0631\u0627\u0633\u0629\u064d \u062a\u062d\u0644\u064a\u0644\u064a\u0651\u064e\u0629\u064d \u0645\u062a\u0623\u0646\u0651\u0650\u064a\u0629\u064d \u0644\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u062c\u0648\u0647\u0631\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u064a \u064a\u062a\u0645\u0651\u064f \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0639\u0646\u0647\u0627 \u0641\u064a \u0627\u0644\u0633\u0648\u0642\u061b \u0641\u064a\u0639\u0631\u0641 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0647\u0630\u0627 \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0645\u0642\u062f\u0627\u0631 \u0642\u0648\u0651\u064e\u0629 \u201c\u0627\u0644\u0645\u0631\u0643\u0632 \u0627\u0644\u0645\u0627\u0644\u064a\u201d \u201cFinancial Position\u201d \u0644\u0644\u0648\u0631\u0642\u0629 \u0648\u0627\u0644\u0634\u0631\u0643\u0629 \u0627\u0644\u062a\u064a \u0623\u0635\u062f\u0631\u064e\u062a\u0652\u0647\u0627.<\/p>\n

\u0623\u0645\u0651\u064e\u0627 \u0625\u0646 \u0627\u0633\u062a\u063a\u0644\u0651\u064e \u201c\u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639\u201d [12]\u201dInsider\u201d \u0648\u0628\u0627\u0644\u0641\u0631\u0646\u0633\u064a\u0629 \u201cIniti\u00e9\u201d \u0645\u0639\u0644\u0648\u0645\u0627\u062a\u064d \u0645\u0624\u062b\u0651\u0650\u0631\u0629\u064d \u063a\u064a\u0631 \u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629\u064d \u0642\u0628\u0644 \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0639\u0646\u0647\u0627 \u0639\u0628\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0639\u0644\u0649 \u0623\u0633\u0627\u0633\u0647\u0627 \u0641\u064a \u0627\u0644\u0633\u0648\u0642\u060c \u0648\u0647\u0648 \u064a\u0639\u0644\u0645 \u0623\u0646\u0651\u064e\u0647 \u064a\u0633\u062a\u063a\u0644\u0651\u064e \u0623\u0641\u0636\u0644\u064a\u0651\u064e\u0629 \u0639\u0644\u0645\u0650\u0647\u0650 \u0628\u0647\u0627 \u0642\u0628\u0644 \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0639\u0646\u0647\u0627 \u0644\u0644\u0639\u0645\u0648\u0645[13]\u061b \u0641\u0625\u0646\u0651\u064e\u0647 \u064a\u0643\u0648\u0646 \u0642\u062f \u0637\u0639\u0646 \u0641\u064a \u0627\u0644\u0645\u0633\u0627\u0648\u0627\u0629 \u0628\u064a\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0628\u062f\u0627\u0641\u0639 \u0633\u062d\u0628 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0645\u0646 \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639\u064a\u0646[14]\u060c \u0647\u0630\u0627 \u0625\u0644\u0649 \u062c\u0627\u0646\u0628 \u0645\u0627 \u062a\u064f\u0648\u062d\u0650\u064a\u0647 \u0647\u0630\u0647 \u0627\u0644\u0645\u0645\u0627\u0631\u0633\u0629 \u0645\u0646 \u0637\u0639\u0646\u064d \u0641\u064a \u062b\u0642\u0629 \u0627\u0644\u062c\u0645\u0647\u0648\u0631 \u0641\u064a \u0627\u0644\u0633\u0648\u0642.<\/p>\n

\u0648\u0644\u0630\u0644\u0643\u060c \u0641\u0625\u0646\u0651\u064e \u0645\u0645\u0627\u0631\u0633\u0629 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u201c\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629\u201d \u201cUnpublished Information\u201d[15] -\u0643\u0645\u0627 \u0623\u0633\u0645\u0627\u0647\u0627 \u0627\u0644\u0645\u0634\u0631\u0639 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a- \u062a\u0633\u062a\u062d\u0642\u0651\u064f \u0627\u0644\u062d\u0638\u0631 \u0627\u0644\u062a\u0634\u0631\u064a\u0639\u064a \u0628\u0647\u062f\u0641 \u062d\u0645\u0627\u064a\u0629 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0645\u0646 \u0627\u0646\u062a\u0647\u0627\u0643\u0627\u062a \u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0633\u0648\u0642\u060c \u0648\u0628\u062b\u0651\u0650 \u0627\u0644\u062b\u0642\u0629 \u0628\u064a\u0646 \u0627\u0644\u0645\u062a\u0639\u0627\u0645\u0644\u064a\u0646 \u0641\u064a\u0647\u0627[16].<\/p>\n

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\u0648\u0643\u0645\u062b\u0627\u0644\u064d\u060c \u0641\u0642\u062f \u062a\u0624\u062b\u0651\u0650\u0631\u064f \u0645\u0639\u0644\u0648\u0645\u0629\u064c \u062a\u062e\u0635\u0651\u064f \u0627\u0644\u0634\u0631\u0643\u0629 (\u0645\u064f\u0635\u062f\u0650\u0631\u064e\u0629 \u0627\u0644\u0623\u0648\u0631\u0627\u0642) \u0623\u0648 \u0645\u0639\u0644\u0648\u0645\u0629\u064c \u062a\u062e\u0635\u0651\u064f \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0630\u0627\u062a\u0647\u0627 (\u0643\u0648\u0642\u0641 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0639\u0644\u064a\u0647\u0627 \u0641\u064a \u0627\u0644\u0633\u0648\u0642)[22]\u060c \u0641\u064a\u062c\u0628 \u062a\u0631\u0643 \u0645\u062c\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629 \u0628\u062f\u0648\u0646 \u062d\u062f\u0648\u062f \u062a\u0642\u064a\u0651\u0650\u062f\u0647 \u0633\u0648\u0649 \u062a\u0623\u062b\u064a\u0631\u0647\u0627 \u0639\u0644\u0649 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0628\u0645\u0627 \u064a\u0634\u0645\u0644 \u062c\u0645\u064a\u0639 \u0627\u0644\u062a\u0623\u062b\u064a\u0631\u0627\u062a \u0627\u0644\u0633\u0639\u0631\u064a\u0651\u064e\u0629\u060c \u0648\u0647\u0648 \u0645\u0627 \u0623\u0648\u0635\u062a \u0628\u0647 \u0627\u0644\u0645\u0646\u0638\u0645\u0629 \u0627\u0644\u062f\u0648\u0644\u064a\u0629 \u0644\u0647\u064a\u0626\u0627\u062a \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 (IOSCO)[23].<\/p>\n

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\u062d\u064a\u062b \u0625\u0646\u0651\u064e \u0642\u0648\u0627\u0639\u062f \u062d\u0638\u0631 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0647\u064a \u0639\u0628\u0627\u0631\u0629 \u0639\u0646: \u201c\u0642\u064a\u0648\u062f \u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639\u064a\u0646\u201d \u201cInsider Trading Restrictions\u201d[25]\u060c \u0648\u0647\u064a \u0642\u064a\u0648\u062f\u064c \u0632\u0645\u0646\u064a\u0651\u064e\u0629\u064c \u0641\u064a \u0645\u0639\u0638\u0645\u0647\u0627.<\/p>\n

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\u064a\u062c\u0628 \u0627\u0644\u062a\u0623\u0643\u064a\u062f \u0639\u0644\u0649 \u0623\u0646\u0651\u064e \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 (\u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0648\u0627\u0644\u062b\u0627\u0646\u0648\u064a) \u0633\u064a\u0643\u0648\u0646 \u062e\u0627\u0636\u0639\u0627\u064b \u0644\u0644\u062a\u062c\u0631\u064a\u0645 \u062a\u062d\u062a \u0633\u0644\u0637\u0629 \u0642\u0627\u0646\u0648\u0646 \u0645\u0643\u0627\u0641\u062d\u0629 \u062c\u0631\u0627\u0626\u0645 \u062a\u0642\u0646\u064a\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a \u0643\u0645\u0627 \u064a\u0644\u064a:<\/p>\n

\u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u061b \u0625\u0630\u0627: \u201c\u2026 \u0627\u0633\u062a\u062e\u062f\u0645\u060c \u0628\u062f\u0648\u0646 \u062a\u0635\u0631\u064a\u062d\u060c \u0623\u064a \u0634\u0628\u0643\u0629 \u0645\u0639\u0644\u0648\u0645\u0627\u062a\u064a\u0651\u064e\u0629\u060c \u0623\u0648 \u0645\u0648\u0642\u0639\u0627\u064b \u0627\u0644\u0643\u062a\u0631\u0648\u0646\u064a\u0651\u064e\u0627\u064b\u060c \u0623\u0648 \u0648\u0633\u064a\u0644\u0629 \u062a\u0642\u0646\u064a\u0651\u064e\u0629 \u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0644\u0643\u0634\u0641 \u0645\u0639\u0644\u0648\u0645\u0627\u062a\u064d \u0633\u0631\u064a\u0651\u064e\u0629\u064d \u062d\u0635\u0644 \u0639\u0644\u064a\u0647\u0627 \u0628\u0645\u0646\u0627\u0633\u0628\u0629 \u0639\u0645\u0644\u0647 \u0623\u0648 \u0628\u0633\u0628\u0628\u0647\u201d[32]\u061b \u0641\u0647\u0646\u0627 \u064a\u0643\u0648\u0646 \u0647\u0630\u0627 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0642\u062f \u0627\u0631\u062a\u0643\u0628 \u062c\u0631\u0645 \u0627\u0646\u062a\u0647\u0627\u0643 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u062a\u0642\u0646\u064a\u0651\u064e\u0629 \u0644\u0644\u062c\u0647\u0629 \u0627\u0644\u062a\u064a \u0648\u062b\u0642\u062a \u0628\u0647 \u0648\u0627\u0626\u062a\u064e\u0645\u064e\u0646\u064e\u062a\u0652\u0647\u064f \u0639\u0644\u064a\u0647\u0627.
\n\u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u062b\u0627\u0646\u0648\u064a\u061b \u0648\u0630\u0644\u0643 \u0641\u064a \u062d\u0627\u0644 \u062d\u0627\u0648\u0644 \u0647\u0630\u0627 \u0627\u0644\u062b\u0627\u0646\u0648\u064a \u062a\u062d\u0635\u064a\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0628\u0637\u0631\u0642 \u0627\u0644\u0643\u062a\u0631\u0648\u0646\u064a\u0629 \u063a\u064a\u0631 \u0645\u0634\u0631\u0648\u0639\u0629\u061b \u062d\u064a\u062b \u0633\u064a\u0643\u0648\u0646 \u0642\u062f \u0627\u0631\u062a\u0643\u0628 \u062c\u0631\u064a\u0645\u0629 \u0627\u0646\u062a\u0647\u0627\u0643 \u062e\u0635\u0648\u0635\u064a\u0651\u064e\u0629 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0644\u0634\u062e\u0635 \u0622\u062e\u0631 (\u0627\u0644\u0634\u0631\u0643\u0629 \u0623\u0648 \u0645\u064f\u0635\u062f\u064e\u0631 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a) \u0639\u0628\u0631 \u0645\u062c\u0645\u0648\u0639\u0629 \u0645\u0646 \u0627\u0644\u062c\u0631\u0627\u0626\u0645 \u0623\u0647\u0645\u0647\u0627:
\n\u0627\u0644\u0627\u062e\u062a\u0631\u0627\u0642: \u201c\u062f\u062e\u0644 \u0628\u062f\u0648\u0646 \u062a\u0635\u0631\u064a\u062d \u0625\u0644\u0649 \u0645\u0648\u0642\u0639 \u0627\u0644\u0643\u062a\u0631\u0648\u0646\u064a\u060c \u0623\u0648 \u0646\u0638\u0627\u0645 \u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u0643\u062a\u0631\u0648\u0646\u064a\u060c \u0623\u0648 \u0634\u0628\u0643\u0629 \u0645\u0639\u0644\u0648\u0645\u0627\u062a\u064a\u0629\u060c \u0623\u0648 \u0648\u0633\u064a\u0644\u0629 \u062a\u0642\u0646\u064a\u0629 \u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0633\u0648\u0627\u0621 \u0643\u0627\u0646 \u0627\u0644\u062f\u062e\u0648\u0644\u060c \u0628\u0642\u0635\u062f \u0627\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u0628\u064a\u0627\u0646\u0627\u062a \u062d\u0643\u0648\u0645\u064a\u0629\u060c \u0623\u0648 \u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0633\u0631\u064a\u0629 \u062e\u0627\u0635\u0629 \u0628\u0645\u0646\u0634\u0623\u0629 \u0645\u0627\u0644\u064a\u0629\u060c \u0623\u0648 \u062a\u062c\u0627\u0631\u064a\u0629\u060c \u0623\u0648 \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629\u201d[33]\u061b \u0648\u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u062c\u0631\u064a\u0645\u0629 \u062a\u0643\u0641\u064a \u0648\u0627\u0642\u0639\u0629 \u0627\u0644\u062f\u062e\u0648\u0644 \u0628\u0642\u0635\u062f \u0627\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0644\u0644\u062a\u062c\u0631\u064a\u0645\u060c \u0641\u064a\u0645\u0627 \u062a\u0643\u0648\u0646 \u0627\u0644\u0639\u0642\u0648\u0628\u0629 \u0645\u064f\u0634\u062f\u0651\u064e\u062f\u0629 \u0641\u064a \u062d\u0627\u0644\u0629 \u0627\u0644\u0625\u0641\u0634\u0627\u0621.
\n\u0627\u0646\u062a\u0647\u0627\u0643 \u0627\u0644\u062e\u0635\u0648\u0635\u064a\u0651\u064e\u0629 \u0639\u0644\u0649 \u0643\u0644 \u0645\u064e\u0646:
\n\u201c\u0627\u0644\u062a\u0642\u0637 \u0623\u0648 \u0627\u0639\u062a\u0631\u0636 \u0639\u0645\u062f\u0627\u064b \u0648\u0628\u062f\u0648\u0646 \u062a\u0635\u0631\u064a\u062d \u0623\u064a \u0627\u062a\u0635\u0627\u0644 \u0639\u0646 \u0637\u0631\u064a\u0642 \u0623\u064a \u0634\u0628\u0643\u0629 \u0645\u0639\u0644\u0648\u0645\u0627\u062a\u064a\u0629\u201d[34].
\n\u201c\u0627\u0633\u062a\u0631\u0627\u0642 \u0627\u0644\u0633\u0645\u0639\u060c \u0623\u0648 \u0627\u0639\u062a\u0631\u0627\u0636\u060c \u0623\u0648 \u062a\u0633\u062c\u064a\u0644 \u0623\u0648 \u0646\u0642\u0644 \u0623\u0648 \u0628\u062b \u0623\u0648 \u0625\u0641\u0634\u0627\u0621 \u0645\u062d\u0627\u062f\u062b\u0627\u062a \u0623\u0648 \u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0623\u0648 \u0645\u0648\u0627\u062f \u0635\u0648\u062a\u064a\u0629 \u0623\u0648 \u0645\u0631\u0626\u064a\u0629\u201d[35].<\/p>\n

\u0648\u0630\u0644\u0643 \u0628\u063a\u0636\u0651\u0650 \u0627\u0644\u0646\u0638\u0631 \u0639\u0645\u0651\u064e\u0627 \u0625\u0630\u0627 \u062b\u0628\u062a \u062a\u062c\u0631\u064a\u0645 \u0627\u0644\u0645\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u062b\u0627\u0646\u0648\u064a \u0628\u062c\u0631\u0645 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0645\u0646 \u0639\u062f\u0645\u0647.<\/p>\n

\u0648\u0641\u064a \u062d\u0627\u0644 \u062a\u0645\u0651\u064e \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0628\u0627\u0644\u0645\u062e\u0627\u0644\u0641\u0629 \u0644\u062d\u0638\u0631 \u0627\u0644\u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0641\u0625\u0646\u0651\u064e \u0628\u0637\u0644\u0627\u0646\u0647 \u0633\u064a\u0643\u0648\u0646 \u0634\u0627\u0645\u0644\u0627\u064b \u0644\u0644\u0631\u0626\u064a\u0633\u064a \u0648\u0627\u0644\u062b\u0627\u0646\u0648\u064a \u0643\u0645\u0627 \u0633\u0646\u0631\u0649.<\/p>\n

\u062b\u0627\u0644\u062b\u0627\u064b: \u0628\u0637\u0644\u0627\u0646 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0627\u0644\u062c\u0627\u0631\u064a \u062e\u0644\u0627\u0641\u0627\u064b \u0644\u062d\u0638\u0631 \u0627\u0644\u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0628\u0645\u0627 \u064a\u0634\u0645\u0644 \u062c\u0645\u064a\u0639 \u0623\u0646\u0648\u0627\u0639 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639\u064a\u0646<\/strong><\/p>\n

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\u0627\u0644\u0645\u0637\u0644\u0628 \u0627\u0644\u062b\u0627\u0646\u064a<\/strong><\/p>\n

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\n\u0625\u0647\u0645\u0627\u0644 \u0648\u0627\u062c\u0628 \u0627\u0644\u062a\u0623\u0643\u0651\u064f\u062f \u0645\u0646 \u0639\u062f\u0645 \u0633\u0631\u064a\u0651\u064e\u062a\u0647\u0627 \u201c\u0648\u0627\u062c\u0628 \u0627\u0644\u062d\u0630\u0631\u201d \u0643\u0645\u0627 \u0646\u0642\u062a\u0631\u062d\u060c \u0648\u0630\u0644\u0643 \u0641\u064a\u0645\u0646 \u0644\u0627 \u064a\u064f\u0641\u062a\u064e\u0631\u064e\u0636\u064f \u0641\u064a\u0647\u0645 \u0627\u0644\u0639\u0644\u0645 \u0628\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a (\u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u062b\u0627\u0646\u0648\u064a) \u062f\u0648\u0646 \u0627\u0634\u062a\u0631\u0627\u0637 \u0625\u062b\u0628\u0627\u062a \u0642\u0635\u062f \u0627\u0633\u062a\u063a\u0644\u0627\u0644\u0647\u0627 \u0644\u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u0646\u0641\u0639.<\/p>\n

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\u062b\u0627\u0644\u062b\u0627\u064b: \u0645\u062f\u0649 \u0627\u0634\u062a\u0631\u0627\u0637 \u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u0646\u0641\u0639 \u0627\u0644\u0634\u062e\u0635\u064a \u062a\u062c\u0627\u0647 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u062b\u0627\u0646\u0648\u064a<\/strong><\/p>\n

\u064a\u064f\u0634\u062a\u064e\u0631\u064e\u0637 \u0648\u0641\u0642\u0627\u064b \u0644\u0642\u0627\u0646\u0648\u0646 \u0647\u064a\u0626\u0629 \u0648\u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0648\u0627\u0644\u0633\u0644\u0639 \u0623\u0646 \u064a\u062a\u0631\u0627\u0641\u0642 \u0645\u0639 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0642\u0635\u062f: \u201c\u0625\u0631\u0627\u062f\u0629 \u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u0646\u0641\u0639 \u0627\u0644\u0634\u062e\u0635\u064a \u0627\u0644\u0645\u0627\u062f\u064a \u0623\u0648 \u0627\u0644\u0645\u0639\u0646\u0648\u064a\u201d[53] \u201cPersonal Gain\u201d \u201cReal or Moral\u201d\u060c \u0630\u0644\u0643 \u0648\u0625\u0646 \u0644\u0645 \u064a\u062a\u062d\u0642\u0651\u064e\u0642 \u0647\u0630\u0627 \u0627\u0644\u0646\u0641\u0639 \u0628\u0627\u0644\u0641\u0639\u0644.<\/p>\n

\u0625\u0644\u0627\u0651\u064e \u0623\u0646\u0651\u064e \u0646\u0638\u0627\u0645 \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0648\u0627\u0644\u0634\u0641\u0627\u0641\u064a\u0629 \u0642\u062f \u062d\u064e\u0635\u064e\u0631\u064e \u0627\u0634\u062a\u0631\u0627\u0637 \u0642\u0635\u062f \u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u0646\u0641\u0639 \u0639\u0644\u0649 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u062b\u0627\u0646\u0648\u064a \u062f\u0648\u0646 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0627\u0644\u0630\u064a \u064a\u064f\u0639\u062a\u0628\u0631 \u0645\u0646\u062a\u0647\u0643\u0627\u064b \u0644\u062d\u0638\u0631 \u0627\u0644\u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0628\u0645\u062c\u0631\u0651\u064e\u062f \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a[54].<\/p>\n

\u0643\u0645\u0627 \u0646\u0635\u0651\u064e \u0646\u0638\u0627\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a \u0639\u0644\u0649 \u0623\u0646\u0651\u064e\u0647: \u201c\u064a\u064f\u062d\u0638\u064e\u0631 \u0639\u0644\u0649 \u0623\u064a\u0651\u0650 \u0634\u062e\u0635\u064d \u2013 \u0633\u0648\u0627\u0621\u064b \u0628\u0645\u0641\u0631\u062f\u0647 \u0623\u0648 \u0628\u0627\u0644\u062a\u0648\u0627\u0637\u0624 \u0645\u0639 \u0627\u0644\u063a\u064a\u0631- \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u062e\u0627\u0635\u0651\u064e\u0629 \u0628\u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0644\u062a\u062d\u0642\u064a\u0642 \u0645\u0646\u0627\u0641\u0639\u064d \u0634\u062e\u0635\u064a\u0651\u064e\u0629\u064d \u0644\u0647 \u0623\u0648 \u0644\u063a\u064a\u0631\u0647\u201d[55]\u061b \u0648\u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u0645\u0646\u0641\u0639\u0629 \u0644\u0644\u063a\u064a\u0631\u060c \u0641\u0642\u062f \u064a\u062a\u0645\u0651\u064f \u062a\u0642\u062f\u064a\u0645 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0643\u0647\u062f\u064a\u0651\u064e\u0629\u064d \u0644\u0635\u062f\u064a\u0642\u064d \u0643\u0645\u0627 \u0631\u0623\u0649 \u0627\u0644\u0642\u0636\u0627\u0621 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a[56].<\/p>\n

