Izixhobo zophatho lwemithetho ezilawulayo zikhokelwa kakhulu kukwenziwa kwemithetho yanamhlanje, zinika isiseko sobungqina obusekelwe kubungqina bokuvavanya iziphumo zemimiselo emitsha ngaphambi kokuba imiselwe. Kwixesha apho umthamo kunye nokuntsonkotha kwemithetho kusoloko kusanda, uhlalutyo oluthe lwanikelwa zii-RIAs lunceda ukuqinisekisa ukuba imithetho ayisebenzi kuphela ekuphumezeni iinjongo zayo kodwa ikwanempumelelo, icace, kwaye imele iphendule. Eli nqaku lihlolisisa inkcazelo, amalungu angundoqo, ukubaluleka, imingeniselo, kunye nezenzo ezintle ezinxulumene noMngeni-Aslayelo, ukuzoba ngamava ehlabathi nophando olunika uphando olubanzi lwabasebenzi benkqubo, abaqwalalisi, nabahlazinzi abaqeqeqeshi, nabahlali abaqeqeshiweyo ngokufanayo.

Ukuqonda uhlolo lwempembelelo yolawulo: Inkcazelo nemvelaphi

Impembelelo yolawulo (RIA) yinkqubo esesikweni, elungelelanisiweyo esetyenziswa ngoorhulumente ukuchonga, umlinganiselo, kunye nokuvavanya iziphumo ezinokwenzeka zezoqoqosho, zentlalo, kunye nemekobume yongenelelo olucetyisiweyo. Idla ngokuqhutywa phambi kokuba umthetho uvunywe ukwazisa abenzi besigqibo kunye noluntu malunga nokungaphumi kwezorhwebo. Ingcamango engundoqo ephakathi kwe-RIA kukuthatha indawo ye-thuku, i-accodete, okanye ingcinezelo yezobupolitika ngohlalutyo olungqongqo, ngaloo ndlela iphucula ubulunga bemithetho kunye nokunciphisa ubungozi beziphumo ezingacwangciswanga.

Ukusetyenziswa kwale mihla kwe-RIAs kuvuseleleke ngamandla kuma-1970 nangoo1980, kukhokelwa ngamazwe anjenge-United States, efuna ukuba abameli besizwe baqhube amaxabiso-benefittings zocalulo olukhulu lwemimiselo phantsi kweMiqathango ePhakamileyo. Iintlangano ezifana ne- Ukuququzelelwa kweBhunga lezeNkcubeko kunye noPhuhliso (OECD) [ukusukela oko kuxhaswe i-RIA] njengelungu elingundoqo lolawulo olulawulayo olunolawulo oluphezulu. I-OECD i-2012 2012 i-encodom yomgaqo-mthetho kunye nomthetho wolawulo lwamalelo-RGriance imele iquke, ibandakanya kwasekuqaleni, ukuququluleka kwemiba, kwaye i-'unyanise-ase-ase-aron, namhlanje, nangona i-ARIA isetyenziswa ngobuninzi be-ninzi.

Injongo ye-RIA

Kwintliziyo yayo, i-RIA iphendula imibuzo emithathu engundoqo: Yiyiphi ingxaki ekhoyo ukuzama ukusombulula? Ziziphi iindlela ezinokwenzeka zokucombulula loo ngxaki? kwaye ziyintoni iziphumo ezinokwenzeka nezingalunganga zokhetho ngalunye? Ngokunyanzela abenzi benkqubo ukuba bachaze ezi zinto ngokucacileyo, i-RIA inceda ukutshintsha ukuqwalasela ukusuka "kuntoni esimele siyenze" ukuya "Yiyiphi indlela engcono yokufikelela injongo yethu, inikwe ubungqina?" Lo tshintsho lunzima ukunqanda ukunqanda iindleko ezingemfuneko zentengo zeshishini, abemi okanye imekobume.

Amalungu angundoqo e-IA eQumrhu

I-RIA eyomeleleyo iquka amalungu amaninzi adibeneyo. Ngoxa iifom ezithile zingafani ngaphaya kommandla, ezi ziqalelo zilandelayo zibonwa ngokubanzi njengezona zibalulekileyo kuhlalutyo olucokisekileyo.

