At Vive Invest, we care about the protection of your data and privacy and how it applies to you, as a user of our website(s). In this Privacy Policy ('Policy'), you can find information about how, whether, and why we collect and use your personal information on our Vive Invest website www.viveapp.com and on our mobile application Vive App. This Policy applies to any personal information that is gathered when you use our services, visit our Website, or otherwise interact with us. We have divided this Policy into different sections. The processing of your personal data complies with the General Data Protection Regulation (GDPR), the Dutch GDPR Execution Act and the Dutch Telecommunications Act.
About us
The data controller for the processing of your personal data is VIVE Invest B.V., registered at the Dutch Chamber of Commerce with registration number 62098896. Our address is Keizersgracht 268, 1016 EV Amsterdam, the Netherlands.
If you have any questions about the processing of personal data resulting after reading our Privacy Statement, you can contact us at privacy@viveapp.com.
Types of personal data we collect
To assess and open Vive Website and Mobile Application accounts, we can collect and use the following personal data:
- First and last name
- Date, country and place of birth
- Nationality
- Gender
- Residential address
- Telephone number
- Email address
- Social security numbers and/or other tax identification numbers
- Counter IBAN
- Device data (such as type of device, operating system, IP-addresses and advertising IDs)
- Location data via GPS
- Uploaded images/content
- Device data of added devices and API-keys
- Financial and banking data, product subscriptions and transaction history
- Cookies and usage date on how you use our products and services
- Correspondence with Vive Invest and support data (telephone, chat conversations and email)
- Additional information related to opening an account and creating your personalized investment
- Plans such as your knowledge and experience of financial markets, your financial situation, investment situation and preferences and your risk preferences
- Marketing data (statistics related to our marketing campaigns and data to measure this)
Information about our communication
- When you send us an email, or chat with us online or via social media, we save your correspondence with us if you are already a customer or in the process of becoming one or contacting us to find more about our products and/or services.
- Information we collect when you use our Website and/or our mobile application.
- When you visit our Website and mobile application or use our services, we may register your IP address, browser type, operating system, referring website, web-browsing behaviour.
- We may receive an automatic notification when you open (or open a link from) newsletters from us.
Information in relation to social media
Depending on your social network settings, we may receive information from your social network provider. For example, when you sign in for our services using a social network account, we may gather publicly available information you give us access to from your social network profile, including your contact details, interests, and social network.
For more information on the personal data that we receive from your social network provider, and how to change your privacy settings, please refer to the website and the privacy policy given by your social network provider.
Information you choose to share with us
You may also choose to share information with us. For example, when you leave a comment for us on Facebook, fill out a survey, submit a contact or application form, leave a review or submit an entry for a contest or scholarship, you have opted to share personal information with us.
You may also choose to share information with us. For example, when you leave a comment for us on Facebook, fill out a survey, submit a contact or application form, leave a review or submit an entry for a contest or scholarship, you have opted to share personal information with us.
Purposes of processing your data
Vive Invest processes your personal data in accordance with the laws and regulations based on several legal grounds. Vive Invest processes personal data to provide our services. For example, personal data is processed to:
- Comply with legal obligations
- To preserve our agreement and to provide our services in a secure manner, we process your personal data. For example, we need your contact information to keep you informed about relevant developments, and we store correspondence data to improve our customer services.
- To make your user experience easier and more effective, we may assess how you use our services, and combine this data with information collected via your personal account, registration details, cookies, and similar technologies. This combination enables us to, for example, optimize our search algorithms and offer a better customer experience.
- To create better and personalized investment strategies
- To process personal information for (direct) marketing purposes. This means we may use your personal information to send you newsletters, emails, promotions, or other marketing communications. We use the results of our analysis to tailor our marketing communications to your specific interests and preferences. For example, if our analysis shows that you may be interested in certain services, we may customize our newsletters and Website with content that is relevant to you. We may use different channels for our marketing communications, such as emails, social media, and your personal online account during different time frames and in recurrent manner.
- To initiate and evaluate business relationships. Your personal data will be processed for the entering into agreements and the performance thereof to the point of commercial services and the managing of the business relations which emerge from them, including the performance of activities aimed at the expansion of our client database.
Vive Invest is allowed to process personal data for this purpose because you gave consent or because Vive Invest has a legitimate interest. The consent can be withdrawn at any moment, and you can object at any moment to the processing of your personal data for direct marketing purposes. The withdrawal of consent or exercise of your right to object does not affect the lawfulness of the processing prior to the moment of withdrawal or exercise of the right to object.
You may object or revoke your consent for receiving marketing communications at any time, by following the instructions in the relevant marketing communication or by sending an email to privacy@viveapp.com.
Legitimate and legal interests
In many cases, we are legally required to store certain data about you, for example to verify your identity, for research and to create personalized investment plans.
We can also process certain data when we have a legitimate interest to do so. For example, to prevent and combat misuse, to research and analyze the use of our products and services for marketing purposes, for information and system security or to share certain data with governmental institutions.
Disclosing or sharing data with third parties
General
We reserve the right to release personal information without your consent or without consulting you, when we deem it necessary to comply with our legal obligations, to enforce our terms and conditions, to protect the security of our Website and application, or to prevent fraud.
To be able to provide our services, we share certain personal data with third parties. We keep the sharing to a minimum and ensure these third parties will handle your personal data with the same care as we do. This means, among other things, we sign Data Processing Agreements. The third parties or categories of third parties with whom we share data are: Auth0, Onfido Limited, Online Payment Platform, Pipedrive, and Twilio.
Governmental institutions
To comply with laws and regulations we can share data with the concerned institutions. For example, the Tax Authorities can request financial data and we can share data with the Dutch Central Bank for participating in the Deposit Guarantee Scheme. Next to this, Vive Invest can have a statutory or legal obligation to share personal data with investigating authorities to prevent and combat misuse, fraud and crimes.
Security and retention
Vive Invest takes the safeguarding of your information very seriously. Vive Invest will take appropriate technical and organizational measures to protect your personal data against loss or unlawful use. These measures include but are not limited to: facilities protected by appropriate security measures, encryption of devices, version tracking and access to our databases is limited to key personnel and IP addresses and use of it is logged. Personal identifiable information and account activity are also protected through the use of user names and passwords. In order to help maintain the security of your information, you should protect the confidentiality of your user name and password.
How long we keep your personal data
We will hold all the data for so long as we have an obligation to the Customer to provide the Services, and thereafter until such time as we delete the Customer's account in accordance with our Customer Terms and Conditions.
Your personal information will be deleted on one of the following occurrences: - deletion of your personal information by you (or by another person engaged by the Customer); or - receipt of a written request by you (or another person engaged by the Customer) to us
For a large amount of data, we are legally obliged to retain this for a minimum of 5 to 7 years after ending the customer relationship. After this period, we don't store your personal data longer than legally allowed and no longer than necessary for the purposes the data was collected for.
We are able to store personal data for longer periods with a valid legal ground, or when the data is sufficiently (for example) pseudonymised or anonymised.
Your Rights
You can request access to or a copy of your personal data collected by us. You may also request the rectification and removal of personal data or the restriction of the processing of your personal data, if there is a reason for doing so. You also have the right to data portability. You also have the right to object to a processing on grounds relating to your particular situation or against the processing of your personal data for direct marketing purposes. More information on your rights is available at: https://autoriteitpersoonsgegevens.nl.
To exercise your right(s), please send us an email at privacy@viveapp.com or mail us: VIVE Invest B.V., Keizersgracht 203, 1016 DS Amsterdam, The Netherlands.
Revoking & limiting consent
When you have provided us with permission to process personal data, or when we process your personal data based on legitimate interests, you are able to revoke this permission in an easy manner or ask us to limit the use of your data. Revoking your permissions does not mean that stored data is deleted.
Direct marketing & usage data
If you do not want your data to be used for direct marketing activities and analysis of the usage of our products and services, you can let us know via the VIVE app anytime. Next to this, our communication via email contains the possibility to unsubscribe from these messages.
GPS and image and content access
While using the VIVE app, you can provide permission to process location data. If you no longer want us to use location data, you can revoke these permissions easily. This permission is also offering the possibility to protect your account, sending, for example, notifications when there is a login from an unknown location. You'll find these settings in the VIVE app. You can revoke provided permissions at any given moment.
Images and content that you use to personalise your VIVE account can be easily changed in the VIVE app.
Cookies
For more information on how to delete cookies, please see our Cookie Statement.
Modifications to this Policy
This Policy is effective as of 23 of October 2018. We reserve the right to alter or otherwise make changes to this Policy. Notices may be by email to the last email address you provided us, by posting notice of such change on our Site or the Optimizely Service, or by other communication channels. You consent to receiving notices in these ways. We reserve the right to determine the form and means of providing notifications to you, consistent with applicable law. Changes take effect as soon as the Policy is posted.
Questions or complaints
If you have any question or complaints about the processing, please send an email to us at privacy@viveapp.com. If you feel that your rights have been violated, you may also make a complaint with the Autoriteit Persoonsgegevens, the Dutch Data Protection Authority(www.autoriteitpersoonsgegevens.nl). For more information on the protection of personal data, please consult the website of the Autoriteit Persoonsgegevens.
Contact Us
If you have any questions about this Privacy Policy or our privacy practices, please contact us at privacy@viveapp.com.
Aanvullende voorwaarden lijfrente
Vive Invest B.V.
De onderstaande aanvullende voorwaarden gelden als u fiscaal belegd (lijfrente beleggen).
1. Voorwaarden voor Lijfrente beleggen
1.1 Deze Voorwaarden gelden alleen als u gebruikmaakt van fiscaal vriendelijk beleggen. Dit wordt vaak aangeduid als een lijfrente. Deze voorwaarden gelden naast de voorwaarden voor vermogensbeheer. Deze aanvullende voorwaarden noemen wij Lijfrente Voorwaarden.
De Lijfrente Voorwaarden zijn in overeenstemming met de op dit moment toepasselijke fiscale wet- en regelgeving, waaronder de Wet inkomstenbelasting 2001. Veranderen de fiscale regels? Dan passen we automatisch deze voorwaarden, maar uitsluitend voor zover nodig om te voldoen aan de fiscale regels.
1.2 Een Lijfrenterekening bij Vive Invest mag alleen worden gebruikt voor pensioenopbouw. De lijfrenterekening is een zogenaamd opbouwproduct.
1.3 De Lijfrenterekening is niet bedoeld voor pensioenuitkeringen. Daarvoor heeft u een uitkeerproduct nodig. Voor uw pensioendatum moet u kiezen waar u een uitkeerproduct wilt kopen. Dat kan bij een andere aanbieder. Het opgebouwde pensioen wordt dan gebruikt om op vaste momenten geld uit te keren. Zo ontvangt u iedere periode een bepaald bedrag. Hoeveel dat is hangt af van hoeveel u pensioenvermogen heeft opgebouwd.
1.4 Let op! U mag zelf beslissen hoeveel u stort op uw Lijfrenterekening. Maar als u meer stort dan uw jaarlijkse ruimte dan heeft dat fiscale gevolgen. Lees meer over de fiscale ruimte en wat dat is op www.belastingdienst.nl. Vive Invest controleert niet of u minder of meer dan uw fiscale ruimte aan inleg stort. Vraag hierover advies aan uw fiscaal of financieel adviseur.
1.5 Het ingelegde bedrag kunt u, zolang dat past binnen de regels van de Wet inkomstenbelasting 2001, aftrekken bij uw belastingaangifte. Vraag hierover advies aan uw fiscaal of financieel adviseur.
2. Wat is fiscaal beleggen?
2.1 Fiscaal beleggen betekent dat u vermogen opbouwt voor de oude dag. Het is niet de bedoeling om tussentijds geld op te nemen. De beleggingen vinden plaats via een beleggingsrekening die specifiek is bedoeld voor uw pensioen. Dit noemen wij de Lijfrenterekening. Deze rekening valt in box 1. Meer over fiscaal beleggen vindt u op de website van de Belastingdienst www.belastingdienst.nl.
3. Wie kan fiscaal beleggen?
3.1 Het openen van een Lijfrenterekening is uitsluitend mogelijk voor een particulier die:
(i) 18 jaar of ouder is;
(ii) Niet handelt in de uitoefening van een beroep of bedrijf;
(iii) In Nederland woont en daar belasting betaalt; en,
(iv) De rekening alleen gebruiken om pensioen op te bouwen als u te weinig pensioen heeft.
3.2 De Lijfrenterekening staat op naam van één persoon. Die persoon is de rekeninghouder. U zelf dus. Een en/of Lijfrenterekening is dus niet mogelijk.
