prior to the registration of the security, and failing to adequately monitor and maintain the collateral for the bonds. SEC Act S.46 Settlement Committee Meeting No. 10/2025 Settlement Committee

the SEC office on March 19, 2021 and the auditor is limited its scope of the review or audit by the GL’s executives of the securities issuer for that the financial statement that caused MD&A for Q3

scope of work. In addition, CL did not inform the SEC about the outsourcing. SEC Act S.100 in conjunction with 113 Settlement Committee Meeting No. 2/2025 Settlement Committee Order No. 20/2025 Dated

scope of work. In addition, CL did not inform the SEC about the outsourcing. This case is in the process of inquiry by the inquiry official. SEC Act S.100 in conjunction with 113 Criminal Complaint

collateral. Furthermore, BAY failed to monitor and oversee the collateral while it was under its care. Such actions constitute a violation of Section 300 in conjunction with Section 46, which is subject to