January 20, 2015
Willkie advises the first funding agency owned by local governments in France.
Agence France Locale, the first funding agency 100% owned by local governments and dedicated to their financing in France, obtained the banking license required to start its operations from the French banking authority (ACPR).
Less than one year after Agence France Locale’s creation and incorporation in December 2013, the French banking regulator officially granted Agence France Locale its license as a specialized credit institution. The agency has already acquired 78 members.
Willkie advised Agence France Locale on all the legal aspects of the project from the establishment of the agency to its operational launch including its structuring, the drafting of the legal corpus governing its operations and of the mechanisms by which new local governments can become members. Willkie also advised Agence France Locale in its relationship with the French banking authority and the European Commission.
Agence France Locale facilitates the financing by local governments of their investments through diversified sources. It will soon launch its inaugural bond issue and make its first loans to its members shortly thereafter. Agence France Locale aims to achieve a market share of 25% of local governments seeking funding alternatives.
Willkie represented Agence France Locale with a team led by Partner Thierry Laloum with Anne-Laure Barel and Alexis Grisoni advising on public law aspects, National Partner Gabriel Flandin, Basma Paradin and Liza Scemama advising on corporate and regulatory aspects, Special European Counsel Michael Armandou advising on financing aspects and Partner Jacques-Philippe Gunther, Dounia Ababou and Maxime de l’Estang advising on antitrust aspects.
