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Richard Tep

Trusts / estate planning/ family office / regulatory/ governance / family constitutions / economic substance / private label funds / offshore jurisdictions / fiduciary services

Richard Grasby 吳理察德 TEP CAMS is a prominent legal professional specializing in offshore regulatory matters, trusts, and private wealth law. He is currently a Partner at Appleby's Hong Kong office, leading the Private Client, Trusts and Family Office practice.1 Previously, he was a Foreign Legal Consultant at Facey & Associates LLP.2

With over 23 years of post-qualification experience, Grasby has worked in various jurisdictions, including Jersey, London, the Cayman Islands, and Hong Kong.1 He is admitted as a solicitor in England and Wales and the British Virgin Islands, and is a Registered Foreign Lawyer in Hong Kong.1

Grasby's expertise includes:

  • Advising trustees, ultra-high net worth individuals, private trust companies, and family offices on trusts, estate administration, succession planning, and family governance1
  • Regulatory law, including AML, AEOI, economic substance, sanctions, and licensing for trust companies1
  • Collective investment funds, particularly unit trusts and private label funds1

He is recognized in the 2023 Private Client Global Elite Directory and the Who's Who Legal Thought Leaders: Private Client 2023 report.1 Grasby is also an elected Academician of the International Academy of Estate and Trust Law and a Certified Anti-Money Laundering Specialist.1

Grasby is active in professional associations, including STEP (Society of Trust and Estate Practitioners), where he has held leadership positions.1 He is also a lecturer on trusts for the Hong Kong Securities and Investment Institute and a frequent speaker at international events.1

Highlights

Aug 19 · linkedin

Interesting piece Mark Smallwood TEP

Perversely the bank-owned trust companies would be the only ones of sufficient size to satisfy large compensation claims! PE owned or boutique wouldn’t have the cash!

Jul 9 · linkedin

(Without sounding confessional) I am a gatekeeper. I also act for and advise many other gatekeepers across the world. I am regulated in a Financial Action Task Force (FATF) member jurisdiction but none of the jurisdictions the laws of which are practised by Appleby are FATF members.

This is an interesting report. Of note:

  • seven FATF members falling with a score under 50% – these jurisdictions represent more than half of the world’s GDP
  • Singapore scores 98% yet "gatekeepers" have been heavily cited in the current ML scandal - especially real estate agents.
  • Limited companies have been described as the greatest single invention of modern times. Gatekeepers are involved in the establishment of many companies. The FATF and others are quick to target the dangers of "shell companies". This is right but it is crucial to remember the definition of "shell companies". All companies are not shell companies. -Shell company – "incorporated company with no independent operations, significant assets, ongoing business activities, or employees" (per FATF and Egmont Group Report 2018) #regulation #compliance

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Richard Tep
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Location

Hong Kong, Hong Kong SAR