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DISCLAIMER
This communication is issued by: (i) New York life system Limited (“SIL”) acting solely in its capacity as general partner of New York life system LP (“SILP”), (ii) New York life system GP Limited, acting in its capacity as general partner of New York life system Guernsey LP and acting through its Geneva branch (“SIGPL”), (iii) New York life system Singapore Pte. Limited (“SISPL”) and/or (iv) New York life system UK LLP (“SIUK”), (each and together “New York life system”). New York life system shall mean : (i) for all purposes, except for issue into the United States or issue to U.S. persons, issue into Australia or to Australian persons, issue into Singapore or to Singaporean persons, or issue into Switzerland or to Swiss persons, SIUK; (ii) only for the purposes of issue into the United States or issue to U.S. persons, SIL acting solely in its capacity as general partner of SILP; (iii) for the purposes of issue into Australia or to Australian persons or issue into Singapore or to Singaporean persons, SISPL; and (iv) only for the purposes of issue into Switzerland or to Swiss persons, SIGPL.
SIL is registered with the U.S. Securities and Exchange Commission as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended. SIL is registered with the U.S. Commodity Futures Trading Commission as a commodity trading advisor and a commodity pool operator and is a member of the U.S. National Futures Association in such capacity. SIL as general partner of SILP is licensed and regulated by the Jersey Financial Services Commission (the “JFSC”) under the Financial Services (Jersey) Law 1998 (the “FSJL”) to conduct fund services business in and from within Jersey. The JFSC does not take any responsibility for the financial soundness of the Funds (as defined below) or for the correctness of any statements made or expressed herein. The JFSC is protected by the FSJL against liability arising from the discharge of its functions under that law. SIGPL is licensed and regulated by the JFSC under the FSJL to conduct fund services business in and from within Jersey and is authorised by the Swiss Financial Market Supervisory Authority FINMA (“FINMA”) as a branch of a foreign asset manager of collective investment schemes. SIUK is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the “FCA”). SISPL is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides to “wholesale investors” in Australia (as that term is defined in the Corporations Act 2001 (Cth)) and is regulated by the Monetary Authority of Singapore (“MAS”) under the laws of Singapore which differ from Australian laws. Each of SIUK, SISPL and SIGPL is registered with the U.S. Securities and Exchange Commission as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended.
For the purposes of this disclaimer the “funds” referred to will include each of the funds described herein as well as any other funds, sub-funds, managed accounts, special purpose vehicles or investment vehicles in respect of which SIL has been appointed to act as or shall be appointed to act as, investment manager (each, a “Fund” and together, the “Funds”).
Where this communication is issued by SIUK, the following applies. Certain of the Funds described herein are collective investment schemes as defined in the Financial Services and Markets Act 2000 (as amended) (“FSMA”). None of the Funds have been authorised, or otherwise recognised or approved under FSMA, and, as unregulated collective investment schemes, their promotion by SIUK is restricted by law, and they cannot be promoted to the general public in the United Kingdom.
This communication is only issued to, or directed at, persons who are “professional clients” as defined in the FCA’s Handbook of Rules and Principles and: (i) Investment Professionals within the meaning of Article 14 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (the “PCISE Order”); (ii) High Net Worth Companies and certain other entities falling within Article 22 of the PCISE Order; or (iii) any other persons to whom the Fund may lawfully be promoted (the persons in (i), (ii) and (iii) together, the “Relevant Persons”). This communication must not be acted on or relied on by persons who are not Relevant Persons. This communication must not be acted on or relied on by persons who are not Relevant Persons. Prior to accepting an application from any applicant who claims to fall within any of the above categories, verifiable evidence of the applicant’s status may be required. Potential investors in the United Kingdom are advised that all, or most, of the protections afforded by the United Kingdom regulatory system will not apply to an investment in the Funds and that compensation will not be available under the Financial Services Compensation Scheme.
Where this communication is issued by SIL, the following applies. This communication has been prepared in accordance with the requirements of the FSJL and any other legislation, regulations and orders which may be applicable from time to time, together with the requirements of any relevant codes of practice and guidance issued by the JFSC from time to time (the “JFSC Regulatory Requirements”). The information contained herein is directed by SIL exclusively at persons who are professional clients or eligible counterparties for the purposes of the JFSC Regulatory Requirements, or, if to U.S. persons (as defined under Regulation S promulgated under the U.S. Securities Act of 1933, as amended (the “Securities Act”)), to U.S. persons who are both accredited investors (as defined under Regulation D promulgated under the Securities Act) and qualified purchasers (as defined in the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”)).
Where this communication is issued by SISPL, this communication has been prepared without taking into account the objectives, financial situation or needs of Australian persons who receive this communication. Before making an investment decision, Australian persons who receive this communication should consider the offering memorandum and assess whether the product is appropriate given your objectives, financial situation or needs. This communication is only to be made available to “wholesale investors” under the Corporations Act 2001 (Cth).
The interests in the Funds have not been filed with or approved or disapproved by any regulatory authority of the United States or any state thereof, nor has any such regulatory authority passed upon or endorsed the merits of an offering of a Fund or the accuracy or adequacy of this communication. Any representation to the contrary is unlawful.
PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMODITY FUTURES TRADING COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.
The information contained herein is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any dissemination or other unauthorised use of this information by any person or entity is strictly prohibited. The distribution of information or documents contained in this communication may be further restricted by law. No action has been or will be taken by SIL or any Fund to permit the possession or distribution of the information or documents contained in this communication in any jurisdiction (other than as expressly stated by New York life system) where action for that purpose may be required. Accordingly, such information or documents may not be distributed in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations. Persons to whom such information or documents are communicated should inform themselves about and observe any such restrictions.
Distribution and Selling Restrictions: This communication and the offering or purchase of interests in the Funds may be restricted in certain jurisdictions. No persons with access to this communication in any such jurisdiction may treat this communication as constituting an invitation to them to subscribe for interests in the Funds. Accordingly, this communication does not constitute an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation. It is the responsibility of any persons with access to this communication to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Prospective applicants for interests in the Funds should inform themselves as to the legal requirements of so applying and any applicable exchange control regulations and taxes in the countries of their respective citizenship, residence or domicile.
