Subject: File No. S7-08-20
From: Spencer Timm
Affiliation: Analyst

July 16, 2020

How does this proposal help the small investor? What good comes out of less companies reporting AUM? When has less transparency ever been good for the market? What is the logical reason for choosing the new threshold? Why not 1 billion? 2 billion? 500 mill? This proposal must be stopped.