You are likely to be an Institutional Client if you are:
an entity required, under the laws of the jurisdiction in which you carry on business, to be authorized or regulated to operate in the financial markets (which includes but is not limited to financial intermediaries such as: banks, investment firms, broker dealers, insurance companies, insurance intermediaries, funds, pension funds or management companies);
a large undertaking (the term ‘undertaking’ includes corporates, partnerships and unincorporated associations);
a national government, central bank, international or supranational institution;
a regional government, sub-national organization or state-owned agency that manages public debt; or
an institutional investor whose main activity is to invest in financial instruments, which includes entities dedicated to the securitization of assets or other financing transactions.
The term Institutional Client in particular covers professional clients in terms of MiFID and AIFMD or equivalent rules outside the EU, certain investors deemed to be professional investors based on local law (such as “well informed investors” in Luxembourg).