Dear Securities and Exchange Commission, I am writing to express my concerns regarding the proposed amendments to the custody rule under the Investment Advisers Act of 1940. While I understand and appreciate the Commission’s efforts to protect advisory clients from potential theft or misappropriation by their investment advisers, I believe that the proposed changes may inadvertently hamper business growth and freedom. The new reporting requirements, particularly those related to the annual financial audit of each private fund advised by a registered investment adviser, could impose significant administrative burdens on businesses. These burdens may divert valuable resources away from core business activities, thereby stifling innovation and growth. Moreover, these requirements could potentially discourage new entrants into the market, thereby reducing competition and limiting consumer choice. This is particularly concerning given the vital role that small businesses play in driving economic growth and job creation. I urge the Commission to carefully consider these potential unintended consequences when finalizing the amendments to the custody rule. I recommend exploring alternative approaches that can achieve the same level of client protection without imposing undue burdens on businesses. For instance, the Commission could consider implementing a tiered approach to reporting requirements, where the extent of the requirements is proportionate to the size of the adviser or the level of risk associated with their activities. This could help ensure that smaller advisers are not disproportionately affected by the changes. Thank you for considering my comments. I look forward to seeing a balanced approach that protects advisory clients while also promoting business growth and freedom.