FATCA: An Update DETAILS PROGRAMME CPD COST. Thursday 21st February Venue: Pomme d Or Contact: T: F:

Transcription

1 FATCA: An Update Thursday 21st February 2013 SPEAKERS: Alex Jones and Paul Woodman (Deloitte) Review of the current status of the US FATCA rules and UK/Channel Islands Intergovernmental Agreements, with a particular focus on the impact on trusts, beneficiaries and trust companies. The discussion will consider the state of play with the US draft/final regulations, the US interpretation of the terminology in a trust context, as well as the differential application of the rules for trusts under the Intergovernmental Agreements. DETAILS Venue: Pomme d Or Contact: T: F: PROGRAMME 3.15 Registration 3.35 Welcome 3.40 Presentation 4.40 Q & A 4.50 Closing comments 5.00 Close CPD One hour COST Members: 60 Students: 40 Non-members: 80

2 SPEAKERS Alex Jones is a Director in International Assignment Services and co-leads the Deloitte US/UK High Net Worth practice in the UK, which delivers bespoke international tax planning solutions to CEOs, other high level executives and entrepreneurs. Alex has over 24 years of experience working in both US and UK personal tax. He specialises in the management of and international tax and social security planning for High Net Worth Individuals with both US and UK tax exposure. His work involves advising clients in respect of UK and US compliance, interaction with business entities, hybrid entities, US trust issues and reporting, US Estate/Gift and UK Inheritance Tax planning, as well as the interaction of tax treaties. Alex has an Investment Management industry focus dealing in particular with the personal tax aspects and structuring of Private Equity and Hedge Fund clients. As part of his work on trusts Alex is a member of the Global Deloitte FATCA for Trusts group. Since February 2012 he has been working part time as a Subject Matter Expert within a Deloitte team delivering a FATCA implementation project at a multinational Financial Institution. His role involves interpretation of the draft FATCA regulations, considering the impact of FATCA on trust business, both manufactured trusts as well as third party trusts. This work includes the formulation of assumptions and requirements to deliver FATCA compliance for trusts throughout the business, and consideration of the processes and requirements needed to determine the treatment of trusts, trustees, investment company structures, foundations, life insurance and retirement plans as well as estates and foundations. Paul Woodman is a Director who leads Deloitte s Jersey tax practice. Paul has over twelve years experience in international taxation, and has practised in both London and in Jersey. He is experienced in all aspects of corporate taxation including acquisitions, disposals and reorganisations and has a portfolio of clients including Jersey utilities, collective investment funds, fund managers and advisors, fund administrators, banks and trust companies. Paul is the Chairman of the tax committee of the Jersey Society of Chartered and Certified Accountants and also sits on the tax committee of the Jersey branch of the Institute of Directors and Jersey Finance s Fiscal Strategy Group. Paul is a member of Deloitte s global FATCA team and has worked on FATCA projects with a variety of clients in the international financial services sector. Paul also sits on Jersey Finance s FATCA working party, which liaises between industry and Government on FATCA issues.

3 CHAIRMAN Tony Pitcher joined Barclays Wealth Advisory in 2011 as a Director. Tony qualified in 1986 as a member of the Institute of Chartered Accountants in England and Wales with Price Waterhouse. On qualifying, he joined Ernst & Young in tax specialising in advising settlors, beneficiaries and trustees on the UK tax implications of establishing and operating non-uk resident trusts, becoming a partner in Tony also worked with families and their advisers based in many jurisdictions, particularly Western Europe and North America, assisting them to achieve their estate planning objectives. On becoming a partner, Tony changed focus to administering complex trust and company structures for families with multi-jurisdictional connections. In 2000 the Ernst & Young trust business was acquired by a major international bank, and Tony became Managing Director of the Jersey trust business before leaving in Between 2007 and 2010 Tony was Managing Director of two independent trust companies. He is a past President of the Jersey Taxation Society and is currently Chairman of the Jersey branch of STEP, the Society s largest branch with over 1,100 members. Tony has been named in the Citywealth Leaders List of Leading Trustees on many occasions and is currently included in the Honours List.

4 Collas Crill was formed in April 2011 by the merger of two of the Channel Islands' most respected and established law firms, Collas Day in Guernsey and Crill Canavan in Jersey. Collas Crill provides a comprehensive range of legal services to clients around the world, particularly in Jersey, Guernsey, the UK, Europe and Asia. We are the first Channel Islands law firm to open an office in Singapore, our first office outside the Channel Islands, in response to demand from institutional and private clients in Asia for Channel Islands legal services, particularly in trusts, funds and corporate work. Chambers and Partners 2011 says our team of 18 partners and more than 50 lawyers and legal staff takes a pragmatic approach to problem-solving and provides userfriendly advice. Our experienced specialists including acknowledged experts in Jersey Foundations and leaders in trust litigation - provide a clear and practical approach on fiduciary matters, including: Advice to trustees, settlors, beneficiaries and protectors, on all aspects of trust law Commercial trusts for a variety of investment products, including unit trusts and orphan vehicles Advice to founders, council members, guardians and related parties, and documentation for private client, commercial or philanthropic foundations Regulatory issues for trustees and foundation council members IP registration and structuring Sharia law structures and documentation Wills and applications for local residency Contentious trust matters including mediation and other alternative dispute resolution approaches Advice on family office services We also deal with other matters important to high net worth individuals, such as wills and applications for local residency. One of the top five insurance brokers in the UK since it was acquired by the Giles Insurance Group in 2010, Rossborough, which has offices in Jersey, Guernsey and the Isle of Man, has a keen understanding of the requirements of the finance industry and the needs of its clients and has developed products designed to cater for them. We count many of the major trust companies amongst our clients and our ethos is to provide highly qualified staff to work as an extension to a trust company s business proposal.

