Companies seeking dual listings on both SGX and Nasdaq could go through a more streamlined IPO process under proposed rule changes by the Monetary Authority of Singapore (MAS).

MAS has issued its response to a public consultation on proposed amendments to the Securities and Futures Act 2001 to support dual listings on the Singapore Exchange.

The changes support the planned Global Listing Board, a partnership between SGX and Nasdaq announced in November 2025, and are intended to facilitate similar collaborations in future.

Under the proposed MAS dual listings framework, eligible issuers on the Global Listing Board may use a single set of offering documents for a simultaneous listing on SGX and Nasdaq.

They will also be allowed to conduct pre-marketing outreach with accredited and institutional investors in Singapore before lodging a preliminary prospectus, subject to safeguards. MAS noted that this would help issuers gauge investor interest earlier in the IPO process.

Single Set of Documents for SGX-Nasdaq Listings

For concurrent offerings on the Global Listing Board, the Singapore prospectus would only need to include information aligned with what is already required for a US listing.

Issuers would also be able to register their prospectus in Singapore any time after lodging the preliminary prospectus, without observing the current minimum seven-day public exposure period before registration.

The proposed framework will introduce safe harbours for certain activities by Global Listing Board issuers, including forward-looking statements, share repurchases and pre-determined trades.

These safe harbours may be used as a defence against specified market misconduct provisions under the Securities and Futures Act for trading activities in both markets.

MAS confirmed that Singapore authorities will retain full discretion to enforce against disclosure breaches or market misconduct that occur in Singapore.

Singapore investors will also be able to seek compensation for losses arising from such breaches under existing investor recourse provisions.

Respondents supported the aim of streamlining the IPO process for dual listings.

They also suggested further alignment in investor outreach, prospectus registration and post-listing activities in Singapore.

The regulator incorporated these suggestions where feasible.

MAS will proceed with proposed amendments that apply to all offers made in conjunction with an SGX listing, including those on the Global Listing Board.

For the Global Listing Board, the framework will be implemented through regulations if the Securities and Futures (Amendment) Bill 2026 is passed in Parliament.

SGX RegCo has separately issued its response to its consultation on the listing rule book for the Global Listing Board.

Featured image: Edited by Fintech News Singapore, based on image by MDROTONALI via Magnific