+Article 11 1.

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.

1. Vue d’ensemble

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1.1 Références

1.2 Exigences identifiées

1.3 Normes associées

2. Exigences identifiées

Exigences

3. Normes associées

Normes