BFSB Chairman Paul Winder noted that Conclave participants recognised the need to refine the current business model for financial services – domestically and internationally – and to clearly define the value proposition of the jurisdiction. He said, “This is in line with “The Way Forward” discussions at this year’s International Business & Finance Summit, and BFSB’s ongoing strategy for sustained growth. BFSB will review the various recommendations arising from the day-long CEO Conclave and will take appropriate action in the usual spirit of public/private sector collaboration.”

Industry issues discussed in the closed-door sessions revolved around two topic areas, “A Changing Paradigm: Positioning The Bahamas to Benefit” and “Opportunities for Growth”, with dialogue focusing on international initiatives impacting the sector and factors relative to creating a business environment conducive to industry growth.

BFSB CEO Aliya Allen said of Saturday’s productive sessions, “The tone of the conclave was largely optimistic. Concerns were raised about a variety of issues impacting the sector, including international initiatives, regulatory policy and immigration; with a number of solutions discussed. BFSB is committed to working along with Government and regulators to address these and to chart the way forward. The strength of public private sector cooperation is what sets The Bahamas apart from others. Now is the time to work together to ensure that there is a sustainable future. I’m confident that there is.”

Ms. Allen noted that it is intended to host such events on a quarterly basis going forward with future Conclaves inviting Government and Regulatory participation.

BFSB’s CEO Aliya Allen says The Bahamas’ renewed efforts for captive insurance business has not gone unnoticed. “There has been particular interest in The Bahamas as a domicile for small and medium size captives,” she says. Ms. Allen is representing The Bahamas at the conference, along with Carl Culmer and Jamell Bodie from ICB and Janelle Sands from BFSB. Nicollete Gardiner is also part of the delegation.

The event has attracted nearly 400 individuals this year, representing captive managers, captive owners, captive domiciles, actuaries and accounting and legal professionals. “Many of the individuals with whom we met also said the accessibility of our location is a real and distinct advantage given that board meetings for a captive are usually held in the domicile of choice,” reports the BFSB CEO.

A session on cell captives held yesterday was of particular interest because of the recent growth of cell captives in The Bahamas. “This is largely driven by the ability of a cell captive to mix the benefits of a standalone captive with the benefits of a group captive: control and economies of scale,” Ms. Allen says.

She added that there are several factors at play in re-establishing The Bahamas as a domicile of choice for captive and other insurance related business. “We have taken a number of important and positive legislative and administrative steps and we will continue to do so as a jurisdiction. But this internal groundwork must be balanced with ongoing external initiatives. We need a presence at events like CICA to let the market know that we are very much interested in their business and have the capacity and wherewithal to handle it. And there is the additional benefit and motivation of being exposed to developments, trends and client needs that help shape our evolution as a market-sensitive captive jurisdiction. Along with the Regulator, we have been attending CICA for four years now, and each year we have returned with new insights that have allowed us to continue to build and enhance our insurance platform.”

The Captive Insurance Companies Association was formed in 1972 and is the only domicile-neutral captive insurance association. Its annual international conferences – this year themed “New Horizons” – focus primarily on educational sessions to provide alternative risk professionals the latest, most up-to-date viewpoints on captive insurance, and more recently, risk retention groups.

Photo Caption: Bahamas Representatives at CICA Booth: Carl Culmer (ICB), Aliya Allen (BFSB), Janelle Sands (BFSB); Jamell Bodie (ICB). Not pictured is Nicolette Gardiner.

”Financial Services is one, albeit a very large component, of the services offered in The Bahamas. The Ministry of Financial Services views our ability to link current and new service sectors, as key to the future growth and development of The Bahamas. As part of our strategy, my Ministry has begun and will continue to identify the financial sector linkages in each of our services sub-sectors,” Minister Pinder said during last weekend’s launch of the Ministry’s Strategic Plan and the unveiling of its 10-year strategy at BFSB’s International Business and Finance Summit, at Bimini Bay Resort. The Ministry has met with the Bahamas International Securities Exchange (BISX) to identify the opportunities for co-ordination with the ultimate aim of increasing the use of the Bahamian exchange. “As a result of those discussions, the specific needs of BISX will be on the table during my discussions with foreign governments and CEOs of our financial sector firms,” he said. “Those discussions have also identified specific projects that can be taken on board by the Ministry as part of its 2013 work plan.”

