These things are rarely straightforward. If the matters were proven it may well be that other authorities would involve themselves because in City's words at CAS: "The allegations made by the CFCB in these proceedings are serious and based on fraud and conspiracy involving MCFC, ADUG and the sponsors Etisalat and Etihad." Therefore, if proven, City would clearly have an issue.
It really isn't a debate that this is what the allegations amount to given that City said this themselves. For CAS' part they said:
"UEFA’s theory would also mean that not only MCFC lied to The FA and UEFA, but also that accountancy firms such as BDO, Deloitte, Ernst & Young and AlixPartners that all examined accounts of one or more entities involved were all misled."
So again, if proven, very serious. Not hyperbolic and not my words.
It doesn't really confirm anything that no other authorities (that we know of) have taken action. They can wait and see.