Subject: File No. S7-25-06
From: Kenneth M. Reid
Affiliation: Editor, The Spear Report

February 24, 2007

Please do not raise the qualifying requirements for accredited investors at this time. There is no evidence that it will make the investment landscape any safer and I believe it will contribute to making the global financial system less diversified. At this time, diversification contributes to stability, efficiency, resiliency and to growth (captal formation).

Thank you,

Kenneth Reid