©2019 by STEP Caribbean Conference. All rights reserved.

AGENDA

SUNDAY, MAY 12, 2019

3:00 PM - 8:00 PM

REGISTRATION

7:00 PM - 10:00 PM

20TH ANNIVERSARY CELEBRATION

Join us for a very special 20th Anniversary Gala Dinner at

which Awards will be presented by the STEP Committee!

Cocktail Attire

MONDAY, MAY 13, 2019

7:30 AM - 8:30 AM

BREAKFAST, REGISTRATION, & NETWORKING

Sponsored by: Arias, Fábrega & Fábrega

Continental Breakfast Coffee: Meet the Sponsors

8:30 AM - 9:00 AM

WELCOME ADDRESS & OPENING REMARKS

Anita Bain

The Hon. Brent Symonette, M.P.

Minister of Financial Services, Trade & Industry and Immigration

Commonwealth of The Bahamas

WELCOME ADDRESS & OPENING REMARKS

Anita Bain

The Hon. Brent Symonette, M.P.

Minister of Financial Services, Trade & Industry and Immigration

Commonwealth of The Bahamas

9:05 AM - 9:50 AM

WE ARE THE CHAMPIONS

Ryan Pinder, Graham Thompson

Our speaker will address the resilience of Caribbean IFC’s, their ability to adapt and survive amidst the many global initiatives over the past two decades. Explore with him the multitude of ways in which Caribbean IFCs remain relevant and competitive in this era.

9:55 AM - 10:40 AM

BRINGING IT ALL TO AN END - CONSIDERATIONS RELEVANT TO THE TERMINATION OF TRUSTS

Nick Jacob, Forsters

Powers of revocation, overriding powers of appointment and powers to transfer trust assets to the trustees of other trusts. These are just some of the methods which can be employed to terminate trusts and in this session our speaker will consider the considerations relevant to each.

10:45 AM - 11:05 AM

NETWORKING & REFRESHMENTS

Sponsored by: Bahamas Financial Services Board

Meet the Sponsors

11:05 AM - 11:50 AM

International Finance Centres continue to be innovative and forward thinking. In this session our speakers will analyse the latest legislative and regulatory developments in the Region.

11:55 AM - 12:40 PM

On-shore/off-shore tax planning; it works! Exploring Synergies and the Caribbean value proposition.

12:40 PM - 1:40 PM

Lunch

Sponsored by: MWM Global Holding Limited

1:40 PM - 2:25 PM

THE LEGACY OF LEADERSHIP

Heather Thompson, Higgs & Johnson

A successful career is built by the right attitude, mentorship, and networking. Our speaker will discuss strategies to secure a meaningful legacy.

2:30 PM - 3:15 PM

WAR OF THE TITANS – HOW IS CRS VIOLATING MY GDPR RIGHTS?

Peter Cotorceanu, GATCA & Trusts Compliance Associates

We have seen sweeping changes in the way that private information must be protected while there are strict imperatives for disclosure of such information to public authorities .  Are these initiatives contradictory? How can private information be protected under GDPR while complying with CRS/FACTA reporting?

3:20 PM - 3:40 PM

NETWORKING & REFRESHMENTS

Sponsored by: SMP Partners (Bahamas) Limited

Meet the Sponsors

3:40 PM - 4:25 PM

APPLICATIONS FOR DIRECTIONS

Ziva Robertson, McDermott, Will & Emery

Just make the application – what can possibly go wrong? In this session, our speaker will consider the often debated questions of when will it be appropriate for trustees and personal representatives to apply for directions and what are some of the issues that may await them if they do.

4:30 PM - 5:15 PM

US TAXATION ISSUES FOR TRUSTEES OF NON-US TRUSTS TO FLAG

Shawn P. Wolf, Packman Neuwahl Rosenberg P.A.

At the very end of 2017, the U.S. underwent its most significant tax reform in 30 years.  Many of the laws directly impact non-US trusts that file in the U.S. as well as their U.S. beneficiaries.  Global Intangible Low-Taxed Income (GILTI), Foreign Derived Intangible Income (FDII), Qualified Business Income (QBI) and other American alphabet soup creates more U.S. tax exposure for foreign trusts and trustees than ever before. This session will focus on the most important changes foreign trusts and their trustees should be focusing on.

5:20 PM - 5:25 PM

CLOSING REMARKS

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7:00 PM - 11:00 PM

AN ENCHANTED EVENING AT ALBANY

Networking, Local Food, & Music

Sponsored by: The Ministry of Financial Services of The Bahamas

Join us for a very special evening under the stars at Albany, Bahamas for an evening of networking, local food, and music. Click HERE to learn more about the venue.

Caribbean Casual

TUESDAY, MAY 14, 2019

8:00 AM - 9:00 AM

BREAKFAST & NETWORKING

Continental Breakfast Coffee: Meet the Sponsors

9:00 AM - 9:05 AM

OPENING REMARKS

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9:10 AM - 9:55 AM

Our speakers will explore how the family office community has evolved post the financial crisis and in response to recent legislative, regulatory and other developments affecting the way in which wealthy families structure the administration of their affairs. 