\u0648\u0647\u0630\u0627 \u0645\u0627 \u064a\u0639\u0646\u064a \u0623\u0646\u0651\u064e \u0625\u062b\u0628\u0627\u062a \u0642\u064a\u0627\u0645 \u0645\u0645\u0627\u0631\u0633\u0629 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629 \u062a\u062c\u0627\u0647 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u062b\u0627\u0646\u0648\u064a \u064a\u062c\u0628 \u0623\u0646 \u064a\u0642\u062a\u0631\u0646 \u0628\u0625\u062b\u0628\u0627\u062a \u0642\u0635\u062f \u0627\u0644\u0641\u0627\u0639\u0644 \u0628\u062a\u062d\u0642\u064a\u0642 \u0645\u0643\u0633\u0628\u064d \u0634\u062e\u0635\u064a\u0651\u064d \u0644\u0647 \u0623\u0648 \u0644\u063a\u064a\u0631\u0647\u060c \u0648\u0647\u0648 \u0639\u0646\u0635\u0631 \u0645\u0639\u0646\u0648\u064a \u064a\u0645\u0643\u0646 \u0644\u0642\u0627\u0636\u064a \u0627\u0644\u0645\u0648\u0636\u0648\u0639 \u062a\u0642\u062f\u064a\u0631\u0647 \u0645\u0646 \u0627\u0644\u0645\u0635\u0644\u062d\u0629 \u0644\u0625\u062c\u0631\u0627\u0621 \u0623\u064a \u062a\u0639\u0627\u0645\u0644 \u0641\u064a \u0627\u0644\u0633\u0648\u0642\u061b \u0643\u0627\u0644\u0631\u0628\u062d \u0645\u0646 \u0641\u0631\u0642 \u0627\u0644\u0633\u0639\u0631 \u0628\u064a\u0646 \u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0634\u0631\u0627\u0621 (\u0642\u0628\u0644 \u0627\u0644\u0625\u0639\u0644\u0627\u0646 \u0639\u0646 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a) \u0648\u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0628\u064a\u0639 (\u0628\u0639\u062f \u0627\u0644\u0625\u0639\u0644\u0627\u0646 \u0639\u0646\u0647\u0627 \u0648\u0627\u0631\u062a\u0641\u0627\u0639 \u0627\u0644\u0623\u0633\u0639\u0627\u0631) \u0628\u0634\u0643\u0644\u064d \u0634\u062e\u0635\u064a\u0651\u064d \u0623\u0648 \u0639\u0628\u0631 \u0627\u0644\u0625\u0641\u0634\u0627\u0621.<\/p>\n

\u0641\u0641\u064a \u0625\u062d\u062f\u0649 \u0627\u0644\u0648\u0642\u0627\u0626\u0639 \u0644\u0645 \u062a\u0642\u0628\u0644 \u0627\u0644\u0645\u062d\u0643\u0645\u0629 \u0627\u0644\u0639\u0644\u064a\u0627 \u0641\u064a \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0625\u062f\u0627\u0646\u0629 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u062b\u0627\u0646\u0648\u064a \u0627\u0644\u0645\u062a\u0644\u0642\u0651\u0650\u064a \u0644\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0644\u0623\u0646\u0651\u064e\u0647 \u0642\u062f \u062a\u0644\u0642\u0651\u064e\u0649 \u0647\u0630\u0647 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u062b\u0645 \u0623\u0641\u0634\u0627\u0647\u0627 \u0644\u0623\u0637\u0631\u0627\u0641\u064d \u062b\u0627\u0644\u062b\u0629\u064d \u0644\u064a\u0633 \u0645\u0646 \u0628\u0627\u0628 \u0627\u0646\u062a\u0647\u0627\u0643 \u0627\u0644\u0648\u0627\u062c\u0628 \u0627\u0644\u0627\u0626\u062a\u0645\u0627\u0646\u064a \u0628\u0647\u062f\u0641 \u062a\u062d\u0642\u064a\u0642 \u0645\u0646\u0627\u0641\u0639 \u0628\u0644 \u0645\u0646 \u0623\u062c\u0644 \u0641\u0636\u062d \u0627\u0644\u0641\u0633\u0627\u062f \u0627\u0644\u0630\u064a \u064a\u062c\u0631\u064a \u0641\u064a \u0627\u0644\u0634\u0631\u0643\u0629[57].<\/p>\n

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\u0631\u0627\u0628\u0639\u0627\u064b: \u0627\u0643\u062a\u0645\u0627\u0644 \u0634\u0631\u0648\u0637 \u062d\u0638\u0631 \u0627\u0644\u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u062e\u0644\u0627\u0644 \u062a\u0637\u0628\u064a\u0642 \u0627\u0644\u062d\u0638\u0631 \u0639\u0644\u0649 \u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0645\u0633\u0624\u0648\u0644\u064a\u0651\u064e\u0629<\/strong><\/p>\n

\u064a\u0628\u062f\u0648 \u0623\u0646\u0651\u064e \u201c\u0637\u0631\u064a\u0642\u0629 \u062a\u0637\u0628\u064a\u0642 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u201d \u201cLaw Implementation Aspect\u201d[58] \u0645\u0646 \u0627\u0644\u0642\u0636\u0627\u0621 \u062a\u0644\u0639\u0628 \u062f\u0648\u0631 \u0627\u0644\u0628\u0637\u0648\u0644\u0629 \u0641\u064a \u0645\u0648\u0627\u062c\u0647\u0629 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0641\u064a \u0627\u0644\u0633\u0648\u0642\u061b \u062d\u064a\u062b \u0625\u0646\u0651\u064e \u0645\u062f\u0649 \u0646\u0641\u064a \u0627\u0644\u0642\u0627\u0636\u064a \u0644\u062a\u0648\u0627\u0641\u0631 \u0623\u0631\u0643\u0627\u0646 \u062d\u0638\u0631 \u0645\u0645\u0627\u0631\u0633\u0629 \u0627\u0644\u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u064a\u064f\u0645\u0643\u0646 \u0623\u0646 \u064a\u0648\u062f\u064a \u0628\u062c\u062f\u0648\u0649 \u062d\u0638\u0631 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0644\u0647\u0630\u0647 \u0627\u0644\u0645\u0645\u0627\u0631\u0633\u0629 \u0645\u0646 \u0627\u0644\u0623\u0633\u0627\u0633.<\/p>\n

\u0648\u0644\u0630\u0644\u0643 \u0641\u0642\u062f \u0648\u062c\u062f \u062c\u0627\u0646\u0628 \u0645\u0646 \u0627\u0644\u0641\u0642\u0647 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a \u0623\u0646\u0651\u064e\u0647 \u0639\u0644\u0649 \u0627\u0644\u0631\u063a\u0645 \u0645\u0646 \u062a\u0634\u0627\u0628\u0647 \u0642\u0648\u0627\u0639\u062f \u062d\u0638\u0631 \u0645\u0645\u0627\u0631\u0633\u0627\u062a \u0627\u0644\u063a\u0634 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u2013\u0648\u0645\u0646\u0647\u0627 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a- \u0644\u062f\u0649 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u0645\u064f\u0634\u0631\u0651\u0650\u0639\u064a\u0646 \u0648\u0627\u0644\u0623\u0633\u0648\u0627\u0642\u060c \u0625\u0644\u0627\u0651\u064e \u0623\u0646\u0651\u064e \u0645\u0633\u062a\u0648\u0649 \u062a\u0637\u0628\u064a\u0642 \u0647\u0630\u0647 \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0647\u0648 \u0627\u0644\u0639\u0627\u0645\u0650\u0644 \u0627\u0644\u0636\u0627\u0645\u0646 \u0644\u062d\u0638\u0631 \u0647\u0630\u0647 \u0627\u0644\u0645\u0645\u0627\u0631\u0633\u0629 \u0639\u0644\u0649 \u0623\u0631\u0636 \u0627\u0644\u0648\u0627\u0642\u0639[59].<\/p>\n

\u0641\u0627\u0644\u0645\u0633\u0627\u0648\u0627\u0629 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0651\u064e\u0629 \u0628\u064a\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0647\u064a \u0631\u0647\u0646\u064c \u0628\u0645\u062f\u0649 \u0642\u062f\u0631\u0629 \u0627\u0644\u0642\u0636\u0627\u0621 \u0639\u0644\u0649 \u0627\u0633\u062a\u064a\u0639\u0627\u0628 \u062d\u0638\u0631 \u0645\u0645\u0627\u0631\u0633\u0629 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0633\u0648\u0627\u0621\u064b \u0644\u062f\u0649 \u0625\u0642\u0627\u0645\u0629 \u0627\u0644\u0645\u0633\u0624\u0648\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0645\u062f\u0646\u064a\u0651\u064e\u0629 \u0623\u0645 \u0627\u0644\u062c\u0632\u0627\u0626\u064a\u0651\u064e\u0629:<\/p>\n

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\n\u0648\u0628\u062e\u0635\u0648\u0635 \u0627\u0644\u0645\u0633\u0624\u0648\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u062c\u0632\u0627\u0626\u064a\u0651\u064e\u0629\u061b \u0641\u064a\u0643\u0648\u0646 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629 \u0647\u0648 \u0627\u0644\u0631\u0643\u0646 \u0627\u0644\u0645\u0627\u062f\u064a \u0644\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u060c \u0648\u0627\u0644\u0642\u064a\u0627\u0645 \u0628\u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0639\u0646 \u0642\u0635\u062f \u0647\u0648 \u0627\u0644\u0631\u0643\u0646 \u0627\u0644\u0645\u0639\u0646\u0648\u064a\u060c \u0628\u0627\u0644\u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u0627\u0644\u0639\u0644\u0627\u0642\u0629 \u0627\u0644\u0633\u0628\u0628\u064a\u0651\u064e\u0629 \u0628\u064a\u0646 \u0627\u0644\u0641\u0639\u0644 \u0648\u0627\u0644\u0646\u062a\u064a\u062c\u0629[61]\u060c \u0648\u0639\u0645\u0644\u064a\u0651\u064e\u0627 \u062a\u0628\u062f\u0648 \u0623\u0631\u0643\u0627\u0646 \u0627\u0644\u062c\u0631\u064a\u0645\u0629 \u0642\u0627\u0626\u0645\u0629\u064b \u0639\u0644\u0649 \u062a\u0639\u0627\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0628\u0645\u062c\u0631\u0651\u064e\u062f \u0646\u0634\u0648\u0621 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u0639\u0644\u0646\u0629 \u062d\u062a\u0649 \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0639\u0646\u0647\u0627 \u0644\u0648\u062c\u0648\u062f \u0642\u0631\u064a\u0646\u0629 \u0627\u0644\u0639\u0644\u0645 \u0639\u0644\u064a\u0647.<\/p>\n

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

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

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\u0627\u0644\u0645\u0628\u062d\u062b \u0627\u0644\u062b\u0627\u0646\u064a<\/span><\/strong><\/p>\n

\u062d\u0638\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0627\u0644\u062a\u0627\u0645 \u0644\u0636\u0645\u0627\u0646 \u0639\u062f\u0645 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0640\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629<\/span><\/strong><\/p>\n

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\u0627\u0644\u0645\u0637\u0644\u0628 \u0627\u0644\u0623\u0648\u0644<\/strong><\/p>\n

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\u0648\u0627\u0644\u0625\u0628\u0637\u0627\u0644 \u0647\u0646\u0627 \u0647\u0648 \u0631\u062f\u0651\u064f \u0641\u0639\u0644\u064d \u0637\u0628\u064a\u0639\u064a\u0651\u064d \u0639\u0646 \u062a\u0639\u0627\u0645\u0644\u0627\u062a\u064d \u062a\u0636\u0631\u0651\u064f \u0628\u0627\u0644\u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u062a\u0633\u0639\u064a\u0631\u064a\u0651\u064e\u0629 \u0644\u0644\u0633\u0648\u0642 \u0628\u0634\u0643\u0644\u064d \u0643\u0628\u064a\u0631\u064d [78]\u061b \u0641\u0627\u0644\u0628\u0637\u0644\u0627\u0646 \u064a\u062a\u0623\u062a\u0651\u064e\u0649 \u0647\u0646\u0627 \u0639\u0646 \u0645\u062e\u0627\u0644\u0641\u0629\u064d \u0644\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u064a \u0643\u0645\u0627 \u0634\u0631\u062d\u0647 \u062c\u0627\u0646\u0628 \u0645\u0646 \u0627\u0644\u0641\u0642\u0647 \u0627\u0644\u0639\u0631\u0628\u064a[79].<\/p>\n

\u0648\u0644\u0643\u0646 \u064a\u062c\u0628 \u0627\u0644\u062a\u0623\u0643\u064a\u062f \u0639\u0646 \u0623\u0646\u0651\u064e \u0627\u0644\u0628\u0637\u0644\u0627\u0646 \u0627\u0644\u0646\u0627\u062a\u062c \u0639\u0646 \u0627\u0646\u062a\u0647\u0627\u0643 \u0642\u0648\u0627\u0639\u062f \u062d\u0638\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0644\u0627 \u064a\u0642\u0648\u0645 \u0625\u0644\u0627\u0651\u064e \u0625\u0646 \u0643\u0627\u0646 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0642\u062f \u062c\u0631\u0649 \u0642\u0628\u0644 \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0639\u0646 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a\u060c \u0623\u0645\u0651\u064e\u0627 \u0625\u0646 \u062a\u0645\u0651\u064e \u0647\u0630\u0627 \u0627\u0644\u0625\u0641\u0635\u0627\u062d\u060c \u0641\u062a\u0643\u0648\u0646 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u062d\u064a\u0646\u0626\u0630\u064d \u201c\u0641\u0627\u0642\u062f\u0629\u064b \u0644\u0635\u0641\u0629 \u0627\u0644\u0633\u0631\u064a\u0651\u064e\u0629\u201d \u201cNo Longer Nonpublic\u201d[80]\u060c \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0641\u0644\u0627 \u064a\u064f\u0645\u0643\u0646 \u0647\u0646\u0627 \u062a\u0637\u0628\u064a\u0642 \u062d\u0638\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0628\u0639\u062f \u062a\u062c\u0627\u0648\u0632 \u0627\u0644\u0625\u0637\u0627\u0631 \u0627\u0644\u0632\u0645\u0646\u064a \u0644\u0644\u0633\u0631\u064a\u0651\u064e\u0629.<\/p>\n

\u062b\u0627\u0644\u062b\u0627\u064b: \u0627\u0644\u062a\u0639\u0631\u064a\u0641 \u0628\u0623\u0631\u0643\u0627\u0646 \u0627\u0644\u0645\u0633\u0624\u0648\u0644\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0645\u062a\u0631\u062a\u0651\u0650\u0628\u0629 \u0639\u0644\u0649 \u062d\u0638\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062a\u0627\u0645<\/strong><\/p>\n

\u064a\u062a\u0631\u062a\u0651\u064e\u0628 \u0639\u0644\u0649 \u062e\u0631\u0642 \u0627\u0644\u062d\u0638\u0631 \u0627\u0644\u062a\u0627\u0645 \u0644\u0644\u062a\u0639\u0627\u0645\u0644 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0625\u0645\u0643\u0627\u0646\u064a\u0651\u064e\u0629 \u0642\u064a\u0627\u0645 \u0643\u0644\u0651\u064d \u0645\u0646 \u0627\u0644\u0645\u0633\u0624\u0648\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0645\u062f\u0646\u064a\u0651\u064e\u0629 \u0623\u0648 \u0627\u0644\u062c\u0632\u0627\u0626\u064a\u0651\u064e\u0629 \u0639\u0644\u0649 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u060c \u0648\u0630\u0644\u0643 \u0628\u0627\u0644\u0623\u0631\u0643\u0627\u0646 \u0627\u0644\u062a\u0627\u0644\u064a\u0629:<\/p>\n

\u0628\u062e\u0635\u0648\u0635 \u0627\u0644\u0645\u0633\u0624\u0648\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0645\u062f\u0646\u064a\u0651\u064e\u0629\u061b \u0641\u0625\u0646\u0651\u064e \u0642\u064a\u0627\u0645 \u0627\u0644\u0631\u0626\u064a\u0633 \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u064a \u0643\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0631\u0626\u064a\u0633\u064a \u0645\u062b\u0644\u0627\u064b \u0628\u062a\u0646\u0641\u064a\u0630 \u0639\u0645\u0644\u064a\u0629 \u062a\u062f\u0627\u0648\u0644 \u0647\u0648 \u0631\u0643\u0646 \u0627\u0644\u062e\u0637\u0623\u061b \u0644\u0623\u0646\u0651\u064e\u0647 \u0628\u0645\u0648\u062c\u0628 \u0646\u0638\u0627\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u064a\u064e\u062e\u0631\u0642\u064f \u062d\u0638\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062a\u0627\u0645 \u0639\u0644\u064a\u0647\u060c \u0648\u064a\u0643\u0648\u0646 \u0627\u0644\u0636\u0631\u0631 \u0628\u0645\u0627 \u064a\u062b\u0628\u062a \u0645\u0646 \u0623\u0636\u0631\u0627\u0631 \u0645\u0627\u062f\u064a\u0651\u064e\u0629 \u0623\u0648 \u0645\u0639\u0646\u0648\u064a\u0651\u064e\u0629 \u0628\u0627\u0644\u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u0627\u0644\u0639\u0644\u0627\u0642\u0629 \u0627\u0644\u0633\u0628\u0628\u064a\u0651\u064e\u0629 \u0628\u064a\u0646 \u0627\u0644\u062e\u0637\u0623 \u0648\u0627\u0644\u0636\u0631\u0631.
\n\u0623\u0645\u0651\u064e\u0627 \u0628\u062e\u0635\u0648\u0635 \u0627\u0644\u0645\u0633\u0624\u0648\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u062c\u0632\u0627\u0626\u064a\u0651\u064e\u0629\u061b \u0641\u0644\u0627 \u064a\u0645\u0643\u0646 \u062a\u062c\u0631\u064a\u0645 \u0641\u0639\u0644 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0641\u0642\u0637 \u0644\u0643\u0648\u0646\u0647 \u0642\u0627\u0645 \u0628\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u062e\u0644\u0627\u0644 \u0641\u062a\u0631\u0629 \u062d\u0638\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u062f\u0648\u0646 \u0625\u062b\u0628\u0627\u062a \u062a\u0648\u0635\u064a\u0641 \u0641\u0639\u0644\u0647 \u0639\u0644\u0649 \u062c\u0631\u064a\u0645\u0629 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629 \u0623\u0648 \u0625\u062d\u062f\u0649 \u062c\u0631\u0627\u0626\u0645 \u0633\u0648\u0642 \u0627\u0644\u0645\u0627\u0644. \u0648\u0644\u0643\u0646 \u064a\u0645\u0643\u0646 \u0627\u0644\u0627\u0633\u062a\u0646\u0627\u062f \u0625\u0644\u0649 \u0648\u062c\u0648\u062f \u0623\u064a\u0651\u0650 \u062a\u0639\u0627\u0645\u0644\u064d \u0645\u0646 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639\u064a\u0646 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0651\u0650\u064a\u0646 \u062e\u0644\u0627\u0644 \u0641\u062a\u0631\u0627\u062a \u0627\u0644\u062d\u0638\u0631 \u0627\u0644\u062a\u0627\u0645 \u0639\u0644\u0649 \u0623\u0646\u0651\u064e\u0647 \u0642\u0631\u064a\u0646\u0629\u064c \u0642\u062f \u064a\u064f\u0628\u0646\u0649 \u0639\u0644\u064a\u0647\u0627 \u0644\u0625\u062b\u0628\u0627\u062a \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629\u060c \u0623\u0648 \u0645\u0627 \u064a\u0645\u0643\u0646 \u0627\u0644\u0625\u0637\u0644\u0627\u0642 \u0639\u0644\u064a\u0647 \u0627\u0635\u0637\u0644\u0627\u062d \u201c\u0627\u0644\u062f\u0644\u064a\u0644 \u0627\u0644\u0638\u0631\u0641\u064a\u201d \u201cCircumstantial Evidence\u201d [81]\u061b \u0623\u064a \u0648\u062c\u0648\u062f \u0638\u0631\u0641 \u0642\u062f \u064a\u062a\u0645\u0651\u064f \u0627\u0644\u0627\u0633\u062a\u0646\u0627\u062f \u0639\u0644\u064a\u0647 \u0641\u064a \u0627\u0644\u062f\u0639\u0648\u0649 \u0644\u0625\u062b\u0628\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u063a\u0644\u0627\u0644\u060c \u0625\u0644\u0627\u0651\u064e \u0623\u0646\u0651\u064e \u0643\u0644\u0651\u064e \u0630\u0644\u0643 \u0639\u0627\u0626\u062f\u064c \u0644\u0645\u062f\u0649 \u0642\u0646\u0627\u0639\u0629 \u0642\u0627\u0636\u064a \u0627\u0644\u0645\u0648\u0636\u0648\u0639 \u0627\u0644\u062c\u0632\u0627\u0626\u064a \u0628\u0627\u0644\u0623\u062f\u0644\u0651\u064e\u0629 \u0627\u0644\u0645\u0637\u0631\u0648\u062d\u0629 \u0623\u0645\u0627\u0645\u0647[82].<\/p>\n

\u0648\u0645\u0646 \u062c\u0647\u0629 \u0623\u062e\u0631\u0649\u060c \u064a\u0628\u062f\u0648 \u0623\u0646\u0651\u064e \u0645\u0635\u064a\u0631 \u0625\u0628\u0637\u0627\u0644 \u0627\u0644\u062a\u0639\u0627\u0645\u0644\u0627\u062a \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u062e\u0631\u0642 \u062d\u0638\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0627\u0644\u062a\u0627\u0645 \u0633\u064a\u0628\u0642\u0649 \u0631\u0647\u0646\u0627\u064b \u0628\u0645\u062f\u0649 \u0627\u0646\u0636\u0628\u0627\u0637 \u0635\u064a\u0627\u063a\u0629 \u0627\u0644\u0646\u0635\u0651\u0650 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u061b \u062a\u0644\u0643 \u0627\u0644\u0635\u064a\u0627\u063a\u0629 \u0627\u0644\u062a\u064a \u064a\u062c\u0628 \u0623\u0646 \u062a\u0646\u0634\u0623 \u0639\u0646 \u201c\u0625\u0639\u0627\u062f\u0629 \u0646\u0638\u0631\u064d \u0645\u0646\u0637\u0642\u064a\u0651\u064e\u0629\u064d\u201d \u201cRational Reform\u201d[83] \u0641\u064a \u062d\u0627\u0644\u0627\u062a \u0642\u064a\u0627\u0645 \u062d\u0638\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0627\u0644\u062a\u0627\u0645 \u0643\u0645\u0627 \u0633\u0646\u0631\u0649.<\/p>\n

