Saskatchewan Real Estate Commission Annual Report · 2018-10-10 · 2017-2018 Saskatchewan Real Estate Commission Annual Report 2 The Saskatchewan Real Estate Commission (Commission),

Annual Report2017-2018

Saskatchewan Real Estate Commission


Annual Report

Table of Contents

2017-2018Saskatchewan Real Estate Commission

Annual Report1

Saskatchewan Real Estate Commission and Background 2

Mission, Mandate and Vision 3

The Commission 4

Chair’s Report 5

Compliance Report 6

Registration Report 8

Commission Committees 9

Brokerage Audit Committee Report 10

Education Committee Report

CPD Statistics

11

13

Legislative Committee Report 14

Real Estate Assurance Fund Report 15

Interest Bearing Trust Account Projects 16

Financials

Financial Statements

18

19

Commission Contact Information

Commission Staff Organization Chart

20

21


Annual Report2

The Saskatchewan Real Estate Commission (Commission), is an independent,

non-governmental agency, responsible for the regulation of the real estate industry

in Saskatchewan.

The Commission is mandated to protect consumers and to provide services that

enhance and improve the industry and the business of industry members.

Background

The Commission is established by, and derives its authority from, The Real Estate Act, and

undertakes the day-to-day administration of all aspects of real estate legislation.

In conjunction with the Financial and Consumer Affairs Authority (FCAA), the Commission

co-regulates the real estate industry. The Superintendent of Real Estate is responsible for

the Commission in Saskatchewan.

Commission staff report through the Executive Director/Registrar, to the Commission

members on all operations. The administration of the regulatory requirements of the real

estate industry is done through The Real Estate Act, its Regulations and the Commission’s

Bylaws.

Mission, Mandate, Vision

MandateThe Commission is responsible for the regulation of the real estate industry to ensure

protection of the public interest.

Responsibilities of the Commission include:

• maintenance of a register of all persons registered to trade in real estate in Saskatchewan

• auditing of brokerage trust accounts

• conducting investigations and hearings with respect to the actions of registrants

• setting standards of conduct for industry members

• acting as a resource to consumers and registrants

• administration of the Interest Bearing Trust Account Fund (IBTA) and the Real Estate

Assurance Fund (REAF).

The Commission approves all licensing and continuing education courses for registrants in

all areas of real estate. The Commission mandates a number of forms for use in real estate

trades in order to facilitate a uniform level of service to the public.


Annual Report3

Mission To protect the public interest by ensuring that registrants act within a professional

framework that promotes ethical conduct and integrity and strengthens consumer trust

and confidence.

VisionFor the overall enhancement of the industry, the Commission is empowered to develop

specific projects for the educational benefit of all registrants within the province.

The Commission works to create up-to-date real estate and property management courses,

and continuing professional education, develop relevant seminars for all registrants, and

produce publications and communications initiatives as appropriate.

The Commission

Members TermCarla Browne Industry Member July 1, 2017 June 30, 2020

David Chow Public Appointee June 22, 2011 Oct. 16, 2017

Michael (Mike) Duggleby Industry Member July 1, 2014 June 30, 2020

Dave Hepburn Industry Member July 1, 2013 June 30, 2019

Paul Jaspar Public Appointee June 22, 2011 Oct. 16, 2017

Trevor Koot Industry Member July 1, 2013 June 30, 2019

Jeffrey (Jeff) Markewich Industry Member July 1, 2013 June 30, 2018

Vernon (Vern) McClelland Industry Member July 1, 2015 June 30, 2018

Alan (Al) Myers Industry Member Sept. 25, 2014 June 30, 2019

Lori Patrick Industry Member July 1, 2017 June 30, 2020

Anne Parker Public Appointee July 1, 2017 June 30, 2020

Robert (Bob) Volk Public Appointee July 1, 2017 June 30, 2020


Annual Report4

Standing, left to right: Aaron Tetu (Executive Director/Registrar), Dave Hepburn, Carla Browne, Al Myers,

Trevor Koot (Chair, 2017), Paul Jaspar (Chair, 2018), Jeff Markewich, Lori Patrick, Vern McClelland, Mike

Duggleby

Seated: Anne Parker, Bob Volk, David Chow

Chair’s ReportAnother registration year has come and gone and I have enjoyed my time both at the Commission

board table, and as Chair in 2018 after former Chair, Trevor Koot, moved on to new challenges. But

like all good things, this too has come to an end. As an appointed member, my term ended in

October of 2017, but I am happy I was able to stay on with the Commission while the

Superintendent of Real Estate appointed my replacement and the Commission continued to work

on exciting, challenging projects.

Every year at this time, the Commission takes a look at what we have accomplished and what we

need to focus on next. The Annual Report is a reflection of the dedication of my colleagues on the

Commission and the hard-working staff we have working alongside us in the trenches. Working

together, we have accomplished much.

The 2017/18 registration year saw the Commission completing the bulk of one of our biggest

projects to date: overhauling our registration and continuing education program. We hired a new

education provider and began work on rewriting and upgrading all the mandatory courses. As well,

the changes to our legislation we have worked so hard on these past few years are closer to

completion than ever before and we are dedicated to bringing this project to a similar successful

close.

Another body of work we have really enjoyed was consulting with a focus group of those who trade

in the area of farm. Listening, talking and sharing with this group has been enormously enlightening

and we look forward to similar work with the other specialty areas of trade during the 2018/19 year.

The Commission hopes to learn about the issues most pressing for each specialty area and what

we as the regulator can do to help mitigate them.

I have truly enjoyed the time I have had with the Commission, all of the people I have met and had

the privilege to work with along the way, and the personal growth I have experienced from my

involvement. The current staff and Commission members are a diverse, ambitious, hard-working

and visionary group that I have no doubt, will lead the organization on a path of growth.

As the regulator, the Commission continues to work to protect the public while considering the

industry and its members. It has been my honor to play a small role in its legacy.

Respectfully submitted,

Paul Jaspar

Commission Chair, 2018


Annual Report5

Compliance ReportIntroduction

The Legal & Compliance Manager is responsible for leading and managing all legal and compliance

functions of the Commission. This includes working with the public, external agencies, and

registrants to ensure compliance with The Real Estate Act, its Regulations, and the Commission’s

Bylaws. The Compliance Department includes the Legal & Compliance Manager, the Compliance

Officer, and the Legal Assistant.

Complaint Information

In the 2017/18 year, 65 complaint files were opened by the Commission.

Complaints were made against: Complaints were received from:

On June 30, 2018, there were 101 open complaint files.

Hearing Results and Updates

11 consent orders were approved during the 2017/18 fiscal year and three consent orders were

denied by a Hearing Committee.


Annual Report6

Complaint

against

#

Complaints

% of total

complaints

Salespeople 41 63

Brokers 13 20

Associate Brokers 5 6

Non-Registrants 4 1.5

Brokerages 1 8

Branch Managers 1 1.5

Complaint

from

#

Complaints

% of total

complaints

General Public 41 63

Commission 14 21.5

Registrants 7 11

Anonymous 2 3

Boards 1 1.5

DescriptionJune 30,

2016

June 30,

2017

June 30,

2018

Files opened during fiscal year ending: 85 93 65

Files closed during fiscal year ending: 83 65 64

Files remaining open as at: 87 108 101

Compliance ReportInformation for the Public

New and archived hearing decisions continue to be posted to CanLII.org, where they will remain

indefinitely. Currently, CanLII hosts Commission decisions from January 1, 2004.

A “Commission Discipline Process” flow chart is provided to all complainants and registrants when a

Formal Complaint to take further action (discipline) on a complaint is issued.

Compliance Department Activities

The Compliance Department continues to streamline the complaint and discipline processes with

templates for correspondence and implementing new file tracking systems to ensure timely case

management. The staff meet weekly to review ongoing files and discuss file progress. A contractor

performs the compliance review function for brokerage audits, of which there were 34 completed, and

every report is reviewed by the Compliance Officer or Legal & Compliance Manager before being

distributed to the brokerages.

The Compliance Department answers dozens of inquiries by registrants and members of the public

each week, both by telephone and email. The Compliance Officer writes several articles for each

issue of The Register. The Compliance Department also provides support for the Legislative

Committee, which includes research and preparation of new and amended regulations, bylaws, and

policies. The Legal & Compliance Manager undertakes similar work for the Brokerage Audit

Committee.

The Legal & Compliance Department made presentations to several different organizations this year:

• The Legal & Compliance Manager presented to the Association of Regina REALTORS, July 19, 2017, on marketing and advertising with a focus on social media. Registrants attended in-person and watched live through Facebook Live. The video on the Association’s private Facebook group has had approximately 140 views.

• On August 15, 2017, the Compliance Department presented a half-day training session to all Investigation Committee members.

• On November 16, 2017 the Legal & Compliance Manager presented at a RE/Max Saskatoon sales meeting. Topics included professionalism, electronic signatures and advertising.

• On November 20, 2017 the Legal & Compliance Manager presented at a Canadian Bar Association Real Property North section meeting. The purpose was to get real estate lawyers more familiar with real estate legislation.

• The Compliance Officer made a presentation to Re/Max Bridge City in May, 2018.

Bill Craik

Legal & Compliance Manager


Annual Report7

Registration Report

Active Registrants

As at June 30, 2018 there were a total of 1,794 registrants. The breakdown is as follows:

• 245 brokerages

• 245 brokers

• 22 branch managers

• 145 associate brokers

• 1,382 salespeople.

Registration Demographics

The highest percentage of registrants are in the 50 to 59 year-old age group.

During the past year:

• 13 new brokerages opened

• 9 brokerages closed

• 142 new registrants

• 19 new reciprocity-based registrants (3 brokers, 1 associate broker, 15 salespersons)

• 69 registrants transferred brokerages

• 280 registrations terminated

• 110 registrations re-instated

• 216 professional corporations permits issued.

Annual Financial Reporting

246 brokerages submitted their 2017 annual financial reports reporting on 1,056 real estate and

property management trust accounts and property management operating accounts.

In the 2017/18 fiscal year, brokerages reported over $818M in real estate trust and property

management operating account funds for 19,186 real estate transactions and 3,174 property

management clients.

Gail Armstrong

Registration & Office Administrator


Annual Report8

REGISTRANTS MALE FEMALE

Brokers 172 73

Branch Managers 14 8

Associate Brokers 94 51

Salespeople 735 647

The Registrar of the Commission is responsible for the licensing of industry professionals and

for maintaining a databank of organized data on those registered to trade in real estate

pursuant to The Real Estate Act in Saskatchewan.

Commission CommitteesSection 9 of The Real Estate Act allows for the establishment of committees as the Commission deems necessary, including a mandatory Selection Committee in charge of the selection process for Commission members.

Committees are made up of members of the Commission, Commission staff and other registrants as required. The Commission Chairperson and Executive Director/Registrar are ex-officio members of all committees.

The Commission may also establish ad-hoc committees or task forces to address specific issues usually within a specified time frame. Once the work of such a committee is complete or there is no further need of it, the committee is disbanded.


Annual Report9

Brokerage Audit Committee

Chair: Paul Jaspar

Members: Mike Duggleby, Jeff Markewich, Bob Volk

Staff Support: Legal & Compliance Manager

Mandate: To ensure the audit of brokerage trust

accounts are completed at minimum every five

years, that new brokerages are audited within 18

months of registration, that the audit serves as an

educational tool to brokers and to review audits for

concerns, compliance, timing and procedures in

order to achieve increasing compliance gains for the

industry as well as the broker.

