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Anne Termine leads Covington’s Futures and Derivatives Practice Group and is also a member of the white collar defense and investigations practice. Ms. Termine advises clients in handling internal investigations and regulatory enforcement inquiries, regulatory advocacy, and compliance policies related to the derivatives and 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
February 2021, Futures and Derivatives Law Report
January 25, 2021, Cov Financial Services
On January 21, 2021, CFTC Chairman Heath Tarbert stepped down as Chairman of the agency and, for the time being, stepped into a Commissioner role. The CFTC was very active during Chairman Tarbert’s tenure as it implemented his regulatory and enforcement priorities. In particular, the Division of Enforcement saw the highest volume of enforcement actions...… ...
Climate Regs Expected To Lead CFTC Policy Agenda In 2021
January 3, 2021, Law360
Anne Termine spoke with Law360 about the U.S. Commodity Futures Trading Commission’s expected focus on mitigating climate risks in 2021. Ms. Termine says, “A lot of it requires action outside of the CFTC, but I think the agency is ready to join in on discussion and provide regulations for their registered entities as necessary.”
December 22, 2020, The Wall Street Journal
Anne Termine spoke with The Wall Street Journal about the CFTC’s enforcement actions against Vitol, a Swiss energy firm for bribery misconduct. The Vitol settlement lays the legal foundation for future foreign corruption cases by the CFTC. While the CFTC doesn't have statutory authority to enforce antibribery laws directly, the case introduces a theory for how ...
December 8, 2020, Bloomberg Law
Anne Termine is quoted in Bloomberg Law regarding the CFTC’s foreign bribery enforcement action against oil trader Vitol Inc. Ms. Termine says commodities traders “will likely sit up and take notice” of the Vitol settlement because of the expansive use of the CFTC’s powers to get at conduct that normally falls under anti-bribery laws. That “kitchen sink” ...
December 8, 2020, Law360
Anne Termine is quoted in Law360 regarding the CFTC’s vote to approve electronic trading rules. Ms. Termine says, “The electronic trading rule has been a long controversial one and one the industry is waiting for finality on. The bankruptcy rule is noteworthy because it is the first overhaul in an extremely long time.”
November 22, 2020, Cov Financial Services
There has been a flurry of activity at the Commodity Futures Trading Commission (“CFTC”) in recent weeks. As we reported previously, the CFTC approved three final rules, including the much-anticipated position limits rule, at its October 15 open meeting, and announced significant organizational changes to its operating divisions on November 3. This post ...
November 4, 2020, Cov Financial Services
On November 2, 2020, the U.S. Commodity Futures Trading Commission (CFTC) issued a press release announcing organizational changes to several areas of the agency’s operating divisions. According to CFTC Chairman Heath P. Tarbert, these changes are intended to better align the agency’s structure with its strategic objectives. As depicted in the agency’s new ...
October 20, 2020, Cov Financial Services
At an open meeting on October 15, 2020, the Commodity Futures Trading Commission (“CFTC” or the “Commission”) voted to adopt three final rules. First, the Commission adopted by a 3–2 vote a final rule overhauling its regulatory framework governing speculative position limits on a large variety of commodities. Second, the Commission unanimously approved ...
October 16, 2020, Covington Alert
On September 17 and October 6, 2020, the Commodity Futures Trading Commission (“CFTC” or “Commission”) held open meetings (the “September Meeting” and the “October Meeting,” respectively) to consider a number of final rules, each of which the Commission approved unanimously. The September Meeting considered rules impacting market participants, such as swap ...
October 15, 2020, Global Investigations Review
Anne Termine is quoted in Global Investigations Review regarding this year’s aggressive spoofing enforcement from the CFTC. Ms. Termine says the marked increase in the agency’s spoofing-related enforcement actions in recent years is due to the software generating more leads. She adds that the marked increase in the agency’s spoofing-related enforcement actions ...
