Regulatory Update on Key Areas Impacting Jersey Trust Companies

Transcription

1 Regulatory Update on Key Areas Impacting Jersey Trust Companies Thursday 17th October 2013 SPEAKERS: Barry Faudemer Andrew Le Brun Caroline Morgan David Oliver Colin Powell, CBE CHAIRWOMAN: Sue Munns (Mourant Ozannes) This popular seminar has been a feature of the STEP Jersey annual calendar for a number of years. The team from the Jersey Financial Services Commission will be giving updates on several areas which impact on the work of trustees including: AML/CFT TCB Regulatory Codes of Practice Review of major cases They will be joined this year by Colin Powell, CBE, who is the Adviser on International Affairs in the Chief Minister s Department. Colin will look at the external factors which should be considered by Jersey Trust Companies. DETAILS Venue: Pomme d Or Contact: T: F: E: step@stepjersey.org PROGRAMME Registration Welcome Presentations/Q&A Refreshments Presentations/Q&A Close CPD 3 hours COST Members: 60 Students: 40 Non-members: 80 SPONSORS

2 Regulatory Update on Key Areas Impacting Jersey Trust Companies PROGRAMME Registration and refreshments Chairwoman s Welcome Sue Munns, Mourant Ozannes AML/CFT Update Andrew Le Brun will take stock of what the Commission has planned in the way of changes to legislation and the AML/CFT Handbook Q & A Regulatory Update TCB David Oliver will look at trends and developments in the regulation of Trust Company Business Q & A External Factors impacting on Trust Company Business Colin Powell, CBE, will look at important external factors which should be considered by Jersey Trust Companies Q & A Refreshments Update on the Codes of Practice Caroline Morgan will focus on topical matters regarding Codes of Practice Q & A The Findings of a Review of 8 Major Cases Following a review by Chris Cooke, Barry Faudemer will provide feedback on the learning points for regulated businesses but also the Commission Q & A Chairwoman s closing comments Close

3 SPEAKERS Barry Faudemer is the Director Enforcement at the Jersey Financial Services Commission and has been at the forefront of developing the Commission's enforcement capability and the increased use of regulatory powers over the last few years. In the role, Barry oversees the Commission's receipt and use of intelligence working closely with all other divisions within the Commission to identify trends and developments. Prior to joining the Commission in 2007 Barry completed 26 years with the States of Jersey Police and as the Head of the Joint Financial Crimes Unit in 2006 graduated from the FBI National Academy having studied financial crime and the financing of terrorism. Barry holds the ICA AML Diploma (dist) and the IOD Diploma in Corporate Direction. Andrew Le Brun joined the Jersey Financial Services Commission as Director of its International and Policy Division in He has responsibility for ensuring that the Commission is aware of developing standards set by international standard setting bodies, coordinating internal and external assessments against these standards, keeping a watching brief on developments in the area of financial services in the European Union, and reviewing the regulatory and legislative environment within which the Commission operates. Andrew has also had responsibility for implementing in Jersey the Financial Action Task Force (the FATF ) Recommendations that apply to financial institutions. Andrew is a member of the Institute of Chartered Accountants in England and Wales. Caroline Morgan joined the Jersey Financial Services Commission in January 2006 initially as Senior Manager of the Investment Business supervision department, transferring to work on policy matters in November She has worked on a number of Commission policy projects most notably the IMF assessment of 2008 and the recent consultation on amendments to the Codes of Practice. Caroline currently represents the Commission on the Assessment Committee of the International Organisation of Securities Commissions. She is a member of the Institute of Chartered Accountants of England and Wales. She spent almost thirteen years in the banking industry where she undertook a variety of accounting, systems, control, and project related functions. She attained the position of Vice President before leaving industry in 2001 to work in regulation. Caroline spent four years at the UK Financial Services Authority, undertaking both supervision and policy roles, with a focus on Accounting and Auditing Policy. She represented the FSA on a number of accounting technical committees including the Accounting Task Force of the Basel Committee of Banking Supervisors.

