Imperial Capital Intl LLP
LEGAL

Legal Information

Imperial Capital (International) LLP (the “Firm”) PILLAR 3 AND REMUNERATION DISCLOSURE

The Capital Requirements Directive (‘CRD’) (Directive 2013/36/EU) and the Capital Requirements Regulation (“CRR”) (Regulation (EU) No 575/2013) of the European Union establish the regulatory capital framework across Europe, governing the amount and nature of capital credit institutions and investment firms must maintain.

 

In the United Kingdom, the CRD has been implemented by the Financial Conduct Authority (‘FCA’) in its rules through the Prudential Sourcebook for Investment Firms (“IFPRU”).

 

The CRD consists of three ‘Pillars’:

  • Pillar 1 sets out the minimum capital amount that meets the firm’s credit, market and operational risk capital requirement;
  • Pillar 2 requires the firm to assess whether its capital reserves, processes, strategies and systems are adequate to meet pillar 1 requirements and further determine whether it should apply additional capital, processes, strategies or systems to cover any other risks that it may be exposed to; and
  • Pillar 3 requires disclosure of specified information about the underlying risk management controls and capital position to encourage market discipline.

The CRR set out the provisions for Pillar 3 disclosure. This document is designed to meet our Pillar 3 obligations under Part Eight of the CRR (articles 431-455).

 

The Pillar 3 disclosure document has been prepared by the Firm and is verified by the senior management. Unless otherwise stated, all figures are as at the 31 December 2020 financial year-end.

 

Pillar 3 disclosures will be issued on an annual basis after the year end and published as soon as practical.

 

We are permitted to omit required disclosures if we believe that the information is immaterial such that, omission would be unlikely to change or influence the decision of a reader relying on that information for the purpose of making economic decisions about the firm.

 

In addition, we may omit required disclosures where we believe that the information is regarded as proprietary or confidential. In our view, proprietary information is that which, if it were shared, would undermine our competitive position. Information is considered to be confidential where there are obligations binding us to confidentiality with our customers, suppliers and counterparties.

 

We have made no omissions on the grounds that it is immaterial, proprietary or confidential.

 

Scope and application of the requirements

The Firm is authorised and regulated by the FCA and as such is subject to minimum regulatory capital requirements. The Firm is categorised as an ‘IFPRU Limited Licence Firm’, by the FCA for capital purposes.

 

It is licensed as an investment management firm and as such has no trading book exposures. The Firm’s primary business activity is to provide a platform offering sophisticated institutional sales.

 

The Firm is a member of a group and so is required to prepare consolidated reporting for prudential purposes. The firm foresees no impediments to the prompt transfer of capital between group entities should the need arise, and there are no differences in the basis of consolidation for accounting and prudential purposes.

 

Governance arrangements, the management body and competence

The Firm is governed by its directors (“Principals”) who determine its business strategy and risk appetite. They are also responsible for establishing and maintaining the Firm’s governance arrangements along with designing and implementing a risk management framework that recognises the risks that the business faces.

 

The Principals also determine how the risk that the business faces may be mitigated and assess on an ongoing basis the arrangements to manage those risks. The Principals meet on a regular basis and discuss current projections for profitability, cash flow, regulatory capital management, and business planning and risk management. The Principals manage the Firm’s risks business though a framework of policy and procedures having regard to relevant laws, standards, principles and rules (including FCA principles and rules) with the aim to operate a defined and transparent risk management framework. These policies and procedures are updated as required.

 

The Firm considers that appropriate policies are in place to ensure the fitness and properness of all staff, including the members of the senior management body. All members of the Senior Management Team are experienced industry professionals and any senior appointments are subject to the approval of the management body with due consideration to the reputation, fitness and experience of the candidate as well as the long-term strategic goals targets of the business.

 

All members of the Senior Management Team are full time / and or have disclosed any outside business interests.

 

Initial and ongoing assessments of the competence of staff are conducted, and all UK based members of the senior management team and other FCA certified staff are required to attest to their ongoing compliance with the fitness and properness obligations of the FCA senior management and certification regime.

 

Risk management

The Principals have identified that business, operational, market and credit risks are the main areas of risk to which the Firm is exposed. Annually the Principals formally review their risks, controls and other risk mitigation arrangements and assess their effectiveness. Where the Principals identify material risks they consider the financial impact of these risks as part of our business planning and capital management, and conclude whether the amount of regulatory capital is adequate.

 

Business Risks

Specific risks applicable to the Firm come under the headings of business, operational, credit and market risks.

