Urkundenstraftaten, 2. Auflage (Springer-Lehrbuch) (German Edition)

Springer-Lehrbuch

Georg Freund

Urkundenstraftaten Zweite vollständig überarbeitete und erweiterte Auflage

13

Professor Dr. Georg Freund Philipps-Universität Marburg Fachbereich Rechtswissenschaften Professur für Strafrecht, Strafprozessrecht und Rechtsphilosophie Savignyhaus Universitätsstraße 6 35037 Marburg Deutschland [email protected]

ISSN 0937-7433 ISBN 978-3-642-05361-0 e-ISBN 978-3-642-05362-7 DOI 10.1007/978-3-642-05362-7 Springer Heidelberg Dordrecht London New York Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über http://dnb.d-nb.de abrufbar. © Springer-Verlag Berlin Heidelberg 1996, 2010 Dieses Werk ist urheberrechtlich geschützt. Die dadurch begründeten Rechte, insbesondere die der Übersetzung, des Nachdrucks, des Vortrags, der Entnahme von Abbildungen und Tabellen, der Funksendung, der Mikroverfilmung oder der Vervielfältigung auf anderen Wegen und der Speicherung in Datenverarbeitungsanlagen, bleiben, auch bei nur auszugsweiser Verwertung, vorbehalten. Eine Vervielfältigung dieses Werkes oder von Teilen dieses Werkes ist auch im Einzelfall nur in den Grenzen der gesetzlichen Bestimmungen des Urheberrechtsgesetzes der Bundesrepublik Deutschland vom 9. September 1965 in der jeweils geltenden Fassung zulässig. Sie ist grundsätzlich vergütungspflichtig. Zuwiderhandlungen unterliegen den Strafbestimmungen des Urheberrechtsgesetzes. Die Wiedergabe von Gebrauchsnamen, Handelsnamen, Warenbezeichnungen usw. in diesem Werk berechtigt auch ohne besondere Kennzeichnung nicht zu der Annahme, dass solche Namen im Sinne der Warenzeichen- und Markenschutz-Gesetzgebung als frei zu betrachten wären und daher von jedermann benutzt werden dürften. Einbandentwurf: WMXDesign GmbH, Heidelberg Gedruckt auf säurefreiem Papier Springer ist Teil der Fachverlagsgruppe Springer Science+Business Media (www.springer.com)

Vorwort

'DVYRUOLHJHQGH%XFKJHKWDXIPHLQH*UXQGIDOOUHLKH]XGHQ8UNXQGHQGHOLN WHQ]XUFNGLHLQVHFKV)ROJHQLQGHU-XULVWLVFKHQ6FKXOXQJLQGHQ-DKUJlQ JHQ  XQG  SXEOL]LHUW ZRUGHQ LVW ,P -DKUH  IROJWH GLH HUVWH $XIODJH GHU Å8UNXQGHQVWUDIWDWHQ´ LQ %XFKIRUP $XFK PLW GHU QXQPHKU IHUWLJJHVWHOOWHQ]ZHLWHQ$XIODJHGHV:HUNHVZHUGHQPHKUHUH=LHOHDQJHVWUHEW =XQlFKVWVROOHV6WXGLHUHQGHQGHU5HFKWVZLVVHQVFKDIWHQVRZLH5HIHUHQGDUHQ HLQHQ DNWXHOOHQ hEHUEOLFN EHU HLQH H[DPHQVZLFKWLJH XQG YHUJOHLFKVZHLVH VFKZLHULJH 0DWHULH YHUPLWWHOQ 'LH NRPSDNWH /HKUEXFKIRUP PLW 5DQGQXP PHUQ 6WLFKZRUWYHU]HLFKQLV )DOOUHJLVWHU 9HUVWlQGQLVIUDJHQ XQG $QWZRUWHQ LP$QKDQJHQWVSULFKWGHVKDOEGLGDNWLVFKHQ%HGUIQLVVHQ'DUEHUKLQDXVJH KHQGVROOGLHZLVVHQVFKDIWOLFKH'LVNXVVLRQLQYLHOHQQDFKZLHYRUXQJHNOlUWHQ %HUHLFKHQ EHL GHQ 8UNXQGHQVWUDIWDWHQ ZHLWHUJHIKUW XQG HLQH YHUWLHIWH $XVHLQDQGHUVHW]XQJ DQJHUHJW ZHUGHQ %HLVSLHOKDIW VHL KLHU DXI GLH XQYHUlQ GHUWDNWXHOOHQ3UREOHPHGHV$XVVWHOOHUVFKXW]HVEHLGHU%ODQNHWWIlOVFKXQJGHV $XVVWHOOHUYHUVWlQGQLVVHV EHL HUNHQQEDUHU 6WHOOYHUWUHWXQJ GHU )RWRNRSLH DOV 8UNXQGH XQG GHU 5HLFKZHLWH GHU EHVRQGHUHQ %HZHLVNUDIW EHL |IIHQWOLFKHQ 8UNXQGHQ KLQJHZLHVHQ 6HLW GHU HUVWHQ $XIODJH VLQG LQ YHUVWlUNWHP 0D‰H 5HFKWVIUDJHQLP=XVDPPHQKDQJPLWHOHNWURQLVFKHQ Å'DWHQXUNXQGHQ´L6 GHV † 6W*% KLQ]XJHNRPPHQ ,P +LQEOLFN DXI GLH SUDNWLVFKH 5HOHYDQ] GHU EHKDQGHOWHQ 3UREOHPH VROO QLFKW ]XOHW]W DXFK GHQ LQ GHU 5HFKWVSIOHJH WlWLJHQ 5LFKWHUQ 6WDDWVDQZlOWHQ XQG 9HUWHLGLJHUQ HLQH (QWVFKHLGXQJV XQG $UJXPHQWDWLRQVKLOIHJHERWHQZHUGHQ 'LH QXQPHKU YROOVWlQGLJ EHUDUEHLWHWH XQG HUKHEOLFK HUZHLWHUWH $XIODJH EOHLEWGHUEHZlKUWHQ*UXQGNRQ]HSWLRQGHV$XVJDQJVZHUNHVWUHX6HOEVWYHU VWlQGOLFK ZXUGH GLH 'LVNXVVLRQ GHU 6DFKIUDJHQ XQWHU %HUFNVLFKWLJXQJ GHU ]ZLVFKHQ]HLWOLFKHUVFKLHQHQHQ5HFKWVSUHFKXQJXQG/LWHUDWXUDXIGHQDNWXHO OHQ6WDQGJHEUDFKW'DUEHUKLQDXVILQGHQVLFKHUKHEOLFKH(UZHLWHUXQJHQXQG 9HUEHVVHUXQJHQ GXUFK KHUYRUJHKREHQH NODUH 'HILQLWLRQHQ VRZLH VRUJIlOWLJ DXVJHZlKOWHZHLWHUH)lOOH 0HLQ KHU]OLFKHU 'DQN JLOW PHLQHQ 0LWDUEHLWHULQQHQ XQG 0LWDUEHLWHUQ 'R PLQLN %HVW 3KLOLSS *HRUJ\ 0LUD +HLQULFK 7KRPDV .U|JHU .DWKDULQD 5HXV )UDXNH 7LPPXQG+HLNH:HJHGLHPLFK²HEHQVRZLHPHLQH6HNUHWlULQ(ULND)HQGHUO² QDFKKDOWLJXQWHUVWW]WXQGVR]XP*HOLQJHQGHV:HUNHVHQWVFKHLGHQGEHLJH

9,9RUZRUW

WUDJHQKDEHQ6SH]LHOOEHLGHU6DPPOXQJXQG$XVZHUWXQJGHV0DWHULDOVVRZLH GXUFK GLH NULWLVFKH 'XUFKVLFKW GHV 7H[WHV ZDUHQ PLU DXFK PHLQH VWXGHQWL VFKHQ +LOIVNUlIWH 'DOLERUND %UNLý )UDQ]LVND 'RPPHQ] .DWKDULQD /HYHUPDQQ XQG9HUHQD7HO|NHQVWHWVHLQHlX‰HUVWZHUWYROOH+LOIH1LFKWXQJHQDQQWGUIHQ LQGLHVHP=XVDPPHQKDQJPHLQH)UHXQGH:DOWHU*UDVQLFNXQG$OH[DQGHU.RFK VRZLHPHLQHIUKHUH0LWDUEHLWHULQ6DUDK.ODSSEOHLEHQVLHKDEHQGLH(QWVWH KXQJGHV:HUNHVLQVHLQHUNRQNUHWHQ*HVWDOWGXUFKNRQVWUXNWLYH.ULWLNXQG WHFKQLVFKH 5DWKLOIH QLFKW XQZHVHQWOLFK JHI|UGHUW ,FK GDQNH DXFK PHLQHU 7RFKWHU$QQHJUHW)UHXQGIUGLH8QWHUVWW]XQJEHLGHU.RUUHNWXUGHV7H[WHV VRZLH+HUUQ0LODQ:%XUJGRUIGHUPLULQ3&WHFKQLVFKHU+LQVLFKWPHKUIDFK ]X 6HLWH JHVWDQGHQ KDW )HUQHU JLOW PHLQ 'DQN GHQ 6WXGLHUHQGHQ GLH VLFK IUHXQGOLFKHUZHLVH]XPÅ3UREHOHVHQ´EHUHLWJHIXQGHQXQGPLU$QUHJXQJHQ]XU ZHLWHUHQ 9HUEHVVHUXQJ JHJHEHQ KDEHQ QDPHQWOLFK ZDUHQ GLHV 3LD )LJJH 0DUQLVH+XQWHU-DQLQD.RQ]HXQG$QQD/HQD1RZLFNL 6FKOLH‰OLFK P|FKWH LFK DXFK )UDX %ULJLWWH 5HVFKNH YRQ GHU 3URJUDPPSOD QXQJ5HFKWVZLVVHQVFKDIWGHV6SULQJHU9HUODJHVIUGLHJXWH=XVDPPHQDUEHLW GDQNHQ $QUHJXQJHQ ]XU 9HUEHVVHUXQJ GLHVHV %XFKV VLQG QRFK LPPHU ZLOONRPPHQXQGVROOHQQLFKWXQEHUFNVLFKWLJWEOHLEHQ6LHN|QQHQJHULFKWHW ZHUGHQDQIUHXQG#VWDIIXQLPDUEXUJGH  0DUEXUJLP2NWREHU  *HRUJ)UHXQG   






Inhaltsübersicht


!"'!"$   $#*"#$    $#&"( #   *"(% #&"( #  

 
"%    


'.'+/3#.'
%*548+/4'/4+0/ 


"'2*9-4/+3
85
#/&'2'/
42#(4#4'/
=
30/34
342#(2'%*4-+%*
/+%*4

'2(#334'
/4'2'33'/$''+/429%*4+)5/)'/ 

2+.+/0-0)+'
&'2
!2,5/&'/&'-+,4' 

"%  )#% 
+
  




52%*

"'2$04
&'2
!2,5/&'/(9-3%*5/)
+/4'/&+'24'2
'%*43):4'23%*548  


'2,.#-'
&'2
!2,5/&'
'21'45+'25/)3
'7'+3
5/&
#2#/4+'(5/,4+0/  

02.'/
&'2
#4$'34#/&36'27+2,-+%*5/)   "

#4$'34#/&36023#48  "


2(02&'2/+3
&'3
#/&'-/3
?852
953%*5/)
+.
'%*436'2,'*2>   "

"'2*9-4/+3
&'2
"'27+2,-+%*5/)3(02.'/
85'+/#/&'2   "

'30/&'23
3%*7'2'
9--'
$3

5/&
5#-+(+,#4+0/34#4$'34#/&
$3
   

! #$
"%  #$"$$ 




9-3%*5/)
4'%*/+3%*'2
5(8'+%*/5/)'/
;
   


9-3%*5/)
$'7'+3'2*'$-+%*'2
#4'/
;;

  

9,,,,QKDOWVEHUVLFKW

,,, 8UNXQGHQXQWHUGUFNXQJ9HUlQGHUXQJHLQHU *UHQ]EH]HLFKQXQJ†   ,9 6WUDIWDWHQPLW%OLFNDXIEHVRQGHUH8UNXQGHQ††   9HUVWlQGQLVIUDJHQXQG$QWZRUWHQ   /LWHUDWXUYHU]HLFKQLV   )DOOUHJLVWHU   6WLFKZRUWUHJLVWHU  

Inhaltsverzeichnis

9RUZRUW 9 ,QKDOWVEHUVLFKW  9,, ,QKDOWVYHU]HLFKQLV  ,; $ENU]XQJVYHU]HLFKQLV ;,,, 7HLO$OOJHPHLQH*UXQGODJHQ   ,  *HPHLQVDPH6FKXW]LQWHQWLRQ ,, 9HUKlOWQLV]XDQGHUHQ6WUDIWDWHQ²VRQVWVWUDIUHFKWOLFKQLFKW HUIDVVWH,QWHUHVVHQEHHLQWUlFKWLJXQJHQ ,,, .ULPLQRORJLHGHU8UNXQGHQGHOLNWH 7HLO8UNXQGHQIlOVFKXQJ†  ,  'XUFKGDV9HUERWGHU8UNXQGHQIlOVFKXQJLQWHQGLHUWHU 5HFKWVJWHUVFKXW]   $XVJDQJVSXQNW6FKXW]GHV,QWHUHVVHVDQULFKWLJHUÅ=XVFKUHL EXQJ´PLW%OLFNDXIGLHIHKOHQGH %LQGXQJLP$X‰HQ YHUKlOWQLV   'DV,QWHUHVVHGLHbQGHUXQJGXUFKGHQ$XVVWHOOHUQDFK 9HUOXVWGHU'LVSRVLWLRQVEHIXJQLV]XXQWHUELQGHQ   'DV,QWHUHVVHGLHLP,QQHQYHUKlOWQLVXQEHUHFKWLJWH%LQGXQJ LP$X‰HQYHUKlOWQLV]XYHUPHLGHQLQVEHVRQGHUHGLH%ODQNHWW IlOVFKXQJ    'HUJHPHLQVDPH1HQQHUYRQXQG'DV,QWHUHVVHDQ NRUUHNWHU:LHGHUJDEHGHVZLUNOLFKHQ$XVVWHOOHUZLOOHQV   ,, 0HUNPDOHGHU8UNXQGH3HUSHWXLHUXQJV%HZHLVXQG *DUDQWLHIXQNWLRQ   'LH(UNOlUXQJ   'LH3HUSHWXLHUXQJVIXQNWLRQ 

;,QKDOWVYHU]HLFKQLV

 'LH%HZHLVIXQNWLRQ   'LH*DUDQWLHIXQNWLRQ  ,,, )RUPHQGHU7DWEHVWDQGVYHUZLUNOLFKXQJ    +HUVWHOOHQHLQHUXQHFKWHQ8UNXQGH   9HUIlOVFKHQHLQHUHFKWHQ8UNXQGH    *HEUDXFKPDFKHQYRQHLQHUXQHFKWHQRGHUYHUIlOVFKWHQ 8UNXQGH   ,9 7DWEHVWDQGVYRUVDW]  9 (UIRUGHUQLVGHV+DQGHOQVÅ]XU7lXVFKXQJLP5HFKWVYHUNHKU´   9, 9HUKlOWQLVGHU9HUZLUNOLFKXQJVIRUPHQ]XHLQDQGHU   9,,%HVRQGHUVVFKZHUH)lOOH$EV XQG4XDOLILNDWLRQVWDWEHVWDQG $EV   7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ  ,  )lOVFKXQJWHFKQLVFKHU$XI]HLFKQXQJHQ†    'XUFKGDV9HUERWGHU)lOVFKXQJWHFKQLVFKHU$XI]HLFK QXQJHQLQWHQGLHUWHU5HFKWVJWHUVFKXW]   7DWEHVWDQGVHUIRUGHUQLVVHLP(LQ]HOQHQ  D  (UIRUGHUQLVÅVHOEVWlQGLJHU9HUN|USHUXQJ´"   E  (UIRUGHUQLVÅVHOEVWWlWLJHU%HZLUNXQJ´  F  (UNHQQEDUNHLWGHV*HJHQVWDQGVXQG%HZHLVEHVWLPPXQJ  G  8QHFKWHWHFKQLVFKH$XI]HLFKQXQJ²7DWKDQGOXQJV IRUPHQ  H  7DWEHVWDQGVYRUVDW]+DQGHOQÅ]XU7lXVFKXQJLP 5HFKWVYHUNHKU´9HUKlOWQLVGHU9HUZLUNOLFKXQJVIRUPHQ ]XHLQDQGHU  ,, )lOVFKXQJEHZHLVHUKHEOLFKHU'DWHQ††    'XUFKGDV9HUERWGHU)lOVFKXQJEHZHLVHUKHEOLFKHU'DWHQ LQWHQGLHUWHU5HFKWVJWHUVFKXW]   7DWEHVWDQGVHUIRUGHUQLVVH  ,,, 8UNXQGHQXQWHUGUFNXQJ9HUlQGHUXQJHLQHU*UHQ]EH]HLFKQXQJ †    'XUFKGDV9HUERWGHU8UNXQGHQXQWHUGUFNXQJ LQWHQGLHUWHU5HFKWVJWHUVFKXW]   7DWEHVWDQGVHUIRUGHUQLVVH 



,QKDOWVYHU]HLFKQLV;,

,9 6WUDIWDWHQPLW%OLFNDXIEHVRQGHUH8UNXQGHQ††    )DOVFKEHXUNXQGXQJLP$PW†   D  'XUFKGDV9HUERWGHU)DOVFKEHXUNXQGXQJLQWHQGLHUWHU 5HFKWVJWHUVFKXW]  E  7DWEHVWDQGVHUIRUGHUQLVVH    0LWWHOEDUH)DOVFKEHXUNXQGXQJ†   D  'XUFKGDV9HUERWGHUPLWWHOEDUHQ)DOVFKEHXUNXQGXQJ LQWHQGLHUWHU5HFKWVJWHUVFKXW]  E  7DWEHVWDQGVHUIRUGHUQLVVH   9HUVWlQGQLVIUDJHQXQG$QWZRUWHQ   /LWHUDWXUYHU]HLFKQLV   )DOOUHJLVWHU   6WLFKZRUWUHJLVWHU  

Abkürzungsverzeichnis

D

DXFK

D$

DQGHUHU$XIIDVVXQJ

DD2

DPDQJHJHEHQHQ2UW

D(

DP(QGH

D)

DOWH)DVVXQJ

DEO

DEOHKQHQG

$EV

$EVDW]

$0*

$U]QHLPLWWHOJHVHW]

$QP

$QPHUNXQJ

$UW

$UWLNHO

$7

$OOJHPHLQHU7HLO

$XIO

$XIODJH

%D\2E/*

%D\HULVFKHV2EHUVWHV/DQGHVJHULFKW

%G

%DQG

%HVFKO

%HVFKOXVV

%HVSU

%HVSUHFKXQJ

%*%

%UJHUOLFKHV*HVHW]EXFK

%*+

%XQGHVJHULFKWVKRI

%*+6W

(QWVFKHLGXQJHQGHV%XQGHVJHULFKWVKRIHVLQ6WUDIVDFKHQ

%*+6W*6 

(QWVFKHLGXQJHQGHV%XQGHVJHULFKWVKRIHVLQ6WUDIVDFKHQ *UR‰HU6HQDW 

%*+=

(QWVFKHLGXQJHQGHV%XQGHVJHULFKWVKRIHVLQ=LYLOVDFKHQ

%7

%HVRQGHUHU7HLO

%7'UXFNV

%XQGHVWDJV'UXFNVDFKH

%9HUI*

%XQGHVYHUIDVVXQJVJHULFKW

%9HUI*(

(QWVFKHLGXQJHQGHV%XQGHVYHUIDVVXQJVJHULFKWV

E]Z

EH]LHKXQJVZHLVH

;,9$ENU]XQJVYHU]HLFKQLV

&5

&RPSXWHUXQG5HFKW

GK

GDVKHL‰W

GHQV

GHQVHOEHQ

GHUV

GHUVHOEH

GLHV

GLHVHOEH

'LVV

'LVVHUWDWLRQ

'6WU=

'HXWVFKH6WUDIUHFKWV]HLWXQJ

HWF

HWFHWHUD

I

IROJHQGH6HLWHRGHU5DQGQXPPHU 

)DP5=

=HLWVFKULIWIUGDVJHVDPWH)DPLOLHQUHFKW

II

IROJHQGH6HLWHQRGHU5DQGQXPPHUQ 

)*

)HVWJDEH

)Q

)X‰QRWH

)6

)HVWVFKULIW

*$

*ROWGDPPHU·V$UFKLYIU6WUDIUHFKW

**

*UXQGJHVHW]

JJI

JHJHEHQHQIDOOV

*6

*HGlFKWQLVVFKULIW

K0

KHUUVFKHQGH0HLQXQJ

KUVJY

KHUDXVJHJHEHQYRQ

LG6

LQGLHVHP6LQQH

L(

LP(UJHEQLV

LH6

LPHQJHUHQ6LQQ

,3$GUHVVH

,QWHUQHW3URWRFRO$GUHVVH

L6

LP6LQQH

L6Y

LP6LQQHYRQ

L9P

LQ9HUELQGXQJPLW

LZ6

LPZHLWHUHQ6LQQH

-$

-XULVWLVFKH$UEHLWVEOlWWHU

MHZ

MHZHLOV

-5

-XULVWLVFKH5XQGVFKDX

-XUD

-XULVWLVFKH$XVELOGXQJ

-X6

-XULVWLVFKH6FKXOXQJ

-=

-XULVWHQ]HLWXQJ



$ENU]XQJVYHU]HLFKQLV;9

.*

.DPPHUJHULFKW

NULW

NULWLVFK

/IJ

/LHIHUXQJ

/*

/DQGJHULFKW

/.

/HLS]LJHU.RPPHQWDU

/NZ

/DVWNUDIWZDJHQ

/=

/HLS]LJHU=HLWVFKULIW

P

PLW

0$&$GUHVVH

0HGLD$FFHVV&RQWUROO$GUHVVH+DUGZDUHDGUHVVHHLQHU 1HW]ZHUNNDUWH 

PD:

PLWDQGHUHQ:RUWHQ

PZ1

PLWZHLWHUHQ1DFKZHLVHQ

0'5

0RQDWVVFKULIWIU'HXWVFKHV5HFKW

0QFK.RPP6W*%

0QFKHQHU.RPPHQWDU]XP6WUDIJHVHW]EXFK

Q)

QHXH)DVVXQJ

1-:

1HXH-XULVWLVFKH:RFKHQVFKULIW

1.

1RPRV.RPPHQWDU

1RPRV+.*6

1RPRV+DQGNRPPHQWDU²*HVDPWHV6WUDIUHFKW

1U

1XPPHU

1UQ

1XPPHUQ

16W=

1HXH=HLWVFKULIWIU6WUDIUHFKW

1=9

1HXH=HLWVFKULIWIU9HUNHKUVUHFKW

2/*

2EHUODQGHVJHULFKW

36W*

3HUVRQHQVWDQGVJHVHW]

5*

5HLFKVJHULFKW

5*6W

(QWVFKHLGXQJHQGHV5HLFKVJHULFKWVLQ6WUDIVDFKHQ

5Q

5DQGQXPPHU

6

6DW]6HLWH

V

VLHKH

VD

VLHKHDXFK

VR

VLHKHREHQ

6FKZ=6WU

6FKZHL]HULVFKH=HLWVFKULIWIU6WUDIUHFKW

6.6W*%

6\VWHPDWLVFKHU.RPPHQWDU]XP6WUDIJHVHW]EXFK

VRJ

VRJHQDQQW

;9,$ENU]XQJVYHU]HLFKQLV

6W*%

6WUDIJHVHW]EXFK

6W32

6WUDISUR]HVVRUGQXQJ

6WU5*

*HVHW]]XU5HIRUPGHV6WUDIUHFKWV

6W9

6WUDIYHUWHLGLJHU

6W9*

6WUD‰HQYHUNHKUVJHVHW]

XD

XQWHUDQGHUHPXQGDQGHUH

X8

XQWHU8PVWlQGHQ

8UW

8UWHLO

XVZ

XQGVRZHLWHU

Y

YRPYRQ

YJO

YHUJOHLFKH

956

9HUNHKUVUHFKWV6DPPOXQJ

ZLVWUD

=HLWVFKULIWIU:LUWVFKDIW6WHXHU6WUDIUHFKW

]%

]XP%HLVSLHO

]7

]XP7HLO

=,6

=HLWVFKULIWIU,QWHUQDWLRQDOH6WUDIUHFKWVGRJPDWLN KWWSZZZ]LVRQOLQHFRP!

]LW

]LWLHUW

=32

=LYLOSUR]HVVRUGQXQJ

=6W:

=HLWVFKULIWIUGLHJHVDPWH6WUDIUHFKWVZLVVHQVFKDIW

]XVI

]XVDPPHQIDVVHQG

]XVW

]XVWLPPHQG

 *HVHW]HVSDUDJUDSKHQRKQH*HVHW]HVDQJDEHVLQGVROFKHGHV6W*% 



1. Teil: Allgemeine Grundlagen

I. Gemeinsame Schutzintention (LQ EHL DOOHQ 8UNXQGHQVWUDIWDWHQ EHHLQWUlFKWLJWHV JHPHLQVDPHV Å5HFKWV  JXW´ OlVVW VLFK QXU DXI UHODWLY KRKHU $EVWUDNWLRQVHEHQH DQJHEHQ 'XUFK HQWVSUHFKHQGH 9HUKDOWHQVQRUPHQ JHVFKW]W ZHUGHQ VROO GLH 6LFKHUKHLW XQG =XYHUOlVVLJNHLW GHV 5HFKWVYHUNHKUV PLW 8UNXQGHQ WHFKQLVFKHQ $XI ]HLFKQXQJHQ XQG 'DWHQ DOV %HZHLVPLWWHO 0LW GLHVHU %HVWLPPXQJ GHU 6FKXW]LQWHUHVVHQ GLH XQWHU GHP $VSHNW GHU 8UNXQGHQGHOLNWH DOV UHFKWOLFK DQHUNHQQHQVZHUW EHUKDXSW LQ %HWUDFKW ]X ]LHKHQ VLQG LVW MHGRFK QXU LP *UREHQGLH5LFKWXQJJHZLHVHQ)UGDV9HUVWlQGQLVGHUJHQDXHQ5HLFKZHLWH HLQ]HOQHU 7DWEHVWlQGH EHGDUI HV GHU3Ul]LVLHUXQJ XQG .RQNUHWLVLHUXQJ GHV 5HFKWVJXWVGHVVHQ9HUOHW]XQJRGHU*HIlKUGXQJWDWEHVWDQGVPl‰LJPLVVELO OLJW L6HLQHVJDQ]EHVWLPPWHQ7DWEHVWDQGVLVW'HQQGHU6FKXW]GHV5HFKWV YHUNHKUV L6 HLQHV %HZHLVYHUNHKUV  PLW 8UNXQGHQ XQG DQGHUHQ *HZlKU VFKDIWVWUlJHUQ]%ÅWHFKQLVFKHQ$XI]HLFKQXQJHQ´RGHUÅEHZHLVHUKHEOLFKHQ 'DWHQ´  HUIROJW QLFKW SDXVFKDO VRQGHUQ LQ DXVGLIIHUHQ]LHUWHU )RUP *H VFKW]W ZHUGHQ MHZHLOV QXU DXVVFKQLWWKDIW JDQ] EHVWLPPWH ,QWHUHVVHQ EHLP UHFKWVHUKHEOLFKHQ 8PJDQJ PLW EHVWLPPWHQ *HZlKUVFKDIWVWUlJHUQ ,QVRIHUQ JLEW HV K|FKVW XQWHUVFKLHGOLFKH6SH]LIL]LHUXQJHQGHVMHZHLOV JHVFKW]WHQ ,QWHUHVVHV GLH VLFK DXFK LQ EHVWLPPWHQ 7DWEHVWlQGHQ GHV JHOWHQGHQ 5HFKWVYHUDQNHUWILQGHQ ,Q %HWUDFKW NRPPW ]XQlFKVW GHU 6FKXW] GHV ,QWHUHVVHV DQ GHU (FKWKHLW  E]Z GHU 8QYHUIlOVFKWKHLW  'LHVHU $VSHNW LVW LP 7DWEHVWDQG GHV †

  %*+6W:HVVHOV+HWWLQJHU%75Q†, =LHVFKDQJLQ/. YRU†5QYJODXFK+HJKPDQQV%75Q².ULW]XGLHVHUYLHO]XDOO JHPHLQHQÅ5HFKWVJXWVEHVWLPPXQJ´3XSSHLQ1.†5QIGLHV)*%*+ ,96I  6GD]XXQWHQ7HLO,5Q²   6GD]XXQWHQ7HLO,,5Q²  

7HLO$OOJHPHLQH*UXQGODJHQ

HUIDVVW(LQ²DXFK MHQVHLWVGHV(FKWKHLWVDVSHNWV²GHQNEDUHV,QWHUHVVHDQ LQKDOWOLFKHU:DKUKHLW LVWQXULQEHVWLPPWHQ)lOOHQJHVFKW]WLQVEHVRQGHUH EHL |IIHQWOLFKHQ 8UNXQGHQ ††   'DV GHQNEDUH ,QWHUHVVH HLQHV %HZHLVIKUXQJVEHUHFKWLJWHQ DQ GHU 9HUIJEDUNHLW LVW VWUDIUHFKWOLFK DEJHVLFKHUWLQ††$EV1U(LQ,QWHUHVVHDP8QWHUEOHLEHQHLQHU PLVVEUlXFKOLFKHQ 9HUZHQGXQJ HFKWHU 8UNXQGHQ JHQLH‰W 6WUDIUHFKWV VFKXW]QXUEHL$XVZHLVSDSLHUHQ†   'DEHL VLQG GLHVH XQWHU GHP $VSHNW EHVWLPPWHU 7DWEHVWlQGH MHZHLOV JH VFKW]WHQ,QWHUHVVHQHQWJHJHQYHUEUHLWHWHU$N]HQWXLHUXQJQLFKWOHGLJOLFKXQG QRFK QLFKW HLQPDO SULPlU VROFKH GHU VRJ ÅDEVWUDNWHQ $OOJHPHLQKHLW´ 'LH JHVFKW]WHQ,QWHUHVVHQVLQGYLHOPHKUVHOEVWYHUVWlQGOLFKVROFKHGHUNRQNUHWHQ 3HUVRQHQ GLH P|JOLFKHUZHLVH  HQWVSUHFKHQG ÅIKOEDUH´ (LQEX‰HQ HUOHLGHQ N|QQWHQ 'HUHQ UHFKWOLFK DQ]XHUNHQQHQGH ,QGLYLGXDOLQWHUHVVHQ VROOHQ JHZDKUWZHUGHQ   )UHLOLFK EHGDUI VHOEVW GHU 7RSRV GHV 6FKXW]HV GHV ,QWHUHVVHV DQ GHU (FKWKHLW E]Z8QYHUIlOVFKWKHLW QRFKPDOVGHU.RQNUHWLVLHUXQJXQG6SH]LIL]LHUXQJQlKHU ]XGHQ²GHQNEDUHQ²XQWHUVFKLHGOLFKHQ5HFKWVJWHUVFKXW]LQWHUHVVHQGHU8UNXQ GHQIlOVFKXQJQDFK†QRFKXQWHQ7HLO,5Q²   ,P*UXQGHEHWULIIWGHU(FKWKHLWVDVSHNW²GDVZHUGHQGLHZHLWHUHQhEHUOHJXQJHQ ]HLJHQ ² HLQHQ VSH]LHOOHQ $XVVFKQLWW GHU LQKDOWOLFKHQ :DKUKHLW 'HQQ DXFK GLH XQHFKWH8UNXQGHHQWKlOWQRWZHQGLJHLQHVFKULIWOLFKH/JH6LHVSLHJHOWHLQHQDQ GHUHQ DOV GHQ ÅZDKUHQ´ $XVVWHOOHU YRU ² GLH (UNOlUXQJ VWDPPW QLFKW YRQ GHP YRQGHPVLH]XVWDPPHQVFKHLQWQlKHUGD]XXQWHQ7HLO,5Q² ,,, 5Q²   6GD]XXQWHQ7HLO,95Q²   6GD]XXQWHQ7HLO,,,5Q²   1lKHU ]XU PLVVEUlXFKOLFKHQ 9HUZHQGXQJ YRQ $XVZHLVSDSLHUHQ XQG VRQVWLJHQ DXVZHLVJOHLFKHQ 8UNXQGHQ (UE LQ 0QFK.RPP6W*% † 5QII +HFNHU *$II  9JOHUJlQ]HQG†9HUlQGHUQYRQDPWOLFKHQ$XVZHLVHQ †9RUEHUHLWXQJ GHU)lOVFKXQJYRQDPWOLFKHQ$XVZHLVHQ †9HUVFKDIIHQYRQIDOVFKHQDPWOL FKHQ$XVZHLVHQ †D9RUEHUHLWXQJGHU)lOVFKXQJXQG9HUVFKDIIHQYRQIDO VFKHQ DXIHQWKDOWVUHFKWOLFKHQ 3DSLHUHQ XQG )DKU]HXJSDSLHUHQ  XQG ††  )lOVFKXQJYRQ*HVXQGKHLWV]HXJQLVVHQ$XVVWHOOHQXQG*HEUDXFKXQULFKWLJHU *HVXQGKHLWV]HXJQLVVH   =XWUHIIHQGLQVRIHUQ$U]W:HEHU/+5QÅ6LFKHUKHLWGHV5HFKWVYHUNHKUV KHL‰WGDVVPDQGHQ%HZHLVPLWWHOQYHUWUDXHQNDQQ/HW]WOLFKJHKWHVDOVRQDWU OLFK QLFKWXPGHQ6FKXW]GHV5HFKWVYHUNHKUVVRQGHUQXPGHQ6FKXW]GHV9HU WUDXHQVGHUMHQLJHQGLHDP5HFKWVYHUNHKUWHLOQHKPHQ´SUREOHPDWLVFKHUVFKHLQWLQ GLHVHU )RUPXOLHUXQJ YRQ $U]W:HEHU DOOHUGLQJV GLH $N]HQWXLHUXQJ GHV 9HUWUDX HQVDVSHNWV GHQQ EHLVSLHOVZHLVH GHU VFKHLQEDUH $XVVWHOOHU YHUWUDXW LQ GHU 5HJHO JHUDGHQLFKWXQGYHUGLHQWGHQQRFK6FKXW]YRUXQ]XWUHIIHQGHU=XVFKUHLEXQJYJO GD]X XQWHQ 7HLO,  >5Q ² @  ,Q GHU 6DFKH IU HLQH ,QGLYLGXDOVFKXW] 





,*HPHLQVDPH6FKXW]LQWHQWLRQ

,KUHP &KDUDNWHU QDFK VLQG GLH 8UNXQGHQVWUDIWDWHQ YRU GLHVHP +LQWHU  JUXQG LQ GHU 5HJHO 'HOLNWH GHU DEVWUDNWHQ X8 VRJDU GHU PHKU RGHU ZHQLJHU NRQNUHWHQ *HIlKUGXQJ JDQ] EHVWLPPWHU =XVFKUHLEXQJV XQG 9HUIJEDUNHLWV ,QWHUHVVHQYRQ(LQ]HOSHUVRQHQ8QGQXUELVZHLOHQKDQGHOWHV VLFK XP HLQH HQWVSUHFKHQGH *HIlKUGXQJ YRQ ,QWHUHVVHQ VWDDWOLFKHU (LQULFK WXQJHQ XQG LG6 XP $OOJHPHLQLQWHUHVVHQ  ² HWZD LP )DOOH GHU GXUFK HLQH 8UNXQGHQIlOVFKXQJ HUVFKOLFKHQHQ (LQVWHOOXQJ LQ GHQ |IIHQWOLFKHQ 'LHQVW ,QGHVVHQ ]HLJW VLFK LQVRZHLW QXU HLQHV 6HLQHU )XQNWLRQ QDFK LVW GHU 6FKXW] HQWVSUHFKHQGHU,QWHUHVVHQUHJHOPl‰LJHLQ9RUIHOGVFKXW]XPZHLWHUJHKHQGH ,QWHUHVVHQEHHLQWUlFKWLJXQJHQLQEHVWLPPWHQDQGHUHQ%HUHLFKHQ]XYHUPHLGHQ ²VHLHVEHL3ULYDWSHUVRQHQRGHUEHLVRQVWLJHQ,QWHUHVVHQWUlJHUQ 1XUHLQ9HUVWlQGQLVGHU8UNXQGHQVWUDIWDWHQGDVDXIGLHMHZHLOVEHWURIIH  QHQ,QWHUHVVHQ%HGDFKWQLPPWHUP|JOLFKWEHUKDXSWHLQHWDWDQJHPHVVHQH 6WUDI]XPHVVXQJ'DV$EVWHOOHQDXIHLQDEVWUDNWHV5HFKWVJXWGHU$OOJHPHLQ KHLW PVVWH NRQVHTXHQWHUZHLVH ]X HLQHU 2ULHQWLHUXQJ DOOHQIDOOV DQ JDQ] ZHQLJHQ )DNWRUHQ HWZD DQ GHU *WH HLQHU )lOVFKXQJ  XQG GDPLW ]X HLQHU YHUIHKOWHQ *OHLFKVFKDOWXQJ IKUHQ 'DJHJHQ JHVWDWWHW GLH (LQEH]LHKXQJ GHU LP (LQ]HOIDOO MHZHLOV EHWURIIHQHQ VFKXW]ZUGLJHQ ,QWHUHVVHQ HLQH GHP 8Q UHFKWVJHKDOW GHU HLQ]HOQHQ 7DW JHUHFKW ZHUGHQGH =XPHVVXQJ GHU 6WUDIH ,QVRIHUQ PDFKW HV HEHQ HLQHQ 8QWHUVFKLHG RE ]% GHU 8UNXQGHQIlOVFKHU HLQHQ6FKHFNEHURGHUʖIlOVFKWRGHUGHU7lWHUHLQHU8UNXQGHQ XQWHUGUFNXQJ GLHV PLW GHU GURKHQGHQ .RQVHTXHQ] WXW GDVV HLQ DQGHUHU XQEHUHFKWLJW]XHLQHUNOHLQHQ*HOGVWUDIHRGHUDEHU]XHLQHUKRKHQ)UHLKHLWV VWUDIHYHUXUWHLOWZLUG'DVXQWHUVFKLHGOLFKH*HZLFKWGHUMHZHLOVEHWURIIHQHQ VFKXW]ZUGLJHQ,QGLYLGXDO ,QWHUHVVHQHUIRUGHUWHLQHHQWVSUHFKHQGDQ JHSDVVWH6WUDI]XPHVVXQJ (EHQ GLHVHQ ,QWHUHVVHQ GLHQW DXFK GLH 0|JOLFKNHLW GLH )lOVFKXQJVSUR  GXNWHXQGPLWWHOHLQ]X]LHKHQYJOQlKHU† ,P)DOOHGHU)DOVFKEHXU 

















IXQNWLRQ GHV †  PLW 5HFKW HWZD DXFK -DNREV 8UNXQGHQIlOVFKXQJ 6  II GHUV)6.SHU6I3XSSH-=IJHJHQ%*+=  ² $OOJHPHLQ ]XU %HGHXWXQJ GLHVHU (LQVLFKW IU GLH %HKDQGOXQJ GHU 8QLYHUVDO UHFKWVJWHU+DVVHPHULQ-HQVHLWVGHV)XQNWLRQDOLVPXV6II =% LP )DOOH GHU +HUVWHOOXQJ HLQHU XQHFKWHQ 8UNXQGH QDFK † QlKHU GD]X XQWHQ7HLO,,,5Q²  =% LP )DOOH GHV *HEUDXFKPDFKHQV YRQ HLQHU XQHFKWHQ 8UNXQGH QlKHU GD]X XQWHQ7HLO,,,5Q²  =XU )UDJH GHV (LQJUHLIHQV GHU 8UNXQGHQGHOLNWH EHL $XVODQGVEHUKUXQJ YJO 6FKURHGHU1-:I6WRIIHUV-$II =XWUHIIHQG]XPLQGLYLGXDOVFKW]HQGHQ&KDUDNWHUDXFK GHV9HUERWVGHU8UNXQ GHQIlOVFKXQJ(UELQ0QFK.RPP6W*%†5QII

7HLO$OOJHPHLQH*UXQGODJHQ

NXQGXQJLP$PWNRPPWDX‰HUGHPGLH$EHUNHQQXQJGHU$PWVIlKLJNHLWLQ %HWUDFKW† 

II. Verhältnis zu anderen Straftaten – sonst strafrechtlich nicht erfasste Interessenbeeinträchtigungen  'LH 8UNXQGHQGHOLNWH VWHKHQ LQ HLQHP HQJHQ =XVDPPHQKDQJ YRU DOOHP PLW GHQ 9HUP|JHQVVWUDIWDWHQ 'LH )lOVFKXQJ RGHU 8QWHUGUFNXQJ YRQ %H ZHLVPLWWHOQLVWLQDOOHU5HJHOQLFKW6HOEVW]ZHFNVRQGHUQSUDNWLVFKGXUFKZHJ HQWVFKHLGHQGPRWLYLHUWGXUFKZHLWHUJHKHQGH=ZHFNYHUIROJXQJHQ'DEHLJHKW HV PHLVW XP ZLUWVFKDIWOLFKH ,QWHUHVVHQ *UHLIW ² ZLH LQ GHU 0HKU]DKO GHU )lOOH²†QHEHQHLQHP8UNXQGHQGHOLNWHLQIXQJLHUWGLH8UNXQGHQVWUDIWDW LQ GHU 6DFKH DOV 4XDOLILNDWLRQ GHV EHVRQGHUV UDIILQLHUW EHJDQJHQHQ 9HUP| JHQVGHOLNWV(QWVSUHFKHQGHVJLOWEHLVSLHOVZHLVHIUGLHGXUFKHLQH8UNXQGHQ IlOVFKXQJYHUVFKOHLHUWH8QWHUVFKODJXQJ  3UDNWLVFKEHGHXWVDPHUHUVFKHLQWMHGRFKGLHGXUFKGLH8UNXQGHQVWUDIWDWHQ EHZLUNWH 9RUYHUODJHUXQJ GHU 6WUDIEDUNHLW %HVRQGHUV H[WUHP LVW GLHVH 9RUYHUODJHUXQJ EHL GHU 8UNXQGHQIlOVFKXQJ LQ *HVWDOW GHV +HUVWHOOHQV HLQHU XQHFKWHQ RGHU GHV 9HUIlOVFKHQV HLQHU HFKWHQ 8UNXQGH %LV  ZXUGHQ HQWVSUHFKHQGH 9HUKDOWHQVZHLVHQ HUVW GDQQ VWUDIUHFKWVUHOHYDQW ZHQQ YRQ HLQHP )lOVFKXQJVIDEULNDW ]XP =ZHFNH GHU 7lXVFKXQJ *HEUDXFK JHPDFKW ZXUGH † D) ODXWHWH Å:HU LQ UHFKWVZLGULJHU $EVLFKW HLQH LQOlQGLVFKH RGHU DXVOlQGLVFKH |IIHQWOLFKH 8UNXQGH RGHU HLQH VROFKH 3ULYDWXUNXQGH ZHOFKH]XP%HZHLVYRQ5HFKWHQXQG5HFKWVYHUKlOWQLVVHQYRQ(UKHEOLFKNHLW LVW YHUIlOVFKW RGHU IlOVFKOLFK DQIHUWLJW XQG YRQ GHUVHOEHQ ]XP =ZHFNH GHU 7lXVFKXQJ*HEUDXFKPDFKWZLUGZHJHQ8UNXQGHQIlOVFKXQJPLW*HIlQJQLV EHVWUDIW´ 'LH 7DW ZDU DOVR DOV ]ZHLDNWLJHV 'HOLNW DXVJHVWDOWHW 1DFK KHXWH JHOWHQGHP5HFKWOLHJWGDJHJHQX8ODQJH=HLWYRUGHPLQWHQGLHUWHQ*HEUDX FKHQ]X7lXVFKXQJV]ZHFNHQHLQHYROOHQGHWH7DWYRU   =XWUHIIHQGKHUDXVJHVWULFKHQLVWGLHVYRQ$U]W:HEHU/+5Q²)LVFKHU †5QIDVVWLQ*HJHQSRVLWLRQ]X=LHVFKDQJLQ/.YRU†5QGLH8U NXQGHQIlOVFKXQJLP+LQEOLFNDXI†$EV1UXQGVRJDUDOV9HUP|JHQV GHOLNWDXI5LFKWLJGDUDQLVWGDVVGLH9HUPHLGXQJYRQ9HUP|JHQVVFKlGHQMHQDFK GHQ 8PVWlQGHQ GXUFKDXV DXFK LP 6FKXW]EHUHLFK GHV 9HUERWV GHU 8UNXQGHQIlO VFKXQJOLHJHQNDQQ  =XUHQWVSUHFKHQGHQKLVWRULVFKHQ%HGHXWXQJGHU8UNXQGHQIlOVFKXQJDOV4XDOLIL NDWLRQIUGHQ%HWUXJYJO7U|QGOHLQ/.YRU†5QPZ1  .ULWLVFK PLW %OLFN DXI HLQH GHUDUWLJH 9RUYHUODJHUXQJ GHV 5HFKWVJWHUVFKXW]HV -DNREV=6W: I 



,,,.ULPLQRORJLHGHU8UNXQGHQGHOLNWH

%HLIRUPHOOHU9ROOHQGXQJGHU7DWNDQQ]%GHU8UNXQGHQIlOVFKHUGHU D VHLQJHUDGHIHUWLJJHVWHOOWHV)DOVLILNDWVRIRUWZLHGHUYHUQLFKWHWZHLOLKQVHLQH 7DWUHXWMHGHQIDOOVQLFKWLQGLUHNWHU$QZHQGXQJGHU5FNWULWWVUHJHOXQJGHV †RGHULQGLUHNWHU$QZHQGXQJYRQ9RUVFKULIWHQEHUGLHÅWlWLJH5HXH´ YRQ6WUDIHYHUVFKRQWZHUGHQ,QVRIHUQLVWOHGLJOLFKDQHLQHDQDORJH$QZHQ GXQJ VROFKHU 9RUVFKULIWHQ ]X GHQNHQ 'LH 9HUIDKUHQVHLQVWHOOXQJ QDFK ††D6W32LVWLQGLHVHP%HUHLFKQXUHLQHSUR]HVVXDOHÅ1RWO|VXQJ´ 'LH7DWEHVWlQGHGHU8UNXQGHQGHOLNWHVLQGLQGHVVHQQLFKWQXULP5DKPHQ  YRQ 9HUP|JHQVVWUDIWDWHQ DOV GHUHQ Å4XDOLILNDWLRQHQ´ XQG DOV GLH 6WUDIEDU NHLWV]RQHWHLOZHLVHZHLWYRUYHUODJHUQGH7DWEHVWlQGHEHGHXWVDP6LHVLQGDXFK IUDOOHVRQVWLJHQGHQNEDUHQSULYDWHQXQG|IIHQWOLFKHQ,QWHUHVVHQZLFKWLJ VRIHUQ GLHVH EHUKDXSW UHFKWOLFK DQ]XHUNHQQHQ VLQG )U GHQ )DOO GDVV GHUDUWLJH,QWHUHVVHQDOVVROFKHNHLQHQDQGHUZHLWLJHQ6WUDIUHFKWVVFKXW]JHQLH ‰HQ NRPPW LKQHQ EHU GLH 8UNXQGHQGHOLNWH VRJDU SDUWLHOO HLQ VRQVW Y|OOLJ IHKOHQGHU PLWWHOEDUHU 6FKXW] ]X 'LH 8UNXQGHQGHOLNWH IXQJLHUHQ GDEHL JHZLVVHUPD‰HQDOVHLQ]LJHÅ6FKXW]LQVWDQ]´ 'DVPDJIROJHQGHV%HLVSLHOYHUGHXWOLFKHQ$KDWHLQH)UHXQGLQ)GLH%  LKPPLVVJ|QQW'HVKDOEIlOVFKW%HLQHQ%ULHIGHV$PLWGHP,QKDOWGDVV$ VHLQH)UHXQGLQQLFKWPHKUZLHGHUVHKHQZROOH)]LHKWGDUDXVGLH.RQVHTXHQ] XQG ZHQGHW VLFK YRQ $ DE ² ,Q HLQHP GHUDUWLJHQ )DOO JUHLIW DOOHQIDOOV GHU 6FKXW]GHV†]XJXQVWHQYRQ)XQG$HLQ

III. Kriminologie der Urkundendelikte 'LH =DKO GHU EHNDQQW JHZRUGHQHQ 8UNXQGHQIlOVFKXQJVGHOLNWH LZ6   EHWUXJ  LQ 'HXWVFKODQG FD  VWLHJ QDFK HLQHP =ZLVFKHQWLHI LP -DKUYRQXQWHUELVDXIHWZDDQXQGVDQNPLWHLQHP OHLFKWHQ =ZLVFKHQKRFK LP -DKU  YRQ XQJHIlKU  NRQWLQXLHUOLFK  ELVDXIFDLP -DKUGKXPHLQJDQ]HV9LHUWHO XPZLHGHUDXINQDSS]X   9JOGD]XDXFK )UHXQG$7 †5QVDFKOLFKEHUHLQVWLPPHQG-DNREV8UNXQ GHQIlOVFKXQJ6  =XU$QJHPHVVHQKHLWGHV6FKXW]HVDXFKGHVVFKHLQEDUHQ$XVVWHOOHUVQlKHUXQWHQ 5Q²]XP²LP%HLVSLHOVIDOOHQWJHJHQGHPHUVWHQ$QVFKHLQZRKOHUIOOWHQ ² (UIRUGHUQLV GHV +DQGHOQV Å]XU 7lXVFKXQJ LP 5HFKWVYHUNHKU´ QlKHU XQWHQ 7HLO95Q²D   (UVWHV(UKHEXQJVMDKUIUGDVJHVDPWH%XQGHVJHELHWQDFKGHU:LHGHUYHUHLQLJXQJ GLH 'DWHQ GHU 9RUMDKUH V GD]X GLH 9RUDXIODJH 5Q  VLQG GDKHU QLFKW YHU JOHLFKEDU 

7HLO$OOJHPHLQH*UXQGODJHQ

VWHLJHQ 'DUXQWHU ZDUHQ  HWZD  )lOOH GHU )lOVFKXQJ WHFKQLVFKHU $XI]HLFKQXQJHQ XQG  )lOOH GHU )lOVFKXQJ EHZHLVHUKHEOLFKHU 'DWHQ E]Z GHU 7lXVFKXQJ LP 5HFKWVYHUNHKU EHL GHU 'DWHQYHUDUEHLWXQJ ††  $X‰HUGHPZXUGHQLPVHOEHQ-DKUXQJHIlKU)lOOHGHU*HOGXQG :HUW]HLFKHQIlOVFKXQJ HLQVFKOLH‰OLFK 9RUEHUHLWXQJVKDQGOXQJHQ   )lOOH GHV ,QYHUNHKUEULQJHQV YRQ )DOVFKJHOG XQG  )lOOH GHU )lOVFKXQJ YRQ =DKOXQJVNDUWHQ PLW XQG RKQH *DUDQWLHIXQNWLRQ 6FKHFNV XQG :HFKVHOQ ††DE EHNDQQW  ,P -DKU  VWDQGHQ HWZD  LP DOWHQ %XQGHVJHELHW XQG *HVDPW %HUOLQ SROL]HLOLFK UHJLVWULHUWHQ 8UNXQGHQIlOVFKXQJVGHOLNWHQ XQJHIlKU  VWUDIJHULFKWOLFKH $EXUWHLOXQJHQ JHJHQEHU GDUXQWHU NQDSS  9HUXUWHLOXQJHQ  $XIIlOOLJLVWGLHKRKH$XINOlUXQJVTXRWHEHLGHU8UNXQGHQIlOVFKXQJYRQ HWZD  6LH GUIWH GDUDXI EHUXKHQ GDVV QDFK GHU $UW GHV 'HOLNWV EHL (QWGHFNXQJGHU7DWLQGHU5HJHOQXUZHQLJH3HUVRQHQHUQVWKDIWDOV7lWHULQ %HWUDFKW NRPPHQ 6HLW GHU -DKUWDXVHQGZHQGH LVW GLH $XINOlUXQJVTXRWH DOOHUGLQJVHWZDVUFNOlXILJ%HWUXJVLHLQGHQHU-DKUHQQRFKGXUFKJH KHQG XP GLH ELV  VDQN VLH QDFK FD    E]Z   VFKOLH‰OLFKDXIFDLP-DKU %HDFKWHQVZHUWLVWGDEHLGHUEHWUlFKWOL FKH =XZDFKV GHV $QWHLOV GHU )lOVFKXQJ EHZHLVHUKHEOLFKHU 'DWHQ E]Z GHU 7lXVFKXQJ LP 5HFKWVYHUNHKU EHL GHU 'DWHQYHUDUEHLWXQJ DP JHVDPWHQ 'HOLNWVEHUHLFK 'HQQ ZlKUHQG VLFK GLHVHU ]ZLVFKHQ    XQG    =XGLHVHQ6WUDIWDWHQQlKHUHWZD:HVVHOV+HWWLQJHU%75QII†9   9JOGD]XGLH3ROL]HLOLFKH.ULPLQDOVWDWLVWLN6EHPHUNHQVZHUWLVWGDVV GLH7DWHQJHP††PLWHLQHU =XQDKPHXPNQDSS)lOOH]ZLVFKHQ  XQG  PHKU DOV GLH +lOIWH GHV LQ GLHVHP =HLWUDXP ]X YHU]HLFKQHQGHQ =XZDFKVHVGHV*HVDPWGHOLNWVEHUHLFKVDXVPDFKHQ  6GD]XGLH3ROL]HLOLFKH.ULPLQDOVWDWLVWLN6VRZLHGLH6WUDIYHUIROJXQJV VWDWLVWLN6I²=XEHDFKWHQLVWGDVVGLH=DKOHQVFKRQGHVKDOEQLFKWRK QH:HLWHUHVPLWHLQDQGHUYHUJOHLFKEDUVLQGZHLOGLH.ULPLQDOVWDWLVWLNLQVRZHLWGLH HUIDVVWHQ)lOOHGLH6WUDIYHUIROJXQJVVWDWLVWLN KLQJHJHQGLHDEJHXUWHLOWHQE]ZYHU XUWHLOWHQ3HUVRQHQDXVZHLVW%H]RJHQDXIGDVJHVDPWH%XQGHVJHELHWQDFKQHXHP *HELHWVVWDQG NDPHQ  DXI FD  UHJLVWULHUWH )lOOH HWZD  7DWYHU GlFKWLJHZDV EHLXELTXLWlUHU 9HUWHLOXQJFD7DWYHUGlFKWLJHQLQGHQDOWHQ %XQGHVOlQGHUQVRZLH*HVDPW%HUOLQHQWVSUlFKHYJOGD]XGLH3ROL]HLOLFKH.ULPL QDOVWDWLVWLN6=XZHLWHUHQ)DNWRUHQZHOFKHGLH9HUJOHLFKEDUNHLW YRQ.ULPLQDOXQG6WUDIYHUIROJXQJVVWDWLVWLNHLQVFKUlQNHQV(LVHQEHUJ.ULPLQROR JLH†5QIIIIII  9JO $U]W:HEHU /+  5Q (UE LQ 0QFK.RPP6W*% † 5Q  ² 1lKHU]XU3KlQRPHQRORJLHGHU8UNXQGHQGHOLNWHXQG]XU)lOVFKXQJVWHFKQLN6WHK OLQJ'LH8UNXQGHQIlOVFKXQJ6IIII  



,,,.ULPLQRORJLHGHU8UNXQGHQGHOLNWH

 ²DQIDQJVDOOHUGLQJVPLWQRFKXQNODUHU7HQGHQ]²PHKUDOVYHU]HKQ IDFKWH VDQN GLH $XINOlUXQJVTXRWH IU GLHVH 'HOLNWVJUXSSH LQQHUKDOE GHVVHO EHQ=HLWUDXPVXPPHKUDOVGLH+lOIWH   Vertiefungs- und Problemhinweise zu den Allgemeinen Grundlagen %UDQGW'LHQRPLQHOOH9HUlQGHUXQJGHUHLJHQHQ8QWHUVFKULIWLQ$UFKLYIU.ULPLQR D ORJLH%G II%URFNKDXV'LH8UNXQGHQIlOVFKXQJXQGGLH6WUDIORVLJNHLW GHU ÅVFKULIWOLFKHQ /JH´ ² (LQ (UNOlUXQJVYHUVXFK DXV KLVWRULVFKHU 6LFKW ELV ]XP 5HLFKVVWUDIJHVHW]EXFKYRQLQ =,6II(UELQ0QFK.RPP6W*% † 5Q  II † 5Q  I † 5Q  I 3UHFKWHO 8UNXQGHQGHOLNWH †† II 6W*%  ² 5HIRUPGLVNXVVLRQ XQG *HVHW]JHEXQJ VHLW   6WHKOLQJ 'LH 8UNXQ GHQIlOVFKXQJ ² (LQ %HLWUDJ ]XU .ULPLQRORJLH .ULPLQDOLVWLN XQG VWUDIUHFKWOLFKHQ 3UREOHPDWLNGLHVHU*HVHW]HVYHUVW|‰H'LVVLXU)UDQNIXUW0DLQ 

    9JO GD]X GLH 3ROL]HLOLFKH .ULPLQDOVWDWLVWLN  6   6   6666XQG6

 



2. Teil: Urkundenfälschung (§ 267)

1DFK † $EV  ZLUG ZHJHQ 8UNXQGHQIlOVFKXQJ EHVWUDIW ZHU ]XU 7lXVFKXQJ LP 5HFKWVYHUNHKU HLQH XQHFKWH 8UNXQGH KHUVWHOOW HLQH HFKWH 8UNXQGH YHUIlOVFKW RGHU HLQH XQHFKWH RGHU YHUIlOVFKWH 8UNXQGH JHEUDXFKW 'HU9HUVXFKLVWLQ†$EVPLW6WUDIHEHGURKW †$EVQRUPLHUWHLQHQHUK|KWHQ6WUDIUDKPHQIUEHVRQGHUVVFKZH UH )lOOH $OV 5HJHOEHLVSLHOH ZHUGHQ LQVRIHUQ JHQDQQW *HZHUEVPl‰LJHV +DQGHOQ RGHU +DQGHOQ DOV 0LWJOLHG HLQHU %DQGH GLH VLFK ]XU IRUWJHVHW]WHQ %HJHKXQJ YRQ %HWUXJ RGHU 8UNXQGHQIlOVFKXQJ YHUEXQGHQ KDW 1U  GDV +HUEHLIKUHQ HLQHV 9HUP|JHQVYHUOXVWHV JUR‰HQ $XVPD‰HV 1U  GLH HUKHEOLFKH *HIlKUGXQJ GHU 6LFKHUKHLW GHV 5HFKWVYHUNHKUV GXUFK HLQH JUR‰H =DKO YRQ XQHFKWHQ RGHU YHUIlOVFKHQ 8UNXQGHQ 1U  GHU 0LVVEUDXFK GHU %HIXJQLVVH RGHU GHU 6WHOOXQJ HLQHV $PWVWUlJHUV 1U  $EV GHV † QRUPLHUW HLQHQ DOV 9HUEUHFKHQ DXVJHVWDOWHWHQ4XDOLILNDWLRQVWDWEHVWDQGIU GHQ)DOOGDVVGHU7lWHUGLH8UNXQGHQIlOVFKXQJDOV0LWJOLHGHLQHU%DQGHGLH VLFK]XUIRUWJHVHW]WHQ%HJHKXQJYRQ6WUDIWDWHQQDFKGHQ††ELVRGHU ELVYHUEXQGHQKDWJHZHUEVPl‰LJEHJHKW 0LW GHP ]HQWUDOHQ %HJULII GHU 8UNXQGH L6GHV PDWHULHOOHQ 6WUDIUHFKWV ZHUGHQ LP :HVHQWOLFKHQ GUHL 0RPHQWH YHUEXQGHQ (LQH 8UNXQGH VHW]W GDQDFKHLQHYHUN|USHUWH(UNOlUXQJYRUDXVGLHHLQHQ$XVVWHOOHUHUNHQQHQ OlVVWXQGGLHLP5HFKWVYHUNHKUHLQH%HZHLVIXQNWLRQHUIOOW,Q%H]XJDXI HLQHQ VROFKHUPD‰HQ GHILQLHUWHQ *HJHQVWDQG ZHUGHQ GDQQ EOLFKHUZHLVH GLH YHUVFKLHGHQHQ )RUPHQ GHU 7DWEHVWDQGVYHUZLUNOLFKXQJ QlKHU EHVWLPPW HV ZLUGDOVRXQWHU$QNQSIXQJDQGLHVH'HILQLWLRQNRQNUHWLVLHUWZDVXQWHUGHP Å]XU 7lXVFKXQJ LP 5HFKWVYHUNHKU´ YRUJHQRPPHQHQ  +HUVWHOOHQ HLQHU XQHFKWHQ GHP 9HUIlOVFKHQ HLQHU HFKWHQ XQG GHP *HEUDXFKPDFKHQ YRQ HLQHUXQHFKWHQRGHUYHUIlOVFKWHQ8UNXQGHLP(LQ]HOQHQ]XYHUVWHKHQLVW %HLHLQHUGHUDUWLJHQ$XIVSDOWXQJGHV]XEHZlOWLJHQGHQ3UREOHPVWRIIVJHUD WHQLQGHVVHQOHLFKWEHVWLPPWH=XVDPPHQKlQJHXQGJHPHLQVDPH*UXQGODJHQ   6GD]XHWZD&UDPHU+HLQHLQ6FK|QNH6FKU|GHU †5Q+HJKPDQQV%7 5Q-lJHU([DPHQV5HSHWLWRULXP%75Q/DFNQHU.KO†5Q 2WWR-X6GHUV%7†5QMHZPZ1





D





7HLO8UNXQGHQIlOVFKXQJ† 

DXVGHP%OLFNIHOG'HQQEHUHLWVGHU%HJULIIGHU8UNXQGHNDQQQLFKWORVJH O|VW YRQ HLQHU EHVWLPPWHQ 7DWEHVWDQGVYHUZLUNOLFKXQJVIRUP GHV † JHVH KHQZHUGHQ²HWZDDOVHLQMHQVHLWVGHU7DWEHVWDQGVSUREOHPDWLNDQJHVLHGHOWHV YRQYRUQKHUHLQIHUWLJHV*HELOGH6FKRQGLHQlKHUH%HVWLPPXQJGHV%HJULIIV GHU8UNXQGHVHW]WYLHOPHKUGDV(UIDVVHQGHUVSH]LILVFKHQ6FKXW]LQWHUHVVHQ YRUDXV XP GLH HV LQ GHU 6DFKH EHL HLQHP EHVWLPPWHQ 7DWEHVWDQG E]Z EHL HLQHU EHVWLPPWHQ )RUP GHU 7DWEHVWDQGVYHUZLUNOLFKXQJ JHKW (V JLOW ]X NOlUHQ ZHOFKH 9HUKDOWHQVZHLVHQ XQWHU GLHVHP %OLFNZLQNHO VLQQYROOHUZHLVH WDWEHVWDQGOLFK]XPLVVELOOLJHQVLQG  'DPLW DEHU LVW ]XQlFKVW GLH ZHLFKHQVWHOOHQGH )UDJH QDFK GHP GXUFK GDV 9HUERW GHU 8UNXQGHQIlOVFKXQJ EH]ZHFNWHQ 5HFKWVJWHUVFKXW] DXIJH ZRUIHQ ,VW GLHVH )UDJH EHDQWZRUWHW YHUVWHKHQ VLFK QLFKW QXU GLH .ULWHULHQ GHVPDWHULHOOVWUDIUHFKWOLFKHQ8UNXQGHQEHJULIIVL6GHV† JOHLFKVDPYRQ VHOEVW VRQGHUQ LVW DXFK HLQLJHUPD‰HQ NODU YRUJH]HLFKQHW ZHOFKH 9HUKDO WHQVZHLVHQQDFK:RUWODXWXQG UDWLRWDWEHVWDQGOLFKHUIDVVWVLQG

I. Durch das Verbot der Urkundenfälschung intendierter Rechtsgüterschutz 1. Ausgangspunkt: Schutz des Interesses an richtiger „Zuschreibung“ mit Blick auf die (fehlende) Bindung im Außenverhältnis 

)$// 6FKXOGQHU6KDWWHVHLQH6FKXOGEHJOLFKHQMHGRFKYHUVlXPWVLFK GDIU HLQH 4XLWWXQJ JHEHQ ]X ODVVHQ 'D HU EHIUFKWHWH YRQ GHP (UEHQ GHV YHUVWRUEHQHQ *OlXELJHUV QRFKPDOV LQ $QVSUXFK JHQRPPHQ ]X ZHU GHQIHUWLJWHHUVHOEVWHLQHHQWVSUHFKHQGH4XLWWXQJDQXQGXQWHU]HLFKQHWH GLHVHPLWGHP1DPHQGHV*OlXELJHUV  )$// $IXKUPLWVHLQHU6HNUHWlULQLQV:RFKHQHQGH,P+RWHOWUXJHQ VLFKEHLGHDOV(KHSDDUHLQ  )$//  $ XQWHU]HLFKQHWH HLQH (UNOlUXQJ ]ZDU PLW VHLQHP HLJHQHQ1D PHQ DEHU XQWHU %HJOHLWEHGLQJXQJHQ QDFK GHQHQ HLQ DQGHUHU JOHLFKHQ 1DPHQVDOV$XVVWHOOHUHUVFKLHQ   =XP²WHLOZHLVHDEZHLFKHQGHQ²VWUDISUR]HVVXDOHQ8UNXQGHQEHJULIIGHUVLFKLP :HVHQWOLFKHQDQGHUÅ9HUOHVEDUNHLW´HLQHV6FKULIWVWFNV RULHQWLHUWYJOHWZD5R [LQ 6WUDIYHUIDKUHQVUHFKW † % PZ1 =XP ]LYLOSUR]HVVXDOHQ 8UNXQGHQEH JULIIYJO2/*.|OQ1-:*HLPHULQ=ROOHU=32YRU†5Q 6FKUHLEHULQ0QFK.RPP=32†5QII=ROOHU1-:IIHUJlQ ]HQGHWZD.LQGKlXVHU6WUDISUR]HVVUHFKW†5Q





,'XUFKGDV9HUERWGHU8UNXQGHQIlOVFKXQJLQWHQGLHUWHU5HFKWVJWHUVFKXW]

)$//$XQWHUVFKULHEHLQH4XLWWXQJLQHLQHUIULKQXQW\SLVFKHQ$UWXQG :HLVHGLHHVLKPVSlWHUHUP|JOLFKHQVROOWHGLHHLJHQH$XVVWHOOHUVFKDIW]X OHXJQHQXQGGLH8QWHUVFKULIWDOV)lOVFKXQJKLQ]XVWHOOHQ (LQLJNHLW GUIWH PLW %OLFN DXI )ROJHQGHV EHVWHKHQ 'DV VSH]LILVFKH 5HFKWVJXWEHLGHU8UNXQGHQIlOVFKXQJQDFK†LVWMHGHQIDOOVGDV,QWHUHVVH GHU7HLOQHKPHUGHV5HFKWVYHUNHKUVDQGHUÅ(FKWKHLW´HLQHUÅEHZHLVJHHLJ QHWHQ YHUN|USHUWHQ (UNOlUXQJ´ 'DEHL PXVV Å(FKWKHLW´ JUXQGVlW]OLFK YHUVWDQGHQ ZHUGHQ DOV ULFKWLJ GRNXPHQWLHUWH =XRUGQXQJ GHU YHUN|USHUWHQ (UNOlUXQJ]XLKUHP$XVVWHOOHUDOVGHUHQ8UKHEHU 9HUHLQIDFKWDXVJHGUFNW (V JHKW XP GDV ,QWHUHVVH GDUDQ GDVV HUNHQQEDUHU XQG ZLUNOLFKHU $XVVWHOOHU EHUHLQVWLPPHQ'LHVHV,QWHUHVVHDQULFKWLJHU=XVFKUHLEXQJLVW]XXQWHU VFKHLGHQ YRQ HLQHP HWZDLJHQ ² ZHLWHUJHKHQGHQ ² ,QWHUHVVH DQ GHU LQKDOWOL FKHQ 5LFKWLJNHLWGHU(UNOlUXQJVHOEVW $U]W:HEHU VSUHFKHQ LQVRZHLW UHFKW SUlJQDQW YRQ Å=XVFKUHLEXQJVYHU WUDXHQ´ HLQHUVHLWV XQG Å,QKDOWVYHUWUDXHQ´ DQGHUHUVHLWV 'LHVH (QWJHJHQ VHW]XQJGDUIMHGRFKQLFKW]XGHU$QQDKPHYHUOHLWHQGDV,QWHUHVVHDQULFKWL JHU Å=XVFKUHLEXQJ´ VHL YRP (UNOlUXQJVLQKDOW HLQHU 8UNXQGH XQDEKlQJLJ 9LHOPHKUVROOGDPLWOHGLJOLFKHLQJDQ]EHVWLPPWHU$XVVFKQLWWDXVGHPJHVDP WHQ(UNOlUXQJVLQKDOWKHUDXVJHJULIIHQXQGGDVGDKLQJHKHQGH,QWHUHVVHDQGHU LQKDOWOLFKHQ  5LFKWLJNHLW XQWHU GHP $VSHNW GHU 8UNXQGHQIlOVFKXQJ DOV VSH]LILVFKVFKXW]ZUGLJDXVJH]HLFKQHWZHUGHQGLH²DXVGUFNOLFKHRGHUVLFK DXV GHQ QlKHUHQ 8PVWlQGHQ HUJHEHQGH NRQNOXGHQWH  ² (UNOlUXQJ LQ %H]XJDXIGHQ$XVVWHOOHU (LQEHUGDV,QWHUHVVHDQULFKWLJHU=XVFKUHLEXQJKLQDXVJHKHQGHV,QWHUHVVH DQGHULQKDOWOLFKHQ 5LFKWLJNHLWGHU(UNOlUXQJVHOEVWLVWQXUDXVQDKPVZHLVH² LP 5DKPHQ DQGHUHU 7DWEHVWlQGH ]% GHU PLWWHOEDUHQ )DOVFKEHXUNXQGXQJ RGHU DEHU GHV %HWUXJHV  ² JHVFKW]W 0LW %OLFN DXI GDV VSH]LILVFK VFKXW]   ,G6HWZDGLH.XU]GHILQLWLRQYRQ$U]W:HEHU/+5Q1lKHU]XU3UR EOHPDWLN GHV GXUFK GDV 9HUERW GHU 8UNXQGHQIlOVFKXQJ JHVFKW]WHQ 5HFKWVJXWV (UE LQ 0QFK.RPP6W*% † 5Q  II 5KHLQHFN )lOVFKXQJVEHJULII XQG *HLVWLJNHLWVWKHRULH 6  II 6LHEHU &RPSXWHUNULPLQDOLWlW XQG 6WUDIUHFKW 6 II  $U]W:HEHU/+5Q  =XU ² EHLVSLHOVZHLVH PLW %OLFN DXI =XVFKUHLEXQJVLQWHUHVVHQ GHV VFKHLQEDUHQ $XVVWHOOHUV VHOEVW ² SUREOHPDWLVFKHQ $N]HQWXLHUXQJ GHV 9HUWUDXHQVDVSHNWV EHL GHU5HGHZHLVHYRPJHVFKW]WHQ=XVFKUHLEXQJVYHUWUDXHQ YJOQRFKXQWHQ7HLO, 5Q² WDWVlFKOLFKHUIDVVWPDQPLWGHP9HUWUDXHQVJHGDQNHQQXUHLQ7HLO IHOGGHUVFKW]HQVZHUWHQ,QWHUHVVHQDQULFKWLJHU=XVFKUHLEXQJ  =XHLQHU$XVQDKPHGLHGLHK0EHLGHU9HUZLUNOLFKXQJVIRUPGHV9HUIlOVFKHQV HLQHU HFKWHQ 8UNXQGH GXUFK GHQ $XVVWHOOHU QDFK 9HUOXVW GHU HQWVSUHFKHQGHQ 











7HLO8UNXQGHQIlOVFKXQJ† 

ZUGLJH ,QWHUHVVH DQ ULFKWLJHU =XVFKUHLEXQJ ODVVHQ VLFK GLH JHOlXILJHQ %HVWLPPXQJVIDNWRUHQ ,QWHUSUHWDPHQWH  GHV 8UNXQGHQEHJULIIV L6 GHV † RKQH:HLWHUHVDEOHLWHQ'LH8UNXQGHL6GHU8UNXQGHQIlOVFKXQJZLUG EHNDQQWOLFK GHILQLHUW DOV YHUN|USHUWH (UNOlUXQJ GLH ]XP %HZHLV LP 5HFKWV YHUNHKUJHHLJQHWXQGEHVWLPPWLVWXQGGLHHLQHQ$XVVWHOOHUHUNHQQHQOlVVW 8PYRQHLQHU8UNXQGHL6GHV†UHGHQ]XN|QQHQPVVHQGDQDFKGUHL )XQNWLRQHQ JHZDKUW VHLQ HLQH 3HUSHWXLHUXQJV HLQH %HZHLV XQG HLQH *DUDQWLHIXQNWLRQ  'LHVHJHOlXILJHQ(UIRUGHUQLVVHVLQGHUVLFKWOLFKQLFKWHLQIDFKDXVGHP:RUW Å8UNXQGH´]XGHGX]LHUHQJOHLFKVDPDE]XOHVHQVRQGHUQIROJHQDXVHLQHPDOV VDFKOLFK EHUHFKWLJW DQHUNDQQWHQ ,QWHUHVVH GHV 5HFKWVYHUNHKUV E]Z JHQDXHUGHUMHZHLOVP|JOLFKHUZHLVHEHWURIIHQHQ²DNWLYHQRGHUÅSDVVLYHQ´² 7HLOQHKPHU DP 5HFKWVYHUNHKU  (V VROO UHFKWOLFK JDUDQWLHUW VHLQ GDVV GLH YHUN|USHUWH (UNOlUXQJ YRQ GHP VWDPPW YRQ GHP VLH ]X VWDPPHQ VFKHLQW 'XUFK GDV † ]XJUXQGHOLHJHQGH VWUDIEHZHKUWH 9HUERW VROO JHZlKUOHLVWHW ZHUGHQGDVVGLHYHUN|USHUWH(UNOlUXQJLKUHU,QGLNDWRUIXQNWLRQGKLKUHU )XQNWLRQHLQH(UNOlUXQJGHV$XVVWHOOHUVULFKWLJ]XYHUPLWWHOQ QLFKWQXUGHP $QVFKHLQ QDFK VRQGHUQ LQ GHP YRUDXVJHVHW]WHQ 0D‰ ZLUNOLFK JHUHFKW ]X ZHUGHQ YHUPDJ )HKOW DXFK QXU HLQHV GHU DOV ZHVHQWOLFK KHUDXVJHVWULFKHQHQ 0RPHQWHVRNDQQHLQLQGLHVHP6LQQHDOVVFKXW]ZUGLJDQHUNDQQWHV,QWHUHV VH GHU MHZHLOV P|JOLFKHUZHLVH %HWURIIHQHQ QLFKW YHUOHW]W ZHUGHQ $Q HLQHP VFKXW]UHOHYDQWHQ*HJHQVWDQGIHKOWHVEHLHLQHUQLFKWYHUN|USHUWHQ(UNOlUXQJ GHVJOHLFKHQEHLHLQHUYHUN|USHUWHQ(UNOlUXQJGLHY|OOLJEHZHLVXQJHHLJQHWLVW 8QG ZHQQ GLH (UNHQQEDUNHLW HLQHV $XVVWHOOHUV IHKOW NDQQ VLFK HLQ HWZD JOHLFKZRKO YRUKDQGHQHU %HZHLVZHUW L6 HLQHV EUDXFKEDUHQ ,QGL]HV  MHGHQ IDOOV QLFKW DXI GLH IU GDV 5HFKWVJXW GHV † DOV HQWVFKHLGHQG DQJHVHKHQH =XRUGQXQJGHU(UNOlUXQJ]XHLQHPEHVWLPPWHQ(UNOlUHQGHQEH]LHKHQ  'LVSRVLWLRQVEHIXJQLV PDFKW V XQWHQ  7HLO ,  5Q ²   ,,,  5Q ²    0LW%OLFNDXIDQGHUH7DWEHVWlQGHXQGRGHU6FKXW]LQWHUHVVHQ NDQQVLFKOHW]WOLFK HLQH'HFNXQJGHVÅ8UNXQGHQEHJULIIV´HUJHEHQ*UXQGVlW]OLFKGHQNEDUHUVFKHLQW DEHU GXUFKDXV DXFK HLQ DEZHLFKHQGHV 9HUVWlQGQLV WURW] GHVVHOEHQ :RUWHV Å8U NXQGH´  =XU IHKOHQGHQ VHOEVWlQGLJHQ %HGHXWXQJ GHV EOLFKHUZHLVH JHQDQQWHQ 0HUNPDOV GHU%HZHLVEHVWLPPXQJLP.RQWH[WGHV†VQRFKXQWHQ5QI  6 GD]X GLH 1DFKZ REHQ 5Q )Q ² 0HLVW ZLUG DOOHUGLQJV PLVVYHUVWlQGOLFK IRUPXOLHUW GDVV GLH YHUN|USHUWH (UNOlUXQJ ÅLKUHQ´ $XVVWHOOHU HUNHQQHQ ODVVHQ PVVH 'LHVH 9RUDXVVHW]XQJ LVW MHGRFK QXU EHL GHU HFKWHQ 8UNXQGH HUIOOW 'LH XQHFKWH8UNXQGHKDWQXUHLQHQ$QVFKHLQVDXVVWHOOHU²LKUHQÅZDKUHQ´$XVVWHOOHU GHQ)lOVFKHU OlVVWVLHJHUDGHQLFKWHUNHQQHQ6GD]XVRJOHLFKQRFKLP7H[W



,'XUFKGDV9HUERWGHU8UNXQGHQIlOVFKXQJLQWHQGLHUWHU5HFKWVJWHUVFKXW]

'LH EOLFKH ² XQG DXFK GHU IROJHQGHQ 'DUVWHOOXQJ ]XJUXQGH JHOHJWH ² D 'LIIHUHQ]LHUXQJ QDFK GHQ GUHL XQWHUVFKLHGOLFKHQ Å)XQNWLRQHQ´ RGHU Å0RPHQWHQ´ GHU 8UNXQGH GDUI LQGHVVHQ QLFKW PLVVYHUVWDQGHQ ZHUGHQ 6DFKOLFKJHKWHVQLFKWHWZDXPYRQHLQDQGHUXQDEKlQJLJH.ULWHULHQ9LHOPHKU EHVWHKWLQVRIHUQHLQLQQHUHU=XVDPPHQKDQJDOVGLH3HUSHWXLHUXQJVXQGGLH %HZHLVIXQNWLRQ QXU XQVHOEVWlQGLJH 8QWHUHOHPHQWH GHU IU GLH VSH]LILVFKH 6FKXW]ULFKWXQJ OHW]WOLFK DOOHLQ PD‰JHEOLFKHQ *DUDQWLHIXQNWLRQ VLQG 'LH 3HUSHWXLHUXQJVXQGGLH%HZHLVIXQNWLRQJHKHQLQGHU*DUDQWLHIXQNWLRQ DXIZHLOHVIUGDV9RUOLHJHQHLQHU8UNXQGHHQWVFKHLGHQGGDUDXIDQNRPPW RE GXUFK HLQHQ HQWVSUHFKHQGHQ VHOEVWUHGHQGHQ ,QIRUPDWLRQVWUlJHU GLH (UNOlUXQJ HLQHV EHVWLPPWHQ (UNOlUHQGHQ ² DOV GHV GDKLQWHU VWHKHQGHQ *DUDQWHQ²YHUPLWWHOWZLUG %HL HLQHU %HWUDFKWXQJ GLH VLFK DP 6FKXW] GHV ,QWHUHVVHV DQ ULFKWLJHU  =XVFKUHLEXQJ RULHQWLHUW NRPPW HV IU GLH %HMDKXQJ RGHU 9HUQHLQXQJ GHU 8UNXQGHQTXDOLWlW L6GHV †  DOOHLQ DXI GLH ]X HUZDUWHQGH (LQVFKlW]XQJ GHUMHQLJHQDQEHLGHQHQHLQH,UUHIKUXQJYHUPLHGHQZHUGHQVROO0D‰JHEOLFK GDIULVWGLHÅ2SIHUSHUVSHNWLYH´,P5DKPHQGHV†HLJHQWOLFKGHSOD]LHUW VLQG GHVKDOE GLH JHOlXILJHQ hEHUOHJXQJHQ ZLH HLQH HFKWH 8UNXQGH DXV GHU 3HUVSHNWLYH LKUHV $XVVWHOOHUV ]XVWDQGH NRPPW'HQQ EHL GHU KLHU LQWHUHVVLH UHQGHQ8UNXQGHQIlOVFKXQJNDQQHVLPPHUQXUXPGHQYRP7lWHUIUGLH SRWHQWLHOOHQÅ2SIHU´ SURGX]LHUWHQ 6FKHLQHLQHUHFKWHQE]ZXQYHUIlOVFK WHQ 8UNXQGHJHKHQ 0D‰JHEOLFKLVWDOVRGLH3HUVSHNWLYHGHVSRWHQWLHOOHQÅ2SIHUV´'DVVGLHVH  (LQVLFKW QLFKW QXU WKHRUHWLVFK EHGHXWVDP LVW VRQGHUQ DXFK .RQVHTXHQ]HQ

  $QGHUV GDJHJHQ HWZD EHL GHU 8UNXQGHQXQWHUGUFNXQJ QDFK † $EV  1U  ² GRUW VLQG QXU HFKWH 8UNXQGHQ HUIDVVW QlKHU GD]X QRFK XQWHQ  7HLO ,,,  5Q²   'DVV HLQH XQHFKWH 8UNXQGH GLH VSH]LILVFKH /HLVWXQJ GHU HFKWHQ  8UNXQGH QXU VFKHLQEDUHUEULQJWEHWRQWPLW5HFKW*XVWDIVVRQ'LHVFKHLQEDUH8UNXQGH6HW SDVVLPYJOGD]XDXFK=LHOLQVNLZLVWUDIIHUQHU(UELQ0QFK .RPP6W*%†5QGHQV*$   'DVLVWYHUNDQQWEHL/DPSH6W9ZHQQHUHLQH8UNXQGHQIlOVFKXQJ LP )DOOH GHV EOR‰ HU]HXJWHQ $QVFKHLQV HLQHU 2ULJLQDOXUNXQGH DEOHKQHQ P|FKWH LQGHU6DFKHHEHQVRDEHU]%0UEH-X6 LP$QVDW]]XWUHIIHQG LQVRZHLW=DF]\N1-:VDXFK+HIHQGHKO-XUD0 2WWR-X6VHUJlQ]HQGQRFKXQWHQ5Q²]XURKQHKLQ]X EHMDKHQGHQ8UNXQGHQHLJHQVFKDIWHLQHU.RSLH  

7HLO8UNXQGHQIlOVFKXQJ† 

IU GLH QlKHUH ,QKDOWVHUIOOXQJ GHU (LQ]HOLQWHUSUHWDPHQWH GHV 8UNXQGHQ EHJULIIVXQGGLH]XYHUODQJHQGHÅ4XDOLWlW´GHU)lOVFKXQJKDWZLUGQRFK ]X]HLJHQVHLQ  0LW HLQHP HLQ ,QWHUHVVH DQ ULFKWLJHU Å=XVFKUHLEXQJ´ EHHLQWUlFKWLJHQ GHQ XQ]XWUHIIHQGHQ  =XRUGQXQJVWDWEHVWDQG KDW PDQ HV ² GDV ZHUGHQ GLH ZHLWHUHQhEHUOHJXQJHQQRFKQlKHU]HLJHQ²MHGHQIDOOVLQGHQ)b//(1   XQGJHQDXJHQRPPHQDXFKLP)$//]XWXQ,P)$//HQWVSULFKW]ZDUGLH LQ GHU 4XLWWXQJ YHUN|USHUWH (UNOlUXQJ EHU GLH %H]DKOXQJ GHU 6FKXOG DOV VROFKHGHU:DKUKHLWDEHUVLHVWDPPWQLFKWYRQGHP*OlXELJHUYRQGHPVLH ]X VWDPPHQ VFKHLQW VRQGHUQ YRQ GHP 6FKXOGQHU ,QVRZHLW OLHJW HLQH ² GDV ,QWHUHVVH DQ ULFKWLJHU =XVFKUHLEXQJ EHWUHIIHQGH XQG GHVKDOE IU † VSH]LILVFKH ² VFKULIWOLFKH /JH EHU GHQ ZLUNOLFKHQ $XVVWHOOHU  YRU *UXQGVlW]OLFK QLFKW DQGHUV YHUKlOW HV VLFK LQ GHQ )b//(1   XQG  LQ GHQHQQDFKGHQ8PVWlQGHQJOHLFKIDOOVHLQDQGHUHUDOVGHUÅZDKUH´$XVVWHOOHU DOV (UNOlUHQGHU HUVFKHLQW ,Q DOOHQ YLHU )lOOHQ OLHJHQ DOVR XQHFKWH 8UNXQ GHQYRU D ,P 6FKULIWWXP ILQGHW VLFK WHLOZHLVH HLQ HQJHUHV 9HUVWlQGQLV GHV 8U NXQGHQEHJULIIV DOV GDV ELVKHU YRUJHVWHOOWH 3URPLQHQWHU 9HUWUHWHU HLQHV VROFKHQHQJHUHQ9HUVWlQGQLVVHVGHUVSH]LILVFKHQ6FKXW]ULFKWXQJGHV9HUERWV GHU8UNXQGHQIlOVFKXQJLVW-DNREVGHUGLH8UNXQGHIROJHQGHUPD‰HQGHILQLHUW Å8UNXQGHLVWMHGHYHUN|USHUWH(UNOlUXQJGLH5HFKWVZLUNXQJHQKHUYRU]XUXIHQ SUlWHQGLHUW P|JHQ GLH 5HFKWVZLUNXQJHQ LQ HLQHU *HVWDOWXQJ EHVWHKHQ 'LVSRVLWLYXUNXQGHQ XQG VROFKH HUVHW]HQGH =HXJQLVXUNXQGHQ  RGHU LP |IIHQWOLFKHQ*ODXEHQDQGLH5LFKWLJNHLWHLQHU5HFKWVEHKDXSWXQJLQ|IIHQWOL FKHQ *ODXEHQ HUZDFKVHQGH =HXJQLVXUNXQGHQ ´ 1XU PLW HLQHP VROFKHQ 9HUVWlQGQLV GHV 8UNXQGHQEHJULIIV VROO HLQH VDFKJHUHFKWH $EJUHQ]XQJ YRQ LUUHIKUHQGHQ$XJHQVFKHLQVREMHNWHQ]XGLHVHQXQWHQ5QII P|JOLFK VHLQ ² HWZD YRP ÅWlXVFKHQG QDFK 1DVFKZHUN DXVVHKHQGHQ *LIW´ GHP )X‰VWDSIHQ RGHU GHP )LQJHUDEGUXFN +LHUQDFK VROO VLFK GLH /HLWGLIIHUHQ]   6 EHLVSLHOVZHLVH XQWHQ 5Q I ]XU 8UNXQGHQTXDOLWlW GHV SUlSDULHUWHQ )DKU VFKHLQVLP)$//  1lKHU GD]X GDVV VLFK GLH )lOVFKXQJ L6GHV † XQG GLH VRQVWLJH VFKULIWOLFKH /JH DOOHLQ LP *HJHQVWDQG XQWHUVFKHLGHQ ZHLO EHL GHU )lOVFKXQJ GLH (UNOlUXQJ EHUGHQ$XVVWHOOHUDXFK HLQHVFKULIWOLFKH/JHGDUVWHOOWQRFKXQWHQ5QP )Q  =XU$XVILOWHUXQJGHV)$//(6 DXVGHP$QZHQGXQJVEHUHLFKGHV†PLW%OLFN DXI GLH IHKOHQGH 7lXVFKXQJVIXQNWLRQ HLQHV )lOVFKXQJVYHUKDOWHQV V QRFK XQWHQ 5Q²  6GD]X-DNREV8UNXQGHQIlOVFKXQJ6GHQV)6.SHU6IIlKQOLFK HQJHWZDDXFK(UELQ0QFK.RPP6W*%†5QII  9JOGD]X-DNREV8UNXQGHQIlOVFKXQJ6 



,'XUFKGDV9HUERWGHU8UNXQGHQIlOVFKXQJLQWHQGLHUWHU5HFKWVJWHUVFKXW]

]XU %HVWLPPXQJ GHV 8UNXQGVEHJULIIV DXV HLQHP 9HUJOHLFK GHU ÅYHUN|USHU WHQ (UNOlUXQJPLWP|JOLFKHU5HFKWVZLUNXQJ´PLWEOR‰HQ$XJHQVFKHLQVRE MHNWHQ XQWHU (LQVFKOXVV YHUN|USHUWHU VFKOLFKWHU %H]HXJXQJHQ  HUJHEHQ 'LH VFKOLFKWH %H]HXJXQJ VHL EOR‰HV 'HULYDW GHV %H]HXJWHQ XQG N|QQH QLH PHKUKHUJHEHQDOVGLHXQPLWWHOEDUH:DKUQHKPXQJGHV%H]HXJWHQ 'DV HQWVSUHFKHQGH HQJH 9HUVWlQGQLV ZLUG GXUFK GHQ :RUWODXW QLFKW HU E ]ZXQJHQ 'HQQ GHU *HVHW]HVEHJULII Å8UNXQGH´ LVW ZHLW JHQXJ XP DXFK VFKOLFKWH%H]HXJXQJHQ]XHUIDVVHQPLWGHQHQLQEHVWLPPWHP6LQQHGXUFKDXV HWZDV ÅEHXUNXQGHW´ ZLUG $XFK GLH DQJHPHVVHQ NRQNUHWLVLHUWH UDWLR VSULFKW NODU IUGHUHQ (LQEH]LHKXQJ LQ GHQ KLHU LQWHUHVVLHUHQGHQ 8UNXQGHQEHJULII =HXJQLVXUNXQGHQ HQWKDOWHQ LP *HJHQVDW] ]X VFKOLFKWHQ $XJHQVFKHLQVRE MHNWHQ HLQ XQWHU GHP *HVLFKWVSXQNW GHU 8UNXQGHQIlOVFKXQJ VHOEVWlQGLJ UHOHYDQWHV EHVRQGHUHV (FKWKHLWVYHUVSUHFKHQ $XFK 8UNXQGHQ GLH NHLQH VRQVWLJH XQPLWWHOEDUH5HFKWVZLUNXQJYRUJHEHQSUlWHQGLHUHQLPPHUKLQGLH =XRUGQXQJ HLQHU EHVWLPPWHQ (UNOlUXQJ ]X HLQHU EHVWLPPWHQ 3HUVRQ 8QGGLHVHU²LQGHU9HUOlVVOLFKNHLWGHU=XRUGQXQJYHUN|USHUWHU%H]HXJXQJHQ ]XLKUHPHUVLFKWOLFKHQ$XVVWHOOHUOLHJHQGH*HZLQQDQ2ULHQWLHUXQJVVLFKHU KHLW ² LVW GXUFKDXV VHOEVWlQGLJ VFKXW]EHGUIWLJ XQG VFKXW]ZUGLJ 'DV ,QWHUHVVHDQULFKWLJHUÅ=XVFKUHLEXQJ´GHU(UNOlUXQJLVWNODUDEJUHQ]EDUYRQ GHULQKDOWOLFKHQ5LFKWLJNHLWGHVVRQVW (UNOlUWHQXQGLQVEHVRQGHUHDXFKYRQ GHP0D‰DQ2ULHQWLHUXQJVVLFKHUKHLWGDVEOR‰H$XJHQVFKHLQVREMHNWHYHUPLW WHOQN|QQHQ 0DQGDUIGHQ*HZLQQQLFKWXQWHUVFKlW]HQGHUGDULQOLHJWGDVVPDQQLFKW F DOOHV VHOEVW LQ $XJHQVFKHLQ QHKPHQ RGHU LQ VRQVWLJHU :HLVH XQPLWWHOEDU VHOEVW EHUSUIHQ PXVV VRQGHUQ GDVV PDQ VLFK DQ HQWVSUHFKHQGHQ (UNOl UXQJHQ DQGHUHU 3HUVRQHQ GLH JJI IU IDOVFKH %H]HXJXQJHQ GLH 9HUDQW ZRUWXQJ WUDJHQ RULHQWLHUHQ NDQQ ,QVRIHUQ EHVWHKW HLQ ZHVHQWOLFKHU VDFKOL FKHU 8QWHUVFKLHG ]X LUUHIKUHQGHQ $XJHQVFKHLQVREMHNWHQ EHL GHQHQ PDQ VLFK YRQ YRUQKHUHLQ QLFKW DXI GLH (UNOlUXQJ HLQHU EHVWLPPWHQ DQGHUHQ 3HUVRQ YHUODVVHQ NDQQ ZHLO GXUFK GDV $XJHQVFKHLQVREMHNW JHUDGH NHLQ HUNOlUXQJVVSH]LILVFKHU 9HUWUDXHQVWDWEHVWDQG YHUPLWWHOW ZLUG 8P GDV %HLVSLHOGHV QDFK 1DVFKZHUN DXVVHKHQGHQ *LIWV DXI]XJUHLIHQ ,VW GHP*LIW GDVLQHLQHP3lFNFKHQEHUVDQGWZLUGHLQ%ULHIEHLJHIJWGHUGDVDQJHEOL FKH 1DVFKZHUN DOV *HEXUWVWDJVSUlVHQW HLQHV JXWHQ )UHXQGHV DXVZHLVW DEHU VRQVW NHLQHUOHL 5HFKWVZLUNXQJHQ SUlWHQGLHUW NDQQ PDQ VLFK PLW JXWHQ *UQGHQGDUDXIYHUODVVHQGDVVHVVLFKWDWVlFKOLFKXP1DVFKZHUNXQGQLFKW   9JOGD]X-DNREV8UNXQGHQIlOVFKXQJ6  =XU .ULWLN DP .RQ]HSW YRQ -DNREV YJO DXFK )UHXQG *$    IHUQHU (‰HU(OHNWURQLVFKH6LJQDWXU6=LHVFKDQJLQ/.†5Q

 

7HLO8UNXQGHQIlOVFKXQJ† 

XP*LIWKDQGHOW2KQHGLH9HUWUDXHQHUZHFNHQGH1DFKULFKWGHV)UHXQGHVLVW PDQJXWEHUDWHQGDVDQRQ\PH Å3UlVHQW´PLW9RUVLFKW]XÅJHQLH‰HQ´ 2. Das Interesse, die Änderung durch den Aussteller nach Verlust der Dispositionsbefugnis zu unterbinden )$//  *OlXELJHU * lQGHUWH QDFKWUlJOLFK GLH YRQ LKP DXVJHVWHOOWH 4XLWWXQJEHUHLQH6FKXOGGHV6KHLPOLFK]XVHLQHQ*XQVWHQDEXPHLQHQ 7HLOGHUEHUHLWVEHJOLFKHQHQ6FKXOGQRFKPDOVHLQWUHLEHQ]XN|QQHQ  9$5,$17( * ]HUULVV GLH XUVSUQJOLFKH 4XLWWXQJ XQG HUVHW]WH VLH GXUFKHLQHEHUGHQJHULQJHUHQ%HWUDJODXWHQGHQHXH  )$//  ,QHLQHP=LYLOSUR]HVVRUGQHWHGDV*HULFKWDQGDVVGHU.OlJHU .DXIPDQQ . ]XP 1DFKZHLV EHVWLPPWHU 9RUJlQJH VHLQH +DQGHOVE FKHUYRUOHJHQPVVH.QDKPGDUDXIKLQVFKQHOOQRFKHLQLJHbQGHUXQJHQ GHUELVKHULJHQ(LQWUDJXQJHQLQGHPYRQLKPMHW]WEHKDXSWHWHQ6LQQYRU  'LHELVODQJZRKOQRFKK0P|FKWHLP5DKPHQGHU7DWEHVWDQGVYHUZLUNOL FKXQJVIRUP GHV 9HUIlOVFKHQV HLQHU HFKWHQ 8UNXQGH DXFK GHQ )DOO GHU $ElQGHUXQJ GXUFK GHQ $XVVWHOOHU QDFK 9HUOXVW GHU HQWVSUHFKHQGHQ 'LVSRVLWLRQVEHIXJQLVHUIDVVHQ9RQHLQHPVROFKHQ9HUOXVWGHU'LVSRVLWL RQVEHIXJQLVZLUGDXVJHJDQJHQVREDOGHLQ'ULWWHUHLQ5HFKWDXIHLQHQXQYHU lQGHUWHQ)RUWEHVWDQGGHU8UNXQGHHUODQJWKDW0LWHLQHU%HZHUWXQJGHUDUWL JHU)lOOHDOV9HUIlOVFKHQHLQHUHFKWHQ8UNXQGHXQWHUOHJWPDQGHP†GHU 6DFKH QDFK MHGRFK HLQ DQGHUHV 5HFKWVJXW DOV GDV DQVRQVWHQ DEJHVLFKHUWH ,QWHUHVVH DQ ULFKWLJHU =XVFKUHLEXQJ 'HQQ GHU QDFKWUlJOLFK $ElQGHUQGH HUVFKHLQW QDFK GHU $ElQGHUXQJ GXUFKDXV ]XWUHIIHQG DOV $XVVWHOOHU GHU DEJHlQGHUWHQ (UNOlUXQJ  VWHOOW DOVR XQEHVWUHLWEDU HLQH HFKWH 8UNXQGH KHU LQGHP HU HLQHQ NRUUHNWHQ =XRUGQXQJVWDWEHVWDQG ]ZLVFKHQ (UNOlUXQJ XQG (UNOlUHQGHPVFKDIIW$OVVFKXW]ZUGLJHV ,QWHUHVVHDP8QWHUEOHLEHQGHUDUWL JHU 9HUlQGHUXQJHQ ² XQG GDPLW DOV VSH]LILVFKHV Å5HFKWVJXW´ GHU 9HUZLUNOL FKXQJVIRUP GHV 9HUIlOVFKHQV ² NRPPW GHVKDOE KLHU OHGLJOLFK ]ZHLHUOHL LQ %HWUDFKW 

  9JO%*+6W5*6W)LVFKHU†5QD.LQGKlXVHU%7 † 5Q  /DFNQHU.KO † 5Q MHZ PZ1 YJO DXFK 5*6W   %LHUNXWVFKHU)$// ²=XULP9RUGULQJHQEHJULIIHQHQ*HJHQDXIIDVVXQJVHWZD &UDPHU+HLQHLQ6FK|QNH6FKU|GHU†5Q(UELQ0QFK.RPP6W*% † 5Q  II +HJKPDQQV %7 5Q  I +R\HU LQ 6. 6W*%  /IJ -XOL †5Q.LHQDSIHO-XUD.RFKLQ1RPRV+.*6† 5Q/DPSH*$II2WWR-X6I6DPVRQ-$ MHZPZ1





,'XUFKGDV9HUERWGHU8UNXQGHQIlOVFKXQJLQWHQGLHUWHU5HFKWVJWHUVFKXW]

=XPHLQHQLVW²QDFK9HUOXVWGHUHQWVSUHFKHQGHQ$ElQGHUXQJVEHIXJQLV²  DQHLQ,QWHUHVVHDP(UKDOW GHUXUVSUQJOLFKYHUN|USHUWHQ(UNOlUXQJ]X GHQNHQ6LQQVROFKHUQDFKWUlJOLFKHQ$ElQGHUXQJHQLVWHVMDLQDOOHU5HJHOGHQ XUVSUQJOLFK]XWUHIIHQGHQ=XRUGQXQJVWDWEHVWDQG]XYHUVFKOHLHUQXQGVRGHP RGHU GHQ PLW GHU XUVSUQJOLFKHQ (UNOlUXQJ %HZHLVIKUXQJVEHUHFKWLJWHQ GLH 0|JOLFKNHLW HQWVSUHFKHQGHU %HZHLVIKUXQJ ]X QHKPHQ ,QGHVVHQ LVW OHLFKW HUVLFKWOLFK GDVV GLHVHU $VSHNW HLQH VSH]LHOOH 1RUPLHUXQJ LQ † $EV 1U ² DOVR LQ *HVWDOW GHU 1RUP EHU GLH 8UNXQGHQXQWHUGUFNXQJ ² HUIDKUHQ KDW 0LW %OLFN GDUDXI HUVFKHLQW HV HLQLJHUPD‰HQ PHUNZUGLJ GHQVHOEHQ 5HFKWVJWHUVFKXW]DVSHNW ]XVlW]OLFK LQ † ÅKLQHLQ]XOHVHQ´ XQG DXIGLHVH:HLVHEHLHLQHPVRQVWYRQGHU6FKXW]ULFKWXQJKHUJHVHKHQKRPR JHQHQ7DWEHVWDQGHLQH6SDOWXQJYRU]XQHKPHQ (LQHQ 6LQQ N|QQWH HLQH (LQEH]LHKXQJ GHU 9HUIlOVFKXQJ GXUFK GHQ $XV  VWHOOHUEHL†DOOHQIDOOVQRFKXQWHUHLQHP]ZHLWHQGHQNEDUHQ5HFKWVJWHU VFKXW] $VSHNWHUJHEHQ,QGHU²QDFKWUlJOLFKHQ²$ElQGHUXQJQDFK9HUOXVW GHU 'LVSRVLWLRQVEHIXJQLV LVW LQ DOOHU 5HJHO ZHQQ DXFK QLFKW QRWZHQGLJ  WURW] NRUUHNWHU $XVVWHOOHUDQJDEH DXFK EHU GLH LUUHIKUHQGH $QJDEH GHV (UULFKWXQJV]HLWSXQNWVKLQDXV HLQHVFKULIWOLFKH/JHHQWKDOWHQXQGGHVKDOE GDV Å9HUIlOVFKXQJVIDEULNDW´ LQ GLHVHP VSH]LILVFKHQ 6LQQH LUUHIKUHQG 0DQ GHQNH EHLVSLHOVZHLVH DQ GHQ )DOO GHVMHQLJHQ GHU ]XU 9HUVFKOHLHUXQJ YRQ .DVVHQIHKOEHVWlQGHQQDFKGHPHLQHHQWVSUHFKHQGH3UIXQJEHUHLWVDQJHRUG QHWLVWLP$XVJDEHQEXFKQDFKWUlJOLFKK|KHUH$XVJDEHQHLQWUlJWDOVWDWVlFK OLFKJHWlWLJW .RQ]HSWLRQHOOOlXIWGLH(UIDVVXQJVROFKHU6DFKYHUKDOWHGXUFK†DXIGLH  %HVWUDIXQJVFKULIWOLFKHU/JHQ]XGHQHQVLFKLKU$XVVWHOOHUEHNHQQW IUGHQ )DOO KLQDXV GDVV GLHVHOEHQ JHUDGH GXUFK HLQH 8QWHUGUFNXQJ GHV ]XYRU 'RNXPHQWLHUWHQUHJHOPl‰LJDEHUQLFKWQRWZHQGLJGHU:DKUKHLW Å]X3DSLHU JHEUDFKW´ ZHUGHQ 'LH $QJHPHVVHQKHLW HLQHU GHUDUWLJHQ .RQ]HSWLRQ HU VFKHLQWPHKUDOV]ZHLIHOKDIWZHQQPDQ)ROJHQGHVEHGHQNW'HUMHQLJHGHU² ZLHLQGHU9$5,$17('(6 )$//(6 ²GDVDOWHYHUUlWHULVFKH 6FKULIWVWFN JDQ]YHUQLFKWHWXQGHLQGHQHLJHQHQ,QWHQWLRQHQDQJHSDVVWHVQHXHVSURGX ]LHUWKDWÅQXU´HLQH8UNXQGHQXQWHUGUFNXQJLQ9HUELQGXQJPLWHLQHU² EHL NRUUHNWHU $XVVWHOOHUDQJDEH ² VXE VSHFLH 8UNXQGHQGHOLNWH VWUDIORVHQ VFKULIWOLFKHQ /JH  EHJDQJHQ 'DJHJHQ VROO GHUMHQLJH GHU ² ZLH LP $XV JDQJV)$// ² GDV DOWH 6FKULIWVWFN QXU DElQGHUW HLQH 8UNXQGHQIlO   'D]XGDVV²HQWJHJHQYHUEUHLWHWHU(LQVFKlW]XQJ²LQVRIHUQ DOOHUHOHYDQWHQ)lOOH HUIDVVWZHUGHQN|QQHQVQRFKXQWHQ5QI  'HQNEDULVWDOOHUGLQJVX8HLQH6WUDIEDUNHLWQDFKDQGHUHQ7DWEHVWlQGHQ²HWZD QDFK† 

7HLO8UNXQGHQIlOVFKXQJ† 









VFKXQJQHEHQGHUGDKLQWHU]XUFNWUHWHQGHQ8UNXQGHQXQWHUGUFNXQJ EHJH KHQ 'DVV EHL GLHVHU .RQ]HSWLRQ VFKULIWOLFKH /JHQ ZLOONUOLFK DOV 8U NXQGHQIlOVFKXQJDQJHVHKHQZHUGHQOLHJWDXIGHU+DQG'HQQHVLVWQLFKW HUVLFKWOLFK LQZLHIHUQ EHL GHU $QIHUWLJXQJ VFKULIWOLFKHU /JHQ JHUDGH GLH 9HUZHQGXQJ VHOEVWHUVWHOOWHU 8UNXQGHQ DOV Å$XVJDQJVPDWHULDO´ HLQHQ EHVRQGH UHQ8QZHUWEHJUQGHQVROOGHUEHUGHQLQ†$EV1UEHUHLWVHUIDVV WHQ$VSHNWKLQDXVUHLFKW ,Q GHQ )b//(1  XQG  LVW GHVKDOE GDV VSH]LILVFKH 6FKXW]LQWHUHVVH GHU 8UNXQGHQIlOVFKXQJ QLFKW EHWURIIHQ VRQGHUQ ÅQXU´ GDV GHV † $EV 1U (QWVSUHFKHQGHV JLOW IU GLH IROJHQGHQ )b//(  XQG  VRZHLW GLH 9HUlQGHUXQJ HLQHU HLJHQHQ (UNOlUXQJ GHV 9HUlQGHUQGHQ QDFK 9HUOXVW GHU 'LVSRVLWLRQVEHIXJQLV LQ)UDJHVWHKW )$//  ,P5DKPHQHLQHVDPWOLFKHQ9HUIDKUHQV]XU9HUJDEHYRQ%DXDU EHLWHQ ZXUGHQ GLH VFKULIWOLFKHQ $QJHERWH PLW HLQHU ODXIHQGHQ 1XPPHU YHUVHKHQXQG²QDFKHLQHUHUVWHQ6LFKWXQJ²LQHLQHQVHLQHQ,QKDOWNHQQ ]HLFKQHQGHQ XQG PLW GHP 6WHPSHO GHV 9HUJDEHZLOOLJHQ YHUVHKHQHQ 8P VFKODJJHVWHFNWGHUXQYHUVFKORVVHQEOLHE'XUFKJXWH%H]LHKXQJHQJHODQJ HV HLQHP GHU $QELHWHU VHLQ $QJHERW HQWVSUHFKHQG GHU $QJHERWVODJH QDFKWUlJOLFK]XPRGLIL]LHUHQXQGVRGHQ=XVFKODJ]XHUKDOWHQ )$//  %LHUNXWVFKHU%WUXJGLHYRQLKPEHLGHU:LUWLQ:DEJHOLHIHUWHQ %LHUOLHIHUXQJHQLQHLQ%LHUEXFKHLQGDVDOV*UXQGODJHIUGLHKDOEMlKUOLFKH $EUHFKQXQJ GLHQWH XQG YRQ : YHUZDKUW ZXUGH 1DFKGHP HU DXI HLQHU YRUKHUJHKHQGHQ6HLWHGLHOHW]WH=HLOHIUHLJHODVVHQXQGGLH/LHIHUYHUPHUNH DXIGHUIROJHQGHQ6HLWHIRUWJHVHW]WKDWWHWUXJHUDQGHUIUHLHQ6WHOOHQDFK WUlJOLFKHLQHYRQLKPQLFKWJHOHLVWHWH/LHIHUXQJYRQ/LWHU%LHUXQ WHU HLQHP IUKHUHQ 'DWXP HLQ 'LH  /LWHU %LHU ZROOWH HU ÅDE]ZHLJHQ´ XQGDXIHLJHQH5HFKQXQJYHUNDXIHQ (LQ IU † VSH]LILVFKHV 6FKXW]LQWHUHVVH NDQQ LQ GLHVHQ)lOOHQDOOHQIDOOV PLW %OLFN DXI HWZD EHWURIIHQH (UNOlUXQJHQ DQGHUHU LP )$//  VHLWHQV GHV 9HUJDEHZLOOLJHQXQGLP)$//VHLWHQVGHU:LUWLQ EHJUQGHWZHUGHQ

  6DFKOLFK EHUHLQVWLPPHQG LQVRZHLW ]% 3XSSH -XUD    I GLHV -= YJODXFKGLHVLQ1.†5QII  %HVRQGHUV GHXWOLFK EHL HLQHU *HJHQEHUVWHOOXQJ GHU EHLGHQ 8QWHUIlOOH ]XP *OlXELJHU)$//VHUJlQ]HQGGD]XQRFKXQWHQ5Q²  6GD]XQRFKXQWHQ7HLO,,,5Q²   =XULQVRZHLWVLFKVWHOOHQGHQÅ3HUSHWXLHUXQJVSUREOHPDWLN´YJOMHGRFKQRFKXQWHQ 5Q²  6GD]XQRFKXQWHQ5QI]X)$//VDXFK)UHXQG-$II 



,'XUFKGDV9HUERWGHU8UNXQGHQIlOVFKXQJLQWHQGLHUWHU5HFKWVJWHUVFKXW]

1DFK DOOHGHP EOHLEW HV EHL GHU HLQJDQJV EHWRQWHQ $XVVDJH 6SH]LILVFKHV  5HFKWVJWHUVFKXW]LQWHUHVVHGHV † LVW GDV ,QWHUHVVHDQ ULFKWLJHU =XVFKUHL EXQJ $OOHUGLQJV VWDQGHQ ELVKHU OHGLJOLFK GLH YHUJOHLFKVZHLVH XQSUREOHPDWL VFKHQ)lOOHVROFKHQ=XVFKUHLEXQJVLQWHUHVVHVLP9RUGHUJUXQG)lOOHLQGHQHQ VLFK GHU VFKHLQEDUH $XVVWHOOHU GLH (UNOlUXQJ QDFK QRUPDWLYHQ .ULWHULHQ LP $X‰HQYHUKlOWQLVVFKRQQLFKWPHKUDOVGLHVHLQH]XUHFKQHQODVVHQPXVV'DV VLQG LG5 UHODWLY NODUH )lOOH GHV WDQJLHUWHQ ,QWHUHVVHV DQ ULFKWLJHU =X VFKUHLEXQJ (V EOHLEW GLH )UDJH RE QLFKW VXE VSHFLH † VSH]LILVFKH =XVFKUHLEXQJVLQWHUHVVHQEHWURIIHQVHLQN|QQHQREZRKOLP$X‰HQYHUKlOWQLV HLQH UHFKWOLFKH %LQGXQJ HLQJUHLIW 'HQNEDU HUVFKHLQW HLQH VROFKH 9HUOHW]XQJ YRQ ,QWHUHVVHQ DQ ULFKWLJHU =XVFKUHLEXQJ LPPHUKLQ PLW %OLFN DXI HLQH EHL DXIJH]ZXQJHQHU RGHU GXUFK 7lXVFKXQJ HU]HXJWHU UHFKWOLFKHU %LQGXQJVRJDU EHVRQGHUVÅHIIHNWLYH´ 9HUIlOVFKXQJGHVWDWVlFKOLFKHQ:LOOHQV GHVGDQQ VFKHLQEDUHQ $XVVWHOOHUV 3. Das Interesse, die im Innenverhältnis unberechtigte Bindung im Außenverhältnis zu vermeiden (insbesondere: die Blankettfälschung) )$//$KDWWHYRQ%HLQHQ%ODQNRVFKHFNHUKDOWHQGHQHUHQWVSUHFKHQG  HLQHUQRFKQLFKWIHVWVWHKHQGHQ6FKXOGGHV%DXVIOOHQVROOWH$EUHGHZLGULJ VHW]WH$HLQHQYLHOK|KHUHQ%HWUDJHLQXQGYHUVFKDIIWHVLFKGXUFK9RUODJH GHV6FKHFNVGLHHQWVSUHFKHQGH6XPPH =XPKLHULQWHUHVVLHUHQGHQ3UREOHPEHUHLFKJHK|UHQHWZDGLHEOLFKHUZHLVH  DOV 8UNXQGHQIlOVFKXQJ HLQJHVWXIWHQ )lOOH GHU DEUHGHZLGULJHQ $XVIOOXQJ HLQHV %ODQNHWWV HWZD HLQHV :HFKVHOV RGHU HLQHV 6FKHFNV  RGHU JHZLVVH VRQVWLJH)lOOHGHV0LVVEUDXFKVHLQHU9HUWUHWXQJVPDFKW'HQQVRZHLWLQ   2EHQ5Q  1DFK:HJIDOOGHV7DWEHVWDQGHVGHUÅ%ODQNHWWIlOVFKXQJ´LQ †D)GXUFKGLH 9HURUGQXQJYRP5*%O, LVWPDQVLFKZHLWKLQGDULQHLQLJGLH HQWVSUHFKHQGHQ)lOOHDOVÅ+HUVWHOOHQHLQHUXQHFKWHQ8UNXQGH´L6GHV†DXI ]XIDVVHQQLFKWVDQGHUHVJLOW ]%IU)lOOHLQGHQHQXQWHUhEHUVFKUHLWXQJHLQHU %HIXJQLV PLW +LOIH HLQHV 6WHPSHOV 8UNXQGHQ DQJHIHUWLJW ZHUGHQ >ZLH LP )DOO 5*6W@ YJOHWZD%*+6WII(UELQ0QFK.RPP6W*%†5Q -lJHU([DPHQV5HSHWLWRULXP%75QII.LQGKlXVHU%7†5Q .RFK LQ 1RPRV+.*6 † 5Q .UH\+HLQULFK %7  5Q /DFNQHU.KO†5Q5HQJLHU%7†5Q:HVVHOV+HWWLQJHU%7 5Q†,,,F =LHVFKDQJLQ/.†5QIIYJOGD]XDXFK6WHLQ PHW](FKWKHLWVEHJULII6IHLQJHKHQG:HL‰-XUDII²=XU,QNRQ VLVWHQ] PLW %OLFN DXI JHZLVVH )lOOH GHV 0LVVEUDXFKV HLQHU 9HUWUHWXQJVPDFKW V MHGRFKDXFKGLHIROJHQGH)Q

 