10:00 AM - 10:45 AM

SUCCESSION PLANNING – FROM BOOMER TO G2 WITH GEN X AND MILLENNIALS IN BETWEEN

Darcy Moch, Bennett Jones

Each generation acquires and transfers wealth differently. How do advisors cope?

10:45 AM - 11:05 AM

NETWORKING & REFRESHMENTS

Sponsored by: BVI Finance

Meet the Sponsors

11:05 AM - 11:50 AM

What's happening in the STEP World? What is STEP doing for you?

11:55 AM - 12:40 PM

A COMMON SENSE APPROACH TO COMPLIANCE

Cherise Cox-Nottage, UBS Trustees (Bahamas) Ltd.

To achieve a pragmatic approach to compliance, you need to balance an understanding of the business risk with regulatory adherence. Our Speaker takes us through what compliance factors are considered for risk mitigation, and which sources can be explored to meet policy and CDD requirements.

12:40 PM - 1:40 PM

Lunch

Sponsored by: Nevis Investment Promotion Agency

1:40 PM - 2:25PM

CONFIDENTIALITY VS. THE IMPERATIVE OF COMPLIANCE - A CASE STUDY

Paul Dennis QC, O'Neal Webster

Magnum Invest Trading Corp & Niteroi Limited v The AG of the Virgin Islands is the first case of its kind to successfully challenge the exercise of the attorney general's powers under the Criminal Justice (International Cooperation) Act. Paul Dennis QC will guide us through his clients’ successful challenge of the exercise of the intrusive powers granted to the Attorney General of the Virgin Islands as the competent authority to handle international requests for information made pursuant to the Criminal Justice (International Cooperation) Act and the right to privacy and confidentiality of information for BVI companies.

2:30 PM - 3:15 PM

ELIZABETH TAYLOR SYNDROME: PLANNING ADVICE FOR NON-TRADITIONAL FAMILIES

Caroline Garnham, Garnham Family Office Services

This session will highlight useful tools and estate planning structures for effectively addressing the wealth management needs of non-traditional families.

3:20 PM - 4:05 PM

PRESERVING FAMILY LIFESTYLES

AND LEGACIES IN DIVORCE

James Freeman, Charles Russell Speechlys

Mark Harper, HFC Law

Metta MacMillan Hughes, Lennox Paton

John F. Wilson, McKinney Bancroft & Hughes

The issue of trust assets as marital property is explored by examining what happens to family trusts on divorce. Can a properly timed, carefully drawn trust serve as an effective shield in divorce property division? Are there choices for parents wanting to protect a child’s inheritance in the event of divorce?

4:05 PM - 5:05 PM

NETWORKING & REFRESHMENTS

Sponsored by: The Winterbotham Trust Company Limited

Meet the Sponsors

4:20 PM - 5:05 PM

THE BENEFIT OF IFCS TO THE

GLOBAL ECONOMY (UPDATE)

Judith Tyson, Overseas Development Institute

The session will discuss the value of IFIs in the intermediation of international finance for emerging and frontier markets and the new business opportunities and economic context for IFIs in Africa and Asia.

5:10 PM - 5:25 PM

CLOSING REMARKS

Sponsor Draw

5:25 PM - 7:00 PM

HAPPY HOUR & SPONSOR DRAW

Sponsored by: Higgs & Johnson

Join the STEP Committee for after work refreshments and the Sponsor draw before heading out to your networking dinners. 2020 Venue launch is anticipated.

WEDNESDAY, MAY 15, 2019

7:45 AM - 8:40 AM

BREAKFAST & NETWORKING

Continental Breakfast Coffee: Meet the Sponsors

8:40 AM - 9:25 AM

BREAKOUT 1: CAPTIVES & TRUSTS: ASSET RISK MANAGEMENT STRATEGIES OF STRUCTURING

 

Matthew Queen, Venture Captive Management

Light Townsend, Green Point Research

Corporations and Family owned businesses face risks every day that pose a huge threat to their revenue. Our speakers Matthew Queen and Light Townsend will explore the uses of captives along with trusts to form a revenue generating powerhouse that is able to not only reduce risks but also produce favorable returns that can be stored away for future generations, while exploring how to navigate through the International tax issues associated with captives from a US perspective.
 

8:40 AM - 9:25 AM

BREAKOUT 2: FIDUCIARY POWERS

Samantha Knowles-Pratt, Delaney Partners

The role that directors of corporate trustees are required to fulfill is constantly evolving, placing greater expectations upon the performance of their duties and even further scrutiny on the proper exercise of their fiduciary powers. In this session, our speaker will discuss the fiduciary powers of directors of corporate trustees, the risks they should be considering and the pitfalls to watch out for.

8:40 AM - 9:25 AM

BREAKOUT 3: PTCs - ESSENTIAL STRUCTURING ISSUES

Tara Frater, FT Legal

Private trust companies are increasingly created by settlors who are keen to retain control, but sometimes proper consideration of the identity of their shareholders and directors is overlooked, and little consideration is given to critical succession issues which come to the fore when shareholders die. Our speaker will look at the advantages and disadvantages of each of the options relating to the identity of directors and shareholders of PTCs and what can happen when things go badly wrong.

