Important Legal Information

Filisur, GR

I. Terms of use

1. INTRODUCTION AND APPLICABILITY OF THESE TERMS & CONDITIONS OF USE

It is important that you (hereinafter: the "User") are aware of the terms and conditions of use and information herein before continuing your visit to the Site.

By accessing and using the GERIFONDS (Luxembourg) SA website (hereinafter: the "Site"), you expressly agree to the terms and conditions of use and take note of the legal information mentioned below. Otherwise, the User is asked to leave the Site.

 2. SUPPLIER

The Site supplier is GERIFONDS (Luxembourg) SA, 16 rue Jean-Pierre Brasseur, 1258 Luxembourg (referred to in the terms and conditions of use herein as: GERIFONDS). GERIFONDS is a UCITS management company under the Luxembourg law of December 17, 2010 and an alternative fund manager (AIFM) under the Luxembourg law of July 12, 2013. The focus of GERIFONDS’ professional activities is the management of collective investment schemes. GERIFONDS is registered with the Trade and Companies registry of Luxembourg; section B, under number 75.032. GERIFONDS is a management company authorized and supervised in Luxembourg by the Commission de Surveillance du Secateurs Financier (CSSF).

3. SALES RESTRICTIONS

The collective investment schemes (hereinafter referred to as the "Funds")  mentioned on the Site are registered at least in their country of origin (Luxembourg). Any offer, sale or delivery of shares in other countries is subject to the laws applicable in these countries.

In particular, the Funds have not been and shall not be registered under the Securities Act of 1933 of the United States of America ("Securities Act"). The offer or sale of Fund units in the United States by a distributor may be in violation of the registration requirements under the Securities Act.

Units of the Funds may not be offered, sold, assigned, or delivered, directly or indirectly:

1)     In the United States, its territories, possessions, or areas under its jurisdiction; or

2)     To US citizens (national or bi-national) regardless of their domicile or residence; or

3)     To persons domiciled or residing in the United States; or

4)     To other natural or legal persons, trusts, legal entities, or other structures whose income and/or returns, regardless of their origin, are subject to US income tax; or

5)     To those who have the status of "US Persons", as defined under Regulation S of the Securities Act and/or the US Commodity Exchange Act of 1936 in their current version; or

6)     Trusts, legal entities, or other structures created for the purpose of enabling those mentioned under numbers 1 to 5 to invest in these Funds.

The placement restrictions applicable to each Fund are also published in the Fund’s respective prospectus.

4. LOCAL RESTRICTIONS

The Site is not intended for persons in any jurisdiction where (by reason of their nationality, residence or otherwise), the publication or access to this Site are prohibited. Users subject to such restrictions must neither access nor use the Site.

It is possible that the products and services displayed on the Site are not available or authorized for persons subject to a jurisdiction other than Luxembourg (because of their nationality, residence or otherwise). It is for the User to consult his advisers and the sales restrictions pertaining to the products and services in question.

5. COPYRIGHT

The whole www.gerifonds.lu Site is covered by copyright. It is possible to download or print pages or portions of the Site provided that the references to copyright or other notices regarding property rights are not deleted. Downloading or any other form of software copying or information on the Site does not confer any right on the latter. It is not possible to reproduce all or part, transmit in any way, modify, and use the Site for public or commercial purposes or to create links to the Site without prior authorization from GERIFONDS.

6. RELATED SITES

GERIFONDS assumes no responsibility for the content of other websites linked to or leading to this Site herein. The User uses the links that lead to other Sites or pages outside the Site at his own risk.

7. COOKIES

What is a cookie?

A cookie is a small file, generally made up of letters and numbers, inserted by the browser and stored on your computer or digital device when you visit a website. Cookies, for example, enable maintaining your session active or facilitating your navigation. Thus, if you connect to a website using the same terminal, the browser can recognize your preferences.

Can I refuse cookies?

Anyone who does not wish to have cookies stored on their computer or digital device must configure their browser to refuse them before using the site. The disadvantage of this is that some features of the site may not work properly without the help of cookies.

