Data Protection for Investment Funds in the Cayman Islands.

2024-09-27 01:05:10

The Cayman Islands Data Protection Law ("New Data Protection Law") came into effect on September 30, 2019. The New Data Protection Law stipulates how data controllers should handle, use, and retain personal data.

Investment fund entities, including companies established in the Cayman Islands, limited liability companies, partnerships, or foreign companies registered in the Cayman Islands as general partners of foreign investment funds, will be considered data controllers.

Under the New Data Protection Law, personal data includes personally identifiable information, such as personal information provided by individual investors to investment funds. If the investor is an entity, personal data includes personally identifiable information, such as contact information, beneficiary information, or personal information of directors or members of the entity. The individuals involved in the personal data do not need to be located in the Cayman Islands or be citizens of the Cayman Islands.

As data controllers, investment funds or fund general partners must ensure that they comply with the data protection principles under the New Data Protection Law when processing personal data. Investment funds or fund general partners should also ensure that any third parties (including corporate administrators or investment managers) that process personal data on their behalf also adhere to these data protection principles.