Is financial intermediary responsible for damages that occurred due to the delay of realising financial remedies that has been transferred to him under REPO agreement whilist investor is reluctant of paying warranty instalments?

REPO sandoriu susiklosto sudėtingi teisiniai santykiai, o investuotojo rizika patirti piniginius nuostolius priklauso ne tik nuo finansinių priemonių rinkos kainos nestabilumo, bet ir nuo šalių sąžiningo sutartinių įsipareigojimų vykdymo. Dėl to ypatingai didelį dėmesį privalu skirti ne tik investuotojo sutartinių įsipareigojimų vykdymo vertinimui, bet ir finansinio tarpininko veiklos sąžiningumui. Praktikoje dažnai pasitaiko situacijų, kai investuotojas neišgali vykdyti REPO sandoriu jam tenkančios pareigos mokėti garantinę įmoką. Tais atvejais finansinis tarpininkas įgyja teisę realizuoti jam perleistas finansines priemones, tačiau minėtos teisės įgyvendinimo terminas nėra apibrėžtas, todėl, praktikoje pasitaiko tokių atvejų, kai finansinis tarpininkas neskuba šios teisės įgyvendinti, kas lemia dar didesnį investuotojo nuostolių augimą. Tokiais atvejais kyla klausimas, kaip teisiškai kvalifikuoti finansinio tarpininko delsimą realizuoti finansines priemones? Ar įrodžius, kad finansinis tarpininkas delsė realizuoti finansines priemones, REPO sandorių patiriamus nuostolius vis tiek turi padengti investuotojas, kuris nevykdė pareigos mokėti garantinę įmoką? Ar nuostoliai turi būti paskirstyti abejoms šalims proporcingai ir ar apskritai nuostolių paskirstymas abejoms šalims teisiškai yra įmanomas ir pagrįstas? Šiame darbe iškelta hipotezė, kad finansinis tarpininkas atsakingas už nuostolius atsiradusius delsiant realizuoti jam REPO sandorio pagrindu perleistas finansines priemones, kai investuotojas nesumoka garantinės įmokos patvirtinta. Vertinant REPO sandorio šalių įsipareigojimus taikytinos FPRĮ bei CK bendrosios sutarčių aiškinimo nuostatos, kuriose reglamentuojamos sąžiningumo, rūpestingumo, atidumo bei veikimo geriausiomis klientui sąlygomis nuostatos, vertinant būtent šių nuostatų turinį, nustatyta, kad finansinis tarpininkas privalo veikti geriausiomis klientui sąlygomis, dėl to, įgijęs teisę realizuoti finansines priemones, šią teisę privalo įgyvendinti kiek įmanoma naudingiau klientui, todėl delsimas realizuoti finansines priemones laikomas minėtų įsipareigojimų pažeidimu. Tais atvejais, kai abi sandorio šalys pažeidžia joms tenkančius įsipareigojimus, laikoma, kad jos abi yra kaltos dėl REPO sandorio nuostolingumo, dėl to taikytinas mišrios kaltės institutas, kuriuo remiantis nuostoliai gali būti paskirstyti abejoms šalims proporcingai, atsižvelgiant į kiekvienos iš jų kaltės ir atsiradusių nuostolių santykį.REPO transaction is an agreement by which one party (the seller) undertakes to sell financial instruments or cash to the other party (the buyer), and the latter shall pay the purchase price, and thus it is agreed that the seller undertakes to repurchase from the buyer the same or equivalent financial instruments or the same amount of money for the repurchase price at the scheduled future date. This transaction determines relatively complex legal relations, and the investor 's risk to suffer monetary losses depends not only on the instability of the market price of the financial instruments, but also on genuine fulfillment of contractual obligations by the parties of the transaction. As in all contractual relations, in case of REPO transaction, there are situations where the parties violate the terms of the transaction and the disputes have to be solved in court. Although the Lithuanian case law is rather unified when solving disputes between the parties of the transaction where the investor does not comply with the obligation of the transaction to pay margin, sometimes non-compliance with this obligation is not the only reason for the resulting losses. The law, in cases where the investor violates the obligation to pay margin, grants the right to the financial intermediary to dispose of financial instruments, however giving the right, but not the obligation the law does not impose strict imperatives for the deadline of realization of financial instruments, for this reason in practice there are cases where the latter are in no hurry to implement their rights to realize the financial instruments, what increases the losses even more. In such cases the biggest problem is the legal qualification of the delay of financial intermediary to realize the financial instruments and the connection with the obligations applicable to the latter and influence of failure to comply with these obligations to the size of the loss. In such cases the question is whether if there is proof that the financial intermediary delayed realization of financial instruments, the losses of the REFO transactions still have to be covered by the investor who failed to fulfill their obligation to pay margin? Whether the losses shall be distributed in proportion to the two parties and whether such distribution of the losses for