 

Business risk

The Firm’s revenues are reliant on the Firm’s ability to generate commission income from executed trades. To a large degree, the income of the Firm will cover operating costs.

 

Operational risk

The Firm places strong reliance on the operational procedures and controls that it has in place in order to mitigate risk and seeks to ensure that all personnel are aware of their responsibilities in this respect.

 

The Firm has identified a number of key operational risks to manage. These relate to systems failure, failure of a third-party provider, key man, potential for serious regulatory breaches, market abuse, dealing errors, IT security breach, money laundering, breach of regulatory rules, fraud and theft. Appropriate polices are in place to mitigate against these risks, and the firm has no significant history of operational failures which have resulted in unidentified costs being incurred. The Firm uses external auditors to sign off on accounts and carry out annual audits of procedures, external IT providers and advisors to advise on IT security.

 

Credit risk

The Firm is exposed to credit risk in respect of its commission fees billed and cash held on deposit.

 

The number of credit exposures relating to the Firm’s clients is limited to receivables as a result of commissions due on executed trades. The Firm considers that there is little risk of default by its clients. All bank accounts are held with large international credit institutions.

 

Given the nature of the Firm’s exposures, no specific policy for hedging and mitigating credit risk is in place. The Firm uses the standardised approach detailed in IFPRU 4.2 of the FCA Handbook when calculating risk weighted exposures.

 

For each of the exposures, as detailed below, the Firm references credit rating assessments issued by External Credit Assessment Institutions (“ECAI”). The following ECAIs are used:

  • Fitch Ratings;
  • Moody’s;
  • Standard & Poors;

 

Ratings are used in conjunction with the credit quality step map issued by the Bank of England to ascertain an appropriate weighting for each exposure.

These exposures comprise:

Exposure class

Gross exposure

Risk weighted exposure

Institutions£4,166,611£833,322
Central Government£nil£nil
Corporates£717,521£717,521
Individual£121,752£121,752
Total£5,005,884£1,672,595

Market risk

The Firm takes no market risk other than foreign exchange risk in respect of its accounts receivable and cash balances held in currencies other than GBP.

 

No specific strategies are adopted in order to mitigate the risk of currency fluctuations.

 

Market risk summary

The firm has the following foreign currency exposures.

Market risk exposure

Net exposure

USD£1,515,409
EUR£1,503,853
ILS£13,168

The own funds requirements for the trading and non-trading book business is 8% of the sum of the exposures £242,594 multiplied by the 12.5 adjustment is £3,032,431.

 

Liquidity risk

The Firm is required to maintain sufficient liquidity to ensure that there is no significant risk that its liabilities cannot be met as they fall due or to ensure that it can secure additional financial resources in the event of a stress scenario.

 

The Firm retains an amount it considers suitable for providing sufficient liquidity to meet the working capital requirements under normal business conditions. The firm has always had sufficient liquidity within the business to meet its obligations and there are no perceived threats to this given the cash deposits it holds and support it receives from the parent company. Additionally, it has historically been the case that all fee debtors are settled promptly, thus ensuring further liquidity resources are available to the firm on a timely basis. The cash position of the firm is monitored by the Senior Management on a regular basis, and the Firm would be able to call on the parent for further capital as required.

 

The Firm maintains a Liquidity risk policy which formalises this approach.

 

Other

In addition to the above risks, the Firm’ considers the cost of an orderly wind-down and the Fixed Overheads Requirement (“FOR”). The FOR is based on annual expenses net of variable costs deducted, which include cost of sales, members remuneration charged as an expense, bonuses, entertainment costs and other non-recurring expenditure. The Firm monitors its expenditure on a monthly basis and takes into account any material fluctuations in order to determine whether the FOR remains appropriate to the size and nature of the business or whether any adjustment needs to be made intra-year.

 

This is monitored by the senior management on a monthly basis.

 

Unencumbered assets

In accordance with Article 443 of the CRR, the below table provides details of encumbered and unencumbered assets. As asset is considered encumbered if;

  • it has been pledged, or
  • it is subject to any form of arrangement to secure, collateralise or credit-enhance any on-balance-sheet or off-balance-sheet transaction from which it cannot be freely withdrawn.

