BNP PARIBAS ARBITRAGE ISSUANCE
AVVISO n.16476 | 23 Settembre 2014 | SeDeX - LEV. CERTIFICATES |
Mittente del comunicato : Borsa Italiana
Societa' oggetto dell'Avviso
: BNP PARIBAS ARBITRAGE ISSUANCE
Oggetto : Inizio negoziazione 'Leverage Certificates - Classe A' 'BNP PARIBAS ARBITRAGE
Testo del comunicato
ISSUANCE' emessi nell'ambito di un Programma
Si veda allegato.
Disposizioni della Borsa
Strumenti finanziari: Turbo su azioni
Emittente: BNP PARIBAS ARBITRAGE ISSUANCE
Garante: BNP Paribas
Rating Garante: Società di Rating Long Term Data Report Moody's A1 01/07/2014
Standard & Poor's A+ 03/07/2014
Fitch Ratings A+ 17/07/2013
Oggetto: INIZIO NEGOZIAZIONI IN BORSA
Data di inizio negoziazioni: 24/09/2014
Mercato di quotazione: Borsa - Comparto SEDEX 'Leverage Certificates - Classe
A'
Orari e modalità di negoziazione: Negoziazione continua e l'orario stabilito dall'art. IA.7.3.1
delle Istruzioni
Operatore incaricato ad assolvere l'impegno di quotazione:
BNP Paribas Arbitrage SNC Member ID Specialist: IT0540
Limiti di variazione prezzi: Vedi tabella in allegato 1 (in fondo al presente avviso)
CARATTERISTICHE SALIENTI DEI TITOLI OGGETTO DI QUOTAZIONE
Turbo su azioni
Tipo di liquidazione: monetaria
Modalità di esercizio: europeo
DISPOSIZIONI DELLA BORSA ITALIANA
Dal giorno 24/09/2014, gli strumenti finanziari 'Turbo su azioni' (vedasi scheda riepilogativa delle caratteristiche dei securitised derivatives) verranno inseriti nel Listino Ufficiale, sezione Securitised Derivatives.
Allegati:
- Scheda riepilogativa delle caratteristiche dei securitised derivatives;
- Estratto del prospetto di quotazione dei Securitised Derivatives
Num. Serie | Codice Isin | Trading Code | Instrument Id | Descrizione | Sottostante | Tipologia | Strike | Data Scadenza | Parità | Quantità | Lotto Negoziazione | EMS | Prima Barriera |
6 | NL0010728259 | P28259 | 764772 | BPAGSLTBLG15,19AB15,19E191214 | Assicurazioni Generali SpA | Bull | 15,19 | 19/12/14 | 1 | 200000 | 1 | 2273 | 15,19 |
12 | NL0010728317 | P28317 | 764773 | BPAFSLTBLG7,56AB7,56E191214 | Fiat SpA | Bull | 7,56 | 19/12/14 | 1 | 500000 | 1 | 9615 | 7,56 |
FINAL TERMS DATED 23 JULY 2014
BNP Paribas (incorporated in France) (as Issuer)
BNP Paribas (incorporated in France) (as Guarantor)
(Note, Warrant and Certificate Programme)
EUR "Turbo" Certificates relating to a Share BNP Paribas Arbitrage S.N.C.
(as Manager)
Any person making or intending to make an offer of the Securities may only do so :
(i) in those Non-exempt Offer Jurisdictions mentioned in Paragraph 48 of Part A below, provided such person is a Manager or an Authorised Offeror (as such term is defined in the Base Prospectus) and that the offer is made during the Offer Period specified in that paragraph and that any conditions relevant to the use of the Base Prospectus are complied with; or
(ii) otherwise in circumstances in which no obligation arises for the Issuer or any Manager to publish a prospectus pursuant to Article 3 of the Prospectus Directive or to supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such offer.
None of the Issuer nor, the Guarantor or any Manager has authorised, nor do they authorise, the making of any offer of Securities in any other circumstances.
PART A - CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Base Prospectus dated 5 June 2014, each Supplement to the Base Prospectus published and approved on or before the date of these Final Terms (copies of which are available as described below) and any other Supplement to the Base Prospectus which may have been published and approved before the issue of any additional amount of Securities (the "Supplements") (provided that to the extent any such Supplement (i) is published and approved after the date of these Final Terms and (ii) provide for any change to the Conditions of the Securities such changes shall have no effect with respect to the Conditions of the Securities to which these Final Terms relate) which together constitute a base prospectus for the purposes of Directive 2003/71/EC (the "Prospectus Directive") (the "Base Prospectus"). The Base Prospectus has been passported into Italy in compliance with Article 18 of the Prospectus Directive. This document constitutes the Final Terms of the Securities described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Base Prospectus.
Full information on BNP Paribas Arbitrage Issuance B.V. (the "Issuer"), BNP Paribas (the "Guarantor") and the offer of the Securities is only available on the basis of the combination of these Final Terms and the Base Prospectus. A summary of the Securities (which comprises the Summary in the Base Prospectus as amended to reflect the provisions of these Final Terms) is annexed to these Final Terms. The Base Prospectus, any Supplement(s) to the Base Prospectus and these Final Terms are available for viewing on the following website: xxx.xxxxxxxxxxxxxxx.xx for public offering in Italy and copies may be obtained free of charge at the specified offices of the Security Agents. The Base Prospectus and the Supplement(s) to the Base Prospectus will also be available on the AMF website xxx.xxx-xxxxxx.xxx.
References herein to numbered Conditions are to the terms and conditions of the relevant series of Securities and words and expressions defined in such terms and conditions shall bear the same meaning in these Final Terms in so far as they relate to such series of Securities, save as where otherwise expressly provided.
These Final Terms relate to the series of Securities as set out in "Specific Provisions for each Series" below. References herein to "Securities" shall be deemed to be references to the relevant Securities that are the subject of these Final Terms and references to "Security" shall be construed accordingly.
1 / 15
SPECIFIC PROVISIONS FOR EACH SERIES
Series Number / ISIN Code | No. of Securities issued | No. of Securities | Common Code | Trading Code of Borsa Italiana | Issue Price per Security | Call / Put | Strike Price | Knock-out Level | Exercise Date | Exercise Settlement Date | Parity | Multiplier** |
NL0010728200 | 1,000,000 | 1,000,000 | 109066443 | P28200 | EUR 0.15 | Call | EUR 5.80 | EUR 5.80 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728218 | 1,000,000 | 1,000,000 | 109066494 | P28218 | EUR 0.73 | Call | EUR 5.22 | EUR 5.22 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728226 | 1,000,000 | 1,000,000 | 109066508 | P28226 | EUR 1.60 | Call | EUR 4.35 | EUR 4.35 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728234 | 1,000,000 | 1,000,000 | 109066516 | P28234 | EUR 1.89 | Call | EUR 4.06 | EUR 4.06 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728242 | 200,000 | 200,000 | 109066524 | P28242 | EUR 0.01 | Call | EUR 16.33 | EUR 16.33 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728259 | 200,000 | 200,000 | 109066532 | P28259 | EUR 0.35 | Call | EUR 15.19 | EUR 15.19 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728267 | 200,000 | 200,000 | 109066559 | P28267 | EUR 1.87 | Call | EUR 13.67 | EUR 13.67 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728275 | 2,000,000 | 2,000,000 | 109066567 | P28275 | EUR 0.12 | Call | EUR 2.18 | EUR 2.18 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728283 | 2,000,000 | 2,000,000 | 109066583 | P28283 | EUR 0.66 | Call | EUR 1.64 | EUR 1.64 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728291 | 2,000,000 | 2,000,000 | 109066591 | P28291 | EUR 0.80 | Call | EUR 1.50 | EUR 1.50 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728309 | 500,000 | 500,000 | 109066605 | P28309 | EUR 0.01 | Call | EUR 8.13 | EUR 8.13 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728317 | 500,000 | 500,000 | 109066613 | P28317 | EUR 0.04 | Call | EUR 7.56 | EUR 7.56 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728325 | 500,000 | 500,000 | 109066621 | P28325 | EUR 0.79 | Call | EUR 6.81 | EUR 6.81 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728333 | 500,000 | 500,000 | 109066630 | P28333 | EUR 2.30 | Call | EUR 5.30 | EUR 5.30 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728358 | 2,000,000 | 2,000,000 | 109066648 | P28358 | EUR 0.27 | Call | EUR 0.64 | EUR 0.64 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728366 | 200,000 | 200,000 | 109066656 | P28366 | EUR 0.01 | Call | EUR 4.43 | EUR 4.43 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728374 | 200,000 | 200,000 | 109066664 | P28374 | EUR 0.74 | Call | EUR 3.51 | EUR 3.51 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728382 | 70,000 | 70,000 | 109066672 | P28382 | EUR 0.04 | Call | EUR 3.23 | EUR 3.23 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728390 | 70,000 | 70,000 | 109066699 | P28390 | EUR 0.52 | Call | EUR 2.75 | EUR 2.75 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728408 | 70,000 | 70,000 | 109066702 | P28408 | EUR 0.77 | Call | EUR 2.50 | EUR 2.50 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728416 | 70,000 | 70,000 | 109066729 | P28416 | EUR 0.49 | Call | EUR 5.75 | EUR 5.75 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728424 | 70,000 | 70,000 | 109066737 | P28424 | EUR 1.06 | Call | EUR 5.18 | EUR 5.18 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728432 | 70,000 | 70,000 | 109066745 | P28432 | EUR 1.92 | Call | EUR 4.32 | EUR 4.32 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728440 | 70,000 | 70,000 | 109066753 | P28440 | EUR 0.89 | Call | EUR 6.13 | EUR 6.13 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728457 | 70,000 | 70,000 | 109066761 | P28457 | EUR 1.91 | Call | EUR 5.11 | EUR 5.11 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728465 | 10,000 | 10,000 | 109066770 | P28465 | EUR 10.67 | Call | EUR 78.53 | EUR 78.53 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728473 | 10,000 | 10,000 | 109066796 | P28473 | EUR 23.76 | Call | EUR 65.44 | EUR 65.44 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728515 | 1,000,000 | 1,000,000 | 109066800 | P28515 | EUR 0.72 | Put | EUR 6.67 | EUR 6.67 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728523 | 200,000 | 200,000 | 109066818 | P28523 | EUR 0.01 | Put | EUR 14.50 | EUR 14.50 | 19 December 2014 | 30 December 2014 | 1 | 1 |
Series Number / ISIN Code | No. of Securities issued | No. of Securities | Common Code | Trading Code of Borsa Italiana | Issue Price per Security | Call / Put | Strike Price | Knock-out Level | Exercise Date | Exercise Settlement Date | Parity | Multiplier** |
NL0010728531 | 2,000,000 | 2,000,000 | 109066826 | P28531 | EUR 0.01 | Put | EUR 1.97 | EUR 1.97 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728549 | 500,000 | 500,000 | 109066834 | P28549 | EUR 0.01 | Put | EUR 7.57 | EUR 7.57 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728556 | 70,000 | 70,000 | 109066842 | P28556 | EUR 0.01 | Put | EUR 3.23 | EUR 3.23 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728564 | 70,000 | 70,000 | 109066869 | P28564 | EUR 0.01 | Put | EUR 5.33 | EUR 5.33 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728572 | 70,000 | 70,000 | 109066877 | P28572 | EUR 0.32 | Put | EUR 7.33 | EUR 7.33 | 19 December 2014 | 30 December 2014 | 1 | 1 |
* For the purposes of Borsa Italiana, Multiplier equals to 1/Parity
Series Number / ISIN Code | Share | Share Currency | ISIN of Share | Reuters Code of Share / Reuters Screen Page | Share Company Website | Exchange | Exchange Website |
NL0010728200 | UniCredit SpA | EUR | IT0004781412 | CRDI.MI | Borsa Italiana (MTA) | ||
NL0010728218 | UniCredit SpA | EUR | IT0004781412 | CRDI.MI | Borsa Italiana (MTA) | ||
NL0010728226 | UniCredit SpA | EUR | IT0004781412 | CRDI.MI | Borsa Italiana (MTA) | ||
NL0010728234 | UniCredit SpA | EUR | IT0004781412 | CRDI.MI | Borsa Italiana (MTA) | ||
NL0010728242 | Assicurazioni Generali SpA | EUR | IT0000062072 | GASI.MI | Borsa Italiana (MTA) | ||
NL0010728259 | Assicurazioni Generali SpA | EUR | IT0000062072 | GASI.MI | Borsa Italiana (MTA) | ||
NL0010728267 | Assicurazioni Generali SpA | EUR | IT0000062072 | GASI.MI | Borsa Italiana (MTA) | ||
NL0010728275 | Intesa Sanpaolo SpA | EUR | IT0000072618 | ISP.MI | Borsa Italiana (MTA) | ||
NL0010728283 | Intesa Sanpaolo SpA | EUR | IT0000072618 | ISP.MI | Borsa Italiana (MTA) | ||
NL0010728291 | Intesa Sanpaolo SpA | EUR | IT0000072618 | ISP.MI | Borsa Italiana (MTA) | ||
NL0010728309 | Fiat SpA | EUR | IT0001976403 | FIA.MI | Borsa Italiana (MTA) | ||
NL0010728317 | Fiat SpA | EUR | IT0001976403 | FIA.MI | Borsa Italiana (MTA) | ||
NL0010728325 | Fiat SpA | EUR | IT0001976403 | FIA.MI | Borsa Italiana (MTA) | ||
NL0010728333 | Fiat SpA | EUR | IT0001976403 | FIA.MI | Borsa Italiana (MTA) | ||
NL0010728358 | Telecom Italia SpA | EUR | IT0003497168 | TLIT.MI | Borsa Italiana (MTA) | ||
NL0010728366 | Enel SpA | EUR | IT0003128367 | ENEI.MI | Borsa Italiana (MTA) | ||
NL0010728374 | Enel SpA | EUR | IT0003128367 | ENEI.MI | Borsa Italiana (MTA) | ||
NL0010728382 | Mediaset SpA | EUR | IT0001063210 | MS.MI | Borsa Italiana (MTA) | ||
NL0010728390 | Mediaset SpA | EUR | IT0001063210 | MS.MI | Borsa Italiana (MTA) | ||
NL0010728408 | Mediaset SpA | EUR | IT0001063210 | MS.MI | Borsa Italiana (MTA) |
Series Number / ISIN Code | Share | Share Currency | ISIN of Share | Reuters Code of Share / Reuters Screen Page | Share Company Website | Exchange | Exchange Website |
NL0010728416 | Unione di Banche Italiane SCPA | EUR | IT0003487029 | UBI.MI | Borsa Italiana (MTA) | ||
NL0010728424 | Unione di Banche Italiane SCPA | EUR | IT0003487029 | UBI.MI | Borsa Italiana (MTA) | ||
NL0010728432 | Unione di Banche Italiane SCPA | EUR | IT0003487029 | UBI.MI | Borsa Italiana (MTA) | ||
NL0010728440 | Mediobanca SpA | EUR | IT0000062957 | MDBI.MI | Borsa Italiana (MTA) | ||
NL0010728457 | Mediobanca SpA | EUR | IT0000062957 | MDBI.MI | Borsa Italiana (MTA) | ||
NL0010728465 | Tods SpA | EUR | IT0003007728 | TOD.MI | Borsa Italiana (MTA) | ||
NL0010728473 | Tods SpA | EUR | IT0003007728 | TOD.MI | Borsa Italiana (MTA) | ||
NL0010728515 | UniCredit SpA | EUR | IT0004781412 | CRDI.MI | Borsa Italiana (MTA) | ||
NL0010728523 | Assicurazioni Generali SpA | EUR | IT0000062072 | GASI.MI | Borsa Italiana (MTA) | ||
NL0010728531 | Intesa Sanpaolo SpA | EUR | IT0000072618 | ISP.MI | Borsa Italiana (MTA) | ||
NL0010728549 | Fiat SpA | EUR | IT0001976403 | FIA.MI | Borsa Italiana (MTA) | ||
NL0010728556 | Mediaset SpA | EUR | IT0001063210 | MS.MI | Borsa Italiana (MTA) | ||
NL0010728564 | Unione di Banche Italiane SCPA | EUR | IT0003487029 | UBI.MI | Borsa Italiana (MTA) | ||
NL0010728572 | Mediobanca SpA | EUR | IT0000062957 | MDBI.MI | Borsa Italiana (MTA) |
GENERAL PROVISIONS
The following terms apply to each series of Securities:
1. Issuer: BNP Paribas Arbitrage Issuance B.V.
2. Guarantor: BNP Paribas
3. Trade Date: Not applicable.
4. Issue Date: 23 July 2014.
5. Consolidation: Not applicable.
6. Type of Securities: (a) Certificates.
(b) The Securities are Share Securities. Automatic Exercise applies on the Exercise Date.
The Exercise Date is as set out in "Specific Provisions for each Series" above, or if such day is not a Business Day, the immediately subsequent Business Day.
The Exercise Date will be subject to the same adjustments provided for the Redemption Valuation Date. For the purposes of Borsa Italiana, the Exercise Date shall be deemed to be also the expiration date of the Securities.
The Exercise Settlement Date is as set out in "Specific Provisions for each Series" above.
The minimum number of Securities that may be exercised by the Holder is (1) one Security and in excess thereof by multiples of (1) one Security.
The provisions of Annex 3 (Additional Terms and Conditions for Share Securities) shall apply.
7. Form of Securities: Italian Dematerialised Securities.
8. Business Day Centre(s): The applicable Business Day Centre for the purposes of the definition of "Business Day" in Condition 1 is TARGET2.
9. Settlement: Settlement will be by way of cash payment (Cash Settled Securities).
10. Rounding Convention
for cash Settlement Amount:
11. Variation of Settlement:
Issuer's option to vary settlement:
Not applicable.
The Issuer does not have the option to vary settlement in respect of the Securities.
12. Final Payout: ETS Final Payout 2200/1.
Call Securities or Put Securities.
Payout Switch: Not applicable.
Aggregation: Not applicable.
13. Relevant Asset(s): Not applicable.
14. Entitlement: Not applicable.
15. Exchange Rate: Not applicable.
16. Settlement Currency: The settlement currency for the payment of the Cash Settlement Amount is Euro ("EUR").
17. Syndication: The Securities will be distributed on a non-syndicated basis.
18. Minimum Trading Size: Not applicable.
19. Principal Security Agent:
BNP Paribas Securities Services, Xxxxx Xxxxxx.
20. Registrar: Not applicable.
21. Calculation Agent: BNP Paribas Arbitrage S.N.C.
000-000 xxxxxxxxx XxxXxxxxx, 00000 Xxxxx, Xxxxxx.
22. Governing law: English law.
23. Masse provisions (Condition 9.4):
Not applicable.
PRODUCT SPECIFIC PROVISIONS
24. Hybrid Securities: Not applicable.
25. Index Securities: Not applicable.
26. Share Securities: Applicable.
(a) Share(s)/Share Company/Baske t Company/GDR/ ADR:
(b) Relative
Performance Basket:
An ordinary share, or, if so indicated in "Specific Provisions for each Series" above, another share type in the share capital of the relevant Share Company (each a "Share").
Not applicable.
(c) Share Currency: See the Specific Provisions for each Series above.
(d) ISIN of Share(s): See the Specific Provisions for each Series above.
(e) Exchange(s): See the Specific Provisions for each Series above.
(f) Related
Exchange(s):
(g) Exchange
Business Day:
(h) Scheduled
Trading Day:
All Exchanges. Single Share Basis. Single Share Basis.
(i) Weighting: Not applicable.
(j) Settlement Price:
(k) Specified
Maximum Days of Disruption:
Italian Securities Reference Price.
Twenty (20) Scheduled Trading Days.
(l) Valuation Time: The time when the Italian Securities Reference Price of the Underlying Share is determined by the Exchange.
(m) Delayed
Redemption of Occurrence of an Extraordinary Event:
(n) Share
Correction Period:
(o) Dividend
Payment:
Not applicable.
As per Conditions.
Not applicable.
(p) Listing Change: Applicable.
(q) Listing
Suspension:
Applicable.
(r) Illiquidity: Applicable.
(s) Tender Offer: Applicable.
27. ETI Securities: Not applicable.
28. Debt Securities: Not applicable.
29. Commodity Securities: Not applicable.
30. Inflation Index Securities:
Not applicable.
31. Currency Securities: Not applicable.
32. Fund Securities: Not applicable.
33. Futures Securities: Not applicable.
34. Credit Securities: Not applicable.
35. Underlying Interest Rate Securities:
36. Preference Share Certificates:
Not applicable.
Not applicable.
37. OET Certificates: Not applicable.
38. Additional Disruption Events:
39. Optional Additional Disruption Events:
Applicable.
Hedging Disruption does not apply to the Securities.
(a) The following Optional Additional Disruption Event applies to the Securities: Insolvency Filing.
(b) Delayed Redemption on Occurrence of an Additional Disruption Event and/or Optional Additional Disruption Event: Not applicable.
40. Knock-in Event: Not applicable.
41. Knock-out Event: Applicable.
In respect of Call Securities:
"less than or equal to" the Knock-out Level.
(a) SPS Knock-out Valuation:
In respect of Put Securities:
"greater than or equal to" the Knock-out Level. Not applicable.
(b) Level: Official Level.
(c) Knock-out
Level/Knock-out Range Level:
(d) Knock-out Period Beginning Date:
(e) Knock-out Period Beginning Date Day Convention:
(f) Knock-out Determination Period:
(g) Knock-out
Determination Day(s):
(h) Knock-out
Period Ending Date:
See the Specific Provisions for each Series above.
The first day of listing.
Applicable.
The period beginning on (and including) the Knock-out Period Beginning Date and ending on (and including) the Knock-out Period Ending Date.
Each Scheduled Trading Day in the Knock-out Determination Period.
The Redemption Valuation Date.
(i) Knock-out Period Ending Date Day Convention:
(j) Knock-out Valuation Time:
(k) Knock-out
Observation Price Source:
(l) Disruption Consequences:
Applicable.
Any time on a Knock-out Determination Day.
Exchange.
Not applicable.
PROVISIONS RELATING TO WARRANTS
42. Provisions relating to Warrants:
Not applicable.
PROVISIONS RELATING TO CERTIFICATES
43. Provisions relating to Certificates:
(a) Notional
Amount of each Certificate:
(b) Partly Paid
Certificates:
Applicable.
Not applicable.
The Certificates are not Partly Paid Certificates.
(c) Interest: Not applicable.
(d) Fixed Rate
Provisions:
(e) Floating Rate Provisions:
(f) Screen Rate Determination:
(g) ISDA Determination:
(h) FBF Determination:
(i) Linked Interest Certificates:
(j) Payment of Premium Amount(s):
(k) Index Linked Certificates:
(l) Share Linked Certificates:
(m) ETI Linked
Certificates:
(n) Debt Linked Certificates:
(o) Commodity Linked Certificates:
(p) Inflation Index Linked Certificates:
(q) Currency Linked Certificates:
(r) Fund Linked
Not applicable
Not applicable Not applicable Not applicable Not applicable Not applicable
Not applicable Not applicable Not applicable Not applicable Not applicable
Not applicable
Not applicable
Not applicable Not applicable
Certificates:
(s) Futures Linked Certificates:
(t) Underlying Interest Rate Linked Interest Provisions:
(u) Instalment
Certificates:
(v) Issuer Call
Option:
(w) Holder Put Option:
(x) Automatic Early Redemption:
(i) Automatic Early Redemption Event:
(ii) Automatic Early Redemption Payout:
(iii) Automatic Early Redemption Date(s):
(iv) Observation
Not applicable
Not applicable
The Certificates are not Instalment Certificates. Not applicable
Not applicable Applicable.
AER Knock-out: Knock-out Event.
Automatic Early Redemption Payout 2200/1
Not applicable.
Price Source: Not applicable.
(v) Underlying
Reference Level:
(vi) Automatic Early Redemption Level:
(vii) Automatic Early Redemption Percentage:
(viii) Automatic Early Redemption Percentage Up:
(ix) Automatic Early Redemption Percentage Down:
Not applicable.
Knock-out Level.
Not applicable.
Not applicable.
Not applicable.
(x) AER Rate: Not applicable
(xi) AER Exit
Rate: Not applicable.
(xii) Automatic Early Redemption Valuation
Date(s): AER Knock-out Date.
(y) Renouncement Notice Cut-off Time:
10.00 am (Milan Time).
(z) Strike Date: Not applicable.
(aa) Strike Price: See the "Specific Provisions for each Series" above.
(bb) Redemption
Valuation Date:
Scheduled Trading Day immediately preceding the Exercise Date.
cc) Averaging: Averaging does not apply to the Securities.
(dd) Observation Dates:
(ee) Observation Period:
(ff) Settlement
Business Day:
Not applicable. Not applicable.
Not applicable.
(gg) Cut-off Date: Not applicable.
(hh) Identification
information of
Holders as provided by Condition 29:
Not applicable.
DISTRIBUTION AND US SALES ELIGIBILITY
44. U.S. Selling Restrictions:
45. Additional U.S. Federal income tax consequences:
46. Registered
broker/dealer:
47. TEFRA C or TEFRA Not Applicable:
Not applicable.
Not applicable.
Not applicable.
TEFRA Not Applicable.
48. Non exempt Offer: An offer of the Securities may be made by the Manager and BNP Paribas (the "Initial Authorised Offerors"), being persons to whom the Issuer has given consent, other than pursuant to Article 3(2) of the Prospectus Directive in the Republic of Italy (the "Public Offer Jurisdiction") during the period from (and including) the Issue Date until (and including) the date on which the Securities are delisted (the "Offer Period").
(i) Non-exempt Offer Jurisdictions:
See further Paragraph 6 of Part B below. The Republic of Italy
(ii) Offer Period: From (and including) the Issue Date until (and including) the date on which the Securities are delisted.
(iii) Financial
intermediaries granted specific consent to use the Base Prospectus in accordance with the Conditions in it:
(iv) General
Consent:
The Manager and BNP Paribas.
Not applicable.
(v) Other
Authorised Offeror Terms:
Not applicable.
PROVISIONS RELATING TO COLLATERAL AND SECURITY
49. Collateral Security Conditions:
Not applicable.
Responsibility
The Issuer accepts responsibility for the information contained in these Final Terms. To the best of the knowledge of the Issuer (who has taken all reasonable care to ensure that such is the case), the information contained herein is in accordance with the facts and does not omit anything likely to affect the import of such information.
Signed on behalf of BNP Paribas Arbitrage Issuance B.V.
By: ..Xxxxxxxx XXXXX XXXXXX... Duly authorised
PART B - OTHER INFORMATION
1. Listing and Admission to trading - De listing
Application will be made to list the Securities on the Italian Stock Exchange and to admit the Securities described herein for trading on the electronic "Securitised Derivatives Market" (the "SeDeX"), organised and managed by Borsa Italiana S.p.A.
2. Ratings
The Securities have not been rated.
Issuer's long term credit ratings are A+ with a negative outlook (Standard & Poor's) and issuer's short term credit ratings are A-1 (Standard & Poor's).
The rating of the Guarantor is A1 from Moody's and A+ from Standard and Poor's.
As defined by Moody's an "Aa" rating means that the obligations of the Issuer and the Guarantor under the Programme are of high quality and are subject to very low credit risk. Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa.
As defined by Standard & Poor's, an obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The relevant Issuer and Guarantor's capacity to meet its financial commitment on the obligation is very strong.The addition of a plus (+) or minus (-) sign shows relative standing within the major rating category.
Moody's and Standard & Poor's are established in the European Union and are registered under Regulation (EC) No. 1060/2009 (as amended).
3. Interests of Natural and Legal Persons Involved in the Issue
Save as described above and discussed in "Risk Factors" in the Base Prospectus, so far as the Issuer is aware, no person involved in the offer of the Securities has an interest material to the offer.
4. Performance of Underlying/Formula/Other Variable and Other Information concerning the Underlying Reference
See Base Prospectus for an explanation of effect on value of Investment and associated risks in investing in Securities.
Information on each Share shall be available on the relevant Share Company website as set out in "Specific Provisions for each Series" in Part A.
Past and further performances of each Share are available on the relevant Exchange website as set out in "Specific Provisions for each Series" in Part A and the volatility of each Share may be obtained from the Calculation Agent by emailing xxxxxxxxxxxxxxx@xxxxxxxxxx.xxx.
The Issuer does not intend to provide post-issuance information.
SHARE DISCLAIMER
The issue of the Securities is not sponsored or promoted by any Share Company and is under the sole responsibility of BNP Paribas. No Share Company makes any representation whatsoever nor promotes the growth of the Securities in relation to their Shares and consequently does not have any financial or legal obligation with respect to the Securities. In addition, Securities do not give the right to dividends distributed by the Share Company or voting rights or any other right with respect of the Share Company.
5. Operational Information
Relevant Clearing System(s): Monte Titoli.
6. Terms and Conditions of the Public Offer
Offer Price: The price of the Certificates will vary in accordance with a number of factors including, but not limited to, the price of the relevant Share.
Conditions to which the offer is subject:
Description of the application process:
Details of the minimum and/or maximum amount of application:
Description of possibility to reduce subscriptions and manner for refunding excess amount paid by applicants:
Details of the method and time limits for paying up and delivering Securities:
Manner in and date on which results of the offer are to be made public:
Procedure for exercise of any right of pre-emption, negotiability of subscription rights and treatment of subscription rights not exercised:
Process for notification to applicants of the amount allotted and indication whether dealing may begin before notification is made:
Amount of any expenses and taxes specifically charges to the subscriber or purchaser:
Not applicable.
Not applicable.
Minimum purchase amount per investor: One (1) Certificate.
Maximum purchase amount per investor: The number of Certificates issued in respect of each Series of Certificates.
Not applicable.
The Certificates are cleared through the clearing systems and are due to be delivered on or about the third Business Day after their purchase by the investor against payment of the purchase amount.
Not applicable.
Not applicable.
Not applicable.
Not applicable.
7. Placing and Underwriting
Name(s) and address(es), to the extent known to the issuer, of the placers in the various countries where the offer takes place:
Name and address of the co- ordinator(s) of the global offer and of single parts of the offer:
Name and address of any paying agents and depository agents in each country (in addition to the Principal Paying Agent):
Entities agreeing to underwrite the issue on a firm commitment basis, and entities agreeing to place the issue without a firm commitment or under "best efforts" arrangements:
When the underwriting agreement has been or will be
None.
BNP Paribas
00 Xxxxxxxxx xxx Xxxxxxxx, 00000 Xxxxx, Xxxxxx.
Not applicable.
BNP Paribas Arbitrage S.N.C.
Not applicable.
reached:
8. Form of Renouncement Notice
RENOUNCEMENT NOTICE
(to be completed by the Holder of the Security)
BNP Paribas Arbitrage Issuance B.V.
EUR "Turbo" Certificates relating to a Share
(the "Securities") To: BNP Paribas Securities Services, Xxxxx Xxxxxx
Xxx Xxxxxxxx 0, 00000, Xxxxxx, Xxxxx
Fax No:(00) 00 00000 000
We/I the undersigned Holder(s) of the Securities
hereby communicate that we are renouncing the automatic exercise on the Exercise Date of the rights granted by the Securities in accordance with the Terms and Conditions of the Securities, as amended and/or supplemented by the applicable Final Terms (the Security Terms).
Series No. of the Securities:
Number of Securities the subject of this notice:
The undersigned understands that if this Renouncement Notice is not completed and delivered as provided in the Security Terms or is determined to be incomplete or not in proper form (in the determination of the Italian Security Agent), it will be treated as null and void.
If this Renouncement Notice is subsequently corrected to the satisfaction of the Italian Security Agent, it will be deemed to be a new Renouncement Notice submitted at the time such correction was delivered to the Italian Security Agent.
Expressions defined in the Security Terms shall bear the same meanings in this Renouncement Notice. Place and date:
Signature of the Holder
Name of beneficial owner of the Securities
Signature
ISSUE SPECIFIC SUMMARY OF THE PROGRAMME IN RELATION TO THIS BASE PROSPECTUS
Summaries are made up of disclosure requirements known as "Elements". These Elements are numbered in Sections A – E (A.1 – E.7). This Summary contains all the Elements required to be included in a summary for this type of Securities, Issuer and Guarantor. Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the Elements. Even though an Element may be required to be inserted in the summary because of the type of Securities, Issuer and Guarantor(s), it is possible that no relevant information can be given regarding the Element. In this case a short description of the Element should be included in the summary explaining why it is not applicable.
