Arthur holds an investment account in client name with Investwell Mutual Funds.

Which of the following statement about accounts held in client name is CORRECT?

Irrespective of whether the account is in client name or nominee name, the client is the registered and legal owner of the purchased mutual funds.

For accounts held in client name it is permissible to use the Limited Authorization Form $($LAF$)$ to facilitate trade execution.

A Limited Authorization Form $($LAF$)$ confers discretionary trading authority on the mutual fund dealer or the Dealing Representative.

A Limited Authorization Form $($LAF$)$ is required in all cases when an account is established in nominee name.