Alternatives funds european privacy notice – investors and related parties
This Privacy Notice is directed at investors and related parties in Neuberger Berman’s alternative funds and their general partners domiciled or operating in the European Union, European Economic Area or the United Kingdom (where the Fund and General Partner is each a “Company”). The identity and contact details of the Company are as set out in the relevant subscription documents. For more information or confirmation of Company details, please contact your Neuberger Berman relationship manager.
In the course of running its business, the Company will collect and process the Personal Data (as defined below) of natural persons who are limited partners, applicants for interests, beneficial owners of limited partners and applicants for interests, personal representatives, financial advisors, directors, officers, employees, agents, trustees and / or authorised signatories of limited partners and applicants for interests (“Individuals” or “you”) and other information relating to the dealings of Individuals with the Company and / or its service providers. The Companies are each a separate “controller”, as defined under Data Protection Legislation (Regulation (Regulation (EU) 2016/679 of the European Parliament and the Council of 27 April 2016) and any applicable legislation relating to data protection and/or privacy.), because they each determine the means and purposes for which Personal Data is processed. This Privacy Notice explains how the Company will manage the Personal Data of such Individuals, why the Company uses it, and how Individuals may contact the Company in relation to the use of Personal Data.
Please note that where the Company needs to process Personal Data in connection with an Individual’s contract with the Company or in anticipation of an applicant for interests becoming a limited partner, or where the Company has a legal obligation to collect certain Personal Data relating to an Individual (for example, in order to comply with AML or other “know your customer” obligations), the Company will not be able to deal with the limited partner or applicant for interests if the Individual does not provide the necessary Personal Data and other information required by the Company.
“Personal Data” means any information which the Company has or obtains in relation to Individuals, or which an Individual provides to the Company or the Company’s service providers, such as their name, address, email addre, date of birth, from which that Individual can be directly or indirectly personally identified, and may include information such as identification and account numbers, professional information, tax identifiers and other financial data, residency information, and online identifiers. Some of this Personal Data may be “special category” Personal Data, such as data revealing racial or ethnic origin, political opinions, or trade union membership (“Special Category Personal Data”).
Use of Personal Data and Basis of Processing
The company will use the Personal Data:
- for the purposes of performing the contract with a limited partner, or in anticipation of an applicant for interests becoming a limited partner, namely:
- for the purposes of providing services to the limited partner, and setting up and administering the applicant’s or limited partner’s account(s), as the case may be;
- for the collection of subscriptions and payment of redemptions, distributions and dividends; and
- to deal with queries or complaints from limited partners;
- for compliance with the Company’s legal obligations, including::
- anti‐money laundering and anti‐terrorist financing (collectively “AML”) and fraud prevention purposes, including OFAC and PEP screening for these purposes and to comply with UN, EU and other applicable sanctions regimes;
- compliance with applicable tax and regulatory reporting obligations;
- where the Company is ordered to disclose information by a court with appropriate jurisdiction; and
- recording of telephone calls and electronic communications in order to comply with applicable law and regulatory obligations;
- where use is necessary for the purpose of a legitimate interest pursued by the Company, including:
- for day to day operational and business purposes;
- to take advice from the Company’s external legal and other advisors;
- board reporting and management purposes, including quality assurance; and
- in the event of a merger or proposed merger of the Company or any sub‐fund of the Company, or any other restructuring or reorganisation of the Company or any sub‐fund of the Company or relating to the assets of the Company or any sub‐fund of the Company;
- where use or sharing is necessary for the purpose of a legitimate interest pursued by Neuberger Berman AIFM S.à r.l or another company in the Neuberger Berman group of companies, or of a third party to which the Company provides the Personal Data, including:
- for day to day operational and business purposes;
- investor relationship management; and
- calculation and payment by the recipient of commissions and rebates;
- where use or sharing is necessary for the purpose of a legitimate interest pursued by the Company or Neuberger Berman AIFM S.à r.l or another company in the Neuberger Berman 3 group of companies, or of a third party to which the Company provides the Personal Data, namely to establish, exercise or defend its legal rights or for the purpose of legal proceedings;
- where an Individual has consented to use for a particular purpose. If an Individual gives consent for the Company to use their Personal Data for a particular purpose, that Individual has the right at any time to withdraw consent to the future use of their Personal Data for some or all of those purposes by contacting the Company as specified below.
The Company will not undertake automated decision‐making or profiling in relation to Individuals’ Personal Data.
Personal Data may be transferred outside of the European Economic Area (“EEA”) in connection with administering a limited partner’s account(s) and / or in anticipation of an applicant for interests becoming a limited partner, in accordance with an Individual’s instructions, where an Individual has explicitly consented, and / or as otherwise required or permitted by law.
To the extent that Personal Data is transferred outside of the EEA, it may be transferred to countries that the European Commission has approved as having Data Protection Legislation that are the same as or broadly equivalent to those in the EEA. However, some transfers may be to countries that do not have equivalent protections to those in the EEA, and in that case the Company shall ensure that it implements contractual protections for the transfer and use of the transferred Personal Data, to the extent that such protections are required by applicable Data Protection Legislation. Any transfers will be undertaken in accordance with applicable Data Protection Legislation, including through the implementation of appropriate or suitable safeguards in accordance with such applicable Data Protection Legislation.
For the avoidance of doubt, safeguards in the form of European Commission‐approved standard contractual clauses will be implemented where personal data is transferred by a service provider to a sub‐processor for processing. Please contact us if you wish to obtain more information on the appropriate safeguards. See "Contacting the Company" below.
The Company will not use Personal Data to send marketing materials if the Individual has requested not to receive them. If an Individual requests that the Company stops processing his/her Personal Data for marketing purposes, the Company shall stop processing his/her Personal Data for those purposes.