Minister Pinder said that The Bahamas’ arbitration services rounds out the services that are offered in The Bahamas. “My Ministry has portfolio responsibility for creating The Bahamas as an international arbitration centre, and we are looking to focus on niche markets, such as maritime and financial services, as well as trade disputes, and also focus on being the gateway to Latin America for such disputes.” The Ministry of Financial Services is constituting an arbitration council of public and private sector persons to plot the strategy forward. “We look to advance the arbitration agenda of The Bahamas in a way to continue providing opportunities for local practitioners, further diversifying the financial and professional services of The Bahamas,” he said.

Trade in Services

Also discussed in Bimini was the Ministry’s role in trade in services. This multifaceted approach to international finance and business development dovetails nicely with its trade portfolio, he said. “Indeed, there are natural synergies between the two as an international business centre, by nature, is centred on the trade in or export of services,” Minister Pinder said. *“Not only do we build domestically and internally, we should also leverage our knowledge base to export services, and particularly in financial services.” *

International Initiatives

Minister Pinder said that another important aspect of his Ministry’s work is that it serves as a focal point from which the Government of The Bahamas can survey international initiatives that impact and threaten our centre. His Ministry is charged with ensuring that The Bahamas is not faced with surprises from the international arena, he added. “My Ministry will also be coordinating The Bahamas’ response to these initiatives, in conjunction with the Ministry of Foreign Affairs, to our Embassies, High Commissions and Consulates throughout the world and with the Office of the Attorney General and the Ministry of Finance, as necessary,” he said.

Minister Pinder said that his Ministry is working on several key issues in the industry, including the United States Foreign Account Tax Compliance Act (FATCA). “I am mindful, that my Ministry ought not to consider the implications of FATCA in a ‘public sector vacuum’,” he noted. “Therefore, to ensure that private sector participants are included, I have installed a Minister’s Advisory Group to ensure that your views are considered. This group has met and has commenced its work to chart the way forward with respect to FATCA.”

Minister Pinder said that his Ministry continues to work alongside the Ministry of Finance and the Attorney General’s Office with respect to the work of the Global Forum on tax transparency and the exchange of tax information matters. He added that the Organisation for Economic Co-operation and Development (OECD) and now the European Union have a consistent, fast moving approach in its actions against jurisdictions like The Bahamas. “It is evident that our only crime is having a competitive tax structure and one that differs considerably from Europe,” Minister Pinder said. “The Bahamas’ tax structure has evolved, not from the desire to create a “tax haven” environment, but one that is historically based on our policy makers’ consideration of the best mechanism to raise revenue for public expenditures given our open, import oriented economy." Nevertheless, Minister Pinder said, the world has changed. “Rules have changed,”he stated.

“My Ministry is closely following developments out of the OECD and the European Union to ensure that the views of the business sector are considered as we adjust our legislation. As the OECD strives to make its groupings more inclusive based on the demands of small countries like The Bahamas, my Ministry will also be an active participant to ensure that The Bahamas’ views are always presented and included in the OECD process, and in fact on the Global stage.”

Regulation

Minister Pinder pointed out that a modern regulatory environment is an important selling point for any jurisdiction. His Ministry, he said, is working closely with the Regulators to ensure that regulatory initiatives, including those which cut across the entire financial sector, are properly and promptly addressed in a manner consistent with the risks present in the Bahamas’ jurisdiction. He added that The Bahamas has a strong reputation of proper regulation and a strong legislative and policy framework and his strategy incorporates this aspect of leadership.

“My strategy also involves The Bahamas systematically identifying those jurisdictions outside of the region with positions that are compatible with The Bahamas so that discussions may be advanced with a view to developing common strategies for addressing these initiatives,” Minister Pinder said. “The Bahamas has many friends in the world and are prepared to call upon like-minded nations to have a truly global discussion on the future of international business and finance.”

