European Union General Data Protection Regulation(“GDPR”) and New Federal Act on Data Protection (“nFADP”) Privacy Notice
This privacy notice is being provided to you to let you know how Flexstone Partners looks after your personal information and about our compliance with the requirements of GDPR and nFADP, respectively the European Union (“EU”) and Swiss regulations to strengthen data protection for individuals within the EU and Switzerland. It also addresses the exporting of personal information outside the EU and Switzerland. Personal Information includes what you tell us about yourself and what we learn by communicating with you and, if applicable, as an investor in funds managed by Flexstone Partners (the “Funds”). This notice also describes the purposes for which we may utilize your personal information. Flexstone Partners 1) takes its obligation to safeguard personal information seriously and will protect the confidentiality of such information whether or not an individual currently owns shares of the Funds; 2) has implemented procedures designed to restrict access to personal information to our personnel who need to know that information to provide products or services and 3) maintains physical, electronic and procedural safeguards to guard personal information and promises to keep your information safe, private and to not sell it. Below are disclosures in line with GDPR and nFADP requirements regarding personal information maintained and processed by Flexstone Partners. Please be informed that this Notice applies to “Personal Information”, information relating to a person who can be identified, either alone or in combination with other information available to us, solely when the processing of that Personal Information is governed by the GDPR or the nFADP and notably when the identified person is a resident of the EEA or Switzerland.
- Why are you collecting my personal information?
Flexstone Partners collects your personal information to fulfil its books and records, operational, legal and compliance responsibilities as an investment manager of the Funds, which would include, if you are an investor in the Funds or in the separate accounts, negotiating and entering into fund subscription agreement(s) with you. We also use your information to send you marketing materials. Such information is utilized for the following purposes: communication with you within the scope of our doing business including requesting information from you and providing requested information to you; performing our obligations under agreements to which we are a party and for investors in the Funds or in the separate account, performing our legal and regulatory obligations ; conducting Anti‐Money Laundering (“AML”) and Know Your Client (“KYC”) verifications, as applicable; maintaining, improving and developing our communications with you and for investors, providing information about performance; collecting and disbursing fees and payments; managing, protecting against and investigating fraud, risk exposure, claims and other liabilities, including but not limited to violations of laws or regulations; providing marketing materials to you, and tailoring the content of our communications with you; as applicable, operating, evaluating, maintaining, improving and developing our services to you; sharing your personal information with third parties in the event Flexstone Partners is involved in a merger, acquisition, or sale of all or a portion of its assets, in which case, personal information held by us about you may be one of the transferred assets; maintaining accounting records; and forwarding emails and other information from you that may contain your professional information and other personal data, as applicable.
- How are you collecting it?
The information collected includes the information required to comply with legal and regulatory requirements and best service your communication with us. If applicable, the information collected includes the information required to comply with investor subscription agreements and ancillary information needed to accept the subscription, manage the investment, comply with legal requirements and best service your relationship with us. This information may come from other, non‐public sources such as applications and other forms, from other written, electronic or verbal correspondence and/or from a brokerage or financial advisory firm, financial adviser or consultant.
- Who is collecting it?
The information is collected by the Flexstone Partners employees who communicate with you, as needed and applicable, to provide specific services or as otherwise permitted by law or set forth in this privacy notice. If applicable, the information is collected by Flexstone Partners’s Investor Relations area as part of the investor intake/onboarding. It may also be collected by Flexstone Partners Accounting and Reporting, Investments, Tax, Corporate, Legal and Compliance, as needed and applicable.
- What personal information is being collected?
Flexstone Partners may collect, as applicable, the following categories of personal information:
- Identifiers (i.e. your name, email address(es), civil status, identification data, identification images)
- Finances (i.e. your income, your assets, your tax status, marital status)
- Banking information (i.e. your bank account details to place/receive wire transfers from/to you)
- Contact information (i.e. your phone number and address)
- Other information required by applicable laws and regulations (i.e. your domicile, nationality)
- Entity documents (i.e. trust, corporate, partnership, benefit plan, foundation, indicia of ownership, signatory list (including approved signature specimens).
- What are the lawful grounds for why you are collecting it?
All processing and use of your personal information is justified by a “lawful ground” for processing, as set out below:
- Compliance with relevant legal obligations:
- Conducting KYC and AML verifications;
- Maintaining accounting records.
- As applicable, negotiating and entering into Fund subscription agreement(s) and performing the Fund subscription agreement:
- As applicable, to provide Fund investors information about Fund Performance
- As applicable, collect and disburse fees and payments
- Our legitimate interests:
- To maintain, improve and develop our communications with you, as applicable, and to tailor the content of our communications with you;
- To manage, protect against and investigate fraud, risk exposure, claims and other liabilities, including, but not limited to, violation of laws or regulations;
- To share your personal information data with third parties in the event Flexstone Partners is involved in a merger, acquisition, or sale of all or a portion of its assets, in which case personal information data held by us about you may be one of the transferred assets.
- Compliance with relevant legal obligations:
- Do you plan to share my personal information?
