Press Releases - Financial Services Commission

Press Releases

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Mar 27, 2020

KAIST Selected as Digital Finance Education Provider for 4 Years

The Financial Services Commission and the Seoul Metropolitan Government announced on March 25 that the Korea Advanced Institute of Science and Technology (KAIST) along with its consortium members have been chosen as the designated digital finance education provider.In the second half of this year, KAIST will begin to offer both degree (2-year) and non-degree (5-month) programs to cultivate more professionals in the area of digital finance, providing courses on big data, cloud computing and artificial intelligence, etc.For the next four years, KAIST will provide curriculums on digital finance to current financial industry workers, prospective fintech entrepreneurs, fintech professionals and those that are aspiring for financial sector jobs.More specific information about curriculums and admissions will be provided by KAIST College of Business at a later date.* Please refer to the attached PDF for details.
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Mar 26, 2020

Government Expands Young Adult Loan for Rent Payments to Boost Financial Inclusiveness

The FSC announced on March 26 an increase of KRW3 trillion for the young adult loan for rent payments from the previously available amount of KRW1.1 trillion to KRW4.1 trillion.The young adult loan for rent payments was launched on May 27, 2019 through an agreement between the FSC, the Korea Housing Finance Corporation and the Korea Federation of Banks with an initial goal of providing KRW1.1 trillion in loans for young adults. During a 10-month period until March 20 this year, about 25,000 young adults have benefited from low-rate loans for rent payments with the total amount of loans issued standing at KRW1.2 trillion. About 25 percent of the young adults using the loan were found to be students or job seekers without regular incomes. The loan program has had an impact in resolving housing problems of many young adults.With the increased amount of loans available for up to KRW4.1 trillion, about 60,000 more young adults are expected to benefit from the program.The FSC will continue to work for expanding the online application channels in order to improve accessibility for young adults.* Please refer to the attached PDF for details.
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Mar 25, 2020

Financial Authorities and Associations Join Hands for Effective Provision of COVID-19 Support

The leaders of the FSC and the FSS along with the representatives of all financial sector associations and federations held a meeting on March 25, and signed a memorandum of agreement to effectively deliver the COVID-19 financial support package.The following are the key points of the agreement.Key Points► Banks will work to provide funding to SMEs and small merchants through super low interest loans (1.5%).► Banks will work to provide SMEs and small merchants with information about appropriate financing products.► Banks will provide active assistance to the regional credit guarantee institutions that are facing burdens of workloads in receiving and reviewing applications.► Credit guarantee institutions will closely cooperate with banks in ensuring prompt delivery of necessary funding to SMEs and small merchants.► Banks will work to ensure that the loan and guarantee extensions as well as the deferment of interest payments are seamlessly implemented beginning on April 1.► Banks will refrain from collecting debt from businesses that are facing temporary difficulties due to the COVID-19 outbreak.► Banks will contribute to the bond market stabilization fund and actively cooperate to raise the fund when deemed necessary afterwards.► Banks will actively cooperate to promptly launch a stock market stabilization fund.► The financial regulators will ease standards on sanctions for financial institutions’ handling of the COVID-19 financial support and actively support banks’ efforts to boost liquidity requirements.* Please refer to the attached PDF for details.
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Mar 24, 2020

Measures to Stabilize Financial Markets

The government unveiled the financial market stabilization measures on March 24 to help provide sufficient liquidity to businesses and deploy market stability tools to absorb shocks in the financial markets amid the spread of COVID-19.In order to address financing difficulties and help restore stability in the financial markets, the measures will increase the financing support package from KRW50 trillion to more than KRW100 trillion. This includes financing support through policy banks in the amount of KRW58.3 trillion and KRW41.8 trillion funds to help restore stability in the country’s bond market, stock market and short-term money markets.FINANCIAL MARKET CONDITIONSThe concern over a global economic slowdown due to the spread of COVID-19 has brought market volatility in the global financial markets, thus limiting corporate financing channels. From the beginning of March, stock prices in major economies plunged and the won-dollar exchange rate spiked due to a strong dollar.Amid rising uncertainties surrounding the COVID-19, market anxiety has expanded to the corporate bond market and short-term money markets.Unlike the past financial crises, the downturn in the financial markets today started from the real economy — an abrupt slowdown in consumption, production and investment, a breakdown in global supply chains, and a drop in global trade.Due to the decline in domestic demand, a contraction in the real economy and financial market anxieties, it remains difficult to accurately predict the ripple effects of the current economic slowdown caused by COVID-19. Thus, preemptive and bold responses are required to bring stability to the markets.KEY MEASURESI. FINANCING SUPPORT FOR BUSINESSES: KRW58.3 TRILLIONA total of KRW 29.2 trillion in financing support for SMEs and small merchants will be provided.► KRW12.0 trillion in emergency financing support for small merchants► KRW5.5 trillion in special guarantees for SMEs and small merchants► KRW3.0 trillion in full
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Mar 24, 2020

