HSBC, a public limited company incorporated under the laws of England and Wales (“Issuer” or “Company”), has filed an application with the Securities and Exchange Commission (“Commission”), pursuant to section 12(d) of the Securities Exchange Act of 1934 (“Act”)  and Rule 12d2-2d(d) thereunder, to withdraw its $500m 7.625% Subordinated Notes (due June 15, 2006) and $300m 6.95% Subordinated Notes (due March 15, 2011) (together, the “Debt Securities”), from listing and registration on the New York Stock Exchange, Inc. (“NYSE” or “Exchange”).
The Issuer stated in its application that is has complied with all applicable laws in effect in the state of California, in which it is incorporated, and with the NYSE's rules governing an issuer's voluntary withdrawal of a security from listing and registration. The Issuer's application relates solely to the Security's withdrawal from listing on the NYSE and from registration under section 12(d) of the Act  and shall not affect its obligation to be registered under section 12(g) of the Act.
The Board of Directors (“Board”) of the Issuer approved a resolution on November 27, 2002 to withdraw the Issuer's Debt Securities from listing on the NYSE. In making the decision to withdraw its Debt Securities from the NYSE, the Board states that it intends to withdraw its Debt Securities from listing on the NYSE as they are not widely held in the United States and the ongoing burdens associated with maintaining the listing are considered onerous and of little benefit to investors. In addition, the Board states that it intends to consolidate, as far as possible, the listings of all its debt securities on a single stock exchange and be subject to the ongoing reporting requirements of that exchange. All the terms and conditions of the Debt Securities will remain unchanged. The Company intends to list the Debt Securities on the London Stock Exchange (the “LSE”) and they are expected to begin trading on December 20, 2002.
Any interested person may, on or before January 21, 2003 submit by letter to the Secretary of the Securities and Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549-0609, facts bearing upon whether the application has been made in accordance with the rules of the NYSE and what terms, if any, should be imposed by the Commission for the protection of investors. The Commission, based on the information submitted to it, will issue an order granting the application after the date mentioned above, unless the Commission determines to order a hearing on the matter.
For the Commission, by the Division of Market Regulation, pursuant to delegated authority.Start Signature
Jonathan G. Katz,
[FR Doc. 02-33117 Filed 12-31-02; 8:45 am]
BILLING CODE 8010-01-M