INTERNATIONAL: GDPR and Investment Funds

Monday May 14 2018

The 25th May 2018 implementation data for General Data Protection Regulation (GDPR) is fast approaching.

Investment Funds, AIFMs and UCITS management companies are likely to be considered data controllers under GDPR. Fund administrators, distributors, investment managers and depositaries are likely to be regarded as data processors (a natural or legal person who processes personal data on behalf of the data controller) but ultimately this is a question of fact Personal data means any information relating to a data subject, who can be identified, directly or indirectly. This can include, for example, KYC documentation, share registers, and data and information on directors and employees of a management company. In the context of the investment fund industry, this means the personal data of natural investors, or officers and employees of corporate entities.

Breaches of the forthcoming GDPR can have significant implications, including fines of up to €20 million or 4% of a firm’s global turnover, whichever is higher.

Please click on the above link for more information.