7HLO8UNXQGHQIlOVFKXQJ† 

GHUDUWLJHQ )lOOHQ GLH DEUHGHZLGULJ KHUJHVWHOOWH 8UNXQGH GHQ $XVVWHOOHU UHFKWOLFK ZLUNVDP ELQGHW ² VHL HV DXFK QXU QDFK GHQ *UXQGVlW]HQ GHU $QVFKHLQV RGHU 'XOGXQJVYROOPDFKW ² ZLUG GXUFK GLHVH 8UNXQGH HLQ GHU 5HFKWVODJH LP $X‰HQYHUKlOWQLV HQWVSUHFKHQGHU ² LQVRZHLW  NRUUHNWHU ² =XRUGQXQJVWDWEHVWDQG JHVFKDIIHQ 'LH 8UNXQGH LVW DOVR GXUFKDXV HFKW LQ GHP6LQQHGDVVGHUMHQLJHGHPVLHSUlVHQWLHUWZHUGHQVROORGHUZLUG QLFKW DXI HLQHQ EOR‰HQ 6FKHLQ ÅKHUHLQIlOOW´ VRQGHUQ VLFK LP HQWVSUHFKHQGHQ $X‰HQYHUKlOWQLV PLW 5HFKW DQ GHQ KDOWHQ NDQQ GHU DOV $XVVWHOOHU HU VFKHLQW(VIHKOWGDPLWMHGHQIDOOVDQGHPW\SLVFKHUZHLVHEHLGHU8UNXQGHQ IlOVFKXQJDVVR]LLHUWHQ6FKXW]LQWHUHVVH  ,QGHVVHQYHUPDJGHU8PVWDQGGDVVVLFKGHUMHQLJHGHPGLH8UNXQGHSUl VHQWLHUW ZHUGHQ VROO RGHU ZLUG  ² HWZD QDFK 5HFKWVVFKHLQJUXQGVlW]HQ ² DQ GHQ DXVJHZLHVHQHQ $XVVWHOOHU KDOWHQ NDQQ QLFKW GXUFKZHJ MHJOLFKHV JUXQGVlW]OLFK DQHUNHQQHQVZHUWH 6FKXW]LQWHUHVVH DXI VHLQHU 6HLWH DXV]X VFKOLH‰HQ'HQQGHU%HWUHIIHQGHKDWYLHOOHLFKWJXWH*UQGHVLFKQLFKWDXIGLH DQVLFKHLQJUHLIHQGH%LQGXQJVZLUNXQJ]XEHUXIHQVRQGHUQDXIHLQH%LQGXQJ QXULP5DKPHQGHVZLUNOLFKHQ:LOOHQVGHV$XVVWHOOHUV:HUW]XOHJHQ6R JHVHKHQ HUVFKHLQW HV GXUFKDXV IUDJZUGLJ RE GHP 0DQLSXOLHUHQGHQ GLH DQ VLFK HLQJUHLIHQGH DEHU DOV PDNHOKDIW HPSIXQGHQH %LQGXQJVZLUNXQJ LP $X‰HQYHUKlOWQLVEHUKDXSW]XJXWHNRPPHQVROORGHUREVLHLP9HUKlOWQLV]X LKPQLFKWDX‰HU%HWUDFKW]XEOHLEHQKDW$XIGLHVHU%DVLVN|QQWHHWZDGHUPLW HLQHP DEUHGHZLGULJ DXVJHIOOWHQ %ODQNHWW .RQIURQWLHUWH QRUPDWLY WURW] %LQGXQJDOVHQWVSUHFKHQGJHWlXVFKWXQGJHVFKlGLJWDQJHVHKHQZHUGHQ   =XU $QQDKPH GHV +HUVWHOOHQV HLQHU XQHFKWHQ 8UNXQGH LQ GHQ Å%ODQNHWWIlO VFKXQJVIlOOHQ´ SDVVW IUHLOLFK QLFKW GLH ELVZHLOHQ DQ]XWUHIIHQGH $EOHKQXQJ HLQHU 8UNXQGHQIlOVFKXQJ LQ MHQHQ )lOOHQ GHV 0LVVEUDXFKV HLQHU 9HUWUHWXQJVPDFKW LQ GHQHQGLHLQ$QVSUXFKJHQRPPHQH9HUWUHWXQJVEHIXJQLVGHP'ULWWHQJHJHQEHU ZLUNVDPLVWDEOHKQHQGLQVRIHUQDEHUHWZD%*+ZLVWUD%*+6W ²3DHIIJHQ-5PLW)QP|FKWH]ZLVFKHQ)lOOHQGHUÅUHL QHQ5HFKWVVFKHLQZLUNXQJª$QVFKHLQVYROOPDFKW© ´LQGHQHQHUWURW]%LQGXQJLP $X‰HQYHUKlOWQLVGDV8QUHFKWGHU8UNXQGHQIlOVFKXQJIUP|JOLFKKlOWXQGVRQV WLJHQ .RQVWHOODWLRQHQ GLIIHUHQ]LHUHQ LQ GHQHQ ZLH ]% EHL GHU 3URNXUD QDFK ††II+*% LPPHUKLQGLH(UWHLOXQJGHUPLVVEUDXFKWHQ9ROOPDFKWLQGHPHU |IIQHWHQ 8PIDQJ DXI GHQ :LOOHQ GHV 9ROOPDFKWJHEHUV ]XUFNJHIKUW ZHUGHQ NDQQlKQOLFKGLIIHUHQ]LHUHQG=LHOLQVNL&5IIGHUV*6$U PLQ .DXIPDQQ 6   II YJO HUJlQ]HQG 6WHLQPHW] (FKWKHLWVEHJULII 6 IIPZ1  =XWUHIIHQG LQVRZHLW $U]W:HEHU /+  5Q P )Q ² 0LW %OLFN DXI GLH %LQGXQJLP$X‰HQYHUKlOWQLVHLQH8UNXQGHQIlOVFKXQJYHUQHLQHQG-DNREV8UNXQ GHQIlOVFKXQJ6IGHUV)6.SHU6)Q  (LQ YHUJOHLFKEDUHV 3KlQRPHQ ILQGHW VLFK HWZD LQ GHP )DOO LQ GHP MHPDQG GHU PLW)lOVFKXQJVIDEULNDWHQNRQIURQWLHUW ZLUGGXUFKHLQHHQWVSUHFKHQGH9HUVLFKH 





,'XUFKGDV9HUERWGHU8UNXQGHQIlOVFKXQJLQWHQGLHUWHU5HFKWVJWHUVFKXW]

-HGRFKNDQQGLHVH)UDJHKLHUQLFKWDEVFKOLH‰HQGEHDQWZRUWHWZHUGHQ²XQG EUDXFKWGLHVLP+LQEOLFNDXIIROJHQGHhEHUOHJXQJHQDXFKQLFKW 6HOEVWZHQQGDVW\SLVFKHUZHLVHEHLGHU8UNXQGHQIlOVFKXQJDVVR]LLHUWH,Q  WHUHVVH QLFKW DXI GHQ EOR‰HQ 6FKHLQ HLQHU (UNOlUXQJ KHUHLQ]XIDOOHQ  LQ GHQ KLHUUHOHYDQWHQ)lOOHQZHJHQGHUHLQJUHLIHQGHQ%LQGXQJVZLUNXQJLP$X‰HQ YHUKlOWQLVIHKOWLVWMHGHQIDOOVHLQJDQ]EHVWLPPWHV6FKXW]LQWHUHVVHGXUFKZHJ DXIZHLVEDU (LQ VFKXW]ZUGLJHV ,QWHUHVVH DP 8QWHUEOHLEHQ GHUDUWLJHU DEUHGHZLGULJHU%ODQNHWWDXVIOOXQJHQRGHUVRQVWLJHUPLVVEUlXFKOLFKHU9HUKDO WHQVZHLVHQ NDQQ NODU XQG HLQGHXWLJ LP Å,QQHQYHUKlOWQLV´ ]ZLVFKHQ GHP %ODQNHWWJHEHURGHUVRQVWPLVVEUlXFKOLFK9HUWUHWHQHQXQGGHPGLHLKPNUDIW 5HFKWVJHVFKlIWVRGHU5HFKWVVFKHLQV ]XNRPPHQGH0DFKW0LVVEUDXFKHQGHQ JHIXQGHQ ZHUGHQ 'HQQ GDV ,QWHUHVVH ² HWZD GHV %ODQNHWWJHEHUV DQ GHU NRUUHNWHQ $XVIOOXQJ GHV %ODQNHWWV ² HUVFKHLQW LQ GHUDUWLJHQ )lOOHQ GXUFKDXV VFKW]HQVZHUW )UDJOLFK NDQQ GHVKDOE QXU VHLQ RE GLH 9HUOHW]XQJ GLHVHV VSH]LILVFKHQ ,QWHUHVVHV DQ 6FKXW] YRU HLQHU 0LVVDFKWXQJ GHV :LOOHQVGHV9HUWUHWHQHQE]ZJDQ]DOOJHPHLQYRUHLQHULP,QQHQYHUKlOWQLV XQEHUHFKWLJWHQ%LQGXQJDOV8QUHFKWJHUDGHGHV†]XEHJUHLIHQLVW ,P *UXQGH KDQGHOW HVVLFKGDEHL XP HLQHQ DQVRQVWHQ LP 7DWEHVWDQG GHU  8QWUHXH QDFK † ² SDUWLHOO ² HUIDVVWHQ 8QUHFKWVW\SXV :DV KLHU XQWHU 8QUHFKWVDVSHNWHQDXIJHZLHVHQZHUGHQNDQQLVWGLHQDFKGHP,QQHQYHUKlOW QLV XQEHUHFKWLJWH DEHU LP $X‰HQYHUKlOWQLV ZLUNVDPH 9HUSIOLFKWXQJ 'DV HQWVSULFKW GHU LP 0LVVEUDXFKVWDWEHVWDQG YRUDXVJHVHW]WHQ .RQVWHOODWLRQ ,QGHVVHQLVWHVGDGXUFKNHLQHVZHJVDXVJHVFKORVVHQGLH8UNXQGHQIlOVFKXQJ QDFK † LQ HLQHP GLH YRUVWHKHQG XPULVVHQH 6FKXW]IXQNWLRQ PLW XP IDVVHQGHQZHLWHUHQ 6LQQH]XYHUVWHKHQ 'HU:RUWODXWGHU6WUDIQRUPGUIWHZRKONDXPHQWJHJHQVWHKHQ'HQQGHU  %HJULIIGHUÅXQHFKWHQ´E]ZGHUÅYHUIlOVFKWHQ´ 8UNXQGHLVWZHLWJHQXJXP  UXQJ YROO DEJHGHFNW LVW XQG GHVKDOE HLJHQWOLFK JDU NHLQ XQPLWWHOEDUHV HLJHQHV 6FKXW]LQWHUHVVH PHKU KDW VRQGHUQ DOOHQIDOOV PLWWHOEDU  ,QWHUHVVHQ VHLQHU 9HUVL FKHUXQJ JHOWHQG PDFKHQ NDQQ 1RUPDWLY JHVHKHQ PXVV GLH 6FKDGORVKDOWXQJ GXUFKGLH9HUVLFKHUXQJZRKODX‰HU%HWUDFKWEOHLEHQ  5LFKWLJHUIDVVWYRQ=LHOLQVNL&5²$OOHUGLQJVLVWGHU6FKXW]GHQ GHU 8QWUHXHWDWEHVWDQG QDFK JHOlXILJHU ,QWHUSUHWDWLRQ ELHWHW K|FKVW OFNHQKDIW ,QVEHVRQGHUH LQ )lOOHQ LQ GHQHQ HV DQ HLQHU 9HUP|JHQVEHWUHXXQJVSIOLFKW IHKOW JUHLIWGDQDFKGHU0LVVEUDXFKVWDWEHVWDQGQLFKWHLQ'LHVH²LQGHU6DFKHXQEHIULH GLJHQGH²/FNHN|QQWHDEHUVDFKJHUHFKWRKQH:HLWHUHVGXUFKHLQHHQWVSUHFKHQ GH$XVJHVWDOWXQJGHU5HLFKZHLWHGHU8QWUHXHEHKREHQZHUGHQHWZDGXUFKHLQHQ WHLOZHLVHQ9HU]LFKWDXIHLQHVROFKH9HUP|JHQVEHWUHXXQJVSIOLFKW -HQDFK)DOOJH VWDOWXQJHWZDEHL=XJULIIHLQHV'ULWWHQDXIHLQ%ODQNHWWGDVHUHLJHQPlFKWLJLQ KDOWOLFKDXVIOOWXQGPLVVEUDXFKW ZlUHDXFKDQHLQ(LQJUHLIHQGHV†RGHUGHV †]XGHQNHQ

7HLO8UNXQGHQIlOVFKXQJ† 

DXFK GLH KLHU LQWHUHVVLHUHQGH .RQVWHOODWLRQ GHU LP $X‰HQYHUKlOWQLV ZLUNVD PHQ  Å9HUIlOVFKXQJ´ GHV ÅZDKUHQ´ HLJHQWOLFKHQZLUNOLFKHQ  $XVVWHOOHU ZLOOHQV GXUFK GLH GHQ $XVVWHOOHU ELQGHQGH YHUN|USHUWH (UNOlUXQJ ]X HUIDVVHQ (LQ GHUDUWLJHU 5HNXUV DXI GLH 8UNXQGHQIlOVFKXQJ DOV LQ HQWVSUH FKHQGZHLWHP6LQQHEHJULIIHQH8QUHFKWVIRUPHUVFKHLQWEHLQlKHUHU%HWUDFK WXQJ DXFK LQ GHU 6DFKH GXUFKDXV DQJHPHVVHQ ,QVEHVRQGHUH ZHJHQ GHV EHJUHQ]WHQ $QZHQGXQJVEHUHLFKV GHV 0LVVEUDXFKVWDWEHVWDQGV GHU 8QWUHXH EOLHEHQDQVRQVWHQHWZDGLHEHUHFKWLJWHQ6FKXW]LQWHUHVVHQHLQHV%ODQNHWW JHEHUVSUDNWLVFKVFKXW]ORV†JHZlKUOHLVWHWKLHUHUVDW]ZHLVHHLQHQJHZLV VHQ 6FKXW] GHU VLFK PLWXQWHU VRJDU DOV UHODWLY ZHLWUHLFKHQGHU 9RUIHOGVFKXW] DXVZLUNHQ NDQQ 6RZHLW HV XP QLFKW YHUP|JHQVUHOHYDQWH ,QWHUHVVHQ JHKW YHUPDJ GLHVHU 6FKXW] EHU GDV 'HOLNW GHU 8UNXQGHQIlOVFKXQJ VRJDU HLQHQ %HUHLFK DE]XGHFNHQ GHU DQVRQVWHQ VWUDIUHFKWOLFK JDU QLFKW HUIDVVW ZHUGHQ N|QQWH  ,P%ODQNRVFKHFN)$// LVWGDQDFKHLQIU†VSH]LILVFKHV6FKXW]LQ WHUHVVH WDQJLHUW XQG OLHJW OHW]WOLFK HLQH 8UNXQGHQIlOVFKXQJ LQ GHU )RUP GHU +HUVWHOOXQJHLQHUXQHFKWHQ8UNXQGHYRU  %HL HLQHU (LQEH]LHKXQJ GHUDUWLJHU .RQVWHOODWLRQHQ PXVV PDQ VLFK DOOHU GLQJVGDUEHULP.ODUHQVHLQGDVVHVGDQQEHLGHU8UNXQGHQIlOVFKXQJQLFKW QXUXPGHQ6FKXW]GDYRUJHKWEHLGHU6XFKHQDFKGHP$XVVWHOOHUÅLQV/HHUH ]XJUHLIHQ´GHQQGLHVH*HIDKUIHKOWEHL%LQGXQJLP$X‰HQYHUKlOWQLV(LJHQ VWlQGLJ JHVFKW]W ZHUGHQ VROO YLHOPHKU DXFK GHU DXVJHZLHVHQH $XVVWHOOHU VHOEVW6RJHVHKHQJLEWHVQLFKWQXUHLQOHJLWLPLHUHQGKLQWHUGHP9HUERWGHU 8UNXQGHQIlOVFKXQJ QDFK † VWHKHQGHV 5HFKWVJWHUVFKXW]LQWHUHVVH VRQGHUQPLQGHVWHQV ]ZHLÅ2SIHU´GHU8UNXQGHQIlOVFKXQJNDQQGDQDFK HQWZHGHUGHUMHQLJHVHLQGHUPLWHLQHPLP$X‰HQYHUKlOWQLVXQ]XWUHIIHQGHQ XQG LG6 ÅXQHFKWHQ´  =XRUGQXQJVWDWEHVWDQG NRQIURQWLHUW ZHUGHQ VROO RGHU DEHU GHU DXVJHZLHVHQH $XVVWHOOHU VHOEVW GHVVHQ LP ,QQHQYHUKlOWQLV PD‰JHEOLFKHU:LOOHLP$X‰HQYHUKlOWQLVZLUNVDP>@ ÅYHUIlOVFKW´ZLUG  (LQ YHUJOHLFKEDUHV 6FKXW]LQWHUHVVH GHV VFKHLQEDUHQ $XVVWHOOHUV NDQQ GXUFKDXVDXFKLQGHPEHNDQQWHQ)DOOGHVJHIlOVFKWHQÅHKHEUHFKHULVFKHQ´ /LHEHVEULHIHV RGHU GHU ILQJLHUWHQ $QVLFKWVNDUWH GHV NUDQNJHPHOGHWHQ $UEHLWQHKPHUV DXV HLQHP 8UODXEVRUW YRUKDQGHQ VHLQ 'DEHL NRPPW HV ² ZLHVRQVWDXFK²DXIGLH*WHGHU)lOVFKXQJQLFKWDQVRIHUQQXUEHUKDXSW GLHHUQVW]XQHKPHQGH*HIDKUEHVWHKWGDVVVLFKMHPDQGDQGHPLUUHIKUHQGHQ   9JOHUJlQ]HQGGD]XXQWHQ5QI  =XGHQ.RQVHTXHQ]HQGLHVHVHUZHLWHUWHQ9HUVWlQGQLVVHVGHU8UNXQGHQIlOVFKXQJ IU GLH ([WHQVLRQ GHU YHUVFKLHGHQHQ 7DWEHVWDQGVYHUZLUNOLFKXQJVIRUPHQ V QRFK XQWHQ5Q²

 



,'XUFKGDV9HUERWGHU8UNXQGHQIlOVFKXQJLQWHQGLHUWHU5HFKWVJWHUVFKXW]

,QIRUPDWLRQVWUlJHU RULHQWLHUW XQG GHVKDOE 1DFKWHLOH IU GHQ VFKHLQEDUHQ $XVVWHOOHUDOVGDVHLJHQWOLFKH2SIHU HQWVWHKHQ )U GHQ )DOO GDVV NRQNUHW DXVVFKOLH‰OLFK 6FKXW]LQWHUHVVHQ 'ULWWHU DOVR  ZHGHU GHV $XVVWHOOHUV QRFK GHVMHQLJHQ GHU PLW GHP )DOVLILNDW NRQIURQWLHUW ZLUG  EHWURIIHQ VLQG N|QQWH PDQ VRJDU YRQ HLQHP ÅGULWWHQ´ 5HFKWVJWHU VFKXW]LQWHUHVVHUHGHQ0DQGHQNHHWZDDQGHQ)DOOGHVDXIGHU%DVLVHLQHU LKP XQWHUEUHLWHWHQ PDQLSXOLHUWHQ 8UNXQGH HQWVFKHLGHQGHQ 5LFKWHUV LQ GHPGLH1DFKWHLOHHLQHQDQGHUHQDOVGHQ$XVVWHOOHUWUHIIHQXQGHLQXQPLWWHO EDUHV(LJHQLQWHUHVVHGHV5LFKWHUVHUVLFKWOLFKIHKOW 4. Der gemeinsame Nenner von 1. und 3.: Das Interesse an korrekter Wiedergabe des wirklichen Ausstellerwillens (LQ GLH DQJHVSURFKHQHQ XQWHUVFKLHGOLFKHQ 6FKXW]LQWHQWLRQHQ XPIDVVHQGHV  HLQKHLWOLFKHV  5HFKWVJXWVYHUVWlQGQLV EHL GHU 8UNXQGHQIlOVFKXQJ ZLUG HUP|JOLFKWZHQQPDQQLFKWDXIGLHDP(QGHNRQNUHWWDQJLHUWHQ5HFKWVJ WHUVFKXW] ,QWHUHVVHQ EOLFNW VRQGHUQ DXI GDV GLHVHQ JOHLFKVDP DOV 'XUFK JDQJVVWDGLXPYRUJHODJHUWH²JHQHUHOOH²,QWHUHVVHDQ2ULHQWLHUXQJVVLFKHU KHLW LQ %H]XJ DXI HLQH LQ MHGHU +LQVLFKW HLQZDQGIUHLH :LHGHUJDEH ,QGLNDWLRQ  GHV ZLUNOLFKHQ :LOOHQV GHV DXVJHZLHVHQHQ  $XVVWHOOHUV DEVWHOOW (V JHKW GDUXP GDVV GHVVHQ JHlX‰HUWHU PD‰JHEOLFKHU :LOOH NRUUHNW DQJH]HLJWZLUG'HUHQWVSUHFKHQGHÅ,QGLNDWRU´VROOULFKWLJGDUEHULQIRUPLH UHQ ZHU GHU (UNOlUHQGH LVW %HUHLWV GLHVHV ² YRQ GHQ MH GDKLQWHU VWHKHQGHQ NRQNUHWHQ ,QWHUHVVHQ DEVWUDKLHUHQGH XQG LG6 ÅDEVWUDNWDOOJHPHLQH´  ² ,QWHUHVVHHUVFKHLQWX8VRJHZLFKWLJGDVVHVHLQHUHFKWOLFKH0LVVELOOLJXQJ HQWVSUHFKHQGDOOJHPHLQ LQWHUHVVHZLGULJHQ9HUKDOWHQV]XWUDJHQYHUPDJ 8QWHU GLHVHU 9RUDXVVHW]XQJ EHVWHKHQ DXFK NHLQH JUXQGVlW]OLFKHQ %HGHQNHQ JHJHQ GLH .RQVWUXNWLRQ HLQHV GHUDUWLJHQ Å$OOJHPHLQGHOLNWV´ ² PLW DOOHQ .RQVHTXHQ]HQIUGDV9HUVWlQGQLVWDWEHVWDQGVPl‰LJHQ8QUHFKWV +LHUYHUKlOWHVVLFKZLHEHLGHQ$XVVDJHGHOLNWHQEHLGHQHQDXFKGLHXQ  WHUVFKLHGOLFKVWHQ ,QWHUHVVHQ NRQNUHW EHWURIIHQ VHLQ N|QQHQ XQG GDV $OOJH PHLQUHFKWVJXW Å5HFKWVSIOHJH´ JOHLFKVDP QXU DOV GHUHQ VR]XVDJHQ GHQ ÅNOHLQVWHQ JHPHLQVDPHQ 1HQQHU´ ELOGHQGHV  6XUURJDW IXQJLHUW %HGHQNOLFK ZlUH HLQH GHUDUWLJH 8QUHFKWVNRQVWUXNWLRQ DOOHUGLQJV ZHQQ QLFKW EHDFKWHW   )UHLQH(LQEH]LHKXQJGLHVHVVSH]LHOOHQ6FKXW]LQWHUHVVHVLQGHQ$QZHQGXQJVEH UHLFKGHV†ZRKO &UDPHU+HLQHLQ6FK|QNH6FKU|GHU†5QVDXFK GHQ/LHEHVEULHI)DOOEHL$U]W:HEHU/+5QNULWLQVRIHUQDEHUHWZD3XS SH-XUDPZ1²'H]LGLHUWJHJHQHLQH6FKXW]LQWHQWLRQLQ5LFKWXQJDXI GHQ$XVVWHOOHU%*+=



7HLO8UNXQGHQIlOVFKXQJ† 

ZUGH GDVV GDV ]X EHJUQGHQGH  $OOJHPHLQLQWHUHVVH VHLQH %HUHFKWLJXQJ LPPHU QXU YRQ GHQ MH GDKLQWHU VWHKHQGHQ P|JOLFKHUZHLVH NRQNUHW EHWURIIHQHQ ZHLWHUHQ ,QWHUHVVHQ HUIDKUHQ NDQQ /DVVHQ VLFK NHLQHUOHL VROFKH GDKLQWHU VWHKHQGHQ ,QWHUHVVHQ DXI]HLJHQ OLHJW GHVKDOE XQJHDFKWHW HLQHU IRUPDOHQ 6XEVXPLHUEDUNHLW XQWHU GHQ :RUWODXWWDWEHVWDQG  DXFK NHLQ² JDUVWUDIUHFKWOLFKUHOHYDQWHV²8QUHFKWYRU  'DV LP 9RUVWHKHQGHQ EHVFKULHEHQH ² ZHLWH ² 9HUVWlQGQLV GHU 8UNXQ GHQIlOVFKXQJGDVGHUK0LQGHU6DFKH]XJUXQGHOLHJWDEHULQGHU5HJHO QLFKWQlKHUUHIOHNWLHUWZLUGKDWEHLGHUSUDNWLVFKHQ6WUDIUHFKWVDQZHQGXQJ GXUFKDXV ZQVFKHQVZHUWH 1HEHQHIIHNWH =XP HLQHQ NDQQ EHL SUREOHPDWL VFKHU5HFKWVODJHLQ%H]XJDXIGLH%LQGXQJVZLUNXQJLP$X‰HQYHUKlOWQLVIU GHQ VWUDIUHFKWOLFKHQ 6FKXOGVSUXFK OHW]WOLFK GDKLQJHVWHOOW EOHLEHQ RE LQ FRQFUHWR GLH HLQH RGHU GLH DQGHUH $XVSUlJXQJVIRUP GHV 8QUHFKWV GHU 8U NXQGHQIlOVFKXQJYRUOLHJW=XPDQGHUHQODVVHQVLFKVRDXFKJHZLVVH3UREOH PHGHV1DFKZHLVHVGHV HQWVSUHFKHQGHQ9RUVDW]HVZHLWJHKHQGYHUPHL GHQ²PDQGHQNHKLHUQXUDQGHQQDKHOLHJHQGHQ)DOOGDVVGHUHLQ%ODQNHWW DEUHGHZLGULJ$XVIOOHQGHNHLQHJHQDXH9RUVWHOOXQJKLQVLFKWOLFKGHU9HUELQG OLFKNHLWIUGHQ$XVVWHOOHUHQWZLFNHOWRGHUDQGHQQLFKWPLQGHUUHDOLVWLVFKHQ )DOOGDVVLKPNHLQHSUl]LVH9RUVWHOOXQJLQGHUHLQHQRGHUDQGHUHQ5LFKWXQJ QDFKJHZLHVHQZHUGHQNDQQ  ,QGHVVHQHUVFKHLQWHVQLFKWDOOHLQPLW%OLFNDXIVROFKH3UDNWLNDELOLWlWVJH VLFKWVSXQNWHUDWVDPMHGHVDXIZHLVEDUHKLQUHLFKHQGJHZLFKWLJH,QWHUHVVHDQ 2ULHQWLHUXQJVVLFKHUKHLWLQ%H]XJDXIHLQHQLQMHGHU+LQVLFKWHLQZDQGIUHL HQ ,QGLNDWRU GHV ZLUNOLFKHQ :LOOHQV GHV DXVJHZLHVHQHQ $XVVWHOOHUV  LQ GHQ 6FKXW]EHUHLFK GHV † HLQ]XEH]LHKHQ ² DOVR LQVEHVRQGHUH GLHVHQ 6FKXW] DXFKGHP$QVFKHLQVDXVVWHOOHUVHOEVW]XNRPPHQ]XODVVHQ+LQ]XNRPPW HLQZHLWHUHU$VSHNW   9JO ]X GLHVHU NRQNUHWLQGLYLGXHOOHQ 6FKXW]ULFKWXQJ GHV OHJLWLPDWLRQVEHGUIWLJHQ 9HUERWVGHU8UNXQGHQIlOFKXQJ(UELQ0QFK.RPP6W*%†5QII  $OOJHPHLQ ]XP 9HUKlOWQLV YRQ :RUWODXWWDWEHVWDQG XQG VDFKOLFKHU 6WUDIEDUNHLWV EHJUQGXQJ )UHXQG (UIROJVGHOLNW XQG 8QWHUODVVHQ 6  I  YJO DXFK GHQV *$IIGHQVLQ0QFK.RPP6W*%YRU†5QIIII  1lKHU ]XU 3UREOHPDWLN GHV 1DFKZHLVHV VXEMHNWLYHU 'HOLNWVPHUNPDOH )UHXQG 1RUPDWLYH 3UREOHPH  GHUV -5   II GHUV 6W9   II MHZ PZ1  =XU ÅVXEMHNWLYHQ´ 6HLWH GHU 8UNXQGHQIlOVFKXQJ V QRFK XQWHQ  7HLO ,9 9 5Q²   'LH)UDJHXQWHUZHOFKHQ%HGLQJXQJHQJHQDXHLQH%HVWUDIXQJZHJHQYROOHQGHWHQ 'HOLNWV GHU 8UNXQGHQIlOVFKXQJ LQ GHUDUWLJHQ )lOOHQ P|JOLFK LVW NDQQ KLHU DOOHU GLQJV HEHQVR ZHQLJ ZHLWHUYHUIROJW ZHUGHQ ZLH GLHMHQLJH QDFK HWZDLJHQ VWUDI]X PHVVXQJVUHFKWOLFKHQ.RQVHTXHQ]HQ 



,'XUFKGDV9HUERWGHU8UNXQGHQIlOVFKXQJLQWHQGLHUWHU5HFKWVJWHUVFKXW]

'DVREHQ7HLO,5Q² GLVNXWLHUWH,QWHUHVVHGLHLP,QQHQYHU  KlOWQLV EHL 9HUIlOVFKXQJ GHV ZLUNOLFKHQ $XVVWHOOHUZLOOHQV  XQEHUHFKWLJWH %LQGXQJ ]X YHUPHLGHQ EHWULIIW MD LP *UXQGH OHGLJOLFK HLQHQ LGHDOW\SLVFKHQ )DOO GHU .RQVWHOODWLRQHQ LQ GHQHQ GLH *HIDKU HLQHU )HKORULHQWLHUXQJ ]X /DVWHQ GHV VFKHLQEDUHQ $XVVWHOOHUV EHVWHKW XQG LQ GHQHQ QXU ZHQLJ EHU]HXJHQG HLQ (LJHQLQWHUHVVH DQGHUHU DXIJHZLHVHQ ZHUGHQ NDQQ  :ROOWH PDQ QXQ DEHU HUQVWKDIW GDQDFK GLIIHUHQ]LHUHQ RE QXU $XVVWHOOHULQWHUHVVHQ WDQJLHUW VLQG GDQQ NHLQH 8UNXQGHQIlOVFKXQJ  RGHU RE ,QWHUHVVHQ DQGHUHU KLQUHLFKHQG JHZLFKWLJ HUVFKHLQHQ GDQQ 8UNXQGHQIlOVFKXQJ  VR IKUWH GLHV ]XHLQHUVFKZHUOLFKDQQHKPEDUHQ.RQVHTXHQ]'LHÅSHUIHNWH)lOVFKXQJ´ GLHGHQ$XVVWHOOHU]ZDUQLFKWUHFKWOLFKDEHULPPHUKLQIDNWLVFKELQGHWZHLOHU VLFK QLFKW HUIROJUHLFK YRQ GHU LKP ]XJHVFKULHEHQHQ (UNOlUXQJ GLVWDQ]LHUHQ NDQQZlUHLQVROFKHU6LFKWNHLQH8UNXQGHQIlOVFKXQJPHKU8QJHDFKWHWGHU 0|JOLFKNHLW XQG 1RWZHQGLJNHLW  LQ FRQFUHWR MHZHLOV JDQ] EHVWLPPWH VSH ]LHOOH 7\SHQ YRQ ,QWHUHVVHQ DQ 2ULHQWLHUXQJVVLFKHUKHLW DXI]XZHLVHQ HUVFKHLQW HV GHVKDOE VDFKJHUHFKW LQVRZHLW MHGHV KLQUHLFKHQG JHZLFKWLJH ,QWHUHVVHLQGHQ6FKXW]EHUHLFKGHV†HLQ]XEH]LHKHQ²VHLHVGDV,QWHUHV VH GHVMHQLJHQ GHU PLW GHP )DOVLILNDW NRQIURQWLHUW ZHUGHQ VROO VHL HV GDV ,QWHUHVVHGHVVFKHLQEDUHQ $XVVWHOOHUVVHOEVWRGHUVHLHVGDV,QWHUHVVHDQGHUHU 3HUVRQHQ$QHLQHPIU†VSH]LILVFKHQXQGDXFKKLQUHLFKHQGJHZLFKWLJHQ ,QWHUHVVHIHKOWHVGHP]XIROJHDXFKQLFKWLQIROJHQGHP )$//  3RVWEHDPWHU3QDKPDXVGHQYRQLKPDPWOLFKYHUZDOWHWHQ%H  VWlQGHQ%ODQNR]HLWNDUWHQDQVLFK(UVWHOOWHGDQQIUVLFK'DXHUIDKUNDU WHQ KHU LQGHP HU HQWVSUHFKHQGH $QJDEHQ HLQVHW]WH 'XUFK GLH 9HUZHQ GXQJGLHVHU)DKUNDUWHQZXUGHGLH3RVWXPGHQMHZHLOVJHVFKXOGHWHQ)DKU SUHLVJHVFKlGLJW ,QGLHVHP)DOOOlVVWVLFK]ZDUVFKZHUOLFKYRQHLQHUUHFKWOLFKHQ%LQGXQJVZLU  NXQJLP$X‰HQYHUKlOWQLVVSUHFKHQ'HQQGLHRKQH$XWRULVLHUXQJGXUFKGHQ VFKHLQEDUHQ $XVVWHOOHUDXVJHVWHOOWHQ)DKUNDUWHQZHUGHQMDJOHLFKVDPQXULP ,QQHQYHUKlOWQLV ]ZLVFKHQ 3 XQG GHU IlOVFKOLFK DOV $XVVWHOOHU HUVFKHLQHQGHQ 3RVWIU GHQ 1DFKZHLV GHU)DKUEHUHFKWLJXQJ UHOHYDQW ,QGHVVHQ ZLUG GXUFK GDV XQEHUHFKWLJWH $XVIOOHQ XQG %HQXW]HQ GHU DXVJHIOOWHQ  %ODQNHWWH IDNWLVFKGHUVHOEH(IIHNWGHU9HUIlOVFKXQJGHVZLUNOLFKHQ$XVVWHOOHUZLOOHQV HU]HXJWZLHHUEHLXQEHUHFKWLJWHUUHFKWOLFKHU%LQGXQJYRUOLHJWXQGZLHHUMD DXFK PLW HLQHU ÅSHUIHNWHQ´ VRQVWLJHQ )lOVFKXQJ YHUEXQGHQ LVW -HGHQIDOOV EHVWHKW GLH HQWVSUHFKHQGH PDVVLYH *HIDKU GLH IU GDV WDWEHVWDQGOLFKH 8Q UHFKWDXVUHLFKHQPXVV²(QWVSUHFKHQGHVJLOWDXFKIUGHQIROJHQGHQ   2KQH'LIIHUHQ]LHUXQJ]ZLVFKHQUHFKWOLFKHUXQGIDNWLVFKHU*HIDKUGHU %LQGXQJ L(ZLHKLHU%*+6W



7HLO8UNXQGHQIlOVFKXQJ† 











)$//  6FKXOGQHU6VWHOOWHVLFKHLJHQPlFKWLJHLQH4XLWWXQJIUGLHLQ :DKUKHLWQLFKWHUIROJWH %H]DKOXQJGHU6FKXOGDXVXQGXQWHUVFKULHEGDEHL PLWGHP1DPHQGHV*OlXELJHUV'LHVH4XLWWXQJVROOWHDXVVFKOLH‰OLFK  GD]X GLHQHQ GHQ *OlXELJHU ]X WlXVFKHQ XQG ]X YHUDQODVVHQ YRQ GHU %HLWUHLEXQJGHU6FKXOG$EVWDQG]XQHKPHQ 6HUIOOWGLH9HUZLUNOLFKXQJVIRUPGHV+HUVWHOOHQVHLQHUXQHFKWHQ8UNXQGH REZRKOOHGLJOLFK,QWHUHVVHQGHV*OlXELJHUVDOVGHVVFKHLQEDUHQ$XVVWHO OHUV WDQJLHUW VLQG 1LFKWV DQGHUHV ZUGH VHOEVWYHUVWlQGOLFK JHOWHQ ZHQQ GLH IlOVFKOLFKH $QIHUWLJXQJ GHU 4XLWWXQJ GD]X GLHQHQ VROOWH GHQ 5LFKWHU ]X WlXVFKHQGHUEHUGLHEHUHFKWLJWH.ODJHGHV*OlXELJHUV]XHQWVFKHLGHQKDW REZRKODXFKGDQQLP*UXQGHQXUGHU*OlXELJHUVHOEVWDEHUVFKZHUOLFKDXFK GHU 5LFKWHU HLQ (LJHQLQWHUHVVH DP 8QWHUEOHLEHQ GHUDUWLJHU 0DQLSXODWLRQHQ JHOWHQGPDFKHQNDQQ  +LHUKDQGHOWHVVLFKLP*UXQGHXPGLHXUNXQGHQVWUDIUHFKWOLFKH3DUDOOH OH]XGHPYHUP|JHQVWUDIUHFKWOLFKJHOlXILJHQ)DOOGHVVRJHQDQQWHQ'UHLHFNV EHWUXJVEHLGHPGHU*HWlXVFKWHXQGGDVHLJHQWOLFKH2SIHUGHU*HVFKlGLJWH KLHUGHUVFKHLQEDUH$XVVWHOOHU GXUFKDXVSHUVRQHQYHUVFKLHGHQVHLQN|QQHQ 0LW HLQHP 6SH]LDOIDOO GHU ÅSHUIHNWHQ´ 8UNXQGHQIlOVFKXQJ KDWWH VLFK YRU -DKUHQGHU %XQGHVJHULFKWVKRI ]X EHIDVVHQ *HOGPQ]HQ DOV VSH]LHOOH 8UNXQGHQ ZDUHQRKQH$XIWUDJDEHULQGHUVWDDWOLFKHQ0Q]DQVWDOWPLWGHQ GDIUYRUJHVHKHQHQ'UXFNVW|FNHQYRQGHQDQVLFK]XVWlQGLJHQ3HUVRQHQ KHUJHVWHOOWZRUGHQ'HU%*+KDWPLW5HFKWGLH9RUDXVVHW]XQJHQGHU8UNXQ GHQIlOVFKXQJXQGGHU*HOGIlOVFKXQJDQJHQRPPHQ =XVDPPHQIDVVHQG N|QQHQZLU)ROJHQGHVIHVWKDOWHQ'HUGXUFKGDV9HU ERWGHU8UNXQGHQIlOVFKXQJLQWHQGLHUWH5HFKWVJWHUVFKXW]EH]ZHFNWEHUJUHL IHQG GHQ 6FKXW] GHU 2ULHQWLHUXQJVVLFKHUKHLW LQ %H]XJ DXI HLQHQ LQ MHGHU +LQVLFKWHLQZDQGIUHLHQ7UlJHUGHU,QIRUPDWLRQEHUGHQZLUNOLFKHQ$XVVWHO OHUZLOOHQ 'LHVHV ,QWHUHVVH DQ NRUUHNWHU ,QGLNDWLRQ GHV ZLUNOLFKHQ :LOO OHQVGHVDXVJHZLHVHQHQ $XVVWHOOHUV LVWGHUJHPHLQVDPH1HQQHUIUDOOH OHW]WOLFK GDKLQWHU VWHKHQGHQ ² MHZHLOV NRQNUHW EHWURIIHQHQ ² ,QGLYLGXDO LQWHUHVVHQ 'HU RIW DOOHLQ DN]HQWXLHUWH )DOO GHV Å,QV/HHUH*UHLIHQV´ EHL IHKOHQGHU %LQGXQJ LP $X‰HQYHUKlOWQLV  HUVFKHLQW LQ VROFKHU 6LFKW OHGLJOLFK DOV HLQH ² IUHLOLFK ZLFKWLJH ² NRQNUHWH (UVFKHLQXQJVIRUP GHV GXUFK † QRUPDWLYDE]XVLFKHUQGHQ,QWHUHVVHVDQÅULFKWLJHU=XVFKUHLEXQJ´VRIHUQPDQ HLQHVROFKHULFKWLJH=XVFKUHLEXQJQXUEHLNRUUHNWHU,QGLNDWLRQGHVZLUNOLFKHQ $XVVWHOOHUZLOOHQVXQGQLFKWEHUHLWVEHL%LQGXQJLP$X‰HQYHUKlOWQLVDQQLPPW   %*+6WIIYJOGD]X=LHOLQVNLZLVWUD  %*+6WI  9JOGD]XREHQ7HLO,5Q²   



,,0HUNPDOHGHU8UNXQGH3HUSHWXLHUXQJV%HZHLVXQG*DUDQWLHIXQNWLRQ

'LH%LQGXQJLP$X‰HQYHUKlOWQLVLVWGDQQZHQQVLHDOOHLQDXV*UQGHQGHV 9HUNHKUVVFKXW]HVHLQJUHLIWJHUDGHQLFKWJHHLJQHWGDVVSH]LILVFKH8QUHFKWGHU 8UNXQGHQIlOVFKXQJL6GHU9HUIlOVFKXQJGHVHLJHQWOLFKHQ$XVVWHOOHUZLOOHQV  DXV]XVFKOLH‰HQ/HGLJOLFKHLQHVOlVVWVLFKVDJHQ'DV8QUHFKWGHU8UNXQGHQIlO VFKXQJ LVW MHGHQIDOOV GDQQ ]X EHMDKHQ ZHQQ VFKRQ NHLQH %LQGXQJ LP $X ‰HQYHUKlOWQLVYRUOLHJW,QGHVVHQVFKOLH‰WGLHUHFKWOLFKH%LQGXQJLP$X‰HQ YHUKlOWQLV GDV 8QUHFKW GHU 8UNXQGHQIlOVFKXQJ PLW %OLFN DXI GDV ,QQHQYHUKlOWQLV QLFKW GXUFKZHJ DXV 'HQQ GHU ZLUNOLFKH :LOOH GHV DXV JHZLHVHQHQ$XVVWHOOHUVNDQQJHUDGHGXUFKGLHLP$X‰HQYHUKlOWQLVEHZLUNWH %LQGXQJYHUIlOVFKWZRUGHQVHLQ 'HILQLWLRQGHU8UNXQGH (LQH8UNXQGHLVWMHGHYHUN|USHUWH(UNOlUXQJGLHHLQHP$XVVWHOOHU]X JHRUGQHW ZHUGHQ NDQQ XQG GLH HLQH HQWVSUHFKHQGH %HZHLVIXQNWLRQ HU IOOW 'HILQLWLRQGHUHFKWHQ8UNXQGH 'LH8UNXQGHLVWHFKWZHQQHUNHQQEDUHUXQGZLUNOLFKHU$XVVWHOOHUEHU HLQVWLPPHQ 'HILQLWLRQGHUXQHFKWHQ8UNXQGH 'LH 8UNXQGH LVW XQHFKW ZHQQ VLH GHQ $QVFKHLQ HUZHFNW YRQ HLQHP DQGHUHQDOVLKUHPWDWVlFKOLFKHQ$XVVWHOOHUKHU]XUKUHQ

D

II. Merkmale der Urkunde: Perpetuierungs-, Beweis- und Garantiefunktion 'LH PLW %OLFN DXI GDV DOV VFKXW]ZUGLJ DQHUNDQQWH,QWHUHVVH GHU DNWLYHQ  XQG ÅSDVVLYHQ´ 7HLOQHKPHU GHV 5HFKWVYHUNHKUV DQ ULFKWLJHU =XVFKUHLEXQJ HQWZRUIHQHQ0HUNPDOHGHVVWUDIUHFKWOLFKHQ8UNXQGHQEHJULIIVVROOHQHLQ 'RSSHOWHV OHLVWHQ (LQHUVHLWV VROOHQ GLH .ULWHULHQ GHU 3HUSHWXLHUXQJV GHU %HZHLV XQG GHU *DUDQWLHIXQNWLRQ LQ %H]XJ DXI GLH (UNOlUXQJ HLQHU EH VWLPPWHQ 3HUVRQ  VROFKH .RQVWHOODWLRQHQ DXV GHP $QZHQGXQJVEHUHLFK GHV † DXVILOWHUQ LQ GHQHQ HLQ DOV VSH]LILVFK VFKXW]ZUGLJ DQ]XHUNHQQHQGHV ,QWHUHVVHQLFKWEHWURIIHQLVW$QGHUHUVHLWVVROOHQVLHDEHUDXFKJHZlKUOHLVWHQ GDVV GLH QDFK GHU HLQVFKOlJLJHQ UDWLR OHJLV ÅJHPHLQWHQ´ .RQVWHOODWLRQHQ LQ GHQ6WUDIEDUNHLWVEHUHLFKHLQEH]RJHQZHUGHQ'LHVHGRSSHOWH)XQNWLRQGDUI EHLGHUQRWZHQGLJHQ5HFKWVNRQNUHWLVLHUXQJQLFKWDXVGHQ$XJHQYHUORUHQ ZHUGHQ -HZHLOV ]X EHDFKWHQGHU %H]XJVJHJHQVWDQG LP5DKPHQ GHU QlKHUHQ %H  VWLPPXQJGHUHLQ]HOQHQ0HUNPDOHGHU3HUSHWXLHUXQJVGHU%HZHLVXQGGHU *DUDQWLHIXQNWLRQ  LVW GDEHL GLH UHFKWOLFK UHOHYDQWH (UNOlUXQJ HLQHU EH

7HLO8UNXQGHQIlOVFKXQJ† 

VWLPPWHQ3HUVRQ2KQHHLQHVROFKHDXVGHU3HUVSHNWLYHGHVMHQLJHQGHVVHQ ,UUHIKUXQJYHUPLHGHQZHUGHQVROODXV]XPDFKHQGH (UNOlUXQJJLEWHVNHLQ VXE VSHFLH † UHOHYDQWHV =XVFKUHLEXQJVLQWHUHVVH GDV EHHLQWUlFKWLJW ZHUGHQN|QQWH'LHGHPHU]HXJWHQ$QVFKHLQQDFKJHJHEHQH (UNOlUXQJLVW GHVKDOEVHOEVWYHUVWlQGOLFKH*UXQGODJHGHUGDUDXIDXIEDXHQGHQhEHUOHJXQJHQ ]XU3HUSHWXLHUXQJV%HZHLVXQG*DUDQWLHIXQNWLRQ 1. Die Erklärung  'DV (UIRUGHUQLV HLQHU (UNOlUXQJ VROO GLH $EJUHQ]XQJ ]X GHQ QLFKW GHP 8UNXQGHQVWUDIUHFKWL6GHV† XQWHUIDOOHQGHQÅEOR‰HQ´$XJHQVFKHLQV REMHNWHQ OHLVWHQ $XJHQVFKHLQVREMHNWH HQWKDOWHQ NHLQH (UNOlUXQJ VRQGHUQ VLQG VDFKOLFKH %HZHLVPLWWHO GLH DXIJUXQG LKUHU ([LVWHQ] XQG %HVFKDIIHQ KHLW EHZHLVHUKHEOLFKH 6FKOXVVIROJHUXQJHQ ]XODVVHQ 'D]X ]lKOHQ HWZD )X‰ VSXUHQ%OXWIOHFNHHLQDEJHULVVHQHU.QRSIRGHUGHUPHQVFKOLFKH/HLFK QDP  'LHVH $XVILOWHUXQJ YRQ $XJHQVFKHLQVREMHNWHQ EHUXKW NHLQHVZHJV DXI HL QHPIHKOHQGHQRGHUDXFKQXUW\SLVFKHUZHLVHJHULQJHUHQ6FKXW]LQWHUHVVHYRU 0DQLSXODWLRQHQ 'HQQ DXFK LQ %H]XJ DXI $XJHQVFKHLQVREMHNWH N|QQHQ JHZLFKWLJH6FKXW]LQWHUHVVHQYRUKDQGHQVHLQ,KUH$XVILOWHUXQJDXVGHP $QZHQGXQJVEHUHLFK GHU 8UNXQGHQIlOVFKXQJ EHUXKW YLHOPHKU HLQ]LJ XQG DOOHLQGDUDXIGDVVEHLLKQHQGDV XUNXQGHQVSH]LILVFKH6FKXW]LQWHUHVVHGHV ZHLW YHUVWDQGHQHQ ,QWHUHVVHV DQ ULFKWLJHU =XVFKUHLEXQJ IHKOW ² DQ GLHVHP VSH]LHOOHQ 6DFKJHVLFKWVSXQNW KDW VLFK GHVKDOE DXFK GLH (LQRUGQXQJ LP (LQ]HOQHQ]XRULHQWLHUHQ  )$//$YHUIlOVFKWHHLQ)RWRGXUFK0RQWDJH  )$// (LQEUHFKHU(KLQWHUOLH‰LQGHU:RKQXQJGHV(LQEUXFKVRSIHUV YHUVHKHQWOLFKVHLQHQ)LQJHUDEGUXFN  ,QGHQ)lOOHQGHU)RWRPRQWDJHXQGGHVYRP(LQEUHFKHU(KLQWHUODVVH QHQ )LQJHUDEGUXFNV VLQG ]ZDU UHFKWV E]Z EHZHLVHUKHEOLFKH ,QWHUHVVHQ WDQJLHUW(VIHKOWMHGRFKDQHLQHUUHFKWVE]ZEHZHLVHUKHEOLFKHQ(UNOlUXQJ GLHHLQHPEHVWLPPWHQ(UNOlUHQGHQ]XJHRUGQHWZHUGHQN|QQWH(LQHQWVSUH   6GD]XVFKRQREHQ5QI  9JO5*6W  9JO GD]X GLH hEHUOHJXQJHQ XQWHQ 5Q I ]XU )lOVFKXQJ WHFKQLVFKHU $XI ]HLFKQXQJHQ  'HU JHPHLQVDPH 1HQQHU GHU YHUVFKLHGHQHQ 6FKXW]LQWHQWLRQHQ GLH VDFKJHUHFKW HUZHLVH HLQ]XEH]LHKHQ VLQG LVW GDV ,QWHUHVVH DQ NRUUHNWHU :LHGHUJDEH GHV ZLUNOLFKHQ$XVVWHOOHUZLOOHQVVGD]XVFKRQREHQ7HLO,5Q²   



,,0HUNPDOHGHU8UNXQGH3HUSHWXLHUXQJV%HZHLVXQG*DUDQWLHIXQNWLRQ

FKHQGHV²GXUFK†HUIDVVWHV²=XVFKUHLEXQJVLQWHUHVVHNDQQGHVKDOEDXFK QLFKW EHWURIIHQ VHLQ 6ROOWH DOVR EHLVSLHOVZHLVH HLQ EHVRQGHUV UDIILQLHUWHU (LQEUHFKHU GXUFK LUJHQGZHOFKH 0DQLSXODWLRQHQ )LQJHUDEGUXFNVSXUHQ HLQHVDQGHUHQKLQWHUODVVHQXPGHQ9HUGDFKWDXIMHQHQ]XOHQNHQVRLVWGDV MHGHQIDOOVNHLQH8UNXQGHQIlOVFKXQJ *OHLFKHVJLOWHWZDIUGHQ)DOOGHVMHQLJHQGHUGHQ)LQJHUDEGUXFNHLQHV  7RWHQDXIHLQHU:DIIHDQEULQJWXPGDGXUFKYRU]XWlXVFKHQGHU7RWHKDEH GLH:DIIHEHQXW]W,QVRZHLWKDQGHOWHVVLFKGXUFKZHJOHGLJOLFKXPLUUHIK UHQGH $XJHQVFKHLQVREMHNWH QLFKW DEHU XP ² DXV GHU 3HUVSHNWLYH GHV $GUHVVDWHQ GHU 0DQLSXODWLRQ DXV]XPDFKHQGH ² (UNOlUXQJHQ GLH HLQHP EHVWLPPWHQ (UNOlUHQGHQ ]X]XRUGQHQ VLQG 'HVKDOE NDQQ DXFK NHLQ XUNXQ GHQVSH]LILVFKHV=XVFKUHLEXQJVLQWHUHVVHYHUOHW]WZHUGHQ'LH%HXUWHLOXQJ lQGHUW VLFK ZHQQ HLQ QDPHQWOLFK EHNDQQWHU 6HULHQHLQEUHFKHU EHL VHLQHQ (LQEUFKHQ UHJHOPl‰LJ HLQHQ PLW 6WHPSHOIDUEH DXIJHEUDFKWHQ 'DXPHQDE GUXFN ² JOHLFKVDP DOV 9LVLWHQNDUWH ² ]X KLQWHUODVVHQ SIOHJW XQG GLHVHU 'DXPHQDEGUXFNYRQHLQHPÅ.RQNXUUHQWHQ´DQJHEUDFKWZLUG :HQQ GLH ELVODQJ QRFK EHUZLHJHQGH $XIIDVVXQJ GHU )RWRNRSLH HLQHU D 8UNXQGH GLH 8UNXQGHQHLJHQVFKDIW DEVSULFKW NDQQGLHV MHGHQIDOOVQLFKWDP 0HUNPDOGHU(UNOlUXQJIHVWJHPDFKWZHUGHQ$XFKXQGJHUDGHZHQQPDQ GLH)RWRNRSLHDOV$EELOGGHV2ULJLQDOVDXIIDVVWHQWKlOWGLHVH²HEHQVRZLHGLH 'XUFKVFKULIWXQGGLH$EVFKULIW²HLQH(UNOlUXQJ(UQVWKDIWGLVNXWLHUHQPDJ PDQ OHGLJOLFK GDUEHU ZHU $XVVWHOOHU GHU HQWVSUHFKHQG YHUN|USHUWHQ (UNOlUXQJ LVW ,Q )UDJH NRPPW DOV (UNOlUHQGHU GHU .RSLHUHQGH RGHU DEHU GHUMHQLJH GHP DXFK GLH LP 2ULJLQDO YHUN|USHUWH (UNOlUXQJ DOV GLH VHLQH ]X]XUHFKQHQLVW'DEHLJHKWHVXPGLH)UDJHREGLH.RSLHDOV(UNOlUXQJV

  6DFKOLFK EHUHLQVWLPPHQG HWZD +HJKPDQQV %7 5Q  IHUQHU $U]W:H EHU+HLQULFK+LOJHQGRUI %7 †  5Q  ² $OOHUGLQJV ZLUG ]7 PLVVYHUVWlQGOLFK DXIHLQHQLQGHUDUWLJHQ)lOOHQIHKOHQGHQ(UNOlUXQJVZLOOHQDEJHVWHOOW(QWVFKHLGHQG LVWDOOHLQGDVVHVDPHU]HXJWHQ$QVFKHLQHLQHU(UNOlUXQJEHLPÅ$GUHVVDWHQ´IHKOW  ,P (UJHEQLV VR DXFK PLW 5HFKW HWZD $U]W:HEHU+HLQULFK+LOJHQGRUI %7 †  5QP)Q  'DVVGHU)LQJHUDEGUXFNXQWHU8PVWlQGHQHLQH(UNOlUXQJEHLQKDOWHQNDQQEHWRQW PLW5HFKW+HJKPDQQV%75QPLWGHP%HLVSLHOGHV)LQJHUDEGUXFNVGHUGDV DXVJHEWH:DKOUHFKWGRNXPHQWLHUW   9JOHWZD%*+6WII2/*6WXWWJDUW1-:I%HFN-$   %HFNHPSHU -X6    I (PGH ZLVWUD    .UH\+HLQULFK%75Q I²1lKHU]XGLHVHU3UREOHPDWLNQRFKXQWHQ5Q ²G²HUJlQ]HQG5QDIIDII  =XWUHIIHQGGD]XHWZD(QJHUW)UDQ]PDQQ+HUVFKOHLQ-$ 

7HLO8UNXQGHQIlOVFKXQJ† 

YHUN|USHUXQJ QXU  HLQH EHVRQGHUH )RUP GHU $EVFKULIW LVW RGHU RE VLH QLFKWYLHOPHKUHLQHQDFKWUlJOLFKHU]HXJWH'XUFKVFKULIWGDUVWHOOW E

F

'HILQLWLRQGHU(UNOlUXQJ (LQH (UNOlUXQJ LVW GLH 0LWWHLOXQJ HLQHU 3HUVRQ PLWWHOV GD]X JHHLJQHWHU =HLFKHQ 'LH3HUVRQNDQQHLQHQDWUOLFKHRGHUHLQHMXULVWLVFKH3HUVRQVHLQ$XFK GLH 1DFKULFKW ² HWZD HLQHU MXULVWLVFKHQ3HUVRQ ² ÅDQVLFK VHOEVW´ LVW HLQH VROFKH(UNOlUXQJ 2. Die Perpetuierungsfunktion

 'DV .ULWHULXP GHU 3HUSHWXLHUXQJVIXQNWLRQ EH]HLFKQHW GLH IU HLQH 8UNXQGH QRWZHQGLJHKLQUHLFKHQGIHVWH VWRIIOLFKH)L[LHUXQJGHULKU]XJUXQGHOLHJHQGHQ (UNOlUXQJ GXUFK HLQHQ N|USHUOLFKHQ *HJHQVWDQG 'LH VRQVW ÅIOFKWLJH´ (UNOlUXQJ PXVV LQ HLQHP ]XU :LHGHUJDEH WDXJOLFKHQ :LHGHUJDEHWUlJHU YHUN|USHUWVHLQ  )$//5RELQVRQ5 VFKULHEPLWHLQHP6WRFNDXIVHLQHUHLQVDPHQ,QVHO IUSRWHQWLHOOH5HWWHUHLQH6261DFKULFKWLQGHQ6DQGGDHUNHLQHDQ GHUZHLWLJHQ 0LWWHLOXQJVP|JOLFKNHLWHQ EHVD‰ %|VZLOOLJH 3LUDWHQ YHUlQGHU WHQGLH0LWWHLOXQJLQHQWVFKHLGHQGHU+LQVLFKW  )$//$KLQWHUOLH‰IU%HLQHPLW%OHLVWLIWJHVFKULHEHQH(UNOlUXQJ& JHODQJHVGXUFKHLQIDFKHV5DGLHUHQPKHORVLKUHQ,QKDOW]XYHUlQGHUQ  9RUGHP+LQWHUJUXQGGHUUDWLROHJLVGUIHQDQGDV(UIRUGHUQLVGHU3HUSH WXLHUXQJ GHU HLQHP $XVVWHOOHU ]X]XRUGQHQGHQ (UNOlUXQJ  LQ %H]XJ DXI GLH 'DXHUKDIWLJNHLWNHLQHDOO]XKRKHQ$QIRUGHUXQJHQJHVWHOOWZHUGHQ'HQQHLQ VFKXW]ZUGLJHV ,QWHUHVVH DQ ULFKWLJHU =XVFKUHLEXQJ NDQQ QLFKW QXU EHL GHQ ÅVHOEVWUHGHQGHQ´7UlJHUQGHUHQWVFKHLGHQGHQ,QIRUPDWLRQEHWURIIHQVHLQGLH   =XU )RWRNRSLH DOV 8UNXQGH V QRFK QlKHU XQWHQ 5Q    ²  G ²HUJlQ]HQG5QDIIDII  'DDXFKMXULVWLVFKH3HUVRQHQ(UNOlUXQJHQLPKLHULQWHUHVVLHUHQGHQ6LQQHDEJHEHQ N|QQHQLVWHVHPSIHKOHQVZHUWJHQHUHOOVWDWWGHVJlQJLJHQ%HJULIIVGHUÅPHQVFK OLFKHQ  *HGDQNHQHUNOlUXQJ´ GHQ GHU Å(UNOlUXQJ´ ]X YHUZHQGHQ 2E MXULVWLVFKH 3HUVRQHQ ÅPHQVFKOLFKH  *HGDQNHQ´ KDEHQ N|QQHQ LVW ]XPLQGHVW ]ZHLIHOKDIW DEHUMHGHQIDOOVLP%HUHLFKGHV8UNXQGHQVWUDIUHFKWVLUUHOHYDQW  9JO &UDPHU+HLQH LQ 6FK|QNH6FKU|GHU † 5Q  /DFNQHU.KO † 5Q :HVVHOV+HWWLQJHU %7  5Q † ,  D  QlKHU ]XU %HGHXWXQJ GHU 9HUN|USHUXQJ HLQHU (UNOlUXQJ IU GHQ 8UNXQGHQEHJULII 6DPVRQ 8UNXQGH XQG %HZHLV]HLFKHQ6IIII 



,,0HUNPDOHGHU8UNXQGH3HUSHWXLHUXQJV%HZHLVXQG*DUDQWLHIXQNWLRQ

VR]XVDJHQ IDVW  IU GLH (ZLJNHLW JHPDFKW VLQG ZLH HWZD LP )DOOH GHU LQ KDUWHQ6WHLQJHPHL‰HOWHQ(UNOlUXQJ (LQVROFKHVVFKXW]ZUGLJHV,QWHUHVVHDQ ULFKWLJHU=XVFKUHLEXQJJLEWHVYLHOPHKUDXFKEHLGHQLQDOOHU5HJHODQ]XWUHI IHQGHQ ,QIRUPDWLRQVWUlJHUQ GHQHQ QXU HLQH YRUEHUJHKHQGH ([LVWHQ] ]XNRPPW-HQDFK.RQWH[WNDQQHVLP5HFKWVYHUNHKUVRJDUJHQJHQZHQQ HLQH (UNOlUXQJ QXU IU HLQH NXU]H )ULVW YHUN|USHUW ZLUG XQG GDQDFK LP ZDKUVWHQ 6LQQH GHV :RUWHV ÅLP 3DSLHUNRUE ODQGHW´ RGHU VLFK YRQ VHOEVW ÅDXIO|VW´ RKQH GDVV GDUXQWHU LKUH %HGHXWXQJ DOV EUDXFKEDUHU XQG HQWVSUHFKHQGHQ,QWHJULWlWVVFKXW]UHFKWIHUWLJHQGHUÅ,QGLNDWRU´OHLGHW =XWUHIIHQG DXVJHILOWHUW ZHUGHQ GXUFK GDV (UIRUGHUQLV GHU 3HUSHWXLHUXQJ  DOOHUGLQJV PQGOLFKH bX‰HUXQJHQ GHQHQ GLH QRWZHQGLJH VWRIIOLFKH 9HU N|USHUXQJ IHKOW 'DEHL NDQQ ]ZDU HLQ ,QWHUHVVH DQ LQKDOWOLFKHU :DKUKHLW EHWURIIHQ VHLQ GHVVHQ 9HUOHW]XQJ XQWHU %HWUXJVDVSHNWHQ EHGHXWVDP LVW (LQ ,QWHUHVVH DQ ULFKWLJHU =XRUGQXQJ HLQHU (UNOlUXQJ ]X HLQHP EHVWLPPWHQ (UNOlUHQGHQ NDQQ LQ HLQHP VROFKHQ )DOO PDQJHOV VWRIIOLFKHU 9HUN|USHUXQJ DEHU JHUDGH QLFKW DQ HLQHP LQ GLHVHU +LQVLFKW DXVVDJHNUlIWLJHQ (WZDV ² DQ HLQHPLQSXQFWR$XVVWHOOHUÅVHOEVWUHGHQGHQ´,QIRUPDWLRQVWUlJHU²EHVWH KHQ )UDJZUGLJ HUVFKHLQW LQVRIHUQ DEHU HWZD GLH EOLFKH +HUDXVQDKPH DXFK GHV )DOOHV GHU 6FKULIW]HLFKHQ LP 6DQG 'HQQ EHL GLHVHQ LVW GLH ,QIRUPDWLRQVWUlJHUHLJHQVFKDIWMHGHQIDOOVHLQH=HLWODQJYRUKDQGHQ )UGLH+HUDXVQDKPHDXVGHP$QZHQGXQJVEHUHLFKGHU8UNXQGHQVWUDIWD  WHQ N|QQWH DOOHQIDOOV GLH YHUVFKZLQGHQG JHULQJH SUDNWLVFKH 5HOHYDQ] LQV   0DQGHQNHHWZDDQHLQHVSH]LHOOSUlSDULHUWH1DFKULFKWLP5DKPHQJHKHLPGLHQVW OLFKHU7lWLJNHLWHQLQ.ULVHQ]HLWHQIUHLQHQGHUDUWLJHQ)DOOZLUGHLQHDXVUHLFKHQGH 3HUSHWXLHUXQJVOHLVWXQJMHGRFKDEJHOHKQWHWZDYRQ6DPVRQ-$   $XFK KLHU ]HLJW VLFK ZLHGHUXP GDVV GLH (QWJHJHQVHW]XQJ GHV ,QWHUHVVHV DQ LQKDOWOLFKHU:DKUKHLWXQGGHV,QWHUHVVHVDQULFKWLJHU=XVFKUHLEXQJQLFKWPLVVYHU VWDQGHQ ZHUGHQ GDUI $XFK EHL GHU PQGOLFKHQ (UNOlUXQJ NDQQ LQKDOWOLFK  HLQ =XVFKUHLEXQJVLQWHUHVVHYHUOHW]WZHUGHQLP)DOOGHU7lXVFKXQJEHUGLH3HUVRQ GHV(UNOlUHQGHQ 'HQQRFKLVWGDVQRFKQLFKWGLH9HUOHW]XQJGHVVSH]LILVFKHQ=X VFKUHLEXQJVLQWHUHVVHVGDVJHUDGHGXUFK†DEJHVLFKHUWZHUGHQVROO²JDQ]DE JHVHKHQGDYRQGDVVKLHUDXFKGHU:RUWODXWGHU6WUDIQRUPPQGOLFKHbX‰HUXQJ LVWNHLQHÅ8UNXQGH´ VSHUUHQGZLUNW  $QHLQHPÅVHOEVWUHGHQGHQ,QGLNDWRU´XQGGDPLWDPDXVUHLFKHQGHQ*HJHQVWDQG GHVVHQ,QWHJULWlWPLWUHFKWOLFKHQ*DUDQWLHQYHUVHKHQZHUGHQN|QQWHIHKOWHVDXFK LP )DOOH GHVMHQLJHQ GHU ÅVHLQHP VWDUN NXU]VLFKWLJHQ XQG ]XGHP YHUJHVVOLFKHQ *OlXELJHUDXVHLQLJHU'LVWDQ]HLQPLWXQOHVHUOLFKHQ.ULW]HOQEHGHFNWHV6WFN3D SLHUYRUKlOWXPGHQDQGHUHQJODXEHQ]XPDFKHQGDVVHLGLH4XLWWXQJEHUGLH EHUHLWVJHOHLVWHWH=DKOXQJ´YJOGD]X=DF]\N1-:PZ1   9JO GD]X HWZD 0DXUDFK6FKURHGHU0DLZDOG %7  † 5Q V GRUW DXFK GDV ZHLWHUH%HLVSLHOGHU]XJHJHQVHLWLJHU9HUVWlQGLJXQJGXUFKDXVJHHLJQHWHQXQGEH VWLPPWHQÅ*DXQHU]LQNHQ´ 

7HLO8UNXQGHQIlOVFKXQJ† 









)HOG JHIKUW ZHUGHQ $OOHUGLQJV GDUI GLHVHV $UJXPHQW QLFKW EHUVFKlW]W ZHUGHQ,P)$//P|JHQHWZDJDQ]PDVVLYH/HEHQVVFKXW] ,QWHUHVVHQ DXIGHP6SLHOVWHKHQGLHLKUH%HUHFKWLJXQJXQGLKU*HZLFKWQLFKWZHJHQGHU VWDWLVWLVFKHQ6HOWHQKHLWGHU.RQVWHOODWLRQYHUOLHUHQ 'DVVRHEHQ ]XU 'DXHUKDIWLJNHLW *HVDJWH JLOW HQWVSUHFKHQG IU GLH JOHLFK IDOOV XQWHU GHP $VSHNW GHU 3HUSHWXLHUXQJ UHOHYDQWHQ $QIRUGHUXQJHQ DQ GLH )HVWLJNHLWGHU9HUN|USHUXQJ0LW%OLFNDXIGDVDXFKEHLJHULQJHU)HVWLJNHLW ² VSULFK KRKHU )lOVFKXQJVDQIlOOLJNHLW ² EHUHFKWLJWH ,QWHUHVVH DQ ULFKWLJHU =XVFKUHLEXQJ PXVV HV GHVKDOE XQVFKlGOLFK VHLQ GDVV HLQH (UNOlUXQJ QXU PLW %OHLVWLIW JHVFKULHEHQ LVW DOVR ² ZLH LP )$//  ² VHKU OHLFKW GXUFK 5DGLHUHQPDQLSXOLHUWZHUGHQNDQQ (QWVSUHFKHQGHVPXVVDXFKIUIROJHQGH )lOOHJHOWHQ )$//$KDWWHLQHLQHP(LQNDXIVPDUNWYRQHLQHU)ODVFKHPLWHLQIDFKHP 6HNW GDV DXIJHNOHEWH3UHLVHWLNHWW EHU  ʖ HQWIHUQWXQG GLHVHV (WLNHWW EHUHLQ²DXIʖODXWHQGHV²3UHLVHWLNHWWHLQHU)ODVFKH&KDPSDJQHU JHNOHEW $OV HU GLH VR PDQLSXOLHUWH )ODVFKH VSlWHU DQ GHU .DVVH YRUOHJWH HUUHLFKWHHUGDVVGLH.DVVLHUHULQLKPGHQ&KDPSDJQHUJHJHQ=DKOXQJYRQ ʖDXVKlQGLJWH$ZDUDEHUYRQHLQHU$QJHVWHOOWHQEHREDFKWHWZRUGHQ ,QIROJHGHVVHQZXUGHHUKLQWHUGHU.DVVHDQJHKDOWHQ )$//  $KDWWHHLQHQ3NZJHVWRKOHQ8PGDPLWQLFKWHQWGHFNW]XZHU GHQPRQWLHUWHHUGLHEHLGHQ1XPPHUQVFKLOGHUDEXQGHUVHW]WHVLHGXUFK DQGHUH 1XPPHUQVFKLOGHU YRQ GHQHQ GDV KLQWHUH PLW HLQHU =XODVVXQJV SODNHWWH YHUVHKHQ ZDU ZlKUHQG GDV YRUGHUH NHLQH =XODVVXQJVSODNHWWH WUXJ ,QGLHVHQ)lOOHQLVWHVXQVFKlGOLFKGDVVGLH9HUNQSIXQJHLQHU(UNOlUXQJ PLW GHUHQ %H]XJVREMHNW DOOHLQ PLWWHOV HLQHV DEO|VEDUHQ  3UHLVHWLNHWWV ZLH LP )$// RGHU PLWWHOV HLQHU O|VEDUHQ  6FKUDXEH EHZLUNW ZLUG ZLH LP )$//EHLGHQ1XPPHUQVFKLOGHUQ ²HLQH(LQVLFKWGLHLQVEHVRQGHUHIU   7URW] HLQHV JHZLVVHQ =XVDPPHQKDQJV XQG ]DKOUHLFKHU hEHUVFKQHLGXQJHQ EH WUHIIHQ'DXHUKDIWLJNHLWXQG)HVWLJNHLWXQWHUVFKLHGOLFKH$VSHNWH$XIJUXQGGHVLP 7H[W *HVDJWHQ NDQQ DEHU DXI HLQH JHQDXH 8QWHUVFKHLGXQJ XQG HQWVSUHFKHQGH =XRUGQXQJ EHVWLPPWHU .RQVWHOODWLRQHQ YHU]LFKWHW ZHUGHQ 1RUPDWLY NRPPW HV DOOHLQGDUDXIDQREHLQEHUHFKWLJWHV,QWHUHVVHDQULFKWLJHU=XVFKUHLEXQJP|JOLFK HUVFKHLQW  9JOGD]X2/*'VVHOGRUI1-:  9JOGD]X%*+6WGLH)UDJHGHU8UNXQGHQIlOVFKXQJLQHLQHPGHUDUWL JHQ)DOOLVWDOOHUGLQJV²LQVEHVRQGHUHPLW%OLFNDXI†6W9*.HQQ]HLFKHQPLVV EUDXFK  ² QLFKW XQSUREOHPDWLVFK YJO GD]X 7U|QGOH LQ /. † 5Q PZ1 IHUQHU +HJKPDQQV %7 5Q  ² =XP ÅURWHQ´ .HQQ]HLFKHQ YJO %*+6W3XSSH-= 



,,0HUNPDOHGHU8UNXQGH3HUSHWXLHUXQJV%HZHLVXQG*DUDQWLHIXQNWLRQ

GDV 3UREOHP GHU VRJHQDQQWHQ ]XVDPPHQJHVHW]WHQ 8UNXQGHQ DEHU DXFK IU GDVGHUÅ*HVDPWXUNXQGHQ´%HGHXWXQJKDW 9RQHLQHU]XVDPPHQJHVHW]WHQ8UNXQGH VSULFKWPDQEHLHLQHUUlXPOLFK KLQUHLFKHQGIHVWHQ9HUELQGXQJ]ZLVFKHQHLQHUYHUN|USHUWHQ(UNOlUXQJXQG LKUHP %H]XJVREMHNW ]X HLQHU %HZHLVPLWWHOHLQKHLW ,Q GHU 6DFKH NRPPW HVDXFKLQVRZHLWOHGLJOLFKGDUDXIDQREGLHDOOJHPHLQHQ8UNXQGHQYRUDXVVHW ]XQJHQJHJHEHQVLQG )DOO D $ GHP HLQH *HVFKZLQGLJNHLWVEHUVFKUHLWXQJ ]XU /DVW JHOHJW ZLUG EHUNOHEWH GDV 9HUNHKUVVFKLOG GDV GLH *HVFKZLQGLJNHLWVEHJUHQ ]XQJ HQWKLHOW NXU] YRU HLQHP JHULFKWOLFK DQEHUDXPWHQ /RNDOWHUPLQ PLW HLQHU)ROLHVRGDVVVLFKVHLQHJHIDKUHQH*HVFKZLQGLJNHLWLP%HUHLFKGHV (UODXEWHQ]XKDOWHQVFKLHQ 'DV9HUNHKUVVFKLOGPLWGHU*HVFKZLQGLJNHLWVEHJUHQ]XQJHUIOOWGLH$Q IRUGHUXQJHQ DQ HLQH ]XVDPPHQJHVHW]WH  8UNXQGH 'HU GXUFK GDV 9HUNHKUVVFKLOGEHNDQQWJHJHEHQH9HUZDOWXQJVDNWL6HLQHU$OOJHPHLQYHUI JXQJ HQWKlOW HLQH (UNOlUXQJ GHU ]XVWlQGLJHQ %HK|UGH GLH VLFK DXI GHQ 6WUHFNHQDEVFKQLWWEH]LHKWDQGHPGDV6FKLOGDQJHEUDFKWLVW'DIUVSLHOWHV QDFK GHQ *UXQGVlW]HQ GHU *HLVWLJNHLWVWKHRULH NHLQH 5ROOH ZHU GDV 6FKLOG PRQWLHUW KDW 'XUFK GDV hEHUNOHEHQ PLW GHU )ROLH ZLUG GHU IDOVFKH $Q VFKHLQ HU]HXJW GLH ]XVWlQGLJH %HK|UGH KDEH HLQH K|KHUH *HVFKZLQGLJNHLW ]XJHODVVHQ 'DPLW KDQGHOW HV VLFK EHL GHP PDQLSXOLHUWHQ 6FKLOG XP HLQH XQHFKWH8UNXQGH'LH7DWGHV$LVWMHGHQIDOOVDOV8UNXQGHQIlOVFKXQJQDFK † $EV +HUVWHOOHQ E]Z 9HUIlOVFKHQ XQG *HEUDXFKHQ  VRZLH DOV $PWVDQPD‰XQJQDFK†VWUDIEDU 8QWHUHLQHU*HVDPWXUNXQGHYHUVWHKWPDQHLQHKLQUHLFKHQGIHVWH9HUELQ GXQJPHKUHUHU(LQ]HOXUNXQGHQ]XHLQHPHLQKHLWOLFKHQ*DQ]HQGDVEHUGLH (LQ]HOHUNOlUXQJHQ KLQDXV HLQHQ VHOEVWlQGLJHQ (UNOlUXQJVLQKDOW DXIZHLVW XQG   9JOQXU-lJHU([DPHQV5HSHWLWRULXP%75Q.SHU%76I6WLFK ZRUW8UNXQGH]XVDPPHQJHVHW]WH /DPSH1-:II:HVVHOV+HWWLQJHU %75Q†,, MHZPZ1  ,6 HLQHU 8UNXQGVHLJHQVFKDIW MHGHQIDOOV YRQ HUODXEHQGHQ RGHU YHUELHWHQGHQ 9HUNHKUV]HLFKHQHWZDDXFK-DNREV8UNXQGHQIlOVFKXQJ6  1lKHUGD]XXQWHQ5QP)Q5QI  6R PLW 5HFKW ]% 'HG\ 1=9   GLH ]ZLVFKHQ GHP $XIVWHOOHU GHV 6FKLOGHV XQG GHP $XVVWHOOHU GHU GDGXUFK EHZLUNWHQ (UNOlUXQJ GLIIHUHQ]LHUW  V DXFK%|VH16W=.XFHUD-X6²=XUQLFKWEHU]HXJHQGHQ *HJHQDXIIDVVXQJYJO2/*.|OQ1=9II-DKQ-$  =XP9HUKlOWQLVGHU9HUZLUNOLFKXQJVIRUPHQQlKHUXQWHQ5QII  =XU $PWVDQPD‰XQJ GXUFK XQEHIXJWHV $XIVWHOOHQ RGHU hEHUNOHEHQ HLQHV 9HU NHKUV]HLFKHQV PLW HLQHP DQGHUHQ YJO HWZD +RKPDQQ LQ 0QFK.RPP6W*% †5QPZ1 



D

E



7HLO8UNXQGHQIlOVFKXQJ† 

GD]X EHVWLPPW LVW HLQ HUVFK|SIHQGHV %LOG EHU HLQHQ EHVWLPPWHQ .UHLV IRUWZlKUHQGHU5HFKWVEH]LHKXQJHQ]XYHUPLWWHOQ$XFKEHLGHU.RQNUHWLVLH UXQJ GHU Å*HVDPWXUNXQGH´ JLOW HV GLH DOOJHPHLQHQ 8UNXQGHQYRUDXVVHW]XQ JHQ]XEHDFKWHQ'LH%HUHFKWLJXQJHLQHVVHOEVWlQGLJHQ,QVWLWXWVGHU*HVDPW XUNXQGH ZLUG WHLOZHLVH YHKHPHQW EHVWULWWHQ 7DWVlFKOLFK OlVVW VLFK GLH VRJ *HVDPWXUNXQGH²VRZHLWGLHVHDQ]XHUNHQQHQLVW²DOV8QWHUIDOOGHU]XVDP PHQJHVHW]WHQ 8UNXQGH EHJUHLIHQ GLH PLW HLQHU 9ROOVWlQGLJNHLWVHUNOl UXQJYHUVHKHQLVW  (UVWZHQQGLH9HUELQGXQJGHUPD‰HQORFNHULVWGDVVNHLQDQHUNHQQHQV ZHUWHV=XVFKUHLEXQJVLQWHUHVVHPHKUEHWURIIHQVHLQNDQQHUVFKHLQWHVEHUHFK WLJWGLH8UNXQGHQHLJHQVFKDIW]XYHUQHLQHQ=XGHQNHQZlUHYLHOOHLFKWDQGHQ )DOOGHUVFKULIWOLFKHQ$XIIRUGHUXQJHLQHQEHVWLPPWHQ*HJHQVWDQGDXVGHU UHFKWHQ6FKUHLEWLVFKVFKXEODGH]XKROHQZHQQHLQH0DQLSXODWLRQGDGXUFK VWDWWILQGHWGDVVGHUGRUWEHILQGOLFKH*HJHQVWDQGGXUFKHLQHQDQGHUHQHUVHW]W ZLUG6HOEVWLQHLQHPVROFKHQ)DOON|QQWHPDQDEHUMHQDFKGHQNRQNUHWHQ 8PVWlQGHQ 6FKULIWVWFN XQG 6FKUHLEWLVFK EHILQGHQ VLFK ]% LQ HLQHP YHUVFKORVVHQHQ=LPPHU GXUFKDXVHUZlJHQREQLFKWYLHOOHLFKWGRFKHLQQDFK GHUUDWLRGHU8UNXQGHQIlOVFKXQJVFKXW]ZUGLJHV=XVFKUHLEXQJVLQWHUHVVH YRUKDQGHQ LVW 'DQQ N|QQWHQ DOOHQIDOOV hEHUOHJXQJHQ ]XP ² ]XVlW]OLFK EHJUHQ]HQGHQ²:RUWODXWGHU6WUDIQRUP Å6FKULIWVWFNXQG6FKUHLEWLVFKLQ HLQHP YHUVFKORVVHQHQ =LPPHU´ DOV Å8UNXQGH´"  ]XU $XVILOWHUXQJ GHU .RQ VWHOODWLRQIKUHQ  (LQNODUHU)DOOGHU8UNXQGHQIlOVFKXQJOLHJWGDJHJHQYRUZHQQMHPDQGLQ HLQHP 6FKULIWVWFN DQ GLH 6WHOOH GHV %HJULIIV GHU ÅUHFKWHQ 6FKUHLEWLVFK VFKXEODGH´ GHQ %HJULII GHU ÅOLQNHQ 6FKUHLEWLVFKVFKXEODGH´ VHW]W XQG GDGXUFK GDV VXE VSHFLH † VSH]LILVFKH =XVFKUHLEXQJVLQWHUHVVH YHUOHW]W 3UREOHPDWLVFKH *UHQ]IlOOH VLQG LQ GLHVHU +LQVLFKW GHU )$//  REHQ VRZLH IROJHQGHU   9JO GD]X QlKHU %*+6W    5*6W    I -lJHU ([DPHQV 5HSHWLWRULXP %7 5Q  .SHU %7 6  I 6WLFKZRUW 8UNXQ GH*HVDPWXUNXQGH NULWLVFK]XGLHVHP.RQVWUXNWIUHLOLFK/DPSH*$ IIYJODXFK3XSSH-XUD  'LH)LJXUGHU*HVDPWXUNXQGHVWULNWDEOHKQHQGHWZD(UELQ0QFK.RPP6W*% †5QYJODXFK3XSSHLQ1.†5QII  9JOGD]X(UELQ0QFK.RPP6W*%†5QIHUQHU.SHU%76I 6WLFKZRUW8UNXQGH*HVDPWXUNXQGH   9JO]XHLQHPGHUDUWLJHQ)DOO6DPVRQ8UNXQGHXQG%HZHLV]HLFKHQ6  9JOGD]XDXFKGDV%HLVSLHOGHV+RO]VWDEVGHQHLQ)UHXQGGHPDQGHUHQVHQGHW XPLKPHLQHIUKHUYHUHLQEDUWH0LWWHLOXQJ]XPDFKHQEHL6DPVRQ8UNXQGHXQG %HZHLV]HLFKHQ6 



,,0HUNPDOHGHU8UNXQGH3HUSHWXLHUXQJV%HZHLVXQG*DUDQWLHIXQNWLRQ

)$// $GHUEHLHLQHU7UXQNHQKHLWVIDKUWJHVWHOOWZRUGHQZDUEDWGHQ %OXWHQWQHKPHQGHQ$U]W'U%GHQHUSHUV|QOLFKNDQQWHGHP%HIXQGEH ULFKWHLQH9HQOHPLWGHP%OXWHLQHVDQGHUHQEHL]XOHJHQEHYRUGLHVHU ]XU%OXWDONRKROEHVWLPPXQJZHJJHVFKLFNWZHUGH'U%YHUIXKUGDUDXIKLQ IROJHQGHUPD‰HQ(UWUDQNHLQHJHULQJH0HQJH$ONRKROQDKPEHLVLFKHLQH %OXWSUREHVFKULHEDXIGLH9HQOHGHQ1DPHQGHV$XQGOHJWHGLH9HQOH ]XVDPPHQPLWGHP%HIXQGEHULFKWLQHLQHQ8PVFKODJ $XIHLQHQZHLWHUHQ3UREOHP $VSHNWGHUHUIRUGHUOLFKHQ3HUSHWXLHUXQJVOHL VWXQJPDFKWDXIPHUNVDP )$//  $ YHUIlOVFKWH GLH DXI HLQHP 7RQEDQG DEJHJHEHQH (UNOlUXQJ HLQHVDQGHUHQGXUFKhEHUVSLHOHQ 9RU GHP +LQWHUJUXQG GHV ELVKHU *HVDJWHQ HUZHLVW VLFK GLH EOLFKH %H VFKUlQNXQJ GHV 8UNXQGHQEHJULIIV DXI ² ZHQQ DXFK X8 PLW WHFKQLVFKHQ +LOIVPLWWHOQ ]% /HVHJHUlWHQ IU 0LNURILOP 0LNURILFKH HWF  ² YLVXHOO ZDKUQHKPEDUH 9HUN|USHUXQJHQ YRQ (UNOlUXQJHQ DOV NDXP QDFKYROO]LHK EDU 'HQQ WURW] ² RGHU JHUDGH ZHJHQ  ² GHU XQYHUNHQQEDUHQ 0DQLSXOD WLRQVP|JOLFKNHLWHQ OlVVW VLFK HWZD DXFK EHL HLQHU ZLH LP )$//   DXI 7RQEDQG GLNWLHUWHQ RGHU EHL HLQHU DXI '9' JHVSHLFKHUWHQ (UNOlUXQJ HLQ HQWVSUHFKHQGHV VFKXW]ZUGLJHV ,QWHUHVVH DQ ULFKWLJHU =XVFKUHLEXQJ VFKZHUOLFK LQ $EUHGH VWHOOHQ 'HQQRFK VROO GLH 7RQEDQGDXI]HLFKQXQJ ZHJHQ GHU IHKOHQGHQ YLVXHOOHQ :DKUQHKPEDUNHLW NHLQH 8UNXQGH VHLQ (QW VSUHFKHQGHV VROO IU 'DWHQ JHOWHQ GLH LQ HLQHU HOHNWURQLVFKHQ 'DWHQYHUDU EHLWXQJVDQODJH JHVSHLFKHUW ZHUGHQ ZHQQ VLH VLFK LP 6SHLFKHU EHILQGHQ   9JO]XHLQHPVROFKHQ)DOO%*+6WIHUQHU-XQJ-X6I²=XU HQWVSUHFKHQGHQ3UREOHPDWLNLP)DOOHGHV3UHLVHWLNHWWVGDVDXIGHURIIHQHQRGHU YHUVFKORVVHQHQ  9HUSDFNXQJ DQJHEUDFKW LVW YJO 2/* .|OQ 1-:   I PNULW$QP.LHQDSIHOIHUQHU/DPSH-53XSSH-XUD  6R DEHU GLH ZRKO K0 YJO HWZD &UDPHU+HLQH LQ 6FK|QNH6FKU|GHU † 5Q (UE LQ 0QFK.RPP6W*% † 5Q  :HVVHOV+HWWLQJHU %7  5Q†,D MHZPZ1VDXFK6LHEHU-=²7URW]GHU$N]HQ WXLHUXQJGHV(UIRUGHUQLVVHVGHUYLVXHOOHQ:DKUQHKPEDUNHLWVROODOOHUGLQJVGLHHWZD EHLGHU%OLQGHQVFKULIWSULPlUUHOHYDQWH(UWDVWEDUNHLWDXVUHLFKHQYJO]%(UELQ 0QFK.RPP6W*%†5Q   ,QVRIHUQ]XWUHIIHQGEHUHLWV$UPLQ.DXIPDQQ=6W: Å2EGHU *HGDQNHQLQKDOWDXVGHU9HUN|USHUXQJPLWWHOVGHV$XJHVRGHUPLWWHOVGHV2KUHV HQWQRPPHQ ZHUGHQ NDQQ GDYRQ NDQQ GHU 8QUHFKWV XQG 6FKXOGJHKDOW GHU 8U NXQGHQVWUDIWDWHQQLFKWDEKlQJHQ´².ULWJHJHQEHUGHP(UIRUGHUQLVGHUYLVXHO OHQ(UNHQQEDUNHLWDXFK0DXUDFK6FKURHGHU0DLZDOG%7†5QZRIUHLOLFK 7RQElQGHU²ZHQLJEHU]HXJHQG²XQWHU+LQZHLVDXIGLHXQNRQWUROOLHUEDUHQ)lO VFKXQJVP|JOLFKNHLWHQ OHW]WOLFK GRFK ZLHGHU DXV GHP 8UNXQGHQEHJULII KHUDXVJH QRPPHQZHUGHQ  



  

7HLO8UNXQGHQIlOVFKXQJ† 

6RZHLWVLHDXIHLQHP%LOGVFKLUPHUVFKHLQHQVHL]ZDUXQPLWWHOEDUHRSWLVFKH :DKUQHKPEDUNHLWJHJHEHQ'LHVH9HUN|USHUXQJVHLDEHUQLFKWKLQUHLFKHQG GDXHUKDIWHUIROJW  9HUVWlQGOLFK LVW GLH +HUDXVQDKPH QLFKW YLVXHOO ZDKUQHKPEDUHU (UNOlUXQ JHQ ZRKO QXU DXIJUXQG HLQHV QLFKW UDWLR VRQGHUQ KLVWRULVFKWUDGLWLRQHOO RULHQWLHUWHQ 9RUYHUVWlQGQLVVHV GHV VWUDIUHFKWOLFKHQ 8UNXQGHQEHJULIIV )ROJWPDQGHQQRFKGHUK0VROLHJWLP)$//  VFKRQWDWEHVWDQGOLFKNHLQH 8UNXQGHQIlOVFKXQJ YRU %HMDKW PDQ LP +LQEOLFN DXI GLH YRUVWHKHQGHQ hEHUOHJXQJHQ GHQ 7DWEHVWDQG GHV † ZLUG PDQ IUHLOLFK GH OHJH ODWD †DOVGHUVSH]LHOOHUHQ1RUPGHQ9RUUDQJHLQ]XUlXPHQKDEHQ  'LHLP6FKULIWWXPWHLOZHLVHEHIUZRUWHWH%HVFKUlQNXQJGHVXUNXQGHQVWUDI UHFKWOLFKHQ,QWHUHVVHQVFKXW]HVDXIJHUDGHLQHLQHP6FKULIWVWFNYHUN|USHUWH (UNOlUXQJHQ ]LHOW DXI HLQH $QJOHLFKXQJ GHV PDWHULHOO VWUDIUHFKWOLFKHQ 8UNXQGHQEHJULIIV DQ GHQ 8UNXQGHQEHJULII LP 3UR]HVVUHFKW DE %HGHX WXQJKDWGDVYRUDOOHPIUGLHVRJHQDQQWHQ%HZHLV]HLFKHQGLHPDQYRQGHQ EOR‰HQ.HQQ]HLFKHQDOVSUDNWLVFKQXUVFKZHURGHUJDUQLFKWXQWHUVFKHLGEDU EHWUDFKWHW  'LH YRUKHUUVFKHQGH $XIIDVVXQJ YHUODQJW LQGHVVHQ NHLQH JHUDGH LQ 6FKULIW IRUP YHUN|USHUWH bX‰HUXQJ $OV 8UNXQGH EHWUDFKWHW VLH DXFK GLH PLW HLQHP N|USHUOLFKHQ*HJHQVWDQGIHVW YHUEXQGHQHQ %HZHLV]HLFKHQ GLH HLQH (UNOl UXQJ YHUN|USHUQ HLQHQ $XVVWHOOHU HUNHQQHQ ODVVHQ XQG QDFK *HVHW] +HU NRPPHQRGHU9HUHLQEDUXQJGHU%HWHLOLJWHQJHHLJQHWXQGEHVWLPPWVLQG]XP %HZHLV HLQHU UHFKWOLFK HUKHEOLFKHQ 7DWVDFKH ]X GLHQHQ $OV %HLVSLHOH IU %HZHLV]HLFKHQ ZHUGHQ JHQDQQW $PWOLFKH .I].HQQ]HLFKHQVFKLOGHU GDV   ,G6]%6DPVRQLQ6.6W*%/IJ)HE†5QD  ,G6 PLW %OLFN DXI ŁEHUVHW]XQJVEHGUIWLJH´ HOHNWURQLVFKH Å8UNXQGHQ´ ZRKO DXFK$U]W:HEHU/+5QZRXQWHU+LQZHLVDXIGLH-XGLNDWXULQGHU 6FKZHL] GLH HOHNWURQLVFKH Å8UNXQGHQ´ GHP QRUPDOHQ 8UNXQGHQEHJULII XQWHU VWHOOW EH]ZHLIHOW ZLUG RE HV GHV † )lOVFKXQJ EHZHLVHUKHEOLFKHU 'DWHQ V GD]XQRFKXQWHQ7HLO,,>5Q²@ EHUKDXSWEHGXUIWKlWWH  6GD]XQRFKXQWHQ7HLO,,5Q²   9JO.LHQDSIHO8UNXQGHQLP6WUDIUHFKW6IIGHQV*HZlKUVFKDIWVWUlJHU6 I   II 6DPVRQ 8UNXQGH XQG %HZHLV]HLFKHQ 6  II  II GHQV -X6    :HO]HO 'DV 'HXWVFKH 6WUDIUHFKW † ,,  ² %HL 0DX UDFK6FKURHGHU0DLZDOG %7  † 5Q ZLUG GLHVH ELV ]XU  $XIO YHUWUHWHQH $XIIDVVXQJ DXIJHJHEHQ Å'LHVHU .DPSI LVW LQ]ZLVFKHQ HQGJOWLJ YHUORUHQ QLFKW ]XOHW]WDXI*UXQGPRGHUQHU]HLFKHQWKHRUHWLVFKHU(UNHQQWQLVVH´  =XPVWUDISUR]HVVXDOHQ8UNXQGHQEHJULIIYJOVFKRQREHQ5Q)Q  %*+6W    $U]W:HEHU+HLQULFK+LOJHQGRUI %7 †  5Q   II :HVVHOV+HWWLQJHU%75Q†, PZ1  %*+6W  



,,0HUNPDOHGHU8UNXQGH3HUSHWXLHUXQJV%HZHLVXQG*DUDQWLHIXQNWLRQ

.QVWOHU]HLFKHQDXIHLQHP*HPlOGHRGHUGLHKLQUHLFKHQGIHVWH3UHLVDXV ]HLFKQXQJDQ:DUHQ,KUH(LQEH]LHKXQJLQGHQ8UNXQGHQVWUDIVFKXW]ZLUG XQWHU DQGHUHP GDPLW EHJUQGHW GDVV GHU *HVFKlIWVYHUNHKU DXI ZRUWYHUWUH WHQGH $ENU]XQJHQ %H]HLFKQXQJHQ XQG 6\PEROH QLFKW YHU]LFKWHQ N|QQH XQGGDVVGLH$OOJHPHLQKHLWLKQHQKLQVLFKWOLFKLKUHV%HZHLVZHUWHVGDV*OHLFKH 9HUWUDXHQHQWJHJHQEULQJHZLH8UNXQGHQLQ6FKULIWIRUP %OR‰H.HQQ]HLFKHQGLHDXVVFKOLH‰OLFKGHUXQWHUVFKHLGHQGHQ.HQQ]HLFK  QXQJGHU6LFKHUXQJRGHUGHP9HUVFKOXVVYRQ6DFKHQGLHQHQJHOWHQGDJHJHQ QLFKWDOV8UNXQGHQL6GHV8UNXQGHQVWUDIUHFKWV²DOOHUGLQJVPLWGHU0D‰JD EHGDVVQLFKWIRUPDOEHJULIIOLFKXQWHUVFKLHGHQZHUGHQN|QQHREHLQEOR‰HV .HQQ]HLFKHQRGHUDEHUHLQ%HZHLV]HLFKHQYRUOLHJHVRQGHUQHQWVFKHLGHQGDXI GLH)XQNWLRQGHV=HLFKHQVDE]XVWHOOHQVHL ,QGHVVHQVLQGGDV RIW JHQDQQWH:lVFKHPRQRJUDPPGDV (LJHQWPHU  ]HLFKHQ LQ %FKHUQ RGHU GHU 'LHQVWVWHPSHO DXI ,QYHQWDUVWFNHQ NDXP JHHLJQHWH %HLVSLHOH IU EOR‰H .HQQ]HLFKHQ RKQH %HZHLVIXQNWLRQ YJO GD]X QRFKXQWHQGLH)b//( XQG  'DQXQDEHUDXFKMHQH$XWRUHQGLHHLQ6FKULIWVWFNYHUODQJHQZHJHQGHU  5HODWLYLWlW GHV %HJULIIV GHU Å6FKULIWOLFKNHLW´ YLHOH GHU VRJHQDQQWHQ %H ZHLV]HLFKHQ RKQH :HLWHUHV XQWHU LKUHQ HQJHUHQ 8UNXQGHQEHJULII VXEVXPLH UHQJLOWHV]XU9HUPHLGXQJHLQHVEOR‰HQ6WUHLWVXP:RUWHVLFK)ROJHQGHV ]XYHUJHJHQZlUWLJHQ'HU6DFKHQDFKJHKWHVEHLGLHVHP6WUHLWXPGLHJHQDX HQ$QIRUGHUXQJHQDQGLH(UIOOXQJGHU(UIRUGHUQLVVHGHV8UNXQGHQEHJULIIV (VJHKWXPGLH)UDJHZDQQJHQDXPDQLP(LQ]HOQHQYRQHLQHU(UIOOXQJGHU 3HUSHWXLHUXQJV GHU %HZHLV XQG *DUDQWLHIXQNWLRQ LQ %H]XJ DXI GLH (UNOlUXQJ HLQHU EHVWLPPWHQ 3HUVRQ  DXVJHKHQ NDQQ E]Z EHL ZHOFKHQ Å*H JHQVWlQGHQ´HVGDUDQPDQJHOW'DEHLKDQGHOWHVVLFKLP*UXQGHXPGDVVHOEH   5*6W  5*6WX2/*.|OQ1-:X  9JO GD]X ]% :HVVHOV+HWWLQJHU %7  5Q † ,   ZR DOOHUGLQJV NULW DQJHIJWZLUGGDVVGDPLWDOOHLQGLH6WUDIEDUNHLWQRFKQLFKWDXVUHLFKHQGEHJUQGHW VHL ²6DFKOLFKNDQQHVQXUGDUDXIDQNRPPHQRE%HZHLV]HLFKHQLQEHVWLPPWHQ =XVDPPHQKlQJHQGLH8UNXQGHQYRUDXVVHW]XQJHQWDWVlFKOLFKHUIOOHQ  9JO HWZD &UDPHU+HLQH LQ 6FK|QNH6FKU|GHU † 5Q II :HV VHOV+HWWLQJHU%75QI†, MHZPZ1²1lKHU]XU3UREOHPDWLN GHU )XQNWLRQ GHU  %HZHLVEHVWLPPXQJ DOV 8QWHUVFKHLGXQJVNULWHULXP ]ZLVFKHQ %HZHLVXQG.HQQ]HLFKHQ3XSSH'LH)lOVFKXQJ WHFKQLVFKHU$XI]HLFKQXQJHQ6 II²'DVVGLH8QWHUVFKHLGXQJ]ZLVFKHQGHQ%HZHLVXQGGHQ.HQQ]HLFKHQ WHLOZHLVH ZLOONUOLFK XQG NDXP PHKU QDFKYROO]LHKEDU LVW ZLUG PLW 5HFKW JHUJW EHL$U]W:HEHU+HLQULFK+LOJHQGRUI%7†5QII  6GLHREHQ5Q)Q*HQDQQWHQ²=XU5HODWLYLWlWGHV%HJULIIVGHU6FKULIW OLFKNHLWVDXFK0DXUDFK6FKURHGHU0DLZDOG%7†5Q  

7HLO8UNXQGHQIlOVFKXQJ† 

6DFKSUREOHPGDVVLFKDXFKEHLGHU$XVVFKHLGXQJYRQEOR‰HQ.HQQ]HLFKHQ DXVGHP$QZHQGXQJVEHUHLFKGHU8UNXQGHQVWUDIWDWHQVWHOOW  6RJHVHKHQNDQQHLQH%HVFKUlQNXQJGHVVWUDIUHFKWOLFKHQ8UNXQGHQEHJULIIV DXI JHUDGH LQ HLQHP 6FKULIWVWFN YHUN|USHUWH (UNOlUXQJHQ HQWJHJHQ GHP HU VWHQ$QVFKHLQLP*UXQGHJDUQLFKWPLW'HIL]LWHQLP%HUHLFKGHV(UIRUGHUQLV VHV HLQHU 3HUSHWXLHUXQJVOHLVWXQJ ]XVDPPHQKlQJHQ 'HQQ GLH LQVRIHUQ DXVJHILOWHUWHQVRJHQDQQWHQ%HZHLV]HLFKHQVWHKHQLQ%H]XJDXILKUH3HUSH WXLHUXQJVOHLVWXQJ DOOVHLWV DQHUNDQQWHQ 8UNXQGHQ LQ NHLQHU :HLVH QDFK :HQQHV*UQGHJHEHQVROOWHVLH DXVGHP$QZHQGXQJVEHUHLFKGHV8UNXQ GHQVWUDIUHFKWVDXV]XQHKPHQVRPVVWHGLHVPLW'HIL]LWHQGHU%HZHLV]HLFKHQ LP%HUHLFKGHU%HZHLVRGHU*DUDQWLHIXQNWLRQRGHUDEHUEHUHLWVGHU(UNOl UXQJEHJUQGHWZHUGHQ  1DFKDOOHP%LVKHULJHQYHUVWHKWHVVLFKZRKOYRQVHOEVWGDVVGLH9HUN|USH UXQJGHU(UNOlUXQJQLFKWQRWZHQGLJLQHLQHUDOOJHPHLQYHUVWlQGOLFKHQ$UW XQG:HLVHJHVFKHKHQPXVV9LHOPHKUJHQJWHVZHQQGLH3HUSHWXLHUXQJLQ HLQHU )RUP YRUOLHJW GLH EHUKDXSW EHL LUJHQG MHPDQGHP HLQ ,QWHUHVVH DQ NRUUHNWHU=XVFKUHLEXQJUHFKWIHUWLJW²XQGGDVKHL‰WZHQQVLHIUEHVWLPPWH ²HWZDLQHLQHQ*HKHLPFRGHHLQJHZHLKWHRGHUHLQHUVHKUVHOWHQHQ6SUDFKH PlFKWLJH²3HUVRQHQYHUVWlQGOLFKDEJHIDVVWLVW(LQHYHUN|USHUWH(UNOlUXQJ OLHJW EHUHLWV YRU ZHQQ VLH YRQ PLQGHVWHQV HLQHU 3HUVRQ YHUVWDQGHQ ZHUGHQNDQQ  (VVFKDGHWDXFKQLFKWZHQQHLQHEHVWLPPWH(UNOlUXQJQXULQYHUNU]WHU )RUPYHUN|USHUWZLUG'LHVWULIIWHWZDEHL)DKUNDUWHQ]XGLHUHJHOPl‰LJQXU 'DWXP )DKUVWUHFNH XQG HLQHQ EHVWLPPWHQ %HWUDJ DXVZHLVHQ DEHU ² VHOEVW YHUVWlQGOLFK ² GLH (UNOlUXQJ HQWKDOWHQ GHU ,QKDEHU VHL ]XU %HQXW]XQJ GHV 9HUNHKUVPLWWHOVEHUHFKWLJW7URW]JHZLVVHUQDFKJHUDGHSROHPLVFKDQPXWHQGHU )RUPXOLHUXQJHQOlVVWVLFKHLQHHQWVSUHFKHQGYHUNU]WH(QWZHUWXQJVHUNOl   6GD]XVRJOHLFKLP7H[W  6]XGLHVHP(UIRUGHUQLVVFKRQREHQ7HLO,,5Q²   ,QVRIHUQVDFKOLFKEHUHLQVWLPPHQG%LQGLQJ%77HLOEDQG6P)QV DXFK=LHOLQVNLZLVWUD $XIGLHJUR‰HSUDNWLVFKH5HOHYDQ]VROFKHU )lOOH ZHLVW PLW 5HFKW 6DPVRQ -$    KLQ $OOHUGLQJV P|FKWH 6DPVRQ DD2 ² ZHQLJ EHU]HXJHQG ² GLH .RQVWHOODWLRQHQ DXV GHP 8UNXQGHQEHJULII KHUDXVQHKPHQLQGHQHQGDV6FKOVVHOV\VWHPQXUHLQHPÅNOHLQHQ.UHLV´EHNDQQW LVWYJODXFK6DPVRQ-X63XSSH-XUD  =XPP|JOLFKHQ 0LVVYHUVWlQGQLVGDVKLQWHUHLQHUGHUDUWLJHQ$XVILOWHUXQJVWHKWYJOVRJOHLFKQRFK LP.RQWH[WGHU%HZHLVIXQNWLRQ  =XUP|JOLFKHQÅ1DFKULFKWDQVLFKVHOEVW´YJOHUJlQ]HQGXQWHQ5QD  %LQGLQJ%77HLOEDQG6Å'DV/RFKLQGHU)DKUNDUWHDOV8UNXQGHLVWGHU WLHIVWH3XQNWELV]XZHOFKHPGHUHQ9HUNHQQXQJKHUDEVLQNHQNDQQ´  



,,0HUNPDOHGHU8UNXQGH3HUSHWXLHUXQJV%HZHLVXQG*DUDQWLHIXQNWLRQ

UXQJDXFKLP)DOOHGHUJHORFKWHQ)DKUNDUWHRGHU²SUDNWLVFKKlXILJHU²LP )DOOHGHUGXUFKJHULVVHQHQ(LQWULWWVNDUWHDXIZHLVHQ 'HILQLWLRQGHUHUIRUGHUOLFKHQ3HUSHWXLHUXQJVOHLVWXQJ 'LH 3HUSHWXLHUXQJVIXQNWLRQ LVW HUIOOW ZHQQ GLH (UNOlUXQJ GHV $XV VWHOOHUV LQ HLQHP N|USHUOLFKHQ *HJHQVWDQG KLQUHLFKHQG IHVW  VWRIIOLFK IL[LHUWLVW

D

(LQH ]XVDPPHQJHVHW]WH 8UNXQGH LVW ² ZLH EHUHLWV REHQ 5Q II  E IHVWJHVWHOOW²QXUHLQQLFKWVHOEVWlQGLJEHGHXWVDPHU8QWHUIDOOGHU8UNXQGH IU GHQ RKQH :HLWHUHV GLH DOOJHPHLQHQ 5HJHOQ JHOWHQ %HL LKU LVW IU GLH YROOVWlQGLJH(UNOlUXQJGHV$XVVWHOOHUVGLH9HUELQGXQJPLWGHP*HJHQVWDQG HUIRUGHUOLFK DXI GHQ VLH VLFK EH]LHKW 2KQH GLHVH 9HUELQGXQJ PLW GHP %H]XJVREMHNW HQWKlOW GLH Å(UNOlUXQJ´ HLQH ZHVHQWOLFKH /FNH XQG LVW GHVKDOEVFKRQNHLQH(QWVSUHFKHQGHVJLOWIUGLHVRJHQDQQWH*HVDPWXUNXQ GH EHL GHU PHKUHUH (LQ]HOXUNXQGHQ GDV %H]XJVREMHNW HLQHU (UNOlUXQJ VLQGGLHVLFKDXIQLFKWPHKUDEHUDXFKDXIQLFKWZHQLJHU(LQ]HOXUNXQGHQDOV GLHVHEH]LHKW9ROOVWlQGLJNHLWVHUNOlUXQJ  3. Die Beweisfunktion $XFKEHLGHU%HZHLVIXQNWLRQKDQGHOWHVVLFKXPHLQIUGHQ8UNXQGHQEHJULII  QRWZHQGLJHV (UIRUGHUQLV 1DFK EOLFKHU 'HILQLWLRQ PXVV GLH YHUN|USHUWH (UNOlUXQJ]XP%HZHLVLP5HFKWVYHUNHKUJHHLJQHWXQGEHVWLPPWVHLQ )$//  $OHJWHDPVHLQHP=DKQDU]WLQGHVVHQ3UD[LVGLH)R  WRNRSLH HLQHV DQJHEOLFK YRQ GHU .UDQNHQYHUVLFKHUXQJ VWDPPHQGHQ 6FKUHLEHQVYRPYRU'LHVH.RSLHZDULQGHU:HLVHKHUJHVWHOOW ZRUGHQGDVVYRQHLQHPDQGHUHQ6FKUHLEHQGHU.UDQNHQYHUVLFKHUXQJXQ WHU $EGHFNXQJ GHV 7H[WHV ]XQlFKVW HLQH .RSLH GHV %ULHINRSIHV JH IHUWLJWZRUGHQZDU6RGDQQZXUGHHLQHZHLWHUH$EOLFKWXQJPLWGHPYRQ$ IRUPXOLHUWHQ7H[WHU]HXJWXQGGDV*DQ]HPLWGHP%ULHINRSIGHU.UDQ NHQYHUVLFKHUXQJ NRSLHUW :HU GLH .RSLHQ KHUJHVWHOOW KDWWH NRQQWH QLFKW JHNOlUW ZHUGHQ $ OHJWH GLH )RWRNRSLH VHLQHP =DKQDU]W YRU XP GD GXUFKGHQ(LQGUXFN]XHUZHFNHQGLH.UDQNHQYHUVLFKHUXQJKDEHPDQFKH   1LFKWEHU]HXJHQGGHVKDOEGLHXQWHUVFKLHGOLFKH5XEUL]LHUXQJXQG:UGLJXQJGHU EHLGHQ)lOOHEHL6DPVRQ-$IVXEFE]ZG   6GD]XEHUHLWVREHQ5Q  9JO QXU &UDPHU+HLQH LQ 6FK|QNH6FKU|GHU † 5Q -lJHU ([DPHQV 5HSHWLWRULXP%75Q/DFNQHU.KO†5Q:HVVHOV+HWWLQJHU%7 5Q†,E  

7HLO8UNXQGHQIlOVFKXQJ† 

.RVWHQ QRFK QLFKW HUVWDWWHW 7DWVlFKOLFK KDWWH GLH .UDQNHQYHUVLFKHUXQJ EHUHLWV DP  DQ $  '0 EHUZLHVHQ $ ZROOWH GDGXUFK VHLQHQ=DKQDU]WGD]XEULQJHQLKP]XPLQGHVW5DWHQ]DKOXQJ]XJHZlKUHQ 'LHVHUHUNDQQWHMHGRFKGLH0DQLSXODWLRQ  (LQH PLW %OLFN DXI HLQ HWZDLJHV ,QWHUHVVH DQ ULFKWLJHU =XVFKUHLEXQJ UDWLRRULHQWLHUWH .RQNUHWLVLHUXQJ GHU QRWZHQGLJHQ %HZHLVIXQNWLRQ PXVV VLFK ² HEHQVR ZLH EHL GHU JHIRUGHUWHQ 3HUSHWXLHUXQJVOHLVWXQJ ² PLW UHODWLY JHULQJHQ $QIRUGHUXQJHQ EHJQJHQ (QWVSUHFKHQG JHULQJ LVW GLH $XVILOWH UXQJVZLUNXQJGLHVHVÅ0HUNPDOV´  'LHVJLOW]XQlFKVWIUGDVLPYRUOLHJHQGHQ=XVDPPHQKDQJEOLFKHUZHLVH QHEHQGHP(UIRUGHUQLVGHU%HZHLVEHVWLPPXQJ DXIJHIKUWH(UIRUGHUQLVGHU %HZHLVHLJQXQJ.HLQHVIDOOVZlUHHVVDFKJHUHFKW]XIRUGHUQHLQHEHVWLPP WHYHUN|USHUWH(UNOlUXQJPVVHYROOHQ%HZHLVHUEULQJHQ9LHOPHKUZLUGPDQ HV DOV DXVUHLFKHQG DQ]XVHKHQ KDEHQ GDVV VLH ² LP 9HUHLQ PLW DQGHUHQ ,QGL]LHQ ² EHUKDXSW EHZHLVPl‰LJ L6 HLQHU ÅEUDXFKEDUHQ ,QGLNDWLRQ´ DOV VHOEVWlQGLJHU ,QIRUPDWLRQVWUlJHU  YRQ %HGHXWXQJ LVW 'HQQ VFKRQ GDQQNDQQHLQ,QWHUHVVHDQNRUUHNWHU=XVFKUHLEXQJWDQJLHUWVHLQ  ,P)$//  ZLUGPDQGLHEHZHLVPl‰LJH5HOHYDQ]GHUYRUJHOHJWHQ)RWR NRSLH ² XQJHDFKWHW GHU LP *UXQGH EHL 8UNXQGHQ LPPHU LQ 5HFKQXQJ ]X VWHOOHQGHQ0DQLSXODWLRQVP|JOLFKNHLW²QLFKWOHXJQHQN|QQHQ-HGHQIDOOVPLVVW GHU5HFKWVYHUNHKUDXFK)RWRNRSLHQHLQHQJHZLVVHQ%HZHLVZHUW]XGHUDXFK VRQVWIUGLH(UIOOXQJGHU%HZHLVIXQNWLRQDOVYROONRPPHQDXVUHLFKHQG DQJHVHKHQZLUG   ,Q GHU 6DFKH LVW GDV ZHLWKLQ DQHUNDQQW YJO HWZD .SHU %7 6  6WLFKZRUW 8UNXQGH>%HJULII@ Å'LHª%HZHLVHLJQXQJ©GLHQLFKWYROOHª%HZHLVNUDIW©EHGHXWHW LVWLPZHLWHQ6LQQ]XYHUVWHKHQªDEVWUDNWH%HZHLVHUKHEOLFKNHLW© VLHOLHJWEHUHLWV YRUZHQQGLHYHUN|USHUWH*HGDQNHQHUNOlUXQJIUVLFKDOOHLQRGHULQ9HUELQGXQJ PLW DQGHUHQ 8PVWlQGHQ ]X %HZHLV]ZHFNHQ JHHLJQHW ² LP 5HFKWVYHUNHKU QLFKW ªY|OOLJ EHGHXWXQJVORV© ² LVW´ ² 6 HUJlQ]HQG /DFNQHU.KO † 5Q Å6LH GKGLH%HZHLVHLJQXQJ KDWNHLQHLQV*HZLFKWIDOOHQGHWDWEHVWDQGVHLQVFKUlQ NHQGH:LUNXQJ´2WWR-X6LQVWUXNWLYGD]XDXFK6WXFNHQEHUJ=6W:  I  /HVHQVZHUW²XQGPLW5HFKWL6HLQHU%HMDKXQJGHU3HUSHWXLHUXQJV%HZHLVXQG *DUDQWLHIXQNWLRQ YRQ 0LNUR )RWR XQG 7HOHID[ NRSLHQ HLQHV 6FKULIWVWFNV ² =ROOHU1-:IIVDXFK0LWVFK16W=I=LHOLQVNL&5 II ² 1DFK PHLQHQ HLJHQHQ (UIDKUXQJHQ EHJQJHQ VLFK VHOEVW %HK|UGHQ ² HWZD EHL GHU (QWVFKHLGXQJ EHU GLH +|KH GHV ]X JHZlKUHQGHQ .LQGHUJHOGHV ² DXV GUFNOLFKPLWGHU9RUODJHYRQ.RSLHQ]%GHV6WHXHUEHVFKHLGV 1lKHU]XU%H GHXWXQJGHV7HOHID[2/*.|OQ1-:6FK|QLQJ7HOHJUDPPXQG)HUQ VFKUHLEHQ 6II 3DSH1RWWKRII 1-:   II /DJK]DRXL:LUJHV 0'5 II²=XUHQGJOWLJHQ/|VXQJGHV)$//(6YJOQRFKXQWHQ5Q 



,,0HUNPDOHGHU8UNXQGH3HUSHWXLHUXQJV%HZHLVXQG*DUDQWLHIXQNWLRQ

(QWVSUHFKHQGYHUKlOWHVVLFKLQIROJHQGHQ)lOOHQ )$//  (LQ NOHLQHU +HUVWHOOHU YRQ $NWHQRUGQHUQ KDWWH VHLQH 3URGXNWH ]XU +HEXQJ GHV 8PVDW]HV PLW GHP (WLNHWW Å/HLW]´ YHUVHKHQ XQG VR LQ GHQ+DQGHOJHEUDFKW )$//  -XUDVWXGHQW - UDGLHUWH DXV HLQHP KHLPOLFK PLWJHQRPPHQHQ %XFKGHV-XULVWLVFKHQ6HPLQDUVGHQ6WHPSHOKHUDXV )$//  3 XQG % ZDUHQ EHQDFKEDUWH 9LHKEHVLW]HU 'LH 7LHUH ZDUHQ MHZHLOV PLW HLQHP HQWVSUHFKHQGHQ %UDQG]HLFKHQ YHUVHKHQ % EUDQQWH KHLPOLFKHLQLJH7LHUHGHV3XP9DULDQWH3YHUZHQGHWHDOOVHLWVEHNDQQWHLQ .UHX]>@ZlKUHQG%HLQHQ6WHUQ> @DOVÅVHLQ´%UDQG]HLFKHQDQ]XEULQJHQ SIOHJWH  0DQJHOVDXIZHLVEDUHQ5HFKWVJWHUVFKXW]LQWHUHVVHVDXVJHILOWHUWZHUGHQQXU LQ SXQFWR $XVVWHOOHUHLJHQVFKDIW Y|OOLJ XQEUDXFKEDUH ,QIRUPDWLRQVWUlJHU %HL GHQJHOlXILJHQ%HZHLV]HLFKHQWULIIWGDVDEHUUHJHOPl‰LJQLFKW]X9LHOPHKU OHLVWHQVLHLP5HFKWVYHUNHKUGDVVHOEHZLH6FKULIWXUNXQGHQ'LHVJLOWZHLWKLQ VRJDU IU +HUVWHOOHU XQG(LJHQWPHU]HLFKHQ 'HVKDOE HUVFKHLQW HV QLFKW EHUHFKWLJWLKQHQGLH8UNXQGHQTXDOLWlWGXUFKZHJDE]XVSUHFKHQ 'DVV HV DQ HLQHU (UNOlUXQJ LQ GHQ )b//(1  ELV  IHKOH ZLUG VLFK VFKZHUOLFK EHKDXSWHQ ODVVHQ 8QG ZDV GLH HUIRUGHUOLFKH %HZHLVHLJQXQJ DQODQJWVRIHKOWVLHQRFKQLFKWHLQPDOLQ%H]XJDXIHLQHQ²DOOHUGLQJVSULPlU IU GLH 8UNXQGHQXQWHUGUFNXQJ UHOHYDQWHQ ² %HZHLV ]XJXQVWHQ GHV $XVVWHOOHUV'LH%HZHLVUHJHOGDVVHLQHVFKULIWOLFKH(UNOlUXQJ]XJXQVWHQLKUHV $XVVWHOOHUV NHLQH %HZHLVNUDIW HQWIDOWHQ N|QQH VFULSWXUD SUR VFULEHQWH QRQ SUREDW LVWVHLWODQJHPEHUKROW,QGHQ)b//(1  XQGLVWGDKHUGDV 8QUHFKWGHU8UNXQGHQIlOVFKXQJQDFK†DXIZHLVEDU)UDJOLFKNDQQQXU VHLQRELP)$// QLFKWYLHOOHLFKWGLH6WUDIYRUVFKULIWHQGHV0DUNHQJHVHW]HV †0DUNHQ*YJODXFKVFKRQ†GGHVIUKHUHQ:DUHQ]HLFKHQJHVHW]HV   =XWUHIIHQGEHWRQWYRQ6DPVRQ-$GHUHLQLJHGHUVHOEHQOHGLJOLFK PLW%OLFNDXIGHQ:RUWODXWGHU6WUDIQRUPDXVILOWHUQP|FKWHYJODXFKGHQV8U NXQGHXQG%HZHLV]HLFKHQ6IIII   =XU]XXQGLIIHUHQ]LHUWHQ*HJHQDXIIDVVXQJYJOGLH1DFKZEHL.SHU%76 6WLFKZRUW8UNXQGH%HZHLV]HLFKHQ ²7HQGHQ]LHOOZLHKLHUHWZD5HQJLHU%7 † 5Q  Å« JLEW HV JXWH *UQGH GDIU HWZD GLH (LJHQWPHU]HLFKHQ HLQ VFKOLH‰OLFKGHU1DPHQV]HLFKHQDXI7LHUHQEHLGHQ%HZHLV]HLFKHQHLQ]XRUGQHQ´  6RPLW5HFKW0DXUDFK6FKURHGHU0DLZDOG%7†5QI6DPVRQ-$ GHUV-X6QLFKWEHU]HXJHQGYRUGLHVHP+LQWHUJUXQGGLH +HUDXVQDKPH HQWVSUHFKHQGHU )lOOH DXV GHP 8UNXQGHQVWUDIUHFKW EHL &UD PHU+HLQHLQ6FK|QNH6FKU|GHU†5Q  =XP8QUHFKWGHU8UNXQGHQXQWHUGUFNXQJLP)$//VQRFKXQWHQ5Q 