Reverse Mortgage Age Requirement to be Lowered

The revisions to the Enforcement Decree of the Korea Housing Finance Corporation Act were approved at a cabinet meeting on March 24. The revisions include the changes to the reverse mortgage age requirement and the introduction of a new security deposit payback guarantee program for renters.REVERSE MORTGAGEBeginning on April 1, 2020, the age requirement for homeowners or spouses of homeowners wishing to sign up for reverse mortgage programs will be lowered from 60 years old or older to 55 years old or older.The government expects that 1.15 million additional households will be eligible for reverse mortgages due to this change. Early retirees are expected to benefit from the 1.5 percent increase in the disbursement amount beginning in 2020.As of the end of February, 2020, the accumulated number of households signed up for reverse mortgages stood at 72,000 and the total amount of disbursement stood at KRW5.3 trillion.SECURITY DEPOSIT PAYBACK GUARANTEEBeginning in June, the Korea Housing Finance Corporation (HF) will offer a security deposit payback guarantee to the recipients of HF’s jeonse loan guarantees. This new guarantee service is expected to improve convenience and lower costs for consumers.* Please refer to the attached PDF for details.
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Mar 23, 2020

Government Issues Investor Alert for P2P Lending Products

With the Act on Online Investment-linked Financing scheduled to take effect on August 27, 2020, the volume of peer-to-peer lending has continued to grow as well as its default rate. Against this backdrop, the government has issued an investor alert to urge investors to use caution before investing in P2P loan products.Investors should be aware of the risks associated with P2P loan products as they are high-risk, high-yield products with no principal guarantee.The FSC will work to promote the development of a sound P2P lending ecosystem while closely monitoring the P2P lending firms’ compliance with the relevant guidelines to help minimize the information asymmetry existing in the market. For any unfair sales practices or incidents of fraud or embezzlement, the financial regulators will take stringent measures through on-site inspections.Note to Investors► P2P loan products are not principal guaranteed and investors are responsible for their losses on their investments.► Investors are advised to check whether P2P lending firms are registered with the FSC.► Investors are advised to check P2P lending firms' financial data and other relevant records prior to investing.► Investors should approach with caution P2P lending firms with excessive investment events.► Investors are advised to check the details of disclosed information when considering investment in P2P real estate lending.► P2P loan products are high-risk, high-yield products, thus investors are advised to follow small sum and dispersed investment strategies.* Please refer to the attached PDF for details.
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Mar 23, 2020

Financial Regulators and Banks Agree to Closely Cooperate on COVID-19 Financial Support

The FSC and the FSS along with the Korea Federation of Banks and its member institutions held a meeting on March 23, and signed a memorandum of agreement to closely cooperate in the provision of the COVID-19 financial support programs.The officials agreed that providing reliefs to the SMEs and small merchants hit by the COVID-19 outbreak is a priority for the real economy. They also agreed on the importance of effectively implementing the recently announced financial support package for SMEs and small merchants. The following are the key points of the agreement.Key Points► Banks will work to provide funding to SMEs and small merchants through super low interest loans (1.5%).► Banks will work to provide SMEs and small merchants with information about appropriate financing products.► Banks will provide active assistance to the regional credit guarantee institutions that are facing burdens of workloads in receiving and reviewing applications.► Credit guarantee institutions will closely cooperate with banks in ensuring prompt delivery of necessary funding to SMEs and small merchants.► Banks will work to ensure that the loan and guarantee extensions as well as the deferment of interest payments are seamlessly implemented beginning on April 1.► Banks will refrain from collecting debt from businesses that are facing temporary difficulties due to the COVID-19 outbreak.► Banks will contribute to the bond market stabilization fund and actively cooperate to raise the fund when deemed necessary afterwards.► Banks will actively cooperate to promptly launch a stock market stabilization fund.► The financial regulators will ease standards on sanctions for financial institutions’ handling of the COVID-19 financial support and actively support banks’ efforts to boost liquidity requirements.* Please refer to the attached PDF for details.
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Mar 23, 2020

