2025.01.20

This Code of Ethics outlines the principles and standards of conduct expected from all members of the Lithuania Family Wealth Managers Association („LISTVA” or Association).

The purpose of this Code is to promote integrity, confidentiality, and the non-commercial nature of exchanges of information, as well as professionalism and collaboration within the Lithuanian Family Wealth

Managers, Family offices, or Asset Managers community, whose primary aim is to grow wealth for families across generations.

By choosing to join LISTVA, all member organizations agree to uphold the principles of this Code of Ethics and commit to respecting them at all times.

I. Professionalism

• Commitment to Integrity: Members shall demonstrate the highest standards of integrity, transparency, and ethical behavior in all interactions, both within LISTVA and in their external dealings.
• Professional Conduct: Members are expected to maintain professional behavior, contributing positively to the reputation and credibility of the Association and its other members.
• Confidentiality: Members must protect the confidentiality of information related to LISTVA, its members, and their clients. This includes, but is not limited to, contact details of other members or their representatives. Under no circumstances should confidential information be disclosed or used for purposes unrelated to LISTVA objectives, including commercial or marketing activities.
• Loyalty and Priority of the Clients’ Interests: Members owe a duty of loyalty to the clients. They must under all circumstances give priority to the clients’ interests and ensure that they are treated fairly and equitably.
• Compliance: all Members participating in the activities of the LISTVA must comply with the requirements of applicable laws and good practices. Members must not propose to the client or employer, nor engage in actions themselves, that would unlawfully influence government authorities, legislation, officials, or the media.
• Fair competition: Members are required to follow competition law requirements when participating in LISTVA activities and (or) representing LISTVA. This involves ensuring that all activities are conducted in a manner that promotes fair competition and avoids any practices that could be considered anti-competitive. Members must avoid engaging in any agreements or practices that could restrict competition or create unfair advantages in the market.

II. Participation and Engagement

• Members shall actively participate in the activities of the Association and contribute to the achievement of its goals. Engagement in committees, events, and initiatives is strongly encouraged to foster a collaborative environment.
• Members are encouraged to share knowledge and expertise to promote best practices within the Family Wealth Managers’ community, thereby contributing to the overall development and success of its members and the industry. Verified by MarkSign.ltIII. Protection of the Interests of LISTVA and its Members
• Reputation and Image: Members shall refrain from actions that could harm the reputation, image, or interests of the Association or its members. Any behavior that could potentially damage their standing must be avoided.
• Conflict of Interest: Members are required to disclose any potential or actual conflicts of interest to LISTVA’s Chairman of the Board of Directors as soon as they arise. The Chairman must inform the Board of any difficulties or challenges that could impact the member’s ability to fulfill their responsibilities to the Association. The individual shall not participate in any discussion, voting, or any other action that could influence the decision-making process within or outside of that meeting.

IV. Governance and Representation

• Authorized Representation: Members must not speak publicly on behalf of LISTVA without prior written authorization from the Chairman of the Board. Unauthorized communication may result in disciplinary action.
• Compliance with Laws and Regulations: Members shall comply with all applicable national and international laws and regulations, as well as the rules and policies established by LISTVA. Non- compliance will be addressed through appropriate disciplinary measures.
• Accountability: Members are accountable for their decisions and actions to the Board (whether directly or, for most individuals, indirectly) and the Board is accountable ultimately, to the membership of the LISTVA, and must therefore submit themselves to whatever scrutiny is appropriate to their office or role.

V. Collaboration and Respect

• Respectful Interaction: Members are expected to interact with one another respectfully, acknowledging the diverse perspectives and backgrounds within LISTVA. Discrimination, harassment, or any form of disrespectful behavior will not be tolerated.
• Supportive Environment: LISTVA promotes a supportive, diverse, and inclusive environment where members can collaborate, share knowledge, and support each other’s growth and success.
• Openness: Members should be as open as possible about all the decisions and actions that they take. They should give reasons for their decisions and restrict information only when other specific interests, such as the sensitivity of the matter being dealt with or personal confidentiality, clearly demand.

VI. Commitment to Excellence

• Continuous Improvement: Members and their representatives are encouraged to pursue continuous personal and professional development, ensuring that their knowledge and skills remain current and relevant in a rapidly evolving industry. By prioritizing a commitment to excellence, each Verified by MarkSign.ltmember contributes to the credibility and success of the Association, ultimately benefiting clients and upholding the reputation of the Family Wealth Management profession.
• As Family Wealth Managers and Family Offices, members must ensure that their services are informed by the latest developments in financial planning, investment strategies, tax planning, succession planning, and other key areas of Family Wealth Management. This commitment to excellence encompasses not only technical expertise but also ethical conduct, customer service, and the ongoing development of skills and knowledge.

VII. Enforcement and Compliance

• Disciplinary Actions: Breaches of this Code of Ethics will be addressed by LISTVA’s Board Members. Disciplinary actions may include warnings, suspension, or termination of membership, depending on the severity of the violation.
• Reporting Violations: Members are encouraged to report any suspected violations of this Code of Ethics to maintain a safe and collaborative environment. All reports will be treated with confidentiality and addressed promptly.

VIII. Non-Compete Clause for Members

• Members of the LISTVA agree not to engage in, or assist any other individual or organization in, any business or activity that directly competes with the objectives or services of the Association during the term of their membership and for a specified period thereafter, within a defined geographic region.
• This prohibition includes, but is not limited to soliciting clients, or using proprietary knowledge and practices gained through Association membership for personal gain or the benefit of competitors.
• The intent of this non-compete clause is to protect the integrity, reputation, and interests of the LISTVA and its members, ensuring that the collaborative, ethical, and professional environment is upheld at all times.

VII. Amendments

• Review and Updates: This Code of Ethics will be reviewed as necessary by LISTVA’s Board Members to ensure it remains relevant and effective. Amendments may be made as needed, with members duly informed of any changes.
• This Code of Ethics defines the rules that apply to all members and participants of LISTVA, fostering a community built on trust, respect, and shared values. By adhering to these principles, members contribute to the integrity and success of the Association.

Approved by the Board Members on January 20, 2025

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