Privacy Policies / Regulation S-P Notice
Privacy Policy
The Company views protecting private information regarding its clients and potential clients as a top priority. Pursuant to the requirements of the Gramm-Leach-Bliley Act (the “GLBA”) and guidelines established by the Securities Exchange Commission regarding the Privacy of Consumer Financial Information (Regulation S-P), the Company has instituted the following policies and procedures in an effort to ensure that such nonpublic private information is kept private and secure. This policy also
outlines what the Company and its Associated Persons are allowed to use the confidential personal information collected in connection with its advisory activities.
This Privacy Policy covers the practices of the Company and applies to all nonpublic personally identifiable information, including information contained in consumer reports, of our current and former clients.
Responsibility
The CCO is responsible for administering the Company’s policies on safeguarding and protecting the
nonpublic personal information of clients collected by the Company, and to ensure that nonpublic
personal information of the Company’s clients is shared only with Associated Persons and others in a
way that is consistent with the Company’s Privacy Notice and the procedures contained in this Policy.
- Each Associated Person has a duty to protect the non public personal information of clients collected by the Company.
- Each Associated Person has a duty to ensure that nonpublic personal information of the Company's clients is shared only with Associated Persons and others in a way that is consistent with the Company's Privacy Notice and the procedures contained in this Policy.
- Each Associated Person has a duty to ensure that access to nonpublic personal information of the Company’s clients is limited as provided in the Privacy Notice and this Policy.
- Each Associated Person has a duty to ensure that access to nonpublic personal information of the Company's clients is limited as provided in the Privacy Notice and this Policy.
- Associated Person with questions concerning the collection and sharing of, or access to, nonpublic personal information of the Company's clients must look to the Company's CCO for guidance.
- Violations of these policies and procedures will be addressed in a manner consistent with other Company disciplinary guidelines.
Associated Persons with questions concerning the collection and sharing of, or access to, nonpublic
personal information of the Company’s clients must look to the Company’s CCO for guidance.
Violations of these policies and procedures will be addressed in a manner consistent with other
Company disciplinary guidelines.
Information Practices
The Company limits the use, collection, and retention of client or potential client information to what
we believe is necessary or useful to conduct our business or to offer quality products, services, and
other opportunities that may be of interest to our clients or potential clients.
The Company collects nonpublic personal identifying information about its clients and/or potential
clients such as name, address, telephone number, social security number or taxpayer ID number, date
of birth, employment status, annual income, and net worth.
The information is collected when the client completes account opening documents, signs our
agreement for services, and through the client’s account custodian or other authorized representatives,
e.g. attorney, accountant, bank, etc.
Disclosure of Information to Nonaffiliated Third Parties – “Do Not Share” Policy
The Company has a “do not share” policy. We do not disclose nonpublic personal information to
nonaffiliated third parties, except under one of the GLBA privacy exceptions, as described below.
Since the Company currently operates under a “do not share” policy, it does not need to provide the
right for its clients to opt out of sharing with nonaffiliated third parties, as long as such entities are
exempted as described below. If our information sharing practices change in the future, we will
implement opt out policies and procedures, and we will make appropriate disclosures to our clients.
Types of Permitted Disclosures – The Exceptions
In certain circumstances, Regulation S-P permits the Company to share nonpublic personal
information about its clients with nonaffiliated third parties without providing an opportunity for
those individuals to opt out. These circumstances include sharing information with a non-affiliate (1)
as necessary to effect, administer, or enforce a transaction that a client requests or authorizes; (2) in
connection with processing or servicing a financial product or a service a client authorizes; and (3) in
connection with maintaining or servicing a client account with the Company.connection with maintaining or servicing a client account with the Company.
Service Providers
From time to time, the Company may have relationships with nonaffiliated third parties (such as
attorneys, auditors, accountants, brokers, custodians, and other consultants), who, in the ordinary
course of providing their services to us, may require access to information containing nonpublic
information. These third-party service providers are necessary for us to provide our investment
advisory services. When we are not comfortable that service providers (e.g., attorneys, auditors, and
other financial institutions) are already bound by duties of confidentiality, we require assurances from
those service providers that they will maintain the confidentiality of nonpublic information they obtain
from or through us. In addition, we select and retain service providers that we believe are capable of
maintaining appropriate safeguards for nonpublic information, and we will require agreements from
our service providers that they will implement and maintain such safeguards.
Processing and Servicing Transactions
The Company may also share information when it is necessary to effect, administer, or enforce a
transaction requested or authorized by clients. In this context, “necessary to effect, administer, or
enforce a transaction” includes what is required or is a usual, appropriate, or acceptable method:
- To carry out the transaction or the product or service business of which the transaction is a part, and record, service, or maintain the client's account in the ordinary course of providing the financial service or financial product;
- To administer or service benefits or claims relating to the transaction or the product or service of which it is a part;
- To provide a confirmation, statement, or other record of the transaction, or information on the status or value of the financial service or financial product to the client or the client's agent or broker.
Sharing as Permitted or Required by Law
The Company may disclose information to nonaffiliated third parties as required or allowed by law. For
example, this may include disclosures in connection with a subpoena or similar legal process, a fraud
investigation, recording of deeds of trust and mortgages in public records, or an audit or examination.
Provision of Opt Out
As discussed above, the Company does not share nonpublic client information with unaffiliated third
parties beyond the available exemptions provided under applicable privacy regulations.
Disclosure of Information to Affiliated Third Parties
The Company may share information with affiliated parties and shall inform clients, in its privacy notice,
of the type of information shared and the category of parties with whom such information is shared.
Client information may be shared for legitimate business purposes only.
Privacy Notice
The Company has developed a Privacy Notice, as required under Regulation S-P, to be delivered to
clients initially and to current clients on an annual basis. The notice discloses the Company’s
information collection and sharing practices and other required information. The notice will be
revised as necessary any time information practices change.
Privacy Notice Delivery
- Initial Privacy Notice – As regulations require, all new clients receive an initial Privacy Notice at the time the client relationship is established (i.e., upon execution of the agreement for services),
- Annual Privacy Notice – Pertinent regulations require that disclosure of the Privacy Policy be provided to existing clients on an annual basis. The Company will deliver its annual Privacy Notice in conjunction with the annual offer of its Disclosure Brochure.
Revised Privacy Notice
Regulation S-P requires that the Company amend its Privacy Policy and promptly distribute a revised
disclosure to clients, if there is a change in the Company’s collection, sharing, or security practices.
Joint Relationships
If two or more individuals jointly obtain a financial product or service from the Company, the
Company may satisfy the initial, annual, and revised notice requirements by providing one notice to
those individuals jointly.
Should you have any questions regarding this disclosure, please contact Joshua J Prince, President and
CCO of Promus Advisors.
