The Client acknowledges that the registration of Global Master Securities Lending Agreement (「Registration」) is under application, the stamp duty relief for securities borrowing has not been effective. The Client acknowledges and agrees that prior to the approval of the Registration by the Hong Kong Inland Revenue Department, the stamp duty arising from the securities borrowing and lending as a result of short selling transaction shall be borne by the Client, and hereby authorize Futu Securities to deduct from his securities account in advance. The securities borrowing and relevant stamp duty are under the 「Deduct in advance then refund」 approach. Those will refund to the Client’s securities account once the Registration application has been approved.
The Client understands and agrees that if the Hong Kong Inland Revenue Department rejects the Registration, Futu Securities shall not assume any responsibility. The securities borrowed and the stamp duty during that period will not be relieved nor refund.
This Stamp Duty Supplemental Terms is part of the Global Master Securities Lending Agreement (the "Master Agreement") which entered between the Client and Futu Securities. It share the same juridical status as the Master Agreement. All terms that appear in this Supplemental Terms, unless otherwise stated, shall have the same definitions as stated in the Master Agreement. The terms, except as expressly amended by this Supplemental Terms, the other terms that appear in the Master Agreement shall continue in full force and effect.
If any inconsistency between the English and Chinese versions of this Stamp Duty Supplemental Terms, the English version shall prevail.