Chair: Richard Grasby TEP, Hong Kong
17.00: Trustees located outside the governing law jurisdiction
Increasingly, trustees are based in jurisdictions other than that of their trust’s governing law. In some cases, the trustee might be based in a jurisdiction whose own law does not even recognise trusts. Is this sensible? The implications of this have not been examined in detail. Issues arise as to which jurisdiction can hear disputes between such trustees and the beneficiaries: which court can supervise the trust and make orders affecting the trust? Will the trustee’s jurisdiction apply its perpetuity rules? The panel will consider these and other issues, including the application of the Hague Trust Convention to these situations.
- Joanne Verbiesen TEP, HSBC Private Wealth Solutions, Hong Kong
- Richard Wilson QC TEP, Serle Court Chambers, UK
17.45: Differences between US and English-style trusts
It is often said that the English and American people are two cultures divided by a common language. Increasingly, they are also divided by different approaches towards trusts. Although, in concept, trusts are basically the same throughout the common-law world, the recent popularity of US-law trusts has uncomfortably highlighted some divides between how practitioners in the US and elsewhere view trusts, and how their governing laws and procedures can vary. The approaches towards Saunders v Vautier and the abrogation of fiduciary duties are two examples where different approaches are tolerated. Both sides need to understand the use of trusts in the other’s jurisdiction. This panel will explain the different conceptions. Note, this is not a tax-focused session.
- Andrew de la Rosa, ICT Chambers, Cayman Islands
- Patrick O’Hagan, UBS Switzerland AG, Switzerland
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