David Craig

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David specialises in banking and finance law and financial services regulation. He is recognised as New Zealand's leading derivatives lawyer.

David advises on domestic and international banking and capital markets transactions and the regulation of financial products, services and markets in New Zealand. He specialises in advising on derivative transactions and their regulation.

His experience has included acting for both borrowers and lenders in transactions involving the provision of debt and equity finance to publicly listed companies, state-owned enterprises and statutory corporations. These transactions include club and syndicated loans, MTN and CP programmes, US private placements, private equity acquisitions, securitisations, capital note and hybrid capital instrument issues, and tax-effective structured financing.

David also advises banks, end-users and industry associations on swaps, futures and repos, including as the New Zealand counsel to the International Swaps and Derivatives Association, the International Capital Market Association, and the Futures Industry Association, and acting for the New Zealand Bankers' Association in preparing documentation for the banking industry.

David acts for a range of participants in the New Zealand payment systems, including the Reserve Bank of New Zealand, trading banks, clearing and settlement systems, money remitters, and providers of e-commerce platforms. He also advises providers of digital asset services, such as operators of crypto exchanges and crypto asset firms, on the relevant New Zealand regulatory landscape.

David is ranked as a leading lawyer in banking and finance by The Legal 500 Asia Pacific 2023. Clients consider David "extremely experienced and knowledgeable of the industry". In a previous edition, David was described by clients as "very professional and a subject matter expert in financial regulation". Clients also noted his "superb expertise and service" and described him as "one of the few people in the market who knows about derivatives".

Chambers Asia Pacific 2022 also ranks David as a leading lawyer in banking and finance, regarding him “as an established expert on capital markets and derivatives deals". In a previous edition, clients commented that “he is the person to talk to if you need an expert on derivatives."

David was also named as a leading individual by the IFLR1000 2014 and 2013, with one client saying "he is absolutely first class in his approach and in terms of service delivery".

He is on the Panel of Recognised International Market Experts in Finance (P.R.I.M.E. Finance), an institution based in The Hague.

Work highlights

Debt issuance programmes
Acted as New Zealand counsel to the World Bank, the Asian Development Bank, Morgan Stanley, Citigroup, Rabobank, Goldman Sachs and Telstra on the establishment of their Debt Issuance Programmes in New Zealand and subsequent issues of Kauri bonds.

Crown Fibre Holdings ultra-fast broadband initiative
Advised Crown Fibre Holdings, a Government owned investment vehicle with a public contribution of NZ$1.35 billion, on the funding aspects of New Zealand's ultra-fast broadband initiative.

Registration of JPMorgan Chase and Bank of Baroda
Advised JPMorgan Chase and Bank of Baroda on their registration as banks under the Reserve Bank of New Zealand Act.

Bank authorisations
Acted for US, UK and German banks in obtaining authorisation or ‘non-objection’ to carrying on banking activities in New Zealand from the Reserve Bank of New Zealand.

Derivatives issuer licences
Acted for local and offshore providers of CFDs, FX and other derivative products in obtaining a derivatives issuer market services licence from the Financial Markets Authority.

Housing New Zealand
Acted for Housing New Zealand in relation to its domestic CP programme and syndicated standby facility arrangements.

New Zealand's emissions trading scheme
Advised the Ministry of Economic Development and the Ministry for the Environment on the emissions trading scheme introduced in New Zealand.

NZX derivatives market
Advised NZX on its new derivatives market and central counterparty clearing and settlement system.

FleetPartners securitisation
Advised FleetPartners on the securitisation of its New Zealand vehicle rental receivables.

CLS Bank
Advised CLS Bank, working in conjunction with the Reserve Bank of New Zealand, on the development of legislation to provide statutory support for designated settlement systems in New Zealand.

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Work highlights

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