Subject: File No. S7-06-13
From: Michael F Hill, Mr

August 20, 2013

I believe this proposal will make it extremely difficult for Start-ups to receive money. Although it is great start-ups will be able to publicly announce they are raising money, it's unfortunate that the filing process is made difficult for them. A one year penalty is an extreme punishment that shouldn't be an option. It is hard enough for start-ups to receive funding as it is. If there is a new innovation that can help a lot of people and become a great business, these specifications will hurt the advancement of culture.