Grenada Financial Services Regulatory Commission Act: Key Points

The Grenada Financial Services Regulatory Commission Act outlines key regulations for financial reporting and auditing in Grenada. Below are the essential points related to these areas.

Financial Reporting Requirements

• The Authority is required to prepare comprehensive financial statements, including:

  • A statement of assets and liabilities
  • Revenue and expenditure accounts
  • Other specified financial statements as necessary

• Additionally, the Authority must submit an annual report on its implementation of the business plan and any other matters deemed essential by the Authority or directed by the Minister.

Audit Process

• The Director of Audit is responsible for auditing the Authority’s financial statements within three months of receiving them.
• A copy of the audit report, along with the financial statements and annual report, must be submitted to the Minister upon completion.
• The Minister is required to lay the report before the House of Representatives within seven days of its receipt.

Publication Obligations

• Once the report has been laid before the House of Representatives, the Authority must ensure its publication in the Gazette as soon as reasonably practicable.