Conflict of interest disclaimer
THE RULES OF HANDLING COMPLAINTS AND THE DISPUTE SOLUTIONS OF THE PARTIES OF THE TRANSACTION
- The terms indicated below are used in the rules of solving disputes of the Complaints of the Clients, except for the cases when the context requires otherwise:
- Other terms used in these Rules are understood the way they are defined in the Agreement of the Use of the Platform, in the Law on Crowdfunding of the Republic of Lithuania and other legislation of the Republic of Lithuania.
- In these rules of handling the Complaints of the Clients and solving the disputes of the parties of the funding transaction, the process of managing the Complaints of the Clients is described, containing the processes of the submission, registration, solving, providing answer, the assessment of the results of handling Complaints, solving the disputes of the parties of funding transaction and related actions and procedures.
- The Rules are applied to the Complaints regarding the services provided by the Operator or the agreements made with the Operator, to the extent to which it is concerned with the activity of the operator of the platform of crowdfunding performed by the Operator.
- These Rules are not applied to other requirements claimed by the clients and (or) third parties to the Operator, as well as lawsuits, requests to execute the conditions of the agreements or provide information, clarifications, etc. The Rules are not also applied when the activity of the Operator indicated in the Complaint of the Claimant is not regulated by special laws and is not supervised by the Bank of Lithuania and when the Operator is not responsible for performing the activity indicated in the Complaint of the Claimant.
- You can find out more about the order of consumer disputes with the providers of financial providers of services in the website of the Bank of Lithuania: https://www.lb.lt/lt/daugiau-apie-gincius-su-finansiniu-paslaugu-teikeju.
SUBMISSION OF COMPLAINTS
- The client, considering that the Operator inappropriately provides the services of the operator of the platform of crowdfunding or infringes the rights or legal interests of the Client, or if there are other valid reasons, has a right to lodge a Complaint to the Operator himself/herself or via a representative.
- The Complaint of the Client has to be lodged to the Operator no later than in three months from the day on which the Client found out or had to find out about the infringement of his/her rights or legal interests.
- Clients or their representatives can lodge Complaints attaching the Complaint as a separate scanned attachment so that the security of the text would be ensured and signature could be identified sending email to firstname.lastname@example.org. The standard Form of the Complaint is given as the Appendix No. 1 of the Rules.
- The Complaint has to be detailed, neatly, legibly written in Lithuanian and signed by the Claimant.
- At least the following information has to be indicated in the Complaint:
- the date of lodging the Complaint;
- the name and surname of the Claimant / title (in case of a mandated person – the name and surname / title and the reason for representation as well);
- the contact data of the Claimant, via which it is wished to receive reply from the Operator;
- the essence of the Complaint, the activities of the Operator being appealed or inaction;
- the requirements of the Claimant;
- the list of the documents attached to the Complaint (the documents reasoning the essence of the Complaint, visual representations of the problem, mandate, etc.)
- If the Claimant represents another person, the original mandate of the form specified by the legislation or notarized copy or other document shall be attached to the Complaint, confirming the empowerment of the representative of the Claimant to act on behalf of the Claimant, and the copy of the notarized identity document of the Claimant.
- The Operator does not solve the following:
- The decision of the Complaint, if an identical Complaint is already analysed by another competent institution or court or the decision of the Operator has been accepted or the decision of court has entered into force, ruling or order regarding the same subject and on the same grounds. The Operator informs the Claimant about that;
- The Complaints and Complaints which were submitted to the Operator after more than three months have passed since the day on which the Client found out or had to find out about the infringement of his/her rights or legal interests.
- If the Complaint does not meet the requirements specified in this chapter of the Rules, the Operator has a right not to analyse the Complaint and inform the Claimant about it, indicating what shortcomings of the Complaint shall be eliminated. The Complaint which is returned to the Claimant for the elimination of the shortcomings, is considered to be non-submitted to the Operator. The returning of the Complaint to the Claimant does not prevent the Claimant to additionally address the Operator with the identical Complaint after correcting the shortcomings identified.
THE REGISTRATION OF THE COMPLAINTS
- The employee of the Operator, who accepts (receives) the Complaint on behalf of the Operator, is responsible for accepting and the primary registration of the Complaint in the record book. The employee of the Operator, having accepted (received) the Complaint, registers it in the record book of the Complaints.
