On October 20th and 21st, 2009, Morgan & Morgan Corporate Services Pte. Ltd., member of the Morgan & Morgan Group in Singapore, participated as an exhibitor sponsor in the STEP 2009 Asia Conference: “The Trust Across the Frontiers”.
The event, held in Singapore, was hosted by the Society of Trust and Estate Practitioners (STEP) Singapore Chapter, and welcomed over 300 attendants from 30 different jurisdictions.
Mr. Alexis Medina, Executive Director of MMG Singapore, and Mrs. Yenny Wati, Executive Manager, represented Morgan & Morgan Group.
Mr. Alexis Medina reviews the STEP Asia Conference
The STEP Asia Conference, Trust across the Frontiers, was held in Singapore on 20-21 October 2009. Angelo Venardos, Chairman of STEP Singapore Branch welcomed the conference guests and delegates on behalf of STEP Singapore Chapter, and Nick Jacob, Deputy Chairman, STEP Worldwide also extended his greetings to all participants.
Mr. K. Shanmugam, Singapore´s Minister for Law and Second Minister for Home Affairs, gave the Keynote Address and elaborated on Singapore´s experience regarding the latest economic developments, noting the interest to upgrade and update the industry to maintain high standard trustee and fiduciary services to the region and the world.
Mr. Richard Hay, from Stikeman Elliott LLP, London Office presented an interesting perspective of what is happening worldwide and what to expect next on the issue of tax information exchange on his presentation entitled “Tax and information exchange agreements- The Future”. As usual, Richard delivered an exciting and vibrant presentation.
Geoff Cook from Jersey Finance, Jonathan Hooley, from States of Guernsey, Mark Jackman TEP, and Professor Jason Sharman from the Centre for Governance & Public Policy of Griffith University in Australia started the first panel discussion on “the new global framework for wealth structuring”. Panelist provided a recount of current events and the IFC´s need for a new framework of transparency, disclosure and meeting international standards of co-operation to continue attracting business.
The second round of the panel on the subject included John Riches STEP Public Policy, Gurbachan Singh, KhattarWong and Professor Jim Hines, from the University of Michigan. Issues such as the UK – Liechtenstein tax protocol and the USA´s approach where reviewed while Gurbachan presented a legal perspective to the collision of interests based on the current imposition of change, bound to reach compromises.
Mark Bridges from Farrer & Co LLP, presented the participants with recent trust cases from around the world. Afterwards, Kenny Foo JP Morgan Hong Kong, presented different ideas on the use of trust to protect assets, enlisting some scenarios requiring asset protection and providing guidelines and recommendations.
After lunch, sponsored by Guernsey Finance, Simon Beck Baker & Mckenzie LLP, addressed the topic “Private Trust Companies – Practical use across the jurisdictions” offering an overview of this tool, as well as the pros and cons to be considered.
Day 1 breakout sessions offered a wide choice of themes ranging from letter of wishes, philanthropy, an update on regional jurisdictional trust and a view on the Caribbean’s approach to tax and information exchange agreements by very knowledgeable speakers.
The day concluded to Prof. Hines´ “Why are the IFCs suffering political attack? A presentation which gathered considerable interest and provided a glimpse on the US view on IFC´s. True to his academics, the presentation included plenty of statistical data supporting that “offshore” is good for “onshore”.
Early in the evening delegates met for a reception at Raffles Hotel, where hosts Labuan IBFC treated participants to cocktails and dinner at Singapore´s landmark hotel.
Day two started with an update on STEP international education by Bill Howarth, from the Central Law Training International, UK, Singapore and Middle East.
Yeoh Lian Chuan, from Rajah & Tann, examined, the differences between Compliance and Confidentiality highlighting the complexities one could encounter on jurisdictional requirements. Later in the morning, David Brownbill from QC UK, talked to the participants about Legal reciprocity issues across the frontiers as they affect trusts.
Mimi Hutton from Wither Hong Kong and Joseph Fields from Withers Worldwide shared information on current USA regulations, including IRS circulars and legislative initiatives under discussion in Washington.
John Riches, Mark Bridges, Nick Jacobs, Lawrence Graham LLP and James Aitken, HSBC Trustee (Singapore) presented and discussed a case study covering many issues regarding structures and common situations among family members.
The panel session on succession law included Richmond Frimston, Russel Cooke LLP, Edmund Leow, Baker and McKenzie LLP and Dr. Britta Pfister, Rotschild Trust, offering experiences on dealing with multiple cultural and religious considerations affecting planning solutions for clients.
After the lunch break sponsored by Rawlinson & Hunter a panel session focused on contributions by the offshore financial centers to other jurisdictions. Richard Hay, Yeoh Lian Chuan, Gurbachan Singhm Jonathan Hooley and Prof. Jason Sharman offered their views with great clarity.
Breakout sessions again provided the venue for interesting and lively discussions on Succession law cases using trusts; Purpose, STAR and VISTA Trusts; Foundations and Trusts and finally, issues on Family Business.
The last presentation, billed as a debate on the “Death of the Tax Havens”, needed assistance from delegates to resemble a true debate. Nonetheless it was much enjoyed by all, including chair Peter Niven, Guernsey Finance, ill fated attempts to get some mudslinging by either side (Richard Hay and David Brownbill).
Finally, Nick closed the conference calling for greater collaboration between STEP Singapore and Hong Kong. For his part, Angelo thanked all delegates for participating in conferences looking to develop and share knowledge among the practitioners of the industry. Charles Monat provided one last chance to network by hosting dinner at the Raffles Hotel.
It was two intense and rewarding days for STEP Singapore, and we are looking forward to the next opportunity to host STEP Asia Conference 2011.