Subject: File No. JOBS Act Title III
From: Martin Wright

August 7, 2012

I know that funding portals are not allowed to offer investment advice, but I cannot find a good definition of what is allowed and/or not allowed. Specifically, I believe portals will be allowed to sort and organise businesses seeking funding, but does that include organising them into bands (such that an "A" band might be construed as less risky than a "B" band etc)? What about the rate at which the investment is made - is the funding portal allowed to guide the investor towards an indicative rate and then allow them to bid or must it be totally open (in which case some investors might make unrealistically low or high offers) or must the price be fixed (ie must investors be told the price which they can take or leave, or are they allowed to bid the rate they want)?