4. Vraag fiscaal advies aan!
4.1 Vraag fiscaal advies aan voordat u fiscaal gaat beleggen. Wij geven daarover geen advies.
5. Wanneer en hoe ontvang ik mijn pensioen?
5.1 Om het geld op uw Lijfrenterekening te ontvangen, moet u een uitkeringsproduct kiezen. Dit kunt u doen bij een andere aanbieder.
5.2 De uitkeringsfase vangt aan uiterlijk op 31 december van het vijfde kalenderjaar na het jaar waarin u met pensioen mag. Houd hiermee rekening als u een uitkeringsproduct afsluit. Vive Invest biedt geen uitkeringsproduct aan.
6. Kan ik tussentijds geld opnemen?
6.1 U mag tussentijds geld opnemen van uw Lijfrenterekening. Maar dat is niet verstandig omdat u een soort boete moet betalen aan de Belastingdienst. U gebruikt namelijk het geld dat u opneemt dan niet voor uw pensioen en juist daarvoor gelden de belastingvoordelen.
6.2 Wilt u toch geld opnemen? Stuur dan een verzoek aan Vive Invest. Wij zullen dan het opgenomen bedrag overmaken naar uw tegenrekening. U rekent zelf af met de Belastingdienst.
7. Wat gebeurt er bij overlijden?
7.1 Uw erfgenamen moeten ons zo spoedig mogelijk informeren over uw overlijden. Wij hebben ook bewijs van uw overlijden nodig, bijvoorbeeld een kopie van een overlijdensakte.
7.2 Na uw overlijden mogen uw erfgenamen binnen de wettelijke beslistermijn gebruiken voor een nabestaandenlijfrente. Uw erfgenamen kunnen dat bij ons doen. Deze termijn eindigt op 31 december van het tweede kalenderjaar na het jaar van overlijden. Als dat niet op tijd gebeurt, dan ziet de Belastingdienst dit als afgekocht. Uw erfgenamen moeten dan afrekenen met de Belastingdienst.
7.3 Tussen het moment van overlijden en het moment waarop de erfgenamen het geld gebruiken voor een nabestaandenlijfrente bij Vive, geldt het volgende:
(i) Er is geen stortingsverplichting van uw erfgenamen; en,
(ii) Het saldo dat op het moment van overlijden aanwezig is op de Lijfrenterekening blijft onder beheer van Vive Invest totdat uw erfgenamen bij Vive Invest aangeven dat zij iets anders willen. Vive Invest zal tot dat moment het beheer van de beleggingen doorzetten volgens de voorwaarden zoals die met u zijn overeengekomen voorafgaand aan het overlijden. Erfgenamen kunnen Vive Invest schriftelijk vragen om het beleggingsbeleid aan te passen.
7.4 Zijn er erfgenamen? En wil iedere erfgenaam een uitkeringsrekening? Dan moet een uitkeringsproduct worden gekozen bij een andere aanbieder. Vive Invest doet dit niet.
8. Fiscale zaken die u moet weten
8.1 Als u te veel inlegt, het geld niet op tijd gebruikt of te vroeg opneemt, moet u misschien belasting betalen. U bent zelf verantwoordelijk voor hoe u dit fiscaal regelt. Vive Invest verstrekt geen advies en is voor uw belastingzaken niet verantwoordelijk.
Klantovereenkomst
Vive Invest B.V.
Wij beheren uw vermogen
1. U heeft vermogensbeheer bij ons. Dit betekent dat u ons opdracht geeft om voor u te beleggen. Dat doen wij op basis van de afspraken die wij met u maken, bijvoorbeeld om pensioen op te bouwen. Die afspraken staan in uw beleggingsplan. U hoeft dus zelf geen effectenorders op te geven. Worden uw Beleggingen meer waard? Dan is de winst voor u. Worden uw Beleggingen minder waard? Dan is het beleggingsverlies ook voor u.
U informeert ons
2. U heeft ons informatie gegeven over uw persoonlijke omstandigheden waaronder uw doelstelling. Wij houden daar rekening mee als wij voor u beleggen. Veranderen uw persoonlijke omstandigheden? Dan moet u ons dat zo snel mogelijk laten weten. Doet u dat niet? Dan moet u rekening houden met financiële teleurstellingen.
Uw beleggingsplan
3. U heeft met ons een beleggingsplan afgesproken. Hierin staat hoe en met welke risico’s wij voor u beleggen. Ook staat in dit plan waarin wij voor u beleggen. Dit plan voeren wij voor u uit. In de Vive App ziet u precies hoe wij beleggen en met welk resultaat.
Bewaarinstelling
4. U heeft een Beleggingsrekening. Op deze rekening staan uw Beleggingen (en geld) bij Vive Custody B.V. geadministreerd. Deze B.V. bewaart en administreert uw Beleggingen. Hoe dit precies werkt en wat dit betekent staat in het Reglement bewaarinstelling Vive Custody B.V. Belangrijk is dat uw Beleggingen en geld veilig zijn als Vive failliet gaat.
Toestemming (volmacht)
5. U geeft aan ons toestemming om uw Beleggingsrekening te gebruiken om voor u te beleggen. Controleer altijd uw Beleggingsrekening en de informatie die wij u geven. Doet u dat niet? Dan kunnen wij u misschien niet helpen als er bijvoorbeeld iets mis is gegaan.
Belangrijke informatie
6. Alle belangrijke informatie over ons vermogensbeheer staat in dit contract en wat daarbij hoort. U heeft van ons ontvangen en gaat akkoord met:
a) algemene voorwaarden vermogensbeheer;
b) aanvullende voorwaarden lijfrente;
b) het Beleggingsplan dat u met ons afspreekt;
c) het Reglement Bewaarinstelling Vive Custody B.V.
Onze fee
7. U betaalt voor ons vermogensbeheer. Welke kosten dat zijn leest u in ons tarievenoverzicht op onze website.
Reglement Bewaarinstelling
Vive Custody B.V.
1. Hoe werkt de Bewaarinstelling van Vive Invest?
1.1 Hieronder leggen wij uit hoe de Bewaarinstelling Vive Custody B.V. (“Bewaarinstelling”) werkt. Deze Bewaarinstelling hoort bij Vive Invest maar is juridisch apart gezet in een B.V. Dat doen wij om uw Effecten en gelden veilig te stellen als Vive Invest onverhoopt failliet gaat. Dat moet ook van de wet.
1.2 In de onderstaande tekening staat wie wat doet. Onderaan de tekening staat een uitleg
2. Uw afspraken met de Bewaarinstelling
2.1 Dit Reglement bevat de afspraken die gelden tussen u, Vive Invest en de Bewaarinstelling.
2.2 De afspraken tussen u en Vive Invest staan in de Klantovereenkomst (en de daarin vermelde voorwaarden en documenten). Dit Reglement hoort bij de Klantovereenkomst.
2.3 Vive Invest garandeert dat de Bewaarinstelling haar verplichtingen tegenover alle Klanten nakomt. Om die reden is Vive Invest partij bij dit Reglement.
3. Wat doet de Bewaarinstelling voor u?
3.1 Vive Invest maakt gebruikt van de Bewaarinstelling om uw vermogen van haar vermogen te scheiden. Gaat Vive Invest failliet dan blijven uw Beleggingen en de Effecten buiten het faillissement van Vive Invest.
3.2 Als Vive Invest voor u belegt, dan koopt of verkoopt de Bewaarinstelling Effecten.
3.3 De Bewaarinstelling doet dat alleen op verzoek van Vive Invest. De Bewaarinstelling beheert uw Beleggingen niet. Dat doet Vive Invest. Het geld dat Vive Invest voor u belegt komt van uw Beleggingsrekening.
3.4 De Effecten zijn (juridisch eigendom) van de Bewaarinstelling. De Effecten staan op naam van de Bewaarinstelling. De Bewaarinstelling heeft hiervoor een effectenrekening bij een bank.
De Bewaarinstelling doet dit ook voor andere Klanten. Op die rekening van de Bewaarinstelling bij de bank staan dus alle Effecten van alle Klanten van de Bewaarinstelling.
3.5 U krijgt Beleggingen. Dat zijn vorderingen op de Bewaarinstelling luidende in financiële instrumenten in de zin van de Wet op het financieel toezicht. Deze vorderingen luiden uitsluitend in hele Effecten.
3.6 De Bewaarinstelling zorgt ervoor dat al haar Effecten gelijk in waarde zijn aan alle Beleggingen.
3.7 Uw Beleggingen staan geadministreerd op de Beleggingsrekening die u aanhoudt bij Vive Invest.
3.8 U kunt niet de Bewaarinstelling vragen om aan- of verkoopopdrachten van Beleggingen. Dat kan alleen Vive Invest. Vive Invest doet voor u aan- en verkopen zoals is afgesproken in de Klantovereenkomst.
3.9 U kunt schriftelijk verzoeken om uitlevering van Beleggingen of Effecten bij de Bewaarinstelling of bij Vive Invest. Vive Invest brengt hiervoor een vergoeding in rekening.
4. Stemrecht
4.1 Uitgevende instellingen houden regelmatig – meestal één keer per jaar - een vergadering voor beleggers waarin kan worden gestemd. De Bewaarinstelling is juridisch eigenaar van de Effecten en heeft in die hoedanigheid een stemrecht. De Bewaarinstelling zal haar stemrecht in vergaderingen voor beleggers niet uitoefenen. U kunt als Klant via Vive Invest de Bewaarinstelling vragen om een stemvolmacht te verlenen zodat u zelf uw stem kunt uitbrengen met betrekking tot uw Effecten. Om gebruik te kunnen maken van deze stemvolmacht, dient u contact op te nemen met Vive Invest via support@viveapp.com.
4.2 De Bewaarinstelling is niet verplicht om het stemrecht op Effecten uit te oefenen.
5. Dividend
5.1 Keert een uitgevende instelling dividend/coupon uit in geld? Dan zal Vive Invest aan de Bewaarinstelling opdracht geven om dit dividend te herbeleggen conform uw beleggingsmandaat. De uit dit dividend verkregen Beleggingen worden dan bijgeschreven op uw Beleggingsrekening.
5.2 Keert een uitgevende instelling dividend/coupon uit in Effecten? Dan wordt dat dividend in de vorm van Beleggingen op uw Beleggingsrekening bijgeschreven.
5.3 Keert een uitgevende instelling naar keuze dividend/coupon uit in geld of Effecten? Dan zal Vive Invest aan de Bewaarinstelling opdracht geven te kiezen voor Effecten. De Beleggingen worden bijgeschreven op uw Beleggingsrekening.
6. Verantwoordelijkheid beleggingsverliezen en schade
6.1 De Bewaarinstelling is aansprakelijk voor de eventuele door u geleden schade, voor zover die schade het gevolg is van verwijtbare niet-nakoming van de op de Bewaarinstelling tegenover u rustende verplichtingen.
6.2 Vive Invest garandeert tegenover u dat de Bewaarinstelling haar afspraken uit dit Reglement nakomt.
6.3 De Bewaarinstelling en Vive Invest zijn niet verantwoordelijk voor schade die ontstaat doordat een uitgevende instelling haar afspraken niet nakomt tegenover haar eigen beleggers (waaronder de Bewaarinstelling).
7. Wanneer eindigt dit Reglement?
7.1 Dit Reglement (uw rechtsverhouding met de Bewaarinstelling) eindigt op hetzelfde moment als waarop de Klantovereenkomst tussen u en Vive Invest eindigt. Zegt u de Klantovereenkomst met Vive Invest op? Dan zegt u ook uw afspraken met de Bewaarinstelling op.
7.2 U kunt niet alleen dit Reglement (uw rechtsverhouding met de Bewaarinstelling) beëindigen; het is onderdeel van de Klantovereenkomst.
7.3 Als de Klantovereenkomst eindigt dan voert de Bewaarinstelling alle (eventuele) door Vive Invest gegeven opdrachten nog uit. Dat zijn lopende opdrachten of opdrachten die nodig zijn om het voor u gevoerde vermogensbeheer af te wikkelen. Daarbij blijven de afspraken uit dit Reglement geldig.
7.4 Als de Bewaarinstelling stopt, zoekt Vive Invest een vervanger. De Bewaarinstelling mag haar rechtsverhouding met u over laten nemen door een nieuwe vennootschap (contractsovername).
U stemt met deze vervanging en/of contractsovername, nu al in.
8. Veranderingen in en aanvullingen op het Reglement
8.1 De Bewaarinstelling mag dit Reglement op ieder moment helemaal of voor een deel veranderen of aanvullen. Een aanpassing gaat pas in als u daarover een e-mail hebt gekregen.
