SEC proposes rule changes to broaden accredited investor qualifications and fund compensation rules
Individual investors could qualify as accredited investors via professional credentials, with comment due 60 days from Sept. 30, 2026.
On Sept. 30, 2026 the Securities and Exchange Commission voted to propose rule amendments intended to expand retail investor choice in private markets while preserving investor protections.
The proposals would permit registered investment advisers to receive performance-based compensation from certain clients, including regulated funds, calculated on the basis of capital gains or capital appreciation; amend fund registration and reporting forms to require disclosure of such compensation; modernize the interval fund framework by allowing repurchases to be scheduled at times that better match portfolio liquidity; and replace existing exemptive orders with a rules-based framework that enables regulated closed-end funds to issue multiple share classes.
In a separate request for comment, the Commission is considering additional ways for individuals to qualify as accredited investors. The agency is evaluating the use of a FINRA-developed accredited-investor exam and the holding, in good standing, of specific licenses, certifications, or credentials, including a U.S. certified public accountant license, Chartered Financial Analyst charter, Certified Financial Planner certification, FINRA Investment Banking Representative license (Series 79), and FINRA Research Analyst licenses (Series 86 and Series 87).
The public comment periods will remain open for 60 days after the date of publication of the proposing releases and the notices in the Federal Register.
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