Iinkcazelo zeNkcazelo noBulungiseleli

Inyathelo lokuqala kukuchaza ngokucacileyo ingxaki yokuba umgaqo ujolise ekuyicombululeni. Oku kuquka ukuchaza unobangela wengozi, ubukhulu bengxaki, nokuba kutheni imigaqo ekhoyo okanye iindlela zentengiso zinganelanga. Ingxaki engacacanga okanye engachazwanga ingakhokelela kwizisombululo ezinokuba zibanzi okanye eziphoswe ngokupheleleyo. Umzekelo, i-RIA ejoliswe ekunciphiseni iingozi zenqwelo-moya ingaqala ngogcino-lwazi lwengozi, ichaze eyona nto inegalelo eliqhelekileyo (umz., ukuqhuba, ukuphazamisa, ukwenziwa kwendlela engalunganga), kwaye ivavanya ukuba imiqathango yokuzithandela okanye imithetho ekhoyo iyasebenza.

Ukubeka Izinto Ezinenjongo

Xa ingxaki ichazwa, i-RIA kufuneka ichaze iziphumo ezifunekayo okanye iinjongo. Ezi kufuneka zichazwe, zicace, zinokufumaneka, zifanelekile, kwaye zibotshelelwe ixesha (SMART). Umzekelo, endaweni yokuchaza "umgangatho womoya okhuselayo," injongo engcono ingaba "kunyuswa kolwakhiwo lwePMS2.5% ngeminyaka emihlanu kwimimandla yasedolophini.

Iinketho:

Enye yezona zinto zibalulekileyo ze-RIA kukuba ifuna ulwandiso loluhlu lweenketho zenkqubo, hayi nje ukhetho olubini phakathi komgaqo kunye nesenzo. Iinketho eziqhelekileyo ziquka ujikelezo lobuqu, umanyano (umanyano lwabantu ngabanye), izixhobo zezoqoqosho (iirhafu, inkxaso-mali), amaphulo olwazi, imigangatho esekelwe kumsebenzi, kunye nomthetho wokulawula osezantsi. Ukhetho ngalunye kufuneka luvavanywe ngenxa yokusebenza kwalo, ukuphumelela (kuquka ukuhlaziywa kwamaxabiso okuko), kunye nokungabinakwa. Injongo kukuchonga ukhetho olufikelela kwiinjongo kwixabiso eliphantsi kakhulu.

Uhlalutyo olunempembelelo

Uhlalutyo olunempembelelo yintliziyo ye-RIA. Ibandakanya ukuthelekelela iziphumo ezinokubakho kwinto nganye ekhethayo. Ezi zinto ziquka:

  • [[UMTHETHO: 0] Iziphumo zezoqoqosho: Iindleko ezithe ngqo kumashishini (ukwenziwa kwengxelo, ukuxelwa, izixhobo), iindleko zolawulo zikarhulumente, iziphumo kukhuphiswano lwemarike, ulwahlulo, nolwaphulo lwezoqoqosho.
  • [[NTL:0] Iziphumo ezikhoyo: Iziphumo kunempilo, kukhuseleko, kumsebenzi, ukusasazwa kweengenelo kunye namaxabiso anqamleza amaqela ahlukeneyo (umz., iintsapho ezifumana imali ephantsi, iifekta ezincinane, iifekta ezinkulu, kunye neziphumo kubemi ababuthathaka.
  • [[[NTL:0] Iziphumo ezichaphazela indalo: iziphumo kumgangatho womoya namanzi, ukukhutshwa kwegesi eshushu, intlobo-ntlobo zezinto eziphilayo, ukuncipha kwendalo, kunye nenkunkuma yesizukulwana.

Ukwandisa ezi ziphumo kusoloko kulucelomngeni, kodwa uqikelelo olunexabiso. Ii-RIA ezininzi ezihambele phambili zisebenzisa uhlalutyo lwexabiso elibindini (CBA) ukuthelekisa ukhetho ngeenzuzo zemonetis kunye namaxabiso. Kodwa iCBA inemiqathango, ingakumbi kwimpahla engeyomichazi njengezinto zobomi bomntu okanye iemeko-bume, kwaye izahlulelo ezifanelekileyo ziyafuneka. I-RIA elungileyo iya kuvuma ezi zithintelo kwaye icace ngeentelekelelo ezisetyenzisiweyo.

