Subject: File No. S7-07-12
From: Glen Lavy
Affiliation: Senior Counsel, VP, Alliance Defending Freedom

September 28, 2012

Dear Sir or Madam:

Please do not enact the proposed regulations for hedge fund advertising under the JOBS act as proposed. Given your own research on investor financial literacy, which is pathetic, the proposed regulations would put thousands of elderly investors into an unconscionable level of risk for their retirement funds. Hedge funds should have no lower level of financial disclosure requirements than mutual funds.

Thank you,
Glen Lavy