HIGGS & JOHNSON hosted its annual client seminar on Wednesday 5 October 2011 under the theme ‘Wealth Planning for the 21st Century’. Opening remarks were given by Wendy Warren, CEO and Executive Director of the Bahamas Financial Services Board. She gave her insights into the future of the financial services industry and emphasized that The Bahamas has much to offer its clients and needs to leverage these advantages.
The first session, ‘The Securities Legislation and Existing Licensees’ was presented by Christel Sands-Feaste, Partner and Chair of the Securities and Investment Funds group. She provided a practical overview of the Securities Industry Act and Regulations, 2011. She also elaborated on the new provisions and indicated the steps existing licensees need to take for compliance.
Higgs & Johnson Partner, Dr. Earl A. Cash, Chair of the Private Client & Wealth Management group, expanded on the proposed trust legislation that is the Trustee (Amendment) Bill, 2011 and The Rule Against Perpetuities (Abolition) Bill, 2011. He also advised on the advantages of the proposed Executive Entities Bill.
Regional Managing Partner, Derek N. Jones, of the Cayman Islands office, spoke on the recent Cayman judgment of Weavering Macro Fixed Income Fund Limited (In Liquidation) v Peterson and Ekstrom. He explained its significance as it pertained to Directors’ duties in the context of hedge funds. He noted that it was a ‘wake up call’ for the less than active non executive directors and expanded on the essence of the case.
The seminar concluded with the break out session ‘Case Study: To Be or Not To Be? Should You Accept Mr. and Mrs. Sanches as clients, and if so, on what terms?’ Attendees were split into five groups facilitated by Higgs & Johnson Partners Philip C. Dunkley Q.C. Derek N. Jones, Dr. Earl A. Cash, Christel Sands-Feaste and Associate, Nadia Taylor. They had the opportunity to discuss the details of the case with other professionals, exchange ideas and brainstorm important issues, then present the group’s decision at the end.
In its ongoing effort to promote education in The Bahamas, Higgs & Johnson sponsored the attendance of faculty and students of both the College of The Bahamas Law Degree program and the Eugene Dupuch Law School.