FlexShares ICAV Data Protection - Privacy Notice

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This notice sets out how FlexShares ICAV (the “Fund”) will process personal information (as a data controller) and outlines the Fund’s data protection obligations and your data protection rights as they relate to your investment in the Fund under the EU data protection regime introduced by the General Data Protection Regulation (Regulation 2016/679, the “General Data Protection Regulation”).

Where your details are provided to the Fund as a consequence of your investment and your associated interactions with the Fund (including the initial or subsequent application for shares, and including the recording of electronic communications or phone calls where applicable) or by virtue of you otherwise providing the Fund with personal information then the Fund, acting as a data controller may itself (or through a third party or delegate of the Fund (the “Service Providers”) such as Northern Trust International Fund Administration Services (Ireland) Limited (the “Administrator”) acting as a data processor in its capacity as the Fund’s administrator) process your personal information or that of individuals connected with you as an investor (for example directors, officers, employees, representatives, shareholders, investors, clients, beneficial owners, trustees, authorised signatories or agents). If this notice is relevant to such individuals, you should transmit this document to them or otherwise advise them of its content.

When processing your personal information, there may also be times where the Fund’s Service Providers (including the Administrator) will act as data controllers. Any such processing is not governed by this notice, but by the data privacy notices and policies of the Service Provider(s) concerned. The Administrator’s privacy policy may be accessed at https://www.northerntrust.com/unit­ed-kingdom/privacy/global-privacy-standard. For the avoidance of doubt, the Administrator will not at any time be acting as a joint controller with the Fund.

Personal information includes, but is not restricted to, data relating to you and/or individuals contact with you as an investor: name, residential address, email address, contact details, corporate contact information, signature, nationality, tax identification number, passport number, place of birth, date of birth, bank account details and details relating to your investment activity. We may also obtain these categories of personal information on you from other public sources.

PURPOSES OF PROCESSING AND LEGAL BASIS FOR PROCESSING

Your personal information will be processed by the Fund or it’s Service Providers (or any of their affiliates, agents, employees, delegates or sub-contractors) for the following purposes:

  • to facilitate the opening of your account with the Fund, the management and administration of your holdings in the Fund and any related account on an on-going basis which are necessary for the performance of your contract with the Fund, including without limitation the processing of subscription, redemption, conversion, transfer, additional subscription requests, the payment of distributions, maintenance of records and fee calculation;
  • in order to carry out anti-money laundering (“AML”) checks and related actions including the maintenance of AML records, which the Fund considers appropriate to meet any legal obligations imposed on the Fund relating to, or the processing in the public interest, or to pursue the legitimate interests of the Fund in relation to, the prevention of fraud, money laundering, terrorist financing, bribery, corruption, tax evasion and to prevent the provision of financial and other services to persons who may be subject to economic or trade sanctions, on an on-going basis, in accordance with the Fund and Administrator’s AML procedures;
  • to report tax related information to tax authorities in order to comply with a legal obligation;
  • to monitor and record calls and electronic communications for (i) processing verification of instructions; (ii) investigation and fraud prevention purposes; (iii) for crime detection, prevention, investigation and prosecution; (iv) to enforce or defend the Fund’s or its Service Providers’ rights, itself or through Service Providers to whom it delegates such responsibilities or rights in each case in order to comply with any legal obligation imposed on the Fund; to pursue the legitimate interests of the Fund in relation to such matters; or where the processing is in the public interest;
  • to disclose information to other third parties such as the Service Providers, auditors, regulatory authorities and technology providers in order to comply with the Fund’s legal obligations or to pursue its legitimate interests in connection with the management and operation of the Fund;
  • to monitor and record calls for quality control, business and statistical analysis, training and to improve service delivery for the purposes of the Fund’s legitimate interests in ensuring quality service delivery; and/or
  • otherwise where necessary for compliance with the Fund’s legal obligations and/or in the legitimate interests of the Fund or a Service Provider, where those legal obligations and such legitimate interests are not overridden by your interests, fundamental rights or freedoms including for direct marketing purposes. It is noted that the General Data Protection Regulation states that the use of personal information for direct marketing purposes (that is, providing you with information on products and services that may be of interest) may be regarded as being for the purposes of a legitimate interest.

The Company shall notify you of any personal data breach affecting you that is likely to result in a high risk to your rights and freedoms.

Should we wish to use your personal data for other specific purposes (including, if applicable, any purpose that requires your consent), we will contact you.

RECIPIENTS OF DATA AND INTERNATIONAL TRANSFER OF DATA

The Fund may disclose your personal information as follows:

  • to its Service Providers and their affiliates in order to process the data for the above mentioned purposes; and
  • to competent authorities (including tax authorities), courts and bodies as required by law or requested or to affiliates for internal investigations and reporting.

