The European Code of Ethics for Franchising adopted by the European Franchise Federation (EFF), a federation of the national franchise associations of Austria, Belgium, Denmark, France, Germany, Hungary, Italy, the Netherlands, Portugal and the United Kingdom, provides that "[i]n order to allow prospective Individual Franchisees to enter into any binding document with full knowledge, they shall be given a copy of the present Code of Ethics as well as full and accurate written disclosure of all information material to the franchise relationship, within a reasonable time prior to the execution of these binding documents".1 The EFF is in the process of laying down guidelines on how this reference to disclosure should be interpreted. The Code further provides for a general obligation that "[a]dvertising for the recruitment of Individual Franchisees shall be free of ambiguity and misleading statements",2 specifying that "[a]ny publicly available recruitment, advertising and publicity material, containing direct or indirect references to future possible results, figures or earnings to be expected by Individual Franchisees, shall be objective and shall not be misleading".3 The European Code is applicable to the members of the national associations that are members of the EFF.

1 Clause 3.3. 
2 Clause 3.1. 
3 Clause 3.2.