In a recent speech, SEC Commissioner Hester M. Peirce expressed the importance of looking beyond the efforts of the SEC’s Division of Enforcement (Enforcement Division) and exploring other ways the Commission can effectively regulate the private funds industry. Peirce’s remarks were made concurrently with the release by the Enforcement Division of its third Annual Report covering its accomplishments in fiscal year 2019. See “SEC Annual Report Details Robust Enforcement Efforts, With Continuing Focus on Retail Investors and Cyber Matters” (Jan. 9, 2020). This article summarizes Peirce’s stance toward enforcement as a form of private fund industry oversight and details some of the other reforms – such as modernizing the treatment of cryptocurrencies and the marketing rules – that she perceives as necessary for effective regulation. For more from Peirce, see our two-part series covering the Hedge Fund Law Report’s recent “fireside chat” with the Commissioner: “Fiduciary Duty, Accredited Investor Standard and CCO Liability” (Nov. 21, 2019); and “Rule Updates, Technological Change, Role of Enforcement and Hot-Button Issues” (Dec. 5, 2019).