FCA cancels permission of Cypriot firm Felicitas Management Investment Services
The UK Financial Conduct Authority (FCA) has published a notice cancelling the Part 4A permission of Cyprus-based firm Felicitas Management Investment Services.
The FCA explains that it issued to Felicitas a decision notice, which notified it that pursuant to section 55J of the Act and Regulation 8(5)(a) of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018, the Authority had decided to cancel Felicitas’ Part 4A permission.
Felicitas has not referred the matter to the Tribunal within 28 days of the date on which the Decision Notice was given to Felicitas.
Accordingly, the Authority today cancelled Felicitas’ Part 4A permission.
The FCA notes that, on 12 April 2021, CySEC withdrew Felicitas’ authorisation on the grounds of Felicitas’ failure to comply with relevant laws and regulations pertaining to conditions of registration as an investment firm in Cyprus.
In light of these matters, the Authority considers it is desirable to cancel Felicitas’ Part 4A permission in order to protect and enhance the integrity of the UK financial system.