First Nations Fiscal Management Act Adaptation Regulations — 5
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. 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). Procedures (4) The Board may establish procedures respecting the review referred to in subsection (1). 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). First Nations Gazette (6) All standards established by the Board under subsection (3) shall be published in the First Nations Gazette . Review and monitoring 50.2 (1) On the request of an entity referred to in subsection 50.1(1) or under the terms of an agreement between such an entity and any level of government, the Board may review or monitor (a) the implementation of laws or by-laws made by the entity respecting financial administration; (b) the compliance of those laws or by-laws with the standards established under paragraph 50.1(3)(b); and (c) the entity’s compliance with the standards established under paragraph 50.1(3)(a). Report (2) On completion of a review, or from time to time while carrying out monitoring, the Board shall provide to the entity a report setting out its findings and any recommendations. Procedures (3) The Board may establish procedures respecting (a) the requests for review and monitoring referred to in subsection (1); (b) the review and monitoring referred to in subsection (1); and (c) the reports referred to in subsection (2). Statutory Instruments Act (4) The Statutory Instruments Act does not apply in respect of procedures established under subsection (3). Required intervention — local revenues 51 (1) 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 in accordance with section 53, as the Board sees fit. Required intervention — other revenues of a First Nation (2) On receipt of a notice from the First Nations Finance Authority under subsection 86(5) in relation to a First Nation, the Board shall either require the First Nation to enter into a co-management arrangement in accordance with section 52.1 or assume third-party management in accordance with section 53.1, as the Board sees fit. Required intervention — other revenues of an Indigenous group 51.1 On receipt of a notice from the First Nations Finance Authority under subsection 86(5) in relation to an Indigenous group, the Board shall either require the Indigenous group to enter into a co-management arrangement in accordance with section 52.2 or assume third-party management in accordance with section 53.2, as the Board sees fit. Imposed co-management — local revenues 52 (1) The Board may, on giving notice to the council of a First Nation, require the First Nation to enter into a co-management arrangement in respect of the First Nation’s local revenues, including its local revenue account, (a) if, in the opinion of the Board, there is a serious risk that the First Nation will default on an obligation to the First Nations Finance Authority relating to a loan secured by local revenues; or (b) if the Board has received a notice under paragraph 33(3)(b) or subsection 86(4). Powers (2) Under the co-management arrangement, the Board may (a) recommend amendments to a law of the First Nation made under any of paragraphs 5(1)(a) to (f) or subse