50It is therefore necessary to verify, in the first place, whether the requirements laid down by a Member State relating to the shareholders or participants of an investment fund, which are a condition for that fund to be able to claim a refund of dividend tax which it has paid, are likely to discourage a non-resident investment fund from making investments in that Member State. In the second place, it will be necessary to consider whether the evidence which must be provided for that purpose by non-resident investment funds discourages them from making investments in that Member State.
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