Press Releases - Financial Services Commission

Press Releases

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Sep 01, 2020

Vice Chairman Stresses Importance of Both Virus Prevention and Effective Lending Support

Vice Chairman Sohn Byungdoo presided over the 19th financial risk assessment meeting via teleconference on September 1 to review market conditions and monitor the progress in implementing the COVID-19 financial support.The following is a summary of Vice Chairman Sohn’s remarks.(COVID-19 PREVENTION) The resurgence of COVID-19 poses risks to economic recovery as the enhanced social distancing rules put restrictions on economic activities. However, successful prevention is the most effective remedy for economic recovery. As such, the financial industry should focus on implementing preventive measures while continuing to maintain lending support for the businesses and households in need.Due to the stronger social distancing rules put in place until the end of this week, banks are operating on an hour shortened work hours and insurance companies are refraining from face-to-face sales practices. Despite these enhanced social distancing measures, financial institutions should ensure a continuity in service provision by following their own business continuity plans and through ‘untact’ channels. Financial infrastructures including trade and payment systems that are highly interconnected with each other need to be closely monitored to prevent a systemic risk. The government will work to improve the system of digital security in financial services to help financial companies more effectively respond to contingencies.(FINANCIAL SUPPORT) In response to the protracted pandemic situation, the government decided last week to extend the period of (i) the loan deferment of principal and interest payments, (ii) part of the temporary deregulatory measures and (iii) the ban on stock short sale. These measures are aimed at facilitating the financial sector to continue to maintain the role of supporting the real economy while preventing the spread of uncertainties in financial markets. The government’s emergency lending support for small merchants and for SMEs and middle market e
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Aug 27, 2020

Temporary Ban on Short Sale to be Extended for Six Months

The FSC announced its decision to extend the temporary ban on stock short sale for six months from September 16, 2020 to March 15, 2021, given market volatility amid concerns over a resurgence in COVID-19 cases. The lifting of share buyback limits for listed companies will also be extended during the six-month period.In the meantime, the FSC plans to draw up regulatory improvements to strengthen penalties on illegal short sale activities and improve the accessibility of retail investors to the short sale market.* Please refer to the attached PDF for details.
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Aug 27, 2020

FSC Chairman Discusses Improving Rules for Retail Investors

FSC Chairman Eun Sung-soo met with the heads of the Korea Financial Investment Association and major securities firms on August 27 and held talks on the current market situation, temporary ban on stock short sale, improving rules for retail investors and channeling liquidity to the real economy sectors.(CURRENT MARKET SITUATION) With the recent resurgence in COVID-19 cases, volatility has increased in stock markets. However, compared to other major economies, the stock markets in Korea have shown a tendency of faster recovery. In the recovery process, retail investors have been strong net buyers. Overseas observers attributed this rapid recovery in Korea’s stock markets to successful pandemic response and market trust for the stability of the country’s macroeconomic conditions and corporate performances. In this regard, the six-month short sale ban put in place from March 16 until September 15 may have contributed in maintaining the stability of investor sentiment for retail investors.(TEMPORARY BAN ON SHORT SALE) The six-month temporary ban on stock short-selling is scheduled to expire on September 15. Public hearings and discussions on whether to extend the short sale ban revealed that the short sale system needs to be improved. In particular, there are legitimate concerns about the legality of short-selling activities involving institutional and foreign investors while the system is less accessible by retail investors. This suggests that the public demand for more transparency and fairness in opportunities also exists on the issue of stock short sale. Measures to strengthen sanctions and penalties on illegal short-selling activities are pending at the National Assembly. In addition, the government will reexamine the role of market makers while considering their side effects. The government also plans to look into ways to promote short sale for retail investors as it expands the horizon of opportunities.(IMPROVING RULES FOR RETAIL INVESTORS) To achieve a stabl
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Aug 27, 2020

Loan Deferment of Principal and Interest Payments Extended for SMEs and Small Merchants

The FSC announced the availability of loan maturity extensions and deferment of interest payments for SMEs and small merchants until March 31, 2021. The financial authorities and financial institutions agreed to extend the duration of the repayment support for six more months due to growing concerns about a protracted pandemic situation. The decision to extend the repayment support for SMEs and small merchants hit by the COVID-19 pandemic has been reached after a series of talks, surveys and discussions with experts and relevant institutions.As such, the pandemic-hit SMEs and small merchants may reapply for deferments of principal and interest payments at relevant financial institutions.* Please refer to the attached PDF for details.
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Aug 26, 2020

