APAC Monthly Private Wealth Legal Developments – November 2019

Welcome to Herbert Smith Freehills’ new monthly private wealth industry updates in Asia. Every month we survey ten Asian jurisdictions for legal developments concerning trust and estate planning which are of interest to the private wealth industry, and provide a succinct summary in a table format.  The jurisdictions covered in the update are Hong Kong, … Read more

TRUSTEES TAKE COMFORT – HIGH COURT UPHOLDS BROAD SCOPE OF EXONERATION CLAUSES

Summary Trustees often seek to limit their liability in the form of exoneration clauses in trust deeds. As such,  it is generally difficult for a beneficiary to challenge a trustee’s decision that falls within the scope of the exoneration clause. In Sofer v SwissIndependent Trustees SA [2019] EWHC 2071 (Ch), the England and Wales High … Read more

APAC Monthly Private Wealth Legal Developments – October 2019

Welcome to Herbert Smith Freehills’ new monthly private wealth industry updates in Asia. Every month we survey ten Asian jurisdictions for legal developments concerning trust and estate planning which are of interest to the private wealth industry, and provide a succinct summary in a table format.  The jurisdictions covered in the update are Hong Kong, … Read more

Monthly Private Wealth Legal Developments – APAC

Welcome to Herbert Smith Freehills’ new monthly private wealth industry updates in Asia. Every month we survey a number of Asian jurisdictions for legal developments concerning trust and estate planning which are of interest to the private wealth industry, and provide a succinct summary in a table format.  The jurisdictions covered in the updates are … Read more

FATF Guidance in relation to the Risk Based Approach for Trust and Company Service providers – helping TCSPs design effective measures to manage money laundering/terrorist financing risks

The Financial Action Task Force (FATF) published updated guidance in relation to the Risk Based Approach (RBA) for Trust and Company Service Providers (TCSPs) on 26 June 2019 (the Guidance).  A copy of the Guidance can be found here. The Guidance has been developed to assist TCSPs professionals, practitioners with TCSPs as customers, and countries … Read more

(Great) legitimate expectation(s)?

On 22 May 2019, the Hong Kong Court of First Instance handed down a lengthy judgment in the high profile Madam Lo v HSBC Trustee case.  As well as grabbing the headlines, the case raised novel points of law which the judge had to grapple with. The result was full vindication for the trustee. Read more