The California Consumer Privacy Act
Laws governing the use of data are going to be a huge consideration for compliance chiefs in the next few years. The next battlefront to open up will be in California, where the new laws are on track to be introduced in a little over six months’ time. Here are three takeaways from a Q&A with Dan Silver, a partner at law firm Clifford Chance:
– The date of introduction is not set in stone: the California AG “may promulgate regulations before January 2020 or even afterward, which may change the effective date of the legislation;”
– Those complying with EU GDPR will already have a major head start;
– Use of “alternative data” to inform investment decisions is in scope. “Fund managers that use large data sets to conduct macro analysis will need to closely scrutinize that data in light of CCPA.”
We will be going deep on looming data privacy law regimes in our July edition. In the meantime, here’s some more info on California’s data privacy laws.
Who you gonna call?
Five of the seven compliance consultants listed in our latest directory provide services around cybersecurity and data privacy. Check it our here and get in touch with Philippa Kent if you want to submit information.
Valuations shortfall costs Deer
Over in the world of hedge funds, a firm has agreed to a $5 million settlement with the SEC over “pervasive compliance failures” relating to valuations, says sister publication Regulatory Compliance Watch. The result was that Deer Park Road Management traders were allowed to mark assets up gradually instead of marking them to market, said Daniel Michael, chief of the SEC Enforcement Division’s complex financial instruments unit.
Today’s briefing was prepared by Toby Mitchenall.