From: Coe, Michael E.
Sent: Tuesday, June 19, 2018 5:39 PM
To: OFM Performance and Planning
Subject: FY 2018 - FY 2022 Strategic Plan

This is a stylistic comment, rather than a substantive one, but I would suggest that, in item 1.3 (p.6 of the draft), "impacts retail investors" be replaced with "harms retail investors" in both places it appears.

Some things that "impact" retail investors are bad (like fraud), and others (like effective disclosure or reduced transaction costs) are good. Using a non-generic verb makes the meaning clear without the reader having to look for clues elsewhere in the sentence.

Thanks for your time.