+Article 11 Qualifying portfolio undertaking
---+Article 11 1.
---+Article 11 2.

Article 11 Qualifying portfolio undertaking

1. Overview

,
Article 11 1.

A qualifying portfolio undertaking shall be an undertaking that fulfils, at the time of the initial investment, the following requirements:

(a) 

it is not a financial undertaking, unless:

(i) 

it is a financial undertaking that is not a financial holding company or a mixed-activity holding company; and

(ii) 

that financial undertaking has been authorised or registered more recently than 5 years before the date of the initial investment;

(b) 

it is an undertaking which:

(i) 

is not admitted to trading on a regulated market or on a multilateral trading facility; or

(ii) 

is admitted to trading on a regulated market or on a multilateral trading facility and has a market capitalisation of no more than EUR 1 500 000 000 ;

(c) 

it is established in a Member State, or in a third country provided that the third country:

(i) 

is not identified as high-risk third country listed in the delegated act adopted pursuant to Article 9(2) of Directive (EU) 2015/849 of the European Parliament and of the Council ( 7 );

(ii) 

is not mentioned in Annex I to the Council conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes.
Article 11 2.
By way of derogation from point (a) of paragraph 1 of this Article, a qualifying portfolio undertaking may be a financial undertaking that exclusively finances qualifying portfolio undertakings referred to in paragraph 1 of this Article or real assets referred to in point (e) of Article 10.

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

Requirements

3. Related Standards

Standards