FSC Decides to Extend Part of Temporary Deregulatory Measures

The FSC announced its decision to extend some of the interim deregulatory measures introduced on April 17 in order to continue to support the financial sector amid a protracted pandemic situation. The extension of interim deregulatory measures is shown in the table below. The FSC will work to ensure an effective implementation of the interim deregulatory measures while continuing to make updates regularly.* Please refer to the attached PDF for details.
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Aug 26, 2020

Legislation on P2P Lending Takes Effect

The FSC announced that the Online Investment-linked Finance Act will go into effect on August 27. The new legislation on peer-to-peer lending specifies requirements for business registration, regulations on sales practices and measures for consumer protection. It provides a crucial turning point to promote sound development of the P2P lending sector and bolster investor protection.KEY PROVISIONSI. REGISTRATION- P2P lending businesses should meet capital requirements and be registered with the FSC.II. SALES REGULATIONS- (DISCLOSURE) P2P lending platforms should disclose information about their financial management status and liquidation process.- (INTEREST RATES FEES) P2P lending firms are subject to the maximum interest rate of 24 percent prescribed by the Credit Business Act and should adhere to the standards of charging fees as disclosed on their platforms.- (PROHIBITED ACTIVITIES) High-risk practices, such as lending to P2P businesses and largest shareholders, lending loans prior to raising funds from investors, covering losses for investors and maturity mismatch between investment and loan, will be prohibited.III. OTHER REQUIREMENTS- (INVESTOR PROTECTION) To help investors make rational investment decisions and protect their funds, P2P lending platforms should (i) provide investors with detailed information about P2P loan products and confirm that investors understand the information provided to them and (ii) keep investors’ funds in depositories such as banks, securities finance companies and savings banks with equity capital of KRW1 trillion or more.- (LENDING CAP) P2P lending to the same borrower will be limited to either 7 percent of the total P2P loan balance or KRW7 billion, whichever is the smaller amount.- (INVESTMENT CAP) Specific investment limits will be applied for different investor types and investment products as shown below.IV. CENTRAL REGISTRY- A central registry will be set up to manage and maintain up-to-date information about online P2P fin
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Aug 25, 2020

New Bill on Supervision of Financial Conglomerates Moves ahead for Enactment

The government approved the bill on the supervision of financial conglomerates during a cabinet meeting on August 25, which will be submitted to the National Assembly for enactment at the end of August.KEY PROVISIONSThe proposed bill on the supervision of financial conglomerates provides a legal ground for the supervision of non-holding financial groups with financial assets of KRW5 trillion or above and contains the following key regulations.► FINANCIAL GROUPS: Financial groups are defined as those with financial assets in the amount of KRW5 trillion or more, except financial holding companies and state-owned banks.► INTERNAL RISK MANAGEMENT: An internal group-wide risk management body should be established and operated, led by the group’s top representative company to oversee the group-wide risk management policy, regulatory compliance, prudential management, etc.► INTERNAL ASSESSMENT: Financial conglomerates should conduct self-assessment on the capital adequacy to maintain their financial soundness while taking into account intra-group transactions and risk concentrations.► REPORTING DISCLOSURE REQUIREMENTS: The group’s top representative company is required to report and disclose the group-wide capital adequacy status and risk factors to the FSC, which in turn may ask for a management improvement plan if deemed necessary to prop up capital or reduce risky assets.* Please refer to the attached PDF for details.
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Aug 24, 2020

Vice Chairman Discusses Preemptive Responses to Potential Risks amid Growing Uncertainty

