For the purpose of this regulation, “financial interest” means 5 percent or more of an ownership or profit interest in an applicant for a satellite simulcast betting permit. The Commission shall: Conduct a personal and financial background investigation on the officers of the applicant, if any, and each person with a financial interest in the applicant; Obtain from the applicant not less than three personal references regarding each person specified by §B(1) of this regulation; Solicit responses from references furnished by the applicant and evaluate them; Request federal, State, and local law enforcement authorities, with the cooperation of the persons specified in §B(1) of this regulation and at the expense of the applicant, to conduct a criminal background review of persons specified by §B(1) of this regulation; Direct the applicant to pay financial advisors engaged by the Commission to review and advise the Commission on all pertinent financial matters for the applicant and for persons having a financial interest in the applicant in order to determine the applicant's financial ability to purchase or lease, develop, and maintain the satellite simulcast betting facility including: Certified financial statements, Income statements for the most recent year preceding the submission of the application, and Financial statements and related records of any corporation, association, partnership, proprietorship, limited partnership, or any other business entity in which a person with a financial interest in the applicant has at least a majority interest; Obtain from the applicant the: Disclosure of all financial interests in horse racing and other legalized betting activities by those persons specified in §B(1) of this regulation, and Identity and the percentage of interest of all persons with less than a 5 percent financial or beneficial interest in the applicant, as well as the permission of these persons to have an investigation conducted on their background by the Commission. If the applicant is a track licensee, the Commission may waive those portions of the personal and financial background check that it considers appropriate.