Assets

 

Carrying amount of encumbered assets £’000

Fair value of encumbered assets £’000

Carrying amount of unencumbered assets £’000

Fair value of unencumbered assets £’000

Assets

959,482 4,046,402 
Equity instruments    
Debt securities    
Loans and advances    
Other assets959,482 4,046,402 

Regulatory capital

The Firm is a Limited Liability Partnership and its capital arrangements are established in its Partnership deed. Since regulatory capital is assessed at the UK Consolidation Group level, the amounts mentioned below represent the position for the group. Its capital is summarised as follows:

 

The main features of the Firm’s capital resources for regulatory purposes are as follows:

 

31 December 2020 £’000s

Ordinary Capital1,011,854
Retained earnings1,629,489
Minority Interest1,000
Losses for the current financial year

Common Equity Tier 1 capital

2,642,343

Own funds

2,642,343

Total Risk Exposure Amount (TREA) (12.5 multiple applied)

11,787,749

Core Tier 1,Common Equity Tier 1 and Total Capital Ratio

22.42%

Surplus capital over maximum requirement

1,699,324

Our Firm is small with a simple operational infrastructure. Its market risk is limited to foreign exchange risk on its accounts receivable in foreign currency, and credit risk from fees receivable and cash held at bank. The Firm follows the standardised approach to market risk and the simplified standard approach to credit risk.

 

Limited Licence – The Firm is subject to the Fixed Overhead Requirement and is not required to calculate an operational risk capital charge though it considers this as part of its process to identify the level of risk based capital required.

 

As discussed above the Firm is a Limited Licence Firm and as such its Total Risk Exposure is determined by reference to the higher of:

  • The sum of the risk weighted exposures relating to market & credit risk; and
  • 12.5 multiplied by the fixed overheads requirement (‘FOR’).

The FOR is calculated, in accordance with the EBA regulatory technical standards, based on the firm’s previous years audited expenditure. The firm has adopted the standardised approach to credit and market risk and the above figures have been produced on that basis. The firm is not subject to an operational risk requirement.

 

It is the Firm’s experience that the Fixed Overhead Requirement x 12.5 establishes its Total Risk Exposure.

 

Capital requirement

The Firm’s Total Risk Exposure has been determined by reference to the Fixed Overheads Requirement (‘FOR’) and calculated in accordance with Article 95 and the EBA regulatory technical standards. As at 31st December 2020 the FOR is £943,020. The FOR exceeds the total of the credit and market risk capital requirements the Firm faces.

 

The Own Funds of the Firm are £2,642,343, made up of Ordinary Share Capital plus Retained Earnings and Minority Interest. The requirement is the Firms Total Capital Ratio is greater than 8%. As the Firm only has Common Equity Tier 1 Capital the Common Equity Tier 1 capital ratio and Tier 1 Capital Ratio requirements will automatically be satisfied if the Total Capital Ratio requirement is satisfied. The Firms Total Capital Ratio is 22.42% giving a surplus of 14.42%.

 

Remuneration disclosure

The Firm is authorised and regulated by the Financial Conduct Authority as an IFPRU Limited Licence Firm is subject to FCA Rules on remuneration (‘the RemCode’).

 

The RemCode covers an individual’s total remuneration, fixed and variable. The Firm incentivises staff through a combination of the two.

 

Our policy is designed to ensure that we comply with the RemCode and our compensation arrangements:

  • 1. are consistent with and promote sound and effective risk management;
  • 2. do not encourage excessive risk taking;
  • 3. include measures to avoid conflicts of interest
  • 4. are in line with the Firm’s business strategy, objectives, values and long-term interests.

Proportionality

Enshrined in the European remuneration provisions is the principle of proportionality. The FCA has sought to apply proportionality in the first instance by categorising firms into three levels. The Firm falls within the FCA’s proportionality level three and as such this disclosure is made in line with the requirements set out therein.

 

Application of the requirements

We are required to disclose certain information on at least an annual basis regarding our Remuneration policy and practices for those staff whose professional activities have a material impact on the risk profile of the firm. Our disclosure is made in accordance with our size, internal organisation and the nature, scope and complexity of our activities.

  • 1. Summary of information on the decision-making process used for determining the firm’s remuneration policy including use of external benchmarking consultants where relevant.
    • The Firm’s policy has been agreed by the Senior Management in line with the Remuneration principles laid down by the FCA.
    • Due to the size, nature and complexity of the Firm, we are not required to appoint an independent remuneration committee.
    • The Firm’s policy will be reviewed as part of annual process and procedures, or following a significant change to the business requiring an update to its internal capital adequacy assessment.
    • The Firm’s ability to pay bonus is based on the performance of the Firm overall and derived after appropriate profit has been calculated.
  • 2. Summary of how the firm links between pay and performance:
    • Individuals are rewarded based on their contribution to the overall strategy of the business.
      • a. Investment Generation
      • b. Investment Trading
      • c. Sales & Marketing
      • d. Operations
    • Other factors such as performance, reliability, effectiveness of controls, business development and contribution to the business are taken into account when assessing the performance of the senior staff responsible for the infrastructure of the Firm.
  • 3. Aggregate quantitative information on remuneration broken down by significant business division (where such business divisions exist).

