Undertakings for Collective Investments ("UCIs") process personal data about investors who are either natural persons or legal persons represented by natural persons. Most of the time, processing operations by UCIs based in Luxembourg include transfers of personal data from Luxembourg to countries outside of the EEA. These transfers are governed by the GDPR and impacted by the so-called "Schrems II" ruling of 16 July 2020 from the Court of Justice of the European Union in case C-311/18. Although the ruling particularly deals with transfers to the US, it's effects are not limited to transfers to the US.
Key takeaways about the impact of Schrems II for UCIs are available here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.