Introduction

The Cumberland group of companies is committed to controlling the collection, use and disclosure of personal information.

This Privacy Policy applies to the following organizations currently within the Cumberland group (collectively “Cumberland”): 

• Cumberland Private Wealth Management Inc.
• Cumberland Associates Investment Counsel Inc.
• Cumberland Partners Limited
• Cumberland Investment Management Inc.
• Cumberland Capital Appreciation Fund
• Cumberland Opportunities Fund
• Cumberland Global Fund
• Cumberland Income Fund
• CAM Capital Fund I Inc.
• CAM Private Equity Limited
• CAM Private Investment Fund LP
• 1410742 Ontario Limited
• 1410741 Ontario Limited
• 1730221 Ontario Limited

This policy will also apply to each entity joining the Cumberland group in the future.

Cumberland has demonstrated its commitment to controlling the collection, use and disclosure of personal information by developing this Privacy Policy in accordance with the standards set out in the Personal Information Protection and Electronic Documents Act (Canada) (the “Act”).

Significant aspects of Cumberland’s business may be subject to provincial legislation, rather than the Act. However, Cumberland anticipates that the standards established by the Act will exceed those in the provincial legislation, and Cumberland intends to offer the higher level of protection set out in the Act.

This Privacy Policy and the Act do not apply to the personal information of employees of Cumberland.

Cumberland intends to use this Privacy Policy as a set of recommended best practices to guide the development of its privacy procedures and as a guide to better inform its employees and the public of its initiatives to protect the privacy of personal information. The practices set out in this Privacy Policy seek to balance the right of privacy of individuals with respect to their personal information and Cumberland’s need to collect, use or disclose personal information for legitimate business purposes that a reasonable person would consider appropriate. Controlling and safeguarding the collection, use and disclosure of personal information is an ongoing process. Cumberland will continue to review its personal information management practices and will update them as necessary in order to better protect the privacy of individuals.

Definitions
This Privacy Policy uses the terms defined below.

“Consent,” means the voluntary agreement with what is being done or proposed. Cumberland will obtain consent in a variety of different ways ranging from implied consent to express consent. Express consent is given explicitly, either verbally or in writing. Implied consent arises where consent may reasonably be inferred from the action or inaction of the individual.

“Personal information” means any factual or subjective information about an identifiable individual, whether recorded or not, including handwritten notes. In particular, personal information includes information such as: age, name, address, email address, telephone number, fax number, birth date, social insurance number (SIN), ID numbers, income, gender, ethnic origin, blood type, passwords or licence plate numbers; personal opinions, evaluations, comments, social status, or disciplinary actions regarding individuals; information about an individual’s personal interests, hobbies or preferences; and medical records, credit records, loan records, financial information or the existence of a dispute between a consumer and a merchant. Personal information does not include the name, title, business address or telephone number of an employee of an organization, including Cumberland.

CUMBERLAND’S PERSONAL INFORMATION MANAGEMENT PRACTICES
Cumberland collects, uses and discloses various types of personal information about clients in carrying on business, including client information such as name, address, telephone, email address, SIN and financial information such as investment history, account information and credit information.

Cumberland collects, uses and discloses personal information in accordance with the following ten principles, which reflect the ten principles articulated in the Act.

Principle 1 - Accountability
Cumberland is responsible for personal information under its control and shall designate an individual or individuals who is or are accountable for its compliance with the procedures and principles in this Privacy Policy.

1.1. The contact information for Cumberland’s Privacy Compliance Officer is:
Katharine Varik
99 Yorkville Avenue, Suite 300
Toronto, Ontario
Tel: 416-929-1090

1.2. Accountability for compliance by Cumberland with these policies and procedures rests with the Privacy Compliance Officer, even though other individuals within Cumberland may be responsible for the day-to-day collection and processing of personal information. In addition, the Privacy Compliance Officer may, from time to time, designate one or more other individuals within the company to act on his or her behalf, including representatives from the various business units within Cumberland.

