.16 Controlling Entity.

The application documents shall:

A. State whether another entity has a beneficial ownership in the applicant, as defined in Business Regulation Article, §11-301, Annotated Code of Maryland;

B. Describe the:

(1) Nature of the beneficial ownership, and

(2) Extent of control exercised by the beneficial owner; and

C. Include information and documents required under Regulations .10 -----.15 of this chapter as to each beneficial owner.