Subject: File No. JOBS Act Title I
From: Roger V Davidson, Esq.

May 1, 2012

I believe that it would be a disservice to the process if at the same time you are making rules relating to the JOBS Act the staff did not finalize its rules regarding Finders and Broker lite regulation. I believe it has been as much as 3 years since the end of the comment period and no difinitive rules have been issued. It has been at least 15 years since the staff and the SBA first started hearing about the need for such a set of rules relating to the historic use of Finders to assist in the process. These rules and regulations would go a long way to reduce what most of us fear is an opening in our armor against fraud. If finders are permitted to engage in fund raising to assist small issuers without becoming fully registered broker/dealers, they would bring with them an understanding of the rules relating to disclosure needed in private offering documents including financial information and risk factors among other necessary information to allow an invester to gain an understanding of the business and risks of investing in any emerging business. Additionally, if finders become a regulated group, there would be an additional source of recovery should issues arise regarding the manner of the offering and the disclosure documentation.

Thank you for considering this comment.


Roger V. Davidson