The following Letter Type B, or variations thereof, was submitted by individuals or entities.

Letter Type B:

The Critical Mandate for Financial Reforms: Safeguarding
Our Economic Pillars

The very foundations of our interconnected global economy are at risk,
reliant as they are on the incorruptibility of financial markets.
These markets, the engines behind growth, job proliferation, and
efficient capital distribution, are precariously close to being
undermined by the misuse of specific instruments and practices. The
alarming abuses of equity swaps, ADRs, GDRs, CFDs, and most recently,
the prolonged presence of AMC on the threshold list, highlight the
exigent necessity for stronger regulations to bolster market
resilience.

Equity Swaps: The Hidden Dangers of Market Distortion
While equity swaps promise innovation, their potential misuse to
disguise genuine market positions threatens market stability. When
significant short positions are made to appear neutral or bullish,
they skew our perception of market dynamics, empowering unscrupulous
manipulators.

ADRs & GDRs: Global Investment's Murky Undertones
While ADRs and GDRs have made global investment accessible to many,
their misuse obscures the reality. Unsponsored ADRs, devoid of backing
from their respective foreign entities, can misleadingly amplify stock
activity. GDRs, vulnerable to manipulation, threaten to dilute clarity
on genuine ownership.

CFDs: A Risky Gamble
CFDs, despite their alluring promise of amplified profits, conceal
grave risks. The high leverage they offer, often glossed over by
vested brokers, can lead to crippling losses. Their structure,
especially prevalent in OTC derivatives, is a breeding ground for
exploitation and vested interests.

AMC and the Threshold List: A Wake-Up Call
AMC's presence on the threshold list for a staggering 51 days is
not just a statistic; it's a glaring red flag. This signifies
potential failures to deliver or "naked" short selling,
indicating evident market manipulation. Such prolonged appearances on
the list underscore the urgent need for closer scrutiny and
intervention.

Marching Ahead: Vigilance and Empowerment
The current scenario sends a clarion call for reinforced regulations.
Policies focusing on transparency, curtailing opportunities for
manipulation, and ensuring the rightful use of financial instruments
are paramount. This encompasses enhanced reporting norms, stringent
OTC derivatives oversight, and a robust investor education framework
to fortify against undue influences.

However, the mantle of responsibility extends beyond regulators. As
investors, a proactive approach, underlined by information and
transparency, is indispensable. Market entities must prioritize
ethical conduct over fleeting gains. Regulators must remain agile,
continuously adapting to the evolving nuances of financial
innovations.

During the tumultuous upheaval brought on by the COVID-19 pandemic,
regulatory bodies temporarily relaxed collateral requirements in a bid
to stabilize and invigorate the financial ecosystem. This relaxation
was designed as a relief measure, facilitating liquidity and ensuring
uninterrupted market operations during unprecedented times. However, a
notable contingent of financial institutions, quick to capitalize on
these eased conditions, escalated their leverage strategies. While the
immediate benefits of increased lending and trading activities were
palpable, this resulted in institutions becoming heavily
over-leveraged, amplifying systemic risks. The long-term ramifications
of such aggressive leveraging, in the absence of adequate collateral
buffers, have exposed the financial landscape to heightened
vulnerabilities, potentially setting the stage for future market
instabilities.

Historical Warnings: Lessons to Heed
Our past is littered with financial missteps:

1. Enron and SPEs: Their strategic obfuscation precipitated a
monumental bankruptcy in 2001, echoing the importance of unerring
transparency.
2. Lehman Brothers: Their "Repo 105" strategy was
instrumental in their 2008 demise, rippling through the world economy.
3. JPMorgan's London Whale: A harsh lesson from 2012 on the
repercussions of misusing credit derivatives.
4. Goldman Sachs: In 2010, their misleading strategies cost them a
monumental $550 million settlement.
5. LIBOR Scandal: A shocking revelation of how banks'
machinations impacted a plethora of financial instruments, culminating
in colossal fines.
6. Naked Short Selling in 2008: This destabilizing tactic during a
fragile economic period forced the SEC's hand in intervention.

These instances serve as stark reminders of the urgency for rigorous
regulatory oversight. Ensuring the trust and integrity of our
financial markets is a shared endeavor. With fortified regulations and
an informed community, we can cultivate markets that are robust,
equitable, and primed for sustainable growth.