Procedures for the Operation and Management of the Payment and Settlement System

Established: January 10, 2002 (Director Approval: Geomgyeol 5011-22) Amended: July 22, 2002 (Director Approval: Geomgyeol 5011-352) Amended: September 26, 2002 (Director Approval: Geomgyeol 5011-470) Amended: June 26, 2003 (Director Approval: Geomgwan 5011-123) Amended: October 14, 2003 (Director Approval: Geomgyeol 5011-425) Amended: December 29, 2003 (Director Approval: Geomgyeol 5011-580) Amended: November 19, 2004 (Director Approval: Geomun 5011-248) Amended: March 14, 2005 (Director Approval: Geomgyeol 5011-118) Amended: June 22, 2006 (Director Approval: Payment Policy Team-455) Amended: August 24, 2006 (Director Approval: Payment Stability Team-140) Amended: December 21, 2006 (Director Approval: Payment Operation Team-675) Amended: March 12, 2007 (Director Approval: Payment Operation Team-138) Amended: October 17, 2007 (Director Approval: Payment Operation Team-543) Amended: December 14, 2007 (Director Approval: Payment Policy Team-1245) Amended: October 9, 2008 (Director Approval: Payment Operation Team-612) Amended: January 22, 2009 (Director Approval: Payment Policy Team-78) Amended: April 3, 2009 (Director Approval: Payment Policy Team-343) Amended: May 25, 2009 (Director Approval: Payment Operation Team-283) Amended: December 17, 2009 (Director Approval: Payment Operation Team-888) Amended: January 26, 2010 (Director Approval: Payment Policy Team-114) Amended: June 29, 2010 (Director Approval: Payment Policy Team-729) Amended: December 28, 2010 (Director Approval: Payment Operation Team-748) Amended: November 18, 2011 (Director Approval: Payment Policy Team-1346) Amended: February 3, 2012 (Director Approval: Payment Policy Team-130) Amended: July 26, 2012 (Director Approval: Payment Policy Team-1003) Amended: December 27, 2012 (Director Approval: Payment Policy Team-1778) Amended: July 25, 2013 (Director Approval: Payment Policy Team-391) Amended: March 31, 2014 (Director Approval: Payment Risk Team-182) Amended: January 7, 2015 (Director Approval: Payment Operation Team-19) Amended: February 25, 2016 (Director Approval: Payment Policy Team-124) Amended: July 12, 2016 (Director Approval: Payment Policy Team-369) Amended: December 20, 2018 (Director Approval: Payment Policy Team-579) Amended: May 8, 2020 (Director Approval: Payment Policy Team-270) Amended: June 25, 2020 (Director Approval: Payment Policy Team-394) Amended: September 10, 2020 (Director Approval: Payment Policy Team-618) Amended: January 13, 2022 (Director Approval: Payment Operation Team-28) Amended: February 7, 2023 (Director Approval: Payment Policy Team-126) Amended: July 26, 2023 (Department Head Approval: Payment Operation Team-625) Amended: May 13, 2024 (Director Approval: Payment Policy Team-393) Amended: July 30, 2024 (Department Head Approval: Payment Operation Team-441) Amended: June 5, 2025
(Director Approval: Payment Policy Team-427) Amended: January 27, 2026 (Director Approval: Payment Infrastructure Stability Team-8) Amended: March 26, 2026 (Director Approval: Payment Operation Team-197)

Chapter 1 General Provisions

Article 1 (Purpose) The purpose of these Procedures is to define details necessary for the implementation of matters delegated by the "Detailed Rules for the Operation and Management of the Payment and Settlement System" (hereinafter referred to as the "Detailed Rules").

Article 2 (Definitions) The terms used in these Procedures have the following meanings:

1. "Participating Institution" refers to an institution that has joined the Bank of Korea Financial Settlement Network (hereinafter referred to as "BOKFSN") in accordance with Article 5, Paragraphs 1 and 2 of the Detailed Rules.
2. "Indirect Participating Institution" refers to an institution that utilizes the BOKFSN through a Participating Institution in accordance with Article 5, Paragraph 7 of the Detailed Rules.
3. "User ID" refers to the identification number assigned to each employee of a Participating Institution authorized to use the BOKFSN.
4. "User ID Manager" refers to an employee of a Participating Institution responsible for application tasks such as the new registration, change, or deletion (hereinafter referred to as "registration") of User IDs.
5. "One-Time Password Generator" refers to a device used to generate one-time passwords required for the approval of important transactions by authorized persons in business conducted using the BOKFSN.
6. "One-Time Password Generator Manager" refers to an employee of a Participating Institution responsible for application tasks such as the registration of One-Time Password Generators, custody tasks, and the delivery, recovery, and disposal of One-Time Password Generators to users of the generators.
7. "Terminal" refers to the personal computer of a Participating Institution registered with the Bank of Korea for the use of the BOKFSN.

Article 3 (Method of Notice for Opinion Collection) When collecting opinions on major policies related to the payment and settlement system in accordance with Article 3 of the Detailed Rules, the main content shall be announced in advance through methods such as notification to relevant institutions, holding explanation sessions for relevant institutions, and posting on the Internet homepage.

Chapter 2 Operation of the Payment and Settlement System

Section 1 Standards for Joining and Operating the BOKFSN

Article 4 (Standards for Joining the BOKFSN and Standards for Netting Participation)

1. In relation to Article 4, Paragraph 1, Item 1 of the Detailed Rules, institutions listed in Item 1, Sub-item Ma of <Table 5> of the Detailed Rules must meet the standards defined in <Table 1>.
2. In relation to Article 4, Paragraph 1, Item 2 of the Detailed Rules, if the standard in Item 2 of <Table 5> of the Detailed Rules is not applied and admission is permitted, the Bank may restrict part of the fund transfer business through the payment-specific current deposit account within the BOKFSN for the relevant institution.
3. In relation to Article 4, Paragraph 1, Item 3 of the Detailed Rules, if an institution determines that it is difficult to meet the standard in Item 4 of <Table 5> of the Detailed Rules and submits the reasons to the Director of the Financial Settlement Bureau of the Bank of Korea (hereinafter referred to as the "Director of the Financial Settlement Bureau"), the Director may decide not to apply the standard after comprehensively considering the expected transaction frequency and amount in the BOKFSN, the possibility of securing terminal installation locations, etc.
4. When evaluating the risk management capability of an institution in accordance with Article 4, Paragraph 2, Item 3 of the Detailed Rules, the Director of the Financial Settlement Bureau considers the appropriateness of the net transfer limit and the ability to provide collateral for netting risk management.

Article 5 (Re-examination of Compliance with Admission Standards and Netting Participation Standards)

1. When re-examining whether a Participating Institution meets the BOKFSN admission standards in <Table 5> of the Detailed Rules in accordance with Article 6, Paragraph 1 of the Detailed Rules, the following standards shall be followed, and it is in principle conducted in January of each year.
   1. When re-examining financial soundness, the financial soundness ratio disclosed by the institution immediately prior to the examination date shall be used as the basis. However, even if the financial soundness ratio does not meet the BOKFSN admission standards, the admission qualification may be maintained if it is judged that business normalization is possible in the future.
   2. When re-examining the number of uses, the average monthly number of uses in the previous year shall be used as the basis. However, even if the number is less than 50, the admission qualification may be maintained if it is expected that the number of uses will be 50 or more in the future.
   3. When re-examining dedicated personnel, the number of dedicated personnel at the end of the month immediately prior to the examination date shall be used as the basis.
   4. When re-examining business continuity capability, the location of the BOKFSN terminal installation at the end of the month immediately prior to the examination date shall be used as the basis.
   5. For institutions where the use of the BOKFSN is unavoidable in connection with Bank of Korea business, etc., the standard in Article 4, Paragraph 1, Item 2 of the Detailed Rules shall be applied mutatis mutandis, and in this case, part of the fund transfer business through the payment-specific current deposit account within the BOKFSN may be restricted for the relevant institution.
2. When re-examining whether a Netting Participating Institution meets the netting participation standards in Article 4, Paragraph 2 of the Detailed Rules in accordance with Article 6, Paragraph 2 of the Detailed Rules, the following standards shall be followed, and it is in principle conducted in January of each year.
   1. When re-examining the financial soundness in accordance with Article 4, Paragraph 2, Items 1 and 2 of the Detailed Rules, the financial soundness ratio disclosed by the institution immediately prior to the examination date shall be used as the basis. However, even if the financial soundness ratio does not meet the netting participation standards, the participation qualification may be maintained if it is judged that business normalization is possible in the future.
   2. When re-examining the standard in Article 4, Paragraph 2, Item 3 of the Detailed Rules, Article 4, Paragraph 2 shall be applied mutatis mutandis.

Article 6 (Admission and Withdrawal)

1. The application for admission and the agreement in accordance with Article 5, Paragraphs 1 and 6 of the Detailed Rules shall be made using <Form 1-1>, <Form 2>, and <Form 3>.
2. The application for netting participation and the agreement in accordance with Article 5, Paragraph 3 of the Detailed Rules shall be made using <Form 4> and <Form 5>.
3. The application for withdrawal in accordance with Article 5, Paragraph 5 of the Detailed Rules shall be made using <Form 1-1> or <Form 4>, and must be submitted to the Bank of Korea one week prior to the planned withdrawal date.
4. The application for use and termination of use by an indirect participating institution in accordance with Article 5, Paragraph 7 of the Detailed Rules shall be made using <Form 1-2>.

Article 7 (Use of the Payment and Settlement System via the BOKFSN)

1. The application for use in accordance with Article 7, Paragraph 1 of the Detailed Rules shall be made using <Form 6>.
2. The application for termination of use in accordance with Article 7, Paragraph 3 of the Detailed Rules shall be made using <Form 6>, and must be submitted to the Bank of Korea one week prior to the planned termination date.

Article 8 (Method of Collecting Usage Fees, etc.)

1. The Director of the Financial Settlement Bureau and the Director of the International Bureau of the Bank of Korea shall collect the usage fees for the previous month calculated in accordance with Article 9, Paragraph 1 of the Detailed Rules by withdrawing them from the general current deposit account of each Participating Institution at the Bank of Korea on the 10th of each month (if that day is a non-business day for the BOKFSN according to Article 17, Paragraph 2 of the Regulations, it shall be the preceding business day).
2. The cases where the fee for the time period from 4:00 PM to 8:00 PM applies to fund transfers made after 8:00 PM as defined in <Table 1> of the Detailed Rules are as follows. However, the fee may not be applied to Participating Institutions that extended the BOKFSN due to reasons such as computer system failure.
   1. When fund settlement is delayed due to a computer failure of the Bank of Korea or the Korea Depository & Clearing (KSDC).
   2. When fund transfers are made after 8:00 PM due to measures taken by the Bank of Korea to implement monetary and credit policies.
   3. When fund transfers are delayed due to government reasons such as delays in treasury fund remittances.
   4. Other cases specially recognized by the Director of the Financial Settlement Bureau based on explanatory materials submitted by Participating Institutions, etc.
3. In the cases of Items 2 through 4 of Paragraph 2, Participating Institutions must submit an explanatory statement in accordance with <Form 7> to the Director of the Financial Settlement Bureau.
4. When a Participating Institution processes BOKFSN business by connecting to the Bank of Korea's treasury computer network, the communication line usage fee under Article 9, Paragraph 3 of the Detailed Rules shall be shared between the Bank of Korea and the Participating Institution in the following ratio of transaction volumes.
   1. Bank of Korea Shared Business: Treasury fund collection (details of revenue receipts) and treasury fund payment (electronic transfer by implementation time)
   2. Participating Institution Shared Business: Won fund transfer (including designated recipient fund transfer), call money supply and repayment, securities and funds simultaneous settlement, CLS settlement fund payment (pay-in), next-day current deposit and cash payment
5. The Director of the Financial Settlement Bureau shall collect the burden amount of the previous month's Participating Institution communication line usage fee calculated in accordance with Article 9, Paragraphs 2 and 3 of the Detailed Rules by withdrawing it from the general current deposit account of each Participating Institution at the Bank of Korea by the end of each month (if that day is a non-business day for the BOKFSN as defined in Article 17, Paragraph 2 of the Regulations, it shall be the preceding business day).

Article 9 (Change of Operating Hours)

1. If a Participating Institution or the head of a Bank of Korea department performing business through the BOKFSN in accordance with Article 15 of the Detailed Rules determines that it is necessary to change the operating hours according to Article 13, Paragraphs 1 and 2 of the Detailed Rules due to any of the reasons listed in Article 13, Paragraph 4 of the Detailed Rules, they must promptly submit an application for change of operating hours in accordance with <Form 8> or <Form 9> to the Director of the Financial Settlement Bureau. However, in urgent and unavoidable cases, the application may be submitted afterwards.
2. If the operating hours of the BOKFSN are temporarily changed in accordance with Article 13, Paragraph 4 or Article 89 of the Detailed Rules, the Director of the Financial Settlement Bureau shall create and maintain a record of change of operating hours in accordance with <Form 10>.

