Company: HBCYF
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001193125-25-117014
Chunk: 38

Company: HSBC HOLDINGS PLC
Filing Date: 2025-05-12
Form: 424B5
Chunk 38
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 non-payment of any amount that has become due and payable under the Notes is, subject to certain conditions and to the provisions described in
“Description of Debt Securities—Senior Debt Securities—Defaults and Events of Default”in the accompanying prospectus (including your right to institute suit for the enforcement of any payment of the principal of,
or interest on, the Notes on or after the due dates thereof), for the trustee, in accordance with the Indenture, to institute proceedings in England (or such other jurisdiction 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 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 become fully or partially
ineligible to meet our or the HSBC Group’s minimum requirements for eligible liabilities and/or loss absorbing capacity instruments could trigger a Loss Absorption Disqualification Event (as defined under “Description of the Notes—Redemption—Redemption upon Loss Absorption Disqualification Event”). 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

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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