3LFN \~[
$UJXPHQWV DQG 5HVXOW

7KH OHIW DUJXPHQW\ LV WKH 1XOO RU D VLPSOH VFDODU RU YHFWRU RI LQWHJHUV RU V\PEROV RU D QHVWHG
VFDODU RU YHFWRU ZKRVH LWHPV DUH VLPSOH VFDODUV RU YHFWRUV RI LQWHJHUV 7KH ULJKW DUJXPHQW [ LV
DQ\ DUUD\

HILQLWLRQ

$OO SHUPLWWHG FRPELQDWLRQV RI DUJXPHQWV DUH FRQVLGHUHG E\ WXUQV
$Q\ YDOLG ULJKW DUJXPHQW DQG HPSW\ OHIW DUJXPHQW RU WKH 1XOO
$Q HPSW\ YHFWRU\ SLFNV DOO RI[ :DUQLQJ $ SRVVLEOH SRLQW RI FRQIXVLRQ DOWKRXJK 3LFN DFWV
OLNH &KRRVH DQG %UDFNHW ,QGH[LQJ IRU WKH 1XOO VHOHFWLQJ DOO IRU LW GLIIHUV IURP WKRVH WZR
IXQFWLRQV SLFNLQJ DOO ZKHUHDV WKH\ VHOHFW QRQH
6FDODU ULJKW DUJXPHQW
7KH UHVXOW LV WKH VDPH DV LI WKH ULJKW DUJXPHQW ZHUH D RQH HOHPHQW YHFWRU LI WKH OHIW DUJXPHQW LV
QRW HPSW\ LW PXVW EH

6ORWILOOHU ULJKW DUJXPHQW DQG VLPSOH V\PERO OHIW DUJXPHQW
$ V\PERO LV XVHG WR SLFN IURP D VORWILOOHU DQ DUUD\ RI WKH IRUP V Y ZKHUHV LV D VFDODU RU
YHFWRURI V\PEROVDQGYLV DQ\QHVWHG VFDODU RUYHFWRURIWKHVDPHOHQJWKDVV VHH 6XEW\SHVDQG
6XSHUW\SHV ,I\ KDV RQH HOHPHQW DQG LV LGHQWLFDO WR WKHLWK HOHPHQW RI V L H L V DQG QRW WR
DQ\ SUHYLRXV HOHPHQW 3LFN GRHV QRW FKHFN WKDW WKH HOHPHQWV RIV DUH GLVWLQFW WKHQ\~ V Y LV
GHILQHG DQG HTXDOV!L Y ,I[ LV D VORWILOOHU FRPSRVHG RI D SDLU RI VFDODUV CV\P DUUD\
IRU H[DPSOH DQG \ HTXDOV ~[ WKHQ \~[ LV GHILQHG DQG HTXDOV ! ~[
,I[ LV D QHVWHG VORWILOOHU DQG\ D VLPSOH YHFWRU RI V\PEROV D SDWK YHFWRU WKH UHVXOW LV
\> \@~ ~\> @~\> @~[ ZKHUH WKH VFDODU 3LFNV DUH DV MXVW GHILQHG 1RWH WKDW WKH
RUGHU RI WKH HOHPHQWVLQWKHOHIW DUJXPHQWFRUUHVSRQGV WR WKH GHSWK RIWKHVHOHFWLRQ IURPWKHULJKW
DUJXPHQW HOHPHQW LQ WKH OHIW DUJXPHQW UHIHUV WR WKH WRS OHYHO HOHPHQW UHIHUV WR WKH VHFRQG
OHYHO DQG VR RQ
6LPSOH ULJKW DUJXPHQW DQG VLPSOH QXPHULF OHIW DUJXPHQW RI OHQJWK
$ VLPSOH DUUD\ FDQ EH SLFNHG IURP RQO\ ZKHQ \ LV RU 1XOO RU D VFDODU RU RQH HOHPHQW YHFWRU
7KDW LV WKHUH PXVW EH RQO\ RQH VWHS WR WKH 3LFN DQG HLWKHU D VLQJOH LWHP RU DOO RI [ PXVW EH
SLFNHG $Q HPSW\ YHFWRU SLFNV DOO RI[ DV VWDWHG DERYH DQG IRU D VFDODU RU RQH HOHPHQW YHFWRU
DQG D VLPSOH ULJKW DUJXPHQW 3LFN LV WKH VDPH DV &KRRVH
\~[ fg \ [
,I \ LV D VFDODU RU RQH HOHPHQW YHFWRU WKHQ WKH UDQN RI [ PXVW QRW H[FHHG )RU H[DPSOH
~ fg
~ fg ~ fg

~ fg
~ LV D UDQN HUURU
1HVWHG YHFWRU ULJKW DUJXPHQW DQG VLPSOH OHIW DUJXPHQW
,I\KDV D VLQJOH HOHPHQW [LVDYHFWRUDQGWKHUHVXOWLVWKH’ LVFORVHRIWKH VFDODU \WKHOHPHQWRI
[ L H
!\ [

