The Ontario Securities Commission (OSC) has granted an order for Ford Auto Securitization Trust (the Filer) to cease being a reporting issuer in all Canadian jurisdictions. The Filer, a special purpose entity, issues asset-backed notes to finance pools of receivables from Ford Credit Canada Company. Despite having more than 50 securityholders worldwide and over 15 in Canada, the Filer has no outstanding securities other than the notes and no plans for further issuance.
The Filer is not in default of securities legislation and will continue to provide monthly investor reports as per the Sale and Servicing Agreements. These reports contain detailed financial and performance information relevant to noteholders. The notes are not listed on any public marketplace and are held by sophisticated investors who did not require the Filer to maintain its reporting issuer status.
The decision to cease the Filer’s reporting issuer status is based on the OSC’s satisfaction that it meets the legislative test, with no objections following a public news release. The relevant laws and regulations include the Securities Act (Ontario), National Policy 11-206, Multilateral Instrument 11-102, and National Instruments 45-106, 51-102, and 44-101.