FSC Designates 7 Additional Financial Solutions for Regulatory Sandbox

The FSC designated seven additional financial solutions as ‘innovative financial services’ to be included in the regulatory sandbox program on March 20, 2020. The FSC has designated a total of 93 ‘innovative financial services’ since the launching of the regulatory sandbox on April 1, 2019.OVERVIEW OF NEWLY ADDED ‘INNOVATIVE FINANCIAL SERVICES’1. A small sum foreign stock investment platform using reward points from affiliated businesses (Shinhan Investment Corp.)2. A financial fraud or scam detection service that provides information about possible voice phishing attempts for phone calls and text messages using telecommunications and financial information (Nice Information Service, SKT, KT, LG U+)3. A mobile-based local shopping voucher platform to promote the local economy (KT)4. A USIM-based mobile authentication process that allows individuals to register e-payment methods on their mobile devices for a simpler payment process (L Fin)5. A mobile-based paperless application solution for business-related insurance products, such as fire or disaster liability insurance (Hyundai Marine Fire Insurance)67. Online-based loan comparison platforms that offer a comparison on different loan products from various financial institutions (SK Planet Owrainfo Co.)* Please refer to the attached PDF for details.
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Mar 22, 2020

FSC Chairman Holds Meeting on Financial Market Stabilization Measures

FSC Chairman Eun Sung-soo convened a meeting on March 22 prior to the government’s emergency economic meeting scheduled later in the week. Chairman Eun and the officials discussed ways to ease prudential standards for the supervision of financial institutions and the operation of an emergency financial situation room.At the meeting, Chairman Eun and the officials discussed financial market stabilization measures to be introduced at the government-wide emergency economic meeting. In order to facilitate funding flows to businesses, the FSC and the FSS will seek ways to ease prudential regulations on financial institutions. The FSC also decided to operate an emergency financial situation room in order to more proactively and comprehensively monitor various risks arising from COVID-19 and to review how the government’s response measures are being implemented.The emergency financial situation room will be headed by the FSC Chairman and composed of seasoned government officials and professionals from both the public and private sectors. It will be organized into (i) the risk management team tasked with examining the risks and conditions in the financial markets and the real economy, and (ii) the policy implementation and inspection team charged with assessing the implementation of the government’s financial support measures. The emergency financial situation room will maintain close communication with market experts and officials from the relevant associations and federations.* Please refer to the attached PDF for details.
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Mar 20, 2020

Vice Chairman Calls for Strengthening Information Sharing and Policy Cooperation

FSC Vice Chairman Sohn Byungdoo participated in the Financial Stability Board Steering Committee meeting which was held over a conference call on March 19, 2020. The steering committee meeting was held to check the effects of the COVID-19 outbreak in the global financial markets and share policy responses.The following is a summary of Vice Chairman Sohn’s remarks:The Korean government has been closely monitoring the effects of the COVID-19 outbreak on the financial markets. As the government has been working on preventive measures, the number of newly infected cases has declined. To minimize impact on the real economy, various policy tools have been applied from both the demand and the supply side. The Bank of Korea lowered the base rate to 0.75 percent and the government unveiled a KRW50 trillion additional financial support package.As capital outflows from emerging markets triggered foreign exchange market volatility, it is important to maintain stability through currency swaps between the U.S. and other countries.To minimize market instability, closer international cooperation and information sharing between countries are needed.* Please refer to the attached PDF for details.
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Mar 20, 2020

FSC Chairman Meets with Bank Chiefs to Discuss Government's Financial Support Package

