Independence vs Additional Compensation

[archived_user]

The two standards in question: Independence and Objectivity AND Additional Compensation both talk about gifts etc to the asset manager.
The former requires disclosure of the gift only and the latter requires written consent.
How do I distinguish between the gifts in the exam i.e. whether the gift needs to be disclosed or requires a written consent.
Kindly look at the attached file.

 

[archived_user]

There is no middle ground for gifts; you either accept it (rule of thumb is if it is less than $100) or reject it if it’s too lush (such as rare concert ticket, hotel and air expenses etc).
Written consent is needed not for gifts but for additional compensation, such as a bonus or a commission. Obviously this can affect your objectivity and you should disclose to your employer and get a written permission.