Article 10 (Participating Institutions Council)

1. The BOKFSN Participating Institutions Council (hereinafter referred to as the "Council") in accordance with Article 14 of the Detailed Rules shall be composed as follows:

Category	Payment and Settlement System Division	IT Division
Chairman	Director of the Financial Settlement Bureau, Bank of Korea	Director of IT Strategy, Bank of Korea
Members	Heads of fund settlement departments of the following Participating Institutions, and heads of relevant departments of the Korea Financial Telecommunications and Clearings Institute (KFTC), KSDC, and Korea Exchange; up to 10 bank representatives; up to 3 financial investment firm representatives; up to 2 representatives of other institutions.	Heads of IT departments of the following Participating Institutions, and heads of relevant departments of KFTC, KSDC, and Korea Exchange; up to 10 bank representatives; up to 3 financial investment firm representatives; up to 2 representatives of other institutions.

2. The Council deliberates on the following matters regarding the use of the BOKFSN:
   1. Standardization plans for business processing procedures and IT-related matters of Participating Institutions.
   2. Matters concerning fee claims between Participating Institutions and other cost settlements.
   3. Other matters necessary for the use of the BOKFSN.

Article 11 (Operation of the Council)

1. The Chairman may convene a meeting if deemed necessary.
2. All affairs necessary for the operation of the Council, such as preparation of meeting agendas and creation of meeting minutes, shall be handled by the Financial Settlement Bureau and the IT Strategy Bureau of the Bank of Korea, respectively.

Article 12 (Management of Participating Institutions) The Director of the Financial Settlement Bureau shall create and maintain a Participating Institution Management Card in <Form 11> for each Participating Institution, and record and maintain the compliance with data submission requirements under Article 13, Paragraph 5 and Article 36 of the Regulations, and the content of sanctions against Participating Institutions under Article 91 and Article 91-2 of the Detailed Rules.

Article 12-2 (Method of Providing Data to Participating Institutions) Data provision in accordance with Article 14-2 of the Detailed Rules shall be conducted in a manner where the Participating Institution applies through the BOKFSN and the Bank of Korea approves and provides it.

Section 2 Registration and Processing of Transmission Authority

Article 13 (Pre-registration Matters) The transmission authority persons who must be pre-registered with the Bank of Korea in accordance with Article 8, Paragraph 1, Item 1 of the Detailed Rules are as follows:

1. User ID Manager and One-Time Password Generator Manager (hereinafter referred to as "Manager").
2. Terminal User and One-Time Password Generator User (hereinafter referred to as "User").

Article 14 (Tasks of the Manager)

1. A Participating Institution must have one User ID Manager for managing User IDs of the BOKFSN and one One-Time Password Generator Manager for managing One-Time Password Generators of the BOKFSN, and the same person shall not hold both positions concurrently.
2. When a Participating Institution newly designates or changes a Manager, or when a Manager forgets the password or enters it incorrectly three times consecutively, the Participating Institution must immediately notify the Bank of Korea using <Form 12>.

Article 15 (Standards for Registration of User IDs, etc.)

1. The User ID Manager must apply for registration by limiting the available business for each User ID.
2. A Manager cannot be a User.
3. A One-Time Password Generator User cannot use their own One-Time Password Generator to approve business performed using their own User ID.
4. The Bank of Korea may adjust the registered User IDs and One-Time Password Generators applied for by a Participating Institution to an appropriate level, taking into account their current holdings.

Article 16 (Registration Procedure for User IDs, etc.)

1. The department head of a Participating Institution must immediately inform the Manager in any of the following cases, and the Manager must apply for the registration of a User ID or One-Time Password Generator through the terminal within the professional input time according to Article 13 of the Detailed Rules. However, if application through the terminal is impossible due to non-installation or failure of the terminal, application may be made using <Form 13-1> or <Form 13-2>.
   1. When appointing or replacing a User.
   2. When changing the available business in Article 15, Paragraph 1.
   3. When designating a person to act on behalf of a One-Time Password Generator User during their absence due to vacation, business trips, etc.
   4. When a One-Time Password Generator cannot be used due to failure or damage, or when designating the use of another One-Time Password Generator in preparation.
2. The Bank of Korea shall, in principle, approve the application in Paragraph 1 to be usable from the start of professional input time on the following day. However, if a Participating Institution submits a statement of reasons using <Form 14-1> or <Form 14-2> and the reason is judged to be appropriate, the Bank may approve it to be usable on the day of application.
3. After confirming the approval content of the Bank of Korea, the Manager must immediately hand over the User ID or One-Time Password Generator to the User.
4. The One-Time Password Generator Manager must purchase the One-Time Password Generator from the supplier, submit <Form 15> to the Bank of Korea, and go through the registration procedure before using it.

Article 17 (Management of User IDs and Passwords)

1. Users and Managers who are newly assigned a User ID must change their password upon first login before using it.
2. Users and Managers must be careful not to expose their User ID and password to others, and must immediately change the password if they judge it has been exposed.
3. Users and Managers must change their password according to the following methods:
   1. Mix numbers, letters, and special characters to make it 9 characters or more.
   2. Change it directly through the terminal by the User and Manager.
   3. Change it as needed, but at least once every 90 days from the last change date.
4. If a password is forgotten or entered incorrectly three times consecutively, the User must immediately notify the User ID Manager, and the User ID Manager must request password initialization from the Bank of Korea. The Bank of Korea shall follow the method defined in Article 16, Paragraph 2 for this request.

Article 18 (Management of One-Time Password Generators)

1. A One-Time Password Generator User must change the password immediately upon receiving the One-Time Password Generator from the One-Time Password Generator Manager, and must not transfer or lend the One-Time Password Generator or password to others for use. However, for persons registered as One-Time Password Generator Users in accordance with Article 16, Paragraph 1, Items 3 and 4, the One-Time Password Generator and password may be handed over when the reason occurs, and the password must be changed when the reason ends.
2. A One-Time Password Generator User must immediately notify the One-Time Password Generator Manager if the One-Time Password Generator is lost, the password is forgotten, or the password is entered incorrectly three times consecutively.
3. If the One-Time Password Generator Manager intends to dispose of a One-Time Password Generator that can no longer be used due to loss or damage, they must apply for the deletion of the registration details of the One-Time Password Generator to the Bank of Korea through the terminal.
4. Participating Institutions must record and maintain the management status of One-Time Password Generators.

Article 19 (Inspection of Management Status of User IDs, etc.) The Bank of Korea may inspect the management status of User IDs and One-Time Password Generators of Participating Institutions if deemed necessary in connection with the use of the BOKFSN.

Article 20 (Reporting and Verification of Representative's Seal)

1. Participating Institutions must submit the representative's seal to be used for all documents for the management, management, or use of User IDs and One-Time Password Generators for payment risk management to the Bank of Korea using <Form 16>, and must promptly report to the Bank of Korea if the representative's seal is changed.
2. The initial report under Paragraph 1, the signing and termination of the BOKFSN admission agreement, the signing and termination of agreements on BOKFSN netting and netting agency, the signing and termination of agreements on intraday repurchase agreement securities transactions, and the representative's seal to be used for the implementation of sanctions must match the representative's seal used in the current deposit transaction agreement with the Bank of Korea.
3. If the Bank of Korea processes business after visually verifying that the reported representative's seal matches the seal affixed to all documents, etc., and deems it correct, the Bank of Korea shall not bear responsibility for forgery, alteration, etc.

Section 3 Application and Processing Procedures for Fund Transfers

Article 21 (Management of Waiting Files by Current Deposit Account) The Bank of Korea manages waiting files related to the processing of fund transfer business by dividing them into general current deposit accounts and payment-specific current deposit accounts.

Article 21-2 (Fund Transfer via Server-to-Server Connection) When a Participating Institution intends to perform fund transfer via server-to-server connection, it must meet the following requirements:

1. The Participating Institution's computer server must be located in Korea.
2. The average daily number of fund transfers in the 3 months prior to the month of application must be 150 or more, or the number of branches as of the end of the previous quarter (or the closest quarter end if previous quarter data is unavailable) must be 80 or more.

Article 22 (Fund Transfer Application by Head Office of Participating Institution) The head office (branch) of a Participating Institution that has installed a dedicated terminal or whose main computer is directly connected to the Bank of Korea's main computer may transfer its branch's (head office's) general current deposit to its own head office or another branch's general current deposit account.

Article 23 (Notification of Fund Transfer Processing Results) When the Bank of Korea processes fund transfers in accordance with Articles 18, 22, 35, 43-2, 44, 45, and 54 of the Detailed Rules, it shall immediately notify the processing results to the requesting institution and the receiving institution. However, this does not apply if the fund transfer application is in a waiting state according to the fund transfer processing procedures by deposit account defined in the Detailed Rules and these Procedures.

Article 24 (Application Time for Scheduled Fund Transfers)

1. The application for scheduled fund transfer of the Participating Institution's current deposit in accordance with Article 18, Paragraph 2 and Article 35, Paragraph 5 of the Detailed Rules may be made from the time the Bank of Korea receives the netting application message from the Korea Financial Telecommunications and Clearings Institute (KFTC) until the time of the netting.
2. Participating Institutions may apply for scheduled fund transfer of the payment-specific current deposit in accordance with Article 35, Paragraph 2 of the Detailed Rules up to 10 minutes before the transfer time, and may apply until 7:20 PM during the day.

Article 25 (Application within the Range of Estimated Payment-Specific Current Deposit Balance)

1. Participating Institutions may apply for scheduled fund transfer in accordance with Article 35, Paragraph 5 of the Detailed Rules only within the range of the estimated payment-specific current deposit balance.
2. From the time the Bank of Korea receives the netting application message until the netting is completed, if the Bank of Korea expects the sum of the Participating Institution's netting application amount and the net receipt amount of scheduled fund transfer in accordance with Article 35, Paragraph 5 of the Detailed Rules to be negative, it shall include the fund transfer (excluding scheduled fund transfer) application amount in the waiting file if the application amount exceeds the estimated payment-specific current deposit balance.
3. The estimated payment-specific current deposit balance in Paragraphs 1 and 2 is calculated by adding and subtracting the following amounts:
   1. The payment-specific current deposit balance at the time of scheduled fund transfer application.
   2. The available amount for intraday current deposit loans.
   3. The netting application amount at the time of the netting.
   4. The scheduled fund transfer application amount between netting participating institutions and between the head office and branch of netting participating institutions at the time of the netting.

Article 26 (Processing of Fund Transfer Applications in Waiting State)

1. The Bank of Korea shall process fund transfer applications in a waiting state in accordance with Article 19, Paragraph 1 and Article 23 of the Detailed Rules every 5 minutes. However, from 10 minutes before the time defined in Article 13, Paragraph 2, Item 4 of the Detailed Rules to the time defined in Article 13, Paragraph 2, Item 4 of the Detailed Rules, the processing shall be performed every 1 minute.
2. Notwithstanding Paragraph 1, from the time the Bank of Korea receives the netting application message until the netting is completed, the processing of fund transfer applications in a waiting state may be suspended.

Article 27 (Processing Order When Designated Processing Times Are the Same)

1. In relation to Article 33, Paragraph 2 of the Detailed Rules, when the designated processing time is the same, the processing shall be performed in the following order:
   1. Netting between Participating Institutions, scheduled fund transfers between netting participating institutions, and scheduled fund transfers between the head office and branch of netting participating institutions.
   2. Scheduled fund transfers excluding those in Item 1.
2. Notwithstanding Paragraph 1, if the requesting institution of the fund transfer in Paragraph 2, Item 2 requests adjustment of the processing order of the fund transfer to Paragraph 1, Item 1 because it expects that the payment funds for the payment in Paragraph 1, Item 1 will be insufficient, the Bank of Korea may adjust the processing order within the range of the payment-specific current deposit balance.
3. If the payment in Paragraph 1, Item 1 is delayed due to insufficient payment funds of a netting participating institution, the Bank of Korea may adjust the processing order of some of the fund transfers in Paragraph 1, Item 2 to Paragraph 1, Item 1.
4. Even if the processing order is adjusted in accordance with Paragraphs 2 and 3, if the payment in Paragraph 1, Item 1 is impossible due to insufficient payment funds of a netting participating institution, the Bank of Korea may process only part of the payment in the following order:
   1. Netting between Participating Institutions and scheduled fund transfers.
   2. Netting between Participating Institutions.
   3. Transactions where payment instructions are transmitted and received in real-time among transactions under Article 32, Item 1 of the Detailed Rules, and netting of the payment and settlement system under Article 32, Items 2 through 11 of the Detailed Rules (hereinafter referred to as "Netting of Electronic Financial Common Network, etc.") and scheduled fund transfers.
   4. Netting of Electronic Financial Common Network, etc.

Article 28 (Suspension of Afternoon Netting) <Deleted>

Article 29 (Measures When Netting Data Transmission is Delayed)

1. If the KFTC cannot transmit netting application data to the Bank of Korea by the time specified in Article 34 of the Detailed Rules, it must promptly notify the Bank of Korea of the reason for delay and the expected transmission time. However, if the notification to the Bank of Korea is made in accordance with the relevant regulations of the KFTC, the notification may be omitted.
2. Once the KFTC has transmitted netting application data to the Bank of Korea in accordance with Article 34 of the Detailed Rules, it cannot be cancelled.

