This has confused me for all 3 levels because CFAI is intentionally vague in the section. My understanding is as follows:
If you will be in competition or it could be a conflict of interest, you need written consent prior to accepting
If it takes up substantial time , but no compensation, you need to disclose
Is this correct? It seems like the go back and forth and it drives me insane. Example 2 pg 100 says Jones violated the standard by failing to disclose his services when he receives nonmonetary compensation… does he not need written permission bc it is not in competition? Some clarity would be much appreciated.