Explanation:

• Option A is correct because a gift from a client can be distinguished from gifts given by entities aiming to influence a member or candidate to the detriment of other clients. In a client relationship, the client has already established a compensation arrangement with the member, candidate, or their firm. Therefore, such a gift could be considered supplementary compensation.

• Option B is incorrect because compensation arrangements should not directly link analyst remuneration to investment banking assignments in which the analyst may participate. This ensures independence and objectivity.

• Option C is incorrect because portfolio managers must uphold the intellectual honesty of sell-side research. Threatening or retaliating against analysts, such as reporting them to covered companies, is unethical and undermines professional integrity.