    Business Area

    Aggregate compensation expense y.e. 31.12.2020

    Investment Management and Trading£8,854,839
  • 4. Aggregate quantitative information on remuneration, for staff whose actions have a material impact on the risk profile of the Firm.

    Code Staff

    Aggregate compensation expense in y.e. 31.12.2020

    Senior Management£659,973



Identification of Conflicts

The Principals in conjunction with the business line manager together with Legal and Compliance take respnsability for identifying and designing conflict management controls faced by the Firm in its day to day business in the Conflicts Inventory below. This inventory will be periodically reviewed or updated when a new conflict is identified.

 

Conflict Avoidance

Where a conflict is identified, the Firm will seek to organise its business activities in a manner which avoids such a conflict. However, the avoidance of all conflicts is generally not feasible in a commercial environment.

 

Conflict Management

Where conflicts are unavoidable, the Firm will take appropriate measures to mitigate and manage such conflicts in a manner that seeks to ensure that the Firm or its Personnel are not advantaged, and that no Client is disadvantaged.

 

Conflicts Disclosure

Where the Firm is not reasonably confident that it is able to manage a particular conflict to adequately protect the interest of a Client, the general nature and/or sources of conflicts of interest will be clearly disclosed to the Client before undertaking any business.

 

Conflict Monitoring

The Firm has implemented a number of procedures and controls to detect conflict situations as they arise, and the Principals will update the Conflicts Inventory accordingly. Once conflicts have been identified, further procedures and controls monitor the effectiveness of the management arrangements of such conflicts.

In addition, the Firm’s compliance monitoring programme incorporates a certain number of the specific tests aimed at reviewing its performance in the management of conflicts that the Firm has indentified.

 

Education and Awareness

All Personnel receive a copy of the Firm’s Compliance Manual containing the Firm’s conflicts arrangements. In addition, all Personnel are required to give an undertaking of adherence to the Firm’s compliance procedures, including personal account dealing and receipt of gifts and inducements.

All Personnel also receive both formal and informal training in respect of conflicts of interest generally, and on specific or potential conflicts to the Firm.

Imperial Capital (International) LLP (the “Firm”)

Further to the provisions of COBS11.2, the Firm is obliged to act in the best interests of its Client(s), and as such, takes reasonable steps to achieve best execution.

 

This policy outlines the Firm’s approach to achieving best execution, with respect to the classes of instrument the Firm may transact in, and the entities to which the Firm may transmit such orders.

 

This policy has been disclosed to the Firm’s Client(s) and additional subsequent disclosure will also be made in the event of any material changes to its content.


Introduction

The policy sets out the arrangements Imperial Capital (International) LLP has put in place to meet its obligations under the Markets in Financial Instruments Directive (“MiFiD”) to give best execution to professional clients and to comply with client order handling rules.

 

In addition, to meet these obligations we must provide a disclosure statement to our clients on our execution policy.

 

MiFID requires firms to obtain the best possible result (rather than merely the best price) and to take into account the following criteria for determining the relative importance of the execution factors for the client (or types of client) that the firm has:

  • the characteristics of the client including the categorisation of the client as retail or professional;
  • the characteristics of the client order (if there is a client order);
  • the characteristics of financial instruments that are the subject of that client order;
  • the characteristics of the execution venues/brokers to which that order can be directed.

Execution factors

A number of other factors can be taken into account when providing best execution to clients such as:

  • Price
  • Costs of the transaction
  • Speed of execution
  • Liquidity
  • Settlement
  • Client Objectives
  • Order size / nature
  • Venue
  • Others as relevant

Monitoring

We monitor the effectiveness of the execution arrangements for each instrument traded with each broker or venue through an evaluation of the controls and related exceptions or through sample checks. Such monitoring is to be undertaken on the basis of the risk and impact on the client of the firm not meeting the relevant execution factors.

When considered as a result of the above monitoring, we shall correct any deficiencies noted in execution arrangements.


