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Conference Review: Implementation of FTC Franchise Rule Draws Significant Attention at IFA Legal Symposium
With optional use of the updated Franchise Rule coming on July 1, 2007, and mandatory use beginning on July 1, 2008, the broad outlines of the Rule are well understood in the franchise industry even at this early point. Yet, as franchise attorneys work with individual clients, they are finding unique circumstances under which the Rule's guidance is confusing or even contradictory, particularly during the one-year transition period. Thus, two panel discussions at the International Franchise Association ('IFA') Legal Symposium on May 6-8 in Washington, DC, were the ideal opportunities for attorneys to raise what-if questions with regulators and their fellow franchise attorneys.
Franchise attorneys who see the changes in the Franchise Rule as incremental are interpreting it correctly, said Stephen Toporoff, franchise program coordinator for the FTC's Bureau of Consumer Protection. Speaking on both panels, Toporoff said the rule revision had four 'modest' goals:
- Reduce inconsistency between federal and state franchise laws;
- Reduce compliance costs for franchisors 'where warranted';
- Clarify for franchisees their relationships with franchisors; and
- Reflect technological innovation.
Consensus among panelists at the IFA Legal Symposium is that those goals were met, and compliance will become easier and less costly for franchisors as a result. 'The FTC did a great job assembling input from experts in the industry, representing franchisors and franchisees,' said Joel Buckberg, of Baker, Donelson, Bearman, Caldwell & Berkowitz, PC (Nashville), a panelist at the conference. 'It's a dynamic marketplace, and franchisees are better educated and better able to negotiate in their interests ' and the FTC deserves credit for realizing it.'
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
'Insurable Interest' and the Scope of First-Party Coverage
This article reviews the fundamental underpinnings of the concept of insurable interest, and certain recent cases that have grappled with the scope of insurable interest and have articulated a more meaningful application of the concept to claims under first-party property policies.