Investigation Committee

Members: Brad Gilbert, Anne Odishaw, Bill Pain, Jason

Rumpel, Bernie Weinbender, Marlene Williamson

Staff Support: Legal & Compliance Manager

Mandate: To review and/or investigate complaints

brought to the Commission and make

recommendations on changes to The Act, Regulations,

Bylaws and/or Policies, and to aid in developing new

legislation as necessary.

Legislative Committee

Chair: Mike Duggleby/David Chow

Members: Dave Hepburn, Bob Volk

Staff Support: Executive Director/Registrar, Legal &

Compliance Manager

Mandate: To review and make recommendations to the

Commission on changes to the Act, Regulations,

Bylaws and/or policies, and to aid in developing new

legislation as necessary.

Management Committee

Chair: Paul Jaspar

Members: Dave Chow, Anne Parker

Staff Support: Executive Director/Registrar

Mandate: To monitor the financial stewardship of the

Commission, develop the annual budget, act as liaison

with the provincial association and to perform

management-level decision-making as needed.

Education Committee

Chair: Vern McClelland

Members: Jeff Markewich, Al Myers, Lori Patrick

Staff Support: Education & Communications

Coordinator

Mandate: To research, identify and make

recommendations on issues having to do with the

development and delivery of real estate registration

education and continuing professional development.

Hearing Committee

Chairs: Jeff Reimer, Randy Touet

Members: Carla Browne, David Chow, Mike

Duggleby, Dave Hepburn, Paul Jaspar, Trevor Koot

(2017), Phillip Mack, Jeff Markewich, Vern

McClelland, Al Myers, Anne Parker, Lori Patrick, Bob

Volk, Wayne White

Mandate: To consider, and if necessary, investigate

all complaints made to the Commission.

Brokerage Audit Committee ReportThe Commission outsources brokerage audits through EPR Saskatoon (EPR), which continues to

be a positive step to aid in public protection. It has proven to be not only cost effective, but also

sustainable while meeting the objectives of having all brokerages audited within a five-year period,

and all new brokerages being audited within the first year of operations. The Commission completes

an average of 50 brokerage audits per year.

The Commission staff and an outside contractor carry out a compliance audit of the transaction files

and documents obtained by EPR Saskatoon from each brokerage. The Compliance audits did not

reveal any irregularities that resulted in harm to the public, however, the information gathered is

valuable in determining the direction of our mandated continuing education, and the articles to be

published by the Commission in its newsletter, The Register.

In addition to the financial audits completed by EPR, brokerages are required to file an Annual

Financial Report (AFR) by March 15th of each year as per Commission Bylaw 606. Commission

staff review all reports as filed and follow-up on any issues identified in the AFR.

As per Bylaw 407, brokerages who fail to submit their reports by the filing deadline are charged a

$1,500 late filing fee and have restricted access to online transactions for the brokerage until the

report is filed and the fee has been paid.

Paul S. Jaspar, FCPA, FCABrokerage Audit Committee Chair

2017-2018Saskatchewan Real Estate Commission Annual

Report10

Education Committee ReportThe 2017-18 registration year was quite fulfilling for the Education Committee as we cleared the

final hurdle in our education rejuvenation project, which began in 2014. A tender was distributed

publicly in April of 2017, proposals were received and reviewed in May, and a new provider was

selected in August.

Since then, the Commission has been working with the Association of Saskatchewan

REALTORS® and UBC’s Sauder School of Business, Real Estate Division to ensure a seamless

transition to the new program delivery platform, scheduled to launch the first week of January

2019.

Though it has always been the Commission’s policy to perform an annual review of all

mandatory education courses, this initiative to overhaul the entire program was a labor-intensive

undertaking involving subject matter experts, professional content writers, instructional

designers, plus an exhaustive content review.

This rejuvenation also includes revisions to the way courses will be presented, organized, and

formatted. As well, all course examinations are being rewritten to reflect national best practice

standards in adult education.

Our goal is to provide students in the pre-registration program and registrants alike with

enhanced interactivity and access to resources not previously available.

Since 2016, our annual continuing professional development (CPD) has provided three course

options from which registrants may choose. All courses are offered in an online format, so

registrants can complete their CPD requirement anywhere, at any time. The goal each year is to

provide registrants with timely updates on industry-based topics and skills.

Currently there are three course options (Industry Updates, Commercial, Broker/Brokerage),

which allow individuals to select the learning opportunity that best meets their professional and

developmental needs. More options may be added in the future, depending on the challenges

facing registrants to stay current within a rapidly evolving global economy.

As this calendar year comes to a close, the Commission and the Education Committee would

again like to thank the Association of Saskatchewan REALTORS® for working beside us for

many years to provide registration education across the province.

The open communication with Association representatives throughout this transition has been

mutually beneficial. I believe both organizations have learned much and given best effort in the

interest of registrants.


Annual Report11

Education Committee ReportThis close and respectful working relationship will go a long way to ensuring the people of

Saskatchewan receive the best professional real estate services available in Canada.

As the Commission’s new Chairperson for the next fiscal year, I am pleased to pass the

Education Committee Chair position to Lori Patrick.

Lori is long-time registrant, a strong believer in quality education, and I know she and the

Committee will capably guide the important upcoming implementation phase of the new

education program.

Thank you,

Vern McClelland

Education Committee Chair

Pre-registration Course Exam Statistics


Annual Report12

Exam Delivery Statistics - 2017/18

Total Exams

Issued

Total

Students

(unique

users)

Exams# Exams

(by course)

726 287

Phase 1, Real Estate as a Professional Career (REPC)

Phase 2, Commercial REPC

Phase 2, Farm REPC

Phase 2, Property Management REPC

Phase 2, Residential REPC

Phase 3, Office Management & Brokerage

203

170

154

38

127

34

CPD Statistics


Annual Report13

Classroom Enrollments by City

Location Enrollments

Melfort 22

Moose Jaw 22

North Battleford 29

Prince Albert 21

Regina 157

Saskatoon 169

Swift Current 22

Classroom vs Online Enrollments by Month†

MonthClassroom

Enrollments

Online

Enrollments

September 35 N/A

October 155 N/A

November 71 N/A

December 13 59

January 31 81

February 53 47

March 37 79

April 43 128

May 4 937

June N/A 28

Total completions May 1-31, 2018: 998

Total extensions granted*: 32

†Enrollment = purchase date, not completion date.

*As per Bylaws 331 and 409, registrants may apply for an

extension at the cost of $300.

Total CPD 2017/18 Enrollments: 1804

Total Classroom Enrollments: 442

Total Online Enrollments: 1362

Legislative Committee ReportIntroductionThe Saskatchewan Real Estate Commission was created July 1, 1988, through the enactment

of provincial legislation. The mandate of the Legislative Committee is to make recommendations

to the Commission on changes to The Real Estate Act, its Regulations, the Commission’s

Bylaws and Policies consistent with the mission, vision and values enumerated by the

Commission.

Proposed Legislation ChangesIn 2016, proposed amendments to the Act, its Regulations, and the Bylaws were submitted to

the Minister of Justice’s office and the Financial and Consumer Affairs Authority (FCAA). The

process of redrafting the legislation was a four year project for the Commission with the goal of

updating and amending the current legislation as a whole in order that the Commission could

more effectively and efficiently fulfill its mandate of public protection.

In June, 2018, the Commission was provided with draft legislative amendments that the Minister

of Justice’s office and the FCAA sought to advance. Currently, those amendments are with

Legislative Drafting Services for provincial government vetting and recommendations to Cabinet.

The Committee and the Commission will continue to work with government to address legislative

change.

Additional InitiativesThe Committee has no bylaw amendment requests outstanding with FCAA as of the end of this

fiscal year. The Committee continues to work towards a solution surrounding the issues that

arise in measuring and advertising square footage, and with various issues in the areas of

commercial real estate and property management.

The Commission and Committee members would like to thank past Chairpersons, David Chow

and Mike Duggleby for their time and efforts in leading the Committee this fiscal year.

Legislative Committee


Annual Report14

Real Estate Assurance Fund Report As per Saskatchewan’s real estate legislation, the Commission is responsible for the

administration of the Real Estate Assurance Fund (REAF).

The REAF was established to provide financial protection to consumers where they have

suffered a loss as a result of a deficiency in the money held in trust by a brokerage in connection

with a trade in real estate. The REAF is funded by the investment of the money in the REAF

account. The funds in the account are gathered based on a levy per registrant at his/her time of

initial application for registration with the Commission, and upon renewal each year for each

registrant.

The Commission may make payment to a consumer from the REAF for, in the opinion of the

Commission, a valid claim. If a claim against a brokerage is disputed by the brokerage, the

claimant must obtain a judgment against the brokerage.

The maximum claim under the REAF is $25,000. The maximum of the aggregate of claims for

one brokerage is $50,000. Where the aggregate of all valid claims against one brokerage

exceeds $50,000, the claims are paid on a pro-rata basis. A claimant has two years from the

date of the deposit with the brokerage to make a claim with the Commission.

There were no claims made against the fund over the 2017-2018 fiscal year.


Annual Report15

Interest Bearing Trust Account Projects

IBTA Project Summaries:

Project #1 – Audit of Trust Accounts

In order to satisfy this mandate, the Commission implemented a brokerage audit process. A

two-step, partially outsourced process was designed to add a higher level of efficiency to the

process. Please refer to the Brokerage Audit Committee Report for more details.

The request for funding the Audit of Trust Accounts project, pursuant to sections 72(a) and (d)

of The Real Estate Act, was $60,000 for the 2017/18 fiscal year.

Project #2 – Continuing Professional Development (CPD) & Education

Development

As the five-year contract (2014-2018) with the Association of Saskatchewan REALTORS®

(Association) comes to a close, the Commission would like to reiterate how grateful we are for

the opportunity to work together with the Association in a professional development capacity.

Commission staff worked closely with the Association to develop the annual Continuing

Professional Development (CPD) courses and perform an annual review of all other registration

courses for the betterment of all stakeholders in the industry.

For this project, the Commission researched topics of import to the industry and provided

curriculum outlines to the Association to develop the course content for all registration courses.

The Association consulted with the Commission staff during all aspects of course development.

This project provided the ability for the Commission staff members to perpetually conduct

research and provide timely continuing education to registrants on new and emerging issues

and assisted to ensure all courses remained current.

The request for funding the CPD and Education Development project, pursuant to sections

72(a) and (b) of The Real Estate Act, was $15,000 for the 2017/18 fiscal year.


Annual Report16

The Saskatchewan Real Estate Commission established, as one of its mandates, the

improvement in professionalism and education of all registrants. In accomplishing this

long-term objective, during the 2014-2015 registration year, the Commission developed

projects that fell within the parameters of Section 72 of The Real Estate Act allowing the

utilization of interest accumulated through interest bearing trust accounts (IBTAs), or

accounts held in trust by brokerages on behalf of a client’s real estate transactions.

Interest Bearing Trust Account Projects

Project # 3 – Registration Education Content & Examination Development

In January 2014, the Commission established an Examination Task Force. This Task Force, made

up of industry subject matter experts (SMEs), and Commission and Association staff, facilitated by

Yardstick examination and testing experts, was responsible for the development of items for the

pre-registration certification examinations.

The Task Force also performed an intensive analysis of the courses to ensure the course material

had sufficient content. The Task Force completed it’s work early in 2017 and new exams were

launched in November of 2017.

Part of the project reviewed the performance of the new exams and began implementing

suggestions for course redevelopment. The request for funding for the Education Content and

Examination Development project, pursuant to sections 72(a) and (b) of The Real Estate Act, was

$30,000 for the 2017/18 fiscal year.