Article 30 (Written Application for Transfer of Payment-Specific Current Deposit) When a Participating Institution applies for fund transfer through a payment-specific current deposit account in writing, it shall be processed as a priority payment instruction.

Article 31 (Unit for Setting Net Payment Limit) The net payment limit in accordance with Article 36 of the Detailed Rules shall be set in units of 100 million Won.

Article 32 <Deleted>

Article 33 (Batch Change of Ordinary Payment Instructions in Waiting State)

1. The Bank of Korea may collectively change ordinary payment instructions in a waiting state for the repayment of call money principal and interest in accordance with Article 44, Paragraph 2 of the Detailed Rules to priority payment instructions at 12:40 PM and process them.
2. The Bank of Korea may collectively change ordinary payment instructions remaining in a waiting state to priority payment instructions at 7:35 PM and process them.

Article 34 (Procedure for Multilateral Simultaneous Processing)

1. The Bank of Korea shall perform multilateral simultaneous processing in accordance with Article 40, Paragraph 1 of the Detailed Rules as follows:
   1. Every 5 minutes from 9:31 AM to 10:56 AM.
   2. Every 5 minutes from 11:06 AM to 7:46 PM.
   3. At 7:56 PM.
   4. When deemed necessary for smooth settlement.
2. When performing multilateral simultaneous processing in Paragraph 1, if a Participating Institution's payment-specific current deposit balance is insufficient or exceeds the net payment limit, the Bank of Korea may exclude subsequent fund transfer applications of the relevant institution in order and process them.

Article 35 (Suspension of Processing of General Current Deposit Transfer Applications)

1. From the time the Bank of Korea receives the netting application message from the KFTC until the netting is completed, if it is expected that payment funds for netting will be insufficient, the Bank of Korea may suspend the processing of fund transfer applications from the Participating Institution's general current deposit account.
2. Notwithstanding Paragraph 1, fund transfers from the general current deposit account of the same Participating Institution to the payment-specific current deposit account shall be processed within the range of the general current deposit balance.

Article 36 (Processing of Call Money Repayment Transactions)

1. The Bank of Korea shall process fund transfer applications for the repayment of half-day call money principal and interest at the designated processing time in accordance with Article 44, Paragraph 2 of the Detailed Rules as priority payment instructions.
2. Participating Institutions may request simultaneous processing of fund transfers for call money repayment in accordance with Article 44, Paragraph 3 of the Detailed Rules by 10:55 AM, and may request simultaneous processing of fund transfers for call money supply by 11:00 AM.

Article 37 (Application for Supply of Half-Day Call Money) Participating Institutions may apply for fund transfers for the supply of morning half-day call money in accordance with Article 44, Paragraph 4 of the Detailed Rules between 9:00 AM and 10:50 AM, and may apply for fund transfers for the supply of afternoon half-day call money between 11:10 AM and 1:50 PM.

Article 38 (Return or Cancellation of Call Money Repayment, etc.) The Bank of Korea may process applications for call money return, repayment cancellation, or change of repayment details made by the call money repayment institution for transactions processed in accordance with Article 44, Paragraphs 1 or 2 of the Detailed Rules, with the consent of the receiving institution.

Article 39 (Processing of Securities and Funds Simultaneous Settlement)

1. For transactions under Article 52, Items 1, 2, 4 through 7, and 10 of the Detailed Rules, the fund transfer shall settle securities and funds simultaneously according to the following procedures:
   1. In accordance with Article 54, Paragraph 1 of the Detailed Rules, the KSDC transmits settlement data including the settlement number, settlement amount, receiving institution, etc., to the Bank of Korea.
   2. Participating Institutions required to transfer funds based on the settlement data in Item 1 shall inquire about the fund transfer application content of the KSDC and then apply to the Bank of Korea for fund transfer to the receiving institution.
   3. The Bank of Korea shall debit the funds from the Participating Institution's payment-specific current deposit account and credit them to the receiving institution's payment-specific current deposit account according to the application in Item 2.
2. For transactions under Article 52, Items 3 and 9 of the Detailed Rules, and for multiple individual transactions for the same security in the transactions under Paragraph 1 that are processed as one settlement transaction, securities and funds shall be settled simultaneously according to the following procedures:
   1. In accordance with Article 54, Paragraph 1 of the Detailed Rules, the KSDC transmits settlement data including the settlement number, settlement amount, receiving institution, etc., to the Bank of Korea. However, for transactions under Article 52, Item 9, Sub-item Na of the Detailed Rules in accordance with Article 54, Paragraph 3 of the Detailed Rules, the Korea Exchange transmits settlement data to the Bank of Korea.
   2. Participating Institutions required to pay funds to the KSDC based on the settlement data in Item 1 shall inquire about the fund transfer application content of the KSDC and then apply to the Bank of Korea for fund transfer to the KSDC.
   3. The Bank of Korea shall debit the funds from the Participating Institution's payment-specific current deposit account and credit them to the KSDC's payment-specific current deposit account according to the application in Item 2.
   4. After the transaction in Item 3 is completed, the KSDC shall apply to the Bank of Korea for fund transfer to the receiving institution.
   5. The Bank of Korea shall debit the funds from the KSDC's payment-specific current deposit account and credit them to the receiving institution's payment-specific current deposit account according to the application in Item 4.
3. Transactions under Article 52, Item 8 of the Detailed Rules shall settle securities and funds simultaneously according to the following procedures:
   1. The KSDC registers a Participating Institution acting on behalf of a securities market settlement member for the fund settlement of transactions under Article 52, Item 8 of the Detailed Rules (hereinafter referred to as "Settlement Acting Participating Institution") with the Bank of Korea, and the Bank of Korea notifies this to the Settlement Acting Participating Institution and the Korea Exchange.
   2. The Settlement Acting Participating Institution in Item 1 inquires about the settlement data of the Korea Exchange in accordance with Article 54, Paragraph 2 of the Detailed Rules through the BOKFSN, and then applies to the Bank of Korea for fund transfer to the KSDC.
   3. The Bank of Korea shall credit the funds to the KSDC's account via the securities market settlement member's account according to the application in Item 2. However, if the securities market settlement member is not a Participating Institution, the via process shall be omitted.
   4. After confirming the securities payment details for transactions under Article 52, Item 8 of the Detailed Rules, the KSDC shall apply to the Bank of Korea for fund transfer to the receiving Settlement Acting Participating Institution.
   5. The Bank of Korea shall credit the funds to the receiving Settlement Acting Participating Institution's account via the securities market settlement member's account according to the application in Item 4. However, if the securities market settlement member is not a Participating Institution, the via process shall be omitted.
4. Securities fund transfers excluded from the multilateral simultaneous processing target in accordance with the proviso of Article 56, Paragraph 2 of the Detailed Rules refer to cases where any of the following apply:
   1. When funds are deducted and settled for each Participating Institution.
   2. When multiple individual transactions for the same security are processed as one settlement transaction.
   3. When there are multiple receiving institutions in the issuance and repayment transactions of short-term corporate bonds under Article 52, Item 10 of the Detailed Rules.
   4. When temporary insufficient payment funds are supported by the Bank of Korea.
5. The "time determined by the Director of the Financial Settlement Bureau" in Article 56, Paragraph 3 of the Detailed Rules refers to 4:35 PM on the day the Participating Institution applies for fund transfer.

Chapter 3 Provision of Temporary Insufficient Payment Funds During the Day

Article 39-2 (Conclusion of Agreement for Provision of Temporary Insufficient Payment Funds) If an intraday RP target institution intends to receive temporary insufficient payment funds in accordance with Article 58-2 of the Detailed Rules, it must conclude an agreement for provision of temporary insufficient payment funds with the Bank of Korea in accordance with <Form 27>.

Article 39-3 (Standard Date for Calculation of Capital and Application Period) The standard date for calculating the capital of an intraday RP target institution in accordance with Article 58-3, Paragraph 1 of the Detailed Rules is the end of March and the end of September each year. The capital calculated based on the end of March shall apply from August of that year to January of the following year, and the capital calculated based on the end of September shall apply from February to July of the following year. However, if the capital of an intraday RP target institution changes due to merger or acquisition, the standard date for calculation of capital and the application period may be different.

Article 39-4 (Waiting and Cancellation of Application for Provision and Repayment of Temporary Insufficient Payment Funds)

1. If the balance of the payment-specific current deposit account of an intraday RP target institution is less than the settlement reserve, or if the balance of the temporary insufficient payment funds support limit is less than the amount of the temporary insufficient payment funds support application, the Bank of Korea shall include the application in the waiting file and process it sequentially according to the first-in-first-out principle when the settlement reserve is secured or the balance of the temporary insufficient payment funds support limit exceeds the amount of the temporary insufficient payment funds support application.
2. If the balance of the payment-specific current deposit account of an intraday RP target institution is less than the amount of temporary insufficient payment funds repayment (including the next-day repayment of payment funds for securities purchase transactions under Article 58-7, Paragraph 2, Item 2 of the Detailed Rules), the Bank of Korea shall include the application in the waiting file and process it sequentially according to the first-in-first-out principle when the insufficient funds are deposited.
3. Notwithstanding Paragraphs 1 and 2, if a later-priority waiting temporary insufficient payment funds support application remains unprocessed due to a prior-priority waiting temporary insufficient payment funds support application, or if a later-priority waiting temporary insufficient payment funds repayment application remains unprocessed due to a prior-priority waiting temporary insufficient payment funds repayment application, the Bank of Korea may process the available later-priority waiting applications first according to the first-in-first-out principle.
4. The Bank of Korea may not process the temporary insufficient payment funds support application of an institution if the application remains in a waiting state until 4:00 PM due to lack of settlement reserve or support limit, or if the institution cancels a temporary insufficient payment funds support application that was in a waiting state before 4:00 PM. In this case, notwithstanding Article 58-6, Paragraph 2 of the Detailed Rules, fund transfer applications under Article 52, Item 9 of the Detailed Rules may not be processed.

Article 39-5 (Repayment Time for Temporary Insufficient Payment Funds and Criteria for Selecting Repayment Target Transactions)

1. The Bank of Korea shall collect the temporary insufficient payment funds supported to intraday RP target institutions in accordance with the times in <Table 2> for each repayment method under Article 58-7, Paragraph 2 of the Detailed Rules. However, if an intraday RP target institution that could not repay the temporary insufficient payment funds on the relevant business day in accordance with Article 58-7, Paragraph 4 of the Detailed Rules purchases trading securities after the next business day, it must input the trading fund deposit message by 4:00 PM.
2. If there are multiple repayment target transactions for an intraday RP target institution in accordance with Article 58-7, Paragraph 2, Items 2 through 4 of the Detailed Rules, the repayment target transactions shall be selected sequentially according to the standards defined in the following items:
   1. Securities Purchase Transaction Payment Funds Next-Day Repayment:
      a. Repayment target transactions with the same security type and par value as the trading securities of the securities purchase transaction. b. Repayment target transactions with an earlier time of temporary insufficient payment funds support.
   2. Designated Time Automatic Repayment, Repayment Deadline Time, and Automatic Repayment After Repayment Deadline Time: Repayment target transactions with an earlier time of temporary insufficient payment funds support.

Article 39-6 (Recording and Management of Intraday Repurchase Agreement Securities Transactions)

1. The Director of the Financial Settlement Bureau shall electronically record and manage the counterparty of the initial transaction and repurchase transaction, the type and par value of the trading securities, the transaction amount, the settlement date and time, and the settlement number for intraday repurchase agreement securities transactions.
2. The Director of the Financial Settlement Bureau shall record and manage the number and amount of delayed repayments, the number and amount of unpaid amounts, and repurchase interest for each intraday RP target institution.
3. The Director of the Financial Settlement Bureau may provide the institution applying for securities purchase fund transfer with the fact that the target securities of the securities purchase fund transfer transactions included in the waiting file are securities purchased and held by the Bank of Korea under an intraday repurchase agreement.

Chapter 4 Management of Payment Risk

Article 40 (Application for Setting Net Transfer Limit) The application for new setting or change of the net transfer limit in accordance with Article 62, Paragraphs 1 and 2 of the Detailed Rules shall be made using <Form 17>.

Article 41 (Calculation and Notification of Required Collateral Securities Amount)

1. When calculating the amount of collateral securities (hereinafter referred to as "Required Collateral Securities Amount") that a netting participating institution must provide to the Bank of Korea in accordance with Article 21 of the Regulations and Article 64 of the Detailed Rules, amounts less than 100 million Won shall be rounded up.
2. The Bank of Korea shall notify the Required Collateral Securities Amount for each netting participating institution to the relevant institution by the 20th of January and July each year in accordance with Article 64 of the Detailed Rules.

Article 42 (Submission of Pledge Registration Notice) If a netting participating institution omits the physical provision of collateral securities in accordance with Article 66 of the Detailed Rules, it must submit a pledge registration notice issued by the depository institution of the relevant securities to the Bank of Korea. However, this may be omitted if the Bank of Korea can confirm the establishment of the pledge through the BOKFSN, etc.

