Around the world, Indigenous peoples seek increased control of traditional lands. In northern Canada, such control may be afforded by claims-based co-management regimes. Such regimes are a common, and sometimes celebrated, component of treaty federalism. In Norway, Europe's only Indigenous people, the Sami, now participate in a land-management regime: the Finnmark Estate (FeFo). We explore whether FeFo is, in effect, claims-based co-management and whether Sami thus enjoy the sort of guaranteed shared rule envisioned in treaty federalism. We compare FeFo to Canadian co-management in three dimensions: novelty, independence and Indigenous influence. We conclude FeFo is indeed claims-based co-management. But FeFo falls short of the treaty-federal ideal, for reasons possibly including bureaucratic capture, fragile legitimacy, conflicting interpretations of the Sami interest and conflicting views on the merits of shared rule.