People may try to influence by offering investment managers stuff. Gifts and lavish relations could prejudice a member's opinions about a sponsor.

One type of benefit is the allocation of shares in oversubscribed IPOs to investment managers for their personal accounts.

Avoid situations that might cause or BE PERCEIVED to cause a loss of independence or objectivity

Gifts from clients are different than gifts given by other parties to influence a member to the detriment of clients.

Gifts from clients are less likely to impair a member's independence although you must disclose to your employers any gift from clients.