╨б╨╡╤А╤В╨╕╤Д╨╕╤Ж╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨░╨╜╨░╨╗╨╕╤В╨╕╨║ ╨┐╨╛ ╨░╨╗╤М╤В╨╡╤А╨╜╨░╤В╨╕╨▓╨╜╤Л╨╝ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╤П╨╝ тАУ ╨а╤Г╨║╨╛╨▓╨╛╨┤╤Б╤В╨▓╨╛ ╨┐╨╛ ╤Н╨║╨╖╨░╨╝╨╡╨╜╤Г CAIA┬о

╨б╨╡╤А╤В╨╕╤Д╨╕╤Ж╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨░╨╜╨░╨╗╨╕╤В╨╕╨║ ╨┐╨╛ ╨░╨╗╤М╤В╨╡╤А╨╜╨░╤В╨╕╨▓╨╜╤Л╨╝ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╤П╨╝

╨Т╤Л ╨┐╨╗╨░╨╜╨╕╤А╤Г╨╡╤В╨╡ ╨┐╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╤М CAIA? ╨Т╨╛╤В ╨┐╤А╨╕╤З╨╕╨╜╤Л, ╨┐╨╛ ╨║╨╛╤В╨╛╤А╤Л╨╝ ╤Н╨║╨╖╨░╨╝╨╡╨╜ CAIA ╨╝╨╛╨╢╨╡╤В ╨▒╤Л╤В╤М ╨╛╨┤╨╜╨╕╨╝ ╨╕╨╖ ╤В╨╡╤Е, ╨║╤В╨╛ ╨╖╨░╨╕╨╜╤В╨╡╤А╨╡╤Б╨╛╨▓╨░╨╜ ╨▓ ╨╕╨╖╤Г╤З╨╡╨╜╨╕╨╕ ╨░╨╗╤М╤В╨╡╤А╨╜╨░╤В╨╕╨▓╨╜╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣╨Ш╨╖╤Г╤З╨╡╨╜╨╕╨╡ ╨░╨╗╤М╤В╨╡╤А╨╜╨░╤В╨╕╨▓╨╜╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣╨Р╨╗╤М╤В╨╡╤А╨╜╨░╤В╨╕╨▓╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╨╛╤В╨╜╨╛╤Б╤П╤В╤Б╤П ╨║ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╤П╨╝ ╨▓ ╨░╨║╤В╨╕╨▓╤Л, ╨║╨╗╨░╤Б╤Б╨╕╤Д╨╕╤Ж╨╕╤А╤Г╨╡╨╝╤Л╨╡ ╨║╨░╨║ ╨╜╨╡╤В╤А╨░╨┤╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Л.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡.

• ╨Р╤Б╤Б╨╛╤Ж╨╕╨░╤Ж╨╕╤П CAIA ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╨╜╨╡╨╖╨░╨▓╨╕╤Б╨╕╨╝╨╛╨╣ ╨╜╨╡╨║╨╛╨╝╨╝╨╡╤А╤З╨╡╤Б╨║╨╛╨╣ ╨╛╤А╨│╨░╨╜╨╕╨╖╨░╤Ж╨╕╨╡╨╣, ╨╖╨░╨╜╨╕╨╝╨░╤О╤Й╨╡╨╣╤Б╤П ╨╛╨▒╤Г╤З╨╡╨╜╨╕╨╡╨╝ ╨╕ ╨┐╤А╨╕╨╛╨▒╤А╨╡╤В╨╡╨╜╨╕╨╡╨╝ ╨┐╤А╨╛╤Д╨╡╤Б╤Б╨╕╨╛╨╜╨░╨╗╨╛╨▓ ╨▓ ╨╛╨▒╨╗╨░╤Б╤В╨╕ ╨░╨╗╤М╤В╨╡╤А╨╜╨░╤В╨╕╨▓╨╜╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╤Б 2002 ╨│╨╛╨┤╨░.
• ╨б╨╡╤А╤В╨╕╤Д╨╕╤Ж╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨░╨╜╨░╨╗╨╕╤В╨╕╨║ ╨┐╨╛ ╨░╨╗╤М╤В╨╡╤А╨╜╨░╤В╨╕╨▓╨╜╤Л╨╝ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╤П╨╝ ╨▓ ╨┐╤А╨╛╨│╤А╨░╨╝╨╝╨╡ CAIA ╤З╤А╨╡╨╖╨▓╤Л╤З╨░╨╣╨╜╨╛ ╨│╨╗╤Г╨▒╨╛╨║╨╕╨╣ ╤Г╤А╨╛╨▓╨╡╨╜╤М ╨╖╨╜╨░╨╜╨╕╨╣ ╨╕ ╨┐╤А╨╛╨┤╨╡╨╝╨╛╨╜╤Б╤В╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨╛╨┐╤Л╤В ╨▓ ╨╛╨▒╨╗╨░╤Б╤В╨╕ ╨░╨╗╤М╤В╨╡╤А╨╜╨░╤В╨╕╨▓╨╜╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣. ╨н╤В╨╛╤В ╨║╤Г╤А╤Б ╨┐╤А╨╕╨╖╨╜╨░╨╜ ╨▓╨╛ ╨▓╤Б╨╡╨╝ ╨╝╨╕╤А╨╡ ╨╗╤Г╤З╤И╨╕╨╝ ╨▓ ╤Б╨▓╨╛╨╡╨╝ ╨║╨╗╨░╤Б╤Б╨╡.
• ╨а╨╕╤Б╨║-╨╝╨╡╨╜╨╡╨┤╨╢╨╡╤А╤Л, ╨░╨╜╨░╨╗╨╕╤В╨╕╨║╨╕, ╨┐╨╛╤А╤В╤Д╨╡╨╗╤М╨╜╤Л╨╡ ╨╝╨╡╨╜╨╡╨┤╨╢╨╡╤А╤Л, ╤В╤А╨╡╨╣╨┤╨╡╤А╤Л, ╨║╨╛╨╜╤Б╤Г╨╗╤М╤В╨░╨╜╤В╤Л ╨╕ ╤В. ╨┤. ╨╝╨╛╨│╤Г╤В ╨▓╨╛╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╤В╤М╤Б╤П ╤Н╤В╨╛╨╣ ╨┐╤А╨╛╨│╤А╨░╨╝╨╝╨╛╨╣ ╨╕ ╤Б╤В╨░╤В╤М ╤З╨╗╨╡╨╜╨░╨╝╨╕ ╨░╤Б╤Б╨╛╤Ж╨╕╨░╤Ж╨╕╨╕ CAIA.
• ╨н╤В╨░ ╨┐╤А╨╛╨│╤А╨░╨╝╨╝╨░ ╨┤╨░╨╡╤В ╨▓╨░╨╝ ╤Б╨╛╨╛╤В╨▓╨╡╤В╤Б╤В╨▓╤Г╤О╤Й╨╕╨╡ ╨╛╤В╤А╨░╤Б╨╗╨╡╨▓╤Л╨╡ ╨╖╨╜╨░╨╜╨╕╤П, ╨┐╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╨╝╨░╤В╨╡╤А╨╕╨░╨╗╤Л ╨║╤Г╤А╤Б╨░ ╤А╨╡╨│╤Г╨╗╤П╤А╨╜╨╛ ╨╛╨▒╨╜╨╛╨▓╨╗╤П╤О╤В╤Б╤П.
• ╨н╤В╨░ ╤Б╤В╨╡╨┐╨╡╨╜╤М ╤Б╨╛╨╛╤В╨▓╨╡╤В╤Б╤В╨▓╤Г╨╡╤В ╨┐╤А╨╛╤Д╨╡╤Б╤Б╨╕╨╛╨╜╨░╨╗╤М╨╜╤Л╨╝ ╨╕ ╤Н╤В╨╕╤З╨╡╤Б╨║╨╕╨╝ ╤Б╤В╨░╨╜╨┤╨░╤А╤В╨░╨╝ ╨░╨╗╤М╤В╨╡╤А╨╜╨░╤В╨╕╨▓╨╜╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨╕ ╨╜╨░╤Б╤З╨╕╤В╤Л╨▓╨░╨╡╤В ╨▒╨╛╨╗╨╡╨╡ 11 000 ╤З╨╗╨╡╨╜╨╛╨▓ ╨▓ 100 ╤Б╤В╤А╨░╨╜╨░╤Е.