CFTC Issues Guidance on Corporate Compliance Program
September 10, 2020, The Wall Street Journal
Anne Termine is quoted in The Wall Street Journal regarding a memo from the U.S. Commodity Futures Trading Commission detailing how it will evaluate corporate compliance programs. Ms. Termine says, “It’s making clear the expectation that industry and market participants should operate in a certain way and have clear and robust systems and controls.” The guidance ...
August 10, 2020, Cov Financial Services
During an open meeting on July 22, 2020, the CFTC Commissioners heard a staff presentation on three specific recommendations for changes to the margin requirements for uncleared swaps for swap dealers and major swap participants. These changes would: Align the timing and methodology for both the material swaps exposure calculations and the post phase‐in ...
August 6, 2020, Cov Financial Services
At open meetings on Wednesday, July 22, and Thursday, July 23, the CFTC approved, by a 3-2 vote, two significant final rules implementing provisions in the Dodd-Frank Act. The first rule imposes capital requirements on swap dealers (“SDs”) and major swap participants (“MSPs”) that are not subject to supervision by a banking regulator, as well...… Continue ...
August 3, 2020, The Review of Securities & Commodities Regulation
July 21, 2020, Law360
Anne Termine is quoted in Law360 regarding the impact that the Dodd-Frank Act has had on the opaque swaps market. Ms. Termine says, “The No. 1 goal is transparency of an opaque market. I think that has been a success. The problem is: Has it created almost too strict of a structure?”
June 30, 2020, Bloomberg Law
Anne Termine is quoted in Bloomberg Law regarding the increased credit risks within the global financial system due to the slow progress in replacing Libor. Ms. Termine says, “Libor was beautiful in its simplicity because you had one type of rate structured one way to be applied across multiple currencies. There are no easy answers.”
June 24, 2020, Cov Financial Services
On May 20th the U.S. Commodities Futures Trading Commission (the “CFTC”) Division of Enforcement (the “Division”) announced new guidance for Division staff to consider when recommending civil monetary penalties in an enforcement action (the “CMP Guidance” or the “Guidance”). As a former CFTC regulator who brought dozens of cases over a 13 year career in...… ...
June 18, 2020, Covington Alert
June 17, 2020, Cov Financial Services
On May 28, 2020, the Commodity Futures Trading Commission (CFTC) unanimously approved an interim final rule in order to grant an extension of the compliance schedule for uncleared swaps in response to the many operational challenges entities are facing in the wake of the COVID-19 (coronavirus) pandemic. It also approved a proposed rule exempting certain...… ...
June 3, 2020, Covington Alert
On May 27, 2020, the Federal Reserve Bank of Boston ("FRBB") posted a number of documents that provide important additional details about its Main Street Lending Program ("MSLP"), including updated FAQs, new required agreements and forms, and new lender and borrower guides. The following summary highlights key FAQ changes and summarizes each of the new MSLP ...
Lawyers encouraged by CFTC vow to avoid piling on
May 27, 2020, Global Investigations Review
Anne Termine spoke with Global Investigations Review about the U.S. Commodities and Futures Trading Commission’s vow to recognize punishments issued by other agencies when calculating its own civil penalties. Ms. Termine says the new guidance lacked information about the technical aspect of penalty calculations, such as how investigators decide how many separate ...
May 4, 2020, Covington Alert
On May 4, 2020, the Federal Reserve Bank of New York (the “FRBNY”) released an updated series of Frequently Asked Questions (“FAQs”) regarding two of the Federal Reserve’s liquidity facilities established to provide financial assistance to businesses impacted by the COVID-19 pandemic: the Primary Market Corporate Credit Facility (“PMCCF”) and the Secondary ...
May 1, 2020, Covington Alert
Yesterday, April 30, 2020, the Board of Governors of the Federal Reserve System announced important changes to the Main Street Lending Program (the “Program”) that it had introduced on April 9, 2020. The changes reflect further information and clarification with respect to the terms and conditions of the Program and address, at least in part, feedback that the ...
