Legal Documents

Parity foundation terms and conditions

Last Updated 2019.09.12

These Terms and Conditions (together with the Privacy Policy and other policies (as published from time to time and made available via the Platform), the “Terms”) form an agreement (“Agreement”) between you as user (“User”, “you” or “your”) and Parity Foundation (“Parity Trust Operator”, “we” or “us”) and govern your access to and use of our online software platform (the “Platform”), operated by Parity Trust Operator. The Platform allows users to exercise certain rights as settlors and beneficiaries of the trust (the “Trust”) established pursuant to the Declaration of Trust – Parity Trust executed by TMF Services SA (the “Trustee”) as a deed poll on 2019.09.12 (the “Declaration of Trust”). Further details in relation to the Trust, including the Declaration of Trust and related Modules may be obtained on the following link and/or in the Documents section of the Platform. Users are deemed to have notice of all documents and information available on the Platform. Capitalised terms used herein and not otherwise defined shall have the meanings given to them in the Declaration of Trust. The Trustee shall be entitled to rely upon and enforce the Agreement.

Changes to Terms

Amendments may be made to the Terms from time to time, and upon notice to you, via the Platform with an indication of the date on which the Terms were last revised. You acknowledge, understand and agree that the continued use of the Platform after we have made such changes constitutes your acceptance of the new Terms. In the event you do not wish to comply with any of the foregoing requirements, your sole remedy against us shall be to cease using the Platform.

Eligibility

Parity Trust Operator may restrict or limit the use of the Platform or the Services in any country or territory that is or becomes the subject of any sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control, the United Nations Security Council, the European Union, Her Majesty’s Treasury, the State Secretariat for Economic Affairs of Switzerland or the Swiss Directorate of Public International Law or other relevant sanctions authority (collectively the “Sanctions Authorities) (collectively, the “Restricted Jurisdictions”).

You represent and warrant that you:

  • (if you are an individual) have legal capacity and are of legal age to form a binding contract and that you are at least 18 years old,
  • have not previously been removed/suspended/restricted from using the Platform or the Services,
  • are of sound mind and are capable of taking responsibility for your own actions and have full power and authority to enter into this agreement,
  • are not violating any other agreement to which you are a party in entering in this agreement,
  • you are not a resident or citizen of any Restricted Jurisdiction,
  • you are not subject to sanctions of any Sanctions Authority,
  • all the information you provide to us are true and accurate, up to date and not misleading and that you will notify us of any changes to any information you have provided,
  • any money or other assets that you provide to the Trust (as defined herein) do not originate from drug trafficking, abduction, terrorist activity or any other unlawful activity or could be considered unlawful by any relevant jurisdiction,
  • will not use thePlatform or the Services if any applicable laws prohibit you from doing so, and that to your knowledge, your use of the Platform or the Services do not violate any laws or regulations of any jurisdiction that applies to you.

In addition, if you are acting on behalf of a legal entity, you further represent and warrant that (1) such legal entity is duly organised and validly existing under the applicable laws of the jurisdiction of its incorporation, (2) you are duly authorized by such legal entity to act on its behalf, and (2) any use of the Platform or the Services by the legal entity is duly authorized and does not violate any rules and regulations applicable to such legal entity.

PARITY SERVICES

Parity Trust Operator provides a software platform for Users to exercise rights in relation to the Trust (the “Services”), subject to the Terms, provided that any of these Services can be discontinued at any time pursuant to the terms of the Agreement.

Subject to the Terms, the Declaration of Trust and any applicable rules and regulations, a User which has become a Beneficiary may Contribute, Transfer and/or Liquidate Trust Assets allocated to it pursuant to the Declaration of Trust. The Platform is intended only to facilitate such Contribution, Transfer and/or Liquidation from a technical and operational point of view. The Platform is a software application and does not itself transfer any assets and the Parity Trust Operator does not hold or control any interest in the Trust.

A person may only become a Beneficiary by becoming a User which is verified, including by having passed any verifications and KYC/AML validation requirements that we and/or the Trustee require.

Parity Trust Operator itself does not provide any right of Contribution, Transfer or Liquidation, apart from providing a technical platform to do so.

Registration Process – Identity Verification

In order to become a Beneficiary you must create a Parity Account and pass any verifications and KYC/AML validation requirements that Parity Trust Operator and/or the Trustee require. It is a condition of your use of the Platform that the information you provide to the Platform is accurate, correct, complete, current and not misleading in any respect. If any information changes, it is your obligation to update such information as soon as possible. All information you provide to the Platform is governed by the Privacy Policy.

