Finra
Which of the following would be classified as institutional communications under FINRA rules?
Institutional investor = $50M+ in assets. Banks, insurance companies, pension funds qualify.
Complete Analysis & Legal Rationale
Institutional communications are directed exclusively to institutional investors, which include entities with at least $50 million in assets. A pension fund with $75 million qualifies. These communications have fewer approval requirements than retail communications.
Distractor Autopsy (Why Other Options Are Traps)
FINRA exam writers design incorrect distractors using specific calculation mistakes and regulatory misconceptions. Review why each option succeeds or fails:
Communications to retail customers are retail communications.
Matches the verified teaching point in the explanation.
Individual customer account size does not make them institutional.
Television ads are retail communications (public advertising).
Official Standard: Outline-level citation pending rule-specific upgrade. Verify against current FINRA materials.