IBF Wealth Management Seminar 2008: Practices of Delivering World-Class Wealth Management Services

The Institute of Banking & Finance (IBF) will be organizing a seminar on 17 November to discuss the practices Of delivering World-Class Wealth Management Services. For details of the event, please click here. If you are interested, feel free to get in touch with IBF directly at 6220 8566.

2008 Review of Updates & Developments in Singapore Trust Law & Practice
13 November 2008, 3.00-6.00pm, Viewing Gallery, Level 8, Supreme Court Building

STEP Singapore invites you to attend its annual Continuing Professional Development seminar organised for its members as well as practitioners within the trust and estate industry in general to provide a round-up on key developments in the areas of trusts and estates, executorship, administration and related taxes.

The year’s half day seminar will address three main areas:

1. Global Financial Crisis: Impact on Family Wealth Planning: Mr. Eli William Lenyoun – Director, Family Wealth Solutions Pte. Ltd
2. Confidentiality and the Trustee: Mr. Yeoh Lian Chuan – Partner, Rajah & Tann LLP
3. Taxation of Trusts: Mr. Bill Lexmond – Managing Director, Wealth Planning, UBS AG; President, STEP Singapore

Members of STEP, CPA Australia, CPA Singapore/ICPAS, International Fiscal Association (IFA), Law Society of Singapore, Singapore Corporate Counsel Association (SCCA), Singapore Trustees Association (STA) and Singapore Association of the Institute of Chartered Secretaries and Administrators (SAICSA) enjoy preferential rates.

Register early to secure your place by completing and faxing the registration form to 63299699 or via e-mail by 6 November 2008!

Committee of STEP Singapore branch (July 2008 to June 2009)

The Committee of STEP Singapore branch (July 2008 to June 2009) posed after a recent executive meeting.

They are (from left to right): Angelo Venardos (Assistant Secretary), Ong Beng Lay (Ad Hoc Member), Alex van der Zwaard (Vice-Chairman), Bill Lexmond (Chairman), Gurbachan Singh (Secretary) and Lee Chiwi (Treasurer).

It is with much enthusiasm that the team has accepted the task of serving the Trust community in Singapore for another year. We look forward to completing the groundwork for the 2009 STEP Asia Conference which will be held in Singapore on 20-21 October 2009. We hope to see many of the readers there!

International Estate Planning for Individuals
17 October 2008, 5.00-7.00pm, Viewing Gallery, Level 8, Supreme Court Building

In this talk, the speaker – Mr. Simon Phelps – will discuss the following in the context of international estate planning for individuals:

1. Review of possible alternative structures, particularly in the context of asset protection, tax
   planning, holding real estate and general estate planning.
2. Consideration of the comparative pros and cons.
3. Some ideas for dealing with the “cons”.
4. Is the Trust the answer?

Members of STEP, CPA Australia, CPA Singapore/ICPAS, International Fiscal Association (IFA), Law Society of Singapore, Singapore Corporate Counsel Association (SCCA), Singapore Trustees Association (STA) and Singapore Association of the Institute of Chartered Secretaries and Administrators (SAICSA) enjoy preferential rates.

Do not miss this learning and networking opportunity! So, register early to secure your place by completing and faxing the registration form to 63299699 or via e-mail by 7 October 2008!

Post-event Update on "A Former Laundryman Discusses Money Laundering through Trusts and Estates"

Kenneth Rijock, World Check's Financial Crime Consultant, recently conducted a talk for STEP Singapore in which he shared how he went from being a bank lawyer to a career money launderer for narcotics trafficking organizations.  He analysed some of the tactics and strategies employed today in money laundering, emphasisng his personal experience and actual trade-craft and techniques.  Almost 180 trust & estate industry practitioners signed up for this well-received talk which provided attendees with an insider's view of money laundering.

Invitation to STEP Members to Speak at STEP Singapore's "2008 Review of Updates & Developments in Singapore Trust Law & Practice" Seminar - 13 November 2008, 2-6pm

STEP (Singapore) is proposing to organise its annual ½ day seminar on 13 November 2008 to provide an update to the industry in the areas of trusts and estates, executorship, administration and related taxes.

We are currently putting together a panel of speakers in the following areas:

1. the legal environment for trusts;
2. the regulatory environment for trust companies; and
3. tax efficient trust structures.