Article 42-2 (Prior Consent for Electronic Registration of Pledge Establishment) The Bank of Korea may use collateral securities for netting implementation as collateral for loans to the relevant institution in accordance with Article 22, Paragraph 1 of the Regulations, and for this purpose, netting participating institutions must submit a prior consent form for electronic registration of pledge establishment in accordance with <Form 28>.

Article 43 (Submission of Collateral Securities Statement) When providing collateral securities, a netting participating institution must submit the details of the relevant collateral securities to the Bank of Korea in accordance with <Form 19>.

Article 44 (Application for Return of Collateral Securities) The application for return of collateral securities by a netting participating institution to the Bank of Korea in accordance with Article 68 of the Detailed Rules shall be made using <Form 20>.

Article 45 (Management of Collateral Securities) The Bank of Korea shall grasp and manage the status of collateral securities provided by netting participating institutions to the Bank of Korea in accordance with Article 21 of the Regulations on a monthly basis by netting participating institution, by security, and by group.

Article 46 (Method of Evaluating Collateral Securities, etc.)

1. The current value evaluation of collateral securities in accordance with Article 69 of the Detailed Rules shall be conducted daily based on the market price by security type of the previous business day. However, if the market price information of the previous business day cannot be used due to computer failure, etc., the evaluation shall be conducted based on the market price of the closest previous business day.
2. Participating Institutions required to provide additional collateral securities in accordance with Article 69 of the Detailed Rules must provide the necessary collateral securities on the same day. However, if it is difficult to provide additional collateral securities on the same day due to unavoidable reasons such as computer failure, the Director of the Financial Settlement Bureau may defer it until a separately determined time.

Article 47 (Consultation on Raising Insufficient Funds) If a netting participating institution is expected to have a fund shortage despite actively trying to raise funds for the netting payment, it must immediately notify the Bank of Korea and consult on methods to raise the insufficient funds.

Article 48 (Application and Withdrawal of Netting Agency)

1. The application for netting agency and the agreement in accordance with Article 73 of the Detailed Rules shall be made using <Form 21> and <Form 5>.
2. The application for withdrawal of netting agency in accordance with Article 75, Paragraph 2 of the Detailed Rules shall be made using <Form 21>.
3. The withdrawal application in Paragraph 2 must be made one week prior to the planned withdrawal date. However, this may be exempted if the netting agency contract is terminated due to unavoidable reasons such as suspension of business of the netting agency bank or netting entrusted institution.

Article 48-2 (Evaluation of Risk Management Capability of Netting Entrusted Institutions) When evaluating the risk management capability of a netting entrusted institution in accordance with Article 74, Paragraph 1, Item 5 of the Detailed Rules, the Director of the Financial Settlement Bureau considers the appropriateness of the net transfer limit and the ability to provide collateral for netting risk management.

Article 49 (Re-examination of Approval Standards for Netting Agency) The re-examination of the approval standards for netting agency in accordance with Article 76, Paragraph 1 of the Detailed Rules shall be conducted regularly every year. However, if the Bank of Korea deems it necessary, it may conduct re-examinations at any time, and for netting agency institutions that have been re-examined, this may replace the regular re-examination.

Article 49-2 (Suspension of Application of Approval Standards for Netting Agency Limit)

1. The cases where the application of Article 74, Paragraph 1, Item 4 of the Detailed Rules is suspended in accordance with Article 74, Paragraph 2 of the Detailed Rules are as follows:
   1. When the agency limit of the agency bank exceeds 10% of the BIS capital due to merger or acquisition of the agency bank or entrusted institution.
   2. When the BIS capital scale of the agency bank decreases, causing the agency limit to exceed 10% of the BIS capital.
   3. Other cases where the Bank of Korea deems it unavoidable that the agency limit of the agency bank exceeds 10% of the BIS capital for the smooth operation of the payment and settlement system.
2. If the application of Article 74, Paragraph 1, Item 4 of the Detailed Rules is suspended due to the reasons in Paragraph 1, the suspension period and conditions may be determined. In this case, the suspension period due to the reason in Paragraph 1, Item 1 shall be within 1 year, and the suspension period due to the reasons in Paragraph 1, Items 2 and 3 shall be within 6 months, and may be extended if necessary.

Article 50 (Pledge Amount of Collateral Securities) The pledge amount of eligible collateral securities to the Bank of Korea in accordance with Article 78 of the Detailed Rules shall be based on the collateral recognition amount in accordance with Article 67 of the Detailed Rules.

Article 51 (Notification by Netting Agency Bank) The notification by the netting agency bank to the Bank of Korea in accordance with Article 30 of the Regulations and Article 79 of the Detailed Rules shall be made using <Form 22>.

Article 52 (Application for Direct Netting Participation by Netting Entrusted Institution)

1. Article 6, Paragraph 2 shall apply mutatis mutandis to the temporary application for direct netting participation by a netting entrusted institution in accordance with Article 82 of the Detailed Rules.
2. If an application is made in Paragraph 1, the Bank of Korea shall notify the application institution of the approval status within 3 business days.

Article 53 (Provision of Collateral Securities for Direct Netting Participation) An institution directly participating in netting in accordance with Article 52, Paragraph 2 must provide collateral securities for settlement implementation under Article 32, Paragraph 2 of the Regulations to the Bank of Korea 2 business days prior to direct netting participation.

Chapter 5 Supervision of the Payment and Settlement System

Article 54 (Provision of Evaluation Implementation Guidelines) When the Bank of Korea entrusts the payment and settlement system operating institution to conduct self-evaluation in accordance with Article 85, Paragraph 3 of the Detailed Rules, it may provide specific evaluation implementation guidelines for each evaluation item.

Article 55 (Method of Publishing Evaluation Results) The publication of evaluation results in accordance with Article 86 of the Detailed Rules shall be conducted through Bank of Korea publications or posting on the Bank of Korea homepage.

Article 56 (Notification by Payment and Settlement System Operating Institution)

1. The phrase "unable to normally operate the payment and settlement system" in Article 40, Item 2 of the Regulations refers to any of the following cases:
   1. When payment instructions are transmitted and received and processed exceeding the net transfer limit due to an error in calculating the unsettled net transfer amount by the operating institution, or when they are not processed even though they do not exceed the net transfer limit.
   2. When payment and settlement business such as transmission and reception of payment instructions cannot be processed for 10 minutes or more due to an emergency situation at the operating institution.
   3. When payment and settlement business such as transmission and reception of payment instructions cannot be processed for 30 minutes or more due to an emergency situation at a Participating Institution of the payment and settlement system operated by the operating institution.
2. If a situation listed in any of the items of Article 40 of the Regulations occurs, the payment and settlement system operating institution must immediately notify the Bank of Korea in accordance with the forms in the following items. In this case, priority notification to the Bank of Korea must be made in advance by phone, etc.
   1. Case under Article 40, Item 1 of the Regulations: <Form 23-1>
   2. Case under Article 40, Item 2 of the Regulations: <Form 23-2>

Article 57 (Notification of Measures) When the Bank of Korea intends to take measures in accordance with Article 89 of the Detailed Rules, it must notify the content to Participating Institutions, relevant payment and settlement system operating institutions, etc.

Article 57-2 (On-site Inspection, etc.)

1. If the Director of the Financial Settlement Bureau conducts on-site inspections, etc., of payment and settlement system operating institutions or Participating Institutions in accordance with Article 89-2 of the Detailed Rules, they must notify the following items 3 business days prior to the visit date. However, this may be exempted in urgent situations where there is no time for prior notification.
   1. Purpose
   2. Period
   3. Names and positions of on-site inspection team members
2. If necessary for the performance of on-site inspection tasks, the Director of the Financial Settlement Bureau may request data submission from payment and settlement system operating institutions and Participating Institutions in accordance with Article 13, Paragraph 5 and Article 36 of the Regulations, etc.
3. The head of the on-site inspection team designated in accordance with Article 89-2, Paragraph 1 of the Detailed Rules shall be responsible for the following tasks:
   1. Overall management of on-site inspection team members and on-site inspection tasks.
   2. Division of tasks among on-site inspection team members.
   3. Creation and reporting of result reports.

Chapter 6 Supplementary Provisions

Article 58 (Sanctions)

1. If a Bank of Korea department head performing business using the BOKFSN in accordance with Article 15 of the Detailed Rules encounters a sanction reason listed in any of the items of Article 91, Paragraph 1 of the Detailed Rules, they must request the Director of the Financial Settlement Bureau to impose sanctions on the relevant institution in accordance with <Form 24>.
2. When the Bank of Korea takes sanction measures against Participating Institutions in accordance with Article 91, Paragraphs 1 and 2 and Article 91-2 of the Detailed Rules, it must notify the relevant institution of the violation and sanction content in advance, and Participating Institutions with objections to the sanction measures may submit an explanation.
3. When the Bank of Korea takes sanction measures under Article 91, Paragraph 2, Items 3 and 4 of the Detailed Rules against Participating Institutions, it must notify the content to all Participating Institutions and payment and settlement system operating institutions using the BOKFSN.

Supplementary Provisions <2002. 1. 10.>
Article 1 (Effective Date) These Procedures shall take effect from February 1, 2002.
Article 2 (Repealed Regulations) Simultaneously with the implementation of these Procedures, the "Bank of Korea Financial Settlement Network Operation Procedures" (Established July 21, 1994, Geongi 5980-91) shall be repealed.
Article 3 (Transitional Measures) Business handled in accordance with the "Bank of Korea Financial Settlement Network Operation Procedures" prior to the implementation date of these Procedures shall be deemed handled in accordance with these Procedures.

Supplementary Provisions <2002. 7. 22.>
These Procedures shall take effect from August 1, 2002.

Supplementary Provisions <2002. 9. 26.>
These Procedures shall take effect from October 1, 2002.

Supplementary Provisions <2003. 6. 26.>
These Procedures shall take effect from July 7, 2003.

Supplementary Provisions <2003. 10. 14.>
These Procedures shall take effect from October 14, 2003.

Supplementary Provisions <2003. 12. 29.>
Article 1 (Effective Date) These Procedures shall take effect from January 1, 2004.
Article 2 (Transitional Measures) Participating Institutions that joined the BOKFSN and payment and settlement system operating institutions that were permitted to use the BOKFSN prior to the implementation date of these Procedures shall be deemed to have received approval for BOKFSN admission and permission for use and concluded relevant agreements in accordance with these Procedures.

Supplementary Provisions <2004. 11. 19.>
Article 1 (Effective Date) These Procedures shall take effect from December 6, 2004.
Article 2 (Transitional Measures) User IDs, responsible person card managers, and representative's seals reported prior to the implementation date of these Procedures shall be deemed reported in accordance with these Procedures.

Supplementary Provisions <2005. 3. 14.>
These Procedures shall take effect from April 1, 2005.

Supplementary Provisions <2006. 6. 22.>
These Procedures shall take effect from June 22, 2006.

Supplementary Provisions <2006. 8. 24.>
These Procedures shall take effect from August 24, 2006.

Supplementary Provisions <2006. 12. 21.>
These Procedures shall take effect from January 2, 2007.

Supplementary Provisions <2007. 3. 12.>
These Procedures shall take effect from April 2, 2007.

Supplementary Provisions <2007. 10. 17.>
These Procedures shall take effect from December 3, 2007.

Supplementary Provisions <2007. 12. 14.>
These Procedures shall take effect from January 11, 2008.

Supplementary Provisions <2008. 10. 9.>
These Procedures shall take effect from November 3, 2008. However, Article 26, Paragraph 3 shall take effect from October 13, 2008.

Supplementary Provisions <2009. 1. 22.>
Article 1 (Effective Date) These Procedures shall take effect from February 4, 2009.
Article 2 (Transitional Measures) Bank of Korea Financial Settlement Network admission agreements concluded prior to the implementation date of these Procedures shall be deemed concluded in accordance with these Procedures.

Supplementary Provisions <2009. 4. 3.>

1. (Effective Date) These Procedures shall take effect from a date separately determined by the Director of the Financial Settlement Bureau. <Implemented from April 27, 2009, by Payment Policy Team-426 (Approved by Director on April 20, 2009)>.
2. (Transitional Measures) Agreements on BOKFSN netting and netting agency concluded prior to the implementation date of these Procedures shall be deemed concluded in accordance with these Procedures.

Supplementary Provisions <2009. 5. 25.>
These Procedures shall take effect from June 1, 2009.

Supplementary Provisions <2009. 12. 17.>
These Procedures shall take effect from January 1, 2010. However, the implementation date of Article 2, Paragraph 2-1 and Article 6, Paragraph 4 shall be separately determined by the Director of the Financial Settlement Bureau.

Supplementary Provisions <2010. 1. 26.>
These Procedures shall take effect from February 1, 2010.

Supplementary Provisions <2010. 6. 29.>
These Procedures shall take effect from July 1, 2010.

Supplementary Provisions <2010. 12. 28.>
These Procedures shall take effect from January 1, 2011.

Supplementary Provisions <2011. 11. 18.>
These Procedures shall take effect from November 21, 2011.

