Regulation on liberating consolidated financial statements and group management reports of parent companies based in a third country (Consolidated Financial Regulation-KonBefrV)

Unofficial table of contents

ConBefrV

Date of completion: 15.11.1991

Full quote:

" Consolidated Financial Statements of 15 November 1991 (BGBl. 2122), the most recent of which is Article 8 (6) of the Law of 17 July 2015 (BGBl. 1245).

Status:	Last amended by Art. 8 sec. 6 G v. 17.7.2015 I 1245
The V is in accordance with. § 4 para. 1 sentence 2 idF d. Article 1 (1) V v. 9.6.1993 I 916 repeals with the expiry of 31.12.1996.
The validity of the V is due to § 4 para. 1 idF d. Article 1 (3) (a) v v. 28.10.1996 I 1862 extended beyond 31 December 1996.
V up. By Art. 9 sentence 2 G v. 17.7.2015 I 1245 mWv 1.1.2019

For more details, please refer to the menu under Notes

Footnote

(+ + + Text certificate: 30.11.1991 + + +) 
(+ + + For the last application, see  § 4 + + +) 
(+ + + Official note from the norm-provider on EC law: 
 Implementation of the 
 EWGRL 349/83 (CELEX Nr: 383L0349)   
 Implementation of the 
 ERL 43/2006 (CELEX Nr: 306L0043)  G v. 25.  5.2009 I 1102 + + +) 

  

Heading: IdF d. Art. 8 (4) No. 1 G v. 4.12.2004 I 3166 mWv 10.12.2004 Unofficial table of contents

Input formula

On the basis of § 292 of the Commercial Code in the revised version published in the Federal Law Gazette, Part III, outline number 4100-1, as published by Article 1 (8) of the Law of 19 December 1985 (BGBl. 2355), the Federal Minister of Justice, in agreement with the Federal Minister of Finance and the Federal Minister for Economic Affairs, and taking into account the special rights of the German Bundestag pursuant to paragraph 4, shall be inserted: Unofficial table of contents

§ 1

A parent undertaking which, at the same time, is a subsidiary of a parent undertaking established in a State which is not a member of the European Union or of any other Contracting State of the Agreement on the European Economic Area, shall have not to draw up a consolidated financial statements and a group management report if it has a consolidated financial statements and the group management report of its parent company, including the confirmation notice or the endorsement, which corresponds to the requirements of section 2 above its failure to meet the consolidated financial statements and Group management report lays out relevant provisions in German language. If securities are admitted to trading on the regulated market in the meaning of Section 2 (1) sentence 1 of the parent company's securities trading act on a domestic exchange, a certificate issued by the Chamber of Auditors pursuant to Section 134 (2a) of the German Securities Trading Act (Wirtschaftsprüferkammer) shall also be issued. To disclose the auditor's order for the registration of the auditor or a confirmation of the auditor's chamber in accordance with § 134 (4) sentence 8 of the Public Accountant's Code of Public Accountant for the waiver of the registration obligation. Sentence 2 shall not apply to the extent that only debt securities as defined in Section 2 (1), first sentence, No. 3 of the Securities Trading Act with a minimum denomination of EUR 50 000 or a corresponding amount of other currency on a domestic stock exchange are admitted to trading on the regulated market. A liberating consolidated financial statements and a liberating group management report may be drawn up by any company, irrespective of its legal form and size, if the company is a capital company established in a Member State of the The European Union or another State Party to the Agreement on the European Economic Area would be required to draw up consolidated financial statements, including the parent undertaking to be exempted and its subsidiaries. Unofficial table of contents

§ 2

(1) The consolidated financial statements and the group management report of a parent company having its registered office in a State which is not a member of the European Union or of another Contracting State of the Agreement on the European Economic Area shall have liberated Effect if:

1.

the parent undertaking to be exempted and its subsidiaries have been included in the liberating consolidated financial statements, without prejudice to the provisions of section 296 of the Commercial Code,

2.

the liberating consolidated financial statements and the liberating group management report in accordance with Council Directive 83 /349/EEC of 13 June 1983 on consolidated accounts (OJ L 327, 31.12.1983, p. EC No 1), as amended by the law of a Member State of the European Union or of another State Party to the Agreement on the European Economic Area, or to a Member State of the European Union, or to a Member State of the European Union, under the law of the Member , the consolidated financial statements and the group management report are equivalent,

3.

the liberating consolidated financial statements of a consolidated financial statements, in accordance with the provisions of Directive 2006 /43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts (OJ L 327, 30.4.2006, p. EU No 87), as amended by the applicable version, or at least one of the requirements of this Directive is equivalent to that of the auditor, and the consolidated financial statements are in accordance with the requirements of the the trade code has been examined in this way; and

4.

the Annex to the annual accounts of the undertaking to be liberated shall contain the following information:

a)

the name and registered office of the parent undertaking which shall issue the liberating consolidated financial statements,

b)

an indication of the exemption from the obligation to draw up a consolidated financial statements and a group management report; and

c)

an explanation of the accounting, valuation and consolidation methods used in the liberating consolidated financial statements of German law.

Auditors of parent companies not authorised in accordance with the provisions of Directive 2006 /43/EC, whose securities in the meaning of Section 2 (1), first sentence, of the Securities Trading Act (Securities Trading Act) on a domestic exchange for trading on the regulated Only if they are registered with the Chamber of Auditors pursuant to Section 134 (1) of the Public Accountant Act or the equivalence pursuant to Section 134 (1) of the Code of Public Accountancy (Wirtschaftsprüferordnung) are registered with the Chamber of Auditors. 4 of the Public Accountant Regulations. Sentence 2 shall not apply to the extent that only debt securities in the meaning of Section 2 (1), first sentence, point 1 of the Securities Trading Act, with a minimum denomination of EUR 50 000 or a corresponding amount of other currency on a domestic stock exchange, shall not be applied. Trade on the regulated market is authorised. The rates 1 to 3 shall apply to credit institutions and insurance undertakings; without prejudice to the other conditions set out in the first and third sentences, the drawing up of the liberating consolidated financial statements and of the liberating group management report shall apply to: Credit institutions in accordance with Council Directive 86 /635/EEC of 8 December 1986 on the annual accounts and consolidated accounts of banks and other financial institutions (OJ L 327, 30.12.1986, p. EC No 1) and in the case of insurance undertakings in accordance with Council Directive 91 /674/EEC of 19 December 1991 on the annual accounts and consolidated annual accounts of insurance undertakings (OJ L 327, 30.12.1991, p. EC No 7) in their respective versions. (2) § 291 (3) of the Commercial Code shall apply accordingly. Unofficial table of contents

§ 3

In the cases referred to in Article 2 (2), the law of another Member State of the European Union or of another Contracting State of the Agreement on the European Economic Area may grant a liberating consolidated financial statements and a liberating entity However, the group management report shall be used only on the basis of, or used for determining equivalence, where such documents are held in the other Member State or State Party, in place of an otherwise under the law of that Member State, or The consolidated financial statements and the group management report are disclosed. The liberating consolidated financial statements shall be accompanied by a confirmation of the deposit in the other Member State. Unofficial table of contents

§ 4

This Regulation shall be applied for the last time to consolidated financial statements for financial years beginning before 1 January 2016.