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SEC

RIN: 3235-AN59

Publication ID: 2026

Title: ●Enhancing Retail Exposure to Private Markets
Abstract: 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.
Agency: Securities and Exchange Commission(SEC)	Priority: Economically Significant
RIN Status: First time published in the Unified Agenda	Agenda Stage of Rulemaking: Proposed Rule Stage
Major: Undetermined	Unfunded Mandates: No
EO 14192 Designation: Deregulatory
CFR Citation: Not Yet Determined (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: 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)

Legal Deadline: None

Statement of Need:

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.

Anticipated Costs and Benefits:

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

Timetable:

Action	Date	FR Cite
NPRM	10/00/2026

Regulatory Flexibility Analysis Required: YES	Government Levels Affected: None
Small Entities Affected: Businesses	Federalism: No
Included in the Regulatory Plan: Yes
RIN Data Printed in the FR: Yes
Agency Contact: Blair Burnett Division of Investment Management Securities and Exchange Commission 100 F Street NE, Washington, DC 20549 Phone:202 551-6792 Email: burnettbl@sec.gov