An extension of Projects #2 & 3 occurred with the distribution of a tender for an education provider,

as the current contract completes in December 2018. A new education provider was chosen and

work began in mid 2017 to overhaul the mandatory education courses and exams. As per the

Education Committee report, the new program will launch in January 2019.


Annual Report17

Year ending June 30, 2018

Financials



Annual Report18

ÍßÍÕßÌÝØÛÉßÒ ÎÛßÔ ÛÍÌßÌÛ ÝÑÓÓ×ÍÍ×ÑÒ

Ú×ÒßÒÝ×ßÔ ÍÌßÌÛÓÛÒÌÍ

ÖËÒÛ íðô îðïè

ÓßÒßÙÛÓÛÒÌùÍ ÎÛÍÐÑÒÍ×Þ×Ô×ÌÇ ÚÑÎ

Ú×ÒßÒÝ×ßÔ ÍÌßÌÛÓÛÒÌÍ

Ì¸» ¿½½±³°¿²§·²¹ º·²¿²½·¿ ́ ¬¿¬»³»²¬ ±º Í¿µ¿¬½¸»©¿² Î»¿´ Û¬¿¬» Ý±³³··±² ¸¿ª» ¾»»² °®»°¿®»¼ ¾§ ¬¸»Ý±³³··±²ù ³¿²¿¹»³»²¬ ·² ¿½½±®¼¿²½» ©·¬¸ Ý¿²¿¼·¿² ¿½½±«²¬·²¹ ¬¿²¼¿®¼ º±® ²±¬óº±®ó°®±º·¬ ±®¹¿²·¦¿¬·±² ¿²¼²»½»¿®·´§ ·²½´«¼» ±³» ¿³±«²¬ ¾¿»¼ ±² ·²º±®³»¼ ¶«¼¹»³»²¬ ¿²¼ ³¿²¿¹»³»²¬ »¬·³¿¬»ò

Ì± ¿·¬ ³¿²¿¹»³»²¬ ·² º«´º·´´·²¹ ·¬ ®»°±²·¾·´·¬·»ô ¿ §¬»³ ±º ·²¬»®²¿ ́ ½±²¬®±´ ¸¿ ¾»»² »¬¿¾´·¸»¼ ¬± °®±ª·¼»®»¿±²¿¾´» ¿«®¿²½» ¬¸¿¬ ¬¸» º·²¿²½·¿´ ¬¿¬»³»²¬ ¿®» ¿½½«®¿¬» ¿²¼ ®»´·¿¾´» ¿²¼ ¬¸¿¬ ¿»¬ ¿®» ¿º»¹«¿®¼»¼ò

Ì¸» Þ±¿®¼ ±º Ü·®»½¬±® ¸¿ª» ®»ª·»©»¼ ¿²¼ ¿°°®±ª»¼ ¬¸»» º·²¿²½·¿´ ¬¿¬»³»²¬ò

Ì¸»» º·²¿²½·¿´ ¬¿¬»³»²¬ ¸¿ª» ¾»»² »¨¿³·²»¼ ¾§ ¬¸» ·²¼»°»²¼»²¬ ¿«¼·¬±®ô Ê·®¬« Ù®±«° ÔÔÐô ¿²¼ ¬¸»·® ®»°±®¬ ·°®»»²¬»¼ »°¿®¿¬»´§ò

ÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁ ÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁ

ß¿®±² Ì»¬« Ü¿®´¿ Ø«º³·¬¸

Û¨»½«¬·ª» Ü·®»½¬±®ñÎ»¹·¬®¿® Ý±²¬®±´´»®

×ÒÜÛÐÛÒÜÛÒÌ ßËÜ×ÌÑÎÍ� ÎÛÐÑÎÌÌ± ¬¸» Ó»³¾»®ô

Í¿µ¿¬½¸»©¿² Î»¿´ Û¬¿¬» Ý±³³··±²

É» ¸¿ª» ¿«¼·¬»¼ ¬¸» ¿½½±³°¿²§·²¹ º·²¿²½·¿´ ¬¿¬»³»²¬ ±º Í¿µ¿¬½¸»©¿² Î»¿´ Û¬¿¬» Ý±³³··±² ©¸·½¸ ½±³°®·»¬¸» ¬¿¬»³»²¬ ±º º·²¿²½·¿´ °±·¬·±² ¿ ¿¬ Ö«²» íðô îðïè ¿²¼ ¬¸» ¬¿¬»³»²¬ ±º ±°»®¿¬·±²ô ½¸¿²¹» ·² ²»¬ ¿»¬ ¿²¼½¿¸ º´±© º±® ¬¸» §»¿® ¬¸»² »²¼»¼ô ·²½´«¼·²¹ ¬¸» Ù»²»®¿ ́ Ú«²¼ô ×²¬»®»¬ Þ»¿®·²¹ Ì®«¬ ß½½±«²¬ ¿²¼ Î»¿ ́ Û¬¿¬»ß«®¿²½» Ú«²¼ô ¿²¼ ¿ «³³¿®§ ±º ·¹²·º·½¿²¬ ¿½½±«²¬·²¹ °±´·½·» ¿²¼ ±¬¸»® »¨°´¿²¿¬±®§ ·²º±®³¿¬·±²ò

Ó¿²¿¹»³»²¬ù Î»°±²·¾·´·¬§ º±® ¬¸» Ú·²¿²½·¿´ Í¬¿¬»³»²¬

Ó¿²¿¹»³»²¬ · ®»°±²·¾´» º±® ¬¸» °®»°¿®¿¬·±² ¿²¼ º¿·® °®»»²¬¿¬·±² ±º ¬¸»» º·²¿²½·¿´ ¬¿¬»³»²¬ ·² ¿½½±®¼¿²½» ©·¬¸Ý¿²¿¼·¿² ¿½½±«²¬·²¹ ¬¿²¼¿®¼ º±® ²±¬óº±®ó°®±º·¬ ±®¹¿²·¦¿¬·±² ¿²¼ º±® «½¸ ·²¬»®²¿ ́ ½±²¬®±´ ¿ ³¿²¿¹»³»²¬¼»¬»®³·²» · ²»½»¿®§ ¬± »²¿¾´» ¬¸» °®»°¿®¿¬·±² ±º º·²¿²½·¿´ ¬¿¬»³»²¬ ¬¸¿¬ ¿®» º®»» º®±³ ³¿¬»®·¿´ ³·¬¿¬»³»²¬ô©¸»¬¸»® ¼«» ¬± º®¿«¼ ±® »®®±®ò

ß«¼·¬±®ù Î»°±²·¾·´·¬§

Ñ«® ®»°±²·¾·´·¬§ · ¬± »¨°®» ¿² ±°·²·±² ±² ¬¸»» º·²¿²½·¿´ ¬¿¬»³»²¬ ¾¿»¼ ±² ±«® ¿«¼·¬ò É» ½±²¼«½¬»¼ ±«® ¿«¼·¬·² ¿½½±®¼¿²½» ©·¬¸ Ý¿²¿¼·¿² ¹»²»®¿´´§ ¿½½»°¬»¼ ¿«¼·¬·²¹ ¬¿²¼¿®¼ò Ì¸±» ¬¿²¼¿®¼ ®»¯«·®» ¬¸¿¬ ©» ½±³°´§ ©·¬¸»¬¸·½¿´ ®»¯«·®»³»²¬ ¿²¼ °´¿² ¿²¼ °»®º±®³ ¬¸» ¿«¼·¬ ¬± ±¾¬¿·² ®»¿±²¿¾´» ¿«®¿²½» ¿¾±«¬ ©¸»¬¸»® ¬¸» º·²¿²½·¿´¬¿¬»³»²¬ ¿®» º®»» ±º ³¿¬»®·¿´ ³·¬¿¬»³»²¬ò

ß² ¿«¼·¬ ·²ª±´ª» °»®º±®³·²¹ °®±½»¼«®» ¬± ±¾¬¿·² ¿«¼·¬ »ª·¼»²½» ¿¾±«¬ ¬¸» ¿³±«²¬ ¿²¼ ¼·½´±«®» ·² ¬¸» º·²¿²½·¿´¬¿¬»³»²¬ò Ì¸» °®±½»¼«®» »´»½¬»¼ ¼»°»²¼ ±² ¬¸» ¿«¼·¬±®ù ¶«¼¹³»²¬ô ·²½´«¼·²¹ ¬¸» ¿»³»²¬ ±º ¬¸» ®·µ ±º³¿¬»®·¿´ ³·¬¿¬»³»²¬ ±º ¬¸» º·²¿²½·¿´ ¬¿¬»³»²¬ô ©¸»¬¸»® ¼«» ¬± º®¿«¼ ±® »®®±®ò ×² ³¿µ·²¹ ¬¸±» ¿»³»²¬ô ¬¸»¿«¼·¬±® ½±²·¼»® ·²¬»®²¿´ ½±²¬®±´ ®»´»ª¿²¬ ¬± ¬¸» Ý±³³··±²ù °®»°¿®¿¬·±² ¿²¼ º¿·® °®»»²¬¿¬·±² ±º ¬¸» º·²¿²½·¿´¬¿¬»³»²¬ ·² ±®¼»® ¬± ¼»·¹² ¿«¼·¬ °®±½»¼«®» ¬¸¿¬ ¿®» ¿°°®±°®·¿¬» ·² ¬¸» ½·®½«³¬¿²½»ô ¾«¬ ²±¬ º±® ¬¸» °«®°±» ±º»¨°®»·²¹ ¿² ±°·²·±² ±² ¬¸» »ºº»½¬·ª»²» ±º ¬¸» Ý±³³··±²� ·²¬»®²¿´ ½±²¬®±´ò ß² ¿«¼·¬ ¿´± ·²½´«¼» »ª¿´«¿¬·²¹¬¸» ¿°°®±°®·¿¬»²» ±º ¿½½±«²¬·²¹ °±´·½·» «»¼ ¿²¼ ¬¸» ®»¿±²¿¾´»²» ±º ¿½½±«²¬·²¹ »¬·³¿¬» ³¿¼» ¾§³¿²¿¹»³»²¬ô ¿ ©»´´ ¿ »ª¿´«¿¬·²¹ ¬¸» ±ª»®¿´´ °®»»²¬¿¬·±² ±º ¬¸» º·²¿²½·¿ ́¬¿¬»³»²¬ò

É» ¾»´·»ª» ¬¸¿¬ ¬¸» ¿«¼·¬ »ª·¼»²½» ©» ¸¿ª» ±¾¬¿·²»¼ · «ºº·½·»²¬ ¿²¼ ¿°°®±°®·¿¬» ¬± °®±ª·¼» ¿ ¾¿· º±® ±«® ¿«¼·¬±°·²·±²ò

Ñ°·²·±²

×² ±«® ±°·²·±²ô ¬¸»» º·²¿²½·¿´ ¬¿¬»³»²¬ °®»»²¬ º¿·®´§ô ·² ¿´´ ³¿¬»®·¿´ ®»°»½¬ô ¬¸» º·²¿²½·¿´ °±·¬·±² ±º ¬¸»Ý±³³··±² ¿ ¿¬ Ö«²» íðô îðïè ¿²¼ ¬¸» ®»«´¬ ±º ·¬ ±°»®¿¬·±² ¿²¼ ·¬ ½¿¸ º´±© º±® ¬¸» §»¿® ¬¸»² »²¼»¼ ·²¿½½±®¼¿²½» ©·¬¸ Ý¿²¿¼·¿² ¿½½±«²¬·²¹ ¬¿²¼¿®¼ º±® ²±¬óº±®ó°®±º·¬ ±®¹¿²·¦¿¬·±²ò

