EMTN Prospectus
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IMPORTANT NOTICE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY TO ANY U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933) OR IN OR INTO THE UNITED STATES OR IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THE FREE ENGLISH TRANSLATION OF THE ATTACHED BASE PROSPECTUS IMPORTANT: YOU MUST READ THE FOLLOWING BEFORE CONTINUING. The following disclaimer applies to the free English translation of the base prospectus following this page (the Base Prospectus), and you are therefore advised to read this carefully before reading, accessing or making any other use of the Base Prospectus. In accessing the Base Prospectus, you agree to have been notified and accept the following: THE BASE PROSPECTUS IS A FREE NON-BINDING TRANSLATION OF THE FRENCH LANGUAGE "PROSPECTUS DE BASE" DATED 9 JUNE 2020. IN THE EVENT OF ANY AMBIGUITY OR CONFLICT BETWEEN CORRESPONDING STATEMENTS OR OTHER ITEMS CONTAINED IN THE BASE PROSPECTUS, THE RELEVANT STATEMENTS OR ITEMS OF THE FRENCH LANGUAGE "PROSPECTUS DE BASE" SHALL PREVAIL. THIS TRANSLATION INTO ENGLISH HAS NOT BEEN AND WILL NOT BE REGISTERED BY THE AUTORITE DES MARCHES FINANCIERS OR BY ANY OTHER EQUIVALENT REGULATORY AUTHORITY OR STOCK EXCHANGE. THIS TRANSLATION INTO ENGLISH HAS BEEN PREPARED EXCLUSIVELY FOR INFORMATION PURPOSES. INVESTORS SHOULD RELY SOLELY ON THE FRENCH LANGUAGE BASE PROSPECTUS REGISTERED WITH THE AUTORITE DES MARCHES FINANCIERS, WHEN MAKING ANY INVESTMENT DECISION IN RELATION TO THE NOTES TO BE ISSUED UNDER THE PROGRAMME. NO DOCUMENT OTHER THAN THE FRENCH LANGUAGE BASE PROSPECTUS REGISTERED WITH THE AUTORITE DES MARCHES FINANCIERS, MAY BE CONSIDERED AS HAVING ANY LEGAL EFFECT WHATSOEVER IN RESPECT OF THE NOTES TO BE ISSUED UNDER THE PROGRAMME. NO REPRESENTATION, WARRANTY OR UNDERTAKING (EXPRESS OR IMPLIED) IS MADE AND NO RESPONSIBILITY OR LIABILITY IS ACCEPTED BY THE DEALERS, THE ISSUER OR THE GUARANTORS AS TO THE ACCURACY OF THIS TRANSLATION INTO ENGLISH AND NOTHING HEREIN SHOULD BE CONSTRUED AS A RECOMMENDATION OR ADVICE TO INVEST IN ANY NOTES. INFORMATION CONTAINED HEREIN IS SUBJECT TO COMPLETION OR AMENDMENT. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE FOLLOWING BASE PROSPECTUS MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER, AND IN PARTICULAR, MAY NOT BE FORWARDED TO ANY PERSON IN THE UNITED STATES OR TO ANY U.S. ADDRESS. ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS DOCUMENT IN WHOLE OR IN PART IS UNAUTHORISED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS. Confirmation of your Representation: In order to be eligible to view the Base Prospectus or make an investment decision with respect to the Notes to be issued under the Programme, you must not be a U.S. person (as defined in Regulation S under the Securities Act) and must be outside the United States. By accepting the e-mail and accessing the Base Prospectus, you shall be deemed to have represented to us that (i) you and any customers you represent are not U.S. persons and are not located in the United States; (ii) the electronic mail (or e-mail) address that you have given to us and to which this e-mail has been delivered is not located in the United States, its territories and possessions (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands), any State of the United States or the District of Columbia; (iii) you consent to delivery of such Base Prospectus by electronic transmission; (iv) you acknowledged that the attached Base Prospectus is a free non binding translation of the original French language version which is communicated to you for information purposes only. Base Prospectus dated 9 June 2020 Agence France Locale € 7,000,000,000 Euro Medium Term Note Programme Benefiting from first demand guarantees mechanism granted by Agence France Locale – Société Territoriale and by the Members of the Agence France Locale Group Under the Euro Medium Term Note Programme (the Programme) described in this base prospectus (the Base Prospectus), Agence France Locale (the Issuer) may, at any time, in compliance with all applicable laws, regulations and directives, issue notes (the Notes). Payment of all amounts due under the Notes will benefit from (i) a first demand guarantee (garantie autonome à première demande) by Agence France Locale – Société Territoriale (ST) (the ST Guarantee), and (ii) first demand guarantees by local authorities (collectivités territoriales), their groupings and the établissements publics locaux which have completed the membership process and have consenquently become shareholders of ST (the Members), equal to the outstanding amount of the loans of an initial term of more than 364 days for which they will have subscribed with the Issuer (together with ST, the Guarantors) (the Member Guarantees, together with the ST Guarantee, the