Uvavanyo lwabathathi-nxaxheba kunye nokuthatha inxaxheba

Ukusebenzisana nabaxhasi bezothintelo .Njenga amashishini, uluntu, iingcali, kunye nabemi, lilungu elibalulekileyo lenkqubo ye-RIA. Uhlolo lunceda ukuphawula iingxaki kunye neziphumo ezingacwangciswanga abahlalutyi, banikele ugcino-lwazi nobuchule, kwaye bakhele ngokusemthethweni kumgaqo wokugqibela. Olona qheliselo luquka ukuvulwa kwamaxesha okuphendula kawonke-wonke, okujoliswe ekungeneni kwamaqela achaphazelekayo, kunye nokupapashwa konxibelelwano. [[FLT: 0]] IKhomishini ye-Euronan Ingcono Reglation[, umzekelo, ifuna umboniso-wongaphakade, kuquka ixesha lokuphendula okunyanzekileyo kweveki ezine ezifunekayo.

Ukujongwa, uhlolo, kunye noHlaziyo

I-RIA kufuneka ichaze indlela impumelelo yomthetho eza kulinganiswa ngayo emva kokuphunyezwa. Oku kuquka ukuchaza izibonisi ezingundoqo zokusebenza, iindlela zoqokelelo logcino-lwazi, kunye nomgca wexesha lokuhlola. Uvavanyo lwe-Ex-post luvumela abenzi benkqubo ukuba bafunde kwiziphumo zokwenene, balungise umthetho ukuba kufuneka, kwaye baphucule i-RIAs zexesha elizayo. Amanye amaqela afuna uhlolo lwe-othoria emva kwexesha elibekiweyo (umz. iminyaka emihlanu) ukuqinisekisa ukuba umthetho uyaqhubeka usebenza kwaye usebenza.

Ukubaluleka Kokwenza Imithetho Namhlanje

Iziphumo zolawulo zisebenza imisebenzi emininzi ebalulekileyo kwinkqubo yokwenza umthetho. Ngaphezu kokuba kuxelelwe nje izigqibo, zifak ’ isandla kwiinjongo ezibanzi zolawulo ezifana nokubona ngaphaya, ukuphendula, kunye nokwenza inkqubo esekelwe kubungqina.

Ukukhuthaza Ukubonakala Kwangaphandle Nokuthenjwa Nguwonke

Ngokuchaza ekuhleni uhlalutyo olusemva komthetho ocetyiswayo, abaxhasi bavumela abemi nabasemagunyeni ukuba baqonde isizathu sokusebenza korhulumente. Babonisa ukuba izigqibo azingomkhethe kodwa zisekelwe kuvavanyo olucokisekileyo lobungqina. Oku kunceda ukwakha ukuthembana namaziko karhulumente, kwanaphakathi kwabo bangavumelani nokhetho oluthile. Kumazwe anamanqanaba aphezulu orhwaphilizo, ukusebenzisa i-RIA ethembekileyo kusenokuba sisixhobo esinamandla sokuphucula ulawulo.

Ukukhuthaza ukuphendula kwabalawuli

I-RIAs yenza umzila wephepha ogcina abalawuli betyala. Ukuba umthetho ubeka amaxabiso anzima ngengenelo encinane, ukusilela ukuqwalasela ezinye iindlela okanye iziphumo ezichanekileyo zokuxela kwangaphambili kuyabonakala. Iikomiti zomthetho, ii-arhente, kunye nebutho lasekuhlaleni linokusebenzisa i-RIA ukubuza ukhetho lomlawuli. Olu xinzelelo lukhuthaza abalawuli ukuba bakhuthale kwaye basekele iingcebiso zabo kubungqina obuvakalayo kunokuba baphendulwe ngokwezobupolitika.