Section A - Introduction and warnings
Element | Title | |
A.1 | Warning that the summary should be read as an introduction and provision as to claims | ● This summary should be read as an introduction to the Base Prospectus and the applicable Final Terms. In this summary, unless otherwise specified and except as used in the first paragraph of Element D.3, "Base Prospectus" means the Base Prospectus of BNPP B.V., BNPP, BP2F, BNPPF and BGL dated 5 June 2014 as supplemented from time to time. In the first paragraph of Element D.3, "Base Prospectus" means the Base Prospectus of BNPP B.V., BNPP, BP2F, BNPPF and BGL dated 5 June 2014. |
● Any decision to invest in any Securities should be based on a consideration of the Base Prospectus as a whole, including any documents incorporated by reference and the applicable Final Terms. | ||
● Where a claim relating to information contained in the Base Prospectus and the applicable Final Terms is brought before a court in a Member State of the European Economic Area, the plaintiff may, under the national legislation of the Member State where the claim is brought, be required to bear the costs of translating the Base Prospectus and the applicable Final Terms before the legal proceedings are initiated. | ||
● No civil liability will attach to the Issuer or the Guarantor in any such Member State solely on the basis of this summary, including any translation hereof, unless it is misleading, inaccurate or inconsistent when read together with the other parts of the Base Prospectus and the applicable Final Terms or, following the implementation of the relevant provisions of Directive 2010/73/EU in the relevant Member State, it does not provide, when read together with the other parts of the Base Prospectus and the applicable Final Terms, key information (as defined in Article 2.1(s) of the Prospectus Directive) in order to aid investors when considering whether to invest in the Securities. | ||
A.2 | Consent as to use the Base Prospectus, period of validity and other conditions attached | Consent: Subject to the conditions set out below, the Issuer consents to the use of the Base Prospectus in connection with a Non-exempt Offer of Securities by the Managers and BNP Paribas. Offer period: The Issuer's consent referred to above is given for Non-exempt Offers of Securities from the Issue Date until the date on which the Securities are delisted (the "Offer Period"). |
Conditions to consent: The conditions to the Issuer's consent are that such consent (a) is only valid during the Offer Period; and (b) only extends to the use of the Base Prospectus to make Non-exempt Offers of the relevant Tranche of Securities in the Republic of Italy. |
AN INVESTOR INTENDING TO PURCHASE OR PURCHASING ANY SECURITIES IN A NON-EXEMPT OFFER FROM AN AUTHORISED OFFEROR WILL DO SO, AND OFFERS AND SALES OF SUCH SECURITIES TO AN INVESTOR BY SUCH AUTHORISED OFFEROR WILL BE MADE, IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THE OFFER IN PLACE BETWEEN SUCH AUTHORISED OFFEROR AND SUCH INVESTOR INCLUDING ARRANGEMENTS IN RELATION TO PRICE, ALLOCATIONS, EXPENSES AND SETTLEMENT. THE RELEVANT INFORMATION WILL BE PROVIDED BY THE AUTHORISED OFFEROR AT THE TIME OF SUCH OFFER. |
Section B - Issuer and Guarantor
Element | Title | |
B.1 | Legal and commercial name of the Issuer | BNP Paribas Arbitrage Issuance B.V. ("BNPP B.V." or the "Issuer"). |
B.2 | Domicile/ legal form/ legislation/ country of incorporation | The Issuer was incorporated in the Netherlands as a private company with limited liability under Dutch law having its registered office at Xxxxxxxxxxx 000, 0000 XX Xxxxxxxxx, the Netherlands. |
B.4b | Trend information | BNPP B.V. is dependent upon BNPP. BNPP B.V. is a wholly owned subsidiary of BNPP specifically involved in the issuance of securities such as Notes, Warrants or Certificates or other obligations which are developed, setup and sold to investors by other companies in the BNPP Group (including BNPP). The securities are hedged by acquiring hedging instruments from BNP Paribas and BNP Paribas entities as described in Element D.2 below. As a consequence, the Trend Information described with respect to BNPP shall also apply to BNPP B.V. |
B.5 | Description of the Group | BNPP B.V. is a wholly owned subsidiary of BNP Paribas. BNP Paribas is the ultimate holding company of a group of companies and manages financial operations for those subsidiary companies (together the "BNPP Group"). |
B.9 | Profit forecast or estimate | The Group's 2014-2016 business development plan confirms the universal bank business model centred on its three pillars: Retail Banking, CIB and Investment Solutions. The goal of the 2014-2016 business development plan is to support clients in a changing environment. It targets a return on equity of at least 10% by 2016. The Group has defined the five following strategic priorities for 2016: ● enhance client focus and services; ● simple: simplify our organisation and how we operate; ● efficient: continue improving operating efficiency; ● adapt certain businesses to their economic and regulatory environment ● implement business development initiatives. |
B.10 | Audit report qualifications | Not applicable, there are no qualifications in any audit report on the historical financial information included in the Base Prospectus. |
B.12 | Selected historical key financial information: Comparative Annual Financial Data - In EUR | |||
31/12/2013 | 31/12/2012 | |||
Revenues | 397,608 | 337,955 | ||
Net income, Group share | 26,749 | 22,531 | ||
Total balance sheet | 48,963,076,836 | 37,142,623,335 | ||
Shareholders' equity (Group share) | 416,163 | 389,414 | ||
Statements of no significant or material adverse change Save as disclosed in the press release published by BNP Paribas on 30 June 2014 (the text of which is set out in italicised text below), there has been no significant change in the financial or trading position of the BNPP Group since 31 December 2013 (being the end of the last financial period for which audited financial statements have been published). There has been no material adverse change in the prospects of the BNPP Group since 31 December 2013 (being the end of the last financial period for which audited financial statements have been published). "Paris, 30 June 2014 BNP Paribas announces a comprehensive settlement regarding the review of certain USD transactions by US authorities BNP Paribas today announced a comprehensive settlement of the pending investigation relating to US dollar transactions involving parties subject to US sanctions, including agreements with the U.S. Department of Justice, U.S. Attorney's Office for the Southern District of New York, the New York County District Attorney's Office, the Board of Governors of the U.S. Federal Reserve System (FED), the New York State Department of Financial Services (DFS), and the US Department of the Treasury's Office of Foreign Assets Control (OFAC). The settlement includes guilty pleas entered into by BNP Paribas SA in relation to violations of certain US laws and regulations regarding economic sanctions against certain countries and related recordkeeping. BNP Paribas also agrees to pay a total of USD 8.97 billion (Euros 6.6 billion). Beyond what has already been provisioned, this will result in an exceptional charge of Euros 5.8 billion to be booked in the second quarter of 2014. BNP Paribas also accepts a temporary suspension of one year starting 1st January 2015 of the USD direct clearing focused mainly on the Oil & Gas Energy & Commodity Finance business line in certain locations. BNP Paribas has worked with the US authorities to resolve these issues and the resolution of these matters was coordinated by its home regulator (Autorité de Contrôle Prudentiel et de Résolution - ACPR) with its lead regulators. BNP Paribas will maintain its licenses as part of the settlements, and expects no impact on its operational or business capabilities to serve the vast majority of its clients. During 2015, the activities of the perimeter concerned will clear US dollars through a third party bank instead of clearing through BNP Paribas New York and all necessary measures are being taken to ensure smooth transition and no material impact for the clients concerned. BNP Paribas notes that part of the Group's USD clearing is already done today through third party banks. Based on its estimates, BNP Paribas expects its fully loaded Basel III CET1 ratio as at 30 June 2014 to be at around 10%, consistent with the Group's targets announced within its 2014-2016 business development plan. This estimate takes into account in particular solid underlying second quarter net results and pro rata temporis the current intention of the bank to adapt its dividend for 2014 to a level equal to that of 2013 (1.50 euros per share). In advance of the settlement, the bank designed new robust compliance and control procedures. Many of these are already in force and are working effectively, and involve important changes to the Group's procedures. Specifically: ● a new department called Group Financial Security US, part of the Group Compliance function, | ||||
will be headquartered in New York and will ensure that BNP Paribas complies globally with US regulation related to international sanctions and embargoes. ● all USD flows for the entire BNP Paribas Group will be ultimately processed and controlled via the branch in New York. As a result of BNP Paribas' internal review, a number of managers and employees from relevant business areas have been sanctioned, a number of whom have left the Group. Xxxx-Xxxxxxx Xxxxxxx, CEO of BNP Paribas, said: "We deeply regret the past misconduct that led to this settlement. The failures that have come to light in the course of this investigation run contrary to the principles on which BNP Paribas has always sought to operate. We have announced today a comprehensive plan to strengthen our internal controls and processes, in ongoing close coordination with the US authorities and our home regulator to ensure that we do not fall below the high standards of responsible conduct we expect from everyone associated with BNP Paribas". "Having this matter resolved is an important step forward for us. Apart from the impact of the fine, BNP Paribas will once again post solid results this quarter and we want to thank our clients, employees, shareholders and investors for their support throughout this difficult time". "The Group remains focused on implementing its 2014-2016 business development plan. We confirm our ambition to meet the targets of this plan announced in March this year. In particular, North America remains a strategic market for the Group where we plan to further develop our retail, investment solutions and corporate & investment banking franchise over the coming years". "BNP Paribas is a client-centric bank and we will continue to work every single day to earn the trust and respect of all our stakeholders in service of our clients and the economy". Following the settlement, the Bank expects its banking licenses to be maintained where it operates (although this settlement could provide the basis for a regulator to rescind a license), and has received confirmations or assurances in this regard from its principal regulators. The Bank expects that the settlement will have no impact on its operational or business capabilities to serve the vast majority of its clients. There can be no assurance, however, that unanticipated collateral consequences of the settlement will not adversely affect its business. Such unanticipated collateral consequences include the possibility that clients, counter-parties and other persons or entities with whom the Bank does business may choose to limit their future business with the Bank. It also includes for some limited activities, in particular in the United States, the possibility that an authority may refuse to grant the Bank a waiver needed to pursue a specific activity, or may withdraw an authorization to conduct a specific activity. Similarly, the Bank cannot be certain that the suspension of U.S. dollar clearing in respect of certain of its business lines will not lead to a loss of business." There has been no significant change in the financial or trading position of BNPP B.V. since 31 December 2013 and there has been no material adverse change in the prospects of BNPP B.V. since 31 December 2013. | ||
B.13 | Events impacting the Issuer's solvency | To the best of the Issuer's knowledge there have not been any recent events which are to a material extent relevant to the evaluation of the Issuer's solvency since 31 December 2013, save as disclosed in the press release published by BNP Paribas on 30 June 2014 the text of which is set out in italicised text in Element B.12 above. |
B.14 | Dependence upon other group entities | The Issuer is dependent upon BNPP and other members of the BNPP Group. See also Element B.5 above. BNPP B.V. is dependent upon BNPP. BNPP B.V. is a wholly owned subsidiary of BNPP specifically involved in the issuance of securities such as Notes, Warrants or Certificates or other obligations which are developed, setup and sold to investors by other companies in the BNPP Group (including BNPP). The securities are hedged by acquiring hedging instruments from BNP Paribas and BNP Paribas entities as described in Element D.2 below. |
B.15 | Principal activities | The principal activity of the Issuer is to issue and/or acquire financial instruments of any nature and to enter into related agreements for the account of various entities within the BNPP Group. |
B.16 | Controlling shareholders | BNP Paribas holds 100 per cent. of the share capital of the Issuer. |
B.17 | Solicited credit ratings | BNPP B.V.'s long term credit rating are A+ with a negative outlook (Standard & Poor's Credit Market Services France SAS) and BNPP B.V.'s short term credit rating are A-1 (Standard & Poor's Credit Market Services France SAS). The Securities have not been rated. A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. |
B.18 | Description of the Guarantee | The Securities will be unconditionally and irrevocably guaranteed by BNP Paribas ("BNPP" or the "Guarantor") pursuant to an English law deed of guarantee executed by BNPP on or around 5 June 2014 (the "Guarantee"). The obligations under the guarantee are direct unconditional, unsecured and unsubordinated obligations of BNPP and rank and will rank pari passu among themselves and at least pari passu with all other direct, unconditional, unsecured and unsubordinated indebtedness of BNPP (save for statutorily preferred exceptions). |
B.19 | Information about the Guarantor | |
B.19/ B.1 | Legal and commercial name of the Guarantor | BNP Paribas. |
B.19/ B.2 | Domicile/ legal form/ legislation/ country of incorporation | The Guarantor was incorporated in France as a société anonyme under French law and licensed as a bank having its head office at 00, xxxxxxxxx xxx Xxxxxxxx - 00000 Xxxxx, Xxxxxx. |
B.19/ B.4b | Trend information | Macro-economic environment Market and macroeconomic conditions affect the BNPP's results. The nature of the BNPP's business makes it particularly sensitive to market and macroeconomic conditions in Europe, which have been difficult and volatile in recent years. In 2013, the global economy began to move towards equilibrium, with several emerging countries slowing down and a slight recovery in the developed countries. In 2013, global economic conditions remained generally stable as compared to 2012. IMF and OECD economic forecasts1 for 2014 generally indicate a renewal of moderate growth in developed economies albeit less strong and uniform in the Euro- Zone. Their analysts consider that uncertainties remain regarding the strength of the recovery, particularly in light of the U. S. Federal Reserve's announcement in December 2013 that it would gradually reduce ("taper") its stimulus program, and in the Euro-zone, where a risk of deflation exists. Within the Euro-zone, sovereign credit spreads continued to decrease in 2013 following the decrease recorded in 2012 from the previous historically high levels. The financial condition of certain sovereigns has markedly improved but there remains uncertainty as to the solvency of some others. Laws and Regulations applicable to Financial Institutions Laws and regulations applicable to financial institutions that have an impact on the BNPP have significantly evolved in the wake of the global financial crisis. The measures that have been proposed and/or adopted in recent years include more stringent capital and liquidity requirements (particularly for large global banking groups such as the BNP Paribas Group), taxes on financial transactions, restrictions and taxes on employee compensation, limits on the types of activities that commercial banks can undertake and ring-fencing or even prohibition of certain activities considered as speculative within separate subsidiaries, restrictions on certain types of financial products, increased internal control and reporting requirements, more |
1See in particular : IMF - World Economic Outlook Update - January 2014 and G20 Note on Global Prospects and Policy Challenges - February 2014, OECD - The Global Economic Outlook - November 2013
stringent conduct of business rules, mandatory clearing and reporting of derivative transactions, requirements to mitigate risks in relation to over-the-counter derivative transactions and the creation of new and strengthened regulatory bodies. The measures that were recently adopted, or in some cases proposed and still under discussion, that have or are likely to affect the BNPP, include in particular the French Ordinance of 27 June 2013 relating to credit institutions and financing companies, which came into force on 1 January 2014 and the French banking law of 26 July 2013 on the separation and regulation of banking activities and the Ordinance of 20 February 2014 for the adaptation of French law to EU law with respect to financial matters; the EU Directive and Regulation on prudential requirements "CRD IV" dated 26 June 2013 and many of whose provisions have been applicable since 1 January 2014; the proposals of technical regulatory and execution rules relating to the Directive and Regulation CRD IV published by the EBA; the designation of the BNPP as a systemically important financial institution by the FSB; the public consultation for the reform of the structure of the EU banking sector of 2013 and the European Commission's proposed regulation on structural measures designed to improve the strength of EU credit institutions of 29 January 2014; the proposal for a regulation on indices used as benchmarks in financial instruments and financial contracts; the European single supervisory mechanism; the European proposal for a single resolution mechanism and the proposal for a European Directive on bank recovery and resolution; the final rule for the regulation of foreign banks imposing certain liquidity, capital and other prudential requirements adopted by the U.S. Federal Reserve; the proposal of the U.S. Federal Reserve relating to liquidity ratios of large banks; and the "Xxxxxxx" Rule imposing certain restrictions on investments in or sponsorship of hedge funds and private equity funds and proprietary trading activities (of U.S. banks and to some extent non-U.S. banks) that was recently adopted by the U.S. regulatory authorities. More generally, regulators and legislators in any country may, at any time, implement new or different measures that could have a significant impact on the financial system in general or the BNPP in particular. | ||
B.19/B.5 | Description of the Group | BNPP is a European leading provider of banking and financial services and has four domestic retail banking markets in Europe, namely in Belgium, France, Italy and Luxembourg. It is present in 75 countries and has almost 185,000 employees, including over 141,000 in Europe. BNPP is the parent company of the BNP Paribas Group (the "BNPP Group"). |
B.19/B.9 | Profit forecast or estimate | The Group's 2014-2016 business development plan confirms the universal bank business model centred on its three pillars: Retail Banking, CIB and Investment Solutions. The goal of the 2014-2016 business development plan is to support clients in a changing environment. It targets a return on equity of at least 10% by 2016. The Group has defined the five following strategic priorities for 2016: ● enhance client focus and services; ● simple: simplify our organisation and how we operate; ● efficient: continue improving operating efficiency; ● adapt certain businesses to their economic and regulatory environment ● implement business development initiatives. |
B.19/ B.10 | Audit report qualifications | Not applicable, there are no qualifications in any audit report on the historical financial information included in the Base Prospectus. |
B.19/ B.12 | Selected historical key financial information: | |||
Comparative Annual Financial Data - In millions of EUR | ||||
31/12/201 * 3 | 31/12/2012 | |||
Revenues | 38,409 | 39,072 | ||
Cost of risk | (3,801) | (3,941) | ||
Net income, Group share | 4,818 | 6,564 | ||
*Restated | ||||
31/12/2013 | 31/12/2012 | |||
Common equity Tier 1 ratio (Basel 3 fully | 10.30% | 9.90% | ||
loaded, CRD4) | ||||
Total consolidated balance sheet | 1,810,53 * 5 | 1,907,200 | ||
Consolidated loans and receivables due from customers | 612,45 * 5 | 630,520 | ||
Consolidated items due to customers | 553,49 * 7 | 539,513 | ||
Shareholders' equity (Group share) | 87,44 * 7 | 85,444 | ||
* Restated following the application of accounting standards IFRS10, IFRS11 and IAS32 revised | ||||
Comparative Interim Financial Data - In millions of EUR | ||||
31/03/2014 | * | |||
31/03/2013 | ||||
Revenues | 9,913 | 9,972 | ||
Cost of risk | (1,084) | (911) | ||
Net income, Group share | 1,668 | 1,585 | ||
*restated | ||||
31/03/2014 | 31/12/2013 | |||
Common equity Tier 1 ratio (Basel 3 fully | 10.60% | 10.30% | ||
loaded, CRD4) | ||||
Total consolidated balance sheet | 1,882,756 | 1,810,53 * 5 | ||
Consolidated loans and receivables due | 618,791 | 612,45 * 5 | ||
from customers | ||||
Consolidated items due to customers | 566,833 | 553,49 * 7 | ||
Shareholders' equity (Group share) | 89,969 | 87,44 * 7 | ||
* Restated following the application of accounting standards IFRS10, IFRS11 and IAS32 revised | ||||
Statements of no significant or material adverse change There has been no material adverse change in the prospects of BNPP since 31 December 2013 (being the end of the last financial period for which audited financial statements have been published). | ||||
B.19/ B.13 | Events impacting the Guarantor's solvency | To the best of the Guarantor's knowledge there have not been any recent events which are to a material extent relevant to the evaluation of the Guarantor's solvency since 31 December 2013, save as disclosed in the press release published by BNP Paribas on 30 June 2014 the text of which is set out in italicised text in Element B.12 above. |
B.19/ B.14 | Dependence upon other Group entities | Subject to the following paragraph, BNPP is not dependent upon other members of the BNPP Group. In April 2004, BNPP began outsourcing IT Infrastructure Management Services to the "BNP Paribas Partners for Innovation" (BP²I) joint venture set up with IBM France at the end of 2003. BP²I provides IT Infrastructure Management Services for BNPP and several BNPP subsidiaries in France, Switzerland, and Italy. In mid-December 2011 BNPP renewed its agreement with IBM France for a period lasting until end-2017. At the end of 2012, the parties entered into an agreement to gradually extend this arrangement to BNP Paribas Fortis as from 2013. BP²I is 50/50-owned by BNPP and IBM France; IBM France is responsible for daily operations, with a strong commitment of BNPP as a significant shareholder. See Element B.5 above. |
B.19/ B.15 | Principal activities | BNP Paribas holds key positions in its three activities: ● Retail Banking, which includes: ● a set of Domestic Markets, comprising: ● French Retail Banking (FRB), ● BNL banca commerciale (BNL bc), Italian retail banking, ● Belgian Retail Banking (BRB), ● Other Domestic Markets activities, including Luxembourg Retail Banking (LRB); ● International Retail Banking, comprising: ● Europe-Mediterranean, ● BancWest; ● Personal Finance; ● Investment Solutions; ● Corporate and Investment Banking (CIB). |
B.19/ B.16 | Controlling shareholders | None of the existing shareholders controls, either directly or indirectly, BNPP. The main shareholders are Société Fédérale de Participations et d'Investissement (SFPI) a public-interest société anonyme (public limited company) acting on behalf of the Belgian government holding 10.3% of the share capital as at 31 December 2013 and Grand Duchy of Luxembourg holding 1.0% of the share capital as at 31 December 2013. To BNPP's knowledge, no shareholder other than SFPI owns more than 5% of its capital or voting rights. |
B.19/ B.17 | Solicited credit ratings | BNPP's long term credit ratings are A+ with a negative outlook (Standard & Poor's Credit Market Services France SAS), A1 with a negative outlook (Moody's Investors Service Ltd.) and A+ with a stable outlook (Fitch France S.A.S.). A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. |
Section C - Securities
Element | Title | |
C.1 | Type and class of Securities/ISIN | The Securities are certificates ("Certificates") and are issued in Series. The Series Number of the Securities is as set out in the table in Element C.20 below. The Tranche number is as set out in the table in Element C.20 below. The ISIN is as set out in the table in Element C.20 below. The Common Code is as set out in the table in Element C.20 below. The Trading Code of Borsa Italiana is as set out in the table in Element C.20 below. The Securities are cash settled Securities. |
C.2 | Currency | The currency of this Series of Securities is Euro ("EUR"). |
C.5 | Restrictions on free transferability | The Securities will be freely transferable, subject to the offering and selling restrictions in the United States, the European Economic Area, Austria, Belgium, the Czech Republic, France, Finland, Germany, Hungary, Ireland, Portugal, Spain, Sweden, the Republic of Italy, Poland, the United Kingdom, Japan and Australia and under the Prospectus Directive and the laws of any jurisdiction in which the relevant Securities are offered or sold. |
C.8 | Rights attaching to the Securities | Securities issued under the Programme will have terms and conditions relating to, among other matters: Status The Certificates are issued on a unsecured basis. Securities issued on an unsecured basis constitute direct, unconditional, unsecured and unsubordinated obligations of the Issuer and rank and will rank pari passu among themselves and at least pari passu with all other direct, unconditional, unsecured and unsubordinated indebtedness of the Issuer (save for statutorily preferred exceptions). |
Taxation The Holder must pay all taxes, duties and/or expenses arising from the exercise and settlement or redemption of the W&C Securities and/or the delivery or transfer of the Entitlement. The Issuer shall deduct from amounts payable or assets deliverable to Holders certain taxes and expenses not previously deducted from amounts paid or assets delivered to Holders, as the Calculation Agent determines are attributable to the W&C Securities. | ||
Negative pledge The terms of the Securities will not contain a negative pledge provision. | ||
Events of Default The terms of the Securities will not contain events of default. | ||
Meetings The terms of the Securities will contain provisions for calling meetings of holders of such Securities to consider matters affecting their interests generally. These provisions permit defined majorities to bind all holders, including holders who did not attend and vote at the relevant meeting and holders who voted in a manner contrary to the majority. |
Element | Title | |
Governing law The W&C Securities, the English Law Agency Agreement (as amended or supplemented from time to time), the Related Guarantee in respect of the W&C Securities and any non-contractual obligations arising out of or in connection with the W&C Securities, the English Law Agency Agreement (as amended or supplemented from time to time) and the Guarantee in respect of the W&C Securities will be governed by and shall be construed in accordance with English law. | ||
C.9 | Interest/Redemption | Interest The Securities do not bear or pay interest. Redemption Unless previously redeemed or cancelled, each Security will be redeemed on the Redemption Date as set out in the table in Element C20 below. The Certificates may also be redeemed early on occurrence of an Additional Disruption Event, an Optional Additional Disruption Event, an Extraordinary Event, a Potential Adjustment Event or if performance of the Issuer's obligations under the Securities becomes illegal, or becomes illegal or impractical by reason of force majeure or act of state. The amount payable under the Securities on early redemption will be the fair market value of each Security. Representative of Holders No representative of the Holders has been appointed by the Issuer. Please also refer to item C.8 above for rights attaching to the Securities. |
C.10 | Derivative component in the interest payment | Not applicable. |
C.11 | Admission to Trading | Application will be made by the Issuer (or on its behalf) for the Securities to be admitted to trading on the Italian Stock Exchange and to admit the Securities described herein for trading on the electronic "Securitised Derivatives Market" (the "SeDeX"). |
C.15 | How the value of the investment in the derivative securities is affected by the value of the underlying assets | The amount payable on redemption is calculated by reference to the Underlying Reference(s). See item C.9 above and C.18 below. |
C.16 | Maturity of the derivative Securities | The Exercise Date of the Securities and the Exercise Settlement Date are as set out in the table in Element C.20 below. |
C.17 | Settlement Procedure | This Series of Securities is cash settled. The Issuer does not have the option to vary settlement. |
C.18 | Return on derivative securities | See Element C.8 above for the rights attaching to the Securities. Final Redemption Unless previously redeemed or purchased and cancelled, each Security entitles its holder to receive from the Issuer on the Redemption Date a Cash Settlement Amount equal to: ETS Final Payout 2200/1 (i) if the Securities are specified as being Call Securities: (ii) if the Securities are specified as being Put Securities: Description of the Payout The Payout will be equal to (i) in the case of Call Securities, the excess (if any) of the Settlement Price on the Valuation Date over the Strike Price, or (ii) in the case of Put Securities, the excess (if any) of the Strike Price over the Settlement Price on the Valuation Date, in each case divided by the product of the Exchange Rate and Parity. Where: Settlement Price Final means the Settlement Price on the Redemption Valuation Date. Settlement Price means the Italian Securities Reference Price. Italian Securities Reference Price means the Prezzo di Riferimento, which means, in relation to a Share, the price published by the Italian Stock Exchange at the close of trading and having the meaning ascribed thereto in the Rules of the Market organised and managed by the Italian Stock Exchange, as such Rules may be amended by the Borsa Italiana S.p.a from time to time. Redemption Valuation Date means the Scheduled Trading Day immediately preceding the Exercise Date.Scheduled Trading Day means any day on which the Italian Stock Exchange and each exchange or quotation system where trading has a material effect on the overall market for futures or options contracts relating to such Share are scheduled to be open for trading during their respective regular trading session(s). Strike Price means as set out in the table in Element C20 below. Parity means as set out in the table in Element C20 below. Exchange Rate Final means 1. |
Automatic Early Redemption If on any Automatic Early Redemption Valuation Date an Automatic Early Redemption Event occurs, the Securities will be redeemed early at the Automatic Early Redemption Amount (if any) on the Automatic Early Redemption Date. The Automatic Early Redemption Amount will be an amount equal to: |
Automatic Early Redemption Payout 2200/1: 0 (zero). "Automatic Early Redemption Event" means the occurrence of an AER Knock-out. "AER Knock-out" means the occurrence of a Knock-out Event. "Knock-out Event": In respect of Call Securities: Level is "less than or equal to" the Knock-out Level. In respect of Put Securities: Level is "greater than or equal to" the Knock-out Level. "Level" means Official level. "Knock-out Level": as set out in the table below. The above provisions are subject to adjustment as provided in the conditions of the Securities to take into account events in relation to the Underlying Reference or the Securities. This may lead to adjustments being made to the Securities or in some cases the Securities being terminated early at an early redemption amount (see item C.9). | ||
C.19 | Final reference price of the Underlying | The final reference price of the underlying will be determined in accordance with the valuation mechanics set out in Element C.18 above |
C.20 | Underlying | The Underlying Reference is as set out in the table below. Information on the Underlying Reference can be obtained from the source as set out in the table below. |
Series Number / Tranche number / ISIN Code | No. of Securities issued | No. of Securities | Common Code | Trading Code of Borsa Italiana | Issue Price per Security | Call / Put | Strike Price | Knock-out Level | Exercise Date | Exercise Settlement Date | Parity | Multiplier* |