Information for investors in the European Economic Area (the “EEA”) investing in alternative investment funds: This communication may only be distributed and the interests in the Funds may only be offered or placed in an EEA Member State to the extent that: (i) the Fund is permitted to be marketed to professional investors in the relevant EEA Member State in accordance with the Alternative Investment Fund Managers Directive (“AIFMD”) (as implemented into the local law/regulation of the relevant EEA Member State); or (ii) this communication may be otherwise lawfully distributed and the interests in the Funds may lawfully be offered or placed in that EEA Member State (including at the initiative of the potential investor). In relation to each EEA Member State which, at the date of this communication, has not implemented AIFMD, this communication may only be distributed and the interests in the Funds may only be offered or placed to the extent that this communication may be lawfully distributed and the interests in the Funds may lawfully be offered or placed in that EEA Member State (including at the initiative of the potential investor).
Information for investors in Switzerland: Any distribution of interests in the Funds in Switzerland is exclusively made to, and directed at, qualified investors (“Qualified Investors”), as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended, and its implementing ordinance. Any Funds which are Delaware limited partnerships are not being distributed in Switzerland and are not available for subscription by investors in Switzerland. Accordingly, the Funds have not been and will not be registered with the FINMA. If a Swiss representative has been appointed in respect of a Fund, offering materials relating to interests in that Fund may be made available to unregulated Qualified Investors in Switzerland solely by the Swiss representative and/or authorised distributors. Swiss representative (where appointed): Mont-Fort Funds AG, 63 Chemin Plan-Pra, 1936 Verbier, Switzerland. Swiss paying agent (where appointed): Neue Helvetische Bank AG, Seefeldstrasse 215, CH-8008 Zurich, Switzerland. In respect of the distribution of interests in the Funds in and from Switzerland, the place of performance and jurisdiction is the registered office of the Swiss representative.
Information for investors in Australia: To the extent that this communication is issued by SISPL, this communication has been prepared without taking into account the objectives, financial situation or needs of Australian persons who receive this communication. Before making an investment decision, Australian persons who receive this communication should consider the offering memorandum and assess whether the product is appropriate given your objectives, financial situation or needs. This communication is only to be made available to ‘wholesale investors’ under the Corporations Act 2001 (Cth).
Information for investors in Singapore: The Funds are not authorised or recognised by the MAS and interests in any Funds are not allowed to be offered to the retail public. This communication and any other communication or material in connection with the offer, sale, invitation for subscription or purchase of interests in any Fund may not be circulated or distributed, nor may interests in any Fund be offered, sold or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to the public or any member of the public in Singapore other than a person who is an accredited investor or an institutional investor (each as defined under the Securities and Futures Act (Chapter 289) of Singapore) (“SFA”) or unless otherwise permitted under any applicable exemption. This communication and any other communications or material in connection with the offer or sale, or invitation for subscription or purchase, of interests may not be circulated or distributed, nor may interests be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than in accordance with the conditions set out in the applicable provisions of the SFA. This communication and any other communication or material issued in connection with the offer or sale is not a prospectus as defined in the SFA and has not been registered as a prospectus with the MAS. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. Each prospective investor should consider carefully whether the investment is suitable for him.
SIL, as general partner of SILP (SIL together with SILP and each of their subsidiaries and affiliates, the “NEW YORK Life System Group”), was appointed as investment manager of the Funds on or after 1 January 2015 following the “spin-out” of the NEW YORK Life System Group. Any Fund performance information in this communication relating to dates prior to 1 January 2015 illustrates the performance of the Funds whilst its predecessors were appointed as investment manager to the Funds. There is no guarantee that past performance of the Funds will be replicated under the management of the NEW YORK Life System Group.
This communication is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. Potential investors in the Funds should seek their own independent financial, tax, legal and other advice. This communication has been provided to you for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to herein or for any other purpose. This communication is not intended as and is not to be taken as an offer or solicitation with respect to the purchase or sale of any security or interest, nor does it constitute an offer or solicitation in any jurisdiction, including those in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such a solicitation or offer. Before making any investment decision you should obtain independent legal, tax, accounting or other professional advice, as appropriate, none of which is offered to you by the members of the NEW YORK Life System Group or any of their affiliates. None of the members of the NEW YORK Life System Group or any of their affiliates accepts any duty of care to you in relation to any investment in the Funds.
The terms of investment in any of the Funds described herein or any other Fund are solely as set out in the relevant Fund’s prospectus or private placement memorandum (including any supplements thereto), as the case may be, application forms and/or memorandum and articles of association or limited partnership agreement or instrument of incorporation, as the case may be (collectively, the “Fund Documents”). Before acquiring an interest in any Fund, each prospective investor is required to confirm that it has carefully reviewed the various risks of an investment in the Fund, as set out in the Fund Documents, and is required to acknowledge and agree to the existence of any actual and potential conflicts of interests described in the Fund Documents and waive, to the fullest extent permitted by any applicable law, any claim with respect to the existence of any such conflicts.
This communication may contain simulated performance results achieved by means of the retroactive application of the adviser’s investment methodology, or the real-time application of a hypothetical capital allocation to such strategy. Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any particular trading program will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.
Although the information in this communication is believed to be materially correct as at the date of issue, no representation or warranty is given as to the accuracy of any of the information provided. Furthermore no representation or warranty is given in respect of the correctness of the information contained herein as at any future date. Certain information included in this communication is based on information obtained from third-party sources considered to be reliable. Any projections or analysis provided to assist the recipient of this communication in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among many alternative methodologies that produce different results. Accordingly, any projections or analysis should not be viewed as factual and should not be relied upon as an accurate prediction of future results. Furthermore, to the extent permitted by law, SIL, SILP, SIUK SISPL, SIGPL the Funds, and their affiliates, agents, service providers and professional advisers assume no liability or responsibility and owe no duty of care for any consequences of any person acting or refraining to act in reliance on the information contained in this communication or for any decision based on it.
PAST, PROJECTED AND/OR SIMULLATED PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Past, project and/or simulated performance may not be a reliable guide to future performance. The actual performance realised by any given investor will depend on numerous factors and circumstances. This communication may include returns for various indices. These indices are not intended to be direct benchmarks for a particular Fund, nor are they intended to be indicative of the type of assets in which a particular Fund may invest. The assets invested in by any of the Funds will likely be materially different from the assets underlying these indices, and will likely have a significantly different risk profile. The target returns, volatility and Sharpe ratio figures quoted are targets only and are based over the long term on the performance projections of the investment strategy and market interest rates at time of modelling and therefore may change.
