August 10, 2020

Volume X, Number 223

August 10, 2020

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CFTC Acting Chairman Giancarlo Appoints Amir Zaidi as Director of Division of Market Oversight

On Friday January 27, CFTC Acting Chairman announced a series of staff changes at the CFTC, including the appointment of Amir Zaidi to lead the CFTC’s Division of Market Oversight (“DMO”). Mr. Zaidi has served in a number of roles at the Commission since he joined in 2010. Most recently, he was Legal Counsel and Policy Advisor in the Office of Commissioner Giancarlo. Mr. Zaidi’s Division will be responsible for carrying out many of the swaps trading changes that Acting Chair Giancarlo recently discussed should the CFTC proceed with those changes (link).

Acting Chairman Giancarlo also appointed Vincent McGonagle as the Acting Director for the Division of Enforcement (“DOE”). Mr. McGonagle, a longtime veteran at the CFTC, was previously Director of DMO, presiding over the registration and approval of 23 SEFs and the implementation of the current swaps trading rules. Prior to his tenure as Director of DMO, Mr. McGonagle served as Principle Deputy Director in DOE.

A press release detailing the recent staff changes can be found here.

© 2020 Covington & Burling LLPNational Law Review, Volume VII, Number 30


About this Author

James Kwok, Covington Burling, Corporate Lawyer, Investment Banking

James Kwok provides advice to financial institutions, asset managers and commercial entities with respect to derivatives. He also regularly represents clients on a wide range of regulatory and policy matters, including with respect to federal securities law, the Investment Advisers Act, and the Commodity Exchange Act.

Mr. Kwok also has passed all three levels of the Chartered Financial Analyst exams.

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Stephen Humenik, regulatory and public policy lawyer, Covington
Of Counsel

Stephen M. Humenik leads the firm’s futures and derivatives practice. He has extensive experience on cross-border regulatory, compliance and enforcement matters involving the U.S. Commodity Futures Trading Commission (CFTC) and markets for derivatives and physical and financial commodities. Mr. Humenik applies his business, operational, and government experience to the implementation of CFTC regulations, including the registration, trading, clearing and other compliance obligations of the Dodd-Frank Act and other global regulatory reforms.

Anne M. Termine, Covington, securities litigation attorney
Of Counsel

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...