Industry Consultation

Minister Pinder noted that, together with the Bahamas Financial Services Board (BFSB), his Ministry creates a platform for industry participation in the development of the financial services sector. “Our Government has a renewed commitment to consultation on matters that affect your business,” he said. “In particular, we seek to balance the need and approach of the regulators with that of the business reality in which we lie.

“We must emphasise that there is a strong and distinct difference in the roles of the BFSB and our Ministry. We emphasise that for the Ministry to function effectively, we need to have a strong, vibrant, full time industry lobby in the form of BFSB to continually do your bidding to the Government. While our Ministry does have a valued, close relationship with the industry on a one-on-one basis, there are benefits to representation to our Ministry through BSFB – who I must add is a strong and persistent advocate for its members,” he concluded.

The event attracted 147 registrants in total, representing 74% private sector participation (of which 7% were professional industry associations). There was 11% Government and Industry Regulator participation, and some 15% of total registrants represented international speakers and guests.

The Planning Committee for IBFS 2013 took note of the historical focus of creating a meeting place for 120-plus leading stakeholders in the financial services industry in The Bahamas for business development and networking in an off-site location, and supported the recommendation arising from 2012 feedback forms to host the event in Bimini. The Committee also supported the recommendation to continue to attract a fair % of international guests.

The annual summit presented an ideal opportunity to build on the many and varied accomplishments that have created The Bahamas Advantage (The new industry brand) as well as a platform to reinforce the imperative of remaining “ahead of the game”. Hence, the theme that proved to be very conducive in attracting speakers and delving into relevant issues: “The Bahamas Advantage: Staying Ahead of the Game”. A particular focus as the outreach was made to speakers was the need to examine changes that drive The Bahamas Advantage and the resources needed to maintain and enhance the industry’s strategic edge. The end result was a comprehensive approach to the agenda, with success in attracting a good mix of local and international speakers.

The various presentations and dialogue at the event reinforced the programme of work already outlined for BFSB in the coming year and, indeed, the years ahead. A compelling message coming out of IBFS 2013 was that BFSB and industry at large share a mutual commitment to “stay ahead of the game” and keep this jurisdiction well positioned – on a number of fronts. As always, it will be important to have these translate into actual action steps in the coming weeks. Already, BFSB’s Board of Directors is studying “The Way Forward” (A BFSB Plan for 2013 and Beyond) document arising from IBFS, and incorporating the key themes brought out during the event and the Closing “Way Forward” session. Chairman Paul Winder says, “We need to show direction, that we are being proactive and that there is clarity in our plan. We cannot cover everything; however, it needs to be punchy, tangible and, most importantly, believably achievable.”

It was useful to have the forum used for the launch of the strategic vision of the new Minister of Financial Services. CEO Aliya Allen says, “We look forward to working with the Ministry’s team to further develop the concepts tabled in Bimini.” Minister Pinder presented what he described as a “progressive, forward-looking vision” that will change the growth trajectory of this economy, but stressed that this will not be done without the cooperation of the private sector. Some of the key action points he referenced were the rebranding of The Bahamas as a full business services centre; a comprehensive approach to increasing the competitiveness of The Bahamas as a business centre; a comprehensive approach to business friendly immigration policy; a comprehensive approach to innovation management; a focus on new geographic markets and new sectors; and leveraging The Bahamas’ sovereignty as an asset.

In addition to the IBFS presentations by the Prime Minister and the Minister of Financial Services, BFSB was delighted to also welcome Sen. The Hon. Allyson Maynard-Gibson, Attorney General and Minister of Legal Affairs, as a featured speaker during IBFS. The Minister spoke on the "Ease of Doing Business" in the jurisdiction and practical developments underway to improve business operations. She focussed on specific initiatives within the OAG (Swift Justice, integrated Justice, Court Reporting) and within the Registrar General’s Department (Deeds and Documents, Companies, Births and Deaths, Maritime Marriages, Intellectual Property). On the latter, she reported on developments to expand the online offerings within the Companies Department.

The Hon. Fred Mitchell, Minister of Foreign Affairs and Immigration, joined participants for the Thursday evening event.