8.2 Is een verandering of aanvulling nadelig voor u? Dan gaat deze aanpassing pas in 1 maand nadat Vive Invest (namens de Bewaarinstelling) deze aanpassing bekend heeft gemaakt. Binnen deze maand kunt u de Klantovereenkomst met Vive Invest beëindigen. Hoe u dit doet, staat in de algemene voorwaarden.
Definities
In dit reglement maken wij gebruik van begrippen. Deze begrippen staan uitgedrukt met een hoofdletter.
- Beleggingen: Vorderingen van de Klant op de Bewaarinstelling, luidende in Effecten.
- Bewaarinstelling: De Bewaarinstelling Vive Custody B.V., statutair gevestigd te Amsterdam.
- Beleggingsrekening: Een Beleggingsrekening op naam van de Klant bij Vive Invest waarop beleggingen worden geadministreerd.
- Effecten: Financiële instrumenten die de Bewaarinstelling op eigen naam maar voor rekening van de Klant aanhoudt.
- Fondsen: Beleggingsinstellingen of andere instellingen waarin Vive Invest voor u belegt.
- Klant: Een klant die een Beleggingsrekening bij Vive Invest heeft geopend en een Klantovereenkomst met Vive Invest heeft gesloten.
- Vive Invest: Vive Invest is gevestigd te Amsterdam.
- Reglement: Het onderhavige Reglement Bewaarinstelling Vive Custody B.V.
- Klantovereenkomst: De overeenkomst op basis waarvan Vive Invest uw Effecten beheert (vermogensbeheer).
Introduction SFDR Documentation
Vive classifies itself as light green under the Sustainable Finance Disclosure Regulation (SFDR). This is also referred to as an SFDR Article 8 classification. Light green investment firms are required to make the information below available. Since Vive does not provide model portfolios but must provide information on specific portfolios, the information is given for three "example" portfolios. Here it is important to mention that this is an example based on estimates and that the degree of achievement of the promoted sustainable characteristics depends on the specific parameters of a Vive investment portfolio.
The following is the relevant documentation for each "sample portfolio".
De Vive return portfolio
The Vive return portfolio is a model portfolio for the Vive annuity investment account when a retirement investor's retirement is still more than 10 years in the future.
Article 10 (SFDR) Disclosure - The Vive return portfolio(link to pdf download)
Article 8 (SFDR) pre-contractual information - The Vive return portfolio(link to pdf download)
TheVive completed pension portfolio
The Vive completed retirement portfolio is a model portfolio for the Vive annuity investment account when a retirement investor's retirement is less than 1 year in the future.
Article 10 (SFDR) Disclosure - The Vive completed pension portfolio(link to pdf download)
Article 8 (SFDR) pre-contractual information - The Vive completed pension portfolio(link to pdf download)
The Vive balanced risk portfolio
The Vive balanced risk portfolio is a model portfolio for the Vive wealth management account when an investor specifies a balanced risk preference for a specific plan. Specifically, it is a 10% VaR risk preference. This is a common wealth management portfolio.
Article 10 (SFDR) Disclosure - The Vive balanced risk portfolio(link to pdf download)
Article 8 (SFDR) pre-contractual information - The Vive balanced risk portfolio(link to pdf download)
Vision
At Vive, investing goes beyond financial aspects. Vive incorporates sustainability criteria into its selection policy. Vive strives to select investment funds and managers that excel in sustainability within their category. Sustainability is approached from two sides.
- Sustainability Risks (Outside-in): Vive analyzes sustainability risks that may affect investment performance, such as environmental issues, social risks and poor corporate governance. These are referred to briefly as ESG factors: Environment, Social and Governance. We integrate these risks into our investment process to make informed selection decisions that enhance the robustness of our portfolios.
- Sustainability Impact (Inside-out): Vive does not have a target for sustainable investments but promotes social characteristics through its selection policy. Vive does this based on the frameworks from the Sustainable Finance Disclosure Regulation (SFDR), the European legislation that promotes transparency around sustainability.
By managing sustainability risks with ESG integration, we strengthen our risk-return ratio and support our long-term goals.
Application of SRI
VVive has not set specific sustainability objectives but promotes social characteristics. Vive selects investment funds based on a selection policy, where sustainable characteristics are taken into account, with the aim of a balanced risk-return ratio. Selection criteria based on sustainability are based on the following principles:
- Exclusion Policy: Vive invests only in funds that actively exclude investments based on a structured exclusion policy, if possible within the asset class.
- Best-in-Class Selection: Vive only invests in funds that excel on sustainability within their asset class and mandate through ESG performance and promote ESG goals or make positive impact in line with SFDR criteria. To ensure this, Vive only selects funds with:
- Minimum MSCI ESG rating BBB
- Minimum SFDR Article 8 classification, with a preference for Article 9 funds
- Voting Rights and Engagement: Vive only invests in funds that actively exercise their voting rights and have a clear engagement strategy to drive improvements in sustainability issues. This is only relevant for equity funds.
- Social characteristics: Vive promotes social features by investing only in mutual funds whose:
- Less than 0.5% of the portfolio is invested in companies with direct or indirect involvement with controversial weapons.
- Less than 0.5% of the portfolio is invested in companies that derive at least 5% of their revenue from tobacco production or at least 15% from combined tobacco distribution, delivery or retail sales.
- less than 0.5% of the portfolio is invested in companies directly involved with highly persistent controversies. These controversies can be related to environment, customers, human rights, labor rights or governance and are identified using "MSCI ESG Controversies" methodology.
- Less than 0.5% of the portfolio is invested in companies in violation of UN Global Compact (UNGC) principles.
For government bonds, the minimum SFDR classification is not applied by default because they are generally less measurable as with other asset classes.
Through this policy, we ensure that our investments not only meet financial requirements, but also contribute to sustainable and social value, appropriate to the ongoing development of sustainability standards and regulations.
Overview by sustainability criteria
1. Sustainability Risks & ESG Ratings.
Sustainability risks
A sustainability risk is an Environment, Social or Governance event or circumstance that could potentially negatively impact the value of an investment. Examples of such risks are:
Environmental risks: Climate change may reduce the value of investments in carbon-intensive sectors because the business model of these companies may not be sustainable over time.
Social risks: Poor working conditions or human rights violations can damage a company's reputation, negatively impacting its bottom line.
Governance risks: Lack of good governance, such as corruption or inadequate risk management, can lead to operational and financial problems.
ESG Ratings
ESG Ratings measure how well a company handles financially relevant sustainability risks and opportunities. These ratings are used to identify leaders and laggards within sectors based on:
- Their exposure to ESG risks.
- Their ability to effectively manage these risks compared to competitors.
Vive uses MSCI's MSCI ESG Ratings to rate funds on sustainability risks. MSCI ESG Ratings are designed to quantitatively measure sustainability risks in order to assess a company's resilience to sector-specific sustainability risks. MSCI ESG-Ratings are categorized as:
- Leaders: AAA, AA.
- Average: A, BBB, BB.
- Laggards: B, CCC
These ratings are applicable to different asset classes, such as stocks, corporate bonds and government bonds. Funds are also rated, based on the rating of the underlying companies being invested in.
What does Vive do in terms of sustainability risk and ESG ratings?
At Vive, we actively integrate MSCI ESG Ratings into our investment policy to mitigate sustainability risks. Our Best-in-Class approach focuses on selecting funds that outperform their peers on sustainability risk criteria within their sector. We use ESG ratings as a key metric within our selection process. These ratings help us identify funds that fit within the standards of our sustainability risk policy. Vive only selects funds with at least ESG rating BBB, aiming for the highest scores within each segment. The funds Vive invests in score as follows based on MSCI ESG ratings.
2. Mitigation of negative impact (PAI).
Principal Adverse Impact (PAI) criteria
One way to invest sustainably is to exclude investments with negative impacts on people and the environment. To identify the negative impacts of investments, the Principle Adverse Impact (PAI) indicators were created. This set of 64 measurable indicators evaluates the potential negative effects of an investment.
For investment products that indicate they take into account adverse effects of investment decisions on sustainability factors, it is mandatory to report on at least 18 of these 64 PAI indicators. Of these 18, 14 are core indicators that must be mandatorily measured for all relevant investment products; in addition, 4 additional indicators may be included at your discretion. The 14 mandatory indicators are:
- Greenhouse gas emissions
- Carbon footprint
- Greenhouse gas intensity of investee companies
- Exposure to companies active in the fossil fuel sector
- Non-renewable energy consumption and generation.
- Intensity of energy consumption by sector with major climate impacts
- Negative impacts on biodiversity-sensitive areas
- Emissions to water
- Hazardous and radioactive waste ratio
- Violations of UNGC and OECD guidelines.
- Lack of procedures and compliance mechanisms for monitoring compliance with UNGC and OECD guidelines
- Unadjusted gender pay gap
- Gender diversity board of directors
- Controversial weapons
What is Vive doing in terms of negative impact and PAI?
Vive does not consider adverse effects of its investment decisions on sustainability factors.
This is because Vive currently invests only in unlisted mutual funds. In Vive's current position, it is not yet easily possible to intervene directly or take targeted measures at the level of the underlying investments in these funds. For this reason, we cannot effectively mitigate any specific negative impacts in the sustainability area.
What Vive does do is select only funds with structured exclusion policies. Vive has not established specific exclusions that the underlying funds must adhere to.
What are the underlying funds doing in terms of negative impact and PAI?
The underlying funds, in which Vive invests, report on the specific negative impacts (PAI indicators) they mitigate through their own exclusion policies. Below is a summary of the negative impacts that the funds limit in each of Vive's asset classes.
3. Positive social and environmental contribution (SFDR).
Sustainable Finance Disclosure Regulation (SFDR) classifications.
The SFDR provides a European framework for classifying investments based on their sustainability performance. Only investments that meet the SFDR requirements for "sustainable investments" may be labeled as such. These regulations require financial institutions to report transparently on how sustainability is integrated into their investment choices and allow investors to be better informed about the sustainability of investment products. SFDR divides products into three categories based on the extent to which sustainability plays a role:
- Article 6: Investment products that do not actively integrate sustainability and typically do not provide specific information about addressing sustainability risks within the investment strategy. These products are often referred to as "gray investments."
- Article 8: Investment products that consider the impact of investments on ESG criteria, without requiring sustainability to be the primary focus. These funds can pursue sustainable investment goals, but this is not mandatory. Article 8 funds are known as "light green investments."
- Article 9: Investment products with an explicit focus on sustainable objectives, aiming for measurable positive environmental, climate or social impact. Article 9 funds focus on deep sustainability and are referred to as "dark green investments."
This rating system helps investors discern the sustainability performance of investment products and provides a standardized basis for responsible investment choices.
What does Vive do in terms of positive social and environmental contribution & SFDR
Vive selects, whenever possible, only funds that meet at least SFDR Article 8 criteria, with a strong preference for Article 9 funds. However, these classifications do not apply to investments in government bonds. Vive's selection criteria do not set a minimum percentage in SFDR compliant sustainable investments but apply only to the fund's SFDR classification. As an investment product itself, Vive also falls under SFDR regulations and is classified as an SFDR Article 8 product. Below is an overview of Vive's funds and SFDR classifications.
What are the underlying funds doing in terms of positive social and environmental contribution & SFDR
Funds with an SFDR Article 8 classification are not required to have a minimum target of SRI in accordance with SFDR. Vive does not set a minimum requirement for this either. However, some of the funds in which Vive invests do have a minimum target for these SRI investments.
Below is a summary of the objectives of the funds in which Vive invests, as well as the reported percentages of sustainable investments achieved in accordance with SFDR.
What is a sustainable investment in accordance with SFDR?
Fund managers have internal policies and methodologies to measure whether an investment is sustainable in accordance with SFDR. There is no uniform set of tools to classify investment as sustainable in accordance with SFDR. SFDR legislation prescribes that an investment may be called sustainable under three conditions:
- The investment must make a positive contribution to an environmental or social objective.
- The investment must comply with the "Do No Significant Harm" principle, which means that the investment does not contribute to activities that could cause significant harm, such as controversial weapons.
- The investee company must meet standards of good governance practices with clear rules to prevent social problems.
If a fund manager determines that an investment adheres to all 3 of these conditions, then it is a sustainable investment in accordance with SFDR.
4. Ecologically sustainable investments (EU Taxonomy).
EU Taxonomy
and investment is only classified as environmentally sustainable by the EU Taxonomy if the underlying activity contributes significantly and measurably to at least one of the six established environmental objectives. In addition, data must also show that the company does not significantly harm other environmental objectives (the "Do No Significant Harm" principle). The company must also meet social benchmarks, such as protecting labor rights and respecting human rights.
The six ecological objectives of the EU Taxonomy are:
- Climate change mitigation: Reducing the company's impact on global warming by, for example, reducing greenhouse gas emissions.
