Privacy Notice of TEAM Asset Management


Introduction

Personal data is data which by itself, or with other data available to us, can be used to identify a person. Each company in the TEAM group of companies is a data processor and sometimes a data controller depending on the circumstances. This data protection statement sets out how we will use personal data. We can be contacted at Royal Court Chambers, 10 Hill Street, St Helier, Jersey, JE2 4AU if a data subject has any questions.

The TEAM group of companies processes data for the purposes of providing regulated financial services, namely investment management services, to our customers including trustees of trusts and companies. This notice relates to the use of personal data provided to us by our clients and related parties such as settlors and beneficiaries.

The types of personal data we collect and use

We will use personal data for the reasons set out below and in particular in order to provide services for our clients. The sources of personal data collected are mentioned in this notice. The personal data we collect may include:

  • Full name and personal details, including contact information (e.g. home and business address and address history, email address, home, business and mobile phone numbers)
  • Date of birth;
  • Financial information (e.g. assets, sources of wealth, salary and details of other income, social security information, tax information and details of bank accounts); and
  • Education and employment details/employment status for anti-money laundering and customer due diligence purposes.

Monitoring of communications

Subject to applicable laws, we will monitor and record calls; emails; and other communications relating to clients and related parties dealings with us. We will do this for regulatory compliance, self-regulatory practices, crime prevention and detection, to protect the security of the communications systems and procedures, to check for obscene or profane content, for quality control and staff training, and when we need to see a record of what has been said. This is justified by our legitimate interests or our legal obligations.

Using personal data: the legal basis and purposes

We will process personal data:

1. As necessary in order to carry out asset management services by providing execution only, advisory or discretionary management services, and acting on behalf of clients and related parties including:
a) To take steps at a client’s request prior to entering into the contract for services;
b) To decide whether to enter into a contact for services with prospective clients;
c) To be responsible for the buying, selling and monitoring of investments;
d) To prepare details of assets held by the client and related parties;
e) To update clients and related parties’ records; and
f) To trace clients’ and related parties whereabouts to contact them about the distribution of assets and to make payments.

2. As necessary for our client’s own legitimate interests or those of other related parties and organisations, e.g.:
a) For good governance, accounting, management and auditing business operations;
b) To monitor emails, calls, and other communications with clients and relevant parties; and
c) For market research, analysis and developing statistics.

3. As necessary to comply with a legal obligation, e.g.:
a) When a client exercises their rights under applicable data protection laws and makes a request;
b) For compliance with legal and regulatory requirements and related disclosures;
c) For establishment and defence of legal rights;
d) For activities relating to the prevention, detection and investigation of crime; and
e) To verify clients’ identity, make fraud prevention and anti-money laundering checks.

4. Based on consent, e.g.:
a) When clients or related parties request that TEAM disclose personal data to other people or organisations such as an audit or accountancy firm handling a tax return, or otherwise agree to disclosures; and
b) To send clients or related parties communications where they have agreed to this.

We do not generally process any special categories of personal data (e.g. racial or ethnic origin, political opinions, religious or philosophical beliefs, trade union membership, genetic data, biometric data, data concerning clients’ health, sex life or sexual orientation). If we are provided with a copy of a passport which contains information of racial or ethnic origin the data subject is deemed to consent to us holding and processing such data. If we are provided with information of a sensitive nature relating to a client’s investment horizons then we will record it if that information is relevant to their financial objectives. If this changes in future we will request clients’ consent to do so.

Clients and related parties are free at any time to change their mind and withdraw consent. The consequence might be that we cannot provide certain services.

