The Annual Report (Report) for fiscal year (FY) 2019 released by the SEC’s Division of Enforcement (Enforcement Division) provides a statistical breakdown of the Commission’s enforcement efforts for the year. In parallel with the release of the Report, however, SEC Commissioner Hester M. Peirce delivered a speech extolling the importance of looking beyond the Enforcement Division’s efforts to other ways the SEC can effectively regulate the private funds industry. This second article in a two-part series summarizes Peirce’s stance toward enforcement as a form of private fund industry oversight and details some of the other reforms (e.g., modernizing the treatment of cryptocurrencies and the marketing rules) she perceives as necessary for effective regulation. The first article used the FY 2019 enforcement statistics in the Report to understand the Enforcement Division’s view of the private funds industry, with additional commentary from Peirce and others as appropriate. For coverage of other speeches by SEC personnel, see “SEC Chair Defends Regulation Best Interest and Investment Adviser Fiduciary Duty” (Sep. 10, 2019); and “SEC Chief Counsel Advises on Exemptive Applications and Requests for No‑Action Relief” (Apr. 23, 2019).