NL0010728200 | 1,000,000 | 1,000,000 | 109066443 | P28200 | EUR 0.15 | Call | EUR 5.80 | EUR 5.80 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728218 | 1,000,000 | 1,000,000 | 109066494 | P28218 | EUR 0.73 | Call | EUR 5.22 | EUR 5.22 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728226 | 1,000,000 | 1,000,000 | 109066508 | P28226 | EUR 1.60 | Call | EUR 4.35 | EUR 4.35 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728234 | 1,000,000 | 1,000,000 | 109066516 | P28234 | EUR 1.89 | Call | EUR 4.06 | EUR 4.06 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728242 | 200,000 | 200,000 | 109066524 | P28242 | EUR 0.01 | Call | EUR 16.33 | EUR 16.33 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728259 | 200,000 | 200,000 | 109066532 | P28259 | EUR 0.35 | Call | EUR 15.19 | EUR 15.19 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728267 | 200,000 | 200,000 | 109066559 | P28267 | EUR 1.87 | Call | EUR 13.67 | EUR 13.67 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728275 | 2,000,000 | 2,000,000 | 109066567 | P28275 | EUR 0.12 | Call | EUR 2.18 | EUR 2.18 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728283 | 2,000,000 | 2,000,000 | 109066583 | P28283 | EUR 0.66 | Call | EUR 1.64 | EUR 1.64 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728291 | 2,000,000 | 2,000,000 | 109066591 | P28291 | EUR 0.80 | Call | EUR 1.50 | EUR 1.50 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728309 | 500,000 | 500,000 | 109066605 | P28309 | EUR 0.01 | Call | EUR 8.13 | EUR 8.13 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728317 | 500,000 | 500,000 | 109066613 | P28317 | EUR 0.04 | Call | EUR 7.56 | EUR 7.56 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728325 | 500,000 | 500,000 | 109066621 | P28325 | EUR 0.79 | Call | EUR 6.81 | EUR 6.81 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728333 | 500,000 | 500,000 | 109066630 | P28333 | EUR 2.30 | Call | EUR 5.30 | EUR 5.30 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728358 | 2,000,000 | 2,000,000 | 109066648 | P28358 | EUR 0.27 | Call | EUR 0.64 | EUR 0.64 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728366 | 200,000 | 200,000 | 109066656 | P28366 | EUR 0.01 | Call | EUR 4.43 | EUR 4.43 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728374 | 200,000 | 200,000 | 109066664 | P28374 | EUR 0.74 | Call | EUR 3.51 | EUR 3.51 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728382 | 70,000 | 70,000 | 109066672 | P28382 | EUR 0.04 | Call | EUR 3.23 | EUR 3.23 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728390 | 70,000 | 70,000 | 109066699 | P28390 | EUR 0.52 | Call | EUR 2.75 | EUR 2.75 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728408 | 70,000 | 70,000 | 109066702 | P28408 | EUR 0.77 | Call | EUR 2.50 | EUR 2.50 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728416 | 70,000 | 70,000 | 109066729 | P28416 | EUR 0.49 | Call | EUR 5.75 | EUR 5.75 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728424 | 70,000 | 70,000 | 109066737 | P28424 | EUR 1.06 | Call | EUR 5.18 | EUR 5.18 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728432 | 70,000 | 70,000 | 109066745 | P28432 | EUR 1.92 | Call | EUR 4.32 | EUR 4.32 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728440 | 70,000 | 70,000 | 109066753 | P28440 | EUR 0.89 | Call | EUR 6.13 | EUR 6.13 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728457 | 70,000 | 70,000 | 109066761 | P28457 | EUR 1.91 | Call | EUR 5.11 | EUR 5.11 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728465 | 10,000 | 10,000 | 109066770 | P28465 | EUR 10.67 | Call | EUR 78.53 | EUR 78.53 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728473 | 10,000 | 10,000 | 109066796 | P28473 | EUR 23.76 | Call | EUR 65.44 | EUR 65.44 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728515 | 1,000,000 | 1,000,000 | 109066800 | P28515 | EUR 0.72 | Put | EUR 6.67 | EUR 6.67 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728523 | 200,000 | 200,000 | 109066818 | P28523 | EUR 0.01 | Put | EUR 14.50 | EUR 14.50 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728531 | 2,000,000 | 2,000,000 | 109066826 | P28531 | EUR 0.01 | Put | EUR 1.97 | EUR 1.97 | 19 December 2014 | 30 December 2014 | 1 | 1 |
Series Number / Tranche number / ISIN Code | No. of Securities issued | No. of Securities | Common Code | Trading Code of Borsa Italiana | Issue Price per Security | Call / Put | Strike Price | Knock-out Level | Exercise Date | Exercise Settlement Date | Parity | Multiplier* |
NL0010728549 | 500,000 | 500,000 | 109066834 | P28549 | EUR 0.01 | Put | EUR 7.57 | EUR 7.57 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728556 | 70,000 | 70,000 | 109066842 | P28556 | EUR 0.01 | Put | EUR 3.23 | EUR 3.23 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728564 | 70,000 | 70,000 | 109066869 | P28564 | EUR 0.01 | Put | EUR 5.33 | EUR 5.33 | 19 December 2014 | 30 December 2014 | 1 | 1 |
NL0010728572 | 70,000 | 70,000 | 109066877 | P28572 | EUR 0.32 | Put | EUR 7.33 | EUR 7.33 | 19 December 2014 | 30 December 2014 | 1 | 1 |
* For the purposes of Borsa Italiana, Multiplier equals to 1/Parity
Series Number / Tranche number / ISIN Code | Share | Share Currency | ISIN of Share | Reuters Code of Share / Reuters Screen Page | Share Company Website | Exchange | Exchange Website |
NL0010728200 | UniCredit SpA | EUR | IT0004781412 | CRDI.MI | Borsa Italiana (MTA) | ||
NL0010728218 | UniCredit SpA | EUR | IT0004781412 | CRDI.MI | Borsa Italiana (MTA) | ||
NL0010728226 | UniCredit SpA | EUR | IT0004781412 | CRDI.MI | Borsa Italiana (MTA) | ||
NL0010728234 | UniCredit SpA | EUR | IT0004781412 | CRDI.MI | Borsa Italiana (MTA) | ||
NL0010728242 | Assicurazioni Generali SpA | EUR | IT0000062072 | GASI.MI | Borsa Italiana (MTA) | ||
NL0010728259 | Assicurazioni Generali SpA | EUR | IT0000062072 | GASI.MI | Borsa Italiana (MTA) | ||
NL0010728267 | Assicurazioni Generali SpA | EUR | IT0000062072 | GASI.MI | Borsa Italiana (MTA) | ||
NL0010728275 | Intesa Sanpaolo SpA | EUR | IT0000072618 | ISP.MI | Borsa Italiana (MTA) | ||
NL0010728283 | Intesa Sanpaolo SpA | EUR | IT0000072618 | ISP.MI | Borsa Italiana (MTA) | ||
NL0010728291 | Intesa Sanpaolo SpA | EUR | IT0000072618 | ISP.MI | Borsa Italiana (MTA) | ||
NL0010728309 | Fiat SpA | EUR | IT0001976403 | FIA.MI | Borsa Italiana (MTA) | ||
NL0010728317 | Fiat SpA | EUR | IT0001976403 | FIA.MI | Borsa Italiana (MTA) | ||
NL0010728325 | Fiat SpA | EUR | IT0001976403 | FIA.MI | Borsa Italiana (MTA) | ||
NL0010728333 | Fiat SpA | EUR | IT0001976403 | FIA.MI | Borsa Italiana (MTA) | ||
NL0010728358 | Telecom Italia SpA | EUR | IT0003497168 | TLIT.MI | Borsa Italiana (MTA) | ||
NL0010728366 | Enel SpA | EUR | IT0003128367 | ENEI.MI | Borsa Italiana (MTA) | ||
NL0010728374 | Enel SpA | EUR | IT0003128367 | ENEI.MI | Borsa Italiana (MTA) | ||
NL0010728382 | Mediaset SpA | EUR | IT0001063210 | MS.MI | Borsa Italiana (MTA) | ||
NL0010728390 | Mediaset SpA | EUR | IT0001063210 | MS.MI | Borsa Italiana (MTA) | ||
NL0010728408 | Mediaset SpA | EUR | IT0001063210 | MS.MI | Borsa Italiana (MTA) | ||
NL0010728416 | Unione di Banche Italiane | EUR | IT0003487029 | UBI.MI | Borsa Italiana (MTA) |
Series Number / Tranche number / ISIN Code | Share | Share Currency | ISIN of Share | Reuters Code of Share / Reuters Screen Page | Share Company Website | Exchange | Exchange Website |
SCPA | |||||||
NL0010728424 | Unione di Banche Italiane SCPA | EUR | IT0003487029 | UBI.MI | Borsa Italiana (MTA) | ||
NL0010728432 | Unione di Banche Italiane SCPA | EUR | IT0003487029 | UBI.MI | Borsa Italiana (MTA) | ||
NL0010728440 | Mediobanca SpA | EUR | IT0000062957 | MDBI.MI | Borsa Italiana (MTA) | ||
NL0010728457 | Mediobanca SpA | EUR | IT0000062957 | MDBI.MI | Borsa Italiana (MTA) | ||
NL0010728465 | Tods SpA | EUR | IT0003007728 | TOD.MI | Borsa Italiana (MTA) | ||
NL0010728473 | Tods SpA | EUR | IT0003007728 | TOD.MI | Borsa Italiana (MTA) | ||
NL0010728515 | UniCredit SpA | EUR | IT0004781412 | CRDI.MI | Borsa Italiana (MTA) | ||
NL0010728523 | Assicurazioni Generali SpA | EUR | IT0000062072 | GASI.MI | Borsa Italiana (MTA) | ||
NL0010728531 | Intesa Sanpaolo SpA | EUR | IT0000072618 | ISP.MI | Borsa Italiana (MTA) | ||
NL0010728549 | Fiat SpA | EUR | IT0001976403 | FIA.MI | Borsa Italiana (MTA) | ||
NL0010728556 | Mediaset SpA | EUR | IT0001063210 | MS.MI | Borsa Italiana (MTA) | ||
NL0010728564 | Unione di Banche Italiane SCPA | EUR | IT0003487029 | UBI.MI | Borsa Italiana (MTA) | ||
NL0010728572 | Mediobanca SpA | EUR | IT0000062957 | MDBI.MI | Borsa Italiana (MTA) |
Section D - Risks
Element | Title | |
D.2 | Key risks regarding the Issuer and the Guarantor | There are certain factors that may affect the Issuer's ability to fulfil its obligations under the Securities issued under the Programme and the Guarantor's obligations under the Guarantee. |
Twelve main categories of risk are inherent in BNPP's activities : | ||
● Credit Risk; | ||
● Counterparty Risk; | ||
● Securitisation; | ||
● Market Risk; | ||
● Operational Risk; | ||
● Compliance and Reputation Risk; | ||
● Concentration Risk; | ||
● Asset-Liability Management Risk; | ||
● Breakeven Risk; | ||
● Strategy Risk; | ||
● Liquidity and refinancing Risk; | ||
● Insurance subscription Risk. | ||
Difficult market and economic conditions could have a material adverse effect on the operating environment for financial institutions and hence on BNPP's financial condition, results of operations and cost of risk. | ||
Legislative action and regulatory measures taken in response to the global financial crisis may materially impact BNPP and the financial and economic environment in which it operates. | ||
BNPP's access to and cost of funding could be adversely affected by a resurgence of the Euro-zone sovereign debt crisis, worsening economic conditions, further rating downgrades or other factors. | ||
A substantial increase in new provisions or a shortfall in the level of previously recorded provisions could adversely affect BNPP's results of operations and financial condition. | ||
BNPP may incur significant losses on its trading and investment activities due to market fluctuations and volatility. | ||
BNPP may generate lower revenues from brokerage and other commission and fee- based businesses during market downturns. | ||
Protracted market declines can reduce liquidity in the markets, making it harder to sell assets and possibly leading to material losses. | ||
Significant interest rate changes could adversely affect BNPP's revenues or profitability. | ||
The soundness and conduct of other financial institutions and market participants could adversely affect BNPP. |
Element | Title | |
BNPP's competitive position could be harmed if its reputation is damaged. An interruption in or a breach of BNPP's information systems may result in lost business and other losses. Unforeseen external events can interrupt BNPP's operations and cause substantial losses and additional costs. BNPP is subject to extensive and evolving regulatory regimes in the countries and regions in which it operates. Notwithstanding BNPP's risk management policies, procedures and methods, it could still be exposed to unidentified or unanticipated risks, which could lead to material losses. BNPP's hedging strategies may not prevent losses. BNPP may experience difficulties integrating acquired companies and may be unable to realise the benefits expected from its acquisitions. Intense competition, especially in France where it has the largest single concentration of its businesses, could adversely affect BNPP's revenues and profitability. The following risk factors relate to BNPP B.V.: BNPP B.V. is an operating company. BNPP B.V.'s sole business is the raising and borrowing of money by issuing securities such as Notes, Warrants or Certificates or other obligations. BNPP B.V. has, and will have, no assets other than hedging agreements (OTC contracts mentioned in the Annual Reports), cash and fees payable to it, or other assets acquired by it, in each case in connection with the issue of securities or entry into other obligations related thereto from time to time. BNPP B.V. has a small equity and limited profit base. The net proceeds from each issue of Securities issued by the Issuer will become part of the general funds of BNPP B.V. BNPP B.V. uses such proceeds to hedge its market risk by acquiring hedging instruments from BNP Paribas and BNP Paribas entities ("Hedging Agreements") and/or, in the case of Secured Securities, to acquire Collateral Assets. The ability of BNPP B.V. to meet its obligations under Securities issued by it will depend on the receipt by it of payments under the relevant Hedging Agreements. Consequently, Holders of BNPP B.V. Securities will, subject to the provisions of the relevant Guarantee, be exposed to the ability of BNP Paribas and BNP Paribas entities to perform their obligations under such Hedging Agreements. Securities sold in the United States or to U.S. Persons may be subject to transfer restrictions. | ||
D.3 | Key risks regarding the Securities | There are certain factors which are material for the purposes of assessing the market risks associated with Securities issued under the Programme, including that: -Securities (other than Secured Securities) are unsecured obligations, -Securities including leverage involve a higher level of risk and whenever there are losses on such Securities those losses may be higher than those of a similar security which is not leveraged, -the trading price of the Securities is affected by a number of factors including, but not limited to, the price of the relevant Underlying Reference(s), time to expiration or redemption and volatility and such factors mean that the trading price of the Securities may be below the Final Redemption Amount or Cash Settlement Amount or value of the Entitlement, -exposure to the Underlying Reference in many cases will be achieved by the relevant Issuer entering into hedging arrangements and, in respect of Securities linked to an Underlying Reference, potential investors are exposed to the performance of these hedging arrangements and events that may affect the hedging arrangements and |
Element | Title | |
consequently the occurrence of any of these events may affect the value of the Securities, -the occurrence of an additional disruption event or optional additional disruption event may lead to an adjustment to the Securities, cancellation (in the case of Warrants) or early redemption (in the case of Notes and Certificates) or may result in the amount payable on scheduled redemption being different from the amount expected to be paid at scheduled redemption and consequently the occurrence of an additional disruption event and/or optional additional disruption event may have an adverse effect on the value or liquidity of the Securities, -expenses and taxation may be payable in respect of the Securities, -the Securities may be cancelled (in the case of Warrants) or redeemed (in the case of Notes and Certificates) in the case of illegality or impracticability and such cancellation or redemption may result in an investor not realising a return on an investment in the Securities, -the meetings of Holders provisions permit defined majorities to bind all Holders, -any judicial decision or change to an administrative practice or change to English law or French law, as applicable, after the date of the Base Prospectus could materially adversely impact the value of any Securities affected by it, -a reduction in the rating, if any, accorded to outstanding debt securities of the Issuer or Guarantor (if applicable) by a credit rating agency could result in a reduction in the trading value of the Securities, -certain conflicts of interest may arise (see Element E.4 below), -the only means through which a Holder can realise value from the Security prior to its Exercise Date, Maturity Date or Redemption Date, as applicable, is to sell it at its then market price in an available secondary market and that there may be no secondary market for the Securities (which could mean that an investor has to exercise or wait until redemption of the Securities to realise a greater value than its trading value), In addition, there are specific risks in relation to Securities which are linked to an Underlying Reference (including Hybrid Securities) and an investment in such Securities will entail significant risks not associated with an investment in a conventional debt security. Risk factors in relation to Underlying Reference linked Securities include: exposure to one or more share, similar market risks to a direct equity investment, global depositary receipt ("GDR") or American depositary receipt ("ADR"), potential adjustment events or extraordinary events affecting shares and market disruption or failure to open of an exchange which may have an adverse effect on the value and liquidity of the Securities, and that the Issuer will not provide post- issuance information in relation to the Underlying Reference. In certain circumstances Holders may lose the entire value of their investment. | ||
D.6 | Risk warning | See Element D.3 above. In the event of the insolvency of the Issuer or if it is otherwise unable or unwilling to repay the Securities when repayment falls due, an investor may lose all or part of his investment in the Securities. If the Guarantor is unable or unwilling to meet its obligations under the Guarantee when due, an investor may lose all or part of his investment in the Securities. In addition, investors may lose all or part of their investment in the Securities as a result of the terms and conditions of the Securities. |
Section E - Offer
Element | Title | |
E.2b | Reasons for the offer and use of proceeds | The net proceeds from the issue of the Securities will become part of the general funds of the Issuer. Such proceeds may be used to maintain positions in options or futures contracts or other hedging instruments. |
E.3 | Terms and conditions of the offer | This issue of Securities is being offered in a Non-exempt Offer in the Republic of Italy. The issue price of the Securities is as set out in table Element C20. |
E.4 | Interest of natural and legal persons involved in the issue/offer | Other than as mentioned above, so far as the Issuer is aware, no person involved in the issue of the Securities has an interest material to the offer, including conflicting interests. |
E.7 | Expenses charged to the investor by the Issuer | No expenses are being charged to an investor by the Issuer. |
NOTA DI SINTESI SPECIFICA PER LA SINGOLA EMISSIONE
Le note di sintesi sono composte dagli elementi informativi richiesti dalla normativa applicabile noti come "Elementi". Detti Elementi sono numerati nelle sottostanti Sezioni da A ad E (A.1 - E.7). La presente Nota di Sintesi contiene tutti gli Elementi che devono essere inclusi in una nota di sintesi per questo tipo di Titoli, di Emittente e di Garante. Dal momento che taluni Elementi potrebbero non essere richiesti per questa specifica Nota di Sintesi, potrebbero esserci delle mancanze e/o dei salti nella sequenza numerica degli Elementi. Anche se un Elemento potrebbe essere inserito nella Nota di Sintesi in base al tipo di Titoli, di Emittente e di Garante, è possibile che non vi siano informazioni pertinenti da fornire in relazione a detto Elemento. In tal caso, sarà inserita un breve descrizione dell'Elemento in questione unitamente alla specificazione "Non Applicabile".
Sezione A - Introduzione e avvertenze
Elemento | Titolo | |
A.1 | Avvertenza che la nota di sintesi va letta come un'introduzione, e disposizione in merito ai ricorsi | ● La presente Nota di Sintesi dovrebbe essere letta quale introduzione del Prospetto di Base e delle Condizioni Definitive. Nella presente Nota di sintesi, salvo ove diversamente specificato e fatto salvo quanto previsto al primo paragrafo dell'Elemento D.3, “Prospetto di Base” indica il Prospetto di Base di BNPP B.V., BNPP, BP2F, BNPPF e BGL datato 5 giugno 2014 e successive modifiche. Nel primo paragrafo dell'Elemento D.3, “Prospetto di Base” indica il Prospetto di Base di BNPP B.V., BNPP, BP2F, BNPPF e BGL datato 5 giugno 2014. |
● Qualsiasi decisione di investire nei Xxxxxx dovrebbe basarsi sull'esame del presente Prospetto di Base completo, inclusi ogni eventuale documento incorporato mediante riferimento e le Condizioni Definitive. | ||
● Qualora sia presentato un ricorso dinanzi all'autorità giudiziaria di uno Stato Membro dello Spazio Economico Europeo in merito alle informazioni contenute nel Prospetto di Base e nelle Condizioni Definitive, l'investitore ricorrente potrebbe essere tenuto, a norma del diritto nazionale dello Stato Membro in cui è presentato il ricorso, a sostenere le spese di traduzione del Prospetto di Base e delle Condizioni Definitive prima dell'inizio del procedimento legale. | ||
● Non sarà attribuita alcuna responsabilità civile all'Emittente o all'eventuale Garante in tale Stato Membro esclusivamente sulla base della presente nota di sintesi, inclusa ogni traduzione della stessa, a meno che essa sia fuorviante, imprecisa o incoerente se letta congiuntamente alle altre parti del presente Prospetto di Base e delle Condizioni Definitive o, a seguito dell'attuazione delle relative disposizioni della Direttiva 2010/73/UE nello Stato Membro del caso, non offra, se letta insieme alle altre parti del Prospetto di Base e delle Condizioni Definitive, le informazioni fondamentali (come definite nell'Articolo 2.1(s) della Direttiva Prospetti) per aiutare gli investitori al momento di valutare l'opportunità di investire in tali Titoli. | ||
A.2 | Consenso all'utilizzo del Prospetto di Base, periodo di validità e altre condizioni correlate | Consenso : Fatte salve le condizioni indicate nel prosieguo, l'Emittente consente l'utilizzo del Prospetto di Base in relazione a un'Offerta Non Esente di Xxxxxx da parte di Manager e BNP Paribas. Periodo di offerta : il consenso dell'Emittente è concesso per Offerte Non Esenti di Titoli durante il periodo che va dalla Data di Emissione fino alla data in cui i titoli saranno delistati (il "Periodo di Offerta"). |
Condizioni del consenso : Le condizioni del consenso dell'Emittente (oltre alle condizioni di cui sopra) sono che tale consenso (a) sia valido soltanto durante il Periodo di Offerta indicato nelle Condizioni Definitive; (b) si estenda soltanto all'utilizzo del Prospetto di Base per effettuare Offerte Non Esenti della relativa Tranche di Titoli in Italia. |
Elemento | Titolo | |
UN INVESTITORE CHE INTENDA ACQUISTARE O CHE ACQUISTI TITOLI IN UN’OFFERTA NON ESENTE DA UN OFFERENTE AUTORIZZATO LO FARÀ, E LE OFFERTE E VENDITE DI TALI TITOLI A UN INVESTITORE DA PARTE DI TALE OFFERENTE AUTORIZZATO SARANNO EFFETTUATE, IN CONFORMITÀ AI TERMINI E ALLE CONDIZIONI DELL’OFFERTA IN ESSERE TRA TALE OFFERENTE AUTORIZZATO E IL PREDETTO INVESTITORE, INCLUSI ACCORDI RELATIVI A PREZZO, RIPARTO, SPESE E REGOLAMENTO. LE INFORMAZIONI PERTINENTI SARANNO FORNITE DALL’OFFERENTE AUTORIZZATO AL MOMENTO DI TALE OFFERTA. |
Sezione B - Emittenti e Garanti
Elemento | Titolo | |
B.1 | Denominazione legale e commerciale dell'Emittente | BNP Paribas Arbitrage Issuance B.V. ("BNPP B.V." o l'"Emittente"). |
B.2 | Domicilio/ forma giuridica/ legislazione/ paese di costituzione | L'Emittente è stato costituito in Olanda nella forma di una società a responsabilità limitata ai sensi della legge olandese, con sede legale a Xxxxxxxxxxx 000, 0000 XX Xxxxxxxxx, Xxxxxx. |
B.4b | Informazioni sulle tendenze | BNPP B.V. dipende da BNPP. BNPP B.V. è una società interamente controllata da BNPP specialmente incaricata dell'emissione di titoli quali Notes, Warrants o Certificati o altre obbligazioni che vengono sviluppate, definite e vendute agli investitori da altre società del Gruppo BNPP (inclusa BNPP). I titoli sono coperti attraverso l'acquisto di strumenti di copertura da BNP Paribas ed entità di BNP Paribas, come descritto nell'Elemento D.2 di cui sotto. Di conseguenza, le Informazioni sulle tendenze descritte in relazione a BNPP si applicheranno anche a BNPP B.V. |
B.5 | Descrizione del Gruppo | BNPP B.V. è una controllata al 100% di BNP Paribas. BNP Paribas è la società holding di un gruppo di società e gestisce le operazioni finanziarie di tali controllate (congiuntamente, il "Gruppo BNPP"). |
B.9 | Previsione o stima degli utili | Il piano di sviluppo del Gruppo nel periodo 2014-2016 conferma il modello di business di banca universale, incentrato su tre pilastri: Retail Banking, CIB e Investment Solutions. L'obiettivo del piano di sviluppo aziendale 2014-2016 consiste nel supportare i clienti in un contesto mutevole. L'obiettivo in termini di ritorno sul capitale fino al 2016 è pari almeno al 10%. Il Gruppo ha definito le cinque priorità strategiche seguenti per il 2016: ● valorizzare l'attenzione e i servizi al cliente ● semplicità: semplificare la nostra organizzazione e le nostre modalità operative ● efficienza: continuare ad accrescere l'efficienza operativa ● adeguare talune attività al contesto economico e normativo di riferimento ● implementare iniziative di sviluppo aziendale |
B.10 | Riserve nella relazione dei revisori | Non applicabile, non vi sono riserve in alcuna relazione dei revisori sulle informazioni finanziarie relative agli esercizi passati incluse nel Prospetto di Base. |
B.12 | Informazioni finanziarie fondamentali selezionate relative agli esercizi passati: Dati Finanziari Annuali Comparativi - In EUR | |||
31/12/2013 | 31/12/2012 | |||
Ricavi | 397.608 | 337.955 | ||
Reddito netto, quota del Gruppo | 26.749 | 22.531 | ||
Totale bilancio | 00.000.000.000 | 00.000.000.000 | ||
Patrimonio netto (quota del Gruppo) | 416.163 | 389.414 | ||
Dichiarazioni di cambiamenti significativi o negativi sostanziali Salvo quanto stabilito nel comunicato stampa diffuso da BNP Paribas il 30 giugno 2014 (il cui testo è riportato in corsivo qui di seguito), non si è verificato alcun cambiamento significativo nella posizione finanziaria o commerciale del Gruppo BNPP dal 31 Dicembre 2013 (termine dell'ultimo periodo finanziario per il quale è stato pubblicato un bilancio). Non si sono verificati cambiamenti negativi sostanziali nei prospetti di BNPP o del Gruppo BNPP dal 31 Dicembre 2013 (termine dell'ultimo periodo finanziario per il quale è stato pubblicato. "Parigi, 30 giugno 2014 BNP Paribas annuncia un accordo esaustivo riguardante l'accertamento di alcune transazioni in USD ad opera delle autorità statunitensi. BNP Paribas ha annunciato oggi di aver raggiunto un accordo esaustivo su tutte le questioni ancora aperte relative alle transazioni in dollari statunitensi con soggetti sottoposti a sanzioni da parte degli USA, che comprende accordi con il Dipartimento di Giustizia USA, la Procura Distrettuale della Contea di New York, il Consiglio dei Governatori del Federal Reserve System (FED), il Dipartimento dei Servizi Finanziari dello Stato di New York, l'Office of Foreign Assets Control (OFAC) del Dipartimento del Tesoro USA. L'accordo prevede l'ammissione di colpevolezza da parte di BNP Paribas SA riguardo alla violazione di alcune leggi e regolamenti statunitensi in materia di sanzioni economiche contro alcuni paesi, e il reporting conseguente. BNP Paribas accetta inoltre di pagare una multa di USD 8,97 (euro 6,6 miliardi). Al di là delle somme già preventivate, questo accordo determinerà l'iscrizione in bilancio di un onere straordinario di EUR 5,8 miliardi nel secondo trimestre del 2014. BNP Paribas accetta inoltre una sospensione temporanea di un anno a partire dal 1 gennaio 2015 delle operazioni di compensazione diretta in USD riguardante soprattutto la sua business line Oil and Gas Energy & Commodity Finance. BNP Paribas ha lavorato in stretta collaborazione con le autorità statunitensi per risolvere queste questioni, la cui risoluzione è stata coordinata dal suo organismo di vigilanza nazionale (Autorité de Contrôle Prudentiel et de Résolution - ACPR) con i principali regolatori. BNP Paribas non prevede che vi sarà alcun impatto sulle sue autorizzazioni, che sono state confermate sia dall'ACPR che dalla FED, né alcuna ripercussione sulle sue capacità operative o di business nel servire la grande maggioranza dei suoi clienti. Nel 2015, le attività del perimetro interessato saranno compensate mediante banche terze anziché attraverso BNP Paribas New York, e sono già in via di adozione tutte le misure necessarie per assicurare una transizione regolare e senza impatti significativi per i clienti interessati. BNP Paribas ricorda che una parte delle attività di compensazione in USD del Gruppo sono già oggi effettuate attraverso banche terze. Sulla base delle sue stime, BNP Paribas prevede che il suo indice CET1 di Basilea III Fully Loaded al 30 giugno 2014 si attesti o sia leggermente superiore al 10% , in linea con gli obiettivi del Gruppo annunciati nel suo piano di sviluppo aziendale 2014-2016. Questa stima tiene conto dei buoni risultati netti sottostanti del secondo trimestre e pro rata temporis dell'intensione della banca di adattare il suo dividendo per il 2014 ad un livello pari a 1,50 per azione. In prospettiva a questo accordo, la banca ha strutturato proattivamente nuove e rigorose procedure di compliance e controllo. Molte di esse sono già in vigore, stanno funzionando in modo efficace ed implicano importanti cambiamenti delle procedure del Gruppo. Più precisamente: ● un nuovo dipartimento - denominato Group Financial Security US - appartenente alla funzione | ||||
Compliance del Gruppo, sarà localizzato a New York con il compito di assicurare che BNP Paribas rispetti in termini di compliance le normative USA relative a sanzioni e ad embarghi internazionali. ● tutti i flussi in USD per l'intero Gruppo BNP Paribas saranno in ultima istanza gestiti e controllati dalla filiale di New York. In seguito all'audit interna di BNP Paribas, alcuni dirigenti e dipendenti delle aree interessate sono stati sanzionati e, di questi, alcuni hanno già lasciato il Gruppo. Xxxx-Xxxxxxx Xxxxxxx, CEO di BNP Paribas, ha dichiarato: "Siamo molto dispiaciuti per i comportamenti scorretti del passato che hanno portato a questa soluzione. Gli errori che sono venuti alla luce nel corso di questa indagine sono contrari ai principi sulla base dei quali BNP Paribas ha sempre cercato di operare. Abbiamo annunciato oggi un piano rigoroso per rafforzare i nostri controlli e processi interni, in stretto coordinamento con le autorità USA e la nostra autorità di vigilanza nazionale per assicurare che non scendiamo al di sotto degli elevati standard di comportamento responsabile che ci attendiamo da tutti i soggetti associati a BNP Paribas". "Aver risolto questa questione è un importante passo in avanti per noi. Fatto salvo l'impatto della multa, BNP Paribas registrerà ancora una volta risultati solidi questo trimestre e desideriamo ringraziare i nostri clienti, dipendenti, azionisti e investitori per il loro sostegno offerto in questo momento difficile". "L'impegno del Gruppo resta incentrato sulla realizzazione del suo piano di sviluppo aziendale 2014-2016. Confermiamo la nostra ambizione di raggiungere gli obiettivi di questo piano annunciato lo scorso mese di marzo. In particolare, il Nord America resta un mercato strategico per il Gruppo, nel quale intendiamo sviluppare ulteriormente la nostra attività bancaria retail, corporate e di investment banking nei prossimi anni". "BNP Paribas è una banca costruita intorno alla centralità del cliente: continueremo quindi a lavorare giorno dopo giorno per guadagnarci la fiducia e il rispetto di tutti i nostri stakeholder al servizio dei nostri clienti e dell'economia". A seguito dell'accordo, la Banca prevede il mantenimento delle sue autorizzazioni bancarie dove opera (sebbene questo accordo possa porre le basi per una risoluzione da parte del regolatore) e ha ricevuto conferme o rassicurazioni a tale riguardo dai suoi principali regolatori. La Banca non prevede alcuna ripercussione dell'accordo sulle sue capacità operative o di business nel servire la grande maggioranza dei suoi clienti. Non è tuttavia possibile escludere conseguenze collaterali impreviste a seguito dell'accordo che possano avere un impatto negativo sull'attività. Tali possibili conseguenze collaterali impreviste includono la possibilità che clienti, controparti e altre persone o entità con le quali la Banca opera possano scegliere di limitare il proprio campo di attività con la Banca. È altresì inclusa, per talune attività limitate, in particolare negli Stati Uniti, la possibilità che un'autorità neghi alla Banca il rilascio di una deroga necessaria a perseguire un'attività specifica, o possa ritirare un'autorizzazione per lo svolgimento di un'attività specifica. Analogamente, la Banca non può escludere con certezza la perdita di attività a seguito della sospensione della compensazione in dollari USA in relazione ad alcune sue divisioni aziendali. Non si sono verificati cambiamenti significativi nella posizione finanziaria o commerciale del BNPP B.V. dal 31 Dicembre 2013 e non si sono verificati cambiamenti negativi sostanziali nelle prospettive del BNPP B.V. dal 31 Dicembre 2013. | ||
B.13 | Eventi aventi un impatto sulla solvibilità dell'Emittente | Per quanto a conoscenza degli Emittenti non si sono verificati eventi recenti sostanzialmente rilevanti per la valutazione della solvibilità di alcuno degli Emittenti dal 31 Dicembre 2013, salvo quanto stabilito nel comunicato stampa diffuso da BNP Paribas il 30 giugno 2014 il cui testo è riportato in corsivo nell'elemento B.12 di cui sopra. |
B.14 | Dipendenza da altri soggetti del Gruppo | L'Emittente dipende da BNPP e da altri soggetti del Gruppo BNPP. Si veda anche l'Elemento B.5 che precede. BNPP B.V. dipende da BNPP. BNPP B.V. è una società interamente controllata da BNPP specialmente incaricata dell'emissione di titoli quali Notes, Warrants o Certificati o altre obbligazioni che vengono sviluppate, definite e vendute agli investitori da altre società del Gruppo BNPP (inclusa BNPP). I titoli sono coperti attraverso l'acquisto di strumenti di copertura da BNP Paribas ed entità di BNP Paribas, come descritto nell'Elemento D.2 di cui sotto. |
B.15 | Principali attività | L'attività principale dell'Emittente consiste nell'emettere e/o acquisire strumenti finanziari di qualsiasi natura e nello stipulare contratti correlati per conto di vari enti nell'ambito del Gruppo BNPP. |
B.16 | Azionisti di controllo | BNP Paribas detiene il 100% del capitale sociale di BNPP B.V. |
