A Fund Race shall be held in accordance with regulations that the Commission adopts on the recommendation of the Advisory Committee. On recommendation of the Advisory Committee, the Commission shall set: the number of Fund Races; the amount of each purse and bonus; the date of each Fund Race; the distance of each Fund Race; each breeder’s award; nomination and registration procedures; and any other condition needed to carry out the purpose of a Fund Race. The Commission shall set the amount of each purse and the conditions for each Fund Race in time to allow a licensee to include the purse and conditions in the stake book and condition book of the licensee.