In our efforts to continually involve members in our activities, we would like to invite STEP members who may be interested in speaking at this year’s annual seminar to email us with the following information:

• Proposed topic you wish to speak on
• Synopsis of the issues you plan to cover (100-300 words)
• Your CV/resume containing information on your relevant experience, expertise and qualifications

To facilitate planning for the seminar, please email the Secretariat by Monday, 8 September 2008.

This invitation is extended to STEP Members only.

STEP Asia Conference 2008: Trusts & Tax in Asia - Skills for the Modern Era

This year's second Trusts & Tax in Asia Conference in Hong Kong builds on the success of the sell-out 2006 conference combining current issues, practice and theory sessions covering trust & tax areas both old and new.

The conference will address Hong Kong's historical role in China's economic development and predict its role come 2025, as well as taking a comparative look at the private banking markets of the People's Republic of China and India before examining what makes successful dynasties tick, what's happening in the family office world, trust law developments, the taxation of trusts, upcoming trust jurisdictions and the thorny area of trusts and divorce. The threatened end of banking privacy and just how effective OECD controls over the offshore world will really be is also examined.

The conference will take place at the Four Seasons Hotel in Hong Kong and a social programme has also been planned to offer delegates greater opportunities to build and maintain important relationships whilst having fun. This conference is both varied and rigorous as well as providing the opportunity to reflect and to network.

For more details or to register, please visit the Conference website.

Notice of STEP EGM 2008 (29 July 2008, 7.00pm, Supreme Court Building)

Gurbachan Singh
Secretary
Society of Trust & Estate Practitioners (Singapore Chapter)

STEP (Singapore Chapter) held its 2008 AGM on 30 June at the NUSS Guild House in Suntec City. 23 members participated in the AGM which was preceded by a seminar, and followed by a networking cocktail.

Seminar on “Taxation of Individuals on Investments”

Prior to the STEP 2008 AGM, a talk was conducted by our President Bill Lexmond on “Taxation of Individuals on Investments” that included his thoughts on the latest MAS Circular on “Tax Exemption Scheme For Qualifying Family-Owned Investment Holding Companies”. Almost 140 participants from the trust industry registered for this hugely successful talk, which concluded with a networking session.

A Former Laundryman Discusses Money Laundering through Trusts and Estates
29 July 2008 4.30-7.30pm, Supreme Court Auditorium, Level B2, Supreme Court Building

Kenneth Rijock, World Check's Financial Crime Consultant, tells how he went from being a bank lawyer to a career money launderer for narcotics trafficking organisations, and analyses the tactics and strategies employed today in Money Laundering through Trusts and Estates. The lecture, which emphasises the actual trade-craft and techniques, will give the attendees an insider's view of money laundering, and how it can be identified and interdicted by trust & estate practitioners.

Members of STEP, CPA Australia, CPA Singapore/ICPAS, International Fiscal Association (IFA), Law Society of Singapore, Singapore Corporate Counsel Association (SCCA), Singapore Trustees Association (STA) and Singapore Association of the Institute of Chartered Secretaries and Administrators (SAICSA) enjoy preferential rates.

Do not miss this learning and networking opportunity! So, register early to secure your place by completing and faxing the attached registration form to 63299699 or via e-mail by 22 July 2008!

Notice of STEP AGM 2008 (30 June 2008, 6.00pm, Suntec City Guild House)

Gurbachan Singh
Secretary
Society of Trust & Estate Practitioners (Singapore Chapter)

Taxation of Individuals on Investments - Evolution, Current State and Overall Utility
30 June 2008 4.45-6.00pm, Suntec City Guild House, Level 5, Suntec City Mall

The taxation of investment returns on capital for individual investors who are either resident in Singapore or whose funds are placed and managed in Singapore has evolved significantly, especially over the last 10 years. This year sees another significant opportunity to deal with the tax issues so that Singapore can take its place as one of the premier jurisdictions for wealth management. We will review the path that led us here and then focus on the Family Owned Investment Holding Company ("FOIHC"):

• what it actually is (MAS is to announce the details by the end of May so should be reported and open to analysis by 30 June, the Annual General Meeting ("AGM") date)?
• why the FOIHC is either the final piece of the investment taxation puzzle or just one more step along the long road, not yet completed?

