This website is provided by Generali Investments and is considered as a marketing communication and financial promotion related to the products and services of the following companies belonging to the Generali group: Generali Investments Partners S.p.A. Società di gestione del risparmio, Generali Insurance Asset Management S.p.A. Società di gestione del risparmio, Generali Investments Luxembourg S.A. and Generali Investments Holding S.p.A. (hereinafter jointly, Generali Investments).
Generali Insurance Asset Management S.p.A. Società di gestione del risparmio, is one of the asset management companies of Generali Group with its registered office at 34132, Trieste, 4, via Machiavelli, Italy, registered at the Albo delle Società di Gestione del Risparmio in the UCITS Section, under no. 18 and in the AIF section, under no. 22 and subject to the direction and coordination of Generali Investments Holding S.p.A..
Generali Investments Partners S.p.A. Società di gestione del risparmio, is one of the asset management companies of Generali Group with its registered office at 34132, Trieste, 4, via Machiavelli, Italy, registered at the Albo delle Società di Gestione del Risparmio in the UCITS Section, under no. 55 and in the AIF section, under no. 165 and subject to the direction and coordination of Generali Investments Holding S.p.A..
Generali Investments Luxembourg S.A., is one of the asset management companies of Generali Group with its registered office at 4, rue Jean Monnet, L-2180 Luxembourg and subject to the direction and coordination of Generali Investments Holding S.p.A..
Generali Investments Holding S.p.A. is the holding company of the abovementioned asset management companies of the Generali Group with its registered office at 34132, Trieste, 4, via Machiavelli, Italy.
Effective as from 27/08/2021
Generali Investments may amend this Cookies Policy, from time to time, also as a consequence of any legal or regulatory changes. However, the updated version of this Cookies Policy will always be available on the Website, to be consulted by You.
Cookies are small text files (letters and/or numbers) containing groups of information stored in Your devices (e.g., computer, smartphone, tablet) every time they visit a website through a browser. At each subsequent visit the browser sends these cookies to the website which originated them or to another website.
Cookies allow websites to store certain information in order to allow you to navigate online in a simple and fast way.
Cookies are used for different purposes and have different characteristics. They can be distinguished according to the following criteria:
a) on the basis of the entity which manages the cookie:
(i) first-party cookies: these cookies are installed directly by the Company through the Website;
(ii) third-party cookies: these cookies are installed through the Website by third parties other than the Company;
b) on the basis of the time in which the cookie remains active:
(i) session cookies: these cookies store the necessary information during the browsing session and are deleted immediately after the session expires, that is when the browser is closed;
(ii) persistent cookies: these cookies are stored on your hard disk and the Website reads them each time you visit it again. A persistent cookie has a specific expiration date, after which it will cease to work.
c) on the basis of the purposes pursued:
(i) some cookies are necessary to allow you to use its features (so-called technical cookies). Other cookies are used to obtain statistical information, whether aggregate or not, on the number of users accessing the Website and on how the Website is used (so-called analytics cookies). Moreover, other cookies are used to track your profile in order to display on the Website advertisements that may be in line with your interests, as they are consistent with your tastes and consumption habits (so-called profiling cookies).
Generali Investments can store cookies on your devices if they are essential to the operation of this Website, otherwise we need your prior consent to do so.
Generali Investments Website uses technical cookies and both first-party and third-party analytics cookies. Therefore, the Website uses some non-essential cookies. Generali Investments do not do this to track individual users or to identify them, but mainly to gain useful knowledge about how the Website is used, so that we can keep improving it for our users.
However, by changing the settings in the browser you use, you may prevent cookies installation. The setup of each browser is different and is explained in the relevant menu of the browser. To understand how to set cookies settings, you may consult the instructions of the providers of the most popular browsers, available at the following links:
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Alternatively, you may visit the website www.aboutcookies.org, which contains comprehensive information on how to do this on a wide variety of desktop browsers.
Types of cookies used on the Website
Generali Investments uses first-party technical cookies for the sole purpose of allowing you to visit the Website and use its features. They can be further distinguished in:
(i) navigation cookies: they guarantee the normal use of the Website and normally are session cookies, which are automatically deleted when the browser is closed;
(ii) functionality cookies: they allow you to browse the Website on the basis of selected criteria (e.g., language or country of origin), in order to improve the services provided on the Website. These are persistent cookies, which remain on your computer even after the browser has been closed, until the expiration date of each cookie (typically from two months to two years) or until they are erased by you.
