Friday, January 19

1:30PM - 3:30PM

Foreign Lawyers Forum

Chair: Friedhelm Jacob, Hengeler Mueller, Frankfurt, Germany

1:30pm             Opening Remarks by the Chair.

1:35pm                  Offshore Companies Legislation. CFC Rules Under Attack!  Will existing European CFC rules undergo a meaningful revision in the wake of the landmark ECJ ruling in Cadbury-Schweppes?  How will it affect US groups?  Will group structures under US parents be affected?  Could pressure mount to weaken US CFC rules as European CFC rules come under attack?  This panel will discuss these and other recent developments in Europe, including issues of non-discrimination pending before the ECJ in the matter of Franked Investment Income Group Litigation.  Moderator: Sydney Unger, Kaye Scholer LLP, New York, NY.  Panelists: David Glynn, A&L Goodbody, Dublin, Ireland; Klaus Sieker, Flick Gocke Schaumburg, Frankfurt, Germany.

2:30pm                  Beneficial Ownership. Think You Know the Owner of a Cross Border Dividend or Interest Payment?  Think Again.  Only the "beneficial owner" of a dividend, royalty or interest payment qualifies for reduced withholding tax under tax treaties.  But the term "beneficial owner" is not clearly defined in US law.  And now the Indofoods case makes the term even more unclear.  Partnerships, Financing SPVs, and other structures will be examined.  Moderator: Jack Bernstein, Aird and Berlis LLP, Toronto, ON.  Panelists: Lodewijk Berger, Loyens & Loeff, Amsterdam, The Netherlands; Michel Collet, CMS Bureau Francis Lefebvre, New York, NY; Marco Rossi, Marco Q. Rossi & Associati, New York, NY; Michael McGowan, Shearman & Sterling LLP, London, England.