ืžื•ืคืขืœ ืข"ื™
Regulation

ื™ื•"ืจ ื”-SEC ื”ื—ื“ืฉ ืžืžื”ืจ ืœืฉื“ืจื’ ืืช ื›ืœืœื™ ื”ืงืจื™ืคื˜ื• ื”ืžื™ื•ืฉื ื™ื

ื™ื•ืฉื‘ ื”ืจืืฉ ื”ื—ื“ืฉ ืฉืœ ื”-SEC ืžื•ื‘ื™ืœ ืฉื™ื ื•ื™ ื ื•ืขื– ืœืขื‘ืจ ื—ื“ืฉื ื•ืช ื‘ืงืจื™ืคื˜ื•, ื•ืžื‘ื˜ื™ื— ื‘ื”ื™ืจื•ืช ืจื’ื•ืœื˜ื•ืจื™ืช ืฉื›ื‘ืจ ืžื–ืžืŸ ื”ื™ื™ืชื” ื ื“ืจืฉืช ืœืฉื—ืจื•ืจ ื˜ืจื ืกืคื•ืจืžืฆื™ื™ืช ื”ื‘ืœื•ืงืฆโ€™ื™ื™ืŸ.

ื ื›ืชื‘ ืข"ื™
ืฉืชืฃ
ื™ื•"ืจ ื”-SEC ื”ื—ื“ืฉ ืžืžื”ืจ ืœืฉื“ืจื’ ืืช ื›ืœืœื™ ื”ืงืจื™ืคื˜ื• ื”ืžื™ื•ืฉื ื™ื

ื™ื•ืฉื‘ ืจืืฉ ื”-SEC ืžืชื•ื•ื” ื“ืจืš ื—ื“ืฉื” ื•ืื’ืจืกื™ื‘ื™ืช ืœืจื’ื•ืœืฆื™ื” ืฉืœ ืงืจื™ืคื˜ื• ื‘ืกื‘ื‘ ืฉื•ืœื—ืŸ ืขื’ื•ืœ ื”ืฉืœื™ืฉื™ ืฉืœ ืฆื•ื•ืช ื”ืžืฉื™ืžื”

ื™ื•ืฉื‘ ืจืืฉ ื”ื•ื•ืขื“ื” ืœื ื™ื™ืจื•ืช ืขืจืš ื•ื‘ื•ืจืกื•ืช ืฉืœ ืืจื”โ€ื‘ (SEC) ืคื•ืœ ืื˜ืงื™ื ืก ื ืฉื ืืช ื ืื•ืžื• ื”ืจืืฉื•ืŸ ื›ื™ื•โ€ืจ ื”ืกื•ื›ื ื•ืช ืœืื—ืจ ืฉื”ื•ืฉื‘ืข ื‘ื˜ืงืก ืฉื‘ื•ืขื”, ืžื“ื‘ืจ ื‘ืกื‘ื‘ ื”ืฉืœื™ืฉื™ ืฉืœ ืฉื•ืœื—ืŸ ื”ืชื“ืจื›ื™ื ืฉืœ ืฆื•ื•ืช ื”ืงืจื™ืคื˜ื• ื‘-25 ื‘ืืคืจื™ืœ ื‘ื•ื•ืฉื™ื ื’ื˜ื•ืŸ ื“ื™.ืกื™. ืื˜ืงื™ื ืก ื”ื‘ื™ืข ื”ืขืจื›ื” ืœืงื•ืœื’ื•ืช ื•ืœืขื•ื‘ื“ื™ ื”-SEC ืขืœ ืงื‘ืœืช ื”ืคื ื™ื ื”ื—ืžื”, ื•ื”ื“ื’ื™ืฉ ืืช ืกื“ืจื™ ื”ืขื“ื™ืคื•ื™ื•ืช ืฉืœื• ื‘ืื•ืžืจื•:

ืื ื™ ืœื”ื•ื˜ ืœื”ืชืžื•ื“ื“ ืขื ื‘ืขื™ื•ืช ืžืชืžืฉื›ื•ืช, ื›ืžื• ื”ื˜ื™ืคื•ืœ ื”ืจื’ื•ืœื˜ื•ืจื™ ื‘ื ื›ืกื™ื ื“ื™ื’ื™ื˜ืœื™ื™ื ื•ื˜ื›ื ื•ืœื•ื’ื™ื•ืช ืกืคืจ ื—ืฉื‘ื•ื ื•ืช ืžื‘ื•ื–ืจื•ืช.

