July 27, 2020
I am very concerned about the prospect of diminishing the transparency of information available to the investing public, especially concerning the transactions of large financial entities and wealthy individual investors. The wealth gap in our country is largely a result of wealthy insiders having access to information and data that is difficult or impossible for the average investor to access or afford. I hope the SEC will not go forward with their contemplated change to raise to a great degree the dollar limit for those entities who must report information regarding their financial dealings.
Daniel Collins of WhaleWisdom says...
Many managers are known to talk among themselves, sharing ideas and information. They have access to company management that small investors don't.
Given the SEC's emphasis on a level fair playing field, this rule change makes no sense.
One SEC commissioner has come out against the proposal. Allison Herren Lee stated, "This proposal joins a long list of recent actions that decrease transparency and reduce both the Commission's and the public's access to information about our markets."
Even Goldman Sachs thinks it's a bad proposal. "More information is better than less," it said.