1) An AAR member may receive compensation only from the client for the agent's services. Agents may not separately engage in business, ie. electronic publication, where they receive compensation from exploiting the client's work. In short, Agents can't be publishers and still be AAR members.
So for example, Agent Richard Curtis has a separate ePublishing company called eReads. He is not a member of AAR. And please, do not take this as any personal commentary on Richard. This is just an example.
2) Agent is obligated to inform client of all the financial implications of any ePublisher and the agent can't take action to put his own biz interest above the interest of the client.
In other words, it pretty much is a conflict of interest for agents to be both an agent and an ePublisher as they may want their clients to publish with them instead of with some other ePublisher.