Institutional Investor.
(c) Institutional Investor. An institutional investor is an insurance company, a bank holding stock in trust accounts through its trust department, or an investment company as defined in 15 U.S.C. 80a3(a), including within such definition any entity that would otherwise meet the definition of investment company under 15 U.S.C. 80a3(a) but is excluded by the exemptions set forth in 15 U.S.C. 80a3(b) and (c), without regard to whether such entity is an issuer of securities; provided that, if such investment company is owned, in whole or in part, by other entities, such investment company, such other entities and the affiliates of such other entities, taken as a whole, must be primarily engaged in the business of investing, reinvesting or trading in securities or in distributing or providing investment management services for securities.