GRENADA AUTHORITY FOR THE REGULATION

OF FINANCIAL INSTITUTIONS (GARFIN)

Objectives

The objects of the authority as specified in Section 13 of the GARFIN Act are as follows:

  • The maintaining of public confidence in the financial system operating in Grenada.
  • The promoting of public understanding and awareness of the financial system operating in Grenada including the awareness of the benefits and risks associated with different kinds of investments or other financial dealings and the provision of appropriate information and advice.
  • The securing of the appropriate degree of protection for consumers having regard to:
    1. The differing degrees of risks involved in different kinds of investment or other transaction,
    2. The differing degrees of experience and expertise that different consumers may have in relation to different kinds of regulated activity,
    3. The needs that consumers may have for advice and accurate information, and
    4. The general principle that consumers should take responsibility for their decisions

Mission

To promote and maintain public confidence in, and the integrity of the financial system in Grenada through the effective regulation and supervision of designated non-bank financial institutions.

Functions

GARFIN is responsible for regulating and supervising the non-bank financial sector in Grenada with specific responsibility for administering the following legislation:

  • Building Societies Act, Cap. 38
  • Company Management Act, 1996
  • Co-operative Societies Act, 1996
  • Friendly Societies Act, Cap. 118
  • Insurance Act No.5 of 2010
  • International Betting Act, 1998
  • International Companies Act, Cap. 152
  • International Insurance Act, 1996
  • International Trusts Act, 1996
  • Offshore Banking Act, 2003
  • Grenada Development Bank Act, Cap. 129
  • Money Services Business Act No. 10 of 2009