Subject: File No. S7-05-20
From: Miguel Costa

March 10, 2020

Thank you in advance for letting me comment on this proposal.
As a very recent non-accredited investor -less than a year of start-up investing-, I believe that the best way to increase non-accredited investor investments would be to increase the limit of investment in proportion with the offering from $2200 to $11000. While I understand that some non-accredited investors might incur in more losses, I think that this alternative would be better for investment diversification and allocation, as the non-accredited investor will know exactly how much she/he can invest.
For clarification, I think that increasing the limit from $2200to $11000 -for any given 12 months- is a good measure to increase the participation of non-accredited investors in startups.
Thank you again for letting me participate and for this proposed rule.

Best regards,
Miguel Costa