Jan. 11, 2024
January 11, 2024 Sandy Koppen Sandyjkoppen@1791.com I am urging the SEC to NOT allow the NYSE to list *Natural Asset Companies* or NACs, pursuant to File No. SR-NYSE-2023-09. Developement of NACs will destroy farming and increase food shortages in Amernica. /thefollowing cuts express my feelings s well. Carol Roth, Comments she sent to the SEC I am urging the SEC to NOT allow the NYSE to list *Natural Asset Companies* or NACs, pursuant to File No. SR-NYSE-2023-09. NACs seek to use others* money, including that obtained via the capital markets, to buy the ability to control or *manage* productive public and private land and other natural resources. Their stated purpose in doing so is not to make a profit or to be productive, but rather to protect, conserve, restore and preserve these natural *assets*, based on whatever their own definitions of those activities are. NACs seek to use others* money, including that obtained via the capital markets, to buy the ability to control or *manage* productive public and private land and other natural resources. Their stated purpose in doing so is not to make a profit or to be productive, but rather to protect, conserve, restore and preserve these natural *assets*, based on whatever their own definitions of those activities are. I am urging the SEC to NOT allow the NYSE to list *Natural Asset Companies* or NACs, pursuant to File No. SR-NYSE-2023-09. Not only could this impact our ability to generate and access energy, critical minerals, water and food, but it could also put those decisions in the hands of institutions, such as foreign governments and their sovereign wealth funds, who could invest in these NACs and have de facto control over America*s resources. The bad outcomes here will include the subjugation of the fiduciary duty to do what is in the best interest of investors. Critical natural resources will be subject to the consolidation of a handful of wealthy and powerful individuals. And, even more frightening, control of productive resources- as well as our food supply, water, energy, tourism and more- could end up in the hands of foreign nations and their sovereign wealth funds or other bad actors. Marlo Oaks, Utah State Treasure Treasurer Oaks opposes a proposal under consideration by the Securities and Exchange Commission (SEC) that would allow for the creation and listing of a new type of company called a Natural Asset Company (NAC) on the New York Stock Exchange (NYSE). The proposal poses a significant risk to rural economies by creating a mechanism for public and private land to be permanently removed from productive use in the name of solving climate change. *The proposed creation of Natural Asset Companies is one of the greatest threats to rural communities in the history of our country,* Treasurer Oaks said. *Under the proposal, private interests, including foreign-controlled sovereign wealth funds, could use their capital to purchase or manage farmland, national and state parks, and other mineral-rich areas and stop essential economic activities like farming, grazing, and energy extraction. Recreating on Utah*s incredible natural lands could also face significant curtailment.* Unlike other types of companies, the purpose of a NAC is to maximize the value of the land*s *ecological services,* rather than generate a profit from traditional activities. "Unsustainable extractive activities" including energy extraction and the use of farm machinery and synthetic fertilizers, would be prohibited on NAC-managed land.