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PRIVACY POLICY

ROMSPEN INVESTMENT CORPORATION

and affiliated entities

This policy explains the type of Personal Information we collect, how it is used and the steps we take to ensure that your Personal Information is handled appropriately.

ROMSPEN INVESTMENT CORPORATION, ROMSPEN MORTGAGE INVESTMENT FUND, ROMSPEN MORTGAGE LIMITED PARTNERSHIP, ROMSPEN FUND GP INC., and their affiliated, related and subsidiary entities (the “Romspen Group”) have developed their privacy policy as outlined below to comply with the federal Personal Information and Electronic Documents Act (“PIPEDA”) and have adopted the ten principles outlined in the CSA Model Code for the Protection of Personal Information. In this policy “we”, “our”, and “us” mean collectively the Romspen Group. Terms such as “you” and “your” refer to an individual who, in relation to a financing application, has made an application to us, or proposes to or is asked to provide a guarantee, or is a principal, beneficial owner or sponsor of an entity, or who, in relation to an investment, is interested in making a subscription, or is a principal, shareholder, signing officer or beneficial owner of an entity interested in making a subscription.

WHAT IS PERSONAL INFORMATION?

“Personal Information” is any information that is specific to you as an individual, including such details as your residential address, date of birth, age, marital status, education, employment history, identification numbers, financial information, investment profile, and credit records. It does not include business contact information that would typically appear on a business card or that is available in public records such as public telephone directory information and professional and business directories available to the public.

THE TEN PRINCIPLES

Romspen has adopted the following 10 principles for the protection of your privacy, which form part of PIPEDA, and which form the basis of our collection, use and disclosure of your Personal Information.

1. Accountability

Keeping your Personal Information confidential is part of the responsibility of every Romspen Group employee, and we are accountable for all Personal Information in our custody, including Personal Information that we disclose to third parties for processing, storage, or other administrative functions. Employees, officers, directors, agents and our service providers are informed about, and must comply with, the policies and procedures that we have established regarding the collection, use and storage of your information. We have a designated Privacy Officer who is responsible for monitoring and supervision of the Romspen Group’s compliance with this policy and PIPEDA.

2. Why We Collect and How We Use and Share Your Information

The Romspen Group will identify and document the purposes for which it collects Personal Information, before or at the time of collection. In most situations where you are asked to provide Personal Information, it will be readily obvious to you why we are collecting such information and how we will use it.

For example if you have decided to invest with us, we will collect, as part of the subscription process, your name, address, telephone number, e-mail address, banking information, social insurance number, financial information, investment profile, and similar information primarily for the purposes of assessing suitability, fulfilling “know-your-client” and other regulatory obligations, being able to communicate with you, being able to remit distributions to you, to offer other products that may be of interest to you, and preparing income tax and other reporting required by law.

If you have approached us in connection with a request for financing, we will collect, via the loan application, underwriting and approval process, certain information including your name, address, telephone number, and your personal financial information, in order to be able to communicate with you, and for the purposes of determining your creditworthiness and net worth, and to assist in future reporting, security registration or recording, enforcement and collection of obligations relating to a loan or our business.

Depending on how you do business with us, we may gather Personal Information from the following sources:

·         From you, on applications, subscriptions, contracts, or forms filled out through telephone, email, fax or face to face meetings;

·         From intermediaries contracted by us with whom you have a relationship;

·         From your interactions with us (as an existing investor or past borrower or guarantor);

·         From government or other regulatory entities, such as Canada Revenue Agency;

·         From consumer reporting agencies, such as credit bureaus;

·         From previous employers

We may collect from, and use and disclose Personal Information to, any person or organization for the following purposes:

·         To verify your identity and protect you and us from error and fraud;

·         To understand your financing requirements;

·         To facilitate “know-your-client” and suitability assessments and to determine compliance with statutory exemptions

·         To determine your creditworthiness, net worth, ability to pay, security available, loan eligibility and credit facility terms;

·         To facilitate loan assignments, participations and syndications

·         To set up and manage automatic payments;

·         To comply with legal, regulatory and contractual requirements

·         To establish and administer your accounts and records, and to maintain, record and store holdings and transaction information in your account;

·         To provide you or your advisors with account statements, tax receipts or other information requested by you or your advisors

·         To protect our own business or legal interests

·         To advise you of products, services or initiatives that may be of interest to you

·         for any other purpose that you and the Romspen Group may agree upon from time to time

We may use third-party service providers to assist us with various services, such as legal services, accounting and audit services, title and other insurance, loan administration, printing, collection of accounts, mail distribution, investor services, credit bureaus, advertising and marketing, engineering, cost consultant, environmental, property appraisal, loan enforcement, mortgage brokerage, registered plan administration, and underwriting, and we may release information about you to them. When your Personal Information is provided to our service providers we will, where they do not have their own privacy policy in effect, or are not governed by a professional code with respect to privacy and confidentiality, require them to protect the information in a manner consistent with our privacy policy.

