n entity required to be authorised or regulated to operate in the financial markets. The following list includes all authorised entities carrying out the characteristic activities of the entities mentioned, whether authorised by an EEA State or a third country and whether or not authorised by reference to a directive: a credit institution an investment firm any other authorised or regulated financial institution an insurance company a collective investment scheme or the management company of such a scheme a pension fund or the management company of a pension fund a commodity or commodity derivatives dealer a local any other institutional investor 