Type of cookies used by GERIFONDS

GERIFONDS uses several types of cookies. Some are essential, others are optional, or they can be blocked. Refusing or blocking certain cookies may affect your navigation on the site.

Would you like more information about cookies?

Visit the website of the Federal Data Protection and Transparency Officer (FDPIC): https://www.edoeb.admin.ch/edoeb/fr/home/protection-des-donnees/Internet_und_Computer/webtracking/explications-concernant-le-webtracking.html

8. NO OFFER, PERFORMANCE

The Site was developed for information purposes only and constitutes neither a solicitation nor an offer to buy or sell, or personalized investment advice.

As the risks associated with certain types of investment do not suit all investors, it is incumbent on the User to consult documents pertaining to the Funds, such as prospectuses, fund contracts, management regulations/bylaws, annual and interim reports, and to contact your advisers to analyze in detail your risk profile and to gather information about the risks inherent in making any investment decision.

Past performance cannot be taken as a guarantee of present or future evolution. An investment can rise or fall for many reasons and it is possible that investors will not recover their assets. In addition, fluctuations in exchange rates may cause an increase or decrease in value of investments.

9. RELIABILITY OF INFORMATION PRESENTED ON THE SITE

GERIFONDS strives to carefully select the information it publishes on this Site; it cannot give any guarantee as to its accuracy, reliability or completeness. Any decision made on the basis of this information is taken at the User’s own risks; GERIFONDS disclaims all liability for any loss, damage or direct or indirect damages.

In addition, GERIFONDS reserves the right to modify the content of this Site at any time and without notice.

Only texts approved by the CSSF in the prospectuses and management regulations/statutes are binding. GERIFONDS is not liable for translations into other languages.

10. NO GUARANTEE

GERIFONDS as well as its officers, directors, employees, affiliates and shareholders, and third party information providers and their administrators, directors, employees, affiliates and shareholders assume no liability for direct or indirect loss or damage of any nature whatsoever resulting from access to this Site or use of information or advice available on this Site or inability to access or use the information or advice available on this Site. In particular, the liability of GERIFONDS, and its officers, directors, employees, affiliates and shareholders is excluded for any damage or loss incurred due to an error, technical or not, a transfer failure, a condition of overload, difficulty of use, interruption of service (including, notably, the system maintenance service), a delay in the transmission of information, incompatibility between this Site and the files and/or software of the User (especially with his "browser") and/or computer, malfunction, interference, transmission of a virus or a worm to his computer, illegal access (for example due to hackers), intentional blocking of the tools and telecommunications networks (e.g. following a mass mailing e-mail or denial of service attacks) or any other error providers of telecommunications services or network.

11. PARTIAL NULLITY

Should any provision of the terms and conditions herein be invalid, non-compliant or unenforceable by reason of any statutory provision, it will in no case result in the invalidity, cancellation or the non-execution of the other provisions of the terms and conditions of use herein. The invalid clause, improper or unenforceable shall be replaced by a valid, compliant and applicable clause corresponding as much as possible to the meaning and purpose of the invalid clause.

12. APPLICABLE LAW & JURISDICTION

All legal relations between the User of the Site and GERIFONDS are subject to Luxembourg law. The place of execution, the exclusive jurisdiction for any type of procedure and for prosecution, but with regard to the latter only for the Site User not domiciled in Luxembourg, is at the headquarters of GERIFONDS in Luxembourg. Compulsory jurisdiction provided by applicable Luxembourg law and international conventions ratified by Luxembourg are reserved. GERIFONDS remains nonetheless entitled to take legal action at the domicile of the User’s or before any other competent jurisdiction.

13. MODIFICATION OF THE TERMS AND CONDITIONS OF USE

GERIFONDS reserves the right to modify the terms and conditions of use of the Site at any time and without advance notice.

II. Customer complaints handling policy

GERIFONDS has put in place policies and procedures covering the handling of all customer complaints and claims.

In accordance with CSSF Regulation 16-17, a complaint shall mean a "complaint filed with a professional to recognize a right or to redress a harm." Thus, simple requests for information or clarification cannot be considered as claims, and GERIFONDS does not consider simple demands for information or explanation as complaints.

