Subject: File Number S7-14-19
From: David Moeller, Director of Investment Planning
Affiliation: Symphony Financial, Ltd. Co.

Feb. 06, 2020

A layman comment on this proposed rule change. You have allowed these companies to delist and most of them are doing it because they are so small they don't want to waste $500K-$1M annually preparing SEC filings. I know our small business could not afford to do this either. Now you are trying to further punish the investors in these companies by making trading impossible. I understand trying to prevent fraud but this is the wrong was.

What you should do is allow a minimal level of filing level and caveat emptor for investors both small and large to do what they want. A thousand investors looking at these markets and companies will figure out the frauds much faster then the SEC can. Then they could tip off the SEC so your not wasting time looking at everything just at the known frauds.

David A. Moeller, CIMA®
Director of Investment Planning
Symphony Financial, Ltd. Co.