We may collect, use and disclose your social insurance number for income tax reporting purposes, and also to verify and report credit information to credit reporting agencies and to verify your identity. Your social insurance number may be used keep your Personal Information separate from that of other clients with similar names. You may refuse to consent to its use and disclosure for purposes other than required by law.

If we sell, assign, securitize or grant participations in a loan or security, sell parts of our business, or merge or amalgamate with other entities, we may release the information we hold about you to the prospective purchaser, participant or assignee as part of due diligence and on completion of the transaction.

When you apply, as a borrower or guarantor, for a loan, we may exchange information about you with credit bureaus for the purpose of establishing your creditworthiness and maintaining the reliability of the credit reporting system. If you use a mortgage broker or other third party to assist you in your credit application we may obtain and exchange information with them in order to determine your eligibility (or the eligibility of obligor entities) for credit.

We may verify relevant information you give us with your employer, your references or other third parties and you authorize any person whom we contact in this regard to provide such information to us. We may monitor or record any telephone call we have with you. We will retain the content of the call. This is to maintain an accurate record of the information you provide and to ensure that our service levels are maintained.

3. Obtaining Your Consent to Collect, Use or Disclose Your Personal Information

With certain exceptions as outlined below, we will obtain your consent to collect, use or disclose Personal Information. This consent will allow us to check your employment, obtain a credit report and exchange information with credit reporting agencies, offer you other products and services, and share your information with our affiliates. In most cases, we will seek your express consent to the use of your Personal Information.  

If you are an investor, by completing and signing a subscription agreement and related documentation to purchase securities, you are giving us your express consent for us to use the Personal Information provided by you in the ways outlined above or in the documentation provided to you at the time or as required or permitted by law or other rules and regulations governing us and our business.

If you are a borrower, guarantor, officer or beneficial owner of an entity, by completing an application for a loan and related loan documents, including a personal financial statement, you are giving your express consent for us to use the Personal Information provided by you during the loan underwriting and approval process in the ways outlined above or in the documentation provided to you at the time or as required or permitted by law or other rules and regulations governing us and our business.

Your consent may be given in writing, verbally, or by electronic means. We may rely upon implied consent where permitted by law, including where the following situations occur:

·         Where a customer or client relationship already exists;

·         Where express consent has been previously been given for the same or similar use of the Personal Information;

·         Where the intended use is reasonably obvious from the context in which it is obtained and you provide the information voluntarily

The following are exceptions where we may collect, use or disclose information without consent and for which you may not withdraw consent:

·         If we use an outside supplier to do work for us as outlined above;

·         if we are compelled to release information by a court or other legal or regulatory authority or permitted to do so by law;

·         To protect our interests, such as collecting overdue payments, realizing on security pledged for a loan, or to detect or prevent fraud;

·         To periodically update your information with credit reporting agencies as long as you have a loan with us and for a period of time following payment, in order to maintain the integrity of the credit reporting system;

·         Where we need to exchange or disclose customer information to sell, grant participations in, or securitize your loan or security, or as part of the sale or merger of our business

Where you are permitted to withdraw your consent, and you do withdraw your consent, for example you choose not to receive direct marketing communications, we will do our best to make sure that our files are updated as quickly as possible. You must give us reasonable notice of your withdrawal of consent in writing.

If you withdraw your consent, we will inform you of the implications of such withdrawal. To withdraw your consent, simply contact us and advise us of what Personal Information you no longer wish us to use. Withdrawal of your consent may result in us being unable to continue to offer you our products or services.

4. Limits on Collection of Personal Information

The Romspen Group limits the amount and type of Personal Information to what is necessary for the purposes we have identified. We will obtain Personal Information only by fair and lawful means and not by misleading or deceiving you about the purposes for which information consent to collection is sought.

5. We Limit Use, Disclosure, and Retention of Your Personal Information

We will use or disclose your Personal Information only for the reasons it was collected, as described in this Privacy Policy. Disclosure means providing specific information about you from our records to a third party. When you apply for credit from the Romspen Group or are a prospective investor, application and subscription forms contain an express consent for use and disclosure pursuant to the terms outlined both on the application and subscription and in this Privacy Policy. If a new purpose is developed in the future we will notify you and request your consent for use of your information for this new purpose.