All customer complaints and claims shall be processed in a secure manner within GERIFONDS and in line with CSSF Regulation 10-04 and CSSF Regulation 16-17 Any person who wishes to do so, can file a complaint or a claim by sending such complaint in writing to the attention of the compliance officer of GERIFONDS, on compliance@gerifonds.com or to GERIFONDS’s office at 16, rue Jean-Pierre Brasseur, L-1258, Luxembourg.

All complaints and claims are handled by the compliance officer of GERIFONDS.

A reply (usually in the form of an acknowledgement of receipt) shall be sent in writing within 10 (ten) business days following the receipt of the complaint or claim.

GERIFONDS provide an answer within a period which cannot exceed 1 (one) month between the date of receipt of the.

If an answer cannot be provided within this period, GERIFONDS shall inform the client of the causes of the delay and indicate the date on which a response will be provided.

If the answer provided is not found satisfactory, the compliance officer of GERIFONDS shall discuss the content of such complaint or claim along with the response given to the client, with the management of GERIFONDS.

If following such deliberations held with the management of GERIFONDS, the client still finds the answer provided insufficient and unsatisfactory, the compliance officer of GERIFONDS will inform the client of alternative solutions for resolving such complaints and claims, and inform in writing of the existence of the out-of-court complaint resolution procedure at the CSSF and send a copy of CSSF regulation 16-17 or the reference to the CSSF website.

For further details on GERIFONDS’s complaints and claims handling policy, please contact the compliance officer of GERIFONDS at compliance@gerifonds.lu.

III. Policy for the management of conflicts of interest

As a management Company, GERIFONDS shall establish, implement and maintain an effective conflicts of interest policy. That policy shall be set out in writing and shall be appropriate to the size and organization of GERIFONDS and the nature, scale and complexity of its business.

As GERIFONDS is a member of the BCV group, the policy also takes into account any circumstances of which GERIFONDS is or should be aware which may give rise to a conflict of interest resulting from the structure and business activities of other members of the BCV group.

The conflicts of interest policy of GERIFONDS includes the following:

a) Measures for the identification of potential conflicts of interests entailing a material risk of damage to the interests of the funds managed or one or more other clients (the “Clients”) ;

b) procedures to be followed and measures to be adopted in order to manage such conflicts.

GERIFONDS shall keep and regularly update a record of the activities, in which a conflict of interest may negatively impact its Clients. Such record must be kept whether such conflict of interest has arisen or, may arise.

Where the organizational or administrative arrangements made by GERIFONDS are not sufficient to ensure, with reasonable confidence, that risks of damage to the interests of its clients will be prevented, the senior management or other competent internal body of GERFIFONDS is promptly informed in order for them to take any necessary decision to ensure that in any case GERIFONDS acts in the best interests of its Clients. In such situations, GERIFONDS will report such conflicts of interests to its Clients by an appropriate durable medium and give reasons for its decision.

For further details on GERIFONDS’s conflict of interest policies, please contact the compliance officer of GERIFONDS on info@gerifonds.lu.

IV. Proxy voting policy

Considering that in some cases GERIFONDS has delegated the portfolio management function, together with GERIFONDS the portfolio managers (“PM”) to whom such function has been delegated will ensure that each voting rights is exercised in the best interests of the Funds, in line with the investment strategy of the Funds, and in line with GERIFONDS’s proxy voting policy.

Following the execution of a voting right, the PM (as the case may be) should also report to GERIFONDS that it has exercised a voting right, and should also report in which way such right has been exercised (e.g.: with a vote “for” a specific resolution, or “against” a specific resolution, etc.).

Details of the actions taken regarding the voting rights exercised (if any) can be made available free of charge by GERIFONDS, at the unitholders’ request.

More information about the proxy voting policy, can also be made available free of charge by GERIFONDS, at the unitholders’ request.

For further details on GERIFONDS’s proxy voting policy, please contact the compliance officer of GERIFONDS on info(at)gerifonds.lu.

