In a parliamentary second reading speech, the Monetary Authority of Singapore outlined the Securities and Futures Amendment Bill, which would create a framework for concurrent listings on Singapore Exchange (SGX) and eligible overseas exchanges, starting with the planned Global Listing Board link with Nasdaq. The proposed changes are designed to let issuers raise capital across both markets through a more harmonised process, including the use of one prospectus and aligned listing requirements, while preserving Singapore's enforcement powers and investor recourse. A new Part 13A of the Securities and Futures Act would set criteria for eligible dual listing partnerships and empower MAS to modify selected offer related and market misconduct provisions where the overseas market offers broader liquidity and operates under securities laws consistent with International Organisation of Securities Commissions standards. For the Global Listing Board, MAS said it would incorporate applicable U.S. prospectus disclosure requirements, align Singapore's listing timeline with the U.S. prospectus registration process, and adopt U.S. safe harbours for genuine post listing practices such as forward looking statements, without shielding fraud or dishonest conduct. Separate amendments applying to all Singapore listings would allow retail investor engagement using preliminary prospectuses subject to safeguards, and clarify that in depositary receipt offerings the issuer of the underlying shares, rather than the depositary, must lodge the prospectus for registration.
Monetary Authority of Singapore 2026-05-07
Monetary Authority of Singapore proposes SGX dual listing framework with single prospectus and aligned rules
The Monetary Authority of Singapore has outlined the Securities and Futures Amendment Bill to enable concurrent listings on Singapore Exchange and eligible overseas exchanges, initially supporting the planned Global Listing Board link with Nasdaq. The Bill would introduce a new Part 13A to set criteria for dual listing partnerships, allow modification of selected offer and market misconduct provisions where overseas markets meet IOSCO standards, and align prospectus, timeline and safe harbour arrangements with U.S. requirements. It would also permit retail investor engagement using preliminary prospectuses subject to safeguards and clarify that, for depositary receipt offerings, the issuer of the underlying shares must lodge the prospectus.