Ogier urges fund managers to take action ahead of introduction of Cayman data protection law
Managers of Cayman funds are being encouraged to act now to ensure they fully comply with the new obligations of the Cayman Islands Data Protection Law, 2017 scheduled to come into effect on 30 September 2019.
The new law will enact a framework of rights and duties to regulate the processing of individuals' personal data broadly based on the same internationally recognised privacy principles that form the basis for other data protection laws globally.
Ogier partner James Heinicke says that the law will regulate the processing of all personal data in the Cayman Islands and will affect any entity established in the Cayman Islands, including investment funds, that processes personal data regardless of whether such processing takes place within the Cayman Islands and regardless of whether the personal data relates to Cayman individuals.
"With this new law to come into force imminently, it’s absolutely vital that Cayman funds act now to ensure that they comply with it by the expected commencement date of 30 September 2019," he says.
"Under the law, a Cayman fund will be regarded as a data controller, and as such will be responsible for complying with the requirements of the law and the data protection principles in respect of personal data processed by the fund or on behalf of the fund by any third party processors such as its administrator and other service providers.
"With significant penalties in place for non-compliance we strongly recommend Cayman funds seek advice on the implications of the law for them.”