Struktūriniai finansiniai produktai: informacijos atskleidimo pareiga investuotojams

LTLietuvos finansų rinkose investuotojams siūloma vis daugiau ir (vairesnių struktūrinių finansinių produktų. Tai su akcijomis, akcijų indeksais, biržos prekėmis susietos obligacijos, investicinis gyvybės draudimas, investiciniai indėliai ir kt. Kiekvieno investuotojo pasirinkimas, kur investuoti, priklauso nuo investuotojo finansinės padėties ir investicinių poreikių, šeiminių aplinkybių, amžiaus, mokamų mokesčių ir priimtinos rizikos. Rizikos suvokimas neatsiejamas nuo turimos ir struktūrinius finansinius produktus siūlančių subjektų atskleistos informacijos iki tokio produkto įsigijimo. Finansų krizė priminė, koks iš tiesų svarbus finansinių produktų skaidrumas ir atsakinga prekyba. Tačiau tiek Europos Sąjungoje (toliau – ES), tiek Lietuvoje teisiniai struktūrinių finansinių produktų skaidrumo (informacijos atskleidimo) reikalavimai skiriasi atsižvelgiant į teisinę produkto formą ir platinimo būdą. Taigi šiame straipsnyje atskleidžiama, kas yra struktūriniai finansiniai produktai, nagrinėjama pareigos atskleisti informaciją investuotojams, įsigyjantiems struktūrinius finansinius produktus, turinys, taip pat ES ir Lietuvoje egzistuojančios su šia pareiga susijusios problemos ir siūlomi sprendimai.

ENThe regulation of the duty to disclose information related with structured financial products is quite fragmentary both in the EU and Lithuania. The problems identified in the EU are the following: the content of the information revealed may be misleading, or it is only a partial information about a product that is revealed; differences in the requirements applicable to the disclosure of information may make it difficult for an investor to make a proper comparison of the alternative investments offered; the essential pertinent information may be presented in such a way as to actually prevent a non-professional investor from using it properly; non-professional investors suffer from excess of information. The following requirements arc applicable to the information which has to be disclosed to non-professional investors prior to the conclusion of a contract (on the purchase of structured financial products): the information must not be misleading and has to conform to the criteria of fairness, clarity, comprehensiveness and accuracy; the information has to be disclosed in due time; advertising has to be clearly distinguished from the information to be mandatory disclosed to investors. Information may be held misleading if it encourages, or is likely to encourage, a non-professional investor to take a kind of decision in respect of a contract (to purchase structured financial products) which otherwise he would not have taken. Failure to disclose certain information may also have a misleading effect on the investor.The criterion of fairness will be met if the information which is supplied to an investor conforms to reality. The statements supplied are to be considered incorrect if the entity which has issued a structured financial product is not able to prove the correctness of those statements at the moment when the information is issued. The disclosed information will be clear if it is understood by the target investors, whose experience in investment is often limited or altogether non existent. Information will conform to the criterion of clarity if no major issues or important circumstances are concealed or their significance diminished. Information is considered adequate if it can be understood by a person of moderate abilities from a group of persons to whom the information is intended or who are expected to receive it. This ought to be a kind of information which is necessary to take a reasonable decision to invest. Risks related with structured financial products is one of the essential aspects that have to be revealed to an investor in order to ensure that the disclosed information conforms to the criterion of comprehensiveness. The other important aspect is the information about commission and other kind of tax applicable to an investor.