- Climate change adaptation: Measures to manage the impact of climate change on the organization by, for example, building levees to protect against flooding.
- Sustainable use and protection of water and marine resources: promoting efficient water use and protecting water quality.
- Transition to a circular economy: promoting recycling, reuse and reducing waste generation.
- Pollution prevention and control: preventing and reducing air, water and soil pollution.
- Protection and restoration of biodiversity and ecosystems: Conservation and restoration of natural habitats and prevention of biodiversity loss
What does Vive do on environmentally sustainable investments & the EU Taxonomy
None of Vive's sustainable selection criteria address sustainable investments according to the EU Taxonomy.
What do the underlying funds do on environmentally sustainable investments & the EU Taxonomy
None of the underlying funds Vive invests in has an environmentally sustainable investment target in accordance with the EU Taxonomy.
Only the Fund Corporate Loans Euro retrospectively reports environmentally sustainable investments of 1.06% (31/12/2023) in accordance with the EU Taxonomy.
Continuous improvement and adaptation
Sustainability is a topic in constant evolution. At Vive, we recognize that the standards, legislation and insights surrounding SRI continue to evolve. We therefore continue to continuously hone our sustainability policy and adapt it to the latest developments. This enables us to continuously align our strategy with industry best practices.
Version Management】.
Terms and Conditions
Vive Invest B.V.
With whom do you make arrangements?
1.1 You are making arrangements with VIVE Invest B.V. (Vive).
1.2 Vive is licensed by the AFM and registered with the AFM. The AFM and DNB supervise all financial institutions, including Vive. Information about our registration in the AFM register can be found on the website www.afm.nl.
1.3 Our address is Keizersgracht 268 (1016 EV) in Amsterdam. Our website is www.viveapp.com. We can be reached by email and through the chat on our website or in our app.
2. What do we do for you?
2.1 You have asset management with us. This means that we invest for you. So you do not decide on your Investments yourself. We do that for you. We do our best to invest as well as possible for you. But it is still your money. If the value of your Investments increases? Then that profit is for you. Do your Investments become worth less? Then the investment losses are also for you. We are not responsible (liable) for this.
2.2 How do we decide what to invest in? We do this on the basis of the agreements you have made with us. You agree the main rules for investing with us. For example, how much risk you want to take. These agreements are set out in the Investment Plan. We then decide what we will invest in for you.
2.3 We always send you information about your Investments and about asset management. It is important that you read that information. That way you will know exactly what we are doing for you.
2.4 Do we think the Investment Plan should change? Or do you think so? Then we will make new arrangements.
2.5 To invest on your behalf, you give us permission to open and use your Investment Account. We will only use your money and Investments to meet our obligations under the Investment Plan agreed with you. We will make a statement of the money and Investments. That overview is in your personal environment in our app.
2.6 You are required to install, activate and use the Vive app during the term of the agreement. Without Vive app, we cannot communicate with you and you do not have information that is of interest to you.
2.7 We do not extend credit. This means that we do not purchase Investments for you if you do not have the money to do so.
2.8 We agree that you will not use the Investment Account yourself. Therefore, you cannot give us investment instructions.
Your personal circumstances are important 3.
3.1 You have given us information about your personal circumstances. Your personal circumstances show whether you can bear the risk of losses. And whether you want to bear them. We take this information into account when investing. For example, you have given us information about the following:
(a) What your financial position is, what your income and assets are.
b) How much you know about investing and how much experience you have with it.
(c) Your objective. By this we mean what exactly you want to achieve with asset management.
d) What risks you are willing to take with investing and what risks you are not willing to take.
(e) Other information about yourself, such as your age, education and employment.
(f) Your sustainability preferences (whether and how you want to invest sustainably).
Some individuals are not always allowed by law or by the company they work for to invest. Does this apply to you? If so, please let us know. We can help you with this. But you are responsible yourself for not breaking the law or these rules.
3.2 We assume that the information you have given us about your personal circumstances is correct. We may also assume that you have given us the information we have asked for. And that you also give us the information that you know is important to us. For example, if you know that you will soon have to sell your home and that this may leave you with a debt. Or if you are getting married or divorced.
3.3 Does anything change in your personal circumstances? Or do you expect anything to change?
And, as a result, is the information about your personal circumstances that we have received from you no longer correct? If so, you must let us know as soon as possible. You can make changes via your personal environment in our app. We will then assess whether we need to change the Investment Plan. Do you fail to do this or do it too late? Then we are not responsible for the consequences.
Suppose you are getting divorced. This could mean that the Investment Plan has to change. Do you not inform us that you are getting divorced? Then the Investments we make may no longer suit your new personal circumstances and you may not be able to bear an investment loss, for example.
3.4 We will treat you as a private investor. Therefore, we will not treat you as a professional investor. Not even if you ask us to. We do this to protect you. Professional investors are, for example, banks or (other) asset managers.
3.5 If your personal circumstances change such that you are classified as a US person, you are obliged to notify us. We will then be forced to terminate our services to you.
You can find out more about whether you are a US person at the website www.irs.gov.
In case one or more of the following situations apply to you, you should inform us immediately:
(i) You have a U.S. passport;
(ii) you were born in the United States;
(iii) you reside in the United States; and,
(iv) You have a U.S. residential or mailing address.
How do we execute investment orders?
4.1 We have rules on how we execute investment orders (order execution policy). You can find the order execution policy on our website.
4.2 Our goal is to achieve the best possible result for you. We will send you these rules with the agreement and they are in your personal area in our app.
5. You take risk when you invest
5.1 There are risks associated with investing. An investment may become worth less money.
An investment can also be worth no money at all. There are different types of Investments in which we can invest. You can also find the most important information about these on your personal environment in our app and on our website www.viveapp.com.
Would you like more information? Then let us know. Then you will get that information from us.
5.2 Do you no longer understand your Investments? Or do you no longer understand the risks of your Investments? Then you must let us know immediately. We will be happy to explain.
5.3 You declare to us the following:
a) You have received enough information from us about which risks are associated with which Investments. You have read this information. You have also understood it.
b) You understand that your Investments may increase in value or decrease in value. You never know for sure how much your Investments will become worth. If you have made a profit on your Investments in the past, it does not mean that you will do so in the future.
Thus, you may also suffer losses. You also understand that Investments that have a chance to become worth extra much can also fall in value extra much. You not only understand this, but you also accept this.
c) You understand that you are exposed to additional risk if you borrow money and invest with that money. Or if you have borrowed money and your Investments are security that you will repay the loan. Your Investments may become worth less money. Or stop being worth money at all. Then you still have to repay the loan. Or provide other security if your Investments are no longer enough security that you will repay the loan. We do not recommend investing with borrowed money.
(d) You do not invest with money you need for other purposes.
Your fee for our management 6.
6.1 You pay fees for asset management. These fees are collected from the Investment Account.
6.2 These fees are listed in our fee schedule, which can be found on our website.
1) A fixed fee (management fee) per year. You pay this fee in the first week of each month. We then collect the fee for the previous month. So you pay afterwards. With the management fee we pay, among other things, our operational costs, the custody fee for Vive Custody B.V., and the costs of supervision by the AFM and DNB. These are costs for supervision that they keep on us. And part of the fixed fee is for ourselves.
2) Fund fees that may vary by portfolio.
3) One-time charges for incidental events, such as a value transfer with an annuity product.
6.3 The fixed fee depends on the money and value of your Investments in your Investment Account.
6.4 Vive has the right to change its rates. In case of an increase, you have the right to terminate the agreement within thirty days of the announcement of this change.
You still owe the fee for the month in which you cancel.
6.5 You authorize us to automatically debit all fees owed to us from your Investment Account.
6.6 If the contract ends then we calculate the management fee pro rata up to and including the last day of the month in which the contract ends.
7. Vive Custody B.V. keeps your Investments.
7.1 We use from a depository institution called Vive Custody B.V. (hereinafter "Custodian"). The Custodian is a separate company. The Custody Institution holds and administers your Investments.
7.2 The Custodian will ensure that Vive complies with the rules of asset segregation: in case of Vive going bankrupt, your Investments will not fall into Vive's estate.
7.3 You will enter into a separate agreement with the Custodian (and Vive). We call this agreement the Vive Custody B.V. Custody Institution Regulations (hereinafter "Regulations"). These Regulations govern the relationship between you, the Custody Institution and Vive. You can always find these Regulations in your personal area in our app and on our website.
You may vote 8.
8.1 Some Investments include the right to attend a meeting. Or to vote.
The Custodian is the legal owner of the Investments and has voting rights in that capacity.
8.2 The Custodian will not exercise its voting rights at investor meetings. As a Customer, you may request the Depository in writing to grant a voting proxy so that you can vote on your investments yourself. To use this voting proxy, you must contact Vive at support@viveapp.com.
9. How can you send us a message?
9.1 Would you like to send us a message? Then you can do so in two ways:
1) We can be reached through the chat on our website or in the app.
2) You send an e-mail to support@viveapp.com.
9.2 Do you still give us a message in another way? For example, by fax? Or by post? And do misunderstandings arise as a result? Or delays? Then that is your risk. You cannot give us investment instructions.
10. You consent to processing of personal data
10.1 You agree to us including your (personal) data in our customer registration.
This personal data includes, among other things, your name, address and place of residence, and the other data provided with or pursuant to this agreement.
10.2 Vive will keep such data confidential and will not make it available to third parties except in the following cases:
1) it is necessary to carry out transactions associated with this Agreement;
2) to comply with legal obligations.
10.3 The processing of personal data is subject to the General Data Protection Regulation (GDPR).
You consent to electronic information 11.
11.1 You will receive asset management information from us. You authorize us to send this information to you electronically. For example, by e-mail. Or to your personal environment in our app.
11.2 We expect and assume that you regularly monitor your personal area in our app so that you do not miss important information.
11.3 Information not intended for you personally is on our website www.viveapp.com.
So we don't need to send that information to you separately anymore. You may.
We have rules on conflicts of interest 12.
12.1 We have rules about how we avoid having a conflict of interest with our Clients or our Clients having a conflict of interest among themselves. Or a conflict of interest with ourselves, for example with companies that belong to us.
12.2 Is there nevertheless a conflict of interest? Then we also have rules on how we deal with this conflict of interest. You can find all these rules on our website www.viveapp.com. Would you like more information? Please let us know. Then we will give you more information.
13. You are responsible
13.1 The risks of asset management are entirely yours. If your Investments have become worth less and you sell your Investments, you will therefore receive less money. We are not responsible (liable) for this. You can read about when we are responsible in Article 16.
13.2 You are also responsible for notifying us immediately of any changes in your personal circumstances (see article 3 of these general terms and conditions).
14. We provide you with information
14.1 We provide you with information about asset management and the development of your Investments.
14.2 We make the following information available in your personal area in our app:
(a) Information about each investment order we have executed. This could be a purchase of an investment or a sale of an investment. Have we carried out multiple investment orders? Then we will send that information all at once. We do this no later than 1 day after the investment order is executed.
(b) Information about the asset management we do for you. For example, about the value of your Investments at that time and exactly which Investments you have. We send you this information every 3 months. We also send you information about the costs.
c) Information about how your Investments meet your preferences and objectives and thus are still suitable for you. We provide this information annually.
(d) Information about a loss of 10% of the total value of your portfolio as determined at the beginning of each reporting period or a multiple thereof. We will send this information no later than the end of the day on which this loss occurred. You agree that we will therefore not report to you a 10% decline in the value of each investment but only in the event that the total value of your portfolio declines by 10% (or more).
All this information is given to you in your personal environment in our app.
15. Always check our information
15.1 Have you received any information? For example, confirmations or statements? And is this information incorrect? Or do you disagree with an investment order we have carried out? For example, because you believe that it is not covered by the Investment Plan? Then you must let us know immediately. Do you not let us know within 5 days? Then we may assume that the information and related investment instructions we gave you were good.
15.2 If you do not notify us within 30 days after we have made the quarterly report available to you that you do not agree with it, we will assume that you are in agreement with the management conducted by us during that period.
15.3 Are you expecting a notice from us or should you know that you should get a notice from us? But you do not receive that message? Then you must let us know as soon as possible.
16. When are we responsible (liable) and when are we not?
16.1 Do you have a claim? Is that damage caused by our management? And are we seriously at fault for this or is it due to intent on our part? Only then are we responsible for it and must pay for that damage.
16.2 We are therefore not responsible for other damages. For example, if you have damage in the following situations:
1) If your claim results in other damages.
2) If you do not meet the goals you have for wealth management.
3) If we had to take measures that follow from the law or from the regulator, or due to special circumstances.