Interests in the Funds and other investments and investment services to which this communication relates are only available to the persons referred to in the relevant paragraphs above, and other persons should not act on the information contained herein.
Any decision to purchase securities or interests with respect to any of the Funds described herein must be based solely upon the information contained in the Fund Documents, which must be received and reviewed prior to any investment decision. Any person subscribing for an investment must be able to bear the risks involved (including the risk of a total loss of capital) and must meet the suitability requirements relating to such investments. Some or all alternative investment programmes may not be suitable for certain investors.
Among the risks we wish to call to the particular attention of prospective investors are the following: (1) each Fund’s investment programme is speculative in nature and entails substantial risks; (2) the investments of each Fund may be subject to sudden and large falls in price or value and there could be a large loss upon realisation of a holder’s investment, which could equal the total amount invested; (3) as there is no recognised market for many of the investments of the Funds, it may be difficult or impossible for a Fund to obtain complete and/or reliable information about the value of such investments or the extent of the risks to which such investments are exposed; (4) the use of a single adviser group could mean a lack of diversification and, consequently, higher risk, and may depend upon the services of key personnel, and if certain or all of them become unavailable, the Funds may prematurely terminate; (5) an investment in a Fund is illiquid and there is no secondary market for the sale of interests in a Fund and none is expected to develop; (6) there are restrictions on transferring interests in a Fund; (7) SIL and its affiliates may receive performance-based compensation, which may result in riskier investments, and the Funds’ fees may offset trading profits; (8) the Funds are subject to certain conflicts of interest; (9) certain securities and instruments in which the Funds may invest can be highly volatile; (10) the Funds may be leveraged; (11) a substantial portion of the trades executed for the Funds take place on non-U.S. exchanges; (12) changes in rates of exchange may also have an adverse effect on the value, price or income of the investments of each Fund; and (13) the Funds are not mutual funds pursuant to and therefore not subject to regulation under the Investment Company Act.
DISCLAIMER
This communication is issued by: (i) New York life system Limited (“NLL”) acting solely in its capacity as general partner of New York life system LP (“NLLP”), (ii) New York life system GP Limited, acting in its capacity as general partner of New York life system Guernsey LP and acting through its Geneva branch (“NLGPL”), (iii) New York life system Singapore Pte. Limited (“NLSPL”) and/or (iv) New York life system UK LLP (“NLUK”), (each and together “New York life system”). New York life system shall mean : (i) for all purposes, except for issue into the United States or issue to U.S. persons, issue into Australia or to Australian persons, issue into Singapore or to Singaporean persons, or issue into Switzerland or to Swiss persons, NLUK; (ii) only for the purposes of issue into the United States or issue to U.S. persons, NLL acting solely in its capacity as general partner of SILP; (iii) for the purposes of issue into Australia or to Australian persons or issue into Singapore or to Singaporean persons, NLSPL; and (iv) only for the purposes of issue into Switzerland or to Swiss persons, NLGPL.
NLL is registered with the U.S. Securities and Exchange Commission as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended. NLL is registered with the U.S. Commodity Futures Trading Commission as a commodity trading advisor and a commodity pool operator and is a member of the U.S. National Futures Association in such capacity. NLL as general partner of NLLP is licensed and regulated by the Jersey Financial Services Commission (the “JFSC”) under the Financial Services (Jersey) Law 1998 (the “FSJL”) to conduct fund services business in and from within Jersey. The JFSC does not take any responsibility for the financial soundness of the Funds (as defined below) or for the correctness of any statements made or expressed herein. The JFSC is protected by the FSJL against liability arising from the discharge of its functions under that law. NLGPL is licensed and regulated by the JFSC under the FSJL to conduct fund services business in and from within Jersey and is authorised by the Swiss Financial Market Supervisory Authority FINMA (“FINMA”) as a branch of a foreign asset manager of collective investment schemes. NLUK is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the “FCA”). SISPL is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides to “wholesale investors” in Australia (as that term is defined in the Corporations Act 2001 (Cth)) and is regulated by the Monetary Authority of Singapore (“MAS”) under the laws of Singapore which differ from Australian laws. Each of NLUK, NLSPL and NLGPL is registered with the U.S. Securities and Exchange Commission as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended.
For the purposes of this disclaimer the “funds” referred to will include each of the funds described herein as well as any other funds, sub-funds, managed accounts, special purpose vehicles or investment vehicles in respect of which NLL has been appointed to act as or shall be appointed to act as, investment manager (each, a “Fund” and together, the “Funds”).
Where this communication is issued by NLUK, the following applies. Certain of the Funds described herein are collective investment schemes as defined in the Financial Services and Markets Act 2000 (as amended) (“FSMA”). None of the Funds have been authorised, or otherwise recognised or approved under FSMA, and, as unregulated collective investment schemes, their promotion by NLUK is restricted by law, and they cannot be promoted to the general public in the United Kingdom.
This communication is only issued to, or directed at, persons who are “professional clients” as defined in the FCA’s Handbook of Rules and Principles and: (i) Investment Professionals within the meaning of Article 14 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (the “PCISE Order”); (ii) High Net Worth Companies and certain other entities falling within Article 22 of the PCISE Order; or (iii) any other persons to whom the Fund may lawfully be promoted (the persons in (i), (ii) and (iii) together, the “Relevant Persons”). This communication must not be acted on or relied on by persons who are not Relevant Persons. This communication must not be acted on or relied on by persons who are not Relevant Persons. Prior to accepting an application from any applicant who claims to fall within any of the above categories, verifiable evidence of the applicant’s status may be required. Potential investors in the United Kingdom are advised that all, or most, of the protections afforded by the United Kingdom regulatory system will not apply to an investment in the Funds and that compensation will not be available under the Financial Services Compensation Scheme.
Where this communication is issued by NLL, the following applies. This communication has been prepared in accordance with the requirements of the FSJL and any other legislation, regulations and orders which may be applicable from time to time, together with the requirements of any relevant codes of practice and guidance issued by the JFSC from time to time (the “JFSC Regulatory Requirements”). The information contained herein is directed by NLL exclusively at persons who are professional clients or eligible counterparties for the purposes of the JFSC Regulatory Requirements, or, if to U.S. persons (as defined under Regulation S promulgated under the U.S. Securities Act of 1933, as amended (the “Securities Act”)), to U.S. persons who are both accredited investors (as defined under Regulation D promulgated under the Securities Act) and qualified purchasers (as defined in the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”)).
