Commissioner Peirce Delivers Remarks at Chamber’s Capital Markets Summit

In a recent speech at the U.S. Chamber of Commerce’s Capital Markets Summit in Washington, DC, Commissioner Hester Peirce highlighted the role of government in the capital markets and areas where change could benefit market participants and investors. Commissioner Peirce noted that the Exchange Act of 1934 recently celebrated its 92^nd birthday and stated, “…markets are vast and complex, many of the statutes are old and drafted during times when the markets operated with fewer participants and less complicated technology.”

Commissioner Peirce listed several areas for reform relevant to the fund industry, which include “[u]pdating transfer agent rules, empowering firms to use new technologies to enhance investor disclosures, rethinking recordkeeping rules, reforming investment company proxy processes, and tending to other similar matters...” She also provided further detail for additional areas ripe for reform including pay-to-play rules for advisers, aggressive statutory interpretations including an “overly expansive reading” of the Foreign Corrupt Practices Act, the Commission’s definition of fraud under Section 206(4) of the Advisers Act, and more broadly, disgorgement remedies. She concluded her speech by noting that the Commission “will benefit from energetic new voices with fresh ideas about how to protect our precious and powerful capital markets.”

Commissioner Peirce’s term officially ended in June 2025; however, she is permitted to remain on the Commission for up to 18 months. It is anticipated that she will depart the Commission in November 2026.

Click here to read Commissioner Peirce’s remarks.