Subject: File No. S7-06-13
From: David C Stewart

September 23, 2013

I am an entrepreneur and recently raised funding. If the proposed regulations had been in place it would have been a big problem for my company. We don't have the time or resources to comply with updating the SEC with every piece of information that is shared with prospective investors. That could be construed to mean literally dozens of version of Powerpoints, demos, etc., and simply isn't practical.

At least for early stage companies this just doesn't make sense.