User: 
---
           
return answer between these tag <answer> write answer here</answer>
**Prompt**:
You have a deep understanding of the language of financial markets and its regulations. Please analyze the stakeholder comments in response to the US Security and Exchange Commission’s proposed rules regulating financial market participants. Examine the approval scores of the proposed rule (score ranging from -1 to 1, where -1 is strong disapproval and 1 is strong approval). Do you agree with the 2) output the number of positive terms indicating approval, neutral terms and negative terms indicating disapproval. 3) number of suggestions provided in the comment
Output in this format: Approval Score, # Positive Terms, # Neutral Terms, # Negative Terms, #Suggestions.
**Example Output**:
{
    "approvalScore": 0,
    "positiveTermsCount": 0,
    "neutralTermsCount": 0,
    "negativeTermsCount": 0,
    "suggestionsCount": 0,
}

Assistant: Understood. I will strictly follow these instructions in this conversation.
User: 
You are required to think through the problem carefully before answer and present your thinking in response.
Your thinking should not stop until you are confident.

First, break the task into parts and evaluate step by step whether your predicted answer is correct.

On each step, evaluate your thinking also.

The problem is as follows:

You have a deep understanding of the language of financial markets and its regulations. Please analyze the stakeholder comments in response to the US Security and Exchange Commission’s proposed rules regulating financial market participants. Examine the approval scores of the proposed rule (score ranging from -1 to 1, where -1 is strong disapproval and 1 is strong approval). Do you agree with the 2) output the number of positive terms indicating approval, neutral terms, and negative terms indicating disapproval. 3) number of suggestions provided in the comment. Output in json form Approval Score, # Positive Terms, # Neutral Terms, # Negative Terms, #Suggestions.

The comment is below:

@ p a   
 
 M a r c h   2 1   ,   2 0 2 2   
 
 B y   E m a i l :   
 
 V a n e s s a   A .   C o u n t r y m a n   
 S e c r e t a r y   
 U . S .   S e c u r i t i e s   &   E x c h a n g e   C o m m i s s i o n   
 1 0 0   F   S t r e e t   N E   
 
 W a s h i n g t o n ,   D . C .   2 0 5 4 9 - 1 0 9 0   
 
 R e :     F i l e   N o .   S 7 - 0 1 - 2 2 ;   A m e n d m e n t s   t o   F o r m   P F   t o   R e q u i r e   C u r r e n t   R e p o r t i n g   a n d   A m e n d   
 
 R e p o r t i n g   R e q u i r e m e n t s   f o r   L a r g e   P r i v a t e   E q u i t y   A d v i s e r s   a n d   L a r g e   L i q u i d i t y   F u n d   A d v i s e r s   
 
 D e a r   M s .   C o u n t r y m a n ,   
 
 T h e     I n s t i t u t i o n a l     L i m i t e d     P a r t n e r s     A s s o c i a t i o n     ( I L P A ) 1     a p p r e c i a t e s     t h e     o p p o r t u n i t y     t o     c o m m e n t     o n   
 p   r o p o s e d   r u l e   S 7 - 0 1 - 2 2   2     r e g a   r d i n g   p r o p o s e d   a m e n d m e n t s   t o   F o r m   P F .   I L P A   s e r v e s   o v e r   5 8 0   i n s t i t   u t i o n a   l   
 i n v e s t o r s   ( L P s )   r e p r e s e n t i n g   m o r e   t h a n   U S $ 2   t r i l l i o n   i n   p   r i v a t e   f u n d   a s s e t s .   
 
 I .   
 
