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By: Bruno Fiastre, executive vice president Taliance
The arrival of warm weather in the Northern Hemisphere this year will bring with it another change:
the General Data Protection regime will come into force. The legislation, which can impact any company with information about citizens of the European Union or offering services to residents, is sweeping in scope. Despite years of lead time, the run up to implementation has been fraught. At Davos this year, world leaders and corporate heads fretted if people would be impacted. TechCrunch neatly summed up the situation in a recent headline, asking "WTF is GDPR?"
For asset managers, the potential impacts of GDPR are manifold. Under GDPR data protection is "by design and default," meaning data protection is now something that no longer needs any sort of opt-in. The definition of personal data has been broadened and now includes pseudonymous data, like cookies or hashed email addresses. Asset managers need to understand all data in their possession pertaining to clients and what responsibilities they have under this legislation.
The law firm Matheson laid out several requirements for the asset management industry under GPDR:
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