United States: Standards And Guidelines For Redeployment Of EB-5 Investment Funds

Last Updated: August 4 2017
Article by Catherine DeBono Holmes

The white paper below was updated on July 24, 2017. It first appeared in the Investment Law Blog on February 21, 2017.

Now that the USCIS has released amendments to its Policy Manual regarding the required "sustainment period" for EB-5 investors to retain their investments "at risk", the authors of this updated White Paper have revised our original standards and guidelines for redeployment of EB-5 investment capital issued in February 2017 to reflect the new policies adopted by the USCIS on redeployment. We believe that the guidelines provided in this updated White Paper should meet the "sustainment" requirements established by USCIS in its amended Policy Manual, and should also meet the requirements of federal securities laws and the fiduciary duties of the general partner or manager of each new commercial enterprise when making a decision to redeploy their investment capital in a new investment.

— Catherine DeBono Holmes

STANDARDS AND GUIDELINES FOR
REDEPLOYMENT OF EB-5 INVESTMENT FUNDS

A White Paper prepared by:

Klasko Immigration Law Partners, LLP
Arnstein & Lehr LLP
Jeffer Mangels Butler & Mitchell LLP

This White Paper sets forth a legal framework for establishing the standards and guidelines for redeployment of investment funds by a "new commercial enterprise" ("NCE") received from investors ("EB-5 Investors") seeking to qualify for visas pursuant to the EB-5 Immigrant Investor Program under Section 203(b)(5) of the Immigration and Nationality Act ("INA"), (8 U.S.C. § 1153(b)(5)) (the "EB-5 Program"). This White Paper assumes that the initial investment was made by the NCE in a "job creating entity" ("JCE"), the investment funds have been utilized by the JCE in accordance with a business plan approved by United States Citizenship and Immigration Services ("USCIS") and then repaid by the JCE to the NCE after the requisite 10 jobs per EB-5 Investor have been created. Here we conclude that a redeployment by the NCE that meets the guidelines described in this White Paper would reflect industry best practices for compliance with USCIS policy, securities laws and fiduciary duties of the general partner or manager of the NCE.

Reasons Why Redeployment of EB-5 Investment Funds Has Become Necessary

The EB-5 industry has dramatically changed over the past few years, due to the substantial increase in EB-5 Investors applying for EB-5 immigrant visas, particularly from the Peoples Republic of China. The EB-5 Program limits the number of visas that are issued each fiscal year to alien investors and their spouse and qualifying children to a maximum of approximately 10,000. In the event that the number of applicants exceeds the maximum available visas, the Visa Control and Reporting Division ("Visa Control Division") of the U.S. Department of State will limit the number of applicants from each country to an aggregate maximum of 7% of the total number of EB-5 immigrant visas available each fiscal year (the "Visa Cap"). Until fiscal year 2015, the annual worldwide quota was not reached. Meanwhile, since approximately 2010, applicants born in Mainland China have exceeded 80% of the total number of applicants. In fiscal year 2015, the Visa Control Division announced that the annual worldwide quota would be reached, and that it was therefore imposing a "cut-off date" for applicants born in China, as a result of which an applicant receiving an approval of his or her I-526 Immigrant Petition by Alien Entrepreneur ("I-526 Petition") cannot move forward in the process toward conditional permanent residence (whether through immigrant visa processing or adjustment of status) until the applicant's "priority date" (the date the I-526 Petition was filed) is earlier than the published cut-off date. As of the July 2017 Visa Bulletin issued by the Visa Control Office, the "cut-off date" for EB-5 Investors born in Mainland China is June 8, 2014. It is anticipated that the "cut-off date" will move forward slowly for the foreseeable future. As a result, for EB-5 Investors born in Mainland China (unless they will be accompanied in the immigration process by a spouse born other than in Mainland China), delays in the processing for immigrant visa or adjustment of status application will occur. It has been estimated that, due to the number of applications filed by EB-5 Investors from Mainland China, those EB-5 Investors may be delayed by up to 10 years from the date of filing their I-526 Petitions before they are able to commence their two-year period of conditional residence (which includes approximately 24 months for adjudication of the I-526 Petition, followed by a waiting period of approximately 7 years before the investor receives an immigrant visa or adjustment of status, and approximately 6 months before the investor enters the U.S. to commence the period of conditional residence.

