First Nations Fiscal Management Act Adaptation Regulations — 5
after making the expenditure, amends that law to authorize the making of that expenditure. Local revenues 14 (1) Local revenues of a First Nation shall be reported on and accounted for separately from other moneys of the First Nation in compliance with the standards established under paragraph 55(1)(d). Audited reports (1.1) For the purposes of subsection (1), the First Nation shall prepare a financial report on its local revenues that shall be audited at least once each year. However, if it is authorised by a standard established under paragraph 55(1)(d), the First Nation may instead report on its local revenues in its audited annual financial statements as a distinct segment of the activities that appear in the statements. Access to report (2) The audited financial report or the audited annual financial statements, as the case may be, shall be made available to (a) the members of the First Nation; (b) any other persons who have an interest or right in the First Nation’s reserve lands; (c) the First Nations Tax Commission, the First Nations Financial Management Board and the First Nations Finance Authority; and (d) the Minister. Reporting of other revenues 14.1 If a First Nation is using other revenues as security for a loan from the First Nations Finance Authority, the First Nation shall account for all of its other revenues — including other revenues that have not been used as security for the loan — separately from its other moneys, and shall provide that accounting information to the Authority and the First Nations Financial Management Board on request. Non-application of certain provisions 15 Paragraphs 83(1)(a) and (b) to (g) and section 84 of the Indian Act do not apply to a First Nation and any regulations made under paragraph 73(1)(m) of that Act do not apply to a First Nation in respect of the borrowing of money under a law made under paragraph 5(1)(d) or 8.1(1)(a). PART 1.1 Indigenous Groups Request for review 15.1 (1) On the request of an Indigenous group, the First Nations Financial Management Board shall review (a) the Indigenous group’s laws; (b) the Indigenous group’s constitution; and (c) the Indigenous group’s treaty or self-government agreement with Canada. Additional information (2) The First Nations Financial Management Board may request the Indigenous group to provide any documents that the Board requires to conduct its review. Review (3) The First Nations Financial Management Board shall review the laws, constitution and treaty or self-government agreement referred to in subsection (1) to determine whether they meet the following requirements: (a) they are not inconsistent with the Board’s exercise of its powers and discharge of its duties under sections 52.2 and 53.2; and (b) in the case of laws, they satisfy the conditions set out in section 15.2. Compliance opinion (4) If the First Nations Financial Management Board is of the opinion that the requirements of paragraphs (3)(a) and (b) are met, it shall provide a written opinion to that effect to the Indigenous group. Copies to Board (5) If, after receipt of an opinion referred to in subsection (4), the Indigenous group makes a law, amends its constitution or has its treaty or self-government agreement amended, the Indigenous group shall, within 60 days after the day on which the law is made or the constitution, treaty or agreement is amended, provide the First Nations Financial Management Board with a copy of the law or the amended constitution, treaty or agreement. Review of changes (6) Within 60 days after the day on which the First Nations Financial Management Board receives the copy referred to in subsection (5), the Board shall review the law or the amended constitution, treaty or self-government agreement to decide whether its content materially affects the opinion given under subsection (4) and shall provide the Indigenous group and the First Nations Finance Authority with notice of its decision and the reasons for it. Laws — Schedule 1 15.2 (1