Subject: File No. S7-08-20
From: David P Valliant
Affiliation: Private Investor

July 14, 2020

Please DO NOT raise the reporting threshold.

The threshold was put in place to help small investors like myself have confidence
in the market system.

By raising the reporting threshold it makes for less transparency for small investors.

There is no good reason to change the existing threshold.

Please leave it AS IS.

Sincerely,
David Valliant