You agree to provide us and/or the Trustee, any additional information we request for the purposes of identification, verification and detection of money laundering, terrorist financing, fraud or any other financial crime, including but not limited to, a copy of government issued photo ID and evidence of residency. You permit us to keep a record of such information and authorise us to make the inquiries, whether directly or through third parties that we consider necessary to verify your identity or protect you and/or us against fraud or other financial crime and to take action we reasonably deem necessary based on the results of such inquiries. When we or the Trustee carry out these inquiries, you understand, acknowledge and agree that such information may be disclosed to agencies for the purposes of credit reference, fraud prevention, financial crime prevention and these agencies may respond to our inquiries in full.

Parity Trust Operator reserves the right to bar transactions using the Platform from or to anyone from certain restricted jurisdictions (including those that do not meet international standards provided by the Financial Action Task Force), or to anyone (including any Politically Exposed Person within the meaning of the Financial Action Task Force’s recommendations and any person being subject to sanctions of any Sanctions Authority) that fails to meet any of the due diligence standards, requirements or requests of Parity Trust Operator or the Trustee. You may be subject to enhanced customer due diligence at any and all times in the use of the Platform or any of the Services.

Parity Trust Operator reserves the right to maintain your account registration information after you terminate your Parity Account for business and regulatory compliance purposes, subject to applicable laws and regulations.

Access to the Platform

We may refuse to allow use of the Platform, and/or process a Contribution, Transfer or Liquidation if Parity Trust Operator believes that such use of the Platform, Contribution, Transfer or Liquidation would be contrary to applicable law or would otherwise expose Parity Trust Operator and/or the Trustee to legal liability.

Parity Trust Operator reserves the right to prohibit specific persons from accessing or using the Platform including if directed by law enforcement or a court or tribunal of competent jurisdiction or if such person is subject to sanctions of any Sanctions Authority. Parity Trust Operator will cooperate with applicable law enforcement and regulatory authorities and will share information if there are grounds to believe that the Services are being used for illegal uses or Prohibited Uses.

Parity Trust Operator reserves the right to amend the Platform and any service or material provided on the Platform.

Account Suspension & Closure

Parity Trust Operator reserves the right to deny, delay or restrict access to the Platform to any User or to close and cancel a Parity Account for any reason at Parity Trust Operator’s sole discretion, including but not limited to, if we and/or the Trustee believe in our or their sole and absolute discretion that:

  • You have or are reasonably suspected to have breached the terms and conditions of the Agreement;
  • You engage in abusive behaviour;
  • We or our service providers are unable to verify or authenticate any information you provide to us;
  • Your actions may cause legal liability for you, our Users, or us;
  • You are Contributing with sources of funds that you do not have the legal right to transfer;
  • You are or are reasonably suspected to be directly or indirectly using the Platform or the Services in violation of applicable laws and/or regulation;
  • You are or are reasonably suspected to be conducting transactions on the Platform, which may involve fraud, misconduct or illegality;
  • We are directed to do so by law enforcement, regulatory authority, court order or required to do so under any applicable law or regulation; or
  • Your Parity Account is subject to pending litigation, investigation or governmental proceeding.

If your Parity Account is terminated for any reason, you will be provided with notice of Parity Trust Operator’s actions.

Use of Platform – Prohibited Uses

You agree to use the Platform and Services only in accordance with applicable law, regulations, and this Agreement. You agree that you will not use the Platform or Services for any of the following (“Prohibited Uses”):

  • In any way that violates any applicable law or regulation.
  • Exploiting, harming, or attempting to exploit or harm minors, exposing them to inappropriate content, asking for personally identifiable information, or otherwise.
  • To send, or procure the sending of, any advertising or promotional material.
  • To impersonate or attempt to impersonate the Parity Trust Operator, another user, or any other person or entity.
  • In any way that infringes upon the rights of others, or in any way is illegal, threatening, fraudulent, or harmful.
  • To engage in conduct that restricts anyone’s use or enjoyment of the Platform, or which may harm or offend the Parity Trust Operator or users of the Platform or expose them to liability.
  • By means of any bot or other automatic device or process, or by any manual process, intended to monitor or copy any of material on the Platform or for any other unauthorized purpose.
  • To transfer, assign, or deal in any unauthorized Parity, other digital assets, or funds.
  • To engage in conduct that is detrimental to us or to any other Platform customer or any other third party;
  • To provide any false account registration details to us;
  • To provide inaccurate information or omit any material information requested by us in the course of, directly or indirectly relating to, or arising from your activities on the Platform or the use of any Services, including at registration;
  • To reverse-engineer, decompile, or disassemble any software running on the Platform.

Account Security

You are solely responsible for maintaining the confidentiality of your Parity Account and the private keys relating to your Parity, as well as any and all activities and transactions that occur under your Parity Account. You must notify us of any unauthorised use of your account and any other such security breach. Parity Trust Operator is not liable for any loss that may occur as a result of someone else using your Parity Account or password, with or without your consent or knowledge. You should use caution when accessing your Parity Account from shared or public computers. We reserve the right to disable any Parity Account at any time in Parity Trust Operator’s sole discretion if in our opinion you have violated any provision in the Agreement.

