retention requirements of 31 CFR chapter X. Where 31 CFR chapter X and
Sec.  227.404(a) and (b) require the same records or reports to be
preserved for different periods of time, such records or reports shall
be preserved for the longer period of time.

Subpart E--Miscellaneous Provisions

Sec.  227.501  Restrictions on resales.

    (a) Securities issued in a transaction exempt from registration
pursuant to section 4(a)(6) of the Securities Act (15 U.S.C. 77d(a)(6))
and in accordance with section 4A of the Securities Act (15 U.S.C. 77d-
1) and this part may not be transferred by any purchaser of such
securities during the one-year period beginning when the securities
were issued in a transaction exempt from registration pursuant to
section 4(a)(6) of the Securities Act (15 U.S.C. 77d(a)(6)), unless
such securities are transferred:
    (1) To the issuer of the securities;
    (2) To an accredited investor;
    (3) As part of an offering registered with the Commission; or
    (4) To a member of the family of the purchaser or the equivalent,
to a trust controlled by the purchaser, to a trust created for the
benefit of a member of the family of the purchaser or the equivalent,
or in connection with the death or divorce of the purchaser or other
similar circumstance.
    (b) For purposes of this Sec.  227.501, the term accredited
investor shall mean any person who comes within any of the categories
set forth in Sec.  230.501(a) of this chapter, or who the seller
reasonably believes comes within any of such categories, at the time of
the sale of the securities to that person.
    (c) For purposes of this section, the term member of the family of
the purchaser or the equivalent includes a child, stepchild,
grandchild, parent, stepparent, grandparent, spouse or spousal
equivalent, sibling, mother-in-law, father-in-law, son-in-law,
daughter-in-law, brother-in-law, or sister-in-law of the purchaser, and
shall include adoptive relationships. For purposes of this paragraph
(c), the term spousal equivalent means a cohabitant occupying a
relationship generally equivalent to that of a spouse.

Sec.  227.502  Insignificant deviations from a term, condition or
requirement of this part (Regulation Crowdfunding).

    (a) A failure to comply with a term, condition, or requirement of
this part will not result in the loss of the exemption from the
requirements of Section 5 of the Securities Act (15 U.S.C. 77e) for any
offer or sale to a particular individual or entity, if the issuer
relying on the exemption shows:
    (1) The failure to comply was insignificant with respect to the
offering as a whole;
    (2) The issuer made a good faith and reasonable attempt to comply
with all applicable terms, conditions and requirements of this part;
and
    (3) The issuer did not know of such failure where the failure to
comply with a term, condition or requirement of this part was the
result of the failure of the intermediary to comply with the
requirements of section 4A(a) of the Securities Act (15 U.S.C. 77d-
1(a)) and the related rules, or such failure by the intermediary
occurred solely in offerings other than the issuer's offering.
    (b) Paragraph (a) of this section shall not preclude the Commission
from bringing an enforcement action seeking any appropriate relief for
an issuer's failure to comply with all applicable terms, conditions and
requirements of this part.

Sec.  227.503  Disqualification provisions.

    (a) Disqualification events. No exemption under this section
4(a)(6) of the Securities Act (15 U.S.C. 77d(a)(6)) shall be available
for a sale of securities if the issuer; any predecessor of the issuer;
any affiliated issuer; any director, officer, general partner or
managing member of the issuer; any beneficial owner of 20 percent or
more of the issuer's outstanding voting equity securities, calculated
on the basis of voting power; any promoter connected with the issuer in
any capacity at the time of such sale; any person that has been or will
be paid (directly or indirectly) remuneration for solicitation of
purchasers in connection with such sale of securities; or any general
partner, director, officer or managing member of any such solicitor:
    (1) Has been convicted, within 10 years before the filing of the
offering statement (or five years, in the case of issuers, their
predecessors and affiliated issuers), of any felony or misdemeanor:
    (i) In connection with the purchase or sale of any security;
    (ii) Involving the making of any false filing with the Commission;
or
    (iii) Arising out of the conduct of the business of an underwriter,
broker, dealer, municipal securities dealer, investment adviser,
funding portal or paid solicitor of purchasers of securities;
    (2) Is subject to any order, judgment or decree of any court of
competent jurisdiction, entered within five years before the filing of
the information required by section 4A(b) of the Securities Act (15
U.S.C. 77d-1(b)) that, at the time of such filing, restrains or enjoins
such person from engaging or continuing to engage in any conduct or
practice:
    (i) In connection with the purchase or sale of any security;
    (ii) Involving the making of any false filing with the Commission;
or
    (iii) Arising out of the conduct of the business of an underwriter,
broker, dealer, municipal securities dealer, investment adviser,
funding portal or paid solicitor of purchasers of securities;
    (3) Is subject to a final order of a state securities commission
(or an agency or officer of a state performing like functions); a state
authority that supervises or examines banks, savings associations or
credit unions; a state insurance commission (or an agency or officer of
a state performing like functions); an appropriate federal banking
agency; the U.S. Commodity Futures Trading Commission; or the National
Credit Union Administration that:
    (i) At the time of the filing of the information required by
section 4A(b) of the Securities Act (15 U.S.C. 77d-1(b)), bars the
person from:
    (A) Association with an entity regulated by such commission,
authority, agency or officer;
    (B) Engaging in the business of securities, insurance or banking;
or
    (C) Engaging in savings association or credit union activities; or
    (ii) Constitutes a final order based on a violation of any law or
regulation that prohibits fraudulent, manipulative or deceptive conduct
entered within ten years before such filing of the offering statement;
    Instruction to paragraph (a)(3). Final order shall mean a written
directive or declaratory statement issued by a federal or state agency,
described in Sec.  227.503(a)(3), under applicable statutory authority
that provides for notice and an opportunity for hearing, which
constitutes a final disposition or action by that federal or state
agency.
    (4) Is subject to an order of the Commission entered pursuant to
section 15(b) or 15B(c) of the Exchange Act (15 U.S.C. 78o(b) or 78o-
4(c)) or Section 203(e) or (f) of the Investment Advisers Act of 1940
(15 U.S.C. 80b-3(e) or (f)) that, at the time of the filing of the
information required by section 4A(b) of the Securities Act (15 U.S.C.
77d-1(b)):
    (i) Suspends or revokes such person's registration as a broker,
dealer, municipal securities dealer, investment adviser or funding
portal;
    (ii) Places limitations on the activities, functions or operations
of such person; or

    (iii) Bars such person from being associated with any entity or
from participating in the offering of any penny stock;
    (5) Is subject to any order of the Commission entered within five
years before the filing of the information required by section 4A(b) of
the Securities Act (15 U.S.C. 77d-1(b)) that, at the time of such
filing, orders the person to cease and desist from committing or
causing a violation or future violation of:
    (i) Any scienter-based anti-fraud provision of the federal
securities laws, including without limitation Section 17(a)(1) of the
Securities Act (15 U.S.C. 77q(a)(1)), Section 10(b) of the Exchange Act
(15 U.S.C. 78j(b)) and 17 CFR 240.10b-5, section 15(c)(1) of the
Exchange Act (15 U.S.C. 78o(c)(1)) and Section 206(1) of the Investment
Advisers Act of 1940 (15 U.S.C. 80b-6(1)) or any other rule or
regulation thereunder; or
    (ii) Section 5 of the Securities Act (15 U.S.C. 77e);
    (6) Is suspended or expelled from membership in, or suspended or
barred from association with a member of, a registered national
securities exchange or a registered national or affiliated securities
association for any act or omission to act constituting conduct
inconsistent with just and equitable principles of trade;
    (7) Has filed (as a registrant or issuer), or was or was named as
an underwriter in, any registration statement or Regulation A (17 CFR
230.251 through 230.263) offering statement filed with the Commission
that, within five years before the filing of the information required
by section 4A(b) of the Securities Act (15 U.S.C. 77d-1(b)), was the
subject of a refusal order, stop order, or order suspending the
Regulation A exemption, or is, at the time of such filing, the subject
of an investigation or proceeding to determine whether a stop order or
suspension order should be issued; or
    (8) Is subject to a United States Postal Service false
representation order entered within five years before the filing of the
information required by section 4A(b) of the Securities Act (15 U.S.C.
77d-1(b)), or is, at the time of such filing, subject to a temporary
restraining order or preliminary injunction with respect to conduct
alleged by the United States Postal Service to constitute a scheme or
device for obtaining money or property through the mail by means of
false representations.
    (b) Transition, waivers, reasonable care exception. Paragraph (a)
of this section shall not apply:
    (1) With respect to any conviction, order, judgment, decree,
suspension, expulsion or bar that occurred or was issued before May 16,
2016;
    (2) Upon a showing of good cause and without prejudice to any other
action by the Commission, if the Commission determines that it is not
necessary under the circumstances that an exemption be denied;
    (3) If, before the filing of the information required by section
4A(b) of the Securities Act (15 U.S.C. 77d-1(b)), the court or
regulatory authority that entered the relevant order, judgment or
decree advises in writing (whether contained in the relevant judgment,
order or decree or separately to the Commission or its staff) that
disqualification under paragraph (a) of this section should not arise
as a consequence of such order, judgment or decree; or
    (4) If the issuer establishes that it did not know and, in the
exercise of reasonable care, could not have known that a
disqualification existed under paragraph (a) of this section.
    Instruction to paragraph (b)(4). An issuer will not be able to
establish that it has exercised reasonable care unless it has made, in
light of the circumstances, factual inquiry into whether any
disqualifications exist. The nature and scope of the factual inquiry
will vary based on the facts and circumstances concerning, among other
things, the issuer and the other offering participants.
    (c) Affiliated issuers. For purposes of paragraph (a) of this
section, events relating to any affiliated issuer that occurred before
the affiliation arose will be not considered disqualifying if the
affiliated entity is not:
    (1) In control of the issuer; or
    (2) Under common control with the issuer by a third party that was
in control of the affiliated entity at the time of such events.
    (d) Intermediaries. A person that is subject to a statutory
disqualification as defined in section 3(a)(39) of the Exchange Act (15
U.S.C. 78c(a)(39)) may not act as, or be an associated person of, an
intermediary in a transaction involving the offer or sale of securities
in reliance on section 4(a)(6) of the Securities Act (15 U.S.C.
77d(a)(6)) unless so permitted pursuant to Commission rule or order.
    Instruction to paragraph (d). Sec.  240.17f-2 of this chapter
generally requires the fingerprinting of every person who is a partner,
director, officer or employee of a broker, subject to certain
exceptions.

