Company: HBCYF
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001193125-25-261738
Chunk: 40

Company: HSBC HOLDINGS PLC
Filing Date: 2025-11-03
Form: 424B5
Chunk 40
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 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 own funds and eligible liabilities and/or loss absorbing capacity 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

S-27

(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 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, publishing a policy update on its legislative approach and draft regulations in July 2025. The PRA published consultation papers CP8/24 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