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Simmons & Simmons

CITYPOINT, ONE ROPEMAKER STREET, LONDON, EC2Y 9SS, ENGLAND
Tel:
Work +44 20 7628 2020
Fax:
Fax +44 20 7628 2070
DX:
12 LONDON CHANCERY
Email:
Web:
www.simmons-simmons.com

Penny Miller

Tel:
Work 020 7825 3532
Email:
Simmons & Simmons

Position

Penny is a partner in the financial services regulation practice, which forms part of the firm‚Äôs financial markets practice. Penny specialises in a wide range of UK and EU regulatory matters focusing on advising financial institutions on product regulation and the impact of current and future regulation on transactions relating to derivatives, structured finance and retail structured products. Penny also advises clients on the ongoing global regulatory reforms. Penny is involved in navigator, the Simmons & Simmons online regulatory subscription service, which provides information in relation to over 90 jurisdictions ‚Äď her key focus is on navigator: securities and navigator: derivatives. Penny regularly presents to clients on key aspects of current regulatory change and is closely involved in trade association discussions and responses to EU and other regulatory bodies.

Career

Trained Simmons & Simmons, qualified 1997.


London: Corporate and commercial

Financial services

Within: Financial services

Praised for its 'very collaborative and proactive approach',¬†Simmons & Simmons displays 'great market knowledge' on behalf of both sell and buy-side participants and therefore has an excellent perspective of the market. The firm has been highly active on behalf of its hedge fund manager and asset manager client base on issues arising from MiFID ii implementation and Brexit. The team also stands out for its ability and willingness to innovate and this has been exemplified by the firm's MiFID ii Manager product, which socialises the costs and experience of MiFID ii implementation across the firm's client base. The 'superb' Charlotte Stalin was integral to establishing the product and has an excellent reputation on behalf of investment banks and global asset managers.¬†Penny Miller 'is excellent at explaining even the most cerebral and dry areas of law'. One of the City's leading experts on product governance and intervention, Miller has developed an excellent reputation in relation to Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs) as well as in relation to advising on Senior Manager‚Äôs Regime implementation and risk management. Jonathan Melrose has ‚Äėgreat market knowledge‚Äô of commodities/derivatives matters and is a key member of the team that also includes 'superb' hedge fund expert Darren Fox and¬†Rosali Pretorius.¬†On the contentious front, ‚Äėthe very approachable and bright'¬†Richard Sims leverages off his former in-house expertise at the regulator to provide a 'high-quality service' to clients facing scrutiny from the FCA.¬†Emma Sutcliffe is also recommended.

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London: Finance

Securitisation

Within: Securitisation

Simmons & Simmons is praised for providing 'a commercial approach that is always perfectly aligned with clients' needs'. The firm has an impressive list of buy-side and sell-side clients that includes leading investment banks, asset managers, governments, supranational clients and emerging fintech companies. Among these are ABN AMRO Bank, Banca IMI, Lloyds, Macquarie Group, Deutsche Bank, the European Investment Fund and Morgan Stanley. Its recent work includes a number of market firsts, such as Greensill Capital's establishment of a $20bn secured note programme backed by payment obligations. Michael Lorraine led the development of this bespoke repackaging platform and 'combines detailed understanding of complex legal issues with an ability to develop bespoke legal structures'. Partner Amer Siddiqui has quickly become a standout name in the practice; one client notes that he is 'involved and up-to-speed at all times and is able to offer valuable advice when needed'. He acted for Bank of America Merrill Lynch and Citigroup as joint arrangers and lead managers on a £1.6bn securitisation of non-conforming residential mortgage loans by The Co-operative Bank. Structured capital markets partner David Toole, banking partner James Bresslaw and financial regulatory expert Penny Miller are also recommended.

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London: TMT (technology, media and telecoms)

Fintech

Within: Fintech

The 'extremely professional, thorough and prompt' team at Simmons & Simmons has 'great strength in depth' and leaves clients 'delighted with the quality of its service'; it leverages the firm's strengths in asset management, investment funds, financial services and technology to provide excellent fintech advice across the board, though peer-to-peer lending is an area of particular strength. 'Outstanding' group head Angus McLean advised the British Business Bank on regulatory matters, mostly involving assessing the suitability of finance platforms to which small and medium-sized enterprises would be referred. Other areas of fintech experience include AI, payments, regtech, insurtech, blockchain, cryptocurrencies and robo-advice. On the transactional side, Piers Summerfield assisted LendInvest with establishing its £500m EMTN programme, Isabella Roberts advised Fidante Partners Europe as bookrunner on Augmentum Fintech's £125m IPO, and Patrick Graves acted for Metro Group on its £12m investment in Yoyo Wallet. In dispute resolution, Patrick Boylan represented Capco as plaintiff in commercial litigation; the £100m case accused numerous defendants of economic torts, copyright infringement and corporate wrongdoing. Other recommended partners include financial services regulatory experts Penny Miller and Mahrie Webb, and asset-backed finance and securitisation specialist Michael Lorraine. Technology expert George Morris made partner in 2018.

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Legal Developments by:
Simmons & Simmons

  • Failure to counter financial crime: Norwich Union Life

    In December 2007, the Financial Services Authority (FSA) imposed a fine of £1.26m on Norwich Union Life (part of the Aviva Group), one of the largest life insurance businesses in the UK with around seven million customers. The fine related to failures to take reasonable care to establish and maintain effective systems and controls for countering the risks of financial crime. The fine is the latest confirmation of the emphasis being placed on protecting clients and customers from the threat of financial crime.
    - Simmons & Simmons

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