Subject: File No. S7-24-15
From: Sean Naughton

February 26, 2020

Dear Sir/Madam,

The proposed rule changes to trading LI funds
will uneven the playing field for retail investors.
These funds were created to help the small investor participate in the market along with institutional investors. Requiring small investors to provide more financial personal information to have brokerage firms pass judgement on whether or not you are smart or experienced enough is frankly un American. We need to reduce regulations, not increase regulations. The only thing these new regulations will do is make it harder for retail investors to compete with institutional investors. The institutional investors market makers need more oversight, not the retail investor. The market makers institutions manipulate the markets with spoofing other unfair practices. A perfect example is the case of Navinder Sarao, whom repeatedly expressed his concerns to regulators concerning manipulation by market makers which fell on deaf ears. Don't restrict our freedom to trade. I question the motivation of these increased regulations. Are you protecting the small investor or the large institutions? Concentrate on the manipulation of the market by large institutions and stop picking on the small investor.

Thank You