Subject: File No. S7-09-13
From: Oren Rosenthal
Affiliation: Attorney

November 4, 2013

These are sensible regulations that strike a balance between promoting innovative new products and services with the need to protect the public. I agree with the other comments stating that the $1 million exemption is too low. But only time will tell if these concerns are valid. If they are, the exemption amount can be easily raised.