We will look at why the FOIHC achieves its purpose or falls short and, if it falls short, what remains to be done.

Join us before the AGM for a review and an attempt to understand the evolution of the tax policy applicable to individuals and their investment returns as well as the current state of play. After the presentation, we will convene the AGM for voting members only.

Members of CPA Australia, CPA Singapore/ICPAS, International Fiscal Association (IFA), Law Society of Singapore, Singapore Corporate Counsel Association (SCCA), (Singapore Trustees Association (STA) and Singapore Association of the Institute of Chartered Secretaries and Administrators (SAICSA) enjoy preferential rates.

Do not miss this learning and networking opportunity! So, register early to secure your place.

Members’ Networking Night (19 March 2008)

STEP Members and their guests were invited to an evening cocktail hosted by STEP Singapore at the M Hotel. The cocktail started with a short presentation on “Some Unusual International Restate Cases: An Update” by Mr. Michael Brandon from Switzerland. Thereafter, everyone enjoyed mingling over canapés and a free flow of soft drinks, beer and wine.

2008 Update on UK & International Trust Law & Taxation (15 April 2008)

More than 80 trust, tax and estate practitioners attended this presentation by Mr. James Quarmby of M/s Thomas Eggar as he provided an update on his 2007 talk.

In his 1 hour talk, he reviewed further cases of trustees’ mistakes and the rule in Hastings-Bass, shared his ten top tips for trustees to avoid negligence claims and updated the audience on the latest news in company residency, international tax issues as well as the UK reform of residency and domicile.

“Recent and Enduring Issues in Trusts” – Friday, 9 May 2008, Suntec Singapore Convention & Exhibition Centre

The Singapore Trustees Association invites STEP members to a lunch talk on “Recent and Enduring Issues in Trusts” – a discussion of some fascinating, fateful, and fundamental cases impacting on the development of the law of trusts presented by Bill Ricquier B.A., M.A. (Oxon), L.L.M. (Dalhousie) and Chee Fang Theng L.L.B. (Hon) (NUS). Registration fee for STEP members is $70. View more details here .

Please contact Gan Bea Peng of the STA directly at +65 9674 5780 or geabanpeng@linkmgnt.com for enquiries and registrations.

The Singapore Trustees Association cordially invites members of the Society of Trusts and Estate Practitioners (Singapore Chapter) to a lunch meeting on Friday, 28 March 2008 at Meritus Mandarin Hotel. There will be a discussion on the following topics:

• The Singapore Budget 2008 and its implications to the trust industry
• Trustee Secrecy, the Banking Act, and the problem areas

More details available here. For registration or enquiries, please contact STA direcly at 62239000 or linkmgnt@singnet.com.sg.

2008 Update on UK and International Trust Law and Taxation
15 Apr 2008, 5.00-7.30pm, Supreme Court Auditorium

STEP Singapore is pleased to invite you to an evening update on UK and international trust and taxation by Mr. James Quarmby. Topics to be covered include:

Members of STEP, CPA Australia, International Fiscal Association (IFA), Law Society of Singapore, Singapore Corporate Counsel Association (SCCA), Singapore Trustees Association (STA) and Singapore Association of the Institute of Chartered Secretaries and Administrators (SAICSA) enjoy preferential rates.

Do not miss this learning and networking opportunity! So, register early to secure your place.

Post-event Update on "An Introduction To The Laws And Practices Of Islamic Trusts"

At our recent seminar on “An Introduction To The Laws And Practices Of Islamic Trusts” held on 27 Feb 08, more than 60 participants benefited from the expertise from our speakers Dr. Angelo Venardos and Dr. Aimi Zulhazmi Abdul Rashid. Angelo provided a background on Islamic banking before Dr Aimi covered the trust concept in Islam, Islamic trust development, Islamic trust products and the distribution of Islamic trusts. The talk was followed by a lively Q&A session and then a networking session.

Members' Networking Night Featuring A Talk On "Some Unusual International Estate Cases: An Update"

STEP Singapore is pleased to invite STEP Members and their guests to its upcoming networking night.

