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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 provisionsA safe harbour is a legal defence to liability, provided that a specific set of conditions are met. With the incorporation of the safe harbours, issuers on the Global Listing Board will be able to conduct these activities without being exposed to criminal or civil liability under the SFA. 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 standardsThis refers to the “International Disclosure Standards for Cross-Border Offerings and Initial Listings by Foreign Issuers” issued by the International Organization of Securities Commissions..

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 BoardPlease refer to SGX RegCo’s website for the consultation paper at: https://regco.sgx.com/regco/public-consultations/20260109-consultation-paper-introduction-new-sgx-global-listing-board . .