HIGGS & JOHNSON hosted its annual client seminar on 18 October under the theme ‘Changing Times: Ensuring Success in a New Era’.

The seminar was opened by managing partner Oscar N. Johnson, before Prime Minister Perry Christie gave a speech emphasising what was needed for ensuring financial services industry success. He outlined new legislation that will allow the Bahamas to meet client needs.

The first session, ‘Requests for Financial Information: Appropriate Responses’ was presented by Tara Cooper Burnside, partner at the firm. She provided insights with regard to suitable responses to different types of requests for financial information. She also discussed protective provisions in the current legislation for financial institutions that have to disclose information.

Higgs & Johnson’s senior partner, Philip C. Dunkley QC, spoke on the topic ‘Asset Recovery from Complex Trust Structures’.

He discussed the use of trusts and vehicles by fraudsters, and explained how trusts are broken down to enable asset recovery. He indicated the cross-border barriers and challenges faced, and provided practical considerations that should be taken into account by practitioners.

Higgs & Johnson associate, Dwana Davis-Imhoff, elaborated on the topic ‘Decoding “Dishonest” Investment Directions: Interpreting the Meaning through Case Studies’.

She explained the difference between ‘dishonesty’ and ‘fraud’ as set out by the Trustee Act, and provided examples of dishonesty, analysing a case study showing how to identify a dishonest investment direction.

Jillian Chase-Jones, a senior associate with the firm, discussed ‘The Best of the BEE: Its Uses and Advantages’. She gave an overview of the new financial services structure, the Executive Entity, showing its practical applications, flexibility and a variety of advantages and benefits to clients.

The seminar concluded with a panel discussion on ‘Increasing Transparency and Information Exchange – What does this mean for the future of Financial Services in International Financial Centres?’

The moderator was Heather L. Thompson, partner at Higgs and Johnson. Panellists were James Smith, chairman of Colina Financial Advisors; Mark Scheer, shareholder of Gunster Law in Miami; and Tom Mylott, senior associate in the Cayman Islands office of Higgs & Johnson.

The panellists answered a number of questions posed by the moderator on multiple international and inter-governmental initiatives. The panellists exchanged ideas and discussed experiences obtained in their respective jurisdictions.

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 programme and the Eugene Dupuch Law School.

Sponsors of the Higgs & Johnson seminar included First Bahamas Title Insurance Agency and H&J Corporate Services Ltd.