July 11, 2020
As an active retail investor, I appreciate knowing which big companies own which stocks. It gives me a small advantage relative to the vast advantages that institutional investors have over the small retail investor. Further, we live in an age of automation, which should allow compliance costs to drop dramatically.
And there's a wealth of scholarship and analysis from these filings which have improved the overall strength and liquidity of our financial system. Financial markets benefit from transparency.
Finally, prior to this proposal, I have not seen any discussions raised in public. In the rule (https://www.sec.gov/rules/proposed/2020/34-89290.pdf), footnote 29 refers to File No. S7-51-02 (Feb. 14, 2003) from Fund Democracy and Consumer Federation of America. Is that the most recent request? Who is really fighting for this?
Thank you for considering my request.