Franklin Templeton (BEN) Risk Factor Changes

We are subject to complex tax regimes, changing tax laws, income taxes, non-income-based taxes, and ongoing tax audits, in the various jurisdictions in which we operate.

The laws and regulations applicable to our business generally involve restrictions and requirements in connection with a variety of technical, specialized, and expanding matters and concerns.

The success of our business will continue to depend upon our key personnel, including our portfolio managers, investment analysts, sales and management personnel and other professionals as well as our executive office…

modification of sensitive or confidential client and business information, (iv) loss of valuable information, (v) breach of client and vendor contracts, (vi) liability for stolen assets, information or identity, (vii)…

Moreover, while we take precautions to password protect and encrypt our laptops and sensitive information on our other mobile electronic devices, if such devices are stolen, misplaced or left unattended, they may beco…

We are highly dependent upon the use of various proprietary and third-party information and security technology, software applications, external third-party services and other technology systems, and remote equipment…

processing, financial, accounting, shareholder servicing and trading systems.

Our continued success in effectively managing and growing our business depends on our ability to integrate our varied accounting, financial, information, and operational systems on a global basis.

Due to our interconnectivity with and dependency upon third-party providers, including, for example, advisors, central agents, exchanges, clearing organizations, other financial institutions, and other service provide…

We primarily derive our fund sales through third-party broker-dealers, banks, investment advisers and other financial intermediaries.

Failure to properly address the increased transformative pressures affecting the investment management industry could negatively impact our business.

Our business and operations are subject to adverse effects from the outbreak and spread of contagious diseases.

Our reputation is critical to the success of our business.

provide, financial support to our funds to enable them to maintain sufficient liquidity in any such event.

Due to market volatility, reputational harm or other events or conditions described above, our funds may need to sell securities or instruments that they hold, possibly at a loss, or draw on any available lines of cre…

We are subject to complex tax regimes, changing tax laws, income taxes, non-income-based taxes, and ongoing tax audits, in the various jurisdictions in which we operate.

requirements and developments applicable to us will cause us to continue to incur additional compliance and administrative burdens and costs.

maintain strong business relationships with our distributors and other intermediaries, may impair our distribution and sales operations.

The replacement of benchmark indices may impose a number of risks on our business, our clients and the financial services industry more widely.

We may not effectively manage risks associated with the replacement of benchmark indices.

AUM, revenues and income.

management succession planning, resulting in additional expense without a corresponding increase in potential revenues.

Artificial Intelligence (AI) is used in many areas of our business and we plan to further incorporate AI into additional areas.

Developing regulatory treatment of AI, and failure to adequately address AI-related challenges, creates a risk of reputational harm and an impediment to growth.

System disruptions, failures or breaches of the technology we use or the security infrastructure we rely upon, including third-party applications and services, or our failure effectively and timely to identify, detect…

Although we take protective measures, including measures to secure and protect information through system security technology and our internal security procedures, as well as measures to assess third-party provider se…