New In The Job

…in financial services regulation.

What’s the appointment? Penny Sheerin has been promoted to partner at Chapman Tripp.

So what does a partner do? Well, Ms Sheerin co-leads Chapman Tripp’s financial services regulation team and also specialises in funds management and securities law.  Penny advises clients on investments, funds and savings products, including unit trusts and KiwiSaver, and securities and commercial laws.

That doesn’t sound terribly exciting. Obviously you don’t have investments. But, since you asked (or complained) Ms Sheerin also advises on a range of legislation that affects financial service providers.

Such as? Such as: compliance obligations under the new financial advisors and anti-money laundering regimes, and insurance prudential supervision requirements. 

Eh? Plain English, please. Insurance prudential supervision requirements relate to a recent piece of legislation called the Insurance Prudential Supervision Act.

That cleared things up. No really, thanks. Give me a chance! The act, which is due to come into force next year, requires insurers to be licensed by the reserve bank. There are a number of conditions insurers must meet (such as solvency and having risk programs in place) before they can be licensed. It was in process before the earthquakes struck.

Feeling rather enlightened, I must say. Where did she work before Chapman Tripp? She’s worked for Chapman Tripp ever since she left university about 10 years ago. But while she was still at university, she worked for the Securities Commission and Takeovers Panel.

Securities? Takeovers? How does a student get into doing that? It started with Ms Sheerin taking a paper in securities law at Victoria University. “I was interested [in the subject] and doing quite well in it and [my lecturer] Bob encouraged me to seek a role at the Securities Commission and Takeovers panel, while I was still studying, just to work there as a legal advisory, as you can do before you’re qualified.”

What is it that interests her about her job? She said it’s a very dynamic industry. “I enjoyed investing myself as a young person. In terms of the legal side of things now it’s an area where we’ve seen quite a lot of change and a lot of opportunity. We’ve had a lot of new law coming through, [and] it’s been good to be at the forefront of that at a firm like Chapman Tripp.” She said there’s many changes on the horizon.

And what degree did she start with? A double degree in law and a BSc majoring in statistics and operations research. The law knowledge obviously carries directly across, but she said the logic required by a science degree also comes in handy. There was a fair amount of financial mathematics required within her BSc.

Bit of an unusual combination there. Perhaps, but given that her day job requires clear, logical explanation of financial mathematics to her clients, it’s an apt mix…