Jun. 26, 2023
Dear Securities and Exchange Commission, I am writing this email to express my support for and gratitude toward the proposed SEC Rule S7-06-22 and its amendments to modernize beneficial ownership reporting requirements.I believe the proposed changes will improve the transparency of stock ownership and create a more accountable financial system. I support the proposed rule in its entirety and want to specifically comment on the importance of the following points. 1. Protecting Shareholders and Voting Rights: To protect existing shareholders, beneficial ownership should only be granted after the underlying security is delivered. Derivative holders who do not own the underlying securities should NOT be granted beneficial ownership. 2. Preventing Market Manipulation: To maintain a fair and accountable market, hedge funds should be required to disclose their short positions and activities in a timely manner. Transparency into a hedge fund's positions will ensure all market participants have fair access to relevant and timely market data. To conclude, I strongly support the implementation of the proposed Rule S7-06-22. I sincerely believe the financial market will improve with these changes implemented. Gratefully, Michael Wang