Vice Chairman Sohn Byungdoo presided over the 18th financial risk assessment meeting on August 24 to review market conditions and monitor the progress in implementing the COVID-19 financial support.The following is a summary of Vice Chairman Sohn’s remarks.(CURRENT MARKET SITUATION) The government’s effective response to Covid-19 and aggressive financial support have helped to maintain stability in financial markets. The KOSPI has recovered to pre-crisis levels, gaining 58.1 percent from its lowest in mid-March. Corporate bond and short-term money markets also have shown signs of overall recovery, although some low-rated companies still face difficulties in securing funds. However, the government should remain vigilant as the recent resurgence of Covid-19 cases heightens uncertainty in financial markets and the real economy. In response to the possibility of a protracted pandemic crisis, the government will closely monitor risk factors and take preemptive measures when necessary.(FINANCIAL MARKET MONITORING) With low interest rates, funds searching for higher returns have been increasingly flowing into stock and property markets, prompting a surge in asset prices. As the concentration of funds to certain assets along with growing debt could pose potential risks to financial markets, the government has been closely monitoring market activities.For the stock market to grow into a sustainable and attractive investment destination, the government needs to ensure the sound operation of the market and encourage more listings of promising companies. To this end, the government will come up with comprehensive measures for prevention, investigation and punishment to root out unfair transactions such as market manipulation, while improving regulations to help channel more funds into innovative businesses with long-term perspectives.(IMPLEMENTATION OF HOUSING MARKET MEASURES) The government has taken a series of measures to curb speculative demand in housing markets, while
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Aug 20, 2020

FSC Seeks Innovation in Financial Regulations through Regulatory Sandbox Program

The FSC announced recent progress in the operation of the financial regulatory sandbox on August 20. Through its sandbox program, regulatory improvements were made to eight specific areas with five more currently in the process of revision and fourteen more recognized as necessary for reform.The FSC will continue to promote regulatory innovation through its sandbox program to facilitate a digital transformation in the 4th industrial revolution and for the post- pandemic economy. The FSC will work to remove regulatory obstacles and ensure a steady operation of the sandbox designated ‘innovative financial services.’BACKGROUNDThe FSC has been operating a financial regulatory sandbox program since April 1, 2019 to promote competition and innovation in the financial industry. A total of 110 ‘innovative financial services’ have been designated to be included in the sandbox until now. While providing consumers with opportunities to experience more innovative financial services, the sandbox program offers more business opportunities to financial institutions, fintechs and start-ups. At the same time, the sandbox also allows a reassessment of regulations in the financial sector in a more proactive manner.The 110 sandbox designated ‘innovative financial services’ are granted exemptions from 62 financial regulations, of which improvements have been made to eight areas, revisions are taking place in five areas and plans for making improvements are being drawn up for fourteen areas.REGULATORY IMPROVEMENTS► Revision completeda) Rules on the supervision of insurance businesses revised to simplify the process of insurance renewal (Oct 2019)b) Credit Information Use and Protection Act revised to (i) break down the uniform credit bureau business category into three specific sub-categories and lower entry barriers and (ii) allow credit card companies to operate own credit bureau businesses (Feb 2020)c) Credit Information Use and Protection Act revised to (i) allow credit
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Aug 19, 2020

Vice Chairman Speaks about Importance of Maintaining Lending Support by Financial Institutions

Vice Chairman Sohn Byungdoo presided over the 17th financial risk assessment meeting on August 19 to review market conditions and monitor the progress in implementing the COVID-19 financial support programs.The following is a summary of Vice Chairman Sohn’s remarks.(CURRENT PANDEMIC SITUATION) In response to the recent spike in the number of COVID-19 infections, the government has reinstated the level-2 social distancing measures today. Preventing further waves of infection remains the most urgent task. A successful economic turnaround achieved from earlier this year was made possible through effective K-quarantine measures. In order to maintain the recovery momentum, financial institutions should closely follow the enhanced K-quarantine guidelines within their workplace.(FINANCIAL RELIEF FOR TORRENTIAL RAIN VICTIMS) The longest recorded monsoon this year (54 days) has incurred heavy damages to households and businesses. The victims of torrential rains face extra hardship amid the pandemic-related economic disruptions. In order to help the businesses and households hit by heavy rains, the government will operate one-stop financial support centers throughout the affected regions and make prompt and targeted assistance available.(STRONG LENDING SUPPORT AMID PROTRACTED PANDEMIC SITUATION) As there are concerns about a protracted pandemic situation, the government will work to finalize its decisions on whether to extend the temporary relief measures, such as loan maturity extensions, deferral of interest payments and some of the temporary deregulatory measures, within August. In an economic downturn, individual financial institutions may become passive in lending. However, each institution’s “own actions can collectively influence the overall risk in the system,” as there is a danger of a fallacy of composition suggested by a BIS report in April. Thus, it is necessary to continue to encourage all financial institutions to support lending in order to maintain the
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Aug 13, 2020