\u0627\u0644\u0645\u0637\u0644\u0628 \u0627\u0644\u062b\u0627\u0646\u064a<\/strong><\/p>\n

\u0641\u062a\u0631\u0627\u062a \u0642\u064a\u0627\u0645 \u062d\u0638\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0627\u0644\u062a\u0627\u0645 \u0644\u0636\u0645\u0627\u0646 \u0639\u062f\u0645 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0640\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629<\/strong><\/p>\n

(\u0627\u0642\u062a\u0631\u0627\u062d \u0646\u0638\u0631\u064a\u0629 \u201c\u0627\u0644\u0645\u062f\u0629 \u0627\u0644\u0645\u0639\u0642\u0648\u0644\u0629\u201d)<\/p>\n

\u064a\u0646\u0634\u0623 \u062d\u0638\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0627\u0644\u062a\u0627\u0645 \u0639\u0644\u0649 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0641\u064a \u0627\u0644\u0641\u062a\u0631\u0627\u062a \u0627\u0644\u062a\u0627\u0644\u064a\u0629: \u0642\u0628\u0644 \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0627\u0644\u062f\u0648\u0631\u064a \u0639\u0646 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0623\u0648\u0644\u0627\u064b \u0623\u0648 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u062c\u0648\u0647\u0631\u064a\u0651\u064e\u0629 \u063a\u064a\u0631 \u0627\u0644\u062f\u0648\u0631\u064a\u0651\u064e\u0629 \u062b\u0627\u0646\u064a\u0627\u064b \u0623\u0648 \u0627\u0644\u0645\u0641\u0627\u062c\u0626\u0629 \u062b\u0627\u0644\u062b\u0627\u064b\u060c \u0648\u0633\u0646\u0642\u0648\u0645 \u0628\u0627\u0642\u062a\u0631\u0627\u062d \u062a\u0637\u0628\u064a\u0642 \u0646\u0638\u0631\u064a\u0629 \u201c\u0627\u0644\u0645\u062f\u0629 \u0627\u0644\u0645\u0639\u0642\u0648\u0644\u0629\u201d \u0639\u0644\u0649 \u0643\u0644 \u0645\u0646 \u0627\u0644\u0641\u062a\u0631\u0627\u062a \u0627\u0644\u0645\u0630\u0643\u0648\u0631\u0629.<\/p>\n

\u0623\u0648\u0644\u0627\u064b: \u062d\u0627\u0644\u0629 \u062d\u0638\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0627\u0644\u062a\u0627\u0645 \u0639\u0644\u0649 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0642\u0628\u0644 \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0627\u0644\u062f\u0648\u0631\u064a<\/strong><\/p>\n

\u062a\u0642\u0648\u0645 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0645\u064f\u0635\u062f\u0631\u0629 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0639\u0627\u062f\u0629\u064b \u0628\u0646\u0634\u0631 \u0628\u064a\u0627\u0646\u0627\u062a\u064d \u062f\u0648\u0631\u064a\u0651\u064e\u0629\u064d \u062a\u0643\u0634\u0641\u064f \u0641\u064a\u0647\u0627 \u0639\u0646 \u0645\u062c\u0645\u0648\u0639\u0629\u064d \u0645\u0646 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u064a \u062a\u064f\u0639\u0628\u0651\u0650\u0631 \u0639\u0646 \u0645\u0631\u0643\u0632\u0647\u0627 \u0627\u0644\u0645\u0627\u0644\u064a\u060c \u0648\u0647\u0648 \u0645\u0627 \u064a\u064f\u062f\u0639\u064e\u0649 \u0628\u0640: \u201c\u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0627\u0644\u062f\u0648\u0631\u064a\u201d\u201dPeriodical Disclosure\u201d[84].<\/p>\n

\u0648\u064a\u064f\u0639\u062a\u0628\u064e\u0631 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0627\u0644\u0634\u062e\u0635 \u0627\u0644\u0623\u0643\u062b\u0631 \u0639\u0650\u0644\u0645\u0627\u064b \u0628\u0647\u0630\u0647 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0642\u0628\u0644 \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0639\u0646\u0647\u0627\u060c \u0641\u0647\u0648 \u0645\u064e\u0646 \u064a\u0642\u0648\u0645 \u0628\u0627\u0644\u0625\u0634\u0631\u0627\u0641 \u0639\u0644\u0649 \u0625\u0639\u062f\u0627\u062f\u0647\u0627\u060c \u0648\u0647\u0648 \u0623\u0643\u062b\u0631 \u0645\u064e\u0646 \u064a\u0639\u0631\u0641 \u062b\u063a\u0631\u0627\u062a\u0647\u0627 \u0648\u062f\u0644\u0627\u0644\u0627\u062a\u0647\u0627\u060c \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0641\u0647\u0648 \u0627\u0644\u0623\u0642\u062f\u0631 \u0639\u0644\u0649 \u0627\u0633\u062a\u063a\u0644\u0627\u0644\u0647\u0627 \u0648\u0627\u0633\u062a\u0628\u0627\u0642 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0628\u062e\u0637\u0648\u0627\u062a\u064d\u061b \u0648\u0644\u0630\u0644\u0643 \u0641\u0642\u062f \u0643\u0627\u0646 \u0645\u0646 \u0627\u0644\u0636\u0631\u0648\u0631\u064a \u0648\u0636\u0639\u064e \u0645\u064f\u062f\u0651\u064e\u0629\u064d \u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629\u064d \u0633\u0627\u0628\u0642\u0629\u064d \u0644\u0644\u0625\u0641\u0635\u0627\u062d \u0627\u0644\u062f\u0648\u0631\u064a \u0628\u062d\u064a\u062b \u064a\u064f\u062d\u0638\u0631 \u0639\u0644\u0649 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u062e\u0644\u0627\u0644\u0647\u0627 \u0628\u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0639\u0627\u0626\u062f\u0629 \u0644\u0644\u0645\u064f\u0635\u062f\u0631 \u0627\u0644\u0630\u064a \u064a\u0646\u062a\u0645\u064a \u0625\u0644\u064a\u0647.<\/p>\n

\u0648\u0639\u0644\u064a\u0647\u060c \u0641\u0642\u062f \u0646\u0635\u0651\u064e \u0646\u0638\u0627\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a \u0639\u0644\u0649 \u062d\u0638\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0639\u0644\u0649 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639\u064a\u0646 \u0627\u0644\u062e\u0627\u0636\u0639\u064a\u0646 \u0644\u0623\u062d\u0643\u0627\u0645 \u0641\u062a\u0631\u0627\u062a \u062d\u0638\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 (\u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0651\u0650\u064a\u0646)[85]: \u201c\u0642\u0628\u0644 (15) \u062e\u0645\u0633\u0629 \u0639\u0634\u0631 \u064a\u0648\u0645\u0627\u064b \u0645\u0646 \u0646\u0647\u0627\u064a\u0629 \u0627\u0644\u0641\u062a\u0631\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0631\u0628\u0639\u064a\u0651\u064e\u0629 \u0623\u0648 \u0627\u0644\u0646\u0635\u0641 \u0627\u0644\u0633\u0646\u0648\u064a\u0651\u064e\u0629 \u0623\u0648 \u0627\u0644\u0633\u0646\u0648\u064a\u0651\u064e\u0629 \u0648\u0644\u062d\u064a\u0646 \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0639\u0646 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629\u201c[86].<\/p>\n

\u0625\u0644\u0627\u0651\u064e \u0623\u0646\u0651\u064e \u0636\u0645\u0627\u0646\u0629 \u062d\u0638\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0627\u0644\u062a\u0627\u0645 \u0642\u0628\u0644 \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0627\u0644\u062f\u0648\u0631\u064a \u0647\u0630\u0647 \u0647\u064a \u0636\u0645\u0627\u0646\u0629\u064c \u0642\u0627\u0635\u0631\u0629\u064c \u062a\u0645\u0627\u0645\u0627\u064b \u0639\u0646 \u0641\u0631\u0636 \u0627\u0644\u0645\u0633\u0627\u0648\u0627\u0629 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0651\u064e\u0629 \u0628\u064a\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646\u061b \u0644\u0623\u0646\u0651\u064e \u0645\u064f\u062f\u0651\u064e\u0629 \u0627\u0644\u0640(15) \u064a\u0648\u0645\u0627\u064b \u063a\u064a\u0631\u064f \u0643\u0627\u0641\u064a\u0629\u064d \u0644\u0636\u0645\u0627\u0646 \u0639\u062f\u0645 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0646\u0627\u062a\u062c\u0629 \u0639\u0646 \u0625\u0639\u062f\u0627\u062f \u0627\u0644\u0634\u0631\u0643\u0629 \u0644\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0633\u0646\u0648\u064a\u0629.<\/p>\n

\u0630\u0644\u0643 \u0628\u062f\u0644\u064a\u0644\u0650 \u0623\u0646\u0651\u064e \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a \u0642\u062f \u0623\u0644\u0632\u0645 \u0645\u062f\u064a\u0631\u064a \u0627\u0644\u0634\u0631\u0643\u0629 \u0628\u062a\u062d\u0636\u064a\u0631 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0651\u064e\u0629 \u0627\u0644\u0633\u0646\u0648\u064a\u0651\u064e\u0629 \u0648\u062a\u062f\u0642\u064a\u0642\u0647\u0627 \u062e\u0644\u0627\u0644 4 \u0623\u0634\u0647\u0631 \u0645\u0646 \u062a\u0627\u0631\u064a\u062e \u0627\u0646\u062a\u0647\u0627\u0621 \u0627\u0644\u0633\u0646\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629[87]\u060c \u0648\u0639\u0644\u0649 \u0647\u0630\u0627 \u0641\u0625\u0646\u0651\u064e \u0627\u0644\u0645\u064f\u062f\u0651\u064e\u0629 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629 \u0627\u0644\u062e\u0627\u0635\u0651\u064e\u0629 \u0628\u062d\u0638\u0631 \u062a\u0639\u0627\u0645\u0644 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0639\u0644\u0649 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u064a\u062c\u0628 \u0623\u0644\u0627\u0651\u064e \u062a\u0642\u0644\u0651\u064e \u0639\u0646 4 \u0623\u0634\u0647\u0631 \u0633\u0627\u0628\u0642\u0629 \u0639\u0646 \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0639\u0646 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0633\u0646\u0648\u064a\u0651\u064e\u0629 \u0643\u062d\u062f \u0623\u062f\u0646\u0649\u060c \u0648\u0623\u0646 \u062a\u0643\u0648\u0646 \u0645\u064f\u062f\u0651\u064e\u0629 \u0627\u0644\u0640 15 \u064a\u0648\u0645\u0627\u064b \u062e\u0627\u0635\u0651\u064e\u0629\u064b \u0628\u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0631\u0628\u0639\u064a\u0651\u064e\u0629.<\/p>\n

\u0623\u0648 \u0623\u0646 \u064a\u062a\u0645\u0651\u064e \u0625\u062e\u0636\u0627\u0639 \u0647\u0630\u0647 \u0627\u0644\u0645\u062f\u0651\u064e\u0629 \u0644\u062a\u0642\u062f\u064a\u0631 \u0647\u064a\u0626\u0629 \u0627\u0644\u0633\u0648\u0642 \u0628\u062d\u064a\u062b \u062a\u0643\u0648\u0646 \u0645\u062f\u0629\u064b \u0645\u0639\u0642\u0648\u0644\u0629\u064b \u062a\u0641\u0635\u0644 \u0628\u064a\u0646 \u062a\u0627\u0631\u064a\u062e \u0628\u062f\u0627\u064a\u0629 \u062a\u062c\u0647\u064a\u0632 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0628\u064a\u0646 \u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0639\u0646\u0647\u0627\u060c \u0648\u0647\u0648 \u0645\u0627 \u0646\u0642\u062a\u0631\u062d\u0647 \u0639\u0644\u0649 \u0623\u0633\u0627\u0633 \u0646\u0638\u0631\u064a\u0629 \u201c\u0627\u0644\u0645\u062f\u0629 \u0627\u0644\u0645\u0639\u0642\u0648\u0644\u0629\u201d.<\/p>\n

\u0641\u0639\u0644\u0649 \u0627\u0644\u0647\u064a\u0626\u0629 \u0623\u0646 \u062a\u064f\u0642\u062f\u0651\u0650\u0631 \u0647\u0630\u0647 \u0627\u0644\u0645\u062f\u0651\u064e\u0629 \u0622\u062e\u0630\u0629\u064b \u0628\u0639\u064a\u0646 \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631 \u0646\u0634\u0627\u0637 \u0627\u0644\u0634\u0631\u0643\u0629 \u0648\u0635\u0639\u0648\u0628\u0629 \u0648\u062a\u0639\u0642\u064a\u062f \u0625\u0639\u062f\u0627\u062f \u0628\u064a\u0627\u0646\u0627\u062a\u0647\u0627 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629\u061b \u0641\u0645\u062b\u0644\u0627\u064b \u0627\u0644\u0634\u0631\u0643\u0629 \u0627\u0644\u0623\u0645 \u0627\u0644\u062a\u064a \u064a\u062c\u0628 \u0623\u0646 \u062a\u064f\u0635\u0652\u062f\u0650\u0631\u064e \u0628\u064a\u0627\u0646\u0627\u062a \u062c\u0645\u064a\u0639 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0641\u0631\u0639\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u064a \u062a\u064f\u0633\u064a\u0637\u0631 \u0639\u0644\u0649 \u0631\u0623\u0633\u0645\u0627\u0644\u0647\u0627 \u0645\u0639 \u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0634\u0631\u0643\u0629 \u0627\u0644\u0623\u0645\u060c \u0641\u0647\u0630\u0647 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0643\u0644\u0651\u064f\u0647\u0627 \u062a\u0623\u062e\u0630 \u0645\u0646 \u0627\u0644\u0648\u0642\u062a \u0641\u064a \u0627\u0644\u0625\u0639\u062f\u0627\u062f \u0623\u0643\u062b\u0631 \u0645\u0646 \u0634\u0631\u0643\u0629 \u0627\u0644\u0645\u0642\u0627\u0648\u0644\u0627\u062a \u0627\u0644\u0639\u0642\u0627\u0631\u064a\u0651\u064e\u0629 \u0627\u0644\u0648\u062d\u064a\u062f\u0629.<\/p>\n

\u062b\u0627\u0646\u064a\u0627\u064b: \u062d\u0627\u0644\u0629 \u062d\u0638\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0627\u0644\u062a\u0627\u0645 \u0639\u0644\u0649 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0642\u0628\u0644 \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0627\u0644\u062c\u0648\u0647\u0631\u064a \u063a\u064a\u0631 \u0627\u0644\u062f\u0648\u0631\u064a<\/strong><\/p>\n

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\u0627\u0644\u062e\u0627\u062a\u0645\u0629<\/span><\/strong><\/p>\n

\u0644\u0642\u062f \u062d\u0627\u0648\u0644 \u0627\u0644\u0645\u0634\u0631\u0639 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a \u0623\u0646 \u064a\u064f\u062d\u064a\u0637\u064e \u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0648\u0627\u0644\u0633\u0644\u0639 \u0628\u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629 \u0627\u0644\u0643\u0627\u0641\u064a\u0629 \u0644\u0636\u0645\u0627\u0646 \u0645\u0643\u0627\u0641\u062d\u0629 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629\u060c \u0648\u0630\u0644\u0643 \u0628\u063a\u0631\u0636 \u0641\u0631\u0636 \u0627\u0644\u0645\u0633\u0627\u0648\u0627\u0629 \u0628\u064a\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646\u060c \u0627\u0644\u0623\u0645\u0631 \u0627\u0644\u0643\u0641\u064a\u0644 \u0628\u062a\u062d\u0642\u064a\u0642 \u0623\u0639\u0644\u0649 \u0645\u0633\u062a\u0648\u0649\u064b \u0645\u0646 \u0627\u0644\u0645\u0639\u0627\u064a\u064a\u0631 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a\u0651\u064e\u0629 \u0648\u0641\u0642\u0627\u064b \u0644\u0644\u0645\u0646\u0638\u0651\u064e\u0645\u0629 \u0627\u0644\u062f\u0648\u0644\u064a\u0651\u064e\u0629 \u0644\u0647\u064a\u0626\u0627\u062a \u0627\u0644\u0627\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 (IOSCO).<\/p>\n

\u0625\u0644\u0627\u0651\u064e \u0623\u0646\u0651\u064e \u0641\u0631\u0636 \u0627\u0644\u0645\u0633\u0627\u0648\u0627\u0629 \u0625\u0639\u0645\u0627\u0644\u0627\u064b \u0644\u0644\u0646\u0635\u0651\u0650 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a \u0642\u062f \u0627\u0639\u062a\u0631\u0627\u0647 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u062b\u063a\u0631\u0627\u062a \u0643\u0627\u0634\u062a\u0631\u0627\u0637 \u0627\u0644\u0642\u0635\u062f \u0641\u064a \u0627\u0644\u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u062a\u062c\u0627\u0647 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u062b\u0627\u0646\u0648\u064a \u0648\u0644\u064a\u0633 \u0645\u064f\u062c\u0631\u0651\u064e\u062f \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629\u060c \u0648\u0643\u0630\u0644\u0643 \u0639\u062f\u0645 \u0627\u0646\u0636\u0628\u0627\u0637 \u0645\u064f\u062f\u0651\u064e\u0629 \u062d\u0638\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0627\u0644\u062a\u0627\u0645 \u0639\u0644\u0649 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639\u064a\u0646 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0651\u0650\u064a\u0646.<\/p>\n

\u062a\u0644\u0643 \u0627\u0644\u062b\u063a\u0631\u0627\u062a \u0627\u0644\u062a\u064a \u0623\u062f\u0651\u064e\u062a \u0641\u064a \u0627\u0644\u0646\u0647\u0627\u064a\u0629 \u0625\u0644\u0649 \u0639\u062f\u0645 \u062a\u0642\u062f\u064a\u0645 \u0623\u064a\u0651\u064e\u0629 \u0636\u0645\u0627\u0646\u0629\u064d \u062d\u0642\u064a\u0642\u064a\u0629\u064d \u0648\u0627\u0642\u0639\u064a\u0651\u064e\u0629\u064d \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0645\u0646 \u0648\u0642\u0648\u0639\u0647\u0645 \u0636\u062d\u064a\u0651\u064e\u0629\u064b \u0644\u0623\u062d\u062f \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639\u064a\u0646 \u0639\u0644\u0649 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629 \u0641\u064a \u062d\u0627\u0644 \u062d\u062f\u062b\u062a \u0627\u0644\u0648\u0627\u0642\u0639\u0629 \u0627\u0644\u062a\u064a \u0623\u063a\u0641\u0644 \u0627\u0644\u0645\u0634\u0631\u0639 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a \u062d\u0638\u0631\u0647\u0627.<\/p>\n

\u0648\u0647\u0648 \u0645\u0627 \u0642\u062f \u0623\u062f\u0651\u064e\u0649 \u0625\u0644\u0649 \u0646\u0634\u0648\u0621 \u062d\u0627\u0644\u0629\u064d \u0645\u0646 \u201c\u0627\u0644\u0645\u0633\u0627\u0648\u0627\u0629 \u0627\u0644\u0638\u0627\u0647\u0631\u064a\u0651\u064e\u0629\u201d \u063a\u064a\u0631 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0651\u064e\u0629 \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0627\u062a \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a\u0651\u064e\u0629 \u0643\u0633\u0648\u0642 \u062f\u0628\u064a\u060c \u0627\u0644\u0623\u0645\u0631 \u0627\u0644\u0630\u064a \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u0643\u0648\u0646 \u0642\u062f \u0633\u0627\u0647\u0645 \u0641\u064a \u0627\u0646\u0647\u064a\u0627\u0631\u0647\u0627 \u0639\u0627\u0645 2009[97]\u061b \u0648\u0630\u0644\u0643 \u0644\u0639\u062f\u0645 \u062a\u062d\u0635\u064a\u0646\u0647\u0627 \u062a\u0634\u0631\u064a\u0639\u064a\u0651\u064e\u0627\u064b \u0628\u0645\u0646\u0638\u0648\u0645\u0629\u064d \u0645\u062a\u0643\u0627\u0645\u0644\u0629\u064d \u0641\u064a\u0645\u0627 \u064a\u062e\u0635\u0651\u064f \u062d\u0638\u0631 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629.<\/p>\n

\u0648\u0644\u0647\u0630\u0627 \u0641\u0642\u062f \u0627\u0642\u062a\u0631\u062d\u0646\u0627 \u0646\u0638\u0631\u064a\u0629 \u201c\u0648\u0627\u062c\u0628 \u0627\u0644\u062d\u0630\u0631\u201d \u0639\u0644\u0649 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u062b\u0627\u0646\u0648\u064a \u0628\u063a\u0631\u0636 \u062a\u062b\u0628\u064a\u062a \u0648\u0627\u0642\u0639\u0629 \u0627\u0644\u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0639\u0644\u064a\u0647 \u0628\u0645\u062c\u0631\u0651\u064e\u062f \u062a\u0639\u0627\u0645\u0644\u0647 \u0641\u064a \u062d\u0627\u0644\u0629 \u0639\u062f\u0645 \u0628\u0630\u0644\u0647 \u0644\u0645\u062c\u0647\u0648\u062f\u064d \u0645\u0639\u0642\u0648\u0644\u064d \u062d\u062a\u0649 \u064a\u062a\u0623\u0643\u0651\u064e\u062f \u0645\u0646 \u0639\u062f\u0645 \u0633\u0631\u064a\u0651\u064e\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u062a\u064a \u064a\u062a\u0639\u0627\u0645\u0644 \u0639\u0644\u0649 \u0623\u0633\u0627\u0633\u0647\u0627 \u062f\u0648\u0646 \u0636\u0631\u0648\u0631\u0629 \u0625\u062b\u0628\u0627\u062a \u0642\u0635\u062f \u0627\u0644\u0627\u0633\u062a\u063a\u0644\u0627\u0644.<\/p>\n

