In connection with providing financial services to you, our clients, it is necessary for Oppenheimer & Co. Inc. ("Oppenheimer") to collect items of nonpublic, personal information ("personal information") about you. Oppenheimer knows the importance of maintaining the privacy and confidentiality of your personal information. This Policy addresses Oppenheimer's treatment of client personal information and answers the questions most clients have regarding such treatment.
THE TYPES OF PERSONAL INFORMATION WE COLLECT AND MAINTAIN
When opening your account, Oppenheimer will collect certain contact and identifying information from you, such as your name, age, address, citizenship, marital status, phone numbers, e-mail address and Social Security, Taxpayer Identification Number or its equivalent. Additionally, Oppenheimer collects certain background information, such as information concerning your creditworthiness and your credit history, from consumer reporting agencies and other outside vendors. Furthermore, in order to provide you with services and products best suited to your financial needs and to meet certain regulatory requirements, Oppenheimer will collect information such as income sources, assets, financial objectives, investment goals and investment experience from you.
SOURCES OF INFORMATION
Oppenheimer collects much of your personal information directly from you. This is via your new account application, other documents that you may be asked to submit from time to time and through correspondence such as telephone calls or electronic mail. We also collect certain personal information, namely background information and credit history, from outside sources, including third party vendors who perform background checks and verify identities and consumer reporting agencies. Lastly, Oppenheimer collects and compiles information from your account records, such as what investments you hold, the transactions taking place in your account and your account balances.
SHARING YOUR PERSONAL INFORMATION
From time to time, in the course of providing these services, Oppenheimer may share your personal information with nonaffiliated parties. These nonaffiliated parties include service providers that we use to generate statements or reports on your accounts, vendors who verify your creditworthiness or identity, companies we use to process transactions in your account, companies that provide marketing services for us and entities that provide legal or consulting services to Oppenheimer. Additionally, we may be required to share your personal information with fraud prevention and law enforcement agencies, courts and non-governmental regulators, and when we believe, in good faith, that such disclosure is legally required or that we have a legitimate interest in making a disclosure, such as to protect our rights and property. Furthermore, Oppenheimer may enter into joint marketing agreements with nonaffiliated third parties. Please note that, in these cases, Oppenheimer only shares your personal information with nonaffiliated third parties after entering into a contractual relationship that: (1) limits the nonaffiliated third party from using your personal information for any purpose other than the purpose Oppenheimer intended and (2) requires the nonaffiliated party to keep your personal information confidential.
Occasionally, some of your personal information, such as creditworthiness, may be shared with companies that are affiliated with Oppenheimer in connection with marketing of their products or services.
In certain cases you may opt out of information sharing. Please see the section entitled “RIGHTS REGARDING YOUR PERSONAL INFORMATION” to learn when and how you can instruct Oppenheimer not to share your personal information.
INTERNATIONAL TRANSFER OF YOUR PERSONAL INFORMATION
If you are a client based in the European Union (“EU Data Subject”), the personal data collected from you is transferred and processed in the United States, which country is not recognized by the European Commission as providing an equivalent level of protection for personal data as provided in the EU. By submitting your personal information to us, you expressly consent to the transfer of your personal data to recipients located outside of the European Economic Area. You may withdraw your consent to such transfer at any time by contacting as at GDPR@opco.com. Please note, however, that we will not be able to maintain your account without such information.
USE OF YOUR PERSONAL INFORMATION AND LAWFUL BASIS FOR ITS PROCESSING
Oppenheimer uses your personal information in a variety of ways in connection with providing you with services to meet your financial goals and needs and in order to meet our contractual obligations to you. As previously stated, we use your information to establish your account at Oppenheimer. Federal laws and regulations including, the USA Patriot Act, require financial institutions, such as Oppenheimer, to obtain and maintain certain personal information about their clients, including, without limitation, to verify your identity. In addition, your Financial Advisor will use this personal information for investment purposes, to help you with your overall investment program and to communicate with you about products or investments that you have expressed an interest in or that your Financial Advisor believes may be of interest to you. Your Financial Advisor is also required by the Financial Regulatory Authority (“FINRA”) to perform a suitability analysis, which requirement is designed to ensure investor protection and promote fair dealings. Further, our use and processing of your personal data is based upon our legitimate interest in transacting business in a responsible, commercially prudent and lawful manner.
