The Board of Directors of the North American Securities Administrators Association, Inc. (NASAA) has authorized the release, for both public and internal comment, of a  proposed Multi‐Unit Commentary related to state franchise disclosure laws.

The proposal defines certain multi‐unit franchising arrangements that have become common in franchising and provides guidance for disclosing those arrangements in franchise disclosure documents. 

The proposal addresses specific disclosure questions raised by franchise attorneys and state franchise examiners about multi‐unit franchising.

The comment period begins on 10/15/13 and will remain open for 30 days. All comments should be submitted on or before 11/15/13 .

Download: Proposed Multi‐Unit Commentary

Comments should be directed by e‐mail or in writing to:

Franchise and Business Opportunity Project Group
Dale E. Cantone, Chair
Office of the Attorney General, Securities Division
200 St. Paul Place
Baltimore, Maryland 21202‐2020
[email protected]

NASAA, Legal Department
Rick Fleming, Deputy General Counsel
750 First Street, Suite 1140
Washington, DC 20002
[email protected]



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