Friday 14 September 2018


Summary & closing address

George Hodgson, Chief Executive, STEP Worldwide Margaret O'Sullivan TEP, Chair of Programme Panel, Canada


Kindly sponsored by Pictet North America Advisors S.A.


Keynote address 4: Countering cross-border financial crime: how well does the system work and how could it work better?

Prof. Jason Sharman, University of Cambridge, UK
  • Why has the existing system of global rules designed to counter corruption and other cross-border financial crimes seemed to have had such limited effectiveness?
  • What is the relative role of state and non-state actors in improving the effectiveness of this system?
  • What are the likely effects of recent changes in beneficial ownership regulations?

Main stage session 4: True family wealth: rethinking money, success and succession

Chris Clarke TEP, First Affiliated Family Office Group Ltd., Canada
  • What is true family wealth (TFW) and how will this perception of wealth change our profession?
  • How can TFW be transferred from one generation to the next successfully without damaging vital family relationships, or putting the legacy we leave at risk?
  • Leveraging TFW to help our family members thrive and prosper.

Main Stage Session 5: The ethics of avoidance or the avoidance of ethics?

Chair: Philip Marcovici TEP, Offices of Philip Marcovici, Hong Kong Heather Evans TEP, Canadian Tax Foundation Toronto, Canada Filippo Noseda TEP, Mishcon de Reya, UK Bruce Zagaris TEP, Berliner Corcoran & Rowe LLP, USA

•  What has led to tax transparency and the current labyrinth of reporting and registration requirements?
•  What can we and our clients look forward to in the months, years and decades to come?
•  If tax transparency is a good thing for our clients, our profession and our society, how can we help smooth the way to where
   we need to be in developing fair tax systems that respect the human right to privacy?

•  Is the US the new culprit, replacing the Swiss? Or is the US the new hero, helping the Swiss who have led the charge for so many years?
•  The role of STEP in helping to bring sense to the world of taxation, compliance and understanding between taxpayers, governments and other stakeholders.


Main Stage Session 6: Advisors in the cross hairs – where are we headed?

Chair: Robin MacKnight TEP, Wilson Vukelich LLP, Canada Stephanie Auferil, ARKWOOD Law Firm Paris, France John Barnett TEP, Burges Salmon LLP, UK Ana Claudia Utumi TEP, Utumi Advogados, Brazil

Transparency, privacy and the erosion of legal privelege:
• The EU/OECD proposals – all sound, or some fury? Are they enforceable outside the EU?
• Is silence really golden – should advisors and their clients play the public PR game?
• Are there legal rules or roadblocks in our jurisdictions to protect our clients?


Main stage session 7: EU tax blacklist: model for global tax coordination?

Richard Hay TEP, Stikeman Elliott (London) LLP, UK
  • Setting standards: power, politics and principles
  • Towards a level playing field, part 2
  • Inter-agency battle for dominance: IFCs caught in the crossfire
  • Global tax coordination: coming to you soon?

Main stage session 8: A matter of trust: has the profession contributed to bringing trusts into disrepute by pushing the envelope for the traditional requirements and limitations for a trust?

Joshua Rubenstein TEP, Katten Muchin Rosenman LLP, USA

Our panel will explore some of the more controversial developments in the evolution of trusts, including:
• Retained actual or de facto control by the grantor
• Restrictions on the authority of trustees
• Limitations on the rights of beneficiaries


Main stage session 9: Debate: This house believes that freedom of testamentary disposition is better than forced heirship

Chair: Marilyn Piccini Roy TEP, Robinson Sheppard Shapiro LLP, Canada Proposing the Motion: Joshua Rubenstein TEP, Katten Muchin Rosenman LLP, USA, Elspeth Talbot Rice QC, XXIV Old Buildings, UK Opposing the Motion: Dr Nicolas Malumian TEP, Malumian & Asoc., Argentina Jean-Marc Tirard TEP, Tirard, Naudin, France
  • This debate will investigate whether the jurisdictions which permit freedom of testamentary disposition have a better system than the jurisdictions which have state-imposed dispositions on death.
  • The proposers of the motion will argue that freedom of testamentary disposition is best, and why it is best;  the opponents to the motion will argue that
    state-imposed disposition is best, and why it is best.
  • The Chair will then open the debate to the floor.
  • Each side will sum up and a vote will then be taken.

