The US securities watchdog is proposing an overhaul to rules governing access to private markets for individual investors, including allowing retail funds to charge performance fees, as part of the Trump administration’s effort to bring alternative assets to the masses. If adopted, the new rules would change the structure of private investment vehicles to offer expanded retail access to markets long dominated by institutional investors, while allowing the kind of fee arrangements that have been normally off-limits in mutual funds and other traditional investments.

The Securities and Exchange Commission unanimously voted to propose the rule amendments during a meeting on Wednesday. The regulator also proposed changes to the structure of so-called interval funds, potentially allowing private vehicles to vary how frequently they permit redemption requests and creating a path for such vehicles to issue multiple share classes. “Taken together, these proposals are important steps towards providing individual investors with more access to private market investment opportunities,” said SEC chair Paul Atkins during the meeting.

Critics said the proposed rules would erode safeguards for investors. Benjamin Schiffrin, director of securities policy for advocacy group Better Markets, said: “The SEC is supposed to protect retail investors from risky private market assets,” but the “proposed rules leave retail investors to fend for themselves.” The SEC also said on Wednesday that it was seeking comment on new ways for investors to achieve “accredited investor” status, a designation that would allow more retail investors to buy lightly regulated funds and alternative assets. The rule changes proposed on Wednesday now go out for public comment.