Subject: File No. S7-07-12
From: Laura L Fichter, Ms

September 28, 2012

I hope this rule becomes final. The private placement nature of hedge fund marketing capitalizes on the "old boys club" and their ability to network and raise capital. As a female owner of a hedge fund, I have felt handicapped by the private placement nature of this business. I'd like to be able to tell accredited and qualified investors that I have a good product without meeting them face to face and without having a "pre-established personal relationship with them". The concern should always be to protect the investor and my firm became a New York State Registered Investment Adviser because the RIA requirements are the highest standard to protect the investor.