Ukuxhasa umgaqo-nkqubo osekelwe kubungqina

Kwihlabathi elifanelekileyo, zonke izigqibo zenkqubo ziza kusekelwe kubungqina obungqongqo. ii-RIA ziyindlela esebenzisekayo yokuhamba ukuya kuloo njongo. Zifuna abenzi benkqubo ukuba baqokelele baze baqwalasele ugcino-lwazi ngeendleko, iingenelo, kunye neziphumo ezisecaleni. Le ndlela yobungqina esekelwe kuzo inciphisa impembelelo yee-aecdote, iingcamango, kunye nokubhenela (nangona la manqaku asadlala indima). Uhlolisiso lweBhanki yehlabathi ulawulo lolawulo kwakhona lufumanise ukuba amazwe aneenkqubo ezinamandla ze-RIA athambeka atyekele ekufumaneni iziphumo ezingcono, kuquka imigangatho ephezulu yokuthembanazorhwebo kunye nezoyilelo lokonakala.

Ukuphucula ulawulo kunye nokuhlenga-hlengisa iTape Ebomvu

Imimiselo emininzi isebenzisana; ummiselo omtsha ungangqubana ngokungekho mthethweni nezikhoyo, ukudala ukudideka kunye nokuphindaphindwa. Iinketho zokuhlalutya kwi-RIA zinganceda ukuchonga ungquzulwano olunjalo nokucebisa ukungonakalisa. Ngaphezu koko, ngokulinganisela iindleko zokuthobela, i-RIAs ingakuthintela ukudalwa kwemithwalo engeyomfuneko kumashishini nakubemi. Oku "kuncitshiswa kweteyiphu" kungundoqo kumazwe afana noManyane, anolawulo olungcono ** Umgangatho ophakamileyo ongcono wokubuyisela ityala** owenzelwe ukusetyenziswa kwe-RIAS (owaziwayo apho njengeziphumo ezisebenzayo).

Ucelomngeni Ekusebenzeni Kwama - alia

Naphezu kweenzuzo ezicacileyo, ukusetyenziswa komgangatho ophezulu we-RIA akunanto ilula. Oorhulumente bajongene nothotho lwemiqobo esebenzayo, yezobupolitika, kunye nobugcisa enokuthi ithobe amandla kule nkqubo.

Izithintelo zikavimba

Ukuqhuba i-RIA ngokucokisekileyo kufuna ixesha elibalulekileyo, imali, kunye nobuchule. Amaqumrhu amaninzi alawulayo, ingakumbi kumazwe asakhasayo, awakwazi ukufikelela kwiingcali zezoqoqosho eziqeqeshiweyo, abahlalutyi bogcino-lwazi, nezinye iingcali. Oku kungakhokelela kwi-RIA ekhaseleleyo, ezele yimingxuma, okanye imithambo nje yebhokisi. Ukwakha ubuchule obufunekayo bokuqesha, ukuqesha, ukuqeqesha, nokufikelela kugcino-lwazi oluqhubekayo.

Ukuchaswa Kwezobupolitika Neziko

I-RIAs ingabonwa njengomqobo ngabadlali bezopolitiko abafuna ukutyhala ngomthetho ngokukhawuleza. Uhlalutyo lungabonisa ukuba ukhetho olukhethwayo (ngokufuthi olukhethwa ngamaqela anamandla enzala) alunabuchule. Abezobupolitika bangakubetha ngoyaba oko kufunyanisiweyo yi-RIA, balibazise ukugqitywa kwayo, okanye abahlalutyi boxinzelelo ukuvelisa iziphumo ezintle. Inkcubeko yezenkqubano ibalulekile, ukuba akukho khokelo lunamandla lusuka kumbindi wolawulo olufuna intlukwano lukarhulumente, inkonzo-ofisi yezobupolitika ingaphatha ii-RIA njenge-RGray.

Imilinganiselo kunye neengxaki zokoyisa

Kwanangokuba kukho ubuncwane obuninzi, ukulinganisa nokuxabisa iziphumo ezilawulayo kuyinto enzima ngokwemvelo. Umzekelo, ubeka njani ixabiso lemali kubomi obugciniweyo kwimpilo entsha nokhuseleko? Uzilinganisa njani iinzuzo zokulondoloza indawo entle? Ngelixesha iindlela ezifana "ukuzimisela ukuhlawula" uhlolo lukhona, ziyathanda ukuphikisana kwaye aziqinisekanga. Ngokunjalo, ukuxela kwangaphambili impembelelo kulwakhiwo okanye ukukhula kwexesha elide kwezoqoqosho kuxhomekeke ekungaqiniseki. Oku kungakhokelela njani ekuthi "kungakhuli kakuhle" okanye, ngokuphikisanayo, ukuxhomekeka kwizinto ezilula (njengokubalwa ngqo kwexabiso) kwiindleko zeengenelo zeengenelo ezinzima zokuphumelela.

