On September 30, 2026, the Securities and Exchange Commission (SEC) issued two rule proposals and five notices aimed at expanding investors’ access to private markets. The package would add ways to qualify as an accredited investor, including passing a new exam administered by the Financial Industry Regulatory Authority (FINRA), broaden performance-based compensation and modernize regulated funds, including interval funds and business development companies (BDCs).
The contemplated exam represents a potentially dramatic expansion of the accredited-investor framework, particularly when combined with the separate proposal to treat accredited investors as “qualified clients” permitted to pay performance-based compensation. Regulated fund sponsors also would gain greater flexibility to offer private market strategies through changes to adviser compensation and fund liquidity and distribution.