Press Releases - Financial Services Commission

Press Releases

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May 17, 2021

FSC Announces Plan to Promote the Use of Digital and Contactless Insurance Sales Mechanisms

The FSC announced a plan to improve rules on insurance business in order to promote the use of digital, AI-based and contactless insurance sales mechanisms as part of the broader aim to boost consumer confidence and promote innovation in the insurance industry. Insurance sales channels face structure changes amid an expansion of contactless services and digital technologies, increasing number of platform businesses entering the market and the growth of general agencies (GAs). To improve the effectiveness of consumer protection while removing some of the inefficiencies observed in the current insurance sales practices, the authorities have prepared the following plan for changing the rules on insurance sales mechanisms. Key Details A. Face-to-Face Sales - Previously, insurance agents and brokers were required to meet customers face-to-face at least once to explain coverage details. However, with the telemarketing safeguard measures in place, such as the requirements for recording and confirmation by insurers, sellers are allowed to provide explanations via telephone calls. (rule change completed on Mar 25, 2021) - When subscribing for an insurance coverage using a mobile phone, customers faced the inconvenience of having to put their signature multiple times throughout the process. This electronic signature requirement will be reduced down to only once at the beginning of the subscription process to improve convenience. (further improvements expected within May 2021) B. Telemarketing - With the use of the text-to-speech AI-based technology, insurance agents and brokers will no longer have to read the entire sales script that usually took about thirty minutes to finish. With the AI-based voicebot, the salesperson is able to instead focus on answering questions from the customer and providing supplemental information. (implementation expected in Q3 2021) - Previously, telemarketing and mobile sales mechanisms remained two distinct sales channels. However, a hybrid sale
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May 13, 2021

Financial Development Review Committee Holds 1st Special Committee Meeting on Young Adults

The FSC announced that the financial development review committee launched an eighteen-member special committee on young adults made up of members in the age of twenties and thirties representing diverse areas of professions on May 13. At its kick-off meeting, the special committee on young adults held discussions on the issue of housing finance and the housing ladder. During his keynote address, FSC Chairman Eun Sung-soo spoke about the importance of maintaining close communication with young adults as the level of interest shown by young adults recently on financial markets and policies have grown significantly. As such, Chairman Eun pledged that the FSC will continue to listen closely to the needs of young adults to help improve conditions and minimize disadvantages for them. Throughout the year, the special committee will hold meetings and have discussions on a range of topics that are of concern to young adults, such as creating fairer conditions for stock investment, challenges of young adults as startup entrepreneurs, the electronic payment system and so on. * Please refer to the attached PDF for details.
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May 12, 2021

FSC Issues Preliminary MyData License to Kakao Pay

The FSC decided to grant a preliminary MyData business license to Kakao Pay on May 12. The authorities decided that Kakao Pay meets the financial, professional and other infrastructure-related requirements needed to operate a MyData business, including a minimum capital of KRW500 million, etc.It is expected that Kakao Pay will apply for a final license approval within May this year. The authorities plan to promptly move along the licensing process for prospective MyData businesses to help improve convenience for financial consumers. * Please refer to the attached PDF for details.
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May 12, 2021

Household Loans, April 2021

The outstanding balance of household loansin all financial sectors rose KRW25.4 trillion from the previous month at the end of April 2021 (up 10.0% year-on-year). The household loan balance increased KRW16.0 trillion in the banking sector and KRW9.4 trillion in the non-banking sector. All financial sectors (y-o-y): +8.5% (Feb 2021) +8.5% (Mar 2021) +10.0% (Apr 2021) By type, mortgage loans increased KRW5.2 trillion in April, growing at a slower rate compared with the previous month (up KRW6.5 trillion y-o-y). Other types of loans saw a spike of KRW20.2 trillion as demand for credit loans jumped ahead of the SKIET IPO which attracted about KRW80.9 trillion in subscription deposit. However, as of May 3, the household loan balance in both the banking and non-banking sectors appear to have fallen back following refunds of subscription deposits. The temporary spike in credit loans in both the banking and non-banking sectors in April was mainly caused by an increase in demand for credit loans amid large-scale IPO subscription activities. The financial authorities will continue to closely monitor trends in household debt while working for an effective implementation of the household debt management measures. * Please refer to the attached PDF for details.
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May 11, 2021

