TAILIEUCHUNG - Comments on SEC Regulatory Initiatives Under Title II of the JOBS Act

Investment transactions are accounted for on the trade date. Realized gains (losses) from the sale of investments and unrealized appreciation (depreciation) in the value of investments are calculated with reference to the average cost of the related investments which exclude brokerage commissions and other trading expenses. All net realized gains (losses), unrealized appreciation (depreciation) in value, and transaction costs are attributable to investments and derivative instruments which are deemed held for trading, and are included in the Statement of Operations | INVESTMENT IF I COMPANY INSTITUTE 1401 H Street NW Washington DC 20005-2148 USA 202 326-5800 May 21 2012 Elizabeth M. Murphy Secretary Securities and Exchange Commission 100 F Street NE Washington DC 20549-1090 Re Comments on SEC Regulatory Initiatives Under Title II of the JOBS Act Dear Ms. Murphy Congress recently enacted the Jumpstart Our Business Startups Act the JOBS Act which among other things directs the Securities and Exchange Commission Commission to amend its rules to repeal the ban on general solicitation and general advertising in offerings under Rule 506 of Regulation D provided that all sales are only to accredited The Investment Company Institute2 is taking the opportunity to submit advance comments on this particular aspect of the Commission s JOBS Act rulemaking. According to data recently published by the Commission s Division of Risk Strategy and Financial Innovation private investment pools are the most common type of issuer that relies on Rule 506 to conduct private It is thus critically important for the Commission to consider carefully the best and most appropriate ways to protect potential investors from misleading advertisements by private funds. 1 See Section 201 a 1 of the JOBS Act. 2 The Investment Company Institute is the national association of . investment companies including mutual funds closed-end funds exchange-traded funds and unit investment trusts. ICI seeks to encourage adherence to high ethical standards promote public understanding and otherwise advance the interests of funds their shareholders directors and advisers. Members of ICI manage total assets of trillion and serve over 90 million shareholders. 3 See Vlad Ivanov and Scott Bauguess Capital Raising in the . the Significance of Unregistered Offerings Using the Regulation D Exemption February 2012 available at http info smallbus acsec acsec103111 stating that of all Regulation D

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