╨Р╤Б╤Б╨╛╤Ж╨╕╨░╤Ж╨╕╤П CAIA ╨▒╤Л╤Б╤В╤А╨╛ ╤Б╨╛╨▒╤А╨░╨╗╨░ ╨╝╨╜╨╛╨│╨╛ ╤З╨╗╨╡╨╜╨╛╨▓ ╨┤╨╗╤П ╨░╨╗╤М╤В╨╡╤А╨╜╨░╤В╨╕╨▓╨╜╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣. ╨б ╨┐╨╛╨╝╨╛╤Й╤М╤О ╨┤╨▓╤Г╤Е╨║╨╛╨╗╨╡╤Б╨╜╨╛╨╣ ╤Н╨║╤Б╨┐╨╡╤А╤В╨╕╨╖╤Л ╨▓╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╤Б╤В╨░╤В╤М ╤З╨╗╨╡╨╜╨╛╨╝ ╤Н╤В╨╛╨╣ ╨░╤Б╤Б╨╛╤Ж╨╕╨░╤Ж╨╕╨╕. ╨н╨║╤Б╨┐╨╡╤А╤В╨╕╨╖╨░, ╨┤╨╡╨╝╨╛╨╜╤Б╤В╤А╨╕╤А╤Г╨╡╨╝╨░╤П ╨░╨╗╤М╤В╨╡╤А╨╜╨░╤В╨╕╨▓╨╜╤Л╨╝ ╨╝╨╕╤А╨╛╨▓╤Л╨╝ ╨░╨▓╤В╨╛╤А╨╕╤В╨╡╤В╨╛╨╝, ╨┐╨╛╨▓╤Л╤И╨░╨╡╤В ╤Ж╨╡╨╜╨╜╨╛╤Б╤В╤М ╨▓╨░╤И╨╡╨│╨╛ ╨┐╤А╨╛╤Д╨╕╨╗╤П ╨╕ ╨╖╨╜╨░╨╜╨╕╨╣. ╨Э╨╡╤Б╨║╨╛╨╗╤М╨║╨╛ ╨┐╤А╨╕╨╝╨╡╤З╨░╨╜╨╕╨╣, ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╤Л╤Е ╨╜╨╕╨╢╨╡, ╨╝╨╛╨│╤Г╤В ╨┐╨╛╨╝╨╛╤З╤М ╨▓╨░╨╝ ╨┐╤А╨╕╨╜╤П╤В╤М ╤А╨╡╤И╨╡╨╜╨╕╨╡.

╨Я╨╛╤Б╤В ╨╛╤Е╨▓╨░╤В╤Л╨▓╨░╨╡╤В ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╡╨╡;

1. ╨Ю╨▒ ╤Н╨║╨╖╨░╨╝╨╡╨╜╨╡ CAIA┬о
2. ╨Ъ╤А╨╕╤В╨╡╤А╨╕╨╕ ╨╖╨░╨▓╨╡╤А╤И╨╡╨╜╨╕╤П ╨┐╤А╨╛╨│╤А╨░╨╝╨╝╤Л CAIA
3. ╨Ч╨░╤З╨╡╨╝ ╨╖╨░╨╜╨╕╨╝╨░╤В╤М╤Б╤П ╨┐╤А╨╛╨│╤А╨░╨╝╨╝╨╛╨╣ CAIA?
4. ╨д╨╛╤А╨╝╨░╤В ╤Н╨║╨╖╨░╨╝╨╡╨╜╨░ CAIA
5. ╨Т╨╡╤Б ╤Н╨║╨╖╨░╨╝╨╡╨╜╨░ CAIA
6. ╨б╤В╤А╤Г╨║╤В╤Г╤А╨░ ╨▓╨╛╨╖╨╜╨░╨│╤А╨░╨╢╨┤╨╡╨╜╨╕╤П CAIA
7. ╨Я╤А╨╛╤Ж╨╡╨╜╤В ╤Б╨┤╨░╤З╨╕ ╤Н╨║╨╖╨░╨╝╨╡╨╜╨░ CAIA
8. ╨б╤В╤А╨░╤В╨╡╨│╨╕╤П ╤Н╨║╨╖╨░╨╝╨╡╨╜╨░ CAIA