Under current policies of USCIS, as recently updated by its Policy Manual dated June 14, 2017 (the "Policy Manual"), every EB-5 Investor is required to retain his or her investment capital "at risk" in the NCE until such time as that EB-5 Investor has been in the U.S. for 2 years in conditional resident status, commencing on the date the EB-5 investor entered the U.S. or obtained a change of status if the investor was already in the U.S. under a different visa (the "Sustainment Period"). Due to the EB-5 quota backlog for Mainland China, those EB-5 Investors are required to retain their capital "at risk" in the NCE for a period that could reach or exceed 12 years, taking into account the estimated 10 year waiting period to commence conditional residence status plus the 2 year period of conditional resident status. Since the vast majority of EB-5 projects are structured such that the NCE makes a loan to the JCE with a five year term to maturity, a proper redeployment strategy is necessary for most NCEs in order to continue to meet the "at risk" requirement following the date that the JCE repays the original loan to the NCE until the date that EB-5 investors have completed their Sustainment Period. Even for those investors not from Mainland China, it is possible that their investment capital will need to be redeployed before they satisfy the Sustainment Period, especially since loans can be repaid after the required jobs have been created, even before the loan maturity date, necessitating a redeployment strategy even for such non-Mainland China investors.

Laws and Policy Governing Sustainment of an EB-5 Investment "At Risk"

The requirement that the investment be "at risk" appears in 8 C.F.R. § 204.6(j)(2). That regulation requires the investment be placed "at risk for the purpose of generating a return on the capital placed at risk."

The precedent decision, Matter of Izummi, 22 I&N Dec.169 (1998), amplifies the "at risk" requirement by prohibiting guaranteed returns of or on the invested capital and unconditional, contractual promises of repayment.

Taken together, the law (regulations and precedent decisions) prevents the redeployment of invested funds into any investment vehicle that provides guaranteed returns and no chance for gain or loss, including accounts or securities with federal government guarantees.

USCIS amended its Policy Manual on June 14, 2017 to clarify various policy issues regarding the requirement of an investor to sustain the investment. The three major clarifications are as follows:

  1. After the Sustainment Period concludes, even though the I-829 petition to remove conditions has not been adjudicated, investor capital can be returned. For Chinese nationals, this could mean a Sustainment Period of up to 10 to 12 years from the date of initial filing of the I-526 petition.
  2. During the entire Sustainment Period, the investment by the investor must be sustained "at risk". The Policy Guidelines set forth new defined standards to meet the "at risk" requirements, including in a manner related to "engagement in commerce" and "within the scope of the new commercial enterprise's business."
  3. The investment amount can be redeployed by the NCE before or after completion of necessary job creation in the original job creating enterprise, and must be redeployed within a reasonable period of time following repayment of the original investment.

USCIS did not adopt, for purposes of redeployment, the definition of "at risk" that it had previously utilized – – chance of gain or risk of loss. Rather, for redeployment of funds to meet the "at risk" requirement, USCIS stated that the funds must be redeployed in a manner "related to engagement in commerce." Although this requirement is nowhere defined in any immigration statute, regulation or policy memo, USCIS explained that engagement in commerce is "the exchange of goods or services".

Federal law defines "engaged in commerce" within the realms of labor law, antitrust law and trademark law, in a very broad manner. The term seems to be used most broadly in labor law. For example, Title 29 of the Code of Federal Regulations Section 1620 states with respect to the use of the term "engaged in commerce" under the Fair Labor Standards Act ("FLSA") and the Equal Pay Act ("EPA") that:

"Like the FLSA, the EPA applies to employees "engaged in commerce." 'Commerce' is broadly defined in section 3(b) of the FLSA. It includes both interstate and foreign commerce and is not limited to transportation across State lines, or to activity of a commercial character. All parts of the movement among the several States, or between any State and any place outside thereof, of persons or things, tangibles or intangibles, including communication of information and intelligence, constitute movement in "commerce" within the statutory definition."