PART 232--REGULATION S-T--GENERAL RULES AND REGULATIONS FOR
ELECTRONIC FILINGS

0
5. The authority citation for part 232 continues to read, in part, as
follows:

    Authority: 15 U.S.C. 77c, 77f, 77g, 77h, 77j, 77s(a), 77z-3,
77sss(a), 78c(b), 781, 78m, 78n, 78o(d), 78w(a), 78ll, 80a-6(c),
80a-8, 80a-29, 80a-30, 80a-37, 7201 et seq.; and 18 U.S.C. 1350,
unless otherwise noted.
* * * * *

0
6. Amend Sec.  232.101 by:
0
a. In paragraph (a)(1)(xvii) removing ``and'' at the end of the
paragraph; and
0
b. In paragraph (a)(1)(xviii) removing the period at the end of the
paragraph and adding in its place a semicolon; and
0
c. Adding paragraphs (a)(1)(xix) and (a)(1)(xx).
    The addition reads as follows:

Sec.  232.101  Mandated electronic submissions and exceptions.

    (a) * * *
    (1) * * *
    (xix) Form C (Sec.  239.900 of this chapter). Exhibits to Form C
(Sec.  239.900 of this chapter) may be filed on EDGAR as PDF documents
in the format required by the EDGAR Filer Manual, as defined in Rule 11
of Regulation S-T (Sec.  232.11 of this chapter). Notwithstanding Rule
104 of Regulation S-T (Sec.  232.104 of this chapter), the PDF
documents filed under this paragraph will be considered as officially
filed with the Commission; and
    (xx) Form Funding Portal (Sec.  249.2000 of this chapter). Exhibits
and attachments to Form Funding Portal (Sec.  249.2000 of this chapter)
may be filed on EDGAR as PDF documents in the format required by the
EDGAR Filer Manual, as defined in Rule 11 of Regulation S-T (Sec.
232.11 of this chapter). Notwithstanding Rule 104 of Regulation S-T
(Sec.  232.104 of this chapter), the PDF documents filed under this
paragraph will be considered as officially filed with the Commission.
* * * * *

PART 239--FORMS PRESCRIBED UNDER THE SECURITIES ACT OF 1933

0
7. The authority citation for part 239 continues to read, in part, as
follows:

    Authority:  15 U.S.C. 77c, 77f, 77g, 77h, 77j, 77s, 77z-2, 77z-
3, 77sss, 78c, 78l, 78m, 78n, 78o(d), 78o-7 note, 78u-5, 78w(a),
78ll, 78mm, 80a-2(a), 80a-3, 80a-8, 80a-9, 80a-10, 80a-13, 80a-24,
80a-26, 80a-29, 80a-30, and 80a-37, unless otherwise noted.

* * * * *

0
8. Add Sec.  239.900 to read as follows:

Sec.  239.900  Form C.

    This form shall be used for filings under Regulation Crowdfunding
(part 227 of this chapter).

    Note: The text of Form C will not appear in the Code of Federal
Regulations.

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* * * * *

PART 240--GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF
1934

0
9. The authority citation for part 240 continues to read, in part, as
follows:

    Authority: 15 U.S.C. 77c, 77d, 77g, 77j, 77s, 77z-2, 77z-3,
77eee, 77ggg, 77nnn, 77sss, 77ttt, 78c, 78c-3, 78c-5, 78d, 78e, 78f,
78g, 78i, 78j, 78j-1, 78k, 78k-1, 78l, 78m, 78n, 78n-1,78o, 78o-4,
78o-10, 78p, 78q, 78q-1, 78s, 78u-5, 78w, 78x, 78ll, 78mm, 80a-20,
80a-23, 80a-29, 80a-37, 80b-3, 80b-4, 80b-11, 7201 et. seq., and
8302; 7 U.S.C. 2(c)(2)(E); 12 U.S.C. 5221(e)(3); 18 U.S.C. 1350; and
Public Law 111-203, 939A, 124 Stat. 1376, (2010), unless otherwise
noted.

0
10. Add Sec.  240.12g-6 to read as follows:

Sec.  240.12g-6  Exemption for securities issued pursuant to section
4(a)(6) of the Securities Act of 1933.

    (a) For purposes of determining whether an issuer is required to
register a security with the Commission pursuant to Section 12(g)(1) of
the Act (15 U.S.C. 78l(g)(1)), the definition of held of record shall
not include securities issued pursuant to the offering exemption under
section 4(a)(6) of the Securities Act (15 U.S.C. 77d(a)(6)) by an
issuer that:
    (1) Is current in filing its ongoing annual reports required
pursuant to Sec.  227.202 of this chapter;
    (2) Has total assets not in excess of $25 million as of the end of
its most recently completed fiscal year; and
    (3) Has engaged a transfer agent registered pursuant to Section
17A(c) of the Act to perform the function of a transfer agent with
respect to such securities.
    (b) An issuer that would be required to register a class of
securities under Section 12(g) of the Act as a result of exceeding the
asset threshold in paragraph (a)(2) of this section may continue to
exclude the relevant securities from the definition of ``held of
record'' for a transition period ending on the penultimate day of the
fiscal year two years after the date it became ineligible. The
transition period terminates immediately upon the failure of an issuer
to timely file any periodic report due pursuant to Sec.  227.202 at
which time the issuer must file a registration statement that registers
that class of securities under the Act within 120 days.

PART 249--FORMS, SECURITIES EXCHANGE ACT OF 1934

0
11. The authority citation for part 249 continues to read, in part, as
follows:

    Authority:  15 U.S.C. 78a et seq. and 7201 et seq.; 12 U.S.C.
5461 et seq.; and 18 U.S.C. 1350, unless otherwise noted.

* * * * *

0
12. Add subpart U, consisting of Sec.  249.2000 to read as follows:

Subpart U--Forms for Registration of Funding Portals

Sec.  249.2000  Form Funding Portal.

    This form shall be used for filings by funding portals under
Regulation Crowdfunding (part 227 of this chapter).

    Note:  The text of Form Funding Portal will not appear in the
Code of Federal Regulations.

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BILLING CODE 8011-01-C

PART 269--FORMS PRESCRIBED UNDER THE TRUST INDENTURE ACT OF 1939

0
13. The authority citation for part 269 continues to read as follows:

    Authority:  15 U.S.C. 77ddd(c), 77eee, 77ggg, 77hhh, 77iii,
77jjj, 77sss, and 78ll(d), unless otherwise noted.

PART 274--FORMS PRESCRIBED UNDER THE INVESTMENT COMPANY ACT OF 1940

0
14. The authority citation for part 274 continues to read, in part, as
follows:

    Authority:  15 U.S.C. 77f, 77g, 77h, 77j, 77s, 78c(b), 78l, 78m,
78n, 78o(d), 80a-8, 80a-24, 80a-26, and 80a-29, unless otherwise
noted.
* * * * *
0
15. Form ID (referenced in Sec. Sec.  239.63, 249.446, 269.7 and
274.402) is amended by adding a check box that reads ``Funding Portal''
in alphabetical order in the list of applicants in Part I; and the
Instructions to Form ID are amended to include the definition of
``Funding Portal'' in alphabetical order under Part I and reads
``Funding Portal: A broker acting as an intermediary in a transaction
involving the offer or sale of securities offered and sold in reliance
on Section 4(a)(6) of the Securities Act, that does not: (1) Offer
investment advice or recommendations; (2) solicit purchases, sales or
offers to buy the securities displayed on its platform; (3) compensate
employees, agents, or other persons for such solicitation or based on
the sale of securities displayed or referenced on its platform; or (4)
hold, manage, possess, or otherwise handle investor funds or
securities.''

