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Asset Purchase Agreement And Gdpr

Asset sales – the identity of the person in charge of the processing changes in the context of the sale of assets and the persons concerned must be informed after closing. When the buyer receives personal data, he is required to inform each of these individuals within a reasonable time and, in all cases, within one month, a statement of data protection. The directive should provide information on the personal data processed and on the purposes, on the legal basis of any processing activity, on the basis of extended rights under the RGPD for the persons concerned, on the identity of all the recipients of the data, including ex-EEA exports, retention times and the existence of automated decisions. The seller can agree with the buyer a prior agreement to ensure that the buyer is ready to implement the new directive. It is in the interests of both parties to ensure that the transaction proceeds smoothly, and transparency is an essential part of it. When reviewing the sale and purchase of a database, it is important to check whether the data contained in it falls within the scope of data protection legislation and, if so, whether it complies with it. Any savvy buyer will be insured by incorporating guarantees into the sales contract. Keep in mind that the new owner`s privacy policy may no longer apply if it does not apply only to a share negotiation and sale. Also keep in mind that in the event of a change of ownership, consent cannot be transferable unless this possibility has been seen and indicated at the time of consent and is reflected in the confidentiality policy in place at the time of the issuance of consent. Other legitimate bases – for contracts with executives involved in the transaction, the seller can invoke “legitimate interests” at the beginning of the transaction. For the wider grouping of workers, the most appropriate legal basis for processing may be “the need to meet a legal obligation,” particularly where there is a process of transfer and consultation of TUPE in the context of a wealth sale.

Additional conditions must be met if the data is considered a particular category. For example, the seller may say that the processing of health data on disabled workers is necessary to meet its employment obligations (another legal basis under the RGPD), since this is necessary under health and safety law.

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