Supplementary Provisions <2012. 2. 3.>
These Procedures shall take effect from February 6, 2012.

Supplementary Provisions <2012. 7. 26.>
These Procedures shall take effect from July 30, 2012.

Supplementary Provisions <2012. 12. 27.>
These Procedures shall take effect from December 27, 2012.

Supplementary Provisions <2013. 7. 25.>
These Procedures shall take effect from July 25, 2013.

Supplementary Provisions <2014. 3. 31.>
<End of Document>

These procedures shall take effect from April 1, 2014.

Supplementary Provisions <2015. 1. 7.>
These procedures shall take effect from January 10, 2015.

Supplementary Provisions <2016. 2. 25.>
These procedures shall take effect from February 26, 2016.

Supplementary Provisions <2016. 7. 12.>
These procedures shall take effect from August 1, 2016.

Supplementary Provisions <2018. 12. 20.>
These procedures shall take effect from August 1, 2019.

Supplementary Provisions <2020. 5. 8.>
These procedures shall take effect from May 25, 2020.

Supplementary Provisions <2020. 6. 25.>
These procedures shall take effect from June 24, 2020.

Supplementary Provisions <2020. 9. 10.>
Article 1 (Effective Date) These procedures shall take effect from the date separately determined by the Director of the Financial Settlement Bureau.
<Implemented from October 12, 2020, pursuant to Payment Policy Team-673 (2020.10.6, Director Approval)>

Article 2 (Transitional Measures) Notwithstanding the amendment to Article 5, Paragraph 1, the amended provisions of Article 5, Paragraph 1 shall apply to Bank of Korea Financial Network participating institutions starting from the re-evaluation of membership criteria implementation after January 1, 2022.

Supplementary Provisions <2022. 1. 13.>
These procedures shall take effect from February 1, 2022.

Supplementary Provisions <2023. 2. 7.>
These procedures shall take effect from February 3, 2023.

Supplementary Provisions <2023. 7. 25.>
Article 1 (Effective Date) These procedures shall take effect from August 1, 2023.
Article 2 (Transitional Measures) ① Article 42-2 of these procedures shall also apply to institutions that had already concluded agreements regarding netting and netting agency prior to the effective date of these procedures.
② Institutions that had concluded agreements regarding netting and netting agency prior to the effective date of these procedures shall also submit new agreement documents in accordance with the amendment to <Form No. 5> of these procedures.

Supplementary Provisions <2024. 5. 13.>
These procedures shall take effect from May 20, 2024.

Supplementary Provisions <2024. 7. 30.>
These procedures shall take effect from August 1, 2024.

Supplementary Provisions <2025. 6. 5.>
Article 1 (Effective Date) These procedures shall take effect from June 5, 2025.
Article 2 (Transitional Measures) Tasks performed according to the previous procedures prior to the effective date of these procedures shall be deemed as performed by the department responsible for such tasks under these procedures. In this case, documents stamped with the seal of the Director of the Financial Business Division of the Financial Settlement Bureau or the Director of the Financial Business Division shall be considered valid.

Supplementary Provisions <2026. 1. 27.>
These procedures shall take effect from February 1, 2026.

Supplementary Provisions <2026. 3. 26.>
These procedures shall take effect from March 30, 2026.

<Appendix 1> Financial Soundness Standards for Other Institutions Financial Soundness Standards for Other Institutions 1) Target Institution | Financial Soundness Standards --- | --- Korea Federation of Credit Cooperatives | Capital adequacy ratio relative to risk-weighted assets according to the "Regulations on Supervision of Mutual Financial Business" shall be 5% or more. Korea Federation of Agricultural Cooperatives | Retained earnings after loss coverage relative to risk-weighted assets in the mutual financial accounting according to the "Regulations on Supervision of Mutual Financial Business" shall be 2% or more. Korea Federation of Forestry Cooperatives | Retained earnings after loss coverage relative to risk-weighted assets in the mutual financial accounting according to the "Regulations on Supervision of Mutual Financial Business" shall be 2% or more. Korea Federation of Fisheries Cooperatives | Retained earnings after loss coverage relative to risk-weighted assets in the mutual financial accounting according to the "Regulations on Supervision of Mutual Financial Business" shall be 2% or more. Saemaeul Geumgo Central Association | Capital adequacy ratio relative to risk-weighted assets according to the "Saemaeul Geumgo Supervision Standards" shall be 5% or more. Foreign Exchange Brokerage Companies | Paid-in capital shall be 3.5 billion KRW or more 2). Mutual Savings Banks | Capital adequacy ratio relative to risk-weighted assets according to the "Regulations on Supervision of Mutual Savings Banks" shall be 7% or more (8% or more for mutual savings banks with total assets of 1 trillion KRW or more).

Note: 1) Financial soundness standards for institutions (other institutions) in Item 1, Sub-item Ma of <Appendix 5> related to Detailed Rules Article 4, Paragraph 1, Item 1.
2) After receiving approval for 'intermediation of foreign currency trading (excluding forward contracts) and related business', the capital requirements applied according to Article 18, Paragraph 3 of the "Enforcement Decree of the Foreign Exchange Transaction Act".

<Appendix 2> Repayment Time for Supplied Temporary Payment Shortfall Funds Repayment Method 1) | Repayment Time --- | --- Redemption of securities for sale upon application | After 16:00 ~ Before 19:35 Carryover of payment funds for securities purchase transactions | After 9:00 ~ Before 16:00 Designated-time automatic repayment | 19:15, 19:25 Automatic repayment after repayment deadline and repayment deadline | 19:35 ~ Deadline for fund transfer application for simultaneous settlement of securities and funds according to Detailed Rules Article 13, Paragraph 2, Item 11

Note: 1) Repayment methods according to Detailed Rules Article 58-7, Paragraph 2, each item.

<Form No. 1-1> Application for Membership (Withdrawal) in the Bank of Korea Financial Network Application for Membership (Withdrawal) in the Bank of Korea Financial Network Year Month Day To the Governor of the Bank of Korea Institution Name Representative Our bank (company) wishes to apply for membership (withdrawal) in the Bank of Korea Financial Network as follows. Please approve.

1. Applying Institution
   Address

• □□-□□□
  Paid-in Capital: [ ] Hundred Million KRW
  Establishment Date: Year Month Day
  Financial Soundness Ratio 1)

2. Overall Department and Person in Charge for Bank of Korea Financial Network Operations
   Department | Position
   Name | Phone Number
3. Number of Dedicated Personnel for Bank of Korea Financial Network Usage
   One-time Password Generator User | Terminal User
4. Planned Withdrawal Date and Reason (To be filled only for withdrawal applications)
   Planned Withdrawal Date: Year Month Day
   Reason for Withdrawal:
   Attached Documents: 1 copy each of the Bank of Korea Financial Network Membership Agreement and Usage Plan 2) Note: 1) The ratio disclosed by the applying institution immediately before the application date as defined in the membership criteria for the Bank of Korea Financial Network (for newly established financial institutions, the expected ratio at the end of the fiscal year in which the application date falls).
   2) Attached only for membership applications.

<Form No. 1-2> Application for Usage (Termination of Usage) of Bank of Korea Financial Network (For Indirect Participants) Application for Usage (Termination of Usage) of Bank of Korea Financial Network (For Indirect Participants) Year Month Day To the Governor of the Bank of Korea Institution Name Representative Our bank (company) wishes to use (terminate usage of) the Bank of Korea Financial Network through a participating institution as follows. Please approve.

1. Applying Institution
   Address

• □□-□□□
  Paid-in Capital: [ ] Hundred Million KRW
  Establishment Date: Year Month Day

2. Overall Department and Person in Charge for Bank of Korea Financial Network Operations
   Department | Position
   Name | Phone Number
3. Participating Institution
4. Planned Termination Date and Reason (To be filled only for termination of usage applications)
   Planned Termination Date: Year Month Day
   Reason for Termination:

<Form No. 2> Bank of Korea Financial Network Usage Plan Bank of Korea Financial Network Usage Plan Category | Details --- | ---

1. Purpose of Membership |
2. Department and Operations Used |
3. Estimated Number of Transactions* (Monthly Average for the Next 1 Year) |
4. Counterparty Institutions |
5. Computer System Installation Date |
6. Terminal Installation Location | (1) Main Use: (2) Disaster Recovery:
7. Authorized Senders | Name (Affiliation, Position)
   Password Generator Manager
   Password Generator User
   Terminal User

• Specify calculation basis

<Form No. 3> Bank of Korea Financial Network Membership Agreement Bank of Korea Financial Network Membership Agreement Year Month Day To the Governor of the Bank of Korea Name: Address Institution Name Representative I agree to abide by the following articles when joining and using the Bank of Korea Financial Settlement Network (hereinafter referred to as "Bank of Korea Financial Network").

Article 1 (Compliance with Regulations) I shall comply with the "Regulations on the Operation and Management of the Payment and Settlement System" of your bank, the "Detailed Rules" for its implementation, and other related regulations (hereinafter referred to as "Regulations") when using the Bank of Korea Financial Network.

Article 2 (Maintenance of Deposit Balances) I shall frequently check the results of transactions through the Bank of Korea Financial Network to maintain the general demand deposit balance and payment-specific demand deposit balance necessary for settlement.

Article 3 (Installation and Maintenance of Equipment and Software, etc.) ① I shall install standardized equipment and software (including disaster recovery facilities) according to the "Regulations" and maintain them to prevent malfunctions.
② If I discover a malfunction or signs of a malfunction in the Bank of Korea Financial Network, I shall immediately notify your bank and perform tasks according to the processing procedures determined by your bank.

Article 4 (Burden of Costs) I shall bear usage fees and other incidental costs as determined by your bank.

Article 5 (Transmission and Reception of Professional Messages) ① Fund transfers, issuance/redemption of Bank of Korea Currency Stabilization Securities, trading of government and corporate bonds, and issuance/redemption of treasury bonds transmitted between me and your bank shall be deemed received when recorded in your bank's computer magnetic tape or displayed on my terminal device.
② Electronic financial common network linkage settlement data transmitted by the Korea Financial Telecommunications and Clearings Institute (KFTC) to your bank shall be deemed transmitted by me to your bank.
③ If applications for fund transfers, issuance/redemption of Bank of Korea Currency Stabilization Securities, trading of government and corporate bonds, and issuance/redemption of treasury bonds transmitted by me are properly received by your bank, they shall be deemed irrevocable, except in cases where they are pending according to the fund transfer processing procedures for each deposit account determined by your bank, such as insufficient deposit balance or exceeding the net payment limit. ④ Various professional messages and electronically recorded data transmitted and received between me and your bank shall be deemed to have the same effect as documents defined in the "Regulations".

Article 6 (Processing of Professional Messages) ① I shall not raise objections if your bank receives my applications for fund transfers, issuance/redemption of Bank of Korea Currency Stabilization Securities, trading of government and corporate bonds, and issuance/redemption of treasury bonds, and processes them after placing them on hold due to insufficient deposit balance, exceeding the net payment limit, or other fund transfer processing procedures for each deposit account determined by your bank.
② I shall not raise objections if your bank processes applications for bulk processing, such as call money transfers and treasury fund collection payments, according to the processing time and order determined by your bank.
③ If funds are incorrectly deposited into my deposit account due to errors by the remitting institution, I shall immediately perform reverse transactions to restore the original state.
④ If I am notified by your bank of the processing results of fund transfer applications designated for receipt by other participating institutions, I shall be deemed to have accepted the remittance request for deposit into the recipient's account from the remitting institution at that time and shall immediately process the deposit into the recipient's account. ⑤ I shall not raise objections if your bank cancels a scheduled fund transfer application that was not processed at the scheduled processing time.

Article 7 (Provision of Settlement Information for Call Brokerage Transactions) I agree to your bank transmitting call money settlement-related information to the relevant fund brokerage company when call money supply and repayment are performed according to call transaction brokerage information received from your bank.

Article 8 (Measures in Emergency Situations, etc.) ① I shall comply with your bank's Business Continuity Plan for the Bank of Korea Financial Network and establish and operate my own payment and settlement business continuity plan.
② In the event of an urgent situation such as computer system malfunction, disaster, strike, terrorism, or business suspension that may hinder the operation of the Bank of Korea Financial Network, I shall immediately notify your bank.
③ I shall cooperate with your bank's on-site inspections regarding Article 3 and Paragraph 2.
④ If I file for a rehabilitation procedure initiation application, a rehabilitation procedure initiation decision, or a bankruptcy application or declaration under the "Debtor Rehabilitation and Bankruptcy Act", I shall immediately notify your bank of such facts.

Article 9 (Performance of Data Submission) I shall comply with your bank's request for submission of necessary data according to Article 81, Paragraph 4 of the "Bank of Korea Act".

Article 10 (Confidentiality) I shall not disclose information obtained through the Bank of Korea Financial Network to the outside world, except in cases specifically prescribed by other laws.

Article 11 (Mitigation of Credit Risk) To mitigate credit risk arising from netting, I shall make efforts to convert fund transfer transactions that are ultimately settled by netting but are deemed suitable for gross settlement into the gross settlement method.

