This regulation defines key terms and says when certain options-market-maker transactions count as “jobbing business” for the Ordinance.
Stamp Duty (Jobbing Business) (Options Market Makers) Regulation(Cap. 117, section 63)(Enacting provision omitted—E.R. 2 of 2021)[1 June 1996](Format changes—E.R. 2 of 2021) 1. (Omitted as spent—E.R. 2 of 2021) 2. Interpretation In this Regulation, unless the context otherwise requires—options contract (期權合約) has the same meaning as in the rules of a recognized exchange company; (5 of 2002 s. 407)options market maker (期權莊家) means an exchange participant to whom a recognized exchange company has granted a permit under its rules to make a market in options contracts; (12 of 2000 s. 23; 5 of 2002 s. 407)rules (規章), in relation to a recognized exchange company, has the same meaning as in section 19(16) of the Ordinance; (5 of 2002 s. 407)sale or purchase (售賣或購買) includes any disposal or acquisition (other than an allotment) for valuable consideration, and exchange, and any transaction in respect of which an instrument is deemed by section 30(3), (4) or (5) of the Ordinance to be a transfer by way of sale, and any reference to sale (售賣) or purchase (購買) is construed accordingly. 3. Jobbing business The following transactions or dealings constitute jobbing business for the purposes of the Ordinance—(a) the sale or purchase of Hong Kong stock by an options market maker through a recognized stock market where the sale or purchase is directly pursuant to the hedging of a transaction in an options contract entered into by that options market maker;(b) the sale or purchase of Hong Kong stock by an options market maker through a recognized stock market in the ordinary course of acting as an options market maker in the options market where the sale or purchase directly arises out of a transaction in an options contract entered into by that options market maker.(5 of 2002 s. 407)