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 Counci
…