Subject: File No. S7-20-21
From: Tim McMillen
Affiliation: Retail investor

March 11, 2022

The same insider trading rules for investors should apply to corporations as well. Please close the loophole that allows de facto insider trading by manipulating prearranged trades at will. This loophole is detrimental to the integrity of the markets and unfairly advantageous to corporations who engage in circumventing the intent of the rules. Thank you for your consideration.