The U.S. Securities and Exchange Commission voted to propose rule amendments aimed at expanding retail investor choice and innovation in regulated funds while maintaining investor protections. The package would broaden registered investment advisers’ ability to receive performance-based compensation from certain clients, including regulated funds, and would update fund disclosure and liquidity rules. Separately, the SEC is seeking comment on allowing an accredited-investor exam developed by FINRA and certain professional credentials to provide additional qualification pathways. The public comment periods will remain open for 60 days after the relevant documents are published in the Federal Register.