According to Article 1 No. 26 of Directive 2000/12/EC of the Parliament and of the Council of the European Community of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions, a “close link” is a situation in which two or more natural or legal persons are linked by – a) participation, i.e., the direct holding or holding by way of control of at least 20% of the voting rights or capital of an undertaking, or – b) control, i.e., a parent undertaking and a subsidiary, in all cases referred to in Article I(3) and (4) of Directive 83/349/EEC, or a similar relationship. of the voting rights or capital in an undertaking, or – b) control, i.e. the relationship between a parent undertaking and a subsidiary, in all the cases referred to in Article I(1) and (2) of Directive 83/349/EEC, or a similar relationship between any natural or legal person and an undertaking; any subsidiary undertaking of a subsidiary undertaking shall also be considered a subsidiary of the parent undertaking which is at the head of those undertakings. A situation in which two or more natural or legal persons are permanently linked to one and the same person by a control relationship shall also be regarded as constituting a close link between such persons.” – See alliances, cross-border, shareholder control, financial conglomerate, holding company, control, group, correspondent banking relationship, voting rights disclosure, voting rights criterion.
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