“Commercial Bank Market Risk Management Measures” issued to refine market risk management requirements

The Zhitong Finance App learned that on June 20, the China Financial Supervision and Administration issued the “Commercial Bank Market Risk Management Measures”. After this revision, the “Measures” no longer include bank account interest rate risks, but instead focus on the risk of bank profit and loss fluctuations caused by adverse changes in interest rates, exchange rates, stock prices, and commodity prices. Bank account interest rate risk is subject to the “Commercial Bank Bank Bank Account Interest Rate Risk Management Guidelines (Revised)”.

The “Measures” consist of 5 chapters and 43 articles. The main contents include: 1. Clarifying the definition of market risk. Clarify the scope of application of the “Measures”, no longer include content related to interest rate risk in bank books, and strengthen links with systems such as the “Capital Measures” and “Comprehensive Risk Management Guidelines for Banking Financial Institutions”. Second, emphasis is placed on improving the market risk management structure. Clarify the responsibilities of the board of directors, supervisors (meetings) and senior management, define the specific scope and responsibilities of the three lines of defense, and emphasize that banks strengthen market risk management at the group and surface levels. The third is to refine market risk management requirements. Banks are required to manage market risk throughout the process and refine risk identification, measurement, monitoring, control and reporting requirements. Improve internal model definitions, model management, and stress testing requirements to match current market risk measurement frameworks and management practices.

The full text is as follows:

Commercial banking market risk management measures

Chapter I General Provisions

Article 1. In order to strengthen market risk management of commercial banks, these Measures are formulated in accordance with the “Banking Supervision and Administration Law of the People's Republic of China”, “Commercial Banking Law of the People's Republic of China” and other relevant laws and administrative regulations.

Article 2 These Measures apply to commercial banks established by law within the People's Republic of China.

Article 3 Market risk referred to in these Measures refers to the risk of loss of commercial banks' on-balance sheet and off-balance sheet business due to adverse changes in market prices (interest rates, exchange rates, stock prices, and commodity prices). Market risk exists in banks' transactional and non-transactional operations. The market risk referred to in these Measures does not include bank account interest rate risk. The “Commercial Bank Bank Bank Account Interest Rate Risk Management Guidelines (Revised)” apply to bank account interest rate risk risk.

Article 4 Market risk management is the whole process of identifying, measuring, monitoring, controlling and reporting market risks. The goal of market risk management is to effectively prevent market risk, control market risk within a reasonable range that commercial banks can bear, and achieve a reasonable balance between risk and benefit.

Article 5 Market risk management shall follow the following principles:

(1) The principle of prudence. Commercial banks should adhere to the risk-based concept, fully identify, accurately measure, continuously monitor, properly control, and promptly report market risks in all transactional and non-transactional operations to enhance forward-looking risk management and ensure steady operation.

(2) The principle of comprehensiveness. Commercial bank market risk management should comprehensively cover all types of institutions, businesses and products with market risk characteristics, consider the correlation and contagiousness of market risk with other internal and external risks, and coordinate market risk management with other types of risk management policies and procedures.

(3) The principle of compatibility. The level of market risk assumed by commercial banks should match their market risk management capabilities and capital strength. Commercial banks should not carry out complex financial operations that exceed their market risk management capabilities and market risk tolerance levels.

(4) The principle of professionalism. Commercial bank personnel responsible for market risk management should have relevant professional knowledge and skills, fully understand the Bank's business relating to market risk, and master corresponding risk identification, measurement, monitoring and control methods and techniques.

Article 6. The State Financial Supervisory Administration and its dispatched agencies shall, in accordance with law, supervise and manage the market risk level and market risk management system of commercial banks, and shall urge commercial banks to effectively identify, measure, monitor and control market risks borne by various businesses.

