1) separation of the regulation of business opportunity ventures into a different Rule from those applicable to franchises;

2) a clear statement that the Rule is inapplicable to franchises operated outside the United States;

3) addition of procedures for electronic publishing of offering circulars on the Internet;

4) abandonment of the obligation to provide an offering circular at the "first face-to-face meeting" to discuss sale of a franchise;

5) simplification of the waiting period between disclosure and conclusion of a franchise agreement to 14 calendar days;

6) adoption of the Uniform Franchise Offering Circular (UFOC) format, with numerous enhancements and variations, as the basis for disclosure; new disclosure requirements will include information about franchisor-initiated litigation, post-termination "gag clauses," and names and addresses of trademark-specific franchisee associations that request to be included in the UFOC; and

7) addition of new exemptions, including a petroleum marketers and resellers exemption and two "sophisticated investor" exemptions.