The disclosure of personal information to the third parties set out above may involve the transfer of data to the USA and other jurisdictions outside the European Economic Area (EEA) in accordance with the requirements of the General Data Protection Regulation. Such countries may not have the same data protection laws as your jurisdiction.

Any transmission of personal information by the Fund or its Service Providers outside the EEA shall be subject to appropriate safeguards being in place in accordance with the General Data Protection Regulation. Where an authorised Service Provider transfers your personal data outside of the EEA, further information on the appropriate safeguards put in place by the Service Provider will be detailed in their own privacy policies/notices. Please contact the Fund if you wish to obtain more information on the appropriate safeguards. See “How to contact us” below.

In accordance with the requirements of the General Data Protection Regulation, the Fund and its Service Providers will apply appropriate information security measures designed to protect personal information in its or its Service Providers’ possession from unauthorised access by third parties or any form of computer corruption.

RETENTION PERIOD

The Fund and its Service Providers may retain your personal information for a period of up to seven years following your disinvestment from the Fund or the point where your business relationship with the Fund has ceased or potentially for a longer period where necessary for compliance with a legal obligation or for the establishment, exercise or defence of legal claims. Thereafter, the Fund and it’s Service Providers will refrain from collecting any further personal information on you and shall take appropriate steps to dispose of any records containing your personal information, to the extent this is operationally feasible and proportionate.

DATA SUBJECT RIGHTS

You have the following rights, in certain circumstances, in relation to your personal information:

  • Right to access your personal information (in an easily readable form);
  • Right to correct or update your personal information;
  • Right to restrict the use of your personal information (in certain specific circumstances);
  • Right to request that your personal information is erased (in certain specific circumstances). Please note that the right for your data to be erased (the “right to be forgotten”) that applies in some contexts under the General Data Protection Regulation is not likely to be applicable to most, if not all, of the personal information you provide to the Fund, given the specific nature of the purposes for which the Fund uses the data, as described above;
  • Right to object to processing of your personal information (in certain specific circumstances);
  • Right to data portability (in certain specific circumstances);
  • Right to withdraw consent (in certain specific circumstances); and
  • Right to receive information regarding any entities we disclose your data to.

Where the Fund or the Administrator requires your personal information to comply with AML or other legal requirements, failure to provide this information means the Fund may not be able to accept you as an investor in the Fund.

You have the right to lodge a complaint with the Data Protection Commission (the Fund’s supervisory authority) or a supervisory authority in the Member State of your usual residence or place of work, if you consider that the processing of personal information relating to you carried out by the Fund or its Service Provider infringes the General Data Protection Regulation.

UPDATES TO PERSONAL INFORMATION

The Fund will use reasonable efforts to keep your personal information up to date. However, you will need to notify the Fund and the Administrator without delay in the event of any change in your personal circumstances, so that the Fund can keep the per­sonal information up to date.

CHANGES TO THIS PRIVACY NOTICE

We may need to make changes to this notice from time to time and shall do so by amending the version of this notice published on our website www.flexshares.com. We would therefore invite you to review this regularly so you are informed of the latest position as it affects you. If any changes are material or substantive we will notify you of those changes.

HOW TO CONTACT US

As the Fund does not process personal information on a large scale, we are not required to designate a data protection officer. However, should you have any queries or wish to discuss your data protection rights with the Fund, please contact FlexShares ICAV, George’s Court, 54-62 Townsend Street, Dublin 2, Ireland.

Further Information

This Information Statement is issued for information purposes only.

This Information Statement is not intended as investment advice and is not an offer or a recommendation about managing or investing assets and should not be used as the basis for any investment decision.

The information contained herein is current as of the date of issuance and is subject to change without notice.

We do not make any express or implied warranties or representations as to the completeness or accuracy or accept responsibility for errors.

No risk management technique can guarantee the mitigation or elimination of risk in any market environment.

Past performance is not a guarantee or a reliable indicator of future results and an investment could lose value. All investments involve risk, including the possible loss of capital.

Northern Trust Fund Managers (Ireland) Limited and Northern Trust Global Funds plc have their registered office at 54-62 Townsend Street, Dublin 2, Ireland.

Northern Trust Fund Managers (Ireland) Limited and Northern Trust Global Funds plc are authorised in Ireland and regulated by the Central Bank of Ireland.

To be published on the website of Northern Trust Fund Managers (Ireland) Limited and Northern Trust Global Funds PLC.

Date of initial publication of this Information Statement: 10 March, 2021

This Information Statement is accurate as at: 10 March, 2021