Privacy Policy

Privacy Policy

Last update June 5th, 2023

We at Parallel Markets Inc. (together, with its related companies, “ Company”, “ Parallel”, “ we” or “ us”) know you care about how your personal information is used and shared. We take your privacy very seriously, and this privacy policy (“ Policy”) describes how we collect, use, disclose, process, store and share information (personal or otherwise) of users of this website, parallelmarkets.com and its associated domains and subdomains (the “ Site”). This Policy also applies to any of our other websites that post this Policy. If at any time you do not agree with this Policy, please do not use the Site. This Policy describes how we treat personal and other information when you visit the Site or use our services (the “ Services”). By using or accessing the Services in any manner, you acknowledge that you accept the practices and policies outlined in this Policy and hereby consent that we will collect, use and share your information in the manner detailed below.

We are committed to maintaining the confidentiality, integrity and security of information about our users, and we endeavor to take reasonable steps (including physical, electronic and procedural measures) to protect any data or other information collected via the Site or in providing our Services. Please note, however, that we cannot guarantee that the data or information collected may not be accessed, disclosed, altered or destroyed by breach of one or more of our safety measures. No Internet, electronic transmission or electronic storage of information is ever fully secure or error free. Therefore, you should take special care in deciding what information you send to us. Please keep these risks in mind when disclosing Personal Data (as defined below) to us.

In this Policy, “ you” and “ your” refers to users of Parallel’s Site and Services, including individuals, entities, representatives and agents. If you have questions or complaints regarding our Policy or practices, please contact us at privacy@parallelmarkets.com.

Remember that your use of Parallel’s Services is at all times subject to the Terms of Service, which incorporates this Policy. Any capitalized terms used herein but not defined have the definitions given to them in the Terms of Service. This Policy includes additional notices that may apply to you if you are a California consumer. Please see the section further below titled “Your California Privacy Rights” for more details.

We collect information about you in a number of ways, including information you give us, information we get from others and information that is automatically collected.

Information We Collect From You

We may collect, among other things, your name, postal address, email address, phone number, username, password, demographic information, your occupation status and title, social security number, tax id number, birthdate, various tax forms, bank account information, credit reports, suitability responses, government or other identification documents, short selfie videos that contain both visual and audio recordings, biometric identifiers (including a scan of your facial geometry based on photos or selfie videos you provide), corporate documentation, liabilities information and other information you directly give us. By accepting our Terms of Service, acknowledging our Privacy Policy and providing us with selfie videos and/or identification documents, you consent to our extraction and processing of biometric information contained therein as set forth in this Privacy Policy. You understand and acknowledge that Parallel stores the underlying images, video and biometric information (including facial geometry data) collected from you. We distinguish between (i) data that does not individually identify you but may include tracking and usage information about your general location, demographics or use of one of our products (“ Non-Personally Identifiable Information”) and (ii) data that can be used to contact, locate or identify you specifically, either by itself or when combined with other sources that are easily accessed (“ Personally Identifiable Information” and, together with Non-Personally Identifiable Information, “ Personal Data”). By submitting or making available Personal Data through our Services, you agree to the terms of this Policy and you expressly consent to the retention and processing of Personal Data in accordance with this Policy. We do not intentionally gather, store or process Personal Data about individuals who are under the age of 18. If we inadvertently hold or have access to Personal Data about anyone under 18, please let us know so we can delete it. For customers who have paid for software services, we collect your billing details such as credit card information, banking information and/or billing address.

Information We Collect From Others

We may receive Personal Data about you from other sources like our customers, other end-users, online investing platforms, your employer, credit reporting agencies, data aggregators, banks, brokerages, entities with which you are affiliated (for example, an entity in which you have invested) or other third-party vendors in connection with our Services (our “ Partner Companies). Our Partner Companies may supply us with Personal Data or information derived from Personal Data, including items such as your name, email, mailing address information, government or other identification document, accreditation status (including supporting documentation such as tax or other documentation), social security number, tax identification number, bank statements, brokerage statements, securities holdings information (including subscription documentation), credit reports, liabilities statements, validation information regarding photographs or other documentation uploaded and your login credentials for such Partner Company’s website or service, in order to help us provide the Services. We may add this information to the information we have already collected, or will in the future collect, from you in order to perform and improve the Services.

Information We Collect Automatically

Finally, we collect information from you, which may include Personal Data, when devices access our Site and Services. Some examples of the information we collect include: type of device, geographic location, IP address, domain name, what operating system is used, application information, unique devices, crash data and date/time stamps for your visit. The type of information we collect depends on the type of device used and its settings. We may automatically log information about you and your computer. For example, when visiting our Site, we log, among other things, your computer operating system type, browser type, browser language, pages you viewed, how long you spent on a page, location, access times and information about your use of and actions on our Site. We may also use industry standard identifiers and trackers (including cookies and their equivalents) (“ Identifiers”) and navigational data like Uniform Resource Locators (URL) to gather information about you and your activity.

