Definition: affiliate from 15 USC § 6809(6) | LII (2024)

FAQs

Definition: affiliate from 15 USC § 6809(6) | LII? ›

GLBA defines “affiliate” to mean “any company that controls, is controlled by, or is. under common control with another company.” See 15 U.S.C. 6809(6).

2. An affiliate is an individual, group, or organization that provides a service for a company but is not employed by that company.

The term “affiliate” means any company that is related by common ownership or common corporate control with another company. (c) Clear and conspicuous. The term “clear and conspicuous” means reasonably under-standable and designed to call attention to the nature and significance of the information presented.

A financial Institution is defined in 18 U.S. Code § 20 as an entity, national or international, that deals primarily in business related to financial or/and monetary transactions, namely loans, deposits, investments, currency exchange, or any other transaction of similar nature.

The term “financial institution” means any institution engaged in the business of providing financial services to customers who maintain a credit, deposit, trust, or other financial account or relationship with the institution.

Companies are affiliated when one company is a minority shareholder of another. In most cases, the parent company will own less than a 50% interest in its affiliated company. Two companies may also be affiliated if they are controlled by a separate third party.

Rule 405 under the Securities Act defines an “affiliate” as follows: “An affiliate of, or person affiliated with, a specified person, is a person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the person specified.” This definition is ...

noun. a branch organization. Commerce. a business concern in which a larger concern owns a minority stake, or in which a third concern, the parent of both, owns a majority stake or has been given control by contract: The video was reportedly broadcast on STV, an affiliate of Global Television, on September 30, 1999.

An "Affiliate" shall mean any corporation, partnership, limited liability company, trust or other entity which directly, or indirectly through one or more intermediaries, controls, or is controlled by, the Company.

Affiliate refers to the relationship between two or more entities, where one entity owns or controls the other. The entities may be subsidiaries of a parent entity or may just be affiliates. Whether or not a company is an affiliate is dependent on the nature and degree of ownership.

What is the legal definition of financing? ›

Legal Definition

financing. noun. fi·​nanc·​ing. : the act or process or an instance of raising or providing funds. also : the funds thus raised or provided.

They are commercial banks, thrifts (which include savings and loan associations and savings banks) and credit unions. These three types of institutions have become more like each other in recent decades, and their unique identities have become less distinct.

The definition of a financial institution typically describes an establishment that completes and facilitates monetary transactions, such as loans, mortgages, and deposits.

A financial company / financial institution is one whose core business involved in borrowing, lending and at times subject to certain considerations even raising money for a non-financial company. A non-financial company is a business engaged in anything other than what a financial company does.

As defined in the BSA 31 USC 5312(a)(2), the term “financial institution” includes the following: An insured bank (as defined in section 3(h) of the FDI Act ( 12 USC 1813(h))). A commercial bank or trust company. A private banker. An agency or branch of a foreign bank in the United States.

The major categories of financial institutions are central banks, retail and commercial banks, credit unions, savings and loan associations, investment banks and companies, brokerage firms, insurance companies, and mortgage companies.

Affiliation is defined in Competition Act, section 2(2), as: One entity is affiliated with another entity if one of them is the subsidiary of the other or both are subsidiaries of the same entity or each of them is controlled by the same entity or individual.

Generally, an affiliate is an entity that is related to another legal entity. The specific relationship between entities that are affiliates may differ based on the industry, legal requirements, type of transaction, or definition in a particular contract.

-1/ The term "affiliate" is used herein as defined in Rule 405, as. follows: "An 'affiliate' of, or a person 'affiliated' with, a. specified person, is a person that directly, or indirectly through. one or more intermediaries, controls, or is controlled by or is. under common control with, the person specified.