Fiduciary Supervision Section (FSS)

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Overview

The Fiduciary Supervision Section(FSS) is responsible for the regulation and supervision of entities licensed under the International Corporate  Service Providers Act, 2003, International Trusts Act, 1994, Act, 2008, Foundations Act, 2009, International Business Companies Act, 2016, Companies Special Licence Act, 2003 and the Protected Cell Companies Act, 2003 . The mandate of the FSS is to promote a robust regulatory framework by establishing and maintaining adequate systems and controls to ensure compliance with regulatory requirements, policies, practices and procedures in order to safeguard public interest, foster investors’ confidence and to ensure an effective implementation of enforcement action.

Structure of
the FSS

The FSS
comprises of three units:

  • Authorisation Cluster– which receives,
    assesses the eligibility and determines the outcome of applications.
    The Authorisation Cluster acts as a gatekeeper, ensuring that only applicants
    that meet the regulatory standards of the FCS are authorised to carry out
    regulated business. This
    is to ensure the protection of consumers and to maintain the good repute of the
    Grenada as an international financial services centre;
  • Supervision Cluster – which implements
    both desk-based (off-site) and on-site supervision for the on-going monitoring
    of regulated entities under the Financial Control Service Act, 2013,
    Foundations Act, 2009, International Trusts Act, 1994, International Business
    Companies Act, 2016 and International Corporate Service Providers Act, 2003 and
    takes the necessary enforcement actions against entities in the event of
    regulatory breaches; and 
  • Risk
    & Compliance Cluster
    – 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. The Risk & Compliance Cluster is segregated
    into two units being the Compliance Unit (”CU”) and Financial Analysis Unit
    (“FAU”).  The Risk and Compliance Unit provides
    support to all clusters within the FSS section and undertakes cluster audits to
    evaluate the compliance of each cluster’s practices with the approved laws,
    procedures, and guidelines. The CU is also responsible for complaints handling from both
    licensees and other third parties. The Financial Analysis Unit’s (“FAU”) key function
    is to review and analyse the Audited Financial Statements for all licenses
    licensed under the ICSP Act and Companies Special Licence as a specified entity.