Orders and Exemptions

Decision Information

Decision Content

IN THE MATTER OF
THE SECURITIES LEGISLATION OF
ALBERTA, SASKATCHEWAN, MANITOBA, ONTARIO, Qu�bec, NOVA SCOTIA AND NEWFOUNLAND AND LABRADOR

AND

IN THE MATTER OF
THE MUTUAL RELIANCE REVIEW SYSTEM
FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

DaimlerChrysler Services Canada Inc.

MRRS DECISION DOCUMENT

WHEREAS the local securities regulatory authority or regulator (the Decision Makers) in each of Alberta, Saskatchewan, Manitoba, Ontario, Qu�bec, Nova Scotia, and Newfoundland and Labrador (a Jurisdiction and collectively, the Jurisdictions) has received an application from DaimlerChrysler Services Canada Inc. (DCSCI) for a decision under the securities legislation (the Legislation) of such Jurisdiction that DCSCI be deemed to cease to be a "reporting issuer" or its equivalent under such Legislation.

AND WHEREAS under the Mutual Reliance Review System for Exemptive Relief Applications (the System) the Ontario Securities Commission is the principal regulator for this application;

AND WHEREAS, unless otherwise defined, the terms herein have the meanings set out in National Instrument 14-101- Definitions or in Qu�bec Commission Notice 14-101;

AND WHEREAS DCSCI has represented to each Decision Maker that:

1. DCSCI is a corporation formed under the laws of Canada by the amalgamation on January 1, 2000 of Chrysler Credit Canada Ltd. (CCCL) and Mercedes-Benz Credit of Canada Inc. The registered and principal office of DCSCI is located at One Riverside Drive West, Windsor, Ontario N9A 5K3.

2. The authorized capital of DCSCI consists of an unlimited number of common shares and an unlimited number of preferred shares. As at April 11, 2003, there were 5,000 common shares and 3,050,000 preferred shares and no other securities (including debt securities) of DCSCI issued and outstanding, other than as set forth in paragraph 8 below and inter-company debt securities. DCSCI is a wholly-owned subsidiary of DaimlerChrysler Credit Holdings B.V., a Netherlands corporation, which is an indirect wholly-owned subsidiary of DaimlerChrysler Services North America LLC (DCSNA), a Michigan limited liability company, and DCSNA is an indirect wholly-owned subsidiary of DaimlerChrysler AG, a stock corporation organized under the laws of the Federal Republic of Germany.

3. DCSCI is a "reporting issuer" or has equivalent status in each Jurisdiction and is not in default of any of the requirements of the Legislation of each Jurisdiction.

4. DaimlerChrysler AG is subject to the reporting requirements of the Securities Exchange Act of 1934 of the United States of America and is a "reporting issuer" in each of the provinces of Ontario and Qu�bec.

5. None of the securities of DCSCI is traded on a marketplace as defined in National Instrument 21-101.

6. CCCL filed and obtained receipts for a short form prospectus dated June 27, 1997, as amended by prospectus amendment dated July 17, 1998 (collectively, the Prospectus), from the local securities regulatory authority or regulator in each Jurisdiction, thereby establishing a medium term note program (the MTN Program) for the continuous distribution of up to $4,000,000,000 principal amount of medium term notes (the Medium Term Notes) for a two year period following the date of filing the Prospectus.

7. The Prospectus lapsed, and the MTN Program expired, on June 27, 1999. DCSCI has no present intention of accessing the capital markets in Canada or elsewhere through a public issue of securities.

8. As at April 11, 2003, there were $50,000,000 principal amount of Medium Term Notes outstanding maturing no later than June 5, 2003, held by two Canadian holders, as follows:

Supplement No. Value Date Principal Amount Province Maturity Date
97-101 April 3, 1998 $25,000,000 British Columbia June 2, 2003
97-103 April 6, 1998 $25,000,000 Manitoba June 5, 2003

9. DCSCI is not obligated by the terms of the Medium Term Notes to deliver financial statements or any other continuous disclosure documents to the holders of the Medium Term Notes.

10 The Medium Term Notes are unconditionally guaranteed by DCSNA and DaimlerChrysler AG has assumed all obligations under each guarantee of the MTN Program.

11. DCSCI is not in default under the terms of the Medium Term Notes with respect to the payment of interest or otherwise.

AND WHEREAS under the System this MRRS Decision Document evidences the decision of each Decision Maker (collectively, the Decision);

AND WHEREAS each Decision Maker is satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the Decision has been met;

THE DECISION of each Decision Maker under its Legislation is that DCSCI be deemed to cease to be a "reporting issuer" or its equivalent under such Legislation.

DATED at Toronto, Ontario on 20th of May, 2003.

"Harold P. Hands" "Robert W. Korthals"

Headnote

Mutual Reliance Review System for Exemptive Relief Applications - Issuer has one security holder - issuer deemed to have ceased to be a reporting issuer.

Applicable Ontario Statutory Provisions

Securities Act, R.S.O. 1990, c.S.5, as am. s. 83.

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