Mr. Leighton says, “Captives have been used for over 40 years, assisting companies in their risk management and strategic planning. From the entrepreneur to the multinational corporation, captives have a place within any organisational structure and can provide multiple benefits.” He continues, “The Bahamas has updated its External Insurance Act, reinforcing the commitment to the captive insurance industry and promoting The Bahamas as a domicile of choice; yet, the growth in the industry has been relatively slow compared to other domiciles.” He and his colleague will explore this from a captive manager’s perspective. Atlas Insurance Management is a leading independent insurance management firm that provides captive insurance company consulting, formation and management services in a choice of US domiciles as well as in International Financial Centres such as the Cayman Islands, Anguilla, The Bahamas, and Nevis.

Bob Colvin will discuss insurance planning, including benefits such as asset protection, tax-free income accumulation & access, reduced tax reporting obligations, and hedge on investment performance.

The Panelists

Nicholas Leighton is the Group Managing Director of Atlas and is based in the Cayman Islands. He is responsible for the overall operation of the Atlas Group, including client relations, product development and regulatory compliance. Mr. Leighton is recognized as one of the leading specialists in cell captives. While serving as Managing Director of the Aon-owned Protected Cell Company “White Rock”, he was instrumental in the formation of cell arrangements for over 30 cell participants.

Lesley Thompson is Senior Account Manager at Atlas Insurance Management and has been working in the captive insurance industry since 2000. She is experienced in all stages of the life cycle of captives, from incorporation to liquidation and also has extensive knowledge of all types of captives including but not limited to Single Parent, Association, Group, Agency, Life, Rent-a-Captive, Segregated Portfolio Companies and Special Purpose Vehicles across multiple offshore and onshore domiciles.

Bob Colvin advises high net worth international private clients and the institutions that service them on cross-border transactional issues, international tax, trust & estate planning, as well as private placement variable life insurance and annuity products. In the years immediately preceding the establishment of his independent law practice, Mr. Colvin was a partner in the International Private Banking group of the international law firm of Baker & McKenzie LLP. Prior to joining Baker & McKenzie, he enjoyed approximately 15 years practicing in the International Tax Section of Chamberlain, Hrdlicka, White, Williams & Martin PC.

Visit www.ibfs-bahamas.com or contact BFSB’s Offices for more information on this premier event in BFSB’s calendar.

The “Transparency and Related Initiatives” IBFS Session will centre on getting the balance right in terms of national development and global community obligations, specifically looking at what “Staying Ahead of the Game” means for The Bahamas and other developing countries in the current tax cooperation environment. It will look, too, at the main strands of transparency and the related agenda of both the G20 and the OECD, with a focus also on revised AML regulations as captured by the FATF’s Revised Recommendations – in particular, the move to define tax crimes as a predicate offence.

Panelists are Michael Lennard, Chief, International Tax Cooperation and Trade, Financing for Development Office (FfDO), United Nations; and George Hodgson, Deputy Chief Executive, STEP Worldwide. The session will be moderated by Aliya Allen, BFSB’s CEO & Executive Director. Ms. Allen points out, “The current Presidencies of the G-8 and G-20 have identified “transparency” as a key programme objective, the former intertwining this with “tax” and “trade”, while the G-20 has confirmed its focus on Growth through Trust and Transparency. The IBFS Planning Committee considered it essential that IBFS 2013’s Agenda include a focus on these critical issues that have such tremendous impact on our sector and, indeed, the economy at large.”

Mr. Lennard’s work in FfDO has a particular focus on ensuring the fairness and workability of international tax norms, including achieving greater developing country input into those norms, and encouraging cooperation to improve tax systems and administrations, as a spur to sustained development. He worked previously as a Tax Treaty Advisor in the OECD Tax Treaty Secretariat in Paris, and prior to that he worked on tax treaty and other international tax matters at the Australian Tax Office, including leading and participating on Australian bilateral and multilateral tax negotiating teams. He also has worked in the Australian Government’s Office of International Law, dealing with taxation, trade, environmental, dispute settlement, and jurisdictional issues in particular.

George Hodgson is Deputy Chief Executive at the Society of Trust and Estate Practitioners (STEP), the worldwide professional body for those specialising in helping families plan the transfer of family assets and property from one generation to another. Prior to joining STEP he held a senior policy position at the Association of British Insurers, the main insurance industry trade body in the UK and has also served on the staff of the Treasury Committee of the UK House of Commons. Prior to moving to public policy work Mr Hodgson had a career in investment banking that spanned over 20 years as one of the top rated economists and investment strategists.

