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Complaint solving process

The aim of the Company is to establish a quick, effective, legitimate and clear complaint or dispute resolution process, as well as manage received Client complaints, minimizing the Company's potential financial and reputational risks.

The Company accepts and respects the Client right to lodge complaints. The Company respects the rights of consumers and investors, and their rights to turn to the Financial and Capital Market Commission, the Consumer Rights Protection Centre and other competent organizations for the protection of their offended interests.

Complainants

  • The Company accepts the Companies Client (private or legal person) Complaints.
  • The Client may lodge the Complaint by person, or by the Client authorized representative (the person with a special power of attorney from the Client for lodging complaint, and this representative must submit to the Company attorney supporting documents). The complaint without attached attorney supporting documents (presented in accordance with Company’s requirements) will not be considered.
  • The Company is entitled to request the Client or his authorized representative to pay fair compensation before the consideration of essence of the complaint, for attorney supporting documentation evaluation.

 

Content and form of the Complaint

The Client must specify certain information by lodging written Complain to Company:

  1. Personal details (for individuals: name, surname, personal code or birth date (for no residents), for legal entity: name, registration number, representative position, name and surname);
  2. address;
  3. phone number and email address, if on Clients request , response on Compliant must be given in electronic way;
  4. The essence of Complaint;

 

In addition is advised to specify following information:

  1. Unique Client Code, specified in FI account opening confirmation;
  2. The number(s) of the account(s) of financial instruments;
  3. Way how Client wants to receive a response on the Claim. If the way is not specified, the written response will be sent on Clients address. If address is not specified, response on a Complaint will be sent by way as it was received.

Complaint supporting documents must be attached;

Written Complaint form is available on Companies website (see below).

 

Complaints Language

The Company consider Complains in Latvian, English or Russian languages. If the Complaint is on another language The Company on it sole discretion have the right to refuse the Complaint or translate it on the Client expense to Latvian, Russian or English languages.

 

Complaint forms:

Client can lodge Complaint using any desired and acceptable for the Company way, but in the individual cases, the Company has the right to ask the Client execute a written complaint and send the original to the Company, in order to verify that the Complaint is lodged by the Client.

Client may lodge written Compliant in following ways:

  1. By e-mail to: compliance@renesource.com;
  2. By post, sent to address - AS IBS "Renesource Capital" Duntes Street 15A, Riga, LV-1005, Latvia;
  3. Personally, by filling a written Complaint in the Company office, address Duntes Street 15A, Riga, LV-1005, Latvia, on working days from 9:00 to 18:00.

The Company provides written responses only for a written Complaint.

 

Complaints consideration terms:

The Company settle Complaints and give responses on Client Complaints according with terms provided in legislation, except if Agreement concluded between Client and Company provides less term for responding:

  1. Individual Client– within 15 (fifteen) business days from Complaint received date;
  2. Legal entity Client – within 30 (thirty) days from Complaint received date

If Company observe, that there is necessary longer term for Complain resolving, Company in writing or by phone informs Client.

 

Possible costs:

The Company considers Complaints free, but the Company has the right to ask the Client to reward the costs, what are related on unreasonable Complaints.

The Company has the right to apply the commission for reconsideration of unreasonable Complaints.

 

Complaints consideration principles:

In Complaint consideration process Company, try to avoid from conflicts of interests, which may arise between Company and Companies employees, Company and other Companies Clients or Counterparties.

The Company in Complaint consideration observe the principals of equality, objective, fairness and justice.

 

The consequences:

Agreement concluded between Company and Client does not prevent Client rights to turn to the court to protect Client legal rights and interests, but in some situations, disputes between Company and Client can be solved in extrajudicial dispute resolution process.

For the protection of Client legal rights and interests, including cases when Client is not satisfied with dispute resolution process, Client have rights to turn to Financial and Capital Market Commission, the Consumer Rights Protection Centre, arbitration or court:

  1. Financial and Capital Market Commission address: Kungu Street 1, Riga, Latvia, official website: www.fktk.lv
  2. Consumer Rights Protection Centre address: Brivibas Street 55, Riga, Latvia, official website: www.ptac.gov.lv.
  3. The Arbitration Court of the Association of Latvian Commercial Banks - Address: Perses Street 9, Riga, Latvia, official website:www.fstiesa.lv.
  4. The Court of the Republic of Latvia - addresses and contacts by jurisdiction are published on the official website of the courts of Republic of Latvia: www.tiesas.lv

Complaints form

 

Filing of suggestions

Suggestions may only be submitted to the Company by email:  info@renesource.com. You may submit a suggestion regarding the operations of the Company or its employees, investment and ancillary investment services of the Company, technologies, software, a specific process, FI account opening, improvement of the quality of service and/or any changes.

EMIR Dispute Resolution

EMIR is Regulation (EU) No 648/2012 of the European Parliament and the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories was adopted, as well as all relevant and related to this Regulation other regulations. They set framework of obligations and requirements on all parties that enter into a derivative contract and is applicable to financial and non-financial counterparties along with Central Counterparties (CCPs) and Trade Repositories (TRs) (also for outside of EU registered parties).

Main EMIR requirements are:

  • to report derivative contracts to a newly established institution - trade repository;
  • to introduce measures of risk mitigation for non-centrally cleared contracts;
  • obligation to perform clearing with central counterparties (detailed clearing requirements are not yet developed).

