On 17 August 2020, the Hong Kong Inland Revenue Department announced the issuance of Stamping Circular No. 03/2020 regarding the Stamp Duty Ordinance (Amendment of Schedule 8) Regulation 2020, which came into operation on 1 August 2020 and provides a stamp duty exemption on the sale and purchase of Hong Kong stock involving the activities of ETF market makers in the course of allotting and redeeming ETF shares or units listed in Hong Kong. This applies: For the allotment of a share or unit of an ETF a purchase of Hong Kong stock, made by a market maker of the...