Subject: File No. S7-08-20
From: Mauro A Bonatti
Affiliation: None

July 27, 2020

This is a ridiculous proposal that instead of enhancing transparency is creating more layers of complexity since we the small investor are going to loose sight of what the small investment companies are doing. One of my main researchers before buying/selling a stock is to determine who is buying/selling it. Since small funds and companies are not reporting on their purchases and sales according to this proposal, once more we the small investor will be left in the vacuum by the Washington bureaucracy.

Mauro