Subject: File No. S7-08-20
From: Scott M Tibert

July 14, 2020

It would be a great disservice to all in the investment community to raise the reporting standards to $3.5 billion from $100m for 13F fillings. The decrease in transparency for incestors and stakeholders would be much worse than any proported ease in operations for those smaller firms. I think we can all agree the reporting process isnt too much of a burden to be done quarterly.