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STEP Journal: April 2019 - Full Issue

  • Foreword - April 2019The past, present and future exist at the same time. Thus neither is the past permanent nor the future necessarily fated.
  • More states should ratify the Hague Adults ConventionEmily Deane highlights legislative gaps in the protection of vulnerable adults in cross-border situations in Europe
  • How to handle a professional complaintKevin Custis advises STEP members on what to do if a complaint is made against them, and the value of the disciplinary process
  • ATAD ramps up EU tax complexityThe EU’s Anti-Tax Avoidance Directive means more complexity and less certainty, writes Paolo Panico
  • Privacy v transparency: the battle rages onMargaret O’Sullivan assesses Canada’s recent moves towards transparency
  • Rise of the LLCsMark Fleming asks whether the introduction of LLCs in offshore jurisdictions will prompt a shift in structuring outside the US
  • Block for goodGina M Pereira assesses how distributed ledger technology may serve philanthropy
  • The flight to stabilityMichael Giraud and Mark Pinnick highlight key emerging trends for high-net-worth families in the Middle East
  • Prepare for success - Part 2: The Estates examIn the second of this two-part column, Anthony Miller offers some specific pointers for students taking the Administration of Estates exam
  • No place like homeCaroline Bielanska provides a case study on the difficulties of determining a client’s capacity in England and Wales
  • Structures in the spotlightJosephine Howe outlines Jersey’s upcoming economic substance requirements and their relation to private wealth structures
  • A welcome changeLaila Arstall explains the recent update to Guernsey’s corporate tax residence rules
  • The risks of (inter)meddlingBeware of intermeddling in Jersey estates, writes Ashley Bidmead
  • Performance-enhancing substanceKevin O’Loughlin explains the Isle of Man’s new substance requirements legislation
  • Ten years youngPaul Hunter revisits the Jersey foundation, a decade after its introduction
  • Leaping forwardDonna Withers explains how Jersey’s new mental capacity law further protects vulnerable clients
  • Not a perfect scienceKimberly A Whaley outlines the differing approaches to determining decisional capacity across Canada’s provinces and territories
  • Momentous decisionsAlex Ruck Keene examines the position on life-sustaining medical treatment in the courts in England and Wales
  • 17 years in limboJohann Jacobs assesses the state of South Africa’s pending capacity legislation
  • A rights-based approachPatricia Rickard-Clarke details the supported decision-making arrangements provided for in Ireland’s Assisted Decision-Making (Capacity) Act 2015
  • How to spot financial abuseAnn Stanyer highlights ‘red flags’ signalling potential financial abuse that all advisors should watch out for, wherever they are based
  • Wouldn’t it be NICESamantha Presland lays out the merits of the new NICE guidelines on mental capacity in the UK
  • Gateway to the Middle EastYann Mrazek outlines the practical impact of ADGM and DIFC foundations on regional assets, for both investors and fiduciaries
  • Squaring the circleHarry Joffe reports on some of the key offshore issues raised in South Africa’s 2019 budget
  • Haves and have-yachtsLesley Timms, Peter Wood and Sonia Michaelides ask: when it comes to enforcing foreign court orders in the DIFC, is jurisdictional recognition becoming more theoretical than real?
  • Abduction, conscription, welfare: a case studySam Hickman looks at a recent case concerning parents from different African countries to highlight the complexities of working with international families
  • Where there’s a will…Gianpiero Succi and Tameru Wondm Agegnehu explain the legal considerations surrounding will-making in Ethiopia
  • Cultural transitionOver the next decade, a huge amount of wealth is due to transfer between generations of families. A recent STEP Journal roundtable, sponsored by SANNE, asked what this means for the next generation and their advisors
  • Bricks and mortar with a global reachDawn Register and Becky Hartley consider the practicalities of the recent rule changes for non-UK residents in respect of UK properties
  • Power playPeter Ni and Clifford Ng outline the impact of China’s recently updated income tax law and anti-avoidance rules
  • A drastic shiftSaskia Lust traces the development of Belgium’s recent civil and tax law updates, from the ‘Cayman Tax’ to new reporting obligations
  • ‘Alexa, draft my will’Hannah Mantle explores whether artificial intelligence could improve the will-drafting process in England and Wales
  • A sympathetic earCarlos de Serpa Pimentel and Esmond Brown review trustees’ use of the Cooper application in the Cayman Islands
  • Book Review: A Practitioner’s Guide to the Court of Protection, fourth editionBy Caroline Bielanska TEP, Richard Frimston TEP, Justin Holmes and Martin Terrell TEP

