Statutory Objectives

Statutory Objectives

FCS's Statutory Objectives

Strong regulation and supervision are essential to ensure stability in the financial system. FCS's objective is to position Grenada as a jurisdiction of substance with the right balance between regulation and business development. The revision of the legislative framework in 2007 and the implementation of the Risk-Based Supervision framework, further reinforce the supervision of the financial services sector, the continuous review of the legislations and the supervisory tools ensure alignment with international norms and standards.

The FCS is mandated under the Financial Services Act, to inter alia:

  • ensure the orderly administration of the financial services and global business activities;
  • ensure the sound conduct of business in the financial services sector and in the global business sector;
  • elaborate policies which are directed to ensure fairness, efficiency and transparency of financial and capital markets in Grenada;
  • study new avenues for development in the financial services sector, to respond to new challenges and to take full advantage of new opportunities for achieving economic sustainability and job creation;
  • ensure soundness and stability of the financial system in Grenada; and
  • work out objectives, policies and priorities for the development of the financial services sector and global business.




FCS's core functions


Regulate and supervise
The FCS regulates and supervises entities licensed and/or registered under its Enabling Laws.

License
The

Financial Services (Consolidated Rolling Reserve and Fees) Rules 2008

apply to all entities licensed and regulated by the FCS and aim at streamlining the licensing process by providing a comprehensive set of licensing criteria and requirements within a well defined and consolidated framework.

Enforce regulatory and compliance requirements
The FCS requires that its licensees demonstrate compliance with the requirements set out in the

legislative framework

. Our legislation has over the years been consolidated to reinforce our powers to mitigate risks while creating an innovative business environment.

Policy formulation
The FCS elaborates policies which aim at ensuring fairness, efficiency, transparency and stability of the financial system in Grenada

Combat fraud and money laundering
The FCS takes measures to prevent and address investment business abuse, market abuse and financial fraud in relation to any activity conducted in the non-banking financial services and global business sector by implementing an Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) framework and adhering to international norms and standards

Promote development of the sector
The FCS has the statutory obligation to promote development in the financial services sector so as to respond to new challenges and achieve economic stability. In this respect, the FCS values the contribution of the industry and other stakeholders.

Ensure consumer education and protection
The FCS through its legislative framework ensures the protection of consumers and investors. The FCS promotes access to financial services through dissemination of financial information and awareness of the benefits and risks associated with the financial markets.