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May 1, 2018

European Union's General Data Protection Regulation (GDPR)

We are writing to ensure that you are aware of the upcoming compliance date of May 25, 2018 for the European Union’s (“EU’s”) General Data Protection Regulation (“GDPR”). The GDPR has very broad scope and applies to any U.S. business that processes personal data (broadly defined) of individuals in the EU/European Economic Area (“EEA”) where the processing activities are related to:

  • the offering of goods and services to such individuals, irrespective of whether a payment by the individual is required, or
  • the monitoring of the behavior of such individuals in the EU/EEA.

The types of EU/EEA individuals whose personal data you might process include:

  • Individual clients,
  • Private fund investors who are individuals, or
  • Individuals that are employees or authorized persons of institutional investors whose data is collected for anti-money laundering or due diligence purposes.

Personal data might include data such as information in beneficial ownership records, investor suitability questionnaires, subscription documents, KYC/AML documentation, and data and information regarding directors and employees of a management company or acquisition target. 

The GDPR’s compliance requirements are significant.  The GDPR may require U.S. firms to send notices to individuals whose personal data they receive or maintain, to obtain consent regarding the use of such data, and to adopt policies and procedures regarding how such data may be stored, accessed and used.  The penalties for non-compliance with the GDPR are also significant.

We recommend that any U.S. firms that either maintain or process personal data regarding individuals located in the EU/EEA (and who are not already in the process of addressing GDPR requirements) reach out to your compliance consultant and/or your EU counsel or your usual contact at Finn Dixon & Herling to determine what steps should be taken towards compliance.

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Matthew S. Eisenberg
(203) 325-5084 or

Reed W. Balmer
(203) 325-5011 or

Erik A. Bergman
(203) 325-5026 or

Justin J. Shigemi
(203) 325-5065 or

Harold B. Finn III
(203) 325-5029 or

Richard D. Kilbride
(203) 325-5075 or

Claire Stevens
(203) 325-5009 or

Finn Dixon & Herling LLP is a law firm with extensive experience providing corporate, transactional, debt financing, investment management, securities, tax, executive compensation, bankruptcy and litigation counsel. Our clients include large and small corporations, venture capital and private equity firms, financial institutions, hedge funds and other investment funds, investment advisers, broker-dealers, family offices, institutional investors, public and private businesses, executives, management teams and entrepreneurs.

This bulletin is intended to inform our clients and friends about developments in the law. It is not intended to constitute a legal opinion or advice to address any client's legal problems or specific situations.

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