When the GDPR became a law in Europe, American companies not doing business in Europe heaved a sigh of relief that they did not have to comply with the stringent requirements laid out in the law. However, as Arab spring showed us, movements have a way of spreading beyond borders. Privacy spring has now come to USA in the form of CCPA (California Consumer Privacy Act). CCPA provides protection to all California residents and lays down markers on how the consumer data can be used by various businesses. THE ACT PROVIDES THE CALIFORNIA RESIDENTS THE RIGHT to know what kind of data is being collected for them and for what purpose it is getting used
- to request deletion of the personal data
- To opt out in case their personal information is getting sold (defined broadly to include any valuable consideration) to third parties.
While the legislation will impact any business dealing with the consumer data, this whitepaper focuses narrowly on the impact of legislation to the wealth management industry and more narrowly to wealth managers.
To know more, download the whitepaper.
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