Section
Last updated: May 2025
Definitions
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AIFM (or the “Company”) |
Means Blackbeard Asset Management Ltd, the company incorporated under the Law of Cyprus with the registered number: HE432261 and the registered address: 224 Archiepiskopou Makariou III, Achilleos Building, 3rd floor, office 32, 3030 Limassol, Cyprus, which has been authorized under the Alternative Investment Fund Managers Law 56(I)/2013 of Cyprus Law. |
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AIF (or the “Fund”) |
Any collective investment undertaking (including investment compartments or “Sub-Funds” thereof) which: (a) raise capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of those investors; and (b) do not require authorization pursuant to section 9 of the Open-ended Undertakings for Collective Investment Law of 2012 or the legislation of any other EU Member State which harmonizes article 5 of Directive 2009/65/EC; and (c) includes hedge funds, private equity, real estate funds and all other types of non-UCITS funds whether incorporated in the EU or not. |
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Business Day
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Means any day (other than a Saturday, Sunday, or public / bank holiday) on which banks in Cyprus are open for normal banking business or such day or days as may be determined by the Directors. |
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CF |
Means Compliance Function. |
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CySEC |
Means Cyprus Securities and Exchange Commission, which is the regulatory and supervisory authority of the AIFM under the provisions of the AIFM Law. |
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Cyprus |
Means the Republic of Cyprus. |
General Provisions
Purpose & Scope
The Company has established, implemented, and maintains efficient and transparent procedures for reasonable and prompt handling of complaints of investors in the Funds under its management (the “Compliant Handling Policy” or the “Policy”). The main purpose of the Company is to provide services of the highest quality and therefore this Complaint Handling Policy applies both to the Company itself and to those service providers to whom the Company has delegated or outsourced, whether fully or partially, its functions.
This Complaints Handling Policy is communicated to all employees and directors of the Company by the Head of CF who ensures that the employees and directors always possess the latest version of the Policy.
This Complaints Handling Policy has been designed to provide investors with sufficient guidance and responses to the following questions:
- What is a Complaint?
- Who can submit a Complaint?
- Which language the Complaint should be completed in?
- Should an investor pay for the submission of the Complaint?
- What is the way for an investor to submit a Complaint?
- Which information should be provided in the Complaint?
- Which information the investor will receive after submitting the Complaint?
- Will the Company contact the investor for any additional information?
- When should the investor expect an answer with the final decision of the Company?
- What to do if an investor is dissatisfied with the final decision provided by the Company?
- Will the Company register the Complaint?
- What is a Complaint Registry?
- How long will the Complaint be stored within the Company?
- Who is responsible for the Complaints Handling Policy and procedures thereof within the Company?
- How will the Complaint be investigated?
- How will the investors know if there were any changes to the Complaints Handling Policy or procedures thereof?
- Where can the form for submitting a Complaint be found?
Complaints Handling Process Guidelines for Investors
What is a Complaint?
«Complaint» means a statement of dissatisfaction addressed to the Company by an investor (whether existing or former) relating to the services provided by the Company.
Who Can Submit a Complaint?
A Complaint can be submitted by an individual or a legal entity that is either current or former investor in any of the AIFs under the Company’s management (the “Eligible Investor”).
Which Language the Complaint should be Completed in?
The Complaint should be submitted by the Eligible Investor either in Greek or in English.
Should an Investor Pay for the Submission of a Complaint?
An Eligible Investor can file a Complaint free of charge.
What is the Way for an Investor to Submit a Complaint?
An Eligible Investor is required to complete the COMPLAINT FORM provided in response to question 3.17 of this Complaints Handling Policy and submit it to the Company in one of the following ways
- By e-mail to complaints@blackbeard.eu;
- By sending the Complaint by post at the following address: 224 Archiepiskopou Makariou III Avenue, Achilleos Building, 3rd Floor, Office 32, 3030 Limassol, Cyprus;
- In person, by visiting the Company’s office at the following address: 224 Archiepiskopou Makariou III Avenue, Achilleos Building, 3rd Floor, Office 32, 3030 Limassol, Cyprus.