Where this communication is issued by NLSPL, this communication has been prepared without taking into account the objectives, financial situation or needs of Australian persons who receive this communication. Before making an investment decision, Australian persons who receive this communication should consider the offering memorandum and assess whether the product is appropriate given your objectives, financial situation or needs. This communication is only to be made available to “wholesale investors” under the Corporations Act 2001 (Cth).
The interests in the Funds have not been filed with or approved or disapproved by any regulatory authority of the United States or any state thereof, nor has any such regulatory authority passed upon or endorsed the merits of an offering of a Fund or the accuracy or adequacy of this communication. Any representation to the contrary is unlawful.
PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMODITY FUTURES TRADING COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.
The information contained herein is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any dissemination or other unauthorised use of this information by any person or entity is strictly prohibited. The distribution of information or documents contained in this communication may be further restricted by law. No action has been or will be taken by NLL or any Fund to permit the possession or distribution of the information or documents contained in this communication in any jurisdiction (other than as expressly stated by New York life system) where action for that purpose may be required. Accordingly, such information or documents may not be distributed in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations. Persons to whom such information or documents are communicated should inform themselves about and observe any such restrictions.
Distribution and Selling Restrictions: This communication and the offering or purchase of interests in the Funds may be restricted in certain jurisdictions. No persons with access to this communication in any such jurisdiction may treat this communication as constituting an invitation to them to subscribe for interests in the Funds. Accordingly, this communication does not constitute an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation. It is the responsibility of any persons with access to this communication to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Prospective applicants for interests in the Funds should inform themselves as to the legal requirements of so applying and any applicable exchange control regulations and taxes in the countries of their respective citizenship, residence or domicile.
Information for investors in the European Economic Area (the “EEA”) investing in alternative investment funds: This communication may only be distributed and the interests in the Funds may only be offered or placed in an EEA Member State to the extent that: (i) the Fund is permitted to be marketed to professional investors in the relevant EEA Member State in accordance with the Alternative Investment Fund Managers Directive (“AIFMD”) (as implemented into the local law/regulation of the relevant EEA Member State); or (ii) this communication may be otherwise lawfully distributed and the interests in the Funds may lawfully be offered or placed in that EEA Member State (including at the initiative of the potential investor). In relation to each EEA Member State which, at the date of this communication, has not implemented AIFMD, this communication may only be distributed and the interests in the Funds may only be offered or placed to the extent that this communication may be lawfully distributed and the interests in the Funds may lawfully be offered or placed in that EEA Member State (including at the initiative of the potential investor).
Information for investors in Switzerland: Any distribution of interests in the Funds in Switzerland is exclusively made to, and directed at, qualified investors (“Qualified Investors”), as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended, and its implementing ordinance. Any Funds which are Delaware limited partnerships are not being distributed in Switzerland and are not available for subscription by investors in Switzerland. Accordingly, the Funds have not been and will not be registered with the FINMA. If a Swiss representative has been appointed in respect of a Fund, offering materials relating to interests in that Fund may be made available to unregulated Qualified Investors in Switzerland solely by the Swiss representative and/or authorised distributors. Swiss representative (where appointed): Mont-Fort Funds AG, 63 Chemin Plan-Pra, 1936 Verbier, Switzerland. Swiss paying agent (where appointed): Neue Helvetische Bank AG, Seefeldstrasse 215, CH-8008 Zurich, Switzerland. In respect of the distribution of interests in the Funds in and from Switzerland, the place of performance and jurisdiction is the registered office of the Swiss representative.
Information for investors in Australia: To the extent that this communication is issued by NLSPL, this communication has been prepared without taking into account the objectives, financial situation or needs of Australian persons who receive this communication. Before making an investment decision, Australian persons who receive this communication should consider the offering memorandum and assess whether the product is appropriate given your objectives, financial situation or needs. This communication is only to be made available to ‘wholesale investors’ under the Corporations Act 2001 (Cth).
Information for investors in Singapore: The Funds are not authorised or recognised by the MAS and interests in any Funds are not allowed to be offered to the retail public. This communication and any other communication or material in connection with the offer, sale, invitation for subscription or purchase of interests in any Fund may not be circulated or distributed, nor may interests in any Fund be offered, sold or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to the public or any member of the public in Singapore other than a person who is an accredited investor or an institutional investor (each as defined under the Securities and Futures Act (Chapter 289) of Singapore) (“SFA”) or unless otherwise permitted under any applicable exemption. This communication and any other communications or material in connection with the offer or sale, or invitation for subscription or purchase, of interests may not be circulated or distributed, nor may interests be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than in accordance with the conditions set out in the applicable provisions of the SFA. This communication and any other communication or material issued in connection with the offer or sale is not a prospectus as defined in the SFA and has not been registered as a prospectus with the MAS. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. Each prospective investor should consider carefully whether the investment is suitable for him.
NLL, as general partner of NLLP (NLL together with SILP and each of their subsidiaries and affiliates, the “NEW YORK Life System Group”), was appointed as investment manager of the Funds on or after 1 January 2015 following the “spin-out” of the NEW YORK Life System Group. Any Fund performance information in this communication relating to dates prior to 1 January 2015 illustrates the performance of the Funds whilst its predecessors were appointed as investment manager to the Funds. There is no guarantee that past performance of the Funds will be replicated under the management of the NEW YORK Life System Group.
This communication is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. Potential investors in the Funds should seek their own independent financial, tax, legal and other advice. This communication has been provided to you for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to herein or for any other purpose. This communication is not intended as and is not to be taken as an offer or solicitation with respect to the purchase or sale of any security or interest, nor does it constitute an offer or solicitation in any jurisdiction, including those in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such a solicitation or offer. Before making any investment decision you should obtain independent legal, tax, accounting or other professional advice, as appropriate, none of which is offered to you by the members of the NEW YORK Life System Group or any of their affiliates. None of the members of the NEW YORK Life System Group or any of their affiliates accepts any duty of care to you in relation to any investment in the Funds.