    Note:  The amendments to Form ID will not appear in the Code of
Federal Regulations.

    Dated: October 30, 2015.
    By the Commission.
Jill M. Peterson,
Assistant Secretary.

    Note:  The following Exhibit A will not appear in the Code of
Federal Regulations.

Exhibit A

Comment Letters Received Regarding Proposing Release To Implement
Regulation Crowdfunding (File No. S7-09-13)

AABOC: Letter from Doby Gavn, President and CEO, African American
Business Opportunities Communities, Oct. 26, 2013
ABA: Letter from Catherine T. Dixon, Chair, Federal Regulation of
Securities Committee, Business Law Section, American Bar Association
Accredify: Letter from Herwig G. Konings, CEO, Accredify LLC, Nov.
30, 2013
Active Agenda: Letter from Daniel F. Zahlis, Founder, Product
Architect, Active Agenda LLC, Jan. 29, 2014
Advanced Hydro: Letter from Dileep Agnihotri, Ph.D., CEO, Advanced
Hydro Inc., Oct. 23, 2013
AEO: Letter from Connie E. Evans, President & CEO, Association for
Enterprise Opportunity, Feb. 3, 2014
AFL-CIO: Letter from Brandon J. Rees, Acting Director, Office of
Investment, AFL-CIO, Feb. 3, 2014
AFR: Letter from Americans for Financial Reform, March 5, 2014
Ahmad: Letter from Mohamed Ahmad, Aug. 21, 2014
AICPA: Letter from The American Institute of Certified Public
Accountants, Feb. 3, 2014
Amram 1: Letter from Elan Amram, Feb. 3, 2014
Amram 2: Letter from Elan Amram, Feb. 3, 2014
Angel 1: Letter from James J. Angel, Ph.D., CFA, Visiting Associate
Professor, Georgetown University, Feb. 5, 2014
Angel 2: Letter from James J. Angel, Ph.D., CFA, Visiting Associate
Professor, Georgetown University, Jul. 1, 2014
AngelList: Letter from Naval Ravikant, CEO, AngelList, Jan. 24, 3014
Anonymous 1: Letter from an anonymous person, Nov. 9, 2013
Anonymous 2: Letter from an anonymous person, Nov. 13, 2013
Anonymous 3: Letter from an anonymous person, Nov. 25, 2013
Anonymous 4: Letter from an anonymous person, Dec. 5, 2013
Anonymous 5: Letter from an anonymous person, Jan. 25, 2014
Anonymous 6: Letter from an anonymous person, Feb. 7, 2014
Arctic Island 1: Letter from Scott Purcell, Founder and CEO, Arctic
Island LLC, Nov. 4, 2013
Arctic Island 2: Letter from Scott Purcell, Founder and CEO, Arctic
Island LLC, Dec. 4, 2013
Arctic Island 3: Letter from Scott Purcell, Founder and CEO, Arctic
Island LLC, Dec. 4, 2013
Arctic Island 4: Letter from Scott Purcell, Founder and CEO, Arctic
Island LLC, Dec. 4, 2013
Arctic Island 5: Letter from Scott Purcell, Founder and CEO, Arctic
Island LLC, Dec. 6, 2013
Arctic Island 6: Letter from Scott Purcell, Founder and CEO, Arctic
Island LLC, Dec. 6, 2013
Arctic Island 7: Letter from Scott Purcell, Founder and CEO, Arctic
Island LLC, Dec. 6, 2013
Arctic Island 8: Letter from Scott Purcell, Founder and CEO, Arctic
Island LLC, Dec. 31, 2013
ASSOB: Letter from Paul M. Niederer, CEO, ASSOB Equity Funding
Platform Australia, Oct. 25, 2013
ASTTC: Letter from Mark C. Healy, President and Chief Executive
Officer, American Stock Transfer & Trust Company, Brooklyn, New
York, Feb. 3, 2014
AWBC: Letter from Marsha Bailey, Chair, Association of Women's
Business Centers, Feb. 3, 2014