V. Remuneration policy

1. INTRODUCTION

The remuneration policy of GERIFONDS, in line with Directives 2011/61/EU and 2014/91/EU, applies in the context of managing UCITS and alternative investment funds ("AIFs") (jointly hereafter referred to as "UCIs"), and sets out principles applicable to the remunerations of the senior management, all staff members having a material impact on the risk profile of UCIs, and all staff members carrying out independent control functions.

2. REMUNERATION PRINCIPLES

When establishing and applying the total remuneration policies, for those categories of staff, including senior management, risk takers, control functions and any employee receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers, whose professional activities have a material impact on the risk profiles of GERIFONDS or of the UCIs managed, GERIFONDS must comply with the remuneration principles applicable to portfolio managers of UCIs in a way and to the extent that is appropriate to its size, internal organisation and the nature, scope and complexity of its activities.

3. PROPORTIONALITY

In taking measures to comply with the remuneration principles GERIFONDS should comply in a way and to the extent that is appropriate to its size, internal organisation and the nature scope and complexity of its activities.

If deemed appropriate, the ESMA guidelines on sound remuneration policies therefore allow GERIFONDS to apply proportionality in its implementation of the remuneration principles.

4. DELEGATED PORTFOLIO MANAGERS OF UCIs MANAGED BY GERIFONDS

Any appointed portfolio manager must demonstrate that he is also subject to an equivalent remuneration policy as defined in Directive 2011/61/EU or in Directive 2014/91/EU.

5. MONITORING AND REVIEW OF THE POLICY

The remuneration policy shall be reviewed at least on an annual basis, and the outcome of the review shall be reported to the board of directors of GERIFONDS.

VII. Best execution policy

GERIFONDS shall take all reasonable steps to obtain the best possible results when executing or placing orders on behalf of the Funds. GERIFONDS’ best execution policy specifically describes the arrangements implemented by the portfolio managers to whom the management of the Funds was delegated, in order to comply with the requirements of the relevant UCITS and AIFM Directives as well as ensuring the best execution of the Funds.

Under such a delegation structure, GERIFONDS ensures and monitors whether the third parties managing the portfolios provide the best execution to the Funds.

This monitoring, for example, is performed through periodic reviews of the best execution measures implemented, of due diligence, and oversight of the policies and procedures of the portfolio managers.

For more information on GERIFONDS’ best execution policy, you can contact the GERIFONDS compliance officer at info@gerifonds.lu.

VIII. Protection of personal data

The General Regulations on Data Protection (GRDP) came into force in the European Union on May 25, 2018. GERIFONDS informs you that the obligations relating to this new regulation have been considered and implemented.

This information applies to all personal data processed by GERIFONDS, acting as data controller.

What sort of personal data is processed by GERIFONDS?

GERIFONDS only collects personal data strictly necessary for investment purposes, in particular managing the registration of the Funds’ unitholders.

GERIFONDS is likely to process in particular:

- Identification data (name, and address, etc.);

- Contact information (email, and phone number);

- Information on professional and extra-professional activity and employment (position, and CV, etc.);

- Information concerning convictions, offenses, penalties, or other measures; and

- Login connection data (extranet, and identifiers).

Such data may be collected directly from the customer or obtained from GERIFONDS’ counterparties, for example.

On what basis is your personal data used by GERIFONDS?

GERIFONDS only processes your personal data if this use is compliant with the legal bases provided by law:

- In the legitimate interests of GERIFONDS;

- In the context of carrying out a contract;

- In compliance with a legal or regulatory obligation; or

- If GERIFONDS has obtained your consent.

For what purpose is your personal data processed by GERIFONDS?

Compliance with legal and regulatory obligations: GERIFONDS may process your personal data to comply with its legal or regulatory obligations. Where appropriate, GERIFONDS may be required to share your information with a regulator or a competent authority, in particular in the fight against money laundering and the financing of terrorism.

Monitoring the commercial or contractual management: GERIFONDS may be required to record and archive email exchanges and/or to share contact data with customers.

