TAILIEUCHUNG - Investment Policy for Real Estate Norway Ministry of Finance

Businesses can use this information to identify trends in fraud and money laundering that may affect their revenue, their customers, or their reputations. Compliance professionals are necessarily familiar with the rules, advisories, and analytical reports that FinCEN regularly produces, but can the same be said for a financial institution’s managers and board members? As part of our outreach initiatives, FinCEN staff and I have visited many financial institutions of all sizes representing several different business lines subject to BSA/AML regulations. I have come to further understand the challenges many face in getting the appropriate resources and management. | Investment Policy for Real Estate Norway Ministry of Finance General Summary The Norway Ministry of Finance MoF has established a long term target allocation of five percent 5 to real estate for the Government Pension Fund - Global the Fund . This document sets forth the investment policy for the real estate portfolio. This Real Estate Investment Policy the Policy is designed to ensure that Norges Bank the Bank exercises prudent and careful action when investing and managing the Fund s real estate portfolio. This Policy is also intended to insure that the Bank at all times acts in the interests of the overarching investment policies of the Fund. Use of this Policy provides assurance that investment risks associated with this segment of the portfolio are controlled. The global real estate portfolio shall improve the risk adjusted performance of the Fund s overall investment portfolio by capturing the return and diversification benefits of the real estate asset class. The real estate investment portfolio of the Fund is to be invested managed and sold in a prudent manner for the sole benefit of Fund in accordance with any applicable statutes. No investment strategy vehicle or activity shall be permitted unless in compliance with this Policy and in compliance with any guidelines as approved and adopted by MoF and as amended from time to time. The Bank manages the real estate portfolio on behalf of the MoF. The Bank may use both internal and external managers. The Bank shall administer and oversee the real estate portfolio on a day to day basis. MoF has established the asset allocation and strategic objectives for the real estate portfolio as outlined in this statement of Policy. The design of the Policy ensures that investors managers consultants or other participants selected by the Bank take prudent and careful action while managing the real estate portfolio. The purchase management and sale of all types of real estate investments shall be performed by internal and .

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