For purposes of Paragraph TC-2.1.1, capital market licensees must file Form 3 (Approved Persons) with the CBB and obtain the express written approval of the CBB for that person to occupy the desired position. In its application, the capital market licensee must demonstrate to the CBB that full consideration has been given to the qualifications and core competencies for controlled functions as per Appendix TC-1 (See Article 65(b) of the CBB Law).