AIMA Publishes GDPR Implementation Guide

Jan 23 2018 | 3:15pm ET

The Alternative Investment Management Association (AIMA), a global association of alternative investment managers, has published a General Data Protection Regulation (GDPR) Implementation guide.

The AIMA guide summarizes the GDPR framework in the context of alternative investment management firms and funds and aims to help members understand and comply with new EU-wide rules, which will come into effect on May 25 2018.

The new rules cover how organizations process personal data and extend to the activities of non-EU organizations that offer goods or services to people located in the EU.

The guide is relevant to alternative investment managers whether they are based in the EU or elsewhere due to the extraterritorial scope of the GDPR, which replaces the EU Data Protection Directive and represents the biggest change in EU data privacy law in a generation.

For alternative investment management firms and funds, this mainly relates to the processing and potential cross-border transfers of employee and investor data, but could also be relevant to fund investments and research that process personal data.

“Following the implementation of MiFID2, the GDPR is the next major regulatory challenge at the forefront of the industry’s mind,” AIMA’s CEO Jack Inglis said in a statement. “This guide will help to inform members of their obligations and hopefully reassure them where certain misunderstandings may exist.”

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