╨Ю╨▒ ╤Н╨║╨╖╨░╨╝╨╡╨╜╨╡ CAIA┬о

╨Х╤Б╨╗╨╕ ╨▓╤Л ╤Б╤В╤А╨╡╨╝╨╕╤В╨╡╤Б╤М ╤А╨░╨▒╨╛╤В╨░╤В╤М ╨▓ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨╛╨╣ ╤Б╤Д╨╡╤А╨╡, CFA┬о Chartered Alternative Investment Analyst (CAIA) тАФ ╤Н╤В╨╛ ╨▓╨░╤А╨╕╨░╨╜╤В, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨▓╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╤А╨░╤Б╤Б╨╝╨╛╤В╤А╨╡╤В╤М. ╨б╨┤╨╡╨╗╨║╨╕ ╨░╨╗╤М╤В╨╡╤А╨╜╨░╤В╨╕╨▓╨╜╨╛╨╣ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨╛╨╣ ╨╛╤В╤А╨░╤Б╨╗╨╕ ╨▓ ╨║╨╗╨░╤Б╤Б╨╡ ╨░╨║╤В╨╕╨▓╨╛╨▓ ╨Ъ╨╗╨░╤Б╤Б ╨░╨║╤В╨╕╨▓╨╛╨▓ ╨Ъ╨╗╨░╤Б╤Б ╨░╨║╤В╨╕╨▓╨╛╨▓ ╨║╨╗╨░╤Б╤Б╨╕╤Д╨╕╤Ж╨╕╤А╤Г╨╡╤В╤Б╤П ╨┐╨╛ ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╨╝ ╨║╨╗╨░╤Б╤Б╨░╨╝ ╨▓ ╨╖╨░╨▓╨╕╤Б╨╕╨╝╨╛╤Б╤В╨╕ ╨╛╤В ╨╕╤Е ╤В╨╕╨┐╨░, ╤Ж╨╡╨╗╨╕ ╨╕╨╗╨╕ ╨╛╤Б╨╜╨╛╨▓╤Л ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕ ╨╕╨╗╨╕ ╤А╤Л╨╜╨║╨╛╨▓. ╨Ю╤Б╨╜╨╛╨▓╨╜╤Л╨╡ ╤Б╤А╨╡╨┤╤Б╤В╨▓╨░, ╨░╨║╤Ж╨╕╨╛╨╜╨╡╤А╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ (╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╨▓ ╨░╨║╤Ж╨╕╨╛╨╜╨╡╤А╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗, ╤Б╨▒╨╡╤А╨╡╨│╨░╤В╨╡╨╗╤М╨╜╤Л╨╡ ╤Б╤Е╨╡╨╝╤Л, ╤Б╨▓╤П╨╖╨░╨╜╨╜╤Л╨╡ ╤Б ╨░╨║╤Ж╨╕╨╛╨╜╨╡╤А╨╜╤Л╨╝ ╨║╨░╨┐╨╕╤В╨░╨╗╨╛╨╝), ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╤М, ╤В╨╛╨▓╨░╤А╤Л (╨╖╨╛╨╗╨╛╤В╨╛, ╤Б╨╡╤А╨╡╨▒╤А╨╛, ╨▒╤А╨╛╨╜╨╖╨░), ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╡ ╤Б╤А╨╡╨┤╤Б╤В╨▓╨░ ╨╕ ╨╕╤Е ╤Н╨║╨▓╨╕╨▓╨░╨╗╨╡╨╜╤В╤Л, ╨┤╨╡╤А╨╕╨▓╨░╤В╨╕╨▓╤Л (╨░╨║╤Ж╨╕╨╕, ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╨┤╨╛╨╗╨│╨╛╨▓╤Л╨╡ ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓╨░) ╨╕ ╨░╨╗╤М╤В╨╡╤А╨╜╨░╤В╨╕╨▓╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕, ╤В╨░╨║╨╕╨╡ ╨║╨░╨║ ╤Е╨╡╨┤╨╢-╤Д╨╛╨╜╨┤╤Л ╨╕ ╨▒╨╕╤В╨║╨╛╨╣╨╜╤Л. ╤П╨▓╨╗╤П╤О╤В╤Б╤П ╨┐╤А╨╕╨╝╨╡╤А╨░╨╝╨╕ ╨╕ ╨┤╤А╤Г╨│╨╕╨╝╨╕ ╨▓╨░╤А╨╕╨░╨╜╤В╨░╨╝╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣, ╨┐╨╛╨╝╨╕╨╝╨╛ ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨│╨╛ ╨┤╨╛╤Е╨╛╨┤╨░ ╨╕ ╨░╨║╤Ж╨╕╨╣. ╨Ю╨╜ ╨▓╨║╨╗╤О╤З╨░╨╡╤В ╨▓ ╤Б╨╡╨▒╤П ╤З╨░╤Б╤В╨╜╤Л╨╡ ╨░╨║╤Ж╨╕╨╕, ╤Е╨╡╨┤╨╢-╤Д╨╛╨╜╨┤╤Л, ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╤М, ╤Б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╨┐╤А╨╛╨┤╤Г╨║╤В╤Л. ╨б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╨┐╤А╨╛╨┤╤Г╨║╤В╤Л ╨б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╨┐╤А╨╛╨┤╤Г╨║╤В╤Л ╨▓ ╤Д╨╕╨╜╨░╨╜╤Б╨░╤Е ╨╛╤В╨╜╨╛╤Б╤П╤В╤Б╤П ╨║ ╨╜╨░╨▒╨╛╤А╤Г ╨╕╨╖ ╨┤╨▓╤Г╤Е ╨╕╨╗╨╕ ╨▒╨╛╨╗╨╡╨╡ ╨░╨║╤В╨╕╨▓╨╛╨▓ ╨╕╨╗╨╕ ╤Ж╨╡╨╜╨╜╤Л╤Е ╨▒╤Г╨╝╨░╨│ ╤Б ╨║╨╛╨╝╨▒╨╕╨╜╨░╤Ж╨╕╨╡╨╣ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╨╛╨╣ ╤Б╤В╨░╨▓╨║╨╕ ╨╕ ╨╛╨┤╨╜╨╛╨│╨╛ ╨╕╨╗╨╕ ╨╜╨╡╤Б╨║╨╛╨╗╤М╨║╨╕╤Е ╨┐╤А╨╛╨╕╨╖╨▓╨╛╨┤╨╜╤Л╤Е ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╨╛╨▓. ╨н╤В╨╕ ╨┐╤А╨╡╨┤╨▓╨░╤А╨╕╤В╨╡╨╗╤М╨╜╨╛ ╤Г╨┐╨░╨║╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╨╝╨╛╨│╤Г╤В ╨▓╨║╨╗╤О╤З╨░╤В╤М ╤В╤А╨░╨┤╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Л, ╤В╨░╨║╨╕╨╡ ╨║╨░╨║ ╨░╨║╤Ж╨╕╨╕, ╨╛╨┐╤Ж╨╕╨╛╨╜╤Л, ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨╛╨│╨╛ ╤Г╤А╨╛╨▓╨╜╤П, ╨╕╨╜╨┤╨╡╨║╤Б╤Л, ╤В╨╛╨▓╨░╤А╤Л, ╨▓╨╖╨░╨╕╨╝╨╜╤Л╨╡ ╤Д╨╛╨╜╨┤╤Л, ╨▒╨╕╤А╨╢╨╡╨▓╤Л╨╡ ╤Д╨╛╨╜╨┤╤Л ╨╕╨╗╨╕ ╨▓╨░╨╗╤О╤В╨╜╤Л╨╡ ╨┐╨░╤А╤Л ╤Б ╨╜╨╡╤В╤А╨░╨┤╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╝╨╕ ╨▓╤Л╨┐╨╗╨░╤В╨░╨╝╨╕. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡ ╨╕ ╤В╨╛╨▓╨░╤А╤Л.

