01a0184p.06

00-5247Court of Appeals for the Sixth Circuit05.06.2001

Gesamter Gesetzestext

7KH +RQRUDEOH *HRUJH &DUDP 6WHHK 8QLWHG 6WDWHV 'LVWULFW -XGJH
IRU WKH (DVWHUQ 'LVWULFW RI 0LFKLJDQ VLWWLQJ E\ GHVLJQDWLRQ

5(&200(1'(' )25 )8//7(;7 38%/,&$7,21
3XUVXDQW WR 6L[WK &LUFXLW 5XOH
(/(&7521,& &,7$7,21 )(' $SS 3 WK &LU
)LOH 1DPH DS
81,7('67$7(6&28572)$33($/6
)257+(6,;7+&,5&8,7
BBBBBBBBBBBBBBBBB
81,7(' 67$7(6 2) $0(5,&$
3ODLQWLII$SSHOOHH
Y
&20021:($/7+ 2)
.(178&.< .(178&.<
1$785$/ 5(6285&(6
(19,5210(17$/
3527(&7,21 &$%,1(7
6(&5(7$5<
'HIHQGDQWV$SSHOODQWV
;!

1
1R
$SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
IRUWKH:HVWHUQ'LVWULFWRI.HQWXFN\DW3DGXFDK
1R²7KRPDV%5XVVHOO'LVWULFW-XGJH
$UJXHG0D\
'HFLGHGDQG)LOHG-XQH
%HIRUH1255,6DQG&2/(&LUFXLW-XGJHV67((+
'LVWULFW-XGJH

-- 1 of 10 --

8QLWHG6WDWHVY&RPPRQZHDOWK
RI.<HWDO
1R
BBBBBBBBBBBBBBBBB
&2816(/
$5*8('5DQGDOO0F'RZHOO1$785$/5(6285&(6
$1' (19,5210(17$/ 3527(&7,21 &$%,1(7
)UDQNIRUW .HQWXFN\ IRU $SSHOODQWV 7RGG 6 $DJDDUG
81,7(' 67$7(6 '(3$570(17 2) -867,&(
(19,5210(17 ',9,6,21 $33(//$7( 6(&7,21
:DVKLQJWRQ '& IRU $SSHOOHH 21 %5,() 0DUN $
3RVQDQVN\ 2)),&( 2) /(*$/ 6(59,&(6 )UDQNIRUW
.HQWXFN\ IRU $SSHOODQWV 7RGG 6 $DJDDUG 81,7('
67$7(6'(3$570(172)-867,&((19,5210(17
',9,6,21$33(//$7(6(&7,21:DVKLQJWRQ'&-RKQ
$ %U\VRQ 81,7(' 67$7(6 '(3$570(17 2)
-867,&(/$1' 1$785$/5(6285&(6',9,6,21
:DVKLQJWRQ'&IRU$SSHOOHH
BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
5*8<&2/(-5&LUFXLW-XGJH7KH&RPPRQZHDOWKRI
.HQWXFN\ DFWLQJ WKURXJK WKH 6HFUHWDU\ RI WKH .HQWXFN\
1DWXUDO 5HVRXUFHV DQG (QYLURQPHQWDO 3URWHFWLRQ &DELQHW
³&DELQHW´ DSSHDOV IURP WKH GLVWULFW FRXUW¶V UXOLQJ WKDW
IHGHUDO ODZ SUHHPSWV SHUPLW FRQGLWLRQV LPSRVHG E\ WKH
&DELQHW UHODWLQJ WR WKH GLVSRVDO RI UDGLRDFWLYH ZDVWH LQ D
ODQGILOORSHUDWHGE\WKH8QLWHG6WDWHV'HSDUWPHQWRI(QHUJ\
³'2(´ )RU WKH IROORZLQJ UHDVRQV ZH $)),50 WKH
MXGJPHQWRIWKHGLVWULFWFRXUW
,%$&.*5281'
7KH3DGXFDK*DVHRXV'LIIXVLRQ3ODQW WKH³3ODQW´ LVDQ
DFWLYH XUDQLXP HQULFKPHQW IDFLOLW\ RZQHG E\ WKH '2(
ORFDWHG LQ 0F&UDFNHQ &RXQW\ .HQWXFN\ 7KH &DELQHW
UHJXODWHV GLVSRVDO RI VROLG ZDVWH DW WKH 3ODQW WKURXJK WKH
LVVXDQFH RI SHUPLWV ,Q '2( VXEPLWWHG D SHUPLW

-- 2 of 10 --

1R 8QLWHG6WDWHVY&RPPRQZHDOWK
RI.<HWDO

DSSOLFDWLRQWRWKH&DELQHWIRUWKHFRQVWUXFWLRQDQGRSHUDWLRQ
RIDFRQWDLQHGVROLGZDVWHODQGILOODWWKH3ODQW,Q)HEUXDU\
WKH &DELQHW LVVXHG D SHUPLW WR '2( DXWKRUL]LQJ WKH
FRQVWUXFWLRQRIWKHODQGILOO
$IWHUYHULI\LQJWKDW'2( KDG FRPSOHWHGFRQVWUXFWLRQLQ
DFFRUGDQFH ZLWK WKH DSSURYHG SODQV WKH &DELQHW LVVXHG
DQRWKHUSHUPLWWR'2(RQ1RYHPEHUDXWKRUL]LQJ
RSHUDWLRQ RI WKH ODQGILOO 7KLV RSHUDWLQJ SHUPLW FRQWDLQHG
FRQGLWLRQVUHODWLQJWRWKHGLVSRVDORIUDGLRDFWLYHPDWHULDOVLQ
WKHODQGILOO6SHFLILFDOO\&RQGLWLRQSURKLELWHG'2(IURP
SODFLQJLQWKHODQGILOO³>V@ROLGZDVWHWKDWH[KLELWVUDGLRDFWLYLW\
DERYH GH PLQLPLV OHYHOV´ &RQGLWLRQ SURKLELWHG '2(
IURP SODFLQJ LQ WKH ODQGILOO ³VROLG ZDVWH WKDW FRQWDLQV
UDGLRQXFOLGHV XQWLO D :DVWH &KDUDFWHUL]DWLRQ 3ODQ IRU
UDGLRQXFOLGHVKDVEHHQVXEPLWWHGWRWKH'LYLVLRQRI:DVWH
0DQDJHPHQWIRUUHYLHZDQGDSSURYDO´
'2(DSSHDOHGWKHLPSRVLWLRQRIWKHVHSHUPLWFRQGLWLRQV
WKURXJK.HQWXFN\¶VDGPLQLVWUDWLYHSURFHVV2Q-DQXDU\
DVWDWH+HDULQJ2IILFHULVVXHGDUHSRUWUHFRPPHQGLQJ
WKDW WKH 6HFUHWDU\ DIILUP WKH &DELQHW¶V LPSRVLWLRQ RI WKH
FKDOOHQJHGSHUPLWFRQGLWLRQV'2(ILOHGREMHFWLRQVDQGWKH
&DELQHW UHVSRQGHG 2Q )HEUXDU\ WKH 6HFUHWDU\
HQWHUHG D ILQDO RUGHU DIILUPLQJ DQG DGRSWLQJ WKH +HDULQJ
2IILFHU¶V UHSRUW DQG UHFRPPHQGDWLRQ 7KH 6HFUHWDU\
DFFRUGLQJO\GLVPLVVHG'2(¶VDGPLQLVWUDWLYHDSSHDO
'2( WKHQ ILOHG D SHWLWLRQ IRU MXGLFLDO UHYLHZ RI WKH
&DELQHW¶VILQDODFWLRQLQ.HQWXFN\VWDWHFRXUWRQ0DUFK
8QGHU .HQWXFN\ ODZ '2( ZDV UHTXLUHG WR ILOH LWV
SHWLWLRQIRUVWDWHFRXUWUHYLHZRIWKH&DELQHW¶VDFWLRQZLWKLQ
WKLUW\GD\VRIWKH&DELQHW¶VILQDORUGHU6HH.< 5(9 67$7
† '2( DOOHJHV WKDW LW ILOHG LWV VWDWH FRXUW
DFWLRQWRSUHVHUYHLWVULJKWVXQGHUVWDWHODZ
2Q$SULOWHQGD\VDIWHUILOLQJLWVVWDWHFRXUWDFWLRQ
'2( ILOHG WKH LQVWDQW DFWLRQ LQ WKH 8QLWHG 6WDWHV 'LVWULFW
&RXUW IRU WKH :HVWHUQ 'LVWULFW RI .HQWXFN\ VHHNLQJ