Guarantees). The terms of the Guarantees and the provisions for determining their limits are set out in this Base Prospectus in section "Description of the Guarantors and the Guarantee mechanism". The aggregate nominal amount of Notes outstanding at any time may not exceed € 7,000,000,000 (or the equivalent of such amount in any other currency, determined on the issue date). The Notes will constitute obligations under French law. The Base Prospectus has been approved by the Autorité des Marchés Financiers (AMF) which has assigned approval no. 20-244 on 9 June 2020 in its capacity as competent authority pursuant to Regulation (EU) 2017/1129 (the Prospectus Regulation). The AMF has approved the Base Prospectus having verified that the information contained therein is complete, coherent and comprehensible within the meaning of the Prospectus Regulation. Such approval should not be considered as a favourable opinion on the Issuer or on the quality of the Notes issued under the Base Prospectus. Investors are invited to make their own assessment of the appropriateness of investing in the relevant Notes. The Base Prospectus is valid for a period of 12 months after its approval, namely until 9 June 2021 and shall, during such period and in accordance with article 23 of Regulation (EU) 2017/1129, be completed by a supplement to the Base Prospectus in the event of material new facts or substantial errors or inaccuracies. The obligation to publish a supplement to the Base Prospectus in the event of material new facts or substantial errors or inaccuracies does not apply once the Base Prospectus is no longer valid. The Base Prospectus replaces the base prospectus dated 13 May 2019, as updated by its supplements. Application may, under certain circumstances be made for Notes to be admitted to trading on Euronext in Paris (Euronext Paris). Euronext Paris is a regulated market as defined in Directive 2014/65/EU dated 15 May 2014 as amended, (a Regulated Market). Notes may also be admitted to trading on another Regulated Market of a member State of the European Economic Area (EEA) or in the United Kingdom or on a non-regulated market or not admitted to trading on any market. The final terms prepared for an issue of Notes (the Final Terms), based on the form set out in this Base Prospectus, shall specify whether or not such Notes shall be admitted to trading on a regulated market and shall list, if applicable, the relevant Regulated Market(s). The relevant Final Terms shall also specify whether or not the Notes shall be offered as non-exempt offer to the public under article 1, paragraph 4, of the Prospectus Regulation in one or more member states of the EEA or in the United Kingdom. The Notes may be issued in dematerialised form (Dematerialised Notes) or materialised form (Materialised Notes), as more fully described in the Base Prospectus. Dematerialised Notes will be entered in an account in accordance with articles L.211-3 et seq. of the French Code monétaire et financier. No physical document of title shall be issued in respect of Dematerialised Notes. 2 Dematerialised Notes may be issued, at the option of the Issuer, either (a) in bearer form, inscribed on their date of issue in the books of Euroclear France (acting as central depositary), which shall credit the accounts of the Account Holders (as defined in "Terms of the Notes - Form, denomination, title, redenomination and consolidation") including Euroclear Bank SA/NV (Euroclear) and the depositary bank for Clearstream Banking, S.A. (Clearstream) or (b) in registered form and, in such case, at the option of the relevant Noteholder (as defined in "Terms of the Notes - Form, denomination, title, redenomination and consolidation"), either in pure registered form (au nominatif pur), in which case they shall be entered in an account maintained by the Issuer or any registration agent (as specified in the relevant Final Terms) on behalf of the Issuer, or in administered registered form (au nominatif administré), in which case they shall be entered in the accounts of the Account Holder nominated by the relevant Noteholder. Materialised Notes shall be issued in bearer form only and may only be issued outside France. A temporary global certificate in bearer form without interest coupons attached (Temporary Global Certificate) shall be issued initially in respect of the Materialised Notes. Such Temporary Global Certificate shall subsequently be exchanged for Materialised Notes represented by physical notes (Physical Notes) together with, if applicable, interest coupons, on a date falling at the earliest approximately forty (40) calendar days after the issue date of the Notes (unless postponed, as described in section "Temporary Global Certificates in respect of Materialised Notes") upon certification that the Notes are not being held by U.S.