DEPARTMENT PROFILE

Cleary Gottlieb Steen & Hamilton LLP

Financial Services Regulation

10 ranked lawyersBand 2USA - NationwideUSA 2021 View ranking table
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chambers review
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Ranked Lawyers

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What the team is known for

A highly respected team comprising a number of former regulators and prosecutors, and recognized for its expertise in the banking, broker-dealer and M&A spaces. Provides cutting-edge insight into regulatory issues impacting financial institutions, and has played a leading role in guiding clients through the implementation of the Dodd-Frank reforms. Offers a fine track record in connection with investigations and enforcement proceedings brought by the regulatory agencies. Has an increasing focus on complex regulatory matters at the intersection of banking, securities and derivatives law.

Strengths

"The Cleary team delivers high-quality work that we respect and rely upon," says a client. "They are very easy to work with and very responsive to our needs. We have been especially pleased with their willingness to commit to and meet deadlines."

Another client reports:"Cleary has excelled in getting to know us. No matter who I call, they are all up to speed. They collaborate internally, which is really helpful. You can rely on them to have the whole perspective across the breadth of the practice."

"The firm can help with a broad range of issues including broker-dealer issues, derivatives swaps and futures," notes a commentator.  "They have really good perspective on the entire market and are great at drilling down into the details."

Work highlights

Represented Institutional Capital Network in its $146 million funding round.

Advised Paxos Trust Company on becoming a US-chartered and regulated virtual currency exchange.

Represented M.Y. Safra Bank in a settlement with the OCC regarding anti-money laundering controls for cryptocurrency businesses.

Advised BNP Paribas on a transaction relating to Deutsche Bank’s global prime brokerage and electronic equities businesses, involving a mix of asset and employee transfers and client referrals in various jurisdictions.

Notable practitioners

Colin Lloyd combines knowledge of the regulatory issues facing both banks and broker-dealers, with standout expertise in derivatives compliance.
"Colin truly has an encyclopedic knowledge and command of the derivatives space. He is a tremendously huge asset and gives immediately impactful strategic and legal advice." "He's very intelligent and very responsive with respect to the rules, and about as knowledgeable as a lawyer can be with respect to swap-dealer or broker-dealer rules. He is also very linked in with the regulators."

Derek Bush is a market-leading expert on issues of bank regulation, and routinely advises clients on Volcker Rule compliance and other directives under the Dodd-Frank Act. He is also skilled at representing financial institutions in major M&A.
"He is at the forefront of the regulatory environment. When you're dealing with a new set of regulations, the hard part is dealing with the gray, areas but Derek is able to leverage his experience and contacts to give you good guidance." "Derek is one of the premier banking law experts practicing today. We call him just to pick his brain on more philosophical questions because he is so well connected. You can rely on him not just as a source of legal expertise but also as a font of industry knowledge."

Broker-dealers rely on Giovanni Prezioso 's expertise in complex securities law matters. He regularly counsels clients on their compliance with SEC and FINRA rules, and offers guidance on the full gamut of enforcement and litigation proceedings.
"Giovanni has impressed our company with his deep knowledge and expert guidance." "Giovanni always thinks holistically about issues. He is very creative, works around the clock and is responsive 24/7. If he doesn't know the answer, he will get someone else on his team to reply and do it in a cost-effective and efficient manner."

Hugh Conroy is sought after by domestic and international financial institutions for the strength of his advice on diverse issues, including compliance with the Dodd-Frank Act.
"Hugh has an amazing ability to explain very complicated matters in simple terms and find creative solutions to very complex problems.""He really puts his clients first. It's not just a recitation of the rules - he understands us and our business, providing very targeted and strategic advice which is unique to us and our needs. He also has deep relationships in the regulatory community."

Jack Murphy is a highly seasoned attorney, who dedicates his practice to the representation of financial institutions in regulatory and transactional matters. He is well versed in the regulations of the OCC, FDIC and CFPB, among other governing bodies.
"Jack is a smart, practical and experienced lawyer.""I love Jack Murphy on the regulatory side. He is very good."

Michael Krimminger leverages over 20 years of prior experience at the FDIC when advising his clients and is considered a go-to port of call for assistance with diverse bank regulatory matters.
"His experience working at the FDIC is incredibly valuable."

Patrick Fuller is a highly regarded associate, noted for his outstanding expertise on a wide range of bank regulatory matters.
"He is super smart and always very thoughtful. He is very good at explaining what the issues are and I have full confidence in him." "Patrick is one of the future top people at the firm. He has such a broad area of expertise and is very good at giving you his gut-check view. He is also very responsive."

Department Information

This content is provided by Cleary Gottlieb Steen & Hamilton LLP.

Financial Services Regulation Department

Cleary Gottlieb Steen & Hamilton LLP

firm
Department location

One Liberty Plaza

New York

New York

USA

NY 10006

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Ranked Lawyers

Chambers Research is conducted by 200 Research Analysts, across 200 jurisdictions and provides nearly 6,000 rankings tables. Annually we collect hundreds of thousands of responses from clients, the majority via in-depth interview. Learn more about our methodology.

USA - Nationwide

Financial Services Regulation: Banking (Compliance)


Colin Lloyd
Band 4
Derek M Bush
Band 1
Hugh Conroy
Band 3
Jack Murphy
Senior Statespeople
Michael Krimminger
Band 4
Patrick Fuller
Associates to watch