-- 3 of 10 --

8QLWHG6WDWHVY&RPPRQZHDOWK
RI.<HWDO
1R
GHFODUDWRU\ DQG LQMXQFWLYH UHOLHI ,Q LWV FRPSODLQW '2(
FKDOOHQJHGWKHSHUPLWFRQGLWLRQVDWLVVXHRQWKHJURXQGVWKDW
WKH $WRPLF (QHUJ\ $FW RI 86& ††
JSUHHPSWVVWDWHUHJXODWLRQVUHODWLQJWRWKHGLVSRVDORI
UDGLRDFWLYHPDWHULDOV WKHFRQGLWLRQVYLRODWHWKHIHGHUDO
JRYHUQPHQW¶VVRYHUHLJQLPPXQLW\IURPVWDWHUHJXODWLRQDQG
WKH&RPPRQZHDOWKIDLOHGWRFRPSO\ZLWKLWVRZQVWDWXWHV
DQG UHJXODWLRQV LQ LPSRVLQJ WKH FRQGLWLRQV 2Q $SULO
WKH&DELQHWILOHGDPRWLRQWRGLVPLVV'2(¶VFRPSODLQW
DUJXLQJWKDW WKHGLVWULFWFRXUWVKRXOGGHFOLQHMXULVGLFWLRQ
RYHU '2(¶V DFWLRQ EDVHG XSRQ WKH GLVFUHWLRQ DFFRUGHG LW
XQGHUWKH'HFODUDWRU\-XGJPHQW$FW86&†DQG
XQGHUWKH%XUIRUGDEVWHQWLRQGRFWULQHVHH%XUIRUGY6XQ2LO
&R 86 '2(¶V SUHHPSWLRQ DQG
VRYHUHLJQ LPPXQLW\ FODLPV IDLO WR VWDWH D FODLP IRU ZKLFK
UHOLHIFDQEHJUDQWHGDQG WKHFKDOOHQJHGSHUPLWFRQGLWLRQV
FRPSRUWZLWK.HQWXFN\ODZ
7KHGLVWULFWFRXUWGHQLHGWKH&DELQHW¶VPRWLRQWRGLVPLVVRQ
1RYHPEHU7KHFRXUWIRXQGWKDWLWZDVQRWUHTXLUHG
WRGHFOLQHMXULVGLFWLRQRYHUWKHFDVHLQDVPXFKDV'2(KDG
SUHVHQWHGDIDFLDOO\FRQFOXVLYHFODLPRIIHGHUDOSUHHPSWLRQ
WKHUHVROXWLRQRIZKLFKGLGQRWUHTXLUHWKHFRXUWWRLQWHUSUHW
VWDWHODZRUPDNHIDFWXDOILQGLQJV7KHFRXUWIXUWKHUIRXQG
WKDWIHGHUDOODZSUHHPSWVWKH&DELQHW¶VDWWHPSWWRUHJXODWH
'2(¶VGLVSRVDORIUDGLRDFWLYHZDVWHLQWKHODQGILOO7KHFRXUW
DFFRUGLQJO\ HQWHUHG MXGJPHQW IRU '2( DQG GLVPLVVHG WKH
FDVH
2QDSSHDOWKH&DELQHWDUJXHVWKDW WKHGLVWULFWFRXUW
HUUHGLQFRQFOXGLQJWKDWWKHFKDOOHQJHGSHUPLWFRQGLWLRQVDUH
SUHHPSWHGE\IHGHUDOODZDQG WKHGLVWULFWFRXUWVKRXOG
KDYH DEVWDLQHG IURP KHDULQJ WKLV FDVH EDVHG XSRQ WKH
GLVFUHWLRQDFFRUGHGLWXQGHUWKH'HFODUDWRU\-XGJPHQW$FW
DQGWKH%XUIRUGDEVWHQWLRQGRFWULQH
1R 8QLWHG6WDWHVY&RPPRQZHDOWK
RI.<HWDO

&DELQHW VDWLVI\ WKH VHFRQG JURXQG IRU %XUIRUG DEVWHQWLRQ
7KHGLVWULFWFRXUW¶VDGMXGLFDWLRQRI'2(¶VDFWLRQGRHVQRW
VWDQG WR GLVUXSW .HQWXFN\¶V HIIRUWV WR HVWDEOLVK D FRKHUHQW
SROLF\ZLWKUHVSHFWWRVROLGZDVWHPDQDJHPHQWH[FHSWWRWKH
H[WHQW VXFK SROLF\ RYHUVWHSV .HQWXFN\¶V DXWKRULW\ E\
UHJXODWLQJUDGLRDFWLYHPDWHULDOV³>7@KHUHLVQRGRFWULQH
UHTXLULQJDEVWHQWLRQPHUHO\EHFDXVHUHVROXWLRQRIDIHGHUDO
TXHVWLRQPD\UHVXOWLQWKHRYHUWXUQLQJRIDVWDWHSROLF\´,G
DW TXRWLQJ=DEORFNLY5HGKDLO86Q
&I&RDOLWLRQIRU+HDOWK&RQFHUQY/:',QF
)G WK &LU GLVWLQJXLVKLQJ 1HZ
2UOHDQV3XEOLF6HUYLFH,QFRQWKHJURXQGVWKDWSODLQWLIIV¶
IHGHUDOFRXUWFODLPVLQ/:'FRXOGQRWEHGHFLGHGZLWKRXW
LQWHUIHULQJZLWK.HQWXFN\¶VSROLFLHVJRYHUQLQJWKHLVVXDQFH
RIKD]DUGRXVZDVWHLQFLQHUDWLRQSHUPLWV
$FFRUGLQJO\ZHILQGWKDWWKHGLVWULFWFRXUWGLGQRWHUULQ
UHIXVLQJ WR DEVWDLQ LQ WKLV FDVH QRWZLWKVWDQGLQJ WKH
FRQFXUUHQW SHQGLQJ OLWLJDWLRQ EHWZHHQ WKH VDPH SDUWLHV LQ
.HQWXFN\VWDWHFRXUW
,,,&21&/86,21
)RUWKHIRUHJRLQJUHDVRQVZH$)),50WKHGHFLVLRQRIWKH
GLVWULFWFRXUWLQLWVHQWLUHW\

