Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 197

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 197
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 MPF intermediaries whereas the HKMA, the IA and the SFC are the front- line regulators of the MPF intermediaries. The Financial Institutions (Resolution) Ordinance established the legal basis for a cross-sector resolution regime in Hong Kong under which the HKMA is the resolution authority for banking sector entities, including all authorised institutions. The HKMA is also designated as the lead resolution authority for the cross-sectoral groups in Hong Kong that include banking sector entities within the scope of the Financial Institutions (Resolution) Ordinance (‘FIRO‘). The HKMA’s function as a resolution authority is supported by the Resolution Office within the HKMA. The Resolution Office is operationally independent and has a direct reporting line to the chief executive of the HKMA. In order for resolution to be both feasible and credible, the HKMA requires authorised institutions to be organised and managed at all times in a way that facilitates the effective use of the resolution powers in the event of their failure or likely failure. The HKMA has set resolution standards with which authorised institutions need to comply in order to inform resolution planning and remove impediments to resolvability. Those standards cover the periodic submission of core information to the Resolution Office, loss- absorbing capacity, liquidity and funding in resolution, operational

| 138 | HSBC Holdings plcAnnual Report on Form 20-F |

Other information

continuity in resolution, the contractual recognition of the suspension of termination rights, and continuity of access to financial market infrastructure services. US regulation and supervision The Group is subject to federal and state supervision and regulation in the US. Banking laws and regulations of the Federal Reserve Board (the ‘FRB’), the Office of the Comptroller of the Currency (the ‘OCC’) and the Federal Deposit Insurance Corporation (the ‘FDIC’) (collectively, the ‘US banking regulators’) govern various aspects of our US business. HSBC Bank USA, N.A. (‘HSBC Bank USA’) is subject to direct supervision and regulation by the Consumer Financial Protection Bureau (‘CFPB’), which has the authority to examine and take enforcement action related to compliance with US federal consumer financial laws and regulations. HSBC Bank USA’s derivative activities are subject to supervision and regulation by the Securities and Exchange Commission (‘SEC’) and Commodity Futures Trading Commission (‘CFTC’). The Group’s US securities broker/dealer and investment banking operations are also subject to ongoing supervision and regulation by SEC, the Financial Industry Regulatory Authority and other government agencies and self-regulatory organisations under US