Legal Information

This Site may contain links to other websites (“Linked Sites”). Hovde Capital Advisors LLC (“Hovde”) is not responsible for the content of the Linked Sites, whether or not Hovde is affiliated with the sponsors of the Linked Sites. Access to the Linked Sites does not imply that Hovde in any way endorses or approves such Linked Sites or their products or services. Linked Sites are for the convenience of users; however, a user’s linking to a Linked Site is at such user’s own risk and Hovde is not responsible or liable for any damages that may arise in connection with linking to a Linked Site. Users should be aware that Linked Sites may be subject to rules and regulations, privacy provisions, confidentiality provisions, transfer of personal data provisions and other provisions that differ from the regulations or provisions to which this Site is subject. Hovde is not responsible for any such regulations or provisions, and expressly disclaims any and all liability related to such regulations or provisions.

On October 26, 2001, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001 was signed into law. In accordance with that Act, Hovde may require users of the password-protected portion of the Site to provide more detailed information to Hovde in order to verify their identities. In addition, Hovde advises such users of the Site that it will fully comply with any and all regulations which may be promulgated by the U.S. Treasury Department under the USA Patriot Act, including those that encourage financial institutions to share information with regulatory agencies and law enforcement about individuals or organizations that may be “reasonably suspected based on credible evidence” of engaging in terrorist acts or money laundering.

Terms of Use

By visiting this Site, you accept and agree to be bound by and comply with the terms and conditions of its use, which are described below and on other pages throughout the Site (collectively, the “Terms”). If you do not wish to abide by these Terms, please do not use the Site.

The information, material and other content provided within the pages of this Site may be changed at any time without notice, and Hovde Capital Advisors LLC (“Hovde”) shall not be held liable for any inaccuracies or the timeliness of the information presented. Changes may also be made to the Terms at any time without notice by updating this posting. By using this Site, you hereby agree to review the Terms regularly and your continued access or use of the Site shall mean that you agree to any changes.

