Grenada Financial Regulator to Submit Amended Business Plan
Background
The Grenada Authority for the Regulation of Financial Institutions (the “Authority”) has received instructions from the Minister to submit a proposal to amend its approved business plan. This development is in accordance with Section 24 of the Act, which requires the Authority to implement its business plan each financial year and establish a mechanism for monitoring its implementation.
Requirements
The Authority must fulfill several requirements to comply with the Act. These include:
- Implementing its business plan each financial year
- Establishing a mechanism for monitoring its implementation
- Keeping proper books of account
- Ensuring that all money received are promptly brought to account
- Maintaining adequate control over its property and liabilities
- Preparing financial statements that record and explain transactions, enable determination of its position with reasonable accuracy at any time, and facilitate preparation and auditing of financial statements
Annual Report and Financial Statements
The Authority is required to submit its annual report to the Minister by April 30th each year. The report must include:
- A statement of assets and liabilities
- Revenue and expenditure
- Other financial statements specified in writing by the Minister
The Director of Audit must audit the financial statements not later than three months after receipt from the Authority.
Public Disclosure
The audited financial statements and annual report must be laid before both Houses of Parliament not later than June 30th following the end of the year to which they relate. The Authority is also required to publish its financial statements and annual report in the Gazette as soon as reasonably practicable after they have been laid before the House of Representatives.
Power to Amend Business Plan
The Minister has been empowered to require the Authority to submit a proposal to amend an approved business plan on request, within the time required by the Minister. Subsections 3-6 apply to such proposals.
Transfer of Assets and Liabilities
Meanwhile, the assets and liabilities of the Grenada International Financial Services Authority have been transferred to and vested in the new authority established under this Act.