FSC Chairman Eun Sung-soo met with the Korea Federation of Banks chairman and the CEOs of major banks on March 20, and discussed ways to effectively and promptly deliver the government’s COVID-19 financial support to the businesses in need.Chairman Eun and the bank chiefs agreed on the importance of cooperation and coordination between the public and private sectors, and agreed on the following.► Provide necessary funding to small merchants at a super low interest rate (1.5%)► Provide assistance to the regional credit guarantee institutions burdened with heavy workloads► Work to ensure that maturity extensions and deferment of interest payments are provided by all financial sectors beginning on April 1► Participate in reinstating a KRW10 trillion bond market stabilization fund, which was set up in December 2008 in response to the global financial crisis, and actively cooperate to increase the fund if deemed necessary afterwards► Participate to set up a stock market stabilization fund► Advice local private banks to refrain from collecting debt from businesses that are recipients of the COVID-19 financial support from policy banks► Ensure that financial institutions and employees are granted immunity from sanctions or penalties related to their handling of the COVID-19 financial support, while supporting banks’ efforts to improve their capital adequacy ratio.* Please refer to the attached PDF for details.
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Mar 20, 2020

Government Prepares to Introduce Points-Based Personal Credit Scoring System

The FSC announced on March 19 that a new points-based personal credit scoring system will be introduced on January 1, 2021, which will replace the current ratings-based credit scoring system.BACKGROUNDThe government has been pursuing a shift from the current ratings-based system (1 to 10 ratings) to a points-based system (1 to 1,000 points) in order to minimize the threshold effect when applying for loans.1 Once the change takes effect, the credit bureaus will provide personal ‘credit grades’ instead of ‘credit ratings’ to individuals and financial institutions alike.Introducing the new points-based credit scoring system requires a revision of the term ‘credit ratings’ with ‘credit grades’ in all financial and other relevant laws. The government will work on the revision of the 11 finance-related laws and regulations to facilitate a seamless transition by January 1, 2021.KEY REVISIONThe specifics of the change from ‘credit ratings’ to ‘credit grades’ are shown below.The new points-based credit scoring system will provide a more segmented credit scoring system for both individuals and financial institutions.FURTHER PLANIn order to ensure a smooth transition to the new points-based credit scoring system,the government will operate a taskforce to closely monitor the transition. The necessary revisions to the legislations are expected to be completed by the third quarter of this year. The change from the ‘credit ratings’ to the ‘credit grades’ system for financial companies’ credit scoring system (CSS), guidelines, internal regulations and standardized agreements will take place in the fourth quarter. The new points-based credit scoring system will be fully operational beginning on January 1, 2021.* Please refer to the attached PDF for details.
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Mar 19, 2020

Government Announces Additional Financial Support for SMEs and Small Merchants

The government unveiled on March 19, 2020 additional financial support measures aimed at helping the SMEs and small merchants better cope with the burden of economic slowdown amid the COVID-19 outbreak. This is part of the KRW50 trillion package program announced by the government today to better deal with the impact of the outbreak.COVID-19 FINANCIAL SUPPORTThe government unveiled financial support programs1 targeted at the SMEs and small merchants directly hit by the COVID-19 outbreak. The measures including i) extensions on the existing loans and guarantees, ii) new loans and special credit guarantees, and iii) discounts on interest rates and fees, deferment of payments, export-import financing are currently being implemented.Since the first round of financial support was announced on February 7, about KRW6.4 trillion (81,000 individual cases) was provided to mostly small merchants (68,000 cases, 84%). About 19,000 of them were restaurant businesses and 14,000 retail businesses. About 35,000 cases consisted of loan and guarantee extensions whereas newly issued loans and guarantees made up 46,000 cases. In order to continue to provide a sufficient level of financial support, the government has prepared a KRW12 trillion supplementary budget.ADDITIONAL MEASURESI. EXPANDING FINANCIAL SUPPORT FOR SMES AND SMALL MERCHANTS HIT BY COVID-19► MATURITY EXTENSION: A minimum of six-month extension on existing loans and guarantees will be provided by all banking and non-banking sectors, including savings banks, insurance companies and credit card companies. The extension will also be applied to deferred payment products and guaranteed loans.► DEFERMENT OF INTEREST PAYMENT: All financial institutions and microfinance institutions will offer a six-month deferment on interest payments for products with maturity date of September 30 or thereafter. The government will review measures to support financial institutions if they face liquidity problems.► FULL GUARANTEES FOR SMALL
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Mar 18, 2020

