(1) As defined in sections 134b to 135,
1. an institutional investor is:
a) an undertaking authorised to carry on life insurance business within the meaning of section 8 (1) read in conjunction with Annex 1 no. 19 to 24 of the Insurance Supervisory Act,
b) an undertaking authorised to carry on reinsurance business within the meaning of section 8 (1) and (4) of the Insurance Supervisory Act, insofar as these activities relate to obligations under life insurance,
c) an institution for occupational retirement provision pursuant to sections 232 to 244d of the Insurance Supervisory Act;
2. an asset manager is:
a) a financial services institution authorised to provide portfolio management services within the meaning of section 1 (1a) sentence 2 no. 3 of the Banking Act,
b) a securities institution authorised to provide portfolio management services within the meaning of section 2 (2) no. 9 of the Act on the Supervision of Securities Institutions (Wertpapierinstitutsgesetz – WpIG)
c) a capital management company authorised in accordance with section 20 (1) of the Investment Code;
3. a proxy adviser is:
an undertaking analysing disclosures and other information provided by listed companies, on a commercial basis and for monetary consideration, in order to inform investors by its research, consultancy services or voting recommendations for purposes of their exercising their voting rights.
(2) For institutional investors, asset managers and proxy advisers, sections 134b to 135 apply only insofar as they are subject to the following provisions of Directive 2007/36/EC of the European Parliament and of the Council of 11 July 2007 on the exercise of certain rights of shareholders in listed companies (OJ L 184 of 14 July 2007, p. 17), last amended by Directive (EU) 2017/828 (OJ L 132 of 20 May 2017, p. 1):
1. for institutional investors: Article 1 (2) (a) and (6) (a),
2. for asset managers: Article 1 (2) (a) and (6) (b), and
3. for proxy advisers: Article 1 (2) (b) and (6) (c) as well as Article 3j (4).