Regulations (Amending) the Debt Reserve Funds Replenishment Regulations, pursuant to the First Nations Fiscal Management Act

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Title or working title of the regulatory initiative

Regulations (Amending) the Debt Reserve Funds Replenishment Regulations

Enabling act(s)

First Nations Fiscal Management Act

Description

The Debt Reserve Fund is one of several risk management measures in place to provide additional security for First Nations who obtain loans for capital projects through the First Nations Finance Authority. All loans that have been obtained through the First Nations Finance Authority were subject to a 5% holdback, which was placed in a Debt Reserve Fund that can be called upon in the event that borrowing members default on their loans. The Debt Reserve Fund can be replenished in the event it ever falls below a certain amount, subject to the Debt Reserve Funds Replenishment Regulations. The proposed amendments to the Debt Reserve Funds Replenishment Regulations will implement several changes, including:

Potential impacts on Canadians, including business

The proposed changes would impact First Nations who have obtained loans through the First Nations Finance Authority.

Regulatory cooperation efforts (domestic and international)

The department will work with the First Nations Finance Authority, the First Nations Financial Management Board, and the First Nations Tax Commission on the content of the proposed amendments.

Consultations

The First Nations Finance Authority will engage with stakeholders to inform them of the development of the proposed changes to the Regulations. The department will collaborate with the First Nations Finance Authority, the First Nations Financial Management Board, and the First Nations Tax Commission on the content and form of the proposed amendments. Consultations began in 2021 with the First Nations fiscal institutions. Broader engagement during the 2022-2024 period will occur once a consultation draft is available for discussion.

Further information

Not applicable.

Departmental contact information

Leane Walsh
Director
Fiscal Policy and Investment Readiness Directorate
Indigenous Institutions and Governance Modernization Branch
Resolution and Partnerships Sector
Tel.: 613-617-7914
Email: leane.walsh@rcaanc-cirnac.gc.ca
Public Enquiries Toll-free: 1-800-567-9604

The date the regulatory initiative was first included in the Forward Regulatory Plan

March 2021

Find out more

Consult Crown-Indigenous Relations and Northern Affairs Canada's Laws and Regulations web page for:

Consult the following for links to the Cabinet Directive on Regulation and supporting policies and guidance, and for information on government-wide regulatory initiatives implemented by departments and agencies across the Government of Canada:

To learn about upcoming or ongoing consultations on proposed federal regulations, visit:

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