SOURCE: Freddie Mac
November 30, 2016 09:00 ET
MCLEAN, VA--(Marketwired - Nov 30, 2016) - Freddie Mac (OTCQB: FMCC) announced today that it plans to request that its debt securities, mortgage securities and STACR debt notes no longer be admitted to trading on the relevant markets in Luxembourg and Ireland. The company expects formally to initiate the delisting process with the Luxembourg and Irish Stock Exchanges by the first quarter of 2017.
Freddie Mac currently has certain of its debt securities and mortgage securities, including notes issued under its "Unlimited Amount Global Debt Facility" and other issuances as set out in Annex A hereto, admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange, and it also has STACR debt notes admitted to trading on the Global Exchange Market of the Irish Stock Exchange as set out in Annex B hereto. As a result of these listings, Freddie Mac has become subject to the Market Abuse Regulation that recently went into effect in the European Union.
Freddie Mac has evaluated its compliance obligations under the Market Abuse Regulation in light of the unique circumstances presented by its status as an entity in conservatorship that is supported by the U.S. Department of the Treasury. The company believes these circumstances could make ongoing compliance with the Market Abuse Regulation especially burdensome and costly.
Freddie Mac plans formally to initiate the delisting process with the Luxembourg and Irish Stock Exchanges by the first quarter of 2017. Completion of the process will be subject to action by these Exchanges, and in particular to approval and any specific listing transition periods imposed by such Exchanges. The clearing and settlement of the relevant securities will not be affected by the delisting.
Freddie Mac's press releases sometimes contain forward-looking statements. A description of factors that could cause actual results to differ materially from the expectations expressed in these and other forward-looking statements can be found in the company's Annual Report on Form 10-K for the year ended December 31, 2015, and its reports on Form 10-Q and Form 8-K, filed with the SEC and available on the Investor Relations page of the company's Web site at www.FreddieMac.com/investors and the SEC's Web site at www.sec.gov.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for approximately one in four home borrowers and is the largest source of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog.
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