Subject: File No. S7-24-15
From: Renan Ulrich

January 30, 2020

I am completely against this regulation because it limits the options for the investors, which should be able to decide by themselves their strategies and risks involved. Some investors won't have to option to hedge their accounts or elaborate more complex strategies as part of a bigger portfolio (to have inverse or leveraged returns). This will be a bad precedent and probably reducing the develpment of the financial markets.