Enhanced Autonomy and Accountability for Financial Investment Businesses on Chinese Wall Policy

The government approved a revision bill to the Enforcement Decree of the Financial Investment Services and Capital Markets Actduring a cabinet meeting held on May 11, granting more autonomy to financial investment businesses with respect to their internal management of Chinese wall policy while boosting accountability through strict penalty rules. Key Details Each financial investment business should establish its own internal control standards for the prevention of information sharing between its units of material nonpublic information and information about the clients asset management status and determine specific types of information subject to and acts in breach of the Chinese wall policy as well as exemptions. An independent board-level member should be designated within the company for overseeing its own Chinese wall policy and educating employees on the matter. With more autonomy granted to financial investment businesses, both the civil and criminal penalty levels for violating the Chinese wall regulation have been strengthened. Therefore, financial investment businesses are encouraged to set up and maintain a high level of internal control standards. The revised Enforcement Decree also eases consignment rules by allowing financial investment businesses to consign their work to third-party agents except for duties related to internal control. The revisions will go into effect from May 20, 2021. * Please refer to the attached PDF for details.
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May 10, 2021

Corporate Restructuring Fund Worth KRW1 Trillion to Be Created This Year

The FSC announced its plan to set up a third round of corporate restructuring fund in the amount of about KRW1 trillion by the end of this year to continue to promote market-oriented corporate restructuring and be prepared for growing demand amid the pandemic. Backed by fiscal expenditure of KRW67.5 billion, state-backed financial institutions will lead the creation of a master fund in the amount of KRW451 billion. Matching investments of KRW550 billion or more from the private sector will then help set up a fund worth KRW1 trillion in total. The first two rounds of corporate restructuring funds were created in the amount of about KRW3.2 trillion and so far invested about KRW1.76 trillion on thirty-eight business entities in support of their business normalization efforts. a) 1st round of corporate restructuring fund initially set up in August 2018 made investments in the amount of KRW1.0485 trillion on twenty-nine businesses, focusing on SMEs and middle market enterprises in shipbuilding, construction and heavy equipment and steel sectors to help improve the competitiveness of key industries. b) 2nd round of corporate restructuring fund initially set up in May 2020 made investments in the amount of KRW708.9 billion on nine businesses of different sizes and diversified investment methods by introducing private debt funds. Corporate restructuring funds have thus far contributed in (a) expanding the scope of participants traditionally reserved only for creditor institutions to include asset management companies, (b) encouraging private sector investments of some KRW2 trillion in the restructuring market and (c) diversifying investment methods through the introduction of private debt funds. Corporate restructuring funds will continue to set track records of promoting market-based restructuring efforts. Based on the market condition and investment performance, the authorities plan to expand the total size of operations up to KRW5 trillion. * Please refer to the attached
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May 10, 2021

Enhanced Investor Protection Measures to Be Applied on Highly Complex Investment Products

The FSC announced that financial institutions will be required to record the sales process when selling highly complex investment products and making sales to elderly investors starting from May 10. In addition, a cooling-off period of two business days or more will be guaranteed for investors on highly complex investment products to allow them to make more prudent investment decisions. These investor protection measures were first introduced when the government announced the measures to strengthen investor protection with high-risk investment products in December 2019and have been included in the revised Enforcement Decree of the Financial Investment Services and Capital Markets Act which was passed in February this year. Key Details (Highly complex investment products) The concept of highly complex investment products has been introduced on derivatives-linked securities, financial derivatives and highly complex investment contracts for fund, discretionary investment or trust fund management that are highly complex in structure for ordinary investors to understand with a potential of incurring loss in excess of twenty percent of the principal. In the case that financial companies are unable to determine whether an investment product is an highly complex investment product, they may request a decision from the relevant committees in the Korea Financial Investment Association and the FSC. (Investor protection measures) First, financial institutions are required to record and keep the recording of the process of selling highly complex investment products and signing contracts for highly complex discretionary investment or trust fund management. Investors in turn are able to obtain the recorded file from financial institutions. Second, investors will be guaranteed a cooling-off period of two business days or more on highly complex investment products and other highly complex investment contracts. During the cooling-off period, investors are provided with information on
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May 06, 2021

Adjustments Made to the Corporate Bond and CP Purchase Program for Low-rated Companies

