GAPP Principle 15

SWF operations and activities in host countries should be conducted in compliance with all applicable regulatory and disclosure requirements of the countries in which they operate.

Status: Implemented

The asset management unit of Norges Bank (NBIM) has established a separate Governance and Compliance area, which is charged with ensuring compliance with all applicable regulatory and disclosure requirements. This includes disclosure regulations related to substantial securities holdings in various jurisdictions. The same department maintains relationships with financial regulators and exchanges and responds to regulatory inquiries.

The Governance and Compliance area applies a systematic approach to ensuring that its personnel comply with internal rules, applicable laws and regulations to cultivate a compliance culture built on risk awareness and ethical principles. This includes identification of regulatory requirements, monitoring changes in the regulatory landscape, assessing and mitigating compliance risks across the organisation, as well as advising and enabling the business to conduct its activities in adherence the rules. The Governance and Compliance unit may report material risks and conflicts of interest issues directly to the Executive Board of Norges Bank when and if the unit finds it necessary.

Source: Norges Bank’s website.