 E x p a n d e d   D i s c l o s u r e s   W o u l d   M o s t   D i r e c t l y   B e n e f i t   I n v e s t o r s   i f   t h e   S E C   R e q u i r e d   P r i v a t e   
 F u n d   A d v i s e r s   t o   S h a r e   I n f o r m a t i o n   w i t h i n   F o r m   P F   w i t h   t h e i r   I n v e s t o r s   
 
 A s   w e   h a v e   i n d i c a t e d     i n   o u r   p r i o r   c o m m e n t s   t o   t h e   C o m m i s s i o n   r e g a r d i n g   F o r m   P F 3 ,   w e   b e l i e v e   t h e   F o r m   
 
 i s   a n   i m p o r t a n t   c o m p o n e n t   i n   a   r o b u s t   S E C   e x a m i n a t i o n   p r o g r a m .   T h e   i n f o r m a t i o n   i n   F o r m   P F   h e l p s   i n f o r m   
 
 S E C     e x a m i n a t i o n s     b y     i d e n t i f y i n g     s p e c i f i c     r i s k s     a n d     e v o l v i n g     p a t t e r n s     o f   p   r a c t i c e     i n     t h e     p r i v a t e     f u n d s   
 
 i n d u s t r y     w o r t h y     o f   c l o s e r     m o n i t o r i n g     a n d     p o t e n t i a l l y     f u r t h e r     i n v e s t i g a t i o n   .     T h   i s     e n h a n c e d     s u p e r v i s o r y   
 
 c a p a b i l i t y   a f f o r d e d   b y   F o r m   P F   i n f o r m a t i o n   i n   t u r n   i m p r o v e s   i n v e s t o r   p r o t e c t i o n s   f o r   I L P A ' s   m e m b e r s .   
 
 I n v e s t o r s   t o d a y   m a y   r e q u e s t   b u t   v e r y   s e l d o m   r e c e i v e   F o r m     P F   f r o m   t h e   a d v i s e r s   t o   t h e   p   r i v a t e   f u n d s   i n   
 w h i c h   t h e y   i n v e s t .   T h i s   i s   d e s p i t e   n o   p r o h i b i t i o n   u n d e r   t h e   a d o p t i n g   r e l e a s e 4 ,   o r   t h e   D o d d   F r a n   k   A c t 5   i t s e l f   
 o n   p r i v a t e   f u n d   a d v i s e r s   s h a r i n g   t h e   F o r m   w i t h   t h e i r   i n v e s t o r s .   W   h i l e   t h e r e   a r e   l i m i t a t i o n s   o n   t h e   S E C   i t s e l f   
 
 d i r e c t l y   s h a r i n g     t h i s     i n f o r m a t i o n     i n     S e c t i o n     2 0 4 ( b )   o f   t h e     I n v e s t m e n t   A d v i s e r s     A c t   a n d     i n   t h e     a d o p t i n g   
 
 1     I L P A   i s   t h e   v o i c e   o f   t h e   i n s t i t u t i o n a l   i n v e s t o r s   i n v e s t e d   i n   p r i v a t e   e q u i t y ,   c o l l o q u i a l l y   k n o w n   a s   L i m i t e d   P a r t n e r s   o r   
 L P s .   O u r   5 8 0 +   m e m b e r   i n s t i t u t i o n s   r e p r e s e n t   o v e r   U S D   2   t r i l l i o n   i n   p r i v a t e   e q u i t y   a s s e t s   u n d e r   m a n a g e m e n t   g l o b a l l y   
 a n d   i n c l u d e   p u b l i c   a n d   p r i v a t e   p e n s i o n   f u n d s ,     i n s u r a n c e   c o m p a n i e s ,   u n i v e r s i t y   e n d o w m e n t s ,   c h a r i t a b l e   f o u n d a t i o n s ,   
 f a m i l y   o f f i c e s   a n d   s o v e r e i g n   w e a l t h   f u n d s ,     a l l   o f   w h i c h   i n v e s t   i n   t h e   U . S .   a l t e r n a t i v e   i n v e s t m e n t   m a r k e t .   L P s   p r o v i d e   
 t h e   c a p i t a l   t h a t   f u e l s   p r i v a t e   e q u i t y   a n d   v e n t u r e   c a p i t a l   i n v e s t m e n t ,   g e n e r a t i n g   e c o n o m i c   g r o w t h   a n d   j o b   c r e a t i o n ,   
 a c r o s s   A m e r i c a   a n d   a r o u n d   t h e   w o r l d .   
 
