On Nov. 14, 2022, the Securities Fee of the Bahamas (SCB) printed a press launch that explains the ‘Massive 4’ accounting agency PWC (Pricewaterhousecoopers) has been designated as provisional liquidator in the FTX investigation. The SCB detailed that “given the magnitude” of the occasions surrounding FTX, the Bahamas regulator acknowledged that it needed to “transfer swiftly.”
‘Massive 4’ Auditing Firm PWC Appointed to Provisional Liquidator Standing in the FTX Investigation
In accordance with a press launch printed by the SCB on Monday, Kevin Cambridge and Peter Greaves from the ‘Massive 4’ accounting agency PwC have been accredited by the courtroom as joint provisional liquidators. Basically, provisional liquidators, in contrast to typical liquidators, don’t distribute funds as they’re appointed to safeguard the bankrupt firm’s remaining belongings.
The SCB additional famous that it’s working with “different tremendous supervisory authorities” in regard to the FTX fallout. “Over the approaching days and weeks, the fee expects to interact with different supervisory authorities on a regulator-to-regulator foundation as this occasion is multijurisdictional in nature,” the SCB detailed on Monday. Moreover, the securities regulator mentioned that the case wanted to be expedited due to the implications and magnitude of FTX’s collapse.
“Given the magnitude, urgency, and worldwide implications of the unfolding occasions with regard to FTX, the fee acknowledged that it needed to, and moved swiftly to make use of its regulatory powers beneath the Digital Belongings and Registered Exchanges Act, 2020 (“DARE Act”) to additional defend the pursuits of shoppers, collectors, and different stakeholders globally of FTX Digital Markets Ltd. (FDM),” the securities regulator defined.
The information follows the Bahamas regulator freezing FTX’s belongings and directing the Supreme Court docket to nominate a provisional liquidator. The SCB additional famous on Nov. 12 that the regulator didn’t approve “the prioritization of withdrawals for Bahamian shoppers.” The next day, on Nov. 13, stories detailed that the Royal Bahamas Police Pressure mentioned an investigation into FTX was underway.
“A workforce of monetary investigators from the Monetary Crimes Investigation Department are working intently with the Bahamas Securities Fee to research if any legal misconduct occurred,” the Bahamian police spokesperson advised the media.
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