Force majeure
17.1 We are not responsible for damages if we cannot do what we should or have invested due to force majeure. What is force majeure? That is, for example, failure of systems, power failure, fire, or other circumstances beyond our control.
18. We may change our arrangements with you
18.1 We may always change our arrangements with you. For example, the rules we have made about how we execute investment orders to get the best possible result for you (order execution policy).
We will let you know via personal area in our app. Or we will send you a letter or email. The change will take effect immediately. Or on a date we have chosen. That date is never in the past.
We will not change your Investment Plan without consulting you.
18.2 Is a change detrimental to you? Then the change will only take effect 30 days after we have announced the change. Do you disagree with these changes? Then you can stop the contract. How you stop the contract is in Article 19 of these conditions. Do we not hear from you? Then you agree to those changes.
18.3 If a law imposes new requirements on our agreement that require the agreement with us to change, the change will take effect immediately. We do not need permission to do so.
19. When does your contract with us end?
19.1 Our contract does not have an end date.
19.2 You can stop the contract. We can also stop the contract. You can do so any day. However, you and also we must give one month's notice. This is always done by the end of a subsequent month. As long as there are funds or Investments in your Investment Account, we will calculate the fixed charges we receive from you on the last day of the month.
19.3 In some situations, we may choose to terminate the contract immediately or temporarily. No notice is then required. These are the following situations:
(a) If you apply for a moratorium (suspension of payments);
(b) If your bankruptcy is filed;
(c) If you are a business and it is dissolved;
(d) If the debt restructuring scheme applies to you;
(e) You die and we receive a certificate of inheritance or executorship and with it a request to stop managing;
f) If a receiver or trustee decides about your money and Investments;
g) If continuation of our relationship is no longer allowed by law, court or seriously damages our reputation;
h) If you refuse to cooperate to enable Vive to comply with regulations; to combat money laundering and other financial crime;
(i) If you are a US person; or
j) If you move to a country on the European Union sanctions list.
Have we temporarily stopped our work for you? Then if we can, we will consult with you, the trustee or administrator about whether the contract should stop.
19.4 Does the contract end? Then we stop investing for you. Did we already carry out an investment order? But has that investment order not yet been completed? Then that investment order will still be completed.
If the contract ends, we will liquidate your portfolio within two weeks and deposit the released money into the contra account known to us. If you still need to pay a fee to us, we will first offset it against the funds in your Investment Account. You may decide how we sell your Investments after the contract. You must let us know in good time. It must be easy to carry out and be completed within two weeks. Do you say nothing? Then we will decide as we see fit. This can mean that we sell all our investments on one day.
If your contra account is incorrect or no longer in your name and we still cannot reach you after 6 months to return your money, you authorize Vive to donate your money to charity.
Extradition
20.1 You cannot request delivery of Securities held by the Depository.
21. If we go bankrupt
21.1 We are covered by the investor compensation scheme. The bank we work with is also covered by the investor compensation scheme.
21.2 Your Investments are segregated from Vive through the Custodian. If we go bankrupt, your Investments and funds are outside the bankruptcy of Vive. Your Investments and funds are held by the Custodian. You will retain your claim against the Custodian in the event of Vive's bankruptcy.
Death 22.
22.1 If you, as a natural person, are the sole account holder or the sole director of the legal entity and you die, then (to the extent that no succession has yet been provided for) the scope of the asset management will be limited for one year after death to legal acts that - in our judgment - cannot be postponed without disadvantage.
This includes, for example, giving orders to the custodian bank to execute orders that seek to sell and close positions.
22.2 One year after death, the management mandate will automatically cease. We will sell or, if applicable, close your positions within a reasonable period of time prior to that time and deposit the proceeds in the contra account linked to the deposit.
23. Do you have a complaint?
23.1 Do you have a complaint or comment? If so, please let us know. How to do so is in your personal environment in the app and on our website www.viveapp.com.
23.2 Have you received a response to your complaint from us? And do you disagree with it? Then you can submit your complaint within three months to the Financial Services Complaints Institute (KiFiD), PO Box 93257, 2509 AG The Hague. You can also submit the complaint via www.kifid.nl.
You can find more information about the KiFiD on our website.
You can also go to court with your complaint.
Dutch language 24.
24.1 The contract containing these terms and conditions and all other information from us regarding asset management are in Dutch.
24.2 Have we received information about Investments that is in English? Then you will also receive that information in English. Do you not understand that information? Then let us know. Then we will explain it to you.
25. Dutch law shall apply
25.1 The contract and these terms and conditions shall be governed by Dutch law.
25.2 The District Court in Amsterdam shall have jurisdiction to resolve any disputes between us by judgment.
Protocol Streamlining Capital Transfers (PSK).
If you have accumulated tax-deferred retirement assets with another provider and wish to transfer those assets to Vive (or vice versa) without immediate income tax liability, the Streamlining Capital Transfers (PSK) Protocol offers a solution. This document explains how to arrange such transfers. This also applies to transfers of pension assets from Vive to another provider.
Vive Pension Plan
Vive's retirement plan includes:
- A personal annuity account.
- A composite investment portfolio.
- An investment strategy.
The annuity account is blocked to prevent inadvertent withdrawals, which can lead to tax consequences, such as direct withholding of income tax and possibly revision interest. Deposits to this account may be tax deductible. Transfers to or from another provider, without direct income tax withholding, are possible under certain conditions.
PSK
Vive is affiliated with the PSK to ensure a smooth transfer of accrued assets without direct tax consequences. This protocol, supported by the Association of Insurers and the Dutch Banking Association, ensures a "tax-efficient" transfer of value, which does not have to be settled directly with the tax authorities.
Income tax avoidance
A value transfer must be done accurately, because otherwise the tax authorities may levy taxes on the accrued capital. The Dutch Association of Insurers and the Dutch Banking Association have therefore made mutual agreements to make a value transfer go smoothly. This is called "tax-efficient." This means that the transfer takes place in such a way that no interim settlement with the tax authorities is required. These agreements are laid down in the PSK. The parties affiliated with the PSK (such as banks, insurers and investment institutions and companies) have agreed procedures regarding the transfer of value of tax-facilitated products to another provider. Vive is a member of the PSK and operates according to this protocol.
Read more about the PSK on the website of the Dutch Banking Association (NVB) or on the website of the Association of Insurers.
Advice on value transfer
You are responsible for choosing to transfer value to or from Vive. If necessary, seek the advice of a financial advisor to determine whether it is a wise choice to do so. Value transfers may have long-term tax consequences.
How does it work?
a. Value transfer to Vive
Download the form at the bottom of this text. Sign it and submit it to the current provider. Once the current provider receives the form and all required documents, they will initiate the value transfer.
After this, the transfer will be carried out within fourteen calendar days. Does the fourteenth day fall on a weekend or holiday? Then the next working day counts as the fourteenth day. Vive will send you a message as soon as the money has been transferred to Vive by the transferring PSK participant. The provider performing the value transfer may charge a fee.
b. Value transfer from Vive to other provider.
Should you decide to continue the value of your retirement investment account (on an interim basis) with another PSK provider, please notify us in the chat function of the Vive app or by emailing support@viveapp.com. In response, Vive will send an email with the transfer form and an explanation of the form. The form must be returned fully completed and signed. Upon receipt, Vive will make the transfer within fourteen days. The administrative fee charged by Vive for transferring your value to another provider is: (to be determined).
Additional required documents
Additional documents are required in some situations, such as divorce or death. Without these documents, Vive may not transfer your money to another provider.
- Divorce: divorce covenant.
- Death: Deed of death and certificate of inheritance.
- Power of Attorney: Proof of power of attorney.
In case the financial institution to which you want to transfer the value does not participate in the PSK, the acquiring financial institution will need an indemnification statement from Vive. Vive will coordinate this indemnification statement with the acquiring financial institution.
Rate of interest
If the 14-day value transfer period is exceeded, the transferring party is obliged to pay statutory interest.
Fully customised
Everything we do is based on your situation, wishes and goals.
Your ideal portfolio
We put together the ideal investment portfolio for you that exactly fits your situation, wishes and goals.
Always adaptable
You can change or stop your plan anytime, anywhere.
A plan that fits perfectly.
We put together an investment portfolio that perfectly suits you and your goals. To get a good idea of who you are, we will ask you a number of questions beforehand. We will also map out your financial situation. We give this a score and call it your financial profile. Based on this, we estimate the risks you can take and which style of investment suits you best.
Then you indicate what you want to invest for. For example, for your house, camper van or pension. You can also put your money to work without a specific goal.
Then we will execute this plan for you by executing your investment strategy. You can always choose to adjust your plan. We will immediately incorporate your new wishes into your strategy. Do you want to take less risk? Then we will make sure that we buy in safer investments for you. Do you want to invest less per month, but get the same return? Then we will be more daring in our investments.
You can always see exactly which investments your portfolio consists of. You can find it in the app under plans > your plan > portfolio.
Good to know: every goal is different, and needs a different plan. That is why we create a unique strategy with an appropriate investment portfolio for each goal.
Risk policy introduction
Risk policies are at the core of Vive's investment approach. Vive bases its strategies on risk budgets, which optimally align investments with its clients' objectives and risk preferences. This enables Vive to make the investment process not only science-based and efficient, but also personal and flexible.
Vive believes that a good risk policy is more than just portfolio-level risk management. It is a dynamic process in which personal direction is central. The best form of risk management is you. Therefore, Vive's risk policy is not only designed to optimize risks and returns, but also to provide you as an investor with continuous insight and action perspectives.
By setting a dynamic risk budget for each client's financial plan, which can change over time, Vive ensures that investors are exposed to investment risk very precisely and efficiently. This means you're not unnecessarily at risk, but also not missing out on potential returns. Vive ensures that you, the investor, always have insight and action perspective to keep control of your investment risks.
What risk policies are in place?
Vive's risk policy is fully tailored to the investor's individual needs and financial situation. Vive sees risk not as a limitation, but as a means to achieve your financial goals. The risk policy ensures that you not only have a well-diversified and efficient investment portfolio, but also the insights and tools to manage it.
Whereas traditional institutions often work with fixed risk profiles such as defensive, neutral or offensive, Vive takes a customized approach. Vive recognizes that every investor is unique and that risk preferences may even differ for each financial goal.
Vive therefore uses Value at Risk (VaR) as a core measure of risk management. This means that the maximum loss rate over a one-year period is calculated and tailored to what you consider acceptable. Based on this measure, Vive optimizes investment strategies so that your investments remain in line with your personal risk budget and objectives.
In doing so, Vive uses an internally developed Economic Scenario Generator (ESG). Through this technology, Vive can scientifically calculate the downside risks and expected returns of different asset classes-such as stocks, bonds and money market instruments.
Vive offers continuous monitoring of your portfolio and keeps a close eye on developments relative to your personal goals. This means you not only gain insight into the performance of your investments, but also receive concrete signals when action is required.
Using advanced technology and scenario analysis, where hundreds of thousands of market scenarios are calculated, Vive ensures that:
Risks are flagged early-You receive timely alerts if market developments or portfolio performance deviate from the expected course.
Dynamic adjustments are possible -Your risk budget can be adjusted as needed to keep it in line with your personal situation and goals.
Transparency and direction are key - You always have insight into how your portfolio is developing and remain in control of your financial future.
In addition to personal direction, Vive also applies advanced risk management at the portfolio level. In this way, risks are actively managed and adjusted where necessary. Vive makes use of:
Dynamic risk management - The risk budget is continuously evaluated and can be adjusted based on changing market conditions or personal goals.
Rebalancing - The portfolio is automatically adjusted as soon as it falls outside the strategic range, so that the target risk-return ratio is maintained.
Broad diversification - Investments are spread across multiple asset classes, regions and sectors to minimize concentration risks and reduce the impact of market volatility.
Scenario analysis and stress testing - The portfolio is constantly subjected to hundreds of thousands of simulated market scenarios. This allows Vive to assess how your investments are performing under different conditions and take proactive action when necessary.
With this approach, Vive offers a carefully managed and flexible investment process, in which you as an investor remain in control and can make conscious choices. Together we ensure an optimal balance between risk and return, tailored to what is really important to you.
How is risk mitigated and what risk measures are used?
Vive applies coherent and carefully structured risk management to ensure that risks remain within acceptable limits. This is done through a combination of broad diversification, strict selection criteria, active monitoring and risk measures that match the client's personal goals. The following measures are applied to mitigate risks:
Broadly diversified portfolios
By investing globally in different regions, sectors and asset classes (such as stocks and bonds), the portfolio becomes less sensitive to specific market or sector shocks. This broad diversification helps reduce overall risk and avoids over-reliance on individual markets or companies.
