118 Telecommunications Act 2005 2005, No.20 the proposed transfer transaction as the Regulator may require. Such information shall, at a minimum, include: (a) the identification of all persons involved in the transfer transaction, including buyers and sellers, their shareholders and affiliated companies, and any other persons that have a greater than five per cent (5%) ownership interest in all such persons; (b) a description of the nature of the transaction and a summary of its commercial terms; (c) financial information on the persons involved in the transaction, including their annual revenues from telecommunications markets, identified by specific markets, value of assets devoted to telecommunications business and copies pf any recent annual or quarterly financial reports; and (d) a description of the relevant telecommunications markets in which the persons involved in the transaction operate. (5) The Regulator may request additional information regarding an application for a transfer of control that requires approval under subsection (2) at any time. (6) Subsection to subsection (7), within ninety (90) days of receipt of a duly completed application for a transfer of control that requires approval under subsection (2), the Regulator shall: (a) approve the transfer of control without conditions; or (b) approve the transfer of control with such conditions as are reasonably related to promotion the development of open and competitive telecommunications markets in Samoa and maximizing the benefits of the transaction for telecommunications customers; or (c) deny the transfer of control; or (d) issue a notice initiating an investigation of the proposed transfer of control, and following such investigation the Regulator shall take one of the actions set out in paragraphs (a), (b) and (c).