Article 12 (Objections) ① If I discover an error in the transaction records received from your bank, I shall raise an objection in writing within 5 business days from the date of occurrence and bear the burden of proof.
② If I fail to meet the criteria after 6 months from the date of joining the Bank of Korea Financial Network and your bank re-evaluates my compliance with the membership criteria, I shall not raise objections to your bank's measure to terminate the membership agreement. ③ If I fail to meet the criteria after your bank's annual re-evaluation of participating institutions' compliance with membership criteria, I shall not raise objections to your bank's measures such as requesting measures to meet membership criteria, recommending withdrawal from the Bank of Korea Financial Network, or terminating related agreements.

Article 13 (Exemption from Liability) ① I shall not hold your bank liable for damages arising from malfunctions in professional message transmission, delays in business processing, or transmission of false or erroneous messages, unless your bank acted with intent or gross negligence.
② I shall not hold your bank liable for damages arising from violations of the "Regulations".

Article 14 (Damages) If I violate this agreement or cause damages through intent or negligence, I shall compensate the victim for the amount of damages.

Article 15 (Sanctions, etc.) If I violate the "Regulations" or if your bank determines that it is difficult or impossible to normally perform payment and settlement-related business due to my business suspension, cancellation of license, dissolution, bankruptcy, or closure, I shall not raise objections to your bank's measures such as requesting correction, restricting or suspending usage of the Bank of Korea Financial Network, or terminating this agreement.

Article 16 (Termination) ① This agreement shall be deemed terminated if I submit a "Bank of Korea Financial Network Withdrawal Application" one week before the intended termination date and your bank approves it, or if your bank notifies me of termination according to Article 12, Paragraphs 2 and 3 or Article 15.
② I shall abide by this agreement for matters occurring before the effectiveness of termination according to Paragraph 1, unless otherwise agreed.

Article 17 (Litigation) The court with jurisdiction over the address of your bank's headquarters shall be the competent court for lawsuits related to this agreement.

<Form No. 4> Application for Participation (Withdrawal) in Netting of the Bank of Korea Financial Network Application for Participation (Withdrawal) in Netting of the Bank of Korea Financial Network Year Month Day To the Governor of the Bank of Korea Institution Name Representative Our bank (company) wishes to participate in (withdraw from) netting through the Bank of Korea Financial Network as follows. Please approve. Netting Target Transactions | Date of Application --- | ---

1. |
2. |
3. |
   Attached Documents: 1 copy of the Agreement on Netting of the Bank of Korea Financial Network (Attached only for participation applications)

<Form No. 5> Agreement on Netting and Netting Agency of the Bank of Korea Financial Network Agreement on Netting and Netting Agency of the Bank of Korea Financial Network Year Month Day To the Governor of the Bank of Korea Name: Address Institution Name Representative I agree to abide by the following articles when performing netting and netting agency business with participating institutions of the Bank of Korea Financial Network (hereinafter referred to as "Bank of Korea Financial Network") through my payment-specific demand deposit account opened at your bank.

Article 1 (Compliance with Regulations) I shall comply with the "Regulations on the Operation and Management of the Payment and Settlement System" of your bank, the "Detailed Rules" for its implementation, the "Procedures", and other related regulations (hereinafter referred to as "Regulations") when performing netting and netting agency business with participating institutions of the Bank of Korea Financial Network.

Article 2 (Effect of Netting Data) Netting data submitted by the Korea Financial Telecommunications and Clearings Institute (KFTC) to your bank shall be deemed submitted by me to your bank.

Article 3 (Obligations when Acting as Netting Agent) If I accept entrustment for netting from another participating institution of the Bank of Korea Financial Network and perform netting agency on behalf of that institution, I shall fulfill the netting-related obligations of that institution (hereinafter referred to as "Netting Entrusting Institution") as defined in the "Regulations".

Article 4 (Setting and Adjusting Net Transfer Limit) ① I shall set and notify your bank of the upper limit of the unsettled net transfer amount (hereinafter referred to as "Net Transfer Limit") for transactions determined by your bank among netting target transactions where payment instructions are transmitted and received in real-time. If I perform netting agency business, I shall include the net transfer limit of the netting entrusting institution.
② If your bank requests me to adjust my net transfer limit, I shall adjust it. If your bank requests adjustment of the net transfer limit of the netting entrusting institution, I shall adjust it in consultation with the netting entrusting institution.

Article 5 (Provision of Collateral Securities) I shall provide collateral securities to your bank as determined by your bank for the performance of netting.

Article 6 (Use and Disposal of Collateral Securities) ① If I fail to perform netting due to a shortage of settlement funds or fail to pay the joint contribution for payment shortfall funds of other participating institutions that failed to perform netting, your bank may use and dispose of the collateral securities I provided according to the method, time, and price determined by your bank. The amount obtained after offsetting the costs shall be used for my payment shortfall funds or as my joint contribution for payment shortfall funds of other netting participating institutions, and I shall not raise objections.
② I agree to your bank applying for electronic registration of pledge establishment with the electronic registration institution (Korea Depository and Clearing Institute) according to Article 31 of the "Act on Electronic Registration of Stocks, Corporate Bonds, etc." (hereinafter 'Electronic Securities Act') and Article 26, Paragraph 1, proviso of the Enforcement Decree of the same Act, to change the collateral securities for netting performance into loan collateral for me. ③ I shall bear the obligation to ensure that no restriction or infringement of rights regarding the electronic registered stocks, etc. occurs to your bank during the period between the electronic registration of pledge cancellation for the electronic registered stocks, etc. according to Article 2, Paragraph 4 of the Electronic Securities Act and the new electronic registration of pledge establishment, including situations where the electronic registration of pledge establishment is delayed or impossible in whole or in part.

Article 7 (Joint Contribution for Payment Shortfall Funds) If other netting participating institutions have insufficient settlement funds, I shall deposit my joint contribution determined by your bank according to the "Regulations" into my payment-specific demand deposit account by the time determined by your bank.

Article 8 (Repayment of Contribution) If I fail to perform netting due to a shortage of settlement funds and other netting participating institutions jointly contribute my payment shortfall funds according to the "Regulations", I shall repay the amount of the contribution plus interest calculated by applying the highest interest rate among the credit business interest rates for financial institutions of your bank.

Article 9 (Conclusion of Loan Transaction Agreements) Unless contrary to other laws, I shall conclude loan transaction agreements with your bank for intraday overdraft loans, fund adjustment loans, etc., in preparation for temporary payment shortfall funds.

Article 10 (Exemption from Liability) I shall not hold your bank liable for damages arising from measures according to the "Regulations", unless your bank acted with intent or gross negligence.

Article 11 (Sanctions, etc.) ① If I violate the "Regulations" or this agreement, or if your bank determines that it is difficult or impossible to normally perform netting-related business due to my business suspension, cancellation of license, dissolution, bankruptcy, or closure, I shall not raise objections to your bank's measures such as requesting correction, restricting or suspending usage of the Bank of Korea Financial Network, or terminating this agreement.
② If I fail to meet the approval criteria after your bank re-evaluates my compliance with the netting agency approval criteria, I shall not raise objections to your bank's measures such as requesting measures to meet the criteria, granting a grace period necessary for compliance, or canceling the netting agency approval.

Article 12 (Termination) ① This agreement shall be deemed terminated if I submit a "Bank of Korea Financial Network Netting Withdrawal Application" one week before the intended termination date and your bank approves it, or if your bank notifies me of termination according to Article 11.
② Paragraph 1 shall apply mutatis mutandis to matters related to netting agency in this agreement when I submit a "Bank of Korea Financial Network Netting Agency Withdrawal Application".
③ I shall abide by this agreement for matters occurring before the effectiveness of termination according to Paragraph 1 or 2, unless otherwise agreed.

Article 13 (Litigation) The court with jurisdiction over the address of your bank's headquarters shall be the competent court for lawsuits related to this agreement.

<Form No. 6> Application for Usage (Termination of Usage) of Bank of Korea Financial Network Application for Usage (Termination of Usage) of Bank of Korea Financial Network Year Month Day To the Governor of the Bank of Korea Institution Name Representative Our bank (company) wishes to use (terminate usage of) the Bank of Korea Financial Network as follows. Please approve.
1. Applying Institution
Address

• □□-□□□
  Paid-in Capital: [ ] Hundred Million KRW
  Establishment Date: Year Month Day
  2. Overall Department and Person in Charge for Bank of Korea Financial Network Operations
  Department | Position
  Name | Phone Number
  3. Bank of Korea Financial Network Usage Details
  3. Planned Termination Date and Reason (To be filled only for termination of usage applications)
  Planned Termination Date: Year Month Day
  Reason for Termination of Usage:
  Attached Documents: 1 copy each of Payment System Evaluation Related Data and Agreement (Attached only for usage applications)

<Form No. 7> Statement of Explanation
Statement of Explanation
Year Month Day
To the Governor of the Bank of Korea
Institution Name
Representative
Our bank (company) informs you that we transferred funds through the Bank of Korea Financial Network after the input deadline for Bank of Korea Financial Network messages for reasons directly unrelated to our institution as follows.
Date and Time | Transaction Details | Reason | Remarks --- | --- | --- | --- Number of Transactions | Amount

<Form No. 8> Application for Change of Operating Hours of Bank of Korea Financial Network (For Participating Institutions) Application for Change of Operating Hours of Bank of Korea Financial Network (For Participating Institutions) Year Month Day To the Governor of the Bank of Korea Institution Name Representative Our bank (company) wishes to use the Bank of Korea Financial Network after the input deadline for Bank of Korea Financial Network messages as follows. Please approve. Fund Transfer Details (Estimated) | Estimated Required Time | Reason | Remarks --- | --- | --- | --- Number of Transactions | Amount

<Form No. 9> Application for Change of Operating Hours of Bank of Korea Financial Network (For Heads of Relevant Departments of the Bank of Korea) Application for Change of Operating Hours of Bank of Korea Financial Network (For Heads of Relevant Departments of the Bank of Korea) Year Month Day To the Director of the Financial Settlement Bureau (Payment Operations Team) ( ) Director (Division/Directorate) Head Our division (department) wishes to use the Bank of Korea Financial Network after the input deadline for Bank of Korea Financial Network messages as follows. Please cooperate. Estimated Required Time | Reason for Change of Operating Hours | Remarks

<Form No. 10> Record Book for Change of Operating Hours of Bank of Korea Financial Network Record Book for Change of Operating Hours of Bank of Korea Financial Network Date | Change Time | Reason for Change | Remarks

<Form No. 11> Participating Institution Management Card of Bank of Korea Financial Network Participating Institution Management Card of Bank of Korea Financial Network Institution Name | Date of Participation | Date of Withdrawal Responsible Department | Address | Phone Number

1. Business Cooperation Matters
   Document Name | Submission Date | Compliance with Implementation and Deadline | Adequacy of Data Data Submission | Oral Cooperation Matters
2. Sanction Matters
   <Related to Detailed Rules Article 91>
   Sanction Date | Reason for Sanction | Details of Sanction <Related to Detailed Rules Article 91-2> Sanction Date | Reason for Sanction | Details of Sanction
3. Other Matters

• Record as Good, Average, Poor, etc.

<Form No. 12> Notification of User Number/One-time Password Generator Manager Notification of User Number/One-time Password Generator Manager Year Month Day To the Governor of the Bank of Korea Institution Name Representative Our bank (company) wishes to change the Bank of Korea Financial Network (User Number Manager, One-time Password Generator Manager) as follows effective from Year Month Day. Please approve. Before Change | Name | Affiliated Department | Contact | Seal of Use | Position (Hanja) --- | --- | --- | --- | --- | --- After Change (New) | Name | Affiliated Department | Contact | Seal of Use | Position Tel. | (Hanja) | Fax. | Office Address (Zip - ) Reason | Responsible Person Change ( ) Password Initialization ( ) Personal Information Update ( ) Other ( ) Note: 1) The User Number Manager and One-time Password Generator Manager cannot use the user number and one-time password generator for purposes other than management.

