Finanstilsynet oversees the financial reporting of entities listed at the Oslo Stock Exchange which are subject to financial reporting oversight.
About KRT-1003 reporting
With effect from the fiscal year 2008, foreign issuers with Norway as their home state pursuant to section 5-4 of the Norwegian Securities Trading Act (no. 75 of 29 June 2007) must comply with the majority of the rules regarding financial reporting in chapter 5 of the Securities Trading Act and secondary regulations. Finanstilsynet (Financial Supervisory Authority of Norway) oversees the financial reporting of issuers of listed securities pursuant to section 19-1 subsection (3) of the above Act.
Each year Finanstilsynet will review a selection of annual financial statements. One of the models used for selecting financial statements for oversight is a risk-based approach. Related to this, Finanstilsynet requires a yearly report (KRT-1003) from all issuers of listed securities with Norway as their home state; see the Norwegian Securities Trading Regulations section 17-5 (2). This report gathers information about the issuer and the board of directors’ draft of the annual report as the basis for selecting financial statements for review.