Chapter II Risk Management Framework

Article 7. The board of directors of commercial banks shall treat market risk as one of the main risks faced by the Bank and assume ultimate responsibility for market risk management. The board of directors should ensure the establishment of a risk culture that matches market risk management requirements, and ensure that commercial banks effectively identify, measure, monitor and control market risks borne by various businesses. Key responsibilities include:

(1) Approve basic market risk management systems to ensure consistency with strategic goals;

(2) Approve market risk preferences, ensure the establishment of a market risk limit management mechanism, and control market risk within an acceptable range;

(3) Approve matters relating to market risk management responsibilities, powers, reports, etc. of senior management to ensure the effectiveness of the market risk management system;

(4) Review market risk management reports at least once a year to monitor and evaluate the comprehensiveness and effectiveness of market risk management and the performance of senior management in market risk management. In the event of increased market fluctuations, the frequency of reviewing reports should be increased according to the circumstances;

(5) Ensure that senior management establishes the necessary mechanisms to identify, measure, monitor, control and report market risks;

(6) Ensure that the market risk management system is subject to effective review and supervision by the internal audit department;

(7) Approve disclosure of market risk information;

(8) Other related duties.

The board of directors may authorize special committees under it to perform some of the above functions, and authorized committees shall regularly submit relevant reports to the board of directors.

Article 8. Commercial banks that establish supervisors (meetings) shall assume supervisory responsibility for market risk management, supervise and inspect the due diligence of the board of directors and senior management, promptly supervise rectification and reform, and include them in the supervisors' (meeting) work reports.

Article 9. Commercial bank senior management shall assume responsibility for implementing market risk management. Key responsibilities include:

(1) Formulate, regularly evaluate and supervise the implementation of market risk management policies and procedures;

(2) Keep abreast of market risk levels and their management status;

(3) Clarify the division of responsibilities and reporting requirements of market risk management functional departments, business management departments and other departments in market risk management, urge all departments to perform market risk management responsibilities, and ensure the normal operation of the market risk management system;

(4) Formulate market risk limits in accordance with market risk preferences set by the board of directors to ensure that risk appetite and risk limits are fully communicated and effectively implemented, supervise situations that break through risk appetite, risk limits, and violate risk management policies and procedures, and deal with them in accordance with the authorization of the board of directors;

(5) Regularly submit market risk management reports to the board of directors and submit them to supervisors (meetings);

(6) Providing sufficient financial, human and information technology system resources for market risk management;

(7) Improve the market risk management system to effectively respond to market risk events;

(8) Other related duties.

Article 10. The business management department of a commercial bank that bears market risk shall fully understand and fully consider the various types of market risks included in the business it engages in in business decisions to achieve a reasonable balance between risk and benefit. The business management department is the direct bearer and manager of market risk, and shall be responsible for the market risk borne by its own business activities.

Article 11 Commercial banks shall appoint a special department to be responsible for market risk management. The department that takes the lead in carrying out market risk management functions should have clear responsibilities, maintain relative independence from the business management department that bears the risk, and have the human and material resources required to perform market risk management responsibilities.

The department responsible for market risk management of commercial banks shall perform the following duties:

(1) Formulate market risk management policies and procedures, and formulate methods and specific regulations for market risk identification, measurement, monitoring, control and reporting;

(2) Identifying, measuring, monitoring, controlling and reporting market risks;

(3) Monitor compliance with market risk limits by relevant business operating departments and branches, and report cases where limits have been exceeded;

(4) Design and implement stress tests;

(5) Monitor the effectiveness of market risk measurement models;

(6) Identifying and evaluating market risks contained in new products and new businesses;

(7) Provide timely market risk management reports to the board of directors and senior management;

(8) Other related duties.

Article 12 The internal audit department of a commercial bank shall conduct an independent review and evaluation of the accuracy, reliability, adequacy and effectiveness of key aspects of the market risk management system on a regular basis (in principle, once a year). Internal audits should be carried out not only on business operations departments, but also on departments responsible for market risk management. Internal audit reports shall be submitted directly to the board of directors and supervisors (meetings). The board of directors shall urge senior management to promptly propose a rectification plan and take corrective measures in response to the problems found in the internal audit. The internal audit department shall follow up and check the implementation of improvement measures and submit relevant reports to the board of directors.

Commercial banks' internal audits of market risk management systems should include at least the following:

(1) Market risk positions and risk levels;

(2) Completeness of market risk management system documentation;

(3) The organizational structure of market risk management, the independence of market risk management functions, and the adequacy, professionalism and performance of market risk management personnel;

(4) Risk categories and scope covered by market risk management;

(5) The completeness and reliability of market risk management information systems, the accuracy and completeness of market risk position data, and the consistency, timeliness, reliability and independence of data sources;

(6) The rationality and stability of the parameters and assumptions used in the market risk management system;

(7) The appropriateness of market risk measurement methods, the effectiveness of measurement model management, and the accuracy of measurement results;

(8) Compliance with market risk management policies and procedures;

(9) The effectiveness of market risk limit management;

(10) The effectiveness of the stress test system;

(11) The calculation and internal allocation of market venture capital;

(12) Investigations into major over-limit transactions, unauthorized transactions, and account mismatches.

