Profit (loss) statement is statement in which add up ingome and expenditure during the current period. Principal concepts: the activity of enetrprise; form of statement; financial results; profit; loss; profit (loss) statement; International accounting standard; direction of the European Union; Business accounting standard; presentation of information. The object of the research in the results of enterprise and forms of their presentation. The main purpose of the work is to present proposals for the improvement of profit (loss) statement by summarizing the essence of financial rezults of enetrprise and their reflection in financial accounting and profit (loss) statement. The main tasks of the research are to analyze the development of the essence of profit and it's calculation in financial accounting; to analyze the development of profit (loss) statement: forms of statement and it's information; to analize the activities results of enetrprise and it posibilities. Master theses volume of work 56 pages. There are 9 tables, 1 picture and 41 sources of literature.
Profit (loss) statement is statement in which add up ingome and expenditure during the current period. Principal concepts: the activity of enetrprise; form of statement; financial results; profit; loss; profit (loss) statement; International accounting standard; direction of the European Union; Business accounting standard; presentation of information. The object of the research in the results of enterprise and forms of their presentation. The main purpose of the work is to present proposals for the improvement of profit (loss) statement by summarizing the essence of financial rezults of enetrprise and their reflection in financial accounting and profit (loss) statement. The main tasks of the research are to analyze the development of the essence of profit and it's calculation in financial accounting; to analyze the development of profit (loss) statement: forms of statement and it's information; to analize the activities results of enetrprise and it posibilities. Master theses volume of work 56 pages. There are 9 tables, 1 picture and 41 sources of literature.
In 1914, the Samogitian Jews were exposed to the first adverse consequences of World War I. Thus, the town centre of Žemaičių Naumiestis was burnt down; more than 50 local Jewish libraries were destroyed from fire. In 1915, deportations of the Jewish population into the depths of Russia began. More intense activities by the German troops on the borderline resulted in huge material and human losses. The period in question was marked by cases of thefts and wilful destruction of Jewish documentary heritage. However, in most cases Jews' belongings and assets perished in the fire together with their houses that had been set fire to. More significant losses incurred as a result of military actions were experienced in the spring of 1915 by the Jews living in Paprūsė (Podlesi region), Šiauliai country and the Courland border. During the research, 92 cases of losing the Jewish documentary heritage were established. Relevant data were collected on the essential aspects of preserving and losing documentary heritage in the period of 1914–1918. More in-depth analysis was conducted on the losses of Jewish documentary heritage in Gruzdžiai, Jurbarkas, Kelmė, Kuršėnai, Raseiniai, Leckava, Seredžius, Švėkšna, Tirkšliai, Tauragė ir Žemaičių Naumiestis. The total value of these losses amounts to 96 thousand roubles. Among the most valuable were the manuscript libraries collected by Torah and Jewish communities as well as archival collections. The Jews were known to have established a great number of libraries; even the illiterate Jews had personal collections of books. Quite a few Jewish libraries stored a 1000 and more volumes of books. Due to the significant losses of both archival documents and human demography, the author could not further develop the reconstruction of this heritage on a larger scale. However, the material collected made it possible to identify and evaluate the common problems of preserving and losing Samogitian Jews' documentary heritage during World War I.
In 1914, the Samogitian Jews were exposed to the first adverse consequences of World War I. Thus, the town centre of Žemaičių Naumiestis was burnt down; more than 50 local Jewish libraries were destroyed from fire. In 1915, deportations of the Jewish population into the depths of Russia began. More intense activities by the German troops on the borderline resulted in huge material and human losses. The period in question was marked by cases of thefts and wilful destruction of Jewish documentary heritage. However, in most cases Jews' belongings and assets perished in the fire together with their houses that had been set fire to. More significant losses incurred as a result of military actions were experienced in the spring of 1915 by the Jews living in Paprūsė (Podlesi region), Šiauliai country and the Courland border. During the research, 92 cases of losing the Jewish documentary heritage were established. Relevant data were collected on the essential aspects of preserving and losing documentary heritage in the period of 1914–1918. More in-depth analysis was conducted on the losses of Jewish documentary heritage in Gruzdžiai, Jurbarkas, Kelmė, Kuršėnai, Raseiniai, Leckava, Seredžius, Švėkšna, Tirkšliai, Tauragė ir Žemaičių Naumiestis. The total value of these losses amounts to 96 thousand roubles. Among the most valuable were the manuscript libraries collected by Torah and Jewish communities as well as archival collections. The Jews were known to have established a great number of libraries; even the illiterate Jews had personal collections of books. Quite a few Jewish libraries stored a 1000 and more volumes of books. Due to the significant losses of both archival documents and human demography, the author could not further develop the reconstruction of this heritage on a larger scale. However, the material collected made it possible to identify and evaluate the common problems of preserving and losing Samogitian Jews' documentary heritage during World War I.
