Subject: File No. S7-08-20
From: Brad Orders

July 22, 2020

Although I like the idea of updating The definition of a small business, I dont think $3.5 billion is an accurate threshold for creating a burden on small business. There is valuable information about the market that small investors get from these filings and As I understand it, a significant amount of that information will be lost under the proposal. This proposal seems to be providing advantage to the large investment firms at the expense of the individual investor. Please update the law to properly reflect what a small business is but please do your most important job in protecting the individual investors
Sincerely,
Brad Orders