Post Event Updates
Where Are We Now? (15 August 2011, FTSE Room – Capital Tower)
On Monday, 15 August 2011, at a very well-attended evening session, Justin Appleyard (partner in charge of the global trusts group of Maples and Calder) gave an overview of the history of the reservation of trust powers. Justin is a member of the Council and past chairman of the Cayman Islands branch of the Society of Trust and Estate Practitioners (STEP).
Justin explained the context in which the Cayman Islands came to be the first jurisdiction to come up with extensive legislation to address Reserved Powers. He also commented on the different positions in BVI, Jersey, Singapore and the current proposals for HK.
Justin reviewed the distinctions between the reservation of dispositive powers and reservation of investment powers. He also covered the implications for the trustee and looked at what "irreducible" core obligations needed to remain with the trustee.
He concluded by reviewing a recent case concerning the power of revocation and the implication in a situation where the settlor with that power had become bankrupt and creditors were seeking to require the exercise of that power.
It was a very informative session with some good discussion both during the Q&A segment and more informally afterwards. The session was thoroughly appreciated by all who attended.
The STEP (Singapore)-STA Inaugural Charity Gala Dinner (29 June 2011, Fairmont Hotel, Singapore)
(Please click on the above picture to open photo gallery)
When the Organising Committee of the STEP (Singapore)-STA Inaugural Charity Gala dinner initially took on the challenge of organising the industry's first ever gala dinner and further in support of a charity, we were mindful that we were making history.
After all, the aim was not just to provide a platform to rally the entire wealth management industry to support the "Special Needs Trust Company" - a charitable cause in essence rooted in the concept of "trusts" which both STEP and STA are premised upon. The "Special Needs Trust Company" was created to help families that have special needs children. The anxiety of parents, whether they are high net worth or otherwise, is the same, the care of their special need children when they pass on.
It was a fantastic first experience for STEP (Singapore), a memorable event which would live on beyond the night for all those involved.
The attendance was impressive for our inaugural charity dinner, attended by more than 370 guests, supported by 23 sponsors and almost 30 companies and individuals who booked tables and raising more than S$111,000 for charity.
More heartening was the feedback from many guests that they had a hugely enjoyable evening among new and old friends and colleagues from the industry.
We certainly hope it will become a regular feature in our calendar!
Thanks again to our Guest-of-Honour - Mdm Halimah Yacob, our sponsors, members and guests for making the night possible.
Immediate Past President; STEP Singapore Chair, Gala Dinner Organising Committee
Goh Seow Chee
STEP Singapore President