Recruitment: GERIFONDS may record and maintain the personal data that you sent as part of an employment application.

In any case, your personal data is subject to security measures, for example, through the use of a password or restricted access.

Is your personal data shared with third parties?

If required, GERIFONDS reserves the right to disclose, make available, or transfer your data to its subcontractors, regulators, or counterparties if this is deemed justified.

GERIFONDS agrees to only transfer your personal data to the third parties listed above, except in cases specifically notified to the persons concerned, as well as in the event of legal obligations or decisions rendered by a court of law, or governmental, supervisory, or regulatory authorities.

Is personal data ever transferred outside the European Union?

As part of our commercial relations, GERIFONDS may be required to disclose and/or transfer your personal data to countries outside the European Union uniquely to execute a contract signed with you, to meet a legal obligation, protect public interest, or to defend the legitimate interests of GERIFONDS.

GERIFONDS ensures that appropriate safeguards are provided, for example through the standard contractual data protection clauses established by the European Commission (e.g. via the Working Party 29).

For how long will your personal data be stored or archived?

GERIFONDS will keep your personal data at most five (5) years after the end of the customer relationship. In accordance with the applicable legislation, if GERIFONDS no longer requires your personal data, it will be destroyed safely according to GERIFONDS internal policy or will be rendered anonymous.

Certain data may be retained for an additional period of time to handle possible claims, to manage pre-litigation and/or litigation, to meet commercial, legal or regulatory obligations or to respond to requests from authorized authorities.

What are your data protection rights?

In accordance with the legislation in force, your personal data rights are as follows:

- A right of access and rectification;

- A right of opposition and restriction of treatment;

- A right to deletion; and

- A right to the portability of your data.

Even against your objection, GERIFONDS may be allowed to continue processing your data, in particular if it is legally required.

Subject to the limitations provided in the present information or by law, you may exercise your rights free of charge by contacting our Data Protection Officer.

Who is the contact person?

If you would like to know more about the provisions of this information, or exercise your rights, please contact the GERIFONDS Data Protection Officer, at the following address:

GERIFONDS (Luxembourg) SA

43 Boulevard Prince Henri

L-1724 Luxembourg

Email: info(at)gerifonds.lu

Attention: Data Protection Officer

IX. Automatic exchange of information

The OECD developed a Common Reporting Standard (CRS) to achieve full automatic, multilateral information exchange on a global scale. The goal is to increase tax transparency and prevent tax evasion.

The CRS was transposed into Luxembourg law on December 18, 2015 on the automatic exchange of information relating to financial accounts in tax matters ("CRS Law"). The CRS Law requires Luxembourg financial institutions to identify the owners of financial assets and determine whether they are tax residents of countries with which Luxembourg has a tax information exchange agreement. Luxembourg financial institutions will then communicate the financial account information of the asset holders to the Luxembourg tax authorities, who will then automatically transfer this information to the competent foreign tax authorities on an annual basis.

In this regard, the Luxembourg financial institutions shall fulfill the reasonable due diligence and reporting obligations imposed on them, in order to determine which financial accounts shall be declared according to the CRS Law.

As a result, the Funds may require their registered unitholders to provide information concerning the identity and tax residence of the financial account holders, including certain entities and persons controlling them, in order to establish their status and to declare, if necessary, the information concerning a unitholder and his account to the Luxembourg tax authorities (Direct Tax Department) under the CRS Law.

This information may include:

-       The identity and information concerning the person having his tax residence in a CRS jurisdiction (full name, address, date and place of birth, tax identification number);

-       The identification of accounts held, account numbers, and their balances;

-       Financial income received - interest, dividends, proceeds of sales, and other income.

Unitholders are advised to consult with their legal and tax consultants regarding the implications of implementing the CRS Law.

For more information on the automatic exchange of information, especially with Switzerland, you may consult the website of the Secretary of State for International Financial Matters (SIF) at the following address:

https://www.sif.admin.ch/sif/fr/home/themen/informationsaustausch/automatischer-informationsaustausch/automatischer-informationsaustausch1.html.

Last updated on March 6, 2023