Annual Review

Annually (or when material change occurs to the ability to obtain the best possible results for clients) we formerly review our execution arrangements considering whether our approved brokers/execution venues are providing the best possible result for our clients.


Disclosure

These arrangements have been summarised in a “Best Execution Disclosure Statement” which is provided at the outset of a Client relationship and provide on an annual basis or when we update this policy.



Best Execution Disclosure Statement


Scope

The best execution policy applies to clients when we execute orders on their behalf in financial instruments covered by the Markets in Financial Instruments Directive (“MiFID”). This will be the case where we execute an order:-

  • By dealing as agent
  • By dealing as a riskless principal on your behalf; or
  • By working an order on your behalf.

This policy applies to the broker services we provide to you referred to in our standard Terms of Business, which should be read in conjunction with this document. The Firm will be executing orders on your behalf where you legitimately rely on us to protect your interests in relation to pricing or other aspects of the transaction that may be affected by the choices we make when executing your order.


The quality of execution

When buying and selling financial instruments on your behalf, we will take all reasonable steps to achieve the best overall result for you or “Best Execution”. This involves considering the nature of your orders, the priorities you place upon us in filling those orders and the market in question.

We will use our knowledge, experience and judgement to execute trades on your behalf taking into consideration a range of different factors that include not just price, but also the costs incurred in the transaction, the need for timely execution, the liquidity of the market, the size of the order and the nature of the financial transaction, including whether it is executed on a regulated market or over-the-counter (‘OTC’).

We will also take into account your understanding and experience of the market in question, dealing profile, the nature of the dealing service you require of us and the specific and general instructions given to us by you which may prioritise how we are to fill your orders.

In the absence of express instructions from you, we will use our knowledge of your circumstances and requirements to determine the factors that we need to take into account for the purpose of providing you with “Best Execution”.

Our commitment to provide you with Best Execution does not mean that we owe you any fiduciary responsibilities over and above the specific regulatory obligations placed upon us or as may be otherwise contracted between us.


Order Execution Policy

We have set out the criteria that determine how we select the different venues through which your order may be executed. We have identified those venues on which we will most regularly seek to execute/direct orders and which we believe offer the best prospects for affording you Best Execution. We will also assess, on a regular basis, the quality of execution afforded by those venues across our client base and whether we need to change our execution arrangements.

  • (a) what we reasonably assess to be your best interests in terms of executing your orders; and
  • (b) such other factors as may be appropriate, including the ability of the venue to manage complex orders, the speed of execution, the creditworthiness of the venue and the quality of any related clearing and settlement facilities.
In selecting the most appropriate venues for the purpose of executing your orders, we will take into full account the factors relevant to the order, including those set out below:

Where we are, in effect, ourselves the execution venue i.e. where we deal directly with you on a principal-to-principal basis, we will review the quality of our own execution as if we were an execution venue, and disclose the criteria used by us to judge the quality of the execution offered by us to you (and of any model used by us for this purpose).

 

Our policy, in providing you with Best Execution, is, so far as possible and subject to the processes set out below, to exercise the same standards and operate the same processes across all the different markets and financial instruments on which your orders are executed. However, the diversity in those markets and instruments and the kind of orders that you may place with us mean that different factors will have to be taken into account when we assess the nature of our execution policy in the context of different instruments and different markets. For example, there is no formalised market or settlement infrastructure for over-the-counter transactions. In some markets, price volatility may mean that the timeliness of execution is a priority, whereas, in other markets that have low liquidity, the fact of execution may itself constitute best execution. In other cases, our choice of venue may be limited (even to the fact that there may only be one platform/market upon which we can execute your orders) because of the nature of your order or of your requirements.


Execution Venues

A list of the execution venues we may use can include Regulated Markets (London Stock Exchange/PLUS), Multilateral Trading Facilities (MTF) and the Retail Service Provider network (RSP). However, we reserve the right to use other unlisted execution venues which we deem appropriate and which accord with our Order Execution Policy.

We will regularly assess the execution venues available and may add or delete venues in accordance with our obligation to provide you with the best possible execution result on a consistent basis. We will notify you of material changes to our Order Execution Policy


Eligible Counterparties

If you are classified as an Eligible Counterparty you will not be entitled to best execution under the UK Financial Conduct Authority “FCA” or equivalent EU rules. This is in accordance with Article 24 of MiFiD which provides that the best execution obligation under Article 21 will not apply.


