Exchange of information secures cross-border tax cooperation while preserving confidentiality with limited public policy exceptions. The competent authorities must exchange information foreseeably relevant for administering or enforcing tax laws and the Agreement; such information is to be treated as confidential and disclosed only to persons or authorities involved in assessment, collection, enforcement, prosecution, appeals or oversight and used solely for those purposes (public court proceedings excepted). States need not act contrary to domestic law, supply unobtainable information, or disclose trade or public policy protected secrets. States must use information gathering measures to obtain requested information even if it has no domestic interest, and cannot decline solely because information is held by banks, nominees, agents or fiduciaries.