Now in its 10th year, IBFS in 2013 sees the Bahamas Financial Services Board covering a wide range of issues that must be addressed by industry stakeholders if this jurisdiction is to remain competitive. In fact, the theme for the 3-day event in Bimini is “The Bahamas Advantage: Staying Ahead of the Game”.

Simone Morgan-Gomez, Partner in the law firm of Callenders & Co., will moderate the session which will focus on “Why The Bahamas”, with panelists taking the opportunity to speak to developments locally; next steps in positioning this jurisdiction as a seat for arbitration and an Alternative Dispute Resolution (ADR) Centre; the important international instruments on arbitration Law; international versus domestic arbitration; and what the approach should be vis a vis regional competitors.

The panelists include Calvin A. Hamilton of Hamilton law firm in Madrid; Nancy M. Thevenin, Special Counsel, Global Coordinator, International Arbitration Practice Group, Baker & McKenzie; and Bertha Cooper-Rousseau, Chairman of the Bahamas Branch, Chartered Institute of Arbitrators.

Mrs. Morgan-Gomez says all three panelists are firmly on board with the approach of structuring discussions around practical issues, not the least of which will be the steps needed to build local awareness as well as international credibility – and investor confidence. The role of the Bahamas Branch of the Chartered Institute for Arbitrators in building a national plan for arbitration development also will be explored.

The Panelists:

Mr. Hamilton has a prominent history of involvement with arbitration dating back over 20 years, and is widely regarded as one of the top arbitration practitioners in Spain. Hamilton is an international commercial arbitration and litigation boutique located in Madrid. Mr. Hamilton has acted both as counsel and as arbitrator in scores of arbitrations across Europe, Latin America, the USA, Africa and the Caribbean under the rules of the ICC, AAA, LCIA, Swiss Chamber of Commerce, Arbitration Court of Madrid, Barcelona Arbitration Tribunal, Hungarian Chamber of Commerce and UNCITRAL.

Ms. Thevenin’s areas of expertise include international commercial litigation and arbitration, creditor’s rights and business torts. She has handled disputes for multinational companies and governments in the financial services arena, as well as multiple other sectors. Her extensive experience includes having handled arbitrations under the auspices of the ICC and ICDR, taking part in mediations and advising on early resolution of matters that would otherwise become formal disputes.

Ms. Cooper-Rousseau is founding Member of the Bahamas Middle Temple Society (BTMS). In 2012, she was designated by the Government of The Bahamas to serve on the Panels of Conciliators and Arbitrators of The International Centre for Settlement of Investment Disputes, (ICSID). Ms. Cooper-Rousseau’s practice in her law firm Rousseau & Cooper is strongly focused on all areas of commercial and business law. She regularly works in conjunction with lawyers in other jurisdictions on multijurisdictional claims involving issues ranging from arbitration/alternative disputes resolution, trusts, tracing, and fraud to corporate governance and regulatory issues.

About IBFS

IBFS 2013 will be held at the Bimini Bay Resort, February 1-3. Over one hundred and forty delegates have signed up for the event which brings together BFSB Member Firms, Professional Industry Associations, Industry Regulators and the Bahamas Government in a structured setting for the exchange of views and dialogue about the global industry and implications for The Bahamas. Paul Winder, BFSB Chairman, points out “The advice garnered from the annual event - combined with the experience itself - has proven beneficial not only to Bahamian financial institutions and service providers but to our international guests in their ongoing assessment of global options to meet corporate and personal plans, and lifestyle opportunities.”

Visit www.ibfs-bahamas.com or contact BFSB’s Offices for more information on this premier event in BFSB’s calendar.

Dr. Erickson will present at a session entitled “Talent Development: FSI Employee 2020.” She says, “Economic turbulence over several years has created a talent paradox whereby employers struggle to fill open roles even with high unemployment and continuing layoffs. As turnover concerns grow more targeted, executives want to know who is leaving and how to hold onto key employees.”