 

 





7HLO8UNXQGHQIlOVFKXQJ† 

>:=*@ DOVVSH]LHOOHUH5HJHOXQJHQYRUJHKHQ²GLH8UNXQGHQIlOVFKXQJDOVR LP.RQNXUUHQ]ZHJHDXV]XVFKHLGHQLVW  6HOEVWlQGLJQHEHQRGHUVRJDUDQVWHOOH GHU%HZHLVHLJQXQJWULWWQDFKJHOlX ILJHP 9HUVWlQGQLV GHV 8UNXQGHQEHJULIIV GLH %HZHLVEHVWLPPXQJ DOV VXE MHNWLYH =ZHFNVHW]XQJ 'LHVH N|QQH HQWZHGHU EHL GHU (UULFKWXQJ HLQHU VRJHQDQQWHQ $EVLFKWVXUNXQGH  HLQH VROFKH GHV $XVVWHOOHUV RGHU DEHU EHL GHQ VRJHQDQQWHQ =XIDOOVXUNXQGHQ  DXFK HLQH VROFKH DQGHUHU 3HUVRQHQ VHLQXQGGDQQLP*UXQGHMHGHU]HLWYRUJHQRPPHQZHUGHQDEHUDXFKZLHGHU HQWIDOOHQ  'DVLVWLQGLHVHU)RUP]XPLQGHVWPLVVYHUVWlQGOLFK'HQQHLQHHLJHQVWlQGL JH %HGHXWXQJ NDQQ GHU %HZHLVEHVWLPPXQJ MHGHQIDOOV LP YRUOLHJHQGHQ =X VDPPHQKDQJ EHL UDWLRRULHQWLHUWHU %HWUDFKWXQJ OHW]WOLFK JDU QLFKW ]XNRP PHQ'LH²DXVUHLFKHQGHXQGDOOHLQVWUDIUHFKWVUHOHYDQWH²%HZHLVEHVWLPPXQJ ZLUG EHL YRUDXVJHVHW]WHU (LJQXQJ  GRFK ZRKO YRP 7lWHU GHU 8UNXQGHQIlO VFKXQJ VHOEVW JHWURIIHQ ZHQQ HU ]XU 7lXVFKXQJ GHV 5HFKWVYHUNHKUV   9JO GLH HQWVSUHFKHQGHQ hEHUOHJXQJHQ LQ %*+6W   )DEHU&DVWHOO (QWVFKHLGXQJ IHUQHUEHL&UDPHU+HLQHLQ6FK|QNH6FKU|GHU†5QZR IUHLOLFK ² ZHLWHUJHKHQG ² HLQH6SHUUZLUNXQJ GHU 6WUDIYRUVFKULIWHQ GHV :=* JH JHQEHU†LQGHQ)lOOHQDQJHQRPPHQZLUGLQGHQHQGHUZDUHQ]HLFKHQUHFKW OLFKH 6WUDIVFKXW] QLFKW HLQJUHLIW ZHLO HV DQ HLQHU (LQWUDJXQJ LQ GLH =HLFKHQUROOH YJO††II:=* IHKOW0LWGHP,QNUDIWWUHWHQGHV0DUNHQJHVHW]HVDP-DQXDU ZXUGHGDVVHLWGHP-DKUJHOWHQGH:DUHQ]HLFKHQJHVHW]DEJHO|VW  9JO ]X GLHVHP 9HUVWlQGQLV GHU %HZHLVEHVWLPPXQJ HWZD /DFNQHU.KO † 5Q²0LW5HFKWNULW]XGHPDOVEHUIOVVLJDQJHVHKHQHQ0HUNPDOHWZD2WWR %7†5QII  6 ]X GLHVHU EOLFKHQ .ODVVLIL]LHUXQJ LQ $EVLFKWV XQG =XIDOOVXUNXQGHQ &UD PHU+HLQH LQ 6FK|QNH6FKU|GHU † 5Q .LQGKlXVHU /3. † 5Q I .SHU %7 6   6WLFKZRUWH 8UNXQGH'HOLNWVXUNXQGH 8UNXQGH =X IDOOVXUNXQGH  /DFNQHU.KO † 5Q NULW ]X GLHVHU .ODVVLIL]LHUXQJ HWZD $U]W:HEHU+HLQULFK+LOJHQGRUI%7†5Q.LHQDSIHO*$II 2WWR -X6    hEOLFKH %HLVSLHOH IU Å$EVLFKWVXUNXQGHQ´ 7HVWDPHQW VFKULIWOLFKHU9HUWUDJ4XLWWXQJVFKULIWOLFKH.QGLJXQJHWFEOLFKH%HLVSLHOHIU Å=XIDOOVXUNXQGHQ´ /LHEHVEULHIH LP 6FKHLGXQJVSUR]HVV LP 5DKPHQ HLQHV 6WUDI YHUIDKUHQV EHVFKODJQDKPWH 1RWL] ]XU (QWEHKUOLFKNHLW GHU 8QWHUVFKHLGXQJ YJO MHGRFKGHQIROJHQGHQ7H[W  =XU P|JOLFKHQ %HUHFKWLJXQJ HLQHV HQWVSUHFKHQGHQ (UIRUGHUQLVVHV IU GDV 8QUHFKW GHU 8UNXQGHQXQWHUGUFNXQJ V HWZD 6DPVRQ -$    QlKHU GD]XXQWHQ5Q  ,G6PLW5HFKWDXFK6DPVRQ -$GHULP5DKPHQGHV†GHU %HZHLVEHVWLPPXQJ GXUFK GHQ $XVVWHOOHU  OHGLJOLFK %HGHXWXQJ IU GLH $EJUHQ ]XQJ GHU %HJHKXQJVIRUP GHV)lOVFKHQV YRQ GHU GHV 9HUIlOVFKHQV EHLPLVVW HLQ JHKHQGJHJHQGLH6HOEVWlQGLJNHLWHLQHV0HUNPDOVGHUÅ%HZHLVEHVWLPPXQJ´.LHQ 





,,0HUNPDOHGHU8UNXQGH3HUSHWXLHUXQJV%HZHLVXQG*DUDQWLHIXQNWLRQ

HLQHXQHFKWH8UNXQGHKHUVWHOOWHLQHHFKWHYHUIlOVFKWRGHUDEHUGDVHLQHRGHU DQGHUH )lOVFKXQJVIDEULNDW JHEUDXFKW 'LH YHUEUHLWHWH .ODVVLIL]LHUXQJ LQ $EVLFKWVRGHU=XIDOOVXUNXQGHQLVWGHVKDOEVDFKOLFKYHUIHKOW 6FKOLH‰OLFKJLOWHVLPYRUOLHJHQGHQ=XVDPPHQKDQJHLQHP0LVVYHUVWlQGQLV  HQWJHJHQ]XWUHWHQ 'LH ]XU (UIOOXQJ GHU 8UNXQGHQTXDOLWlW HUIRUGHUOLFKH %H ZHLVIXQNWLRQ GDUI NHLQHVIDOOV DXI GHQ %HUHLFK GHV SUR]HVVXDOHQ %HZHLVHV HLQJHHQJWZHUGHQ8UNXQGHQHUODQJHQ²HUIUHXOLFKHUZHLVH²QLFKWQXUMDQRFK QLFKWHLQPDOLQHUVWHU/LQLH%HGHXWXQJLQ3UR]HVVHQ6LHHUIOOHQYLHOPHKULQ ZHLWHQ%HUHLFKHQHLQH)XQNWLRQEHLGHUGDVVSH]LILVFKH5HFKWVJWHUVFKXW]LQ WHUHVVH GHV † JOHLFKIDOOV DXIJHZLHVHQ ZHUGHQ NDQQ 8UNXQGHQ GLHQHQ ZHLWKLQDOV0LWWHO]XU9HUVWlQGLJXQJ²DOV.RPPXQLNDWLRQVLQVWUXPHQW6LH HUEULQJHQDXFKDX‰HUKDOEYRQJHULFKWOLFKHQ9HUIDKUHQRKQH:HLWHUHVGLHIU GDV VSH]LILVFKH 6FKXW]LQWHUHVVH HUIRUGHUOLFKH ,QGLNDWLRQVOHLVWXQJ LQ %H]XJ DXI GLH (UNOlUXQJ HLQHU 3HUVRQ 'DV JLOW HUVLFKWOLFK HWZD DXFK GDQQ ZHQQ HV QXU ZHQLJH ² X8 VRJDU QXU ]ZHL ² LQ GHQ &RGH Å(LQJH ZHLKWH´JLEW ,P ([WUHPIDOO GHU Å1DFKULFKW DQ VLFK VHOEVW´ VHW]W GLH HUIRUGHUOLFKH D YHUN|USHUWH ,QIRUPDWLRQ OHGLJOLFK YRUDXV GDVV GHU %HWUHIIHQGH VHOEVW VHLQH HLJHQH1DFKULFKW²HWZDGLH(ULQQHUXQJDQHLQHLQWHQGLHUWH7HVWDPHQWVlQGH UXQJ²YHUVWHKHQNDQQ'LHVHU([WUHPIDOOLVWDEHUDXVWDWVlFKOLFKHQ*UQGHQ IU GLH 8UNXQGHQIlOVFKXQJ QLFKW UHOHYDQW ZHLO GHU SRWHQWLHOOH )lOVFKHU GHQIUGLH)lOVFKXQJQ|WLJHQ&RGHQLFKWNHQQW 9RU GLHVHP +LQWHUJUXQG HUVFKHLQW HV WURW] JHZLVVHU hEHUVFKQHLGXQJVEH  UHLFKH ZHQLJ VDFKJHUHFKW GHQ SUR]HVVXDOHQ XQG GHQ PDWHULHOOVWUDIUHFKW  



















DSIHO *$    II 3XSSH 'LH )lOVFKXQJ WHFKQLVFKHU $XI]HLFKQXQJHQ 6II 1lKHU ]XP 9HUVWlQGQLV GLHVHV ² VFKHLQEDU UHLQ VXEMHNWLYHQ ² (UIRUGHUQLVVHV XQWHQ7HLO95Q²  0LW %OLFN DXI GDV YRQ LKP SRVWXOLHUWH (UIRUGHUQLV GHU 9HUN|USHUXQJ HLQHU XQPLWWHOEDUUHFKWVHUKHEOLFKHQ(UNOlUXQJNRQVHTXHQWHUZHLVHEHUKDXSWJHJHQGLH 0|JOLFKNHLW YRQ Å=XIDOOVXUNXQGHQ´ E]Z ÅQDFKWUlJOLFKHQ 8UNXQGHQ´  (UE LQ 0QFK.RPP6W*% † 5Q  II HLQ /LHEHVEULHI RGHU HLQ 7DJHEXFK IDOOHQ DXVGHPVRYHUHQJWHQ8UNXQGHQEHJULIIKHUDXV  9JOGD]XQRFKPDOVREHQ7HLO,5Q² 5Q² ²=XGHP KLHUDQJHVSURFKHQHQ$VSHNWGHU.RPPXQLNDWLRQVHWZDDXFK+HOOH1DFKWUlJOL FKH9HUlQGHUXQJHLQHU8UNXQGHGXUFKLKUHQ$XVVWHOOHU6II 'DQQDEHULG5$XVQDKPH7lXVFKXQJGHVVFKHLQEDUHQ$XVVWHOOHUVGXUFKGHQ DQGHUHQÅ(LQJHZHLKWHQ´ QXUUHOHYDQWIUGLH8UNXQGHQXQWHUGUFNXQJGDGHU)lO VFKHURKQH.HQQWQLVGHV&RGHV6FKZLHULJNHLWHQEHLGHU)lOVFKXQJKDEHQGUIWH 9JOGD]XVFKRQREHQ]XU3HUSHWXLHUXQJVIXQNWLRQREHQ5Q

7HLO8UNXQGHQIlOVFKXQJ† 

OLFKHQ8UNXQGHQEHJULIIHLQKHLWOLFK]XNRQ]LSLHUHQ'HQQZHJHQGHUXQWHU VFKLHGOLFKHQ)XQNWLRQN|QQWHHLQHYROOVWlQGLJH'HFNXQJDOOHQIDOOV]XIlOOLJ VHLQ D /HW]WOLFK]HLJWVLFKEHLJHQDXHU$QDO\VHGDVVGLHIUHLQH8UNXQGHL6GHV PDWHULHOOHQ 6WUDIUHFKWV HUIRUGHUOLFKH %HZHLVIXQNWLRQ EHL (UIOOXQJ GHU 3HUSHWXLHUXQJV XQG *DUDQWLHIXQNWLRQHQ LQ %H]XJ DXI GLH (UNOlUXQJ HLQHU 3HUVRQ JOHLFKVDP LPPHU DXWRPDWLVFK PLWHUIOOW LVW :HQQ GLH (UNOlUXQJHLQHUQDWUOLFKHQRGHUMXULVWLVFKHQ 3HUVRQLQDXVUHLFKHQGHU:HLVH LQ HLQHP VHOEVWUHGHQGHQ ,QIRUPDWLRQVWUlJHU YHUN|USHUW LVW XQG GLHVH (UNOl UXQJ HLQHP EHVWLPPWHQ (UNOlUHQGHQ DOV GLH VHLQH ]XJHRUGQHW ZHUGHQ NDQQ OlVVW VLFK PLW GLHVHU (UNOlUXQJVYHUN|USHUXQJ ]XPLQGHVW JHQDX GLHVHU 6DFK YHUKDOWLPPHULQDXVUHLFKHQGHU)RUPÅEHZHLVHQ´'LH]XHUIOOHQGH%HZHLV IXQNWLRQ LVW GDPLW LP *UXQGH EHUKDXSW NHLQ HLJHQVWlQGLJHV 0HUNPDO GHVVWUDIUHFKWOLFKHQ8UNXQGHQEHJULIIV9LHOPHKUJHKWVLHLQGHQ(UIRUGHU QLVVHQ GHU 3HUSHWXLHUXQJV XQG GHU *DUDQWLHIXQNWLRQ DXI %ULQJW PDQ GHQ EHUHFKWLJWHQ .HUQ GHU %HZHLVIXQNWLRQ GLH HLQH 8UNXQGH VHOEVWYHUVWlQGOLFK HUIOOHQ PXVV DXI GHQ 3XQNW NDQQ PDQ VDJHQ 6LH LVW HUIOOW ZHQQ GLH YHUN|USHUWH(UNOlUXQJLPZDKUVWHQ6LQQHGHV:RUWHVÅGDIUVSULFKW´GDVVVLH YRQHLQHUEHVWLPPWHQ3HUVRQDEJHJHEHQZRUGHQLVW E 'HILQLWLRQGHU]XHUIOOHQGHQ%HZHLVIXQNWLRQ 'LH %HZHLVIXQNWLRQ LVW HUIOOW ZHQQ GLH YHUN|USHUWH (UNOlUXQJ ÅGDIU VSULFKW´GDVVVLHYRQHLQHUEHVWLPPWHQ3HUVRQDEJHJHEHQZRUGHQLVW F

)$// D.RQUDG.VWHOOWHKDQGVFKULIWOLFK7DJHEFKHUKHUGHUHQ ,QKDOW HU VR JHVWDOWHWH GDVV GHU (LQGUXFN HQWVWDQG VLH VWDPPWHQ YRQ $GROI+LWOHU G ,P )$// D ZLUG WHLOZHLVH HLQH DXVUHLFKHQGH %HZHLVIXQNWLRQ PLW %OLFN DXI GHQ UHODWLY ODQJHQ =HLWUDXP YHUQHLQW GHU VHLW GHU YRUJHVSLHJHOWHQ (UVWHOOXQJ P|JOLFKHU HFKWHU 7DJHEFKHU YHUVWULFKHQ LVW 'LH LQ GHQ 7DJHE FKHUQ HQWKDOWHQHQ (UNOlUXQJHQ KlWWHQ KHXWH NHLQH %HZHLVEHGHXWXQJ PHKU $OOHUGLQJV VROO QLFKW MHGH *HGDQNHQHUNOlUXQJ PLW GHU =HLW EHZHLV XQJHHLJQHW ZHUGHQ 'LH 6LJQLHUXQJ HLQHV gOJHPlOGHV EHZHLVH JHUDGH GLH 8UKHEHUVFKDIWGXUFKHLQHQEHVWLPPWHQ0DOHU H ,QGHVVHQ LVW GLHVH 'LIIHUHQ]LHUXQJ QLFKW HLQOHXFKWHQG $XFK ZHQQ LQ GHQ7DJHEFKHUQNHLQHKHXWHQRFKEHZHLVHUKHEOLFKHQ(UNOlUXQJHQHQWKDOWHQ   9JO]XPSUR]HVVXDOHQ8UNXQGHQEHJULIIVFKRQREHQ5Q)Q  ,G6HWZD+HJKPDQQV%75Q  ,6HLQHUVROFKHQ'LIIHUHQ]LHUXQJHWZD+HJKPDQQV%75Q  



,,0HUNPDOHGHU8UNXQGH3HUSHWXLHUXQJV%HZHLVXQG*DUDQWLHIXQNWLRQ

VHLQ VROOWHQ ZDV ]ZHLIHOKDIW HUVFKHLQW  NRPPW HV GDUDXI QDFK GHU REHQ GHILQLHUWHQ%HZHLVIXQNWLRQEHUKDXSWQLFKWDQ'HQQMHGHQIDOOVHQWKDOWHQGLH 7DJHEFKHU GLH EHZHLVHUKHEOLFKH (UNOlUXQJ VLH VWDPPWHQ YRQ $GROI +LWOHU,QVRIHUQYHUKlOWHVVLFKQLFKWDQGHUVDOVLP)DOOHGHV0DOHU]HLFKHQV DXIGHP%LOGEHLGHPHVHEHQIDOOVNHLQH5ROOHVSLHOWREGHU0DOHUEHUGLH %HKDXSWXQJ GHU 8UKHEHUVFKDIW KLQDXV DXFK ZHLWHUH ² KHXWH QRFK UHFKWVHU KHEOLFKH²(UNOlUXQJHQÅ]X%LOGHJHEUDFKW´KDW 4. Die Garantiefunktion 'DV .ULWHULXP GHU *DUDQWLHIXQNWLRQ HUIRUGHUW GDVV GHU $XVVWHOOHU GHU YHUN|USHUWHQ (UNOlUXQJ LQ GHU 8UNXQGH VHOEVW EH]HLFKQHW RGHU VRQVW ]XPLQGHVWHUNHQQEDULVW$QGHUQIDOOVOLHJWNHLQH8UNXQGHLPKLHULQWHUHV VLHUHQGHQ 6LQQH YRU 'LH QlKHUH .RQNUHWLVLHUXQJ GHU LP (LQ]HOQHQ ]X VWHO OHQGHQ$QIRUGHUXQJHQKDWPLW%OLFNDXIGLHVSH]LILVFKHQ6FKXW]LQWHUHVVHQ GHV † ]X HUIROJHQ 8QWHU GLHVHP *HVLFKWVSXQNW HUJLEW VLFK DXFK ZHP JHQDXGLH$XVVWHOOHUHLJHQVFKDIW]XNRPPW )$//  6HNUHWlU 6 VFKUHLEW LQ 9HUWUHWXQJ IU GHQ *HVFKlIWVPDQQ * HLQHQ%ULHIRKQHGLHVNHQQWOLFK]XPDFKHQYHUGHFNWH6WHOOYHUWUHWXQJ  )$//  ,Q HLQHP VFKULIWOLFKHQ 0LHWYHUWUDJ PLW HLQHP 0LHWSUHLV YRQ ʖXQWHUVFKULHEQXUGHU9HUPLHWHU9PLWVHLQHP1DPHQ'HU0LHWHU0 GHU$QDOSKDEHWZDUVHW]WHDXIGHQ9HUWUDJQXUVHLQHÅGUHL.UHX]H´9D ULDQWHVHLQHQ)LQJHUDEGUXFN9DULDQWH9XQWHUVFKULHEIU0DOV9HU WUHWHUPLWGHVVHQ1DPHQ 1DFKWUlJOLFKlQGHUWH9GHQ0LHWSUHLV]XVHLQHQ *XQVWHQDXIʖDE 'LHDXIGHQ6FKXW]HLQHVHWZDLJHQ,QWHUHVVHVDQULFKWLJHU=XVFKUHLEXQJ DXVJHULFKWHWH.RQNUHWLVLHUXQJGHUQRWZHQGLJHQ*DUDQWLHIXQNWLRQIKUWRKQH :HLWHUHV]XIROJHQGHU(LQVLFKW)UGDV8UNXQGHQHUIRUGHUQLVGHU$XVVWHOOHU HUNHQQEDUNHLWNDQQHVQLFKWGDUDXIDQNRPPHQZHU²JOHLFKVDPN|USHUOLFK PHFKDQLVFK²GLH(UNOlUXQJSURGX]LHUWL6YRQKHUVWHOOW =ZDUN|QQHQDXFK XQWHU GLHVHP %OLFNZLQNHO JHZLVVH Å*DUDQWLHPRPHQWH´ GHU NRUUHNWHQ +HU VWHOOXQJ HLQH5ROOHVSLHOHQ²HWZDZHQQLQHLQHP3UR]HVVEHULUJHQGZHOFKH 0DQLSXODWLRQHQ RGHU WHFKQLVFKH )HKOHU EHLP +HUVWHOOXQJVYRUJDQJ JHVWULWWHQ ZLUG'DVIUGLHULFKWLJH=XVFKUHLEXQJEHGHXWVDPH0RPHQWLVWMHGRFKDOOHLQ GLH UHFKWOLFKH =XRUGQXQJ HLQHU YHUN|USHUWHQ (UNOlUXQJ ]X HLQHP EH VWLPPWHQ(UNOlUXQJVVXEMHNW'RUWZRHLQVROFKHV=XVFKUHLEXQJVLQWHUHVVH   =XU $XVVWHOOHUHUNHQQEDUNHLW YJO YRUOlXILJ QXU :HVVHOV+HWWLQJHU %7  5Q †,F 





 



7HLO8UNXQGHQIlOVFKXQJ† 

EHWURIIHQVHLQNDQQLVWGLHHUIRUGHUOLFKH*DUDQWLHIXQNWLRQ]XEHMDKHQ²GRUW ZRGLHVQLFKW]XWULIIWGDJHJHQ]XYHUQHLQHQ  'DVLVWGHUEHUHFKWLJWH+LQWHUJUXQGGHUVRJHQDQQWHQ*HLVWLJNHLWVWKHRULH GLH LP *HJHQVDW] ]XU VRJHQDQQWHQ .|USHUOLFKNHLWVWKHRULH DOV $XVVWHOOHU QLFKWGHQN|USHUOLFK+HUVWHOOHQGHQEHWUDFKWHWVRQGHUQGHQÅJHLVWLJHQ8UKH EHU´L6GHU3HUVRQGHUGLH(UNOlUXQJDOVGLHLKUH]X]XUHFKQHQLVW  'DQDFK LVW LP )$//  $XVVWHOOHU QLFKW GHU 6HNUHWlU GHU LQ YHUGHFNWHU 6WHOOYHUWUHWXQJIUGHQ*HVFKlIWVPDQQ*HLQHQ%ULHIVFKUHLEW(UNHQQEDUHU XQG  ZLUNOLFKHU $XVVWHOOHU LVW YLHOPHKU * GHP GLH (UNOlUXQJ DOV VHLQH HLJHQH ]XJHUHFKQHW ZLUG (QWVSUHFKHQGHV JLOW IU GLH 9DULDQWH  GHV )$//(6  LQ GHU 9 IU GHQ $QDOSKDEHWHQ 0 DOV 9HUWUHWHU PLW GHVVHQ 1DPHQXQWHU]HLFKQHW)HKOWLQGHQJHQDQQWHQ)lOOHQGLH9HUWUHWXQJVPDFKW ZLUGGHVKDOEHLQVXEVSHFLH†UHOHYDQWHUQlPOLFKXQ]XWUHIIHQGHU =XRUG QXQJVWDWEHVWDQG JHVFKDIIHQ ² VSULFK HLQH XQHFKWH 8UNXQGHKHUJHVWHOOW   1lKHU ]XU *HLVWLJNHLWV XQG ]XU .|USHUOLFKNHLWVWKHRULH 5KHLQHFN )lOVFKXQJVEH JULIIXQG*HLVWLJNHLWVWKHRULH6IIIIHWSDVVLPYJOIHUQHU+HJKPDQQV%7 5Q  -lJHU ([DPHQV5HSHWLWRULXP %7 5Q   .SHU %7 6  I 6WLFKZRUW 8UNXQGH>%HJULII@  =LHVFKDQJ LQ /. † 5Q II ² $U]W:HEHU+HLQULFK+LOJHQGRUI%7†5QIIVHKHQGLH*HLVWLJNHLWVWKHRULH DOVÅEHGHQNOLFK´DQZHLOGLHULFKWLJH=XVFKUHLEXQJGHU(UNOlUXQJPLW3UREOHPHQ GHU 9HUWUHWXQJVPDFKW EHODVWHW VHLQ NDQQ NULW JHJHQEHU GHU *HLVWLJNHLWVWKHRULH PLW%OLFNDXIGLHRIWYRUJHQRPPHQH'LIIHUHQ]LHUXQJ]ZLVFKHQRIIHQHUXQGYHU GHFNWHU 6WHOOYHUWUHWXQJ  '|UIOHU 8UNXQGHQIlOVFKXQJ XQG =HLFKQHQ PLW IUHPGHP 1DPHQ²,6HLQHUÅPRGLIL]LHUWHQ.|USHUOLFKNHLWVWKHRULH´6WHLQPHW](FKW KHLWVEHJULII6II]XU.ULWLNGHU*HLVWLJNHLWVWKHRULHVGHQVDD26II IIIIII QDFK6WHLQPHW]NRPPWHVIUGLH(FKWKHLWSULPlUDXIGDV N|USHUOLFKH+HUVWHOOHQDQ²DOOHUGLQJVPLWGHU$QHUNHQQXQJHLQHU$XVQDKPHP|J OLFKNHLWEHLP(LQVDW]YRQ+HUVWHOOXQJVJHKLOIHQ  =XUKLHUQLFKWQlKHU]XGLVNXWLHUHQGHQ)UDJHZHUDOV(UNOlUHQGHULQGHQ)lOOHQ RIIHQHU6WHOOYHUWUHWXQJDQ]XVHKHQLVWLQVWUXNWLY*HUKROG-XUDII-DNREV 8UNXQGHQIlOVFKXQJ 6  I GHUV )6 .SHU 6   =LHOLQVNL ZLVWUD  II GLH VWHWV GHQ 9HUWUHWHQHQ DOV $XVVWHOOHU DQVHKHQ ² DQGHUV GDJHJHQ %*+ ZLVWUDI 16W= YJODXFK3XSSH-XUD6WHLQ PHW](FKWKHLWVEHJULII6IIIIIIIHUQHU-lJHU([DPHQV5HSHWLWRULXP %75Q  $XIGHU%DVLVVHLQHVDEZHLFKHQGHQ$QVDW]HVÅPRGLIL]LHUWH.|USHUOLFKNHLWVWKHR ULH´  NRQVHTXHQWHUZHLVH DQGHUV 6WHLQPHW] (FKWKHLWVEHJULII 6  II GHU WURW] UHFKWOLFK NRUUHNWHU  9HUWUHWXQJ GLH +HUVWHOOXQJ HLQHU XQHFKWHQ 8UNXQGH DQ QLPPWGDQQDOOHUGLQJVHLQ+DQGHOQÅ]XU7lXVFKXQJLP5HFKWVYHUNHKU´YHUQHLQW  ,QVRZHLWIUGLH)lOOHGHUIHKOHQGHQ9HUWUHWXQJVPDFKWVDFKOLFKEHUHLQVWLPPHQG HWZD-DNREV8UNXQGHQIlOVFKXQJ6II²1lKHU]XP+HUVWHOOHQHLQHUXQHFKWHQ 8UNXQGHQRFKXQWHQ7HLO,,,5Q²  



,,0HUNPDOHGHU8UNXQGH3HUSHWXLHUXQJV%HZHLVXQG*DUDQWLHIXQNWLRQ

,P )$//  ZLUG EHL XQEHIXJWHU QDFKWUlJOLFKHU 9HUlQGHUXQJ HLQH HFKWH 8UNXQGHYHUIlOVFKW 0LVVYHUVWlQGOLFK HUVFKHLQW LQ GLHVHP =XVDPPHQKDQJ GHU JHEUlXFKOLFKH 7HUPLQXV GHU ÅJHLVWLJHQ 8UKHEHUVFKDIW´ GHU GDV HLJHQWOLFK *HPHLQWH QLFKW DQJHPHVVHQ ]XP $XVGUXFN EULQJW 7DWVlFKOLFK LVW EHLVSLHOVZHLVH HLQH YRQ HLQHP MXULVWLVFKHQ )DFKPDQQ HQWZRUIHQH YHUWUDJOLFKH 9HUHLQEDUXQJ GLH DOV JHLVWLJH/HLVWXQJJDUQLFKWYRQGHPVLH8QWHU]HLFKQHQGHQKHUYRUJHEUDFKW ZRUGHQVHLQNDQQGHP8QWHU]HLFKQHUGHQQRFKRKQH:HLWHUHVQRUPDWLYDOV VHLQH:LOOHQV (UNOlUXQJ]X]XRUGQHQ'LHVJLOWVHOEVWGDQQQRFKZHQQ LP*UXQGHNODULVWGDVVGHU8QWHU]HLFKQHQGH²HWZDDXV'HVLQWHUHVVHRGHU ZHLOHUVLFKDXIJHZLVVH3UIXQJHQDQGHUHU3HUVRQHQ]XYHUODVVHQSIOHJW²JDU QLFKWJHOHVHQKDWZDVHUGDPLWVHLQHP1DPHQYHUVLHKW 0DQGHQNH]%DXFKDQGHQ)$// LQGHPMHPDQGPLWGHQEHNDQQWHQ ÅGUHL .UHX]HQ´ RGHU LQ GHVVHQ 9DULDQWH   PLW VHLQHP )LQJHUDEGUXFN XQWHUVFKUHLEWXQGGDGXUFKJJIVHLQ8QYHUP|JHQGRNXPHQWLHUWGDV8QWHU ]HLFKQHWH JHOHVHQ ]X KDEHQ :HQQ XQG VRODQJH LQ GHUDUWLJHQ )lOOHQ GLH QRUPDWLYH 9HUELQGOLFKNHLW QLFKW Y|OOLJ IHKOW VRQGHUQ HLQH UHFKWOLFKH =XRUG QXQJGHU(UNOlUXQJ]XPGHUDUW8QWHU]HLFKQHQGHQP|JOLFKLVWNDQQDXFKHLQ HQWVSUHFKHQGHV ,QWHUHVVH VHLWHQV EHVWLPPWHU ² DNWLYHU RGHU ÅSDVVLYHU´ ² 7HLOQHKPHU GHV 5HFKWVYHUNHKUV DQ HLQHP NRUUHNWHQ =XRUGQXQJVWDWEH VWDQGYHUOHW]WZHUGHQ1LFKWVDQGHUHVJLOWDXFKIUGHQIROJHQGHQ )$//  (LQQDFKGHQHLQVFKOlJLJHQYHUZDOWXQJVUHFKWOLFKHQ*UXQGVlW]HQ RKQH8QWHUVFKULIWZLUNVDPHU%HK|UGHQEHVFKHLGZXUGHYRQGHP8Q EHIXJWHQ8LQKDOWOLFKYHUlQGHUW $XVVWHOOHU HLQHU YHUN|USHUWHQ (UNOlUXQJ LP YRUVWHKHQG XPVFKULHEHQHQ 6LQQHGHUSHUVRQDOHQQRUPDWLYHQ=XRUGQXQJGLHVHU(UNOlUXQJNDQQHUVLFKW OLFKQLFKWQXUHLQHQDWUOLFKH3HUVRQVHLQ'HQQIUGLHQRUPDWLYUHOHYDQ WH=XRUGQXQJVIUDJHNRPPWHVOHW]WOLFKJDUQLFKWHQWVFKHLGHQGGDUDXIDQZHU HLQH EHVWLPPWH (UNOlUXQJ SURGX]LHUW RGHU JHLVWLJ HQWZLUIW 9LHOPHKU JLEW HV   1lKHU]XP9HUIlOVFKHQXQWHQ7HLO,,,5Q²   =XWUHIIHQG3XSSH-XUDYJODXFKGLHVLQ1.†5QI  $XI GLH ,UUHOHYDQ] GHU .HQQWQLVQDKPH ZHLVW PLW 5HFKW HWZD 3XSSH -XUD  KLQ  'D]X GDVV HLQ )LQJHUDEGUXFN QLFKW LPPHU EOR‰HV $XJHQVFKHLQVREMHNW LVW VRQGHUQX8DXFK(UNOlUXQJVIXQNWLRQEHVLW]HQNDQQYJOVFKRQREHQ5Q  6RL(ZRKODXFKGLHK0YJOHWZD%*+6W &UDPHU+HLQH LQ 6FK|QNH6FKU|GHU † 5Q 3XSSH -XUD    6WHLQPHW](FKWKHLWVEHJULII6I=LHVFKDQJLQ/.†5QMHZPZ1 D$DEHU]%6DPVRQ-X6IZRKODXFK2WWR-X6  









7HLO8UNXQGHQIlOVFKXQJ† 





 

GDYRQY|OOLJORVJHO|VWH9HUELQGOLFKNHLWHQDQGHUHQNRUUHNWHU'RNXPHQWDWLRQ GXUFKHLQHQHQWVSUHFKHQGHQ,QGLNDWRUHLQOHJLWLPHV,QWHUHVVHEHVWHKHQNDQQ $OV$XVVWHOOHUYHUPDJGHVKDOEEHLVSLHOVZHLVHDXFKHLQHMXULVWLVFKH3HUVRQ GHV3ULYDWUHFKWVRGHUZLHLP)$//  HLQH%HK|UGH]XIXQJLHUHQREZRKO GHUDUWLJH 5HFKWVVXEMHNWH WDWVlFKOLFK EHUKDXSW QLFKW LQ GHU /DJH VLQG RKQH +LOIHLKUHU2UJDQH9HUWUHWHUXVZHLQH(UNOlUXQJ]XSURGX]LHUHQ'HQQGD VLH LP 5HFKWVYHUNHKU ZLUNVDP YHUN|USHUWH (UNOlUXQJHQ 9HUWUDJVDQJHERWH %HK|UGHQEHVFKHLGH HWF  DEJHEHQ E]Z HUODVVHQ  N|QQHQ LKQHQ DOVR DOV 5HFKWVVXEMHNW GLHVH (UNOlUXQJHQ QRUPDWLY ]X]XRUGQHQ VLQG PXVV LQVRZHLW DXFK GLH HUIRUGHUOLFKH *DUDQWLHIXQNWLRQ DOV JHZDKUW DQJHVHKHQ ZHUGHQ )UGLH(UIOOXQJGLHVHUQRUPDWLYUHOHYDQWHQ*DUDQWLHIXQNWLRQLVWHV² HQWJHJHQYHUEUHLWHWHU$N]HQWXLHUXQJ²QLFKWQRWZHQGLJGDVVGHUMHZHLOLJH $XVVWHOOHUDXVGUFNOLFKLQGHU8UNXQGHVHOEVWGRNXPHQWLHUWZLUG9LHOPHKU PXVV HV PLW %OLFN DXI GLH UDWLR JHQJHQ ZHQQ HU QDFK GHQ NRQNUHWHQ 8PVWlQGHQ XQWHU GHQHQ GLH IUDJOLFKH (UNOlUXQJ 9HUZHQGXQJ ILQGHW EHVWLPPEDULVW'DUDQIHKOWHVLQGHQ)lOOHQGHU²RIIHQHQRGHUYHUVWHFN WHQ ² $QRQ\PLWlW LQ GHQHQ GHU (UNOlUHQGH HWZD DOV Å-XOLXV &lVDU´ RGHU Å1DSROHRQ´ LQ (UVFKHLQXQJ WULWW RGHU DEHU PLW HLQHP NHLQHU EHVWLPPWHQ 3HUVRQ]XRUGHQEDUHQÅ$OOHUZHOWVQDPHQ´XQWHU]HLFKQHW6RLVWHVLP )$//  $ZDUZWHQGDXI%'HVKDOEVFKULHEHULKPHLQHQJUREEHOHL GLJHQGHQ%ULHIGHQHUPLWGHP1DPHQÅ0OOHU´XQWHU]HLFKQHWH 'LH%HXUWHLOXQJlQGHUWVLFKVRJOHLFKZHQQQDFKGHPNRQNUHWHQ.RQWH[W HLQH UHDOH 3HUVRQ PLW GHP 6SLW]QDPHQ 1DSROHRQ RGHU PLW GHP 1DPHQ

  'HU $XVVWHOOHUEHJULII HUZHLVW VLFK DXFK LQVRZHLW DOV )XQNWLRQ GHU DOV EHUHFKWLJW DQ]XHUNHQQHQGHQ VSH]LILVFKHQ 5HFKWVJWHUVFKXW]LQWHUHVVHQ $XI GLH LP (LQ]HOQHQ VLFK HUJHEHQGHQ VFKZLHULJHQ 3UREOHPH GHU JHQDXHQ %HVWLPPXQJ GHV VFKHLQED UHQ $XVVWHOOHUVLQGHUDUWLJHQ )lOOHQPHKU RGHUZHQLJHU RIIHQHU 6WHOOYHUWUHWXQJ NDQQ KLHU QLFKW QlKHU HLQJHJDQJHQ ZHUGHQ YJO GD]X GLH 1DFKZ REHQ 5Q )QVRZLHHUJlQ]HQG6WHLQPHW](FKWKHLWVEHJULII6IIPZ1  9JO HWZD &UDPHU+HLQH LQ 6FK|QNH6FKU|GHU † 5Q /DFNQHU.KO †5Q0H\HU0'56DPVRQ-$%*+6W I ]X GHQ HUKHEOLFKHQ 5HODWLYLHUXQJHQ ² XP QLFKW ]X VDJHQ RIIHQHQ RGHU YHUVWHFNWHQ $XVQDKPHQ YRQ GHP 3RVWXODW GHU $XVVWHOOHUHUNHQQEDUNHLW ÅDXV GHU 8UNXQGH VHOEVW´ ² YJO GHQ LQVWUXNWLYHQ hEHUEOLFN EHL =LHVFKDQJ LQ /. † 5QIIVIHUQHUGD]X.LHQDSIHO8UNXQGHQLP6WUDIUHFKW6II  9JO GLHVH )lOOH EHL 6DPVRQ -$    QlKHU ]XU 3UREOHPDWLN 6WHLQPHW] (FKWKHLWVEHJULII6IIPZ1  9JOGD]XHWZD-lJHU([DPHQV5HSHWLWRULXP%75Q 



,,0HUNPDOHGHU8UNXQGH3HUSHWXLHUXQJV%HZHLVXQG*DUDQWLHIXQNWLRQ

0OOHU]XDVVR]LLHUHQLVW'HVJOHLFKHQPXVVHVDXVUHLFKHQZHQQ²HWZDLQ HLQHP6HOEVWEHGLHQXQJVJHVFKlIW²GLHRKQH1DPHQV]XVDW] YRUJHQRPPHQH 3UHLVDXV]HLFKQXQJ GHU :DUH GHP *HVFKlIWVLQKDEHU DOV $XVVWHOOHU ]XJHRUGQHWZHUGHQNDQQYJOREHQ)$// ,QGHPEHNDQQWHQ)DOOGHUGHQ %LHUNRQVXP GRNXPHQWLHUHQGHQ %OHLVWLIWVWULFKH GHU .HOOQHULQ DXI GHP %LHUILO] ² LQ GHP MHGHQIDOOV EHL 9RUQDKPH GHU 6WULFKH XQWHU GHU .RQWUROOH GHV*DVWHVEOLFKHUZHLVHHLQH8UNXQGHDQJHQRPPHQZLUG²HUJLEWVLFKGHU $XVVWHOOHUMDDXFKQXUDXVGHPNRQNUHWHQ.RQWH[WLQGHPGHU%LHUILO]DOV %HZHLVPLWWHOUHOHYDQWZLUGXQGQLFKWDXVHLQHPDXVGUFNOLFKHQ9HUPHUNDXI GHP%LHUILO]VHOEVW $QGHUV DOV EHL GHU HLQIDFKHQ $EVFKULIW EHL ZHOFKHU GHU $EVFKUHLEHQGH  QLFKW LQ (UVFKHLQXQJ WULWW LVW GLH HUIRUGHUOLFKH *DUDQWLHIXQNWLRQ EHL GHU )RWRNRSLHHLQHU8UNXQGH²HQWJHJHQQRFKLPPHUYHUEUHLWHWHU$XIIDVVXQJ² RKQH:HLWHUHVDOVJHZDKUWDQ]XVHKHQ'HQQGLH)RWRNRSLHLVWDOV,QIRUPDWL RQVWUlJHU HLQ LQ GHU HQWVFKHLGHQGHQ +LQVLFKW ÅVHOEVWUHGHQGHU ,QGLNDWRU´ XQGGHVKDOEJHHLJQHWHLQHQIUGLH8UNXQGHQGHOLNWHUHOHYDQWHQ²]XWUHIIHQ   $XI GLH *U|‰H GHV .UHLVHV GHU (LQJHZHLKWHQ NDQQ HV VLQQYROOHUZHLVH QLFKW DQNRPPHQYJOGD]XVFKRQREHQ5QGLHhEHUOHJXQJHQ]XU*HKHLPVFKULIW  9JO GD]X HWZD &UDPHU+HLQH LQ 6FK|QNH6FKU|GHU † 5Q 5* '6WU=   6FKOHKRIHU -X6    I IHUQHU $U]W:HEHU /+  5Q )QPLWLQVWUXNWLYHQ9DULDWLRQHQGHV)DOOHV ²6DEHUDXFK3XSSH-XUD   )Q GLH %HGHQNHQ LP +LQEOLFN GDUDXI DQPHOGHW GDVV GLH 9HUELQGXQJ ]ZLVFKHQGHP%LHUGHFNHOXQGGHPEOR‰GDYRUVLW]HQGHQ*DVWQLFKWIHVWXQGGDX HUKDIWJHQXJVHLXPGHQYROOVWlQGLJHQ6LQQGHU(UNOlUXQJKLQUHLFKHQG]XSHUSHWXLH UHQYJODXFK(UELQ0QFK.RPP6W*%†5Q ,QGHVVHQJUHLIHQGLHVH %HGHQNHQMHGHQIDOOVGDQQQLFKWGXUFKZHQQPDQHLQH8UNXQGHRKQH5FNVLFKW DXI GLH (UJlQ]XQJVEHGUIWLJNHLW GHU KLQUHLFKHQG IHVW YHUN|USHUWHQ  (UNOlUXQJ EHMDKW 'DVV GLH (UJlQ]XQJVEHGUIWLJNHLW HLQHU YHUN|USHUWHQ (UNOlUXQJ NHLQ *UXQGLVWGLH8UNXQGHQTXDOLWlW]XYHUQHLQHQEHOHJWQlKHU6DPVRQ8UNXQGHXQG %HZHLV]HLFKHQ6II  6 GD]X LQVEHV %*+6W   II 2/* .|OQ 6W9   2/* 6WXWWJDUW 1-:2/* =ZHLEUFNHQ1-:IHUQHU%D\2E/*ZLVWUD I 1-:I %*+ZLVWUD%*+6W9 %HFN -$  II %HFNHPSHU -X6    I %|VH 16W=   5HFKWVSUHFKXQJVEHUVLFKW (UE*$IIGHUV16W=I2WWR %7†5Q:HVVHOV+HWWLQJHU%75Q†, =LHVFKDQJLQ/. †5QII²%HPHUNHQVZHUWHUVFKHLQWMHGRFKGHULPPHUZLHGHUDQ]XWUHI IHQGH Å5XI QDFK GHP *HVHW]JHEHU´ XP GHQ VFKXW]ZUGLJHQ %HODQJHQ GHV 5HFKWVYHUNHKUV PLW )RWRNRSLHQ 5HFKQXQJ ]X WUDJHQ YJO HWZD %*+6W    I %D\2E/* ZLVWUD     'DEHL NDQQ PDQ QXU KRIIHQ GDVV GHU *HVHW]JHEHU GLHVHP ² EHL ULFKWLJHU ,QWHUSUHWDWLRQ GHV † EHUIOVVLJHQ ² %H JHKUHQ QLFKW QDFKNRPPW 6R ]XVWDQGHJHNRPPHQH 9RUVFKULIWHQ ZLH ]% †† V]XGLHVHQXQWHQ7HLO,,,>5Q²@ ODVVHQQLFKWV*XWHVHUZDUWHQ 

7HLO8UNXQGHQIlOVFKXQJ† 

GHQ²=XRUGQXQJVWDWEHVWDQG]ZLVFKHQHLQHU(UNOlUXQJXQGHLQHPEHVWLPP WHQ(UNOlUHQGHQ]XVFKDIIHQRKQHGDVVHVDXIGLH3HUVRQGHVPDQXHOO)RWR NRSLHUHQGHQ DQNRPPW 1RUPDWLY JHVHKHQ LVW QDFK GHQ *UXQGVlW]HQ GHU *HLVWLJNHLWVWKHRULHDOV$XVVWHOOHUDXFKGHULQGHU)RWRNRSLHYHUN|USHUWHQ (UNOlUXQJ VHOEVWYHUVWlQGOLFK GHUMHQLJH DQ]XVHKHQ GHU DOV $XVVWHOOHU GHV 2ULJLQDOV HUVFKHLQW 5LFKWLJHUZHLVH PXVV PDQ GHVKDOE LP )$//  GD]X JHODQJHQGDVV$YRQHLQHUXQHFKWHQ8UNXQGH*HEUDXFKJHPDFKWKDW   :LH*ULPP'LH3UREOHPDWLNGHU8UNXQGHQTXDOLWlWYRQ)RWRNRSLHQ6)Q ULFKWLJEHPHUNWKDEHLFKLQPHLQHP%HLWUDJLQ-X6II]XPGDPDOLJHQ =HLWSXQNW DOV HLQ]LJHU QLFKW QXU NULPLQDOSROLWLVFK GLH *OHLFKVWHOOXQJ YRQ .RSLH XQG 2ULJLQDO JHIRUGHUW VRQGHUQ LP (LQ]HOQHQ GDUJHOHJW GDVV GLH .RSLH HLQHU HFKWHQ 8UNXQGH  ² YRQ 6RQGHUIlOOHQ DEJHVHKHQ ² VlPWOLFKH (UIRUGHUQLVVH GHV UHFKWYHUVWDQGHQHQ8UNXQGHQEHJULIIVXQHLQJHVFKUlQNWHUIOOWGDVVDOVRGLH.RSLH GHOHJHODWDRKQH:HLWHUHVXQWHUGHQDQJHPHVVHQNRQNUHWLVLHUWHQ*HVHW]HVEHJULII GHU8UNXQGH]XVXEVXPLHUHQLVW,QGLHVHU+LQVLFKWLVWGLH'DUVWHOOXQJEHL3XSSH LQ 1. † 5Q >YJO DXFK GLHV 16W=  I GLHV )* %*+ ,9 6 @XQ]XWUHIIHQGZHQQVLHVFKUHLEWÅ(VLVWDEHUQLFKWGDPLWJHWDQHLQIDFK GLH *OHLFKVWHOOXQJ GHU .RSLH PLW GHP 2ULJLQDO ]X IRUGHUQ ZLH GLHV ELVKHU JH VFKHKHQLVW'HU%HJULIIGHU$XWKHQWL]LWlW PXVVYLHOPHKUQHXEHVWLPPWZHUGHQ $QGHUQIDOOVLVWQLFKWPHKU]XHUNOlUHQZDUXPGLHYRQIUHPGHU+DQGKHUJHVWHOOWH $EVFKULIWNHLQHQ8UNXQGHQVFKXW]JHQLH‰WXQGJDULKUH+HUVWHOOXQJDOV8UNXQGHQ IlOVFKXQJ VWUDIEDUVHLQNDQQ ZHQQVLHGHQ$QVFKHLQHUZHFNWYRP (UNOlUHQGHQ VHOEVW ]X VWDPPHQ´ ² ,Q PHLQHP %HLWUDJ LQ -X6    II KDEH LFK GXUFKDXVEHUHLWVEHJUQGHWZHVKDOEGLH$EVFKULIWLP*HJHQVDW]]XUXQPDQLSX OLHUWHQ.RSLH QLFKWPHKUGLHVHOEH(UNOlUXQJYHUN|USHUW$XFKELOGHWGDVGHU.R SLH YRQ 6HLWHQ GHV 5HFKWVYHUNHKUV IDNWLVFK HQWJHJHQJHEUDFKWH VFKXW]ZUGLJH  9HUWUDXHQOHGLJOLFKHLQHQ7HLODVSHNWPHLQHUZHLWHUJHKHQGHQ$UJXPHQWDWLRQ  'LH 8UNXQGHQHLJHQVFKDIW GHU .RSLH HLQHU 8UNXQGH  EHMDKHQ LQ]ZLVFKHQ HWZD DXFK +HJKPDQQV %7 5Q  II +RQLJ *HZ$UFK    I .RFK LQ 1RPRV+.*6 † 5Q  0LWVFK 16W=   I 3XSSH LQ 1. † 5QIIIVIHUQHU(QJHUW)UDQ]PDQQ+HUVFKOHLQ-$DXFK GLHVFKZHL]HULVFKH3UD[LVEHKDQGHOW)RWRNRSLHQJUXQGVlW]OLFKZLH'XUFKVFKULIWHQ XQG GDPLW DOV 8UNXQGHQ YJO %*(  ,9  %*(  ,9   V GD]X $U]W:HEHU+HLQULFK+LOJHQGRUI%7†5Q)Q ²1lKHU]XGLHVHU²IU )$// QDFK%D\2E/*1-: UHOHYDQWHQ²3UREOHPDWLN)UHXQG-X6 IIGHUV6W9IIGHUVLQ0QFK.RPP6W*%†5Q II ² =XU *HJHQSRVLWLRQ V HWZD (UE LQ 0QFK.RPP6W*% † 5Q II PZ1² 0LW5HFKWL6HLQHU%HMDKXQJGHU3HUSHWXLHUXQJV%HZHLVXQG*D UDQWLHIXQNWLRQ YRQ 0LNUR )RWR XQG 7HOHID[ NRSLHQ HLQHV 6FKULIWVWFNV =ROOHU 1-:   II =XU 0|JOLFKNHLW GHU $EJDEH HLQHU IDOVFKHQ HLGHVVWDWWOLFKHQ 9HUVLFKHUXQJ SHU 7HOHID[ V %D\2E/* 1-:   ² 9JO GD]X DXFK QRFK XQWHQ5QP)QVRZLH5QI  9JO]XU9HUZLUNOLFKXQJVIRUPGHV*HEUDXFKPDFKHQVYRQHLQHUXQHFKWHQ8UNXQ GHQRFKXQWHQ7HLO,,,5Q²  



,,0HUNPDOHGHU8UNXQGH3HUSHWXLHUXQJV%HZHLVXQG*DUDQWLHIXQNWLRQ

,PMQJHUHQ6FKULIWWXPKDWVLFKHUIUHXOLFKHUZHLVHGLH²IDVWWULYLDOH²(LQ  VLFKWGXUFKJHVHW]WGDVVGLHXQHFKWH8UNXQGHGLH0HUNPDOHGHV%HJULIIVGHU HFKWHQ8UNXQGHQLFKWZLUNOLFKVRQGHUQQXUGHP$QVFKHLQQDFKHUIOOW'LH XQHFKWH8UNXQGHLVWHLQHVFKHLQEDUHFKWH8UNXQGH1DFKGHQ*UXQGVlW ]HQ GHU VRJHQDQQWHQ *HLVWLJNHLWVWKHRULH JHEUDXFKW GHPQDFK HLQH XQHFKWH 8UNXQGHZHULP%HZHLVYHUNHKUGHQ$QVFKHLQHUZHFNWGLH$QIHUWLJXQJGHU DOVVROFKHYRUJHOHJWHQ.RSLHVHLYRQGHP$XVVWHOOHUGHVÅ2ULJLQDOV´DXWRUL VLHUW:HJHQGHUYRUJHVSLHJHOWHQ$XWRULVLHUXQJZLUGGLH.RSLHLP*UXQGH DOV$XVIHUWLJXQJGHV2ULJLQDOVDXVJHJHEHQ9RQGLHVHU(UNHQQWQLVVLQG DXFK5HFKWVSUHFKXQJXQGK/QLFKWZHLWHQWIHUQWZHQQVLHHLQH)RWRNRSLH GLH GHQ $QVFKHLQ HLQHV 2ULJLQDOV HUZHFNW DOV 8UNXQGH DQVHKHQ /HW]WOLFK JHKW HV QXU QRFK XP GLH .RQNUHWLVLHUXQJ ZDQQ JHQDX YRQ GHU (U]HXJXQJ GLHVHV $QVFKHLQV  JHVSURFKHQ ZHUGHQ NDQQ 8QG GDIU LVW GLH VSH]LILVFKH 6FKXW]IXQNWLRQ KLHU GHV 9HUERWV GHU 8UNXQGHQIlOVFKXQJ  YRQ DXVVFKODJ JHEHQGHU%HGHXWXQJ %LVGDWRZLUGDXFKGDV7HOHID[PLWGHPHLQHXUNXQGOLFKH(UNOlUXQJEHU D PLWWHOW ZLUG PHLVW QRFK QLFKW XQHLQJHVFKUlQNW DOV 8UNXQGH LP 6LQQH GHV †DQJHVHKHQ7DWVlFKOLFKLVWGDV)D[RIWQXUHLQHEHVRQGHUH)RUPGHU +HUVWHOOXQJHLQHU.RSLH'HU8QWHUVFKLHGOLHJWGDQQOHGLJOLFKLPÅ2UW´GHV $XVGUXFNV $OOHUGLQJVVLQGDXI GHU%DVLV GHU KHUN|PPOLFKHQ .RQ]HSWLRQ GLH)RWRNRSLHQYRQXUNXQGOLFKHQ(UNOlUXQJHQ QRFKQLFKWXQHLQJHVFKUlQNW DOV8UNXQGHQDQHUNHQQW6RQGHUIlOOHLQ5HFKQXQJ]XVWHOOHQGLHSUDNWLVFK KlXILJYRUNRPPHQ   1lKHU GD]X (UE LQ 0QFK.RPP6W*% † 5Q  V DXFK GHQV *$   *XVWDIVVRQ'LHVFKHLQEDUH8UNXQGH6IIHWSDVVLPVDXFK:HOS)6 6WUHH:HVVHOV6II=LHOLQVNL&5II  ,G6=LHOLQVNL&5II  9JOHWZD2/*6WXWWJDUW1-:IDXVGHP6FKULIWWXPVHWZD%HFN-$ %HFNHPSHU-X6I$QVFKHLQGHV$XWRULVLHUXQJVZLO OHQV  (PGH ZLVWUD    :HVVHOV+HWWLQJHU %7  5Q  † ,   IHUQHU.SHU%76I6WLFKZRUW8UNXQGH)RWRNRSLH PZ1  6GD]XHWZD2/*2OGHQEXUJ16W=I2/*=ZHLEUFNHQ1-: %HFN-$%HFNHPSHU-X6II5HQJLHU%7†5Q  =LHVFKDQJ LQ /. † 5Q II IHUQHU .SHU %7 6  I 6WLFKZRUW 8UNXQGH9HUYLHOIlOWLJXQJVVWFNH  PZ1 ² ,Q PDQFKHQ )lOOHQ GDV )D[ GHP %ULHIJOHLFKVWHOOHQGHWZD$U]W:HEHU+HLQULFK+LOJHQGRUI%7†5Q  9JO]XHLQHPVROFKHQ)DOOHWZD2/*2OGHQEXUJ16W=IP|JOLFKHU ZHLVH GXUFK HLQH &ROODJH DOV )D[YRUODJH EHLP (PSIlQJHU HU]HXJWH IDOVFKH %H VFKHLQLJXQJ  ² 6RZHLW GHU PDQLSXOLHUHQGH $EVHQGHU PLW GHP $QNXQIWVID[ HU NOlUWHVH[LVWLHUHHLQHRUGQXQJVJHPl‰H2ULJLQDOYRUODJH KDQGHOWHVVLFKXPHLQH VXEVSHFLH†LUUHOHYDQWHVFKULIWOLFKH/JH]XHLQHUDQDORJHQ.RQVWHOODWLRQEHL GHU$QIHUWLJXQJHLQHU.RSLHYJOGHQ)DOO%*+16W=I  

7HLO8UNXQGHQIlOVFKXQJ† 

E F

G

H



)$// D$KDWHLQ)D[PLWHLQHU%HVWHOOXQJGLUHNWYRQVHLQHP3&DXV² TXDVLDOV%ULHI(UVDW]²YHUVFKLFNWÅ&RPSXWHU)D[´  8QWHUGLHVHQ8PVWlQGHQNDQQEHLP(PSIlQJHUEHUKDXSWQXUHLQH2UL JLQDO8UNXQGH DQNRPPHQ 'HQQ HV JLEW NHLQ XQPLWWHOEDU YLVXHOO ZDKU QHKPEDUHVÅ8UELOG´YRQGHPHLQEOR‰HV Å$EELOG´JHQRPPHQZRUGHQ VHLQ N|QQWH :LUG GXUFK EHVWLPPWH 3&0DQLSXODWLRQHQ GHV % GHU $ VFKDGHQP|FKWHGHUHQWVSUHFKHQGHIDOVFKH(LQGUXFNKHUYRUJHUXIHQHQWVWHKW HLQHXQHFKWH8UNXQGH )$// E $ KDW VLFKHUKHLWVKDOEHU IU VLFK VHOEVW DXFK HLQHQ $XVGUXFN JHIHUWLJWXQGGLHVHQDOV9RUODJHIUGLH%HVWHOOXQJSHU)D[YHUZHQGHW 'LHVHU$XVGUXFNKDWIULKQGLH)XQNWLRQGHV]X=HLWHQGHU6FKUHLEPD VFKLQHEOLFKHQ'XUFKVFKODJVIUGLHHLJHQHQ8QWHUODJHQ $XFKLQGLHVHP)DOONRPPWEHLP(PSIlQJHUVHOEVWYHUVWlQGOLFKHLQH2UL JLQDO 8UNXQGHDQ²ZDVVRQVWVROOWHGLHGRUWDXVJHGUXFNWHÅ%HVWHOOXQJGHV $´ VHLQ" 'HPHQWVSUHFKHQG HQWVWHKW ZLHGHUXP HLQH XQHFKWH 8UNXQGH ZHQQ % GXUFK JHVFKLFNWH 0DQLSXODWLRQHQ EHLP (PSIlQJHU JHQDX GLHVHQ IDOVFKHQ$QVFKHLQHUZHFNW $XI GHU %DVLV GLHVHU GXUFKDXV JlQJLJHQ .RQ]HSWLRQ LVW GHU 6FKULWW ]XU $QQDKPH HLQHU 8UNXQGHQIlOVFKXQJ LQ GHU )RUP GHV *HEUDXFKV HLQHU XQHFKWHQ 8UNXQGH LP )$// QLFKW PHKU ZHLW 'D GHU KHUYRUJHUXIHQH IDOVFKH(LQGUXFNHLQHV$XWRULVLHUXQJVZLOOHQVGHV$QVFKHLQVDXVVWHOOHUV IU GLH XQHFKWH 8UNXQGH DOV DXVUHLFKHQG DQJHVHKHQ ZLUG PXVV PDQ QXU VDJHQN|QQHQGDVVGHU$QVFKHLQVDXVVWHOOHUQDFK6DFKODJHPLWGHUPDQL SXODWLRQVIUHLHQ  5HSURGXNWLRQ VHLQHV LQ 9HUNHKU JHJHEHQHQ 2ULJLQDOV HLQYHUVWDQGHQZlUH'DVLVWJDUQLFKWVHOWHQGHU)DOO0DQGHQNHHWZDDQ GHQ 6WHXHUEHVFKHLG YRQ GHP LQ YHUVFKLHGHQHQ =XVDPPHQKlQJHQ .RSLHQ EHQ|WLJWZHUGHQRGHUDQ$UEHLWVXQGVRQVWLJH=HXJQLVVHGLHEOLFKHUZHL   6DFKOLFK EHUHLQVWLPPHQG LQVRIHUQ HWZD (UE LQ 0QFK.RPP6W*% † 5QYJODXFK=LHOLQVNL&5  6HOEVWYHUVWlQGOLFK JLEW HV LQ HLQHU JDQ] EHVWLPPWHQ 9HUN|USHUXQJVIRUP GLH YHUVFKLFNWH(UNOlUXQJJOHLFKVDPÅLP3&´6LHVWHOOWLQVRIHUQHLQHVXEVSHFLH† V ]X GLHVHU 6WUDIYRUVFKULIW QRFK XQWHQ 5Q ² D  VWUDIUHFKWOLFK HUIDVVWH HOHNWURQLVFKH8UNXQGHGDUGHUHQ,QKDOWVLFKGXUFKGLH7UDQVIRUPDWLRQLQHLQ² OHVEDUHV²)D[QLFKWYHUlQGHUW$OV8UNXQGHLVWHVYLHOPHKUGLHQlPOLFKH  6DFKOLFK EHUHLQVWLPPHQG LQVRIHUQ HWZD (UE LQ 0QFK.RPP6W*% † 5QYJODXFK=LHOLQVNL&5  =XHLQHPYHUJOHLFKEDUHQ)DOOVHWZD5DGWNH-X6I7LHPDQQ-X6   $QGHUV LQVRIHUQ DEHU ZRKO :HOS )6 6WUHH:HVVHOV 6   V IUHLOLFK GHQV DD26II  



,,0HUNPDOHGHU8UNXQGH3HUSHWXLHUXQJV%HZHLVXQG*DUDQWLHIXQNWLRQ

VH EHL YLHOHQ %HZHUEXQJHQLQ .RSLH YHUVDQGW ZHUGHQ+LHU NDQQ PDQ QDFK GHU 9HUNHKUVDXIIDVVXQJ YRQ HLQHU NRQNOXGHQWHQ (UPlFKWLJXQJ ]XU $Q IHUWLJXQJXQPDQLSXOLHUWHU.RSLHQDXVJHKHQ%HLHQWVSUHFKHQGHU0DQLSX ODWLRQZLUGGDQQVHOEVWYHUVWlQGOLFKHLQHXQHFKWH8UNXQGHKHUJHVWHOOWXQGEHL GHUHQ9RUODJHDXFKJHEUDXFKW ,QGHVVHQ NDQQ QDFK GHP REHQ 'DUJHOHJWHQ VHOEVW GDQQ QLFKWV DQGHUHV  JHOWHQ ZHQQ GLH $QIHUWLJXQJ HLQHU .RSLH DQ VLFK XQ]XOlVVLJ JHZHVHQ VHLQ VROOWH 6RZHLW RKQH 0DQLSXODWLRQ NRSLHUW ZLUG PDJGDV ]ZDU EHUHFKWLJWH ,QWHUHVVHQ GHV $XVVWHOOHUV RGHU 'ULWWHU YHUOHW]HQ 'LHVH ,QWHUHVVHQYHUOHW]XQJ lQGHUWMHGRFKQLFKWVDQGHPXUNXQGHQVWUDI UHFKWOLFKHQ%HIXQG'LH.RSLH LVW NHLQH 9HUN|USHUXQJ HLQHU QHXHQ (UNOlUXQJ GLH ² XP GLH =XVFKUHL EXQJGHUYHUN|USHUWHQ(UNOlUXQJ]XUHFKWIHUWLJHQ²GHUVHOEVWlQGLJHQ$XWRULVLH UXQJ EHGDUI 6LH LVW OHGLJOLFK HLQ 9HUYLHOIlOWLJXQJVVWFN GHU LQ GHU 9RUODJH YHUN|USHUWHQ (UNOlUXQJ XQG GHVKDOE JHQDXVR ZLH GLHVH QROHQV YROHQV DXWRPDWLVFKPLWDXWRULVLHUW :HU OHW]WOLFK LQ FRQFUHWR HLQ UHFKWOLFK DQ]XHUNHQQHQGHV ,QWHUHVVH GDUDQ  KDWNHLQH1DFKWHLOHGXUFKGHQEOR‰HQ6FKHLQHLQHU(UNOlUXQJ]XHUOHLGHQ LVW EHL DOOHGHP YROONRPPHQ EHODQJORV 'HU UDWLRRULHQWLHUW HQWZRUIHQH 8U NXQGHQEHJULIIXQWHUVFKHLGHWVLFKLQNHLQHU:HLVHZHQQHVHWZDGDUXPJHKW GDVV GHUMHQLJH GHP GHU HQWVSUHFKHQGH LUUHIKUHQGH ,QIRUPDWLRQVWUlJHU XQWHUEUHLWHWZLUGVHOEVWGDUDQLQWHUHVVLHUWLVWQLFKWDXIGHQEOR‰HQ6FKHLQ HLQHU(UNOlUXQJKHUHLQ]XIDOOHQRGHUGDUXPGDVVHLQ'ULWWHU]%GHU%HNODJ WH LQ HLQHP =LYLOSUR]HVV  GDUDQ LQWHUHVVLHUW LVW GLH (QWVFKHLGXQJVJUXQGODJH GHV *HULFKWV YRQ )DOVLILNDWHQ IUHL]XKDOWHQ %HLGH 0DOH VLQG HV GLHVHOEHQ $QIRUGHUXQJHQGLHHUIOOWVHLQPVVHQGDPLWHLQVFKXW]ZUGLJHV9HUPHL GHLQWHUHVVHWDQJLHUWVHLQNDQQ'XUFKZHJNRPPWHVQXUGDUDXIDQGDVVHLQ LQ SXQFWR $XVVWHOOHU LUUHIKUHQGHU Å,QGLNDWRU´ HQWVFKHLGXQJVUHOHYDQW ]XZHUGHQGURKW 1LFKWVDQGHUHVJLOWDEHUDXFKVRZHLWHVXPGDV,QWHUHVVHGHVVFKHLQED  UHQ$XVVWHOOHUVVHOEVWDQHLQHPNRUUHNWHQ=XRUGQXQJVWDWEHVWDQGJHKW'DV GUIWH XQEHVWUHLWEDU VHLQ IU GHQ )DOO GDVV GHU VFKHLQEDUH $XVVWHOOHU GXUFK HLQ )DOVLILNDW ]X HLQHP UHFKWVHUKHEOLFKHQ 9HUKDOWHQ YHUDQODVVW ZHUGHQ VROO ]%ZLHLP)$//GXUFKGLH9RUODJHHLQHUJHIlOVFKWHQ4XLWWXQJGD]XHLQH )RUGHUXQJQLFKWJHOWHQG]XPDFKHQ 8QGHUVWUHFKWJLOWGDVVHOEHZHQQHLQ 'ULWWHU]%HLQ5LFKWHU YHUDQODVVWZHUGHQVROO]XP1DFKWHLOGHVVFKHLQ EDUHQ$XVVWHOOHUV]XHQWVFKHLGHQ   =X HQJ LQVRIHUQ QRFK =LHOLQVNL &5    QRFK HQJHU :HOS )6 6WUHH:HVVHOV6II



7HLO8UNXQGHQIlOVFKXQJ† 



6RHEHQ ZXUGHQ GLH 0HUNPDOH GHV VWUDIUHFKWOLFKHQ 8UNXQGHQEHJULIIV L6 GHV† XQWHU5HNXUVDXIGHQ/HLWJHGDQNHQGHV,QWHUHVVHVDQULFKWLJHU =XVFKUHLEXQJEHVWLPPW'DEHLVWDQGHQ.RQVWHOODWLRQHQLP9RUGHUJUXQGLQ GHQHQ HLQ GHUDUWLJHV =XVFKUHLEXQJVLQWHUHVVH GHVKDOE WDQJLHUW VHLQ NRQQWH ZHLO GLH LQ )UDJH VWHKHQGH (UNOlUXQJ LP $X‰HQYHUKlOWQLV YRQ 5HFKWV ZHJHQVFKRQQLFKWPHKUDOVGLHGHVVFKHLQEDUHQ $XVVWHOOHUV]XJHOWHQ KDWWH'LHVRHQWZLFNHOWHQ0HUNPDOHVLQGDXFKDQJHPHVVHQVRZHLWHVXPGLH REHQ  7HLO ,  E]Z  5Q ²   HLQEH]RJHQH ,QWHQWLRQ GHV 6FKXW]HV GHV $XVVWHOOHUV YRU LP $X‰HQYHUKlOWQLV ELQGHQGHU 9HUIlOVFKXQJ VHLQHV ÅZDKUHQ´:LOOHQVJHKW'HQQGLHHU|UWHUWHQ0HUNPDOHGHU3HUSHWXLHUXQJV %HZHLVXQG*DUDQWLHIXQNWLRQLQLKUHUKLHUYRUJHQRPPHQHQ.RQNUHWLVLHUXQJ IKUHQ HUVLFKWOLFK DXFK PLW %OLFN DXI HLQHQ HWZD LQWHQGLHUWHQ 6FKXW] GHV $XVVWHOOHUV YRU HLQHU VHLQHQ ZLUNOLFKHQ :LOOHQ YHUIlOVFKHQGHQ %LQGXQJ  JUXQGVlW]OLFK]XHLQHPUDWLRJHUHFKWHQ(UJHEQLV)HKOWDXFKQXUHLQHVGHU JHQDQQWHQ(UIRUGHUQLVVHNDQQNHLQHXQHUZQVFKWH%LQGXQJJHUDGHDXIJUXQG HLQHVHQWVSUHFKHQGHQ,QIRUPDWLRQVWUlJHUVHLQWUHWHQ

D

'HILQLWLRQGHUHUIRUGHUOLFKHQ*DUDQWLHIXQNWLRQ 'LH *DUDQWLHIXQNWLRQ HUIRUGHUW GDVV GHU $XVVWHOOHU GHU YHUN|USHUWHQ (UNOlUXQJ HUNHQQEDU LVW ² HQWZHGHU ZHLO HU LQ GHU 8UNXQGH VHOEVW EH ]HLFKQHWZLUGRGHUZHLOHUVLFKDXVGHQ8PVWlQGHQHUJLEW $XVVWHOOHULVWQLFKWZHUGLH8UNXQGHN|USHUOLFKKHUVWHOOWVRQGHUQGHU MHQLJH GHP GDV LQ SHUSHWXLHUWHU )RUP (UNOlUWH DOV HLJHQH (UNOlUXQJ ]XJHUHFKQHWZLUG

III. Formen der Tatbestandsverwirklichung  'LH 6DQNWLRQVQRUP GHV † HQWKlOW GUHL %HJHKXQJVIRUPHQ GLH DXI GHQ HUVWHQ %OLFN LVROLHUW QHEHQHLQDQGHU VWHKHQ DEHU EHL JHQDXHUHU $QDO\VH JH PHLQVDPH *UXQGODJHQ DXIZHLVHQ ,P *HVHW] YHUDQNHUW LVW GLHVHU LQQHUH =XVDPPHQKDQJLPPHUKLQGXUFKGHQ7RSRVGHUXQHFKWHQRGHUYHUIlOVFK WHQ 8UNXQGH  %HL GHU 9HUZLUNOLFKXQJVIRUP GHV +HUVWHOOHQV HLQHU XQHFKWHQ 8UNXQGH GHP HLJHQWOLFKHQ )lOVFKHQ  IKUW GLH 7DWKDQGOXQJ ]XP (UJHEQLV HLQHU XQHFKWHQ8UNXQGH²GHVJOHLFKHQEHLP9HUIlOVFKHQZHQQPDQYRQGHP² PLW 5HFKW XPVWULWWHQHQ ² 3UREOHPEHUHLFK GHU Å9HUIlOVFKXQJ´ GXUFK GHQ $XVVWHOOHUVHOEVWDEVLHKW XQGEHLGHU7DWKDQGOXQJVIRUPGHV*HEUDXFKHQV   6GD]XVFKRQREHQ7HLO,5Q² IHUQHUQRFKXQWHQ5Q²





,,,)RUPHQGHU7DWEHVWDQGVYHUZLUNOLFKXQJ

PXVV GHUHQ *HJHQVWDQG HLQH XQHFKWH E]Z YHUIlOVFKWH  8UNXQGH VHLQ ,QGHVVHQ GDUI GLHVHU %HIXQG QLFKW GDUEHU KLQZHJWlXVFKHQ GDVV LQ GHU .RQVWUXNWLRQ GHV WDWEHVWDQGOLFKHQ 8QUHFKWV ² LQVEHVRQGHUH ]ZLVFKHQ GHQ 9HUZLUNOLFKXQJVIRUPHQGHV)lOVFKHQVXQGGHV9HUIlOVFKHQVHLQHUVHLWVXQG GHU 9HUZLUNOLFKXQJVIRUP GHV *HEUDXFKHQV DQGHUHUVHLWV ² JUDYLHUHQGH 8QWHUVFKLHGHEHVWHKHQ 1. Herstellen einer unechten Urkunde 3URGXNWGHU7DWKDQGOXQJGHV+HUVWHOOHQVHLQHUXQHFKWHQ8UNXQGHPXVV²  VFKRQ QDFK GHP LQVRZHLW NODUHQ :RUWODXW GHV *HVHW]HV ² HLQH XQHFKWH 8UNXQGHVHLQ'LH$UWXQG:HLVHVRZLHGLHQlKHUHQ8PVWlQGHGHU+HUVWHO OXQJVSLHOHQGDEHLIUGDVVSH]LILVFKWDWEHVWDQGOLFKH8QUHFKWMHGHQIDOOVLQGHU 5HJHO NHLQH 5ROOH $QJHOSXQNW IU GLH WDWEHVWDQGOLFKH (UIDVVXQJVEUHLWH LVW YLHOPHKU GDV (UJHEQLV GHU +HUVWHOOXQJ DOV VSH]LILVFKHU Å(UIROJVXQZHUW´ GHU 8UNXQGHQIlOVFKXQJGLHXQHFKWH8UNXQGH %H]XJVSXQNWGLHVHV5HODWLRQVEHJULIIVLVWGLHHFKWH8UNXQGH1DFKJHOlX  ILJHU'HILQLWLRQLVWHLQH8UNXQGHHFKWZHQQVLHYRQGHPMHQLJHQVWDPPWGHU DOV 8UKHEHU GHU YHUN|USHUWHQ (UNOlUXQJ HUVFKHLQW (LQH 8UNXQGHLVW GDQDFK XQHFKW ZHQQ VLH GHQ $QVFKHLQ HUZHFNW YRQ HLQHP DQGHUHQ DOV LKUHP ZLUNOLFKHQ$XVVWHOOHUKHU]XUKUHQ =XU .ODUVWHOOXQJ VHL KLHU QRFKPDOV DXI GLH EHUHLWV REHQ 5QI XQG  5Q  KHUYRUJHKREHQH (LQVLFKW DXIPHUNVDP JHPDFKW GDVV GLH XQHFKWH 8UNXQGH GLH 0HUNPDOH GHU HFKWHQ  8UNXQGH QLFKW ZLUNOLFK VRQGHUQ QXU GHP$QVFKHLQQDFKHUIOOW(QWVFKHLGHQGLVWDOOHLQREDXVÅ2SIHUVLFKW´GHU $QVFKHLQ HLQHU HFKWHQ  8UNXQGH HU]HXJW ZLUG %HL GHU 3UIXQJ GHV +HUVWHOOHQVHLQHUXQHFKWHQ8UNXQGHLVWHVGHVKDOEYHUIHKOWZHQQYHUEUHLWHWLQ HLQHPHUVWHQ3UIXQJVVFKULWWXQWHUVXFKWZLUGREHLQEHVWLPPWHV+DQGOXQJV SURGXNWGHQ$QIRUGHUXQJHQGHV²PLW%OLFNDXIGLHHFKWH8UNXQGHHQWZLFNHO WHQ²8UNXQGHQEHJULIIVZLUNOLFK JHQJWXQGQDFK%HMDKXQJGHVVHQVRGDQQ LQHLQHP]ZHLWHQ6FKULWWGLH)HVWVWHOOXQJHUIROJWGDVVGLHVH8UNXQGHXQHFKW VHL(LQVROFKHU*HGDQNHQJDQJOHLGHWDQHLQHPLQQHUHQ:LGHUVSUXFKZHLOGLH XQHFKWH 8UNXQGH GHQ $QIRUGHUXQJHQ GLH DQ HLQH HFKWH  8UNXQGH ]X   1lKHU ]XP 9HUKlOWQLV GHU HLQ]HOQHQ 9HUZLUNOLFKXQJVIRUPHQ QRFK XQWHQ  7HLO 9,5Q²   =X JHZLVVHQ LQVRZHLW SUREOHPDWLVFKHQ .RQVWHOODWLRQHQ WDWEHVWDQGOLFK PLVV ELOOLJWHQ9HUKDOWHQVVDEHUQRFKXQWHQ5Q²YJODXFKXQWHQ5QII  9JOQXU&UDPHU+HLQHLQ6FK|QNH6FKU|GHU†5Q.SHU%76I 6WLFKZRUW8UNXQGHXQHFKWH :HVVHOV+HWWLQJHU%75Q†,,,  

7HLO8UNXQGHQIlOVFKXQJ† 









VWHOOHQVLQGJHUDGHQLFKWJHQJWXQGEHLUDWLRRULHQWLHUWHU%HWUDFKWXQJDXFK QLFKW]XJHQJHQEUDXFKW6LHWlXVFKWHEHQQXUYRUHLQHHFKWH 8UNXQGH ]XVHLQ (LQH VDFKJHUHFKWH 3UIXQJ GHV +HUVWHOOHQV HLQHU XQHFKWHQ 8UNXQGH PXVVGHP5HFKQXQJWUDJHQ'HVKDOENDQQGHUHUVWH3UIXQJVDEVFKQLWWQXU GDUDXI DE]LHOHQ ]X NOlUHQ RE HLQ EHVWLPPWHV +DQGOXQJVSURGXNW GHP $Q VFKHLQQDFKGHQ$QIRUGHUXQJHQGHUHFKWHQ8UNXQGHJHQJW7ULIIWGDV]X NDQQ VRGDQQ GHU )UDJH QDFKJHJDQJHQ ZHUGHQ RE GLHVHU $QVFKHLQ WUJW XQGHLQH,GHQWLWlWVWlXVFKXQJEHUGHQHLJHQWOLFKHQ$XVVWHOOHUYRUOLHJW :LUKDEHQREHQ7HLO,5Q² DOVGHQJHPHLQVDPHQ1HQQHUGHU QDFK†JHVFKW]WHQ,QWHUHVVHQGDV,QWHUHVVHDQNRUUHNWHU:LHGHUJDEH ,QGLNDWLRQ  GHV ZLUNOLFKHQ $XVVWHOOHUZLOOHQV EHQDQQW .RQNUHW N|QQHQ GDKLQWHU ,QWHUHVVHQ GHVMHQLJHQ VWHKHQ GHU PLW GHP LQVRZHLW LUUHIKUHQGHQ :LHGHUJDEHWUlJHUNRQIURQWLHUWZHUGHQVROODEHUDXFKVROFKHGHVVFKHLQEDUHQ $XVVWHOOHUV VHOEVW RGHU DQGHUHU 3HUVRQHQ 'LHVH ,QWHUHVVHQ SRWHQWLHOO QDFKWHLOLJ%HWURIIHQHUVLQGJUXQGVlW]OLFKJOHLFKZHUWLJXQGJHJHEHQHQIDOOVMH IU VLFK WUDJIlKLJ GDV VSH]LILVFKH 8QUHFKW GHU 8UNXQGHQIlOVFKXQJ ]X EH JUQGHQ 'HPQDFK LVW HLQH 8UNXQGH MHGHQIDOOV GDQQ DOV XQHFKW DQ]XVHKHQ ZHQQ VLFKGHUHUNHQQEDUH$XVVWHOOHUGLHLQGHU8UNXQGHYHUN|USHUWH(UNOlUXQJ ²QDFKQRUPDWLYHQ.ULWHULHQ²LP$X‰HQYHUKlOWQLVVFKRQQLFKWPHKUDOV GLH VHLQH ]XUHFKQHQ ODVVHQ PXVV XQG GHVKDOE GHU VLFK DP EOR‰HQ 6FKHLQ 2ULHQWLHUHQGHHQWVSUHFKHQGIHKOJHOHLWHWZLUG'LH%HJULIIHGHU(FKWKHLWXQG GHU 8QHFKWKHLW HUZHLVHQ VLFK GDEHL DOV YRP ]XWUHIIHQGHQ $XVVWHOOHUYHU VWlQGQLVDEKlQJLJ 2E GLH (UNOlUXQJ VHOEVW LQKDOWOLFK GHU :DKUKHLW HQWVSULFKW RGHU QLFKW VSLHOWNHLQH5ROOH:HUEOR‰VFKULIWOLFKOJWVLFKDEHU]XGHUHQWVSUHFKHQ GHQ$XVVDJHDOV$XVVWHOOHUEHNHQQWVWHOOWGHVKDOEHLQHHFKWH8UNXQGHKHU XQGPDJ]ZDUGDV8QUHFKWDQGHUHU'HOLNWH²HWZDGHV%HWUXJHV²YHUZLUNOL FKHQ EHJHKW DEHU NHLQH 8UNXQGHQIlOVFKXQJ 0LW HLQHU IU GDV 8QUHFKW GHU +HUVWHOOXQJHLQHUXQHFKWHQ8UNXQGHHQWVFKHLGHQGHQ,GHQWLWlWVWlXVFKXQJ EHU GHQ $XVVWHOOHU KDEHQ ZLU HV GDJHJHQ VHOEVW GDQQ ]X WXQ ZHQQ GDV (UNOlUWHLQKDOWOLFK]XWULIIWGLHYHUN|USHUWH(UNOlUXQJDEHUJHUDGHQLFKWDOVGLH GHVDXVJHZLHVHQHQ$XVVWHOOHUVDXI]XIDVVHQLVW   6GD]XVFKRQREHQ7HLO,5Q²   'LHVHV$XVVWHOOHUYHUVWlQGQLVHUZHLVWVLFKVHLQHUVHLWVDOV)XQNWLRQGHU]XHUIDVVHQ GHQVSH]LILVFKHQ5HFKWVJWHUVFKXW]LQWHUHVVHQ²=XUYRUKHUUVFKHQGHQVRJHQDQQ WHQ *HLVWLJNHLWVWKHRULH *HJHQVDW] .|USHUOLFKNHLWVWKHRULH  YJO VFKRQ REHQ 5Q²

 



,,,)RUPHQGHU7DWEHVWDQGVYHUZLUNOLFKXQJ

6RYHUKlOWHVVLFKREHQEHL)$//  ,QGLHVHP)DOOKDWWHGHU6FKXOGQHU6 VHLQH6FKXOGEHJOLFKHQMHGRFKYHUVlXPWVLFKHLQH4XLWWXQJJHEHQ]XODVVHQ 'DHUEHIUFKWHWHYRQGHP(UEHQGHVYHUVWRUEHQHQ*OlXELJHUVQRFKPDOVLQ $QVSUXFKJHQRPPHQ]XZHUGHQIHUWLJWHHUVHOEVWHLQHHQWVSUHFKHQGH4XLW WXQJDQXQGXQWHU]HLFKQHWHPLWGHP1DPHQGHV*OlXELJHUV 'DULQOlJHVHOEVWGDQQQRFKHLQH8UNXQGHQIlOVFKXQJZHQQGHU*OlXELJHU WDWVlFKOLFKHLQH4XLWWXQJDQJHIHUWLJWKDEHQVROOWHGLHDEHULUJHQGZLHYHUORUHQ JHJDQJHQZlUH=ZDUOLH‰HVLFKEHLGLHVHU6DFKODJHVDJHQGLHYRP6FKXOG QHUDQJHIHUWLJWH4XLWWXQJGRNXPHQWLHUHGRFKHLQH(UNOlUXQJGLHGHU*OlXEL JHU DEJHJHEHQ KDEH XQG ]X GHU HU VLFK YRQ 5HFKWV ZHJHQ DXFK EHNHQQHQ PVVH'LH4XLWWXQJVFKHLQWGHVKDOEDXIGHQHUVWHQ%OLFNHLQHQYHUJOHLFKEDU ]XWUHIIHQGHQ =XRUGQXQJVWDWEHVWDQG ]X VFKDIIHQ ZLH ZLU LKQ EHL GHQ hEHUOHJXQJHQ ]XU $QHUNHQQXQJ GHU )RWRNRSLH DOV 8UNXQGH NHQQHQJH OHUQWKDEHQ6FKOLH‰OLFKKlWWHMDGHU*OlXELJHUGHQ6FKXOGQHUHUPlFKWLJHQ N|QQHQLQRGHUPLWVHLQHP1DPHQDOV9HUWUHWHU]XTXLWWLHUHQ %HL JHQDXHUHU %HWUDFKWXQJ ]HLJHQ VLFK LP 9HUKlOWQLV ]X GLHVHU 9DULDQWH XQG]XP)DOOGHU)RWRNRSLHGLHGHU6FKXOGQHUYRQGHUHFKWHQ 4XLWWXQJ YRUVRUJOLFKDQIHUWLJWHQWVFKHLGXQJVHUKHEOLFKH8QWHUVFKLHGH7DWVlFKOLFKIHKOW HVLP)DOOGHUHLJHQPlFKWLJHQ4XLWWXQJVSURGXNWLRQDQHLQHP]XWUHIIHQ GHQ =XRUGQXQJVWDWEHVWDQG XQG ZLUG GHVKDOE DXFK GDV VXE VSHFLH † UHOHYDQWH,QWHUHVVHDQULFKWLJHU=XVFKUHLEXQJYHUOHW]W'HQQVHOEVWZHQQ GHU *OlXELJHU WDWVlFKOLFK HLQH HQWVSUHFKHQGH (UNOlUXQJ DEJHJHEHQ KDEHQ VROOWH ZLUG GXUFK GHQ 6FKXOGQHU LP %HLVSLHOVIDOO QLFKW GLHVH (UNOlUXQJ SHUSHWXLHUWZLHQRFKLP)DOOHGHU.RSLHHLQHUHFKWHQ8UNXQGH 9LHOPHKU ZLUGYRQHLQHPDQGHUHQDOVGHPDXVJHZLHVHQHQ$XVVWHOOHUVHOEVWHLQHLQKDOW OLFKHQWVSUHFKHQGH(UNOlUXQJ²ZLHEHLGHU$EVFKULIW²SURGX]LHUWXQG GDPLW EHU GHUHQ $XVVWHOOHU JHWlXVFKW :LH LP )DOOH GHU +HUVWHOOXQJ HLQHU $EVFKULIW NDQQ DOV Å*DUDQW´ L6 GHVMHQLJHQ GHU GLH NRQNUHWH YHUN|USHUWH (UNOlUXQJDOVGLHVHLQHJHOWHQODVVHQPXVVDQGHUVDOVEHLGHU.RSLH DOOHLQ GHU6FKXOGQHUDXIJHIDVVWZHUGHQ ,QVRIHUQ HUZHLVW VLFK GLH Å8QHFKWKHLW´ L6 GHU 7lXVFKXQJ EHU GHQ $XVVWHOOHU DEHULP*UXQGHDOVHLQJDQ]VSH]LHOOHU)DOOGHU²DQVRQVWHQYRQ   )U GLHVHQ )DOO L( EHUHLQVWLPPHQG HWZD (UE LQ 0QFK.RPP6W*% † 5Q3XSSH-XUD:HVVHOV+HWWLQJHU%75Q†,,,   6GD]XREHQ5Q²  9RQGHP6RQGHUIDOOLQGHPGLH(UNOlUXQJDXILKUHVWRIIOLFKH*UXQGODJHLQKDOWOLFK EH]RJHQLVWZLH]%EHLHLQHU)DKUNDUWH XQGGHVKDOEGLH$QIHUWLJXQJHLQHU.RSLH QLFKW ]XP (UJHEQLV HLQHU HFKWHQ VRQGHUQ GHP HLQHU XQHFKWHQ 8UNXQGH IKUW VROO KLHU DEJHVHKHQ ZHUGHQ YJO GD]X IUHLOLFK XQWHQ 5QI LP .RQWH[W GHU )lOVFKXQJEHZHLVHUKHEOLFKHU'DWHQ 









7HLO8UNXQGHQIlOVFKXQJ† 

†QLFKWHUIDVVWHQ²VFKULIWOLFKHQ/JH)UGDV8QUHFKWGHU8UNXQGHQ IlOVFKXQJJHQJWHEHQQLFKWLUJHQGHLQHVFKULIWOLFKH/JHVRQGHUQQRWZHQGLJ LVW HLQH ,UUHIKUXQJ EHU GHQ WDWVlFKOLFKHQ $XVVWHOOHU LQ *HVWDOW HLQHU ² UHJHOPl‰LJ LPSOL]LWHQ ² VFKULIWOLFKHQ/JH (LQH 8UNXQGH GLH XQWHU NHLQHP $VSHNWHLQHVFKULIWOLFKH/JHHQWKlOWNDQQGDJHJHQQLHPDOVXQHFKWVHLQ6R JHVHKHQLVWGLH$XVVDJHHLQHVFKULIWOLFKH/JHVHLNHLQH8UNXQGHQIlOVFKXQJ ]ZDU UHFKW HLQSUlJVDP DEHU QLFKW QXU YLHO ]X JURE VRQGHUQ QDFKJHUDGH IDOVFK 'LH )UDJH HLQHU DOV ,GHQWLWlWVWlXVFKXQJ EHU GHQ HLJHQWOLFKHQ $XVVWHOOHU]XEHJUHLIHQGHQVFKULIWOLFKHQ/JHVWHOOWVLFKDXFKLQ  )$//  'HUNOlUWHVLFKJHJHQEHU+JHJHQ(QWJHOW]XU+LOIHVWHOOXQJEHL GHU /|VXQJ GHU .ODXVXUHQ IU GLH =ZHLWH -XULVWLVFKH 6WDDWVSUIXQJ EHUHLW (U HUKLHOW KHLPOLFK GLH $XIJDEHQWH[WH ]XJHVSLHOW XQG OLHIHUWH DXI QLFKW SDJLQLHUWHQ %OlWWHUQ GLH /|VXQJVYRUVFKOlJH + VHOEVW EUDFKWH VR GDQQQRFKHLQLJHbQGHUXQJHQDQQXPPHULHUWHGLH%OlWWHUXQGYHUVDKVLH PLWVHLQHU3ODW]]LIIHU6RGDQQXPVFKORVVHUGLH%OlWWHUPLWGHPDPWOLFKHQ .RSIERJHQ DXI GHQ HU ]XYRU HEHQIDOOV HLJHQKlQGLJ GLH .HQQ]LIIHU JH VFKULHEHQKDWWHXQGJDEGDV*DQ]HDOVHLJHQH.ODXVXUGHU$XIVLFKWDE  ,QGHPVLFK+LQGLHVHP)DOOGLHLQGHQ/|VXQJVYRUVFKOlJHQGHV'HQWKDO WHQHQ(UNOlUXQJHQLQGHUJHVFKHKHQHQ:HLVH]XHLJHQPDFKWOJWHULPPHU KLQ NRQNOXGHQW LQVRIHUQ DOV HU VLH IlOVFKOLFK DOV VHLQH JHLVWLJH /HLVWXQJ DXVJLEW 'DULQ DOOHLQ NDQQ DEHU QRFK NHLQH GLH (FKWKHLW EHWUHIIHQGH ,GHQWL WlWVWlXVFKXQJHUEOLFNWZHUGHQ'HQQLQVRZHLWYHUKlOWHVVLFKQLFKWDQGHUVDOV ZHQQMHPDQGEHLHLQHU.ODXVXUDEVFKUHLEWRGHUYRUJHVDJWEHNRPPWZDVHU VFKUHLEHQVROO'HU3UIOLQJZLUGXQWHUGHQJHJHEHQHQ8PVWlQGHQVHOEVW ]XP Å$XVVWHOOHU´ GHU $UEHLW XQG VWHKW DOV *DUDQW KLQWHU GHU XUNXQGOLFKHQ (UNOlUXQJ'LHNRQNOXGHQWH%HKDXSWXQJHUKDEHGLH/|VXQJVHOEVWHUDUEHL WHWHQWEHKUWOHGLJOLFKGHU:DKUKHLW'DPLWVFKHLGHWHLQH8UNXQGHQIlOVFKXQJ DQVLFKDXV   'DVVVLFKGLH)lOVFKXQJXQGEHLNRUUHNWHU$XVVWHOOHUDQJDEH GLHYRQ†QLFKW HUIDVVWHVFKULIWOLFKH/JHDOOHLQLP*HJHQVWDQGQLFKWDEHULQGHU6WUXNWXUXQWHU VFKHLGHQZHLOEHLGHU)lOVFKXQJGLH(UNOlUXQJEHUGHQ$XVVWHOOHUHLQHVFKULIWOL FKH /JHLVWZLUG]XWUHIIHQGKHUDXVJHVWULFKHQEHL6DPVRQ-$I  (VKDQGHOWVLFKGDEHLXPHLQHXUNXQGHQVWUDIUHFKWOLFKLUUHOHYDQWH7lXVFKXQJEHU GLHÅ(LJHQJHLVWLJNHLW´GHU/HLVWXQJPLW 5HFKW EHWRQWYRQ6DPVRQLQ6.6W*% /IJ)HE†5QYJODXFK%D\2E/*1-:3XSSH -5GLHV-=  %LVZHLOHQZLUGLQVROFKHQ)lOOHQEHUHLWVGLH8UNXQGHQTXDOLWlWGHU/|VXQJVQLHGHU VFKULIWYHUQHLQWZHLOGLHVHNHLQHXQPLWWHOEDU5HFKWVZLUNXQJHQHU]HXJHQGH(UNOl UXQJEHLQKDOWHW]XHLQHPVROFKHQYHUHQJWHQ9HUVWlQGQLVGHV8UNXQGHQEHJULIIVV HWZD (UE LQ 0QFK.RPP6W*% † 5Q  -DNREV 8UNXQGHQIlOVFKXQJ 6 IP)Q ²9JOGD]XEHUHLWVREHQ5QDII 



,,,)RUPHQGHU7DWEHVWDQGVYHUZLUNOLFKXQJ

)UDJOLFK NDQQ DEHU VHLQ RE QLFKW YLHOOHLFKW ZHJHQ GHU YRUDXVJHVHW]WHQ (LJHQKlQGLJNHLW LQ GHU hEHUQDKPH GHV IUHPGJHVFKULHEHQHQ 7H[WHV HLQH DXVUHLFKHQGH 7lXVFKXQJ EHU GLH ,GHQWLWlW GHVMHQLJHQ ]X VHKHQ LVW GHU GHQ7H[WHLJHQKlQGLJJHVFKULHEHQKDW0LWGLHVHU3UREOHPDWLNKDWPDQ HVDXFKLQIROJHQGHQ)lOOHQ]XWXQ )$//  $VHW]WHDXI%LWWHQGHVVFKZHUNUDQNHQ7IUGLHVHQHLQÅ7HVWD PHQW´ DXI XQG XQWHU]HLFKQHWH PLW VHLQHP 1DPHQ XQG GHP =XVDW] ÅL9´ )$//  :LH LP )DOO ]XYRU PLW GHU 0D‰JDEH GDVV $ VLFK EHPKWH GLH +DQGVFKULIWGHV 7 QDFK]XDKPHQ XQG PLWGHVVHQ1DPHQ RKQH MHJOL FKHQ=XVDW]XQWHU]HLFKQHWH )$//  :LH LP )DOO ]XYRU PLW GHU 0D‰JDEH GDVV 7 LPPHUKLQ QRFK VHOEVWXQWHUVFKULHE ,P )$//  OLHJW OHGLJOLFK HLQ IRUPXQJOWLJHV 7HVWDPHQW YRU YJO † $EV  %*%  (LQH ,GHQWLWlWVWlXVFKXQJ EHU GHQ $XVVWHOOHU IHKOW GDJHJHQ XQWHU MHGHP HUGHQNOLFKHQ $VSHNW 'DJHJHQ HQWVWHKW LP )$//  LPPHUKLQ GHU XQ]XWUHIIHQGH (LQGUXFN HLQHV JOWLJHQ L6Y HLJHQKlQGLJ JHVFKULHEHQHQ XQG XQWHUVFKULHEHQHQ  7HVWDPHQWV ,Q GLHVHP )DOO JHKW PDQ PLW %OLFN DXI GHQ IDOVFKHQ (LQGUXFN LQ %H]XJ DXI GLH (LJHQKlQGLJNHLW GHU 8QWHUVFKULIW ZHLWKLQ YRQ HLQHU IU † DXVUHLFKHQGHQ ,GHQWLWlWVWlX VFKXQJEHUGHQ$XVVWHOOHUDOVGHQ²YRUDXVVHW]XQJVJHPl‰²HLJHQKlQGLJ 8QWHU]HLFKQHQGHQ DXV 'LHVH (LQVFKlW]XQJ LVW DOOHUGLQJV VFKZHUOLFK LQ (LQNODQJ ]X EULQJHQ PLW GHU$QQDKPHLP)$//OLHJHNHLQHDXVUHLFKHQGH,GHQWLWlWVWlXVFKXQJYRU 'HQQ XQWHU GHP $VSHNW GHU ,UUHIKUXQJ EHU GHQ WDWVlFKOLFKHQ $XVVWHOOHU DOVGHVYRUDXVVHW]XQJVJHPl‰HLJHQKlQGLJ(UNOlUHQGHQ GUIWH]ZLVFKHQGHQ )b//(1 XQGZRKOJHUDGHNHLQ8QWHUVFKLHGDXV]XPDFKHQVHLQ-HGHQ IDOOV]lKOHQHLJHQKlQGLJHV6FKUHLEHQXQGHLJHQKlQGLJHV8QWHUVFKUHLEHQ XQWHUGHP*DUDQWLHDVSHNWGHV†$EV%*%JOHLFKYLHO²'HUÅZDKUH´ :LOOH GHV 7HVWDWRUV VROO GDQDFK QXU GDGXUFK LQ UHFKWOLFK UHOHYDQWHU :HLVH   =XPLQVRZHLWEHVWHKHQGHQ6WUHLWYJOHWZD+R\HULQ6.6W*%/IJ-XOL †5QII=LHVFKDQJLQ/.†5QIIVDXFK2/*2OGHQEXUJ-5 ]XPHLJHQKlQGLJHQ/HEHQVODXI   9JO HWZD &UDPHU+HLQH LQ 6FK|QNH6FKU|GHU † 5Q .XGOLFK %7 ,, ² 3UIHGHLQ:LVVHQ6I]X)UDJHQI 0DXUDFK6FKURHGHU0DLZDOG%7 †5QI=LHVFKDQJLQ/.†5Q  6RDEHUGLHLQGHUYRUKHUJHKHQGHQ)Q*HQDQQWHQYJO HUJlQ]HQG6FKURHGHU -X6NULWLQVRIHUQPLW5HFKW3XSSH-5IIYJODXFKGLHV-XUD    DXI GLH ,QNRQVHTXHQ] GHU K0 ZHLVW GHXWOLFK 6WHLQPHW] (FKW KHLWVEHJULII6IKLQ 







 



7HLO8UNXQGHQIlOVFKXQJ† 

YHUN|USHUWZHUGHQN|QQHQGDVVHUHLJHQKlQGLJJHVFKULHEHQXQGXQWHUVFKULH EHQ QLHGHUJHOHJW ZLUG ,Q EHLGHQ )lOOHQ ZLUG VR JHVHKHQ JOHLFKHUPD‰HQ HLQ VROFKHU QRUPDWLY PD‰JHEOLFKHU ÅZDKUHU´ $XVVWHOOHUZLOOH DOV WDWVlFKOLFK YRUKDQGHQ YRUJHWlXVFKW 'DVV GHP]XIROJH DXFK GHU 7HVWDWRU ÅVHLQ´ 7HVWDPHQWL6GHV†IlOVFKHQNDQQPDJYLHOOHLFKWDXIGHQHUVWHQ%OLFN DOV SUREOHPDWLVFK HUVFKHLQHQ LVW DEHU YRU GHP +LQWHUJUXQG GHU VSH]LIL VFKHQ6FKXW]LQWHUHVVHQQLFKWV8QJHZ|KQOLFKHV  9RU GHP +LQWHUJUXQG GHV %LVKHULJHQ HUVFKHLQHQ GLH )lOOH GHV =ZDQJV XQG GHU 7lXVFKXQJ JHJHQEHU GHP 8QWHU]HLFKQHQGHQ MHGHQIDOOV GDQQ DOVNODUH)lOOHGHU+HUVWHOOXQJHLQHUXQHFKWHQ8UNXQGHPDQN|QQWHVDJHQLQ ÅPLWWHOEDUHU7lWHUVFKDIW´ ZHQQGHU*HWlXVFKWHRGHU*H]ZXQJHQHDQGLH (UNOlUXQJJHUDGHZHJHQGHU7lXVFKXQJRGHUGHV=ZDQJVQLFKWJHEXQGHQ LVW 'HQQ XQWHU GLHVHU 9RUDXVVHW]XQJ ZLUG GHUMHQLJH GHU VLFK DQ GHP Å,QGLNDWRU´ RULHQWLHUW LUUHJHOHLWHW (QWJHJHQ GHP SURGX]LHUWHQ $QVFKHLQ PXVVGHU8QWHU]HLFKQHQGHQDFKQRUPDWLYHQ.ULWHULHQGLHPDQXHOODQJHIHUWLJ WH(UNOlUXQJJDUQLFKWDOVGLHVHLQHJHOWHQODVVHQ  'DVVRHEHQ*HVDJWHJLOWHUVLFKWOLFKIUGLH²SUDNWLVFKZHQLJHUEHGHXWVD PHQ ² )lOOH GHU YLV DEVROXWD HWZD ZHQQ GLH +DQG EHL GHU Å8QWHUVFKULIW´ ]ZDQJVZHLVH JHIKUW ZLUG  XQG GLH ² SUDNWLVFK ZRKO KlXILJHUHQ ² 7lX VFKXQJVIlOOH LQ GHQHQ GLH (UNOlUXQJ HR LSVR XQZLUNVDP LVW (V JLOW HQWJHJHQYHUEUHLWHWHU$XIIDVVXQJDEHUDXFKGDQQZHQQGLHHU]ZXQJHQHRGHU GXUFK 7lXVFKXQJ EHZLUNWH (UNOlUXQJ ÅQXU´ DQJHIRFKWHQ ZHUGHQ NDQQ   ,G62/*'VVHOGRUI1-:]XVW2KU-X6²=XU.ULWLNDQ GLHVHU (QWVFKHLGXQJ YJO /DFNQHU.KO † 5Q 0RKUERWWHU 1-:   5KHLQHFN )lOVFKXQJVEHJULII XQG *HLVWLJNHLWVWKHRULH 6  6FKURHGHU -X6   1lKHU ]XU 3UREOHPDWLN UHFKWOLFK XQ]XOlVVLJHU YHUGHFNWHU 6WHOOYHUWUH WXQJDXFK6WHLQPHW](FKWKHLWVEHJULII6IIPZ1  9JO GLH HQWVSUHFKHQGHQ hEHUOHJXQJHQ EHL 7U|QGOH LQ /. † 5Q ÅVHOWVDPHV (UJHEQLV´ LQ GHU 6DFKH lKQOLFK =LHVFKDQJ LQ /. † 5Q  6FKURHGHU-X6Å6ROOGHU(UEODVVHU)lOVFKHUJHZHVHQVHLQREZRKOHU GDV 7HVWDPHQW XQWHUVFKULHEHQ KDW"´ ² $XI GHU ]XWUHIIHQGHQ /LQLH GHV 7H[WHV GDJHJHQHWZD-DNREV8UNXQGHQIlOVFKXQJ6I  =XU ,UUHOHYDQ] GHV (LQYHUVWDQGHQVHLQV GHV 7HVWDWRUV PLW GHU 7H[WQLHGHUVFKULIW GHVDQGHUHQYJO2/*'VVHOGRUI1-:²$XIGLH)UDJHGHU%HWHLOL JXQJVIRUPHQLQHLQHPVROFKHQ)DOONDQQKLHUQLFKWQlKHUHLQJHJDQJHQZHUGHQ  9JO ]XGLHVHU3UREOHPDWLN +R\HULQ6.6W*%/IJ-XOL†5Q 5KHLQHFN )lOVFKXQJVEHJULII XQG *HLVWLJNHLWVWKHRULH 6 II  II 6DPVRQ -$ I6FKURHGHU*$IIMHZPZ1  =XGHQ)lOOHQGHU%LQGXQJVQRFKXQWHQ5QI  $$IUGLHVH)lOOHDEHUHWZD2WWR-X6QRFKHQJHUQXUEHLYLV DEVROXWD  5KHLQHFN )lOVFKXQJVEHJULII XQG *HLVWLJNHLWVWKHRULH 6  II V DXFK 





,,,)RUPHQGHU7DWEHVWDQGVYHUZLUNOLFKXQJ

$EJHVHKHQ GDYRQ GDVV GLH *UHQ]]LHKXQJ ]ZLVFKHQ 8QZLUNVDPNHLW XQG EOR‰HU $QIHFKWEDUNHLW K|FKVW XQNODU HUVFKHLQW NRPPWHV DXI GLHVH*UHQ] ]LHKXQJ IU GDV 8QUHFKW GHU +HUVWHOOXQJ HLQHU XQHFKWHQ 8UNXQGH JDU QLFKW DQ 'HQQ GHUMHQLJH GHU VLFK DQ HLQHU DQIHFKWEDUHQ (UNOlUXQJ RULHQWLHUW ZLUG MHGHQIDOOV EHL HUIROJWHU $QIHFKWXQJ LQ GHU HQWVFKHLGHQGHQ +LQVLFKW LUUHJHOHLWHW$XFKHURULHQWLHUWVLFKDQHLQHUYHUN|USHUWHQ(UNOlUXQJGLHGHU DXVJHZLHVHQH $XVVWHOOHU JHUDGH QLFKW UHFKWVEHVWlQGLJ DOV GLH VHLQH JHOWHQ ODVVHQPXVV (QWVSUHFKHQGHVJLOWHUVLFKWOLFKLQGHQ)lOOHQGHU9HUDQODVVXQJHLQHV*H  VFKlIWVXQIlKLJHQ ]XU $QIHUWLJXQJ HLQHU 8UNXQGH$XFK LQ GLHVHQ)lOOHQ JHKW GHUMHQLJH IHKO GHU VLFK DQ GHU (UNOlUXQJ DOV HLQHU GHP DXVJHZLHVHQHQ $XVVWHOOHU]XUHFKHQEDUHQRULHQWLHUW (UZlJHQVZHUWHUVFKHLQWVRJDUREQLFKWYLHOOHLFKWGHU*HVFKlIWVXQIlKLJH  VHOEVW GXUFK GLH (UVWHOOXQJ XQZLUNVDPHU VFKULIWOLFKHU (UNOlUXQJHQ GDV 8QUHFKWGHU8UNXQGHQIlOVFKXQJYHUZLUNOLFKHQNDQQ'DEHLPVVWHIUHLOLFK GHU 6LQQ GHU GLH 8QZLUNVDPNHLW GHU UHFKWVJHVFKlIWOLFKHQ (UNOlUXQJ DQRUGQHQGHQ1RUPJHZDKUWEOHLEHQVROOQLFKWGLH]LYLOUHFKWOLFKH9RUZHUWXQJ LQ XQ]XOlVVLJHU :HLVH VWUDIUHFKWOLFK XQWHUODXIHQ ZHUGHQ 9RUDXVVHW]XQJ ZlUH GHVKDOE MHGHQIDOOV HLQH HQWVSUHFKHQGH GHOLNWLVFKVFKDGHQVHUVDW] UHFKWOLFKH9HUDQWZRUWOLFKNHLWGHV*HVFKlIWVXQIlKLJHQIUVHLQ7XQ 8QJHHLJQHW]XU$XVILOWHUXQJGLHVHU.RQVWHOODWLRQHUVFKHLQWGDJHJHQGLH  hEHUOHJXQJ HV N|QQH NHLQHQ 8QWHUVFKLHG PDFKHQ RE GHU *HVFKlIWVXQ  















5*6WII6DPVRQ-X66FKURHGHU*$IIIHU QHU(UELQ0QFK.RPP6W*%†5QI 'LHZHLFKHQVWHOOHQGH)UDJHQDFKGHPLQVRZHLWIUGLH*UHQ]]LHKXQJPD‰JHEOLFKHQ /HLWNULWHULXP ]% DQJHPHVVHQHU 9HUWUDXHQVVFKXW] DXI VHLWHQ GHV $GUHVVDWHQ"  ZLUGPHLVWQRFKQLFKWHLQPDODXIJHZRUIHQVRQGHUQPDQRSHULHUWLQGHU5HJHOPLW HLQHP IXQNWLRQDO XQDEJHNOlUWHQ (UIRUGHUQLV GHV (UNOlUXQJVZLOOHQV RGHU EHZXVVWVHLQV IU HLQH ]XQlFKVW ZLUNVDPH (UNOlUXQJ 'DEHL OlVVW VLFK LQ GHQ KLHU LQWHUHVVLHUHQGHQ)lOOHQDXIGLHVHU%DVLVWUHIIOLFKGDUEHUVWUHLWHQZDQQJHQDXGDV HLQHXQGRGHUDQGHUH(UIRUGHUQLVHUIOOWLVWYJOGD]XHWZD 2WWR-X6   'D]X GDVV HV IU GDV 8QUHFKW GHU 8UNXQGHQIlOVFKXQJ GDUDXI OHW]WOLFK JDU QLFKWDQNRPPHQNDQQVVRJOHLFKLP7H[W 6RLP(UJHEQLVHWZDDXFK8OVHQKHLPHU-XUD=LHVFKDQJLQ/.† 5Q GLIIHUHQ]LHUHQG 0DXUDFK6FKURHGHU0DLZDOG %7  † 5Q ]XU *H JHQDXIIDVVXQJVHWZD(UELQ0QFK.RPP6W*%†5QNULWDXFK5KHL QHFN)lOVFKXQJVEHJULIIXQG*HLVWLJNHLWVWKHRULH6II 'DVZLUGZRKOZHLWKLQYHUQHLQWYJOHWZD(UELQ0QFK.RPP6W*%†5Q 3XSSH-55KHLQHFN)lOVFKXQJVEHJULIIXQG*HLVWLJNHLWVWKHRULH 6I²=XU*HJHQSRVLWLRQV-DNREV8UNXQGHQIlOVFKXQJ6I hEHU†$EV%*%L9PPLW†6W*%]XP²XPVWULWWHQHQ²6FKXW]JH VHW]FKDUDNWHUGHV†YJOREHQ5QP)Q

7HLO8UNXQGHQIlOVFKXQJ† 



  

IlKLJHPQGOLFKRGHUVFKULIWOLFKXQZLUNVDPHXQGGDPLWZHUWORVH(UNOl UXQJHQDEJHEH'HQQGLHVHV8QWHUVFKHLGXQJVNULWHULXPLVWEHLGHU8UNXQGHQ IlOVFKXQJ W\SLVFKHUZHLVH LPPHU ÅHLQJHEDXW´ XQG NDQQ GHVKDOE DXFK QLFKW RKQH :LOONU JHJHQ GLH (LQEH]LHKXQJ HLQ]HOQHU .RQVWHOODWLRQHQ LQV )HOG JHIKUW ZHUGHQ :DV EOHLEW LVW GDQQ DOOHQIDOOV QRFK GLH hEHUOHJXQJ GHU :RUWODXWGHV6WUDIJHVHW]HVGHFNHVROFKHV9HUKDOWHQQLFKWPHKUDE 'LH LP 9RUVWHKHQGHQ JHQDQQWHQ .RQVWHOODWLRQHQ ]HLJHQ DXFK GDVV GDV 8QUHFKW GHU 8UNXQGHQIlOVFKXQJ QLFKW YRP *HEUDXFK HLQHV IDOVFKHQ 1DPHQVDEKlQJW3UDNWLVFKZLUGVLFKGHU)lOVFKHU]ZDULQDOOHU5HJHOHLQHV IDOVFKHQ1DPHQVEHGLHQHQXPHLQH,GHQWLWlWVWlXVFKXQJEHUGHQ$XVVWHOOHU ]X EHZLUNHQ XQG VR HLQH XQHFKWH 8UNXQGH KHU]XVWHOOHQ (LQH QRUPDWLY DXVUHLFKHQGH,GHQWLWlWVWlXVFKXQJEHUGHQZLUNOLFKHQ$XVVWHOOHULVWDEHU DXFK DXI DQGHUH :HLVH P|JOLFK 6LH NDQQ VRJDU GXUFK GHQ *HEUDXFK GHV ² ULFKWLJHQ²HLJHQHQ1DPHQVGHV)lOVFKHUVEHZLUNWZHUGHQVRIHUQQDFKGHP NRQNUHWHQ .RQWH[W XP GHQ HV JHKW GDPLW HLQH DQGHUH 3HUVRQ DVVR]LLHUW ZLUG=XGHQNHQLVWGDEHLHWZDDQIROJHQGH.RQVWHOODWLRQHQ )$//  $IJWHVHLQHUDQVLFKULFKWLJHQ 8QWHUVFKULIWGHQIlOVFKOLFKHQ =XVDW]ÅVHQ´EHL )$//  %VHW]WH]XVHLQHUDQVLFKULFKWLJHQ 8QWHUVFKULIWXQEHIXJWHL QHQDXIHLQHDQGHUH3HUVRQYHUZHLVHQGHQ)LUPHQVWHPSHO (LQHDXVUHLFKHQGH,GHQWLWlWVWlXVFKXQJNDQQDX‰HUGHPYRUOLHJHQZHQQ MHPDQGVWlQGLJXQWHUIDOVFKHP1DPHQUHLVWDEHULQHLQHUEHVWLPPWHQ6LWXDWL RQPLWVHLQHPULFKWLJHQ1DPHQXQWHUVFKUHLEWRGHUZHQQMHPDQGZLH REHQLP)$// ]XU9HUVFKOHLHUXQJGHU$XVVWHOOHUVFKDIWDEZHLFKHQGYRP hEOLFKHQXQWHU]HLFKQHW0DQGDUIVLFKLQGHUDUWLJHQ)lOVFKXQJVIlOOHQQLFKW   9JOGD]XVFKRQREHQ5Q)QGHQ)DOOGHUPQGOLFKHQ(UNOlUXQJLQGHP EHUGLH3HUVRQGHV(UNOlUHQGHQJHWlXVFKWZLUGXQGLQGHPJOHLFKIDOOVDXVGHP ÅIRUPDOHQ´ *UXQG GHU IHKOHQGHQ 9HUN|USHUXQJ HLQH 8UNXQGHQIlOVFKXQJ DXV VFKHLGHWYJOIHUQHUQRFKGLH)lOOHGHUÅ1DPHQVE]Z,GHQWLWlWVWlXVFKXQJ´XQ WHQ5QI  =XWUHIIHQG LQVRZHLW %*+ 1-:   P ]XVW %HVSU 0HXUHU 1-:  II/DFNQHU.KO†5Q2WWR%7†5Q=LHVFKDQJLQ/. †5QIMHZPZ1VDEHUDXFK0HZHV16W=II  9JO%*+6W  9JO5*/= 5* '6WU= VIUHLOLFKDXFK6WHLQPHW] (FKW KHLWVEHJULII6IP)Q  9JOGD]X%*+1-: /01U]X†6WHLQPHW](FKWKHLWVEH JULII 6  I PZ1 IHUQHU GHQ )DOO GHU HLQYHUVWlQGOLFKHQ 6FKHFNIlOVFKXQJ %D\2E/*1-:PNULW%HVSUYRQ3XSSH-X6IVDXFK GLHV-= LQGHPWURW](LQYHUVWlQGQLVVHVGHV$XVVWHOOHUVGXUFKDXV HLQHXUNXQGHQIlOVFKXQJVVSH]LILVFKH*HIDKUGHU,UUHOHLWXQJEHVWDQG²=XUNULPL 