Green Finance Task Force Holds Kick-off Meeting

Vice Chairman Sohn Byungdoo presided over a kick-off meeting of the green finance task force on August 13. The task force will work to establish a monitoring system for financial risks emanating from climate change, boost investment in green industries and consider the possibility of joining international networks on green finance.The following is a summary of Vice Chairman Sohn’s remarks.(GREEN SWAN) In January this year, the BIS introduced the concept of the ‘Green Swan,’ warning about the possibility of financial crisis caused by climate change. In the BIS report, the threat of climate change is characterized by unpredictability, severe ripple effects and extensive negative externalities. As such, major countries and international organizations have come to understand the threat of climate change to the financial sector. In July 2017, the FSB Task Force on Climate-related Financial Disclosures made recommendations to help companies disclose climate-related financial risks, and in December of the same year, the Network for Greening the Financial System was launched by central banks and regulators from major economies.(PROACTIVE MANAGEMENT) Climate change can threaten the stability of the financial system in many different ways. There are physical risks that financial institutions may face as physical damages caused by climate change can have ripple effects through insurance, loans and investment. In addition, there are transition risks that can have negative effects on the stability of the financial system as a transition to low carbon economy can lead to an abrupt fall of carbon intensive industries. In this regard, the government will strengthen its efforts to monitor and identify climate change risks to maintain stability in the financial system.Financial institutions should also consider taking into account the environmental, social and governance factors alongside the traditional risk factors such as credit or liquidity risks for their asset management.
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Aug 12, 2020

FSC Chairman Meets with Heads of Financial Associations and Urges Close Cooperation

FSC Chairman Eun Sung-soo met with heads of financial associations on August 12, and held talks on the progress of the COVID-19 emergency financial support, ways to promote big techs’ entrance into the financial services industry while ensuring a framework of fair competition and the role of finance in the government’s new deal initiative and the post-pandemic economy. The following is a summary of Chairman Eun’s remarks.The pandemic-induced economic shock was effectively minimized thanks to swift provision of relief programs including maturity extensions and deferral of interest payments by financial institutions. As there are concerns over a protracted pandemic crisis, financial institutions should work to bolster their loan loss provisions and the management of financial soundness.With regard to the big techs’ entrance into the financial services industry, the financial authorities plan to set up a public-private joint consultative body made up of the government, financial institutions, big tech companies along with academia and consumer experts to facilitate discussions on the issues related to fair competition, systemic risks and consumer protection.The post-pandemic era presents both opportunities and challenges, requiring coordinated actions from the financial industry. The government’s new deal initiative aims to transform the Korean economy from a fast follower to an innovative leader. In this regard, the role of the financial industry is crucial in achieving that goal.Financial institutions should be adequately informed about the relevant measures concerning the government’s housing market stabilization policy. The financial authorities will continue to keep a close eye on violations in lending practices to prevent market disturbances.Chairman Eun also expressed his gratitude to financial companies making contributions for victims of torrential rains and urged prompt implementation of financial support to the affected households and businesses,
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Aug 12, 2020

Household Loans, July 2020

The outstanding balance of household loans in all financial sectors rose KRW9.0 trillion from the previous month in July 2020 (up 5.7% year-on-year). The household loan balance increased KRW7.6 trillion in the banking sector and KRW1.4 trillion in the non-banking sector.By type, mortgage loans increased KRW4.1 trillion from the previous month in July (up KRW1.9 trillion y-o-y). Jeonse loans rose KRW2.7 trillion in the banking sector while group lending grew at a slower rate. Mortgage loans in non-banks saw a rise of KRW200 billion from the previous month. Other types of loans went up KRW4.9 trillion as credit lending by both banks and non-banks rose KRW3.7 trillion and KRW1.3 trillion, respectively.The government will closely monitor trends in jeonse loans and credit loans in order to effectively manage household debt.* Please refer to the attached PDF for details.
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Aug 11, 2020

Vice Chairman Discusses Importance of Addressing Economic Polarization and Corporate Debt

