First Nations Oil and Gas and Moneys Management Act (FNOGMMA)
Overview
The First Nations Oil and Gas and Moneys Management Act (FNOGMMA) is an optional legislation that allows a First Nation to opt out of the moneys management provisions of the Indian Act and provide for the release of capital and revenue moneys under the management and control of the First Nation.
Program Description
Implementation of the moneys management provisions of FNOGMMA falls under the Band Moneys Program within the Resolution and Individual Affairs Sector, which is responsible for ensuring that the legislative requirements of FNOGMMA are fulfilled prior to the release of capital and revenue moneys to First Nation management and control.
Summary
Any First Nation with capital and/or revenue moneys held in trust by Her Majesty for the use and benefit of the First Nation can opt for the moneys management provisions of FNOGMMA. Through FNOGMMA a First Nation will be required to develop a financial code specifying, but not limited to, the mode of holding moneys, the manner of expending moneys, accountability for the expenditure of those moneys, procedures for disclosing conflicts of interests in the expenditure of those moneys, and provisions for the amendment of the code by the First Nation.
Upon the First Nation completing its financial code, the First Nation and Minister enter into a payment agreement which will set out how capital and revenue moneys will be paid out to the First Nation. Once the payment agreement has been concluded between a First Nation and the Minister, the First Nation is to conduct a community vote to ratify its financial code and approve the payment of capital and revenue moneys to the First Nation.
Upon a successful community vote and the addition of the First Nation to the schedule of FNOGMMA, the First Nation's capital and revenue moneys will be transferred to the First Nation for its control and management. Future capital and revenue moneys collected or received by Her Majesty on behalf of the First Nation will also be transferred.
Client Group
First Nations with capital and/or revenue moneys held in trust by Her Majesty for the use and benefit of the First Nation.
Contact Information
For more information, contact Indigenous Services Canada at 1-800-567-9604, TTY: (toll-free) 1-866-553-0554.