-- 4 of 10 --

8QLWHG6WDWHVY&RPPRQZHDOWK
RI.<HWDO
1R
ZRXOGDYRLGSLHFHPHDOOLWLJDWLRQ ZKLFKFRXUWREWDLQHG
MXULVGLFWLRQ ILUVW DQG ZKHWKHU IHGHUDO ODZ RU VWDWH ODZ
SURYLGHVWKHEDVLVIRUWKHGHFLVLRQRQWKHPHULWV6HH0RVHV
+&RQH0HP¶O+RVSY0HUFXU\&RQVWUXFWLRQ&RUS
86
2QEDODQFHWKHVHIDFWRUVZHLJKVWURQJO\DJDLQVWDEVWHQWLRQ
LQWKLVFDVH:KLOHQHLWKHUWKHIHGHUDOFRXUWQRUWKH.HQWXFN\
VWDWHFRXUWKDVDVVXPHGMXULVGLFWLRQRYHUSURSHUW\LQWKLVFDVH
DQGQHLWKHUSDUW\KDVDOOHJHGWKDWRQHFRXUWLVVLJQLILFDQWO\
PRUHFRQYHQLHQWWKDQWKHRWKHUWKHUHPDLQLQJIDFWRUVIDYRU
IHGHUDOFRXUWUHVROXWLRQRIWKLVGLVSXWH7KHIHGHUDOFDVHZLOO
UHVROYHWKHHQWLUHGLVSXWHEHWZHHQ'2(DQGWKH&DELQHWVXFK
WKDWDEVWHQWLRQLVQRWUHTXLUHGWRDYRLGSLHFHPHDOOLWLJDWLRQ
$OWKRXJK'2(LQVWLWXWHGWKH.HQWXFN\VWDWHFRXUWDFWLRQMXVW
SULRUWRILOLQJVXLWLQIHGHUDOFRXUWWKHIHGHUDOFDVHKDVEHHQ
IXOO\OLWLJDWHGZKHUHDVQRDFWLRQKDVEHHQWDNHQE\WKHSDUWLHV
LQWKHVWDWHFDVH)LQDOO\IHGHUDOODZSURYLGHVWKHEDVLVIRU
WKH GHFLVLRQ RQ WKH PHULWV 7KXV WKH &DELQHW¶V DUJXPHQW
XQGHU WKH &RORUDGR 5LYHU DEVWHQWLRQ GRFWULQH LV QRW ZHOO
WDNHQ
)LQDOO\ WKH &DELQHW¶V DUJXPHQW IRU DEVWHQWLRQ XQGHU
%XUIRUGDOVRPXVWIDLO%XUIRUGDEVWHQWLRQDSSOLHV LID
FDVH SUHVHQWV ³GLIILFXOW TXHVWLRQV RI VWDWH ODZ EHDULQJ RQ
SROLF\ SUREOHPV RI VXEVWDQWLDO SXEOLF LPSRUW ZKRVH
LPSRUWDQFHWUDQVFHQGVWKHUHVXOWLQWKHFDVHWKHQDWEDU´RU
LIWKH³H[HUFLVHRIIHGHUDOUHYLHZRIWKHTXHVWLRQLQDFDVH
DQGLQVLPLODUFDVHVZRXOGEHGLVUXSWLYHRIVWDWHHIIRUWVWR
HVWDEOLVK D FRKHUHQW SROLF\ ZLWK UHVSHFW WR D PDWWHU RI
VXEVWDQWLDOSXEOLFFRQFHUQ´&RORUDGR5LYHU86DW
1HLWKHURIWKHVHWZRFLUFXPVWDQFHVLVSUHVHQWHGKHUH$V
SUHYLRXVO\QRWHGWKLVFDVHLQYROYHVDTXHVWLRQRISUHHPSWLRQ
XQGHU IHGHUDO ODZ QRW D TXHVWLRQ RI VWDWH ODZ 7KXV WKH
&DELQHWFDQQRWVDWLVI\WKHILUVWJURXQGIRU%XUIRUGDEVWHQWLRQ
6HH 1HZ 2UOHDQV 3XE 6HUY ,QF 86 DW
KROGLQJ WKDW %XUIRUG DEVWHQWLRQ LV QRW MXVWLILHG ZKHUH QR
GLIILFXOW TXHVWLRQ RI VWDWH ODZ LV SUHVHQWHG 1RU FDQ WKH
1R 8QLWHG6WDWHVY&RPPRQZHDOWK
RI.<HWDO

,,',6&866,21
$6WDWXWRU\DQG5HJXODWRU\2YHUYLHZ
&RQJUHVVHQDFWHGWKH$WRPLF(QHUJ\$FW ³$($´ LQ
WRSURPRWHWKHGHYHORSPHQWRIDWRPLFHQHUJ\IRUSHDFHIXO
SXUSRVHVXQGHUDSURJUDPRIIHGHUDOUHJXODWLRQDQGOLFHQVLQJ
6HH3DF*DV (OHF&RY6WDWH(QHUJ\5HV&RQVHUYDWLRQ
'HY&RPP¶Q86 &RQJUHVVKDV
VXEVHTXHQWO\DPHQGHGWKH$($WRFUHDWHDGXDOUHJXODWRU\
VWUXFWXUH ZKHUHE\ WKH IHGHUDO JRYHUQPHQW UHJXODWHV WKH
³UDGLRORJLFDOVDIHW\DVSHFWVLQYROYHGLQWKHFRQVWUXFWLRQDQG
RSHUDWLRQ RI D QXFOHDU SODQW´ DQG WKH VWDWHV ³UHWDLQ WKHLU
WUDGLWLRQDOUHVSRQVLELOLW\LQWKHILHOGRIUHJXODWLQJHOHFWULFDO
XWLOLWLHVIRUGHWHUPLQLQJTXHVWLRQVRIQHHGUHOLDELOLW\FRVWV
DQGRWKHUUHODWHGVWDWHFRQFHUQV´,GDW
7KH$($UHJXODWHVWKUHHGLIIHUHQW FODVVHVRIUDGLRDFWLYH
PDWHULDO VRXUFH PDWHULDO VSHFLDO QXFOHDU PDWHULDO DQG
E\SURGXFW PDWHULDO 6HH 86& † H ] DD
6RXUFH PDWHULDO LQFOXGHV XUDQLXP WKRULXP DQG RWKHU
PDWHULDOVWKDW'2(GHHPVQHFHVVDU\ IRUWKHSURGXFWLRQRI
VSHFLDO QXFOHDU PDWHULDO 86& †† ]
6SHFLDO QXFOHDU PDWHULDO LQFOXGHV SOXWRQLXP HQULFKHG
XUDQLXPDQGRWKHUPDWHULDOFDSDEOHRIUHOHDVLQJVXEVWDQWLDO
TXDQWLWLHVRIDWRPLFHQHUJ\86&†† DD
%\SURGXFW PDWHULDO LQFOXGHV ³ DQ\ UDGLRDFWLYH PDWHULDO
H[FHSW VSHFLDO QXFOHDU PDWHULDO \LHOGHG LQ RU PDGH
UDGLRDFWLYH E\ H[SRVXUH WR WKH UDGLDWLRQ LQFLGHQW WR WKH
SURFHVVRISURGXFLQJRUXWLOL]LQJVSHFLDOQXFOHDUPDWHULDODQG
WKH WDLOLQJV RU ZDVWHV SURGXFHG E\ WKH H[WUDFWLRQ RU
FRQFHQWUDWLRQRIXUDQLXPRUWKRULXPIURPDQ\RUHSURFHVVHG
SULPDULO\ IRU LWV VRXUFH PDWHULDO FRQWHQW´ 86&
† H
7KH $($ JUDQWV '2( DQG WKH 1XFOHDU 5HJXODWRU\
&RPPLVVLRQH[FOXVLYHUHVSRQVLELOLW\IRUUHJXODWLQJVRXUFH
VSHFLDO QXFOHDU DQG E\SURGXFW PDWHULDO 6HH 86&
† E L 3XUVXDQW WR WKLV DXWKRULW\ '2( KDV

