Penny is an expert in our financial services regulation and funds, KiwiSaver and superannuation practices.
Penny advises extensively on the full range of legislation affecting fund managers and financial service providers, including the Financial Markets Conduct Act, Financial Advisers Act, Financial Service Providers (Registration and Dispute Resolution) Act, Anti-Money Laundering and Countering Financing of Terrorism Act, Insurance (Prudential Supervision) Act, the trans-Tasman mutual recognition regime and non-bank deposit takers laws.
She advises clients on the establishment, restructuring and compliance of investment products and on mergers and acquisitions and corporate restructurings in the financial services industry.
Penny is recognised as an Up and Coming lawyer in Chambers Asia Pacific 2018 and “is recognised for her strong client base”. One source comments "She is a young partner who I think highly of. She is bright, dedicated and hard-working".
Prior to joining Chapman Tripp in 2002, Penny worked for the Securities Commission and Takeovers Panel.
Penny has advised on:
- the product design, establishment, restructuring and ongoing compliance of various managed investment scheme products (including PIE and FDR structures, and unit trusts) for clients including Westpac New Zealand and BT Funds Management entities, AMP entities, BNZ, Fisher Funds Management, Pie Funds Management, Nikko Asset Management, HSBC, the Equitable Group, First NZ Capital Investment Management, Russell and Trust Investments Management
- FMCA transitions for a range of clients, including obtaining licenses and preparing product documentation for fund managers and discretionary investment management service providers, including Westpac New Zealand and BT Funds Management, Fisher Funds, Nikko Asset Management and Pie Funds Management
- numerous service provider, distribution, subscription, custody, registry and investment management agreements
- insurers and reinsurers on licensing and compliance with the Insurance (Prudential Supervision) Act, including solvency standards, statutory funds and on regulated transfers of insurance products
- derivative issuer licensing and compliance
- non-bank deposit taker licensing and compliance
- anti-money laundering law compliance, including preparation of compliance programme and risk assessments
- the establishment of cash and term PIEs, including advising AMP Capital Investors (New Zealand) on its development of the first Cash Advantage Fund with Rabobank, advising BT Funds Management on the establishment of the Westpac Cash Plus Trust, Cash Pie Fund, Term PIE Fund and Notice Saver PIE Fund, and advising BNZ on the establishment of the BNZ Term PIE
- fund 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, advising BT Funds Management on product consolidation and the restructuring of its retail and wholesale businesses, and advising a range of managers on fund closures and wind-ups
- cross-border securities and financial services law compliance, including advising on mutual recognition regime for funds offered in New Zealand by Australian responsible entities such as Colonial First State Investments, Aberdeen Asset Management, Henderson, Schroders, Man Investments, Australian Unity Funds Management, Aurora Funds Management, Russell Investment Group and Ray White Investors
- numerous applications to, and negotiations with supervisors and regulators, including the Financial Markets Authority, the Takeovers Panel, NZX, the Companies Office and Reserve Bank for New Zealand
- the offer and listing of NZSX and NZDX listed products, including advising Mercantile Investment Company on its listing in New Zealand, and
- 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.