The SEC has announced its 2026 Agency Rule List, or so-called “Reg Flex” agenda, detailing anticipated rulemaking efforts at the proposal and pre-rule stages. The agenda is notable for its deregulatory thrust – consistent with public statements from SEC Chairman Paul S. Atkins – which, if enacted in its entirety, would reform or eliminate a number of burdensome rules and requirements that fund managers are currently forced to navigate. Beyond reducing unnecessary regulatory requirements, certain of the proposed rules aim to advance the retailization of private markets that Atkins has advocated for throughout his tenure. The rule proposals with the greatest potential impact on the private funds industry include updating exempt offering pathways, enhancing retail exposure, amending bookkeeping requirements, reforming the Pay to Play rules, streamlining Form PF reporting and modernizing applicable custody rules. This article details the status of the SEC’s ongoing and future rulemaking efforts; examines the rule proposals that stand to have the greatest impact on the private funds industry; and offers practical takeaways for fund advisers based on interviews with assorted legal experts. See “SEC’s Latest Enforcement Results and Budget Request Affirm Focus on Fraud” (Jun. 11, 2026); and “SEC’s Approaches to Exams, Enforcement and Retailization Under Atkins” (Jun. 11, 2026).