SEC moves to open private assets to more retail investors

The U.S. Securities and Exchange Commission is set Wednesday to propose rules that would widen everyday investors’ access to private equity, private credit, real estate and venture capital — assets long reserved for wealthier or professional buyers.

At a 10 a.m. EDT public meeting, the three-member commission plans to propose changes to performance-fee rules for investment advisers and to share-redemption frameworks for closed-end funds. It will also consider notices that could let more people qualify as “accredited investors” through certifications and credentials, not only income and net-worth tests. Chair Paul Atkins has framed the push as “responsible retailization” under the Trump administration’s democratize-private-assets agenda.

Critics argue the package mainly helps Wall Street gather retail capital while exposing households to illiquid, hard-to-price products and fee structures that reward advisers for taking more risk. Several financial planners told Reuters that performance-based pay can create incentives to “reach for risk” without strong valuation policies and informed consent.

Any adopted rules would still face public comment. Canadian investors who hold U.S. brokerage accounts should watch closely: wider retail wrappers for private markets south of the border often shape product menus and cross-border fund marketing that Canadian savers eventually see.

Not investment advice.

Sources: SEC Proposes Amendments to Expand Responsible Retailization of Private Markets — SEC.gov: https://www.sec.gov/newsroom/press-releases/2026-96-sec-proposes-amendments-expand-responsible-retailization-private-markets | Statement at Open Meeting on Proposals to Expand Responsible Retailization — SEC Chair Atkins: https://www.sec.gov/newsroom/speeches-statements/atkins-statement-open-meeting-093026 | Wall St regulator to unveil new retail investor proposals for private assets — Reuters: https://www.reuters.com/legal/government/wall-st-regulator-unveil-new-retail-investor-proposals-private-assets-2026-09-30/