 2     U . S .   S e c u r i t i e s   &   E x c h a n g e   C o m m i s s i o n ,   A m e n d m e n t s   t o   F o r m     P F   t o   R e q u i r e   C u r r e n t   R e p o r t i n g   a n d   A m e n d   
 R e p o r t i n g   R e q u i r e m e n t s   f o r   L a r g e   P r i v a t e   E q u i t y   A d v i s e r s   a n d   L a r g e   L i q u i d i t y   F u n d   A d v i s e r s ,   8 7     F e d .   R e g .   9 1 0 6   
 ( F e b r u a r y   1 7 ,   2 0 2 2 ) .   
 
 3     I L P A   L e t t e r   t o   U . S .   S e c u r i t i e s   &   E x c h a n g e   C o m m i s s i o n ,   F o r m     P F :   S E C   F i f e   N o .     2 7 0 - 6 3 6   ( A p r i l   3 0 ,   2 0 1 8 ) ,   a v a i l a b l e   a t :   
 b t t p s ' ( l i l p a   o r g / w p - c o o t e n t / u p i o a d s / 2 0 1 8 / 0 4 / 1 1   P A - C o m m e n t - I   e t t e r - o n - F o r m - P F - C o l l e c t i o o - R e q p e s t - S F C - F i l e - N o   - 
 2 7 0 - 6 3 6 - 4 . 3 0 . 1 8 . p d f ;   I L P A   L e t t e r   t o   U . S .     S e c u r i t i e s   &   E x c h a n g e   C o m m i s s i o n   C h a i r   J a y   C l a y t o n ,   S t r e n g t h e n i n g   t h e   
 P r i v a t e   E q u i t y   M a r k e t   T h r o u g h   B a l a n c e d   O v e r s i g h t   ( A p r i l   3 0 ,   2 0 1 8 ) ,   a v a i l a b l e   a t :   h t t p s : / / i l p a . o r g / w p - 
 c o n t e n t / u   p l o a d s / 2 0 1 8 / 0 4 / I L P A - L e t t e r - t o - C h a   i r m a n - C l a y t o n - o n - P E - R e g u l a t i o n - 4 . 3 0 .   1 8 . p d f .   
 
 4 U . S .   S e c u r i t i e s   &   E x c h a n g e   C o m m i s s i o n ,   R e p o r t i n g   b y   I n v e s t m e n t   A d v i s e r s   t o   P r i v a t e   F u n d s   a n d   C e r t a i n   C o m m o d i t y   
 P o o l   O p e r a t o r s   a n d   C o m m o d i t y   T r a d i n g   A d v i s o r s   o n   F o r m     P F ,     7 6   F R   7 1 1 2 8   ( N o v .   1 6 ,   2 0 1 1   ) .   
 
 5     S e e   1 5   U . S .   C o d e §   8 0 b - - 4 ( b ) .   
 
 I n s t i t u t i o n a l   L i m i t e d   P a r t n e r s   A s s o c i a t i o n   
 
 1 7 7   6     I   S t r e e t   N W   S u i t e   5 2 5   W a s h i n g t o n ,   D . C .   2 0 0 0 6   
 
  r e l e a s e ,   t h e r e   i s   n o   p r o h i b i t i o n   o n   r e q u i r i n g   p r i v a t e   f u n d   a d v i s e r s   t o   p r o v i d e   t h e   i n f o r m a t i o n   c o n t a i n e d   
 w i t h i n   F o r m   P F   t o   t h e i r   e x i s t i n g   i n v e s t o r s .     
 