both parties is legally possible and reasonable in general? The aim of this thesis is to establish any contractual or statutory provisions that forbid the financial intermediary to delay realization of financial instruments, when the latter acquires such a right. The aim of the thesis is to assess whether the financial intermediary is responsible for the losses resulting from the delay in the realization of the financial instruments transferred to the intermediary during the REPO transaction where the investor does not pay margin (i.e. or one party, a financial intermediary, is responsible for the losses incurred because of his fault, as a result of the delay in realization of financial instruments transferred based on REPO transaction when such right incurred due to the fact that another party, investor, breaches his obligations (did not pay margin), and to determine the recovery mechanism of damages caused because of the fault of both parties that concluded transaction. In order to achieve these objectives, the paper has analyzed both the Lithuanian and the European Union law acts regulating investment services and protection of investors' rights, the thesis has also examined the Lithuanian case law and the various scientific sources. The hypothesis of the paper that a financial intermediary is responsible for the losses resulting from a delay in the realization of financial instruments transferred to him based on the REPO transaction where the investor does not pay the margin has been proven. The paper has found out that in cases where the investor does not pay the margin, the conditions under REPO transaction allow the financial intermediaries to realize the transferred financial instruments. In some cases REPO contracts shall provide the deadline of such right from the moment when the investor does not pay the margin, but this condition is not mandatory and is not always included in repurchase agreements. Actually, even in cases where such a term is provided for in the contract it does not require a financial intermediary to fulfill this right as soon as it occurs, the financial intermediary is free to determine how soon after the emergence of the right to realize the financial instruments he shall implement the latter. In cases where in the REPO transaction there is a dispute on realization of financial instruments in terms of timeliness of the financial intermediary in respect of realization of financial instruments, the provisions provided for in the Act of Markets of Financial Instruments in the Republic of Lithuania and in the Civil Code are applicable, such provisions establish the principles of care, diligence and fairness, and oblige the financial intermediary to operate for the best conditions and interests of the customer. Given the fact that this work has established that the obligations to the parties arising based on REPO transaction end only when both parties have fulfilled their obligations, the obligations arising based on the mentioned transaction, including the care, diligence and integrity requirements are to be applied even when the investor breaches his obligations, as in such case the obligations of the parties still can not be considered to be expired. Therefore, in cases where it is determined that the financial intermediary with the right to realize financial instruments, even in cases where this obligations occurred due to the fact that the investor has failed to fulfill his obligation according to REPO transaction to pay margin, delayed to implement it, such behavior is to be regarded as the breach of duty of care, diligence and fairness and the obligation to act for the best conditions for the customer. This thesis has also showed that during the settlement of disputes between an investor and a financial intermediary in court, in addition to special legal norms regulating the investment services, the contractual civil liability provisions are also applicable, which, in cases where both REPO counterparties violate the contractual obligations according to this transaction, allow the use of mixed fault institute, based on which when analyzing the causality of resulting losses and actions of each party two types of solutions are accepted: the debtor's liability is reduced in proportion to the creditor's fault, i.e. the court in determining the fault of each party for the occurred losses and reducing the borrower's responsibility by eliminating the creditor's liability or with the full exemption of the debtor's liability, having established that the damage was caused mainly due to the creditor's action. Thus, in cases where the investor violates the contractual obligation to pay margin and the financial intermediary delays to realize financial instruments, the influence of failure to comply with each of the obligations is assessed in respect of the losses, and when the influence is determined the losses are respectively distributed to both parties involved.Teisės fakultetasVytauto Didžiojo universiteta