Thank you for sharing!

Your article was successfully shared with the contacts you provided.
David J. Kaufmann David J. Kaufmann

In response to what it perceived as the significant impact the COVID-19 pandemic has had on many franchise businesses, on June 17, the North American Securities Administrators Association (NASAA) Franchise and Business Opportunities Project Group—the quasigovernmental organization of federal and state franchise regulators that coordinates regulatory policy nationwide—issued guidance (the FPR Guidance) advancing new requirements, restrictions and prohibitions pertaining to Franchise Disclosure Document Item 19 franchise network historic financial performance representations (FPRs) (accessible at https://www.nasaa.org/wp-content/uploads/2020/06/FPRs-in-the-time-of-COVID-19.pdf).

(Full disclosure: this author has for 25 years served as one of 12 outside advisors to the NASAA Franchise and Business Opportunity Project Group—six representing franchisor interests, six franchisee interests—but it is noteworthy that, for the first time in memory, the advisers’ input and counsel were not at all sought in connection with the Franchise and Business Opportunity Project Group’s promulgation of the FPR Guidance examined in this column.)

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]

Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.


ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.