Subject: File No. S7-25-06
From: Michael C Ellingson
Affiliation: UBS Financial

January 30, 2007

I've been in the business over 20 years as a retail broker. I currently have over 400 accounts and most of my clients would be as capable of evaluating a hedge fund vs. any other currently approved investment choice (mutual funds, reits, commodities, cmo's, etc.). I believe raising the requirement for accredited investors would discriminate against poorer clients even thogh their investment knowledge may surpass that of the accrdited investor. There should be a way of measuring either through testing or classes that would allow nonaccredited investors the same investment choices of the accredited investor. Thanks, Mike E.