Dynamo Software’s Notice of Certification Under the EU-U.S. Privacy Shield Framework and the Swiss-U.S. Privacy Shield Framework
Effective as of October 5, 2016
Updated on April 04, 2018 with regard to the Swiss-U.S. Privacy Shield Framework
Updated on April 23, 2018 to add Q-Biz Solutions LLC
Dynamo Software has certified certain of our services, for which we act as a data processor, under the EU-U.S. Privacy Shield Framework, as well as the Swiss-U.S. Privacy Shield Framework (the certification can be found here).
Scope: Dynamo Software, Inc. and our subsidiary Q-Biz Solutions, LLC adhere to the principles of the EU-U.S. Privacy Shield Framework and the Swiss-U.S. Privacy Shield Framework with respect to personal data submitted by their respective customers in reliance on the Privacy Shield to the following services: (i) for Dynamo Software, Inc. – the web-based application Dynamo, Dynamo Investor/ Client Portal, DynamoAnalytics, DynamoExchange and the mobile application DynaMobile; (ii) for Q-Biz Solutions, LLC – the PEView™ software and any outsourced fund administration services.
Data processed: Dynamo Software and Q-Biz Solutions provide software tools and services that customers use to operate certain aspects of their businesses. These include: (i) for Dynamo Software – tools for investor/client relationship management, fundraising and marketing, investment research management, deal management, portfolio management, data integration and analysis, fund manager due diligence and performance tracking, partnership accounting, reporting and compliance, among others; and (ii) for Q-Biz Solutions – a software tool for data capture, reporting, and transactional processing. In addition, Q-Biz Solutions uses its proprietary software to provide outsourced fund administration services. While both companies are the providers of software tools and assist clients in the processing of data related to their investors, investments, and users of their software solutions (which may or may include limited personal data, such as name and contact details), both Dynamo and Q-Biz Solutions software clients remain owners of the data stored via Dynamo or Q-Biz Solutions software tools or services and are solely responsible for managing it. This includes deciding what data will be stored, how it will be used, how it will be categorized, to whom it will be disclosed and for what purposes. For Q-Biz Solutions outsourced fund administration clients, Q-Biz Solutions receives and processes data on behalf of such clients and maintains the clients’ books and records on a Q-Biz Solutions managed IT platform. While such clients do not have access to the data they use Q-Biz Solutions to process, they are the ones who determine in advance the scope, purposes and means of data processing.
Purposes of data processing: Dynamo Software and Q-Biz Solutions process data submitted by customers for the purpose of providing online services and certain professional services in accordance with the contracts these companies have with their respective customers. Dynamo Software and Q-Biz Solutions do that by accessing the provided data to perform specific technical or other professional tasks (within the scope of the agreed services and as requested by customers), to correct and address technical or service problems, or to follow other instructions of a customer who submitted the data, or in response to contractual requirements.
Our alternative dispute resolution provider JAMS is available to assist in resolving disputes under the Privacy Shield program, up to the point of any final arbitration invoked in accordance with the procedures and conditions set forth in the EU-U.S. Privacy Shield Framework and the Swiss-U.S. Privacy Shield Framework. You can find more information about opening a Privacy Shield case with JAMS here.
Should you file any arbitration claims, or any administrative or legal actions without first having attempted to resolve the matter by mediation, then you agree that to the maximum extent permitted by applicable law, you will not be entitled to recover attorneys’ fees, even if you would otherwise be entitled to them.
If, after attempting to resolve your complaint or dispute via mediation you still believe that your concerns have not been addressed and you need to continue the dispute, you can invoke binding arbitration as a last resort (if permitted with respect to your complaint), by providing notice to us in the manner indicated in the Annex, and following the procedures set forth in Annex I to the Privacy Shield Principles. The location of the arbitration will be the United States, and, although in-person participation will not be required, you may choose to do so or to participate remotely – you will be provided with an opportunity for video or telephone participation at no cost. However, you agree that to the maximum extent permitted by applicable law, you will not be entitled to recover attorneys’ or arbitration fees, even if you would otherwise be entitled to them.
Third parties who may receive personal data: Dynamo Software and Q-Biz Solutions use affiliated companies from the same economic group, based in the European Union, to assist us in providing our services to customers. Authorized representatives of our affiliates may access or process personal data in the course of assisting us to provide our service to clients. In addition, we use third-party service providers to provide data storage services. Dynamo Software and Q-Biz Solutions maintain contracts with all third parties which assist us in providing our services, restricting their access, use and disclosure of personal data in compliance with our Privacy Shield obligations, and Dynamo Software/Q-Biz Solutions may be liable if they fail to meet those obligations and we are responsible for the event giving rise to the damage.
Your rights to access, to limit use, and to limit disclosure: EU individuals and Swiss individuals have rights to access personal data about them, and to limit use and disclosure of their personal data. With our Privacy Shield certification, Dynamo Software and Q-Biz Solutions have committed to respect those rights. Because Dynamo Software and Q-Biz Solutions personnel have limited ability to access data our customers submit to our services, if you wish to request access, to limit use, or to limit disclosure, please provide the name of the Dynamo Software/Q-Biz Solutions customer who submitted your data to our services. We will refer your request to that customer, and will support them as needed in responding to your request.
U.S. Federal Trade Commission enforcement: The commitments of Dynamo Software and Q-Biz Solutions under the Privacy Shield are subject to the investigatory and enforcement powers of the United States Federal Trade Commission.
Compelled disclosure: Dynamo Software and Q-Biz Solutions may be required to disclose personal information in response to lawful requests by public authorities, including to meet national security or law enforcement requirements.