Subject: File No. S7-32-10
From: Anonymous
Affiliation: Procurement Officer

February 7, 2022

I am located in The Netherlands and invest amongst others in securities in the United States' capital markets. Last year has been an eye-opener with regard to the ins and outs of market structure.

I worry about what I have learnt (dark pools, internalisers, excessive (naked) shorting, limited to zero competition for retail orders and rehypothecation). I commend the SEC for putting out proposals to improve the situation.

After having read the document I understand the new rule aims to accomplish three things:

Re-propose Rule 9j-1 Prohibition Against Fraud, Manipulation, and Deception in Connection with Security-Based Swaps

Propose Rule 15Fh-4(c) Protection of the Independence and Objectivity of a Security-Based Swap Entitys Chief Compliance Officer

Propose Rule 10B-1 Position Reporting of Large Security-Based Swap Positions

I want to express my thought that it's a necessity to implement the proposed rules as put out to comment and that reporting SBS should be the norm.

Such a progress in the international financial market would only be a benefit in the long run and the opposite would really have a bad impact on the trust and effect of the financial and capital markets.

On a final note I would like to add that I would urge the SEC to not only propose and implement new rules, but also see to enforcing existing ones with penalties demotivating offenders of repeating the offense. Although I cannot provide examples of rules in place not yet enforced, I also cannot provide examples of SEC enforcement which would deter others from doing the same. Thank you for your efforts and looking forward to the change you can make.

Kind regards.