A commercial partnership within the meaning of section 264a (1) that is not publicly traded within the meaning of section 264d is exempt from the obligation to draw up annual financial statements and a management report in accordance with the provisions of this Division, to have them audited and to disclose them if all of the pre-requisites set out below have been met:
1. The company concerned is included in the consolidated financial statements and in the consolidated management report that has been drawn up
a) by a general partner of the company concerned or
b) by a parent enterprise having its seat in a Member State of the European Union or in some other state party to the Agreement creating the European Economic Area, if a larger body of enterprises is included in these consolidated financial statements;
2. the pre-requisite set out in section 264 (3) sentence 1 number 3, has been met;
3. the exemption of the commercial partnership has been stated in the notes to the consolidated financial statements and
4. the consolidated financial statements, the consolidated management report and the audit report for the commercial partnership have been disclosed pursuant to section 325 (1) to (1b); section 264 (3) sentences 2 and 3 is to be applied accordingly.