Company: HBCYF
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001193125-25-261738
Chunk: 41

Company: HSBC HOLDINGS PLC
Filing Date: 2025-11-03
Form: 424B5
Chunk 41
---
/24 and certain
parts of CP13/24. The rules governing the restatement and modification of the definition of capital, the mapping of external ratings to credit quality steps and changes to the PRA’s supervisory expectations around securitizations will come
into effect on January 1, 2026, with the full replacement of the remaining provisions of UK CRR (covered by CP13/24 and CP19/25) subject to further policy statements whose implementation is expected to coincide with that of the Basel 3.1
package, scheduled to be introduced on January 1, 2027 (this date having been delayed by the PRA from January 1, 2026). Separately, on July 15, 2025, the PRA published a consultation on delaying the introduction of the new internal
model approach within Basel 3.1 until January 1, 2028 (see “—We may issue securities pari passu with the Notes and/or secured debt” below). Following a consultation paper published in October 2024, the BoE published an
updated version of its statement of policy on its approach to setting minimum requirements for own funds and eligible liabilities (“MREL”) on July 15, 2025, which restated and modified certain UK CRR TLAC provisions. The amended
MREL statement of policy will come into effect on January 1, 2026. 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 changes to legislation or regulatory
rulemaking or the ultimate consequences of any such changes to the HSBC Group or the noteholders, which could be material to the rights of noteholders and/or our ability to satisfy our obligations under the Notes.

Such legislative and regulatory uncertainty could also affect the liquidity of the Notes and/or your ability to accurately value them, and,
therefore, affect the trading price of the Notes given the extent and impact on the Notes