{
  "url": "https://openlegislation.uk/income-tax-dealers-in-securities-regulations-1992/regulation-2",
  "json_url": "https://openlegislation.uk/income-tax-dealers-in-securities-regulations-1992/regulation-2.json",
  "legislation": "uksi/1992/568",
  "legislation_title": "The Income Tax (Dealers in Securities) Regulations 1992",
  "legislation_url": "https://openlegislation.uk/income-tax-dealers-in-securities-regulations-1992",
  "path": "regulation/2",
  "kind": "regulation",
  "number": "2",
  "heading": "Interpretation",
  "text": "In these Regulations, unless the context otherwise requires—\n“the Board of directors” means the Board of directors of LIFFE (A & M);\n“the Delta number” means the number which—\n(a) is calculated and published from time to time under the authority of the Board of directors in relation to each type of option and the price at which the option may be exercised, and\n(b) reflects the degree of probability of exercise of that option as determined by the Board of directors in the light of the current market price of the shares or stock to which the option relates;\n“the Deltaplus limit” has the meaning given by regulation 5(2);\n“designated account” means an account designated for a member by the Board of directors in connection with options to buy or sell equity securities;\n“equity securities” means securities within the meaning of section 731(9) of the Taxes Act which are issued by a company;\n“the first buyer” has the meaning given by section 731(2) of the Taxes Act;\n“LIFFE” means The London International Financial Futures and Options Ex change;\n“LIFFE (A & M)” means The London International Financial Futures Exchange (Administration and Management);\n“the Max limit” has the meaning given by regulation 5(1);\n“member” means a member of LIFFE (A & M) who is recognised as such by the Board of directors;\n“option” means an option to buy or sell securities which is listed by and traded on LIFFE;\n“options market maker” means a member who buys and sells, on his own account, options to buy or sell equity securities and who, at the times specified in regulation 4(3)(b) and (4), was recognised by the Board of directors as a market maker in relation to options in respect of equity securities of a particular kind and was acting in the capacity of a market maker in relation to those options;\n“options principal trader” means a member who buys and sells, on his own account, options to buy or sell equity securities but who, at the times specified in regulation 4(3)(b) and (4), was not recognised by the Board of directors as a market maker in relation to options in respect of equity securities of a particular kind or, if so recognised, was not acting in the capacity of a market maker in relation to those options;\n“relevant expiry month” means a calendar month during which an option to buy or sell equity securities of a particular kind will expire, unless previously exercised;\n“section 732” means section 732 of the Taxes Act;\n“subsection (1)” means subsection (1) of section 732;\n“subsection (2A)” means subsection (2A) of section 732;\n“the Taxes Act” means the Income and Corporation Taxes Act 1988.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1992/568/regulation/2",
    "retrieved_at": "2026-10-29T14:26:45.332670+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}