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Anne Termine is a member of the firm’s Global Futures and Derivatives Practice and leads the Derivatives Enforcement Team. She is also a member of the white collar defense and investigations practice. Ms. Termine advises clients in handling internal investigations and regulatory enforcement inquiries related to the derivatives markets and the cryptocurrency markets.
Prior to joining Covington, Ms. Termine was a Chief Trial Attorney in the U.S. Commodity Futures Trading Commission's (CFTC) Division of Enforcement, where she was responsible for investigating and prosecuting alleged violations of federal laws dealing with commodities, futures, options, swaps, and other derivatives. While in this role, Ms. Termine designed and led the CFTC’s landmark enforcement program involving the manipulation and false reporting of LIBOR, Euribor and TIBOR - critical, international benchmark interest rates. She spearheaded negotiations that resulted in settlements with nine international financial institutions, imposing penalties totaling over $2.8 billion. In managing this massive, global investigation, Ms. Termine was instrumental in developing relationships and coordinating with diverse foreign regulatory and law enforcement agencies throughout Europe and Asia, as well as with divisions of the United States Department of Justice and a coalition of over 40 State Attorneys General. She received the Chairman’s Award for Excellence, the CFTC’s highest award, for her work on and leadership in handling the LIBOR investigations.
Ms. Termine has also led investigations and successful litigations in matters involving the attempted manipulation and false reporting of natural gas prices, multi-million dollar Ponzi schemes and forex fraud cases, and the illegal offer and sale of commodity options by an internet event market, among others.
Prior to joining the CFTC, Ms. Termine was a Senior Assistant District Attorney in the Orleans Parish District Attorney’s Office where she tried more than 140 jury and non-jury trials, including several first and second degree murder cases.
- Advise Coinbase, Inc. on financial services regulations, including the regulatory requirements of the CFTC related to cryptocurrency.
- Represent several individuals and companies in exchange and CFTC enforcement matters related to trade practice violations, failure to supervise, and market manipulation.
- Advise multiple swap dealers on compliance with the CFTC’s regulations, including rules related to external business conduct standards and the trading of swaps on SEFs.
- Advise multiple derivatives market participants, including financial institutions, on compliance with and training of CFTC regulations, including policies and procedures related to futures and swaps trading and clearing and potential enforcement implications.
- Advise multiple derivatives market participants regarding the regulatory requirements for domestic and international derivatives activities, including swap product analysis and swap dealer registration requirements.
Previous Experience
- U.S. Commodity Futures Trading Commission, Chief Trial Attorney, Division of Enforcement
- Orleans Parish District Attorney’s Office, Senior Assistant District Attorney
September 18, 2018, Cov Financial Services
Late last week, the Commodities Futures Trading Commission (CFTC) and the Monetary Authority of Singapore (MAS) announced a cooperation agreement on FinTech innovation. The agreement is principally focused on information sharing on FinTech trends and developments and on each regulator’s FinTech sandboxes. The agreement could also, however, help FinTech ...
May 30, 2018, Cov Financial Services
This past week has been an especially active one for the U.S. Commodity Futures Trading Commission (CFTC). On Monday, in a speech to the North American Securities Administrators Association (NASAA), CFTC Chairman Giancarlo announced a Memorandum of Understanding (MOU) to increase cooperation between state securities regulators and the CFTC — particularly with ...
March 2018, Futures and Derivatives Law Report, Volume 38, Issue 3
February 15, 2018, Bloomberg Law
Anne Termine is quoted in a Bloomberg Law article regarding the settlement reached with AMP Global Clearing LLC following charges from the CFTC stating that AMP's failure to diligently supervise a cybersecurity vendor resulted in a data breach. According to Termine, cybersecurity is “an area of increasing concern and scrutiny for the CFTC as it goes directly to ...
October 5, 2017, Risk
Anne Termine is quoted in a Risk article examining recent cases that have restricted the extraterritorial application of the Commodity Exchange Act. “I don’t think the Brent case ruling will deter any enforcement programme by the CFTC on an extraterritoriality basis,” says Termine. “However, it does give pause because some parts of the language are incorrect ...
