The following terms are used throughout the BOVS specifications.
The following terms are used to talk generally about parts of BOVS Diagrams.
Node - Nodes function like nouns, representing Parties (see below).
Arrow - Arrows function like verbs, connecting Nodes to show relationships.
Chain - A series of Nodes continuously connected by Arrows is called a Chain. The “start” of the Chain is the first Node and the “end” is the last, based on the direction of the Arrows.
Distance - The Distance between two Nodes is the length of the shortest Chain that connects them. The length of a Chain is the number of Arrows that are present in it. Two parties are ‘distant’ if the Chain connecting them has a length greater than 1.
The following terms are used to talk generally about the participants within beneficial ownership structures.
Party - General term for any kind of thing (e.g. Person, Company) that can be involved in a beneficial ownership situation.
Interested Party - Any Party that has ownership or control of another Party. The Interested Party at the start of a Chain is the Beneficial Owner.
Beneficial Owner - Beneficial Owners are a type of Party that cannot be owned or controlled, and so always begin a Chain, e.g. a Person.
Owned Entities - Entities are always owned or controlled by an Interested Party, and can appear at any point in a Chain except the start.
Direct/Indirect Interest - A Party has a Direct interest in another if the Distance between them is 1. Otherwise the interest is Indirect.