Financial Conduct Authority Guidance on AIFM Directive Remuneration Provisions

Dechert LLP
Contact

The UK Financial Conduct Authority (FCA) released proposed guidance on 6 September 2013 on its implementation of the remuneration provisions in the AIFM Directive (the AIFM Remuneration Code) for UK alternative investment fund managers (AIFMs).

Investment managers taking advantage of the transitional period will need a compliant remuneration policy in place by the time they apply for authorisation as AIFMs and, if one is not in place by then, explain why and say when they expect to have one in place. The FCA has advised firms to make this application by 22 January 2014. The remuneration policy must reflect the remuneration rules in the AIFM Directive and the European Securities and Markets Authority’s (ESMA) guidelines on sound remuneration policies under the AIFM Directive (Guidelines). There may well be a number of changes to the guidance following consultation. Nonetheless, it provides an insight into the likely application of the rules to different types and sizes of investment managers in practice. Perhaps most importantly, the FCA indicates the approach firms should take in applying the “proportionality” principle to the application of the rules – in particular, by reference to a firm’s assets under management.

Firms have until 6 November 2013 to provide feedback on the consultation.

AIFMD Remuneration Principles

The principles set out in the FCA’s AIFM Remuneration Code (SYSC 19B) are similar to those of its CRD Remuneration Code (SYSC 19A). The general principle is that an AIFM must implement and maintain remuneration policies and practices for AIFM Code staff that are consistent with effective risk management and do not encourage risk taking which is inconsistent with the relevant fund documentation. Other principles cover a range of aspects of the design and determination of remuneration including (among others) avoiding conflicts of interest, prohibiting guaranteed variable remuneration (unless exceptional, in the context of hiring and limited to the first year of service), assessing performance in a multi-year framework and by reference to a combination of financial and non financial criteria, adjusting any measurement of performance for risk, fixing an appropriate ratio between fixed and variable remuneration, avoiding severance payments that reward failure, preventing staff using personal investment strategies to avoid the impact of the Code and anti-avoidance generally.

Proportionality

When complying with these principles, an AIFM should do so in a way and to an extent that is appropriate to its size, internal organisation and the nature, scope and complexity of its activities. This is known as the “proportionality principle”.

The FCA consultation focuses principally on the application of the proportionality principles to the remuneration rules relating to governance and what the FCA terms the “pay out process”.

Under the principle on governance, an AIFM that is significant in terms of its size, internal organisation and the nature, scope and complexity of its activities must establish a remuneration committee. The remuneration committee should comprise members of the AIFM’s governing body who do not perform an executive function.

The pay out process principles are:

    • Payment in kind: a substantial proportion of variable remuneration (at least 50%) should be paid in AIF units which are subject to an appropriate retention policy.
    • Deferral: a substantial proportion of variable remuneration (at least 40%, and at least 60% in the case of particularly high variable remuneration) should be deferred for at least three to five years.
    • Performance adjustment: variable remuneration (including deferred variable remuneration) should only be paid if sustainable according to the financial situation of the AIFM, the performance of the AIF, the business unit and the individual concerned. Variable remuneration should be reduced for negative or subdued financial performance of the AIFM or the AIF through “malus” (the power to reduce the value of deferred remuneration) or clawback provisions.

Proportionality Thresholds

Under the proportionality principle, AIFMs can potentially disapply the requirement to establish a remuneration committee and the three pay out process principles.

For individuals, the FCA proposes that an AIFM may disapply these key requirements in relation to any individual whose variable remuneration is no more than 33% of total remuneration and total remuneration is no more than £500,000. This is the same de minimis threshold that the FCA has applied in its existing CRD Remuneration Code.

For AIFMs, the FCA proposes the following thresholds based on the value of fund assets under management (AuM) to give a working presumption to firms on whether it is proportionate to disapply certain principles.

Presumption that it is appropriate to disapply the requirement for a remuneration committee and the pay out process principles

AuM Thresholds, less than:

AIFM which manages portfolios of AIFs including assets acquired through leverage:

 [£500m - £1.5bn]

AIFM which manages portfolios of AIFs which are unleveraged and have no redemption rights during a period of 5 years following the date of initial investment:

 [£4bn-£6bn]1

 

An AIFM may be able to disapply the key requirements if it is below the AuM threshold, but this is not automatic. Having looked at its AuM, a firm should then look at how the relevant proportionality criteria (size, internal organisation, nature, scope and complexity of its activities) apply to its business in ultimately deciding whether or not it is appropriate to disapply. For example, it may not be appropriate for an AIFM with AuM below the threshold to disapply these rules if it has a complex internal ownership structure or takes high levels of risk in its AIF activities. Similarly, an AIFM with AuM above the threshold may be able to disapply these principles if it is owner managed, has a limited number of strategies and narrowly defined risk parameters for investment decisions. Each firm must in a position to explain its rationale for disapplying any principle to the FCA, if requested by the FCA.

