Subject: File No. S7-08-20
From: David C Kim

July 17, 2020

I would like to comment in disagreement with the proposed changes for the reporting threshold for institutional investment managers. In my opinion, this loss of transparency would put regular investors at risk. The regular investor would lose valuable information necessary to verify if an investment is valid or a risk. This would place the consumer at risk by allowing smaller capped investment managers to take unnecessary risks by withholding those holdings to a regular investor. This change is a small one but one that can do potential long lasting damage to many Americans.