Company: HBCYF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-195127
Chunk: 35

Company: HSBC HOLDINGS PLC
Filing Date: 2025-09-04
Form: 424B5
Chunk 35
---
 in which we may be
organized, but not elsewhere) for our winding-up.

Other changes in law may adversely affect your rights as a noteholder.

Changes in law after the date hereof may affect your rights as a noteholder as well as the market value of the
Notes. Such changes in law may include changes in statutory, tax and regulatory regimes during the life of the Notes, which may have an adverse effect on an investment in the Notes. Moreover, any change in law or regulation that would cause the
Notes to cease to qualify in whole or in part as our regulatory capital or to be reclassified, in whole or in part, as a lower quality form of our regulatory capital, could trigger a Capital Disqualification Event (as defined under
“Description of the Notes—Redemption—Capital Disqualification Event Redemption”). In addition, any change in law or regulation that results in our having to pay Additional Amounts to you could constitute a tax event
that may entitle us to redeem the Notes in whole (but not in part) in our sole discretion as more particularly described under “—Risks Relating to the Notes—We may redeem the Notes at our option in certain situations”
below and “Description of Debt Securities—Redemption” in the accompanying prospectus.

In particular, the
UK’s withdrawal from the EU continues to create significant political, regulatory and macroeconomic uncertainty. For instance, while the UK’s withdrawal from the EU does not affect the validity of the Banking Act (through which BRRD was
implemented), UK and EU law have diverged with respect to certain 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, publishing a policy update on its legislative approach and draft regulations in July 2025. The PRA published consultation papers CP8