Publizitätsgesetz (PublG)

The Publizitätsgesetz (PublG) is a German special accounting law that requires non-listed large companies, such as large GmbHs, partnerships limited by shares, or partnerships close to the primary industry, to publish their annual financial statements. The aim of the PublG is to ensure transparency and creditor protection by imposing disclosure obligations on non-listed companies similar to those for publicly traded companies. Although many provisions have been superseded by the German Commercial Code (HGB), the Accounting Directive, and the Accounting Law Modernization Act (BilMoG), the PublG remains relevant when the current threshold of €65 million in revenue or €65 million in total assets is exceeded. Previously, § 11 PublG was significant for regulating the obligation to prepare consolidated financial statements; today, this area is largely covered by §§ 290 ff. HGB. Nonetheless, the law continues to provide a legal basis for disclosure requirements for exotic, non-capital-market-oriented large companies. Companies subject to the Publizitätsgesetz must electronically submit their audited annual financial statements and management report to the Federal Gazette and publish them in a timely manner to avoid fines.