Hester M. Peirce

SEC Commissioner Peirce Dissents on Cybersecurity Proposal

By Hester M. Peirce March 10, 2022 by Hester M. Peirce

Thank you, Renee, Ian, and Jessica. Cybersecurity risk is top of mind for everyone. The Commission’s consideration of this topic—whether for investment advisers, as we did a month ago,[1] or public companies, as we are doing today [March 9]—is, …

SEC Commissioner Peirce Speaks on Private Fund Advisers Proposal

By Hester M. Peirce February 11, 2022 by Hester M. Peirce

Today’s [February 9] proposal represents a sea change. It embodies a belief that many sophisticated institutions and high net worth individuals are not competent or assertive enough to obtain and analyze the information they need to make good investment decisions

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SEC Commissioner Peirce Dissents on Proposal to Amend Regulation ATS

By Hester M. Peirce January 27, 2022 by Hester M. Peirce

Events in the U.S. Treasury market (as well as the related repo market) over the past several years strongly suggest that the market for government securities suffers from inadequate levels of intermediation, liquidity, and transparency that in times of stress

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SEC Commissioner Peirce Dissents on Universal Proxy Rules

By Hester M. Peirce November 19, 2021 by Hester M. Peirce

I support universal proxy, but not today’s version of universal proxy.

Shareholders voting by proxy should be able to split their vote among company and dissident nominees.  Allowing shareholders a straightforward way of choosing a mixed slate through a universal

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SEC Commissioners Discuss Report on “Meme Stock” Episode

By Hester M. Peirce and Elad L. Roisman October 19, 2021 by Hester M. Peirce

Today [October18], the staff issued a report on the so called “meme stock” episode that occurred this past January.  We would like to thank the staff not only for their hard work on this report, but also for keeping the …

SEC Commissioner Peirce on Nasdaq Board Diversity Proposal

By Hester M. Peirce August 9, 2021 by Hester M. Peirce

I write in opposition to the approval of the Board Diversity Proposal (“Board Diversity Proposal” or “Proposal”) submitted for approval by the Nasdaq Stock Market LLC (“the Exchange”).[1] The Proposal attempts to expand opportunity, a goal I share,[2]

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SEC Commissioner Peirce Speaks on ESG Disclosure

By Hester M. Peirce July 21, 2021 by Hester M. Peirce

This summer was the summer of the cicadas. The dull hum of their song permeated the solitude of an evening stroll, along with the disconcerting crunch as pedestrian attempts to avoid squashing the creatures inevitably failed. Every seventeen years the …

SEC Commissioners Comment on Chair Gensler’s Regulatory Agenda

By Hester M. Peirce and Elad L. Roisman June 17, 2021 by Hester M. Peirce

Last Friday, the Office of Information and Regulatory Affairs released the Spring 2021 Unified Agenda of Regulatory and Deregulatory Action (“Agenda”), which includes the SEC Chair’s Agenda.[1] While there are important and timely items on the list, including rules

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SEC Commissioners Respond to Chairman’s Call for Review of Proxy-Voting Advice Rules

By Hester M. Peirce and Elad L. Roisman June 3, 2021 by Hester M. Peirce

Today [June 1], Chair Gensler announced that he has directed the SEC staff to consider whether to recommend that the Commission revisit its recent regulatory actions taken with respect to proxy voting advice businesses and its longstanding interpretation of proxy

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SEC Commissioner Speaks at Asset Management Advisory Committee Meeting

By Hester M. Peirce March 22, 2021 by Hester M. Peirce

Good morning to you all and thank you Ed [Bernard]. It is always a pleasure to welcome the hard working volunteers of AMAC back to the Commission. I also want to thank Sarah ten Siethoff and the staff of the

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Commissioners Discuss SEC’s Enhanced Climate-Change Efforts

By Hester M. Peirce and Elad L. Roisman March 5, 2021 by Hester M. Peirce

Over the past two weeks, we and the public have seen a steady flow of SEC “climate” statements and press releases.[1]  Our Divisions of Corporation Finance, Examinations, and Enforcement all have announced climate- or ESG-related initiatives.  What does this

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SEC Commissioner Peirce on Shareholder Proposals under Exchange Act Rule 14a-8

By Hester M. Peirce September 25, 2020 by Hester M. Peirce

Thank you, Chairman Clayton. I support today’s amendments to certain procedural requirements and the resubmission thresholds under the shareholder proposal rule. While it can be difficult to discern the signal from the noise around today’s amendments, the reality of the

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SEC Commissioner Speaks on Financial Market Regulation

By Hester M. Peirce September 21, 2020 by Hester M. Peirce

Whenever I talk to economists, since I cannot awe you with a fancy equation, I have to start with a bad joke.  It is a knock-knock joke, which is especially hard to pull off when trying to physically distance.  “Knock,

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SEC Commissioner Peirce Speaks on Corporate Governance

By Hester M. Peirce August 28, 2020 by Hester M. Peirce

We are here today to talk about excellence in corporate governance.  Before I begin, I have to remind you that the views I represent are my own and not necessarily those of the Securities and Exchange Commission or my fellow

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Commissioner Peirce Speaks to SEC Investor Advisory Committee

By Hester M. Peirce May 26, 2020 by Hester M. Peirce

Thank you Anne [Sheehan] and other members of the committee for arranging an impressive list of panelists to share their views and perspectives on the important topics on today’s agenda.  The committee has not let COVID-19 stop it from holding

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SEC Commissioner Dissents from Order Blocking Proposed Bitcoin-Related Rule

By Hester M. Peirce February 27, 2020 by Hester M. Peirce

Today the Commission once again disapproved a proposed rule change that would give American investors access to bitcoin through a product listed and traded on a national securities exchange subject to the Commission’s regulatory framework.[1] This order is the

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SEC Commissioner Peirce Offers Proposal to Fill Gap Between Regulation and Decentralization

By Hester M. Peirce February 11, 2020 by Hester M. Peirce

I appreciate the opportunity to be with all of you today.  Before beginning, I have to remind you that the views I express are my own and do not necessarily represent those of the Securities and Exchange Commission or my

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SEC Commissioner Peirce Speaks before National Economists Club

By Hester M. Peirce December 13, 2019 by Hester M. Peirce

Thank you, Cliff [Waldman] for that kind introduction.  It is an honor to be among economists today.  I am not sure why, but every time I speak to economists, I feel compelled to tell a joke. Maybe it is because

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SEC Commissioners Peirce and Roisman on Proposed Rules for Funds’ Use of Derivatives

By Hester M. Peirce and Elad L. Roisman November 27, 2019 by Hester M. Peirce

We thank the staff of the Division of Investment Management (the “Division”) for undertaking the challenging task of devising and presenting for Commission vote a proposal to modernize the way we regulate the use of derivatives in investment funds’ portfolios.

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Commissioner Peirce Discusses SEC’s Enforcement Program

By Hester M. Peirce November 12, 2019 by Hester M. Peirce

Thank you, Meredith [Cross], for that kind introduction. It is an honor to be with you here today [November 4]. I must begin with my standard disclaimer that the views I represent are my own views and not necessarily those

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