Technical cookies are not used for purposes other than those described above.
The Website uses the following technical cookies:
Third Party Analytics cookies
Google Analytics cookies are used on the Website. These cookies enable the collection of statistical information, only in an aggregated form, on the use of the Website, such as, for instance, the number of users accessing the Website and the pages visited more frequently.
Google analytics cookies used do not allow the identification of individuals because the IP address associated to the cookie is anonymized before being sent to Google. The full IP address is never collected and stored on our and Google Systems.
You can find below a list of the analytics cookies currently used on the Website:
Marketing cookies are used to track visitors to websites. The purpose is to present relevant and engaging advertisements to the individual user and therefore of greater value to third-party publishers and advertisers.
As provided by applicable laws, your prior consent is required for the installation of third-party analytics cookies. For this reason, when you access the Website a banner is displayed, informing that (i) third-party analytics cookies are used on the Website and (ii) by clicking on “Accept”, you consent to the use of such cookies.
Should you give consent to the installation of cookies, we will keep track of such consent through a specific technical cookie. In this way, we will prevent you from visualizing the cookie banner during future visits of the Website.
You may block the storage of analytics cookies at any time, without compromising your possibility to visit the Website. If you want to know how to block the storage of analytics cookies, you can read the information on third-party cookies by clicking on the links reported in the chart above.
IN ACCORDANCE WITH ARTICLES 13 AND 14 OF REGULATION (EU) 2016/679
1. Which company of the Generali Group will process Your personal data*?
Generali Investments Partners S.p.A. Società di gestione del risparmio, Generali Insurance Asset Management S.p.A. Società di gestione del risparmio, Generali Investments Luxembourg S.A. and Generali Investments Holding S.p.A. (hereinafter “Generali Investments” or “we”), with registered office in Trieste, Via Machiavelli n. 4, will process* Your personal data as Data Controller* in accordance with Regulation (EU) 2016/679 (hereinafter the “GDPR”).
If You wish to contact Us, You can use the following contact details:
Generali Investments, Via Machiavelli 4, 34132 Trieste and Piazza Tre Torri 1, 20145 Milan
Generali Investments Holding S.p.A.: Privacy.GIH@generali.com
Generali Investments Partners S.p.A. Società di gestione del risparmio: Privacy.GIP@generali.com
Generali Insurance Asset Management S.p.A. Società di gestione del risparmio: Privacy.GIAM@generali.com
If You wish to submit any questions or exercise a right regarding the processing of Your personal data, You can contact the Company’s Data Protection Officer*, by using the following contact details:
Generali Investments, Via Machiavelli 4, 34132 Trieste and Piazza Tre Torri 1, 20145 Milan, Via Machiavelli 4, 34132 Trieste, to the attention of the Data Protection Officer
Generali Investments Holding S.p.A.: DPO.GIH@generali.com
Generali Investments Partners S.p.A. Società di gestione del risparmio: DPO.GIP@generali.com
Generali Insurance Asset Management S.p.A. Società di gestione del risparmio: DPO.GIAM@generali.com
The Company may provide You with further specific information on the processing of Your personal data, along with the relevant request of consent, if needed. This information may also be provided within other webpages of the Website, in case You should make specific requests to the Company, by providing the latter with Your personal data. Those privacy information notices and consents will be respectively provided and obtained prior to the processing of these further categories of personal data.
2. How do We process Your personal data and what is the legal basis for the processing of this data?
The Company will process Your personal data in compliance with the obligations to which the Company is subject to under the GDPR.