The night’s programme features a short presentation by our guest speaker, Mr. Michael Brandon (M.A., LL.B, LL.M (Cantab), M.A. (Yale), FCIARB, Member of the English Bar) on some unusual international estate cases. This will be followed by a standing cocktail with canapés as well as free flow of soft drinks, beer and wine.

STEP Members are invited to attend free-of-charge.

Register early to secure your place!

Post-event Update on "The Effect of Matrimonial Issues of Trusts"

STEP Singapore held an evening update on the effect of matrimonial issues on trusts which was attended by almost 120 participants from the industry. Chaired by Bill Lexmond, the talk featured 2 speakers:

• Mr. Mark Biddlecombe who discussed the trend of cases in the UK matrimonial courts and some of the reactions in Jersey to the English Courts’ decisions; and
• Ms Ang Kim Lan who shared a Singapore law perspective on these cases and then considered what the Courts here might say on the subject.

The speakers also considered some of the relevant tactical issues for trustees when faced with a divorce or possible divorce.

Seminar on "An Introduction to the Laws and Practices of Islamic Trusts"

STEP Singapore is pleased to present this evening talk which introduces Islamic trusts.

To truly understand the current interest in the development of Islamic banking and finance in South-east Asia and how it is different from the conventional banking system, one must first understand the religious relationship originating from the Quran, and then trace the historical geographic and political developments of Islam over recent centuries. Only on this basis can one, without prejudice or cynicism, begin to appreciate Shari’ah law and Islamic jurisprudence. The distribution of the Trust upon Maturity, the issue of forced heirship (Fara’id) and the use of various instructments available through the teachings of the Quran will be explained in this session.

We welcome all STEP members and practitioners in the trust industry to join us for this seminar, which will be followed by a networking break. So, register early to secure your place.

Seminar on "The Effect of Matrimonial Issues on Trusts"

STEP Singapore is pleased to present this update on the effect of matrimonial issues on trusts – drawing on recent cases including from UK and Jersey as well as considering what approach might be expected in Singapore.

This talk will discuss the trend of cases in the UK matrimonial courts culminating in the Minwallah and Charman cases and then look at the more promising case of A v A and St George Trust Company, which sets the record straight on some of the more blatant excesses of the Family Division of the High Court. The Jersey review will look at some of the reactions in Jersey to the English Courts, consider the benefits for Singapore business, and then consider what the Courts here might have to say on the subject. Finally, we will consider some of the tactical issues for trustees to consider when faced with a divorce or possible divorce – including the disclosure of letters of wishes, whether or not to intervene.

We welcome all members and practitioners in the trust industry to join us for this seminar, which will be followed by a networking break. So, register early to secure your place.

Post-event Update on "Switzerland – A New Member in the Trust Community"

The President of STEP Switzerland, Mr. Tim Urquhart, addressed more than 50 members of the trust industry on the changes that have been made in Switzerland to both law and regulation following its ratification of the Hague Treaty, as well as issues relating to taxation in Switzerland for Residents, Non-residents and Companies.

Members updating their details must now do so online

We have been informed by STEP UK that all STEP members should now update their details online at www.step.org/mydetails. They have requested that we do not accept updates via email.

To login:

- Your username: is your STEP membership number (this can be found on any letters you have received from STEP and your STEP membership card)

- Your password: is your surname with a capital letter.

It is important to keep your details up to date in order to receive your STEP Journal and information on your membership, upcoming conferences and other important details.

Instructions on how to navigate the STEP website can be found here. However if you do experience difficulties please email step@step.org directly.

Post-event Update on "Drafting Trusts and Will Trusts in Singapore"

This seminar organised by STEP Singapore on 6 November 2007 at the Supreme Court Auditorium was a resounding success attended by almost 140 delegates from the trust industry, including lawyers, wealth managers, bankers and financial planners. The seminar was preceded by the official launch of Sweet & Maxwell’s latest publication “Drafting Trusts & Will Trusts in Singapore”.

The book launch was graced by Guest-of-Honour Mr. Philip Jeyaretnam SC, President of The Law Society of Singapore. After the launch, the book’s authors, Chiwi Lee and James Kessler QC, provided an overview of “Drafting Trusts and Will Trusts in Singapore” and “Recent Cases and Developments Relevant to Trusts in Singapore” respectively.

