Implications of the BVI Data Protection Act for Investment Funds
28 Jul 2021The Data Protection Act, 2021 (the “Act”) was brought into force in the BVI with immediate effect on 9 July 2021 and introduces, for the first time in the British Virgin Islands, a legislative framework for data protection based on a set of internationally recognised privacy principles.
The Act provides that its objects are to:
– safeguard personal data processed by public bodies and private bodies by balancing the necessity of processing the personal data and protecting personal data from unlawful processing; and
– promote transparency and accountability in the processing of personal data.