FCA cancels permission of DQN Global Capital Partners to conduct regulated activities
The UK Financial Conduct Authority (FCA) has decided to cancel DQN Global Capital Partners LLP’s Part 4A permission.
The effect of the cancellation is that DQN Global Capital Partners LLP no longer has permission to carry on any regulated activities.
DQN was authorised by the FCA on 20 October 2008 to conduct the following regulated activities:
- advising on investments (except on pension transfers and pension opt outs);
- advising on p2p agreements;
- agreeing to carry on a regulated activity.
- arranging (bringing about) deals in investments; and
- making arrangements with a view to transactions in investments.
DQN failed to pay periodic fees and levies owed to the Authority and has failed to submit the Returns to the Authority.
On 22 August 2023, the FCA gave DQN the Notice which stated that:
- the Authority considered that DQN is carrying on no regulated activity to which its Part 4A permission relates; and
- the Authority proposes to cancel DQN’s Part 4A permission on 18 September 2023.
DQN failed to take the steps specified in the Notice.
The FCA concluded that DQN is carrying on no regulated activity to which its Part 4A permission relates. The Authority therefore decided to cancel DQN’s Part 4A permission. The cancellation of DQN’s Part 4A permission takes effect on September 18, 2023.
If DQN is aggrieved by the decision to cancel its Part 4A permission, it may make an application for an annulment of the Authority’s decision. DQN must submit a completed application for an annulment of the Authority’s decision to the Authority by 17 August 2024.