What is it?
On June 28, 2018 California passed into law the California Consumer Privacy Act (CCPA), which grants residents of California the right to request a business to disclose the categories and specific pieces of personal information that it collects, the categories of sources from which that information is collected, the business purposes for collecting or selling the information, and the categories of 3rd parties with which the information is shared. The CCPA requires a business to make disclosures about the information and the purposes for which it is used.
The CCPA grants a resident of California the right to request deletion of personal information and requires the business to delete upon receipt of a verified request, unless exempted (e.g. the Gramm Leach-Bliley Act (GLBA)). The CCPA grants a resident of California a right to request that a business that sells the resident of California’s personal information, or discloses it for a business purpose, disclose the categories of information that it collects and categories of information and the identity of 3rd parties to which the information was sold or disclosed. The CCPA requires a business to provide this information in response to a verifiable resident of California request, unless exempted.
The CCPA authorizes a resident of California to opt out of the sale of personal information by a business and prohibits the business from discriminating against the resident of California for exercising this right, including by charging the resident of California who opts out a different price or providing the resident of California a different quality of goods or services, except if the difference is reasonably related to the value provided by the resident of California’s data, unless exempted.
The CCPA prohibits a business from selling the personal information of a resident of California under 16 years of age, unless affirmatively authorized, to be referred to as the right to opt in. The CCPA prescribes requirements for receiving, processing, and satisfying these requests from residents of California. The CCPA prescribes various definitions for its purposes and defines “personal information” with reference to a broad list of characteristics and behaviors, personal and commercial, as well as inferences drawn from this information. The CCPA prohibits the provisions described above from restricting the ability of the business to comply with federal, state, or local laws, such as the GLBA and U.S. Securities and Exchange Commission (SEC) Regulation S-P.
What is Investacorp doing and how does this impact me?
Investacorp has created a new Personal Information Notice for California Residents form, which advisors will need to provide to any resident of California at or before collecting any personal information.
As Investacorp is subject to the GLBA and its implementing regulations (SEC Regulation S-P), only limited information Investacorp collects is covered by the CCPA. In addition, since Investacorp does not sell collected information, the firm is not subject to that section of the CCPA.
Investacorp has added the Personal Information Notice to its web site, created a toll-free telephone number (800) 327-7900 and e-mail address, CCPA@investacorp.com for residents of California to use to contact the firm if they have any questions.
California Consumer Privacy Act (CCPA)
CCPA – Right to Delete
CCPA – Right to Access
CCPA – For California Residents
Non-public Personal Information Opt Out Form