The Monetary Authority of Singapore (MAS) has announced enhancements to its regulatory framework to facilitate dual listings on the Singapore Exchange (SGX). The changes, revealed on 30 April 2026, follow a public consultation on amendments to the Securities and Futures Act 2001. These amendments support the Global Listing Board (GLB), a collaboration between SGX and Nasdaq, and aim to simplify the initial public offering (IPO) process for dual listings.
Respondents to the consultation expressed strong support for reducing friction in the IPO journey. Suggestions included harmonising regulatory requirements, particularly in investor outreach, prospectus registration timing, and post-listing activities. MAS has incorporated feasible suggestions into the new framework.
Under the updated rules, GLB issuers can prepare a single set of offering documents for simultaneous listing on SGX and Nasdaq. They are also permitted to conduct pre-marketing outreach with accredited and institutional investors in Singapore before lodging the preliminary prospectus. This early engagement allows issuers to assess market interest earlier in the IPO process.
The framework introduces safe harbours for GLB issuers, facilitating forward-looking statements, share repurchases, and pre-determined trades. These safe harbours serve as a defence against specified market misconduct provisions under the Securities and Futures Act for trading activities in both markets.
MAS will proceed with the proposed amendments, which apply to all offers made in conjunction with an SGX listing, including those on the GLB. Further details are available in MAS’ response paper, and SGX RegCo has also issued a response to its consultation paper on the GLB listing rules.