Í»°¬»³¾»® êô îðïè

Í¿µ¿¬±±²ô Í¿µ¿¬½¸»©¿² Ý¸¿®¬»®»¼ Ð®±º»·±²¿´ ß½½±«²¬¿²¬

ÍßÍÕßÌÑÑÒÍ«·¬» îðð ó ïëé î²¼ ßª» Ò±®¬ ̧¤ Í¿µ¿¬±±²ô ÍÕ ÍéÕ îßç¬ò íðêóêëíóêïðð ºò íðêóêëíóìîìë »ò ª·®¬«ò¿µ¿¬±±²àª·®¬«¹®±«°ò½¿

ÎÛÙ×ÒßÍ«·¬» îðð ó îîðè Í½¿®¬ ̧Í¬®»»¬ ¤ Î»¹·²¿ô ÍÕ ÍìÐ îÖ ê

¬ò íðêóëîîóêëðð ºò íðêóëîîóêîîî »ò ª·®¬«ò®»¹·²¿àª·®¬«¹®±«°ò½¿

ÌÑÔÔ ÚÎÛÛïóèèèóîëèóéêéé

©©©òª·®¬«¹®±«°ò½¿

ÍßÍÕßÌÝØÛÉßÒ ÎÛßÔ ÛÍÌßÌÛ ÝÑÓÓ×ÍÍ×ÑÒÍÌßÌÛÓÛÒÌ ÑÚ Ú×ÒßÒÝ×ßÔ ÐÑÍ×Ì×ÑÒ

ßÍ ßÌ ÖËÒÛ íðô îðïè

ø©·¬¸ ½±³°¿®¿¬·ª» º·¹«®» º±® îðïé÷

ßÍÍÛÌÍ

îðïè îðïé

Ý«®®»²¬ ¿»¬

Ý¿¸ ü ïôîëèôçèì ü ïôëððôèðëß½½±«²¬ ®»½»·ª¿¾´» îìôíîð ïëôíêìß½½®«»¼ ·²¬»®»¬ ®»½»·ª¿¾´» íôëéè íôëéèÐ®»°¿·¼ »¨°»²» ïïôééî ìðôéëîÜ«» º®±³ ×²¬»®»¬ Þ»¿®·²¹ Ì®«¬ ß½½±«²¬ ïðëôìèï ó

ïôìðìôïíë ïôëêðôìçç

×²ª»¬³»²¬ øÒ±¬» í÷ îôìëêôéíè ïôçëèôèèéÌ¿²¹·¾´» ½¿°·¬¿´ ¿»¬ øÒ±¬» ì÷ ííçôçïë ííèôçðí

ü ìôîððôéèè ü íôèëèôîèç

Ô×ßÞ×Ô×Ì×ÛÍ

Ý«®®»²¬ ´·¿¾·´·¬·»

ß½½±«²¬ °¿§¿¾´» ¿²¼ ¿½½®«»¼ ´·¿¾·´·¬·» ü ìðôééì ü îëôéìðß½½®«»¼ ª¿½¿¬·±² °¿§ ïïôîëê ïêôîíïÜ»º»®®»¼ ®»ª»²«» êçéôéîë éîìôéêèÜ«» ¬± ×²¬»®»¬ Þ»¿®·²¹ Ì®«¬ ß½½±«²¬ ó íéôìíçÜ«» ¬± Î»¿´ Û¬¿¬» ß«®¿²½» Ú«²¼ ïéôíêð ïîôçîðÜ«» ¬± Î»¿´ Û¬¿¬» ×²«®¿²½» Û¨½¸¿²¹» íðçôïîë ìèîôêîëÜ«» ¬± ß±½·¿¬·±² ±º Í¿µ¿¬½¸»©¿² ÎÛßÔÌÑÎÍr ïôïëê ó

ïôðééôíçê ïôîççôéîí

ÒÛÌ ßÍÍÛÌÍ

×²ª»¬»¼ ·² ¬¿²¹·¾´» ½¿°·¬¿ ́¿»¬ ííçôçïë ííèôçðì×²¬»®²¿´´§ ®»¬®·½¬»¼ øÒ±¬» ë÷ îôéèíôìéé îôîïçôêêî

íôïîíôíçî îôëëèôëêê

ü ìôîððôéèè ü íôèëèôîèç

Í»» ¿½½±³°¿²§·²¹ ²±¬» ¬± ¬¸» º·²¿²½·¿´ ¬¿¬»³»²¬ò

ßÐÐÎÑÊÛÜ ÞÇæ

ÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁ Ó»³¾»® ÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁ Ó»³¾»®

ó ï ó

ÍßÍÕßÌÝØÛÉßÒ ÎÛßÔ ÛÍÌßÌÛ ÝÑÓÓ×ÍÍ×ÑÒÍÌßÌÛÓÛÒÌ ÑÚ ÝØßÒÙÛÍ ×Ò ÒÛÌ ßÍÍÛÌÍ

ÚÑÎ ÌØÛ ÇÛßÎ ÛÒÜÛÜ ÖËÒÛ íðô îðïè

ø©·¬¸ ½±³°¿®¿¬·ª» º·¹«®» º±® ¬¸» §»¿® »²¼»¼ Ö«²» íðô îðïé÷

Ì¿²¹·¾´»

Ý¿°·¬¿´ ×²¬»®²¿´´§ Î»¬®·½¬»¼ øÒ±¬» ë÷

Ë²®»¬®·½¬»¼ ß»¬ Ý¿°·¬¿´ Í¬¿¾·´·¦¿¬·±² îðïè îðïé

Þ¿´¿²½» ó ¾»¹·²²·²¹ ±º

§»¿® ü ó ü ííèôçðì ü îôðïéôïìï ü îðîôëîï ü îôëëèôëêê ü îôîîéôèéì

Û¨½» ±º ®»ª»²«» ±ª»®

»¨°»²» îìíôèîê ó ó ó îìíôèîê ííðôêçî

ß³±®¬·¦¿¬·±² ±º ¬¿²¹·¾´»

½¿°·¬¿´ ¿»¬ ëôðïë øëôðïë÷ ó ó ó ó

Ð«®½¸¿» ±º ¬¿²¹·¾´»

½¿°·¬¿´ ¿»¬ øêôðîê÷ êôðîê ó ó ó ó

Ì®¿²º»® º®±³ ÎÛßÚ ó ó íîïôððð ó íîïôððð ó

×²¬»®º«²¼ ¬®¿²º»® øÒ±¬»

ë÷ øîìîôèïë÷ ó îííôîèð çôëíë ó ó

Þ¿´¿²½» ó »²¼ ±º §»¿® ü ó ü ííçôçïë ü îôëéïôìîï ü îïîôðëê ü íôïîíôíçî ü îôëëèôëêê

Í»» ¿½½±³°¿²§·²¹ ²±¬» ¬± ¬¸» º·²¿²½·¿´ ¬¿¬»³»²¬ò

ó î ó

ÍßÍÕßÌÝØÛÉßÒ ÎÛßÔ ÛÍÌßÌÛ ÝÑÓÓ×ÍÍ×ÑÒÍÌßÌÛÓÛÒÌ ÑÚ ÑÐÛÎßÌ×ÑÒÍ


ø©·¬¸ ½±³°¿®¿¬·ª» º·¹«®» º±® ¬¸» §»¿® »²¼»¼ Ö«²» íðô îðïé÷

îðïè îðïé

Î»ª»²«»

ß¼³·²·¬®¿¬·ª» º»» ü ííéôêîç ü îìçôïçç×ÞÌß °®±¶»½¬ øÒ±¬» ê÷ ïðëôððð ïðëôððð×²¬»®»¬ ¿²¼ ·²ª»¬³»²¬ ®»ª»²«» ëéôêðï ééôîðð×²¬»®²»¬ ¸±¬·²¹ ïðôìðð ïìôîððÐ®±º»·±²¿´ ½±®°±®¿¬·±² ëðôðíí êçôïçéÎÛßÚ ¿²¼ ×ÞÌß ³¿²¿¹»³»²¬ º»» êëôððð îëôðððÎ»¹·¬®¿¬·±² ééðôïìð éééôèèëÍ¿²½¬·±² ïéôíèé íïôíìèÌ»½¸²±´±¹§ ëïê ïôïïì

ïôìïíôéðê ïôíëðôïìí

Û¨°»²»

ß¼³·²·¬®¿¬·±² ïêçôîìç ïëéôïðîß¼ª»®¬··²¹ ¿²¼ °®±³±¬·±² ìïì éèðß³±®¬·¦¿¬·±² ëôðïë ìôíîèß«¼·¬ ¿²¼ ´»¹¿´ º»» ïíôîçè ïìôèéëÞ¿²µ ½¸¿®¹» ¿²¼ ·²¬»®»¬ ìíôééï ìëôíèîÞ±±µµ»»°·²¹ íôîíê èôìéêÞ®±µ»®¿¹» ¿«¼·¬ ïçïôïìê ïïçôìéçÝ±³°«¬»® °®±½»·²¹ ïîôìèê ïîôðïèÝ±²º»®»²½» îðôèìç ïíôêèêÛ¼«½¿¬·±² ïðïôêèè çîôçççØ»¿®·²¹ ïðôëïé ïïôîîî×²«®¿²½» îôéèê ëôîíé×²¬»®»¬ ¿²¼ ·²ª»¬³»²¬ º»» îíôêêè ìôïìç×²ª»¬·¹¿¬·±² îêçôëðð îìïôëïðÓ»»¬·²¹ èêôíðî ççôêðëÓ»³¾»®¸·° º»» ïèôçéí ïíôèëíÑºº·½» ïêôîìî îðôèéëÐ®±º»·±²¿´ ¼»ª»´±°³»²¬ îëôéïê íîôêìïÐ®±°»®¬§ ¬¿¨» èôéíë ëôëîëÎ»¹·¬®¿¬·±² ïîêôéìç ïïêôêìîÎ»°¿·® ¿²¼ ³¿·²¬»²¿²½» ïïôïðì ïîôêêéÌ»´»°¸±²» îïôìîç ïéôêïíË¬·´·¬·» éôêçí çôéîè

ïôïçðôëêê ïôðêðôíçî

îîíôïìð îèçôéëï

Ñ¬¸»® ®»ª»²«»

