Terms and conditions

Please read this page before proceeding, as it explains certain restrictions imposed by law on the distribution of this information and the countries in which our funds are authorised for sale. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction.

None of the material within this website is intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or financial product or to adopt any investment strategy. Any opinions expressed may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. Any investments named within this material may not necessarily be held in any accounts managed by BlackRock. Reliance upon information in this material is at the sole discretion of the reader. Past performance is no guarantee of future.

For Investors in Israel

BlackRock Investment Management (UK) Limited is not licensed under Israel’s Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 5755-1995. No action has been or will be taken in Israel that would permit a public offering or distribution of the Funds mentioned in this document to the public in Israel. The Funds mentioned in this document have not been approved by the Israeli Securities Authority. In addition, the Funds mentioned in this document are not regulated under the provisions of Israel’s Joint Investment Trusts law, 5754- 1994 (the “Joint Investment Trusts Law”). This document has not been approved by the Israel Securities Authority and will only be distributed to Israeli residents in a manner that will not constitute “an offer to the public” under sections 15 and 15a of the Israel Securities Law, 5728-1968 (the “Securities Law”) or section 25 of the Joint Investment Trusts Law, as applicable. The document is being offered to those categories of investors listed in the First Addendum (the “Addendum”) to the Securities Law, (“Institutional Investors”); in all cases under circumstances that will fall within the private placement or other exemptions of the Joint Investment Trusts Law, the Securities Law and any applicable guidelines, pronouncements or rulings issued from time to time by the Israel Securities Authority. This document may not be reproduced or used for any other purpose, nor be furnished to any other person other than those to whom copies have been sent. Nothing in this document should be considered investment advice or investment marketing as defined in the Regulation of Investment Counselling, Investment Marketing and Portfolio Management Law, 5755-1995. This document does not constitute an offer to sell or solicitation of an offer to buy any securities, nor does it constitute an offer to sell to or solicitation of an offer to buy from any person or persons in any state or other jurisdiction in which such offer or solicitation would be unlawful, or in which the person making such offer or solicitation is not qualified to do so, or to a person or persons to whom it is unlawful to make such offer or solicitation.

 

This website is designated solely for Qualified Investors that are also Qualified Clients, and will not be permitted to watch the content thereof until confirm of status as such has been confirmed. As a result, there are implications of being designated as a Qualified Investor and a Qualified Client, including not being entitled to certain protection available under law.

Qualified Investors include the following:

A fund for joint investments in trust (i.e., mutual fund), or a management company of such a fund;

2. A provident fund or a management company thereof, both as defined in the Supervision of Financial Services (Provident Funds) Law, 1995;

3. An insurance company;

4. A Banking Corporation or satellite entity, as such terms are defined in the Banking Law, other than a joint services company, acting for their own account or for the account of clients that are investors of the type listed in Section 15A(b) of the Securities Law;

5. A licensed portfolio manager under the Advice Law, acting on its own account or for the account of clients that are investors of the type listed in Section 15A(b) of the Securities Law;

6. An investment advisor or provider of investment marketing services under the Advice Law, acting for its own account;

7. A member of the Tel Aviv Stock Exchange, acting on its own account or for the account of clients that are investors of the type listed in Section 15A(b) of the Securities Law;

8. An underwriter fulfilling the conditions of Section 56(c) of the Securities Law;

9. A venture capital fund (defined as an entity primarily involved in investments in entities which, at the time of investment: (a) are primarily engaged in research and development or manufacture of new technological products or processes, and (b) involve above-average risk);

10. An entity wholly owned by persons excluded from the count towards the 35 offerees.

11. An entity, other than an entity formed for the purpose of purchasing securities in a specific offering, in which the shareholders equity is in excess of NIS 50 million.

12. An individual regarding whom two of the following conditions are met and who has given his consent in advance to being considered a Qualified Client for the purpose of Advice law:

(i) The total value of cash, deposits, financial assets and securities – as defined in section 52 of the Securities Law – owned by the individual exceeds NIS12 million;

(ii) The individual has expertise and skills in capital markets or has been employed for at least one year in a professional capacity which requires capital markets expertise;

(iii) The individual has executed at least 30 transactions , on average, in each of the four quarters preceding to his consent

Qualified Clients include

1. A joint investment trust fund or a fund manager.

2. A management company or provident fund (as defined in the Supervision of Financial Services (Provident Funds) Law, 1995.

3. An insurance company.

4. A banking corporation or an auxiliary corporation as defined in the Banking Law, other than a joint services company.

5. A person holding a license under the Advice Law.

6. A stock exchange member.

7. An underwriter meeting the qualification conditions under section 56(c) of the Securities Law.

8. A corporation, other than a corporation which was incorporated for the purpose of receiving services, with equity exceeding NIS50 million[1].

