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SEC Pushes Forward with Expanding US Retail Access to Private Markets

Blip
Fund Management Policy-Making Private Markets Regulation Retail United States

Bloomberg[1] reports that the Securities and Exchange Commission is making progress with a proposal[2] to allow US retail investors access to the private markets[3], as indicated by a recent administrative filing[4].

Investing in the private markets in the US has historically been restricted to professional investors and lacked retail-focussed regulatory wrappers and product regimes such as ELTIFs[5] in the European Union.

Paul Atkins, the new Chair of the SEC[6], has made the democratising of the private markets a key priority under his tenure[7] under a ‘deregulatory mandate’[8].

Notes

  1. Nicola M White, ‘SEC Preps Plan to Widen Investor Access to Private Markets’ (Bloomberg, 2 September 2026). https://www.bloomberg.com/news/articles/2026-09-01/sec-preps-plan-to-widen-investor-access-to-private-markets · Archive 1. ↑
  2. Paul Atkins, ‘Statement on the 2026 Regulatory Agenda’ (U.S. Securities and Exchange Commission, 7 July 2026). https://www.sec.gov/newsroom/speeches-statements/atkins-statement-2026-regulatory-agenda-070726 · Archive 1 · Archive 2. ↑
  3. Chris Cumming, ‘SEC’s Atkins Stresses Need for ‘Guardrails’ for Investors in Private Markets: The comments come as ordinary investors are becoming more anxious about private credit and other alternative assets’ (The Wall Street Journal, 4 March 2026). https://www.wsj.com/articles/secs-atkins-stresses-need-for-guardrails-for-investors-in-private-markets-d72edfd8. ↑
  4. Blair Burnett, ‘Enhancing Retail Exposure to Private Markets’ (Office of Information Management and Regulatory Affairs, 31 August 2026). https://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202510&RIN=3235-AN59 · Archive 1 · Archive 2. ↑
  5. Dr. Jean-Claude Spillmann, Benjamin De Zordi & Miriam Zuan, ‘The evolution and future of the ELTIF structure in the European Union’ (PwC Switzerland, 29 August 2025). https://www.pwc.ch/en/insights/fs/european-long-term-investment-fund-regime.html · Archive 1 · Archive 2. ↑
  6. ‘Paul S. Atkins Sworn In as SEC Chairman’ (U.S. Securities and Exchange Commission, 21 April 2025). https://www.sec.gov/newsroom/press-releases/2025-68 · Archive 1 · Archive 2. ↑
  7. Paul Atkins, ‘Opening Remarks at Private Markets Roundtable’ (U.S. Securities and Exchange Commission, 4 March 2026). https://www.sec.gov/newsroom/speeches-statements/atkins-remarks-im-private-markets-roundtable-030426 · Archive 1 · Archive 2. ↑
  8. Thoreau A. Bartmann & Jennifer L. Klass, ‘The SEC’s New Rulemaking Agenda: A Deregulatory Road Map for Advisers and Funds: US Asset Management and Investment Funds Alert’ (K&L Gates, 8 July 2026). https://www.klgates.com/thought-leadership/The-SECs-New-Rulemaking-Agenda-A-Deregulatory-Road-Map-for-Advisers-and-Funds-7-8-2026 · Archive 1. ↑