More On Legal & Compliancefrom The Advisor's Professional Library
- The Few and the Proud: Chief Compliance Officers CCOs make significant contributions to success of an RIA, designing and implementing compliance programs that prevent, detect and correct securities law violations. When major compliance problems occur at firms, CCOs will likely receive regulatory consequences.
- The Custody Rule and its Ramifications When an RIA takes custody of a clients funds or securities, risk to that individual increases dramatically. Rule 206(4)-2 under the Investment Advisers Act (better known as the Custody Rule), was passed to protect clients from unscrupulous investors.
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.