The Delegated Regulation (Article 261a(1)) states, that prior to making a qualified investment, the undertaking shall conduct due diligence on the how the project satisfies the criteria. This implies that the qualification should be ascertained before the investment is made. During the monitoring of the investment it may occur that the investment no longer fulfils the criteria of a qualifying infrastructure investment. Existing investments may also satisfy the requirements on an ulterior basis.  In that case, would need to conduct the assessment / validation required by Art 261a(1)(a) and establish the procedures required by Art. 261a(2)-(4) to assess whether the investment is (still) “qualifying” and apply the corresponding risk charge.