Former SEC Chair Arthur Levitt slams SEC retail access proposal for private markets
- —Levitt says the proposal omits unified rules on fees, liquidity and valuation
- —Retail investors could be placed in higher-fee share classes
- —He urges third-party valuation of assets used to calculate performance fees
- —He wants prospectuses to chart how fees erode investment returns
Why it matters: The rules will shape how retail investors access private markets and how much they pay for it.
Source: PANews
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