The goal is to start opening up the nearly US$31 trillion private fund markets to more investors, SEC Chairman Paul Atkins said in prepared remarks for an event in Washington.
The Securities and Exchange Commission is taking a fresh look at rules that make it harder to invest in private funds.
Atkins said he will ask agency staff to consider revising 23-year-old rules for private funds that require investments by closed-end mutual fund investors of at least US$25,000 and restrict sales to those who meet certain standards. He noted those restrictions have resulted in many retail investors missing out on opportunities in closed-end funds.
