Singapore has introduced amendments to its Securities and Futures Act (SFA) to establish a new legislative framework for dual listings on the Singapore Exchange (SGX), as the city-state seeks to boost the competitiveness of its equities market and strengthen its standing as a global financial center.
The proposed changes will support the launch of the new Global Listing Board (GLB), a dual-listing platform linking SGX and Nasdaq that was announced jointly by the Monetary Authority of Singapore (MAS) and SGX in November last year.
Speaking in parliament, Minister for National Development and MAS Deputy Chairman Chee Hong Tat said the amendments aim to attract more quality listings by allowing issuers to raise capital more efficiently across Singapore and overseas markets.
“The dual listings framework and the GLB are parts of a broader strategic move to reinforce Singapore’s position as a leading financial center and a vibrant hub for capital market activities,” he said.
The GLB is designed to provide companies with a direct pathway to access capital across both exchanges using a single prospectus and harmonized listing requirements.
Chee said the new framework will reduce duplication and streamline regulatory requirements for companies seeking concurrent listings in Singapore and overseas markets.
Currently, firms pursuing dual listings often face overlapping disclosure rules, filing procedures and compliance requirements across jurisdictions, increasing costs and administrative burdens.
“In this context, ‘same-same but different’ is not as ideal as ‘exactly same-same’ because the former still increases compliance costs,” he said.
Under the proposed amendments, MAS will introduce a new Part 13A to the SFA to facilitate dual listing arrangements between SGX and eligible overseas exchanges.
The framework will allow MAS to align and modify certain regulatory requirements where appropriate while maintaining investor protection and enforcement standards.
According to Chee, the framework will only apply to exchanges in jurisdictions with securities laws aligned with international standards set by the International Organization of Securities Commissions (IOSCO), particularly in areas such as disclosure, regulatory cooperation and enforcement.
The Bill identifies three key areas where Singapore intends to streamline dual listing processes.
The first involves prospectus disclosures. Currently, issuers must prepare separate prospectuses to comply with disclosure requirements in multiple jurisdictions.
Under the new framework, MAS will be able to allow issuers to use a single set of offering documents for dual listings.
For the GLB arrangement with Nasdaq, MAS plans to incorporate applicable U.S. prospectus disclosure standards, enabling both Singapore and U.S. authorities to review the same prospectus documentation.
Chee said the approach would reduce friction and compliance costs while maintaining disclosure standards consistent with international norms.
The second area concerns listing timelines. Companies seeking concurrent listings often encounter delays due to differing filing schedules and procedural requirements between markets.
The amendments will enable MAS to align Singapore’s listing timeline more closely with U.S. requirements for GLB listings by adjusting provisions related to prospectus registration and approvals.
The third area involves post-listing activities. The Bill will empower MAS to recognize certain established U.S. market practices, including safe harbor protections for forward-looking statements, as defenses against specific market misconduct provisions under Singapore law.
Chee stressed that these protections would not shield companies from criminal liability involving fraud or dishonest conduct.
“MAS and the relevant Singapore authorities will retain full discretion to enforce against any misconduct that occurs in Singapore,” he said.
Beyond dual listings, the Bill also includes broader reforms intended to improve Singapore’s overall listing environment.
One amendment will allow issuers to engage retail investors using preliminary prospectuses before final prospectuses are issued.
Industry participants had sought the change to provide investors with more time to assess initial public offerings (IPOs) and enable issuers to better gauge market demand.
To safeguard investors, the preliminary documents must clearly indicate that the contents are subject to change and cannot yet form the basis of an offer.
The Bill also clarifies regulatory treatment for depositary receipt (DR) offerings involving new underlying shares.
Under the revised framework, the issuer of the underlying shares, rather than the intermediary financial institution issuing the DRs, will be responsible for lodging the prospectus for registration.
Chee said the clarification would ensure investors receive disclosures directly from the company whose shares underpin the investment product.
The legislative changes form part of broader efforts announced by the Equities Market Review Group last year to revitalize Singapore’s capital markets.
Those measures include the Equity Market Development Program, which will allocate up to S$6.5 billion ($5.12 billion) to support market liquidity, strengthen local fund management capabilities and crowd in private capital.
Singapore has also introduced initiatives to improve equities research coverage and enhance trading activity.
According to Chee, early signs suggest the measures are beginning to gain traction.
Trading volumes on SGX rose 32 percent quarter-on-quarter to S$126 billion in the first quarter of 2026, with March recording the highest monthly trading volumes in nearly two decades.
Meanwhile, the benchmark Straits Times Index has gained more than 20 percent over the past year and more than doubled over the past five years, making it among the strongest-performing indices in the Asia-Pacific region.
Chee said Singapore intends to capitalize on the momentum by positioning itself as a preferred listing destination for companies with regional and global growth ambitions.
The framework will also allow Singapore to pursue future dual-listing partnerships with other reputable exchanges beyond Nasdaq.
“There has been broad industry support for this Bill and the GLB,” Chee said, adding that MAS had incorporated market feedback where appropriate.
He said the reforms aim to deepen Singapore’s capital markets while preserving robust regulatory standards and investor confidence.
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