Securities and Futures (Amendment) Bill introduced to enable implementation of proposed regulatory regime for the Global Listing Board

15 April 2026

On 7 April 2026, the Securities and Futures (Amendment) Bill (“Bill”) was introduced for first reading in Parliament. The Bill seeks to enable the implementation of the proposed regulatory regime for the Global Listing Board (“GLB”) to be established by the Singapore Exchange Securities Trading Limited (“SGX”) and the Nasdaq Stock Market (“Nasdaq”). The GLB will enable issuers to simultaneously list on both exchanges under a streamlined regulatory framework. The Bill also provides the Monetary Authority of Singapore (“MAS”) flexibility to adopt a similar framework for dual-listing arrangements with other overseas exchanges should future opportunities arise.

MAS published a consultation paper on 9 January 2026 seeking feedback on a draft version of the Bill. Comments received were considered and incorporated, where appropriate, into the Bill. For more information on the consultation paper, please refer to our article titled “MAS and SGX RegCo consult on proposed establishment of Global Listing Board for dual listings on SGX and Nasdaq”.

In conjunction with the introduction of the Bill, MAS has published an explanatory brief setting out its key features.

New Part 13A to facilitate dual-listing arrangements

The Bill inserts a new Part 13A into the Securities and Futures Act 2001 (“SFA”) which empowers MAS to make regulations to facilitate a dual-listing board (“DLB”) set up by SGX and an overseas exchange through a streamlined regulatory framework. The key amendments are as follows:

  • Power to prescribe dual-listing arrangements: To effect the streamlined regulatory framework, MAS will be empowered to declare an overseas exchange (such as Nasdaq) as a “prescribed overseas exchange”, and a dual-listing board set up by SGX (such as the GLB with Nasdaq) as a “prescribed DLB”.
  • Regulation-making powers: To harmonise potential differences between Singapore’s securities laws and those of the foreign jurisdiction, MAS may make regulations, in respect of the prescribed DLB, to replace, modify, or disapply the following provisions of the SFA:
    • Offer-related provisions, to facilitate the use of a single set of offer documents and align Singapore’s offering processes with those of the foreign jurisdiction; and
    • Market misconduct provisions, to provide for certain safe harbours which are available in the foreign jurisdiction, and which are important to facilitate the prescribed DLB. For clarity, the safe harbours do not provide a valid defence against fraud or dishonesty.

The regulation-making powers are subject to safeguards and minimum standards. Part 13A sets out the criteria that MAS would consider when deciding whether to prescribe a dual-listing board as a prescribed DLB. These include whether the overseas exchange (i) is one that enhances issuers’ access to liquidity and international investors; and (ii) operates in a jurisdiction whose securities laws are consistent with international standards in key areas such as disclosure, enforcement, and regulatory cooperation.

Other amendments

In addition to the new Part 13A, the Bill makes other amendments to the SFA that apply to all offers generally. The key amendments are as follows:

  • Earlier engagement with retail investors: Issuers will be able to disseminate their preliminary prospectus when marketing to retail investors, rather than being limited to institutional and accredited investors as is currently the case. This will enable issuers to engage retail investors in Singapore before the registration of the final prospectus. Such engagements are subject to safeguards. For instance, no official offer can be made on the basis of the preliminary prospectus. In addition, the preliminary prospectus must clearly state that its contents are subject to further amendments. The issuer must also take reasonable steps to notify recipients when the prospectus is finalised and ready for collection.
  • Treatment of sponsored depositary receipts: For offers of sponsored depositary receipts, the issuer of the underlying securities, rather than the depositary, is required to register the prospectus. Investors will therefore obtain information about the issuer, rather than the financial institution that acts as an intermediary in issuing the depositary receipts.

Reference materials

The following materials are available on the Parliament website www.parliament.gov.sg and the MAS website www.mas.gov.sg: