All new controllers or prospective controllers (as defined in Section GR-5.2) of a Bahraini investment firm licensee must obtain the approval of the CBB. Any increases to existing controllers' holdings or voting control (as outlined under paragraph GR-5.1.1) must also be approved by the CBB and are subject to the conditions outlined in this Section. Such changes in existing controllers (as defined in the Section GR-5.2) or new/prospective controllers of an investment firm licensee must satisfy the CBB of their suitability and appropriateness according to the criteria outlined in Paragraphs GR-5.3.2 to GR-5.3.5. The CBB will issue an approval notice or notice of refusal of a controller according to the approval process outlined in Section GR-5.4 and Paragraph GR-5.1.6.