1.3. Cumberland will make the name of and contact information for the Privacy Compliance Officer known upon request.

1.4. Cumberland is responsible for personal information in its possession or custody, including information that has been transferred to a third party for processing. Cumberland transfers personal information to third parties for reasons such as transaction clearing, regulatory reporting, credit checks, data processing, data warehousing or administrative services such as providing monthly statements, transaction slips and asset custody. These third parties provide services for Cumberland and do not make any independent use of the personal information provided by Cumberland. Cumberland uses contractual or other means to ensure that third parties protect personal information to a level comparable to that provided by Cumberland.

1.5. Cumberland has implemented policies and practices that give effect to the principles and procedures in this Privacy Policy, including:
(a) implementing procedures to protect personal information;
(b) establishing procedures to receive and respond to complaints and inquiries;
(c) training staff and communicating to staff information about Cumberland’s policies and practices; and
(d) developing information to explain Cumberland’s policies and procedures.

1.6. The designation of a Privacy Compliance Officer does not relieve Cumberland from responsibility for compliance with these principles.

1.7. Cumberland monitors compliance with the policies and procedures in this Privacy Policy on an ongoing basis.

Principle 2 - Identifying Purposes
Cumberland shall identify the purposes for which personal information is collected at or before the time the information is collected. The purposes for which information is collected, used or disclosed by Cumberland must be those that a reasonable person would consider are appropriate in the circumstances.

2.1. Cumberland will document or record the purposes for which personal information is collected in order to comply with the Openness principle (Principle 8 of the Act) and the Individual Access principle (Principle 9 of the Act).

2.2. Identifying the purposes for which personal information is collected at or before the time of collection allows Cumberland to determine the information it needs to collect to fulfill these purposes. The Limiting Collection principle (Principle 4 of the Act) requires Cumberland to collect only that information necessary for the purposes that have been identified.

2.3. Cumberland will make reasonable efforts to identify the purposes for which personal information is collected to the individual from whom the personal information is collected at or before the time of collection. Depending upon the way in which the information is collected, Cumberland will identify these purposes verbally or in writing. In certain circumstances, the purposes for collection of personal information will be implicitly obvious to the individual and will not be explicitly identified. For example, it will be obvious that an individual’s name and address will be used for reporting and billing purposes.

2.4. When Cumberland uses personal information that has been collected for a purpose not previously identified, it will identify and obtain consent to the new purpose prior to use, except as permitted or required by law.

2.5. Cumberland employees collecting personal information will be able to explain to individuals the purposes for which the information is being collected, including any purposes that may not be immediately obvious to the individual.

Principle 3 - Consent
The knowledge and consent of the individual are needed for the collection, use or disclosure of personal information, except where consent is not required or permitted by law.

3.1. Consent is required for the collection of personal information and the subsequent use or disclosure of this information. Generally, Cumberland will seek consent for the collection, use or disclosure of personal information at the time of collection. Our account agreement includes a reference to this policy and it is presented to clients for agreement purposes as the account documents are finalized. In certain circumstances, consent with respect to use or disclosure may be sought after the information has been collected but before use (for example, when Cumberland wants to use information for a purpose not previously identified).

3.2. The principle requires “knowledge and consent”. Cumberland will make a reasonable effort to ensure that the individual is advised of the purposes for which his or her personal information will be used or disclosed. In order to make the individual’s consent meaningful, Cumberland will state the purposes in such a manner that the individual can reasonably understand how the information will be used or disclosed.

3.3. Cumberland will collect use or disclose personal information without consent only where permitted or required by law. Legal, medical, or security reasons may make it impossible or impractical for Cumberland to seek consent. For example, when information is being collected for the detection and prevention of fraud or for law enforcement, seeking the consent of the individual might defeat the purpose of collecting the information. Seeking consent may be impossible or inappropriate when the individual is a minor, seriously ill or mentally incapacitated, in which case consent must be obtained from parents, guardians or legal representatives of such individuals.

