Paul Marquardt’s practice focuses on financial crimes and foreign investment review.
He is recognized as a leading practitioner in both economic sanctions and reviews by the Committee of Foreign Investment in the United States (CFIUS).
He regularly advises international clients regarding the application of U.S. sanctions and anti-money-laundering laws, as well as in export control and anti-corruption matters, interacting regularly with OFAC, FinCEN, the U.S. Departments of Justice and State, the Bureau of Industry and Security, the World Bank, and other domestic and international regulators. His practice includes diligence, advisory, compliance, internal investigations, and enforcement matters.
Paul also has extensive experience in national security reviews by CFIUS, as well as related issues such as mitigation agreements, regulation of classified contracts, and national security reviews in other jurisdictions. His practice spans a wide range of industries and acquirors, including state-owned entities.
He has advised on a broad range of cross-border transactional matters as well, particularly in the private equity and financial sectors, including mergers and acquisitions, joint ventures, and general corporate transactions. He has substantial public and private international law experience and has represented many governments and international organizations.
Paul joined the firm in 1995 and became partner in 2003. From 1998 to 2002, he was resident in the Brussels office.
Representative CFIUS Matters
3M’s sale of its electronic offender monitoring business to Apax Partners.
Aerostar and ASUR in Aerostar’s acquisition of majority control of San Juan.
Alstom in its merger with Siemens’ mobility business.
American Express in the formation of a global business travel joint venture with an investment group.
The independent directors of Broadcom in the company’s bid for Qualcomm.
Dassault Systèmes acquisition of No Magic, Inc.
Dow Chemical in its sale of its PVDC resin business to SK Global.
GlaxoSmithKline in its acquisition of Novartis’s vaccines and OTC businesses.
Google in the sale of Motorola Mobility’s mobile devices business to Lenovo Group.
A major Middle Eastern sovereign wealth fund in a solar energy acquisition and its pending investment in Arysta LifeScience.
Nortel Networks in the sale of its GSM and CDMA/LTE businesses to Ericsson and numerous competitive divestiture auctions.
OpenText’s acquisition of the Enterprise Software business of EMC and its acquisition of Guidance.
Parpública in its sale of a stake in Energias de Portugal to China Three Gorges.
QIA in its investment in cybersecurity firm Gigamon.
TPG Capital and PAG Asia Capital in their acquisitions of DTZ and Cushman Wakefield.
Yinyi Group in connection with its acquisition of ARC Automotive from The Jordan Company.
Sanctions and Anticorruption Matters
American Airlines in its initiation of scheduled air service to Cuba.
ArcelorMittal, BMO, BNP Paribas, Citigroup, Natixis, PETRONAS, Prudential, Sony, SWIFT, TPG, UBAF, Vale, and Whirlpool in sanctions compliance policies and transactional advice.
Berkshire Hathaway in addressing activities by portfolio companies in Russia.
BNP Paribas in its enforcement proceedings involving OFAC, DOJ, NYDFS, Federal Reserve, and the Manhattan District Attorney’s Office.
Cassa Depositi e Prestiti S.p.A./SACE in analyzing Italian government export assistance to Iran.
Central Bank of Luxembourg in connection with Russia/Ukraine sanctions.
Clearstream Banking in connection with its $152 million settlement with OFAC and ongoing enforcement and compliance matters.
Hong Kong Stock Exchange in revising its listing standards for companies doing business in sanctioned countries.
A major IT company in an OFAC investigation of sales to Iran.
JPMorgan Chase & Co. in its arrangement of financing for the sale of GE locomotives in Cuba.
Nayara Energy (formerly Essar Oil) in sanctions issues arising from its acquisition by Rosneft and Trafigura and importation of oil from Iran to India.
Net4Gas, the national gas distribution system operator in the Czech Republic, in evaluating its interaction with the NordStream 2 project.
Oberthur Technologies in an investigation by the World Bank’s Integrity Vice-Presidency in connection with possible bribery and collusion relating to a World Bank-funded contract to provide identity cards to the Bangladeshi Election Commission, together with related internal investigations.
Orascom Telecom Media and Technology Holding in seeking UN and U.S. licensing for its operation of Koryolink, a North Korean mobile telephone operator.
Oscar Iskin, a Brazilian medical device manufacturer, in an internal investigation into alleged kickbacks to doctors and hospitals.
QIA in its purchase of a 19.9 percent stake in Rosneft, first in consortium with Trafigura and a number of lenders and then alone, and in its purchase of 24.99 percent of Pulkovo airport.
Renova Group and a number of its affiliates in restructuring and other transactions relating to its and Victor Vekselberg’s designation.
Rusal in sanctions issues relating to its financing agreements.
Russian Federation in connection with its Eurobond offering.
A Russian SDN in OFAC delisting proceedings.
Union de Banques Arabes et Françaises in connection with an investigation of potential violations of U.S. sanctions by U.S. authorities.
- Vice-Chair of the American Bar Association’s Export Controls and Economic Sanctions Committee.
