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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
October 14, 2019, Cov Financial Services
On Friday, the leaders of the Securities and Exchange Commission (“SEC”), Commodity Futures Trading Commission (“CFTC”), and Financial Crimes Enforcement Network (“FinCEN”) (collectively, the “Agencies”) issued a “Joint Statement on Activities Involving Digital Assets” (the “Joint Statement”). The Joint Statement serves as a reminder that businesses engaged in ...
September 18, 2019, Cov Financial Services
On Monday, September 16, the Commodity Futures Trading Commission (the “CFTC” or the “Commission”) announced that it has approved final regulations (the “final rule”) that will streamline and clarify the Volcker Rule – a statutory provision that generally prohibits banking entities from engaging in proprietary trading, or from taking an ownership interest in, ...
August 20, 2019, Cov Financial Services
On August 14, 2019, the U.S. District Court for the Northern District of Illinois entered a consent order (the “Consent Order”)—agreed to by the U.S. Commodity Futures Trading Commission (the “CFTC”), Kraft Foods Group Inc. (“Kraft”) and Mondelēz Global LLC (“Mondelēz”)—to resolve long-running market manipulation litigation between the parties. The Consent Order ...
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 ...
March 29, 2019, Cov Financial Services
On Wednesday, March 27, 2019, the CFTC’s Market Intelligence Branch of the Division of Market Oversight issued a report on the impact of automated orders in futures markets to determine how technological change affects futures trading. Automated trading refers to orders that are generated or routed without human intervention. The CFTC presented the report ...
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 ...
February 15, 2019, Cov Financial Services
On February 12, 2019, for the first time in its history, the Commodity Futures Trading Commission (“CFTC”) announced the release of 2019 examination priorities for each of its regulatory Divisions. CFTC Chairman J. Christopher Giancarlo stated that “[t]his first-ever publication of division examination priorities is in line with Project KISS and other agency ...
Outside Counsel Perspective
January 29, 2019, Commodity Markets Council State of the Industry Conference
January 28, 2019, Cov Financial Services
The past few weeks have been chaotic for both Brexit negotiations and U.K. politics overall. On January 15, 2019, British Prime Minister Theresa May’s Brexit plan succumbed to historic defeat in Parliament. Brexit watchers expected a defeat but the record margin of 432 votes against, and 202 votes for, was still shocking. On January 16,...… Continue Reading
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 ...
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 ...
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