Subject: File No. S7-09-13
From: Robert L Farese, Jr
Affiliation: Former founder of a financial services firm (C-level executive board member)

October 30, 2013

Terrific As someone that has formally worked with investment bankers on structuring private placement memorandums, this new initiative is liberating from both an entreprenuerial founders perspective as well as from an investers perspective. My net worth wasn't enough to participate in funding rounds where I was more than aware of the risk and specifications around the securities.

With these new rules in place, I see trememdous opportunity for intelligent investors (people schooled in finance) vs just sophisticated investors (people who have money to spare) and the entrepreneurs of the united states.

thanks for reading