Market Practices

In the wholesale over the counter (“OTC”) bond markets in which the Firm operates buyers and sellers conventionally “shop around” by approaching several dealers for a quote and in these circumstances there is no expectation between the parties that the broker/dealer chosen will owe best execution. Unless you, as a sophisticated participant in the wholesale markets, advise us to the contrary we will assume that this is your normal behaviour. We will only consider that the best execution obligation is owed where it can be demonstrably shown that you legitimately relied on the Firm to protect your interests in relation to pricing and other elements of the transaction (such as speed or likelihood of execution and settlement) that may be affected by the choices made by when executing the order the Firm acts as an execution only broker and where you provide us with a specific instruction in relation to your entire order, or any particular aspect of your order, we will execute the order in accordance with your instructions. However, please note that in following your instructions, we will be deemed to have taken all reasonable steps to provide the best possible result for you in respect of the order, or aspect of the order, covered by your specific instructions.


Consent

We are required to obtain your prior consent to this Best Execution Policy. You will be deemed to provide such consent when you give us an order to execute a transaction on your behalf.

 

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IMPERIAL CAPITAL (INTERNATIONAL) LLP PRIVACY NOTICE FOR CANDIDATES

 

This fair processing notice applies to all candidates who are applying for work with us and describes how we collect and use personal data about you during and after our recruitment process. It provides you with certain information that must be provided under the UK Data Protection Regulation.

 

1. The Kind of Personal Data We Hold About You

Personal data means any information about an individual from which that person can be identified.  We will collect, store, and use the following categories of personal data about you:

  • personal contact details such as name, title, addresses, telephone numbers and personal e-mail addresses;
  • date of birth, gender and nationality;
  • recruitment information (including copies of right to work documentation, references and other information included in a CV, application form or cover letter, or disclosed as part of the application or interview process);
  • professional memberships, FCA regulated and credit history, and other information necessary to determine your honesty, integrity and reputation; and
  • CCTV footage (if you attend an interview at our offices).

We may also collect, store and use the following “special categories” of more sensitive personal data:

  • information about your health, including any medical condition and sickness records; and
  • information about criminal convictions and offences.

2. How Your Personal Data is Collected

We collect personal data about candidates through the recruitment process from the following sources:

  • you directly;
  • from recruitment agencies and headhunters in relation to the data listed at section 1 (save for CCTV footage);
  • from background screening companies and credit reference agencies to check your suitability to work for us, particularly if you are in a regulated role; and
  • from former employers and your referees to obtain references.

3. How We Use Your Personal Data

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:

  • to comply with a legal obligation such as checking you are legally entitled to work in the UK or dealing with legal disputes involving you or our employees;
  • where it is necessary for our legitimate interests to make a decision about your recruitment or appointment and the terms on which you work for us. It is in our legitimate interests to want to recruit individuals to perform work for our benefit; and
  • to decide whether to enter into a contract with you.

If you fail to provide certain information when requested, we may be prevented from complying with our legal obligations or from processing your application.

 

4. How We Use Particularly Sensitive Personal Data

“Special categories” of particularly sensitive personal data require higher levels of protection. Sensitive personal data includes information about a person’s racial or ethnic origin, political opinions, religious beliefs and physical and mental health.  We need to have further justification for collecting, storing and using these categories of data.

We will use information about your physical or mental health, or disability status to consider whether we need to provide appropriate adjustments during the recruitment process, ensure your health and safety in the workplace, assess your fitness to work and provide appropriate workplace adjustments.

 

Information about criminal convictions

We collect information about criminal convictions as part of the recruitment process

either because it is necessary given the nature of your role or where we have obtained your express consent.   

 

5. Sharing Your Personal Data

We will only share your personal data with the following third parties for the purposes of processing your application:

  • the other entities within the Imperial Capital Group;

  • our advisers;

  • recruitment agents and headhunters;

  • background screening companies and credit reference agencies;

  • parties providing products and/or services to us (including, without limitation, pension and benefits administrators); and

  • professional and regulatory authorities (including the FCA and HMRC) and any governmental or quasi-governmental organisations.

We may transfer the personal data we collect about you to Italy and the US.  There are adequacy regulations in respect of Italy.  This means that the country of Italy to which we transfer your data is deemed to provide an adequate level of protection for your personal information. 

We will ensure that your personal data receives an adequate level of protection when it is being transferred to the US so that your personal information is treated by those third parties in a way that is consistent with and respects UK laws on data protection.   Information about the measures put in place are available from Renee Fricks.

 

6. Automated Decision-Making

We do not envisage that any decisions will be taken about you using automated means.

