On Friday, the 27th March 2015, the Singapore Branch committee held a STEP Rebranding Roadshow event where the heads of various professional bodies and academia were invited for a lunch cum presentation. Invited guests came from the legal, financial, accounting, tax, regulatory, and education fraternities. This was part of the efforts of the branch to build bridges to professionals from other organisations and thus reaching out to their wider body of members. With the new STEP rebranding this year, it was an opportune time to introduce to the audience STEP's new logo: "Advising families across generations".

           

Some of the collaborative opportunities that were presented to the guests involved:

  • Education- seminars, workshops, international conferences and certified programs
  • Professional Networking
  • Special Interest Groups (the forum where STEP members and other professionals discuss on specific areas like Business Families etc.)
  • Partnership with global regulators, educators and others

David Harvey, Chief Executive STEP World Wide and branch Chair, Chiwi Lee and other committee members were there to host the occasion.

Earlier in the week, the STEP rebranding presentation was also made to the Branch members at a free networking event cum seminar given by Lord John Eatwell, Chairman and John Harris, Director-General, both from the Jersey Financial Services Commission.

Contributed by: Lee Chiwi - Chairperson, STEP (Singapore Branch), 2014-2015

The Jersey Experience - Fourteen Years of Trust Company regulation and the impact on the beneficial ownership debate, including public registers and the disclosure of beneficiaries of trusts (24th Mar 2015, 4-6.30pm, M Hotel, Anson II Level 2, 81 Anson Road, Singapore 079908)

Thanks to the kind sponsorship of the Jersey Financial Services Commission, Branch members met up on the 24th March 2015 for a talk and networking event.

The distinguished speakers were Lord Eatwell and Mr. John Harris, respectively the Chairman and Director-General of the Jersey Financial Services Commission (JSFC). The talk was facilitated by the Branch Chair, Lee Chiwi.

As with other regulators in the world, JSFC has to keep step with the current changing landscape of regulation together with international debate on exchange of information and tax transparency. The speakers shared their experiences as a trust company regulator and custodian of a beneficial ownership register. They also spoke on what had worked well and how JFSC sees the potential for such a regulatory framework to provide at least part of the solution, such as the requirement for all Trust Companies Service Providers to maintain up to date, accurate and available record of current beneficial ownership and trust beneficiaries and other parties to trusts. The Jersey approach was commended by World Bank and accepted as an "equivalence of outcome' alternative to public register approach by FATF.

There was also a lively discussion in the Q and A where the audience sought the speakers' views on current issues and pressures for industry practitioners and jurisdictions. Members and other attendees had some time to mingle and network after the talk.

Contributed by: Lee Chiwi - Chairperson, STEP Singapore Branch (2014-2015)

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