Fees

All transactions on the Platform are subject to fees as set out and updated in the fee schedule from time to time and accessible here.

Transaction Procedures

In order for Contributions or Liquidations to be executed, you must have passed any verifications and KYC/AML validation requirements that Parity Trust Operator and the Trustee, require, and initiate a request on the Platform to complete such Contribution or Liquidation. The procedures for Contributions, Transfers and Liquidations are set out in the applicable Modules for the relevant Trust Property.

Taxes

You are solely responsible and liable for all taxes, fees and commissions resulting from your use of the Platform. You agree to indemnify, defend and hold Parity Trust Operator and the Trustee harmless from any liability for, or assessment of, any claims or penalties with respect to such taxes, including any liability for, or assessment of taxes imposed on Parity Trust Operator or the Trustee by the relevant tax authorities with respect to any fees paid to you as a result of using the Platform.

Reliance on Information Posted

We do not warrant the accuracy, completeness, relevancy or usefulness of any information or that such information is up to date on t the Platform. Any reliance you place on such information is at your own risk. We disclaim all liability and responsibility arising from any reliance placed on such materials by you or any visitor to the Platform.

The Platform may also contain links to third party websites, applications, events or other material (“Third Party Content”). Such information is provided for your convenience and links or references to Third Party Content do not constitute an endorsement by Parity Trust Operator on any content, products or services referred to in such Third Party Content. Parity Trust Operator has no control over the content of Third Party Content. You acknowledge and agree that we are not responsible and shall have no liability for such Third Party Content, or your use of or interaction with them. We are not responsible or liable to you or any third party, for the content or accuracy of any Third Party Content. If you do decide to access any of the Third Party Content, you do so at entirely your own risk and are subject to the terms and conditions of use for such Third Party Content.

Intellectual Property Rights

“PARITY” and other graphics, logos, designs, page headers, buttons, scripts, service names are registered trademarks or trade property of Parity Trust Operator in several countries. Parity Trust Operator’s trademarks may not be used in whole or in part without the prior written consent of Parity Trust Operator.

The Platform, Services and its entire content, features, functions, including but not limited to, all information, software, text, displays, images, design, arrangement thereof (the “Content”) are owned by Parity Trust Operator, its licensors, or other providers of material and are protected by international copyright, trademark, patent, trade secret and other intellectual property or proprietary rights laws.

Parity Trust Operator grants you a limited, non-exclusive, non-transferable, non-sublicensable license, subject to the Terms, to access and use Content solely for approved purposes as permitted by us from time to time. All other use of the Content is expressly prohibited and all other right, title, and interest in the Content is exclusively the property of Parity Trust Operator, its licensors or providers. You agree not to copy, transmit, distribute, sell, license, reverse engineer, modify, publish or participate in the transfer or sale of, create derivative works from, or in any other way use any of the Content in whole or in part. You may not copy, imitate or use any of the Content without our prior consent. No part of the Content may be reproduced in any manner, in whole or in part, without the written consent of Parity Trust Operator.

Assumption of Risk; No Advice

You are solely responsible and liable for your account on the Platform, the private keys relating to Trust Assets held for you and knowing the true status of such assets even if the information on the Platform is displayed incorrectly. We do not provide any advice or consultation on the Trust. We do not have any access to any private keys held by any Users.

Limitation of Liability

For damages arising from your use of the Platform, Services or any information contained herein, Parity Trust Operator shall be liable for intended and gross negligence only. Liability for slight negligence and liability for auxiliary persons is excluded. Parity Trust Operator shall in no case be liable for your own fault or the fault of their parties. Liability for loss of profit or other direct or indirect consequential damages is excluded.

Parity Trust Operator shall not be liable for any disruption or non-availability of the Platform, Services or any damage or interruptions resulting from external causes including, but not limited to, communications network failure, power failure, host equipment failure, IPS (internet service provider) equipment failure, traffic congestion on the Internet or on the website or a combination thereof, computer viruses, spyware, scareware or other malware that may affect your computer or other equipment, natural events, acts of war, legal restrictions and censorship.

Your use of the Platform, Services and any content or items therein are at your own risk. The Platform, Services and any content or items therein are provided on an “as is” and “as available” basis, without any warranties of any kind, either express or implied.

Parity Trust Operator and any person associated with Parity Trust Operator do not make any warranty or representation with respect to the completeness, security, reliability, quality, accuracy or availability of the Platform or Services. Without any derogation of the foregoing, Parity Trust Operator and any person associated with Parity Trust Operator do not make any warranties or representations that the Platform or Services will be accurate, reliable, error-free or uninterrupted, or that defects will be corrected, or that the Platform or Services or the server that makes them available are free of viruses or other harmful components or will meet your needs or expectation.

