The Hedge Fund Law Report recently held a webinar in which Associate Editor Robin L. Barton had a wide-ranging conversation with SEC Commissioner Hester M. Peirce, who offered her characteristically unvarnished perspectives on a variety of topics of specific interest to private fund managers. This two‑part series summarizes the key takeaways from the webinar. This article details Peirce’s views on the fiduciary duty for investment advisers; the accredited investor standard; and the duties and liabilities of chief compliance officers. The second article will set forth Peirce’s perspectives on the need for updates to various SEC rules, including those pertaining to advertising and custody; managing technological change in rulemaking; the proper role of enforcement; hot-button issues; and unwritten rules. For additional commentary from Peirce, see “SEC Commissioner Peirce Shares Views on Gender Diversity, Shareholder Issues, Cryptocurrency and Her SEC Dissents” (May 30, 2019); and “The Power of ‘No’: SEC Commissioner Peirce on Enforcement As Last Resort” (Jun. 21, 2018).