Regulatory Alerts2022-12-29
Added · Updated
Summons For Directions In The Matter Of FTX Digital Markets Ltd
The Securities Commission of the Bahamas seeks court directions regarding the disclosure of information about digital assets held in secure wallets to representatives of US Debtors in pending Chapter 11 bankruptcy proceedings. The application asks the Supreme Court to determine whether such information should be provided and, if so, what specific details and methods of provision are appropriate. The Securities Commission also requests that the costs of the application be paid to it as trustee of the assets.
SUPREME COURT DEC 29 2022 NASSAU, BAHAMAS
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT COMMERCIAL DIVISION
2022/COM/com
IN THE MATTER OF the Digital Assets and Registered Exchanges Act, 2020 (as amended)
AND IN THE MATTER OF FTX DIGITAL MARKETS LTD. (A Registered Digital Asset Business)
BETWEEN
SECURITIES COMMISSION OF THE BAHAMAS Plaintiff
AND
FTX DIGITAL MARKETS LTD. Defendant
SUMMONS FOR DIRECTIONS
LET ALL PARTIES CONCERNED attend before The Honourable Chief Justice, in Chambers, at The Supreme Court, Annex 1, situate at Bank Lane, in the City of Nassau on the Island of New Providence, one of the Islands in The Commonwealth of The Bahamas on Thursday the 29th day of December, A.D., 2022 at 9:30 o'clock in the fore-noon on the hearing of an application by the Plaintiff ("the Securities Commission"), pursuant to the terms of the earlier Order made herein by The Honourable Justice Loren Klein on 12th November, 2022 granting the parties liberty to apply, FOR DIRECTIONS by this Honourable Court on the following issues; namely: –
- Whether the Securities Commission should provide to the representatives of the US Debtors in the pending US Chapter 11 bankruptcy proceedings ("Chapter 11 proceedings"), information respecting the digital assets being held in secure digital wallets established by, and under the control of, the Securities Commission?
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- If the answer to question (i) is in the affirmative, what information and details (if any) should the Securities Commission provide the US Debtors' representatives having regard to the circumstances of this particular case and the manner in which such information and details ought to be provided?
AND FOR AN ORDER that the costs of and occasioned by this application are to be paid to the Securities Commission as a trustee of the said assets and the parties be at liberty to apply.
DATED: The 23rd day of December, A.D., 2022
REGISTRAR
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COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT COMMERCIAL DIVISION
IN THE MATTER OF the Digital Assets and Registered Exchanges Act, 2020 (as amended)
AND IN THE MATTER OF FTX DIGITAL MARKETS LTD. (A Registered Digital Asset Business)
BETWEEN
SECURITIES COMMISSION OF THE BAHAMAS Plaintiff
AND
FTX DIGITAL MARKETS LTD. Defendant
SUMMONS FOR DIRECTIONS
2022/COM/com
DELANEY PARTNERS Lyford Manor (West Bldg.) Western Road, Lyford Cay Nassau, New Providence The Bahamas
Attorneys for the Plaintiff
RKA/EJM/sjs 0833-2949
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