The Monetary Authority of Singapore (MAS) has introduced amendments to the Securities and Futures Act 2001 to support a proposed Global Listing Board (GLB) to be established by Singapore Exchange Securities Trading and the Nasdaq Stock Market, enabling issuers to list on both exchanges under a streamlined regulatory framework. MAS noted the Bill also provides flexibility to adopt a similar framework for future dual listing arrangements with other overseas exchanges, and that it has already consulted on the key amendments and incorporated feedback where appropriate. The Bill creates a new Part 13A empowering MAS to prescribe an overseas exchange as a “prescribed overseas exchange” and a SGX-led dual listing board as a “prescribed DLB”, and to make regulations that replace, modify or disapply specified Securities and Futures Act provisions for that DLB. This includes offer-related provisions to facilitate a single set of offer documents and align offering processes, and market misconduct provisions to provide certain foreign-jurisdiction safe harbours while clarifying these do not provide a defence against fraud or dishonesty; the powers are subject to safeguards and minimum standards, including criteria such as enhanced access to liquidity and international investors and a jurisdiction’s alignment with international standards on disclosure, enforcement and regulatory co-operation. Separate amendments applying generally to offers would allow issuers to market to retail investors using a preliminary prospectus (subject to limits, required disclosures and notification efforts when the final prospectus is ready) and would require the issuer of the underlying securities, rather than the depositary, to register the prospectus for offers of sponsored depositary receipts.
Monetary Authority of Singapore 2026-04-07
Monetary Authority of Singapore moves Bill to enable a streamlined dual listing board regime for SGX and Nasdaq
The Monetary Authority of Singapore has amended the Securities and Futures Act 2001 to support the proposed Global Listing Board by Singapore Exchange Securities Trading and Nasdaq, enabling dual listings under a streamlined framework and similar arrangements with other overseas exchanges. A new Part 13A empowers MAS to designate “prescribed overseas exchanges” and “prescribed dual listing boards” and to adjust Act provisions for such boards, subject to safeguards on liquidity, investor access and regulatory alignment. The Bill also allows retail marketing using a preliminary prospectus under specified conditions and requires the issuer, rather than the depositary, to register the prospectus for offers of sponsored depositary receipts.