Special Category Personal Data
The Company may, in limited circumstances, collect and process Special Category Personal Data, for example, where required to do so for legal or regulatory purposes or if necessary for reasons of public interest (e.g. in connection with its obligations under applicable AML laws, the Company may need to verify whether an Individual is a politically exposed person) or where the Individual has provided the 4 Company with such information. Any Special Category Personal Data will only be used and disclosed, as necessary, for such purpose.
Third Party Providers of Information
The Company may obtain Individuals’ Personal Data from the relevant Individual. However, the Company may also obtain Personal Data relating to Individuals from someone other than that Individual. This may include Personal Data relating to beneficial owners, partners, directors, officers, employees, advisors or other related persons of an investor or of the person providing the Personal Data. The Personal Data may be obtained from a variety of sources, such as publicly available sources, financial advisors to investors, employers of Individuals, and / or direct and indirect service providers to the Company, such as vendors providing AML and sanctions checking databases. The person providing the information will be asked to warrant that it will only do so in accordance with applicable Data Protection Legislation, and that it will ensure that before doing so, the Individuals in question are made aware of the fact that the Company will hold information relating to them and that it may use it for any of the purposes set out in this Privacy Notice, and where necessary that it will obtain consent to the Company’s use of the information. The Company may, where required under applicable law, notify those individuals that it has been provided with their Personal Data and provide a copy of this Privacy Notice to them.
Recipients of the Personal Data
The Company will not disclose any Personal Data to any third party, except as outlined above and / or as follows:
- to enable the Company to carry out the obligations under the contract with a limited partner or in anticipation of an applicant for interests becoming a limited partner;
- to anyone providing a service to the Company or acting as the Company’s agent (which may include the distributors, the investment managers, any financial institutions providing finance to the Company;
- service providers who provide information technology and system administration services to the Company and the administrator or companies within their group of companies, and its or their sub‐contractor(s)), as processors, for the purposes of providing services to the Company and on the understanding that they will keep the Personal Data confidential;
- where Personal Data needs to be shared with the depositary appointed to the Company, in order to enable it to discharge its legal and regulatory obligations;
- where the AIFM administrator to the Company is subject to a separate legal obligation requiring it to act as controller of the Personal Data, including where it is required to use the Personal Data for the discharge of its own AML obligations, or where an Individual has otherwise consented to the Personal Data being shared with the AIFM or administrator for specific purposes;
- where the limited partner or applicant for interests is a client of Neuberger Berman, a third party financial advisor or investment manager, or a company within its or their group of companies, with such company or advisor for the purposes outlined above;
- where the Company needs to share Personal Data with its auditors, and legal and other advisors;
- in the event of a merger or proposed merger, any (or any proposed) transferee of, or successor in title to, the whole or any part of the Company’s business, and their respective officers, employees, agents and advisers, to the extent necessary to give effect to such merger;
- and the disclosure is required by law or regulation, or court or administrative order having force of law, or is required to be made to any of the Company’s regulators.
In any case where the Company shares Personal Data with a third‐party controller (including, as appropriate, Neuberger Berman AIFM S.à.r.l or other members of the Neuberger Berman group), the use by that third party of the Personal Data will be subject to the third party’s own privacy policies.
Updates to Personal Data
The Company will use reasonable efforts to keep Personal Data up to date. However, each Individual will need to notify the Company without delay in the event of any change in their personal circumstances, or those of the others mentioned above, so that the Company can keep the Personal Data up to date.
Retention of Personal Data
The Company is obliged to retain certain information to ensure accuracy, to help maintain quality of service and for legal, regulatory, fraud prevention and legitimate business purposes.
Personal data will be retained for no longer than is necessary for the purpose for which it was obtained by the Company or as required or permitted for legal, regulatory, fraud prevention and legitimate business purposes.
The Company (or its service providers on its behalf) will also retain records of telephone calls and any electronic communications for a period of five years.
An Individual’s Rights in relation to Personal Data
An Individual may at any time, and within the limits of the applicable legal obligations of the Company, request information about how the Company uses and shares his/her Personal Data and may access their Personal Data. This right can be exercised by contacting the Company as specified below. An Individual also has the right to correct any inaccuracies in, and in certain circumstances, to request erasure, or restriction on the use, of their Personal Data, and to object to certain uses of their Personal Data, in each case subject to the restrictions set out in the applicable Data Protection Legislation.
Further information on these rights, and the circumstances in which they may arise in connection with the Company’s processing of Personal Data can be obtained by contacting the Company as specified below.
In any case where the Company is relying on an Individual’s consent to process their Personal Data, that Individual has the right to change their mind and withdraw consent by contacting the Company as specified below.
Where the Company is relying on a legitimate interest of the Company, a member of the Neuberger Berman group of companies or a third party recipient of the Personal Data in order to use and disclose Personal Data, an Individual is entitled to object to such use or disclosure of their Personal Data, and if he /she does so, the Company will cease to use and process the Personal Data for that purpose unless the Company can show there are compelling legitimate reasons for it to continue or it needs to use the Personal Data for the purposes of legal claims.
An Individual also has the right to lodge a complaint about the processing of their Personal Data by the Company with the National Commission for Data Protection (CNPD), www.cnpd.public.lu or with the data protection supervisory authority in their local EU member state.
Contacting the Company
Any queries or complaints regarding the use of the Personal Data should be addressed to your Neuberger Berman relationship manager in the first instance.
Dated 17 July 2020
We reserve the right to amend this Privacy Notice at any time without notice.
To learn more how your we use your data, please visit: https://www.nb.com/nbeuropeprivacynotice