Ë²®»¿´·¦»¼ ¹¿·² ±² ·²ª»¬³»²¬ îðôêèê ìðôçìï

Û¨½» ±º ®»ª»²«» ±ª»® »¨°»²» º±® ¬¸» §»¿® ü îìíôèîê ü ííðôêçî

Í»» ¿½½±³°¿²§·²¹ ²±¬» ¬± ¬¸» º·²¿²½·¿´ ¬¿¬»³»²¬ò

ó í ó

ÍßÍÕßÌÝØÛÉßÒ ÎÛßÔ ÛÍÌßÌÛ ÝÑÓÓ×ÍÍ×ÑÒÍÌßÌÛÓÛÒÌ ÑÚ ÝßÍØ ÚÔÑÉÍ


ø©·¬¸ ½±³°¿®¿¬·ª» º·¹«®» º±® ¬¸» §»¿® »²¼»¼ Ö«²» íðô îðïé÷

îðïè îðïé

Ý¿¸ °®±ª·¼»¼ ¾§ ø«»¼ ·²÷ ±°»®¿¬·²¹ ¿½¬·ª·¬·»æ

Û¨½» ±º ®»ª»²«» ±ª»® »¨°»²» ü îìíôèîê ü ííðôêçî×¬»³ ²±¬ ·²ª±´ª·²¹ ½¿¸æ

ó ß³±®¬·¦¿¬·±² ëôðïë ìôíîèó Ë²®»¿´·¦»¼ ¹¿·² ±² ·²ª»¬³»²¬ øîðôêèê÷ øìðôçìï÷

îîèôïëë îçìôðéçÒ±²ó½¿¸ ±°»®¿¬·²¹ ©±®µ·²¹ ½¿°·¬¿´æ

ß½½±«²¬ ®»½»·ª¿¾´» øèôçëê÷ éôíîìß½½®«»¼ ·²¬»®»¬ ®»½»·ª¿¾´» ó çôêèîÐ®»°¿·¼ »¨°»²» îèôçèð êôìêïß½½±«²¬ °¿§¿¾´» ¿²¼ ¿½½®«»¼ ´·¿¾·´·¬·» ïëôðíì øêéôïëð÷ß½½®«»¼ ª¿½¿¬·±² °¿§ øìôçéë÷ øïôíêé÷Ü»º»®®»¼ ®»ª»²«» øîéôðìí÷ øïíôîêï÷Ü«» ¬± ß±½·¿¬·±² ±º Í¿µ¿¬½¸»©¿² ÎÛßÔÌÑÎÍr ïôïëê óÜ«» º®±³ ×²¬»®»¬ Þ»¿®·²¹ Ì®«¬ ß½½±«²¬ øïìîôçîð÷ îôîëíÜ«» ¬± Î»¿´ Û¬¿¬» ß«®¿²½» Ú«²¼ ìôììð êôïêðÜ«» ¬± Î»¿´ Û¬¿¬» ×²«®¿²½» Û¨½¸¿²¹» øïéíôëðð÷ øïíôèîë÷

øéçôêîç÷ îíðôíëê

Ý¿¸ °®±ª·¼»¼ ¾§ ø«»¼ ·²÷ ·²ª»¬·²¹ ¿½¬·ª·¬·»æ

ß¼¼·¬·±² ¬± ·²ª»¬³»²¬ øïëêôïêê÷ øèðôèçè÷ß¼¼·¬·±² ¬± ¬¿²¹·¾´» ½¿°·¬¿´ ¿»¬ øêôðîê÷ øèôéîì÷

øïêîôïçî÷ øèçôêîî÷

×²½®»¿» ø¼»½®»¿»÷ ·² ½¿¸ øîìïôèîï÷ ïìðôéíì

Ý¿¸ °±·¬·±² ó ¾»¹·²²·²¹ ±º §»¿® ïôëððôèðë ïôíêðôðéï

Ý¿¸ °±·¬·±² ó »²¼ ±º §»¿® ü ïôîëèôçèì ü ïôëððôèðë

Í»» ¿½½±³°¿²§·²¹ ²±¬» ¬± ¬¸» º·²¿²½·¿´ ¬¿¬»³»²¬ò

ó ì ó

ÍßÍÕßÌÝØÛÉßÒ ÎÛßÔ ÛÍÌßÌÛ ÝÑÓÓ×ÍÍ×ÑÒ×ÒÌÛÎÛÍÌ ÞÛßÎ×ÒÙ ÌÎËÍÌ ßÝÝÑËÒÌ

ÍÌßÌÛÓÛÒÌ ÑÚ Ú×ÒßÒÝ×ßÔ ÐÑÍ×Ì×ÑÒ


ø©·¬¸ ½±³°¿®¿¬·ª» º·¹«®» º±® îðïé÷

ßÍÍÛÌÍ

îðïè îðïé

ø®»¬¿¬»¼÷

Ý«®®»²¬ ¿»¬

Ý¿¸ ü êêôïîï ü éêôìðëß½½±«²¬ ®»½»·ª¿¾´» ïçôëéì ïêôêîïß½½®«»¼ ·²¬»®»¬ ®»½»·ª¿¾´» ó íéëÜ«» º®±³ Í¿µ¿¬½¸»©¿² Î»¿´ Û¬¿¬» Ý±³³··±² ó íéôìíç

èëôêçë ïíðôèìð

×²ª»¬³»²¬ øÒ±¬» í÷ íîìôèðì îîíôçëï

ü ìïðôìçç ü íëìôéçï


Ý«®®»²¬ ´·¿¾·´·¬·»

Ü«» ¬± ®»´¿¬»¼ °¿®¬·» ü ïðëôìèï ü ó

ÒÛÌ ßÍÍÛÌÍ

Î»¬®·½¬»¼ øÒ±¬» ê÷ íðëôðïè íëìôéçï

ü ìïðôìçç ü íëìôéçï

Í»» ¿½½±³°¿²§·²¹ ²±¬» ¬± ¬¸» º·²¿²½·¿´ ¬¿¬»³»²¬ò

ó ë ó


ÍÌßÌÛÓÛÒÌ ÑÚ ÑÐÛÎßÌ×ÑÒÍ ßÒÜ ÝØßÒÙÛÍ ×Ò ÒÛÌ ßÍÍÛÌÍ


ø©·¬¸ ½±³°¿®¿¬·ª» º·¹«®» º±® ¬¸» §»¿® »²¼»¼ Ö«²» íðô îðïé÷

îðïè îðïé

ø®»¬¿¬»¼÷

Î»ª»²«»

Ì®«¬ ¿½½±«²¬ ·²¬»®»¬ ®»½»·ª»¼ ü çëôéìç ü èèôïðé×²ª»¬³»²¬ ®»ª»²«» ìôêëî èôééí

ïððôìðï çêôèèð

Û¨°»²»

ß¼³·²·¬®¿¬·±² º»» ïìëôððð ïðëôðððÞ¿²µ »®ª·½» ½¸¿®¹» êôððð ëôçíð×²¬»®»¬ ¿²¼ ·²ª»¬³»²¬ º»» íôèíç ëëé

ïëìôèíç ïïïôìèé

øëìôìíè÷ øïìôêðé÷

Ñ¬¸»® ®»ª»²«»

Ë²®»¿´·¦»¼ ¹¿·² ±² ·²ª»¬³»²¬ ìôêêë ëôíéï

Û¨½» ø¼»º·½·»²½§÷ ±º ®»ª»²«» ±ª»® »¨°»²» º±® ¬¸» §»¿® øìçôééí÷ øçôîíê÷

Î»¬®·½¬»¼ ²»¬ ¿»¬ ó ¾»¹·²²·²¹ ±º §»¿®

ß °®»ª·±«´§ ®»°±®¬»¼ íëìôéçï íììôðîéÝ±®®»½¬·±² ±º °®·±® °»®·±¼ »®®±® øÒ±¬» è÷ ó îðôððð

ß ®»¬¿¬»¼ íëìôéçï íêìôðîé

Î»¬®·½¬»¼ ²»¬ ¿»¬ ó »²¼ ±º §»¿® ü íðëôðïè ü íëìôéçï

Í»» ¿½½±³°¿²§·²¹ ²±¬» ¬± ¬¸» º·²¿²½·¿´ ¬¿¬»³»²¬ò

ó ê ó


ÍÌßÌÛÓÛÒÌ ÑÚ ÝßÍØ ÚÔÑÉÍ


ø©·¬¸ ½±³°¿®¿¬·ª» º·¹«®» º±® ¬¸» §»¿® »²¼»¼ Ö«²» íðô îðïé÷

îðïè îðïé

ø®»¬¿¬»¼÷

Ý¿¸ °®±ª·¼»¼ ¾§ ø«»¼ ·²÷ ±°»®¿¬·²¹ ¿½¬·ª·¬·»æ

Û¨½» ø¼»º·½·»²½§÷ ±º ®»ª»²«» ±ª»® »¨°»²» ü øìçôééí÷ ü øçôîíê÷×¬»³ ²±¬ ·²ª±´ª·²¹ ½¿¸æ

ó Ë²®»¿´·¦»¼ ¹¿·² ±² ·²ª»¬³»²¬ øìôêêë÷ øëôíéï÷

øëìôìíè÷ øïìôêðé÷Ò±²ó½¿¸ ±°»®¿¬·²¹ ©±®µ·²¹ ½¿°·¬¿´æ

ß½½±«²¬ ®»½»·ª¿¾´» øîôçëí÷ øéë÷ß½½®«»¼ ·²¬»®»¬ ®»½»·ª¿¾´» íéë ëïðÜ«» º®±³ Í¿µ¿¬½¸»©¿² Î»¿´ Û¬¿¬» Ý±³³··±² íéôìíç øîôîëí÷

øïçôëéé÷ øïêôìîë÷

Ý¿¸ °®±ª·¼»¼ ¾§ ø«»¼ ·²÷ ·²ª»¬·²¹ ¿½¬·ª·¬·»æ

ß¼¼·¬·±² ¬± ·²ª»¬³»²¬ øçêôïèè÷ øçôìçí÷

Ý¿¸ °®±ª·¼»¼ ¾§ ø«»¼ ·²÷ º·²¿²½·²¹ ¿½¬·ª·¬·»æ

×²½®»¿» ·² ¼«» ¬± ®»´¿¬»¼ °¿®¬·» ïðëôìèï ó

Ü»½®»¿» ·² ½¿¸ øïðôîèì÷ øîëôçïè÷

Ý¿¸ °±·¬·±² ó ¾»¹·²²·²¹ ±º §»¿® éêôìðë ïðîôíîí

Ý¿¸ °±·¬·±² ó »²¼ ±º §»¿® ü êêôïîï ü éêôìðë

Í»» ¿½½±³°¿²§·²¹ ²±¬» ¬± ¬¸» º·²¿²½·¿´ ¬¿¬»³»²¬ò

ó é ó

ÍßÍÕßÌÝØÛÉßÒ ÎÛßÔ ÛÍÌßÌÛ ÝÑÓÓ×ÍÍ×ÑÒÎÛßÔ ÛÍÌßÌÛ ßÍÍËÎßÒÝÛ ÚËÒÜ

ÍÌßÌÛÓÛÒÌ ÑÚ Ú×ÒßÒÝ×ßÔ ÐÑÍ×Ì×ÑÒ


ø©·¬¸ ½±³°¿®¿¬·ª» º·¹«®» º±® îðïé÷

ßÍÍÛÌÍ

îðïè îðïé

Ý«®®»²¬ ¿»¬

Ý¿¸ ü ìïè ü èôçïèß½½®«»¼ ·²¬»®»¬ ®»½»·ª¿¾´» îçê ëçîÜ«» º®±³ Í¿µ¿¬½¸»©¿² Î»¿´ Û¬¿¬» Ý±³³··±² ïéôíêð ïîôçîð

ïèôðéì îîôìíð

×²ª»¬³»²¬ øÒ±¬» í÷ îéíôçíí ëéëôéìê

ü îçîôððé ü ëçèôïéê


Ý«®®»²¬ ´·¿¾·´·¬·»

