Jul. 14, 2020
To whom it may concern: I am writing to you to express my utter disapproval and lack of agreement for the proposed rule change seeking to change the AUM threshold from $100 million to $3.5 billion. This will reduce the number of funds disclosing by about 90%, and greatly diminish transparency in investing and stock markets. This does not promote a level playing field and the justification of potential reduction in costs is not acceptable. 'Small managers' responsible for hundreds of millions cannot be absolved of any 'burden' that comes with filing with the SEC. If this change is implemented, the biggest loser is the average investor. On the contrary, the SEC should advocate for greater transparency and refrain from retracting rules that were enacted with a purpose of levelling the playing field, and pulling back the curtains on an industry that is already exclusive as is. I look forward to the SEC dropping the proposed rule change, and do right by the common investor. Thanks in Advance. Regards, Emmanuel.