Ukuqhelisela Umngcamli Olinganiselweyo

Ngeli xesha imigaqo emininzi ye-RIA ifuna uhlolo lwabafaki-nxaxheba, inyaniso idla ngokungadibanisi kakhulu. Iinkcazo zinokulinganiselwa kumaqela abantu abaza kufumana inzala eninzi (amaqumrhu amakhulu, urhwebo), ngelixa amazwi abantu abachaphazelekayo, amashishini amancinane, kunye nabantu abaphantsi kwemida e-ARIA benokuchazwa. Ixesha lokuququzelelwa linokuba nengxaki; ukuba abagcini-mathiriyeli banokuxilongwa emva kwexesha, iziphumo zabo zinokuba nempembelelo encinane.

Owona Mkhwa Ulungileyo Wokomeleza Izityalo: Izifundo Ezivela Ehlabathini Lonke

Phezu kwazo nje ezi ngxaki, amazwe amaninzi aye avelisa iindlela eziphumelelayo ezinokusetyenziswa ngabanye.

I-ARGB Efakwe Kwimijikelo Yomgaqo-nkqubo

Ezona zisebenzayo i-RIA asingomcimbi wasemva kodwa zidityaniswe ukusuka ekuqaleni kwenkqubo yoyilo lomgaqo-siseko. Ukuqalisa uhlalutyo kwangethuba kuvumela ukuchazwa kwengxaki kunye nophuhliso lokhetho. Umzekelo, iBregist Practice Regatemplification Handbook * ifuna amaqumrhu ukupapasha iphepha lokuhlola kokuqala kunye nohlaziyo olunokukhethwa kuseko, phambi kokuba umgaqo wedrafti ugqitywe.

Sebenzisa indlela yokufikelela edityanisiweyo okanye ebanzi

Asiyonkqubo yonke yomthetho efuna umlinganiselo ofanayo wohlalutyo. Inkqubo elungileyo ye-RIA isebenzisa indlela elandelelanayo, apho ubunzulu nokuntsonkotha kohlolo kuxhomekeke kwintsingiselo elindelekileyo yeziphumo zeziphumo. Kwimimiselo esezantsi, uludwe olulula lokufaka isangqa lungalwanela. Kwimimiselo emikhulu eneziphumo ezinkulu zezoqoqosho okanye zentlalo, uhlalutyo olupheleleyo lwexabiso lokulinganisa imodeli kunye nohlolo olunzulu luyafuneka. Oku kuphepha ukuchitha ubuncwane kwimicimbi encinci ngexa kuqinisekisa ukuba izigqibo ezibalulekileyo zisebenza ngokufanelekileyo.

Ubuphathi obuzimeleyo behambo nolawulo lomgangatho

Amaqumrhu olongamele umgangatho wolawulo olusembindini anokuyiphucula ngokuphawulekayo i-RIAs. La maqumrhu (umz., i-Ofisi yolwazi neMicimbi yoLawulo e-US, iKomiti yoLawulo loLawulo oluLunono kwi-UK, i-ARIA engcono yoGunyaziso eJamani) ahlola i-ARIA nganye ukwenzela ubuchule bendlela yokusebenza, ukungaguquguquki, kunye nokunyaniseka. Anokuthumela iingxengxelo emva ukuze ahlaziswe kwaye agqabaze ngomgangatho wayo. Ukubakho kobugociso kubangela ukhuthazo olunamandla lweziko lokucacisa ngenyameko.

