Subject: File No. S7-08-20
From: Charles W Styron, Psy. D.
Affiliation: Clinical Psychologist

July 27, 2020

Raising the disclosure threshold would make the market far less transparent than it currently is. The SEC supports transparency (or so I've been told). The new threshold would favor very large companies and disadvantage the small investor and small firms. Please do not institute this new guideline.