The Monetary Authority of Singapore (MAS) has announced proposed amendments to the Securities and Futures Act 2001 and draft regulations to facilitate dual listings on the Global Listing Board (GLB). The GLB, a collaboration between Singapore Exchange (SGX) and Nasdaq, was unveiled in November 2025. The changes aim to simplify the dual listing process by allowing a single prospectus, aligning initial public offering (IPO) timelines between the US and Singapore, and permitting certain US-style practices.
The proposed regulations are designed to make the listing process more efficient for issuers seeking dual listings. Key measures include requiring the Singapore prospectus to align with US requirements and shortening the registration process in Singapore to match US IPO timelines. Additionally, safe harbour provisions will be introduced to facilitate forward-looking statements, share repurchases, and pre-determined trades, provided specific conditions are met.
MAS’s amendments also offer flexibility for adopting similar frameworks for jurisdictions with comparable disclosure standards. This initiative aims to enhance cross-border investment opportunities by providing companies with a market capitalisation of S$2b and above a streamlined pathway to access capital and liquidity across the US and Asia.
Furthermore, MAS proposes allowing issuers to engage retail investors earlier in the IPO process, supporting bookbuilding efforts and giving investors more time to understand offers. This change will enable issuers on the GLB to synchronise their engagement with retail investors in both the US and Singapore.
MAS and SGX will retain authority over all listings and prospectus registrations in Singapore, ensuring compliance with disclosure requirements and addressing market misconduct. Feedback on the proposals is invited until 8 February 2026.
