Guernsey Funds Law Series - Data Protection Law Requirements

KEY TAKEAWAYS

• The Data Protection (Guernsey) Law, 2017 (as amended), which was introduced to broadly mirror the EU General Data Protection Regulation, came into force on 25 May 2018

• Funds or fund managers will likely be considered data controllers and be subject to Guernsey's data protection regime by virtue of collecting personal data (ie data relating to an identified or identifiable person) when investors subscribe for interests in the fund

• Where personal data is lost, corrupted, improperly disclosed, accessed or distributed, it is necessary to contact the Office of the Data Protection Authority in Guernsey within 72 hours except in certain circumstances

The Data Protection (Guernsey) Law, 2017 (as amended) ("DPGL"), which was introduced to broadly mirror the EU General Data Protection Regulation, came into force on 25 May 2018.