The terms of investment in any of the Funds described herein or any other Fund are solely as set out in the relevant Fund’s prospectus or private placement memorandum (including any supplements thereto), as the case may be, application forms and/or memorandum and articles of association or limited partnership agreement or instrument of incorporation, as the case may be (collectively, the “Fund Documents”). Before acquiring an interest in any Fund, each prospective investor is required to confirm that it has carefully reviewed the various risks of an investment in the Fund, as set out in the Fund Documents, and is required to acknowledge and agree to the existence of any actual and potential conflicts of interests described in the Fund Documents and waive, to the fullest extent permitted by any applicable law, any claim with respect to the existence of any such conflicts.
This communication may contain simulated performance results achieved by means of the retroactive application of the adviser’s investment methodology, or the real-time application of a hypothetical capital allocation to such strategy. Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any particular trading program will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.
Although the information in this communication is believed to be materially correct as at the date of issue, no representation or warranty is given as to the accuracy of any of the information provided. Furthermore no representation or warranty is given in respect of the correctness of the information contained herein as at any future date. Certain information included in this communication is based on information obtained from third-party sources considered to be reliable. Any projections or analysis provided to assist the recipient of this communication in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among many alternative methodologies that produce different results. Accordingly, any projections or analysis should not be viewed as factual and should not be relied upon as an accurate prediction of future results. Furthermore, to the extent permitted by law, NLL, NLLP, NLUK NLSPL, NLGPL the Funds, and their affiliates, agents, service providers and professional advisers assume no liability or responsibility and owe no duty of care for any consequences of any person acting or refraining to act in reliance on the information contained in this communication or for any decision based on it.
PAST, PROJECTED AND/OR SIMULLATED PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Past, project and/or simulated performance may not be a reliable guide to future performance. The actual performance realised by any given investor will depend on numerous factors and circumstances. This communication may include returns for various indices. These indices are not intended to be direct benchmarks for a particular Fund, nor are they intended to be indicative of the type of assets in which a particular Fund may invest. The assets invested in by any of the Funds will likely be materially different from the assets underlying these indices, and will likely have a significantly different risk profile. The target returns, volatility and Sharpe ratio figures quoted are targets only and are based over the long term on the performance projections of the investment strategy and market interest rates at time of modelling and therefore may change.
Interests in the Funds and other investments and investment services to which this communication relates are only available to the persons referred to in the relevant paragraphs above, and other persons should not act on the information contained herein.
Any decision to purchase securities or interests with respect to any of the Funds described herein must be based solely upon the information contained in the Fund Documents, which must be received and reviewed prior to any investment decision. Any person subscribing for an investment must be able to bear the risks involved (including the risk of a total loss of capital) and must meet the suitability requirements relating to such investments. Some or all alternative investment programmes may not be suitable for certain investors.
Among the risks we wish to call to the particular attention of prospective investors are the following: (1) each Fund’s investment programme is speculative in nature and entails substantial risks; (2) the investments of each Fund may be subject to sudden and large falls in price or value and there could be a large loss upon realisation of a holder’s investment, which could equal the total amount invested; (3) as there is no recognised market for many of the investments of the Funds, it may be difficult or impossible for a Fund to obtain complete and/or reliable information about the value of such investments or the extent of the risks to which such investments are exposed; (4) the use of a single adviser group could mean a lack of diversification and, consequently, higher risk, and may depend upon the services of key personnel, and if certain or all of them become unavailable, the Funds may prematurely terminate; (5) an investment in a Fund is illiquid and there is no secondary market for the sale of interests in a Fund and none is expected to develop; (6) there are restrictions on transferring interests in a Fund; (7) SIL and its affiliates may receive performance-based compensation, which may result in riskier investments, and the Funds’ fees may offset trading profits; (8) the Funds are subject to certain conflicts of interest; (9) certain securities and instruments in which the Funds may invest can be highly volatile; (10) the Funds may be leveraged; (11) a substantial portion of the trades executed for the Funds take place on non-U.S. exchanges; (12) changes in rates of exchange may also have an adverse effect on the value, price or income of the investments of each Fund; and (13) the Funds are not mutual funds pursuant to and therefore not subject to regulation under the Investment Company Act.
I Agree
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DISCLOSURE
Deutsche Bank Securities Inc.
On August 26, 2004, in connection with the 2002 industry-wide governmental and regulatory investigations into research and analysts practices, Deutsche Bank Securities Inc. (“DBSI”) reached a settlement agreement with the Securities and Exchange Commission, the National Association of Securities Dealers, the New York Stock Exchange and the New York Attorney General, and with other state regulators arising from an investigation of research analyst independence. Under the terms of the settlement, DBSI agreed to pay $87.5 million.
On June 3, 2009, DBSI settled proceedings with the U.S. Securities and Exchange Commission, the New Jersey Department of Securities and the New York Attorney General in connection with various claims under the federal securities laws and state common law arising out of the sale of auction rate preferred securities and auction rate securities (together, “ARS”). Under the terms of the settlements, DBSI was required to, among other things, offer to buy back ARS purchased by certain customers from DBSI, reimburse certain customers who took out loans secured by ARS and compensate eligible customers who sold their ARS below par value. In connection with the settlements, a number of state securities commissions issued final orders against DBSI.
Stifel, Nicolaus & Company Inc
On December 6, 2016, a final judgment (“Judgment”) was entered against Stifel, Nicolaus & Company, Inc. (“Stifel Nicolaus”) by the United States District Court for the Eastern District of Wisconsin (Civil Action No. 2:11-cv-00755) resolving a civil lawsuit filed by the U.S. Securities & Exchange Commission (the “SEC”) in 2011 involving violations of several antifraud provisions of the federal securities laws in connection with the sale of synthetic collateralized debt obligations (“CDOs”) to five Wisconsin school districts in 2006.
As a result of the Order:
– Stifel is required to cease and desist from committing or causing any violations and any future violations of Section 17(a)(2) and 17(a)(3) of the Securities Act; and
– Stifel and David Noack, a former employee, are jointly liable to pay disgorgement and prejudgment interest of $2.44 million. Stifel was also required to pay a civil penalty of $22.5 million. The Judgment also required Stifel to distribute $12.5 million of the ordered disgorgement and civil penalty to the school districts involved in this matter.
