Article 11
Qualifying portfolio undertaking
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.
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.
( 7 ) Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (OJ L 141, 5.6.2015, p. 73).