Nassau, The Bahamas – On 12 November 2022, the Securities Commission of The Bahamas (“the Commission”), in the exercise of its powers as regulator acting under the authority of an Order made by the Supreme Court of The Bahamas, took the action of directing the transfer of all digital assets of FTX Digital Markets Ltd. (“FDM”) to a digital wallet controlled by the Commission, for safekeeping. Urgent interim regulatory action was necessary to protect the interests of clients and creditors of FDM.

Under the Digital Assets and Registered Exchanges Act, 2020 (“DARE Act”), the Commission has the authority to apply for a judicial order to protect the interests of clients or customers of a registrant of the Commission under the DARE Act.

It is not the understanding of the Commission that FDM is a party to the US Chapter 11 Bankruptcy proceedings.

Over the coming days and weeks, the Commission will engage with other regulators and authorities, in multiple jurisdictions, to address matters affecting the creditors, clients and stakeholders of FDM globally to obtain the best possible outcome.

Untangling the crash is veteran regulator Chistina Rolle who was re-elected Vice Chair of the Inter-American Regional Committee (IARC) of the International Organization of Securities Commissions (IOSCO) on 19 July 2022.

Executive Director Rolle will serve as Vice Chair in a personal capacity for the 2022-2024 term. She was first elected in April 2020 for the remainder of the term 2018-2020 and then for the term 2020-2022. By virtue of her re-election, Ms. Rolle will remain a member of IOSCO’s Board for the duration of her term.

Ms. Rolle holds an MBA from Kellogg School of Management (Northwestern University) and is an alumna of Harvard Business School. She has more than 25 years of experience in the financial services industry. Prior to her appointment as Executive Director of the Securities Commission in January 2015, Ms. Rolle acted as Director and Deputy CEO for a prominent international private bank and held various senior managerial positions with local and other international institutions including Head of Trust and Fiduciary, Head of Risk, Compliance and Corporate Governance and Manager of Banking Services. In addition, Ms. Rolle was a member of the FATCA advisory group for the Government of The Bahamas and has served on the Board of Directors of The Bahamas Financial Services Board (2009-2012) and the Society of Trust and Estate Practitioners (STEP), Bahamas branch (2003-2005).