Section 49 and 55 of the First Nations Fiscal Management Act [First Nations Financial Management Board, FNFMB]

Section 49 and 55 of the First Nations Fiscal Management Act (FMA) establishes the following legislative mandate for the FMB:

Support First Nations to manage their finances well.
Support First Nations in applying for loans on similar terms as other governments in Canada.
Review and audit First Nations’ finance practices.
Support First Nations to get certified in financial management and performance.
Evaluate the finance health of First Nations when invited.
Support First Nations when working with other governments in areas of governance and finance practices, including accountability and shared fiscal responsibility.
Support First Nations to strengthen their own communities through better relationships with financial institutions, business partners, and other governments.
Provide advice, policy research, and review services relating to fiscal arrangements between First Nations and other governments.

Set standards for:
the form and content and approval of Financial Administration Laws (FALs)
Financial Management System Certification
Financial Performance Certification
Financial reporting for the local revenues account
Provide co-management and third party management services in relation to borrowing from the First Nations Finance Authority or collecting local revenues through the First Nations Tax Commission.