Subject: File No. S7-08-20
From: Anthony Lee

July 16, 2020

The proposed rule change would be a loss for all of us - it would enable more corruption and opaqueness.

The SEC should be pushing for more disclosure and transparency and not rolling back existing rules. This can only hurt trades/investors and provides little to no benefit or savings.

Raising the reporting threshold to such a high number will reduce public companies' opportunity to know more about who their shareholders are. #8203

The justification for the rule change is highly questionable.
When is less transparency and less data ever a good thing for investors?
Some investors may want to avoid over-owned stocks, believing they have a high level of risk. This rule change greatly reduces individual investors ability to reduce their risk.
In the event of a significant correction the number of reporting managers would be diminished even further. The SP suffered a 56.4% decline during the 2007-2009 financial crisis. A similar event using the most recent quarter as an example, would have reduced the number of funds by another 31% at a time when such data is needed even more.

Please dont go through with this it will hurt the stock market even more many companies and investors will lose more money then they already have