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Understanding Key Terms and Their Relationship with Banks

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Breaking Down Key Terms

The following terms are crucial in understanding the relationship between banks, clients, and other entities. Here’s a breakdown of each term:

Insurance / Reinsurance Undertaking (a)

• A company providing insurance or reinsurance services, as defined in the Insurance Law no. 407/2006.

Joint Venture (b)

• A contractual or other similar commitment by which two or more persons carry out an economic activity subject to joint control.

Competent Authority (c)

• A public authority or body officially recognized by national law that is empowered by law to supervise banks and investment companies, where appropriate, as part of the state oversight system.

Bank (d)

• A legal person whose business is to receive deposits or other repayable funds from the public and to grant credits for its own account.

Ultimate Beneficial Owner (UBO) (e)

• A natural person who ultimately holds or controls, directly or indirectly, the proposed acquirer or the direct or indirect holder of an interest in the bank’s share capital or voting rights.

Client (f)

• Any person who benefits from or has received the services of a bank, or the person with whom the bank has negotiated a transaction, even if the transaction has not been completed.

Relationship between Terms

Based on the definitions above, it appears that the client (subparagraph f)) is the one who benefits from or receives services from a bank. This relationship suggests that the client’s actions and decisions could influence the bank’s activities, such as depositing or withdrawing funds.

Therefore, based on this analysis, the client (f) is the term that is most directly influenced by the person referred to in subparagraphs “a) to f)”.