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First Nations Fiscal Management Act (S.C. 2005, c. 9)

Act current to 2020-07-28 and last amended on 2020-07-20. Previous Versions

PART 3First Nations Financial Management Board (continued)

Establishment and Organization of Board (continued)

Marginal note:Reappointment

 Directors may be reappointed for a second or subsequent term of office.

Marginal note:Status

 Directors shall hold office on a part-time basis.

Marginal note:Remuneration

  •  (1) Directors shall be paid the remuneration determined by the Governor in Council.

  • Marginal note:Expenses

    (2) Directors shall be reimbursed for reasonable travel and other expenses incurred in performing duties while absent from their ordinary place of residence.

Marginal note:Rules of procedure

 The board of directors may make any rules that it considers necessary for the conduct of its meetings.

Marginal note:Head office

 The head office of the Board shall be at a location determined by the Governor in Council.

Marginal note:Staff

  •  (1) The board of directors may

    • (a) hire any staff that is necessary to conduct the work of the Board; and

    • (b) determine the duties of those persons and the conditions of their employment.

  • Marginal note:Salaries and benefits

    (2) Persons hired under subsection (1) shall be paid the salary and benefits fixed by the board of directors.

Purposes

Marginal note:Mandate

 The purposes of the Board are to

  • (a) assist First Nations in developing the capacity to meet their financial management requirements;

  • (b) assist First Nations in their dealings with other governments respecting financial management, including matters of accountability and shared fiscal responsibility;

  • (c) assist First Nations in the development, implementation and improvement of financial relationships with financial institutions, business partners and other governments, to enable the economic and social development of First Nations;

  • (d) develop and support the application of general credit rating criteria to First Nations;

  • (e) provide review and audit services respecting First Nation financial management;

  • (f) provide assessment and certification services respecting First Nation financial management and financial performance;

  • (g) provide financial monitoring services respecting First Nation financial management and financial performance;

  • (h) provide co-management and third-party management services; and

  • (i) provide advice, policy research and review and evaluative services on the development of fiscal arrangements between First Nations’ governments and other governments.

  • 2005, c. 9, s. 49
  • 2018, c. 27, s. 414(E)

Functions and Powers

Marginal note:Review of financial management system

  •  (1) On the request of the council of a First Nation, the Board may review the First Nation’s financial management system or financial performance for compliance with the standards established under subsection 55(1).

  • Marginal note:Report

    (2) On completion of a review under subsection (1), the Board shall provide to the First Nation a report setting out

    • (a) the scope of the review undertaken; and

    • (b) an opinion as to whether the First Nation was in compliance with the standards or as to which aspects of the standards were not complied with by the First Nation.

  • Marginal note:Issuance of certificate

    (3) If after completing a review under subsection (1) the Board is of the opinion that the First Nation was in compliance, in all material respects, with the standards, it shall issue to the First Nation a certificate to that effect.

  • Marginal note:Revocation of certificate

    (4) The Board may, on giving notice to a council, revoke a certificate issued under subsection (3) if, on the basis of financial or other information available to the Board, it is of the opinion that

    • (a) the basis on which the certificate was issued has materially changed;

    • (b) the First Nation provided information that is incomplete or incorrect or made misrepresentations to the Board; or

    • (c) the First Nation is no longer in compliance, in all material respects, with the standards.

  • Marginal note:Form and content

    (5) The Board may determine the form and content of certificates issued under subsection (3), including any restrictions as to the purposes for which, and the persons by whom, they are intended to be used.

  • Marginal note:Remedial measures required

    (6) If a borrowing member’s certificate is revoked, the borrowing member shall, without delay, take any measures required to re-establish its certification.

  • Marginal note:Opinion final

    (7) An opinion of the Board referred to in this section is final and conclusive and is not subject to appeal.

  • 2005, c. 9, s. 50
  • 2015, c. 36, s. 191
  • 2018, c. 27, s. 414(E)

Marginal note:Review of financial management system — non-scheduled entities

  •  (1) On the request of any of the following entities, the Board may review the entity’s financial management system, financial performance or laws or by-laws respecting financial administration to determine whether it is in compliance, in all material respects, with the standards established under subsection (3):

    • (a) a band that is not named in the schedule;

    • (b) a tribal council;

    • (c) an Aboriginal group that is a party to a treaty, land claims agreement or self-government agreement with Canada or with a province, or an entity established under, or as a result of, such a treaty or agreement;

    • (d) an entity — owned or controlled by one or more First Nations or entities referred to in paragraphs (a), (b) or (c) — whose mandate is primarily to promote the well-being or advancement of Aboriginal people; or

    • (e) a not-for-profit organization established to provide public services, including social welfare, housing, recreational, cultural, health or educational services, to Aboriginal groups or Aboriginal persons.

  • Marginal note:Report

    (2) On completion of a review under subsection (1), the Board shall provide to the entity a report setting out

    • (a) the scope of the review undertaken; and

    • (b) an opinion as to whether the entity was in compliance, in all material respects, with the standards or as to which aspects of the standards were not complied with by the entity.

  • Marginal note:Standards

    (3) The Board may establish standards, not inconsistent with the regulations, respecting

    • (a) financial management systems and financial performance of entities referred to in subsection (1); and

    • (b) the form and content of laws or by-laws respecting financial administration of entities referred to in subsection (1).

  • Marginal note:Procedures

    (4) The Board may establish procedures respecting the review referred to in subsection (1).

  • Marginal note:Statutory Instruments Act

    (5) The Statutory Instruments Act does not apply to a standard established under subsection (3) or a procedure established under subsection (4).

  • Marginal note:First Nations Gazette

    (6) All standards established by the Board under subsection (3) shall be published in the First Nations Gazette.

  • 2018, c. 27, s. 398

Marginal note:Required intervention

 On receipt of a notice from the First Nations Tax Commission under paragraph 33(3)(b) or from the First Nations Finance Authority under subsection 86(4), the Board shall either require the First Nation to enter into a co-management arrangement in accordance with section 52 or assume third-party management of the First Nation’s local revenues in accordance with section 53, as the Board sees fit.

  • 2005, c. 9, s. 51
  • 2018, c. 27, s. 414(E)
 
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