HSBC France â¬ 20,000,000,000 Euro Medium Term Note Programme

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12 Selling Restrictions: There are restrictions on the offer and sale of Notes and the distribution of offering material in various jurisdictions. See "Subscription and Sale". In connection with the offering and sale of a particular Tranche, additional selling restrictions may be imposed which will be set out in the relevant Final Terms. The Issuer is Category 2 for the purposes of Regulation S under the United States Securities Act of 1933, as amended. Materialised Notes will be issued in compliance with U.S. Treas. Reg. §1.163- 5(c)(2)(i)(D) (the "D Rules") unless (i) the relevant Final Terms states that such Materialised Notes are issued in compliance with U.S. Treas. Reg. §1.163-5(c)(2)(i)(C) (the "C Rules") or (ii) such Materialised Notes are issued other than in compliance with the D Rules or the C Rules but in circumstances in which the Notes will not constitute "registration required obligations" under the United States Tax Equity and Fiscal Responsibility Act of 1982 ("TEFRA"), which circumstances will be referred to in the relevant Final Terms as a transaction to which TEFRA is not applicable. Dematerialised Notes do not require compliance with the TEFRA Rules. Risk factors: Risk factors relating to the Issuer and its activities There are a number of factors which could cause the Issuer’s actual results to differ, in some instances materially, from those anticipated. The factors set out below should not be regarded as a complete and comprehensive statement of all potential risks and uncertainties which face the Issuer’s businesses. Changes in general economic conditions in the markets in which the Issuer operates, include changes in foreign exchange rates, volatility in interest rates, volatility in equity markets, lack of liquidity in wholesale funding markets in periods of economic or political crisis, illiquidity and downward price pressure in France and eurozone real estate markets, particularly consumer-owned real estate markets, recessions and employment fluctuations and consumer perception as to the continuing availability of credit, and price competition in the market segments served by the Issuer. The three main structural risks in relation to interest rate, exchange rate and liquidity exposure (excluding trading exposure) are structural foreign exchange exposure, structural liquidity exposure, and structural interest rate exposure. Changes in governmental policy and regulation are described in the Risk Factors. Factors specific to the Issuer include the success of the Issuer in adequately identifying the risks it faces, such as the incidence of loan losses or delinquency, and managing those risks. Effective risk management depends on, among other things, the Issuer’s ability through stress testing and other techniques to prepare for events that cannot be captured by the statistical models it uses. Risk factors relating to the Notes There are certain additional factors which are material for the purpose of assessing the risks related to the Notes issued under the Programme including the following: (i) Investment risks. The Notes may not be a suitable investment for all investors. Prospective investors should understand the risks of investing in any type of Note before they make their investment decision.
13 (ii) (iii) (iv) Risks related to the structure of a particular issue of Notes. Risks related to the Notes generally. Risks related to the market generally including liquidity risk, exchange rate risk, interest rate risk and credit risk. Please see "Risk Factors" below for further details. Available information: So long as Notes are capable of being issued under the Programme, copies of documents relating to the Issuer (notably statuts and financial statements), this Base Prospectus together with all supplements thereto from time to time and the Final Terms related to Notes listed and admitted to trading on a Regulated Market of the EEA and/or offered to the public in a Member State of the EEA, in each case in accordance with the Prospectus Directive, and the Agency Agreement will, when published, be available during usual business hours on any weekday (Saturdays, Sundays and public holidays excepted), at the registered office of the Issuer and at the specified office of the Paying Agent(s). The Base Prospectus together with all supplements thereto from time to time and the Final Terms related to Notes listed and admitted to trading on a Regulated Market of the EEA and/or offered to the public in a Member State of the EEA, in each case in accordance with the Prospectus Directive will be available on the website of the Issuer (www.hsbc.fr) and on the website of the Luxembourg Stock Exchange (www.bourse.lu).
