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Privacy Policy

 

This Privacy Notice applies to Barings LLC and its global subsidiaries (collectively “we”, “our” or “Barings”). We appreciate the importance of protecting your personal and financial information and this Privacy Notice is provided to help you understand what information we gather about you, what we use it for, and with whom we share that information.

Barings entities are predominantly involved in the management of investment funds (each the “Manager”) and investment funds within Barings’ investment fund ranges (each the “Fund”) will collect and process the Personal Information of registered shareholders or unitholders, applicants for shares or units, beneficial owners of registered shareholders or unitholders and applicants for shares or units, personal representatives, directors, officers, employees, agents, trustees and / or authorised signatories of registered shareholders or unitholders and applicants for shares or units (being natural persons) (“Individuals”) and other information relating to the dealings of Individuals with the Fund and / or its service providers. 

Personal Information means any information about an Individual which the Manager or the Fund has or obtains, or which an Individual provides to the Manager, the Fund or the Fund’s service providers, such as his / her name, address, email address, date of birth etc., from which that Individual can be directly or indirectly personally identified, and can include information such as identification and account numbers and online identifiers. In jurisdictions and for data governed by the EU General Data Protection Regulation (2016/679) (“GDPR”), this type of information is known as “Personal Data”. In other jurisdictions including the US, such information that can personally identify an individual is referred to as “Personally Identifiable Information (“PII”).  

This Personal Information may also include Sensitive Personal Information which needs to be safeguarded to a higher level of security. In jurisdictions and for data governed by GDPR, this type of information is known as “Special Categories of Personal Data” (previously “sensitive Personal Data”) and specifically relates to an Individual’s race, ethnicity, health, political opinions, trade union membership, as well as Personal Data related to criminal matters. In other jurisdictions including the US, Sensitive Personal Information is known as “Sensitive PII” and can include  social security numbers, bank account numbers, passport information, healthcare related information, medical insurance information, credit and debit card numbers, drivers license and state ID information.

Where the Manager or the Fund needs to process Personal Information in connection with a registered shareholder’s or unitholder’s contract with the Fund or Manager in respect of a Fund or in anticipation of an applicant for shares or units becoming a registered shareholder or unitholder, or where the Manager or the Fund has a legal obligation to collect certain Personal Information relating to an Individual (for example, in order to comply with anti-money laundering and anti-terrorist financing (collectively “AML”) obligations), the Fund will not be able to deal with the registered shareholder or unitholder or applicant for shares or units if the Individual does not provide the necessary Personal Information and other information required by the Manager or the Fund.

 

Use of Personal Information and Basis of Processing

The Manager and the Fund will use the Personal Information:

  1. for the purposes of performing the contract with a registered shareholder or unitholder, or in anticipation of an applicant for shares or units becoming a registered shareholder or unitholder, namely:
    1. for the purposes of providing services to the registered shareholder or unitholder, and setting up and administering the applicant’s or registered shareholder’s or unitholder’s account(s), as the case may be;
    2. for the collection of subscriptions and payment of redemptions, distributions and dividends;
    3. in the event of a merger or proposed merger of the Fund or any sub-fund of the Fund, or for any other restructurings;
    4. to deal with queries or complaints from registered shareholders;
  2. for compliance with the Manager’s legal obligations regarding the Fund and / or the Fund’s legal obligations, including:
    1. AML and fraud prevention purposes, including OFAC and PEP screening for these purposes and to comply with UN, EU and other applicable sanctions regimes;
    2. compliance with applicable tax and regulatory reporting obligations;
    3. where the Manager or the Fund is ordered to disclose information by a court with appropriate jurisdiction;
    4. recording of telephone calls and electronic communications in order to comply with applicable law and regulatory obligations, where applicable;
  3. where use is for a legitimate purpose of the Manager or the Fund, including:
    1. for day to day operational and business purposes;
    2. to take advice from the Manager’s and the Fund’s external legal and other advisors;
    3. board reporting and management purposes, including where required, for quality assurance;
  4. where an Individual has consented to use for a particular purpose. If an Individual gives consent for the Manager or the Fund to use his / her Personal Information for a particular purpose, that Individual has the right at any time to withdraw consent to the future use of his / her Personal Information for those purposes by writing to the address specified below.

Neither the Manager nor the Fund will disclose any Personal Information to any third party, except as outlined above and / or as follows:

  1. to enable the Manager and the Fund to carry out the obligations under the contract with a registered shareholder or in anticipation of an applicant for shares or units becoming a registered shareholder or unitholder;
  2. to anyone providing a service to the Fund or acting as the Manager‘s or the Fund’s agent (which may include the Investment Manager and companies within its group of companies, the administrator and its or their sub-contractors), as data processors, for the purposes of providing services to the Fund and on the understanding that they will keep the Personal Information confidential as required by applicable data privacy laws;
  3. where Personal Information needs to be shared with the depositary appointed to the Fund, in order to enable it to discharge its legal and regulatory obligations;
  4. where the administrator to the Fund is subject to a separate legal obligation requiring it to act as controller of the Personal Information, including where it is required to use the Personal Information for the discharge of its own AML obligations including AML ID verification or reporting suspicious activity, or where an Individual has otherwise consented to the Personal Information being shared with the administrator for specific purposes;
  5. where the registered shareholder or unitholder or applicant for shares or units is a client of the Investment Manager or a company within its group of companies, with such company for any other purposes agreed with an Individual;
  6. where the Manager or the Fund needs to share Personal Information with its and the Fund’s auditors, and legal and other advisors;
  7. 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 Fund’s business, and their respective officers, employees, agents and advisers, to the extent necessary to give effect to such merger;
  8. 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 Manager’s or the Fund’s regulators.

