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Authority Obligated to Implement Business Plan

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The Grenada Authority for the Regulation of Financial Institutions (GARFI) has a legal obligation to implement its business plan for each financial year, starting from [insert date]. This is according to Section 24A of the Financial Services Act, which states that GARFI shall establish a mechanism for monitoring the implementation of the business plan.

Auditing and Reporting Requirements

The Authority is responsible for keeping proper books of account and ensuring that all money received is promptly accounted for. According to Section 24B of the Act, GARFI shall prepare financial statements and an annual report on the implementation of its business plan within three months after the end of each financial year.

Key Reporting Deadlines

  • Financial statements: submitted to the Director of Audit within three months after the end of each financial year
  • Annual report: submitted to the Minister by April 30th, and laid before both Houses of Parliament not later than June 30th following the end of the year

Audit by Director of Audit

The Director of Audit shall audit the financial statements and submit a report to the Minister not later than three months after receipt of the financial statements. The report shall be laid before the House of Representatives not later than seven days after its receipt, according to Section 24C of the Act.

Annual Report Submission

GARFI shall submit an annual report on its transactions during the previous financial year, together with audited balance sheet and income and expenditure accounts, to the Minister by April 30th. The report and accounts shall be laid before both Houses of Parliament not later than June 30th following the end of the year.

Grenada International Financial Services Authority

The assets and liabilities of the Grenada International Financial Services Authority established under section 3(1) of the Grenada International Financial Services Authority Act, 1999 (repealed), are transferred to and vest in GARFI.

Information Sharing

Entities regulated by GARFI shall provide the Authority with such information, including audited financial statements, at such time and in such form as required. The Authority may consider necessary in connection with the exercise of its powers, duties and functions conferred under this Act or any enactment referred to in the First Schedule.

Information Requirements

  • Audited financial statements
  • Complete and accurate information
  • Required by GARFI at a specified time and in a specified form

Fees and Late Filing Penalty

A person shall pay a prescribed fee on account for any act, matter or thing done or required to be done under this Act. Failure to file a return or provide complete and accurate information may result in a penalty of a prescribed amount.

Fees and Penalties

  • Prescribed fees: payable for acts, matters, or things done or required to be done under the Act
  • Late filing penalty: applicable for failure to file returns or provide complete and accurate information

Debt Due Authority

Any fee or penalty that is payable to the Authority is deemed a debt due to GARFI and shall be recoverable as such.

Minister’s Response Requested

The Minister has been requested to provide reasons for not approving this article. The public is invited to share their views on these requirements and how they impact the financial sector in Grenada.