Standard I cases: gifts, travel, manager selection and paid research

In short

• Third-party gifts: token items and ordinary business entertainment only, and only if the purpose is not to influence or reward. The limit applies even where the firm has no policy.
• Client gifts: may be accepted but must be disclosed to the employer, before acceptance if possible and otherwise afterwards, so supervisors can check for favouritism.
• Travel: best practice is to pay for commercial transport and hotels yourself or through your firm. Modest arranged travel to an information-gathering event is acceptable only when commercial transport is unavailable.
• Manager selection: the hiring side must not ask for gifts, donations or contributions, even for a charity or a campaign; the bidding side must not offer them. Pay-to-play led to reporting laws and bans.
• Issuer-paid research: independent, thorough, fact kept apart from opinion, a flat fee agreed in advance and full disclosure. No bonus, warrants or pay linked to the conclusions.
• Fees that drive advice: a fee arrangement that makes a product profitable cannot decide what you recommend.