The Company will process Your personal data (as better identified in Section 4 below) to pursue the following purposes:
a) Providing the services offered through the Website, including the possibility of obtaining answers to the requests for information or assistance that You should submit to us (hereinafter "Contractual Purposes");
b) Complying with the obligations set forth by applicable laws, including responding to possible requests submitted to us by governmental authorities and supervisory bodies (hereinafter "Law Purposes");
c) Based on legitimate interest, developing and improving the services offered through the Website, by carrying out statistics on the use of the Website (e.g. analyzing the most visited pages, etc.) and checking its functioning; and
d) Based on legitimate interest, establishing, exercising or defending of legal claims;
e) Based on your consent, inviting you to events, meetings, workshops, roundtables, congresses (including professional training), identified as of specific interest to you, organised and managed by the Controller, by the Joint Controller and/or one or more of the other Italian entities of the Generali Investments Network, independently or in cooperation with other entities identified from time to time in the invitations (brochures and/or presentations) that will be previously mailed or delivered to you to allow you to register for the event (hereinafter, respectively, the “Event(s)” and the "Partner(s) in the Event”); executing complementary activities following your registration for the Event, such as, for example, activities related to the organisation and management of the Event itself; if you attend, using your personal images that may have been collected in the course of the Event for possible publication on different (paper, tape and/or digital) supports, or through other means of communication or media, including websites, portals and social networks present on the internet;
f) Based on your consent, sending you newsletters, publications, studies, survey results, market analyses or analyses of specific industries or businesses, and any other type of professional information material, identified as of specific interest to you, prepared or published by the Controller, by the Joint Controller and/or one or more of the Italian (and, in certain circumstances, foreign) entities of the Generali Investments Network, independently or in cooperation with other entities identified from time to time in the specific document (hereinafter, the “Publications” and “Publication Partners”, respectively).
Moreover, also on the basis of the legitimate interests your personal data shall be processed without your consent by Data Controller for the following purposes:
(i) carrying out customer relationship management, consisting mainly in tracing and managing the relationships and interactions that Italian and foreign legal entities of the Generali Investments Network, through the professionals belonging to it, develop with the ‘contacts’ of current and prospective clients, and any other persons/entities with whom/which Generali Investments Network professionals have developed business relationships, for the purpose of understanding their needs and expectations, improving services offered, developing new services based on the market’s requirements, as well as growing the business. For those purposes the personal information of ‘contacts’, including your personal information, will be entered into special data bases owned by or available to the Controllers and will thus be made accessible to the other Italian and foreign entities of the Generali Investments Network based in the countries listed on the following webpage: [to be completed]. Where specific obligations of confidentiality or professional secrecy exist, as well as when there are particular reasons of expediency, your personal information will be made available, depending on the circumstances, solely to professionals of the Italian legal entities of the Generali Investments Network (excluding foreign entities), or solely to the Controllers, i.e. solely to the members of the team of the Controller assigned to the specific professional engagement. In any case, it is agreed that you may be contacted, for customer relationship management purposes, only through the professionals who operate within the Italian legal entity of the Controller with which you have established the main relationship.
In case the Company wishes to process Your personal data for purposes other than the ones listed above, the Company will prior provide You with any required information under the GDPR, and collect Your consent, where needed.
The Company does not process Your personal data only based on automated decision-making processes.
3. Why do We ask You to provide Your personal data?
a) The processing of Your personal data for Contractual Purposes (please see Section 2, let. a), above) is carried out pursuant to Article 6.1, let. b) of the GDPR and is mandatory, given that otherwise We would not be able to allow You to browse the Website or assist You in relation to Your requests. If you don’t want Us to process Your Identification Data (as defined under Section 4, letter a), below), you will not have to send us a request of information.
b) The processing of Your personal data for Law Purposes is mandatory, as it is necessary to enable Us to comply with applicable laws.
c) The processing of Your personal data for Legitimate Business Interest Purposes (please see Section 2, letters from c) to e) above) is based on Our legitimate interests, pursuant to Article 6.1, let. f) of the GDPR, which have been adequately balanced with Your interests and rights, as the processing of Your personal data is carried out only to the extent it is strictly necessary to pursue such purposes. However, You may object to the processing of Your personal data, by following the instructions specified under Section 6 below, unless We have an overriding interest on further processing Your personal data or in case the processing of Your data is necessary to establish, exercise or defend of legal claims.
4. Categories of personal data processed
We will process Your personal data only to the extent necessary to achieve the above-mentioned purposes. In particular, We will process the following categories of personal data referred to You:
a) Data voluntarily provided by You, by submitting to Us any requests for information or assistance by means of the Website or using Our contact details available on the Website. This data might include Your name, surname, address, occupation, job title, employer/associated company, phone number and email address, as well as any other information referred to You that You should provide to Us by requesting information or assistance; (hereinafter jointly referred to as “Identification Data”);
5. With whom do We share Your personal data?
The Company will process Your personal data only to the extent that it is adequate, relevant and limited to what is necessary in relation to the purposes indicated under Section 2 above, by means of electronical and telematic tools as well as hard copies, in such a way as to ensure the security, protection and confidentiality of Your personal data.
