GDPR - Transfers of personal data in the UCI world after Schrems II

For an outlook of the latest development as at July 2023 in relation to transfers to the US, please read our article about the New EU adequacy decision allowing personal data transfers to US self-certified entities!

Undertakings for Collective Investments ("UCIs") process personal data about investors who are either natural persons or legal persons represented by natural persons. Most of the time, processing operations by UCIs based in Luxembourg include transfers of personal data from Luxembourg to countries outside of the EEA. These transfers are governed by the GDPR and impacted by the so-called “Schrems II” ruling of 16 July 2020 from the Court of Justice of the European Union in case C-311/18. Although the ruling particularly deals with transfers to the US, it’s effects are not limited to transfers to the US.

Key takeaways about the impact of Schrems II for UCIs are available here.