The FSC and the state-backed financial institutions announced that they will bolster support for low-rated companies through the pandemic-related support measures already put in place last year, which include a special purpose vehicle (SPV) aimed at purchasing low-rated corporate bonds and CP, primary collateralized bond obligations (P-CBOs) and the corporate bond and CP refinancing support program. In response to the spread of market anxieties in the wake of the COVID-19 pandemic, the government launched the corporate bond and CP market support programs covering businesses with credit ratings ranging from AA or above to A to BB. As a result, the corporate bond and CP markets have been stable thus far. However, there have been rising concerns about credit downgrades, limited support available through P-CBOs and the redundancy in the utility of some of the programs. As such, the authorities will make following adjustments to the programs to bolster support for SMEs. Key Measures (Support for low-rated businesses) First, more flexible eligibility requirements will be applied to low-rated companies. For the so-called fallen angels whose credit rating has declined after the announcement was made on the governments plan to operate an SPV on April 22, 2020, the provision of support will continue to be available for BB rated companies. For companies facing the risk of credit downgrades, state-backed financial institutions will provide comprehensive consulting services on their management status, financial structure, etc. (Temporary expansion of P-CBO support) First, individual companies sales cap will be expanded for SMEs that have seen their sales drop fifty percent or more and for low-rated (BB ratings) SMEs. The current standard of measuring their sales performance that is based on the estimated sales expected for the upcoming year will be changed to an arithmetic mean from the past three years. The sales cap on low-rated SMEs will also be expanded based on their fields
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May 06, 2021

Authorities and Lending Institutions to Ensure Support for SMEs at Risk of Credit Downgrades

The financial authorities and lending institutions announced the availability of support to help mitigate excessive burdens of borrowing costs for SMEs and small merchants that are facing the risk of credit rating downgrades due to worsening sales performance amid the pandemic. First, for SMEs that may be experiencing a temporary setback in their sales performance due to COVID-19 but are highly likely to recover soon, banks, insurance companies and state-backed financial institutions that have the credit evaluating function within their institutions will sufficiently take into account their potential for recovery using various non-financial credit data available when evaluating their credit for loans. Second, for businesses whose credit ratings have been downgraded due to the pandemic-related sales shortfall but have not accrued any overdue payment and are maintaining business operation, the lending institutions will work to minimize negative effects on their borrowing conditions. Each financial institution will draw up its own operating standard to maintain lending caps and minimize increases in lending rates. The financial regulators will grant exemptions from sanctions on these loans extended to SMEs and small merchants. By the end of May, lending institutions will draw up their own operating standards on how to take into account the clients potential for recovery and ways to minimize disadvantages resulting from a downgrade in credit rating, and begin to apply these standards when evaluating credit ratings and extending loans from June 1, 2021. * Please refer to the attached PDF for details.
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May 06, 2021

Financial Authorities to Improve Rules on the Suspension of Licensing Review Process

The financial authorities introduced the measures to improve rules on the suspension of licensing review process for financial institutions. The measures are intended to increase predictability and minimize legal uncertainties for businesses. The rules on the suspension of licensing review process have been introduced to prevent the granting of license to legally disqualified entities that may be undergoing an investigation or lawsuit at the time of their licensing review process. Under the rules, financial authorities may decide to suspend the licensing review process (a) if the applicant is facing a criminal charge or under an investigation or inspection by a relevant authority and (b) if the lawsuit or the investigation or inspection is deemed to have significant impact on the licensing review process. However, there have been criticisms regarding the current system as it serves a contradictory purpose to the principle of presumption of innocence, leads to unnecessary breach of rights and interests on the part of the applicant, impedes the level of predictability for resumption of the review process and raises the issue of inconsistency in terms of the application of the rules across different sectors. As such, the FSC will carry out the following measures to make improvements to the current suspension of licensing review process. Key Measures First, the authorities will newly establish a guideline that provides a specific and detailed list of grounds and reasons for suspending a licensing review process. Second, for business entities whose licensing review process has been suspended, the authorities will reconsider every six months the possibility of resuming the licensing review process and whether to extend the suspension period. Third, the suspension of licensing review process, which is currently not applicable to insurance businesses, specialized credit finance companies and financial holding companies, will be applied across all financial sectors to enhanc
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May 03, 2021

