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I. GENERAL PROVISIONS
This complaints procedure (hereinafter referred to as the Procedure) of
PrivateCrowd crowdfunding platform (hereinafter referred to as the Platform)
of UAB Bourgeois Boheme Fintech (hereinafter referred to as the Company)
shall establish the procedure of reviewing complaints submitted to the
Platform and the storage of complaints and related materials in order to
ensure a speedy and just process of reviewing the received complaints, a
continuous appraisal of complaint results and an efficient elimination of
reasons for complaining.
The Procedure has been developed according to the requirements provided
by the Law on Crowdfunding of the Republic of Lithuania and Resolution No
03-105 of 6 June 2013 of the Bank of Lithuania on the approval of the rules
for reviewing complaints received by financial market participants.
The Procedure shall apply to complaints regarding Platform services
and/or Platform agreements to the extent it is related to crowdfunding
Platform operator’s activities.
Reviewing complaints as provided in this Procedure shall be carried out
in compliance with laws and regulations governing personal data protection.
For the purpose of this Procedure:
‘Applicant’ shall be a person who submits a complaint regarding
Platform services and/or Platform agreements.
‘Reviewing Person’ shall be a person responsible for the reviewing of
complaints, viz. for the collection of information required for complaints,
examination of complaints, decision-making and submission of the response
to the Applicants.
‘Register of Complaints’ shall be an e-register of submitted
complaints in which the Platform registers the received complaints by
entering information specified in item 17 of the Procedure.
‘Consumer’ shall be a natural person whose personal (unrelated to his
business or professional activities), family or household needs are met by
the contested Platform services or the agreement
For the purpose of this Procedure, other definitions shall be within the
meaning provided by the rules of using the Platform or the Law on
Crowdfunding of the Republic of Lithuania, or any other related laws and
regulations, unless the Procedure explicitly provides otherwise.
II. SUBMISSION AND ACCEPTANCE OF COMPLAINTS
Complaints shall be submitted in writing by submitting a complaint
electronically, by mail or by delivery to the Platform’s registered office.
The following information must be provided in the complaint:
The Applicant’s given name and surname (if a natural person) or
corporate name (if a legal entity);
The representative’s given name, surname and grounds for
representation, if the Applicant is represented by another person;
The complaint submission date;
The Applicant’s address;
The Applicant’s contact information, viz. phone number and e-mail;
Substance of the complaint, i.e. the complaint must state the
contested acts/omissions of the Platform related to the activities and/or
provision of services of the crowdfunding platform operator, as well as the
arguments and reasoning which the Applicant uses to justify his claims;
The Applicant’s claims;
The list of documents submitted together with the complaint;
The signature of the Applicant or his representative.
The Applicant must enclose all documents supporting his arguments and
claims to the complaint. If the complaint is submitted by the Applicant’s
representative, the complaint must include a valid power of attorney or
another document confirming the representative’s powers and entitling the
representative to submit the complaint and receive the response from the
Complaints may be submitted either in Lithuanian or in English.
The submitted complaint shall be assessed to establish whether it meets
the requirements specified in item 8, 9 and 10 of the Procedure. If the
complaint meets the requirements, it shall be accepted and the Applicant
shall be notified (on the following working day at the latest) about the
acceptance of the complaint, provided with a deadline for the review of the
complaint and informed that the complaints procedure is free of charge.
Should the complaint fail to meet the requirements specified in item 8,
9 and 10 of the Procedure, the Applicant shall be informed thereof within 3
working days by sending him a notice stating the flaws of the complaint and
suggesting that the Applicant eliminates them.
Anonymous complaints shall not be accepted.
III. REGISTRATION OF COMPLAINTS
The Platform’s officer who accepts the complaint shall register the
complaint in the Register of Complaints, which shall provide the complaint
with a number.
The registration of the complaint shall include the entry of the data
listed in item 17 of the Procedure, and an electronic form of the complaint
shall be added (if the complaint is submitted by mail or by delivery to the
Platform’s registered office, the complaint and all its annexes shall be
Having registered the complaint, the officer shall transfer the
complaint and all its annexed to the Reviewing Person on the following
working day at the latest.
The following data shall be entered in the Register of Complaints:
The Applicant’s given name and surname (if a natural person) or
corporate name (if a legal entity);
The Applicant’s address and other contact data provided in the
The date and method of receiving the complaint;
Substance of the complaint (in short);
The date of sending the response to the Applicant;
The final outcome of reviewing the complaint (the decision);
Additional important information, if any.
IV. REVIEWING OF COMPLAINTS AND DECISION-MAKING
The Platform seeks to review complaints most efficiently and
thoroughly. The Platform shall review complaints according to the
principles of respect for human rights, justice, good faith,
reasonableness, objectivity, impartiality, efficiency and other principles
enshrined in laws and regulations of the Republic of Lithuania that are
applicable to the Platform.
The Reviewing Person shall review the complaint himself and shall draw
a response to the Applicant within the shortest possible time period,
however by the deadline set forth in item 23 of the Procedure.
