Example 9 of the the SchweserNotes (pg. 47)
"A member is a full-time employee of an investment management firm and wants to accept a paid position as town mayor without asking his employer’s permission. "
The answer says Since the mayor position does not conflict with his employer’s business interest, there is no violation.
I am confused here cuz I thought the guidance require a notification and employer’s consent. (pg. 43 of the SchweserNotes), can someone explain here? THANKSSSS!
Anyone know the answer?
My take would be as the position is in an unrelated industry, there would be no conflict of interest created between his day job and being mayor - therefore no violation. Check how the Q is worded (some can be tricky), it might be referring to a violation rather than the need to gain consent.
IMO he would have to report the job to his employer cause he might be using work time to develop the major activities and that conflicts with he’s current employer even if is not a related industry
I agree with Julio and would say that he should report the job to his employer, but wouldn’t have to get written permission; i think written permission is required only for jobs that would put you in direct competition with your current role