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Version date: 9 December 2015 - onwards
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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 o