\u0643\u0645\u0627 \u0627\u0642\u062a\u0631\u0627\u062d\u0646\u0627 \u0646\u0638\u0631\u064a\u0629 \u201c\u0627\u0644\u0645\u064f\u062f\u0651\u064e\u0629 \u0627\u0644\u0645\u0639\u0642\u0648\u0644\u0629\u201d \u0628\u063a\u0627\u064a\u0629 \u062a\u0642\u062f\u064a\u0631 \u0627\u0644\u0645\u064f\u062f\u0651\u064e\u0629 \u0627\u0644\u0648\u0627\u062c\u0628 \u0644\u062d\u0638\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0627\u0644\u062a\u0627\u0645 \u0639\u0644\u0649 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0642\u0628\u0644 \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u062f\u0648\u0646 \u062a\u062d\u062f\u064a\u062f \u0645\u064f\u062f\u0651\u064e\u0629 \u0632\u0645\u0646\u064a\u0629 \u0646\u0645\u0648\u0630\u062c\u064a\u0651\u064e\u0629 \u0645\u0648\u062d\u0651\u064e\u062f\u0629 \u0633\u0627\u0628\u0642\u0629 \u0639\u0644\u0649 \u0627\u0644\u0625\u0641\u0635\u0627\u062d\u061b \u0648\u0630\u0644\u0643 \u0628\u0647\u062f\u0641 \u0639\u062f\u0645 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0644\u0639\u0644\u0645\u0647 \u0627\u0644\u0630\u064a \u0642\u062f \u064a\u0646\u0634\u0623 \u0641\u064a \u0643\u062b\u064a\u0631 \u0645\u0646 \u0627\u0644\u062d\u0627\u0644\u0627\u062a \u0642\u0628\u0644 \u0628\u062f\u0621 \u0627\u0644\u0645\u064f\u062f\u0651\u064e\u0629 \u0627\u0644\u0632\u0645\u0646\u064a\u0629 \u0627\u0644\u0645\u0648\u062d\u0651\u064e\u062f\u0629 \u062a\u0644\u0643.<\/p>\n

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

\u0627\u0634\u062a\u0631\u0627\u0637 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0627\u0644\u0645\u064f\u062c\u0631\u0651\u064e\u062f \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629 \u062f\u0648\u0646 \u062d\u0627\u062c\u0629 \u0644\u0625\u062b\u0628\u0627\u062a \u0642\u0635\u062f \u0627\u0644\u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0623\u0648 \u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u0646\u0641\u0639 \u062a\u062c\u0627\u0647 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0648\u0627\u0644\u062b\u0627\u0646\u0648\u064a \u0647\u0648 \u0627\u0644\u0636\u0627\u0645\u0646 \u0627\u0644\u0623\u0633\u0627\u0633\u064a \u0644\u0644\u0645\u0633\u0627\u0648\u0627\u0629 \u0628\u064a\u0646 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646 \u0641\u064a \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a.
\n\u0627\u0644\u062d\u0644\u0651\u064f \u0627\u0644\u0623\u0646\u062c\u062d \u0644\u0645\u0643\u0627\u0641\u062d\u0629 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0645\u0646 \u062e\u0627\u0631\u062c \u0627\u0644\u0634\u0631\u0643\u0629 \u0647\u0648 \u0641\u0631\u0636 \u201c\u0648\u0627\u062c\u0628 \u0627\u0644\u062d\u0630\u0631\u201d \u0639\u0644\u0649 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u062b\u0627\u0646\u0648\u064a \u0639\u0628\u0631 \u0627\u0644\u062a\u0623\u0643\u0651\u064f\u062f \u0645\u0646 \u0639\u062f\u0645 \u0633\u0631\u064a\u0651\u064e\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u062a\u064a \u064a\u064e\u062a\u064e\u0639\u0627\u0645\u064e\u0644 \u0639\u0644\u0649 \u0623\u0633\u0627\u0633\u0647\u0627\u060c \u062b\u0645 \u0625\u0628\u0637\u0627\u0644 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0627\u0644\u0630\u064a \u062c\u0631\u0649 \u0628\u0639\u062f \u0625\u0647\u0645\u0627\u0644 \u0627\u0644\u0642\u064a\u0627\u0645 \u0628\u0647\u0630\u0627 \u0627\u0644\u0648\u0627\u062c\u0628.
\n\u062a\u062d\u062f\u064a\u062f \u0645\u064f\u062f\u0651\u064e\u0629 \u0633\u0627\u0628\u0642\u0629 \u0639\u0644\u0649 \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u062d\u062a\u0649 \u062a\u0643\u0648\u0646 \u0647\u064a \u0641\u062a\u0631\u0629 \u062d\u0638\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u064a\u062c\u0628 \u0623\u0646 \u062a\u062e\u0636\u0639 \u0644\u062d\u062f\u0648\u062f \u0627\u0644\u0645\u064f\u062f\u0651\u064e\u0629 \u0627\u0644\u0645\u0639\u0642\u0648\u0644\u0629 \u0648\u0641\u0642\u0627\u064b \u0644\u062a\u0642\u062f\u064a\u0631 \u0627\u0644\u0647\u064a\u0626\u0629 \u0644\u0627\u062e\u062a\u0644\u0627\u0641 \u0638\u0631\u0648\u0641 \u0646\u0634\u0648\u0621 \u0647\u0630\u0647 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u062f\u0648\u0646 \u062a\u062d\u062f\u064a\u062f \u0623\u064a\u0629 \u0645\u062f\u062f \u0646\u0645\u0648\u0630\u062c\u064a\u0651\u064e\u0629 \u0645\u0648\u062d\u0651\u064e\u062f\u0629.<\/p>\n

\u0627\u0644\u0645\u0642\u062a\u0631\u062d\u0627\u062a:<\/span><\/strong><\/p>\n

\u0646\u064f\u0644\u062e\u0651\u0650\u0635 \u0645\u0642\u062a\u0631\u062d\u0627\u062a\u0646\u0627 \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0628\u062d\u062b \u0645\u0646 \u062e\u0644\u0627\u0644 \u0645\u0634\u0631\u0648\u0639 \u0644\u0642\u0627\u0646\u0648\u0646 \u062d\u0638\u0631 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629\u060c \u0648\u0646\u062a\u0645\u0646\u0651\u064e\u0649 \u0627\u0644\u0627\u0633\u062a\u0641\u0627\u062f\u0629 \u0645\u0646\u0647 \u0625\u0646 \u0634\u0627\u0621 \u0627\u0644\u0644\u0647:<\/p>\n

\u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0631\u0642\u0645 \u0644\u0633\u0646\u0629<\/strong><\/p>\n

\u0628\u0634\u0623\u0646 \u062d\u0638\u0631 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629<\/strong><\/p>\n

\u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a \u0644\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0648\u0627\u0644\u0633\u0644\u0639<\/strong><\/p>\n

\u0627\u0644\u0645\u0627\u062f\u0629 1 (\u0627\u0644\u062a\u0639\u0631\u064a\u0641\u0627\u062a)<\/strong><\/p>\n

\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629: \u0647\u064a \u0645\u0639\u0644\u0648\u0645\u0627\u062a\u064c \u0630\u0627\u062a \u062a\u0623\u062b\u064a\u0631\u064d \u0645\u064f\u062d\u062a\u064e\u0645\u064e\u0644\u064d \u0639\u0644\u0649 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629\u060c \u0648\u0627\u0644\u062a\u064a \u0644\u0645 \u064a\u062a\u0645\u0651\u064e \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0639\u0646\u0647\u0627 \u0644\u0644\u0639\u0645\u0648\u0645\u060c \u0648\u0627\u0644\u0642\u0627\u062f\u0631\u0629 \u0639\u0644\u0649 \u0625\u0639\u0637\u0627\u0621 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0639\u0644\u064a\u0647\u0627 \u0627\u0644\u0623\u0641\u0636\u0644\u064a\u0651\u064e\u0629 \u0641\u064a \u0648\u0642\u062a \u0627\u0644\u062a\u0639\u0627\u0645\u0644.
\n\u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629: \u0647\u064a \u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0634\u0631\u0643\u0629 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0651\u064e\u0629 \u0627\u0644\u062f\u0648\u0631\u064a\u0651\u064e\u0629 \u0623\u0648 \u0627\u0644\u0645\u0641\u0627\u062c\u0626\u0629 \u0630\u0627\u062a \u0627\u0644\u0633\u0631\u064a\u0651\u064e\u0629 \u0648\u0627\u0644\u062a\u0623\u062b\u064a\u0631 \u0639\u0644\u0649 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629.
\n\u0645\u064e\u0635\u062f\u064e\u0631 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a: \u0647\u0648 \u0627\u0644\u0634\u0631\u0643\u0629 \u0623\u0648 \u0627\u0644\u062c\u0647\u0629 \u0627\u0644\u062a\u064a \u062a\u0646\u0634\u0623 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629 \u0645\u0646\u0647\u0627.
\n\u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639: \u0647\u0648 \u0643\u0644\u0651\u064f \u0645\u064e\u0646\u0652 \u0644\u062f\u064a\u0647 \u0645\u064a\u0651\u0650\u0632\u0629 \u0627\u0644\u0627\u0637\u0651\u0650\u0644\u0627\u0639 \u0639\u0644\u0649 \u0645\u0639\u0644\u0648\u0645\u0627\u062a\u064d \u0623\u0648 \u0628\u064a\u0627\u0646\u0627\u062a\u064d \u063a\u064a\u0631 \u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629\u064d.
\n\u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u0631\u0626\u064a\u0633\u064a: \u0647\u0648 \u0643\u0644 \u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u062a\u062e\u0648\u0651\u0650\u0644\u0647 \u0648\u0638\u064a\u0641\u062a\u0647 \u0623\u0648 \u0645\u0631\u0643\u0632\u0647 \u0627\u0644\u0627\u0637\u0651\u0650\u0644\u0627\u0639 \u0639\u0644\u0649 \u0645\u0639\u0644\u0648\u0645\u0627\u062a\u064d \u0623\u0648 \u0628\u064a\u0627\u0646\u0627\u062a\u064d \u063a\u064a\u0631 \u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629\u064d \u0633\u0648\u0627\u0621\u064b \u0623\u0643\u0627\u0646 \u0645\u0646 \u062f\u0627\u062e\u0644 \u0645\u064e\u0635\u062f\u064e\u0631 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a\u060c \u0623\u0648 \u0645\u0646 \u0623\u064a\u0651\u064e\u0629 \u062c\u0647\u0629\u064d \u0645\u062e\u0648\u0651\u064e\u0644\u0629\u064d \u0628\u0627\u0644\u0627\u0637\u0651\u0650\u0644\u0627\u0639 \u0639\u0644\u0649 \u0647\u0630\u0647 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a.
\n\u0641\u062a\u0631\u0627\u062a \u062d\u0638\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644: \u0647\u064a \u0627\u0644\u0641\u062a\u0631\u0627\u062a \u0627\u0644\u062a\u064a \u064a\u064f\u062d\u0638\u064e\u0631\u064f \u062e\u0644\u0627\u0644\u0647\u0627 \u0639\u0644\u0649 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0627\u0644\u0642\u064a\u0627\u0645 \u0628\u0623\u064a\u0651\u0650 \u062a\u0639\u0627\u0645\u0644\u064d \u0639\u0644\u0649 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0635\u0627\u062f\u0631\u0629 \u0639\u0646 \u0645\u064e\u0635\u062f\u064e\u0631 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a.
\n\u0642\u0631\u064a\u0646\u0629 \u0627\u0644\u0627\u0633\u062a\u063a\u0644\u0627\u0644: \u0647\u064a \u0642\u0631\u064a\u0646\u0629\u064c \u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629 \u0628\u0633\u064a\u0637\u0629\u064c -\u0642\u0627\u0628\u0644\u0629\u064c \u0644\u0625\u062b\u0628\u0627\u062a \u0627\u0644\u0639\u0643\u0633- \u062a\u062a\u0645\u062b\u0651\u064e\u0644 \u0628\u0627\u0641\u062a\u0631\u0627\u0636 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0644\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629 \u0625\u0646 \u0642\u0627\u0645 \u0628\u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0639\u0644\u0649 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0645\u064f\u062a\u0639\u0644\u0651\u0650\u0642\u0629 \u0628\u0647\u0630\u0647 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u062e\u0644\u0627\u0644 \u0641\u062a\u0631\u0627\u062a \u062d\u0638\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644.
\n\u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u062b\u0627\u0646\u0648\u064a: \u0647\u0648 \u0623\u064a\u0651\u064f \u0634\u062e\u0635\u064d \u0645\u0646 \u062e\u0627\u0631\u062c \u0645\u064e\u0635\u062f\u0631 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0642\u062f \u0648\u0635\u0644\u062a \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629 \u0644\u0639\u0644\u0645\u0647 \u062f\u0648\u0646 \u0623\u0646 \u064a\u0643\u0648\u0646 \u0645\u064f\u062e\u0648\u0651\u064e\u0644\u0627\u064b \u0628\u0627\u0644\u0639\u0644\u0645 \u0628\u0647\u0627.
\n\u062d\u0638\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0627\u0644\u062a\u0627\u0645: \u0647\u0648 \u062d\u0631\u0645\u0627\u0646 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639\u064a\u0646 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0651\u0650\u064a\u0646 \u0641\u064a \u0627\u0644\u0634\u0631\u0643\u0629 \u0645\u0646 \u062a\u0646\u0641\u064a\u0630 \u0623\u064a\u0651\u064e\u0629 \u062a\u0639\u0627\u0645\u0644\u0627\u062a\u064d \u0639\u0644\u0649 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0635\u0627\u062f\u0631\u0629 \u0639\u0646 \u0627\u0644\u062c\u0647\u0629 \u0627\u0644\u062a\u064a \u064a\u0646\u062a\u0645\u0648\u0646 \u0625\u0644\u064a\u0647\u0627 \u0642\u0628\u0644 \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0639\u0646 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u062f\u0648\u0631\u064a\u0651\u064e\u0629 \u0623\u0648 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u062c\u0648\u0647\u0631\u064a\u0651\u064e\u0629 \u063a\u064a\u0631 \u0627\u0644\u062f\u0648\u0631\u064a\u0651\u064e\u0629 \u0623\u0648 \u0627\u0644\u0645\u0641\u0627\u062c\u0626\u0629.
\n\u0639\u0642\u0648\u0628\u0629 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a: \u0627\u0644\u0639\u0642\u0648\u0628\u0629 \u0627\u0644\u0645\u0646\u0635\u0648\u0635 \u0639\u0644\u064a\u0647\u0627 \u0641\u064a \u0627\u0644\u0645\u0627\u062f\u0629 41 \u0645\u0646 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0627\u062a\u062d\u0627\u062f\u064a \u0631\u0642\u0645 4 \u0644\u0639\u0627\u0645 2000.<\/p>\n

\u0627\u0644\u0645\u0627\u062f\u0629 2<\/strong><\/p>\n

\u064a\u064f\u062d\u0638\u064e\u0631\u064f \u0639\u0644\u0649 \u0623\u064a\u0651\u0650 \u0634\u062e\u0635 \u0623\u0646 \u064a\u0642\u0648\u0645 \u0628\u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u062e\u0644\u0627\u0644 \u062d\u064a\u0627\u0632\u062a\u0647 \u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a\u064d \u0623\u0648 \u0628\u064a\u0627\u0646\u0627\u062a\u064d \u063a\u064a\u0631 \u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629 \u0633\u0648\u0627\u0621\u064b \u0628\u0634\u0643\u0644\u064d \u0645\u0642\u0635\u0648\u062f\u064d \u0623\u0648 \u0628\u0627\u0644\u0625\u0647\u0645\u0627\u0644\u060c \u0648\u064a\u0642\u0639 \u0628\u0627\u0637\u0644\u0627\u064b \u0623\u064a\u0651\u064f \u062a\u0639\u0627\u0645\u0644\u064d \u064a\u062c\u0631\u064a \u0628\u0627\u0644\u0645\u062e\u0627\u0644\u0641\u0629 \u0644\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0633\u0627\u0628\u0642\u0629\u060c \u062a\u062d\u062a \u0637\u0627\u0626\u0644\u0629 \u0641\u0631\u0636 \u0639\u0642\u0648\u0628\u0629 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629.<\/p>\n

\u0627\u0644\u0645\u0627\u062f\u0629 3<\/strong><\/p>\n

\u064a\u064f\u0642\u0635\u064e\u062f\u064f \u0628\u0627\u0644\u0625\u0647\u0645\u0627\u0644 \u0641\u064a \u0645\u062c\u0627\u0644 \u062d\u0638\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629\u061b \u0625\u0647\u0645\u0627\u0644 \u201c\u0648\u0627\u062c\u0628 \u0627\u0644\u0623\u0645\u0627\u0646\u0629\u201d \u0645\u0646 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0639\u0644\u0649 \u0623\u0633\u0631\u0627\u0631 \u0645\u064e\u0635\u062f\u0631 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a\u060c \u0648\u0625\u0647\u0645\u0627\u0644 \u201c\u0648\u0627\u062c\u0628 \u0627\u0644\u062d\u0630\u0631\u201d \u0645\u0646 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u062b\u0627\u0646\u0648\u064a \u0639\u0628\u0631 \u0627\u0644\u062a\u0623\u0643\u0651\u064f\u062f \u0628\u0645\u062c\u0647\u0648\u062f\u064d \u0645\u0639\u0642\u0648\u0644\u064d \u0645\u0646 \u0645\u062f\u0649 \u0627\u0644\u0637\u0628\u064a\u0639\u0629 \u0627\u0644\u0633\u0631\u064a\u0651\u064e\u0629 \u0644\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a.<\/p>\n

\u0627\u0644\u0645\u0627\u062f\u0629 4<\/strong><\/p>\n

\u064a\u064f\u0639\u0627\u0645\u064e\u0644\u064f \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u0630\u064a \u064a\u064e\u062a\u0639\u0627\u0645\u064e\u0644 \u0628\u0627\u0633\u0645\u0647 \u0648\u0644\u062d\u0633\u0627\u0628 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0645\u0639\u0627\u0645\u0644\u0629 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0645\u0646 \u062d\u064a\u062b \u062d\u0638\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0648\u0642\u064a\u0627\u0645 \u0642\u0631\u064a\u0646\u0629 \u0627\u0641\u062a\u0631\u0627\u0636 \u0627\u0644\u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0648\u0638\u0631\u0648\u0641 \u062a\u0634\u062f\u064a\u062f \u0627\u0644\u0639\u0642\u0648\u0628\u0629.<\/p>\n

\u0627\u0644\u0645\u0627\u062f\u0629 5<\/strong><\/p>\n

\u064a\u064f\u062d\u0638\u064e\u0631\u064f \u0639\u0644\u0649 \u0623\u064a\u0651\u0650 \u0634\u062e\u0635 \u0627\u0644\u0642\u064a\u0627\u0645 \u0628\u0625\u0641\u0634\u0627\u0621 \u0645\u0639\u0644\u0648\u0645\u0627\u062a\u064d \u0623\u0648 \u0628\u064a\u0627\u0646\u0627\u062a\u064d \u063a\u064a\u0631 \u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629\u064d \u0645\u0647\u0645\u0627 \u0643\u0627\u0646\u062a \u0627\u0644\u062c\u0647\u0629 \u0627\u0644\u062a\u064a \u064a\u0642\u0648\u0645 \u0628\u0627\u0644\u0625\u0641\u0634\u0627\u0621 \u0625\u0644\u064a\u0647\u0627\u060c \u0648\u0645\u0647\u0645\u0627 \u0643\u0627\u0646 \u0627\u0644\u063a\u0631\u0636 \u0645\u0646 \u0627\u0644\u0625\u0641\u0634\u0627\u0621\u060c \u0648\u064a\u0642\u0639 \u0628\u0627\u0637\u0644\u0627\u064b \u0643\u0644\u0651\u064f \u062a\u0639\u0627\u0645\u0644\u064d \u062a\u0645\u0651\u064e \u062e\u0644\u0627\u0644 \u062d\u064a\u0627\u0632\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u062a\u064a \u0642\u062f \u062a\u0645\u0651\u064e \u0625\u0641\u0634\u0627\u0624\u0647\u0627 \u0623\u0648 \u0628\u0639\u062f \u0625\u0641\u0634\u0627\u0626\u0650\u0647\u0627.<\/p>\n

\u0627\u0644\u0645\u0627\u062f\u0629 6<\/strong><\/p>\n

\u064a\u064f\u062d\u0638\u064e\u0631\u064f \u0639\u0644\u0649 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639\u064a\u0646 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0651\u0650\u064a\u0646 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0628\u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0635\u0627\u062f\u0631\u0629 \u0639\u0646 \u0645\u064e\u0635\u062f\u064e\u0631 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0642\u0628\u0644 \u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0639\u0646 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0645\u0631\u062d\u0644\u064a\u0651\u064e\u0629 \u0648\u0627\u0644\u0633\u0646\u0648\u064a\u0651\u064e\u0629\u060c \u0648\u0639\u0646 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u062c\u0648\u0647\u0631\u064a\u0651\u064e\u0629 \u063a\u064a\u0631 \u0627\u0644\u062f\u0648\u0631\u064a\u0651\u064e\u0629 \u0628\u0645\u064f\u062f\u0651\u064e\u0629\u064d \u0645\u0639\u0642\u0648\u0644\u0629\u064d \u062a\u0633\u0628\u0642 \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0639\u0646\u0647\u0627\u060c \u0648\u0639\u0646 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u0645\u0641\u0627\u062c\u0626\u0629 \u0628\u0645\u064f\u062f\u0651\u064e\u0629\u064d \u0645\u0639\u0642\u0648\u0644\u0629\u064d \u0645\u0646 \u0627\u0644\u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0648\u0627\u062c\u0628 \u0644\u0644\u0625\u0641\u0635\u0627\u062d \u0639\u0646 \u0645\u062b\u0644 \u0647\u0630\u0647 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0629 \u0627\u0644\u0645\u0641\u0627\u062c\u0626\u0629.
\n\u062a\u0642\u0648\u0645 \u0627\u0644\u0633\u0648\u0642 \u0628\u0625\u0628\u0637\u0627\u0644 \u0623\u064a\u0651\u064e\u0629 \u062a\u0639\u0627\u0645\u0644\u0627\u062a\u064d \u0644\u0647\u0624\u0644\u0627\u0621 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639\u064a\u0646 \u062a\u062c\u0631\u064a \u0628\u062e\u0644\u0627\u0641 \u0647\u0630\u0647 \u0627\u0644\u0642\u0648\u0627\u0639<\/p>\n

