From: Barbara Roper 
To: Nisanci, Didem A.
Sent: Tuesday, August 07, 2012 1:24 PM
Subject: General Solicitation Ban Rulemaking

Didem,

By now I imagine you have heard from SEC staff who attended last week’s JOBS Act Implementation roundtable at the Treasury Department about how strongly investor representatives at that meeting opposed the reported plan to adopt the rule eliminating the general solicitation ban in private offerings as an interim final or temporary rule.  We have strong objections to this approach based on both substance and process, which we will detail in a forthcoming letter to the Commission.  (A letter is currently being drafted and is likely to be finalized by early next week at the latest.)  It will call on the Commission to subject this and all future JOBS Act rulemakings to the full public proposal-and-comment process required under the Administrative Procedures Act. I wanted to give you a heads up that this is coming, that it is a very important issue for a number of investor groups including CFA, and that groups who were present at last week’s meeting are prepared to be quite aggressive in voicing our concerns.

Barbara Roper,

Director of Investor Protection
Consumer Federation of America