April 23, 2020, Covington Alert
As the Paycheck Protection Program (“PPP”) is about to re-open following passage of a bill that will provide additional $310 billion in funds to the program (including funds reserved for loans by certain small and mid-sized lenders), the rules of the Small Business Administration (“SBA”) that prohibit or restrict loans to the small business ventures of bank ...
April 14, 2020, Cov Financial Services
On April 10, 2020 the Commodity Futures Trading Commission ( the “CFTC” or the “Commission”) extended certain currently-open comment periods for several pending proposed rules in light of the COVID-19 pandemic. The Commission completed voting to adopt the relatively short extensions on Thursday, April 9. The measure passed by a final tally of 3-2, with...… ...
April 9, 2020, Covington Alert
Today, the Board of Governors of the Federal Reserve announced the creation of four new liquidity facilities and the expansion of three previously announced liquidity facilities to provide credit to borrowers impacted by the COVID-19 pandemic. Whereas the previously announced programs primarily targeted certain financial markets and their participants (such as ...
April 7, 2020, Cov Financial Services
On March 31, 2020, the Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) announced the release of a targeted, temporary no-action letter aimed at foreign affiliates of futures commission merchants (FCMs). This relief is meant to ease regulatory burdens in the face of the global COVID-19 pandemic. In short, ...
April 6, 2020, Covington Alert
On March 24, 2020, the CFTC unanimously voted to adopt final interpretive guidance on when “actual delivery” of retail commodity transactions in virtual currencies occurs within the meaning of Section 2(c)(2)(D) of the Commodities Exchange Act, making them eligible to meet the exception from regulation as a futures contract. The CFTC previously published ...
March 24, 2020, Covington Alert
On March 23, the Board of Governors of the Federal Reserve System (the “FRB”) announced the latest in a series of extraordinary actions intended to help mitigate the impacts of the COVID-19 pandemic on the U.S. economy. Unlike the measures announced last week – which mostly involved re-establishing emergency programs that were used during the 2008–09 financial ...
March 19, 2020, Covington Alert
Yesterday, on March 18, 2020, the Board of Governors of the Federal Reserve System (“Board”) announced the creation of a Money Market Mutual Fund Liquidity Facility (“MMLF”) to provide liquidity support to money market mutual funds (“MMMFs”) by facilitating their sale of certain assets in order to meet redemption requests. Under the MMLF, the Federal Reserve ...
March 18, 2020, Covington Alert
On March 17, 2020, the Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) and Division of Market Oversight (DMO) each released an announcement regarding a series of no-action letters in response to the ongoing global COVID-19 pandemic (see here for the DSIO announcement and here for the DMO announcement). The ...
March 18, 2020, Covington Alert
Yesterday, on March 17, 2020, the Board of Governors of the Federal Reserve System (“FRB”) announced the creation of a Primary Dealer Credit Facility (“PDCF”) to provide a liquidity backstop to primary dealers of the Federal Reserve Bank of New York (“FRBNY”), which include the nation’s largest broker-dealers. The PDCF will provide short-term loans to primary ...
March 17, 2020, Covington Alert
Today, on March 17, 2020, the Federal Reserve provided a backstop of commercial paper ("CP") in the form of a Commercial Paper Funding Facility (“CPFF”) that establishes a special purpose vehicle (“SPV”) to acquire eligible CP directly from eligible issuers. The CPFF will provide liquidity to CP issuers that may otherwise face issues rolling over their CP in ...
Federal Reserve Takes Extraordinary Actions Supporting Financial Markets to Mitigate COVID-19 Impact
March 16, 2020, Covington Alert
Yesterday, on Sunday, March 15, 2020, in response to the COVID-19 pandemic’s impact on U.S. and global economic activity, the Federal Reserve’s Federal Open Market Committee (“FOMC”) cut the target range of the federal funds rate to 0 to 1/4 percent until such time as the FOMC is “confident that the economy has weathered recent events and is on track to achieve ...
