INTRODUCTION. The North American Securities Administrators Association Franchise Project Group (“NASAA”) recently provided guidance for state regulators and franchisors reviewing a franchisor’s historical financial performance representation (“Historical FPR”) in Item 19 of the franchise disclosure document (“FDD”) during a time in which many businesses have been impacted by the COVID-19 global pandemic. According to NASAA's notice of request, the proposed FPR commentary seeks to address various questions raised by franchisor representatives and state … He is a fine person and a consummate professional.

NASAA notes that, under some circumstances, a Historical FPR that discloses historically accurate data may contain an omission of a material fact, or an untrue statement of material fact, if material changes have occurred to that Historical FPR by the time it is provided to a prospective franchisee. www.nasaa.org/40282/notice-request-comments-regarding-proposed-franchise-commentary-financial-performance-representations/. In September 2016 the North American Securities Administrators Association Inc (NASAA) issued a notice of request seeking public comment on a proposed financial performance representations (FPR) commentary regarding franchise disclosures. There’s a certain piece of mind you get with professional, aggressive, and knowledgeable attorneys that do what they say they can do. <>>> Cary Ichter was willing to take work on my behalf that was, by admission of other less formidable attorneys, beyond their skills. Non-Rating Action Commentary. We encourage, but do not require, comments to be submitted by e-mail. Bill has presented numerous seminars I have attended..." - William Woodruff, Union Charter Township, "We have used William Fahey for the past 12 years, previously when he was with Foster Swift. Media Contacts: Bob Webster Director of Communications Noelle Lane Communications Specialist.

When Ichter is listed as attorney of record, opposing counsels tremble. ", "Stephen Schultz is an experienced contract negotiator. The following questions and answers supplement NASAA’s Commentary on the 2008 Franchise Registration and Disclosure Guidelines adopted on April 27, 2009 (“2008 Franchise Commentary”). The Gardere website can be accessed at www.gardere.com.

What must franchisors do (if anything) in the future to make sure that the information contained in a Historical FPR meets the requirements of state and federal law? (1) A copy of NASAA's notice is available online at www.nasaa.org/40282/notice-request-comments-regarding-proposed-franchise-commentary-financial-performance-representations/. NASAA intends to post the comments received on its website in due course.

I have personally seen Cary continuously go "above and beyond" to source expert resources and specialists to advance his client's interests. REALLY? This communication is not intended to constitute legal advice. 3 0 obj Even if Cary has been on vacation or in the middle of a trial, I have always found him to be accessible - whether over the phone, via e-mail. NASAA Financial Performance Representation Commentary. ArcelorMittal's Financial Measures, Strong Portfolio Offset Pressures. The materials contained on this website are for general information purposes only and are subject to the disclaimer. We encourage, but do not require, comments to be submitted by e-mail.

All 15 US states with pre-sale franchise disclosure laws have adopted the NASAA guidelines. Cary is a fighter who dedicates himself to his clients. i for guidance in reviewing historical financial performance representations based on data from 2019 in franchise disclosure documents filed with state franchise authorities in 2020, when a Last week the NASAA Franchise and Business Opportunity Project Group released for public comment a Notice of Request for Comments Regarding A Proposed Franchise Commentary on Financial Performance Representations. I've known Cary for many years. Download: NASAA Financial Performance Representation Commentary. NASAA previously sought comments on the proposed FPR commentary in October 2015. 1 0 obj }�Bz����)\�O��w��;I(��4��H�T?��?�ͧ�?�:�xO�����xO���Xʑx�������x�x��o��×�$}��[|q�ăh��q4�|��7w�I/�>�$p#��O���ᖶ�m���a������{��E��ܑ�P˱��.�D�I�H���=��-��j��pϊ~��oW�����bב�/��6=Y�#K���7X���!�?��B�vgR����p*��n�$q_��Xq��Z���Ȏ��.�9��0��z��/��F82-�a^��Q1�R�pIBZ��d訨/�̶o�y�=W��>9��ܡ��wd���C�ߓ�l�|�F޹�*������D��c��*t݀�\E�z\��/�*��~ȣ�+���ȋ���"����kA. Ichter Davis, LLC Continues Their Support of University of West Georgia by Cary Ichter, PRIVACY? Several state franchise administrators have asked the NASAA Franchise Project Group. Although NASAA did not answer these two questions directly, NASAA did provide some insight. ILO is a premium online legal update service for major companies and law firms worldwide. - James Porter, Oshtemo Charter Township, "William Fahey has a depth of knowledge and practical advice which has made him a recognized leader in Michigan Land Use Law. The North American Securities Administrators Association, Inc. (NASAA) is requesting public comments on a proposed Financial Performance Representations Commentary (FPR Commentary). Many franchise companies have been required to cease operations, deal with changes in consumer attitudes/patterns, and consider the possible long-term implications of the shutdown, in some markets. Hopefully, you will not need an Attorney any time soon, but if you do, these are the guys you will wantWe (BrightWell Talent Solutions) have used many firms and lawyers in our past dealings (both for personal and business matters) and no firm has come close to this one for results, service, and most importantly reasonable fees for top tier Legal minds Why pay silk-stocking firms higher rates for less service and outcomes? The commentary supplements NASAA’s Commentary on the 2008 Franchise Registration and Disclosure Guidelines adopted on April 27, 2009.

