; and (B) the customer affirmatively indicates that it is exercising independent judgment in evaluating the recommendations of the futures commission merchant. (b) Applicability with respect to certain agents If a customer with an institutional account has delegated decisionmaking authority to an agent, subsection (a) shall be applied with respect to the agent. (c) Institutional account defined In this section, the term institutional account means the account of— (1) a bank, savings and loan association, insurance company or registered investment company; (2) an investment adviser registered with the Securities and Exchange Commission under section 203 of the Investment Advisers Act or with a State securities commission (or any agency or office performing like functions)