 T h e   C o m m i s s i o n   h a s   t h e   a u t h o r i t y   t o   p r o p a g a t e   d i s c l o s u r e   r u l e s   u n d e r   s e c t i o n   2 1 1 ( h ) ( 1 )   o f   t h e   I n v e s t m e n t   
 A d v i s e r s   A c t ,   w h i c h   s t a t e s   t h e   C o m m i s s i o n   s h a l l   “ f a c i l i t a t e   t h e   p r o v i s i o n   o f   s i m p l e   a n d   c l e a r   d i s c l o s u r e s   t o   
 i n v e s t o r s   r e g a r d i n g   t h e   t e r m s   o f   t h e i r   r e l a t i o n s h i p s   w i t h   b r o k e r s ,   d e a l e r s   a n d   i n v e s t m e n t   a d v i s e r s … ” 6   W e   
 b e l i e v e   a   r e q u i r e m e n t     t h a t   p r i v a t e   e q u i t y   f u n d   a d v i s e r s   s h a r e     t h e   s a m e   o r   s i m i l a r   i n f o r m a t i o n     a s   w i t h i n   
 F o r m     P F     w i t h     t h e i r     i n v e s t o r s     w o u l d     b e     i n     l i n e     w i t h     C o m m i s s i o n     a u t h o r i t y     w i t h o u t     b r e a c h i n g     t h e   
 c o n f i d e n t i a l i t y   p r o v i s i o n s   o f   S e c t i o n   2 0 4 ,   p r o v i d e d   t h a t   t h e   i n f o r m a t i o n   s h a r e d   a l i g n e d   w i t h   t h e   s p e c i f i c   
 f u n d   p r o d u c t s   i n   w h i c h   t h e   r e c e i v i n g   L P s   w e r e   i n v e s t e d .   W e   u n d e r s t a n d   t h a t   i n f o r m a t i o n   w i t h i n   F o r m   P F   
 i s   i n   t h e   a g g r e g a t e   a c r o s s   m u l t i p l e   f u n d s   a n d   t h a t ,   c o n s e q u e n t l y ,   c e r t a i n   i n f o r m a t i o n   r e l a t e d   t o   s p e c i f i c   
 u n d e r l y i n g   p o r t f o l i o   c o m p a n i e s   m a y   b e   p r i v i l e g e d ,   d u e   t o   c o n f i d e n t i a l i t y   p r o v i s i o n s   w i t h i n   f u n d - s p e c i f i c   
 L P A s   o r   a g r e e m e n t s   w i t h   t h o s e   p o r t f o l i o   c o m p a n i e s .   
 
 I L P A   i s   s u p p o r t i v e   o f   e n h a n c e d   d i s c l o s u r e s   t o   t h e   S E C   i n   S e c t i o n   4   a n d   t h e   a d d i t i o n   o f   S e c t i o n   6   u n d e r   t h e   
 p r o p o s e d   r u l e ,   p a r t i c u l a r l y   i f   t h e   S E C   r e q u i r e d   a d v i s e r s   t o   s h a r e   i n f o r m a t i o n   w i t h i n   t h e   F o r m   w i t h   t h e i r   L P s ,   
 s u b j e c t   t o   c o n f i d e n t i a l i t y   p r o v i s i o n s   w i t h i n   f u n d   d o c u m e n t s .   I n f o r m a t i o n   w i t h i n   F o r m   P F   w o u l d   s h a r p e n   
 i n v e s t o r s ’     o n g o i n g     m o n i t o r i n g     o f     t h e i r     p r i v a t e     f u n d s     a s     w e l l     a s     t h e i r     d u e     d i l i g e n c e     o f     p r o s p e c t i v e     f u n d   
 i n v e s t m e n t s   w i t h   t h o s e   m a n a g e r s ,   b y   p r o v i d i n g   i n s i g h t   i n t o   s h i f t s   i n   f u n d   s t r a t e g i e s ,   c u r r e n t   a n d   h i s t o r i c a l   
 p a t t e r n s   i n   t h e   u s e   o f   l e v e r a g e   a n d   s u b s c r i p t i o n   f i n a n c i n g ,   a s   w e l l   a s   o t h e r   i m p o r t a n t   f u n d   a c t i v i t i e s .     
 
