Subject: File No. S7-08-20
From: Muskan Thacker,

July 11, 2020

Ladies and Gentlemen

Investors worldwide have an inherent trust in the way the SEC regulates US capital markets. This trust is extremely unique and does not exist with any other country without exception.

One of the most useful and credible aspects of the current regulation is 'transparency' of information as to the owners of a public listed entity. This allows investors and companies the transparency to see the type and nature of shareholders, even if it is 45 days after the quarter end.

Submitting holdings 4 times a year to the regulator is not onerous in time or money for any money manager regardless of their size. They know their holdings all day and night and whether they use IT systems or a simple spreadsheet, it is a good discipline and promotes healthy transparency on which the US attracts trillions in capital each year.

Please do not remove this pillar of the system by raising the threashold to 3.5bn which will exclude far too many 'significant' hedge funds and mutual fund groups. The U.S will need to continue to attract foreign capital and actions such as this will begin to gradually erode the long held trust.

Kind Regards

Muskan Thacker