• ╨а╨╛╨╗╤М: ╨а╨╕╤Б╨║-╨╝╨╡╨╜╨╡╨┤╨╢╨╡╤А╤Л, ╨░╨╜╨░╨╗╨╕╤В╨╕╨║╨╕, ╨┐╨╛╤А╤В╤Д╨╡╨╗╤М╨╜╤Л╨╡ ╨╝╨╡╨╜╨╡╨┤╨╢╨╡╤А╤Л╨Я╨╛╤А╤В╤Д╨╡╨╗╤М╨╜╤Л╨╡ ╨╝╨╡╨╜╨╡╨┤╨╢╨╡╤А╤Л╨Я╨╛╤А╤В╤Д╨╡╨╗╤М╨╜╤Л╨╣ ╨╝╨╡╨╜╨╡╨┤╨╢╨╡╤А тАФ ╤Н╤В╨╛ ╤Н╨║╤Б╨┐╨╡╤А╤В ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨╛╨│╨╛ ╤А╤Л╨╜╨║╨░, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨╖╨░╨╜╨╕╨╝╨░╨╡╤В╤Б╤П ╤Б╤В╤А╨░╤В╨╡╨│╨╕╤З╨╡╤Б╨║╨╕╨╝ ╨┐╤А╨╛╨╡╨║╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡╨╝ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╤Е ╨┐╨╛╤А╤В╤Д╨╡╨╗╨╡╨╣.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡, ╨в╤А╨╡╨╣╨┤╨╡╤А╤Л, ╨Ъ╨╛╨╜╤Б╤Г╨╗╤М╤В╨░╨╜╤В╤Л ╨╕ ╤В. ╨┤.
• ╨н╨║╨╖╨░╨╝╨╡╨╜╤Л: ╨Я╤А╨╛╨│╤А╨░╨╝╨╝╨░ CAIA ╨╕╨╝╨╡╨╡╤В ╨┐╤А╨╛╤Ж╨╡╤Б╤Б ╨┤╨▓╤Г╤Е╤Г╤А╨╛╨▓╨╜╨╡╨▓╨╛╨│╨╛ ╤Н╨║╨╖╨░╨╝╨╡╨╜╨░, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨╝╨╛╨╢╨╜╨╛ ╨┐╤А╨╛╨╣╤В╨╕ ╨╖╨░ ╨│╨╛╨┤. ╨Ю╨▒╨░ ╤Н╨║╨╖╨░╨╝╨╡╨╜╨░ ╨┐╤А╨╡╨┤╨╗╨░╨│╨░╤О╤В╤Б╤П ╨▓ ╨╝╨░╤А╤В╨╡ ╨╕ ╤Б╨╡╨╜╤В╤П╨▒╤А╨╡.
• ╨Ф╨░╤В╤Л ╤Н╨║╨╖╨░╨╝╨╡╨╜╨░ CAIA: ╨н╨║╨╖╨░╨╝╨╡╨╜╤Л ╨╛╨▒╨╛╨╕╤Е ╤Г╤А╨╛╨▓╨╜╨╡╨╣ ╨┐╤А╨╛╨▓╨╛╨┤╤П╤В╤Б╤П ╨▓ ╨╝╨░╤А╤В╨╡ ╨╕ ╤Б╨╡╨╜╤В╤П╨▒╤А╨╡, ╨╕ ╨┤╨╗╤П ╤Н╤В╨╕╤Е ╨╛╨╜╨╗╨░╨╣╨╜-╤Н╨║╨╖╨░╨╝╨╡╨╜╨╛╨▓ ╨╛╨▒╤К╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╨╛╨╜╨╗╨░╨╣╨╜.
• ╨Я╤А╨░╨▓╨╛ ╨╜╨░ ╤Г╤З╨░╤Б╤В╨╕╨╡: ╨з╤В╨╛╨▒╤Л ╨╕╨╝╨╡╤В╤М ╨┐╤А╨░╨▓╨╛ ╤Б╨┤╨░╨▓╨░╤В╤М ╤Н╤В╨╛╤В ╤Н╨║╨╖╨░╨╝╨╡╨╜, ╨║╨░╨╜╨┤╨╕╨┤╨░╤В ╨┤╨╛╨╗╨╢╨╡╨╜ ╨╕╨╝╨╡╤В╤М ╨║╨░╨║ ╨╝╨╕╨╜╨╕╨╝╤Г╨╝ ╤Б╤В╨╡╨┐╨╡╨╜╤М ╨▒╨░╨║╨░╨╗╨░╨▓╤А╨░ ╨╕╨╗╨╕ ╤Б╨╛╨╛╤В╨▓╨╡╤В╤Б╤В╨▓╤Г╤О╤Й╨╕╨╣ ╨┐╤А╨╛╤Д╨╡╤Б╤Б╨╕╨╛╨╜╨░╨╗╤М╨╜╤Л╨╣ ╨╛╨┐╤Л╤В ╨▓ ╤В╨╡╤З╨╡╨╜╨╕╨╡ ╨│╨╛╨┤╨░. ╨Ш╨╗╨╕ ╤З╨╡╤В╤Л╤А╨╡╤Е╨╗╨╡╤В╨╜╨╕╨╣ ╨╛╨┐╤Л╤В ╤А╨░╨▒╨╛╤В╤Л ╨▓ ╨░╨╗╤М╤В╨╡╤А╨╜╨░╤В╨╕╨▓╨╜╨╛╨╝ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨╛╨╝ ╨░╨╜╨░╨╗╨╕╨╖╨╡ ╨╕╨╗╨╕ ╨┤╤А╤Г╨│╨╕╤Е ╨╛╨▒╨╗╨░╤Б╤В╤П╤Е ╤А╨╡╨│╤Г╨╗╨╕╤А╨╛╨▓╨░╨╜╨╕╤П, ╤В╨░╨║╨╕╤Е ╨║╨░╨║ ╨▒╨░╨╜╨║╨╛╨▓╤Б╨║╨╛╨╡ ╨┤╨╡╨╗╨╛, ╤Д╨╕╨╜╨░╨╜╤Б╤Л ╨╕ ╨┤╤А╤Г╨│╨╕╨╡ ╤Б╨╝╨╡╨╢╨╜╤Л╨╡ ╨╛╨▒╨╗╨░╤Б╤В╨╕.

╨Ъ╤А╨╕╤В╨╡╤А╨╕╨╕ ╨╖╨░╨▓╨╡╤А╤И╨╡╨╜╨╕╤П ╨┐╤А╨╛╨│╤А╨░╨╝╨╝╤Л CAIA┬о

CFA┬о CAIA ╨┤╨╡╨╗╨╕╤В╤Б╤П ╨╜╨░ ╨┤╨▓╨░ ╤Г╤А╨╛╨▓╨╜╤П; ╤З╤В╨╛╨▒╤Л ╤Б╤В╨░╤В╤М ╤З╨░╤Б╤В╤М╤О ╨░╤Б╤Б╨╛╤Ж╨╕╨░╤Ж╨╕╨╕ CAIA, ╨▓╨░╨╝ ╨╜╨╡╨╛╨▒╤Е╨╛╨┤╨╕╨╝╨╛ ╨┐╤А╨╛╨╣╤В╨╕ ╨╛╨▒╨░ ╤Н╤В╨╕╤Е ╤Г╤А╨╛╨▓╨╜╤П.

