The U.S. Securities and Exchange Commission is set to propose rules on Wednesday to broaden retail investors' access to private assets, including private equity, private credit, real estate and venture capital. The initiative forms part of President Donald Trump's administration's effort to "democratize" markets traditionally serving professional investors. Supporters say the changes could widen access to potentially higher returns, while critics warn that retail investors may struggle to assess fees, valuations and liquidity risks. SEC Chair Paul Atkins has described the approach as "responsible retailization," aimed at expanding access while preserving investor protections. At a public meeting scheduled for 10 a.m. EDT (1400 GMT), the three-member commission, which currently has no Democratic commissioners, is expected to propose changes to performance-fee rules for investment advisers and redemption and share-class rules for closed-end funds (funds that raise a fixed amount of capital). It will also consider notices on whether additional credentials and certifications should qualify individuals as accredited investors, who can access a broader range of private assets. The proposals could allow advisers to charge performance fees based on clients' capital gains and encourage retail-oriented funds holding private assets, but financial advisers said the structure could incentivize excessive risk-taking. The measures would undergo public notice and comment before the SEC decides whether to adopt them.