Enhancements to MAS’ Regulatory Framework To Facilitate Dual Listings on the Singapore Exchange

The Monetary Authority of Singapore (MAS) has issued its response to a public consultation on proposed amendments to the Securities and Futures Act 2001 (SFA). These changes are designed to facilitate dual listing arrangements on the Singapore Exchange (SGX), specifically supporting the implementation of the Global Listing Board (GLB), a partnership between SGX and Nasdaq, and paving the way for similar collaborations in the future.

Market participants and respondents to the consultation strongly supported the objective of minimising friction and streamlining the initial public offering (IPO) journey for dual listings. They suggested additional ways to harmonise regulatory requirements, particularly in investor outreach efforts, prospectus registration timing and process, and facilitating post-listing activities in Singapore. MAS has incorporated these suggestions where feasible.

Under the new harmonised rules and processes, Global Listing Board (GLB) issuers will be able to prepare a single set of offering documents to simultaneously list on both SGX and Nasdaq. They will also be allowed to conduct pre-marketing outreach with accredited and institutional investors in Singapore prior to the lodgement of the preliminary prospectus. This early engagement allows GLB issuers to gauge market interest at an earlier stage in the IPO process, subject to safeguards.

The proposed regulatory framework will also permit safe harbours for GLB issuers that facilitate the publishing of forward-looking statements, the undertaking of share repurchases and the execution of pre-determined trades. These safe harbours can be used as a defence against specified market misconduct provisions under the SFA for trading activities in both markets.

Additionally, respondents supported proposed amendments that will apply to all offers made in conjunction with a listing on SGX, including those on the GLB. MAS will proceed with these amendments.

Further details of the enhancements to the regulatory framework can be found in MAS' response paper. SGX RegCo has also responded to its consultation paper dated 30 April 2026 on the listing rule book for the GLB.