Which Information should be Provided in the Complaint?
An Eligible Investor who wished to file a Complaint, will be required to provide at least the following:
- Full name and the ID number;
- Contact details (phone, e-mail, address);
- Brief, but specific description of the issue, which has caused the Complaint;
- Amount of funds involved (where applicable);
The Company reserves the right to request from the Eligible Investor additional details and information in connection with the Complaint filed to assist its investigation process.
Which Information the Investor will Receive after Submitting the Complaint?
Within five (5) Business Days from the date of the receipt of the Complaint by the Company, the Company will contact the Eligible Investor and confirm receipt of the Complaint, subject to a careful assessment of the investor’s eligibility to meet the criteria to be considered an Eligible Investor.
The Eligible Investor will be provided with a Unique Reference Number (“URN”) of the Complaint. This URN shall be used by the Eligible Investor in all the future communication with the Company or any competent authorities (where applicable).
The Eligible Investor will also receive the identity and contact details of the responsible person to whom the Complaint is directed to and indicative handling times.
Will the Company Contact the Investor for any Additional Information?
The Company at its own reasonable discretion may contact the Eligible Investor where any clarifications or any further information or documents are or may be required for the proper investigation of the Complaint submitted.
When should the Investor Expect the Company’s Response with the Final Decision?
The Company is committed to resolving a Complaint within four (4) calendar weeks from the date of the receipt of the Complaint. The final decision will contain a thorough explanation of the Company’s position.
If the nature of a Complaint requires any further investigation, and the Company cannot resolve it within the customary four (4) calendar weeks, the Company will issue a holding response to the Eligible Investor in writing or in another durable medium. When a holding response is sent, it will indicate the causes for the delay and an estimate of when the Company’s investigation is likely to be completed.
In any event, the Company will provide the Eligible Investor with the outcome of the investigation no later than one (1) month from the issuing of the holding response.
In the event, that the Company is unable to respond within one (1) month, the Eligible Investor will be informed of the reasons for the delay and receive an indication for the period during which, in reasonable estimate of the Company, it is possible to complete the investigation, which in any event shall not exceed a total of two (2) months from the date of receipt of the Complaint.
What to Do if an Investor is Dissatisfied with the Final Decision Provided by the Company?
The Company aims to reasonably resolve Complaints received as soon as practicable as well as to satisfy the Eligible Investor. If, however, for whatever reason the Eligible Investor, is not satisfied with the Company’s response, he or she may escalate the Complaint to the financial ombudsman of the Republic of Cyprus and has the right to contact CySEC or proceed with alternate dispute resolution mechanisms.
Will the Company Register the Complaint?
Details of any Complaint must be recorded in the Complaint Registry of the Company. If during the investigation, any additional information and / or documents were collected, all the related data shall be retained by the Head of the CF of the Company in line with the established recordkeeping procedures of the Company.
What is a Complaint Registry?
The Company has developed and maintains the Complaint Registry, where it records the following information:
- URN of the Complaint;
- Date of the Complaint;
- Time and date when the Complaint was received (in the event the Complaint was sent by post, the date of the Complaint and date of its receipt by the Company may differ);
- Eligible Investor’s identification and contact details, including e-mail, telephone number, and address;
- Description of the Complaint;
- Person in charge and / or the Company’s department in charge;
- Name of the investigator appointed by the Company to deal with the Complaint;
- Amount of funds involved and / or a loss that the Eligible Investor claims he / she has suffered;
- Solutions and actions taken;
- Date and content of the Company’s response to the Eligible Investor in connection with the Complaint received.
The Head of CF is responsible for the proper maintenance and recordkeeping of the Complaint Registry.
The Complaint Registry will be available to CySEC upon request.
How Long will the Complaint be Retained in the Information Systems of the Company?
The Company will retain all Complaints for a minimum period of five (5) years (or for seven (7) if this is so required by CySEC) after the relationship termination with an Eligible Investor, who has submitted the Complaint.
