Subject: File No. S7-08-20
From: J. Stein
Affiliation: Financial Analysist/Investor Relations

July 15, 2020

Reducing Transparency of institutional holdings would be a horrible choice.

As a member of an IR team we use this information almost daily in gauging investor placement and engagement.

As others have noted the cost to institutions is low, I see no real reason why the reporting limit should be increased.

Please take a hard look at whether changing this rule makes any realistic sense