Ukuzivelisa Uqeqesho Nesithethe Sobungqina

Ukwakha ikhodi yabahlalutyi abanobuchule kubalulekile. Oku akuquki nje kuphela uqeqesho lokuqala kwindlela ye-RIA kodwa kubandakanya nophuhliso lobugcisa, ucebisi, kunye nolwazi oluququzelela amasebe. Oku kubalulekile ukukhuthaza impucuko exabisa ubungqina kunye nokucinga okugxekayo. Iinkokeli ezikhulu zimele zisoloko zifuna kwaye zisebenzisa ii-RIA ekwenzeni izigqibo, zithumele uphawu olucacileyo oluhlalutya izinto.

Uvavanyo lwesiphelo sesiphelo esingaphakathi ngohlalutyo lobuNjikelezi boMxweso

Irhintyela phakathi kwe-ex-ante (phambi komthetho) kunye ne-ex-preve-pread-pread yovavanyo lusoloko lwaphulwa. Okona kuqheliso lulungileyo kufuna ukuba uhlolo kunye novavanyo lwesakhiwo esidweliswe kwi-RIA luphulwe ngokwenene. Iziphumo ezivela kwimiqathango ye-ex-ante kufuneka zongeze kumjikelo olandelayo woyilo olulawulayo, ukudala inkqubo yokufunda. IKhomishini yaseYurophu "Ubuchule bokuhlola" ngumzekelo ophawulekayo wokuqwalasela zonke iisiseko solawulo ukuvavanya nokuchonga iindawo zokwenziwa kwazo.

Isiqinisekiso sokufumaneka kukawonke-wonke nokucaca ukusuka ekuqaleni ukuya kutsho kuGqibelo

Ukubonakala ngaphaya koshicilelo lokugqibela lwe-RIA; kubandakanya ukuvula inkqubo iphele. Oku kuquka ukupapasha ii-RIAs zedrafti ukuze kugqabaziswe, ukuchaza ugcino-lwazi olusemgangathweni kunye neentelekelelo, kunye nokuphendula ekuhleni kumnini sicelo. Ulawulo oluninzi ngoku lungenisa ii-chweba zengingqi zengingqi (umz., * Regurals.gov* kwi US) apho nabani na anokufunda amaxwebhu aze anikezele amagqabaza. Ufikelelo lunceda ukunyusa umgangatho wokudlala kwaye luphucule ubunjani bohlalutyo ngokusebenzisa umlinganiselo obanzi wolwazi.

Isiphumo: Indima ejikelezayo ye-ARIA ekulawuleni

Uhlolo lomthetho olunempembelelo luye lwavela kwisixhobo sobuchule ukuya kwisiseko esisembindini somsebenzi wokulawula. Ngokunika isiseko esinzima senkcazelo yengxaki, uhlalutyo, uhlolo lwesiphumo, kunye nobophelelo lwabafaki-maplanga, ii-RIAs zinceda ukuqinisekisa ukuba imithetho ayiqhubeki kakuhle kuphela kodwa iyasebenza, isebenza, kwaye isebenza. Zikhanyisa ukukhanya kwimiqathango efihlakeleyo, kwaye zibhenca iinkcazo ezifihlakeleyo, kwaye zenze ingxelo yokuphendula okuqinisa ulawulo lwedemokhrasi.

Noko ke, i-RIA ilungile kuphela njengoko inkqubo ivelisa. Ngaphandle koovimba abaneleyo, bobupolitika, bobukho bezobupolitika, bongameli bokuzimela, kunye nokuzimisela ukuba mhlophe, i-RIA ingaba ngumsebenzi onzima owenziwe ngobuchule obungekho mthethweni, okanye ibe sisixhobo sokumisela iziphumo ezimiselwe kwangaphambili. Ucelomngeni oluqhubekayo koorhulumente kukuhamba ngaphaya "kolulungelelwano" indlela yokucinga kunye nokuphembelela inkqubo yobulungisa esekelwe kumthetho. Njengoko iingxaki zokulawula zisiba nzima kakhulu ($spancrencymentmentmentment yezoqoqosho, thermationmentmentmentmentmentmentmentment, synd, synds synd medial-RIAsssss zifuna ukukhula kuphela. Ukukhuthaza inkqubo ye-RIA namhlanje kukuzisela umngenisiselo wobuchule, ntle, nokuxhasa umthetho ongaphezulu ngomsomsongomsongongongongongongongongongongongongongongongo.