This notice sets out how Polar Capital Funds plc (the “Fund”) will, with effect from 25 May 2018, process personal information (as a data controller) and how the Administrator and Investment Manager as data controllers in their own right will process personal information in certain circumstances.
Where your details are provided to the Fund as a consequence of your investment in the Fund, then the Fund, acting as a data controller may itself (or through a third party such as Northern Trust International Fund Administration Services (Ireland) Limited (the “Administrator”) acting in its capacity as the Fund’s administrator) process your personal information or that of your directors, officers, employees and/or beneficial owners. Polar Capital LLP (the “Investment Manager”) may also process incidental personal information of yours or that of your directors, officers, employees and/or beneficial owners on behalf of the Fund acting in its capacity as the Fund’s appointed Investment Manager.
When processing your personal information, there may also be times where the Administrator or the Investment Manager will act as a data controller. In circumstances where the Administrator or Manager acts as a data controller in respect of the information that has been provided to it by you, all rights afforded to you as a data subject under Regulation 2016/679 (the “GDPR”) shall be exercisable by you solely against the Administrator or the Investment Manager as appropriate.
In connection with this, please note the following:
Purposes of Processing and Legal Basis for Processing
Your personal data may be processed by the Fund, Administrator or Investment Manager (or any of their affiliates, agents, employees, delegates or sub-contractors) for the following purposes:
- for the ongoing management and administration of your holdings in the Fund and any related account (the “Services”) which are necessary for the performance of your contract with the Fund, including without limitation the processing of redemption, conversion, transfer and additional subscription requests and the payment of distributions;
- in order to carry out anti-money laundering checks and related actions which the Fund, the Administrator, or the Investment Manager considers appropriate to meet any legal obligations imposed on the Fund, the Administrator or the Investment Manager relating to, or the processing in the public interest or to pursue the Fund’s, the Administrator’s or the Investment Manager’s legitimate interests in relation to, the prevention of fraud, money laundering, terrorist financing, bribery, corruption, tax evasion and to prevent the provision of financial and other services to persons who may be subject to economic or trade sanctions, on an on-going basis, in accordance with the Fund, the Administrator's or the Investment Manager’s anti-money laundering procedures;
- to report tax related information to tax authorities in order to comply with a legal obligation;
- to monitor and record calls and electronic communications for (i) processing and verification of instructions, (ii) investigation and fraud prevention purposes, (iii) for crime detection, prevention, investigation and prosecution, (iv) to enforce or defend the Fund and its affiliates', itself or through third parties to whom it delegates such responsibilities or rights in order to comply with any legal obligation imposed on the Fund, (v) to pursue the Fund’s legitimate interests in relation to such matters or (vi) where the processing is in the public interest;
- to disclose information to other third parties such as service providers of the Fund, auditors, regulatory authorities and technology providers in order to comply with any legal obligation imposed on the Fund, the Administrator or the Investment Manager, or in order to pursue the legitimate interests of the Fund, the Administrator or the Investment Manager;
- to monitor and record calls for quality, business analysis, training and related purposes in order to pursue the legitimate interests of the Fund to improve its service delivery;
- to retain AML and other records of individuals to assist with the subsequent screening of them by the Administrator including in relation to other funds or clients of the Administrator in pursuance of the Administrator's legitimate interests. Any such re-use of AML data by the Administrator is only done at the relevant shareholders written request;
and which are necessary to comply with the Fund’s, the Administrator’s or the Investment Manager’s legal obligations and/or which are necessary for the Fund’s, the Administrator's or the Investment Manager’s legitimate interests indicated above at points 2), 4), 5), 6) and 7) and/or the processing is in the public interest.
Please note that where your personal data is processed for purposes of legitimate interests as indicated above, you have a right to object to such processing and the Fund and its appointed service providers will no longer process the personal data unless it can be demonstrated that there are compelling legitimate grounds for the processing which override your interests, rights and freedoms or for the establishment, exercise or defence of legal claims.
Recipients of Data and International Transfer of Data
The Fund may disclose your personal information as follows:
- to its service providers, including the Administrator and the Investment Manager, and their affiliates, and other third party service providers engaged by the Fund in order to process the data for the above mentioned purposes;
- to competent authorities (including tax authorities), courts and bodies as required by law or requested or to affiliates for internal investigations and reporting.
The disclosure of personal information to the third parties set out above may involve the transfer of data to the USA, India and the Phillipines and other jurisdictions outside the European Economic Area (EEA) in accordance with the requirements of the GDPR.
Such countries may not have the same data protection laws as your jurisdiction. The Fund has authorised the Administrator and the Investment Manager as its agent to put in place ‘standard contractual clauses’, i.e. contract provisions that have been pre-approved by the EU Commission as contractually guaranteeing an “adequate level of protection”, with relevant parties to whom personal data will be transferred.
Please contact Polar_TA@ntrs.com and firstname.lastname@example.org for copies of the Standard Contractual Clauses that have been entered into on behalf of the Fund.
The Fund and the Administrator will retain your personal information for as long as required for the Fund or the Administrator to perform the Services or perform investigations in relation to same being at least six years after the period of your investment has ended or the date on which you had your last transaction with the Fund unless otherwise requested by any applicable regulatory authority. The Investment Manager will retain your personal information for such period of time as may be required by Irish legal and regulatory requirements, being at least six years after the period of your investment has ended or the date on which you had your last transaction with the Fund.
Data Subject Rights
With effect from 25 May 2018, under the GDPR you have the following rights, in certain circumstances, in relation to your personal information:
- Right to access your personal information.
- Right to rectify your personal information.
- Right to restrict the use of your personal information (in certain specific circumstances).
- Right to request that your personal information is erased (in certain specific circumstances).
- Right to object to processing of your personal information (in certain specific circumstances).
- Right to data portability (in certain specific circumstances).
Where the Fund or the Administrator requires your personal information to comply with the Fund’s AML or other legal requirements, failure to provide this information means we may be prohibited from making redemption or any applicable dividend payments to you and/or or to the extent that the Fund does accept your application and the required personal information is not provided within the specified timeframe, we may be required to discontinue our business relationship with you.
You have the right to lodge a complaint with a supervisory authority in the EU Member State of your habitual residence or place of work or in the place of the alleged infringement if you consider that the processing of personal data relating to you carried out by the Fund or its service providers infringes the GDPR.
How to contact us
If you have any questions about the use of your personal information by or on behalf of the Fund, please contact the Fund at email@example.com or contact (+44) 020 7227 2700.
If you have any questions about the Administrator’s use of your personal information for its own purposes, please contact Northern Trust Transfer Agency using the following contact details:
Tel: +353 1 434 5007
If you have any questions about the Investment Manager’s use of your personal information for its own purposes, please contact Polar Capital at the following contact details:
Tel: (+44) 020 7227 2700