B.17 | Rating | Il rating del credito a lungo termine di BNPP B.V. è A+ con outlook negativo (Standard & Poor's Credit Market Services France SAS) e il rating del credito a breve termine di BNPP B.V. è A-1 (Standard & Poor's Credit Market Services France SAS). Xx Xxxxxx non è stato assegnato alcun giudizio di rating. Il rating di un titolo non costituisce una raccomandazione ad acquistare, vendere o detenere titoli, e può essere soggetto a sospensione, riduzione o ritiro in qualsiasi momento da parte dell'agenzia di rating che l'ha assegnato. |
B.18 | Descrizione della Garanzia | I Xxxxxx emessi saranno garantiti incondizionatamente e irrevocabilmente da BNP Paribas ("BNPP" o il "Garante") ai sensi di un atto di garanzia di diritto inglese stipulato da BNPP in data 5 giugno 2014, o in prossimità di tale data (la "Garanzia"). Le obbligazioni ai sensi della garanzia costituiscono obbligazioni dirette, incondizionate, non garantite e non subordinate di BNPP e hanno e avranno pari priorità tra esse e almeno pari priorità rispetto a ogni altro indebitamento diretto, incondizionato, non garantito e non subordinato di BNPP (salvo per debiti privilegiati per legge). |
B.19 | Informazioni sui Garanti | |
B.19/ B.1 | Denominazione legale e commerciale del Garante | BNP Paribas. |
B.19/ B.2 | Domicilio/ forma giuridica / legislazione/ paese di costituzione | Il Garante è stato costituito nella forma di société anonyme("naamloze vennootschap") ai sensi della legge francese e ha ottenuto l'autorizzazione a operare quale banca. La sede legale al 00, xxxxxxxxx xxx Xxxxxxxx - 00000 Xxxxxx, Xxxxxxx. |
B.19/ B.4b | Informazioni sulle tendenze | Scenario macroeconomiche I risultati di BNPP sono influenzati dal contesto macroeconomico e di mercato. Data la natura della sua attività, BNPP è particolarmente sensibile alle condizioni macroeconomiche e di mercato in Europa, che negli ultimi anni sono state difficili e caratterizzate da volatilità. Nel 2013 l'economia globale ha iniziato a entrare in una fase di equilibrio, con il rallentamento di molti paesi emergenti e una lieve ripresa dei paesi avanzati. La situazione economica globale è generalmente rimasta stabile rispetto al 2012. Le previsioni economiche del FMI e dell'OCSE per il 20141 indicano in linea generale un proseguimento della crescita moderata nei paesi avanzati sebbene in maniera meno marcata e uniforme nell'eurozona. Secondo le analisi dei suddetti organismi persistono le incertezze riguardo alla forza della ripresa, in particolare in seguito all'annuncio a dicembre 2013 dell'inizio del tapering da parte della Federal Reserve, e nell'eurozona, dove esiste un rischio di deflazione. Nella zona euro gli spread sovrani hanno continuato a scendere nel 2013 in seguito alla diminuzione record da livelli storicamente alti registrata nel 2012. Le condizioni finanziarie di alcuni emittenti sovrani sono migliorate ma rimangono incertezze riguardo alla solvibilità di altri. |
1Si veda in particolare: FMI - Aggiornamento delle Prospettive dell'economia mondiale - gennaio 2014 e Rapporto dei G20 sulle Prospettive mondiali e sulle sfide politiche - febbraio 2014, Ocse - Le Prospettive dell'economia mondiale - novembre 2013
Legislazione e regolamenti applicabili alle istituzioni finanziarie BNPP è influenzata dalla legislazione e dai regolamenti applicabili alle istituzioni finanziarie, che stanno subendo modifiche significative sulla scia della crisi finanziaria globale. Nuove misure che sono state proposte e adottate negli ultimi anni includono requisiti patrimoniali e di liquidità più severi (in particolare per i gruppi bancari internazionali di grandi dimensioni come BNPP), imposte sulle transazioni finanziarie, restrizioni e tasse sulla remunerazione dei dipendenti, limiti alle attività che le banche commerciali possono intraprendere, nonché isolamento a livello finanziario e persino divieto di alcune attività considerate come speculative all'interno delle controllate separate, restrizioni su alcuni tipi di prodotti finanziari, un aumento dei requisiti di trasparenza e di controllo interno, regole di condotta commerciale più severe, rendicontazione e autorizzazione di operazioni su derivati obbligatorie, requisiti di limitazione dei rischi relativi ai derivati fuori Borsa e la costituzione di nuovi e più solidi organi di regolamentazione. Le misure recentemente adottate o, in alcuni casi proposte e ancora in fare di discussione, che avranno o avranno probabilmente un'influenza su BNPP, comprendono in particolare l'ordinanza francese del 27 giugno 2013 relativa agli istituti di credito e alle società di finanziamento ("Sociétés de financement"), entrata in vigore il 1° gennaio 2014 e la legge francese in materia bancaria del 26 luglio 2013 sulla separazione e regolamentazione delle attività bancarie nonché l'ordinanza del 20 febbraio 2014 per il recepimento dalla legge francese della normativa comunitaria sulle questioni finanziarie; la Direttiva e il Regolamento UE sui requisiti prudenziali "CRD IV" del 26 giugno 2013, di cui molte disposizioni sono già entrate in vigore il 1° xxxxx io 2014; le proposte di un quadro normativo tecnico ed esecutivo relativo alla Direttiva e al Regolamento CRD IV pubblicato dall'ABE; la designazione di BNPP quale istituzione finanziaria sistemicamente importante da parte dell'FSB; la consultazione pubblica per la riforma strutturale del settore bancario UE del 2013 e la proposta di regolamento della Commissione europea il 29 gennaio 2014 sulle misure strutturali da adottare per migliorare la solidità degli istituti di credito nell'UE; la proposta di un regolamento sugli indici utilizzati come benchmark degli strumenti e contratti finanziari; il meccanismo di vigilanza unico europeo; la proposta di un meccanismo di risoluzione unico a livello europeo e la proposta di una Direttiva europea sul risanamento e risoluzione delle banche; la norma finale della regolamentazione sulle banche estere che impone determinati requisiti di liquidità, capitale e di altro tipo a livello prudenziale adottata dalla Federal Reserve statunitense; la proposta della Federal Reserve statunitense relativa ai rapporti di liquidità per le banche di grandi dimensioni; e la "Xxxxxxx" Rule che impone alcune limitazioni agli investimenti in hedge fund e fondi di private equity, alla loro sponsorizzazione, nonché alle attività di proprietary trading (delle banche statunitensi e in parte anche delle banche non statunitensi) che è stata recentemente adottata dalle autorità di regolamentazione statunitensi. Più in generale, le autorità di regolamentazione e legislative di qualsiasi paese possono, in qualsiasi momento, introdurre l'applicazione di nuove o differenti misure che potrebbero avere un impatto importante sul sistema finanziario in generale o su BNPP in particolare. | ||
B.19/B.5 | Descrizione del Gruppo | BNPP è un leader europeo nei servizi bancari e finanziari e ha quattro mercati bancari retail nazionali in Europa: Belgio, Francia, Italia e Lussemburgo. È presente in 75 paesi e dispone di quasi 185.000 dipendenti, inclusi oltre 141.000 in Europa. BNPP è la controllante del Gruppo BNP Paribas (il "Gruppo BNPP") |
B.19/B.9 | Previsione o stima degli utili | Il piano di sviluppo del Gruppo nel periodo 2014-2016 conferma il modello di business di banca universale, incentrato su tre pilastri: Retail Banking, CIB e Investment Solutions. L'obiettivo del piano di sviluppo aziendale 2014-2016 consiste nel supportare i clienti in un contesto mutevole. L'obiettivo in termini di ritorno sul capitale fino al 2016 è pari almeno al 10%. Il Gruppo ha definito le cinque priorità strategiche seguenti per il 2016: ● valorizzare l'attenzione e i servizi al cliente ● semplicità: semplificare la nostra organizzazione e le nostre modalità operative ● efficienza: continuare ad accrescere l'efficienza operativa |
● adeguare talune attività al contesto economico e normativo di riferimento ● implementare iniziative di sviluppo aziendale | ||||
B.19/ B.10 | Riserve nella relazione dei revisori | Non applicabile, non vi sono riserve in alcuna relazione dei revisori sulle informazioni finanziarie relative agli esercizi passati incluse nel Prospetto di Base. | ||
B.19/ B.12 | Informazioni finanziarie fondamentali selezionate relative agli esercizi passati: Dati Finanziari Annuali Comparativi - In milioni di EUR | |||
* 31/12/2013 | 31/12/2012 | |||
Ricavi | 38.409 | 39.072 | ||
Costo del rischio | (3.801) | (3.941) | ||
Reddito netto, quota del Gruppo | 4.818 | 6.564 | ||
*Riclassificato | ||||
31/12/2013 | 31/12/2012 | |||
Common Equity Tier 1 Ratio (Basilea 3 fully loaded, CRD4) | 10,30% | 9,90% | ||
Totale bilancio consolidato | * 1.810.535 | 1.907.200 | ||
Crediti verso clienti e finanziamenti consolidati | 612.45 * 5 | 630.520 | ||
Voci consolidate di debito verso clienti | * 553.497 | 539.513 | ||
Patrimonio netto (quota del Gruppo) | * 87.447 | 85.444 | ||
* Riclassificato in base all'applicazione dei principi contabili IFRS10, IFRS11 e IAS32 rivisto Dati finanziari infrannuali comparativi - In milioni di EUR | ||||
31/03/2014 | * 31/03/2013 | |||
Ricavi | 9.913 | 9.972 | ||
Costo del rischio | (1.084) | (911) | ||
Reddito netto, quota del Gruppo | 1.668 | 1.585 | ||
*Riclassificato | ||||
31/03/2014 | 31/12/2013 | |||
Common Equity Tier 1 Ratio (Basilea 3 fully loaded, CRD4) | 10,60% | 10,30% | ||
Totale bilancio consolidato | 1.882.756 | * 1.810.535 | ||
Crediti verso clienti e finanziamenti consolidati | 618.791 | 612.45 * 5 | ||
Voci consolidate di debito verso clienti | 566.833 | * 553.497 | ||
Patrimonio netto (quota del Gruppo) | 89.969 | * 87.447 | ||
* Riclassificato in base all'applicazione dei principi contabili IFRS10, IFRS11 e IAS32 rivisto | ||||
Dichiarazioni di assenza di cambiamenti significativi o negativi sostanziali Non si sono verificati cambiamenti negativi sostanziali nei prospetti di BNPP o del Gruppo BNPP dal 31 Dicembre 2013 (termine dell'ultimo periodo finanziario per il quale è stato pubblicato un bilancio). | ||
B.19/ B.13 | Eventi aventi un impatto sulla solvibilità del Garante | Per quanto a conoscenza di BNPP non si sono verificati eventi sostanzialmente rilevanti per la valutazione della solvibilità di BNPP dal 31 Dicembre 2013, salvo quanto stabilito nel comunicato stampa diffuso da BNP Paribas il 30 giugno 2014 il cui testo è riportato in corsivo nell'elemento B.12 di cui sopra. |
B.19/ B.14 | Dipendenza da altri soggetti del Gruppo | Salvo quanto previsto dal seguente paragrafo, BNPP non è dipendente da altri membri del Gruppo BNPP. Nell'aprile 2004, BNPP ha iniziato l'esternalizzazione dei Servizi di Gestione delle Infrastrutture IT all'associazione in partecipazione "BNP Paribas Partners for Innovation" (BP²I) costituita con IBM France alla fine del 2003. BP²I fornisce Servizi di Gestione delle Infrastrutture IT a BNPP e a varie controllate di BNPP in Francia, Svizzera e Italia. A metà dicembre 2011, BNPP ha rinnovato il suo contratto con IBM France fino alla fine del 2017. Alla fine del 2012, le parti hanno stipulato un contratto per estendere progressivamente questo accordo a BNP Paribas Fortis a partire dal 2013. BP²I è controllata al 50% da BNPP e al 50% da IBM France; IBM France è responsabile delle operazioni quotidiane, con un forte impegno di BNPP quale importante azionista. Si veda anche l'Elemento B.5 che precede. |
B.19/ B.15 | Principali attività | BNP Paribas detiene posizioni importanti nelle sue tre attività: ● Retail Banking, che comprende: ● una serie di Mercati Nazionali, inclusi: ● French Retail Banking (FRB), ● BNL banca commerciale (BNL bc), l'attività bancaria retail italiana, ● Belgian Retail Banking (BRB), ● Attività di Altri Mercati Nazionali, tra cui Luxembourg Retail Banking (LRB); ● International Retail Banking, che include: ● Europe-Mediterranean, ● BancWest; ● Personal Finance; ● Investment Solutions; ● Corporate and Investment Banking (CIB). |
B.19/ B.16 | Azionisti di controllo | Nessuno degli azionisti esistenti controlla, direttamente o indirettamente, BNPP. Gli azionisti principali sono Société Fédérale de Participations et d'Investissement ("SFPI"), una società per azioni di interesse pubblico che agisce per conto del Governo belga, che detiene il 10,3% del capitale sociale al 31 Dicembre 2013 e il Granducato di Lussemburgo, che detiene l'1,0% del capitale sociale al 31 Dicembre 2013. Per quanto a conoscenza di BNPP, nessun azionista diverso da SFPI detiene più del 5% del suo capitale o dei suoi diritti di voto. |
B.19/ B.17 | Rating | I rating del credito a lungo termine di BNPP sono A+ con outlook negativo (Standard & Poor's Credit Market Services France SAS), A1 con outlook negativo (Moody's Investors Service Ltd.) e A+ con outlook stabile (Fitch France S.A.S.) Il rating di un titolo non costituisce una raccomandazione ad acquistare, vendere o detenere titoli, e può essere soggetto a sospensione, riduzione o ritiro in qualsiasi momento da parte dell'agenzia di rating che l'ha assegnato. |
Sezione C - Titoli
Elemento | Titolo | |
C.1 | Tipo e classe di Titoli/ISIN | I Titoli sono certificates (i "Certificates") e sono emessi in Serie. Il Numero di Serie dei Titoli è come indicato in C.20. Il codice ISIN è come indicato in C.20. Il numero della Tranche è come indicato in C.20. Il Common Code è come indicato in C.20. Il Trading Code di Borsa Italiana è come indicato in C.20. I Titoli sono Titoli Regolati in Contanti. |
C.2 | Valuta | La valuta della presente Serie di Titoli è l'Euro (EURO). |
C.5 | Restrizioni alla libera trasferibilità | I Titoli saranno liberamente trasferibili, fatte salve le restrizioni all’offerta e alla vendita negli Stati Uniti, nello Spazio Economico Europeo, in Austria, in Belgio, nella Repubblica Ceca, in Francia, in Finlandia, in Germania,in Ungheria, in Irlanda, in Portogallo, in Spagna, in Svezia, nella Repubblica italiana, in Polonia, nel Regno Unito, in Giappone e in Australia e ai sensi della Direttiva sui Prospetti e delle leggi di ogni giurisdizione in cui i relativi Xxxxxx sono offerti o venduti. |
C.8 | Diritti connessi ai Titoli | I Xxxxxx emessi ai sensi del Programma avranno termini e condizioni relativi, tra l'altro, a: Status I Titoli sono emessi su base non garantita. I Titoli emessi su base non garantita costituiscono obbligazioni dirette, incondizionate, non garantite e non subordinate dell'Emittente e hanno e avranno pari priorità tra esse e almeno pari priorità rispetto a ogni altro debito diretto, incondizionato, non garantito e non subordinato dell'Emittente (salvo per debiti privilegiati per legge). |
Tassazione Il Portatore deve pagare tutte le tasse, imposte e/o spese derivanti dall'esercizio e dal regolamento o rimborso dei Titoli W&C e/o dalla consegna o dalla cessione del Diritto Spettante. L'Emittente detrarrà dagli importi pagabili o dai beni consegnabili ai Portatori le tasse e spese non previamente detratte da importi pagati o da beni consegnati ai Portatori che l'Agente per il Calcolo determini essere attribuibili ai Titoli W&C. | ||
Divieto di costituzione di garanzie reali (negative pledge) I termini dei Titoli non conterranno alcuna clausola di divieto di costituzione di garanzie reali. |
Eventi di Inadempimento I termini dei Titoli non conterranno eventi di inadempimento. | ||
Assemblee I termini dei Titoli conterranno disposizioni per la convocazione di assemblee dei portatori di tali Xxxxxx per valutare questioni aventi un impatto sui loro interessi in generale. Tali disposizioni consentono a maggioranze definite di vincolare tutti i portatori, inclusi i portatori che non abbiano partecipato e votato all'assemblea del caso e i titolari che abbiano votato in maniera contraria alla maggioranza. | ||
Legge applicabile I Titoli W&C, l'Accordo di Agenzia di diritto inglese (e sue successive modifiche e integrazioni), la Garanzia correlata in relazione ai Titoli W&C e ogni obbligazione non contrattuale derivante da o in relazione ai Xxxxxx W&C, l'Accordo di Agenzia di diritto inglese (e sue successive modifiche e integrazioni) e la Garanzia in relazione ai Titoli W&C saranno disciplinati dalla legge inglese e dovranno essere interpretati alla stregua della stessa. | ||
C.9 | Interessi/Rimborso | Interessi I Titoli non maturano e non pagano interessi, né importi premio. Liquidazione A meno che sia già stato liquidato o annullato, ciascun Titolo sarà liquidato come indicato nell'Elemento C.18. I Certificates possono essere liquidati anticipatamente al verificarsi di un Evento di Turbativa Aggiuntivo, un Evento di Turbativa Aggiuntivo Opzionale, un Evento Straordinario, un Evento di Rettifica Potenziale o se l'adempimento delle obbligazioni dell'Emittente ai sensi dei Titoli diventa contraria alla legge o impossibile per motivi di forza maggiore o per legge. L'importo pagabile ai sensi dei Titoli in caso di liquidazione anticipata sarà pari al valore di mercato di ciascun Titolo. Rappresentante dei Portatori dei Titoli L'Emittente non ha nominato alcun Rappresentante dei Portatori dei Titoli. Si veda anche l'Elemento C.8 che precede per quanto riguarda i diritti connessi ai Titoli.. |
C.10 | Componente derivata per quanto riguarda il pagamento degli interessi | Non applicabile. |
C.11 | Ammissione alla negoziazione | Sarà presentata dall'Emittente (o per conto dello stesso) una richiesta di quotazione per i Titoli presso Borsa Italiana e per l'ammissione dei Titoli alla negoziazione sul mercato telematico "Securitised Derivatives Market" (gestito da Borsa Italiana S.p.A.) |
C.15 | Come il valore dell'investimento in titoli derivati è influenzato dal valore degli strumenti sottostanti | L'eventuale importo pagabile al momento del rimborso è calcolato con riferimento al Sottostante di Riferimento. Si veda l'Elemento C.9 che precede e l'Elemento C.18 che segue. |
C.16 | Scadenza dei titoli derivati | La Data di Esercizio dei Titoli è come indicato in C.20 e la Data di Liquidazione è come indicato in C.20 |
C.17 | Procedura di Regolamento | I Titoli sono regolati in contanti. L'Emittente non può modificare il regolamento. |
C.18 | Rendimento degli strumenti derivati | Si veda l'Elemento C.8 che precede per i diritti connessi ai Titoli. Regolamento I Certificates saranno esercitati automaticamente alla Data di esercizio. Al momento dell'esercizio automatico ogni Certificates dà diritto al Portatore di ricevere alla Data di Liquidazione un Importo di Liquidazione in Contanti pari al Payout Finale. Payout Finale ETS 2200/1 (i) Qualora nelle Condizioni Definitive applicabili si specifichi che i Titoli sono Titoli Call : . (ii) Qualora nelle Condizioni Definitive applicabili si specifichi che i Xxxxxx sono Titoli Put : . Descrizione del Payout Il Payout sarà pari a (i) in caso di Titoli Call, l'eventuale eccesso tra il Prezzo di Regolamento alla Data di Valutazione e il Prezzo di Strike; o (ii) in caso di Titoli Put, l'eventuale eccesso tra il Prezzo di Strike e il Prezzo di Regolamento alla Data di Valutazione, in ciascun caso diviso per il prodotto tra il Tasso di Cambio e la Parità. "Prezzo Finale di Liquidazione" significa il Prezzo di Liquidazione alla Data di Valutazione. "Prezzo di Liquidazione" significa il Prezzo di Riferimento dei Titoli Italiani. "Prezzo di Riferimento dei Titoli Italiani" significa il Prezzo di Riferimento, ovvero, in relazione ad una Azione, il prezzo pubblicato dalla Borsa Italiana a chiusura delle negoziazioni e avente il significato ad esso attribuito ai sensi del Regolamento dei Mercati organizzati e gestiti da Borsa Italiana, come di volta in volta modificato da Borsa Italiana. "Data di Valutazione della Liquidazione" significa il Giorno di Negoziazione Programmato immediatamente precedente la Data di Esercizio. "Giorno di Negoziazione Programmato" significa, qualsiasi giorno in cui la Borsa Italiana e qualsiasi sistema di scambio o quotazione in cui la negoziazione ha un effetto significativo sul mercato globale per i futures o per i contratti di opzione relativi a tale Azione sono aperti per la negoziazione durante le rispettive sessioni regolari di negoziazione; "Prezzo di Strike" è come indicato in C.20. "Parità" è come indicato in C.20. "Tasso di Cambio Finale" significa 1. |
Liquidazione Anticipata Automatica Qualora a una Data di Valutazione della Liquidazione Anticipata Automatica si verifichi un Evento di Liquidazione Anticipata Automatica, i Titoli saranno liquidati anticipatamente all'Importo di Liquidazione Anticipata Automatica alla Data di Liquidazione Anticipata Automatica L'Importo di Liquidazione Anticipata Automatica sarà un importo pari a: Payout della Liquidazione Anticipata Automatica 2200/1: 0 (zero). "Evento di Liquidazione Anticipata Automatica" indica il verificarsi di un AER Knock-out. "AER Knock-out" indica il verificarsi di un Evento Knock-out. "Evento Knock-out" : Con riferimento ai Titoli Call : Il Livello è "minore o uguale al" Livello Knock-out Con riferimento ai Titoli Put : Il Livello è "maggiore o uguale al" Livello Knock-out. "Livello" indica il livello Ufficiale. "Livello Knock-out" come indicato all'Elemento C.20 che segue. Le previsioni di cui sopra sono soggette a rettifiche come previsto nelle condizioni dei Titoli al fine di tenere in considerazione eventi in relazione al Sottostante di Riferimento o ai Titoli. Questo può comportare modifiche da apportare ai Titoli o in alcuni casi alla liquidazione anticipata dei Titoli ad un importo di liquidazione anticipata (si veda l'Elemento C.9). | ||
C.19 | Prezzo di riferimento finale del Sottostante | Il prezzo di riferimento finale del sottostante sarà determinato in conformità ai meccanismi di valutazione indicati nell'Elemento C.9 e nell'Elemento C.18 che precede. |
C.20 | Sottostante di Riferimento | I Sottostanti di Riferimento indicati all'Elemento C.20 sono: |
Numero di Serie / Codice ISIN | No. di Xxxxxx emessi | No. di Titoli | Codice Common | Trading Code di Borsa Italiana | Prezzo di Emisisone per Titolo | Call / Put | Prezzo di Strike | Livello Knock-out | Data di Esercizio | Data di Liquidazione | Parità | Multiplier* |
NL0010728200 | 1.000.000 | 1.000.000 | 109066443 | P28200 | EUR 0,15 | Call | EUR 5,80 | EUR 5,80 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728218 | 1.000.000 | 1.000.000 | 109066494 | P28218 | EUR 0,73 | Call | EUR 5,22 | EUR 5,22 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728226 | 1.000.000 | 1.000.000 | 109066508 | P28226 | EUR 1,60 | Call | EUR 4,35 | EUR 4,35 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728234 | 1.000.000 | 1.000.000 | 109066516 | P28234 | EUR 1,89 | Call | EUR 4,06 | EUR 4,06 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728242 | 200.000 | 200.000 | 109066524 | P28242 | EUR 0,01 | Call | EUR 16,33 | EUR 16,33 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728259 | 200.000 | 200.000 | 109066532 | P28259 | EUR 0,35 | Call | EUR 15,19 | EUR 15,19 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728267 | 200.000 | 200.000 | 109066559 | P28267 | EUR 1,87 | Call | EUR 13,67 | EUR 13,67 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728275 | 2.000.000 | 2.000.000 | 109066567 | P28275 | EUR 0,12 | Call | EUR 2,18 | EUR 2,18 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728283 | 2.000.000 | 2.000.000 | 109066583 | P28283 | EUR 0,66 | Call | EUR 1,64 | EUR 1,64 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728291 | 2.000.000 | 2.000.000 | 109066591 | P28291 | EUR 0,80 | Call | EUR 1,50 | EUR 1,50 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728309 | 500.000 | 500.000 | 109066605 | P28309 | EUR 0,01 | Call | EUR 8,13 | EUR 8,13 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728317 | 500.000 | 500.000 | 109066613 | P28317 | EUR 0,04 | Call | EUR 7,56 | EUR 7,56 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728325 | 500.000 | 500.000 | 109066621 | P28325 | EUR 0,79 | Call | EUR 6,81 | EUR 6,81 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728333 | 500.000 | 500.000 | 109066630 | P28333 | EUR 2,30 | Call | EUR 5,30 | EUR 5,30 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728358 | 2.000.000 | 2.000.000 | 109066648 | P28358 | EUR 0,27 | Call | EUR 0,64 | EUR 0,64 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728366 | 200.000 | 200.000 | 109066656 | P28366 | EUR 0,01 | Call | EUR 4,43 | EUR 4,43 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728374 | 200.000 | 200.000 | 109066664 | P28374 | EUR 0,74 | Call | EUR 3,51 | EUR 3,51 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728382 | 70.000 | 70.000 | 109066672 | P28382 | EUR 0,04 | Call | EUR 3,23 | EUR 3,23 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728390 | 70.000 | 70.000 | 109066699 | P28390 | EUR 0,52 | Call | EUR 2,75 | EUR 2,75 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728408 | 70.000 | 70.000 | 109066702 | P28408 | EUR 0,77 | Call | EUR 2,50 | EUR 2,50 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728416 | 70.000 | 70.000 | 109066729 | P28416 | EUR 0,49 | Call | EUR 5,75 | EUR 5,75 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728424 | 70.000 | 70.000 | 109066737 | P28424 | EUR 1,06 | Call | EUR 5,18 | EUR 5,18 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728432 | 70.000 | 70.000 | 109066745 | P28432 | EUR 1,92 | Call | EUR 4,32 | EUR 4,32 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728440 | 70.000 | 70.000 | 109066753 | P28440 | EUR 0,89 | Call | EUR 6,13 | EUR 6,13 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728457 | 70.000 | 70.000 | 109066761 | P28457 | EUR 1,91 | Call | EUR 5,11 | EUR 5,11 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728465 | 10.000 | 10.000 | 109066770 | P28465 | EUR 10,67 | Call | EUR 78,53 | EUR 78,53 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728473 | 10.000 | 10.000 | 109066796 | P28473 | EUR 23,76 | Call | EUR 65,44 | EUR 65,44 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728515 | 1.000.000 | 1.000.000 | 109066800 | P28515 | EUR 0,72 | Put | EUR 6,67 | EUR 6,67 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728523 | 200.000 | 200.000 | 109066818 | P28523 | EUR 0,01 | Put | EUR 14,50 | EUR 14,50 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728531 | 2.000.000 | 2.000.000 | 109066826 | P28531 | EUR 0,01 | Put | EUR 1,97 | EUR 1,97 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
Numero di Serie / Codice ISIN | No. di Xxxxxx emessi | No. di Titoli | Codice Common | Trading Code di Borsa Italiana | Prezzo di Emisisone per Titolo | Call / Put | Prezzo di Strike | Livello Knock-out | Data di Esercizio | Data di Liquidazione | Parità | Multiplier* |
NL0010728549 | 500.000 | 500.000 | 109066834 | P28549 | EUR 0,01 | Put | EUR 7,57 | EUR 7,57 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728556 | 70.000 | 70.000 | 109066842 | P28556 | EUR 0,01 | Put | EUR 3,23 | EUR 3,23 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728564 | 70.000 | 70.000 | 109066869 | P28564 | EUR 0,01 | Put | EUR 5,33 | EUR 5,33 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
NL0010728572 | 70.000 | 70.000 | 109066877 | P28572 | EUR 0,32 | Put | EUR 7,33 | EUR 7,33 | 19 Dicembre 2014 | 30 Dicembre 2014 | 1 | 1 |
* For the purposes of Borsa Italiana, Multiplier equals to 1/Parity
Numero di Serie / Codice ISIN | Azione | Share Currency | Codice ISIN dell'Azione | Codice Reuters dell'Azione | Sito web dell'Azione | Borsa | Sito web della Borsa |
NL0010728200 | UniCredit SpA | EUR | IT0004781412 | CRDI.MI | Borsa Italiana (MTA) | ||
NL0010728218 | UniCredit SpA | EUR | IT0004781412 | CRDI.MI | Borsa Italiana (MTA) | ||
NL0010728226 | UniCredit SpA | EUR | IT0004781412 | CRDI.MI | Borsa Italiana (MTA) | ||
NL0010728234 | UniCredit SpA | EUR | IT0004781412 | CRDI.MI | Borsa Italiana (MTA) | ||
NL0010728242 | Assicurazioni Generali SpA | EUR | IT0000062072 | GASI.MI | Borsa Italiana (MTA) | ||
NL0010728259 | Assicurazioni Generali SpA | EUR | IT0000062072 | GASI.MI | Borsa Italiana (MTA) | ||
NL0010728267 | Assicurazioni Generali SpA | EUR | IT0000062072 | GASI.MI | Borsa Italiana (MTA) | ||
NL0010728275 | Intesa Sanpaolo SpA | EUR | IT0000072618 | ISP.MI | Borsa Italiana (MTA) | ||
NL0010728283 | Intesa Sanpaolo SpA | EUR | IT0000072618 | ISP.MI | Borsa Italiana (MTA) | ||
NL0010728291 | Intesa Sanpaolo SpA | EUR | IT0000072618 | ISP.MI | Borsa Italiana (MTA) | ||
NL0010728309 | Fiat SpA | EUR | IT0001976403 | FIA.MI | Borsa Italiana (MTA) | ||
NL0010728317 | Fiat SpA | EUR | IT0001976403 | FIA.MI | Borsa Italiana (MTA) | ||
NL0010728325 | Fiat SpA | EUR | IT0001976403 | FIA.MI | Borsa Italiana (MTA) | ||
NL0010728333 | Fiat SpA | EUR | IT0001976403 | FIA.MI | Borsa Italiana (MTA) | ||
NL0010728358 | Telecom Italia SpA | EUR | IT0003497168 | TLIT.MI | Borsa Italiana (MTA) | ||
NL0010728366 | Enel SpA | EUR | IT0003128367 | ENEI.MI | Borsa Italiana (MTA) | ||
NL0010728374 | Enel SpA | EUR | IT0003128367 | ENEI.MI | Borsa Italiana (MTA) | ||
NL0010728382 | Mediaset SpA | EUR | IT0001063210 | MS.MI | Borsa Italiana (MTA) | ||
NL0010728390 | Mediaset SpA | EUR | IT0001063210 | MS.MI | Borsa Italiana (MTA) | ||
NL0010728408 | Mediaset SpA | EUR | IT0001063210 | MS.MI | Borsa Italiana (MTA) | ||
NL0010728416 | Unione di Banche Italiane SCPA | EUR | IT0003487029 | UBI.MI | Borsa Italiana (MTA) |
Numero di Serie / Codice ISIN | Azione | Share Currency | Codice ISIN dell'Azione | Codice Reuters dell'Azione | Sito web dell'Azione | Borsa | Sito web della Borsa |
NL0010728424 | Unione di Banche Italiane SCPA | EUR | IT0003487029 | UBI.MI | Borsa Italiana (MTA) | ||
NL0010728432 | Unione di Banche Italiane SCPA | EUR | IT0003487029 | UBI.MI | Borsa Italiana (MTA) | ||
NL0010728440 | Mediobanca SpA | EUR | IT0000062957 | MDBI.MI | Borsa Italiana (MTA) | ||
NL0010728457 | Mediobanca SpA | EUR | IT0000062957 | MDBI.MI | Borsa Italiana (MTA) | ||
NL0010728465 | Tods SpA | EUR | IT0003007728 | TOD.MI | Borsa Italiana (MTA) | ||
NL0010728473 | Tods SpA | EUR | IT0003007728 | TOD.MI | Borsa Italiana (MTA) | ||
NL0010728515 | UniCredit SpA | EUR | IT0004781412 | CRDI.MI | Borsa Italiana (MTA) | ||
NL0010728523 | Assicurazioni Generali SpA | EUR | IT0000062072 | GASI.MI | Borsa Italiana (MTA) | ||
NL0010728531 | Intesa Sanpaolo SpA | EUR | IT0000072618 | ISP.MI | Borsa Italiana (MTA) | ||
NL0010728549 | Fiat SpA | EUR | IT0001976403 | FIA.MI | Borsa Italiana (MTA) | ||
NL0010728556 | Mediaset SpA | EUR | IT0001063210 | MS.MI | Borsa Italiana (MTA) | ||
NL0010728564 | Unione di Banche Italiane SCPA | EUR | IT0003487029 | UBI.MI | Borsa Italiana (MTA) | ||
NL0010728572 | Mediobanca SpA | EUR | IT0000062957 | MDBI.MI | Borsa Italiana (MTA) |
Sezione D - Rischi
Elemento | Titolo | |
D.2 | Rischi fondamentali relativi agli Emittenti e ai Garanti | Vi sono certi fattori che possono avere un impatto sulla capacità dell'Emittente di adempiere le proprie obbligazioni ai sensi dei Titoli emessi ai sensi del Programma e, se del caso, le obbligazioni del Garante ai sensi della Garanzia. Dodici categorie principali di rischio sono inerenti alle attività di BNPP: ● Rischio di Credito; ● Rischio di Controparte; ● Cartolarizzazione; ● Rischio di Mercato; ● Rischio Operativo; ● Rischio di Compliance e Rischio Reputazionale; ● Rischio di Concentrazione; ● Rischio di Gestione Patrimoniale; ● Rischio di Break-even; ● Rischio di Strategia; ● Rischio di liquidità e di rifinanziamento; ● Rischio di sottoscrizione di assicurazione; Le difficili condizioni di mercato ed economiche difficili potrebbero avere un effetto sostanzialmente pregiudizievole sul contesto operativo per le istituzioni finanziarie e quindi sulla situazione finanziaria, sui risultati operativi e sul costo del rischio di BNPP. Gli interventi legislativi e le misure di regolamentazione adottate in risposta alla crisi finanziaria globale potrebbero avere un impatto significativo su BNPP e sul contesto finanziario ed economico in cui opera. La possibilità di BNPP di accedere al, nonché il costo del, funding potrebbero risentire di un ritorno della crisi del debito sovrano della Zona Euro, del peggioramento delle condizioni economiche, di ulteriori riduzioni dei rating o di altri fattori. Un aumento sostanziale dei nuovi accantonamenti o un ammanco nel livello degli accantonamenti precedentemente registrati potrebbero avere un impatto negativo sui risultati operativi e sulla situazione finanziaria di BNPP. BNPP potrebbe subire perdite significative sulle sue attività di negoziazione e di investimento a causa di oscillazioni e della volatilità del mercato. BNPP potrebbe generare ricavi inferiori dalle sue attività di intermediazione e altre attività basate su commissioni e provvigioni durante periodi di crisi dei mercati. Il protrarsi della discesa dei mercati può ridurre la liquidità dei mercati, rendendo più difficile vendere attività e conducendo potenzialmente a perdite significative. Mutamenti significativi dei tassi d'interesse potrebbero avere un impatto negativo sui ricavi o sulla redditività di BNPP. La solidità e la condotta di altre istituzioni finanziarie e partecipanti del mercato potrebbero avere un impatto negativo su BNPP. |
Elemento | Titolo | |
