First Nations Fiscal Management Act Adaptation Regulations — 5
n subsection 50.1(1) in developing and implementing laws and by-laws respecting financial administration; (b) assist First Nations, Indigenous groups and entities referred to in paragraphs 50.1(1)(a) to (c) in their dealings with different levels of governments respecting financial management, including matters of accountability and shared fiscal responsibility; (c) assist First Nations, Indigenous groups and entities referred to in paragraphs 50.1(1)(a) to (c) in the development, implementation and improvement of financial relationships with financial institutions, business partners and different levels of governments, to enable the economic and social development of First Nations, of Indigenous groups and of those entities; (d) develop and support the application of general credit rating criteria to First Nations and Indigenous groups; (e) provide review and audit services respecting First Nation and Indigenous group financial management; (f) provide assessment and certification services respecting First Nation and Indigenous group financial management and financial performance; (g) provide monitoring and reporting services respecting financial management systems and financial performance; (g.1) provide First Nations, Indigenous groups and entities referred to in subsection 50.1(1) with monitoring and reporting services respecting the implementation of laws and by-laws respecting financial administration and the compliance of those laws and by-laws with applicable standards; (h) provide services respecting the co-management and third-party management of local revenues and other revenues; (i) provide advice, policy research and review and evaluative services on the development of fiscal arrangements between different levels of governments and First Nations or Indigenous groups, as well as on the development of fiscal arrangements between different levels of governments and entities referred to in paragraphs 50.1(1)(a) to (c); (j) develop, implement, test and evaluate, as well as conduct research with respect to, proposals and pilot projects related to the purposes set out in the other paragraphs of this section; (k) assist First Nations, Indigenous groups, entities referred to in subsection 50.1(1), other levels of government and public and private organizations in the development and implementation of fiscal and economic proposals that contribute to responding to the Truth and Reconciliation Commission of Canada’s Calls to Action and to implementing the United Nations Declaration on the Rights of Indigenous Peoples; and (l) collect data, publish statistical information and conduct research and analysis on matters related to the purposes set out in the other paragraphs of this section. Functions and Powers Review of financial management system 50 (1) On the request of the council of a First Nation or the request of an Indigenous group, the Board may review the First Nation’s or Indigenous group’s financial management system or financial performance for compliance with the standards established under subsection 55(1). Report (2) On completion of a review under subsection (1), the Board shall provide to the First Nation or Indigenous group a report setting out (a) the scope of the review undertaken; and (b) an opinion as to whether the First Nation or Indigenous group was in compliance with the standards or as to which aspects of the standards were not complied with by the First Nation or Indigenous group. Issuance of certificate (3) If after completing a review under subsection (1) the Board is of the opinion that the First Nation or Indigenous group was in compliance, in all material respects, with the standards, it shall issue to the First Nation or Indigenous group a certificate to that effect. Revocation of certificate (4) The Board may, on giving notice to a council of a First Nation or to an Indigenous group, revoke a certificate issued under subsection (3) if, on the basis of financial or other information available to