-- 5 of 10 --

8QLWHG6WDWHVY&RPPRQZHDOWK
RI.<HWDO
1R
GHYHORSHGDQGLPSOHPHQWHGDQH[WHQVLYHUHJXODWRU\UHJLPH
IRUPDQDJLQJUDGLRDFWLYHPDWHULDOVDQGOLPLWLQJWKHUHOHDVHRI
UDGLRDFWLYLW\6HHHJ*HQHUDO(QYLURQPHQWDO3URWHFWLRQ
3URJUDP'2(2UGHU 5DGLDWLRQ3URWHFWLRQRI
WKH3XEOLFDQGWKH(QYLURQPHQW'2(2UGHU
5DGLRDFWLYH:DVWH0DQDJHPHQW'2(2UGHU
HVWDEOLVKLQJUHTXLUHPHQWVIRUPDQDJLQJORZOHYHOUDGLRDFWLYH
ZDVWH LQFOXGLQJ ZDVWH FKDUDFWHUL]DWLRQ ZDVWH WUHDWPHQW
GLVSRVDODQGHQYLURQPHQWDOPRQLWRULQJ 7KHVHUHJXODWRU\
VWDQGDUGVDUHGHVLJQHGWRDVVXUHWKDWWKHSXEOLFZRUNHUVDQG
WKHHQYLURQPHQWDUHQRWH[SRVHGWRXQVDIHOHYHOVRIUDGLDWLRQ
6HH'2(2UGHU†
,Q&RQJUHVVSDVVHGWKH5HVRXUFH&RQVHUYDWLRQDQG
5HFRYHU\$FW ³5&5$´ ZKLFKDPHQGHGWKH6ROLG:DVWH
'LVSRVDO$FWRI86&††N&RQJUHVV
HQDFWHGWKH5&5$WRHQGWKHHQYLURQPHQWDODQGSXEOLFKHDOWK
ULVNVDVVRFLDWHGZLWKWKHPLVPDQDJHPHQWRIKD]DUGRXVZDVWH
6HH 6LHUUD &OXE Y 8QLWHG 6WDWHV 'HS¶W RI (QHUJ\ )
6XSS ' &ROR *HQHUDOO\ WKH 5&5$
SURKLELWV WKH WUHDWPHQW VWRUDJH RU GLVSRVDO RI KD]DUGRXV
ZDVWHDWSULYDWHRUJRYHUQPHQWDOIDFLOLWLHVZLWKRXWDSHUPLW
LVVXHGE\HLWKHUWKH8QLWHG6WDWHV(QYLURQPHQWDO3URWHFWLRQ
$JHQF\ ³(3$´ RUDQDXWKRUL]HGVWDWH6HHLG86&
†† D 7KH5&5$H[SUHVVO\FRQWHPSODWHVWKDW
VWDWH DQG ORFDO JRYHUQPHQWV ZLOO SOD\ D OHDG UROH LQ VROLG
ZDVWHUHJXODWLRQ6HH86&† D
8QGHU WKH 5&5$ KD]DUGRXV ZDVWH LV GHILQHG DV ³VROLG
ZDVWH RU >D@ FRPELQDWLRQ RI VROLG ZDVWHV>@´ WKDW IRU
HQXPHUDWHGUHDVRQVFUHDWHVSXEOLFKHDOWKDQGHQYLURQPHQWDO
GDQJHUV86&† ³6ROLGZDVWH´KRZHYHUGRHV
QRWLQFOXGH³VRXUFHVSHFLDOQXFOHDURUE\SURGXFWPDWHULDODV
GHILQHG E\ WKH $WRPLF (QHUJ\ $FW RI ´ 86&
† ,QGHHGWKH5&5$H[SUHVVO\SURYLGHV
1RWKLQJLQWKLVFKDSWHUVKDOOEHFRQVWUXHGWRDSSO\WR RU
WR DXWKRUL]H DQ\ 6WDWH LQWHUVWDWH RU ORFDO DXWKRULW\ WR
UHJXODWH DQ\DFWLYLW\RUVXEVWDQFHZKLFKLVVXEMHFWWR
1R 8QLWHG6WDWHVY&RPPRQZHDOWK
RI.<HWDO

,Q VXSSRUW RI LWV DEVWHQWLRQ DUJXPHQW XQGHU %ULOOKDUW WKH &DELQHW
UHOLHV RQ ,QWHUQDWLRQDO $VVRFLDWLRQ RI (QWUHSUHQHXUV Y $QJRII )G
WK &LU 7KH FRXUW LQ $QJRII DIILUPHG WKH GLVWULFW FRXUW¶V
GHFLVLRQ WR DEVWDLQ EHFDXVH LW IRXQG WKH SODLQWLII¶V IHGHUDO VXLW WR EH DQ
³DWWHPSW WR FLUFXPYHQW WKH UHPRYDO VWDWXWH¶V GHDGOLQH E\ XVLQJ WKH
'HFODUDWRU\ -XGJPHQW $FW DV D FRQYHQLHQW DQG WHPSRUDOO\ XQOLPLWHG EDFN
GRRU WR IHGHUDO FRXUW´ ,G DW +HUH '2(¶V GHFODUDWRU\ MXGJPHQW
DFWLRQ LV QRW DQ DWWHPSW WR DYRLG GHIHQGLQJ DJDLQVW D VWDWH FRXUW DFWLRQ
5DWKHU '2( KDV D FRPSHOOLQJ LQWHUHVW LQ FKRRVLQJ D IHGHUDO IRUXP WR VHHN
D GHFODUDWLRQ RI LWV IHGHUDO VWDWXWRU\ LPPXQLW\ IURP VWDWH UHJXODWLRQ 6HH
8QLWHG 6WDWHV Y 3HQQV\OYDQLD )G G &LU KROGLQJ WKDW
GLVWULFW FRXUW VKRXOG QRW KDYH DEVWDLQHG LQ OLJKW RI IHGHUDO JRYHUQPHQW¶V
ULJKW WR VHHN GHFODUDWLRQ RI LPPXQLW\ XQGHU IHGHUDO VWDWXWH LQ WKH IHGHUDO
IRUXP RI LWV FKRLFH 7KXV WKH &DELQHW¶V UHOLDQFH RQ $QJRII LV PLVSODFHG
MXULVGLFWLRQLQDGHFODUDWRU\MXGJPHQWDFWLRQ³ZKHUHDQRWKHU
VXLWLVSHQGLQJLQDVWDWHFRXUWSUHVHQWLQJWKHVDPHLVVXHVQRW
JRYHUQHGE\IHGHUDOODZEHWZHHQWKHVDPHSDUWLHV´86
DW HPSKDVLV DGGHG +HUH WKH HVVHQFH RI '2(¶V
FRPSODLQWLVWKDWWKH$($SUHHPSWVWKHFRQGLWLRQVLPSRVHG
E\WKH&DELQHWLQWKHODQGILOOSHUPLW6XFKDFODLPSUHVHQWVDQ
LVVXHRIIHGHUDOODZ6HH0XVVRQ7KHDWULFDO,QF)GDW
7KXV WKH UHDVRQLQJ RI %ULOOKDUW ZKLFK H[SUHVVO\
DSSOLHVRQO\WRGHFODUDWRU\MXGJPHQWDFWLRQV³QRWJRYHUQHGE\
IHGHUDOODZ´86DWGRHVQRWVXSSRUWDEVWHQWLRQLQ
WKLVFDVH
1HLWKHU GRHV WKH 6XSUHPH &RXUW¶V GHFLVLRQ LQ &RORUDGR
5LYHU:DWHU&RQVHUYDWLRQ'LVWULFWY8QLWHG6WDWHV86
IDYRU DEVWHQWLRQ ,Q &RORUDGR 5LYHU WKH
6XSUHPH &RXUW KHOG WKDW LQ UDUH FLUFXPVWDQFHV D IHGHUDO
GLVWULFWFRXUWPD\SURSHUO\DEVWDLQIURPH[HUFLVLQJLWVVXEMHFW
PDWWHUMXULVGLFWLRQEDVHGRQFRQVLGHUDWLRQVRI³>Z@LVHMXGLFLDO
DGPLQLVWUDWLRQ JLYLQJ UHJDUG WR FRQVHUYDWLRQ RI MXGLFLDO
UHVRXUFHVDQGFRPSUHKHQVLYHGLVSRVLWLRQRIOLWLJDWLRQ´,GDW
LQWHUQDOTXRWDWLRQPDUNVDQGFLWDWLRQRPLWWHG )DFWRUV
UHOHYDQWWRDFRXUW¶VGHFLVLRQWRDEVWDLQXQGHU&RORUDGR5LYHU
LQFOXGH ZKHWKHUWKHVWDWHFRXUWRUWKHIHGHUDOFRXUWKDV
DVVXPHGMXULVGLFWLRQRYHUWKHUHVRUSURSHUW\ ZKLFKIRUXP
LV PRUH FRQYHQLHQW WR WKH SDUWLHV ZKHWKHU DEVWHQWLRQ