La posizione competitiva di BNPP potrebbe essere pregiudicata qualora la reputazione di BNPP sia danneggiata. Una interruzione o violazione dei sistemi informativi di BNPP potrebbe avere come conseguenza una perdita di lavoro e altre perdite. Eventi esterni imprevisti possono interrompere le attività di BNPP e causare perdite significative e costi aggiuntivi. BNPP è soggetta a regimi di estesa regolamentazione in continua evoluzione nei paesi e nelle regioni in cui opera. Malgrado le politiche, procedure e modalità di gestione dei rischi di BNPP, la stessa potrebbe ancora essere esposta a rischi non identificati o imprevisti, che potrebbero causare perdite significative. Le strategie di copertura di BNPP potrebbero non impedire perdite. BNPP potrebbe incontrare difficoltà nell'integrare le società acquisite e potrebbe non essere in grado di realizzare i benefici attesi dalle sue acquisizioni. La forte concorrenza, particolarmente in Francia dove BNPP detiene la più grande concentrazione di attività, potrebbe avere un impatto negativo sui ricavi e sulla redditività di BNPP. I seguenti fattori di rischio riguardano BNPP B.V.: BNPP B.V. è una società operativa. L'unica attività di BNPP B.V. consiste nel raccogliere e mutuare somme di denaro emettendo strumenti finanziari come Notes, Warrant, Certificates o altre obbligazioni. BNPP B.V. non ha e non avrà beni al di fuori degli accordi di copertura (contratti OTC menzionati negli Annual Reports), contanti e commissioni pagabili alla stessa, o altre attività acquisite dalla stessa, in ciascun caso in relazione all'emissione di titoli o alla assunzione di altre obbligazioni agli stessi relative di volta in volta. BNPP B.V. has a small equity and limited profit base. I proventi netti di ciascuna emissione di Titoli emessi da BNPP B.V. diventeranno parte dei fondi generali di BNPP B.V. BNPP B.V. utilizza tali proventi per coprire il suo rischio di mercato attraverso l'acquisto di strumenti di copertura da BNP Paribas e da sue entità ("Accordi di Copertura") e/o, nel caso di Xxxxxx Xxxxxxxxx, per acquistare Beni di Garanzia. La capacità di BNPP B.V. di adempiere le sue obbligazioni ai sensi dei Titoli emessi dalla stessa dipenderà dal ricevimento da parte della stessa di pagamenti ai sensi dei relativi Accordi di Copertura. Pertanto, i Portatori di Titoli di BNPP B.V. saranno esposti, fatte salve le disposizioni della relativa Garanzia, alla capacità di BNP Paribas e di sue entità in relazione a tali Accordi di Copertura di adempiere le proprie obbligazioni ai sensi dei predetti accordi. | ||
D.3 | Rischi chiave relativi ai Xxxxxx | Esistono certi fattori che sono rilevanti ai fini della valutazione dei rischi di mercato associati ai Titoli emessi ai sensi del Programma; tra cui il fatto che i Xxxxxx sono obbligazioni non garantite; il prezzo di negoziazione dei Titoli è influenzato da vari fattori, tra cui, a mero titolo esemplificativo, il prezzo del relativo Sottostante di Riferimento; il tempo residuo alla liquidazione, e tali fattori implicano che il prezzo di negoziazione dei Titoli può essere inferiore all'Importo di Liquidazione in Contanti; l'esposizione al Sottostante di Riferimento in molti casi sarà realizzata tramite la stipula da parte del relativo Emittente di accordi di copertura e i potenziali investitori sono esposti all'andamento di questi accordi di copertura e ad eventi che possono avere un effetto sugli accordi di copertura e, di conseguenza, il verificarsi di uno di questi eventi può avere un effetto sul valore dei Titoli; il verificarsi di un ulteriore evento di turbativa o di un evento di turbativa ulteriore |
Elemento | Titolo | |
opzionale può portare a una rettifica dei Titoli, a una liquidazione anticipata o può avere come conseguenza una differenza tra l'importo pagabile al momento del rimborso programmato e l'importo che si prevede sia pagato al momento del rimborso programmato e, di conseguenza, il verificarsi di un evento di turbativa ulteriore e/o di un evento di turbativa ulteriore opzionale può avere un effetto pregiudizievole sul valore o sulla liquidità dei Titoli; potrebbero essere pagabili spese e tasse in relazione ai Titoli; i Titoli potrebbero essere liquidati nel caso di illegalità o impossibilità, e tale annullamento o liquidazione potrebbe avere come conseguenza il fatto che un investitore non realizzi un ritorno su un investimento nei Xxxxxx; le disposizioni sulle assemblee dei Portatori consentono a maggioranze definite di vincolare tutti i Portatori; una decisione giudiziaria o un mutamento di una prassi amministrativa o una modifica della legge inglese dopo la data del Prospetto di Base potrebbero avere un impatto sostanzialmente pregiudizievole sul valore dei Titoli da essi influenzati; un abbassamento dell'eventuale rating assegnato a titoli di debito in essere dell'Emittente o del Garante da parte di un'agenzia di rating potrebbe causare una riduzione del valore di negoziazione dei Titoli; potrebbero sorgere certi conflitti di interessi (si veda l'Elemento E.4 che segue); il solo modo per un Portatore di realizzare valore da un Titolo prima della Data di Liquidazione, consiste nel vendere tale Titolo al suo prezzo di mercato allora corrente in un mercato secondario disponibile e potrebbe non esservi alcun mercato secondario per i Titoli (nel qual caso un investitore dovrebbe esercitare o aspettare fino al rimborso dei Titoli per realizzare un valore superiore al valore di negoziazione); potrebbe non essere mai stabilito un mercato secondario attivo, o potrebbe essere illiquido, e questo potrebbe avere un effetto pregiudizievole sul valore al quale un investitore può vendere i suoi Titoli (gli investitori potrebbero subire una perdita parziale o totale dell'importo del loro investimento). Inoltre, esistono rischi specifici in relazione ai Titoli che sono legati a un Sottostante di Riferimento e un investimento in tali Titoli comporterà rischi significativi non associati ad un investimento in un titolo di debito tradizionale. I fattori di rischio relativi ai Titoli legati a un Sottostante di Riferimento includono : l'esposizione alle Azioni che comporta l'esposizione per gli investitori a rischi di mercato simili a quelli di un investimento diretto in capitale azionario, eventi di rettifica potenziali, eventi straordinari aventi un effetto sulle Azioni ed eventi di turbativa del mercato o la mancata apertura di una borsa, che potrebbero avere un effetto negativo sul valore e sulla liquidità dei Titoli; il fatto che in certe circostanze i Certificates possono essere liquidati anticipatamente e che l'Emittente non fornisce informazioni sul Sottostante di Riferimento dopo l'emissione. In certe circostanze i Portatori potrebbero perdere l'intero valore del loro investimento. |
D.6 | Avvertenza relativa ai rischi | Si veda l'Elemento D.3 che precede. Nel caso di insolvenza di un Emittente o qualora lo stesso non sia altrimenti in grado di, o disposto a, rimborsare i Xxxxxx alla scadenza, un investitore potrebbe perdere tutto o parte del suo investimento nei Titoli. Qualora il Garante non sia in grado di, o non sia disposto a, adempiere le proprie obbligazioni ai sensi della Garanzia dovute alla scadenza, un investitore potrebbe perdere tutto o parte del suo investimento nei Titoli. Inoltre, gli investitori potrebbero perdere tutto o parte del loro investimento nei Titoli in conseguenza dei termini e condizioni dei Titoli stessi. |
Sezione E - Offerta
Elemento | Titolo | |
E.2b | Ragioni dell'offerta e utilizzo dei proventi | I proventi netti dell'emissione dei Titoli andranno a far parte dei fondi generali dell'Emittente. Tali proventi potranno essere utilizzati per mantenere posizioni in contratti di opzioni o di future o altri strumenti di copertura |
E.3 | Termini e condizioni dell'offerta | L'emissione di Titoli è effettuata in Italia come Offerta Non Esente. Il prezzo di emissione dei Titoli è come indicato in C.20. |
E.4 | Interesse di persone fisiche e giuridiche coinvolte nell'emissione / offerta | Fatto salvo quanto sopra menzionato, nessun soggetto coinvolto nell'emissione dei Titoli ha un interesse sostanziale nell'offerta, inclusi conflitti di interessi. |
E.7 | Spese addebitate all’investitore dall’Emittente | Nessuna spesa sarà addebitata ad un investitore da parte dell'Emittente. |
TERMS AND CONDITIONS OF THE W&C SECURITIES
The following is the text of the Terms and Conditions of the W&C Securities which will include the additional terms and conditions contained in Annex 1 in relation to the payouts for W&C Securities, the addition terms and conditions contained in Annex 2 in the case of Index Securities, the additional terms and conditions contained in Annex 3 in the case of Share Securities, the additional terms and conditions contained in Annex 4 in the case of ETI Securities, the additional terms and conditions contained in Annex 5 in the case of Debt Securities, the additional terms and conditions contained in Annex 6 in the case of Commodity Securities, the additional terms and conditions contained in Annex 7 in the case of Inflation Index Securities, the additional terms and conditions contained in Annex 8 in the case of Currency Securities, the additional terms and conditions contained in Annex 9 in the case of Fund Securities, the additional terms and conditions contained in Annex 10 in the case of Futures Securities, the additional terms and conditions contained in Annex 11 in the case of Underlying Interest Rate Securities, the additional terms and conditions contained in Annex 12 in the case of Credit Securities, the additional terms and conditions contained in Annex 13 in the case of Secured Securities, the additional terms and conditions contained in Annex 14 in the case of Preference Share Certificates, the additional terms and conditions contained in Annex 15 in the case of OET Certificates or any other Annex (each, an "Annex" and, together the "Annexes") which may be added from time to time, in the case of any other security linked to any other underlying reference (the "Terms and Conditions") which, in the case of English Law Securities (as defined in Condition 1 below), will be incorporated by reference into each Clearing System Global Security, Private Placement Definitive Security or Registered Global Security (each as defined below), or in the case of Italian Dematerialised Securities (as defined below) will apply to such W&C Securities. In the case of English Law Securities (other than Swedish Dematerialised Securities, Finnish Dematerialised Securities, Italian Dematerialised Securities or Swiss Dematerialised Securities), the applicable Final Terms (or the relevant provisions thereof) will be attached to each Clearing System Global Security, Private Placement Definitive Security or Registered Global Security, as the case may be. In the case of Swedish Dematerialised Securities, Finnish Dematerialised Securities, Italian Dematerialised Securities and Swiss Dematerialised Securities, the applicable Final Terms in respect of such W&C Securities will be available at the specified office of the relevant Issuer and at the office of the Swedish Security Agent, Finnish Security Agent, Italian Security Agent or Swiss Security Agent, as applicable, in each case specified in the applicable Final Terms. The provisions in respect of Registered Securities and U.S. Securities (each as defined below) relate to English Law Securities only.
For the purposes of W&C Securities which are neither admitted to trading on a regulated market in the European Economic Area nor offered in the European Economic Area in circumstances where a prospectus is required to be published under the Prospectus Directive ("Exempt Securities"), references in these Terms and Conditions to "Final Terms" shall be deemed to be references to "Pricing Supplement". The expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive) to the extent implemented in the relevant Member Sate of the European Economic Area and includes any relevant implementing measure in the relevant Member State and the expression "2010 PD Amending Directive" means Directive 2010/73/EU.
The series of W&C Securities described in the applicable Final Terms (in so far as it relates to such series of W&C Securities) (such W&C Securities being hereinafter referred to as the "W&C Securities") are issued by whichever of BNP Paribas Arbitrage Issuance B.V. ("BNPP B.V."), BNP Paribas ("BNPP"), BNP Paribas Fortis Funding ("BP2F") or BGL BNP Paribas ("BGL" (either directly or, if so specified in the applicable Final Terms, acting through a specified branch ("Specified Branch")) is specified as the Issuer in the applicable Final Terms (the "Issuer") and references to the Issuer shall be construed accordingly. W&C Securities will be either warrants ("Warrants") or certificates ("Certificates"), as specified in the applicable Final Terms, and references in these Terms and Conditions to "W&C Security", "W&C Securities", "Warrant", "Warrants", "Certificate" and "Certificates" will be construed accordingly.
As used herein, "Tranche" means W&C Securities which are identical in all respects (including as to listing and admission to trading) and "Series" means a Tranche of W&C Securities together with any further Tranche or Tranches of W&C Securities which (i) are expressed to be consolidated and form a single series and (ii) have the same terms and conditions or terms and conditions which are the same in all respects save for the Issue Date, Issue Price, the amount and date of the first payment of interest thereon (if any) and/or the date from which interest starts to accrue (if any), as applicable.
The W&C Securities are issued pursuant to an Agency Agreement dated on or around 5 June 2014 (as amended and/or supplemented from time to time, the "Agency Agreement") between BNPP B.V. as issuer, BNPP as issuer, (where the Issuer is BNPP B.V.) as guarantor (in such capacity, the "BNPP Guarantor"), BP2F as issuer, BNP Paribas Fortis SA/NV ("BNPPF") as guarantor (where the Issuer is BP2F) (in such capacity, the "BNPPF Guarantor"), BGL as issuer, BNP Paribas Securities Services in Amsterdam as Dutch issuing and paying agent (if specified in the applicable Final Terms as Agent in respect of the W&C Securities, the "Amsterdam Security Agent"), BNP Paribas Securities Services, Branch in Spain as Spanish agent (if specified in the applicable Final Terms as Agent in respect of the W&C Securities, the "Madrid Security Agent"), BNP Paribas Securities Services, Luxembourg Branch as principal agent (if specified in the applicable Final Terms as Agent in respect of the W&C Securities, the "Principal Security Agent"), registrar (if specified in the applicable Final Terms as Registrar in respect of the Registered Securities) and collateral custodian, BNP Paribas Securities Services as French issuing and paying agent (the "French Security Agent"), BNP Paribas Arbitrage S.N.C. as principal agent (if specified in the applicable Final Terms as Agent in respect of the W&C Securities, the "Principal Security Agent") and collateral calculation agent. The Bank of New York Mellon as New York security agent (the "New York Security Agent"), The Bank of New York Mellon as definitive security agent (the "Definitive Security Agent"), BNP Paribas Securities Services, Xxxxx Xxxxxx as Italian agent (the "Italian Security Agent"), BNP Paribas Securities Services, Frankfurt Branch as Frankfurt warrant agent (the "Frankfurt Warrant Agent") and Frankfurt certificate agent (the "Frankfurt Certificate Agent"), BNP Paribas Securities Services, Succursale de Zurich as Swiss issuing and paying agent (each a "Security Agent" and collectively, the "Security Agents") and BNP Paribas Securities (Japan) Limited as registrar (if specified in the applicable Final Terms as Registrar in respect of the Registered Securities, and, together with BNP Paribas Securities Services, Luxembourg Branch, each a "Registrar"), as supplemented in the case of Swedish Dematerialised Securities by an issuing and paying agency agreement dated 4 January 2010 (as amended and/or supplemented from time to time, the "Swedish Agency Agreement") between BNPP B.V. and Svenska Handelsbanken AB (publ) as Euroclear Sweden security agent (the "Swedish Security Agent") and as supplemented in the case of Finnish Dematerialised Securities by an issuing and paying agency agreement dated 7 January 2013 (which may be amended and/or supplemented from time to time, the "Finnish Agency Agreement") between BNPP B.V. and Svenska Handelsbanken AB (publ) as Euroclear Finland security agent, (the "Finnish Security Agent"). The expression "Security Agent" shall include (i) in respect of Swedish Dematerialised Securities, the Swedish Security Agent and (ii) in respect of Finnish Dematerialised Securities, the Finnish Security Agent, and shall include any additional or successor security agent(s) in respect of the W&C Securities.
BNP Paribas or BNP Paribas Arbitrage S.N.C. (as specified in the applicable Final Terms) shall undertake the duties of calculation agent (the "Calculation Agent") in respect of the W&C Securities as set out below and in the applicable Final Terms unless another entity is so specified as calculation agent in the applicable Final Terms. The expression "Calculation Agent" shall, in relation to the relevant W&C Securities, include such other specified calculation agent.
The Agency Agreement will be governed by English Law in the case of English Law Securities (the "English Law Agency Agreement") and by French Law in the case of French Law Securities (the "French Law Agency Agreement"). The Swedish Agency Agreement will be governed by Swedish Law. The Finnish Agency Agreement will be governed by Finnish law.
The applicable Final Terms for the W&C Securities supplements these Terms and Conditions for the purposes of the W&C Securities. Except in the case of French Law Securities, Swedish Dematerialised Securities, Finnish Dematerialised Securities, Italian Dematerialised Securities or Swiss Dematerialised Securities, the applicable Final
Terms for the W&C Securities will be attached to each Global Security, each Private Placement Definitive Security and any Registered Certificates in definitive form.
References herein to the "applicable Final Terms" are to the Final Terms or two or more sets of Final Terms (in the case of any further W&C Securities issued pursuant to Condition 12 and forming a single series with the W&C Securities) (which, for the avoidance of doubt, may be issued in respect of more than one series of W&C Securities) insofar as they relate to the W&C Securities.
Subject as provided in Condition 4 and in the relevant Guarantee (as defined in Condition 1), where the Issuer is BNPP B.V., the obligations of BNPP B.V. with respect to physical delivery (if applicable) and/or the payment of amounts payable by BNPP B.V. are guaranteed by BNPP pursuant to the relevant BNPP Guarantee. Subject as provided in Condition 4 and in the relevant Guarantee (as defined in Condition 1), where the Issuer is BP2F, the obligations of BP2F with respect to physical delivery (if applicable) and/or the payment of amounts payable by BP2F are guaranteed by BNPPF pursuant to the BNPPF W&C Securities Guarantee. The original of each Guarantee is held by BNP Paribas Securities Services, Luxembourg Branch on behalf of the Holders at its specified office.
Copies of the Agency Agreement, the Guarantees and the applicable Final Terms may be obtained from the specified office of the relevant Security Agent and the Registrar (in the case of Registered Securities), save that if the W&C Securities are unlisted, the applicable Final Terms will only be obtainable by a Holder and such Holder must produce evidence satisfactory to the relevant Security Agent as to identity. Copies of the Swedish Agency Agreement and the BNPP English Law Guarantee will be available for inspection at the office of the Swedish Security Agent specified in the applicable Final Terms. Copies of the Finnish Agency Agreement and the BNPP English Law Guarantee will be available for inspection at the office of the Finnish Security Agent specified in the applicable Final Terms.
Words and expressions defined in the Agency Agreement or used in the applicable Final Terms shall have the same meanings where used in these Terms and Conditions unless the context otherwise requires or unless otherwise stated.
The Holders are entitled to the benefit of and are deemed to have notice of and are bound by all the provisions of the Agency Agreement (insofar as they relate to the W&C Securities) and the applicable Final Terms, which are binding on them.
1. DEFINITIONS
For the purposes of these Terms and Conditions, the following general definitions will apply: "Account Holder" is as defined in Condition 2.2;
"Actual Exercise Date" is as defined in Condition 20 and Condition 24.1(a); "Additional Disruption Event" is as defined in Condition 15.1; "Adjustment Date" is as defined in Condition 17(b);
"Affected Item" is as defined in this Condition 1 under the definition of Strike Date and in Condition 20 (in the case of Warrants) and Condition 28 (in the case of Certificates);
"Affected Relevant Assets" is as defined in Condition 15.1; "Affected Share" is as defined in Condition 15.2(e);
"Affiliate" means in relation to any entity (the "First Entity"), any entity controlled, directly or indirectly, by the First Entity, any entity that controls, directly or indirectly, the First Entity or any entity directly or indirectly under common control with the First Entity. For these purposes "control" means ownership of a majority of the voting power of an entity;
"Agency Agreement" is as defined in paragraph 5 of these Terms and Conditions;
"AIs" is as defined in Condition 21 (in the case of Warrants) and Condition 29 (in the case of Certificates); "Alternate Cash Amount" is as defined in Condition 5.4;
"American Style Warrants" is as defined in Condition 22;
"Amsterdam Security Agent" is as defined in paragraph 5 of these Terms and Conditions; "Annex" is as defined in paragraph 1 of these Terms and Conditions;
"Asset Transfer Notice" is as defined in Condition 35.2(a);
"Automatic Early Redemption Amount" is as defined in Condition 34.9(b); "Automatic Early Redemption Event" is as defined in Condition 34.9(a) and 34.9(b); "Automatic Early Redemption Date" is as defined in Condition 34.9(b);
"Automatic Early Redemption Level" is as defined in Condition 34.9(b); "Automatic Early Redemption Valuation Date" is as defined in Condition 34.9(b); "Automatic Exercise" is as defined in Condition 22;
"Averaging" is as defined in Condition 22 (in the case of Warrants) and Condition 30 (in the case of Certificates);
"Averaging Date" is as defined in Condition 20 (in the case of Warrants) and Condition 28 (in the case of Certificates);
"Basket Company" is as defined in Condition 15.2(e); "Basket Price" is as defined in Condition 34.9(b);
"Basket of Underlying References" is as defined in Condition 34.9(b); "BGL" is as defined in paragraph 3 of these Terms and Conditions; "BGL Substitute" is as defined in Condition 13.4;
"BNPP" is as defined in paragraph 3 of these Terms and Conditions; "BNPP B.V." is as defined in paragraph 3 of these Terms and Conditions;
"BNPP English Law W&C Guarantee" means a deed of guarantee dated on or around 5 June 2014 executed by BNPP in respect of English Law Securities issued by BNPP B.V.;
"BNPP Guarantee" means (a) in the case of English Law Securities, the BNPP English Law Guarantee and
(b) in the case of French Law Securities, the BNPP French Law W&C Guarantee;
"BNPP French Law W&C Guarantee" means the French Law Guarantee for unsecured W&C Securities, garantie, dated on or around 5 June 2014 executed by BNPP in respect of French Law Securities issued by BNPP B.V.;
"BNPP Guarantee" means (a) in the case of English Law Securities, the BNPP English Law W&C Guarantee and (b) in the case of French Law Securities, the BNPP French Law W&C Guarantee;
"BNPP Guarantor" is as defined in paragraph 4 of these Terms and Conditions; "BNPPF" is as defined in paragraph 4 of these Terms and Conditions;
"BNPPF W&C Securities Guarantee" means a deed of guarantee dated on or around 5 June 2014 executed by BNPPF in respect of W&C Securities issued by BP2F;
"BNPPF Guarantor" is as defined in paragraph 4 of these Terms and Conditions; "BP2F" is as defined in paragraph 3 of these Terms and Conditions;
"BP2F Substitute" is as defined in Condition 13.3;
"Business Day" means a day (other than a Saturday or Sunday) on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in the relevant Business Day Centre(s) and for the purposes of making payments in euro, any day on which the Trans- European Automated Real-Time Gross Settlement Express Transfer (TARGET2) System is open (a "TARGET2 Settlement Day") and (a) where the W&C Securities are Clearing System Securities, Registered Certificates or Italian Dematerialised Securities, a day on which the relevant Clearing System is open for business, (b) where the W&C Securities are Private Placement Definitive Securities, a day (other than a Saturday or a Sunday) on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in New York, (c) where the W&C Securities are Registered Warrants, a day (other than a Saturday or a Sunday) on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in Tokyo, (d) where the W&C Securities are Swedish Dematerialised Securities, a day (other than a Saturday or a Sunday) on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in Stockholm or (e) where the W&C Securities are Finnish Dematerialised Securities, a day (other than a Saturday or a Sunday) on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in Helsinki and on which Euroclear Finland and the relevant system in which the Finnish Dematerialised Securities are registered are open for business in accordance with the rules of Euroclear Finland;
"Calculated Additional Disruption Amount" is as defined in Condition 15.2(c)(ii);
"Calculated Additional Disruption Amount Determination Date" is as defined in Condition 15.2(c)(ii); "Calculation Agent" is as defined in paragraph 6 of these Terms and Conditions and Condition 32(b);
"Calculation Period" means each Interest Period, Premium Amount Period, AER Calculation Period, FR Calculation Period, Call Calculation Period or Put Calculation Period, as applicable;
"Call Warrants" is as defined in Condition 22; "Cancellation Event" is as defined in Condition 15.1; "Cash Settled Certificates" is as defined in Condition 30;
"Cash Settled Securities" means (a) in the case of an issue of Warrants, Cash Settled Warrants and (b) in the case of an issue of Certificates, Cash Settled Certificates;
"Cash Settled Warrants" is as defined in Condition 22;
"Cash Settlement Amount" is as defined in Condition 20 (in the case of Warrants) and Condition 28 (in the case of Certificates);
"CBF Certificates" is as defined in Condition 29; "CBF Warrants" is as defined in Condition 21;
"Certificates" is as defined in paragraph 3 of these Terms and Conditions; "Change in Law" is as defined in Condition 15.1;
"Clearing System" means Clearstream, Luxembourg and/or Euroclear and/or Euroclear France and/or Euroclear Netherlands and/or Euroclear Sweden and/or Euroclear Finland and/or DTC and/or Iberclear and/or Monte Titoli and/or Clearstream, Frankfurt and/or any additional or alternative clearing system approved by the Issuer and the relevant Security Agent(s) from time to time and specified in the applicable Final Terms;
"Clearing System Certificates" is as defined in Condition 29; "Clearing System Global Certificate" is as defined in Condition 29;
"Clearing System Global Security" means (a) in the case of an issue of Warrants, the Clearing System Global Warrant representing such Warrants and (b) in the case of an issue of Certificates, the Clearing System Global Certificate representing such Certificates;
"Clearing System Global Warrant" is as defined in Condition 21;
"Clearing System Securities" means (a) in the case of an issue of Warrants, Clearing System Warrants and
(b) in the case of an issue of Certificates, Clearing System Certificates; "Clearing System Warrants" is as defined in Condition 21;
"Clearstream, Frankfurt" means Clearstream Banking AG, Frankfurt am Main;
"Clearstream, Luxembourg" is as defined in Condition 21 (in the case of Warrants) and Condition 29 (in the case of Certificates);
"Commodity OET Certificate" means a Commodity Security that is an OET Certificate; "Commodity Securities" is as defined in Condition 2.1;
"Common Depositary" is as defined in Condition 21 (in the case of Warrants) and Condition 29 (in the case of Certificates);
"Credit Securities" is as defined in Condition 2.1; "Currency Event" is as defined in Condition 15.1;
"Currency OET Certificate" means a Currency Security that is an OET Certificate; "Currency Securities" is as defined in Condition 2.1;
"Custodian" is as defined in Condition 21 (in the case of Warrants) and Condition 29 (in the case of Certificates);
"Cut-off Date" is as defined in Condition 25.9(c) (in the case of Warrants) and Condition 28 (in the case of Certificates);
"Day Count Fraction" means, in respect of the calculation of a rate or an amount of interest for any Calculation Period if:
(i) "Actual/Actual (ICMA)" is specified in the applicable Final Terms:
(A) in the case of Certificates where the number of days in the relevant period from (and including) the most recent Interest Period End Date (or, if none, the Interest Commencement Date) to (but excluding) the relevant payment date (the "Accrual Period") is equal to or shorter than the Determination Period during which the Accrual Period ends, the number of days in such Accrual Period divided by the product of (I) the number of days in such Determination Period and (II) the number of Determination Dates (as specified in the applicable Final Terms) that would occur in one calendar year; or
(B) in the case of Certificates where the Accrual Period is longer than the Determination Period during which the Accrual Period ends, the sum of:
(x) the number of days in such Accrual Period falling in the Determination Period in which the Accrual Period begins divided by the product of (a) the number of days in such Determination Period and (b) the number of Determination Dates (as specified in the applicable Final Terms) that would occur in one calendar year; and
(y) the number of days in such Accrual Period falling in the next Determination Period divided by the product of (a) the number of days in such Determination Period and
(b) the number of Determination Dates that would occur in one calendar year; "Determination Date(s)" means the date(s) specified in the applicable Final Terms;
"Determination Period" means each period from (and including) a Determination Date to but excluding the next Determination Date (including, where either the Interest Commencement Date or the Interest Period End Date is not a Determination Date, the period commencing on the first Determination Date prior to, and ending on the first Determination Date falling after, such date);
(ii) if "Actual/Actual (ISDA)" or "Actual/Actual" is specified in the applicable Final Terms, the actual number of days in the Calculation Period divided by 365 (or, if any portion of that Calculation Period falls in a leap year, the sum of (1) the actual number of days in that portion of the Calculation Period falling in a leap year divided by 366 and (2) the actual number of days in that portion of the Calculation Period falling in a non-leap year divided by 365);
(iii) if "Actual/365 (Fixed)" is specified in the applicable Final Terms, the actual number of days in the Calculation Period divided by 365;
(iv) if "Actual/365 (sterling)" is specified in the applicable Final Terms, the actual number of days in the Calculation Period divided by 365 or, in the case of a Calculation Period ending in a leap year, 366;
(v) if "Actual/360" is specified in the applicable Final Terms, the actual number of days in the Calculation Period divided by 360;
(vi) if "30/360", "360/360" or "Bond Basis" is specified in the applicable Final Terms, the number of days in the Calculation Period divided by 360, calculated on a formula basis as follows:
[360 × (Y2 – Y1)] + [30 × (M2 – M1)] + (D2 – D1)
Day Count Fraction = 360
where:
"Y1" is the year, expressed as a number, in which the first day of the Calculation Period falls;
"Y2" is the year, expressed as a number, in which the day immediately following the last day of the Calculation Period falls;
"M1" is the calendar month, expressed as a number, in which the first day of the Calculation Period falls;
"M2" is the calendar month, expressed as a number, in which the day immediately following the last day of the Calculation Period falls;
"D1" is the first calendar day, expressed as a number, of the Calculation Period, unless such number is 31, in which case D1 will be 30; and
"D2" is the calendar day, expressed as a number, immediately following the last day included in the Calculation Period, unless such number would be 31 and D1 is greater than 29, in which case D2 will be 30;
(vii) if "30E/360" or "Eurobond Basis" is specified in the applicable Final Terms, the number of days in the Calculation Period divided by 360, calculated on a formula basis as follows:
Day Count Fraction = [360 × (Y2 – Y1)] + [30 × (M2 – M1)] + (D2 – D1)
360
where:
"Y1" is the year, expressed as a number, in which the first day of the Calculation Period falls;
"Y2" is the year, expressed as a number, in which the day immediately following the last day of the Calculation Period falls;
"M1" is the calendar month, expressed as a number, in which the first day of the Calculation Period falls;
"M2" is the calendar month, expressed as a number, in which the day immediately following the last day of the Calculation Period falls;
"D1" is the first calendar day, expressed as a number, of the Calculation Period, unless such number would be 31, in which case D1 will be 30; and
"D2" is the calendar day, expressed as a number, immediately following the last day included in the Calculation Period, unless such number would be 31, in which case D2 will be 30;
(viii) if "30E/360 (ISDA)" is specified in the applicable Final Terms, the number of days in the Calculation Period divided by 360, calculated on a formula basis as follows:
Day Count Fraction = [360 × (Y2 – Y1)] + [30 × (M2 – M1)] + (D2 – D1)
360
where:
"Y1" is the year, expressed as a number, in which the first day of the Calculation Period falls;
"Y2" is the year, expressed as a number, in which the day immediately following the last day of the Calculation Period falls;
"M1" is the calendar month, expressed as a number, in which the first day of the Calculation Period falls;
"M2" is the calendar month, expressed as a number, in which the day immediately following the last day of the Calculation Period falls;
"D1" is the first calendar day, expressed as a number, of the Calculation Period, unless (A) that day is the last day of February or (B) such number would be 31, in which case D1 will be 30; and
"D2" is the calendar day, expressed as a number, immediately following the last day included in the Calculation Period, unless (A) that day is the last day of February but not the redemption date or (B) such number would be 31, in which case D2 will be 30.