Vice Chairman Sohn Byungdoo presided over the 16th financial risk assessment meeting on August 11 to review market conditions and monitor the progress in implementing the COVID-19 financial support.The following is a summary of Vice Chairman Sohn’s remarks.(RELIEF FOR TORRENTIAL RAIN VICTIMS) Amid a protracted pandemic crisis, damages inflicted by torrential rains brought about additional hardship to businesses and households. The FSC will work to provide financial relief programs through policy banks, such as deferment of repayments and maturity extensions to the affected businesses. In addition, the government will work to ensure prompt insurance payouts and provide support through special guarantees for SMEs and farming and fishing industries.(FINANCIAL MARKET STABILITY) The domestic financial markets quickly recovered backed by a series of market stabilization measures implemented by the government. Corporate earnings in the second quarter exceeded market expectations, and their future earnings forecasts also remain more optimistic compared to other countries. Industrial output in June rose 4.2 percent, showing signs of a recovery trend. In the meantime, rising corporate debt and widening income gap pose risks to the economy. In this regard, it is necessary to effectively manage enhanced liquidity in the market as well as corporate debt to minimize risks in preparation for a post-pandemic era.(ECONOMIC POLARIZATION CORPORATE DEBT) In order to prevent a further widening of wealth gap during the recovery process, the government will work to strengthen financial inclusiveness through debt adjustment programs. In addition, the government has been providing support to vulnerable businesses through the low-rated corporate bond and CP purchase program and the program to support auto part suppliers and subcontractors. Additional support through P-CBOs in the amount of KRW200 billion is also expected in August for the pandemic-hit businesses.With regard to corporate de
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Aug 06, 2020

FSC Designates Data Specializing Institutions and Introduces Guidelines on Data Convergence

The FSC designated the Korea Credit Information Services and the Financial Security Institute as data specializing institutions to perform the task of data convergence on August 6.As the revised Credit Information Use and Protection Act went into effect on August 5, the financial authorities also introduced guidelines for data anonymization and pseudonymization in order to promote safety and security in data usage and convergence.The revised Credit Information Act incorporates the concept of data anonymization and pseudonymization, and allows data convergence through government-designated data specializing institutions, which will also be tasked with evaluating the appropriateness of anonymized data.The FSC will continue to work for the advancement of the financial data exchange ecosystem.* Please refer to the attached PDF for details.
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Aug 05, 2020

30-Day Extension of Reporting Deadline Granted to 15 Companies

The Securities and Futures Commission decided on August 5 to lift administrative sanctions and grant a 30-day extension of reporting deadline to all fifteen companies that applied for sanctions exemptions due to pandemic-related disruptions in their business operation. Following the SFC’s decision, the semi-annual reporting deadline for eleven domestic companies and four KRX-listed foreign companies will be extended for 30 days from August 14 to September 14 and from August 31 to September 28, respectively.* Please refer to the attached PDF for details.
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Jul 31, 2020

Financial Regulatory Sandbox Website Opens

The FSC announced the opening of the financial regulatory sandbox website and renewal of the fintech information portal on July 31. The newly opened financial regulatory sandbox website integrates diverse information dispersed across different institutions to provide a one-stop support service for innovative firms. On the website, fintech businesses and financial companies can access information about (a) the sandbox program, (b) application process, consulting and financing support, (c) B2B cooperation opportunities and (d) past success stories.The reorganized fintech portal is arranged into six service topics as shown below.(Investment platform) Provide fintechs with venture capital matching service(Overseas expansion platform) Support fintechs to enter overseas markets with relevant information and consulting(Job market platform) Reduce information asymmetry between job seekers and employers by offering a job database and provide consulting service(Financial innovation platform) Improve efficiency and convenience in providing support to fintechs by offering a one-stop application system for all support programs (Education platform) Foster more experts in fintechs through up-to-date educational and training programs(Expo platform) Support continuous operation of Korea’s annual fintech expoThe FSC will continue to support the growth of fintech industry through the newly launched sandbox and fintech websites.* Please refer to the attached PDF for details.
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Jul 30, 2020