-- 6 of 10 --

8QLWHG6WDWHVY&RPPRQZHDOWK
RI.<HWDO
1R
WKH SUHHPSWLRQ LVVXHV >+@RZHYHU LI WKH LVVXHV
SUHVHQWIDFLDOO\FRQFOXVLYHFODLPVRIIHGHUDOSUHHPSWLRQ
ZH ZLOO QRW DEVWDLQ EXW LQVWHDG ZLOO GHFLGH WKH
SUHHPSWLRQTXHVWLRQ
*7(0RELOQHW)GDW6HHDOVR1HZ2UOHDQV3XEOLF
6HUY ,QF Y &RXQFLO RI 1HZ 2UOHDQV 86
QRWLQJWKDWZKHUHGHWHUPLQDWLRQRISUHHPSWLRQFODLP
ZRXOG QRW GLVUXSW VWDWH¶V DWWHPSW WR HQVXUH XQLIRUPLW\ LQ
WUHDWPHQWRIDQHVVHQWLDOO\ORFDOSUREOHPDEVWHQWLRQLVQRW
UHTXLUHG %XQQLQJY&RPPRQZHDOWKRI.HQWXFN\)G
WK&LU FRQFOXGLQJWKDW³DEVWHQWLRQLVQRW
UHTXLUHG LQ D FDVH SUHVHQWLQJ IDFLDOO\ FRQFOXVLYH FODLPV RI
IHGHUDOSUHHPSWLRQZKHUHUHVROXWLRQRIWKHGLVSXWHGRHVQRW
UHTXLUH WKH FRXUW WR LQWHUSUHW VWDWH ODZ RU PDNH IDFWXDO
ILQGLQJV´ 1RUIRON :5\&RY3XE8WLOLWLHV&RPP¶Q
)G WK &LU ³>$@EVWHQWLRQ LV QRW
UHTXLUHG ZKHQ WKH QDNHG TXHVWLRQ XQFRPSOLFDWHG E\
DPELJXRXVODQJXDJHLVZKHWKHUWKHVWDWHODZRQLWVIDFHLV
SUHHPSWHG´
,QOLJKWRIWKHIRUHJRLQJSULQFLSOHVWKHGLVWULFWFRXUWLQWKLV
FDVH FRUUHFWO\ IRXQG WKDW DEVWHQWLRQ ZDV LQDSSURSULDWH
'2(¶VDFWLRQIRUGHFODUDWRU\DQGLQMXQFWLYHUHOLHISUHVHQWHG
DIDFLDOO\FRQFOXVLYHFODLPRIIHGHUDOSUHHPSWLRQLQDVPXFK
DVDGHWHUPLQDWLRQRIWKHSUHHPSWLRQTXHVWLRQGLGQRWUHTXLUH
D³GHWDLOHGDQDO\VLVRIVWDWHODZ´*7(0RELOQHW)GDW
RUWKH³PDNLQJRIILQGLQJVRQGLVSXWHGIDFWV´1RUIRON
:5\&R)GDW,QGHHGWKHGLVWULFWFRXUWZDVQRW
UHTXLUHG WR LQTXLUH ³EH\RQG WKH IRXU FRUQHUV´ RI WKH
FKDOOHQJHGVWDWHRUGHULQUHVROYLQJWKHSUHHPSWLRQTXHVWLRQ
1HZ2UOHDQV3XE6HUY,QF86DW%HFDXVH'2(
SUHVHQWHGDIDFLDOSUHHPSWLRQFODLPWKHGLVWULFWFRXUWSURSHUO\
IRXQGWKDWLWVKRXOGQRWDEVWDLQLQGHIHUHQFHWRWKHVWDWHFRXUW
SURFHHGLQJ
1RQHRIWKHMXGLFLDOO\FUHDWHGDEVWHQWLRQGRFWULQHVFLWHGE\
WKH&DELQHWUHIXWHWKLVFRQFOXVLRQ,Q%ULOOKDUWWKH6XSUHPH
&RXUWKHOGWKDWDIHGHUDOFRXUWPD\DEVWDLQIURPH[HUFLVLQJLWV
1R 8QLWHG6WDWHVY&RPPRQZHDOWK
RI.<HWDO

WKH$WRPLF(QHUJ\$FWRIH[FHSWWRWKHH[WHQWWKDW
VXFKDSSOLFDWLRQ RUUHJXODWLRQ LVQRWLQFRQVLVWHQWZLWK
WKHUHTXLUHPHQWVRIVXFK$FW>@
86&† D
%3UHHPSWLRQ
8QGHUWKH&RQVWLWXWLRQ¶V6XSUHPDF\&ODXVH86 &2167
DUW9,†&RQJUHVVPD\SUHHPSWVWDWHODZVRORQJDVLWDFWV
ZLWKLQLWVFRQVWLWXWLRQDOO\GHOLPLWHGSRZHUV6HH0¶&XOORFK
Y 0DU\ODQG 86 ³,W LV RI WKH YHU\
HVVHQFHRIVXSUHPDF\WRUHPRYHDOOREVWDFOHVWRLWVDFWLRQ
ZLWKLQLWVRZQVSKHUHDQGVRWRPRGLI\HYHU\SRZHUYHVWHG
LQVXERUGLQDWHJRYHUQPHQWVDVWRH[HPSWLWVRZQRSHUDWLRQV
IURP WKHLU RZQ LQIOXHQFH´ 7KH 6XSUHPH &RXUW KDV
HVWDEOLVKHG D JHQHUDO IUDPHZRUN E\ ZKLFK SUHHPSWLRQ
TXHVWLRQVDUHDQDO\]HG
>6@WDWH ODZ FDQ EH SUHHPSWHG LQ HLWKHU RI WZR JHQHUDO
ZD\V,I&RQJUHVVHYLGHQFHVDQLQWHQWWRRFFXS\DJLYHQ
ILHOGDQ\VWDWHODZIDOOLQJZLWKLQWKDWILHOGLVSUHHPSWHG
,I &RQJUHVV KDV QRW HQWLUHO\ GLVSODFHG VWDWH UHJXODWLRQ
RYHUWKHPDWWHULQTXHVWLRQVWDWHODZLVVWLOOSUHHPSWHGWR
WKHH[WHQWLWDFWXDOO\FRQIOLFWVZLWKIHGHUDOODZWKDWLV
ZKHQ LW LV LPSRVVLEOH WR FRPSO\ ZLWK ERWK VWDWH DQG
IHGHUDOODZRUZKHUHWKHVWDWHODZVWDQGVDVDQREVWDFOH
WRWKHDFFRPSOLVKPHQWRIWKHIXOOSXUSRVHVDQGREMHFWLYHV
RI&RQJUHVV
6LONZRRGY.HUU0F*HH&RUS86
:KHWKHU D IHGHUDO VWDWXWH SUHHPSWV VWDWH RU ORFDO ODZ LV D
TXHVWLRQRIIHGHUDOODZVHH0XVVRQ7KHDWULFDO,QFY)HG
([SUHVV&RUS)G WK&LU ZKLFKZH
UHYLHZGHQRYRVHH*7(0RELOQHWY-RKQVRQ)G
WK&LU
7KHGLVWULFWFRXUWQRWHGWKDWZKLOHWKH5&5$JRYHUQVWKH
GLVSRVDO RI KD]DUGRXV ZDVWH DQG WKH $($ JRYHUQV WKH
GLVSRVDORIUDGLRDFWLYHZDVWHQRVWDWXWHVSHFLILFDOO\GHOHJDWHV

