HISTORY
The Grenada Authority for the Regulation of Financial Institutions (GARFIN or the Authority) is a Statutory Body created by Parliament by way of the Grenada Authority for the Regulation of Financial Institutions Act No. 5 of 2006. This Act was proclaimed effective on February 01, 2007 by way of SRO No. 2 of 2007. After some enhancements in 2008, the GARFIN Act became CAP 125A in the 2010 Continuous Revised Edition of the Laws of Grenada which broadened the scope of responsibilities of GARFIN and strengthened its supervisory powers.
GARFIN is referred to as the Single Regulatory Unit or SRU for the non bank financial sector. The GARFIN Act consolidated supervision of the non bank financial sector under one Authority making GARFIN responsible for the administration of some twelve pieces of legislation as follows:
- Building Societies Act, Cap. 38
- Friendly Societies Act, Cap. 118
- Cooperative Societies Act, 1996 (as it relates to financial cooperatives or credit unions)
- Insurance Act, Cap. 150 subsequently repealed and replaced with the Insurance Act, 2010
- Company Management Act, 1996
- International Betting Act, 1998
- International Trusts Act, 1996
- Grenada Development Bank Act, Cap. 129
- Money Services Business Act, 2009
- Virtual Asset Act, 2021
Prior to December 2021, GARFIN was responsible for administering 12 pieces of legislation. Three pieces of these legislation were repealed with effect from December 31, 2021. They are the International Companies Act, Cap. 152; International Insurance Act, Cap. 152B; and the Offshore Banking Act, Cap. 217A.
GARFIN is now responsible for the administration of 10 pieces of legislation with the addition of the Virtual Assets Act which provides for supervision of digital financial businesses not backed by fiat currency.
The Eastern Caribbean Central Bank (ECCB) maintains responsibility for supervision of commercial banks in Grenada and the Eastern Caribbean Securities Regulatory Commission (ECSRC) responsibility for securities business.
GARFIN is now responsible for the administration of 10 pieces of legislation with the addition of the Virtual Assets Act which provides for supervision of digital financial businesses not backed by fiat currency.
The Eastern Caribbean Central Bank (ECCB) maintains responsibility for supervision of commercial banks in Grenada and the Eastern Caribbean Securities Regulatory Commission (ECSRC) responsibility for securities business.
The Executive Director after incorporation was Mr. Angus Smith. The current Executive Director is Mr. Denis Felix.
The first Board of Directors comprised the following:
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Mr. Lennox Andrews - Chairman, Permanent Secretary, Ministry of Finance
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Lt. Col. Nestor Ogilvie - Deputy Chairman, Retired
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Ms. Patricia Antoine - Accountant General, Ministry of Finance
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Mr. Christopher De.Allie - Manager, Sissons Paints
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Ms. Laurel Bain - Director of Statistics, ECCB
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Mr. Kingsley Ashby - Banker, Scotiabank
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Mr. Hugh Wildman - Ministry of Legal Affairs