The Securities and Exchange Commission proposed measures Wednesday aimed at widening individual investors' access to private markets, including a potential examination that could allow people to qualify as accredited investors without meeting existing income or net-worth thresholds. SEC Chair Paul Atkins said financial thresholds alone should not determine whether an investor can assess the merits and risks of private offerings. The proposed exam would be developed by the Financial Industry Regulatory Authority and modeled largely on its Securities Industry Essentials Exam. It would be open to people aged 18 or older, require in-person testing and be expected to last about two hours with roughly 75 multiple-choice questions. The proposal contemplates a fee comparable with the SIE exam's $100.50 cost. Passing would not authorize an individual to work in the securities industry. Current rules generally limit private offerings to accredited investors with net worth above $1 million excluding a primary residence, annual individual income above $200,000, joint income above $300,000, or certain professional licenses. A 2025 SEC-sponsored study found that 12.6% of the population qualified under the current standards. The agency is also considering additional professional credentials as routes to qualification. Other proposals would allow business development companies to offer multiple share classes, revise interval-fund redemption rules and make it easier for advisers to charge performance fees. The package follows President Trump's executive order seeking broader private-market access and Trump administration Department of Labor actions involving private assets in 401(k) plans. Cerulli Associates estimates U.S. financial advisers allocate $1.9 trillion to fully liquid private-market strategies and forecasts that figure will reach $3.7 trillion by 2029.