Monetary Authority of Singapore consults on Securities and Futures Act changes and safe harbours to streamline SGX-Nasdaq Global Listing Board dual listings

The Monetary Authority of Singapore has launched a consultation on proposed amendments to the Securities and Futures Act 2001 (SFA) and draft regulations intended to facilitate dual listings on the planned Global Listing Board (GLB), a SGX-Nasdaq initiative aimed at issuers with market capitalisation of at least SGD 2 billion. The proposals are designed to reduce friction by enabling the use of a single prospectus and aligning initial public offering timelines between the U.S. and Singapore, including by shortening Singapore’s registration process and requiring the Singapore prospectus to include information in line with what is already required for a U.S. listing. Draft regulations would also introduce SFA safe harbour defences, subject to conditions, for activities aligned with U.S. market practice, including publishing forward-looking statements, undertaking share repurchases and executing pre-determined trades, while excluding fraud or dishonesty. Separate SFA amendments would allow MAS to adopt a similar streamlined framework for dual listings from other jurisdictions with disclosure requirements comparable to international disclosure standards, and would permit earlier retail investor engagement in the IPO process for all listings, including to align retail engagement timing across the U.S. and Singapore for GLB candidates; MAS and SGX would retain final decision-making on listings and prospectus registrations in Singapore. Comments on the MAS consultation are due by 8 February 2026, and SGX RegCo has issued a parallel consultation on the GLB listing rule book.