Glossary entry (derived from question below)
Italiano term or phrase:
aventi diritto economico
Inglese translation:
economic beneficiary/owner (vs. legal beneficiary)
Added to glossary by
Raffaella Magi McCann (X)
Apr 18, 2007 12:49
18 yrs ago
8 viewers *
Italiano term
aventi diritto economico
Da Italiano a Inglese
Legale/Brevetti
Finanza (generale)
Bank report
The document refers to the relationship between a Swiss bank and its customers. The sentence is as follows:
Si precisa che per "clienti" si intendono sia le persone fisiche o giuridiche titolari di conto o altra relazione bancaria nonché la persona fisica che è *avente diritto economico* di una persona giuridica titolare di conto
Many thanks in advance
Raffaella
Si precisa che per "clienti" si intendono sia le persone fisiche o giuridiche titolari di conto o altra relazione bancaria nonché la persona fisica che è *avente diritto economico* di una persona giuridica titolare di conto
Many thanks in advance
Raffaella
Proposed translations
(Inglese)
| 4 | economic beneficiary/owner (vs. legal beneficiary) |
DCypher (X)
|
Proposed translations
50 min
Selected
economic beneficiary/owner (vs. legal beneficiary)
Here they are focusing on who their clients are in substance rather than purely form. I believe they are looking beyond the legal structure...an account could be held by a nominee, for example, to the end beneficiary.
Following is a link to a discussion on economic ownership. Overkill for your question...but interesting nevertheless!
"In general, a change in legal ownership also involves a change in economic ownership. In some cases, a change of economic ownership takes place even though the legal ownership
remains unchanged (for example, financial leases and transactions between an enterprise and its foreign branches). It should also be noted that commercial arrangements appear to be making more use of the possibility of splitting legal title from the risks and benefits of
ownership.
The change of economic ownership formulation also fits better with the International Accounting Standards (IAS). Paragraph 14 of the IAS 18 (Revenue) describes revenue recognition from sale of goods (the main criteria being when the enterprise has transferred to
the buyer the significant risks and rewards of ownership of the goods). Paragraph 20 of the IAS 39 (Financial Instruments: Recognition and Measurement) states that when an entity
transfers a financial asset, it shall evaluate the extent to which it retains the risks and rewards of the financial asset."
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Note added at 1 hr (2007-04-18 14:06:38 GMT)
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to be clear, I am suggesting 'Economic Beneficiary' or 'Economic Owner' or simply 'Beneficiary'.
Following is a link to a discussion on economic ownership. Overkill for your question...but interesting nevertheless!
"In general, a change in legal ownership also involves a change in economic ownership. In some cases, a change of economic ownership takes place even though the legal ownership
remains unchanged (for example, financial leases and transactions between an enterprise and its foreign branches). It should also be noted that commercial arrangements appear to be making more use of the possibility of splitting legal title from the risks and benefits of
ownership.
The change of economic ownership formulation also fits better with the International Accounting Standards (IAS). Paragraph 14 of the IAS 18 (Revenue) describes revenue recognition from sale of goods (the main criteria being when the enterprise has transferred to
the buyer the significant risks and rewards of ownership of the goods). Paragraph 20 of the IAS 39 (Financial Instruments: Recognition and Measurement) states that when an entity
transfers a financial asset, it shall evaluate the extent to which it retains the risks and rewards of the financial asset."
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Note added at 1 hr (2007-04-18 14:06:38 GMT)
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to be clear, I am suggesting 'Economic Beneficiary' or 'Economic Owner' or simply 'Beneficiary'.
Note from asker:
| I need to correct myself: I meant "Your answer is definetely the correct one." Sorry! ;) |
4 KudoZ points awarded for this answer.
Comment: "many thanks Paul. You answer is definetely the correct you. Thanks also for the helpful and interesting references you added. Have a good working week ahead!"
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