Colin Lloyd advises on a broad range of securities and derivatives regulatory, legislative, transactional, and enforcement matters.

His clients include U.S. and non-U.S. broker-dealers, swap dealers, banks, exchanges, electronic trading platforms, clearinghouses, private equity funds, investment managers, sovereigns, and derivatives end users. He is frequently counsel to leading financial market trade associations and ad hoc coalitions on major industry initiatives.

He regularly represents these clients before the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Financial Industry Regulatory Authority, and other federal regulatory agencies and self-regulatory organizations.

Colin joined the firm in 2007 and became a partner in 2016. He was resident in the Washington, D.C., office from 2007 to 2011.

Notable Experience

Derivatives and Foreign Exchange

  • Standing outside counsel to both the Securities Industry and Financial Markets Association and the Institute of International Bankers on derivatives regulatory matters, including dozens of comments letters and other submissions relating to Title VII of the Dodd-Frank Act.

  • Leading role in the development of a comprehensive compliance manual used by more than 60 registered swap dealers as the foundation for their compliance policies and procedures.

  • Successfully obtained more than a dozen “no-action” letters or similar relief since 2012.

  • Ongoing advice to major U.S. and non-U.S. financial institutions in connection with the development of new derivatives products and transactions.

  • Counsel to TradeWeb in connection with its registered swap execution facilities.

  • Counsel to both the Financial Markets Lawyers Group and the Global Foreign Exchange Division of the Global Financial Markets Association in regulatory developments governing foreign exchange.

  • Advice to financial institutions, asset managers, and end users in connection with the Global Foreign Exchange Code.

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Broker-Dealer and Securities Market Regulation

  • Advice to U.S. and foreign broker-dealers on their cross-border securities activities, including compliance with SEC Rule 15a-6.

  • Counsel to leading commercial and custody banks regarding the permitted scope of securities-related activities.

  • Ongoing capital, customer protection, and margin advice to every major investment bank.

  • Advising full-service firms, as well as proprietary trading firms, on market structure issues, including high-frequency trading and market-making strategies.

  • Counsel to the DTCC and its clearing agency subsidiaries in connection with major new product initiatives.

  • Major international banks, investment funds, and technology companies in acquisitions and dispositions of U.S. broker-dealers.

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Blockchain, Cryptocurrencies, and FinTech

  • Goldman Sachs in connection with regulatory, documentation, netting, and commercial law matters involving cryptocurrency transactions.

  • Paxos Trust (formerly known as itBit Trust) in the development of a permissioned blockchain platform for the settlement of gold bullion trading conducted through the London over-the-counter market.

  • Counsel to a large financial institution in the launch of a new digital asset custody and transaction services business.

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Enforcement and Investigations

  • Multiple financial institutions in connection with major settlements with the Department of Justice, CFTC, and others involving global foreign exchange and interest-rate benchmarks.

  • A major foreign bank in a 2018 settlement with the CFTC regarding Dodd-Frank swap dealer regulations.

  • Citigroup in connection with its 2017 settlement with the CFTC regarding swap data reporting.

  • Copersucar in connection with its 2017 settlement with the CFTC regarding wash trading allegations.

  • Deutsche Bank in connection with its 2014 settlement with the CFTC regarding segregation, recordkeeping, and reporting.

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Publications

Custody Transfer of Digital Assets: Key U.S. Legal Considerations,” Global Legal Insights to: Blockchain & Cryptocurrency Regulation 2020, with Michael H. Krimminger and Sandra M. Rocks (October 2019)

SEC Adopts Best Interest Standard for Broker-Dealers and Fiduciary Duty Guidance for Investment Advisers,” Cleary Gottlieb Alert Memo, with Richard S. Lincer, Robin M. Bergen, Carl F. Emigholz, Zachary L. Baum, and Jim Wintering (June 2019)

Federal Reserve Board Proposes to Expand Netting Protections of FDICIA to Additional Institutions,” Cleary Gottlieb Alert Memo, with Michael H. Krimminger, Sandra M. Rocks, Penelope L. Christophorou, Knox McIlwain, Brandon M. Hammer, Lauren Gilbert and Ellen Campbell (May 2019)

SEC Takes Critical Step Toward Completing Dodd-Frank’s SBS Regime,” Cleary Gottlieb Alert Memo, with Michelle Chun and Adrianna C. ScheerCook (May 2019)

The CFTC and Prudential Regulators Grant Relief in Preparation for Brexit,” Cleary Gottlieb Alert Memo, with Brian J. Morris, Brandon Hill, and Ferdisha Snagg (April 2019)

NFA Adopts Swaps Associated Person Proficiency Requirements,” Cleary Gottlieb Alert Memo, with Brian J. Morris, and Brandon Hill, (March 2019)

SEC Divisions’ Issue Public Statement on Digital Assets and ICOs, Echoing Recent Enforcement Actions,” Cleary FinTech Update blog, with Michael H. Krimminger, Pamela L. Marcogliese, and Adam Motiwala (November 2018; republished by Law360).

