GoBuySide Analyst on the Effects That GDPR Will Have on the European Union

GoBuyside is a global recruitment platform that focuses on working with hedge funds, private equity firms as well as other companies across the globe. Owing to the high technology as well as the diligent approach that the company employs, GoBuyside has an unparalleled competitive advantage when it comes to recruiting its candidates. Additionally, their team of professionals has a vast experience and academic credentials that further set them apart from their competitors as well as establishing strong relationships with the customers they serve. More than 500 clients have trust in the services offered by GoBuyside. They currently serve firms exceeding 10,000 in more than 500 cities around the globe.

An analyst from the GoBuyside made comments on the implications of the EU General Data Protection Regulation (GDPR) for fund management industry. He said, the GDPR will be active and applied in the European member states starting from 25th May 2018. In the period where companies are entering the transition for legislation, organizations have to assess their approach to data collection, from which they will be able to implement any changes that are necessary for achieving compliance that can be demonstrated.

The purpose of GDPR is to encourage personal data collection as an essential right for everyone. Additionally, it will introduce the concept of privacy through design and default. This will imply that GDPR will be reforming the current security obligations and security principles that are present in the EU Data Protection Directive. The element for the bill is designed in a way that requires the controllers to implement the appropriate technical measures. By doing so, it will ensure that the data processing is in accordance to General Data Protection Regulation (GDPR).

Another fundamental concept is the emphasis on the transparency and the accountability, where the legislation has new requirements that relate to the way data is analyzed and documented. Processors and controllers will be in a position to demonstrate compliance when the need arises. They will also be held accountable.

As opposed to the present data protection rules that mainly focuses on the data controllers that are within the EU, GDPR will apply to people who are not EU members whom activities are related to offering goods and services to individuals in the region.
Different sectors of GoBuyside will have to control the extent to which they control personal data to ensure they operate in accordance with the forthcoming legislation.

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