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

March 14, 2020

Thank you in advance for letting me comment on this proposed rule.
As a recent non-accredited investor, I applaud the alternative to change the limit that a non-accredited investor has for any given 12month period. I really believe that raising the limit from $2200 to $11000 -or 5% of the greater of annual income or net worth- will increase non-accredited investors participation and diversification of investments.
I also understand that some non-accredited investors might incur in more losses however, I believe that the vast majority of startup investors already expects total loss of their investment due to the nature of startup investing.
Nonetheless, having an extra $8800 on any given 12month period to invest would not only allow a greater participation on more successful startups but also invest in startups that have 'high' minimum investment amounts (for example, some companies have their minimum investment between $450-$500).

Thank you for the opportunity to voice my opinion and looking forward to use $11000 on exciting new startups in the future.

Best regards,
Miguel Costa