SEC Press Releases·Sep 30, 2026, 11:45 AM ET

SEC Proposes Amendments to Expand Responsible Retailization of Private Markets

The SEC proposed rule amendments to expand retail investor access to private markets & promote innovation in regulated fund structures while maintaining investor protections.
Chairman Paul S. Atkins stated the proposal aligns with President Trump's Executive Order on democratizing access to alternative assets for 401(k) investors.
The proposals would allow registered investment advisers to receive performance-based compensation from regulated funds calculated on capital gains or appreciation.
Fund registration & reporting forms would be amended to require disclosure of performance-based compensation arrangements.
The interval fund framework would be modernized to allow repurchase scheduling that better matches portfolio liquidity profiles.
Exemptive orders for regulated closed-end funds issuing multiple share classes would be replaced with an exemptive rules-based framework.
The SEC seeks public comment on using a FINRA-developed accredited investor exam as a new pathway for investors to qualify based on demonstrated sophistication.
The Commission is considering designations including a CPA license, CFA charter, CFP certification, FINRA Series 79, Series 86, & Series 87 licenses as methods to qualify as an accredited investor.
Public comment periods will remain open for 60 days following publication of the proposing releases & notices in the Federal Register.