GDPR Data Protection and Privacy Notice

GDPR Data Protection and Privacy Notice

Effective May 25, 2018

About this privacy notice

This notice, which is provided in connection with the European Union’s General Data Protection Regulation (“GDPR”), applies to Two Sigma Investments, LP (“TSI”), Two Sigma Advisers, LP (“TSA”) and the funds and other investment products that TSI or TSA manage or sub-advise (each, a “Fund” and, together, the “Funds”).  In this notice, we refer to each of TSI and TSA individually as the “Investment Manager” and, together with the Funds, collectively as “Two Sigma”, “we”, “us”, and “our”.

More information regarding TSI, TSA and the relevant Fund is available in each such Fund’s definitive offering document or in the definitive disclosure document accompanying the relevant management agreement.

This notice provides you with information about how, when and why Two Sigma uses your personal data.  It also sets out your rights under GDPR as presently understood, Two Sigma’s responsibilities under GDPR and how Two Sigma can be contacted.

General

The Fund and the relevant Investment Manager are each a data controller in respect of your personal data for the purposes of GDPR. The Fund and the relevant Investment Manager are responsible for ensuring that they use your personal data in compliance with GDPR.

The Fund’s administrator will generally process personal data provided to it in connection with an investment in a Fund. The Fund and the relevant Investment Manager will generally act as the data controller of any such personal data.

This privacy notice applies to you if (i) you are an investor or prospective investor in a Fund or an adviser to a Fund, (ii) your personal data has been provided to a Fund in connection with an investment or prospective investment directly or by another person (such as where you are a director, partner, trustee, employee, agent or direct or indirect owner of an investor or prospective investor) or (iii) we otherwise use your personal data. This privacy notice sets out the basis on which personal data about you will be processed by Two Sigma. Please take the time to read and understand this privacy notice.

Personal data that Two Sigma is likely to use

Two Sigma is likely to process the following categories of personal data about you:

(a)       Information provided by you directly to Two Sigma, including (i) personal identification data or characteristics, such as your name and address (including proofs of name and address), contact details, date of birth, gender, domicile, nationality and information related to your family and other close associate relationships, (ii) identification documents, such as copies of your passport or driver’s license, photograph, and signature specimen, (iii) occupational data, such as your employment history, and job title, and (iv) financial data, such as your income, assets, other financial information, bank details, investment history, tax residency and tax identification information.

(b)       Information collected or generated by Two Sigma, including information obtained through emails, call recordings, and website usage data (and other related data).

(c)       Information that Two Sigma obtains from other sources, including information obtained for the purpose of know-your-customer procedures (which include anti-money laundering procedures, counter-terrorist financing procedures, politically-exposed-person checks, sanctions checks, among other things), information from public websites and other public sources, and information received from your advisers, representatives, service providers or intermediaries.

Uses of your personal data

Your personal data may be stored and processed by Two Sigma for the following purposes:

(a)       Assessing and processing materials in connection with your investment in the Fund and related dealings, including performing know-your-customer procedures, conducting capital activity related to your investment, calculating net asset value and ownership, and overseeing these and similar processes.

(b)       General relationship and business administration, including communicating with investors and their advisers, representatives, intermediaries, service providers and other counterparties about an investment in the Fund, communicating with such persons regarding the potential for other investments with Two Sigma, conducting other relationship management matters, engaging with the Fund’s accountancy, legal and audit services, and conducting risk monitoring, IT systems administration and other product improvement matters.

(c)       Compliance with legal and regulatory obligations and industry standards, including know-your-customer procedures, the automatic exchange of tax information and legal judgments.

(d)       Business activities of the Investment Manager and its affiliates relating to the Fund, such as investor relations, discussions with the Two Sigma’s service providers and counterparties, and general business strategy, development, decision-making and marketing efforts.

Two Sigma is entitled to process and store your personal data in these ways and for the following reasons:

(a)       If you are an investor or prospective investor, you may enter into an investment contract with the Fund and some processing will be necessary for the performance of that contract, or will be done at your request prior to entering into that contract.

(b)       Processing will be necessary to discharge a relevant legal or regulatory obligation.

