Company: HBCYF
Filing Date: 2025-02-27
Form Type: 424B5
Source: 0001193125-25-039401
Chunk: 48

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-27
Form: 424B5
Chunk 48
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 addition to institution-specific requirements imposed by the BoE 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 government
passed secondary legislation revoking Article 92b of UK CRR. This provision came into force on January 1, 2024. The BoE 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. As mentioned in “Other changes in law may adversely affect your rights as a noteholder”above, the BoE 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. Separately, in January 2025 the PRA announced a delay to the implementation of the Basel 3.1 package until January 1, 2027 (see “—Other changes in law may adversely affect your rights as a noteholder” above). Any
further regulatory developments in this area may in turn impact our ability to make interest payments on the Notes.

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, including secured debt. The Notes will be effectively subordinated to any indebtedness or other liabilities of our subsidiaries (see
“—Risks Relating to the Notes—Our holding company