STEP Council met on September 2009 to review various topics related to the governance of our global organization. Below please find some of the main points covered at this meeting:

One element of the role of STEP (Singapore Chapter) Education Subcommittee is to give definition to Continuing Professional Development (CPD) by leveraging STEP Worldwide Guidelines for CPD.

The Subcommittee has proposed the following rating system for STEP-Singapore talks, presentations, workshops, seminars and in general education events:

Category 1 – Introductory
Category 2 – Intermediate
Category 3 – Advanced
Category 4 – Update on the subject matter

The Categories are intended to indicate the desired level of “prior knowledge” a delegate should have to realise optimal benefit from the event.

The idea is when announcement for a talk, workshop or seminar is sent out by email blast the announcement would include a rating assigned to indicate the most appropriate audience.

Justification: Help attendees to determine if the event is one they wish to attend.

The system applies only to “education” / CPD events and can tract the STEP Worldwide CPD Guidelines.

In this Seminar, Barbara Hauser will deal with the following issues:

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.

Due to the relevance and importance of the subject matter, STEP (Singapore) welcomes STEP Members to bring their private bankers and client families to attend as their guests at a preferential rate of S$60 only, so they may also benefit from this learning opportunity.

Register early to secure your place by completing and faxing the registration form to 63299699 or via e-mail by 12 November 2009!

Richard Grasby (Associate, Maples & Calder, Hong Kong) is the first full time Cayman and BVI trust lawyer in the region. The lunchtime presentation was attended by more than 60 participants. The Chairperson, Lee Chiwi showed a 2004 STEP survey which indicated that the Caymans and the BVI were jurisdictions that Singaporean trust practitioners had perceived highly as major competitors.

In his presentation, lasting about an hour, Richard was able to hold the audience’s attention with the unique trust structures offered in the Caymans and the BVI; namely the Special Trusts (Alternative Regime) Law 1997 ("STAR" trusts) and the the Virgin Islands Special Trusts Act 2003 (“VISTA” trust).

The speaker pointed out that the broader applications of the STAR trust beyond its use as purpose trusts. Other uses of STAR trusts included applications as perpetual “dynastic” trusts, philanthropy, for owning shares in a Private Trust Company, off balance sheet structures and for holding high risk assets. The reserved powers legislation in Caymans was also applicable to all trusts including STAR trusts.

The unique feature of the VISTA trust is its alienation of the usual responsibilities of the trustee when it is shareholder of an underlying company under a trust. The trustee has no fiduciary duty in respect of the assets of, or the conduct of the affairs of, the company, except when acting or required to act, on an intervention call. This minimal requirement makes it popular in family business situations and when dealing with risky assets. Where the trust is combined with reserved powers, it can effectively deal with running of a business after the death of the settlor.

On 13th October 2009 Mr Simon Phelps, Partner, of UK firm of solicitors Berwin Leighton Paisner LLP delivered a presentation titled: “The Changing Environment For Wealth Planners in Asia”. Simon’s presentation was well received by the more than 100 guests who signed up to attend Simon’s presentation.

Simon responded to questions concerning EU Saving Directive impact on Singapore wealth management industry, movements away from traditional banking secrecy to “compliant confidentiality”, possible consequences brought about by world-wide revenue authorities seeking to collect additional revenue, and the need for wealthy individuals to take appropriate advice from qualified professionals before deciding how best to preserve and protect their offshore financial capital.

Simon was very positive on prospects for Singapore trust and estate planning industry to lead in making significant contribution to cross-border and international personal wealth protection and preservation and the development of commercial and special purpose solutions to support the rapid growth of individual, family and business wealth and assets in Asia Region. Simon stated while he felt Singapore was not insulated from or able to delay global efforts to increase tax related information disclosure, he felt Singapore was proceeding to offer both fiscal authorities and wealth planning customers best of breed alternative solutions and he was certainly willing and available to offer Berwin Leighton Paisner LLP assistance to achieve success.

Those in attendance at the presentation on 13th October 2009 also witnessed or participated in the first ever STEP (Singapore Branch) graduation of 34 STEP (Singapore Branch) student members who were recently awarded the internationally recognised STEP Diploma in International Trust Management, including 22 students who graduated with an overall distinction.

Graduates were individually recognized by delivery of a “Welcome Letter” and congratulated by the Committee for their individual hard work, perseverance and accomplishment. In welcoming and congratulating the recent grads, STEP (Singapore Branch) Chairman, Angelo Venardos encouraged each to promptly complete requirements to secure their respective STEP memberships and attain their Trust & Estate Planning (TEP) designations.

Eli Lenyoun, Ordinary Member of Committee and head of Education Subcommittee reminded graduates they are now practicing in a world vastly different from the world that existed at the time they began work on the STEP Foundation Certificates. While change may be the only real constant, the rate of change is accelerating and this fact will present them with the challenge of remaining relevant, competent and significant contributors to the prominence of Singapore as a world class wealth protection and preservation jurisdiction.

Eli thanked the organising committee and stated the graduation ceremony would not have been possible without the support of Ms June Tan of Secretariat, Society of Trust & Estate Practitioners (Singapore Chapter), Ms Sheri Tan of Becker, Ho & Associates Pte Ltd., Ms Chan Ee Lin of RBS Coutts, Mr Adrian Yeo of Equity Trust, and Ms Goh Seow Chee of HSBC.