Notwithstanding the foregoing, where the applicable Final Terms specifies that the relevant Day Count Fraction is "unadjusted", the Calculation Period and the Interest Amount payable on any date shall not, unless otherwise provided in the application Final Terms, be affected by the application of any Business Day Convention.
"Debt Securities" is as defined in Condition 2.1;
"Definitive Security Agent" is as defined in paragraph 4 of these Terms and Conditions; "Delivery Date" is as defined in Condition 35.2(c);
"Designated Account" is as defined in Condition 35.1; "Designated Bank" is as defined in Condition 35.1; "Designated Maturity" is as defined in Condition 32(b)(ii); "Disqualified Transferee" is as defined in Condition 2.4(c);
"Disruption Cash Settlement Price" is as defined in Condition 5.1;
"Distribution Compliance Period" means the period expiring 40 days after completion of the distribution of the relevant W&C Securities unless a longer period is specified in the applicable Final Terms. In such event, the Final Terms will specify the additional restrictions on transfer and exercise applicable to the W&C Securities;
"Documents" is as defined in Condition 13.2(b);
"DTC" is as defined in Condition 21 (in the case of Warrants) and Condition 29 (in the case of Certificates); "due exercise" is as defined in Condition 24.4;
"English Law Agency Agreement" is as defined in paragraph 6 of these Terms and Conditions; "English Law Certificates" is as defined in Condition 28;
"English Law Securities" means (a) in the case of an issue of Warrants, English Law Warrants and (b) in the case of an issue of Certificates, English Law Certificates;
"English Law Warrants" is as defined in Condition 20;
"Entitlement" is as defined in Condition 20 (in the case of Warrants) and Condition 28 (in the case of Certificates);
"Established Rate" is as defined in Condition 17(b);
"ETI OET Certificate" means an ETI Security that is an OET Certificate; "ETI Securities" is as defined in Condition 2.1;
"EURIBOR" is as defined in Condition 32(d)(i)(C); "euro" is as defined in Condition 17(b);
"Euroclear" is as defined in Condition 21 (in the case of Warrants) and Condition 29 (in the case of Certificates);
"Euroclear Finland" means Euroclear Finland Ltd. (the Finnish Central Securities Depository);
"Euroclear Finland Register" means the register opened in the Euroclear Finland System for Finnish Dematerialised Securities issued or to be issued by the Issuer;
"Euroclear Finland System" means the technical system at Euroclear Finland for the registration of securities and the clearing and settlement of securities transactions;
"Euroclear France Certificates" is as defined in Condition 35.1; "Euroclear France Securities" is as defined in Condition 2.2; "Euroclear France Warrants" is as defined in Condition 24.1;
"Euroclear Netherlands" means Nederlands Centraal Instituut voor Giraal Effectenverkeer B.V.; "Euroclear Netherlands Certificates" is as defined in Condition 35.1;
"Euroclear Netherlands Securities" is as defined in Condition 2.2; "Euroclear Netherlands Warrants" is as defined in Condition 24.1;
"Euroclear Sweden" means Euroclear Sweden AB (the Swedish Central Securities Depository authorised as such under the SFIA Act);
"Euroclear Sweden Register" means the register opened in the Euroclear Sweden System for Swedish Dematerialised Securities issued or to be issued by the Issuer;
"Euroclear Sweden System" means the technical system at Euroclear Sweden for the registration of securities and the clearing and settlement of securities transactions;
"Euronext Paris" is as defined in Condition 34.3; "European Style Warrants" is as defined in Condition 22;
"EuroTLX" is as defined in Condition 20 (in the case of Warrants) and Condition 28 (in the case of Certificates);
"Exchange Event" is as defined in Condition 29; "Exercisable Certificates" is as defined in Condition 34.7; "exercise" is as defined in Condition 24.4;
"Exercise Business Day" is as defined in Condition 20;
"Exercise Notice" is as defined in Condition 24.1(a), Condition 25.1, Condition 25.2 and Condition 25.3; "Exercise Notice Delivery Date" is as defined in Condition 25.9(c);
"Exercise Price" is as specified in the applicable Final Terms; "Expenses" is as defined in Condition 11.2;
"Expiration Date" is as defined in Condition 20;
"Failure to Deliver due to Illiquidity" is as defined in Condition 15.1; "Failure to Deliver Settlement Price" is as defined in Condition 15.2(e); "FBF Agreement" is as defined in Condition 32(d)(ii);
"FBF Rate" is as defined in Condition 32(b);
"Finnish Agency Agreement" is as defined in paragraph 5 of these Terms and Conditions; "Finnish Dematerialised Certificates" is as defined in Condition 28;
"Finnish Dematerialised Securities" means (a) in the case of an issue of Warrants, Finnish Dematerialised Warrants and (b) in the case of an issue of Certificates, Finnish Dematerialised Certificates;
"Finnish Dematerialised Warrants" is as defined in Condition 20;
"Finnish Record Date" is as defined in respect of Finnish Dematerialised Warrants in Condition 25.6 and in respect of Finnish Dematerialised Certificates in Condition 35.1;
"Finnish Security Agent" is as defined in paragraph 5 of these Terms and Conditions and is an account operator specifically authorised by Euroclear Finland and to be appointed by the Issuer in respect of any series of Finnish Dematerialised Securities to process and register issues in the Euroclear Finland System and identified in the applicable Final Terms and acting solely as the agent of the Issuer not assuming any obligation to, or relationship or agency of trust with the Holders;
"Fixed Rate Certificates" is as defined in Condition 32; "Floating Rate" is as defined in Condition 32(b)(ii); "Floating Rate Certificates" is as defined in Condition 32; "Floating Rate Option" is as defined in Condition 32(b)(ii); "Force Majeure Event" is as defined in Condition 15.1;
"freely tradable" is as defined in Condition 5.4;
"French Law Agency Agreement" is as defined in paragraph 7 of these Terms and Conditions; "French Law Certificates" is as defined in Condition 28;
"French Law Securities" means (a) in the case of Warrants, French Law Warrants and (b) in the case of Certificates, French Law Certificates;
"French Law Warrants" is as defined in Condition 20;
"French Security Agent" is as defined in paragraph 5 of these Terms and Conditions; "Fund Securities" is as defined in Condition 2.1;
"Futures OET Certificate" means a Futures Security that is an OET Certificate; "Futures Securities" is as defined in Condition 2.1;
"GDR/ADR" is as defined in Condition 2.1; "General Meeting" is as defined in Condition 9.4(b); "Global Certificate" is as defined in Condition 29;
"Global Security" means (a) in the case of Warrants, the Global Warrant and (b) in the case of Certificates, the Global Certificate;
"Global Warrant" is as defined in Condition 21; "Government Authority" is as defined in Condition15.1;
"Guarantee" means the relevant BNPP Guarantee or the BNPPF W&C Securities Guarantee; "Guaranteed Cash Settlement Amount" is as defined in Condition 4;
"Guarantor" means BNPP or BNPPF, as applicable; "Hedge" is as defined in Condition 15.1;
"Hedging Disruption" is as defined in Condition 15.1; "Hedging Shares" is as defined in Condition 15.1;
"Holder" is as defined in Condition 2.2, Condition 23 (in the case of Registered Warrants) and Condition 31 (in the case of Registered Certificates);
"holder of Certificates" is as defined in Condition 31; "Holder of Securities" is as defined in Condition 2.2;
"Hybrid Business Day" has the meaning given to such term in the applicable Final Terms; "Hybrid Securities" is as defined in Condition 2.1;
"Iberclear" means "Sociedad xx Xxxxxxx xx xxx Xxxxxxxx xx Xxxxxxxx, Xxxxxxxxxxxx x Xxxxxxxxxxx xx Xxxxxxx, X.X. Unipersonal" whose commercial name is Xxxxxxxxx;
"Increased Cost of Hedging" is as defined in Condition 15.1; "Increased Cost of Stock Borrow" is as defined in Condition 15.1;
"Index OET Certificate" means an Index Security that is an OET Certificate; "Index Securities" is as defined in Condition 2.1;
"Inflation Index Securities" is as defined in Condition 2.1; "Initial Stock Loan Rate" is as defined in Condition 15.1; "Insolvency Filing" is as defined in Condition 15.1;
"Interest Amount" is as defined in Condition32(b)(iv) and Condition 32(c)(iii);
"Interest Determination Date" is as defined in Condition 32(b)(iv) and Condition 32(c)(iii); "Interest Period End Date" is as defined in Condition 32(b)(i);
"Interest Period End Final Date" is as defined in Condition 32(a) and Condition 32(b)(i);
"Intermediary" is as defined in Condition 20 (in the case of Warrants) and Condition 28 (in the case of Certificates);
"Intervening Period" is as defined in Condition 35.2(d); "Investor Representation Letter" is as defined in Condition 2.4; "ISDA Definitions" is as defined in Condition 32(b)(ii);
"Issuer" is as defined in paragraph 3 of these Terms and Conditions; "Italian Dematerialised Certificates" is as defined in Condition 28;
"Italian Dematerialised Securities" means (a) in the case of an issue of Warrants, Italian Dematerialised Warrants and (b) in the case of an issue of Certificates, Italian Dematerialised Certificates;
"Italian Dematerialised Warrants" is as defined in Condition 20; "Italian Listed Certificates" is as defined in Condition 28;
"Italian Listed Securities" means (a) in the case of an issue of Warrants, Italian Listed Warrants and (b) in the case of an issue of Certificates, Italian Listed Certificates;
"Italian Listed Warrants" is as defined in Condition 20;
"Italian Security Agent" is as defined in paragraph 5 of these Terms and Conditions; "Jurisdiction Event" is as defined in Condition 15.1;
"Knock-in Determination Day" is as defined in Condition 16.7; "Knock-in Determination Period" is as defined in Condition 16.7; "Knock-in Event" is as defined in Condition 16.7;
"Knock-in Level " is as defined in Condition 16.7;
"Knock-in Period Beginning Date" is as defined in Condition 16.7; "Knock-in Period Ending Date" is as defined in Condition 16.7; "Knock-in Range Level " is as defined in Condition 16.7;
"Knock-in Valuation Time" is as defined in Condition 16.7; "Knock-out Determination Day" is as defined in Condition 16.7; "Knock-out Determination Period" is as defined in Condition 16.7; "Knock-out Event" is as defined in Condition 16.7;
"Knock-out Level" is as defined in Condition 16.7;
"Knock-out Period Beginning Date" is as defined in Condition 16.7; "Knock-out Period Ending Date" is as defined in Condition 16.7; "Knock-out Range Level" is as defined in Condition 16.7;
"Knock-out Valuation Time" is as defined in Condition 16.7; "Level" is as defined in Condition 16.7;
"LIBOR" is as defined in Condition 32(d)(i)(C);
"Linked Interest Certificates" is as defined in Condition 32;
"Linked Premium Amount Certificates" is as defined in Condition 33.2; "Local Currency" is as defined in Condition 15.1;
"Local Time" means local time in the city of the relevant Clearing System; "Loss of Stock Borrow" is as defined in Condition 15.1;
"Luxembourg or Brussels time" is as defined in Condition 24.4;
"Madrid Security Agent" is as defined in paragraph 5 of these Terms and Conditions; "Maximum Stock Loan Rate" is as defined in Condition 15.1;
"Modified Postponement" is as defined in Condition 28;
"Monte Titoli" is as defined in Condition 21 (in the case of Warrants) and Condition 29 (in the case of Certificates);
"National Currency Unit" is as defined in Condition 17(b);
"New York Security Agent" is as defined in paragraph 5 of these Terms and Conditions; "New York time" is as defined in Condition 24.4;
"Notice Period" is as defined in Conditions 34.3 and 34.4
"Observation Date" is as defined in Condition 20 (in the case of Warrants) and 28 (in the case of Certificates);
"Observation Period" is as defined in Condition 20 (in the case of Warrants) and 28 (in the case of Certificates);
"OET Certificate" means W&C Securities specified as Open End Turbo Certificates in the applicable Final Terms;
"Omission" is as defined in Condition 28;
"Open End Certificate" is as defined in Condition 28;
"Optional Additional Disruption Event" is as defined in Condition 15.1; "Optional Redemption Amount" is as defined in Conditions 34.3 and 34.4; "Optional Redemption Date" is as defined in Conditions 34.3 and 34.4;
"Optional Redemption Valuation Date" is as defined in Conditions 34.3 and 34.4; "Original Currency" is as defined in Condition 17(a)(ii);
"Paris Business Day" is as defined in W&C Security Condition 32(f). "Payment Date" is as defined in Condition 35.1;
"Permanent Global Warrant" is as defined in Condition 21; "Physical Delivery Certificates" is as defined in Condition 30;
"Physical Delivery Securities" means (a) in the case of an issue of Warrants, Physical Delivery Warrants and
(b) in the case of an issue of Certificates, Physical Delivery Certificates; "Physical Delivery Warrants" is as defined in Condition 22; "Postponement" is as defined in Condition 28;
"Premium Amount" is as defined in Condition 33.6;
"Premium Amount Payment Date" is as defined in Condition 33.6;
"Principal Security Agent" is as defined in paragraph 5 of these Terms and Conditions; "Private Placement Definitive Certificates" is as defined in Condition 29;
"Private Placement Definitive Securities" means (a) in the case of an issue of Warrants, Private Placement Definitive Warrants and (b) in the case of an issue, of Certificates, Private Placement Definitive Certificates;
"Private Placement Definitive Warrant" is as defined in Condition 21; "Private Placement Register" is as defined in Condition 2.2; "Proceedings" is as defined in Condition 14.2;
"Put Notice" is as defined in Condition 34.4;
"Put Warrants" is as defined in Condition 22;
"QIBs" is as defined in Condition 21 (in the case of Warrants) and Condition 29 (in the case of Certificates); "Quota" is as defined in Condition 26.1(b);
"Record Date" is as defined in Condition 35.1 (in the case of Certificates); "Redemption Date" is as defined in Condition 34.1;
"Reference Banks" is as defined in Condition 28; "Register" is as defined in Condition 23;
"Registered Certificates" is as defined in Condition 29; "Registered Global Certificate" is as defined in Condition 29;
"Registered Global Security" means (a) in the case of an issue of Warrants, a Registered Global Warrant and
(b) in the case of an issue of Certificates, a Registered Global Certificate; "Registered Global Warrant" is as defined in Condition 21;
"Registered Securities" means (a) in the case of an issue of Warrants, Registered Warrants and (b) in the case of an issue of Certificates, Registered Certificates;
"Registered Warrants" is as defined in Condition 21;
"Registrar" is as defined in paragraph 5 of these Terms and Conditions;
"Regulation S" is as defined in Condition 21 (in the case of Warrants) and Condition 29 (in the case of Certificates);
"Regulation S Global Certificate" is as defined in Condition 29;
"Regulation S Global Security" means (a) in the case of an issue of Warrants, a Regulation S Global Warrant and (b) in the case of an issue of Certificates, a Regulation S Global Certificate;
"Regulation S Global Warrant" is as defined in Condition 21; "Related Expenses" is as defined in Condition 11.2;
"Relevant Adjustment Provisions" is as defined in Condition 16.7 and 34.9(b);
"Renouncement Notice" is as defined in Condition 24.1(a) (in the case of Warrants) and Condition 34.7 (in the case of Certificates);
"Reset Date" is as defined in Condition 32(b)(ii);
"Rolling Futures Contract Securities" means a Security that is specified as such in the applicable Final Terms;
"Rule 144A" is as defined in Condition 21 (in the case of Warrants) and Condition 29 (in the case of Certificates);
"Rule 144A Certificates" is as defined in Condition 29;
"Rule 144A Global Certificate" is as defined in Condition 29;
"Rule 144A Global Security" means (a) in the case of an issue of Rule 144A Warrants, the Rule 144A Global Warrant representing such Rule 144A Warrants and (b) in the case of an issue of Rule 144A Certificates, the Rule 144A Global Certificate representing such Rule 144A Certificates;
"Rule 144A Global Warrant" is as defined in Condition 21; "Rule 144A Warrants" is as defined in Condition 21;
"Scheduled Averaging Date" is as defined in Condition 20 (in the case of Warrants) and Condition 28 (in the case of Certificates);
"Scheduled Closing Time" means, in respect of an Exchange or Related Exchange and a Scheduled Trading Day, the scheduled weekday closing time of such Exchange or Related Exchange on such Scheduled Trading Day, without regard to after hours or any other trading outside of the regular trading session hours subject, in respect of Index Securities, to subparagraphs (b) and (c) of the definition of Valuation Time, and subject, in respect of Share Securities, to subparagraph (c) of the definition of Valuation Time;
"Scheduled Strike Date" means any original date that, but for the occurrence of an event causing a Disrupted Day, would have been the Strike Date;
"Scheduled Valuation Date" means any original date that, but for the occurrence of an event causing a Disrupted Day, would have been a Valuation Date;
"Secured Securities" is as defined in Condition 2.1;
"Securities Act" is as defined in Condition 21 (in the case of Warrants) and Condition 29 (in the case of Certificates);
"Security Agent" and "Security Agents" are as defined in paragraph 5 of these Terms and Conditions; "Security Expenses" is as defined in Condition 11.1 and Condition 25.3(a)(iv);
"SeDeX" is as defined in Condition 20 (in the case of Warrants) and Condition 28 (in the case of Certificates); "Settlement Business Day" is as defined in Condition 5.1;
"Settlement Date" is as defined in Condition 20;
"Settlement Disruption Event" is as defined in Condition 5.1;
"SFIA Act" is as defined in Condition 21 (in the case of Warrants) and Condition 29 (in the case of Certificates);
"Share" is as defined in Condition 15.2(e);
"Share OET Certificate" means a Share Security that is an OET Certificate; "Share Securities" is as defined in Condition 2.1;
"Specified Maximum Days of Disruption" means (other than with respect to Commodity Securities and Currency Securities) eight Scheduled Trading Days or such other number of Scheduled Trading Days specified in the applicable Final Terms, with respect to Currency Securities, five Scheduled Trading Days and with respect to Commodity Securities, five Commodity Business Days;
"Stop-Loss Event" is as defined in Condition 15.1;
"Strike Date" means, in the case of Index Securities, Share Securities, ETI Securities, Debt Securities or Futures Securities, the Strike Date specified in the applicable Final Terms, or, if such date is not a Scheduled Trading Day, the next following Scheduled Trading Day unless, in the opinion of the Calculation Agent such day is a Disrupted Day. If any such day is a Disrupted Day, then:
(a) where the W&C Securities are Index Securities relating to a single Index, Share Securities relating to a single Share, ETI Securities relating to a single ETI Interest, Debt Securities relating to a single Debt Instrument or Futures Securities relating to a single Future, the Strike Date shall be the first succeeding Scheduled Trading Day that is not a Disrupted Day, unless each of the number of consecutive Scheduled Trading Days equal to the Specified Maximum Days of Disruption immediately following the Scheduled Strike Date is a Disrupted Day. In that case, (i) the last such consecutive Scheduled Trading Day shall be deemed to be the Strike Date, notwithstanding the fact that such day is a Disrupted Day and (ii) the Calculation Agent shall determine the relevant level or price:
(i) in the case of Index Securities, by determining the level of the Index as of the Valuation Time on the last such consecutive Scheduled Trading Day in accordance with the formula for and method of calculating the Index last in effect prior to the occurrence of the first Disrupted Day using the Exchange traded or quoted price as of the Valuation Time on the last such consecutive Scheduled Trading Day of each security comprised in the Index (or, if an event giving rise to a Disrupted Day has occurred in respect of the relevant security on the last such Scheduled Trading Day, its good faith estimate of the value for the relevant security as of the Valuation Time on the last such consecutive Scheduled Trading Day); or
(ii) in the case of Share Securities, ETI Securities, Debt Securities or Futures Securities, in accordance with its good faith estimate of the relevant value, level, price or amount as of the Valuation Time on the last such consecutive Scheduled Trading Day; or
(b) where the W&C Securities are Index Securities relating to a Basket of Indices, Share Securities relating to a Basket of Shares, ETI Securities relating to an ETI Basket, Debt Securities relating to a Basket of Debt Instruments or Futures Securities relating to a Basket of Futures, the Strike Date for each Index, Share, ETI Interest, Debt Instrument or Future, as the case may be, not affected by the occurrence of a Disrupted Day shall be the Scheduled Strike Date and the Strike Date for each Index, ETI Interest, Share, Debt Instrument or Future affected, as the case may be (each an "Affected Item"), by the occurrence of a Disrupted Day shall be the first succeeding Scheduled Trading Day that is not a Disrupted Day relating to the Affected Item unless each of the number of consecutive Scheduled Trading Days equal to the Specified Maximum Days of Disruption immediately following the Scheduled Strike Date is a Disrupted Day relating to the Affected Item. In that case, (i) the last such consecutive Scheduled Trading Day shall be deemed to be the Strike Date for the Affected Item, notwithstanding the fact that such day is a Disrupted Day, and (ii) the Calculation Agent shall determine the relevant value, level, price or amount using, in relation to the Affected Item:
(i) in the case of an Index, the level of that Index as of the Valuation Time on the last such consecutive Scheduled Trading Day in accordance with the formula for and method of calculating that Index last in effect prior to the occurrence of the first Disrupted Day using the Exchange traded or quoted price as of the Valuation Time on the last such consecutive Scheduled Trading Day of each security comprised in that Index (or, if an event giving rise to a Disrupted Day has occurred in respect of the relevant security on the last such
consecutive Scheduled Trading Day, its good faith estimate of the value for the relevant security as of the Valuation Time on the last such consecutive Scheduled Trading Day); or
(ii) in the case of a Share, ETI Interest, Debt Instrument or Future, its good faith estimate of the value, level, price or amount for the Affected Item as of the Valuation Time on the last such consecutive Scheduled Trading Day; or
(c) in the case of Commodity Securities, the Initial Pricing Date;
"Strike Day" means each date specified as such in the applicable Final Terms and, if Averaging Date Consequences are specified as applicable in the applicable Final Terms, the provisions contained in the definition of "Averaging Date" shall apply mutatis mutandis as if references in such provisions to "Averaging Date" were to "Strike Day";
"Strike Period" means the period specified as such in the applicable Final Terms; "Substitute" is as defined in Condition 13.1;
"Substitute Asset" and "Substitute Assets" is as defined in Condition 5.4; "Substitute BNPP Guarantee" is as defined in Condition 13.2(b); "Substitute BNPP Guarantor" is as defined in Condition 13.2;
"Substitute BNPPF W&C Securities Guarantee" is as defined in Condition 13.5(b); "Substitute BNPPF Guarantor" is as defined in Condition 13.3;
"Substitute Share" is as defined in Condition 15.2(e); "Substitution Date" is as defined in Condition 15.2(e); "sub-unit" is as defined in Condition 32(a); "Successor Index" is as defined in Condition 15.2(d);
"Swedish Agency Agreement" is as defined in paragraph 5 of these Terms and Conditions; "Swedish Dematerialised Certificates" is as defined in Condition 28;
"Swedish Dematerialised Securities" means (a) in the case of an issue of Warrants, Swedish Dematerialised Warrants and (b) in the case of an issue of Certificates, Swedish Dematerialised Certificates;
"Swedish Dematerialised Warrants" is as defined in Condition 20; "Swedish Record Date" is as defined in Condition 35.1;
"Swedish Security Agent" is as defined in paragraph 5 of these Terms and Conditions; "Swiss Dematerialised Certificates" is as defined in Condition 28;
"Swiss Dematerialised Securities" means (a) in the case of an issue of Warrants, Swiss Dematerialised Warrants and (b) in the case of an issue of Certificates, Swiss Dematerialised Certificates;
"Swiss Dematerialised Warrants" is as defined in Condition 20;
"Swiss Materialised Certificates" is as defined in Condition 28;
"Swiss Materialised Securities" means (a) in the case of an issue of Warrants, Swiss Materialised Warrants and (b) in the case of an issue of Certificates, Swiss Materialised Certificates;
"Swiss Materialised Warrants" is as defined in Condition 20;
"Swiss Securities" means Swiss Materialised Securities and Swiss Dematerialised Securities. The terms and conditions of the Swiss Securities will be set forth in the applicable Final Terms;
"Swiss Security Agent" means the entity specified in the applicable Final Terms; "Taxes" is as defined in Condition 11.2;
"Transfer Certificate" is as defined in Condition 23; "Treaty" is as defined in Condition 17(b);
"Underlying Reference" is as defined in Condition 16.7 and 34.9(b); "Underlying Reference Level" is as defined in Condition 34.9(b); "Underlying Share" is as defined in Condition 2.1;
"Units" is as defined in Condition 22;
"U.S. Certificates" is as defined in Condition 29;
"U.S. Government Securities Business Day" means any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for the purposes of trading in U.S. government securities;
"U.S. Securities" means (a) in the case of an issue of Warrants, U.S. Warrants and (b) in the case of an issue of Certificates, U.S. Certificates;
"U.S. Warrants" is as defined in Condition 21;
"Valid Date" is as defined in Condition 20 (in the case of Warrants) and Condition 28 (in the case of Certificates);
"Valuation Date" is as defined in Condition 20 (in the case of Warrants) and Condition 28 (in the case of Certificates);
"Valuation Time" is as defined in Condition 20 (in the case of Warrants) and Condition 28 (in the case of Certificates); and
"Warrants" is as defined in paragraph 3 of these Terms and Conditions.
2. TYPE, TITLE AND TRANSFER
2.1 Type
The W&C Securities relate to a specified index or basket of indices or futures or options contracts related to a specified index or basket of indices ("Index Securities"), a specified share or basket of shares, or a specified depositary receipt (a "GDR/ADR") referencing a share (an "Underlying Share") or basket of GDRs and/or ADRs ("Share Securities"), a specified interest in an exchange traded fund, an exchange traded note, an
exchange traded commodity or any other exchange traded product (each an "exchange traded instrument") or basket of interests in exchange traded instruments ("ETI Securities"), a specified debt instrument or basket of debt instruments or futures or options contracts related to a specified debt instrument or basket of debt instruments (synthetic or otherwise) ("Debt Securities"), a specified commodity or commodity index or basket of commodities and/or commodity indices ("Commodity Securities"), a specified inflation index or basket of inflation indices ("Inflation Index Securities"), a specified currency or basket of currencies ("Currency Securities"), a specified fund share or unit or basket of fund shares or units ("Fund Securities"), a specified futures contract or basket of futures contract(s) ("Futures Securities"), a specified underlying interest rate or basket of underlying interest rates ("Underlying Interest Rate Securities"), the credit of a specified reference entity or reference entities ("Credit Securities"), a specified preference share issued by BNP Paribas Synergy Limited ("Preference Share Certificates"), W&C Securities issued by BNPP B.V. in respect of which BNPP
B.V. grants security over certain of its assets ("Secured Securities") and/or W&C Securities which relate to any combination of such indices, shares, interests in exchange traded instruments, debt instruments, commodities, commodity indices, inflation indices, currencies, fund shares or units, futures contract(s), underlying interest rate(s), the credit of a specified reference entity or reference entities and other asset classes or types ("Hybrid Securities").
If the W&C Securities are Hybrid Securities and Hybrid Securities is specified as applicable in the applicable Final Terms, the terms and conditions of the W&C Securities will be construed on the basis that in respect of each separate type of underlying reference asset or basis, the relevant terms applicable to each such separate type of underlying reference asset or basis will apply, as the context admits, separately and independently in respect of the relevant type of underlying reference asset or basis, except as specified in the applicable Final Terms.
W&C Securities related to a specified interest in an exchange traded instrument or basket of interests in exchange traded instruments, a specified commodity or commodity index or basket of commodities and/or commodity indices, a specified inflation index or basket of inflation indices, specified currency or basket of currencies, a specified fund share or unit or basket of fund shares or units, the credit of a specified reference entity or reference entities, a specified futures contract or basket of futures contracts, or Hybrid Securities related to any of these asset classes, may not at any time be offered, sold, resold, held, traded, pledged, exercised (in the case of Warrants), settled or redeemed (in the case of Certificates), transferred or delivered, directly or indirectly, in the United States or to, by or for the account or benefit of, persons that are (i) U.S. persons as defined in Regulation S or that are not non-United States Persons as defined in Rule 4.7 under the United States Commodity Exchange Act, or (iii) any other U.S. person as such term may be defined in Regulation S or in regulations adopted under the Commodity Exchange Act, unless expressly provided for pursuant to any applicable U.S. wrapper to the Base Prospectus. Any such applicable U.S. wrapper may restrict the types of W&C Securities that can be offered, sold, resold, held, traded, pledged, exercised, redeemed, transferred or delivered and the terms of such W&C Securities.
If Averaging is specified as applying in the applicable Final Terms, the applicable Final Terms will state the relevant Averaging Dates and, if an Averaging Date is a Disrupted Day, whether Omission, Postponement or Modified Postponement (each as defined in Condition 20 in the case of Warrants or Condition 28 in the case of Certificates) applies.
References in these Terms and Conditions, unless the context otherwise requires, to Cash Settled Securities shall be deemed to include references to (a) Physical Delivery Securities, which include an option (as set out in the applicable Final Terms) at the Issuer's election to request cash settlement of such W&C Security pursuant to Condition 5.3 and where settlement is to be by way of cash payment, and (b) Physical Delivery Securities where settlement is to be automatically varied to be by way of cash payment pursuant to Condition 5.3. References in these Terms and Conditions, unless the context otherwise requires, to Physical Delivery Securities shall be deemed to include references to Cash Settled Securities which include an option (as set out
in the applicable Final Terms) at the Issuer's election to request physical delivery of the relevant underlying asset in settlement of such W&C Security pursuant to Condition 5.3 and where settlement is to be by way of physical delivery. Unless otherwise specified in the applicable Final Terms, the Issuer does not have the option to vary settlement in respect of the U.S. Securities pursuant to Condition 5.3.
W&C Securities may, if specified in the applicable Final Terms, allow Holders to elect for settlement by way of cash payment or by way of physical delivery or by such other method of settlement as is specified in the applicable Final Terms. Those W&C Securities where the Holder has elected for cash payment will be Cash Settled Securities and those W&C Securities where the Holder has elected for physical delivery will be Physical Delivery Securities. The rights of a Holder as described in this paragraph may be subject to the Issuer's right to vary settlement as indicated in the applicable Final Terms and will be subject to the Issuer's right to substitute assets or pay the Alternate Cash Amount (as defined below) in lieu of physical delivery in accordance with these Conditions.
