Subject: File No. S7-08-20
From: Merlin Andrews

July 15, 2020

Individual investors rely on information from institutional investors to learn, make educated decisions, and understand the overall state of the market and potential investment funds.

The increase in the threshold requirement is simply too much, allowing far too many institutional investors to avoid transparency and disclosure to the public.

The SEC should prioritize individuals, integrity, and accountability, not try to accommodate larger institutional investors who can certainly afford any cost associated with disclosing their holdings.