Subject: File No. 4-605
From: Frederic Baud

July 9, 2010

These are comments in regards to a petition for rulemaking change.

I support the petition for Rulemaking '-605 but think that it should not include any cap on total amount of the offering since this is already covered by Rule 504 of Reg D.

I think this is very new to consider only the cap on the investment per individual as the way to guarantee protection for all categories of investors. Furthermore, allowing this has become possible because of the technological possibilities offered today and necessary in response to the desire of large groups to mutualize financial means in order to fund projects or common causes.


Frederic Baud