We will keep Personal Information as long as necessary for the purposes identified in this Privacy Policy, which will be at least as long as any balance remains outstanding on any loan provided to you or related entities, and thereafter during any period after settlement of all balances during which any readjustment or claim is not statute barred, or as long as you are an investor, or as is required by applicable laws.

6. Accuracy

We will make every effort to ensure the information in our records is correct and up to date. We also rely on you to tell us when your Personal Information changes.  If you identify any incorrect or outdated Personal Information requiring a change, please contact your investment representative or your relationship manager, as applicable.

7. Security of Your Personal Information

The security of your Personal Information involves physical, organizational and electronic methods. We only contract with key suppliers that have a proven track record of securely handling Personal Information and share our policies.

We maintain electronic security measures such as password protection to prevent unauthorized access to our electronic records of Personal Information.

When information is no longer required and is to be destroyed we shred paper documents that contain Personal Information and erase or make anonymous any Personal Information on any electronic media.

We take reasonable precautions against theft, misuse, unauthorized disclosure, loss, alteration or destruction of Personal Information.

8. Openess

We attempt to make information about our privacy policies and procedures available to you. We will use our best efforts to use simple language that is easy to understand and to provide specific information regarding how we are attempting to comply with this Privacy Policy.

Through this Privacy Policy and other documentation you will be able to find out:

·         The title, office address, and e-mail of the person at the Romspen Group who is responsible for responding to your requests about the privacy of your Personal Information;

·         How to review your Personal Information held by us;

·         A description of the type of Personal Information held by us and a general account of its use;

9. Individual Access

Upon request, we will tell you what Personal Information we have, what it is being or may be used for, from whom it was collected, and to whom it has been disclosed. Depending on the nature of the information you are requesting and the complexity of your request we may ask you to put your request in writing. Some of the information you request may not be immediately available. If this is the case we may require that your request be submitted in writing or by e-mail and will provide such information as soon as reasonably available and generally within 30 days.

Generally, there will be no charge for verifying or correcting your information. Depending on the circumstances there may be a charge if you want a copy of records that we have already given you or your request is relatively complex. We will let you know in advance if there is a charge.

If we have obtained information about you from other people, you can ask us for the source of that information. If we obtained a credit report on you, we will advise you of the agency that provided such report and you may contact them directly for a current credit report.

We may not be able to provide you with a copy of materials or reports obtained by us from third parties subject to copyright, without the authorization of the author. We will provide you with a summary of the findings of such third party reports.

On request, and except where legally prohibited, we will provide you with the names of outside companies or organizations to which we have given your Personal Information. This will not include outside suppliers we used to do work for us or companies that process information for us. This also will not include reports to the Canada Revenue Agency, regular updating of credit information to credit bureaus, indicating to third parties when cheques are returned NSF, or information provided to legal counsel for the purpose of collection or enforcement of security, or information that has been provided for legal or regulatory reasons.

We will not provide Personal Information if it:

·         is not readily retrievable and the cost of retrieving cannot be justified;

·         includes Personal Information about other individuals;

·         contains our own proprietary information, such as a credit scoring formula, assessment of risk, or collection recommendations;

·         it cannot be disclosed for legal reasons;

·         it is subject to solicitor-client or other privilege;

·         it is used for the detection and prevention of criminal activity, including fraud, and dealings in proceeds of crime;

We will give you brief reasons for any refusal to allow access to your Personal Information. You may then challenge our decision.

If we discover that we have information about you that is obsolete or incorrect we will update our records accordingly. We reserve the right to decline a requested correction but will append a notation to the records of your requested alternative information. Whenever possible we will correct any information which we may have given to an outside organization.

If a third party such as a credit bureau or reporting agency has given us information that you tell us is wrong, we will give you the name and address of that party so that you can contact them to correct the information they maintain.

10. Complaints about Policy and Compliance

The Romspen Group is committed to treating your Personal Information in accordance with this Privacy Policy. If you have any questions or complaints about our Privacy Policy or how we are living up to the Privacy Policy, let us know right away. Your first step should be to talk to the originator, investor relations representative or employee with whom you are interacting. If your complaint or question remains unresolved you should then bring them to the attention of our Privacy Officer as follows:

Privacy Officer – Joel Mickelson
162 Cumberland Street

Suite 300

Toronto, ON M5R 3N5

Tel.:416.966.1100

Fax:416.966.1161 
e-mail: joelmickelson@romspen.com

Should you not accept the conclusion of the Romspen Group’s Privacy Officer you may contact:

Privacy Commissioner of Canada 
Place de Ville 
112 Kent St., 
34d Floor Ottawa, ON 
K1A 1H3 
Toll free at 1 800 282-1376 
www.privcom.gc.ca

 









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