Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 75

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 75
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 may entitle us to redeem the Securities, in whole (but
not in part). See “—Risks Relating to the Securities—We may redeem the Securities for certain tax or regulatory reasons or during any Optional Redemption Period” and “Description of the Securities—
Redemption—Special Event Redemption.”

S-47

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
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 1, 2024, known as “assimilated law”) related to financial services
(including the UK CRR) and replace such assimilated law with a new UK legislative framework. Certain parts of the UK CRR have already been replaced with PRA rules, and in September 2024, HM Treasury confirmed its intention to revoke and replace the
remaining provisions of UK CRR. The PRA subsequently published consultation papers CP8/24 and CP13/24 in September and October 2024, which contained the PRA’s proposals for the restatement and modification of the remaining provisions of UK CRR.
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