as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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what are institutional investors?
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finra defines institutional investors as:   institutional investors include banks, savings and loan associations, insurance companies, registered investment companies, registered investment advisors, a person or entity with assets of at least $50 million, government entities, employee benefit plans and qualified plans with at least 100 participants, finra member firms and registered persons, and a person acting solely on behalf of an institutional investor.  from: http://www.finra.org/industry/issues/faq-advertising  based on rules 2210(a)(4) and 4512(c).  institutional investors are expected to understand market risks and as a result, disclosure requirements are much lower (perhaps no sec filings and no prospectus).
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