 

7. Retention of Personal Data

We will only retain your personal information for as long as necessary to fulfil the purposes we collected it for, including for the purposes of satisfying any legal, regulatory, accounting, insurance or reporting requirements, to defend or pursue any legal claims and for our legitimate business purposes including in case another vacant role becomes available in the future which may be suitable for you.

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.

Sensitive personal data will be deleted when the purpose for which it was collected and processed no longer exists subject to our legal, regulatory, accounting, insurance and reporting requirements.

 

8. Our Approach to Information Security

We take the security of your data seriously. We will ensure that your information is handled and stored in a secure and sensible manner. We will notify you and any applicable regulator of a suspected breach where we are legally required to do so.

 

9. Your Rights

The right to access personal data we hold on you

At any point you can contact us to request the personal data we hold on you as well as why we have that personal data, who has access to the personal data and from where we got the personal data.

 

The right to correct and update the personal data we hold on you

If the data we hold on you is out of date, incomplete or incorrect, you should inform us in order that we can update it as appropriate.  If we decide not to amend your data, we will explain why we are not taking such action.

 

The right to have your personal data erased

If you feel that we should no longer be using your data or that we are illegally using your data, you can request that we erase the data we hold. When we receive your request, we will confirm whether the data has been deleted or the reason why it cannot be deleted.

 

The right to object to processing of your data

You have to right to request that we stop processing your data. When we receive your request, we will confirm if we are able to comply or if we have legitimate grounds to continue to process your data. If data is no longer processed by us, we may continue to hold your data to comply with your other rights.

 

The right to data portability

You have the right to request that we transfer your data to another data controller. Once we receive your request to transfer your data, we will comply where it is feasible.

 

The right to restrict the processing of your personal data

You have the right to request that we suspend the processing of personal information about you, for example if you want us to establish its accuracy or the reason for processing it.

 

10. Queries

If you have any questions about this notice or how we handle your personal data, please contact Renee Fricks on + 1 310.246.3630 or rfricks@imperialcapital.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.

 

Imperial Capital (International) LLP of One Eagle Place, London, SW1Y 6AF.

 

Introduction
This Business Continuity Plan (BCP) exists to ensure that the Firm is able to continue with its normal day to day operations in the event of a breakdown in systems, disablement of building/office and/or a temporary or permanent loss of power and to ensure the restoration and recovery of all necessary records. The plan applies to all personnel and departments.


The BCP includes contingency arrangements for the recovery from an event affecting business continuity and also preventative actions to minimise the likelihood of the occurrence of such an event.


This BCP will be reviewed, updated and tested periodically.

 

Designated Owner
The Firm has appointed Christopher LoCicero, Compliance Officer as the Designated Owner of this BCP. The Designated Owner has full authority for all decisions, including spending, during a business continuity event. It is the responsibility of the Designated Owner to ensure test results are presented to the Principals periodically.


Risk Assessment
This BCP takes into account risks that the Firm should be prepared for, as identified by the Principals. The risk assessment is reviewed at least annually after testing, and following any major operational change.


The following events and potential disasters have been considered for the purpose of this exercise. Whilst not exhaustive, the Firm believes the probability of these occurring or affecting its business is greatest:

• inaccessibility to the office and other threats to the physical premises;
• power failure;
• inability to access IT systems;
• failure of telephone landlines;
• loss or damage to hard copy files and records; and
• loss of key staff.
The above risks may have an impact upon one or more of the following aspects of the business:
• critical computer systems;
• critical systems data;
• critical paper assets;
• communications;
• premises; and
• staff.

 

Business Continuity Plan
Access to the office and other threats to the premises
Premises:
One Eagle Place,
London,
SW1Y 6AF


The BCP conforms to that of the Building Manager.
The contact details of the Building Manager are:


Jen Abdalla
Jen.Abdalla@eu.jll.com

Tel: +44 (0) 7881690712
Customer Helpdesk: TCELondon@eu.jll.com


Events may occur that render the building inaccessible. In such circumstances, all Personnel should return home and connect remotely to the Firm’s system or relocate to the Firm’s disaster recovery site as directed. The Designated Owner will contact all Personnel, beginning with the Principals, to notify them of appropriate action depending on the nature of the circumstances. Emergency contact details are listed at the end of the BCP.


In the event that the premises should require vacating, standard evacuation procedures will be followed (see below). In case of a bomb or terrorist alert the evacuation procedures may be altered depending on the nature of the alert as it may be safer to remain inside the building. In these circumstances, the Designated Owner will coordinate with the Building Manager and Emergency Services and will direct all Personnel as to the appropriate action.