Authorities to Expand Support for Corporate Bond and CP Markets

Vice Chairman Doh Kyu-sang held the 39th financial risk assessment meeting virtually on May 3 to review the implementation of the COVID-19 financial support programs for small merchants and SMEs. At the meeting, Vice Chairman Doh discussed ways to increase support for the corporate bond and CP markets and help businesses struggling with temporary credit rating downgrades. The following is a summary of Vice Chairman Dohs remarks. (Current Situation) Recent economic indicators suggest that the pace of the recovery back to the pre-pandemic level is taking place faster than previously expected. The IMF has recently revised up global growth forecast from 5.5 percent in January to 6.0 percent in April, and the recovery is accelerating in Korea backed by strong exports. However, a multi-speed recovery is becoming more apparent across different sectors as small merchants and self-employed business owners, especially in close contact businesses, continue to experience difficulties. As such, todays meeting will go over the progress of the existing financial support programs and find ways to draw up more targeted support for vulnerable areas in response to the multi-speed recovery taking place. (COVID-19 Financial Support) The financial sector has drawn up KRW81.5 trillion in lending support for small merchants and SMEs and KWR73.5 trillion in backstop for financial markets. With the spread of the vaccine supply and expectations for a recovery, the authorities also set up a diagnosis-response framework to more effectively work on the normalization of COVID-19 financial support measures. Based on these response measures, the authorities plan to regularly monitor conditions, make appropriate adjustments and strengthen the provision of targeted support on vulnerable areas. The COVID-19 financial support for small merchants and SMEs has extended about KRW78.3 trillion in lending support. The second batch of lending support in the amount of KRW7 trillion has so far extended about K
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May 03, 2021

Authorities Introduce Measures to Strengthen Oversight on Quasi-investment Advisory Businesses

The financial authorities held the 3rd taskforce meeting on the prevention of unlawful and unfair trading activities in stock markets on April 30 and reviewed progress in the implementation of various measures. At the meeting, the authorities introduced and decided on the measures to strengthen management and supervision on the quasi-investment advisory businesses. The measures are aimed at (a) preventing quasi-investment advisory businesses from engaging in unauthorized business activities, (b) strengthening management from the time of their business registration to operation and exit and (c) bolstering detection of illegal activities using social media chatrooms, etc. Background A quasi-investment advisory business provides investment advisory services to an unspecified number of individuals. There are no particular entry requirements for these businesses as they are only required to register with the authority.With the goal of preventing damages to investors, the government has been working on regulatory improvements. Since September last year, the FSS has conducted inspections on 351 entities and detected a total of 54 cases where illegal activities are suspected. As the sales practice of quasi-investment advisory businesses has shifted to online spaces such as social media chatrooms and Youtube, the number of investor complaints being filed has also increased.Based on false or exaggerated promises of investment returns, investors are lured into paying high fees, inflicting financial damages to investors. As such, the financial authorities along with private sector experts have set up a taskforce and prepared the following measures to strengthen oversight on quasi-investment advisory businesses. Key Measures I. Root out unauthorized business activities - Strengthen public awareness on unlawful activities: The authorities will strengthen efforts to better inform investors about the typical types of illegal activities, including stock advisory social media chatroo
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Apr 29, 2021

Short Selling to Resume for KOSPI 200 and KOSDAQ 150 Stocks from May 3

The FSC announced that stock short selling will resume for KOSPI 200 and KOSDAQ 150 stocks beginning on May 3 as the authorities completed making necessary improvements to the system. The improvements made to the short selling system include the following. a) Introduction of stronger monetary sanctions and criminal penalties on naked short selling and other illegal short sale activities (in effect from April 6) b) Establishment of illegal short selling detection system (in place from March 16) c) Expansion of short selling access and opportunities for retail investors (KRW2.4 trillion in stock lending becoming available compared with KRW40 billion at the end of 2019) d) Overhaul of the market maker system to reduce market makers share of short selling volume With the partial resumption of short selling, the authorities will closely monitor markets to expand the availability of statistical information on short selling activities and to maintain a quick response system. Statistical data on short selling can be accessed at the Korea Exchanges website (http://data.krx.co.kr). * Please refer to the attached PDF for details.
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Apr 29, 2021