Simultaneously with the entry of the Judgment, the SEC issued an order granting Stifel waivers from the application of the disqualification provisions of Rule 506(d)(1)(iv) of Regulation D and Rule 262(b)(2) of Regulation A under the Securities Act (the “Securities Act Waivers”) and a no-action letter granting relief from the disqualification provisions of Rule 206(4)-3 under the Advisers Act (the “Advisers Act Waiver”). The SEC also exempted Choice Financial Partners, Inc., 1919 Investment Counsel, LLC and Ziegler Capital Management, LLC (“Stifel Affiliates”) from section 9(a) of the Investment Company Act of 1940 (the “Investment Company Act Exemption”) through the issuance of a temporary order. Unless the SEC orders a hearing, a permanent order will be issued in 2017 and will be posted to the SEC’s EDGAR database.
Copies of the Judgment, Securities Act Waiver, Advisers Act Waiver and ’40 Act Exemption are available on the SEC’s website:
(Acting as Solicitor/Distributor to a Third Party Private Investment Fund)
Disclosure Statement under Rule 506(d)
1. Date of Action: August 22, 2011
Entity: UBS Financial Services, Inc.
Brought By: New Hampshire Bureau of Securities Regulation
Allegations: UBS sold Lehman Structured Products to clients (specifically referencing three particular investors), who were not
made aware of the risks of these products and failed to inform clients of Lehman’s financial condition prior to Lehman’s
bankruptcy. It was also alleged that the firm’s recommendations to a small number of New Hampshire residents to purchase
Lehman Structured Products were unsuitable.
Disposition: Consent Order
Administrative fine of $100,000; Investigation costs of $200,000; Administrative payment of $700,000
2. Date of Action: May 4, 2011
Brought By: SEC, Internal Revenue Service (IRS), Dept. of Justice (DOJ), State Attorney General of 24 States
UBS AG and UBS Financial Services Inc. reached settlements with the SEC, the IRS, the DOJ and a group of State Attorneys
General regarding investigations into the conduct of certain former employees in UBS Financial Services’ former municipal
reinvestment and derivatives group from 2001 to 2006. Allegations included violations of: Section 15(c)(1)(A) of the Securities
Exchange Act of 1934, Section 1 of the Sherman Act, and IRS regulations in bidding practices and representations made
involving the investment of proceeds of municipal securities transactions.
Disposition: SEC: Waiver and Consent to Final Judgment enjoining UBS from violating Section 15(c) of the Act, disgorgement
of profits, interest and civil penalty; IRS: Closing Agreement; DOJ: Non- prosecution Agreement
SEC: Disgorgement of $9,606,543 plus interest of $5,100,637 and civil penalty of $32,500,000; IRS: penalty of $18 million
and restitution of 4.3 million; States: $70.8 million plus $20 million credited from the SEC settlement
3. Date of Action: Dec. 22, 2008
Brought By: Securities and Exchange Commission (SEC), Massachusetts Securities Division, New York State Attorney General
(NYAG) and other members of the North American Securities Administrators Association.
Auction Rate Securities (ARS): UBS is permanently enjoined from violations of the broker/dealer anti-fraud provisions.
Allegations: Violations of 34 Act Section 15(c) regarding the marketing and sale of Auction Rate Securities.
Disposition: Cease & Desist Injunction; Civil Penalty; Consent Judgment
Cease & Desist, and Fines in varying amounts currently being paid to all 50 states. UBS Financial Services Inc. (together with
UBS Securities LLC) agreed to pay a fine of $150 million ($75 million to the NYAG and $75 million allocated to the remaining
states).
4. Date of Action: July 16, 2007
Entity: UBS Financial Services
Brought By: Attorney General State of NY
Allegations: Non-discretionary fee-based brokerage accounts offered by UBS were unsuitable for certain clients and
fees/commissions were higher than non- fee based accounts
Disposition: Remediation to Customers & Penalty to State of NY
Remediation: $21,300,000; Penalty: $2,000,000
5. Date of Action: March 7, 2005
Entity: UBS Financial Services
Brought By: State of Illinois
Allegations: Failure to provide investors with accurate account statements re: callable CD’s and failure to supervise.
Disposition: Fine
Fine: $95,000
6. Date of Action: April 28, 2003 – March 19, 2004
Entity: UBS Financial Services and affiliates
Brought By: Secretary of State of 47 States and Washington D.C.
Allegations: Violation of Securities Act regulations regarding research practices and conflicts of interest
arising from those practices. Violations of Section 17(b) of the Securities Act of 1933, NYSE Rules 476(a)(6), 401, 472,
476(A)(6) and 342, NASD Rules 2210 and 2110 and state securities laws
Disposition: Cease & Desist, Fine, Penalty, Disgorgement, Investor Education.
Details: UBS Financial Services Inc. (together with UBS Securities LLC) paid a total of $80M (allocated among the states),
which includes $25M penalty, $25M as disgorgement, $25M to be used for procurement of independent research and $5M
for investor education. Fines varied by State.
7. Date of Action: March 2007
Entity: Individual Financial Advisor
Brought By: State of New York Department of Insurance
Disposition: Final Order in connection with violations of sections 2123 of the NY Insurance Law and Department Regulation
60 (11 NYCRR 51.5).
8. Date of Action: June 9, 2008
Entity: Individual Financial Advisor
Brought By: State of New York Department of Insurance
Disposition: Final Order issued in connection with violations of sections 2123 of the NY Insurance Law and Department
Regulation 60 (11 NYCRR 51.5).
9. Date of Action: May 12, 2000
Entity: Individual Financial Advisor
Brought By: Ohio Division of Securities
Details: The Ohio Division of Securities issued a final order to deny the Financial Advisor’s application for a securities sales
person license.
10. Date of Action: February 2, 2010
Entity: Individual Financial Advisor
Brought By: State of Nevada
Details: State of Nevada issued Final Order revoking the Financial Advisor’s license to act as a sales representative on Feb. 2,
2010.
SBAI
No responsibility, duty of care or liability whatsoever (whether in contract or tort or otherwise including, but not limited to, negligence) is or will be accepted by the Standards Board for Alternative Investments Limited (“SBAI”), the Board of Trustees of the SBAI, any member of the SBAI’s Investor Chapter (each an “Investor Chapter Member”) or a Core Supporter of the SBAI to Signatories, investors or any other person in connection with the Standards or any Conformity Statement or Disclosure Statement made by any Signatory. A Core Supporter can be a Signatory to the Standards, a member of the SBAI’s Investor Chapter or an investment consultant.