BackTrack: Letter from Randy Shain, Founder and EVP, BackTrack
Reports, Nov. 12, 2013
Ball: Letter from Robert Ball, Feb. 1, 2014
BCFCU: Letter from Margot Brandenburg, Chair, Brooklyn Cooperative
Federal Credit Union, New York, New York, Feb. 3, 2014
Benavente: Letter from Javier E. Benavente, Jan. 16, 2014
Benjamin: Letter from Jordan Benjamin, Nov. 30, 2013
BetterInvesting: Letter from Kamie Zaracki, Chief Executive Officer,
et. al., Jul. 29, 2014
Borrell: Letter from Monica L. Borell, Jan. 27, 2014
Brown D.: Letter from Douglas Brown, Start-up business owner, Jan.
29, 2014
Brown J.: Letter from J. Robert Brown, Jr., Professor of Law,
University of Denver, Sturm College of Law, Jan. 27, 2014
Bullock: Letter from Leo M. Bullock, IV, Nov. 10, 2013
Bushroe: Letter from Fred Bushroe, Oct. 29, 2013
CalTech Entrepreneurs: Letter from Russell M. Frandsen, Esquire, The
Business Legal Group Executive Committee of the Caltech
Entrepreneurs Forum, Jan. 29, 2014
Campbell R.: Letter from Rutheford B. Campbell, Jr., Spears-Gilbert
Professor of Law, University of Kentucky, Feb. 14, 2014
CAMEO: Letter from Claudia Viek, CEO, California Association for
Micro Enterprise Opportunity, Feb. 3, 2014
CapSchedule: Letter from Scott Purcell, CapSchedule.com, LLC, Oct.
23, 2013
CarbonTech: Letter from Robert Shatz, CEO, CarbonTech Global LLC,
Oct. 24, 2013
CCI: Letter from Carrie Devorah, The Center For Copyright Integrity,
Feb. 3, 2014
CEI: Letter from John Berlau, Senior Fellow, Finance and Access to
Capital, Competitive Enterprise Institute, Feb. 3, 2014
CFA Institute: Letter from Kurt N. Schacht, CFA, Managing Director,
Standards and Financial Market Integrity, and Linda L. Rittenhouse,
Director, Capital Markets, CFA Institute, Feb. 3, 2014
CFIRA 1: Letter from Freeman White, Board Member, et al., CFIRA,
Jan. 19, 2014
CFIRA 2: Letter from Kim Wales, Executive Board Member, and Chris
Tyrrell, Chairman, CFIRA, Jan. 20, 2014
CFIRA 3: Letter from Kim Wales, Executive Board Member, and Chris
Tyrrell, Chairman, CFIRA, Jan. 26, 2014
CFIRA 4: Letter from Kim Wales, Executive Board Member, et al.,
CFIRA, Jan. 26, 2014
CFIRA 5: Letter from Kim Wales, Founder and CEO, Wales Capital, and
Executive Board Member, CFIRA, Jan. 26, 2014
CFIRA 6: Letter from Joy Schoffler, Board Member, et al., CFIRA,
Jan. 27, 2014
CFIRA 7: Letter from Mary Juetten, Board Member, et al., CFIRA, Jan.
31, 2014
CFIRA 8: Letter from Jonathan Miller, Board Member, et al., CFIRA
CFIRA 9: Letter from Daryl Bryant, Board Member, et al., CFIRA, Feb.
4, 2014
CFIRA 10: Letter from Robert Carbone, CFIRA Board Member,
CrowdBouncer, CEO, New York, New York, Feb. 6, 2014
CFIRA 11: Letter from Chris Tyrell, Chairman, and Kim Wales,
Executive Board Member, CFIRA, New York, New York, Feb. 6, 2014
CFIRA 12: Letter from Kim Wales, CEO, Wales Capital, and CFIRA
Executive Board Member, and Scott Purcell, CEO, Artic Island, and
CFIRA Board Member, Apr. 24, 2014
City First: Letter from John Hamilton, President, City First
Enterprises, Washington, District of Columbia, Feb. 3, 2014
Clapman: Letter from Mordechai Clapman, Oct. 25, 2013
ClearTrust: Letter from Kara Kennedy, Executive Director,
ClearTrust, LLC, Jan. 20, 2014
Cole A.: Letter from Adam Cole, Nov. 24, 2013
Cole D.: Letter from Don Cole, Oct. 25, 2013
Commonwealth of Massachusetts: Letter from William F. Galvin,
Secretary of the Commonwealth of Massachusetts, Feb. 3, 2014
Computershare: Letter from Martin (Jay) J. McHale, Jr., President,
US Equity Services, Computershare, Canton, Massachusetts, Feb. 3,
2014
Concerned Capital: Letter from Bruce Dobb, Concerned Capital--A
Social Benefit Corp., Feb. 2, 2014
Consumer Federation: Letter from Barbara Roper, Director of Investor
Protection, Consumer Federation of America, Feb. 2, 2014
Craw: Letter from Kristopher R. Craw, J.D., Denver, Colorado, Jun.
14, 2014
CSTTC: Letter from Steven G. Nelson, President and Chairman of
Continental Stock Transfer Trust Company, Jan. 31, 2014
CST: Letter from Carylyn K. Bell, President, Corporate Stock
Transfer, Inc., Jan. 15, 2014
Coombs: Letter from Jason Coombs, Feb. 7, 2014
CfPA: Letter from Charles Sidman, MBA, Ph.D., President and Chair,
for the Board of, the Crowdfunding Professional Association, Feb. 3,
2014
CRF: Letter from Frank Altman, President and CEO, Community
Reinvestment Fund, USA, Feb. 3, 2014
Cromwell: Letter from David M. Cromwell, Yale School of Management,
Adjunct Professor of Entrepreneurship, Oct. 27, 2013
CrowdBouncer: Letter from Robert C. Carbone, Founder & CEO,
CrowdBouncer, Inc., Buffalo, New York, Feb. 3, 2014
CrowdCheck 1: Letter from Sara Hanks, CEO, CrowdCheck, Inc., Jan. 9,
2014
CrowdCheck 2: Letter from Andrew D. Stephenson, Research Manager,
CrowdCheck, Inc., Jan. 23, 2014
CrowdCheck 3: Letter from Sara Hanks, CEO, CrowdCheck, Inc., Feb. 2,
2014
CrowdCheck 4: Letter from Brian R. Knight, VP, CrowdCheck, Inc.,
Feb. 2, 2014
CrowdFundConnect: Letter from Randy A. Shipley, CrowdFundConnect
Incorporated, Dec. 14, 2013
Crowdpassage 1: Letter from Matthew R. Nutting, Esq., Executive
Director, National Legal Director, Crowdpassage.com, Jan. 31, 2014
Crowdpassage 2: Letter from Matthew R. Nutting, Esq., Executive
Director, National Legal Director, Crowdpassage.com, Jan. 31, 2014
Crowdpassage 3: Letter from Matthew R. Nutting, Esq., Executive
Director, National Legal Director, Crowdpassage.com, Jan. 31, 2014
CrowdStockz: Letter from Frederic C. Schultz, Esq. and Alastair
Onglingswan, Esq., Owners of CrowdStockz.com., CrowdStockETFs.com.,
and CrowdStockFunds.com, Feb. 3, 2014
Crowley: Letter from Vincent Crowley, Nov. 11, 2013
CrwdCorp: Letter from Sean Shepherd, Founder & Chief Executive
Officer, CrwdCorp, LLC, Jan. 16, 2014
Cunningham 1: Letter from William Michael Cunningham, Social
Investing Advisor, Washington, District of Columbia, Feb. 3, 2014
Cunningham 2: Letter from William Michael Cunningham, M.B.A., M.A.,
Social Investing Advisor, Washington, District of Columbia, Feb. 3,
2014
dbbmckennon: Letter from dbbmckennon, Certified Public Accountants,
Oct. 1, 2014
DeMarco: Letter from Peter J. DeMarco, Student, Stanford Law School,
Nov. 12, 2013
Denlinger 1: Letter from Craig Denlinger, CPA, Denver, Colorado,
Feb. 3, 2014
Denlinger 2: Letter from Craig Denlinger, CPA, CrowdfundCPA, Aug.
21, 2014
Doctor: Letter from Roger Doctor, Dec. 10, 2013
Donohue: Letter from Patrick E. Donohue, Minneapolis, Minnesota,
Feb. 24, 2014
DreamFunded: Letter from Manny Fernandez, Co-Founder and CEO,
www.DreamFunded.com, Jan. 8, 2014
Duke: Letter from Heather Duke, Dec. 3, 2013
EarlyShares: Letter from Joanna Schwartz, CEO, EarlyShares.com,
Inc., Feb. 3, 2014
Echterling: Letter from Ian Echterling, Entrepreneur Feb. 21, 2014
Ellenbogen: Letter from David M. Ellenbogen, Jan. 27, 2014
EMKF: Letter from Alicia Robb, Ph.D., Senior Fellow, and Dane
Stangler, Vice President, Research & Policy, Ewing Marion Kauffman
Foundation, Feb. 3, 2014
Empire Stock: Letter from Matthew J. Blevins, Vice President, Empire
Stock Transfer Inc., Jan. 15, 2014
EquityNet: Letter from Judd E. Hollas, Founder and CEO, EquityNet,
LLC
Equity Stock: Letter from Mohit Bhansali, Chief Operating Officer,
Equity Stock Transfer LLC, New York, New York, Feb. 3, 2014
Ex24: Letter from James. P. Lennane, ex24, Inc., Jan. 29, 2014
EY: Letter from Ernst & Young LLP, Feb. 3, 2014
Farnkoff: Letter from Brian Farnkoff, Editor-in-Chief, Journal of
Contemporary Health Law and Policy, Feb. 3, 2014
Farese: Letter from Robert L. Farese, Jr., Oct. 30, 2014
FAST: Letter from Salli A. Marinov, President and CEO, First
American Stock Transfer, Inc., January 23, 2014
Feinstein: Letter from Todd Feinstein, Feinstein Law, P.A., Feb. 3,
2014
Finkelstein: Letter from Elizabeth R. Makris, Finkelstein Thompson
LLP, Jan. 31, 2014
FOLIOfn: Letter from Michael J. Hogan, President & Chief Executive
Officer,

