December 28, 2020
Note: I used my sister's American phone number as this online form did not accept my Malaysian one. Aside fro that all other information are my own.
I totally agree with Mr Phil Town that this proposed change will badly affect the smaller investors.
As an investor from Malaysia, I decided to invest in the US stock market because of the relatively high level of transparency such as the quarterly and annual SEC filings Quarterly Earnings call and most of all the 13F filings that all us common investors to access information on what the large fund managers are doing. Compared to Malaysia where this information is impossible to find without connections to insiders. This has lead to the Malaysian stock market losing trust from the public as large investors release news to manipulate the market for their benefit.
My family, including my parents and in-laws who have been trying to store their assets in the Malaysian market for decades, have since transferred their money over to the US Stock exchanges since I've told them about how transparent and easy it is to find information to make educated investments in the US.
Though I am not an American citizen I know I speak for the foreign investors from countries that have less transparent stock exchanges when I say this proposed change to end the 13F filings for fund between 100million to 3.5 billion will hurt the common investor's ability to confidently invest in the US stock market.
Please do not go through with this. We want and need this information.