BEN · CIK 38777
What Franklin Resources, Inc. told the SEC could break it.
1 self-disclosed vulnerability, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for BEN. More may follow as additional filings are processed.
In its own words
What could break it.
Regulatory & policy
- commission/inducement bans on retail fund distribution (Canada, UK, Netherlands, EU)low
Canada, the U.K., the Netherlands and the EU have adopted regimes that ban or limit commissions and other inducements paid to intermediaries for retail fund sales — with similar rules under consideration elsewhere — constraining Franklin Templeton's intermediary-based distribution economics across major markets.
“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”
SEC filing →As of 2025
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“During 2025, Franklin Templeton, Invesco, American Funds and Fidelity collectively accounted for approximately 99% of our mutual fund sales in the United States.”
Cited →Franklin BSP Realty Trust, Inc.
“The Advisor is a wholly-owned subsidiary of Franklin Resources, Inc., which together with its various subsidiaries operates as "Franklin Templeton.””
Cited →
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