Two statements posted on the SEC’s website in rapid succession jointly offer an important message about the agency’s approach to making PE and other alternative investments available to retail investors. On November 18, 2026, the SEC Division of Examinations issued its 2026 examination priorities, which listed several priorities in SEC examinations relating to alternative retail products, with a particular focus on favoritism as to investment allocations and cross-trades; valuation practices; and fees and expenses. Two days later, Commissioner Mark Uyeda gave a speech discussing the unique role the products can play in retail accounts and how regulators can work together to remove obstacles. Reading between the lines of the SEC’s two messages, the agency appears to be encouraging investment advisers who historically have served private markets to expand their offerings to retail customers. At the same time, however, the Commission is also signaling that it has no intention of relaxing its vigilant approach to protecting those investors. As the SEC is already looking past facilitating retail access to how it will police retail alternative products once they are widely available, this guest article from Skadden partners Daniel Michael and Andrea Griswold looks beyond current obstacles to public markets and explores several ways issuers can manage downstream regulatory risks in three key areas: disclosures, sales practices and valuations. See “SEC 2026 Examination Priorities Highlight Classic Compliance Issues, Retailization Efforts and AI Oversight” (Jan. 8, 2026).