Page 1 and 2: Base Prospectus dated 21 October 20
Page 3 and 4: 3 the basis of any credit or other
Page 5 and 6: 5 PERSON RESPONSIBLE FOR THE INFORM
Page 7 and 8: 7 Personal Financial Services: The
Page 9 and 10: 9 required from time to time in rel
Page 11: 11 in the third stage (or any furth
Page 15 and 16: 15 domaine de la clientèle particu
Page 17 and 18: 17 Européen ("EEE") dans des circo
Page 19 and 20: 19 un indice et/ou une formule et l
Page 21 and 22: 21 économique, une absence de liqu
Page 23 and 24: 23 Guarantees received and other cr
Page 25 and 26: 25 Other securities Debt securities
Page 27 and 28: 27 New allowances 9 17 14 (Release)
Page 29 and 30: 29 Product Control Within HSBC Fran
Page 31 and 32: 31 50,00 40,00 30,00 20,00 10,00 -
Page 33 and 34: 33 Foreign exchange risk 3.4 3.4 5.
Page 35 and 36: 35 Loan loss provisions At 30 June
Page 37 and 38: 37 in 2007: business operations inc
Page 39 and 40: 39 INSURANCE AND RISK COVERAGE HSBC
Page 41 and 42: 41 (viii) if a Relevant Factor is s
Page 43 and 44: 43 Set out below is a brief descrip
Page 45 and 46: 45 DOCUMENTS INCORPORATED BY REFERE
Page 47 and 48: 47 - Income statement 2006 Annual R
Page 49 and 50: 49 GENERAL DESCRIPTION OF THE PROGR
Page 51 and 52: 51 Redemption by Instalments: Early
Page 53 and 54: 53 Listing and admission to trading
Page 55 and 56: 55 document of title (including cer
Page 57 and 58: 57 "Treaty") or events have occurre
Page 59 and 60: 59 the Issuer in connection with th
Page 61 and 62: 61 · this number shall be increase
Page 63 and 64:
63 "M1" is the calendar month, expr
Page 65 and 66:
65 "Specified Currency" means the c
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67 (iii) Screen Rate Determination
Page 69 and 70:
69 may be. Such notice shall be giv
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71 (m) Calculation Agent and Refere
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73 In the case of a partial redempt
Page 75 and 76:
75 (f) Redemption for Taxation Reas
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77 order of the Noteholder in accor
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79 admitted to trading) (iv) in the
Page 81 and 82:
81 Redemption Amounts, Optional Red
Page 83 and 84:
83 "Early Closure" means the closur
Page 85 and 86:
85 "Physical Settlement Date" means
Page 87 and 88:
87 "Strike Date" means the date spe
Page 89 and 90:
89 Time on the relevant Exchange on
Page 91 and 92:
91 Disrupted Day, and (ii) the Calc
Page 93 and 94:
93 "Scheduled Valuation Date" means
Page 95 and 96:
95 (ii) relates to a Basket of Indi
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97 ends at the relevant Valuation T
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99 Security or, as the case may be,
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101 to" the Automatic Early Redempt
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103 Calculation Agent in its sole a
Page 105 and 106:
105 Noteholder (all as calculated b
Page 107 and 108:
107 (a) Each of the following terms
Page 109 and 110:
109 "EMU Event" means the occurrenc
Page 111 and 112:
111 13. Representation of Noteholde
Page 113 and 114:
113 General Meetings may deliberate
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115 in the city/ies where the Regul
Page 117 and 118:
117 TEMPORARY GLOBAL CERTIFICATES I
Page 119 and 120:
119 RECENT DEVELOPMENTS As principa
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121 Individuals Luxembourg resident
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123 [Include the following legend w
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125 7. [(i)] Issue Date: [=] admitt
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127 (viii) Party responsible for ca
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129 (vi) Interest or Calculation Pe
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131 22. Noteholder's optional redem
Page 133 and 134:
133 26. Financial Centre(s) or othe
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135 (xiv) Corrections to published
Page 137 and 138:
137 (ix) (x) (xi) (xii) Knock-in Pe
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139 (xxvi) Exchange Rate: [Not Appl
Page 141 and 142:
141 PART B - OTHER INFORMATION 1. R
Page 143 and 144:
143 Specify other information menti
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145 12. [Dual Currency Notes only -
Page 147 and 148:
147 Common Code: [=] Depositaries:
Page 149 and 150:
commitment basis, and entities agre
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151 provided that any such prospect
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153 France Each of the Dealers and
Page 155 and 156:
155 (ii) Private placement in Italy
Page 157 and 158:
157 GENERAL INFORMATION (1) This Ba
Page 159 and 160:
159 (11) The statutory auditors of
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HSBC France â¬ 20,000,000,000 Euro Medium Term Note Programme

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HSBC France â¬ 20,000,000,000 Euro Medium Term Note Programme