Jul. 14, 2020
Dear Sir, Raising the reporting threshold to such a high number will reduce transparency and 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. The cost of filing a 13F is very low, and would be far outweighed by the cost of losing holder information. If anything I would suggest reducing the filing threshold to $20 million. Thank you, Joe Tworek