Facial Scan and Biometrics Information

The information collected from any “selfie”, photograph or government identification document you upload may include biometric data (such as facial geometry data). This section describes how Parallel treats such biometric data.

Parallel, acting as a service provider to you:

The images obtained from government identification document and photos of your face that you upload, along with data from scans of facial geometry extracted from the government identification document and photos of your face that you upload, are collected, used and stored directly by Parallel on your behalf and, should you consent to share identity information with a third-party on our platform, other customers for whom Parallel is also acting as a service provider. Our platform also allows third-parties, including Customers or other end-users, to upload your government identification documents directly to us. Where your government identification document is uploaded to us by a third-party and not by you, we do not conduct a scan of facial geometry or otherwise extract biometric data.

Parallel securely stores all photos of identity documents that you upload, photos of your face that you upload and data from scans of facial geometry extracted from the photos of your face that you upload in an encrypted format. Biometric information, including the data from scans of facial geometry extracted from photos of your face that you upload, may be stored and processed by service providers utilized by Parallel.

As the initial purpose for collecting biometric identifiers, including Identity Verification, Fraud Detection and Sharing, continues in an ongoing and continuous manner after you have submitted information, Parallel will permanently destroy data from scans of facial geometry extracted from the photos of your face that you upload within three years of your last interaction with Parallel, unless Parallel is otherwise required by law or legal process to retain the data.

Parallel uses the reasonable standards of care within its industry to store, transmit and protect from disclosure data from scans of facial geometry extracted from the photos of your face that you upload in a manner that is the same as or more protective than the manner in which it stores, transmits and protects other confidential and sensitive information. Parallel will not sell, lease, trade or, other than to provide the Identity Verification, Fraud Detection and Sharing services to you and any other customer for whom you have authorized Parallel to share information as described in this policy, otherwise benefit from data from scans of facial geometry extracted from the photos of your face that you upload. Other than as set forth herein, Parallel will not disclose, redisclose, or otherwise disseminate data from scans of facial geometry extracted from the photos of your face that you upload unless doing so:

How We Use the Information We Collect

We use your Personal Data and other information we collect (collectively, the “ Data Set”) in a number of ways. A non-extensive list of the ways we may use the Data Set is as follows:

As a general rule, we do not share Personal Data with outside third parties without your express consent (reserving all rights to share in the circumstances outlined below). Other than as set forth herein, Parallel will not disclose, redisclose or otherwise disseminate data from scans of facial geometry extracted from the photos of your face that you upload unless you specifically request that we do so, we are required by state or federal law, we are required pursuant to a warrant or subpoena issued by a court of competent jurisdiction or you otherwise consent to us doing so. Additionally, you can revoke your consent to share your details with a third party in your settings at any time. Please note - we use hosting and analytics technology providers internally that enable us to provide our Services, but these providers work for us and are required to protect your data. In addition, we share aggregated information or anonymous Identifiers with various third parties at our sole discretion. A non-exhaustive list of the ways we may share your Personal Data is as follows:

Once you instruct us to share your personal information with a third-party organization, your personal information will be subject to the privacy policy and practices of the receiving party and such party will be a separate, independent “controller” and/or “business” as defined by applicable data protection laws. These third parties are not controlled by Parallel. We encourage you to read the privacy policies of each third party with which you interact. We are not responsible for the privacy and security practices of such third parties. Disclosing your information to these third parties is at your own risk.

How You Can Access or Change Your Personal Data

Parallel understands that you may want to change, access or delete your Personal Data. Under certain circumstances, you may do so by accessing your profile yourself or by contacting us via email. Please note that all data used in the operation of Parallel becomes our sole property and can be used at our sole discretion. To protect your privacy and security, we may verify your identity before granting access or making changes to your Personal Data. For security reasons, and for other reasons at our sole discretion, Parallel will have no obligation to respond to inquiries with respect to Personal Data.

Under applicable law, you may have rights to (i) check whether and what kind of Personal Data we hold about you and to request copies of such data, (ii) to request correction, supplementation or deletion of your Personal Data that is inaccurate or processed in non-compliance with applicable requirements, (iii) to request us to restrict access to and processing of your Personal Data, (iv) in certain circumstances, to object for legitimate reasons to the processing of your Personal Data or to revoke consent previously granted where such revocation has no effect on the lawfulness of the processing prior to the revocation, (v) to request data portability, (vi) to know the identities of third parties to which your personal data are transferred and (vii) to lodge a complaint with the competent authority.

