Securities Commission of the Bahamas (SCB) published a press release that explains the ‘Big Four’ accounting firm PWC has been designated as provisional liquidator in the FTX investigation. The SCB detailed that “given the magnitude” of the events surrounding FTX, the Bahamas regulator recognized that it had to “move swiftly.”  Essentially, provisional liquidators, unlike conventional liquidators, do not distribute funds as they are appointed to safeguard the bankrupt company’s remaining assets.

The SCB further noted that it is working with “other super supervisory authorities” in regard to the FTX fallout. “Over the coming days and weeks, the commission expects to engage with other supervisory authorities on a regulator-to-regulator basis as this event is multijurisdictional in nature,” the SCB detailed on Monday. Additionally, the securities regulator said that the case needed to be expedited because of the implications and magnitude of FTX’s collapse.