Which of the following parties is an institutional customer under FINRA rules?

The spouse of a registered representative does not qualify as an institutional customer under FINRA rules. This option refers to an individual rather than an entity, and individual accounts do not fulfill the institutional customer criteria, which require a defined organizational structure and purpose.

While a state-registered investment advisory firm operates as a business entity, it still does not meet the specific criteria of an institutional customer as outlined by FINRA. Institutional customers are typically larger entities or funds that manage significant assets, whereas advisory firms may have varying levels of client bases and asset management.

An individual, regardless of their net worth, does not qualify as an institutional customer. FINRA defines institutional customers in terms of organizational entities, and while high-net-worth individuals may have substantial financial resources, they do not meet the institutional criteria unless they are part of a recognized entity like a retirement plan or corporation.