Notice Regarding Historical Financial Performance Representations During the COVID-19 Pandemic

The Securities Division is issuing this notice to inform franchisors and their counsel that the Division will be following the guidance recently issued by the NASAA Franchise Project Group regarding historical financial performance representations (“FPRs”) in light of the fact that the COVID-19 pandemic has significantly impacted many franchise systems.

Notice Regarding Historical Financial Performance Representations During the COVID-19 Pandemic