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GLOSSARY OF TERMSCOLLECTOR - officer of the East India Company, collected taxes from the local population and also performed administrative duties, the net (from the commentary to “Vanity Fair” of Thackeray). FACTORING - a financial transaction whereby a business sells its accounts receivable to a third party (called a factor) at a discount in exchange for immediate money with which to finance continued business. (The Law of Ukraine «0n the Value Added Tax» dated 03.04.1997 N 168/97-ВР) FACTORING AGREEMENT - according to the agreement (accounts receivable financing) one party (the financial agent) transfers or agrees to transfer the money available to the other party (the client), and the client gives or agrees to give the financial agent his money claim to the third party arising out of customer relations (the creditor) with the third party (the debtor). (Civil Code of Ukraine (art.1077) Kiev, 16.01.2003 N 435-ІV ) FINANCIAL INSTITUTION - a legal entity which under the law provides one or more financial services and other services (operations) associated with the providing of financial services in the cases expressly determined by law, and is entered into the relevant register as prescribed by law. Financial institutions include banks, credit unions, pawnshops, leasing companies, trust companies, insurance companies, savings institutions, pension funds and investment companies and other legal entities, sole business of which is financial services, and in cases expressly specified by law - other services (operations) associated with the providing of financial services. (Law of Ukraine "On Financial Services and Regulation of Financial Services" dated 12.07.2001 N 2664-III) |
