The U.S. Securities and Exchange Commission has proposed reforms aimed at expanding individual investors’ access to private markets. The proposal would allow registered investment advisers to charge performance fees of up to 20% based on fund performance, a move intended to attract more private asset managers to serve retail investors.

According to ChainCatcher, SEC Chair Paul Atkins said the agency wants to explore ways to broaden individual investors’ participation in private markets while guarding against fraud and misconduct. The SEC also proposed expanding the definition of accredited investors.