Subject: File No. S7-08-20
From: Sean Jaqua

July 15, 2020

This seems absurd. There is little benefit to this, other than for those Institutional Investment Managers, who it benefits greatly. You do not get an efficiently priced market by rolling back transparency regulations. This move would give more power to those already at the top of the market. This hurts all small-time investors. Please reconsider.