Owner nationality:  the AL has American owners and the NL has international owners.  International can be based broadly:  living or
working outside the US (now or in the past), native to another country, having a family member from  overseas, or just your family heritage. 
The international (NL) requirement should be easy enough to qualify.  Unless you are a pure bred Native American, everyone else is from somewhere else, if you look far enough back in the family tree.

Franchise names:  Should reflect the history or culture of your nation or heritage, or to remind competing nations of their mistakes, especially the British, French, or Americans (lotsa fodder there).    Politically insenstive or non-PC is fine, crude is not.

Other:  Friendly banter & challenges are encouraged, drunken rants about hockey, footie (soccer), baseball, basketball, football, the opposite sex, & popular culture are compulsory.    No talking about CRICKET!  Never.  Unless England wins (which is the same as never). 

League rules are below:

1) establish a 5 man veterans committee consisting of the commissioner, 4 permanent members and 2 alternates.  One member is designated alternate commissioner (by vote).  All members are long term or original members of the league. 

2) Prospective new owners need a minimum of two CONSECUTIVE seasons with the same franchise, to be considered for acceptance.   Exceptions only with majority vote of the veterans committee, or a 5/8 approval of the league as a whole. 

3) In selecting a new stadium, no park effects greater than 3 or -3 will be allowed.  Previous restrictions on stadium locations are rescinded.

4)   A minimum cumulative win rule of 55/115/185/260 over four seasons is instituted for all owners. 

5) To help eliminated minor league fatigue issues, and to restock minor league FA pools, all owners must sign and assign a minimum of 15 amateur draftees or international free agents each season.  Penalties for non compliance to be determined by the veterans committee.  Tryout camp invitees DO NOT COUNT for this rule. 

6) 40 man roster and rule V draft results:  if an owner fails to set his or her 40 man roster before the draft, and subsequently loses a prime prospect, no one will be required to return that draft pick (in other words, if you snooze, you lose). 

7) If an owner does NOT log in for 10 days & no contact can be made, the vet's committee will be consulted & steps will be taken to replace the absent owner.  This rule has been approved by WIS.

Further details regarding rule 8 (veterans committee guidlines and duties) are listed in the leagues private rules.