 L P s   h a v e   l o n g   o p e r a t e d   u n d e r   r e s t r i c t i o n s   i m p o s e d   b y   t h e   f u n d   d o c u m e n t s   t h a t   r e q u i r e   t h e   c o n f i d e n t i a l   
 t r e a t m e n t   o f   f u n d   s t r a t e g y   a n d   o t h e r   c o m m e r c i a l l y   s e n s i t i v e   i n f o r m a t i o n .   M o s t   o f   t h e   d a t a ,   p a r t i c u l a r l y   i n   
 S e c t i o n     4 ,     i s     n o t     r e l a t e d     t o     p u b l i c     m a r k e t s     n o r     i s     t h e     i n f o r m a t i o n     c u r r e n t ,     g i v e n     t h e     a n n u a l     f i l i n g   
 r e q u i r e m e n t ,     t h e r e f o r e     t h e     i n f o r m a t i o n     w i t h i n     t h e     F o r m     p r e s e n t s     l o w     r i s k     o f     n e g a t i v e l y     h a r m i n g     o t h e r   
 i n v e s t o r s     i n     t h e     f u n d .     T h e r e     i s     l i t t l e     c o m p e t i t i v e     a d v a n t a g e     o r     t r a d e     s e c r e t     r i s k     p r e s e n t e d     b y     r e q u i r i n g   
 i n f o r m a t i o n   w i t h i n   t h i s   F o r m   b e   s h a r e d   w i t h   e x i s t i n g   i n v e s t o r s   i n   t h e   f u n d .   
 
 E v e n   t h o u g h   L P s   s e l d o m   i f   e v e r   r e c e i v e   F o r m   P F ,   i n   m o s t   c a s e s   t h e y   c u r r e n t l y   b e a r   t h e   c o s t   o f   
 c o m p l e t i n g   t h e   F o r m   a s   a   f u n d   e x p e n s e .   I L P A   i s   s u p p o r t i v e   o f   t h e   r e c e n t   r u l e m a k i n g   p r o p o s a l   r e g a r d i n g   
 p r i v a t e   f u n d   a d v i s e r s   7   t h a t   w o u l d   p r o h i b i t   a d v i s e r s   f r o m   p a s s i n g   t h e   c o s t s   o f   c o m p l e t i n g   f o r m   P F   o n   t o   
 t h e i r   L P s .   T h i s   i s   a   w e l c o m e   c h a n g e   a n d   s h o u l d   n o t   h a v e   a n y   i m p a c t   o n   L P s   a b i l i t y   t o   r e c e i v e   i n f o r m a t i o n   
 w i t h i n   t h e   F o r m   P F ,   w h e t h e r   i n   i t s   c u r r e n t   f o r m   o r   w i t h   t h e   a d d i t i o n   o f   t h e   n e w   e l e m e n t s   i n d i c a t e d   i n   
 p r o p o s e d   r u l e   S 7 - 0 1 - 2 2 .   
 
 F u r t h e r ,   s h o u l d   t h e   S E C   i s s u e   a   n e w   d i s c l o s u r e   r u l e   m a n d a t i n g   t h a t   a d v i s e r s   p r o v i d e   L P s   w i t h   t h e   s a m e   
 o r   s i m i l a r   i n f o r m a t i o n   a s   w i t h i n   F o r m   P F ,   s u b j e c t   t o   a n y   c o n f i d e n t i a l i t y   p r o v i s i o n s   w i t h i n   L P A s ,   t h i s   s h o u l d   
 i n   n o   w a y   i m p a c t   e x i s t i n g   r e p o r t i n g   a n d   d i s c l o s u r e s   p r o v i d e d   b y   a d v i s e r s   t o   t h e i r   L P s .   
 
 I I .   
 
