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On Nov. 14, 2022, the Securities Fee of the Bahamas (SCB) printed a press launch that explains the ‘Large 4’ accounting agency PWC (Pricewaterhousecoopers) has been designated as provisional liquidator within 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.”
‘Large 4’ Auditing Firm PWC Appointed to Provisional Liquidator Standing within the FTX Investigation
Based on a press launch printed by the SCB on Monday, Kevin Cambridge and Peter Greaves from the ‘Large 4’ accounting agency PwC have been accepted by the court docket as joint provisional liquidators. Primarily, provisional liquidators, not like typical liquidators, don’t distribute funds as they’re appointed to safeguard the bankrupt firm’s remaining property.
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 have interaction 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 below the Digital Belongings and Registered Exchanges Act, 2020 (“DARE Act”) to additional shield 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 property and directing the Supreme Courtroom 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, experiences detailed that the Royal Bahamas Police Power mentioned an investigation into FTX was underway.
“A crew of economic investigators from the Monetary Crimes Investigation Department are working carefully with the Bahamas Securities Fee to analyze if any prison misconduct occurred,” the Bahamian police spokesperson informed the media.
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