,,,)RUPHQGHU7DWEHVWDQGVYHUZLUNOLFKXQJ

GDGXUFK LUULWLHUHQ ODVVHQ GDVV GHU ÅZDKUH´ $XVVWHOOHU GHU MD GHU )lOVFKHU VHOEVWLVW UHFKWOLFKGXUFKDXVDQGLH(UNOlUXQJLP$X‰HQYHUKlOWQLVJHEXQ GHQZLUGXQGDXFKVFKZHUOLFKJHOWHQGPDFKHQNDQQVHLQZLUNOLFKHU:LOOH ZHUGH GDGXUFK YHUIlOVFKW  'HQQ IU GLH HQWVFKHLGHQGH ,GHQWLWlWVWlXVFKXQJ EHU GHQ $XVVWHOOHU JHQJW HV ZHQQ HLQ LQ GLHVHU +LQVLFKW LUUHIKUHQGHU ,QIRUPDWLRQVWUlJHUJHVFKDIIHQZLUG8QGGDUDQIHKOWHVLQGHQYRUJHQDQQ WHQ)lOOHQQLFKW )UDJOLFK PDJ DOOHQIDOOV VHLQ RE GLH GXUFK GHQ *HEUDXFK GHV ULFKWLJHQ  1DPHQVJHVFKDIIHQH9HUZHFKVOXQJVJHIDKUWURW]EHWURIIHQHU6FKXW]LQWHQ WLRQ GHV † ² XQWHU JHZLVVHQ 9RUDXVVHW]XQJHQ ² QLFKW QRFK  DOV LP %HUHLFK GHU HUODXEWHQ 5LVLNRVFKDIIXQJ OLHJHQG DQ]XVHKHQ LVW XQG GHVKDOE GDVHQWVSUHFKHQGH9HUKDOWHQDXVGHP7DWEHVWDQGKHUDXVIlOOW'DVNDQQKLHU QLFKWZHLWHUYHUWLHIWZHUGHQ 8PJHNHKUWPXVVDEHUDXFKGHU*HEUDXFKHLQHVIDOVFKHQ1DPHQVQLFKW  GXUFKZHJ]XP8QUHFKWGHU8UNXQGHQIlOVFKXQJIKUHQ'LHEOR‰H1DPHQV WlXVFKXQJ LVW QRFK QLFKW GLH QRUPDWLY UHOHYDQWH ,GHQWLWlWVWlXVFKXQJ EHU GHQ$XVVWHOOHU:DQQ(UVWHUHXQGZDQQ/HW]WHUHYRUOLHJWULFKWHWVLFKQDFK GHPMHZHLOLJHQNRQNUHWHQ.RQWH[WLQGHPHLQH8UNXQGHUHOHYDQWZLUG %HLVSLHOVZHLVH LVW HV GHQNEDU GDVV MHPDQG ² DXV ZHOFKHQ *UQGHQ DXFK  LPPHU ² VHLQH ELVKHULJH ,GHQWLWlW DXIJLEW XQG XQWHU DQGHUHP 1DPHQ HLQ ÅQHXHV /HEHQ´ EHJLQQW 'HU VFKULIWOLFKH *HEUDXFK GHV DQ VLFK IDOVFKHQ 1DPHQV IKUW GDQQ QLFKW MHGHV 0DO ]XP 8QUHFKW GHU 8UNXQGHQIlOVFKXQJ VRQGHUQ EHLQKDOWHW LP NRQNUHWHQ .RQWH[W PLWXQWHU VRJDU GLH HLQ]LJH ² VXE VSHFLH † ² ULFKWLJH ,GHQWLWlWVNHQQ]HLFKQXQJ GHU 3HUVRQ 'DEHL NDQQ HV QLFKW GDUDXI DQNRPPHQ RE VLFK GHU IDOVFKH 1DPH² HWZD DOV .QVWOHU QDPH ² GHUDUW LP 9HUNHKU GXUFKJHVHW]W KDW GDVV GHU $XVVWHOOHU PLW GHP DQJHQRPPHQHQ1DPHQRKQH:HLWHUHVLGHQWLIL]LHUWZHUGHQNDQQ9LHOPHKU

 







 

 

QRORJLVFKHQ3UREOHPDWLNGHU6FKULIWYHUVWHOOXQJGXUFKQRPLQHOOH9HUlQGHUXQJGHU HLJHQHQ8QWHUVFKULIWQlKHU%UDQGW$UFKLYIU.ULPLQRORJLH%G II 'DUDXIVWHOOWDEHUHWZD3XSSH-=XQG-X6IDENULWGD]X 6WHLQPHW](FKWKHLWVEHJULII6IP)Q =XPGXUFK†JHVFKW]WHQ ,QWHUHVVHDQ2ULHQWLHUXQJVVLFKHUKHLWLQ%H]XJDXI HLQHQ HLQZDQGIUHLHQ ,QGLNDWRU GHV ZLUNOLFKHQ :LOOHQV GHV DXVJHZLHVHQHQ  $XV VWHOOHUVYJOQRFKPDOVREHQ7HLO,5Q²  *HJHQGLHVHYHUEUHLWHWH6LFKW6WHLQPHW](FKWKHLWVEHJULII6IIII 6R DEHU ]% &UDPHU+HLQH LQ 6FK|QNH6FKU|GHU † 5Q 6DPVRQ -$ 

7HLO8UNXQGHQIlOVFKXQJ† 

HQWVFKHLGHWDOOHLQREGXUFKGLHJHZlKOWH%H]HLFKQXQJGLH,GHQWLILNDWLRQGHV $XVVWHOOHUVQLFKWLQUHFKWVHUKHEOLFKHU:HLVHOHLGHW  %HL GHU %HXUWHLOXQJ RE GLH ,GHQWLIL]LHUXQJ GHV $XVVWHOOHUV XQWHU GHU JHZlKOWHQ %H]HLFKQXQJ DXVUHLFKHQG HUVFKHLQW ILQGHQ HUVLFKWOLFK DX‰HU GHQ QlKHUHQ lX‰HUHQ 8PVWlQGHQ DXFK GLH VXEMHNWLYHQ  ,QWHUHVVHQ GHV DQGHUHQ 7HLOV VRZLH JHZLVVH ,QWHQWLRQHQ GHV XQWHU HLQHU EHVWLPPWHQ %H]HLFKQXQJ $XIWUHWHQGHQ %HUFNVLFKWLJXQJ ,QGHVVHQGDUI GLHV QLFKW ]X GHU $QQDKPH YHUOHLWHQHVJHKHKLHULQ:DKUKHLWEHUHLWVXPHLQ3UREOHPGHULQWHQGLHU WHQ  7lXVFKXQJ XQG GDPLW XP HLQ VXEMHNWLYHV (OHPHQW GHU 6WUDIWDW ZlKUHQG GLH 8QHFKWKHLW RKQH :HLWHUHV ]X EHMDKHQ VHL 'HQQ YRQ HLQHU XQHFKWHQ 8UNXQGH ]X UHGHQ HUVFKHLQW DOOHQIDOOV PLW %OLFN DXI VROFKH *H JHQVWlQGH VLQQYROO GHQHQ QDFK GHQ QlKHUHQ 8PVWlQGHQ SRVLWLY  HLQ ² JUXQGVlW]OLFK ² UHFKWOLFK HUKHEOLFKHV 5LVLNR GHU ,GHQWLWlWVWlXVFKXQJ EHULKUHQ$XVVWHOOHUDQKDIWHW  /lVVW PDQ IU HLQH JUXQGVlW]OLFKH UHFKWOLFKH (UKHEOLFKNHLW ULFKWLJHUZHLVH QLFKWMHGHY|OOLJHQWIHUQWH0|JOLFKNHLWGHU,UUHOHLWXQJJHQJHQVRNDQQ IUGHQ)DOOGDVVQDFKGHQQlKHUHQ8PVWlQGHQGLHQRWZHQGLJH,GHQWLILNDWLRQ GHV $XVVWHOOHUV WURW] *HEUDXFKV HLQHV IDOVFKHQ 1DPHQV QLFKW HUQVWKDIW JHIlKUGHWHUVFKHLQWEHLREMHNWLYHU:UGLJXQJZRKONDXPYRQHLQHUXQHFK WHQ8UNXQGHJHVSURFKHQZHUGHQ(LQHDEVWUDNWH0|JOLFKNHLWGHU,UUHOHL WXQJEHVWHKWLP*UXQGHMDLPPHUZHQQMHPDQG]%0OOHURGHU6FKXO]H KHL‰W'HQQRFKVWHOOWGHU%HWUHIIHQGHQLFKWVWlQGLJLP5HFKWVYHUNHKUÅXQHFK WH´²ZHLODEVWUDNW LQ%H]XJDXIGHQ$XVVWHOOHUYHUZHFKVOXQJVJHIlKUOLFKH² 8UNXQGHQ KHU XQG EOHLEW EOR‰ ZHJHQ GHV IHKOHQGHQ +DQGHOQV PLW 7lX VFKXQJVIXQNWLRQVWUDIORV  2EPDQHVPLWHLQHUVROFKHQGLH*HIlKUOLFKNHLWGHUXQHFKWHQ8UNXQGH QLFKW DXIZHLVHQGHQ 6DFKODJH LP )DOO GHVMHQLJHQ ]X WXQ KDW GHU LQNRJQLWR LUJHQGZR XQJHVW|UW 8UODXE PDFKHQ P|FKWH PXVV DOOHUGLQJV EH]ZHLIHOW   ,G6ZRKODXFK5*6W%*+6W2/*&HOOH1-: I0DXUDFK6FKURHGHU0DLZDOG%7†5Q2WWR-X6 :HVVHOV+HWWLQJHU%75QI†,,,D YJOGD]XDXFK6WHLQPHW](FKW KHLWVEHJULII6II  *HJHQ HLQH %HUFNVLFKWLJXQJ YRQ ,QWHQWLRQHQ XQG VXEMHNWLYHQ ,QWHUHVVHQ DEHU HWZD6WHLQPHW](FKWKHLWVEHJULII6IIIIIIHWSDVVLP  1lKHU]XU)XQNWLRQGHV(UIRUGHUQLVVHVÅ]XU7lXVFKXQJLP5HFKWVYHUNHKU´XQWHQ 7HLO95Q²   9JOGD]XGHQ)DOOGHV0LQLVWHUVGHU%XQGHVUHJLHUXQJLQHLQHPNOHLQHQ6FKZDU] ZDOGGRUIVRZLHGHQGHVYHUKHLUDWHWHQ)DEULNDQWHQXQGVHLQHU6HNUHWlULQEHL:HV VHOV+HWWLQJHU%75Q†,,,D IHUQHUVFKRQREHQ)$//VRZLH%*+ 0'5HUJlQ]HQG.RSSHQK|IHU1-:6WHLQPHW](FKWKHLWVEH JULII6II 



,,,)RUPHQGHU7DWEHVWDQGVYHUZLUNOLFKXQJ

ZHUGHQ'HQQDXFKLQHLQHPVROFKHQ)DOOYHUPDJGLH8UNXQGHDOVVROFKHGDV ZDV VLH YHUVSULFKW LQ :DKUKHLW QLFKW ]X KDOWHQ 6ROOWH GHU ,QNRJQLWR 5HLVHQGH ² DXV ZHOFKHQ *UQGHQ DXFK LPPHU ² QDFK VHLQHU $EUHLVH DQ VHLQHU(UNOlUXQJIHVWJHKDOWHQZHUGHQPVVHQLVWHUQLFKWPHKUJUHLIEDU :HJHQGLHVHULPPHUKLQLQ5HFKQXQJ]XVWHOOHQGHQ0|JOLFKNHLWHLQHU(QWWlX VFKXQJ GHV IU GLH 8UNXQGHQIlOVFKXQJ UHOHYDQWHQ ,QWHUHVVHV DQ NRUUHNWHU =XVFKUHLEXQJ HUVFKHLQW HV GXUFKDXV DQJHPHVVHQ LQ GLHVHP )DOO LPPHUKLQ GDV+HUVWHOOHQHLQHUXQHFKWHQ8UNXQGH]XEHMDKHQ hEHU GLH 7DWEHVWDQGVPl‰LJNHLW GHUDUWLJHQ )lOVFKXQJVYHUKDOWHQV LVW GDPLW  QRFK NHLQHVZHJV DEVFKOLH‰HQG HQWVFKLHGHQ 'DIU VSLHOW GLH GHP )lO VFKXQJVIDEULNDW ]XJHGDFKWH )XQNWLRQ QRFK HLQH HQWVFKHLGHQGH 5ROOH 0LW HLQHUVROFKHQ+HUVWHOOXQJHLQHUXQHFKWHQ8UNXQGHGLHZHJHQGHUIHKOHQGHQ 7lXVFKXQJVIXQNWLRQGHV9HUKDOWHQVDXVGHP7DWEHVWDQGDXVJHILOWHUWZLUG KDWPDQHVHWZDGDQQ]XWXQZHQQMHPDQGHLQDPWOLFKHV=HXJQLVRGHUHLQ *HPlOGHHLQHVEHNDQQWHQ0DOHUVELVKLQ]XP1DPHQV]XJIlOVFKWDEHUGLH XQHFKWHQ8UNXQGHQDQIHUWLJWXPVLHEHLVLFKDQGLH:DQG]XKlQJHQRGHU DEHUDOVÅXQHFKW´LQGHQ9HUNHKU]XEULQJHQ (LQNODUHU)DOOGHUWDWEHVWDQGOLFKPLVVELOOLJWHQ²DXFKGDV(UIRUGHUQLVGHV  +DQGHOQV PLW 7lXVFKXQJVIXQNWLRQ HUIOOHQGHQ XQG GHVKDOE VWUDIEDUHQ ² 8UNXQGHQIlOVFKXQJ OLHJW GDJHJHQ YRU ZHQQ VLFK MHPDQG HLQHV DQGHUHQ 1DPHQVEHGLHQWZHLOHUDXIGLHVH:HLVHGLH$XVVWHOOHUYHUDQWZRUWOLFKNHLW DXVHLQHP9HUWUDJYRQVLFKVHOEVWDEZHLVHQXQGDXIHLQHQ²QLFKWQRWZHQGLJ H[LVWLHUHQGHQ²DQGHUHQOHQNHQP|FKWH,QHLQHPVROFKHQ)DOOKDWQLFKWQXU EHUHLWV GLH +HUVWHOOXQJ GHU 8UNXQGH EHL REMHNWLYHU :UGLJXQJ GHQ 6LQQJH KDOWGDVVKLHUHWZDVSURGX]LHUWZLUGZDVGLHÅKDQGIHVWH´*HIDKUGHVÅ,QV

  ,QVRIHUQGXUFKDXV]XWUHIIHQG6WHLQPHW](FKWKHLWVEHJULII6I  6RPLW5HFKWHWZDDXFK(UELQ0QFK.RPP6W*%†5QPZ1  =XUEOLFKHQ$XVILOWHUXQJVROFKHU)lOOHEHUGDV(UIRUGHUQLVÅ]XU7lXVFKXQJLP 5HFKWVYHUNHKU´ V QRFK XQWHQ 5Q ²  ² 6DFKOLFK JHKW HV GDEHL XP GDV DOOJHPHLQH6WUDIWDWHUIRUGHUQLVGHUWDWEHVWDQGOLFKHQ9HUKDOWHQVPLVVELOOLJXQJ  1lKHU]XPIUGLHWDWEHVWDQGOLFKH9HUKDOWHQVPLVVELOOLJXQJUHOHYDQWHQ(UIRUGHUQLV Å]XU7lXVFKXQJLP5HFKWVYHUNHKU´QRFKXQWHQ7HLO95Q²   'D]X GDVV GHU VFKHLQEDUH $XVVWHOOHU QLFKW ZLUNOLFK ]X H[LVWLHUHQ EUDXFKW YJO HWZD3XSSH-X6PZ1 'LHVIROJW RKQH :HLWHUHVDXVGHQREHQ 7HLO,5Q² 5Q² DQJHVWHOOWHQhEHUOHJXQJHQ]XPLQWHQGLHU WHQ5HFKWVJWHUVFKXW](VJHKWXPGDV,QWHUHVVHDQHLQHPHLQZDQGIUHLHQ,QGLND WRUGHVZLUNOLFKHQ :LOOHQVGHVDXVJHZLHVHQHQ $XVVWHOOHUV 'LHVHV,QWHUHVVHDQ NRUUHNWHU=XVFKUHLEXQJGHUYHUN|USHUWHQ(UNOlUXQJLVWHUVLFKWOLFKJHUDGHDXFKGDQQ YHUOHW]WZHQQHVGHQDXVJHZLHVHQHQ$XVVWHOOHUJDUQLFKWJLEW  

7HLO8UNXQGHQIlOVFKXQJ† 

/HHUH*UHLIHQV´EHLGHU6XFKHQDFKGHPWDWVlFKOLFKHQ$XVVWHOOHUEHJUQGHW VRQGHUQLVWDXFKGLHQRWZHQGLJH7lXVFKXQJVIXQNWLRQJHJHEHQ  $XI GLH Å*WH´ GHU )lOVFKXQJ NDQQ HV PLW %OLFN DXI GLH EHUHFKWLJWHQ 6FKXW]LQWHUHVVHQ EHL DOOHGHP JUXQGVlW]OLFK QLFKW DQNRPPHQ (UVW ZHQQ NHLQHUOHL HUQVW]XQHKPHQGH *HIDKU GHU ,UUHIKUXQJ L6 HLQHU 7lXVFKXQJ EHU GLH ,GHQWLWlW GHV $XVVWHOOHUV  EHVWHKW IHKOW HV DP HUIRUGHUOLFKHQ Å(U IROJVXQZHUW´ GHU XQHFKWHQ 8UNXQGH 0LW GHU 3URGXNWLRQ HLQHU KLQUHL FKHQGLUUHIKUXQJVJHHLJQHWHQXQGGHVKDOEXQHFKWHQ8UNXQGHL6GHV† KDWPDQHVDXFK]XWXQLQ  )$//$KDWWHHLQHQ(LQ]HOIDKUDXVZHLVGHU6WUD‰HQEDKQ$*JHNDXIW XQG GHVVHQ (QWZHUWHUIHOG PLW HLQHU ZDFKVlKQOLFKHQ 6FKLFKW EHU]R JHQ (U VWHPSHOWH EHL )DKUWDQWULWW GLHVHV )HOG LP (QWZHUWHUJHUlW DE 'D GHU 6WHPSHODEGUXFN OHGLJOLFK DXI GHU JHQDQQWHQ %HVFKLFKWXQJ DXIJHWUD JHQ ZXUGH ZDU HV P|JOLFK LKQ GXUFK HLQIDFKHV $EZLVFKHQ ZLHGHU ]X HQWIHUQHQ%HLGHUHUVWHQ)DKUWILHOGLH0DQLSXODWLRQGHP.RQWUROOHXUGHU QXUIOFKWLJKLQVDKQLFKWDXI  %HLRUGQXQJVJHPl‰HU(QWZHUWXQJHLQHU)DKUNDUWH²GKEHL GDXHUKDIWHU $QEULQJXQJ GHV 6WHPSHODEGUXFNV DXI GHP (QWZHUWHUIHOG ² LVW GLH 6WUD ‰HQEDKQ$* $XVVWHOOHU GHU GXUFK GHQ HQWZHUWHWHQ )DKUVFKHLQ YHUEULHIWHQ %HUHFKWLJXQJVHUNOlUXQJLQ%H]XJDXIGLHNRQNUHWH)DKUW'LHVHEHGLHQWVLFK GHV %HQXW]HUV OHGLJOLFK DOVHLQHV PDQXHOO WlWLJ ZHUGHQGHQ +HUVWHOOXQJVJHKLO IHQ'DLP)$// LQIROJHGHU%HVFKLFKWXQJGHV(QWZHUWHUIHOGHVGHU6WHP SHODEGUXFN QLFKW ZLUNOLFKVRQGHUQ QXU GHP $QVFKHLQQDFK GDXHUKDIW DQJH EUDFKW ZXUGH OLHJW WDWVlFKOLFK NHLQH JOWLJH L6Y GHU 6WUD‰HQEDKQ$* ]XUHFKHQEDUH  %HUHFKWLJXQJVHUNOlUXQJ LQ %H]XJ DXI GLH NRQNUHWH )DKUW YRU9LHOPHKUKDW$QXUHLQHQHQWVSUHFKHQGHQ$QVFKHLQHU]HXJWXQGGDPLW HLQH XQHFKWH 8UNXQGH KHUJHVWHOOW 'DVV GHU .RQWUROOHXU GHU GXUFK GLH XQHFKWH 8UNXQGH JHWlXVFKW XQG ]X HLQHP UHFKWVHUKHEOLFKHQ 9HUKDOWHQ GLH   1lKHUGD]XQRFKXQWHQ7HLO95Q²   9JO ]XU JUXQGVlW]OLFKHQ ,UUHOHYDQ] GHU 4XDOLWlW GHU )lOVFKXQJ %*+ *$  ²ZRDOOHUGLQJVGLH)lOOHGHUQLFKWHUQVW]XQHKPHQGHQ*HIDKUHQXQ]XWUHI IHQGEOR‰DOVXQWHUGHP$VSHNWGHUÅVXEMHNWLYHQ7DWVHLWH´SUREOHPDWLVFKDQJHVH KHQZHUGHQ  9JO ]XU UHFKWOLFKHQ %HGHXWXQJ GHV (QWZHUWXQJVVWHPSHOV 3XSSH -5   6FKURHGHU-X6I  $$ DEHU HWZD 3XSSH -5    GLH LP $EZLVFKHQ HLQHV VROFKHQ $XIGUXFNVHLQH6WUDIWDWQDFK†,1UVLHKW 6FKURHGHU-X6GHU GDV $EZLVFKHQ>@ XQWHU †,)DOO  VXEVXPLHUW  YJO DXFK 2/* 'VVHOGRUI 956 XQG-5ZRGLH3UREOHPDWLNEHLZHLWHPQLFKWYROO HUNDQQWZLUG   



,,,)RUPHQGHU7DWEHVWDQGVYHUZLUNOLFKXQJ

*HOWHQGPDFKXQJYRQ$QVSUFKHQZHJHQGHUÅ6FKZDU]IDKUW´]XXQWHUODVVHQ  YHUDQODVVW ZHUGHQ VROOWH EHL JHQDXHUHU .RQWUROOH GLH )lOVFKXQJ DOV VROFKH KlWWHHUNHQQHQN|QQHQLVWKLHUZLHVRQVWDXFKJUXQGVlW]OLFKLUUHOHYDQW 'LHVHU )DOO GHU QLFKW GDXHUKDIWHQ $QEULQJXQJ GHV (QWZHUWXQJVVWHPSHOV  ]HLJWVHKUGHXWOLFKZLHJHIlKUOLFKHLQHXQJHQJHQGH%HDFKWXQJGHV6FKXW]LQ WHUHVVHVGHU8UNXQGHQIlOVFKXQJVHLQNDQQ%HLREHUIOlFKOLFKHU6XEVXPWLRQ XQWHU GLH JHOlXILJHQ 0HUNPDOH GHV 8UNXQGHQEHJULIIV N|QQWH PDQ OHLFKW JHQHLJW VHLQ GLH 8UNXQGHQTXDOLWlW GHV )DKUVFKHLQV JHUDGH GHVKDOE DE]XOHK QHQZHLOGHU(QWZHUWHUDEGUXFNQLFKWGDXHUKDIWDQJHEUDFKWZXUGH*HGDQNH GHU PDQJHOQGHQ KLQUHLFKHQGHQ 3HUSHWXLHUXQJ EHL OHLFKWHU $EZLVFKEDU NHLW HQWVSUHFKHQG GHU (LQVFKlW]XQJ ]% GHU =HLFKHQ LP 6DQG RGHU LP 6FKQHH  %HUHLWVLQGLHVH5LFKWXQJJHKHQGHhEHUOHJXQJHQVLQGYHUIHKOW'HQQDXV  GHUDOOHLQPD‰JHEOLFKHQ3HUVSHNWLYHLQFDVXGHV.RQWUROOHXUV VWHOOWHVLFK GHU6WHPSHODEGUXFNDOVGDXHUKDIWDQJHEUDFKWXQGGDPLWGHUVRPDQLSXOLHUWH )DKUVFKHLQ DXI MHGHQ )DOO DOV KLQUHLFKHQG IHVW YHUN|USHUWH SHUSHWXLHUWH  (UNOlUXQJGDU0LW%OLFNDXIGLHOHJLWLPHQ6FKXW]LQWHUHVVHQGHU6WUD‰HQEDKQ $*PXVVGHUHQWVSUHFKHQGHU]HXJWH$QVFKHLQHLQHUHFKWHQ8UNXQGH²ZLH VRQVWDXFK²Y|OOLJDXVUHLFKHQ ,P %LVKHULJHQ VWDQGHQ VROFKH )lOOH GHU 8QHFKWKHLW LP 9RUGHUJUXQG LQ  GHQHQ VLFK GHU HUNHQQEDUH $XVVWHOOHU HLQHU 8UNXQGH GLH LQ LKU YHUN|USHUWH (UNOlUXQJ ² QDFK QRUPDWLYHQ .ULWHULHQ ² LP $X‰HQYHUKlOWQLV VFKRQ QLFKW DOV GLH VHLQH ]XUHFKQHQ ODVVHQ PXVV )U GLHVH HLQIDFKHQ 8QHFKWKHLWVIlOOH NRQQWH DOV %H]XJVSXQNW IU GHQ 5HODWLRQVEHJULII GHV Å8QHFKWHQ´ E]Z GHV Å9HUIlOVFKWHQ´  GLH LP $X‰HQYHUKlOWQLVUHFKWOLFKYHUELQGOLFKH $XVVWHO OHUVFKDIWGLHQHQ,QGHQ)lOOHQGHULP$X‰HQYHUKlOWQLVUHFKWOLFKYHUELQGOL FKHQ =XUHFKQXQJ GHU SHUSHWXLHUWHQ (UNOlUXQJ IHKOW HV GDJHJHQ DQ HLQHP GHUDUWLJHQ XQ]XWUHIIHQGHQ =XRUGQXQJVWDWEHVWDQG ,Q GLHVHQ )lOOHQ LVW %H]XJVSXQNWGHV5HODWLRQVEHJULIIVGHVÅ8QHFKWHQ´E]ZGHVÅ9HUIlOVFKWHQ´    =XUJUXQGVlW]OLFKHQ,UUHOHYDQ]GHU*WHHLQHU)lOVFKXQJYJOVFKRQREHQ5Q P)Q  9JO DEHU HWZD 0DUWLQ -X6    GHU ZHJHQ GHV .OHEHVWUHLIHQV ŁEHU KDXSW NHLQH 9HUELQGXQJ´ VLHKW  5DQIW -XUD    GHU HLQH KLQUHLFKHQG IHVWH9HUELQGXQJYHUQHLQW VRZLH3XSSH-5GLH]ZDUL(HLQHKLQUHL FKHQG IHVWH 9HUN|USHUXQJ WURW] OHLFKWHU $EZLVFKEDUNHLW EHMDKW DEHU LPPHUKLQ HQWVSUHFKHQGH²YHUIHKOWH²hEHUOHJXQJHQDQVWHOOW  2E LQ EHVWLPPWHQ )lOOHQ GHV HU]HXJWHQ $QVFKHLQV HLQHU HFKWHQ 8UNXQGH GHU *HVHW]HVZRUWODXWÅ8UNXQGH´GLHHLJHQWOLFKVDFKJHUHFKWHVWUDIUHFKWOLFKH(UIDVVXQJ YHUKLQGHUWVWHKWDXIHLQHPDQGHUHQ%ODWWXQGLVWIUGLH/|VXQJGHV)DKUVFKHLQ IDOOHVLP(UJHEQLVQLFKWUHOHYDQW 

7HLO8UNXQGHQIlOVFKXQJ† 









QLFKWGLH²LP$X‰HQYHUKlOWQLVYHUELQGOLFKH²$XVVWHOOHUVFKDIW'HQQVFKHLQ EDUHUXQGZLUNOLFKHU$XVVWHOOHUVWLPPHQMDLQVRIHUQEHUHLQXQGGLH8UNXQGH LVW XQWHU GLHVHP $VSHNW ÅHFKW´ 8QHFKW E]Z IDOVFK LVW VLH QXU GXUFK GHQ 5HNXUVDXIHLQHQDQGHUVJHDUWHWHQ%H]XJVSXQNWGHQGHVLQWHUQUHOHYDQWHQ ZLUNOLFKHQ:LOOHQVGHV$XVVWHOOHUV²HWZDHLQHVDEUHGHZLGULJDXVJHIOOWHQ %ODQNHWWV *DQ] HQWVSUHFKHQG YHUKlOW HV VLFK LQ GHQ )lOOHQ GHV =ZDQJV XQG GHU 7lXVFKXQJ JHJHQEHU GHP 8QWHU]HLFKQHQGHQ LQ GHQHQ GHU *H WlXVFKWH RGHU *H]ZXQJHQH OHW]WOLFK DQ GLH (UNOlUXQJ JHEXQGHQ LVW GDEHL DEHUVHLQÅZDKUHU´:LOOHYHUIlOVFKWZLUG 2EGLHHLQHRGHUDQGHUH$XVSUlJXQJVIRUPGHV8QUHFKWVGHU8UNXQGHQIlO VFKXQJYRUOLHJWNDQQGDEHLQDFKGHPREHQ7HLO,5Q² *HVDJWHQ X8GXUFKDXVRIIHQEOHLEHQ'DVHUVSDUWQLFKWZHQLJHGLIIL]LOH$XVOHJXQJVIUD JHQHWZDGHV=LYLOUHFKWV (QWVFKHLGHQGIUGDV6WUDIUHFKWLVWOHGLJOLFKGDVV MHGHQIDOOVHLQEHUHFKWLJWHV,QWHUHVVHDQNRUUHNWHU,QGLNDWLRQGHVZLUNOL FKHQ:LOOHQVGHVDXVJHZLHVHQHQ $XVVWHOOHUVYHUOHW]WZXUGH (LQHGHUDUWLJHIU†DXVUHLFKHQGH,QWHUHVVHQYHUOHW]XQJOLHJW²XQJHDFK WHWGHUVLFKLQ%H]XJDXIGLH%LQGXQJLP$X‰HQYHUKlOWQLVVWHOOHQGHQVFKZLH ULJHQ 3UREOHPH ² EHLVSLHOVZHLVH NODU YRU ZHQQ MHPDQG HLQH DQ VLFK YRQ LKUHPÅ$XVVWHOOHU´YROOVWlQGLJSURGX]LHUWHÅ8UNXQGH´HLJHQPlFKWLJLQGHQ 9HUNHKUJLEW0LWHLQHUGHUDUWLJHQÅSHUIHNWHQ´)lOVFKXQJKDWPDQHV]% ]XWXQLQ )$//  $HQWZHQGHWHDXVGHP7UHVRUHLQHU)LUPDGLHVFKRQYRUEHUHL WHWH XQG XQWHUVFKULHEHQH .DXISUHLVTXLWWXQJ EHU HLQH XQWHU (LJHQ WXPVYRUEHKDOWJHOLHIHUWH:DUH0LWGLHVHU4XLWWXQJJLQJHUDOVDQJHEOLFKHU %HDXIWUDJWHU GHU )LUPD ]X GHP .XQGHQ XQG NDVVLHUWH JHJHQ GHUHQ $XV KlQGLJXQJGHQDXVJHZLHVHQHQ%HWUDJ 1DFKGHU5HJHOXQJGHV†%*%ZLUGGHU.XQGHKLHUYRQVHLQHU=DK OXQJVSIOLFKW GXUFK /HLVWXQJ DQ GHQ hEHUEULQJHU GHU L6 GHV † %*% ÅHFKWHQ´4XLWWXQJIUHLKDWDOVRHUVLFKWOLFKNHLQ(LJHQLQWHUHVVHGDUDQGDVV GLH4XLWWXQJQLFKWHQWVSUHFKHQGPLVVEUDXFKWZLUG(LQ,QWHUHVVHGDUDQKDW DOOHLQ GHU $XVVWHOOHU GHU LP $X‰HQYHUKlOWQLV ]XP .XQGHQ QLFKW LQ GHU JHVFKHKHQHQ :HLVH JHEXQGHQ ZHUGHQ P|FKWH 'LHVH HU]HXJWH %LQGXQJ OlXIW GHP ZLUNOLFKHQ :LOOHQ GHV DXVJHZLHVHQHQ $XVVWHOOHUV JDQ] JHQDXVR ]XZLGHUZLHLQGHQREHQ7HLO,5Q² EHKDQGHOWHQ%ODQNHWWIlO VFKXQJVIlOOHQ$XFKKLHUOLHJWHLQH9HUOHW]XQJGHV,QWHUHVVHVDQHLQHUNRUUHN WHQ ,QGLNDWLRQ GHV ÅZDKUHQ´ :LOOHQV GHV DXVJHZLHVHQHQ $XVVWHOOHUV XQG GDPLWGHVXUNXQGHQIlOVFKXQJVVSH]LILVFKHQ,QWHUHVVHVDQHLQHUULFKWLJHQ   9JO]XVROFKHQ)lOOHQVFKRQREHQ7HLO,5Q²   =XGHQ)lOOHQGHUIHKOHQGHQ%LQGXQJVEHUHLWVREHQ5QII

 



,,,)RUPHQGHU7DWEHVWDQGVYHUZLUNOLFKXQJ

=XVFKUHLEXQJYRU'DVHUVFKHLQWQXUGHVKDOEYLHOOHLFKWDXIGHQHUVWHQ%OLFN IUDSSLHUHQG ZHLO GDV 6FKULIWVWFN GLH Å4XLWWXQJ´  ÅlX‰HUOLFK´ XQDQJH WDVWHWEOHLEW²DQGHUVDOVLQGHP)DOOLQGHPEHLHLQHPDOVVROFKHQJHNHQQ ]HLFKQHWHQ 8UNXQGHQHQWZXUI GDV :RUW Å(QWZXUI´ DEJHVFKQLWWHQ RGHU DXVUDGLHUWZLUG ,QGHVVHQHUZHLVWVLFKGLHVHU8QWHUVFKLHGEHL]XWUHIIHQGHU%HWUDFKWXQJDOV  LUUHOHYDQW$XFKGLHlX‰HUOLFKIHUWLJJHVWHOOWH4XLWWXQJLP7UHVRUGHU)LUPDKDW UHFKWOLFKQXUGLH%HGHXWXQJHLQHV8UNXQGHQHQWZXUIVGDVLHQRFKQLFKWYRP $XVVWHOOHUDXWRULVLHUWLQGHQ9HUNHKUJHJHEHQZXUGH'XUFKGLH3UlVHQWDWL RQ GHU 4XLWWXQJVHLWHQV GHV $ ZLUG GHVKDOE DXV HLQHP6FKULIWVWFN GDVELV GDKLQ 1LFKW8UNXQGH ZDU GHU IDOVFKH $QVFKHLQ HLQHU YRP $XVVWHOOHU DXWRULVLHUWLQGHQ9HUNHKUJHJHEHQHQXQGLQGLHVHP6LQQHHFKWHQ8UNXQGH ÅSURGX]LHUW´XQGVRHLQHXQHFKWH8UNXQGHLP5HFKWVVLQQHKHUJHVWHOOW %HGHQNHQJHJHQHLQHVROFKHPLW%OLFNDXIGLHUDWLRGHV†DQJHPHVVHQH  6XEVXPWLRQ XQWHU GLH %HJHKXQJVIRUP GHV Å+HUVWHOOHQV´ HLQHU XQHFKWHQ 8UNXQGH N|QQWHQ DOOHQIDOOV QRFK XQWHU GHP $VSHNW GHV HQWJHJHQVWHKHQGHQ :RUWODXWV GHU 6WUDIQRUP HUKREHQ ZHUGHQ ,QGHVVHQ VFKHLQHQ PLU GLHVH %HGHQNHQ GHVKDOE YRQ QLFKW DOO]X JUR‰HP *HZLFKW ZHLO GLH 6SUDFKH GHV *HVHW]HVÅXQHFKWH8UNXQGHKHUVWHOOW´ ZRKORIIHQJHQXJLVWXPGLHVHQ)DOO ]XHUIDVVHQ,PhEULJHQEHVWQGHEHLDQGHUHU6LFKWGXUFKDXVGLH0|JOLFKNHLW DXI GLH %HJHKXQJVIRUP GHV Å*HEUDXFKPDFKHQV YRQ HLQHU XQHFKWHQ 8UNXQGH´ ]XUFN]XJUHLIHQ *HKW PDQ VFKRQ YRP *HJHEHQVHLQ GHV +HUVWHOOHQV HLQHU XQHFKWHQ 8UNXQGH GXUFK GLH 3UlVHQWDWLRQ GHU 4XLWWXQJ JHJHQEHUGHP.XQGHQDXVOLHJWKLHUGHULQWHUHVVDQWH)DOOYRUGDVVHLQXQG GDVVHOEH9HUKDOWHQVRZRKOGLH9HUZLUNOLFKXQJVIRUPGHV+HUVWHOOHQVDOVDXFK GLHGHV*HEUDXFKPDFKHQVHUIOOW 'HILQLWLRQGHV+HUVWHOOHQVHLQHUXQHFKWHQ8UNXQGH (LQHXQHFKWH8UNXQGHVWHOOWKHUZHUGHQ$QVFKHLQHU]HXJWGLHYHUN|U SHUWH(UNOlUXQJVWDPPHYRQHLQHPDQGHUHQDOVGHPWDWVlFKOLFK(UNOl UHQGHQ   6RL(ZRKODXFK%LQGLQJ%77HLOEDQG6I=LHVFKDQJLQ/.† 5Q  ,G6DXFK%LQGLQJDD26IHUQHU(UELQ0QFK.RPP6W*%†5Q ²(UEV%HGHQNHQJHJHQGLH$QQDKPHGHV+HUVWHOOHQVHLQHUXQHFKWHQ8UNXQ GH YHUP|JHQ QLFKW ]X EHU]HXJHQ 'HQQ GLH UHFKWOLFK UHOHYDQWHQ (LJHQVFKDIWHQ GHV (QWZXUIV ZHUGHQ VSlWHVWHQV EHLP *HEUDXFK DOV DQJHEOLFK HFKWH 8UNXQGH GXUFKDXVYHUlQGHUW  =XP9HUKlOWQLVGHU7DWEHVWDQGVYHUZLUNOLFKXQJVIRUPHQGHV†YJOQRFKXQWHQ 7HLO9,5Q²  

D

7HLO8UNXQGHQIlOVFKXQJ† 

E

=XU .ODUVWHOOXQJ )U GLH 7DWEHVWDQGVPl‰LJNHLW GHV +HUVWHOOHQV L6 GHV†EHGDUIHV]XVlW]OLFKGHUHQWVSUHFKHQGHQUHFKWOLFKHQ9HUKDOWHQV PLVVELOOLJXQJ 2. Verfälschen einer echten Urkunde

 8QWHU GHP 9HUIlOVFKHQ HLQHU HFKWHQ 8UNXQGH YHUVWHKW PDQ QRFK LPPHU KlXILJMHGHVXQEHIXJWHQDFKWUlJOLFKH9HUlQGHUQGHVJHGDQNOLFKHQ,QKDOWVGHU 8UNXQGHVRGDVVGLHVHHWZDVDQGHUHVDOV]XYRU]XP$XVGUXFNEULQJW'LHVH YHUEUHLWHWH'HILQLWLRQLVWIDOVFK²]XPLQGHVWLVWVLHLQGLHVHU$OOJHPHLQKHLW QLFKWULFKWLJ=XGHQNHQLVWKLHUDQIROJHQGHQ  )$//  /HKUHU/KDWWH5HFKWVFKUHLEXQJVDUEHLWHQZHOFKHGLH6FKOHU QDFKVHLQHP'LNWDWJHVFKULHEHQKDWWHQEHUPl‰LJVWUHQJEHZHUWHW+LHU EHU KDWWH VLFK HLQ 9DWHU EHLP 6FKXOOHLWHU EHVFKZHUW / EHIUFKWHWH QXQ 1DFKWHLOHIUVHLQH/DXIEDKQ8PGLHEHUVFKDUIH%HXUWHLOXQJ]XUHFKWIHU WLJHQYHUlQGHUWHHULQ]DKOUHLFKHQ.ODVVHQDUEHLWVKHIWHQLQMHZHLOVPHKUH UHQ 'LNWDWDUEHLWHQ :|UWHU GLH ULFKWLJ JHVFKULHEHQ ZDUHQ XQG VWULFK GLHVHÅ)HKOHU´URWDQ(UUHFKQHWHGDQQDOOHZLUNOLFKHQXQGVFKHLQED UHQ)HKOHU]XVDPPHQXQGVFKULHEMHGHV0DOGLH6XPPHXQWHUGLH$U EHLW GLHV KDWWH HU EHL GHU HUVWHQ .RUUHNWXU QRFK QLFKW JHWDQ 'HU 9DWHU GHUVLFKEHLP5HNWRUEHVFKZHUWKDWWHHUKLHOWGDVVRYHUlQGHUWH+HIWVHLQHV 6RKQHV]XJHVFKLFNW  3URGXNW GHU 7DWKDQGOXQJ GHV 9HUIlOVFKHQV HLQHU HFKWHQ 8UNXQGH PXVV QDFK GHU 'LNWLRQ GHV *HVHW]HV HLQH YHUIlOVFKWH 8UNXQGH VHLQ :LH VFKRQ REHQ5Q²  JH]HLJW NDQQ QDFK GHU UDWLR OHJLV DEHU QXU HLQH XQHFKWH 8UNXQGHLPREHQ5Q²QlKHUEHVFKULHEHQHQ6LQQH DOVHLQHVROFKH YHUIlOVFKWH8UNXQGHDXIJHIDVVWZHUGHQ  'LH ZRKO QRFK K0 GLH )lOOH GHU QDFKWUlJOLFKHQ 9HUlQGHUXQJ HLQHU 8UNXQGH QDFK 9HUOXVW GHU HQWVSUHFKHQGHQ 'LVSRVLWLRQVEHIXJQLV VHLWHQV GHV $XVVWHOOHUV VHOEVW XQWHU GLH %HJHKXQJVIRUP GHV 9HUIlOVFKHQV VXEVXPLHUW EHVWUDIW²ZLOONUOLFK²VFKULIWOLFKH/JHQGDQQDOV8UNXQGHQIlOVFKXQJ ZHQQ]XIlOOLJ DOVÅ$XVJDQJVPDWHULDO´HLQHHFKWH8UNXQGHYHUZHQGHWZXUGH   =XGLHVHPVHOEVWYHUVWlQGOLFK]XEHDFKWHQGHQDOOJHPHLQHQ6WUDIWDWHUIRUGHUQLVGHV 9HUVWR‰HVJHJHQHLQHUHFKWOLFKOHJLWLPLHUWH9HUKDOWHQVQRUPQlKHU)UHXQG$7† 5QII†GHUVLQ0QFK.RPP6W*%YRU†5QIIII²+LHU OLHJWGHU6FKOVVHOIUGLH/|VXQJHWZDGHUREHQ5QXQG5QHUZlKQWHQ XQGYLHOHUZHLWHUHU)lOOH  9JO QXU -lJHU %7 5Q   /DFNQHU.KO † 5Q :HVVHOV+HWWLQJHU %75Q†,9  



,,,)RUPHQGHU7DWEHVWDQGVYHUZLUNOLFKXQJ

'HULQVRZHLWLQ:DKUKHLWXUNXQGHQVWUDIUHFKWOLFKDOOHLQEHWURIIHQH5HFKWVJ WHUVFKXW]DVSHNWLVWGHPJHJHQEHUVDFKJHUHFKWLQ†$EV1U²DOVREHL GHU8UNXQGHQXQWHUGUFNXQJ²]XYHURUWHQ 'DVDXFKIUGLH9HUZLUNOLFKXQJVIRUPGHV9HUIlOVFKHQVQRWZHQGLJH+HU  VWHOOHQHLQHUXQHFKWHQ8UNXQGHGXUFKGHQQDFK9HUOXVWGHU'LVSRVLWLRQVEH IXJQLVDElQGHUQGHQ$XVVWHOOHUVHOEVWOlVVWVLFK²HQWJHJHQ6D[²QLFKWHWZD PLWGHU(UZlJXQJDQQHKPHQHLQH,GHQWLWlWVWlXVFKXQJEHUGHQ$XVVWHOOHU VHL WURW] UHDOHU 3HUVRQHQLGHQWLWlW P|JOLFK ZHQQ PDQ QXU GLH QRUPDWLY PD‰JHEOLFKH3HUVRQHQ ,GHQWLWlW]HLWSXQNWEH]RJHQYHUVWHKH²PLWKLQGD YRQDXVJHKHGDVVGHU$XVVWHOOHUQDFK9HUOXVWGHU'LVSRVLWLRQVEHIXJQLVQLFKW PHKUGHUVHOEHVHL =ZDUPDJGLH*UHQ]H]ZLVFKHQEOR‰HUVFKULIWOLFKHU/JHRKQH,GHQWLWlWV  WlXVFKXQJXQGXQWHUGHP$VSHNWGHV(FKWKHLWVVFKXW]HVUHOHYDQWHU,GHQWLWlWV WlXVFKXQJ EHU GHQ $XVVWHOOHU SUREOHPDWLVFK XQG LQVEHVRQGHUH GLH OHW]WH )DOOJUXSSH QLFKW XQEHGLQJW GDYRQ DEKlQJLJ VHLQ GDVV HLQH DQGHUH UHDOH 3HUVRQDOV$XVVWHOOHUHUVFKHLQW,QGHVVHQ]HLJWHLQHHLQIDFKH.RQWUROOEHU OHJXQJ GDV )HKOHQ HLQHU ,GHQWLWlWVWlXVFKXQJ LP QRUPDWLY PD‰JHEOLFKHQ 6LQQHLQGHQKLHULQWHUHVVLHUHQGHQ)lOOHQ=HUUHL‰WGHU$XVVWHOOHUHLQH8UNXQ GH QDFK 9HUOXVW GHU 'LVSRVLWLRQVEHIXJQLV VWDWW GHUHQ ,QKDOW ]X YHUlQGHUQ XQG SURGX]LHUW HU HLQH QHXH PLW IDOVFKHP (UULFKWXQJVGDWXP ² ZDV X8 VRJDU OHLFKWHU IDOOHQ NDQQ DOV HLQH 9HUlQGHUXQJ GHU DOWHQ  ² VR OLHJW GDV )HKOHQ HLQHU ,GHQWLWlWVWlXVFKXQJ GXUFK GLH QHX HUULFKWHWH 8UNXQGH DXI GHU +DQG'HQQGDV²HQWWlXVFKWH²9HUWUDXHQLQGHQ=HLWSXQNWGHU(UULFK WXQJ NDQQ VFKZHUOLFK DOV IU † VSH]LILVFK DXIJHIDVVW ZHUGHQ ZLOO PDQ QLFKWMHGHVFKULIWOLFKH/JHDOV+HUVWHOOXQJHLQHUXQHFKWHQ8UNXQGHDXIIDVVHQ   6DFKOLFK EHUHLQVWLPPHQG HWZD (UE LQ 0QFK.RPP6W*% † 5Q  II +HJKPDQQV %7 5Q  I 2WWR %7 † 5Q MHZ PZ1 ² 'D]X GDVV †$EV1UGXUFKZHJ]XUDQJHPHVVHQHQ(UIDVVXQJGHVLQVRZHLWDXIZHLVED UHQ8QUHFKWVLQGHU/DJHLVWYJOQlKHUXQWHQ5QIVHUJlQ]HQGGLH1DFKZ EHL.SHU%76II6WLFKZRUW8UNXQGH9HUIlOVFKHQ   6D[)63HWHUV6II  6D[ DD2 6   I LVW LQVRIHUQ NRQVHTXHQW DOV HU EHL QDFKWUlJOLFKHU 0DQLSXODWLRQ GHV (UULFKWXQJV]HLWSXQNWV XQDEKlQJLJ GDYRQ ]X HLQHU XQHFKWHQ 8UNXQGHJHODQJWREDQVRQVWHQLQKDOWOLFKGLH:DKUKHLWEHNXQGHWZXUGHHLQHVFKULIW OLFKH/JHLVWMDYRUKDQGHQGLHEHUGHQ(UULFKWXQJV]HLWSXQNW   (ULQQHUWVHLDQGHQ)DOOGHV*HVFKlIWVXQIlKLJHQGHUHLQHQ9HUWUDJXQWHU]HLFKQHW RGHUGD]XYHUDQODVVWZLUGYJOGD]XREHQ5Q²  'DV DQHUNHQQW DXFK 6D[ )6 3HWHUV 6   )Q  D( GHU VHLQH HLJHQH 8QWHUVFKHLGXQJVHOEVWDOVYLHOOHLFKWVSLW]ILQGLJDQPXWHQGNHQQ]HLFKQHWDEHUDXV GHU =XIlOOLJNHLW RE GHU $XVVWHOOHU JDQ] QHX SURGX]LHUW RGHU DXI 9RUKDQGHQHV ]XUFNJUHLIWNHLQHQ(LQZDQGJHJHQVHLQ.RQ]HSWDEOHLWHQP|FKWH 

7HLO8UNXQGHQIlOVFKXQJ† 

² ZDV JHJHQZlUWLJ ZRKO QLHPDQG HUQVWKDIW LQ (UZlJXQJ ]LHKW 'HU =HLW SXQNW GHU (UULFKWXQJ NDQQ LQVRZHLW QLFKW DQGHUV HLQJHVFKlW]W ZHUGHQ DOV DQGHUH VFKULIWOLFKH /JHQ ]X GHQHQ VLFK LKU $XVVWHOOHU JHUDGH EHNHQQW ,P *UXQGH OLH‰H VLFK MHGH VFKULIWOLFKH /JH LUJHQGZLH LQ 5HODWLRQ ]X LKUHP $XVVWHOOHUEULQJHQXQGN|QQWHDXIGLHVH:HLVHGHVVHQ,GHQWLWlWDOVEHWURIIHQ DXIJHIDVVWZHUGHQ  :HQQEHLVSLHOVZHLVH$GHU:DKUKHLW]XZLGHUVFKULIWOLFKEHKDXSWHWHU VHLDQHLQHPEHVWLPPWHQ2UWJHZHVHQVRN|QQWHPDQGDQQDXFKVDJHQGLH DOV$XVVWHOOHUHUVFKHLQHQGH3HUVRQVHLJDUQLFKWPLW$LGHQWLVFKZHLOVLHVLFK VFKHLQEDU  DQ GHP EHWUHIIHQGHQ 2UW DXIJHKDOWHQ KDEH XVZ )U GLH QRU PDWLYPD‰JHEOLFKH,GHQWLWlWVWlXVFKXQJLVWDEHUPHKUYRQQ|WHQ(VPXVVHLQ ,QWHUHVVH JHUDGH DQ NRUUHNWHU =XRUGQXQJ HLQHU (UNOlUXQJ ]X HLQHP EHVWLPPWHQ(UNOlUHQGHQDOV*DUDQWHQGHU(UNOlUXQJEHWURIIHQVHLQ'DUDQ IHKOWHVZHQQGHUHQWVSUHFKHQGH=XRUGQXQJVWDWEHVWDQGNRUUHNWLVWZHLOGHU EHWUHIIHQGH$XVVWHOOHUIUVHLQH/JHLQYROOHP8PIDQJHLQVWHKHQPXVVXQG DXFK DOV VROFKHU ÅJUHLIEDU´ LVW  XQG PDQ QXU GHVKDOE HQWWlXVFKW ZLUG ZHLO PDQDXIHLQHQXQ]XYHUOlVVLJHQ$XVVWHOOHUWULIIW  'LH²HLQ]LJH²%HVRQGHUKHLWGHV9HUIlOVFKHQVHLQHUHFKWHQJHJHQEHUGHP VFKOLFKWHQ  +HUVWHOOHQ HLQHU XQHFKWHQ 8UNXQGH LVW YRU GLHVHP +LQWHUJUXQG QLFKWGDV3URGXNWGHU7DWKDQGOXQJVRQGHUQGHVVHQÅ$XVJDQJVPDWHULDO´ GDVVHLQHUVHLWVGHQ$QIRUGHUXQJHQJHQJHQPXVVGLHDQHLQHHFKWH8UNXQGH]X VWHOOHQVLQG'HP9HUIlOVFKHQLVWGDPLWDEHUMHGHQIDOOVQLFKWVHOWHQDXFKGDV 8QUHFKWGHU8UNXQGHQXQWHUGUFNXQJ]XHLJHQ'HVKDOEJHKWGLHVH9HU ZLUNOLFKXQJVIRUP GHU 8UNXQGHQIlOVFKXQJ QDFK DOOJHPHLQHQ .RQNXUUHQ] UHJHOQGHUWDWEHVWDQGOLFKDQVLFKHLQJUHLIHQGHQ8UNXQGHQXQWHUGUFNXQJYRU (QWVSUHFKHQGHV JLOW IU GDV 9HUKlOWQLV ]XP +HUVWHOOHQ HLQHU XQHFKWHQ 8U NXQGH$XFKLQVRZHLWLVWGLH9HUZLUNOLFKXQJVIRUPGHV9HUIlOVFKHQVDOVGLH PLW GHP DP ZHLWHVWHQ UHLFKHQGHQ 8QUHFKWVJHKDOW GXUFK HLQH YRUUDQJLJH VSH]LHOOHUH1RUPJHUHJHOW   $XFK6D[QLFKWYJOGLHYRUKHUJHKHQGH)Q  ,QGHU6DFKHZLHKLHU]%2WWR-X6  $QGHUVYHUKlOWHVVLFKZHQQGLHDOVÅ$XVJDQJVPDWHULDO´GLHQHQGHHFKWH8UNXQGH GHP 7lWHU ÅDXVVFKOLH‰OLFK JHK|UW´ VR GDVV NHLQ IUHPGHV %HZHLVIKUXQJVUHFKW EHHLQWUlFKWLJWZLUGYJOGD]XGHQ)DOOGHU$QEULQJXQJGHV6WHPSHODEGUXFNVDXI GHPSUlSDULHUWHQ(QWZHUWHUIHOGHLQHV)DKUVFKHLQVREHQ)$// GD]XDXFKXQ WHQ5QI   1lKHU]XGLHVHP8QUHFKWQRFKXQWHQ7HLO,,,5Q²   $X‰HUGHP+HUVWHOOHQHLQHUXQHFKWHQ8UNXQGHOLHJWDXFKQRFKGDV8QWHUGUFNHQ HLQHU HFKWHQ YRU RE XQG LQZLHZHLW VLFK GLHV VWUDI]XPHVVXQJVUHFKWOLFK DXI GLH  





,,,)RUPHQGHU7DWEHVWDQGVYHUZLUNOLFKXQJ

9RU GLHVHP +LQWHUJUXQG HUZHLVW VLFK GLH $QQDKPH DOV XQ]XWUHIIHQG GLH  $XIQDKPHGHU9HUZLUNOLFKXQJVIRUPGHV9HUIlOVFKHQVLQGDV*HVHW]VHLQXU GDQQVLQQYROOZHQQVLHQLFKWQXUGLH+HUVWHOOXQJXQHFKWHU8UNXQGHQXPIDV VHVRQGHUQDXFKGLH)lOOHGHUQDFKWUlJOLFKHQbQGHUXQJGXUFKGHQ$XVVWHO OHU QDFK 9HUOXVW GHU 'LVSRVLWLRQVEHIXJQLV XQG ]ZDU DOV HLJHQVWlQGLJH )DOOJUXSSH7DWVlFKOLFKKDWGLHVSH]LHOOH%HJHKXQJVIRUPGHV9HUIlOVFKHQV GLHZLFKWLJH)XQNWLRQGDV]XVlW]OLFK]XP+HUVWHOOHQHLQHUXQHFKWHQ8UNXQGH JHJHEHQH 8QUHFKW GHU 8UNXQGHQXQWHUGUFNXQJ LP 6FKXOGVSUXFK DQJHPHVVHQ ]XP $XVGUXFN ]X EULQJHQ *HGDQNH GHU Å6FKXOGVSUXFKDGl TXLWlW´  2KQH GLH 9HUZLUNOLFKXQJVIRUP GHV 9HUIlOVFKHQV PVVWH GHU 6FKXOGVSUXFK XPVWlQGOLFKHU ZHJHQ WDWHLQKHLWOLFKHU +HUVWHOOXQJ GHU XQHFKWHQ XQG  8QWHUGUFNXQJ GHU HFKWHQ 8UNXQGH HUIROJHQ 'DV 9HUIlOVFKHQDOVVSH]LHOOH7DWEHVWDQGVYHUZLUNOLFKXQJVIRUPO|VWGDKHUDXI HOHJDQWH:HLVHHLQVLFKVRQVWHUJHEHQGHV.RQNXUUHQ]SUREOHP ,PhEULJHQLVWHVGXUFKDXVQLFKWV8QJHZ|KQOLFKHVZHQQGDV*HVHW]LP  ,QWHUHVVH HLQHU DQVFKDXOLFKHQ OHEHQVQDKHQ 6FKLOGHUXQJ HLQHU SKlQRW\SLVFK ZLFKWLJHQ )DOOJUXSSH HWZDV DXVGUFNOLFK HUZlKQW REZRKO GLHVH (UZlK QXQJQDFK]XWUHIIHQGHUQRUPDWLYHU6LFKWHLJHQWOLFKXQQ|WLJ²ZHLO6HOEVWYHU VWlQGOLFKHV EHWUHIIHQG ² HUVFKHLQW 0DQ GHQNH KLHU HWZD DQ GLH ÅHLJHQWOLFK XQQ|WLJH´(UZlKQXQJGHU:DIIHLQ†$EV1UQHEHQGHP%HJULIIGHV JHIlKUOLFKHQ :HUN]HXJV RGHU DQ GDV HEHQIDOOV HLJHQWOLFK EHUIOVVLJH 1HQQHQ GHV $QNDXIHQV LQ † $EV GDV QXU HLQHQ 8QWHUIDOO GHV 6LFK 9HUVFKDIIHQVELOGHW1RUPDWLYH6FKOXVVIROJHUXQJHQLQ%H]XJDXIGLHVSH]LHO OH .RQVWHOODWLRQ GHU Å$XVVWHOOHUYHUIlOVFKXQJ´ HUZHLVHQ VLFK GHVKDOE DXFK XQWHUGLHVHP$VSHNWDOVYHUIHKOW 0LW HLQHU 8UNXQGHQIlOVFKXQJ LQ GHU )RUP GHV 9HUIlOVFKHQV HLQHU HFKWHQ  8UNXQGHKDWPDQHVQDFKDOOHP%LVKHULJHQ]ZDULQGHP)DOOGHU0DQLSXOD

 6WUDIK|KHDXVZLUNWLVWGDPLWDEHUQRFKQLFKWDXVJHPDFKW²1lKHU]XP9HUKlOW QLVGHUYHUVFKLHGHQHQ%HJHKXQJVIRUPHQQRFKXQWHQ7HLO9,5Q²   =X GLHVHP SUREOHPDWLVFKHQ Å$UJXPHQW´ YJO HWZD :HVVHOV+HWWLQJHU %7  5Q † ,9   ZR DOOHUGLQJV GLH )UDJH GHU hEHUIOVVLJNHLW GHV 9HUIlO VFKXQJVWDWEHVWDQGHV LPPHUKLQ DOV NOlUXQJVEHGUIWLJ DQJHVHKHQ ZLUG  *HSSHUW -XUD  =XP JUXQGOHJHQGHQ (UIRUGHUQLV GHU LQKDOWOLFKHQ (QWVSUHFKXQJ YRQ 6FKXOG VSUXFKXQGVWUDIIXQGLHUHQGHQ'DWHQQlKHU)UHXQG(UIROJVGHOLNWXQG8QWHUODVVHQ 6IIHWSDVVLP

7HLO8UNXQGHQIlOVFKXQJ† 



D

E

F

WLRQYRQ3UHLVHWLNHWWHQ)$//  QLFKWDEHULQGHQ)lOOHQGHV/HKUHUV )$//   XQG GHV %LHUNXWVFKHUV )$//   ]X WXQ VRZHLW GHUHQ HLJHQH (UNOlUXQJLQ)UDJHVWHKW ,Q GHQ EHLGHQ ]XOHW]W JHQDQQWHQ )lOOHQ NDQQ GDV HQWVSUHFKHQGH 9HUIlO VFKXQJVXQUHFKWDOOHUGLQJVGDQQYHUZLUNOLFKWVHLQZHQQ]XJOHLFKHLQH²GLH 0HUNPDOH GHV 8UNXQGHQEHJULIIV HUIOOHQGH ² YHUN|USHUWH (UNOlUXQJ HLQHV DQGHUHQGHU6FKOHURGHUGHU:LUWLQ VRYHUlQGHUWZXUGHGDVVLQ%H]XJDXI GLHVH(UNOlUXQJHLQH,GHQWLWlWVWlXVFKXQJEHUGHQ$XVVWHOOHUYRUOLHJW'DVLVW JXWEHJUQGEDULP/HKUHU)$// GLH(UNOlUXQJHQPLWGHQ=XVDW]IHKOHUQ VWDPPHQHQWJHJHQGHPHU]HXJWHQ$QVFKHLQQLFKWYRQGHQ6FKOHUQ DEHU DXFK LP %LHUNXWVFKHU)$// LPPHUKLQ GHQNEDU VRIHUQ ZHJHQ GHU 9HU ZDKUXQJGHV%LHUEXFKHVXQGHLQHUHWZDLJHQ.RQWUROOHGHU(LQWUDJXQJHQGHV % GXUFK GLH :LUWLQ GLHVH DOV 0LWDXVVWHOOHULQ DQJHVHKHQ ZHUGHQ NDQQ GLH %HDQWZRUWXQJGLHVHU)UDJHKlQJWYRQGHQQlKHUHQ8PVWlQGHQDE  )$// D$KDWWHGDV1XPPHUQVFKLOGVHLQHV$XWRVXQWHU9HUZHQGXQJ HLQHUZHL‰HQ)ROLHVREHUNOHEWGDVVDQVWHOOHGHUXUVSUQJOLFKHQ%XFK VWDEHQXQG=DKOHQNRPELQDWLRQ05$/GLHVHLQHVZHQLJJHVFKlW]WHQ 1DFKEDUQ%HUVFKLHQ05$,$ZXUGHLQGHUIROJHQGHQ=HLWPLWGHP VRSUlSDULHUWHQ.HQQ]HLFKHQPHKUIDFKJHEOLW]W 9$5,$17($EHUNOHEWHGDV1XPPHUQVFKLOGDXIGLHVHOEH:HLVHPLWHLQHU WUDQVSDUHQWHQ Å$QWLEOLW]IROLH´GLHQXUXQWHUEHVWLPPWHQ/LFKWYHUKlOW QLVVHQ XQG DXI GHQ 5DGDUIRWRV GLH .HQQ]HLFKHQIROJH 05 $,  HU VFKHLQHQOLH‰ ,P)DOODNRPPW]XQlFKVWHLQ9HUIlOVFKHQHLQHUHFKWHQ8UNXQGHLQ %HWUDFKW 'DV 1XPPHUQVFKLOG VWHOOW ² LQ 9HUELQGXQJ PLW GHP 3NZ DOV %H]XJVREMHNW ² HLQH ]XVDPPHQJHVHW]WH 8UNXQGH GDU %HZLHVHQ XQG JDUDQ WLHUW ZLUG GXUFK GLH IHVWH 9HUELQGXQJ YRQ $XWR XQG 1XPPHUQVFKLOG GDVV   (EHQVR ]X HLQHP HQWVSUHFKHQGHQ )DOO :HVVHOV+HWWLQJHU %7  5Q  †,9 PZ1  ,QVRZHLWRIIHQJHODVVHQLQ%*+6W  $QGHUVMHGRFK5*6WI  ,G6DXFK%*+6W  =XLQGHUHQWVFKHLGHQGHQ+LQVLFKWDQGHUVJHODJHUWHQ)lOOHQV%*+6WII EOR‰H %HHLQWUlFKWLJXQJ GHU /HVEDUNHLW RKQH bQGHUXQJ GHV (UNOlUXQJVLQKDOWV  %|VH 16W=    I 5HFKWVSUHFKXQJVEHUVLFKW  +HLQULFK .ULPLQDOLV WLNI.LQGKlXVHU/3.†5Q:DOWHU8KO-$IIMHZ PZ1²,QGLHVHQ)lOOHQLVWOHW]WOLFKDXFKHLQH8UNXQGHQXQWHUGUFNXQJDE]X OHKQHQZHLOGDVIU†$EV1UHUIRUGHUOLFKH5HFKWHLQHVDQGHUHQ]XU%H ZHLVIKUXQJ IHKOW =XU ZLFKWLJHQ 'LIIHUHQ]LHUXQJ ]ZLVFKHQ GHP 5HFKW ]XU %H ZHLVIKUXQJXQGGHPEOR‰HQ5HFKWDXI%HZHLVIKUXQJQlKHUXQWHQ5Q 



,,,)RUPHQGHU7DWEHVWDQGVYHUZLUNOLFKXQJ

GLHVHU 3NZ PLW GLHVHP DPWOLFKHQ .HQQ]HLFKHQ RUGQXQJVJHPl‰ ]XJHODVVHQ ZXUGHXQGGDPLWDP6WUD‰HQYHUNHKUWHLOQHKPHQGDUI²QLFKWGDJHJHQGDVV GDV 1XPPHUQVFKLOG LPPHU JXW DEOHVEDU VHLQ ZLUG ,QGHP $ GXUFK GDV QDFKWUlJOLFKH $XIEULQJHQ GHU GHFNHQGHQ )ROLH GLH LQKDOWOLFKH $XVVDJH GHV .HQQ]HLFKHQV VR YHUlQGHUW GDVV VLFK GLHVHV DXI GHQ :DJHQ GHV % ]X EH]LHKHQ VFKHLQW WlXVFKW HU EHU GLH ,GHQWLWlW GHV $XVVWHOOHUV GLHVHU (UNOlUXQJ 'LH XUVSUQJOLFK HFKWH 8UNXQGH ZLUG GXUFK 9HUIlOVFKHQ QDFK WUlJOLFKHXQEHIXJWHbQGHUXQJGHV,QKDOWVGHU(UNOlUXQJ ]XHLQHUXQHFKWHQ 8UNXQGH $ EHVFKUlQNW E]Z YHUKLQGHUW JHUDGH QLFKW QXU GLH JXWH  $EOHV EDUNHLW GHU XUVSUQJOLFK HFKWHQ 8UNXQGH VRQGHUQ HU SURGX]LHUW HLQH QHXH (UNOlUXQJGLHHUGHU=XODVVXQJVVWHOOHÅXQWHUVFKLHEW´ $XIJUXQG GHV Å*HEOLW]WZHUGHQV´ LVW EHUGLHV GDV PHKUIDFKH  +HUVWHO G OHQ HLQHU XQHFKWHQ 8UNXQGH ]X SUIHQ $OV XQHFKWH 8UNXQGH NRPPW GDV 5DGDUELOG LQ %HWUDFKW DXI GHP GDV PDQLSXOLHUWH .HQQ]HLFKHQ DP $XWR GHV$HUNHQQEDULVWXQGGDVGHQIDOVFKHQ(LQGUXFNHUZHFNWQLFKWPLWGHP 3NZ GHV $ VRQGHUQ PLW GHP GHV % VHL GLH HUODXEWH *HVFKZLQGLJNHLW EHU VFKULWWHQZRUGHQ$KDWGLH(QWVWHKXQJGHV5DGDUELOGHVLQVHLQHUNRQNUH WHQ *HVWDOW PLW EHZLUNW 'DVV LQVRZHLW HLQ YHUPLWWHOQGHV 9HUKDOWHQ DQGHUHU 3HUVRQHQ LP 6SLHOH LVW VWHKW MHGHQIDOOV ZHJHQ GHUHQ 8QNHQQWQLV GDVV HV VLFK EHL GHP DXI GHP )RWR IHVWJHKDOWHQHQ 2EMHNW XP HLQH XQHFKWH 8UNXQGH KDQGHOW GHU 9HUDQWZRUWOLFKNHLW GHV $ IU GLH (U]HXJXQJ GHV )RWRVDOVXQHFKWH8UNXQGHQLFKWHQWJHJHQ'LHHQWVFKHLGHQGH)UDJHLVWRE GDV HQWVWDQGHQH %LOG YRQ GHP $XWR PLW PDQLSXOLHUWHP 1XPPHUQVFKLOG DOV $EELOG HLQHU XQHFKWHQ 8UNXQGH VHLQHUVHLWV HLQH XQHFKWH 8UNXQGH GDUVWHOOWRGHUDEHUDOVEOR‰HV²QLFKWGHP6FKXW]EHUHLFKGHV†XQWHUIDO OHQGHV²$XJHQVFKHLQVREMHNWDXI]XIDVVHQLVW3UREOHPNUHLVXQG$UJXPHQ WDWLRQ GHFNHQ VLFK ZHLWJHKHQG PLW GHU )UDJHVWHOOXQJ RE )RWRNRSLHQ YRQ 8UNXQGHQ JHQHUHOO  8UNXQGVTXDOLWlW DXIZHLVHQ (V NRPPW DOVR DXFK LQ GLHVHP=XVDPPHQKDQJDOOHLQGDUDXIDQZHOFKHU3HUVRQGLH(UNOlUXQJ²KLHU GLH DXI GHP 1XPPHUQVFKLOG LQ 9HUELQGXQJ PLW GHP 3NZ  DXVJHZLHVHQH (UNOlUXQJ GHU =XODVVXQJVVWHOOH ² UHFKWOLFK ]X]XRUGQHQ LVW 8QWHU UDWLR $VSHNWHQ DQJHPHVVHQ LVW HV QLFKW DXI GLH 3HUVRQ GHV )RWRJUDILHUHQGHQ DE]XVWHOOHQVRQGHUQGDUDXIGDVVQRUPDWLYJHVHKHQGLH=XODVVXQJVEHK|UGH DXFKDXIGHP5DGDUIRWRDOV$XVVWHOOHUGHULQ)UDJHVWHKHQGHQ=XODVVXQJV HUNOlUXQJHUVFKHLQW'LHVHKDWMHGRFKGHQDEJHELOGHWHQ :DJHQGHV$JHUDGH QLFKWPLWGHPDXIGHP$EELOGDXIWDXFKHQGHQ.HQQ]HLFKHQGHV%]XJHODVVHQ   6GD]XQXU%*+6W  6RPLW5HFKW%*+6W  1lKHU ]X GLHVHU 3UREOHPDWLN 5Q    ²  G   ²  HUJlQ]HQG5QDIIDII  

7HLO8UNXQGHQIlOVFKXQJ† 

%HLGHUGLH%X‰JHOGHUHLQWUHLEHQGHQ6WHOOHVWHOOWVLFKGDVDXIGHP)RWRDEHUVR GDU,GHQWLWlWVWlXVFKXQJ  H *HKWPDQ]XWUHIIHQGGDYRQDXVGDVV)RWRNRSLHQXQG)RWRJUDILHQXQHFK WHU 8UNXQGHQ LPPHU HEHQIDOOV GLH $QIRUGHUXQJHQ DQ XQHFKWH 8UNXQGHQ HUIOOHQHUOHGLJHQVLFKJHZLVVH)ROJHSUREOHPHPLWGHQHQGLH*HJHQSRVL WLRQ]XNlPSIHQKDW'LHVHPXVVVLFKQlPOLFKGDPLWDXVHLQDQGHUVHW]HQRE QLFKW YLHOOHLFKW GLH $QIHUWLJXQJ GHU NRQNUHWHQ )RWRNRSLH RGHU )RWRJUDILH LKUHUVHLWVDOVYRP$QVFKHLQVDXVVWHOOHUGHUDEJHELOGHWHQ2ULJLQDO8UNXQGH DXWRULVLHUWDQ]XVHKHQLVW'HQQXQWHUGLHVHQ8PVWlQGHQEHVLW]WGLHNRQNUHWH (UNOlUXQJVYHUN|USHUXQJ XQWHU GHU JHGDFKWHQ 9RUDXVHW]XQJ LKUHU (FKWKHLW  DOVDXWRULVLHUWHV$EELOGQDFKZRKODOOJHPHLQHU$XIIDVVXQJ8UNXQGVTXDOL WlW 9RQ GLHVHP $XVJDQJVSXQNW DXV VWHOOW VLFK PLW %OLFN DXI GHQ EHL *H VFKZLQGLJNHLWVEHUVFKUHLWXQJHQ IRWRJUDILHUWHQ :DJHQ GHV $ GLH )UDJH RE VROFKH$XIQDKPHQYRQGHU=XODVVXQJVVWHOOHQLFKW]XPLQGHVWNRQNOXGHQW DXWRULVLHUWVLQG-HGHQIDOOVKDW GLH =XODVVXQJ ]XPLQGHVW DXFK GLH )XQNWLRQ VROFKH /LFKWELOG$XIQDKPHQ ]X HUP|JOLFKHQ XQG VR ]XU hEHUIKUXQJ YRQ Å9HUNHKUVVQGHUQ´EHL]XWUDJHQ I ,P)$//DJHEUDXFKW$EHUGLHVHLQHYHUIlOVFKWH8UNXQGHGXUFKVHLQ )DKUHQ PLW PDQLSXOLHUWHP 1XPPHUQVFKLOG (QWVSUHFKHQGHV ZLUG PDQ PLW %OLFN DXI GLH (U]HXJXQJ GHU 5DGDUIRWRV DQ]XQHKPHQ KDEHQ GLH VFKRQ LP =HLWSXQNW LKUHU %HZLUNXQJ GHP ]X WlXVFKHQGHQ 3HUVRQHQNUHLV ]XJlQJOLFK JHPDFKWZHUGHQ J ,QGHU)DOOYDULDQWHGHV)$//(6DLVWGLH/|VXQJHLQ]LJGDKLQJHKHQGHLQ NOHLQZHQLJHUVFKZHUWGDVVGLH]XVDPPHQJHVHW]WH8UNXQGHGDV1XPPHUQ VFKLOG DP 3NZ  QXU LQ JHZLVVHQ 6LWXDWLRQHQ ² JHQDXHU XQWHU EHVWLPPWHQ :DKUQHKPXQJVEHGLQJXQJHQ ]% EHLP QlFKWOLFKHQ $QOHXFKWHQ GHV 1XPPHUQVFKLOGV PLWWHOV HLQHU 7DVFKHQODPSH RGHU EHLP %OLW]OLFKW HLQHV )RWRDSSDUDWHV  ² HLQH ,GHQWLWlWVWlXVFKXQJ EHZLUNW ,QVRIHUQ VSULFKW YLHO GDIU GHQ 6FKXW] YRU XQHFKWHQ 8UNXQGHQ DXFK DXI VROFKH )lOOH ]X HU VWUHFNHQ $XFK HLQH QXU VLWXDWLRQVDEKlQJLJ YHUIlOVFKWH 8UNXQGH LVW LQ GHU HQWVFKHLGHQGHQ 6LWXDWLRQ HLQH WHPSRUlU  XQHFKWH 8UNXQGH LQ%H]XJ DXI GLHMHGHQIDOOVJUXQGVlW]OLFKHLQUHFKWOLFKVFKXW]ZUGLJHV9HUPHLGHLQWHUHV VHEHVWHKW   =XU %HGHXWXQJ GHV :LOOHQV GHV $XVVWHOOHUV GHU 9RUODJH DOV .ULWHULXP IU GLH $QHUNHQQXQJ GHU 8UNXQGVHLJHQVFKDIW LKUHV $EELOGHV YJO HWZD *ULPP 'LH 3UR EOHPDWLNGHU8UNXQGHQTXDOLWlWYRQ)RWRNRSLHQ6I:HOS)66WUHH:HVVHOV 6  =XU7DWEHVWDQGVYHUZLUNOLFKXQJVIRUPGHV*HEUDXFKHQVVQlKHUXQWHQ5Q² E 



,,,)RUPHQGHU7DWEHVWDQGVYHUZLUNOLFKXQJ

'HILQLWLRQGHV9HUIlOVFKHQVHLQHUHFKWHQ8UNXQGH 9HUIlOVFKHQ LVW MHGH QDFKWUlJOLFKH XQEHIXJWH bQGHUXQJ GHU LQ HLQHU HFKWHQ 8UNXQGH HQWKDOWHQHQ (UNOlUXQJ VRIHUQ GDGXUFK HLQH XQHFKWH 8UNXQGHHQWVWHKW

K

6HOEVWYHUVWlQGOLFKEHGDUIHVDXFKKLHUZLHGHUIUGLH7DWEHVWDQGVPl‰LJ L NHLW GHV 9HUIlOVFKHQV L6 GHV † EHUGLHV GHU HQWVSUHFKHQGHQ UHFKWOL FKHQ9HUKDOWHQVPLVVELOOLJXQJ 3. Gebrauchmachen von einer unechten oder verfälschten Urkunde *HEUDXFKW ZLUG HLQH XQHFKWH RGHU YHUIlOVFKWH 8UNXQGH QDFK EOLFKHP 9HUVWlQGQLV ZHQQ VLH GHP ]X 7lXVFKHQGHQ LQ GHU :HLVH ]XJlQJOLFK JHPDFKWZLUGGDVVHUGLH0|JOLFKNHLWGHU.HQQWQLVQDKPHEHVLW]W )$//  $OHJWHHLQHP%HZHUEXQJVVFKUHLEHQHLQJHIlOVFKWHV$UEHLWV ]HXJQLVGHU)LUPD:VRZLHGLH)RWRNRSLHHLQHVLP'DWXPYHUIlOVFKWHQ SROL]HLOLFKHQ)KUXQJV]HXJQLVVHVEHL )$//  $IXKUOlQJHUH=HLWPLWHLQHP3NZGHVVHQ.HQQ]HLFKHQJH IlOVFKWZDUHQRKQHMHNRQWUROOLHUW]XZHUGHQ *HJHQVWDQGGHV*HEUDXFKHQVNDQQQLFKWQXUQDFKGHPNODUHQ:RUWODXW VRQGHUQDXFKPLW%OLFNDXIGLHUDWLRGHV7DWEHVWDQGV6FKXW]GHV,QWHUHVVHV DQNRUUHNWHU,QGLNDWLRQGHVZLUNOLFKHQ:LOOHQVGHVDXVJHZLHVHQHQ$XVVWHOOHUV  QXUHLQHXQHFKWHRGHUYHUIlOVFKWH8UNXQGHLPREHQVNL]]LHUWHQ6LQQHVHLQ 'LH %HJHKXQJVIRUP GHV *HEUDXFKHQV PHLQW VDFKOLFK QLFKWV ZHLWHU DOV GLH SUDNWLVFKH 8PVHW]XQJ GHVVHQ ZDV ² DOV JHGDFKWH 0|JOLFKNHLW ² VFKRQ PDWHULDOHU 9HUERWVJUXQG IU GLH 9HUZLUNOLFKXQJVIRUPHQ GHV +HUVWHOOHQV XQG GHV 9HUIlOVFKHQV LVW GLH ,GHQWLWlWVWlXVFKXQJ EHU GHQ $XVVWHOOHU PLWWHOVHLQHVLQGLHVHU+LQVLFKWLUUHIKUHQGHQ,QIRUPDWLRQVWUlJHUV $OOHUGLQJVOLHJWHLQ*HEUDXFKHQQDFKEOLFKHP²PLW:RUWODXWXQGUDWLR GXUFKDXV LQ (LQNODQJ VWHKHQGHQ ² 9HUVWlQGQLV EHUHLWV GDQQ LQ YROOHQGHWHU )RUPYRUZHQQZHJHQGHUGXUFKGDVWDWEHVWDQGVPl‰LJH9HUKDOWHQHU|IIQH WHQ 0|JOLFKNHLW GHU .HQQWQLVQDKPH YRQ GHP )DOVLILNDW GLH PHKU RGHU ZHQLJHUNRQNUHWH*HIDKUGHU,UUHIKUXQJLQGHUHQWVFKHLGHQGHQ+LQVLFKWEHVWHKW   =XGLHVHPDOOJHPHLQHQ6WUDIWDWHUIRUGHUQLVQlKHU)UHXQG$7†5QII† GHUVLQ0QFK.RPP6W*%YRU†5QIIII  9JO QXU %*+6W    I +HJKPDQQV %7 5Q  .SHU %7 6  I 6WLFKZRUW8UNXQGH*HEUDXFKHQ /DFNQHU.KO†5Q:HVVHOV+HWWLQJHU %75Q†9  





 



7HLO8UNXQGHQIlOVFKXQJ† 

'DEHL LVW QRFKPDOV NRQNUHWLVLHUXQJVEHGUIWLJ ZDQQ JHQDX HLQ VROFKHU DXVUHLFKHQGHU Å(UIROJVVDFKYHUKDOW´ GHV *HEUDXFKPDFKHQV YRQ HLQHU XQHFKWHQ RGHU YHUIlOVFKWHQ 8UNXQGH YRUOLHJW $XI HLQH WDWVlFKOLFKH ,UUHIK UXQJNRPPWHVMHGHQIDOOVQLFKWDQYLHOPHKUJHQJWHVZHQQGLH0|JOLFKNHLW GHU .HQQWQLVQDKPH VHLWHQVGHV ]X7lXVFKHQGHQ HU|IIQHW XQGVR HLQ KLQUHL FKHQGJHZLFKWLJHUÅ*HIDKUHUIROJ´JHVFKDIIHQZLUG  6WUXNWXUHOO JHKW HV LQVRZHLW XP GHQ PHKU RGHU ZHQLJHU WDXJOLFKHQ 9HU VXFK GHU 7lXVFKXQJ PLWWHOV HLQHV LQ SXQFWR $XVVWHOOHU LUUHIKUHQGHQ ,QIRUPDWLRQVWUlJHUV GHU QDFK GHP 7DWEHVWDQGV]XVFKQLWW GHV † IRUPDO EHUHLWVDOVYROOHQGHWHV'HOLNWDXVJHVWDOWHWLVW*DQ]HQWVSUHFKHQGOLHJWHVMD DXFKEHLGHQ%HJHKXQJVIRUPHQGHV)lOVFKHQVXQGGHV9HUIlOVFKHQVGLHLP 9HUKlOWQLV ]X GHQ OHW]WOLFK WDQJLHUWHQ 5HFKWVJWHUVFKXW]LQWHUHVVHQ VDFKOLFK EOR‰H 9RUEHUHLWXQJVKDQGOXQJHQ GDUVWHOOHQ DEHU IRUPDO DOV YROOHQGHWHV 'HOLNWNRQVWUXLHUWVLQG$XIHLQHUJHGDFKWHQ6NDODGHU1lKH]XGHQGXUFKHLQ HQWVSUHFKHQGHV 9HUERW ]X YHUPHLGHQGHQ ,QWHUHVVHQEHHLQWUlFKWLJXQJHQ OLHJW VRJHVHKHQGDV*HEUDXFKHQDOOHPDOÅYHUOHW]XQJVQlKHU´DOVGDV)lOVFKHQ RGHU 9HUIlOVFKHQ 'HVKDOE ZHUGHQ EHLP *HEUDXFKHQ GLH DXIZHLVEDUHQ /HJLWLPDWLRQVJUQGH HLQHV 9HUERWV HQWVSUHFKHQG GHU JU|‰HUHQ 9HUOHW ]XQJVQlKHDXFKJHZLFKWLJHU  'DVV IU GLH 7DWEHVWDQGVHUIOOXQJ GDV )DOVLILNDW VHOEVW ]XJlQJOLFK JH PDFKWZHUGHQPXVVLVWQDFK:RUWODXWXQG6LQQVHOEVWYHUVWlQGOLFK%HJUHLI OLFK ZLUG GLH YRQ PDQFKHQ YRUJHQRPPHQH $N]HQWXLHUXQJ GLHVHV (UIRUGHU QLVVHV YRU GHP +LQWHUJUXQG GHU EOLFKHQ (LQVFKlW]XQJ YRQ HLQIDFKHQ  )RWRNRSLHQ GLH GDQDFK NHLQH 8UNXQGHQTXDOLWlW EHVLW]HQ VROOHQ 0LW +LOIH GLHVHV DN]HQWXLHUWHQ (UIRUGHUQLVVHV VROO GHU ² DXI GHU %DVLV GHU EOLFKHQ (LQVFKlW]XQJYRQ)RWRNRSLHQLQGHU7DWSUREOHPDWLVFKH²)DOOGHV9RUOHJHQV GHU.RSLHHLQHUXQHFKWHQ8UNXQGHYRP*HEUDXFKHQGHUXQHFKWHQ8UNXQGH DXVJHVFKORVVHQ ZHUGHQ ,QGHVVHQ LVW HV NHLQHVZHJV DXVJHPDFKW RE GDV (UIRUGHUQLVGHV*HEUDXFKHQVGHUXQHFKWHQRGHUYHUIlOVFKWHQ8UNXQGHVHOEVW QLFKWDXFKLQGHPJHQDQQWHQ)DOOGHU9RUODJHGHU.RSLHHLQHV)DOVLILNDWV QRFK DOV HUIOOW DQJHVHKHQZHUGHQ NDQQ ² GDVULFKWHWVLFK QDFKGHP MHZHLOV ]XJUXQGHJHOHJWHQ9RU 9HUVWlQGQLVGHV:RUWHVÅVHOEVW´   9JOGLH1DFKZLQGHUYRUKHUJHKHQGHQ)Q  $XIGLHVLFKLQVRZHLWVWHOOHQGHVWUDI]XPHVVXQJVUHFKWOLFKH3UREOHPDWLNNDQQ KLHU QLFKWHLQJHJDQJHQZHUGHQ²=XUSUREOHPDWLVFKHQ 9RUYHUODJHUXQJGHU6WUDIEDU NHLWGXUFKGLH8UNXQGHQGHOLNWHYJOVFKRQREHQ5Q  9JOGD]XREHQ5QP)Q  'HVKDOE YHUZXQGHUWHVQLFKW ZHQQ VFKRQGDV5*YJO5*6W  DXI GHU %DVLV HLQHV DN]HQWXLHUWHQ (UIRUGHUQLVVHV GHV *HEUDXFKV GHU 8UNXQGH VHOEVW NHLQH6FKZLHULJNHLWHQKDWWHGLH9RUODJHHLQHU)RWRNRSLHDOV*HEUDXFKHQGHU8U  





,,,)RUPHQGHU7DWEHVWDQGVYHUZLUNOLFKXQJ

'HU6WUHLWNDQQMHGRFKGDKLQJHVWHOOWEOHLEHQZHQQPDQ²ZLHKLHU²)RWR  NRSLHQ YRQ 8UNXQGHQ  DOV VROFKHQ 8UNXQGHQTXDOLWlW ]XHUNHQQW 'HQQ GDQQLVWGLH9RUODJHHLQHVHQWVSUHFKHQGHQ)DOVLILNDWVLP)$//  GHU)RWR NRSLH GHV LP 'DWXP YHUIlOVFKWHQ )KUXQJV]HXJQLVVHV  RKQH =ZHLIHO HLQ*HEUDXFKHQGHUXQHFKWHQ8UNXQGHVHOEVW 8QXPVWULWWHQH)lOOHGHV*HEUDXFKHQVVLQGLQVEHVRQGHUHVROFKHLQGHQHQ  GDV )DOVLILNDW GHP ]X 7lXVFKHQGHQ DXVJHKlQGLJW ZLUG ² RKQH 5FNVLFKW GDUDXIREHUWDWVlFKOLFK(LQVLFKWLQGDV)DOVLILNDWQLPPW,P)$//NRPPW HVGHVKDOEQLFKWGDUDXIDQREMHPDQGGDVJHIlOVFKWH$UEHLWV]HXJQLVXQGGLH )KUXQJV]HXJQLVNRSLH JHOHVHQ KDW $QGHUHUVHLWV ZLUG EHLVSLHOVZHLVH HLQ JHIlOVFKWHU )KUHUVFKHLQ QRFK QLFKW GXUFK GDV EOR‰H %HLVLFKIKUHQ ZlKUHQGHLQHU)DKUWPLWGHP.UDIWIDKU]HXJL6GHV†ÅJHEUDXFKW´ 'LH OHGLJOLFK DEVWUDNWH 0|JOLFKNHLW HLQHU 9HUNHKUVNRQWUROOH EHL GHU GDV  )DOVLILNDW YRUJHOHJW ZHUGHQ VROO UHLFKW QDFK JHOlXILJHU (LQVFKlW]XQJ DOV Å(UIROJVXQZHUW´ QLFKW DXV 9LHOPHKU PXVV GDIU GDV )DOVLILNDW LQ GHQ 0DFKWEHUHLFK GHV ]X 7lXVFKHQGHQ JHODQJW VHLQ 'DVV LQ GLHVHU +LQ VLFKWEOLFKHUZHLVHHLQUHODWLYZHLWHV9HUVWlQGQLVGHV0DFKWEHUHLFKV]XJUXQGH JHOHJWZLUG]HLJWGLH(LQVWXIXQJGHV)$//(6 LQGHPMHPDQGHLQ.UDIW IDKU]HXJ PLW HLQHP JHIlOVFKWHQ .HQQ]HLFKHQ EHQXW]W DOV YROOHQGHWHV 

 

 









NXQGH VHOEVW DXI]XIDVVHQ VR HWZD DXFK %*+6W   %*+ 1-:    YJO ]XP LQVRZHLW YRUKDQGHQHQ 6WUHLW HWZD =LHVFKDQJ LQ /. † 5Q IHUQHU .SHU %7 6  I 6WLFKZRUW 8UNXQGH *HEUDXFKHQ  0H\HU 0'5I2WWR-X6I3XSSH-XUD:HV VHOV+HWWLQJHU%75Q†9 MHZPZ1²=XGHPHQWVSUHFKHQGHQ 3UREOHPGHV*HEUDXFKHQVEHL†QlKHU+HFNHU*$II 1lKHUGD]XREHQ5QP)QVRZLH)$// 6ROOWH $ VHOEVW GLH )RWRNRSLH DQJHIHUWLJW KDEHQ KDW HU GDGXUFK EHUHLWV GLH 9RUDXVVHW]XQJHQ GHV +HUVWHOOHQV HLQHU XQHFKWHQ 8UNXQGH YHUZLUNOLFKW QlKHU ]XP9HUKlOWQLVGHU9HUZLUNOLFKXQJVIRUPHQGHV+HUVWHOOHQVXQGGHV*HEUDXFKHQV XQWHQ7HLO9,5Q²  ,G6HWZD%*+*$6W9YJODXFK+HLQULFK.ULPLQDOLVWLN  ,QVWUXNWLY GD]X %*+6W    II P $QP 3XSSH -=   ² =XP VFKHLQEDUHQ 3UREOHPGHVÅ*HEUDXFKHQV´ZHQQMHPDQGHLQHQ)KUHUVFKHLQLQ GHPDQGLH6WHOOHGHU.ODVVHHLQHJHIlOVFKWH(LQWUDJXQJGHU.ODVVHJHVHW]WLVW EHLGHU%HQXW]XQJHLQHVIUGLH.ODVVH]XJHODVVHQHQ)DKU]HXJVHLQHPNRQWURO OLHUHQGHQ 3ROL]HLEHDPWHQ YRU]HLJW YJO %*+6W   P $QP .KO -5   YJO DXFK 2WWR -X6    :HEHU -XUD    II WDWVlFKOLFK GUIWHHVLQVRZHLWMHGHQIDOOVYRUUDQJLJXPGLH)UDJHGHUÅ(FKWKHLW´GHV)KUHU VFKHLQVLQVJHVDPWJHKHQ]XUQRWZHQGLJHQ7lXVFKXQJVIXQNWLRQGHV9HUKDOWHQVYJO 3XSSH-=IVRZLHQRFKXQWHQ7HLO9>5Q²@ 

7HLO8UNXQGHQIlOVFKXQJ† 

*HEUDXFKPDFKHQ hEHU GLH %HUHFKWLJXQJ GLHVHU (LQVFKlW]XQJ OlVVW VLFK ZRKOWUHIIOLFKVWUHLWHQ-HGHQIDOOVGUIWHQGLH9RUDXVVHW]XQJHQHLQHVVWUDIED UHQ9HUVXFKVLQHLQHPVROFKHQ)DOOYRUOLHJHQ D

E

'HILQLWLRQ GHV *HEUDXFKPDFKHQV YRQ HLQHU XQHFKWHQ RGHU YHU IlOVFKWHQ8UNXQGH (LQHXQHFKWHRGHUYHUIlOVFKWH8UNXQGHJHEUDXFKWZHUGLH*HIDKUGHU ,UUHIKUXQJEHUGLH,GHQWLWlWGHV$XVVWHOOHUVVFKDIIWLQGHPHUVLHGHP ]X7lXVFKHQGHQVR]XJlQJOLFKPDFKWGDVVGLHVHUYRQLKU.HQQWQLVQHK PHQNDQQ (LQ WDWEHVWDQGVPl‰LJHV *HEUDXFKPDFKHQ L6 GHV † HUIRUGHUW ² ZLH EHL MHGHU 6WUDIWDW ² ]XVlW]OLFK HLQH HQWVSUHFKHQGH UHFKWOLFKH 9HUKDO WHQVPLVVELOOLJXQJ

IV. Tatbestandsvorsatz  'HU 7lWHU HLQHU 8UNXQGHQIlOVFKXQJ PXVV GLHVH 7DW QDFK GHU DOOJHPHLQHQ 5HJHO GHV † YRUVlW]OLFK EHJHKHQ 'LH QlKHUH %HVWLPPXQJ GHU .ULWHULHQ HLQHU HQWVSUHFKHQGHQ 9RUVDW]WDW KDW VLFK DQ GHQ DOOJHPHLQHQ .ULWHULHQ YRUVlW]OLFKWDWEHVWDQGVPl‰LJHQ 9HUKDOWHQV E]Z GHU YROOHQGHWHQ 9RU VDW]WDW]XRULHQWLHUHQ9RUVDW]JHJHQVWDQGLVWGDQDFKGDVWDWEHVWDQGVPl‰LJH 9HUKDOWHQ LQ VHLQHU VSH]LILVFKHQ 5LVLNRGLPHQVLRQ 'LHVH PXVV L6 HLQHV UHFKWYHUVWDQGHQHQ :LVVHQV HUIDVVW VHLQ GDPLW YRQ YRUVlW]OLFKHP +DQGHOQ RGHU8QWHUODVVHQ JHVSURFKHQZHUGHQNDQQ   %*+6W    I ² 9RQ GHU 3UREOHPDWLN GHU XQHFKWHQ 8UNXQGH LQ HLQHP VROFKHQ )DOO XQG GHUHQ 9HUKlOWQLV ]XP HLJHQVWlQGLJ HUIDVVWHQ .HQQ]HLFKHQ PL‰EUDXFKQDFK†6W9*VROODQGLHVHU6WHOOHDEJHVHKHQZHUGHQYJOGD]XREHQ 5QP)Q  'HVKDOE JHKW HV QLFKW PHKU XP GDV 2E GHU %HVWUDIXQJ LQ HLQHP VROFKHQ )DOO VRQGHUQ²QDWUOLFKQLFKWXQZLFKWLJ²QXUQRFKXPGHQNRUUHNWHQ6FKXOGVSUXFK XQGXPGLH6WUDIUDKPHQHQWVFKHLGXQJQlKHU]XU)UDJHGHU]XJHZlKUHQGHQ9HU VXFKVPLOGHUXQJ)ULVFK)66SHQGHO6II6IIDXFKPLW%OLFNDXI'HOLNWH ZLH†   1lKHUGD]XHWZD)UHXQG(UIROJVGHOLNWXQG8QWHUODVVHQ6IIGHUVLQ0QFK .RPP6W*%YRU†5QIIII  *UXQGOHJHQG ]XU UDWLR GHU 9RUVDW]EHVWUDIXQJ XQG ]XP GDUDXV DE]XOHLWHQGHQ 9HUVWlQGQLVGHV*HJHQVWDQGV XQGGHV,QKDOWVGHV 9RUVDW]HV)ULVFK9RUVDW]XQG 5LVLNR² $XVGHU/HKUEXFKOLWHUDWXUQlKHUGD]XHWZD)UHXQG$7 †5Q IIII 



,97DWEHVWDQGVYRUVDW]

'HILQLWLRQYRUVlW]OLFKHQ9HUKDOWHQV 9RUVlW]OLFKKDQGHOWRGHUXQWHUOlVVWZHUGLH8PVWlQGHNHQQWZHOFKHGLH QLFKWJHUHFKWIHUWLJWH7DWEHVWDQGVYHUZLUNOLFKXQJEHJUQGHQ 'HILQLWLRQGHU$QIRUGHUXQJHQDQHLQHYROOHQGHWH9RUVDW]WDW 'LHYROOHQGHWH9RUVDW]WDWHUIRUGHUWGDVVVLFKLP(UIROJVVDFKYHUKDOWGLH VSH]LILVFKH *HIlKUOLFKNHLW GHV YRUVlW]OLFKWDWEHVWDQGVPl‰LJHQ 9HUKDO WHQVUHDOLVLHUW )UGDV9RUVDW]8QUHFKWGHV†KHL‰WGDV'HU7lWHUPXVV]XDOOHUHUVW HUIDVVW KDEHQ GDVV HU HLQH XQHFKWH 8UNXQGH KHUVWHOOW HLQH HFKWH YHUIlOVFKW E]Z HLQ VROFKHV )DOVLILNDW JHEUDXFKW 'DEHL EHGDUI HV VHOEVWYHUVWlQGOLFK NHLQHU6XEVXPWLRQGHVHLJHQHQ9HUKDOWHQVXQWHUGLH*HVHW]HVEHJULIIH(V JHQJWZHQQGHU7lWHUVDFKOLFKHUIDVVWGDVVHUHLQHQLQGHUHQWVFKHLGHQGHQ +LQVLFKW LQ SXQFWR $XVVWHOOHU  LUUHIKUHQGHQ ,QIRUPDWLRQVWUlJHU JJI DXVHLQHPNRUUHNWHQ SURGX]LHUWRGHUGHP]X7lXVFKHQGHQ ]XU.HQQWQLV EULQJW²JHQDXHUHUPXVVGHQPDWHULDOHQ9HUERWVJUXQGVHLQHV9HUKDOWHQV NODUYRU$XJHQKDEHQXQGGHQQRFKKDQGHOQ'DUDQIHKOWHVZHQQ²ZLHLP IROJHQGHQ)DOO ² DXFK QXU HLQ GHPWDWEHVWDQGOLFKHQ0LVVELOOLJXQJVXUWHLO ]XJUXQGHOLHJHQGHVHVVHQWLDOHV0RPHQWYHUNDQQWZLUG )$//  7RXULVW $ UDGLHUWH LQ 8QNHQQWQLV GHU *HSIORJHQKHLWHQ LQ GHXWVFKHQ*DVWZLUWVFKDIWHQDXV/DQJHZHLOHHLQHQGHUIULKQPHUNZUGL JHQ6WULFKHGHU.HOOQHULQDXIGHP%LHUILO]DXVGHUDQJHEHQVROOWHZLH YLHOGHU*DVWJHWUXQNHQKDW $LVWQLFKWZHJHQYRUVlW]OLFKHU 8UNXQGHQIlOVFKXQJVWUDIEDUZHLOLKPGLH %HGHXWXQJ VHLQHV 9HUKDOWHQV IU XUNXQGHQVSH]LILVFKH 5HFKWVJWHU VFKXW]LQWHUHVVHQ YHUERUJHQ EOHLEW (U ZHL‰ EHUHLWV QLFKW GDVV GLH 6WULFKH EHUKDXSW(UNOlUXQJHQSHUSHWXLHUHQVROOHQ ²VHLHQHVVROFKHGHU.HOOQHULQ RGHUVHLHQHVJDUVHLQHHLJHQHQ $XI GHU DQGHUHQ 6HLWH HUIOOW GHU PLW GHU%HGHXWXQJ GHU 6WULFKH DXI GHP %LHUILO] 9HUWUDXWH GLH 9RUDXVVHW]XQJHQ YRUVlW]OLFKHQ +DQGHOQV DXFK GDQQ ZHQQ HU QLHPDOV HUQVWKDIW LQ (UZlJXQJ JH]RJHQ KDEHQ VROOWH GDVV 6WULFKH DXI HLQHP %LHUILO] HLQH Å8UNXQGH´ L6 GHV 6WUDIUHFKWV VHLQ N|QQWHQ 9RUJHZRUIHQZLUGLKPMD QLFKWGDVVHUVHLQH7DWQLFKWXQWHUGLH*HVHW]HV EHJULIIHVXEVXPLHUWKDWVRQGHUQVHLQ7XQLQYROOHU.HQQWQLVGHU%HGHXWXQJ   6]XGLHVHU'HILQLWLRQEHUHLWV)UHXQG)6.SHU6  1lKHU]XU+HUOHLWXQJGLHVHU'HILQLWLRQ)UHXQG$7†5QIID  ,P$OOJHPHLQHQZLUGGLHLQVRIHUQQ|WLJH(UIDVVXQJXPVFKULHEHQDOVVRJHQDQQWH Å3DUDOOHOZHUWXQJ LQ GHU /DLHQVSKlUH´ QlKHU ]XU %HGHXWXQJ XQG .ULWLN GLHVHU )RUPHO)ULVFKLQ5HFKWIHUWLJXQJXQG(QWVFKXOGLJXQJ,,,6IIII  

D









7HLO8UNXQGHQIlOVFKXQJ† 

VHLQHV9HUKDOWHQVIUGLHVXEVSHFLH†UHOHYDQWHQ5HFKWVJWHUVFKXW]LQWH UHVVHQLP%HLVSLHOVIDOOYHUOHW]WGXUFKGLH9HUIlOVFKXQJGHU(UNOlUXQJGHU .HOOQHULQ   )UHLOLFKWDXFKWDQGLHVHU6WHOOHQRFKHLQJHZLFKWLJHV3UREOHPDXI'LHIU HLQH9RUVDW]WDWEHVWUDIXQJHUIRUGHUOLFKH(UIDVVXQJGHVVHQZDVGDV9HUKDO WHQIUGLHVXEVSHFLH†UHOHYDQWHQ5HFKWVJWHUVFKXW]LQWHUHVVHQEHGHXWHW OlVVWVLFKEHLP*HEUDXFKHQDEHUDXFKEHLP)lOVFKHQXQG9HUIlOVFKHQQLFKW DOOHLQ GDUDXI UHGX]LHUHQ GDVV GHP %HWUHIIHQGHQ NODU LVW GDVV HU IlOVFKW YHUIlOVFKW RGHU HLQ )lOVFKXQJVIDEULNDW JHEUDXFKW :HQQ MHPDQG EHL VSLHOVZHLVH%LOGHU EHNDQQWHU 0DOHU IlOVFKW XP VLH EHL VLFK LQ GHU :RKQXQJ DXI]XKlQJHQ RGHU VROFKH JHIlOVFKWHQ %LOGHU DOV )DOVLILNDWH DQ HQWVSUHFKHQGH /LHEKDEHU YHUNDXIW YHUZLUNOLFKW HU LQ NHLQHU :HLVH GDV VSH]LILVFKH 8QUHFKW GHU8UNXQGHQIlOVFKXQJ:HUGDVWXWXQGGDUXPZHL‰KDQGHOWGHVKDOEDXFK QLFKW YRUVlW]OLFK LQ %H]XJ DXI GLH 9HUZLUNOLFKXQJ HLQHV 8QUHFKWVWDWEH VWDQGV 6HLQH 8QUHFKWVUHOHYDQ] HUKlOW HLQ VROFKHV 9HUKDOWHQ YLHOPHKU HUVW ZHQQHVQDFKGHPNRQNUHWHQ.RQWH[WHLQHREMHNWLYEHVWLPPEDUHVSH]LILVFKH )XQNWLRQ EHVLW]W 'HQQ IU GDV VSH]LILVFKH 0LVVELOOLJXQJVXUWHLO GHU 8UNXQGHQIlOVFKXQJ UHLFKW DOOHLQ GLH 3URGXNWLRQ RGHU GHU *HEUDXFK HLQHU XQHFKWHQ 8UNXQGH QLFKW DXV 9LHOPHKUPXVV GDIU HLQWDWVlFKOLFKHV *HIDK UHQPRPHQW ² LP 6LQQH HLQHU JDQ] EHVWLPPWHQ 6FKlGLJXQJVP|JOLFKNHLW ² KLQ]XNRPPHQ 3URGXNWLRQ RGHU *HEUDXFK HLQHU XQHFKWHQ 8UNXQGH PVVHQ GHU UHFKWOLFK PLVVELOOLJWHQ  7lXVFKXQJ GHV 5HFKWVYHUNHKUV GLHQHQ ²XQGGLHVH)XQNWLRQPXVVGHU7lWHUGHU8UNXQGHQIlOVFKXQJKLQUHL FKHQG HUIDVVW KDEHQ XP GDV JDQ] ÅQRUPDOH´ 9RUVDW]HUIRUGHUQLV ]X HUIOOHQ D 'DPLW VLQG ZLU GHU 6DFKH QDFK DEHU ZLHGHU EHL GHP DOOJHPHLQHQ 6WUDI WDWHUIRUGHUQLV GHU JUXQGVlW]OLFKHQ  WDWEHVWDQGOLFKHQ 9HUKDOWHQVPLVV ELOOLJXQJ DQJHODQJW GDV EHL GHQ 7DWEHVWDQGVYHUZLUNOLFKXQJVIRUPHQ GHV )lOVFKHQV GHV 9HUIlOVFKHQV XQG GHV *HEUDXFKHQV RIW YHUQDFKOlVVLJW ZLUG 'DVJOHLFKH'HIL]LWILQGHWVLFKEULJHQVDXFKQRFKLQDQGHUHQ'HOLNWVEHUHL FKHQ 6R ZLUG EHLVSLHOVZHLVH EHLP %HWUXJ DOV WDWEHVWDQGVPl‰LJH 7lX VFKXQJ QLFKW VHOWHQ QRFK LPPHU ÅMHGH  LUUHIKUHQGH (LQZLUNXQJ DXI GLH 9RUVWHOOXQJ HLQHV DQGHUHQ´ DXIJHIDVVW 0LW 5HFKW UJW -DNREV LQVRIHUQ GLH ÅNUDVVH )HKOHQWZLFNOXQJ´ QDFK GHU PDQ PHLQWH ÅGLH 7lXVFKXQJ EHLP %HWUXJ GXFK GLH .XQGJDEH XQZDKUHU 7DWVDFKHQ GHILQLHUHQ ]X N|QQHQ´   6RZHLW HLQH HLJHQH (UNOlUXQJ GHV *DVWHV LQ )UDJH VWHKW JUHLIW QDFK ULFKWLJHU $XIIDVVXQJÅQXU´†$EV1UYJOHUJlQ]HQGREHQ 7HLO,5Q²  5QP)Q5Q²VRZLHXQWHQ5QII  =XGLHVHP(UIRUGHUQLVMHGHU6WUDIWDWYJOQXU)UHXQGLQ0QFK.RPP6W*%YRU †5QIIIIPZ1 



,97DWEHVWDQGVYRUVDW]

XQG GDQQ YRU GHP 3UREOHP VWDQG ÅGHQ 9HUNlXIHU GHU VHLQ YRUOHW]WHV $QJHERW EHUHLWV DOV VHLQ OHW]WHV EH]HLFKQHW DXI XQNODUHQ :HJHQ YRU GHU RIIHQEDUXQYHUGLHQWHQ%HWUXJVVWUDIHEHZDKUHQ]XPVVHQ´ 2KQHHLQHVHOEVWlQGLJH%HZHUWXQJEHVWLPPWHQ9HUKDOWHQVDOVJUXQGVlW] OLFK  WDWEHVWDQGOLFKPLVVELOOLJWHV 9HUKDOWHQ LVW EHL NHLQHU 6WUDIWDW DXV]X NRPPHQ 8QWHU GLHVHP %OLFNZLQNHO ZLUNW GHU JHVFKlIWVWFKWLJH 9HUNlXIHU ]ZDULUUHIKUHQGDXIGLH9RUVWHOOXQJGHVSRWHQWLHOOHQ9HUWUDJVSDUWQHUVHLQHU YHUKlOWVLFKDEHUVFKRQQLFKWWDWEHVWDQGOLFKPLVVELOOLJWL6GHV%HWUXJVWDWEH VWDQGHV'DV ]HLJW VLFK ZHQQ PDQ GLH MHZHLOLJHQ 9HUDQWZRUWXQJVEHUHLFKH DQJHPHVVHQ EHVWLPPW 'LH HQWVSUHFKHQGH 9HUKDOWHQVEHZHUWXQJ GDUI VHOEVWYHUVWlQGOLFK DXFK EHL † QLFKW IHKOHQ 7DWEHVWDQGVPl‰LJ LVW QLFKW MHGHV +HUVWHOOHQ 9HUIlOVFKHQ RGHU *HEUDXFKHQ VRQGHUQ QXU HLQ VROFKHV +HUVWHOOXQJV 9HUIlOVFKXQJV RGHU *HEUDXFKVYHUKDOWHQ GDV JHJHQ HLQH VSH]LILVFKHUHFKWOLFKH9HUKDOWHQVQRUPYHUVW|‰W 'LHVH 9HUKDOWHQVEHZHUWXQJ ZLUG ELVKHU PHLVW QRFK EHL GHP 0HUNPDO GHV +DQGHOQV Å]XU 7lXVFKXQJ LP 5HFKWVYHUNHKU´ YRUJHQRPPHQ GDV PDQ EOLFKHUZHLVH GHP VRJ ÅVXEMHNWLYHQ 7DWEHVWDQG´ ]XUHFKQHW ,QGHVVHQ WDXJWHLQHVROFKH9RUJHKHQVZHLVHQXUDOVYRUEHUJHKHQGH1RWO|VXQJEHU GHUHQ &KDUDNWHU PDQ VLFK MHGHQIDOOV LP .ODUHQ VHLQ VROOWH $QGHUQIDOOV EH NRPPWPDQ)lOOHZLHGHQIROJHQGHQQLFKWDQJHPHVVHQLQGHQ*ULII )$// D 'HU 9HUWHLGLJHU 9 GHV $ OHJWH GHP *HULFKW ]XU (QWODVWXQJ VHLQHV 0DQGDQWHQ NRPPHQWDUORV HLQH JHIlOVFKWH  8UNXQGH YRU REZRKO HUGHUHQ8QHFKWKHLWDOVP|JOLFKHUNDQQWXQGLQ.DXIJHQRPPHQKDW GDVVVHLQ0DQGDQWGDV*HULFKWWlXVFKHQP|FKWH ,P )$// D GHV 9HUWHLGLJHUV VWHOOW VLFK QLFKW HWZD ² ZLH PDQ PHLQHQ N|QQWH²HLQ9RUVDW]SUREOHP9LHOPHKULVWGDV9HUKDOWHQGHV9HUWHLGLJHUV EHL HLQHP DQJHPHVVHQHQ =XVFKQLWW GHU 9HUDQWZRUWXQJVEHUHLFKH QLFKW DOV *HEUDXFK HLQHU XQHFKWHQ 8UNXQGH UHFKWOLFK PLVVELOOLJW VRQGHUQ UHFKWOLFK HUODXEW (LQ UHFKWOLFKHV 9HUERW VHLQHV 9HUKDOWHQV NRPPW QLFKW HUQVWKDIW LQ %HWUDFKW 'HQQ GHU 9HUWHLGLJHU ZUGH VHLQHU VSH]LILVFKHQ $XIJDEH QLFKW   -DNREV8UNXQGHQIlOVFKXQJ6I+HUYRUKHEXQJHQQLFKWLP2ULJLQDO   =X GLHVHP DOOJHPHLQHQ 6WUDIWDWNULWHULXP V GLH 1DFKZ REHQ )Q  ² $Q GLHVHP.ULWHULXPLVWDXFKGLH/|VXQJGHVYRQ6WHLQ-5II GLVNXWLHUWHQ )DOOHV IHVW]XPDFKHQ LQ GHP GDV *HEXUWVGDWXP LQ GHU =HLWNDUWH HLQHV %HI|UGH UXQJVXQWHUQHKPHQVIUHLQHQ'LVNRWKHNHQEHVXFKYHUlQGHUWZXUGH  6 DXFK GHQ YHUJOHLFKEDUHQ )DOO GHV 9HUWHLGLJHUV GHU LKP YRP 0DQGDQWHQ EHUODVVHQHJHIlOVFKWH8UNXQGHQXQWHU=ZHLIHOQDQGHUHQ(FKWKHLWGHP*HULFKW YRUOHJWYJOGD]X%*+1-:II 16W=IIZRGDV3UREOHP ² YHUIHKOW ² EOR‰ XQWHU 9RUVDW]DVSHNWHQ WKHPDWLVLHUW ZLUG  VRZLH GLH $QP YRQ 6FKHIIOHU6W9II  

E

F

G

H

7HLO8UNXQGHQIlOVFKXQJ† 

JHUHFKW ZHQQ HU GLH LQ GHU NRQNUHWHQ 6LWXDWLRQ DOV P|JOLFKHUZHLVH HFKW DQ]XVHKHQGH 8UNXQGH GHP *HULFKW QLFKW YRUOHJWH REZRKO GLHVH VHLQHQ 0DQGDQWHQ HQWODVWHQ N|QQWH ,P hEULJHQ LVW HV DOOHLQ 6DFKH GHV *HULFKWV GHQ6WHOOHQZHUWGHVYRUJHOHJWHQ%HZHLVPLWWHOV]XSUIHQXQGDXIGLHVHU%DVLV ]XHQWVFKHLGHQ'HU9HUWHLGLJHULVWGDIUQLFKW]XVWlQGLJ I 'LH%HXUWHLOXQJGHV9HUWHLGLJHUYHUKDOWHQVlQGHUWVLFKHUVWZHQQHU²XP HLQH 9DULDQWH GHV )$//(6 D ]X ELOGHQ ² DOV VLFKHU GDYRQ DXVJHKHQ PXVVWHGDVVHVVLFKXPHLQH)lOVFKXQJKDQGHOW(UVWXQWHUGLHVHQ8PVWlQ GHQ LVW GLH PLW GHU :HLWHUJDEH DQ GDV *HULFKW YHUEXQGHQH ,UUHIKUXQJV JHIDKU JHHLJQHW HLQ HQWVSUHFKHQGHV 9HUERW JHJHQEHU GHP 9HUWHLGLJHU ]X OHJLWLPLHUHQZHLOIULKQGDQQEHUKDXSWNHLQHUHFKWOLFK]XDN]HSWLHUHQGH 0|JOLFKNHLWPHKULQ)UDJHVWHKWVHLQHQ0DQGDQWHQ]XHQWODVWHQ J 1XU LQ GLHVHU 9DULDQWH GHV )$//(6 D ² ZHQQ DOVR HLQ WDWEHVWDQGOLFK PLVVELOOLJWHV *HEUDXFKHQ GHU XQHFKWHQ 8UNXQGH EHMDKW ZHUGHQ NDQQ ² VWHOOWVLFKGLH9RUVDW]IUDJH9RUVlW]OLFKKDWGHU9HUWHLGLJHUGDQQQXUJHKDQ GHOWZHQQHUGLHIUGLHQLFKWJHUHFKWIHUWLJWH 7DWEHVWDQGVYHUZLUNOLFKXQJ PD‰JHEOLFKHQ 8PVWlQGH NDQQWH (U PXVV DOVR HUNDQQW KDEHQ GDVV GLH 8UNXQGH QLFKW HFKW VHLQ NDQQ ,VW HU GDJHJHQ ]% DXIJUXQG HLQHU )HKO HLQVFKlW]XQJGHUUHOHYDQWHQ6DFKODJHGDYRQDXVJHJDQJHQGDVVGLH8UNXQGH P|JOLFKHUZHLVH GRFK HFKW LVW OLHJW HLQ YRUVDW]DXVVFKOLH‰HQGHU 7DWXP VWDQGVLUUWXPYRU

V. Erfordernis des Handelns „zur Täuschung im Rechtsverkehr“  'DV (UIRUGHUQLV GHV +DQGHOQV Å]XU 7lXVFKXQJ LP 5HFKWVYHUNHKU´ ZLUG EOLFKHUZHLVH YHUVWDQGHQ DOV :LOOH HLQHQ DQGHUHQ EHU GLH (FKWKHLWRGHU 8QYHUIlOVFKWKHLW  GHU 8UNXQGH ]X WlXVFKHQ XQG LKQ GDGXUFK ]X HLQHP UHFKWVHUKHEOLFKHQ 9HUKDOWHQ ]X YHUDQODVVHQ 7HLOZHLVH ILQGHW VLFK DOOHUGLQJVGHU+LQZHLVGDUDXIGDVVIUGLH7DWEHVWDQGVHUIOOXQJGHU+HUVWHOOHU   =X )lOOHQ GHV YRUVDW]DXVVFKOLH‰HQGHQ 7DWXPVWDQGVLUUWXPV QlKHU HWZD )UHXQG $7†5QII  :HQQ†GHU7lXVFKXQJLP5HFKWVYHUNHKUGLHIlOVFKOLFKH%HHLQIOXVVXQJHLQHU 'DWHQYHUDUEHLWXQJ LP 5HFKWVYHUNHKU JOHLFKVWHOOW VR KDW GLHV QXU GHNODUDWRULVFKH %HGHXWXQJYJOGD]X/DFNQHU.KO†5QDOOHUGLQJVDXFK(UELQ0QFK .RPP6W*%†5Q  9JOHWZD:HVVHOV+HWWLQJHU%75Q†,,, IHUQHU%*+6W +HJKPDQQV%75Q3XSSHLQ1.†5QII 