STEP Journal: March 2019 - Full Issue

  • Foreword - March 2019Welcome to the March edition of the STEP Journal. This is the third time I have written a foreword for this publication.
  • STEP data maps the UK trust industryWhat the findings of STEP’s member questionnaire on trusts tell us about the size and health of the UK industry
  • 5AMLD v GDPR: Where does the balance lie?Paolo Panico looks at proposed public registers of beneficial owners under the EU’s 5AMLD, with regard to legitimate interest tests and GDPR
  • Silence is goldenSally Edwards warns how trustees can find themselves over-disclosing information
  • Unlevel playing fieldJo Summers outlines the pressures of regulation on small businesses in the UK
  • The never-ending story?Ineke Koele looks at what can be done to overcome the obstacles facing cross-border European philanthropy
  • Prepare for success Part 1: Revision & exam prepIn the first of this two-part column, Anthony Miller provides some key guidelines for STEP students preparing to take exams
  • A foundation in foundationsJohn Goldsworth outlines the key characteristics of private foundations
  • Mexican tax waiveVictor Barajas and Julio J Copo outline the process of obtaining tax-exempt status for charitable organisations in Mexico
  • Bermuda bolsters AML/ATFAlec R Anderson and Davina Hargun assess how changes to Bermuda’s Charities Act 2014 affect privately funded charities
  • Crisis of confidenceJavier Canosa assesses the causes and consequences of Argentina’s ‘financial illiteracy’
  • Protection from prying eyesBernadette Carey outlines the ruling in a 2018 case before the Grand Court of the Cayman Islands pertaining to privacy and ‘open justice’
  • WillpowerYuri Andrey Mattana Freitas looks at the uptake of will-making in Brazil
  • Entities of substanceJohn Lawrence breaks down the Bahamas’ new substance legislation
  • The new frontierAnthony Partridge and Cory Macculloch assess the value of the Cayman foundation company as a key digital asset
  • Arbitration not litigationSteven Kempster and Hussein Haeri assess the private arbitration method of resolving trust disputes, and highlight the ICC’s new model arbitration clause
  • Trusts v nuptial agreementsConrad Adam asks whether nuptial agreements can be more effective than trusts in protecting wealth against matrimonial claims in England and Wales
  • Trouble in paradiseMarilyn Bell looks at the myth of the ‘common-law marriage’ in England and Wales and makes the case for reform
  • Scaling the firewallGraeme Kleiner and Sarah Higgins examine the role and impact of offshore ‘firewall’ legislation in England and Wales divorce cases.
  • Code clashNicole Gallop Mildon and Álvaro Aznar Azcárate offer a French-UK cross-border perspective on the new EU regulations affecting matrimonial property regimes
  • Open secretsElizabeth Hicks and Alexie Bonavia debate transparency and legal blogging around the family courts in England and Wales
  • Not so conservative, after allKen McCracken identifies some key trends from the results of KPMG’s 2018 Europe-wide family business survey.
  • Family office boomSeow Chee Goh and Bock Eng Sim examine the requirements for setting up a family office in Singapore
  • When common met civilA cross-border analysis of the main issues relating to estate planning for Russian residents with British Virgin Islands companies
  • Sweet clarityScott Hunter details the Scottish government’s response to its 2015 succession consultation
  • The art of conversionJoe Goodwin explains how practitioners’ fiduciary duties towards clients can extend even to exchange rates
  • Ability, agility and adaptationRose Chamberlayne considers risk management practices for family businesses and offices
  • Proceed with cautionAndrea Tavecchio and Riccardo Barone take stock of Italy’s new tax-monitoring obligations
  • Can a will-maker ‘phone it in’?Kimberley Martin reflects on the emerging trend of using informal digital documents in will-making, with a particular focus on Australia
  • Book review: The Wealth Elite