Bio

Paul Clark provides regulatory and transactional advice to a wide range of the firm’s clients, including banks, broker-dealers, investment advisers and investment funds. Paul is widely recognized as the leading expert on federal and state banking and securities law issues related to the offering of bank deposit products by broker-dealers and other regulated financial institutions. He has developed documentation that is standard in the securities industry for both certificate of deposit (CD) programs and so called “sweep programs” that supports hundreds of billions of dollars in deposits at both FDIC-insured banks and uninsured U.S. branches of foreign banks. He has advised on the structure of numerous bank deposit programs, including the first dual deposit account sweep program, the first “reciprocal” deposit program and the first CD program to use an issuing and paying agent. Paul has represented clients on important legislation that has re-shaped the regulation of the financial services industry, including the Competitive Equality Banking Act of 1987, the Financial Institutions Reform, Recovery and Enforcement Act of 1989, the Federal Deposit Insurance Corporation Improvement Act of 1991, the Gramm-Leach-Bliley Act of 1999 and various legislative proposals that became part of the Dodd-Frank Act of 2010.