Business Law

NASAA Issues Request for Public Comment on a Proposed Statement of Policy

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The North American Securities Administrators Association, Inc. (“NASAA”) is seeking public comment on a proposed NASAA Statement of Policy Regarding the Use of Franchise Questionnaires and Acknowledgments.Franchisors sometimes use questionnaires and acknowledgments, where potential franchisees agree to a series of representations about what occurred or did not occur in the franchise sales process, as disclaimers of liability. According to NASAA’s announcement, the goal of the proposed policy is to address inappropriate uses of franchise questionnaires and acknowledgments in franchise offerings.

The full notice can be found here.

Comments from the public on due on or before January 5, 2022 and are only accepted by email. Comments should be emailed to, with a cc to Andrea Seidt ( and Dale Cantone ( 

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