EMIR meanings:

OTC  transaction

A derivative transaction concluded in over-the-counter market or a derivative transaction concluded in respect of non-EEA registered exchange quoted derivatives (as long as EU has not recognized the market of the respective state equitable to requirements of the EU regulated market).

FC

A Client – an investment firm, a credit institution, an insurance undertaking, an undertaking for collective investment of transferable securities, an investment fund, retirement funds and other subjects prescribed by Article 2 (1) (8) of the  EMIR regulation.

NFC+

The Client the gross national value of whose OTC transactions with the Company and third persons exeeds the Clearing Tresshold by more than 30 business days;

Clearing

Centralized clearing of OTC transactions via Central Counterparty according to EMIR.

Clearing Threshold

Gross notional value for OTC transactions of the Client or the Client’s group set for certain derivative classes by Article 11 of EU regulation No 149/2013 forming part of EMIR:

(a) EUR 1 billion in gross notional value for OTC credit derivative contracts; 

(b) EUR 1 billion in gross notional value for OTC equity derivative contracts;

(c) EUR 3 billion in gross notional value for OTC interest rate derivative contracts;

(d) EUR 3 billion in gross notional value for OTC foreign exchange derivative contracts;

(e) EUR 3 billion in gross notional value for OTC commodity derivative contracts and other OTC derivative contracts.


 

The Company applies special Dispute resolution procedure in transactions, connected with derivative financial instruments, and in particular OTC transactions. The purpose of such special procedure is as possible effectively to reduce the risks and negative effect for Company and/or Client. Disagreements indicated in discrepancies in respect of OTC Transactions shall be settled in good faith and timely by mutual negotiation including situations when Company receives written Client’s discrepancies.

 

Causes of the Dispute:

  • For the EMIR purposes only, the Company’s financial department employee confirms the OTC Derivative Transaction by sending to the Client a transaction Confirmation and/or Reconciliation reports after or simultaneously with execution of the OTC Transaction or amendment of provisions of the OTC Transaction, using in Agreement stipulated means of communication (email, post etc.):
  1. Confirmation report - a writing or electronic document or its’ part containing conditions of OTC Transaction, as well as confirms the fact of conclusion and/or amendment of the OTC Transaction, including as a result of exercising the Client's order and which is sent by the Company to the Client (or to a third person, if the OTC Transaction has been concluded as a result of exercising the Client's order to the Company);
  2. Reconciliation report - a writing or electronic document or it’s part containing all outstanding transactions as at reconciliation date, their essential provisions, provided by the Company to the Client;
  • The Client shall be obliged to verify data immediately included in the Reconciliation and/or Conformation reports and notify Company on discrepancies if the Client does not agree to the Reconciliation/Conformation report or a part thereof. Client must pay deepest attention to the outstanding effective OTC transactions which are not subject of Clearing obligation and which has not matured (settlements have not been made).

 

Rising Discrepancies:

  • Notification on discrepancies shall deemed to be done on the day when received by the Company.

Notification on discrepancies in respect of Confirmation report shall be done:

  1. Not later than by the day following the next business day (T+2) at 15:59:59 (Latvian time) as of the day of conclusion or amendment of the OTC Transaction for the Client  not being FC or NFC+;
  2. Not later than by the following business day at 15:59:59 (Latvian time) as of the day of conclusion or amendment of the OTC Transaction for the Client being NFC+ or FC.

Notification on discrepancies in respect of the Reconciliation report shall be done:

  1. Not later than within 3 (three) business days as of the sending the Reconciliation report if reconciliation is processed on a quarterly or weekly basis;
  2. Not later than within 1 (one) business day as of sending the Reconciliation report if reconciliation is processed on a daily basis.

The Company have rights, including but not limited to close an opened position (subject of discrepancies) to prevent any loses to Client and/or Company.

 

Dispute resolution:  

  • The Company and the Client use the phone for negotiation and settlement of the discrepancies, including with phone number connected internet applications, Skype etc. The Company is allowed to record/document by any means any mutual Phone or electronic conversations.
  • If discrepancies are settled as prescribed within timelines stipulated by mutual negotiation, the Company prepares and sends to the Client notification on settlement of discrepancies using in Agreement specified means of communication.
  • Board of directors get involved in dispute resolution procedure If discrepancies are not solved in 2 (two) business day or disputable amount is more than EUR 10 000 (ten thousand).
  • If discrepancies are not settled within 5 (five) business days as of notification on discrepancies, that transaction shall be deemed Claimable, the Company provides the Client with relevant notification about failure to settle discrepancies in the frame of dispute resolution procedure and the discrepancies becomes a subject for a  Claim.

 

Applying special Dispute resolution procedure shall not prevent the Client to lodge a complaint if the dispute did not resolve through mutual agreement.

 

Risk Disclosure Statement. Margin transactions (Forex, contracts for difference CFD, futures and futures options, stock options, REPO transactions, transactions in over-the-counter derivatives and transactions using broker credit, including selling short) involve higher risk. The level of risk increases with the leverage ratio. As the result of margin transactions, relatively high profits are possible with low level of initial investments, as well as significant losses which may exceed the principal amount of investments or the amount of the collateral. Please ascertain whether margin transactions in their essence and content suit the risk profile that was assigned to you by AS IBS Renesource Capital and whether the content of margin transactions corresponds to your investment goals.

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