[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 [email protected], 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