Comment on Proposed Rule IA-6959 File No. IA-6959 To the Securities and Exchange Commission, I'm writing as a retail investor who follows the markets because my savings depend on them. I'm concerned about the proposal to raise the reporting threshold for private fund advisers and reduce Form PF reporting. A firm managing a few hundred million dollars can still take on risks that matter beyond its own investors. Raising the threshold doesn't remove those risks—it just makes them harder to see. Past failures, like Archegos, show how problems can remain hidden until they spill into the broader market. Even if the information isn't public, reporting helps regulators understand where risks are building. After every crisis, the lack of clear records makes it harder to know what went wrong. With other oversight rules being delayed, this change feels like a step backward. When markets fail, it's usually regular investors who feel it most. I hope the Commission reconsiders this proposal and maintains strong visibility into private fund activity. Respectfully, Frank Mint