$ YHFWRU \ LV FDOOHG D SDWK YHFWRU DQG \~[ IRU D VLPSOH\ UHDFKHV LQWR[ ZLWK D VHULHV RI 3LFNV
WKDW VHOHFW VFDODUV DQG LVFORVH WKHP XVLQJ RQH HOHPHQW RI\ DW HDFK VWHS

\> \@~ ~\> @~\> @~[

7KH RUGHU RI WKH HOHPHQWV LQ WKH OHIW DUJXPHQW FRUUHVSRQGV WR WKH GHSWK RI WKH VHOHFWLRQ IURP WKH
ULJKW DUJXPHQW HOHPHQW LQ WKH OHIW DUJXPHQW UHIHUV WR WKH WRS OHYHO HOHPHQW UHIHUV WR WKH
VHFRQG OHYHO DQG VR RQ 7KH DUJXPHQW[ DQG WKH UHVXOW RI HDFK EXW WKH ODVW VFDODU 3LFN PXVW EH D
YHFWRU VLQFH WKH OHIW DUJXPHQW RI HDFK VWHS RI 3LFN LV D VFDODU 3LFNLQJ IURP D VLPSOH DUUD\ LV QRW
DOORZHG DV D FRQWLQXDWLRQ VWHS D VLPSOH DUUD\ FDQ EH SURGXFHG RQO\ DV WKH ILQDO VWHS
~ LV DQ HUURU
1HVWHG ULJKW DUJXPHQW DQG QHVWHG OHIW DUJXPHQW
,I\ LV QHVWHG LWV LWHPV DUH XVHG LQ D ZD\ VLPLODU WR WKH SUHYLRXV FDVH DQG PXVW HDFK VHOHFW D
VFDODU EXW WKH UDQN RI [ DQG DQ\ RI LWV FRPSRQHQWV FDQ H[FHHG ,I \ LV VFDODU DQG [ LV RI UDQN
RU JUHDWHU WR GLVWLQJXLVK WKLV FDVH IURP WKH SUHYLRXV RQH \ PXVW FRQWDLQ D IXOO VHW RI LQGLFHVIRU
[ DV DQ HQFORVHG VLPSOH YHFWRU 7KH UHVXOW LV WKH LVFORVH RI D VLQJOH HOHPHQW FKRVHQ IURP[
YL]
! # !\ [

$ VPDOO FRPSOH[LW\ LQ WKLV H[SUHVVLRQ DULVHV IURP WKH IDFW WKDW 3LFN LQ JHQHUDO SLFNLQJ D VLQJOH
HOHPHQW GXULQJ HDFK RI VHYHUDO VWHSV UHTXLUHV DOO LWV LQGLFHV IRU HDFK GHSWK WR EH LQ RQH ER[
ZKHUHDV &KRRVH LQ JHQHUDO FKRRVLQJ VHYHUDO HOHPHQWV RU FURVV VHFWLRQV EXW RQO\ DW WKH WRS OHYHO
UHTXLUHV WKH LQGLFHV IRU HDFK D[LV WR EH LQRQHER[ ,I\LV D YHFWRU WKHQ\~[UHDFKHV LQWR[ ZLWK
D VHULHV RI VFDODU3LFNV RIWKHVDPH IRUPDV MXVW VKRZQIRU WKH VLPSOHFDVH EXW QRZ HDFKHOHPHQW
RI\ LV DQ HQFORVHG VLPSOH YHFWRU DQG WKH FRUUHVSRQGLQJ FRPSRQHQW RI[ IURP ZKLFK\ VHOHFWV
QHHG QRW EH D YHFWRU
3LFNLQJIURP D VLPSOHDUUD\LV QRW DOORZHGDV DFRQWLQXDWLRQ VWHS DVLPSOHDUUD\FDQEHSURGXFHG
RQO\ DV WKH ILQDO VWHS ~ LV DQ HUURU
%\ WKH ZD\ M L ~D fE LV D YDOLG 6HOHFWLYH $VVLJQPHQW DOWKRXJK L~M~D fE LV QRW
$GGLWLRQDO (UURU 5HSRUWV

7KH IROORZLQJ UHSRUWV DUH LVVXHG RQO\ LI WKHUH LV QR SDUVH RU YDOXH HUURU VHH &RPPRQ (UURU
5HSRUWV
DW\SHHUURULVUHSRUWHGLI\LVQRWFRPSRVHGRIV\PEROVRULQWHJHUVQRWMXVWUHVWULFWHG
ZKROH QXPEHUV
DUDQNHUURULVUHSRUWHGLI\RUDQ\WKLQJLWFRQWDLQVLVQRWDYHFWRURUDVFDODURU
RQH RI LWV LWHPV KDV D OHQJWK XQHTXDO WR WKH UDQN RI WKH DUUD\ WR ZKLFK LW LV DSSOLHG
Previous Page Next Page