Subject: File No. S7-25-06
From: Tim Day

January 28, 2007

Dear Sir,

I am of the opinion that the new ruling is onerous. It should be $2.5M in total net worth or $1M in liquid net worth. But, the $2.5M liquid net worth requirement eliminates far too many Americans who should have access to the same investment choices as the rich. Please reconsider this requirement.