One more on this…Related to standard I (B), Independence and objectivity… Is it true that a CFA cannot accept a one week golf pass even when s/he got written permission from compliance officer and supervisor. (Scheweser Morning exam 1, item set 2)… This seems odd especially when the permission was taken before accepting the gift… Also the one week golf pass is worth how much - is it an expensive gift… may be extremely subjective… It is expensive for a broke like me, but for my hedge fund friend, its peanuts… what am i missing???
I haven’t looked at the question. But, it seems to me that if its referencing your Independence and Objectivity, one key thing that you haven’t mentioned is who is giving you the Golf Membership. If its from the managers of a company you’re going to be reporting on, even though you have permission it might be seen as an improper gift. Your compliance officer could approve you getting a $10,000 bonus gift from the managers of the company, but that doesn’t mean its ok to accept. If an outsider can look at the situation, regardless of value, and can infer even the slightest bit of shadyness, I think its a safe bet to not accept.
I believe it’s fine if it comes from a client as additional compensation, and you get the OK from compliance and your manager. It wouldn’t be ok if it came from a target company you’re researching.
Target company, think tokens, like a ball cap, etc.
From a client: You can get a gift that’s not totally unruly for good PAST PERFORMANCE as long as you disclose it to your employer. If it’s for future performance (if you do this I give you that) then you need WRITTEN PERMISSION. Not a client: You’re not allowed to take it, unless it’s a small token gift. Small gifts like bottles of wine are allowed I think, as long as you declare it to your boss? right?
rellison Wrote: ------------------------------------------------------- > From a client: > You can get a gift that’s not totally unruly for > good PAST PERFORMANCE as long as you disclose it > to your employer. If it’s for future performance > (if you do this I give you that) then you need > WRITTEN PERMISSION. > > Not a client: > > You’re not allowed to take it, unless it’s a small > token gift. Small gifts like bottles of wine are > allowed I think, as long as you declare it to your > boss? > > right? Token items don’t have to be declared to your boss. C’mon, are you really gonna ask your boss if its okay you received a baseball cap and a t shirt?
But a bottle of wine, like something under $50 but more than just a tee-shirt?