In pursuing the purposes referred to in Section 2 above, We may disclose Your personal data to the following categories of recipients:
a) Third party suppliers and companies of the Generali group, to the extent that such entities provide assistance or consultancy services to the Company, including but not limited to technological, accounting, administrative, legal and insurance services;
b) Governmental authorities and supervisory bodies whose right to access to Your personal data is set forth by applicable laws; and
c) To possible purchasers of the Company and other entities resulting from mergers or any other operations affecting the Company.
Your personal data will not be disseminated.
6. Where do We transfer Your personal data?
In pursuing the purposes referred to in Section 2 above, We may transfer Your personal data to countries outside the European Economic Area (EEA), by implementing appropriate safeguards, according to Articles 44 et seq. of the GDPR.
If You wish to have further information on the Countries where Your personal data may be transferred to as well as the relevant safeguards in place, You can contact Our Data Protection Officer, by using the contact details above.
7. The rights You can exercise regarding the processing of Your personal data
According to Articles 15 et seq. of the GDPR, You have the following rights that You can exercise by contacting Our Data Protection Officer:
- Right of access
You may ask the Company to access Your personal data in order to know, for example, which personal data referred to You the Company is currently processing.
- Right to rectification
You may ask the Company to rectify any personal data referred to You which should be inaccurate or incomplete.
- Right to erasure
You may ask the Company to erase Your personal data when one of the following circumstances occurs:
Personal data is no longer necessary with respect to the purposes for which it was collected or otherwise processed;
You withdrew Your consent on the processing of Your personal data and the Company cannot rely on other legal grounds to process Your data;
You have objected to automated decision-making and there are no overriding legitimate grounds for the processing of Your data, or You have objected to the processing of Your data for direct marketing purposes;
Personal data has been unlawfully processed by the Company;
Personal data has to be erased for compliance with a legal obligation in Union or Member State law to which the Company is subject; and
Personal data has been collected in connection with the provision of information society services, referred to in Article 8, paragraph 1, of the GDPR.
- Right to restriction
You may ask the Company to restrict how it processes Your personal data, and requesting only its storage, where one of the following applies:
a) You contest the accuracy of Your personal data, for a period enabling the Company to verify the accuracy of Your personal data;
b) The processing is unlawful and You oppose the erasure of Your personal data and request the restriction of its use instead;
c) The Company no longer needs Your personal data for the purposes of the processing, but this data is required by You for the establishment, exercise or defense of legal claims;
d) You have objected to processing pursuant to the right to object and automated decision-making, pending the verification whether the legitimate grounds of the Company override Yours.
- Right to data portability and Consent withdrawal
You may ask the Company to transfer Your personal data to another company or organization and/or to receive Your personal data in a structured, commonly used and machine-readable format.
If You have granted your consent to the processing of Your data, You may withdraw such consent at any time, without prejudice to the validity of the processing carried out before the withdrawal of Your consent.
If Your personal data has been transferred outside the European Economic Area, You have also the right to obtain a copy of such data or the indication of where it has been made available.
Your rights can be exercised by contacting Our Data Protection Officer, by using the contact details indicated above. We will not charge You any cost for the tasks resulting from Your request, unless this request is manifestly unfounded or excessive, in which case We might charge you the related costs.
When You exercise Your rights, we might request personal information referred to You, in order to verify Your identity.
8. The right to object to the processing of Your personal data
You have the right to object to the processing of Your personal data and request the stop of the processing operations in relation to the processing of Your personal data that is based on the Company’s legitimate interests (please see Section 2, letters from c) to e), above).
9. The possibility to lodge a complaint with the competent Supervisory Authority
In case you noticed any irregularities in the processing of Your personal data, You have the right to lodge a complaint with the supervisory authority, of the Member State of Your habitual residence, place of work or place of the alleged infringements.
