Beneficiar Real/Beneficial owner – According to article 4 paragraph. (1) of Law no.656/2002 republished by “beneficial owner” means any person who owns or controls eventually the client and /or the individual person on behalf or in the interest which are realized directly or indirectly, a transaction or an operation. According to article 4 Paragraph (2) of Law no.656/2002 republished, the term “beneficial owner” shall include at least:

a)        in the case of companies:

  1. natural person who owns or controls eventually a legal entity by holding , directly or indirectly, the whole package of shares or a number of shares or voting rights sufficient to ensure control, including bearer shares, the legal entity owned or controlled is not a company whose shares are traded on a regulated market that is subject to disclosure requirements in accordance with Community legislation or subject to standards set internationally. This criterion is considered to be met if at least 25% ownership stake plus one share;
  2. natural person or persons who otherwise exercise control over the administration or management bodies of a legal person;

b)        for legal persons, other than those provided in lett. a), or other entity or legal arrangement which managing and distribute funds:

  1.  individual who is the beneficiary of at least 25% of the assets of a legal entity or legal arrangement, where the future beneficiaries have already been identified;
  2. group of persons in whose main interest is set up or operates a legal person or entity or legal arrangement, if individuals who benefice from legal person or legal entity, is not yet identified.
  3. person or persons who exercise control over at least 25% of the assets of a person or a legal entity or legal arrangement.

Bid/Bid – Buying quotation on market. This quotation is formed of quantity and price.

Bilant/Account statement  Document that depicts the economic and legal patrimony of an organization at a time. Is done periodically, as law requires, and whenever is necessary.

Bilet la ordin/Promissory note – Credit instrument by which the issuer commits to pay at a certain date, an amount determined by the recipient or the person who is the legitimate holder of the title.

Bloc de tranzactionare sau Lot standard/Standard Lot – A set of financial instruments which forms a standard tranding unit.

BNR/NBR – Is the National Bank of Romania.

Bonitate/Creditworthiness – Firm capacity to meet bebt obligations.

Broker/Broker – The natural person certified by the stock exchange and authorized by F.S.A./R.N.S.C. to negotiate demands and offers and to close trades on the regulated market, exclusive in the name of a member of the exchange.

Browser/Browser  A program used to access information available on the Internet, specifically www (World Wide Web). Netscape Navigator and Microsoft Internet Explorerare are examples of browsers.

BUBID/BUBID  Average interest rate on interbank deposits, the interest rate paid by the bank for deposits is less than BUBID, ensuring a bank profit difference.

BUBOR/BUBOR  Average interest rate for interbank, the interest rate charged by a bank for loans is higher than BUBOR because of the amount collected should cover the cost of bank resources obtained from interbank loans.

Bursa/Exchange – Market of general interest, regulated and authorized, that ensures to the members and their clients generalized conditions for negotiation and risk management throught trading and clearing systems.

BVB/BSE – Short for S.C. Bucharest Stock Exchange S.A., the market operator recognized by the F.S.A./R.N.S.C. and Law 297/2004.