Mr. Chairman, to respond to that question, the major initiatives in this category are the First Nations Land Management Act, an act that was passed some time ago--in 1999, I think--and that was, a number of years ago, expanded to apply to more than the original 14 first nations who had championed that initiative. There are now a large number of first nations moving through the process of developing their own land management codes, moving up from underneath the Indian Act and moving into a sectoral self-government arrangement on land. So that's fully operational. There are now some 17 first nations operational under that, as well as 28 or 29 in the development stage. That's the First Nations Land Management Act.
The First Nations Fiscal and Statistical Management Act was passed in the last Parliament. It came into force within a day or two of April 1--don't quote me on that--right at the beginning of this fiscal year. The processes are unfolding now in terms of the appointment of the boards and the process that will have to unfold this year in terms of selection of the key people, for example, the chief statistician for the statistical institute, etc.
That act--I will just remind the committee--established four institutions: a financial management board, a tax authority, a borrowing authority, and a statistical institute. There's a fairly complex process of getting these institutions up and running. I think the plan, by and large, is to have the institutions up this fall. That process is unfolding. One of them is operational, in the sense of the borrowing. That's a private corporation, and it is already, I think, involved in activities. And there are a number of first nations that are all putting their requests forward to become part of this initiative when it gets up and running later this year.
The other major activity under this theme is the First Nations Oil and Gas and Moneys Management Act, another first-nations-led initiative that was passed in the last Parliament and came into force April 1 of this year. Work is now ongoing with the three pilot first nations who led that initiative, to help them develop their land management codes and processes so they can take over their responsibilities, specifically with respect to oil and gas and the management of Indian moneys that would otherwise be held by the Canadian federal government in the consolidated revenue fund. While they are developing their own codes, they're working with us in piloting the process that other first nations who might want to take advantage of that initiative would then use subsequent to this year. So in a sense we're piloting the implementation with the first three first nations who championed that. We hope they plan to go to their communities for ratification towards the end of this year in terms of getting their own regimes fully in place. And that would leave us potentially open to other first nations interested in that initiative next fiscal year, about a year from now. Those are the three initiatives, those three self-government pieces.
The last recent initiative here is more of a stewardship piece, but it's in response to and was developed with first nations and a number of first nations champions. That's the First Nations Commercial and Industrial Development Act. It is also now in force. The work is ongoing on an urgent basis with the major regulations under that. The priority is with one of the first nations who in fact championed it--Fort McKay--because they're in the middle as a result of a specific claim settlement regarding a major tar sands development project with Shell in northern Alberta. That requires the kind of complex regulatory regime that this act was put in place to, as my colleague mentioned, allow the federal government to uphold.
So that's a quick run-through of the status of those pieces. I hope that answers your question.