The obligation of financial institutions to record and report account information relating to foreign customers is laid down in Chapter 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 Tax Administration Act and the Tax Administration Regulation enter into force on 1 January 2017, replacing the Tax Assessment Act and the Framework Regulation concerning third party reporting for tax purposes.
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.