Because of the breadth of the meaning of the phrase "engaged in commerce" under existing federal law, it is difficult to determine what is meant by this phrase in the USCIS Policy Manual.

The requirement that the redeployment be "within the scope of the NCE's business" seems a bit clearer due to the examples provided by USCIS in the Policy Manual. Specifically the USCIS gives one example of an NCE that makes an initial investment in a construction loan for a multi-family property, and states that the NCE may make reinvestments in one or more similar loans. In addition, the USCIS states that an NCE may invest in new issue municipal bonds for infrastructure if those investments are within the scope of the NCE's business.

In both examples provided by the USCIS, there seems to be a requirement that the NCE's partnership agreement or operating agreement authorizes the NCE to make an investment or reinvestment that is similar in some respect to the reinvestment made by the NCE. However, since the reinvestment requirements do not include job creation unless the job creation requirements were not met by the original investment, we do not believe that the regulations would require that the reinvestment be in the same industry or geographic location as the NCE's original investment.. According to USCIS policies, even in the case where the job creation requirements were not met by the original investment, as long as the investor has obtained conditional resident status, a redeployment that was deemed to be a material change would not adversely affect the investor.

There are many remaining questions regarding how USCIS would determine that a reinvestment is within the scope of the NCE's business, but in general it seems likely that a redeployment of proceeds from the NCE's original investment into any form of investment that is authorized in the NCE's partnership agreement or operating agreement should meet the requirement that the reinvestment be within the scope of the NCE's business.

Since the Policy Manual makes it clear that once the job requirement has been satisfied, that condition should no longer apply to the redeployment requirements, a loan or redeployment of capital to completed projects or established businesses that do not involve the creation of new jobs should be permissible. That would seem to permit reinvestments in existing, cash flowing businesses, which would reduce the risks of reinvestment to the investors, as compared to a reinvestment into another development deal.

The Policy Manual also requires that the redeployment take place "within a commercially reasonable time." Presumably, there is no specific amount of time from the repayment of the initial loan or investment by the NCE in the JCE until the redeployment of the investment funds by the NCE, but this statement from USCIS makes it incumbent upon managers of NCEs to have a redeployment project or strategy in place in advance, so as not to run afoul of the timeliness requirement.

Finally, USCIS has helpfully clarified that redeployment does not engender a material change as long as the redeployment occurs after the necessary job creation in the original JCE has occurred. Even if redeployment occurs before job creation, there is no material change if it occurs after the investor has commenced the Sustainment Period. The only time that material change should be an issue on redeployment is if it occurs before job creation and before the investor has commenced the Sustainment Period.

Securities Law Requirements and Fiduciary Duties in Connection with Redeployment

Any reinvestment by an NCE must also meet federal and state securities law requirements, and the manager or general partner of the NCE must satisfy its fiduciary requirements to the investors when making a reinvestment decision on behalf of the NCE. Whereas the original investment made by an NCE is fully disclosed to every EB-5 investor in the NCE's offering documents, the specific reinvestment that the NCE would make upon a repayment of the original investment is usually not described in the NCE's offering documents. This is in large part due to the fact that it is prudent for NCEs to retain some flexibility in order to comply with changes in USCIS policies regarding what is necessary to comply with EB-5 program requirements.

In certain cases, especially in more recently prepared offering documents, there are disclosures of alternative redeployment loans and/or investments with the same developer and/or involving the same project, such as the refinancing of senior debt or the funding of expansion activities. Where these disclosures are made, the NCE should reinvest in accordance with the disclosure in the offering documents, unless there is a strong reason not to do so, in which event, the NCE may be required to obtain the consent of the investors before making a different reinvestment decision. However, where there is no disclosure as to what the NCE would reinvest in following the original investment, the general partner or manager of the NCE faces several issues under federal and state securities laws, as well as general standards of fiduciary duty in connection with a reinvestment decision. These issues are summarized below.

