关于道德手册中independece and objectivity部分的问题

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standards I(B) independence and objectivity
A gift from a client could be considered supplementary compensation.
The potential for obtaining influence to the detriment of other clients, although
present, is not as great as in situations where no compensation arrangement exists.
Therefore, members and candidates may accept “bonuses” or gifts from clients
but must disclose to their employers such benefits from clients。划线部分怎么理解

investment banking relationship ：Some sell-side firms may exert pressure on
their analysts to issue favorable research on current or prospective investmentbanking
clients. 这里用的sell-side 是因为分析师所在公司对于被分析的客户来讲是卖方么。

buy-side clients: A third source of pressure on sell-side analysts may come
from buy-side clients. Institutional clients are traditionally the primary users of
sell-side research, either directly or with soft dollar brokerage. Portfolio managers
may have significant positions in the security of a company under review......这里buy-side 是机构投资客户买分析师的报告，所以是买方？这里的sell-side 又怎么理解

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关键词：OBJECTIVITY independece object depend 道德手册 手册 道德 OBJECTIVITY independece

第1句就是说接受礼物可能将来会损害到其他没有奖励客户的利益，虽然这一点并不对目前产生重要影响。

第2个问题是，这里的Sell siDE是指的投行业务，对公司自身来说是营销部门，比如说卖产品给客户，或者说要从客户那里取得IPO或这什么其他类型的业务。

第3个buy side是指的基金公司等，他们通常向其他的研究机构买报告。这里的Sellside就是类似的研究机构的研究员，他们为了能够将报告卖给基金公司，一般是不敢得罪他们的。