Data Protection For Funds Under The BVI Data Protection Act

Under the BVI Data Protection Act (the "Act"), funds must adhere to several key data protection principles to ensure the proper handling and protection of personal data.

These principles are designed to safeguard the rights of data subjects and ensure that personal data is processed lawfully and transparently.

The key principles include:

• Fair and Lawful Processing: Personal data must be processed fairly and lawfully. This means that funds must have a legitimate basis for processing personal data and must inform data subjects about the purposes for which their data is being processed.
• Purpose Limitation: Personal data must be collected for specified, explicit, and legitimate purposes and not further processed in a manner that is incompatible with those purposes. Funds must ensure that data subjects are aware of the purposes for which their data is being collected and processed.