Subject: File No. S7-04-10
From: Michael Mediano

May 13, 2010

Dear Ms.Shapiro:

I appreciate that the Commission is taking steps to modernize the Safe Harbor in light of significant market developments.

I agree with the position of another commenter that the VWAP exception should not focus on an issuers intent. Therefore, I support that the Commission remove the proposed condition for the VWAP exception that the repurchase must not be effected for the purpose of creating actual or apparent active trading in or otherwise affecting the price of the security.

Thank you for your time.