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. Act No. 5 of 2006 was subsequently repealed and replaced in 2008 by Act No. 1 of 2008 which broadened the scope of responsibilities of GARFIN and strengthened its supervisory powers.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- Insurance Act, Cap. 150 subsequently repealed and replaced with the Insurance Act, 2010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
- International Companies Act, Cap. 152
- International Insurance Act, 1996
- Offshore Banking Act, 2003
- Grenada Development Bank Act, Cap. 129
- Money Services Business Act, 2009
Previous to the creation of GARFIN the above legislation was under the administration of several separate regulatory authorities. Consolidation under one regulatory authority was designed to strengthen overall supervision of the sector.
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:
- Mr. Lennox Andrews - Chairman, Permanent Secretary, Ministry of Finance
- Lt. Col. Nestor Ogilvie - Deputy Chairman, Retired
- Ms. Patricia Antoine - Accountant General, Ministry of Finance
- Mr. Christopher De.Allie - Manager, Sissons Paints
- Ms. Laurel Bain - Director of Statistics, ECCB
- Mr. Kingsley Ashby - Banker, Scotiabank
- Mr. Hugh Wildman - Ministry of Legal Affairs