Book Discount for "Drafting Trusts and Will Trusts in Singapore" for STEP Members

STEP Singapore has negotiated with Sweet & Maxwell for members to enjoy 10% off the recommended retail price for its new publication “Drafting Trusts & Will Trusts in Singapore” authored by James Kessler QC and Chiwi Lee.

More details are available in the brochure. For purchases, please contact Sweet & Maxwell at 6333 0800.

IFA Seminar on "Australian Taxation Office - Transfer Pricing Policy and Administration"

IFA Singapore Branch has extended members an invitation to their evening talk “Australian Taxation Office - transfer pricing policy and administration” on Monday, 12 November 2007.

Mr John Donaldson (Vice President, CRA International, Melbourne, Australia) will give an overview of the Australian Taxation Office (ATO) audit program for 2008 and also cover the following:

• Key points from the Commissioner’s recent address to the Australian Institute of Corporate Directors;
• Review of ATO APA programme currently underway with external advisors;
• ATO MAP program and impact of recent departure of 2 top ATO transfer pricing officials and appointment of new head of Transfer Pricing, Anne Connon;
• Asia Pacific regional issues involving economic nationalism, especially from the NTA in Japan, and its impact on other Asian countries, comparables and their relevance, including market adjustments;
• Relationship between ATO and NTS in China;
• ATO's position on marketing intangibles and business "restructurings"

STEP members have been extended a preferential rate of $25 only! Click here to view more details.

If you would like to attend the talk, please register with Phyllis Ng at phyllisng@kpmg.com.sg or Fax: 6224 1345 by 9 November 2007.

Seminar on "Switzerland – A New Member in the Trust Community"

STEP Singapore is pleased to have Mr. Tim Urquhart, Chairman of STEP Switzerland speak at this continuing professional development seminar on the following issues:

1. the changes that have been made in Switzerland to both law and regulation following the ratification of the Hague Treaty
2. issues relating to taxation in Switzerland for Residents, Non-residents and Companies.

We welcome all members and practitioners in the trust industry to join us for this update, followed by a standing buffet lunch.

Do not miss this learning and networking opportunity! So, register early to secure your place.

Speaking Invitations to STEP Members for "A 2007 Review of Updates & Developments in Singapore Trust Law & Practice" (Friday, 7 December 2007, 3-6pm)

A message from the President:

As part of STEP Singapore’s continuing professional development programme, we plan to organise our annual trust law & practice update on Friday, 7 December 2007, 3-6pm.

This annual update is organized in 3 sessions as follows:

1. Updates in the legal environment for trusts;
2. Updates in the regulatory environment for trusts; and
3. Tax updates for trusts.

Click here to view the brochure for last year’s seminar for your reference only.

In our efforts to continually involve members in our activities, we would like to invite STEP members who may be interested in speaking at this year’s annual seminar to email us with the following information:

1. Proposed topic you wish to speak on
2. Synopsis of the issues you plan to cover (100-300 words)
3. Your CV/resume containing information of your relevant experience, expertise and qualifications

To facilitate planning for the seminar, please email the Secretariat by Monday, 22 October 2007.

This invitation is extended to STEP Members only.

Bill Lexmond
President, STEP Singapore

Seminar on "Drafting Trusts and Will Trusts in Singapore"

Join us for this timely seminar presented by 2 leading practitioners who are the coauthors of the newly published book on “Drafting Trusts & Will Trusts in Singapore”.

Mr. James Kessler QC will discuss “Recent Cases and Developments Relevant to Trusts in Singapore” while his co-author Mr. Lee Chiwi will share his thoughts on "Drafting Trusts and Will Trusts in Singapore” touching on the following issues:

1. Overview
2. Structuring of Singapore Trusts
3. Protectors and Reserved Powers Trusts
4. Will Trusts

STEP Members enjoy preferential rates.

Do not miss this learning and networking opportunity! So, register early to secure your place.

Post-event Update on "Update on French Trust and Tax Reforms"

STEP Singapore's 4th seminar of the year provided an update on french legal, trust and tax reforms. The speakers were Mr Jean-Marc Tirard and Mrs Mayse Naudin, Chairman and Secretary of STEP France respectively. Held at the Supreme Court Viewing Gallery, the seminar was attended by practising lawyers from Singapore law firms as well as representatives of various trust companies and banks.

