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ARTICLE · 03 JANUARY 2018

GDPR for Funds: Is Consent Required From Investors?

Maples Group
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As the MIFID II dust settles, another new regulatory minefield on the horizon for fund managers is GDPR - the new pan-EU legislative framework for the protection of personal data. It comes into effect on 25 May 2018.

IrelandFinance and Banking
Stephen Carty
Stephen Carty
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As the MIFID II dust settles, another new regulatory minefield on the horizon for fund managers is GDPR - the new pan-EU legislative framework for the protection of personal data. It comes into effect on 25 May 2018.

A question we are frequently asked is whether fund managers need to obtain express consent from individual investors to use their personal data, for purposes including direct marketing. In most cases, consent should not be required.

GDPR sets out six lawful reasons for using personal data. One or more of these reasons must exist in order to permit lawful use of personal data. Based on the Article 29 Working Party's Consent Guidelines, there can't be "back-up" reasons for use. It is therefore critical to determine the reason(s) for use of personal data and maintain that position consistently. 

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