Subject: File No. S7-07-12
From: Stephen Kayner

October 8, 2012

This is a very bad idea. On the one hand you're telling us how little people know about investing, and on the other, you're offering private investment marketers carte blanche for fraud.

Who's going to audit the income or capital levels of the investors?
Why didn't you exclude retirement accounts from the capital levels?

Here we go again... foxes in charge of the henhouse.