Subject: File No. S7-08-20
From: Michael Smith
Affiliation:

Jul. 23, 2020

I strongly oppose raising the required reporting threshold for institutional investors and urge the SEC to keep the threshold at $100m.  Raising the threshold will reduce transparency in the market and violate the concept of efficient markets.

This proposal is reminiscent of the demise of the up-tick rules and continues to display a pattern of corruption that negatively impacts the individual investor.