STEP Caribbean Conference

SCHEDULE - 2012

/2012 SCHEDULE

Only events listed on the Conference Schedule are part of the STEP Caribbean Conference. Springstreet Communications and the Conference Steering Committee do not endorse any privately organized events that run parallel to our Sponsored Hospitalities or programme.

Business casual attire is suggested for the duration of the Conference. Evening cocktail attire is recommended for the Sunday hospitality event (no jeans or beach wear please at any of the hospitality events).

SUNDAY, MAY 13TH

	10:00am - 2:00pm			Exhibitor Set Up - Exhibitor Hall
	2:00 pm - 5:00pm			Early Registration - Exhibitor Hall
	6:30pm - Cocktails 7:15pm - Dinner 8:15pm - Awards 8:30pm - Evening Speaker			Sunday Launch - Cocktails and Dinner Join us in our inaugural event when we introduce the "STEP Caribbean Conference Awards". Focused on recognizing the Caribbean’s stellar performers, the STEP Caribbean Conference "Student of the Year" award will be presented in this our first year. A wonderful way to kick off CC12; a chance to catch up with old friends and connect with new ones.

MONDAY, MAY 14TH

	8:00am - 9:00am			Registration, Continental Breakfast & Meet the Sponsors - Exhibitor Hall
	9:00am - 9:15am			Opening Remarks William Walmsley, STEP CC12 Conference Chair
	9:15am - 10:00am			George Town Lecture Wealth structuring for international private clients is undergoing fundamental change. Timothy Ridley will share his views on the geographical shifts, the changing relationship between clients and advisers, the increasing compliance burden, the role IFC governments may have to play and who will succeed in this increasingly challenging environment. Timothy Ridley, Former Chairman, Cayman Islands Monetary Authority Sponsored by RBC Wealth Management
	10:00am - 10:45am			Repositioning for Global Biz All the world is a stage and all the world is your target audience. Marketing your organization globally takes a cool hand and a keen sense of brand strategy. Today even the smallest firm in the smallest jurisdictions in the region can be a global giant -- all it takes is a blueprint for success and the ability to think big -- join us for a tour of duty around what it takes to be a global SME (subject matter expert). Kerry Harris, lonsdale&co
	10:45am- 11:15am			Coffee Break & Meet the Sponsors - Exhibitor Hall Sponsored by Higgs & Johnson
	11:15am - 12:00pm			Regulation of Trust Companies Over the past decade international organizations including the OECD, EU and FATF have turned the spotlight on trusts and their potential to be used in criminal activities. Two experts in this area will examine the impact of these international organizations on how trust companies are regulated and give insight into how trustees can adapt to and benefit from these developments. Rohan Bromfield, Cayman Islands Monetary Authority Helen Hatton, Sator Regulatory Consulting
	12:00pm - 1:15pm			Lunch
	1:15pm - 1:55pm			Case Update In this session Jonathan Conder of Macfarlanes will provide delegates with a round up of all leading English and Commonwealth cases decided in the previous 12 months. Jonathan Conder, Macfarlanes LLP
	Breakout Session 2:00pm - 2:40pm			#1 Tips and Traps - Guidelines on Trust Administration Trust administration can cause headaches big and small. Hear from the experts on how best to anticipate, hopefully avoid but, if necessary, deal with the thorny issues that face trust administrators every day. Pearline McIntosh, Butterfield Trust (Bermuda) Limited Alan Milgate, Rawlinson & Hunter Carlos de Serpa Pimentel, Appleby
				#2 Where the Wealthy Are
				#3 Birth of a Marriage At the 2010 STEP Caribbean Conference Justice David Hayton explained the threat to trusts assets posed when a beneficiary becomes involved in divorce proceedings. In this session a leading litigator will consider what settlors, trustees and their advisers can and should do beforehand to protect property from such attacks. Toby Graham, Farrer & Co,
	2:40pm - 3:10pm			Coffee Break & & Meet the Sponsors Sponsored by Ogier
	Breakout Sessions 3:15pm - 3:55pm			#1 Nobody's Perfect - Everybody Makes Mistakes. Well run trust companies realise that their management and staff are frequently called upon to make difficult judgment calls and that, with the best will in the world, they will not get these right all of the time. How can such mistakes be minimised? What can be done to avoid a blame culture? What should be done to lessen the fall out? Mark Lowndes, Cooper Gay & Co Ltd David Brownbill QC, XXIV Old Buildings
				#2 Revocable Trusts In this breakout session our distinguished speaker will consider the state of revocable trusts following the recent Privy Council ruling and various other issues relating to the power to revoke. He will consider excessive reservation of settlor powers, whether the doctrine of fraud on a power ever applies to a power to revoke, whether powers to revoke might ever be considered fiduciary, what issues the draftsman should take into consideration when drafting a power to revoke, partial revocation, how powers to revoke must be exercised, whether they can be delegated and US drafted “powers to reacquire assets”. Nicholas Le Poidevin QC, New Square Chambers
				#3 Reporting Obligations for Fiduciaries with Concentrated Positions in Publicly Listed Assets Trustees and Directors should be aware of the obligations that may arise with regard to assets that are traded on public exchanges, which are held in a fiduciary capacity. Joseph Kellogg of UBS AG (Miami) discusses issues that a prudent professional fiduciary may want to keep in mind when reviewing the balance sheet of such assets. Joseph Kellogg, UBS AG (Miami)