- The following data has to be present in the record book of the Complaints:
- the date and method of receiving the Complaint;
- registration number;
- the name and surname or title of the Claimant;
- the address of the Claimant indicated in the Complaint;
- the essence of the Complaint (short contents);
- the services or products of the Operator being appealed, their types;
- the date of the submission of the reply to the Claimant;
- the final result (decision) of solving the Complaint.
- Having registered the initial information about the Complaint received, the Operator who has accepted the Complaint transmits the Complaint and all the information concerning the Complaint to the employee appointed by the Operator who is responsible for solving the Complaints and the registration of the further data in the record book of the Complaints on the same day.
SOLVING THE COMPLAINTS
- The employee, appointed by the head of the Operator, is responsible for solving the Complaints. The Complaints are analysed following the general principles of rationality, honesty, justice, cost-effectiveness, cooperating with the Claimant and aiming to reach for as peaceful solution as possible.
- If during the process of solving the Complaint the Claimant refuses his/her Complaint in writing, the employee analysing the Complaints cancels the initiated solving of the Complaint. In such case a certain entry is made in the record book of the Complaints about the refusal of the Complaint and the cancellation of the Complaint being solved.
- Aiming to fully analyse the Complaint, besides, the employee appointed by the head of the Operator does the following:
- collects and evaluates all the documents and data concerning the Complaint being solved;
- analyses and evaluates the history data of the service of the Claimant;
- analyses and evaluates the previous Complaints of the Claimant (if they were);
- evaluates other accessible and other information significant for solving of the Complaint (agreements made by the Claimant, data concerning executing the obligations to the Operator, etc.);
- if there is a need, communicates with the Claimant;
- according to the need asks the employee of the Operator, whose actions are being appealed against, or the colleagues of the above-mentioned employee, to provide explanations regarding the circumstances of the Complaint;
- noticing that additional explanations and (or) other written evidence is necessary for solving the Complaint, has a right to ask the Claimant or his/her representative to provide additional information.
- A responsible employee of the Operator has to analyse the Complaint and give a detailed motivated answer, reasoned by documents to the Claimant as soon as possible, but no later than in 15 workdays from the day of receiving the Complaint of the Claimant. In exceptional cases, when there are reasons which cannot be controlled by the Operator, answer cannot be given in 15 workdays, the Operator sends a non-final reply indicating the reasons of the lateness of the reply to the Complaint and the term until which the Claimant will receive a final answer. In any case, the term of giving a final answer cannot exceed 35 workdays from the day of receiving the Complaint.
- If the Complaint concerns the actions (inaction) of the employee responsible for solving the Complaints or his/her immediate family, working for the Operator, or the employees who are hierarchically above in the organizational structure of the Operator, or there are other circumstances which cause the conflict of interests, the employee of the Operator cannot refuse not to solve such Complaint and has to inform the head of the Operator about it. The head of the Operator has to appoint a new employee of the Operator to whom the interest of conflicts does not arise for solving a certain Complaint.
- The Complaints are solved in writing. In exceptional cases the meeting of the parties can be organised aiming to peacefully settle the dispute. Meeting can be organized both by the Claimant and Operator.
- The Complaints are solved free of charge.
- The Operator stores the Complaints of the Claimants, as well as material concerning its solving, the document where the exact result of solving the Complaint is indicated and the reply given to the Claimant no shorter than three years from the day of giving the final reply to the Claimant.
- The original reply together with the documents attached are provided to the Claimant in his/her chosen method: sent by post or email.
- At least the following has to be indicated in the reply to the Claimant:
- the date of the reply;
- motivated answer, if necessary – reasoned by documents;
- the list of the documents attached (if there is such);
- the name, surname, position and signature of the person who has prepared the reply to the Complaint;
- In all cases the replies to the Complaints have to be harmonised with the head of the Operator.
- If the Operator is not responsible for performing activity indicated in the Complaint, the Operator replies to the Claimant indicating the reasons of the refusal to accept and solve the Complaint, also, if it is possible, the participant of finance market responsible for solving his/her Complaint is indicated to the Claimant.
- If the Complaint is not satisfied or partly satisfied, in the reply other measures of protecting the interests of the Claimant have to be indicated including but not restricting to the ones indicated in clauses 31 and 32 of the Rules.
