"We emphasize that it is critical for middle class retail investors that the lack of an efficient and effective regulatory examination and enforcement program for registered investment advisors be addressed as part of these reform efforts," Brown said. "Many of the financial advisors involved in recent high-profile fraud cases, such as Bernard Madoff, were subject to a 'fiduciary standard,' and yet were able to engage in fraudulent activities for years, due to the lack of effective, regular and vigorous oversight of their activities."

Other groups that testified included FINRA, the North American Securities Administrators Association and officials representing private equity, venture capital and insurance industries, among others.



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