[Federal Register Volume 85, Number 131 (Wednesday, July 8, 2020)]
[Notices]
[Pages 41087-41088]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-14615]


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SECURITIES AND EXCHANGE COMMISSION


Investment Company Act of 1940 Release no. 33916/July 1, 2020; In 
the Matter of Allianz Life Insurance Co. of North America, et al. File 
No. 812-14722

Order Granting Hearing and Scheduling Filing of Statements

    On December 20, 2019, the Securities and Exchange Commission 
(``Commission'') issued a notice of application (the ``Notice'') for an 
order approving the substitution of certain securities pursuant to 
section 26(c) of the Investment Company Act of 1940, as amended 
(``Act'') and an order of exemption pursuant to section 17(b) of the 
Act from section 17(a) of the Act, submitted by Allianz Life Insurance 
Company of North America and other Applicants as defined in the Notice 
(collectively, ``Allianz'').\1\ On January 14, 2020, Franklin Advisers, 
Inc., Franklin Mutual Advisers, LLC, and Templeton Global Advisors 
Limited (collectively, ``Franklin'') submitted a request for a hearing 
(the ``Hearing Request'').\2\
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    \1\ Allianz Life Insurance Company of North America, et al., 
Investment Company Act Release No. 33721 (Dec. 20, 2019), available 
at https://www.sec.gov/rules/ic/2019/ic-33721.pdf.
    \2\ Letter from Franklin to Vanessa Countryman, dated January 
14, 2020, submitted by Morgan, Lewis & Bockius LLP, available at 
https://www.sec.gov/comments/812-14722/812-14722-9.pdf.
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    The Commission finds that a hearing is appropriate pursuant to 
Investment Company Act Rule 0-5.\3\ Accordingly, the Commission hereby 
establishes that Allianz and Franklin may each file an additional 
written statement regarding the Allianz Application. Any such written 
statements shall be prepared in a proportionally spaced typeface of 12 
points or larger and shall not exceed 10,000 words, exclusive of pages 
containing the table of contents, table of authorities, and any 
addendum that consists solely of copies of applicable cases, pertinent 
legislative provisions or rules, and exhibits. The scope of the written 
statements shall be limited to those issues that were raised in 
Franklin's Hearing Request. Incorporation of any document by reference 
into a written statement is not permitted. Written statements shall be 
submitted to the Commission by sending an email to the Commission's 
Secretary at Secretarys-Office@sec.gov, and serving the opposing party 
with a copy of the written statement by email. Written statements 
should be received by the Commission on or before July 31, 2020, at 
5:30 p.m., and should be accompanied by proof of service on the 
opposing party.
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    \3\ 17 CFR 275.0-5(c). Rule 0-5(c) provides that the Commission 
will order a hearing on a matter, upon the request of an interested 
person or upon its own motion, if it appears that a hearing is 
``necessary or appropriate in the public interest or for the 
protection of investors.''
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    The Commission further establishes that Allianz and Franklin then 
each may file a responsive written statement, which also shall be 
prepared in a proportionally spaced typeface of 12 points or larger and 
shall not exceed 5,000 words, exclusive of the items listed above. The 
scope of any such responsive statement shall be limited to

[[Page 41088]]

the issues raised in the written statement to which the party is 
responding. Incorporation of any document by reference into a 
responsive written statement is not permitted. Responsive written 
statements shall be submitted to the Commission on or before August 17, 
2020, at 5:30 p.m., at the email address above, and shall be 
accompanied by proof of service on the opposing party.
    This process will provide an opportunity for the Commission to 
fully assess the Allianz Application and the issues that Franklin has 
raised. Allianz and Franklin are hereby notified that any arguments 
related to the Allianz Application that are not discussed in their 
respective written statements shall be deemed waived. Reference to 
other documents, including prior submissions and exhibits, will not be 
sufficient to preserve arguments. The Hearing Request did not include a 
request for an in-person hearing, and the Commission has determined 
that its consideration of the Allianz Application would not be 
significantly aided by oral argument, so this hearing will be limited 
to written statements.
    The filing of written statements related to the Allianz Application 
shall be limited to Allianz and Franklin because the period of time 
specified for an interested party to file a hearing request elapsed on 
January 14, 2020. No other party may submit a written statement 
regarding the Allianz Application except by leave of the Commission, 
upon a showing by that party that it has both a cognizable interest and 
good cause as to why it did not file a hearing request by the specified 
date.
    Accordingly, it is ordered, that pursuant to Investment Company Act 
Rule 0-5(c), Franklin's request for a hearing is granted.
    It is further ordered that on or before July 31, 2020, at 5:30 
p.m., Allianz and Franklin may each submit to the Commission an 
additional written statement in accordance with this order.
    It is further ordered that on or before August 17, 2020, at 5:30 
p.m., Allianz and Franklin may each submit to the Commission a 
responsive written statement in accordance with this order.

    By the Commission.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-14615 Filed 7-7-20; 8:45 am]
BILLING CODE 8011-01-P