Government Announces Household Debt Management Plan for 2021-2023

The government announced the household debt management plan for 2021-2023 on April 29. The plan is aimed at (i) managing the growth rate of gross household debt at stable levels for the mid- to long-term and (ii) establishing lending practices based on individual borrowers repayment capability. Background Household debt growth remained stable from 2017 to 2019 as the government was able to implement a consistent policy for household debt management. However, due to expansionary fiscal and monetary policies put in place in response to the COVID-19 pandemic, the household debt growth rate accelerated in 2020.In this year, the growth rate has slowed down somewhat since the government announced a series of policy measures to tighten mortgage regulations and boost housing supply. However, the household debt level still remains high even though credit loans which was a dominant factor in the last years household debt growth in the second half appears to have come down to a stable level. Koreas household debt has been regarded as one of the potential sources of financial risk, given its relatively high ratio against GDP and fast pace of growth compared with major economies. However, the increase in private sector debt in response to COVID-19, which is a common phenomenon, has been inevitable to some extent. In addition, due to the governments efforts at improving the structural soundness of household debt, it is unlikely that household debt turns into a systemic risk in the short-term. Against this backdrop, the government intends to preemptively manage household debt from a macroprudential perspective to prevent it from turning into potential risk factors. Regulatory adjustments at a micro level are also needed to ensure that a tightening of mortgage regulations do not curtail first-time homebuyers access to mortgages. The current regulation of loan-to-value (LTV) ratio, uniformly applied across all homebuyers, has limited opportunities for first-time homebuyers. Moreover
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Apr 28, 2021

Open Banking Services Available from Savings Banks

The FSC announced the availability of open banking services from savings banks from April 29, 2021. From next month, credit card companies are also expected to join open banking services. Since its first launch in December 2019, open banking in Korea has become widespread with the cumulative number of subscription reaching about 76.6 million with more than 138.5 million accounts registered as of April 25, 2021. In order to promote further development of open banking, the FSCannouncedmeasures to expand participating institutions at the 3rd digital finance meeting held on October 21, 2020.As a result, about one hundred banks, fintechs, mutual finance companies and securities firms have joined and are providing open banking services as of April 25, 2021. From April 29, seventy-three savings banks will also begin to provide open banking services through their mobile apps or websites with six other savings banks expected to join as soon as they finish developing IT systems. With open banking becoming available from savings banks, open banking is now provided by all deposit-taking financial institutions. As such, it is expected to further enhance user experience and consumer convenience. In this regard, growing competition between financial institutions is also expected to contribute to their overall digital competitiveness. The FSC will continue to promote innovation in the financial industry and work to expand open banking to credit card companies from the end of May this year. * Please refer to the attached PDF for details.
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Apr 27, 2021

Change in Reverse Mortgage Rules to Strengthen Entitlement and Expand Property Eligibility

The government approved the amendments to the Enforcement Decree of the Korea Housing Finance Corporation Act during a cabinet meeting held on April 27. The revisions will go into effect from June 9, 2021. Since its introduction in 2007, the reverse mortgage scheme has played a significant role in providing housing and income stability for the elderly,as ten thousand or more households subscribe to the program each year. In December 2020, the law was amended to expand the property eligibility and introduce a trust-type reverse mortgage and seizure-protected account. The revised Enforcement Decree approved by the government today contains the following provisions. (Automatic transfer of pension entitlement) Upon the passing of the homeowner, the monthly pension entitlement can be automatically transferred to the spouse of the homeowner without having to obtain consent from all of their children, through a trust-type reverse mortgage program. (Expanded eligibility for detached home properties) Owners of detached housing properties who rent out part of their houses can sign up for a trust-type reverse mortgage program, which allows homeowners to receive monthly rentsas well as monthly pension payments. (Seizure-protected account) Up to KRW1.85 million per monthfrom monthly pension payments can be deposited in an account that is protected from seizure to guarantee a steady source of income for the elderly and protect their entitlement. * Please refer to the attached PDF for details.
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Apr 26, 2021

Financial Authorities and Industry Groups Work in Tandem on New Consumer Safeguard Measures

