SEC investment management chief outlines retail alternatives agenda at Stanford
A senior SEC official sets out, in his own words, how the Division of Investment Management intends to expand retail access to alternative assets. The speech matters because it previews a policy agenda built on recent no-action letters, exemptive orders and pending rule proposals rather than a single new rule, giving compliance teams an early map of where the Division is headed.
- Daly said the Commission's 'Responsible Retailization' initiative rests on three components: access, transparency and incentives.
- The speech references Executive Order 14330, directing that 401(k) retirement account participants have more private market investment options, signed Aug. 7, 2025.
- Daly cited Division staff actions over the past year and a half covering fund seeding, co-investment, multiple share classes, and scheduling and sizing of redemptions, including specific no-action letters and exemptive orders listed in the footnotes.
- A proposed rule on interval fund modernization and multiple share classes for closed-end funds and BDCs was issued Sept. 30, 2026, per Release No. 33-11444.
- A separate proposed rule, Investment Adviser Performance-Based Compensation Modernization, was issued the same day, per Release Nos. 33-11443 and IA-7022, to expand advisers' ability to charge performance fees to a wider client base.