Experts tell Senate panel retail access must be balanced with stronger disclosure and enforcement
Witnesses at the hearing argued for expanding retail access to private-market investments but stressed that access should come with better disclosure, liquidity design and enforceable safeguards to protect ordinary investors.
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Dahlia Blass, the former SEC division director and now senior investment management partner at Sullivan & Cromwell, told the committee that "retail access is about thoughtfully reintroducing access to private market investments for all rather than a subset of retail investors." She cautioned that some retail-focused vehicles operate outside the protections of the Investment Company Act and that regulators should tailor products to liquidity needs while maintaining investor safeguards.
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