Subject: File No. S7-32-10
From: Krystian Kruszelnicki

February 7, 2022

The markets can never be too transparent. No investor can truly make an informed decision on their purchase of a security or support of a business if obfuscations and obstacles are used to screen them from having a level playing field with 'those who know better'.

While I'm happy that rules such as these are being put forward and look forward to seeing more in future, I believe that retail investors have a complete and utter lack of confidence in rule enforcement by their appropriate agencies. Punishments are not reflective of the damage they cause, both monetarily, and to the reputation of the market as a whole.

In short, offending parties that violate these rules need to be:

Identified more quickly, with more tools being made available to make the required information transparent and unearth entities that misreport or mislead with their finances.

Punished appropriately with more than a slap on the wrist. The public have absolutely zero confidence that this currently happens, and it is commonly viewed that fines are simply a cost of doing business rather than the punishment that they should be.

Please consider the frustration and distrust of a public that has to the follow the rules, as we watch companies in the public eye blatantly disregard them. It is reflection of not only the markets themselves, but the enforcement agencies entrusted with their safekeeping.

Thank you for your time.