September 27, 2017, Bloomberg BNA
Anne Termine is quoted in a Bloomberg BNA article regarding the CFTC's new enforcement policy following Director James McDonald's September 25 speech. Termine asks, "Will every report to the CFTC result in an enforcement investigation?’’ McDonald indicated that’s not where he wants to go and seems to recognize that the CFTC has to establish a dialogue with the ...
September 25, 2017, Bloomberg BNA
Anne Termine is quoted in a Bloomberg BNA article ahead of CFTC Director James McDonald's expected announcement of a new policy to incentivize self-reporting and cooperation. According to Termine, the CFTC "wants to encourage cooperation, but then people are asking, `what is cooperation going to get me?' That's the number one complaint I always get." She adds, ...
August 29, 2017, Cov Financial Services
The U.S. Commodity Futures Trading Commission (the “CFTC” or the “Commission”) has been very active since the beginning of this year, despite the change in Presidential Administration, the lack (until recently) of appointed Commissioners, and the turnover of leadership at both the Commission and Division level. Notably, the Commission has announced over 20 ...
August 28, 2017, Covington Alert
The U.S. Commodity Futures Trading Commission (the “CFTC” or the “Commission”) has been very active since the beginning of this year, despite the change in Presidential Administration, the lack (until recently) of appointed Commissioners, and the turnover of leadership at both the Commission and Division level. Notably, the Commission has announced over 20 ...
7th Circ. Spoofing Decision Buoys Gov't Crackdown
August 8, 2017, Law360
Anne Termine is quoted in a Law360 article regarding the Seventh Circuit's decision to uphold the conviction of Michael Coscia for "spoofing." According to Termine, “The short takeaway is that it was a complete win for the government." She adds, “There wasn’t a single portion of Coscia’s argument that the court accepted.”
June 12, 2017, Law360
Anne Termine is quoted in a Law360 article regarding the Commodity Futures Trading Commission's reaction to a recent internal watchdog review of the agency's oversight of the National Futures Association. According to Termine, it appeared the CFTC's Division of Swap Dealer and Intermediary Oversight was saying that it has a core mission and a core duty and that ...
June 7, 2017, Covington Alert
On Monday, in Kokesh v. SEC, the Supreme Court handed a major loss to the Securities and Exchange Commission, unanimously holding that SEC claims for disgorgement of ill-gotten gains are subject to a five-year statute of limitations. The Kokesh decision also calls into question the proper measure of disgorgement (e.g., gross versus net profits) and even whether ...
June 7, 2017, Covington Alert
On Monday, in Kokesh v. SEC,1 the Supreme Court handed a major loss to the Securities and Exchange Commission, unanimously holding that SEC claims for disgorgement of ill-gotten gains are subject to a five-year statute of limitations. For decades, the SEC had taken the position that its disgorgement claims could reach back indefinitely, and recently obtained a ...
May 26, 2017, Cov Financial Services
On May 22, 2017, the Commodity Futures Trading Commission (“CFTC”) announced the finalization of amendments to its whistleblower rules. The most important change is the CFTC’s assertion of the authority to enforce Section 23(h)(1) of the Commodity Exchange Act (“CEA”), which prohibits retaliation against whistleblowers. When it originally promulgated its ...
May 24, 2017, Cov Financial Services
On May 17, 2017, the Commodity Futures Trading Commission (“CFTC”) announced the launch of its financial technology (“FinTech”) initiative, LabCFTC. Per the agency, the initiative is designed to “promot[e] responsible FinTech innovation to improve the quality, resiliency, and competitiveness of the markets the CFTC oversees.” According to Acting Chair J. ...
CFTC Announces Innovation Lab for Fintechs
May 17, 2017, The National Law Journal
Anne Termine is quoted by The National Law Journal in an article regarding the U.S. Commodity Futures Trading Commission's new initiative, LabCFTC, designed to engage innovators in the financial technology industry. “As progressive as this effort might be for the CFTC, it is not the same as a regulatory sandbox, as other regulators around the world have ...
April 24, 2017, Covington Alert
On April 19, 2017, the House Financial Services Committee (the “Committee”) released a new “discussion draft” of the Financial CHOICE Act, its comprehensive regulatory reform bill (“CHOICE Act 2.0”). The Committee released the first version of the bill (“CHOICE Act 1.0”) in June 2016.
