SEC sends private-market retail access plan to OIRA
OIRA received the SEC's Enhancing Retail Exposure to Private Markets (RIN 3235-AN59) on 31 August 2026. The card is a proposed-rule review marked Economically Significant: Yes. No NPRM text is public yet. Counsel expects publication around October 2026.
The SEC has sent a planned proposed rule, Enhancing Retail Exposure to Private Markets, to the White House for review. The OIRA EO 12866 card is RIN 3235-AN59, received on 31 August 2026. The stage is Proposed Rule, there is no legal deadline, and the card is marked Economically Significant: Yes.
The card is a pending executive-order review receipt, not a published proposal or a live change to fund registration.
Free Writings says publication of an NPRM is anticipated around October 2026. Counsel also frames a dual rewrite: an Investment Company Act path for retail exposure through registered funds, and an Advisers Act Section 205 expansion of who may be charged a performance fee. The structures in view are BDCs, closed-end funds, interval funds, and tender offer funds.
No proposed rule text is public yet. Fights over liquidity, valuation, and performance fees start only after the NPRM posts and the comment period opens. The economically significant flag is the extra clock: OIRA applies fuller cost-benefit review, which can stretch the wait.
The same inbox already holds the SEC custody-rule rewrite. A published proposal, the transfer-agent overhaul, is further along and already taking comments.
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