ื”ื•ื ืฉื™ื‘ื— ืืช ื”ืžืžื•ื ื” ื”ืกื˜ืจ ืคื™ืจืก ืขืœ ื”ืžื ื”ื™ื’ื•ืช ืฉืœื” ื‘ืžื“ื™ื ื™ื•ืช ื”ื ื›ืกื™ื ื”ื“ื™ื’ื™ื˜ืœื™ื™ื: โ€œื”ืžืžื•ื ื” ืคื™ืจืก ื”ื™ื ื”ืื“ื ื”ื ื›ื•ืŸ ืœื”ื•ื‘ื™ืœ ืืช ื”ืžืืžืฆื™ื ื›ื“ื™ ืœืคืชื— ืžืกื’ืจืช ืจื’ื•ืœื˜ื•ืจื™ืช ืจืฆื™ื•ื ืœื™ืช ืœืฉื•ืงื™ ื”ื ื›ืกื™ื ื”ืงืจื™ืคื˜ื•ื’ืจืคื™ื™ื.โ€ ืคื™ืจืก ืžื•ื‘ื™ืœื” ืืช ืฆื•ื•ืช ื”ืžืฉื™ืžื” ืœืงืจื™ืคื˜ื•, ืžืคืงื—ืช ืขืœ ื™ื•ื–ืžื•ืชื™ื• ื•ืžื›ื•ื•ื ืช ืืช ื’ื™ืฉืชื• ื”ืจื’ื•ืœื˜ื•ืจื™ืช ืœื ื›ืกื™ื ื“ื™ื’ื™ื˜ืœื™ื™ื. ืื˜ืงื™ื ืก ื’ื ื”ื›ื™ืจ ื‘ื—ื‘ืจื™ ื”ืคืื ืœ ืขืœ ื”ืžื—ื•ื™ื‘ื•ืช ื•ื”ืžื•ืžื—ื™ื•ืช ืฉืœื”ื ื‘ืขื–ืจื” ืœืกื•ื›ื ื•ืช ืœืคืชื— ื’ื™ืฉื” ืจื’ื•ืœื˜ื•ืจื™ืช ื™ืขื™ืœื” ื™ื•ืชืจ.

ื‘ืžืจื›ื– ื”ืฉื™ื—ื” ืขืœ ื›ื•ื— ื”ื˜ืจื ืกืคื•ืจืžืฆื™ื” ืฉืœ ื—ื“ืฉื ื•ืช ื”ื‘ืœื•ืงืฆโ€™ื™ื™ืŸ, ืื˜ืงื™ื ืก ื”ื“ื’ื™ืฉ ืืช ื”ืฉื™ืคื•ืจื™ื ื”ืคื•ื˜ื ืฆื™ืืœื™ื™ื ืœืžืขืจื›ืช ื”ื›ืกืคื™ื. ื”ื•ื ื—ื–ื” ืชื•ืขืœื•ืช ื’ื“ื•ืœื•ืช, ื•ืืžืจ: โ€œืื ื™ ืžืฆืคื” ืœืชื•ืขืœื•ืช ืขื ืงื™ื•ืช ืžื—ื“ืฉื” ื–ื• ื‘ืฉื•ืง ืขื‘ื•ืจ ื™ืขื™ืœื•ืช, ื”ืคื—ืชืช ืขืœื•ื™ื•ืช, ืฉืงื™ืคื•ืช ื•ื”ืคื—ืชืช ืกื™ื›ื•ื ื™ื.โ€ ื™ื•ืฉื‘ ื”ืจืืฉ ื”ื—ื“ืฉ ืฉืœ ื”-SEC ื”ื•ืกื™ืฃ:

ืœื—ื‘ืจื™ ื”ืฉื•ืง ื”ืžืฉืชืžืฉื™ื ื‘ื˜ื›ื ื•ืœื•ื’ื™ื” ื–ื• ืžื’ื™ืขื™ื ื›ืœืœื™ื ืจื’ื•ืœื˜ื•ืจื™ื™ื ื‘ืจื•ืจื™ื ืฉืœ ื”ื“ืจืš. ื”ื—ื“ืฉื ื•ืช ื ื—ื ืงื” ื‘ืฉื ื™ื ื”ืื—ืจื•ื ื•ืช ื‘ื’ืœืœ ื—ื•ืกืจ ื•ื“ืื•ืช ื‘ืฉื•ืง ื•ื‘ืจื’ื•ืœืฆื™ื” ืฉืœืžืจื‘ื” ื”ืฆืขืจ ื”-SEC ืขื•ื“ื“ื”.

