BEN · 10-K filed 10 Nov 2025 · year to 30 Sep 2025

Franklin Templeton

37 named things its latest annual report says its results depend on, each in the company's own words. 25 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

Third-party investment management technology platform

depends onnamed as a risk

For example, in July 2024, we selected a third-party technology solution to further support our investment management process and unify our investment management technology platform across asset classes to reduce complexity and support business growth, subject to a multi-year transition and implementation period.Risk factors (Item 1A)

Third-party transfer agency and administration providers

depends onnamed as a risk

Further, we outsource various administration, technology, transfer agency and other services for our funds to third-party providers.Risk factors (Item 1A)

Partners and platforms

Third-party broker-dealers and financial intermediaries

depends onnamed as a risk

We are heavily dependent upon these third-party distribution and sales channels and business relationships.Business (Item 1)

Other companies

Western Asset Management Company

named as a risk

For example, as noted in the “Legal Proceedings” section in Note 15 - Commitments and Contingencies, our subsidiary, Western Asset Management Company (“WAM”) remains the subject of parallel investigations by the SEC and the DOJ.Risk factors (Item 1A)

Places

Emerging markets

earns fromnamed as a risk

Moreover, our emerging market portfolios and revenues derived from managing these portfolios are subject to significant risks of loss from financial, economic, political and diplomatic developments, currency fluctuations, social instability, changes in governmental policies, nationalization, asset confiscation and changes in legislation related to non-U.S. ownership.Risk factors (Item 1A)

Also named by ABT, AVY, BGC, C, EMR, FIS, MDLZ, SWK and 1 more

United States

earns from

While the majority of our revenues are earned in the U.S., we also provide services and earn revenue in international jurisdictions.Market risk (Item 7A)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Ireland

concentrated in

Our international funds include two broad ranges of cross-border UCITS that are domiciled in Luxembourg and Ireland, and thereby subject to regulation by the CSSF and the Central Bank of Ireland.Business (Item 1)

Also named by AAPL, ACN, ADI, AGX, CDNS, CELH, COR, DDOG and 13 more

Luxembourg

concentrated in

Our non-U.S. funds include a variety of cross-border funds principally domiciled in Luxembourg or Ireland, registered for sale to non-U.S. investors in certain other countries, and international locally domiciled funds and products for the particular local market.Business (Item 1)

Also named by AB, AMP, AVY

Hazards

Ukraine-Russia and Middle East wars

named as a risk

For example, the Ukraine-Russia and Middle East wars and/or conflicts may continue to develop and/or expand globally and significantly impact the global economy and financial markets, which may have an adverse effect on our investment performance and flows in certain products.Risk factors (Item 1A)

Commodities and inputs

Euro

exposed to its price · 27% of the total cash and cash equivalents and investmentsnamed as a risk

These assets accounted for 27% of the total cash and cash equivalents and investments at September 30, 2025.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Chinese Yuan

exposed to its pricenamed as a risk

The exposure to foreign currency exchange risk in our consolidated balance sheet mostly relates to cash and cash equivalents and investments that are denominated in foreign currencies, primarily in the Euro, Indian Rupee, Pound Sterling, Chinese Yuan and Australian dollar.Market risk (Item 7A)

Also named by ABT, ASO, CHRW, CROX, CYRX, DORM, ESI, EXPD and 13 more

Australian dollar

exposed to its pricenamed as a risk

Also named by ADBE, BF/B, BTU, CSGP, EEFT, EZPW, GPC, HRB and 13 more

Indian Rupee

exposed to its pricenamed as a risk

Also named by ACN, ADBE, AJG, AVY, CIEN, CTSH, EEFT, FDS and 11 more

Pound Sterling

exposed to its pricenamed as a risk

Also named by CPRT, DASH, DCH, DOV

Regulators

U.S. Securities and Exchange Commission (SEC)

subject tonamed as a risk

Certain of our subsidiaries are registered with the SEC under the Advisers Act and/or with the CFTC, and many of our funds are registered with the SEC under the Investment Company Act.Business (Item 1)

Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more

U.S. Department of Justice (DOJ)

subject tonamed as a risk

Also named by AAPL, ACN, AMAT, ASO, BSX, CAH, CDNA, CDW and 21 more

Financial Industry Regulatory Authority (FINRA)

subject to

As a global investment management organization, certain of our subsidiaries are also subject to the rules and regulations of various U.S. regulatory and self-regulatory organizations, including the SEC, FINRA, the U.S. Commodity Futures Trading Commission (“CFTC”), the National Futures Association, the U.S. Department of Justice (“DOJ”), the U.S. Department of Labor (“DOL”), and the USDT.Business (Item 1)

Also named by AB, ADP, AGNC, AMG, AMP, BAM, BR, BWIN and 23 more

U.K. Financial Conduct Authority (FCA)

subject to

In the U.K., the Financial Conduct Authority (the “FCA”) regulates certain of our subsidiaries.Business (Item 1)

Also named by ARES, BX, COIN, GLXY, JEF, MCO, PYPL, SPGI

Central Bank of Ireland

subject to

Also named by BX, IBKR, KKR, MRSH, STT, TRV, XYZ

Commission de Surveillance du Secteur Financier (CSSF)

subject to

In Luxembourg, the Commission de Surveillance du Secteur Financier (“CSSF”) regulates our substantial activities in Luxembourg, including our subsidiary Franklin Templeton International Services S.à r.l. (“FTIS Lux”).Business (Item 1)