<Form No. 13-1> Application for User Number Registration Application for User Number Registration Year Month Day To the Director of the Financial Settlement Bureau, Bank of Korea Institution Name:
Affiliation:
User Number Manager: Position
Name
Our bank (company) applies for the registration (start date: Year Month Day) of the user number for the Bank of Korea Financial Network as follows.
Note: 1) Record one of "One-time Password Generator User (Responsible Person)" or "Terminal User (User)"
2) Do not record if applying for a new user number
3) Do not record the processing business name when applying for deletion of user number
4) Write the name of the User Number Manager and stamp with the seal of use previously reported via <Notification of User Number/One-time Password Generator Manager>

1. Reason for Written Registration Application
2. Content of Written Registration Application

• User Number Registration
  User Category 1) | User Number 2) | Affiliation | Position | Name | Processing Business Name 3) Application Content | New ( ) Change ( ) Deletion ( )

<Form No. 13-2> Application for One-time Password Generator Registration Application for One-time Password Generator Registration Year Month Day To the Director of the Financial Settlement Bureau, Bank of Korea Institution Name:
Affiliation:
One-time Password Generator Manager: Position
Name
Our bank (company) applies for the registration (start date: Year Month Day) of the one-time password generator for the Bank of Korea Financial Network as follows.
Note: 1) Record one of "(Positive/Negative) Registration" or "(Positive/Negative) Deletion" in the Category column
2) Record one of "Use", "Suspend", or "Dispose" in the Application Category column
3) Write the name of the One-time Password Generator Manager and stamp with the seal of use previously reported via <Notification of User Number/One-time Password Generator Manager>

1. Reason for Written Registration Application
2. Content of Written Registration Application
   (1) Registration of One-time Password Generator and Affiliated User of One-time Password Generator User One-time Password Generator User | One-time Password Generator | Affiliated User User Number | Affiliation | Position | Name | Management Number | Category 1) | User Number | Category 1) (2) Registration of One-time Password Generator Application Category 2) | One-time Password Generator Management Number

<Form No. 14-1> Application for Same-Day Approval Reason (User Number Management) Application for Same-Day Approval Reason (User Number Management) Year Month Day To the Director of the Financial Settlement Bureau, Bank of Korea Institution Name:
Affiliation:
User Number Manager: Position
Name
Our bank (company) informs you of the reason for requiring same-day usage approval regarding the registration of the user number as follows.
Note: 1) Record one of "One-time Password Generator User (Responsible Person)" or "Terminal User (User)"
2) Do not record if applying for a new user number
3) Write the name of the User Number Manager and stamp with the seal of use previously reported via <Notification of User Number/One-time Password Generator Manager>

1. Reason for Same-Day Usage Approval Application
2. Content of Same-Day Usage Approval Application

• User Number Registration
  User Category 1) | User Number 2) | Affiliation | Position | Name Application Content | New ( ) Change ( ) Password Initialization ( ) Deletion ( )

<Form No. 14-2> Application for Same-Day Approval Reason (One-time Password Generator Management) Application for Same-Day Approval Reason (One-time Password Generator Management) Year Month Day To the Director of the Financial Settlement Bureau, Bank of Korea Institution Name:
Affiliation:
One-time Password Generator Manager: Position
Name
Our bank (company) informs you of the reason for requiring same-day usage approval regarding the registration of the one-time password generator as follows.
Note: 1) Record one of "(Positive/Negative) Registration" or "(Positive/Negative) Deletion" in the Category column
2) Record one of "Use", "Suspend", or "Dispose" in the Application Category column
3) Write the name of the One-time Password Generator Manager and stamp with the seal of use previously reported via <Notification of User Number/One-time Password Generator Manager>

1. Reason for Same-Day Usage Approval Application
2. Content of Same-Day Usage Approval Application
   (1) Registration of One-time Password Generator and Affiliated User of One-time Password Generator User One-time Password Generator User | One-time Password Generator | Affiliated User User Number | Affiliation | Position | Name | Management Number | Category 1) | User Number | Category 1) (2) Registration of One-time Password Generator Application Category 2) | One-time Password Generator Management Number

<Form No. 15> Notification of Purchase of One-time Password Generator Notification of Purchase of One-time Password Generator Year Month Day To the Director of the Financial Settlement Bureau, Bank of Korea Institution Name:
Affiliation:
One-time Password Generator Manager: Position
Name
Our bank (company) notifies you that it has purchased the one-time password generator for the Bank of Korea Financial Network as follows.
One-time Password Generator | Serial Number (S/N, Serial Number) | Date of Purchase | Desired Registration Date Note: 1) The seal of the One-time Password Generator Manager shall be affixed according to the <Notification of User Number/One-time Password Generator Manager>
2) Attach a copy of the written copy of the one-time password generator showing the serial number (S/N, Serial Number)

<Form No. 16> Notification of Representative's Seal of Use (Change) Notification of Representative's Seal of Use (Change) Business | Seal of Use for Payment Risk Management and All Business Purposes for Bank of Korea Financial Network Usage Notification Date Institution Name Representative Name Seal of Use Before Change After Change To the Governor of the Bank of Korea Our bank (company) reports the transaction seal to be used for various documents for payment risk management, user number and one-time password generator management or usage as follows. Representative Received Date | Time | Handler | Responsible Person | Remarks (Receiving Person) | 85mm×190mm

<Form No. 17> Notification of Setting (Change) of Net Transfer Limit Notification of Setting (Change) of Net Transfer Limit Year Month Day To the Governor of the Bank of Korea Institution Name Representative Our bank (company) (and the entrusting institution for which our bank performs netting agency) applies to set (change) the net transfer limit as follows. (Amount Unit: Hundred Million KRW) Category | Setting (Change) Content --- | ---

1. Current Net Transfer Limit (A) | Total:
   Own Portion:
   Entrusting Institution Portion:
   (Entrusting Institution 1):
   (Entrusting Institution 2):
2. Change Content (B) | Total: (Increase/Decrease)
   Own Portion: (Increase/Decrease)
   Entrusting Institution Portion: (Increase/Decrease) (Entrusting Institution 1): (Increase/Decrease) (Entrusting Institution 2): (Increase/Decrease)
3. Net Transfer Limit After Change (A+B) | Total:
   Own Portion:
   Entrusting Institution Portion:
   (Entrusting Institution 1):
   (Entrusting Institution 2):
4. Desired Application Date | Year Month Day
5. Reason for Setting (Change) of Net Transfer Limit

<Form No. 18> <Deleted>
(Deleted)

<Form No. 19> Specification of Provision of Collateral Securities for Netting Specification of Provision of Collateral Securities for Netting Year Month Day To the Governor of the Bank of Korea Institution Name Representative Our bank (company) provides collateral securities as follows. (Amount Unit: KRW) Depository Institution 1) | Security Category 2) | Issue Number | Item | Book Registration Number | Book Registration Amount | Issue Price (Collateral Recognition Amount) | Issue Date | Redemption Date | Entrusting Institution 3) Total Note: 1) Depository Institution Category Code: 1 Bank of Korea, 2 Korea Depository and Clearing Institute, 3 Other Physical
2) Security Category Code: 11 Treasury Bonds, 12 Grain Securities, 13 Foreign Exchange Stabilization Fund Bonds, 14 National Housing Bonds (Type 1), 19 Other Government Bonds, 21 Non-performing Loan Resolution Fund Bonds (Government Guaranteed), 22 Deposit Insurance Fund Bonds (Government Guaranteed), 29 Other Government Guaranteed Bonds, 31 Industrial Finance Bonds, 32 Small and Medium Enterprise Finance Bonds, 33 Export-Import Finance Bonds, 34 Public Institution Issued Bonds (Non-Government Guaranteed), 35 Agricultural Finance Bonds, 36 Fisheries Finance Bonds, 37 General Finance Bonds, 38 Other Public Institutions/Local Public Enterprises (Non-Government Guaranteed), 39 Covered Bonds, 40 Tongan Bonds, 50 Sovereign Debt Guarantees, 60 Other, 81 Local Bonds, 84 Corporate Bonds, 90 MBS Issued by Korea Housing Finance Corporation
3) If the collateral securities are provided by the netting entrusting institution, record the name of the relevant entrusting institution

<Form No. 20> Application for Return of Collateral Securities for Netting Application for Return of Collateral Securities for Netting Year Month Day To the Governor of the Bank of Korea Institution Name Representative Our bank (company) requests the return of the following securities among the collateral securities provided to your bank. (Amount Unit: KRW) Depository Institution 1) | Security Category 2) | Issue Number | Item | Book Registration Number | Book Registration Amount | Issue Price (Collateral Recognition Amount) | Issue Date | Redemption Date | Entrusting Institution 3) Total Note: 1) Depository Institution Category Code: 1 Bank of Korea, 2 Korea Depository and Clearing Institute, 3 Other Physical
2) Security Category Code: 11 Treasury Bonds, 12 Grain Securities, 13 Foreign Exchange Stabilization Fund Bonds, 14 National Housing Bonds (Type 1), 19 Other Government Bonds, 21 Non-performing Loan Resolution Fund Bonds (Government Guaranteed), 22 Deposit Insurance Fund Bonds (Government Guaranteed), 29 Other Government Guaranteed Bonds, 31 Industrial Finance Bonds, 32 Small and Medium Enterprise Finance Bonds, 33 Export-Import Finance Bonds, 34 Public Institution Issued Bonds (Non-Government Guaranteed), 35 Agricultural Finance Bonds, 36 Fisheries Finance Bonds, 37 General Finance Bonds, 38 Other Public Institutions/Local Public Enterprises (Non-Government Guaranteed), 39 Covered Bonds, 40 Tongan Bonds, 50 Sovereign Debt Guarantees, 60 Other, 81 Local Bonds, 84 Corporate Bonds, 90 MBS Issued by Korea Housing Finance Corporation
3) If the collateral securities are provided by the netting entrusting institution, record the name of the relevant entrusting institution

<Form No. 21> Application for Netting Agency (Withdrawal) of Bank of Korea Financial Network Application for Netting Agency (Withdrawal) of Bank of Korea Financial Network Year Month Day To the Governor of the Bank of Korea Institution Name Representative Our bank (company) applies for netting agency (withdrawal) through the Bank of Korea Financial Network as follows. Please approve. Name of Netting Entrusting Institution:
Netting Agency Limit: [ ] Hundred Million KRW
(Net Transfer Limit): [ ] Hundred Million KRW
Netting Target Transactions | Application Date --- | ---
1. |
2. |
3. |
Attached Documents: 1. 1 copy of Netting Agency Contract with Netting Entrusting Institution
2. 1 copy of Net Transfer Limit Setting Agreement
3. 1 copy of Intraday Overdraft Loan Agreement (Attached for each netting entrusting institution)

<Form No. 22> Notification of Payment Situation for Netting Funds Notification of Payment Situation for Netting Funds Year Month Day To the Governor of the Bank of Korea Institution Name Representative We notify you as follows according to Article 30 of the "Regulations on the Operation and Management of the Payment and Settlement System" and Article 79 of the "Detailed Rules".

1. Name of Netting Entrusting Institution:
2. Date of Occurrence:
3. Payment Content for Netting Funds
   a. Related to Detailed Rules Article 79, Paragraph 1, Item 1 of the "Detailed Rules on the Operation and Management of the Payment and Settlement System" o Netting Funds of the Netting Entrusting Institution:
   o Amount and Conditions of Payment Made from Netting Funds:
   o Unrepaid Amount of the Day from the Netting Funds Payment Amount:
   o Processing Result for the Unrepaid Amount of the Day:
   b. Related to Detailed Rules Article 79, Paragraph 1, Item 2 of the "Detailed Rules on the Operation and Management of the Payment and Settlement System" o Netting Funds of the Netting Entrusting Institution:
   o Amount and Conditions of Payment Made from Netting Funds: \o Future Processing Plan for the Payment Amount:
4. Other

<Form No. 23-1> Notification of Major Changes (For Cases Corresponding to Article 40, Paragraph 1, Item 1 of the Regulations) Notification of Major Changes Institution Name:
Target of Change | Payment Settlement System
Planned Change Date |
Change Content |
Reason for Change |
Potential Risk and Countermeasures |
Attachment of Before and After Text 1) |
Note: 1) Attach when changing operating-related regulations, business processing procedures, etc.

<Form No. 23-2> Notification of Emergency Situation Occurrence (For Cases Corresponding to Article 40, Paragraph 1, Item 2 of the Regulations) Notification of Emergency Situation Occurrence Institution Name:
Date and Time of Occurrence and Duration |
Accident Content |
Cause of Accident |
Spread Influence |
Processing Result |
Countermeasures |

<Form No. 24> Request for Sanction of Participating Institution of Bank of Korea Financial Network Request for Sanction of Participating Institution of Bank of Korea Financial Network Year Month Day To the Director of the Financial Settlement Bureau ( ) Director (Headquarters) Head

1. Name of Target Institution:
2. Content of Violation (Specify in detail) |
3. Content of Sanction |

<Form No. 25> <Deleted>
(Deleted)

<Form No. 26> <Deleted>
(Deleted)

<Form No. 27> Agreement for Support of Temporary Payment Shortfall Funds Agreement for Support of Temporary Payment Shortfall Funds Year Month Day Governor of the Bank of Korea [Name] Seal

• [Name] Representative [Name] Seal

Article 1 (Purpose) This agreement aims to stipulate necessary matters for the Bank of Korea (hereinafter referred to as "Party A") to support temporary payment shortfall funds to [Name] (hereinafter referred to as "Party B") according to Article 81-2 of the "Bank of Korea Act".

