Updated 05/02/2025
In force

Initial Legal Act
Amendments (1)
There is currently no Level 2 legal act based on or specifying Article 11.
Letter to COM re Review of the ELTIF Regulation
Published: 03/02/2021
Art. 11
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ELTIF ToolEuropean Long-Term Investment Fund Regulation (ELTIF)
Article 11

Article 11 - Regulation 2015/760 (ELTIF Regulation)

Article 11

Qualifying portfolio undertaking

1.   A qualifying portfolio undertaking referred to in Article 10 shall be a portfolio undertaking other than a collective investment undertaking that fulfils the following requirements:

(a)

it is not a financial undertaking;

(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 at the same time has a market capitalisation of no more than EUR 500 000 000;

(c)

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

(i)

is not a high-risk and non-cooperative jurisdiction identified by the Financial Action Task Force;

(ii)

has signed an agreement with the home Member State of the manager of the ELTIF and with every other Member State in which the units or shares of the ELTIF are intended to be marketed to ensure that the third country fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention on Income and on Capital and ensures an effective exchange of information in tax matters, including any multilateral tax agreements.

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.