Subject: File Number S7-08-20
From: Robert Alpert
Affiliation:

Aug. 25, 2020



I believe the proposed changes to the Form 13F reporting threshold for institutional investment managers will hurt market transparency. As a former institutional investment manager with less than $3.5 billion under management, I did not find filing a 13f to be too burdensome. Now as a CEO of a public company, the disclosure of our shareholders is a valuable piece of information that allows us to connect with our owners directly and helps us understand their thoughts, concerns, etc. about our company. 

Overall, I do not see how less disclosure is beneficial to any market participant. I would advocate leaving the reporting as it stands. 

Thank you

Robert

Robert Alpert