(2) What constitutes a reasonable basis and what information is needed to substantiate an FPR is not specifically defined. The effective date of this FPR Commentary is the later of 180 days after the date of adoption by NASAA or 120 days after a franchisor’s next fiscal year end, if the franchisor has an effective Franchise Disclosure Document as of the date of adoption by NASAA. <> On May 8, 2017, the North America Securities Administration (“NASAA”) issued the final version of its commentary on franchisor financial performance representations (the “FPR Commentary”). NASAA Issues Final Commentary on Franchisor Financial Performance Representations. We learned that lesson the hard wayAt Ichter Davis, you matter. His knowledge of state and federal laws, his ability to retain even the most miniscule of details associated with a case, his preparation for depositions and court appearances are all unsurpassed. This NASAA Commentary addresses a number of questions raised by franchisor representatives and state franchise examiners about financial performance representations (FPRs). With this background, state franchise administrators asked NASAA two questions: 1. Summary of NASAA Financial Performance Representations Commentary . Finally, NASAA reminds franchisors that if material changes occur that make one or more representations made in the FDD (including a Historical FPR) inaccurate or misleading, the franchisor has an obligation to amend its FDD, make appropriate filings with the franchise state regulators, and redisclose its franchisee prospects.

BD's Mongolian Grill & Mongo Consulting, L.L.C, Copyright 2020 Fahey Schultz Burzych Rhodes PLC, Michigan Restaurant Association's "Ask the Experts", Michigan Restaurant Association's "Ask the Experts" ». No materials, including graphics, may be reused, modified or reproduced without written permission. performance representation commentary ..... 5 v. how the ftc franchise rule and the 2008 nasaa franchise registration and disclosure guidelines define "financial performance representation" ..... 6 vi. As township supervisor, I have recommended his services to two other townships or government agencies, and they both have hired him for legal counsel." After the FTC enacted the current FTC Franchise Rule in 2007, NASAA issued the Franchise Registration and Disclosure Guidelines. You need to be logged in to make a comment.

- Anonymous, "William Fahey never makes you feel like a dummy. NASAA Members Adopt Financial Performance Representation Commentary for Franchises. NASAA's proposed FPR commentary includes answers to frequently asked questions about how franchisors can make and substantiate FPRs in a franchise disclosure document. - Anonymous, Copyright 2020 Fahey Schultz Burzych Rhodes PLC Baltimore, MD 21202-2020 •Rules governing FPRs/NASAA FPR Commentary •Developing an FPR that works for your business •Unique updating requirements for FPRs . Copyright©2019, NASAA. dcantone@oag.state.md.us, NASAA Legal Department "- Larry Degg, Caseville Township, "Mr. Fahey has always provided the most expert and exacting advice. Cary has expansive knowledge of the law, is a master of its interpretation and upholds the highest ethical standards in its practice. - Julie Herrin, Northville District Library, "Stephen O. Schultz provides services to his clients with integrity, understanding, and always considers all sides of the issue before advising the client. In-house corporate counsel and other users of legal services, as well as law firm partners, qualify for a free subscription.

The FPR Commentary also includes the three questions and answers related to FPRs that NASAA adopted in the 2008 Franchise Commentary. Can a franchisor make a Historical FPR in 2020 considering the substantial impact that COVID-19 has had on many businesses? His reputation within the Georgia legal community is exceptional. The gang at Ichter and Davis do not play around like other attorneys I’ve dealt with. No materials, including graphics, may be reused, modified or reproduced without written permission. Contact Michelle to get the Township Law E-Letter delivered directly to your inbox each month! (1) The Federal Trade Commission's (FTC) Franchise Rule permits a franchisor to make a financial performance representation in Item 19 of a franchise disclosure document as long as "the franchisor [has] a reasonable basis and written substantiation for the representation at the time the representation is made". Nor does it address issues that may arise when a franchisor makes an FPR outside of a Franchise Disclosure Document. We use cookies to customise content for your subscription and for analytics.

4 0 obj I am incredibly fortunate to have found Ichter Davis. The FPR Commentary includes proposed answers to frequently asked questions about how franchisors can make a Financial Performance Representation (“FPR” and … Mr. Burzych was instrumental in helping us at BD's Mongolian Grill develop and grow our franchise..."    -Billy Downs, BD's Mongolian Grill & Mongo Consulting, L.L.C, "Schultz's easy-going, capable demeanor made him a pleasure to work with. We would like to ensure that you are still receiving content that you find useful – please confirm that you would like to continue to receive ILO newsletters. If you continue to browse the International Law Office website, we will assume you are happy to receive all of our cookies. Comments are due on or before October 13, … - Robert Johnson, Edenville Township, "Bill is accessible and provides prompt responses to requests for documents or legal opinions. NASAA states that there are a number of factors that need to be considered when a franchisor is looking to continue to use a Historical FPR in 2020 without amending this disclosure (state franchise law requires franchisors to amend a registration to reflect any material changes in a registered FDD). FSBR COVID-19 UPDATE: How We Are Serving and Protecting Our Clients. For further information on this topic please contact Jess A Dance at Gardere by telephone (+1 720 437 2011) or email (jdance@gardere.com). Media Contacts: Bob Webster Director of Communications Noelle Lane Communications Specialist.

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