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Article 36

Trading in listed securities, or securities admitted for trading on the Exchange, shall be carried out on the Trading Floor through one of the brokers registered on the Exchange.

The following transactions shall be exempted from trading in the Exchange Floor:

1— Dealing in securities at the initial subscription stage, including public offering for increasing the capital of joint stock companies.
2— Dealing in Bahraini joint stock companies' securities on exchanges outside Bahrain pursuant to the Board's permission.
3— Dealing in securities between spouses or relatives up to the second degree which takes place without consideration.
4— Transfer of securities in case of inheritance.
5— Transfer of securities pursuant to a Court order.
6— Gifts between spouses and relatives (up to the fourth degree).
7— Transfer of securities in case of a will.
8— Transfer of securities pursuant to an amicable settlement with a financial institution.
9— Transfer of securities pursuant to a request from a governmental authority.
10— Sale of securities by auction.
11— Sale of securities pursuant to a request from a governmental authority.
12— Transfer of securities from/to the partners in non-joint stock companies to/from the company, or between the partners.
13— Transfer of securities between persons whose names are registered in the same certificate as co-owners.
14— Transfer of securities to/from investment portfolios.
15— Transfer of financial institution's securities whose Memorandum and Articles of Association do not permit trading in the portion allocated to every party of the shareholders with the other in Bahrain.
16— Transfer of securities owned by public companies and registered in the names of their directors, and vice-versa(1).

(1) As amended by Ministerial Resolution No. 8/1993