Under what circumstance is an adviser not required to obtain written consent prior to executing trades?

An adviser is not required to obtain written consent prior to executing trades when receiving no compensation except for advisory fees. This situation typically indicates that the adviser does not have a financial interest in the transactions beyond the fees agreed upon for advisory services. In such cases, there is less risk of conflicts of interest, as compensation is not tied to the execution of trades or other variable incentives that could influence an adviser's trading decisions.

When an adviser has clear guidelines in place showing that their only remuneration comes from advisory fees, it aligns the adviser’s interests with those of the clients since the adviser is focused on providing advice that is in the client's best interest without the added pressure or potential conflicts associated with other types of compensation, such as commissions from executing trades.

Therefore, the adviser can proceed with executing trades without the need for obtaining written consent, as there is a level of trust established based on the advisory relationship and compensation structure.