The Monetary Authority of Singapore (MAS) and the Singapore Exchange Regulation (SGX RegCo) are concurrently seeking feedback on rule changes when it comes to dual listings on the SGX and Nasdaq.
The partnership, named the Global Listing Board, was first announced by MAS and SGX on Nov 19, 2025, as part of the Equities Market Review Group’s final recommendations.
MAS, on Jan 9, said it will consult on proposed amendments to the Securities and Futures Act 2001 (SFA) and draft regulations to facilitate dual listings on the new board.
The proposed amendments seek to minimise friction for dual listings in three ways: to be able to use a single prospectus to list on both exchanges; to align initial public offering (IPO) times between the US and Singapore; and to allow issuers to conduct “certain activities” similar to practices in the US such as making forward-looking statements and share repurchases.
Issuers conducting dual listings concurrently will need to prepare two sets of offer documents based on two sets of disclosure requirements. To address this, issuers will have to include US-required disclosures in their Singapore prospectus.
To better align IPO timelines in the US and Singapore, MAS says it will look at shortening the local registration process, which currently requires issuers to register their prospectuses seven days after lodgement.
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On allowing practices such as forward-looking statements, the regulations will include safe harbour provisions, which are legal defences to liability, provided that a specific set of conditions are met. These safe harbour provisions will be in line with practices in the US market. They do not provide a valid defence against fraud or dishonesty and will only be applicable if certain conditions are met.
According to the MAS, the proposed amendments to the SFA will give it the flexibility to adopt a similar streamlined regulatory framework for future dual listings with jurisdictions that have disclosure requirements that are comparable to and in line with international disclosure standards.
MAS adds that it is proposing other amendments such as allowing issuers to engage retail investors earlier in the IPO process. The amendment will support bookbuilding efforts and give investors more time to familiarise themselves with the issuers and their intended offers.
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This proposal will also allow issuers seeking a dual listing on the Global Listing Board to align the timing of their engagement with retail investors in the US and Singapore.
At the same time, SGX RegCo says it will consult on the listing rulebook for the Global Listing Board.
Under the proposed listing rules set out by SGX RegCo, issuers must have a market capitalisation of at least $2 billion and be listed, or accepted for listing, on the Nasdaq Global Select Market.
Issuers will have to provide for an “effective local interface” with SGX by appointing an independent director residing in Singapore and, or a Singapore-based compliance adviser.
The SGX RegCo also proposed for issuers to allocate the lesser of a minimum of 5% or $50 million of the offering to designated retail brokerages, as well as issuers to appoint an issue manager to manage the listing application on the Global Listing Board.
SGX RegCo said it will also retain discretion over the admission and continued listing of securities on the Global Listing Board.
At present, issuers seeking to dual-list on both exchanges, will have to ensure that US-based disclosures are released “in a timely manner” on SGXNet. They will also have to maintain their listing on the Nasdaq Global Select Market or be delisted from the Global Listing Board.
The consultations for both MAS and SGX RegCo are open till Feb 8.
