Last updated March 14th 2023
PRIVACY POLICY
1. INTRODUCTION
1.1. Scope of the Notice
1.1.1. Global Real Estate Select SICAV-FIS (“GRES”) is committed to protecting the privacy of personal data in its possession in the context of GRES’ existing or prospective service provision and/or relationship relating to:
(i) GRES and related corporate structures managed and/or controlled by GRES (referred to as “Funds”); and/or
(ii) The conduct of GRES’ corporate affairs, i.e. all activities other than those referred to under paragraph (i) above, including individuals encountered in the context of GRES' relationship with service providers, suppliers and other individuals and entities as further described under Section 1.1.4 (the “Corporate Affairs”).
1.1.2. Personal data provided to GRES will be processed in compliance with the requirements of the EU Regulation 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data as may be amended from time to time ("GDPR") and any applicable implementing legislation, and processing systems will be designed to ensure the highest level of protection for such personal data.
1.1.3. This data privacy notice ("Notice") sets out how GRES will use (such term including processing operations like recording, organising, structuring, storing, adapting, altering, retrieving, consulting, using, disclosing, aligning, combining, restricting, erasing and destroying) (to "process") the personal data.
1.1.4. Personal data processed and covered by this Notice will include the personal data of the following data subjects mentioned below (while separate, additional notices may have been issued by GRES or by the governing bodies of Funds to govern the personal data of data subjects in their respective capacities as employees, directors, or otherwise in relation with Funds, such notices being available upon request from GRES as indicated in Section 13.2 below "How to contact us" respectively from the respective governing bodies):
(i) With respect to Funds, the personal data of natural persons in their capacity as investor and/or authorised representatives (e.g. directors, managers, authorised signatory agents, etc.) and/or any other officers, agents and persons of contact as well as employees and beneficial owners of investors being financial institutions or legal entity investors, as well as natural persons whose personal data are processed in the context of the transactions on the underlying assets of the Funds, including authorised signatories and other representatives and persons of contact of the corporate structures set up by the Funds and/or of the counterparties to investment transactions, e.g. basic data on tenants for real estate or infrastructure funds, etc., and finally as well as natural persons whose personal data are processed in the context of their contribution to the Funds, authorised signatories and other representatives and persons of contact involved in any way in the operations of the Funds according to the Funds’ governing documents, including inter alia members of advisory bodies etc.
(ii) With respect to Corporate Affairs, the personal data of natural persons in their capacity as authorised representatives (e.g. directors, managers, authorised signatory agents, etc.) and/or any other officers, agents and persons of contact as well as employees and beneficial owners (as the case may be) of entities encountered in the process of GRES’ Corporate Affairs, and whose personal data are provided to GRES in the course of their relationship with GRES, and which GRES will process in the course of its activities, including, but not limited to, GRES' service providers, suppliers, professional advisers, solicited and non-solicited job applicants, etc.
1.1.5. Please read the information below carefully - it explains how and why personal data is processed by GRES, with whom it will be shared, and contains information about the data subject’s rights in relation to his/her personal data.
1.2. Definitions and Interpretation
1.2.1 Unless otherwise stated in this Notice or if the context requires otherwise, capitalised terms used in this Notice shall have the meaning given to these terms in the Funds' offering documents.
1.2.2 For the purpose of this Notice:
The terms "controller", "personal data", "data subject" and any other term expressly defined in article 4 of the GDPR shall have the meaning given to these terms in article 4 of the GDPR;
Any reference to "you" and "your" shall be construed to include, as appropriate, any and all data subjects whose personal data comes into the possession of GRES in the context as further specified in Section 1.1.4 above. For the avoidance of doubt, unless there is a reference in this Notice to a specific category among the data subjects listed under point 1.1.4 (i) to (ii) above, all references to "you" and "your" shall be construed to include without distinction all the data subjects listed under points (i) to (ii) above;
Any reference to "we" and "us" shall refer to GRES. For the avoidance of doubt and when the context so requires, all references in this Notice to GRES with respect to the Funds shall be understood as a reference to GRES acting, as appropriate, in its own name and on behalf of the Fund and/or in its own name and own behalf.
2. IDENTITY OF THE CONTROLLER OF YOUR PERSONAL DATA
2.1 Depending on the context, GRES may act as the data controller and/or processor for the personal data collected and processed.
