Subject: File No. SR-Phlx-2025-02
From: Cíntia Visnardi Fernandes

I believe they should have an office with people specialized in seeking the real and true situation of shareholders, because they need to listen to both sides of the story. Many shareholders may not know that they inherit shares and others may die because they are lonely and the entities will be harmed by brokers and administrators. It needs to have a fairer, more punitive policy and with stricter regulatory laws against this ripo arbitrage. So I believe it will inhibit this hostile and greedy behavior of brokers and administrators. It's just a simple opinion.