The Initial and Annual Privacy Notices must be provided in writing, or electronically if an investor consents, and must include the following:
Categories of Nonpublic Personal Information collected from and about the Client;
Categories of information about the Client that is disclosed and to whom; and
The Adviser’s policy and practice to protect the confidentiality, security and integrity of the Client’s Nonpublic Personal Information.
Exception to the Annual Privacy Notice Delivery Requirement
The GLBA was amended to provide an exception to the Annual Privacy Notice requirement. Under this exception, an Adviser is not required to provide an Annual Privacy Notice if the Adviser (1) does not share Nonpublic Personal Information about the customer except for certain purposes that do not trigger the customer’s statutory right to opt out of some disclosures of Nonpublic Personal Information about the customer to nonaffiliated third parties and (2) has not changed its policies and practices with regard to disclosing Nonpublic Personal Information from the policies and practices that were disclosed in the most recent Privacy Notice.
Disclosure of Nonpublic Personal Information
Heard Capital may share Nonpublic Personal Information in the following situations:
To service providers in connection with the administration, servicing or processing of a Client account which may include attorneys, accountants, auditors and other professionals.
To affiliated companies in order to provide the Client with ongoing personal advice and assistance with respect to products and services purchased through the Firm;
To respond to a subpoena or court order, judicial process or regulatory authorities;
To protect against fraud, unauthorized transactions (such as money laundering); and
Upon the consent of a Client to release such information.
The Firm maintains physical, electronic, and procedural safeguards to safeguard its Clients’ Nonpublic Personal Information and which the Firm believes are adequate to prevent unauthorized disclosure of such information.
Keeping Information Private
Heard Capital takes precautions to maintain the privacy of its natural-person Clients’, and its prospective natural-person Clients’, Nonpublic Personal Information. The Firm employs the following procedures designed to ensure that Nonpublic Personal Information and other sensitive or confidential information is maintained in a controlled and secure manner:
Maintaining subscription documents and other Client information on password protected drives and sites;
Employees are prohibited from storing Client information on their personal laptops without the CCO’s pre-approval.
Reformatting hard drives to physically remove data from personal computers that are retired or reallocated to other Employees;
Deleting password access for Employees and contractors who have left the Firm;
Deleting data on personal network drives when Employees and contractor leave the Firm;
Employees are prohibited from sending unencrypted emails to Clients containing Nonpublic Personal Information.
Maintaining logs regarding the status and disposition of backup data;
Maintaining current patch and release levels for operating system, database and Web-browsing software;
Maintaining an inventory of all systems on which the Firm maintains Nonpublic Personal Information.
Instituting security precautions for remote Employees’ access to computer systems;
Requiring passwords to be maintained by Employees and contractors for access to all network applications.
Not leaving confidential information unattended in conference rooms;
Storing the information in a locked or restricted file room so that visitors or Employees without a business need for the information do not inadvertently have access; and
Shredding or destroying the information by secure disposal services.
Network Storage with Cloud Service Providers
Heard Capital engages the services of cloud-based service providers for storage of Client Nonpublic Personal Information. Working with its IT service provider, the Firm has implemented the following to ensure that network storage does not result in unauthorized access to information stored in the cloud.
Performing and documenting due diligence prior to engaging the cloud service provider(s), including but not limited to, addressing business case assessment and risk assessment.
Performing and documenting ongoing due diligence performed of the cloud service provider(s).
Determine, based on reasonable due diligence, the location(s) of the data that resides with the cloud service provider(s).
Develop controls and settings in place for the cloud service regarding data loss prevention and data encryption, and identity and access management.
Heard Capital maintains safeguards to protect its Clients’ Nonpublic Personal Information. The Firm restricts access to Nonpublic Personal Information on a need-to-know basis. Third parties with whom the Firm shares its Clients’ Nonpublic Personal Information, if any, must agree in writing to follow appropriate standards of security and confidentiality.
The CCO will confirm the delivery of a copy of the Firm’s Initial Privacy Notice to all prospective clients at the start of the advisory relationship. The CCO also will evaluate, on an annual basis, whether the Firm is required to deliver an Annual Privacy Notice and, if so, ensure that such Annual Privacy Notice is timely delivered to Clients.
Commitment to Privacy
Heard Capital is sensitive to the privacy concerns of prospective, former and current investors. The Firm is committed to protecting the confidentiality and security of information it collects. Heard Capital is providing this notice to help the user better understand why and how the Firm collects certain personal information, the care with which it treats that information and how it uses that information.
The Gramm-Leach-Bliley Act, as may be amended from time to time (“GLBA”), requires all “financial institutions,” defined to include investment advisers and investment companies, to establish procedures and systems to assure privacy of the personal and financial information of its “customers.” The GLBA requirements apply only to “customers” who are individuals. However, as a matter of practice the following procedures apply to the conduct of the Firm’s business generally and not with respect to information of only individual clients or investors.
Sources of Nonpublic Information
In connection with forming and operating its investment vehicles, the Firm collects and maintains nonpublic personal information from the following sources:
Information Heard Capital receives from you in conversations over the telephone, in voicemails, through written correspondence, via email, in subscription agreements, investor questionnaires or other forms;
Information about your transactions with Heard Capital or others; and
Information captured on Heard Capital’s website, including registration information and any information captured via cookies, if any.
This information includes, without limitation, your address, social security number, assets, investment experience, transaction history, income and wire transfer instructions. If you are unsure as to whether information is nonpublic information, or as to the appropriate procedures to follow, you should contact Heard Capital’s Chief Compliance Officer.
Disclosure of Information
Heard Capital does not knowingly disclose nonpublic personal information about you to any other person or entity except its employees, third party professional vendors who are provided access to such information in order to carry out operations, or as otherwise required by law or regulation. These sharing practices are consistent with federal privacy and related laws, and in general, you may not limit the use of your personal information for these purposes under such laws. Heard Capital notes that the federal privacy laws only give you the right to limit the certain types of information sharing that the Firm does not engage in (e.g., sharing with affiliates certain information relating to your transaction history or creditworthiness for their use in marketing to you, or sharing any personal information with non-affiliates for them to market to you).
Former Investors: The Firm maintains nonpublic personal information of former investors and apply the same policies that apply to current investors.
Heard Capital consider the protection of sensitive information to be a sound business practice, and to that end it employs physical, electronic and procedural safeguards to protect nonpublic personal information in its possession or under its control.
Heard Capital reserves the right to change its privacy policies and this Privacy Notice at any time. The examples contained within this notice are illustrations only and are not intended to be exclusive. This notice is intended to comply with the privacy provisions of applicable U.S. federal law. There may be additional rights under other foreign or domestic laws that apply to you. If you have any questions concerning this Privacy Notice, please contact Heard Capital’s Chief Compliance Officer.
The information on this site has not been approved or verified by the United States Securities and Exchange Commission (the “SEC”) or by any state securities authority. Registration with the SEC does not imply a certain level of skill or training.