Commercial banks should expand the scope of internal market risk audits and increase the frequency of internal audits when introducing new products and new businesses that have a significant impact on the level of market risk, or when there are major changes or serious defects in the market risk management system.

Commercial bank internal auditors should have relevant professional knowledge and skills, and have undergone appropriate training to fully understand the methods and procedures for identifying, measuring, monitoring and controlling market risks.

If necessary, commercial banks can entrust social intermediaries to regularly review and evaluate the nature, level and market risk management system of their market risk.

Article 13 In order to avoid potential conflicts of interest, commercial banks shall ensure that all functional departments have a clear division of responsibilities and appropriate separation of related functions. The business operation functions of commercial banks should be independent of market risk management functions, and should be strictly separated from post-transaction processing, accounting, and settlement functions.

Article 14 Commercial banks shall avoid conflicts of interest between their remuneration systems and incentive mechanisms and market risk management goals. The board of directors and senior management should avoid the negative effects of the remuneration system encouraging excessive risk-taking, and prevent performance evaluations from focusing too much on short-term operating profit performance without considering long-term operating risks. The remuneration of workers responsible for market risk management should not be linked to direct operating income.

Article 15 Commercial banks shall establish a group risk appetite within the scope of consolidated management. Each domestic and foreign subsidiary institution shall establish a market risk management structure and management system that conforms to the group's risk appetite and is compatible with its business scope, risk characteristics, scale of operation and regulatory requirements, and formulate a market risk management system. Overseas subsidiary bodies should also meet local regulatory requirements.

Chapter III Risk Management Policies and Procedures

Section 1 General Requirements

Article 16 Commercial banks shall formulate formal written market risk management policies and procedures applicable to the entire banking institution. Market risk management policies and procedures should be adapted to the nature, scale, complexity and risk characteristics of a bank, consistent with its overall business development strategy, management capacity, capital strength and overall level of risk it can bear, and meet the relevant requirements of the China Financial Supervision and Administration on market risk management. Key elements of market risk management policies and procedures include:

(1) Businesses that can be carried out, financial instruments that can be traded or invested, and investment, value preservation, and risk control strategies and methods that can be adopted;

(2) The level of market risk that commercial banks can bear;

(3) Market risk management organizational structure, authority structure and responsibility mechanism with a clear division of labor;

(4) Methods and procedures for identifying, measuring, monitoring and controlling market risks;

(5) Market risk reporting system;

(6) Market risk management information systems;

(7) Internal control of market risk;

(8) Audit of market risk management;

(9) Allocation of market venture capital;

(10) Emergency treatment plans for major market risk situations.

Commercial banks shall promptly revise and improve market risk management policies and procedures in accordance with the Bank's market risk appetite, risk situation, and changes in the external market and environment.

Article 17 Market risk management policies and procedures shall be incorporated into a comprehensive risk management framework and shall apply in principle to domestic and foreign subsidiary bodies with independent legal personality. Commercial banks should fully recognize the legal differences and capital flow barriers between subsidiary institutions, and adjust their risk management policies and procedures accordingly, and carefully handle the offsetting of positions between subsidiary institutions with legal differences and capital flow barriers to avoid underestimating market risks.

Article 18 Commercial banks shall establish a complete internal control system for market risk management in accordance with the relevant requirements of the State Administration of Financial Supervision and Administration regarding the internal control of commercial banks, as an integral part of the bank's overall internal control system. Internal control of market risk management should help promote effective business operations, provide reliable financial and supervisory reports, encourage banks to strictly abide by relevant laws, administrative regulations, departmental rules and internal systems and procedures, and ensure the effective operation of the market risk management system.

Section II Risk Identification

Article 19 Commercial banks shall divide transaction books and bank accounts in accordance with the relevant requirements of the “Commercial Bank Capital Management Measures”, and adopt corresponding market risk identification, measurement, monitoring and control methods according to the nature and characteristics of the different accounts.

