MAS and SGX RegCo propose changes to streamline prospectus requirements and shift to more disclosure-based regime

3 June 2025

On 15 May 2025, the Monetary Authority of Singapore (“MAS”) and Singapore Exchange Regulation (“SGX RegCo”) published their respective consultation papers on proposed regulatory changes following the recommendations of the Equities Market Review Group. The proposed changes are part of the first set of measures proposed to strengthen the competitiveness of Singapore’s equities market as announced by the Equities Market Review Group on 21 February 2025.

MAS’ proposals seek to streamline prospectus disclosure requirements and broaden investor outreach channels for initial public offerings (“IPOs”), while SGX RegCo’s proposals seek to streamline the listing criteria of the Singapore Exchange Securities Trading Limited (“SGX-ST”) and move towards a more disclosure-based regime. Together, MAS and SGX RegCo’s proposals seek to be more facilitative of listings by issuers, alongside enhanced disclosures for investors.

Set out below is an outline of the changes proposed by MAS and SGX RegCo.

Scope of proposed changes

A.      MAS proposals

1.      Streamline prospectus disclosure requirements for primary listings

  • Drive more targeted and meaningful disclosures in prospectuses
  • Ensure time and costs needed to compile requisite information is commensurate with value to investors
  • Reduce disclosures required of past events or historical details

2.      Simplify secondary listing process 

3.      Provide more flexibility for issuers to engage investors 

  • Permit earlier engagement with retail investors
  • Provide flexibility for issuers to engage potential institutional and accredited investors earlier
  • Expand scope of information issuers can provide before registration of prospectus

B.      SGX RegCo proposals 

1.      Streamline qualitative Mainboard admission criteria 

  • Shift towards more disclosure-based approach
  • Changes to rules relating to financial position of listing applicant

2.      Changes to quantitative Mainboard admission criteria

  • Changes to profit tests
  • Changes to admission requirements for life science companies

3.      Clarificatory amendments to Mainboard Rules

4.      Adjustment to post-listing queries and obligations

  • Removal of Financial Watch-list
  • Changes to approach in administration of other post-listing queries and obligations


This article provides a summary of the changes proposed by MAS and SGX RegCo.

To read the article, click here.