Welcome to the Private Client Forum Americas 2016 - Bienvenido al Fórum de Clientes Privados las Américas

Turn and Face the Strange: Changes

February 10-12, 2016
Rosewood Tucker's Point
Bermuda

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Day 1: Wednesday, February 10, 2016

12.45 Welcome lunch



2.00 Hello: Opening remarks from the Chairman

Joshua S. Rubenstein, Katten Muchin Rosenman, NY, USA



2.10 Keynote: Welcome to the jungle: Navigating your way through the geo-political jungle
The intertwined patchwork that makes up the LatAm continent makes for a complex geo-political foundation from which to manage and protect wealth. With a focus on the key LatAm jurisdictions currently in flux, our keynote will assess the ongoing battle to stay afloat given the increasing external pressures on our clients. Is it a matter of preservation over growth?
Gloria Álvarez, political analyst and broadcaster, Movimiento Civico Nacional, Guatemala


2.55 Rehab: Ensuring the voluntary disclosure pill provides the cure

Voluntary disclosure sits at the top of our agenda for today and it is here to stay. We all know it's happening and we all know that we need to talk about it. Despite a slow start in LatAm, governments are picking up the momentum on their respective disclosure programmes. Amidst the sabre rattling of FATCA/CRS and Modified EUDAC, how are we guiding our clients up this never ending path of transparency and what lies ahead? Do our clients know the real benefits behind these changes or do you only sense fear?
Javier Canosa, Canosa Abogados, Argentina
Martín Litwak, Litwak & Partners, Uruguay
Mark Matthews, Caplin & Drysdale, USA
Ray McCann, New Quadrant Partners, UK



3.40
Coffee Break and networking



4.10 Bridge over troubled waters: A technological compliance update

Following our transparency update, this session will look at the fast evolving field of technology compliance and the practical steps that are being taken to get to grips with a new realm of high tech. Do we understand the full potential and risks we face as planners? How do we explain this to longstanding clients who know nothing different? Experts will bring in fresh, eye-opening evidence of the realities we face.
Steven L. Cantor, Cantor & Webb, FL, USA
Kelli L. Wooten, Markit, MA, USA

 

4.50 Interactive boardroom sessions

Our breakout sessions give delegates the chance to examine in greater detail topics of specific interest in a roundtable discussion setting.

A. I fought the law (and the law won): Developments in the law of enforcement of foreign judgments
In September 2015, the Supreme Court of Canada released its decision in Chevron Corp v. Yaiguaje, extending further the trend towards ever-increasing international judicial cooperation demonstrated in its decisions in Beals (2003) and Pro-Swing (2006). The enforcement of foreign non-money judgments was ultimately adopted in both the Cayman Islands and Jersey. The English Supreme Court called firmly for a return to orthodoxy in its 2012 decision in Rubin v. Eurofinance.
The Supreme Courts of Canada and England appear to be on diverging paths when it comes to the enforcement of foreign judgments. Does Chevron mark a further step in this divergence? How will that play out offshore?
Nicholas Holland, McDermott Will & Emery, UK
John O'Sullivan, John O'Sullivan Law, Toronto, Canada



B. We are family: Growing pains of the international family - cohabitation, marriage, children and divorce and tips for wealth protection in the modern world
As our lives become increasingly internationally diverse so too do our personal circumstances. Multiple marriages and divorces, same sex and opposite sex cohabitation, and the birth of children and step children are all common features of modern relationships today. This session will explore the financial implications of relationship breakdown from both a domestic and an international perspective and also consider wealth preservation strategies available.
Camilla Baldwin, Camilla Baldwin, UK
Michelle Wolfe, Meritus Trust, Bermuda



C. A matter of trust: International trusts update
This session will explore the techniques and strategies used to protect assets and clients located in various parts of the world. The session will include an overview discussion of fraudulent transfers issues, how attorneys can protect themselves and their clients, and the use of self-settled trusts and similar structures. The session will also include an analysis of Fideicomisos, an emerging strategy with origins in Latin America. Historically, US, UK and other common law planners were often uncomfortable using Fideicomisos in lieu of traditional Anglo-Saxon trusts, but there are scenarios where Fideicomisos must be made to work across several jurisdictions. We will discuss how Fideicomisos can be structured to be effective both in the home jurisdiction and from a common law perspective to provide tax and asset protection.
Basil Zirinis, Sullivan & Cromwell, UK and USA
Sergio Michelsen, Brigard & Urrutia, Colombia
Mark Osborne, Osborne, Helman, Knebel & Scott, TX, USA



5.50 End of day one



7.30 Tucker's Point welcome dinner

Day 2: Thursday, February 11, 2016

 
9.00 Hello again: Opening remarks from the chair

Joshua S. Rubenstein, Katten Muchin Rosenman, NY, USA

 

09.05 Keynote: Bring out the Funk, Bring out the Money Laundering Risk - Banks, De-risking and the pendulum of risk appetite
Some commentators have expressed dismay at the recent disinterest of banks in private wealth, but given the severity of regulatory threats, is it all that surprising? Banks are still de-risking, so private banking is very much in play, and that's not good for the private client community. Learn more about AML/CFT initiatives internationally and in the U.S.A., the far-ranging effects of regulatory climate change, and how you and your clients could be impacted.
Ross S. Delston, Washington, DC ‎Attorney, Certified Anti-Money Laundering Specialist (CAMS), expert witness & former US banking regulator (FDIC)


