Intellectual property and data protection
The BVI Trademarks Act is the legislation governing the protection of intellectual property in the BVI. A fintech can utilise the process provided via this Act to protect their intellectual property rights.
At present, the BVI has not enacted legislation to regulate data protection. However, it is expected that the BVI will follow international standards in this area and adopt legislation that reflects globally recognised standards. Service providers in the BVI currently operate under common law and contractual duties of confidentiality and privacy. These duties are subject to exceptions most notably in the area of anti-money laundering. Additionally, BVI regulated service provider may have similar duties imposed on them under applicable legislation.
The General Data Protection Regulation (GDPR) that which came into force on 25 May 2018 primarily gives EU citizens control over their personal data, including its collection, processing and storage – wherever it is held, processed or transferred.
However, the GDPR applies to the processing of personal data by a controller or processor established in the EU or outside the EU if their data processing activities relate to the offering of goods or services to individuals in the EU or to the monitoring of such individual's behaviour.
While most businesses in the BVI should not directly be affected, those that collect the personal information of EU Citizens, or those marketing in the EU may be in scope and thus subject to the GDPR. In addition, other service providers may also be caught by the wide ranging scope of the GDPR, and accordingly, investment funds will need to be vigilant and ensure that any delegation of the processing of data by such service provider is being done in compliance with the GDPR.