Subject: File No. S7-08-20
From: Daniel Ferrao, Ferrao
Affiliation: Director of Finance

July 14, 2020

When Congress first adopted Section 13(f) it did so to stimulate a higher degree of confidence among all investors in the integrity of securities markets. Taking this data away will have the opposite effect. Transparency is what gives investors confidence in US markets. If only they had the same confidence in US regulators.