Banks must not undertake exposures to shareholders with significant ownership (i.e. 10% and above) of the bank's capital base (i.e. there is a 0% limit for such exposures), however smaller shareholders will be subject to the normal exposure limits outlined in CM-5.5.4. Directors who are also shareholders (or the appointed board representatives of such shareholders) with significant ownership (i.e. 10% or above) are subject to the 0% limit mentioned above.