• ╨г╤А╨╛╨▓╨╡╨╜╤М I ╤Б╨╛╤Б╤В╨╛╨╕╤В ╨╕╨╖ 200 ╨▓╨╛╨┐╤А╨╛╤Б╨╛╨▓ ╤Б ╨╜╨╡╤Б╨║╨╛╨╗╤М╨║╨╕╨╝╨╕ ╨▓╨░╤А╨╕╨░╨╜╤В╨░╨╝╨╕ ╨╛╤В╨▓╨╡╤В╨╛╨▓. ╨Ю╨╜ ╨╛╤Е╨▓╨░╤В╤Л╨▓╨░╨╡╤В ╨┐╤А╨╛╤Д╨╡╤Б╤Б╨╕╨╛╨╜╨░╨╗╤М╨╜╤Л╨╡ ╤Б╤В╨░╨╜╨┤╨░╤А╤В╤Л ╨╕ ╤Н╤В╨╕╨║╤Г, ╨▓╨▓╨╡╨┤╨╡╨╜╨╕╨╡ ╨▓ ╨░╨╗╤М╤В╨╡╤А╨╜╨░╤В╨╕╨▓╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕, ╤А╨╡╨░╨╗╤М╨╜╤Л╨╡ ╨░╨║╤В╨╕╨▓╤Л, ╤Е╨╡╨┤╨╢-╤Д╨╛╨╜╨┤╤Л, ╤В╨╛╨▓╨░╤А╤Л, ╤З╨░╤Б╤В╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗, ╤Б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╨┐╤А╨╛╨┤╤Г╨║╤В╤Л, ╤Г╨┐╤А╨░╨▓╨╗╨╡╨╜╨╕╨╡ ╤А╨╕╤Б╨║╨░╨╝╨╕ ╨╕ ╤Г╨┐╤А╨░╨▓╨╗╨╡╨╜╨╕╨╡ ╨┐╨╛╤А╤В╤Д╨╡╨╗╨╡╨╝.
• ╨г╤А╨╛╨▓╨╡╨╜╤М II ╤Б╨╛╤Б╤В╨╛╨╕╤В ╨╕╨╖ 100 ╨▓╨╛╨┐╤А╨╛╤Б╨╛╨▓ ╤Б ╨╜╨╡╤Б╨║╨╛╨╗╤М╨║╨╕╨╝╨╕ ╨▓╨░╤А╨╕╨░╨╜╤В╨░╨╝╨╕ ╨╛╤В╨▓╨╡╤В╨╛╨▓ ╨╕ ╤В╤А╨╡╤Е ╨╜╨░╨▒╨╛╤А╨╛╨▓ ╨▓╨╛╨┐╤А╨╛╤Б╨╛╨▓ ╤В╨╕╨┐╨░ ╤Н╤Б╤Б╨╡, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╤В╨░╨║╨╢╨╡ ╨╕╨╖╨▓╨╡╤Б╤В╨╜╤Л ╨║╨░╨║ ╨▓╨╛╨┐╤А╨╛╤Б╤Л ╤Б ╨┐╨╛╤Б╤В╤А╨╛╨╡╨╜╨╜╤Л╨╝ ╨╛╤В╨▓╨╡╤В╨╛╨╝. ╨н╤В╨░ ╤З╨░╤Б╤В╤М ╤А╨░╨╖╨┤╨╡╨╗╨╡╨╜╨░ ╨╜╨░ ╨┤╨▓╨╡ ╤З╨░╤Б╤В╨╕. ╨Я╨╡╤А╨▓╨░╤П тАФ ╨╛╤Б╨╜╨╛╨▓╨╜╨░╤П ╤В╨╡╨╝╨░, ╨░╨╗╤М╤В╨╡╤А╨╜╨░╤В╨╕╨▓╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕, ╨░ ╨▓╤В╨╛╤А╨░╤П тАФ ╨╛╤Б╨╜╨╛╨▓╨╜╤Л╨╡ ╨╕ ╨╕╨╜╤В╨╡╨│╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╤В╨╡╨╝╤Л. ╨з╤В╨╛╨▒╤Л ╨╕╨╝╨╡╤В╤М ╨▒╨╛╨╗╨╡╨╡ ╨│╨╗╤Г╨▒╨╛╨║╨╛╨╡ ╨╕ ╨╗╤Г╤З╤И╨╡╨╡ ╨┐╨╛╨╜╨╕╨╝╨░╨╜╨╕╨╡ ╤Г╤А╨╛╨▓╨╜╤П II, ╨║╨░╨╜╨┤╨╕╨┤╨░╤В ╨┤╨╛╨╗╨╢╨╡╨╜ ╨┐╤А╨╕╨╝╨╡╨╜╨╕╤В╤М ╨╖╨╜╨░╨╜╨╕╤П, ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╜╤Л╨╡ ╨╜╨░ ╤Н╨║╨╖╨░╨╝╨╡╨╜╨╡ ╤Г╤А╨╛╨▓╨╜╤П I.
• ╨г╤А╨╛╨▓╨╡╨╜╤М II ╨╛╤Е╨▓╨░╤В╤Л╨▓╨░╨╡╤В ╨┐╤А╨╛╤Д╨╡╤Б╤Б╨╕╨╛╨╜╨░╨╗╤М╨╜╤Л╨╡ ╤Б╤В╨░╨╜╨┤╨░╤А╤В╤Л ╨╕ ╤Н╤В╨╕╨║╤Г, ╤З╨░╤Б╤В╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗, ╤А╨╡╨░╨╗╤М╨╜╤Л╨╡ ╨░╨║╤В╨╕╨▓╤Л. ╨а╨╡╨░╨╗╤М╨╜╤Л╨╡ ╨░╨║╤В╨╕╨▓╤Л. ╨а╨╡╨░╨╗╤М╨╜╤Л╨╡ ╨░╨║╤В╨╕╨▓╤Л тАФ ╤Н╤В╨╛ ╨╝╨░╤В╨╡╤А╨╕╨░╨╗╤М╨╜╤Л╨╡ ╨░╨║╤В╨╕╨▓╤Л, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╕╨╝╨╡╤О╤В ╨╜╨╡╨╛╤В╤К╨╡╨╝╨╗╨╡╨╝╤Г╤О ╤Ж╨╡╨╜╨╜╨╛╤Б╤В╤М ╨▒╨╗╨░╨│╨╛╨┤╨░╤А╤П ╤Б╨▓╨╛╨╕╨╝ ╤Д╨╕╨╖╨╕╤З╨╡╤Б╨║╨╕╨╝ ╤Е╨░╤А╨░╨║╤В╨╡╤А╨╕╤Б╤В╨╕╨║╨░╨╝. ╨н╤В╨╕ ╨░╨║╤В╨╕╨▓╤Л ╨▓╨║╨╗╤О╤З╨░╤О╤В ╨╝╨╡╤В╨░╨╗╨╗╤Л, ╤Б╤Л╤А╤М╨╡╨▓╤Л╨╡ ╤В╨╛╨▓╨░╤А╤Л, ╨╖╨╡╨╝╨╗╤О, ╨░ ╤В╨░╨║╨╢╨╡ ╤Д╨░╨▒╤А╨╕╤З╨╜╤Л╨╡, ╤Б╤В╤А╨╛╨╕╤В╨╡╨╗╤М╨╜╤Л╨╡ ╨╕ ╨╕╨╜╤Д╤А╨░╤Б╤В╤А╤Г╨║╤В╤Г╤А╨╜╤Л╨╡ ╨░╨║╤В╨╕╨▓╤Л. ╤З╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡, ╨в╨╛╨▓╨░╤А╤Л, ╨е╨╡╨┤╨╢-╤Д╨╛╨╜╨┤╤Л, ╨б╤В╤А╨░╤В╨╡╨│╨╕╤П ╤Г╨┐╤А╨░╨▓╨╗╤П╨╡╨╝╤Л╤Е ╤Д╤М╤О╤З╨╡╤А╤Б╨╛╨▓╨б╤В╤А╨░╤В╨╡╨│╨╕╤П ╤Г╨┐╤А╨░╨▓╨╗╤П╨╡╨╝╤Л╤Е ╤Д╤М╤О╤З╨╡╤А╤Б╨╛╨▓╨г╨┐╤А╨░╨▓╨╗╤П╨╡╨╝╨░╤П ╤Д╤М╤О╤З╨╡╤А╤Б╨╜╨░╤П ╤Б╤В╤А╨░╤В╨╡╨│╨╕╤П ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╨║╨╛╨╝╨┐╨╛╨╜╨╡╨╜╤В╨╛╨╝ ╨┤╨╛╨┐╨╛╨╗╨╜╨╕╤В╨╡╨╗╤М╨╜╨╛╨╣ ╤Д╤М╤О╤З╨╡╤А╤Б╨╜╨╛╨╣ ╤Б╤В╤А╨░╤В╨╡╨│╨╕╨╕, ╨▓ ╨║╨╛╤В╨╛╤А╨╛╨╣ ╤Д╨╛╨╜╨┤╤Л ╤Г╨┐╤А╨░╨▓╨╗╤П╤О╤В╤Б╤П ╨╜╨░ ╤Г╨┐╤А╨░╨▓╨╗╤П╨╡╨╝╨╛╨╝ ╤Д╤М╤О╤З╨╡╤А╤Б╨╜╨╛╨╝ ╤Б╤З╨╡╤В╨╡ ╨▓╨╜╨╡╤И╨╜╨╕╨╝ ╤Н╨║╤Б╨┐╨╡╤А╤В╨╛╨╝, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╤В ╤Д╤М╤О╤З╨╡╤А╤Б╨╜╤Л╨╡ ╨║╨╛╨╜╤В╤А╨░╨║╤В╤Л ╨▓ ╤Б╨▓╨╛╨╕╤Е ╨╛╨▒╤Й╨╕╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╤П╤Е ╨┤╨╗╤П ╤Г╨┐╤А╨░╨▓╨╗╨╡╨╜╨╕╤П ╤Б╤А╨╡╨┤╤Б╤В╨▓╨░╨╝╨╕ ╨▓╨╗╨░╨┤╨╡╨╗╤М╤Ж╨╡╨▓, ╤В╨╡╨╝ ╤Б╨░╨╝╤Л╨╝ ╤Б╨╜╨╕╨╢╨░╤П ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╨╡ ╤А╨╕╤Б╨║╨╕ ╤Е╨╛╨╖╤П╨╣╤Б╤В╨▓╤Г╤О╤Й╨╡╨│╨╛ ╤Б╤Г╨▒╤К╨╡╨║╤В╨░. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡, ╨б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╨┐╤А╨╛╨┤╤Г╨║╤В╤Л, ╨а╨░╤Б╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╕╨╡ ╨░╨║╤В╨╕╨▓╨╛╨▓ ╨╕ ╤Г╨┐╤А╨░╨▓╨╗╨╡╨╜╨╕╨╡ ╨┐╨╛╤А╤В╤Д╨╡╨╗╨╡╨╝, ╨а╨╕╤Б╨║╨╕ ╨╕ ╤Г╨┐╤А╨░╨▓╨╗╨╡╨╜╨╕╨╡ ╤А╨╕╤Б╨║╨░╨╝╨╕, ╨Т╤Л╨▒╨╛╤А ╨╝╨╡╨╜╨╡╨┤╨╢╨╡╤А╨░, ╨Ъ╨╛╨╝╨┐╨╗╨╡╨║╤Б╨╜╨░╤П ╨┐╤А╨╛╨▓╨╡╤А╨║╨░ ╨╕ ╨а╨╡╨│╤Г╨╗╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡.
• ╨Я╨╛╤Б╨▓╤П╤В╨╕╤В╨╡ 200 ╨╕ ╨▒╨╛╨╗╨╡╨╡ ╤З╨░╤Б╨╛╨▓ ╨╛╨▒╤Г╤З╨╡╨╜╨╕╤О, ╤З╤В╨╛╨▒╤Л ╨┐╤А╨╛╨╣╤В╨╕ ╤Н╤В╨╛╤В ╨║╤Г╤А╤Б, ╤З╤В╨╛╨▒╤Л ╨╗╤Г╤З╤И╨╡ ╨┐╨╛╨╜╤П╤В╤М.
• ╨Ъ╨░╨╜╨┤╨╕╨┤╨░╤В╤Г ╨╜╨╡╨╛╨▒╤Е╨╛╨┤╨╕╨╝╨╛ ╨╜╨░╨▒╤А╨░╤В╤М ╨▒╨╛╨╗╨╡╨╡ 70% ╨▒╨░╨╗╨╗╨╛╨▓, ╤З╤В╨╛╨▒╤Л ╤Б╨┤╨░╤В╤М ╨╛╨▒╨░ ╤Г╤А╨╛╨▓╨╜╤П I ╨╕ II ╤Н╨║╨╖╨░╨╝╨╡╨╜╨░ CAIA. ╨Ф╨╗╤П 70% ╤Г╤Б╤В╨░╨╜╨░╨▓╨╗╨╕╨▓╨░╨╡╤В╤Б╤П ╨▓ ╨║╨░╤З╨╡╤Б╤В╨▓╨╡ ╨╕╤Б╤Е╨╛╨┤╨╜╨╛╨│╨╛ ╨╛╤А╨╕╨╡╨╜╤В╨╕╤А╨░ ╨┤╨╗╤П ╨┐╤А╨╛╤Е╨╛╨╢╨┤╨╡╨╜╨╕╤П ╤Г╤А╨╛╨▓╨╜╤П ╤Н╨║╨╖╨░╨╝╨╡╨╜╨░╤В╨╛╤А╨░╨╝╨╕.

