Sep. 29, 2020
Subject: File No. S7-08-20 From: Michael Livian Affiliation: Founder and Principal of Registered Investment Adviser ------------------------------------------------------------------- September 29, 2020 To Whom it May Concern, We think that increasing so dramatically the 13F reporting threshold may result in significantly lower market transparency (to the detriment of many market participants). Respectfully, Michael Livian, CFA