Company: HBCYF
Filing Date: 2025-06-02
Form Type: 424B5
Source: 0001193125-25-132352
Chunk: 78

Company: HSBC HOLDINGS PLC
Filing Date: 2025-06-02
Form: 424B5
Chunk 78
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 half of 2027. As noted above, the BoE also published a consultation paper in October 2024 proposing amendments to its MREL statement of policy to restate and modify certain UK CRR TLAC provisions. According to the
consultation paper, these restated and modified provisions of UK CRR are expected to come into force on 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 “—We may issue securities senior to, or pari passu with, the Securities or the Conversion Shares” above). 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 securityholders, which could be material to the rights of securityholders and/or our ability to satisfy our obligations under the Securities.

Moreover, certain requirements of the Relevant Rules form the basis for the structuring of the Securities. These requirements may cease to
apply in the UK in its current form, including as a result of the implementation of prudential requirements based on Basel 3.1 in the UK, which may result in some changes to UK prudential requirements. This may affect the regulatory capital
treatment of the Securities, which could trigger a Capital Disqualification Event, and may reduce the liquidity of the Securities while ongoing uncertainty exists.

Such legislative and regulatory uncertainty could also affect the liquidity of the Securities and/or your ability to accurately value them,
and, therefore, affect the trading price of the Securities given the extent and impact on the Securities that one or more regulatory or legislative changes, including those described under “—Risks Relating to the Securities—The circumstances under which the relevant UK resolution authority would exercise its UK bail-inpower or other resolution tools under the Banking Act or future legislative or regulatory proposals