Indemnity

You agree to defend, hold harmless and indemnify the Trustee, Parity Trust Operator, our affiliates and service providers, and each of our and their respective officers, directors, agents, employees and representatives, in respect of any claims, liabilities, damages, judgements, awards, losses, costs, expenses or costs (including legal fees and any fines, fees or penalties imposed by any regulatory or governmental authority) arising out of, in connection with, or related to your breach and/or our enforcement of this Agreement, your use of the Platform, Services or your violation of any law, rule, regulation or rights of any third party.

No Waivers

No waiver by the Parity Trust Operator of any term or condition set forth in the Terms shall be deemed a further or continuing waiver of such term or condition, and any failure of Parity Trust Operator to assert a right or provision under the Terms shall not constitute a waiver of such right or provision. No failure or delay in exercising or enforcing any privilege, right, remedy or power hereunder shall be deemed a waiver of such right or provision by Parity Trust Operator. All waivers must be in writing.

Force Majeure

Parity Trust Operator is not responsible for damages caused by delay or failure to perform undertakings under these Terms when the delay or failure is due to fires; strikes; floods; power outages or failures; acts of God or the state’s enemies; lawful acts of public authorities; any and all market movements, shifts, or volatility; computer, server, or Internet malfunctions; security breaches or cyberattacks; criminal acts; delays or defaults caused by common carriers; acts or omissions of third parties; or, any other delays, defaults, failures or interruptions that cannot reasonably be foreseen or provided against. In the event of Force Majeure, Parity Trust Operator is excused from any and all performance obligations and these Terms shall be fully and conclusively at an end.

Severability

If any provision of the Terms is held by a court or tribunal of competent jurisdiction or an arbitrator to be invalid, illegal or unenforceable for any reason, such provision shall be deemed severable from this Agreement, and such invalidity, illegality or unenforceability shall not affect the remaining provision of the Terms, which will shall be deemed to be valid and enforceable and continue in full force and effect.

Survival

Upon termination of your Parity Account and this Agreement, all rights and obligations of the parties that by their nature are continuing will survive such termination.

Entire Agreement

This Agreement constitutes the sole and entire agreement between you and Parity Trust Operator with respect to the Platform and the Services. This Agreement supersedes and replaces all prior understandings or agreements, written or oral regarding such subject matter. This Agreement is not intended, and shall not be construed to create rights or remedies in any person other than the parties and the Trustee.

No Agency Relationship

Nothing in this Agreement shall be deemed to constitute, create, imply, give effect to, or otherwise recognize a partnership, employment, joint venture, or formal business entity of any kind, and the rights and obligations of the parties shall be limited to those expressly set out in the Agreement. Parity Trust Operator is not your agent or other representative. The Agreement, and all representations, warranties, covenants, conditions and provisions herein are intended to be and are for the exclusive benefit of you and us.

Governing Law

This Agreement shall be governed by and construed in accordance with Swiss law exclusively, without giving effect to any principles of conflicts of law.

Place of Jurisdiction

For disputes arising from or in connection with the Terms, the competent court at Parity Trust Operator’s registered office shall have exclusive jurisdiction. Parity Trust Operator reserves the right to the mandatory legal jurisdictions.

Privacy Policy

Last Updated: 2019.09.12

This Privacy Policy describes how Parity Foundation (“Parity”, “we”, “us” or “our”) collects, uses, stores, shares and protects your information when you use the Services (as defined in the Terms of Use) through or in connection with your account with Parity for products or services offered via the Platform (as defined in the Terms of Use) (“Parity Account”).

If your country of residence, as determined by your verified residential address (“Country of Residence”), is (i) within the European Economic Area (“EEA”), you will also be referred to in this privacy policy as an “EEA Customer”; or (ii) outside the EEA, you will be referred to in this privacy policy as a “Non-EEA Customer”.

Please use the Glossary to understand the meaning of some of the terms used in this privacy policy.

1. Important information and who we are

Purpose of this privacy policy

We know how important privacy is to our users, which is why we only collect the information we need and will not share your personal information with any third parties unless it is necessary. Even within Parity, access to your personal information is limited to only those employees who require such information to handle matters relating to compliance, identity verification, fraud prevention and customer support.

It is important that you read this privacy policy together with any other privacy notice or fair processing notice we may provide on specific occasions and which may be applicable to you when we are collecting or processing personal data about you so that you are fully aware of how and why we are using your data. This privacy policy supplements the other notices and is not intended to override them.

Changes to the privacy policy and your duty to inform us of changes

We may change this privacy policy from time to time. When we do make updates, we’ll let you know by changing the date at the top of this privacy policy. If it is a more extensive update, we’ll send you a notification or post a notice on our website. If you ever have any questions about changes made to the privacy policy, just reach out to contact@parity.com.

It is important that the personal data we hold about you is accurate and current. If you need to add or change any information, you can just log in to your Parity Account and make the change in your settings. If it doesn’t look like you can make the change on your own, just reach out to Parity support@parity.com and we’ll take care of it. Please keep us informed if your personal data changes during your relationship with us.