In 1914, the Samogitian Jews were exposed to the first adverse consequences of World War I. Thus, the town centre of Žemaičių Naumiestis was burnt down; more than 50 local Jewish libraries were destroyed from fire. In 1915, deportations of the Jewish population into the depths of Russia began. More intense activities by the German troops on the borderline resulted in huge material and human losses. The period in question was marked by cases of thefts and wilful destruction of Jewish documentary heritage. However, in most cases Jews' belongings and assets perished in the fire together with their houses that had been set fire to. More significant losses incurred as a result of military actions were experienced in the spring of 1915 by the Jews living in Paprūsė (Podlesi region), Šiauliai country and the Courland border. During the research, 92 cases of losing the Jewish documentary heritage were established. Relevant data were collected on the essential aspects of preserving and losing documentary heritage in the period of 1914–1918. More in-depth analysis was conducted on the losses of Jewish documentary heritage in Gruzdžiai, Jurbarkas, Kelmė, Kuršėnai, Raseiniai, Leckava, Seredžius, Švėkšna, Tirkšliai, Tauragė ir Žemaičių Naumiestis. The total value of these losses amounts to 96 thousand roubles. Among the most valuable were the manuscript libraries collected by Torah and Jewish communities as well as archival collections. The Jews were known to have established a great number of libraries; even the illiterate Jews had personal collections of books. Quite a few Jewish libraries stored a 1000 and more volumes of books. Due to the significant losses of both archival documents and human demography, the author could not further develop the reconstruction of this heritage on a larger scale. However, the material collected made it possible to identify and evaluate the common problems of preserving and losing Samogitian Jews' documentary heritage during World War I.
In 1914, the Samogitian Jews were exposed to the first adverse consequences of World War I. Thus, the town centre of Žemaičių Naumiestis was burnt down; more than 50 local Jewish libraries were destroyed from fire. In 1915, deportations of the Jewish population into the depths of Russia began. More intense activities by the German troops on the borderline resulted in huge material and human losses. The period in question was marked by cases of thefts and wilful destruction of Jewish documentary heritage. However, in most cases Jews' belongings and assets perished in the fire together with their houses that had been set fire to. More significant losses incurred as a result of military actions were experienced in the spring of 1915 by the Jews living in Paprūsė (Podlesi region), Šiauliai country and the Courland border. During the research, 92 cases of losing the Jewish documentary heritage were established. Relevant data were collected on the essential aspects of preserving and losing documentary heritage in the period of 1914–1918. More in-depth analysis was conducted on the losses of Jewish documentary heritage in Gruzdžiai, Jurbarkas, Kelmė, Kuršėnai, Raseiniai, Leckava, Seredžius, Švėkšna, Tirkšliai, Tauragė ir Žemaičių Naumiestis. The total value of these losses amounts to 96 thousand roubles. Among the most valuable were the manuscript libraries collected by Torah and Jewish communities as well as archival collections. The Jews were known to have established a great number of libraries; even the illiterate Jews had personal collections of books. Quite a few Jewish libraries stored a 1000 and more volumes of books. Due to the significant losses of both archival documents and human demography, the author could not further develop the reconstruction of this heritage on a larger scale. However, the material collected made it possible to identify and evaluate the common problems of preserving and losing Samogitian Jews' documentary heritage during World War I.
Employees preferences for state protection against a possible loss of income due to unemployment: a skills-based approach. This study aims to examine the causal link between the skill set used by employees in their occupation and their preferences for state protection against a possible loss of income due to unemployment. State protection is operationalized as a government support to declining industries to save jobs and government expenditure on unemployment benefits. The skill set is defined as the number of skills used in occupations and their depth. The latter variable is related to education, as higher education leads to deeper skills, so depth is considered as an intervening variable. The theoretical background of the study is based on two aspects. Firstly, taking into account T. Iversen and D. Soskice asset theory, J. Goldthorpe class scheme model, and the studies of W. Streeck, E. Lazaer, A. Christenko, Ž. Martinaitis, and S. Gaušas, the individualistic approach to the skill set is reviewed. Based on these studies, three hypotheses were raised. Less support for government protection is determined by 1) increasing number of skills, 2) increasing depth of skills and 3) higher level of education. Secondly, the influence of skills on preferences can be explained not only through the substantive dimension (nature of the skill set) but also through the economic dimension - structural differences across countries, that rely on macro aspects. In order to control such differences, the works of P. Hall and D. Soskice, G. Esping-Andersen, G. Bonoli, M. Fenger and J. Aidukaitė have been reviewed and the factors of the economic dimension were taken into account by clustering the 22 surveyed countries into five categories that best define aspects of their employment relationship regulation and the role of the government. Therefore, the fourth hypothesis states that the explanatory power of the causal link between employees' skill sets and their preferences should persist regardless of the country category. The study was performed using binary logistic regression and data from the International Social Survey Programme. Empirical evidence shows that the first, third and the fourth hypotheses were confirmed. Employees with more skills and higher education are less likely to support government protection against a possible loss of income due to unemployment. At the same time, the fourth hypothesis is also partially confirmed - the causal relationship between employees' preferences and the number of their skills and education persists regardless of the country category. However, considering the relatively low performance of the models, it can be argued that the causal link is likely to be much stronger if independent variables were to be selected from economic factors related to structural differences among the countries.