╨Ч╨░╤З╨╡╨╝ ╤Г╤З╨░╤Б╤В╨▓╨╛╨▓╨░╤В╤М ╨▓ ╨┐╤А╨╛╨│╤А╨░╨╝╨╝╨╡ CAIA┬о?

╨Х╤Б╨╗╨╕ ╨▓╨░╨╝ ╨╜╤А╨░╨▓╤П╤В╤Б╤П ╨░╨╗╤М╤В╨╡╤А╨╜╨░╤В╨╕╨▓╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ (╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕, ╨║╤А╨╛╨╝╨╡ ╨╛╨▒╤Л╤З╨╜╤Л╤Е ╨░╨║╤Ж╨╕╨╣ ╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╨┤╨╛╤Е╨╛╨┤╨╛╨╝╨Ш╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╨┤╨╛╤Е╨╛╨┤╨╛╨╝╨Ш╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╨┤╨╛╤Е╨╛╨┤╨╛╨╝ тАФ ╤Н╤В╨╛ ╤В╨╕╨┐ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣, ╨┐╤А╨╕ ╨║╨╛╤В╨╛╤А╨╛╨╝ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А ╨┐╨╛╨╗╤Г╤З╨░╨╡╤В ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨╕ ╨╛╤В╨╜╨╛╤Б╨╕╤В╨╡╨╗╤М╨╜╨╛ ╤Б╤В╨░╨▒╨╕╨╗╤М╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║ ╨┤╨╛╤Е╨╛╨┤╨░ ╨▓ ╨▓╨╕╨┤╨╡ ╨┤╨╕╨▓╨╕╨┤╨╡╨╜╨┤╨╛╨▓ ╨╕╨╗╨╕ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╛╨▓ ╨▓ ╤В╨╡╤З╨╡╨╜╨╕╨╡ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╨╛╨│╨╛ ╨┐╨╡╤А╨╕╨╛╨┤╨░ ╨▓╤А╨╡╨╝╨╡╨╜╨╕. , ╨Ъ╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨╕ ╨┐╤А╨░╨▓╨╕╤В╨╡╨╗╤М╤Б╤В╨▓╨░ ╨╛╨▒╤Л╤З╨╜╨╛ ╨▓╤Л╨┐╤Г╤Б╨║╨░╤О╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╨▓ ╨╛╤Б╨╜╨╛╨▓╨╜╨╛╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨▓ ╤Д╨╛╤А╨╝╨╡ ╨┤╨╛╨╗╨│╨╛╨▓╤Л╤Е ╤Ж╨╡╨╜╨╜╤Л╤Е ╨▒╤Г╨╝╨░╨│ (╨┐╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡), ╤В╨╛ ╤Н╤В╨╛╤В ╨║╤Г╤А╤Б ╨┤╨╗╤П ╨▓╨░╤Б. ╨Ф╨░╨▓╨░╨╣╤В╨╡ ╤А╨░╤Б╤Б╨╝╨╛╤В╤А╨╕╨╝ ╨╜╨╡╤Б╨║╨╛╨╗╤М╨║╨╛ ╨┐╤А╨╕╤З╨╕╨╜, ╨┐╨╛ ╨║╨╛╤В╨╛╤А╤Л╨╝ ╨▓╨░╨╝ ╤Б╨╗╨╡╨┤╤Г╨╡╤В ╨┐╤А╨╛╨╣╤В╨╕ ╨┐╤А╨╛╨│╤А╨░╨╝╨╝╤Г CAIA.

