Legal Terms

Publisher

The Sofinnovapartners.com website (hereinafter the “Website”) is managed by Sofinnova Partners SAS (hereinafter “Sofinnova Partners”), a French société par actions simplifiée (simplified joint-stock company) with capital of €1,600,000, registered with the Paris Trade and Companies Register under the number 413 388 596.
Address of the registered office: 7/11 boulevard Haussmann, 75009 Paris, France
Switchboard: 01 76 23 41 00

Sofinnova Partners is a portfolio management company that has been approved by the Autorité des Marchés Financiers (www.amf-france.org) under the number GP 97-140 since 17 November 1997, and was authorised on 8 July 2014 under the AIFM Directive.

 

Head of Publication

Monique Saulnier, in her capacity of legal representative

 

Information displayed on the website

The information that is displayed on the Website is provided purely for reference purposes. Said information is general in nature. Said information is not an offer to purchase or sell, neither is it financial advice or any form of commitment by Sofinnova Partners. No investment is possible via this website.

The information displayed on the Website is valid on its date of publication. It is nevertheless partial and incomplete, due to the inevitably simplified nature of the content, and has no contractual value. Sofinnova Partners has taken all reasonable steps to ensure the accuracy and appropriate nature of the information published on the Website, and reserves the right to modify the Website’s content without notice.

 

Applicable law

This Website, as well as all the information contained therein, are governed by French law. All disputes that result therefrom or in connection therewith shall fall under the exclusive jurisdiction of the French courts.

 

Intellectual property

The general structure of the Website, its contents (texts, images, videos, etc.), its graphic charter and appearance, hereinafter jointly referred to as the “elements”, may contain confidential Information that is protected by intellectual property or other laws. Unless otherwise stipulated, the intellectual property rights that protect the Website’s elements are the exclusive property of Sofinnova Partners. Sofinnova Partners does not grant any licence or any right other than that of browsing.

The Website’s elements are solely for the personal use of persons who browse the Website, and cannot be reproduced, used for the benefit of third parties, or used for commercial or non-commercial purposes.

Any reproduction or, more generally, any unauthorised utilisation of the Website and of the information that it contains, will trigger the user’s liability and lead to legal action, in particular on the grounds of infringement.

 

Hypertext links

Hypertext links to other websites cannot trigger Sofinnova Partners’ liability, in particular with regard to the contents of said websites. Sofinnova Partners is not responsible for hypertext links to the Website. The creation of hypertext links to the Website requires the prior express agreement of the Head of Publication.

 

Hosting of sofinnovapartners.com

The website www.sofinnovapartners.com is hosted by HubSpot – 25 First Street, 2nd Floor, Cambridge, MA 02141.

 

Design and development

Markentive
RCS: 791 644 833 – PARIS
SIREN: 791 644 883
Capital: €2,500
Registered office: 11 Rue Milton, 75009 Paris France
Phone number  +33 (0)1 76 39 02 50

Regulatory Policies

Voting policy

Sofinnova Partners manages professional funds (FPCI [innovation-focused mutual funds], SLP and RAIF), the purpose of which is to invest primarily in unlisted financial instruments and, to a lesser extent, in financial instruments that are traded on a regulated or organised market. The voting policy is an integral part of the oversight of the portfolio companies.

Sofinnova Partners’ position, as a matter of principle, is to vote on resolutions that are put to the vote during the general shareholders’ meetings of its portfolio companies. Sofinnova Partners regards effective participation in general meetings as a priority, but reserves the right, in particular in light of the circumstances, to vote by mail or by proxy.

Sofinnova Partners reports on the voting decisions that are made, in the funds’ annual reports.

 

Claims processing policy

Sofinnova Partners has designed and implements a procedure to ensure the efficient, reasonable and timely processing of claims that are filed by its investors.

In accordance with AMF Instruction no. 2012-07, any statement confirming a client’s dissatisfaction with a portfolio management company is deemed to constitute a claim. A request for information, an opinion, clarification, a service or action, is not a claim.

All claims can be sent to the Investor Relations department at the following e-mail investors@sofinnovapartners.com or by letter to Sofinnova Partners, 7-11 boulevard Haussmann, 75009 Paris, France.

Sofinnova undertakes to process claims within ten working days as from the date of receipt. If Sofinnova is not in a position to process the claim within this timeframe, it will acknowledge receipt thereof within ten working days and process the claim within a maximum of two months as from the date of receipt.