9. An individual regarding whom two of the following conditions are met and who has given his consent in advance to being considered a Qualified Client for the purpose of Advice law:

(i) The total value of cash, deposits, financial assets and securities – as defined in section 52 of the Securities Law – owned by the individual exceeds NIS12 million;

(ii) The individual has expertise and skills in capital markets or has been employed for at least one year in a professional capacity which requires capital markets expertise;

(iii) The individual has executed at least 30 transactions[2], on average, in each of the four quarters preceding to his consent[3];

10. A corporation which is wholly owned by investors who are Qualified Clients; and

A corporation incorporated outside of Israel, whose activity characteristics are similar to those of a corporation listed in this Exhibit.

Conflicts of Interest

It is a fundamental requirement for good business practice, and to help mitigate the risk of legal liability, that all potential conflicts of interest are either avoided altogether or properly managed, where they cannot be avoided. In addition to this, BlackRock’s lead regulator within Europe, the FCA, in common with nearly all of BlackRock’s regulators globally, also requires that we properly identify and manage such conflicts.

The risk of such conflicts of interest not being properly managed and controlled is that investors and clients may not be adequately protected and confidence in financial markets and BlackRock’s services could be undermined and legal claims asserted.

2. Scope

These requirements apply to all BlackRock entities as listed in Section 1. This policy covers all conflicts or potential conflicts that could be damaging to the interests of BlackRock clients. Broadly, conflicts can be categorised as follows and we have provided a non-exhaustive list of examples by way of illustration:

2.1. BlackRock vs. Client

Conflicts between BlackRock’s interests and those of its Clients

When commercial motives may lead BlackRock to consider its own interests ahead of those of its clients. For example, discretionary investments into funds where BlackRock or PNC is also the investment manager and receives a fee for this service engaging in transactions with companies in which BlackRock-advised funds or other clients have an investment..

Conflicts between interests of BlackRock staff and those of its Clients

Situations where BlackRock’s staff are not appropriately incentivised to act in their client’s best interest. For example staff remuneration schemes that are conducive to mis-selling by virtue of the way they are structured.

May also arise where staff have a personal relationship, whether through family, outside business activity, or otherwise, that raises a question as to whether BlackRock can be independent in acting in its clients’ best interests. For example a direct or indirect relationship with a current or prospective issuer.

Relationships between BlackRock and its Associated Companies

Create a potential conflict in that BlackRock could be unduly influenced to the disadvantage of its clients to enter into arrangements with such associated companies on terms other than those which are at arm’s length.

2.2. Client vs. Client

Conflicts between the interests of two or more BlackRock Clients

Since BlackRock services multiple client accounts, the interest of one client may conflict with those of another client. For example, when BlackRock is faced with allocating shares in a limited high-potential investment opportunity.

3. Policy

3.1. Identification & Management of Conflicts

BlackRock management is responsible for the identification and management of conflicts and as such will:

 Take all reasonable steps to identify conflicts of interest, real or perceived that arise or may arise, including those that arise as a result of the structure and activities of other parts of the BlackRock Group;

 Maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interests from giving rise to a material risk of damage to the interests of its clients;

 Establish, maintain and regularly update a conflicts of interest register. In addition this record will be reviewed periodically and when there are significant changes to the nature of services and activities undertaken, the structure of the business and new product launches; and

 Make disclosure of the nature of a conflict to a client before undertaking business for the client in cases where the measures to manage conflicts are not considered sufficient to ensure, with reasonable confidence, that risks of damage to the interests of a client will be prevented. This disclosure will be made in a durable medium and in sufficient detail to enable the client to make an informed decision about the relevant service or product.

For a conflict to exist there must be a possible disadvantage or loss to a client or potential client.

3.2. Effective Arrangements

BlackRock’s organisational and administrative arrangements to manage conflicts are designed such that, when undertaking activities that involve a conflict of interest, relevant persons carry out those activities at an appropriate level of independence. Controls are put in place to ensure the requisite level of independence and include, as a minimum one or more of the following:

 

 Effective procedures to prevent or control the exchange of information where that exchange of information may harm the interests of one or more clients for example, the use of an information barrier;

 Separate supervision of relevant persons whose principal functions involve activities that might give rise to a conflict of interest;

 The removal of any direct link between the remuneration of different groups of relevant persons where there is an underlying conflict between the activities of those groups;

 Measures to prevent or limit any person from exercising inappropriate influence over relevant persons;

 Segregation of duties measures to ensure, that where relevant persons are involved simultaneously or sequentially in separate services or activities where such involvement could impair the management of conflicts of interest;

 Involvement of senior management and the utilisation of reporting and management information as deemed appropriate for each function within BlackRock;

 Appropriate policies for example, Aggregation and Fair Allocation Policies, new product approval procedures, Code of Ethics policies (including Personal Account dealing rules);

 

3.3. Escalation of Conflicts to Management

 

Where new conflicts are identified they are reported to the Legal and Compliance Department for inclusion in the conflicts of interest register. Appropriate action is taken to ensure that where possible; controls to mitigate or reduce the conflicts are in place. Where this is not possible, it is disclosed to clients. Material conflicts are escalated to the Conflicts Management Committee and the relevant BlackRock Boards. The key steps taken to manage the conflict will be detailed in the conflicts of interest register.