\u0627\u0644\u0645\u0627\u062f\u0629 7<\/strong><\/p>\n

\u064a\u0645\u0643\u0646 \u0627\u0644\u0623\u062e\u0630 \u0628\u0627\u0646\u062a\u0647\u0627\u0643 \u0642\u0648\u0627\u0639\u062f \u062d\u0638\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0627\u0644\u062a\u0627\u0645 \u0643\u0642\u0631\u064a\u0646\u0629\u064d \u0639\u0644\u0649 \u0648\u062c\u0648\u062f \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0644\u0647\u0630\u0647 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a\u060c \u0648\u064a\u062c\u0628 \u0627\u0644\u0623\u062e\u0630 \u0628\u0647\u0630\u0647 \u0627\u0644\u0642\u0631\u064a\u0646\u0629 \u0641\u064a \u062d\u0627\u0644 \u062b\u0628\u0648\u062a \u062a\u0623\u062e\u064a\u0631\u064d \u0628\u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0639\u0646 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a.<\/p>\n

\u0642\u0627\u0626\u0645\u0629 \u0627\u0644\u0645\u0631\u0627\u062c\u0639:<\/span><\/strong><\/p>\n

\u0623\u0648\u0644\u0627\u064b: \u0627\u0644\u0645\u0631\u0627\u062c\u0639 \u0628\u0627\u0644\u0644\u0651\u064f\u063a\u0629 \u0627\u0644\u0639\u0631\u0628\u064a\u0651\u064e\u0629:<\/p>\n

– \u0628\u0648\u0641\u0627\u0645\u0629\u060c \u0633\u0645\u064a\u0631\u0629\u060c \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0629 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0645\u0627 \u0628\u064a\u0646 \u0648\u0627\u062c\u0628 \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0648\u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645 \u0628\u0627\u0644\u0633\u0631 \u0627\u0644\u0645\u0647\u0646\u064a \u0645\u0646 \u0643\u0631\u0641 \u0627\u0644\u0648\u0633\u064a\u0637 \u0627\u0644\u0645\u0627\u0644\u064a\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\u060c \u0645\u0635\u0631\u060c \u0627\u0644\u0639\u062f\u062f 9\u060c \u0627\u0644\u062c\u0632\u0621 2\u060c \u064a\u0648\u0646\u064a\u0648 2017\u060c \u0635\u0635\u0640550-580.<\/p>\n

– \u062f\u0627\u064a\u0641\u064a\u062f\u0633\u0648\u0646\u060c \u0643\u0631\u064a\u0633\u062a\u0648\u0641\u0631 \u0645.\u060c \u201c\u0627\u0646\u0647\u064a\u0627\u0631 \u062f\u0628\u064a \u0627\u0644\u0643\u0628\u064a\u0631\u201d\u060c \u0645\u0642\u0627\u0644 \u0645\u0646\u0634\u0648\u0631 \u0641\u064a \u062c\u0631\u064a\u062f\u0629 \u0627\u0644\u0623\u062e\u0628\u0627\u0631\u060c \u062a\u0631\u062c\u0645\u0629 \u062c\u0648\u0631\u062c\u064a\u062a \u0641\u0631\u0646\u062c\u064a\u0629\u060c \u0627\u0644\u062e\u0645\u064a\u0633 24 \u0623\u064a\u0644\u0648\u0644 2009.<\/p>\n

– \u0641\u062a\u062d\u064a\u060c \u062d\u0633\u064a\u0646\u060c \u062a\u0639\u0627\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639\u064a\u0646 \u0639\u0644\u0649 \u0623\u0633\u0631\u0627\u0631 \u0623\u0633\u0647\u0645 \u0627\u0644\u0634\u0631\u0643\u0629\u060c \u062f\u0627\u0631 \u0627\u0644\u0646\u0647\u0636\u0629 \u0627\u0644\u0639\u0631\u0628\u064a\u0629\u060c \u0627\u0644\u0642\u0627\u0647\u0631\u0629\u060c \u0639\u0627\u0645 1996.<\/p>\n

– \u0627\u0644\u0642\u0648\u0635\u064a\u060c \u0647\u0645\u0627\u0645:<\/p>\n

\u0627\u0644\u0645\u0645\u0627\u0631\u0633\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0623\u0637\u0631\u0648\u062d\u0629 \u0645\u064f\u0642\u062f\u0651\u064e\u0645\u0629 \u0644\u0646\u064a\u0644 \u0634\u0647\u0627\u062f\u0629 \u0627\u0644\u0645\u0627\u062c\u0633\u062a\u064a\u0631 \u0641\u064a \u0627\u0644\u062d\u0642\u0648\u0642\u060c \u0643\u0644\u064a\u0629 \u0627\u0644\u062d\u0642\u0648\u0642\u060c \u062c\u0627\u0645\u0639\u0629 \u062d\u0644\u0628\u060c \u0646\u0648\u0642\u0634\u062a \u0639\u0627\u0645 2011.
\n\u0627\u0644\u0645\u0641\u0647\u0648\u0645 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a \u0644\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u062f\u0627\u062e\u0644\u064a\u0629 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u2013 \u062f\u0631\u0627\u0633\u0629 \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u064a\u0646 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0643\u0648\u064a\u062a\u064a \u0648\u0627\u0644\u0633\u0648\u0631\u064a \u0648\u0627\u0644\u062a\u0634\u0631\u064a\u0639 \u0627\u0644\u0645\u0642\u0627\u0631\u0646\u060c \u0645\u062c\u0644\u0651\u064e\u0629 \u0627\u0644\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u062d\u0643\u0645\u0629\u060c \u062c\u0627\u0645\u0639\u0629 \u0627\u0644\u0643\u0648\u064a\u062a\u060c \u0627\u0644\u0645\u062c\u0644\u062f:37\u060c \u0627\u0644\u0639\u062f\u062f 4\u060c \u062f\u064a\u0633\u0645\u0628\u0631 2013.
\n\u0645\u062f\u0649 \u0634\u0645\u0648\u0644 \u0627\u0644\u0645\u0637\u0644\u0639 \u0627\u0644\u062b\u0627\u0646\u0648\u064a \u0628\u062d\u0638\u0631 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u062f\u0627\u062e\u0644\u064a\u0629 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 (\u062f\u0631\u0627\u0633\u0629 \u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u064a\u0646 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0644\u0628\u0646\u0627\u0646\u064a \u0648\u0627\u0644\u0643\u0648\u064a\u062a\u064a \u0648\u0627\u0644\u0641\u0631\u0646\u0633\u064a)\u060c \u0646\u064f\u0634\u0631 \u0641\u064a \u0645\u062c\u0644\u0651\u064e\u0629 \u062c\u064a\u0644 \u0627\u0644\u0645\u062d\u0643\u0645\u0629 \u0644\u0644\u0623\u0628\u062d\u0627\u062b \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629 \u0627\u0644\u0645\u0639\u0645\u0651\u064e\u0642\u0629 \u0627\u0644\u0645\u062d\u0643\u0651\u064e\u0645\u0629\u060c \u0645\u0631\u0643\u0632 \u062c\u064a\u0644 \u0627\u0644\u0628\u062d\u062b \u0627\u0644\u0639\u0644\u0645\u064a (JILRC)\u060c \u0637\u0631\u0627\u0628\u0644\u0633-\u0644\u0628\u0646\u0627\u0646\u060c \u0627\u0644\u0639\u062f\u062f 20\u060c \u062f\u064a\u0633\u0645\u0628\u0631 2017.
\n\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 \u062a\u063a\u064a\u064a\u0631 \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0639\u0627\u0645\u0629 \u0648\u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\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\u0629 \u0627\u0644\u0648\u0627\u0642\u0639\u064a\u0629 \u0625\u0644\u0649 \u0627\u0635\u0637\u0646\u0627\u0639 \u0627\u0644\u0633\u0648\u0642) -\u062f\u0631\u0627\u0633\u0629 \u0641\u064a \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0644\u0628\u0646\u0627\u0646\u064a \u0648\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0633\u0648\u0642 \u0628\u064a\u0631\u0648\u062a \u2013\u060c \u0645\u062c\u0644\u0651\u064e\u0629 \u062c\u064a\u0644 \u0627\u0644\u0645\u062d\u0643\u0645\u0629 \u0644\u0644\u0623\u0628\u062d\u0627\u062b \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629 \u0627\u0644\u0645\u0639\u0645\u0651\u064e\u0642\u0629 \u0627\u0644\u0645\u062d\u0643\u0651\u064e\u0645\u0629\u060c \u0645\u0631\u0643\u0632 \u062c\u064a\u0644 \u0627\u0644\u0628\u062d\u062b \u0627\u0644\u0639\u0644\u0645\u064a (JILRC)\u060c \u0637\u0631\u0627\u0628\u0644\u0633-\u0644\u0628\u0646\u0627\u0646\u060c \u0627\u0644\u0639\u062f\u062f 23\u060c \u0645\u0627\u0631\u0633 2018.<\/p>\n

– \u0627\u0644\u0643\u0648\u0627\u0632\u060c \u0623\u062d\u0645\u062f\u060c \u0645\u0631\u0627\u062c\u0639\u0629 \u0643\u062a\u0627\u0628: \u0639\u0644\u064a \u0635\u0627\u062f\u0642 \u0648\u0625\u0628\u0631\u0627\u0647\u064a\u0645 \u0627\u0644\u0628\u062f\u0648\u064a\u060c \u0627\u0644\u0623\u0632\u0645\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0651\u064e\u0629 \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0651\u064e\u0629 \u0648\u0627\u0644\u0646\u062a\u0627\u0626\u062c \u0639\u0644\u0649 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u0646\u0645\u064a\u0629 \u0641\u064a \u0625\u0645\u0627\u0631\u0629 \u062f\u0628\u064a\u060c \u062f\u0627\u0631 \u0628\u0644\u062c\u0631\u0627\u064a\u0641\u060c \u0645\u0627\u0643\u0645\u064a\u0644\u0627\u0646\u060c 2012\u060c \u0645\u062c\u0644\u0651\u064e\u0629 \u0627\u0644\u062a\u0646\u0645\u064a\u0629 \u0648\u0627\u0644\u0633\u064a\u0627\u0633\u0627\u062a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0651\u064e\u0629\u060c \u0627\u0644\u0645\u062c\u0644\u062f 15\u060c \u0627\u0644\u0639\u062f\u062f 2\u060c \u064a\u0648\u0644\u064a\u0648 2013.<\/p>\n

– \u0627\u0644\u0645\u0644\u062d\u0645\u060c \u0623\u062d\u0645\u062f \u0639\u0628\u062f \u0627\u0644\u0631\u062d\u0645\u0646\u060c \u062d\u0638\u0631 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629 \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0641\u064a \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0628\u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629\u060c \u0645\u0637\u0628\u0648\u0639\u0627\u062a \u062c\u0627\u0645\u0639\u0629 \u0627\u0644\u0643\u0648\u064a\u062a\u060c \u0644\u062c\u0646\u0629 \u0627\u0644\u062a\u0623\u0644\u064a\u0641 \u0648\u0627\u0644\u062a\u0639\u0631\u064a\u0628 \u0648\u0627\u0644\u0646\u0634\u0631\u060c \u0645\u062c\u0644\u0633 \u0627\u0644\u0646\u0634\u0631 \u0627\u0644\u0639\u0644\u0645\u064a\u060c \u0627\u0644\u0643\u0648\u064a\u062a\u060c \u0639\u0627\u0645 1998.<\/p>\n

– \u0647\u0646\u062f\u064a\u060c \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\u0625\u0633\u0643\u0646\u062f\u0631\u064a\u0629\u060c \u0639\u0627\u0645 1999.<\/p>\n

\u0623\u0648\u0644\u0627\u064b: \u0627\u0644\u0645\u0631\u0627\u062c\u0639 \u0628\u0627\u0644\u0644\u0651\u064f\u063a\u0629 \u0627\u0644\u0625\u0646\u0643\u0644\u064a\u0632\u064a\u0651\u064e\u0629:<\/p>\n

– ALEKSANYAN, Mark, et. al., Fear and media coverage: The case of insider trading in takeover targets, 2019. See:<\/p>\n

https:\/\/www.qmul.ac.uk\/busman\/media\/sbm\/research\/researchcentres\/behavioural-finance-working-group\/Aleksanyan-et-al.pdf (27-9-2019).<\/p>\n

– ALTWAYAN, Nasser Saleh, Corporate Insider Trading in Saudi Arabia \u2013 A Comparative Analysis with the United States, Theses in partial fulfilment of the requirement for the degree of Doctor of Juridical Science, University of Minnesota, July 2019.<\/p>\n

– ANAND, Anita, et. al., An Empirical Comparison of Insider Trading Enforcement in Canada and the United States, Articles & Book Chapters, 2019. See:<\/p>\n

https:\/\/digitalcommons.osgoode.yorku.ca\/scholarly_works\/2746 (28-9-2019).<\/p>\n

– ANDERSON, John P., Anticipating a Sea Change for Insider Trading Law: From Trading Plan Crisis to Rational Reform, Utah Law Review, Vol. 2015, No. 2, 2015, pp. 339-389.<\/p>\n

– BAINBRIDGE, Stephen M., The Law and Economics of Insider Trading, UCLA School of Law, Research Paper No. 19-01, 2019.<\/p>\n

– CHITIMIRA, Howard, Market Abuse Regulation in South Africa, the United States of America and the United Kingdom, Vernon Press (Wilmington, Delaware), The United States, 2018.<\/p>\n

– CZIRAKI, Peter, DE GOEIJ, Peter, RENNEBOOG, Luc, Insider Trading, Option Exercises and Private Benefits of Control, March 2010. See:<\/p>\n

https:\/\/www.econstor.eu\/bitstream\/10419\/108177\/1\/MTDP1006.pdf (26-9-2019)<\/p>\n

– CUMMING, Douglas, GROH, Alexander, JOHAN, Sofia, Same Rules, Different Enforcement: Market Abuse in Europe, SSRN papers, 2017.<\/p>\n

– ELDAYDAMONY, Elsayed, Insider Trading Framework in United States and Egyptian Stock Markets, Theses and Dissertations, Maurer School of Law: Indiana University, 2019. See:<\/p>\n

https:\/\/www.repository.law.indiana.edu\/etd\/59 (28-9-2019).<\/p>\n

– FOX, Merritt B., GLOSTEN, Lawrence R., RAUTERBERG, Gabriel V., The New Stock Market: Sense and Nonsense, Duke Law Journal, VOL. 65, No. 2, November 2015, pp. 191-277.<\/p>\n

– KLEPITSKIJ, Ivan, Market Manipulation in Russia and in Europe: The Criminal Law Dimension, Russian Law Journal, Vol. IV, Issue 3, (2016), pp. 120-135.<\/p>\n

– KUSNADI, Yuanto, Insider trading restrictions and corporate risk-taking, Pacific-Basin Finance Journal, Vol. 35, Issue. A, November 2015, pp. 125-142.<\/p>\n

– PAULSON, Timothy J., How Meaningful Is a Close Relationship? When it Comes to Insider Trading Prosecution, the Second Circuit Says \u201cNot Very\u201d, Seton Hall University, Law School Student Scholarship, 2019. See: https:\/\/scholarship.shu.edu\/student_scholarship\/953 (28-9-2019).<\/p>\n

– SPACONE, Andrew C., The Second Circuit\u2019s Curious Journey Through the Law of Tippee Liability for Insider Trading: Newman to Martoma, Roger Williams University Law Review, Vol. 24, Issue 1, Winter 2019.<\/p>\n

– WANG, Xuewu, Time-Varying Liquidity Trading, Private Information and Insider Trading, European Financial Management, Vol. 20, No. 2, 2014.<\/p>\n

2- Reports:<\/p>\n

– The International Organization of Securities Commissions \u201cIOSCO\u201d:<\/p>\n

insider trading how jurisdictions regulate it, report of the emerging markets committee, March 2003.<\/p>\n

See:http:\/\/www.iosco.org\/library\/pubdocs\/pdf\/IOSCOPD145.pdf (26-9-2019).<\/p>\n

Objectives and Principles of Securities Regulation, May 2017.<\/p>\n

See:https:\/\/www.iosco.org\/about\/?subsection=key_regulatory_standards (26-9-2019).<\/p>\n

\u062b\u0627\u0646\u064a\u0627\u064b: \u0627\u0644\u0645\u0631\u0627\u062c\u0639 \u0628\u0627\u0644\u0644\u0651\u064f\u063a\u0629 \u0627\u0644\u0641\u0631\u0646\u0633\u064a\u0651\u064e\u0629:<\/p>\n

– CONAC, Pierre-Henri, La loi du 21 juin 2016 r\u00e9formant le syst\u00e8me de r\u00e9pression des abus de march\u00e9, Bulletin Joly Bourse, n\u00b0 07-08, 01\/07\/2016.<\/p>\n

– DUMEZ, Par Herv\u00e9, La description du premier march\u00e9 financier Un retour sur la Confusion des Confusions, de Joseph De La Vega, G\u00c9RER & COMPRENDRE, N\u00b0 119, March 2015.<\/p>\n

– KHOUFI, Nouha, KHOUFI, Walid, Le r\u00f4le des m\u00e9canismes de gouvernance dans la pr\u00e9vention de la fraude manag\u00e9riale, Management Accounting Research, Elsevier, 2016.<\/p>\n

– Ya\u015far, Kenan Evren, La Luttre Contre Les Op\u00e9rations D\u2019Initi\u00e9s: Double Protection En France, Annales XLVI, N. 63, 2014, pp. 221-283.<\/p>\n

\u062b\u0627\u0644\u062b\u0627\u064b: \u0627\u0644\u0633\u0648\u0627\u0628\u0642 \u0627\u0644\u0642\u0636\u0627\u0626\u064a\u0651\u064e\u0629<\/p>\n

1- \u0641\u064a \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a \u0627\u0644\u0639\u0631\u0628\u064a\u0651\u064e\u0629 \u0627\u0644\u0645\u062a\u062d\u062f\u0629<\/p>\n

\u0627\u0644\u0645\u062d\u0643\u0645\u0629 \u0627\u0644\u0627\u062a\u062d\u0627\u062f\u064a\u0629 \u0627\u0644\u0639\u0644\u064a\u0627
\n\u0627\u0644\u0637\u0639\u0646 78\u060c \u062c\u0632\u0627\u0626\u064a\u060c \u0644\u0639\u0627\u0645 2016\u060c \u062c\u0644\u0633\u0629 9 \u0645\u0627\u064a\u0648 2016.
\n\u0627\u0644\u0637\u0639\u0646 \u0631\u0642\u0645 512\u060c \u0644\u0639\u0627\u0645 2016\u060c \u062c\u0644\u0633\u0629 21 \u0646\u0648\u0641\u0645\u0628\u0631 2016.
\n\u0627\u0644\u0637\u0639\u0646 253\u060c \u062c\u0632\u0627\u0626\u064a\u060c \u0644\u0639\u0627\u0645 2016\u060c \u062c\u0644\u0633\u0629 23 \u0646\u0648\u0641\u0645\u0628\u0631 2016.
\n\u0645\u062d\u0643\u0645\u0629 \u062a\u0645\u064a\u064a\u0632 \u062f\u0628\u064a<\/p>\n

\u0627\u0644\u0637\u0639\u0646 \u0631\u0642\u0645 2016\/1822\u060c \u0627\u0633\u062a\u0626\u0646\u0627\u0641 \u062a\u062c\u0627\u0631\u064a\u060c \u0642\u0631\u0627\u0631 \u0635\u0627\u062f\u0631 \u0628\u062a\u0627\u0631\u064a\u062e 22-02-2017.<\/p>\n

1- \u0641\u064a \u0628\u0631\u064a\u0637\u0627\u0646\u064a\u0627<\/p>\n

– Bristol & West Building Society v Mothew [1998].<\/p>\n

2- \u0641\u064a \u0641\u0631\u0646\u0633\u0627<\/p>\n

– Core de Cassation de France, Criminal Chamber, n\u00b0 94-83.780, 26 October 1995.<\/p>\n

– Core de Cassation de France, Criminal Chamber, n\u00b0 05-82.453, 14 juin 2006.<\/p>\n

3- \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<\/p>\n

– Dirks v. SEC, 463 US 646, Supreme Court of United States, July 1, 1983.<\/p>\n

– Stanley v. Skowron, 989 F. Supp. 2d 356, United States District Court, S.D. New York, December 19, 2013.<\/p>\n

– Fifth Third Bancorp v. Dudenhoeffer, 134 S. Ct. 2459, Supreme Court of United States, June 25, 2014.<\/p>\n

– US v. Newman, 773 F. 3d 438, United States Court of Appeals, Second Circuit, December 10, 2014.<\/p>\n

– Bassam Yacoub SALMAN v. UNITED STATES.; Supreme Court of United States, No. 15-628, 137 S.Ct. 420 (2016), Decided December 6, 2016.<\/p>\n

[1] \u062f\u0627\u064a\u0641\u064a\u062f\u0633\u0648\u0646\u060c \u0643\u0631\u064a\u0633\u062a\u0648\u0641\u0631 \u0645.\u060c \u201c\u0627\u0646\u0647\u064a\u0627\u0631 \u062f\u0628\u064a \u0627\u0644\u0643\u0628\u064a\u0631\u201d\u060c \u0645\u0642\u0627\u0644 \u0645\u0646\u0634\u0648\u0631 \u0641\u064a \u062c\u0631\u064a\u062f\u0629 \u0627\u0644\u0623\u062e\u0628\u0627\u0631\u060c \u062a\u0631\u062c\u0645\u0629 \u062c\u0648\u0631\u062c\u064a\u062a \u0641\u0631\u0646\u062c\u064a\u0629\u060c \u0627\u0644\u062e\u0645\u064a\u0633 24 \u0623\u064a\u0644\u0648\u0644 2009.<\/p>\n

