Bill C-23

Purposes

(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.

Functions and Powers

(a) the scope of the review undertaken; and

(b) an opinion as to the extent to which the first nation was in compliance with the standards.

(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; or

(b) on receipt of a request or demand to do so under paragraph 31(3)(b) or subsection 84(4).

(a) recommend amendments to a law of the first nation made under this Act;

(b) recommend changes to the first nation's expenditures or budgets;

(c) recommend improvements to the first nation's financial management system;

(d) recommend changes to the delivery of programs and services;

(e) order that expenditures of local revenues of the first nation be approved by, or paid with cheques co-signed by, a manager appointed by the Board; and

(f) exercise any powers delegated to the Board under a law of the first nation or under an agreement between the first nation and the Board or the first nation and the First Nations Finance Authority.

(a) there is no longer a serious risk that the first nation will default on an obligation to the First Nations Finance Authority;

(b) where the first nation was in default of a payment obligation to the First Nations Finance Authority, the first nation has remedied the default;

(c) a co-management arrangement requested or demanded under paragraph 31(3)(b) or subsection 84(4) is no longer required; or

(d) third-party management of the first nation's local revenues is required.

(a) if, in the opinion of the Board, a co-management arrangement under section 50 has not been effective;

(b) 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; or

(c) on receipt of a request or demand to do so under paragraph 31(3)(b) or subsection 84(4).

(a) subject to subsection (2.1), act in the place of the council of the first nation to make laws under paragraphs 4(1)(a) to (f);

(b) act in the place of the council of the first nation under laws made under paragraphs 4(1)(a) to (e) and manage the first nation's local revenue account, including any necessary borrowing;

(c) provide for the delivery of programs and services that are paid for out of local revenues;

(d) assign rights or interests under subsection 4(7); and

(e) exercise any powers delegated to the Board under a law of the first nation or an agreement between the first nation and the Board or between the first nation and the First Nations Finance Authority.

(a) it is of the opinion that there is no longer a serious risk that the first nation will default on an obligation to the First Nations Finance Authority and the Authority consents to the termination in writing;

(b) where the first nation was in default of an obligation to the First Nations Finance Authority, it is of the opinion that the first nation has remedied the default and the Authority consents to the termination in writing; or

(c) it is of the opinion that the situation for which third-party management of the first nation's local revenues was required under paragraph 31(3)(b) or subsection 84(4) has been remedied.

Standards and Procedures

(a) the form and content of laws made under section 8;

(b) approvals of the Board under Part 1;

(c) certification of first nations under section 48; and

(d) financial reporting under subsection 13(1).

(a) the submission for approval and approval of laws made under section 8;

(b) issuance of a certificate under subsection 48(3); and

(c) implementation or termination of a co-management arrangement or third-party management of a first nation's local revenues.

Regulations

(a) respecting the implementation of a co-management arrangement or third-party management of a first nation's local revenues, including the obligations of affected first nations to provide access to financial records; and

(b) fixing fees that the Board may charge for services, including fees to first nations for co-management and third-party management services, and the manner in which such fees may be recovered.

PART 4