North American Securities Administrators Association

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

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