Drawing on nearly 20 years of CFTC experience, Anne Termine represents stakeholders in the commodities, derivatives and cryptocurrency markets in connection with internal investigations, regulatory enforcement and litigation matters. She also helps clients with regulatory advocacy before various agencies and in developing practical compliance and other policies and procedures tailored to their individual business needs.
From October 2003 to August 2016, Anne was a chief trial attorney in the US Commodity Futures Trading Commission’s (CFTC) Division of Enforcement, where she investigated and prosecuted alleged violations of federal laws related to commodities, futures, options, swaps and other derivatives. She led investigations involving the attempted manipulation and false reporting of natural gas and crude oil prices, multi-million dollar Ponzi and other fraud schemes, and the illegal operations of event-based or prediction markets. Anne notably was the architect and manager of the landmark CFTC enforcement program involving the manipulation and false reporting of LIBOR, Euribor and TIBOR. She led negotiations with nine global financial institutions, imposing $2.8 billion penalties in the sprawling international investigation that involved regulatory and law enforcement agencies across Europe and Asia, multiple divisions of the US Department of Justice, and a coalition of more than 40 state attorneys general. In recognition of her leadership handling the LIBOR investigations, she received the Chairman’s Award for Excellence, the CFTC’s highest award.
Before joining the CFTC, Anne was a senior assistant district attorney in the Orleans Parish District Attorney’s Office. She tried more than 140 jury and non-jury trials, including several first-degree and second-degree murder cases.
Recent Notable Matters
Coinbase, Inc. — financial services regulations, including the regulatory requirements of the CFTC related to cryptocurrency
Several individuals and companies — exchange and CFTC enforcement matters related to trade practice violations, failure to supervise, and market manipulation
Multiple swap dealers on compliance — CFTC’s regulations, including rules related to external business conduct standards and the trading of swaps on SEFs
Multiple derivatives market participants, including financial institutions — compliance with and training of CFTC regulations, including policies and procedures related to futures and swaps trading and clearing and potential enforcement implications
Multiple derivatives market participants — regulatory requirements for domestic and international derivatives activities, including swap product analysis and swap dealer registration requirements
Publications and Speeches
“Swaps and Derivatives and Market Enforcement: Trends and Lessons from the Past,” Practising Law Institute, Enforcement 2021: Perspectives from Government Agencies, May 2021.
“Enforcement Trends,” Futures Industry Association, Law & Compliance Conference, April 2021.
“CFTC Enforcement and Regulatory Report: 2020 in Review and 2021 Outlook,” Futures and Derivatives Law Report, February 2021.
“CFTC Enforcement Update: 2020 in Review and Outlook for 2021,” Futures Industry Association, Law & Compliance Division Conference, January 2021.
“Surveillance: What Does it Take to Build and Operate an Effective Trading Surveillance Program?” Futures Industry Association, Law & Compliance Conference, October 6, 2020.
“Swaps and Derivatives and Market Enforcement: Trends and Lessons from the Past,” Practising Law Institute Conference, Enforcement 2021: Perspectives from Government Agencies, May 2020.
“Managing the Risk: An Overview of CFTC Swap Dealer Enforcement Actions Under Dodd-Frank,” The Review of Securities & Commodities Regulation, August 3, 2020.
“Outside Counsel Perspective,” Commodity Markets Council State of the Industry Conference, January 29, 2019.
“Data, Reporting and the Enforcement,” ABA Futures & Derivatives Law Conference, January 25, 2019.
“CFTC Enforcements and Regulatory Report: Outlook for 2018,” Futures and Derivatives Law Report, March 2018.
“A Very Active Year for the CFTC So Far,” Law360, August 30, 2017.
“Negotiation Skills: Resolution of Agency Enforcement Proceedings,” Energy Bar Association, Enforcers and Defenders Forum, March 2015.
“An Overview of the CFTC Enforcement Program and the LIBOR Investigations,” National Defense University, Eisenhower School, Strategic Leadership Department Financial Services Industry Studies Student and Faculty, January 2015.