Third-party links

The Services may include links to third-party websites, plug-ins and applications. Clicking on those links or enabling those connections may allow third parties to collect or share data about you. We do not control these third-party websites and are not responsible for their privacy statements. When you leave the Platform, we encourage you to read the privacy notice of every website you visit.

EEA Customers

The following applies to EEA Customers only.

For the purposes of the General Data Protection Regulation (EU) 2016/679 (“GDPR”), Parity Foundation is the controller of your personal data. If you have any questions about this privacy policy, including any requests to exercise your rights, please contact us using the details set out below.

Contact: contact@parity.com

You have the right to make a complaint at any time to the Information Commissioner's Office (“ICO”), the UK supervisory authority for data protection issues (www.ico.org.uk). We would, however, appreciate the opportunity to deal with your concerns before you approach the ICO so please contact us at contact@parity.com in the first instance.

2. The data we collect about you

Personal data, or personal information, means any information about an individual from which that person can be identified. It does not include data where the identity has been removed (anonymous data).

We may collect, use, store and transfer different kinds of personal data about you which we have grouped together as follows:

  • Identity Data includes first name, maiden name, last name, title, username or similar identifier, tax ID, marital status, date of birth, gender, identity document number, nationality and any other information contained in any identification documents you provide to us (e.g. your passport or driver’s licence).
  • Contact Data includes billing address, residential address, email address and telephone numbers.
  • Financial Data includes bank account details.
  • Transaction Data includes details of your Parity (USDP) activity such as the amount, date, time, recipient for each transaction.
  • Technical Data includes internet protocol (IP) address, your login data, browser type and version, time zone setting and location, browser plug-in types and versions, operating system and platform and other technology on the devices you use to access the Services.
  • Profile Data includes your username and password, your preferences, feedback and any survey responses.
  • Usage Data includes information about how you use the Services.
  • Marketing and Communications Data includes your preferences in receiving marketing from us and our third parties and your communication preferences.
  • Location Data includes information about your device location.

We also collect, use and share Aggregated Data such as statistical or demographic data for any purpose. Aggregated Data may be derived from your personal data but is not considered personal data in law as this data does not directly or indirectly reveal your identity. For example, we may aggregate your Usage Data to calculate the percentage of users accessing a specific website feature. However, if we combine or connect Aggregated Data with your personal data so that it can directly or indirectly identify you, we treat the combined data as personal data which will be used in accordance with this privacy policy.

We do not collect any Special Categories of Personal Data about you (this includes details about your race or ethnicity, religious or philosophical beliefs, sex life, sexual orientation, political opinions, trade union membership, information about your health, genetic and biometric data).

For Non-EEA Customers only, in the event that Parity integrates with other platforms, you may be prompted from time to time to grant Parity access to additional information from such platform (or grant such partner platform access to information you have provided to Parity.

Information about criminal convictions

When you register for a Parity Account or otherwise use the Services, we may receive information about your criminal convictions when we perform certain verification or compliance checks. We carry out these checks in order to detect or prevent any unlawful or fraudulent acts and to comply with our legal obligations.

If you fail to provide personal data

Where we need to collect personal data by law, or under the terms of a contract we have with you and you fail to provide that data when requested, we may not be able to perform the contract we have or are trying to enter into with you (i.e. to provide the Services to you). In this case, we may have to close your Parity Account but we will notify you if this is the case at the time.

3. How we collect your personal data

We use different methods to collect data from and about you including through:

  • Direct interactions. You may give us your Identity, Contact, Financial, Transaction, Profile, Usage, Marketing and Communications and Location Data by filling in forms or by corresponding with us by post, phone, email or otherwise. This includes personal data you provide when:
    • you create or use your Parity Account;
    • you set up a wire transfer to or from the Trustee;
    • we need to request more information to verify your identity or to meet our legal obligations;
    • you request marketing to be sent to you;
    • you participate in a survey; or
    • you give us some feedback.
  • Automated technologies or interactions. When you interact with our Parity Services, we may automatically collect Usage and Technical Data about your equipment, browsing actions and patterns. We collect this personal data by using cookies, server logs and other similar technologies. We may also receive Technical Data about you if you visit other websites employing our cookies. Please see our Cookie Policy for further details.
  • Third parties or publicly available sources. We may receive personal data about you from various third parties including:
    • Technical Data from analytics providers such as Google;
    • Contact, Financial and Transaction Data from providers of technical or payment services;
    • Identity and Contact Data from verification or compliance services providers; and
    • In providing personal data of any individual (other than yourself) to us, you agree that you have obtained consent from such individual to disclose their personal data to us for processing.

4. How we use your personal data

Non-EEA Customers

The following applies to Non-EEA Customers only.

