The Authority shall adopt regulations containing standards, criteria, and measures of investments for the Qualifying Certificate applicant and describing the benefits to be derived by the people of Guam in the issuance of Qualifying Certificates. Such regulations shall include preference to be extended to applicants which have a fifty-one percent (51%) or greater proportion of local ownership by bona fide Guam residents, U. S. citizens or permanent residents. The Authority shall recognize and take into consideration any and all provisions of law and regulations administered by other government entities that have review or approval authority over the eligible activity. All of the regulations of the Authority shall be adopted in the manner prescribed by the Administrative Adjudication Law.