 

3.4. Disclosure of Conflicts to Clients

 

BlackRock will disclose inducements/conflicts of interest (either generally or on a client specific basis) where it is required by local regulatory requirements or where this is considered appropriate to enhance the management of the conflict of interest.

 

3.5. Record Keeping

 

BlackRock’s ‘Conflicts of Interest Policy’ and the record of the kinds of services and activities undertaken by the business which might give rise to a conflict of interest will be retained for at least five years, and in line with Record Management Policies, together with any changes to those documents.

 

3.6. Delegation

 

For AIFMD purposes, BlackRock may delegate portfolio management and/or risk management functions to other entities whose interests might conflict with its interests or those of the investors of the relevant Alternative Investment Fund (“AIF”), provided that each such entity has functionally and hierarchically separated the performance of its portfolio management or risk management tasks from its other potentially conflicting tasks and that the potential conflicts of interest are properly identified, managed, monitored and disclosed to the investors in the AIF

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By confirming that you have read this important information, you also:
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The BlackRock authorised unit trusts are funds authorised under the UK Financial Services and Markets Act 2000 and are generally available for investment by the public in the UK.

The offshore funds described in the following pages are administered and managed by companies within the BlackRock Group and can be marketed in certain jurisdictions only. It is your responsibility to be aware of the applicable laws and regulations of your country of residence. Further information is available in the Prospectus or other constitutional document for each fund. Please note that only some of the offshore funds seek distributor status in the UK.

This does not constitute an offer or solicitation to sell shares in any of the funds referred to on this site, by anyone in any jurisdiction in which such offer, solicitation or distribution would be unlawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.

Specifically, the funds described are not available for distribution to or investment by US investors. The units/shares will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") and, except in a transaction which does not violate the Securities Act or any other applicable US securities laws (including without limitation any applicable law of any of the States of the USA) may not be directly or indirectly offered or sold in the USA or any of its territories or possessions or areas subject to its jurisdiction or to or for the benefit of a US Person.

Applications to invest in any fund referred to on this site, must only be made on the basis of the offer document relating to the specific investment (e.g. prospectus, simplified prospectus, key investor information document or other applicable terms and conditions).

As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Details are contained in the relevant Prospectus or other constitutional document.

If you are unsure about the meaning of any information provided please consult your financial or other professional adviser.

The information contained on this site is subject to copyright with all rights reserved. It must not be reproduced, copied or redistributed in whole or in part.

The information contained on this site is published in good faith but no representation or warranty, express or implied, is made by BlackRock Investment Management (UK) Limited or by any person as to its accuracy or completeness and it should not be relied on as such. BlackRock Investment Management (UK) Limited shall have no liability, save for any liability that BlackRock Investment Management (UK) Limited may have under the UK Financial Services and Markets Act 2000 (or the name of any replacement legislation if the legislation permits such a statement to be made), for any loss or damage arising out of the use or reliance on the information provided including without limitation, any loss of profit or any other damage, direct or consequential. No information on this site constitutes investment, tax, legal or any other advice.

Where a claim is brought against BlackRock by a third party in relation to your use of this website, you hereby agree to fully reimburse BlackRock for all losses, costs, actions, proceedings, claims, damages, expenses (including reasonable legal costs and expenses), or liabilities, whatsoever suffered or incurred directly by BlackRock as a consequence of improper use of this website.  Neither party should be liable to the other for any loss or damage which may be suffered by the other party due to any cause beyond the first party's reasonable control including without limitation any power failure.
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You may leave the BlackRock Investment Management (UK) Limited website when you access certain links on this website. In so doing, you may be proceeding to the site of an organisation that is not regulated under the UK Financial Services and Markets Act 2000. BlackRock Investment Management (UK) Limited has not examined any of these websites and does not assume any responsibility for the contents of such websites nor the services, products or items offered through such websites.

BlackRock Investment Management (UK) Limited shall have no liability for any data transmission errors such as data loss or damage or alteration of any kind, including, but not limited to, any direct, indirect or consequential damage, arising out of the use of the services provided herein.

Past performance is no guarantee of future performance.

The value of investments and the income from them may go down as well as up and are not guaranteed.

You may not get back the amount you invested.

Any favourable tax treatment of a product (including but not limited to ISAs) is subject to government

legislation and as such may not be maintained.