Article 2 (Definitions) The terms used in this agreement have the following meanings:

1. "Intraday Repurchase Agreement" refers to a transaction where Party A and Party B, as buyer and seller, agree that Party B will sell securities to Party A at the purchase price on the purchase date, and simultaneously agree that Party B will repurchase the securities from Party A at a certain amount on the redemption date, which is原则上 the same business day as the purchase date.
2. "Securities for Sale" refers to securities that Party B agrees to purchase from another counterparty on the purchase date and deliver to Party A, as defined in Article 4 of the "Open Market Operations Regulations" and Article 58-4 of the "Detailed Rules on the Operation and Management of the Payment and Settlement System" (hereinafter "Detailed Rules") as target securities for intraday repurchase agreements.
3. "Equivalent Securities for Sale" refers to securities equivalent to the Securities for Sale. In this agreement, the relationship where one security is "equivalent" to another means that the issuers, types, categories, par values, and quantities of the two securities are identical.
4. "Income" refers to interest paid by the issuer of the Securities for Sale on the relevant securities or all cash distributions based on the relevant securities.
5. "Purchase Date" refers to the date on which Party A agrees to pay the purchase price to Party B, and Party B agrees to deliver the Securities for Sale to Party A.
6. "Purchase Price" refers to the amount Party A agrees to pay to Party B as consideration for the Securities for Sale delivered on the purchase date, calculated by multiplying the market price of the Securities for Sale by the collateral recognition rate according to Detailed Rules Article 58-5. However, the purchase price shall not exceed the settlement amount necessary for Party B to purchase the Securities for Sale.
7. "Redemption Date" refers to the date on which Party B agrees to repurchase the Equivalent Securities for Sale from Party A, and is原则上 the same business day as the Purchase Date.
8. "Redemption Price" shall be calculated according to the following formula:
   Redemption Price = Purchase Price + Redemption Difference Redemption Difference = Purchase Price × Trading Interest Rate × Elapsed Days / 365

• The Trading Interest Rate shall be the "Fund Adjustment Loan Rate" according to the "Bank of Korea's Deposit and Loan Interest Rates for Financial Institutions" plus 1 percentage point.
• The Elapsed Days shall be zero if the Redemption Date is the same business day as the Purchase Date. If the actual redemption date by Party B is after the next business day following the Purchase Date, the Purchase Date is included in the calculation of Elapsed Days, but the Redemption Date is not.
• The Redemption Difference shall be rounded down to the nearest whole number (ignore fractions of won).

9. "Market Price of Securities for Sale" refers to the price calculated by taking the simple arithmetic average of the prices provided by two or more bond evaluation companies registered with the Financial Supervisory Service according to the "Capital Markets and Financial Investment Services Act" for the business day immediately preceding the price calculation reference date (if price information for this day is unavailable, the nearest previous business day shall be used as the basis).
10. "Settlement Reserve" refers to the difference between the settlement amount of the Securities for Sale purchased by Party B from another counterparty and the amount supported by Party A to Party B through the intraday repurchase agreement.
11. "Payment-Specific Demand Deposit Account" refers to the demand deposit account opened by participating institutions at the Bank of Korea to process tasks according to Detailed Rules Article 16, Paragraph 3.
12. "General Demand Deposit Account" refers to the demand deposit account opened by participating institutions at the Bank of Korea to process tasks according to Detailed Rules Article 16, Paragraph 4.

Article 3 (Support for Temporary Payment Shortfall Funds) ① The support of temporary payment shortfall funds by Party A to Party B shall be conducted through the intraday repurchase agreement method defined in this agreement.
② Applications for transactions, approvals, and redemptions related to the intraday repurchase agreement between Party A and Party B according to this agreement shall be deemed applications for support, approvals, and repayments of temporary payment shortfall funds, respectively. The purchase price, redemption price, and redemption date in the intraday repurchase agreement shall apply mutatis mutandis to the support amount, repayment amount, and repayment date of the temporary payment shortfall funds.

Article 4 (Establishment of Intraday Repurchase Agreement) ① The intraday repurchase agreement between Party A and Party B shall be deemed established when Party A approves the applications according to each of the following items by Party B through the Bank of Korea Financial Network. However, if Party B is the Korea Exchange and application through the Bank of Korea Financial Network is impossible due to computer malfunction, etc., Party B shall be deemed to have applied when it sends information for the repurchase agreement in writing and the Bank of Korea inputs it into its internal computer system.

1. Automatic Application Method: A method where a purchase transaction occurs for securities recognized as transaction targets in Party A's relevant regulations without Party B's individual application for intraday repurchase agreement, and when the Korea Depository and Clearing Institute notifies Party A of this fact, it is deemed as Party B's application for intraday repurchase agreement and fund transfer application for the purchase transaction.
2. Individual Application Method: A method where Party B applies to Party A for intraday repurchase agreement for each securities purchase transaction.
   ② Party A shall immediately carry forward the Settlement Reserve from Party B's payment-specific demand deposit account opened at Party A immediately when the transaction is established according to Paragraph 1.
   ③ Party A shall wait the sum of the purchase price for the intraday repurchase agreement and the Settlement Reserve carried forward according to Paragraph 2 in Party B's payment-specific demand deposit account and immediately process the fund transfer according to the simultaneous settlement of securities and funds according to Paragraph 1. ④ Party A may refuse Party B's application for intraday repurchase agreement according to Paragraph 1 in case of computer system malfunction or other unavoidable circumstances. ⑤ If the transaction established according to Paragraph 1, the business day shall be the Purchase Date, and on that Purchase Date, Party B shall deliver the Securities for Sale to Party A, and simultaneously Party A shall pay the corresponding Purchase Price to Party B according to the method of Paragraphs 2 and 3.

Article 5 (Redemption and Repayment of Temporary Payment Shortfall Funds) ① On the Redemption Date, Party A shall deliver the Equivalent Securities for Sale to Party B, and simultaneously Party B shall pay the Redemption Price to Party A, and the redemption transaction shall end upon completion of such delivery and payment. However, such delivery and payment must be completed by the time defined in Detailed Rules Article 13, Paragraph 2, Item 6 on the Redemption Date.
② The specific method and procedure for Party A to recover the temporary payment shortfall fund support amount according to Paragraph 1 are as follows:

1. Redemption Application for Securities for Sale by Party B: Recover the temporary payment shortfall fund support amount through the redemption of Securities for Sale according to Party B's redemption application.
2. Carryover of Payment Funds for Securities Purchase Transactions: If Party B sells the Securities for Sale to another counterparty, recover the temporary payment shortfall fund support amount by carrying forward the payment funds paid by the counterparty to Party B's payment-specific demand deposit account.
3. Designated-Time Automatic Repayment: If Party B (excluding the Korea Exchange) has sufficient funds in its payment-specific demand deposit account for repayment of temporary payment shortfall funds at the designated time, recover the temporary payment shortfall fund support amount. However, this excludes repayment transactions that are pending due to Party B's fund shortage according to Items 1 and 2.
4. Automatic Repayment After Repayment Deadline and After Repayment Deadline: If Party B fails to repay the support funds before the temporary payment shortfall fund repayment deadline according to Detailed Rules Article 13, Paragraph 2, Item 6, recover the temporary payment shortfall fund support amount by carrying forward from Party B's payment-specific demand deposit account and general demand deposit account from the temporary payment shortfall fund repayment deadline to the deadline for fund transfer application for simultaneous settlement of securities and funds according to Detailed Rules Article 13, Paragraph 2, Item 11.
   ③ If Party A intends to recover the temporary payment shortfall fund support amount according to Items 2 through 4 of Paragraph 2, and Party B has multiple transactions subject to repayment, Party A may select the transactions subject to repayment or determine the processing order.

Article 6 (Payment of Income) Party A shall pay Party B an amount equivalent to the income received from the issuer of the Securities for Sale on the date Party A received the income (if the relevant securities were disposed of, the date on which it would have been possible to receive the income had the securities not been disposed of) for the income paid by the issuer of the Securities for Sale regarding the Securities for Sale before the Redemption Date.

Article 7 (Delivery and Payment) ① All rights, names, and benefits regarding securities and cash to be delivered or paid under this agreement shall transfer to the person receiving or being paid the delivery or payment at the time of delivery or payment.
② Securities delivered under this agreement shall not be subject to restrictions on pledge establishment or transfer of ownership.
③ Payment under this agreement shall be performed through carry forward or waiting in Party B's demand deposit account installed at Party A.
④ Delivery under this agreement shall be performed through account substitution between the deposit accounts of Party A and Party B installed at the Korea Depository and Clearing Institute.

Article 8 (Disposal of Target Securities for Intraday Repurchase Agreement, etc.) ① If the counterparty fails to respond to redemption even after the Redemption Date has passed in the intraday repurchase agreement transaction between Party A and Party B, they shall not raise objections to freely disposing of the target securities or offsetting them against their own claims.
② If Party A determines that it is difficult for Party B to repurchase the target securities, Party A shall dispose of the target securities, and Article 70 of the Detailed Rules shall apply mutatis mutandis to the disposal of the target securities. In this case, the amount attributable to Party A shall be the unpaid amount of temporary payment shortfall funds plus interest calculated by adding 1 percentage point to the interest rate for fund adjustment loans according to the "Bank of Korea's Financial Institution Loan Regulations" based on that amount.

Article 9 (Performance of Contract Conditions) ① Party B shall comply with the following obligations in the application and repayment of temporary payment shortfall fund support and intraday repurchase agreement transactions:

1. Diligent performance of contract conditions concluded with Party A
2. Prohibition of providing or making known to third parties matters for which Party A requests confidentiality regarding open market operations transactions
3. Provision of data and market information necessary for Party A's open market operations
4. Reporting on the holding and trading status of target securities for open market operations as requested by Party A
5. Provision of information on securities settlement as requested by Party A
6. Submission of other data necessary for the operation of the intraday repurchase agreement system as determined by Party A
   ② Party B shall comply with Party A's "Open Market Operations Regulations", "Detailed Rules on the Operation and Management of the Payment and Settlement System", "Procedures for the Operation and Management of the Payment and Settlement System", and other relevant regulations of Party A in the application and repayment of temporary payment shortfall fund support.

Article 10 (Sanctions) If Party B fails to fulfill the conditions defined in this agreement, Party A may reduce the transaction limit or suspend or cancel the qualification of the institution for intraday repurchase agreement transactions, and Party B shall not raise objections.

Article 11 (Termination of Transaction Agreement) If Party B intends to terminate this agreement before the expiration of the validity period according to Article 17, it must apply to Party A in writing in advance.

Article 12 (Damages) If Party A or Party B causes damage to the other party in violation of this agreement, it shall compensate for the damage.

Article 13 (Exemption from Liability) Party B shall not hold Party A liable for losses arising from measures according to the "Open Market Operations Regulations", "Detailed Rules on the Operation and Management of the Payment and Settlement System", "Procedures for the Operation and Management of the Payment and Settlement System", and other relevant regulations of Party A, unless Party A acted with intent or gross negligence.

Article 14 (Litigation) The court with jurisdiction over the location of Party A's principal office shall be the competent court for lawsuits related to this agreement.

Article 15 (Conclusion of Separate Agreements) Party A and Party B may conclude separate agreements attached to this agreement if deemed necessary.

Article 16 (Effect of Each Article and Priority of Application) ① Each article of this agreement shall be separable and executable even if another article is invalid.
② For matters not separately defined in this agreement regarding intraday repurchase agreements, the following regulations shall apply in order:

1. "Open Market Operations Regulations"
2. "Detailed Rules on the Operation and Management of the Payment and Settlement System"
3. "Procedures for the Operation and Management of the Payment and Settlement System"
4. "Open Market Operations Bidding Procedures"
5. "Office Handling Procedures for Open Market Operations"

Article 17 (Validity Period) The validity period of this agreement shall be from . . . to . . .

Article 18 (Evidence of Agreement Conclusion) Party A and Party B shall prepare two copies of the agreement as evidence of the conclusion of this agreement, sign and stamp each, and keep one copy each.

<Form No. 28> Prior Consent for Electronic Registration of Pledge Establishment Prior Consent for Electronic Registration of Pledge Establishment To the Governor of the Bank of Korea

1. I (the Pledge Establisher, hereinafter 'I') agree to the Bank of Korea (the Pledgee, hereinafter 'Bank of Korea') changing the collateral securities I provided for payment performance into loan collateral for me and using them, in the event that I fail to perform netting due to a shortage of payment funds or fail to pay the joint contribution for payment funds of other participating institutions that failed to perform netting, according to Article 22, Paragraph 1 of the "Regulations on the Operation and Management of the Payment and Settlement System", Article 42-2 of the "Procedures for the Operation and Management of the Payment and Settlement System", and Article 6 of the "Agreement on Netting and Netting Agency of the Bank of Korea Financial Network".
2. I agree to the Bank of Korea applying for electronic registration of pledge establishment with the electronic registration institution (Korea Depository and Clearing Institute) for the following accounts according to Article 31 of the "Act on Electronic Registration of Stocks, Corporate Bonds, etc." and Article 26, Paragraph 1, proviso of the Enforcement Decree of the same Act, to change the collateral securities for payment performance into loan collateral for me.

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  Financial Institution Account Number | Account Name

3. I agree to bear the obligation to ensure that no restriction or infringement of rights regarding the electronic registered stocks, etc. occurs to the Bank of Korea during the period between the electronic registration of pledge cancellation for the electronic registered stocks, etc. according to Article 2, Paragraph 4 of the "Act on Electronic Registration of Stocks, Corporate Bonds, etc." and the new electronic registration of pledge establishment, including situations where the electronic registration of pledge establishment is delayed or impossible in whole or in part.
   Year Month Day
   Institution Name
   Representative