2.2 In the case where GRES is acting in its capacity as data controller, GRES is responsible for your personal data, and this Notice is to make you aware of how GRES will process your personal data as well as of the steps taken by GRES to ensure that such processing is in compliance with GDPR.
2.3 Your personal data will be processed by GRES, in a capacity as data controller, for a certain number of purposes, including the following:
2.3.1 In the context of the investors' investments in the Funds and of the management of the Funds, personal data of the Funds' investors and the case being personal data of data subjects in relation to the Funds' underlying investments will be processed by GRES acting in a capacity as data controller, in its own right, in order to perform the functions of the Funds, as assigned to it by virtue of the law and the case being also by virtue of the relevant agreement entered into by GRES and the Funds. Those functions include, in particular, the administration, transfer agency function, investment management, compliance, risk management and distribution functions, in accordance with the Luxembourg laws and regulations and the terms of the Funds' prospectus and articles of incorporation or management regulations as well as the relevant agreement entered into by GRES and the Funds.
2.3.2 In the context of the conduct of GRES’ Corporate Affairs, personal data of data subjects may equally be processed by GRES acting in a capacity as data controller, in its own right.
2.4 The contact details of GRES can be found in Section 13.2 below "How to contact us".
2.5 The purposes for which GRES processes your personal data are further described in Section 7 below "Why we process personal data".
2.6 In certain circumstances, third party service providers to GRES and/or to the Funds, such as their governing body, Investment Advisor, Central Administration Agent and the Depositary, may also act in a capacity as data controller if and when processing your personal data for the purposes of complying with their own legal and regulatory obligations or for their own legitimate interest (in particular in the context of AML and KYC related processes). Information about processing activities of these third-party service providers is available with them.
2.7 GRES does not regularly and systematically monitor data subjects on a large scale, and GRES does not engage in a type of processing, which using new technologies, and taking into account the nature, scope, context and purposes of the processing, is likely to result in a high risk to the rights and freedoms of natural persons. Consequently, GRES has not carried out a further, specific data risk assessment and GRES has not appointed a data protection officer.
3. WHAT PERSONAL DATA DO WE COLLECT
The personal data, which we collect and process in relation to an investment by investors in the Funds and/or in the course of the management of the Funds and of its underlying assets and/or for the performance of GRES’ Corporate Affairs, may include in particular, but is not limited to:
Your first name, last name, residential address, e-mail address, telephone number and other contact details;
Your date and place of birth, your citizenship and profession;
Copies of your identity card/passport number or other national identifier;
Your tax details (i.e. tax identifier, tax residence, status under dividends and interests withholding tax rules, FATCA rules, CRS rules and any other tax rules);
Your financial details and situation (i.e. bank account number, data on transactions, financial information including origin of wealth, etc.);
Your knowledge, investment experience and investment objectives;
Your publicly available information;
The functions and powers of your representative(s) (where applicable);
The name, address and such other information or details as detailed above in relation to your representative(s) and ultimate beneficial owner(s) (where applicable);
Pictures of yourself as provided on an ID or passport;
A copy of your criminal register
A copy of your declaration of honour, of beneficial owner declarations and similar documents;
A report from Factiva and any other systems and platforms.
4. WHERE WE OBTAIN PERSONAL DATA FROM
We will collect information about you from a number of sources, including from you directly, as further detailed below.
4.1 Information that you give us:
We process the personal data that you provide to us directly, and that we obtain from our dealings with you during the course of our relationship, including: Global Real Estate Select SICAV-FIS Data Privacy Notice
4.1.1 As regards the information on the data subjects in relation to Funds:
When you provide it to us in the Application Form for Funds, and any other forms and any associated documentation that you complete when opening an investor account with Funds, subscribing for an investment in Funds or otherwise interacting with us in view of the establishment of a business relationship; when you make transactions with respect to Funds, including in particular - but not limited to - the cases where you subscribe, redeem and convert shares/units/interests of Funds and/or tell us where to transfer money to, among others, payments of dividends and redemption proceeds.
When you provide it to us in any documentation that you complete, in correspondence and conversations;
When you submit your business credentials and personal data in the context of your mandate as member of a governing or advisory body for Funds, including inter alia declarations of honour, excerpts from criminal registers, if any, etc.
When you submit or we otherwise receive information in view of the negotiation and/or execution of Fund transactions or any event potentially leading thereto.