The levels and bases of, and reliefs from, taxation changed in the last Budget and may change in the future.

Rates of exchange may cause the value of investments to go up or down.

Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially.

For your protection, telephone calls are usually recorded.

Please note that while some of the BlackRock funds are "ring-fenced", others form part of a single company and are not. For BlackRock funds that do not have segregated liability status, in the event of a single BlackRock fund being unable to meet liabilities attributable to that BlackRock fund out of the assets attributable to it, the excess may be met out of the assets attributable to the other BlackRock funds within the same company. We refer you to the prospectus or other relevant terms and conditions of each BlackRock fund for further information in this regard.

The BlackRock unit trusts are managed by BlackRock Fund Managers Limited (authorised and regulated by the Financial Conduct Authority and a member of the Investment Management Association) which is the unit trust management affiliate of BlackRock Investment Management (UK) Limited.

Companies within the BlackRock Group which do not carry out investment business in the UK are not subject to the provisions of the UK Financial Services and Markets Act 2000. Accordingly, investors entering into investment agreements with such companies will not have the protection afforded by that Act or the rules and regulations made under it, including the UK's Financial Services Compensation Scheme.

The views expressed herein do not necessarily reflect the views of BlackRock as a whole or any part thereof, nor do they constitute investment or any other advice.

Any research found on these pages has been procured and may have been acted on by BlackRock for its own purposes.

This site is operated and issued by BlackRock Investment Management (UK) Limited which is authorised and regulated by the Financial Conduct Authority (Register number 119186). You can gain access to the FCA's rules and guidance notes from the following link: https://www.fca.org.uk. BlackRock Investment Management (UK) Limited is a company registered in England, No. 2020394. Registered Office: 12 Throgmorton Avenue, London EC2N 2DL. General enquiries about this website should be sent to EMEAwebmaster@blackrock.com. This email address should not be used for any enquiries relating to investments.

Important Information

An S&P Capital IQ fund grading represents an opinion only and should not be relied on when making an investment decision. Past performance is not indicative of future results. Currency exchange rates may affect the value of investments. Copyright © 2014 by McGraw-Hill international (UK) Limited (S&P), a subsidiary of The McGraw-Hill Companies, Inc. All rights reserved.

© 2014 Morningstar. All Rights Reserved. The information, data, analyses, and opinions contained herein (1) include the proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete, or accurate. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. The Morningstar Analyst Rating™ is subjective in nature and reflects Morningstar’s current expectations of future events/behaviour as they relate to a particular fund. Because such events/behaviour may turn out to be different than expected, Morningstar does not guarantee that a fund will perform in line with its Morningstar Analyst Rating. Likewise, the Morningstar Analyst Rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund or of its underlying securities and should not be used as the sole basis for making any investment decision.

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Contact Us

If you have any questions about this Privacy Policy, or our privacy related practices, please contact us by email at investor.services@blackrock.com or by phone at +44 (0) 800 445 522. You can also contact us by mail at:

BlackRock, Attention: Investor Services

12 Throgmorton Avenue

London

EC2N 2DL

If you have are an iShares investor, please contact us by email at feedback@iShares.com or by phone at +44 (0) 20 7668 8007. You can also contact us by mail at:

iShares Business Development

12 Throgmorton Avenue

London

EC2N 2DL

BlackRock is a trademark of BlackRock, Inc. and the BlackRock logo is a service mark of The PNC Financial Services Group, Inc.

 

 

 

[1] the term "equity" herein includes equity as defined under foreign accounting rules, international accounting standards, and accepted accounting principles of the United States, as defined in sections 17(b)(1) and 36 of the Israeli Securities Law of 1968 (the "Securities Law").

[2] The term "transaction" herein does not include a transaction executed by a portfolio manager for an individual who has entered into a portfolio management agreement with such manager.

[3] We note that there is a pending suggestion by the ISA to revise this criteria.

BlackRock Investment Management (UK) Limited is not licensed as, a portfolio manager, investment adviser or investment manager under the Investment Marketing and Investment Portfolio Management Law- 1995 (the "Advice Law") or any other applicable law, nor does it carry insurance as required thereunder. BlackRock Investment Management (UK) Limited is not, and will not be providing any investment advice, investment marketing or portfolio management services to the Investor.

 

I/We confirm that each time I/We log onto to this website, that I/We are Qualified Investors as such term is defined under the Securities Law of 1968 and Qualified Clients under the Advice Law and understand that this website is designated solely for Qualified Investors that are also Qualified Clients, and will not be permitted to view or access the content thereof until I confirm my status as such. I am aware and consent to the implications of being designated as a Qualified Investor and a Qualified Client, including not being entitled to certain protection available under law. Should this status as a Qualified Investor and Qualified Client change, I/We will inform BlackRock Investment Management (UK) Limited which may have the impact of limiting or withdrawing access to the website.