in force 2024-01-10 MODIFIED+996 −595§
Amended by Regulation (EU) 2023/606 32023R0606 · Regulation (EU) 2023/2869 32023R2869
applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)
dates added to the text: 2015-05-20
The definition of a qualifying portfolio undertaking no longer excludes collective investment undertakings by name and now specifies that the requirements must be met at the time of the initial investment.
The exclusion of financial undertakings is qualified by a new exception covering financial undertakings that are not financial or mixed-activity holding companies and that were authorised or registered less than five years before the initial investment, and the market capitalisation threshold for admitted undertakings is raised from EUR 500000000 to EUR 1500000000.
The third-country criteria are changed from references to Financial Action Task Force high-risk and non-cooperative jurisdiction status and a bilateral tax-information agreement to references to the high-risk third country list under the delegated act adopted pursuant to Directive (EU) 2015/849 and to the Council conclusions annex listing non-cooperative jurisdictions for tax purposes.
Cited: Art. 11, v1 · Art. 11, v2
text before / after
32015R0760 → 02015R0760-20240110
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 an undertaking that fulfils fulfils, at the time of the initial investment, the following requirements:
(a) it is not a financial undertaking; 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 at the same time has a market capitalisation of no more than EUR 500000000; 1500000000;
(c) it is established in a Member State, or in a third country provided that the third country:
(i) is not a identified as high-risk and non-cooperative jurisdiction identified by third country listed in the Financial Action Task Force;
(ii) has signed an agreement with the home Member State delegated act adopted pursuant to Article 9(2) of Directive (EU) 2015/849 of the manager European Parliament and of the ELTIF and with every other Member State in which the units or shares Council
Directive (EU) 2015/849 of the ELTIF are intended to be marketed to ensure that the third country fully complies with the standards laid down in Article 26 European Parliament and of the OECD Model Tax Convention Council of 20 May 2015 on Income 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).;
(ii) is not mentioned in Annex I to the Council conclusions on Capital and ensures an effective exchange the revised EU list of information in non-cooperative jurisdictions for tax matters, including any multilateral tax agreements. 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.