Singapore, 9 January 2026… The Monetary Authority of Singapore (MAS) is seeking feedback on proposed amendments to the Securities and Futures Act 2001 (SFA) and draft regulations to facilitate dual listings on the Global Listing Board (GLB). The GLB, to be set up for the purpose of dual listings on SGX and Nasdaq, was announced on 19 November 2025. The proposed amendments aim to minimise friction for dual listings in three ways – to enable the use of a single prospectus; to align initial public offering (IPO) timelines between the U.S. and Singapore; and to permit issuers to conduct certain activities in a manner similar to practices in the U.S., such as when making forward-looking statements.
2. The regulations will streamline the listing process for issuers seeking a dual listing on the Global Listing Board.
a. The use of a single set of offer documents will be facilitated by requiring that the Singapore prospectus contains information that is in line with that already required for listing in the U.S.
b. Alignment of the IPO timeline between the U.S. and Singapore will be facilitated by shortening the registration process in Singapore.
3. The regulations will also include safe harbour provisions in line with practices in the U.S. market to facilitate the publishing of forward-looking statements, the undertaking of share repurchases and the execution of pre-determined trades. These safe harbours do not provide a valid defence against fraud or dishonesty and will only apply if certain conditions are met.
4. The proposed amendments to the SFA provide MAS with the flexibility to, should future opportunities arise, adopt a similar streamlined regulatory framework for dual listings from jurisdictions that have disclosure requirements that are comparable to and in line with international disclosure standards.
5. Aside from the above, MAS is proposing other amendments to facilitate the offering process for all listings. The key amendment is to permit issuers to engage retail investors earlier in the IPO process. This will support bookbuilding efforts, as well as give investors more time to familiarise themselves with the issuers and their intended offers. Specifically for issuers seeking a dual listing on the Global Listing Board, the proposal will allow them to align the timing of their engagement with retail investors in both the U.S. and Singapore.
6. MAS and SGX will make the final decision on all listings and prospectus registrations in Singapore. MAS will also continue to work with the relevant authorities in Singapore to investigate and take action against breaches of disclosure requirements and market misconduct occurring in Singapore under the SFA.
7. SGX RegCo has issued a consultation paper dated 9 January 2026 to seek feedback on the listing rule book for the Global Listing Board.
8. MAS invites views and suggestions from interested parties on the proposals set out in the consultation paper which is available here . Comments may be submitted via the FormSG link by 8 February 2026.
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