STEP Asia Conference 2007: Wealth Management in Asia-Pacific – Building on Our Strengths

STEP is delighted to invite you to the 3rd STEP Asia Conference. The Conference returns to Singapore after a successful year in Hong Kong. The Asia conference programme has retained the balance between national, regional and global sessions.

Programme highlights include:

• Regional v International Trust & Succession Issues
• The Nature of a Beneficiary’s Interest in a Trust Estate
• The Rule in Hastings-Bass
• Family Offices & Private Trust Companies – Issues of Control in Asia
• Supranational Regulatory Initiatives: A Changing World for International Financial Services
• The Use of Singapore in International Tax Planning
• The Changing Role of Protectors Today

For more details or registration queries, please visit the Conference website at www.step.org/asia2007.

Seminar on "Update on French Trust and Tax Reforms"

2007 is proving to be a year of change for France.

France’s inheritance laws have undergone the first major reform since the adoption of the Napoleonic code in 1804. The beginning of this year also saw the introduction of the Fiducie to French law (the “French Trust”). Although significant tax reductions will also be implemented, France remains a high tax country which requires sophisticated tax planning.

This Seminar will bring you up to date on these changes some of which will transform the manner in which those who wish to take up residence in France or invest in French real estate property can organise their estate and tax planning.

STEP Members enjoy preferential rates.

Do not miss this learning and networking opportunity! So, register early to secure your place.

Post-event Update on "Update on UK and International Trust Law and Taxation"

Almost 100 trust and tax practitioners attended STEP Singapore's recently concluded seminar held on 23 July 2007 at Capital Tower.

Mr James Quarmby of the UK firm of Thomas Eggar presented an informative yet entertaining discussion on the latest developments in UK and international trust law and taxation. The evening concluded with participants networking over food and drinks.

Update on UK and International Trust Law and Taxation
23 July 2007, 5.15pm, STI Auditorium, Capital Tower

STEP Singapore is pleased to invite you to an evening update on UK and international trust and taxation by Mr. James Quarmby. Topics to be covered include:

Members of STEP, International Fiscal Association (IFA), International Tax Planning Association (ITPA), Law Society of Singapore, Singapore Corporate Counsel Association (SCCA) and Singapore Trustees Association (STA) enjoy preferential rates.

Do not miss this learning and networking opportunity! So, register early to secure your place.

Notice of STEP AGM 2007 (25 June 2007, 5.30pm, 77A Boat Quay)

Gurbachan Singh
Secretary

A Comparison of Asian Trust Jurisdictions

STEP Singapore's recently concluded seminar held on 11 May 2007 at the Supreme Court Viewing Gallery attracted more than 120 registrations.

The ½ day seminar, chaired by STEP (Singapore) Chairman Mr Bill Lexmond, featured a lively discussion among industry practitioners on Brunei, Hong Kong, Labuan, Macau and Singapore as trust jurisdictions as well as the latest legislative and other developments in the respective jurisdictions.

Third Annual International Estate Planning Institute
3-4 May 2007, New York City, Hotel Pennsylvania

The New York State Bar Association presents this program designed for estates and tax attorneys, trust officers, accountants, insurance consultants and financial planners.

There will be some basic presentations for those who are familiar with domestic estate planning but want to be more knowledgeable regarding international issues. There will also be more sophisticated and focused presentations for those who practice frequently in international estate planning and wish to hone their skills regarding U.S. issues and keep up with new developments. The speakers include some of the world's leading experts on international estate planning.

Click here to view/download brochure. To register online, visit www.nysba.org/cle/spring2007. STEP Members enjoy preferential rates.

A Comparison of Asian Trust Jurisdictions
11 May 2007, 2.00-6.00pm, Viewing Gallery, Supreme Court Building

STEP Singapore is pleased to invite you to our upcoming ½ day seminar on “A Comparison of Asian Trust Jurisdictions”, which will compare the features of Brunei, Hong Kong, Labuan, Macau and Singapore as trust jurisdictions as well as the latest legislative and other developments in the respective jurisdictions.

Featuring an illustrious panel of expert speakers from the relevant jurisdictions, this session aims to provide a comprehensive overview and update to all practitioners involved in the areas of trusts and estates, executorship, administration and related taxes.