We collect all of this information so that we can provide you with the Services safely and seamlessly. The information we collect allows us to:

  • Deliver the full functionality of the Services;
  • Keep in touch with you - whether it be for providing customer service, notifying you of new features or updates to the Services, or providing security notices or information;
  • Verify your identity so that we can prevent fraud or unauthorized activity; and
  • Fulfill any other purpose for which the information was collected.

We will never sell or rent your personal data to third parties. We may combine your information with information we collect from other companies and use it to improve and personalize the Services, as well as our content and advertising.

EEA Customers

The following applies to EEA Customers only.

We will only use your personal data when the law allows us to. Most commonly, we will use your personal data in the following circumstances:

  • Where we need to perform the contract we are about to enter into or have entered into with you.
  • Where it is necessary for our legitimate interests (or those of a third party) and your interests and fundamental rights do not override those interests.
  • Where we need to comply with a legal or regulatory obligation.

Generally, we do not rely on consent as a legal basis for processing your personal data other than in relation to sending third party direct marketing communications to you via email or text message. You have the right to withdraw consent to marketing at any time by contacting Parity at contact@parity.com.

Purposes for which we will use your personal data

We have set out below a description of the ways we plan to use your personal data, and which of the legal bases we rely on to do so. We have also identified what our legitimate interests are where appropriate

Note that we may process your personal data for more than one lawful ground depending on the specific purpose for which we are using your data. Please contact Support if you need details about the specific legal ground we are relying on to process your personal data where more than one ground has been set out in the table below.

Purpose/Activity Type of data Lawful basis for processing including basis of legitimate interest
To register you as a new customer. (a) Identity (b) Contact Performance of a contract with you.
To deliver the full functionality of the Services. (a) Identity (b) Contact (c) Financial (d) Transaction (e) Profile (f) Marketing and Communications (g) Location Performance of a contract with you.
To manage our relationship with you which will include: (a) Notifying you about changes to our terms or privacy policy; and (b) Asking you to leave a review or take part in a survey. (a) Identity (b) Contact (c) Profile (d) Marketing and Communications (a) Performance of a contract with you. (b) Necessary to comply with a legal obligation. (c) Necessary for our legitimate interests (to keep our records updated and to study how customers use our products/services).
To (i) verify your identity; and/or (ii) detect and prevent fraudulent or other unauthorised activities. (a) Identity (b) Contact (c) Financial (d) Transaction (e) Usage (a) Performance of a contract with you. (b) Necessary to comply with a legal obligation. (c) Necessary for our legitimate interests to safeguard the PARITY Services.
To administer and protect the Services (including troubleshooting, data analysis, testing, system maintenance, support, reporting and hosting of data). (a) Identity (b) Contact (c) Technical (a) Necessary for our legitimate interests (for running our business, provision of administration and IT services, network security, to prevent fraud and in the context of a business reorganisation or group restructuring exercise). (b) Necessary to comply with a legal obligation.
To deliver relevant website content and advertisements to you and measure or understand the effectiveness of the advertising we serve to you. (a) Identity (b) Contact (c) Profile (d) Usage (e) Marketing and Communications (f) Technical Necessary for our legitimate interests (to study how customers use our products/services, to develop them, to grow our business and to inform our marketing strategy).
To use data analytics to improve our website, services, marketing, customer relationships and experiences. (a) Identity (b) Contact (c) Technical (d) Usage Necessary for our legitimate interests (to define types of customers for our products and services, to keep our website updated and relevant, to develop our business and to inform our marketing strategy).
To (i) improve our product or services; and/or (ii) develop new product or services. (a) Identity (b) Contact (c) Financial (d) Transaction (e) Technical (f) Profile (g) Usage (h) Marketing and Communications Necessary for our legitimate interests (to develop our products/services and grow our business).
To make suggestions and recommendations to you about products or services that may be of interest to you. (a) Identity (b) Contact (c) Technical (d) Profile (e) Usage (f) Marketing and Communications Necessary for our legitimate interests (to develop our products/services and grow our business).

Change of purpose

We will only use your personal data for the purposes for which we collected it, unless we reasonably consider that we need to use it for another reason and that reason is compatible with the original purpose. If you wish to get an explanation as to how the processing for the new purpose is compatible with the original purpose, please contact us.

If we need to use your personal data for an unrelated purpose, we will notify you and we will explain the legal basis which allows us to do so.

Please note that we may process your personal data without your knowledge or consent where this is required or permitted by law.

Marketing

We strive to provide you with choices regarding certain personal data uses, particularly around marketing and advertising. We have established the following personal data control mechanisms:

(i) Promotional offers from us

We may use your Identity, Contact, Technical, Profile and Usage Data to form a view on what we think you may want or need, or what may be of interest to you. This is how we decide which products, services and offers may be relevant for you (we call this marketing).

You will receive marketing communications from us if you (i) have requested information from us; (ii) use our Services; or (iii) provided us with your details when you registered for a promotion and you have not opted out of receiving that marketing.

