On Aug. 14, 2020, the California Attorney General announced final regulations for the California Consumer Privacy Act (which largely mirror those proposed in June 2020 and which we discussed in an earlier Alert) had received administrative approval and would become effective immediately. The CCPA applies to fund managers that, among other things, market to California natural person investors.
For managers that have not previously analyzed whether the CCPA applies to them, now is a good time to evaluate whether their information collection practices are subject to the CCPA (covered managers should review our June 12, 2020 Alert, which provides a list of key action items for fund managers). The Attorney General has also posted an FAQ for businesses.
This article appeared in the August 2020 edition of SRZ’s Private Funds Regulatory Update. To read the full Update, click here.