(c)       The processing will, in all cases, be necessary for the legitimate business interests of the Fund, the Investment Manager, the Fund’s administrator or another person, such as:

(i)        carrying out the business activities of the Fund, the Investment Manager, the Fund’s administrator or other persons, including, for example, to provide advisory services to its investors, providing sub-advisory services to an adviser pursuant to a management agreement, to asses and open accounts for its investors and prospective investors, to process transactions for such accounts, to communicate with and market products and services to its investors and prospective investors, to communicate with service providers and counterparties, and for informing Two Sigma’s decision-making (such as in connection with business strategy and development).

(ii)       complying with legal and regulatory obligations and industry practice, and preventing fraud;

(iii)      establishing, exercising or defending legal rights or for other purposes relating to legal proceedings; and

(iv)      ensuring the security of information systems.

(d)       In respect of any processing of sensitive personal data falling within special categories, such as any personal data relating to the political opinions of a politically exposed person, the processing will be necessary for reasons of substantial public interest.

Disclosure of your personal data to third parties

Two Sigma will from time to time, in accordance with the purposes described above, disclose your personal data to other parties, including to (a) its affiliates, (b) the Fund’s administrator and its affiliates, (c) professional advisers such as law firms and accountancy firms, (d) other service providers of the Fund, the Investment Manager and the Fund’s administrator (and their affiliates), (e) counterparties and (f) courts and regulatory, tax and governmental authorities. Some of these persons will process your personal data in accordance with Two Sigma’s instructions and others will themselves be responsible for their use of your personal data. These persons will often be permitted to further disclose the personal data to other parties.

Transfers of your personal data outside the European Economic Area

Your personal data will be transferred to and stored by persons outside the European Economic Area (the “EEA”), and in particular will be transferred to and stored by affiliates or service providers of the Fund or the Fund’s administrator outside the EEA.

Where personal data is transferred outside the EEA, Two Sigma will ensure that the transfer is subject to appropriate safeguards or is otherwise permitted under applicable law. For example, the country to which the personal data is transferred may be approved by the European Commission, the recipient may have agreed to model contractual clauses approved by the European Commission that oblige them to protect the personal data, or the recipient may be located in the United States and be a certified member of the EU-US Privacy Shield scheme.

You can obtain more details of the protection given to your personal data when it is transferred outside the EEA, including a copy of any standard data protection clauses entered into with recipients of your personal data, by contacting the Fund using the details set out under “Contacting Two Sigma” below.

Retention of personal data

How long Two Sigma holds your personal data for will vary. The retention period will be determined by various criteria, including the purposes for which Two Sigma is using it (as it will need to be kept for as long as is necessary for any of those purposes) and legal obligations (as laws or regulations may set a minimum period for which Two Sigma has to keep your personal data).

Your rights

You have a number of legal rights in relation to the personal data that Two Sigma holds about you. These rights include the following:

(a)       The right to obtain information regarding the processing of your personal data and access to the personal data that Two Sigma holds about you.

(b)       In some circumstances, the right to receive some personal data in a structured, commonly used and machine-readable format and the right to request that Two Sigma transmits that data to a third party where this is technically feasible. Please note that this right only applies to personal data which you have provided to Two Sigma.

(c)       The right to request that Two Sigma rectifies your personal data if it is inaccurate or incomplete.

(d)       The right to request that Two Sigma erases your personal data in certain circumstances. Please note that there are likely to be circumstances where you ask Two Sigma to erase your personal data but Two Sigma is entitled to retain it for legal reasons.

(e)       The right to object to, and the right to request that Two Sigma restricts, its processing of your personal data in certain circumstances. Again, there are likely to be circumstances where you object to, or ask Two Sigma to restrict, its processing of your personal data but Two Sigma is legally entitled to continue processing your personal data or to refuse that request.

(f)        The right to lodge a complaint with the data protection regulator (details of which are provided below) if you think that any of your rights have been infringed by Two Sigma.

You can exercise your rights by contacting Two Sigma using the details set out under “Contacting Two Sigma” below. You can find out more information about your rights by contacting an EU data regulator such as the UK’s Information Commissioner’s Office, or by searching their website at ico.org.uk.

Necessity of personal data for an investment in the Fund

The provision of certain personal data is necessary for an investor or prospective investor to be considered for an offer to invest in a Fund and for compliance by the Fund and its service providers with certain legal and regulatory obligations. Accordingly, if certain personal data is not provided when requested, an investment might not be accepted or you may not be permitted to remain invested.

