Regulator Proposes Amendments to Business Plan, Submits Reports to Minister

Grenada Authority for the Regulation of Financial Institutions Submits Proposal to Amend Approved Business Plan

The Grenada Authority for the Regulation of Financial Institutions (GARFI) has submitted a proposal to amend its approved business plan to the Minister, as required by Section 24 of the Financial Services Act. The proposal aims to make changes to the Authority’s strategic objectives and operational plans, seeking to improve the effectiveness of its regulatory functions and enhance its ability to oversee the financial sector.

Reports on Implementation and Challenges

In addition to submitting the proposal, GARFI has also provided a report on its implementation of the current business plan, as required by Section 24A of the Act. The report highlights the Authority’s progress in achieving its objectives and outlines any challenges it has faced during the year.

Obligations under the Financial Services Act

Under the Financial Services Act, GARFI is obligated to implement its business plan each financial year and establish a mechanism for monitoring its implementation. The plan sets out the Authority’s strategic objectives, operational plans, and key performance indicators. Additionally, the Authority is required to keep proper books of account and submit annual financial statements and reports to the Minister, as well as undergo an audit by the Director of Audit.

Annual Audited Financial Statements and Report

The audited financial statements and report are then laid before the House of Representatives, providing transparency and accountability to the public. The report highlights any areas of non-compliance with the Act and provides recommendations for improvement.

In related news, the Director of Audit has completed its audit of GARFI’s financial statements for the previous year and submitted a report to the Minister. The report identifies any areas of non-compliance with the Act and provides recommendations for improvement.

Purpose of the Financial Services Act

The Financial Services Act aims to promote the stability and integrity of Grenada’s financial sector by establishing a robust regulatory framework. The Act also seeks to ensure that financial institutions operate in a manner that is fair, transparent, and accountable to stakeholders.

Review and Implementation

The proposals and reports submitted by GARFI will be reviewed by the Minister and the House of Representatives before any decisions are made on their implementation.