With the new Financial Consumer Protection Act going into effect about a month ago, the authorities held frequent on-site visits and began to operate a quick complaint processing and resolution system to ensure smooth implementation and help ease burdens on financial institutions. With the new regulations in place, there have been confusions resulting from delays in the sales process, restrictions in the sales of inappropriate financial products, etc. In order to help resolve these issues and make support available, the authorities held on-site visits and meetings in eleven different occasions between March 23 and April 9 and concluded that the confusions are largely a byproduct of customary practices prioritizing transaction convenience. In this regard, the authorities and financial industry groups agreed to formulate a new guideline that can help achieve an appropriate balance between consumer protection and transaction convenience. From March 31, the financial authorities and industry groups began to operate a quick complaint processing and resolution system to provide support. As of April 22, a total of 113 inquiries have been filed and the authorities have already responded to fifty-eight (51.8%) cases. Most inquiries had to do with administrative issues and practical handling of some of the newly introduced measures. Financial institutions have also strengthened efforts to enhance compliance with the new regulations. Financial industry groups are in the process of developing a standardized form of internal control measures within each sector in preparation for the internal control rule that will come into force beginning on September 25 this year. The standardized internal control measures are aimed at changing the culture of excessive competition over performance toward a more consumer-friendly management. The financial authorities will continue to closely monitor the implementation of the Financial Consumer Protection Act and provide necessary support. * Ple
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Apr 26, 2021

FSC to Work on Increasing the Supply of Mid-Range Interest Rate Loans for Mid-to-low Credit Holders

The FSC announced its plan to increase the availability of mid-range interest rate loans and seek further reduction in lending rates on April 23 as a follow-up measure of the lowering of the maximum legal lending rate. The measures focus on (a) improving rules to channel a vast supply of mid-range interest rate loans to borrowers with mid-to-low credit backgrounds, (b) lowering lending rates by requiring internet-only banks to expand their supply of mid-range interest rate loans, making improvements to the savings banks credit evaluation model and making it easier for borrowers to switch loans, and (c) encouraging nonbanks to provide more mid-range interest rate loans. It is expected that the measures will make available mid-range interest rate loans in the amount of approximately KRW32 trillion to two million individuals and KRW35 trillion to 2.2 million borrowers in this year and the next, respectively. Key Measures I. Improving Rules to Expand the Availability of Mid-range Interest Rate Loans (Credit score requirement for government-initiated guaranteed loan) The government-initiated guaranteed loan thus far had no credit score requirement for borrowers. As a result, about fifty-five percent of borrowers were those with high credit standings in 2020. Therefore, a new credit score requirement will be introduced to channel more than seventy percent of government-initiated guaranteed loans to the borrowers in the lower thirty percentile of credit standing. (Improvement for private sector lending) Until now, only the previously announced mid-range interest rate loans were counted toward the performance of private sector lenders and this resulted in arbitrary counting. Therefore, the authorities will change the scope of mid-range interest rate loans that are recognized by the authorities to be all non-backed credit loans offered at below the maximum interest rate allowed within each sector that are provided to borrowers in the lower fifty percentile of credit standing
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Apr 22, 2021

Financial Support through Key Industry Stabilization Fund Extended until the End of 2021

The FSC announced that the authorities decided to extend the period of financial support made available through the key industry stabilization fundfor eight months until December 31, 2021 from the initial expiration date of April 30. The authorities also decided to make changes to the following requirements for business entities receiving support through the key industry stabilization fund. First, the base year of the salary freeze for highly paid positions (KRW200 million or more a year) will be changed from 2019 to 2020. Second, as these businesses are required to retain at least ninety percent of jobs to qualify for financial support, the reference date for counting the number of jobs will be changed from May 1, 2020 to May 1, 2021. * Please refer to the attached PDF for details.
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Apr 20, 2021

Financial Authorities to Hold Online Information Sessions for 'Innovative Financial Service' Providers

The FSC announced that the financial authorities will hold online information sessions on the regulatory sandbox programbetween April and June for forty-two innovative financial service providers that showed interest in attending. The online information session (online.fintech.or.kr) will be held on every Tuesday, Wednesday and Thursday from April 21 until June 2 in order to more actively communicate with businesses and seek solutions to their needs. Officials from the FSC, FSS and Korea Fintech Center will answer questions and provide explanations on the additional benefits granted by the revised Special Act on Support for Financial Innovation which is scheduled to go into effect from July 21. The innovative financial service providers that are not able to join in the April-May sessions and wish to participate in online information sessions scheduled for June-July should apply at online.fintech.or.kr by Thursday, May 20, 2021. In the second half of this year, the authorities plan to hold information sessions for fintech labs operated by financial institutions. * Please refer to the attached PDF for details.
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