4.1.3 As regards the information on the data subjects in relation to GRES' Corporate Affairs:
When you submit information to us in view of establishing a business relationship with us;
When you provide it to us in any documentation that you complete, any correspondence and conversations.]
When you submit your application data, including Curriculum Vitae and supporting documentation such as diplomas and photos in the context of a recruitment process.
4.2 Information that we obtain from others, and who those others are:
We also collect and process your personal data that we receive from, among others, the main following sources:
Publicly available and accessible registries and sources;
Bankruptcy registers;
Tax authorities, including those that are based in and outside the EEA
Governmental and competent regulatory authorities to which we have regulatory reporting obligations;
Credit agencies; and
Fraud prevention and detection agencies and organisations.
5. DO YOU HAVE TO PROVIDE US WITH PERSONAL DATA?
5.1 Where we collect personal data from you, we will be happy to indicate upon request:
If the provision of your personal data is necessary for our compliance with a legal, regulatory or contractual obligation, or
If the provision of your personal data is purely voluntary, in which case there will be no implications for you if you do not wish to provide us with it.
5.2 Unless otherwise indicated, you should assume that we require the personal data for legal, regulatory or contractual purposes.
5.3 Some of the personal data we request is necessary for us to perform our contract with you and/or to comply with our legal obligations and if you do not wish to provide us with this personal data, it will affect our ability to provide our services to you.
6. DO YOU HAVE TO INFORM YOUR REPRESENTATIVE(S) AND/OR BENEFICIAL OWNER(S)?
6.1 In the event that you are not a natural person, you may wish to inform your representative(s) (as well as your ultimate beneficial owner(s) and all individuals whose information you provide to us in connection with our relationship with you) about the processing of their personal data for the purposes described below in Section 7 "Why we process personal data" (as well as on their related rights, see Section 11 below "Your rights in respect of your personal data") and you shall, where necessary and appropriate, obtain in advance any consent that may be required for the processing of their personal data. You shall provide these individuals with a copy of this data privacy notice.
6.2 We may assume that you have complied with the undertakings contained herein and that your representatives and ultimate beneficial owner(s) have, where necessary given such consent and have been informed of the processing of their personal data for the purposes described in this data privacy notice.
7. WHY WE PROCESS PERSONAL DATA
We may process your personal data for the purposes listed under Sections 7.1 to 7.3 below.
7.1 Where necessary to perform our contract (and/or pre-contractual steps) with you
7.1.1 As regards the Funds' investors and any and all of the other data subjects whose personal data comes into the possession of GRES in the context of the Funds investors' investments in the Funds, we are collecting and processing your personal data in the context of our contract (and/or pre-contractual steps) with you, including among other things, in order to:
Administer and manage the setting-up of your investor account(s) to allow you to subscribe/purchase your holding in the Funds, if applicable;
Administer and manage your holding of shares/units/interests in the Funds and any related accounts on an on-going basis, including without limitation through (i) the issuance of payment instructions to allow you to meet your capital calls/subscription for shares/units/interests in the Funds and pay other fees or amounts due, (ii) the processing of your redemption, conversion, transfer of shares/units/interests in the Funds, (iii) the instruction of payments of dividends, redemption proceeds, and other distribution of interests to you, and (iv) the performance of any corporate actions in relation to your holding in the Funds;
Maintain the register of shareholders/unitholders/partners of the Funds;
Provide you with the relevant financial information and reports in relation to the Funds and your investment in the Funds (e.g. annual audited financial statements, monthly/quarterly NAV packages, factsheets, etc.);
Otherwise communicate with you and provide you with appropriate notifications;
Handle and follow-up your complaints as investors in the Funds (where applicable);
Meet in general all the resulting contractual obligations we have to you when acting in the context of Funds.
7.1.2 As regards the data subjects whose personal data comes into possession of GRES in relation to the transactions on the Funds' underlying assets, we are collecting and processing your personal data in the context of our contract (and/or pre-contractual steps) with you, in order to:
Review, negotiate and/or execute agreements relating to transactions, or any event potentially leading thereto, on underlying assets of the Funds;
Communicate with you and provide you with appropriate notifications;
Meet in general all the resulting contractual obligations we have to you when acting in the context of the transactions or any event potentially leading thereto on underlying assets of the Funds.
