More On Legal & Compliancefrom The Advisor's Professional Library
- The Need for Thorough and Effective Policies and Procedures Whethere an advisor is SEC or state-registered, RIAs must revise their policies and procedures to address significant compliance problems occurring during the year, changes in business arrangements, and regulatory developments.
- Differences Between State and SEC Regulation of Investment Advisors States may impose licensing or registration requirements on IARs doing business in their jurisdiction, even if the IAR works for an SEC-registered firm. States may investigate and prosecute fraud by any IAR in their jurisdiction, even if the individual works for an SEC-registered firm.
The payment is the single largest the company has made to the Federal Reserve Bank of New York, and brings the total owed including principal and interest to approximately $21 billion.
Robert Benmosche, president and CEO of AIG, expressed confidence in the company's success.
"AIG is getting stronger every day. We still have more work to do, but we will finish the job and make sure we repay the American taxpayers," Benmosche said in a statement.
"Our insurance businesses are profitable; client retention rates have stabilized; and surrender rates have improved to normal levels. We are starting to see light at the end of the tunnel," he added.