Correct. From the XML specification (which is easier to obtain than SGML, more prescriptive than HTML4, and capable of being understood by humans in a way the HTML5 "document IE" specification is unable to support), 2.4 "Character Data and Markup" (note the "may" and "MUST"):
The ampersand character (&) and the left angle bracket (<) MUST NOT appear in their literal form, except when used as markup delimiters, or within a comment, a processing instruction, or a CDATA section. If they are needed elsewhere, they MUST be escaped using either numeric character references or the strings " & " and " < " respectively.
The right angle bracket (>) may be represented using the string " > ", and MUST, for compatibility, be escaped using either " > " or a character reference when it appears in the string " ]]> " in content, when that string is not marking the end of a CDATA section.
The ampersand character (&) and the left angle bracket (<) MUST NOT appear in their literal form, except when used as markup delimiters, or within a comment, a processing instruction, or a CDATA section. If they are needed elsewhere, they MUST be escaped using either numeric character references or the strings " & " and " < " respectively.
The right angle bracket (>) may be represented using the string " > ", and MUST, for compatibility, be escaped using either " > " or a character reference when it appears in the string " ]]> " in content, when that string is not marking the end of a CDATA section.