Side job as waitress: disclose or consent?

Standard IV-B: Additional Compensation Arrangements
Members and Candidates must not accept gifts, benefits, compensation or consideration that competes with, or might reasonably be expected to create a conflict of interest with, their employer’s interest unless they obtain written consent from all parties involved.
COMPETES or REASONABLY EXPECTED TO COMPETE
sitting on a board of a company when you are in the business of selecting securities? thats something that could reasonably compete with your employers (and clients interest.
waiting tables does not compete
 
smileygladhands Wrote:
——————————————————-
> Standard IV-B: Additional Compensation
> Arrangements
> Members and Candidates must not accept gifts,
> benefits, compensation or consideration that
> competes with, or might reasonably be expected to
> create a conflict of interest with, their
> employer’s interest unless they obtain written
> consent from all parties involved.
>
> COMPETES or REASONABLY EXPECTED TO COMPETE
>
> sitting on a board of a company when you are in
> the business of selecting securities? thats
> something that could reasonably compete with your
> employers (and clients interest.
>
> waiting tables does not compete
Read this sentence:
“Members and candidates should make an immediate written report to their
employer specifying ANY compensation they propose to receive for services in
addition to the compensation or benefits received from their employer.”
 
I will also refer you to page 1-32 of the Stalla guide if you have access to it.
 
^Ya that makes sense. But you don’t need permission for compensation that doesn’t compete or deprive your employer of your skills.
 
so if in a big snowstorm i shovel everyone in my blocks sidewalk at $10 a pop, making a total of $50, i need to get written consent from my employer to do that? makes no sense.
i say no way. I see the sentence you’ve highlighted, and it does seem to say “any”, which would imply everything, however the standarf itself clearly has the exemption for “competes” and thats what i’m going with…
 
smileygladhands Wrote:
——————————————————-
> so if in a big snowstorm i shovel everyone in my
> blocks sidewalk at $10 a pop, making a total of
> $50, i need to get written consent from my
> employer to do that? makes no sense.
>
> i say no way. I see the sentence you’ve
> highlighted, and it does seem to say “any”, which
> would imply everything, however the standarf
> itself clearly has the exemption for “competes”
> and thats what i’m going with…
You don’t need consent, but you do need to disclose. There’s a difference between the two.
Stalla users - see YMCA example.
 
Arghhh I’m at work so I can double check the bartender example until I get home.
 
boss , I just want to let you know that on Saturday nights I mow my neighbor’s lawn for 20 bucks.
 
You do not need to disclose your bartending job…
Duty IV, B - Additional Comp Arrange only addresses things that interfere…and for those you need consent. There is no “lesser kind of arrangement” that only requires disclosure.
The only reason you ever have the situation where you disclose a client gift but do not need consent is because of a separate standard…VI A Disclosure of conflicts where you are required to disclose anything that may be interpreted as a conflict…such as gifts for investment performance or sitting on the board of a company.
There is no standard that says “you must disclose anything that you get money for.” If there was I’d need to start telling my employer about how many rewards card cash back $$’s I’m making too…
 
guys, you’re getting all confused.
Additional compensation arrangements - this relates to competition with my employers, or incentives for future performance from my clients whose accounts I manage - for these, i must receive written consent from all parties involved
for gifts from clients (that are more like 1 time bonuses or recognition for PAST services) - these are governed by standard I(B) - independence and objectivitiy. These require DISCLOSURE ONLY
Stanard VIa, conflicts of interests - these pertain largely to referal fees - these must be disclosed…
 
You must log in or register to reply here.
Back
Top