3.4. Cumberland will not, as a condition of the supply of a product or service, require an individual to consent to the collection, use, or disclosure of information beyond that required to fulfill the explicitly specified and legitimate purposes. For example, Cumberland’s customers’ contact information is required for billing and reporting purposes. Further, if consent is refused to conduct a credit check, Cumberland may not be able to extend certain credit services to you.

3.5. The form of the consent sought by Cumberland may vary depending upon the circumstances and the type of information. In determining the form of consent to use, Cumberland will take into account the sensitivity of the information. Although some information (for example, income and other financial records) is almost always considered to be sensitive, any information can be sensitive, depending on the context. For example, the names and addresses of subscribers to a newsmagazine would generally not be considered sensitive information. However, the names and addresses of subscribers to some special-interest magazines might be considered sensitive.

3.6. In obtaining consent, Cumberland will also consider the reasonable expectations of the individual. Consent will not be obtained through deception.

3.7. The way in which Cumberland seeks consent may vary, depending on the circumstances and the type of information collected. Cumberland will generally seek express consent when the information is likely to be considered sensitive. It will rely on implied consent only where collection and use of the personal information is directly related to a transaction or exchange of information in which the individual is directly participating. Consent can also be given by an authorized representative (such as a legal guardian or a person having power of attorney).

3.8. Cumberland will use a variety of different ways to obtain consent from individuals including implied consent, opt-out consent, express verbal consent and express written consent. Cumberland will take into consideration the sensitivity of the information and the reasonable expectations of the individual in determining the manner in which individuals provide their consent.

3.9. An individual may withdraw consent at any time, subject to legal or contractual restrictions. Cumberland must also be provided with reasonable notice that an individual wishes to withdraw consent. The period of reasonable notice will vary depending on the nature of the information and the uses to which it is being put by Cumberland.  Cumberland will inform the individual of the implications of withdrawing consent.

Principle 4 - Limiting Collection
The collection of personal information shall be limited to that which is necessary for the identified purposes. Information shall be collected by fair and lawful means.

4.1. Cumberland will not collect personal information indiscriminately. Cumberland will limit the amount and the type of information it collects to that which is necessary to fulfill the identified purposes. Cumberland will generally outline the types of information collected as part of its information-handling policies and practices, in accordance with the Openness principle (Principle 8 of the Act).

4.2. When possible, Cumberland will collect personal information from the individual directly. However, Cumberland also collects personal information from outside sources such as credit bureaus, financial institutions or references in order to determine creditworthiness or eligibility for certain products.

4.3. Cumberland will not collect personal information by misleading or deceiving individuals about the purpose for which information is being collected.

Principle 5 - Limiting Use, Disclosure and Retention
Personal information shall not be used or disclosed for purposes other than those for which it was collected, except with the consent of the individual or as exempted by the Act. Personal information shall be retained only as long as necessary for the fulfillment of those purposes.

5.1. Cumberland may from time to time use personal information about clients for legitimate business purposes that include identifying clients, reporting, billing, determining eligibility for products and services, satisfying legal and regulatory requirements and responding to requests about Cumberland products. To carry out these legitimate business purposes, Cumberland may from time to time disclose clients’ personal information to regulatory agencies (e.g., the Canada Revenue Agency), companies affiliated with Cumberland, and other third parties to perform services on behalf of Cumberland for the purposes explained in this section.

5.2. For regulatory purposes, self-regulatory organizations including Market Regulation Services Inc., the Investment Industry Regulatory Organization of Canada, the Mutual Fund Dealers Association of Canada, Bourse de Montreal Inc., and the Canadian Investor Protection Fund (collectively, “SROs”) require access to personal information of current and former clients, employees, agents, directors, officers, partners and others that has been collected or used by Regulated Persons, SROs collect, use or disclose such personal information obtained from Regulated Persons for regulatory purposes, including:

• Surveillance of trading-related activity.
• Sales, financial compliance, trade desk review and other regulatory audits.
• Regulatory databases.
• Enforcement or disciplinary proceedings; and
• Reporting to securities regulators.

