Eligibility criteria for asset management company: approval conditioned on fitness, experience, board composition and networth. Regulation 21 requires an asset management company seeking approval to be a fit and proper person with a sound track record; have directors with adequate finance-related experience free from convictions for moral turpitude or economic/securities offences; ensure key personnel have not been involved with intermediaries whose registration was suspended or cancelled; maintain a board with at least fifty per cent directors independent of the sponsor and a chairman who is not a trustee; and satisfy and continuously maintain specified networth requirements, excluding certain related-party loans from networth computation.