gifts based on past performance, ok?

CFA Level II
#1

is safe to assume to that gifts from clients based on past performance are Ok as long as they are disclosed?

the text states that gifts should not be accepted that could compromise independence, objectivity, etc but permitting an advisor to accept a lavish trip, see example 8/page 35 CFA 2012 text, in return for superior performance seeme like it could lead to all sorts of favortism, preferential treatment. thanks.

John

#2

Yes, you are right.

gifts from clients are less critical than gifts from business partners.

If they are based on past performance disclosure is needed. (amount not important)

If they are based on future performance, they have to bi disclosed and allowed from the employer.