Company: HBCYF
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001193125-25-261738
Chunk: 44

Company: HSBC HOLDINGS PLC
Filing Date: 2025-11-03
Form: 424B5
Chunk 44
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 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.

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As mentioned in “Other changes in law may adversely affect your rights as a noteholder” above, the BoE subsequently issued an updated version of its MREL statement of policy
which restated certain UK CRR TLAC provisions (with certain modifications). The updated MREL statement of policy will 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, and on July 15, 2025, a consultation was published on a possible further delay until January 1, 2028 of provisions within the Basel 3.1 package concerning a new internal model approach for
market risk (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 structure may mean that our rights to participate in assets of any of our subsidiaries upon its