The SEC and CFTC announced their respective 2026 Agency Rule Lists, or so-called “Reg Flex” agendas, detailing anticipated rulemaking efforts at the proposal and pre-rule stages. The agendas are notable for their deregulatory thrust and, if enacted in their entirety, would reform or eliminate a number of burdensome rules and requirements that fund managers are currently forced to navigate. The rule proposals with the greatest potential impact on the private fund markets include updating the definition of “accredited investor”; enhancing retail exposure to private markets; amending bookkeeping requirements; reforming the Pay to Play Rule; streamlining Form PF reporting; and modernizing applicable custody rules. This article details the status of the ongoing and future rulemaking efforts by the SEC and CFTC; examines the rule proposals that stand to have the greatest impact on the private funds market; and offers practical takeaways for fund advisers based on interviews with assorted legal experts. See “Former SEC and CFTC Officials Unpack the 2026 Enforcement Landscape” (Sep. 10, 2026); and “SEC’s Latest Enforcement Results and Budget Request Affirm Focus on Fraud” (May 21, 2026).