If the submitted complaint concerns the acts/omissions of the Reviewing
Person or acts/omissions of his immediate family members (if employed by
the Platform), the Reviewing Person must notify the chief executive of the
Platform about it and must disqualify himself from reviewing the complaint.
In this case the chief executive of the Platform shall appoint another
competent person who shall review the complaint, made a decision and
provide a response to the Applicant. The person whose acts/omissions are
contested, a close family member of such person or a person directly
subordinated to such person cannot be appointed to review the complaint.
Should any other circumstances arise that result in the conflict of
interest, the Reviewing Person must notify the chief executive of the
Platform without delay and must disqualify himself from reviewing the
While reviewing the complaint, the Reviewing Person shall collect and
assess all documents and data relating to the complaint under review,
submitted by the Applicant and that the Platform may legitimately collect
at its own initiative.
If needed, the Reviewing Person shall be entitled to ask the Applicant
to provide additional information and/or documents that may have an impact
on a fair review of the complaint by the set deadline, which must be at
least 5 calendar days.
The complaint shall be reviewed and the response shall be provided to
the Applicant not later than (i) within 15 working days, if the Applicant
is a consumer, or (ii) within 20 working days, if the Applicant is not a
consumer. If the complaint cannot be reviewed during the time period
specified in this paragraph, the reviewing person must notify the person
who submitted the complaint, state circumstances of the delay and indicate
the deadline (that can be extended by the maximum of 35 working days) by
which the complaint will be reviewed and the Applicant will receive the
The Reviewing Person shall draw a response with due consideration to
circumstances established during the review and, if applicable, shall make
one of the following decisions:
To dismiss the complaint;
To partially satisfy the claims asserted in the complaint;
To fully satisfy the claims asserted in the complaint.
If during the review of the complaint the Applicant submitting the
complaint waives his claim in writing, the reviewing person shall terminate
the review of the complaint. In this case a relevant entry on waiving the
complaint and terminating the review of the complaint shall be made in the
Register of Complaints.
If the complaint is not satisfied or is satisfied only partially, the
Platform’s response must state the reasoning for the refusal to satisfy the
complaint and must indicate other remedies of defending the interests of
the Applicant or his represented person.
The response to the Applicant submitting the complaint must always be
provided in writing by sending it by mail or e-mail.
Reviewed complaints and all documentation must be kept in a separate
file and/or stored in the Platform’s electronic data storage system
following the procedure prescribed by the law, however at least 3 years
from the date of providing the final response to the Applicant.
V. COMPLAINT MANAGEMENT PROCESS CONTROL
The head of the customer service unit shall perform the complaint
management process control; he shall perform monitoring and ensure that the
complaint management process of the Platform is effective and efficient,
and shall submit his comments to the chief executive of the Platform
regarding the improvement of the process of reviewing complaints.
The head of the customer service unit shall submit proposals regarding
amendments of and additions to the complaints procedure.
To ensure a smooth process of reviewing complaints, the head of the
customer service unit shall:
Collect and analyse information about similar complaints in order to
identify the fundamental reason leading to such complaints;
Assess whether the fundamental reasons leading to such complaints can
be eliminated, and submit proposals to the chief executive of the Platform
regarding the elimination of reasons leading to complaints;
Develop an action plan for elimination of the fundamental reasons
leading to complaints;
Analyse disturbances disruptive to the process of reviewing
complaints and provide proposals regarding the improvement of this process;
Advise reviewing persons on uncertainties and issues raised in the
process of reviewing complaints.
Having assessed proposals submitted by the head of the customer service
unit regarding the improvement of the process of reviewing complaints, the
elimination of flaws and reasons leading to complaints, the chief executive
of the Platform shall make decisions on any amendment of the process of
reviewing complaints and approve the course of action to eliminate reasons
leading to complaints.
VI. REVIEWING COMPLAINTS IN OTHER COMPETENT AUTHORITIES
If the Applicant is considered to be a consumer and if he thinks that
his complaint was reviewed improperly, he shall be entitled to bring his
complaint to the Bank of Lithuania within one year. A complaint can be
submitted to the Bank of Lithuania:
By using an electronic instrument of reviewing complaints via
By filling in the Applicant’s form and sending it to the Supervision
Service of the Bank of Lithuania, Žirmūnų g. 151, LT-09128 Vilnius, e-mail: email@example.com;
By drawing up a free-format statement and sending it to the
Supervision Service of the Bank of Lithuania, Žirmūnų g. 151, LT-09128
Vilnius, e-mail: firstname.lastname@example.org.
Any Applicant who thinks that his complaint was reviewed improperly
shall have the right to appeal to a court of the Republic of Lithuania
following the procedure provided by the laws and regulations of the
Republic of Lithuania.
VII. FINAL PROVISIONS
This Procedure shall come into force as of its approval and the entry
of the Platform into the public list of crowdfunding platform operators,
and it can be amended by a resolution of the general manager of the
Company. Amendments of and/or additions to the Procedure shall come into
force as of the day following adoption thereof. The chief executive of the
Platform must ensure that the Platform’s officers are informed about
amendments of and/or additions to the Procedure on time.
The chief executive of the Platform and the head of the customer
service unit shall be responsible for the due implementation of the