March 31, 2017, Cov Financial Services
CFTC Acting Chairman Chris Giancarlo recently announced some organizational changes within the CFTC’s Divisions that will enhance the agency’s ability to investigate market abuse. Further, Acting Chairman Giancarlo recently announced the appointment of federal prosecutor James M. McDonald as the agency’s new Director of Enforcement. Covington’s Futures and ...
March 31, 2017, Cov Financial Services
On March 27, 2017, the Commodity Futures Trading Commission (“CFTC”) announced it entered into a consent order with Davisco Foods International, Inc. (“Davisco”), a dairy company, to settle allegations that Davisco acted as a futures commission merchant (“FCM”) for its milk suppliers without registering as an FCM. Section 4d of the Commodity Exchange Act ...
March 15, 2017, Cov Financial Services
On March 14, 2017, the White House announced that President Donald Trump intends to nominate J. Christopher Giancarlo, currently Acting Chairman of the Commodity Futures Trading Commission (“CFTC”), to serve as the CFTC’s permanent Chairman, subject to confirmation by the Senate. Acting Chairman Giancarlo joined the CFTC as a commissioner in 2014, and was ...
February 10, 2017, Cov Financial Services
CME has issued a Special Executive Report listing out amendments to Rule 432 (General Offenses) of the CME, CBOT, NYMEX, COMEX, and CME SEF rulebooks. These amendments are aimed at specifically prohibiting: attempted fraudulent or bad faith actions; the intentional or reckless use or attempted use of a manipulative device, scheme or artifice to defraud;...… ...
February 3, 2017, Covington Alert
Throughout his campaign, President Donald Trump promised to curtail financial regulations, particularly those promulgated under the Dodd-Frank Act. President Trump argued frequently that the regulations issued under the act have proven overly burdensome and, among other things, limited job growth. This afternoon, the President took his first formal step in ...
February 2, 2017, Cov Financial Services
On February 1, 2017, the Division of Swap Dealer and Intermediary Oversight (“DSIO”) of the Commodity Futures Trading Commission (“CFTC”) issued a no-action letter granting relief from compliance with certain provisions of the CFTC’s margin requirements for uncleared swaps. This relief applies to swap dealers entering into swaps with counterparties subject to ...
January 19, 2017, Covington Alert
One of the most sweeping changes brought about by the Dodd-Frank Act was the introduction of a new regulatory framework for swaps trading. In 2013, the Commodity Futures Trading Commission (“CFTC”) finalized its rules on swap execution facilities (“SEFs”) and swaps trading on SEFs. Less than four years after these rules were finalized, the change in Presidential ...
November 30, 2016, Covington Alert
The Commodity Futures Trading Commission is set to begin its trial of Donald R. Wilson and his proprietary trading firm, DRW Investments, LLC (“DRW”) on December 1, 2016. In advance of this trial, this alert provides the legal theory that will be tested during this trial and other observations related to the CFTC’s pursuit of attempted manipulation.
November 14, 2016, Covington Alert
On November 8, 2016, American voters elected Republican Donald J. Trump as President. In addition, Republicans maintained control of the House of Representatives and the Senate. As the campaign rhetoric fades into the background over the coming weeks and months, the business of transitioning to a new administration will begin in earnest. The results of the ...
October 12, 2016, Covington Alert
Insider trading is a familiar term to participants in the equities markets; however, this term now has application in the swaps, futures, and commodities markets regulated by the U.S. Commodity Futures Trading Commission (CFTC). In a time of aggressive enforcement, financial market participants should be aware that insider trading is a high priority for the CFTC ...
Negotiation Skills: Resolution of Agency Enforcement Proceedings
March 2015, Energy Bar Association, Enforcers and Defenders Forum
An Overview of the CFTC Enforcement Program and the LIBOR Investigations
January 2014 and January 2015, National Defense University, Eisenhower School, Strategic Leadership Department Financial Services Industry Studies Student & Faculty
A Continuing Trend: Enforcement Actions and Prosecutions in the Financial Services Industry
September 2014, Network of Trial Law Firms, Financial Services Super Course
LIBOR Investigation and Litigation
December 2013, Interagency Bank Fraud Enforcement Working Group, 29th Anniversary Meeting
- Recipient of Chairman’s Award for Excellence, CFTC’s highest award