Banks licensed in Norway have reporting obligations to the Norwegian authorities.
Finanstilsynet and other Norwegian authorities require frequent reporting from banks licensed in Norway.
The reporting enables verification of compliance and provides data needed by Finanstilsynet to conduct analyses – of the financial market as a whole and/or of the individual bank. Statistics Norway, Norges Bank (the central bank) and Finanstilsynet have coordinated some of the reporting requirements imposed on banks.
More information about the reporting requirements to Finanstilsynet (in Norwegian only).
Where a bank does not comply with reporting deadlines, Finanstilsynet may impose a daily violation charge until the reporting requirements are complied with; see the Financial Supervision Act, section 10, second paragraph (Norwegian: LOV-1956-12-07 nr. 01: Lov om tilsynet med finansinstitusjoner mv. (finanstilsynsloven)).