Option 1: Wealth planning in times of political turmoil: recent experiences and strategies

Chair: Salpy Kouyoumjian, Boodle Hatfield, UK Maria Eugenia Salazar Furiati, Baker & McKenzie, Venezuela Peter A. Wong TEP, Borden Ladner Gervais LLP, Canada
  • New developments in political and other risk mitigation strategies for high net-worth families
  • Pre-emptive personal security planning and risk management in an era of transparency
  • 2018: the word’s high-risk hotspots

Option 3: Asset protection planning – comparative strategies and jurisdictional survey

Marcus Parker, Genesis Trust, Cayman Islands Gideon Rothschild TEP, Moses & Singer LLP, USA

• Use of self-settled trusts and foundations
• Jurisdictional comparisons – US vs offshore centres
• Challenges to asset protection trusts
• Third-party trusts
Kindly sponsored by Pictet North America Advisors S.A.



Option 4: Conflict of laws: a primer and update on key changes in private international law

Paolo Panico TEP, Private Trustees SA, Luxembourg

• Conflict of laws and the governing law of trusts
• Cross-border succession and the EU succession regulation
• Forced heirship, France, and the US: from Maurice Jarre to Johnny Hallyday
• Transparency, privacy, and private international law


Option 2: Cross-border trusts: trusts in the conflict of laws

David Brownbill QC TEP, XXIV Old Buildings, UK Michael McAuley, Independent adviser, Canada
  • Jurisdiction and choice of court
  • Changing the governing law
  • Firewalls: mandatory and exclusionary choice of law
    Kindly sponsored by Rawlinson & Hunter

Networking and refreshments


Welcome from Chair

Tony Pitcher TEP, Programme Panel Member, Jersey C.I.



Briefing in association with Pictet North America Advisors S.A. - The Dangerous Allure of ETFs and Passive Management

Nicolas Caron, Pictet North America Advisors S.A., Switzerland

The trend towards passive investment styles and indexation in form of ETFs changes the way investors allocate capital. Index tracking acts more like antibiotics, valuable when deployed in moderation but likely to do more harm than good should it become widespread. If passive equity funds continue their current growth trajectory they could own all listed stocks by 2030. What would this do to the free market economy? What would be the impact on cost of equity and the price of credit? How will this affect corporate governance and the competitive landscape? A view from an independent asset manager.


Welcome refreshments

Exhibits open

Day 2: Specialist stream sessions

Conference Chairs

Morning Chair: Tony Pitcher TEP, Programme Panel Member, Jersey C.I. Afternoon Chair: Megan Worrell TEP, Programme Panel Member, USA

Briefing in association with Jersey Finance - Brexit: Wrecking Ball or Renaissance - What will the impact be on private wealth?

Geoff Cook TEP, Jersey Finance Ltd, Jersey C.I. Richard Hay TEP, Stikeman Elliott (London) LLP, UK David Russell QC TEP, Outer Temple Chambers, UAE Prof. Jason Sharman, University of Cambridge, UK

Trusts are under attack, privacy is under siege, EU extra territorial regulation continues to advance - What will all this mean for the wealthy and their advisors? To hear our world class panel discuss this and to learn more about the vital work we are doing to make the case for private wealth, don't miss this conference extra.


The Sponsors

Jersey Finance Pictet North America Advisors S.A. Rawlinson & Hunter Ministry of Financial Services - Commonwealth of the Bahamas IRI-The Marshall Islands Registry Bermuda Business Development Agency Abu Dhabi Global Market Bryn Mawr Trust Company of Delaware International Wealth Tax Advisors LOM Financial Miller Thomson LLP Touchstone WSFS Wealth - Christiana Trust Enhance Group Henley & Partners Invest Barbados Boslil Bank Limited Hull & Hull LLP Legacy Tax + Trust Lawyers Thorsteinssons LLP