The U.S. Securities and Exchange Commission has proposed reforms intended to widen individual investors' access to private equity, early-stage companies and other alternative assets while maintaining protections against fraud and misconduct. One proposal would permit registered investment advisers to charge performance-based fees of up to 20% of fund results, aligning the model more closely with the 2% management-fee and 20% performance-fee structure used by some hedge funds. The SEC also proposed expanding accredited-investor eligibility to more people with professional qualifications, including registered accountants and Chartered Financial Analysts. Chair Paul Atkins said the commission is exploring ways to broaden private-market participation while protecting investors. The measures would still need to proceed through the regulatory process before becoming effective.