Here is the article in markdown format:

Grenada Financial Services Regulatory Unit Regulations

The Grenada Financial Services Regulatory Unit has outlined the following regulations and procedures to ensure transparency, accountability, and compliance with financial laws.

Establishment and Powers

• The Authority for the Regulation of Financial Institutions (the “Authority”) is established under this Act.
• The Authority has the power to regulate financial institutions, including:
  • Banks
  • Credit unions
  • Insurance companies
  • Securities dealers

Financial Reporting

• The Authority must prepare annual financial statements and reports on its implementation of the business plan.
• These documents must be audited by the Director of Audit within three months of receipt.
• The Minister must lay these reports before the House of Representatives within seven days of receipt.

Audit and Reports

• The Director of Audit must audit the Authority’s financial statements annually.
• The report, along with the financial statements and annual report, must be laid before the House of Representatives within 30 days of receipt.

Publication

• Once the report has been laid before the House of Representatives, it must be published in the Gazette as soon as reasonably practicable.

General Provisions

• Entities subject to Authority regulation must provide information, including audited financial statements, at the request of the Authority.
• Fees and penalties are payable to the Authority for various services and non-compliance with regulations.