-- 7 of 10 --

8QLWHG6WDWHVY&RPPRQZHDOWK
RI.<HWDO
1R
'2( DFNQRZOHGJHV WKDW WKH VROLG ZDVWH LW LQWHQGV WR SODFH LQ WKH
ODQGILOO FRQWDLQV ERWK D UDGLRDFWLYH FRPSRQHQW LH³VRXUFH VSHFLDO
QXFOHDU DQG E\SURGXFW PDWHULDO´ DQG D QRQUDGLRDFWLYH EXW VWLOO
KD]DUGRXV FRPSRQHQW $V VXFK D PL[WXUH RI KD]DUGRXV ZDVWH DQG
UDGLRDFWLYH ZDVWH FRPSULVHV WKH ZDVWH LQ TXHVWLRQ LQ WKLV FDVH
DXWKRULW\WRUHJXODWHDPL[WXUHRIWKHWZRW\SHVRIZDVWH
$FFRUGLQJO\WKHGLVWULFWFRXUWWXUQHGWRWKHUHOHYDQWIHGHUDO
DJHQFLHV¶ FRQVWUXFWLRQ RI WKH $($ DQG 5&5$ IRU
LQWHUSUHWDWLYHJXLGDQFH6HH&KHYURQ86$,QFY1DWXUDO
5HV 'HIHQVH &RXQFLO ,QF 86
UHTXLULQJ FRXUWV WR JLYH FRQVLGHUDEOH ZHLJKW WR H[HFXWLYH
GHSDUWPHQW¶VFRQVWUXFWLRQRIDVWDWXWRU\VFKHPHLWDGPLQLVWHUV
DQGGHIHUHQFHWRLWVDGPLQLVWUDWLYHLQWHUSUHWDWLRQV 7KHFRXUW
IRXQGWKDWDFFRUGLQJWR'2(DQG(3$UXOLQJVSHUWDLQLQJWR
PL[WXUHV RI UDGLRDFWLYH DQG KD]DUGRXV ZDVWH WKH $($
JRYHUQVWKHUDGLRDFWLYHSRUWLRQRIWKHZDVWHPL[WXUHDQGWKH
5&5$ JRYHUQV WKH KD]DUGRXV SRUWLRQ 6HH (3$ 1RWLFH
6WDWH$XWKRUL]DWLRQWR5HJXODWH+D]DUGRXV&RPSRQHQWVRI
5DGLRDFWLYH:DVWHV8QGHUWKH5HVRXUFH&RQVHUYDWLRQDQG
5HFRYHU\$FW)HG5HJ -XO\ '2()LQDO
5XOH5DGLRDFWLYH:DVWH%\SURGXFW0DWHULDO)HG5HJ
0D\ (3$ &ODULILFDWLRQ 1RWLFH
&ODULILFDWLRQRI,QWHULP6WDWXV4XDOLILFDWLRQ5HTXLUHPHQWVIRU
WKH+D]DUGRXV&RPSRQHQWVRI5DGLRDFWLYH0L[HG:DVWH
)HG5HJ 6HSW 8QGHUWKLVGXDOUHJXODWRU\
VFKHPH '2( KDV H[FOXVLYH DXWKRULW\ WR UHJXODWH WKH
UDGLRDFWLYHFRPSRQHQWRIZDVWHPL[WXUHVZKHUHDV(3$RU
VWDWHV DXWKRUL]HG E\ (3$ XQGHU WKH 5&5$ UHWDLQ WKH
DXWKRULW\ WR UHJXODWH WKH KD]DUGRXV SRUWLRQ 6HH ,Q UH
:HVWLQJKRXVH0DWHULDOV&RRI2KLR1R5&5$9:5
:/ (3$'HF DSSO\LQJGXDO
UHJXODWRU\VFKHPHWRGLVSRVDORIZDVWHPL[WXUHV %DVHGRQ
WKHDJHQFLHV¶LQWHUSUHWDWLRQRIWKH$($DQGWKH5&5$WKH
GLVWULFWFRXUWFRQFOXGHGWKDWWKH&DELQHW¶VDWWHPSWWRLPSRVH
FRQGLWLRQVRQ'2(¶VGLVSRVDORIUDGLRDFWLYHPDWHULDOVLQWKH
ODQGILOOZDVSUHHPSWHGE\IHGHUDOODZ
1R 8QLWHG6WDWHVY&RPPRQZHDOWK
RI.<HWDO

'$EVWHQWLRQ
$VLGHIURPLWVSUHHPSWLRQDUJXPHQWWKH&DELQHWFRQWHQGV
WKDWWKHGLVWULFWFRXUWVKRXOGKDYHDEVWDLQHGIURPKHDULQJWKLV
FDVH EDVHG XSRQ WKH GLVFUHWLRQ DFFRUGHG LW XQGHU WKH
'HFODUDWRU\ -XGJPHQW $FW DQG WKH %XUIRUG DEVWHQWLRQ
GRFWULQH:KLOHZHQRUPDOO\UHYLHZGHQRYRDGLVWULFWFRXUW¶V
GHFLVLRQWRDEVWDLQVHH)HG([SUHVV&RUSY7HQQHVVHH3XE
6HUY&RPP¶Q)G WK&LU ZHKDYHDW
OHDVWRQRQHRFFDVLRQUHYLHZHGVXFKDGHFLVLRQIRUDEXVHRI
GLVFUHWLRQVHH5RPLQHY&RPSXVHUYH&RUS)G
WK&LU $VWKH6HFRQG&LUFXLWKDVQRWHG
KRZHYHU³WKHUHLVOLWWOHSUDFWLFDOGLVWLQFWLRQEHWZHHQUHYLHZ
IRU DEXVH RI GLVFUHWLRQ DQG UHYLHZ GH QRYR´ LQ DEVWHQWLRQ
FDVHVLQDVPXFKDVWKHGLVWULFWFRXUW¶VGLVFUHWLRQWRDEVWDLQ³LV
QDUURZHG E\ D IHGHUDO FRXUW¶V REOLJDWLRQ WR H[HUFLVH LWV
MXULVGLFWLRQ LQ DOO EXW WKH PRVW H[WUDRUGLQDU\ FDVHV´
+DFKDPRYLWFKY'H%XRQR)G G&LU
7KH&DELQHW¶V DEVWHQWLRQDUJXPHQWLVWZRIROG)LUVWLW
FRQWHQGV WKDW WKH GLVWULFW FRXUW VKRXOG KDYH GHFOLQHG
MXULVGLFWLRQRYHU'2(¶VFRPSODLQWEDVHGXSRQWKHGLVFUHWLRQ
DFFRUGHGLWXQGHUWKH'HFODUDWRU\-XGJPHQW$FW86&
†6HH%ULOOKDUWY([FHVV,QV&RRI$PHULFD86
RUGHULQJIHGHUDOGLVWULFWFRXUWWRGLVPLVV†
DFWLRQ LQ IDYRU RI SHQGLQJ VWDWH FRXUW SURFHHGLQJ 7KH
&DELQHWIXUWKHUDVVHUWVWKDWWKHMXGLFLDOO\FUHDWHGGRFWULQHRI
DEVWHQWLRQVHWRXWLQ%XUIRUGY6XQ2LO&R86
DQGLWVSURJHQ\UHTXLUHGWKHGLVWULFWFRXUWWRGHFOLQH
MXULVGLFWLRQ RYHU WKLV FDVH 1HLWKHU RI WKH &DELQHW¶V
DEVWHQWLRQDUJXPHQWVKDVPHULW
,QDFDVHSURFHGXUDOO\VLPLODUWRWKLVRQHZHDGGUHVVHGWKH
³LQWHUSOD\ EHWZHHQ SUHHPSWLRQ DQG DEVWHQWLRQ´ SUHVHQWHG
KHUH
>:@KHQ VWDWH DQG IHGHUDO FRXUWV KDYH FRQFXUUHQW
MXULVGLFWLRQ WR GHFLGH SUHHPSWLRQ TXHVWLRQV D IHGHUDO
FRXUWVKRXOGDEVWDLQWRDOORZWKHVWDWHFRXUWWRFRQVLGHU

