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<p>An individual investor, also known as a retail client, is a client organisation or individual who cannot be deemed both a Qualified Investor and a Qualified Client, pursuant to the requirements of the Israeli Securities Law 1968 (the ‘Securities Law’) and the Law for the Regulation of Advice, Investment Marketing and Investment Portfolio Management 1995 (the ‘Advice Law’), respectively. A Qualified Investor is defined under the Securities Law as:</p>
<ol>
<li>A fund for joint investments in trust (i.e., mutual fund) as defined in the Joint Investment Trust Law, 1994, or a management company of such a fund;</li>
<li>A provident fund or a management company (of such funds) thereof, both as defined in the Regulation of Financial Services (Provident Funds) Law, 2005;</li>
<li>An insurer defined in the Regulation of Financial Services (Provident Funds) Law, 1981 ;</li>
<li>A Banking Corporation or Auxiliary Corporation , as such terms are defined in the Banking (Licencing) Law 1981, 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;</li>
<li>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;</li>
<li>An investment advisor or provider of investment marketing services under the Advice Law, acting for its own account;</li>
<li>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;</li>
<li>An underwriter fulfilling the conditions of Section 56(c) of the Securities Law;</li>
<li>A venture capital fund (defined as an entity primarily involved in investments in entities which are engaged, at the time of investment,: (a) in research and development or production of new technological products or processes, and (b) where the risk of investment is typically above-average risk for such investment);</li>
<li>An entity wholly owned by persons Exempt Investors (as defined in the Securities Law).</li>
</ol>


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An individual investor, also known as a retail client, is a client organisation or individual who cannot be deemed both a Qualified Investor and a Qualified Client, pursuant to the requirements of the Israeli Securities Law 1968 (the ‘Securities Law’) and the Law for the Regulation of Advice, Investment Marketing and Investment Portfolio Management 1995 (the ‘Advice Law’), respectively. A Qualified Investor is defined under the Securities Law as.

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<p>Bullish exchange is not available to persons located in the United Kingdom unless they are investment professionals or high net worth entities, as defined in Article 19 and 49 of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (as amended) (“Eligible U.K. Users”). By visiting this website you acknowledge that you are an Eligible U.K. User, as explained in our <a href="https://be.bullish.com/terms" target="_blank" rel="noopener">Site Terms of Use</a>.</p>
