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Article 3
Certain terms used in this Law have the following meanings:
1) Centralised records are a public, single, centralised electronic database of natural persons who are beneficial owners of a Registered Entity;
2) recording means entry, modification or deletion of data that are subject to entering into the Centralised Records based on this Law or other regulations;
2a) authorised person is:
(1) a founder in the process of establishing the Registered Entity electronically;
(2) a person authorized to represent in the Registered Entity in all other cases;
2b) a responsible person in the Registered Entity in terms of this Law is the authorized person referred to in item 2a) of this paragraph;
3) beneficial owner of a Registered Entity is:
(1) natural person who owns, directly or indirectly, 25% or more of the share, shares, voting right or other rights, based on which they participate in the management of the Registered Entity, or who participates in the capital of the Registered Entity with 25% or more of the share;
(2) natural person who indirectly or directly has a dominant influence over the management of business or decision-making;
(3) natural person who has provided or provides funds to a Registered Entity in an indirect manner, and thus significantly influences the decisions made by the managing body of the Registered Entity concerning its financing and business operations;
(4) natural person who is the settlor, trustee, protector, beneficiary if designated, of a trust, and the person who has a dominant position in controlling the trust or in any other person under foreign law.
(5) natural person registered to represent cooperatives, associations, foundations, endowments and establishments, if the authorised person did not report any other natural person as the beneficial owner.
By way of exception, if the natural person referred to in paragraph 1, item 3), sub-items (1)-(4), of this Article cannot be identified in the prescribed manner, the beneficial owner of the Registered Entity shall be the natural person registered to represent or registered as member of a body of such Registered Entity.
Other terms used in this Law, other than those defined in paragraph 1 of this Article, have the meaning defined in special laws.