[2] \u0627\u0644\u0643\u0648\u0627\u0632\u060c \u0623\u062d\u0645\u062f\u060c \u0645\u0631\u0627\u062c\u0639\u0629 \u0643\u062a\u0627\u0628: \u0639\u0644\u064a \u0635\u0627\u062f\u0642 \u0648\u0625\u0628\u0631\u0627\u0647\u064a\u0645 \u0627\u0644\u0628\u062f\u0648\u064a\u060c \u0627\u0644\u0623\u0632\u0645\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0651\u064e\u0629 \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0651\u064e\u0629 \u0648\u0627\u0644\u0646\u062a\u0627\u0626\u062c \u0639\u0644\u0649 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u0646\u0645\u064a\u0629 \u0641\u064a \u0625\u0645\u0627\u0631\u0629 \u062f\u0628\u064a\u060c \u062f\u0627\u0631 \u0628\u0644\u062c\u0631\u0627\u064a\u0641\u060c \u0645\u0627\u0643\u0645\u064a\u0644\u0627\u0646\u060c 2012\u060c \u0645\u062c\u0644\u0651\u064e\u0629 \u0627\u0644\u062a\u0646\u0645\u064a\u0629 \u0648\u0627\u0644\u0633\u064a\u0627\u0633\u0627\u062a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0651\u064e\u0629\u060c \u0627\u0644\u0645\u062c\u0644\u062f 15\u060c \u0627\u0644\u0639\u062f\u062f 2\u060c \u064a\u0648\u0644\u064a\u0648 2013\u060c \u0627\u0644\u0635\u0641\u062d\u0629 93.<\/p>\n

[3] KHOUFI, Nouha, Walid KHOUFI, Le r\u00f4le des m\u00e9canismes de gouvernance dans la pr\u00e9vention de la fraude manag\u00e9riale, Management Accounting Research, Elsevier, 2016, page 2.<\/p>\n

[4] CHITIMIRA, Howard, Market Abuse Regulation in South Africa, the United States of America and the United Kingdom, Vernon Press (Wilmington, Delaware), The United States, 2018, page 13.<\/p>\n

[5] \u0627\u0644\u0642\u0648\u0635\u064a\u060c \u0647\u0645\u0627\u0645\u060c \u0627\u0644\u0645\u0641\u0647\u0648\u0645 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a \u0644\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u062f\u0627\u062e\u0644\u064a\u0629 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u2013 \u062f\u0631\u0627\u0633\u0629 \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u064a\u0646 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0643\u0648\u064a\u062a\u064a \u0648\u0627\u0644\u0633\u0648\u0631\u064a \u0648\u0627\u0644\u062a\u0634\u0631\u064a\u0639 \u0627\u0644\u0645\u0642\u0627\u0631\u0646\u060c \u0645\u062c\u0644\u0651\u064e\u0629 \u0627\u0644\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u062d\u0643\u0645\u0629\u060c \u062c\u0627\u0645\u0639\u0629 \u0627\u0644\u0643\u0648\u064a\u062a\u060c \u0627\u0644\u0645\u062c\u0644\u062f:37\u060c \u0627\u0644\u0639\u062f\u062f 4\u060c \u062f\u064a\u0633\u0645\u0628\u0631 2013.<\/p>\n

[6] CUMMING, Douglas and GROH, Alexander and JOHAN, Sofia, Same Rules, Different Enforcement: Market Abuse in Europe, SSRN papers, 2017, page 7.<\/p>\n

[7] CONAC, Pierre \u2013Henri, \u201cLa loi du 21 juin 2016 r\u00e9formant le syst\u00e8me de r\u00e9pression des abus de march\u00e9\u201d, Bulletin Joly Bourse, n\u00b0 07-08, 01\/07\/2016, page 5, Par DUMEZ, Herv\u00e9, La description du premier march\u00e9 financier Un retour sur la Confusion des Confusions, de Joseph De La Vega\u201d, G\u00c9RER & COMPRENDRE, N\u00b0 119, March 2015, page 7.<\/p>\n

[8] Ya\u015far, Kenan Evren, La Luttre Contre Les Operations D\u2019inities: Double Protection En France, Annales XLVI, N. 63, 2014, pp. 221-283, page 224.<\/p>\n

[9] \u0641\u0645\u062b\u0644\u0627\u064b \u0642\u062f \u064a\u0639\u0644\u0645 \u0623\u062d\u062f \u0645\u062f\u0631\u0627\u0621 \u0627\u0644\u0634\u0631\u0643\u0629 \u062a\u0627\u0631\u064a\u062e \u0646\u064a\u0651\u064e\u062a\u0647\u0627 \u0627\u0644\u0627\u0633\u062a\u062d\u0648\u0627\u0630 \u0639\u0644\u0649 \u0623\u0633\u0647\u0645 \u0634\u0631\u0643\u0629\u064d \u0623\u062e\u0631\u0649 \u0645\u062f\u0631\u064e\u062c\u0629\u064d \u0641\u064a \u0627\u0644\u0633\u0648\u0642 (\u0645\u0639\u0644\u0648\u0645\u0629 \u0625\u064a\u062c\u0627\u0628\u064a\u0651\u064e\u0629 \u063a\u064a\u0631 \u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629)\u060c \u0641\u064a\u064f\u0633\u0627\u0631\u0639 \u0625\u0644\u0649 \u0634\u0631\u0627\u0621 \u0623\u0633\u0647\u0645 \u062a\u0644\u0643 \u0627\u0644\u0634\u0631\u0643\u0629 \u0627\u0644\u0645\u064f\u0633\u062a\u0651\u0647\u062f\u0651\u0641\u0629 \u0642\u0628\u0644 \u0627\u0644\u0625\u0639\u0644\u0627\u0646 \u0639\u0646 \u062e\u0637\u0651\u064e\u0629 \u0627\u0644\u0627\u0633\u062a\u062d\u0648\u0627\u0630\u061b \u0645\u0645\u0651\u064e\u0627 \u064a\u062c\u0644\u0628 \u0644\u0647 \u0631\u0628\u062d\u0627\u064b \u0645\u0636\u0645\u0648\u0646\u0627\u064b \u0628\u0639\u062f \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0639\u0646 \u062a\u0644\u0643 \u0627\u0644\u062e\u0637\u0651\u064e\u0629 \u0648\u0627\u0631\u062a\u0641\u0627\u0639 \u0633\u0639\u0631 \u0627\u0644\u0633\u0647\u0645 \u0645\u062d\u0644 \u0627\u0644\u0627\u0633\u062a\u062d\u0648\u0627\u0630.<\/p>\n

\u0643\u0645\u0627 \u0642\u062f \u064a\u0639\u0644\u0645 \u0623\u062d\u062f \u0627\u0644\u0645\u0636\u0627\u0631\u0628\u064a\u0646 \u0639\u0646 \u0637\u0631\u064a\u0642 \u0627\u0644\u062a\u062d\u0631\u0651\u0650\u064a \u0628\u0648\u062c\u0648\u062f \u0623\u0632\u0645\u0629\u064d \u0643\u0628\u064a\u0631\u0629\u064d \u0641\u064a \u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0651\u064e\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u062e\u0627\u0635\u0651\u064e\u0629 \u0628\u0623\u062d\u062f \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u0645\u062f\u0631\u0650\u062c\u0629 \u0623\u0633\u0647\u0645\u0647\u0627 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 (\u0645\u0639\u0644\u0648\u0645\u0629 \u0633\u0644\u0628\u064a\u0651\u064e\u0629 \u063a\u064a\u0631 \u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629)\u060c \u0641\u064a\u0642\u0648\u0645 \u0628\u0628\u064a\u0639 \u0623\u0633\u0647\u0645 \u0630\u0644\u0643 \u0627\u0644\u0645\u0635\u0631\u0641 \u0627\u0644\u062a\u064a \u064a\u062d\u0648\u0632 \u0627\u0644\u0645\u0636\u0627\u0631\u0628 \u0645\u064f\u0644\u0643\u064a\u0651\u064e\u062a\u0647\u0627 \u0642\u0628\u0644 \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0639\u0646 \u0627\u0644\u0645\u0648\u0636\u0648\u0639 \u0648\u0627\u0646\u062d\u062f\u0627\u0631 \u0633\u0639\u0631 \u0627\u0644\u0633\u0647\u0645\u061b \u0645\u0645\u0651\u064e\u0627 \u064a\u0636\u0645\u0646 \u0644\u0647\u0630\u0627 \u0627\u0644\u0640\u0645\u064f\u0636\u0627\u0631\u0628 \u062a\u062c\u0627\u0648\u0632 \u062e\u0633\u0627\u0631\u0629\u064d \u0645\u062d\u062a\u0648\u0645\u0629\u064d \u0628\u0639\u062f \u0627\u0646\u062e\u0641\u0627\u0636 \u0633\u0639\u0631 \u0627\u0644\u0633\u0647\u0645.<\/p>\n

[10] \u0627\u0644\u0642\u0648\u0635\u064a\u060c \u0647\u0645\u0627\u0645\u060c \u0627\u0644\u0645\u0645\u0627\u0631\u0633\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0623\u0637\u0631\u0648\u062d\u0629 \u0645\u064f\u0642\u062f\u0651\u064e\u0645\u0629 \u0644\u0646\u064a\u0644 \u0634\u0647\u0627\u062f\u0629 \u0627\u0644\u0645\u0627\u0633\u062a\u0631 \u0641\u064a \u0627\u0644\u062d\u0642\u0648\u0642\u060c \u0643\u0644\u064a\u0629 \u0627\u0644\u062d\u0642\u0648\u0642\u060c \u062c\u0627\u0645\u0639\u0629 \u062d\u0644\u0628\u060c \u0646\u0648\u0642\u0634\u062a \u0639\u0627\u0645 2011\u060c \u0627\u0644\u0635\u0641\u062d\u0629 13.<\/p>\n

[11] \u0628\u0648\u0641\u0627\u0645\u0629\u060c \u0633\u0645\u064a\u0631\u0629\u060c \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0629 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0645\u0627 \u0628\u064a\u0646 \u0648\u0627\u062c\u0628 \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0648\u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645 \u0628\u0627\u0644\u0633\u0631 \u0627\u0644\u0645\u0647\u0646\u064a \u0645\u0646 \u0643\u0631\u0641 \u0627\u0644\u0648\u0633\u064a\u0637 \u0627\u0644\u0645\u0627\u0644\u064a\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\u060c \u0645\u0635\u0631\u060c \u0627\u0644\u0639\u062f\u062f 9\u060c \u0627\u0644\u062c\u0632\u0621 2\u060c \u064a\u0648\u0646\u064a\u0648 2017\u060c \u0635\u0635\u0640550-580\u060c \u0627\u0644\u0635\u0641\u062d\u0629 554.<\/p>\n

[12] KHOUFI, Nouha, and KHOUFI, Walid, op. cit., page 11.<\/p>\n

[13] \u0648\u0642\u062f \u0641\u0633\u0651\u064e\u0631 \u0627\u0644\u0628\u0639\u0636 \u0642\u064a\u0627\u0645 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629 \u0627\u0644\u062e\u0627\u0635\u0651\u064e\u0629 \u0628\u0627\u0644\u0634\u0631\u0643\u0629 \u0645\u0646 \u0623\u0635\u062d\u0627\u0628 \u0627\u0644\u0623\u0633\u0647\u0645 \u0628\u0636\u0639\u0641 \u0646\u064a\u0651\u064e\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u0643\u0629 \u0628\u064a\u0646\u0647\u0645\u060c \u0648\u0627\u0647\u062a\u0645\u0627\u0645 \u0627\u0644\u0645\u0633\u0627\u0647\u0645 \u0628\u0623\u0631\u0628\u0627\u062d\u0647 \u0641\u0642\u0637. \u0623\u0646\u0638\u0631: \u0641\u062a\u062d\u064a\u060c \u062d\u0633\u064a\u0646\u060c \u062a\u0639\u0627\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639\u064a\u0646 \u0639\u0644\u0649 \u0623\u0633\u0631\u0627\u0631 \u0623\u0633\u0647\u0645 \u0627\u0644\u0634\u0631\u0643\u0629\u060c \u062f\u0627\u0631 \u0627\u0644\u0646\u0647\u0636\u0629 \u0627\u0644\u0639\u0631\u0628\u064a\u0629\u060c \u0627\u0644\u0642\u0627\u0647\u0631\u0629\u060c \u0639\u0627\u0645 1996\u060c \u0627\u0644\u0635\u0641\u062d\u0629 15.<\/p>\n

[14] \u201cThe findings are strongest for insider purchases, consistent with the notion supported by previous empirical work that sales may be motivated by liquidity or diversification motives\u201d. See: CZIRAKI, Peter and DE GOEIJ, Peter and RENNEBOOG, Luc, Insider Trading, Option Exercises and Private Benefits of Control, March 2010, section VII, page 31. See:<\/p>\n

https:\/\/www.econstor.eu\/bitstream\/10419\/108177\/1\/MTDP1006.pdf (26-9-2019).<\/p>\n

[15] \u0644\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u0623\u0645\u062b\u0644\u0629 \u0639\u0646 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629\u060c \u0623\u0646\u0638\u0631: \u0627\u0644\u0645\u0644\u062d\u0645\u060c \u0623\u062d\u0645\u062f \u0639\u0628\u062f \u0627\u0644\u0631\u062d\u0645\u0646\u060c \u062d\u0638\u0631 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629 \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0641\u064a \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0628\u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0645\u0637\u0628\u0648\u0639\u0627\u062a \u062c\u0627\u0645\u0639\u0629 \u0627\u0644\u0643\u0648\u064a\u062a\u060c \u0644\u062c\u0646\u0629 \u0627\u0644\u062a\u0623\u0644\u064a\u0641 \u0648\u0627\u0644\u062a\u0639\u0631\u064a\u0628 \u0648\u0627\u0644\u0646\u0634\u0631\u060c \u0645\u062c\u0644\u0633 \u0627\u0644\u0646\u0634\u0631 \u0627\u0644\u0639\u0644\u0645\u064a\u060c \u0627\u0644\u0643\u0648\u064a\u062a\u060c \u0639\u0627\u0645 1998\u060c \u0627\u0644\u0635\u0641\u062d\u0629 8.<\/p>\n

[16] \u0623\u062d\u0645\u062f \u0639\u0628\u062f \u0627\u0644\u0631\u062d\u0645\u0646 \u0627\u0644\u0645\u0644\u062d\u0645\u060c \u062d\u0638\u0631 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629 \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0641\u064a \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0628\u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0645\u0637\u0628\u0648\u0639\u0627\u062a \u062c\u0627\u0645\u0639\u0629 \u0627\u0644\u0643\u0648\u064a\u062a\u060c \u0644\u062c\u0646\u0629 \u0627\u0644\u062a\u0623\u0644\u064a\u0641 \u0648\u0627\u0644\u062a\u0639\u0631\u064a\u0628 \u0648\u0627\u0644\u0646\u0634\u0631\u060c \u0645\u062c\u0644\u0633 \u0627\u0644\u0646\u0634\u0631 \u0627\u0644\u0639\u0644\u0645\u064a\u060c \u0627\u0644\u0643\u0648\u064a\u062a\u060c \u0639\u0627\u0645 1998\u060c \u0627\u0644\u0635\u0641\u062d\u0629 10.<\/p>\n

[17] \u0627\u0644\u0645\u0627\u062f\u0629 1\u060c \u0642\u0627\u0646\u0648\u0646 \u0645\u0643\u0627\u0641\u062d\u0629 \u062c\u0631\u0627\u0626\u0645 \u062a\u0642\u0646\u064a\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a\u060c \u0631\u0642\u0645 5\u060c \u0644\u0639\u0627\u0645 2012\u060c \u0627\u0644\u0645\u0639\u062f\u0644 \u0628\u0627\u0644\u0645\u0631\u0633\u0648\u0645 \u0628\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a\u060c \u0631\u0642\u0645 12\u060c \u0644\u0639\u0627\u0645 2016.<\/p>\n

[18] \u0627\u0644\u0645\u0627\u062f\u0629 1\u060c \u0642\u0627\u0646\u0648\u0646 \u0645\u0643\u0627\u0641\u062d\u0629 \u062c\u0631\u0627\u0626\u0645 \u062a\u0642\u0646\u064a\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a\u060c \u0644\u0639\u0627\u0645 2012.<\/p>\n

[19] \u0647\u0645\u0627\u0645 \u0627\u0644\u0642\u0648\u0635\u064a\u060c \u0627\u0644\u0645\u0645\u0627\u0631\u0633\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 18.<\/p>\n

[20] \u0627\u0644\u0645\u0627\u062f\u0629 37\u060c \u0642\u0627\u0646\u0648\u0646 \u0647\u064a\u0626\u0629 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0627\u0644\u0633\u0644\u0639 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a\u0651\u064e\u0629\u060c \u0631\u0642\u0645 4\u060c \u0644\u0639\u0627\u0645 2000.<\/p>\n

[21] Bassam Yacoub SALMAN v. UNITED STATES.; Supreme Court of United States, No. 15-628, 137 S.Ct. 420 (2016), Decided December 6, 2016, no. 422.<\/p>\n

[22] \u0647\u0645\u0627\u0645 \u0627\u0644\u0642\u0648\u0635\u064a\u060c \u0627\u0644\u0645\u0641\u0647\u0648\u0645 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a \u0644\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u062f\u0627\u062e\u0644\u064a\u0629 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u2013 \u062f\u0631\u0627\u0633\u0629 \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u064a\u0646 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0643\u0648\u064a\u062a\u064a \u0648\u0627\u0644\u0633\u0648\u0631\u064a \u0648\u0627\u0644\u062a\u0634\u0631\u064a\u0639 \u0627\u0644\u0645\u0642\u0627\u0631\u0646\u060c \u0645\u062c\u0644\u0651\u064e\u0629 \u0627\u0644\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u062d\u0643\u0645\u0629\u060c \u062c\u0627\u0645\u0639\u0629 \u0627\u0644\u0643\u0648\u064a\u062a\u060c \u0627\u0644\u0645\u062c\u0644\u062f:37\u060c \u0627\u0644\u0639\u062f\u062f 4\u060c \u062f\u064a\u0633\u0645\u0628\u0631 2013.<\/p>\n

[23] The International Organization of Securities Commissions \u201cOICV-IOSCO\u201d, insider trading how jurisdictions regulate it, report of the emerging markets committee, March 2003, page 6. See:<\/p>\n

http:\/\/www.iosco.org\/library\/pubdocs\/pdf\/IOSCOPD145.pdf (26-9-2019)<\/p>\n

[24] \u0647\u0645\u0627\u0645 \u0627\u0644\u0642\u0648\u0635\u064a\u060c \u0627\u0644\u0645\u0645\u0627\u0631\u0633\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 29.<\/p>\n

[25] KUSNADI, Yuanto, Insider trading restrictions and corporate risk-taking, Pacific-Basin Finance Journal, Vol. 35, Issue. A, November 2015, pp. 125-142, page 2.<\/p>\n

[26] \u0645\u062d\u0643\u0645\u0629 \u062a\u0645\u064a\u064a\u0632 \u062f\u0628\u064a\u060c \u0627\u0644\u0637\u0639\u0646 \u0631\u0642\u0645 2016\/1822\u060c \u0627\u0633\u062a\u0626\u0646\u0627\u0641 \u062a\u062c\u0627\u0631\u064a\u060c \u0642\u0631\u0627\u0631 \u0635\u0627\u062f\u0631 \u0628\u062a\u0627\u0631\u064a\u062e 22-02-2017. \u0648\u0630\u0644\u0643 \u0627\u0633\u062a\u0646\u0627\u062f\u0627\u064b \u0639\u0644\u0649 \u0645\u0627 \u0641\u0631\u0636\u062a\u0647 \u0627\u0644\u0645\u0627\u062f\u0629 17-11 \u0645\u0646 \u0646\u0638\u0627\u0645 \u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0648\u0633\u0627\u0637\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0631\u0642\u0645 27 \u0644\u0639\u0627\u0645 2014.<\/p>\n

[27] \u0647\u0645\u0627\u0645 \u0627\u0644\u0642\u0648\u0635\u064a\u060c \u0645\u062f\u0649 \u0634\u0645\u0648\u0644 \u0627\u0644\u0640\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u062b\u0627\u0646\u0648\u064a \u0628\u062d\u0638\u0631 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u062f\u0627\u062e\u0644\u064a\u0629 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 (\u062f\u0631\u0627\u0633\u0629 \u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u064a\u0646 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0644\u0628\u0646\u0627\u0646\u064a \u0648\u0627\u0644\u0643\u0648\u064a\u062a\u064a \u0648\u0627\u0644\u0641\u0631\u0646\u0633\u064a)\u060c \u0645\u062c\u0644\u0651\u064e\u0629 \u062c\u064a\u0644 \u0627\u0644\u0645\u062d\u0643\u0645\u0629 \u0644\u0644\u0623\u0628\u062d\u0627\u062b \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629 \u0627\u0644\u0645\u0639\u0645\u0651\u064e\u0642\u0629 \u0627\u0644\u0645\u062d\u0643\u0651\u064e\u0645\u0629\u060c \u0645\u0631\u0643\u0632 \u062c\u064a\u0644 \u0627\u0644\u0628\u062d\u062b \u0627\u0644\u0639\u0644\u0645\u064a (JILRC)\u060c \u0637\u0631\u0627\u0628\u0644\u0633-\u0644\u0628\u0646\u0627\u0646\u060c \u0627\u0644\u0639\u062f\u062f 20\u060c \u062f\u064a\u0633\u0645\u0628\u0631 2017.<\/p>\n

[28] \u0647\u0645\u0627\u0645 \u0627\u0644\u0642\u0648\u0635\u064a\u060c \u0645\u062f\u0649 \u0634\u0645\u0648\u0644 \u0627\u0644\u0640\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0627\u0644\u062b\u0627\u0646\u0648\u064a \u0628\u062d\u0638\u0631 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u062f\u0627\u062e\u0644\u064a\u0629 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 89.<\/p>\n

[29] \u062b\u0645 \u062a\u062c\u0631\u064a\u0645\u0647 \u0644\u0647\u0630\u0627 \u0627\u0644\u0641\u0639\u0644 \u0628\u0627\u0644\u062d\u0628\u0633 \u0645\u062f\u0629\u064b \u0644\u0627 \u062a\u0642\u0644\u0651\u064f \u0639\u0646 3 \u0623\u0634\u0647\u0631 \u0648\u0644\u0627 \u062a\u0632\u064a\u062f \u0639\u0646 3\u060c \u0648\u0628\u0627\u0644\u063a\u0631\u0627\u0645\u0629 \u0628\u064a\u0646 100 \u0623\u0644\u0641 \u062f\u0631\u0647\u0645 \u0648\u0645\u0644\u064a\u0648\u0646 \u062f\u0631\u0647\u0645 \u0623\u0648 \u0628\u0625\u062d\u062f\u0649 \u0647\u0627\u062a\u064a\u0646 \u0627\u0644\u0639\u0642\u0648\u0628\u062a\u064a\u0646. \u0623\u0646\u0638\u0631: \u0627\u0644\u0645\u0627\u062f\u0629 41\u060c \u0642\u0627\u0646\u0648\u0646 \u0647\u064a\u0626\u0629 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0627\u0644\u0633\u0644\u0639 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a\u0651\u064e\u0629\u060c \u0631\u0642\u0645 4\u060c \u0644\u0639\u0627\u0645 2000.<\/p>\n