5 Established in 1983, GAM is an independent, active investment manager, delivering investment solutions to institutions, intermediaries, private clients and charities from offices in financial centres around the world. Our aim is to deliver strong, long-term returns for our clients through some of the world s most talented investment managers. We seek to achieve and wherever possible outperform their investment objectives through an exceptional focus on both producing returns and managing risk. Our CHF 44.8 billion* (USD 47.9 billion) in assets under management spans approximately 60 separate investment strategies across equity, fixed income, absolute return, funds of hedge funds, discretionary portfolio management and tailored investment solutions. We are passionate about active management; all our managers in-house and external are active investors who have the freedom to invest without having to conform to a single house style. The common threads that link them are their specialist investment talent, disciplined investment approaches, intense focus on risk and alignment of interests with clients. Because active investing is about taking well-considered risks, we provide them with extensive risk management and modelling tools and we monitor them with independent oversight from a dedicated risk team. We are proud to have an alternative perspective on the world and an entrepreneurial approach that embraces new thinking when we believe it will deliver sustainable returns for clients. It is our focus on performance, risk management, uncompromising investment standards and partnership with our clients that enables us to deliver long-term results. As at 31 December The reported total AuM of GAM of CHF 44.8 billion (USD 47.9 billion) include cross-holding assets of approximately CHF 4.8 billion (USD 5.1 billion) in accordance with Group accounting policy, which follows the principles of the Swiss Financial Market Supervisory Authority (FINMA). GAM s assets under management without cross-holdings as at 31 December 2011 are approximately CHF 40.0 billion (USD 42.8 billion). Founded at the beginning of 2008, ThatcherMacKenzie is a niche recruitment consultancy based in Jersey, specialising within executive level placements across the finance and legal sectors in Jersey, Isle of Man and Guernsey. Our approach is different to that of many consultancies in that we deal with a small number of high calibre professionals on a discrete case by case basis. ThatcherMacKenzie GmbH is headquartered in Zurich and specialises in the placement of trust and wealth professionals at all levels across Switzerland and Liechtenstein. In addition to this, ThatcherMacKenzie GmbH will also focus on the recruitment of finance professionals for the family office sector. In recent times the Group has extended its remit to the recruitment of senior level professionals for the private banking and trust sectors in Singapore, Hong Kong and Luxembourg. In addition to our specialist recruitment service, TM Legal Services, a division of ThatcherMacKenzie, provides practical employment law advice to businesses across the Channel Islands, Switzerland and Liechtenstein. Our specialist legally qualified team, provide guidance in the provision and execution of employment law and procedure.

6 Savills is a leading global real estate advisor listed on the London Stock Exchange. The company, established in 1855, has a rich heritage with unrivalled growth; with over 200 offices worldwide, throughout the Americas, Europe, Asia Pacific, Africa and the Middle East, employing 19,000 people. Savills has a wide breadth of core services including consultancy, research, acquisition/disposal, leasing, valuation, buildings services and project management, property management, asset management, facilities management, corporate finance advice, insolvency advice, rating, rent review capital allowances, planning. We also offer specialist fund and investment management, real estate finance, and private financial services. A unique combination of sector knowledge and entrepreneurial flair gives clients access to real estate expertise of the highest calibre. We are regarded as an innovative thinking organisation backed up with excellent negotiating skills. Savills chooses to focus on a defined set of clients, therefore offering a premium service to organisations and individuals with whom we share a common goal. Savills is synonymous with a high quality service offering and a premium brand, takes a long term view to real estate and invests in strategic relationships. savills.co.uk

7 Booking form for: FATCA: An Update Thursday 21st February 2013 Organisation name and address: Contact: Telephone: Number of delegates: Names of delegates: Job title STEP STEP student TOTAL: I am a non-member and I would like to receive information about joining STEP Payment: Please indicate whether you are paying by cheque or bacs A separate cheque must be issued for each event booked, made payable to STEP Jersey and mailed to the address below. Bacs details: Bank: RBSI, St Helier; sort code ; a/c ; ref Terms and conditions Conference documentation will be distributed at the event. STEP Jersey branch reserves the right to amend or cancel this event where the occasion necessitates. In such circumstances a full refund of any registration fee will be made but STEP Jersey branch shall accept no further liability. Prices may be subject to change. This booking form constitutes a legally binding contract. The delegate (s) and firm are jointly and severally liable for payment of the fees due. The conference language is English. Cancellations / Substitutions You are able to send a substitute delegate at any time. Please note that if a non-step member attends in lieu of a STEP member the difference in fees will be charged. Data Protection STEP Jersey branch and the STEP Worldwide ( STEP ) may use this information to update its databases, which are used for a wide range of purposes relevant to the activities of the organisation. STEP may also contact you from time to time with details of programmes and events that may be of interest to you. STEP may also disclose your details to our event sponsors, who may themselves contact you in relation to services which you may find of interest. If you would prefer the Society not to disclose and/or use your information in the ways set out above, please contact the Society at step@stepjersey.org Disclaimer STEP Jersey accepts no responsibility for statements made in oral or written presentations delivered at its conferences. The views expressed by speakers participating in STEP Jersey conferences are not necessarily the views of STEP Jersey and it does not accept responsibility for the accuracy of any statements made.