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Guernsey to implement GDPR equivalent

The Channel Islands fund hub is aiming to keep pace with EU regulatory change, according to law firm Carey Olsen.

Lawmakers in Guernsey have voted unanimously to implement a data protection law equivalent to EU’s General Data Protection Regulation.

The Data Protection (Bailiwick of Guernsey) Law 2017 will come into force on the same day as the GDPR, 25 May 2018, if approved by the UK’s Privy Council.

The EU regulation, which will affect any fund manager with clients based in Europe, has been described as the widest-reaching data protection regulation ever conceived.

A draft of a similar law for Jersey is set to be published on 5 December and considered by lawmakers there before the end of the year.

The islands seek to keep pace with the standards of it European neighbours, says law firm Carey Olsen in a client note.

“The new law is intended to help maintain Guernsey’s ‘adequacy’ status with the EU and is consistent with its position as a leader in terms of implementing international regulatory standards. It could also prove useful in terms of drawing business to the Island, attracted by the stability and technical standards in a time of global uncertainty,” the firm said.

Guernsey and Jersey are popular domiciles for alternative fund managers, with increasingly large vehicles being located there. CVC’s €15.5 billion Fund VII and SoftBank’s Vision Fund are both domiciled in Jersey.