All locally incorporated banks must obtain the CBB's prior specific written approval before establishing any subsidiaries (including SPVs where the bank exercises a majority shareholding or has majority voting control by virtue of direct ownership or by proxy/nominee arrangements), branches and/or representative offices, either inside or outside of Bahrain. SPVs are subject to the consolidation, deduction, risk weighting and qualifying holdings rules and regulations mentioned in this Module and Chapter CM-4. In order to avoid any delays and/or disruption in implementation of banks' plans in this context, the CBB should be approached as soon as possible, even at a very preliminary stage.