Strict selection of mutual funds
Vive invests only in UCITS funds with daily tradability, sufficient diversification and transparent costs. Multiple risk mitigation criteria are used in the selection of funds, such as:
- Currency risk - Wherever possible, unnecessary currency risk is avoided.
- Interest rate risk - The duration of bonds is carefully matched to the client's risk preferences.
- ESG criteria - Funds are assessed for sustainability risks to minimize long-term risks and encourage responsible investing.
Lifecycle approachand rebalancing
- For plans with a fixed end date, the risk level can be gradually reduced as the end date approaches, reducing the likelihood of large losses at a critical time.
- Rebalancing occurs when the portfolio deviates too much from the agreed risk limits (VaR) and the desired level of end-goal security. This keeps the portfolio optimally aligned with the investment strategy and objectives.
No complex or non-transparent products
Vive avoids investing in complex or opaque products, such as hedge funds and funds with complicated derivative structures. This avoids unpredictable risks, hidden costs and illiquidity, so investors always maintain a clear view of their portfolio.
What are the risk measures used?
To accurately assess both short-term and long-term risks, Vive uses several risk measures that may vary from plan to plan:
Value at Risk (VaR): The maximum accepted (negative) return within one year - given a 95% confidence level - in a bad weather scenario. Example: AVaR of 15% means that, in a bad weather scenario, the portfolio can fall a maximum of 15% within one year, with a 5% chance of a greater loss.
Impairment to Mission (ITM): The maximum allowable deviation from the plan's end goal with a 95% confidence level. Example: an ITM of 30% means that, in a bad weather scenario, the portfolio may deviate a maximum of 30% from the final target, with a 5% probability of a larger deviation. This measure is applied to plans with a concrete final target.
These measures form the basis for the design and risk management of each portfolio and each has its own function in setting the dynamic risk budget:
- VaR focuses on short-term risks (maximum loss within one year).
- ITM focuses on the long-term goal (maximum deviation from final value).
In addition to client-oriented risk measures, Vive also conducts internal analyses to ensure portfolio stability and efficiency:
Volatility (standard deviation): This measures portfolio volatility to understand the degree of price fluctuations.
Tracking Error: Measures the extent to which passive mutual funds deviate from their underlying index.
This combination of risk measures and management tools allows Vive to make a thorough and objective assessment of the level of risk and ensure that the portfolio is optimally aligned with the client's investment goals and risk preferences.
How is the portfolio monitored for risk?
Vive works only with strategic asset allocation. The portfolios are automatically checked daily whether they are still in line with the strategic asset allocation. If, for example, stocks rise or fall too much relative to bonds, a rebalancing follows automatically so that the portfolio fits the desired risk profile again. The underlying strategic asset allocation is recalculated periodically and changed if necessary.
- Quarterly update: Each quarter, all scenarios are recalculated based on current market conditions.
- Annual update: Annually, the risk premiums of each asset class are reviewed and an assessment is made as to whether the assumptions previously made are still current.
Vive continuously calculates your investment plan based on the most recent developments.If it turns out that the expected end goal differs from the original forecast, the investment plan is not automatically adjusted. Instead, you will receive an on-track/off-track notification. This gives you control and, if desired, you can make changes to:
- Portfolio risk level
- The monthly deposit
- The target amount
- The end date of the plan
This data-driven, systematic monitoring ensures that Vive's risk policy remains aligned with your personal goals and risk preferences at all times.
To provide complete control and insight, investors can always view the current setup of both the portfolio and the plan in the Vive app under "Strategic Portfolio." If desired, adjustments can be made here immediately.
This approach not only keeps the portfolio optimally aligned with your financial goals, but you as an investor also maintain maximum control and transparency over your risk level and the value development of your investments.
Numerous economic scenarios outlined
So that we know exactly how our funds are moving due to market changes.
Thousands of investment strategies calculated
Based on numerous economic scenarios.
Broad portfolios with different levels of risk
Our model invests in a mix of equity, bond and money market funds.
Now available to you.
Vive has built a financial model that creates thousands of investment strategies based on numerous economic scenarios. This model assembles a mix of funds that perfectly matches your goals, wishes and situation. Should your plan change, our model instantly calculates a new strategy to suit your new settings.
A strong investment portfolio consists of a broad portfolio with different types of investments. This way the risk is spread as much as possible. Our investments are divided into various asset classes. These in turn are spread across different geographical regions and sectors. Our financial model invests your money in a mix of equity, bond and money market funds. All carefully selected on cost profile, performance, risk and sustainability.
Also, the estimates of this model are updated quarterly to reflect the latest market developments.
Are you not satisfied with Vive's services? If so, we encourage you to contact customer service by emailing: support@viveapp.com, or send a chat message in the app (account/support/chat with us). The customer service staff will be happy to work with you to find an appropriate solution.
Are you unable to reach a solution with customer service and your complaint remains unresolved? In that case, make it clear that you are not satisfied with the solution offered. The customer service representative will initiate the complaint procedure for you so that your complaint can be formally addressed.
Complaint Procedure
1. We receive your complaint.
This can be done through the communication channels used by Vive. It is unavoidable that messages are sometimes lost due to technical malfunctions, for example, or otherwise. Therefore, if you do not receive a response from us after 10 working days, please check with us whether the message has been received by us.
For the sake of completeness, please note that this complaints procedure does not prevent you from taking the normal legal action that is customary in the Netherlands.
We also note that you would be well advised to file a complaint with us as soon as possible to avoid the possibility that the complaint can no longer be dealt with because of the deadline that has already passed. As a general rule, the right to file a complaint expires in any case after five years after you are aware of what the complaint is about.
In addition to this complaints procedure, we have adopted a special procedure and measures for preventing and managing conflicts of interest. These also apply to complaints. If requested, you will receive a copy of this.
2. The complaint will be registered upon receipt.
In any event, within five working days your complaint will be registered in at least the manner prescribed by the regulators and included in our complaints register. The Compliance Officer supervises this and, where necessary, will also ask for additional information in order to gain a complete picture of the complaint and to be able to record it. In this and in the entire handling of the complaint, the applicable privacy regulations will be respected at all times.
The Compliance Officer oversees business operations and therefore the entire complaint handling process.
It may be that your complaint holds us liable for damages you have suffered. In that case, we must also report your complaint to our professional liability insurer. This insurer will then take over the handling of the complaint from us. We will always inform you of this.
If the complaint relates to the actions of one of the members of the board of directors, the opinion of the director about whose actions the complaint is made, as well as at least one of the other members of the board of directors, will be requested in any case.
All complaints are registered using the complaint form. A complaint is any expression of dissatisfaction addressed to Vive by any person (whether a natural person or legal entity) relating to an investment service provided by Vive, through any channel through which Vive communicates with clients.
3. We aim to respond to your complaint within 10 working days.
Preferably, we will then handle your complaint immediately by resolving it. If this is not yet possible, you will in any case receive an acknowledgement of receipt of your complaint within this period, including the period within which you can expect a response and what steps we will take to deal with your complaint.
The assessment of the complaint will be sent to you only after approval by the Compliance Officer. If necessary, the Compliance Officer will also inform the Deposit Bank concerned, where your investments are held, about the complaint. In addition, Vive will provide timely information to the AFM regarding complaints and complaint handling.
4. At any time you will be given the opportunity to provide your response to the assessment of the complaint sent to you.
Ifthere is reason to do so we will send you a second assessment of the complaint taking into account your objections to the first assessment of the complaint. Where possible, the second assessment will involve a director who was not already involved in the assessment of the first complaint. In addition, the steps outlined in 1 through 5 will again apply.
5. If after handling the complaint you still do not agree with the first and/or any second or further assessments, you can turn to the KiFiD.
Below you will find the contact details of the KiFiD. To be sure, for current information, please visit www.kifid.nl.
Kifid
Postal address KiFiD: P.O. Box 93257, 2509 AG The Hague
Visiting address KiFiD: Kantoren Stichthage, Koningin Julianaplein 10, 2595 AA The Hague
Telephone number: +31(0)70 333 8 999
E-mail: consumenten@kifid.nlWebsite: https://www.kifid.nl
Conflict of interest policy Vive
Under laws and regulations, financial firms are required to have procedures and measures in place to prevent and manage conflicts of interest. Below you can read how Vive has incorporated the conflict of interest policy into its operations and the measures taken by Vive to protect the client's interest. At all times, the applicable laws and regulations take precedence and are also the guiding principles in cases of conflicts of interest.
Principles of policy.
Vive has established the policy pursuant to its license as an investment firm. The policy applies to all Vive Group affiliates.
The policy
Vive recognizes that, as with any other investment firm, there may be potential or actual conflicts of interest. Vive's policy is to protect the client's interest so that a client cannot be materially harmed as a result. Vive has defined in this policy the circumstances that may lead to a conflict and the measures taken to manage and/or prevent these conflicts.
Potential conflicts of interest
Conflicts of interest may arise in the following (non-exhaustively) listed situations, among others:
- Having an interest in the outcome of a service or transaction performed on behalf of the client that is different from the client's interest in that outcome;
- A conflict of interest among clients.
- Having a financial or other incentive to put the interests of one client or group of clients ahead of the interests of other clients;
- The provision of services by affiliates; The structure and (financing of) business activities
Because Vive's services are highly automated, the likelihood that Vive, or an employee of Vive, will have an improper influence on the manner in which asset management is conducted on behalf of a single client, or a group of clients is considered extremely low. Where clients may have a conflict of interest among themselves, or otherwise have differing interests, this is reported to the Compliance Officer.
Although the likelihood of this conflict of interest is considered low, given the service and far-reaching mode of automation, the Compliance Officer will designate individuals to represent the interests of these potentially conflicting clients.
The Compliance Officer will, in case of conflicting interests, together with the board member who is not responsible for commercial matters, weigh the interests.
With respect to the provision of services by affiliated parties, decision-making is structured such that, in the event of a conflicting interest, the interest of the affiliated party is subordinate to the interest of (the customers of) Vive.
To ensure this, the Compliance Officer will decide, together with the management of Vive, that the person in whom the related party is or may be represented does not participate in the decision-making.
Vive has established various measures, procedures and policy guidelines to recognize, prevent and manage a conflict of interest. Below is a non-exhaustive list of a number of measures which Vive has taken to safeguard the client's material interest.
Internal supervision
Vive has a board member who is ultimately responsible for compliance matters. In addition, the Compliance Officer oversees compliance with the conflict of interest policy. Agreements with related parties will be assessed by the Management Board in conjunction with the Compliance Officer on the "at arms length" principle, with the final decision-making authority resting with the Management Board member who is not involved with the related party. Periodically, at least annually, the effectiveness of the anti-conflict of interest policy is evaluated and if necessary updated. In the event that a conflict of interest arises for which the policy does not provide, the Compliance Officer will immediately update the policy accordingly.
Compensation Policy
A specific remuneration policy has been established in which the service model and the way fees are passed on to clients are not based on services that are not in the client's interest. Employees who can influence investment decisions do not receive variable remuneration. Therefore, the integration of sustainability risks into the remuneration policy is not applicable.
Private investment transaction
The personnel policy states that if an employee, wishes to make a private investment transaction it must be reported in advance to the Compliance Officer.
Donations
In addition to the regulation of private investment transactions, the personnel policy includes the regulation of gifts and regulation of ancillary activities to manage conflicts of interest.
Provision
Vive receives no commissions, fees or monetary or non-monetary concessions paid or provided by any third party.
Market abuse
To prevent employees of Vive from using (price) sensitive information for their own gain, Vive has established a regulation on private investment transactions. The regulation should ensure that (the appearance of) insider trading and mixing of business and private interests is prevented.
Functional separation
To ensure that persons cannot abuse the system, segregation of duties is ensured. A separation is made between functions in which investment services are provided and functions in which the operational processes are handled for the purpose of operations.
Communications
Any (possible) conflict of interest within Vive will be reported to the Compliance Officer, who will inform the Management Board. Compliance will investigate the reports in consultation with the Management Board. Each report will be assessed against the conflict of interest policy. A written record will be made of each relevant report in which Vive indicates how the conflict of interest was handled.
Given the specific nature of conflicts of interest, Vive will assess each report on an individual basis. If the organizational and administrative arrangements put in place by the investment firm to prevent or manage a specific conflict of interest are not sufficient, this will be disclosed at least to the, in this case, affected clients.
Version control
Asset segregation law and investor compensation. Firms providing investment services are required by law to keep their own assets separate from clients' invested assets.
If things then go wrong, their clients' investments are safe in a separate pot. Vive follows the rules of asset segregation.