[30] \u0627\u0644\u0645\u0627\u062f\u0629 37\u060c \u0642\u0631\u0627\u0631 \u0645\u062c\u0644\u0633 \u0625\u062f\u0627\u0631\u0629 \u0647\u064a\u0626\u0629 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0627\u0644\u0633\u0644\u0639 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a\u0629\u060c \u0631\u0642\u0645 3\u060c \u0628\u0634\u0623\u0646 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062e\u0627\u0635 \u0628\u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0648\u0627\u0644\u0634\u0641\u0627\u0641\u064a\u0651\u064e\u0629\u060c \u0644\u0639\u0627\u0645 2000.<\/p>\n

[31] The International Organization of Securities Commissions (IOSCO), Objectives and Principles of Securities Regulation, May 2017, page 3. See:<\/p>\n

https:\/\/www.iosco.org\/about\/?subsection=key_regulatory_standards (26-9-2019).<\/p>\n

[32] \u0627\u0644\u0645\u0627\u062f\u0629 22\u060c \u0642\u0627\u0646\u0648\u0646 \u0645\u0643\u0627\u0641\u062d\u0629 \u062c\u0631\u0627\u0626\u0645 \u062a\u0642\u0646\u064a\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a\u060c \u0644\u0639\u0627\u0645 2012.<\/p>\n

[33] \u0627\u0644\u0645\u0627\u062f\u0629 4\u060c \u0642\u0627\u0646\u0648\u0646 \u0645\u0643\u0627\u0641\u062d\u0629 \u062c\u0631\u0627\u0626\u0645 \u062a\u0642\u0646\u064a\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a\u060c \u0644\u0639\u0627\u0645 2012.<\/p>\n

[34] \u0627\u0644\u0645\u0627\u062f\u0629 15\u060c \u0642\u0627\u0646\u0648\u0646 \u0645\u0643\u0627\u0641\u062d\u0629 \u062c\u0631\u0627\u0626\u0645 \u062a\u0642\u0646\u064a\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a\u060c \u0644\u0639\u0627\u0645 2012.<\/p>\n

[35] \u0627\u0644\u0645\u0627\u062f\u0629 21-1\u060c \u0642\u0627\u0646\u0648\u0646 \u0645\u0643\u0627\u0641\u062d\u0629 \u062c\u0631\u0627\u0626\u0645 \u062a\u0642\u0646\u064a\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a\u060c \u0644\u0639\u0627\u0645 2012.<\/p>\n

[36] \u0644\u0644\u0645\u0632\u064a\u062f \u0645\u0646 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a\u060c \u0631\u0627\u062c\u0639: \u0647\u0645\u0627\u0645 \u0627\u0644\u0642\u0648\u0635\u064a\u060c \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 \u062a\u063a\u064a\u064a\u0631 \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0639\u0627\u0645\u0629 \u0648\u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\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\u0629 \u0627\u0644\u0648\u0627\u0642\u0639\u064a\u0629 \u0625\u0644\u0649 \u0627\u0635\u0637\u0646\u0627\u0639 \u0627\u0644\u0633\u0648\u0642) -\u062f\u0631\u0627\u0633\u0629 \u0641\u064a \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0644\u0628\u0646\u0627\u0646\u064a \u0648\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0644\u0633\u0648\u0642 \u0628\u064a\u0631\u0648\u062a \u2013\u201d\u060c \u0645\u062c\u0644\u0651\u064e\u0629 \u062c\u064a\u0644 \u0627\u0644\u0645\u062d\u0643\u0645\u0629 \u0644\u0644\u0623\u0628\u062d\u0627\u062b \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u064e\u0629 \u0627\u0644\u0645\u0639\u0645\u0651\u064e\u0642\u0629 \u0627\u0644\u0645\u062d\u0643\u0651\u064e\u0645\u0629\u060c \u0645\u0631\u0643\u0632 \u062c\u064a\u0644 \u0627\u0644\u0628\u062d\u062b \u0627\u0644\u0639\u0644\u0645\u064a (JILRC)\u060c \u0637\u0631\u0627\u0628\u0644\u0633-\u0644\u0628\u0646\u0627\u0646\u060c \u0627\u0644\u0639\u062f\u062f 23\u060c \u0645\u0627\u0631\u0633 2018\u060c \u0627\u0644\u0635\u0641\u062d\u0629 87.<\/p>\n

[37] \u0627\u0644\u0645\u0627\u062f\u0629 37\u060c \u0642\u0627\u0646\u0648\u0646 \u0647\u064a\u0626\u0629 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0627\u0644\u0633\u0644\u0639 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a\u0651\u064e\u0629\u060c \u0631\u0642\u0645 4\u060c \u0644\u0639\u0627\u0645 2000.<\/p>\n

[38] \u0648\u0627\u0644\u062a\u064a \u062a\u0639\u062a\u0628\u0631 \u0645\u062d\u0645\u064a\u0629\u064b \u0628\u0646\u0635\u0651\u0650 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u061b \u0641\u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644 \u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0627\u0644\u0633\u0631\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u064a \u062a\u0624\u062b\u0651\u0650\u0631 \u0639\u0644\u0649 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629\u060c \u062d\u064a\u062b \u0623\u0646\u0651\u064e \u0627\u0644\u0623\u0633\u0647\u0645 \u062a\u0646\u062e\u0641\u0636 \u0623\u0633\u0639\u0627\u0631\u0647\u0627 \u0639\u0627\u062f\u0629\u064b \u0645\u0639 \u0627\u0631\u062a\u0641\u0627\u0639 \u0633\u0639\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0628\u0633\u0628\u0628 \u0627\u062a\u0651\u0650\u062c\u0627\u0647 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0625\u0644\u0649 \u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0623\u0645\u0648\u0627\u0644\u0647\u0645 \u0641\u064a \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0630\u0627\u062a \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u0646\u062e\u0641\u0636\u0629\u060c \u0648\u062a\u0631\u062a\u0641\u0639 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0623\u0633\u0647\u0645 \u0639\u0646\u062f\u0645\u0627 \u064a\u0646\u062e\u0641\u0636 \u0633\u0639\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0644\u0623\u0646\u0651\u064e \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u062d\u0627\u0644\u0629 \u064a\u062a\u0651\u064e\u062c\u0647 \u0646\u062d\u0648 \u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0623\u0645\u0648\u0627\u0644\u0647 \u0641\u064a \u0627\u0644\u0623\u0633\u0647\u0645 \u0639\u0644\u0649 \u0627\u0644\u0631\u063a\u0645 \u0645\u0646 \u0645\u062e\u0627\u0637\u0631\u0647\u0627 \u0644\u0623\u0646\u0651\u064e \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0641\u064a \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u064a\u0635\u0628\u062d\u064f \u0642\u0644\u064a\u0644 \u0627\u0644\u0641\u0627\u0626\u062f\u0629. \u0648\u0644\u0644\u0627\u0637\u0651\u0650\u0644\u0627\u0639 \u0639\u0644\u0649 \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0627\u0644\u062e\u0627\u0635\u0651\u064e\u0629 \u0628\u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a\u060c \u0623\u0646\u0638\u0631: \u0627\u0644\u0645\u0631\u0633\u0648\u0645 \u0627\u0644\u0627\u062a\u062d\u0627\u062f\u064a \u0631\u0642\u0645 14\u060c \u0628\u0634\u0623\u0646 \u0627\u0644\u0645\u0635\u0631\u0641 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0648\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0646\u0642\u062f\u064a \u0648\u062a\u0646\u0638\u064a\u0645 \u0627\u0644\u0645\u0647\u0646\u0629 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629\u060c \u0644\u0639\u0627\u0645 2018.<\/p>\n

[39] \u0627\u0644\u0641\u0642\u0631\u0629 \u0623 \u0645\u0646 \u0627\u0644\u0645\u0627\u062f\u0629 15\u060c \u0646\u0638\u0627\u0645 \u0628\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0648\u0627\u0644\u0645\u0642\u0627\u0635\u0629 \u0648\u0627\u0644\u062a\u0633\u0648\u064a\u0627\u062a \u0648\u0646\u0642\u0644 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0648\u062d\u0641\u0638 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a \u0644\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0627\u0644\u0633\u0644\u0639\u060c \u0644\u0639\u0627\u0645 2001.<\/p>\n

[40] \u0627\u0644\u0641\u0642\u0631\u0629 \u0628 \u0645\u0646 \u0646\u0641\u0633 \u0627\u0644\u0645\u0627\u062f\u0629.<\/p>\n

[41] \u0627\u0644\u0645\u0627\u062f\u0629 37\u060c \u0646\u0638\u0627\u0645 \u0627\u0644\u062e\u0627\u0635 \u0628\u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0648\u0627\u0644\u0634\u0641\u0627\u0641\u064a\u0651\u064e\u0629 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a \u0644\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0627\u0644\u0633\u0644\u0639\u060c \u0644\u0639\u0627\u0645 2000.<\/p>\n

[42] \u0627\u0644\u0645\u0627\u062f\u0629 4\u060c \u0642\u0627\u0646\u0648\u0646 \u0645\u0643\u0627\u0641\u062d\u0629 \u062c\u0631\u0627\u0626\u0645 \u062a\u0642\u0646\u064a\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a\u060c \u0644\u0639\u0627\u0645 2012.<\/p>\n

[43] \u0627\u0644\u0645\u0627\u062f\u0629 21-1\u060c \u0642\u0627\u0646\u0648\u0646 \u0645\u0643\u0627\u0641\u062d\u0629 \u062c\u0631\u0627\u0626\u0645 \u062a\u0642\u0646\u064a\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a \u0644\u0639\u0627\u0645 2012.<\/p>\n

[44] \u0627\u0644\u0645\u0627\u062f\u0629 37\u060c \u0642\u0627\u0646\u0648\u0646 \u0647\u064a\u0626\u0629 \u0648\u0633\u0648\u0642 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a \u0644\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0648\u0627\u0644\u0633\u0644\u0639\u060c \u0631\u0642\u0645 4\u060c \u0644\u0639\u0627\u0645 2000.<\/p>\n

[45] \u0623\u0646\u0638\u0631 \u0634\u0631\u062d \u0623\u0631\u0643\u0627\u0646 \u0627\u0644\u062a\u062c\u0631\u064a\u0645 \u0641\u064a \u0627\u0644\u0645\u0627\u062f\u0629 379-1 \u0645\u0646 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0639\u0642\u0648\u0628\u0627\u062a \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a \u0644\u062f\u0649: \u0627\u0644\u0645\u062d\u0643\u0645\u0629 \u0627\u0644\u0627\u062a\u062d\u0627\u062f\u064a\u0629 \u0627\u0644\u0639\u0644\u064a\u0627 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a\u0651\u064e\u0629\u060c \u0627\u0644\u0637\u0639\u0646 253\u060c \u062c\u0632\u0627\u0626\u064a\u060c \u0644\u0639\u0627\u0645 2016\u060c \u062c\u0644\u0633\u0629 23 \u0646\u0648\u0641\u0645\u0628\u0631 2016. \u0645\u0646\u062a\u062f\u0649 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u060c \u0627\u0644\u0641\u0647\u0631\u0633 \u0648\u0627\u0644\u0623\u062d\u0643\u0627\u0645 \u0648\u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u062c\u0632\u0627\u0626\u064a\u0629\u060c \u0627\u0644\u0635\u0641\u062d\u0629 340.<\/p>\n

[46] \u0627\u0644\u0645\u0627\u062f\u0629 37\u060c \u0642\u0627\u0646\u0648\u0646 \u0647\u064a\u0626\u0629 \u0648\u0633\u0648\u0642 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a \u0644\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0648\u0627\u0644\u0633\u0644\u0639\u060c \u0631\u0642\u0645 4\u060c \u0644\u0639\u0627\u0645 2000.<\/p>\n

[47] \u201c\u2026 manipulative or deceptive device or contrivance\u2026\u201d. See: section 10 (b), the U.S. SECURITIES EXCHANGE ACT OF 1934, As Amended Through P.L. 115-141, Enacted March 23, 2018.<\/p>\n

[48] \u201c\u2026the unfair use of information\u2026\u201d. See: section 16 (b), the U.S. SECURITIES EXCHANGE ACT OF 1934.<\/p>\n

[49] \u201c\u2026 whether the allegations in the complaint were sufficient to state a claim for breach of fiduciary duty\u201d. See: Fifth Third Bancorp v. Dudenhoeffer, 134 S. Ct. 2459, Supreme Court of United States, June 25, 2014, no. 2465.<\/p>\n

[50] \u201cNot \u201call breaches of fiduciary duty in connection with a securities transaction\u201d. See: Dirks v. SEC, 463 US 646, Supreme Court of United States, July 1, 1983, no. 654.<\/p>\n

[51] \u201cIn sum, we hold that to sustain an insider trading conviction against a tippee, the Government must prove each of the following elements beyond a reasonable doubt: that \u2026 the tippee knew of the tipper\u2019s breach, that is, he knew the information was confidential and divulged for personal benefit \u2026\u201d. See: US v. Newman, 773 F. 3d 438, United States Court of Appeals, Second Circuit, December 10, 2014, no. 450.<\/p>\n

\u0648\u0628\u063a\u0631\u0636 \u0627\u0644\u0645\u0632\u064a\u062f \u0645\u0646 \u0627\u0644\u0634\u0631\u062d \u0648\u0627\u0644\u062a\u0641\u0627\u0635\u064a\u0644 \u0639\u0646 \u0647\u0630\u0647 \u0627\u0644\u062f\u0639\u0648\u0649\u060c \u0631\u0627\u062c\u0639:<\/p>\n

SPACONE, Andrew C., The Second Circuit\u2019s Curious Journey Through the Law of Tippee Liability for Insider Trading: Newman to Martoma, Roger Williams University Law Review, Vol. 24, Issue 1, Winter 2019, page 1.<\/p>\n

[52] ANDERSON, John P., Anticipating a Sea Change for Insider Trading Law: From Trading Plan Crisis to Rational Reform, Utah Law Review, Vol. 2015, No. 2, 2015, pp. 339-389, page 339.<\/p>\n

[53] \u0627\u0644\u0645\u0627\u062f\u0629 37\u060c \u0642\u0627\u0646\u0648\u0646 \u0647\u064a\u0626\u0629 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0627\u0644\u0633\u0644\u0639 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a\u0651\u064e\u0629\u060c \u0631\u0642\u0645 4\u060c \u0644\u0639\u0627\u0645 2000.<\/p>\n

[54] \u0627\u0644\u0645\u0627\u062f\u0629 37\u060c \u0646\u0638\u0627\u0645 \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0648\u0627\u0644\u0634\u0641\u0627\u0641\u064a\u0651\u064e\u0629 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a \u0644\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0627\u0644\u0633\u0644\u0639\u060c \u0644\u0639\u0627\u0645 2000.<\/p>\n

[55] \u0627\u0644\u0645\u0627\u062f\u0629 17\u060c \u0646\u0638\u0627\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0648\u0627\u0644\u0645\u0642\u0627\u0635\u0629 \u0648\u0627\u0644\u062a\u0633\u0648\u064a\u0627\u062a \u0648\u0646\u0642\u0644 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0648\u062d\u0641\u0638 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0644\u0639\u0627\u0645 2001. \u062a\u0645 \u062a\u0639\u062f\u064a\u0644 \u0646\u0635 \u0627\u0644\u0645\u0627\u062f\u0629 ( 17 ) \u0628\u0645\u0648\u062c\u0628 \u0627\u0644\u0642\u0631\u0627\u0631 \u0631\u0642\u0645 ( 69 \/\u0631) \u0644\u0633\u0646\u0629 2007.<\/p>\n

[56] Bassam Yacoub SALMAN v. UNITED STATES.; Supreme Court of United States, No. 15-628, 137 S.Ct. 420 (2016), Decided December 6, 2016, section 426.<\/p>\n

[57] \u201cAs the facts of this case clearly indicate, the tippers were motivated by a desire to expose the fraud\u201d. See: Dirks v. SEC, 463 US 646, Supreme Court of United States, July 1, 1983, no. 667.<\/p>\n

[58] CHITIMIRA, Howard op. cit., page 154.<\/p>\n

[59] CUMMING, Douglas and GROH, Alexander and JOHAN, Sofia, op. cit., page 1.<\/p>\n

[60] \u0648\u0641\u064a \u0648\u0627\u0642\u0639\u0629 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u062d\u0642\u064a\u0642\u064a\u0651\u064e\u0629\u060c \u0642\u0636\u062a \u0645\u062d\u0643\u0645\u0629 \u0646\u064a\u0648\u064a\u0648\u0631\u0643 \u0628\u0627\u0644\u062a\u0639\u0648\u064a\u0636 \u0639\u0644\u0649 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639 \u0644\u0623\u0646\u0651\u064e\u0647 \u0642\u062f \u0623\u0633\u0627\u0621 \u0625\u0644\u0649 \u0633\u0645\u0639\u0629 \u0627\u0644\u0634\u0631\u0643\u0629 \u0625\u0644\u0649 \u062c\u0627\u0646\u0628 \u0627\u0644\u0623\u0636\u0631\u0627\u0631 \u0627\u0644\u0645\u0627\u062f\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u064a \u0633\u0628\u0651\u064e\u0628\u0647\u0627 \u0644\u0647\u0627. \u0623\u0646\u0638\u0631:<\/p>\n

\u201c\u2026 Skowron\u2019s behavior damaged the firm\u2019s reputation\u2026\u201d. See: Stanley v. Skowron, 989 F. Supp. 2d 356, United States District Court, S.D. New York, December 19, 2013, no. 362.<\/p>\n

[61] \u201c\u062a\u0642\u062f\u064a\u0631 \u0627\u0644\u062e\u0637\u0623 \u0627\u0644\u0645\u0648\u062c\u0628 \u0644\u0645\u0633\u0624\u0648\u0644\u064a\u0629 \u0645\u064f\u0631\u062a\u064e\u0643\u0650\u0628 \u0627\u0644\u0641\u0639\u0644 \u0648\u062a\u0642\u062f\u064a\u0631 \u062a\u0648\u0627\u0641\u0631 \u0631\u0627\u0628\u0637\u0629 \u0627\u0644\u0633\u0628\u0628\u064a\u0629 \u0628\u064a\u0646 \u0627\u0644\u062e\u0637\u0623 \u0648\u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0623\u0648 \u0639\u062f\u0645 \u062a\u0648\u0627\u0641\u0631\u0647\u0627 \u0645\u0646 \u0627\u0644\u0645\u0633\u0627\u0626\u0644 \u0627\u0644\u0645\u0648\u0636\u0648\u0639\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u0641\u0635\u0644 \u0641\u064a\u0647\u0627 \u0645\u062d\u0643\u0645\u0629 \u0627\u0644\u0645\u0648\u0636\u0648\u0639 \u0628\u063a\u064a\u0631 \u0645\u064f\u0639\u0642\u0651\u0650\u0628 \u0645\u0627\u062f\u0627\u0645 \u062a\u0642\u062f\u064a\u0631\u0647\u0627 \u0633\u0627\u0626\u063a\u0627\u064b \u0645\u0633\u062a\u0646\u062f\u0627\u064b \u0625\u0644\u0649 \u0623\u062f\u0644\u0629 \u0645\u0642\u0628\u0648\u0644\u0629 \u0641\u064a \u0627\u0644\u0639\u0642\u0644 \u0648\u0627\u0644\u0645\u0646\u0637\u0642 \u0648\u0644\u0647\u0627 \u0623\u0635\u0644 \u0641\u064a \u0627\u0644\u0623\u0648\u0631\u0627\u0642\u201d. \u0623\u0646\u0638\u0631: \u0627\u0644\u0645\u062d\u0643\u0645\u0629 \u0627\u0644\u0627\u062a\u062d\u0627\u062f\u064a\u0629 \u0627\u0644\u0639\u0644\u064a\u0627 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a\u0651\u064e\u0629\u060c \u0627\u0644\u0637\u0639\u0646 78\u060c \u062c\u0632\u0627\u0626\u064a\u060c \u0644\u0639\u0627\u0645 2016\u060c \u062c\u0644\u0633\u0629 9 \u0645\u0627\u064a\u0648 2016. \u0645\u0646\u062a\u062f\u0649 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u060c \u0627\u0644\u0641\u0647\u0631\u0633 \u0648\u0627\u0644\u0623\u062d\u0643\u0627\u0645 \u0648\u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u062c\u0632\u0627\u0626\u064a\u0629\u060c \u0627\u0644\u0635\u0641\u062d\u0629 262.<\/p>\n

[62] KLEPITSKIJ, Ivan, Market Manipulation in Russia and in Europe: The Criminal Law Dimension, Russian Law Journal, Vol. IV, Issue 3, (2016), pp. 120-135, page 128.<\/p>\n

[63] ALTWAYAN, Nasser Saleh, Corporate Insider Trading in Saudi Arabia \u2013 A Comparative Analysis with the United States, Theses in partial fulfilment of the requirement for the degree of Doctor of Juridical Science, University of Minnesota, July- 2019, page 264.<\/p>\n

[64] \u0627\u0644\u0645\u0627\u062f\u0629 14\u060c \u0646\u0638\u0627\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0648\u0627\u0644\u0645\u0642\u0627\u0635\u0629 \u0648\u0627\u0644\u062a\u0633\u0648\u064a\u0627\u062a \u0648\u0646\u0642\u0644 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0648\u062d\u0641\u0638 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0644\u0639\u0627\u0645 2001. \u062a\u0645 \u062a\u0639\u062f\u064a\u0644 \u0646\u0635 \u0627\u0644\u0645\u0627\u062f\u0629 ( 14 ) \u0628\u0645\u0648\u062c\u0628 \u0627\u0644\u0642\u0631\u0627\u0631 \u0631\u0642\u0645 ( 20 ) \u0644\u0633\u0646\u0629 2014.<\/p>\n

[65] DUMEZ, Par Herv\u00e9 op. cit., page 7.<\/p>\n

[66] \u201c\u2026 a breach of the duty of loyalty imposed on all fiduciaries to avoid personally profiting from information entrusted to them\u201d. See: BAINBRIDGE, Stephen M. The Law and Economics of Insider Trading, UCLA School of Law, Research Paper No. 19-01, 2019, page 6.<\/p>\n

