In her remarks at the recent “SEC Speaks” conference, Commissioner Kara M. Stein asserted that transparency and accountability are “critical to the efficient and effective operation of our capital markets” and central to SEC efforts in 2016. In addition, Stein discussed exchange-traded funds, along with areas of focus for the SEC in the coming year. Stein’s remarks calling for firms to increase disclosure to investors are particularly relevant to hedge fund managers, as they might be a harbinger of increased disclosure requirements for hedge funds and other entities currently subject to lower standards than those imposed by regulations such as those under the Investment Company Act of 1940. This article highlights the key points from Stein’s speech. For commentary from Stein’s colleagues, see “SEC Enforcement Director Assures CCOs They Need Not Fear SEC Action Absent Wrongdoing” (Nov. 19, 2015); “SEC Chair Emphasizes Enforcement Focus on Strong Remedies and Individual Liability” (Nov. 12, 2015); and “SEC Chair Highlights Two Types of Risks Hedge Fund Managers Must Consider” (Oct. 29, 2015).