4 SPEAKERS David Oliver is Deputy Director Trust Company Business with the Jersey Financial Services Commission. He joined the Commission in July 2000 as part of a team that worked on the introduction of the trust company business element of the Financial Services (Jersey) Law Prior to joining the Commission, David worked in the financial services industry in roles covering trust company business, investment business and financial product marketing and sales. David holds the Trustee Diploma of the Chartered Institute of Bankers and the Securities Institute Diploma. David previously lectured at the Jersey Business School for seven years covering both UK and Jersey regulation, and was a Chief Examiner for ICSA from 2003 until From 1969 to 1999 Colin Powell was Adviser to the States of Jersey on the Island s economic development including as an international finance centre. From 1999 to September 2009 he held the position of Chairman of the Jersey Financial Services Commission. He is currently Adviser on International Affairs in the Chief Minister s Department, and in this capacity is engaged in negotiating tax information exchange agreements and represents Jersey as one of the Vice-Chairs of the Global Forum Peer Review Group. Since 1981 he has held the position of Chairman of the Offshore Group of Banking CHAIRWOMAN Sue Munns is the Head of Risk and Compliance for Mourant Ozannes, a leading offshore law firm with a renowned International Trusts & Private Client legal practice. Mourant Ozannes is winner of the inaugural STEP Caribbean Legal Team of the Year Award 2013 and a finalist in two categories of the STEP Private Client Awards taking place in London this autumn. Prior to joining Mourant in 2006, Sue was the Head of Compliance for Barclays in the Channel Islands between 2001 and 2006 and prior to this was the Senior European Risk Manager for Chase Manhattan Bank from 1985 to Sue was an advisor to the International Compliance Association and a co-author to the Compliance Diploma study manual. Sue is a member of the committee of the Jersey branch of STEP and a member of the Jersey AML Steering Group.

5 SPONSORS 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. 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

6 SPONSORS 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 48.7 billion* (USD 53.3 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. * GAM discloses its assets under management breakdowns on a half-yearly basis. As at 31 December The reported total AuM of GAM of CHF 48.7 billion (USD 53.3 billion) include cross-holding assets of approximately CHF 4.0 billion (USD 4.4 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 2012 are approximately CHF 44.7 billion (USD 48.9 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.

7 SPONSORS 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. High net worth individuals today face complex financial decisions from selling a business to planning and protecting an enduring legacy. Responding effectively to these needs demands far more than a commoditised solution. It requires a firm with sufficient breadth and calibre of talent and capabilities in managing the complexity of issues across different jurisdictions but small enough to provide a highly personalised service. We believe this is the raison d'être of Azure Wealth. Our clients come to us because we listen to their specific needs and provide a solution not a product. Our clients aim is first to preserve and protect the wealth generated over a lifetime of hard work and then grow it steadily for future generations. At Azure Wealth, we work closely with our clients trusted advisors across a spectrum of expertise such as tax and estate planning. Azure Wealth s diverse team of advisers and investment professionals have led some of the most respected private banks globally. It is our understanding of the requirements of private investors today that brought us together to create Azure Wealth. For non-domiciled and international clients, there is great comfort in knowing that Azure Wealth advisors are intimately familiar with the world beyond their borders. We have a genuine appreciation for the needs of global wealth because Azure Wealth is itself a blend of many cultures. A genuine wealth manager will generate original ideas. No two clients approach investing in the same way. Azure Wealth is an entrepreneurial firm with a reputation for understanding both the needs and mind-set of clients who have created wealth. Our performance goals are a function of our clients risk appetite, not market indices. Like other managers, we adhere to the principle of diversification but this isn t enough to provide absolute returns. Years of experience have taught us that it is often preferable to take profits and lock-in performance, not to hope that by retaining enough investments we can spread risk and stem losses. Performance over time is the measure of a wealth manager. Azure Wealth's performance standards are exacting, a result of a core belief in discipline gained through vast experience of different assets and market conditions around the globe. But performance is more than just an investment concept; it applies to all aspects of service as well.

8 Booking form for: Regulatory Update on Key Areas Impacting Jersey Trust Companies Thursday 17th October 2013 Organisation name and address: Contact: Telephone: Number of delegates: Names of delegates: Job title STEP Members STEP Students TOTAL: PLEASE INDICATE WHETHER YOU ARE PAYING BY BACS OR CHEQUE Payment by BACS to: Bank: RBSI Limited Account: STEP Jersey Sort Code: A/C number: Ref: Nameoffirm (no spaces) OR: Post your cheque to: STEP Jersey PO Box 269 St Helier Jersey JE4 8TN IMPORTANT: PLEASE SEND A SEPARATE BACS PAYMENT OR CHEQUE FOR EACH EVENT 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.