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3.

For the purposes of paragraph 1, the following relationships between legal entities shall not in themselves be deemed to constitute controlling relationships: the same public investment corporation, institutional investor or venture-capital company has a direct or indirect holding of more than 50 % of the nominal value of the issued share capital or a majority of voting rights of the shareholders or associates; the legal entities concerned are owned or supervised by the same public body.

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Source: EUR-Lex (Cellar) · retrieved 2026-11-04 · Text as adopted (Official Journal); later amendments are not incorporated in this text.