PANews, September 30 — The U.S. Securities and Exchange Commission (SEC) proposed a series of reforms on Wednesday aimed at expanding individual investors' access to private markets, giving more retail investors exposure to private equity, early-stage startups and other alternative assets. One proposal would allow registered investment advisers to charge performance fees of up to 20% based on fund performance, bringing the fee model closer to the "2% management fee + 20% performance fee" structure used by some hedge funds, in order to attract more private fund managers to serve individual investors. SEC Chairman Paul Atkins said the Commission hopes to explore ways to expand individual investors' participation in private markets while guarding against fraud and misconduct. The SEC also proposed broadening the definition of "accredited investor" to allow more holders of professional credentials (including certified public accountants and chartered financial analysts) to qualify.