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 .04.09 of this chapter as to each beneficial owner and principal entity.