SEC proposes wider retail access to private markets, floats new accredited-investor paths
The SEC has voted to propose amendments aimed at opening private-market strategies to retail investors through regulated fund structures, and separately opened comment on new routes to accredited-investor status. This segment walks through what the Commission is proposing, what it is merely asking about, and the 60-day clock now running for firms that structure or distribute these products.
- Registered advisers to regulated funds could receive performance-based compensation tied to capital gains or appreciation, with new disclosure required on fund forms.
- Separate comment request weighs a FINRA accredited-investor exam and credentials — CPA, CFA, CFP, Series 79, Series 86/87 — as non-financial qualification paths.
- Comment periods remain open 60 days after Federal Register publication; proposals also modernize interval funds and closed-end fund multi-class issuance.