Jul. 14, 2020
To whom it may concern— Please, please, please do not amend the reporting threshold for Institutional Investment Managers. These behemoths have enough of an advantage as it is. To change the reporting threshold from $100 million to $3.5 billion would reduce the number of funds that are required to disclose their holdings to the public from approximately 5,283 to 549—a reduction of nearly 90%. That is simply unacceptable. We HAVE to stop giving banks handouts and advantages. Please give the following points and queries SERIOUS consideration: Raising the reporting threshold to such a high number will severely limit future academic research on markets, investing and securities. Raising the reporting threshold to such a high number will reduce public companies' opportunity to know more about who their shareholders are. Many managers are known to talk among themselves, sharing ideas and information. They have access to company management that small investors don't. Given the SEC's emphasis on a level fair playing field, this rule change makes no sense. The “justification” for the rule change is highly questionable. When is less transparency and less data ever a good thing for the small investor? Some investors may want to avoid over-owned stocks, believing they have a high level of risk. This rule change greatly reduces individual investors ability to reduce their risk. In the event of a significant correction the number of reporting managers would be diminished even further. The S&P suffered a 56.4% decline during the 2007-2009 financial crisis. A similar event using the most recent quarter as an example, would have reduced the number of funds by another 31% at a time when such data is needed even more. Once more, please do not amend the reporting threshold for Institutional Investment Managers. Sincerely, Ryan Cormier, a concerned individual investor