Member States must require subsidiary undertakings established in their territory whose ultimate parent is governed by the law of a third country to publish and make accessible a sustainability report covering points (a)(iii) to (a)(v), (b) to (f) and, where appropriate, (h) of Article 29a(2) at the group level of that ultimate third-country parent; this applies only to subsidiaries exceeding a net turnover of EUR 200 000 000 on their balance sheet dates in the preceding financial year. Member States must likewise require branches of third-country undertakings to publish the same information at the group level, or if not applicable at the individual level, where the third-country undertaking has no such subsidiary and the branch generated net turnover exceeding EUR 200 000 000 in the preceding financial year. The first and third subparagraphs apply only where the third-country undertaking at group or individual level generated net turnover in the Union exceeding EUR 450 000 000 for each of the last two consecutive financial years, with a derogation allowing financial holding undertakings with independent subsidiary business models to permit subsidiaries and branches not to publish; Member States may require turnover information from subsidiaries or branches.

The sustainability report must be drawn up in accordance with the standards adopted pursuant to Article 40b or, by derogation, in accordance with standards adopted pursuant to Article 29b or in a manner equivalent as determined by an implementing act under Article 23(4) of Directive 2004/109/EC. Where required information is not available, the subsidiary or branch shall request it from the third-country undertaking and, if not all information is provided, publish the report with all information in its possession and issue a statement that the third-country undertaking did not make the necessary information available. Member States shall require the report to be published accompanied by an assurance opinion from person(s) or firm(s) authorised under the national law of the third-country undertaking or of a Member State; if not provided, the subsidiary or branch shall state this. Member States may inform the Commission annually of subsidiaries or branches that fulfilled the publication requirement and of cases where the subsidiary or branch issued the stated statement; the Commission shall publish a list on its website of third-country undertakings that publish a sustainability report.