CFTC Adopts Permanent $8 Billion Swap Dealer De Minimis Threshold,” Cleary Gottlieb Alert Memo, with Brandon J. Hill, Brian J. Morris, and Brandon M. Hammer (November 2018).

Comparing Cross-Border Swaps Regulation Version 2.0 with the Status Quo,” Cleary Gottlieb Alert Memo, with Reshama Patel (October 2018).

Treasury Report Embraces Machine Learning and Artificial Intelligence in Financial Services,” Cleary FinTech Update blog, with Pamela L. Marcogliese, Sandra M. Rocks, and Lauren Gilbert (August 29, 2018; republished January–February 2019 by The Journal of Robotics, Artificial Intelligence & Law).

OCC Begins Accepting Applications for FinTech Charters,” Cleary Gottlieb Alert Memo, with Michael Krimminger, Derek M. Bush, Patrick Fuller, Pamela L. Marcogliese, and Knox McIlwain (August 2018).

CFTC Proposes to Streamline Uncleared Swap Segregation Rules,” Cleary Gottlieb Alert Memo, with Brian J. Morris (August 2018).

CFTC Proposes Amendments to Swap Dealer De Minimis Exception,” Cleary Gottlieb Alert Memo, with Brian J. Morris and Brandon M. Hammer (June 2018).

Highlights of Proposal to Simplify the Volcker Rule,” Harvard Law School Forum on Corporate Governance and Financial Regulation, with Katherine Mooney Carroll, Derek Bush, Hugh Conroy, Mike Krimminger, Mike Mazzuchi, Jack Murphy, Patrick Fuller, Allison Breault, and Alexander Young-Anglim (June 2018).

CFTC Chairman Giancarlo Unveils Swap Regulation Version 2.0,” Cleary Gottlieb Alert Memo, with Brian J. Morris and Reshama Patel (May 2018).

SEC Proposes New Best Interest Standard for Broker-Dealers and “Clarification” of Existing Fiduciary Standard for Investment Advisers,” Cleary Gottlieb Alert Memo, with Robin M. Bergen, Carl F. Emigholz, Arthur H. Kohn and Alexander Janghorbani (May 2018).

U.S. Regulators Continue Scrutiny of Virtual Currencies and ICOs,” Cleary Gottlieb Alert Memo, with Michael H. Krimminger (March 2018).

SEC and CFTC Testimony on Virtual Currencies: Is More Regulation on the Horizon?,” Cleary FinTech Update blog, with Michael Krimminger and Zachary Baum (February 14, 2018; republished March 12, 2018, by Harvard Law School Forum on Corporate Governance and Financial Regulation).

The FX Global Code,” The Banking Law Journal (January 2018).

Bitcoin’s Future: CME and Other Exchanges Self-Certify Bitcoin Futures and Options with the CFTC (co-authored with James Michael Blakemore).

Guide to Bank Underwriting, Dealing and Brokerage Activities (Thomson West, 2015).

OTC Derivatives Regulation Under Dodd-Frank: A Guide to Registration, Reporting, Business Conduct and Clearing (Thomson West, 2015).

U.S. Regulation of the International Securities and Derivatives Markets (Wolters Kluwer, 2014).

Regulation of Foreign Banks and Affiliates in the United States (Thomson West, 2014).

Events

Colin is a frequent speaker on financial market regulatory matters, including at events organized by the American Bar Association, the Securities Industry and Financial Markets Association, the Futures Industry Association, the International Swaps and Derivatives Association, the International Bar Association, the Institute of International Bankers, the Practicing Law Institute, and the CRE Finance Council.

He is also a regular guest lecturer at Columbia University Law School and has been invited to speak at events held by Harvard Law School and Vanderbilt University Law School.