09.30 A change is gonna do me good: Implementing FATF Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) Recommendations

With countries now being evaluated based on the 2012 FATF Recommendations, there are a series of new and more rigorous requirements that could collide with you and your ultra-HNW clients, including: Tax evasion as a predicate crime to money laundering; the definition of PEPs, Politically Exposed Persons now to include domestic persons; national and institution-specific risk assessments; an independent AML audit requirement; and a new and very challenging emphasis on effectiveness of implementation of the FATF Recommendations. This session will explore how these changes could affect the private client community, their bankers and their lawyers, as well as what lies in wait in the regulatory landscape.
Katharine Davidson, Henderson, Caverly, Pum & Charney, CA, USA
Ross S. Delston, Washington, DC ‎Attorney, Certified Anti-Money Laundering Specialist (CAMS), expert witness & former US banking regulator (FDIC)
Aureliano González Baz, Bryan, González Vargas & González Baz, Mexico





10.15 Around the world: International case update
Let's analyse key decisions affecting planning and dispute resolution in today's complex environment.
Shân Warnock-Smith QC, 5 Stone Buildings & ICT Chambers, UK and Cayman Islands
Alec R. Anderson, Conyers Dill & Pearman, Bermuda
Carlos de Serpa Pimentel, Appleby, Cayman Islands
Gilead Cooper QC, Wilberforce Chambers, UK

 

11.15 Coffee break and networking

 


11.35
Leaving on a jet plane: Immigration and expatriation update
Immigration law, along with geopolitical forces, are constantly evolving and clients face wildly contrasting treatment by global authorities dependent on where they are domiciled. Whilst some clients are choosing to immigrate to the Unites States due to its progressive wealth planning environment, other US citizens feel more exposed by holding US citizenship. From opening bank accounts, making investments and avoiding global tax exposure, our resident immigration experts will give you an insight into the transient world of domiciliary planning.
Todd Beutler, DLA Piper, Hong Kong
Luis Felipe Baptista Luz, Baptista Luz, Brasil
David Hirsberg, Kaye Scholer, FL, USA

 

12.15 Interactive boardroom discussions

A. Paranoid android: Mitigating the threats and maximising intelligence in a cyber world
In cyber security terms, Pandora's Box has already been opened. This leaves the anonymity and data security of our clients more exposed than ever before. For those who fall prey, there can be serious personal safety issues and exposure to financial extortion. Equally, cyber intelligence can open up new sources of information to your client in exposing lies and deceit with those they deal with. This session will provide an update on the positive and negative considerations when working in a more sophisticated cyber world.
David Prince, Schillings, UK



B. Roadblock: Cross-border litigation

Despite private client practices feeling the pinch in recent years, the demand from our wealthiest clients to structure complex cross-border wealth management advice is not waning. With privacy and disclosure obligations changing before our very eyes, how are our clients managing in a contentious environment?
Andrew De La Rosa, ICT Chambers, UK and Cayman Islands
Javier Robalino, Ferrere, Ecuador
Jonathan Speck, Mourant Ozannes, Jersey



C. Knocking on heaven's door: Death as a taxable event and its international implications
Many wealth planners across the world are discussing the possible shape and form of a wealth transfer system that abolished inheritance tax. Would such a system make the process fairer and negate the myriad of loopholes currently being utilised by clients. Join our expert as they consider the various factors at play and what considerations may be for increasingly global and disparate family structures.
Miguel Jáuregui Rojas, Jáuregui y Del Valle, Mexico
Peter Pearman, Conyers Dill & Pearman, Bermuda
Timothy Youdan, Davies Ward Phillips & Vineberg, ON, Canada



1.15 Lunch

2.00 Leisure activities

7.00 Champagne drinks reception

7.45 Black tie gala dinner
 

Day 3: Friday, February 12, 2016

 
10.00 Welcome comments from the chair
Joshua S. Rubenstein, Katten Muchin Rosenman, NY, USA



10.10
Panel debate
Cat's in the cradle: Defining the role and responsibilities of the family office
With increasing amounts of clients migrating towards family offices as a means of wealth planning and administration, it is time we defined their role. Family offices poses significant power in overseeing the wealth management, administration and fiduciary functions of their client, but what are their due diligence requirements, negligence responsibilities and ethical whistle blowing duties to the authorities? Furthermore, how should they derive their fees in a way that doesn't compromise their impartiality? Expect to interrogate the definition of a family office and question what aspects of their role add value over and above standard wealth management functions.
Thomas Handler, Handler Thayer, IL, USA
Ashley Fife, Appleby, Bermuda
David Mizrachi, Mizrachi Davarro & Urriola, Panama



10.50 Closing keynote: Bermudian Courts after 400 Years (1616-2016): Mastering the art of blending legal stability with responsiveness to the changing needs of the Court's Private Clients
Chief Justice Ian Kawaley, Bermuda



11.30 Closing comments followed by lunch

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