Contacting the Fund

Two Sigma International Limited is our GDPR representative. It can be reached at GDPR@twosigma.com.

Information about the collection, use, disclosure, transfer or processing of your personal data or the exercise of any of the rights listed above is also available from the Fund. To contact the Fund, please refer to the contact information provided in the Fund’s definitive offering document or in the definitive disclosure document accompanying the relevant management agreement. You may also contact your Two Sigma relationship manager.

Cayman Data Protection and Privacy Notice

Cayman Data Protection and Privacy Notice

Effective September 30, 2019

About this Cayman Privacy Notice

This Cayman privacy notice, which is provided in connection with the Cayman Islands Data Protection Law, 2017 (as amended from time to time) and any regulations or orders promulgated pursuant thereto (collectively, the “DPL”), applies to the Cayman established funds managed by Two Sigma Advisers, LP (“TSA”) or Two Sigma Investments, LP (“TSI”, and together with TSA, “Two Sigma”, and each, an “Investment Manager”) as of September 30, 2019 (each a “Fund” and, together, the “Funds”). In this Cayman privacy notice, “we”, “us”, and “our” refer to each of TSA, TSI and the Funds, and “you” or “your” means the investor or, if applicable, the relevant individual affiliated or connected with the investor receiving this Cayman privacy notice. This Cayman privacy notice hereby supplements and is incorporated into the privacy notice that is part of your subscription agreement with the relevant Fund, as amended or supplemented from time to time.

More information regarding TSI, TSA and the relevant Fund is available in each such Fund’s definitive offering document or in the definitive disclosure document accompanying the relevant management agreement.

This Cayman privacy notice provides you with information about how, when and why we may collect, record, store, transfer and otherwise process your personal data.[1] It also sets out your rights under the DPL as presently understood, our responsibilities under the DPL and how we can be contacted.

General

Each Fund is a data controller in respect of your personal data for the purposes of the DPL and is responsible for ensuring that it uses your personal data in compliance with the DPL. Each Fund’s service providers, affiliates and delegates may act as data processors under the DPL.

This Cayman privacy notice applies to you if (i) you are an investor or prospective investor in a Fund or an adviser to a Fund, (ii) your personal data has been provided to a Fund in connection with an investment or prospective investment directly or by another person (such as where you are a director, partner, trustee, employee, agent or direct or indirect owner of an investor or prospective investor) or (iii) we otherwise use your personal data. This Cayman privacy notice sets out the basis on which personal data about you will be processed by us. Please take the time to read and understand this Cayman privacy notice. If you are a nominee investor or a corporate entity, this Cayman privacy notice will be relevant for those individuals connected to you and you should transmit this document to such individuals for their awareness and consideration.

Personal data that we are likely to use

The Funds, each Investment Manager, each Fund’s administrator, certain other service providers and their respective affiliates and delegates (each an “Authorized Entity” and, together, the “Authorized Entities”) may collect, record, store, transfer and otherwise process the following categories of personal data about you:

  • personal data provided by you directly to us or to an Authorized Entity;
  • personal data collected or generated by us or by an Authorized Entity, including information obtained through emails, call recordings, and website usage data (and other related data); and
  • personal data that we or the Authorized Entities obtain from other sources, including information obtained for the purpose of know-your-customer procedures (which include anti-money laundering procedures, counter-terrorist financing procedures, politically-exposed-person checks, sanctions checks, among other things), information from public websites and other public and private databases and sources, and information received from your advisers, representatives, service providers or intermediaries.

Uses of your personal data

Your personal data may be processed by us for the following purposes:

  • Assessing and processing materials in connection with your investment or prospective investment in a Fund and related dealings, including performing know-your-customer procedures, conducting capital activity related to your investment, calculating net asset value and ownership, and overseeing these and similar processes.
  • General relationship and business administration, including communicating with investors and their advisers, representatives, intermediaries, service providers and other counterparties about an investment in any Fund, communicating with such persons regarding the potential for other investments with an Investment Manager, conducting other relationship management matters, engaging with any Fund’s accountancy, legal and audit services, and conducting risk monitoring, IT systems administration and other product improvement matters.
  • Compliance with legal and regulatory obligations and industry standards, including know-your-customer procedures, the automatic exchange of tax information and legal judgments.
  • Business activities of each Investment Manager and its affiliates relating to the Funds, such as investor relations, discussions with the Two Sigma’s service providers and counterparties, and general business strategy, development, decision-making and marketing efforts.

