Subject: File No. JOBS Act Title IV
From: Thomas Selz
Affiliation: Frankfurt Kurnit Klein Selz PC

March 4, 2015

When you issue the final regulations to implement Section 401 of the JOBS Act, please clarify the requirement of audited financials in the Form 1-A:

Does that mean that a startup company cannot use Regulation A+ since it will not have any financial history to audit? Or does it mean that IF a company has been in existence for at least 12 months, it must include audited financial statements?


Tom Selz