  1. Grant of License. This Site and the information and materials available on or through the Site are provided by Hovde as a service to its users. These Terms provide you, the user, with a personal, revocable, non-exclusive, non-transferable license to use this Site conditioned on your continued compliance with these Terms.
    Users may print and/or download materials and information on this Site solely for personal and non-commercial use. A user may not, however, modify, copy, broadcast, transmit, reproduce, publish, license, transfer, mirror or frame any pages, text, images or other content on this Site without Hovde’s express consent. Doing so violates Hovde’s proprietary rights.
  2. Site Contents. Although Hovde believes that the information on this Site is accurate as of the date of publication, Hovde does not and cannot guarantee the accuracy, validity, timeliness or completeness of any information or data made available to users on this Site.
  3. Disclaimer of Warranty. The information on this Site is provided “AS IS.” Hovde does not warrant the accuracy of the materials provided herein, either expressly or impliedly, for any particular purpose, and expressly disclaims any warranties of merchantability or fitness for a particular purpose. Hovde does not warrant that the functions contained in the service or materials on this Site will be uninterrupted or error-free, that defects will be corrected or that this Site or the servers that make it available will be free of viruses or other harmful components. Hovde will not be responsible for any loss or damage that could result from interception by third parties of any information made available to you via this Site. Neither Hovde nor any of its members, directors, officers or employees, affiliates, nor any third party vendor, will be liable or have any responsibility of any kind for any loss or damage users may incur in the event of any failure or interruption of this Site, or resulting from the act or omission of any other party involved in making this Site or the data contained therein available to users, or from any other cause relating to a user’s access to, inability to access, or use of the Site or these materials, whether or not the circumstances giving rise to such cause may have been within Hovde’s control or the control of any vendor providing software or service support. In no event will Hovde or any such party be liable to any user for any direct, special, indirect, consequential, incidental damages or any other damages of any kind, even if Hovde or any party has been advised as to the possibility thereof.
  4. Ownership and Copyright. All content, materials and software posted to or used in conjunction with this Site or the products and services described herein, including, without limitation, text, graphics, logos, button icons, images, audio clips and software, are the exclusive property of Hovde or the property of Hovde’s licensors, as the case may be, and are protected by U.S. and international copyright, trademark, service mark and other property rights and Intellectual Property Rights laws. For purposes of these Terms of Use, the term, “Intellectual Property Rights,” means, collectively, rights under patent, trademark, service mark, copyright and trade secrets laws, any applications or registrations relating to such rights, and any other intellectual property or proprietary rights recognized in any country or jurisdiction worldwide, including, without limitation, moral rights and similar rights. Except to the minimum extent otherwise expressly permitted under copyright law, no copying or exploitation of material from this Site is permitted without Hovde’s express written permission and any other applicable copyright owner. You acknowledge that you do not acquire any ownership rights by virtue of downloading copyrighted material from the Site, and you may not resell any of the products or services (or any part thereof) described herein. All rights not expressly granted hereunder are expressly reserved to Hovde and/or any applicable licensor of Hovde, and Hovde reserves the right to remove or disable access to any content or other materials that violate or allegedly infringe on a party’s copyright or other Intellectual Property Rights.
  5. Trademarks. This Site includes Hovde’s, and may include Hovde’s licensors’, registered and common law trademarks and service marks. The “look and feel” of this Site is also Hovde’s and/or Hovde’s licensors’, as the case may be, trademark, service mark and proprietary trade dress, including the color combinations, button shapes, layout and all other graphical and navigational elements on this Site. This Site may contain Hovde’s or, as applicable, Hovde’s licensors’, other registered and common law trademarks and service marks in addition to those which may be indicated.
  6. Access to Password Protected/Secure Areas. Access to and use of password protected and/or secure areas of this Site is restricted to authorized registered users only. Unauthorized individuals attempting to access these areas of the Site may be subject to prosecution.
  7. Security and Hacking. No user may violate or attempt to violate the security of this Site or any of the products or services described herein. Accordingly, you shall not: (i) access data or materials not intended for you; (ii) log into a server or account which you are not authorized to access; or (iii) attempt to probe, scan or test the vulnerability of a system or network or to breach security or authentication measures without proper authorization. Violation of system or network security may result in civil or criminal liability. Hovde reserves the right to investigate occurrences which may involve such violations and may involve, and cooperate with, law enforcement authorities in prosecuting users who have participated in such violations. You agree that it is your responsibility to install anti-virus software and related protections against viruses, Trojan horses, worms, time bombs, cancelbots or other computer programming routines or engines that are intended to damage, destroy, disrupt or otherwise impair a computer’s functionality or operation which may be transferred to your computer via this Site.
  8. Compliance with Laws. Users may use this Site only for lawful purposes. This Site and the products and services described herein are subject to, and you agree that you shall at all times comply with, all applicable local, state, Federal and international laws, statutes, rules, regulations, ordinances and the like applicable to the use thereof. This obligation includes, without limitation, your agreement to comply with all industry-specific regulations and rules relating to the export of technical and other data from the United States (and from your country if you are not located in the United States) and your agreement not to export or re-export any such data or any other content or materials in violation of such laws, rules or regulations without first obtaining all necessary licenses, consents and approvals therefor, as well as authorization therefor from Hovde.
  9. Regulatory Considerations. Hovde may monitor and report data as may be necessary to meet Federal, state and other regulatory requirements, including applicable anti-money laundering statutes and regulations of the U.S. Treasury Department and any other governmental agencies. You shall also permit Hovde by any reasonable and appropriate means to verify that you have complied with these Terms, and you agree to cooperate fully with any such verification process.
  10. Links to other Sites. Hovde may provide links, in its sole discretion, to other sites on the World Wide Web. These sites are not necessarily checked for accuracy or otherwise reviewed by Hovde and are maintained by third parties over which Hovde has no control. Following links to any off-site pages or other web sites shall be at your own risk. Hovde disclaims any responsibility for the content , the accuracy of the information, and/or the quality of the products and/or services offered through or advertised on these third party web sites. Moreover, these links do not imply an endorsement by Hovde of any such third party web site or any such products and/or services.
  11. Indemnity. You agree to defend, indemnify and hold harmless Hovde, its third party vendors, if any, and its and their respective affiliates, and each of its and their respective employees, agents, officers, directors, partners, representatives, shareholders, members, predecessors, successors and assigns, from and against any and all claims, proceedings, injuries, liabilities, costs and expenses (including reasonable attorneys’ fees and litigation expenses), relating to or arising from your use of the Site, any arrangements you may make based on the information available on or through the Site and any other breach by you, or on your behalf, of these Terms or other improper act or omission.
  12. Term and Termination. These Terms shall take effect immediately at the time you first visit this Site, thereby affirming your acceptance of these Terms. Thereafter, each subsequent use of this Site by you shall be deemed to reaffirm your acceptance of these Terms. Hovde reserves the right at any time and for any reason in its sole discretion, with or without notice, to deny any user access to this Site or any portion thereof.
  13. Severability. If any of these Terms are deemed to be invalid or unenforceable pursuant to applicable law, including without limitation the warranty disclaimers and liability limitations set forth herein, then the invalid or unenforceable provision of these Terms will be deemed superceded by a valid, enforceable provision that most closely matches the original provision, and such superceding provision, together with the remainder of these Terms, shall remain in full force and effect.
  14. Jurisdiction; Governing Law. These Terms shall be governed by and construed under the laws of the State of New York in the United States of America. This Site is operated and controlled by Hovde from within the United States and Hovde makes no representation that the content of this Site is appropriate or available for use in other jurisdictions. Access to this Site from any jurisdiction where any of the contents of this Site are in violation of any applicable law, rule or regulation is prohibited. Users who wish to access this Site from any such jurisdictions do so on their own volition and are responsible for compliance with applicable laws therein.
  15. Reservation of Rights. Any rights not expressly granted herein are reserved.