FOLIOfn Investments, Inc., McLean, Virginia, Feb. 3, 2014
Frutkin: Letter from Jonathan Frutkin, The Frutkin Law Firm, Jan.
30, 2014
Fryer: Letter from Gregory S. Fryer, Esq., Partner, Verrill Dana,
LLP, Portland, Maine, Feb. 5, 2014
FSI: Letter from David T. Bellaire, Esq., Executive Vice President &
General Counsel, Financial Services Institute, Feb. 3, 2014
Fund Democracy: Letter from Mercer Bullard, President and Founder,
Fund Democracy, Associate Professor, University of Mississippi
School of Law, Oxford, Mississippi, Feb. 3, 2014
Funderbuddies: Letter from John Mark Wendler, CPA, Funderbuddies,
Nov. 26, 2013
FundHub 1: Letter from Kendall Almerico, Crowdfunding Expert,
Attorney and CEO, Fund Hub and ClickStartMe, Jan. 29, 2014
FundHub 2: Letter from Kendall Almerico, Crowdfunding Attorney and
CEO of FundHub.Biz, Tampa, Florida, Oct. 8, 2014
Generation Enterprise: Letter from Ubon Isang, Executive, Generation
Enterprise Corporation, Oct. 24, 2013
Gibb: Letter from Jeremy Gibb, Nov. 13, 2013
Gill: Letter from Michael D. Gill, III, Esq., Jan. 22, 2014
Gimpelson 1: Letter from Alexander Gimpelson, Chest Nut Hill,
Massachusetts, Feb. 3, 2014
Gimpelson 2: Letter from Alexander Gimpelson, Chest Nut Hill,
Massachusetts, Feb. 3, 2014
Grassi: Letter from Louis C. Grassi, CPA, CFE, Managing Partner,
Grassi and Co., Jan. 20, 2014
Graves: Letter from Sam Graves, Chairman, U.S. House of
Representatives, Committee on Small Business, Washington, District
of Columbia, Feb. 3, 2014
Greenfield: Letter from Richard D. Greenfield, Esq., Greenfield
Goodman LLC, Nov. 10, 2013
Greer: Letter from Diana Greer, Jan. 27, 2014
Growthfountain: Letter from Growthfountain LLC, Jan. 7, 2014
GSJ Advisors: Letter from George Surgeon, President and CEO, GSJ
Advisors, Ltd., Feb. 3, 2014
Guzik 1: Letter from Samuel S. Guzik, Guzik and Associates, Los
Angeles, California, Feb. 11, 2014
Guzik 2: Letter from Samuel S. Guzik, Guzik and Associates, Los
Angeles, Feb. 20, 2014
Guzik 3: Letter from Samuel S. Guzik, Guzik and Associates, Los
Angeles, California, Feb. 28, 2014
Hackers/Founders: Letter from Charles Belle, Ken Priore, and Timothy
Yim, Hackers/Founders, Feb. 3, 2014
Hakanson: Letter from Sten E. Hakanson, Stillwater, Minnesota, Feb.
28, 2014
Hamilton: Letter from Brenda L. Hamilton, Hamilton & Associates Law
Group, P.A., Nov. 8, 2013
Hamman: Letter from Charles J. Hamman, Oct. 24, 2013
Harrison: Letter from Mark Harrison, Ph.D., Jan. 6, 2014
Holland: Letter from Alexandra D. Holland, Ph.D., Founder and CEO,
PIARCS, PBC, June 3, 2014
Martin: Letter from Andrew Martin, OFS, CB, Rockville, Maryland,
Oct. 18, 2014
MCS: Letter from Andrew M. Hartnett, Missouri Commissioner of
Securities, Feb. 3, 2014
Merkley: Letter from Jeffrey A. Merkley, United States Senator, Apr.
29, 2014
Haylock: Letter from Todd Haylock, Dec. 10, 2013
Heritage: Letter from David R. Burton, Senior Fellow in Economic
Policy, The Heritage Foundation, Feb. 3, 2014
Hyatt: Letter from Todd R. Hyatt, Nov. 6, 2013
IAC Recommendation: Recommendation of the SEC's Investor Advisory
Committee: Crowdfunding Regulations, Apr. 10, 2014
iCrowd: Letter from J. Bradford McGee and John P. Callaghan,
Founders, iCrwod, LLC, Jan. 31, 2014
Inkshares: Letter from Adam J. Gomolin, General Counsel, Inkshares,
Inc., Feb. 3, 2014
Jacobson: Letter from William A. Jacobson, Clinical Professor of
Law, Cornell Law School, and Director, Cornell Securities Law
Clinic, Ithaca, New York, Feb. 3, 2014
Jazz: Letter from Jim C. Shaw, Jazz Gas, Jan. 12, 2014
Johnston: Letter from Phil Johnston, Feb. 3, 2014
Joinvestor: Letter from Bryan Healey, CEO, Joinvestor, Jan. 2, 2014
Kelso: Letter from Carl Kelso, Jan. 7, 2014
Kickstarter Coaching: Letter from Jay Wittner, President Kickstarter
Coaching, Bradenton, Florida, Feb. 3, 2014
Kingonomics: Letter from Rodney S. Sampson, CEO, Kingonomics, Feb.
3, 2014
Kishon: Letter from Mannis Kishon, Dec. 22, 2013
Knudsen: Letter from Michael Knudsen, Jan. 6, 2014
Konecek: Letter from Kathleen Konecek, Nov. 30, 2013
Langrell: Letter from Alex M. Langrell, Camp Pendelton, California,
Jan. 21, 2014
Leverage PR: Letter from Joy Schoffler, Principal, Leverage PR,
Austin, Texas, Sep. 2, 2014
Lopossa: Letter from Gabriel M. Lopossa, Oct. 30, 2013
Luster: Letter from Louise Luster, Oct. 31, 2013
Mahoney: Letter from Steve Mahoney, Managing Director, Highlands
Ranch, Colorado, Jan. 20, 2014
Mantel: Letter from Russ Mantel, Oct. 23, 2013
M.A.V.: Letter from M.A.V., Nov. 3, 2013
Marsala: Letter from Charles E. Marsala -Profitibale Dining LLC,
Feb. 15, 2014
McCulley: Letter from Matthew McCulley, Jan. 10, 2014
McGladrey: Letter from McGladrey LLP, Feb. 3, 2014
Meling: Letter from Rosemary Meling, Oct. 30, 2013
Menlo Park: Letter from James O. Mason, Founder/CEO, Menlo Park
Social Media Crowdfunding Incubator, Feb. 28, 2014
Miami Nation: Letter from Ben Barnes, Director of Tribal Gaming,
Miami Nation Enterprises, Oct. 25, 2013
Milken Institute: Letter from Daniel S. Gorfine, Director, Financial
Markets Policy, and Staci Warden, Executive Director, Center for
Financial Markets, Milken Institute, Washington, District of
Columbia, Feb. 3, 2014
Mlinarich: Letter from Brett A. Mlinarich, Jan. 2, 2014
Mollick: Letter from Ethan R. Mollick, Edward B. and Shirley R.
Shils Assistant Professor of Management, Wharton School, University
of Pennsylvania, Phildelphia, Pennsylvania, Feb. 5, 2014
Morse: Letter from Matt R. Morse, Sr., Dec. 3, 2013
Moskowitz: Letter from Yonatan Moskowitz, Nov. 13, 2013
Moyer: Letter from Mike Moyer, Adjunct Associate Professor of
Entrepreneurship at the University of Chicago Booth School of
Business, Adjunct Lecturer of Entrepreneurship at Northwestern
University, Jan. 25, 2014
Mountain Hardwear: Letter from Alan A. Tabor, Co-founder, Mountain
Hardwear, Jan. 27, 2014
Multistate Tax: Letter from Frank L. Dantonio, Managing Principal,
Multistate Tax Service, LLC, Oct. 29, 2013
NAAC: Letter from Faith Bautista, President and CEO, National Asian
American Coalition, Oct. 31, 2013
NACVA: Letter from David M. Freedman, Editorial Advisor, The Value
Examiner magazine (NACVA), Jan. 16, 2014
NAHB: Letter from David L. Ledford, Senior Vice President, Housing
Finance & Regulatory Affairs, National Association of Home Builders,
Jan. 31, 2014
NASAA: Letter from Andrea Seidt, President, North American
Securities Administrators Association, Inc. (NASAA)
NASE: Letter from Katie Vlietstra, Vice President of Government
Relations Public Affairs, The National Association for the Self-
Employed, Washington, District of Columbia, Feb. 3, 2014
NaviGantt: Letter from Christopher R. York, CEO, NaviGantt, Jan. 27,
2014
NYSSCPA: Letter from J. Michael Kirkland, President, New York State
Society of Certified Public Accountants, Jan. 20, 2014
Nether: Letter from Darrell W. Nether, Nov. 1, 2013
NFIB: Letter from Dan Danner, President and CEO, National Federation
of Independent Business, Feb. 3, 2014
NPCM: Letter from Robert C. Guinto, Jr., President, Non Profit
Capital management, LLC, Oct. 24, 2013
NSBA: Letter from Todd O. McCracken, President, National Small
Business Association, Feb. 3, 2014
Odhner: Letter from Chad E. Odhner, Nov. 25, 2013
ODS: Letter from Faye Morton, General Counsel, Oklahoma Department
of Securities, Feb. 3, 2014
Omara: Letter from Sherouk Omara, Nov. 14, 2013
Otherworld: Letter from Mark Henry, Founder, Otherworld Pictures,
Apr. 11, 2014
Parsont: Letter from Jason W. Parsont, Feb. 18, 2014
Partners: Letter from Jeannine Jacokes, CEO, Partners for the Common
Good, Washington DC, District of Columbia, Feb. 3, 2014

