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Brokered Deposits

We are recognized as one of the leading law firms representing the securities industry in the brokering of deposits, including certificate of deposit (CD) programs and deposit account “sweep” programs.

In 1991, our Firm served as the lead legislative counsel for the securities industry on the laws regulating brokered deposits, and we represented the Securities Industry Association in the regulatory rulemakings that implemented those laws.

In connection with CD programs, we prepare program documentation and negotiate arrangements between brokers and depository institutions.  We also structure new products, including callable CDs, CDs linked to stock market indices and CDs linked to the Consumer Price Index.

We advise brokers on the implementation of deposit account sweep programs, including the transition from money market funds to deposit accounts.  We prepare disclosure documentation, agreements between the brokers and participating depository institutions and amendments to client agreements.  We also advise clients on compliance with banking, securities and other applicable laws, regulations and guidelines.

Seward & Kissel has developed structures and documentation that are used throughout the brokered deposit industry.