In Law360, Attorneys Outline How the California Privacy Rights Act Applies to Asset Managers

In The News
August 8, 2023

The California Consumer Privacy Act (CCPA), as amended by the California Privacy Rights Act, revolutionized privacy law in the United States, creating new consumer privacy rights, requiring extensive disclosures, and imposing new obligations on data sharing, particularly in the context of online advertising.

Data, privacy & cybersecurity counsel Kevin Angle and asset management counsel Catherine Skulan noted in an article for Law360 that although the CCPA most obviously affects consumer oriented businesses, the statute has a much broader scope, potentially reaching many businesses well removed from online commerce, including those of asset managers – though natural person investor information is still outside of the law’s scope.

“Of particular relevance to asset managers, significant aspects of the CCPA that were previously subject to an exemption now also apply to employee and business contact information,” said Kevin and Catherine. “Other exemptions still apply, in particular for information relating to natural person investors.”