Subject: File No. S7-08-20
From: ARMAND C LEPAGE, LEPAGE
Affiliation: Retiree

July 17, 2020

I am opposed to the rule revising the threshhold.

1. How does this provide more transparency to investors?
2. From the standpoint of public companies, this will reduce these companies' opportunity to know who their shareholders are.
3. A decline in the market (as in 2007) will reduce the number of reporting entities, just when investors will most need that information.

Armand Lepage