Agenda
Utilising a risk based approach, the course will address, in a day by day drill down format, issues specific to three of the Caymans' principle industry sectors: hedge funds, trusts and banking.
Day 1, Monday 8th December
SYMPOSIUM
Keynote addresses focusing on the most recent legislation and advanced strategies designed to mitigate risk and enhance competitiveness in the financial services industry.Welcome & keynote addresses
- Mr Peter Antell, Managing Director of IFCCT
- Mr Gert Demmink, Head of Faculty
- Governor Stuart Jack of the Cayman Islands
- Mr Calvin Wilson, Executive Secretary, Caribbean Financial Action Task Force (CFATF),
- United States Securities & Exchange Commission (US SEC)
Cayman Islands Competitiveness: DEVELOPING OUR UNIQUE SELLING POINTS
Eduardo D'Angelo, Chairman, Cayman Islands Financial Services Association
Regulation in the cayman islands
- An overview of current and potential regulatory measures
- Assessing the impact of a financial crisis to the Cayman Islands
- The importance of international cooperation moving forward
- How to utilise the full range of regulatory support available
Cindy Scotland, Managing Director, Cayman Islands Monetary Authority
PROCEEDS OF CRIME LAW 2008: Assessing impact of changes
A two-way discussion on the intentions and reach of the AG's office in the context of the most recent legislative changes:
- Martin Livingston, Maples & Calder
- Cheryll Richards, Solicitor General of the Cayman Islands
STRATEGIC INTEGRITY MANAGEMENT
- Reinforcing trust and solidity
- Meeting market expectations
- Assessing reputational and integrity risks in the financial sector
- Creating and managing an effective risk control framework
SUMMARY & CLOSE
EVENING RECEPTION
Day 2, Tuesday 9th December
FOCUS ON HEDGEFUNDS
Day Sponsor
Designed to specifically address the needs of hedge funds and their service providers, the day will focus on systemic and regulatory challenges, anticipate future threats and put forward the most effective strategies for stable growth and development.
overview of recent Hedgefund failures
Panel Session to discuss Fund Implosions - case studies
Due diligence and operational concerns
- Current trends in hedge fund standards
- Operational risk management
- Liquidity, liquidation and litigation risks tansparenc
strategies & governance
- Transparency
- (Corporate) Governance structure
- Strategic/Management controls
Money laundering / CFT
- Risks posed to Funds
- Risks posed by Funds
- Risks funds present to other Financial Institutions
Overview of Hedge Funds and Fund Administrators regulation in the Cayman Islands
- Types of Funds and Administrators
- Key licensing requirements
- Summary of onsite and offsite inspection process
- Key regulatory issues
activist Investment
- Regulatory expectations and requirements
- Regulatory measures available when obligations have not been satisfied
- International Cooperation from a regulatory perspective
Panel SESSION
Chaired by Mark Lewis, Chairman of AIMA, Partner at Walkers
- New horizons, new legislation, new regulations
- Voluntary code of contact v Regulatory code of conduct
- Offshore Hedgefund Directors - How many directorships is too many?
- New challenges facing hedgefunds
Summary and Close
Day 3, Wednesday 10th December
FOCUS ON TRUSTS
Designed to specifically address the needs of trust and estate practitioners and their service providers, the day will focus on the more litigious areas of trust and estate management, concluding with an open advisor round-table discussion.
Non-Beneficiary Risks For Trusts And Trustees
- Conflicts of laws: what can and what does Cayman law/statute resolve
- Forced heirship claims
- Proprietary claims and other failure of trust claims
- Formal sham and substantive sham
- Contract claims
Trustees' breach of duty
- Duty of care
- Trustees' common law and statutory duties
- Trustee's powers of investment
- Breaches of trust
- Defences
- Relief from personal liability (section 67 of the Trusts Law)
- Exclusion clauses
Governance and Regulation of Trusts
- The OECD Principles on Governance
- Bearer shares, corporate and nominee directors
- Trust as a legal arrangement, relationship
- Regulated in only a few jurisdictions
- Registries
Case study - the application of hastings-bass principles
Fraud and money laundering
Summary and Close
Day 4, Thursday 11th December
FOCUS ON BANKING
Day sponsor
Designed to specifically address the needs of banking sector, the day will focus on enterprise wide risk management, crisis management and preparing for the Basel 2010 revisions.
operational risk management (ORM) AFFECTING SOLVENCY POSITION
- Financial crime and ORM
- Personal-organizational-and relational integrity
- Trends in financial crime (real estate, international trade)
Trends in financial crime
An open discussion exploring the recent cases of financial crime and the measures required to protect your organisation
A review of Senior Supervisors Group (ssg) report March 2008: assessing factors causing performance differentials during the current climate
- The effectiveness of communications among senior management, business lines and risk management functions
- Senior management oversight of balance sheet, liquidity and capital positions;
capital ADEQUACY: Basel 2010 Revisions
- Is it the end for regulatory arbitrage?
- How will incremental risk charges work?
- Which securities effected?
Panel Session - The modern role of audiT
Expert led discussion headed by Dan Duguay, Auditor General of the Cayman Islands, assessing:
- The use of international standards in audit
- The role of the auditor in an enhanced risk framework
- The audit and evaluation of internal controls
- New risks and vulnerabilities
