What is the difference between a 'retail client' and a 'professional client' for FAIS purposes?

What is the difference between a 'retail client' and a 'professional client' for FAIS purposes?

• A. Retail clients require lower protection and disclosure levels; professional clients are more sophisticated and may have reduced regulatory protections.
• B. Professional clients require higher protection.
• C. Retail clients require higher protection and disclosure levels; professional clients are more sophisticated and may have reduced regulatory protections.
• D. There is no difference in protections.

Answer: (C)