Latest news with #DepositTakersAct
National Business Review
7 days ago
- Business
- National Business Review
Russell McVeagh promotes Sarah DeSourdy Hastings to partnership
New Zealand law firm Russell McVeagh has announced the promotion of banking and finance lawyer and home-grown talent, Sarah DeSourdy Hastings, to partner (subject to completing Law Society requirements). DeSourdy Hastings is a key member of Russell McVeagh's banking and finance team and is based in the firm's Te Whanganui-a-Tara Wellington office. DeSourdy Hastings has strong experience advising on regulatory capital instruments, debt capital markets programmes and issuances, and regulatory issues affecting banks and other financial institutions. She also advises climate reporting entities on the mandatory climate-related disclosures regime and on Deposit Takers Act developments. As a home-grown Russell McVeagh talent beginning her career as a summer clerk, DeSourdy Hastings progressed at the firm before moving to London, where she worked in Allen & Overy LLP's international capital markets group as a senior associate in the derivatives and structured finance team. She returned to the firm in 2021. Russell McVeagh board chair David Butler said: 'We are proud to welcome Sarah to the partnership. Since starting her career at the firm, she has grown into an outstanding lawyer and leader. This well-deserved promotion to partner reflects the value she brings to our clients and our organisation. We are delighted for her.' This is supplied content and not commissioned or paid for by NBR.
Scoop
7 days ago
- Business
- Scoop
Russell McVeagh Promotes Sarah DeSourdy Hastings To Partnership
Press Release – Russell McVeagh As a home-grown Russell McVeagh talent beginning her career as a summer clerk, Sarah progressed at the firm before moving to London, where she worked in Allen & Overy LLP's international capital markets group as a senior associate in the derivatives … Leading New Zealand law firm Russell McVeagh has announced the promotion of Banking and Finance lawyer and home-grown talent, Sarah DeSourdy Hastings, to partner (subject to completing Law Society requirements). Sarah is a key member of Russell McVeagh's Banking and Finance team and is based in the firm's Te Whanganui-a-Tara Wellington office. Sarah has strong experience advising on regulatory capital instruments, debt capital markets programmes and issuances and regulatory issues affecting banks and other financial institutions. She also advises climate reporting entities on the mandatory climate-related disclosures regime and on Deposit Takers Act developments. As a home-grown Russell McVeagh talent beginning her career as a summer clerk, Sarah progressed at the firm before moving to London, where she worked in Allen & Overy LLP's international capital markets group as a senior associate in the derivatives and structured finance team. She returned to the firm in 2021. Sarah's promotion further strengthens the reputation and capabilities of Russell McVeagh's Banking and Finance team, with client feedback describing her as 'a talented commercial brain alongside excellent client skills'. The firm's Banking and Finance team is independently recognised as Band 1 in Chambers and Partners' Guide and Tier 1 in Legal 500, reflecting the team's position as a market leader in complex and high-value financing transactions and matters. Russell McVeagh Board Chair David Butler said, 'We are proud to welcome Sarah to the partnership. Since starting her career at the firm, she has grown into an outstanding lawyer and leader. This well-deserved promotion to partner reflects the value she brings to our clients and our organisation. We are delighted for her.'
Scoop
7 days ago
- Business
- Scoop
Russell McVeagh Promotes Sarah DeSourdy Hastings To Partnership
As a home-grown Russell McVeagh talent beginning her career as a summer clerk, Sarah progressed at the firm before moving to London, where she worked in Allen & Overy LLP's international capital markets group as a senior associate in the derivatives … Leading New Zealand law firm Russell McVeagh has announced the promotion of Banking and Finance lawyer and home-grown talent, Sarah DeSourdy Hastings, to partner (subject to completing Law Society requirements). Sarah is a key member of Russell McVeagh's Banking and Finance team and is based in the firm's Te Whanganui-a-Tara Wellington office. Sarah has strong experience advising on regulatory capital instruments, debt capital markets programmes and issuances and regulatory issues affecting banks and other financial institutions. She also advises climate reporting entities on the mandatory climate-related disclosures regime and on Deposit Takers Act developments. As a home-grown Russell McVeagh talent beginning her career as a summer clerk, Sarah progressed at the firm before moving to London, where she worked in Allen & Overy LLP's international capital markets group as a senior associate in the derivatives and structured finance team. She returned to the firm in 2021. Sarah's promotion further strengthens the reputation and capabilities of Russell McVeagh's Banking and Finance team, with client feedback describing her as 'a talented commercial brain alongside excellent client skills'. The firm's Banking and Finance team is independently recognised as Band 1 in Chambers and Partners' Guide and Tier 1 in Legal 500, reflecting the team's position as a market leader in complex and high-value financing transactions and matters. Russell McVeagh Board Chair David Butler said, 'We are proud to welcome Sarah to the partnership. Since starting her career at the firm, she has grown into an outstanding lawyer and leader. This well-deserved promotion to partner reflects the value she brings to our clients and our organisation. We are delighted for her.'