Ü»º»®®»¼ ®»ª»²«» ü ïéôðíð ü ïéôìèð

ÒÛÌ ßÍÍÛÌÍ

Ë²®»¬®·½¬»¼ îìôçéé ííðôêçêÎ»¬®·½¬»¼ îëðôððð îëðôððð

îéìôçéé ëèðôêçê

ü îçîôððé ü ëçèôïéê

Í»» ¿½½±³°¿²§·²¹ ²±¬» ¬± ¬¸» º·²¿²½·¿´ ¬¿¬»³»²¬ò

ó è ó


ÍÌßÌÛÓÛÒÌ ÑÚ ÑÐÛÎßÌ×ÑÒÍ ßÒÜ ÝØßÒÙÛÍ ×Ò ÒÛÌ ßÍÍÛÌÍ


ø©·¬¸ ½±³°¿®¿¬·ª» º·¹«®» º±® ¬¸» §»¿® »²¼»¼ Ö«²» íðô îðïé÷

îðïè îðïé

Î»ª»²«»

×²ª»¬³»²¬ ®»ª»²«» ü ïðôëêé ü îèôêèêÎ»¹·¬®¿¬·±² îçôèçð íïôëðð

ìðôìëé êðôïèê

Û¨°»²»

ÍÎÛÝ ³¿²¿¹»³»²¬ º»» îëôððð îëôððð×²¬»®»¬ ¿²¼ ·²ª»¬³»²¬ º»» êôçêî ïôîîé

íïôçêî îêôîîé

èôìçë ííôçëç

Ñ¬¸»® ®»ª»²«»

Ë²®»¿´·¦»¼ ¹¿·² ±² ·²ª»¬³»²¬ êôéèê ìôìêî

Û¨½» ±º ®»ª»²«» ±ª»® »¨°»²» º±® ¬¸» §»¿® ü ïëôîèï ü íèôìîï

Ë²®»¬®·½¬»¼ Î»¬®·½¬»¼

Ò»¬ ß»¬ Ò»¬ ß»¬ îðïè îðïé

Þ¿´¿²½» ó ¾»¹·²²·²¹ ±º §»¿® ü ííðôêçê ü îëðôððð ü ëèðôêçê ü ëìîôîéë

Û¨½» ±º ®»ª»²«» ±ª»® »¨°»²» ïëôîèï ó ïëôîèï íèôìîï

Ì®¿²º»® ¬± ÍÎÛÝ ·²ª»¬³»²¬ øíîïôððð÷ ó øíîïôððð÷ ó

Þ¿´¿²½» ó »²¼ ±º §»¿® ü îìôçéé ü îëðôððð ü îéìôçéé ü ëèðôêçê

Í»» ¿½½±³°¿²§·²¹ ²±¬» ¬± ¬¸» º·²¿²½·¿´ ¬¿¬»³»²¬ò

ó ç ó


ÍÌßÌÛÓÛÒÌ ÑÚ ÝßÍØ ÚÔÑÉÍ


ø©·¬¸ ½±³°¿®¿¬·ª» º·¹«®» º±® ¬¸» §»¿® »²¼»¼ Ö«²» íðô îðïé÷

îðïè îðïé

Ý¿¸ °®±ª·¼»¼ ¾§ ø«»¼ ·²÷ ±°»®¿¬·²¹ ¿½¬·ª·¬·»æ

Û¨½» ±º ®»ª»²«» ±ª»® »¨°»²» ü ïëôîèï ü íèôìîï×¬»³ ²±¬ ·²ª±´ª·²¹ ½¿¸æ

ó Ë²®»¿´·¦»¼ ¹¿·² ±² ·²ª»¬³»²¬ øêôéèê÷ øìôìêî÷

èôìçë ííôçëçÒ±²ó½¿¸ ±°»®¿¬·²¹ ©±®µ·²¹ ½¿°·¬¿´æ

ß½½®«»¼ ·²¬»®»¬ ®»½»·ª¿¾´» îçê ïôîççÜ«» º®±³ Í¿µ¿¬½¸»©¿² Î»¿´ Û¬¿¬» Ý±³³··±² øìôììð÷ øêôïêð÷Ü»º»®®»¼ ®»ª»²«» øìëð÷ øíìï÷

íôçðï îèôéëé

Ý¿¸ °®±ª·¼»¼ ¾§ ø«»¼ ·²÷ ·²ª»¬·²¹ ¿½¬·ª·¬·»æ

ß¼¼·¬·±² ¬± ·²ª»¬³»²¬ øïîôìðï÷ øîèôéëé÷

Ü»½®»¿» ·² ½¿¸ øèôëðð÷ ó

Ý¿¸ °±·¬·±² ó ¾»¹·²²·²¹ ±º §»¿® èôçïè èôçïè

Ý¿¸ °±·¬·±² ó »²¼ ±º §»¿® ü ìïè ü èôçïè

Í»» ¿½½±³°¿²§·²¹ ²±¬» ¬± ¬¸» º·²¿²½·¿´ ¬¿¬»³»²¬ò

ó ïð ó

ÍßÍÕßÌÝØÛÉßÒ ÎÛßÔ ÛÍÌßÌÛ ÝÑÓÓ×ÍÍ×ÑÒÒÑÌÛÍ ÌÑ ÌØÛ Ú×ÒßÒÝ×ßÔ ÍÌßÌÛÓÛÒÌÍ


ø©·¬¸ ½±³°¿®¿¬·ª» º·¹«®» º±® ¬¸» §»¿® »²¼»¼ Ö«²» íðô îðïé÷

ïò Ò¿¬«®» ±º ±°»®¿¬·±²

Í¿µ¿¬½¸»©¿² Î»¿ ́ Û¬¿¬» Ý±³³··±² ø¬¸» þÝ±³³··±²þ÷ ©¿ º±®³»¼ «²¼»® Ì¸» Î»¿´ Û¬¿¬» Þ®±µ»® ß½¬ô

ïçèé ¿²¼ ©¿ ½±²¬·²«»¼ «²¼»® Ì¸» Î»¿´ Û¬¿¬» ß½¬ô ïççë ·² ¬¸» °®±ª·²½» ±º Í¿µ¿¬½¸»©¿²ò Ì¸» Ý±³³··±²¿¼³·²·¬»® Ì¸» Î»¿´ Û¬¿¬» ß½¬ô Ì¸» Î»¿´ Û¬¿¬» Î»¹«´¿¬·±² ¿²¼ ¬¸» Ý±³³··±² Þ§´¿© ¾§ ³¿·²¬¿·²·²¹®»¹·¬®¿¬·±² ±º ¾®±µ»®¿¹»ô ¾®±µ»®ô ¾®¿²½¸ ³¿²¿¹»®ô ¿±½·¿¬» ¾®±µ»® ¿²¼ ¿´» °»±°´»ô »¼«½¿¬·²¹ ®»¹·¬®¿²¬ô°®±³±¬·²¹ ¸·¹¸ ¬¿²¼¿®¼ ±º °®±º»·±²¿´·³ô ½±³°»¬»²½» ¿²¼ ·²¬»¹®·¬§ ¿²¼ ¿½¬·²¹ ¿ ¿ ´·¿·±² ¾»¬©»»² ¬¸» ®»¿´»¬¿¬» ·²¼«¬®§ ¿²¼ ¬¸» ¹»²»®¿´ °«¾´·½ò Ü«» ¬± ¬¸» ²¿¬«®» ±º ·¬ ¿½¬·ª·¬·»ô ¬¸» Ý±³³··±² · ²±¬ «¾¶»½¬ ¬±·²½±³» ¬¿¨»ò

Ì¸» Ý±³³··±² ®»½»·ª» ¬¿¬«¬±®§ ®»¹·¬®¿¬·±² º»» º®±³ ®»¹·¬®¿²¬ ¿²¼ ½¿®®·» ±«¬ ¿´´ ±²¹±·²¹ ¿¼³·²·¬®¿¬·ª»¿²¼ ±°»®¿¬·²¹ º«²½¬·±²ò Ý»®¬¿·² ¿¼³·²·¬®¿¬·ª» »®ª·½» ®»²¼»®»¼ ¬± ¬¸» Î»¿´ Û¬¿¬» ß«®¿²½» Ú«²¼ ¿²¼ ¬¸»×²¬»®»¬ Þ»¿®·²¹ Ì®«¬ ß½½±«²¬ ¿®» ®»·³¾«®»¼ ¬¸®±«¹¸ ¿¼³·²·¬®¿¬·±² º»» ½¸¿®¹»¼ ¬± ¬¸±» º«²¼ò ß²±¬¸»®½±³°±²»²¬ ±º ¬¸» ¿¼³·²·¬®¿¬·ª» º»» ®»ª»²«» · ¼»®·ª»¼ º®±³ ¬¸» ×²¬»®»¬ Þ»¿®·²¹ Ì®«¬ ß½½±«²¬ ¬¸®±«¹¸ ¬¸»½±³°´»¬·±² ±º °»½·¿´ °®±¶»½¬ò Ì¸» °®±¶»½¬ º«²¼·²¹ · «¾¶»½¬ ¬± ¬¸» ¿°°®±ª¿´ ±º ¬¸» Í«°»®·²¬»²¼»²¬ ±º Î»¿´Û¬¿¬» ¿°°±·²¬»¼ ¾§ ¬¸» Ó·²·¬»® °«®«¿²¬ ¬± Í»½¬·±² éç ±º ¬¸» Î»¿´ Û¬¿¬» ß½¬ò

Ì¸» ×²¬»®»¬ Þ»¿®·²¹ Ì®«¬ ß½½±«²¬ ½±²·¬ ±º ·²¬»®»¬ ®»½»·ª»¼ º®±³ ¾®±µ»®¿¹»ù ¬®«¬ ¿½½±«²¬ ¸»´¼ ·² ª¿®·±«°®±ª·²½·¿´ º·²¿²½·¿´ ·²¬·¬«¬·±²ò ×²¬»®»¬ ®»½»·ª»¼ · «»¼ ¬± ½±²¼«½¬ ®»»¿®½¸ô °®±³±¬» ½±²¬·²«·²¹ »¼«½¿¬·±² º±®®»¹·¬®¿²¬ ¿²¼ °¿§ ½±¬ ±º ½±²¼«½¬·²¹ ¿«¼·¬ ¿²¼ ·²ª»¬·¹¿¬·±² ±º ¬®«¬ ¿½½±«²¬ «¾¶»½¬ ¬± °®·±® ¿°°®±ª¿ ́¾§¬¸» Í«°»®·²¬»²¼»²¬ ±º Î»¿´ Û¬¿¬»ò Ì¸» ×²¬»®»¬ Þ»¿®·²¹ Ì®«¬ ß½½±«²¬ · ²±¬ ®»º´»½¬»¼ ±² ¬¸» Í¬¿¬»³»²¬ ±ºÚ·²¿²½·¿´ Ð±·¬·±² ±º ¬¸» Ý±³³··±² ¿ ¬¸» ¿½½±«²¬ · ±²´§ ¸»´¼ ·² ¬®«¬ò Ì¸» Ú·²¿²½·¿´ ¿²¼ Ý±²«³»® ßºº¿·®ß«¬¸±®·¬§ øÚÝßß÷ »¬ ¬¸» ³·²·³«³ ¾¿´¿²½» ¬± ¾» ³¿·²¬¿·²»¼ ·² ¬¸» ×²¬»®»¬ Þ»¿®·²¹ Ì®«¬ ß½½±«²¬ ø×ÞÌß÷»¯«¿´ ¬± üíððôðððò