“OFAC Issues New Venezuela General Licenses 3C and 9B and Amends Previous Guidance,”Cleary International Trade and Sanctions Watch (February 11, 2019)
“OFAC Issues Guidance on PdVSA Designation and Further Restricts Dealings in Venezuelan Debt,”Cleary Gottlieb Alert Memo (February 4, 2019), republished on Cleary International Trade and Sanctions Watch
“First Ever Criminal Bank Secrecy Act Charge Brought Against U.S. Broker-Dealer,” Cleary Enforcement Watch (January 7, 2019)
“OFAC Lists Digital Currency Addresses for First Time, Releases New Guidance,” Cleary International Trade and Sanctions Watch (December 5, 2018)
“CFIUS Introduces Pilot Program for Mandatory Declarations of Critical Technology Investments,”Cleary Gottlieb Alert Memo (October 16, 2018), republished on Cleary M&A and Corporate Governance Watch
“OFAC Sanctions Additional Venezuelan Officials,” Cleary International Trade and Sanctions Watch (September 25, 2018)
“OFAC Confirms U.S. Sanctions Retroactively Prohibit Execution on Equity Collateral Securing Government of Venezuela Debt, Authorizes All Dealings Involving PdVSA 2020 Bonds,” Cleary International Trade and Sanctions Watch (July 26, 2018)
“Congress Set to Expand Scrutiny of Foreign Investment in the United States,”Cleary Gottlieb Alert Memo and republished on Cleary M&A and Corporate Governance Watch (July 11, 2018)
“Recent Venezuela Executive Order Calls Into Question Enforceability of Security Interests,” Cleary International Trade and Sanctions Watch (May 29, 2018)
“Same as It Ever Was: United States Re-imposes Sanctions on Iran,” Cleary International Trade and Sanctions Watch (May 14, 2018)
“Treasury Extends Wind-down Period for United Company RUSAL plc and Issues Additional Guidance,” Cleary International Trade and Sanctions Watch (April 23, 2018)
“ZTE Penalized for Violation of Settlement Agreement,” Cleary International Trade and Sanctions Watch (April 17, 2018)
“U.S. Sanctions Additional Russian Targets,” Cleary International Trade and Sanctions Watch (April 9, 2018)
“OFAC Issues Guidance on Payments under Venezuelan “New Debt”; Likely to Affect Russian Sectoral Sanctions as Well,” Cleary International Trade and Sanctions Watch (February 14, 2018)
“Treasury Department Releases CAATSA Report on Russian Senior Political Figures and Oligarchs; No Immediate Impact Expected,” Cleary International Trade and Sanctions Watch (January 30, 2018)
“United States” chapter, Getting the Deal Through: Foreign Investment Review 2018 (January 2018)
“United States Imposes Secondary Sanctions on Dealings with North Korea,” Cleary International Trade and Sanctions Watch (Lexblog, September 26, 2017)
“U.S. Sanctions New Debt and Equity Issuances by Venezuelan Government,” Cleary International Trade and Sanctions Watch (Lexblog, August 25, 2017)
“EU Reacts to Impact of Russia Sanctions Bill on European Energy Investments,” Cleary International Trade and Sanctions Watch (Lexblog, August 2, 2017)
“OFAC Sanctions Venezuelan Officials,” Cleary International Trade and Sanctions Watch (Lexblog, August 1, 2017)
“Congress Reaches Agreement on New Sanctions against Russia, North Korea, and Iran,” Cleary International Trade and Sanctions Watch (Lexblog, July 28, 2017)
“Trump Administration Recertifies Iranian Compliance with JCPOA,” Cleary International Trade and Sanctions Watch (Lexblog, July 18, 2017)
“The Primary Impacts Of Rolling Back Cuba Sanctions Relief,” Law360 (June 22, 2017)
“President Trump Announces Limited Roll-Back of Obama-Era Cuba Sanctions Relief,” Cleary International Trade and Sanctions Watch (Lexblog, June 16, 2017)
“Senate Adopts New Sanctions Targeting Russia and Iran,” Cleary International Trade and Sanctions Watch (Lexblog, June 16, 2017)
“Trump Administration Extends Review Period for Sudan Sanctions, Continues Suspension,” Cleary International Trade and Sanctions Watch (Lexblog, June 12, 2017)
“Obama Administration Announces Suspension and Planned Termination of Sudan Sanctions,” Cleary International Trade and Sanctions Watch (Lexblog, January 16, 2017)
“Bipartisan Group of Senators Introduces Draft Bill to Expand U.S. Sanctions against Russia,” Cleary International Trade and Sanctions Watch (Lexblog, January 13, 2017)
“Obama Administration Takes Another Step to Ease Cuban Sanctions,” Cleary Gottlieb Alert Memo (November 2, 2016) republished by the Columbia Law School’s Blog on Corporations and the Capital Markets (November 14, 2016)
“Iran – Nine Months On,” republished by by Banker Middle East and CPI Financial (October 30, 2016)
“U.S. Terminates Myanmar Sanctions Program,” Cleary International Trade and Sanctions Watch (Lexblog, October 10, 2016)
“United States Ratchets Up North Korean Sanctions,” Cleary International Trade and Sanctions Watch (Lexblog, April 5, 2016)
“U.S. Continues Incremental Easing of Cuban Sanctions,” Cleary International Trade and Sanctions Watch (Lexblog, January 27, 2016)
“Implementation of Sanctions Relief for Iran,” Cleary International Trade and Sanctions Watch (Lexblog, January 18, 2016)
February 05, 2019
December 14, 2018
September 26, 2018
June 11, 2018
April 25, 2018
December 14, 2017
June 06, 2017
May 16, 2017
December 07, 2015
April 30, 2015
April 28, 2015
March 17, 2015
December 11, 2014
May 14, 2014
February 25, 2014
January 29, 2014
September 16, 2013
April 03, 2013
January 11, 2013