Subject: File No. S7-06-13
From: Hans Gill

August 20, 2013

I am the founder of a startup, we have an amazing product and there are 2 of us working fulltime. We have over a 500 members and growing rapidly. I have less than 10k in working capital and don't see how in the world I would even start to make time not to mention bring in capital to stay within the rules proposed.

These rules seem to undermine the whole startup ecosystem. By placing restrictions and bans on financing all you are doing destroying our ability to focus on building products.

Investors who we reach out to are great at seeing if there is value in our companies. The investors see us laser focused on our products and appreciate that.

We don't need more distractions and added capital requirements for rules which are MEANT TO MAKE OUR LIVES EASIER BUT IN FACT HURT US WITH CAPITAL AND TIME COMMITMENT