If you want to learn more about the personal information that Parallel has about you, or you would like to update or change that information, please update the information in your Settings or contact us by email at help@parallelmarkets.com.

Parallel makes good faith efforts to provide individuals with access to their Personal Data, although there may be circumstances in which Parallel is unable to comply with your request, including but not limited to: where the information contains legal privilege, would compromise others’ privacy or other legitimate rights, where the burden or expense of providing access would be disproportionate to the risks to the individual’s privacy in the case in question or where it is commercially proprietary. If Parallel is unable to comply with your request we will provide you with an explanation of why that conclusion has been made, and provide a point of contact for further inquiries within 30 days of such request.

You may request deletion of your account information and Personal Data by us, but please note that we may be required (by law or otherwise) to keep this information and not delete it (or to keep this information for a certain time, in which case we will comply with your deletion request only after we have fulfilled such requirements). For example, we may be required by applicable law to retain your documentation provided to support an accreditation application for up to three years after any accreditation letter issued expires.

Parallel provides ongoing identity verification and sanctions monitoring to the third-parties to whom you grant consent for your Personal Data to be shared. As such, we do not permanently destroy data, including biometric data, unless you request that your data be deleted. In all cases, we will retain information for as long as your account is active or as needed to provide you our Services. We will retain and use information as necessary to comply with our legal obligations, resolve disputes or enforce our agreements.

Third Party Access

When you grant a third party access to your Data Set, Parallel will honor that request promptly. However, Parallel does not control these third parties or their data security and control protocols. You should only grant your consent for the third party to access your Data Set if you are comfortable with their data security and control protocols in place.

If you revoke your consent for a third party to access your information, we may be required (by law or otherwise) to maintain that third party’s access to your information for a period of time. In all cases, your request to revoke that third party’s access will be honored within 30 days of such request.

Revoking access will not affect any of your information the third party may have previously accessed and saved to their systems. Any request for the third party to delete your information should be directed to a relevant contact at that third party.

Your California Privacy Rights

This section provides additional details about the Personally Identifiable Information we collect about California consumers and the rights afforded to them under the California Consumer Privacy Act (“ CCPA”).

Please see above for the types of information we collect, the business and commercial purposes we use that information for and how we share or disclose that information with certain third parties. We do not sell (as such term is defined in the CCPA) the Personally Identifiable Information we collect (and will not sell it without providing a right to opt out). Please note that we do use third-party cookies for our advertising purposes.

Subject to certain limitations, the CCPA provides California consumers the right to request to know more details about the categories or specific pieces of Personally Identifiable Information we collect (including how we use and disclose this information), to delete their Personally Identifiable Information, to opt out of any “sales” that may be occurring, and to not be discriminated against for exercising these rights.

California consumers may make a request pursuant to their rights under the CCPA by contacting us at help@parallelmarkets.com. We will verify your request using the information associated with your account, including email address. Government identification may be required. Consumers can also designate an authorized agent to exercise these rights on their behalf.

Important – Transfer of Data to the US of European personal information

Information that any European users submit to us is stored on servers located in the United States of America and may be transferred by us to our other offices and/or to the third parties (such as our Partner Companies) as described above, who also may be situated in the United States of America or elsewhere outside the European Economic Area (“ EEA”) and may be processed by staff operating outside the EEA. The US and other non-EEA countries do not have similar data protection laws to the European Union, and you should be aware in particular that the law and practice in the United States in respect of law enforcement authority access to data is significantly different from Europe. Where we transfer your information, we will take all reasonable steps to ensure that your privacy rights continue to be protected consistent with our obligations under local law. By submitting information via our Site and Services, you agree to this storing, processing and/or transfer.

General

This Policy applies to the use and disclosure of Personal Data that we collect in any manner from you, your representatives, your agents or third parties. Our provision of a link to any other website or location is for your convenience and does not signify our endorsement of such other website or location or its contents. When you click on such a link, you will leave the Services or our Site and go to another site. During this process, a third party may collect Personal Data from you. We have no control over, do not review, and cannot be responsible for, these outside websites or their content. Please be aware that the terms of this Policy do not apply to these outside websites or content, or to any collection of data after you click on a link to a third party. If you submit personal information to any of those sites, your information is governed by their privacy policies. We encourage you to carefully read the privacy policy of any website you visit.

We welcome your comments or questions about this Policy. You may also contact us at privacy@parallelmarkets.com. We may change this Policy at any time, without notice. If we make any substantive changes related to how we collect or use data, we will change the content last updated date below.