Commercial banks should formulate more detailed and targeted risk management policies or procedures for different types of market risk and market risk for different types of business (such as derivatives transactions), and strictly divide positions and responsibilities engaged in transactional and non-transactional business.

Article 20 Commercial banks shall break down and analyze market risk factors in each business and product, and promptly and accurately identify the types and nature of market risks in all transactional and non-transactional businesses.

Article 21. Commercial banks shall fully identify and evaluate the market risks contained in them and establish corresponding internal approval, operation and risk management procedures before launching new products and new businesses. Internal approval procedures for new products and businesses shall include review by relevant departments, such as business management departments, departments responsible for market risk management, legal compliance departments, financial accounting departments, and information technology departments, etc., and carry out corresponding approval procedures.

Section III Risk Measurement

Article 22 Commercial banks shall re-evaluate the market value of transaction book instruments on a daily basis. Market value revaluation shall be the responsibility of a risk management department, financial accounting department, or other relevant functional department or personnel independent of the business operation department. The pricing factors used for market value revaluation shall be obtained from sources independent of the business operation department or independently verified.

Article 23 Commercial banking business operations departments, financial accounting departments, departments responsible for market risk management, etc. carry out the valuation of financial instruments. The methods and assumptions used for valuation shall be as consistent as possible, and an appropriate valuation correction mechanism shall be established. When there is a lack of market prices that can be used for valuation, commercial banks should determine the criteria for selecting proxy data, acquisition methods, and fair price calculation methods.

Article 24 Commercial banks shall select measurement methods appropriate to the nature, scale and complexity of the Bank's business, and measure all market risks they bear based on reasonable assumptions and parameters. Commercial banks should accurately calculate quantifiable market risks and assess market risks that are difficult to quantify.

Methods for measuring market risk include sensitivity analysis, exposure analysis, scenario analysis, and the use of internal models to calculate expected tail losses, risk values, etc. Commercial banks should fully recognize the characteristics and limitations of different methods for measuring market risk, and supplement them with other analytical methods such as stress tests.

Commercial bank senior management and market risk management personnel should understand the market risk measurement methods, models and assumptions used by the Bank in order to accurately understand the measurement results of market risk.

Article 25 Commercial banks shall take measures to ensure the rationality and accuracy of assumptions, parameters, data sources and measurement procedures. Commercial banks should regularly evaluate the assumptions and parameters of the market risk measurement system and develop internal procedures for revising the assumptions and parameters. Significant assumptions and parameter modifications should be approved by senior management.

Article 26 Commercial banks shall fully accrue capital for the market risks they bear in accordance with the requirements of the “Commercial Bank Capital Management Measures”.

Commercial banks with a high level of business complexity and market risk should use risk-adjusted indicators such as yield and economic value added to conduct internal capital allocation and performance assessments to achieve a reasonable balance between risk levels and profit levels throughout the bank and business management departments.

Article 27 Commercial banks that apply anticipated tail losses, risk values, etc. calculated using internal models to market risk management shall reasonably select, regularly review and adjust model technology and model assumptions and parameters according to the scale and nature of the Bank's business, establish and implement internal policies and procedures related to model management, including developing new models, adjusting existing models, model verification, and regular continuous monitoring of model operation.

Commercial banks should adjust and improve market risk measurement methods or models based on model verification and continuous monitoring of model performance. The model verification entity shall maintain independence from the model development entity and the model application entity, the continuous monitoring entity shall maintain independence from the model application entity, and shall not directly benefit from the business activities of the model application entity.

Commercial banks should closely integrate the application of models with daily risk management, and the information provided by internal models should be an integral part of the process of planning, monitoring and controlling market risk asset portfolios.

Commercial banks should properly understand and apply the calculation results of the internal model of market risk, fully recognize the limitations of the internal model, and supplement the internal model method with stress tests and other non-statistical measurement methods.

Commercial banks that use advanced market risk methods to measure capital should also meet the relevant measurement management requirements of the “Commercial Bank Capital Management Measures”.

Article 28 Commercial banks shall establish comprehensive and strict stress testing procedures, including qualitative and quantitative analysis, and regularly simulate and estimate potential losses that may be caused by sudden and low-probability events, such as drastic changes in market prices, sharp decline in market liquidity, or other risk infections, in order to assess the bank's ability to withstand losses under extremely unfavorable circumstances.

