Subject: File No. 4-692
From: Cole Hyland

January 27, 2017

It is arbitrary and unfair to place a net worth requirement as a qualification to deem a person capable of making "advanced" investment decisions. It should be entirely at the discretion of the individual as to how to invest their money, in what manner, with whom, and at what agreed upon fee. Particularly in the case of performance-based fees, some restrictions placed on investors that are not considered "qualified" or "accredited" limit their selection on possible investment managers. If I were to invest with an investment manager, I would want their fee to be proportional to the return they delivered (i.e. a performance fee), because why should I pay them if they lost me any significant amount of money? However, due to the net worth requirements to be deemed a "qualified" and/or "accredited" investor, I may not be able to choose such a fee. Limiting investors in such a manner should not be under the scope of the government in a capitalist country. Regulations are too strict and need to be loosened.