(120)A consistent approach to the beneficial ownership transparency regime also requires ensuring that the same information is collected on beneficial owners across the internal market. It is appropriate to introduce precise requirements concerning the information that should be collected in each case. That information includes a minimum set of personal data regarding the beneficial owner, information on the nature and extent of the beneficial interest held in the legal entity or legal arrangement, and information on the legal entity or legal arrangement, necessary to ensure the appropriate identification of the natural person who is the beneficial owner and the reasons why that natural person has been identified as the beneficial owner.