Employees preferences for state protection against a possible loss of income due to unemployment: a skills-based approach. This study aims to examine the causal link between the skill set used by employees in their occupation and their preferences for state protection against a possible loss of income due to unemployment. State protection is operationalized as a government support to declining industries to save jobs and government expenditure on unemployment benefits. The skill set is defined as the number of skills used in occupations and their depth. The latter variable is related to education, as higher education leads to deeper skills, so depth is considered as an intervening variable. The theoretical background of the study is based on two aspects. Firstly, taking into account T. Iversen and D. Soskice asset theory, J. Goldthorpe class scheme model, and the studies of W. Streeck, E. Lazaer, A. Christenko, Ž. Martinaitis, and S. Gaušas, the individualistic approach to the skill set is reviewed. Based on these studies, three hypotheses were raised. Less support for government protection is determined by 1) increasing number of skills, 2) increasing depth of skills and 3) higher level of education. Secondly, the influence of skills on preferences can be explained not only through the substantive dimension (nature of the skill set) but also through the economic dimension - structural differences across countries, that rely on macro aspects. In order to control such differences, the works of P. Hall and D. Soskice, G. Esping-Andersen, G. Bonoli, M. Fenger and J. Aidukaitė have been reviewed and the factors of the economic dimension were taken into account by clustering the 22 surveyed countries into five categories that best define aspects of their employment relationship regulation and the role of the government. Therefore, the fourth hypothesis states that the explanatory power of the causal link between employees' skill sets and their preferences should persist regardless of the country category. The study was performed using binary logistic regression and data from the International Social Survey Programme. Empirical evidence shows that the first, third and the fourth hypotheses were confirmed. Employees with more skills and higher education are less likely to support government protection against a possible loss of income due to unemployment. At the same time, the fourth hypothesis is also partially confirmed - the causal relationship between employees' preferences and the number of their skills and education persists regardless of the country category. However, considering the relatively low performance of the models, it can be argued that the causal link is likely to be much stronger if independent variables were to be selected from economic factors related to structural differences among the countries.
Employees preferences for state protection against a possible loss of income due to unemployment: a skills-based approach. This study aims to examine the causal link between the skill set used by employees in their occupation and their preferences for state protection against a possible loss of income due to unemployment. State protection is operationalized as a government support to declining industries to save jobs and government expenditure on unemployment benefits. The skill set is defined as the number of skills used in occupations and their depth. The latter variable is related to education, as higher education leads to deeper skills, so depth is considered as an intervening variable. The theoretical background of the study is based on two aspects. Firstly, taking into account T. Iversen and D. Soskice asset theory, J. Goldthorpe class scheme model, and the studies of W. Streeck, E. Lazaer, A. Christenko, Ž. Martinaitis, and S. Gaušas, the individualistic approach to the skill set is reviewed. Based on these studies, three hypotheses were raised. Less support for government protection is determined by 1) increasing number of skills, 2) increasing depth of skills and 3) higher level of education. Secondly, the influence of skills on preferences can be explained not only through the substantive dimension (nature of the skill set) but also through the economic dimension - structural differences across countries, that rely on macro aspects. In order to control such differences, the works of P. Hall and D. Soskice, G. Esping-Andersen, G. Bonoli, M. Fenger and J. Aidukaitė have been reviewed and the factors of the economic dimension were taken into account by clustering the 22 surveyed countries into five categories that best define aspects of their employment relationship regulation and the role of the government. Therefore, the fourth hypothesis states that the explanatory power of the causal link between employees' skill sets and their preferences should persist regardless of the country category. The study was performed using binary logistic regression and data from the International Social Survey Programme. Empirical evidence shows that the first, third and the fourth hypotheses were confirmed. Employees with more skills and higher education are less likely to support government protection against a possible loss of income due to unemployment. At the same time, the fourth hypothesis is also partially confirmed - the causal relationship between employees' preferences and the number of their skills and education persists regardless of the country category. However, considering the relatively low performance of the models, it can be argued that the causal link is likely to be much stronger if independent variables were to be selected from economic factors related to structural differences among the countries.
