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Bermuda supplement 2014

STEP Journal: August - September 2014

  • From the EditorIn my 30 or so years working in the field, I cannot remember more challenging times for private clients and practitioners. The industry faces a tsunami of new regulation, tax legislation, and increased transparency and reporting requirements – all on a global scale.
  • Another attack on trustsIt is difficult to see the UK government’s proposed ‘settlement nil-rate band’ as anything other than the latest assault on trusts, writes Martyn Gowar.
  • Junckers and trust registersThe shape of the EU, after the May elections, is becoming clearer. While strictly not a federation, at many levels the EU behaves as if it were one...
  • Creditors trump trusts Professor Stefano Loconte reviews a recent Italian Supreme Court judgment which held that a trust used in liquidation proceedings will be declared invalid if it is used to circumvent creditor-protection legislation.
  • The view from IrelandParaic Madigan TEP has represented Ireland on STEP’s Council since 2012, an experience he has found hugely beneficial from a professional point of view.
  • Anyone for ping-pong?John Harper looks at the somewhat strange outcome in the case of Re Annesley and notes how succession proceedings might change radically in the future.
  • Trust drafting in Northern IrelandSheena Grattan highlights the main differences of which the Northern Ireland trust practitioner must be aware.
  • Continually improving CPD
  • Global STEP qualificationsThis map shows where courses that are delivered by face-to-face workshops, or which contain local content, are held. All courses are open to applicants worldwide.
  • Sweet refrain
  • Super-efficient CPD
  • A toast to excellenceGlasses were raised in June to celebrate the high-flying UK students who won this year’s STEP Excellence Awards.
  • Wishing makes it soPatricia C Byron explains how a personal tragedy underlined the importance of having a letter of wishes.
  • Star-spangled trustsWarren Whitaker on the use of trusts in the US. At a time when trusts are under attack and being taxed out of existence in other countries, they are alive and well in the US. Various types of trusts are created by Americans of moderate, as well as great, wealth, and a complex series of laws governs their use.
  • Make an impactOliver Bates asks if social impact investing allows capital to do more.
  • What’s yours is mineJolyon Connell and Jeremy Gordon review the case of FHR v Cedar, in which the UK Supreme Court held that bribes and secret commissions received by an agent are held on trust for its principal.
  • Exit, stage left
  • Caribbean catch-upRoland Jones delivers a round-up of news from the Caribbean
  • Change of directionOn 6 December 2013, the Cayman Islands Monetary Authority (CIMA) published a Statement of Guidance for Regulated Mutual Funds
  • Surveying the VISTAThe Virgin Islands Special Trusts Act, 2003 has been around for over ten years. Here Chris McKenzie answers some frequently asked questions about the legislation.
  • An ICON of fund innovationAliya Allen reviews the Bahamas investment condominium
  • Clear competitorsJohn J Ryan, Jr compares the transparency rules in Switzerland and the US, as well as the exchange-of-information mechanisms in place between these two financial centres and the leading Latin American jurisdictions
  • Fideicomiso: flexible friendIn recent years, Mexico has emerged as one of the preferred destinations for foreign investments.
  • CGT from Chile to ColombiaIn this article, the authors address developments in the capital gains tax regimes of several Latin American countries.
  • McKie on Statutory ResidencePractitioners in the UK will be all too aware that the debate over the change in the definition of ‘residence’ has been protracted and frustrating.