PRESENTING
SPONSOR

SPONSORS

NO LONGER ACCEPTING
 2008 APPLICATIONS

________________
Conference Managed by:
Springstreet
Communications Inc.

6:00 - 8:00pm

Busses
Depart
Sheraton
5:15pm
 

The Miraflores Locks, due to their close proximity to Panama City and easy public access, is probably the most visited tourist site in all of Panama. Depending on the size of each vessel, one can see anywhere from 1 to 3 vessels, perhaps more, make the transit simultaneously. From the minute the vessels enters the locks, it takes approximately 10 minutes for the process to be completed. Join us on the balcony of the Miraflores Visitor Centre for cocktails and hors d'oeuvres. You will have an up close look at ships passing through the spectacular Panama Canal.
 

Olegario Barrelier - Superintendent of Banks
Rosemary Marr - STEP Worldwide Chair
Dayra Berbey De Rojas - Chair, STEP Caribbean Conference
 

WHERE IS THE TRUST INDUSTRY GOING? The convergence of investment banking and private client wealth management, the use of private trust companies, and a variety of regulatory and onshore tax law changes all pose increased challenges and opportunities for the trust industry. The unique perspective of a top private client lawyer who is now with the wealth advisory side of a leading international financial institution will shed light on the direction in which the trust industry is currently headed.

Jeremy P. Arnold - Barclays Capital      Download:    paper     presentation
 

W. P. Stewart & Co., Ltd.
 

THE ROLE OF IFCS IN THE GLOBAL ECONOMY:  IFCs play a major role in the global economy. No matter what your view is of IFCs, they are a vital part of international commerce and they control a vast portion of the world’s wealth. Professor Hines is a noted academic who has done extensive research regarding the global economic cycle.  He gives us his unbiased views.

Professor James Hines - University of Michigan Law School
 

Frances Stephens - Rawlinson & Hunter     Download:   presentation
 

#2 FIT FOR PURPOSE REGULATION: Regulatory regimes evolve to meet the needs of the market. We function in an era of risk-based and principles-based regulation. Regulators constantly seek to reassure us that they are seeking to achieve balanced regulatory regimes. Do regulators really concern themselves with the market forces? Can regulatory regimes be tailored to allow businesses to function without excessive regulatory intervention? How can regulators effectively protect their jurisdictions without injuring their marketability? Robert Mathavious persuades us that Regulators are all very user friendly and do have our best interests at heart.

Robert Mathavious - BVI Financial Services Commission
 

Welcome remarks by Dr. Alvaro Alemán of Asociación de Abogados Internacionales, the Presenting Sponsor

Presentation  "The Panama Canal Expansion "  
by José Barrios  Ng, Deputy Administrator and Executive Vice President of Administration and Finance of the Panama Canal Authority. 
 

What Have You Got to Hide? The Assault on Personal Privacy: Is Orwellian surveillance the price we pay for protection from terrorists, money launderers and tax cheats? Or is the challenge to personal privacy a cynical ploy by the dominant governments to shift global power and money?

Financial services are at centre stage in the world thrust for regulation and transparency (like it or not!). How will new draconian disclosure requirements affect the future of our industry? Are we making progress on a level playing field, or falling further behind?
This interactive session debates strategies at government and private sector level to hold back the transparency tidal wave. What should you do in your business as trustee, banker or professional to prepare for the latest initiatives against tax neutral jurisdictions?

Richard Hay - Stikeman Elliott
Shawna Lake - Government of St. Kitts
 

I SAY TOMATO: The English Trust and the US Trust. We can all tell whether a trust deed has been drafted by a US practitioner or by one trained in an English common law jurisdiction, but, as our speakers will explain, the differences between the US-style "trust agreement" and the English "settlement" are not merely differences of style. The dangers of simply adapting one document for use in another jurisdiction with very different laws cannot be overestimated, since the divergent provisions of these two types of document arise from fundamental conceptual differences which have evolved over the last two hundred years between the English trust concept and that which applies in the various US States. Practitioners who do cross-border work should miss this session at their peril.

