Company: HBCYF
Filing Date: 2025-06-02
Form Type: 424B5
Source: 0001193125-25-132352
Chunk: 77

Company: HSBC HOLDINGS PLC
Filing Date: 2025-06-02
Form: 424B5
Chunk 77
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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 (other than as a consequence of an Automatic Conversion), could trigger a Capital
Disqualification Event (as defined under

S-46

“Description of the Securities—Redemption—Special 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 (as defined under “Description of the Securities—Redemption—Special Event Redemption”) that also may entitle us to redeem the Securities, in whole (but not in part). See
“—Risks Relating to the Securities—We may redeem the Securities for certain tax or regulatory reasons or during any Optional Redemption Period” and “Description of the Securities—
Redemption—Special Event Redemption.”

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. 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. Rules governing the definition of capital subject to consultation in CP8/24 are expected to be implemented in the first half of 2026, and the full replacement of the remaining provisions of UK CRR (covered by CP13/24)
is expected by the first