We are entitled to process and store your personal data in these ways and for the following reasons:

  • If you are an investor or prospective investor, you may enter into an investment contract with the relevant Fund and some processing will be necessary for the performance of that contract, or will be done at your request prior to entering into that contract.
  • Processing will be necessary to discharge a relevant legal or regulatory obligation applicable to the Funds, any Investment Manager or any Authorized Entity.
  • The processing will, in all cases, be necessary for the legitimate business interests of the Funds, an Investment Manager, any Fund’s administrator or another person, such as:
  • carrying out the business activities of the relevant Fund, the relevant Investment Manager, the relevant Fund’s administrator or other persons (including the Authorized Entities), including managing and administering investments in the relevant Fund on an on-going basis, which enables the relevant Fund and its investors to satisfy their contractual duties and obligations to each other;
  • to verify the identity of the relevant Fund to third parties in connection with any actual or proposed investments and/or for any purpose which that Fund considers is necessary or desirable;
  • complying with legal and regulatory obligations and industry practice, and preventing fraud;
  • establishing, exercising or defending legal rights or for other purposes relating to legal proceedings;
  • for risk management and risk control purposes relating to any Fund;
  • ensuring the security of information systems;
  • where you consent to the processing of personal data for any other specific purpose; and
  • any other purpose disclosed by us to you.

As a data controller, the Funds will only use your personal data for the purposes for which we collected it as set out in this Cayman privacy notice. If we need to use your personal data for an unrelated purpose, we will inform you with respect to the new purposes.  In certain circumstances, we may share your personal data with regulatory, prosecuting and other governmental agencies or departments, and parties to litigation (whether pending or threatened), in any country or territory.

We may transfer your personal data outside of the Cayman Islands, as permitted under the DPL.  We will not sell your personal data. We do not envisage that any decisions will be taken about you using fully automated means, however we will notify you in writing if this position changes.

Retention of Personal Data

Your personal data shall not be held by the Funds for longer than necessary with regard to the purposes of the data processing set out in “Uses of your personal data” above.

Your rights

You have certain rights under the DPL, including:

  • the right to be informed as to how we collect and use your personal data;
  • the right to access your personal data;
  • the right to require us to stop direct marketing;
  • the right to have inaccurate or incomplete personal data corrected;
  • the right to withdraw your consent and require us to stop processing or restrict the processing, or not begin the processing of your personal data;
  • the right to be notified of a data breach (unless the breach is unlikely to be prejudicial);
  • the right to complain to the Data Protection Ombudsman of the Cayman Islands. You can access their website here: ky; and
  • the right to require us to delete your personal data in some limited circumstances.

Please note that if you do not wish to provide us with requested personal data or subsequently withdraw your consent, you may not be able to invest in the Funds or remain invested in the Funds as it will affect our ability to provide our services to you and manage your investment.

Changes to Cayman privacy notice

We encourage you to regularly review this and any updated privacy notice relating to the DPL to ensure that you are always aware of how your personal data is collected, recorded, stored, transferred or otherwise processed.

Contact us

Please contact the relevant Fund if you have any questions about this Cayman privacy notice, the personal data we hold about you or to discuss your data protection rights.

[1] Under the DPL, examples of personal data include:  name, title, date of birth, age, gender, nationality, picture, national identification number, usernames, email address, residential address, postal address, telephone / mobile / fax number, family structure, siblings, offspring, source of wealth, personal assets, bank account numbers and income details, tax identification number, financial and investment qualification, shareholder reference number, payment details and other details of products and services purchased, power of attorney information, job titles, employment history, employer details, personal data contained in emails, data regarding preferences in connection with marketing communications, personal data obtained pursuant to standard criminal record checks, data obtained further to the Funds’ standard anti-money laundering and client due diligence checks.