ื›ืฉืžืกืชื›ืœื™ื ืงื“ื™ืžื”, ื”ื•ื ื”ื“ื’ื™ืฉ ืืช ื”ืฆื•ืจืš ื‘ืžืืžืฆื™ื ืฉื™ืชื•ืคื™ื™ื ื‘ืจื—ื‘ื™ ื”ืžืžืฉืœื”, ื‘ื“ื’ืฉ ืขืœ: โ€œืื ื™ ืžืฆืคื” ืœื ื”ืœ ื“ื™ื•ื ื™ื ืขื ืžืฉืชืชืคื™ ื”ืฉื•ืง ื•ืœืขื‘ื•ื“ ืขื ืงื•ืœื’ื•ืช ื‘ืžืžืฉืœ ื˜ืจืืžืค ื•ื‘ืงื•ื ื’ืจืก ื›ื“ื™ ืœื”ืงื™ื ืžืกื’ืจืช ืจื’ื•ืœื˜ื•ืจื™ืช ืจืฆื™ื•ื ืœื™ืช ื•ืžื•ืชืืžืช ืœื ื›ืกื™ื ืงืจื™ืคื˜ื•ื’ืจืคื™ื™ื.โ€

ื”ืกื‘ื‘ ื”ืชืžืงื“ ื‘ืžื™ื“ื” ืจื‘ื” ื‘ื—ืกืžื™ื ื”ืžืขืฉื™ื™ื ื”ืขื•ืžื“ื™ื ื‘ืคื ื™ ืจืฉื•ืžื™ื ื‘-SEC ื›ืืฉืจ ื”ื ืžื ืกื™ื ืœืฉืžื•ืจ ืขืœ ื ื›ืกื™ื ื“ื™ื’ื™ื˜ืœื™ื™ื ืชื—ืช ื—ื•ืงื™ ื ื™ื™ืจื•ืช ื”ืขืจืš ื”ืคื“ืจืœื™ื™ื ื”ื ื•ื›ื—ื™ื™ื. ืื˜ืงื™ื ืก ื”ื–ืžื™ืŸ ืืช ื”ืžืฉืชืชืคื™ื ืœืฉืงื•ืœ ื”ืื ืชื™ืงื•ื ื™ื ืœื›ืœืœื™ ื”ืื—ืกื•ืŸ ืชื—ืช ื—ื•ืง ื”ื‘ื•ืจืกื”, ื—ื•ืง ื”ื™ื•ืขืฆื™ื ืื• ื—ื•ืง ื—ื‘ืจื•ืช ื”ืฉืงืขื•ืช ื ื—ื•ืฆื™ื ื›ื“ื™ ืœื”ืชื—ืฉื‘ ื‘ืžืฆื™ืื•ืช ื”ื ื›ืกื™ื ื”ืงืจื™ืคื˜ื•ื’ืจืคื™ื™ื. ื”ื•ื ืชื”ื” ื”ืื ืžื‘ื ื” โ€œื‘ืจื•ืงืจ-ื“ื™ืœืจ ืœืžื˜ืจื•ืช ืžื™ื•ื—ื“ื•ืชโ€ ื ื•ืชืจ ื‘ืจ-ืงื™ื™ืžื ืื• ืื ื™ืฉ ืฆื•ืจืš ื‘ืžืฉื˜ืจ ื‘ืจื•ืงืจ-ื“ื™ืœืจ ื—ื“ืฉ ื”ืžื•ืชืื ืœื ื›ืกื™ื ืงืจื™ืคื˜ื•ื’ืจืคื™ื™ื. ื‘ื”ืชื™ื™ื—ืกื• ืœืกื™ืžื ื™ื ืžื”ืฉื•ืง ืขืฆืžื•, ืื˜ืงื™ื ืก ื”ื›ื™ืจ ื‘ื›ืš ืฉโ€ื”ืžืกื’ืจืช ื”ื ื•ื›ื—ื™ืช ื–ืงื•ืงื” ื‘ื“ื—ื™ืคื•ืช ืœืชืฉื•ืžืช ืœื‘โ€ ื•ืขื•ื“ื“ ืืช ื”ืžืฉืชืชืคื™ื ืœืขื–ื•ืจ ืœืกืคืง ื”ื ื—ื™ื•ืช ืงืจื™ื˜ื™ื•ืช ืœืขื™ืฆื•ื‘ ื”ื›ืœืœื™ื ื”ืขืชื™ื“ื™ื™ื.

ืชื’ื™ื•ืช ื‘ื›ืชื‘ื” ื–ื•