Patel: Letter from Raj Patel, Jan. 17, 2014
PBA: Letter from Graham R. Laub, Chair, and Katayun I. Jaffari, Vice
Chair, Securities Regulation Committee of the Business Law Section,
Philadelphia Bar Association, Philadelphia, Pennsylvania, Feb. 3,
2014
Peers: Letter from Kit Hayes, Campaign Director, Peers.org, Feb. 7,
2014
Perfect Circle: Letter from Frederick C. Young, Perfect Circle
Solutions, Oct. 30, 2013
PeoplePowerFund: Letter from Steve Mayer, PeoplePowerFund.com, Jan.
31, 2014
Phillips: Letter from Everette Phillips, Entrepreneur, Jan. 15, 2014
Pioneer Realty: Letter from Charles E. Williams, MBA, EA, Founder
and Managing Director, Pioneer Realty Capital, Jan 15, 2014
Platkin: Letter from Matthew Platkin, Nov. 13, 2013
Powers: Letter from Jordan Berg Powers, Nov. 4, 2013
PPA: Letter from Douglas R. Slain, Managing Partner, Private
Placement Advisors LLC
Projectheureka: Letter from Anthony and Erika Endres, Projectheureka
LLC, Nov. 17, 2013
Propellr 1: Letter from Todd M. Lippiatt, CEO, Propellr, LLC, Jan.
27, 2014
Propellr 2: Letter from Todd M. Lippiatt, CEO, Propellr, LLC, Jan.
27, 2014
Public Startup 1: Letter from Jason Coombs, Co-Founder and CEO,
Public Startup Company, Inc., Dec. 15, 2013
Public Startup 2: Letter from Jason Coombs, Co-Founder and CEO,
Public Startup Company, Inc., Feb. 3, 2014
Public Startup 3: Letter from Jason Coombs, Co-Founder and CEO,
Public Startup Company, Inc., Feb. 11, 2014
Public Startup 4: Letter from Jason Coombs, Co-Founder and CEO,
Public Startup Company, Inc., Feb. 22, 2014
Qizilbash: Letter from Muhammad A. Qizilbash, Dec. 18. 2013
Raindance: Letter from Jeffrey L. Tucker, CEO, The Raindance Group,
Dec. 17, 2013
Ramsey: Letter from Rebecca Ramsey, Oct. 24, 2013
Reed: Letter from Terry Reed, J.D., Jan. 21, 2014
Reichman: Letter from Vic Reichman, Esq., Dec. 2, 2013
RFPIA: Letter from T. W. Kennedy, BE, CEO, Regulated Funding Portal
Industry Association, Jan. 26, 2014
Ritter: Letter from Justin A. Ritter, Esquire, Associate Attorney,
Spinella, Owings & Shaia, P.C., Nov. 18, 2013
RoC: Letter from Sang H. Lee, CEO, Return on Change, Jan. 30, 2014
RocketHub: Letter from Alon Hillel-Tuch and Jed Cohen, RocketHub,
New York, New York, Feb. 3, 2014
Rosenthal O.: Letter from Oren Rosenthal, Attorney, Nov. 4, 2013
Sam H.: Letter from Sam H., Oct. 27, 2013
Sander: Letter from Steven M. Sander, CEO, Oct. 27, 2013
Sarles: Letter from Jeff Sarles, Oct. 25, 2013
Saunders: Letter from R. Kevin Saunders, Staff Editor, Vanderbilt
Journal of Entertainment Technology Law, Nashville, Tennessee, Feb.
3, 2014
Sawhney: Letter from Sanjay Sawhney, Jan. 27, 2014
SBA Office of Advocacy: Letter from Winslow Sargeant, Ph.D., Chief
Counsel for Advocacy, and Dillon Taylor, Assistant Chief Counsel for
Advocacy, SBA Office of Advocacy, Jan. 16, 2014
SBEC: Letter from Karen Kerrigan, President & CEO, Small Business &
Entrepreneurship Council, Feb. 3, 2014
SBM: Letter from Cassie Mills, Communications Associate, Small
Business Majority, Feb. 4, 2014
Schatz: Letter from Jonathan Schatz, Nov. 13, 2013
Schwartz: Letter from Andrew A. Schwartz, Associate Professor of
Law, University of Colorado, Boulder, Colorado, Feb. 3, 2014
Scruggs: Letter from Frank Scruggs, Jan. 17, 2014
SeedInvest 1: Letter from Kiran Lingam, Esq., General Counsel,
SeedInvest, Jan. 21, 2014
SeedInvest 2: Letter from Kiran Lingam, General Counsel, SeenInvest,
Jan. 22, 2014
SeedInvest 3: Letter from Kiran Lingam, Esq., General Counsel,
SeedInvest, Feb. 3, 2014
Seed&Spark: Letter from Max Silverman, COO, Seed & Spark
Sewell: Letter from Michael J. Sewell, Esq., Jan 17, 2014
Seyfarth: Letter from Seyfarth Shaw LLP, New York, New York, Feb.
10, 2014
SFAA: Letter from Robert. J. Duke, Corporate Counsel, The Surety &
Fidelity Association of America, Nov. 19, 2013
Sfinarolakis Letter from Manolis E. Sfinarolakis, CFIRA, CFPA,
NLCFA, New Britain, Connecticut, Aug. 6, 2014
Sharewave: Letter from Joshua S. Levine, Co-Founder and CEO,
Sharewave, LLC, Dec. 18, 2013
Smith D.: Letter from Darrell Smith, Jan. 19, 2014
Smith K.: Letter from Kevin G. Smith, Electrical Engineer, Oct. 31,
2013
Song: Letter from Ntxhi Song, Student, Johnson and Wales University
Charlotte, Charlotte, North Carolina, Feb. 3, 2014
STA: Letter from Charles V. Rossi, Chairman, STA Board Advisory
Committee, The Securities Transfer Association, Inc., Dec. 18, 2013
Stalt: Letter from Bill Senner, Stalt, Inc., Jan. 27, 2014
StartEngine 1: Letter from Ron Miller, CEO, StartEngine, Los
Angeles, California, Jul. 25, 2014
StartEngine 2: Letter from Ron Miller, CEO, StartEngine
Crowdfunding, Inc., Oct. 7, 2014
StartupValley: Letter from Daryl H. Bryant, CEO, StartupValley,
Inc., Jan. 15, 2014
Stephenson: Letter from Andrew D. Stephenson, Brian Knight, and
Matthew Bahleda, Feb. 3, 2014
Stieglitz: Letter from Edward B. Stieglitz, Oct. 28, 2013
Syed: Letter from Idrus R. Syed, MBA, Oct. 24, 2013
Tafara: Letter from Peter Tafara, Nov. 8, 2013
Hillside: Letter from Anthony M. Tate, Hillside Technological
Innovation LLC, Cedar Rapids, Iowa, Feb. 11, 2014
TAN: Letter from Olawale Ayeni, MBA, and Bolaji Olutade, Ph.D., The
African Network, Dec. 12, 2013
Taylor M.: Letter from Mack Taylor, Nov. 8, 2013
Taylor R.: Letter from Ryan S. Taylor, Crowdfunder, Oct. 24, 2013
Taylor T.: Letter from Terry L. Taylor, Oct. 24, 2013
Thomas 1: Letter from Jeff Thomas, JD, CPA, Chair of Business and
Associate Professor, Johnson & Wales University, Charlotte, North
Carolina, Feb. 3, 2014
Thomas 2: Letter from Jeff Thomas, JD, CPA, Chair of Business and
Associate Professor, Charlotte, North Carolina, Feb. 3, 2014
Thompson: Letter from Lyle Thompson, Entrepreneur, Dec.10, 2013
Tiny Cat: Letter from L. David Varvel and Ellenor Varvel, Founders,
Tiny Cat Loans, Feb. 3, 2014
TraceFind: Letter from Wendi C. Hawley, MA, ATR-BC, CEO, TraceFind
Technologies, Inc., Oct. 24, 2013
Traklight: Letter from Mary E. Juetten, Founder & CEO,
Traklight.com, Feb. 2, 2014
Tucker: Letter from Gary Tucker, Feb. 17, 2014
US Black Chambers: Letter from Ron Busby, President, US Black
Chambers, Inc., Washington, District of Columbia, Feb. 3, 2014
U.S. Chamber of Commerce: Letter from Tom Quaadman, Vice President,
Center for Capital Markets Competitiveness, U.S. Chamber of
Commerce, Feb. 3, 2014
Verinvest: Letter from David Benway, Chief Executive Officer,
Verinvest Corporation, Jan. 17, 2014
Vann: Letter from James Vann, Greenfield, Missouri, Apr. 11, 2014
Vest: Letter from Sean Osterday & Peter Wild, Vest Inc., San
Francisco, California, Feb. 3, 2014
Vidal: Letter from Eduardo Vidal, Jan. 27, 2014
Vossberg: Letter from Trevor Vossberg, Oct. 23, 2013
Wales Capital 1: Letter from Kim Wales, Founder and CEO, Wales
Capital, Feb. 3, 2014
Wales Capital 2: Letter from Kim Wales, Founder and CEO, Wales
Capital, Mar. 2, 2014
Wales Capital 3: Letter from Kim Wales, Founder and CEO, Wales
Capital, Mar. 12, 2014
WealthForge: Letter from Mathew Dellorso, CEO, WealthForge Holdings,
Inc., Richmond, Virginia, Feb. 3, 2014
Wear: Letter from Zak Wear, Dec. 10, 2013
Wefunder: Letter from Nicholas Tommarello, CEO, Wefunder, January
31, 2014
Whitaker Chalk: Letter from John R. Fahy and Wayne M. Whitaker,
Whitaker Chalk Swindle & Schwartz PLLC, Jan. 7, 2014
Wilhelm: Letter from Jonathan R. Wilhelm, Jan. 27, 2014
Wilson: Letter from Margaret A. Wilson, Professor of Technology
Commercialization, Austin, Texas, Feb. 3, 2014
Winters: Letter from Dennis Winters, Esq., Jan. 9, 2014
WIPP: Letter from Barbara Kasoff, President, Women Impacting Public
Policy, Feb. 3, 2014
Woods: Letter from Thell M. Woods, Jan. 13, 2014
Yudek: Letter from David B. Kopp, CEO, Yudek, Inc. Oct. 29, 2013

Zeman: Letter from Jason Zeman, Nov. 30, 2013
Zhang: Letter from Runan Zhang, Esq., Law Offices of Runan Zhang,
Washington, District of Columbia, Feb. 3, 2014
7thenterprise: Letter from Jarone V. Price, CEO, 7thenterprise
International Inc., Jan. 22, 2014
11 Wells: Letter from Robert McManus, The 11 Wells Spirits Company,
Jan. 28, 2014
[FR Doc. 2015-28220 Filed 11-13-15; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: February 19, 2010 (Volume 75, Number 33)]
[Proposed Rules]
[Page 7405-7407]
[DOCID:fr19fe10-16]

========================================================================
Proposed Rules
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains notices to the public of
the proposed issuance of rules and regulations. The purpose of these
notices is to give interested persons an opportunity to participate in
the rule making prior to the adoption of the final rules.

========================================================================

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2010-0123; Directorate Identifier 2010-CE-004-AD]
RIN 2120-AA64

Airworthiness Directives; British Aerospace Regional Aircraft
Model Jetstream Series 3101 and Jetstream Model 3201 Airplanes

AGENCY: Federal Aviation Administration (FAA), Department of
Transportation (DOT).

ACTION: Notice of proposed rulemaking (NPRM).

