Fit and proper person criteria: regulatory authority may apply Intermediaries Regulations standards to mutual fund applicants and funds. Regulation 7A provides that, for determining whether an applicant or mutual fund is a fit and proper person for registration, the Board may take into account the criteria specified in Schedule II of the Intermediaries Regulations (2008), thereby making those intermediary fit-and-proper standards the operative reference for assessing applicants and mutual funds under the Mutual Funds Regulations.