SEC Division Director Encourages Input on Retail Access to Private Markets
Commentary by Liliana Martin
SEC Division of Investment Management Director Brian Daly affirmed that the Division has a mandate from President Trump and SEC Chair Atkins to explore retail access to private markets.
In his remarks at the International Bar Association’s 24th Annual International Conference on Private Investment Funds, Mr. Daly emphasized that the SEC encourages an "open-door" policy and plans to engage deeply with colleagues across different divisions and agencies, as well as with industry participants and their legal representatives.
Mr. Daly's brief remarks follow a recent SEC roundtable on private markets in which SEC Chair Atkins said the SEC would pursue "responsible retailization"—to broaden access to post-tax, pre-retirement investment dollars across asset classes, including private assets, while maintaining appropriate guardrails for investor protection. (See previous coverage). In August 2025, the President issued an Executive Order to allow private pension plans access to a broader range of "alternative assets" including private market investments. (See previous coverage).
Commentary
The SEC’s open‑door engagement with the industry creates a healthy foundation for expanding retail access to private markets. To make that expansion work, valuations need to follow consistent, well‑supervised methods that can be clearly explained to retail investors. Liquidity terms should match the natural timing of private‑asset exits, relying on tools like notice periods and structured redemption programs to keep expectations realistic. Full and fair disclosure about pricing, liquidity management, and potential market scenarios is essential. With these practices in place, retail access can grow in a way that supports stable operations and long‑term confidence in private‑market products.