INSTITUTIONAL INVESTOR (“Operatore Qualificato”) is defined as «…authorized financial brokers, asset management companies, pension funds, insurance companies, foreign operators, which lead all the activities mentioned above according to their national laws; companies and organizations which issue financial products on official markets, all companies officially registered and regulated by paragraph 106, 107, 113 of the legislative decree 1st September 1993 n. 385, financial agents, all natural persons who certify to have a professional profile defined by the “Testo Unico” rules concerning people that usually carry out administrative, management and control duties for financial broker agencies, bank foundations and, finally, all companies or corporate bodies who declare having a specific expertise and knowledge regarding financial operations».