Plans to Improve Rules on Structured Products

The FSC announced its plans to improve rules on retail structured products on July 30, with an aim to strengthen securities firms’ preparedness for market volatility, to encourage reduction in the size of the issuance as well as diversified investment for hedge assets and to bolster investor protection measures.BACKGROUNDThe market for retail structured products has grown significantly as the continuing trend of low interest rates made them an attractive alternative to bank savings. Although the structured products have provided relatively high yields and helped individuals to expand their assets, various risk factors began to surface. For securities firms, large volume of structured product issuance and management pose significant burdens on their financial soundness and liquidity. These burdens also may create shocks in the foreign exchange market and short-term money markets. In addition, both distributors and investors often espouse misperception that structured products are safe and non-risky products even though market volatility may rise depending on the performance of underlying assets. Therefore, it is necessary to draw up measures that will help minimize risks to securities firms, financial markets and investors.OVERVIEW OF STRUCTURED PRODUCTS(BALANCE) The outstanding balance of ELS, ELB, DLS and DLB issuance surged from about KRW22 trillion in 2010 to KRW108.6 trillion at the end of April 2020, maintaining an above KRW100 trillion level since 2016. About 60 percent of them are non-principal-protected structured products (ELS and DLS), accounting for KRW64.6 trillion. ELS and ELB (tracking stock indexes) account for 70 percent, or KRW75 trillion.(DISTRIBUTION) For ELS investment, retail investors made up about 98 percent, or KRW40.4 trillion at the end of March 2020. About 82 percent of all ELS issuance, or 88 percent of ELS issued to retail investors were distributed through banks.(RISK FOR SECURITIES FIRMS) Structured products make up increasingly larg
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Jul 30, 2020

FSC Chairman Speaks about Innovation at Mapo Front 1 Opening Ceremony

FSC Chairman Eun Sung-soo delivered congratulatory remarks at the opening ceremony of the Mapo Front 1, the government-backed start-up incubating facility on July 30. The following is a summary of Chairman Eun’s remarks.With the COVID-19 pandemic situation continuing for about six months, start-ups faced challenges amid continuing instability and uncertainty. However, as the country recovers from the pandemic-induced economic crisis, new opportunities will be provided to innovative start-ups. The government’s digital and green new deal initiative announced on July 14 aims to set the stage in that regard.In order to foster an ecosystem for innovative start-ups and to support innovative changes in our economic structure, it is necessary to establish a strong support system. The Mapo Front 1, which is the world’s largest start-up incubating facility, provides such a framework. The facility provides a comprehensive support package ranging from financial support to educational programs to living spaces to overseas business expansion opportunities, which has been made possible by participation and cooperation of both the public and private sectors, including the financial industry, international organizations, local governments and large companies.The Mapo Front 1 will be housing about 90 innovative start-ups this year with an aim to provide incubating programs to up to 2,700 start-ups over the next five years and create about 18,000 new jobs.In order to provide continuous support after the start-up stage, the government has made available a scale-up fund worth about KRW15 trillion over a five-year period (2018-2022).In addition, the government has announced its plans to provide targeted support to one thousand innovative firms over the next three years, through which selected start-ups will be able to receive a variety of funding opportunities.Through these and other support programs, the government will continue to work to create an environment in which innovative
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Jul 30, 2020

Government Announces Plans to Provide Targeted Support to 1,000 Innovative Firms

The government announced its plans to designate a thousand innovative firms over the next three years and provide targeted financial support at the 12th Meeting of the Central Economic Response Headquarters held on July 30.BACKGROUNDWith the 4th industrial revolution and a protracted pandemic situation, rapid changes are taking place in different industries, including the rapid development of ‘untact’ services and digital transformation. In order to provide sufficient financial support to facilitate the growth of more innovative businesses, close cooperation is essential between the financial sector and different industries. It is also important to establish a cooperative framework through which sufficient investments from both the public and private sectors are made available to innovative firms.Against this backdrop, the government has drawn up plans to more systematically provide financial support to innovative businesses by promoting close cooperation between the financial sector and enterprises.KEY MEASURESI. SELECT 1,000 INNOVATIVE FIRMS IN DIVERSE INDUSTRIESThe government aims to select one thousand innovative firms throughout different industries, such as the digital and green new deal industries, future car, bio health, system semiconductor, materials, parts and equipment industries, as well as those planning to transform their businesses fit for new industries and those that are reshoring back to the country.So far, 32 innovative firms have been selected with the goal of designating 200 business entities by the end of this year. The government plans to select 200-plus innovative firms in every six-month period until the end of 2022.II. PROVIDE FINANCIAL SUPPORT TO SELECTED FIRMSFor those selected as ‘innovative businesses,’ the government will work to provide financial support even for those with less favorable financial records, based on their innovativeness and technological prowess.Diverse financial support programs will be made available depend
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