2018 International Private Client Forum

International Private Client Forum 2018 Conference Programme

Day One: Thursday 15 November

12.00  Welcome Lunch

13:15  Welcome from Butterfield
Paul Hodgson, Butterfield Trust, Guernsey

13.20  Andiamo! Mastering Globalisation 
Basil Zirinis, Sullivan & Cromwell, UK and USA
Clare Maurice, Maurice Turnor Gardner, UK

13:40  Globalisation: The Reality
The impact of globalisation on the private client world is evident from the speed of change over the past 5 years. Alongside globalisation, technology and politics are also playing a part in our clients’ and their families’ highly mobile and international status. This interactive session explores wealth protection strategies in a new era of punitive taxation, increasing protectionism and global insecurity, in both civil and common law jurisdictions. 
Piers Barclay, Macfarlanes, UK 
Paul Hodgson, Butterfield Trust, Guernsey 
Raul-Angelo Papotti, Chiomenti, Italy

14:30  I’d Rather Be At The Villa d’Este Than The Riyadh Ritz-Carlton
What does a trustee do, when the trust beneficiaries are detained and incommunicado? Shock, surprise and the shift in trustee dynamics could be a catalyst for economic and emotional disruption for all involved, when such an unexpected event occurs. What can a trustee do, either to prepare in advance or to react after the event? Where does this leave the advisers and the family, under tight time pressure, whilst facing duress and claims of money laundering?
Arabella Murphy, Maurice Turnor Gardner, UK (session leader)
Jonathan Speck, Mourant Ozannes, Jersey

15:10  Coffee break 

15:30  International Incompetence 
The session will look at the differing approaches to questions of capacity around the world. The test for legal capacity depends on the issue: capacity to make a contract; to make a will; to marry. In an international context, further complications arise, not only because the legal systems are different, but also because the cultural expectations vary. Negotiating these issues calls for sensitivity as well as legal expertise.

Using a case-study as a framework, the panellists will share their experiences of real-life problems. Their remit will adopt the mission statement of the BBC: “To inform, educate, and entertain”.
Gilead Cooper QC, Wilberforce Chambers, UK (session leader)

Masterpiece Or Massive Fraud? Art For The Uninitiated
This panel focuses on the challenges for clients and their advisors in relation to art, including pitfalls such as lack of provenance, authenticity, and valuation, with reference to recent cases.
Sue Laing, Boodle Hatfield, UK (session leader)

17:00  Breakout Discussions:
Our breakout sessions give delegates the chance to examine in greater detail topics of specific interest in a roundtable discussion setting. 

(A) Exits And Entrances: Excluding And Adding Beneficiaries
Never before have beneficiaries been more frustrated, litigious and disgruntled. Often they consider fiduciaries their nemesis, wasting “their” money and mismanaging “their” assets. What if the fiduciaries exercise their discretion to exclude beneficiaries? Adding and excluding beneficiaries in a way that will be acceptable to all stakeholders may be hard, but sometimes an inevitable task. What is the role of protectors? This breakout will call all attendees to share their experience and views, both from a legal and practical perspective, both under common and civil law.
Johannes Gasser, Gasser Partner Rechtsanwälte, Liechtenstein (session leader) 
(B) The Evolution Of The Family Office
Single Family Offices are becoming an increasingly popular option for wealthy families and entrepreneurs to manage their assets. Clients expect their professional advisors to have a broad awareness of how a professionally run Family Office should be structured and guide them at a high-level on key governance, legal and tax matters. This session will discuss key trends in the Single Family Office space, including the increasing professionalisation of SFOs, executive incentivisation, investment capabilities, reputation management and family interaction. Particularly, we consider how effective collaboration between professional advisers plays a critical role in building success in each of these areas.

(C) Alternatives To Foundations And Trusts, Including Partnerships
Can partnerships work as trust or will substitutes? Will this alleviate regulatory filings? What is the impact of partnership interests extinguishing upon death instead of passing to another owner? What are the strategic benefits to these alternatives? 

(D) Cryptocurrency Craze: A Risk Worth Taking?
Many clients are eager to add crypto currencies to their portfolios - despite the obvious risk associated with these virtual products. Fiduciaries may already be coming under pressure to invest in crypto-currencies. What are the pros and cons of the most popular cryptocurrencies globally, as well as the different crypto investment vehicles?

18:00  Close of Day One Sessions

19.00  Welcome Drinks Reception

19.45  Villa d’Este Dinner

Day Two: Friday 16 November

09:00  Welcome Comments from the Co-Chairs
Basil Zirinis, Sullivan & Cromwell, UK and USA
Clare Maurice, Maurice Turnor Gardner, UK

09.10  Butterfield Keynote

09:40  The Criminalisation Of Tax Investigations And Prosecutions
Revenue are increasingly attacking and disregarding corporate and trust structures. Exchange of information mechanisms have fueled this trend. Are high tax jurisdictions using criminal proceedings to increase their leverage in tax investigations? What are the increased risks for fiduciaries and advisors in creating and administering such structures? Where does the obligation to report lie?
Marco Cerrato, Maisto e Associati, Italy (session leader)

10:30  Coffee break

11:00  When Investigative Journalists Target a Client – Anticipating, Avoiding And Responding
The Paradise Papers is another indication of the rising importance of global collaboration for investigative journalism, which will continue to strengthen. How should you act and advise your clients to act when you or your client is the target of a media investigation? This scenario based session will highlight a working framework from all parties.
Paddy Harverson, Milltown Partners, UK
Jimmy Burns, author, journalist and former member of the Financial Times investigations team, UK
Jenny Afia, Schillings, UK
Basil Zirinis, Sullivan & Cromwell, UK/USA (Moderator)

11:45  Transparency: A Fresh Perspective 

12:30  Interactive Focus Groups
Our break-out sessions give delegates the chance to examine in greater detail topics of specific interest in a roundtable discussion setting. 

(A) The Demands Of The Asian Market
Geographically and culturally vast, how should the different jurisdictions of Asia be approached? Regional experts will guide us.

The Grand Tour Of Europe
Beatrice Puoti, Burges Salmon, UK (session leader)

(C) US Tax Reform: Its Impact On International Families And Structures
On December 22, 2017, the Tax Cuts and Jobs Act was enacted, accomplishing far-reaching US tax reform. For the international family, what still works and what does not?
Megan Worrell, Duane Morris, USA (session leader)

(D) The Latin American Perspective
Latin American clients are facing increasing challenges that influence succession and tax planning. Key questions include:
- How to restructure after a tax amnesty?
- What fiduciary structures are available in light of local legislation?
- What options are there for tax deferral, following amnesties and with increased transparency?
- How to mitigate political risk for clients living and investing in Latin America?
Sergio Michelsen Jaramillo, Brigard & Urrutia, Colombia
Alessandro Amadeu da Fonseca, Mattos Filho, Brazil

13.30  Lunch

14.30  Leisure Activities
The Forum is not just about the content you receive in the formal sessions, but the crucial piece of information that you pick up whilst enjoying one of a choice of leisure activities.

19.00  Champagne Reception

19.45  Villa D’Este Gala Dinner

 Day Three: Saturday 17 November

10.30  The Bloody Mary Morning
Our forum closes with a lively session inviting all to participate. 

12.00  Closing Comments and Lunch