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STEP Journal: December 2014 - January 2015

  • Editorial - Nicholas Dale introduces December 2014 - January 2015 STEP JournalThe June 2014 STEP Journal was, besides this issue, the most recent edition to have had a Swiss focus. Since then, there has been no shortage of activity in the Swiss financial industry, which is grappling with legacy issues. While most clients are aware of and understand the cold wind of change, there are also a handful of diehards who have not yet confronted the tough reality of compliance. Where banks are involved, the decision will soon be made for them.
  • Did you get it right?There’s no shame in making a mistake, as long as you learn from it, says Martyn Gowar.
  • Mind the gapsRichard Frimston considers lacunae in EU private international law.
  • Welcome to the sukukLuxembourg is offering the first sovereign sukuk in the Eurozone, Julien Dif reports.
  • Rolling with the punchesCyprus-based STEP Council member Peter G Economides has over 40 years’ experience in tax planning and trusts. Throughout this time, he has witnessed a great deal of upheaval in the industry. Here, Peter talks to Hannah Downie about the increasingly strict regulatory framework facing practitioners as a result of supranational initiatives such as FATCA, and the challenge of helping members comply with these new obligations.
  • A point of interestAmanda Edwards discusses interest on pecuniary legacies.
  • My wish is not my commandJohn Harper explores some of the features of letters of wishes.
  • Engaging companyVal Cox looks at enhancing employee engagement as a way to improve performance.
  • A better quality of life insuranceGrayson Dufrene on why US life insurance and annuity contracts can make sense for foreign clients.
  • Ensure you are insuredStuart Butler urges trust companies to carry out an insurance audit to avoid the risk of litigation.
  • That’s a wrapDavid Denton explains the benefits for British expatriates and resident non-domiciles of wrapping up assets in offshore bonds.
  • Caught in the middleDr Simone Nadelhofer and Jan-Philip Elm discuss the challenges that financial intermediaries face under the proposed new anti-money laundering rules in Switzerland.
  • All shook upHeini Rüdisühli explains that Switzerland is looking to reform its corporate taxation system in response to growing international pressure.
  • An offer you can’t refuse?Dawn Register and Helen Adams consider whether the modified Liechtenstein Disclosure Facility is still useful.
  • You can run…Eric J Snyder and Benjamin JA Sauter review recent developments in the investigation and enforcement of US tax evasion.
  • Digital life after deathKimberley Martin and Peter Worrall on how to deal with a digital estate.
  • Defend your dataHuw Thomas considers how trustees should approach information security.
  • Client confidentiality under attack
  • A momentous decisionJohn Greenfield discusses a decision in the Royal Court of Guernsey that looks set to colour trustee cases in the future.
  • An entente cordiale with the taxmanAlain Moreau and Jean-Luc Bochatay examine the French voluntary disclosure regime.
  • What’s the score?
  • Risky business - potentially adverse consequences of lifestyle fundsTom Glanville considers some potentially adverse consequences of lifestyle funds.
  • Intents and purposesWilliam Hancock reviews the relationship between charities’ objects and the Equality Act 2010.
  • The world’s not what it wasOffshore legal practice for trust and private wealth practitioners has changed drastically in recent years, says Marcus Leese.
  • Unborn losersHannah Henley discusses the rights of unborn children in family provision applications.
  • The perfect choice?David Sussman explains how a private trust company can prove an extremely valuable and simple structuring tool for clients – depending on their assets and long-term goals.
  • Why diversify?Jochen Vogler examines trustees’ duty to diversify trust assets.
  • Book review: Trust Protectors: A Practice Manual with Forms Alon Kaplan reviews the book: Trust Protectors: A Practice Manual with Forms , by Alexander A Bove Jr.

TQR: December 2014