Regulatory Alerts2018-10-18
Relationship between the duty of confidentiality under the Real Estate Brokerage Act and the duty to provide information under the Tax Administration Act
The Norwegian Financial Supervisory Authority issued this circular to clarify how real estate brokers must balance their statutory duty of confidentiality with the tax authorities' right to information under the Tax Administration Act. It establishes that while brokers must provide transaction details and documentation upon request, they are required to redact any sensitive personal or business information that remains protected by confidentiality rules. This guidance replaces previous regulations and specifies that standard contract terms are not confidential, whereas negotiated special conditions and personal financial details must be obscured before submission.
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