Penny co-leads our Financial Services Regulation practice and specialises in funds management and securities law.
Penny advises clients on the establishment, restructuring and compliance of investment products and on mergers & acquisitions and corporate restructurings in the financial services industry.
She advises on the full range of legislation affecting financial service providers, including the Securities Act, Financial Markets Conduct Act, Anti-Money Laundering and Countering Financing of Terrorism Act, Financial Advisers Act, Financial Service Providers (Registration and Dispute Resolution) Act, Insurance (Prudential Supervision) Act, the trans-Tasman mutual recognition regime and the non-bank deposit takers legislation
Prior to joining Chapman Tripp, Penny worked for the Securities Commission and Takeovers Panel.
Penny is recognised as an Up and Coming leading lawyer by Chambers Asia Pacific 2016.
Penny has advised on:
- the establishment of cash and term PIEs, including advising AMP Capital Investors (New Zealand) Limited on its development of the Cash Advantage Fund with Rabobank, advising BT Funds Management on the establishment of the Westpac Cash Plus Trust and Term PIE Fund, and advising BNZ on the establishment of the BNZ Term PIE
- product design, establishment, restructuring and ongoing compliance of various investment products (including PIE and FDR structures, unit trusts, GIFs and Australian registered managed investment schemes) and other securities such as debt and insurance products for clients including Westpac Banking Corporation and BT Funds Management entities, AMP entities, BNZ, the Equitable Group, First NZ Capital Investment Management, HSBC, Trust Investments Management, Matrix Investment Services, Russell Investment Group, Colonial First State Investments, Aberdeen Asset Management, Australian Unity Funds Management, Aurora Funds Management, Ray White Invest, American Income Life Insurance Company and Clearwater Golf Club
- corporate restructurings, including advising First NZ Capital on the spinout of its “FNZ” wrap business and the separation of its “in house” book into PIE companies, and advising BT Funds Management on product consolidation and the restructuring of its retail and wholesale businesses
- numerous applications to, and negotiations with, regulators including the Securities Commission, Takeovers Panel, NZX, Companies Office and Overseas Investment Office
- various cross-border securities law compliance, including advising on the trans-Tasman mutual recognition of securities offerings regime and obtaining futures dealing authorisations for international fund and investment managers
- the offer and listing of NZSX and NZDX listed products, including advising AMP NZ Office Trust on its $95.2 million offer of mandatory convertible notes, advising Macquarie in relation to the Macquarie Fortress Notes, and advising Barclays Capital on the Celsius New Zealand Income Fund Series 1
- the establishment the Trafalgar Copley NZ Fund, one of New Zealand’s first hedge funds, including advising on securities law compliance and obtaining New Zealand futures dealing authorisations from the Securities Commission, and
- the NZSX and NZDX Listing Rules, NZX Participant Rules, NZX Futures and Options Rules and the Australian Stock Exchange Listing Rules.