Data Governance Framework

The Data Governance Framework
(and why it matters)

The Bill requires regulations to establish a Data Governance Framework imposing minimum requirements for data governance to be met by the DAF and its Council members.

The framework must include minimum requirements relating to:

• • Data stewardship, including technical, ethical and security standards
  • The role of the Isle of Man Information Commissioner in relation to supervision of personal data processing
  • Data asset accreditation requirements

This approach is intended to give confidence to founders, counterparties and stakeholders that data assets are governed responsibly and transparently.

Registration, accreditation and
legal certainty

The Bill sets out a process where data assets are:

1. 1. Dedicated to the DAF via a formal Data Asset Dedication Instrument.
   2. Provisionally registered following application.
   3. Fully registered once accreditation is obtained and requirements
      are met.

Once fully registered, the Bill provides that a personal property right in the data asset is vested in the Data Asset Foundation, even though the asset may be neither a “thing in possession” nor a “thing in action”.

Can any foundation hold data assets?

No.

The Bill provides that a foundation which is not a Data Asset Foundation must not utilise data assets, and any purported dedication of a data asset to a foundation that is not a DAF is void.

Privacy and Data Protection

The Explanatory Notes confirm that the Bill has been drafted on a “privacy by design” basis. The framework does not override data protection legislation, and it does not diminish rights held by data subjects under applicable laws.

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