The jurisdictions and topics to be covered include:

STEP Members enjoy preferential rates.

Do not miss this learning and networking opportunity! So, register early to secure your place.

STEP Members enjoy preferential rates for 2 upcoming Law Society seminars in April 2007, recommended for:

Cayman Islands and British Virgin Islands: Domicile for Offshore Funds - Structural, Regulatory and Documentation Issues
19 April 2007, 12-2pm, Law Society Conference Room

This lunchtime seminar will discuss the following issues:

1. Why domicile in an offshore jurisdiction?
2. Usual fund structures: corporate, unit trust, partnership
3. Features of a Cayman Islands and BVI corporate fund vehicle
4. Regulatory regimes – funds and managers
5. Anti-money laundering regulations
6. Private equity funds – the Cayman Islands and BVI issues

The speakers will also involve participants in a case study discussion. Join us for an international buffet and networking session after the seminar.

In Good Company – Principles of Corporate Law in the Cayman Islands & British Virgin Islands
19 April 2007, 12-2pm, Law Society Conference Room

This lunchtime seminar will discuss the following issues:

1. Introduction to the Cayman Islands and British Virgin Islands (BVI)
2. Advantages of using a Cayman Islands/BVI company in a corporate transaction
3. Cayman Islands/BVI regulatory requirements
4. Nature and sources of Cayman Islands/BVI company law
5. Structure of a Cayman Islands/BVI company
6. Cayman Islands/BVI companies – particular features
7. Cayman Islands/BVI companies – particular transactions

An international buffet and networking session will be served after the seminar. Limited places, so register early!

STEP France International Conference on Fiducie (13 & 14 June 2007)
(Updated on 22 March 2007)

Please see an email and article on fiducie from the Chairman of STEP France to our Chairman here.

A copy of the final conference programme for the STEP France International Conference on Fiducie is also available here.

Cancellation of Events

We regret to inform you that the following events have been cancelled/postponed due to unforeseen circumstances:

To check out our upcoming events, please visit our Calendar of Events.

Invitation to STEP Singapore’s Seminar on “Offshore Trusts In Mauritius”
9 March 2007, 4.45-7.00pm, FTSE Room, Capital Tower

Join us for our evening seminar which discusses Mauritius as a jurisdiction for offshore trusts and as a financial services centre. Issues covered include:

STEP Members enjoy preferential rates. Places are limited, so do register early!

Let Us Have Your Input on Upcoming Continuing Professional Development Events by STEP Singapore

We are pleased to share with you some of the Continuing Professional Development (CPD) events that we have lined up this year:

1. “Implications of Budget 2007 on the Trust Industry” – 5 March 2007
2. “Brunei: An Alternative Offshore Jurisdiction” – 21 March 2007
3. “STEP Asia Conference 2007” – 11 to 12 October 2007
4. “2007 Review of Updates & Developments in Singapore Trust Law & Practice” – Dec 2007

More details coming your way soon.

We recognize the invaluable expertise, ideas and connections of our members, and your input would greatly help the STEP Committee to put together a quality CPD programme of relevance to the industry. Please e-mail your ideas and suggestions to the STEP Secretariat and they will be discussed by the STEP Committee at the next regular meeting.

In particular, we welcome your input in the following areas:

1. suggested speakers and topics for any of the above scheduled talks
2. other proposed talks, workshops and seminars we could organize, whether topical or jurisdictional in focus
3. experts in any relevant field who you are aware are visiting or passing through Singapore and may be prepared to speak at a STEP Singapore event (at least 6 weeks’ notice is preferred).

Thank you for your continued support.

Notice to Trust Companies on Prevention of Money Laundering and Countering the Financing of Terrorism (TCA-N03) and accompanying Guidelines
(Updated on 9 January 2007)

MAS has published the final Notice to Trust Companies on Prevention of Money Laundering and Countering the Financing of Terrorism (TCA-N03) as well as the accompanying Guidelines on 29 December 2006. The Notice and Guidelines can be accessed at MAS' website as follows:

• Notice
• Guidelines

Please note that the Notice and Guidelines will come into operation on 1 April 2007.

View MAS' response to feedback received from the public consultation of TCA-N03 and the accompanying Guidelines in August 2006 here.

