Cayman Funds – How To Prepare For The Data Protection Law

The Cayman Islands Data Protection Law, 2017 (DPL), will now come into force on 30 September 2019 and will regulate the future processing of all personal data in the Cayman Islands. Drafted around a set of internationally recognised privacy principles, the new law provides a framework of rights and duties designed to give individuals greater control over their personal data, and will stand as the most comprehensive data protection law in the region.

With the implementation date now set, Cayman funds should take steps to ensure they understand their obligations under the new law. The funds should put policies and procedures in place to ensure the proper protection of all personal data under their control and create an effective governance regime for approving, overseeing, implementing and reviewing those policies. With reputations and criminal liability soon to be at stake, fund managers need to get it right.