FSC Grants CB License to KODIT to Develop Business Credit Scoring System

The FSC granted a credit bureau license to the Korea Credit Guarantee Fund (KODIT) on March 18, 2020 to facilitate the development of a business credit scoring system using big data analysis. The new credit scoring system — modeled after Paydex — analyzes firms’ non-financial, commercial transaction history such as the frequency of sales and purchase orders, payment histories, payment capabilities to generate their credit scores.BACKGROUNDFor SMEs and small merchants, the conventional channels of credit evaluation and financing remain difficult to access especially when they have unfavorable financial records. Against this backdrop, KODIT will develop a business credit scoring system based on non-financial and commercial transaction data of businesses to help provide an alternative credit evaluation mechanism for SMEs and small merchants.EXPECTATIONThe new business credit scoring scheme will bring innovation to the current business credit evaluation system as it opens up a new way of raising capital based on non-financial credit information.I. FACILITATING CREDIT GUARANTEESMore SMEs and small merchants will be eligible to receive credit guarantees. Businesses that previously were unable to raise funds due to low business credit scores may be eligible for credit guarantees if their credit scores based on commercial transaction records are high.II. FACILITATING NEW FINANCING OPPORTUNITIESWith the new business credit scoring system, it is expected that more financing opportunities will be provided to SMEs and small merchants through financial institutions and corporate credit bureaus.► Financial institutions will be able to easily access firms’ commercial credit information in diverse forms using big data analytics.► Financial institutions are able to provide financing options to small merchants and SMEs even when they have low credit ratings.► A fintech-based accounts receivable financing for small merchants and SMEs will be developed.SCHEDULEIn the firs
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Mar 18, 2020

FSC Grants Viva Republica Preliminary License to Launch Brokerage Business

The FSC decided to grant Viva Republica (Toss) a preliminary license to operate investment brokerage business on March 18, 2020, as it has met the requirements of capital adequacy, appropriateness of business plan and soundness of management specified by the Financial Investment Services and Capital Markets Act.In six months, Viva Republica will be required to submit application for a final approval after getting its human resources and physical infrastructure ready. Viva Republica may begin its securities brokerage business within six months of getting the final approval from the FSC.* Please refer to the attached PDF for details.
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Mar 17, 2020

Revision Act on Crypto Assets Passes at Cabinet Meeting

The revision to the Act on Reporting and Using Specified Financial Transaction Information was approved at a cabinet meeting on March 17, 2020. This revision act will place Korea’s legal framework on crypto assets more in line with international standards set forth by the Financial Action Task Force (FATF) and strengthen its AML/CFT regime.BACKGROUNDAmid growing concerns about the use of crypto assets in money laundering and other illegal activities, the FATF and the G20 worked on a revision to the international standards and urged each country to adopt the revision. The Korean government introduced a revision bill in November last year to reflect this change, and following the passage of the revision act by the National Assembly on March 5 this year, the government approved the revision act at a cabinet meeting today.KEY FEATURESI. REQUIREMENTS FOR CRYPTO ASSET BUSINESS OPERATORSCrypto-asset business operators will be a) required to report their transactions to the Korea Financial Intelligence Unit (KoFIU), b) subject to basic AML requirements (e.g. customer due diligence, suspicious transaction reporting, etc.), and c) bound to follow additional obligations such as keeping separate transaction details for users.II. REQUIREMENTS FOR FINANCIAL INSTITUTIONSFinancial institutions dealing with crypto-asset business operators will be required to conduct customer due diligence on crypto-asset business operators and check whether they report their business tow KoFIU and maintain customer deposits in a separate account.If crypto-asset business operators fail to report to the KoFIU or are deemed as high-risk for money laundering, financial institutions are obliged to refuse (or terminate) such transactions. III. SUPERVISION INSPECTIONThe KoFIU will oversee the supervision and may delegate the authority of inspection to the Financial Supervisory Service.The revision bill will take effect one year after promulgation, and the current crypto-asset business operators will be g
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Mar 17, 2020

