SEC Proposes Amendments to Expand Responsible Retailization of Private Markets

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On September 30, 2026, the U.S. Securities and Exchange Commission announced it voted to propose rule amendments intended to expand registered investment advisers' ability to receive performance-based compensation calculated on capital gains or capital appreciation from certain clients including regulated funds, require disclosure of such compensation on fund registration and reporting forms, modernize the interval fund framework including repurchase scheduling, and replace existing exemptive orders with an exemptive rules-based framework for regulated closed-end funds to issue multiple share classes. The Commission separately sought public comment on designating passage of an accredited investor exam to be developed by FINRA, and on designating certain licenses or certifications—including a U.S. CPA license, a CFA charter, a CFP certification, and the FINRA Series 79, Series 86, and Series 87 licenses—as additional ways for individuals to qualify as accredited investors. SEC Chairman Paul S. Atkins stated that the Commission's efforts focus on expanding opportunities for investors' post-tax, pre-retirement dollars and complement efforts under President Trump's Executive Order on Democratizing Access to Alternative Assets for 401(k) Investors. The document states that public comment

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