Disclaimer

The information on this Site has been prepared solely for informational purposes. The information provided on this Site is not directed to, nor is it intended for distribution to or use by, any person or entity in any jurisdiction or country where such direction, distribution or use is restricted by law or regulation. Persons who access this Site are required to inform themselves of and comply with any such restrictions. This Site is not intended to be, and shall not be construed as, investment, financial or other professional or expert advice. Users of this Site are urged to seek professional advice with respect to any such matters. Information contained on this Site is believed to be reliable, but no warranty is given as to its accuracy or completeness; all information on this Site is subject to change without notice.

No information provided in this Site regarding services or products shall constitute, or be construed as, an offer to sell or a solicitation of an offer to acquire any security, investment product or service, nor shall any such security, product or service be offered or sold in any jurisdiction where such offer or solicitation is prohibited by law or regulation.

This Site contains information about funds and other investment products and services which are not intended for or available to certain investors in certain jurisdictions. Moreover, such funds and investment products have not been registered with the Securities and Exchange Commission, and, as a result, such funds and investment products are only available to certain accredited investors who have been pre-qualified by Hovde Capital Advisors LLC (“Hovde”). As such, any pages referring specifically to any investment product or services attributable to Hovde are only available for view with a user name and password, which can be obtained by registering.

The value of investments and the income derived from them may fall as well as rise and investors may not get back the amount invested. Past performance is not necessarily a guide to the future performance of an investment.

Privacy Policy Notice

Hovde Capital Advisors LLC (“Hovde”) and its affiliates have always treated the personal financial information about its clients and investors with confidentiality and respect. Hovde considers the protection of sensitive information to be a sound business practice and a cornerstone of client trust. This notice describes Hovde’s privacy policy.

Hovde limits the use and collection of information about clients to the extent necessary to administer its business and provide its services. In this regard, we may collect from clients certain personal information such as social security numbers, tax id numbers, dates of birth and financial wherewithal, among other things, as well as information regarding investors’ transactions.

Hovde only makes permitted disclosures of such information to certain of its affiliated companies and other service providers to its clients, which may be engaged. These companies are not authorized to use Hovde’s client information for any purposes other than the service intended

Within Hovde, access to nonpublic personal information regarding clients is limited to those employees who need to know that information in order to appropriately provide Hovde’s financial products and services most efficiently. Hovde protects client financial information it may collect by maintaining physical, electronic and procedural safeguards that meet or exceed applicable legal requirements.

For more information regarding Hovde’s privacy policies and safeguards, please read Hovde’s Privacy Policy.