Representing the US: Dean Berry - Baker & McKenzie LLP
Representing the UK: James Corbett QC - Serle Court
Moderator: Simon Beck - Baker & McKenzie LLP
 

Sponsored by Arias, Fabrega & Fabrega Trust Co. BVI Limited
 

#1 - CONFIDENTIALITY: Fact or Fiction? Martin Harty will give his perspective on the extent of confidentiality that trustees and financial institutions can expect to provide to their clients in today's transparent world.

Martin Harty - Walkers
 

#2 - BASIC TRUST LAW: An experienced trust practitioner both in common law and in civil law jurisdictions, Dr. Aleman will take us through the fundamental elements of a valid common law trust, covering the issues of equitable ownership, the three certainties, the rule against perpetuities and the role of the trust protector and will consider whether these requirements are also essential elements of the civil law fideicomiso.

Dr. Jaime Alemán - Aleman, Cordero, Galindo & Lee
 

#1 - PTCS & FAMILY OFFICES: What is a PTC and why would somebody want to use one as part of a family office arrangement? Family offices are the “buzz word” now and have been so for several years. Are all family offices alike and if not what are the differences? Will the family office really be managed by the family or will it be outsourced. Our speaker will explore with us the pro’s and con’s of PTCs and the Family Office.

Heather L. Thompson - Higgs & Johnson
 

#2 - CROSS BORDER COORDINATING (VENEZUELA): Political circumstances have often led to an outward migration of members of high net worth families from various Latin countries to onshore countries. Assets may be held in numerous countries. Coordination between home country legal professionals with their onshore counterparts is essential to accomplish an effective tax and estate plan.  A Venezuelan attorney who regularly deals with these issues will share his unique perspective.

Marcel Imery - Imery Urdaneta
 

GAM HOSPITALITY EVENT - Union Club - Folkloric presentation followed by dinner and dancing.

The Panamanian Folkloric Ballet under the direction of Prof. Elisa de Céspedes, founded in 1969, is one of the best examples of Panama's folklore. The rhythm of the music, the cumbia and the tamborito, combined with the lovely dancers and the luxurious beauty of the national dress, the pollera, are all splendidly exhibited during the show. Panama's pollera is one of the most expensive folkloric dresses in the world. These hand sewn costumes as well as all the exquisite jewelry worn by the dancers are authentic and speak powerfully to Panama’s Spanish heritage.

Sponsored by GAM
 

BREAKFAST WITH SHÂN - SETTLORS' RESERVED POWERS: Doomed from the start: can settlors' reserve powers over trust assets without risking allegations of sham?

Shân Warnock-Smith Q.C. - 5 Stone Buildings 
 

SCHOLARSHIP PRESENTATION
Representatives from:  STEP Caribbean Conference,  STEP - Central Law Training and GAM

STEP TV PRESENTATION
Keith Johnston - STEP Worldwide
 

CASE UPDATE. Catch up on the latest decisions. Andrew De La Rosa presents recently decided trust cases from around the world.

Andrew De La Rosa - Chambers of A.L. Price CBE QC, Morris & De La Rosa, Chicago
 

COFFEE BREAK
 

GLOBAL WARMING: Planning for the day after tomorrow. Global warming is a reality. Within a few short generations the impact on us and our clients will be more severe than anything we have yet encountered. The imposition of restrictions on air travel will have a negative impact on recruitment and could devastate economies dependent on tourism. Increased sea levels could make the rule against perpetuities effectively irrelevant in some places. Yet very few - if any - plans are being made by either the OFC governments or by trust service providers who are only interested in the here and now. Our speaker will consider how global warming is likely to affect the way we do business, and our clients, and what smart Governments and service providers should be doing so that they are ready for the day after tomorrow.

Karen Coshof - Stonehaven CCS
 

#1 - FOUNDATIONS - A COMPARISON BETWEEN CIVIL LAW AND COMMON LAW FOUNDATIONS: Foundations are historically civil law structures but now they are also being produced in common law jurisdictions. Is there a difference between common law and civil law foundations? Christel and Rogelio will walk us through real life applications of foundations and when it might be best to consider a foundation as opposed to a trust or other structure.

Christel Sands-Feaste - Tradeinvest Asset Management Ltd.
Rogelio Tribaldos-Alba - MMG Panazur Ltd. S.A.
 