Looking at global financial services industry (FSI) data, Dr. Erickson will discuss talent management priorities, including the need to reduce costs by layoffs while at the same time needing to retain employees. She will also review the talent paradox from the employee perspective; specifically, the factors that cause employees to look for new work and those that will entice them to stay

As a Specialist Leader in Deloitte’s Human Capital practice, Robin Erickson is at the forefront of Deloitte’s talent and retention research and development. Building off her PhD research that focused on the retention of downsizing survivors, she has focused on the potential for a “resume tsunami” to take place as the economy improves and employees start looking for new jobs. She has authored several recent publications (e.g., The Talent Paradox, Talent Drain on the Brain, Prepare Now or Lose Your Best Employees Soon) and has led the Talent Edge 2020 and Managing Talent in a Turbulent Economy longitudinal survey series.

Dr. Erickson has broad experience in talent strategy, retention improvement, mass career customization, diversity and inclusion, leadership alignment, workforce planning, organization design, change management, culture assessment, workforce transition, project management, and facilitation. She has been published in Forbes.com, the Deloitte Review, and the International Journal of Organizational Analysis.

She has presented her academic research at the annual conventions of the International Communication Association and National Communication Association. Ms. Erickson holds a PhD from Northwestern University in Organizational Communication and Change, a master's degree in communication from Northwestern University, a master's degree in theology from Northern Seminary, and a bachelor's degree from the University of Chicago. In addition, she is Project Management Professional (PMP) certified.

This IBFS session will be moderated by Bahamas Brand Ambassador Philippa Willie, an Ops Product Specialist at UBS Trustees (Bahamas) Limited.

Other Sessions during the 3 day event at the Bimini Bay Resort will focus on: New Markets: Discrete Growth and Best Practices for Business Development and Access to the Ultra-Wealthy; Steadfast in Tradition…Open Arms to Innovation; Taxation Policies & Strategies: Development Tools; Bahamian Financial Services – Truly Global or Not; Succession Planning for International Families; Finding Client Solutions - The Alternative Investments Approach; International Arbitration - Prospects for New Arbitration Centres; Legal Hot Topics in Wealth Management; Public Private Partnership in Action - Downtown Nassau Partnership (DNP) Case Study; Insurance & Annuities - Flexible Strategies as Tax, Asset Protection & Investment Hedge; Establishing a Captive Domicile.

The opening session of IBFS 2013, “The Bahamas Financial Services Industry: Way Forward”, will see the launch of the Government’s Strategic Plan for the Bahamas Financial Services Industry by the Hon. L. Ryan Pinder, Minister of Financial Services.

Mr. Friedman, who also is Co-Founder of Wealth-X, will look at the overall market size of the global UHNW market based on Wealth-X’s own proprietary data including specific market sizes by region and country. He will then highlight trends that are driving changes in the UHNW market and the implications for how firms approach those individuals in general and in new markets in particular. BFSB CEO Aliya Allen says, "He will also provide several best practices in strategic business development for growing UHNW business and the paradigm shifts that are occurring driven by new trends in the market". Hence, the tag line for this “New Markets” session is: “Discrete Growth and Best Practices for Business Development and Access to the Ultra Wealthy.” The panel will be moderated by Ms. Michele Y. Thompson, Country Managing Partner for Ernst & Young.

Mr. Friedman is a noted author and speaker on UHNW business development practices and his opinions on a broad range of topics involving the ultra-wealthy have been featured in the Wall Street Journal, New York Times, The Guardian, Investment News and The Telegraph. He is a frequent contributor to Private Wealth Magazine and has written for a variety of magazines and publications on UHNW market and business development strategies.

Prior to co-founding Wealth-X, Mr. Friedman spent several years as Managing Director at CB Richard Ellis, advising global Fortune 500 companies on their location strategies as well as sovereign wealth funds in the Middle East, Asia and Latin America on real estate development projects related to economic growth strategies. His clientele portfolio included the Saudi Royal Family, Kuwait Finance House, the Government of Puerto Rico as well as the Malaysian Sovereign Wealth Fund. Before joining CBRE, David was an entrepreneur in Silicon Valley where he founded several start-ups across a variety of industries, including automotive ecommerce with co-founder Michael Yang, founder of MySimon, as well as a mobile text giving enterprise and ventures in the property derivatives space. Mr. Friedman started his career at Oxford Analytica, the leading provider of geopolitical intelligence based in Oxford, England, which was founded by his mentor Dr. David Young, former special assistant to Kissinger during the Nixon Administration.