The Financial Markets Authority monitors Vive's compliance with asset segregation rules. These rules ensure that should Vive go bankrupt, our customers' investments are separated from Vive's assets. As a result, customers' investments do not fall into the bankruptcy estate.
In the unlikely event that a case of fraud and/or mismanagement occurs at Vive and Vive cannot ensure the rules of asset segregation, there is the investor compensation scheme for aggrieved investors.
Investor compensation provides protection of up to EUR 20,000 per person and company.
Do you have a joint and/or investment account with your partner? If so, you are guaranteed a maximum return of EUR 40,000 together.
Moreinformation about the investor compensation scheme can be found on the website of De Nederlansche Bank.
General
VIVE Invest B.V. (Chamber of Commerce 62098896), in the rest of this document referred to as Vive Invest, hereby grants you access to www.viveapp.com and all of our VIVE Invest B.V. websites where it publishes texts, images and other materials which have been supplied by Vive Invest and others.
Vive Invest retains the right to alter the contents of the Website and mobile application or remove material without having to notify you at any point in time about such changes. The information and materials on the Website and mobile application are provided "as is" and cannot be considered an offer of services or a contract proposal. Contracts and services are only established by the acceptance of duly indicated quotations or offers by Vive Invest.
Liability
Although for the content of this Website and our mobile application great care has been taken, Vive Invest shall never be liable for losses or other damages that may result from inaccuracy or incompleteness of information on this Website and/or its mobile application. The materials on the Website and our mobile application are offered without any warranties, expressed or implied, and without any claims as to their accuracy. These materials can be subject to change at any given time without prior notification from Vive Invest. Especially all sums, prices and fees on the Website and mobile application are provided with reservation of type-, conversion-, and programming errors.
For the consequences of such errors no liability is acknowledged or accepted by Vive Invest. No agreement or contract with Vive Invest is established based on such errors. Studying the contents of this Website and/or our mobile application, signing up for newsletters or to send information requests can not cause any kind of relationship between Vive Invest and the receiver of the information.
This website may contain links to other websites. Vive Invest has no control over the content of those other sites and is not responsible for the content of those websites or other links to other websites. Transmission of web forms or other communications to Vive Invest without encryption or other secure means of communication and shall always be for the risk of the sender.
Intellectual Property Rights
This website contains information, data, software, photos, graphics and other materials protected by copyright, trademark or other proprietary rights. The content on this Website and our mobile application may not be reproduced, republished, distributed, transmitted, displayed, broadcasted or exploited in any manner without the express prior written consent of Vive Invest. All intellectual property rights with regards to these materials offered and available on the Website and our mobile application are the property of Vive Invest and its licensors. All intellectual property rights relating to this Website, including software, text, photographs, images and / or sounds are owned by us and / or the person from whom we have obtained a license.
At Vive Invest, we care about the protection of your data and privacy and how it applies to you, as a user of our website(s). In this Privacy Policy ('Policy'), you can find information about how, whether, and why we collect and use your personal information on our Vive Invest website www.viveapp.com and on our mobile application Vive App. This Policy applies to any personal information that is gathered when you use our services, visit our Website, or otherwise interact with us. We have divided this Policy into different sections. The processing of your personal data complies with the General Data Protection Regulation (GDPR), the Dutch GDPR Execution Act and the Dutch Telecommunications Act.
About us
The data controller for the processing of your personal data is VIVE Invest B.V., registered at the Dutch Chamber of Commerce with registration number 62098896. Our address is Keizersgracht 268, 1016 EV Amsterdam, the Netherlands.
If you have any questions about the processing of personal data resulting after reading our Privacy Statement, you can contact us at privacy@viveapp.com.
Types of personal data we collect
To assess and open Vive Website and Mobile Application accounts, we can collect and use the following personal data:
- First and last name
- Date, country and place of birth
- Nationality
- Gender
- Residential address
- Telephone number
- Email address
- Social security numbers and/or other tax identification numbers
- Counter IBAN
- Device data (such as type of device, operating system, IP-addresses and advertising IDs)
- Location data via GPS
- Uploaded images/content
- Device data of added devices and API-keys
- Financial and banking data, product subscriptions and transaction history
- Cookies and usage date on how you use our products and services
- Correspondence with Vive Invest and support data (telephone, chat conversations and email)
- Additional information related to opening an account and creating your personalized investment
- Plans such as your knowledge and experience of financial markets, your financial situation, investment situation and preferences and your risk preferences
- Marketing data (statistics related to our marketing campaigns and data to measure this)
Information about our communication
- When you send us an email, or chat with us online or via social media, we save your correspondence with us if you are already a customer or in the process of becoming one or contacting us to find more about our products and/or services.
- Information we collect when you use our Website and/or our mobile application.
- When you visit our Website and mobile application or use our services, we may register your IP address, browser type, operating system, referring website, web-browsing behaviour.
- We may receive an automatic notification when you open (or open a link from) newsletters from us.
Information in relation to social media
Depending on your social network settings, we may receive information from your social network provider. For example, when you sign in for our services using a social network account, we may gather publicly available information you give us access to from your social network profile, including your contact details, interests, and social network.
For more information on the personal data that we receive from your social network provider, and how to change your privacy settings, please refer to the website and the privacy policy given by your social network provider.
Information you choose to share with us
You may also choose to share information with us. For example, when you leave a comment for us on Facebook, fill out a survey, submit a contact or application form, leave a review or submit an entry for a contest or scholarship, you have opted to share personal information with us.
You may also choose to share information with us. For example, when you leave a comment for us on Facebook, fill out a survey, submit a contact or application form, leave a review or submit an entry for a contest or scholarship, you have opted to share personal information with us.
Purposes of processing your data
Vive Invest processes your personal data in accordance with the laws and regulations based on several legal grounds. Vive Invest processes personal data to provide our services. For example, personal data is processed to:
- Comply with legal obligations
- To preserve our agreement and to provide our services in a secure manner, we process your personal data. For example, we need your contact information to keep you informed about relevant developments, and we store correspondence data to improve our customer services.
- To make your user experience easier and more effective, we may assess how you use our services, and combine this data with information collected via your personal account, registration details, cookies, and similar technologies. This combination enables us to, for example, optimize our search algorithms and offer a better customer experience.
- To create better and personalized investment strategies
- To process personal information for (direct) marketing purposes. This means we may use your personal information to send you newsletters, emails, promotions, or other marketing communications. We use the results of our analysis to tailor our marketing communications to your specific interests and preferences. For example, if our analysis shows that you may be interested in certain services, we may customize our newsletters and Website with content that is relevant to you. We may use different channels for our marketing communications, such as emails, social media, and your personal online account during different time frames and in recurrent manner.
- To initiate and evaluate business relationships. Your personal data will be processed for the entering into agreements and the performance thereof to the point of commercial services and the managing of the business relations which emerge from them, including the performance of activities aimed at the expansion of our client database.
Vive Invest is allowed to process personal data for this purpose because you gave consent or because Vive Invest has a legitimate interest. The consent can be withdrawn at any moment, and you can object at any moment to the processing of your personal data for direct marketing purposes. The withdrawal of consent or exercise of your right to object does not affect the lawfulness of the processing prior to the moment of withdrawal or exercise of the right to object.
You may object or revoke your consent for receiving marketing communications at any time, by following the instructions in the relevant marketing communication or by sending an email to privacy@viveapp.com.
Legitimate and legal interests
In many cases, we are legally required to store certain data about you, for example to verify your identity, for research and to create personalized investment plans.
We can also process certain data when we have a legitimate interest to do so. For example, to prevent and combat misuse, to research and analyze the use of our products and services for marketing purposes, for information and system security or to share certain data with governmental institutions.
Disclosing or sharing data with third parties
General
We reserve the right to release personal information without your consent or without consulting you, when we deem it necessary to comply with our legal obligations, to enforce our terms and conditions, to protect the security of our Website and application, or to prevent fraud.
To be able to provide our services, we share certain personal data with third parties. We keep the sharing to a minimum and ensure these third parties will handle your personal data with the same care as we do. This means, among other things, we sign Data Processing Agreements. The third parties or categories of third parties with whom we share data are: Auth0, Onfido Limited, Online Payment Platform, Pipedrive, and Twilio.
Governmental institutions
To comply with laws and regulations we can share data with the concerned institutions. For example, the Tax Authorities can request financial data and we can share data with the Dutch Central Bank for participating in the Deposit Guarantee Scheme. Next to this, Vive Invest can have a statutory or legal obligation to share personal data with investigating authorities to prevent and combat misuse, fraud and crimes.
Security and retention
Vive Invest takes the safeguarding of your information very seriously. Vive Invest will take appropriate technical and organizational measures to protect your personal data against loss or unlawful use. These measures include but are not limited to: facilities protected by appropriate security measures, encryption of devices, version tracking and access to our databases is limited to key personnel and IP addresses and use of it is logged. Personal identifiable information and account activity are also protected through the use of user names and passwords. In order to help maintain the security of your information, you should protect the confidentiality of your user name and password.
How long we keep your personal data
We will hold all the data for so long as we have an obligation to the Customer to provide the Services, and thereafter until such time as we delete the Customer's account in accordance with our Customer Terms and Conditions.
Your personal information will be deleted on one of the following occurrences: - deletion of your personal information by you (or by another person engaged by the Customer); or - receipt of a written request by you (or another person engaged by the Customer) to us
For a large amount of data, we are legally obliged to retain this for a minimum of 5 to 7 years after ending the customer relationship. After this period, we don't store your personal data longer than legally allowed and no longer than necessary for the purposes the data was collected for.
We are able to store personal data for longer periods with a valid legal ground, or when the data is sufficiently (for example) pseudonymised or anonymised.
Your Rights
You can request access to or a copy of your personal data collected by us. You may also request the rectification and removal of personal data or the restriction of the processing of your personal data, if there is a reason for doing so. You also have the right to data portability. You also have the right to object to a processing on grounds relating to your particular situation or against the processing of your personal data for direct marketing purposes. More information on your rights is available at: https://autoriteitpersoonsgegevens.nl.
To exercise your right(s), please send us an email at privacy@viveapp.com or mail us: VIVE Invest B.V., Keizersgracht 203, 1016 DS Amsterdam, The Netherlands.
Revoking & limiting consent
When you have provided us with permission to process personal data, or when we process your personal data based on legitimate interests, you are able to revoke this permission in an easy manner or ask us to limit the use of your data. Revoking your permissions does not mean that stored data is deleted.
Direct marketing & usage data
If you do not want your data to be used for direct marketing activities and analysis of the usage of our products and services, you can let us know via the VIVE app anytime. Next to this, our communication via email contains the possibility to unsubscribe from these messages.
GPS and image and content access
While using the VIVE app, you can provide permission to process location data. If you no longer want us to use location data, you can revoke these permissions easily. This permission is also offering the possibility to protect your account, sending, for example, notifications when there is a login from an unknown location. You'll find these settings in the VIVE app. You can revoke provided permissions at any given moment.
Images and content that you use to personalise your VIVE account can be easily changed in the VIVE app.
Cookies
For more information on how to delete cookies, please see our Cookie Statement.
Modifications to this Policy
This Policy is effective as of 23 of October 2018. We reserve the right to alter or otherwise make changes to this Policy. Notices may be by email to the last email address you provided us, by posting notice of such change on our Site or the Optimizely Service, or by other communication channels. You consent to receiving notices in these ways. We reserve the right to determine the form and means of providing notifications to you, consistent with applicable law. Changes take effect as soon as the Policy is posted.
Questions or complaints
If you have any question or complaints about the processing, please send an email to us at privacy@viveapp.com. If you feel that your rights have been violated, you may also make a complaint with the Autoriteit Persoonsgegevens, the Dutch Data Protection Authority(www.autoriteitpersoonsgegevens.nl). For more information on the protection of personal data, please consult the website of the Autoriteit Persoonsgegevens.
Contact Us
If you have any questions about this Privacy Policy or our privacy practices, please contact us at privacy@viveapp.com.
This policy is designed to inform you about our use of cookies, local storage objects and similar Technology. For ease of reference, unless otherwise stated below, we will use the term "cookies" in this policy to refer to all of these Technology. This Cookie Policy is part of our Privacy Policy (link) which also includes additional details about our collection and use of information. This cookie statement applies to www.viveapp.com, VIVE mobile application and all associated domains of VIVE Invest B.V., registered at the Dutch Chamber of Commerce with registration number 62098896. Our address is Keizersgracht 203, 1016 DS Amsterdam, the Netherlands.
About cookies
Websites use techniques that increase user-friendliness and make the websites as interesting as possible for each visitor. The best-known examples of such techniques are cookies and scripts. (Hereinafter "cookies"). Cookies may be used by website owners or by third parties - advertisers, for example - who communicate via the website you visit.
