SEC lets lone commissioner act when all other sitting members are disqualified
The rule took effect Oct. 2, the day Commissioner Hester Peirce left, as the agency weighs letting RIAs charge performance fees of up to 20%.
At a glance
The rule took effect Oct. 2, the day Commissioner Hester Peirce left, as the agency weighs letting RIAs charge performance fees of up to 20%.
The Securities and Exchange Commission adopted a final rule on Sept. 30, 2026 amending its 31-year-old quorum requirement so one commissioner can act for the whole agency whenever every other sitting commissioner is disqualified from a matter.
Among the proposals on the agency's desk is one that would let RIAs collect performance fees of up to 20%.
The Securities and Exchange Commission adopted a final rule on Sept. 30, 2026 amending its 31-year-old quorum requirement so one commissioner can act for the whole agency whenever every other sitting commissioner is disqualified from a matter. It took effect Oct. 2 — the day Commissioner Hester Peirce left the agency, a departure InvestmentNews flagged in May 2026. That leaves two members: Chair Paul Atkins and Commissioner Mark Uyeda.
Among the proposals on the agency's desk is one that would let RIAs collect performance fees of up to 20%. At the same Sept. 30 meeting, the SEC proposed letting advisers to registered funds and business development companies charge performance fees of up to 20% of net gains, Gibson Dunn reported. It also proposed redefining "qualified client," the status that decides who can be charged performance fees, to include any accredited investor. A companion proposal would loosen the rules for interval funds, which let investors redeem shares only at set intervals. The package also weighs letting CFPs, CFA charterholders and CPAs qualify as accredited investors, InvestmentNews reported.
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