Implications Of The BVI Data Protection Act For Investment Funds

Overview

The Data Protection Act, 2021 (the "Act") was brought into force in the BVI with immediate effect on 9 July 2021 and introduces, for the first time in the British Virgin Islands, a legislative framework for data protection based on a set of internationally recognised privacy principles.

The Act provides that its objects are to:

• safeguard personal data processed by public bodies and private bodies by balancing the necessity of processing the personal data and protecting personal data from unlawful processing; and
• promote transparency and accountability in the processing of personal data.

Application of the Act to Private Bodies

A private body is defined as a body that (a) carries on any trade, business or profession, but only in that capacity; or (b) has legal personality.