The use of cookies is safe. No personal information, such as a telephone number or an e-mail address, can be traced back to cookies. As a result, cookies cannot be used for e-mail and/or other marketing actions.
We think it is important that you know which cookies our Website and mobile application use and for which purposes they are used. We want to guarantee your privacy and user-friendliness as much as possible. Below you can read more about the cookies we use and for which purposes.
For which purposes do we use cookies?
We use cookies for the following reasons:
- To make sure the Website and mobile application function properly
- To measure usage of the Website and mobile application
- To display advertisements on our Website and mobile application
- To measure the relevance of our information and your interest in the offer
Below we make clear how we use cookies for these applications.
Cookies to measure usage of the Website and mobile application
In order to determine which parts of the Website and mobile application are most interesting for our visitors, we continuously try to measure, with the help of a third-party software, the number of visitors/users and the most frequently viewed parts. We use cookies for this purpose.
The information we collect in this way is used to compile statistics. These statistics give us insight into how often our web page is visited, where exactly visitors spend most of their time, and so on. This enables us to make the structure, navigation and content of the Website as user-friendly as possible for you. The statistics and other reports are not traced back to persons unless they register on the Website.
See below for a list of the cookies we use to gather statistics, what data they collect and how long they are used.

For the cookies that our third parties place and the possible data that they collect, we refer to the statements that these parties provide on their own websites about this; see the links below. Please note that these statements are subject to change on a regular basis. A third party is Google Analytics: https://www.google.com/policies/privacy/
Cookies for the display of advertisements
These cookies are used by advertising networks who act as intermediaries between Vive Invest and advertisers. They are used to show relevant, personalised advertisements or offers through every type of medium (e.g. e-mail, social media, banner ads) based on your behaviour on our Website. They are also used for remarketing advertisements.
These cookies are used to:
- Show relevant, personalised advertisements or offers through every type of medium (e.g. e-mail, social media, banner ads) based on your behaviour on our Website and mobile application
- Limit the number of times each advertisement is displayed;
- Measure the effectiveness of an advertising campaign;
- Make a link to social media, so that you can be recognised when you wish to use social media through Vive Invest Website and mobile application.
See below for a list of the cookies media agencies, advertising networks, and/or we use in combination with advertisements, what data they collect and how long they are used. This list is subject to change.

If such cookies are not used, you will still see advertisements. This is because advertisements are also shown to users who do not use cookies. These advertisements may, for example, be adapted to the content of the Website and/or mobile application.
For the cookies that our third parties place for advertising purposes, we refer to the statements that these third parties provide on their own websites. Please note that these statements are subject to change on a regular basis. Vive Invest has no influence over this.
- Google AdWords Conversion (Google): https://policies.google.com/privacy
Other / Unforeseen Cookies
Due to the way the internet and websites work, we may not always have insight into the cookies that are placed by third parties via our Website or mobile application. This is particularly the case if our web pages contain so-called embedded elements; these are texts, documents, images or films that are stored with another party, but which are shown on, in or via our Website and/or mobile application.
Browser Settings
If you do not want websites to place cookies on your computer at all, you can change your browser settings so that you receive a warning before cookies are placed. You can also change the settings in such a way that your browser rejects all cookies or only the cookies of third parties. You can also delete cookies that have already been placed. Please note that you will need to change the settings separately for each browser and computer you use.
Please be aware that if you do not want cookies, we will no longer be able to guarantee that our Website is working properly. It is possible that some functions of the Website are lost or even that you can't see certain websites at all. In addition, the refusal of cookies does not mean that you will no longer see any advertisements. The ads will no longer be tailored to your interests and will be repeated more often.
How to adjust your settings varies from browser to browser. If necessary, consult the help function of your browser. If you want to disable cookies from specific parties, you can do so via www.youronlinechoices.com.
Other Remarks
We will have to amend these statements from time to time, for example because our Website or the rules surrounding cookies change. We may change the content of the statements and the cookies at any time and without prior warning. You can consult this web page for the latest version.
If you have any questions or remarks, please contact privacy@viveapp.com.
Investment beliefs of Vive
Vive wants you to be able to achieve your goals through your investments. The investments and investment portfolios are in the service of achieving your financial goals. Vive's asset management to private clients provides the desired investments with an efficient ratio between return and risk, at low cost, in a transparent manner and taking into account widely accepted ESG criteria (i.e. in the areas of environment, social relations and good corporate governance).
Sustainability Policy
At Vive, investing goes beyond financial aspects. Vive incorporates sustainability criteria into its selection policy. Vive strives to select investment funds and managers that excel in sustainability within their category. Sustainability is approached from two sides.
Sustainability risks (outside-in): Vive analyzes sustainability risks around environmental, social and governance (ESG) issues that can affect investments. We incorporate these into our investment process to make better choices and make our portfolios stronger.
Sustainability impact (inside-out): Vive does not have a target for sustainable investments but promotes social characteristics through its selection policy. Vive does this based on the frameworks from the Sustainable Finance Disclosure Regulation (SFDR), the European legislation that promotes transparency around sustainability.
Vive selects investment funds based on a selection policy, where sustainable characteristics are taken into account, with the aim of a balanced risk-return ratio. The selection criteria based on sustainability are based on the following principles:
1. Exclusion Policy
Vive invests only in funds that exclude investments based on a structured policy, whenever possible within the asset class.
2. Best-in-Class Selection
We select only funds that excel in sustainability:
- At least an MSCI ESG rating of BBB, to mitigate sustainability risks.
- At least an SFDR Article 8 rating (preference for Article 9).
For government bonds, this requirement is not applied by default.
3. Voting Rights and Engagement.
For equity funds, we invest only in funds that actively use their voting rights and encourage companies to behave more sustainably.
4. Social Characteristics
Vive promotes social values such as:
- No investments in controversial weapons.
- Limiting investments in the tobacco industry.
- Respect for human rights, labor rights and combating corruption according to the UN Global Compact.
This policy ensures that our investments are not only financially strong, but also contribute to social and sustainable goals, in line with changing laws and regulations. See the Vive Sustainability Policy and SFDR documents for more information.
Spreading risk and keeping costs low are important
Vive believes that investing is best done through broadly diversified portfolios. Vive strives to diversify as much as possible across asset classes, and within them across geographic regions and sectors. Avoidable risk that is not rewarded by a positive expected risk premium (excess return above the risk-free rate) should in principle be avoided.
Vive does not believe that market timing and tactical asset allocation add value to the client after fees. Vive does not believe that trying to beat the market structurally adds value to the client net of fees. With active management, it is very difficult to outperform the market average. Therefore, the policy is to select funds on a "passive where possible" basis. Vive believes that active management makes sense for less efficient or inefficient markets if it leads to better risk management. Vive's focus within portfolio management is on constructing portfolios by risk level as best as possible based on realistic and plausible (long-term) economic scenarios. Customers' investment horizons range from short-term to long-term. Outsourcing to external asset managers, or providers of unlisted mutual funds in which Vive invests for its clients, allows Vive to focus on adding value for you as a client. Vive can select the mutual funds itself. Vive invests only through unlisted UCITS in the selected asset classes.
Focus on risk management
Risk management is crucial to sustainable asset management. This means measuring risk frequently and adjusting the portfolio as needed. Vive adopts the principle that the value of downside risk of optimal portfolios is updated quarterly and that the composition of optimal portfolios can be adjusted accordingly to achieve the best ratio of expected return to downside risk. To ensure that clients' investment plans remain close to the intended risk profile, Vive monitors your investment portfolios daily and applies rebalancing of the portfolios if they deviate too much from that risk profile. The actual composition is then aligned with the strategic portfolio belonging to the investment plan at the time of rebalancing.
In which investment categories will the money be invested?
The asset classes that qualify for the optimal portfolio should have a positive expected risk premium that is scientifically substantiated.
Based on the investment beliefs, Vive can fill the portfolios with the following asset classes:
- Money market investments in euro;
- Government bonds denominated in euro or hedged to the euro;
- Investment grade corporate bonds denominated in euro or hedged to the euro;
- Global equities, in mature markets and emerging markets;
- High Yield corporate bonds, i.e. corporate bonds of lower credit quality than Investment Grade.
Vive determines a representative index series for each category, which is used to determine the statistical characteristics in Vive Technology's Economic Scenario Generator model. These characteristics determine the degree of risk dispersion across categories.
How does Vive select the funds for each asset class?
Vive offers asset management through investments in unlisted mutual funds ("funds"). Vive does not invest in its own funds but uses third-party funds; this prevents unwanted conflicts of interest.
Vive selects third-party funds based on the following criteria:
Liquid: The portfolio is set up with unlisted open-end mutual funds that are tradable on a daily basis.
High degree of risk diversification: there is broad diversification within the fund: there are sufficient names in each investment fund and care is taken to ensure that no individual investment has an excessive allocation within the fund, both in terms of euro weighting and risk weighting. This is tested by applying a 5% worst case scenario to the two largest positions in the portfolio and checking that it does not exceed the Value at Risk of the relevant asset class. If exceeded, the fund does not meet the risk diversification criterion and is not eligible for selection.
Low cost: The ongoing expense factor (OCF) must be low. This is tested by comparing the OCF of a fund to be selected with the median OCF of comparable funds. The amount of any entry fee or exit fee must be market-based.
Sustainability Criteria: Vive invests only in funds that meet our sustainability criteria (see above for more information).
Appropriate mandate of the instrument: The Fund's benchmark reasonably matches the representative index series on which the statistical characteristics are based; the tracking error between the two indices is not expected to exceed 1%. This is about two index series. The index series on which the statistical characteristics are based refers to the index series used to determine the parameters in the Economic Scenario Generator model. The other index series, from the benchmark, refers to the fund's benchmark. The investment universe and risk constraints contribute to sufficient risk diversification. For an index tracker, the replication method ensures a good fit with the benchmark (e.g., full replication). The fund's management style is passive and responsible whenever possible.
Good quality asset manager: The asset manager has a proven track record (i.e. has demonstrated reliable asset management in the relevant asset class), has its own risk management in order and has a stable organization. Vive specifically sets an AFM registration of the fund manager and the fund as a criterion. In addition, the fund must have a reliable custodian.
Suitable and permitted for retail investors within the European Union: The fund has UCITS (UCITS) status and for the fund the Key Investor Information Document (EBI, in English: KIID) is available in the English language and in the language of the country where Vive offers the app. This means that the EBI is available in the Dutch language for the funds used for clients in the Netherlands.
Funds with securities lending and unnecessary use of derivatives should be avoided: Vive has a strong preference for funds with no securities lending and no use of derivatives (such as total return swaps). Vive considers the addition of counterparty risk through securities lending undesirable because it is not a transparent source of risk for the client. The use of derivatives in a fund introduces additional risks that cannot be clearly understood by non-professional investors. If a fund without securities lending or derivatives use is not available for a specific asset class, but the improvement in risk-return ratio for Vive's clients is significant, Vive may still consider adding this fund. In this case, it will be specifically recorded and communicated to clients in what manner it deviates from Vive's principle for securities and derivatives lending, and why Vive considers it in the interest of clients that the fund in question may be part of client portfolios. Excluded are funds that use so-called exotics (custom derivatives).
How are investment plans made?
Vive helps clients set investment goals based on preferences that clients specify and within the client's risk tolerance profile based on the client's stated risk appetite. Using a software-defined procedure, an optimal investment strategy is then derived for each goal plan. This strategy is a so-called lifecycle strategy: the "investment risk decreases as the end date approaches.
Vive determines an optimal investment portfolio within the client's risk profile. Vive provides portfolio optimization and rebalancing after adjusting the risk-return characteristics of the underlying asset classes. The optimal portfolios and forecasts for the median and worst-case scenario are based on an economic scenario set generated quarterly by the Economic Scenario Generator model.
Investment plans are implemented by investing for each investment plan in an optimal portfolio belonging to the level of risk the client accepted when the plan was created (or last revised). Vive uses the same consistent portfolio optimization to fill out the investment mix in the different types of investment plans.
Portfolio optimization with eligible asset classes is done by selecting, at each desired Value-at-Risk (VaR) level, the portfolio with the highest expected return (median scenario) based on a realistic 1-year scenario. Vive uses a robust optimization technique to minimize the impact of extreme deviations. The VaR level is determined as the 5% percentile of the probability distribution of portfolio returns.
Part of Vive's services includes rebalancing the portfolios in the investment plans created by the client. Differences between the actual portfolio and the strategic portfolio for the client's investment plan can occur due to price movements and change in the strategic portfolio. The purpose of rebalancing is to align the actual portfolio with the strategic portfolio associated with the specific investment plan at that time.