Ì¸» Î»¿´ Û¬¿¬» ß«®¿²½» Ú«²¼ ½±²·¬ ±º ¿»¬ ¸»´¼ ¬± °®±ª·¼» º·²¿²½·¿´ °®±¬»½¬·±² ¬± ¬¸» ¹»²»®¿´ °«¾´·½òÚ»» ¿®» ½±´´»½¬»¼ ¾§ ¿ ´»ª§ ¿»»¼ ±² »ª»®§ ¿°°´·½¿²¬ º±® ®»¹·¬®¿¬·±² ¿ ¿ ®»¹·¬®¿²¬ ¿²¼ º±® ®»²»©¿´ ¿ ¿®»¹·¬®¿²¬ò Ì¸» Ú«²¼ · ®»¯«·®»¼ ¬± ³¿·²¬¿·² ¿ ¾¿´¿²½» ±º üîëðôððð ø«¾»½¬·±² ìèøì÷ ±º Ì¸» Î»¿´ Û¬¿¬» ß½¬÷òÌ¸» Î»¿´ Û¬¿¬» ß«®¿²½» Ú«²¼ · ²±¬ ®»º´»½¬»¼ ±² ¬¸» Í¬¿¬³»²¬ ±º Ú·²¿²½·¿´ Ð±·¬·±² ±º ¬¸» Ý±³³··±² ¿ ¬¸»¿½½±«²¬ · ±²´§ ¸»´¼ ·² ¬®«¬ò

îò Í«³³¿®§ ±º ·¹²·º·½¿²¬ ¿½½±«²¬·²¹ °±´·½·»

Ì¸» º·²¿²½·¿´ ¬¿¬»³»²¬ ¸¿ª» ¾»»² °®»°¿®»¼ ·² ¿½½±®¼¿²½» ©·¬¸ Ý¿²¿¼·¿² ¿½½±«²¬·²¹ ¬¿²¼¿®¼ º±® ²±¬óº±®ó°®±º·¬ ±®¹¿²·¦¿¬·±² ©¸·½¸ ®»¯«·®»¼ ³¿²¿¹»³»²¬ ¬± ³¿µ» »¬·³¿¬» ¿²¼ ¿«³°¬·±² ¬¸¿¬ ¿ºº»½¬ ¬¸» ®»°±®¬»¼¿³±«²¬ ±º ¿»¬ ¿²¼ ´·¿¾·´·¬·» ¿²¼ ¼·½´±«®» ±º ½±²¬·²¹»²¬ ¿»¬ ¿²¼ ´·¿¾·´·¬·» ¿¬ ¬¸» ¼¿¬» ±º ¬¸» º·²¿²½·¿´¬¿¬»³»²¬ ¿²¼ ¬¸» ®»°±®¬»¼ ¿³±«²¬ ±º ®»ª»²«» ¿²¼ »¨°»²» ¼«®·²¹ ¬¸» °»®·±¼ò Ì¸»» »¬·³¿¬» ¿®» ®»ª·»©»¼°»®·±¼·½¿´´§ô ¿²¼ô ¿ ¿¼¶«¬³»²¬ ¾»½±³» ²»½»¿®§ô ¬¸»§ ¿®» ®»°±®¬»¼ ·² »¿®²·²¹ ·² ¬¸» °»®·±¼ ·² ©¸·½¸ ¬¸»§¾»½±³» µ²±©²ò Ì¸» º·²¿²½·¿´ ¬¿¬»³»²¬ ®»º´»½¬ ¬¸» º±´´±©·²¹ °±´·½·»æ

ó ïï ó



ø©·¬¸ ½±³°¿®¿¬·ª» º·¹«®» º±® ¬¸» §»¿® »²¼»¼ Ö«²» íðô îðïé÷

îò Í«³³¿®§ ±º ·¹²·º·½¿²¬ ¿½½±«²¬·²¹ °±´·½·» ø½±²¬·²«»¼÷

Ú·²¿²½·¿´ ·²¬®«³»²¬

Ú·²¿²½·¿´ ¿»¬ ¿²¼ º·²¿²½·¿´ ´·¿¾·´·¬·» ¿®» ®»½±®¼»¼ ±² ¬¸» ¬¿¬»³»²¬ ±º º·²¿²½·¿´ °±·¬·±² ©¸»² ¬¸» Ý±³³··±²¾»½±³» °¿®¬§ ¬± ¬¸» ½±²¬®¿½¬«¿´ °®±ª··±² ±º ¬¸» º·²¿²½·¿´ ·²¬®«³»²¬ò Ì¸» Ý±³³··±² ·²·¬·¿´´§ ³»¿«®» ·¬º·²¿²½·¿´ ¿»¬ ¿²¼ º·²¿²½·¿´ ´·¿¾·´·¬·» ¿¬ º¿·® ª¿´«»ô »¨½»°¬ º±® ½»®¬¿·² ®»´¿¬»¼ °¿®¬§ ¬®¿²¿½¬·±² ¬¸¿¬ ¿®»³»¿«®»¼ ¿¬ ¬¸» ½¿®®§·²¹ ¿³±«²¬ ±® »¨½¸¿²¹» ¿³±«²¬ô ¿ ¿°°®±°®·¿¬»ò

Ì¸» Ý±³³··±² «¾»¯«»²¬´§ ³»¿«®» ¿´´ ·¬ º·²¿²½·¿´ ¿»¬ ¿²¼ º·²¿²½·¿´ ´·¿¾·´·¬·» ¿¬ ½±¬ ±® ¿³±®¬·¦»¼ ½±¬ô»¨½»°¬ º±® ·²ª»¬³»²¬ ·² »¯«·¬§ ·²¬®«³»²¬ ¬¸¿¬ ¿®» ¯«±¬»¼ ·² ¿² ¿½¬·ª» ³¿®µ»¬ô ©¸·½¸ ¿®» ³»¿«®»¼ ¿¬ º¿·®ª¿´«»ò Ý¸¿²¹» ·² º¿·® ª¿´«» ±º ¬¸»» º·²¿²½·¿´ ·²¬®«³»²¬ ¿®» ®»½±¹²·¦»¼ ·² »¨½» ±º ®»ª»²«» ±ª»® »¨°»²»òÚ¿·® ª¿´«» · ¬¸» ¿³±«²¬ ¿¬ ©¸·½¸ ¿ º·²¿²½·¿´ ·²¬®«³»²¬ ½±«´¼ ¾» »¨½¸¿²¹»¼ ¿¬ ¿®³� ´»²¹¬¸ ¾»¬©»»² ©·´´·²¹ô«²®»´¿¬»¼ °¿®¬·» ·² ¿² ±°»² ³¿®µ»¬ò

Ì¸» Ý±³³··±²ù ®»½±¹²·¦»¼ º·²¿²½·¿ ́·²¬®«³»²¬ ½±²·¬ ±º ½¿¸ô ¿½½±«²¬ ®»½»·ª¿¾´»ô ·²ª»¬³»²¬ô ¿½½±«²¬°¿§¿¾´» ¿²¼ ¿½½®«»¼ ´·¿¾·´·¬·» ¿²¼ ¿½½®«»¼ ª¿½¿¬·±² °¿§ò

×²ª»¬³»²¬

×²ª»¬³»²¬ ±¬¸»® ¬¸¿² ¾±²¼ ¿²¼ ¼»°±·¬ ²±¬» ¿®» ®»½±®¼»¼ ¿¬ º¿·® ³¿®µ»¬ ª¿´«»ò Þ±²¼ ¿®» ®»½±®¼»¼ ¿¬ ¬¸»·®¿³±®¬·¦»¼ ½±¬ ±ª»® ¿ ëó§»¿® °»®·±¼ ¿²¼ ¼»°±·¬ ²±¬» ¿®» ¿³±®¬·¦»¼ ±ª»® ¬¸»·® ¬»®³ò

Ì¿²¹·¾´» ½¿°·¬¿´ ¿»¬

Ì¿²¹·¾´» ½¿°·¬¿´ ¿»¬ ¿®» ®»½±®¼»¼ ¿¬ ½±¬ ´» ¿½½«³«´¿¬»¼ ¿³±®¬·¦¿¬·±²ò ß³±®¬·¦¿¬·±² · °®±ª·¼»¼ ±² ¬¸»¼·³·²·¸·²¹ ¾¿´¿²½» ¾¿· ±ª»® ¬¸» »¬·³¿¬»¼ «»º«´ ´·º» ±º ¬¸» ¿»¬ ¿¬ ¬¸» º±´´±©·²¹ ¿²²«¿´ ®¿¬»æ

Þ«·´¼·²¹ ï ûÝ±³°«¬»® »¯«·°³»²¬ íí ûÝ±³°«¬»® ±º¬©¿®» íí ûÚ«®²·¬«®» ¿²¼ º·¨¬«®» îð ûÑºº·½» »¯«·°³»²¬ ¿²¼ ¿°°´·¿²½» îð û

ß´´ ¿¼¼·¬·±² ¬± ¬¿²¹·¾´» ½¿°·¬¿´ ¿»¬ ¿®» «¾¶»½¬ ¬± ¿³±®¬·¦¿¬·±² ·² ¬¸» º·®¬ §»¿® ¬¸»§ ¿®» ¿ª¿·´¿¾´» º±® «» ¿¬ ¿º·¨»¼ ¿³±«²¬ ¿°°®±¨·³¿¬·²¹ ëðû ±º ¬¸» ¿²²«¿´ ®¿¬»ò

Î»ª»²«» ®»½±¹²·¬·±²

Ì¸» Ý±³³··±² º±´´±© ¬¸» ¼»º»®®¿´ ³»¬¸±¼ ±º ¿½½±«²¬·²¹ º±® ®»ª»²«»ò Î»¹·¬®¿¬·±² º»» ®»½»·ª»¼ ·² ¿¼ª¿²½» ±º¬¸» §»¿® ±º ®»¹·¬®¿¬·±² ¿®» ¼»º»®®»¼ ¿²¼ ®»½±¹²·¦»¼ ¿ ®»ª»²«» ·² ¬¸» ¿°°´·½¿¾´» °»®·±¼ò Ë²®»¬®·½¬»¼ ®»ª»²«» ·®»½±¹²·¦»¼ ¿ ®»ª»²«» ©¸»² ®»½»·ª»¼ ±® ®»½»·ª¿¾´» ·º ¬¸» ¿³±«²¬ ¬± ¾» ®»½»·ª»¼ ½¿² ¾» ®»¿±²¿¾´§ »¬·³¿¬»¼ ¿²¼½±´´»½¬·±² · ®»¿±²¿¾´§ ¿«®»¼ò Í¿²½¬·±² ®»ª»²«» · ®»½±¹²·¦»¼ ©¸»² ®»½»·ª»¼ò

ó ïî ó



ø©·¬¸ ½±³°¿®¿¬·ª» º·¹«®» º±® ¬¸» §»¿® »²¼»¼ Ö«²» íðô îðïé÷

íò ×²ª»¬³»²¬

Ô±²¹ó¬»®³ ·²ª»¬³»²¬ ½±²·¬ ±º ¿ °±®¬º±´·± ±º ª¿®·±« »¯«·¬§ ¿²¼ ¾±²¼ º«²¼ ¬¸¿¬ ¿®» ³¿²¿¹»¼ ¾§ ¿°®±º»·±²¿´ ·²ª»¬³»²¬ ³¿²¿¹»® ¿ º±´´±©æ

îðïè îðïé

Ð±±´»¼ ¾±²¼ ¿²¼ ½¿¸ ü ïôççìôçíí ü ïôèçíôèèðÛ¯«·¬·»æ Ý¿²¿¼·¿² îçïôðèè îïçôëèí Ë²·¬»¼ Í¬¿¬» îèèôççë îïêôïìï Ñ¬¸»® ìèðôìëç ìîèôçèð