9(UIRUGHUQLVGHV+DQGHOQVÅ]XU7lXVFKXQJLP5HFKWVYHUNHKU´

QLFKW XQEHGLQJW YRUKDEHQ PVVH VHOEVW ]X WlXVFKHQ VRQGHUQ DXFK HLQ DQGHUHUWlXVFKHQN|QQH 'DEHL ZLUG QLFKW VHOWHQ GDV JHVHW]OLFKH (UIRUGHUQLV GHV +DQGHOQV Å]XU  7lXVFKXQJ LP 5HFKWVYHUNHKU´ PLW GHP .ULWHULXP GHU7lXVFKXQJVDEVLFKW LGHQWLIL]LHUW REZRKO GHU *HVHW]JHEHU HLQH QHXWUDOH )RUPXOLHUXQJ JHZlKOWKDWXQGDXIGLHVH:HLVH²GLHZHLWHUHQhEHUOHJXQJHQZHUGHQ]HLJHQ GXUFKDXVVDFKJHUHFKW² YLHOH 3UREOHPH YHUPHLGHW GLHDXV DQGHUHQ =XVDP PHQKlQJHQPLWGHP$EVLFKWVEHJULIIYHUEXQGHQVLQG=XJHJHEHQHUPD‰HQ NDQQGLHJHVHW]OLFKH)RUPXOLHUXQJUHLQVXEMHNWLYJHGHXWHWZHUGHQ6LHHU|II QHWDEHUJDQ]VLFKHUHLQHQ9HUVWlQGQLVUDKPHQGHU]XPLQGHVWDXFKQRFKHLQH lX‰HUOLFKREMHNWLYH'LPHQVLRQKDW7DWVlFKOLFKHUZHLVWGLHJHQDXHUH%HWUDFK WXQJ LQ YLHOIDFKHU +LQVLFKW GLH hEHUOHJHQKHLW HLQHU VROFKHQ ÅJHPLVFKWHQ´ .RQ]HSWLRQGHVJHQDQQWHQ(UIRUGHUQLVVHV 1DFK GHP =XVFKQLWW GHV *HVHW]HV XQG DXIJUXQG DOOJHPHLQHU 5HJHOQ GHU  WDWEHVWDQGOLFKHQ 9HUKDOWHQVPLVVELOOLJXQJ UHLFKW GLH DXV GHU 3URGXNWLRQ YRQ )lOVFKXQJHQ UHVXOWLHUHQGH *HIlKUOLFKNHLW IU HLQ 9HUERW XQG HLQH 3|QDOLVLHUXQJQRFKQLFKWDXV8QGEOR‰HE|VH+LQWHUJHGDQNHQN|QQHQHLQ HUODXEWHV 9HUKDOWHQ QRFK QLFKW ]X HLQHP PLVVELOOLJWHQ PDFKHQ 'HVKDOE PXVVGDV(UIRUGHUQLVGHV+DQGHOQVÅ]XU7lXVFKXQJLP5HFKWVYHUNHKU´ ]XPLQGHVWDXFKGD]XGLHQHQHLQHREMHNWLYLHUEDUH*HIDKUHQGLPHQVLRQLP 6LQQHHLQHUJDQ]EHVWLPPWHQ0|JOLFKNHLWGHV²ZHLWHUHQ²*HVFKHKHQV YHUODXIV YRQHLQHU4XDOLWlW]XHUIDVVHQGLHHVUHFKWIHUWLJWGDV9HUKDOWHQDOV JUXQGVlW]OLFK WDWEHVWDQGOLFK PLVVELOOLJW DQ]XVHKHQ +lWWHQ ZLU HV QLFKW   9JO HWZD GDV %HLVSLHO GHV JHZHUEVPl‰LJHQ 3DVVIlOVFKHUV EHL =LHVFKDQJ LQ /. †5QVDXFK&UDPHU+HLQHLQ6FK|QNH6FKU|GHU†5Q0DX UDFK6FKURHGHU0DLZDOG%7†5Q  8QWHU (LQVFKOXVV GHU )lOOH GHV VLFKHUHQ :LVVHQV VR ]% EHL &UDPHU+HLQH LQ 6FK|QNH6FKU|GHU†5QIIYJODXFK6WHLQPHW](FKWKHLWVEHJULII6 :HVVHOV+HWWLQJHU%75Q†,,, =LHVFKDQJLQ/.†5QI PZ1 ² (QJHU GDJHJHQ HWZD +R\HU LQ 6. 6W*%  /IJ -XOL  † 5QII7lXVFKXQJVDEVLFKWLH6HUIRUGHUOLFK   9JOGD]XHWZD*HKULJ$EVLFKWVEHJULII-HVFKHFN:HLJHQG$7†,,,E  =XPDXFKIUGLH8UNXQGHQIlOVFKXQJ]XEHDFKWHQGHQDOOJHPHLQHQ6WUDIWDWHUIRU GHUQLVGHUJUXQGVlW]OLFKHQ WDWEHVWDQGOLFKHQ9HUKDOWHQVPLVVELOOLJXQJYJOEHUHLWV REHQ5QELEDII  1lKHU ]XU ,UUHOHYDQ] E|VHU +LQWHUJHGDQNHQ EHL GHU 6FKDIIXQJ VRQVW WROHULHUWHU 5LVLNHQ)ULVFK9HUKDOWHQ6I)Q IIIIIV HUJlQ]HQG )UHXQG (UIROJVGHOLNW XQG 8QWHUODVVHQ 6  I GHQV $7 † 5Q II†5Q†5Q  =XU JUXQGOHJHQGHQ %HGHXWXQJ GHU DXIZHLVEDUHQ 0|JOLFKNHLWHQ GHV VFKDGHQV WUlFKWLJHQ9HUODXIVIUGLH/HJLWLPDWLRQYRQ9HUKDOWHQVQRUPHQLP,QWHUHVVHGHV GXUFKVLH]XHU]LHOHQGHQ1XW]HQVGHU1RUPHLQKDOWXQJ )UHXQG(UIROJVGHOLNWXQG 



7HLO8UNXQGHQIlOVFKXQJ† 

PLWHLQHP'HOLNWVW\S]XWXQEHLGHP²XQWHUGHPKLHUPD‰JHEOLFKHQ$VSHNW GHU/HJLWLPDWLRQGHU(LQVFKUlQNXQJYRQ+DQGOXQJVIUHLKHLW]XIlOOLJ²EHUHLWV PDWHULDOH 9RUEHUHLWXQJVKDQGOXQJHQ DOV YROOHQGHWH 6WUDIWDW NRQVWUXLHUW VLQG N|QQWH EHUKDXSW NHLQ =ZHLIHO DXINRPPHQ 'LH )UDJH QDFK GHP GXUFK ULFKWLJHV9HUKDOWHQ ]XYHUPHLGHQGHQVFKDGHQVWUlFKWLJHQ9HUODXI EHWULIIW GLH :UGLJXQJ HLQHU REMHNWLYLHUEDUHQ 'LPHQVLRQ GHV 9HUKDOWHQV XQG *H VFKHKHQV XQG PXVV GHVKDOE HLQHP UHFKWYHUVWDQGHQHQ ÅlX‰HUHQ´ 8QUHFKWV WDWEHVWDQG DQJHK|UHQ VROO GLHVHU 8QUHFKWVWDWEHVWDQG VHLQHQ 1DPHQ ZLUN OLFK YHUGLHQHQ XQG QLFKW ]X HLQHP EHZHUWXQJVPl‰LJ ÅIDUEORVHQ´ *HELOGH YHUNRPPHQ  'DVVPLWGHUYRUVWHKHQGVNL]]LHUWHQ6LFKWGHVVWUDIUHFKWOLFKHQ8QUHFKWV GLH EOLFKHUZHLVH JH]RJHQH 7UHQQXQJVOLQLH ]ZLVFKHQ HLQHP REMHNWLYHQ XQG HLQHP VXEMHNWLYHQ 7DWEHVWDQG VFKZHUOLFK LQ (LQNODQJ ]X EULQJHQ VHLQ GUIWHPDQGHQNHQXUDQGDVSDUDOOHOH%HLVSLHOGHV'LHEVWDKOVEHLGHPGLH =XHLJQXQJVDEVLFKW GLH VSH]LILVFKH *HIlKUOLFKNHLW GHU :HJQDKPHKDQGOXQJ LQGL]LHUW  NDQQ QLFKW DOV *HJHQDUJXPHQW DQHUNDQQW ZHUGHQ 'LHVHU %HIXQG VROOWH YLHOPHKU $QODVVVHLQGLH KHUN|PPOLFKH ² GLHULFKWLJHQ 6DFKJHGDQNHQ HLQHU SHUVRQDOHQ 8QUHFKWVOHKUH QRFK LPPHU QLFKW DQJHPHVVHQ ÅYHUDUEHL WHQGH´².RQ]HSWLRQVWUDIUHFKWOLFKHQ8QUHFKWV]XEHUGHQNHQ  ,QGHVVHQ LVW GHU KLHU KHUYRUJHKREHQH *HGDQNH OHW]WOLFK XQDEKlQJLJ YRQ GHU ÅIRUPDOHQ´ (LQRUGQXQJ GHV 3UREOHPV ]XEHDFKWHQ 7DWEHVWDQGVPl‰L JHV 8QUHFKW GHU 8UNXQGHQIlOVFKXQJ OlVVW VLFK QXU EHJUQGHQ ZHQQ JH]HLJWZHUGHQNDQQGDVVGDV)lOVFKHQ9HUIlOVFKHQRGHU*HEUDXFKHQÅ]XU 7lXVFKXQJ LP 5HFKWVYHUNHKU´ HUIROJW (LQH HQWVSUHFKHQGH $EVLFKW LVW LQVRZHLW OHGLJOLFK HLQ ZHQQDXFK ZLFKWLJHU8QWHUIDOO GHU .RQVWHOODWLRQHQ LQ GHQHQGHUIUGDV8QUHFKWGHU8UNXQGHQIlOVFKXQJHUIRUGHUOLFKHIXQNWLR QDOH %H]XJ GHV 9HUKDOWHQV LQ HLQHU YRP 9RUVDW] XPIDVVWHQ :HLVH  YRU OLHJW-HGRFKJLEWHVDXFK)lOOHLQGHQHQZHGHUYRQ$EVLFKWLPHQJHUHQ6LQQH QRFK YRQ VLFKHUHP :LVVHQ XP GHQ HQWVSUHFKHQGHQ %H]XJ JHVSURFKHQ ZHUGHQNDQQLQGHQHQDEHUGHQQRFKGDV8QUHFKWGHU8UNXQGHQIlOVFKXQJ]X EHMDKHQLVW  8QWHUODVVHQ6IIIIHWSDVVLPYJODXFKGHQV$7†5QIIII† 5QIIHWSDVVLP  0LW5HFKWNULWLVFK]XUEOLFKHQ8QWHUVFKHLGXQJGHVREMHNWLYHQXQGGHVVXEMHNWL YHQ 7DWEHVWDQGV /DQJHU *$    I 6FKPLGKlXVHU )HVWJDEH 6FKXOW] 6FKZ=6WU>@ 6IIVDXFK)UHXQG$7†5QD²1lKHU]XU %HGHXWXQJGHU%HWURIIHQHQSHUVSHNWLYHIUGLHUHFKWOLFKH9HUKDOWHQVPLVVELOOLJXQJ )UHXQG*$IIIIGHUV-X6II]XHLQHPÅlX‰HUOLFKYHU NHKUVJHUHFKWHQ9HUKDOWHQ´DOV6WUDIWDW 



9(UIRUGHUQLVGHV+DQGHOQVÅ]XU7lXVFKXQJLP5HFKWVYHUNHKU´

0DQGHQNHEHLVSLHOVZHLVHDQGHQEHUXIVPl‰LJHQ)lOVFKHUGHPHVEHU  KDXSWQLFKWGDUDXIDQNRPPWGDVVPLWVHLQHQÅ3URGXNWHQ´LP5HFKWVYHUNHKU JHWlXVFKW ZLUG XQG EHL GHP QRFK QLFKW HLQPDO YRQ HLQHP GLHVEH]JOLFK VLFKHUHQ:LVVHQDXVJHJDQJHQZHUGHQNDQQZHLOVHLQH.XQGHQDXFK KDUP ORVH 9HUZHQGXQJV]ZHFNH DQJHEHQ XQG HU OHGLJOLFK GLH 0|JOLFKNHLW GHU 7lXVFKXQJVLHKWXQGLQ.DXIQLPPW,VWLQHLQHPVROFKHQ)DOOGLHHQWVSUH FKHQGH 0|JOLFKNHLW VR JHZLFKWLJ HLQ]XVFKlW]HQ GDVV XP LKUHU 9HUPHLGXQJ ZLOOHQHLQ9HUERWOHJLWLPLHUWZHUGHQNDQQZlUHHVQLFKWULFKWLJLPÅ6XEMHNWL YHQ´VLFKHUHV:LVVHQRGHUJDU$EVLFKWLPHQJHUHQ6LQQH]XYHUODQJHQ (QWVFKHLGHQGHV(LQJUHQ]XQJVNULWHULXPLVWQDFKGHPYRUVWHKHQG*HVDJWHQ  GLH REMHNWLY EHVWLPPEDUH )XQNWLRQ GHV 9HUKDOWHQV ² JHQDXHU (LQJUHQ ]XQJVNULWHULHQ VLQG GLH MHZHLOV HU|IIQHWHQ 0|JOLFKNHLWHQ GHV ZHLWHUHQ 9HUODXIV GLH PLW %OLFN DXI GLH ]X VFKW]HQGHQ VSH]LILVFKHQ ,QWHUHVVHQ YHUPLHGHQ ZHUGHQ VROOHQ ,QVRZHLW JLOW HV ]XU .RQNUHWLVLHUXQJ GLHVHU 0|JOLFKNHLWHQ GLH REHQ  7HLO , 5Q ²   DQJHVWHOOWHQ hEHUOHJXQJHQ ]XP5HFKWVJXWÅZHLWHU]XGHQNHQ´XQG]XSUIHQRE²KLQUHLFKHQGJHZLFK WLJH ² VSH]LILVFKH 9HUPHLGHLQWHUHVVHQ JHJHEHQ VLQG 'DVV GDEHL HLQH :HUWXQJ ² EHU GHUHQ $QJHPHVVHQKHLWVLFK PLWXQWHUVWUHLWHQ OlVVW ² XQYHU PHLGOLFKLVWYHUVWHKWVLFKYRQVHOEVW 6RZRKOLP)$// DGHV9HUWHLGLJHUV9DOVDXFKLQGHPVRHEHQHUZlKQ D WHQ )DOO GHV EHUXIVPl‰LJHQ )lOVFKHUV NRPPW HV IU GLH WDWEHVWDQGOLFKH   6R DEHU GLH ZRKO K0 YJO HWZD &UDPHU+HLQH LQ 6FK|QNH6FKU|GHU † 5Q :HVVHOV+HWWLQJHU %7  5Q † ,,,   =LHVFKDQJ LQ /. † 5QMHZPZ1  'DVV$EVLFKWLPHQJHUHQ6LQQHIUGDV8QUHFKWGHU8UNXQGHQIlOVFKXQJVLQQYROO HUZHLVHQLFKWJHIRUGHUWZHUGHQNDQQZLUGPLW5HFKWEHWRQWYRQ(UELQ0QFK .RPP6W*% † 5Q  V DXFK GHQV *$    I  =LHVFKDQJ LQ /.†5QOHVHQVZHUWGD]XDXFK&UDPHU-=II/HQFNQHU1-: II  =X GHP HQWVSUHFKHQGHQ 3UREOHP PLW XPJHNHKUWHP 9RU]HLFKHQ  LP .RQWH[W VRJHQDQQWHU]ZHLDNWLJHU5HFKWIHUWLJXQJVNRQVWHOODWLRQHQLQGHQHQDXFKQLFKWXQ PLWWHOEDU VXEMHNWLYH =ZHFNVHW]XQJHQ VRQGHUQ REMHNWLYLHUEDUH )XQNWLRQHQ PD‰ JHEOLFKVLQGYJO)ULVFK)6/DFNQHU6IIII²,QWHUHVVDQWHUVFKHLQWLQ VRIHUQDXFKGHUGXUFKGDV2UJ.*YRP-XOLHLQJHIKUWH†D$EV 6W32QDFKGHPGLHIUGHQ$XIEDXRGHUGLH$XIUHFKWHUKDOWXQJGHUÅ/HJHQGH´ HLQHVYHUGHFNWHQ(UPLWWOHUVXQHUOlVVOLFKHQXQHFKWHQ 8UNXQGHQDQJHIHUWLJWXQG LP5HFKWVYHUNHKUJHEUDXFKWZHUGHQGUIHQ  9JO]XVROFKHQ:HUWXQJVSUREOHPHQEHUHLWVREHQ5QELEDII LQ5QGIIDXFK]XP)DOOGHV9HUWHLGLJHUV9GHV$GHUGHP*HULFKW]XU(QW ODVWXQJVHLQHV0DQGDQWHQNRPPHQWDUORVHLQH8UNXQGHYRUOHJWREZRKOHUGHUHQ 8QHFKWKHLWDOVP|JOLFKHUNDQQWXQGLQ.DXIJHQRPPHQKDWGDVVVHLQ0DQGDQW GDV*HULFKWWlXVFKHQP|FKWH 

7HLO8UNXQGHQIlOVFKXQJ† 

9HUKDOWHQVPLVVELOOLJXQJDXIGLHDXFKVRQVWJHOWHQGHQ.ULWHULHQGHU/HJLWLPD WLRQYRQ9HUKDOWHQVQRUPHQDQ,QGHU6DFKHJHKWHVGDEHLGDUXPREGLHPLW GHU HQWVSUHFKHQGHQ 9HUKDOWHQVQRUP YHUEXQGHQH (LQVFKUlQNXQJ GHU DOOJHPHLQHQ +DQGOXQJVIUHLKHLW GXUFK EHUHFKWLJWH %HODQJH VSH]LILVFKHQ 5HFKWVJWHUVFKXW]HV XQG NUDIW 6RQGHUYHUDQWZRUWOLFKNHLW GHV SRWHQWLHO OHQ  1RUPDGUHVVDWHQ OHJLWLPLHUW ZHUGHQ NDQQ ,QVRIHUQ LVW RKQH HLQH *WHU XQG ,QWHUHVVHQDEZlJXQJ QLFKW DXV]XNRPPHQ %HL GLHVHU $EZl JXQJLVWHLQHUVHLWVYRQEHVRQGHUHU%HGHXWXQJGLHVSH]LILVFKH*HIlKUOLFKNHLW² JHQDXHU GLH 4XDOLWlW GHU PLW GHP 9HUKDOWHQ YHUNQSIWHQ 6FKlGL JXQJVP|JOLFKNHLWKLHUGHU*HIDKUGDVVDQGHUHGXUFKGLHXQHFKWH8UNXQ GHLQGLH,UUHJHIKUWZHUGHQN|QQHQ $XIGHUDQGHUHQ6HLWHPXVVDEHUDXFK GLHPLWGHPÅJHIlKUOLFKHQ´9HUKDOWHQYHUEXQGHQH(QWIDOWXQJGHU)UHLKHLW EHZHUWHW XQG YHUDQVFKODJWZHUGHQ 1XU ZHQQVLFKGLH 6FKlGLJXQJVP|JOLFK NHLW VR ZHLW YHUGLFKWHW KDW GDVV GLHVH QDFK 6DFKODJH EHL DQJHPHVVHQHU %HZHUWXQJGHUNROOLGLHUHQGHQ*WHUXQG,QWHUHVVHQQLFKWPHKUKLQJHQRP PHQ ZHUGHQ NDQQ OlVVW VLFK GDV 9HUKDOWHQ LQ GHU HQWVSUHFKHQGHQ +LQVLFKW UHFKWOLFKPLVVELOOLJHQ  'XUFKHLQHGHUDUWLJH,QWHUHVVHQEHZHUWXQJDXVJHILOWHUWZLUGLP.RQWH[WGHV † EOLFKHUZHLVH GHU )DOO GHU 7lXVFKXQJ LP JHVHOOVFKDIWOLFKHQ RGHU PLWPHQVFKOLFKHQ %HUHLFK 2EZRKO PDQ GLHVHQ %HUHLFK GHP GHV 5HFKWV YHUNHKUV ÅJHJHQEHU]XVWHOOHQ´ SIOHJW NDQQ HU LP *UXQGH QXU LP :HJH GHU KLHU DQJHVSURFKHQHQ %HZHUWXQJ QlKHU EHVWLPPW ZHUGHQ ² LVW DOVR JHUDGH QLFKWYRUJHJHEHQ8QWHUGLHVHP%OLFNZLQNHOWDXFKWHWZDGDV%HLVSLHOGHVMH QLJHQDXIGHVVHQ+DQGHOQGLH)XQNWLRQKDW$QJHK|ULJH]XEHUXKLJHQRGHU GLH*XQVWHLQHV0lGFKHQV]XJHZLQQHQ  )$//  'HU MlKULJH *\PQDVLDVW * IHUWLJWH IlOVFKOLFK HLQ 6FKXO ]HXJQLVXPVHLQHQ(OWHUQGLH(QWWlXVFKXQJEHUGLHLQ:DKUKHLWHU]LHO WHQVFKOHFKWHQ1RWHQ]XHUVSDUHQ

  1lKHUGD]X)UHXQG$7†5QII†GHUVLQ0QFK.RPP6W*%YRU† 5QIIIIVSH]LHOO]XU²PHLVWQXUEHLP8QWHUODVVXQJVGHOLNWWKHPDWLVLHU WHQ ² 3UREOHPDWLN GHU 6RQGHUYHUDQWZRUWOLFKNHLW V HUJlQ]HQG HWZD )UHXQG )6 +HU]EHUJ6IIPZ1  :HLWHUH %HLVSLHOH EHL =LHVFKDQJ LQ /. † 5Q ² =ZHLIHOKDIW HUVFKHLQW HWZDGLH$EOHKQXQJHLQHUIU†DXVUHLFKHQGHQ)XQNWLRQGHV9HUKDOWHQVGHU 7lXVFKXQJ LP 5HFKWVYHUNHKU ]X GLHQHQ ZHQQ MHPDQG HLQ JHIlOVFKWHV 6FKHL GXQJVXUWHLOVHLQHU)UHXQGLQYRU]HLJWGDPLWVLHEHLLKPGLH1DFKWYHUEULQJHDE OHKQHQGIUGLHVHQ)DOODEHU]%6DPVRQ-X6  



9(UIRUGHUQLVGHV+DQGHOQVÅ]XU7lXVFKXQJLP5HFKWVYHUNHKU´

'DV%HLVSLHOGHVGDV=HXJQLVIlOVFKHQGHQ*LQGHPPDQEOLFKHUZHLVH HLQH 8UNXQGHQIlOVFKXQJ DEOHKQW ]HLJW GHXWOLFK GDVV HV QLFKW VFKRQ DOV KLQUHLFKHQG JHZLFKWLJ HLQJHVWXIW ZLUG ZHQQ GLH )XQNWLRQ GHV 9HUKDOWHQV GDULQEHVWHKWEHUGLH(FKWKHLWGHU8UNXQGH]XWlXVFKHQ)UGDV8QUHFKW GHV†PXVVYLHOPHKUEHUGLH)XQNWLRQGHU7lXVFKXQJLQ%H]XJDXIGLH (FKWKHLWKLQDXVHLQVSH]LILVFKHVXQGYRUDOOHPKLQUHLFKHQGJHZLFKWLJHV  NRQNUHWHV9HUPHLGHLQWHUHVVHKLQ]XNRPPHQ $QGHUV OlVVW VLFK GLH +HUDXVQDKPH GHV HUZlKQWHQ =HXJQLVIDOOHV )$// VFKZHUOLFK HUNOlUHQ 'HQQ LQ GLHVHP )DOO LVW NODUH )XQNWLRQ GHV 9HUKDOWHQVGLH7lXVFKXQJEHUGLH(FKWKHLWGHV=HXJQLVVHV:HQQGLHVHU )DOOGHQQRFKDXVJHILOWHUWZLUGGDQQNDQQGLHVDOOHLQGDPLW]XVDPPHQKlQJHQ GDVVPDQGDVGXUFKDXVYRUKDQGHQH9HUPHLGHLQWHUHVVHGHU$QJHK|ULJHQLQ FRQFUHWRDOV]XJHULQJZHUWLJHLQVWXIW'DVVGDV8QUHFKWGHU8UNXQGHQIlO VFKXQJ QLFKW VFKRQ GDGXUFK HUIOOW ZLUG GDVV MHPDQG YRQ HLQHU XQHFKWHQ 8UNXQGH *HEUDXFK PDFKW XP EHU LKUH (FKWKHLW ]X WlXVFKHQ LVW GHXWOLFK DXVJHVSURFKHQHWZDLQ5*6WLQGHU6DFKHLVWGLHVDEHUDXFKGDQQ DQHUNDQQWZHQQNXPXODWLYHLQH(FKWKHLWVWlXVFKXQJXQGHLQH9HUDQODV VXQJ ]X HLQHP UHFKWVHUKHEOLFKHQ 9HUKDOWHQ YHUODQJW ZLUG DOOHUGLQJV WULIIWPDQ²DQGHUVDOVGLHKLHUJHZlKOWH)RUPXOLHUXQJ²PLWGHP$EVWHOOHQ DXIGLH5HFKWVHUKHEOLFKNHLWGHV9HUKDOWHQVGDVYHUDQODVVWZHUGHQVROOQLFKW JHQDXGDV5LFKWLJH (QWVFKHLGHQGLVWGDV²KLQUHLFKHQGJHZLFKWLJH²UHFKWOLFKDQ]XHUNHQQHQGH ,QWHUHVVHGLH7lXVFKXQJEHUGHQ$XVVWHOOHU]XYHUPHLGHQHVJHKW²PD: ²XPGLH9HUPHLGXQJGHUHQWVSUHFKHQGHQ5HFKWVYHUOHW]XQJ1XUZHQQ HLQ VROFKHV KLQUHLFKHQG JHZLFKWLJHV 9HUPHLGHLQWHUHVVH YRUOLHJW ODVVHQ VLFKGDV)lOVFKHQGDV9HUIlOVFKHQRGHUGDV*HEUDXFKHQHLQHV)DOVLILNDWV EHUKDXSW WDWEHVWDQGOLFK L6 GHV † PLVVELOOLJHQ $QGHUQIDOOV IHKOW HV DP 9HUVWR‰ JHJHQ HLQH UHFKWOLFK OHJLWLPLHUWH 9HUKDOWHQVQRUP DOV GHU *UXQGYRUDXVVHW]XQJGHV6WUDIHLQVDW]HV (LQKLQUHLFKHQGJHZLFKWLJHV9HUPHLGHLQWHUHVVHZLUGHWZDGDQQDQHU NDQQW ZHQQ GLH )XQNWLRQ GHV 9HUKDOWHQV LQ GHU $XIUHFKWHUKDOWXQJ HLQHV   9JOHWZD0DXUDFK6FKURHGHU0DLZDOG%7†5Q=LHVFKDQJLQ/.† 5Q  'DVVVLFKGLH%HXUWHLOXQJlQGHUWZHQQGDQHEHQJHZLFKWLJHUH9HUPHLGHLQWHUHVVHQ WDQJLHUWVLQG]HLJWGHXWOLFK&UDPHU-=  9JOGD]XHWZD%*+6W:HVVHOV+HWWLQJHU%75Q†,,,  =LHVFKDQJLQ/.†5QMHZPZ1  =XP9HUVWR‰JHJHQHLQHUHFKWOLFKOHJLWLPLHUWH9HUKDOWHQVQRUPDOV.ULWHULXPMHGHU 6WUDIWDWQlKHU)UHXQG(UIROJVGHOLNWXQG8QWHUODVVHQ6IIGHUV$7†5Q II† 





D



7HLO8UNXQGHQIlOVFKXQJ† 

9HUO|EQLVVHV RGHU GHU (UP|JOLFKXQJ HLQHV 6SLHOEDQNEHVXFKV EHVWHKW DEHUDXFKLP)DOOHGHV6FKXOGQHUVGHU]XU$EZHQGXQJHLQHUXQEHUHFKWLJ WHQ .ODJH GHV *OlXELJHUV VHOEVW RGHU VHLQHU (UEHQ  HLQH 4XLWWXQJ GHV *OlXELJHUVEHUGLHEHUHLWVEH]DKOWH6FKXOGIlOVFKWYJOGD]XREHQ)$//   XQGYRUOHJW  *HUDGH GLH ]XOHW]W JHQDQQWH (LQVFKlW]XQJ GUIWH DOOHUGLQJV QLFKW RKQH :HLWHUHV HLQVLFKWLJ VHLQ 'HQQ GDV 9HUPHLGHLQWHUHVVH GHV *OlXELJHUV GHU EHUHLWVEH]DKOWHQ6FKXOGHUVFKHLQWSULPDIDFLHNDXPVFKXW]ZUGLJ,QGHVVHQ JLOW HV )ROJHQGHV ]X EHGHQNHQ 'LH ZLUNOLFKH 5HFKWVODJH LVW LP 6WUHLWIDOO MD JHUDGHRIIHQXQGVROOGXUFKHLQHQRUGQXQJVJHPl‰HQ²YRUDOOHPXQPDQL SXOLHUWHQ ² 3UR]HVV JHNOlUW ZHUGHQ 'DEHL VLQG DXFK GLH ]LYLOUHFKWOLFKHQ 5LVLNR XQG %HZHLVODVWYHUWHLOXQJHQ ]X EHDFKWHQ 'LHVH 9RUHQWVFKHLGXQ JHQ ZUGHQ NRQWHUNDULHUW YHU]LFKWHWH PDQ DXI HLQH UHFKWOLFKH 0LVVELOOLJXQJ VROFKHU0DQLSXODWLRQHQ.RQVHTXHQWHUZHLVHPXVVPDQGDQQDEHUDXFKGHP *OlXELJHUGHUVHLQ*HOGVFKRQHUKDOWHQKDWE]ZHUVWUHFKWGHVVHQJXWJOlX ELJHP (UEHQ  HLQHQ $QVSUXFK GDUDXI ]XJHVWHKHQ GDVV VHLQH .ODJH QXU DXIJUXQG HLQHV PDQLSXODWLRQVIUHL HUPLWWHOWHQ 6DFKYHUKDOWV DEJHZLHVHQ ZLUG 'LHVHV VSH]LILVFKH ,QWHUHVVH NDQQ XQG PXVV XQDEKlQJLJ YRQ GHU )UDJH GHU VDFKOLFKHQ %HUHFKWLJXQJ RGHU 1LFKWEHUHFKWLJXQJ GHU .ODJH DQHU NDQQW ZHUGHQ 2E PLW GLHVHU $QHUNHQQXQJ GHV ,QWHUHVVHV GHV *OlXELJHUV   9JO]XGLHVHQXQGZHLWHUHQ%HLVSLHOHQ=LHVFKDQJLQ/.†5QII²0LW %OLFNDXIGLHKLQUHLFKHQGJHZLFKWLJHQ9HUPHLGHLQWHUHVVHQL(ULFKWLJHQWVFKLHGHQ LVWZRKODXFKGHUÅ+HLUDWVLQVHUDW)DOO´%*+/01U]X†EHKDQGHOWDXFK EHL$U]W:HEHU/+5Q²LQGHU%HJUQGXQJGHV%*+HUVFKHLQWHVIUHL OLFK SUREOHPDWLVFK ZHQQ DXI GLH ,QWHQWLRQ DEJHVWHOOW ZLUG HLQH 6WUDIDQ]HLJH ]X YHUPHLGHQ GHQQ GDPLW LVW GDV XUNXQGHQVSH]LILVFKH 6FKXW]LQWHUHVVH GHV † QLFKW]XWUHIIHQGHUIDVVW   9JOGD]X2WWR-X66DPVRQ-X67U|QGOHLQ/. †5QGHUZLH6DPVRQDD2 ²HWZDVYDJH²DQQLPPWLQHLQHPGHUDU WLJHQ)DOON|QQHHVDPÅ%HZX‰WVHLQGHU5HFKWVZLGULJNHLW´IHKOHQ  *DQ]HQWVSUHFKHQGKDWDXFKLP6WUDIYHUIDKUHQGHUZLUNOLFK6FKXOGLJH$QVSUXFK GDUDXI QXU DXI SUR]HVVRUGQXQJVJHPl‰H :HLVH EHUIKUW ]X ZHUGHQ .DQQ GLHV QLFKWJHVFKHKHQVRLVWHUULFKWLJHUZHLVHIUHL]XVSUHFKHQ1lKHU]XGHQ/HJLWLPDWL RQVEHGLQJXQJHQ HLQHU 9HUXUWHLOXQJ )UHXQG 1RUPDWLYH 3UREOHPH  GHUV )6 0H\HU*R‰QHU 6  II VSH]LHOO ]XU )UDJH YRQ 9HUZHUWXQJVYHUERWHQ GLH EHL HLQHU SUR]HVVRUGQXQJVJHPl‰HQ hEHUIKUXQJ ]X EHDFKWHQ VLQG GHUV *$  II  'HPHQWVSUHFKHQG OLHJW WDWEHVWDQGOLFK HLQ $XVVDJHGHOLNW DXFK GDQQ YRU ZHQQ GLHVHVGD]XGLHQWGHPPDWHULHOOHQ5HFKWÅ]XP6LHJH]XYHUKHOIHQ´DXIGLH)UDJH HLQHU5HFKWIHUWLJXQJNDQQKLHUQLFKWHLQJHJDQJHQZHUGHQ 5HOHYDQWLVWGLHVDFKOL FKH%HUHFKWLJXQJDOOHUGLQJVXQWHUGHP$VSHNWGHV%HWUXJHV'DVGRUWHUIRUGHUOL FKH8QUHFKWZLUGLP$OOJHPHLQHQYHUNQSIWPLWGHUPDWHULHOOUHFKWOLFKEHVWLPP WHQ5HFKWVZLGULJNHLWGHUEHDEVLFKWLJWHQ%HUHLFKHUXQJ 



9(UIRUGHUQLVGHV+DQGHOQVÅ]XU7lXVFKXQJLP5HFKWVYHUNHKU´

DQHLQHPPDQLSXODWLRQVIUHLHQ3UR]HVVDXWRPDWLVFKXQGXQWHUDOOHQ8PVWlQ GHQ GDV 9HUKDOWHQ GHV 6FKXOGQHUV DOV WDWEHVWDQGVPl‰LJUHFKWVZLGULJ L6GHU 8UNXQGHQIlOVFKXQJ ]X TXDOLIL]LHUHQ LVW NDQQ DQ GLHVHU 6WHOOH LQGHVVHQ QLFKW QlKHUEHKDQGHOWZHUGHQ 1DFK GHP ELVKHU ]XU 7lXVFKXQJVIXQNWLRQ XQG ]XU WDWEHVWDQGOLFKHQ 9HU  KDOWHQVPLVVELOOLJXQJ*HVDJWHQNDQQDXFKGHUREHQ5QXQWHUGHP(FKW KHLWVDVSHNW EHKDQGHOWH )DOO GHV ,QNRJQLWR5HLVHQGHQ GHU ]ZDU XQWHU IDOVFKHP1DPHQLQHLQHP+RWHOXQWHU]HLFKQHWDEHUJHZLOOWLVWVLFKDQVHLQHQ (UNOlUXQJHQ IHVWKDOWHQ ]X ODVVHQ )$//  HLQHU HQGJOWLJHQ  /|VXQJ ]XJHIKUW ZHUGHQ 'HQQ QXQPHKU LVW NODU GDVV GLH GRUW DQJHQRPPHQH )DEULNDWLRQHLQHUXQHFKWHQ8UNXQGHQRFKQLFKWEHGHXWHWGDVVGHU,QNRJQLWR 5HLVHQGH DXWRPDWLVFK ÅREMHNWLY´ GDV 8QUHFKW GHU 8UNXQGHQIlOVFKXQJ YHU ZLUNOLFKW'DIUGLHVHV8QUHFKWGLH²LQFDVXGXUFKDXVDXIZHLVEDUH²)XQNWL RQGHU7lXVFKXQJEHUGHQ$XVVWHOOHUQXUHLQZHLWHUHVQRWZHQGLJHVDEHU QLFKW KLQUHLFKHQGHV 0RPHQW ELOGHW NDQQ GHU )DOO GHVKDOE DXV GHP 7DWEH VWDQG DXVJHILOWHUW ZHUGHQ ZHLO GDV 9HUPHLGHLQWHUHVVH LQ %H]XJ DXI HLQH VROFKH 7lXVFKXQJ QDFK 6DFKODJH DOV LP 9HUKlOWQLV ]XP MD QLFKW JHQHUHOO UHFKWOLFK]XPLVVELOOLJHQGHQ,QNRJQLWR5HLVHQ ]XJHULQJZHUWLJHUVFKHLQW 6R GUIWH GLH 6DFKODJH LQ GHQ YRQ :HVVHOV+HWWLQJHU JHQDQQWHQ %HLVSLHOVIlO OHQ GHV LQNRJQLWR LP 6FKZDU]ZDOG VHLQHQ 8UODXE YHUEULQJHQGHQ %XQ GHVPLQLVWHUV XQG GHV YHUKHLUDWHWHQ )DEULNDQWHQ OLHJHQ GHU DQ HLQHP :RFKHQHQGH PLW VHLQHU 6HNUHWlULQ LQ HLQHP +RWHO DEVWHLJW LQ GHP VLFK EHLGH DOV (KHSDDU DXVJHEHQ XQG XQWHU $QJDEH HLQHV IDOVFKHQ 1DPHQV LQ GDV*lVWHEXFKHLQWUDJHQ $Q GHP HUIRUGHUOLFKHQ ² KLQUHLFKHQG JHZLFKWLJHQ ² 9HUPHLGHLQWHUHVVH  IHKOW HV GDJHJHQ QLFKW LP .RQWUDVWIDOO GHVMHQLJHQ GHU LP +RWHO XQWHU

  'DV GUIWH YRQ 3XSSH -X6    YHUNDQQW VHLQ ZHQQ VLH LP )DOO GHU 9RUODJHHLQHUXQHFKWHQ8UNXQGHPLWGHU)XQNWLRQGHU7lXVFKXQJEHUGHQ$XV VWHOOHUNHLQHQ5DXPPHKUIUHLQH$XVILOWHUXQJXQWHUGHP$VSHNWGHV+DQGHOQV Å]XU7lXVFKXQJLP5HFKWVYHUNHKU´HUEOLFNW²=XHLQHUYHUJOHLFKEDUHQ3UREOHP NRQVWHOODWLRQXQWHUGHP%OLFNZLQNHOGHUWDWEHVWDQGOLFKHQ9HUKDOWHQVPLVVELOOLJXQJ V 6WHLQ -5  II 9HUlQGHUXQJ GHV *HEXUWVGDWXPV LQ GHU =HLWNDUWH HLQHV %HI|UGHUXQJVXQWHUQHKPHQVXPGDPLW=XJDQJ]XHLQHU'LVNRWKHN]XHUODQJHQ   :HVVHOV+HWWLQJHU%75Q†,,,D PLWDOOHUGLQJVXQNODUHP(UJHEQLV  9JOGD]XDXFKGHQ)DOO2/*&HOOH1-:IPNULW%HVSU3XSSH-X6  II .LHQDSIHO 16W=   GHP 2/* &HOOH L( ]XVWLPPHQG DEHU HWZD2WWR-X6NHLQHÅ$EVLFKWGHU7lXVFKXQJLP5HFKWVYHUNHKU´  VDXFK6FKPLGKlXVHU%76WHLQPHW](FKWKHLWVEHJULII6II 

7HLO8UNXQGHQIlOVFKXQJ† 

IDOVFKHP1DPHQDEVWHLJWXPVLFKGLH0|JOLFKNHLWRIIHQ]XKDOWHQVHLQHQ EHUQRPPHQHQ YHUWUDJOLFKHQ 9HUSIOLFKWXQJHQ ]X HQWJHKHQ 'HVVHQ 9HUKDOWHQLVWJUXQGVlW]OLFK WDWEHVWDQGOLFKPLVVELOOLJWL6GHV†  6HOEVW ZHQQ PDQ LP )DOO GHV ,QNRJQLWR5HLVHQGHQ GHU JXWHQ :LOOHQV LVW VHLQHQ VFKULIWOLFK JHJHEHQHQ $XVVWHOOHUYHUELQGOLFKNHLWHQ ]X HQWVSUHFKHQ DQGHUVZHUWHQVROOWHXQGGLH²UHODWLYIHUQOLHJHQGH²0|JOLFKNHLWGHV)HKO JUHLIHQVQDFK$EUHLVHDXVUHLFKHQOLH‰HXPGDV9HUKDOWHQGHV5HLVHQGHQ VXEVSHFLH†EHLREMHNWLYHU%HXUWHLOXQJ ]XPLVVELOOLJHQVRKlWWHQZLUHV UHJHOPl‰LJ GHQQRFK QLFKW PLW GHP YRQ † DOOHLQ HUIDVVWHQ 9RUVDW]XQ UHFKW]XWXQ'HQQZHQQ²ZDVQDKHOLHJW²GHU,QNRJQLWR5HLVHQGHIUVLFK GDYRQDXVJHKWGDVVHVVLFKQLFKWDOVQRWZHQGLJHUZHLVHQZHUGHDXILKQDOV $XVVWHOOHUQDFKVHLQHU$EUHLVHQRFK=XJULII]XQHKPHQIHKOWHVMHGHQIDOOVDQ GHUIUGLH(UIOOXQJGHV(UIRUGHUQLVVHVGHU7lXVFKXQJVIXQNWLRQQRWZHQ GLJHQ (UIDVVXQJ GHU VSH]LILVFKHQ 0|JOLFKNHLW GHV VFKDGHQVWUlFKWLJHQ 9HUODXIV GLH DOOHLQ WDXJOLFKHU /HJLWLPDWLRQVJUXQG GHV 9HUERWV VHLQ N|QQWH $QGHUV ZlUH HV QXU ZHQQ GHU %HWUHIIHQGH GLHVH 0|JOLFKNHLW VlKH LQ .DXI QlKPH XQGGHQQRFKKDQGHOWH D 'HILQLWLRQGHV+DQGHOQVÅ]XU7lXVFKXQJLP5HFKWVYHUNHKU´ (LQH 7lXVFKXQJ LP 5HFKWVYHUNHKU OLHJW YRU ZHQQ GXUFK GLH 9RU VSLHJHOXQJ GHU (FKWKHLW HLQHU 8UNXQGH GDV 5HFKW GHV*HWlXVFKWHQ DXI HLQHNRUUHNWH=XVFKUHLEXQJVJUXQGODJHYHUOHW]WZLUG =XU7lXVFKXQJKDQGHOWZHUHUNHQQWGDVVVHLQ9RUKDEHQGLHEHVFKULH EHQH5HFKWVYHUOHW]XQJPLWVLFKEULQJHQNDQQ²VHLHVXQPLWWHOEDUGXUFK HLJHQHVRGHUGXUFKHLQHQ'ULWWHQYHUPLWWHOWHV9HUKDOWHQ

VI. Verhältnis der Verwirklichungsformen zueinander )$//$KDWHLQH)DOVFKXUNXQGHDQJHIHUWLJWGLHHUYRQYRUQKHUHLQLQ HLQHPEHVWLPPWHQ)DOOYHUZHQGHQZROOWH6SlWHUYHUZHQGHWHHUGLH8U NXQGHLQDQGHUHQ=XVDPPHQKlQJHQQRFKZHLWHUH0DOH  'DV9HUKlOWQLVGHU9HUZLUNOLFKXQJVIRUPHQGHV+HUVWHOOHQVHLQHUXQHFKWHQ 8UNXQGHXQGGHV9HUIlOVFKHQVHLQHUHFKWHQKDEHQZLUEHUHLWVREHQ5Q  IROJHQGHUPD‰HQJHNOlUW'DV9HUIlOVFKHQLVWHLQ6SH]LDOIDOOGHV)lOVFKHQV 

  9JOGD]X%*+0'5GRUWDXFK]XU)UDJHGHV9HUKlOWQLVVHVGHV† ]XP9HUVWR‰JHJHQPHOGHUHFKWOLFKH%HVWLPPXQJHQ 





9,9HUKlOWQLVGHU9HUZLUNOLFKXQJVIRUPHQ]XHLQDQGHU

EHL GHP QLFKWVHOWHQ ]XVlW]OLFK ]XU+HUVWHOOXQJ HLQHUXQHFKWHQ 8UNXQGH GDV8QUHFKWGHV†$EV1UDXIJHZLHVHQZHUGHQNDQQ ,P 9HUKlOWQLV ]X GHQ EHLGHQ YRUJHQDQQWHQ )RUPHQ GHU 7DWEHVWDQGVYHU  ZLUNOLFKXQJ LVW GDV *HEUDXFKHQ ZDV GLH 1lKH ]X GHQ ]X YHUPHLGHQGHQ VFKDGHQVWUlFKWLJHQ 9HUOlXIHQ DQODQJW GLH ÅYHUOHW]XQJVQlKHUH´ 9HUZLUNOL FKXQJVIRUP8PVWULWWHQLVWGLH%HKDQGOXQJYRQ)lOOHQEHLGHQHQVRZRKO GLH 9RUDXVVHW]XQJHQ GHV )lOVFKHQV RGHU 9HUIlOVFKHQV DOV DXFK GLH GHV *HEUDXFKHQV LQ %H]XJ DXI GDVVHOEH )lOVFKXQJV RGHU 9HUIlOVFKXQJVIDEULNDW JHJHEHQ VLQG $QHUNDQQW LVW GDVV LP (UJHEQLV QXU ZHJHQ HLQHU 8UNXQ GHQIlOVFKXQJ EHVWUDIW ZLUG ZHU HLQH XQHFKWH 8UNXQGH KHUVWHOOW XQG VLH ² ZLH KLQUHLFKHQG NRQNUHW  YRQ $QIDQJ DQ YRUJHKDEW ² VHOEVW JHEUDXFKW ,QVRZHLW GLIIHULHUHQ OHGLJOLFK GLH %HJUQGXQJHQ GHOLNWLVFKH (LQKHLW PLWEH VWUDIWH1DFKRGHU9RUWDW6XEVLGLDULWlW  ,VW GLH VSlWHUH 9HUZHQGXQJ GDJHJHQ DQGHUHU $UW RGHU ZHLWHUJHKHQG DOV  XUVSUQJOLFKJHSODQW²RGHUJHQDXHUNDQQPDQQLFKWPHKUYRQHLQHUEOR‰HQ 1XW]XQJGHUXUVSUQJOLFKHQ7lXVFKXQJVIXQNWLRQVSUHFKHQVRKDWPDQ HVPLWPHKUHUHQVHOEVWlQGLJHQ6WUDIWDWHQ]XWXQ,P)$//OLHJWGHVKDOE ELV]XPHUVWHQ*HEUDXFKQXUHLQH8UNXQGHQIlOVFKXQJYRU%HLGHQVSlWHUHQ *HEUDXFKVKDQGOXQJHQKDQGHOWHVVLFKGDJHJHQXPQHXH]XUYRUKHUJHKHQGHQ 8UNXQGHQIlOVFKXQJLQ7DWPHKUKHLW† VWHKHQGH6WUDIWDWHQ 'DVV+HUVWHOOHQXQG*HEUDXFKHQQLFKWLPPHULQ]HLWOLFKHU+LQVLFKWDXV  HLQDQGHU OLHJHQ PVVHQ VRQGHUQ SUDNWLVFK DXFK ]XVDPPHQIDOOHQ N|QQHQ ]HLJWIROJHQGHU   8QG]ZDUPLW%OLFNDXIGLH8QWHUGUFNXQJRGHU9HUQLFKWXQJ GHUDOV$XVJDQJV PDWHULDO GLHQHQGHQ HFKWHQ 8UNXQGH ² $QGHUV YHUKlOW HV VLFK ZHQQ GHP 7lWHU GLHDOV$XVJDQJVPDWHULDOGLHQHQGHHFKWH8UNXQGHÅDXVVFKOLH‰OLFKJHK|UW´ZDVLP )$//EHLGHP)DKUVFKHLQ]XWULIIW YJOGD]XXQWHQ7HLO,,,5Q²   ,G6ZRKODXFK0LHKH*$  1lKHU GD]X 0LHKH *$   II =LHVFKDQJ LQ /. † 5Q II MHZ PZ1  9JO GD]X HWZD %*+6W       &UDPHU+HLQH LQ 6FK|Q NH6FKU|GHU†5QII0LHKH*$IIMHZPZ1²'HU IUKHU DQJHIKUWH *HGDQNH GHV )RUWVHW]XQJV]XVDPPHQKDQJV LVW VSlWHVWHQV VHLW GHU $XIJDEH GLHVHV ,QVWLWXWV GXUFK %*+6W*6    lX‰HUVW SUREOHPDWLVFK JHZRUGHQYJOGD]XQRFKGLHIROJHQGH)Q  =XU )UDJH HLQHV IUKHU P|JOLFKHQ )RUWVHW]XQJV]XVDPPHQKDQJV YJO %*+6W    ² 'LH K|FKVWULFKWHUOLFKH 5HFKWVSUHFKXQJ P|FKWH LQ]ZLVFKHQ JUXQGVlW] OLFKDXIGDV5HFKWVLQVWLWXWGHUIRUWJHVHW]WHQ7DWYHU]LFKWHQXQG$XVQDKPHQQXU QRFKLQVHKUHLQJHVFKUlQNWHPLP(LQ]HOQHQQRFKXQJHNOlUWHQ8PIDQJ]XODVVHQ %*+6W>*6@    QlKHU ]X GLHVHU 3UREOHPDWLN *HSSHUW 16W=   II II/DFNQHU.KOYRU†5QIIMHZPZ1 

7HLO8UNXQGHQIlOVFKXQJ† 

)$//  'D$ZHL‰GDVV6QRFKHLQH5HFKQXQJGHU)LUPD)]XEHJOHL FKHQKDWJLEWHUVLFKEHL6DOV*HVFKlIWVIKUHUGHU)LUPD)DXVXQGNDV VLHUW JHJHQ GLH %HVWlWLJXQJ Å%HWUDJ GDQNHQG HUKDOWHQ )LUPD )´ GHQ 5HFKQXQJVEHWUDJ  +LHUODVVHQVLFK)lOVFKXQJVYHUKDOWHQXQG*HEUDXFKPDFKHQYRQGHP)DOVL ILNDWNDXPPHKUYRQHLQDQGHUWUHQQHQ9LHOPHKUJHKWGDV4XLWWLHUHQDOVGDV +HUVWHOOHQ LQ*HJHQZDUWGHV6QDKWORVLQGDV=XJlQJOLFKPDFKHQIU6DOV GDV*HEUDXFKHQ EHU'DVEHJUQGHWDXIDOOH)lOOHQXUGHQ9RUZXUIHLQHU 8UNXQGHQIlOVFKXQJ 

VII. Besonders schwere Fälle (Abs. 3) und Qualifikationstatbestand (Abs. 4) D 'XUFKGDV6WU5*KDEHQVLFKDXFKbQGHUXQJHQIUGLH)DVVXQJGHV† $EV  HUJHEHQ QHX HLQJHIJW ZXUGH $EV  $QVWDWW GHU ELVKHU QXU XQEH QDQQWHQ EHVRQGHUV VFKZHUHQ )lOOH KDW GHU *HVHW]JHEHU QXQPHKU LQ $EV  HLQH .RQNUHWLVLHUXQJ GXUFK EHVWLPPWH 5HJHOEHLVSLHOH YRUJHQRPPHQ (LQ EHVRQGHUVVFKZHUHU)DOOVROOGDQDFKLQGHU5HJHOYRUOLHJHQZHQQGHU7lWHU JHZHUEVPl‰LJRGHUDOV0LWJOLHGHLQHU%DQGHKDQGHOWGLHVLFK]XUIRUWJH VHW]WHQ %HJHKXQJ YRQ %HWUXJ RGHU 8UNXQGHQIlOVFKXQJ YHUEXQGHQ KDW 1U  HLQHQ 9HUP|JHQVYHUOXVW JUR‰HQ $XVPD‰HV EHZLUNW 1U  GLH 6LFKHUKHLW GHV 5HFKWVYHUNHKUV GXUFK HLQH JUR‰H =DKO JHIlOVFKWHU 8U NXQGHQ HUKHEOLFK JHIlKUGHW 1U  RGHU VHLQH %HIXJQLVVH E]Z VHLQH 6WHOOXQJ DOV $PWVWUlJHU PLVVEUDXFKW 1U  (V KDQGHOW VLFK MHGHQIDOOV QDFK EOLFKHP 9HUVWlQGQLV EHL $EV ZHLWHUKLQ XP HLQH ÅEOR‰H´ 6WUDI]X PHVVXQJVYRUVFKULIW GLH LQ QLFKW DEVFKOLH‰HQGHU )RUP EHVRQGHUV VFKZHUH )lOOHEHQHQQW'HPJHJHQEHULVWPLW$EVHLQÅHFKWHU´4XDOLILNDWLRQV WDWEHVWDQG GHU 8UNXQGHQIlOVFKXQJ LQV *HVHW] DXIJHQRPPHQ ZRUGHQ GHU ZHJHQGHV0LQGHVWVWUDIUDKPHQVYRQHLQHP-DKUDOV9HUEUHFKHQQRUPLHUWLVW †,,,, +LHUQDFKZLUGEHVWUDIWZHUGLH8UNXQGHQIlOVFKXQJLQ.XPXOD WLRQGHU%HJHKXQJVZHLVHQGHV$EV61UYHUZLUNOLFKWDOOHUGLQJVLVW GDVEDQGHQPl‰LJH+DQGHOQJHJHQEHU$EV61ULQVRIHUQDEZHLFKHQG JHUHJHOWDOVGHU=XVDPPHQVFKOXVVVLFKKLHUDXFKDXI7DWHQQDFK††D   XQG  EH]LHKHQ NDQQ $Q GLHVHU 6WHOOH VROO QLFKW QlKHU DXI GLH   9JODXFKVFKRQREHQ5QIGHQHQWVSUHFKHQGHQ)$//GHUDXVGHP7UHVRU HQWZHQGHWHQVFKRQXQWHUVFKULHEHQHQ 4XLWWXQJ  1lKHU ]XU KLHU QLFKW ZHLWHU ]X GLVNXWLHUHQGHQ 3UREOHPDWLN GHU 5HJHOEHLVSLHOV WHFKQLNHWZD)UHXQG=6W: IGHUV*$GHUV LQ0QFK.RPP6W*%†$0*5QIIMHZPZ1 



9,,%HVRQGHUVVFKZHUH)lOOH$EV XQG4XDOLILNDWLRQVWDWEHVWDQG$EV 

6FKZLHULJNHLWHQHLQJHJDQJHQZHUGHQGLHLP(LQ]HOQHQPLWGHQLQGHQEHLGHQ QHXHQ$EVlW]HQQRUPLHUWHQ%HJHKXQJVIRUPHQYHUEXQGHQVLQG Vertiefungs- und Problemhinweise zur Urkundenfälschung %|VH 5HFKWVSUHFKXQJVEHUVLFKW ]X GHQ 8UNXQGHQGHOLNWHQ LQ 16W=   II E 'HG\ $QP ]X 2/* .|OQ Y  ² 6V  LQ 1=9  ]XU 8UNXQGVHLJHQVFKDIWYRQ9HUNHKUV]HLFKHQ '|UIOHU8UNXQGHQIlOVFKXQJXQG=HLFKQHQ PLWIUHPGHP1DPHQ(PGH'LH5H]HSWIlOVFKXQJLP)RWRNRSLHUYHUIDKUHQLQ ZLVWUD   II (QQXVFKDW 'HU (LQIOX‰ GHV =LYLOUHFKWV DXI GLH VWUDIUHFKWOLFKH %HJULIIVEHVWLPPXQJ DP %HLVSLHO GHU 8UNXQGHQIlOVFKXQJ JHPl‰ † 6W*%  )UHXQG%XFKEHVSUHFKXQJ *QWKHU -DNREV 8UNXQGHQIlOVFKXQJ ² 5HYLVLRQ HLQHV 7lXVFKXQJVGHOLNWV  LQ *$   II *XVWDIVVRQ 'LH VFKHLQEDUH 8UNXQGH ]XP%HJULIIGHUXQHFKWHQ8UNXQGHLP6WUDIUHFKW+HLQULFK0L‰EUDXFKJHVFDQQ WHU8QWHUVFKULIWHQDOV8UNXQGHQIlOVFKXQJLQ&5II-DNREV8UNXQGHQIlO VFKXQJ²5HYLVLRQHLQHV7lXVFKXQJVGHOLNWVGHUV%HPHUNXQJHQ]XU8UNXQGHQ IlOVFKXQJ LQ )6.SHU 6II .DXIPDQQ 'LH 8UNXQGHQ XQG %HZHLVPLWWHO IlOVFKXQJ LP (QWZXUI  LQ =6W:     II .LHQDSIHO 8UNXQGHQ LP 6WUDIUHFKW  GHUV Å$EVLFKWVXUNXQGHQ´ XQG Å=XIDOOVXUNXQGHQ´ LQ *$  II GHUV 8UNXQGHQ XQG WHFKQLVFKH $XI]HLFKQXQJHQ LQ -=  II GHUV 8UNXQGHQ XQG DQGHUH *HZlKUVFKDIWVWUlJHU ² 'RJPDWLN .ULPLQDOSROLWLN XQG 5HIRUP  .XFHUD =XU 8UNXQGVTXDOLWlW YRQ 9HUNHKUV]HLFKHQ LQ -X6  /DPSH =XVDPPHQJHVHW]WH XQG DEKlQJLJH 8UNXQGHQ LQ 1-:   II /HQFNQHU=XP%HJULIIGHU7lXVFKXQJVDEVLFKWLQ†6W*%LQ1-:II /LQGHPDQQ =XU V\VWHPDWLVFKHQ ,QWHUSUHWDWLRQ GHV †, 1U 6W*% LP 9HUKlOWQLV ]XP †, 9DU  6W*% LQ 16W=   II 0HXUHU 8UNXQGHQIlOVFKXQJ GXUFK 9HUZHQGXQJ GHV HLJHQHQ 1DPHQV LQ 1-:   II 0HZHV 8UNXQGHQIlO VFKXQJ EHL 3HUVRQDOLHQPDQLSXODWLRQHQ LP 9HUVDQGKDQGHO ² %*+ 16W=   LQ16W=II0LHKH=XP9HUKlOWQLVGHV)lOVFKHQV]XP*HEUDXFKPDFKHQLP 7DWEHVWDQGGHU8UNXQGHQIlOVFKXQJLQ*$II2EHUPDLU'LH$EJUHQ]XQJ GHU %HZHLV]HLFKHQ YRQ GHQ .HQQ]HLFKHQ EHLP 8UNXQGHQEHJULII GHV † 6W*% 2KU'DVIRUPXQJOWLJHHLJHQKlQGLJH7HVWDPHQWDOVXQHFKWH8UNXQGH²2/* 'VVHOGRUI1-:LQ-X6II2WWR'LH3UREOHPHGHU8UNXQGHQ IlOVFKXQJ†6W*% LQGHUQHXHUHQ5HFKWVSUHFKXQJXQG/HKUHLQ-X6 II 3XSSH 8UNXQGHQIlOVFKXQJ LQ -XUD   II GLHV (UVFKHLQXQJVIRUPHQ GHU 8UNXQGHLQ-XUDIIGLHV8Q]XOlVVLJHV+DQGHOQXQWHUIUHPGHP1DPHQDOV 8UNXQGHQIlOVFKXQJ LQ -5   II GLHV $QP ]X 2/* 'VVHOGRUI Y ²6VLQ-5IIGLHV'LHQHXH5HFKWVSUHFKXQJ]XGHQ )lOVFKXQJVGHOLNWHQLQ-=IIIIGLHV1DPHQVWlXVFKXQJXQG,GHQWL WlWVWlXVFKXQJ²2/*&HOOH1-:LQ-X6IIGLHV8UNXQGHQ

  =XGHQNHQLVWHWZDDQGLHJUXQGVlW]OLFKH3UREOHPDWLNGHUQRWZHQGLJHQ$Q]DKODQ 3HUVRQHQ ]XU %LOGXQJ HLQHU Å%DQGH´ E]Z GLH NDXP GXUFKIKUEDUH HLQGHXWLJH %H]LIIHUXQJ GHV %HWUDJV HLQHV 9HUP|JHQVYHUOXVWHV ÅJUR‰HQ $XVPD‰HV´ XQG GLH DOOHQIDOOV PKVDP EHVWLPPEDUH ÅJUR‰H =DKO´ YRQ )DOVLILNDWHQ QlKHU GD]X ]% &UDPHU+HLQH LQ 6FK|QNH6FKU|GHU † 5Q  II (UE LQ 0QFK .RPP6W*%†5QII3XSSHLQ1.†5QII



7HLO8UNXQGHQIlOVFKXQJ† 

HFKWKHLWEHL+DQGHOQXQWHUIUHPGHQ1DPHQXQG%HWUXJLQPLWWHOEDUHU7lWHUVFKDIW² %D\2E/*1-:LQ-X6IIGLHV$QP]X%*+Y ²  6W5  LQ -=   II GLHV 'LH QHXH 5HFKWVSUHFKXQJ ]X GHQ )lO VFKXQJVGHOLNWHQ 7HLOH  ELV  LQ -=   II  II  II GLHV 'LH QHXH 5HFKWVSUHFKXQJ ]X GHQ )lOVFKXQJVGHOLNWHQ LQ -=   II GLHV 8UNXQGHQ VFKXW]LP&RPSXWHU]HLWDOWHULQ)*%*+,96II5KHLQHFN)lOVFKXQJVEHJULII XQG*HLVWLJNHLWVWKHRULH6DPVRQ8UNXQGHXQG%HZHLV]HLFKHQ²'LHYHUN|USHUWH *HGDQNHQHUNOlUXQJ DOV 0HUNPDO GHV VWUDIUHFKWOLFKHQ 8UNXQGHQEHJULIIV  6DQGPDQQ'LH6WUDIEDUNHLWGHU.XQVWIlOVFKXQJ6II6lWWHOH$QP]X2/* 'VVHOGRUIY²E6V²,LQ6W9II8UNXQGHQ IlOVFKXQJGXUFK+HUVWHOOHQHLQHU&ROODJHE]ZHLQHU)RWRNRSLH" 6D[3UREOHPHGHV 8UNXQGHQVWUDIUHFKWVLQ)63HWHUV6II6FKHIIOHU$QP]X%*+Y² 6W5LQ6W9II6FKLOOLQJ'HUVWUDIUHFKWOLFKH6FKXW]GHV$XJHQ VFKHLQVEHZHLVHV²(LQ%HLWUDJ]XU/HKUHYRQGHU%HZHLVPLWWHOIlOVFKXQJGHUV 5HIRUPGHU8UNXQGHQYHUEUHFKHQ6FK|QLQJ7HOHJUDPPXQG)HUQVFKUHLEHQLP 8UNXQGHQVWUDIUHFKW (QWZLFNOXQJ XQG 0L‰EUDXFK HLQHU WHFKQLVFKHQ (UUXQJHQVFKDIW XQG GHU 9HUVXFK VHLQHU %HZlOWLJXQJ GXUFK GDV 6WUDIUHFKW  6FKURHGHU 'LH +HUEHLIKUXQJ HLQHU 8QWHUVFKULIW GXUFK 7lXVFKXQJ RGHU =ZDQJ LQ *$   II GHUV 8UNXQGHQIlOVFKXQJ GXUFK ([DPHQVWlXVFKXQJ" $QP ]X %D\2E/* 1-: LQ-X6IIGHUV8UNXQGHQIlOVFKXQJPLW$XVODQGVEHUKUXQJLQ 1-:   II 6WHLQ $QP ]X %D\2E/* Y  ²  6W 55  LQ -5  II 9HUlQGHUXQJ GHV *HEXUWVGDWXPV LQ GHU =HLWNDUWH HLQHV %HI|UGH UXQJVXQWHUQHKPHQV 6WHLQPHW]'HU(FKWKHLWVEHJULIILP7DWEHVWDQGGHU8UNXQGHQIlO VFKXQJ † 6W*%   :HEHU )lOVFKXQJVGHOLNWH LQ %H]LHKXQJ DXI GHQ )KUHU VFKHLQ ]XJOHLFK %HVSUHFKXQJ YRQ 2/* +DPP 1-:   XQG 2/* .|OQ 1-:LQ-XUDII $XVVWHOOHUEHL6WHOOYHUWUHWXQJ (UE LQ 0QFK.RPP6W*% † 5QII*HUKROG =XU 3HUVRQ GHV $XVVWHOOHUV HLQHU 8UNXQGH LQ )lOOHQ RIIHQHU 6WHOOYHUWUHWXQJ ² (LQ %HLWUDJ]XP8UNXQGHQVWUDIUHFKWLQ-XUDII-DNREV8UNXQGHQIlOVFKXQJ6  II 3DHIIJHQ $QP ]X %*+ Y  ²  6W5  LQ -5   II =LHOLQVNL8UNXQGHQIlOVFKXQJGXUFKGHQYROOPDFKWORVHQ6WHOOYHUWUHWHU"LQZLVWUD II %ODQNHWWIlOVFKXQJVSUREOHPDWLN %*+6W   II (QQXVFKDW 'HU (LQIOX‰ GHV =LYLO UHFKWVDXIGLHVWUDIUHFKWOLFKH%HJULIIVEHVWLPPXQJDP%HLVSLHOGHU8UNXQGHQIlOVFKXQJ JHPl‰†6W*%6II(UELQ0QFK.RPP6W*%†5Q.RFK LQ 1RPRV+.*6 † 5Q 3DHIIJHQ $QP ]X %*+ Y  ²  6W5  LQ -5    P )Q  3XSSH LQ 1. † 5Q :HL‰ 'DV DEUHGHZLGULJ DXVJHIOOWH %ODQNHWW ² HFKWH RGHU XQHFKWH 8UNXQGH" LQ -XUD  II )DKUVFKHLQPDQLSXODWLRQHQ2/*'VVHOGRUIY²6VLQ-5  P $QP 3XSSH 0DUWLQ 'HU SUDNWLVFKH )DOO ² 6WUDIUHFKW 'LH Å0HKUZHJ´ )DKUNDUWHLQ-X6II5DQIW6WUDIUHFKWOLFKH3UREOHPHGHU%HI|UGHUXQJVHU VFKOHLFKXQJ LQ -XUD   II 6FKURHGHU 8UNXQGHQVWUDIWDWHQ DQ HQWZHUWHWHQ )DKUNDUWHQLQ-X6II )D[XQG(0DLO$XVGUXFNH$U]W:HEHU+HLQULFK+LOJHQGRUI%7†5Q%HFN .RSLHQ XQG 7HOHID[H LP 8UNXQGHQVWUDIUHFKW LQ -$  II %HFNHPSHU 'LH 8UNXQGHQTXDOLWlW YRQ 7HOHID[HQ ² 2/* =ZHLEUFNHQ 1-:   LQ



9,,%HVRQGHUVVFKZHUH)lOOH$EV XQG4XDOLILNDWLRQVWDWEHVWDQG$EV 

-X6  II &UDPHU+HLQH LQ 6FK|QNH6FKU|GHU † 5Q *ULEERKP LQ /.†5QII*ULPP'LH3UREOHPDWLNGHU8UNXQGHQTXDOLWlWYRQ)RWRNR SLHQ6II+DUGWXQJ3HU)D[LQGLH)UHLKHLW²(LQ%HULFKWEHUHLQHVWUDIUHFKWOLFKH +DXVDUEHLW LQ -X6    I .SHU %7 6  I 6LFKZRUW 9HUYLHOIlOWL JXQJVVWFNH /DJK]DRXL:LUJHV'HU(LQVDW]YRQ7HOHID[JHUlWHQDOV]LYLOSUR]HVVXDOHV 3UREOHP LQ 0'5   II 3DSH1RWWKRII 3UR]H‰UHFKWOLFKH 3UREOHPH EHL GHU 9HUZHQGXQJYRQ7HOHID[LQ1-:II=LHOLQVNL8UNXQGHQIlOVFKXQJGXUFK 7HOHID[LQ&5II )RWRNRSLH DOV 8UNXQGH %*+6W   II   II 2/* 6WXWWJDUW 1-:   I %HFN .RSLHQ XQG 7HOHID[H LP 8UNXQGHQVWUDIUHFKW LQ -$  II (QJHUW)UDQ]PDQQ+HUVFKOHLQ )RWRNRSLHQ DOV 8UNXQGHQ † 6W*% LQ -$  II (UE 8UNXQGH XQG )RWRNRSLH ² NULWLVFKH %HPHUNXQJHQ ]XP 9HUVXFK HLQHU IXQNWLRQDOLVWLVFKHQ$XVZHLWXQJGHV8UNXQGHQVWUDIUHFKWVLQ*$IIGHUV %XFKEHVSUHFKXQJ*HRUJ)UHXQG8UNXQGHQVWUDIWDWHQLQ*$ GHUV $QP ]X 2/* 'VVHOGRUI Y  ²  E 6V  ²  ,   1-: I LQ16W=II)UHXQG=XU)UDJHGHU8UNXQGHQHLJHQVFKDIWYRQ )RWRNRSLHQ ² %D\2E/* 1-:   LQ -X6   II )UHXQG $QP ]X 2/* 'VVHOGRUI Y  ²  E 6V  ²  , LQ 6W9   II *HSSHUW =XU 8UNXQGHQTXDOLWlW YRQ 'XUFKVFKULIWHQ $EVFKULIWHQ XQG LQVEHVRQGHUH )RWRNRSLHQLQ-XUDII*ULPP'LH3UREOHPDWLNGHU8UNXQGHQTXDOLWlWYRQ )RWRNRSLHQ  +HLQULFK 0L‰EUDXFK JHVFDQQWHU 8QWHUVFKULIWHQ DOV 8UNXQGHQIlO VFKXQJLQ&5II+RQLJ'HUJHIlOVFKWH0HLVWHUEULHILQ*HZ$UFK I.LQGKlXVHU%7†5QII.RFKLQ1RPRV+.*6†5Q .SHU %7 6  II 6WLFKZRUW )RWRNRSLH  0H\HU )RWRNRSLHQ DOV 8UNXQGHQ LP 6LQQHGHV†6W*%*HGDQNHQ]XP8UWHLOGHV%*+ 0'5LQ0'5 II0LWVFK$QP]X%D\2E/*Y²6W55LQ16W= I3XSSH$QP ]X2/*'VVHOGRUIY²E 6V²LQ 16W=II]XU)UDJH GHU(LJHQVFKDIWHLQHU]XVDPPHQJHVHW]WHQ)RWRNRSLH YRQ7HLOHQPHKUHUHU6FKULIWVWFNH GLHVLQ 1. †5QIII 6lWWHOH $QP ]X 2/* 'VVHOGRUI Y  ²  E 6V  ²  , LQ 6W9  8UNXQGHQIlOVFKXQJ GXUFK +HUVWHOOHQ HLQHU &ROODJH E]Z HLQHU )RWRNRSLH"  6FKU|GHU$QP]X%*+Y²6W5LQ-5IGHUV$QP ]X%*+Y²6W5LQ-5I:HOS'LH8UNXQGHXQG LKU'XSOLNDWLQ)66WUHH:HVVHOV6II :HO]HO'DV 'HXWVFKH6WUDIUHFKW† ,,E:RKOHUV$QP]X2/*'VVHOGRUIY²E6V²,LQ -5I=DF]\NÅ.RSLH´XQGÅ2ULJLQDO´EHLGHU8UNXQGHQIlOVFKXQJLQ1-: II=ROOHU'LH0LNUR)RWRXQG7HOHNRSLHLP=LYLOSUR]H‰UHFKWLQ1-:   II ² =XP VFKZHL]HULVFKHQ 5HFKW YJO %RRJ LQ %DVOHU .RPPHQWDU ]XP 6W*%%G,$UW=LII5Q =XU3UREOHPDWLNGHU*HVDPWXUNXQGH%*+6W(UELQ0QFK.RPP6W*% †5Q+HUEH'LH*HVDPWXUNXQGH²(LQH8QWHUVXFKXQJ]XP|VWHUUHLFKLVFKHQ XQG GHXWVFKHQ 6WUDIUHFKW  .SHU %7 6  I 6WLFKZRUW *HVDPWXUNXQGH  /DPSH 'LH VRJHQDQQWH *HVDPWXUNXQGH XQG GDV 3UREOHP GHU 8UNXQGHQIlOVFKXQJ GXUFKGHQ$XVVWHOOHULQ*$II5HQJLHU%7†5QI 9HUIlOVFKHQGXUFKGHQ$XVVWHOOHU"(UELQ0QFK.RPP6W*%†5QII+HOOH 'LHQDFKWUlJOLFKH9HUlQGHUXQJHLQHU8UNXQGHGXUFKLKUHQ$XVVWHOOHU²(LQH8QWHU VXFKXQJ GHU 6WUDIWDWHQ GHU 8UNXQGHQIlOVFKXQJ † 6W*%  XQG GHU 8UNXQGHQXQ WHUGUFNXQJ † , 1U  6W*%   .DUJO 8UNXQGHQIlOVFKXQJ GXUFK GHQ $XV

7HLO8UNXQGHQIlOVFKXQJ† 

VWHOOHU † 6W*%  LQ -$   II .LQGKlXVHU %7  † 5Q  .RFK LQ 1RPRV+.*6 † 5Q .SHU %7 6   II 6WLFKZRUW 8UNXQGH 9HUIlOVFKHQ  /DPSH 'LH VRJHQDQQWH *HVDPWXUNXQGH XQG GDV 3UREOHP GHU 8UNXQ GHQIlOVFKXQJGXUFKGHQ$XVVWHOOHULQ*$II3XSSHLQ1.†5Q II6FKPLW]'HU6FKXW]GHV%HZHLVIKUXQJVLQWHUHVVHVLP8UNXQGHQVWUDIUHFKW 9HUZHQGXQJ YRQ Å$QWL%OLW])ROLHQ´ XQG YHUJOHLFKEDUH 0D‰QDKPHQ %*+6W   II EOR‰H%HHLQWUlFKWLJXQJGHU/HVEDUNHLWRKQHbQGHUXQJGHV(UNOlUXQJVLQKDOWV %|VH 16W=I5HFKWVSUHFKXQJVEHUVLFKW )DKO$QP]X2/*'VVHOGRUI Y²6V²,,,LQ-$II.LQGKlXVHU/3.† 5Q .UDFN $QP ]X 2/* 'VVHOGRUI Y   6V  ²  LQ 16W=I.XGOLFK$QP]X%*+Y²6W5%D\2E/*  LQ-=I/DPSH$QP]X2/*'VVHOGRUIY6VLQ -5  I 0DQQ $QP ]X 2/* 0QFKHQ Y  ²  6W 55  16W=    1-:   Å%OHQGHQ´ HLQHU 9HUNHKUVEHUZDFKXQJV %OLW]DQODJH  LQ 16W=   I ]XU )UDJH GHU 6DFKEHVFKlGLJXQJ  +HLQULFK 8UNXQGHQIlOVFKXQJ XQG DUWYHUZDQGWH 'HOLNWH LP 6WUD‰HQYHUNHKU LQ .ULPLQDOLV WLNII 9RUVDW]XQG,UUWXP%HWWHQGRUI'HU,UUWXPEHLGHQ8UNXQGHQGHOLNWHQ(UELQ 0QFK.RPP6W*%†5Q3XSSHLQ1.†5QI 



3. Teil: Sonstige Urkundenstraftaten

I. Fälschung technischer Aufzeichnungen (§ 268) 'LH 5HJHOXQJ GHV † ]XU )lOVFKXQJ WHFKQLVFKHU $XI]HLFKQXQJHQ HQW VSULFKW NRQVWUXNWLY GHU 9RUVFKULIW EHU GLH 8UNXQGHQIlOVFKXQJ $XFK † NHQQW GLH %HJHKXQJVIRUPHQ GHV )lOVFKHQV GHV 9HUIlOVFKHQV XQG GHV *HEUDXFKHQV ² MHGRFK PLW GHU %HVRQGHUKHLW GDVV VLFK GLHVH )RUPHQ GHU 7DWEHVWDQGVYHUZLUNOLFKXQJQLFKW²ZLHEHL†²DXI8UNXQGHQVRQGHUQDXI WHFKQLVFKH$XI]HLFKQXQJHQ EH]LHKHQ'HU6WUDIUDKPHQEHLGHU)lOVFKXQJ WHFKQLVFKHU $XI]HLFKQXQJHQ LVW PLW GHP GHU 8UNXQGHQIlOVFKXQJ LGHQWLVFK DXFK † NHQQW HLQH 9HUVXFKVVWUDIEDUNHLW $EV   † $EV  HUNOlUW † $EV EHVRQGHUV VFKZHUH )lOOH PLW 5HJHOEHLVSLHOHQ  XQG $EV 4XDOLILNDWLRQVWDWEHVWDQGEHLJHZHUEVPl‰LJHU%HJHKXQJDOV0LWJOLHGHLQHU EHVWLPPWHQ%DQGH IUHQWVSUHFKHQGDQZHQGEDU $QGHUV DOV EHL GHU 9RUVFKULIW EHU GLH 8UNXQGHQIlOVFKXQJ ILQGHW VLFK LQ † $EV  HLQH QlKHUH %HVWLPPXQJ GHV *HJHQVWDQGV GHVVHQ )lOVFKXQJ XVZ VWUDIUHFKWOLFK PLVVELOOLJW VHLQ VROO VRIHUQ GLHV Å]XU 7lXVFKXQJ LP 5HFKWVYHUNHKU´ JHVFKLHKW 1DFK GLHVHU /HJDOGHILQLWLRQ LVW HLQH WHFKQLVFKH $XI]HLFKQXQJ ÅHLQH 'DUVWHOOXQJ YRQ 'DWHQ 0HVV RGHU 5HFKHQZHUWHQ =XVWlQGHQ RGHU *HVFKHKHQVDEOlXIHQ GLH GXUFK HLQ WHFKQLVFKHV *HUlW JDQ] RGHU ]XP 7HLO VHOEVWWlWLJ EHZLUNW ZLUG GHQ *HJHQVWDQG GHU $XI]HLFKQXQJ DOOJHPHLQRGHUIU(LQJHZHLKWHHUNHQQHQOl‰WXQG]XP%HZHLVHLQHUUHFKWOLFK HUKHEOLFKHQ 7DWVDFKH EHVWLPPW LVW JOHLFKYLHO RE LKU GLH %HVWLPPXQJ VFKRQ EHLGHU+HUVWHOOXQJRGHUHUVWVSlWHUJHJHEHQZLUG´ (LQH LP *UXQGH QXU GHU .ODUVWHOOXQJ GLHQHQGH )lOVFKXQJVIRUP QHQQW $EV 'LH %HHLQIOXVVXQJ GHV $XI]HLFKQXQJVHUJHEQLVVHV GXUFK VW|UHQGH (LQZLUNXQJDXIGHQ$XI]HLFKQXQJVYRUJDQJ 'HU 7DWEHVWDQG LVW JHVHW]HVWHFKQLVFK PLVVJOFNW XQG VHLQH +DQGKD EXQJVRXPVWULWWHQGDVVZHGHUGLH*UXQGODJHQQRFK]DKOUHLFKH(LQ]HOIUDJHQ   ,G6 ]% DXFK /DFNQHU.KO † 5Q :HVVHOV+HWWLQJHU %7 5Q †9,, ²)UGLH(LJHQVWlQGLJNHLWGHU9HUZLUNOLFKXQJVIRUPGHV$EVDEHU HWZD.LHQDSIHO-5











7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ

DOV DXFK QXU HLQLJHUPD‰HQ JHNOlUW DQJHVHKHQ ZHUGHQ N|QQHQ 2EZRKO GLH SUDNWLVFKH %HGHXWXQJ GHU 9RUVFKULIW QLFKW JDQ] XQHUKHEOLFK LVW HU VFKHLQWLKUH%HUHFKWLJXQJLQKRKHP0D‰HSUREOHPDWLVFK  )$//  $IKUWHHLQHQ/DVW]XJGHVVHQ)DKUWHQVFKUHLEHULQIROJHHLQHV QLFKW YRQ LKP YRUJHQRPPHQHQ  (LQJULIIV LQ GHQ GLH *HVFKZLQGLJ NHLWVDQ]HLJH EHUWUDJHQGHQ 7DFKRPHWHU HLQH ]X QLHGULJH *HVFKZLQGLJ NHLWDXI]HLFKQHWH$ZXVVWHGDVVXQGZDUXPGHU)DKUWHQVFKUHLEHUIHKOHU KDIWDUEHLWHWH(UZROOWHLP)DOOHHLQHU.RQWUROOHPLW+LOIHGHUXQULFKWLJHQ $XI]HLFKQXQJHQ GHV *HUlWV EHU GLH YRQ LKP WDWVlFKOLFK JHIDKUHQH *H VFKZLQGLJNHLWWlXVFKHQ  )$//  :LH LP )DOO ]XYRU PLW GHU0D‰JDEH GDVV GHU IUKHUH (LQJULII VHLWHQVHLQHV'ULWWHQ$XQEHNDQQWZDU$QDKPYLHOPHKUDQGDV*HUlW ]HLFKQHLQIROJHLUJHQGHLQHVWHFKQLVFKHQ'HIHNWVQLFKWULFKWLJDXI 1. Durch das Verbot der Fälschung technischer Aufzeichnungen intendierter Rechtsgüterschutz  1DFKGHQ,QWHQWLRQHQGHV*HVHW]JHEHUVVROOWHGLH9RUVFKULIWDXIGHU/LQLHGHU 5HJHOXQJHQOLHJHQGLHGLHÅ6LFKHUKHLWXQG=XYHUOlVVLJNHLWGHV%HZHLVYHU NHKUV´VFKW]HQXQGLQVRZHLWGLH/FNHVFKOLH‰HQGLHVLFKDXVGHU]XQHK PHQGHQ (UVHW]XQJ YRQ 8UNXQGHQ GXUFK YRQ WHFKQLVFKHQ *HUlWHQ DXWRPD WLVFK EHZLUNWH $XI]HLFKQXQJHQ RKQH 8UNXQGHQTXDOLWlW LP KHUN|PP OLFKHQ 6LQQH  HUJDE 0DQ GDFKWH GDEHL DQ :DDJHQ PLW VHOEVWWlWLJHP 'UXFNZHUN7KHUPRJUDSKHQ(OHNWURNDUGLRJUDPPHHWF$XFKGLHLQGHQ )b//(1  XQG JHQDQQWHQ)DKUWHQVFKUHLEHUJHK|UHQLQGLHVHQ=XVDP PHQKDQJ   =XU.ULWLNYJOGLH1DFKZEHL/DFNQHU.KO†5QIHUQHU3XSSHLQ1. †5Q  ,P -DKUH  LPPHUKLQ FD  EHNDQQW JHZRUGHQH )lOOH  FD  FD YJOGD]XREHQ5Q  9JOHWZD7U|QGOHLQ/.†5QIIPZ1  =XGLHVHU²IUGLH(LQ]HODXVOHJXQJNRQNUHWLVLHUXQJVXQGVSH]LIL]LHUXQJVEHGUI WLJHQ²6FKXW]LQWHQWLRQDOOHU8UNXQGHQGHOLNWHLPZHLWHUHQ6LQQHYJOVFKRQREHQ 7HLO,5Q²   9JO%7'UXFNV96²2EVLFKGLHVH/FNHQLFKWDXFKGXUFKHLQH² YRUVLFKWLJH ² $XVGHKQXQJ GHV WUDGLWLRQHOOHQ 8UNXQGHQEHJULIIV VFKOLH‰HQ OLH‰H NDQQKLHUQLFKWEHKDQGHOWZHUGHQ]XGHQNHQZlUHLQVEHVDQHLQH/FNHQVFKOLH ‰XQJ GXUFK HLQ ZHLWJHIDVVWHV $XVVWHOOHUYHUVWlQGQLV PLW 5HFKW NULW JHJHQEHU JHZLVVHQ VDFKZLGULJHQ 5HVWULNWLRQHQ GHV † 6LHEHU &RPSXWHUNULPLQDOLWlW XQG 6WUDIUHFKW6III  



,)lOVFKXQJWHFKQLVFKHU$XI]HLFKQXQJHQ† 

'DVIDNWLVFKH,QWHUHVVHGHUGXUFKHQWVSUHFKHQGH%HZHLVPLWWHOSRWHQWLHOO  QDFKWHLOLJ EHWURIIHQHQ 3HUVRQHQ GUIWH ZRKO GDKLQ JHKHQ GDVV WHFKQLVFKH $XI]HLFKQXQJHQ LQ MHGHU +LQVLFKW HLQZDQGIUHL VLQG 2E XQG LQZLHZHLW GLHVHP ,QWHUHVVH GXUFK ² VWUDIEHZHKUWH ² 9HU XQG *HERWH  5HFKQXQJ JHWUDJHQZHUGHQNDQQXQG²VSH]LHOOVXEVSHFLH†²VROOLVWGLH*UXQGIUD JHGHUHQ%HDQWZRUWXQJIUGLH.RQNUHWLVLHUXQJGHV7DWEHVWDQGVZHLFKHQ VWHOOHQGH%HGHXWXQJ]XNRPPW 'DEHL HUVFKHLQW HV ]ZHLIHOKDIW RE HLQH VDFKJHUHFKWH %HJUHQ]XQJ GHV  VWUDIUHFKWOLFKHQ  ,QWHUHVVHQVFKXW]HV VSH]LHOO PLW %OLFN DXI WHFKQLVFKH $XI]HLFKQXQJHQ EHUKDXSW P|JOLFK LVW 'HQQ WHFKQLVFKH $XI]HLFKQXQJHQ VLQGLP*UXQGHQLFKWVDQGHUHVDOVDXIEHVWLPPWH$UWXQG:HLVHHQWVWDQGHQH $XJHQVFKHLQVREMHNWHGLHVLFKLQ%H]XJDXILKUH2ULHQWLHUXQJVIXQNWLRQLP 5HFKWVYHUNHKU YRQ DQGHUHQ $XJHQVFKHLQVREMHNWHQ QLFKW LP *HULQJVWHQ XQWHUVFKHLGHQXQG DXFK NHLQHUOHL TXDOLWDWLY DEVFKLFKWEDUHV 9HUWUDXHQ LQ HLQH²DXFKQXULQEHVWLPPWHU+LQVLFKW²]XWUHIIHQGHÅ,QIRUPDWLRQ´UHFKWIHU WLJHQ $QGHUV DOV EHLP GXUFK † DEJHVLFKHUWHQ ,QWHUHVVH DQ ULFKWLJHU =XRUGQXQJ HLQHU EHVWLPPWHQ YHUN|USHUWHQ (UNOlUXQJ ]X LKUHP $XVVWHOOHU NDQQ PDQ GLH ² VRQVWLJH ² LQKDOWOLFKH 8QULFKWLJNHLW QLFKW JOHLFKVDP GHU 0DVFKLQHDOVHLQHPHEHQXQ]XYHUOlVVLJHQ$XVVWHOOHUDQODVWHQZHQQHWZD GDV LUUHIKUHQGH DEHU WHFKQLVFK JHVHKHQ GXUFKDXV NRUUHNWH  :LHJHHUJHEQLV DXI HLQHU KHLPOLFKHQ *HZLFKWV]XJDEH EHUXKW XQG GHVKDOE GHU JHZRJHQH *HJHQVWDQGHQWVSUHFKHQGVFKZHUHUHUVFKHLQW 1DFKJHOlXILJHU²IUHLOLFKQLFKWXQEHVWULWWHQHU²$XIIDVVXQJVROOGDVVSH]L  ILVFKH6FKXW]LQWHUHVVHGHV†GDVDQHLQHPÅQRUPDOHQDXWRPDWLVFKHQ +HUVWHOOXQJVYRUJDQJ´ VHLQ )U GLHVHV ,QWHUHVVH DQ 0DQLSXODWLRQVIUHLKHLW NDQQ HV NRQVHTXHQWHUZHLVH QLFKW GDUDXI DQNRPPHQ RE GDV $XIJH]HLFKQHWH DQVRQVWHQ LQKDOWOLFK]XWULIIW$OOHUGLQJVZLUGLQGHU5HJHOHLQH$XVQDKPHIU GHQ )DOO GHU OHGLJOLFK IHKOHUNRUULJLHUHQGHQ (LQIOXVVQDKPH JHPDFKW GHQ PDQ PLWWHOV GHV (UIRUGHUQLVVHV GHU VW|UHQGHQ (LQZLUNXQJ DXV]XILOWHUQ   9JO ]XU 3UREOHPDWLN GHV VWUDIUHFKWOLFKHQ 6FKXW]HV GHV $XJHQVFKHLQVEHZHLVHV 6FKLOOLQJ'HUVWUDIUHFKWOLFKH6FKXW]GHV$XJHQVFKHLQVEHZHLVHV6IIII  9JO]XGLHVHPVSH]LILVFKHQ6FKXW]LQWHUHVVHREHQ7HLO,5Q²   'HU )DOO ZLUG EOLFKHUZHLVH QLFKW DOV YRQ † HUIDVVW DQJHVHKHQ YJO HWZD /DFNQHU.KO†5QD(²3UDNWLVFKUHOHYDQWNDQQDXFKGHUXPJHNHKUWH )DOOGHUÅJHZLFKWVHUOHLFKWHUQGHQ´0DQLSXODWLRQHWZDEHLPLQ]ZLVFKHQZHLWYHU EUHLWHWHQ6HOEVWZLHJHQGHU:DUHLP6XSHUPDUNW ZHUGHQ  6R ]% /DFNQHU.KO † 5Q LQ GHU 6DFKH lKQOLFK %*+6W    &UDPHU+HLQHLQ6FK|QNH6FKU|GHU†5QNULWDEHU]%3XSSH'LH)lO VFKXQJWHFKQLVFKHU$XI]HLFKQXQJHQ6IIYJODXFK6LHEHU&RPSXWHUNULPL QDOLWlWXQG6WUDIUHFKW6II=LHVFKDQJLQ/.†5QIIPZ1 

7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ

SIOHJW 9RU GHP +LQWHUJUXQG HLQHV UHJHOPl‰LJ IHKOHQGHQ ,QWHUHVVHV GDUDQ GLH IHKOHUNRUULJLHUHQGH (LQIOXVVQDKPH ]X YHUKLQGHUQ LVW GLH +HUDXVQDKPH GHUDUWLJHU.RQVWHOODWLRQHQVHOEVWYHUVWlQGOLFK²DOOHUGLQJVPLWGHU(LQVFKUlQ NXQJGDVVX8HLQ,QWHUHVVHDQULFKWLJHUPDQLSXODWLRQVIUHLHU  'RNXPHQ WDWLRQGHVIHKOHUKDIWHQ)XQNWLRQLHUHQVEHVWHKHQXQGGHVKDOEGLHIHKOHUNRU ULJLHUHQGH(LQIOXVVQDKPHGXUFKDXVÅVW|UHQG´VHLQNDQQ D

E

'HILQLWLRQGHUHFKWHQWHFKQLVFKHQ$XI]HLFKQXQJ Å7HFKQLVFKH$XI]HLFKQXQJLVWHLQH'DUVWHOOXQJYRQ'DWHQ0HVVRGHU 5HFKHQZHUWHQ =XVWlQGHQ RGHU *HVFKHKHQVDEOlXIHQ GLH GXUFK HLQ WHFKQLVFKHV*HUlWJDQ]RGHU]XP7HLOVHOEVWWlWLJEHZLUNWZLUGGHQ*H JHQVWDQG GHU $XI]HLFKQXQJ DOOJHPHLQ RGHU IU (LQJHZHLKWH HUNHQQHQ Ol‰WXQG]XP%HZHLVHLQHUUHFKWOLFKHUKHEOLFKHQ7DWVDFKHEHVWLPPWLVW JOHLFKYLHO RE LKU GLH %HVWLPPXQJ VFKRQ EHL GHU +HUVWHOOXQJ RGHU HUVW VSlWHUJHJHEHQZLUG´/HJDOGHILQLWLRQLQ†$EV   (LQIDFKHUHXQGSUl]LVHUH'HILQLWLRQ (LQHHFKWHWHFKQLVFKH$XI]HLFKQXQJLVWHLQH'DUVWHOOXQJYRQ'DWHQ :HUWHQ=XVWlQGHQRGHU*HVFKHKHQVDEOlXIHQGLHGXUFKHLQWHFKQLVFKHV *HUlWJDQ]RGHU]XP7HLOVHOEVWWlWLJPLWHLQHPHUNHQQEDUHQQHXHQ,Q IRUPDWLRQVJHKDOWEHZLUNW ZLUG XQG HLQH HQWVSUHFKHQGH %HZHLVIXQNWLRQ HUIOOW =XU.ODUVWHOOXQJ6RZRKOEHLHFKWHQDOVDXFKEHLXQHFKWHQWHFKQLVFKHQ $XI]HLFKQXQJHQ KDQGHOW HV VLFK XP EOR‰H $XJHQVFKHLQVREMHNWH 'LH XQHFKWHWHFKQLVFKH$XI]HLFKQXQJHUIOOWQXUGHP$QVFKHLQQDFKGLH$QIRU GHUXQJHQDQHLQHHFKWH 2. Tatbestandserfordernisse im Einzelnen a) Erfordernis „selbständiger Verkörperung“?

 'LHVHV²lX‰HUVWXPVWULWWHQH²(UIRUGHUQLVZLUGUHOHYDQWLQIROJHQGHQ)lOOHQ  )$//  1KDQGHOWHPLWJHEUDXFKWHQ.UDIWIDKU]HXJHQ8PHLQHQK|KH UHQ .DXISUHLV ]X HU]LHOHQ GUHKWH HU EHL HLQHP .UDIWIDKU]HXJ GDV  NPJHODXIHQZDUGHQ.LORPHWHU]lKOHUDXINP]XUFN   9JOHWZD&UDPHU+HLQHLQ6FK|QNH6FKU|GHU†5QPZ1  =XU 'HILQLWLRQ GHU WHFKQLVFKHQ $XI]HLFKQXQJ YJO DXFK .SHU %7 6 I 6WLFKZRUW$XI]HLFKQXQJWHFKQLVFKH PZ1  =XU'HILQLWLRQGHUXQHFKWHQWHFKQLVFKHQ$XI]HLFKQXQJVQRFKXQWHQ5QD  



,)lOVFKXQJWHFKQLVFKHU$XI]HLFKQXQJHQ† 

)$//  +PLHWHWHEHL%HLQHQ/NZ8P]XYHUPHLGHQGDVVHU.LORPH WHUJHOG IU GLH JHVDPWH 6WUHFNH ZUGH EH]DKOHQ PVVHQ O|VWH HU DOVEDOG QDFK GHU $EIDKUW GLH 7DFKRPHWHUZHOOH YRQ GHP 7DFKRPHWHU XQG HU UHLFKWH DXI GLHVH :HLVH GDVV GHU .LORPHWHU]lKOHU EHL GHU 5FNJDEH GHV :DJHQVHLQHNU]HUH)DKUWVWUHFNHDQ]HLJWH )UKHU VDK GHU %*+ GDV JHVHW]OLFKH (UIRUGHUQLV GHU Å'DUVWHOOXQJ YRQ 'DWHQ HWF´ DXFK EHL $Q]HLJHJHUlWHQ GLH GHQ 6WDQG HLQHV IRUWODXIHQGHQ 0HVVYRUJDQJV DQJHEHQ GDEHL DEHU GHQ MHZHLOLJHQ 0HVVZHUW QLFKW JOHLFK ZLHGHU O|VFKHQ VRQGHUQ LKQ LQ GLH QDFKIROJHQGHQ :HUWH PLWHLQIOLH‰HQ ODVVHQZLHHWZDEHL6WURP]lKOHUQ*DVXQG:DVVHUXKUHQ DOVHUIOOWDQ 1XQPHKU YHUODQJW HU XQWHU =XVWLPPXQJ HLQHV 7HLOV GHV 6FKULIWWXPV HLQH $XI]HLFKQXQJEHLGHUGLH,QIRUPDWLRQLQHLQHPYRP*HUlWVHOEVWDEWUHQQ EDUHQ *HJHQVWDQG HQWKDOWHQ LVW HLQH ÅVHOEVWlQGLJH 9HUN|USHUXQJ´ HUIlKUW  )ROJWPDQGHPNRPPW†]ZDULQGHQ)b//(1XQGLQ%HWUDFKW GD LQ GLHVHQ)lOOHQ HLQH VHOEVWlQGLJH 9HUN|USHUXQJ LQ*HVWDOW GHU )DKUWHQ VFKUHLEHUDXI]HLFKQXQJ DXI GHP 6FKDXEODWW YRUOLHJW 'DJHJHQ VFKHLGHW )lOVFKXQJ WHFKQLVFKHU $XI]HLFKQXQJHQ LQ GHQ )b//(1  XQG  YRQ YRUQKHUHLQDXV9LHOPHKUEOHLEWQXUHLQHP|JOLFKH%HWUXJVVWUDIEDUNHLW 'DVVGLH*HJHQDXIIDVVXQJJXWH*UQGHIUVLFKLQV)HOGIKUHQNDQQ XQG GLH $UJXPHQWH GHV %*+ DXI UHFKW VFKZDFKHQ )‰HQ VWHKHQ UlXPHQ LQGHVVHQVHOEVW$XWRUHQHLQGLHOHW]WOLFKGHP%*+]XVWLPPHQ7DWVlFKOLFK HUP|JOLFKHQ ZHGHU GHU :RUWODXW GHU 6WUDIYRUVFKULIW QRFK GHU :LOOH GHV *HVHW]JHEHUV HLQGHXWLJH 6FKOVVH LQ GLH HLQH RGHU DQGHUH 5LFKWXQJ ² XQG DXFKV\VWHPDWLVFKH(UZlJXQJHQVLQGYRQEHJUHQ]WHP(UWUDJ'DUDQKDWDXFK   9JOGHQ+LQZHLVDXI%*+%HVFKOY²6W5LQ%*+6W ²=XGHUHQWVSUHFKHQGHQ)UDJHGHU$GGLWLRQXQG6XEWUDNWLRQEHVWLPP WHU:HUWHEHL7HOHIRQNDUWHQYJO+HFNHU-$  %*+6W   II ]XVWLPPHQG HWZD .LHQDSIHO -5   YJO DXFK GHQV *HZlKUVFKDIWVWUlJHU6I.LW]-$:HVVHOV+HWWLQJHU%7 5Q  † 9,,   IHUQHU 2WWR %7 † 5Q 3XSSH LQ 1. † 5Q  9JO]XGHQ)b//(1XQGQRFKXQWHQ5Q  .RQVHTXHQWHUZHLVHDXFKHLQH8QWHUGUFNXQJQDFK†$EV1U  9JO LQVEHV /* 0DUEXUJ 0'5   2/* )UDQNIXUW 1-:   P$QP6RQQHQ-$(UELQ0QFK.RPP6W*%†5QII+R \HULQ6.6W*%/IJ-XOL †5Q.RFKLQ1RPRV+.*6 † 5Q 6DPVRQ :X9 6WUDIUHFKW ,, )lOOH   IHUQHU $U]W:HEHU+HLQULFK+LO JHQGRUI%7†5Q&UDPHU+HLQHLQ6FK|QNH6FKU|GHU†5QMHZ PZ1  9JO:HVVHOV+HWWLQJHU%75Q†9,,  









7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ

GLH (LQIKUXQJ GHV †E 6W9* LP -DKUH  QLFKWV JHlQGHUW 'HQQ HV EOHLEW GXUFKDXV RIIHQ RE GHU *HVHW]JHEHU KLHU WDWVlFKOLFK HLQH /FNH GHV † JHVFKORVVHQ RGHU DEHU QXU DXI HLQ YRQ GHU 5HFKWVSUHFKXQJ XQQ|WL JHUZHLVH NQVWOLFK HU]HXJWHV 'HIL]LW EHL GHU NRQNUHWHQ 6WUDIUHFKWVDQZHQ GXQJUHDJLHUWKDW$X‰HUGHPNDQQ†E6W9*GXUFKDXVQHEHQ†HLQHQ JXWHQ 6LQQ LQ )lOOHQ HUJHEHQ LQ GHQHQ HLQ +DQGHOQ ]XU 7lXVFKXQJ LP 5HFKWVYHUNHKU QLFKW HLQGHXWLJ  YRUOLHJW 'HVKDOE EOHLEW LP *UXQGH QXU GHU 5HNXUVDXIGLHUDWLR²XQGXQWHUGLHVHP$VSHNWOlVVWVLFKHLQ8QWHUVFKLHG HWZD ]ZLVFKHQ HLQHP ÅNODVVLVFKHQ´ )DKUWHQVFKUHLEHU GHU GDV (UIRUGHUQLV HUIOOW XQGHLQHP.LORPHWHU]lKOHUVFKZHUOLFKDXVILQGLJPDFKHQ'DQQLVW DEHU DXFK GHU +LQZHLV DXI GHQ LQ GHU 5HJHO VFKRQ XQWHU DQGHUHP $VSHNW HLQJUHLIHQGHQ 6WUDIUHFKWVVFKXW] XQG GDV %HPKHQ GHQ$QZHQGXQJVEHUHLFK GHV†QLFKWDXVXIHUQ]XODVVHQVRQGHUQNULPLQDOSROLWLVFKVLQQYROOHLQ]X VFKUlQNHQQLFKWPHKUJHHLJQHWGLHQRWZHQGLJH'LIIHUHQ]LHUXQJ]XOHLVWHQ² GLH (QWVFKHLGXQJ LVW GDQQ LP *UXQGH ZLOONUOLFK %HJUHLIOLFK HUVFKHLQW VLH DOOHQIDOOV YRU GHP +LQWHUJUXQG GHV %HVWUHEHQV GHQ $QZHQGXQJVEHUHLFK HLQHUVFKRQYRQGHU$QODJHKHUYHUIHKOWHQ²DQLUJHQGHLQHU6WHOOHRKQHKLQ ]XZLOONUOLFKHQ'LIIHUHQ]LHUXQJHQ]ZLQJHQGHQ²6DQNWLRQVQRUPDXIHLQ 0LQLPXP]XEHVFKUlQNHQ b) Erfordernis „selbsttätiger Bewirkung“

 0LW+LOIHGHVLQGHU/HJDOGHILQLWLRQGHV†$EVDQJHVSURFKHQHQ(UIRU GHUQLVVHV GHV JDQ] RGHU WHLOZHLVH  VHOEVWWlWLJHQ %HZLUNHQV GHU 'DUVWHOOXQJ YRQ 'DWHQ XVZ ZHUGHQ EOLFKHUZHLVH 7RQEDQGDXI]HLFKQXQJHQ )LOPH )RWRJUDILHQ XQG )RWRNRSLHQ DEHU HWZD DXFK PDVFKLQHQJHVFKULHEHQH %ULHIH DXV GHP $QZHQGXQJVEHUHLFK GHV 7DWEHVWDQGV KHUDXVJHQRPPHQ 'LHVHV(UIRUGHUQLVVHLYLHOPHKUHUVWGDQQHUIOOWZHQQGDV*HUlWGXUFKHLQHQ LQ .RQVWUXNWLRQ RGHU 3URJUDPPLHUXQJ IHVWJHOHJWHQ DXWRPDWLVFKHQ 9RUJDQJ   6R GDV 9HUVWlQGQLV HWZD YRQ .LQGKlXVHU /3. † 5Q XQWHU %H]XJQDKPH DXI%7'U²GLHDOOHUGLQJVLQGHUKLHUHQWVFKHLGHQGHQ+LQVLFKWXQHU JLHELJLVW   Å0RGHUQH´)DKUWHQVFKUHLEHUEHLGHQHQGLH'DWHQQLFKWPHKUDXI6FKDXEOlWWHUQ VRQGHUQLQLQWHUQHQ*HUlWHVSHLFKHUQHUIDVVWZHUGHQHUIOOHQGDV(UIRUGHUQLVGD JHJHQQLFKW=XWUHIIHQG]XULQVRIHUQHEHQIDOOVZLOONUOLFKHQ'LIIHUHQ]LHUXQJHWZD (UE LQ 0QFK.RPP6W*% † 5Q II .RFK LQ 1RPRV+.*6 † 5Q  6RGLHHQWVFKHLGHQGHQhEHUOHJXQJHQ EHL:HVVHOV+HWWLQJHU %75Q † 9,,   %*+6W²6MHGRFKDXFK.LW]-$GHUGHQVHOEVWlQGL JHQ ,QIRUPDWLRQVJHKDOW HLQHU )RWRNRSLH LQ GHU HUNOlUWHQ hEHUHLQVWLPPXQJ PLW GHP2ULJLQDOVLHKW 



,)lOVFKXQJWHFKQLVFKHU$XI]HLFKQXQJHQ† 

HLQHQ $XI]HLFKQXQJVLQKDOW PLW QHXHP ,QIRUPDWLRQVJHKDOW KHUYRUEULQJH 6HLQH /HLVWXQJ GUIH QLFKW QXU LQ GHU EOR‰HQ 3HUSHWXLHUXQJ HLQHV YRQ HLQHP 0HQVFKHQ XQPLWWHOEDU YHUVWHKEDUHQ 9RUJDQJV RGHU =XVWDQGV OLHJHQ(LQHVROFKHZHLWHUJHKHQGH/HLVWXQJVHLDEHUHWZDEHLHLQHUDXWRPD WLVFKHQ .DPHUD PLW JHNRSSHOWHU 0HVVYRUULFKWXQJ LP 5DKPHQ GHU 9HU NHKUVEHUZDFKXQJ RGHU EHL $XI]HLFKQXQJHQ GXUFK 5|QWJHQJHUlWH RGHU (OHNWURNDUGLRJUDSKHQ]XEHMDKHQ'DWHLOZHLVH6HOEVWWlWLJNHLWJHQJHGUIH GLH PHQVFKOLFKH 0LWZLUNXQJ GDEHL QXU QLFKW VR ZHLW JHKHQ GDVV GHU $XI ]HLFKQXQJVLQKDOWZLHEHLP6FKUHLEHQDXIHLQHU6FKUHLEPDVFKLQHHQWVFKHLGHQG YRP0HQVFKHQXQGQLFKWYRQGHU0DVFKLQH EHVWLPPWZHUGH 'LHYRUVWHKHQGEH]HLFKQHWH3UREOHPDWLNGHUJDQ]RGHUWHLOZHLVH VHOEVWWl  WLJHQ%HZLUNXQJ]HLJWHUQHXW]XZHOFKHQLP*UXQGH]XIlOOLJZLOONUOLFKHQ 'LIIHUHQ]LHUXQJHQ HLQ PLVVUDWHQHU 7DWEHVWDQG ZHQQ QLFKW ]ZLQJW VR GRFK]XPLQGHVWYHUOHLWHW'LHLPPHUPHKURGHUZHQLJHUJUR‰H.RPSOH[LWlW GHV9HUDUEHLWXQJVYRUJDQJVXQGGLHHQWVSUHFKHQG]XEHZHUWHQGH/HLVWXQJ HLQHV WHFKQLVFKHQ*HUlWV ODVVHQ VLFK QXUVFKOHFKW LQ HLQ VWLPPLJHV .RQ]HSW GHV 5HFKWVJWHUVFKXW]HV LQWHJULHUHQ GHP HV ² JURE JHVSURFKHQ ² XP GLH 6LFKHUKHLW XQG =XYHUOlVVLJNHLW GHV %HZHLVYHUNHKUV PLW HQWVSUHFKHQGHQ Å3URGXNWHQ´JHKW $OOHQIDOOVLQ%H]XJDXIGLHIDNWLVFKHQ0DQLSXODWLRQVP|JOLFKNHLWHQN|QQWH  PDQ YLHOOHLFKW DQQHKPHQ GDVV GLH *HIDKU EHL UHODWLY NRPSOH[HQ 9HUDUEHL WXQJVYRUJlQJHQ UHJHOPl‰LJ JU|‰HU LVW DOV EHL HLQIDFKHQ ,QGHVVHQ ZlUH GLHV ZRKO HKHU IU GLH NRQNUHWHQ (UVFKHLQXQJVIRUPHQ GHV HQWVSUHFKHQGHQ Å)lOVFKXQJVGHOLNWV´ EHGHXWVDP DOV IU HLQ QRUPDWLY DQJHPHVVHQHV XQG GDV KHL‰WUDWLRRULHQWLHUWHV 7DWEHVWDQGVYHUVWlQGQLV'HQQLQZLHIHUQHVXQWHU GHP$VSHNWGHVVFKXW]ZUGLJHQ,QWHUHVVHVGHV%HZHLVYHUNHKUVPLWHQWVSUH FKHQGHQ 3URGXNWHQ HLQHQ8QWHUVFKLHGPDFKHQ VROORE MHPDQG GXUFK HLQHQ (LQJULIILQGHQ:LHJHYRUJDQJHLQHULKU(UJHEQLVDXVGUXFNHQGHQ:DDJH HLQ LUUHIKUHQGHV 3URGXNW HU]HXJW HLQ )DOO GHU QDFK GHU ,QWHQWLRQ GHV *HVHW]JHEHUVZRKOHUIDVVWZHUGHQVROOWH RGHUREMHPDQGHLQ)RWRNRSLHUJH UlWGDVEHLRUGQXQJVJHPl‰HP)XQNWLRQLHUHQLGHQWLVFKH9HUYLHOIlOWLJXQJVVW FNH HLQHU 3ODQVNL]]H ]X OLHIHUQ YHUPDJ KHLPOLFK VR YHUVWHOOW GDVV GLH 3ODQ   9JO HWZD /DFNQHU.KO † 5Q =LHVFKDQJ LQ /. † 5Q MHZ PZ1 ² :HLWHU GDJHJHQ GDV 9HUVWlQGQLV GHU WHFKQLVFKHQ $XI]HLFKQXQJ EHL 6FKLOOLQJ)lOVFKXQJWHFKQLVFKHU$XI]HLFKQXQJHQ †6W*% 6II6FKU|GHU -5   ² 9JO GD]X DXFK &UDPHU+HLQH LQ 6FK|QNH6FKU|GHU † 5Q-RHFNV6W*%†5Q  /DFNQHU.KO†5QPZ1  :HVVHOV+HWWLQJHU%75Q†9,,D( PZ1  9JO/DFNQHU.KO†5QI 

7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ

VNL]]HQDXIGHQ.RSLHQXPNOHLQHUDXVIDOOHQZDVLQIROJHHLQHUGDGXUFK EHGLQJWHQ )HKORULHQWLHUXQJ DQGHUHU YHUKHHUHQGH )ROJHQ KDEHQ NDQQ  LVW VFKOHFKWHUGLQJVQLFKWHLQVLFKWLJ]XPDFKHQXQGGDPLWZLOONUOLFK%HJUHLI OLFKLVWGDVYHUEUHLWHWH%HVWUHEHQGHQ7DWEHVWDQGEHL.RSLHQ)RWRV7RQ ElQGHUQ XVZ QLFKW HLQJUHLIHQ ]X ODVVHQ ² REZRKO GHU :RUWODXW GHU 6WUDIQRUPDXFKXQWHUGHP$VSHNWGHUWHLOZHLVH VHOEVWWlWLJHQ%HZLUNXQJHLQH (UIDVVXQJ GXUFKDXV ]XOLH‰H ² ZLHGHUXP QXU YRU GHP +LQWHUJUXQG GHVVHQ GDVV GHU 7DWEHVWDQG RKQHKLQ HEHQ QXU DQ DQGHUHU 6WHOOH ]XU :LOONU ]ZlQJH c) Erkennbarkeit des Gegenstands und Beweisbestimmung

 'LH*HVHW]HVEHJULIIHGHU(UNHQQEDUNHLWGHV*HJHQVWDQGVXQGGHU%HZHLVEH VWLPPXQJ ZHUGHQ LP $OOJHPHLQHQ ² ZHJHQ LKUHU 8QEHVWLPPWKHLW XQG GHU 8QNODUKHLWHQLP*UXQGODJHQEHUHLFKGHV7DWEHVWDQGVQLFKWYHUZXQGHUOLFK ²PLWUHODWLYYDJHQWHLOZHLVHK|FKVWXQWHUVFKLHGOLFKHQ%HVWLPPXQJVIDNWRUHQ LQKDOWOLFKDXVJHIOOW'DQDFKNDQQVLFKGLHQRWZHQGLJH(UNHQQEDUNHLWGHV %H]XJVREMHNWV XQPLWWHOEDU DXV GHU $XI]HLFKQXQJ DXV HLQHU UlXPOLFK IHVWHQ 9HUELQGXQJ ]X LKU RGHU DXV HLQHP HUOlXWHUQGHQ %H]LHKXQJVYHU PHUN HUJHEHQ ]% 1DPHQVHLQWUDJ DXI HLQHP (.* 9HUPHUNH DXI GHP 6FKDXEODWWHLQHV)DKUWHQVFKUHLEHUV 0LW%OLFNDXIGLHUDWLRJLOWHVLQVRZHLW GLH HEHQIDOOV QLFKW EHUK|KW DQ]XVHW]HQGHQ (UIRUGHUQLVVH GHV 8UNXQGHQ EHJULIIVVLQQJHPl‰ ]XEHUFNVLFKWLJHQ  $OV QHEHQ HLQHU UHFKWYHUVWDQGHQHQ %HZHLVIXQNWLRQ EHUIOVVLJ XQG QLFKWVDFKJHUHFKWHUZHLVWVLFKYRUGHP+LQWHUJUXQGGHVHLJHQWOLFKLQWHQGLHU WHQ 5HFKWVJWHUVFKXW]HV GDV Å(UIRUGHUQLV´ GHU XUVSUQJOLFKHQ RGHU QDFK WUlJOLFKHQ  %HZHLVEHVWLPPXQJ $XFK GLH XPVWlQGOLFKH )RUPXOLHUXQJ GLHVHV Å(UIRUGHUQLVVHV´ LP *HVHW]HVWH[W GHV † EHOHJW HUQHXW ZLH ZHQLJ GXUFKGDFKWGDV.RQ]HSWGLHVHV7DWEHVWDQGVLVWXQGJLEWHLQJXWHV%HLVSLHO GDIUDEZLH*HVHW]JHEXQJQLFKWDXVVHKHQVROOWH d) Unechte technische Aufzeichnung – Tathandlungsformen

 )RUPDO VLQG GLH YHUVFKLHGHQHQ 7DWKDQGOXQJHQ GHV † ZLH EHL † NRQVWUXLHUW(VJLEW)lOOHGHV)lOVFKHQVGHV9HUIlOVFKHQVXQGGHV*HEUDX   9JODXFKGHQLG5QLFKWDOVHUIDVVWDQJHVHKHQHQ)DOOGHUKHLPOLFKHQ*HZLFKWV ]XJDEHEHLP:LHJHQV]XGLHVHP)DOOVFKRQREHQ5QP)Q  9JOGHQLQVWUXNWLYHQhEHUEOLFNEHL=LHVFKDQJLQ/.†5QIIPZ1  9JO]XGLHVHQ(UIRUGHUQLVVHQREHQ7HLO,,5Q²   9JOGD]XVFKRQREHQ5QILP.RQWH[WGHU8UNXQGHQIlOVFKXQJ *HJHQHLQ VROFKHV Å0HUNPDO´ DXFK 3XSSH 'LH )lOVFKXQJ WHFKQLVFKHU $XI]HLFKQXQJHQ 6III 



,)lOVFKXQJWHFKQLVFKHU$XI]HLFKQXQJHQ† 

FKHQV$OOHUGLQJVEH]LHKHQVLFKGLHVH)RUPHQGHU7DWEHVWDQGVYHUZLUNOLFKXQJ QLFKW DXI HLQH HFKWH RGHU XQHFKWH  8UNXQGH VRQGHUQ DXI HLQH WHFKQLVFKH $XI]HLFKQXQJ 'HVKDOE NDQQ VLFK GHU (FKWKHLWVEHJULII DXFK QLFKW RKQH :HLWHUHV DQ GHQ LP 5DKPHQ GHU 8UNXQGHQIlOVFKXQJ HQWZRUIHQHQ .ULWHULHQ GHU(FKWKHLWRGHUGHU8QHFKWKHLWRULHQWLHUHQVRQGHUQPXVVNRQWH[WVSH]L ILVFKPRGLIL]LHUWZHUGHQ hEOLFKHUZHLVH ZLUG HLQH WHFKQLVFKH $XI]HLFKQXQJ DOV XQHFKW DQJHVHKHQ  ZHQQ VLH HQWJHJHQ GHP $QVFKHLQ EHUKDXSW QLFKW RGHU QLFKW LQ LKUHU NRQNUHWHQ *HVWDOW GDV (UJHEQLV HLQHV LQ VHLQHP DXWRPDWLVFKHQ $EODXI XQEHUKUWHQ +HUVWHOOXQJVYRUJDQJV LVW 'DV ZLUG YHUQHLQW EHL HLQHU VRJHQDQQWHQ,QSXW0DQLSXODWLRQ 'HILQLWLRQGHUXQHFKWHQWHFKQLVFKHQ$XI]HLFKQXQJ (LQH WHFKQLVFKH $XI]HLFKQXQJ LVW XQHFKW ZHQQ VLH HQWJHJHQ GHP $QVFKHLQQLFKWGDV(UJHEQLVHLQHVLQVHLQHPDXWRPDWLVFKHQ$EODXIXQ EHUKUWHQ+HUVWHOOXQJVYRUJDQJVLVW

D

)$//  =ZLVFKHQGHP%DXHUQ%XQGGHP0HW]JHU0ZDUYHUHLQEDUW  GDVV GDV IU GHQ .DXISUHLV PD‰JHEOLFKH 6FKODFKWJHZLFKW YRQ .lOEHUQ GXUFKGLH'LIIHUHQ]]ZHLHUYRQGHUJHPHLQGOLFKHQ:DDJHDXVJHGUXFNWHU :LHJHHUJHEQLVVHIHVWJHVWHOOWZHUGHQVROOWH*HZRJHQZXUGH]XQlFKVWGHU OHHUH ² DQVFKOLH‰HQG GHU EHODGHQH 9LHKDQKlQJHU % SDFNWH PLW GHP 9LHK KHLPOLFK %OHLJHZLFKWH LQ GHQ $QKlQJHU XP HLQ JU|‰HUHV 'LIIHUHQ]JH ZLFKW]XHU]LHOHQ 'LH :LHJHHUJHEQLVVH VLQG MHZHLOV QLFKW XQHFKW L6GHV † VRQGHUQ  JHEHQY|OOLJNRUUHNWGDVDXIGHU:DDJHODVWHQGH*HZLFKWZLHGHU'DV9HUKDO WHQGHV%LVWDOOHUGLQJVXQWHUGHP$VSHNWGHV%HWUXJVWDWEHVWDQGVYRQ%HGHX WXQJ(EHQIDOOVQLFKW]XHLQHUXQHFKWHQWHFKQLVFKHQ$XI]HLFKQXQJIKUWGLH 9HUZHQGXQJ HLQHU Å*HJHQEOLW]DQODJH´ ]% HLQHU DXI GHP .HQQ]HLFKHQ HLQHV.UDIWIDKU]HXJVDQJHEUDFKWHQÅ$QWLEOLW]IROLH´ GLHLQLKUHU:LUNXQJDXI GDV SROL]HLOLFKH 5DGDUIRWR QLFKWV DQGHUHV DOV HLQH EHVRQGHUH )RUP GHU   9JO HWZD -lJHU ([DPHQV5HSHWLWRULXP %7 5Q D .LW] -$    .SHU%76I$XI]HLFKQXQJ8QHFKWKHLW /DFNQHU.KO†5Q:HV VHOV+HWWLQJHU%75Q†9,,   9JO GD]X +HJKPDQQV %7 5Q  .LHQDSIHO -5   .LW] -$   :HVVHOV+HWWLQJHU%75Q†9,, IHUQHU)LVFKHU†5QD PZ1  =XU'HILQLWLRQGHUXQHFKWHQ WHFKQLVFKHQ$XI]HLFKQXQJYJO DXFK.SHU%76 II6WLFKZRUW$XI]HLFKQXQJ8QHFKWKHLW PZ1 