 I L P A   S u p p o r t s   t h e   N e w   S e c t i o n   6   b u t   R e c o m m e n d s   a   M o r e   P r a c t i c a b l e   R e p o r t i n g   W i n d o w   
 
 T h e   n e w   S e c t i o n   6   p r o p o s e d   w i t h i n   t h e   r u l e   p r o v i d e s   S E C   s t a f f   w i t h   m e a n i n g f u l   i n f o r m a t i o n   t o   i n f o r m   S E C   
 e x a m   p r o g r a m   p r i o r i t i e s ,   p a r t i c u l a r l y   r e g a r d i n g   a d v i s e r - l e d   s e c o n d a r i e s   t r a n s a c t i o n s   a n d   f u n d   e v e n t s   t h a t   
 m a y     s i g n a l     t h a t     a     p r i v a t e     f u n d     a d v i s e r     i s     u n d e r     s t r e s s .     S h a r p e n e d     S E C     s c r u t i n y ,     c h a n n e l e d     t h r o u g h     r i s k   
 a s s e s s m e n t s   a n d   e x a m i n a t i o n s ,   w i l l   p r o m o t e   b e t t e r   p r a c t i c e s   b y   p r i v a t e   f u n d   a d v i s e r s   w h e n   e n g a g i n g   i n   
 p o t e n t i a l l y     c o n f l i c t e d     t r a n s a c t i o n s     s u c h     a s     a d v i s e r - l e d     s e c o n d a r i e s .     T h e     d i s c l o s u r e s     r e q u i r e d     u n d e r     t h e   
 
 6   S e e   1 5   U . S .   C o d e   §   8 0 b – 1 1 ( h ) ( 1 ) .   
 
 7   P r o p o s e d   R u l e   r e g a r d i n g   P r i v a t e   F u n d   A d v i s e r s :   D o c u m e n t a t i o n   o f   R e g i s t e r e d   I n v e s t m e n t   A d v i s e r   C o m p l i a n c e   
 R e v i e w s ;   S E C   R e l .   I A - 5 9 5 5 ,   F i l e   N o .   0 3 - 2 2 ,   s p e c i f i c a l l y   p r o p o s e d   r u l e s   2 1 1 ( h ) ( 2 ) - 1 ( a ) ( 2 )   a n d   ( 3 )   ( F e b .   9 ,   2 0 2 2 ) .   
 
 I n s t i t u t i o n a l   L i m i t e d   P a r t n e r s   A s s o c i a t i o n                         1 7 7 6   I   S t r e e t   N W   S u i t e   5 2 5   W a s h i n g t o n ,   D . C .   2 0 0 0 6   
 
   
  n e w l y     p r o p o s e d     S e c t i o n     6     w i l l     a l s o     e n a b l e     t h e     S E C     t o     t a r g e t     d i s t r e s s e d     a d v i s e r s     m o r e     e f f e c t i v e l y     f o r   
 e x a m i n a t i o n   a n d   e n f o r c e m e n t   e f f o r t s .   
 
 T o     f u r t h e r     s t r e n g t h e n     S e c t i o n     6 ,     I L P A     r e c o m m e n d s     t h e     S E C     i n c l u d e     a n     a d d i t i o n a l     R e p o r t i n g     E v e n t   
 r e q u i r i n g   d i s c l o s u r e   i n   t h e   e v e n t   o f   i n s t a n c e s   w h e r e   t h e   a d v i s e r   h a s   i n d e m n i f i e d   t h e m s e l v e s   f r o m   c o v e r i n g   
 a n y     p e n a l t i e s     a n d / o r     l e g a l     c o s t s .     T h i s     p r o p o s e d     r e p o r t i n g     w o u l d     i n c l u d e     t h e     e f f e c t i v e     d a t e     o f     a n y   
 p a y m e n t s   m a d e ,   t h e   c o s t   a n d   h o w   p a i d ,   e . g . ,   u n d e r   a n   e x i s t i n g   i n s u r a n c e   p o l i c y ,   a n d   a   b r i e f   d e s c r i p t i o n   
 o f   t h e   e v e n t s   s u r r o u n d i n g   t h e   i n d e m n i f i c a t i o n .     
 