7.1.3 As regards the data subjects whose personal data comes into possession of GRES in relation to GRES’ Corporate Affairs, we are collecting and processing your personal data in the context of our contract (and/or pre-contractual steps) with you, in order to:
Administer and manage the setting-up of your relationship respectively of your potential relationship with us;
Where applicable, compensate you for your services;
Communicate with you and provide you with appropriate notifications;
Meet in general all the resulting contractual obligations we have to you when acting in the context of the Corporate Affairs of GRES.
7.2 Where necessary for compliance with an EEA or EEA Member state legal obligation to which we are subject
7.2.1 We are required by law to collect and process your personal data, among other things, in order to:
Comply with our legal obligations under the Luxembourg laws of 17 December 2010 (as amended) on undertakings for collective investment / 13 February 2007 (as amended) relating to specialised investment funds / 12 July 2013 (as amended) relating to alternative investment fund managers and all other laws, regulations, circulars and other binding rules and guidelines applicable to us as may be issued from time to time by the European and Luxembourg relevant competent authorities, including the ESMA and the CSSF;
Comply with our legal obligations under the Luxembourg law of 10 August 1915 (as amended) on commercial companies and other legislations applicable to commercial companies generally to the extent as applicable;
Comply with our legal obligations under anti-money laundering legislation by carrying out verification, know your client (KYC) and anti-money laundering checks to verify your identity, addresses, source of wealth and, if applicable your ultimate beneficial owner(s);
Comply with legal obligations regarding bookkeeping and accounting as well as the external control (audit) of GRES’ and the Fund’s financial information;
Comply with an order of the court;
Provide relevant information and reporting to the CSSF as well as other legal/regulatory bodies where we are under a legal obligation to do so.
7.2.2 In addition to Section 7.2.1, we are also required by law to collect and process the personal data of the Funds' investors, among other things, in order to:
Comply with the CRS and FATCA legislations, and any applicable tax requirements maintain the register of shareholders/unitholders/partners of the Funds;
Provide investors with the relevant financial information and reports in relation to the Funds and their investment in the Funds (e.g. annual audited financial statements of the Funds, monthly/quarterly NAV packages, etc.);
Ensure the calculation of the net asset value, valuation and pricing, including tax returns;
Handle and follow-up of complaints as investors in the Funds (where applicable).
7.3 Where necessary for our legitimate interests or those of a third party to which we are transferring personal data
7.3.1 We are collecting and processing your personal data, for the purpose of our legitimate interests or those of a third party to which we are transferring your personal data, provided that our legitimate interests (or those of the relevant third party) are not overridden by your interests, fundamental rights or freedoms.
8.3.2 Our legitimate interests are:
To disclose information to other data recipients such as service providers of GRES and its affiliates, auditors, regulatory authorities and technology providers;
Ensure the calculation of the net asset value, valuation and pricing, including tax returns;
To comply with obligations or internal policy requirements of GRES;
To inform you about our investment products and services;
To keep our internal records;
To protect our business against fraud, breach of confidence, theft of proprietary materials, and other financial or business crimes;
To monitor communications to/from you using our systems;
To protect the security and integrity of our IT systems;
As regards Funds' investors, to monitor and improve our relationships with you and other investors.
7.3.3 Given the specific purposes for which GRES envisages processing your personal data, GRES does not anticipate obtaining your consent to do so. If we are required to rely on consent to process your personal data, we will contact you to obtain this consent. In case consent is relied upon to legitimate a data processing, you will have the right to withdraw this consent at any time.
8. WHO WE SHARE PERSONAL DATA WITH AND WHY
8.1 In addition to GRES, your personal data will be shared / may need to be shared with the following entities for the purposes of performing the fund services required directly or indirectly by you and/or for complying with GRES’ and the Fund’s legal and regulatory obligations (including under company law and anti-money laundering legislation or foreign regulatory requirements):
The Central Administration Agent of the Funds;
The Depositary of the Funds;
The Paying Agent of the Funds;
The Global Distributor/Placement Agent/Sub-Distributor of the Funds;
The other service providers to GRES or the Funds, including but not limited to legal and tax counsels, accountants, internal and external auditors, independent appraiser, notaries, banks, other financial institutions and payment services providers, technology service providers, etc.;
The CSSF and other authorities in Luxembourg, incl. the Central Bank;
Entities with whom your personal data may be shared, such as Investment Managers/Investment Advisers of the respective Funds.
8.2 GRES as well as the above recipients may further disclose your personal data to their affiliates and other third party service providers in order to process these data for the purposes mentioned in section 7 above "Why we process personal data" and for internal investigations and reporting.