• CAIA ╨┐╤А╨╡╨┤╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╨│╨╗╤Г╨▒╨╛╨║╨╕╨╡ ╨╖╨╜╨░╨╜╨╕╤П ╨╕ ╨┤╨╡╨╝╨╛╨╜╤Б╤В╤А╨╕╤А╤Г╨╡╤В ╨╛╨┐╤Л╤В ╨╕ ╨┤╨╛╨▓╨╡╤А╨╕╨╡ ╨▓ ╨╛╨▒╨╗╨░╤Б╤В╨╕ ╨░╨╗╤М╤В╨╡╤А╨╜╨░╤В╨╕╨▓╨╜╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨┐╤А╨╛╤Д╨╡╤Б╤Б╨╕╨╛╨╜╨░╨╗╨░╨╝╨╕, ╨┐╤А╨╕╨╖╨╜╨░╨╜╨╜╤Л╨╝╨╕ ╨▓╨╛ ╨▓╤Б╨╡╨╝ ╨╝╨╕╤А╨╡ ╨╗╤Г╤З╤И╨╕╨╝╨╕ ╨▓ ╤Б╨▓╨╛╨╡╨╝ ╨║╨╗╨░╤Б╤Б╨╡.
• ╨Т ╤В╨╡╤З╨╡╨╜╨╕╨╡ ╨│╨╛╨┤╨░ ╨┐╨╛╤Б╨╗╨╡ ╤Б╨┤╨░╤З╨╕ ╨┤╨▓╤Г╤Е ╤Г╤А╨╛╨▓╨╜╨╡╨╣ ╤Н╨║╨╖╨░╨╝╨╡╨╜╨╛╨▓ ╨▓╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╤Б╤В╨░╤В╤М ╤З╨╗╨╡╨╜╨╛╨╝ ╨Р╤Б╤Б╨╛╤Ж╨╕╨░╤Ж╨╕╨╕ CAIA.
• ╨з╤В╨╛╨▒╤Л ╤А╨╡╨│╤Г╨╗╤П╤А╨╜╨╛ ╨╛╨▒╨╜╨╛╨▓╨╗╤П╤В╤М ╤Б╤В╤Г╨┤╨╡╨╜╤В╨╛╨▓, ╤Г╤З╨╡╨▒╨╜╨░╤П ╨┐╤А╨╛╨│╤А╨░╨╝╨╝╨░ ╤А╨╡╨│╤Г╨╗╤П╤А╨╜╨╛ ╨╛╨▒╨╜╨╛╨▓╨╗╤П╨╡╤В╤Б╤П.
• ╨н╤В╨╛ ╨┐╨╛╨╗╨╜╨░╤П ╨┐╤А╨╛╨│╤А╨░╨╝╨╝╨░ ╤Б╨░╨╝╨╛╨╛╨▒╤Г╤З╨╡╨╜╨╕╤П ╤Б ╤Г╤З╨╡╨▒╨╜╨╕╨║╨░╨╝╨╕, ╤Г╤З╨╡╨▒╨╜╤Л╨╝╨╕ ╨┐╨╛╤Б╨╛╨▒╨╕╤П╨╝╨╕ ╨╕ ╨┐╨╛╨┤╨│╨╛╤В╨╛╨▓╨╕╤В╨╡╨╗╤М╨╜╤Л╨╝╨╕ ╨╝╨░╤В╨╡╤А╨╕╨░╨╗╨░╨╝╨╕, ╤Б╨╛╨╖╨┤╨░╨╜╨╜╨░╤П ╤В╨╛╨╗╤М╨║╨╛ ╨░╤Б╤Б╨╛╤Ж╨╕╨░╤Ж╨╕╨╡╨╣ CAIA. ╨Ь╨░╤В╨╡╤А╨╕╨░╨╗ ╨║╤Г╤А╤Б╨░ ╤А╨╡╨│╤Г╨╗╤П╤А╨╜╨╛ ╨┐╨╡╤А╨╡╤Б╨╝╨░╤В╤А╨╕╨▓╨░╨╡╤В╤Б╤П ╤Б ╤Г╤З╨╡╤В╨╛╨╝ ╨╕╨╖╨╝╨╡╨╜╨╡╨╜╨╕╨╣ ╨╕ ╤А╨░╨╖╤А╨░╨▒╨╛╤В╨╛╨║ ╨▓ ╨╛╤В╤А╨░╤Б╨╗╨╕, ╨░ ╤В╨░╨║╨╢╨╡ ╨┐╨╛╤Б╨╗╨╡╨┤╨╜╨╕╤Е ╨░╨║╨░╨┤╨╡╨╝╨╕╤З╨╡╤Б╨║╨╕╤Е ╨╕╤Б╤Б╨╗╨╡╨┤╨╛╨▓╨░╨╜╨╕╨╣. ╨н╤В╨╕ ╨║╨╜╨╕╨│╨╕ ╨╕ ╤Г╤З╨╡╨▒╨╜╤Л╨╡ ╨╝╨░╤В╨╡╤А╨╕╨░╨╗╤Л ╨╝╨╛╨╢╨╜╨╛ ╨┐╤А╨╕╨╛╨▒╤А╨╡╤Б╤В╨╕ ╨▓ ╨Ш╨╜╤В╨╡╤А╨╜╨╡╤В╨╡.
• ╨Я╤А╨╡╨┤╨┐╨╛╨╗╨╛╨╢╨╕╨╝, ╨▓╤Л ╨▓╨╡╤А╨╕╤В╨╡ ╨▓ ╨░╨╗╤М╤В╨╡╤А╨╜╨░╤В╨╕╨▓╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╨╕ ╨╖╨╜╨░╨╡╤В╨╡, ╤З╤В╨╛ ╨╝╨╛╨╢╨╡╤В╨╡ ╨▓╨╡╤Б╤В╨╕ ╤Б╨▓╨╛╨╕╤Е ╨║╨╗╨╕╨╡╨╜╤В╨╛╨▓ ╤Б ╤Б╨╛╨▒╨╗╤О╨┤╨╡╨╜╨╕╨╡╨╝ ╤Н╤В╨╕╤З╨╡╤Б╨║╨╕╤Е ╨╜╨╛╤А╨╝ ╤З╨╡╤А╨╡╨╖ ╤Г╤Б╨┐╨╡╤И╨╜╨╛╨╡ ╨┐╨╗╨░╨╜╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣. ╨Т ╤Н╤В╨╛╨╝ ╤Б╨╗╤Г╤З╨░╨╡ ╨▓╤Л ╨┤╨╛╨╗╨╢╨╜╤Л ╨┐╤А╨╛╨╣╤В╨╕ ╨┐╤А╨╛╨│╤А╨░╨╝╨╝╤Г CFA┬о CAIA, ╤З╤В╨╛╨▒╤Л ╨┐╨╛╨▓╤Л╤Б╨╕╤В╤М ╤Ж╨╡╨╜╨╜╨╛╤Б╤В╤М ╤Б╨▓╨╛╨╡╨╣ ╨║╨░╤А╤М╨╡╤А╤Л ╨╕ ╨╝╨░╨║╤Б╨╕╨╝╨░╨╗╤М╨╜╨╛ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╤В╤М ╤Н╤В╨╛╤В ╨║╤Г╤А╤Б.
• ╨Ш╨╖╤Г╤З╨╕╨▓ ╨┐╤А╨╛╨│╤А╨░╨╝╨╝╤Г ╨╕ ╤Б╤В╤А╤Г╨║╤В╤Г╤А╤Г ╨║╤Г╤А╤Б╨░, ╨▓╤Л ╨┐╨╛╨╣╨╝╨╡╤В╨╡, ╤З╤В╨╛ ╨╛╨▒╨░ ╤Г╤А╨╛╨▓╨╜╤П ╨▓╨║╨╗╤О╤З╨░╤О╤В ╤Г╤А╨╛╨║╨╕ ╤Н╤В╨╕╤З╨╡╤Б╨║╨╛╨│╨╛ ╨╕ ╨┐╤А╨╛╤Д╨╡╤Б╤Б╨╕╨╛╨╜╨░╨╗╤М╨╜╨╛╨│╨╛ ╨┐╨╛╨▓╨╡╨┤╨╡╨╜╨╕╤П.