	Breakout Sessions 4:00pm - 4:40pm			#1 Letters of Wishes Particularly in the case of discretionary trusts, letters of wishes are nowadays considered de rigueur. In this session Madeleina Loughrey-Grant will enlighten attendees as to all the topical issues which surround letters of wishes. She will cover such issues as the contents of letters of wishes, drafting pitfalls, whether letters of wishes are confidential, wishes regarding the exercise of administrative powers, fraud on a power issues and whether and the extent to which a settlor can change his or her wishes once the original letter has been prepared. Madeleina Loughrey-Grant, Farrer & Co
	Breakout Sessions 4:00pm - 4:40pm			#2 Settlor Incapacity We live in societies with ageing and more prosperous populations than ever before, yet the loss of mental capacity can affect young and old alike, in all walks of life. While the beneficiaries are trying to come to terms with the potentially devastating consequences of mental illness in their family, the validity of the settlement or the exercise of reserved powers by the settlor may be in doubt. This session will look at recent developments in this area of the law and focus on some of the practical steps which can be taken to protect a trust structure and/or the family's assets for future generations. Morven McMillan, Mourant Ozannes

	6:00pm - 11pm 5:30pm Busses depart			Hospitality Event Sponsored by Ministry of Finance, Tourism and Development, Cayman Islands Government

TUESDAY, MAY 15TH

	8:30am - 9:15am Breakfast buffet opens at 8:15am			Breakfast with Shân Shân invites you to join her in debating the difficulties encountered by trustees when information flow and communication with the settlor, protector or beneficiaries is hard to establish or maintain. Shân Warnock-Smith Q.C., ICT Chambers/5 Stone Building
	9:30am - 9:40am			Opening Remarks Carlos de Serpa Pimentel, STEP Cayman Branch Chair
	9:45am - 10:25am			International Tax Cooperation & the Future of Private Banking Our speaker will discuss the current events unfolding in the era of international tax cooperation and their affect on the future of international private banking.
	10:30am - 11:15am			Advising Business Families Many of our clients are families that own and operate large businesses. Advising them involves more than simply recommending structures for the protection of succeeding generations. Today’s wealthy families expect and deserve more from their advisers. Our panel comprises two distinguished advisers and a distinguished academic, an anthropologist who has recently transitioned to consultancy. Mary Duke, Doctor of Law, Head of HSBC Private Wealth Solutions (Americas) and Arabella Murphy of UK law firm Maurice Turnor Gardner, join Dr Michael O’Neal to discuss the dynamics of business families, their needs and the crucial role of their advisers in ensuring the stability of their businesses, their socialisation and the increasing impact they have on the human condition across the globe. Arabella Murphy, Maurice Turnor Gardner Mary Duke, HSBC Dr. Michael O'Neal, Island Resources Foundation
	11:15am - 11:45am			Coffee Break & Meet the Sponsors - Exhibitor Hall Sponsored by CIBC Bank and Trust Company (Cayman) Limited
	Breakout Sessions 11:45pm - 12:25pm			#1 Wealth Structuring in Russia/Eastern Europe In a series of breakout sessions the particular challenges for wealth structuring for UHNWIs from various regions of the world will be considered. The speaker on each will explain some of the tax, compliance, cultural and other issues. Olga Boltenko, Withers
				#2 Attacks on Foreign Trusts in US Courts Caribbean and other offshore jurisdictions have enacted legislation to prohibit claims based on foreign property rights arising from family or marital relationships being brought, in foreign courts. Access to information and evidence necessary to such claims may be limited in the relevant trust jurisdiction. Disgruntled heirs, beneficiaries and third parties are increasingly seeking to circumvent such prohibitions by bringing proceedings before US State or Federal Courts. Simon Beck will provide insight as to commonly used strategies and consider ways in which trustees may protect themselves from foreign court action. Simon Beck, Baker & McKenzie LLP
				#3 Due Diligence Procedures: More than Collecting Identification Documents Despite guidance on how to conduct due diligence procedures, there is still uncertainty as to who trustees should be vetting and to what extent. Learn about common KYC practices, how to deal with client acceptance hurdles, what to look for when reviewing due diligence documents and other legal considerations when establishing a trust. The presentation will also look at where the FATF/CFATF may be taking us in the next few years. Martin Livingston, Maples and Calder
	12:30pm - 1:45pm			Buffet Lunch
	1:45pm - 2:25pm			Attracting Onshore Business Offshore There is a growing appreciation of the economic benefits provided by International Financial Centres (IFCs) to the global economy. There are also many critics. Offshore jurisdictions still struggle to assert themselves in the global dialogue. Business practices in IFCs have been labelled as systemically risky and blamed for causing or contributing to the global economic crisis. How can offshore jurisdictions continue to thrive and attract more business while demonstrating the benefits and value they bring to the onshore world? Ingrid Pierce, Walkers
	Breakout Session 2:30pm - 3:15pm			#1 Wealth Structuring Africa In the second of the series wealth structuring for UHNWIs from Africa will be considered. The speaker will explain some of the tax, compliance, cultural and other issues. Harry Joffe, Discovrey Life
				#2 Trust Litigation: A Costly Experience? The presenter will examine principles concerning the award of costs in trust litigation. He will consider when it is likely that litigation costs will be met out of the trust fund - and perhaps more importantly, when the trustee may become liable to pay litigation costs from its own resources. Keith Robinson, Appleby
				#3 Mining - the New Money Laundering Method
	3:15pm - 3:45pm			Coffee Break & Meet the Sponsors - Exhibitor Hall Sponsored by J&T Bank and Trust Inc
	Breakout Session 3:45pm - 4:30pm			#1 Wealth Structuring in Asia (India & China) In the final break out session of the series wealth structuring challenges for UHNWIs from India and China will be discussed. The speaker will explain some of the tax, compliance, cultural and other issues. Nick Jacob, Lawrence Graham LLP
				#2 Social Media Twitter, LinkedIn, Facebook and Foursquare -- if you aren't following along, you are missing the digital and social revolution. And trust us when we say that this is where your future client is very comfortable -- make sure that they don't leave you behind. Join us for an in-depth look at the social media revolution and what it means to you as a trust professional and to your business.
				#3 FATCA - What it Means to the Trust Industry The Foreign Account Tax Compliance Act (FATCA) was enacted by the U.S. Congress to combat perceived offshore tax abuses by U.S. persons. FATCA will require foreign financial entities to report the names and account details of U.S. persons to the Internal Revenue Service on an annual basis, and introduces a withholding regime to penalize noncompliant individuals and entities. The FATCA provisions are complex and far-reaching in scope, and are expected to result in significant operational challenges to a wide range of foreign financial entities including certain entities which do not currently have U.S. account holders as their clients. Will McCallum, tax director with KPMG in Bermuda, will provide an overview of the FATCA provisions and recent implementation guidance, and will analyze potential implications to the trust industry. Will McCallum, KPMG
	4:30pm - 5:30pm			Myers-Briggs - Are you an ENFJ or an INTP? Myers- Briggs is an assessment tool that measures psychological preferences in how people perceive the world and make decisions. There are 16 different types of personalities; results from your answers determine what type of personality you have and provide assumptions about how your personality type is best suited for success in careers, communication and relationships. Join us for a look at what Myers-Briggs can bring to your own understanding and assumptions about yourself - your preferences about how you work, how you interact with others and what motivates your personality. Anne Nealon, Third Avenue Group
	6:30pm - 8:00pm			Cocktail Reception - North Sound Pool, Ritz Carlton, This is your chance to discuss the days topics while soaking in the casual elegance at the North Sound Pool. Afterwards, enjoy dinner at one of the many restaurants located on the grounds of the Ritz Carlton. Or, check with the registration desk for a list of local restaurants ranging from casual to fine dining.

