Lavish Gifts from clients

Hey,

If a member/candidate receives a lavish gift from a client, I understand that he is required to disclose this to his employer.

However, does he need to disclose the gift after he takes it, or does he need to tell his client, “Wait, let me ask my boss if I can accept this from you”?

And if he has already accepted it, will he have to return the gift?

Regards,