Following its adoption of the 2008 Franchise Registration and Disclosure Guidelines in June 2008, the North American Securities Administrators Association, Inc. (NASAA) released a proposed Commentary to those guidelines and accepted comments to the same until October 23, 2008. After reviewing and analyzing the comments it received, NASAA on April 27, 2009, adopted a final version of the Commentary, a copy of which can be obtained at www.nasaa.org/Industry___Regulatory_Resources/Franchise/. While NASAA made some minor revisions and clarifications to the proposed Commentary in creating the final version, none were substantial. Franchisors and their attorneys should be sure to review this Commentary because it provides “practical guidance about complying with state franchise disclosure and registration requirements under NASAA’s 2008 Franchise Registration and Disclosure Guidelines.” Specifically, it incorporates several UFOC Commentary items that are still applicable, and addresses Guidelines-related questions and issues posed by franchise counsel, state examiners, and others.
The information contained in this post is provided to alert you to legal developments and should not be considered legal advice. It is not intended to and does not create an attorney-client relationship. Specific questions about how this information affects your particular situation should be addressed to one of the individuals listed. No representations or warranties are made with respect to this information, including, without limitation, as to its completeness, timeliness, or accuracy, and Lathrop GPM shall not be liable for any decision made in connection with the information. The choice of a lawyer is an important decision and should not be based solely on advertisements.
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The Franchise Memorandum is a collection of postings on summaries of recent legal developments of interest to franchisors brought to you by Lathrop GPM LLP.
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