Subject: File No. S7-32-10
From: Luke Dansie

February 7, 2022

Any improvements to increase transparency in the areas of swaps is welcome. For too long too much information has been obfuscated hiding nefarious activities which carry systemic risk and effectively robs shareholders from realising true value of their legitimate investments.

With this new transparency there needs to be a massive increase in the punishment for being caught. Fines should be for the complete illicit gains and more so that fines are not just a part of doing business which seems to be the case at the moment.