The Grenada Financial Regulatory Commission (GFRC) has a distinguished history of overseeing and regulating the Financial Regulatory industry within Grenada. Established to continue the legacy of financial oversight and regulation, the GFRC serves as the pivotal body for ensuring the stability and integrity of the financial system in Grenada.
The GFRC is led by a Commissioner who serves as the Chief Executive Officer. This Commissioner is accountable to a Board of Directors, which is appointed by the Honorable Minister of Finance for a term of five years. The board consists of seven members, including two ex-officio members, one member with legal qualifications and experience, and four other members, two of whom are required to have financial expertise and experience. The Board's leadership comes from its Chairperson, a position currently held by a distinguished member of the financial community.
GFRC Organization
Supporting the Commissioner is the Deputy Commissioner, and the organizational structure includes four main departments: Corporate Services, Legal Enforcement & Insolvency, Supervision, and Registration.
Corporate Services Department
This department focuses on enhancing the Commission’s operational capabilities, supporting other departments within the Commission. It is tasked with internal "housekeeping," developing human resources management systems, policies including legislation, practices, and ensuring compliance with statutory obligations to secure the Commission's present and future.
Legal Enforcement and Insolvency Department
Tasked with the Official Receiver function, providing legal advice, and enforcing compliance concerning annual returns, fees, and potential strike-offs, this department plays a crucial role in maintaining legal and regulatory standards within the financial sector.
Supervision Department
The Supervision department oversees the prudential supervision of entities licensed under various acts controlled by the GFRC. Adhering to international standards of regulation and supervision is crucial for maintaining Grenada's reputation in the global Financial Regulatory industry.
Registration Department
Responsible for the incorporation of companies, charitable associations, trade unions, and business names, the Registration Department is a cornerstone of the GFRC's operations, facilitating the formal recognition and regulation of various entities within Grenada's Financial Regulatory sector.
This framework ensures that the GFRC operates effectively as Grenada’s guardian of financial integrity, promoting stability, and fostering growth within the Financial Regulatory industry.
