STEP CERTIFICATE IN FOUNDATIONS. Syllabus

Transcription

1 STEP CERTIFICATE IN FOUNDATIONS Syllabus

2 INTRODUCTION This document contains the detailed syllabus for the STEP Certificate in Foundations. This syllabus should be read in conjunction with the course brochure, which explains the method of delivery and assessment, entry requirements and personal and business benefits of completing the programme. The brochure, course dates and enrolment application form can also be found on the programme website

3 MODULE 1: INTRODUCTION TO PRIVATE FOUNDATIONS THE INTERNATIONAL DIMENSION How private foundations are distinguished from other structures that incorporate the term foundation within their title or description The origins of foundations, their development and their current growth in international finance centres (IFCs) The significance of private foundations as incorporated bodies A review of the variety of jurisdictions and legal systems that have introduced private foundations A comparison of private foundations with other asset planning vehicles (e.g. trusts and companies) Explain the concept of a private foundation and distinguish it from other structures for asset planning Discuss the origin and development of private foundations Explain how the differences between private foundations and trusts give them a separate legal position Identify the different sources of private foundation law MODULE 2 THE ESSENTIAL CHARACTERISTICS OF PRIVATE FOUNDATIONS The significance of a private foundation being a legal entity A review of the constitutional documents and their importance to the nature of a private foundation A comparison of private foundations, trusts, and companies Give a definition of a private foundation and explain the essential differences between private foundations, corporations and trusts. Explain the development of private foundations in common law countries and compare this with the development of private foundations in civil law countries 3

4 MODULE 3 TYPICAL FOUNDATION STRUCTURE AND FOUNDATION DOCUMENTATION The procedures and documentation required to set up a valid private foundation An introduction to the parties to a private foundation who will be referred to in the constitutional documents The types of assets that can be included in a private foundation and the general principles concerning the transfer of assets to a private foundation Outline the process required when forming a private foundation and identify the necessary documentation needed to create a valid private foundation and its essential contents Appreciate what will happen to a private foundation if the necessary process is not followed Identify the parties to a private foundation named in the constitutional documents MODULE 4: PARTIES TO A PRIVATE FOUNDATION The parties involved in setting up and managing a private foundation (e.g. the founder, the foundation council, and the protector) A review of the legal status and power of the parties to a private foundation The duty of care imposed upon each party to a private foundation Explain the role of the parties to a private foundation in its management and operation Identify the position of the beneficiaries and explain the differences between a beneficiary of a private foundation and a beneficiary of a trust Appreciate how the different parties to a foundation are appointed or replaced 4

5 MODULE 5: CREATION, MIGRATION AND TERMINATION OF FOUNDATIONS The process of incorporation of a private foundation and the necessary documentation to establish a valid private foundation The essential steps for the migration or continuance of a private foundation in another jurisdiction and the effects of doing so The termination of a foundation and the disposal of assets Explain the process by which a private foundation is created and understand the significance of each item of documentation which is required to establish a valid foundation Identify the differences between the common law and civil law approach to incorporation Describe the process of migration and identify the general legislative procedures required Identify when a private foundation may be regarded as a sham and distinguish between an invalid trust and an invalid private foundation Explain why a private foundation may come to an end and appreciate the different methods of terminating a private foundation 5

6 MODULE 6: ADMINISTRATION OF FOUNDATIONS The administrative roles of the different parties to a private foundation and how these differ from the roles of the parties to a trust A comparison of the relationship between the different parties to a foundation and the relationship between the different parties to a trust A review of the founder and protector s powers and how these can affect the international position of a foundation The importance of a proper understanding of the roles of the parties to a private foundation to avoid it being considered a sham Describe the administrative roles of the different parties to a private foundation and distinguish these from the roles of the parties to a trust Distinguish private foundations from other asset planning vehicles and identify the administrative advantages of such vehicles Describe the powers of the founder and protector Describe the similarities between the uses of trusts and private foundations MODULE 7: THE USES OF FOUNDATIONS The uses of private foundations as general holding vehicles and when they are most suitable to the client s needs How private foundations are used to avoid forced heirship provisions Private foundations for asset protection purposes The uses of private foundations in a corporate context Describe the principal practical uses of private foundations and identify when they are best used Appreciate the development of private foundations in terms of its uses 6

7 MODULE 8: ANALYSIS OF A MODERN LAW ON PRIVATE FOUNDATIONS The laws of private foundations in comparison to the laws on trusts and companies in different jurisdictions An interactive approach to the essential elements included in the legislation of private foundations Describe the particular provisions of different jurisdictions in relation to the setting up of private foundations, the required documentation and the role of the parties to a private foundation Advise on private foundations generally and identify which is the applicable law for different jurisdictions 7

8 CONTACT US For full details of the programme visit: If you have any queries please contact us: Phone: +44 (0) CLT International Wrens Court Victoria Road Sutton Coldfield Birmingham B72 1SX United Kingdom 8