Scoop
7 days ago
- Business
- Scoop
Russell McVeagh Promotes Sarah DeSourdy Hastings To Partnership
Leading New Zealand law firm Russell McVeagh has announced the promotion of Banking and Finance lawyer and home-grown talent, Sarah DeSourdy Hastings, to partner (subject to completing Law Society requirements). Sarah is a key member of Russell McVeagh's Banking and Finance team and is based in the firm's Te Whanganui-a-Tara Wellington office. Sarah has strong experience advising on regulatory capital instruments, debt capital markets programmes and issuances and regulatory issues affecting banks and other financial institutions. She also advises climate reporting entities on the mandatory climate-related disclosures regime and on Deposit Takers Act developments. As a home-grown Russell McVeagh talent beginning her career as a summer clerk, Sarah progressed at the firm before moving to London, where she worked in Allen & Overy LLP's international capital markets group as a senior associate in the derivatives and structured finance team. She returned to the firm in 2021. Sarah's promotion further strengthens the reputation and capabilities of Russell McVeagh's Banking and Finance team, with client feedback describing her as 'a talented commercial brain alongside excellent client skills'. The firm's Banking and Finance team is independently recognised as Band 1 in Chambers and Partners' Guide and Tier 1 in Legal 500, reflecting the team's position as a market leader in complex and high-value financing transactions and matters. Russell McVeagh Board Chair David Butler said, "We are proud to welcome Sarah to the partnership. Since starting her career at the firm, she has grown into an outstanding lawyer and leader. This well-deserved promotion to partner reflects the value she brings to our clients and our organisation. We are delighted for her."
Scoop
01-05-2025
- Business
- Scoop
Reserve Bank Publishes Response To Deposit Taker Core Standards Consultation
The Reserve Bank of New Zealand - Te Pūtea Matua has today published its response to submissions on three of the four core standards that set the prudential requirements deposit takers will need to meet in order to be licensed under the Deposit Takers Act 2023 (DTA). Jess Rowe, Director Prudential Policy, says the response covers liquidity, disclosure, and Depositor Compensation Scheme (DCS) related requirements. 'The DTA standards give us a significant opportunity to create a coherent, modern and proportionate prudential framework,' Ms Rowe says. 'The three core standards covered in this release ensure deposit takers can manage their liquidity, provide timely prudential disclosures to the market, and meet data and disclosure requirements for the DCS.' Public consultation on the proposed core standards generated 26 submissions from banks, non-bank deposit takers and industry groups. 'In response to comprehensive submissions and engagement from industry, we're making changes to further support a proportionate approach, reduce compliance costs, and improve regulatory efficiency,' says Ms Rowe. 'This shows our focus remains on ensuring prudent management of risk, in a manner that also supports an efficient, competitive and inclusive financial system.' A fourth standard, the capital standard, was also included in the core standard consultation. This standard generated a significant number of submissions. To ensure we address these submissions, and the matters raised at the Finance and Expenditure Committee inquiry into banking competition, we have announced a more comprehensive review of key aspects of our deposit takers capital settings. The response to submissions on this standard will, therefore, not be published at this time. Deposit Takers Act background The Deposit Takers Act 2023 (DTA) modernises our regulatory framework to help ensure the safety and soundness of deposit takers and support a stable financial system that New Zealanders can trust. Once the DTA is fully in force (expected to be in 2028), the Reserve Bank will begin regulating and supervising credit unions, building societies and finance companies (known as non-bank deposit takers or NBDTs), together with banks, under a single, consistent, and proportionate framework. The Act also introduces a new Depositor Compensation Scheme (DCS), effective from 1 July 2025. The Reserve Bank ran a consultation on the four core standards from May to July 2024 and on the nine non-core standards from August to November 2024. More information Deposit Takers Act Implementation timeline Proportionality Framework
