2008 FRANCHISE REGISTRATION AND DISCLOSURE GUIDELINES
February 26, 2008
(AMENDED AND RESTATED UFOC GUIDELINES)
The Board of Directors of the North American Securities Administrators Association, Inc. (NASAA) has authorized the release, for both internal and public comment, the attached proposal for updated franchise registration and disclosure guidelines. The proposal would allow states that register franchise offerings to accept, as of July 1, 2008, franchise disclosure documents prepared under the Federal Trade Commission’s (FTC’s) amended Franchise Rule with certain additional requirements, including a state risk factor cover page.
The proposal amends and restates the Uniform Franchise Offering Circular (“UFOC”) Guidelines, adopted by NASAA on June 10, 1993 and subsequently adopted by franchise registration states. After July 1, 2008, filers will no longer be able to use the UFOC Guidelines to prepare franchise disclosure documents.
The current proposal, effective July 1, 2008, contains franchise registration and disclosure guidelines consistent with the FTC Franchise Rule. The proposal also contains revised state filing instructions, new uniform registration forms, and a provision for electronic disclosure.
The public comment period will remain open for 30 days. Comments on the proposal are invited, and written comments should be sent to Dale Cantone, Chair of the Franchise and Business Opportunity Project Group on or before March 27, 2008.
To facilitate consideration of comments, please submit copies to each member of the Project Group and the NASAA Legal Department.
Download: Proposed 2008 Franchise and Registration Disclosure Guidelines
Franchise and Business Opportunity Project Group
| Dale Cantone, Chair Office of the Attorney General Division of Securities 200 St. Paul Place, 20th Floor Baltimore, MD 21202-2020 Office No. (410) 576-6368 Fax No. (410) 576-6532 dcantone@oag.state.md.us |
Henry Lew California Department of Corporations 320 W 4th Street Suite 750 Los Angels, CA 90013-2344 Office No. (213) 576-7582 Fax No. (213) 576-7179 hlew@corp.ca.gov |
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Joseph J. Punturo New York Department of Law Bureau of Investor Protection & Securities 120 Broadway, 23rd Floor New York, NY 10271 Office No. (212) 416-8211 Fax No. (212) 416-8816 joseph.punturo@oag.state.ny.us |
Kathryn Denton Wisconsin Securities Division 345 West Washington Avenue 4th Floor Madison, WI 53703 Office No. (608) 266-1365 Fax No. (608) 264-7979 kathryn.denton@dfi.state.wi.us |
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Martin Cordell Department of Financial Institutions 210 11th Street 3rd Floor West, Room 300 Olympia, WA 98504-1200 Office No. (360) 902-8732 Fax No. (360) 586-5068 mcordell@dfi.wa.gov |
Stephen Okumura Hawaii Department of Commerce& Consumer Affairs 335 Merchant Street, Rm. 203 Honolulu, HI 96813 Office No. (808) 587-2619 Fax No. (808) 587-7559 sokumura@dcca.hawaii.gov |
NASAA Legal Department
Rex Staples
General Counsel
rs@nasaa.org
Joseph Brady
Assistant General Counsel
jb@nasaa.org
NASAA Corporate Office
750 First Street, NE
Suite 990
Washington, DC 20002
Office No. (202) 737-0900
Fax No. (202) 783-3571
