SEC sends private-market retail access plan to OIRA

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.

That card is a pending executive-order review receipt. It is not a published notice of proposed rulemaking, not a final rule, and not a live change to fund registration or Form ADV.

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. The GENIUS Act Section 3 NPRM is the comparison for a comment-stage Treasury text. Preliminary national-bank letters such as Revolut's OCC nod are a different kind of filing.

Do not rewrite offering documents or Section 205 contracts on this receipt. Calendar an October 2026 NPRM watch, and be ready to file on performance-fee eligibility and registered-fund liquidity the day the text appears.