Subject: File No. S7-08-20
From: John K Reis, MD
Affiliation: none

July 15, 2020

I think increasing the exemption for reporting to over 3.5 billion is both ludicrous and a huge mistake. Investors are in need of more rather than less transparency and this change stacks the decks against a large number of investors, mostly small like myself.
Please don't approve this rule change