Subject: File No. JOBS Act Title III
From: Frederic Baud
Affiliation: President

September 1, 2012

This proposal by the SEC is unfortunate and clearly goes against the intention of the "Crowdfund Act".

Accredited investors are not a crowd.

The intent of the legislation is to let a wide proportion of the population invest in a direct and transparent manner, while keeping the risk for them low by capping the amount of their investment. The intention is far reaching and not limited to a limited portion of the population, based on their wealth. The intent is to let capital flow to SMBs that have been hard-hit by the financial crisis, and let the general population regain confidence in finance, but a different one, one where they can have control of the allocation of their savings.

The ruling by the SEC is clearly anti-crowdfunding and should be completely revoked.

Best Regards,

Frederic Baud