2.2 Title to W&C Securities other than Registered Securities
In the case of W&C Securities represented by a Clearing System Global Security held by a Common Depository on behalf of a relevant Clearing System or held by a relevant Clearing System or by Euroclear France and French Law Securities, each person who is for the time being shown in the records of the relevant Clearing System (in the case of English Law Securities other than English Law Securities held through Euroclear France) or whose name appears in the account of the relevant Account Holder (in the case of French Law Securities or English Law Securities held through Euroclear France, together "Euroclear France Securities" or in the case of French Law Securities held by Euroclear Netherlands "Euroclear Netherlands Securities") as the holder of a particular amount of such W&C Securities (in which regard any certificate or other document issued by the relevant Clearing System or, as the case may be, Account Holder as to the amount of W&C Securities standing to the account of any person shall be conclusive and binding for all purposes save in the case of manifest error) shall (except as otherwise required by law) be treated by the Issuer, the Guarantor, if any, and the relevant Security Agent as the holder of such amount of W&C Securities for all purposes (and the expressions "Holder" and "Holder of Securities" and related expressions shall be construed accordingly).
In the case of Swedish Dematerialised Securities, the person for the time being shown in the Euroclear Sweden Register as the holder of a particular amount of W&C Securities shall (except as otherwise required by law) be treated for all purposes by the Issuer, the Guarantor, if any, the Security Agents, Euroclear Sweden and all other persons dealing with such person as the holder thereof and as the person entitled to exercise the rights represented thereby notwithstanding any notice to the contrary (and the expressions "Holder" and "Holder of Securities" and related expressions shall be construed accordingly). The Issuer shall cause such W&C Securities to be accepted by Euroclear Sweden for clearing and registration in the Euroclear Sweden System in accordance with the SFIA Act and Euroclear Sweden Rules. The Issuer shall have the right to obtain extracts from the debt register of Euroclear Sweden.
In the case of Finnish Dematerialised Securities, the person in whose name the Finnish Dematerialised Security is registered in the book-entry account in the Euroclear Finland Register (including a nominee account holder, as the case may be) shall (except as otherwise required by law) be treated for all purposes by the Issuer, the Guarantor, if any, the Security Agents, Euroclear Finland and all other persons dealing with such person as the holder thereof and as the person entitled to exercise the rights represented thereby (and the expressions "Holder" and "Holder of Securities" and related expressions shall be construed accordingly). Where a nominee is so evidenced it shall be treated as the holder of the relevant Finnish Dematerialised Securities. The Issuer shall cause such W&C Securities to be accepted by Euroclear Finland for clearing and registration in the Euroclear Finland System in accordance with Finnish laws, rules, regulations and operating procedures applicable to, and/or issued by Euroclear Finland. Notwithstanding any secrecy obligation, the
Issuer shall be entitled to obtain information (including but not limited to information on Holders) from the Euroclear Finland Register maintained by Euroclear Finland as registrar on behalf of the Issuer in accordance with the rules of Euroclear Finland, and Euroclear Finland shall be entitled to provide such information to the Issuer notwithstanding any secrecy obligation. Furthermore, the Issuer shall, subject to regulations of Euroclear Finland and applicable laws, be entitled to acquire from Euroclear Finland a list of the holders of Finnish Dematerialised Securities, provided that it is technically possible for Euroclear Finland to maintain such a list. The Issuer shall be entitled to pass such information to the Finnish Security Agent or to authorize such agent to acquire such information from Euroclear Finland directly. Except as ordered by a court of competent jurisdiction or as required by law, the Holder of any Finnish Dematerialised Securities shall be deemed to be and may be treated as its absolute owner for all purposes, whether or not it is overdue and regardless of any notice of ownership, trust or an interest in it, any writing on it or its theft or loss and no person shall be liable for so treating the Holder.
In the case of Italian Dematerialised Securities, the person who is for the time being shown in the records of Monte Titoli as the holder of a particular amount of W&C Securities (in which regard any certificate, record or other document issued by Xxxxx Xxxxxx as to the amount of W&C Securities standing to the account of any person shall be conclusive and binding for all purposes save in the case of manifest error) shall (except as otherwise required by applicable law) be treated for all purposes by the Issuer, the Guarantor, if any, the Italian Security Agent and all other persons dealing with such person as the holder thereof and as the person entitled to exercise the rights represented thereby notwithstanding any notice to the contrary (and the expressions "Holder" and "Holder of Securities" and related expressions shall be construed accordingly, except where Italian law is applicable, in which case "Holder" and "Holder of Securities" will be exclusively deemed to be the beneficial owner of the W&C Securities). The Issuer shall cause Italian Dematerialised Securities to be dematerialised and centralised with Monte Titoli, pursuant to Italian legislative decree no. 58/1998 as amended and integrated by subsequent implementing provisions.
Title to French Law Securities held through Euroclear France will be evidenced in accordance with Article L.211-3 of the French Code Monétaire et Financier by book-entries (inscription en compte). No document of title (including certificats représentatifs pursuant to Article R.211-7 of the French Code Monétaire et Financier) will be issued in respect of such W&C Securities. The French Law Securities held through Euroclear France will, upon issue, be inscribed in the books of Euroclear France which will credit the accounts of the relevant Account Holders.
Title to OET Certificates cleared through Euroclear Netherlands is established by account entry in accordance with the Dutch Act on Giro Transfers of W&C Securities ('Wet giraal effectenverkeer'). No physical document or certificate will be issued in respect of such OET Certificates.
Once issued, OET Certificates that are Euroclear France Securities or Euroclear Netherlands Securities shall be deposited with Euroclear France or Euroclear Netherlands, as the case may be, acting as central depositary and registered in an account in the books of Euroclear France or Euroclear Netherlands, as the case may be, which shall credit the accounts of the Account Holders (including Euroclear and Clearstream, Luxembourg).
However, the Issuer reserves the right, if such option is provided in the Final Terms, to have OET Certificates transferred from Euroclear France or Euroclear Netherlands, as the case may be, at any time (in the case of OET Certificates already issued) to, or to deposit the OET Certificates of a particular issue (in the case of OET Certificates yet to be issued) with, another depositary whose registered office is situated within a European Economic Area country. In the event of a change of depositary, the Issuer shall comply with all laws, regulations and tax rules applicable to the functions of such depositary.
For the purpose of these Conditions, "Account Holder" means any authorised financial intermediary institution entitled to hold accounts, directly or indirectly, on behalf of its customers with Euroclear France or
Euroclear Netherlands, and includes the depositary bank for Clearstream, Luxembourg and Euroclear and/or any other relevant Clearing System.
In the case of W&C Securities represented by a Rule 144A Global Security held by a Custodian on behalf of DTC, the Rule 144A Global Security will be registered in the name of Cede & Co., as nominee of DTC, but this does not confer any rights or benefits on Cede & Co. or any other nominee of DTC in whose name a Rule 144A Global Security may be registered. Transfers of such Rule 144A Global Security by such nominee of DTC shall be limited to transfers of such Rule 144A Global Security, in whole but not in part, to another nominee of DTC or to a successor of DTC or such successor's nominee. Rights conferred by the Rule 144A Global Security are only enforceable by the Holders (as defined below) as provided therein. Subject as set forth in Condition 2.4 below, each person who is for the time being shown in the records of DTC as the Holder of a particular number (in the case of Warrants) or amount (in the case of Certificates) of W&C Securities shall (except as otherwise required by law) be treated by the Issuer and the New York Security Agent as the Holder of such number or amount, as the case may be, of W&C Securities for all purposes (and the expressions "Holder of Securities" and related expressions shall be construed accordingly).
In the case of Private Placement Definitive Securities, the Issuer shall cause to be kept at the principal office of the Definitive Security Agent, a register (the "Private Placement Register") on which shall be entered the names and addresses of all holders of Private Placement Definitive Securities, the number or amount, as the case may be, and type of Private Placement Definitive Securities held by them and details of all transfers of Private Placement Definitive Securities. Subject as set forth in Condition 2.4 below, the persons shown in the Private Placement Register (each a "Holder") shall (except as otherwise required by law) be treated as the absolute owners of the relevant Private Placement Definitive Securities for all purposes (regardless of any notice of ownership, trust, or any interest in it, any writing on it, or its theft or loss) and no person will be liable for so treating such person.
2.3 Title to Registered Securities
Provisions relating to title to Registered Warrants are set out in Condition 23. Provisions relating to title to Registered Certificates are set out in Condition 31.
2.4 Transfers of Interests in Clearing System Securities and Private Placement Definitive Securities Transfers of Warrants may not be effected after the exercise of such Warrants pursuant to Condition 25.
Transfers of Certificates may not be effected after the redemption of such Certificates pursuant to Condition 34.
Subject as set forth in this Condition, all transactions (including permitted transfers of W&C Securities) in the open market or otherwise must be effected, in the case of CBF Warrants or CBF Certificates, through an account at Clearstream, Frankfurt or, in the case of W&C Securities represented by a Clearing System Global Security held by a Common Depository on behalf of Clearstream, Luxembourg or Euroclear and/or any other relevant Clearing System, Euroclear Netherlands or Euroclear France, through an account at Clearstream, Luxembourg or Euroclear, as the case may be, and/or any other relevant Clearing System, or in the case of Euroclear France Securities or Euroclear Netherlands Securities as the case may be, through Account Holder(s), or in the case of W&C Securities represented by a Rule 144A Global Security held by a Custodian on behalf of DTC, through a direct or indirect participant of DTC, subject to and in accordance with the rules and procedures for the time being of the relevant Clearing System(s). Transfers in respect of Clearing System Securities governed by French Law must be effected through Account Holders(s). Title will pass upon registration of the transfer in the books of the relevant Clearing System.
Any reference herein to Clearstream, Luxembourg and/or Euroclear and/or DTC and/or Monte Titoli and/or Clearstream, Frankfurt and/or any other relevant Clearing System shall, whenever the context so permits, be deemed to include a reference to any additional or alternative clearing system approved by the Issuer and the Principal Security Agent from time to time and notified to the Holders in accordance with Condition 10.
Subject as set forth in this Condition, Private Placement Definitive Securities may be transferred by the then current Holder surrendering its Private Placement Definitive Security for registration of transfer at the specified office of the Definitive Security Agent, duly endorsed by, or accompanied by a written instrument of transfer (in the form satisfactory to BNPP and the Definitive Security Agent), and duly executed by the Holder or its duly authorised agent. Private Placement Definitive Securities may only be issued and transferred in minimum nominal amounts of U.S. $250,000 or more.
(a) Transfers of W&C Securities to a person who takes delivery in the form of W&C Securities represented by a Regulation S Global Security or Rule 144A Global Security may be made only in accordance with the following provisions:
(i) (A) in the case of transfers to a person who takes delivery in the form of W&C Securities represented by a Regulation S Global Security, from a Holder of W&C Securities represented by a Regulation S Global Security, to a non-U.S. person in an offshore transaction pursuant to Regulation S;
(B) in the case of transfers within the Distribution Compliance Period to a person who takes delivery in the form of W&C Securities represented by a Rule 144A Global Security, from a Holder of W&C Securities represented by a Regulation S Global Security, only upon certification (in the form from time to time available from any Security Agent) to the New York Security Agent by the transferor thereof that such transfer is being made to (x) a person whom the transferor reasonably believes is a QIB acquiring such W&C Securities in a transaction meeting the requirements of Rule 144A, in the case of U.S. Securities issued by BNPP or (y) a person whom the transferor reasonably believes is a QIB and a QP, in the case of U.S. Securities issued by BNPP B.V., provided that, after the expiration of the Distribution Compliance Period, such certification requirement will no longer apply;
(C) in the case of transfers to a person who takes delivery in the form of W&C Securities represented by a Regulation S Global Security, from a Holder of Private Placement Definitive Securities, upon certification (in the form from time to time available from any Security Agent) to the Principal Security Agent by the transferor thereof that such transfer is being made to a non-U.S. person in an offshore transaction pursuant to Regulation S;
(D) in the case of transfers to a person who takes delivery in the form of W&C Securities represented by a Rule 144A Global Security, from a Holder of Private Placement Definitive Securities, upon certification (in the form from time to time available from any Security Agent) to the New York Security Agent by the transferor thereof that such transfer is being made to a person whom the transferor reasonably believes is (x) a QIB, in the case of U.S. Securities issued by BNPP or
(y) a QIB and a QP, in the case of U.S. Securities issued by BNPP B.V., and, in either case, acquiring such W&C Securities in a transaction meeting the requirements of Rule 144A;
(E) in the case of transfers to a person who takes delivery in the form of W&C Securities represented by a Rule 144A Global Security, from a Holder of W&C Securities represented by a Rule 144A Global Security, in a transaction meeting the requirements of Rule 144A and, in the case of W&C Securities issued by BNPP
B.V. in accordance with paragraph (d) below;
(F) in the case of transfers to a person who takes delivery in the form of W&C Securities represented by a Regulation S Global Security, from a Holder of W&C Securities represented by a Rule 144A Global Security, upon certification (in the form from time to time available from any Security Agent) to the Principal Security Agent by the transferor thereof that such transfer is being made to a non-U.S. person in an offshore transaction pursuant to Regulation S; and
(G) in each case, in accordance with any applicable rules and regulations of the Principal Security Agent, the New York Security Agent, the Definitive Security Agent, the relevant Clearing System and/or as specified in the applicable Final Terms.
(ii) The Holder must send:
(A) in the case of transfers of Private Placement Definitive Securities, a free of payment instruction to the Definitive Security Agent, not later than 5.00 p.m., New York City time, at least two Business Days in New York prior to the date on which the transfer is to take effect;
(B) in the case of transfers of W&C Securities represented by a Regulation S Global Security or Rule 144A Global Security held by a Common Depositary on behalf of Clearstream, Luxembourg and Euroclear and/or any other relevant Clearing System, a free of payment instruction to Clearstream, Luxembourg or Euroclear and/or any other relevant Clearing System, as the case may be, not later than 10.00 a.m. local time in the city of the relevant Clearing System, one Business Day in the city of the relevant Clearing System prior to the date on which the transfer is to take effect; and
(C) in the case of transfers of W&C Securities represented by a Rule 144A Global Security held by a Custodian on behalf of DTC, a free of payment instruction to DTC, not later than 5.00 p.m. New York City time, at least two Business Days in New York prior to the date on which the transfer is to take effect.
Separate payment arrangements are required to be made between the transferor and the transferee.
(iii) On the transfer date:
(A) (I) in the case of transfers of W&C Securities represented by a Regulation S Global Security or a Rule 144A Global Security, the relevant Clearing System will debit the account of its participant and (II) in the case of transfers of Private Placement Definitive Securities, the Holder must deliver the Private Placement Definitive Securities the subject of the transfer to the Definitive Security Agent and instruct the Definitive Security Agent to cancel the transferred Private Placement Definitive Securities; and
(B) the relevant Clearing System or the Holder, as the case may be, will instruct (I) in the case of transfers to a person who takes delivery in the form of W&C Securities represented by a Regulation S Global Security or a Rule 144A Global Security held by a Common Depositary on behalf of Clearstream, Luxembourg and Euroclear and/or any other relevant Clearing System, the Principal Security Agent to instruct Clearstream, Luxembourg and Euroclear and/or any other relevant Clearing System, as the case may be, to credit the relevant account of the relevant Clearing System participant, and (II) in the case of transfers to a person who takes delivery in the form of W&C Securities represented by a Rule 144A Global Security held by a Custodian on behalf of DTC, (a) the New York Security Agent (in the case of transfers of W&C Securities represented by a Rule 144A Global Security held by a Custodian on behalf of DTC) to credit the relevant account of the DTC participant,
(b) the Definitive Security Agent (in the case of transfers of Private Placement Definitive Securities) to credit the relevant account of the DTC participant, or (c) the Principal Security Agent (in the case of transfers of W&C Securities represented by a Regulation S Global Security or a Rule 144A Global Security held by a Common Depositary on behalf of Clearstream, Luxembourg and Euroclear and/or any other relevant Clearing System) to instruct DTC to credit the relevant account of the relevant Clearing System at DTC and thereafter DTC will debit such account of the relevant Clearing System, and will credit the relevant account of the DTC participant.
(iv) Upon any such transfers, on the transfer date:
(A) the Principal Security Agent, in the case of transfers to and/or from a person who takes delivery in the form of W&C Securities represented by a Regulation S Global Security or a Rule 144A Global Security held by a Common Depositary on behalf of Clearstream, Luxembourg and Euroclear and/or any other relevant Clearing System, will increase or decrease, if appropriate, the number of W&C Securities represented by such Regulation S Global Security or Rule 144A Global Security, whereupon the number of W&C Securities represented by such Regulation S Global Security or Rule 144A Global Security, as the case may be, shall be increased or decreased, if appropriate, for all purposes by the number so transferred and endorsed; or
(B) the New York Security Agent, in the case of transfers to and/or from a person who takes delivery in the form of W&C Securities represented by a Rule 144A Global Security held by a Custodian on behalf of DTC, will increase or decrease, if appropriate, the number of W&C Securities represented by such Rule 144A Global Security, whereupon the number of W&C Securities represented by such Rule 144A Global Security shall be increased or decreased, if appropriate, for all purposes by the number so transferred and endorsed.
(b) Transfers of W&C Securities to a person who takes delivery in the form of Private Placement Definitive Securities may be made only in accordance with the following provisions:
(i) (A) in the case of transfers from a Holder of Private Placement Definitive Securities, upon (I) delivery of a duly executed investor representation letter from the relevant transferee in accordance with paragraph (c) below and (II) certification (in the form from time to time available from any Security Agent) to the Definitive Security Agent by the transferor thereof that such transfer is being made to (x) a person whom the transferor
reasonably believes is an AI acquiring such W&C Securities in a transaction exempt from the registration requirements of the Securities Act, in the case of U.S. Securities issued by BNPP or (y) a person whom the transferor reasonably believes is a QIB and a QP in a transaction meeting the requirements of Rule 144A, in the case of U.S. Securities issued by BNPP B.V.;
(B) in the case of transfers from a Holder of W&C Securities represented by a Rule 144A Global Security, upon (I) delivery of a duly executed investor representation letter from the relevant transferee in accordance with paragraph (c) below and (II) certification (in the form from time to time available from any Security Agent) to the Definitive Security Agent by the transferor thereof that such transfer is being made to (x) a person whom the transferor reasonably believes is an AI acquiring such W&C Securities in a transaction exempt from the registration requirements of the Securities Act, in the case of U.S. Securities issued by BNPP or (y) a person whom the transferor reasonably believes is a QIB and a QP in a transaction meeting the requirements of Rule 144A, in the case of U.S. Securities issued by BNPP B.V.;
(C) in the case of transfers from a Holder of W&C Securities represented by a Regulation S Global Security, upon (I) delivery of a duly executed investor representation letter from the relevant transferee in accordance with paragraph (c) below and (II) within the Distribution Compliance Period only, certification (in the form from time to time available from any Security Agent) to the Definitive Security Agent by the transferor thereof that such transfer is being made to (x) a person whom the transferor reasonably believes is an AI acquiring such W&C Securities in a transaction exempt from the registration requirements of the Securities Act, in the case of U.S. Securities issued by BNPP or (y) a person whom the transferor reasonably believes is a QIB and a QP in a transaction meeting the requirements of Rule 144A, in the case of U.S. Securities issued by BNPP B.V.; and
(D) in each case, in accordance with any applicable securities laws of any state of the United States and any applicable rules and regulations of the New York Security Agent, the Definitive Security Agent, the relevant Clearing System and/or as specified in the applicable Final Terms.
(ii) The Holder must send:
(A) in the case of transfers of Private Placement Definitive Securities, a free of payment instruction to the Definitive Security Agent not later than 5.00 p.m. New York City time, at least two Business Days in New York prior to the date on which the transfer is to take effect;
(B) in the case of transfers of W&C Securities represented by a Regulation S Global Security or a Rule 144A Global Security held by a Common Depositary on behalf of Clearstream, Luxembourg and Euroclear and/or any other relevant Clearing System, a free of payment instruction to Clearstream, Luxembourg or Euroclear and/or any other relevant Clearing System, as the case may be, not later than 10.00
a.m. local time in the city of the relevant Clearing System, one Business Day in the city of the relevant Clearing System prior to the date on which the transfer is to take effect; and
(C) in the case of transfers of W&C Securities represented by a Rule 144A Global Security held by a Custodian on behalf of DTC, a free of payment instruction to DTC, not later than 5.00 p.m. New York City time, at least two Business Days in New York prior to the date on which the transfer is to take effect.
Separate payment arrangements are required to be made between the transferor and the transferee.
(iii) On the transfer date:
(A) in the case of transfers of W&C Securities represented by a Clearing System Global Security, the relevant Clearing System will debit the account of its participant and, in the case of transfers of Private Placement Definitive Securities, the Holder must deliver the Private Placement Definitive Securities the subject of the transfer to the Definitive Security Agent and instruct the Definitive Security Agent to cancel the transferred Private Placement Definitive Securities; and
(B) the relevant Clearing System or the Holder, as the case may be, will instruct the Definitive Security Agent to deliver or procure the delivery of new Private Placement Definitive Securities, of a like number to the number of W&C Securities transferred, to the transferee at its specified office or send such new Private Placement Definitive Securities, by uninsured mail, at the risk of the transferee, to such address as the transferee may request.
(iv) Upon any such transfer, on the transfer date:
(A) the Principal Security Agent will, in the case of transfers of W&C Securities represented by a Regulation S Global Security or Rule 144A Global Security held by a Common Depositary on behalf of Clearstream, Luxembourg and Euroclear and/or any other relevant Clearing System, decrease the number of W&C Securities represented by such Regulation S Global Security or Rule 144A Global Security, if appropriate, whereupon the number of W&C Securities represented by such Regulation S Global Security or Rule 144A Global Security shall, if appropriate, be reduced for all purposes by the number so transferred or exchanged and endorsed; or
(B) the New York Security Agent will, in the case of transfers of W&C Securities represented by a Rule 144A Global Security held by a Custodian on behalf of DTC, decrease the number of W&C Securities represented by such Rule 144A Global Security, if appropriate, whereupon the number of W&C Securities represented by such Rule 144A Global Security shall, if appropriate, be decreased for all purposes by the number so transferred and endorsed.
(c) In the case of transfers of W&C Securities to a person who takes delivery in the form of a Private Placement Definitive Security, the delivery of a duly executed investor representation letter in the form set out in the Agency Agreement (an "Investor Representation Letter") from the relevant transferee to the Definitive Security Agent is a condition precedent to the transfer of such Private Placement Definitive Security or any beneficial interests therein. The Investor Representation Letter must be duly executed by such proposed transferee or such proposed transferee's attorney duly authorised in writing, at least three Business Days in New York prior to the date the transfer of such Private Placement Definitive Security is desired. Any attempted transfer in which the Investor
Representation Letter and the proposed transfer was not effected in accordance with the foregoing procedures shall not be valid or binding on the Issuer.
If (i) the Principal Security Agent (in relation to Regulation S Global Securities or Rule 144A Global Securities held by a Common Depositary on behalf of Clearstream, Luxembourg and Euroclear and/or any other relevant Clearing System) or (ii) the New York Security Agent (in relation to Rule 144A Global Securities held by a Custodian on behalf of DTC) or (iii) the Definitive Security Agent (in relation to Private Placement Definitive Securities) subsequently determines or is subsequently notified by the Issuer that (A) a transfer or attempted or purported transfer of any interest in a Private Placement Definitive Security was consummated in compliance with the provisions of this paragraph on the basis of an incorrect form or certification from the transferee or purported transferee as set forth in the relevant Investor Representation Letter, or (B) the Holder of any interest in any W&C Security was in breach, at the time given, of any representation or agreement given by such Holder (including, but not limited to, in the case of Private Placement Definitive Securities, any such representation or agreement set forth in the relevant Investor Representation Letter) or (iii) a transfer or attempted transfer of any interest in any W&C Security was consummated that did not comply with the transfer restrictions set forth in this Condition 2.4, the purported transfer shall be absolutely null and void ab initio and shall vest no rights in the purported transferee (such purported transferee, a "Disqualified Transferee") and the last preceding Holder of such interest that was not a Disqualified Transferee shall be restored to all rights as a Holder thereof retroactively to the date of transfer of such interest by such Holder.
(d) In the case of transfers of W&C Securities to a person who takes delivery in the form of W&C Securities represented by a Rule 144A Global Security issued by BNPP or BNPP B.V. the transferor shall have agreed in an Investor Representation Letter to certain restrictions on transfer and, the transfer shall be subject to the delivery of a duly executed Investor Representation Letter from the relevant transferee to BNPP or BNPP B.V. as applicable. Any attempted transfer that is not in accordance with the procedures set forth in the transferor's Investor Representation Letter and with any procedures set forth in any applicable U.S. wrapper to the Base Prospectus shall not be valid or binding on BNPP or BNPP B.V..
2.5 Transfer of Registered Securities
Provisions relating to the transfer of Registered Warrants are set out in Condition 23. Provisions relating to the transfer of Registered Certificates are set out in Condition 31.
2.6 Transfer of Swedish Dematerialised Securities
Title to Swedish Dematerialised Securities will pass upon entry in the Euroclear Sweden Register (or, if applicable, notice to a nominee under the terms of the SFIA Act) in accordance with the SFIA Act.
2.7 Transfer of Finnish Dematerialised Securities
Title to Finnish Dematerialised Securities shall pass by transfer from a Holder's book-entry account to another person's, whether a legal person or an individual, book-entry account within Euroclear Finland (except where the Finnish Dematerialised Securities are nominee-registered and are transferred from one account to another account with the same nominee). Finnish Dematerialised Securities will be transferable only in accordance with the legislation, rules and regulations applicable to, and/or issued by, Euroclear Finland.
2.8 Transfer of Italian Dematerialised Securities
Title to Italian Dematerialised Securities will pass upon registration of the transfer in the records of Monte Titoli.
3. STATUS OF THE W&C SECURITIES AND GUARANTEE
Where the Issuer is BNPP B.V. or BNPP the W&C Securities are unsubordinated and unsecured obligations of the relevant Issuer and rank pari passu among themselves.
Where the W&C Securities are issued by BP2F the W&C Securities constitute direct, unconditional, unsubordinated and unsecured and general obligations of the Issuer and rank pari passu (subject to mandatorily preferred debts under applicable laws) without any preference among themselves and at least equally and rateably with all other present and future outstanding unsecured and unsubordinated obligations, including guarantees and other obligations of a similar nature of the Issuer.
Where the W&C Securities are issued by BGL the W&C Securities and constitute direct, unconditional, unsecured and unsubordinated obligations of the Issuer and shall at all times rank pari passu and without any preference among themselves. The payment obligations of the Issuer under the W&C Securities relating to them shall, save for such exceptions as may be provided by applicable legislation, at all times rank at least equally with all other unsecured and unsubordinated indebtedness of the Issuer present and future (other than indebtedness or monetary obligations preferred by mandatory provisions of law).
Where the Issuer is BNPP B.V., the Guarantee is an unsubordinated and unsecured obligation of BNPP and will rank pari passu with all its other present and future unsubordinated and unsecured obligations subject to such exceptions as may from time to time be mandatory under French law.
Where the Issuer is BP2F, the BNPPF W&C Securities Guarantee constitutes direct, unconditional, irrevocable, unsubordinated and unsecured obligations of BNPPF and ranks pari passu (subject to mandatorily preferred debts under applicable laws) equally and rateably with all other present and future outstanding unsecured and unsubordinated obligations of BNPPF.
4. GUARANTEE
Where the Issuer is BNPP B.V. or BP2F, subject as provided below and in the relevant Guarantee, the relevant Guarantor has unconditionally and irrevocably (a) guaranteed to each Holder all obligations of the Issuer in respect of such Holder's W&C Securities as and when such obligations become due and (b) agreed that if and each time that the Issuer fails to satisfy any obligations under such W&C Securities as and when such obligations become due, the relevant Guarantor will after a demand has been made on the relevant Guarantor pursuant thereto (without requiring the relevant Holder first to take steps against the Issuer or any other person) make or cause to be made such payment or satisfy or cause to be satisfied such obligations as though the relevant Guarantor were the principal obligor in respect of such obligations provided that (i) in the case of Physical Delivery Certificates and, in the case of Physical Delivery Warrants that are Call Warrants, notwithstanding that the Issuer had the right to vary settlement in respect of such Physical Delivery Securities in accordance with Condition 5.3 and exercised such right or failed to exercise such right, the relevant Guarantor will have the right at its sole and unfettered discretion to elect not to deliver or procure delivery of the Entitlement to the Holders of such Physical Delivery Securities, but in lieu thereof, to make payment in respect of each such Physical Delivery Security of an amount determined by the relevant Guarantor in its sole and absolute discretion equal to the Cash Settlement Amount that would have been payable upon exercise (in the case of Warrants) or redemption (in the case of Certificates) of such W&C Securities assuming they were Cash Settled Securities calculated pursuant to the terms of the relevant Final Terms, or in the case of lack of liquidity of the underlying, the fair market value of such W&C Security less the costs of unwinding any
underlying related hedging arrangements (the "Guaranteed Cash Settlement Amount") and (ii) in the case of W&C Securities where the obligations of the Issuer which fail to be satisfied constitute the delivery of the Entitlement to the Holders, the Guarantor will as soon as practicable following the failure by the Issuer to satisfy its obligations under such W&C Securities deliver or procure delivery of such Entitlement using the method of delivery specified in the applicable Final Terms provided that, if in the opinion of the relevant Guarantor, delivery of the Entitlement using such method is not practicable by reason of (A) a Settlement Disruption Event (as defined in Condition 5.1) or (B) if "Failure to Deliver due to Illiquidity" is specified as applying in the applicable Final Terms, a Failure to Deliver due to Illiquidity (as defined in Condition 15.1), in lieu of such delivery the relevant Guarantor will make payment in respect of each such W&C Security of, in the case of (A) above, the Guaranteed Cash Settlement Amount or, in the case of (B) above, the Failure to Deliver Settlement Price (as defined in Condition 15.2). Any payment of the Guaranteed Cash Settlement Amount or the Failure to Deliver Settlement Price, as the case may be, in respect of a W&C Security shall constitute a complete discharge of the relevant Guarantor's obligations in respect of such W&C Security. Payment of the Guaranteed Cash Settlement Amount as the Failure to Deliver Settlement Price, as the case may be, will be made in such manner as shall be notified to the Holders in accordance with Condition 10.
5. GENERAL PROVISIONS RELATING TO PHYSICAL SETTLEMENT IN RESPECT OF W&C SECURITIES
5.1 Settlement Disruption
If, in the opinion of the Calculation Agent, delivery of the Entitlement using the method of delivery specified in the applicable Final Terms or such commercially reasonable manner as the Calculation Agent has determined is not practicable by reason of a Settlement Disruption Event (as defined below) having occurred and continuing on any Settlement Date (in the case of Warrants) or Delivery Date (in the case of Certificates), then such Settlement Date or Delivery Date, as the case may be, for such W&C Securities shall be postponed to the first following Settlement Business Day in respect of which there is no such Settlement Disruption Event, provided that the Issuer may elect in its sole discretion to satisfy its obligations in respect of the relevant W&C Security or in the case of Warrants, if applicable, Unit, as the case may be, by delivering the Entitlement using such other commercially reasonable manner as it may select and in such event the Settlement Date or Delivery Date, as the case may be, shall be such day as the Issuer deems appropriate in connection with delivery of the Entitlement in such other commercially reasonable manner. For the avoidance of doubt, where a Settlement Disruption Event affects some but not all of the Relevant Assets comprising the Entitlement, the Settlement Date or Delivery Date, as the case may be, for the Relevant Assets not affected by the Settlement Disruption Event will be the originally designated Settlement Date or Delivery Date, as the case may be.
In the case of Warrants, in the event that a Settlement Disruption Event will result in the delivery on a Settlement Date of some but not all of the Relevant Assets comprising the Entitlement, the Calculation Agent shall determine in its discretion the appropriate pro rata portion of the Exercise Price to be paid by the relevant Holder in respect of that partial settlement.