In the claim is rejected or refused in whole or in part, it is possible to refer the matter to the AMF Ombudsman. The AMF Ombudsman has authority over all disputes concerning a financial instrument, an investment service or, more generally, a matter that falls within the AMF’s scope of authority. She is the appropriate public ombudsman within the meaning of sub-paragraph 7 of Article L. 611-1 of the French Consumer Code, where said disputes are between a professional (portfolio management company) and a consumer, i.e., a natural person who is acting for purposes that do not fall within the scope of his/her commercial, industrial, independent or agricultural activity.

The investor may refer a matter to the AMF Ombudsman:

  • On the AMF website at: https://www.amf-france.org/en/amf-ombudsman/ombudsman-presentation-0, where the mediation request form is available, and precise explanations concerning the Ombudsman’s role are provided;
  • By sending a letter to the following address: Le Médiateur, Autorité des marchés financiers, 17 place de la Bourse, 75082 Paris cedex 2, France.

 

Procedure for managing conflicts of interests

Sofinnova Partners has a policy for managing conflicts of interests, in accordance with the regulations in force. Sofinnova Partners has implemented organisational and administrative arrangements with a view to taking all reasonable steps that are designed to identify, prevent, manage and monitor all conflicts of interests, in order to avoid them harming the interests of the Funds and of their unit holders or shareholders.

Sofinnova Partners takes all reasonable steps to identify and manage conflicts of interests that may arise between:

  1. Sofinnova Partners (including its directors, its employees or all persons who are directly or indirectly linked to Sofinnova Partners by a relationship of control), and a Fund managed by Sofinnova Partners (or the holders of units in or shareholders of said Fund);
  2. A Fund (or the holders of units in or shareholders of said Fund) and another Fund (or the holders of units in or shareholders of said other Fund);
  3. A Fund (or the holders of units in or shareholders of said Fund) and another Sofinnova Partners client;
  4. Two Sofinnova Partners clients.

 

Sofinnova Partners has mapped potential conflicts of interests. This mapping identifies situations which give rise or could give rise to a conflict of interests, such as:

  • Allocation of investment files: conflicts may arise between the Funds (or the holders of units in or shareholders of said Funds) depending on the allocation of investment opportunities;
  • Representation of Sofinnova Partners by the members of its management team on the boards of directors of the portfolio companies: the team members may have conflicting obligations with regard to Sofinnova Partners and with regard to a portfolio company;
  • Preferential treatment of certain investors: some investors may benefit from favourable conditions concerning the possibilities of joint investment or fees;
  • Transfer of holdings: the interests of a Fund (or the holders of units in or shareholders of the Fund) may be treated unfavourably compared to those of another Fund (or the holders of units in or shareholders of said second Fund) following a transfer from one Fund to the other.

 

The mapping of the conflicts of interests is updated regularly and at least once a year.

Sofinnova Partners has taken the following steps in order to identify and manage conflicts of interests, including:

  • Employee training: the employees who are directly concerned receive periodic training concerning the regulatory requirements to which they are subject, as well as concerning the in-house policy on the identification and management of conflicts of interests.
  • Personal transactions: Sofinnova Partners has defined a policy concerning employees’ personal transactions. Employees must report annually on their transactions during the past year.
  • Independence: Sofinnova Partners has taken care to organise its teams with the aim of ensuring the independence of the persons who are tasked with valuing the portfolio assets of the management teams.
  • Deal flow: Sofinnova Partners has defined rules and principles on the basis of which investment files are allocated. These rules and principles are incorporated into the Fund Regulations.
  • Fund Regulations: the Fund Regulations define the conditions under which joint investment transactions, transfers of holdings, complementary investments and trades between Funds may take place. In all cases, these operations are always undertaken under equivalent financial and legal conditions for both investment and disinvestment, while taking into account the specific situations of the various Funds concerned.
  • The Investors’ Committee: which is made up of representatives of the Funds’ most significant investors. Each Fund has its own Investors’ Committee. The Investors’ Committee is consulted concerning conflicts of interests.
  • Monitoring of conflicts of interests: Sofinnova Partners keeps a register that lists the situations that have been encountered in practice, the chosen resolution method and the follow-up.

 

Moreover, where the organisational systems implemented are not enough to ensure, with reasonable certainty, that the risk of harming the interests of unit holders or shareholders will be averted, Sofinnova Partners will inform investors clearly, before acting on their behalf, of the general nature or the source of these conflicts of interests.