╨д╨╛╤А╨╝╨░╤В ╤Н╨║╨╖╨░╨╝╨╡╨╜╨░ CAIA┬о

╨н╨║╨╖╨░╨╝╨╡╨╜ CAIA╨н╨║╨╖╨░╨╝╨╡╨╜ I ╤Г╤А╨╛╨▓╨╜╤П CAIA╨н╨║╨╖╨░╨╝╨╡╨╜ CAIA ╤Г╤А╨╛╨▓╨╜╤П II╨д╨╛╨║╤Г╤Б╨╕╤А╤Г╨╡╤В╤Б╤П ╨╜╨░╨Я╤А╨╛╤Д╨╡╤Б╤Б╨╕╨╛╨╜╨░╨╗╤М╨╜╤Л╨╡ ╤Б╤В╨░╨╜╨┤╨░╤А╤В╤Л ╨╕ ╤Н╤В╨╕╨║╨░, ╨▓╨▓╨╡╨┤╨╡╨╜╨╕╨╡ ╨▓ ╨░╨╗╤М╤В╨╡╤А╨╜╨░╤В╨╕╨▓╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕, ╤А╨╡╨░╨╗╤М╨╜╤Л╨╡ ╨░╨║╤В╨╕╨▓╤Л, ╤Е╨╡╨┤╨╢-╤Д╨╛╨╜╨┤╤Л, ╤В╨╛╨▓╨░╤А╤Л, ╨┐╤А╤П╨╝╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕, ╤Б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╨┐╤А╨╛╨┤╤Г╨║╤В╤Л, ╤Г╨┐╤А╨░╨▓╨╗╨╡╨╜╨╕╨╡ ╤А╨╕╤Б╨║╨░╨╝╨╕ ╨╕ ╤Г╨┐╤А╨░╨▓╨╗╨╡╨╜╨╕╨╡ ╨┐╨╛╤А╤В╤Д╨╡╨╗╨╡╨╝. ╨Я╤А╨╛╤Д╨╡╤Б╤Б╨╕╨╛╨╜╨░╨╗╤М╨╜╤Л╨╡ ╤Б╤В╨░╨╜╨┤╨░╤А╤В╤Л ╨╕ ╤Н╤В╨╕╨║╨░, ╤З╨░╤Б╤В╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗, ╤А╨╡╨░╨╗╤М╨╜╤Л╨╡ ╨░╨║╤В╨╕╨▓╤Л, ╤В╨╛╨▓╨░╤А╤Л, ╤Е╨╡╨┤╨╢-╤Д╨╛╨╜╨┤╤Л ╨┐╨╛╤А╤В╤Д╨╡╨╗╤М, ╤Б╨╛╨╖╨┤╨░╨╜╨╜╤Л╨╣ ╨┐╤Г╤В╨╡╨╝ ╨╛╨▒╤К╨╡╨┤╨╕╨╜╨╡╨╜╨╕╤П ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓ ╨╕ ╤Д╨╛╨╜╨┤╨░ ╨╕╨╜╤Б╤В╨╕╤В╤Г╤Ж╨╕╨╛╨╜╨░╨╗╤М╨╜╨╛╨│╨╛ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░. ╨Ю╨╜ ╨┐╨╛╨┤╨┤╨╡╤А╨╢╨╕╨▓╨░╨╡╤В ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╨╡ ╨░╨║╤В╨╕╨▓╤Л, ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╕╨▓╨░╤О╤Й╨╕╨╡ ╨▓╤Л╤Б╨╛╨║╤Г╤О ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М ╨▓ ╨╛╨▒╨╝╨╡╨╜ ╨╜╨░ ╨▒╨╛╨╗╨╡╨╡ ╨▓╤Л╤Б╨╛╨║╨╕╨╣ ╤А╨╕╤Б╨║ ╤Б ╨┐╨╛╨╝╨╛╤Й╤М╤О ╨╜╨╡╤Б╨║╨╛╨╗╤М╨║╨╕╤Е ╨╝╨╡╤В╨╛╨┤╨╛╨▓ ╤Г╨┐╤А╨░╨▓╨╗╨╡╨╜╨╕╤П ╤А╨╕╤Б╨║╨░╨╝╨╕ ╨╕ ╤Е╨╡╨┤╨╢╨╕╤А╨╛╨▓╨░╨╜╨╕╤П. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡, ╨░ ╤В╨░╨║╨╢╨╡ ╤Г╨┐╤А╨░╨▓╨╗╤П╨╡╨╝╤Л╨╡ ╤Д╤М╤О╤З╨╡╤А╤Б╤Л, ╤Б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╨┐╤А╨╛╨┤╤Г╨║╤В╤Л, ╤А╨░╤Б╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╕╨╡ ╨░╨║╤В╨╕╨▓╨╛╨▓ ╨╕ ╤Г╨┐╤А╨░╨▓╨╗╨╡╨╜╨╕╨╡ ╨┐╨╛╤А╤В╤Д╨╡╨╗╨╡╨╝, ╤А╨╕╤Б╨║ ╨╕ ╤Г╨┐╤А╨░╨▓╨╗╨╡╨╜╨╕╨╡ ╤А╨╕╤Б╨║╨░╨╝╨╕, ╨▓╤Л╨▒╨╛╤А ╨╝╨╡╨╜╨╡╨┤╨╢╨╡╤А╨░, ╨║╨╛╨╝╨┐╨╗╨╡╨║╤Б╨╜╨░╤П ╨┐╤А╨╛╨▓╨╡╤А╨║╨░ ╨╕ ╤А╨╡╨│╤Г╨╗╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡.╨д╨╛╤А╨╝╨░╤В ╤Н╨║╨╖╨░╨╝╨╡╨╜╨░ CAIA╨Ю╨╜╨╗╨░╨╣╨╜-╤Н╨║╨╖╨░╨╝╨╡╨╜╨Ю╨╜╨╗╨░╨╣╨╜-╤Н╨║╨╖╨░╨╝╨╡╨╜CAIA ╨Я╤А╨╛╤Ж╨╡╨╜╤В ╨┐╤А╨╛╤Е╨╛╨╢╨┤╨╡╨╜╨╕╤П70% ╨▓ ╨║╨░╤З╨╡╤Б╤В╨▓╨╡ ╨╜╨░╤З╨░╨╗╤М╨╜╤Л╤Е ╨╛╤А╨╕╨╡╨╜╤В╨╕╤А╨╛╨▓70% ╨▓ ╨║╨░╤З╨╡╤Б╤В╨▓╨╡ ╨┐╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╤Л╤Е ╨╛╤А╨╕╨╡╨╜╤В╨╕╤А╨╛╨▓╨Я╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╤М╨Я╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╤М ╤Н╨║╨╖╨░╨╝╨╡╨╜╨░ ╨╖╨┤╨╡╤Б╤М ╤Б╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В 4 ╤З╨░╤Б╨░ ╤Б ╨╜╨╡╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╨╜╤Л╨╝ 30-╨╝╨╕╨╜╤Г╤В╨╜╤Л╨╝ ╨┐╨╡╤А╨╡╤А╤Л╨▓╨╛╨╝. ╨Ф╨▓╨░ ╤З╨░╤Б╨░ ╨┤╨╗╤П ╨▓╨╛╨┐╤А╨╛╤Б╨╛╨▓ ╤Б ╨╜╨╡╤Б╨║╨╛╨╗╤М╨║╨╕╨╝╨╕ ╨▓╨░╤А╨╕╨░╨╜╤В╨░╨╝╨╕ ╨╛╤В╨▓╨╡╤В╨╛╨▓ ╨╕ 2 ╤З╨░╤Б╨░ ╨┤╨╗╤П ╨▓╨╛╨┐╤А╨╛╤Б╨╛╨▓ ╤Б ╨┐╨╛╤Б╤В╤А╨╛╨╡╨╜╨╜╤Л╨╝ ╨╛╤В╨▓╨╡╤В╨╛╨╝.╨Ф╨░╤В╤Л ╤Н╨║╨╖╨░╨╝╨╡╨╜╨╛╨▓ CAIA╨н╨║╨╖╨░╨╝╨╡╨╜ ╨┐╤А╨╛╨▓╨╛╨┤╨╕╤В╤Б╤П ╨▓ ╨╝╨░╤А╤В╨╡ ╨╕ ╤Б╨╡╨╜╤В╤П╨▒╤А╨╡╨н╨║╨╖╨░╨╝╨╡╨╜ ╨┐╤А╨╛╨▓╨╛╨┤╨╕╤В╤Б╤П ╨▓ ╨╝╨░╤А╤В╨╡ ╨╕ ╤Б╨╡╨╜╤В╤П╨▒╤А╨╡