(1) For the purpose of section 40(1)(b), the criteria for managing business in a prudent manner are as follows—
(a) maintenance of—
(i) adequate reserves and other capital resources in amounts which may be prescribed in the regulations,
(ii) adequate assets in liquid form in amounts which may be prescribed in the regulations,
(iii) a system for managing and containing risks to the net worth of the licensee's business and risks to the licensee's net income, whether arising from fluctuations in interest or exchange rates or from other factors,
(iv) the requisite accounting records,
(v) systems of internal control and record keeping; and
(vi) systems for inspection and report;
(b) management conducted with prudence and integrity by a sufficient number of persons, having regard to the range and scale of the business, who are fit and proper to be directors or, as the case may be, officers of the licensee in accordance with the criteria established under section 6(5); and
(c) conduct of the licensee's business with adequate professional skill.