Company: HBCYF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-195127
Chunk: 36

Company: HSBC HOLDINGS PLC
Filing Date: 2025-09-04
Form: 424B5
Chunk 36
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/24 and
CP13/24 in September and October 2024 and CP19/25 in July 2025, which contained the PRA’s proposals for the restatement and modification of the remaining provisions of UK CRR. On July 17, 2025, the PRA published policy statement PS12/25,
which contains the final policy in relation to CP8/24 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

S-25

approach within Basel 3.1 until January 1, 2028 (see “—We may issue securities pari passu with the Notes” 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