Neither the Manager nor the Fund will otherwise share Personal Information with any other third party not listed above, unless it receives the prior written consent of the relevant Individual to do so.

In any case, where the Manager or the Fund shares Personal Information with a third party data controller (including, as appropriate, the Fund’s service providers), the use by that third party of the Personal Information will be subject to the third party’s own privacy policies.

International transfers
For individuals in the EU: please note your Personal Information may be transferred to countries outside the European Economic Area (the “EEA”) in connection with administering your registered shareholder’s or unitholder’s account(s) and / or in anticipation of your application for shares or units being accepted and you becoming a registered shareholder or unitholder, in accordance with the registered shareholder or unitholder  instructions, consent  or as otherwise required or permitted by law, and those countries may not provide the same level of data protection. Transfers to many of these  countries will be permitted by law if the country in question is on the European Commission's list of countries providing "adequate protection"[1] (this includes US companies[2] that have voluntarily signed up to the EU-U.S. or Swiss-U.S. Privacy Shield) for Personal Information. However, some transfers may be to countries which do not have equivalent protections, and in that case, the Manager and the Fund shall use reasonable efforts to implement contractual protections for the Personal Information, in the form of EU Commission approved standard contractual clauses. While this may not always be possible, where the Manager or the Fund is required to transfer the Information in order to comply with and perform a contract or it has a legal obligation to do so, any transfers will be done by implementation of appropriate or suitable safeguards in accordance with applicable laws including those relating to data privacy and security.  Further information in relation to specific international transfers can be obtained by writing to the Company at the address specified below.

Sensitive Information
The Manager and the Fund may, in limited circumstances, collect and process Special Categories of Personal Information as well as Personal Information relate to criminal matters, in connection with its obligations under applicable AML laws, which will only be used and disclosed, as necessary, for such purpose.

Information about an Individual received from a Third Party 
Where the Manager or the Fund is provided with Personal Information relating to Individuals by someone other than that Individual, such as a beneficial owner, partners, directors, officers, employees, advisors or other related persons, the person providing the information will be asked to warrant that it will only do so in accordance with applicable data protection laws, and that it will ensure that before doing so, the Individuals in question are made aware of the fact that the Manager and the Fund 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, has obtained the Individual’s consent to the Manager’s and the Fund’s use of the information.  The Manager and the Fund may, where required under applicable laws, notify Individuals whose personal information was received indirectly from a third party, that the Barings Fund in question, holds their Personal Information and provide a copy of this Privacy Notice to them.

Updates to Personal Information
The Manager and the Fund will use reasonable efforts to keep Personal Information up to date.  However, the Manager (and the Fund via the Manager) must be notified, without delay, of any change in an Individual’s personal circumstances by the Individual or the person that provides such information on behalf of the Individual. 

Retention of Personal Information
The Manager and the Fund are obliged to retain certain information to ensure accuracy, to help maintain quality of service and for legal, regulatory, fraud prevention and legitimate business purposes. 

They are obliged by law to retain AML related identification and transaction records for six (6) years from the end of the relevant investor relationship or the date of the transaction respectively. 

Other information will be retained for no longer than is necessary for the purpose for which it was obtained by the Manager and the Fund or as required or permitted for legal, regulatory, fraud prevention and legitimate business purposes. In general, the Manager and the Fund (or its service providers on its behalf) will hold this information for a period of seven (7) years, unless it is obliged to hold it for a longer period under law or applicable regulations.

The Manager and the Fund may also retain records of telephone calls and any electronic communications for a period of five (5) years and, where requested by the Irish Central Bank or any other relevant regulatory entity, for a period of up to seven (7) years, or as required by relevant local laws including those relating to data privacy and security.

An Individual’s Rights in relation to Personal Information
An individual may at any time request a copy of his / her Personal Information from the Manager or the Fund. 

An individual also has the right to correct any inaccuracies in, and in certain circumstances, to request erasure, or restriction on the use, of his / her Personal Information, and to object to certain uses of his / her Personal Information, in each case subject to the restrictions set out in applicable data protection laws. 

In any case where the Manager or the Fund is relying on an Individual’s consent to process his / her Personal Information, the Individual has the right to change his / her mind and withdraw consent by writing to the address specified below. 

Where the Manager or the Fund is relying on a legitimate purpose of the Manager or the Fund in order to use and disclose Personal Information, an individual is entitled to object to such use of his / her Personal Information, and if he /she does so, the Manager and the Fund (as applicable) will cease to use and process the Personal Information for that purpose unless the Manager or the Fund can show there are compelling legitimate reasons for it to continue or it needs to use the Personal Information for the purposes of legal claims. 

In limited circumstances, an Individual may also have the right to data portability in respect of certain of his / her Personal Information, which means he / she can request that the Manager (and the Fund via the Manager) provide a copy of his disclosable Personal Information, to him / her or his / her third party nominee.

An Individual also has the right to lodge a complaint with the relevant Supervisory Authority about the processing of his / her Personal Information by the Manager and the Fund. 

To exercise any of these rights, please send confirmation of your request, by email or post, to the Data Privacy Manager at the address below, specifying which Barings Fund the request relates to and providing any other relevant identifying information.

Barings Data Privacy Manager, 155 Bishopsgate, London EC2M 3XY, UK. DPM@Barings.com  

This version dated: [  ] August 2018

 

[1] https://ec.europa.eu/info/law/law-topic/data-protection_en

[2] https://www.privacyshield.gov/list