The North American Securities Administrators Association, Inc. (“NASAA”) is proposing to revise the instructions in the NASAA Franchise Registration and Disclosure Guidelines (the “Guidelines”) that outline policies and procedures regarding the preparation of a franchise disclosure document (“FDD”). Specifically, NASAA has set forth a proposal for public comment that replaces the “State Cover Page”  to

Copyright: stuartphoto / 123RF Stock Photo
Copyright: stuartphoto / 123RF Stock Photo

My colleagues and I have posted in the past about the proposed commentary on Item 19 Financial Performance Representations (“FPR Commentary”) drafted by the North American Securities Administrators Association, Inc. (“NASAA”).   The FPR Commentary is intended to provide practitioners with clarification about how franchisors

Copyright: stuartphoto / 123RF Stock Photo
Copyright: stuartphoto / 123RF Stock Photo

Earlier this month we posted about the recently released proposed commentary on Item 19 Financial Performance Representations.   This is a reminder to everyone that the drafter, NASAA’s Franchise and Business Opportunity Project Group, are accepting comments through November 2, 2015. Dale Cantone of the

Copyright: stuartphoto / 123RF Stock Photo
Copyright: stuartphoto / 123RF Stock Photo

Last week the NASAA Franchise and Business Opportunity Project Group released for public comment a Notice of Request for Comments Regarding A Proposed Franchise Commentary on Financial Performance Representations.  The FPR Commentary includes proposed answers to frequently asked questions about how franchisors can make

Registration and renewal season is here for many franchisors, and state comment letters offer a glimpse of the hot-button issues in franchise disclosure. Among trending disclosure topi9732125_lcs are disclaimers protecting franchisors, Item 19 financial performance representations, and discretionary fees and services.

Given the volumes of disclosure that franchisors must make, disclosure documents often contain

Contributed by Alexander S. Radus

As part of its recent 2014 Annual Conference, the North American Securities Administrator’s Association, Inc. (“NASAA”) formally adopted the Franchise Multi-Unit Commentary (the “Commentary”). The Commentary provides practical guidance for disclosing multi-unit franchising arrangements, which the NASAA and Federal Trade Commission had not previously addressed.  The date of adoption by

Following up on my blog post of October 23, 2013, NASAA’s Franchise and Business Opportunity Project Group has released for public comment proposed revisions to its Franchise Multi-Unit Commentary. As described in my past post, this commentary addresses the interpretation of franchise disclosure regulations for certain multi-unit franchising arrangements that have become common in franchising.

OLYMPUS DIGITAL CAMERAThe Franchise and Business Opportunity Project Group of the North American Securities Administrators Association, Inc. (“NASAA”) has authorized the release, for public comment, of a proposed Multi-Unit Commentary addressing the interpretation of franchise disclosure regulations for certain multi-unit franchising arrangements that have become common in franchising.

The proposed Commentary provides uniform definitions for three categories