Subject: Regulatory Review; Suggestions About Regulations and Exemptions Relating to the Offer and Sale of Securities
From: Dr. Tom McNamara
Affiliation: Rennes School of Business

September 1, 2011

Dear Sir or Madam,

I would like to highlight the problem of the "revolving door" of high ranking SEC employees leaving their positions to go work for the very companies that they were charged with investigating.

I propose that this potential conflict of interest be remedied by instituting a minimum 5 year waiting period for all senior employees who leave the SEC before they can work for the companies that they were previously charged with regulating.

Yours truly,
Dr. Tom McNamara
Assistant Professor
Rennes School of Business
Rennes Cedex