Who is Responsible for the Complaints Handling Policy and Procedures thereof within the Company?
The Head of the CF of the Company is responsible for Complaints handling process and he / she shall:
- Ensure that the Complaints are investigated fairly, and conflicts of interest are properly identified and mitigated;
- Consider Complaints as a source of relevant information in the context of her / his general monitoring responsibilities;
- Investigate the Complaint diligently and impartially, including via obtaining additional information as necessary;
- Register all Complaints and maintain appropriate records of any information relevant to it;
- Review the Complaints Handling Policy at least on an annual basis and advise to the Board of Directors on necessary amendments in the Complaints Handling Policy or related procedures;
- Ensure the Complaints Handling Policy is followed by all employees and directors of the Company as well as by delegates to whom certain functions are delegated.
How will the Complaint Be Investigated by the Company?
The Complaints should be received by the Head of CF, who initiates the start of investigation. If a Complaint has not been submitted to the Head of CF but to any other employee or director of the Company, such a Complaint should be immediately forwarded to the Head of CF. The Head of CF should inform the Company’s senior management about the receipt of the Complaint without any delay.
The Head of the CF collects all the necessary information for the investigation, which may include previous and / or existing communication with the Eligible Investor, account statement(s), subscription and / or redemption forms, trading records, as well as any other information, including clarifications provided by the heads of departments responsible for provision of services under concern.
If any additional clarifications are required from the Eligible Investor who submitted the Complaint, a relevant request should be arranged in a prompt manner and the information received should be assessed carefully and recorded accordingly.
In case, during the inspection, the Head of the CF experiences any material obstacles (for example, the required information has not been provided, the requested access hasn’t been granted,) or whether any material risks or concerns were identified, this should be immediately brought to the attention of the bord of directors of the Company.
Once the investigation in concluded, the Head of the CF shall provide his / her conclusion to the board of directors of the Company in the form of a brief written summary, containing a brief detail of the Complaint, the investigation undertaken, the outcome of the investigation and the proposed decision.
The final decision and the proposed response in connection with the Complaint, which shall include inter alia a detailed description of the reason(s) for the outcome of the investigation undertaken, should be first approved by the board of directors, and only then sent to the Eligible Investor who submitted the Complaint.
How will the Investors Know if there were any Changes to the Complaints Handling Policy or Procedures thereof?
The Company is responsible for circulating the most updated version of the Complaints Handling Policy to both prospective and Eligible investors. Therefore, if any changes to the Complaints handling process occur, such changes shall be immediately reflected in the Complaints Handing Policy. In the event of any amendments to this version of the Complaints Handing Policy, the Eligible Investors, whose Complaint is under investigation, will be duly informed and will receive an amended version of the Complaints Handing Policy.
Where Can the Form for Submitting a Complaint be Found?
Section 4 below provides the Complaint Form which needs to be completed and submitted by the Eligible Investor to file the Complaint. The provision of full and accurate information is highly important for a proper investigation and evaluation of the Complaint by the Company.
The Complaint Form provided below is indicative and not exhaustive.
It should be noted that the Company may request further information and / or clarifications and / or evidence with regards to the submitted Complaint.
Complaint Form
Complaint Form
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Part A.
To be completed by an individual who submits the Complaint:
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Last Name |
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First Name |
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ID or Passport Number |
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Registered Address: Street, Number, Floor Post Code City, Country |
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Postal Address (if differs from the Registered address) |
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Telephone |
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PART B.
To be completed by a representative of a Legal Entity that submits a Complaint.
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Legal Entity Name |
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Registration Number |
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LEI (if applicable) |
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Registered Office Address: Street, Number, Floor Post Code City, Country |
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Full Name of the representative |
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Capacity of the representative (the supporting document should be provided) |
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Telephone |
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Part C.
- Description of the complaint’s subject matter (please clearly specify the subject matter of the complaint). Please provide documentation supporting the facts mentioned.
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- Date(s) of the facts that have generated the complaint.
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- Description of damage, loss or detriment caused (where relevant)
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- Other comments or relevant information (where relevant)
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Signature: