The Uniform Franchise Offering Circular Guidelines
THE UNIFORM FRANCHISE OFFERING CIRCULAR
GUIDELINES
GENERAL INSTRUCTIONS
90. Introduction: The Uniform Franchise Offering Circular ("UFOC") Guidelines consist of the
Requirements, the Instructions and the Sample Answers. The UFOC Guidelines were prepared and adopted by the North American Securities Administrators Association ("NASAA") and its predecessor, the Midwest Securities Commissioners Association. The members of NASAA cannot create statutes since that is the constitutional province of state legislatures, but NASAA intends for the UFOC Guidelines to facilitate compliance with disclosure requirements under state franchise investment laws. Where possible,
NASAA has developed uniform disclosure requirements, but differences in state laws bearing on the franchise relationship may necessitate changes. In addition, state administrators will continue to review the application for deficient disclosure and additional disclosure necessitated by special problems or risks in the proposed offering.
100. Follow these General Instructions and the Requirement and Instruction for each Item in franchise registration applications and disclosures in the Uniform Franchise Offering Circular.
110. Original Registration Application - Documents to File:
(a) Uniform Franchise Registration Application Page (also known as "Facing Page");
(b) Supplemental Information page(s);
(c) Certification page;
(d) Uniform Consent to Service of Process;
(e) Sales Agent Disclosure Form;
(f) If the applicant is a corporation or partnership, an authorizing resolution if the application is verified by a person other than applicant's officer or general partner;
(g) Uniform Franchise Offering Circular;
(h) Application Fee;
(i) Auditor's consent (or a photocopy of the consent) to the use of the latest audited financial statements in the offering circular; and
(j) Advertising or promotional materials.
Examples of forms (a) through (f) are printed at the end of these
GUIDELINES
GENERAL INSTRUCTIONS
90. Introduction: The Uniform Franchise Offering Circular ("UFOC") Guidelines consist of the
Requirements, the Instructions and the Sample Answers. The UFOC Guidelines were prepared and adopted by the North American Securities Administrators Association ("NASAA") and its predecessor, the Midwest Securities Commissioners Association. The members of NASAA cannot create statutes since that is the constitutional province of state legislatures, but NASAA intends for the UFOC Guidelines to facilitate compliance with disclosure requirements under state franchise investment laws. Where possible,
NASAA has developed uniform disclosure requirements, but differences in state laws bearing on the franchise relationship may necessitate changes. In addition, state administrators will continue to review the application for deficient disclosure and additional disclosure necessitated by special problems or risks in the proposed offering.
100. Follow these General Instructions and the Requirement and Instruction for each Item in franchise registration applications and disclosures in the Uniform Franchise Offering Circular.
110. Original Registration Application - Documents to File:
(a) Uniform Franchise Registration Application Page (also known as "Facing Page");
(b) Supplemental Information page(s);
(c) Certification page;
(d) Uniform Consent to Service of Process;
(e) Sales Agent Disclosure Form;
(f) If the applicant is a corporation or partnership, an authorizing resolution if the application is verified by a person other than applicant's officer or general partner;
(g) Uniform Franchise Offering Circular;
(h) Application Fee;
(i) Auditor's consent (or a photocopy of the consent) to the use of the latest audited financial statements in the offering circular; and
(j) Advertising or promotional materials.
Examples of forms (a) through (f) are printed at the end of these