Subject: S7-08-20: WebForm Comments from Livian, Michael
From: Michael Livian
Affiliation: Founder and Principal of Registered Investment Adviser

Sep. 29, 2020

Subject: File No. S7-08-20
   From: Michael Livian
   Affiliation: Founder and Principal of Registered Investment Adviser
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   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