10/25/2023 Securities and Exchange Commission 100 F St. NE Washington, DC 20549 Re: Safeguarding Advisory Client Assets; File No. [Insert File No.] To Whom It May Concern, I am writing to provide my public comment on the proposed rule concerning the safeguarding of advisory client assets, as outlined in the Securities and Exchange Commission's (SEC) proposal. While I appreciate the SEC's efforts to enhance investor protection and address gaps in the custody rule, I have several concerns regarding the scope of the rule and the protection of client assets. Firstly, I am deeply concerned about the insufficient cybersecurity requirements for custodians, particularly in the context of digital assets. In this digital age, where data breaches and cybercrimes are increasingly prevalent, it is essential that the SEC imposes stringent cybersecurity measures on custodians of digital assets. Without robust cybersecurity requirements, the risk of theft and fraud is heightened, posing a significant threat to investor funds. I urge the SEC to reconsider and strengthen the cybersecurity provisions to ensure the protection of client assets held by custodians. Additionally, I have reservations regarding the privacy and safety of my sensitive financial data and personal information. The proposal entails the involvement of numerous third parties who would have access to this sensitive information. As a client, I am concerned about the potential misuse or unauthorized access to my data, which could lead to identity theft or other adverse consequences. It is crucial that the SEC addresses these privacy concerns and implements strict safeguards to protect client information from unauthorized access or disclosure. Furthermore, I believe it is essential to acknowledge the potential impacts and limitations of the proposed rule. While the rule aims to enhance investor protections, it is crucial to strike a balance between these objectives and the costs imposed on investment advisers. Compliance with the proposed rule may result in significant financial burdens for advisers, particularly smaller firms. The SEC should carefully consider the economic implications of the rule and evaluate whether the benefits outweigh the costs. Additionally, greater clarity and specificity should be provided regarding the projected compliance requirements to help advisers better prepare for implementation. Lastly, I wish to address the need for regular and comprehensive evaluations of the proposed rule's effectiveness. As with any regulatory change, it is crucial to monitor its impact and assess whether it achieves its intended objectives. It would be prudent for the SEC to establish mechanisms to collect feedback from advisers and investors to ensure the rule's efficacy and make any necessary adjustments as circumstances evolve. In conclusion, while I appreciate the SEC's efforts to enhance investor protections and address gaps in the safeguarding of advisory client assets, I have several concerns regarding the proposed rule. These concerns include insufficient cybersecurity requirements for custodians, privacy and safety concerns associated with sensitive financial data, and the need for comprehensive evaluations of the proposed rule's effectiveness. I urge the SEC to consider these concerns seriously and make appropriate amendments to ensure the rule provides robust protections while accommodating legitimate privacy and economic considerations. Thank you for considering my comments. I trust that the SEC will carefully review and address these concerns during its deliberations on this crucial matter. Sincerely, Mark Lockett