July 16, 2020
Good day,
Recently the SEC has proposed "modernizing" the 13F filing requirements from 100 million to 3.5 billion which is meant to adjust for inflation.
The updated number would keep 90% of the money that the managers manage, we would also reduce 90% of the managers who report their numbers. One of the main reasons I stubbornly fixate to US securities is due to the fact that the SEC ensures transparency and fairness to all participants in the securities market.
However, this proposed filing is a direct contradiction to providing transparency. And for whom is this beneficial to? The wealthy class would prefer transparency of those who manage their wealth, the working class would prefer to see those with assets that require managers to behave similarly (although 100 million is a far-cry from average) vs managers who have to put assets they manage into "preserving" securities.
Thank you for your time and considerations. Do NOT pass this proposal.