Flexstone Partners will share your information when it is legitimate, legal and for the purpose of fulfilling contracts. In the normal course of serving Fund investors, information we collect may be shared with companies that perform various services such as transfer agents (allowing funds to be sent and received from/to Funds and investors), Fund administrators (to keep track of information, produce and distribute reports, etc.); and to custodians (to safeguard cash). We may also retain nonaffiliated companies (i.e. placement agents/paid solicitors) to assist us in presenting our products to prospective investors, pursuant to an agreement in compliance with the Investment Advisers Act. We may also provide personal and account information to a Fund investor’s brokerage or financial advisory firms and/or to its financial adviser or consultant, but only with the consent of the investor. It is our policy not to disclose any personal or accounting information provided by the Fund investors or gathered by us to nonaffiliated third parties, except as required by law and described in this privacy notice. We do not share information about former Fund investors with third parties. The types of companies referenced above, as may be applicable, have access to Fund investors’ contact and account information, but are permitted to use the information solely to provide the specific service.
- Do you send my personal information overseas?
Flexstone Partners is located in the United States, France, Switzerland, and Singapore. Personal information we collect from you will be processed in Europe, in the United States and as applicable in India, in countries which the EU regulators have not determined provide adequate protection to personal data, to perform contracts and transfers of personal information pursuant to EU approved standard contractual clauses or, as applicable, the EU–US Privacy Shield. Your information rights entitle you to receive a copy of the clauses by which your personal information is transferred outside of the EU by contacting us.
- How long will you store it?
We store your personal information to service our clients, relationships and contracts and, as required by applicable laws and regulations and during the relevant statute of limitations, during which claims may be raised that may implicate your personal information. Books and records are required to be maintained by Flexstone Partners.
- Must I provide it?
Your personal information may be required for us to conduct our business or as required under applicable law. Such information would be required at the time of investor onboarding or the onboarding of an investment being made by our Funds and from time to time (i.e. to communicate a change in address, other contact information, etc.) Regarding investors in Funds managed by Flexstone Partners, investor personal information is required for us to enter into a subscription agreement with investors, or is required under applicable law (such as to perform KYC and Anti‐Money Laundering verifications). Such information would be required at the time of investor onboarding and from time to time (i.e. for you to change the bank account you have designated, to communicate a change in tax situation, change in address, other contact information, etc.) Not providing such information to us could result in our inability to provide requested services or products.
- What is the information’s origin when not from the individual?
We obtain information from third party providers regarding persons subject to sanction regimes. See also #3, above, “Who is collecting it?”
- What are my rights?
- Right to Access
You have the right to request access to your personal information and additional information about the processing of your personal information.
- Right to Correct (Rectification)
You are entitled to have any inadequate, incomplete or incorrect personal information currected (that is, rectified). You also have a responsibility to ensure that changes in your personal circumstances are promptly notified to us so that we can ensure that your personal information is up-to-date.
- Right to Erasure
You are entitled to have your personal information erased under specific circumstances, such as where you have withdrawn your consent, where you object to processing based on legitimate interests and we have no overriding legitimate grounds (see below) or where personal information is unlawfully processed.
- Right to Portability
Where we are relying (as the lawful ground for processing) upon your being notified by this this privacy notice, or that the processing is necessary to perform a contract to which you are party or to take steps, at your request, prior to entering into a contract and the personal information is processed by automated means, you have the right to receive all such personal information which you have provided to us in a structured, commonly used and machine readable format and to require us to transmit it to another controller where technically feasible.
- Right to object to processing (including profiling) based on legitimate interest grounds
Where we rely upon legitimate interest as the lawful ground for processing your personal information, we believe that we can demonstrate such compelling legitimate grounds, notably, because in order to protect Flexstone Partners and the wider financial system, we must manage, protect against and investigate fraud, risk exposure, claims and other liabilities in relation to our Funds. Where we are relying upon legitimate interests to process personal information, you have the right to object to that processing. If you do object, we must stop such processing unless we can demonstrate compelling legitimate grounds for the processing that override your interests, rights and freedoms, or we need to process the personal information for the establishment, exercise or defense of legal claims. We will consider any objection on an individual basis.
- Right to object to direct marketing (including profiling)
You have the right to object to our use of your personal information (including profiling) for direct marketing purposes (i.e. when we use your personal information to send you information about our investment opportunities or invite you to a promotional event).
- Right to Restriction
You may object to further processing of your personal information in the following circumstances:
- Where you object to the accuracy of your personal information, until we have taken sufficient steps to correct your personal information or verify its accuracy;
- Where the processing is unlawful but you do not want us to erase the personal information;
- Where we no longer need your personal information for the purposes of the processing but you require such personal information for the establishment, exercise, or defense of a legal claim;
- Where you have objected to processing based on legitimate interest grounds, pending verification as to whether we have compelling legitimate grounds to continue processing.
- Right to Access
Should your personal information be subject to restrictions (which means that we will only store the information), we will only process restricted information with your consent or for the establishment, exercise or defense of legal claims.
- Right to Lodge a Complaint
You have the right to lodge a complaint with the supervisory authority of your habitual residence, place of work or place of alleged infringement.
- Right to Withdraw a Consent
In the event your personal information is processed on the lawful ground of your consent, you have the right to withdraw consent at any time, without affecting the lawfulness of processing based on consent before its withdrawal.
- How to exercise your rights?
To exercise your rights, please contact the person responsible for Data Protection indicating, last name, first name, contact details and providing a copy of your identity document.
Flexstone Partners Paris
5/7 rue Monttessuy
75007 Paris France
Flexstone Partners Genève
Chemin du Blandonnet 8