Capital Markets & Collective Investment Schemes Supervision Section (CM & CISSS)
Markets & Collective Investment Schemes Supervision Section (CM&CISSS)
is responsible for the regulation and supervision of entities licensed under
Act, 2007, and the Mutual Fund and Hedge Fund Act, 2008. As such, the
CM&CISSS regulates both the securities markets in the Grenada and
collective investments schemes business in or from the Grenada. The
CM&CISSS also actively explores the boundaries of regulation in a bid to
develop the market, improve efficiency and to effectively protect financial
The primary objectives of the FCS as the Securities
- the protection of investors;
- ensuring that markets are fair, efficient and transparent;
- the protection of the good repute of the Grenada as an international financial service center; and
- working with other regulatory agencies to ensure mitigation of systemic risk.
the CM & CISSS
The CM & CISSS
comprises of three units:
- Authorisations Unit – which receives, assesses the eligibility and determines the outcome of authorization applications. The Authorisation Unit acts as a gatekeeper, ensuring that only applicants that meet the regulatory standards of the FCS and are deemed to be fit and proper are authorized to carry out regulated business, this to ensure the protection of consumers and the good repute of the financial services industry of the Grenada;
- Supervision Unit – which implements both desk-based (off-site) and on-site supervision for the on-going monitoring of regulated entities under the Securities Act, 2007 and the Mutual Fund and Hedge Fund Act, 2008, and takes the necessary enforcement actions against entities in the event of regulatory breaches; and
- Risk & Compliance Unit – which develops and maintains internal procedures and workflows to ensure the efficiency of the section, and industry compliance requirements and guidelines relating to the laws administered by the Section. It also carries out preliminary research for market development and to ensure that the section remains up to date with international best practice. The Unit is also the point of contact for engagements with domestic and international regulatory authorities relating to securities and collective investment schemes business.
Securities Act, 2007 governs securities business in or from the Grenada.
This Act provides for the licensing, regulation and supervision of the
Grenada securities exchanges, clearing agencies, securities facilities and
market intermediaries such as securities dealers and investment advisors. The
Act also sets requirements for the public issue of securities and the ongoing
obligations of public issuers of securities.
- Collective Investment Schemes
Mutual and Hedge Fund Act, 2008 governs collective investment schemes (CIS) business
in or from the Grenada. This Act provides for the licensing, regulation and
supervision of various fund structures (professional funds, private funds and
public funds) and fund functionaries, such as fund administrators and approved foreign
The FCS is an associate member of the International Organisation of Securities Commission (IOSCO) since March 2018. It has lodged its application to become a signatory to the IOSCO MMoU and to become an ordinary member of the organisation.
The FCS, adopts the Principles of the IOSCO for Securities Regulation as
the primary basis of its regulation of the securities market and collective
investment schemes business, and Principles for
Financial Market Infrastructures (PFMIs) issued by the Committee on Payments
and Market Infrastructures (CPMI), and the IOSCO, as the primary basis for its oversight of financial
market intermediaries under its regulatory purview. In applying these
standards, the FCS intends to take into consideration the specificities of the
Grenada’ securities market, financial system and its FMI landscape.