Since most NCEs do not specifically identify the type of reinvestment that will be made upon a reinvestment of proceeds from the original investment, there is an issue regarding whether or not further consent of investors is required for the reinvestment under federal or state securities laws. If the governing documents of an NCE permit reinvestment in another qualifying investment selected by the manager or general partner, and the offering documents specifically disclose that investors will not have the right to consent to the reinvestment, this should be sufficient for securities law purposes. However, investors may still claim that the level of disclosure regarding the reinvestment was not sufficient, or that the manager or general partner did not fully disclose conflicts of interest in connection with the reinvestment decision. Although it is theoretically possible to seek consent of investors to the reinvestment selected by the NCE manager or general partner to avoid this risk, as a practical matter, obtaining affirmative consent (usually by majority vote of investors) may be difficult or time consuming.

Securities law concerns also arise for the general partner or manager of an NCE in determining whether that reinvestment decision requires the general partner or manager to be a registered investment adviser ("RIA") under federal or state securities laws. There is some question whether making a one-time reinvestment decision for an NCE would constitute the conduct of an investment advisory business, but there is no specific authority under federal or state securities laws that definitely answers this question. This means that the general partner or manager of an NCE will be undertaking an additional risk by making a reinvestment decision on behalf of an NCE.

In addition, the general partner or manager of an NCE has a fiduciary duty to investors in the NCE to select a reinvestment option that will balance meeting the "at risk" requirements, yet protecting the interests of the investors in receiving a return of their capital contributions after the Sustainment Period. This requires that the general partner or manager reasonably consider several reinvestment options available at the time of the reinvestment, taking into account the above-referenced factors. Such decisions may involve conflicts of interest on the part of the general partner or manager to the extent that the general partner or manager would obtain higher compensation for itself, the regional center and potentially migration agents and brokers by investing in riskier products that may produce a higher rate of return to these third parties, but not to the investors in the NCE.

To mitigate the risk of securities law violations or fiduciary duty claims, it is recommended that the NCE general partner or manager consider engaging an independent RIA to evaluate the reinvestment options available to the NCE, determine the advantages and disadvantages of each reinvestment option, and recommend a reinvestment option to the NCE that is most suitable for the NCE's investors. However, such decisions may involve conflicts of interest on the part of the general partner or manager, and there is always the risk that investors will claim that the general partner or manager violated its fiduciary duty in selecting the reinvestment made for the NCE.

Investment Transparency in Connection with Reinvestment

Another key element for the protection of the Investors in an NCE is safeguarding funds and providing transparency of fund administration to investors. This is important in connection with the initial investment decision, and equally important in connection with a reinvestment due to the timing differences in payments that will be made by the NCE during the reinvestment period as investors become eligible for return of their capital on different dates. Therefore, it is advisable for NCEs to engage a third party fund administrator to track all NCE payments from the reinvestment and to investors to insure that the investors' timing needs and concerns regarding appropriate payments are properly managed.

Suggested Guidelines for Reinvestment

Based on the new Policy Manual policy provisions, and in consideration of immigration laws, securities laws, and applicable fiduciary duties, we recommend that every redeployment by an NCE following repayment of the initial investment should meet the following guidelines:

  1. The investors should be advised in advance of the reinvestment how their investment funds will be redeployed, in a written document that details the reasons why the specific reinvestment was selected, what steps were taken to analyze the investment, including review by an independent RIA, how the reinvestment will impact the investors' repayment of their capital when they become eligible for repayment under current USCIS policies, and how the investors' funds will be monitored and protected during the reinvestment period. This communication could take into account the following factors:
    1. A detailed description of the new investment or portfolio of investment products that is being undertaken;
    2. The attendant risks factor associated with the redeployment;
    3. An independent report by an RIA analyzing the appropriateness of the investment;
    4. An analysis of the procedures considered in making the investment decision (including whether investor consent is required or otherwise being sought); and
    5. An immigration analysis of the appropriateness of the investment to satisfy the "at risk" requirement.
  2. The NCE manager or general partner should seek to make a reinvestment in an investment that is "within the scope of the NCEs business" in accordance with USCIS policies, and that provides the lowest level of risk possible to investors based upon the reinvestment options available to the NCE at the time and that are consistent with the requirement that the redeployed funds are in a project "engaged in commerce";
  3. Under current guidelines, it appears that USCIS may not approve a redeployment in a bank account or a marketable securities account, because those types of investments would likely not be considered to be "within the scope of the NCE's business", but USCIS may approve a redeployment in a loan or investment, or pool of loans or investments, similar to the types of loans or investments described in the NCE's original offering documents;
  4. The NCE manager or general partner should seek a reinvestment option that will permit the NCE to return capital contributions to investors at varying intervals as investors fulfill the Sustainment Period requirement, and will accommodate the need for earlier repayment of non-Chinese investors and a longer reinvestment period for Chinese investors due to the anticipated delay in their ability to meet the Sustainment Period;
  5. The NCE manager or general partner should engage an independent RIA to review the reinvestment options with the general partner or manager and assess the advantages and disadvantages of each reinvestment option, with a view towards protecting the capital of the investors;
  6. The NCE should engage a third party fund administrator to provide fund tracking and transparency to investors during the reinvestment period;
  7. Existing NCEs should review their existing partnership or operating agreement to determine the requirements that will apply to a reinvestment of the proceeds of repayment of the NCE's original investment; and
  8. New NCE's should modify their offering documents to take into account all of the above possibilities in addressing the ambiguities of the Policy Guidelines.

Conclusion

We believe that the standards and guidelines proposed in this White Paper should meet the USCIS requirements of sustaining the NCE's capital "at risk" from an immigration standpoint. These standards should also satisfy the requirements of federal securities laws and the corporate fiduciary duties of the general partner or manager of an NCE to the EB-5 Investors, by hiring qualified third parties to manage the NCE's investment, custody the investment and administer the funds to be paid to EB-5 Investors as the investment is liquidated to repay each EB-5 Investor upon conclusion of the required Sustainment Period.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
Catherine DeBono Holmes
 
In association with
Related Video
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Registration
Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:
  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.
  • Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.
    If you do not want us to provide your name and email address you may opt out by clicking here
    If you do not wish to receive any future announcements of products and services offered by Mondaq you may opt out by clicking here

    Terms & Conditions and Privacy Statement

    Mondaq.com (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

    Use of www.mondaq.com

    You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about Mondaq.com’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.

    Disclaimer

    Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

    The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.

    Registration

    Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

    • To allow you to personalize the Mondaq websites you are visiting.
    • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
    • To produce demographic feedback for our information providers who provide information free for your use.

    Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

    Information Collection and Use

    We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

    We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to unsubscribe@mondaq.com with “no disclosure” in the subject heading

    Mondaq News Alerts

    In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.

    Cookies

    A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

    Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

    Log Files

    We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.

    Links

    This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

    Surveys & Contests

    From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.

    Mail-A-Friend

    If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.

    Emails

    From time to time Mondaq may send you emails promoting Mondaq services including new services. You may opt out of receiving such emails by clicking below.

    *** If you do not wish to receive any future announcements of services offered by Mondaq you may opt out by clicking here .

    Security

    This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to webmaster@mondaq.com.

    Correcting/Updating Personal Information

    If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to EditorialAdvisor@mondaq.com.

    Notification of Changes

    If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

    How to contact Mondaq

    You can contact us with comments or queries at enquiries@mondaq.com.

    If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at problems@mondaq.com and we will use commercially reasonable efforts to determine and correct the problem promptly.

    By clicking Register you state you have read and agree to our Terms and Conditions