May 31st, 2019

 Legal Talk ​19: A Brief on Data Regulations

You keep seeing flyers and advertisements for seminars that are about the new data regulations. “I’m interested in this kind of stuff, but I don’t have the time to really devote to understand all the legals.” You say. 
 
Don’t worry, I can provide some insight here.
 
In short, these new data protection regulations have been brought in by European legislation.

Key updates to existing law include, but are not limited to:

• Bigger penalties (so ensure you comply);
• No need to register (or notify) under the new law;
• Your sub-contractors will be liable to you for data losses if they have something to do with any loss;
• You need to inform users of their data rights and allow them to have their data erased (you can get this into a good privacy policy);
• You need to notify the Regulator within 72 hours of data losses; and
• You must meet user’s reasonable expectations of data privacy.

“What do I need to do in practice?” You ask.
 
Well, if you make sure that you do some kind of risk assessment on how you process data, have an updated privacy policy and ensure that all your sub-contractor contracts are updated to take into account the new regulations, then you are a long way to getting data compliant. For more information, ICO is definitely a good resource: https://ico.org.uk/for-organisations/guide-to-data-protection/guide-to-the-general-data-protection-regulation-gdpr/.
 
You say that investors are now interested in sending you term sheets. You will need to talk with me about them. But for now, you have to go, but not before thanking me for the information.

Look forward to hearing how things go on the fund raising.

Best wishes,


Jimmy Desai
Your Legal Coach

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