The Virginia Division of Securities and Retail Franchising has submitted to the Virginia State Corporation Commission proposed revisions to the rules and regulations under the Virginia Retail Franchising Act. The proposed revisions would require the financial statements that are included as an exhibit to the FDD be current within 120 days of filing the initial or renewal application. If the required audited financial statements are dated more than 120 days before the filing date, the FDD must contain an unaudited balance sheet as of a date that is within the 120 days and an unaudited statement of income or operations covering the time from the date of the audited financial statements and the date of the unaudited balance sheet. Any unaudited financial statements must be prepared in accordance with generally accepted accounting standards.
The proposal recommends an effective date of July 1, 2010 for the new regulations.
The proposed revisions may be viewed in full at http://www.scc.virginia.gov/case under Case No. SEC-2010-00021.
Tuesday, April 6, 2010
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