5.3. When Cumberland uses personal information for a new purpose; it will document this purpose (see section 2.1 above). Cumberland will obtain consent of the individual prior to use of the information for a new purpose.

5.4. Cumberland has developed guidelines and procedures with respect to the retention of information, including personal information. These guidelines include retention periods. Cumberland will retain information, including personal information that has been used to make a decision about an individual long enough to allow the individual access to the information after the decision has been made. Cumberland is subject to legislative requirements with respect to retention periods. 

5.5. Cumberland will destroy, erase or make anonymous personal information that is no longer required to fulfill the identified purposes. Cumberland has developed guidelines to govern the destruction of personal information.

Principle 6 - Accuracy
Personal information shall be as accurate, complete and up-to-date as is necessary for the purposes for which it is to be used.

6.1. Cumberland will ensure that information is sufficiently accurate, complete and up-to-date to minimize the possibility that inappropriate information may be used to make a decision about the individual. The extent to which personal information will be accurate, complete and up-to-date will depend upon the use of the information, taking into account the interests of the individual.

6.2. Cumberland will not routinely update personal information, unless this is necessary to fulfill the purposes for which the information was collected.

6.3. Cumberland will ensure that personal information that is used on an ongoing basis, including information that is disclosed to third parties, is generally accurate and up-to-date, unless limits to the requirement for accuracy are clearly set out.

Principle 7 - Safeguards
Personal information shall be protected by security safeguards appropriate to the sensitivity of the information.

7.1. Cumberland has developed security safeguards to protect personal information against loss or theft, as well as unauthorized access, disclosure, copying, use or modification, regardless of the format in which the information is held.

7.2. The nature of these safeguards vary depending on the sensitivity of the information that has been collected; the amount, distribution and format of the information; and the method of storage. More sensitive information is safeguarded by a higher level of protection.

7.3. The methods of protection include: (a) physical measures (e.g., locked filing cabinets and restricted access to offices); (b) organizational measures (e.g., security clearances and limiting access on a “need-to-know” basis); and (c) technological measures (e.g., the use of passwords and encryption).

7.4. Cumberland is responsible for personal information in its possession or custody, including information that has been transferred to a third party for processing. Cumberland will use contractual or other means to provide a comparable level of protection while the information is being processed by a third party. Please see section 1.4 above for a more detailed discussion of Cumberland’s practices relating to the transfer of personal information for processing.

7.5. Cumberland has made its employees aware of the importance of maintaining the confidentiality of personal information.

7.6. Cumberland will use care in the disposal or destruction of personal information to prevent unauthorized parties from gaining access to the information (see section 5.5 above).

Principle 8 - Openness
Cumberland shall make information about its policies and practices relating to the management of personal information readily available to individuals.

8.1. Cumberland is open about its policies and practices with respect to the management of personal information. Individuals are able to acquire information about Cumberland’s policies and practices without unreasonable effort by contacting Cumberland’s Privacy Compliance Officer. Cumberland will make this information available in a form that is generally understandable.

8.2. The information that Cumberland will make available upon request includes:

(a) the name or title and the address of the Privacy Compliance Officer;
(b) the means of gaining access to personal information held by Cumberland;
(c) a description of the type of personal information held by Cumberland, including a general account of its use;
(d) information that explains Cumberland’s policies, standards, or codes; and
(e) a description of what personal information is made available to related organizations (e.g., subsidiaries) or other third parties.

8.3. Cumberland makes information on its policies and practices available in various ways depending on the nature of its business and other considerations.

Principle 9 - Individual Access
Upon request, an individual shall be informed of the existence, use and disclosure of his or her personal information and shall be given access to that information except where Cumberland is permitted or required by law not to disclose personal information to the individual. An individual shall be able to challenge the accuracy and completeness of the information disclosed to him or her and have it amended as appropriate.

