Subject: File No. S7-08-20
From: Steven Shigemitsu

July 25, 2020

A firm with $100M or more in assets certainly has the resources to properly file quarterly reporting -- raising the threshold by 35x is questionable to say the least. This will thwart efforts to conduct market research by academics and stifle growth of smaller firms and individual investors. There is no situation where less data and transparency would benefit small investors. In a time where the average American is disconnected from the wealth centers of our country's economy, any effort to reduce transparency is an attack on the very people who keep the economy in motion.