The U.S. Securities and Exchange Commission (SEC) has proposed a series of reforms designed to broaden individual investor access to private equity, early-stage startups, and alternative assets. Key measures include allowing registered investment advisers to charge performance fees of up to 20% based on fund returns, aligning compensation structures more closely with the traditional hedge fund model to incentivize private managers to serve retail clients. SEC Chair Paul Atkins stated the commission aims to expand participation while maintaining safeguards against fraud and misconduct. The proposal also seeks to broaden the definition of "accredited investor" by including professionals with specific credentials, such as Certified Public Accountants and Chartered Financial Analysts, thereby increasing the pool of eligible participants in private markets.