Al-Mirsal

Craig R. Nethercott

Photo of Craig R. Nethercott

Craig Nethercott is a partner in the Finance Department and is Co-Chair of the Global Islamic Finance Practice. Mr. Nethercott has experience in project finance, banking, capital markets, and Islamic finance. Mr. Nethercott has advised on transactions in Europe, the Middle East, Africa, and Asia. He co-edited and contributed to the treatise “Islamic Finance: Law and Practice” published in March 2012 by the Oxford University Press.

Subscribe to all posts by Craig R. Nethercott

Kuwait Power and Water Projects to Take-Off Following Publication of PPP Regulations

By Craig R. Nethercott and Derek McKinley on Posted in Kuwait, Power, Project Development and Finance, Regulatory
New PPP Regulations Further to the publication of the new PPP law in August 2014, the corresponding executive regulations were published in the official gazette on 29 March 2015. The new regulations provide developers with additional information and clarification on key procurement matters such as prequalification, bid submission requirements, bid bond requirements, bid evaluation procedures, … Continue Reading

Kuwait Projects to Press Ahead Following PPP Law Publication

By Craig R. Nethercott and Derek McKinley on Posted in Kuwait, Power, Project Development and Finance
The financial close of the 1500 MW and 105 MIGD Az Zour North independent water and power project (IWPP) in January 2014 served as the trailblazer for the start of the public-private partnership (PPP) programme in Kuwait, representing the first project under the new PPP Law. The development of the Kuwaiti PPP projects market hinges … Continue Reading

How LIBOR Administration Change will Impact Financial Contracts

By Chirag Sanghrajka and Craig R. Nethercott on Posted in Banking and Finance, Regulatory
This month, the UK Financial Conduct Authority formally authorised ICE Benchmark Administration Limited (IBA) to assume responsibility for the administration of the London Interbank Offered Rate (LIBOR). IBA is a subsidiary of the Intercontinental Exchange Group, a leading global network of exchanges and clearing houses that administers other benchmarks such as the French CAC40 and … Continue Reading

#FATCA Update: Six Month Grace

By Craig R. Nethercott and Chirag Sanghrajka on Posted in Tax
On 12 July 2013, the US Internal Revenue Service issued a revised timeline for the implementation of the requirements of sections 1471 to 1474 of the Internal Revenue Code, commonly referred to as FATCA. Highlights The implementation of FATCA withholding on US source income has been delayed by six months and will now commence on … Continue Reading

Window for Comments on Saudi CMA’s Draft Guidelines for Public Company Losses Now Closed

By Craig R. Nethercott and Mahmoud Abdel-Baky on Posted in Capital Markets, Saudi Arabia
The global financial crisis and credit crunch prompted the Capital Markets Authority in Saudi Arabia (the “CMA”) to introduce rules to increase investor awareness of public company financial difficulties.  In May 2013, the CMA published draft guidelines and instructions setting out certain rules that apply to public companies when the losses of a public company … Continue Reading

How #Saudi New Weekend Impacts Legacy #Financing Agreements

By Craig R. Nethercott, Chirag Sanghrajka and Mahmoud Abdel-Baky on Posted in Banking and Finance, Regulatory
The Custodian of the Two Holy Mosques, King Abdullah, announced on Sunday June 23, 2013 that the official working days in Saudi Arabia will change to Sunday to Thursday and the weekend to Friday to Saturday, with effect from June 29, 2013 (the “Royal Decree”).  The change aligns Saudi Arabia with the other members of … Continue Reading

K.A.CARE Sheds Light on Renewable Energy Program

By Craig R. Nethercott, Salman Al-Sudairi and Mahmoud Abdel-Baky on Posted in Project Development and Finance, Renewables
The King Abdullah City for Atomic and Renewable Energy (K.A.CARE) has recently published its consultation white paper for the “Proposed Competitive Procurement Process for the Renewable Energy Program.” The paper outlines the Competitive Procurement Process (the CPP) contemplated by K.A.CARE for solar, wind, geothermal and waste to energy projects in the Saudi Arabia. The publication … Continue Reading

LIBOR No More – The Wheatley Review and LIBOR Changes

By Craig R. Nethercott and Chirag Sanghrajka on Posted in Arbitration, Banking and Finance, Litigation and Arbitration, Regulatory
The second half of 2012 saw a number of major financial institutions censured for the alleged manipulation of submissions made to the British Bankers’ Association (BBA) for the compilation of BBA LIBOR. In addition to direct enforcement action against those alleged to have participated in such manipulation, regulators have also taken significant steps to reform … Continue Reading

Hong Kong – Getting Set for Sukuk

By Craig R. Nethercott on Posted in Capital Markets, Hong Kong, Islamic Finance, Regulatory
Following a public consultation process, Hong Kong has commenced the legislative process for the introduction of tax changes to permit the issuance of Sukuk. The proposed legislation was published in a Legislative Council Brief on December 28, 2012, which seeks to establish a level playing field for the taxation of conventional bonds and Sukuk (referred … Continue Reading

Japanese Tax Law Reforms Facilitate Issuance of Sukuk by Japanese Companies

By Craig R. Nethercott and Chirag Sanghrajka on Posted in Capital Markets, Japan
The Japanese Financial Services Agency has issued a document (see Taxation of J-Sukuk Q&A) highlighting reforms to Japanese tax laws implemented in 2011 that facilitate the issuance of sukuk by Japanese companies (J-Sukuk). Following these reforms, distributions paid on J-Sukuk benefit from the same favourable withholding tax treatment as interest or coupons paid on corporate … Continue Reading

Oxford University Press Publishes Comprehensive Guide to Islamic Finance

By Craig R. Nethercott on Posted in Islamic Finance
Islamic Finance: Law and Practice, co-edited by Latham partner Craig Nethercott, was recently published by Oxford University Press (click here to view). Nethercott, global co-head of Latham’s Islamic finance practice and one of the editors of Al-Mirsal, also is a contributor to the volume, along with co-editor David Eisenberg of White & Case. The book … Continue Reading

Current Trends in Islamic Finance on Agenda at Kuala Lumpur Conference

By Craig R. Nethercott on Posted in Capital Markets, Islamic Finance
In a session on “Current Trends in Islamic Finance” at the In-House Counsel Congress today in Kuala Lumpur, Latham partners Bryant Edwards and Craig Nethercott discussed the opportunities for Shari’ah compliant debt issuance in the United States capital markets. “US capital markets remain the deepest capital markets and investors in these markets are increasingly interested … Continue Reading

Eurozone crisis – Permitted in the Middle East?

By Craig R. Nethercott and Chirag Sanghrajka on Posted in Banking and Finance, Capital Markets
In February, Greece launched its sovereign debt swap, pursuant to which holders of EUR 206 billion of its bonds were invited to swap their existing holdings for a package of instruments with a nominal value of just 46.5 per cent. of the par value of their current bonds. This invitation for voluntary participation in the … Continue Reading
LexBlog