-----------------------------------------------------------------------

SUMMARY: We propose to adopt a new airworthiness directive (AD) for the
products listed above. This proposed AD results from mandatory
continuing airworthiness information (MCAI) originated by an aviation
authority of another country to identify and correct an unsafe
condition on an aviation product. The MCAI describes the unsafe
condition as:

    BAE Systems have received three reports of uncommanded flap
extensions affecting different Jetstream 31 aeroplanes. In one
instance, the aeroplane exceeded the airspeed limit allowed for the
uncommanded flap configuration, resulting in damage to the wing
trailing edge.
    Following investigation, it was considered that a loss of
electrical signal to the ``up'' solenoid of the flap selector valve
had occurred and, combined with the normal internal leakage in the
hydraulic system, resulted in hydraulic pressure being supplied to
the ``down'' side of the flap hydraulic jack. The loss of signal
could have been intermittent, and the evidence strongly implicated
oxide debris contamination of the flap selector switch contacts.
    This condition, if not corrected, could lead to further cases of
damage to the aeroplane due to airspeed limit exceedance, possibly
resulting in asymmetric flap deployment, which could lead to loss of
control of the aeroplane.

DATES: We must receive comments on this proposed AD by April 5, 2010.

ADDRESSES: You may send comments by any of the following methods:
     Federal eRulemaking Portal: Go to http://
www.regulations.gov. Follow the instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue, SE., Washington, DC 20590.
     Hand Delivery: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue, SE., Washington, DC 20590, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays.

Examining the AD Docket

    You may examine the AD docket on the Internet at http://
www.regulations.gov; or in person at the Docket Management Facility
between 9 a.m. and 5 p.m., Monday through Friday, except Federal
holidays. The AD docket contains this proposed AD, the regulatory
evaluation, any comments received, and other information. The street
address for the Docket Office (telephone<PHONE_NUMBER>) is in the
ADDRESSES section. Comments will be available in the AD docket shortly
after receipt.

FOR FURTHER INFORMATION CONTACT: Taylor Martin, Aerospace Engineer,
FAA, Small Airplane Directorate, 901 Locust, Room 301, Kansas City,
Missouri 64106; telephone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Comments Invited

    We invite you to send any written relevant data, views, or
arguments about this proposed AD. Send your comments to an address
listed under the ADDRESSES section. Include ``Docket No. FAA-2010-0123;
Directorate Identifier 2010-CE-004-AD'' at the beginning of your
comments. We specifically invite comments on the overall regulatory,
economic, environmental, and energy aspects of this proposed AD. We
will consider all comments received by the closing date and may amend
this proposed AD because of those comments.
    We will post all comments we receive, without change, to http://
www.regulations.gov, including any personal information you provide. We
will also post a report summarizing each substantive verbal contact we
receive about this proposed AD.

Discussion

    The European Aviation Safety Agency (EASA), which is the Technical
Agent for the Member States of the European Community, has issued EASA
AD No.: 2009-0267, dated December 17, 2009 (referred to after this as
``the MCAI''), to correct an unsafe condition for the specified
products. The MCAI states:

    BAE Systems have received three reports of uncommanded flap
extensions affecting different Jetstream 31 aeroplanes. In one
instance, the aeroplane exceeded the airspeed limit allowed for the
uncommanded flap configuration, resulting in damage to the wing
trailing edge.
    Following investigation, it was considered that a loss of
electrical signal to the ``up'' solenoid of the flap selector valve
had occurred and, combined with the normal internal leakage in the
hydraulic system, resulted in hydraulic pressure being supplied to
the ``down'' side of the flap hydraulic jack. The loss of signal
could have been intermittent, and the evidence strongly implicated
oxide debris contamination of the flap selector switch contacts.
    This condition, if not corrected, could lead to further cases of
damage to the aeroplane due to airspeed limit exceedance, possibly
resulting in asymmetric flap deployment, which could lead to loss of
control of the aeroplane.
    To address this unsafe condition, BAE Systems have developed a
modification for the wiring to the flap selector switch, connecting
a different (unused) pair of contacts to provide a duplicated signal
path within the switch.
    For the reasons described above, this AD requires the
modification of the flap selector switch wiring.

You may obtain further information by examining the MCAI in the AD
docket.

Relevant Service Information

    BAE Systems has issued British Aerospace Jetstream Series 3100 &
3200 Service Bulletin 27-JM7861, dated February 12, 2008. The actions
described in this service information are intended to correct the
unsafe condition identified in the MCAI.

FAA's Determination and Requirements of the Proposed AD

    This product has been approved by the aviation authority of another
country, and is approved for operation in the United States. Pursuant
to our bilateral agreement with this State of

Design Authority, they have notified us of the unsafe condition
described in the MCAI and service information referenced above. We are
proposing this AD because we evaluated all information and determined
the unsafe condition exists and is likely to exist or develop on other
products of the same type design.

Differences Between This Proposed AD and the MCAI or Service
Information

    We have reviewed the MCAI and related service information and, in
general, agree with their substance. But we might have found it
necessary to use different words from those in the MCAI to ensure the
AD is clear for U.S. operators and is enforceable. In making these
changes, we do not intend to differ substantively from the information
provided in the MCAI and related service information.
    We might also have proposed different actions in this AD from those
in the MCAI in order to follow FAA policies. Any such differences are
highlighted in a NOTE within the proposed AD.

Costs of Compliance

    We estimate that this proposed AD will affect 190 products of U.S.
registry. We also estimate that it would take about 5 work-hours per
product to comply with the basic requirements of this proposed AD. The
average labor rate is $85 per work-hour. Required parts would cost
about $50 per product.
    Based on these figures, we estimate the cost of the proposed AD on
U.S. operators to be $90,250, or $475 per product.

Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. Subtitle I, section 106, describes the
authority of the FAA Administrator. ``Subtitle VII: Aviation
Programs,'' describes in more detail the scope of the Agency's
authority.
    We are issuing this rulemaking under the authority described in
``Subtitle VII, Part A, Subpart III, Section 44701: General
requirements.'' Under that section, Congress charges the FAA with
promoting safe flight of civil aircraft in air commerce by prescribing
regulations for practices, methods, and procedures the Administrator
finds necessary for safety in air commerce. This regulation is within
the scope of that authority because it addresses an unsafe condition
that is likely to exist or develop on products identified in this
rulemaking action.

Regulatory Findings

    We determined that this proposed AD would not have federalism
implications under Executive Order 13132. This proposed AD would not
have a substantial direct effect on the States, on the relationship
between the national Government and the States, or on the distribution
of power and responsibilities among the various levels of government.
    For the reasons discussed above, I certify this proposed
regulation:
    1. Is not a ``significant regulatory action'' under Executive Order
12866;
    2. Is not a ``significant rule'' under the DOT Regulatory Policies
and Procedures (44 FR 11034, February 26, 1979); and
    3. Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.
    We prepared a regulatory evaluation of the estimated costs to
comply with this proposed AD and placed it in the AD docket.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Incorporation by
reference, Safety.

The Proposed Amendment

    Accordingly, under the authority delegated to me by the
Administrator, the FAA proposes to amend 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

    1. The authority citation for part 39 continues to read as follows:

    Authority:  49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13  [Amended]

    2. The FAA amends Sec.  39.13 by adding the following new AD:

British Aerospace Regional Aircraft: Docket No. FAA-2010-0123;
Directorate Identifier 2010-CE-004-AD.

Comments Due Date

    (a) We must receive comments by April 5, 2010.

Affected ADs

    (b) None.

Applicability

    (c) This AD applies to Jetstream Series 3101 and Jetstream Model
3201 airplanes, all serial numbers, certificated in any category.

Subject

    (d) Air Transport Association of America (ATA) Code 27: Flight
Controls.

Reason

    (e) The mandatory continuing airworthiness information (MCAI)
states:

    BAE Systems have received three reports of uncommanded flap
extensions affecting different Jetstream 31 aeroplanes. In one
instance, the aeroplane exceeded the airspeed limit allowed for the
uncommanded flap configuration, resulting in damage to the wing
trailing edge.
    Following investigation, it was considered that a loss of
electrical signal to the `up' solenoid of the flap selector valve
had occurred and, combined with the normal internal leakage in the
hydraulic system, resulted in hydraulic pressure being supplied to
the `down' side of the flap hydraulic jack. The loss of signal could
have been intermittent, and the evidence strongly implicated oxide
debris contamination of the flap selector switch contacts.
    This condition, if not corrected, could lead to further cases of
damage to the aeroplane due to airspeed limit exceedance, possibly
resulting in asymmetric flap deployment, which could lead to loss of
control of the aeroplane.
    To address this unsafe condition, BAE Systems have developed a
modification for the wiring to the flap selector switch, connecting
a different (unused) pair of contacts to provide a duplicated signal
path within the switch.
    For the reasons described above, this AD requires the
modification of the flap selector switch wiring.

Actions and Compliance

    (f) Unless already done, within 6 months after the effective
date of this AD, install modification JM7861, Introduction of a Wire
Link to Flap Selector Switch, following the accomplishment
instructions of BAE Systems British Aerospace Jetstream Series 3100
& 3200 Service Bulletin 27-JM7861, dated February 12, 2008.

FAA AD Differences

    Note:  This AD differs from the MCAI and/or service information
as follows: No differences.