Contacting the Web Site

For questions about our policy or safeguards, or for additional copies of this notice, please contact:

Eric D. Hovde, CEO
Hovde Capital Advisors LLC
122 W. Washington Avenue, Suite 350
Madison, WI 53703


Privacy Policy of Hovde Capital Advisors, LLC and Its Affiliates

General Policy

Hovde Capital Advisors LLC and its affiliate companies (collectively, “Hovde”) treat their Clients’ nonpublic personal information (“NPI”) with confidentiality and respect. Hovde protects personal information it may collect about individual Clients by maintaining physical, electronic and procedural safeguards that meet or exceed the applicable legal requirements found in the Gramm-Leach-Bliley Act (the “GLB Act”) and those rules of the Securities and Exchange Commission, the Federal Trade Commission and the Commodity Futures Trading Commission, including Regulation S-P, implementing the GLB Act (collectively, the “Privacy Rules”). The Hovde privacy policy (the “Policy”) has been designed in respect of Clients it may have and individual partners in its funds, (collectively, “Clients”) to (i) insure the security and confidentiality of Client records and information; (ii) protect against any anticipated threats or hazards to the security or integrity of Client records and information; and (iii) protect against unauthorized access to or use of Client records or information that could result in substantial harm or inconvenience to any Client. While Hovde has always considered the protection of sensitive information to be a sound business practice and a foundation of Client trust, in keeping with the goals sought to be achieved by the GLB Act and the Privacy Rules, its Policy seeks to insure the protection of information relating to individual persons to whom Hovde may furnish products and/or services. Hovde’s Compliance Officer shall be responsible for reviewing existing policies and procedures for compliance with the Privacy Rules.

NPI is defined within the rules to mean all information which may be obtained by a financial institution with respect to a Client to whom a financial service or product may be provided by such institution, but does not include publicly available personally identifiable financial information except to the extent such information is disclosed in a manner that indicates an individual is a consumer of the financial institution.

Privacy Notices

Initial Privacy Notice: Hovde shall provide all new Clients with an Initial Privacy Notice when the Client relationship is first established. Since, for the most part, investors in Hovde’s funds are considered to be Hovde’s Clients covered under the Privacy Rules, such new investors, will receive a copy of the Policy along with the blank subscription document for the fund in which he or she is investing at the commencement of the relationship.

Annual Privacy Notice: Hovde shall provide an annual privacy notice to all of its Clients not less than annually during the continuation of the Client relationship. “Annually” shall mean at least once in any period of 12 consecutive months during which that relationship exists.

Hovde’s Compliance Officer shall be responsible for ensuring that all privacy notices are provided as required under the Privacy Rules. He shall also verify that there are internal controls in place to ensure the timely delivery of initial and annual privacy notices to Clients. The Firm shall maintain the practices, policies and protections that its notices represent it will provide. The Compliance Officer shall take appropriate measures to ensure that the Firm adheres to its stated privacy policies and practices.

Delivery: Hovde shall provide required Privacy Notices in such fashion that each Client can reasonably be expected to receive actual notice. For purposes of this Policy, “actual notice” shall include:

  • Hand delivery of a printed copy of the Notice to the Client;
  • Mailing of a printed copy of the Notice to the last known address of the Client;
  • Email or facsimile transmissions of a copy of the Notice to the Client
  • For those Clients who are registered users of the Site, the posting of the Notice on Hovde’s Site.

Assessment of Risk and Information Practices

The Compliance Officer is responsible for taking reasonable and prudent measures to: (1) identify foreseeable internal and external threats that could result in unauthorized disclosure, misuse, alteration or destruction of Client information systems; (2) assess the likelihood and potential damage of these threats, taking into consideration the sensitivity of Client information; and (3) assess the sufficiency of policies, procedures, Client information systems, and other arrangements in place to control risks and, when deficiencies are detected, make the appropriate recommendations to management in order to correct such deficiencies.

Hovde shall regularly assess existing practices and procedures with respect to NPI to accurately represent them in the Hovde’s Policy and to determine whether any existing practices are prohibited under the Privacy Rules. This assessment shall include a survey of any affected business units. Hovde’s Compliance Officer shall periodically require business units to categorize the following:

  • The NPI collected from Clients;
  • The sources of NPI collected, such as subscription documents;
  • The persons within each business unit who collect and have access to NPI;
  • The NPI disclosed to Hovde affiliates (See, Sharing Information Generally)

Confidentiality and Security Privacy on the Internet and on Hovde’s Site

Hovde’s policy of confidentiality towards Clients’ nonpublic personal financial information extends to the Internet and Hovde’s Site as well. E-mail information obtained via any electronic correspondence between Hovde and its Clients will be used only for the specific purpose of that correspondence. E-mail addresses will not be sold, nor will they be shared with others outside of Hovde unless Hovde is compelled to do so by law. Likewise, information obtained from users registering on Hovde’s Site will not be sold or shared with others outside of Hovde. Hovde maintains personal information in a password-protected electronic file and limits access to such information to employees who need to have such information to provide necessary services.

