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.
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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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