7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ

,QSXW0DQLSXODWLRQ GDUVWHOOW 'DV HQWVWDQGHQH )RWR LVW DOV WHFKQLVFKH $XI]HLFKQXQJHFKWL6GHV†$QHLQHUXQHFKWHQWHFKQLVFKHQ$XI]HLFK QXQJIHKOWHVQDFKEOLFKHP9HUVWlQGQLVDXFKLP)DOOHGHUEOR‰HQ$XVQXW ]XQJ HLQHU IHKOHUKDIWHQ QLFKW DXI HLQHP EHZXVVWHQ RGHU XQEHZXVVWHQ (LQJULII EHUXKHQGHQ $UEHLWVZHLVH HLQHV $XI]HLFKQXQJVJHUlWV Å(LJHQ GHIHNW´ -HGRFKVLQGYLHOH(LQ]HOKHLWHQXPVWULWWHQ  0LW GHU YRUVWHKHQG DQJHVSURFKHQHQ .RQVWHOODWLRQ GHU ,QEHWULHEQDKPH HLQHVPLWHLQHPÅ(LJHQGHIHNW´EHKDIWHWHQ*HUlWHVZLUGLQGHU5HJHOGHU)DOO QLFKWJOHLFKJHVHW]WGDVVHLQWHFKQLVFKHV*HUlW²HWZDHLQ)DKUWHQVFKUHLEHU ZLHLQGHQ)b//(1 XQG ²DXIJUXQGHLQHVEHZXVVWHQRGHUXQEHZXVV WHQ  PHQVFKOLFKHQ (LQJULIIV JHVW|UW LVW +LHU VROOHQ QDFK YHUEUHLWHWHU $XIIDVVXQJ XQHFKWH WHFKQLVFKH $XI]HLFKQXQJHQ ÅSURGX]LHUW´ ZHUGHQ %HL HQWVSUHFKHQGHP 9RUVDW] ² DXFK LQ %H]XJ DXI GHQ *UXQG GHV 'HIHNWV GDUDQIHKOWHVLQ)$//  ²XQGEHLJHJHEHQHU7lXVFKXQJVIXQNWLRQVROOGDV HQWVSUHFKHQGH DNWLYH  +HUVWHOOHQ QDFK † $EV  1U  )DOO  VWUDIEDU VHLQ  (LQEHJHKXQJVJOHLFKHVPDQFKHZUGHQVDJHQÅXQHFKWHV´ 8QWHUODV VXQJVGHOLNW ZLUG GHPHQWVSUHFKHQG DQJHQRPPHQ ZHQQ MHPDQG HLQHU EHVRQGHUHQ *DUDQWHQ 5HFKWVSIOLFKW ]XZLGHU GHQ VW|UHQGHQ (LQJULII 'ULWWHUQLFKWYHUKLQGHUWRGHUHLQHUVROFKHQ3IOLFKW]XZLGHUGLH,QEHWULHE QDKPH HLQHV *HUlWV ]XOlVVW GDV EHNDQQWHUPD‰HQ PLW HLQHP DXI HLQHP PHQVFKOLFKHQ(LQJULIIEHUXKHQGHQ'HIHNWEHKDIWHWLVW0LW%OLFNDXIGLH UDWLR GUIWH LQGHVVHQ HKHU DOV HLQH GHUDUWLJH 2ULHQWLHUXQJ DP PHQVFKOLFKHQ   6 GD]X HWZD 2/* 0QFKHQ 1-:   I P $QP 0DQQ 16W=  I]XU)UDJHGHU6DFKEHVFKlGLJXQJ )LVFKHU†5QD.SHU%76 6WLFKZRUW$XI]HLFKQXQJ8QHFKWKHLW MHZPZ1  9JO%*+6WIXQWHU+LQZHLVDXI%7'UXFNV96  YJODEHUDXFK&UDPHU+HLQHLQ6FK|QNH6FKU|GHU†5Q]XU²XP VWULWWHQHQ²3UREOHPDWLNEHJHKXQJVJOHLFKHQ8QWHUODVVHQVGD]XVRJOHLFKQRFKLP 7H[W   9JO &UDPHU+HLQH LQ 6FK|QNH6FKU|GHU † 5Q II =LHVFKDQJ LQ /. †5QII  6RDXFKLP)DOO%*+6W  9JO %*+6W    (UE LQ 0QFK.RPP6W*% † 5Q  :HV VHOV+HWWLQJHU%75Q†9,,   =XU 3UREOHPDWLN GHV 7HUPLQXV GHU ÅXQHFKWHQ 8QWHUODVVXQJVGHOLNWH´ XQG GHU 9RU]XJVZUGLJNHLW GHV %HJULIIV GHU EHJHKXQJVJOHLFKHQ 8QWHUODVVXQJVGHOLNWH YJO )UHXQG$7†5QVDXFKGHQV(UIROJVGHOLNWXQG8QWHUODVVHQ6)Q HWSDVVLP  6R LQVEHV %*+6W    (UE LQ 0QFK.RPP6W*% † 5Q  )LVFKHU†5QJ/DFNQHU.KO†5QYJODXFKGLH1DFKZEHL. SHU%76$XI]HLFKQXQJ8QHFKWKHLW  



,)lOVFKXQJWHFKQLVFKHU$XI]HLFKQXQJHQ† 

(LQJULIIDOVGHP*UXQGGHV'HIHNWVHLQH2ULHQWLHUXQJDQGHQDXFKDQVRQVWHQ JHOWHQGHQ DOOJHPHLQHQ *UXQGVlW]HQ EHJHKXQJVJOHLFKHQ 8QWHUODVVHQV EHU]HXJHQ /HGLJOLFKHLQ8QWHUIDOOGHU+HUVWHOOXQJHLQHUXQHFKWHQWHFKQLVFKHQ$XI ]HLFKQXQJLVWLQGHUYRQ†$EVHUZlKQWHQ%HHLQIOXVVXQJGHV$XI]HLFK QXQJVHUJHEQLVVHVGXUFKVW|UHQGH(LQZLUNXQJ DXIGHQ$XI]HLFKQXQJVYRU JDQJ]XHUEOLFNHQ 1DFKGHUDXIHLQHQ9RUODJHEHVFKOXVVGHV2/*6WXWWJDUWHUJDQJHQHQ(QW VFKHLGXQJ GHV %*+ OLHJW HLQ )DOO GHU VW|UHQGHQ (LQZLUNXQJ DXI GHQ $XI ]HLFKQXQJVYRUJDQJ DXFK YRU ZHQQ MHPDQG HLQH 7DFKRJUDSKHQVFKHLEH YHUZHQGHW GLH IU *HUlWH PLW DQGHUHQ *HVFKZLQGLJNHLWVEHUHLFKHQ EH VWLPPWLVW )UGDV9HUIlOVFKHQHLQHUWHFKQLVFKHQ$XI]HLFKQXQJJLOWGDVREHQ7HLO ,,,  5Q ²   ]XU 8UNXQGHQIlOVFKXQJ *HVDJWH HQWVSUHFKHQG $XFK EHLP 9HUIlOVFKHQ HLQHU WHFKQLVFKHQ $XI]HLFKQXQJ PXVV GDV (UJHEQLV HLQH XQHFKWH WHFKQLVFKH $XI]HLFKQXQJ VHLQ XQG XQWHUVFKHLGHW VLFK GLHVH %H JHKXQJVIRUPYRP+HUVWHOOHQHLQHUXQHFKWHQWHFKQLVFKHQ$XI]HLFKQXQJQXU GXUFK GDV Å$XVJDQJVPDWHULDO´ )U GDV *HEUDXFKHQ HLQHU XQHFKWHQ RGHU YHUIlOVFKWHQWHFKQLVFKHQ$XI]HLFKQXQJJHOWHQGLH$XVIKUXQJHQREHQ7HLO ,,,5Q² ]XU8UNXQGHQIlOVFKXQJJOHLFKIDOOVVLQQJHPl‰ =XGHQ'HILQLWLRQHQGHV+HUVWHOOHQVGHV9HUIlOVFKHQVXQGGHV*HEUDX FKHQV YJO REHQ EHL GHU 8UNXQGHQIlOVFKXQJ 5QD K D )U GLH 7DWEHVWDQGVPl‰LJNHLW GHV 9HUKDOWHQV L6 GHV † EHGDUI HV VHOEVWYHU VWlQGOLFK HEHQIDOOV GHU HQWVSUHFKHQGHQ UHFKWOLFKHQ 9HUKDOWHQVPLVVELOOL JXQJ

  6R HWZD &UDPHU+HLQH LQ 6FK|QNH6FKU|GHU † 5Q  II ² ZREHL DOOHUGLQJVNOlUXQJVEHGUIWLJHUVFKHLQWZDQQJHQDXHLQHP8QWHUODVVHQGLH4XDOLWlW EHJHKXQJVJOHLFKWDWEHVWDQGVPl‰LJHQ 9HUKDOWHQV ]XNRPPW DOOJHPHLQ GD]X )UHXQG(UIROJVGHOLNWXQG8QWHUODVVHQVDXFKGHQV$7†5QIIGHQV LQ0QFK.RPP6W*%†5QIIII  6GD]XGLH1DFKZREHQ5Q)Q  %*+1-:  =XP LQVRZHLW QLFKW VHOWHQ PLWYHUZLUNOLFKWHQ 8QUHFKW GHU 8QWHUGUFNXQJ HLQHU WHFKQLVFKHQ $XI]HLFKQXQJ † $EV  1U   YJO QRFK XQWHQ  7HLO ,,, 5Q²   =XGLHVHPVHOEVWYHUVWlQGOLFK]XEHDFKWHQGHQDOOJHPHLQHQ6WUDIWDWHUIRUGHUQLVGHV 9HUVWR‰HVJHJHQHLQHUHFKWOLFKOHJLWLPLHUWH9HUKDOWHQVQRUPQlKHU)UHXQG$7† 5QII†GHUVLQ0QFK.RPP6W*%YRU†5QIIII 







D

7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ

e) Tatbestandsvorsatz, Handeln „zur Täuschung im Rechtsverkehr“, Verhältnis der Verwirklichungsformen zueinander

 )U GHQ 7DWEHVWDQGVYRUVDW] GDV +DQGHOQ ]XU 7lXVFKXQJ LP 5HFKWVYHUNHKU XQG GDV 9HUKlOWQLV GHU HLQ]HOQHQ )RUPHQ GHU 7DWEHVWDQGVYHUZLUNOLFKXQJ ]XHLQDQGHUJHOWHQGLHhEHUOHJXQJHQREHQ7HLO,9²9,5Q²  ]XU8UNXQGHQIlOVFKXQJHQWVSUHFKHQG Vertiefungs- und Problemhinweise zur Fälschung technischer Aufzeichnungen

D *ULPP 'LH 3UREOHPDWLN GHU 8UNXQGHQTXDOLWlW YRQ )RWRNRSLHQ  6 II

.LHQDSIHO8UNXQGHQXQGWHFKQLVFKH$XI]HLFKQXQJHQLQ-=II3XSSH'LH )lOVFKXQJWHFKQLVFKHU$XI]HLFKQXQJHQGLHV'LHQHXH5HFKWVSUHFKXQJ]XGHQ )lOVFKXQJVGHOLNWHQ LQ -=    I GLHV LQ 1. † 5Q II 6FKLOOLQJ )lOVFKXQJ WHFKQLVFKHU $XI]HLFKQXQJHQ † 6W*%   GHUV 5HIRUP GHU 8UNXQGHQYHUEUHFKHQ  =LHOLQVNL 8UNXQGHQIlOVFKXQJ GXUFK &RPSXWHU LQ *6 $UPLQ.DXIPDQQ6II (UIRUGHUQLV HLQHU ÅVHOEVWlQGLJHQ 9HUN|USHUXQJ´" (UE LQ 0QFK.RPP6W*% † 5Q II .RFK $QJULII XQG 9HUWHLGLJXQJ LQ &RPSXWHUQHW]HQ 6  I GHUV LQ 1RPRV+.*6†5Q )lOVFKXQJGHU0$&$GUHVVH.RFK$QJULIIXQG9HUWHLGLJXQJLQ&RPSXWHUQHW]HQ6 II 0DQLSXOLHUWH 7HOHIRQNDUWHQ +HFNHU +HUVWHOOXQJ 9HUNDXI (UZHUE XQG 9HUZHQGXQJ PDQLSXOLHUWHU7HOHIRQNDUWHQLQ-$II+HIHQGHKO6WUDIUHFKWOLFKH3UREOHPH EHLP +HUVWHOOHQ EHLP 9HUWULHE XQG EHL GHU 9HUZHQGXQJ YRQ ZLHGHUDXIODGEDUHQ 7HOHIRQNDUWHQVLPXODWRUHQ ² =XJOHLFK HLQH %HVSUHFKXQJ YRQ /* :U]EXUJ 16W= LQ16W=II

II. Fälschung beweiserheblicher Daten (§§ 269, 270)  $XFK GLH 9RUVFKULIW GHV † ZHLVW HQJH 9HUELQGXQJVOLQLHQ ]XU 8UNXQ GHQIlOVFKXQJ DXI 'DQDFK PDFKW VLFK VWUDIEDU ZHU ]XU 7lXVFKXQJ LP 5HFKWVYHUNHKUEHZHLVHUKHEOLFKH'DWHQVRVSHLFKHUWRGHUYHUlQGHUWGDVV EHL LKUHU :DKUQHKPXQJ HLQH XQHFKWH RGHU YHUIlOVFKWH 8UNXQGH YRUOLH JHQZUGHRGHUGHUDUWJHVSHLFKHUWHRGHUYHUlQGHUWH'DWHQJHEUDXFKW'HU 6WUDIUDKPHQ EHL GHU )lOVFKXQJ EHZHLVHUKHEOLFKHU'DWHQ HQWVSULFKW GHP GHU 8UNXQGHQIlOVFKXQJ DXFK † NHQQW HLQH 9HUVXFKVVWUDIEDUNHLW $EV   †$EVHUNOlUW†$EVEHVRQGHUVVFKZHUH)lOOHPLW5HJHOEHL VSLHOHQ  XQG $EV 4XDOLILNDWLRQVWDWEHVWDQG EHL JHZHUEVPl‰LJHU %HJH KXQJDOV0LWJOLHGHLQHUEHVWLPPWHQ%DQGH IUHQWVSUHFKHQGDQZHQGEDU  )$//  $ KDWWH PLW +LOIH GHU YRQ LKP HQWZLFNHOWHQ *HUlWH DQ HLQHP *HOGDXVJDEHDXWRPDWHQ ]DKOUHLFKH .RQWHQGDWHQ XQG *HKHLPQXPPHUQ IUFRGLHUWH$XWRPDWHQVFKHFNNDUWHQJHVDPPHOWXQGJHVSHLFKHUW'LH'D



,,)lOVFKXQJEHZHLVHUKHEOLFKHU'DWHQ†† 

WHQEHUWUXJHUPLW+LOIHHLQHV&RGLHUJHUlWHVDXI6FKHFNNDUWHQEODQNHW WH0LW+LOIHGLHVHU.RSLHQKREHUDQ*HOGDXWRPDWHQYRQIUHPGHQ.RQ WHQHUKHEOLFKH*HOGEHWUlJHDE )$// D'HU$FFRXQWGHV$EHLHLQHP,QWHUQHWDXNWLRQVKDXVZXUGH D DXIJUXQGYRQ8QUHJHOPl‰LJNHLWHQEHJDQJHQHQ%HWUJHUHLHQ YRP%HWUHL EHU JHVSHUUW 'LHVHU ULFKWHWH VLFK GDUDXIKLQ PLW ILNWLYHQ $QJDEHQ ]X VHLQHU 3HUVRQ HUQHXW HLQHQ $FFRXQW HLQ 8QWHU 9HUZHQGXQJ HLQHV 3VHX GRQ\PVYHUNDXIWHHUYRQGRUWZHLWHUKLQ:DUHQRKQHGLHYHUWUDJOLFKH*H JHQOHLVWXQJHUEULQJHQ]XZROOHQ 1. Durch das Verbot der Fälschung beweiserheblicher Daten intendierter Rechtsgüterschutz †VROO²HEHQVRZLH††²GLHÅ6LFKHUKHLWXQG=XYHUOlVVLJNHLWGHV  %HZHLVYHUNHKUV´VFKW]HQVRZHLWHUVLFKEHZHLVHUKHEOLFKHU'DWHQEHGLHQW 2E HV GHU 9RUVFKULIW EHUKDXSW EHGXUIW KlWWH NDQQ EH]ZHLIHOW ZHUGHQ 7DWVlFKOLFKKlWWHGLHOHJLWLPH)XQNWLRQGHV†EHLDQJHPHVVHQHU.RQ]HS WLRQ GHV 8UNXQGHQEHJULIIV RKQH :HLWHUHV DXFK YRQ † HUIOOW ZHUGHQ N|QQHQ'LHJHQDXH%HVWLPPXQJGHV9HUKlOWQLVVHVYRQ†]XU8UNXQ GHQIlOVFKXQJ XQG ]XU )lOVFKXQJ WHFKQLVFKHU $XI]HLFKQXQJHQ EHUHLWHW HLQLJH6FKZLHULJNHLWHQGLHDEHUDXIGHU%DVLVGHULP)ROJHQGHQDQJHVWHOOWHQ hEHUOHJXQJHQ]XPVSH]LILVFKHQ6FKXW]EHUHLFKGXUFKDXVO|VEDUVLQG ,QIROJHGHUDXVGUFNOLFKHQXQGGLUHNWHQ$QNQSIXQJDQGDV8QUHFKWGHU  8UNXQGHQIlOVFKXQJ NDQQ DOV VSH]LILVFKHV 6FKXW]LQWHUHVVH GHV † HEHQIDOOV GDV ,QWHUHVVH DQ NRUUHNWHU :LHGHUJDEH GHV ZLUNOLFKHQ :LOOHQV GHV DXVJHZLHVHQHQ $XVVWHOOHUV EH]HLFKQHW ZHUGHQ 'XUFK GDV (UIRUGHU QLV GHV ÅK\SRWKHWLVFKHQ 9HUJOHLFKV´ ZLUG OHGLJOLFK GDV ² LP .RQWH[W GHU 8UNXQGHQIlOVFKXQJEOLFKHUZHLVHDOVQRWZHQGLJDQJHVHKHQH².ULWHULXPGHU

  =XGLHVHU²IUGLH(LQ]HODXVOHJXQJNRQNUHWLVLHUXQJVXQGVSH]LIL]LHUXQJVEHGUI WLJHQ²6FKXW]LQWHQWLRQDOOHU8UNXQGHQGHOLNWHLPZHLWHUHQ6LQQHYJOVFKRQREHQ 7HLO,5Q²   9JO/DFNQHU.KO†5QPZ1  9JOGD]XVFKRQREHQ5QI  9JO/DFNQHU.KO†5Q  6 ]X GLHVHP VSH]LILVFKHQ ,QWHUHVVH DOV GHP JHPHLQVDPHQ 1HQQHU GXUFKDXV YHUVFKLHGHQHU6FKXW]ULFKWXQJHQQlKHUREHQ7HLO,5Q²   .ULWGD]X0DXUDFK6FKURHGHU0DLZDOG%7†5Q 

7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ

YLVXHOOHQ  :DKUQHKPEDUNHLWIU EHUIOVVLJ HUNOlUW $QVRQVWHQ JLOW DEHU IU†GDV]XU8UNXQGHQIlOVFKXQJQDFK†$XVJHIKUWHVLQQJHPl‰ ,QEHLGHQ%HUHLFKHQJHKWHVXPGLH)lOVFKXQJYRQ8UNXQGHQ:lKUHQGEHL † YLVXHOO  ZDKUQHKPEDUH 8UNXQGHQ EHWURIIHQ VLQG KDQGHOW HV VLFK EHL † XP 8UNXQGHQ GLH QLFKW XQPLWWHOEDU YLVXHOO  ZDKUJHQRPPHQ ZHUGHQ N|QQHQ 'LH IU † VSH]LILVFKH 3HUSHWXLHUXQJ GHU (UNOlUXQJ HLQHV EH VWLPPWHQ $XVVWHOOHUV LQ HLQHP XQVLFKWEDUHQ 'DWHQVDW] lQGHUW LQGHVVHQ QLFKWVDQGHU(UIOOXQJGHUDXFKIU†HQWVFKHLGHQGHQ(UIRUGHUQLVVHGHU XQHFKWHQE]ZYHUIlOVFKWHQ8UNXQGH 2. Tatbestandserfordernisse  †XQWHUIDOOHQGHÅ*HJHQVWlQGH´VLQGEHZHLVHUKHEOLFKH'DWHQGLHHOHN WURQLVFKPDJQHWLVFKRGHULQHLQHUVRQVWLJHQIUGLHPDVFKLQHOOH9HUDUEHLWXQJ JHHLJQHWHQ)RUPJHVSHLFKHUWRGHUEHUPLWWHOWZHUGHQ'DUXQWHUN|QQHQHWZD $QJDEHQ EHU .RQWRVWlQGH EHU (LJHQWXPVYHUKlOWQLVVH RGHU 'DWHQ LQ EHVWLPPWHQ 5HJLVWHUQ IDOOHQ $EJHVHKHQ YRQ GHP (UIRUGHUQLV GHU YLVXHOOHQ :DKUQHKPEDUNHLW JLOW GDV ]XU 8UNXQGHQIlOVFKXQJ *HVDJWH RKQH :HLWHUHV DXFK IU GHQ %HUHLFK GHU Å'DWHQXUNXQGHQ´ GHV †  'DQDFK ZHUGHQ EHLVSLHOVZHLVH 0DQLSXODWLRQHQ DP 0DJQHWVWUHLIHQ YRQ &RGHNDUWHQ LP %DQNRPDWYHUNHKUUHJHOPl‰LJWDWEHVWDQGOLFKHUIDVVW D 'DWHQL6GHV†VLQGDOVR²DOOJHPHLQIRUPXOLHUW²JUXQGVlW]OLFKDOOH ,QIRUPDWLRQHQGLHLQHLQHUIUGLHPDVFKLQHOOH9HUDUEHLWXQJJHHLJQHWHQ)RUP FRGLHUWVLQG'LHVHP.ULWHULXPJHQJWDXFKHLQHÅQRUPDOH´8UNXQGHL6 GHV†ZHQQGLHVH]%HLQJHVFDQQWRGHUGLJLWDO IRWRJUDILHUWXQGGDQQ HQWVSUHFKHQGZHLWHUYHUDUEHLWHWZHUGHQNDQQ-HGRFKLVWLQVROFKHQ)lOOHQ]X EHDFKWHQ GDVV GDV IU GHQ %HUHLFK GHV † SRVWXOLHUWH .ULWHULXP GHU XQPLWWHOEDUHQ YLVXHOOHQ :DKUQHKPEDUNHLW GHU YHUN|USHUWHQ (UNOlUXQJ HLQHVEHVWLPPWHQ$XVVWHOOHUVHUIOOWLVW'DQQPDFKWGHULQVRZHLWVSH]LHOOH UH † GHQ 5FNJULII DXI † EHUIOVVLJ 'DV VWHOOW OHW]WOLFK DXFK GLH )RUPXOLHUXQJ GHV † NODU GLH HLQHQ K\SRWKHWLVFKHQ 9HUJOHLFK PLW GHU   /HW]WOLFK OLHJW EHL XQPLWWHOEDUHU :DKUQHKPEDUNHLW GHU 'DWHQ †D $EV   ZRKOVRJDUHLQ$XVVFKOXVVJUXQGLQ%H]XJDXIGHQVSH]LHOOHQ7DWEHVWDQGGHV† YRU'DQQJUHLIWDOOHUGLQJV†HLQ  ,QVWUXNWLY]XGHQVLFKGDUDXVHUJHEHQGHQ.RQVHTXHQ]HQIUGHQ3UIXQJVDXIEDX GHUSUDNWLVFKGHPEHL†VLQQYROOHQHQWVSULFKW (UELQ0QFK.RPP6W*% †5QII²=XU3DUDOOHOLWlWGHU6FKXW]ULFKWXQJHQYRQ†XQG†YJO DXFK3XSSHLQ1.†5Q  1lKHU]XP²LP'HWDLOXPVWULWWHQHQ²'DWHQEHJULIIGHV†'RUQVHLI6FKXPDQQ -5II(UELQ0QFK.RPP6W*%†5QII 



,,)lOVFKXQJEHZHLVHUKHEOLFKHU'DWHQ†† 

ÅQRUPDOHQ´ 8UNXQGH GHV † YHUODQJW Å« GD‰ EHL LKUHU :DKUQHKPXQJ HLQHXQHFKWHRGHUYHUIlOVFKWH8UNXQGHYRUOLHJHQZUGH´  ,P)$//  VLQGGHPHQWVSUHFKHQGGLH9RUDXVVHW]XQJHQGHV†LQGHQ  )RUPHQGHV+HUVWHOOHQV XQG GHV *HEUDXFKHQV JHJHEHQ 'LH JHVSHLFKHU WHQ ² QLFKW XQPLWWHOEDU YLVXHOO ZDKUQHKPEDUHQ ² 'DWHQ HUIOOHQ VlPWOLFKH 0HUNPDOH GHV 8UNXQGHQEHJULIIV 6LH YHUN|USHUQ GLH (UNOlUXQJ GHU DOV $XVVWHOOHU HUNHQQEDUHQ %DQN GHU .DUWHQLQKDEHU VHL ]XU *HOGDXWRPDWHQEH QXW]XQJEHUHFKWLJWXQGHUIOOHQHLQHHQWVSUHFKHQGH%HZHLVIXQNWLRQ'XUFK GLHhEHUWUDJXQJGDV.RSLHUHQ GHV'DWHQVDW]HVDXIGLH%ODQNHWWHDOVQHXH %H]XJVREMHNWH ZLUG²ZLHVRQVWEHLP$XVWDXVFKYRQ%H]XJVREMHNWHQEHL ]XVDPPHQJHVHW]WHQ8UNXQGHQDXFK²GHU,QKDOWGHU(UNOlUXQJYHUlQGHUW XQGDXIGLHVH:HLVHEHUGHQWDWVlFKOLFKHQ$XVVWHOOHUJHWlXVFKW +LHUYHUKlOWHVVLFKJHUDGHDQGHUVDOVLP1RUPDOIDOOGHU$QIHUWLJXQJHLQHU  )RWRNRSLHYRQHLQHUHFKWHQ8UNXQGHLQGHPGHU,QKDOWGHU2ULJLQDOHUNOl UXQJXQDQJHWDVWHWEOHLEWXQGVHOEVWYHUVWlQGOLFKHLQHHFKWH8UNXQGHSURGX ]LHUWZLUG'LH$QQDKPHYRQ/DPSHEHL$QHUNHQQXQJGHU8UNXQGHQTXDOL WlWYRQPLWGHP2ULJLQDOYHUZHFKVOXQJVIlKLJHQ )RWRNRSLHQZlUHGDV)RWR NRSLHUHQ ÅHLQH NULPLQHOOH 7lWLJNHLW SDU H[FHOOHQFH GHUHQ %HVWUDIXQJ QXU GDUDQ VFKHLWHUWH GDVV GHP 7lWHU GLH $EVLFKW GHU 7lXVFKXQJ XQG GDV 8Q UHFKWVEHZXVVWVHLQ ´ IHKOH LVW GHVKDOE XQ]XWUHIIHQG )UHLOLFK JLEW HV DXFK EHLP)RWRNRSLHUHQ$XVQDKPHIlOOHEHLGHQHQVHOEVWRKQHZHLWHUH0DQLSXOD WLRQHQ ZLH hEHUGHFNHQ HWF  LQ GHQ ,QKDOW GHU (UNOlUXQJ HLQJHJULIIHQ ZLUG'LHWlXVFKHQGHFKWH.RSLHHLQHU0RQDWVNDUWHLVWHEHQVRHLQHXQHFKWH 8UNXQGH L6 GHV † ZLH HWZD GLH KLQUHLFKHQG JXWH  )DUENRSLH HLQHV *HOGVFKHLQV'HPHQWVSUHFKHQGZLUG²ZLHEHUHLWVJHVDJW²DXFKLQ)$//  GXUFKGDV .RSLHUHQGHV 'DWHQVDW]HV DXIGLH %ODQNHWWH VHOEVWYHUVWlQGOLFK HLQHXQHFKWHÅ'DWHQXUNXQGH´L6GHV†KHUJHVWHOOW $XV GHP =XVDPPHQVSLHO YRQ † XQG † HUJLEW VLFK DXFK IDVW ZLH D YRQVHOEVWGLHDQJHPHVVHQH/|VXQJGHUlX‰HUVWXPVWULWWHQHQ²EHUHLWVREHQ   6R DXFK %*+6W    YJO IHUQHU 0HLHU -X6   I ² =ZHLIHOKDIW HUVFKHLQW HLQ YROOHQGHWHV 'HOLNW LQ GHP HQWVSUHFKHQGHQ )DOO YRQ 0UEH -XUD I]XP=ZHFNHGHVNRVWHQORVHQ7DQNHQVQDFKJHDKPWH.XQGHQ NDUWH GHQQGDGLHQDFKJHDKPWH.DUWHYRQGHPLQ*DQJJHVHW]WHQ7DQNDXWRPD WHQHLQEHKDOWHQZXUGHN|QQWHHVVHLQGDVVGLH)lOVFKXQJ]XSOXPSZDUXPHLQ IU†DXVUHLFKHQGHVÅ(UIROJVXQUHFKW´ ]XEHJUQGHQGDQQOlJHQXUHLQ²DO OHUGLQJVVWUDIEDUHU²XQWDXJOLFKHU9HUVXFKYRU  /DPSH6W9YJODXFK*HSSHUW-XUD   9JOGD]XREHQ5Q²²]X)$//  =X ZHLW LQVRIHUQ *XVWDIVVRQ 'LH VFKHLQEDUH 8UNXQGH 6  GLH MHGH PLW GHP 2ULJLQDOYHUZHFKVHOEDUH)RWRNRSLHDOVXQHFKWH8UNXQGHDQVLHKW 

7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ

5Q II  QlKHU EHKDQGHOWHQ ² 3UREOHPDWLN GHU )RWRNRSLH HLQHU 8U NXQGH ,P.RQWH[WGHV†P|FKWHQYLHOHQRFKLPPHU]ZLVFKHQÅ2ULJL QDO´8UNXQGHXQGÅ.RSLH´DOVHLQHPEOR‰HQ$EELOGGHV2ULJLQDOV GLIIHUHQ ]LHUHQ XQG GHU EOR‰HQ .RSLH GLH 8UNXQGVHLJHQVFKDIW PLW QLFKW EHU]HXJHQGHQ $UJXPHQWHQ  DEVSUHFKHQ 'DJHJHQ ZLUG LP .RQWH[W GHV † YROONRPPHQ ULFKWLJ HUNDQQW GDVVGHU 9HUVXFK HLQHU 'LIIHUHQ]LHUXQJ ]ZLVFKHQ 2ULJLQDO XQG .RSLH VLQQORV LVW ZHLO HU YRQ YRUQKHUHLQ QLFKW JHOLQJHQNDQQ)UGDVXUNXQGHQVSH]LILVFKH6FKXW]LQWHUHVVHGHV†LVW VLQQYROOHUZHLVH QLFKW GLH $XWRULVLHUXQJ HLQHU JDQ] EHVWLPPWHQ NRQNUHWHQ (UNOlUXQJVYHUN|USHUXQJYRQ%HODQJVRQGHUQDOOHLQREGHU'DWHQVDW]DOV VROFKHUGLHSHUSHWXLHUWHYHUN|USHUWH (UNOlUXQJHLQHVEHVWLPPWHQ$XVVWHO OHUVGDUVWHOOWXQGGHVKDOEEHUDOOHWHFKQLVFKDEODXIHQGHQ9HUYLHOIlOWLJXQJHQ XQG:LHGHUJDEHQKLQZHJDOVDXWRULVLHUWJHOWHQNDQQ E *HODQJW PDQ EHL † ]X GLHVHU ]XWUHIIHQGHQ (LQVLFKW LVW HV DEHU ZHU WXQJVZLGHUVSUFKOLFK GHQ 6FKXW]EHUHLFK GHV † HQJHU ]X IDVVHQ XQG .RSLHQ DXV GHP 8UNXQGHQEHJULII GHV † DXV]XVFKOLH‰HQ LQGHP :HUW GDUDXI JHOHJW ZLUG GDVV MHGH HLQ]HOQH 9HUN|USHUXQJ HLQHU EHVWLPPWHQ (UNOlUXQJDXWRULVLHUWLVW,QVROFKHU6LFKWPXVVÅGDV'LQJDQVLFK´LQGHPGLH (UNOlUXQJSHUSHWXLHUWZLUG HLQHHQWVSUHFKHQGH:LGPXQJDXIZHLVHQ'LHVH VSH]LHOOH :LGPXQJ GLH DXFK NRQNOXGHQW HUIROJHQ NDQQ LVW ]ZDU EHL YLHOHQ DEHUVLFKHUQLFKWEHLDOOHQ.RSLHQDQ]XQHKPHQ,QGHVVHQLVWVRJDUEHLHLQHU GHQ $XVVWHOOHULQWHUHVVHQ RIIHQVLFKWOLFK ]XZLGHUODXIHQGHQ $QIHUWLJXQJ HLQHU .RSLHYRQHLQHU8UNXQGHDXFKGLHLQGHU.RSLHNRQNUHWYHUN|USHUWH(UNOl UXQJ GXUFKDXV DXWKHQWLVFK VRODQJH QXU QLFKW LQ GHQ ,QKDOW GHU (UNOlUXQJ HLQJHJULIIHQZLUG$XFKZHQQGLH$QIHUWLJXQJGHU.RSLHYRP$XVVWHOOHUGHV 2ULJLQDOV QLFKW DXWRULVLHUW LVW ZLUG LQ GHU .RSLH NHLQH QHXH VRQGHUQ QXU GLHVHOEH (UNOlUXQJ YHUN|USHUW YRQ GHU VLFK GHU $XVVWHOOHU GHV 2ULJLQDOV RKQH 6HOEVWZLGHUVSUXFK QLFKW GLVWDQ]LHUHQ NDQQ ² HV LVW YLHOPHKU GLH VHLQH )UGHQ%HUHLFKGHV†LVWGDVHLQHVFKLHUH6HOEVWYHUVWlQGOLFKNHLW

  'DVVGLHEHL†YRQYLHOHQYRUJHQRPPHQH'LIIHUHQ]LHUXQJ]ZLVFKHQ2ULJLQDO XQG.RSLHEHL†NHLQHQ6LQQHUJLEWHUNHQQWHWZDDXFK(UE16W= YJOGD]XIHUQHU(‰HU(OHNWURQLVFKH6LJQDWXU6I/DFNQHU.KO† 5Q3XSSHLQ1.†5QIGLHV)*%*+,96II5DGWNH =6W: II6WXFNHQEHUJ=6W: I  ,QVRIHUQ ]XWUHIIHQG HWZD (UE 16W=   (V JHKW XP GLH FRGLHUWH =HLFKHQIROJHDOVVROFKHÅ'HVKDOENDQQ†VLQQYROOHUZHLVHQLFKWGLH$XWKHQWL ]LWlWHLQHUIUVLFKJHQRPPHQIOFKWLJHQ 9HUN|USHUXQJVFKW]HQ VRQGHUQQXU GHQ'DWHQVDW]DOVVROFKHQXQG]ZDUEHUWHFKQLVFKH9HUYLHOIlOWLJXQJHQXQG:LHGHUJDEHQ KLQZHJ´ 



,,)lOVFKXQJEHZHLVHUKHEOLFKHU'DWHQ†† 

'HU:RUWODXWGHV†HU]ZLQJWNHLQHVZHJVHLQYHUHQJWHV8UNXQGHQYHU F VWlQGQLV LQ GHP 6LQQH GDVV QXU VROFKH DXWKHQWLVFKHQ (UNOlUXQJVYHUN|USH UXQJHQGDUXQWHUILHOHQIUGLHGHP$QVFKHLQQDFK HLQHVSH]LHOOH$XWRULVLH UXQJ GHV $QVFKHLQV $XVVWHOOHUV DQJHQRPPHQ ZHUGHQ NDQQ ,PPHUKLQ VSULFKW DXFK † YRP (UIRUGHUQLV HLQHU Å8UNXQGH´GDV RKQH HLQH VROFKH VSH]LHOOH$XWRULVLHUXQJHUIOOWLVW8QGZHQQPDQGLH6\VWHPDWLNGHU8UNXQ GHQVWUDIWDWHQXQWHU %HUFNVLFKWLJXQJVLQQYROOHUUDWLRQHV LQ5HFKQXQJ VWHOOW VSULFKW JHUDGH GDV 9HUKlOWQLV ]X † ZRKO ]ZLQJHQG GDIU NHLQH XQWHU VFKLHGOLFKHQVDFKOLFKHQ6FKXW]EHUHLFKH]XNRQVWUXLHUHQVRQGHUQVWUDIUHFKW OLFKHQ 6FKXW] EHL DOOHQ 8UNXQGHQ XQDEKlQJLJ YRQ LKUHU NRQNUHWHQ 9HU N|USHUXQJVIRUP HLQKHLWOLFK ]X JHZlKUOHLVWHQ (V HUJLEW NHLQ VWLPPLJHV *HVDPWNRQ]HSW GHQ 6WUDIVFKXW] GDYRQ DEKlQJLJ ]X PDFKHQ RE EHL HLQHU 'DWHQXUNXQGHRGHUEHLHLQHUÅQRUPDOHQ´8UNXQGH²HWZDLQ3DSLHUIRUP ² EHL HLQHP 5HSURGXNWLRQVYRUJDQJ LQ GHQ ,QKDOW GHU (UNOlUXQJ HLQJH JULIIHQXQGDXIGLHVH:HLVHEHUGLH,GHQWLWlWGHV(UNOlUHQGHQJHWlXVFKW ZLUG :HQQ]%HLQ(0DLO$QKDQJGHUHLQHQ=DKOXQJVHLQJDQJEHVWlWLJW G EHLP :HLWHUOHLWHQ VR PDQLSXOLHUW ZLUG GDVV HU HLQHQ K|KHUHQ %HWUDJ EHVWlWLJWIlOOWGLHVXQEHVWUHLWEDUXQWHU†'DQQPXVVHVDEHUNRQVHTXHQ WHUZHLVH YRQ † HUIDVVW ZHUGHQ ZHQQ GHU $QKDQJ DXVJHGUXFNW EHLP .RSLHUHQ GXUFK hEHUGHFNHQ PDQLSXOLHUW XQG VRGDQQ GLH PDQLSXOLHUWH .RSLH HLQHP %ULHI DOV .RSLH LQ 3DSLHUIRUP EHLJHIJW ZLUG +LHU ]X DUJX PHQWLHUHQ GLH PDQLSXOLHUWH .RSLH VHL NHLQH YRP $XVVWHOOHU GHV 2ULJLQDOV DXWRULVLHUWH(UNOlUXQJVYHUN|USHUXQJOLHJWQHEHQGHU6DFKHXQGYHUQDFKOlVVLJW QLFKW ]XOHW]W EHUHFKWLJWH 6FKXW]LQWHUHVVHQ GHVMHQLJHQ GHP PLW GHU PDQL SXOLHUWHQ .RSLH HLQH IUHPGH (UNOlUXQJ XQWHUJHVFKREHQ ZLUG $XFK EHL †NDQQHVQXUXPGLHNRUUHNWH=XRUGQXQJGHU=HLFKHQIROJHDOV(UNOlUXQJ HLQHU EHVWLPPWHQ 3HUVRQ JHKHQ (V ZlUH ZLOONUOLFK GHQ 6FKXW] ]ZDU ]X JHZlKUHQ ZHQQ GHP EHVDJWHQ %ULHI HLQH PDQLSXOLHUWH .RSLH DXI HLQHP 'DWHQWUlJHULQ*HVWDOWHLQHU&'EHLJHIJWZLUGLKQDEHU]XYHUVDJHQZHQQ GHU7UlJHUGHUPDQLSXOLHUWHQ'DWHQQXULQ3DSLHUIRUPYRUOLHJW ,P +LQEOLFN DXI FRPSXWHUVSH]LILVFKH %HVRQGHUKHLWHQ VROOHQ LQ SXQFWR  $XVVWHOOHUHUNHQQEDUNHLWJHULQJHUH$QIRUGHUXQJHQJHOWHQDOVEHLGHU8UNXQ GHQIlOVFKXQJ'DGHU$XVVWHOOHULQDOOHU5HJHOQLFKWPLWDEJHVSHLFKHUWZHUGH PVVH VHLQH (UNHQQEDUNHLW DXV GHQ 8PVWlQGHQ JHQJHQ ² HWZD GDVV GHU   'DVZLUGGXUFKDXVHLQJHUlXPWHWZDYRQ(UE16W=  ([HPSODULVFK]XU$XVWDXVFKEDUNHLWGHU(UNOlUXQJVIRUPHQE]ZGHUHQWVSUHFKHQ GHQ ,QIRUPDWLRQVWUlJHU XQG ]XU ]XQHKPHQGHQ  %HGHXWXQJ GHV HOHNWURQLVFKHQ 9HUZDOWXQJVYHUIDKUHQV5R‰QDJHO1-:II

 

7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ

$XVVWHOOHUGXUFK$XIGUXFNHDXIGDVLP'UXFNHUHQWKDOWHQH3DSLHUGXUFK 3URJUDPPDQZHLVXQJHQ RGHU GXUFK =XJDQJVEHVFKUlQNXQJHQ IU GLH 7HLOQHKPHU DP 'DWHQYHUNHKU HUVLFKWOLFK ZLUG 'LH $QIRUGHUXQJHQ DQ GLH (UNHQQEDUNHLW GHV $XVVWHOOHUV PVVHQ LQGHVVHQ QLFKW YHUPLQGHUW ZHUGHQ ZHQQPDQVLFKDXFKLP%HUHLFKGHV†]XWUHIIHQGPLWGHU(UNHQQEDUNHLW GHV$XVVWHOOHUVDXVGHQ8PVWlQGHQEHJQJW D 0LW HLQHU XQWHU GHP *HVLFKWVSXQNW GHV † UHOHYDQWHQ ,GHQWLWlWVWlX VFKXQJKDWPDQHVDXFKLP)$// D]XWXQ=ZDUWUHWHQGLH$NWHXUHEHL ,QWHUQHWDXNWLRQVKlXVHUQ LQ GHU 5HJHO XQWHU HLQHP 3VHXGRQ\P DXI GLHVHV PXVVMHGRFKGLH,GHQWLWlWGHV0DUNWWHLOQHKPHUVKLQUHLFKHQGNRQNUHWLVLHUHQ² HVVFKDIIWGDQQYHUJOHLFKEDUPLWHLQHP.QVWOHUQDPHQ HLQHQ]XWUHIIHQGHQ =XRUGQXQJVWDWEHVWDQG 'HQQ GLH 3VHXGRQ\PLVLHUXQJ PXVV LP 5DKPHQ IHKOJHVFKODJHQHU 7UDQVDNWLRQHQ GLH 5FNIKUEDUNHLW DXI GHQ ÅZDKUHQ´ $FFRXQW,QKDEHU JHZlKUOHLVWHQ XQG WULWW ZRKO DXV 'DWHQVFKXW] XQG 3UDNWLNDELOLWlWVJUQGHQ  OHGLJOLFK DQ GLH 6WHOOH YRQ GHVVHQ 3HUVRQDOLHQ $Q GLHVHU 5FNIKUEDUNHLW EHVWHKW MHGHQIDOOV HLQ VFKXW]ZUGLJHV ,QWHUHVVH DQGHUHU%LHWHUXQG$QELHWHUZHOFKHVLFKGDUDXIYHUODVVHQGDVVKLQWHUGHP 3VHXGRQ\PHLQ]XWUHIIHQGLQGLYLGXDOLVLHUEDUHU$NWHXUVWHKW%HGHQNHQVZHUW HUVFKHLQW HV LQ GLHVHP =XVDPPHQKDQJ EHUHLWV LQ GHU $QPHOGXQJ EHL GHU $XNWLRQVSODWWIRUP HLQ )lOVFKHQ EHZHLVHUKHEOLFKHU 'DWHQ ]X VHKHQ ,QVRZHLW KDQGHOW HV VLFK QLFKW OHGLJOLFK XP HLQ UHFKWOLFK LUUHOHYDQWHV ,QWHU QXPGHQQDXFKGHU3ODWWIRUPEHWUHLEHUKDWGXUFKDXVHLQHWZDLQ†$EV GHU $*% YRQ (ED\ IL[LHUWHV  UHFKWOLFK VFKW]HQVZHUWHV ,QWHUHVVH GDUDQ GXUFKGHQ(UKDOW]XWUHIIHQGHU$QJDEHQEHLGHU$QPHOGXQJGLH'XUFKVHW]   9JO]%+HJKPDQQV%75Q.LW]-$/DFNQHU.KO† 5Q 2WWR %7 † 5Q NULW JHJHQEHU HLQHU GHUDUWLJHQ $XIORFNHUXQJ GHU $QIRUGHUXQJHQ LP 9HUKlOWQLV ]X † +R\HU LQ 6. 6W*%  /IJ -XOL  †5QIVGD]XDXFK5DGWNH=6W: II(UNHQQEDUNHLW GHV $XVVWHOOHUV DXV GHU 'DWHQXUNXQGH VHOEVW Q|WLJ  IHUQHU =LHOLQVNL *6 $UPLQ .DXIPDQQ6II  9JOGD]XEHUHLWVREHQ5Q  'LHVYHUNHQQW2/*+DPPUHIHULHUWYRQ-DKQ-X6 ZHOFKHVGHQ .lXIHU EHL $EJDEH VHLQHV *HERWHV JHJHQEHU GHP XQWHU ILNWLYHQ 3HUVRQDOLHQ DQJHPHOGHWHQ9HUNlXIHUQLFKWJHWlXVFKWVLHKWGD$QELHWHUXQG%LHWHUMHZHLOVXP GDV$XIWUHWHQXQWHUÅ'HFNQDPHQ´ZVVWHQ  7URW]]XWUHIIHQGHQ$XVJDQJVSXQNWHVDQGHUVLQVRIHUQ-DKQLQVHLQHP%HULFKW]X 2/*+DPPY²6V -X6GHUGDV%HZXVVW VHLQGHU1XW]HULP+LQEOLFNDXIGLHVFKZDFKH9HULILNDWLRQGHU'DWHQEHWRQWXQG (ED\GLH$XIJDEH]XZHLVWGXUFKWHFKQLVFKH9RUNHKUXQJHQ]XWUHIIHQGH$QJDEHQ GHU1XW]HU]XLKUHU,GHQWLWlW]XJHZlKUOHLVWHQ²=XU$EOHKQXQJXQDQJHPHVVHQHU YLNWLPRGRJPDWLVFKHU $QVlW]H YJO )UHXQG LQ 0QFK.RPP6W*% YRU † 5Q IIXQG†5QGHQV-X6 



,,)lOVFKXQJEHZHLVHUKHEOLFKHU'DWHQ†† 

EDUNHLWHLJHQHURGHUIUHPGHU$QVSUFKHJHJHQGHQ(LQULFKWHUHLQHV$FFRXQWV ]XJHZlKUOHLVWHQ'HVKDOEZHUGHQLQ)$// DEHUHLWVGXUFKGLH$QPHOGXQJ GLH9RUDXVVHW]XQJHQGHV†$EVÅ+HUVWHOOHQHLQHUXQHFKWHQ'DWHQ XUNXQGH´ HUIOOW $QGLH(UIOOXQJGHV.ULWHULXPVGHU%HZHLVHLJQXQJGHUJHIlOVFKWHQ'D E WHQ GUIHQ QDFK GHP REHQ 5Q II  ]XU 8UNXQGHQIlOVFKXQJ *HVDJWHQ NHLQH EHU]RJHQHQ $QIRUGHUXQJHQ JHVWHOOW ZHUGHQ 1RWZHQGLJ LVW OHGLJOLFK HLQH%HGHXWXQJGHU'DWHQLP6LQQHHLQHUÅEUDXFKEDUHQ,QGLNDWLRQ´IUGLH (UNOlUXQJ GHV $QVFKHLQV $XVVWHOOHUV GXUFK HLQHQ HQWVSUHFKHQGHQ ,QIRUPDWLRQVWUlJHU +LHUQDFK ZHLVHQ Å3KLVKLQJ´(0DLOV ² DOVR GDV (UVFKOHLFKHQYRQFRGLHUWHQ=XJDQJVEHUHFKWLJXQJHQLQVEHVRQGHUH3DVVXQG .HQQZ|UWHUQ ]XU %HUHLFKHUXQJ PLW +LOIH GLHVHU 'DWHQ ² GXUFKDXV HLQH KLQUHLFKHQGH%HZHLVHLJQXQJDXI+LHUJHJHQEHVWHKHQDXFKPLW%OLFNDXI GLHPDQJHOQGH)lOVFKXQJVVLFKHUKHLWNHLQHGXUFKJUHLIHQGHQ%HGHQNHQ'HQQ HLQ EHVWLPPWHV 0D‰ DQ )lOVFKXQJVVLFKHUKHLW LVW JHUDGH NHLQ NRQVWLWXLH UHQGHV0HUNPDOGHU'DWHQ 8UNXQGVHLJHQVFKDIW 'LH OHGLJOLFK GHU .ODUVWHOOXQJ GLHQHQGH 9RUVFKULIW GHV † VWHOOW GLH  IlOVFKOLFKH%HHLQIOXVVXQJHLQHU'DWHQYHUDUEHLWXQJLP5HFKWVYHUNHKUGHU 7lXVFKXQJLP5HFKWVYHUNHKUJOHLFK )U GLH 'HILQLWLRQ GHU 7DWKDQGOXQJHQ GHV 6SHLFKHUQV 9HUlQGHUQV D XQG *HEUDXFKHQV JLOW GDV LP .RQWH[W GHU 8UNXQGHQIlOVFKXQJ ]XP +HUVWHOOHQ9HUIlOVFKHQXQG*HEUDXFKHQ*HVDJWHVLQQJHPl‰7DWEHVWDQGV Pl‰LJL6GHV†LVWGDV6SHLFKHUQ9HUlQGHUQRGHU*HEUDXFKHQHEHQIDOOV QXUXQWHUGHU9RUDXVVHW]XQJGDVVHVJHJHQHLQHOHJLWLPLHUEDUHWDWEHVWDQGV VSH]LILVFKH9HUKDOWHQVQRUPYHUVW|‰W   9JOGD]XREHQ5QII  ,QVRIHUQ VDFKOLFK EHUHLQVWLPPHQG HWZD 6WXFNHQEHUJ =6W:     IIUGDVVFKZHL]HULVFKH6WUDIUHFKWYJO*LVLQ.ULPLQDOLVWLN² 1DFKGHU*HJHQDXIIDVVXQJKDQGHOWHVVLFKEHL(0DLOVLQGHU5HJHOQLFKWXP'D WHQXUNXQGHQ L6 GHV † GD VLH ZHJHQ GHU OHLFKWHQ 0DQLSXOLHUEDUNHLW NHLQH KLQUHLFKHQGH$XWKHQWL]LWlW YHUEUJWHQYJOGD]X)UDQN =XUVWUDIUHFKWOLFKHQ%H ZlOWLJXQJ GHV 6SDPPLQJ 6  +LOJHQGRUI)UDQN9DOHULXV &RPSXWHU XQG ,Q WHUQHWVWUDIUHFKW5Q  6RHWZDDXFK)LVFKHU]X†/DFNQHU.KO†5Q/HQFNQHU:LQNHOEDXHU &5    ² :HJHQ HLQHV ]X HQJHQ 9HUVWlQGQLVVHV GHU Å7lXVFKXQJ´ NRQVHTXHQWHUZHLVHIUHLQHPHKUDOVQXUNODUVWHOOHQGH)XQNWLRQGHU.ODXVHO]% .LW]-$IHUQHU(UELQ0QFK.RPP6W*%†5QPZ1  =XGLHVHPVHOEVWYHUVWlQGOLFK]XEHDFKWHQGHQDOOJHPHLQHQ6WUDIWDWHUIRUGHUQLVGHV 9HUVWR‰HVJHJHQHLQHUHFKWOLFKOHJLWLPLHUWH9HUKDOWHQVQRUPYJOQXU)UHXQG$7 †5QIIPZ1  

7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ

Vertiefungs- und Problemhinweise zur Fälschung beweiserheblicher Daten

E %XJJLVFK )lOVFKXQJ EHZHLVHUKHEOLFKHU 'DWHQ GXUFK 9HUZHQGXQJ HLQHU IDOVFKHQ (

0DLO$GUHVVHLQ1-:II'RUQVHLI6FKXPDQQ3UREOHPHGHV'DWHQEHJULIIV LP5DKPHQGHV†6W*%LQ-5II(‰HU'HUVWUDIUHFKWOLFKH6FKXW]GHV TXDOLIL]LHUWHQ HOHNWURQLVFKHQ 6LJQDWXUYHUIDKUHQV  6  II  II )UDQN =XU VWUDIUHFKWOLFKHQ %HZlOWLJXQJ GHV 6SDPPLQJ  6  II +DUWPDQQ 1HXH +HUDXVIRUGHUXQJHQ IU GDV 8UNXQGHQVWUDIUHFKW LP =HLWDOWHU GHU ,QIRUPDWLRQVJHVHOO VFKDIW-DKQ$QP]X2/*+DPPY²6VLQ-X6  II 0HLHU 6WUDIEDUNHLW GHV %DQNDXWRPDWHQPL‰EUDXFKV LQ -X6   II 3XSSH 8UNXQGHQVFKXW] LP &RPSXWHU]HLWDOWHU LQ )* %*+ ,9 6  II 5DGWNH 1HXH )RUPHQ GHU 'DWHQVSHLFKHUXQJ XQG GDV 8UNXQGHQVWUDIUHFKW LQ =6W:   II5RVVD0LVVEUDXFKEHLPHOHFWURQLFFDVK²(LQHVWUDIUHFKWOLFKH%HZHU WXQJLQ&5II=LHOLQVNL8UNXQGHQIlOVFKXQJGXUFK&RPSXWHULQ*6 $UPLQ.DXIPDQQ6II =XU )lOVFKXQJ GHU ,3$GUHVVH .RFK $QJULII XQG 9HUWHLGLJXQJ LQ &RPSXWHUQHW]HQ 6II =XPVRJÅ3KLVKLQJ´%XJJLVFK.HUOLQJÅ3KLVKLQJ´Å3KDUPLQJ´XQGlKQOLFKH'HOLNWH ²(UVFKHLQXQJVIRUPHQXQGVWUDIUHFKWOLFKH%HZHUWXQJLQ.ULPLQDOLVWLNII *LVLQ 3KLVKLQJ LQ .ULPLQDOLVWLN  II ]XP VFKZHL]HULVFKHQ 6WUDIUHFKW  *RHFNHQMDQ 3KLVKLQJ YRQ =XJDQJVGDWHQ IU 2QOLQH%DQNGLHQVWH XQG GHUHQ 9HUZHQ GXQJLQZLVWUDIIGLHV$XVZLUNXQJHQGHV6WUDIUHFKWVlQGHUXQJVJHVHW ]HV DXI GLH 6WUDIEDUNHLW GHV Å3KLVKLQJ´ LQ ZLVWUD   II *UDI Å3KLVKLQJ´ GHU]HLW QLFKW JHQHUHOO VWUDIEDU LQ 16W=  II +HJKPDQQV 6WUDIEDUNHLW GHV Å3KLVKLQJ´ YRQ %DQNNRQWHQGDWHQ XQG LKUHU 9HUZHUWXQJ LQ ZLVWUD   II -RHFNV6W*%†5QII.RFKLQ1RPRV+.*6†5Q6WXFNHQEHUJ=XU 6WUDIEDUNHLWYRQÅ3KLVKLQJ´LQ=6W: II =X PDQLSXOLHUWHQ 7HOHIRQNDUWHQ +HFNHU +HUVWHOOXQJ 9HUNDXI (UZHUE XQG 9HUZHQ GXQJ PDQLSXOLHUWHU 7HOHIRQNDUWHQ LQ -$   II +HIHQGHKO 6WUDIUHFKWOLFKH 3UREOHPH EHLP +HUVWHOOHQ EHLP 9HUWULHE XQG EHL GHU 9HUZHQGXQJ YRQ ZLHGHUDXI ODGEDUHQ7HOHIRQNDUWHQVLPXODWRUHQ²=XJOHLFKHLQH%HVSUHFKXQJYRQ/*:U]EXUJ 16W=LQ16W=II

III. Urkundenunterdrückung; Veränderung einer Grenzbezeichnung (§ 274)  'HU7DWEHVWDQGGHV†XPIDVVWPLQGHVWHQV GUHLYHUVFKLHGHQH.RQVWHOOD WLRQHQ†$EV1UEHWULIIW)lOOHLQGHQHQMHPDQGHLQH8UNXQGHRGHU HLQHWHFKQLVFKH$XI]HLFKQXQJZHOFKHLKPHQWZHGHUEHUKDXSWQLFKWRGHU QLFKW DXVVFKOLH‰OLFK JHK|UW LQ GHU $EVLFKW HLQHP DQGHUHQ 1DFKWHLO ]X]XIJHQ YHUQLFKWHW EHVFKlGLJW RGHU XQWHUGUFNW $EV  1U  HUIDVVW GHQ)DOOGDVVMHPDQGEHZHLVHUKHEOLFKH'DWHQ†D$EV EHUGLHHU QLFKW RGHU QLFKW DXVVFKOLH‰OLFK YHUIJHQ GDUI LQ GHU $EVLFKW HLQHP DQGHUHQ 1DFKWHLO ]X]XIJHQ O|VFKW XQWHUGUFNW XQEUDXFKEDU PDFKW



,,,8UNXQGHQXQWHUGUFNXQJ9HUlQGHUXQJHLQHU*UHQ]EH]HLFKQXQJ† 

RGHUYHUlQGHUWXQG$EV1UVWHOOWVFKOLH‰OLFKGHQ)DOOXQWHU6WUDIHGDVV MHPDQG HLQHQ *UHQ]VWHLQ RGHU HLQ DQGHUHV ]XU %H]HLFKQXQJ HLQHU *UHQ]H RGHU HLQHV :DVVHUVWDQGHV EHVWLPPWHV 0HUNPDO LQ GHU $EVLFKW HLQHP DQGHUHQ1DFKWHLO]X]XIJHQZHJQLPPWYHUQLFKWHWXQNHQQWOLFKPDFKW YHUUFNW RGHU IlOVFKOLFK VHW]W 'HU 6WUDIUDKPHQ HQWVSULFKW GHP GHU 8U NXQGHQIlOVFKXQJGHU9HUVXFKLVWVWUDIEDU$EV  1. Durch das Verbot der Urkundenunterdrückung intendierter Rechtsgüterschutz )$//  :LH)$//  REHQ5QLQGHP$GDV(QWZHUWHUIHOGHLQHV  (LQ]HOIDKUDXVZHLVHV PLW HLQHU ZDFKVlKQOLFKHQ 6FKLFKW YHUVHKHQ XQG EHL )DKUWDQWULWW DEJHVWHPSHOW KDWWH PLW GHU (UJlQ]XQJ GDVV HU GHQ (QW ZHUWHUDXIGUXFNQDFK%HHQGLJXQJGHU)DKUWZLHGHUDEZLVFKWH 6SH]LILVFKHV6FKXW]LQWHUHVVHGHUGXUFK†$EV1UVWUDIEHZHKUWHQ  9HUKDOWHQVQRUPLVWGDVEHUHFKWLJWH,QWHUHVVHGHV%HZHLVIKUXQJVEHIXJWHQ DQGHU9HUIJEDUNHLWYRQ8UNXQGHQXQGWHFKQLVFKHQ$XI]HLFKQXQJHQ,QWHU HVVHDPÅ%HVWDQGVVFKXW]´ 'DEHLLVWQDFKK0HLQVROFKHV,QWHUHVVHQXU LQ %H]XJ DXI HFKWH 8UNXQGHQ XQG WHFKQLVFKH $XI]HLFKQXQJHQ JH VFKW]W 'HP PXVV PDQ IU GHQ )DOO GHU 8QWHUGUFNXQJ HLQHU XQHFKWHQ 8UNXQGH XQJHDFKWHW HLQHV GXUFKDXV DXIZHLVEDUHQ %HVWDQGVHUKDOWXQJVLQWHU HVVHV²HWZDLP3UR]HVVJHJHQGHQ)lOVFKHU²]XVWLPPHQ+LHUIHKOWJHUDGH GDV XUNXQGHQVSH]LILVFKH ,QWHUHVVH DQ GHU 9HUIJEDUNHLW HLQHV LQ %H]XJ DXIGHQZLUNOLFKHQ$XVVWHOOHUZLOOHQNRUUHNWHQ,QIRUPDWLRQVWUlJHUV XQGOlVVW

  'HU 7RSRV GHU ÅlX‰HUHQ 8QYHUVHKUWKHLW´ YHUZHQGHW HWZD EHL :HVVHOV+HWWLQJHU %75Q>†,@2WWR-X6 LVWGDJHJHQLP.RQWH[WGHV8Q UHFKWVGHU8UNXQGHQXQWHUGUFNXQJXQVSH]LILVFKXQGQDFKJHUDGHLUUHIKUHQGYJO GD]X QXU GHQ )DOO GHU 8QWHUGUFNXQJ HLQHU *HVDPWXUNXQGH GXUFK +LQ]XIJHQ HLQHUZHLWHUHQ (LQ]HOXUNXQGHXQWHQ5QI  9JOHWZD$U]W:HEHU+HLQULFK+LOJHQGRUI%7†5Q/DFNQHU.KO† 5Q 0DXUDFK6FKURHGHU0DLZDOG %7  † 5Q 6FKLOOLQJ 5HIRUP GHU 8U NXQGHQYHUEUHFKHQ6II:HVVHOV+HWWLQJHU%75Q†, =LHVFKDQJ LQ /. † 5Q DQGHUV /DPSH -5   :HO]HO 'DV 'HXWVFKH 6WUDI UHFKW†,,D  =XU YLHOIDFK DOOHLQ DXIZHLVEDUHQ ,QGLYLGXDOVFKXW]IXQNWLRQ YJO VFKRQ 5Q LQVRZHLW ]XWU JHJHQ HLQH /HXJQXQJ GHV LQGLYLGXDOVFKW]HQGHQ &KDUDNWHUV GHV † , 1U  &UDPHU+HLQH LQ 6FK|QNH6FKU|GHU † 5Q +R\HU LQ 6. 6W*%/IJ-XOL†5Q:HVVHOV+HWWLQJHU%75QI†,  ²$$DEHUHWZD.LHQDSIHO-XUDI 

7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ

VLFKEOR‰GDV,QWHUHVVHDP(UKDOWHLQHV$XJHQVFKHLQVREMHNWVDXIZHLVHQ 'LH 0|JOLFKNHLW PLW GHP )DOVLILNDW GLH )lOVFKXQJ QDFK]XZHLVHQ EHGHXWHW NHLQH 1XW]XQJ GHU XUNXQGHQVSH]LILVFKHQ %HZHLVULFKWXQJ XQG OLHJW GHPHQW VSUHFKHQG QLFKW LP YRQ † HUIDVVWHQ %HUHLFK 8QHFKWH 8UNXQGHQ VLQG NHLQHWDXJOLFKHQ7DWREMHNWH D .HLQH$XVQDKPHELOGHQLQGLHVHU+LQVLFKWGLH)lOOHGHUDEUHGHZLGULJHQ $XVIOOXQJHLQHV%ODQNHWWVRGHUGHUVRQVWLJHQ%LQGXQJGHV$QVFKHLQVDXV VWHOOHUVLP$X‰HQYHUKlOWQLV=ZDUZLUGLQVROFKHQ)lOOHQLP9HUKlOWQLV]XP DEUHGHZLGULJ $XVIOOHQGHQ PLW %OLFN DXI GLH 9HUIlOVFKXQJ GHV ZLUNOLFKHQ :LOOHQV GHV DXVJHZLHVHQHQ $XVVWHOOHUV HLQH XQHFKWH 8UNXQGH KHUJHVWHOOW GLHVH LVW NHLQ WDXJOLFKHV 7DWREMHNW GHV † ,QGHVVHQ HQWVWHKW EHL %HJH EXQJGLHVHUXQHFKWHQ8UNXQGHLP9HUKlOWQLV]XPJXWJOlXELJHQ(PSIlQ JHUZHJHQGHUHU]HXJWHQ%LQGXQJVZLUNXQJLP$X‰HQYHUKlOWQLVHLQHÅDXFK HFKWH´ 8UNXQGH ,P 9HUKlOWQLV ]X GLHVHP (PSIlQJHU GHU HLQ XUNXQGHQ VSH]LILVFKHV%HZHLVIKUXQJVUHFKWHUZLUEWNDQQGHVKDOEDXFKGDV8QUHFKW GHU8UNXQGHQXQWHUGUFNXQJYHUZLUNOLFKWZHUGHQ  *HKWPDQLP)$// GDYRQDXVGDVVLP$QEULQJHQGHVXQJOWLJHQDEHU GHP $QVFKHLQ QDFK JOWLJHQ (QWZHUWHUYHUPHUNV DXI GHU :DFKVVFKLFKW GLH +HUVWHOOXQJ HLQHU XQHFKWHQ 8UNXQGH ]X VHKHQ LVW OLHJW LP $EZLVFKHQ GHV9HUPHUNVJHUDGHNHLQH8UNXQGHQXQWHUGUFNXQJ'HQQEHVHLWLJWZLUG QXU HLQH XQHFKWH 8UNXQGH (V OLHJW GDULQ GDQQ DXFK NHLQH 8UNXQGHQIlO VFKXQJ ZHLO GLH QLFKW HQWZHUWHWH )DKUNDUWH DOV GDV (UJHEQLV GHV $EZL VFKHQV  QLFKW DOV XQHFKWH 8UNXQGH DXIJHIDVVW ZHUGHQ NDQQ GLHVHV (UJHEQLV HQWVSULFKWYLHOPHKUGHU]XWUHIIHQGHQ(UNOlUXQJVVLWXDWLRQ D 1DFK ]XWUHIIHQGHU ² ZHQQJOHLFK QRFK LPPHU lX‰HUVW XPVWULWWHQHU ² $XIIDVVXQJ LVW GLH XQPDQLSXOLHUWH )RWRNRSLH HLQHU HFKWHQ  8UNXQGH LKUHU VHLWVJOHLFKIDOOVHLQHHFKWH8UNXQGHXQGGDPLWWDXJOLFKHV7DWREMHNWL6GHV † :HQQ HLQH 8UNXQGH NRSLHUW ZLUG HQWKlOW GLH .RSLH JUXQGVlW]OLFK   9JO ]XU 8QWHUGUFNXQJ YRQ $XJHQVFKHLQVREMHNWHQ 6FKLOOLQJ 'HU VWUDIUHFKWOLFKH 6FKXW] GHV $XJHQVFKHLQVEHZHLVHV 6  II ² 'DVV HLQH XQHFKWH 8UNXQGH GLH VSH]LILVFKH/HLVWXQJGHU8UNXQGHEOR‰GHPlX‰HUHQ$QVFKHLQQDFKHUEULQJWEH WRQWPLW5HFKW*XVWDIVVRQ'LHVFKHLQEDUH8UNXQGH6HWSDVVLPVDXFK(UE LQ0QFK.RPP6W*%†5QGHQV*$  1lKHU]XVROFKHQ)lOOHQREHQ5Q IIPZ1  9JOGD]XREHQ5Q²P1DFKZDEZHLFKHQGHU$XIIDVVXQJHQ  =XU QlKHUHQ %HJUQGXQJ GLHVHU 3RVLWLRQ V )UHXQG -X6   II GHQV 6W9 IHUJlQ]HQGREHQ5Q²G² IHUQHU5QDII  (LQH$XVQDKPHJLOWQXUIU]XVDPPHQJHVHW]WH8UNXQGHQ²HWZDIU*HOGVFKHLQH EHLGHQHQGLHMHZHLOLJH(UNOlUXQJDXIGLHVWRIIOLFKH*UXQGODJHEH]RJHQLVWVGD]X EHUHLWVREHQ5Q IIHUQHU3XSSHLQ1.†5QI ,P1RUPDOIDOOLVW 









,,,8UNXQGHQXQWHUGUFNXQJ9HUlQGHUXQJHLQHU*UHQ]EH]HLFKQXQJ† 

GLHVHOEH (UNOlUXQJ ZLH GLH 9RUODJH (EHQVR EOHLEW GHU $XVVWHOOHU GHU (UNOlUXQJ EHLP .RSLHUYRUJDQJ XQYHUlQGHUW GHUVHOEH 'LH $QQDKPH GHU .RSLHUHQGH VHL $XVVWHOOHU GHU NRSLHUWHQ (UNOlUXQJ EHGHXWHW HLQHQ SDUWLHOOHQ 5FNIDOOLQGLHHLJHQWOLFKOlQJVWEHUZXQGHQH.|USHUOLFKNHLWVWKHRULH (LQH )RWRNRSLH ZDKUW DXFK GLH %HZHLVIXQNWLRQ LQ GHP HUIRUGHUOLFKHQ E $XVPD‰ -H QDFK GHQ %HJOHLWXPVWlQGHQ LVW QRFK QLFKW HLQPDO HLQH DEJH VFKZlFKWH %HZHLVNUDIW GHU )RWRNRSLH DQ]XQHKPHQ 6HOEVW ZHQQ DEHU YRQ HLQHU LP 9HUKlOWQLV ]XU 9RUODJH DEJHVFKZlFKWHQ %HZHLVNUDIW JHVSURFKHQ ZHUGHQ NDQQ LVW GLH )RWRNRSLH MHGHQIDOOV QLFKW RKQH MHGHQ %HZHLVZHUW =XVDPPHQ PLW DQGHUHQ %HZHLVPLWWHOQ YHUPDJ VLH VRJDU HLQH ,QGL]IXQNWLRQ ]XEHUQHKPHQGLHLQLKUHU4XDOLWlWYLHOHQVRJHQDQQWHQÅ2ULJLQDOXUNXQGHQ´ LQQLFKWVQDFKVWHKW0DQYHUJOHLFKHLQVRIHUQHWZDGHQEHLHLQHPVWDUNDONRKR OLVLHUWHQ*DVWYRP.HOOQHUVRJDUJDQ]OHLFKW]XIlOVFKHQGHQ%LHUILO]GHUGHQ %LHUNRQVXPDOVÅ2ULJLQDOXUNXQGH´GRNXPHQWLHUWPLWGHU)RWRNRSLHHLQHV KDQGVFKULIWOLFKHQ=HXJQLVWH[WHVGHVVHQ$XWKHQWL]LWlWGXUFKHLQ6FKULIW VDFKYHUVWlQGLJHQJXWDFKWHQ QDFKGUFNOLFK EHOHJW ZLUG 'LH JlQJLJH 3UD[LV GHV5HFKWVYHUNHKUVZUGLJWGLHVH*HVLFKWVSXQNWHVFKRQVHLWODQJHPGXUFKDXV DQJHPHVVHQ =XU.ODUVWHOOXQJ:HQQEHUHLWVGLHHLQIDFKH.RSLHHLQHU8UNXQGHGLH8U F NXQGHQHUIRUGHUQLVVHHUIOOWZLUGHLQH%HJODXELJXQJNHLQHVZHJVEHUIOVVLJ 9LHOPHKUGLHQWGLH%HJODXELJXQJGHUhEHUHLQVWLPPXQJYRQ.RSLHXQG2UL JLQDOYRUODJHGHU9HUVWlUNXQJGHVXUNXQGHQVSH]LILVFKHQ%HZHLVZHUWHVGHU EHUHLWVGHUXQEHJODXELJWHQ.RSLH]XNRPPW ,PKLHULQWHUHVVLHUHQGHQ=XVDPPHQKDQJEHPHUNHQVZHUWHUVFKHLQWGLHEHL G GHU 8UNXQGHQIlOVFKXQJ ELVZHLOHQ DQ]XWUHIIHQGH ÅYLNWLPRGRJPDWLVFKH´ $UJXPHQWDWLRQ 'HP $GUHVVDWHQ GHU GXUFK GLH $XVVWHOOHUPDQLSXODWLRQ LUUHIKUHQGHQ.RSLHVHLHVGRFKZRKO]X]XPXWHQVLFKGDV2ULJLQDORGHUDEHU HLQH EHJODXELJWH .RSLH YRUOHJHQ ]X ODVVHQ :HU DXI GLH HLQIDFKH .RSLH ÅKHUHLQIDOOH´VHLVR]XVDJHQVHOEVWVFKXOG'HPLVWVFKRQIUGHQ%HUHLFK GHU 8UNXQGHQIlOVFKXQJ )ROJHQGHV HQWJHJHQ]XKDOWHQ 'DV 2SIHU KDW DXFK GDQQ ZHQQ HV VLFK DXI HLQH .RSLH YHUOlVVW GXUFKDXV EHUHFKWLJWH 6FKXW] LQWHUHVVHQ 'HU ,UUHIKUHQGH NDQQ MHGRFK VHLQHUVHLWV NHLQ EHUHFKWLJWHV ,QWHUHVVHDQVHLQHP+DQGHOQJHOWHQGPDFKHQ  DEHU GHU ,QKDOW GHU (UNOlUXQJ YRQ GHU VWRIIOLFKHQ *UXQGODJH DXI GHU VLH VWHKW XQDEKlQJLJ  6HWZD.UH\+HLQULFK%75QIHUQHU*ULPP'LH3UREOHPDWLNGHU8UNXQ GHQTXDOLWlW YRQ )RWRNRSLHQ 6  I ² 9JO ]XU 3UREOHPDWLN ÅYLNWLPRGRJPD WLVFK´ EHJUQGHWHU (LQVFKUlQNXQJHQ GHU 6WUDIEDUNHLW )UHXQG LQ 0QFK .RPP6W*%YRU†5QII

7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ

6SH]LHOOEHLGHU8UNXQGHQXQWHUGUFNXQJLVWGLH$UJXPHQWDWLRQPLWGHQ DQJHEOLFK IHKOHQGHQ EHUHFKWLJWHQ 6FKXW]LQWHUHVVHQ GHV 2SIHUV LQGHVVHQ VFKRQLP$QVDW]YHUIHKOW'HQQZHU²DXVZHOFKHQ*UQGHQDXFKLPPHU² QXUQRFK HLQHHFKWH.RSLHHLQHUHFKWHQ8UNXQGH LQVHLQHQ+lQGHQKDW NDQQQLFKWGDUDXIYHUZLHVHQZHUGHQVLFKGDV2ULJLQDORGHUHLQHEHJODXELJWH .RSLHJHEHQ]XODVVHQ6FKOLH‰OLFKJHKWHVGDUXPVHLQEHUHFKWLJWHV,QWHUHVVH DQ GHU 9HUIJEDUNHLW GHU .RSLH DOV VSH]LILVFKHV %HZHLVPLWWHO ]X VFKW]HQ 6HLQ XUNXQGHQVSH]LILVFKHV %HZHLVIKUXQJVUHFKW DQ GLHVHU .RSLH GDUI LKPQLFKWJHQRPPHQZHUGHQ I )$// D$NDXIWHVLFKHLQQHXHV1RWHERRN:HJHQGHUODQJHQ*DUDQWLH EHQ|WLJWHHUHLQH4XLWWXQJGLHDXFKQRFKQDFKPHKUHUHQ-DKUHQDXVVDJH NUlIWLJEOLHE'DGLH4XLWWXQJPLWHLQHP7KHUPRGUXFNHUHUVWHOOWZXUGH IHUWLJWH$VLFKHUKHLWVKDOEHUHLQH.RSLHYRQGHU4XLWWXQJDQXP9RUVRUJH IU GHQ )DOO GHV 9HUEODVVHQV GHU 4XLWWXQJ ]X WUHIIHQ ,P QDFK OlQJHUHU =HLW HLQJHWUHWHQHQ *DUDQWLHIDOO ZDU GDV 2ULJLQDO ELV ]XU 8QNHQQWOLFKNHLW YHUEODVVW'LHVFKDGHQIURKH+DXVKlOWHULQ+ YHUQLFKWHWHGLH.RSLHGHU 4XLWWXQJXP$GLH0|JOLFKNHLW]XQHKPHQVHLQH*HZlKUOHLVWXQJVUHFKWH HUIROJUHLFKJHOWHQG]XPDFKHQ J )$// E :LH LQ )$// D QXU GDVV GHU 9HUNlXIHU 9  ² ZHJHQ GHU ODQJHQ*DUDQWLHDXIGLHYHUNDXIWH:DUH²DXVGUFNOLFKGD]XJHUDWHQKDWWH GLH.RSLHDQ]XIHUWLJHQ K ,Q)$// DZUGHZRKOQRFKEHUZLHJHQGHLQH6WUDIEDUNHLWGHU+ZH JHQ 8UNXQGHQXQWHUGUFNXQJ QDFK † $EV 1U ZHJHQ DQJHEOLFK IHKOHQGHU 8UNXQGVHLJHQVFKDIW GHU .RSLH DEJHOHKQW XQG $ GDPLW XUNXQGHQ VWUDIUHFKWOLFKVFKXW]ORVJHVWHOOWZHUGHQ,QGHVVHQLVWGLHYRQGHU4XLWWXQJ H

  'LH 6DFKEHVFKlGLJXQJ DOV (LJHQWXPVGHOLNW LVW LQ GHU HQWVFKHLGHQGHQ +LQVLFKW XQVSH]LILVFK6LHJUHLIWQXUGHVKDOEHLQZHLOGDVXUNXQGHQVSH]LILVFKH%HZHLVIK UXQJVUHFKWLQ%H]XJDXIGLHYHUN|USHUWH(UNOlUXQJGHV9HUNlXIHUV]XIlOOLJPLWGHP (LJHQWXPDP3DSLHU]XVDPPHQWULIIW,QGHVVHQZLUGGHUHLJHQWOLFKH8QZHUWJHKDOW GHU 7DW GHU + EHL HLQHP 6FKXOGVSUXFK EOR‰ ZHJHQ HLQHV (LJHQWXPVGHOLNWV DXI JUXQGGHUXQWHUVFKLHGOLFKHQ6FKXW]ULFKWXQJQLFKWDQJHPHVVHQHUIDVVW  *DQ]VLFKHULVWGLH$EOHKQXQJGHU8UNXQGVHLJHQVFKDIWVHLWHQVGHUMHQLJHQGLHGLH 8UNXQGVHLJHQVFKDIW HLQHU .RSLH JUXQGVlW]OLFK YHUQHLQHQ DOOHUGLQJV QLFKW $XI GHU%DVLVHLQHVVROFKHQ.RQ]HSWVVWHOOWVLFKQlPOLFKGLHQLFKWOHLFKW]XEHDQWZRU WHQGH)UDJHREGHU9HUNlXIHUYLHOOHLFKWVWLOOVFKZHLJHQGNRQNOXGHQW PLWGHU$Q IHUWLJXQJGHU.RSLHHLQYHUVWDQGHQZDUXQGREGDULQGDQQHLQHDXVUHLFKHQGH$X WRULVDWLRQIUGLH$QIHUWLJXQJGHU.RSLHDOVHLQHUZHLWHUHQNRQNUHWHQ(UNOlUXQJV YHUN|USHUXQJHUEOLFNWZHUGHQNDQQ'LH$QZRUWDXIGLHVH)UDJHIlOOWXDGHVKDOE QLFKW OHLFKW ZHLO ]XPLQGHVW QLFKW JDQ] DXVJHVFKORVVHQ ZHUGHQ NDQQ GDVV GHU 9HUNlXIHULQVROFKHQ)lOOHQVRJDUDXIGDV9HUEODVVHQGHU4XLWWXQJVSHNXOLHUWZHLO HU JDQ] IURK GDUEHU ZlUH ZHQQ GHU .lXIHU VHLQH *HZlKUOHLVWXQJVUHFKWH JJI 





,,,8UNXQGHQXQWHUGUFNXQJ9HUlQGHUXQJHLQHU*UHQ]EH]HLFKQXQJ† 

DQJHIHUWLJWH .RSLHQDFK DOOHP %LVKHULJHQ HLQH HFKWH8UNXQGH 6LH YHUN|U SHUWNHLQHDQGHUH(UNOlUXQJDOVGLHGHV9HUNlXIHUVGLHDXFKLQGHUYHUEODV VHQGHQ 4XLWWXQJ VHOEVW HQWKDOWHQ LVW ² QlPOLFK GLHIU GLH *HOWHQGPDFKXQJ GHU *DUDQWLH UHOHYDQWH 'LHVH .RSLH NDQQ QLFKW DOV EOR‰HU %HULFKW GHV $ EHUGDV9RUKDQGHQVHLQHLQHVHQWVSUHFKHQGHQÅ2ULJLQDOV´DXIJHIDVVWZHUGHQ $QGHUV DOV HLQH GHUDUWLJH 1RWL] GHV $ GLH QXU VHLQH HLJHQH (UNOlUXQJ YHUN|USHUWHLVWGLHXQPDQLSXOLHUWH.RSLHSHUVHDOVVHOEVWUHGHQGHU,QIRU PDWLRQVWUlJHU  HLQH RULJLQDOJHWUHXH 9HUN|USHUXQJ GHU (UNOlUXQJ GHV 9 %HLP .DXI KDW $ ]XQlFKVW QXU HLQ %HZHLVIKUXQJVUHFKW DQ GHU LQ GHU 4XLWWXQJ YHUN|USHUWHQ (UNOlUXQJ HUZRUEHQ 0LW GHU ² HLJHQLQLWLDWLYHQ ² $QIHUWLJXQJ GHU .RSLH ZHOFKH GLH QlPOLFKH (UNOlUXQJ GHV 9HUNlXIHUV XQGNHLQHDQGHUH SHUSHWXLHUWHUVWUHFNWVLFKEHLDQJHPHVVHQHU:UGLJXQJ GHU,QWHUHVVHQODJHGDV%HZHLVIKUXQJVUHFKWGHV$DXFKDXIGLHLQGHU.RSLH ]XHUEOLFNHQGHZHLWHUH(UNOlUXQJVYHUN|USHUXQJ 'HUUHFKWOLFKH6FKXW]GHV$NDQQQLFKWYRQGHU4XDOLWlWGHVYHUZHQGH L WHQ4XLWWXQJVGUXFNHUVDEKlQJHQ9LHOPHKUKDW$HLQEHUHFKWLJWHV,QWHU HVVH DQ GHU 9HUIJEDUNHLW GHU LQ GHU .RSLH HQWKDOWHQHQ (UNOlUXQJ GHV 9HUNlXIHUV (V ZlUH QLFKW EHU]HXJHQG GLH 5HFKWVSRVLWLRQ GHV $ GDGXUFK ]X VFKPlOHUQ GDVV PDQ VHLQ XUNXQGHQVSH]LILVFKHV %HZHLVIKUXQJVUHFKW DXI GLH YHUEODVVHQGH  4XLWWXQJ UHGX]LHUW XQG LKQ GDUDXI YHUZHLVW VLFK GDYRQ UHFKW]HLWLJ HLQH EHJODXELJWH .RSLH ]X YHUVFKDIIHQ 6RODQJH HV LKP GXUFK WHFKQLVFKH 0D‰QDKPHQ JHOLQJW GLH YHUN|USHUWH (UNOlUXQJ ]X ÅUHWWHQ´ DQ GHU LKP HLQ VSH]LILVFKHV1XW]XQJVUHFKW]XVWHKW NDQQ LQ%H]XJ DXI GLHVH (UNOlUXQJ GHU 8QZHUWJHKDOW GHU 8UNXQGHQXQWHUGUFNXQJ YHUZLUNOLFKW ZHUGHQ 'LH*HJHQDXIIDVVXQJZHOFKHGLH5HFKWHGHV$DQGHUYHUN|USHUWHQ(U M NOlUXQJ YRQ HLQHU VSH]LHOOHQ $XWRULVLHUXQJ MHGHU NRQNUHWHQ (UNOlUXQJVYHU N|USHUXQJGXUFKGHQ(UNOlUHQGHQDEKlQJLJPDFKHQP|FKWHPXVVMHGHQIDOOV LQ )$// E GLH 8UNXQGVHLJHQVFKDIW GHU DXVGUFNOLFK DXWRULVLHUWHQ .RSLH EHMDKHQ'HUVWUDIUHFKWOLFKH 6FKXW]GHV.lXIHUVZLUGDOVRGDYRQDEKlQJLJ JHPDFKW RE GHU 9HUNlXIHU GDUDQ JHGDFKW XQG GHQ .lXIHU DXFK GDUDXI KLQJHZLHVHQKDWGDVVHLQH6LFKHUXQJVNRSLHDQJHIHUWLJWZHUGHQVROOWH9RQ GLHVHP PHKU RGHU ZHQLJHU ]XIlOOLJHQ ² PLWXQWHU VRJDU YRP JXWHQ RGHU  QLFKW EHZHLVHQ N|QQWH 'LH XQNRPPHQWLHUWH $XVKlQGLJXQJ GHU 4XLWWXQJ ZlUH XQWHUGLHVHQ8PVWlQGHQ]ZDULOOHJDOlQGHUWHDEHULQFRQFUHWRQLFKWVDQGHUIDN WLVFKIHKOHQGHQ$XWRULVDWLRQGXUFKGHQ(UNOlUHQGHQ²%HL=XJUXQGHOHJXQJHLQHV ]XWUHIIHQGHQ .RQ]HSWV ]XU 8UNXQGHQTXDOLWlW YRQ )RWRNRSLHQ ZLUG DOOHUGLQJV GHXWOLFK GDVV DXFK XQWHU GLHVHQ 8PVWlQGHQ GLH .RSLH GHU 4XLWWXQJ VHOEVWYHU VWlQGOLFKGLHVHOEH*DUDQWLH (UNOlUXQJGHV9HUNlXIHUVYHUN|USHUWZLHGLH9RUOD JH6GD]XHUJlQ]HQGLP7H[W

7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ

E|VHQ:LOOHQGHV9HUNlXIHUVEHHLQIOXVVWHQ²8QWHUVFKLHGGDUIGLH5HFKWV SRVLWLRQGHV.lXIHUVDQGHUYHUN|USHUWHQ(UNOlUXQJDEHUQLFKWDEKlQJHQ 'LH$QIHUWLJXQJGHU.RSLHVFKDIIWDXFKLP$XVJDQJV)$//DNHLQQHXHV %HZHLVIKUXQJVUHFKWVRQGHUQZDKUWXQGVLFKHUWOHGLJOLFKLQDQJHPHVVHQHU )RUPGDVGXUFKGHQ(UKDOWGHU4XLWWXQJEHUHLWVHUZRUEHQH'DPLWKDQGHOWHV VLFKLQGHQ)b//(1 DXQGEEHLGHQDQJHIHUWLJWHQ.RSLHQJOHLFKHUPD ‰HQXPHFKWH8UNXQGHQGHUHQ8QWHUGUFNXQJYRQ†$EV1UHUIDVVW ZLUG  'LH XQWHU GHP %OLFNZLQNHO GHV XUNXQGHQVSH]LILVFKHQ %HZHLVIKUXQJV UHFKWV GDUJHVWHOOWH 'LIIHUHQ]LHUXQJ ]ZLVFKHQ HFKWHQ XQG XQHFKWHQ 8UNXQ GHQLVWDXIWHFKQLVFKH$XI]HLFKQXQJHQQLFKWEHUWUDJEDU'HQQLP)DOOGHU 8QWHUGUFNXQJ HLQHU XQHFKWHQ WHFKQLVFKHQ $XI]HLFKQXQJ LVW QLFKW RKQH :HLWHUHVHLQVLFKWLJZHVKDOEGDV,QWHUHVVHDQGHUEHZHLVPl‰LJHQ9HUIJEDU NHLWHLQHUHFKWHQWHFKQLVFKHQ$XI]HLFKQXQJGLHLQKDOWOLFKGXUFKDXVIDOVFK VHLQ NDQQ  DQGHUV ]X EHXUWHLOHQ VHLQ VROO DOV HLQ HQWVSUHFKHQGHV ,QWHUHVVH LQ %H]XJ DXI HLQH XQHFKWH WHFKQLVFKH $XI]HLFKQXQJ GLH LQKDOWOLFK ]XWUHIIHQ NDQQ 'HQQEHLGHVVLQGLP*UXQGHEOR‰H$XJHQVFKHLQVREMHNWH(V]HLJW VLFKLQVRZHLWZRKOQXUHUQHXWGLH)HKONRQ]HSWLRQGHV†  ,QGHQ1UQXQGGHV†$EVLVW]XQlFKVWHLQGHU1UHQWVSUH FKHQGHV 6FKXW]LQWHUHVVH HLQHV %HZHLVIKUXQJVEHIXJWHQ DQ GHU 9HUIJ EDUNHLW EHVWLPPWHU 'DWHQ *UHQ] RGHU :DVVHUVWDQGVPDUNLHUXQJHQ HUIDVVW 'DQHEHQ LVW LQ GHQ 1UQ  XQG  LQVEHVRQGHUH LQ GHQ 9HUZLUNOL FKXQJVIRUPHQGHVÅ9HUlQGHUQV´GHVÅ9HUUFNHQV´XQGGHVÅIlOVFKOLFKHQ 6HW]HQV´ DXFKHLQ,QWHUHVVHDP6FKXW]YRU6FKDIIXQJHLQHVIUGHQ5HFKWV YHUNHKU LUUHIKUHQGHQ 2ULHQWLHUXQJVGDWXPV DQJHVSURFKHQ ZLH HV YHU JOHLFKEDU ZHQQ DXFK DXVVFKQLWWKDIW LQ%H]XJ DXI GLH NRUUHNWH :LHGHUJDEH GHVZLUNOLFKHQ$XVVWHOOHUZLOOHQV LQ†HUIDVVWLVW6RZHLWGDVÅIlOVFKOLFKH 6HW]HQ´ DXFK 9HUKDOWHQVZHLVHQ HLQHV DQ VLFK %HUHFKWLJWHQ HUIDVVHQ VROO EHVWHKWVRJDUHLQH3DUDOOHOH]XU²XUNXQGHQVWUDIUHFKWOLFKQXUDXVQDKPVZHL VHHUIDVVWHQ²VFKULIWOLFKHQ/JHEHLNRUUHNWHU$XVVWHOOHUDQJDEH

  9JOGD]XREHQ5Q  9JOGD]XVFKRQREHQ5Q  'DUDXI RE GDV *UHQ] RGHU :DVVHUVWDQGVPHUNPDO WDWVlFKOLFK DQ ULFKWLJHU RGHU IDOVFKHU 6WHOOH VWHKW VROO HV QLFKW DQNRPPHQ VRIHUQ QXU HLQ %HUHFKWLJWHU HV JH VHW]WKDWYJO/DFNQHU.KO†5Q=LHVFKDQJLQ/.†5QII  9JO7U|QGOHLQ/.†5Q  9JO†GD]XXQWHQ7HLO,95Q²   



,,,8UNXQGHQXQWHUGUFNXQJ9HUlQGHUXQJHLQHU*UHQ]EH]HLFKQXQJ† 

2. Tatbestandserfordernisse 0LW %OLFN DXI GLH VSH]LILVFKH 6FKXW]ULFKWXQJ GHU 1U  GHV † PXVV GLH HFKWH 8UNXQGH RGHU GLH WHFKQLVFKH $XI]HLFKQXQJ  HLQHP DQGHUHQ DOV GHP 7lWHU LQ GHP 6LQQH ÅJHK|UHQ´ GDVV LKP GDUDQ HLQ VSH]LILVFKHV %H ZHLVIKUXQJVUHFKW]XVWHKW'DIUVLQGGLH]LYLOUHFKWOLFKHQ(LJHQWXPVYHU KlOWQLVVHLUUHOHYDQWVRGDVVDXFKGHU(LJHQWPHU7lWHUVHLQNDQQ )$//  :LH REHQ )$//  .DXIPDQQ . lQGHUWH QDFKWUlJOLFK VHLQH +DQGHOVEFKHUQDFKGHPLQHLQHP=LYLOSUR]HVVGHUHQ9RUODJHJHULFKW OLFKDQJHRUGQHWZXUGH  )$//  :LH REHQ )$//  %LHUNXWVFKHU GHU LQ GHP YRQ GHU :LUWLQ YHUZDKUWHQ %LHUEXFK QDFKWUlJOLFK HLQH QLFKW JHOHLVWHWH /LHIHUXQJ HLQ WUXJ  ,Q GHQ JHQDQQWHQ )lOOHQ VFKHLWHUW GHVKDOE GLH $QZHQGEDUNHLW GHV † $EV 1U  QLFKW HWZD GDUDQ GDVV GLH +DQGHOVEFKHU ]LYLOUHFKWOLFK LP (LJHQWXP GHV . VWHKHQ RGHU GDV %LHUEXFK X8 GHP %LHUNXWVFKHU VHOEVW HLJHQWXPVUHFKWOLFK  ÅJHK|UW´ 9LHOPHKU OLHJW LQ EHLGHQ )lOOHQ GHQQRFK GDV IU GLH 8UNXQGHQXQWHUGUFNXQJ PD‰JHEOLFKH %HZHLVIKUXQJVUHFKW HLQHV DQGHUHQ GHV 3UR]HVVJHJQHUV E]Z GHU :LUWLQ  YRU ZHVKDOE GLH 8UNXQGHQ.E]ZGHP%LHUNXWVFKHULG6ÅQLFKWDXVVFKOLH‰OLFKJHK|UHQ´ $OOHUGLQJV ZHUGHQ VLFK ]LYLOUHFKWOLFKH )UHPGKHLW XQG XUNXQGOLFKHV %HZHLV IKUXQJVUHFKW HLQHV DQGHUHQ QLFKW VHOWHQ ² ZHQQ DXFK QRUPDWLY JHVHKHQ ]XIlOOLJ²ÅGHFNHQ´ )$//  :LHREHQ)$//  -XUDVWXGHQWGHUDXVHLQHPKHLPOLFKPLWJH QRPPHQHQ%XFKGHV-XULVWLVFKHQ6HPLQDUVGHQ6WHPSHODXVUDGLHUWH  ,P)DOOGHV-XUDVWXGHQWHQVWHKWGDV%XFKVDPW6WHPSHO QLFKWQXULQ IUHPGHP (LJHQWXP VRQGHUQ HV VSULFKW HLQLJHV GDIU GHP EHUHFKWLJWHQ (LJHQWPHUDXFKHLQIU†$EV1UDXVUHLFKHQGHV%HZHLVIKUXQJV   %*+6W+HJKPDQQV%75Q.SHU%76II6WLFKZRUW 8UNXQGH1LFKW*HK|UHQ /DFNQHU.KO†5QYJODXFKGHQ5HFKWVSUH FKXQJVEHUEOLFNYRQ3XSSH-=IVDXFKGLHV-=² =XU)UDJHZHPGLH6FKDXEOlWWHUHLQHV)DKUWHQVFKUHLEHUVÅJHK|UHQ´YJO6FKQHLGHU 16W=IIDD2IIDXFK]XU3UREOHPDWLNHLQHUÅ6SHUUZLUNXQJ´GHV 2UGQXQJVZLGULJNHLWHQUHFKWV IU GLH 8UNXQGHQXQWHUGUFNXQJ VRZLH ]XU %HGHX WXQJGHV6HOEVWEHJQVWLJXQJVSULQ]LSV>ÅQHPRWHQHWXU´@ ²1lKHU]XU3UREOHPD WLNGHVÅ*HK|UHQV´)UHXQGLQ0QFK.RPP6W*%†5QII  'DVQHKPHQLQGHU6DFKHDXFKGLHMHQLJHQDQGLHLQGHQ%HLVSLHOVIlOOHQ²P(]X 8QUHFKW²8UNXQGHQIlOVFKXQJLQGHU)RUPGHV9HUIlOVFKHQVHLQHUHFKWHQ8UNXQ GHEHMDKHQ'HQQIUGDV9HUIlOVFKHQZLUGYRUDXVJHVHW]WGDVVHLQ5HFKWDPXQ YHUlQGHUWHQ)RUWEHVWDQGYHUOHW]WZLUGYJOGD]XREHQ5QI 









 

7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ

UHFKW LQ %H]XJ DXI GHQ (LJHQWXPVQDFKZHLV ]X]XJHVWHKHQ (LQH DQGHUH (LQVFKlW]XQJ ZUGH P( GHU HUNHQQEDUHQ )XQNWLRQ HLQHV GHUDUWLJHQ 6WHPSHOVQLFKWJHUHFKWXQGHQWVSUHFKHQGOHJLWLPH,QWHUHVVHQRKQHHUVLFKWOL FKHQ*UXQGXQEHUFNVLFKWLJWODVVHQ  %HPHUNHQVZHUW XQWHU GHP $VSHNW GHV %HZHLVIKUXQJVUHFKWV HUVFKHLQW VFKOLH‰OLFK)$//VRIHUQPDQ²HQWJHJHQGHUKLHUYHUWUHWHQHQ$XIIDVVXQJ ² LP $QEULQJHQ GHV 6WHPSHODXIGUXFNV DXI GHP SUlSDULHUWHQ (QWZHUWHUIHOG NHLQH8UNXQGHQIlOVFKXQJHUEOLFNWDOVRGDYRQDXVJHKWGDVVHLQHHFKWH8UNXQ GH HQWVWDQGHQ VHL 'DQQ NRPPW ]ZDU JUXQGVlW]OLFK HLQH 8UNXQGHQXQWHU GUFNXQJGXUFKGDVVSlWHUH$EZLVFKHQLQ%HWUDFKW,QGHVVHQLVWHLQHVROFKH OHW]WOLFK GHQQRFK DE]XOHKQHQ ZHLO NHLQ %HZHLVIKUXQJVUHFKW GHU 6WUD ‰HQEDKQ$*EHJUQGHWZHUGHQNDQQ  'DV]HLJWIROJHQGHHLQIDFKH.RQWUROOEHUOHJXQJ'HU.XQGHHLQHV%HI|U GHUXQJVXQWHUQHKPHQVGHUVHLQHQ)DKUVFKHLQRUGQXQJVJHPl‰HQWZHUWHWKDW YHUOHW]W VLFKHU NHLQ IUHPGHV %HZHLVIKUXQJVUHFKW ZHQQ HU ² DXV ZHOFKHQ *UQGHQ DXFK LPPHU ² GLHV HLQHP .RQWUROOHXU JHJHQEHU YHUKHLPOLFKW %HZHLVIKUXQJVEHUHFKWLJW LVW YLHOPHKU DXVVFKOLH‰OLFK GHU .XQGH ² GHU DXFKDOOHLQGLH1DFKWHLOHEHLYHUHLWHOWHU%HZHLVIKUXQJWUDJHQPXVVZlKUHQG GDV9HUNHKUVXQWHUQHKPHQDXIDOOH)lOOHGDGXUFKDEJHVLFKHUWLVWGDVVHVEHL IHKOHQGHP1DFKZHLVGHU)DKUWEHUHFKWLJXQJGDVEOLFKHVRJHQDQQWHÅHUK|K WH %HI|UGHUXQJVHQWJHOW´ YHUODQJHQ NDQQ )HKOW HV VR JHVHKHQ VFKRQ ZlK UHQG GHU )DKUW DQ HLQHP DQ]XHUNHQQHQGHQ %HZHLVIKUXQJVUHFKW GHV 9HU NHKUVXQWHUQHKPHQV LQ %H]XJ DXI HLQHQ RUGQXQJVJHPl‰ HQWZHUWHWHQ )DKUVFKHLQ PXVV GDVVHOEH HUVW UHFKW IU GLH =HLW QDFK GHU %HQXW]XQJ GHV   =XU SUREOHPDWLVFKHQ +HUDEVWXIXQJ VRJHQDQQWHU ÅEOR‰HU´ (LJHQWPHU]HLFKHQ E]Z.HQQ]HLFKHQYJOREHQ5QI²=XU)UDJHGHV.RQNXUUHQ]YHUKlOWQLVVHV ]ZLVFKHQ HLQHU 8UNXQGHQXQWHUGUFNXQJ XQG HLQHP =XHLJQXQJVGHOLNW LQ HLQHP HQWVSUHFKHQGHQ )DOO YJO %*+ 1-:   /HLWVDW]  =XUFNWUHWHQ GHU 8U NXQGHQXQWHUGUFNXQJ  6GD]XREHQ5Q²  $$DEHUHWZD3XSSH-5GLHDQQLPPWGHUXQJOWLJH 6WHPSHO DXIGUXFN KDEH GLH )XQNWLRQ ]X EHZHLVHQ GDVV GLH DXIJUXQG GHV %ODQNRIDKU VFKHLQVJHVFKXOGHWH /HLVWXQJHUEUDFKWZRUGHQVHL'DVHUVFKHLQWVRQLFKWULFK WLJ'HQQGLHNRQNUHWHUEUDFKWH/HLVWXQJLVWLP)DOOHGHUXQJOWLJHQ(QWZHUWXQJ GRFKJDUQLFKWJHVFKXOGHWGHUHQ,QDQVSUXFKQDKPHLVWYLHOPHKUWURW]HUZRUEHQHQ %ODQNRIDKUVFKHLQVXQUHFKWPl‰LJYJOGLH%HXUWHLOXQJGHUNRQNUHWHQ)DKUWLQHL QHP HQWVSUHFKHQGHQ )DOO DOV /HLVWXQJVHUVFKOHLFKXQJ QDFK †D E]Z JDU DOV %HWUXJ GXUFK GDV 2/* 'VVHOGRUI 956  >@  XQG -5   8QG GDVVGHU6WHPSHOGLH)XQNWLRQKDEHHLQHÅ6FKZDU]IDKUW´QDFK]XZHLVHQE]ZGDVV LQ %H]XJ DXI LKQ HLQ HQWVSUHFKHQGHV %HZHLVIKUXQJVUHFKW EHVWHKH ZLUG PDQ VFKZHUOLFKDQQHKPHQN|QQHQ 



,,,8UNXQGHQXQWHUGUFNXQJ9HUlQGHUXQJHLQHU*UHQ]EH]HLFKQXQJ† 

9HUNHKUVPLWWHOV XQG DXFK IU HLQHQ QLFKW RUGQXQJVJHPl‰ HQWZHUWHWHQ )DKUVFKHLQ JHOWHQ (LQ 5HFKW ]XU)KUXQJGHV 1DFKZHLVHV GHU )DKUWEH UHFKWLJXQJKDWGXUFKZHJDXVVFKOLH‰OLFKGHU.XQGH8QGHLQHJDQ]DQGHUH²IU † $EV  1U  LUUHOHYDQWH ² )UDJH LVW HV LQZLHZHLW GDV 9HUNHKUVXQWHU QHKPHQ YHUODQJHQ NDQQ GDVV GHU .XQGH GHQ HQWVSUHFKHQGHQ 1DFKZHLV DOV GHQ LKP REOLHJHQGHQ  IKUW EHLVSLHOVZHLVH ZRKO NDXP PHKUHUH 6WXQGHQ QDFK%HHQGLJXQJGHU)DKUWVRQGHUQK|FKVWHQVQRFKXQPLWWHOEDUQDFKGHP 9HUODVVHQGHV9HUNHKUVPLWWHOV 'LHVH)UDJHGHV5HFKWVYRQHLQHPDQGHUHQ YHUODQJHQ ]X N|QQHQ GDVV HU HLQHQ EHVWLPPWHQ %HZHLV IKUW 5HFKW DXI %HZHLVIKUXQJ GXUFKHLQHQDQGHUHQ GDUIDEHUQLFKWYHUZHFKVHOWZHUGHQ PLWGHPIU†DOOHLQHQWVFKHLGHQGHQ5HFKWPLWHLQHU8UNXQGHVHOEVWGHQ HQWVSUHFKHQGHQ%HZHLV]XIKUHQ )UGLH7DXJOLFKNHLWDOV7DWREMHNWGHV†$EV1UNRPPWGHU%H  ZHLVEHVWLPPXQJ DOV VXEMHNWLYHU =ZHFNVHW]XQJ  QHEHQ GHU %HZHLVIXQNWLRQ E]Z GHP PLW GHP Å*HK|UHQV´%HJULII YRUDXVJHVHW]WHQ  %HZHLVIKUXQJV UHFKWHLQHVDQGHUHQHEHQVRZHQLJVHOEVWlQGLJH%HGHXWXQJ]XZLHLP.RQWH[W GHU 8UNXQGHQIlOVFKXQJ 6LH LVW MHGHQIDOOV DOV VHOEVWlQGLJHV 0HUNPDO EHUIOVVLJ'HQQLQZLHIHUQHLQHP*HJHQVWDQGGHUGLHHUIRUGHUOLFKH3HUSH WXLHUXQJV %HZHLV XQG *DUDQWLHIXQNWLRQ HUIOOW XQG LQ %H]XJ DXI GHQ HLQ IUHPGHV%HZHLVIKUXQJVUHFKWEHVWHKWHLQHIUGDV8QUHFKWGHU8UNXQGHQXQ WHUGUFNXQJ ]XVlW]OLFK HUIRUGHUOLFKH %HZHLVEHVWLPPXQJ IHKOHQ VROOWH LVW VFKZHUOLFKYRUVWHOOEDU1LFKWJHPHLQWVHLQNDQQGRFKZRKOGHU)DOOGDVVGHU %HZHLVIKUXQJVEHUHFKWLJWHWDWVlFKOLFKNHLQ,QWHUHVVHKDWXQGGLHVDXFK EHNXQGHW  'HQQ GDEHL KDQGHOW HV VLFK HQWZHGHU XP HLQH .RQVWHOODWLRQ GHU UHFKWIHUWLJHQGHQ(LQZLOOLJXQJRGHUDEHUXPHLQHQ)DOOLQGHPMHGHQIDOOVHLQ WDWEHVWDQGOLFKUHOHYDQWHV%HZHLVIKUXQJVUHFKWHLQHVDQGHUHQDE]XOHKQHQ LVW %HL VlPWOLFKHQ 7DWKDQGOXQJHQ 9HUQLFKWHQ %HVFKlGLJHQ RGHU 8QWHU  GUFNHQ  NRPPW HV HQWVFKHLGHQG DXI GLH 9HUHLWHOXQJ GHV %HZHLV IKUXQJVUHFKWVDQ²QLFKWDXIHLQH6XEVWDQ]EHHLQWUlFKWLJXQJGLH²ZLH REHQ LQ GHU 9$5,$17( '(6 )$//(6  LQ GHU GHU *OlXELJHU GLH 4XLWWXQJ   9JO]XGLHVHUZLFKWLJHQ²DEHURIWYHUQDFKOlVVLJWHQ²'LIIHUHQ]LHUXQJ)UHXQGLQ 0QFK.RPP6W*%†5QII.RFKLQ1RPRV+.*6†5Q  9JO GD]X REHQ 5Q I VRZLH HUJlQ]HQG 3XSSH 'LH )lOVFKXQJ WHFKQLVFKHU $XI]HLFKQXQJHQ6  =XP6WUHLWXPGLH5XEUL]LHUXQJHLQHVGHUDUWLJHQ)DOOHVYJOQXU:HVVHOV+HWWLQJHU %75QI†, PZ1SURHWFRQWUD  9JOGD]XGLH'HILQLWLRQHQEHL.SHU%76I6WLFKZRUW8UNXQGH%HVFKl GLJHQ9HUQLFKWHQ8QWHUGUFNHQ  

7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ

]HUULVV²QXUIDNWLVFKRIWPLWHLQKHUJHKW 6RNDQQHWZDGLHEOR‰]HLWZHLOLJH 9RUHQWKDOWXQJ HLQ 8QWHUGUFNHQ VHLQ 6HOEVW GDV +LQ]XIJHQ HLQHV *HJHQVWDQGV RKQH %HHLQWUlFKWLJXQJ GHU 6XEVWDQ] GHV 9RUKDQGHQHQ ]% GXUFK hEHUNOHEHQ  NDQQ GDV 9RUKDQGHQH DOV 8UNXQGH GHU 9HUIJXQJ GHV %HUHFKWLJWHQHQW]LHKHQXQGGHVKDOEDOV8QWHUGUFNHQDXI]XIDVVHQVHLQ  )$//  $ NOHEWH LQ HLQHP 6HOEVWEHGLHQXQJVODGHQ EHL HLQHP 6FKLUP HLQHQ PLWJHEUDFKWHQ $XINOHEHU Å6WLFNHU´  DXI GDV 3UHLVHWLNHWW XP GHQ 6FKLUPEHLP9HUODVVHQGHV*HVFKlIWVDOVVHLQHQHLJHQHQDXVJHEHQ]XN|Q QHQ  $XFKZHQQGDV3UHLVHWLNHWWDXIGHP6FKLUPVHLQHU6XEVWDQ]QDFKWURW]GHV hEHUNOHEHQV QRFK YRUKDQGHQ LVW ZLUG GXUFK GDV hEHUNOHEHQ GLH )XQNWLRQ GHU %HZHLVIKUXQJ LQ %H]XJ DXI GLH (LJHQWXPVYHUKlOWQLVVH  YHUHLWHOW XQG GHVKDOE GLH Å%HZHLVHLQKHLW´ DOV 8UNXQGH XQWHUGUFNW *DQ] HQWVSUH FKHQG YHUKlOW HV VLFK LP )DOOH HLQHU *HVDPWXUNXQGH EHL GHU HLQH ZHLWHUH (LQ]HOXUNXQGH KLQ]XJHIJW ZLUG XQG GDGXUFK QLFKW QXU HLQH LQKDOWOLFK DQGHUV ODXWHQGH QHXH *HVDPWXUNXQGH HQWVWHKW VRQGHUQ ]XJOHLFK GLH XU VSUQJOLFKH*HVDPWXUNXQGHGHU%HZHLVIKUXQJGHV%HUHFKWLJWHQHQW]RJHQ XQGPLWKLQXQWHUGUFNWZLUG  +LHULQOLHJWGLH]XWUHIIHQGH/|VXQJGHV%LHUNXWVFKHU)$//(6E]Z  LQ GHP % QDFKWUlJOLFK QLFKW HUEUDFKWH %LHUOLHIHUXQJHQ LQ GDV %LHUEXFK HLQ WUXJVRZHLWHLQH9HUlQGHUXQJHLJHQHU(UNOlUXQJHQGHV%LQ)UDJHVWHKW $XFK RKQH 6XEVWDQ]EHHLQWUlFKWLJXQJ ZLUG LQ GLHVHP )DOO GDV 5HFKW GHU :LUWLQ ]XU %HZHLVIKUXQJ PLW GHU XUVSUQJOLFKHQ *HVDPWXUNXQGH GDGXUFK YHUOHW]WGDVVGLHVHXUVSUQJOLFKH*HVDPWXUNXQGHDOV8UNXQGHXQWHUGUFNW² ZHQQQLFKWVRJDUYHUQLFKWHW²ZLUG

  =XHQJLQVRIHUQZRKO2/*'VVHOGRUI16W=ZHQQHVDOV7DWKDQG OXQJGLH(QWQDKPHHLQHV3URWRNROOV]XU9HUKLQGHUXQJGHU(LQVLFKWQDKPHQLFKWDXVUHL FKHQODVVHQP|FKWH  9HUNDQQWLVWGLHVHV8QUHFKWGHU8UNXQGHQXQWHUGUFNXQJHWZDEHL:HVVHOV%7 5Q † ,9   /|VXQJ VHLQHV )DOOHV   :HVVHOV+HWWLQJHU %7  5Q >†,9@OlVVWGLHVH)UDJHEHLGHU/|VXQJGHV)DOOHVRIIHQXQGJHKWGDYRQ DXV GDVV GLH 8UNXQGHQXQWHUGUFNXQJ MHGHQIDOOV YHUGUlQJW ZHUGH  6 GD]X DXFK +LOOHQNDPS3UREOHPHDXVGHP%76II]XP%LHUNXWVFKHU)DOO +R\HU LQ6.6W*%/IJ-XOL†5Q  =XU5HOHYDQ]HLQHUHWZDLJHQ(UNOlUXQJGHU:LUWLQYJOREHQ5QXQG)UHXQG -$  9JODXFKGHQ)$//GHV/HKUHUVREHQ5QXQG)UHXQG-$ 



,,,8UNXQGHQXQWHUGUFNXQJ9HUlQGHUXQJHLQHU*UHQ]EH]HLFKQXQJ† 



'HILQLWLRQHQGHU9HUQLFKWXQJ%HVFKlGLJXQJRGHU8QWHUGUFNXQJ HLQHU8UNXQGH (LQH8UNXQGHYHUQLFKWHWZHUVRDXIVLHHLQZLUNWGDVVVLHNHLQH(UNOl UXQJLKUHV$XVVWHOOHUVPHKUSHUSHWXLHUW %HVFKlGLJWZLUGHLQH8UNXQGHZHQQVLHGHUDUWYHUlQGHUWZLUGGDVVVLH GLH(UNOlUXQJLKUHV$XVVWHOOHUVQLFKWPHKUXQHLQJHVFKUlQNWSHUSHWXLHUW XQG GHVKDOE GHU HQWVSUHFKHQGH %HZHLVZHUW PHKU DOV QXU XQHUKHEOLFK EHHLQWUlFKWLJWLVW (LQH8UNXQGHZLUGXQWHUGUFNWZHQQGHP%HZHLVIKUXQJVEHUHFKWLJ WHQIUHLQHQPHKUDOVQXUXQHUKHEOLFKHQ=HLWUDXPLKUH%HQXW]XQJDOV %HZHLVPLWWHOIUGLH(UNOlUXQJGHV$XVVWHOOHUVHQW]RJHQRGHUYRUHQWKDO WHQZLUG

D

)U GLH 7DWEHVWDQGVPl‰LJNHLW GHV 9HUKDOWHQV L6 GHV † EHGDUI HV E VHOEVWYHUVWlQGOLFK]XVlW]OLFKGHV9HUVWR‰HVJHJHQHLQHHQWVSUHFKHQGHUHFKWOL FKH9HUKDOWHQVQRUP )UGHQQDFKDOOJHPHLQHQ5HJHOQHUIRUGHUOLFKHQ9RUVDW]JLOWGDVREHQ  7HLO ,9 5Q ²   EHL GHU8UNXQGHQIlOVFKXQJ*HVDJWH VLQQJHPl‰ ,Q%H]XJDXIGLHYRUDXVJHVHW]WH$EVLFKWHLQHPDQGHUHQ1DFKWHLO]X]X IJHQPXVVPDQDXIGLH)XQNWLRQGHV9HUKDOWHQVHLQX8DXFKQXUIU P|JOLFKJHKDOWHQHV IUHPGHV%HZHLVIKUXQJVUHFKWIUGHQ)DOOVHLQHV%HVWH KHQV ]XEHHLQWUlFKWLJHQDEVWHOOHQ 'LH HUIRUGHUOLFKH 1DFKWHLOVDEVLFKW OLHJW GDQDFK EHLVSLHOVZHLVH YRU ZHQQ  MHPDQG HLQHQ 6FKXOGVFKHLQ EHU HLQH 6FKXOG YHUEUHQQW YRQ GHU HU QLFKW JHQDX ZHL‰ RE VLH QLFKW EHUHLWV EHJOLFKHQ LVW ZHQQ HU IU GHQ )DOO LKUHU 1LFKWEHJOHLFKXQJ HUUHLFKHQ P|FKWH GDVV GHU *OlXELJHU LKU %HVWHKHQ QLFKW EHZHLVHQ NDQQ ,QVRZHLW JHQJW HV IU GLH HQWVSUHFKHQGH )XQNWLRQ GHU 1DFKWHLOV]XIJXQJ GDVV VLH 0LWWHO ]XU (UUHLFKXQJ HLQHV DQGHUHQ =LHOHV LVW²KLHUGLH,QDQVSUXFKQDKPH]XU=DKOXQJ]XYHUPHLGHQ   9JO GD]X GLH ² DOOHUGLQJV ]7 DEZHLFKHQGHQ ² 'HILQLWLRQHQ EHL .SHU %7 6I6WLFKZRUW8UNXQGH%HVFKlGLJHQ9HUQLFKWHQ8QWHUGUFNHQ IHUQHU² PLW%HLVSLHOHQ²)UHXQGLQ0QFK.RPP6W*%†5QII  =XGLHVHP*UXQGNULWHULXPGDVEHLMHGHU6WUDIWDWHUIOOWVHLQPXVVQlKHU)UHXQG $7 † 5Q  II V HUJlQ]HQG GHQV LQ 0QFK.RPP6W*% YRU † 5Q IIII  =X GHQ $QIRUGHUXQJHQ DQ GHQ 1DFKWHLO YJO 0DXUDFK6FKURHGHU0DLZDOG %7  †5QPZ1  6GD]X)UHXQGLQ0QFK.RPP6W*%†5QIIYJO]XGLHVHUXPVWULWWH QHQ3UREOHPDWLNDXFK.SHU%76I1DFKWHLOV]XIJXQJ$EVLFKW  