9.1. Upon request, Cumberland will inform an individual whether or not it holds personal information about the individual except where required or permitted by law not to disclose personal information to the individual. Cumberland will allow the individual access to this information. In addition, Cumberland will provide an account of the use that has been made or is being made of this information and an account of the third parties to which it has been or may have been disclosed.

9.2. An individual may be required to provide sufficient information to permit Cumberland to provide an account of the existence, use and disclosure of personal information. Cumberland will use the information provided only for this purpose.

9.3. In certain situations, Cumberland may not be able to provide access to all the personal information it holds about an individual. Cumberland may refuse access to personal information it holds about an individual when permitted or required by law. Cumberland will consult the Act to determine whether an exception to the obligation to provide access applies. It will make only limited and specific exceptions to the access requirement and, upon request, will provide the reasons for denying access to the individual. Exceptions may include information that contains references to other individuals, information that cannot be disclosed for legal, security or commercial proprietary reasons, and information that is subject to solicitor-client or litigation privilege.

9.4. In providing an account of third parties to which it has disclosed personal information about an individual, Cumberland will attempt to be as specific as possible. When it is not possible to provide a list of the third parties to which it has actually disclosed information about an individual, Cumberland will provide a list of third parties to which it may have disclosed information about the individual.

9.5. Cumberland will respond to an individual’s request within a reasonable time and in any event within thirty (30) days of the request. Cumberland may extend the time for responding for up to an additional thirty (30) days if meeting the time limit would unreasonably interfere with the activities of Cumberland, or if the time required to undertake any consultations necessary to respond to the request would make the time limit impracticable to meet. Cumberland may also extend the time for responding for such period of time as is necessary to be able to convert the personal information into an alternative format. Cumberland will provide notice to the individual of any extension taken within thirty (30) days of the individual’s request and will advise the individual of the right to make a complaint to the Privacy Commissioner about the extension. Cumberland will provide the requested information or make it available in a form that is generally understandable. For example, if Cumberland uses abbreviations or codes to record information, it will provide a corresponding explanation.

9.6. Upon request by an individual with sensory disabilities,Cumberland will give access to personal information about the individual in an alternative format if a version of the information already exists in that format or if its conversion to an alternative format is necessary to allow the individual to exercise rights to request correction, challenge compliance of Cumberland under Principle 10 or complain to the Privacy Commissioner of Canada.

9.7. Cumberland will respond to an individual’s request for access to his or her personal information at minimal or no cost. Cumberland may respond to an individual’s request at a cost to the individual if it has informed the individual of the approximate cost and the individual advises Cumberland that the request is not being withdrawn.

9.8. When an individual successfully challenges the accuracy or completeness of personal information, Cumberland will amend the information as required. Depending upon the nature of the information challenged, amendment may involve the correction, deletion or addition of information. Where appropriate, Cumberland will transmit the amended information to third parties having access to the information in question.

9.9. Cumberland will record the substance of any challenge that is not resolved to the satisfaction of the individual. When appropriate, Cumberland will transmit the existence of the unresolved challenge to third parties having access to the information in question.

Principle 10 - Challenging Compliance
An individual shall be able to address a challenge concerning compliance with the principles in this Privacy Policy to the Privacy Compliance Officer.

10.1. The Privacy Compliance Officer is discussed in section 1.1 above.

10.2. Cumberland has simple and easily accessible procedures to receive and respond to complaints or inquiries about its policies and practices relating to the handling of personal information.

10.3. Cumberland will inform individuals who make inquiries or lodge complaints about its complaint procedures.

10.4. Cumberland will investigate all complaints. If a complaint is found to be justified, Cumberland will take appropriate measures, including, if necessary, amending its policies and practices.

10.5. If an individual is not satisfied with the response from the Privacy Compliance Officer, he or she may have recourse to the Office of the Privacy Commissioner at:
Federal Privacy Commissioner
112 Kent Street
Ottawa, Ontario
K1A 1H3
Phone: (613) 995-8210
Toll-Free: (800) 282-1376
Fax:  (613) 947-6850
Internet: www.privcom.gc.ca