What is the legal basis for financial institutions obtaining and reporting this information?

The obligation of financial institutions to record and report account information relating to foreign customers is laid down in Chapters 7 of Norwegian Act No. 14 of 27 May 2016 (the Tax Administration Act/Skatteforvaltningsloven). Statutory provisions are set out in  Regulation No. 1360 of 23 November 2016 (the Tax Administration Regulation/Skatteforvaltningsforskriften).

The financial institutions covered by the obligations and the customer information they must record and report are described in more detail in Section 7-3 of the Tax Administration Act and Section 7-3 of the Tax Administration Regulation.