Stress tests should select scenarios that have a significant impact on market risk, including scenarios and hypothetical scenarios where significant losses have occurred in history. Hypothetical scenarios include situations where model assumptions and parameters are no longer applicable, situations where market prices change drastically, market liquidity is seriously insufficient, and situations where significant changes in the external environment may lead to significant losses or difficult risks to control. Commercial banks shall carry out stress tests in accordance with the Bank's business development and the relevant requirements of the State Financial Supervisory Administration for stress tests.

Based on the results of stress tests, commercial banks should formulate emergency treatment plans for situations that have a significant impact on market risk, and decide whether and how to improve other policies and procedures for quota management, capital allocation, and market risk management.

Article 29 Commercial banks shall establish a complete and reliable management information system for the measurement, monitoring and control of market risks, and take corresponding measures to ensure the accuracy, reliability, timeliness and safety of data. Management information systems should support measurement of market risk, monitoring the effectiveness of relevant models and stress testing, and monitor compliance with market risk limits and provide relevant content of market risk reports. Commercial banks should establish corresponding reconciliation procedures to maintain the consistency and integrity of business data for different departments and products, and ensure that accurate price and business data are entered into the market risk measurement system. Commercial banks should improve and update management information systems in a timely manner as needed.

Section 4 Risk monitoring, control and reporting

Article 30 Commercial banks shall implement quota management on market risk, develop management systems covering all types and levels of limits including temporary quota adjustments, clarify internal approval procedures and procedures, set, regularly review and update limits according to the nature, scale, complexity and risk tolerance of the business, and ensure the logical consistency of different market risk limits.

Market risk limits include transaction limits, risk limits, stop-loss limits, etc., and can be broken down by region, business unit, asset portfolio, financial instrument, and risk category. Commercial banks should establish a reasonable quota system in which different types and levels of limits complement each other according to the different roles and limitations of different limits to effectively control market risks. Commercial banks' limits reflecting the overall management of market risk, as well as the types and structures of limits, shall be approved by senior management.

Commercial banks should consider the following factors when designing a quota system:

(1) The nature, scale and complexity of the business;

(2) The level of market risk that commercial banks can bear;

(3) The previous performance of the business operation department;

(4) The professional level and experience of the staff;

(5) Pricing, valuation and market risk measurement systems;

(6) Stress test results;

(7) Level of internal control;

(8) Capital strength;

(9) Developments and changes in the external market.

Commercial banks shall establish procedures to monitor and handle cases where limits are exceeded. Excesses to the limit shall be promptly reported to the appropriate level of management. In accordance with the quota management system, management shall promptly deal with the situation of exceeding the limit and clearly determine the time required to correct the excess limit situation. Management shall decide whether to adjust the quota management system and level based on the overall situation where the limit has been exceeded.

Article 31 Commercial banks shall formulate emergency treatment plans for situations that have a significant impact on market risk, including taking measures such as hedging and reducing risk exposure to reduce the level of market risk, and establish emergency treatment or backup systems, procedures and measures for internal and external emergencies, so as to reduce possible losses that banks may incur and damage to bank reputation.

Commercial banks should use the results of stress tests as an important basis for formulating emergency response plans for market risks, regularly review and test emergency treatment plans, and continuously update and improve emergency treatment plans.

Article 32 The board of directors, senior management and other management personnel of commercial banks shall regularly review reports on market risk situations. Market risk reporting channels should be relatively independent, and reports of different levels and types should follow the prescribed scope, procedures and frequency of transmission. The report should include all or part of the following:

(1) Market risk positions by business, sector, region and risk category;

(2) Market risk levels measured separately by business, department, region and risk category;

(3) Structural analysis of market risk positions and market risk levels;

(4) Profit and loss situation;

(5) Changes in market risk identification, measurement, monitoring and control methods and procedures;

(6) Compliance with market risk management policies and procedures;

(7) Compliance with market risk limits, including handling cases where limits are exceeded;

(8) Stress test conditions;

(9) Operation and application of the market risk measurement model;

(10) Status of internal and external audits;

(11) The distribution of venture capital in the market;

(12) Suggestions for improving market risk management policies, procedures and market risk contingency plans;

(13) Other situations of market risk management.