[67] Bristol & West Building Society v Mothew [1998]. See:<\/p>\n

https:\/\/webstroke.co.uk\/law\/cases\/bristol-west-building-society-v-mothew-1998 (28-9-2019).<\/p>\n

[68] Ya\u015far, Kenan Evren, La Luttre Contre Les Operations D\u2019inities: Double Protection En France, Annales XLVI, N. 63, pp. 221-283, page 226.<\/p>\n

[69] \u062d\u0633\u064a\u0646 \u0641\u062a\u062d\u064a\u060c \u062a\u0639\u0627\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639\u064a\u0646 \u0639\u0644\u0649 \u0623\u0633\u0631\u0627\u0631 \u0623\u0633\u0647\u0645 \u0627\u0644\u0634\u0631\u0643\u0629\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 217.<\/p>\n

[70] \u0645\u062b\u0644 \u0645\u0635\u0631. \u0623\u0646\u0638\u0631:<\/p>\n

ELDAYDAMONY, Elsayed, Insider Trading Framework in United States and Egyptian Stock Markets, Theses and Dissertations, Maurer School of Law: Indiana University, 2019, page 45. See:<\/p>\n

https:\/\/www.repository.law.indiana.edu\/etd\/59 (28-9-2019).<\/p>\n

[71] \u0644\u0644\u0627\u0637\u0651\u0650\u0644\u0627\u0639 \u0639\u0644\u0649 \u0623\u062d\u062f\u062b \u0627\u0644\u062a\u063a\u064a\u064a\u0631\u0627\u062a \u0627\u0644\u0628\u0646\u064a\u0648\u064a\u0651\u064e\u0629 \u0627\u0644\u062a\u064a \u0642\u062f \u0637\u0631\u0623\u062a \u0639\u0644\u0649 \u0628\u064a\u0626\u0629 \u0639\u0645\u0644 \u0627\u0644\u0633\u0648\u0642\u060c \u0631\u0627\u062c\u0639 \u0641\u064a \u062c\u0627\u0646\u0628 \u0645\u0646 \u0627\u0644\u0641\u0642\u0647 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a:<\/p>\n

FOX, Merritt B. and GLOSTEN, Lawrence R. and RAUTERBERG, Gabriel V., The New Stock Market: Sense and Nonsense, Duke Law Journal, VOL. 65, No. 2, November 2015, pp. 191-277, page 198.<\/p>\n

[72] CONAC, Pierre-Henri, op. cit., page 3.<\/p>\n

[73] BAINBRIDGE, Stephen M., op.cit, page 773.<\/p>\n

[74] Dirks v. SEC, 463 US 646, Supreme Court of United States, July 1, 1983, no. 664.<\/p>\n

[75] \u0627\u0644\u0645\u0627\u062f\u0629 14\u060c \u0646\u0638\u0627\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0648\u0627\u0644\u0645\u0642\u0627\u0635\u0629 \u0648\u0627\u0644\u062a\u0633\u0648\u064a\u0627\u062a \u0648\u0646\u0642\u0644 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0648\u062d\u0641\u0638 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0644\u0639\u0627\u0645 2001. \u062a\u0645\u0651\u064e \u062a\u0639\u062f\u064a\u0644 \u0646\u0635 \u0627\u0644\u0645\u0627\u062f\u0629 ( 14 ) \u0628\u0645\u0648\u062c\u0628 \u0627\u0644\u0642\u0631\u0627\u0631 \u0631\u0642\u0645 ( 20 ) \u0644\u0633\u0646\u0629 2014.<\/p>\n

[76] KLEPITSKIJ, Ivan, op. cit., page 122.<\/p>\n

[77] Core de Cassation de France, Criminal Chamber, n\u00b0 94-83.780, 26 October 1995.<\/p>\n

[78] \u064a\u064f\u0642\u0635\u062f \u0628\u0640: \u201c\u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u062a\u0633\u0639\u064a\u0631\u201d \u201cPrice Efficiency\u201d\u060c \u0623\u0648 \u201c\u0627\u0644\u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u062e\u0627\u0631\u062c\u064a\u0629\u201d \u201cExternal Efficiency\u201d \u0648\u0635\u0648\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u062c\u062f\u064a\u062f\u0629 \u0644\u0644\u0645\u062a\u0639\u0627\u0645\u0644\u064a\u0646 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0628\u0634\u0643\u0644 \u0633\u0631\u064a\u0639 \u0648\u0628\u062f\u0648\u0646 \u0641\u0627\u0635\u0644 \u0632\u0645\u0646\u064a \u0643\u0628\u064a\u0631 \u0645\u0645\u0651\u064e\u0627 \u064a\u062c\u0639\u0644 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0643\u0627\u0644\u0645\u0631\u0622\u0629 \u062a\u0639\u0643\u0633 \u0643\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u0640\u062a\u064a \u062a\u0645\u0651\u064e \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0639\u0646\u0647\u0627 \u0644\u0644\u0639\u0645\u0648\u0645. \u0623\u0646\u0638\u0631: \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\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\u0625\u0633\u0643\u0646\u062f\u0631\u064a\u0629\u060c \u0639\u0627\u0645 1999\u060c \u0627\u0644\u0635\u0641\u062d\u0629 501. \u0648\u0643\u0630\u0644\u0643:<\/p>\n

KUSNADI, Yuanto, op. cit., page 18.<\/p>\n

[79] \u0644\u0644\u0645\u0632\u064a\u062f \u0645\u0646 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a\u060c \u0631\u0627\u062c\u0639: \u0647\u0645\u0627\u0645 \u0627\u0644\u0642\u0648\u0635\u064a\u060c \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 \u062a\u063a\u064a\u064a\u0631 \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0639\u0627\u0645\u0629 \u0648\u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0628\u0648\u0631\u0635\u064a\u0629\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 87.<\/p>\n

[80] FOX, Merritt B. and GLOSTEN, Lawrence R. and RAUTERBERG, Gabriel V., op. cit., page 271.<\/p>\n

[81] ALTWAYAN, Nasser Saleh, op. cit., page 265.<\/p>\n

[82] \u201c\u0627\u0644\u0639\u0628\u0631\u0629 \u0641\u064a \u0627\u0644\u0645\u062d\u0627\u0643\u0645\u0627\u062a \u0627\u0644\u062c\u0646\u0627\u0626\u064a\u0629 \u0627\u0642\u062a\u0646\u0627\u0639 \u0642\u0627\u0636\u064a \u0627\u0644\u0645\u0648\u0636\u0648\u0639 \u0628\u0646\u0627\u0621 \u0639\u0644\u0649 \u0627\u0644\u0623\u062f\u0644\u0629 \u0627\u0644\u0645\u0637\u0631\u0648\u062d\u0629 \u0639\u0644\u064a\u0647\u201d. \u0623\u0646\u0638\u0631: \u0627\u0644\u0642\u0627\u0639\u062f\u0629 90\u060c \u0627\u0644\u0645\u062d\u0643\u0645\u0629 \u0627\u0644\u0627\u062a\u062d\u0627\u062f\u064a\u0629 \u0627\u0644\u0639\u0644\u064a\u0627 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a\u0651\u064e\u0629\u060c \u0627\u0644\u0637\u0639\u0646 \u0631\u0642\u0645 512\u060c \u0644\u0639\u0627\u0645 2016\u060c \u062c\u0644\u0633\u0629 21 \u0646\u0648\u0641\u0645\u0628\u0631 2016. \u0645\u0646\u062a\u062f\u0649 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u060c \u0627\u0644\u0641\u0647\u0631\u0633 \u0648\u0627\u0644\u0623\u062d\u0643\u0627\u0645 \u0648\u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u062c\u0632\u0627\u0626\u064a\u0629\u060c \u0627\u0644\u0635\u0641\u062d\u0629 337.<\/p>\n

[83] ANDERSON, John P., op. cit., page 279.<\/p>\n

[84] \u0648\u0642\u062f \u0638\u0647\u0631 \u0644\u0644\u0623\u0633\u0627\u062a\u0630\u0629 Peter CZIRAKI \u2013 Peter DE GOEIJ- Luc RENNEBOOG\u0641\u064a \u062f\u0631\u0627\u0633\u062a\u0647\u0645 \u0639\u0627\u0645 2010 \u0623\u0646\u0651\u064e \u0639\u062f\u0645 \u0627\u0644\u062a\u0632\u0627\u0645 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0628\u0648\u0627\u062c\u0628\u0627\u062a\u0647\u0627 \u062a\u062c\u0627\u0647 \u0627\u0644\u062d\u0648\u0643\u0645\u0629 \u0648\u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0633\u0648\u0641 \u064a\u0646\u062a\u062c \u0639\u0646\u0647 \u0628\u0627\u0644\u062a\u0623\u0643\u064a\u062f \u0632\u064a\u0627\u062f\u0629 \u0641\u064a \u0623\u0631\u0628\u0627\u062d \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639\u064a\u0646 \u0627\u0644\u0630\u064a\u0646 \u064a\u0642\u0648\u0645\u0648\u0646 \u0628\u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629. \u0623\u0646\u0638\u0631:<\/p>\n

\u201cfirms did away with shareholder-unfriendly governance structures, profits to insider purchases<\/p>\n

did indeed increase\u201d. See: CZIRAKI, Peter and DE GOEIJ, Peter and RENNEBOOG, Luc, op. cit, page 33.<\/p>\n

[85] \u201c\u2026 \u0631\u0626\u064a\u0633 \u0648\u0623\u0639\u0636\u0627\u0621 \u0645\u062c\u0644\u0633 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0634\u0631\u0643\u0629 \u0627\u0644\u0645\u062f\u0631\u062c\u0629 \u0623\u0648\u0631\u0627\u0642\u0647\u0627 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0641\u0640\u064a \u0627\u0644\u0633\u0640\u0648\u0642 \u0648\u0645\u062f\u064a\u0631\u0647\u0627 \u0627\u0644\u0639\u0627\u0645 \u0623\u0648 \u0623\u064a \u0634\u062e\u0635 \u0645\u0646 \u0627\u0644\u0645\u0648\u0638\u0641\u064a\u0646 \u0627\u0644\u0645\u064f\u0637\u0651\u064e\u0644\u0639\u064a\u0646 \u0639\u0644\u0649 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0644\u0644\u0634\u0631\u0643\u0629 \u0627\u0644\u062a\u0635\u0631\u0641 \u0628\u0646\u0641\u0633\u0647 \u0623\u0648 \u0628\u0648\u0627\u0633\u0637\u0629 \u063a\u064a\u0631\u0647\u2026\u201d. \u0623\u0646\u0638\u0631: \u0627\u0644\u0645\u0627\u062f\u0629 14\u060c \u0646\u0638\u0627\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0648\u0627\u0644\u0645\u0642\u0627\u0635\u0629 \u0648\u0627\u0644\u062a\u0633\u0648\u064a\u0627\u062a \u0648\u0646\u0642\u0644 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0648\u062d\u0641\u0638 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0644\u0639\u0627\u0645 2001. \u062a\u0645 \u062a\u0639\u062f\u064a\u0644 \u0646\u0635 \u0627\u0644\u0645\u0627\u062f\u0629 ( 14 ) \u0628\u0645\u0648\u062c\u0628 \u0627\u0644\u0642\u0631\u0627\u0631 \u0631\u0642\u0645 ( 20 ) \u0644\u0633\u0646\u0629 2014.<\/p>\n

[86] \u0646\u0641\u0633 \u0627\u0644\u0645\u0627\u062f\u0629 \u0627\u0644\u0633\u0627\u0628\u0642\u0629.<\/p>\n

[87] \u0627\u0644\u0645\u0627\u062f\u0629 236-1\u060c \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a\u060c \u0631\u0642\u0645 2\u060c \u0644\u0639\u0627\u0645 2015.<\/p>\n

[88] \u0648\u0642\u062f \u062a\u0628\u064a\u0651\u064e\u0646 \u0641\u064a \u062f\u0631\u0627\u0633\u0629 \u0644\u0644\u0623\u0633\u062a\u0627\u0630 Xuewu WANG \u0639\u0627\u0645 2010 \u0623\u0646\u0651\u064e \u0627\u0644\u0640\u0645\u064f\u0637\u0651\u064e\u0644\u0639\u064a\u0646 \u064a\u062a\u0639\u0627\u0645\u0644\u0648\u0646 \u0639\u0644\u0649 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0651\u064e\u0629 \u0627\u0644\u0639\u0627\u0626\u062f\u0629 \u0644\u0644\u062c\u0647\u0629 \u0627\u0644\u062a\u064a \u064a\u0637\u0651\u064e\u0644\u0639\u0648\u0646 \u0639\u0644\u0649 \u0645\u0639\u0644\u0648\u0645\u0627\u062a\u0647\u0627 \u0628\u0634\u0643\u0644\u064d \u0643\u062b\u064a\u0641\u064d \u0642\u0628\u0644 \u0642\u064a\u0627\u0645 \u0647\u0630\u0647 \u0627\u0644\u062c\u0647\u0629 \u0628\u062a\u0635\u0631\u064a\u062d\u0627\u062a\u064d \u0645\u0641\u0627\u062c\u0626\u0629\u064d \u063a\u064a\u0631 \u062f\u0648\u0631\u064a\u0651\u064e\u0629\u064d \u0648\u063a\u064a\u0631 \u0645\u062c\u062f\u0648\u0644\u0629\u064d \u0641\u064a \u0628\u0631\u0646\u0627\u0645\u062c \u0639\u0645\u0644\u0647\u0627. \u0623\u0646\u0638\u0631:<\/p>\n

WANG, Xuewu, Time-Varying Liquidity Trading, Private Information and Insider Trading, European Financial Management, Vol. 20, No. 2, 2014, page 345.<\/p>\n

[89] \u0627\u0644\u0645\u0627\u062f\u0629 14\u060c \u0646\u0638\u0627\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0648\u0627\u0644\u0645\u0642\u0627\u0635\u0629 \u0648\u0627\u0644\u062a\u0633\u0648\u064a\u0627\u062a \u0648\u0646\u0642\u0644 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0648\u062d\u0641\u0638 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0644\u0639\u0627\u0645 2001. \u062a\u0645 \u062a\u0639\u062f\u064a\u0644 \u0646\u0635 \u0627\u0644\u0645\u0627\u062f\u0629 ( 14 ) \u0628\u0645\u0648\u062c\u0628 \u0627\u0644\u0642\u0631\u0627\u0631 \u0631\u0642\u0645 ( 20 ) \u0644\u0633\u0646\u0629 2014.<\/p>\n

[90] ALEKSANYAN, Mark, et. al., Fear and media coverage: The case of insider trading in takeover targets, 2019, page 24. See:<\/p>\n

https:\/\/www.qmul.ac.uk\/busman\/media\/sbm\/research\/researchcentres\/behavioural-finance-working-group\/Aleksanyan-et-al.pdf (27-9-2019)<\/p>\n

[91] ALEKSANYAN, Mark, et. al., op. cit., page 24.<\/p>\n

[92] \u0648\u062c\u062f \u062c\u0627\u0646\u0628 \u0645\u0646 \u0627\u0644\u0641\u0642\u0647 \u0627\u0644\u0643\u0646\u062f\u064a \u0623\u0646\u0651\u064e \u0639\u062f\u062f \u0627\u0644\u0645\u0644\u0627\u062d\u0642\u0627\u062a \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0651\u064e\u0629 \u0644\u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629 \u062a\u062a\u062c\u0627\u0648\u0632 \u0628\u0643\u062b\u064a\u0631 \u062a\u0644\u0643 \u0627\u0644\u0642\u0627\u0626\u0645\u0629 \u0641\u064a \u0643\u0646\u062f\u0627. \u0623\u0646\u0638\u0631:<\/p>\n

\u201c\u2026 U.S. investigations involve a significantly greater number of defendants and these defendants\u2026\u201d. See: ANAND, Anita, et. al., An Empirical Comparison of Insider Trading Enforcement in Canada and the United States, Articles & Book Chapters, 2019, page 33. See:<\/p>\n

https:\/\/digitalcommons.osgoode.yorku.ca\/scholarly_works\/2746 (28-9-2019).<\/p>\n

[93] The International Organization of Securities Commissions \u201cOICV-IOSCO\u201d, \u201c, insider trading how jurisdictions regulate it, report of the emerging markets committee, op. cit., section 1.1.1.1. page 2.<\/p>\n

[94] \u0628\u0648\u0641\u0627\u0645\u0629\u060c \u0633\u0645\u064a\u0631\u0629\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 575.<\/p>\n

[95] Core de Cassation de France, Criminal Chamber, n\u00b0 05-82.453, 14 juin 2006.<\/p>\n

[96] \u0644\u0642\u062f \u0627\u0633\u062a\u0646\u062a\u062c \u062c\u0627\u0646\u0628 \u0645\u0646 \u0627\u0644\u0641\u0642\u0647 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a \u0623\u0646\u0651\u064e \u0627\u0644\u062d\u0643\u0648\u0645\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0651\u064e\u0629 \u062a\u062f\u0641\u0639 \u062f\u0627\u0626\u0645\u0627\u064b \u0646\u062d\u0648 \u062a\u0648\u0633\u064a\u0639 \u0645\u0639\u0627\u064a\u064a\u0631 \u0625\u0642\u0627\u0645\u0629 \u0627\u0644\u0645\u0633\u0624\u0648\u0644\u064a\u0651\u064e\u0629 \u0639\u0646 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629\u060c \u0625\u0644\u0627\u0651\u064e \u0623\u0646\u0651\u064e \u0627\u0644\u0642\u0636\u0627\u0621 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a \u0639\u0644\u0649 \u0645\u0627 \u064a\u0628\u062f\u0648 \u064a\u064f\u0633\u064a\u0631\u064f \u0641\u064a \u0639\u0643\u0633 \u0647\u0630\u0627 \u0627\u0644\u0627\u062a\u0651\u0650\u062c\u0627\u0647. \u0623\u0646\u0638\u0631:<\/p>\n

\u201cThe government is consistently pushing to expand the standard for insider trading liability while the courts push back\u201d. See: PAULSON, Timothy J., How Meaningful Is a Close Relationship? When it Comes to Insider Trading Prosecution, the Second Circuit Says \u201cNot Very\u201d, Seton Hall University, Law School Student Scholarship, 2019, page 27. See: https:\/\/scholarship.shu.edu\/student_scholarship\/953 (28-9-2019).<\/p>\n

\u062d\u062a\u0649 \u0623\u0646\u0651\u064e\u0647 \u0645\u0627 \u0632\u0627\u0644 \u062c\u0627\u0646\u0628 \u0645\u0646 \u0627\u0644\u0641\u0642\u0647\u0627\u0621 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0651\u0650\u064a\u0646 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0651\u0650\u064a\u0646 \u0645\u062b\u0644 BAINBRIDGE \u064a\u0628\u062d\u062b\u0648\u0646 \u0641\u064a \u0627\u0644\u0645\u062c\u0627\u062f\u0644\u0629 \u0627\u0644\u0639\u0642\u064a\u0645\u0629 \u0628\u064a\u0646 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0651\u0650\u064a\u0646 \u0648\u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0651\u0650\u064a\u0646 \u0639\u0646 \u0636\u0631\u0648\u0631\u0629 \u0627\u0644\u062d\u0638\u0631 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a \u0644\u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u064f\u0639\u0644\u064e\u0646\u064e\u0629. \u0623\u0646\u0638\u0631:<\/p>\n

BAINBRIDGE, Stephen M., The Law and Economics of Insider Trading, op. cit., page 44.<\/p>\n

[97] \u0627\u0644\u0643\u0648\u0627\u0632\u060c \u0623\u062d\u0645\u062f\u060c \u0645\u0631\u062c\u0639 \u0633\u0627\u0628\u0642\u060c \u0627\u0644\u0635\u0641\u062d\u0629 93.<\/p>\n

\u0627\u0639\u0627\u062f\u0629 \u0646\u0634\u0631 \u0628\u0648\u0627\u0633\u0637\u0629 \u0645\u062d\u0627\u0645\u0627\u0629 \u0646\u062a .<\/span> <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

\u0628\u062d\u062b \u0648\u062f\u0631\u0627\u0633\u0629 \u062d\u0648\u0644 \u062d\u0638\u0631 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u0639\u0644\u0646\u0629 \u0641\u064a \u0636\u0648\u0621 \u0623\u062d\u0643\u0627\u0645 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0627\u0645\u0627\u0631\u0627\u062a\u064a . \u062d\u0638\u0631 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u0639\u0644\u0646\u0629 \u0648\u0645\u0648\u0642\u0641 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a\u064a \u0645\u0646\u0647 (\u0627\u0642\u062a\u0631\u0627\u062d \u0646\u0638\u0631\u064a\u0629 \u201c\u0648\u0627\u062c\u0628 \u0627\u0644\u062d\u0630\u0631\u201d \u0648 \u201c\u0627\u0644\u0645\u064f\u062f\u0651\u064e\u0629 \u0627\u0644\u0645\u0639\u0642\u0648\u0644\u0629\u201d) Insider Trading Ban by the UAE Law (Proposal of \u201cDuty of Caution\u201d & \u201cReasonable Duration\u201d theory) \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 […]<\/p>\n","protected":false},"author":8,"featured_media":176218,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,8611],"tags":[18014,2545,14833],"class_list":["post-176217","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-6","category-8611","tag-18014","tag-2545","tag-14833"],"views":1302,"_links":{"self":[{"href":"https:\/\/www.mohamah.net\/law\/wp-json\/wp\/v2\/posts\/176217","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\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mohamah.net\/law\/wp-json\/wp\/v2\/comments?post=176217"}],"version-history":[{"count":1,"href":"https:\/\/www.mohamah.net\/law\/wp-json\/wp\/v2\/posts\/176217\/revisions"}],"predecessor-version":[{"id":176219,"href":"https:\/\/www.mohamah.net\/law\/wp-json\/wp\/v2\/posts\/176217\/revisions\/176219"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mohamah.net\/law\/wp-json\/wp\/v2\/media\/176218"}],"wp:attachment":[{"href":"https:\/\/www.mohamah.net\/law\/wp-json\/wp\/v2\/media?parent=176217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mohamah.net\/law\/wp-json\/wp\/v2\/categories?post=176217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mohamah.net\/law\/wp-json\/wp\/v2\/tags?post=176217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}