Attached files

file filename
10-K - 10-K - Discover Card Execution Note Trustd167736d10k.htm
EX-31.1 - EX-31.1 - Discover Card Execution Note Trustd167736dex311.htm
EX-33.2 - EX-33.2 - Discover Card Execution Note Trustd167736dex332.htm
EX-35.2 - EX-35.2 - Discover Card Execution Note Trustd167736dex352.htm
EX-33.3 - EX-33.3 - Discover Card Execution Note Trustd167736dex333.htm
EX-34.1 - EX-34.1 - Discover Card Execution Note Trustd167736dex341.htm
EX-34.4 - EX-34.4 - Discover Card Execution Note Trustd167736dex344.htm
EX-33.1 - EX-33.1 - Discover Card Execution Note Trustd167736dex331.htm
EX-35.1 - EX-35.1 - Discover Card Execution Note Trustd167736dex351.htm
EX-33.4 - EX-33.4 - Discover Card Execution Note Trustd167736dex334.htm
EX-34.3 - EX-34.3 - Discover Card Execution Note Trustd167736dex343.htm

Exhibit 34.2

 

LOGO       Deloitte & Touche LLP
      111 S. Wacker Drive
      Chicago, IL 60606-4301
     

USA

 

      Tel:   +1 312 486 1000
      Fax:   +1 312 486 1486
      www.deloitte.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Discover Products Inc.

West Valley City, UT

We have examined management’s assertion, included in the accompanying Management’s Assertion on Compliance with Regulation AB Criteria, that Discover Products Inc. (“DPI”) complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission’s Regulation AB for the Discover Card Master Trust I and Discover Card Execution Note Trust Asset-Backed Securities Platform (the “Platform”) as of and for the year ended December 31, 2015, excluding the criteria set forth in Items 1122 (d)(1)(i), (d)(1)(iii), (d)(1)(iv), (d)(2)(ii), (d)(2)(iii), (d)(2)(iv), (d)(2)(v), (d)(2)(vi), (d)(2)(vii), (d)(3)(i), (d)(3)(ii), (d)(3)(iii), (d)(3)(iv), (d)(4)(i), (d)(4)(ii), (d)(4)(iii), (d)(4)(v), (d)(4)(x), (d)(4)(xi), (d)(4)(xii), (d)(4)(xiii), and (d)(4)(xv), which management has determined are not applicable to the activities performed by DPI with respect to the Platform. Appendix A to management’s assertion identifies the individual asset backed-transactions defined by management as constituting the Platform. Management is responsible for DPI’s compliance with the servicing criteria. Our responsibility is to express an opinion on management’s assertion about DPI’s compliance with the servicing criteria based on our examination.

Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about DPI’s compliance with the applicable servicing criteria, including tests on a sample basis of the servicing activities related to the Platform, determining whether DPI performed those selected activities in compliance with the servicing criteria during the specified period, and performing such other procedures as we considered necessary in the circumstances. Our procedures were limited to selected servicing activities performed by DPI during the period covered by this report and, accordingly, such samples may not have included servicing activities related to each asset-backed transaction included in the Platform. Further, an examination is not designed to detect noncompliance arising from errors that may have occurred prior to the period specified above that may have affected the balances or amounts calculated or reported by DPI during the period covered by this report. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on DPI’s compliance with the servicing criteria.

As described in management’s assertion, for servicing criteria 1122(d)(1)(v), 1122(d)(2)(i), 1122(d)(4)(iv), 1122(d)(4)(vii) and 1122(d)(4)(viii), DPI has engaged vendors to perform certain activities required by these servicing criteria. DPI has determined that none of these vendors are considered a “servicer” as defined in Item 1101(j) of Regulation AB, and DPI has elected to take responsibility for assessing compliance with the servicing criteria applicable to these vendors as permitted by the SEC’s Compliance and Disclosure Interpretation 200.06, Vendors Engaged by Servicers (“C&DI 200.06”) (formerly SEC Manual Telephone Interpretation 17.06). As permitted by C&DI 200.06, DPI has asserted that it has policies and procedures in place designed to provide reasonable assurance that the vendors’ activities comply in all material respects with the servicing criteria applicable to these vendors. DPI is solely responsible for determining that it meets the SEC requirements to apply C&DI 200.06 for the vendors and related criteria as described in its assertion, and we performed no procedures with respect to DPI’s determination of its eligibility to apply C&DI 200.06.


In our opinion, management’s assertion that DPI complied with the aforementioned applicable servicing criteria as of and for the year ended December 31, 2015 for the Platform is fairly stated, in all material respects.

 

/s/ Deloitte & Touche LLP
Chicago, IL
March 21, 2016

 

     Member of
     Deloitte Touche Tohmatsu