Last update: March 7, 2020
Who we are
Our website address is: https://openmarkets.group.
This policy applies to information collected by OpenMarkets Australia Ltd and its related bodies corporate (“OpenMarkets”, “OpenTrader” or “we”). It outlines how we collect and use personal information that we hold about you in accordance with the Privacy Act.
Our Commitment to You
At OpenMarkets we have set ourselves a high benchmark – to be the best possible technology solution provider for Australia’s financial community. We believe in transparency and trust, and as a result, we have created and published this website to best explain what data we collect, why, and how we use and handle your data.
Security and privacy is at the cornerstone of everything we do. When we do ask to use your data, we do so to best understand how you use our services so that we can provide a better product in the form of a better user experience.
This policy covers OpenMarkets Australia Limited (ABN 38 090 472 012) and all of its related entities, all of which are referred to as “OpenMarkets”.
Collection of Personal Information
We only collect personal information that is reasonably necessary for us to provide services. If you do not provide the information that we ask for, we may not be able to provide the products or services you have requested. We may collect information such as your name, address, phone number, email address, tax file number, bank account details, other information that may be required for identification purposes, information about your investments and transactions and other information related to the services we provide.
We treat the security and protection of your personal information very seriously, and is at the core of how we build features and services.
We will collect your personal information directly from you or from your financial adviser or stockbroker when you apply to open an account with OpenMarkets including through your financial adviser or stockbroker. We may also collect your personal information as we provide services to you or your financial adviser or stockbroker. By using OpenMarkets services you consent to OpenMarkets collecting your information from your financial adviser or stockbroker or other person or entity who provides services to you. We may also collect information directly from you, such as when you provide the information by phone, email or in an application form or when you deal with us as a key contact or employee of a client or counterparty of OpenMarkets.
Use and disclosure of your personal information
OpenMarkets may use your personal information for the primary purpose of providing securities trading and settlement services to you, as well as for related purposes such as:
- to verify your identity or transactions which you may enter into with us;
- to administer and manage the provision of our products and services;
- to provide you with offers of other OpenMarkets products or services;
- to comply with laws and regulatory requirements including complying with any request made by a governmental authority or regulator, including in connection with legal proceedings or the prevention or detection of fraud and crime;
- to comply with OpenMarkets’ risk management policies and procedures;
- conducting due diligence as part of a pre-employment screening or acceptance of your account with OpenMarkets; or
- another purpose related to the primary purpose.
For the purposes we have described, we may disclose your personal information:
- to our suppliers (including service and content providers), contract and service providers, professional advisers, dealers and agents;
- to government agencies or individuals responsible for the investigation and resolution of disputes or complaints covering your use of our services and facilities including for example ASIC, AUSTRAC or the OAIC;
- other parties involved in the administration of your investments including stock exchanges, product issuers, investment registries or mailing houses;
- anyone to whom our assets or business (or any part of it) is transferred (or offered to be transferred, subject to confidentiality provisions);
- other entities in the wider OpenMarkets group; or
- where you have otherwise consented or as otherwise required or authorised by law.
Access and correction and updating personal information
Generally, we will provide you with access to your personal information that we hold within a reasonable time of a request unless an exception applies under the Privacy Act. If you believe the personal information that OpenMarkets holds is inaccurate, incomplete or out-of-date and we agree we will amend it. If we disagree with you about the accuracy, completeness or currency of our records, then you have the right to request that we note your disagreement in our records.
You should keep us informed of any changes to your information by notifying us in writing (which may be through your financial adviser or stockbroker). We may also ask you to review, confirm and advise of us changes to your personal information.
Storage and security of information
OpenMarkets stores personal information in a combination of computer storage facilities, paper-based files and other records. We will take reasonable steps to protect personal information from loss, misuse, unauthorised access, modification or disclosure.
Overseas disclosure of personal information
We may transfer personal information to related bodies corporate, unaffiliated service providers or other persons to whom we disclose personal information as described herein in locations beyond Australia (including, but not limited to, the United States, India, Vietnam, Singapore and the United Kingdom) in the course of storing that information and when using or disclosing it for one of the purposes referred to above. When transferring personal information to foreign jurisdictions, OpenMarkets may take steps to ensure the overseas recipient of the information does not breach the Australian Privacy Principles in relation to the information. However, OpenMarkets may be unable to ensure the overseas recipient does not breach the Australian Privacy Principles in relation to your information.
This may mean for information sent overseas you do not have the protections of or any redress under the Privacy Act or in the foreign jurisdiction for any breach. The overseas recipient may not be subject to privacy obligations equivalent those under the Privacy Act and could be compelled by foreign law to make disclosure of the information. By using OpenMarkets services you consent to OpenMarkets making the disclosure to overseas recipients on this basis.
Storage and security of information
OpenMarkets stores personal information in a combination of computer storage facilities, paper-based files and other records. We will take reasonable steps to protect personal information from loss, misuse, unauthorised access, modification or disclosure. We protect the information we store by using security frameworks and encryption techniques to protect our systems and your account from unauthorised access. If after a period of time (generally 7 years) we are no longer required to hold your personal information, we may delete or destroy it.
Contacting us and complaints
If you wish to contact us for any purpose regarding this policy including making complaint about the way we have handled your personal information (including if you think we have breached the Privacy Act) you may do so to our Compliance Manager in writing, to the address set out at the end of this policy.
When you contact us, include your email address, name, address and telephone number and clearly describe your complaint. Our Compliance Manager will investigate the complaint and respond to you promptly. If you consider that we have failed to resolve the complaint satisfactorily, and you are an individual located in Australia, you can complain to the Office of the Australian Information Commissioner.
Changes to this policy
This policy is subject to change from time to time as OpenMarkets considers necessary. We will publish material changes by making them available to you on our website.OpenMarkets Australia Ltd
Level 5, 500 Collins Street
Melbourne VIC 3000 AUSTRALIA