General Questions
1) What is a Data Asset Foundation (DAF)?
A DAF is a type of Isle of Man foundation established under the Foundations Act 2011, adapted by the proposed Foundations (Amendment) Bill 2025 to provide a statutory framework for holding and utilising registered data assets.
2) What does the legislation mean by “data”?
The Bill defines data as any digital representation of acts, facts or information and any compilation of such acts, facts or information, including in the form of sound, visual or audio-visual recording.
3) What is a “data asset”?
A “data asset” is data that has been dedicated to a DAF, made subject to a Data Asset Dedication Instrument, and fully registered on the Data Asset Register.
4) Can a DAF be commercial?
Yes. The objects of a DAF must relate to utilising its data assets, and those objects may be pursued for charitable, non-charitable, commercial or mixed purposes.
5) What does “utilising” mean?
Utilising includes holding, managing, processing, protecting, preserving, exploiting (including commercial exploitation), disclosing, making available or otherwise using a data asset in furtherance of the DAF’s objects.
Registration & Legal Rights
6) How does a data asset become registered?
The Bill provides for applications to register data as a data asset, supported by a dedication instrument and fee, leading to provisional registration and then full registration once accreditation is confirmed.
7) What is the Data Asset Dedication Instrument?
Regulations must prescribe the form of the Data Asset Dedication Instrument, which must describe the data, confirm dedication, describe rights/permissions and restrictions, and include required reversion provisions in certain circumstances.
8) Does registration create a property right?
Yes. Once a data asset is fully registered, the Bill provides that a personal property right in the data asset is vested in the Data Asset Foundation, even if it is neither a thing in possession nor a thing in action.
9) What happens if a data asset is removed from the register?
The Bill provides that the personal property right vested in the data asset is extinguished upon removal from the Data Asset Register.
Governance & Assurance
10) What is the Data Governance Framework?
The Bill requires regulations to establish a Data Governance Framework imposing minimum requirements relating to data stewardship, ethics and security standards, accreditation requirements, and the Information Commissioner’s role in relation to personal data processing.
11) Does a DAF need an Accredited Assurance Provider?
Yes. The Bill requires a DAF to appoint an Accredited Assurance Provider to issue and renew data asset accreditation.
12) Can a DAF utilise a data asset without accreditation?
No. The Bill provides that a DAF must not utilise a data asset unless there is a valid data asset accreditation in respect of that asset.
Data Enforcer
13) What is a Data Enforcer?
A Data Enforcer is a person who meets the criteria and has the functions set out in the Data Governance Framework.
14) Must the Council cooperate with the Data Enforcer?
Yes. The Bill requires the Council to cooperate with and provide reasonable assistance to enable the Data Enforcer to carry out its functions.
15) Can the Data Enforcer disclose information to the Data Asset Registrar?
Yes. Information received from the DAF by the Data Enforcer in the performance of its functions under the Act may be disclosed to the Data Asset Registrar.
Data Protection & Privacy
16) Does the DAF regime override GDPR or data protection laws?
No. The Explanatory Notes confirm the Bill is drafted on a “privacy by design” basis and does not override data protection legislation.
17) Are data subject rights preserved?
Yes. The Notes confirm the property right created by the Bill does not diminish rights held by data subjects under applicable laws.
Working with Manavia
18) How can Manavia assist with a Data Asset Foundation?
Manavia can assist with structuring, establishment, administration support, and acting as Data Enforcer, supported by specialist legal advice through MannBenham Advocates.
How can Manavia help?
Manavia Limited is a licensed trust and corporate service provider based in the Isle of Man.
We support clients seeking to establish and operate Data Asset Foundations, including:
DAF formation and administration support
We assist with structuring, establishment and ongoing governance support.
Data Enforcer services
Manavia can act as the Data Enforcer, providing the specialist oversight function contemplated by the regime, supporting governance integrity and trusted operation.
A complete service with MannBenham Advocates
Manavia forms part of MannBenham Advocates, providing clients access to expert lawyers for a complete service including drafting, specialist advice and documentation support.
Note: The Data Asset Foundation regime is subject to legislation, regulations and the Data Governance Framework as implemented and in force from time to time. Manavia can advise on current requirements and assist with structuring and ongoing support.
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