The FCA has produced a table outlining the factors that an AIFM might take into account when assessing its business against these criteria.

    • For size: the FCA suggests looking at the number of employees and LLP members performing services relative to peer firms.
    • For internal organisation: the FCA suggests looking at whether the AIFM is listed on a regulated market and whether the senior management own the majority stake in the AIFM. It says that a listing favours the application of the pay out process to align interest with external investors. This is not the case, by contrast, where senior management own a majority stake.
    • For nature, scope and complexity of activities: the FCA suggests looking at the number of strategies; whether or not there are defined parameters for risk taking in investment management; the nature of the incentive fee arrangements (carried interest having inbuilt risk alignment); and also the FCA’s own internal conduct and prudential supervision categories (C1 to C4, P1 to P4).

As far as the requirement for a remuneration committee is concerned, the FCA guidance says that the working presumption for AIFMs above the AuM thresholds is that they are significant in size. Also, an AIFM that is listed on a regulated market is likely to be significant in terms of internal organisation. In either case, such firms will typically need to establish a remuneration committee.

Delegation of portfolio or risk management

The FCA also provided guidance regarding the requirement for an AIFM to apply the AIFMD remuneration rules to any entity to which it has delegated portfolio or risk management. ESMA’s Guidelines require an AIFM which is delegating portfolio or risk management either (i) to ensure that the delegate is subject to regulatory requirements on remuneration that are equally as effective as those applicable under the Guidelines or (ii) to put in place appropriate contractual arrangements with the delegate to ensure that there is no circumvention of the remuneration rules set out in the Guidelines.

There has been much doubt over how this obligation will play out in practice. The FCA provides the following guidance:

    • The FCA considers the Capital Requirements Directive (CRD) and Markets in Financial Instruments Directive (MiFID) remuneration regimes to be “equally as effective” as AIFMD.
    • The AIFM may apply proportionality to the remuneration requirements in respect of its delegate in a similar way as proportionality is applied to the AIFM itself. The FCA has provided an example of an UK AIFM delegating portfolio management to a US manager under strict investment guidelines. As the US manager has limited discretion, the US manager will not need to comply with the pay out process rules. Potentially, this could mean that the full AIFM Remuneration Code need not apply to a delegate performing a “stock-picking” role, where risk management is reserved to the AIFM.
    • Where the AIFM puts in place contractual arrangements with a delegate, these arrangements need only apply to the delegate’s relevant staff and to their remuneration which is connected to the delegated activities. In other words, an AIFM only needs to apply the remuneration guidelines to the income derived from the relevant AIF and received by the individual portfolio or risk managers at the delegate involved in the delegated mandate.

Payment in kind

The FCA provides some guidance in relation to the obligation to pay at least 50% of variable remuneration in units of the AIF concerned. First, it does not apply if the AIFs managed by the AIFM account for less than 50% of the total portfolio. Second, the rule itself is subject to the legal structure of the AIF and its documentation.

The FCA acknowledges that it is impractical to apply this rule where:

    • the AIF is closed-ended,
    • the AIF documentation precludes staff investment or has a high minimum investment threshold,
    • it is not permissible to market the AIF to staff or for staff to hold units in the AIF,
    • an investment in the AIF would have a negative tax effect for third party investors, or
    • the creation of structured “equivalent ownership interests” would be unduly costly against the benefits gained.

The FCA also acknowledges that it may be disproportionate to apply the rule for AIFMs managing many AIFs and for staff such as senior management or compliance, whose performance cannot be linked to a given fund. In those cases, the FCA suggests that firms may pay staff either in interests in the AIFM itself (or its parent) or in shares linked to the weighted average of all the AIFs managed.

The proposed starting point for a minimum retention period for such payments in kind is 6 months, consistent with the guidance under the CRD Remuneration Code.

Payments to partners of an AIFM

The last key area on which the FCA provides guidance is the application of the AIFM Remuneration Code to members of an AIFM set up as a partnership. There were two main areas of concern here.