7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ



'DJHJHQ IHKOW HV DQ GHU HUIRUGHUOLFKHQ $EVLFKW ZHQQ GLH X8 DXFK DOV VLFKHU HUNDQQWH  %HHLQWUlFKWLJXQJ EOR‰H 1HEHQIROJH GHV JDQ] DQGHUHQ =LHOHQ GLHQHQGHQ +DQGHOQV LVW ZLH EHLVSLHOVZHLVH LP )DOOH GHVMHQLJHQ GHU HLQH IUHPGH %ULHIWDVFKH HQWZHQGHW VLFK GDV GDULQ HQWKDOWHQH *HOG ]XHLJQHW XQGGLH%ULHIWDVFKHPLWGHQGDULQEHILQGOLFKHQ8UNXQGVSDSLHUHQNXU]HUKDQG LQHLQHQ)OXVVZLUIW-HGHQIDOOVDQGHUHUIRUGHUOLFKHQ$EVLFKWIHKOWHVGHP]X IROJHDXFKLP)$//  PLW%OLFNDXIGLH$EO|VXQJGHV3UHLVHWLNHWWVYRQGHU 6HNWIODVFKH 'LH YHUEUHLWHWH DEZHLFKHQGH $XIIDVVXQJ IU GLH $EVLFKW L6 GHV†JHQJHXQEHGLQJWHU9RUVDW]HUVFKHLQW]ZDULP+LQEOLFNDXIGHQ $VSHNW GHU 9HUPHLGXQJ GHV 1DFKWHLOV 5HFKWVJWHUVFKXW]DVSHNW  GXUFKDXV GLVNXWDEHOGUIWHMHGRFKNDXPPLWP|JOLFKHP:RUWVLQQXQGEHUHFKWLJWHU )XQNWLRQ GHV $EVLFKWVPHUNPDOV ]X YHUHLQEDUHQ VHLQ 7DWVlFKOLFK OLHJW LQVRIHUQ HLQ ÅPRGHUQHU´ 9HUVWR‰ JHJHQ GHQ *HVHW]OLFKNHLWVJUXQGVDW] GHV $UW $EV ** YRU :LH EHLVSLHOVZHLVH † ]HLJW GLIIHUHQ]LHUW GHU *HVHW]JHEHUGXUFKDXV]ZLVFKHQVLFKHUHP:LVVHQXQG$EVLFKW  'DQXQDEHUGDV*HVHW]LQ†YRQGHU$EVLFKWDOVHLQHP=XVDW]HUIRU GHUQLVQHEHQGHP9RUVDW]LQ%H]XJDXIGLH9HUQLFKWXQJHWFVSULFKWLVWNODU XQG GHXWOLFK HLQH 6WUDIEDUNHLWVHLQVFKUlQNXQJ LQWHQGLHUW ZLH VLH YHU JOHLFKEDULQGHQ7DWEHVWlQGHQGHV'LHEVWDKOVXQGGHV%HWUXJHVEHJHJQHW +LHUZLHGRUWJHKWHVGDUXPGLH6WUDIEDUNHLWLQQHUKDOEGHU)lOOHYRUVlW]OLFKHU 7DWEHVWDQGVYHUZLUNOLFKXQJZHLWHUHLQ]XJUHQ]HQ'HPHQWVSULFKWGLH$XVILOWH UXQJGHUGROXVHYHQWXDOLV)lOOHDEHUQXUIRUPDO7DWVlFKOLFKLVWQLFKWHLQVLFKWLJ ]XPDFKHQZHVKDOEGLH*UHQ]OLQLHGHU6WUDIEDUNHLWDXVJHUHFKQHW]ZLVFKHQ GHQ )lOOHQ GHV VLFKHUHQ :LVVHQV HLQHUVHLWV XQG GHQ )lOOHQ GHV GROXV HYHQWXDOLVDQGHUHUVHLWV]X]LHKHQVHLQVROO'HQQHVHUVFKHLQWXQHUILQGOLFK LQZLHIHUQ ]% GLH YRQ GHP 8QWHUGUFNHQGHQ LQ 5HFKQXQJ JHVWHOOWH ² LQ FRQFUHWR JDU QLFKW HLQVFKOlJLJH ² EOR‰H 0|JOLFKNHLW GDVV HLQ %HZHLVIK UXQJVUHFKW QLFKW EHHLQWUlFKWLJW ZLUG HLQHQ VDFKOLFKHQ *UXQG GDIU DEJHEHQ VROOWH GHQ ]X SULYLOHJLHUHQ GHU GLH OHW]WOLFK HLQVFKOlJLJH 0|JOLFKNHLW GHU %HHLQWUlFKWLJXQJ NODU JHVHKHQ XQG LQ .DXI JHQRPPHQ KDW 'LH (QWVFKHL GXQJ JHJHQEHU GHP GXUFK GLH WDWEHVWDQGVVSH]LILVFKH 9HUKDOWHQVQRUP JHVFKW]WHQ *XW LVW TXDOLWDWLY QLFKW PLQGHU HLQH YRUVlW]OLFKH (QWVFKHLGXQJ JHJHQ GDV 5HFKWVJXW ZLH LP )DOOH GHU VLFKHUHQ .HQQWQLV GHU %HHLQWUlFKWL   9JO HWZD $U]W:HEHU+HLQULFK+LOJHQGRUI %7 † 5Q  &UDPHU+HLQH LQ 6FK|QNH6FKU|GHU † 5Q =LHVFKDQJ LQ /. † 5Q II ZHLWHUH 1DFKZEHL.SHU%76I1DFKWHLOV]XIJXQJ$EVLFKW   =XU%HJUHQ]XQJVZLUNXQJGHV:RUWODXWWDWEHVWDQGHVXQGGHUVLFKGDUDXVHUJHEHQ GHQ .RQVHTXHQ] GHV IUDJPHQWDULVFKHQ &KDUDNWHUV GHV 6WUDIUHFKWV QlKHU )UHXQG $7†5QII 



,,,8UNXQGHQXQWHUGUFNXQJ9HUlQGHUXQJHLQHU*UHQ]EH]HLFKQXQJ† 

JXQJ=ZDUN|QQWHPDQLQTXDQWLWDWLYHU+LQVLFKWDXIGHQHUVWHQ%OLFNJHQHLJW VHLQGHQ)DOOGHVVLFKHUHQ:LVVHQVDOVTXDOLIL]LHUWJHIlKUOLFKDXV]X]HLFK QHQ ,QGHVVHQ VLQG GLH hEHUJlQJH GDKLQ GHUPD‰HQ IOLH‰HQG GDVV HV ]ZDU DQJHKHQ PDJ GLHVHV 0RPHQW EHL GHU 6WUDI]XPHVVXQJ ]X EHUFNVLFKWLJHQ ZRVROFKHQ*UDGXLHUXQJHQDGlTXDW5HFKQXQJJHWUDJHQZHUGHQNDQQ'DYRQ GLH 6WUDIEDUNHLWVIUDJH EHUKDXSW DEKlQJLJ ]X PDFKHQ HUVFKHLQW GDJHJHQ YHUIHKOW 'HPJHJHQEHUELHWHWGDV$EVFKLFKWXQJVNULWHULXPGHU)XQNWLRQGHV9HU  KDOWHQV GDV %HZHLVIKUXQJVUHFKW HLQHV DQGHUHQ ]X EHHLQWUlFKWLJHQ HLQ TXDOLWDWLYHV  'DWXP GDV ² ZLH EHLP 'LHEVWDKO RGHU %HWUXJ GLH $EVLFKW UHFKWVZLGULJHU=XHLJQXQJE]Z%HUHLFKHUXQJ²HKHUJHHLJQHWVHLQGUIWHGHQ YRP*HVHW]JHPHLQWHQHLJHQVWlQGLJHQ8QUHFKWVW\SXV]XIRUPHQ D 'HILQLWLRQGHVÅ*HK|UHQV´L6GHV† ,6 GHV † JHK|UW GLH 8UNXQGH GHPMHQLJHQ GHU GDUDQ HLQ VSH]LIL VFKHV%HZHLVIKUXQJVUHFKWKDW 'DVEOR‰H5HFKWYRQHLQHPDQGHUHQYHUODQJHQ]XN|QQHQGDVVGLHVHU HLQHQ EHVWLPPWHQ %HZHLV IKUW Å5HFKW DXI %HZHLVIKUXQJ´  UHLFKW QLFKW 1RWZHQGLJLVWGDVVSH]LILVFKH5HFKWPLWGHU8UNXQGHGHQ%HZHLVIK UHQ]XGUIHQGDVVGHU$XVVWHOOHUGLHYHUN|USHUWH(UNOlUXQJDEJHJHEHQ KDWÅ5HFKW]XU%HZHLVIKUXQJ´ 

  'DVV GHU VRJHQDQQWH GROXV HYHQWXDOLV GLH HLJHQWOLFKH *UXQGIRUP GHV 9RUVDW]HV ELOGHW XQG JHUDGH NHLQ 9RUVDW] ÅPLQGHUHU 4XDOLWlW´ LVW EHWRQW PLW 5HFKW )ULVFK 9RUVDW]XQG5LVLNR6IIQlKHU]XGHQ$QIRUGHUXQJHQDQGLH9RUVDW]WDWXQG ]XP GROXV HYHQWXDOLV DOV GHU *UXQGIRUP GHV 9RUVDW]HV DXFK )UHXQG $7 † 5QIIII  1lKHU ]X GLHVHQ $GlTXLWlWVEHGLQJXQJHQ GLH DXFK EHL GHU HQWVSUHFKHQGHQ (QWVFKHLGXQJEHUGHQ6WUDIUDKPHQHLQ]XKDOWHQVLQG )ULVFK (QWVFKHLGXQJEHU GHQ6WUDIUDKPHQ†,,,DXVDOOJUHFKWVWKHRUHWLVFKHU6LFKWYJOGD]XHUJlQ]HQG )UHXQG-=PZ1  9JO GD]X GLH ² LP :HVHQWOLFKHQ VDFKOLFK EHUHLQVWLPPHQGHQ DOOHUGLQJV ]7 ZHQLJHU SUl]LVHQ ² 'HILQLWLRQHQ EHL .SHU %7 6 II 6WLFKZRUW 8UNXQGH 1LFKW*HK|UHQ  

7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ



E

'HILQLWLRQGHU1DFKWHLOV]XIJXQJVDEVLFKW 0LW 1DFKWHLOV]XIJXQJVDEVLFKW KDQGHOW GHU 7lWHU ZHQQ HV LKP GDUDXI DQNRPPW GLH $XVEXQJ GHV IUHPGHQ %HZHLVIKUXQJVUHFKWV ]X YHUHL WHOQRGHUPHKUDOVQXUXQHUKHEOLFK]XHUVFKZHUHQ (VJHQJWZHQQGHU]X]XIJHQGH1DFKWHLOHLQQRWZHQGLJHV=ZLVFKHQ ]LHOLVW Vertiefungs- und Problemhinweise zur Urkundenunterdrückung und Veränderung einer Grenzbezeichnung

F +HOOH 'LH QDFKWUlJOLFKH 9HUlQGHUXQJ HLQHU 8UNXQGH GXUFK LKUHQ $XVVWHOOHU ² (LQH

8QWHUVXFKXQJ GHU 6WUDIWDWHQ GHU 8UNXQGHQIlOVFKXQJ †  6W*%  XQG GHU 8UNXQ GHQXQWHUGUFNXQJ †  , 1U  6W*%   .LHQDSIHO =XU $EJUHQ]XQJ YRQ 8UNXQGHQIlOVFKXQJ XQG 8UNXQGHQXQWHUGUFNXQJ LQ -XUD   II /DPSH 8QWHUGUFNXQJ XQHFKWHU 8UNXQGHQ LQ -5   II /LQGHPDQQ =XU V\VWHPDWL VFKHQ,QWHUSUHWDWLRQGHV†,1U6W*%LP9HUKlOWQLV]XP†,9DU6W*% LQ 16W=   II 6FKPLW]'HU 6FKXW] GHV %HZHLVIKUXQJVLQWHUHVVHV LP 8UNXQ GHQVWUDIUHFKW  6FKQHLGHU =XU 6WUDIEDUNHLW GHV 9HUQLFKWHQV YRQ 6FKDXEOlWWHUQ HLQHV)DKUWHQVFKUHLEHUVLQ16W=II 5HFKWÅ]XU´RGHUQXU5HFKWÅDXI´%HZHLVIKUXQJ")UHXQGLQ0QFK.RPP6W*%† 5QII.RFKLQ1RPRV+.*6†5Q 9HUlQGHUXQJYRQDPWOLFKHQ$XVZHLVHQ† (UELQ0QFK.RPP6W*%†5Q II 0lW]NH 'LH 6DQNWLRQVORVLJNHLW YRQ 0DQLSXODWLRQHQ EHODVWHQGHU 9HUPHUNH LQ DPWOLFKHQ$XVZHLVHQLQ0'5II5HLFKHUWÅ0HLQ3DVVªJHK|UW©PLU´²=XP %HZHLVIKUXQJVLQWHUHVVHDQ8UNXQGHQXQGWHFKQLVFKHQ$XI]HLFKQXQJHQLP5DKPHQ GHV†,1U6W*%LQ6W9II =XGHQ.RQNXUUHQ]HQ'LQJOHU'LH*HVHW]HVHLQKHLWYRQ†,6W*%LP9HUKlOWQLV ]X†,1U6W*%LQ-$II)UHXQGLQ0QFK.RPP6W*%†5Q II

IV. Straftaten mit Blick auf besondere Urkunden (§§ 348, 271) 1. Falschbeurkundung im Amt (§ 348)  1DFK†$EVZLUGHLQ$PWVWUlJHUPLW)UHLKHLWVVWUDIHELV]XIQI-DKUHQ RGHU PLW *HOGVWUDIH EHVWUDIW ÅGHU ]XU $XIQDKPH |IIHQWOLFKHU 8UNXQGHQ EHIXJW LQQHUKDOE VHLQHU =XVWlQGLJNHLW HLQH UHFKWOLFK HUKHEOLFKH 7DWVDFKH   9JO GD]X GLH ² DOOHUGLQJV ]7 DEZHLFKHQGHQ ² 'HILQLWLRQHQ EHL .SHU %7 6 I6WLFKZRUW1DFKWHLOV]XIJXQJ$EVLFKW 





,96WUDIWDWHQPLW%OLFNDXIEHVRQGHUH8UNXQGHQ†† 

IDOVFKEHXUNXQGHWRGHULQ|IIHQWOLFKH5HJLVWHU%FKHURGHU'DWHLHQIDOVFK HLQWUlJWRGHUHLQJLEW´'HU9HUVXFKLVWVWUDIEDU$EV  a) Durch das Verbot der Falschbeurkundung intendierter Rechtsgüterschutz

'DVVSH]LILVFKH6FKXW]LQWHUHVVHGHV†JHKWLQVRIHUQZHLWEHUGDVGHU  8UNXQGHQIlOVFKXQJ KLQDXV DOV DXFK GLH (UIOOXQJ GHU :DKUKHLWVSIOLFKW VHLWHQV GHV 8UNXQGVEHDPWHQ EHL GHU XUNXQGOLFKHQ (UNOlUXQJ DOV VROFKHU QRUPDWLYDEJHVLFKHUWZHUGHQVROO)lOOHGLHEHLNRUUHNWHU$XVVWHOOHUDQJDEH VXEVSHFLH†OHGLJOLFKVWUDIORVHVFKULIWOLFKH/JHQVLQGZHUGHQDOV)DOVFK EHXUNXQGXQJHQ LP $PW HUIDVVW VRIHUQ JHZLVVH EHVRQGHUH 9RUDXVVHW]XQJHQ ]XWUHIIHQ GLH HLQ HQWVSUHFKHQG ZHLWHUJHKHQGHV ,QWHUHVVH OHJLWLPLHUHQVROOHQ 'DQDFKPXVVHVVLFKXPHLQH|IIHQWOLFKH8UNXQGHKDQGHOQGLHYRQHLQHP $PWVWUlJHU LQQHUKDOE VHLQHU =XVWlQGLJNHLW DXIJHQRPPHQ ZLUG ² PLWKLQ XP HLQH 8UNXQGH GLH EHVRQGHUHQ VRJHQDQQWHQ |IIHQWOLFKHQ  *ODXEHQ JHQLH‰W 'DV9HUWUDXHQLQGLHEHVRQGHUH5LFKWLJNHLWVJHZlKUHLQHUDPWOLFKHQ)HVW VWHOOXQJ LQ EHVWLPPWHU )RUP LVW VSH]LILVFKHV 6FKXW]JXW GHV 9HUERWV GHU )DOVFKEHXUNXQGXQJLP$PW b) Tatbestandserfordernisse

)$//  'HUDPWOLFKH)OHLVFKEHVFKDXHU)SIOHJWHGHQLKP]XU7ULFKL  QHQVFKDXYRUJH]HLJWHQ6FKZHLQHN|USHUQGHQDPWOLFKHQ6WHPSHOYRUGHU 8QWHUVXFKXQJ DXI]XGUFNHQ 0LW GHQ VFKODFKWHQGHQ )OHLVFKHUQ KDWWH HU YHUHLQEDUWVLHGUIWHQYRU$EODXIHLQHUJHZLVVHQ=HLWGLHHU]XU8QWHUVX FKXQJEHQ|WLJWHGDV)OHLVFKQLFKWYHUDUEHLWHQRGHUYHUNDXIHQ 7lWHUGHU)DOVFKEHXUNXQGXQJNDQQQDFKYRUKHUUVFKHQGHU$XIIDVVXQJQXU  GHU VDFKOLFK XQG |UWOLFK IU HLQH HQWVSUHFKHQGH %HXUNXQGXQJ ]XVWlQGLJH $PWVWUlJHU VHLQ 'D]X ]lKOHQ QLFKW QXU W\SLVFKH 8UNXQGVEHDPWH ZLH 1RWDUHQDFKGHP%HXUNXQGXQJVJHVHW]RGHU6WDQGHVEHDPWHVRQGHUQHWZD DXFK GHU 3RVWERWH LQ %H]XJ DXI =XVWHOOXQJVXUNXQGHQ RGHU GHU )OHLVFKEH VFKDXHU LQ )$//  LQ %H]XJ DXI GHQ DPWOLFKHQ 7DXJOLFKNHLWVVWHPSHO $QGHUH3HUVRQHQNRPPHQ²EHLYRUVlW]OLFKHP+DQGHOQGHV$PWVWUlJHUV² DOV $QVWLIWHU XQG *HKLOIHQ XQWHU $QZHQGXQJ GHV † $EV   RGHU DOV   9JO *ULEERKP LQ /. † 5Q /DFNQHU.KO † 5Q 0H\HU )6 'UHKHU6IHUQHU)UHXQGLQ0QFK.RPP6W*%†5Q  9JO GD]X HWZD %*+6W    &UDPHU6WHUQEHUJ/LHEHQ LQ 6FK|Q NH6FKU|GHU†5Q/DFNQHU.KO†5QMHZPZ1².ULWPLW %OLFN DXI GDV (UIRUGHUQLV GHU |UWOLFKHQ =XVWlQGLJNHLW ]% $U]W:HEHU /+  5Q 

7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ

7lWHU GHU PLWWHOEDUHQ )DOVFKEHXUNXQGXQJ QDFK † XQWHU GHQ GRUW JHQDQQWHQ9RUDXVVHW]XQJHQLQ%HWUDFKW  'HU JHVWHLJHUWH 6FKXW] GHV † HUIDVVW DOOHLQ |IIHQWOLFKH 8UNXQGHQ QHEVW %FKHUQ 'DWHLHQ XQG 5HJLVWHUQ  GK VROFKH GHQHQ HLQH EHVRQGHUH %HZHLVNUDIW ]XNRPPW (LQH UHFKWOLFKH 5HJHOXQJ GLHVHU JHVWHLJHUWHQ %HZHLVNUDIW ILQGHW VLFK LQ GHQ †† D   =32 'DQDFK NDQQ VLFK GLH JHVWHLJHUWH %HZHLVNUDIW JUXQGVlW]OLFK QXU DXI PLW GHU )XQNWLRQ DPWOLFKHU5LFKWLJNHLWVEHVWlWLJXQJGRNXPHQWLHUWH²XQGLG6EHXUNXQGHWH² HLJHQH  :DKUQHKPXQJHQ GHV 8UNXQGVEHDPWHQ E]Z GHU Å%HK|UGH´ EH]LHKHQ D †$EV=32HQWKlOWHLQH/HJDOGHILQLWLRQGHV%HJULIIVGHU|IIHQWOL FKHQ 8UNXQGH XQG ODXWHW Å8UNXQGHQ GLH YRQ HLQHU |IIHQWOLFKHQ %HK|UGH LQQHUKDOEGHU*UHQ]HQLKUHU$PWVEHIXJQLVVHRGHUYRQHLQHUPLW|IIHQWOLFKHP *ODXEHQYHUVHKHQHQ3HUVRQLQQHUKDOEGHVLKU]XJHZLHVHQHQ*HVFKlIWVNUHLVHV LQGHUYRUJHVFKULHEHQHQ)RUPDXIJHQRPPHQVLQG|IIHQWOLFKH8UNXQGHQ  EHJUQGHQ ZHQQ VLH EHU HLQH YRU GHU %HK|UGH RGHUGHU 8UNXQGVSHUVRQ DEJHJHEHQH(UNOlUXQJHUULFKWHWVLQGYROOHQ%HZHLVGHVGXUFKGLH%HK|UGH RGHU GLH 8UNXQGVSHUVRQ EHXUNXQGHWHQ 9RUJDQJHV´ †D =32 VWHOOW EHVWLPPWH EHJODXELJWH $XVGUXFNH |IIHQWOLFKHU HOHNWURQLVFKHU 'RNXPHQWH |IIHQWOLFKHQ8UNXQGHQLQEHJODXELJWHU$EVFKULIWJOHLFK  'D GLH %HK|UGH DOV VROFKH QLFKW VHOEVW ZDKUQHKPXQJVIlKLJ LVW VRQ GHUQ VLFK GD]X JHHLJQHWHU $PWVWUlJHU EHGLHQHQ PXVV LVW DQ]XQHKPHQ GDVV EHK|UGHQLQWHUQ GXUFKDXV HLQH 3HUVRQHQYHUVFKLHGHQKHLW YRQ :DKUQHK PHQGHP XQG %HXUNXQGHQGHP RKQH %HHLQWUlFKWLJXQJ GHU EHVRQGHUHQ %HZHLVNUDIW YRUOLHJHQNDQQ,P)DOOHGHV†$EV=32JHKWHVXPGLH %HXUNXQGXQJ GHU ZDKUJHQRPPHQHQ  $EJDEH YRQ (UNOlUXQJHQ YRU GHU %HK|UGH RGHU GHU 8UNXQGVSHUVRQ LP )DOOH GHV † =32 XP GLH %HXUNXQGXQJZDKUJHQRPPHQHU HLJHQHU:LOOHQVHUNOlUXQJHQGHU%HK|U GH XQG LP )DOOH GHV † $EV  XQG   =32 XP GLH %HXUNXQGXQJ YRQ :DKUQHKPXQJHQ GHU %HK|UGH RGHU GHU 8UNXQGVSHUVRQ EHU VRQVWLJH 9RUJlQJH   6GD]XXQWHQ7HLO,95Q²   =XUVRGHQNEDUHQPLWWHOEDUHQ)DOVFKEHXUNXQGXQJQDFK†LP)DOOHIHKOHQGHU 7lWHUTXDOLWlW QDFK † HLQHV EHK|UGHQLQWHUQ 0DQLSXOLHUHQGHQ YJO XQWHQ 5QI  =XU LQVRZHLW DQ]XQHKPHQGHQ %HZHLVNUDIW YJO *HLPHU LQ =|OOHU =32 † 5Q6FKUHLEHULQ0QFK.RPP=32†5QI  9JO DXFK GD]X *HLPHU LQ =|OOHU =32 † 5Q II 6FKUHLEHU LQ 0QFK .RPP=32†5QII  



,96WUDIWDWHQPLW%OLFNDXIEHVRQGHUH8UNXQGHQ†† 

†$EV=32HU|IIQHWOHGLJOLFKGLH0|JOLFKNHLWYRQGHPVRQVWJHO WHQGHQ*UXQGVDW]DE]XZHLFKHQXQGJHVHW]OLFKVSH]LHOOYRU]XVHKHQÅGDVV GLH %HZHLVNUDIW GHV =HXJQLVVHV YRQ GHU HLJHQHQ :DKUQHKPXQJ XQDE KlQJLJLVW´'LHVJLOWHWZDIUGLH%HXUNXQGXQJHQEHU*HEXUWXQG7RG VRZHLWGLHVH9RUJlQJH*HJHQVWDQGIUHPGHU:DKUQHKPXQJHQZDUHQ )HKOW HLQH VROFKH VSH]LHOOH JHVHW]OLFKH *UXQGODJH IU GLH $QQDKPH HLQHU EHVRQGHUHQ%HZHLVNUDIWJLOWQDFKGHPNODUHQ*HVHW]HVZRUWODXWGLHDOOJHPHL QH5HJHO1DFKGLHVHUEH]LHKWVLFKGHU|IIHQWOLFKH*ODXEHDQGLH5LFKWLJNHLW EHVWLPPWHU $QJDEHQ QXU DXI GDV ZDV GHU 8UNXQGVEHDPWH RGHU DEHU GLH %HK|UGH  VHOEVW EH]HXJW 0LW GHU )XQNWLRQ HLQHU EHVRQGHUHQ DPWOLFKHQ 5LFKWLJNHLWVEHVWlWLJXQJ GRNXPHQWLHUW ² XQG LG6 EHXUNXQGHW ² ZHUGHQ N|QQHQ GHPHQWVSUHFKHQG DOOHLQ HLJHQH  :DKUQHKPXQJHQ GHV 8UNXQGV EHDPWHQE]ZGHUÅ%HK|UGH´ (LQH ZHLWHUJHKHQGH ² VSH]LILVFK VWUDIUHFKWOLFKH ² (LQJUHQ]XQJ PLWWHOV GHV RIW JHQDQQWHQ .ULWHULXPV GHU YROOHQ Å%HZHLVZLUNXQJ IU XQG JHJHQ MHGHUPDQQ´ HUVFKHLQW EHL NRQVHTXHQWHU $QZHQGXQJ GHU YRUVWHKHQG VNL]]LHUWHQ 5HJHOXQJ JHVWHLJHUWHU %HZHLVNUDIW |IIHQWOLFKHU 8UNXQGHQ LQ GHQ †† II =32 GXUFKDXV HQWEHKUOLFK ² MD QDFKJHUDGH LUUHIKUHQG ZHQQ PDQ LQ 5HFKQXQJ VWHOOW ]X ZHOFKHQ $XVZHLWXQJHQ JHJHQEHU GHQ =32 5HJHOQGHU7RSRVGHUÅ%HZHLVNUDIWIUXQGJHJHQMHGHUPDQQ´LQGHU3UD[LV GHU *HULFKWH JHIKUW KDW (V JLOW QXU ]X EHDFKWHQ GDVV QLFKW DOOHV ZDV LQ DPWOLFKHQ6FKULIWVWFNHQVWHKWDXFKZLUNOLFKPLWGHU)XQNWLRQEHVRQGHUHU DPWOLFKHU 5LFKWLJNHLWVEHVWlWLJXQJ YHUVHKHQ ²XQG LG6 ]X |IIHQWOLFKHP *ODXEHQ EHXUNXQGHW ² LVW VRQGHUQ GXUFKDXV DXFK HLQH ÅQRUPDOH´ 0LWWHL OXQJRlVHLQNDQQ]%IUGHQLQQHUGLHQVWOLFKHQ*HEUDXFK  /LHJWHLQHVROFKHEHVRQGHUHDPWOLFKH5LFKWLJNHLWVEHVWlWLJXQJYRUZlUHHV YHUIHKOWGLHIU†DXVUHLFKHQGHEHVRQGHUH%HZHLVNUDIWGHVKDOE]XYHUQHL   9JO GD]X †† II  II   36W* 6FKUHLEHU LQ 0QFK.RPP=32 † 5Q  =XU%HGHXWXQJGHU††=32MHGHQIDOOVDOV0LQLPDOEHJUHQ]XQJHQGHU 5HLFKZHLWHGHV†YJO+DUWOHE:DKUKHLWVVFKXW]6II  6R DEHU LQVEHV *ULEERKP LQ /. † 5Q L9P † 5Q YJO IHUQHU %*+6W&UDPHU6WHUQEHUJ/LHEHQLQ6FK|QNH6FKU|GHU†5Q L9P † 5Q  /DFNQHU.KO † 5Q L 9 P † 5Q MHZ PZ1 NULW GD]X (UE *$   ÅLUUHIKUHQGH /HHUIRUPHO´  *LJHUO gI IHQWOLFKH8UNXQGH6II2WWR%7†5QÅPLVVYHUVWlQGOLFK´   %HVRQGHUVPDUNDQWHWZDGHU)DOOGHV)KUHUVFKHLQVPLWIDOVFKHP*HEXUWVGDWXP QlKHUGD]XXQWHQ]X)$//  'DUDQ IHKOW HV NODU EHLP LP )KUHUVFKHLQ IDOVFK HLQJHWUDJHQHQ *HEXUWVGDWXP 'HQQHVLVWQLFKWGLH)XQNWLRQGHV)KUHUVFKHLQVGDV*HEXUWVGDWXPGHV)DKUHU ODXEQLVLQKDEHUV ² JDU ]X |IIHQWOLFKHP *ODXEHQ ² ]X EHXUNXQGHQ YJO GD]X QRFK 





D





7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ

QHQZHLOQXUZHQLJH3HUVRQHQRGHUYLHOOHLFKWVRJDUQXUHLQHHLQ]LJH3HUVRQ YRQ HLQHU XQULFKWLJHQ %HXUNXQGXQJ EHWURIIHQ VHLQ NDQQ XQG DQ HLQHU ULFKWLJHQ LQWHUHVVLHUW LVW 8QJHDFKWHW GHVVHQ GDVV GLH 5HGHZHLVH YRQ HLQHU %HZHLVNUDIW ÅIU XQG JHJHQ MHGHUPDQQ´ LQ GHUDUWLJHQ ² UHFKW EHVHKHQ JDU QLFKW VHOWHQHQ ² )lOOHQ ZHQLJ VLQQYROO HUVFKHLQW OlVVW VLFK HLQ IU † UHOHYDQWHUTXDOLWDWLYHU8QWHUVFKLHG]XGHQ)lOOHQ]ZDUYLHOHU²DEHUGRFKDXFK LPPHU QXU HLQHU EHJUHQ]WHQ $Q]DKO ² %HWURIIHQHU VFKZHUOLFK DXIZHLVHQ (QWVFKHLGHQG LVW YLHOPHKU DOOHLQ GLH )XQNWLRQ EHVRQGHUHU DPWOLFKHU 5LFKWLJNHLWVEHVWlWLJXQJ XP HLQH DXVUHLFKHQG JHVWHLJHUW EHZHLVNUlIWLJH %HXUNXQGXQJDQQHKPHQ]XN|QQHQ  $OV %HLVSLHOH IU |IIHQWOLFKH 8UNXQGHQ ZHUGHQ LP $OOJHPHLQHQ GDV )D PLOLHQEXFK GDV *UXQGEXFK GHU (UEVFKHLQ GDV 6SDUEXFK XQG GHU)KUHUVFKHLQJHQDQQW)UHLOLFKLVWDXIJUXQGGHVVRHEHQ]XU5HLFKZHLWH GHU JHVWHLJHUWHQ %HZHLVNUDIW *HVDJWHQ JHQDX ]X EHDFKWHQ ZDV ZLUNOLFK EHXUNXQGHWZLUG'HQQYRQ†ZHUGHQQXU$QJDEHQHUIDVVWEHLGHQHQ HLQHJHVWHLJHUWH%HZHLVNUDIWWDWVlFKOLFKDQ]XQHKPHQLVW8QGGLHVHJHVWHL JHUWH%HZHLVNUDIWJLOWQXUIUVROFKH$QJDEHQGLHJHUDGHPLWGHU)XQNWLRQ EHVRQGHUHUDPWOLFKHU5LFKWLJNHLWVEHVWlWLJXQJHUIROJHQ  ,QGHU5HFKWVSUHFKXQJKDWVLFK]XU5HLFKZHLWHGHUEHVRQGHUHQ%HZHLVNUDIW HLQHXPIDQJUHLFKH.DVXLVWLNHQWZLFNHOW%HL6WDQGHVDPWVEFKHUQVROOVLFK 





       



XQWHQ 5Q  ²  ² 1LFKWV DQGHUHV JLOW DXFK IU GLH RKQH EHK|UGOLFKH 3UIXQJ ]XVWDQGHJHNRPPHQH IDOVFKH 3HUVRQDOLHQDQJDEH LQ HLQHU %HVFKHLQLJXQJ LP=XVDPPHQKDQJPLWHLQHP$V\ODQWUDJYJOGD]X%*+0'5IVR ZLH GLH 5H]HQVLRQ HLQHU (QWVFKHLGXQJ GHV $* +DPEXUJ YRQ 0DQ NRZVNL7DUQRZVNL-X6IIIUHLOLFKDXFK2/*.DUOVUXKH16W= P$QP0lW]NH16W= 'DVVLQVRIHUQNHLQHEHVRQGHUHDPWOLFKH5LFK WLJNHLWVEHVWlWLJXQJYRUOLHJHQNDQQXQGVFKRQQDFKGHQ5HJHOQGHU=32HLQHHQWVSUH FKHQGJHVWHLJHUWH%HZHLVNUDIWIHKOWVROOWHHLJHQWOLFKVHOEVWYHUVWlQGOLFKVHLQ²9JO DXFKGHQ)DOOGHVXQLYHUVLWlUHQhEXQJVVFKHLQVYRQ%UVFK-X6II $XI VROFKH )lOOH LQ GHQHQ GDV Å(UIRUGHUQLV HLQHU %HZHLVNUDIW IU XQG JHJHQ MHGHUPDQQ´ LP *UXQGH ZHLWKLQ QLFKW HUQVW JHQRPPHQ ZLUG PDFKW PLW 5HFKW 0H\HU)6'UHKHU6IDXIPHUNVDPYJODXFK0DQNRZVNL7DUQRZVNL-X6 XPXQGLQ)Q²$XIGLHEHVRQGHUHDPWOLFKH5LFKWLJNHLWVEHVWl WLJXQJVWHOOWPLW5HFKWDXFK2WWR%7†5QDEVIHUQHUHWZD(UE*$  9JO%*+6W 2/*6WXWWJDUW16W= %*+6W %*+6W %*+6W $X‰HUGHQLP)ROJHQGHQEHLVSLHOKDIWJHQDQQWHQ.RQVWHOODWLRQHQVHLHQDQGLHVHU 6WHOOH HUZlKQW GDV +DXSWYHUKDQGOXQJVSURWRNROO LP 6WUDIYHUIDKUHQ YJO GD]X



,96WUDIWDWHQPLW%OLFNDXIEHVRQGHUH8UNXQGHQ†† 

GLH EHVRQGHUH %HZHLVNUDIW QXU DXI GLH QDFK GHP 3HUVRQHQVWDQGVJHVHW] YRUJHVFKULHEHQHQ (LQWUDJXQJHQ EH]LHKHQ ]% QLFKW DXI GDV $OWHU GHV 7UDX]HXJHQ ² ZDV QDFK GHP VRHEHQ *HVDJWHQ DOV VHOEVWYHUVWlQGOLFK HUVFKHLQW GD GLHVHV $OWHU EHUKDXSW QLFKW MHGHQIDOOV QLFKW PLW EHVRQGHUHU 5LFKWLJNHLWVEHVWlWLJXQJ EHXUNXQGHW ZLUG  EHLP 6SDUEXFK QLFKW DXI GHQ 1DPHQ XQG GLH 9HUIJXQJVEHUHFKWLJXQJ GHU DQJHJHEHQHQ 3HUVRQ VRQGHUQQXUDXIGLH(LQXQG$XV]DKOXQJHQ )$//  $KDWDOV/HLWHUHLQHUED\HULVFKHQJHPHLQGOLFKHQ6SDUNDVVHDXI 9HUODQJHQ GHU (LQ]DKOHU YHUDQODVVW GDVV PHKUHUH 6SDUNDVVHQEFKHU QLFKW DXI GLH 1DPHQ GHU (LQ]DKOHU VRQGHUQ DXI DQGHUH 1DPHQ GLH LQ :LUNOLFKNHLWHUGLFKWHWZDUHQDXVJHVWHOOWZXUGHQ ,PYRUVWHKHQGHQ)$//  VFKHLGHW†QDFKDOOHPELVKHU*HVDJWHQDXV GD GLH 5LFKWLJNHLW GHU 1DPHQ GHU (LQ]DKOHU ² ZHQQ EHUKDXSW  MHGHQIDOOV QLFKW PLW EHVRQGHUHU %HZHLVNUDIW EHXUNXQGHW ZXUGH 'HU QRWDULHOO EHXUNXQGHWH .DXIYHUWUDJ VROO QDFK $XIIDVVXQJ GHU 5HFKWVSUHFKXQJ GLH HUIRUGHUOLFKH EHVRQGHUH %HZHLVNUDIW QXU LQ %H]XJ DXI GLH $EJDEH GHU (UNOlUXQJ EHVLW]HQ QLFKW MHGRFK ]% LQ %H]XJ DXI GHUHQ LQKDOWOLFKH 5LFKWLJNHLW 'DQDFK NlPH PDQ ZRKO DXFK LQ IROJHQGHP )DOO ]XU $EOHK QXQJGHV† )$//(KDWDQ.HLQ*UXQGVWFNYHUNDXIWDOV.DXISUHLVGDIUKDWHU YRQ.ʖHUKDOWHQ8P6WHXHUQ]XVSDUHQJDEHQ(XQG.EHLGHU %HXUNXQGXQJ GHV .DXIYHUWUDJHV GXUFK GHQ 1RWDU 1 GHQ .DXISUHLV QXU PLWʖDQ'HU1RWDUZDUDXVDQGHUHU4XHOOHEHUGLHWDWVlFKOLFKH +|KHGHV.DXISUHLVHVLQIRUPLHUW 1DFK GHP KLHU YHUWUHWHQHQ .RQ]HSW GHV $EVWHOOHQV DXI GLH )XQNWLRQ EHVRQGHUHUDPWOLFKHU5LFKWLJNHLWVEHVWlWLJXQJGUIWHRKQH:HLWHUHVNODUVHLQ GDVVGDV)HKOHQDQGHUZHLWLJHU$EVSUDFKHQQDFKGHP=XVFKQLWWGHU$XIJDEH GHV1RWDUVQLFKW²MHGHQIDOOVQLFKWPLWEHVRQGHUHU5LFKWLJNHLWVJHZlKUYHUVH KHQ²EHXUNXQGHWZLUG'HU1RWDU NDQQPLWEHVRQGHUHU5LFKWLJNHLWVJH ZlKUOHGLJOLFKHLQHQJDQ]EHVFKUlQNWHQ.UHLVYRQLKPEHUKDXSWYHUIJ EDUHQ*HJHEHQKHLWHQEHXUNXQGHQ² KLHU GHQ ÅlX‰HUHQ (UNOlUXQJVWDW  2/*+DPP1-:%*+6W0DXUDFK6FKURHGHU0DLZDOG%7 †5Q GDV*HIDQJHQHQEXFKYJOGD]X%*+*$5*6W 2/*+DPP1-:   %*+6W  %*+6W  %*+ 16W=   P $QP 6FKXPDQQ -=   GHU DOOHUGLQJV GDUDXI KLQZHLVWGDVVGLHVH(LQVFKlW]XQJGDYRQDEKlQJWZDVPDQJHQDXXQWHUEHXUNXQ GHWHU(UNOlUXQJ]XYHUVWHKHQKDWQXUÅlX‰HUHU´RGHUDXFKÅLQQHUHU(UNOlUXQJV WDWEHVWDQG´" YJOGD]XGHQIROJHQGHQ7H[W









7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ

EHVWDQG´GHUXQJHDFKWHWGHVSULYDWHQ:LVVHQVGHV1RWDUVXPGHQIHKOHQ GHQÅLQQHUHQ´YRUOLHJWXQGDXFKULFKWLJEHXUNXQGHWLVW D (LQHIDOVFKH%HXUNXQGXQJL6GHV†NDQQDXFKYRUOLHJHQZHQQHLQH $XVIHUWLJXQJHUVWHOOWZLUG]XGHUHVLQGLHVHU)RUP NHLQH$XVJDQJVXUNXQGH JLEW :LUG YRQ HLQHU PHKUHUH *HJHQVWlQGH XPIDVVHQGHQ ULFKWLJHQ %HXU NXQGXQJ OHGLJOLFK HLQ 7HLOJHJHQVWDQG LVROLHUW DXVJHIHUWLJW LVW GLHVH 7HLODXV IHUWLJXQJ IDOVFK ZHQQ GDV GDGXUFK %HXUNXQGHWH PLW GHP QLFKW EHUHLQ VWLPPW ZDV PLW HLQHU HQWVSUHFKHQGHQ EHVRQGHUHQ DPWOLFKHQ 5LFKWLJ NHLWVJHZlKU EHVWlWLJW ZHUGHQ NDQQ ,VW GDJHJHQ GLHVH EHVRQGHUH DPWOLFKH 5LFKWLJNHLWVEHVWlWLJXQJLQ%H]XJDXIGHQDXVJHIHUWLJWHQ7HLO]XWUHIIHQG EHXUNXQGHW GLH 7HLODXVIHUWLJXQJ QLFKWV Å)DOVFKHV´ L6 GHV † :LUG EHLVSLHOVZHLVHLP=XVDPPHQKDQJPLWHLQHP*UXQGVWFNVNDXIYHUWUDJHLQH 7HLODXVIHUWLJXQJ HUVWHOOW GLH QXU GLH LP $X‰HQYHUKlOWQLV XQEHVFKUlQNWH )LQDQ]LHUXQJVYROOPDFKW EHXUNXQGHW LVW GLHVH %HXUNXQGXQJ DXFK GDQQ QLFKW IDOVFK ZHQQ GHU .DXIYHUWUDJ DOV $XVJDQJVXUNXQGH EHVWLPPWH %H VFKUlQNXQJHQLP,QQHQYHUKlOWQLVGHU9HUWUDJVSDUWHLHQHQWKlOW(VLVWQLFKW GLH $XIJDEH HLQHU %HXUNXQGXQJ GHU GDV $X‰HQYHUKlOWQLV EHWUHIIHQGHQ 9ROOPDFKWHUJlQ]HQGH,QIRUPDWLRQHQEHUGLHVHV,QQHQYHUKlOWQLV]XOLHIHUQ  6WHOOWHLQ1RWDUVHLQH$QZHVHQKHLWEHLGHU9HUOHVXQJGHU1LHGHUVFKULIW EHU HLQ 5HFKWVJHVFKlIW IHVW VR VROO GLHV QDFK $XIIDVVXQJ GHU 5HFKWVSUH FKXQJ YRQ GHU EHVRQGHUHQ %HZHLVNUDIW XPIDVVW VHLQ ,QGHVVHQ VROO VLFK EHLP)KUHUVFKHLQGLHEHVRQGHUH%HZHLVNUDIWQLFKWDXIGLH$EOHJXQJHLQHU GHU (UWHLOXQJ YRUDQJHJDQJHQHQ )DKUSUIXQJ EH]LHKHQ :lKUHQG GLH ]XOHW]WJHQDQQWHQ(LQVFKlW]XQJHQ²DXFKQDFKGHUKLHUYHUWUHWHQHQ.RQ]HS WLRQ ² HLQLJHUPD‰HQ NRQVHTXHQW HUVFKHLQHQ LVW )ROJHQGHV NDXP PHKU EH JUHLIOLFK]XPDFKHQ  1DFK$XIIDVVXQJGHV%*+VROOEHLP)KUHUVFKHLQIUGDV*HEXUWVGD WXP HLQH EHVRQGHUH %HZHLVNUDIW JHOWHQ +|FKVW ]ZHLIHOKDIW HUVFKHLQW EH   ,Q GHU 6DFKH IU HLQHQ HQWVSUHFKHQGHQ )DOO ZLH KLHU :HVVHOV+HWWLQJHU %7  5Q†,,D YJODX‰HUGHP$U]W:HEHU/+5Q  9JOEHUHLWV5*6WII  %*+6WYJODXFK2/*)UDQNIXUW16W=PLW]XVW$QP3LNDUW ]XU)UDJHGHUÅYRU´GHP1RWDUYROO]RJHQHQ8QWHUVFKULIW²=XU5HLFKZHLWHGHU EHVRQGHUHQ %HZHLVNUDIW EHLP 5lXPXQJVSURWRNROO GHV *HULFKWVYROO]LHKHUV YJO %D\2E/* ZLVWUD   QLFKW LQ %H]XJ DXI GLH $QJDEH XQXQWHUEURFKHQHU *HJHQZDUWGHV*HULFKWVYROO]LHKHUV ²1DFK%*+6WZLUGGHUYRP 1RWDUQLFKW]ZLQJHQGDQ]XJHEHQGH2UWGHU%HXUNXQGXQJIDOOVDQJHJHEHQ QLFKW YRQGHUEHVRQGHUHQ%HZHLVNUDIWXPIDVVW  9JO2/*+DPP16W=PZ1  %*+6W    PLW DEO $QP 5DQIW -5   YJO GD]X QRFK XQWHQ )$//²=XP.I]6FKHLQVGLH(QWVFKHLGXQJGHV*UR‰HQ6HQDWV%*+6W 





,96WUDIWDWHQPLW%OLFNDXIEHVRQGHUH8UNXQGHQ†† 

UHLWVREGHU)KUHUVFKHLQVHLQHU)XQNWLRQQDFKEHUKDXSWHLQH)HVWVWHOOXQJGHV *HEXUWVGDWXPVEHLQKDOWHW1lKHUOLHJHQGGUIWHHLQ9HUVWlQGQLVGHV*HEXUWV GDWXPV LP )KUHUVFKHLQ DOV VFKOLFKWHV .HQQ]HLFKQXQJVPHUNPDO IU GHQMHQLJHQVHLQIUGHQGHU)KUHUVFKHLQJHOWHQVROOVRGDVVGHU%HWUHIIHQGH LP )DOOH GHU IHKOHUKDIWHQ .HQQ]HLFKQXQJ NHLQHQ RUGQXQJVJHPl‰HQ )KUHU VFKHLQKDW1LFKWPHKUQDFKYROO]LHKEDULVWDEHUDXIMHGHQ)DOOGLH$QQDK PH GDV *HEXUWVGDWXP ZHUGH QLFKW QXU IHVWJHVWHOOW VRQGHUQ EHUGLHV PLW HLQHU EHVRQGHUHQ DPWOLFKHQ 5LFKWLJNHLWVJHZlKU YHUVHKHQ 'DV NDQQ QLFKWGLH$XIJDEHHLQHV)KUHUVFKHLQVVHLQ ,QGHU=XODVVXQJVEHVFKHLQLJXQJ7HLO,VROOQDFK$XIIDVVXQJGHV%*+ D DXFK GLH ,GHQWLWlW GHV QDFK HQWVSUHFKHQGHU 3UIXQJ ]XJHODVVHQHQ )DKU ]HXJV EHVRQGHUV EHZHLVNUlIWLJ Å]X |IIHQWOLFKHP *ODXEHQ´  EHXUNXQGHW ZHUGHQ3HUVRQDOLHQDQJDEHQLQGHU%HVFKHLQLJXQJEHUGLH$XIHQWKDOWV JHVWDWWXQJQDFK†$V\O9I*GLHDOOHLQDXIGHQ$QJDEHQGHV$V\OEHZHU EHUVEHUXKHQVLQGQLFKWYRQGHUEHVRQGHUHQ%HZHLVNUDIWXPIDVVW ,6 GHV † IDOVFK EHXUNXQGHW E]Z HLQJHWUDJHQ RGHU HLQJHJHEHQ   NDQQ QDFK GHP *HVDJWHQ HLQH YRQ GHU EHVRQGHUHQ %HZHLVNUDIW XPIDVVWH UHFKWOLFKHUKHEOLFKH7DWVDFKHQXUVHLQZHQQGDV%HXUNXQGHWHPLWGHP]XEH XUNXQGHQGHQ 9RUJDQJ QLFKW EHUHLQVWLPPW :DV GDV QlKHUKLQ KHL‰W HUVFKHLQW JHJHQZlUWLJ DOOHUGLQJV NDXP JHNOlUW +LHU VWHOOW VLFK LQ GHU 6DFKH QLFKW VHOWHQ HLQ 3UREOHP ZLH HV YHUJOHLFKEDU EHL GHQ $XVVDJHGHOLNWHQ LQ %H]XJDXIGLH)UDJHGHU )DOVFKKHLWHLQHU$XVVDJHDXIWULWWXQGGRUW$QODVV ]XP6WUHLWJLEW+LHUZLHGRUWZLUNWZHLFKHQVWHOOHQGDXFKIUGLH9RUVDW] $QIRUGHUXQJHQ GLH9RUIUDJHZDVJHQDX*HJHQVWDQGGHU$XVVDJHE]ZGHU EHVRQGHUVEHZHLVNUlIWLJHQ%HXUNXQGXQJLVW *HKWPDQLP)DOOGHV)OHLVFKEHVFKDXHUV)$// GDYRQDXVVSH]LHOOHU  %HXUNXQGXQJVJHJHQVWDQG VHL GLH WDWVlFKOLFKH 7ULFKLQHQIUHLKHLW GHV   

 













]XP)KUHUVFKHLQYJODXFK%*+6WP$QP 7U|QGOH-5 %*+6WP$QP0DUFHOOL16W=%*+6W ,QGHU6DFKHZLHKLHUHWZDDXFK0OOHU7XFNIHOG6W9 %*+ 16W=   II P $QP (UE YJO ]X GLHVHP )UDJHQNUHLV HUJlQ]HQG =LHVFKDQJLQ/.†5Q 6R VDFKOLFK ]XWUHIIHQG HWZD 2/* .DUOVUXKH 6W9   II YJO D 2/* %UDQGHQEXUJ6W9.*6W9II 16W=II ²)HK OHUKDIWLQVRIHUQ%*+6WII]X†$V\O9I* NULWGD]X)UHXQGLQ 0QFK.RPP6W*%†5QII0OOHU7XFNIHOG6W9I 0HLVWZLUG²PLVVYHUVWlQGOLFK²DXIHLQHQ9HUJOHLFKPLWGHUÅ:LUNOLFKNHLW´DEHU ZHOFKHUJHQDX" DEJHVWHOOWYJOHWZD$U]W:HEHU/+5Q&UDPHU6WHUQEHUJ /LHEHQLQ6FK|QNH6FKU|GHU†5Q/DFNQHU.KO†5Q 9JO]XP6WUHLWXPGHQ)DOVFKKHLWVEHJULIIEHLGHQ$XVVDJHGHOLNWHQQXU5XGROSKL LQ6.6W*%/IJ$XJYRU†5QIIPZ1

7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ

)OHLVFKHV DEHU DXFK QLFKWV DQGHUHV  GDQQ JHODQJW PDQ ]XU )DOVFKKHLW EHL HLQHU 1LFKWEHUHLQVWLPPXQJ GHV HQWVSUHFKHQG %HXUNXQGHWHQ PLW HLQHU JOHLFKVDPDXVÅK|KHUHU:DUWH´EHVWLPPWHQ:LUNOLFKNHLW'LHYRUJHQRPPHQH %HXUNXQGXQJ ZlUH GDQQ QLFKW IDOVFK ZHQQ GDV )OHLVFK WDWVlFKOLFK WULFKLQHQIUHLJHZHVHQVHLQVROOWH.|QQWHGLHVQLFKWDXVJHVFKORVVHQZHUGHQ NlPH DOOHQIDOOV HLQH 6WUDIEDUNHLW ZHJHQ YHUVXFKWHU )DOVFKEHXUNXQGXQJ LQ %HWUDFKW VRIHUQ ) LQ .DXI JHQRPPHQ KDEHQ VROOWH HQWJHJHQ GHU VR EH VWLPPWHQ :LUNOLFKNHLW 7ULFKLQHQIUHLKHLW ]X EHVFKHLQLJHQ 8PJHNHKUW KlWWHQ ZLUHVLPPHUKLQÅREMHNWLY´PLWHLQHU)DOVFKEHXUNXQGXQJLQVROFKHU6LFKW VHOEVWGDQQ]XWXQZHQQ)RUGQXQJVJHPl‰XQWHUVXFKWXQGNHLQH7ULFKL QHQJHIXQGHQKlWWHVLFKDEHULP1DFKKLQHLQ]%DXIJUXQGYHUIHLQHUWHU 0HWKRGHQ 7ULFKLQHQILQGHQVROOWHQGLHEHLGHUYRUJHVFKULHEHQHQ²QRUPD OHQ²8QWHUVXFKXQJPDQFKPDOJDUQLFKWHQWGHFNWZHUGHQN|QQHQ'HUY|OOLJ NRUUHNW DUEHLWHQGH )OHLVFKEHVFKDXHU ZlUH GDQQ EOR‰ GHVKDOE QLFKW VWUDIEDUZHLOLKPGHU9RUVDW]IHKOWH  'LH3UREOHPDWLNHLQHUVROFKHQ2ULHQWLHUXQJDQHLQHUDXVÅK|KHUHU:DU WH´EHVWLPPWHQ:LUNOLFKNHLWOLHJWGDULQEHJUQGHWGDVVHLQVROFKHV9RUJHKHQ ² HQWJHJHQ GHP HUVWHQ $QVFKHLQ ² WDWVlFKOLFK JDU NHLQHQ IHVWHQ %H]XJV SXQNWEHVLW]W(VEOHLEWOHW]WOLFK]XIlOOLJZLOONUOLFKZHLO²HWZDPLW%OLFNDXI ZHLWHUYHUIHLQHUEDUH8QWHUVXFKXQJVPHWKRGHQQHXH(UNHQQWQLVVHHWF² GLHVREHVWLPPWH:LUNOLFKNHLWHLQK|FKVWIOFKWLJHVXQGJHUDGHNHLQGDXHU KDIWIHVWVWHKHQGHV*HELOGHLVW  'HVKDOE HUVFKHLQW HV HKHU DQJHPHVVHQ GHQ 9HUJOHLFKVJHJHQVWDQG ]XU %HVWLPPXQJGHU)DOVFKKHLWHLQHU%HXUNXQGXQJL6GHV†QDFKQRUPDWL YHQ .ULWHULHQ ]X HUPLWWHOQ QlPOLFK ]X IUDJHQ ZDV DOV YRQ GHP MHZHLOLJHQ 8UNXQGVEHDPWHQYRQ5HFKWVZHJHQ]XYHUPHLGHQGHXQGLG6ÅIDOVFKH´ %HXUNXQGXQJ DQJHVHKHQ ZHUGHQ PXVV 0LW %OLFN DXI GDV VSH]LILVFKH 5HFKWVJWHUVFKXW]LQWHUHVVHGHV†XQGGLHLQVRZHLWLQGLYLGXHOOYRUKDQGH QHQ 0|JOLFKNHLWHQ GHV 6FKXW]HV NDQQ HV QLFKW DXI HLQH GHP %HDPWHQ JDU QLFKW YHUIJEDUH :LUNOLFKNHLW DQNRPPHQ VRQGHUQ DOOHLQ DXI GLH LKP YHU IJEDUH (QWVFKHLGXQJVJUXQGODJH ² DOOHLQ HQWVSUHFKHQG GLHVHU (QWVFKHL GXQJVJUXQGODJH ]X EHXUNXQGHQ HQWVSULFKW VHLQHU EHVRQGHUHQ  :DKU KHLWVSIOLFKW 'HP]XIROJH EHXUNXQGHW HLQ 8UNXQGVEHDPWHU GHU DXI GHU   6R PLW 5HFKW DXFK 2/* .DUOVUXKH 'LH -XVWL]    Å'XUFK GDV $EVWHPSHOQEHXUNXQGHWGHU%HVFKDXHUQLFKWHLQH(LJHQVFKDIWGHV)OHLVFKHVDOV VROFKHVRQGHUQGLH7DWVDFKHGHU9RUQDKPHGHUYRUJHVFKULHEHQHQ8QWHUVXFKXQJ XQGLKUHV(UJHEQLVVHV´YJOQRFKPDOV††D=32]XU5HLFKZHLWH GHUEHVRQGHUHQ%HZHLVNUDIWVRZLHREHQ5QII  =XULQKDOWOLFKDQGHUVEHVFKDIIHQHQ3IOLFKWGHV([WUDQHXVLP)DOOHGHUPLWWHOEDUHQ )DOVFKEHXUNXQGXQJVXQWHQ7HLO,95Q²  



,96WUDIWDWHQPLW%OLFNDXIEHVRQGHUH8UNXQGHQ†† 

%DVLV GHU LKP YHUIJEDUHQ %HXUNXQGXQJVJUXQGODJH HWZDV RUGQXQJVJHPl‰ EHXUNXQGHWDXFKGDQQQLFKWIDOVFKL6GHV†ZHQQVLFKVSlWHURGHU DXVDQGHUHU3HUVSHNWLYHHWZDVDQGHUHVHUJHEHQVROOWH ,P )$//  KDW GHU )OHLVFKEHVFKDXHU ) MHGRFK VHLQH EHVRQGHUH :DKU  KHLWVSIOLFKWYHUOHW]W²XQG]ZDUXQDEKlQJLJYRQHLQHUWDWVlFKOLFKHQ7ULFKL QHQIUHLKHLWGHV)OHLVFKHV'HQQGDV%HXUNXQGHWHZLUGGXUFKGLHYHUIJEDUH (QWVFKHLGXQJVJUXQGODJH LQ NHLQHU :HLVH DEJHGHFNW 2KQH RUGQXQJVJHPl‰H DPWOLFKH8QWHUVXFKXQJNDQQ7ULFKLQHQIUHLKHLWJDUQLFKWLQHLQHUPLWEHVRQGH UHU DPWOLFKHU 5LFKWLJNHLWVJHZlKU YHUVHKHQHQ :HLVH IHVWJHVWHOOW XQG LG6 ÅEHXUNXQGHW´ ZHUGHQ (LQH GHQQRFK YRUJHQRPPHQH GHUDUWLJH %HXUNXQ GXQJ LVW PLW %OLFN DXI GDV VSH]LILVFKH 5HFKWVJWHUVFKXW]LQWHUHVVH GHV † VHOEVWGDQQ]XEHDQVWDQGHQZHQQGDV)OHLVFK]XIlOOLJWULFKLQHQIUHLJHZHVHQ VHLQVROOWH (UZlJHQVZHUWHUVFKHLQWDOOHQIDOOVREGDQQZHQQGDVRKQHGLHYRUDXVJH  VHW]WH 3UIXQJ %HVFKHLQLJWH DXV DQGHUHU :DUWH EHWUDFKWHW ]XIlOOLJ VWLPPW RGHU VWLPPHQ NDQQ  QLFKW YLHOOHLFKW XQJHDFKWHW GHV ]X EHDQVWDQGHQGHQ %HXUNXQGXQJVYHUKDOWHQV  HLQH ]XVlW]OLFKH (LQJUHQ]XQJ GHV 7DWEHVWDQGV XQWHU GHP $VSHNW GHV DXVUHLFKHQGHQ Å(UIROJVXQZHUWV´ YRUJHQRPPHQ ZHUGHQ VROOWH 'LHVHU )UDJH NDQQ KLHU QLFKW ZHLWHU QDFKJHJDQJHQ ZHUGHQ 7DWVlFKOLFKGUIWHHLQIUGLH%HVWUDIXQJZHJHQYROOHQGHWHU7DWDXVUHLFKHQGHU Å(UIROJVXQZHUW´ GXUFKDXV DXIZHLVEDU VHLQ =ZDU PDJ GLH VR HQWVWDQGHQH %HXUNXQGXQJ LQ EHVWLPPWHU +LQVLFKW ]XIlOOLJ  GLH :LUNOLFKNHLW WUHIIHQ LQGHVVHQ KlOW GLHVH DOV %HXUNXQGXQJ OHW]WOLFK HEHQ GRFK QLFKW ZDV VLH ]X YHUVSUHFKHQ VFKHLQW 'LH %HXUNXQGXQJ ÅLQV %ODXH KLQHLQ´ ELHWHW JHUDGH NHLQH EHVRQGHUH DPWOLFKH 5LFKWLJNHLWVJHZlKU ZLH VLH EHL HLQHU ]XWUHI IHQGHQ%HXUNXQGXQJYRUDXVJHVHW]WZLUGXQGLVWGHVKDOEDOV%HXUNXQGXQJ LQVRIHUQHLQGHXWLJIDOVFK 0LW HLQHU LQ MHGHU +LQVLFKW WDWEHVWDQGVPl‰LJHQ ² DXFK GLH QRWZHQGLJHQ  9RUVDW]HUIRUGHUQLVVH HUIOOHQGHQ ² )DOVFKEHXUNXQGXQJ KDEHQ ZLU HV EHLVSLHOVZHLVH LP )DOOH GHV 1RWDUV ]X WXQ GHU GLH hEHUHLQVWLPPXQJ YRQ 2ULJLQDO XQG $EVFKULIW EHJODXELJW REZRKO HU HLQH $EZHLFKXQJ IHVWJH VWHOOW KDW 'LH GHP $PWVWUlJHU REOLHJHQGH EHVRQGHUH :DKUKHLWVSIOLFKW LVW DEHUDXFKYHUOHW]WLQ

  )U GLH 5HLFKZHLWH GHV † XQG GHQ GRUW PD‰JHEOLFKHQ )DOVFKKHLWVEHJULII LVW GDPLWQRFKQLFKWVYRUHQWVFKLHGHQYJOXQWHQ7HLO,95Q²   ,QGHU6DFKHZLHKLHU2/*.DUOVUXKH'LH-XVWL] 9JOGD]XDXFK)UHXQGLQ0QFK.RPP6W*%†5Q 

7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ

)$//  1RWDU 1 ZDU EHLP 9HUJOHLFK YRQ .RSLH XQG 2ULJLQDO XQ DXIPHUNVDP XQG VWHOOWH GHVKDOE HLQH $EZHLFKXQJ QLFKW IHVW VRQGHUQ EHJODXELJWHGLHhEHUHLQVWLPPXQJ  'LH %HJODXELJXQJ LVW KLHU ² LP *UXQGH QLFKW YLHO DQGHUV DOV LQ GHP )OHLVFKEHVFKDXHU)$// GHU7DXJOLFKNHLWVVWHPSHO²QLFKWGDVZHUWZDVVLH YHUVSULFKW =ZDU KDW GLH IU GLH EHVRQGHUH %HZHLVNUDIW YRUDXVJHVHW]WH 3UIXQJ VWDWWJHIXQGHQ DEHU HEHQ LQ HLQHU XQ]XOlQJOLFKHQ $UW XQG :HLVH 6RIHUQ1GDYRQDXVJHJDQJHQLVWRUGHQWOLFKJHSUIW]XKDEHQVFKHLGHWHLQH 6WUDIEDUNHLW ZHJHQ )DOVFKEHXUNXQGXQJ MHGRFK ZHJHQ IHKOHQGHQ 9RUVDW]HV DXV  $QGHUV YHUKlOW HV VLFK GDJHJHQ LP )OHLVFKEHVFKDXHU)$//  'HU )OHLVFKEHVFKDXHU ) HUIDVVW LQ HLQHU IU GLH 9RUVDW]EHVWUDIXQJ DXVUHLFKHQGHQ :HLVH GDVV GDV ZDV HU EHVRQGHUV EHZHLVNUlIWLJ EHXUNXQGHW GXUFK GLH LKP YHUIJEDUH (QWVFKHLGXQJVJUXQGODJH QLFKW DEJHGHFNW LVW (U EHXUNXQGHW GHVKDOEYRUVlW]OLFKIDOVFKL6GHV†'LHVJLOWXQDEKlQJLJGDYRQREHU ]ZDUXQUHDOLVWLVFKDEHUP|JOLFKHUZHLVH GDYRQDXVJHJDQJHQVHLQVROOWHGDVV GDV)OHLVFKWULFKLQHQIUHLVHL'LHVHUJXWH*ODXEHlQGHUWQLFKWVGDUDQGDVV HU XP GLH )DOVFKKHLW GHU %HXUNXQGXQJ DOV %HXUNXQGXQJ PLW EHVRQGHUHU %HZHLVNUDIW  ZHL‰ ,KP LVW JDQ] JHQDX EHZXVVW GDVV XQWHU GHQ JHJHEHQHQ 8PVWlQGHQ 7ULFKLQHQIUHLKHLW QLFKW PLW EHVRQGHUHU DPWOLFKHU 5LFKWLJNHLWVJH ZlKUEHVFKHLQLJWZHUGHQNDQQ  ,QWHUHVVDQWHUZHLVH JHODQJW PDQ ]X GHPVHOEHQ (UJHEQLV ZHQQ PDQ ]ZDU DXIHLQHZLUNOLFKH7ULFKLQHQIUHLKHLWDOV%HXUNXQGXQJVJHJHQVWDQGDEVWHOOW DEHU GDQHEHQ GLH RUGQXQJVJHPl‰H  8QWHUVXFKXQJ DOV PLWEHXUNXQGHW DXIIDVVW'HQQMHGHQIDOOVGDV/HW]WJHQDQQWHLVWGDQQLQVROFKHU6LFKWHQWJHJHQ GHUÅ:LUNOLFKNHLW´YRUVlW]OLFKIDOVFKEHXUNXQGHW'DVLFKGDV)OHLVFKPLW GHQ JHVWHLJHUW EHZHLVNUlIWLJHQ )OHLVFKEHVFKDXVWHPSHOQ QLFKW PHKU LP 0DFKWEHUHLFKGHV)EHIDQGVRQGHUQEHUHLWVGHQ)OHLVFKHUQEHUODVVHQZDU OlVVWVLFKHLQH)DOVFKEHXUNXQGXQJZRKODXFKNDXPPHKUPLWGHU(UZlJXQJ YHUQHLQHQ GLH UHOHYDQWH %HXUNXQGXQJ VHL QRFK JDU QLFKW HUIROJW ZLH LQ GHP)DOOLQGHPHLQHEOR‰N|USHUOLFKKHUJHVWHOOWHÅ8UNXQGH´QRFKQLFKWLQ 

  9JO GD]X GLH 9HUQHLQXQJ GHV 9RUVDW]HV LQ HLQHP HQWVSUHFKHQGHQ )DOO EHL $U]W:HEHU/+5Q  9JOHWZD5*6WGHU6WHPSHOÅWULFKLQHQIUHL´EHGHXWHMHGHQIDOOVDXFK GLH%HXUNXQGXQJGHUYRUJHQRPPHQHQ8QWHUVXFKXQJ IHUQHU$U]W:HEHU/+ 5QL9P5QZHLWHUH1DFKZEHL)UHXQGLQ0QFK.RPP6W*%† 5Q 



,96WUDIWDWHQPLW%OLFNDXIEHVRQGHUH8UNXQGHQ†† 

GHQ9HUNHKUJHJHEHQZXUGHXQGGHVKDOEYRQ5HFKWVZHJHQQRFKJDUNHLQH 8UNXQGHQTXDOLWlWEHVLW]W  'HILQLWLRQGHUEHVRQGHUHQ%HZHLVNUDIW|IIHQWOLFKHU8UNXQGHQ 'LH EHVRQGHUH %HZHLVNUDIW HLQHU |IIHQWOLFKHQ 8UNXQGH HUJLEW VLFK DXV GHQJHVHW]OLFKHQ5HJHOXQJHQGHU††D=32 6LHHUIRUGHUWHLQHEHVRQGHUHDPWOLFKH5LFKWLJNHLWVEHVWlWLJXQJ  $OV*HJHQVWDQGHLQHUVROFKHQEHVRQGHUHQDPWOLFKHQ5LFKWLJNHLWVEHVWlWL JXQJNRPPHQQXULQ%HWUDFKW ² (LJHQZDKUQHKPXQJHQGHV8UNXQGVEHDPWHQ ² (LJHQZDKUQHKPXQJHQ ÅGHU %HK|UGH´ EHK|UGHQLQWHUQHU +LOIVSHUVR QHQ  ² DXVQDKPVZHLVH DXFK )UHPGZDKUQHKPXQJHQ VRIHUQ GLHV GXUFK HLQ *HVHW] DXVGUFNOLFK DQJHRUGQHW ZLUG YJO ]% †† II  II  36W*  

D

'HILQLWLRQGHUIDOVFKHQ%HXUNXQGXQJ ,6 GHV † IDOVFK EHXUNXQGHW E]Z HLQJHWUDJHQ RGHU HLQJHJHEHQ  LVWHLQHYRQEHVRQGHUHU%HZHLVNUDIWXPIDVVWHUHFKWOLFKHUKHEOLFKH7DWVD FKH ZHQQ GDV %HXUNXQGHWH PLW GHP QLFKW EHUHLQVWLPPW ZDV QDFK 6DFKODJHYRP8UNXQGVEHDPWHQNRUUHNWEHXUNXQGHWZHUGHQNRQQWH

E

2. Mittelbare Falschbeurkundung (§ 271) 0LW)UHLKHLWVVWUDIHELV]XGUHL-DKUHQRGHUPLW*HOGVWUDIHZLUGEHVWUDIWÅZHU  EHZLUNW GD‰ (UNOlUXQJHQ 9HUKDQGOXQJHQ RGHU 7DWVDFKHQ ZHOFKH IU 5HFKWH RGHU 5HFKWVYHUKlOWQLVVH YRQ (UKHEOLFKNHLW VLQG LQ |IIHQWOLFKHQ 8UNXQGHQ %FKHUQ 'DWHLHQ RGHU 5HJLVWHUQ DOV DEJHJHEHQ RGHU JHVFKHKHQ EHXUNXQGHWRGHUJHVSHLFKHUWZHUGHQZlKUHQGVLHEHUKDXSWQLFKWRGHULQ   :HJHQ GHU HUQVW]XQHKPHQGHQ *HIDKU YRU]HLWLJHU %HQXW]XQJ HLQH UHFKWOLFK UHOHYDQWH%HXUNXQGXQJEHMDKHQG5*6WIIYJODXFK2/*.DUOVUXKH'LH -XVWL])UHXQGLQ0QFK.RPP6W*%†5QPZ1DXFK ]XU*HJHQDXIIDVVXQJ  'LH ÅIDOVFKH %HXUNXQGXQJ´ L6 GHV † DOV 3URGXNW GHU 7DWKDQGOXQJ GHV IDOVFKHQ%HXUNXQGHQV KlQJWLQVRZHLWGDYRQDEREGDV9HUKDOWHQ GHV8UNXQGV EHDPWHQWDWEHVWDQGOLFKVSH]LILVFK]XPLVVELOOLJHQLVW²=XGLHVHPVHOEVWYHUVWlQG OLFK ]X EHDFKWHQGHQ DOOJHPHLQHQ 6WUDIWDWHUIRUGHUQLV GHV 9HUVWR‰HV JHJHQ HLQH UHFKWOLFK OHJLWLPLHUWH 9HUKDOWHQVQRUP QlKHU )UHXQG LQ 0QFK.RPP6W*% YRU †5QIIIIPZ1 

7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ

DQGHUHU :HLVH RGHU YRQ HLQHU 3HUVRQ LQ HLQHU LKU QLFKW ]XVWHKHQGHQ (LJHQ VFKDIW RGHU YRQ HLQHU DQGHUHQ 3HUVRQ DEJHJHEHQ RGHU JHVFKHKHQ VLQG´ † $EV  'HU 9HUVXFK LVW VWUDIEDU † $EV   'HU *HEUDXFK IDOVFKHU %HXUNXQGXQJHQ RGHU 'DWHQVSHLFKHUXQJHQ LVW LQ † $EV XQWHU 6WUDIHJHVWHOOW†$EVHQWKlOWHLQHQ4XDOLILNDWLRQVWDWEHVWDQGIU)lOOH GHV+DQGHOQVJHJHQ(QWJHOWE]ZLQGHU$EVLFKWVLFKRGHUHLQHQ'ULWWHQ]X EHUHLFKHUQRGHUHLQHDQGHUH3HUVRQ]XVFKlGLJHQ D 'LH6WUDIGURKXQJGHV†$EVEHWUXJELV]XP6WU5*PD[LPDOHLQ -DKU )UHLKHLWVVWUDIH 'HUHQ 9HUVFKlUIXQJ JHKW DXI GLH VSlWH (LQVLFKW GHV *HVHW]JHEHUV ]XUFN GDVV GLH ELV GDKLQ DXFK XQWHU %HUFNVLFKWLJXQJ GHU ††$EV$EV YRUKDQGHQHPDVVLYH3ULYLOHJLHUXQJLP9HUKlOWQLV ]XP )DOO GHU $QVWLIWXQJ ]XU)DOVFKEHXUNXQGXQJLP $PWVDFKOLFK QLFKW ]XUHFKWIHUWLJHQLVW1LFKWEHGDFKWKDWGHU*HVHW]JHEHUDOOHUGLQJVGLHVLFK EHL †  VWHOOHQGH HQWVSUHFKHQGH 3UREOHPDWLN $XFK GRUW ZHUGHQ )lOOH GLHLQGHU6DFKHPHLVWVROFKHGHUPLWWHOEDUHQ7lWHUVFKDIWVLQGLP9HUKlOWQLV ]XGHQHQWVSUHFKHQGHQ)lOOHQGHU$QVWLIWXQJ]XP0HLQHLGHWF VHOEVWEHL XPVWULWWHQHU +HUDQ]LHKXQJGHU††$EV$EVLP9HUJOHLFKYLHO ]XPLOGHHLQJHVWXIW  )$// $HUNOlUWHEHLVHLQHU(KHVFKOLH‰XQJYRUGHP6WDQGHVEHDPWHQ EHZXVVWZDKUKHLWVZLGULJHUVHLJHVFKLHGHQ7DWVlFKOLFKOHEWHHULQQRFK JOWLJHU(KH  )$// $GHPIUKHUHLQPDOGLH)DKUHUODXEQLVHUWHLOWGDQQDEHUZLH GHU HQW]RJHQ ZRUGHQ ZDU KDWWH EHLP /DQGUDWVDPW GLH (UWHLOXQJ HLQHV (UVDW]IKUHUVFKHLQV EHDQWUDJW (U KDWWH KLHUEHL VHLQHQ 1DPHQ ULFKWLJ DQJHJHEHQKDWWHDEHUDOV*HEXUWVGDWXPÅ´VWDWW]XWUHIIHQG Å´  JHQDQQW GDPLW GLH $QIUDJH EHLP 9HUNHKUV]HQWUDOUHJLVWHU GHQ(QW]XJGHU)DKUHUODXEQLVQLFKWRIIHQEDUHQVROOWH:HLOGHU%HDPWHGLH IDOVFKH $QJDEH GHV $ DXV DQGHUHP *UXQG GXUFKVFKDXWH XQWHUEOLHE GLH $XVKlQGLJXQJ GHV PLW GHP IDOVFKHQ *HEXUWVGDWXP YHUVHKHQHQ (U VDW]IKUHUVFKHLQV a) Durch das Verbot der mittelbaren Falschbeurkundung intendierter Rechtsgüterschutz

 $XFKGDVVSH]LILVFKH5HFKWVJWHUVFKXW]LQWHUHVVHGHV†JHKWZHLWEHU GDVGHV†KLQDXV'HQQGDV,QWHUHVVHDQHLQHUXQPDQLSXOLHUWHQ*UXQGODJH IU EHVWLPPWH %HXUNXQGXQJHQ RGHU 'DWHQVSHLFKHUXQJHQ  VROO QRUPDWLY   6GD]XGLH:UGLJXQJGHV(QWZXUIVHLQHV*HVHW]HV]XU5HIRUPGHV6WUDIUHFKWV EHL)UHXQG=6W:   9JOGD]X)UHXQG=6W: I 



,96WUDIWDWHQPLW%OLFNDXIEHVRQGHUH8UNXQGHQ†† 

DEJHVLFKHUWZHUGHQ:lKUHQG†JHZlKUOHLVWHQVROOGDVVGLH%HXUNXQGXQJ PLW GHP EHUHLQVWLPPW ZDV GHU 8UNXQGVEHDPWH VHOEVW DOV (LJHQZDKUQHK PXQJ XQG GHVKDOE PLW |IIHQWOLFKHP *ODXEHQ YHUVHKHQ ]X EHXUNXQGHQ KDWWH KDQGHOWHVVLFKEHL†KDXSWVlFKOLFKGDUXPGLHIUGLH(LQWUDJXQJPD‰ JHEOLFKH(LQWUDJXQJVJUXQGODJH²DXIGLHVLFKGHU8UNXQGVEHDPWHYHUODV VHQN|QQHQPXVV²YRQ0DQLSXODWLRQHQXQG)lOVFKXQJHQLQVEHVRQGHUH YRQIDOVFKHQ$QJDEHQ IUHL]XKDOWHQ 'DV VSH]LILVFKH 6FKXW]LQWHUHVVH GHV † LVW ]XPLQGHVW LQ GHU 5HJHO PLW  GHP,QWHUHVVHYHUJOHLFKEDUGDVDXFKGHQ$XVVDJHGHOLNWHQ]XJUXQGHOLHJW $XFK EHL GHQ $XVVDJHGHOLNWHQ VROO GDV ,QWHUHVVH DQ HLQHU XQPDQLSXOLHUWHQ (QWVFKHLGXQJVJUXQGODJHPLW%OLFNDXIGLHJHZLFKWLJH)XQNWLRQYRQ$XVVDJHQ UHFKWOLFK JHVFKW]W ZHUGHQ 1XU ZHJHQ GLHVHU $EVLFKHUXQJ EHVWHKW HLQH ² ZHQQ DXFK QLFKW YROONRPPHQH VR GRFK LPPHUKLQ EHDFKWOLFKH ² JHVWHLJHUWH 5LFKWLJNHLWVJHZlKU *DQ] HQWVSUHFKHQG YHUKlOW HV VLFK EHL † GHU GLH ² YRUDXVJHVHW]WH ² JHVWHLJHUWH %HZHLVNUDIW GDGXUFK QRUPDWLY DEVLFKHUW GDVVHU9HUKDOWHQVZHLVHQPLVVELOOLJWGLHHLQHQ$QJULIIJHUDGHDXIGLHIUGLH JHVWHLJHUWH %HZHLVNUDIW QRWZHQGLJH (QWVFKHLGXQJV JHQDXHU DXI GLH GDIU Q|WLJH%HXUNXQGXQJVE]Z(LQWUDJXQJVJUXQGODJHEHLQKDOWHQ 6DFKOLFKHUIDVVW†MHGHQIDOOV.RQVWHOODWLRQHQGHUPLWWHOEDUHQ7lWHU D VFKDIWGLHDOVRULJLQlUH.RQVWUXNWLRQEHU††$EV)DOOZHJHQGHU IHKOHQGHQ 7lWHUTXDOLWlW GHV 0DQLSXOLHUHQGHQ QLFKW P|JOLFK LVW -HGRFK PXVVEHDFKWHWZHUGHQGDVVLQVRZHLWQLFKWQXU)lOOHGHVYRUVDW]ORVDEHULP hEULJHQ WDWEHVWDQGVPl‰LJ L6 GHV † KDQGHOQGHQ 9RUGHUPDQQHV JHPHLQW VLQG $XFK XQG JHUDGH ZHQQ GHU 8UNXQGVEHDPWH VHOEVW QLFKW WDW EHVWDQGOLFK PLVVELOOLJW L6 GHV † KDQGHOW NDQQ GHU +LQWHUPDQQ GHQ VSH]LILVFKHQ8QZHUWJHKDOWGHV†YHUZLUNOLFKHQ7lWHUVFKDIWL6GHV† LVWDXFKLQGHU:HLVHP|JOLFKGDVVGHU8UNXQGVEHDPWHVHOEVWUHFKWPl‰LJ KDQGHOW VRIHUQ QXU LP 9HUKlOWQLV ]X GHP PDQLSXOLHUHQGHQ $X‰HQVWH KHQGHQ HLQ ÅIDOVFKHV´ %HXUNXQGXQJVHUJHEQLV YRUOLHJW GDV GLHVHU ÅEH ZLUNW´ :HLWHUJHKHQG NDQQ † DEHU DXFK DXI 3HUVRQHQ DQ]XZHQGHQ VHLQ GLH E ]ZDU PLW EHVRQGHUHU %HZHLVNUDIW EHXUNXQGHQ N|QQHQ GHUHQ 6WUDIEDUNHLW QDFK†DEHUGHVKDOEDXVVFKHLGHWZHLOVLHDXVI|UPOLFKHQ*UQGHQQLFKW   =XP1RUP]ZHFNYJODXFK)UHXQGLQ0QFK.RPP6W*%†5QII  1LFKW VHOWHQ ZLUG GLH )XQNWLRQ GHV † GDUDXI EHVFKUlQNW GLH 6WUDIEDUNHLWV OFNHQ ]X VFKOLH‰HQ GLH VLFK VRQVW EHL )HKOHQ HLQHU WHLOQDKPHIlKLJHQ +DXSWWDW QDFK † HUJlEHQ V HWZD 5*6W    5*6W    $U]W:H EHU+HLQULFK+LOJHQGRUI%7†5Q3XSSHLQ1.†5Q 'LHVH%H VFKUlQNXQJ LVW ZHGHU VDFKOLFK DQJH]HLJW QRFK GXUFK GHQ :RUWODXW GHV † HU ]ZXQJHQ]XWUHIIHQG+R\HULQ6.6W*%/IJ-XOL†5QII

 

7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ

]XP .UHLV WDXJOLFKHU 7lWHU JHK|UHQ 3UDNWLVFK UHOHYDQW LVW GDV HWZD IU DXVOlQGLVFKH8UNXQGVEHDPWHGLHIDOVFKEHXUNXQGHQ6LHEHGUIHQNHLQHV YHUPLWWHOQGHQ9HUKDOWHQVHLQHVDQVLFKL6GHV†WDXJOLFKHQ7lWHUV XPHLQHÅIDOVFKH%HXUNXQGXQJ´L6GHV†]XÅEHZLUNHQ´ F †ELOGHWEHLDQJHPHVVHQHP9HUVWlQGQLVHLQH$UW*UXQGWDWEHVWDQG]X † :HQQ GLH VSH]LHOOHQ WlWHUVFKDIWOLFKHQ 9RUDXVVHW]XQJHQ GHV † HUIOOW VLQG ZLUG † YHUGUlQJW $XFK ZHQQ ]% LQ )lOOHQ GHV ,UUWXPV EHU GLH *XW RGHU %|VJOlXELJNHLW GHV 8UNXQGVEHDPWHQ HLQH VWUDIEDUH YROOHQGHWH 7HLOQDKPHDXVVFKHLGHWLVWHVQDFK:RUWODXWXQGUDWLRP|JOLFK † DOV YHUVHOEVWlQGLJWH WlWHUVFKDIWOLFKH 6WUDIQRUP DQ]XZHQGHQ $XFK HLQ QDFK DOOJHPHLQHQ 5HJHOQ EOR‰HU Å7HLOQHKPHU´ NDQQ GHQ IU GLH 7lWHU VFKDIW QDFK † Q|WLJHQ 7DWHUIROJ GHU ÅIDOVFKHQ %HXUNXQGXQJ´ WDWEH VWDQGVPl‰LJ L6 GHV † ÅEHZLUNHQ´ 1XU DXI GHU %DVLV HLQHV VROFKHQ ZHLWHQ9HUVWlQGQLVVHVGHU7lWHUVFKDIWQDFK†LVWHWZDDXFKGHU)DOOGHV E|VJOlXELJHQ PLWWlWHUJOHLFKHQ  =XVDPPHQZLUNHQV HLQHU 8UNXQGVSHU VRQXQGHLQHU1LFKWXUNXQGVSHUVRQVDFKJHUHFKW]XO|VHQ'LH8UNXQGVSHU VRQ ZHOFKH GLH EHVRQGHUHQ 9RUDXVVHW]XQJHQ GHV † HUIOOW PDFKW VLFK QDFK†XQGGLHDQGHUHQDFK†VWUDIEDU G 1DFK ]XWUHIIHQGHU $XIIDVVXQJ ZLUG GLH VSH]LILVFKH6FKXW]ULFKWXQJ GHV † DXFK ]XVlW]OLFK  WDQJLHUW ZHQQ GLH %HXUNXQGXQJ PLW EHVRQGHUHU %HZHLVNUDIWNHLQHHFKWHVRQGHUQHLQHXQHFKWH8UNXQGHGDUVWHOOW6RIHUQHLQ 8QEHIXJWHUHLQHVFKHLQEDU|IIHQWOLFKHXQGEHUGLHVLQKDOWOLFKXQ]XWUHI IHQGH 8UNXQGH KHUVWHOOW LVW † E]Z †  ZHJHQ GHU 8QHFKWKHLW XQG † ZHJHQ GHU 8QULFKWLJNHLW HLQVFKOlJLJ 'HPHQWVSUHFKHQG NDQQ DXFK    $QGHUVHWZD/DFNQHU.KO †5Q8QPLWWHOEDUHV+DQGHOQHLQHV$PWVWUl JHUV L6 GHV † $EV 1U HUIRUGHUOLFK YJO DXFK .LQGKlXVHU /3. † 5Q0DXUDFK6FKURHGHU0DLZDOG%7†5Q  6DFKOLFK EHUHLQVWLPPHQG HWZD +R\HU LQ 6. 6W*%  /IJ -XOL  † 5Q†DOV$OOJHPHLQGHOLNWIUGHQMHQLJHQGHUVLFKDQGHU+HUVWHOOXQJ HLQHUXQZDKUHQ|IIHQWOLFKHQ8UNXQGHEHWHLOLJW ²=XUHQJHUHQ*HJHQDXIIDVVXQJ VHWZD3XSSHLQ1.†5Q  6RPLW5HFKWHWZD+R\HULQ6.6W*%/IJ-XOL†5QDQGHUV]% HWZD3XSSHLQ1.†5QGHU%HDPWHPVVH:HUN]HXJHLQHVPLWWHOEDUHQ 7lWHUVVHLQ   6DFKOLFK EHUHLQVWLPPHQG LQVRZHLW HWZD *ULEERKP LQ /. † 5Q DQGHUVMHGRFK=LHVFKDQJLQ/.†5Q   ,QVRIHUQ ]XWUHIIHQG HWZD +R\HU LQ 6. 6W*%  /IJ -XOL  † 5Q 0|KUHQVFKODJHUZLVWUD²=XU*HJHQDXIIDVVXQJV&UDPHU+HLQHLQ 6FK|QNH6FKU|GHU † 5Q )LVFKHU † 5Q /HQFNQHU:LQNHOEDXHU &5    3XSSH LQ 1. † 5Q =LHVFKDQJ LQ /. † 5Q 



,96WUDIWDWHQPLW%OLFNDXIEHVRQGHUH8UNXQGHQ†† 

QDFK†EHVWUDIWZHUGHQZHUXQEHIXJWLQ|IIHQWOLFKH'DWHLHQHLQGULQJW XQG GRUW GXUFK EHVWLPPWH 0DQLSXODWLRQHQ IDOVFKH 'DWHQ VSHLFKHUW RGHU 'DWHQYHUlQGHUW9RQQLFKWXQHUKHEOLFKHUSUDNWLVFKHU5HOHYDQ]NDQQGLHVH 6LFKW QLFKW ]XOHW]W LQ )lOOHQ ZHUGHQ LQ GHQHQ VLFK LP 6WUDISUR]HVV QLFKW NOlUHQOlVVWDXIZHOFKHP:HJGLHIDOVFKH%HXUNXQGXQJEHZLUNWZRUGHQLVW VR GDVV GLH LQKDOWOLFK XQZDKUH %HXUNXQGXQJ HFKW RGHU XQHFKW VHLQ NDQQ)UGLHVSH]LILVFKH6FKXW]ULFKWXQJXQGGLH$QZHQGEDUNHLWGHV† VSLHOWGLHVH8QVLFKHUKHLWNHLQH5ROOH b) Tatbestandserfordernisse

9RUGHP+LQWHUJUXQGGHV]XUVSH]LILVFKHQ6FKXW]IXQNWLRQGHV†*HVDJ  WHQ VHW]W GLHVH 9RUVFKULIW ² HEHQVR ZLH † ² HLQH EHVRQGHUH %HZHLVNUDIW JHUDGH PLW %OLFN DXI GLH LQ )UDJH VWHKHQGH $QJDEH YRUDXV 1XU GDQQ OlVVW VLFKYRQHLQHUDXVUHLFKHQGHQ%HXUNXQGXQJVSUHFKHQ'HQQQLFKWDOOH]%LQ DPWOLFKHQ 6FKULIWVWFNHQ HQWKDOWHQHQ $QJDEHQ ZHUGHQ LQ GHP KLHU DOOHLQ PD‰JHEOLFKHQ 6LQQH PLW GHU )XQNWLRQ DPWOLFKHU 5LFKWLJNHLWVEHVWlWLJXQJ  ÅEHXUNXQGHW´ :HQQ HLQH JHVWHLJHUW EHZHLVNUlIWLJH %HXUNXQGXQJ DQJHQRPPHQ ZHUGHQ VROO PXVV HV GDIU ² JHQDXVR ZLH LQ GHQ )lOOHQ GHU EHXUNXQGHWHQ (LJHQZDKUQHKPXQJHQ GHV ]XVWlQGLJHQ $PWVWUlJHUV ² HLQHQVDFKOLFKEHUHFKWLJHQGHQ*UXQGJHEHQ (LQGHUDUWLJHU6DFKJUXQGIUGLH$QQDKPHHLQHUJHVWHLJHUWHQ%HZHLVNUDIW  OLHJWYRUVRZHLWGDV'RNXPHQWLHUWH]ZDUQLFKWXQEHGLQJWDOV(LJHQZDKUQHK PXQJ GHV ]XVWlQGLJHQ 8UNXQGVEHDPWHQ ZRKO DEHU DOV Å(LJHQZDKUQHK PXQJGHU%HK|UGH´PLWGHU)XQNWLRQDPWOLFKHU5LFKWLJNHLWVEHVWlWLJXQJ]X TXDOLIL]LHUHQLVW'HQQPLW%OLFNDXI3HUVRQHQGLHEHK|UGHQLQWHUQGDIU]X VRUJHQKDEHQGDVVGHU]XVWlQGLJH8UNXQGVEHDPWHHLQH]XWUHIIHQGH*UXQG ODJH IU HLQH VROFKH %HXUNXQGXQJ HUKlOW OlVVW VLFK HLQH ² GLH JHVWHLJHUWH %HZHLVNUDIWUHFKWIHUWLJHQGH²EHVRQGHUH:DKUKHLWVSIOLFKWDQQHKPHQ $QGHUVYHUKlOWHVVLFKGDJHJHQEHLPY|OOLJ$X‰HQVWHKHQGHQ'HU%HWUHI  IHQGHPDJ]ZDUDOOJHPHLQJHKDOWHQVHLQJHJHQEHU%HK|UGHQZDKUH$QJDEHQ   $QGHUVGLHLQGHUYRUKHUJHKHQGHQ)Q]XU*HJHQDXIIDVVXQJ*HQDQQWHQ  :HVVHOV+HWWLQJHU %7  5Q KDOWHQ GDV ZHLWH 9HUVWlQGQLV GHV † IU HQWEHKUOLFK ZHLO EHL HLJHQKlQGLJHU 0DQLSXODWLRQ GHV $X‰HQVWHKHQGHQ DXWRPD WLVFK†HLQJUHLIH'DVLVW]XNXU]JHGDFKWZHLOGDVP|JOLFKHSUR]HVVXDOH%H ZHLVSUREOHPQLFKWEHUFNVLFKWLJWZLUG  9JOGD]XQRFKPDOVREHQ7HLO,9E5Q² ]X†  2EXQGLQZLHZHLWHLQH7DWEHVWDQGVHUIOOXQJGXUFKEHJHKXQJVJOHLFKHV 8QWHUODV VHQP|JOLFKLVWULFKWHWVLFKQDFKGHQDOOJHPHLQHQ5HJHOQQlKHU]XGLHVHQ.ULWH ULHQ EHJHKXQJVlTXLYDOHQWWDWEHVWDQGVPl‰LJHQ 8QWHUODVVHQV )UHXQG (UIROJVGHOLNW XQG8QWHUODVVHQ6IIIIIII]XVI6II  

7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ





 

]X PDFKHQ (LQ VDFKOLFKHU *UXQG IU HLQH JHVWHLJHUWH %HZHLVNUDIW LQ %H]XJ DXIGLHLQKDOWOLFKH5LFKWLJNHLWGLHVHU$QJDEHQ²DXFKZHQQVLHDPWOLFKHUVHLWV IHVWJHKDOWHQZHUGHQ²HUJLEWVLFKDOOHLQGDUDXVDEHUQRFKQLFKW0LW%OLFNDXI VROFKH $QJDEHQ GLH DXV GHU 6LFKW GHU %HK|UGH XQG GHV %HZHLVYHUNHKUV DOV Å)UHPGZDKUQHKPXQJHQ´ DQ]XVHKHQ VLQG VHW]W HLQH JHVWHLJHUWH %HZHLV NUDIW YLHOPHKU DXFK HLQH EHVRQGHUH :DKUKHLWVSIOLFKW YRUDXV ZLH VLH YHU JOHLFKEDUEHLGHQ$XVVDJHGHOLNWHQEHVWHKW(LQHGHUDUWLJH²GHUEHVRQGH UHQ %HZHLVNUDIW NRUUHVSRQGLHUHQGH ² JHVWHLJHUWH :DKUKHLWVSIOLFKW OlVVW VLFK LQGHVVHQQXUEHLGHQLQ†$EV=32HUZlKQWHQ)lOOHQGHUEHVRQGHUHQ %HZHLVNUDIWEHJUQGHQLQGHQHQNUDIWVSH]LHOOHUJHVHW]OLFKHU1RUPLHUXQJ GLH )UHPGZDKUQHKPXQJ EHVRQGHUV YHUOlVVOLFK VHLQ PXVV ² ZLH ]% LQ GHQ )lOOHQGHU%HXUNXQGXQJHQEHU*HEXUWXQG7RG 'DUDQIHKOWHVLQGHQ)b//(1XQGLQGHQHQGDV1LFKWYRUKDQGHQ VHLQHLQHUJOWLJHQ(KHHEHQVRZHQLJ²JDUPLWEHVRQGHUHUDPWOLFKHU5LFK WLJNHLWVJHZlKUYHUVHKHQ²EHXUNXQGHWZLUGZLHGDV*HEXUWVGDWXPGHV$ LQGHP)KUHUVFKHLQ )HKOW²ZLHLQGHQJHQDQQWHQ%HLVSLHOVIlOOHQ²HLQHEHJUQGEDUHJHVWHLJHU WH  :DKUKHLWVSIOLFKW YRQ $X‰HQVWHKHQGHQ LVW GHUHQ 9HUKDOWHQ DOOHQIDOOV GDQQ WDWEHVWDQGVPl‰LJ ZHQQ HV HLQHQ HFKWHQ (LQJULII LQ GHQ VRQVW RUG QXQJVJHPl‰DEODXIHQGHQ9RUJDQJGHU(QWVFKHLGXQJVILQGXQJGHU%HK|U GHE]ZGHV8UNXQGVEHDPWHQGDUVWHOOWRGHUVRQVWDOVVSH]LILVFK]XPLVVELO OLJHQGHU$QJULIIDXI]XIDVVHQLVW )$//  $HUVFKOLFKVLFKIUHLQH.RSLHHLQHQ%HJODXELJXQJVYHUPHUN GXUFK9RUODJHGHV]XYRUYRQLKPJHIlOVFKWHQ2ULJLQDOV 8QDEKlQJLJ GDYRQ RE GDV 9HUKDOWHQ GHV %HJODXELJHQGHQ DOV %HXUNXQ GXQJVYHUKDOWHQ UHFKWOLFK ]X EHDQVWDQGHQ LVW RGHU QLFKW HWZD ZHLO GLH )lO VFKXQJYRQLKPQLFKWHUNDQQWZHUGHQNRQQWH PXVVGDV9HUKDOWHQGHV$DOV WDWEHVWDQGVPl‰LJL6GHV†DQJHVHKHQZHUGHQ,QGHUHQWVSUHFKHQGHQ 0DQLSXODWLRQOLHJWHLQDXFKLQGLHVHU+LQVLFKW]XPLVVELOOLJHQGHU$QJULIIDXI GLH(QWVFKHLGXQJVJUXQGODJHGHV8UNXQGVEHDPWHQMHGHQIDOOVGHVKDOEZHLOIU

  9JOGD]X††IIII36W*)UHXQGLQ0QFK.RPP6W*%†5Q II.RFKLQ1RPRV+.*6†5Q  6RDXFK%*+6W  $QGHUV MHGRFK %*+6W    YJO GD]X VFKRQ REHQ 5Q )Q 5Q  =XU DQGHUV ]X EHXUWHLOHQGHQ EHK|UGHQLQWHUQHQ 9HUDQWZRUWOLFKNHLW YJO REHQ 5QII 



,96WUDIWDWHQPLW%OLFNDXIEHVRQGHUH8UNXQGHQ†† 

GDV1LFKWJHEUDXFKHQYRQXQHFKWHQ8UNXQGHQEHLGHUDUWLJHQ%HJODXELJXQJHQ GLHTXDOLIL]LHUWH*DUDQWLHGHV†HLQJUHLIW (QWVSUHFKHQGHVGUIWHDXFKIUGHQ)DOOGHV(LQEUHFKHUVJHOWHQGHUGLH  *UXQGODJH IU GLH %HXUNXQGXQJ GXUFK KHLPOLFKHV +LQ]XIJHQ RGHU :HJQHKPHQ EHVWLPPWHU 8QWHUODJHQ YHUIlOVFKW 6FKOLH‰OLFK LVW ² ZHLWHUJH KHQG²DXFKDQGHQ)DOOGHVGXUFKJH]LHOWH$EOHQNXQJGHV8UNXQGVEHDP WHQHUVFKOLFKHQHQ%HJODXELJXQJVYHUPHUNV]XGHQNHQ 'LH 6WUDIEDUNHLW ZHJHQ YROOHQGHWHQ 'HOLNWV GHU PLWWHOEDUHQ )DOVFKEHXU  NXQGXQJ VHW]W YRUDXV GDVV GDV LP 9RUVWHKHQGHQ VNL]]HQKDIW XPVFKULHEHQH WDWEHVWDQGVPl‰LJH9HUKDOWHQDXFK]XHLQHPHQWVSUHFKHQGHQ8QUHFKWVHU IROJ GHU ÅXQULFKWLJHQ %HXUNXQGXQJ´ RGHU 'DWHQVSHLFKHUXQJ  JHIKUW KDW:lKUHQGHVLP.RQWH[WGHV†XPGDVEHLP8UNXQGVEHDPWHQVHOEVW WDWEHVWDQGOLFK ]X PLVVELOOLJHQGH 9HUKDOWHQ XQG GHQ HQWVSUHFKHQGHQ 8Q UHFKWVHUIROJ JHKW OLHJW GHU IU † HUIRUGHUOLFKH (UIROJ GHU EHZLUNWHQ XQULFKWLJHQ %HXUNXQGXQJ HUVLFKWOLFK HWZD DXFK GDQQ YRU ZHQQ GHU ]XU %HXUNXQGXQJHLQHV6WHUEHIDOOHV]XVWlQGLJH%HDPWHHLQHU)HKOLQIRUPDWLRQ VHLWHQV HLQHV $Q]HLJHSIOLFKWLJHQ HUOLHJW (QWVSUHFKHQGHV JLOW ZHQQ LP )$// GHU %HJODXELJHQGH DXI HLQH SHUIHNWH )lOVFKXQJ KHUHLQIlOOW LQVR ZHLW DEHU PLW GHU %HXUNXQGXQJ VHOEVW JHQDX GDV WXW ZDV HLQHU NRUUHNWHQ $PWVIKUXQJ HQWVSULFKW ² DOVR VHLQHUVHLWV JHUDGH QLFKW WDWEHVWDQGOLFK PLVVELOOLJWL6GHV†KDQGHOW ,Q %H]XJ DXI GHQ HUIRUGHUOLFKHQ 9RUVDW] JHOWHQ NHLQH %HVRQGHUKHLWHQ  9RUVlW]OLFKHV 9HUKDOWHQ HUIRUGHUW GDKHU ZLH VRQVW DXFK GLH .HQQWQLV GHU 8PVWlQGH ZHOFKH GLH QLFKW JHUHFKWIHUWLJWH  7DWEHVWDQGVYHUZLUNOL FKXQJ EHJUQGHQ 'HU 7lWHU PXVV DOVR LQVEHVRQGHUH GLH 8PVWlQGH NHQQHQ DXIJUXQG GHUHQ VHLQ 9HUKDOWHQ ]X HLQHU EHVRQGHUV EHZHLVNUlIWLJHQ IDOVFKHQ%HXUNXQGXQJIKUHQNDQQ)UGLHYROOHQGHWH9RUVDW]WDWPXVVVLFK GHUÅ(UIROJ´GHUXQULFKWLJHQ%HXUNXQGXQJRGHU'DWHQVSHLFKHUXQJ DXFK DOVVSH]LILVFKH)ROJHGHVYRUVlW]OLFKHQWDWEHVWDQGVPl‰LJHQ9HUKDOWHQV   =XU 0|JOLFKNHLW HLQH PLWWHOEDUH )DOVFKEHXUNXQGXQJ GXUFK 9RUODJH HLQHU JH IlOVFKWHQ8UNXQGH]XEHJHKHQYJODXFK3XSSHLQ1.†5Q  9JO GD]X GHQ )DOO EHL $U]W:HEHU /+  5Q IHUQHU GLH HQWVSUHFKHQGH 9DULDQWH GHV Å)OHLVFKEHVFKDXHU´)DOOHV DD2 5Q ² 6 DX‰HUGHP GHQ )DOO GHU 0DQLSXODWLRQ GHV $EVWDPPXQJVJXWDFKWHQV LP 9DWHUVFKDIWVIHVWVWHOOXQJVSUR ]HVVEHL5XQWH:HUQHU-XUDII  $OOJHPHLQQlKHU]XPLQQHUHQ=XVDPPHQKDQJ]ZLVFKHQGHPWDWEHVWDQGVPl‰LJHQ 9HUKDOWHQ XQG GHP GDUDXV UHVXOWLHUHQGHQ 8QUHFKWVHUIROJ )UHXQG (UIROJVGHOLNW XQG8QWHUODVVHQ6II  9JOGD]XVFKRQREHQ5Q  1lKHUGD]X)UHXQG$7†5QIIDYJODXFKREHQ5QD 

7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ

GDUVWHOOHQLP(UIROJVVDFKYHUKDOWPXVVVLFKGLHVSH]LILVFKH*HIlKUOLFKNHLWGHV YRUVlW]OLFKWDWEHVWDQGVPl‰LJHQ 9HUKDOWHQV UHDOLVLHUHQ 8PVWULWWHQ LVW GLH %HKDQGOXQJYRQ)lOOHQGHV,UUWXPVEHUGLH*XWE]Z%|VJOlXELJNHLWGHV EHXUNXQGHQGHQ$PWVWUlJHUV  'HU *HEUDXFKIDOVFKHU%HXUNXQGXQJHQ RGHU 'DWHQVSHLFKHUXQJHQ GHU LQ †$EVEH]HLFKQHWHQ$UWLVW²ZHQQHU]XU7lXVFKXQJLP5HFKWVYHU NHKUJHVFKLHKW²LQ†$EVXQWHU6WUDIHJHVWHOOW'DIUJLOWLP*UXQGVDW] GDV LP =XVDPPHQKDQJ PLW GHU 8UNXQGHQIlOVFKXQJ REHQ 5Q II  *HVDJWHVLQQJHPl‰  (EHQVRZLH†LQGHU9HUZLUNOLFKXQJVIRUPGHV*HEUDXFKHQVHLQHUXQ HFKWHQ RGHU YHUIlOVFKWHQ 8UNXQGH HUIDVVW † $EV GDV *HEUDXFKHQ IDOVFKHU%HXUNXQGXQJHQRGHU'DWHQVSHLFKHUXQJHQ)UGLH7DXJOLFKNHLWGHV 7DWPLWWHOVGHUIDOVFKHQ%HXUNXQGXQJRGHU'DWHQVSHLFKHUXQJGHULQ$EV EH]HLFKQHWHQ$UWNRPPWHVQXUDXIGDV3URGXNWDQ'LH$UWXQG:HLVHVHLQHU (QWVWHKXQJLVWLUUHOHYDQW'LHIDOVFKH%HXUNXQGXQJRGHU'DWHQVSHLFKH UXQJ DOV GHUHQ 6RQGHUIDOO  NDQQ QLFKW QXU GXUFK HLQH 6WUDIWDW GHV 8U NXQGVEHDPWHQ QDFK † VRQGHUQ HWZD DXFK GXUFK GLH 7lXVFKXQJ HLQHV DQGHUHQ XQWHU GHQ 9RUDXVVHW]XQJHQ GHV † $EV EHL IDKUOlVVLJHP +DQGHOQ GHV $PWVWUlJHUV EHZLUNW ZRUGHQ VHLQ $EHU DXFK HLQ VFKOLFKWHV 9HUVHKHQ GHV $PWVWUlJHUV RKQH Å)UHPGHLQZLUNXQJ´ XQG HLQ YROONRPPHQ NRUUHNWHV 9HUKDOWHQ GHV 8UNXQGVEHDPWHQ NDQQ ]XP (QWVWHKHQ HLQHU IDOVFKHQ%HXUNXQGXQJDOV3URGXNWJHIKUWKDEHQ0DQGHQNHHWZDQRFKPDOV DQ GHQ )DOO GHU 9RUODJH HLQHU SHUIHNWHQ )lOVFKXQJ GLH ]X HLQHU IDOVFKHQ %HJODXELJXQJLKUHU.RSLHJHIKUWKDW  1DFK]XWUHIIHQGHUDOOHUGLQJVEHVWULWWHQHU$XIIDVVXQJLVWDXFKHLQHXQHFK WH |IIHQWOLFKH 8UNXQGH WDXJOLFKHV 7DWPLWWHO ZHQQ VLH EHU GLH 8QHFKWKHLW KLQDXVJHKHQG DXFK 8QULFKWLJHV DOV ]X |IIHQWOLFKHP *ODXEHQ EHXUNXQGHW YRUVSLHJHOW,KU*HEUDXFKZLUGZHJHQGHUEHWURIIHQHQXQWHUVFKLHGOLFKHQ 5HFKWVJWHUVFKXW]DVSHNWH GHU (FKWKHLW XQG GHU VRQVWLJHQ  LQKDOWOLFKHQ 5LFKWLJNHLWVRZRKOYRQ†$EV)DOODOVDXFKYRQ†$EVHUIDVVW   =X GLHVHP .ULWHULXP VSH]LHOO GHU YROOHQGHWHQ 9RUVDW]WDW QlKHU )UHXQG $7 † 5QIIDYJODXFKREHQ5QII  1lKHUGD]X$U]W:HEHU/+5Q.UH\+HLQULFK%75Q)UHXQGLQ 0QFK.RPP6W*%†5Q0DXUDFK6FKURHGHU0DLZDOG%7†5Q MHZPZ1  6GD]XDXFK)UHXQGLQ0QFK.RPP6W*%†5QIIII  9JOVWDWWYLHOHUHWZD+R\HULQ6.6W*%/IJ-XOL†5QPZ1  9JOGD]XREHQ5Q  ,G6 PLW 5HFKW HWZD +R\HU LQ 6. 6W*%  /IJ -XOL  † 5Q 6 GD]XEHUHLWVREHQ5QG 



,96WUDIWDWHQPLW%OLFNDXIEHVRQGHUH8UNXQGHQ†† 

'LH)UDJHLVWDXFKNHLQHVZHJVGHVKDOESUDNWLVFKXQHUKHEOLFKZHLOEHLWDW  HLQKHLWOLFKHU9HUZLUNOLFKXQJ†GHQVWUHQJHUHQ6WUDIUDKPHQEHVLW]WXQG GHULQKDOWOLFKHQ8QULFKWLJNHLWDXFKRKQH5FNJULIIDXI†MHGHQIDOOVEHLGHU 6WUDI]XPHVVXQJ 5HFKQXQJ JHWUDJHQ ZHUGHQ NDQQ 'HQQ LQ )lOOHQ LUULJHU $QQDKPHGHU(FKWKHLWGHU|IIHQWOLFKHQ8UNXQGHVFKHLWHUWHLQH6WUDIEDUNHLW ZHJHQ8UNXQGHQIlOVFKXQJDP9RUVDW]HUIRUGHUQLV.HQQWGHUGLHXQHFKWH |IIHQWOLFKH 8UNXQGH *HEUDXFKHQGH DEHU GLH 8QULFKWLJNHLW GHV VFKHLQEDU ]X |IIHQWOLFKHP*ODXEHQ%HXUNXQGHWHQOLHJWGHU8QZHUWJHKDOWHLQHUYRUVlW] OLFKHQYROOHQGHWHQ7DWQDFK†$EVYRU 'LH VFKZHUH PLWWHOEDUH )DOVFKEHXUNXQGXQJ LQ GHQ )lOOHQ GHV +DQ  GHOQV JHJHQ (QWJHOW E]Z LQ GHU $EVLFKW VLFK RGHU HLQHQ 'ULWWHQ ]X EHUHL FKHUQRGHUHLQHQDQGHUHQ]XVFKlGLJHQLVWLQ†$EVJHUHJHOW 'HILQLWLRQHQ =XU 'HILQLWLRQ GHU EHVRQGHUHQ %HZHLVNUDIW |IIHQWOLFKHU 8UNXQGHQ VREHQ5QD 'HILQLWLRQGHVÅ%HZLUNHQVHLQHUIDOVFKHQ%HXUNXQGXQJ´E]Z'D WHQVSHLFKHUXQJ L6GHV† 'DV%HZLUNHQHLQHUIDOVFKHQ%HXUNXQGXQJL6GHV†HUIRUGHUW GLH WDWEHVWDQGOLFK PLVVELOOLJWH 6FKDIIXQJ RGHU 1LFKWDEZHQGXQJ GHU 0|JOLFKNHLW HLQHU XQ]XWUHIIHQGHQ %HXUNXQGXQJ PLW GHP $QVFKHLQ  EHVRQGHUHU %HZHLVNUDIW )U GLH 9ROOHQGXQJVWDW PXVV VLFK GLHVH 0|J OLFKNHLWDXFKUHDOLVLHUWKDEHQ

D

'LH WDWEHVWDQGOLFKH 9HUKDOWHQVPLVVELOOLJXQJ ULFKWHW VLFK QDFK GHQ REHQ E 5QDIIIIIIJHQDQQWHQ5HJHOQ Vertiefungs- und Problemhinweise mit Blick auf besondere Urkunden (§§ 348, 271) (UE$QP]X%*+Y²6W5LQ16W=]XUJHVWHLJHU  WHQ%HZHLVNUDIW]XEHXUNXQGHQGHU$QJDEHQ²)DKU]HXJLGHQWLWlW *LJHUO'LH|IIHQWOL FKH 8UNXQGH LP 6WUDIUHFKW LQVEHVRQGHUH LKUH %HZHLVHLJQXQJ IU XQG JHJHQ MHGHU PDQQ 'LVV LXU %RFKXP  +DUWOHE 'LH 5HLFKZHLWH GHV :DKUKHLWVVFKXW]HV LQ † 6W*% 'LVV LXU %RQQ  +RQLJ 'HU JHIlOVFKWH 0HLVWHUEULHI LQ *HZ$UFK    I 0DQNRZVNL7DUQRZVNL =XP 8PIDQJ GHU EHVRQGHUHQ %HZHLVNUDIW |IIHQWOLFKHU8UNXQGHQ²$*+DPEXUJ16W(†6W*%1ULQ-X6II

  1lKHUGD]X)UHXQGLQ0QFK.RPP6W*%†5QII  ,QVRZHLWKDQGHOWHVVLFKXPGDVDOOJHPHLQH'HOLNWVPHUNPDOGHUWDWEHVWDQGOLFKHQ 9HUKDOWHQVPLVVELOOLJXQJ GDV EHL MHGHU 6WUDIWDW HUIOOW VHLQ PXVV QlKHU GD]X )UHXQG$7†5QII†GHUVLQ0QFK.RPP6W*%YRU†5QII II

 

7HLO6RQVWLJH8UNXQGHQVWUDIWDWHQ

0H\HU 'LH |IIHQWOLFKH 8UNXQGH LP 6WUDIUHFKW LQ )6 'UHKHU 6  II 0OOHU 7XFNIHOG$QP]X%*+Y²6W5LQ6W9II]X† $V\O9I*XQG]XP*HEXUWVGDWXPLP)KUHUVFKHLQ 3XSSH'LHQHXH5HFKWVSUHFKXQJ ]XGHQ)lOVFKXQJVGHOLNWHQLQ-=IIGLHVLQ1.†5Q† 5Q II 5DQIW $QP ]X %*+ Y  ²  6W5  LQ -5   II 5|KPHO 'LH VWUDIUHFKWOLFKH %HXUWHLOXQJ YRQ 8UNXQGHQHQWZUIHQ XQG VRJ )HUQEH JODXELJXQJHQQDFK†6W*%LQ-$II  



Verständnisfragen und Antworten

Fragen



:HOFKH%HGHXWXQJNRPPWGHQ8UNXQGHQGHOLNWHQLP9HUKlOWQLV]XGHQ9HUP|JHQVVWUDI WDWHQ]X"



:DV VSULFKW JHJHQ HLQH %HVFKUlQNXQJ GHV 8UNXQGVEHJULIIHV DXI XQPLWWHOEDU UHFKWVZLU NXQJVJHHLJQHWH(UNOlUXQJHQ"



+DQGHOW HV VLFK EHL GHQ GUHL )XQNWLRQHQ GHU 8UNXQGH 3HUSHWXLHUXQJV %HZHLV XQG *DUDQWLHIXQNWLRQ XPYRQHLQDQGHUXQDEKlQJLJHVHOEVWlQGLJH .ULWHULHQ"



:HVKDOELVWGLH$QQDKPHSUREOHPDWLVFKGDVVGHUQDFK9HUOXVWGHU'LVSRVLWLRQVEHIXJQLV DElQGHUQGH$XVVWHOOHUHLQHHFKWH8UNXQGHÅYHUIlOVFKH´"



,QZLHIHUQ NDQQ PDQ YRQ HLQHU XQHFKWHQ 8UNXQGH WURW] %LQGXQJ GHV VFKHLQEDUHQ $XVVWHOOHUVLP$X‰HQYHUKlOWQLVUHGHQ"



*LEW HV HLQHQ VDFKOLFKHQ *UXQG GDIU DXI 7RQEDQG DEJHJHEHQH (UNOlUXQJHQ DXV GHP 6FKXW]EHUHLFK GHU 8UNXQGHQIlOVFKXQJ EOR‰ ZHJHQ GHU IHKOHQGHQ YLVXHOOHQ :DKUQHKP EDUNHLWDXV]XQHKPHQ"



:HVKDOE HUVFKHLQW MHGHQIDOOV EHL GHU 8UNXQGHQIlOVFKXQJ GDV (UIRUGHUQLV GHU %HZHLVEH VWLPPXQJDOV0HUNPDOGHV8UNXQGHQEHJULIIVEHUIOVVLJ"



,VW HLQ )LQJHUDEGUXFN LPPHU EOR‰HV $XJHQVFKHLQVREMHNW RGHU NDQQ HU LQ HLQHP EH VWLPPWHQ=XVDPPHQKDQJDQGHUVEHZHUWHWZHUGHQ"



,QZLHIHUQ LVW GLH IU HLQH 8UNXQGH HUIRUGHUOLFKH *DUDQWLHIXQNWLRQ EHL GHU )RWRNRSLH JHZDKUW"

 ,QZHOFKHP9HUKlOWQLVVWHKWXUNXQGHQVWUDIUHFKWOLFKHLQ7HOHID[]XHLQHU)RWRNRSLH"  ,QZLHIHUQOLHJWEHL8QHFKWKHLWHLQHU8UNXQGHDXFKQXUHLQVSH]LHOOHU)DOOHLQHUVFKULIWOL FKHQ/JHYRU"  :HU LVW EHL HLQHP VHOEVW ]X HQWZHUWHQGHQ (LQ]HOIDKUDXVZHLV $XVVWHOOHU GHU GXUFK GHQ HQWZHUWHWHQ )DKUVFKHLQ YHUEULHIWHQ %HUHFKWLJXQJVHUNOlUXQJ LQ %H]XJ DXI GLH NRQNUHWH )DKUW"

9HUVWlQGQLVIUDJHQXQG$QWZRUWHQ

 9HUIlOVFKW DXFK GHUMHQLJH HLQH HFKWH 8UNXQGH GHU HLQ 1XPPHUQVFKLOG PLW HLQHU $QWLEOLW]IROLH VR EHUNOHEW GDVV XQWHU EHVWLPPWHQ :DKUQHKPXQJVEHGLQJXQJHQ HLQ DQ GHUHV.HQQ]HLFKHQ]XOHVHQLVW"  :HOFKH%HJHKXQJVIRUPGHV†LVWPLW%OLFNDXIGLHGDKLQWHUVWHKHQGHQ6FKXW]LQWHUHV VHQGLHÅYHUOHW]XQJVQlKHUH´"  5HLFKWHVIUGDV8QUHFKWGHU8UNXQGHQIlOVFKXQJDOOHLQDXVZHQQMHPDQGHLQHXQHFKWH 8UNXQGHHLQHPDQGHUHQ]XU.HQQWQLVEULQJWXQGGDEHLEHUGHQ$XVVWHOOHUWlXVFKW"  :HVKDOE HUVFKHLQW HV VDFKJHUHFKW QXU ZHJHQ HLQHU 8UNXQGHQIlOVFKXQJ ]X EHVWUDIHQ ZHQQ GHU )lOVFKHU GDV )lOVFKXQJVIDEULNDW VSlWHU LQ GHP YRQ $QIDQJ DQ LQWHQGLHUWHQ 8PIDQJJHEUDXFKW"  :HOFKHV XPVWULWWHQH (UIRUGHUQLV HLQHU WHFKQLVFKHQ $XI]HLFKQXQJ LP 6LQQH GHV † HUIOOWGLH$Q]HLJHHLQHV.LORPHWHU]lKOHUVQLFKW"  %HL 9HU]LFKW DXI ZHOFKHV (UIRUGHUQLV GHV 8UNXQGHQEHJULIIV ZlUH GHU 7DWEHVWDQG GHV †)lOVFKXQJEHZHLVHUKHEOLFKHU'DWHQ EHUIOVVLJ"  :HOFKH 8UNXQGHQVWUDIWDWHQ  EHJHKW HLQ ,QWHUQHWDXNWLRQVKDXV1XW]HU GHU VLFK QDFK 6SHUUXQJVHLQHV$FFRXQWVZHJHQ 8QUHJHOPl‰LJNHLWHQYHUERWVZLGULJXQWHUILNWLYHP1D PHQQHXDQPHOGHWXPZHLWHUKLQ :DUHQ]XYHUNDXIHQRKQHGLH YHUWUDJOLFKH*HJHQOHL VWXQJHUEULQJHQ]XZROOHQ"  :HVKDOEHUVFKHLQWHV VDFKJHUHFKWLQ†$EV1UQXUGLH8QWHUGUFNXQJHFKWHU 8UNXQGHQ]XHUIDVVHQ"  0DFKWHVXUNXQGHQVWUDIUHFKWOLFKHLQHQ8QWHUVFKLHGREGHU9HUNlXIHUGHQ.XQGHQEHLP .DXIHLQHU6DFKHGD]XDXIJHIRUGHUWKDW VLFK]XUGDXHUKDIWHQ%HZHLVEDUNHLWVHLQHU*H ZlKUOHLVWXQJVUHFKWHHLQH.RSLHGHUPLWHLQHP7KHUPRGUXFNHUHUVWHOOWHQ²XQGGHVKDOE QDFKHLQLJHU=HLWYHUEODVVHQGHQ²4XLWWXQJDQ]XIHUWLJHQ"  :HOFKH%HXUNXQGXQJVJHJHQVWlQGHZHUGHQQDFKGHQ5HJHOQGHU††D =32YRQHLQHUJHVWHLJHUWHQ%HZHLVNUDIWHUIDVVW"  +DQGHOWHLQDPWOLFKHU)OHLVFKEHVFKDXHUYRUVlW]OLFKLP6LQQHGHV†)DOVFKEHXUNXQ GXQJ LP $PW  ZHQQ HU GHQ 7DXJOLFKNHLWVVWHPSHO RKQH GLH YRUJHVFKULHEHQH YRUKHULJH 8QWHUVXFKXQJDQEULQJWGDEHLDEHUYRQGHU7ULFKLQHQIUHLKHLWGHV)OHLVFKHVEHU]HXJWLVW"



