Subject: File No. S7-07-12
From: Walter B Hyde

September 1, 2012

I am greatly concerned that this will open the door to a large increase in fradulent offers sent to people like myself. I meet the definition of a qualified investor, but I certainly am not qualified to evaluate how good stock market offerings are as they are totally out of my area of expertise. There need to be additional safeguards put in place to ensure that these offers are not sent to just anybody, but are only sent to professional investors and advisors who can then recommend them to their clients if they think it's a good deal. In addition, all of the Dodd-Frank protections should be put into place before this dangerous rule sees the light of day.