40.14 Principle 6: [Reference documents: BCBS, Parallel-owned banking structures, January 2003; BCBS, Shell banks and booking offices, January 2003.] The supervisor [While the term "supervisor" is used throughout Principle 6, the Committee recognises that in a few countries these issues might be addressed by a separate licensing authority.] has the power to review, reject and impose prudential conditions on any proposals to transfer significant ownership or controlling interests held directly or indirectly in existing banks to other parties.

40.15 Essential criteria:

(1) Laws or regulations contain clear definitions of "significant ownership" and "controlling interest".

(2) There are requirements to obtain supervisory approval or provide immediate notification with respect to proposed changes that would result in a change in ownership (including beneficial ownership), to the exercise of voting rights over a particular threshold or to a change in controlling interest.