Subject: File No. S7-07-20
From: Nicolai Kotiranta Nrremark
Affiliation: Investment Associate, Novo Holdings

July 14, 2020

I strongly oppose the implementation of S7-08-20.

Working in the investment department of the largest foundation in the world, the Novo Nordisk Foundation, the removal of information on 90% of all US equity managers would greatly affect our ability to find future, up-and-coming investment stars. Consequently, I believe that this rule would only benefit the larger investment managers and be a big disadvantage to smaller managers trying to raise capital.