For so long as delivery of the Entitlement is not practicable by reason of a Settlement Disruption Event, then in lieu of physical settlement and notwithstanding any other provision hereof, except in the case of U.S. Securities (in which case another price or prices will be specified in the applicable Final Terms), the Issuer may elect in its sole discretion to satisfy its obligations in respect of the relevant W&C Security or in the case of Warrants, if applicable, Unit, as the case may be, by payment to the relevant Holder of the Disruption Cash Settlement Price (as defined below) on the fifth Business Day following the date that notice of such election is given to the Holders in accordance with Condition 10. Payment of the Disruption Cash Settlement Price will be made in such manner as shall be notified to the Holders in accordance with Condition 10. The Calculation Agent shall give notice as soon as practicable to the Holders in accordance with Condition 10 that a Settlement Disruption Event has occurred. No Holder shall be entitled to any payment in respect of the relevant W&C
Security or in the case of Warrants, if applicable, Unit, as the case may be, in the event of any delay in the delivery of the Entitlement due to the occurrence of a Settlement Disruption Event and no liability in respect thereof shall attach to the Issuer or the Guarantor (if any).
For the purposes hereof:
"Disruption Cash Settlement Price" means, in respect of any relevant W&C Security or in the case of Warrants, if applicable, Unit, as the case may be, the fair market value of such W&C Security or in the case of Warrants, if applicable, Unit, as the case may be (disregarding, where the Settlement Disruption Event affected some but not all of the Relevant Assets comprising the Entitlement and such non-affected Relevant Assets have been duly delivered as provided above, the value of such non-affected Relevant Assets), less the cost to the Issuer and/or its Affiliates of unwinding any underlying related hedging arrangements all as determined by the Issuer in its sole and absolute discretion, plus in the case of Warrants, if applicable and if already paid, the Exercise Price (or, where as provided above some Relevant Assets have been delivered, and a pro rata portion thereof has been paid, such pro rata portion);
"Settlement Business Day" has the meaning specified in the applicable Final Terms; and
"Settlement Disruption Event" means, in the opinion of the Calculation Agent or, if the proviso to Condition 4 applies, the relevant Guarantor, an event beyond the control of the Issuer or, if the proviso to Condition 4 applies, the relevant Guarantor as a result of which the Issuer or the relevant Guarantor, as the case may be, cannot make delivery of the Relevant Asset(s) using the method specified in the applicable Final Terms.
5.2 Failure to Deliver due to Illiquidity
"Failure to Deliver due to Illiquidity", if specified as applying in the applicable Final Terms, will be an Optional Additional Disruption Event, as described in Condition 15.1.
5.3 Variation of Settlement
(a) If the applicable Final Terms indicate that the Issuer has an option to vary settlement in respect of the W&C Securities (which, unless otherwise specified, will not apply to U.S. Securities), and subject in the case of Warrants to a valid exercise of the Warrants in accordance with these Conditions, the Issuer may at its sole and absolute discretion in respect of each such W&C Security or in the case of Warrants, if applicable, Unit, elect not to pay the relevant Holders the Cash Settlement Amount or to deliver or procure delivery of the Entitlement to the relevant Holders, as the case may be, but, in lieu thereof to deliver or procure delivery of the Entitlement or make payment of the Cash Settlement Amount on the Settlement Date (in the case of Warrants) or Redemption Date (in the case of Certificates) to the relevant Holders, as the case may be. Notification of such election will be given to Holders in accordance with Condition 10.
(b) If specified in the applicable Final Terms, and subject in the case of Warrants to a valid exercise of Warrants in accordance with these Conditions, the Issuer shall, in respect of each such W&C Security or in the case of Warrants, if applicable, each Unit, in lieu of delivering or procuring the delivery of the Entitlement to the relevant Holders, make payment of the Cash Settlement Amount on the Settlement Date (in the case of Warrants) or Redemption Date (in the case of Certificates) to the relevant Holders.
5.4 Issuer's Option to Substitute Assets or to pay the Alternate Cash Amount
Following a valid exercise or redemption, as the case may be, of W&C Securities in accordance with these Conditions, the Issuer may, in its sole and absolute discretion in respect of such W&C Securities, if the Calculation Agent determines (in its sole and absolute discretion) that the Relevant Asset or Relevant Assets, as the case may be, comprise(s) shares or interests in ETIs which are not freely tradable, elect either (a) to
substitute for the Relevant Asset or the Relevant Assets, as the case may be, an equivalent value (as determined by the Calculation Agent in its sole and absolute discretion) of such other shares or interests in ETIs which the Calculation Agent determines, in its sole and absolute discretion, are freely tradable (the "Substitute Asset" or the "Substitute Assets", as the case may be) or (b) not to deliver or procure the delivery of the Entitlement or the Substitute Asset or Substitute Assets, as the case may be, to the relevant Holders, but in lieu thereof to make payment to the relevant Holders on the Settlement Date of an amount equal to the fair market value of the Entitlement on the Valuation Date as determined by the Calculation Agent in its sole and absolute discretion by reference to such sources as it considers appropriate (the "Alternate Cash Amount"). Notification of any such election will be given to Holders in accordance with Condition 10.
For the purposes hereof, a "freely tradable" share or interest in an ETI shall mean (i) with respect to the United States, a share or interest in an ETI, as the case may be, which is registered under the Securities Act or not restricted under the Securities Act and which is not purchased from the issuer of such share or interest in an ETI, as the case may be, and not purchased from an Affiliate of the issuer of such share or interest in an ETI, as the case may be, or which otherwise meets the requirements of a freely tradable share or interest in an ETI, as the case may be, for purposes of the Securities Act, in each case, as determined by the Calculation Agent in its sole and absolute discretion or (ii) with respect to any other jurisdiction, a share or interest in an ETI, as the case may be, not subject to any legal restrictions on transfer in such jurisdiction.
5.5 Commodity Securities shall not be Physical Delivery Securities.
6. GENERAL
None of the Issuers, the Guarantor (if applicable), the Calculation Agent and any Security Agent shall have any responsibility for any errors or omissions in the calculation of any Cash Settlement Amount or of any Entitlement unless, in the case of Italian Listed Securities, such errors or omissions are due to its own wilful misconduct or gross negligence.
The purchase of W&C Securities does not confer on any Holder of such W&C Securities any rights (whether in respect of voting, distributions or otherwise) attaching to any Relevant Asset.
7. ILLEGALITY AND FORCE MAJEURE
7.1 Illegality
If the Issuer determines that the performance of its obligations under the W&C Securities has become illegal in whole or in part for any reason, the Issuer may, in the case of Warrants, cancel, or in the case of Certificates, redeem all but not some only of the W&C Securities by giving notice to Holders in accordance with Condition 10.
If the Issuer cancels or redeems, as the case may be, the W&C Securities then the Issuer will, if and to the extent permitted by applicable law, and except as may be limited in the case of U.S. Securities, pay an amount to each Holder in respect of each W&C Security, or in the case of Warrants, if Units are specified as applicable in the applicable Final Terms, each Unit, as the case may be, held by such Holder, which amount shall be equal to the fair market value of a W&C Security or Unit, as the case may be, notwithstanding such illegality less, except in the case of Italian Listed Securities, the cost to the Issuer and/or its Affiliates of unwinding any underlying related hedging arrangements plus, in the case of Warrants, if applicable and if already paid by or on behalf of the Holder, the Exercise Price, all as determined by the Calculation Agent in its sole and absolute discretion. Payment will be made in such manner as shall be notified to the Holders in accordance with Condition 10.
Should any one or more of the provisions contained in these Terms and Conditions be or become invalid, the validity of the remaining provisions shall not in any way be affected thereby.
7.2 Force Majeure
If the Issuer determines that by reason of force majeure or act of state occurring after the Trade Date it becomes impossible or impracticable to perform in whole or in part its obligations under the W&C Securities and/or any related hedging arrangements, the Issuer may, in the case of Warrants, cancel, or in the case of Certificates, redeem the W&C Securities by giving notice to Holders in accordance with Condition 10.
If the Issuer cancels or redeems, as the case may be, the W&C Securities then the Issuer will, if and to the extent possible or practicable, pay an amount (if any) to each Holder in respect of each W&C Security, or in the case of Warrants, if Units are specified as applicable in the applicable Final Terms, each Unit, as the case may be, held by such Holder, which amount shall be equal to the fair market value (if any) of a W&C Security or Unit, as the case may be, taking into account such force majeure or act of state less, except in the case of Italian Listed Securities, the cost to the Issuer and/or its Affiliates of unwinding any underlying related hedging arrangements plus, in the case of Warrants, if applicable and if already paid by or on behalf of the Holder, the Exercise Price, all as determined by the Calculation Agent in its sole and absolute discretion. Any payment will be made in such manner as shall be notified to the Holders in accordance with Condition 10.
8. PURCHASES
8.1 Purchase and cancellation by BNPP B.V. and BP2F in respect of any W&C Securities and by BNPP in respect of Warrants
The Issuer may, but is not obliged to, at any time purchase W&C Securities at any price in the open market or by tender or private treaty. In the case of BNPP B.V., BP2F or BGL, any W&C Securities or, in the case of BNPP, any Warrants so purchased may be held or resold or surrendered for cancellation, provided however, that W&C Securities so purchased may only be resold pursuant to an exemption from the registration requirements of the Securities Act provided by Rule 144A, Regulation S or otherwise thereunder.
8.2 Purchase by BNPP in respect of Certificates
The Issuer may, but is not obliged to, at any time purchase Certificates at any price in the open market or by tender or private treaty.
Certificates so purchased by the Issuer may be held or resold in accordance with applicable laws and regulations for the purpose of enhancing the liquidity of the Certificates, or cancelled.
8.3 Cancellation by BNPP in respect of Certificates
All Certificates which are purchased for cancellation by the Issuer will forthwith be cancelled and accordingly may not be re-issued or resold.
9. SECURITY AGENTS, REGISTRAR, DETERMINATIONS, MEETINGS PROVISIONS AND MODIFICATIONS
9.1 Security Agents and Registrar
The specified offices of each of the Security Agents and the Registrar are as set out at the end of these Terms and Conditions.
Each of the Issuer and the Guarantor, if any, reserves the right at any time to vary or terminate the appointment of any Security Agent or the Registrar and to appoint further or additional Security Agents or a further or
additional Registrar, provided that no termination of appointment of the Security Agent or the Registrar, as the case may be, shall become effective until a replacement Security Agent or a replacement Registrar, as the case may be, shall have been appointed and provided that, so long as any of the W&C Securities are listed on a stock exchange or are admitted to trading by another relevant authority, there shall be a Security Agent having a specified office in each location required by the rules and regulations of the relevant stock exchange or other relevant authority and, if the W&C Securities are Registered Securities, there shall be a Registrar. So long as any of the W&C Securities are Private Placement Definitive Securities, there shall be a Definitive Security Agent, and so long as any of the W&C Securities are represented by a Rule 144A Global Security held by a Custodian on behalf of DTC, there shall be a New York Security Agent. For so long as any of the W&C Securities are CBF Warrants or CBF Certificates there shall be a Frankfurt Warrant Agent and a Frankfurt Certificate Agent, respectively. Notice of any termination of appointment and of any changes in the specified office of any of the Security Agents or the Registrar will be given to Holders in accordance with Condition 10. In acting under the Agency Agreement, the Security Agent and the Registrar act solely as agents of the Issuer and the Guarantor, if any, and do not assume any obligation or duty to, or any relationship of agency or trust for or with, the Holders and any determinations and calculations made in respect of the W&C Securities by the Security Agent or the Registrar shall (save in the case of manifest error) be final, conclusive and binding on the Issuer, the Guarantor, if any, and the respective Holders.
In the case of Swedish Dematerialised Securities the relevant Issuer is entitled to vary or terminate the appointment of the Swedish Security Agent, provided that it appoints another Swedish Security Agent that is duly authorised under the SFIA Act as an account operator.
In the case of Finnish Dematerialised Securities the relevant Issuer is entitled to vary or terminate the appointment of the Finnish Security Agent, provided that it appoints another Finnish Security Agent, that is duly authorised under the Finnish Act on the Book-Entry System and Clearing (Fin. laki arvo- osuusjärjestelmästä ja selvitystoiminnasta (749/2012)) as an account operator.
9.2 Calculation Agent
In relation to each issue of W&C Securities, the Calculation Agent (whether it be BNP Paribas, BNP Paribas Arbitrage S.N.C. or another entity) acts solely as agent of the Issuer and the Guarantor, if any, and does not assume any obligation or duty to, or any relationship of agency or trust for or with, the Holders. All calculations and determinations made in respect of the W&C Securities by the Calculation Agent shall (save in the case of manifest error) be final, conclusive and binding on the Issuer, the Guarantor, if any, and the Holders. Because the Calculation Agent may be an Affiliate of the Issuer, potential conflicts of interest may exist between the Calculation Agent and the Holders, including with respect to certain determinations and judgments that the Calculation Agent must make.
The Calculation Agent may, with the consent of the Issuer, delegate any of its obligations and functions to a third party as it deems appropriate.
9.3 Determinations by the Issuer and the Guarantor
Any determination made by the Issuer or the Guarantor, if any, pursuant to these Terms and Conditions shall (save in the case of manifest error) be final, conclusive and binding on the Issuer, the Guarantor, if any, and the Holders.
9.4 Meetings of Holders
(a) English Law Securities
The Agency Agreement contains provisions for convening meetings of the Holders of English Law Securities to consider any matter affecting their interests, including the sanctioning by Extraordinary Resolution (as defined in the Agency Agreement) of a modification of the Terms and Conditions or the Agency Agreement. At least 21 days' notice (exclusive of the day on which the notice is given and of the day on which the meeting is held) specifying the date, time and place of the meeting shall be given to Holders. Such a meeting may be convened by the Issuer, the Guarantor, if any, or Holders holding not less than 5 per cent. (by number) of the W&C Securities for the time being, in the case of Warrants, remaining unexercised or, in the case of Certificates, outstanding. The quorum at a meeting of the Holders (except for the purpose of passing an Extraordinary Resolution) will be two or more persons holding or representing not less than 20 per cent. (by number) of W&C Securities, in the case of Warrants, for the time being remaining unexercised or, in the case of Certificates, outstanding, or at any adjourned meeting two or more persons being or representing Holders whatever the number of English Law Securities so held or represented. The quorum at a meeting of Holders for the purpose of passing an Extraordinary Resolution will be two or more persons holding or representing not less than 50 per cent. (by number) of the W&C Securities, in the case of Warrants, for the time being remaining unexercised or, in the case of Certificates, outstanding, or at any adjourned meeting two or more persons being holding or representing not less than 10 per cent. (by number) of the W&C Securities for the time being remaining unexercised or outstanding, as the case may be. A resolution will be an Extraordinary Resolution when it has been passed at a duly convened meeting by not less than three fourths of the votes cast by Holders at such meeting who, being entitled to do so, vote in person or by proxy. An Extraordinary Resolution passed at any meeting of the Holders shall be binding on all the Holders, whether or not they are present at the meeting, except, in the case of Warrants, for those Warrants remaining unexercised but for which an Exercise Notice shall have been received as described in Condition 25 prior to the date of the meeting. Warrants which have not been exercised but in respect of which an Exercise Notice has been received as described in Condition 25 will not confer the right to attend or vote at, or join in convening, or be counted in the quorum for, any meeting of the Holders. Resolutions can be passed in writing if passed unanimously.
(b) French Law Securities
If the relevant Final Terms specify that Holders will be grouped automatically for the defence of their common interests constituting a separate legal body called masse (the Masse), the Masse will be governed by the provisions of Articles L.228-46 et seq of the French Code de commerce subject to the provisions of sub- paragraph (i) below.
If the relevant Final Terms specify that Holders shall not be grouped in a Masse, a general meeting of Holders (the General Meeting) may be convened to consider some matters relating to any series of French Law Securities as provided hereunder in sub-paragraphs (ii) to (v) below.
(i) Representation
If the provisions of the Masse are specified as applicable in the applicable Final Terms, the below provisions will apply:
The names and addresses of the initial Representative of the Masse and its alternate will be set out in the relevant Final Terms. The Representative appointed in respect of the first tranche of any series of French Law Securities will be the representative of the single Masse of all Tranches in such Series.
The Representative will be entitled to such remuneration in connection with its functions or duties as set out in the relevant Final Terms.
In the event of death, retirement or revocation of appointment of the Representative, such Representative will be replaced by another Representative. In the event of the death, retirement or
revocation of appointment of the alternate Representative, an alternate will be elected by the general meeting of the Holders.
The place where a general meeting shall be held will be set out in the notice convening such general meeting.
If the provisions of the Masse are specified as applicable in the applicable Final Terms, Holders shall not be represented by any representative of such body.
(ii) Powers of the General Meetings
The General Meeting is empowered to deliberate on any proposal relating to any matter affecting the interests of the Holders of the French Law Securities and their rights, actions and benefits which now or in the future may accrue with respect to the French Law Securities, including the:
(A) power to agree to any modification of the French Law Securities including but not limited to, a modification of the Exercise Price (in the case of Warrants), Exercise Period (in the case of Warrants), Cash Settlement Amount, Entitlement, Expiration Date (in the case of Warrants), Redemption Date (in the case of Certificates), Settlement Date or more generally the modification of any term which can affect the amount to be paid under a French Law Security or the scheduled payment date, which is proposed by the Issuer;
(B) power to give any authority or approval which under the provisions of this Condition 9.4(b) is required to be given by a resolution of the General Meeting;
(C) power to appoint any persons (whether Holders or not) to a committee or committees to confer upon any such committee or committees any powers or discretions which the Holders could themselves exercise by a resolution of the General Meeting; and
(D) power to approve any contractual compromise or arrangement proposed to be made between the Issuer and the relevant Holders in respect of the rights of the Holders against the Issuer or against any of its property.
It is specified, however, that a General Meeting may not:
I. appoint any person as the representative of the Holders of any series for all actions intended to defend the common interests of the Holders, and particularly to bring any court or arbitration action or proceedings, against the Issuer or any Agent; and
II. agree on (a) any modification of the majority required to pass a resolution of the General Meeting, (b) any proposal relating to a change in the Issuer's corporate purpose or status, (c) any proposal for a settlement or a transaction concerning disputed rights or rights in respect of which court decisions have been handed down, or (d) proposals to merge or demerge the Issuer.
Any resolution passed at a General Meeting of the Holders of a series of French Law Securities, duly convened and held in accordance with the provisions of this Condition, shall be binding upon all the Holders of such series of French Law Securities whether present or not present at the meeting and whether or not voting and each of them shall be bound to give effect to the resolution accordingly and the passing of any resolution shall be conclusive evidence that the circumstances justify its passing.
General Meetings may deliberate validly on first convocation only if Holders present or represented hold at least a fifth of the French Law Securities then, in the case of Warrants, remaining unexercised
or, in the case of Certificates, outstanding. On second convocation, no quorum shall be required. Decisions at meetings shall be taken by a two-third majority of votes cast by Holders attending such General Meetings or represented thereat.
Decisions of General Meetings must be published in accordance with the provisions set forth in Condition 10 by the Issuer within 14 calendar days of the result being known provided that non- publication shall not invalidate the resolution.
(iii) Convening and holding of the General Meeting
The General Meeting shall be convened by an authorised representative of the Issuer or by the liquidators or natural or physical persons performing equivalent functions during any possible winding-up or equivalent insolvency period and held, all with the same formal and deadline conditions as the shareholders' meetings of the Issuer including the provisions of Articles R. 225-66,
R. 225-95, R. 225-101, R. 225-106 and R. 225-107 but excluding the provisions of Articles R. 225-72 to R. 225-74 of the French Code de commerce.
Any meeting unduly convened may be cancelled. However, the action to cancel this shall not be admissible when all the Holders of the relevant series are present or represented.
The day, time and place of the meeting and agenda of a meeting are determined at its discretion by the person convening it. However, one or more Holders holding at least one thirtieth of the relevant series of French Law Securities then, in the case of Warrants, remaining unexercised or, in the case of Certificates, outstanding are entitled to require that draft resolutions be placed on the agenda. Such resolutions are placed on the agenda and put to the vote by the chairman of the meeting. The meeting shall not deliberate on an item which is not placed on the agenda. The agenda for the meeting may be amended on a second convening.
The meeting shall be chaired by a representative of the Issuer.
An attendance sheet is kept for each meeting. The decisions taken at each meeting are recorded in minutes signed by the members of the committee which are entered in a special register kept at the registered office of the Issuer. The elements that must be included in the attendance sheet and the minutes are the same as with respect to the shareholders' meetings of the Issuer.
All Holders of the relevant series of French Law Securities are entitled to participate in the meeting or to be represented at it by the representative of their choice. Any Holder may vote by correspondence with the same formal and deadline conditions as the shareholders' meetings of the Issuer. Any contrary provision in the articles of association is deemed not to exist. When the quorum is calculated, only voting forms received by the Issuer before the date of the meeting in the manner and within the time limits being the same as for the shareholders' meetings of the Issuer shall be included in such calculation. Forms which do not indicate a voting intention or which express an abstention are treated as negative votes. If the articles of association of the Issuer so provide, Holders who participate in the meeting via videoconferencing or via a telecommunications medium which permits their identification are deemed to be present for calculation of the quorum and the majority.
The rights of each Holder to participate in General Meetings will be evidenced by the entries in the books of the relevant Account Holder of the name of such Holder on the third business day in Paris preceding the date set for the meeting of the relevant General Meeting at 00.00, Paris time. The voting right in General Meetings shall belong to the bare owner (nu-propriétaire) of the relevant French Law Securities. Each French Law Security shall confer the right to one vote.
Holders shall not be allowed individually to exercise control over the operations of the Issuer or to request notification of Issuer documents.
(iv) Information to Holders
Each Holder will have the right, during the 15-day period preceding the holding of the relevant General Meeting, to consult or make a copy of the text of the resolutions which will be proposed and of the reports which will be presented at the General Meeting, all of which will be available for inspection by the relevant Holders at the registered office of the Issuer, at the specified offices of any of the Security Agents during usual business hours and at any other place specified in the notice of the General Meeting. The relevant Holders shall at all times have the same right with regard to the minutes and attendance sheets of the said General Meeting.
(v) Expenses
The Issuer will pay all expenses relating to the calling and holding of General Meetings and, more generally, all administrative expenses resolved upon by the General Meeting.
In the case of Certificates, it is expressly stipulated that no expenses may be imputed against interest payable under the Certificates.
9.5 Modifications
The Issuer may modify these Terms and Conditions and/or the Agency Agreement without the consent of the Holders (but in the case of Swedish Dematerialised Securities, with the consent of Euroclear Sweden and in the case of Finnish Dematerialised Securities, with the consent of Euroclear Finland) in any manner which the Issuer may deem necessary or desirable provided that such modification is not materially prejudicial to the interests of the Holders or such modification is of a formal, minor or technical nature or to cure, correct or supplement a manifest or proven error or to cure, correct or supplement any defective provision contained herein and/or therein or to comply with mandatory provisions of the law of the jurisdiction in which the Issuer is incorporated. Notice of any such modification will be given to the Holders in accordance with Condition 10 but failure to give, or non-receipt of, such notice will not affect the validity of any such modification.
10. NOTICES
All notices to Holders shall be valid if:
(a) (i) in the case of Clearing System Securities (other than W&C Securities represented by a Rule 144A Global Security held by a Custodian on behalf of DTC, Italian Listed Securities or Euroclear France Securities listed on Euronext Paris and W&C Securities issued and cleared through Iberclear and listed on the Madrid Stock Exchange), Registered Certificates represented by a Registered Global Certificate and Italian Dematerialised Securities, delivered to the relevant Clearing System (in the case of English Law Securities), or to the relevant Account Holder (in the case of French Law Securities) for communication by them to the Holders;
(ii) in the case of W&C Securities represented by a Rule 144A Global Security held by a Custodian on behalf of DTC, to DTC for communication by it to the Holders and any such notices shall be conclusively presumed to have been received by the Holders;
(iii) in the case of Clearing System Securities which are Italian Listed Securities or Euroclear France Securities listed on Euronext Paris, published by Borsa Italiana S.p.A., or Euronext Paris, as the case may be and in the case of OET Certificates, published on the "Certificate"
website of the Issuer ("www.produitsde xxxxxx.xxxxxxxxxx.xx") or other website of the Issuer as may be notified to Holders;
(iv) in the case of W&C Securities issued and cleared through Iberclear and listed on the Madrid Stock Exchange, published by the Madrid Stock Exchange or, if applicable, in the manner specifically provided by Spanish law and regulations for the relevant notice, as the case may be;
(v) in the case of W&C Securities represented by Private Placement Definitive Securities, mailed to their registered addresses appearing in the Private Placement Register;
(vi) in the case of Registered Warrants or Registered Certificates in definitive form, mailed to their registered addresses appearing in the Register;
(vii) in the case of Swedish Dematerialised Securities, mailed by Euroclear Sweden in accordance with the SFIA Act and the Euroclear Sweden rules; or
(viii) in the case of Finnish Dematerialised Securities, mailed to a Holder on the address registered for such Holder in the Euroclear Finland Register maintained by Euroclear Finland in accordance with the rules of Euroclear Finland; and
(b) for so long as the W&C Securities are listed on a stock exchange or are admitted to trading by another relevant authority, in accordance with the rules and regulations of the relevant stock exchange or other relevant authority (in the case of Italian Dematerialised Securities that are Italian Listed Securities, such notices shall be published by Borsa Italiana S.p.A.). If the W&C Securities are listed and admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange or the Official List of the Luxembourg Stock Exchange, and so long as the rules of the Luxembourg Stock Exchange so require, notices shall be made available on the website of the Luxembourg Stock Exchange (xxx.xxxxxx.xx). Any such notice shall be deemed to have been given on the second Business Day following such delivery or, if earlier, the date of such publication or, if published more than once, on the date of the first such publication.
11. EXPENSES AND TAXATION
11.1 A Holder must pay all taxes, duties and/or expenses, including any applicable depository charges, transaction or exercise charges, stamp duty, stamp duty reserve tax, issue, registration, securities transfer and/or other taxes or duties arising from the exercise and settlement (in the case of Warrants or Exercisable Certificates) or redemption (in the case of Certificates) of the W&C Securities and/or the delivery or transfer of the Entitlement (as applicable) pursuant to the terms of such W&C Securities ("Security Expenses") relating to such W&C Securities as provided above.
11.2 The Issuer shall deduct from amounts payable or from assets deliverable to Holders all Related Expenses, not previously deducted from amounts paid or assets delivered to Holders, as the Calculation Agent shall in its sole and absolute discretion determine are attributable to the W&C Securities.
For the avoidance of doubt, the Issuer shall not be liable for any Related Expenses and Holders shall be liable to pay the Related Expenses attributable to their W&C Securities.
"Expenses" means Security Expenses and any Related Expenses.
"Related Expenses" means (a) all present, future, prospective, contingent or anticipated Taxes which are (or may be) or were (or may have been) withheld or payable under the laws, regulations or administrative practices of any state (or any political sub-division or authority thereof or therein) and (b) any other present,
future, or contingent expenses (including without limitation, any applicable depositary charges, transaction charges, issue registration, securities transfer or other expenses) which are (or may be) or were (or may have been) payable, in each case in respect of or in connection with:
(a) the issue, transfer or enforcement of the W&C Securities;
(b) any payment (or delivery of assets) to Holders;
(c) a person or its agent's assets or any rights, distributions of dividends appertaining to such assets (had such an investor (or agent) purchased, owned, held, realised, sold or otherwise disposed of assets) in such a number as the Calculation Agent, in its sole and absolute discretion, may determine to be appropriate as a hedge or related trading position in connection with the W&C Securities; or
(d) any of the Issuer's (or any Affiliates') other hedging arrangements in connection with the W&C Securities.
"Taxes" means taxes, levies, imposts, duties, deductions, withholdings, assessments or other charges (including any stamp, registration or transfer tax, duty or other charge or tax on income, payments (or delivery of assets), profits, capital gains, or, for the avoidance of doubt, any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the U.S. Internal Revenue Code of 1986 (the "Code") or otherwise imposed pursuant to Sections 1471 through 1474 of the Code, any regulations or agreements thereunder, any official interpretations thereof, or any law implementing an intergovernmental approach thereto) together with any interest, additions to tax or penalties.
12. FURTHER ISSUES
The Issuer shall be at liberty from time to time without the consent of Holders to create and issue further W&C Securities having terms and conditions the same as the W&C Securities or terms and conditions which are the same in all respects save for the Issue Date, Issue Price, the amount and date of the first interest payment thereon (if any) and/or the date from which interest (if any) starts to accrue, such further W&C Securities being consolidated and forming a single series with the outstanding W&C Securities.
13. SUBSTITUTION OF THE ISSUER OR THE GUARANTOR
13.1 W&C Securities issued by BNPP or BNPP B.V.
Except in the case of U.S. Securities, the Issuer, or any previous substituted company may, at any time, without the consent of the Holders, substitute for itself as principal obligor under the W&C Securities any company (the "Substitute"), being the Issuer or any other company, subject to:
(a) where the Issuer is BNPP B.V. and the Substitute is not BNPP, BNPP unconditionally and irrevocably guaranteeing in favour of each Holder the performance of all obligations by the Substitute under the W&C Securities;
(b) all actions, conditions and things required to be taken, fulfilled and done to ensure that the W&C Securities represent legal, valid and binding obligations of the Substitute having been taken, fulfilled and done and being in full force and effect;
(c) the Substitute becoming party to the Agency Agreement (unless the Substitute is already a party to the Agency Agreement) with any appropriate consequential amendments, as if it had been an original party to it;
(d) each stock exchange on which the W&C Securities are listed having confirmed that, following the proposed substitution of the Substitute, the W&C Securities will continue to be listed on such stock exchange and in the case of Swedish Dematerialised Securities, Euroclear Sweden, or in the case of Finnish Dematerialised Securities, Euroclear Finland, has consented to such substitution (such consent not to be unreasonably withheld or delayed);
(e) if appropriate, the Substitute having appointed a process agent as its agent in England (in the case of English Law Securities) or France (in the case of French Law Securities) to receive service of process on its behalf in relation to any legal action or proceedings arising out of or in connection with the W&C Securities; and
(f) the Issuer having given at least 30 days' prior notice of the date of such substitution to the Holders in accordance with Condition 10.
13.2 W&C Securities issued by BNPP B.V.
Except in the case of U.S. Securities, where the Issuer is BNPP B.V., BNPP or any previous substituted company may, at any time, without the consent of the Holders, substitute for itself as guarantor in respect of the W&C Securities any company (the "Substitute BNPP Guarantor"), being BNPP or any other company, subject to:
(a) the creditworthiness of the Substitute BNPP Guarantor at such time being at least equal to the creditworthiness of BNPP (or of any previous substitute under this Condition), as determined by the Calculation Agent in its sole and absolute discretion by reference to, inter alia, the long term senior debt ratings (if any) assigned by Standard & Poor's Ratings Services, a division of The McGraw-Xxxx Companies, Inc. and/or Moody's Investors Service Ltd. and/or Fitch Ratings Limited, or any successor rating agency or agencies thereto, or such other rating agency as the Calculation Agent determines to the Substitute BNPP Guarantor or, as the case may be, to BNPP (or to any previous substitute under this Condition);
(b) the Substitute BNPP Guarantor having entered into a guarantee (the "Substitute BNPP Guarantee") in respect of the W&C Securities in substantially the same form as the relevant BNPP Guarantee and such other documents (if any) as may be necessary to give full effect to the substitution (the "Documents") and (without limiting the generality of the foregoing) pursuant to which the Substitute BNPP Guarantor shall undertake in favour of each Holder to be bound by these Terms and Conditions and the provisions of the Agency Agreement as fully as if the Substitute BNPP Guarantor had been named in these Terms and Conditions, the Documents and the Agency Agreement as the guarantor in respect of the W&C Securities in place of BNPP (or of any previous substitute under this Condition);
(c) the Substitute BNPP Guarantee and the Documents having been delivered to BNP Paribas Securities Services, Luxembourg Branch to be held by BNP Paribas Securities Services, Luxembourg Branch for so long as any W&C Securities remain, in the case of Warrants, unexercised or, in the case of Certificates, outstanding and for so long as any claim made against the Substitute BNPP Guarantor or the Issuer by any Holder in relation to the W&C Securities, the Substitute BNPP Guarantee or the Documents shall not have been finally adjudicated, settled or discharged;
(d) each stock exchange on which the W&C Securities are listed having confirmed that following the proposed substitution of the Substitute BNPP Guarantor (or of any previous substitute under this Condition) it will continue to list the W&C Securities and in the case of Swedish Dematerialised Securities, Euroclear Sweden, or in the case of Finnish Dematerialised Securities, Euroclear Finland, has consented to such substitution (such consent not to be unreasonably withheld or delayed);