Mr. Friedman has a Masters Degree in Philosophical Theology and Ethics from Yale Divinity School as well as a political philosophy degree from Wheaton College where he graduated Magna Cum Laude.

Visit www.ibfs-bahamas.com or contact BFSB’s Offices for more information on this premier event in BFSB’s calendar.

IBFS 2013 is being held in Bimini, Bahamas on February 1-3, under the theme, “The Bahamas Advantage: Staying Ahead of the Game”. In considering the “Advantage” and given the long history of The Bahamas in financial services and its strong legacy for traditional products and services (e.g. in private wealth management) the Committee felt sessions at the annual event must also sustain focus on the value of maintaining traditions. Mr. Winder says, “This includes the necessary tools such as superior customer service and relationship management, and an innovative approach to doing business that not only adds value, but is imperative!”

Hence, the development of a particular IBFS Session entitled “Steadfast in Tradition…Open Arms to Innovation”. BFSB is delighted to have been able to procure two outstanding and knowledgeable presenters for this session: Professor Michael Mainelli, Co-Founder of Z/Yen, the City of London’s leading commercial Think-Tank, and James R. Silkenat, President-Elect of the American Bar Association and Partner in the New York office of the national law firm of Sullivan & Worcester.

Mr. Silkenat will be taking office as President of the Association in August 2013 at the ABA Annual Meeting. Prior to becoming President-Elect, Mr. Silkenat had served as a member of the ABA House of Delegates since 1990 and, in his role as ABA State Delegate from New York was Chair of the New York Delegation to the ABA House of Delegates from 2000 to 2009. He is a former member of the ABA Board of Governors and its Executive Committee, and is a former national Chair of the Fellows of the American Bar Foundation. Most recently, he was a member of the ABA Commission on Women in the Profession and the ABA Commission on Racial and Ethnic Diversity in the Profession and served as Co-Chair of the ABA Solo and Small Firm Leadership Coalition.

In 2007, Professor Mainelli, Z/Yen Group and Gresham College established the Long Finance initiative to research ways in which to implement long-term thinking across a global network of people. He is heavily involved with client assignments at Z/Yen and leads the Long Finance initiative exploring the question “when would we know our financial system is working?”. One of the key outputs of Long Finance is research, among which is its Financial Centre Futures programme. FCF includes the Global Financial Centre Index (GFCI), first produced by the Z/Yen Group in 2007, with the aim of examining the major financial centres globally in terms of competitiveness. Since that time, the index has been published every six months.

BFSB’s CEO Aliya Allen says, “Although the IBFS session will cover “wider innovation and bolder strategic thinking”, Professor Mainelli will use the GFCI as a factual starting point for some of the strategies to be discussed.” Other key touchpoints to be covered will include the building blocks for successful, world class IFCs – reputation, regulation, tax, professional services, new business models, new products, education and training, public private partnerships, branding, marketing & public relations -- and innovation’s role in ensuring success. BFSB Director Dr. Peter Maynard, Partner, Peter Maynard & Co., Counsel & Attorneys, will moderate the “Steadfast in Tradition…Open Arms to Innovation” Panel.

IBFS also will feature sessions on “Forward looking: Strategic Plan for the Bahamas Financial Services Industry”; “Transparency Initiatives”; “Discrete Growth and Best Practices for Business Development and Access to the Ultra-Wealthy”; “Talent Development Strategies”; “Public Private partnership in Action – the Downtown Nassau Partnership Model”; “Bahamian Financial Services – Truly Global?”; “Flexible Insurance Strategies as a Tax, Asset Protection & Investment Hedge”; “Establishing a Captive Domicile”; “Succession Planning for International Families”; “Finding Client Solutions: The Alternative Investments Approach”; “International Arbitration”; and “Legal Hot Topics”.

For more information on IBFS, visit www.ibfs-bahamas.com or contact BFSB’s Offices.