Invitation to Join STEP Asia Conference 2007 Organising Sub-committee

A message from the President:

Following on from the successful STEP Asia Conferences (2005 in Singapore and 2006 in Hong Kong), STEP Singapore has the opportunity to host the 2007 STEP Asia conference.

In order that you can have the opportunity to assist in continuing the spectacular developments in the Conference contents and attendance, you are invited to participate in the preparations for the 2007 Conference. This can take place in many ways.

A sub-committee will be formed to work on the development of the Conference with external conference organisers - Barker Brooks. It is also necessary to identify an overarching Theme for the Conference as well as interesting and relevant topics and your contributions in this area are requested. It was a successful innovation in Hong Kong to have breakout sessions to supplement the plenary sessions and this would merit continuation so you might keep this aspect in mind when considering topics.

Some themes and topics are set out below. Please supplement the list by forwarding suggestions to the STEP Secretariat.

Please also consider joining the sub-committee to be headed by Mr Alex van der Zwaard and Ms Ong Beng Lay. If you would like to participate in this Sub-committee, please email us with your name and updated contact details (organisation, email address and telephone number) and any areas of specific interest or expertise you may have. The Committee will, after reviewing all expressions of interest, revert to members on its final selection of Conference Organising Sub-committee members.

Best regards,
Bill Lexmond
President, STEP Singapore

Feedback on Formation of Working Sub-committee on EU Savings Tax

Members may be aware that the recent Council of EU had at its recent meeting on 23 October 2006 concluded as follows regarding the EU Savings Tax directive:

"The Council:

– recalls the 2000 Feira European Council Conclusions and the need to preserve the competitiveness of European financial markets;

– recalls the fact that savings tax measures have been applied by the Member States and 15 treaty partners of the European Community and of the Member States from 1 July 2005 onwards;

– invites the Commission to start, in close conjunction with the Presidency, exploratory talks with Singapore, Hong Kong and Macao, with a view to looking at the possibility of promoting the adoption of equivalent savings tax measures, and to report back to the Council at one of its future meetings."

See www.consilium.europa.eu/uedocs/cms_Data/docs/pressdata/en/envir/91391.pdf at page 28.

The STEP Singapore Committee is exploring the possibility of forming a Working Sub-committee on the EU Savings Tax Directive with proposed Terms of Reference as follows:

to gain and promote a better understanding of the position in relation to the EU Savings Tax Directive
to gain and promote a better understanding of the various options available for Singapore

Members who are interested in joining this Working Sub-committee are invited to email us with your name and updated contact details (organization, email address and telephone number). If you are unable to join this Sub-committee but have views regarding the EU Savings Tax Directive which you would like STEP Singapore to take note of, please feel free to also email us.

(Updated on 5 September 2006)

The Monetary Authority of Singapore (MAS) has, on 28 August 2006, launched a public consultation on the draft guidelines to the notices on prevention of money laundering and countering the financing of terrorism. One of the draft guidelines relate to the Notice to Trust Companies [TCA-NO3].

The consultation paper relating to the draft notices can be accessed at MAS' website here.

The consultation period for the draft notices on prevention of money laundering and countering the financing of terrorism has been extended to 15 September 2006. The consultation period for the draft guidelines remains unchanged and will close on 27 September 2006.

Members are encouraged to provide their feedback on the consultation paper to MAS directly.

STEP Singapore is pleased to inform members that we have launched the STEP Forum – a bulletin board that enables members to share, distribute and gain access to relevant resources on-line, and to exchange views and ideas on trust and estate practice.

We welcome members to join the Forum. Registration is required in order to post on the Forum. Members are still able to view postings without registering.

Do note that postings on the Forum may be viewed by the public.

To find out more, please view the Frequently Asked Questions.

If members have any feedback or suggestions regarding the Forum or the STEP Singapore website, please feel free to e-mail us at webmaster@step.org.sg for enquiries.

The consultation paper relating to the draft notices can be accessed at MAS' website here.

STEP Members are invited to provide their comments on the draft notices.

MAS has also informed that the draft guidelines relating to the notices will be released for comments during the second half of the consultation period.

STEP Singapore is pleased to launch its website with effect from August 2006.

We welcome feedback and contributions from members via e-mail at secretariat@step.org.sg.