 I L P A ’ s     m e m b e r s     s u p p o r t     t h e     i n c l u s i o n     o f     t h e     n e w     s e c t i o n     6     b u t     b e l i e v e     a     o n e - d a y     r e p o r t i n g     p e r i o d     i s   
 u n r e a s o n a b l y   s h o r t   a n d   s u g g e s t   i n s t e a d   a   m o r e   p r a c t i c a b l e   r e p o r t i n g   t i m e l i n e ,   e . g . ,   o n e   t h a t   a l i g n s   w i t h   
 p u b l i c   c o m p a n y   8 - K   f i l i n g s   o r   f o u r   b u s i n e s s   d a y s ,   o r   1 0 - 2 0   b u s i n e s s   d a y s   i n   c e r t a i n   c a s e s ,   d e p e n d i n g   o n   
 c i r c u m s t a n c e s .   T h e   S E C   m a y   d e t e r m i n e   t h a t   r e q u i r e d   n o t i f i c a t i o n   r a n g e s   s h o u l d   v a r y   b a s e d   o n   t h e   n a t u r e   
 o f   t h e   s p e c i f i c   R e p o r t i n g   E v e n t .   T h i s   m o r e   p r a c t i c a b l e   t i m e l i n e   w i l l   e n s u r e   p r i v a t e   f u n d   a d v i s e r s   c a n   m e e t   
 t h e i r   o b l i g a t i o n s   a n d   m i n i m i z e   c o m p l i a n c e   r i s k ,   w h i l e   s t i l l   p r o v i d i n g   s u f f i c i e n t l y   t i m e l y   n o t i f i c a t i o n   t o   t h e   
 S E C   o f   a   s p e c i f i c   e v e n t   t h a t   s h o u l d   f a c t o r   i n t o   t h e   C o m m i s s i o n ’ s   b r o a d e r   r i s k     m o n i t o r i n g   a n d   o v e r s i g h t   
 a c t i v i t i e s .       
 
 W e   l o o k   f o r w a r d   t o   c o n t i n u i n g   t h e   d i a l o g u e   t o   e n s u r e   t h a t   t h e   S E C   h a s   a   f u l s o m e   a n d   d e c i s i o n - u s e f u l   v i e w   
 o f   e m e r g i n g   i n d u s t r y   p r a c t i c e s   a n d   p o t e n t i a l   a r e a s   o f   r i s k   t o   i n f o r m   t h e   C o m m i s s i o n ’ s   i n v e s t o r   p r o t e c t i o n s   
 m a n d a t e .   
 
 I n     c a s e     o f     q u e s t i o n s     o r     t o     r e q u e s t     a d d i t i o n a l     i n f o r m a t i o n ,     p l e a s e     c o n t a c t     I L P A ’ s     M a n a g i n g     D i r e c t o r ,   
 I n d u s t r y   A f f a i r s ,   J e n n i f e r   C h o i ,   a t   
 
 .     
 
 S i n c e r e l y ,     
 
 S t e v e   N e l s o n   
 C h i e f   E x e c u t i v e   O f f i c e r   
 I n s t i t u t i o n a l   L i m i t e d   P a r t n e r s   A s s o c i a t i o n   ( I L P A )     
 
 C c :   
 
 T h e   H o n o r a b l e   G a r y   G e n s l e r   
 T h e   H o n o r a b l e   C a r o l i n e   C r e n s h a w   
 T h e   H o n o r a b l e   A l l i s o n   H e r r e n   L e e   
 T h e   H o n o r a b l e   H e s t e r   P e i r c e   
 
 I n s t i t u t i o n a l   L i m i t e d   P a r t n e r s   A s s o c i a t i o n                         1 7 7 6   I   S t r e e t   N W   S u i t e   5 2 5   W a s h i n g t o n ,   D . C .   2 0 0 0 6   
 
   
   
   
   
   
   
   
 

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