ü íôðëëôìéë ü îôéëèôëèì

îðïè îðïé

Í¿µ¿¬½¸»©¿² Î»¿ ́Û¬¿¬» Ý±³³··±² ü îôìëêôéíè ü ïôçëèôèèé×²¬»®»¬ Þ»¿®·²¹ Ì®«¬ ß½½±«²¬ íîìôèðì îîíôçëïÎ»¿´ Û¬¿¬» ß«®¿²½» Ú«²¼ îéíôçíí ëéëôéìê

ü íôðëëôìéë ü îôéëèôëèì

ìò Ì¿²¹·¾´» ½¿°·¬¿´ ¿»¬

îðïè îðïé

ß½½«³«´¿¬»¼ Ò»¬ Þ±±µ Ò»¬ Þ±±µ

Ý±¬ ß³±®¬·¦¿¬·±² Ê¿´«» Ê¿´«»

Þ«·´¼·²¹ ü íêéôçìð ü éçôïêë ü îèèôééë ü îçïôêçîÝ±³°«¬»® »¯«·°³»²¬ îêôîðè îíôíðë îôçðí ïôðèçÝ±³°«¬»® ±º¬©¿®» èôìéè èôïïî íêê ëìèÚ«®²·¬«®» ¿²¼ º·¨¬«®» îêôìéð îðôîçí êôïéé íôèèðÔ¿²¼ ìïôêçì ó ìïôêçì ìïôêçìÑºº·½» »¯«·°³»²¬ ¿²¼ ¿°°´·¿²½» êôçèç êôçèç ó ó

ü ìééôééç ü ïíéôèêì ü ííçôçïë ü ííèôçðí

ó ïí ó



ø©·¬¸ ½±³°¿®¿¬·ª» º·¹«®» º±® ¬¸» §»¿® »²¼»¼ Ö«²» íðô îðïé÷

ëò Ò»¬ ¿»¬ ·²¬»®²¿´´§ ®»¬®·½¬»¼

Ì¸» Ý±³³··±² ¸¿ »¬¿¾´·¸»¼ ¬¸» º±´´±©·²¹ ®»»®ª»æîðïè îðïé

Ñ²»ó¬·³» Ú«¬«®» Û´·¹·¾´» Ý¿°·¬¿´ Û¨°»²¼·¬«®» ®»»®ª» ü îôëéïôìîï ü îôðïéôïìïÍ¬¿¾·´·¦¿¬·±² ®»»®ª» îïîôðëê îðîôëîï

ü îôéèíôìéé ü îôîïçôêêî

Ì¸» Í¬¿¾·´·¦¿¬·±² Î»»®ª» Ú«²¼ · º±® ±ºº»¬¬·²¹ ¿²§ ±°»®¿¬·²¹ ¼»º·½·¬ º±® ¬¸» ²»¨¬ º·½¿´ °»®·±¼ ¿²¼ · º«²¼»¼¾¿»¼ ±² ¿ °®±°±®¬·±² ±º ¬¸» ½«®®»²¬ §»¿®ù ®»ª»²«» ±® ¬¸» ½«®®»²¬ §»¿®ù ±°»®¿¬·²¹ »¨°»²»ò

Ì¸» Ñ²»ó¬·³» Ú«¬«®» Û´·¹·¾´» Ý¿°·¬¿´ Û¨°»²¼·¬«®» Î»»®ª» Ú«²¼ · º±® ¿½½«³«´¿¬·²¹ º«²¼ º±® »´·¹·¾´» ½¿°·¬¿´»¨°»²¼·¬«®» ©¸·½¸ ©·´´ »²¸¿²½» ¬¸» »¨·¬·²¹ ®¿²¹» ¿²¼ ¯«¿´·¬§ ±º »®ª·½»ò ×² º«¬«®» §»¿®ô «¾¶»½¬ ¬±³¿·²¬»²¿²½» ±º ¬¸» Ý¿°·¬¿´ ß»¬ ¿²¼ Í¬¿¾·´·¦¿¬·±² Î»»®ª» Ú«²¼ô ¿²§ ²»¬ ¿³±«²¬ º®±³ ±°»®¿¬·±² ©·´´ ¾»¬®¿²º»®®»¼ º®±³ ±® ¬± ¬¸· Ú«²¼ò

êò Î»¬®·½¬»¼ ²»¬ ¿»¬

ß ®»¯«·®»¼ ¾§ ÚÝßßô ¬¸» ×²¬»®»¬ Þ»¿®·²¹ Ì®«¬ ß½½±«²¬ ¸¿ ¬± ³¿·²¬¿·² ¿ ³·²·³«³ ¾¿´¿²½» ±º üíððôðððòÜ«» ¬± ¬¸» ¾¿´¿²½» ·² ¬¸» ¿½½±«²¬ ·² ¬¸» ½«®®»²¬ §»¿®ô ¬¸» Ý±³³··±² ®»½»·ª»¼ ®»ª»²«» ¬± ±ºº»¬ ·¬ ×ÞÌß°®±¶»½¬ »¨°»²»ò ×² ¬¸» °®·±® §»¿®ô ¬¸» ×ÞÌß °®±¶»½¬ ½±¬ ©»®» º«²¼»¼ º®±³ ¬¸» Ý±³³··±²ù ±°»®¿¬·²¹¿½½±«²¬ò Ì¸» ×ÞÌß °®±¶»½¬ ½±¬ º«²¼»¼ ¬¸· §»¿® ©»®» üïìëôððð øîðïé ó üïðëôððð÷ò Ì¸» ½±¬ ¿±½·¿¬»¼ ©·¬¸¬¸» °®±¶»½¬ ¿®» ®»°±®¬»¼ ©·¬¸·² ª¿®·±« »¨°»²¼·¬«®» ½¿¬»¹±®·»ò

éò Ú·²¿²½·¿´ ®·µ ³¿²¿¹»³»²¬

Ì¸» Ý±³³··±² ¸¿ ¿ ½±³°®»¸»²·ª» ®·µ ³¿²¿¹»³»²¬ º®¿³»©±®µ ¬± ³±²·¬±®ô »ª¿´«¿¬» ¿²¼ ³¿²¿¹» ¬¸»°®·²½·°¿´ ®·µ ¿«³»¼ ©·¬¸ º·²¿²½·¿´ ·²¬®«³»²¬ò Ì¸» ·¹²·º·½¿²¬ º·²¿²½·¿´ ®·µ ¬± ©¸·½¸ ¬¸» Ý±³³··±² ·»¨°±»¼ ¿®»æ

Ý®»¼·¬ ®·µ

Ý®»¼·¬ ®·µ · ¬¸» ®·µ ¬¸¿¬ ±²» °¿®¬§ ¬± ¿ º·²¿²½·¿´ ·²¬®«³»²¬ ©·´ ́½¿«» ¿ º·²¿²½·¿´ ´± º±® ¬¸» ±¬¸»® °¿®¬§ ¾§º¿·´·²¹ ¬± ¼·½¸¿®¹» ¿² ±¾´·¹¿¬·±²ò Ì¸» Ý±³³··±² · »¨°±»¼ ¬± ½®»¼·¬ ®·µ ±² ¬¸» ¿½½±«²¬ ®»½»·ª¿¾´» º®±³ ·¬½«¬±³»®ô ¸±©»ª»®ô ¼±» ²±¬ ¸¿ª» ¿ ·¹²·º·½¿²¬ »¨°±«®» ¬± ¿²§ ·²¼·ª·¼«¿ ́½«¬±³»® ±® ½±«²¬»®°¿®¬ò ×² ±®¼»® ¬±®»¼«½» ·¬ ½®»¼·¬ ®·µô ¬¸» Ý±³³··±² ¸¿ ¿¼±°¬»¼ ½®»¼·¬ °±´·½·» ®»´¿¬»¼ ¬± »¨¬»²¼·²¹ ½®»¼·¬ ¬± ²»© ½«¬±³»®ò

Ð®·½» ®·µ

Ð®·½» ®·µ · ¬¸» ®·µ ¬¸¿¬ ¬¸» º¿·® ª¿´«» ±® º«¬«®» ½¿¸ º´±© ±º ¿ º·²¿²½·¿´ ·²¬®«³»²¬ ©·´´ º´«½¬«¿¬» ¾»½¿«» ±º½¸¿²¹» ·² ³¿®µ»¬ °®·½»ò Ì¸» Ý±³³··±²� ·²ª»¬³»²¬ø÷ ¿®» ³±¬´§ ¸»´¼ ·² ¾±²¼ ¿²¼ °®»º»®®»¼ ¸¿®» ©¸·½¸½¿² º´«½¬«¿¬» ©·¬¸ ¬¸» ³¿®µ»¬ô ¿²¼ Ù×Ýô ©¸·½¸ ¼± ²±¬ »¨°±» ¬¸» Ý±³³··±² ¬± ³¿®µ»¬ °®·½» ®·µ ¿ «½¸·²ª»¬³»²¬ ¿®» ²±¬ «¾¶»½¬ ¬± °®·½» ½¸¿²¹» ·² ¬¸» ±°»² ³¿®µ»¬ò

ó ïì ó



ø©·¬¸ ½±³°¿®¿¬·ª» º·¹«®» º±® ¬¸» §»¿® »²¼»¼ Ö«²» íðô îðïé÷

èò Ý±®®»½¬·±² ±º °®·±® §»¿® »®®±®

Ü«®·²¹ ¬¸» §»¿®ô ¬¸» Ý±³³··±² ²±¬»¼ ¿² »®®±® ·² ¬¸» °®·±® §»¿® º·¹«®» ®»´¿¬»¼ ¬± ¿³±«²¬ ±©·²¹ ¬± ¿ ®»´¿¬»¼°¿®¬§ ¿²¼ »¨°»²»ò Ì¸» ½±®®»½¬·±² ±º ¬¸» »®®±® ®»«´¬»¼ ·² ¿ ¼»½®»¿» ·² ¬¸» °®·±® §»¿®ù ¼«» ¬± ®»´¿¬»¼ °¿®¬§ ±ºüîðôððð ¿²¼ ¿² ·²½®»¿» ·² ¬¸» ±°»²·²¹ ®»¬®·½¬»¼ ²»¬ ¿»¬ ±º ¬¸» ×²¬»®»¬ Þ»¿®·²¹ Ì®«¬ ß½½±«²¬ ±º üîðôðððò

ó ïë ó

Staff

Aaron Tetu Executive Director/Registrar [email protected]

Gail Armstrong Registration & Office Administrator [email protected]

Bill Craik Legal & Compliance Manager [email protected]

Nina Criddle Compliance Officer [email protected]

Darla Hufsmith Controller [email protected]

Laura Mychan Legal & Office Assistant [email protected]

Susan McCrae Education & Communications Coordinator [email protected]

Jason Weiler Systems Administrator [email protected]

Location

237 Robin Crescent

Saskatoon SK S7L 6M8

Office Hours

Monday to Friday 8:30-12:00 & 1:00-4:30

Closed weekends and statutory holidays

Contact Information

TEL: 1.306.374.5233

TOLL FREE: 1.877.700.5233

FAX: 1.306.373.2295

GENERAL E-MAIL: [email protected]

WEBSITE: www.srec.ca

TWITTER: @SREC_comm


Annual Report20

Commission Contact Information

mailto:[email protected]









http://www.srec.ca/

https://twitter.com/SREC_comm

Commission Staff Organization Chart

2016-2017Saskatchewan Real Estate Commission Annual

Report21


Documents

Saskatchewan Real Estate Commission Annual Report · 2018-10-10 · 2017-2018 Saskatchewan Real Estate Commission Annual Report 2 The Saskatchewan Real Estate Commission (Commission),