You can find Your national supervisory authority at the following website:*
10. How long do we retain Your personal data?
a) Your Browsing Data will be retained for no longer than seven days and will be erased immediately after being aggregated, except where governmental authorities and/or supervisory bodies should need such data to perform their duties;
b) Your user choices that allow you to browse the Website on the basis of selected criteria (e.g., language or country of origin), to improve the services provided on the Website, will be retained for no more than 2 years or until they are erased by you;
c) Your Identification Data will be retained for no more than 2 years, unless its retention for a longer period is required under applicable laws or to establish, exercise or defend legal claims.
Processing means any operation or set of operations which is performed on personal data or on sets of personal data, such as collection, recording, organisation, structuring, storage, adaptation or alteration, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise making available, alignment or combination, restriction, erasure or destruction, whether or not by automated means.
Personal data means any information relating, directly or indirectly, to a person (such as, for example, name, an identification number, location data, an online identifier, one or more elements able to identify the physical, physiological, genetic, mental, economic, cultural or social identity, etc.).
Special categories of data means the personal data revealing racial or ethnic origin, political opinions, religious or philosophical beliefs, or trade union membership as well as genetic data, biometric data where they uniquely identify a person, data concerning health or data concerning a person’s sex life or sexual orientation.
Data subject means the person whose personal data are processed.
Data controller means the individual or legal person, public authority, agency or other body which, alone or jointly with others, determines the purposes and means of the processing of personal data (for example, the employer is the data controller in respect of its employees’ personal data since, with reference to the employment relationship, it decides the purposes and means of such processing).
Data Processor means the individual or legal person, public authority, agency or other body which processes personal data on behalf of the data controller (for example, the company which provides the service of employees’ salaries calculation may be considered a data processor since it processes personal data on behalf of another company, the employer).
Data Protection Officer means a person in charge for performing support activities for the company functions and control activities in respect of the processing of personal data. It is also in charge for cooperating with the Supervisory Authority and it represents the contact point, also for the data subjects, for any matters connected with the processing of personal data
Garante per la Protezione dei Dati Personali is the Italian data protection supervisory authority.
Cookies are small text files that are sent to Your device (e.g. computer, smartphone, tablet), when You visit a website, where they are stored to be re-transmitted to the same website at Your next visit. If You wish to have more information about cookies, You can consult Our cookies policy.
TERMS AND CONDITIONS
These Terms cover your use of this Site. All products and services provided by members of the Generali Group have their own terms and conditions (the ‘Product Terms’). You must read both the Product Terms and these Terms. To the extent that the Product Terms conflict with these Terms or any local sites’ terms and conditions then the Product Terms will prevail.
Please make sure you read carefully all applicable terms, conditions and disclaimers relevant to your use of the products, services or information that may be offered to you from time to time.
If any part of these Terms is found by any court or other competent authority to be invalid, unlawful or unenforceable then such part shall be severed from the rest of the Terms which shall continue to be valid and enforceable to the fullest extent permitted by law.
CHANGES TO OUR TERMS
The information on this Site is regularly updated. The validity of the information provided on this Site is restricted to the point in time in which it was published and to our assessment at that point in time. Generali Investments does not assume any liability for the correctness, accuracy, suitability, completeness or availability of this Site or the information contained therein. Generali Investments does not assume any responsibility for any loss or damage resulting from the use of the information contained on this Site for any other than its intended purpose. Generali Investments reserves the right to amend or supplement the information on this Site at any time without advance notice.
ABSENCE OF ADVICE
The information contained on this Site does not constitute a recommendation or an offer to persons in countries in which a corresponding offer is not permissible, nor an offer to persons to whom a corresponding offer must not be made or who must not be solicited to buy Units/Shares. Nothing contained on the Site constitutes investment, legal, tax or other advice nor is to be relied on in making an investment or other decision.
A Fund may not be suitable or appropriate for all investors. The information does not take into account individual circumstances, investment objectives, financial situation or specific needs of the investors. The Site does not refer to any particular tax treatment. Tax regimes depend on each potential client’s own circumstances and may be subject to change in the future.
Only investors can decide if the transactions they might engage in are suitable to their own financial situation. The fiscal treatment resulting from an investment in Units/Shares of UCITS depends on the situation of each investor. We recommend that investors consult their usual tax advisor.
Changes in the economic, legal or tax conditions or other events may influence the future development of the market or individual products at any time in a manner other than as described in the information provided on this Site.
