Subject: File No. S7-28-10
From: Tom Nappi

July 14, 2011

Why do you need an exception for these securities - I would say NO -- We don't and shouldn't have any exceptions. This is just the kind of thing the law was enacted to prevent.
It looks to me they are trying to grandfather some securities?
Once again the SEC is acting for some ones special party not for the good of the country.