- If the Operator does not fulfil the requirements of the Claimant or they are partially fulfilled and the Claimant is a user, the Claimant has a right to address the Bank of Lithuania in writing or by email within 1 (one) year from addressing the Operator regarding the solution of the dispute having occurred. The Claimant, having missed the term of addressing the Bank of Lithuania, loses the right regarding the same dispute, i. e. regarding the same issue (requirement to the Operator) and on the same grounds (circumstances on which the requirement is based), address the Bank of Lithuania regardless the fact the he/she has repeatedly addressed the Operator.
- If the Operator does not fulfil the requirements of the Claimant or they are partially fulfilled and the Claimant is not a user, the Claimant has a right to access to justice following order specified by the legislation of the Republic of Lithuania.
- In all cases the reply is registered in the record book of the Complaints.
THE EVALUATION OF THE RESULTS OF SOLVING DISPUTES
- Aiming to identify its shortcomings and potential legal or operational risk, the Operator constantly evaluates the results of solving the Complaints. During this evaluation the employee appointed by the head of the Operator:
- collects information about similar Complaints concerning certain service or product, performs the analysis of this information so that the essential reason of the occurrence of the Complaint could be identified, as well as suggests the priorities of eliminating the reasons to the head of the Operator;
- evaluates if the essential reasons of the occurrence of certain Complaints can determine the occurrence of the Complaints due to other services or products;
- evaluates if the essential reasons of the occurrence of certain Complaints can be eliminated and suggests the ways of their elimination to the head of the Operator;
- if there is a need, eliminates the essential reasons of the occurrence of the Complaints;
- ensures that the information about the repeated or systematic reasons of the occurrence of Complaints would be regularly submitted to the head of the Operator so that he/she could efficiently perform his/her functions.
- The head of the Operator, having got acquainted with the information indicated in clause 34 of the Order about the Complaints received by the Operator and the results of their solving and having evaluated the suggestions received due to the priorities of the elimination of the reasons of Complaints and the methods of their elimination, takes certain decisions so that the identified essential reasons of the occurrence of Complaints would be eliminated.
- The Operator stores the information about the decisions of the head of the Operator regarding the elimination of the shortcomings of the activity and risk management identified on the grounds of the Complaints no shorter than 3 years.
SOLVING THE DISPUTES BETWEEN THE PARTIES OF FUNDING TRANSACTION
- If the Client of the Operator thinks that another party of the funding transaction has infringed their rights or legal interests regarding such infringement, the Client has to address the Operator due to such infringement following the same order as submitting the Complaint, but indicate that it is being addressed regarding the dispute between the parties of the funding transaction.
- The Operator, having analysed the information provided by the Client concerning the dispute between the participants of the funding transaction can provide a suggestion to the parties regarding the possible way of solving the dispute. The suggestion provided by the Operator is not obliging or compulsory. In all cases the Operator obliges to reply the Client within the period no longer than 35 workdays.
- In accordance with clause 37 of the Rules, the information provided by the Client is not considered to be the Complaint and correspondingly other provisions to be applied for the Complaints specified in the Rules are not applied to it. Nevertheless, since the Operator provides services to both parties of the transaction, it is in the unique position for suggesting possible solutions for the disputes of the parties of the funding transaction. In all cases the Operator tries to act for the best interests of its Clients, but does not take any responsibility for the suggestion of the solution of the dispute, as well as its suitability or consequences.
- Failing to solve the dispute between the parties of the funding transaction in accordance with the order specified in clauses 37 – 39 of the Rules, the dispute between the parties of the funding transaction is further being solved according to the order specified by legislation.
- The Operator stores and provides information at the request of the Bank of Lithuania about the number of the Complaints received, divided according to the reasons of submission and the results of solving (Complaints received, Complaints analysed, Complaints satisfied, partially satisfied Complaints).
- The Rules, their amendments or additions enter into force after confirming them by the order of the Operator, if another date of the entering into force of the Rules, its amendments or additions is not indicated in it.
- The employee appointed by the head of the Operator is responsible for the appropriate implementation of these Rules, who shall also observe that the process of the management of the Complaints of the Operator would be efficient, and if there is a need – it would be renewed, including the renewal of these Rules, as well as the shortcomings noticed shall be corrected.
- All the employees are acquainted with have to follow these Rules and their amendments while signing.
APPENDIX NO. 1 OF THE RULES
THE FORM OF THE COMPALINT
APPENDIX NO. 2 OF THE RULES
THE RECORD BOOK OF THE COMPLAINTS