Synopsis: Privacy regulations adopted by the Massachusetts Office of Consumer Affairs and Business Regulation (201 CMR 17.00: Standards for the Protection of Personal Information of Residents of the Commonwealth) require that any person or entity (including private investment funds based outside of Massachusetts) maintaining personal information of a Massachusetts resident, whether in paper or electronic form, develop and implement a written information protection and security program, and adhere to certain other privacy guidelines. As of March 1, 2010, the new regulations are effective, and funds that have accepted investments from Massachusetts residents or businesses (including funds and advisers) that employ Massachusetts residents should take care to ensure that they are in compliance with the new regulations. To assist persons or entities in complying with the regulations, the Massachusetts Office of Consumer Affairs and Business Regulation has provided a web site containing helpful resources, including a compliance checklist. The web site is available here.
Status: The privacy regulations became effective March 1, 2010.