Archive · 2 Sep 2026
SEC Plans to Expand Retail Access to Private Markets
The SEC is considering a new rule about private investments.
Private markets are usually available mainly to wealthy people and large institutions.
The plan could let more everyday investors invest through registered funds.
It could also let advisers charge performance fees to more clients.
The SEC says investors should have access to both public and private markets.
Some groups worry that private investments do not provide as much information as public investments.
This can make it harder for people to understand what their investments are worth.
The proposal must first be reviewed, opened for public comment, and approved by the SEC before it becomes a final rule.
The SEC is preparing a proposal to broaden retail investor access to private markets.
The plan would allow retail exposure through registered funds and expand performance-fee eligibility.
The proposal was submitted to the White House Office of Management and Budget for review Monday.
SEC Chairman Paul Atkins says broader access would promote freedom and fairness for investors.
Critics warn private investments provide fewer disclosures and can be harder to value and riskier.
- Who
- The U.S. Securities and Exchange Commission, SEC Chairman Paul Atkins, retail investors, investment advisers, and investor-protection groups.
- What
- The SEC is preparing a proposal to expand retail access to private markets and broaden the clients who may be charged performance fees.
- When
- The proposal was received by the White House Office of Management and Budget on Monday; further timing was not specified.
- Where
- The proposal concerns U.S. financial markets and is under review by the White House Office of Management and Budget.
- Why
- The SEC says access to public and private markets should not be limited to wealthy insiders, while critics cite limited disclosures and valuation risks.
Supporters of Expanded Access
Critics of Expanded Access
Investor opportunity
Supporters of Expanded Access
The SEC says exposure to the full range of public and private markets should not be reserved for wealthy insiders. Paul Atkins has described broader access as a matter of freedom and fairness.
Critics of Expanded Access
Investor-protection groups such as Better Markets warn that private-market investments can be more difficult for ordinary investors to assess.
Performance fees
Supporters of Expanded Access
Supporters of changing the current framework argue that limiting performance fees can also limit access to private-market investments.
Critics of Expanded Access
Critics may be concerned about widening performance-fee eligibility, although the articles do not identify a specific opposing proposal on fees.
Disclosure and valuation
Supporters of Expanded Access
The proposal could give retail investors exposure to fast-growing companies that raise capital privately but remain unavailable to most investors.
Critics of Expanded Access
Private offerings provide fewer disclosures than public-market investments, which can make them harder to value and expose investors to greater risks.
- Regulator
- U.S. Securities and Exchange Commission
- Proposed changes
- Amendments to the Investment Advisers Act of 1940 and Investment Company Act of 1940
- Potential access route
- Retail exposure to private markets through registered funds
- Current performance-fee limit
- Investment advisers are currently limited to charging performance fees to qualified clients
- Review stage
- The measure has been submitted to the White House Office of Management and Budget
- Next steps
- The SEC is expected to publish the proposal for public comment before considering a final commission vote
- Primary concern
- Private investments generally provide fewer disclosures and may be harder to value