The selling and trading of a rights issue was explicitly permitted under the Qatar Financial Markets Authority (the “QFMA”) rules for the first time in March 2014 regulating the listing and trading of rights issue of Qatari public joint stock companies on the Qatar Exchange.  Under the QFMA regulations, a rights issue is an invitation to existing shareholders to buy new shares in a listed company's capital increase at a discounted price.  According to the QFMA Selling Rights Issue Rules (“SRIR”), the invitation to existing shareholders is considered a ‘right'.  Such right may be issued as ‘securities' that may be listed and traded on the Qatar Exchange until the new shares are purchased.  The shareholders may trade the rights on the Qatar Exchange in the same way they would trade ordinary shares.