9:30 AM - 10:15 AM

BREAKOUT 4: THE OVERBEARING SETTLOR

Joanne Morse, Summit Trust International SA

We all come across them: the settlor who still thinks he or she is still in charge and barks orders at the trustee's staff. This obviously places the trustee in an invidious situation trying to balance its duties and risks against its commercial interests. What should the savvy trustee do when faced with this conundrum?

9:30 AM - 10:15 AM

Cryptocurrencies as alternative currencies: join us to gain an understanding of the digital media of exchange and how they are used to buy goods and services in the same way as the traditional ‘fiat’ currency.

9:30 AM - 10:15 AM

BREAKOUT 6: CASE UPDATE

Richard Giangrande, Macfarlanes

With the ever evolving legal landscape that potentially affects our businesses this session covers the most recent developments in judicial decisions.

9:30 AM - 10:15 AM

BREAKOUT 7: MAKING IT LAST LONGER: EXTENDING PERPETUITY PERIODS

Dwana Davis, Amicus Chambers

In this session our speaker will give delegates an overview of the various rules of English law which are designed to prevent trust property from being tied up indefinitely and how these rules can be circumvented to extend the relevant trust period, thereby meeting the requirements of settlors who would like to turn trusts which have already been created into dynastic trusts. These alternatives include making an application to the court, invoking the doctrine in Saunders v Vautier and resettling trust property. The pros and cons of each of these and other approaches will be looked at.

10:15 AM - 10:40 AM

NETWORKING & REFRESHMENTS

Meet the Sponsors

10:40 AM - 11:25 AM

BREAKOUT 8: HOW AI AND BLOCKCHAIN CAN BE USED TO IMPROVE THE COMPLIANCE FUNCTION

E. Jay Saunders, Demus Semo Sancus

The road to the future of compliance is paved with good intentions, but very few options that offer as much benefits as AI. Our speaker, E.Jay Saunders will take you on a journey that will lead to the resolution of your compliance woes. 

10:40 AM - 11:25 AM

BREAKOUT 9: THE PURPOSE OF PURPOSE TRUSTS

Matthew Howson, Harneys

A lot has been said and written about non-charitable purpose trusts and there are many different statutory models facilitating their creation, but one of the problems that those involved with structuring purpose trusts often encounter is how to craft the ‘purposes’ of a purpose trust within the objects clause of a particular trust deed. There are clearly restrictions on what can be legally valid purpose, but where is the line to be drawn? Our speaker will consider this issue and also provide attendees with some helpful drafting tips.

10:40 AM - 11:25 AM

BREAKOUT 10: BLOCKCHAIN AS A GAME CHANGER FOR THE TRUST INDUSTRY

Martin Litwak, Litwak and Partners

The wealth structuring industry in general, and the trust management industry in particular, have witnessed major changes from a regulatory standpoint during the past few years. However, there has never been a technological revolution affecting it since the irruption of the internet. We will see this changing dramatically with the adoption of Blockchain technology by banks and other industries in the financial industry. During this presentation we will discuss how Blockchain can transform the trust industry and will also refer to LegTech and WealthTech.

10:40 AM - 11:25 AM

BREAKOUT 11: DISPOSITIVE CLAUSES: DESTINATION HEIRS

Theo Burrows, Graham Thompson

Addressing key issues that require knowledge and technique of drafting dispositive clauses to clearly set out the provisions of the transfer of assets/property and its associated conditions.

11:30 AM - 12:15 PM

BREAKOUT 12: WHERE THERE’S A WILL THERE’S A RIGHT WAY

Vanessa Schrum, Appleby

This session will explore current trends in estate planning and several traps to be aware of when preparing a will, with a focus on evolving topics such as trustee indemnity provisions, gifts of cryptocurrency and digital assets, real property provisions, treatment of same sex marriage/ civil partnerships and default beneficiary clauses. The session will consider real life examples and learn what not to do from wills ‘gone bad’.

11:30 AM - 12:15 PM

BREAKOUT 13: SUPPLEMENTARY TRUST DEEDS

Earl Cash Ph.D., Higgs & Johnson

DORAs, deeds of appointment, deeds of amendment, deeds changing the proper law – the list goes on and on. In this session, our expert will take delegates through some critical drafting issues and potential pitfalls which arise when preparing these documents and other issues to look out for when preparing deeds and documents pursuant to the terms of an existing trust.

11:30 AM - 12:15 PM

BREAKOUT 14: SEEING THROUGH THE "WEEDS" - CANNABIS - A CROSS-BORDER PERSPECTIVE

Rob Madden, Alexandria Bancorp

Recently, we have seen the legalization of cannabis in some countries has the potential to make significant impact on their economies. Rob Madden will clear the air by discussing the cross border implications for financial institutions which provide banking, investment and private wealth management services.



 

The 2019 STEP Caribbean Conference is presented by

The Bahamas Ministry of Financial Services

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