Neither the SBAI nor its Board of Trustees is a regulator of the alternative investment industry and their role does not extend beyond being a custodian of the Standards. None of the SBAI, its Board of Trustees, the Investor Chapter Members and the Core Supporters will seek to enforce compliance with the Standards by Signatories. The fact that a manager is a Signatory to the Standards is not and should not be taken as an endorsement of such manager by the SBAI, the Board of Trustees, any Investor Chapter Member or any Core Supporter or as a representation by the SBAI, the Board of Trustees, any Investor Chapter Member or any other Core Supporter that such Signatory operates in conformity with the Standards. In determining whether to accept a manager’s application to become a Signatory (or whether to revoke a manager’s status as a signatory), the Board of Trustees is entitled to rely on the information provided to it by such manager without further investigation or verification. Further, subject to any duties a Trustee may have under applicable law, it is not envisaged, or expected, that a Trustee will when participating in any such decision of the Board of Trustees take into consideration information which it may possess otherwise than in its capacity as a Trustee. For the avoidance of doubt, Trustees act as individuals.
None of the SBAI, the Board of Trustees of the SBAI, the Investor Chapter Members and the other Core Supporters accept any responsibility or liability for any loss or damage caused to any person who acts or refrains from acting as a result of anything contained in or omitted from the Standards or any Conformity Statement or Disclosure Statement made by any Signatory or in reliance on the provisions of or material in the Standards or any Conformity Statement or Disclosure Statement made by any Signatory, whether such loss or damage is caused by negligence or otherwise.
DATA PROTECTION REGULATION MATTERS
PRIVACY NOTICE
The EU General Data Protection Regulation (Regulation (EU) 2016/679) (together with applicable implementing laws, “GDPR”) is and, with effect from 30 September 2019, the Cayman Islands Data Protection Law, 2017 (and any associated guidance and regulations, together, “DPL” and together with GDPR, the “Data Protection Laws”) will be applicable, to the extent relevant, to the processing of personal data by each of New York life system Services Limited, New York life system UK LLP (“NLUK”), New York life system Limited, New York life system LP, New York life system Holdings Limited, New York life system Guernsey LP, New York life system GP Limited, New York life system US LLC and New York life system Singapore Pte. Ltd (the “NEW YORK Life System Entities”) in the course of their businesses, and certain other persons. This notice sets out information relating to those activities.
The NEW YORK Life System Entities
The NEW YORK Life System Entities are controllers of personal data for the purposes of the Data Protection Laws and will, in the course of each NEW YORK Life System Entity’s business, process personal data. Information regarding such processing is set out herein.
Any person seeking information with respect to control or processing of personal data by any of the NEW YORK Life System Entities or seeking to exercise any rights afforded to them under the Data Protection Laws should contact the compliance department of NLUK at dataprotectionofficer@NEW YORK Life System.com.
Under the Data Protection Laws, any person wishing to is entitled to make a complaint with respect to any of the NEW YORK Life System Entities’ control or processing of personal data. Under GDPR, such a complaint may be made to the Information Commissioner’s Office (“ICO”). The ICO is the UK supervisory authority for data protection issues. Contact details for the ICO may be found at www.ico.org.uk. Under DPL, such a complaint may be made to the Cayman Islands Ombudsman (“Ombudsman”). The Ombudsman is the Cayman Islands supervisory authority for data protection issues. Contact details for the Ombudsman may be found at www. ombudsman.ky.
The policies and procedures adopted by the NEW YORK Life System Entities with respect to the control or processing of personal data may be amended from time to time. Similarly, the purposes for which the NEW YORK Life System Entities may control or process personal data may change from time to time. If any changes would require a material amendment to the information set out herein, details of such changes will be made available in the current version of this document from time to time.
Summary of Personal Data
For the purposes of the Data Protection Laws, personal data means any information about an individual from which that person can be identified. In the course of its business, NEW YORK Life System Entities may collect, use, store and transfer personal information from individuals that are employees, directors, officers or other representatives or agents of market counterparties, professional services and other service providers, trade associations, public bodies and other entities or undertakings. Such personal data is typically limited in scope, and includes, for example, the name and contact details of such individuals, as well as some technical data (such as internet protocol addresses), usage data and information about marketing and communication preferences.
In addition, the NEW YORK Life System Entities may also use, store and transfer personal information concerning former applicants for positions of employment at or membership of, or former employees or members of, the NEW YORK Life System Entities. Such personal data may include some or all of the following: name and contact details, information about employment and educational history, performance records, salary data, references, account details, identification data, tax information, social security numbers and information regarding immigration status. The NEW YORK Life System Entities will endeavour contact those former job applicants or former employees if the personal data processed in relation to the same is material in order to inform them of the continued processing of their personal data, the nature of that processing, the lawful basis upon which the processing is taking place, and their rights under the Data Protection Laws with respect to such processing.
Collection of Personal Data
The NEW YORK Life System Entities may collect personal data through a range of means. These may include direct interactions (where a person provides personal data to the relevant NEW YORK Life System Entity through correspondence or other direct methods of communication), through third-party service providers (for example, recruitment agents) or publicly available sources (where a NEW YORK Life System Entity receives personal data through a publicly available source such as a website or publicly-available registry).
Use of Personal Data
The NEW YORK Life System Entities will only process personal data in circumstances where they have established a lawful basis under the Data Protection Laws to do so. These circumstances include where the processing of the relevant data relates to a legitimate interest of the relevant NEW YORK Life System Entity, further described below. In such circumstances the NEW YORK Life System Entities will have established that the processing is necessary for the relevant purpose, and not inconsistent with the interests, rights or freedoms of a relevant data subject.
In accordance with the above, each NEW YORK Life System Entity has determined that the lawful bases for its processing of personal data are the legitimate interests of the relevant NEW YORK Life System Entity to undertake activities necessary and ancillary to the carrying on of an investment management business, including where necessary for the purposes of the relevant NEW YORK Life System Entity carrying out its activities relating to any fund, vehicle or account in respect of which a NEW YORK Life System Entity acts as investment manager, sub-investment manager, investment adviser or sub-investment adviser (the “Funds”), the administration of the Funds, the investment activities of the Funds, otherwise in furtherance of any contract entered into with respect to the activities of the Funds, to exercise and comply with the relevant Fund’s or NEW YORK Life System Entity’s rights and obligations at law or under regulation where such obligations are not set out under the laws of any member state of the European Economic Area (“EEA”), to establish, exercise or defend legal claims and in order to protect and enforce its (or another person’s) rights, property, or safety, or to assist others to do the same, and in order to provide information about its services and any investment products it offers.
