In the latter half of this century, the institutional investor has increasingly become a central player in financial markets. Institutions, such as large commercial firms and pension funds, are often believed to be experienced and "sophisticated" investors. Consequently, institutional investors are generally subject to less regulation with respect to trading activities than are most individual investors.
Jerry W. Markham,
Protecting the Institutional Investor- Jungle Predator or Shorn Lamb?,
Yale J. on Reg.
Available at: https://digitalcommons.law.yale.edu/yjreg/vol12/iss2/3