Company: HBCYF
Filing Date: 2025-06-02
Form Type: 424B5
Source: 0001193125-25-132352
Chunk: 75

Company: HSBC HOLDINGS PLC
Filing Date: 2025-06-02
Form: 424B5
Chunk 75
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 England under the Banking Act. On November 30, 2022, HM Treasury launched a consultation on the technical and legislative changes necessary to facilitate the PRA’s proposed
implementation of Basel 3.1 under CP16/22. The PRA has now published its near final rules following CP16/22 in PS17/23 and PS9/24. In addition to the Basel 3.1 related measures and other proposals, HM Treasury’s consultation included a proposal
to amend the internal MREL provisions in UK CRR to align this with the FSB TLAC requirements. Following this consultation, the UK

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government passed secondary legislation revoking Article 92b of UK CRR. This provision came into force on January 1, 2024. The Bank of England is no longer subject to the European
Union’s decision to apply a fixed internal TLAC requirement of 90% of (hypothetical) external TLAC and will be free to use its discretion to set internal TLAC within the range of 75-90%, consistent with
the FSB standards. In September 2024, HM Treasury published an update on the revocation of UK CRR, announcing the UK government’s intention to revoke the TLAC provisions of UK CRR. The Bank of England subsequently issued a consultation paper
which proposed restating certain UK CRR TLAC provisions (with certain modifications) into its MREL statement of policy. According to the consultation paper, these proposals are expected to come into effect from 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, which may have an impact on the implementation of the abovementioned consultation papers. Any further regulatory developments in this
area may in turn impact our ability to make interest payments on the Securities.

For more information on the requirements concerning
MREL/TLAC applicable to us, see pages 135 through 140 in the 2024 Form 20-F. Furthermore, the terms of the Indenture permit us (and our subsidiaries) to incur additional debt and the Securities will be effectively subordinated to any indebtedness or other liabilities of our
subsidiaries (see “—Risks Relating to the Securities—Our holding company structure may mean that our rights to participate