Also named by AB, AMP, ARES, BX

Laws and programs

EU General Data Protection Regulation (GDPR)

subject to · fines up to 4% of our annual global revenuesnamed as a risk

For example, a failure to comply with GDPR could result in fines up to 4% of our annual global revenues.Risk factors (Item 1A)

Also named by ACN, ADSK, AIG, ALK, AMG, ANET, APG, AXON and 61 more

SEC Fund Names Rule

subject to · at least 80%named as a risk

The amendments expand the applicability of the Names Rule and impacted funds may need to modify their names or alter their investment strategies to comply with the amendments, potentially impacting their portfolios.Business (Item 1)

Investment Company Act of 1940

subject tonamed as a risk

For our U.S. mutual funds, most of our investment management agreements between our subsidiaries and funds must be renewed each year, and must be approved annually by a vote of each fund’s board of directors or trustees as a whole and separately by a majority of the independent fund directors or trustees under the Investment Company Act of 1940 (the “Investment Company Act”), or by a vote of the holders of a majority of the fund’s outstanding voting securities, and such agreements generally may be terminated by either party without penalty after prior written notice.Business (Item 1)

Also named by ABR, AMG, AMP, ARCC, ARES, BAM, BCSF, BX and 28 more

Hart-Scott-Rodino Antitrust Improvements Act

subject tonamed as a risk

The rules significantly expand the premerger information and documentation required to be submitted in connection with an HSR filing, which could substantially increase our required disclosure and notification expenses and delay transactions.Business (Item 1)

Also named by AWK, BLK, CPRT, CTAS, FSK, KVUE, NXST, SWKS and 2 more

MiFID II

subject tonamed as a risk

MiFID II also includes a ban on commission and other payments (“inducements”) to independent advisers and discretionary managers, which has changed the commercial relationships between fund providers and distributors.Business (Item 1)

Also named by BGC, CG, JEF, SF, SNEX, SPGI, TW

U.S. Department of Labor fiduciary rule

subject tonamed as a risk

The DOL’s 2024 amended fiduciary rule broadening the definition of who is considered an “investment advice fiduciary” to a retirement investor, and adding significant restrictions and requirements for the use of prohibited transaction exemptions typically relied upon by investment firms such as ours, remains subject to applicable legal challenges.Business (Item 1)

Also named by FNF, JPM, MET, PRU

EU Alternative Investment Fund Managers Directive (AIFMD)

subject tonamed as a risk

Compliance with the AIFMD’s requirements may restrict AIF marketing and imposes compliance obligations in the form of remuneration policies, capital requirements, reporting requirements, leverage oversight, valuation, stakes in EU companies, the domicile, duties and liability of custodians and liquidity management.Business (Item 1)

Also named by BX, KKR

QPAM exemption

subject tonamed as a risk

The QPAM amendment makes material changes and imposes additional conditions and affirmative requirements for the ongoing use of such exemption.Business (Item 1)

Cayman Islands Private Funds Law 2020

subject tonamed as a risk

The registration requirements applicable to our private funds domiciled in the Cayman Islands have posed, and may continue to pose, additional compliance costs and burdens on our business.Business (Item 1)

Canada, U.K., Netherlands and EU inducement bans

subject tonamed as a risk

In addition, Canada, the U.K., the Netherlands and the EU have adopted regimes that ban, or may limit, the payment of commissions and other inducements to intermediaries in relation to certain sales to retail customers in those jurisdictions, and similar regimes are under consideration in several other jurisdictions.Risk factors (Item 1A)

Investment Advisers Act of 1940

subject to

The Advisers Act imposes numerous obligations on our registered investment adviser subsidiaries, including record keeping, operating and marketing requirements, disclosure obligations and prohibitions against fraudulent activities.Business (Item 1)

Also named by ABR, AMG, BAM, BX, CG, HTGC, KKR, MAIN and 3 more

EU Sustainable Finance Disclosure Regulation (SFDR)

subject to

The EU’s Sustainable Finance Disclosure Regulation (“SFDR”) imposes mandatory ESG disclosure obligations on asset managers and other financial markets participants.Business (Item 1)

Also named by AB, CG, TROW

Rule 12b-1

earns from

The Rule 12b-1 Plans permit the funds to pay us for marketing, marketing support, advertising, printing and sales promotion services relating to the distribution of their shares, subject to the Rule 12b-1 Plans’ limitations on amounts based on daily average AUM.Business (Item 1)

Also named by AB

UCITS Directive

subject to

FTIS Lux is licensed as a management company for both the Undertakings for Collective Investment in Transferable Securities Directive (“UCITS”) and alternative investment funds (“AIFs”) and, as such, it manages our Luxembourg-domiciled UCITS and our EU-domiciled AIFs.Business (Item 1)

Also named by AMG

U.K. Offshore Funds Regime

subject to

We offer a significant number of EU UCITS to U.K. retail investors which have registered under the U.K.’s new Offshore Funds Regime to continue such offerings.Business (Item 1)

Form PF

subject to

In February 2024, the SEC and CFTC jointly adopted amendments to Form PF, which is the confidential reporting form that certain investment advisers to private funds file to provide confidential information to the agencies and the FSOC.Business (Item 1)

Amended and Restated Credit Agreement

Any borrowings under the Amended and Restated Credit Agreement would bear interest at variable rates.Market risk (Item 7A)