Further to our earlier blog post about the Franchise Disclosure Register, the Register is now online at www.franchisedisclosure.gov.au
The Register is freely available to the public. The primary purpose is to improve franchisor transparency and access to disclosure information and help franchise buyers make decisions before entering into a Franchise Agreement.
The Competition and Consumer (Industry Codes—Franchising) Regulation 2014 (known as the Franchising Code of Conduct) was updated on 31 March 2022 to incorporate specific provisions relating to the Franchise Disclosure Register.
The Register will go live and be searchable by potential franchisees and others from 15 November 2022.
Franchisors will be required to upload prescribed information to create a profile on the Register by logging-in with a MyGov ID, and publish disclosure information about their franchise.
The information that Franchisors will be expected to upload to the Register will include:
the franchisor’s Disclosure Document;
Key Facts Sheet
standard form Franchise Agreement;
among other details.
If you are a prospective franchisee looking to buy a franchise, you can search the Register and view franchisor profiles and disclosure information from 15 November 2022.
For franchise law advice, contact Greyson Legal | Franchise Lawyers.
E: mail@greysonlegal.com