More On Legal & Compliancefrom The Advisor's Professional Library
- Privacy Policies and Rules Whether an RIA is SEC or state-registered, the firm must have policies and procedures in effect to protect clients privacy. Policies and procedures should explicitly require an RIA to send out its privacy notice each year.
- Using Solicitors to Attract Clients Rule 206(4)-3 under the Investment Advisors Act establishes requirements governing cash payments to solicitors. The rule permits payment of cash referral fees to individuals and companies recommending clients to an RIA, but requires four conditions are first satisfied.
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.