Private Ayes: SEC Votes Yes on Proposals to Expand Retail Access
The package would let advisers charge performance fees tied to gains and could make CFP, CFA and CPA holders accredited investors.
- On Wednesday, the SEC approved proposals expanding retail investor access to private markets, permitting registered investment advisers to charge performance fees of up to 20% comparable to hedge fund rates.
- The Trump administration has pursued deregulatory actions to ease guardrails on private markets; last August, President Donald Trump signed an executive order titled 'Democratizing Access to Alternative Assets for 401 Investors' allowing Americans to invest retirement savings in alternatives.
- Industry expansion faces scrutiny as retail-focused funds from Blackstone and Apollo froze redemptions earlier this year, with executives defending such measures as 'really a feature, not a bug' of private credit vehicles.
- Commissioner Mark Uyeda voiced concerns during the meeting, warning that proposals might serve as a 'gift to shady financial product sponsors' rather than enhance investor choice.
- Future regulations may make holders of designations like CFPs, CFAs, and CPAs eligible as accredited investors, providing non-financial pathways for individuals to demonstrate sophistication in securities and investing.
11 Articles
11 Articles
SEC Votes to Expand Retail Access to Private Markets
The Securities and Exchange Commission voted to propose rule amendments that would facilitate capital formation in the public and private markets by expanding retail investor choice and promoting innovation in regulated fund structures while preserving appropriate investor protections and safeguards. The Commission is separately requesting public comment as it considers providing individual investors with additional ways to qualify as an accredi…
SEC Proposes Amendments That Address Retailization and Modernize Regulated Funds
On September 30, 2026, the Securities and Exchange Commission (the “SEC”) proposed amendments intended to provide additional flexibility for regulated funds and their investment advisers. The proposals address performance-based compensation, interval fund repurchase requirements and multiple share classes for registered closed-end funds and business development companies (“BDCs”). The SEC also separately requested comment on potential...
The SEC approved proposals to open up more avenues for access to private markets and allow certain advisors to charge up to 20% performance fees. The momentum comes as private credit funds face rescue requests that rekindle doubts about the liquidity available to retail investors.
SEC opens door further to retail private credit push
The US financial regulator has set out a raft of proposals to widen retail investors’ access to alternative assets, handing a further boost to private credit as the industry pushes into the retail market. The Securities and Exchange Commission (SEC) voted this week to propose a series of rule amendments. These include “modernising” the interval […]
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