#2 - TRUSTEES' INDEMNITIES: The basis upon which an outgoing trustee should be indemnified is a topical, and developing, area of trust law. The speaker will give an overview of current thinking and an insight into some of the more problematic aspects, such as chains of indemnities and the retention of assets, both from the perspective of the outgoing and incoming trustee.

Arabella Saker - Allen & Overy LLP
 

TRUSTS & TAMALES: While trusts are a creation of common law, tamales are as Latin American as Fideicomisos (civil law trusts). Do trusts and Fideicomisos have anything in common? Do civil law countries understand and apply Anglo-Saxon trust principles? How has the essence of Anglo-Saxon trust permeated the Latin American Fideicomiso practice? A former offshore regulator and international trustee now transplanted, permanently resident and operating in Panama, will tell us how living in Latin America has enriched his trust practice.

Derek Sambrook - Trust Services, S.A.
 

COFFEE BREAK
 

COCKTAIL RECEPTION - Panama Canal Museum (Museo del Canal Interoceánico)

This brand new museum facing the Plaza Central in Casco Viejo occupies a beautifully refurbished building used by the French as their canal-building headquarters until 1903. Artifacts, photographs, and videos trace the canal area’s history from pre-Columbian times to the present. Enjoy the short bus ride, with commentary, as it winds through one of Panama City’s most historic neighborhoods. Along its narrow streets, rundown tenements rub cornices with old Spanish churches, ruined convents, and handsome 19th-century buildings constructed by the French during their failed attempt to dig the Panama Canal from 1878-1889. Guided tours of the Museum will be offered. Cocktails and hors d'oeuvres will be served.

Sponsored by MMG Fiduciary & Trust Corp. - The Morgan & Morgan Group
 

#1 - COMMERCIAL TRUSTS & TRUSTS TO HOLD SHARES IN MUTUAL FUNDS: The use of trusts in commercial scenarios continues to grow. The speakers will give an insight into unit trusts, purpose trusts for the holding of SPVs, voting trusts and other such uses including particular issues from the perspective of the trustee.

James Keyes - Appleby
 

#2 - RECTIFICATION AND VARIATIONS: Applications to rectify or vary trusts are useful tools for avoiding problems before they arise, or for solving them without hostile and expensive litigation. Sandie Corbett and Morven McMillan will explore the increasing utility of these techniques, in particular in the light of recent offshore decisions, as well as practical lessons for managing the court proceedings.

Lindsay Luttermann - Walkers
Morven McMillan - Charles Russell LLP
 

THE EFFECTIVENESS OF STATUTORY PROVISIONS OUTLAWING FORCED HEIRSHIP CLAIMS: Most IFCs now have within their laws robust, comprehensive and carefully crafted statutory provisions which are designed to protect their trusts, and dispositions to trustees, against 'forced heirship' and related claims. These laws also seek to prevent foreign judgments based on such forced heirship and other claims from being recognised or enforced in the relevant jurisdiction. But how effective are these statutory provisions likely to be in practice: would they be recognised by foreign courts - and what structuring and other issues should those involved in setting up trusts in IFCs take into consideration when establishing these trusts? Our speaker answers these questions and provides practical tips for those involved in setting up trusts for settlors based in civil law and Islamic countries.

Sean McWeeney - Graham, Thompson & Co.
 

COFFEE BREAK
 

"The Balboa Lecture" 

Working Smarter, Not Harder: Getting It All Done, and Remaining Sane:  You’ve got way too many to-do’s, and not enough time to get them all done! How do you manage it all? Here’s how: knowing how to cut through all the clutter and keep yourself and everyone focused on what truly matters. In short, Competing on Clarity — setting the highest possible standard for staying focused, getting a lot more done in less time, all while engaging the hearts, minds, and hands of others. In this powerful, highly interactive session, Bill Jensen will show you the biggest, quick-hit tips for simplifying your days, staying focused on what matters, and engaging teammates in your quest to get everything done AND remain sane!

Bill Jensen is today’s foremost expert on work complexity and cutting through clutter  to what really matters.

Sponsored by Stanford Trust Company Ltd.
 

Dayra Berbey De Rojas - Chair, STEP Caribbean Conference