CCPA Privacy Notice

CCPA Privacy Notice

Effective January 1, 2020

About this privacy notice

This notice, which is provided in connection with the California Consumer Privacy Act (“CCPA”), applies to personal information collected about California residents by Two Sigma Investments, LP (“TSI”), Two Sigma Advisers, LP (“TSA”) and the funds and other investment products that TSI or TSA manage or sub-advise (each, a “Fund” and, together, the “Funds”).  In this notice, we refer to each of TSI and TSA individually as the “Investment Manager” and, together with the Funds, collectively as “Two Sigma”, “we”, “us”, and “our”.

More information regarding TSI, TSA and the relevant Fund is available in each such Fund’s definitive offering document or in the definitive disclosure document accompanying the relevant management agreement.

This notice provides you with information about how, when and why Two Sigma uses your personal information.  It also sets out your rights and Two Sigma’s responsibilities under CCPA, in each case as presently understood, and how Two Sigma can be contacted.

This privacy notice may apply to you if you are a California resident and (i) you are an investor or prospective investor in a Fund, (ii) your personal information has been provided to a Fund in connection with an investment or prospective investment directly or by another person (such as where you are an employee, agent or representative of an investor or prospective investor) or (iii) we otherwise use your personal information. Please take the time to read and understand this privacy notice.

Personal information that Two Sigma collects from and about you

Two Sigma is likely to collect the following categories of personal information from and about you from the following sources:

(a)       Information provided by you directly to Two Sigma, including (i) personal identification data or characteristics, such as your name and address (including proofs of name and address), contact details, date of birth, gender, domicile, nationality and information related to your family and other close associate relationships, (ii) identification documents, such as copies of your passport or driver’s license, photograph, and signature specimen, (iii) occupational data, such as your employment history, and job title, and (iv) financial data, such as your income, assets, other financial information, bank details, investment history, tax residency and tax identification information.

(b)       Information collected or generated automatically by Two Sigma or its third party service providers based on your online activity, including internet or other electronic network activity information obtained through e-mails, call recordings, IP addresses and other website usage data (from our site or other third party sites).

(c)       Information that Two Sigma obtains from other sources, including personal identifiers, commercial information, financial information, professional information or employment information obtained for the purpose of know-your-customer procedures (which include anti-money laundering procedures, counter-terrorist financing procedures, politically-exposed-person checks, sanctions checks, among other things), information from public websites and other public sources, and information received from your advisers, representatives, service providers or intermediaries.

Uses of your personal information

Your personal information may be used by Two Sigma for the following purposes:

(a)       Assessing and processing materials in connection with your investment in the Fund and related dealings, including performing know-your-customer procedures, conducting capital activity related to your investment, calculating net asset value and ownership, and overseeing these and similar processes.

(b)       General relationship and business administration, including communicating with investors and their employees, advisers, representatives, intermediaries, service providers and other counterparties about an investment in the Fund, communicating with such persons regarding the potential for other investments with Two Sigma, conducting other relationship management matters, engaging with the Fund’s accountancy, legal and audit services, and conducting risk monitoring, IT systems administration and other product improvement matters.

(c)       Compliance with legal and regulatory obligations and industry standards, including know-your-customer procedures, the automatic exchange of tax information and legal judgments.

(d)       Business activities of the Investment Manager and its affiliates relating to the Fund, such as investor relations, discussions with the Two Sigma’s service providers and counterparties, and general business strategy, development, decision-making and marketing efforts.

Two Sigma is entitled to process and store your personal information in these ways and for the following reasons:

(a)       If you are an investor or prospective investor, you may enter into an investment contract with the Fund and some processing will be necessary for the performance of that contract, or will be done at your request prior to entering into that contract.

(b)       Processing will be necessary to discharge a relevant legal or regulatory obligation.

(c)       The processing will, in all cases, be necessary for the business interests of the Fund, the Investment Manager, the Fund’s administrator or another person, such as:

(i)        carrying out the business activities of the Fund, the Investment Manager, the Fund’s administrator or other persons, including, for example, to provide advisory services to its investors, providing sub-advisory services to an adviser pursuant to a management agreement, to asses and open accounts for its investors and prospective investors, to process transactions for such accounts, to communicate with and market products and services to its investors and prospective investors, to communicate with service providers and counterparties, and for informing Two Sigma’s decision-making (such as in connection with business strategy and development).

