3235-AN59 202510 The Regulatory Plan and the Unified Agenda of Federal Regulatory and Deregulatory Actions 3235 Securities and Exchange Commission SEC Enhancing Retail Exposure to Private Markets

The Division is considering recommending that the Commission propose amendments to existing rules and/or propose new rules under the Investment Advisers Act of 1940 and the Investment Company Act of 1940 to better facilitate retail investor exposure to private markets through registered investment companies and to allow investment advisers to charge performance fees to an expanded set of clients.

]]> Economically Significant First Time Published in The Unified Agenda Proposed Rule Stage Undetermined No Deregulatory Not Yet Determined 15 USC 80a-6(c) 15 USC 80a-23(c) 15 USC 80a-37(a) 15 USC 80b-5(e) 15 USC 80b-6a 15 USC 80b-11(a) Yes

The proposed rulemaking would better facilitate retail investor exposure to private markets through registered investment companies and allow investment advisers to charge performance fees to an expanded set of clients. Over the last two decades, profound shifts have taken place in accelerated growth of private markets as well as increased oversight of and reporting by both private fund advisers and registered funds. Facilitating retail investor exposure to private markets through registered funds and modernizing the performance fee framework would provide needed investment opportunities for retail investors seeking to diversify their investment allocation in line with their investment time horizon and risk tolerance and open more opportunities for retail investors.

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The Commission will evaluate the anticipated costs and benefits and other economic effects as it develops the proposed rule.

]]> NPRM 10/00/2026 YES Businesses None No Yes No Blair Burnett Division of Investment Management 3235 Securities and Exchange Commission SEC 202 551-6792 burnettbl@sec.gov 100 F Street NE, Washington DC 20549