ACCESS TO FUND DOCUMENTS
The sole binding basis for the acquisition of Units is the prospectus as amended from time to time and the key investor information and the relevant annual and half-yearly reports (if available) and/or the statutorily required documents, which are made available before an investment decision.
All Fund documents (Prospectus, KIIDs, annual and semi-annual reports) are available in the language required by the country/-ies where the relevant product is registered at www.generali-investments.com .
Paper copies of any Fund documents may be requested from the local agents of your country of residence, free of charge. The list of all local agents is available in any of our Fund prospectuses.
Past performances displayed on the Site are not a reliable indicator of future performance and may be misleading. There could have been a fluctuation in returns since the posting of information on this Site.
The value of the shares may fall as well as rise and you may not get back the amount initially invested. Investing in a Fund involves multiple risks including the loss of capital.
The net asset value of some classes is subject to a high volatility, which may result in major latent short-term losses.
For more information about the inherent risks of any Fund or sub-fund, please read the latest version in force of the prospectus, the articles of incorporation, the Key Investor Information Documents (KIIDs) and the latest annual and semi-annual report. Please pay attention to the sections of the prospectus related to risks.
Please also pay attention to the costs and fees of each Fund, sub-fund and class presented in the KIIDs and in the prospectus.
The User acknowledges explicitly that the given information remains property of Generali Investments and he accepts not to alter it. No part of this website may be reproduced or transmitted for any purpose, in any form or by any means without the express written permission of the copyright owner or its legal representatives. By continuing to browse this website, you are agreeing to the terms set forth in this legal notice.
MIFID INVESTMENT PROFILES
For the purpose of this web-site, Institutional Investor indicates the MiFID category of Eligible Counterparties (ECP). This category receives the lowest level of protection under MiFID and it refers to an entity to which a credit institution or an investment firm provides the services of reception and transmission of orders on behalf of clients and/or execution of such orders and/or dealing on own account:
a. Investment Firms or other investment firms;
b. Credit institutions;
c. Insurance companies;
d. UCITS and UCITS management companies;
e. Pension funds and their management companies;
f. Other financial institutions authorized by a Member State or regulated under Community legislation or the national law of a Member State;
g. Commodity dealers and ‘locals’ on exchanges;
h. National governments and their corresponding offices, including public bodies that deal with public debt;
i. Central banks and supranational institutions.
If such clients are provided with investment advice, they will be treated as Professional clients instead.
It is the responsibility to the subject that enters in the area of the web-site denominated “Institutional Investors” to verify its own quality and the belonging to such category.
For the purpose of this web-site, Professional Investor refers to the entities that are not classified as an Eligible counterparty according to MiFID but who possesses the experience, knowledge and expertise to make its own investment decisions and properly assess the risks.
In order to be considered as a Professional Investor, the client or prospective client shall be:
(i) an entity authorized or regulated to operate in the financial markets, such as:
(a) Credit institutions;
(b) Investment Firms;
(c) Other authorized or regulated financial institutions;
(d) Insurance undertakings;
(e) Collective investment schemes and management companies of such schemes;
(f) Pension funds and management companies of such funds;
(g) Commodity and commodity derivatives dealers;
(i) Other institutional investors.
(ii) Large undertakings can also qualify as Professional Investors if they meet at least two of following size requirements on company basis:
1. A balance sheet total of at least EUR 20 million;
2. Net turnover of at least EUR 40 million;
3. Own capital of at least EUR 2 million.
(iii) National and regional governments, public bodies that manage public debt, central banks, international and supranational institutions such as the World Bank, the International Monetary Fund, the European Central Bank, the European Investment Bank and other similar international organizations.
(iv) Other institutional investors whose main activity is to invest in financial instruments, including entities dedicated to the securitization of assets or other financial transactions. The entities mentioned above are considered to be professionals.
This category receives a lower level of protection than Retail clients
It is the responsibility to the subject that enters in the area of the web-site denominated “Professional Investors” to verify its own quality and the belonging to such category.
For the purpose of this web-site, Private Investor indicates the MiFID category of Retail clients. All the clients or prospective clients that do not fall under the classification of Professional Investors or Institutional Investors have to be considered as Private Investors according to this web-site.
This is the classification that offers the most protection and imposes the most requirements in terms of communication, disclosure and transparency.
It is the responsibility to the subject that enters in the area of the web-site denominated “Private Investor” to verify its own quality and the belonging to such category.