Investavimo rekomendacijų ir portfelio valdymo civilinis teisinis kvalifikavimas
LTReikšminiai žodžiai: Investavimo rekomendacijos; Portfelio valdymas; Investment advice; Portfolio management.
ENThe aim of this article is to identify the legal nature of classical investment services provided by the investment advisors and to characterize these services in the light of Lithuanian private law. In order to do this, author analyzed sources of public and private law, which led to the conclusion that the legal relations of investment advice in the Lithuanian private law should be characterized as the contract for the supply of services. When financial intermediary manages investor’s portfolio on a discretionary basis, depending on the particular will of the parties, two contractual models are possible. First, parties may opt to structure portfolio management as the agency relations, either in direct form, i.e. based of mandate contract or in indirect form, i.e. based on commission agency contract. Second, instead of agency agreement, parties may choose to base portfolio management on the trust contract. However, Lithuanian trust law has little in common with real common law trust, because in essence it is just widened form of indirect agency. In any case general rules on the supply of services and if necessary – rules on the administration of the property of others are applicable for the portfolio management. [From the publication]
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