(ii) Third-party marketing

We will get your express opt-in consent before we share your personal data with any company outside the Parity group of companies for marketing purposes.

(iii) Opting out

You can ask us or third parties to stop sending you marketing messages at any time by following the opt-out links on any marketing message sent to you or by contacting contact@parity.com at any time.

Where you opt out of receiving these marketing messages, this will not apply to personal data provided to us as a result of your use of the Services, a product/service experience or other transactions. Opting out will also not opt you out of receiving non-marketing information such as quarterly account statements and updates to this privacy policy or our user agreement.

Cookies

You can set your browser to refuse all or some browser cookies, or to alert you when websites set or access cookies. If you disable or refuse cookies, please note that some parts of our website may become inaccessible or not function properly.

Do Not Track (“DNT”) is an optional browser setting that allows you to express your preferences regarding tracking by advertisers and other third-parties. At this time, we do not respond to DNT signals.

For more information about the cookies we use, please see our Cookie Policy.

5. How we share your personal data

Sharing with third parties

We may have to share your personal data with the parties set out below for the purposes set out in Section 4 above:

  • Banking partners - If you link a bank account, we will share your account information with our banking partners so that we can process payments associated with wiring funds in and out of the Trust. We may also need to share your information with your bank based in the country where your bank account is held in order to verify and complete a payment transaction.
  • Verification service providers - In order to detect and/or prevent fraud and comply with our legal obligations, we will sometimes need to share your information with third party identity verification services. This lets us make sure you are who you say you are, by comparing the information you provide us to public records and other third party databases. This may include searches through electronic services such as credit bureaus, but we will not do so in a manner that would have an adverse impact on your credit or credit score.
  • Operational service providers - In order to deliver the Services to you, we will need to share your information with third parties who provide us with certain tools/services including data storage, customer service platforms, accounting and invoicing, IT, email and other communication tools, security and fraud detection.
  • Other service providers - In order to improve Parity’s functionality, we will sometimes share your information with service providers that help us analyse how people are using the Services in order for us to refine the product. We may also share your information with services providers who help us to deliver certain advertising/marketing campaigns in order to grow our business.
  • Law enforcement agencies and regulators - we may need to share your information with law enforcement or government or public officials. We will only do this when we are compelled to do so by a specific regulation, subpoena, court order or formal request, or we otherwise believe in good faith that we need to share such information to prevent physical harm, financial loss, or are obligated to report illegal and other suspicious activities.
  • Group companies - Information may be shared with Parity group entities in order to, inter alia, meet our legal and regulatory obligations. EEA Customers should be aware that affiliates of Parity Foundation are likely to act as processors in respect of your personal information in order to provide you with the best possible service and customer support.
  • Business Partners - From time to time Parity may partner with other companies (“Partners”) to allow you to transact with individuals that are customers of such Partners and not Parity. In order to complete these transactions, we will need to share information regarding your Parity Account (such as name, email address, phone number and date of birth) with the applicable Partner so that they can meet their legal and regulatory obligations. Your information will only be shared with such Partners to the extent you actually transact or interact with customers of such Partner.
  • Professional advisers - In order to complete third party financial, technical, compliance and legal audits of Parity ’s operations or otherwise comply with our legal obligations, we may need to share information about your Parity Account as part of such review with professional advisers acting as processors or joint controllers who provide consultancy, banking, legal, compliance, insurance or accounting services.
  • Third parties - We may choose to sell, transfer, or merge parts of our business or our assets to third parties. Alternatively, we may acquire other businesses or merge with them. If a change happens to our business, then the new owners may use your personal data in the same way as set out in this privacy policy.
  • We will share your information with other third parties if you specifically authorise us to do so.

6. How we protect your personal data

We protect your information using physical, technical, and administrative security measures to reduce the risks of loss, misuse, unauthorised access, disclosure and alteration. Some of the safeguards we use are firewalls and data encryption, physical access controls to data centers and information access authorisation controls.

Sometimes in order to better secure your information and use it for the purposes contemplated by this privacy policy, certain personal data may be stored with our third party partners and service providers. All of their physical, electronic and procedural safeguards are designed to comply with applicable laws and regulations.

In addition, we limit access to your personal data to those employees, agents, contractors and other third parties who have a business need to know. They will only process your personal data on our instructions and they are subject to a duty of confidentiality.

In relation to EEA Customers, we have put in place procedures to deal with any suspected personal data breach and will notify you and any applicable regulator of a breach where we are legally required to do so.

7. Data retention

We will only retain your personal data for as long as necessary to fulfil the purposes we collected it for, including for the purposes of satisfying any legal, accounting, or reporting requirements.

To determine the appropriate retention period for personal data, we consider the amount, nature, and sensitivity of the personal data, the potential risk of harm from unauthorised use or disclosure of your personal data, the purposes for which we process your personal data and whether we can achieve those purposes through other means, and the applicable legal requirements.

