UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 17, 2014
CAPITAL ONE FUNDING, LLC
ON BEHALF OF
CAPITAL ONE MASTER TRUST
(Issuing Entity in respect of the COMT Collateral Certificate)
AND
CAPITAL ONEMULTI-ASSET EXECUTION TRUST*
(Issuing Entity in respect of the Notes)
(Exact name of registrant as specified in its charter)
| Virginia | 333-189293,333-189293-01, 333-189293-02 | 54-2058720 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
140 East Shore Drive Room1071-B Glen Allen, Virginia | 23059 | |
| (Address of Principal Executive Office) | (Zip Code) |
Registrant’s telephone number, including area code(804) 290-6959
N/A
(Former name or address, if changed since last report)
Check the appropriate box below if the Form8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule14a-22 under the Exchange Act (17 CFR240.14a-22) |
| ¨ | Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR240.13e-4(c)) |
| * | In accordance with relevant regulations of the Securities and Exchange Commission, the depositor files annual and other reports with the Commission on behalf of Capital One Multi-asset Execution Trust and Capital One Master Trust under the Central Index Key (CIK) number (0001163321) for Capital One Multi-asset Execution Trust. |
Section 8 – Other Events.
| Item 8.01. | Other Events. |
On September 16, 2014, Moody’s Investors Service, Inc. (“Moody’s”) released an update to its global methodology for rating credit card and revolving consumer loan asset-backed securities that could result in ratings action with respect to certain subordinate notes (the “Notes”) issued by the Capital One Multi-asset Execution Trust (the “Issuing Entity”). Capital One Funding, LLC, in its role as depositor of the Issuing Entity (the “Depositor”), intends to provide additional credit enhancement for the Notes that we expect will address the concerns giving rise to the potential Moody’s ratings action identified above.
Any actions taken by the Depositor to provide this additional credit enhancement could require affirmation of the current ratings from all rating agencies currently rating the Notes, and the Depositor cannot guarantee that such affirmations will be forthcoming or that modifications to the Notes will occur as indicated herein or that such modifications will occur within a specified timeframe. None of the Issuing Entity, the Depositor, Capital One Bank (USA), National Association or their affiliates have any obligation to provide additional credit enhancement, now or at any time in the future, or to restore the original rating of any notes with respect to which a rating may be changed or withdrawn in the future.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CAPITAL ONE FUNDING, LLC | ||
| Acting solely in its capacity as depositor of Capital One Master Trust and Capital OneMulti-asset Execution Trust | ||
| By: | /s/ Eric Bauder | |
| Name: | Eric Bauder | |
| Title: | Assistant Vice President | |
September 17, 2014