Sharing of personal data

Subject to applicable data protection law we may share clients and related parties personal data with:

  • Our group of companies and related or representative companies which have shareholdings and employees, officers, agents or professional advisors of these companies;
  • Sub-contractors and other persons who help us provide our products and services;
  • Companies and other persons providing services to clients and related parties;
  • Legal and other professional advisors, including auditors;
  • Government bodies and agencies in the Jersey and overseas (e.g. the Jersey tax authority who may in turn share it with relevant overseas tax authorities and with regulators e.g. the Jersey Financial Services Commission, and the Office of the Information Commissioner (Jersey) and the equivalent regulators in other jurisdictions;
  • Courts, to comply with legal requirements, and for the administration of justice;
  • Other parties where necessary in an emergency or to otherwise protect clients and related parties vital interests;
  • Other parties connected with our clients e.g. directors, beneficial owners, beneficiaries, trustees or any named official;
  • Other parties if there is a restructure or selling of assets or in the case of a merger or re-organisation;
  • Banks who may transfer personal data to others as necessary to operate the accounts and for regulatory purposes; to process transactions; resolve disputes; and for statistical purposes, including sending personal data overseas; and
  • Anyone else where the clients or related parties consent is given or as required by law.

We require all third parties to respect the security of personal data and to treat it in accordance with the law. We do not allow our third-party service providers to use personal data for their own purposes and only permit them to process clients’ personal data for specified purposes and in accordance with the data subjects’ instructions.

International transfers

Personal data will be transferred between the TEAM group of companies in Jersey and third party processors who we use to deliver our services to allow us to provide our services to clients. These transfers will be to businesses in Jersey, the European Economic Area or other jurisdictions who are subject to adequate protections under their data protection laws.
Personal Data will also be sent to third parties in jurisdictions requested by our clients in order to facilitate their requirements. Some countries have equivalent protections in place for personal data under their applicable laws, in other countries steps will be necessary to ensure appropriate safeguards apply. These include imposing contractual obligations of adequacy in line with the data protection legislation in Jersey. Where this is not possible the TEAM group of companies will rely on the client’s explicit consent to provide such information to entities in these jurisdictions which is considered to be obtained on the basis of the client’s instructions to us.

Customer Due Diligence and Identity verification checks

The personal data we have collected from clients when considering entering into a contract for services or at any stage will be shared with agencies to carry out checks to prevent money-laundering and to verify identity. If suspicious activities are detected, clients and could be refused certain services in the future.

Criteria used to determine retention periods

The following criteria are used to determine data retention periods for personal data:

• Retention in case of queries. We will retain personal data as long as necessary to deal with queries (e.g. if an application to subscribe is unsuccessful);
• Retention in case of claims. We will retain personal data for as long as a client or a data subject might legally bring claims against us; and
• Retention in accordance with legal and regulatory requirements. We will retain personal data after the services provided have come to an end based on our legal and regulatory requirements.

My rights under applicable data protection law

Clients and related persons rights are as follows (noting that these rights don’t apply in all circumstances):

• The right to be informed about the processing of personal data;
• The right to have personal data corrected if it’s inaccurate and to have incomplete personal data completed;
• The right to object to processing of personal data;
• The right to restrict processing of personal data;
• The right to have personal data erased (the “right to be forgotten”);
• The right to request access to personal data and information about how we process it; and
• The right to move, copy or transfer personal data (“data portability”).

Clients and related persons have the right to complain to the Office of the Information Commissioner in Jersey at www.oicJersey.org respectively. These parties have enforcement powers and can investigate compliance with data protection law.

For more details on all the above clients and related persons can contact us at team@team.je

Group companies

The TEAM group of companies are Theta Enhanced Asset Management Limited and TEAM Nominees Limited.

Glossary

Legitimate Interests

Means the interests of our business in conducting and managing our business to enable us to ensure that the best services are provided. We will make sure that we consider and balance any potential impact on clients and related persons (both positive and negative) and their rights before we process personal data for our legitimate interests. We do not use personal data for activities where such person’s interests are overridden by the impact on them (unless we have their consent or are otherwise required or permitted to by law). Clients and related persons can obtain further information about how we assess legitimate interests against any potential impact in respect of specific activities by contacting us at team@team.je

Performance of Contract

Means processing your data where it is necessary for the performance of a contract to which we are a party or to take steps at a client’s request before entering into such a contract.

Comply with a legal or regulatory obligation

Means processing personal data where it is necessary for compliance with a legal or regulatory obligation that we are subject to.