Global regulations, maturing wealth and mobility in Asia:

A headache or opportunity?

Friday 20 September 2019 | The St. Regis | Hong Kong

Friday 20th September, 2019

9:00 AM - 9:10 AM | Co-chair opening remarks

Thelma Kwan Kwan - Barrister at law
Nick Jacob - Forsters

9:10 AM - 9:45 AM | Keynote: Hong Kong- A planning mecca?

Hong Kong is a conundrum. It's a regional centre for wealth management, yet it utilizes foreign companies and trusts rather than its own. It is a model of capitalism, yet it's part of China. Its future is uncertain, yet is maintains its strong regional presence. Recent times have been turbulent yet business continues as usual. Despite all of these contradictions, Hong Kong remains remarkably successful in the wealth management space. The speaker will provide his insights to explain these features, discuss the pros and cons of Hong Kong from a wealth management perspective, and address the thorny issue of 2047.


Michael Olesnicky Olesnicky - Baker McKenzie

9:45 AM - 10:25 AM | The impact of regulation and transparency on the globalisation and the consequent mobility of wealth in Asia

Globalisation remains a juggernaut difficult to stop or reverse; but how is increasing regulation affecting it?  In 2019, Asian families are becoming more and more international, with businesses and marriages crossing borders. Globalisation of clients therefore means globalisation of wealth. With increased regulation and transparency, planning becomes absolutely crucial. This panel examines the opportunities and pitfalls for advisors in the Asia region.

Bijal Ajinkya - KHAITAN & CO
Clifford Ng - Zhong Lun Law Firm
Erik Wallace - Stephenson Harwood
Steve Sokić - IQ-EQ

10:25 AM - 11:00 AM | A brave new world: Big Brother is doing much more than watching

The impact of CRS and FACTA on structuring, including changing approaches across the globe:

  • What impact has CRS an FACTA and other regulatory changes had on planning?
  • Have the impact of regulations changed it or have you adopted a new philosophy on planning because of increased regulations?

Joseph Field - Pillsbury Winthrop Shaw Pittman LLP

11:00 AM - 11:30 AM | Networking break

11:30 AM - 12:00 PM | The issues that trustees miss on the termination of trusts: A vigilante wind up

Deep dive into the correct methods behind bringing a trust to an end, and all of the issues relevant to a termination.

Nick Jacob - Forsters
Mark Lea - Lea & White
Paul Hodgson - Butterfield

12:00 PM - 12:30 PM | Economic substance: What is it? What is the impact of the rules?

  • Do the obligations differ and how do you interpret the requirements? What will the information gathered be used for?
  • Identifying potential exposure and the practical steps that can be taken next to minimise risks

Katie Graves - Withersworldwide
Wisdom Hon Hon - Ogier
Shimon Takagi - Takagi Law Office

12:30 PM - 1:00 PM | Testamentary capacity: Recent updates and practical issues

Since the time of Banks v Goodfellow (1870) LR 5 QB, challenges concerning testamentary capacity have been a common issue arising before the courts. The Court of Final Appeal has recently provided guidance on testamentary capacity in the case concerning the estate of Au Kong Tim in FAMV No. 47 of 2018, which affirmed the views of the Court of Appeal in CACV No. 177 of 2017.
This seminar will cover the mental capacity and its practical issues when practitioners are drafting and attesting Wills for the elderly and vulnerable; and issues regarding instruction of medical practitioners in assessing testamentary capacity will also be discussed.

Dr. Gabriel Hung - The Central Practice
Alfred Ip - Hugill and Ip

1:00 PM - 2:00 PM | Lunch

2:00 PM - 2:40 PM | Matrimonial property regimes on planning, succession and transition: Watch out, roadblock ahead

  • Enforcement of prenuptial agreements in Hong Kong and the PRC. Is there any difference between the treatment of prenups in England & Wales and Hong Kong?
  • How important are prenups, midnups and postnups going to be in the future from the perspective of protecting family relationships and the armageddon of divorce. Is technology going to play any major part in their preparation in the future?
  • Discretionary Trusts (based in the usual jurisdictions –also in the USA): are they safe from attack in Hong Kong, PRC and England & Wales? Or is there a road block in place now or ahead? Can you make trusts safe/safer from attack. Are trustees/ private banks/trust companies sometimes too interested in the money in the account than the suitability of the wrapper the money is held in.
  • The latest case law on divorce and trusts and prenups in Hong Kong and the PRC.

Antonio Chen Han - Han Kun Law
Marcus Dearle Dearle - Bryan Cave Leighton Paisner
Winnie Chow - Chow Ruskin Brown

2:40 PM - 3:10 PM | Beneficial ownership and trust registration: What do we envisage for the future? Will more jurisdictions adopt it? How do we seek to control it?

Questions remain as to whether the information on the registers will become publicly available and, if so, on what conditions and to what extent:

  • Who are the beneficial owners of a company when a trustee of a trust directly or indirectly owns the company
  • Differences between the approaches of each of the UK, Overseas Territories and Crown Dependencies
  • How is it affecting planning?

Ryan Myint - Penningtons Manches LLP
Keith Robinson - Carey Olsen

3:10 PM - 3:40 PM | Networking break

3:40 PM - 4:20 PM | Legal professional privilege: Under attack?

  • The recent impact of challenges to legal professional privilege
  • Multi-jurisdictional analysis of losing legal privilege across the US, UK offshore and civil jurisdictions
  • Situations in which privilege can be eroded

Joshua Rubenstein - Katten Muchin Rosenman
Tina Wüstemann - Bär & Karrer AG
Richard Wilson KC - Serle Court

4:20 PM - 4:50 PM | My case is bigger than yours: A global litigation snapshot

In this lively session the panel will examine prevalent cases which have recently erupted from around the world, considering the following impact on your practice and clients in Asia:

  • Prevention planning
  • Identifying the risk factors
  • Reputational issues to consider

Vikna Rajah - Rajah & Tann Singapore LLP
Nicola Roberts - HARNEY Westwood & Riegels Singapore LLP
James Price - Stewarts

4:50 PM - 5:00 PM | Co-chair closing comments

Thelma Kwan Kwan - Barrister at law
Nick Jacob - Forsters

8:30 AM - 9:00 AM | Registration and coffee