Licensees must formulate a statement of their liquidity management policies that is to be reviewed and discussed with the CBB. The objective of this review is to agree to minimum liquidity standards for the licensees. The policy statement must be properly documented, reviewed annually and approved by the Board of Directors to ensure that it remains valid under changing circumstances. While specific details of the policy statement will differ, at a minimum, it must refer to the liquidity management strategy, responsibilities, systems and contingency planning.