CFTC's Plan To End Position Limits Saga Faces Big Test
February 5, 2020, Law360
Anne Termine is quoted in Law360 regarding the U.S. Commodity Futures Trading Commission’s effort to impose position limits meant to curb speculators’ ability to distort prices. The new plan allows users to seek exemptions not set forth in the rule proposal by applying directly to their relevant exchanges. The CFTC would have 10 days to review that decision or ...
February 3, 2020, Covington Alert
At an open meeting on January 30, 2020, the Commodity Futures Trading Commission (“CFTC”) voted 3–2 to approve a proposed rule that would impose federal position limits on derivatives. The proposed rule, if finalized, would prevent excessive speculation while allowing bona fide hedgers in agricultural, energy, metals, and other commodities markets to hedge risk ...
SEC And CFTC Regulatory Priorities To Watch In 2020
January 1, 2020, Law360
Anne Termine is quoted in Law360 regarding CFTC’s proposal to regulate cross-border swaps and govern when cross-border swaps should be registered with the agency. Ms. Termine says, “The commission is trying to thread the needle of registration that is not over-reaching beyond our borders, yet sufficiently protects the interests of the U.S. and U.S. markets. This ...
Exchange Rules Spark Conflict
August 14, 2019, The Information
Anne Termine spoke with The Information about the issues cryptocurrency exchange companies face with U.S. regulation. Some exchange companies have resulted to forbidding U.S. customers from using their services. Ms. Termine said that to avoid regulatory scrutiny and possible fines, crypto exchanges should make a “reasonable effort” to prevent U.S. residents from ...
Feds Send Clear Message With Flurry Of Fintech Cases
June 7, 2019, Law360
Anne Termine is quoted in Law360 regarding the SEC’s enforcement on fintech and cryptocurrency matters. Ms. Termine says, “From my perspective, having a no-fine case is a pretty big deal. And I think the SEC wanted to make pretty clear that it was a big deal that this was a self-report and that [the company was] recognizing the SEC jurisdiction, that they were ...
May 6, 2019, CoinDesk
Anne Termine is quoted in CoinDesk regarding the U.S. Commodity Futures Trading Commission’s willingness to let an ether futures contract go to market. Ms. Termine says, “As such, the CFTC has limited regulatory oversight over cryptocurrency spot markets, namely the ability to take enforcement action whenever there is fraud or manipulation in these spot ...
CFTC paves way for no-deal Brexit swaps transfers
March 26, 2019, Risk
Anne Termine is quoted in Risk regarding U.S. margin rules in the event of Brexit. To ensure continued access to the full range of services, EU-based swaps counterparties may wish to move their contracts to affiliates outside of the UK, says Ms. Termine. Swaps dealers may need to move their swaps, for example, to the EU from a UK platform because there is no ...
Outside Counsel Perspective
January 29, 2019, Commodity Markets Council State of the Industry Conference
January 28, 2019, Covington Alert
The past few weeks have been chaotic for both Brexit negotiations and UK politics overall. On January 15, 2019, British Prime Minister Theresa May’s Brexit plan succumbed to historic defeat in Parliament.
Data, Reporting,and the Enforcement
January 25, 2019, ABA Futures & Derivatives Law Conference
Crypto Exchanges Left Hanging as Shutdown Sidelines CFTC
January 15, 2019, Bloomberg Law
Anne Termine is quoted in Bloomberg Law regarding the Commodity Futures Trading Commission’s enforcement of cryptocurrency coming to a halt with the government shutdown. Ms. Termine says, “It’s an agency working at 10,000 feet right now.” She adds that an extended shutdown could impact the agency’s preparation for oral arguments. “In litigation, March is around ...
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 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 ...
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.
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 ...
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
COVID-19: Legal and Business Toolkit
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Practices
Education
Tulane University School of Law, J.D., 1999
- magna cum laude
- Order of the Coif
- Tulane Law Review, Member