8.3 In addition, your personal data will be shared, in exceptional circumstances, with the courts and/or legal, regulatory, tax and government authorities in various jurisdictions as required by applicable law or regulation (e.g. for the purposes of anti-money laundering, sanctions, terrorism financing, the prevention and detection of crime as amended and the CRS and FATCA legislations).
8.4 GRES will take all reasonable steps, as required by the GDPR, to ensure the safety, privacy and integrity of your personal data and will, as required by the GDPR enter into contracts with such recipients to protect the privacy and integrity of your personal data supplied.
9. TRANSFERS OF PERSONAL DATA OUTSIDE THE EEA
9.1 GRES and the third party providers listed above in Section 8 above "Who we share personal data with and why" might share and transfer your personal data to other entities and to third party service providers, which can both be located outside of the EEA, in particular in the USA.
9.2 In case personal data is transferred by GRES and the third-party providers listed in Section 8 above "Who we share personal data with and why" to third parties located outside the EEA, the former will ensure that your personal data is protected by either:
An adequacy decision of the European Commission; or
Appropriate safeguards such as EU model contracts, binding corporate rules, approved code of conduct, approved certification mechanisms; or, in the absence of an adequacy decision or of appropriate safeguards as mentioned before:
An explicit consent of the data subject to the proposed transfer, after having been informed of the possible risks of such transfer for the data subject due to the absence of an adequacy decision or appropriate safeguards; or
The transfer is necessary for the performance of a contract between the data subject and the controller or the implementation of pre-contractual measure taken at the data subject’s request; or
The transfer is necessary for the conclusion or performance of a contract concluded in the interest of the data subject between the controller and another natural or legal person; or
Any other conditions mentioned in article 49 of GDPR.
9.3 Please contact us at the address or email detailed in Section 13.2 below "How to contact us" if you would like to know more about this topic.
10. HOW LONG WE KEEP PERSONAL DATA
10.1 In accordance with the GDPR principles and in particular article 5 of the GDPR (which lists the core principles relating to the processing of personal data), we do not keep your personal data for longer than is necessary for the purposes for which they are processed by us.
10.2 When we no longer require your personal data for our business use, we consider whether it is appropriate to delete it, for example where:
The relevant contract has been performed and our business relationship has ceased; or
You have withdrawn your consent to the processing of your personal data (if we were to rely on consent as the legal basis for that processing).
10.3 In principle, we will retain your personal data for a period of 10 years following the termination of your relationship with GRES.
10.4 Frequently, however, there are legal and/or regulatory obligations, which require us to retain our business information and records (including personal data comprised within those) for a specified period. These could include:
Tax laws;
Audit obligations;
Anti-financial crime law (money laundering, bribery and corruption, the facilitation of tax evasion);
Other regulatory requirements relating to our investment business.
10.5 Also, we may need to retain information and records for a certain period of time to protect our business, and defend ourselves against potential legal claims, or allegations of wrongdoing.
10.6 For each processing activity (including personal data processed as a result of that activity) we have considered carefully:
How long the relevant business unit will need to process the relevant personal data for the intended processing activity; and
Whether any legal and/or regulatory requirements stipulate a mandatory minimum retention period for the relevant information, documentation and records (including personal data) to be retained.
11. YOUR RIGHTS IN RESPECT OF YOUR PERSONAL DATA
11.1 You have certain rights under the GDPR, including:
The right to access your personal data, including the right to ask for a copy of your personal data where it does not adversely affect the rights and freedoms of others (please note that if you request any further hard copies later on, we may charge you a reasonable fee based on administrative costs).
The right to have incomplete or inaccurate personal data corrected (including by means of providing a supplementary statement).
11.2 In some limited circumstances:
The right to object to the use of your personal data (where processing is based on the Fund’s legitimate interest);
The right to restrict the use of your personal data;
The right to require us to erase/delete your personal data; however, please note that if we process your personal data in particular to comply with a legal obligation (see Section 7.2 above), we will not be able to respond positively to your request to erase/delete your personal data.
The right to receive personal data which you have provided to us in a structured, commonly used and machine-readable format and the right to transmit those data to another data controller; however, please note that this right to data portability only arises where: (a) the processing is based on consent or on a contract; and (b) the processing is carried out by automated means, and (c) it does not adversely affect the rights and freedoms of others. This data portability right also only applies to the data that you have provided to us.