 

Policy on best execution and selection of intermediaries

Sofinnova Partners may carry out investment and disinvestment transactions involving listed companies. Where this is the case, Sofinnova Partners does not execute the orders itself, and merely transmits its orders to intermediaries that have been carefully selected. In order to do so, Sofinnova Partners has drawn up and implements a selection policy for intermediaries, which is based on several criteria, including the price and the quality of the service, reliability and the intermediary’s capacity to execute the orders and settle the corresponding amounts. Each year, Sofinnova Partners evaluates the intermediaries with which it does business, in order to ensure that it only works with
quality entities.

Personal Data Protection Policy (GDPR)

Personal Data Protection Policy (GDPR)

Sofinnova Partners SAS (hereinafter “Sofinnova Partners”) attaches considerable importance to the protection of your personal data.

The purpose of this policy is present how Sofinnova Partners collects, uses, shares, stores and protects personal information. This policy has been drawn up within the framework of Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016, known as the “GDPR” (General Data Protection Regulation).

 

1. What is personal information?

This is information that directly or indirectly identifies a natural person (name, address, identification number, telephone number, photograph, date of birth, IP address, fingerprints, etc.).

 

2. Who is responsible for the personal data that is collected?

Sofinnova Partners is the Controller within the meaning of the GDPR, and in this capacity collects personal data on investors and professional contacts as part of its business activity.

 

3. Which personal data is collected?

Sofinnova Partners may have to collect various types of personal data concerning you, including:

  • Your identification information (surname, first name, nationality, date and place of birth, and IP address);
  • Your contact details (postal address and e-mail address, telephone number);
  • Your family situation (marital status, number of children);
  • Information concerning your education, your profession and your professional experience;
  • Data associated with your investment in the financial products managed by Sofinnova Partners (bank, financial and transaction data, experience in investment in private equity products, etc.);
  • Data collected during correspondence and discussions, in particular correspondence with the Sofinnova Partners registered office, on its website or on social media, or during meetings or trade fairs, interviews, telephone conversations or e-mails.

 

4. How and why do we use your personal data?

Your data is processed for the aforementioned purposes and, in particular, is necessary:

  • In order to manage your investment;
  • In order to comply with our statutory and regulatory obligations (Combating Money Laundering and the Financing of Terrorism, declaration obligation under French tax
    regulations, the Foreign Account Tax Compliance Act (FATCA) and automatic compulsory exchanges of tax information under the Directive on Administrative Cooperation (DAC), as well as under the Common Reporting Standard (CRS)); and
  • For the legitimate interests pursued by Sofinnova Partners (in particular in managing relations with our investors and our professional contacts, as well as for investment/disinvestment transactions in the funds that we manage, etc.).


5. How is the security ensured of the personal data that is processed?

We implement an appropriate organisation and technical resources to protect your personal data, in order to ensure its confidentiality and to prevent it from being garbled, damaged, destroyed or disclosed to unauthorised third parties. The data collected can only be accessed by authorised persons at Sofinnova Partners and by our service providers in order to fulfil the engagements that are entrusted to them.

Nevertheless, although we take reasonable precautions to protect your personal data, no transmission or storage technology is completely infallible. In accordance with the applicable
European regulation, in the event of a proven breach of Personal Data that could trigger an increased risk for the rights and liberties of the persons concerned, we undertake to report this breach to the relevant regulatory authority and, where required by said regulation, to the persons concerned (individually or generally, as required).

Without prejudice to the above, it is your responsibility to exercise caution in order to prevent any unauthorised access to your personal data and to your terminals (computer, smartphone, tablet, etc.).

 

6. With whom do you share the personal data that is collected?

Your personal data is used exclusively by Sofinnova Partners and will not be sold to or exchanged with third parties. We draw your attention to the fact that we may have to use or disclose your personal data, if so required by the law or regulations, as well as to some of our service providers, if this is necessary for the fulfilment of their engagement (custodian, independent auditor, etc.).

 

7. For how long is the personal data stored?

Sofinnova Partners stores your personal data:

  • For as long as necessary for the purposes for which it was collected and processed;
  • For the duration that is necessary for compliance with the applicable regulations and in particular with the applicable limitation periods;
  • For a fixed duration in light of its operational constraints (lifecycle of funds, management of client relations, etc.);
  • In order to execute court orders or respond to requests by the authorities and regulatory bodies.

 

8. What are your rights and how can you exercise them?

Right of access: you have the right to request access to your personal data, as well as to other information concerning the processing of said data.

Right to rectification: you have the right to request the correction of any personal data that is inadequate, incomplete or erroneous. You are also responsible for ensuring that any change in your personal situation is notified to us quickly so that we can keep your personal data up to date.