For further details of retention periods for different aspects of your personal data please contact us contact@parity.com.

In some circumstances we may anonymise your personal data (so that it can no longer be associated with you) for research or statistical purposes in which case we may use this information indefinitely without further notice to you.

9. Your legal rights

This Section 9 applies to EEA Customers only.

Under certain circumstances, you have rights under data protection laws in relation to your personal data. Please see the “Your Legal Rights” section of the glossary to find out more about these rights:

Request access to your personal data

Request correction of your personal data

Request deletion of your personal data

Object to processing of your personal data

Request restriction of processing of your personal data

Request transfer of your personal data

Right to withdraw consent

If you wish to exercise any of the rights set out above, please contact Parity at contact@parity.com.

No fee usually required

You will not have to pay a fee to access your personal data (or to exercise any of the other rights). However, we may charge a reasonable fee if your request is clearly unfounded, repetitive or excessive. Alternatively, we may refuse to comply with your request in these circumstances.

What we may need from you

We may need to request specific information from you to help us confirm your identity and ensure your right to access your personal data (or to exercise any of your other rights). This is a security measure to ensure that personal data is not disclosed to any person who has no right to receive it. We may also contact you to ask you for further information in relation to your request to speed up our response.

Time limit to respond

We try to respond to all legitimate requests within one month. Occasionally it may take us longer than a month if your request is particularly complex or you have made a number of requests. In this case, we will notify you and keep you updated.

10. Children’s privacy

Unfortunately, if you’re under 18, you can’t use the Services. We do not knowingly solicit or collect information from anyone under 18. If we become aware that a person under the age of 18 has provided us with personal information, we’ll delete it immediately.

11. Questions

If you have any questions about this Privacy Policy, please contact us at contact@parity.com.

12. Glossary

This Section 12 applies to EEA Customers only.

Lawful basis

Legitimate Interest means the interest of our business in conducting and managing our business to enable us to give you the best service/product and the best and most secure experience. We make sure we consider and balance any potential impact on you (both positive and negative) and your rights before we process your personal data for our legitimate interests. We do not use your personal data for activities where our interests are overridden by the impact on you (unless we have your consent or are otherwise required or permitted to by law). You can obtain further information about how we assess our legitimate interests against any potential impact on you in respect of specific activities by contacting Parity at contact@parity.com.
Performance of Contract means processing your person data where it is necessary for the performance of a contract to which you are a party or to take steps at your request before entering into such a contract.
Complying with a legal or regulatory obligation means processing your personal data where it is necessary for complying with our legal or regulatory obligation.

Your legal rights

Request access This enables you to receive a copy of the personal data we hold about you and to check that we are lawfully processing it. This is also commonly known as a “data subject access request”.
Request correction This enables you to have any incomplete or inaccurate data we hold about you corrected, though we may need to verify the accuracy of the new data you provide to us. If you need to add or change any information, you can just log into your Parity Account and make the change in your settings. If it doesn’t look like you can make the change on your own, please reach out to Support and we’ll take care of it.
Request deletion

This enables you to ask us to delete or remove personal data where there is no good reason for us continuing to process it. You also have the right to ask us to delete or remove your personal data where you have successfully exercised your right to object to processing (see below), where we may have processed your information unlawfully or where we are required to erase your personal data to comply with applicable law.

Please note: your right of deletion would not apply for various reasons including if we need to retain your personal data in order to comply with a legal obligation or to establish or defend a legal claim. Where we are unable to comply with your request of deletion, we will notify you at the time of your request.

Object to processing You have the right to object to the processing of your personal data where we are relying on a legitimate interest (or those of a third party) and there is something about your particular situation which makes you want to object to processing on this ground as you feel it impacts on your fundamental rights and freedoms. You also have the right to object where we are processing your personal data for direct marketing purposes. In some cases, we may demonstrate that we have compelling legitimate grounds to process your information which override your rights and freedoms. You may also be entitled to object to automated decision-making in certain circumstances.
Request restriction on processing This enables you to ask us to suspend the processing of your personal data in the following scenarios: (a) if you want us to establish the data's accuracy; (b) where our use of the data is unlawful but you do not want us to delete it; (c) where you need us to hold the data even if we no longer require it as you need it to establish, exercise or defend legal claims; or (d) you have objected to our use of your data but we need to verify whether we have overriding legitimate grounds to use it.
Request to transfer If you ask us, we will provide to you or a third party you have chosen, your personal data in a structured, commonly used, machine-readable format. Note that this right only applies to automated information which you initially provided consent for us to use or where we used the information to perform a contract with you.
Withdrawal of consent This applies where we are relying on consent to process your personal data. However, this will not affect the lawfulness of any processing carried out before you withdraw your consent. If you withdraw your consent, we may not be able to provide certain products or services to you. We will advise you if this is the case at the time you withdraw your consent.