A note on cookies: “Cookies” are small text files a website can use to recognize repeat users, facilitate the user’s ongoing access to and use of the site and allow a site to track usage behavior and compile aggregate data that will allow content improvements. Cookies are not programs that come onto a user’s system and damage files. Generally, cookies work by assigning a unique number to the user that has no meaning outside the assigning site. Hovde’s Site uses cookies.

The information gathered by Hovde via the Site is used in the following ways:

  • To verify a user’s identity and eligibility to receive certain products or services including the newsletter.
  • To provide information to users about products and services that Hovde believes may be of interest to users.
  • To record user’s interest in products and services that Hovde offers.
  • To respond to user’s requests for information.

Financial information is used to verify that the applicant meets Hovde’s eligibility requirements for accredited investors.

Hovde may be required by law to use information, without the user’s consent, in certain circumstances. (See, Sharing Information with the Government or in Litigation Settings herein)

Although Hovde has used its best efforts to create a secure and reliable Site for its users, the confidentiality of any material or information transmitted to Hovde via the Site or by e-mail cannot be guaranteed. When disclosing any personal information, all users should be aware that this information is potentially accessible to others who may consequently collect and use this information for other purposes. Hovde retains no responsibility or liability for the security of personal information transmitted via the Internet, including Hovde’s Site.

Nonpublic Information Collected

Hovde limits the use and collection of information about Clients to the extent necessary to administer its business and provide its services. In general, Hovde may collect the following information from certain of its Clients:

Information Hovde receives on fund subscription documentation, including but not limited to, Client names, social security numbers, dates of birth, mailing and legal addresses, home and business telephone and telefax numbers, countries of citizenship, occupations and places of employment, annual household incomes and net worth, investment experiences, investment objectives, risk attitudes, consultant information and spousal and immediate family information; and Information about a Client Hovde may gather from Client transactions with Hovde, its affiliates or others, including transaction reports and parties to transactions.

Sharing Information Generally

Hovde is made up of certain entities, including investment advisory, investment banking, merchant banking and broker-dealer affiliates. In some instances these entities are part of a larger corporate affiliation that is commonly controlled. The Hovde entities and, in some cases, their affiliates often work together to provide the financial products and services offered to Hovde Clients. By sharing information about Hovde’s Clients among these companies and affiliates, Hovde can serve Clients more efficiently. Hovde is permitted to share information concerning Client account history and experiences within and among the companies that comprise Hovde and its subsidiaries and affiliates. In addition, in supplying products and services to Clients, Hovde may engage certain service providers and may enter into joint marketing agreements with other financial institutions. Hovde shall exercise appropriate due diligence in selecting its service providers and make inquiry as to their security policies and procedures. These companies are not permitted to use Hovde’s Client information for any purposes other than the services or activities intended or contemplated and only as allowed by applicable law or regulation. Generally, Hovde will insist that as a condition to utilizing any such service provider or entering into any joint marketing agreements that the provider and/or any party to such an agreement agree to treat NPI confidentially.

Sharing Information with the Government or in Litigation Settings

The Internal Revenue Code and various other state and Federal laws and regulations can require financial institutions to provide certain Client information to government agencies. Hovde will only disclose Client information to the government or others under circumstances when it is required to do so by such laws, regulations or by court order.

If a Client is involved in a legal proceeding, both Federal and state laws provide parties to the litigation the right to compel the production of records and other information from financial institutions and other third party record-keepers in certain situations. Likewise, Hovde will only disclose Client information to third party litigants when it is required to do so by lawful judicial process or by court order.

Important Note on Privacy Policy Updates

Hovde reserves the right to change this Policy at any time by distributing and/or posting a new Policy without notice. Clients of Hovde should review the Policy periodically to remain informed of any changes. Users of the Site will be notified of changes to the Policy when they log on to the Site subsequent to a modification in the Policy.