Right to be forgotten: you have the right for your personal data to be deleted under certain circumstances; for example, when you withdraw your consent, when you object to processing in our legitimate interests and when we have no legitimate interest that takes precedence (see below) or when your personal data is processed unlawfully.

Right to data portability: when we cite (as a legitimate reason for processing) your notification via this declaration, or when the processing of your data is necessary in order to fulfil a contract to which you are a party or in order to take actions, at your request, before entering into a contract and when the personal data is processed using automated means, you have the right to receive all said personal data that you provided to us in a structured, computerised, common format, and you also have the right to obligate us to transfer said information to another controller, where this is technically possible.

Right to object to processing (including profiling) for legitimate reasons: if we cite our legitimate interest in processing your personal data, we believe that we can show that this is an obligation for us. In particular, the need to protect Sofinnova Partners and the financial system, generally speaking, means that we have a duty to manage, prevent and investigate fraud, exposure to risk to reputation and image, claims and other forms of responsibility associated with our Funds. If we cite our legitimate interest in order to justify the processing of your personal data, you may object to said processing. In this case, we are required to refrain from further processing, unless we are able to prove the existence of processing obligations that take precedence over your interests, rights and liberties, or unless processing is required for implementation or defence of legal actions. Each objection will be reviewed individually.

Right to refuse direct marketing (including profiling): you have the right to object to the use of your personal data (including for profiling) for direct marketing purposes (to provide you with information on our investment offerings or to invite you to a promotional event).

Right to restrict processing: you can object to the processing of your personal data in the following cases:

  • When you refute the accuracy of your personal data, until we have made the necessary corrections and checked the accuracy of the data;
  • When the data processing is illegal, but you do not want us to erase the data;
  • When we no longer need your personal data for processing, but you need said data for the implementation or defence of a legal action;
  • When you refuse processing on the basis of legitimate interests and when we have not yet proved our overriding legitimate interest in pursuing this processing.

 

If your personal data is subject to restrictions (which means that we will merely store said data), we will only process the data with your consent or for the initiation, implementation or defence of legal actions.

Right to file a complaint: you have the right to file a complaint with the regulatory authority for your place of residence, your workplace or the place of the alleged infringement.

Right to withdraw consent: you can withdraw your consent to the processing of your personal data at any time without this affecting the legality of the processing to which you consented and that was undertaken prior to said withdrawal.

 

9. How can you exercise your rights?

You can exercise these rights by sending us a letter together with a copy of your identity document, either via e-mail to compliance@sofinnovapartners.com or by post for the attention of The Legal Department, Sofinnova Partners, 7/11 boulevard Haussmann, 75009 Paris, France. Sofinnova Partners reserves the right to update its Personal Data Protection Policy at any time.

 

What are cookies?

Cookies are small files that are placed on your computer when you browse a website or view an advertisement. They are designed, in particular, to collect information on your browsing habits and to offer you a personalised user experience.

Cookies are managed by your computer’s browser.

 

Why do we use cookies?

When you browse our website, we may install various cookies on your terminal in order to be able to recognise your browser during the period of validity of the cookie concerned.

We may use the following cookies on our website:

  • user session cookies, which enable the website to function correctly;
  • cookies that are solely intended to increase the security of the website (for example, when you are asked to log in again in order to view content or a service after a certain amount of time has elapsed);
  • social media tracking cookies, which are managed by “social media sharing buttons”;
  • cookies that make it possible to adapt the presentation of our website to your terminal’s display preferences (language used, display resolution, operating system used, etc.) during your visits to the website, according to your terminal’s viewing or browsing hardware and software;
  • cookies that provide analytics, such as the number of pages viewed, the number of visits, visitor activity on the website and the frequency at which visitors return. These cookies only make it possible to prepare statistical studies on the traffic of users of the service, the results of which are completely anonymous.

 

How can I accept or refuse cookies?

By continuing to browse our website, you agree to the use of cookies.

At any time, you can change your preferences concerning the placing of cookies, by adjusting the
parameters of your browser. Here are the help pages for:

 

In your browser, you can also consult the cookies that are present on your computer and delete them. Please bear in mind that deactivating cookies will affect your user experience when browsing the website.

To find out more about cookies and how they are managed, please consult the website of the CNIL (Commission Nationale de l’Informatique et des Libertés - French Data Protection Agency): http://www.cnil.fr/vos-droits/vos-traces/les-cookies/.