In the event of a serious incident occurring outside of normal working hours the Building Manager will act as a central contact point and will make contact with the Designated Owner. A decision will be made in conjunction with the Emergency Services where necessary as to whether to invoke the BCP.


Power failure
• Servers/Routers/Switches are protected by uninterruptible power supply (UPS) or similar battery backup or generators.


Computer failure or breakdown
• The Firm’s internal backup email solution can be activated within 30 minutes.
• A disaster recovery backup is taken off the server on a monthly basis to an External Hard drive and Daily backup to a COLO Centre in London and to our group backup centre in the US to ensure
that if it needs to be rebuilt or replaced it could be quickly restored to the appropriate configuration.


Failure of telephone landlines
• All Personnel have mobile phones and therefore it is not anticipated that a failure of the telephone switch would cause serious issue. All telephone hardware is under warranty with the manufacture.
• Voice communications recovery strategy can be implemented within 30 Min of invocation. 100% of voice lines can be redirected to an appropriate alternative location (e.g. recovery site, call centre) within 30 Min of invocation.
• At least 100% of business as usual calls throughout (including fax and modem) can be handled at the recovery site. There are connections to multiple external telephone exchanges.


Loss or damage to hard copy files and records
• All critical data is copied or replicated at another site. It takes less than one hour to retrieve off-site copies of critical recovery data.


Recovery Site/ Rebuild
If the BCP is invoked the Designated Owner has 24 hour access to the Firm’s nominated recovery site at the following address:
Imperial Capital, LLC
277 Park Avenue, 48th floor
New York, NY 10172


The Firm’s IT Support, (all IT Support is provide it by Imperial Capital staff, where the first contact will be Fadi Jaber), will have access to the recovery site and will begin restoring all IT systems within 24 hours.
Alternatively, if the BCP is invoked the Designated Owner has 24 hour access to the Firm’s IT Support, (all IT Support is provide it by Imperial Capital staff, where the first contact will be Fadi Jaber), who will begin to restore mirror systems, including back up devices and software to manage backups from online backup systems when the primary system has failed. IT restoration addresses the need of remote access for Personnel who are required to stay at home.


BCP Awareness & Training
• This BCP is readily accessible and available to all Personnel. It is posted on the Intranet.
• Principals and relevant Personnel are familiar with their intended role during a major disruption and their responsibilities for the operation of the BCP.
• All critical Principals and Personnel have trained deputies who can fulfil their duties.


Pre-Planned Testing
All arrangements contained in this BCP are tested periodically, and the results of the testing fully documented.
• Tests involve integrated simulation, which includes IT, office facility and critical staff recovery using alternate facilities.
• IT recovery tests are required to realistically reflect the worst case scenario where all critical systems must be restored concurrently.
• Capacity to cope with multiple concurrent usage has been tested.
• Critical systems recovery is tested every 1 month.
• Testing of identified critical application or hardware and/or software keys.
• Operation of market data and other critical third party feeds are tested at the disaster recovery site.
• Tests to rebuild the client or desktop environment.
• Restoration of critical applications: backups on an un-configured system are run.
• If critical backups are needed, the restore is tested every month.
• UPS are full load tested twice a year.
• Unscheduled recall of offsite copies of critical recovery data are requested to test accessibility.
• Out of hours telephone contact tests are conducted at least once per year.
• Telephony recovery test takes place at least annually.
• After any of the above tests, reports are completed with clear actions and owners.

 

Emergency Contact List

Name

Position

Company

Email

Telephone

Number

Brian Robertson

Head of ICI

Imperial Capital (International) LLP

brobertson@imperialcapital.com

+44 (0)20 7650

5401

Christopher LoCicero

Managing Director – Compliance

Imperial Capital LLC

clocicero@imperialcapital.com

+1 (347) 733-

3281

+1 (212) 351-

9416

 

MIS Imperial

Imperial Capital, LLC

mis@imperialcapital.com
fjaber@imperialcapital.com

+1 (212) 351

9730

+1(917)

776 1955

Firm Contact Centre

Regulator

FCA

fcc@fca.gov.uk

0845 606 9966

 

Compliance

Consultant

ACA Compliance

Group

 

+44 20 7408

2448

 

Legal Counsel

Winckworth Sherwood

 

+44 20 7593

5000

Imperial Capital COVID-19 Policies

For information on our COVID-19 Policies and Protocols at each office, please contact hr@imperialcapital.com.