3.

In addition, an undertaking need not be included in consolidated accounts where: severe long-term restrictions substantially hinder: (aa) the parent undertaking in the exercise of its rights over the assets or management of that undertaking; or (bb) the exercise of unified management of that undertaking where it is in one of the relationships defined in Article 12 (1); or the information necessary for the preparation of consolidated accounts in accordance with this Directive cannot be obtained without disproportionate expense or undue delay; or the shares of that undertaking are held exclusively with a view to their subsequent resale.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-10 · Text as adopted (Official Journal); later amendments are not incorporated in this text.