Other FAA AD Provisions

    (g) The following provisions also apply to this AD:
    (1) Alternative Methods of Compliance (AMOCs): The Manager,
Standards Office, FAA, has the authority to approve AMOCs for this
AD, if requested using the procedures found in 14 CFR 39.19. Send
information to ATTN: Taylor Martin, Aerospace Engineer, FAA, Small
Airplane Directorate, 901 Locust, Room 301, Kansas City, Missouri
64106; telephone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>. Before using
any approved AMOC on any airplane to which the AMOC applies, notify
your appropriate principal inspector (PI) in the FAA Flight
Standards District Office (FSDO), or lacking a PI, your local FSDO.
    (2) Airworthy Product: For any requirement in this AD to obtain
corrective actions from a manufacturer or other source, use these
actions if they are FAA-approved. Corrective actions are considered
FAA-approved if they are approved by the State of Design Authority
(or their delegated agent). You are required to assure the product
is airworthy before it is returned to service.

    (3) Reporting Requirements: For any reporting requirement in
this AD, under the provisions of the Paperwork Reduction Act (44
U.S.C. 3501 et seq.), the Office of Management and Budget (OMB) has
approved the information collection requirements and has assigned
OMB Control Number 2120-0056.

Related Information

    (h) Refer to MCAI European Aviation Safety Agency AD No.: 2009-
0267, dated December 17, 2009; and BAE Systems British Aerospace
Jetstream Series 3100 & 3200 Service Bulletin 27-JM7861, dated
February 12, 2008, for related information.

    Issued in Kansas City, Missouri, on February 8, 2010.
Steven W. Thompson,
Acting Manager, Small Airplane Directorate, Aircraft Certification
Service.
[FR Doc. 2010-3190 Filed 2-18-10; 8:45 am]
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[Federal Register Volume 84, Number 105 (Friday, May 31, 2019)]
[Proposed Rules]
[Pages 25207-25208]
[FR Doc No: 2019-11286]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Parts 401, 404, 413, 414, 415, 417, 420, 431, 433, 435, 437,
440, and 450

[Docket No.: FAA-2019-0229; Notice No. 19-01A]
RIN 2120-AL17

Streamlined Launch and Reentry Licensing Requirements; Extension
of Comment Period

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM); extension of comment
period.

-----------------------------------------------------------------------

SUMMARY: This action extends the comment period for an NPRM that was
published on April 15, 2019. In that document, the FAA proposed to
streamline and increase the flexibility in the FAA's commercial space
launch and reentry regulations. This action would consolidate and
revise multiple regulatory parts and apply a single set of licensing
and safety regulations across several types of operations and vehicles.
The FAA is extending the comment period closing date to allow
commenters time to adequately analyze the proposed rule and prepare
response.

DATES: The comment period for the NPRM published on April 15, 2019 at
84 FR 15296 and scheduled to close on June 14, 2019, is extended until
July 30, 2019.

ADDRESSES: You may send comments identified by docket number FAA-2019-
0229 using any of the following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov and follow the online instructions for sending your
comments electronically.
     Mail: Send comments to Docket Operations, M-30; U.S.
Department of Transportation (DOT), 1200 New Jersey Avenue SE, Room
W12-140, West Building Ground Floor, Washington, DC 20590-0001.
     Hand Delivery or Courier: Take comments to Docket
Operations in Room W12-140 of the West Building Ground Floor at 1200
New Jersey Avenue SE, Washington, DC, between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.
     Fax: Fax comments to Docket Operations at<PHONE_NUMBER>.
    Privacy: In accordance with 5 U.S.C. 553(c), DOT solicits comments
from the public to better inform its rulemaking process. DOT posts
these comments, without edit, including any personal information the
commenter provides, to www.regulations.gov, as described in the system
of records notice (DOT/ALL-14 FDMS), which can be reviewed at
www.dot.gov/privacy.
    Docket: Background documents or comments received may be read at
http://www.regulations.gov at any time. Follow the online instructions
for accessing the docket or Docket Operations in Room W12-140 of the
West Building Ground Floor at 1200 New Jersey Avenue SE, Washington,
DC, between 9 a.m. and 5 p.m., Monday through Friday, except Federal
holidays.

FOR FURTHER INFORMATION CONTACT: Ralen Gao, ARM-209, Office of
Rulemaking, Federal Aviation Administration, 800 Independence Avenue
SW, Washington, DC 20591, telephone<PHONE_NUMBER>; email
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

A. Comments Invited

    The FAA invites interested persons to participate in this
rulemaking by submitting written comments, data, or views. The agency
also invites comments relating to the economic, environmental, energy,
or federalism impacts that might result from adopting the proposals in
this document. The most helpful comments reference a specific portion
of the proposal, explain the reason for any recommended change, and
include supporting data. To ensure the docket does not contain
duplicate comments, commenters should send only one copy of written
comments, or if comments are filed electronically, commenters should
submit only one time.
    The FAA will file in the docket all comments it receives, as well
as a report summarizing each substantive public contact with FAA
personnel concerning this proposed rulemaking. Before acting on this
proposal, the FAA will consider all comments it receives on or before
the closing date for comments. The FAA

will consider comments filed after the comment period has closed if it
is possible to do so without incurring expense or delay. The agency may
change this proposal in light of the comments it receives.

B. Availability of Rulemaking Documents

    An electronic copy of rulemaking documents may be obtained from the
internet by--
    1. Searching the Federal eRulemaking Portal (http://www.regulations.gov);
    2. Visiting the FAA's Regulations and Policies web page at http://www.faa.gov/regulations_policies or
    3. Accessing the Government Printing Office's web page at http://www.gpo.gov/fdsys/.
    Copies may also be obtained by sending a request to the Federal
Aviation Administration, Office of Rulemaking, 800 Independence Avenue
SW, Washington, DC 20591, or by calling<PHONE_NUMBER>. Commenters must
identify the docket or notice number of this rulemaking.
    All documents the FAA considered in developing this proposed rule,
including economic analyses and technical reports, may be accessed from
the internet through the Federal eRulemaking Portal referenced in item
(1) above.

Background

    On March 26, 2019, the FAA posted a draft copy of the NPRM entitled
``Streamlined Launch and Reentry Licensing Requirements'' on its
website for public preview. On April 15, 2019, this rule, containing
minimal changes, was published as Notice No. 19-01 in the Federal
Register (84 FR 15296). Commenters were instructed to provide comments
on or before June 14, 2019.
    Since publication, fifty-six commenters \1\ have requested an
extension of the comment period to a total of 120 days, or until August
13, 2019, citing the proposed rule's breadth, significant impact,
length, and complexity. The commenters stated a longer time frame is
necessary in order to fully review the proposed rule and develop
comments and recommendations.
---------------------------------------------------------------------------

    \1\ The commenters are Aerospace Industries Association (AIA),
Analytical Graphics Inc. (AGI), Aircraft Owners and Pilots
Association (AOPA), Airlines for America, Airports Council
International--North America (ACI), Air Line Pilots Association
(ALPA), American Association of Airline Executives (AAAE), Arete
STEM Foundation, Arizona State University, Atomos Space, Axiom, Blue
Origins, Colorado Air and Space Port, Exos Aerospace, Generation
Orbit, Houston Space Port, Heinlein Prize Trust, Johns Hopkins
University, InterFlight Global Corporation, Leo Aerospace, Maxar
Technologies, Midland International Air & Space Port, Misty Harbor
HOA, MLA Space, Mojave Air & Space Port, Momentus, Moon Express,
National Air Traffic Controllers Association (NATCA), New Mexico
Spaceport Authority, Purdue School of Aeronautics and Astronautics,
Quest for Stars, Regional Airline Association (RAA), Sierra Nevada
Corporation, Spaceport Strategies LLC, SpaceX, Space Angels, Space
Florida, Spaceport Camden, SpinLaunch, Southwest Research Institute,
TeamHealth Healthcare Staffing, Techshot, TIP Technologies, Vector
Launch, Virgin Galactic, Virgin Orbit, World View, Xplore Inc., and
various members of the public.
---------------------------------------------------------------------------

    The FAA agrees with the petitioners' request for an extension of
the comment period. It recognizes the content of the proposed rule is
significant and complex, and that an extension would help commenters
craft complete and thoughtful responses. Because the rule was posted on
the FAA's website 20 days prior to its publication in the Federal
Register, the FAA is extending the comment period an additional 45
days. With this extension, the comment period will now close on July
30, 2019. This will provide the public with a total of 125 days to
conduct its review.
    The FAA does not anticipate any further extension of the comment
period for this rulemaking.

Extension of Comment Period

    In accordance with Sec.  11.47(c) of Title 14, Code of Federal
Regulations, the FAA has reviewed the petitions for extension of the
comment period for this notice. The petitioners have shown a
substantive interest in the proposed policy and good cause for the
extension of the comment period. The FAA has determined that an
extension of the comment period for an additional 45 days to July 30,
2019, is consistent with the public interest, and that good cause
exists for taking this action.
    Accordingly, the comment period for Notice No. 19-01 is extended
until July 30, 2019.

    Issued under authority provided by 49 U.S.C. 106(f), 44701(a),
and 44703 in Washington, DC, on May 24, 2019.
Lirio Liu,
Executive Director, Office of Rulemaking.
[FR Doc. 2019-11286 Filed 5-30-19; 8:45 am]
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