The first was how to distinguish between payments made to partners in exchange for professional services (in scope of the AIFM Remuneration Code) and distributions received by partners as owners of the AIFM (out of scope). There were three main aspects to the FCA guidance:

    • For an approach based on existing payments, the FCA draws a distinction between “discretionary profit share distributed to all partners” (effectively a bonus pool, so in scope) and “additional profit share for senior or founding partners” (more likely to be a distribution on equity in the business, so out of scope). Many AIFMs have profit waterfalls which include a discretionary performance based tranche and a residual tranche distributed on a fixed percentage basis. For these AIFMs, the residual profit allocations are likely to be outside scope andthe discretionary allocations will be in scope. Some AIFMs will have arrangements with partners who are individual portfolio managers involving the allocation of a share of performance fee. These will most likely be in scope.
    • An alternative approach envisaged by the FCA involves the use of benchmarks – namely looking at the remuneration structures of others performing similar tasks or working in the same or similar businesses. It appears that an AIFM could (in theory) calculate the proportion of an individual partner’s profit that is in scope by estimating the amount which that individual would have earned if employed by a firm which was not structured as a partnership. The significant obstacle in following this approach, however, will be obtaining the relevant benchmark data - especially when this information is unlikely to be public and, in any event, the relevant AIFM’s peers may also be structured as partnerships.
    • If an individual works full-time, the FCA would expect a larger percentage of the partner’s profit share to be considered a profit distribution (out of scope). If an individual works part-time, the FCA would expect a “reasonable portion” of the partner’s profit share to be considered remuneration (in scope).

The second concern relates to the tax effect of deferral. The FCA acknowledges that this may result in a “dry” tax charge and states that it is discussing a mechanism to address this with HM Revenue & Customs (HMRC) which will form part of the ongoing HRMC consultation on the taxation of partnerships. The FCA states that what is envisaged is that the deferred remuneration will be on a “net of tax” basis, with tax and national insurance contributions on the remuneration accounted for by the partnership.

Which individuals are caught?

There is relatively little in the consultation paper about how to identify AIFM Remuneration Code Staff, although the AIFM should be able to show how it has carried out that identification exercise. The starting point is staff whose professional activities have a material impact on an AIFM’s risk profile or the risk profiles of the AIFs that it manages, which will entail an analysis of job functions and responsibilities.

According to the Guidelines, the following categories should be included unless the AIFM can establish that the activities of such individuals have no material impact on the AIFM’s risk profile:

    • Members of the AIFM’s governing body: so the directors or management committee members.
    • Senior management.
    • Control functions: staff responsible for risk, compliance, internal audit.
    • Heads of certain business lines: portfolio management, HR, marketing, administration.
    • Other risk takers who individually or together can assert material influence of the AIFM or AIF’s risk profile. Examples include individual traders or trading desks.

In addition, any other employees should also be AIFM Remuneration Code Staff if they have a material impact on the risk profile of the AIFM or AIF and their total remuneration takes them into the same bracket as senior managers.

The FCA accepts that where employees are not involved in the management of AIFs but instead manage other funds, such as UCITS funds, an AIFM may take that into account in its proportionality analysis as to who is AIFM Remuneration Code Staff. If they are deemed Code Staff, the FCA suggested that the AIFM can take it into account to disapply the pay out process principles for those individuals.

The FCA also suggests that, where an individual does a mixture of AIFMD and non-AIFMD work, an AIFM may apportion that individual’s remuneration for the purpose of compliance with the AIFM Remuneration Code. It suggests apportionment on the basis of time spent or AuM.

Timing and scope

A final, but important, aspect of the FCA consultation relates to the timing. The FCA confirms that it expects firms to implement the AIFMD remuneration regime for new awards of variable remuneration to relevant staff for the first full performance period after the firm becomes authorised as an AIFM. This appears to allow firms to delay application of the rules until the end of the next full performance period. So for firms with calendar year performance periods who are authorised during 2014, the first year to which the AIFM Remuneration Code applies would appear to be 2015.

Footnotes

1Amounts are in square brackets as this is draft guidance only.

 

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Dechert LLP | Attorney Advertising

Written by:

Dechert LLP
Contact
more
less

Dechert LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at www.jdsupra.com) (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at privacy@jdsupra.com.

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to privacy@jdsupra.com. We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to privacy@jdsupra.com.

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at: privacy@jdsupra.com.

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at www.jdsupra.com) (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit legal.hubspot.com/privacy-policy.
  • New Relic - For more information on New Relic cookies, please visit www.newrelic.com/privacy.
  • Google Analytics - For more information on Google Analytics cookies, visit www.google.com/policies. To opt-out of being tracked by Google Analytics across all websites visit http://tools.google.com/dlpage/gaoptout. This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit http://www.aboutcookies.org which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.