The Virginia Division of Securities and Retail Franchising (“Division”) has recommended to the Virginia State Corporation Commission (“Commission”) that certain revisions to the Virginia Franchise Rules (“Rules”) be considered for adoption effective January 3, 2020. The proposed change to the Rules adopts the new Franchise Disclosure Document cover sheets and state effective dates page as adopted by the North American Securities Administrators Association, Inc. on May 19, 2019.
In response to the Division’s request, the Commission issued an Order to Take Notice on November 1, 2019, and established a period to receive public comment and/or hearing requests with respect to the Rule change. The public comment period on the proposed Rule change ends on December 9, 2019. Comments or requests for hearing must be submitted in writing to the Clerk of the Commission in accordance with the instructions set forth in the Order to Take Notice. Comments may also be submitted electronically by following the instructions available at the following Commission website.
The Order to Take Notice, with the appended Rule change, can be found on the Division’s website.