On March 24, 2026, Securities and Exchange Commission Commissioner Hester Peirce spoke at the Investment Company Institute’s 2026 Investment Management Conference laying out a pragmatic path to modernize the fund regulatory framework. Her remarks emphasized that many of the industry’s longstanding pain points are well understood and, in some cases, readily fixable. Among several key issues, Commissioner Peirce highlighted the need to accommodate electronic delivery as the default for investor communications, a change that SEC Chair Paul Atkins, speaking at SIFMA on Monday, March 23, indicated would be coming soon.
Commissioner Peirce also noted that proxy voting mechanics and timing constraints can undercut effective oversight across large portfolios. Proposed updates to Rule 17a‑7 under the 1940 Act would facilitate fund cross‑trading and remove barriers to cost-efficient transactions within fund complexes. She also touched on the importance of leveling the playing field for affiliated securities lending programs and other practices that can create uneven incentives across funds.
Taken together, Commissioner Peirce’s remarks highlight a vision for a modernized, more efficient fund regulatory framework. The goal would be to reduce unnecessary operational burdens while preserving strong investor protections, creating a system better aligned with current market practice and technological capabilities. Hopefully, the e-delivery rule will represent a step toward realizing that vision and signal a path toward a more streamlined and responsive regulatory environment for investment companies.