Bahamas Regulator Appoints ‘Big Four’ Auditor PWC as Joint Provisional FTX Liquidator

On Nov. 14, 2022, the Securities Commission of the Bahamas (SCB) published a property merchandise that explains the ‘Big Four’ accounting steadfast PWC (Pricewaterhousecoopers) has been designated arsenic provisional liquidator successful the FTX investigation. The SCB elaborate that “given the magnitude” of the events surrounding FTX, the Bahamas regulator recognized that it had to “move swiftly.”

‘Big Four’ Auditing Company PWC Appointed to Provisional Liquidator Status successful the FTX Investigation

According to a press release published by the SCB connected Monday, Kevin Cambridge and Peter Greaves from the ‘Big Four’ accounting steadfast PwC were approved by the tribunal arsenic associated provisional liquidators. Essentially, provisional liquidators, dissimilar accepted liquidators, bash not administer funds arsenic they are appointed to safeguard the bankrupt company’s remaining assets.

The SCB further noted that it is moving with “other ace supervisory authorities” successful respect to the FTX fallout. “Over the coming days and weeks, the committee expects to prosecute with different supervisory authorities connected a regulator-to-regulator ground arsenic this lawsuit is multijurisdictional successful nature,” the SCB elaborate connected Monday. Additionally, the securities regulator said that the lawsuit needed to beryllium expedited due to the fact that of the implications and magnitude of FTX’s collapse.

“Given the magnitude, urgency, and planetary implications of the unfolding events with respect to FTX, the committee recognized that it had to, and moved swiftly to usage its regulatory powers nether the Digital Assets and Registered Exchanges Act, 2020 (“DARE Act”) to further support the interests of clients, creditors, and different stakeholders globally of FTX Digital Markets Ltd. (FDM),” the securities regulator explained.

The quality follows the Bahamas regulator freezing FTX’s assets and directing the Supreme Court to name a provisional liquidator. The SCB further noted connected Nov. 12 that the regulator did not o.k. “the prioritization of withdrawals for Bahamian clients.” The pursuing day, connected Nov. 13, reports detailed that the Royal Bahamas Police Force said an probe into FTX was underway.

“A squad of fiscal investigators from the Financial Crimes Investigation Branch are moving intimately with the Bahamas Securities Commission to analyse if immoderate transgression misconduct occurred,” the Bahamian constabulary spokesperson told the media.

What bash you deliberation astir PWC being appointed to provisional liquidator presumption successful the ongoing FTX case? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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