In January 2018, Hester M. Peirce was appointed a Commissioner to the SEC. Her experience at the SEC, however, dates to 2000, when she joined the Division of Investment Management as a staff attorney. Since becoming Commissioner, she has not been afraid to speak her mind and sometimes take positions that differ from those of her fellow Commissioners. The Hedge Fund Law Report recently held a webinar in which Associate Editor Robin L. Barton had a conversation with Commissioner Peirce on a wide range of topics of interest to private fund managers. This two‑part series summarizes the key takeaways from the webinar. This article sets 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. The first article detailed Peirce’s views on the fiduciary duty for investment advisers; the accredited investor standard; and the duties and liabilities of chief compliance officers. See “Key Takeaways for Private Fund Managers From SEC’s Latest Reg Flex Agenda” (Aug. 15, 2019).