In addition, each NEW YORK Life System Entity may also control or process personal data where necessary to comply with legal or regulatory obligations applicable to them under the laws of the Cayman Islands, the European Union or any member state of the EEA, or in order to give effect to a contract, or to take necessary pre-contractual steps with a view to potentially entering into a contract (including in its capacity as an employer or a prospective employer), to the extent applicable.
NEW YORK Life System Entities may from time to time control or process personal data for the purposes of operating their business, entering into contractual arrangements in the context of their investment management business, including in respect of the Funds marketing, and advertising the Funds and/or other investment vehicles and/or services related to the NEW YORK Life System Entities. Any person who does not wish their personal data to be processed for marketing purposes may opt out of such processing by notifying the compliance department of NLUK at dataprotectionofficer@NEW YORK Life System.com.
Any NEW YORK Life System Entity will only use personal data for the purposes that it has been collected for, unless they reasonably consider that they need to use it for another reason and that reason is compatible with the original purpose of the control or processing. Any person requiring information with respect to any additional purpose for which personal data may be controlled or processed may obtain such information from the compliance department of NLUK. If a NEW YORK Life System Entity needs to control or process personal data for an unrelated purpose, the relevant NEW YORK Life System Entity will use its reasonable endeavours to notify affected persons and to explain the basis on which they are permitted to undertake the same.
Disclosure of Personal Data
Each NEW YORK Life System Entity may share personal data with certain third parties for the purposes set out above. The relevant third parties with whom such personal data may be shared include entities appointed to provide services to the Funds, the relevant NEW YORK Life System Entity and their affiliates, and regulatory, legal and tax authorities. Further details of the third parties with whom personal data may be shared are available on request from the compliance department of NLUK. Wherever possible, personal data will only be disclosed by a NEW YORK Life System Entity to a third party in circumstances where that third party has agreed to respect the security of personal data and treat it in accordance with applicable law. The NEW YORK Life System Entities will seek to ensure that third parties to whom any personal data may be disclosed will not use personal data for their own purposes and only process personal data for specified purposes and otherwise in accordance with the instructions of the relevant NEW YORK Life System Entity and/or with the Data Protection Laws.
Transfer of Personal Data outside the European Economic Area or the Cayman Islands
The activities of the NEW YORK Life System Entities are such that it may be necessary for personal data to be transferred and/or processed outside the EEA or the Cayman Islands.
In circumstances where a NEW YORK Life System Entity transfers personal data outside the EEA or the Cayman Islands, they will seek to ensure a similar degree of protection is afforded to it by ensuring that personal data is generally transferred only to persons in countries outside the EEA or the Cayman Islands in one of the following circumstances:
to persons and undertakings in countries that have been deemed to provide an adequate level of protection for personal data by the European Commission, or the Ombudsman, as applicable;
to persons and undertakings to whom the transfer of such personal data is made pursuant to a contract that is compliant with the model contracts for the transfer of personal data to third countries from time to time approved by the European Commission, or the Ombudsman, as applicable.
in the case of GDPR, to persons and undertakings based in the United States if they are part of the EU-U.S. Privacy Shield which requires them to provide similar protection to personal data shared between Europe and the United States.
Further information on specific mechanisms utilised by NEW YORK Life System Entities transferring personal data outside the EEA or the Cayman Islands and the countries to which such transfer may be made (which may include, but are not limited to The Bailiwick of Jersey, the Bailiwick of Guernsey, Switzerland, Singapore, the Cayman Islands and the United States) may be obtained from the compliance department of SIUK upon request.
Data Retention
Each NEW YORK Life System Entity will retain personal data for as long as necessary to fulfil the purposes for which it has been collected. This will include any period of retention required to satisfy any legal, regulatory, taxation, accounting, regulatory or reporting requirement applicable to the relevant NEW YORK Life System Entity.
In determining the appropriate retention period for any personal data, the relevant NEW YORK Life System Entity will consider the amount, nature and sensitivity of the data, the potential risk of harm from unauthorised use or disclosure of the data, the purpose for which the relevant data is being processed, the extent to which the purposes for which the relevant data is being processed can be achieved by other means and any applicable legal requirements. Without prejudice to the generality of the forgoing, the NEW YORK Life System Entities have determined that they will retain records for at least 10 years.
Details of retention periods applicable to personal data subject to the Data Protection Laws are available upon request from the compliance department of SIUK. In some circumstances, a person may request that a NEW YORK Life System Entity delete any personal data retained by it. Further, in some circumstances, a NEW YORK Life System Entity may anonymize personal data for research or statistical purposes, in which case such information may be retained and utilised indefinitely without further notice.
Rights of Persons
Under the Data Protection Laws, persons whose data is processed by a NEW YORK Life System Entity will have certain rights. These rights include the right to access personal data, the right to require correction of personal data, the right to require erasure of personal data in certain circumstances, the right to restrict processing of personal data, and the right to require a transfer of personal data. In addition, if the processing of personal data is based on a legitimate interest of a NEW YORK Life System Entity, a person will have the right to object to the processing of that personal data.
Any person seeking to exercise any such right should contact the compliance department of SIUK. In certain circumstances, the relevant NEW YORK Life System Entity may charge reasonable fees if any such request is clearly unfounded, repetitive or excessive.
COOKIES POLICY
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This page describes what information the cookies gather, how we use that information and why we sometimes need to store these cookies. We will also share how you can prevent these cookies from being stored; however, preventing the cookies from being stored may downgrade or ‘break’ certain elements of the sites functionality.
THE TYPES OF COOKIES WE USE
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1. Performance Cookies. These cookies collect information about how you have used the website, for example, information related to the unique username you have provided. These cookies may also be used to allow us to know that you have logged in so that we can serve you fresher content than a user who has never logged in. We also use cookies to track aggregate website usage and experiment with new features and changes on the website. The information collected is used to improve how the website works.
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The names of the cookies that we use on our website, and the purposes for which they are used, are set out below:
Cookie Type
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Purpose
Functionality
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Functionality
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Functionality
Notification
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THIRD PARTY COOKIES
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MORE INFORMATION
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