Subject: File No. S7-07-12
From: James L. Nesfield, Mr.
Affiliation: Private Investor

August 30, 2012

The Commission states "The issuer takes reasonable steps to verify that the purchasers are accredited investors." If some guidance on what the Commission feels is reasonable be expanded upon via documentation requirements, educational requirements, and portfolio percentage of investment. Since a registered funding portal is mentioned in the legislation are the reasonable steps also required by the registered funding portal. In addition are there document retention requirements that apply to either the issuer or the registered funding portal?