Market risk management reports submitted to the board of directors usually include the bank's overall market risk position, risk level, profit and loss status, and compliance with market risk limits and other market risk management policies and procedures. Market risk management reports submitted to senior management and other managers generally include detailed information broken down by region, business unit, asset portfolio, financial instrument, and risk category, and are reported more frequently. The above report can be a special report or a comprehensive report such as a comprehensive risk report including market risk management content.

Article 33 Commercial banks shall disclose quantitative and qualitative information such as market risk levels and risk management conditions in accordance with relevant regulations such as the “Commercial Bank Information Disclosure Measures” and “Commercial Bank Capital Management Measures”.

Chapter IV: Supervision and Inspection

Article 34 The State Financial Supervisory Administration and its dispatched agencies shall incorporate the supervision and management of commercial bank market risk into the continuous supervision framework as an important part of on-site inspection and off-site supervision.

Article 35 Commercial banks shall promptly submit documents such as basic market risk management systems and their adjustments to the State Administration of Financial Supervision and Administration or its dispatched agencies, and submit market risk supervision reports in accordance with relevant regulations.

Article 36 Commercial banks shall promptly report the following matters to the State Administration of Financial Supervision and Administration or its dispatched agencies:

(1) Significant losses that seriously exceed the market risk limits set within the Bank;

(2) Fluctuations in domestic and foreign financial markets have a significant impact on the Bank's market risk level and management situation;

(3) Illegal acts in business operations;

(4) Other major emergencies.

Commercial banks shall develop a reporting system for important matters of market risk and submit it to the State Financial Supervision and Administration or its dispatched agency.

Article 37 The State Administration of Financial Supervision and Administration or its dispatched agencies shall regularly conduct on-site inspections on the market risk management status of commercial banks. The main contents of the inspection are:

(1) The performance of the board of directors, supervisors (meetings) and senior management in market risk management;

(2) The completeness of market risk management policies and procedures and their implementation;

(3) The effectiveness of market risk identification, measurement, monitoring and control;

(4) The rationality and stability of the assumptions and parameters used in the market risk management system;

(5) The effectiveness of market risk management information systems;

(6) The effectiveness of market risk limit management;

(7) The effectiveness of internal control over market risk;

(8) The independence, accuracy, and reliability of banks' internal market risk reports, and the authenticity and accuracy of the statements and reports relating to market risks submitted to the China Financial Supervisory Authority and its dispatched agencies;

(9) Adequacy of market venture capital accruals;

(10) Professional knowledge, skills and performance of personnel responsible for market risk management;

(11) Other situations of market risk management.

Article 38 Where there is a problem or defect in commercial bank market risk management, the State Financial Supervisory Administration and its dispatched agencies order corrections in accordance with the “Banking Supervision and Administration Law of the People's Republic of China”, “Commercial Banking Law of the People's Republic of China” and relevant provisions of other laws or administrative regulations. If the correction is overdue or the circumstances are serious, administrative penalties shall be imposed in accordance with law.

The State Financial Supervisory Administration and its dispatched agencies report major market risk events and risk management flaws in accordance with their duties.

Chapter V Supplementary Provisions

Article 39 Other financial institutions such as policy banks, rural cooperative banks, village banks, rural credit cooperatives, rural financial mutual aid cooperatives, branches of foreign banks in China, trust companies, financial management companies, enterprise group finance companies, consumer finance companies, financial leasing companies, financial asset management companies, financial asset investment companies, etc. shall be implemented with reference to these Measures.

Article 40 Commercial banks that have not established a board of directors shall have their management decision-making body perform the duties of the board of directors relating to market risk management as stipulated in these Measures.

Article 41 Foreign bank branches established within the People's Republic of China shall follow the market risk management policies and procedures formulated by their head office, regularly submit market risk management reports to the head office, and submit market risk-related reports to the China Financial Supervision and Administration and its dispatched agencies in accordance with regulations.

Article 42 These Measures shall be interpreted by the State Financial Supervision and Administration.

Article 43 These Measures take effect from the date of publication. The “Notice of the China Banking Regulatory Commission on Further Strengthening Risk Management in the Commercial Banking Market” (Banking Regulatory Authority (2006) No. 89) was abolished on the date of implementation of these Measures.

This article was selected from the “Official Website of the State Financial Supervisory Administration”; Zhitong Finance Editor: Huang Xiaodong.