Employees preferences for state protection against a possible loss of income due to unemployment: a skills-based approach. This study aims to examine the causal link between the skill set used by employees in their occupation and their preferences for state protection against a possible loss of income due to unemployment. State protection is operationalized as a government support to declining industries to save jobs and government expenditure on unemployment benefits. The skill set is defined as the number of skills used in occupations and their depth. The latter variable is related to education, as higher education leads to deeper skills, so depth is considered as an intervening variable. The theoretical background of the study is based on two aspects. Firstly, taking into account T. Iversen and D. Soskice asset theory, J. Goldthorpe class scheme model, and the studies of W. Streeck, E. Lazaer, A. Christenko, Ž. Martinaitis, and S. Gaušas, the individualistic approach to the skill set is reviewed. Based on these studies, three hypotheses were raised. Less support for government protection is determined by 1) increasing number of skills, 2) increasing depth of skills and 3) higher level of education. Secondly, the influence of skills on preferences can be explained not only through the substantive dimension (nature of the skill set) but also through the economic dimension - structural differences across countries, that rely on macro aspects. In order to control such differences, the works of P. Hall and D. Soskice, G. Esping-Andersen, G. Bonoli, M. Fenger and J. Aidukaitė have been reviewed and the factors of the economic dimension were taken into account by clustering the 22 surveyed countries into five categories that best define aspects of their employment relationship regulation and the role of the government. Therefore, the fourth hypothesis states that the explanatory power of the causal link between employees' skill sets and their preferences should persist regardless of the country category. The study was performed using binary logistic regression and data from the International Social Survey Programme. Empirical evidence shows that the first, third and the fourth hypotheses were confirmed. Employees with more skills and higher education are less likely to support government protection against a possible loss of income due to unemployment. At the same time, the fourth hypothesis is also partially confirmed - the causal relationship between employees' preferences and the number of their skills and education persists regardless of the country category. However, considering the relatively low performance of the models, it can be argued that the causal link is likely to be much stronger if independent variables were to be selected from economic factors related to structural differences among the countries.
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.
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.
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.
Through Lithuania's integration into the global economy, there is an opportunity to promote positive economic, financial, cultural, intellectual development leading to the country's economic growth. On the other hand, the integration also encourages negative effects, including: increasing emigration, loss of investments that have been made in preparation of professionals, changes in local labour force, negative changes in the demographic structure, decreasing state revenues and increasing tax burden on the remaining population, and ultimately the country's loss of competitiveness because of the loss of skilled labour. The emigration issue is relevant in Lithuania, because of the large scale emigration that is a threat to social and economic stability. According to a variety of assessments, about 300 thousand inhabitants emigrated from Lithuania during the years of independence. This scale of Lithuanians' emigration has to be considered to be one of the most serious threats to the country's demographic development, economic growth and the preservation of cultural identity. Labour force emigration is influenced by many different types of factors. They can be grouped according to different criteria, depending on the research aim. Overall, among the causes of emigration, economic, political, ideological, racial, ethnic and other are often identified. Much attention is paid to the research into the emigration causes, because after finding the reasons that encourage people to migrate, concrete measures can be taken to regulate this process. [.]
Through Lithuania's integration into the global economy, there is an opportunity to promote positive economic, financial, cultural, intellectual development leading to the country's economic growth. On the other hand, the integration also encourages negative effects, including: increasing emigration, loss of investments that have been made in preparation of professionals, changes in local labour force, negative changes in the demographic structure, decreasing state revenues and increasing tax burden on the remaining population, and ultimately the country's loss of competitiveness because of the loss of skilled labour. The emigration issue is relevant in Lithuania, because of the large scale emigration that is a threat to social and economic stability. According to a variety of assessments, about 300 thousand inhabitants emigrated from Lithuania during the years of independence. This scale of Lithuanians' emigration has to be considered to be one of the most serious threats to the country's demographic development, economic growth and the preservation of cultural identity. Labour force emigration is influenced by many different types of factors. They can be grouped according to different criteria, depending on the research aim. Overall, among the causes of emigration, economic, political, ideological, racial, ethnic and other are often identified. Much attention is paid to the research into the emigration causes, because after finding the reasons that encourage people to migrate, concrete measures can be taken to regulate this process. [.]
