Former SEC Chairman Arthur Levitt Criticizes SEC's Private Equity Market Retail Access Proposal According to Bloomberg, former SEC Chairman Arthur Levitt Jr. criticized the SEC's recent proposal for retail rules in the private equity market. According to the proposal, it will be easier for private equity, venture capital and other fund managers to attract retail funds, and they can establish multiple types of shares in closed-end funds without obtaining regulatory approval in advance. Levitt pointed out that the proposal does not require managers to adjust or unify fees, liquidity, transparency, governance, and valuation arrangements, and retail investors may be allocated high rate shares. He suggested that the SEC require third-party valuation of assets used to calculate performance returns and require funds to use charts in their prospectus to demonstrate the impact of fees on investment returns.