Given the rapid growth of private markets and the opportunities they present, the question of facilitating retail investor access has become increasingly pressing. To address that issue, the SEC’s Investor Advisory Committee (IAC) adopted the recommendations set out in a report prepared by its Investor as Owner and Market Structure subcommittees (Report). The IAC considers it necessary to recalibrate the existing regulatory framework, which is designed for a now-bygone reality in which most investment opportunities were in the public markets. The Report details the IAC’s recommendations for how to adjust the current framework to accommodate retailization while upholding the three pillars of the SEC’s mission. This article summarizes key takeaways from the Report, including the IAC’s recommendations for how registered funds can be improved as the best pathway for retail investors to access private markets and other guardrails that can be put in place. The recommendations are supplemented with related remarks delivered at the IAC meeting by SEC Chair Paul S. Atkins, as well as Commissioners Caroline A. Crenshaw and Hester M. Peirce. For coverage of other recent remarks by SEC Commissioners, see “SEC and CFTC Commissioners Call Out Impossible Standards and Ulterior Motives Driving Off‑Channel Communication Enforcement Efforts” (Nov. 14, 2024); and “SEC Commissioner Uyeda Discusses Private Offering Framework and Accredited Investor Definition” (Oct. 17, 2024).