The U.S. Securities and Exchange Commission plans to propose rules on Wednesday that could broaden retail investors' access to private equity, private credit, real estate and venture capital. The measures would give investment advisers more flexibility to charge performance fees based on clients' capital gains, revise rules for closed-end funds, and consider whether certain certifications and credentials should qualify people as accredited investors. Accredited investors can access a broader range of private assets under current rules. SEC Chair Paul Atkins has described the approach as responsible retailization, while critics and financial advisers warn that complex fees, difficult valuations, limited liquidity and incentives to take greater risks could weaken protections for everyday investors. The proposals would go through public notice and comment before any adoption decision.