RETENTION OF YOUR PERSONAL INFORMATION
Oppenheimer will retain your personal data for as long as it is reasonably necessary to provide you with the requisite services to meet your financial goals and needs, and to fulfil our obligations to you. We may also retain your personal data for purposes of meeting certain accounting and reporting requirements. Additionally, we are legally obligated to preserve records related to your account in accordance with various recordkeeping requirements, specifically for three (3), five (5) or six (6) years. Certain state jurisdictions may have longer recordkeeping requirements.
PROTECTION OF YOUR PERSONAL INFORMATION
Oppenheimer has procedural, physical and technological safeguards that protect against loss or unauthorized disclosure of your personal information.
Procedurally, Oppenheimer employees are bound by, and held accountable to, a code of conduct and policies regarding confidentiality and the treatment of client information. Furthermore, only those Oppenheimer employees who require access to your personal information in order to provide customary services (investment, administrative, legal) to your account are granted access to your personal information.
Physically, Oppenheimer has policies that require our employees to store and destroy documents containing your personally identifiable information in accordance with federal guidelines.
Technologically, Oppenheimer uses methods such as encrypting files, locking down access to client information to prevent removal from the firm and masking of data on computer screens to protect your personal information.
As previously mentioned, before Oppenheimer shares your personal information with a nonaffiliated third party (other than for legal or regulatory purposes), we require that party to enter into a contractual agreement that limits the use of your personal information and requires that party to maintain the confidentiality of your personal information.
Finally, should your relationship with Oppenheimer end, your personal information will remain protected in accordance with our privacy practices as outlined in this Policy.
RIGHTS REGARDING YOUR PERSONAL INFORMATION
OPTING OUT OF SHARING YOUR INFORMATION
Oppenheimer reserves the right to disclose or share your personal information with the aforementioned nonaffiliated third parties, for the aforementioned purposes, as permitted by applicable laws and regulations.
You may, however, instruct Oppenheimer not to share information with our affiliated companies for marketing purposes or for purposes other than servicing or maintaining your account, as described above.
You may also opt out of information sharing with nonaffiliated parties, except as may be required in order to meet our legal and regulatory requirements with respect to your account, or as may be necessary to service your account.
For your convenience, Oppenheimer provides several methods for you to opt out of sharing your information in the above circumstances and as permitted by law. You may:
(1) Contact the Financial Advisor who services your account and provide him or her with written instructions to add your name to Oppenheimer's "Opt Out" list; or
(2) Send an email to us at: firstname.lastname@example.org with your name and account number requesting that your name be added to Oppenheimer's "Opt Out" list;
EUROPEAN UNION CLIENTS
Under the EU General Data Protection Regulation (“GDPR”), EU Data Subjects are entitled to certain additional rights with respect to their personal data, subject to certain restrictions and limitations. In addition to the “Opt Out” rights described above, these rights include the following:
- The right to object to or restrict the processing of your personal data, including for marketing purposes;
- The right to access, rectify or erase your personal data;
- The right to request that a copy of your personal data be provided to you, or to a third party, in an electronic format;
- The right to file a complaint about the processing of your data with your local data protection authority.
EU Data Subjects may elect, at any time, to exercise any of the foregoing rights with respect to their data. You may do so by emailing us at GDPR@opco.com.
Please note that our ability to maintain your account will be impacted if you exercise your right to object to the processing of your personal information. Further, if you request that your personal information be deleted, we will no longer be able to maintain your account. In addition, please note that our compliance with such a request will not extend to data that we are required to maintain as part of our legal and regulatory recordkeeping requirements. We will, however, delete all information subject to such a request once the term of those requirements has expired. Please refer to “RETENTION OF YOUR PERSONAL DATA” above for a description of those terms.
This Policy may change from time to time to reflect changes in our practices and in regulations concerning the collection and use of personal information. Oppenheimer clients will receive notification of any revisions or changes to this policy. If you have any questions or would like more information, please do not hesitate to contact your Financial Advisor.