Subject: File No. S7-08-20
From: John-David Sawyers

July 17, 2020

This proposal will hurt retail investors and lead to more corruption from institutions. In an already volatile market, we do not need to increase that volatility by allowing large transactions to occur undisclosed. By relaxing disclosure laws, events such as large, rapid selloffs are more likely to occur due to a lack of institutional transparency. This will only hurt average retail investors such as myself.