Fotis is trying to explain to his clients how their mutual funds can be held in client name or nominee name accounts. Which of the following statements is correct?

Client name accounts are more efficient since Fotis is the registered owner of the account and holds the mutual funds in trust for his clients.

Trading instructions from the clients are required whether the account is held in client name or nominee name.

With nominee name accounts, Fotis will be able to make discretionary trades in the account on behalf of his clients.

Regardless of how the mutual funds are held, Fotis needs a signed limited trading authorization $($LTA$)$ form from his clients to be able to place trades on the account.