Subject: File No. S7-08-20
From: Paul F. Lee

July 23, 2020

I don't agree with your proposed changes. Investors want more transparency and not less. The SEC is supposed to help the small investors and not just the large investors. The change will only help the large investors and leave the small investors more in the dark. If these smaller managers can't file these forms that they have been doing since 1975, they should get out of business. $100MM in 1975 is still a lot of money in 2020.