Subject: File No. 4-661
From: Dominik Fronert
Affiliation: LL.M. Student, King's College London

July 23, 2015

Dear Sir or Madam,

With great interest I took notice of your roundtable discussion and the 2012 SEC report as required by Section 939F of the Dodd-Frank Act.

After the findings in the report and the successful realization of the roundtable discussion, my question remains, what will be the next step in the undertakings of the SEC? Is there any further research planned or will there be legislative action on the matters under discussion?

I would appreciate any information about further regulatory considerations.

Thank you very much for your cooperation.

Yours faithfully,
Dominik Fronert