9HUVWlQGQLVIUDJHQXQG$QWZRUWHQ

Antworten

]X)UDJH

6LHEHZLUNHQHLQH$UWÅ4XDOLILNDWLRQ´XQGHLQH]XP7HLOH[WUHPH9RUYHUODJH UXQJGHU6WUDIEDUNHLW5QII 

]X)UDJH

$XFK YHUN|USHUWH ÅVFKOLFKWH (UNOlUXQJHQ´ PLW *DUDQWLHIXQNWLRQ ]% =HXJ QLVXUNXQGHQ  EHLQKDOWHQ LP *HJHQVDW] ]X EOR‰HQ $XJHQVFKHLQVREMHNWHQ HLQ EHVRQGHUHV (FKWKHLWVYHUVSUHFKHQ LQ )RUP GHU =XRUGQXQJ HLQHU EHVWLPPWHQ (UNOlUXQJ]XHLQHUEHVWLPPWHQ3HUVRQ'HUKLHULQOLHJHQGH*HZLQQDQ2ULHQ WLHUXQJVVLFKHUKHLW9HUOlVVOLFKNHLWLQ%H]XJDXIGLH3HUVRQGHV(UNOlUHQGHQ LVW VHOEVWlQGLJVFKXW]EHGUIWLJXQGVFKXW]ZUGLJ5QDE 

]X)UDJH

1HLQ )U GDV 9RUOLHJHQ HLQHU 8UNXQGH NRPPW HV QXU GDUDXI DQ RE GXUFK HLQHQ,QIRUPDWLRQVWUlJHUGLH(UNOlUXQJHLQHVEHVWLPPWHQ(UNOlUHQGHQYHUPLW WHOWZLUG'LH3HUSHUXLHUXQJVXQGGLH%HZHLVIXQNWLRQJHKHQGDKHULQGHUDO OHLQPD‰JHEOLFKHQ*DUDQWLHIXQNWLRQDXI5QDD 

]X)UDJH

'DV3URGXNWGHV$ElQGHUQVLVWHLQHHFKWH8UNXQGH5Q 

]X)UDJH

8QHFKWKHLWNDQQLP+LQEOLFNDXIGLH9HUIlOVFKXQJGHVZLUNOLFKHQ:LOOHQVGHV DXVJHZLHVHQHQ$XVVWHOOHUVDQJHQRPPHQZHUGHQ5QII 

]X)UDJH

(LQHQVROFKHQ*UXQGJLEWHVQLFKW5Q 

]X)UDJH

'HU VDFKOLFKH *HKDOW HLQHV VROFKHQ (UIRUGHUQLVVHV ZLUG MHGHQIDOOV GXUFK GDV .ULWHULXP GHV +DQGHOQV ]XU 7lXVFKXQJ LP 5HFKWVYHUNHKU DEJHGHFNW 5Q $X‰HUGHPJHKWGLHIUHLQH8UNXQGHHUIRUGHUOLFKH%HZHLVIXQNWLRQ RKQHKLQLQGHU*DUDQWLHIXQNWLRQDXI5QD 

]X)UDJH

(LQ )LQJHUDEGUXFN NDQQ XQWHU 8PVWlQGHQ DXFK DOV 8QWHUVFKULIW ]X GHXWHQ VHLQ5QP)Q)$// 

]X)UDJH

%HLGHU)RWRNRSLHKDQGHOWHVVLFKXPHLQHQIUGLH8UNXQGHQGHOLNWHUHOHYDQ WHQ =XRUGQXQJVWDWEHVWDQG ]ZLVFKHQ HLQHU (UNOlUXQJ XQG HLQHP EHVWLPPWHQ (UNOlUHQGHQ 1DFK GHQ *UXQGVlW]HQ GHU *HLVWLJNHLWVWKHRULH LVW $XVVWHOOHU QLFKWGHUPDQXHOO.RSLHUHQGHVRQGHUQGHU$XVVWHOOHUGHV2ULJLQDOV5Q YJODXFK5QI²G 

]X)UDJH

(LQ 7HOHID[ LVW UHJHOPl‰LJ QXU HLQH EHVRQGHUH )RUP GHU )RWRNRSLH (V GLIIHULHUW OHGLJOLFK GHU 2UW GHV $XVGUXFNV GHU 8UNXQGH 8UNXQGHQVWUDIUHFKW OLFKJHOWHQGLHVHOEHQ5HJHOQ5QD²H 

]X)UDJH

%HL HLQHU XQHFKWHQ 8UNXQGH KDW PDQ HV PLW HLQHU DXVGUFNOLFKHQ RGHU NRQNOXGHQWHQ/JHEHUGHQWDWVlFKOLFKHQ$XVVWHOOHU]XWXQ5Q 

]X)UDJH

$XVVWHOOHULVWGDV9HUNHKUVXQWHUQHKPHQ5Q 

9HUVWlQGQLVIUDJHQXQG$QWZRUWHQ

]X)UDJH

-D $XFK KLQVLFKWOLFK ÅWHPSRUlU´ XQHFKWHU 8UNXQGHQ EHVWHKW HLQ UHFKWOLFK VFKXW]ZUGLJHV9HUPHLGHLQWHUHVVH5QEJ 

]X)UDJH

9HUOHW]XQJVQlKHU LVW GLH %HJHKXQJVIRUP GHV *HEUDXFKPDFKHQV YRQ HLQHP )DOVLILNDW5Q 

]X)UDJH

1HLQ)UGDV8QUHFKWGHU8UNXQGHQIlOVFKXQJPXVVHLQKLQUHLFKHQGJHZLFKWL JHV²UHFKWVHUKHEOLFKHV²9HUPHLGHLQWHUHVVHKLQ]XNRPPHQ'DUDQIHKOWHVLQ EHVWLPPWHQ )lOOHQ GLH PHLVW DOV )lOOH GHU 7lXVFKXQJ LP EOR‰ PLWPHQVFKOL FKHQ%HUHLFKEH]HLFKQHWZHUGHQ5QIVHWZDDXFK5QG²JXQG 5QD]XP)DOOGHV9HUWHLGLJHUVGHUHLQHP|JOLFKHUZHLVHXQHFKWH8UNXQGH YRUOHJW 5Q   XQG 5Q  ²  ]XP )DOO GHV XQWHU IDOVFKHP 1DPHQ 5HLVHQGHQ 

]X)UDJH

+LHUUHDOLVLHUWVLFKQXUGLHXUVSUQJOLFKH7lXVFKXQJVIXQNWLRQGLHEHUHLWVGHQ *UXQGIUGLHWDWEHVWDQGOLFKH0LVVELOOLJXQJGHV)lOVFKXQJVYHUKDOWHQVELOGHWH 'HVKDOEOLHJHQPLW%OLFNDXIGLHJHVFKW]WHQ,QWHUHVVHQPDWHULDOOHGLJOLFKYHU VFKLHGHQH9HUZLUNOLFKXQJVVWXIHQGHVVHOEHQ8QUHFKWVYRU5Q 

]X)UDJH

'LH$Q]HLJHHLQHV.LORPHWHU]lKOHUVLVWQLFKWLQHLQHPYRP$XI]HLFKQXQJVJH UlWWUHQQEDUHQ*HJHQVWDQGVHOEVWlQGLJYHUN|USHUW5Q² 

]X)UDJH

'HU 9RUVFKULIW GHV † KlWWH HV EHL 9HU]LFKW DXI GDV (UIRUGHUQLV GHU YLVXHOOHQ:DKUQHKPEDUNHLWQLFKWEHGXUIW5Q 

]X)UDJH

'HU%HWUHIIHQGHEHJHKWGXUFKGLH$QPHOGXQJXQWHU$QJDEHIDOVFKHU3HUVRQD OLHQHLQH)lOVFKXQJEHZHLVHUKHEOLFKHU'DWHQ%HLGHU.RQWUDKLHUXQJPLWDQGH UHQ1XW]HUQGHU,QWHUQHWSODWWIRUPZHUGHQGLHHQWVSUHFKHQGHQ'DWHQL6GHV †,JHEUDXFKW5QDD 

]X)UDJH

0LW%OLFNDXIXQHFKWH8UNXQGHQIHKOWHLQXUNXQGHQVSH]LILVFKHV(UKDOWXQJVLQ WHUHVVH'HQQXQHFKWH8UNXQGHQVLQGLQ:DKUKHLWEOR‰H$XJHQVFKHLQVREMHNWH 5Q 

]X)UDJH

1HLQ 'LH 5HFKWVSRVLWLRQ GHV .lXIHUV DQ GHU YHUN|USHUWHQ (UNOlUXQJ KlQJW QLFKWYRQHLQHPPHKURGHUZHQLJHU]XIlOOLJHQE]ZGXUFKGHQJXWHQRGHUE| VHQ:LOOHQGHV9HUNlXIHUVEHHLQIOXVVWHQ8QWHUVFKLHGDE,QMHGHP)DOOHUIOOW GLH.RSLHGLHDQHLQH8UNXQGH]XVWHOOHQGHQ$QIRUGHUXQJHQ5QI²M 

]X)UDJH

(LJHQZDKUQHKPXQJHQGHV8UNXQGVEHDPWHQVHOEVW(LJHQZDKUQHKPXQJHQGHU %HK|UGH DXVQDKPVZHLVH DXFK )UHPGZDKUQHKPXQJHQ VRIHUQ GLHV JHVHW]OLFK VSH]LHOOYRUJHVHKHQLVW5Q 

]X)UDJH

(UKDQGHOWYRUVlW]OLFKGHQQHUZHL‰JHQDXGDVVGHU%HXUNXQGXQJVJHJHQVWDQG GLHYRUJHQRPPHQH3UIXQJ XQ]XWUHIIHQGEHXUNXQGHWLVWVHLQJXWHU*ODXEH QW]WLKPQLFKWV5Q 



Literaturverzeichnis

$U]W*XQWHU:HEHU8OULFK6WUDIUHFKW %HVRQGHUHU 7HLO ² (LQ /HKUEXFK LQ  +HIWHQ /+ :LUWVFKDIWVVWUDIWDWHQ 9HUP|JHQVGHOLNWH 5DQGEHUHLFK  )lOVFKXQJVGHOLNWH $XIO  ]LW/+  $U]W*XQWHU:HEHU8OULFK+HLQULFK%HUQG+LOJHQGRUI(ULF6WUDIUHFKW %HVRQGHUHU 7HLO  $XIO ]LW%7  %DVOHU.RPPHQWDU]XP6W*%%DVOHU.RPPHQWDU²6WUDIJHVHW]EXFKKUVJY1LJJOLXD%DQG, XQG,,]LW%HDUEHLWHULQ%DVOHU.RPPHQWDU]XP6W*%  %HFN6XVDQQH.RSLHQXQG7HOHID[HLP8UNXQGHQVWUDIUHFKWLQ-$ %HFNHPSHU.DWKDULQD'LH 8UNXQGHQTXDOLWlW YRQ 7HOHID[HQ ² 2/* =ZHLEUFNHQ 1-:  LQ-X6 %HWWHQGRUI&KULVWD'HU,UUWXPEHLGHQ8UNXQGHQGHOLNWHQ %LQGLQJ.DUO/HKUEXFK GHV JHPHLQHQ GHXWVFKHQ 6WUDIUHFKWV %HVRQGHUHU 7HLO %DQG  7HLOEDQG$XIO1HXGUXFN]LW%77HLOEDQG  %|VH0DUWLQ5HFKWVSUHFKXQJVEHUVLFKW]XGHQ8UNXQGHQGHOLNWHQLQ16W= %UDQGW9RONPDU'LHQRPLQHOOH9HUlQGHUXQJGHUHLJHQHQ8QWHUVFKULIWLQ$UFKLYIU.ULPLQR ORJLH%DQG  %URFNKDXV0DWWKLDV'LH 8UNXQGHQIlOVFKXQJ XQG GLH 6WUDIORVLJNHLW GHU ÅVFKULIWOLFKHQ /JH´ ² (LQ (UNOlUXQJVYHUVXFK DXV KLVWRULVFKHU 6LFKW ELV ]XP 5HLFKVVWUDIJHVHW]EXFK YRQ  LQ =,6 %XJJLVFK:DOWHU)lOVFKXQJEHZHLVHUKHEOLFKHU'DWHQGXUFK9HUZHQGXQJHLQHUIDOVFKHQ(0DLO $GUHVVH"LQ1-: %XJJLVFK:DOWHU.HUOLQJ&KULVWRSKÅ3KLVKLQJ´ Å3KDUPLQJ´ XQG lKQOLFKH 'HOLNWH ² (UVFKHL QXQJVIRUPHQXQGVWUDIUHFKWOLFKH%HZHUWXQJLQ.ULPLQDOLVWLN %UVFK0LFKDHO'HUSUDNWLVFKH)DOO²6WUDIUHFKW'HUhEXQJVVFKHLQLQ-X6 &UDPHU3HWHU$QP]X%D\2E/*Y²55HJD6WLQ-= 'HG\(YD$QP]X2/*.|OQY²6VLQ1=9]XU8UNXQGVHL JHQVFKDIWYRQ9HUNHKUV]HLFKHQ  'LQJOHU$QGUHDV'LH *HVHW]HVHLQKHLW YRQ †, 6W*% LP 9HUKlOWQLV ]X †, 1U 6W*% LQ-$ '|UIOHU&DUROLQ8UNXQGHQIlOVFKXQJXQG=HLFKQHQPLWIUHPGHP1DPHQ 'RUQVHLI0D[LPLOLDQ.D\+6FKXPDQQ3UREOHPHGHV'DWHQEHJULIIVLP5DKPHQGHV†6W*% LQ-5 (LVHQEHUJ8OULFK.ULPLQRORJLH$XIO]LW.ULPLQRORJLH  (PGH5DLPRQG'LH5H]HSWIlOVFKXQJLP)RWRNRSLHUYHUIDKUHQLQZLVWUD (QJHUW$QGUHDV)UDQ]PDQQ7LOO+HUVFKOHLQ5DLQHU)RWRNRSLHQDOV8UNXQGHQ†6W*%LQ-$  (QQXVFKDW.LUVWHQ'HU (LQIOX‰ GHV =LYLOUHFKWV DXI GLH VWUDIUHFKWOLFKH %HJULIIVEHVWLPPXQJ DP %HLVSLHOGHU8UNXQGHQIlOVFKXQJJHPl‰†6W*% (UE9RONHU8UNXQGHXQG)RWRNRSLH²NULWLVFKH%HPHUNXQJHQ]XP9HUVXFKHLQHUIXQNWLRQD OLVWLVFKHQ$XVZHLWXQJGHV8UNXQGHQVWUDIUHFKWVLQ*$ (UE9RONHU%XFKEHVSUHFKXQJ*HRUJ)UHXQG8UNXQGHQVWUDIWDWHQLQ*$ (UE9RONHU$QP]X2/*'VVHOGRUIY²E6V², 1-: I LQ16W=

/LWHUDWXUYHU]HLFKQLV (UE9RONHU$QP]X%*+Y²6W5LQ16W=]XUJHVWHLJHUWHQ %HZHLVNUDIW]XEHXUNXQGHQGHU$QJDEHQ²)DKU]HXJLGHQWLWlW  (‰HU0DUWLQ'HU VWUDIUHFKWOLFKH 6FKXW] GHV TXDOLIL]LHUWHQ HOHNWURQLVFKHQ 6LJQDWXUYHUIDKUHQV ]L(OHNWURQLVFKH6LJQDWXU  )DKO&KULVWLDQ$QP]X2/*'VVHOGRUIY²6V²,,,LQ-$ ]XUÅ$QWLEOLW]IROLH´  )LVFKHU7KRPDV6WUDIJHVHW]EXFKXQG1HEHQJHVHW]H$XIO]LW)LVFKHU  )UDQN7KRPDV=XUVWUDIUHFKWOLFKHQ%HZlOWLJXQJGHV6SDPPLQJ )UHXQG*HRUJ)XQNWLRQ XQG ,QKDOW GHV %HJULIIV GHV 8QIDOOV EHL GHU 9HUNHKUVXQIDOOIOXFKW LQ *$ )UHXQG*HRUJ1RUPDWLYH 3UREOHPH GHU Å7DWVDFKHQIHVWVWHOOXQJ´ ² (LQH 8QWHUVXFKXQJ ]XP WROHULHUWHQ5LVLNRHLQHU)HKOYHUXUWHLOXQJLP%HUHLFKVXEMHNWLYHU'HOLNWVPHUNPDOH]LW 1RUPDWLYH3UREOHPH  )UHXQG*HRUJ$QP]X%*+Y²6W5LQ-5 )UHXQG*HRUJ$QP]X2/*.|OQY²6VLQ6W9 )UHXQG*HRUJ=XU )UDJH GHU 8UNXQGHQHLJHQVFKDIW YRQ )RWRNRSLHQ ² %D\2E/* 1-:  LQ-X6 )UHXQG*HRUJ5LFKWLJHV(QWVFKHLGHQ²DP%HLVSLHOGHU9HUKDOWHQVEHZHUWXQJDXVGHU3HUVSHNWL YHGHU%HWURIIHQHQLQVEHVRQGHUHLP6WUDIUHFKWLQ*$ )UHXQG*HRUJhEHUGLH%HGHXWXQJGHUÅ5HFKWV´)ROJHQOHJLWLPDWLRQIUHLQHDOOJHPHLQH7KHRULH MXULVWLVFKHU$UJXPHQWDWLRQLQ-= )UHXQG*HRUJ(UIROJVGHOLNWXQG8QWHUODVVHQ²=XGHQ/HJLWLPDWLRQVEHGLQJXQJHQYRQ6FKXOG VSUXFKXQG6WUDIH]LW(UIROJVGHOLNWXQG8QWHUODVVHQ  )UHXQG*HRUJ9HUXUWHLOXQJ XQG )UHLVSUXFK EHL 9HUOHW]XQJ GHU 6FKZHLJHSIOLFKW HLQHV =HXJHQ HLQ %HLWUDJ ]XU /HKUH YRQ GHQ %HZHLVHUKHEXQJV XQG %HZHLVYHUZHUWXQJVYHUERWHQ LQ *$  )UHXQG*HRUJ.ODXVXU6WUDIUHFKW'HU6RKQGHV:HLQJXWVEHVLW]HUVLQ-$ )UHXQG*HRUJ'HU (QWZXUI HLQHV  *HVHW]HV ]XU 5HIRUP GHV 6WUDIUHFKWV ² (LQH :UGLJXQJ XQWHU(LQEH]LHKXQJGHU6WHOOXQJQDKPHHLQHV$UEHLWVNUHLVHVYRQ6WUDIUHFKWVOHKUHUQLQ=6W:   )UHXQG*HRUJ6WUDIWDWEHVWDQG XQG 5HFKWVIROJHEHVWLPPXQJ ² =XU %HGHXWXQJ GHU JHVHW]OLFKHQ 5HJHOXQJVWHFKQLN XQG GHU ÅKDUPRQLVLHUWHQ´ 6WUDIUDKPHQ IU GLH 6WUDI]XPHVVXQJ LQ *$  )UHXQG*HRUJbX‰HUOLFKYHUNHKUVJHUHFKWHV9HUKDOWHQDOV6WUDIWDW"²%*+1-:LQ -X6 )UHXQG*HRUJ$QP]X2/*'VVHOGRUIY²E6V²,LQ6W9  )UHXQG*HRUJ%XFKEHVSUHFKXQJ *QWKHU -DNREV 8UNXQGHQIlOVFKXQJ ² 5HYLVLRQ HLQHV 7lXVFKXQJVGHOLNWVLQ*$ )UHXQG*HRUJ'LH7DWIUDJHDOV5HFKWVIUDJH²Å3HUV|QOLFKH*HZL‰KHLW´ÅREMHNWLYH6FKXOGZDKU VFKHLQOLFKNHLW´ XQG UHFKWVJHQJHQGHU %HZHLV LQ )HVWVFKULIW IU /XW] 0H\HU*R‰QHU ]XP *HEXUWVWDJDP-XOLKUVJY(VHUXD6]LW)60H\HU*R‰QHU  )UHXQG*HRUJ'LH 'HILQLWLRQHQ YRQ 9RUVDW] XQG )DKUOlVVLJNHLW ² =XU )XQNWLRQ JHVHW]OLFKHU %HJULIIH XQG LKUHU 'HILQLWLRQ EHL GHU 5HFKWVNRQNUHWLVLHUXQJ LQ )HVWVFKULIW IU :LOIULHG .SHU ]XP  *HEXUWVWDJ DP  0DL  KUVJ Y +HWWLQJHU XD  6  ]LW )6 .SHU  )UHXQG*HRUJ7DWEHVWDQGVYHUZLUNOLFKXQJHQ GXUFK 7XQ XQG 8QWHUODVVHQ ² =XU JHVHW]OLFKHQ 5HJHOXQJEHJHKXQJVJOHLFKHQ8QWHUODVVHQVXQGDQGHUHU)lOOHGHU7DWEHVWDQGVYHUZLUNOLFKXQJ LP $OOJHPHLQHQ 7HLO GHV 6W*% LQ )HVWVFKULIW IU 5ROI 'LHWULFK +HU]EHUJ ]XP  *H EXUWVWDJDP)HEUXDUKUVJY3XW]NHXD6]LW)6+HU]EHUJ  )UHXQG*HRUJ6WUDIUHFKW$OOJHPHLQHU7HLO²3HUVRQDOH6WUDIWDWOHKUH$XIO]LW$7  )ULVFK:ROIJDQJ9RUVDW]XQG5LVLNR²*UXQGIUDJHQGHVWDWEHVWDQGVPl‰LJHQ9HUKDOWHQVXQGGHV 9RUVDW]HV]LW9RUVDW]XQG5LVLNR 



/LWHUDWXUYHU]HLFKQLV

)ULVFK:ROIJDQJ*UXQGXQG*UHQ]SUREOHPHGHVVRJHQDQQWHQVXEMHNWLYHQ5HFKWIHUWLJXQJVHOH PHQWVLQ)HVWVFKULIWIU.DUO/DFNQHU]XP*HEXUWVWDJKUVJY.SHUXD6 ]LW)6/DFNQHU  )ULVFK:ROIJDQJ7DWEHVWDQGVPl‰LJHV 9HUKDOWHQ XQG =XUHFKQXQJ GHV (UIROJV  ]LW 9HUKDOWHQ  )ULVFK:ROIJDQJ'HU,UUWXPDOV8QUHFKWVXQGRGHU6FKXOGDXVVFKOX‰LPGHXWVFKHQ6WUDIUHFKW LQ 5HFKWIHUWLJXQJ XQG (QWVFKXOGLJXQJ %DQG ,,, 'HXWVFKLWDOLHQLVFKSRUWXJLHVLVFK VSDQLVFKHV6WUDIUHFKWVNROORTXLXPKUVJY(VHUXD6]LW5HFKWIHUWLJXQJ XQG(QWVFKXOGLJXQJ,,,  )ULVFK:ROIJDQJ'LH 6WUDIUDKPHQPLOGHUXQJ EHLP 9HUVXFK LQ )HVWVFKULIW IU *QWHU 6SHQGHO ]XP*HEXUWVWDJKUVJY6HHERGH6]LW)66SHQGHO  )ULVFK:ROIJDQJ'LH(QWVFKHLGXQJEHUGHQ6WUDIUDKPHQXQYHU|IIHQWOLFKWHV0DQXVNULSW  *HKULJ.ODXV'HU $EVLFKWVEHJULII LQ GHQ 6WUDIWDWEHVWlQGHQ GHV %HVRQGHUHQ 7HLOV GHV 6W*% ]LW$EVLFKWVEHJULII  *HSSHUW.ODXV=XU 8UNXQGHQTXDOLWlW YRQ 'XUFKVFKULIWHQ $EVFKULIWHQ XQG LQVEHVRQGHUH )RWRNRSLHQLQ-XUD *HSSHUW.ODXV=XUVWUDIXQGVWUDIYHUIDKUHQVUHFKWOLFKHQ%HZlOWLJXQJYRQ6HULHQVWUDIWDWHQQDFK :HJIDOOGHU5HFKWVILJXUGHUÅIRUWJHVHW]WHQ+DQGOXQJ´LQ16W= *HUKROG6|QNH=XU 3HUVRQ GHV $XVVWHOOHUV HLQHU 8UNXQGH LQ )lOOHQ RIIHQHU 6WHOOYHUWUHWXQJ ² (LQ%HLWUDJ]XP8UNXQGHQVWUDIUHFKWLQ-XUD *LJHUO+DQV-RDFKLP'LH |IIHQWOLFKH 8UNXQGH LP 6WUDIUHFKW LQVEHVRQGHUH LKUH %HZHLVHLJQXQJ IUXQGJHJHQMHGHUPDQQ'LVVLXU%RFKXP]LWgIIHQWOLFKH8UNXQGH  *LVLQ0DUNXV3KLVKLQJLQ.ULPLQDOLVWLN *RHFNHQMDQ,QJNH3KLVKLQJYRQ=XJDQJVGDWHQIU2QOLQH%DQNGLHQVWHXQGGHUHQ9HUZHQGXQJ LQZLVWUD *RHFNHQMDQ,QJNH$XVZLUNXQJHQ GHV  6WUDIUHFKWVlQGHUXQJVJHVHW]HV DXI GLH 6WUDIEDUNHLW GHV Å3KLVKLQJ´LQZLVWUD *UDI-UJHQ3HWHUÅ3KLVKLQJ´GHU]HLWQLFKWJHQHUHOOVWUDIEDULQ16W= *ULPP-UJHQ'LH3UREOHPDWLNGHU8UNXQGHQTXDOLWlWYRQ)RWRNRSLHQ *XVWDIVVRQ%ULWWD'LH VFKHLQEDUH 8UNXQGH ]XP %HJULII GHU XQHFKWHQ 8UNXQGH LP 6WUDIUHFKW ]LW'LHVFKHLQEDUH8UNXQGH  +DUWOHE&KULVWRSK'LH5HLFKZHLWHGHV:DKUKHLWVVFKXW]HVLQ†6W*%'LVVLXU%RQQ ]LW:DKUKHLWVVFKXW]  +DUWPDQQ6XVDQQH1HXH +HUDXVIRUGHUXQJHQ IU GDV 8UNXQGHQVWUDIUHFKW LP =HLWDOWHU GHU ,QIRUPDWLRQVJHVHOOVFKDIW +DUGWXQJ%HUQKDUG3HU )D[ LQ GLH )UHLKHLW ² (LQ %HULFKW EHU HLQH VWUDIUHFKWOLFKH +DXVDUEHLW -X6 +DVVHPHU:LQIULHG*UXQGOLQLHQ HLQHU SHUVRQDOHQ 5HFKWVJXWVOHKUH LQ -HQVHLWV GHV )XQNWLRQD OLVPXV *HEXUWVWDJVJDEH IU $UWKXU .DXIPDQQ KUVJ Y 6FKROOHU XD  6 ]LW -HQVHLWVGHV)XQNWLRQDOLVPXV  +HFNHU%HUQG'LH PL‰EUlXFKOLFKH 9HUZHQGXQJ YRQ $XVZHLVSDSLHUHQ XQG VRQVWLJHQ DXVZHLV JOHLFKHQ8UNXQGHQQDFK†6W*%LQ*$ +HFNHU%HUQG+HUVWHOOXQJ9HUNDXI(UZHUEXQG9HUZHQGXQJPDQLSXOLHUWHU7HOHIRQNDUWHQLQ -$ +HIHQGHKO5RODQG([DPHQVNODXVXU 6WUDIUHFKW 'HU PL‰EUDXFKWH )DUENRSLHUHU LQ -XUD   +HIHQGHKO5RODQG6WUDIUHFKWOLFKH 3UREOHPH EHLP +HUVWHOOHQ EHLP 9HUWULHE XQG EHL GHU 9HUZHQGXQJYRQZLHGHUDXIODGEDUHQ7HOHIRQNDUWHQVLPXODWRUHQ²=XJOHLFKHLQH%HVSUHFKXQJ YRQ/*:U]EXUJ16W=LQ16W= +HJKPDQQV0LFKDHO6WUDIEDUNHLW GHV Å3KLVKLQJ´ YRQ %DQNNRQWHQGDWHQ XQG LKUHU 9HUZHUWXQJ LQZLVWUD +HJKPDQQV0LFKDHO6WUDIUHFKWIUDOOH6HPHVWHU²%HVRQGHUHU7HLO*UXQGXQG([DPHQVZLVVHQ NULWLVFKYHUWLHIW]LW%7  +HLQULFK%HUQG0L‰EUDXFKJHVFDQQWHU8QWHUVFKULIWHQDOV8UNXQGHQIlOVFKXQJLQ&5

/LWHUDWXUYHU]HLFKQLV +HLQULFK8OULFK8UNXQGHQIlOVFKXQJXQGDUWYHUZDQGWH'HOLNWHLP6WUD‰HQYHUNHKULQ.ULPLQD OLVWLN +HOOH.RQUDG'LH QDFKWUlJOLFKH 9HUlQGHUXQJ HLQHU 8UNXQGH GXUFK LKUHQ $XVVWHOOHU ² (LQH 8QWHUVXFKXQJGHU6WUDIWDWHQGHU8UNXQGHQIlOVFKXQJ†6W*% XQGGHU8UNXQGHQXQWHU GUFNXQJ†,1U6W*%  +HUEH6LOYLD'LH *HVDPWXUNXQGH ² (LQH 8QWHUVXFKXQJ ]XP |VWHUUHLFKLVFKHQ XQG GHXWVFKHQ 6WUDIUHFKW +LOJHQGRUI(ULF)UDQN7KRPDV9DOHULXV%ULDQ&RPSXWHUXQG,QWHUQHWVWUDIUHFKW +LOOHQNDPS7KRPDV 3UREOHPH DXV GHP 6WUDIUHFKW %HVRQGHUHU 7HLO  $XIO  ]LW  3UREOHPHDXVGHP%7  +RQLJ*HUKDUW'HUJHIlOVFKWH0HLVWHUEULHILQ*HZ$UFK -DKQ0DWWKLDV$QP]X2/*.|OQY²6VLQ-$9HUNHKUV]HL FKHQDOV8UNXQGH"  -DKQ0DWWKLDV$QP]X2/*+DPPY²6VLQ-X6$QPHO GXQJHLQHV(ED\$FFRXQWVXQWHUIDOVFKHP1DPHQ  -lJHU&KULVWLDQ([DPHQV5HSHWLWRULXP 6WUDIUHFKW %HVRQGHUHU 7HLO  $XIO  ]LW ([ DPHQV5HSHWLWRULXP%7  -DNREV*QWKHU.ULPLQDOLVLHUXQJ LP 9RUIHOG HLQHU 5HFKWVJXWVYHUOHW]XQJ LQ =6W:     -DNREV*QWKHU8UNXQGHQIlOVFKXQJ²5HYLVLRQHLQHV7lXVFKXQJVGHOLNWV -DNREV*QWKHU%HPHUNXQJHQ]XU8UNXQGHQIlOVFKXQJLQ)HVWVFKULIWIU:LOIULHG.SHU]XP *HEXUWVWDJDP0DLKUVJY+HWWLQJHUXD6]LW)6.SHU  -HVFKHFN+DQV+HLQULFK:HLJHQG7KRPDV/HKUEXFK GHV 6WUDIUHFKWV $OOJHPHLQHU 7HLO  $XIO ]LW$7  -RHFNV:ROIJDQJ6WUDIJHVHW]EXFK6WXGLHQNRPPHQWDU$XIO]LW6W*%  -XQJ+HLNH'HUSUDNWLVFKH)DOO²6WUDIUHFKW'HUOLVWLJH6SRUWOHULQ-X6 .DUJO:DOWHU8UNXQGHQIlOVFKXQJGXUFKGHQ$XVVWHOOHU†6W*% LQ-$ .DXIPDQQ$UPLQ'LH 8UNXQGHQ XQG %HZHLVPLWWHOIlOVFKXQJ LP (QWZXUI  LQ =6W:    .LHQDSIHO'LHWKHOP8UNXQGHQLP6WUDIUHFKW .LHQDSIHO'LHWKHOPÅ$EVLFKWVXUNXQGHQ´XQGÅ=XIDOOVXUNXQGHQ´LQ*$ .LHQDSIHO'LHWKHOP8UNXQGHQXQGWHFKQLVFKH$XI]HLFKQXQJHQLQ-= .LHQDSIHO'LHWKHOP$QP]X2/*.|OQY²6VLQ1-: .LHQDSIHO'LHWKHOP8UNXQGHQ XQG DQGHUH *HZlKUVFKDIWVWUlJHU ² 'RJPDWLN .ULPLQDOSROLWLN XQG5HIRUP]LW*HZlKUVFKDIWVWUlJHU  .LHQDSIHO'LHWKHOP$QP]X%*+Y²6W5LQ-5 .LHQDSIHO'LHWKHOP$QP]X%*+Y²6W5LQ-5 .LHQDSIHO'LHWKHOP=XU$EJUHQ]XQJYRQ8UNXQGHQIlOVFKXQJXQG8UNXQGHQXQWHUGUFNXQJLQ -XUD .LHQDSIHO'LHWKHOP$QP]X2/*&HOOHY²6VLQ16W= .LQGKlXVHU8UV6W*%/HKUXQG3UD[LVNRPPHQWDU$XIO]LW/3.  .LQGKlXVHU8UV6WUDISUR]HVVUHFKW .LQGKlXVHU8UV6WUDIUHFKW %HVRQGHUHU 7HLO , ² 6WUDIWDWHQ JHJHQ 3HUV|QOLFKNHLWVUHFKWH 6WDDW XQG*HVHOOVFKDIW$XIO]LW%7  .LW]9RONHU([DPHQVUHOHYDQWH%HUHLFKHÅPRGHUQHU.ULPLQDOLWlW´-$ .RFK$OH[DQGHU6WUDIUHFKWOLFKH 3UREOHPH GHV $QJULIIV XQG GHU 9HUWHLGLJXQJ LQ&RPSXWHUQHW ]HQ]LW$QJULIIXQG9HUWHLGLJXQJLQ&RPSXWHUQHW]HQ  .RSSHQK|IHUhEHU GDV 9HUKlOWQLV YRQ 8UNXQGHQIlOVFKXQJ XQG hEHUWUHWXQJ GHU 5HLFKVPHOGH RUGQXQJLQ1-: .UDFN5DOI$QP]X2/*'VVHOGRUIY6V²LQ16W= $QWLEOLW]IROLH  .UH\9RONHU+HLQULFK0DQIUHG6WUDIUHFKW %HVRQGHUHU 7HLO 6WXGLHQEXFK LQ V\VWHPDWLVFK LQGXNWLYHU'DUVWHOOXQJ%DQG%HVRQGHUHU7HLORKQH9HUP|JHQVGHOLNWH$XIO]LW %7 



/LWHUDWXUYHU]HLFKQLV

.XFHUD&KULVWLDQ=XU8UNXQGVTXDOLWlWYRQ9HUNHKUV]HLFKHQLQ-X6 .XGOLFK+DQV$QP ]X %*+ Y  ²  6W5  %D\2E/*  LQ -=  $QWLEOLW]EXFKVWDEHQ  .XGOLFK+DQV6WUDIUHFKW%HVRQGHUHU7HLO,,²'HOLNWHJHJHQGLH3HUVRQXQGGLH$OOJHPHLQKHLW ]LW%7,,²3UIHGHLQ:LVVHQ  .KO.ULVWLDQ$QP]X%*+Y²6W5LQ-5 .SHU:LOIULHG6WUDIUHFKW%HVRQGHUHU7HLO'HILQLWLRQHQPLW(UOlXWHUXQJHQ$XIO]LW %7  /DFNQHU.DUO.KO .ULVWLDQ6WUDIJHVHW]EXFK .RPPHQWDU EHDUEHLWHW YRQ .ULVWLDQ .KO  $XIO]LW/DFNQHU.KO  /DJK]DRXL5DOI:LUJHV9RONPDU'HU(LQVDW]YRQ7HOHID[JHUlWHQDOV]LYLOSUR]HVVXDOHV3UREOHP LQ0'5 /DPSH(UQVW-RDFKLP'LH VRJHQDQQWH *HVDPWXUNXQGH XQG GDV 3UREOHP GHU 8UNXQGHQIlO VFKXQJGXUFKGHQ$XVVWHOOHULQ*$ /DPSH(UQVW-RDFKLP8QWHUGUFNXQJXQHFKWHU8UNXQGHQLQ-5 /DPSH(UQVW-RDFKLP=XVDPPHQJHVHW]WHXQGDEKlQJLJH8UNXQGHQLQ1-: /DPSH(UQVW-RDFKLP$QP]X2/*.|OQY²6VLQ-5 /DPSH(UQVW-RDFKLP$QP]X%D\2E/*Y²55HJ6WLQ6W9 /DPSH(UQVW-RDFKLP$QP ]X 2/* 'VVHOGRUI Y   6V  LQ -5  $QWLEOLW]EXFKVWDEHQ  /DQJHU:LQULFK6WUDIUHFKWVGRJPDWLN DOV :LVVHQVFKDIW (EHUKDUG 6FKPLGKlXVHU ]XP *HEXUWVWDJDP2NWREHULQ*$ /HLS]LJHU.RPPHQWDU*UR‰NRPPHQWDUKUVJY-HVFKHFNXD%DQG††²D$XIO ]LW%HDUEHLWHULQ/.  /HLS]LJHU.RPPHQWDU*UR‰NRPPHQWDU KUVJ Y -lKQNH XD  %DQG †† ²   $XIO %DQG††²$XIO]LW%HDUEHLWHULQ/.  /HLS]LJHU.RPPHQWDU*UR‰NRPPHQWDUKUVJY-lKQNHXD%DQG7HLO††²G $XIO]LW%HDUEHLWHULQ/.  /HQFNQHU7KHRGRU=XP%HJULIIGHU7lXVFKXQJVDEVLFKWLQ†6W*%LQ1-: /HQFNQHU7KHRGRU:LQNHOEDXHU:ROIJDQJ&RPSXWHUNULPLQDOLWlW ² 0|JOLFKNHLWHQ XQG *UHQ]HQ GHV:L.*,,, LQ&5 /LQGHPDQQ7KRUVWHQ=XU V\VWHPDWLVFKHQ ,QWHUSUHWDWLRQ GHV †, 1U 6W*% LP 9HUKlOWQLV ]XP†,9DU6W*%LQ16W= 0DQNRZVNL3HWHU7DUQRZVNL1DWDVFKD=XP 8PIDQJ GHU EHVRQGHUHQ %HZHLVNUDIW |IIHQWOLFKHU 8UNXQGHQ²$*+DPEXUJ16W(†6W*%1ULQ-X6 0DQQ-RKDQQHV$QP]X2/*0QFKHQY²6W5516W=  1-:Å%OHQGHQ´HLQHU9HUNHKUVEHUZDFKXQJV%OLW]DQODJH LQ16W= ]XU)UDJHGHU6DFKEHVFKlGLJXQJ  0DUFHOOL:DOWHU$QP]X%*+Y²6W5LQ16W= 0DUWLQ6LJPXQG3'HUSUDNWLVFKH)DOO²6WUDIUHFKW²'LHÅ0HKUZHJ´)DKUNDUWHLQ-X6  0lW]NH+DQV-RDFKLP$QP]X2/*.DUOVUXKHY²:VLQ16W=  0lW]NH+DQV-RDFKLP'LH 6DQNWLRQVORVLJNHLW YRQ 0DQLSXODWLRQHQ EHODVWHQGHU 9HUPHUNH LQ DPWOLFKHQ$XVZHLVHQLQ0'5 0DXUDFK5HLQKDUW6FKURHGHU)ULHGULFK&KULVWLDQ0DLZDOG0DQIUHG6WUDIUHFKW%HVRQGHUHU7HLO7HLO EDQG6WUDIWDWHQJHJHQ*HPHLQVFKDIWVZHUWH$XIO]LW%7  0HLHU%HUQG'LHWHU6WUDIEDUNHLWGHV%DQNDXWRPDWHQPL‰EUDXFKVLQ-X6 0HXUHU'LHWHU8UNXQGHQIlOVFKXQJ GXUFK 9HUZHQGXQJ GHV HLJHQHQ 1DPHQV LQ 1-:   0HZHV+DQV8UNXQGHQIlOVFKXQJ EHL 3HUVRQDOLHQPDQLSXODWLRQHQ LP 9HUVDQGKDQGHO ² %*+ 16W=LQ16W= 0H\HU'LHWHU)RWRNRSLHQ DOV 8UNXQGHQ LP 6LQQH GHV † 6W*% *HGDQNHQ ]XP 8UWHLO GHV %*+0'5LQ0'5

/LWHUDWXUYHU]HLFKQLV 0H\HU)ULW]'LH|IIHQWOLFKH8UNXQGHLP6WUDIUHFKWLQ)HVWVFKULIWIU(GXDUG'UHKHU]XP *HEXUWVWDJKUVJY-HVFKHFNXD6]LW)6'UHKHU  0LHKH2ODI=XP 9HUKlOWQLV GHV )lOVFKHQV ]XP *HEUDXFKPDFKHQ LP 7DWEHVWDQG GHU 8UNXQ GHQIlOVFKXQJLQ*$ 0LWVFK:ROIJDQJ$QP]X%D\2E/*Y²6W55LQ16W= 0RKUERWWHU.XUW$QP]X2/*'VVHOGRUIY² 6VLQ1-: 0|KUHQVFKODJHU0DQIUHG'DVQHXH&RPSXWHUVWUDIUHFKWLQZLVWUD 0OOHU7XFNIHOG-HQV&KULVWLDQ$QP]X%*+Y²6W5LQ6W9 0QFKHQHU.RPPHQWDU6W*%0QFKHQHU.RPPHQWDU]XP6WUDIJHVHW]EXFKKUVJY-RHFNVXD PHKUHUH%lQGHELV]LW%HDUEHLWHULQ0QFK.RPP6W*%  0QFKHQHU.RPPHQWDU=320QFKHQHU .RPPHQWDU ]XU =LYLOSUR]H‰RUGQXQJ PLW *HULFKWVYHU IDVVXQJVJHVHW] XQG 1HEHQJHVHW]HQ %DQG  †† ² F KUVJ Y 5DXVFKHU XD  $XIO ]LW%HDUEHLWHULQ0QFK.RPP=32  0UEH0DQIUHG6WUDIUHFKWVNODXVXU'HUILQGLJH)RWRJUDILQ-X6 0UEH0DQIUHG([DPHQVNODXVXU 6WUDIUHFKW Å'LH 6HOEVWEHGLHQXQJVWDQNVWHOOH´ LQ -XUD   1RPRV+DQGNRPPHQWDU1RPRV+DQGNRPPHQWDU ² *HVDPWHV 6WUDIUHFKW 6W*% 6W32 1HEHQJHVHW]HKUVJY'|OOLQJXD]LW%HDUEHLWHULQ1RPRV+.*6  1RPRV.RPPHQWDU1RPRV .RPPHQWDU ]XP 6WUDIJHVHW]EXFK KUVJ Y .LQGKlXVHU XD %G  XQG$XIO]LW%HDUEHLWHULQ1.  2EHUPDLU6DQGUD'LH $EJUHQ]XQJ GHU %HZHLV]HLFKHQ YRQ GHQ .HQQ]HLFKHQ EHLP 8UNXQGHQ EHJULIIGHV†6W*% 2KU*QWHU'DVIRUPXQJOWLJHHLJHQKlQGLJH7HVWDPHQWDOVXQHFKWH8UNXQGH²2/*'VVHO GRUI1-:LQ-X6 2WWR+DUUR'LH 3UREOHPH GHU 8UNXQGHQIlOVFKXQJ † 6W*%  LQ GHU QHXHUHQ 5HFKWVSUH FKXQJXQG/HKUHLQ-X6 2WWR+DUUR*UXQGNXUV6WUDIUHFKWGLHHLQ]HOQHQ'HOLNWH$XIO]LW%7  2WWR0DWKLDV1RFKHLQPDO'HUILQGLJH)RWRJUDI]X0UEH-X6II LQ-X6  3DHIIJHQ+DQV8OOULFK$QP]X%*+Y²6W5LQ-5 3DSH*HUKDUG1RWWKRII0DUWLQ3UR]H‰UHFKWOLFKH3UREOHPHEHLGHU9HUZHQGXQJYRQ7HOHID[LQ 1-: 3LNDUW$QP]X2/*)UDQNIXUWY²6VLQ16W= 3UHFKWHO'LHWPDU8UNXQGHQGHOLNWH††II6W*% ²5HIRUPGLVNXVVLRQXQG*HVHW]JHEXQJVHLW  3XSSH,QJHERUJ'LH)lOVFKXQJWHFKQLVFKHU$XI]HLFKQXQJHQ 3XSSH,QJHERUJ8UNXQGHQIlOVFKXQJLQ-XUD 3XSSH,QJHERUJ(UVFKHLQXQJVIRUPHQGHU8UNXQGHLQ-XUD 3XSSH,QJHERUJ8Q]XOlVVLJHV +DQGHOQ XQWHU IUHPGHP 1DPHQ DOV 8UNXQGHQIlOVFKXQJ LQ -5  3XSSH,QJHERUJ$QP]X2/*'VVHOGRUIY²6VLQ-5 3XSSH,QJHERUJ'LHQHXH5HFKWVSUHFKXQJ]XGHQ)lOVFKXQJVGHOLNWHQLQ-= 3XSSH,QJHERUJ1DPHQVWlXVFKXQJXQG,GHQWLWlWVWlXVFKXQJ²2/*&HOOH1-:LQ -X6 3XSSH,QJHERUJ8UNXQGHQHFKWKHLWEHL+DQGHOQXQWHUIUHPGHQ1DPHQXQG%HWUXJLQPLWWHOEDUHU 7lWHUVFKDIW²%D\2E/*1-:LQ-X6 3XSSH,QJHERUJ$QP]X%*+Y²6W5LQ-= 3XSSH,QJHERUJ'LHQHXH5HFKWVSUHFKXQJ]XGHQ)lOVFKXQJVGHOLNWHQ7HLOHELVLQ-=  3XSSH,QJHERUJ'LHQHXH5HFKWVSUHFKXQJ]XGHQ)lOVFKXQJVGHOLNWHQLQ-= 3XSSH,QJHERUJ8UNXQGHQVFKXW] LP &RPSXWHU]HLWDOWHU LQ  -DKUH %*+ )HVWJDEH DXV GHU :LVVHQVFKDIW%DQG,96]LW)*%*+,9 



/LWHUDWXUYHU]HLFKQLV

3XSSH,QJHERUJ$QP ]X 2/* 'VVHOGRUI Y  ²  E 6V  ²  LQ 16W=  II ]XU )UDJH GHU (LJHQVFKDIW HLQHU ]XVDPPHQJHVHW]WHQ )RWRNRSLH YRQ 7HLOHQPHKUHUHU6FKULIWVWFNH  5DGWNH+HQQLQJ'HUSUDNWLVFKH)DOO²6WUDIUHFKW(LQH%HZHUEXQJPLWNOHLQHQ)HKOHUQLQ-X6  5DGWNH+HQQLQJ1HXH )RUPHQ GHU 'DWHQVSHLFKHUXQJ XQG GDV 8UNXQGHQVWUDIUHFKW LQ =6W:   5DQIW2WIULHG$QP]X%*+Y²6W5LQ-5 5DQIW2WIULHG6WUDIUHFKWOLFKH3UREOHPHGHU%HI|UGHUXQJVHUVFKOHLFKXQJLQ-XUD 5HLFKHUW&KULVWRSKÅ0HLQ3DVVªJHK|UW©PLU´²=XP%HZHLVIKUXQJVLQWHUHVVHDQ8UNXQGHQXQG WHFKQLVFKHQ$XI]HLFKQXQJHQLP5DKPHQGHV†,1U6W*%LQ6W9 5HQJLHU5XGROI6WUDIUHFKW%HVRQGHUHU7HLO,,$XIO]LW%7  5KHLQHFN5HQDWH)lOVFKXQJVEHJULIIXQG*HLVWLJNHLWVWKHRULH 5|KPHO.ODXV'LHVWUDIUHFKWOLFKH%HXUWHLOXQJYRQ8UNXQGHQHQWZUIHQXQGVRJ)HUQEHJODXEL JXQJHQQDFK†6W*%LQ-$ 5RVVD&DUROLQH%HDWUL[0LVVEUDXFK EHLP HOHFWURQLF FDVK ² (LQH VWUDIUHFKWOLFKH %HZHUWXQJ LQ &5 5R‰QDJHO$OH[DQGHU'DVHOHNWURQLVFKH9HUZDOWXQJVYHUIDKUHQLQ1-: 5R[LQ&ODXV6WUDIYHUIDKUHQVUHFKWHLQ6WXGLHQEXFK$XIO 5XQWH5DLQHU:HUQHU6WHIDQhEXQJVNODXVXU6WUDIUHFKW'HUIDOVFKH0DQQLQ-XUD 6DPVRQ(ULFK8UNXQGH XQG %HZHLV]HLFKHQ GLH YHUN|USHUWH *HGDQNHQHUNOlUXQJ DOV 0HUNPDO GHVVWUDIUHFKWOLFKHQ8UNXQGHQEHJULIIV]LW8UNXQGHXQG%HZHLV]HLFKHQ  6DPVRQ(ULFK*UXQGSUREOHPHGHU8UNXQGHQIlOVFKXQJLQ-X6 6DPVRQ(ULFK*UXQGSUREOHPHGHU8UNXQGHQIlOVFKXQJ7HLOHXQGLQ-$ 6DPVRQ(ULFK:LHGHUKROXQJVXQG9HUWLHIXQJVNXUVLQGHQ.HUQJHELHWHQGHV5HFKWV6WUDIUHFKW ,,$XIO]LW:X96WUDIUHFKW,,  6DQGPDQQ0HODQLH'LH6WUDIEDUNHLWGHU.XQVWIlOVFKXQJ 6lWWHOH$OH[DQGHU$QP ]X 2/* 'VVHOGRUI Y  ²  E 6V  ²  , LQ 6W98UNXQGHQIlOVFKXQJGXUFK+HUVWHOOHQHLQHU&ROODJHE]ZHLQHU)RWRNRSLH"  6D[:DOWHU3UREOHPH GHV 8UNXQGHQVWUDIUHFKWV LQ )HVWVFKULIW IU .DUO 3HWHUV ]XP *HEXUWVWDJKUVJY%DXPDQQXD6]LW)63HWHUV  6FKHIIOHU8ZH$QP]X%*+Y²6W5LQ6W9 6FKLOOLQJ*HRUJ'HU VWUDIUHFKWOLFKH 6FKXW] GHV $XJHQVFKHLQVEHZHLVHV ² (LQ %HLWUDJ ]XU /HKUH YRQGHU%HZHLVPLWWHOIlOVFKXQJ 6FKLOOLQJ*HRUJ)lOVFKXQJWHFKQLVFKHU$XI]HLFKQXQJHQ†6W*%  6FKLOOLQJ*HRUJ5HIRUPGHU8UNXQGHQYHUEUHFKHQ 6FKOHKRIHU+RUVW-XULVWLVFKH0HWKRGRORJLHXQG0HWKRGLNGHU)DOOEHDUEHLWXQJLQ-X6 6FKPLGKlXVHU(EHUKDUG2EMHNWLYHU XQGVXEMHNWLYHU7DWEHVWDQG (LQH YHUIHKOWH8QWHUVFKHLGXQJ LQ /HEHQGLJHV 6WUDIUHFKW )HVWJDEH ]XP  *HEXUWVWDJ YRQ +DQV 6FKXOW] 6FKZ=6WU  >@ 6]LW)HVWJDEH6FKXOW]  6FKPLGKlXVHU(EHUKDUG6WUDIUHFKW%HVRQGHUHU7HLO$XIO]LW%7  6FKPLW])ORULDQ'HU6FKXW]GHV%HZHLVIKUXQJVLQWHUHVVHVLP8UNXQGHQVWUDIUHFKW 6FKQHLGHU+DUWPXW=XU6WUDIEDUNHLWGHV9HUQLFKWHQVYRQ6FKDXEOlWWHUQHLQHV)DKUWHQVFKUHLEHUV LQ16W= 6FK|QLQJ&KULVWLDQ7HOHJUDPP XQG )HUQVFKUHLEHQ LP 8UNXQGHQVWUDIUHFKW (QWZLFNOXQJ XQG 0L‰EUDXFKHLQHUWHFKQLVFKHQ(UUXQJHQVFKDIWXQGGHU9HUVXFKVHLQHU%HZlOWLJXQJGXUFKGDV 6WUDIUHFKW]LW7HOHJUDPPXQG)HUQVFKUHLEHQ  6FK|QNH$GROI6FKU|GHU+RUVW6WUDIJHVHW]EXFK.RPPHQWDU$XIO]LW%HDUEHLWHULQ 6FK|QNH6FKU|GHU  6FKURHGHU)ULHGULFK&KULVWLDQ'LH +HUEHLIKUXQJ HLQHU 8QWHUVFKULIW GXUFK 7lXVFKXQJ RGHU =ZDQJLQ*$ 6FKURHGHU)ULHGULFK&KULVWLDQ8UNXQGHQIlOVFKXQJ GXUFK ([DPHQVWlXVFKXQJ" $QP ]X %D\ 2E/*1-:LQ-X6 6FKURHGHU)ULHGULFK&KULVWLDQ8UNXQGHQIlOVFKXQJPLW$XVODQGVEHUKUXQJLQ1-:

/LWHUDWXUYHU]HLFKQLV 6FKURHGHU)ULHGULFK&KULVWLDQ8UNXQGHQVWUDIWDWHQDQHQWZHUWHWHQ)DKUNDUWHQLQ-X6 6FKU|GHU+$QP]X%*+Y²6W5LQ-5 6FKU|GHU+$QP]X%*+Y²6W5LQ-5 6FKXPDQQ+HULEHUW$QP]X%*+Y²6W5LQ-= 6LHEHU8OULFK$QP]X2/*0QFKHQY²:VLQ-= 6LHEHU8OULFK&RPSXWHUNULPLQDOLWlWXQG6WUDIUHFKW$XIO 6RQQHQ%HUQG5GHJHU$QP]X2/*)UDQNIXUWY²6VLQ-$ 6WHKOLQJ-UJHQ'LH 8UNXQGHQIlOVFKXQJ ² (LQ %HLWUDJ ]XU .ULPLQRORJLH .ULPLQDOLVWLN XQG VWUDIUHFKWOLFKHQ3UREOHPDWLNGLHVHU*HVHW]HVYHUVW|‰H'LVVLXU)UDQNIXUW0DLQ 6WHLQ8OULFK$QP]X%D\2E/*Y²6W55LQ-59HUlQGHUXQJ GHV*HEXUWVGDWXPVLQGHU=HLWNDUWHHLQHV%HI|UGHUXQJVXQWHUQHKPHQV  6WHLQPHW]%HUQG'HU (FKWKHLWVEHJULII LP 7DWEHVWDQG GHU 8UNXQGHQIlOVFKXQJ † 6W*%  ]LW(FKWKHLWVEHJULII  6WRIIHUV.ULVWLDQhEHUEOLFN EHU GLH 5HFKWVSUHFKXQJ ]XP 6FKXW] DXVOlQGLVFKHU 5HFKWVJWHU GXUFKGDVGHXWVFKH6WUDIUHFKWLQVEHVRQGHUHLP%HUHLFKGHU8UNXQGHQXQG$XVVDJHGHOLNWH LQ-$ 6WXFNHQEHUJ&DUO)ULHGULFK=XU6WUDIEDUNHLWYRQÅ3KLVKLQJ´LQ=6W:  6\VWHPDWLVFKHU.RPPHQWDU6\VWHPDWLVFKHU.RPPHQWDU]XP6W*%KUVJY5XGROSKLXD%DQG ,, %HVRQGHUHU 7HLO †† ²   ]LW %HDUEHLWHU LQ 6. 6W*% VSH]LHOOHU %HDUEHLWXQJV VWDQG  7LHPDQQ)UDQN'HU SUDNWLVFKH )DOO ² 6WUDIUHFKW (LQH PL‰JOFNWH ([LVWHQ]JUQGXQJ LQ -X6  7U|QGOH+HUEHUW$QP]X%*+Y²6W5LQ-5 8OVHQKHLPHU.ODXV([DPHQVNODXVXU6WUDIUHFKWÅ'LHGXUFK]HFKWH1DFKW´LQ-XUD :DOWHU7RQLR8KO0DWWKLDVhEHUPXWWXWVHOWHQJXW)DOOEHDUEHLWXQJ LQ-$ :HL‰5HJLQD'DV DEUHGHZLGULJ DXVJHIOOWH %ODQNHWW ² HFKWH RGHU XQHFKWH 8UNXQGH" LQ -XUD  :HEHU8OULFK)lOVFKXQJVGHOLNWHLQ%H]LHKXQJDXIGHQ)KUHUVFKHLQ]XJOHLFK%HVSUHFKXQJYRQ 2/*+DPP1-:XQG2/*.|OQ1-:LQ-XUD :HOS-UJHQ'LH8UNXQGHXQGLKU'XSOLNDWLQ%HLWUlJH]XU5HFKWVZLVVHQVFKDIW)HVWVFKULIWIU :DOWHU 6WUHH XQG -RKDQQHV :HVVHOV KUVJ Y .SHU XD  6  ]LW )6 6WUHH:HVVHOV  :HO]HO+DQV'DV'HXWVFKH6WUDIUHFKW$XIO :HVVHOV-RKDQQHV6WUDIUHFKW %HVRQGHUHU 7HLO 7HLO  6WUDIWDWHQ JHJHQ 3HUV|QOLFKNHLWV XQG *HPHLQVFKDIWVZHUWH$XIO]LW%7  :HVVHOV-RKDQQHV+HWWLQJHU0LFKDHO6WUDIUHFKW%HVRQGHUHU7HLO7HLO6WUDIWDWHQJHJHQ3HUV|Q OLFKNHLWVXQG*HPHLQVFKDIWVZHUWH$XIO]LW%7  :RKOHUV:ROIJDQJ$QP ]X 2/* 'VVHOGRUI Y  ² E 6V  ²  , LQ -5  =DF]\N5DLQHUÅ.RSLH´XQGÅ2ULJLQDO´EHLGHU8UNXQGHQIlOVFKXQJLQ1-: =LHOLQVNL'LHWKDUW8UNXQGHQIlOVFKXQJ GXUFK &RPSXWHU LQ *HGlFKWQLVVFKULIW IU $UPLQ .DXIPDQQKUVJY'RUQVHLIHUXD6]LW*6$UPLQ.DXIPDQQ  =LHOLQVNL'LHWKDUW5H]HQVLRQ]X%ULWWD*XVWDIVVRQ'LHVFKHLQEDUH8UNXQGH²=XP%HJULIIGHU XQHFKWHQ8UNXQGHLP6WUDIUHFKWLQZLVWUD =LHOLQVNL'LHWKDUW8UNXQGHQIlOVFKXQJ GXUFK GHQ YROOPDFKWORVHQ 6WHOOYHUWUHWHU" LQ ZLVWUD  =LHOLQVNL'LHWKDUW8UNXQGHQIlOVFKXQJGXUFK7HOHID[LQ&5 =ROOHU(GJDU'LH0LNUR)RWRXQG7HOHNRSLHLP=LYLOSUR]H‰UHFKWLQ1-: =|OOHU5LFKDUG=LYLOSUR]H‰RUGQXQJ PLW *HULFKWVYHUIDVVXQJVJHVHW] XQG GHQ (LQIKUXQJVJHVHW ]HQPLW,QWHUQDWLRQDOHP=LYLOSUR]H‰UHFKW.RVWHQDQPHUNXQJHQ$XIO]LW%HDU EHLWHULQ=|OOHU=32   



Fallregister

'DV )DOOUHJLVWHU VROO GHP YHUHLQIDFKWHQ $XIILQGHQ GHU %HLVSLHOVIlOOH XQG LKUHU /|VXQJHQ GLHQHQ 'LH 5DQGQXPPHU GLH GHU MHZHLOLJHQ )DOOVFKLOGHUXQJ ]XJHRUGQHW LVW ZXUGH GXUFK .XUVLYGUXFNKHUYRUJHKREHQ9HUZHLVHVLQGGXUFKHLQHQ3IHLO→ JHNHQQ]HLFKQHW )DOO4XLWWXQJVIDOO 5Q² IHUQHU5QI

)DOO=XODVVXQJVSODNHWWHQIDOO 5Q 

)DOO6HNUHWlULQDOV(KHIUDX)DOO  5Q

)DOOD9HUNHKUV]HLFKHQhEHUNOHEXQJV )DOO 5QDE

)DOO8QWHU]HLFKQXQJDOV1DPHQVYHWWHU )DOO 5Q

)DOO%OXWSUREHQIDOO 5Q

)DOO8QWHU]HLFKQXQJDOV)lOVFKXQJ )DOO 5Q

)DOO7RQEDQGIDOO 5QI )DOO=DKQDU]WIDOO 5QP )Q5Q

)DOO4XLWWXQJVDElQGHUXQJVIDOO 5Q I

)DOO/HLW]IDOO 5Q

9DULDQWH]X)DOO4XLWWXQJVYHUQLFKWXQJV XQG1HXHUVWHOOXQJVIDOO 5Q

)DOO6HPLQDUVWHPSHOIDOO 5Q →)DOO

)DOO+DQGHOVEFKHUIDOO 5Q →)DOO

)DOO%UDQG]HLFKHQIDOO 5Q 

)DOO%DXDUEHLWHQYHUJDEHIDOO 5Q 

)DOOD$GROI+7DJHEFKHU)DOO  5QFGI

)DOO%LHUNXWVFKHUIDOO 5QP )Q5Q→)DOO

)DOO9HUGHFNWH6WHOOYHUWUHWXQJ)DOO  5Q

)DOO%ODQNRVFKHFNIDOO 5Q

)DOO0LHWYHUWUDJVIDOO 5Q 

)DOO3RVWIDKUNDUWHQIDOO 5Q )DOO4XLWWXQJ]XU7lXVFKXQJGHV *OlXELJHUV)DOO 5Q )DOO)RWRPRQWDJHIDOO 5Q

)DOO%HK|UGHQEHVFKHLGVIDOO 5Q  )DOOÅ0OOHU´)DOO 5Q

)DOO)LQJHUDEGUXFNVIDOO 5Q

)DOODÅ&RPSXWHU)D[´)DOO 5QE F

)DOO1DFKULFKWLP6DQG)DOO 5Q 

)DOOE$XVGUXFNDOV'XUFKVFKODJ)DOO  5QGH

)DOO%OHLVWLIWQDFKULFKWVIDOO 5Q

)DOO6WDDWVSUIXQJVIDOO 5Q I

)DOO&KDPSDJQHUIODVFKHQIDOO 5Q 

)DOO7HVWDPHQWVIDOO 5Q

)DOOUHJLVWHU )DOO7HVWDPHQWVQDFKDKPXQJVIDOO  5QI

)DOO$XWRPDWHQVFKHFNNDUWHQIDOO  5QP)Q

)DOO7HVWDPHQWVWH[WIDOO 5Q

)DOOD,QWHUQHWDXNWLRQVKDXVIDOO  5QDD

)DOOÅVHQ´)DOO 5Q )DOO)LUPHQVWHPSHOIDOO 5Q )DOO)DKUDXVZHLVIDOO 5Q )DOO.DXISUHLVTXLWWXQJVIDOO 5Q ²

)DOO)DKUNDUWHQ$EZLVFKIDOO 5Q P)Q5Q )DOOD7KHUPRGUXFNHU4XLWWXQJVIDOO  5QIK²M

)DOO/HKUHUIDOO 5QI

)DOOE9DULDQWH]XP7KHUPRGUXFNHU 4XLWWXQJVIDOO>)DOOD@ 5QJM

)DOOD1XPPHUQVFKLOGhEHUNOHEXQJV )DOO 5QDF²I

)DOO+DQGHOVEFKHUIDOO> )DOO@  5QP)Q

9DULDQWH]X)DOODÅ$QWLEOLW]IROLH´)DOO  5QEF²J

)DOO%LHUNXWVFKHUIDOO> )DOO@  5QP)Q5QP )Q

)DOO=HXJQLVIDOO 5QP )Q5Q )DOO.HQQ]HLFKHQIlOVFKXQJVIDOO  5Q )DOO%LHUILO]IDOO 5QI )DOOD9HUWHLGLJHUIDOO 5QGH² JD )DOO6FKXO]HXJQLVIDOO 5QI )DOO)DOVFKXUNXQGHQ :LHGHUYHUZHQGXQJVIDOO 5Q )DOOÅ%HWUDJGDQNHQGHUKDOWHQ´)DOO  5Q )DOO)DKUWHQVFKUHLEHUIDOO 5Q I )DOO)DKUWHQVFKUHLEHULUUWXPVIDOO  5QI )DOO.LORPHWHU]lKOHU5FNGUHK)DOO  5Q

)DOO6HPLQDUVWHPSHOIDOO> )DOO@  5Q )DOO3UHLVHWLNHWWHQEHUNOHEHIDOO  5Q )DOO)OHLVFKEHVFKDXHUIDOO 5Q IP)Q )DOO6SDUNDVVHQEXFKHU|IIQXQJVIDOO  5Q )DOO1RWDULHOOH%HXUNXQGXQJGHV .DXISUHLVHV)DOO 5Q )DOO.RSLHQEHJODXELJXQJGXUFK XQDXIPHUNVDPHQ1RWDU)DOO 5Q  )DOO6WDQGHVEHDPWHQIDOO 5Q ² )DOO*HEXUWVGDWXPVIDOO 5Q ²

)DOO7DFKRZHOOHQO|VHIDOO 5Q 

)DOO.RSLHQEHJODXELJXQJEHL JHIlOVFKWHP2ULJLQDO)DOO 5Q 

)DOO%OHLJHZLFKWVIDOO 5Q





Stichwortregister

'LHDQJHJHEHQHQ=DKOHQEH]LHKHQVLFKDXIGLH3DUDJUDSKHQ5DQGQXPPHUQE]ZGLH)X‰QR WHQ GHV 7H[WHV %HL KlXILJ YRUNRPPHQGHQ 6WLFKZRUWHQ VLQG QXU GLH ZLFKWLJHUHQ )XQGVWHOOHQ DQJHJHEHQ +DXSWIXQGVWHOOHQ VLQG GXUFK .XUVLYGUXFN KHUYRUJHKREHQ 9HUZHLVH DXI ZHLWHUH 6WLFKZRUWHVLQGGXUFKHLQHQ3IHLO→ JHNHQQ]HLFKQHW

$ $ElQGHUXQJVEHIXJQLV →'LVSRVLWLRQVEHIXJQLV $EVFKULIW5QD $EVLFKWHLQHPDQGHUHQ1DFKWHLO]X]XIJHQ 5Q² $EVLFKWDOV=XVDW]HUIRUGHUQLVQHEHQ GHP9RUVDW]LQ%H]XJDXIGLH9HU QLFKWXQJHWF5Q %HHLQWUlFKWLJXQJDOVEOR‰H1HEHQIROJH EHL†5Q 'HILQLWLRQGHU∼5QE 1DFKWHLO5QP)Q 1DFKWHLOV]XIJXQJDOV0LWWHO]XU(UUHL FKXQJHLQHVDQGHUHQ=LHOV5Q $EVLFKWVXUNXQGH5QP)Q %HLVSLHOHIU∼5QP)Q $PWVWUlJHU5QDDI I $QIHFKWEDUNHLWGHU(UNOlUXQJ5Q *UHQ]]LHKXQJ]XU8QZLUNVDPNHLW 5QP)Q $QVFKHLQVYROOPDFKW5QP)Q $QWLEOLW]IROLH5QEII $XI]HLFKQXQJVJHUlW5QI $XJHQVFKHLQVEHZHLV VWUDIUHFKWOLFKHU6FKXW]GHV∼5Q P)Q

$XJHQVFKHLQVREMHNW5QDIII E ,QWHUHVVHDP(UKDOWHLQHV∼5Q 8QWHUGUFNXQJYRQ∼5QP )Q $XVVDJHGHOLNWH5Q)Q 5Q NRQNUHWHV%HWURIIHQVHLQXQWHUVFKLHGOL FKHU,QWHUHVVHQ5Q )DOVFKKHLWHLQHU$XVVDJH5Q VSH]LILVFKHV6FKXW]LQWHUHVVHGHU∼ 5Q :DKUKHLWVSIOLFKW5Q $XVVWHOOHU %HK|UGHDOV∼5QH %HVWLPPEDUNHLWGHV∼5Q %HVWLPPEDUNHLWGHV∼DOVDXVUHLFKHQGHV .ULWHULXP5Q² %LQGXQJGXUFKDEUHGHZLGULJKHUJHVWHOOWH 8UNXQGH5QI (UNHQQEDUNHLWGHV∼EHL%LHUGHFNHOVWUL FKHQ→%LHUGHFNHOVWULFKH (UNHQQEDUNHLWGHV∼LP+LQEOLFNDXI FRPSXWHUVSH]LILVFKH%HVRQGHUKHLWHQ 5Q ∼EHLGHU)RWRNRSLH→)RWRNRSLH ,QGLNDWLRQGHVZLUNOLFKHQ:LOOHQVGHV∼ 5Q .ULWHULXPGHU*DUDQWLHIXQNWLRQ→ *DUDQWLHIXQNWLRQ MXULVWLVFKH3HUVRQGHV3ULYDWUHFKWVDOV∼ 5Q

6WLFKZRUWUHJLVWHU ULFKWLJHUXQGVFKHLQEDUHU∼5Q  6FKXW]YRU9HUIlOVFKXQJVHLQHVÅZDK UHQ´:LOOHQV5Q² ∼LP)DOOGHUYHUGHFNWHQ6WHOOYHUWUHWXQJ 5QP)Q5Q)Q 8UNXQGHQHUIRUGHUQLVGHU$XVVWHOOHUHU NHQQEDUNHLW5Q²→*D UDQWLHIXQNWLRQ 9HUIlOVFKXQJGXUFKGHQ∼5Q² ²→'LVSRVLWLRQVEHIXJQLV :LHGHUJDEHGHVZLUNOLFKHQ:LOOHQV→ ,QWHUHVVHDQNRUUHNWHU:LHGHUJDEHGHV ZLUNOLFKHQ$XVVWHOOHUZLOOHQV →*HLVWLJNHLWVWKHRULH.|USHUOLFKNHLWV WKHRULH $XVZHLVSDSLHUH5Q

% EHJHKXQJVJOHLFKHV8QWHUODVVXQJVGHOLNW5Q )Q %HJODXELJXQJ5QFI %HVFKlGLJHQHLQHU8UNXQGHRGHUWHFKQL VFKHQ$XI]HLFKQXQJ5QD %HWUXJ5Q)Q 5Q)Q →'UHLHFNVEHWUXJ %HXUNXQGXQJ ∼GHUZDKUJHQRPPHQHQ$EJDEHYRQ (UNOlUXQJHQYRUGHU%HK|UGHRGHU GHU8UNXQGVSHUVRQ5Q ∼EHU*HEXUWXQG7RG5Q ∼ZDKUJHQRPPHQHUHLJHQHU:LOOHQVHU NOlUXQJHQGHU%HK|UGH5Q →)DOVFKEHXUNXQGXQJLP$PWPLWWHO EDUH)DOVFKEHXUNXQGXQJ %HXUNXQGXQJVJHJHQVWDQG →%HZHLVNUDIWJHVWHLJHUWH %HZHLVEHVWLPPXQJ5QP )Q5Q HLJHQVWlQGLJH%HGHXWXQJGHU∼5Q P)Q %HZHLVHLJQXQJ5QI

EHZHLVHUKHEOLFKH'DWHQ →'DWHQ %HZHLVIXQNWLRQ JHULQJH$XVILOWHUXQJVZLUNXQJGHU∼ 5QI ∼]XJXQVWHQGHV$XVVWHOOHUV5Q  'HILQLWLRQGHU∼5QE ∼DOV0HUNPDOGHVVWUDIUHFKWOLFKHQ 8UNXQGHQEHJULIIV5QII I²D ∼DOVXQVHOEVWlQGLJHV8QWHUHOHPHQWGHU *DUDQWLHIXQNWLRQ5QDDI ∼LQ$EKlQJLJNHLWYRQGHPYHUVWULFKH QHQ=HLWUDXP5QGI →%HZHLVHLJQXQJ%HZHLVEHVWLPPXQJ %HZHLVIKUXQJVUHFKW5QHII P)Q ∼GHVEHUHFKWLJWHQ(LJHQWPHUVEHL (LJHQWPHU]HLFKHQ5QP)Q  ÅJHK|UHQ´L6Y†5Q D ∼EHLGHU)RWRNRSLH5QHII 9HUHLWHOXQJGHV∼5QP)Q 5Q NHLQH9HUOHW]XQJHLQHVIUHPGHQ∼EHL RUGQXQJVJHPl‰HU(QWZHUWXQJGHV )DKUVFKHLQVXQG9HUKHLPOLFKXQJ JHJHQEHUGHP.RQWUROOHXU5Q I %HZHLVNUDIWJHVWHLJHUWH %HXUNXQGXQJVJHJHQVWDQG5Q 'HILQLWLRQGHU∼5QD ∼EHL)DOVFKEHXUNXQGXQJLP$PW 5QI ∼EHLPLWWHOEDUHU)DOVFKEHXUNXQGXQJ 5Q VDFKOLFKHU*UXQGIU∼5Q² ∼GHV+DXSWYHUKDQGOXQJVSURWRNROOV 5Q)Q 5HLFKZHLWHGHU∼5Q %HZHLVZLUNXQJIUXQGJHJHQMHGHUPDQQ 5QP)Q %HZHLV]HLFKHQ5QI



6WLFKZRUWUHJLVWHU $EJUHQ]XQJ]XP.HQQ]HLFKHQ5Q )XQNWLRQGHV∼5Q

%LHUGHFNHOVWULFKH5QIP )Q (UNHQQEDUNHLWGHV$XVVWHOOHUV5Q 8UNXQGHQHLJHQVFKDIWYRQ∼5QP )Q

=HUUHL‰HQGHU8UNXQGHQDFK9HUOXVWGHU ∼GXUFKGHQ$XVVWHOOHU5QP )Q GROXVHYHQWXDOLV5Q ∼DOVHLJHQWOLFKH*UXQGIRUPGHV9RU VDW]HV5QP)Q 'UHLHFNVEHWUXJ5Q

%LQGXQJVZLUNXQJ5QI ∼LP$X‰HQYHUKlOWQLV5Q

'XOGXQJVYROOPDFKW5Q

%ODQNHWWDXVIOOXQJ5Q² DEUHGHZLGULJH∼5QID XQEHUHFKWLJWH∼5Q

(

%ODQNHWWIlOVFKXQJ5QP)Q 5Q²

&' 'DWHQ $XVVWHOOHUHUNHQQEDUNHLW5Q EHZHLVHUKHEOLFKH∼5Q VHOEVWWlWLJH%HZLUNXQJGHU'DUVWHOOXQJ YRQ∼5QI 'DUVWHOOXQJYRQ∼5QD (0DLO5QGG ,QWHUQHWDXNWLRQVKDXV5QDD 'DWHQYHUDUEHLWXQJVDQODJHHOHNWURQLVFKH5Q 'DXHUKDIWLJNHLWGHU9HUN|USHUXQJ5QI )Q5Q →3HUSHWXLHUXQJVIXQNWLRQ 'LHEVWDKO5Q 'LHQVWVWHPSHODXI,QYHQWDUVWFNHQ5Q 'LVSRVLWLRQVEHIXJQLV ,QWHUHVVHDP(UKDOWGHUXUVSUQJOLFK YHUN|USHUWHQ(UNOlUXQJ5Q ,UUHIKUXQJGXUFKVFKULIWOLFKH/JH 5Q NHLQ9HUIlOVFKHQHLQHUHFKWHQ8UNXQGH EHL$ElQGHUXQJGXUFKGHQ$XVVWHOOHU QDFK9HUOXVWGHU∼5Q²²  9HUOXVWGHU∼VHLWHQVGHV$XVVWHOOHUV 5Q²²



HFKWH8UNXQGH5Q² $EKlQJLJNHLWGHV%HJULIIVGHU∼YRP $XVVWHOOHUYHUVWlQGQLV5QP )Q $QVFKHLQHLQHU∼5QI %HJULIIGHU∼5Q (LJHQKlQGLJNHLW (UIRUGHUQLVGHU∼EHLGHU8QWHUVFKULIW 5QI (UIRUGHUQLVGHU∼EHLGHU(UNOlUXQJ 5Q LUUHOHYDQWH7lXVFKXQJEHUGLHÅ(LJHQ JHLVWLJNHLW´5QP)Q (LJHQWPHU]HLFKHQ %HZHLVIKUXQJVUHFKWL6GHV†GHV EHUHFKWLJWHQ(LJHQWPHUV5Q )Q ∼LQ%FKHUQ5Q 8UNXQGHQTXDOLWlWYRQ∼5Q (LQ]HOXUNXQGH5Q (QWZXUIHLQHU8UNXQGH →8UNXQGHQHQWZXUI (UEVFKHLQDOV|IIHQWOLFKH8UNXQGH →|IIHQWOLFKH8UNXQGH (UNHQQEDUNHLWGHV$XVVWHOOHUV →$XVVWHOOHU*DUDQWLHIXQNWLRQ (UNHQQEDUNHLWGHV*HJHQVWDQGVXQGGHU %HZHLVEHVWLPPXQJ5QI (UNOlUXQJYHUN|USHUWH5Q² I²

6WLFKZRUWUHJLVWHU $EJUHQ]XQJ]XGHQ$XJHQVFKHLQVREMHN WHQ5Q² 'HILQLWLRQGHU∼5QE PQGOLFKH∼5QP)Q5Q 9HUN|USHUXQJHQLP6FKULIWVWFN5Q IIP)Q YLVXHOOZDKUQHKPEDUH9HUN|USHUXQJHQ 5Q (UNOlUXQJVWDWEHVWDQG lX‰HUHU∼5QP)Q LQQHUHU∼5QP)Q (UVFKOHLFKHQYRQ/HLVWXQJHQ5Q)Q

) )DKUVFKHLQ $EZLVFKHQGHV(QWZHUWHUYHUPHUNVYRQ GHU:DFKVVFKLFKW5Q PDQLSXOLHUWHU∼DOVXQHFKWH8UNXQGH 5Q² )DKUWHQVFKUHLEHU ÅJHK|UHQ´YRQ6FKDXEOlWWHUQHLQHV∼ 5Q)Q ∼XQGWHFKQLVFKH$XI]HLFKQXQJ 5Q )DOVFKEHXUNXQGXQJLP$PW5Q² QRUPDWLYH$EVLFKHUXQJGHU(UIOOXQJ GHU:DKUKHLWVSIOLFKWVHLWHQVGHV8U NXQGVEHDPWHQEHLGHUXUNXQGOLFKHQ (UNOlUXQJDOVVROFKHU5Q $PWVWUlJHU5Q $XVIHUWLJXQJHLQHULQGLHVHU)RUP  QLFKWYRUKDQGHQHQ8UNXQGH5QD GLHGHP%HDPWHQYHUIJEDUH:LUNOLFK NHLW5QP)Q %HJODXELJXQJ5QI %HXUNXQGXQJVJHJHQVWDQG5Q %HXUNXQGXQJÅLQV%ODXHKLQHLQ´5Q  EHVRQGHUH%HZHLVNUDIW5Q I %HZHLVZLUNXQJIUXQGJHJHQMHGHU PDQQ5QP)Q 'HILQLWLRQGHU∼5QD

(LJHQZDKUQHKPXQJHQGHV8UNXQGVEH DPWHQE]ZGHU%HK|UGH5Q (UPLWWOXQJGHV9HUJOHLFKVJHJHQVWDQGV ]XU%HVWLPPXQJGHU)DOVFKKHLWHLQHU %HXUNXQGXQJ5Q IDOVFKEHXUNXQGHW5Q² |IIHQWOLFKHU*ODXEH5Q LQWHQGLHUWHU5HFKWVJWHUVFKXW]5Q DPWOLFKH5LFKWLJNHLWVEHVWlWLJXQJ 5Q² 5HLFKZHLWHGHUEHVRQGHUHQ%HZHLVNUDIW 5Q 6FKXW]GHV,QWHUHVVHVDQLQKDOWOLFKHU :DKUKHLW5Q 7DWEHVWDQGVHUIRUGHUQLVVHGHU∼ 5Q² 8UNXQGVEHDPWHU5Q 9HUVXFKVVWUDIEDUNHLW5Q ,QKDOWGHV9RUVDW]HV5Q →|IIHQWOLFKH8UNXQGH IDOVFKHU1DPH *HEUDXFKHLQHV∼5Q ² 1LFKWYRUOLHJHQGHV8QUHFKWVHLQHU 8UNXQGHQIlOVFKXQJEHL*HEUDXFK HLQHV∼5Q² →,GHQWLWlWVWlXVFKXQJ )lOVFKXQJEHZHLVHUKHEOLFKHU'DWHQ5Q²  $QIRUGHUXQJHQDQGLH(UNHQQEDUNHLW GHV$XVVWHOOHUVLP+LQEOLFNDXIFRP SXWHUVSH]LILVFKH%HVRQGHUKHLWHQ 5Q (UIRUGHUQLVGHVK\SRWKHWLVFKHQ9HU JOHLFKV5Q *HEUDXFKHQHLQHV)DOVLILNDWV5Q +HUVWHOOHQHLQHV)DOVLILNDWV5Q ,QWHUHVVHDQNRUUHNWHU:LHGHUJDEHGHV ZLUNOLFKHQ:LOOHQVGHVDXVJHZLHVHQHQ $XVVWHOOHUVDOVVSH]LILVFKHV6FKXW]LQ WHUHVVHEHLGHU∼5Q 0DQLSXODWLRQDQ0DJQHWVWUHLIHQXQG &RGHNDUWHQLP%DQNRPDWYHUNHKUDOV ∼5Q NHLQ (UIRUGHUQLVGHUYLVXHOOHQ:DKU QHKPEDUNHLW5Q²



6WLFKZRUWUHJLVWHU LQWHQGLHUWHU5HFKWVJWHUVFKXW]5Q 7DWEHVWDQGVHUIRUGHUQLVVHGHU∼ 5Q² 9HUVXFKVVWUDIEDUNHLW5Q

)lOVFKXQJWHFKQLVFKHU$XI]HLFKQXQJHQ5Q ² $XVQDKPHIUGHQ)DOOGHUIHKOHUNRUUL JLHUHQGHQ(LQIOXVVQDKPH5Q (UIRUGHUQLVGHUÅVHOEVWlQGLJHQ9HUN|U SHUXQJ´5Q² (UIRUGHUQLVGHUÅVHOEVWWlWLJHQ%HZLU NXQJ´5Q² (UIRUGHUQLVGHUVW|UHQGHQ(LQZLUNXQJ 5Q (UNHQQEDUNHLWGHV*HJHQVWDQGVXQGGHU %HZHLVEHVWLPPXQJ5Q )lOVFKHQHLQHUWHFKQLVFKHQ$XI]HLFK QXQJ5Q *HEUDXFKHQHLQHUWHFKQLVFKHQ$XI ]HLFKQXQJ5Q +HUVWHOOHQHLQHUWHFKQLVFKHQ$XI]HLFK QXQJ5Q ,QEHWULHEQDKPHHLQHVPLWHLQHPÅ(L JHQGHIHNW´EHKDIWHWHQ*HUlWV 5QI ,QWHUHVVHDQHLQHPÅQRUPDOHQDXWRPDWL VFKHQ+HUVWHOOXQJVYRUJDQJ´DOVVSH]L ILVFKHV6FKXW]LQWHUHVVHEHLGHU∼ 5Q LQWHQGLHUWHU5HFKWVJWHUVFKXW]5Q 7DWKDQGOXQJVIRUPHQ5Q²  XQHFKWHWHFKQLVFKH$XI]HLFKQXQJ 5Q² EHJHKXQJVJOHLFKHV8QWHUODVVXQJVGHOLNW 5Q 9HUIlOVFKHQHLQHUWHFKQLVFKHQ$XI ]HLFKQXQJ5Q 9HUKlOWQLVGHUHLQ]HOQHQ)RUPHQGHU 7DWEHVWDQGVYHUZLUNOLFKXQJ]XHLQDQ GHU→.RQNXUUHQ]YHUKlOWQLV 9HUVXFKVVWUDIEDUNHLW5Q )DPLOLHQEXFKDOV|IIHQWOLFKH8UNXQGH →|IIHQWOLFKH8UNXQGH )HVWLJNHLWGHU9HUN|USHUXQJ5QP )Q5Q²



→3HUSHWXLHUXQJVIXQNWLRQ )LQJHUDEGUXFN5QIP)Q 5QP)Q ∼DOV$XJHQVFKHLQVREMHNW5QI 9HUOHW]XQJGHV=XVFKUHLEXQJVLQWHUHVVHV GXUFKGHQ∼5Q IRUWJHVHW]WH7DW →)RUWVHW]XQJV]XVDPPHQKDQJ )RUWVHW]XQJV]XVDPPHQKDQJ5QP)Q 5QP)Q )RWRNRSLH $XVVWHOOHUGHU∼5QD $XWRULVLHUXQJGHU$QIHUWLJXQJGHU∼ 5QEIJKP)Q M %HZHLVZHUWGHU∼5QP)Q E HUIRUGHUOLFKH*DUDQWLHIXQNWLRQGHU∼ 5QP)Q *HEUDXFKHQHLQHUXQHFKWHQ 8UNXQGH 5QP)Q5Q ∼DOV8UNXQGH5QD)Q 5QP)QI5Q² IGIIIIIP )QD ∼LQ$EJUHQ]XQJ]XP7HOHID[ 5QII 9LNWLPRGRJPDWLN5QGI )KUHUVFKHLQ %HLVLFKIKUHQDOV*HEUDXFKHQ5Q P)Q %HZHLVNUDIWGHV∼5QI %HZHLVNUDIWIUXQGJHJHQMHGHUPDQQ 5QP)Q (FKWKHLWGHV∼5Q)Q *HEXUWVGDWXPLP∼5QP)Q 5Q →|IIHQWOLFKH8UNXQGH

* *DUDQWLHIXQNWLRQDOV0HUNPDOGHVVWUDI UHFKWOLFKHQ8UNXQGHQEHJULIIV5QI II²D →$XVVWHOOHU

6WLFKZRUWUHJLVWHU *HEUDXFKHQHLQHUXQHFKWHQRGHUYHUIlOVFKWHQ WHFKQLVFKHQ$XI]HLFKQXQJ →WHFKQLVFKH$XI]HLFKQXQJ *HEUDXFKHQHLQHUXQHFKWHQ8UNXQGH5Q ²D ∼GXUFK$XVKlQGLJXQJGHV)DOVLILNDWV DQGHQ]X7lXVFKHQGHQ5Q ∼GXUFKEOR‰HV%HVLFKIKUHQHLQHV )KUHUVFKHLQVZlKUHQGGHU)DKUW→ )KUHUVFKHLQ ∼GXUFK*HODQJHQLQGHQ0DFKWEHUHLFK GHV]X7lXVFKHQGHQ5Q 9HUVXFKGHV*HEUDXFKHQV5Q 9ROOHQGXQJGHV*HEUDXFKHQV5Q *HEXUWVGDWXP →)KUHUVFKHLQ *HGDQNHQHUNOlUXQJ →(UNOlUXQJYHUN|USHUWH *HIlKUGXQJYRQ,QWHUHVVHQVWDDWOLFKHU(LQULFK WXQJHQ5Q ÅJHK|UHQ´L6Y† →%HZHLVIKUXQJVUHFKW *HLVWLJNHLWVWKHRULH5Q *HOGIlOVFKXQJ5Q *HVDPWXUNXQGH5QEI 8QWHUGUFNXQJGHUXUVSUQJOLFKHQ∼ 5QI *HVFKlIWVXQIlKLJHU5QI 8QZLUNVDPNHLWGHUUHFKWVJHVFKlIWOLFKHQ (UNOlUXQJ5Q 9HUDQODVVXQJHLQHV∼]XU$QIHUWLJXQJ HLQHU8UNXQGH5QI )Q 9HUZLUNOLFKXQJGHV8QUHFKWVGHU 8UNXQGHQIlOVFKXQJGXUFKGHQ∼ 5Q JHVWHLJHUWH%HZHLVNUDIW →%HZHLVNUDIWJHVWHLJHUWH *UHQ]VWHLQ5Q *UXQGEXFKDOV|IIHQWOLFKH8UNXQGH →|IIHQWOLFKH8UNXQGH

+ +DQGHOQ]XU7lXVFKXQJLP5HFKWVYHUNHKU 5QF²D +DXSWYHUKDQGOXQJVSURWRNROO →%HZHLVNUDIWJHVWHLJHUWH +HUVWHOOHQHLQHUHFKWHQ8UNXQGH5Q +HUVWHOOHQHLQHUXQHFKWHQ8UNXQGH5Q ² %HJULIIGHUXQHFKWHQ8UNXQGH5Q I 'HILQLWLRQGHV∼5QD ∼GXUFKPDQLSXOLHUWHQ)DKUVFKHLQ 5Q² )lOOHGHV=ZDQJVXQGGHU7lXVFKXQJ JHJHQEHUGHP8QWHU]HLFKQHQGHQDOV ∼5Q ∼GXUFKGHQ,QNRJQLWR5HLVHQGHQ 5Q aGXUFKHLJHQPlFKWLJHV,QYHUNHKUEULQ JHQHLQHUDQVLFKYRQLKUHPÅ$XVVWHO OHU´YROOVWlQGLJSURGX]LHUWHQ8UNXQ GH5Q² VDFKJHUHFKWH3UIXQJGHV∼5QI IUGDV8QUHFKWHQWVFKHLGHQGH,GHQWL WlWVWlXVFKXQJEHUGHQ$XVVWHOOHU 5Q→,GHQWL WlWVWlXVFKXQJ +HUVWHOOHU]HLFKHQ 8UNXQGHQTXDOLWlWYRQ∼5Q

, ,GHQWLWlWVWlXVFKXQJEHUGHQ$XVVWHOOHU 5QII² D EOR‰H1DPHQVWlXVFKXQJ5Q² ∼DOVHQWVFKHLGHQGHV.ULWHULXPIUGLH +HUVWHOOXQJHLQHUXQHFKWHQ8UNXQGH 5Q ∼GXUFKGHQ*HEUDXFKGHVULFKWLJHQ HLJHQHQ1DPHQVGHV)lOVFKHUV 5QIHUQHU5QI →+HUVWHOOHQHLQHUXQHFKWHQ8UNXQGH XQHFKWH8UNXQGH

 ,QGLNDWRU,QIRUPDWLRQVWUlJHU5QI  ÅVHOEVWUHGHQGHU´∼5QI Y|OOLJXQEUDXFKEDUHU∼5Q ,QGLYLGXDOLQWHUHVVHQ5Q %HUFNVLFKWLJXQJGHVXQWHUVFKLHGOLFKHQ *HZLFKWVGHUMHZHLOVEHWURIIHQHQ∼ 5Q ,QIRUPDWLRQVWUlJHU →,QGLNDWRU,QIRUPDWLRQVWUlJHU LQKDOWOLFKH:DKUKHLW ,QWHUHVVHDQ∼5QP)Q →)DOVFKEHXUNXQGXQJLP$PWPLWWHO EDUH)DOVFKEHXUNXQGXQJ ,QNRJQLWR5HLVHQGHU5QP)Q 5QP)Q5QI +HUVWHOOHQHLQHUXQHFKWHQ8UNXQGH GXUFKGHQ∼5Q ∼XQG=XVFKUHLEXQJVLQWHUHVVH5Q ,QQHQYHUKlOWQLV LP∼XQEHUHFKWLJWH%LQGXQJ5Q²  ,QSXW0DQLSXODWLRQ5Q ,QWHUHVVHDQNRUUHNWHU:LHGHUJDEHGHVZLUNOLFKHQ :LOOHQVGHVDXVJHZLHVHQHQ$XVVWHOOHUV 5Q² ∼DOVGHUJHPHLQVDPH1HQQHUGHU 6FKXW]LQWHQWLRQHQ5Q)Q %HGHXWXQJIUGLHSUDNWLVFKH6WUDI UHFKWVDQZHQGXQJ5Q

-. .HQQ]HLFKHQ5Q $EJUHQ]XQJ]XP%HZHLV]HLFKHQ5Q 0LVVEUDXFKYRQ∼5Q)Q 5QP)Q .LORPHWHU]lKOHU5QI .RQNXUUHQ]YHUKlOWQLV ∼GHU)lOVFKXQJEHZHLVHUKHEOLFKHU 'DWHQ]XU)lOVFKXQJWHFKQLVFKHU $XI]HLFKQXQJHQ5QI

6WLFKZRUWUHJLVWHU



∼GHV*HEUDXFKHQV]XGHQEULJHQ 9HUZLUNOLFKXQJVIRUPHQGHU8UNXQ GHQIlOVFKXQJ5Q² ∼GHV+HUVWHOOHQVHLQHUXQHFKWHQ8U NXQGH]XP9HUIlOVFKHQHLQHUHFKWHQ 8UNXQGH5Q ∼YRQ8UNXQGHQIlOVFKXQJXQG)lO VFKXQJEHZHLVHUKHEOLFKHU'DWHQ 5QD ∼YRQ8UNXQGHQIlOVFKXQJXQG)lO VFKXQJWHFKQLVFKHU$XI]HLFKQXQJHQ 5QI ∼YRQ8UNXQGHQIlOVFKXQJXQG8UNXQ GHQXQWHUGUFNXQJ5Q ∼YRQ8UNXQGHQXQWHUGUFNXQJXQG =XHLJQXQJVGHOLNW5Q)Q ∼GHU9HUZLUNOLFKXQJVIRUPHQEHLGHU )lOVFKXQJWHFKQLVFKHU$XI]HLFKQXQ JHQ]XHLQDQGHU5Q .|USHUOLFKNHLWVWKHRULH5QD →*HLVWLJNHLWVWKHRULH .ULPLQRORJLHGHU8UNXQGHQGHOLNWH →8UNXQGHQGHOLNWH .ULW]HOXQOHVHUOLFKH5Q)Q →,QGLNDWRU,QIRUPDWLRQVWUlJHU

/ /HJLWLPDWLRQVEHGLQJXQJHQHLQHU9HUXUWHLOXQJ 5Q)Q /HLVWXQJVHUVFKOHLFKXQJ →(UVFKOHLFKHQYRQ/HLVWXQJHQ

0 0DUNHQJHVHW]5QP)Q 0LNURNRSLH5Q)Q PLVVEUlXFKOLFKH9HUZHQGXQJHFKWHU8UNXQGHQ 5Q 0LVVEUDXFKVWDWEHVWDQG →8QWUHXH 0LVVEUDXFKGHU9HUWUHWXQJVPDFKW5Q)Q I PLWWHOEDUH)DOVFKEHXUNXQGXQJ

6WLFKZRUWUHJLVWHU XQULFKWLJH%HXUNXQGXQJDOV8QUHFKWVHU IROJGHU∼5Q EHVRQGHUH%HZHLVNUDIW5Q²  (LJHQZDKUQHKPXQJ5Q )UHPGZDKUQHKPXQJ5Q ,UUWXPEHUGLH*XWE]Z%|VJOlXELJ NHLWGHVEHXUNXQGHQGHQ$PWVWUlJHUV 5Q LQWHQGLHUWHU5HFKWVJWHUVFKXW] 5QI DPWOLFKH5LFKWLJNHLWVEHVWlWLJXQJ 5Q→)DOVFKEHXUNXQGXQJLP $PW VSH]LILVFKHV6FKXW]LQWHUHVVHGHU∼ 5QI ,QWHUHVVHDQHLQHUXQPDQLSXOLHUWHQ *UXQGODJHIUEHVWLPPWH%HXUNXQ GXQJHQRGHU'DWHQVSHLFKHUXQJHQDOV VSH]LILVFKHV6FKXW]LQWHUHVVH 5QI 6FKXW]GHV,QWHUHVVHVDQLQKDOWOLFKHU :DKUKHLW5QI 7DWEHVWDQGVHUIRUGHUQLVVHGHU∼5Q ² 7DWEHVWDQGVHUIOOXQJGXUFKEHJHKXQJV JOHLFKHV8QWHUODVVHQ5Q)Q 7lWHUGHU∼5Q 9HUJOHLFKGHVVSH]LILVFKHQ6FKXW]LQWH UHVVHVGHU∼PLWGHPGHU$XVVDJHGH OLNWH5Q 9HUVXFKVVWUDIEDUNHLW5Q

8Q 0|JOLFKNHLWGHU7UHQQXQJYRP VXEMHNWLYHQ7DWEHVWDQG5QP )Q |IIHQWOLFKHU*ODXEH5Q |IIHQWOLFKH8UNXQGH %HJULIIGHU∼5Q (UEVFKHLQDOV∼5Q )DPLOLHQEXFKDOV∼5Q )KUHUVFKHLQDOV∼5Q *UXQGEXFKDOV∼5Q 6FKXW]GHV,QWHUHVVHVDQLQKDOWOLFKHU :DKUKHLW5Q→)DOVFKEHXUNXQ GXQJLP$PWPLWWHOEDUH)DOVFKEHXU NXQGXQJ 6SDUEXFKDOV∼5Q² 2ULHQWLHUXQJVVLFKHUKHLW ,QWHUHVVHDQ∼5QI 6FKXW]GHU∼5Q

3 SHUIHNWH)lOVFKXQJ5Q²²  3HUSHWXLHUXQJVIXQNWLRQ5QII² P)Q5QD 3UHLVHWLNHWW5QI ∼XQG)HVWLJNHLWGHU9HUN|USHUXQJ 5Q 3URNXUD5Q)Q

1

4

Å1DFKULFKWDQVLFKVHOEVW´5QD

4XDOLWlWGHU)lOVFKXQJ ,UUHOHYDQ]GHU∼5Q)Q 5QP)Q

1DFKWHLOV]XIJXQJVDEVLFKW →$EVLFKWHLQHPDQGHUHQ1DFKWHLO ]X]XIJHQ 1DPHQVWlXVFKXQJ5Q²

4XLWWXQJ5Q²I )Q5QI² P)Q

1XPPHUQVFKLOG5QDII

2 REMHNWLYHU7DWEHVWDQG

5 UHFKWIHUWLJHQGH(LQZLOOLJXQJ5QP )Q



6WLFKZRUWUHJLVWHU



5HFKWVJXW ∼GHU8UNXQGHQGHOLNWH5Q ∼GHU8UNXQGHQIlOVFKXQJ5Q →5HFKWVJWHUVFKXW]LQWHQGLHUWHU 5HFKWJWHUVFKXW]LQWHUHVVHQ

6FKXW]LQWHUHVVHQ'ULWWHU5QP )Q5Q HQWVFKHLGHQGHU5LFKWHU5Q ∼LP=LYLOSUR]HVV5Q

5HFKWVJWHUVFKXW]LQWHQGLHUWHU ∼EHLGHU)DOVFKEHXUNXQGXQJLP$PW 5Q ∼EHLGHU)lOVFKXQJEHZHLVHUKHEOLFKHU 'DWHQ5QI ∼EHLGHU)lOVFKXQJWHFKQLVFKHU$XI ]HLFKQXQJHQ5QI ∼EHLGHUPLWWHOEDUHQ)DOVFKEHXUNXQ GXQJ5QI ∼EHLGHU8UNXQGHQIlOVFKXQJ5Q ² ∼EHLGHU8UNXQGHQXQWHUGUFNXQJ 5Q²

6HOEVWEHJQVWLJXQJVSULQ]LS5Q)Q

5HFKWVJWHUVFKXW]LQWHUHVVH5QI  5HFKWVVFKHLQJUXQGVlW]H5QI 5HJHOEHLVSLHOH5QDDD I ULFKWLJHU1DPH *HEUDXFKGHV∼DOV8QUHFKWGHU8UNXQ GHQIlOVFKXQJ5Q² 5LFKWLJNHLWVEHVWlWLJXQJEHVRQGHUHDPWOLFKH 5QP)Q5Q

ÅVHOEVWlQGLJH9HUN|USHUXQJ´5Q² 6LFKHUKHLWXQG=XYHUOlVVLJNHLWGHV%HZHLVYHUNHKUV ∼DOVDOOHQ8UNXQGHQGHOLNWHQLZ6 JHPHLQVDPHVÅ5HFKWVJXW´5Q →8UNXQGHQGHOLNWH 6SDUEXFKDOV|IIHQWOLFKH8UNXQGH →|IIHQWOLFKH8UNXQGH 6WHOOYHUWUHWXQJ $XVVWHOOHULP)DOOGHUYHUGHFNWHQ∼ 5QP)Q5Q)Q 6WUDIUDKPHQ $GlTXLWlWVEHGLQJXQJHQEHLGHU(QW VFKHLGXQJEHUGHQ∼5QP )Q 6WUDI]XPHVVXQJ5Q %HUFNVLFKWLJXQJGHUMHZHLOVEHWURIIH QHQ,QWHUHVVHQIUHLQHWDWDQJHPHVVH QH∼5Q VXEMHNWLYHU7DWEHVWDQG →REMHNWLYHU7DWEHVWDQG VXEMHNWLYHV8QUHFKWGHU8UNXQGHQIlOVFKXQJ →7DWEHVWDQGVYRUVDW]

6

6XEVWDQ]EHHLQWUlFKWLJXQJ5Q

6FKHFN5Q

7

VFKULIWOLFKH/JH5QP)Q5QP )Q5QI 6FKULIWXUNXQGHQ5QI 6FKXOGVFKHLQ5Q 6FKXW]GHV,QWHUHVVHVDQULFKWLJHU=XVFKUHLEXQJ →=XVFKUHLEXQJVLQWHUHVVH 6FKXW]JHVHW]FKDUDNWHUGHV†L6GHV† ,,%*%5Q)Q5Q)Q 6FKXW]LQWHQWLRQGHU8UNXQGHQGHOLNWH →8UNXQGHQGHOLNWH

7DWEHVWDQGVYRUVDW] ∼EHLGHU)DOVFKEHXUNXQGXQJLP$PW 5Q ∼EHLGHU)lOVFKXQJWHFKQLVFKHU$XI ]HLFKQXQJHQ5Q *HJHQVWDQGGHV∼5Q ∼EHLGHUPLWWHOEDUHQ)DOVFKEHXUNXQ GXQJ5Q 1DFKZHLVGHV∼5QP)Q ∼EHLGHU8UNXQGHQIlOVFKXQJ5Q² 

6WLFKZRUWUHJLVWHU ∼EHLGHU8UNXQGHQXQWHUGUFNXQJ 5Q 9RUVDW]XQUHFKW5Q →GROXVHYHQWXDOLV 7lXVFKXQJJHJHQEHUGHP8QWHU]HLFKQHQGHQ 5QI 7lXVFKXQJLPJHVHOOVFKDIWOLFKHQRGHUPLWPHQVFKOL FKHQ%HUHLFK5QP)QIHUQHU 5QP)Q5Q →9HUPHLGHLQWHUHVVH 7lXVFKXQJLP5HFKWVYHUNHKU5Q² (UIDVVXQJGLHVHU)XQNWLRQGXUFKGHQ 7lWHU5Q )XQNWLRQGHV9HUKDOWHQVDOVHQWVFKHL GHQGHV(LQJUHQ]XQJVNULWHULXP 5QP)Q5Q →7DWEHVWDQGVYRUVDW]+DQGHOQ]XU 7lXVFKXQJLP5HFKWVYHUNHKU 7lXVFKXQJVDEVLFKW 1LFKWEHUHLQVWLPPXQJYRQ∼PLWGHP %HJULIIGHV+DQGHOQV]XU7lXVFKXQJ LP5HFKWVYHUNHKU5QP)Q 5Q WHFKQLVFKH$XI]HLFKQXQJ ∼DOV$XJHQVFKHLQVREMHNW5Q %HJULIIGHU∼5Q 'HILQLWLRQGHU∼5QD )DKUWHQVFKUHLEHUDOV∼5Q *HEUDXFKHQHLQHUXQHFKWHQRGHU YHUIlOVFKWHQ∼5Q LQWHQGLHUWHU5HFKWVJWHUVFKXW]EHLGHU )lOVFKXQJ∼5QI VSH]LILVFKHV6FKXW]LQWHUHVVHEHLGHU )lOVFKXQJ∼5Q 7DWEHVWDQGVHUIRUGHUQLVVHEHLGHU)lO VFKXQJ∼5Q² 7DWKDQGOXQJVIRUPHQEHLGHU)lOVFKXQJ ∼5Q² XQHFKWH∼5QI 8QWHUGUFNHQHLQHU∼5QP )Q 9HUIlOVFKHQHLQHU∼5Q 9HUKlOWQLVGHU9HUZLUNOLFKXQJVIRUPHQ EHLGHU)lOVFKXQJ∼→.RQNXUUHQ] YHUKlOWQLV

7HLODXVIHUWLJXQJHLQHU|IIHQWOLFKHQ  8UNXQGH5QD 7HOHID[NRSLHQ5QIIP)Q →)RWRNRSLH 7HVWDPHQW5Q² ∼DOV$EVLFKWVXUNXQGH→$EVLFKWVXU NXQGH )lOVFKXQJGXUFKGHQ7HVWDWRU5Q 7KHUPRGUXFNHU5QIII 7RQEDQGDXI]HLFKQXQJ5QI →)lOVFKXQJEHZHLVHUKHEOLFKHU'DWHQ

8 XQHFKWH8UNXQGH5Q²  $EKlQJLJNHLWYRP$XVVWHOOHUYHUVWlQG QLV5QP)Q XQHFKWH'DWHQXUNXQGH5QD QRWZHQGLJHV(OHPHQWHLQHUVFKULIWOLFKHQ /JHEHLGHU∼5Q)Q PDQLSXOLHUWHU)DKUVFKHLQDOV∼5Q ² ∼DOVVFKHLQEDUH8UNXQGH5QP )QI5Q WHPSRUlUH∼5QJ →)RWRNRSLH*HEUDXFKHQHLQHUXQHFK WHQ8UNXQGH XQHFKWHV8QWHUODVVXQJVGHOLNW →EHJHKXQJVJOHLFKHV8QWHUODVVXQJVGH OLNW 8QLYHUVDOUHFKWVJWHU%HKDQGOXQJGHU∼5Q )Q XQWDXJOLFKHU9HUVXFK5QP)Q 8QWHUGUFNHQ +LQ]XIJHQHLQHV*HJHQVWDQGVRKQH %HHLQWUlFKWLJXQJGHU6XEVWDQ]DOV∼ 5Q ∼GHUXUVSUQJOLFKHQ*HVDPWXUNXQGH 5QI ∼HLQHUXQHFKWHQWHFKQLVFKHQ$XI]HLFK QXQJ5Q ∼HLQHUXQHFKWHQ8UNXQGH5Q



6WLFKZRUWUHJLVWHU ∼HLQHU8UNXQGHRGHUWHFKQLVFKHQ $XI]HLFKQXQJ5QP)Q 5QD EOR‰]HLWZHLOLJHV9RUHQWKDOWHQDOV∼ 5Q

8QWUHXH5QP)Q5Q 0LVVEUDXFKVWDWEHVWDQG5QP )Q5Q 9HUP|JHQVEHWUHXXQJVSIOLFKW5Q )Q 8UNXQGH DEUHGHZLGULJKHUJHVWHOOWH∼5Q DXFKHFKWH∼5QD %HJULIIGHU∼5QI²  %HJULIIGHU∼LP3UR]HVVUHFKW5Q )Q5Q)Q5Q ∼DOV,QGLNDWLRQVOHLVWXQJ5Q ∼DOV.RPPXQLNDWLRQVLQVWUXPHQW 5Q %LHUGHFNHODOV∼5QP)Q 'HILQLWLRQGHU∼5QD HQJHUHV9HUVWlQGQLVGHV%HJULIIVGHU∼ 5QDIIM 8UNXQGHQGHOLNWH %HUFNVLFKWLJXQJGHUMHZHLOVEHWURIIH QHQ,QWHUHVVHQIUHLQHWDWDQJHPHVVH QH6WUDI]XPHVVXQJ5Q .ULPLQRORJLHGHU∼5Q²P )Q ∼DOVHLQ]LJH6FKXW]LQVWDQ]5Q 6FKXW]LQWHQWLRQGHU∼5QP )Q5QP)Q 6FKXW]LQWHUHVVH5Q²→8UNXQ GHQIlOVFKXQJ8UNXQGHQXQWHUGU FNXQJ)lOVFKXQJWHFKQLVFKHU$XI ]HLFKQXQJHQ)lOVFKXQJ EHZHLVHUKHEOLFKHU'DWHQPLWWHOEDUH )DOVFKEHXUNXQGXQJ 6LFKHUKHLWXQG=XYHUOlVVLJNHLWGHV %HZHLVYHUNHKUVDOV6FKXW]LQWHQWLRQ GHU∼5QP)Q5Q P)Q 9RUIHOGVFKXW]GXUFK∼5Q 9RUYHUODJHUXQJGHU6WUDIEDUNHLWGXUFK ∼5Q



8UNXQGHQHQWZXUI5QI 8UNXQGHQIlOVFKXQJ ,QWHUHVVHDQGHULQKDOWOLFKHQ 5LFKWLJ NHLWGHU(UNOlUXQJVHOEVW5Q² ÅSHUIHNWH´∼5Q² 6FKXW]GHV,QWHUHVVHVDQGHU(FKWKHLW E]Z8QYHUIlOVFKWKHLW5Q 6FKXW]LQWHUHVVHII  7DWEHVWDQGVYHUZLUNOLFKXQJVIRUPHQGHU ∼5Q² 8QUHFKWGHU∼5Q ²  8UNXQGHQXQWHUGUFNXQJ5QI  %HZHLVEHVWLPPXQJ5Q %HZHLVIXQNWLRQ5Q %HVFKlGLJHQ5Q )XQNWLRQGHV9HUKDOWHQVHLQIUHPGHV %HZHLVIKUXQJVUHFKW]XEHHLQWUlFKWL JHQDOV$EVFKLFKWXQJVNULWHULXP 5Q ÅJHK|UHQ´→%HZHLVIKUXQJVUHFKW ,QWHUHVVHDP6FKXW]YRU6FKDIIXQJHLQHV IUGHQ5HFKWVYHUNHKULUUHIKUHQGHQ 2ULHQWLHUXQJVGDWXPVDOVZHLWHUHV 6FKXW]LQWHUHVVHGHV†$EV1U 5Q .RQNXUUHQ]YHUKlOWQLV]XU8UNXQGHQIlO VFKXQJ→.RQNXUUHQ]YHUKlOWQLV EHUHFKWLJWHV,QWHUHVVHDQGHUEHZHLV Pl‰LJHQ 9HUIJEDUNHLWYRQHFKWHQ  8UNXQGHQXQGWHFKQLVFKHQ$XI]HLFK QXQJHQDOVVSH]LILVFKHV6FKXW]LQWHUHV VHGHU∼5Q LQWHQGLHUWHU5HFKWVJWHUVFKXW]5Q ² VSH]LILVFKHV6FKXW]LQWHUHVVHEHLGHU 8QWHUGUFNXQJHLQHUXQHFKWHQWHFKQL VFKHQ$XI]HLFKQXQJ5Q VSH]LILVFKHV6FKXW]LQWHUHVVHEHLGHU 8QWHUGUFNXQJHLQHUXQHFKWHQ8U NXQGH5Q 6XEVWDQ]EHHLQWUlFKWLJXQJ5Q 7DWEHVWDQGVHUIRUGHUQLVVHGHU∼5Q ²

6WLFKZRUWUHJLVWHU 8QWHUGUFNHQ5Q 9HUHLWHOXQJGHV%HZHLVIKUXQJVUHFKWV 5Q EHZHLVPl‰LJH 9HUIJEDUNHLWEHVWLPP WHU'DWHQ*UHQ]RGHU:DVVHU VWDQGVPDUNLHUXQJHQDOVVSH]LILVFKHV ,QWHUHVVHGHV†$EV1U 5Q 9HUQLFKWHQ5Q 9HUVXFKVVWUDIEDUNHLW5Q →$EVLFKWHLQHPDQGHUHQ1DFKWHLO ]X]XIJHQ 8UNXQGVEHDPWHU ∼DOV7lWHUGHU)DOVFKEHXUNXQGXQJLP $PW5Q ∼:DKUKHLWVSIOLFKWGHV∼5Q

9

9HUPHLGHLQWHUHVVH5QIP )Q5QI 9HUP|JHQVGHOLNWH ∼XQG8UNXQGHQGHOLNWH5Q² )Q5Q 9HUQLFKWHQHLQHU8UNXQGHRGHUWHFKQLVFKHQ $XI]HLFKQXQJ5QD 9HUWUHWXQJVPDFKW 0LVVEUDXFKGHU∼5Q YLVDEVROXWD5Q YLVXHOOH:DKUQHKPEDUNHLW5Q YLVXHOOQLFKWZDKUQHKPEDUH(UNOlUXQJHQ 5Q²P)Q +HUDXVQDKPHYRQ∼DXVGHP8UNXQ GHQEHJULII5QI 9RUVDW] →7DWEHVWDQGVYRUVDW]

YHUGHFNWHU(UPLWWOHU5Q)Q 9HUHLWHOXQJGHV%HZHLVIKUXQJVUHFKWV →%HZHLVIKUXQJVUHFKW 9HUIlOVFKHQ ∼GXUFKGHQ$XVVWHOOHU→$XVVWHOOHU ∼HLQHUHFKWHQ8UNXQGH5Q² ²K ∼HLQHUWHFKQLVFKHQ$XI]HLFKQXQJ 5Q ∼GHVZLUNOLFKHQ:LOOHQV5QI YHUIlOVFKWH8UNXQGH5Q² *HEUDXFKHQHLQHU∼5Q²

: :DUHQ]HLFKHQJHVHW]5QP)Q :lVFKHPRQRJUDPP5Q :HFKVHO5Q :LHGHUJDEHWUlJHU5Q →,QGLNDWRU,QIRUPDWLRQVWUlJHU

;<= =XIDOOVXUNXQGH5QP)Q

9HUIJEDUNHLWVLQWHUHVVH5Q

=XODVVXQJVEHVFKHLQLJXQJ5QD

9HUKlOWQLVGHU7DWEHVWDQGVYHUZLUNOLFKXQJVIRU PHQGHU8UNXQGHQGHOLNWH →.RQNXUUHQ]YHUKlOWQLV

=XRUGQXQJVWDWEHVWDQG5Q  →,QGLNDWRU,QIRUPDWLRQVWUlJHU

9HUKDOWHQVPLVVELOOLJXQJDOVDOOJHPHLQHV 6WUDIWDWHUIRUGHUQLV5QELE DIDGIIDDE

]XVDPPHQJHVHW]WH8UNXQGH5QIIE F

9HUNHKUVVFKLOG5QDI YHUN|USHUWH(UNOlUXQJ →(UNOlUXQJYHUN|USHUWH

=XVFKUHLEXQJVLQWHUHVVH ∼XQG%HZHLVIXQNWLRQ5QI ∼XQG*DUDQWLHIXQNWLRQ5Q ∼EHLJHULQJHU)HVWLJNHLW5Q ∼EHLPQGOLFKHU(UNOlUXQJ5QP )Q



6WLFKZRUWUHJLVWHU 1LFKWDXIZHLVEDUNHLWGHV∼EHL$XJHQ VFKHLQVREMHNWHQ5QI 1LFKWEHWURIIHQVHLQGHV∼EHLORFNHUHU 9HUELQGXQJ5QI ∼XQG3HUSHWXLHUXQJVIXQNWLRQ5Q II ∼DOVVSH]LILVFKHV5HFKWVJWHUVFKXW] LQWHUHVVHGHV†5QP )Q5Q²  ∼EHLDXI7RQEDQGGLNWLHUWHURGHUDXI 'LVNHWWHJHVSHLFKHUWHU(UNOlUXQJ 5Q





9HUOHW]XQJGHV∼GXUFK)LQJHUDEGUXFN 5Q 9HUOHW]XQJGHV∼DXFKEHL1LFKWYRU KDQGHQVHLQGHVDXVJHZLHVHQHQ$XV VWHOOHUV5QP)Q ∼EHLYRUEHUJHKHQGHU([LVWHQ]YRQ ,QIRUPDWLRQVWUlJHUQ5Q =ZDQJJHJHQEHUGHP8QWHU]HLFKQHQGHQ 5QI ]ZHLDNWLJHV'HOLNW5Q