January 7 2019
The Securities and Futures (Amendment) Ordinance 2016 took effect from 30 July 2018 to provide stamp duty exemption for the sale and purchase of Hong Kong stocks in consideration of the allotment or redemption of shares or units of an authorized open-ended collective investment scheme. According to the Securities and Futures Ordinance, an open-ended collective investment scheme means a collective investment scheme whose shares or units may be repurchased or redeemed at the request of any of its shareholders or unit holders:
- at a price calculated wholly or mainly by reference to the net asset value of the scheme; and
- in accordance with the frequency for repurchase or redemption, requirements and procedures set out in the offering document or constitutive documents of the scheme.