Ethics Asset Mgr Code

I have a question regarding Standard Loyalty to Clients

“Employees should be required to document and disclose to the Manager, through their supervisor, the firm’s compliance office, or senior management, the acceptance of any gift or entertainment”

If employee is not required to document and disclose is this violation? bear in mind word “SHOULD”

thanks

According to the standard “Managers must refuse to participate in any business relationship or accept any gift that could reasonably be expected to affect their independence, objectivity, or loyalty to clients”.

Employees must also disclose all gifts received from clients to their employer. If this is based on future performance, they need written approval from all parties involved.