Company: HBCYF
Filing Date: 2025-02-27
Form Type: 424B5
Source: 0001193125-25-039401
Chunk: 45

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-27
Form: 424B5
Chunk 45
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 BRRD was
implemented), UK and EU law have diverged with respect to certain

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aspects of recovery and resolution, as well as regulatory capital requirements, and may diverge further, particularly as a result of the enactment of the Financial Services and Markets Act 2023
on June 29, 2023, which gives HM Treasury powers to revoke EU-derived laws (known as “retained EU laws” or “REUL” before the end of 2023 and as of January 1, 2024, known as
“assimilated law”) related to financial services (including the UK CRR) and replace such assimilated law with a new UK legislative framework. Certain parts of the UK CRR have already been replaced with PRA rules, and in September
2024, HM Treasury confirmed its intention to revoke and replace the remaining provisions of UK CRR. The PRA subsequently published consultation papers CP8/24 and CP13/24 in September and October 2024, which contained the PRA’s proposals for the
restatement and modification of the remaining provisions of UK CRR. The BoE also published a consultation paper in October 2024 proposing amendments to its MREL statement of policy to restate and modify certain UK CRR TLAC provisions. According to
the consultation paper, these proposals are expected to come into effect on January
1, 2026 (as described further on pages 135 through 136 of the 2024 Form 20-F). Separately, in January 2025 the
PRA announced a delay to the implementation of the Basel 3.1 package until January 1, 2027 (see “—We may issue securities pari passu with the Notes and/or secured debt” below), which may have an impact on the
implementation of the abovementioned consultation papers. Furthermore, as of January 1, 2024, certain legal effects previously associated with REUL (now referred to as assimilated law) no longer apply, including the supremacy of REUL over other
types of conflicting domestic UK law, general principles of EU law (which informed REUL’s interpretation and application) and directly effective EU rights.

Such regulatory changes and the resulting actions taken to address them may include higher capital and additional loss absorbency requirements
and increased powers of competent authorities which together may have an adverse impact on the HSBC Group’s, and may therefore affect our, performance and financial condition. It is not possible to predict