-- 8 of 10 --

8QLWHG6WDWHVY&RPPRQZHDOWK
RI.<HWDO
1R
IDFWXDOILQGLQJVUHJDUGLQJWKHFRQIOLFWEHWZHHQWKHIHGHUDODQG
VWDWHUHTXLUHPHQWVZDVWKHUHIRUHQRWLQHUURU
&)HGHUDO6RYHUHLJQ,PPXQLW\
'2( DOVR DUJXHV WKDW WKH &DELQHW¶V FKDOOHQJHG SHUPLW
FRQGLWLRQV DUH LQYDOLG EHFDXVH WKH 8QLWHG 6WDWHV KDV QRW
ZDLYHGLWVIHGHUDOVRYHUHLJQLPPXQLW\WRVWDWHUHJXODWLRQRI
UDGLRDFWLYHPDWHULDOVDWIHGHUDOIDFLOLWLHV
7KHIHGHUDOJRYHUQPHQWLVLPPXQHIURPVWDWHUHJXODWLRQ
H[FHSWWRWKHH[WHQWZDLYHG6HH8QLWHG6WDWHVY0LWFKHOO
86 7KH6XSUHPH&RXUWKDVKHOGWKDW
ZDLYHUVRIIHGHUDOLPPXQLW\PXVWEHXQHTXLYRFDOLGDW
DQGDUHWREHVWULFWO\FRQVWUXHGLQIDYRURIWKH8QLWHG6WDWHV
8QLWHG6WDWHVY1RUGLF9LOODJH,QF86
7KH LVVXH RI ZKHWKHU WKH 8QLWHG 6WDWHV KDV ZDLYHG LWV
VRYHUHLJQLPPXQLW\LVDTXHVWLRQRIODZVXEMHFWWRGHQRYR
UHYLHZ6HH8QLWHG6WDWHVYLQ86&XUUHQF\
)G WK&LU
:KLOHWKHGLVWULFWFRXUWGLGQRWDGGUHVV'2(¶VVRYHUHLJQ
LPPXQLW\DUJXPHQWLQOLJKWRILWVKROGLQJWKDWWKH&DELQHW¶V
UHJXODWLRQVDUHSUHHPSWHGE\IHGHUDOODZ'2(FRXOGKDYH
SUHYDLOHGRQWKLVDOWHUQDWHWKHRU\DVZHOO1HLWKHUWKH$($
QRU DQ\ RWKHU IHGHUDO ODZ ZDLYHV IHGHUDO LPPXQLW\ IURP
UHJXODWLRQRI'2(IDFLOLWLHVE\VWDWHVZLWKUHVSHFWWRPDWHULDOV
FRYHUHGE\WKH$($:KLOHWKH&DELQHWLVFRUUHFWWRSRLQW
RXW WKDW WKH 5&5$ ZDLYHV IHGHUDO LPPXQLW\ WR VWDWH
UHJXODWLRQRIIHGHUDOIDFLOLWLHVZLWKUHVSHFWWRVROLGZDVWHVHH
86&† D WKH5&5$¶VGHILQLWLRQRI³VROLGZDVWH´
H[SUHVVO\ H[FOXGHV PDWHULDOV FRYHUHG E\ WKH $($ VHH
86&† $VGLVFXVVHGSUHYLRXVO\WKH&DELQHW¶V
SHUPLWFRQGLWLRQVFRQVWLWXWHVWDWHUHJXODWLRQRIVRXUFHVSHFLDO
QXFOHDU RU E\SURGXFW PDWHULDO DV GHILQHG E\ WKH $($
$FFRUGLQJO\WKH8QLWHG6WDWHVKDVQRWZDLYHGLWVLPPXQLW\
IURPWKHSHUPLWFRQGLWLRQVDWLVVXH:HWKHUHIRUHDIILUPWKH
GLVWULFWFRXUW¶VMXGJPHQWRQWKLVDOWHUQDWHJURXQG
1R 8QLWHG6WDWHVY&RPPRQZHDOWK
RI.<HWDO

2Q DSSHDO WKH &DELQHW REMHFWV WR WKH GLVWULFW FRXUW¶V
FRQFOXVLRQRQVHYHUDOJURXQGV7KH&DELQHWILUVWDVVHUWVWKDW
WKHFKDOOHQJHGSHUPLWFRQGLWLRQVDUHQRWSUHHPSWHGE\WKH
$($EHFDXVHWKH&DELQHWKDVWKHVWDWXWRU\DXWKRULW\XQGHU
.HQWXFN\ ODZ WR UHJXODWH VROLG ZDVWH GLVSRVDO 7KXV WKH
&DELQHWFRQWHQGVWKDWWKHFKDOOHQJHGSHUPLWFRQGLWLRQVGRQRW
FRQVWLWXWH UHJXODWLRQ RI UDGLRDFWLYH PDWHULDOV EXW UDWKHU
PHUHO\ DGGUHVV WKH IDFW WKDW '2(¶V VROLG ZDVWH PD\ EH
FRQWDPLQDWHGZLWKUDGLRQXFOLGHV7KH&DELQHWIXUWKHUDUJXHV
WKDW WKH GLVWULFW FRXUW IDLOHG WR VXSSRUW LWV FRQFOXVLRQ ZLWK
VSHFLILF IDFWXDO ILQGLQJV DV WR KRZ WKH SHUPLW FRQGLWLRQV
FRQIOLFWZLWKWKHUHTXLUHPHQWVRIWKH$($%HFDXVHWKH$($
GRHV QRW H[SUHVVO\ DGGUHVV WKH GLVSRVDO RI VROLG ZDVWH
FRQWDPLQDWHGZLWKUDGLRQXFOLGHVWKH&DELQHWDUJXHVLWZDV
HUURU WR FRQFOXGH WKDW WKH $($ SUHHPSWV WKH SHUPLW
FRQGLWLRQVZLWKRXWILQGLQJDFWXDOFRQIOLFWVEHWZHHQWKHVWDWH
DQGIHGHUDOUHTXLUHPHQWV
7KH &DELQHW¶V DUJXPHQWV DUH QRW ZHOOWDNHQ $V WKH
6XSUHPH &RXUW XQHTXLYRFDOO\ VWDWHG LQ 3DFLILF *DV
(OHFWULF³WKHIHGHUDOJRYHUQPHQWKDVRFFXSLHGWKHHQWLUHILHOG
RI QXFOHDU VDIHW\ FRQFHUQV H[FHSW WKH OLPLWHG SRZHUV
H[SUHVVO\FHGHGWRWKHVWDWHV´86DW$FFRUGLQJO\
WKH $($ SUHHPSWV DQ\ VWDWH DWWHPSW WR UHJXODWH PDWHULDOV
FRYHUHGE\WKH$FWIRUVDIHW\SXUSRVHV6HHLG+HUHWKH
FKDOOHQJHGSHUPLWFRQGLWLRQVVSHFLILFDOO\OLPLWWKHDPRXQWRI
³UDGLRDFWLYLW\´DQG³UDGLRQXFOLGHV´WKDW'2(PD\SODFHLQLWV
ODQGILOO 7KH VRXUFHV RI VXFK ³UDGLRDFWLYLW\´ DQG
³UDGLRQXFOLGHV´ DUH PDWHULDOV FRYHUHG E\ WKH $($ LH
VRXUFHVSHFLDOQXFOHDUDQGE\SURGXFWPDWHULDOV7KH&DELQHW
VHHNVWRLPSRVHWKHVHFRQGLWLRQVWRSURWHFWKXPDQKHDOWKDQG
WKHHQYLURQPHQW7KHSHUPLWFRQGLWLRQVWKHUHIRUHUHSUHVHQW
DQDWWHPSWE\WKH&DELQHWWRUHJXODWHPDWHULDOVFRYHUHGE\WKH
$($EDVHGRQWKH&DELQHW¶VVDIHW\DQGKHDOWKFRQFHUQVDQG
DUHWKXVSUHHPSWHG
7KHIDFWWKDWWKH&DELQHWLVDXWKRUL]HGXQGHUVWDWHODZWR
UHJXODWHVROLGZDVWHGLVSRVDOLVLUUHOHYDQWWRRXUSUHHPSWLRQ
DQDO\VLV 7KXV WKH &DELQHW¶V UHIHUHQFH WR LWV VWDWH ODZ

