Jun. 28, 2023
Vanessa A. Countryman Secretary U.S. Securities and Exchange Commission 100 F Street, N.E. Washington, D.C. 205499–1090 rule-comments@sec.gov Re: Reopening of Comment Period for Modernization of Beneficial Ownership Reporting (File No. S7-06-22) Dear Ms. Countryman: I just noticed the deadline for comments is today, and I'm reading through the available documentation for this, so please excuse the informality of my comment... I'm just a concerned citizen with not a lot of time. The ownership of 5% of a company, and the subsequent filing of a Schedule 13D, should happen in 2-4 days. I say this because the current settlement time for a stock purchase is 2 days, and another 2 day grace period for filing (a total of 4 days) is more than enough time for a person/entity to file. This would also allow the market to discover a fair price for both potential buyers and sellers much sooner. Personally, I think that a Schedule 13D should be filed immediately in these situations, but I'm not sure there is a technical solution that is both widely available and well advertised at this time. A 2 to 4 day period might seem like an arbitrary request, but it's probably the simplest to implement without needing a technical solution. Anyways, we live in the information age, where things can happen in the span of seconds. The faster new information can be made available, the faster the market can react, and thus the more quickly a new price can be established. Shortening filing time would tighten up market efficiency, and prevent the public from operating in an information dead zone while others with non-public information use the current 10 day filing period to disenfranchise other investors. Thank You for your Time Sincerely, Lesley Gushurst A Concerned Citizen