qualifying portfolio undertaking

Defined in Article 3, Regulation (EU) No 345/2013

Definitions over time (2)

1. 02/08/2021 – today applies on 11/11/2026 Article 3, Regulation (EU) No 345/2013 Scope: Whole act

   For the purposes of this Regulation, the following definitions apply:

   ‘qualifying portfolio undertaking’ means an undertaking that: at the time of the first investment by the qualifying venture capital fund in that undertaking complies with one of the following conditions: the undertaking is not admitted to trading on a regulated market or on a multilateral trading facility, as defined in points (21) and (22) of Article 4(1) of Directive 2014/65/EU of the European Parliament and the Council ( 1 ), and employs up to 499 persons; the undertaking is a small and medium-sized enterprise, as defined in point (13) of Article 4(1) of Directive 2014/65/EU, which is listed on an SME growth market as defined in point (12) of Article 4(1) of that Directive; is not itself a collective investment undertaking; is not one or more of the following: a credit institution as defined in point (1) of Article 4 of Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions ( 2 ), an investment firm as defined in point (1) of Article 4(1) of Directive 2004/39/EC, an insurance undertaking as defined in point (1) of Article 13 of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) ( 3 ), a financial holding company as defined in point (19) of Article 4 of Directive 2006/48/EC, or a mixed-activity holding company as defined in point (20) of Article 4 of Directive 2006/48/EC; is established within the territory of a Member State, or in a third country provided that the third country: is not listed as a Non-Cooperative Country and Territory by the Financial Action Task Force on Anti-Money Laundering and Terrorist Financing, has signed an agreement with the home Member State of the manager of a qualifying venture capital fund and with each other Member State in which the units or shares of the qualifying venture capital fund 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. 01/03/2018 – 02/08/2021 Article 3, Regulation (EU) No 345/2013 Scope: Whole act

   For the purposes of this Regulation, the following definitions apply:

   ‘qualifying portfolio undertaking’ means an undertaking that: at the time of the first investment by the qualifying venture capital fund in that undertaking complies with one of the following conditions: the undertaking is not admitted to trading on a regulated market or on a multilateral trading facility, as defined in points (21) and (22) of Article 4(1) of Directive 2014/65/EU of the European Parliament and the Council (^{1}), and employs up to 499 persons; the undertaking is a small and medium-sized enterprise, as defined in point (13) of Article 4(1) of Directive 2014/65/EU, which is listed on an SME growth market as defined in point (12) of Article 4(1) of that Directive; is not itself a collective investment undertaking; is not one or more of the following: a credit institution as defined in point (1) of Article 4 of Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (^{2}), an investment firm as defined in point (1) of Article 4(1) of Directive 2004/39/EC, an insurance undertaking as defined in point (1) of Article 13 of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (^{3}), a financial holding company as defined in point (19) of Article 4 of Directive 2006/48/EC, or a mixed-activity holding company as defined in point (20) of Article 4 of Directive 2006/48/EC; is established within the territory of a Member State, or in a third country provided that the third country: is not listed as a Non-Cooperative Country and Territory by the Financial Action Task Force on Anti-Money Laundering and Terrorist Financing, has signed an agreement with the home Member State of the manager of a qualifying venture capital fund and with each other Member State in which the units or shares of the qualifying venture capital fund 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;

Used in (27 places in 9 provisions on 11/11/2026)

Regulation (EU) No 345/2013 (27 in 9)

Recital 11 · Recital 13 · Recital 16⁴ · Recital 18 · Recital 20 · Recital 23 · Article 3¹¹ · Article 7³ · Article 13⁴