(ii)       complying with legal and regulatory obligations and industry practice, and preventing fraud;

(iii)      establishing, exercising or defending legal rights or for other purposes relating to legal proceedings; and

(iv)      ensuring the security of information systems.

Disclosure of your personal information to third parties

Two Sigma will from time to time, in accordance with the purposes described above, disclose your personal information to other parties, including to (a) its affiliates, (b) the Fund’s administrator and its affiliates, (c) professional advisers such as law firms and accountancy firms, (d) other service providers of the Fund, the Investment Manager and the Fund’s administrator (and their affiliates), (e) counterparties, and (f) courts and regulatory, tax and governmental authorities.  It may also disclose your personal information to a successor to all or part of the business in the event of a merger, acquisition, divestiture, change of control or liquidation of Two Sigma or part of its business (or in anticipation of such an event) we may share your personal information as part of that transaction.

Necessity of personal information for an investment in the Fund

The provision of certain personal information is necessary for an investor or prospective investor to be considered for an offer to invest in a Fund and for compliance by the Fund and its service providers with certain legal and regulatory obligations. Accordingly, if certain personal information is not provided when requested, an investment might not be accepted or you may not be permitted to remain invested.

Reasonable Security Measures

While no information security practices can be 100% secure, we maintain reasonable security procedures and practices appropriate to the nature of the information to protect the personal information we maintain.

I am located in California:

  • What rights do I have?

Individuals who are residents of California have certain consumer rights under applicable California privacy laws but which may be subject to certain limitations and/or restrictions. Specifically, under California law you have the right to:

  • Request that we disclose information about personal information collected, used, disclosed or sold;
  • Request that we delete personal information collected or maintained by us;
  • Opt out of the sale of your personal information; and
  • Not receive discriminatory treatment for exercising your privacy rights.

Please note that we do not, and will not, sell your personal information.

  • How do I Authorize an Agent?

A consumer may use an authorized agent to submit a request on the consumer’s behalf. When using an authorized agent, we require that you provide the authorized agent written permission to do so and verify their own identity and agent status with us. If you would like to designate an authorized agent to make a request on your behalf, please email us at CCPA@twosigma.com.

  • Can I Receive this Privacy Policy in Alternative Formats?

If you require this notice in an alternative accessible format, please email us at CCPA@twosigma.com.

  • What is your process for verifying consumer requests?

We have instituted a process for verifying that the person making a request to know or a request for deletion is the consumer about whom we have collected information. Whenever feasible, we will match at least two data points in the identifying information provided by the consumer to the personal information already maintained by us, but it may require more data points depending in the information requested. We will avoid collecting highly sensitive pieces of personal information, unless necessary.

In verifying your identity, we will consider the following factors:

  • The type, sensitivity, and value of the personal information collected and maintained about the consumer.  Sensitive or valuable personal information shall warrant a more stringent verification process.  The types of personal information identified in Civil Code section 1798.81.5(d) shall be considered presumptively sensitive;
  • The risk of harm to the consumer posed by any unauthorized access or deletion. A greater risk of harm to the consumer by unauthorized access or deletion shall warrant a more stringent verification process;
  • The likelihood that fraudulent or malicious actors would seek the personal information.  The higher the likelihood, the more stringent the verification process will be;
  • Whether the personal information to be provided by the consumer to verify their identity is sufficiently robust to protect against fraudulent requests or being spoofed or fabricated;
  • The manner in which the business interacts with the consumer; and
  • Available technology for verification.

If we cannot verify your identity in accordance with California law, we may deny your request in whole or in part.

For online requests to delete, we will use a two-step process where the consumer must first, clearly submit the request to delete and then second, separately confirm that they want their personal information deleted.

For requests to know and requests to delete, we will confirm receipt of the request within ten (10) days and provide information about how the business will process the request, and we will respond within 45 days with an option to extend an additional 45 days provided we give you notice.

  • How do I Submit a Consumer Request?

If you wish to exercise any of your rights under this section, you may submit your request via any of these methods: (i) email us at CCPA@twosigma.com; (ii) contact us at the toll-free telephone number at 1-844-820-6577; or (iii) submit a request https://www.twosigma.com/legal-disclosure/privacy-policy/privacy-contact-request-form/.