New Legislation on Financial Consumer Protection Approved at Cabinet Meeting

The new legislation on financial consumer protection was approved at a cabinet meeting on March 17, 2020. It will be promulgated in March and will become effective one year after in March 2021.1 The new legislation is a part of the government’s policy initiatives to improve the fairness in the economy.EXPECTATIONThe new legislation on financial consumer protection attempts to level the playing field between consumers and financial institutions. It represents a significant turning point as it will help enhance consumer rights and improve public confidence in financial institutions.I. CLOSING REGULATORY LOOPHOLES AND STRENGTHENING ADMINISTRATIVE MEASURES► The six major sales regulations2 currently applied to selected financial products will be applied to all financial products.► Strict punishment such as punitive fines3 will be imposed on violations of the sales regulations, and the government may issue a sales ban to prevent massive consumer damage.II. BOOSTING EFFECTIVENESS OF CONSUMER REMEDIES IN CONFLICT RESOLUTION AND LITIGATION► Financial firms will not be allowed to file a lawsuit for the purpose of leaving the conflict resolution process and avoiding mediation, and courts may decide to halt further legal process through a stay of proceedings if the lawsuit brought to them are unresolved conflict resolution cases.► The burden of proof in liability for damage cases will be transferred to the seller, and consumers will be entitled to the right to request information to be used in conflict resolution cases or lawsuits.III. EXPANDING CONSUMER CHOICES AND IMPROVING TRANSPARENCY► Consumers are entitled to the right to withdraw subscription within a certain period of time, and may resort to unilateral termination of contracts when violation of sales regulations is found.► Financial firms will be required to explain important information such as the risk levels of investment products, and also by law provide a comparative information of financial products
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Mar 13, 2020

FSC to Ease Rules on Overseas Expansion of Financial Institutions

The FSC announced on March 12, 2020 its plans to revise the regulations on overseas expansion of financial institutions in order to ease regulatory burdens of operating overseas businesses and help boost their global competitiveness. The amendments will include streamlining the registration and reporting process and easing unnecessary requirements. The revisions will take effect gradually within this year in a two-pronged process.KEY FEATURESThe first stage amendments to the regulations include a) an expanded application of the ex post facto reporting rule for foreign direct investment, b) an improvement to the regular reporting process, and c) a simplified reporting rule for dissolving overseas businesses.I. EX POST FACTO REPORTING RULE FOR FDI(As is) In principle, all financial institutions are required to report their foreign direct investment activities before overseas investment takes place.(To be) Allow ex post facto reporting of new foreign direct investment for financial institutions with cumulative investment in the amount of USD30 million or less during the recent year.The government will work to maintain the stability in the FX market by reviewing the soundness of overseas investment businesses and through the imposition of penalties for businesses deemed to be substandard.II. IMPROVEMENT TO REGULAR REPORTING REQUIREMENT(As is) Financial companies are required to report the status of the establishment and operation of their overseas businesses to both the Financial Supervisory Service and the Bank of Korea once every three months.(To be) Financial companies will report the status of the establishment and operation of overseas businesses to the FSS once every year.The information provided to the FSS will be shared with the Bank of Korea.III. EX POST FACTO REPORTING RULE FOR DISSOLVING OVERSEAS BRANCHES(As is) When seeking dissolution of overseas business operations or making changes to the initial declaration, financial institutions are required to report
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Mar 13, 2020

Government Unveils Stock Market Stabilization Measures

The Financial Services Commission decided to impose a ban on stock short-selling in the KOSPI, KOSDAQ and KONEX markets for a period of six months from March 16 to September 15. During the six-month period, the current limits on stock buybacks will also be lifted for listed companies as shown below. The Korea Exchange may ease the rules upon approval from the FSC.In order to prevent excessive offsetting trading by stock companies, the minimum requirement for collateral coverage ratio for stock companies will be lifted.* Please refer to the attached PDF for details.
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Mar 12, 2020

FSC & FSS Work for Prevention of COVID-19 Spread at Financial Call Centers

The Financial Services Commission and the Financial Supervisory Service announced on March 12, 2020 a set of preventive steps taken by the financial authorities to curb the spread of COVID-19 at banking and financial call centers throughout the country.On February 10, the financial authorities sent out a guideline to all financial institutions to prevent the spread of COVID-19, which instructed them a) to establish an emergency contact and reporting system, b) to display cleaning products and disinfectants, c) to distribute instructional materials and d) to refrain from traveling.On March 10, the authorities issued an instruction to refrain from holding events such as group trainings and meetings.The authorities held an emergency meeting on March 11, a day after mass infection cases surfaced at a financial call center in Seoul, to assess the progress of the disinfection and prevention measures implemented at call centers and discuss further responses.The financial authorities will continue to work with local governments and other relevant authorities to come up with stronger preventive measures to contain the spread of virus at banking and financial call centers.* Please refer to the attached PDF for details.
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