-- 9 of 10 --

8QLWHG6WDWHVY&RPPRQZHDOWK
RI.<HWDO
1R
'2( DUJXHV WKDW WKH &DELQHW LQFRUUHFWO\ FKDUDFWHUL]HV .HQWXFN\ ODZ
DV DXWKRUL]LQJ LW WR HQVXUH WKDW RQO\ VROLG ZDVWH LV SODFHG LQ WKH ODQGILOO
%HFDXVH WKH H[WHQW RI WKH &DELQHW¶V VWDWH ODZ DXWKRULW\ WR UHJXODWH VROLG
ZDVWH LV LUUHOHYDQW WR RXU SUHHPSWLRQ DQDO\VLV KRZHYHU ZH QHHG QRW
DGGUHVV '2(¶V DUJXPHQW EDVHG RQ .HQWXFN\ ODZ
DXWKRULW\ WR HQVXUH WKDW RQO\ VROLG ZDVWH LV SODFHG LQ WKH
ODQGILOOPLVVHVWKHSRLQW7KHGLVSRVDOOLPLWVLPSRVHGE\WKH
FKDOOHQJHG FRQGLWLRQV FRQVWLWXWH UHJXODWLRQ RI PDWHULDOV
FRYHUHG E\ WKH $($ 7KH\ DUH WKHUHIRUH SUHHPSWHG
6LPLODUO\WKH&DELQHW¶VDVVHUWLRQWKDWLWKDVWKH³ULJKWXQGHU
VWDWHODZ´WRSURKLELWDQ\UDGLRDFWLYHPDWHULDOVIURPEHLQJ
SODFHG LQ WKH ODQGILOO LV LQFRUUHFW 7KH 6XSUHPH &RXUW
UHMHFWHGDVLPLODUDUJXPHQWLQ3DFLILF*DV (OHFWULF
5HVSRQGHQWVDUJXHWKDWDOWKRXJKVDIHW\UHJXODWLRQ
RI QXFOHDU SODQWV E\ VWDWHV LV IRUELGGHQ D VWDWH PD\
FRPSOHWHO\ SURKLELW QHZ FRQVWUXFWLRQ XQWLO LWV VDIHW\
FRQFHUQVDUHVDWLVILHGE\WKHIHGHUDOJRYHUQPHQW:H
UHMHFWWKLVOLQHRIUHDVRQLQJ6WDWHVDIHW\UHJXODWLRQLVQRW
SUHHPSWHG RQO\ ZKHQ LW FRQIOLFWV ZLWK IHGHUDO ODZ
5DWKHUWKHIHGHUDOJRYHUQPHQWKDVRFFXSLHGWKHHQWLUH
ILHOGRIQXFOHDUVDIHW\FRQFHUQV
86DW
:KLOHIHGHUDOODZGRHVQRWSUHHPSWVWDWHUHJXODWLRQRIVROLG
ZDVWHVHH&LW\RI3KLODGHOSKLDY1HZ-HUVH\86
Q VWDWHV PD\ QRW UHJXODWH WKH UDGLRDFWLYH
FRPSRQHQW RI VROLG ZDVWH $V WKH GLVWULFW FRXUW FRUUHFWO\
FRQFOXGHG '2( KDV H[FOXVLYH DXWKRULW\ WR UHJXODWH WKH
UDGLRDFWLYHFRPSRQHQWRIZDVWHPL[WXUHVZKHUHDV(3$RU
VWDWHV DXWKRUL]HG E\ (3$ XQGHU WKH 5&5$ UHWDLQ WKH
DXWKRULW\WRUHJXODWHWKHQRQUDGLRDFWLYHSRUWLRQ6HH,QUH
:HVWLQJKRXVH0DWHULDOV&RRI2KLR:/DW
DSSO\LQJGXDOUHJXODWRU\VFKHPHWRGLVSRVDORIZDVWH
PL[WXUHV %HFDXVHWKHFKDOOHQJHGSHUPLWFRQGLWLRQVUHJXODWH
PDWHULDOVFRYHUHGE\WKH$($WKH\DUHWKHUHIRUHSUHHPSWHG
1R 8QLWHG6WDWHVY&RPPRQZHDOWK
RI.<HWDO

7KH&DELQHWUHOLHVRQWKH7HQWK&LUFXLW¶VGHFLVLRQLQ8QLWHG
6WDWHVY1HZ0H[LFR)G WK&LU WRUHEXW
WKLVFRQFOXVLRQ,Q1HZ0H[LFRWKH8QLWHG6WDWHVFKDOOHQJHG
SHUPLW FRQGLWLRQV LPSRVHG E\ WKH VWDWH DGGUHVVLQJ WKH
SUHVHQFH RI UDGLRQXFOLGHV LQ WKH LQFLQHUDWLRQ RI KD]DUGRXV
ZDVWHDWD'2(IDFLOLW\,GDW7KHFDVHSUHVHQWHGWKH
TXHVWLRQRIZKHWKHUWKH SHUPLWFRQGLWLRQVZHUHZLWKLQWKH
VFRSHRIWKH5&5$¶VZDLYHURIIHGHUDOVRYHUHLJQLPPXQLW\
,GDW7KHFRXUWKHOGWKDWFRQGLWLRQVLPSRVHGE\WKH
VWDWH RQ '2(¶V KD]DUGRXV ZDVWH LQFLQHUDWRU ZHUH
³UHTXLUHPHQWV´XQGHUVWDWHODZDQGWKXVZHUHDSSOLFDEOHWR
WKH'2(IDFLOLW\XQGHUWKH5&5$ ,GDW 7KHFRXUW
H[SUHVVO\QRWHGKRZHYHUWKDW'2(GLGQRWUDLVHWKHLVVXHRI
ZKHWKHUWKHFRQGLWLRQVZHUHSUHHPSWHGE\WKH$($DVVWDWH
UHJXODWLRQRIUDGLRDFWLYHPDWHULDOVUDWKHU'2(UHOLHGVROHO\
RQLWVDUJXPHQWWKDWWKHFRQGLWLRQVZHUHQRW³UHTXLUHPHQWV´
XQGHUWKH5&5$¶VZDLYHUSURYLVLRQ,GDWQ7KXV
1HZ0H[LFRGLGQRWDGGUHVVWKHVDPHLVVXHSUHVHQWHGLQWKLV
FDVH LH ZKHWKHU VWDWH UHJXODWLRQ RI WKH UDGLRDFWLYH
FRPSRQHQWRIVROLGZDVWHLVSUHHPSWHGE\WKH$($ 7KH
&DELQHW¶V UHOLDQFH RQ 1HZ 0H[LFR LQ VXSSRUW RI LWV
SUHHPSWLRQDUJXPHQWLVPLVSODFHG
7KH &DELQHW¶V DUJXPHQW WKDW WKH GLVWULFW FRXUW HUUHG LQ
IDLOLQJWRLGHQWLI\VSHFLILFFRQIOLFWVEHWZHHQWKHFKDOOHQJHG
FRQGLWLRQV DQG IHGHUDO ODZ DOVR PXVW IDLO $V QRWHG
SUHYLRXVO\ WKH 6XSUHPH &RXUW KDV VWDWHG WKDW WKH $($
SUHHPSWVWKHILHOGRIVWDWHUHJXODWLRQRIUDGLRDFWLYHPDWHULDOV
3DF *DV (OHF 86 DW ³:KHQ WKH IHGHUDO
JRYHUQPHQW FRPSOHWHO\ RFFXSLHV D JLYHQ ILHOG RU DQ
LGHQWLILDEOH SRUWLRQ RI LW DV LW KDV GRQH KHUH WKH WHVW RI
SUHHPSWLRQLVZKHWKHUμWKHPDWWHURQZKLFKWKHVWDWHDVVHUWV
WKH ULJKW WR DFW LV LQ DQ\ ZD\ UHJXODWHG E\ WKH IHGHUDO
JRYHUQPHQW¶´,GDW TXRWLQJ5LFHY6DQWD)H(OHYDWRU
&RUS 86 8QGHU VXFK WHVW '2(
QHHG QRW LGHQWLI\ VSHFLILF FRQIOLFWV EHWZHHQ WKH &DELQHW¶V
SHUPLW FRQGLWLRQV DQG IHGHUDO ODZ LQ RUGHU WR HVWDEOLVK
SUHHPSWLRQ 7KH GLVWULFW FRXUW¶V IDLOXUH WR PDNH VSHFLILF

-- 10 of 10 --

Setzen Sie Ihre Recherche in ChatGPT oder Claude fort

Verbinden Sie Omnilex, um den Rechtskorpus über Ihren KI-Assistenten zu durchsuchen.