WEDNESDAY, MAY 16TH

	8:30am			Continental Breakfast & Meet the Sponsors - Exhibitor Hall
	9:00am - 9:10am			Opening Remarks Dianne Bingham, Bank of The Bahamas International
	9:15am - 10:00am			Managing Expectations The Jersey case, Re The Y Trust highlights another potential means of attack by beneficiaries: the principle of 'legitimate expectation'. In this session, Richard Wilson will consider some of the problems that can arise for trustees, and provide guidance concerning the management of beneficiaries' expectations. Richard Wilson, 3 Stone Buildings
	10:05am - 11:00am			Discretionary Investments Since the Global Financial Crisis in 2008, trustees and their clients have been coping with extreme volatility across many markets. Can trustees structure their investments to provide for income beneficiaries by investing for total return while still adequately protecting income? The presenters will examine trustees' obligations and considerations when appointing investment managers and tools for monitoring their performance. Paul Bailey, Consultant to Stenham Patrick Harney, Forsters
	11:00am - 11:30am			Coffee Break & Meet the Sponsors - Exhibitor Hall Sponsored by Scotia Private Client Group
	11:30am -12:30pm			Oxford Union Debate The stage is set, the contenders are prepared and the topic will be ripped from the headlines. Watch this space for more information on who's in the hot seat, and how you can get involved in a point/counterpoint discussion that promises to settle matters once and for all.
	12:30pm - 12:40pm			Closing Remarks Announcing the venue for STEP CC13 Sponsor's business card draw - winner must be in attendance.

To check out the 2010 schedule click here (Barbados)
To check out the 2009 schedule click here (Puerto Rico hosted by BVI)
To check out the 2008 schedule click here (Panama)
To check out the 2007 schedule click here (Cayman Islands)