New legislative framework facilitating dual listings on SGX and Nasdaq through Global Listing Board in effect

9 July 2026

On 29 June 2026, the Securities and Futures (Amendment) Act 2026 (“Amendment Act”) and the Global Listing Board Rules (“GLB Rules”) took effect, facilitating dual listings on Singapore Exchange (“SGX”) and Nasdaq through the new Global Listing Board (“GLB”).

The GLB is an innovative listing bridge which provides companies with a direct and harmonised pathway to simultaneously list in both markets, and access capital and liquidity across North America and Asia. Issuers listing on the GLB will be able to use a single set of offering documents for their fundraising and listing, and undergo a simplified review process by SGX in Singapore.

Background

SGX and Nasdaq announced a collaboration to simplify dual listings on both exchanges on 19 November 2025. On 9 January 2026, MAS and SGX published their respective consultation papers on the establishment of the GLB, seeking feedback on draft amendments to the Securities and Futures Act 2001 (“SFA”), new regulations under the SFA, and GLB Rules. On 30 April 2026, MAS and SGX published their responses (“MAS Response” and “SGX Response”, respectively), announcing that they would proceed with the legislative changes and the implementation of the GLB Rules. For further details about the MAS Response and SGX Response, please refer to our article titled “SGX RegCo publishes new listing rules for the Global Listing Board as Parliament passes Securities and Futures (Amendment) Bill to facilitate dual listings”.

Amendments under SFA and new subsidiary legislation

The following are key features of the new legislative framework under the SFA.

New Part 13A of SFA

The SFA has been amended with the introduction of a new Part 13A. This empowers MAS to make regulations to facilitate a dual listing board set up by SGX and an overseas exchange through a streamlined regulatory framework.

In relation to the criteria for such partnerships, MAS would consider whether the securities law of the relevant foreign jurisdiction:

  • is consistent with the principles of securities regulation relating to the enforcement of securities regulation, cooperation in regulation, and issuers, set out in the document called Objectives and Principles of Securities Regulation issued by the International Organization of Securities Commissions (“IOSCO”); and
  • prescribes disclosure requirements for an offer or intended offer of capital markets products that are comparable to those set out in IOSCO’s International Disclosure Standards for Cross‑Border Offerings and Initial Listings by Foreign Issuers.

Prospectus disclosure requirements

  • Single set of offer documents: The Securities and Futures (Part 13A) (Global Listing Board and U.S. Exchange) Regulations 2026 (“GLB Regulations”) streamline the prospectus and offer information statement (“OIS”) disclosure requirements, by incorporating US disclosure requirements and allowing certain documents to be incorporated by reference, if allowed under US law.
  • General disclosure requirement: The general disclosure requirement under section 243(1)(a) of the SFA is disapplied for GLB issuers.
  • Experts’ consent: MAS has retained the existing requirement for experts to provide written consent before their reports or statements can be featured in a prospectus or an OIS.
  • Replication of US disclosure requirements: US disclosure requirements are incorporated into Singapore law through referencing in the GLB Regulations, and the prospectus liabilities under sections 253 and 254 of the SFA apply.

Prospectus registration and offering process

  • Process for lodgment and registration of prospectuses: The Securities and Futures (Offers of Investments) (Exemption from Restrictions on Advertisements) Regulations 2026 (“Advertisements Regulations”) introduce various exemptions from restrictions on advertisements under the SFA. For example, a person who is required under the securities laws of a foreign jurisdiction to make a disclosure, notice, or report is exempt from sections 251(1) and 300(1) of the SFA in relation to any advertisement or publication that consists solely of a disclosure, notice, or report necessary for compliance with such requirement. In addition, the GLB Regulations disapply the requirement in section 241(7) of the SFA, which requires an offer to be kept open for at least 14 days after the lodgment of a supplementary document or replacement document, to facilitate alignment of the Singapore and US timelines for GLB offers.
  • Investor engagement practices: The GLB Regulations allow, in relation to a GLB offer, the conduct of testing-the-waters engagements and the use of free writing prospectuses in Singapore, provided these are allowed under the relevant US laws and rules. In addition, the Advertisements Regulations allow pre-deal investor education to be conducted with institutional and accredited investors in relation to a GLB offer.
  • Due diligence for GLB listings: MAS has amended Notice SFA 04-N21 on Business Conduct Requirements for Corporate Finance Advisers (“CF Notice”) to allow issue managers to adopt alternative due diligence steps in place of those set out under paragraph 23 of the CF Notice, if they assess that these alternative steps are appropriate to address material issues and risks associated with the GLB listing.

Permitting certain trading activities to be conducted in line with US practices

The GLB Regulations provide safe harbours for forward-looking statements, share repurchases, and pre-determined trading plans as defences to liability under specified provisions under Part 12 of the SFA.

Key amendments applicable to offers in general

Besides amendments to facilitate dual listings, Part 13 of the SFA has been amended to permit earlier engagement with retail investors using the preliminary prospectus lodged with MAS and to clarify the treatment of sponsored depositary receipts. These amendments apply to all offers, including offers by issuers seeking a listing on the SGX Mainboard or the GLB.

New GLB Rules

The GLB Rules harmonise listing timelines and submission processes with those of Nasdaq, set minimum fundraising and market capitalisation admission requirements, facilitate retail participation by requiring a minimum share allocation to be made available through retail brokers, and require material disclosures in the US to be released on SGXNet in a timely manner.

The following are key requirements in the GLB Rules.

Admission requirements

  • Qualitative standards: An issuer must have a minimum market capitalisation requirement of S$2 billion at the point of admission to the GLB. The issuer must also meet other quantitative standards (i.e. revenue, income, and assets with equity requirements), which are aligned to initial listing standards of the Nasdaq Global Select Market, with appropriate calibrations to consider the minimum market capitalisation requirement.
  • Fundraising requirements: Issuers are required to raise funds in Singapore of at least 15% of the global initial public offering value or S$75 million, whichever is higher, unless otherwise determined by SGX. For this purpose, fundraising in Singapore refers to offerings of securities for subscription or sale where the securities allocated from the offering or sale are settled through and deposited with The Central Depository (Pte) Limited (“Singapore Tranche”).
  • Retail brokerage allocation: The issuer must ensure that at least 5% in value of the Singapore Tranche, or S$50 million, whichever is lower, is reserved and made available for allocation to one or more designated retail brokers that are listed on SGX’s website (“Retail Broker Tranche”). Where there is insufficient demand from the Retail Broker Tranche, the issuer may reallocate the shortfall in demand from the Retail Broker Tranche to the rest of the Singapore Tranche.
  • Role of issuer manager: GLB issuers must appoint an accredited issue manager to manage the issuer’s application and prepare the issuer for listing on the GLB.
  • Listing admission subject to discretion of SGX: SGX retains discretion over the admission and continued listing of securities on the GLB. As mentioned in the SGX Response, absent exceptional regulatory or public interest concerns, issuers approved for listing on the Nasdaq Global Select Market will generally be regarded as suitable for admission to the GLB.
  • Effective local interface: Issuers must have arrangements in place to ensure a timely and effective interface with SGX. An issuer must appoint two authorised representatives to act as the principal communication channel with SGX, and must have sufficient connection to Singapore to ensure sufficient and effective local representation.

Ongoing requirements

  • Ongoing disclosures: GLB issuers must announce on SGXNET any EDGAR filings with the US Securities and Exchange Commission, including filings made by third parties, and other material US disclosures required under US securities laws and regulations, as well as the Nasdaq listing rules.
  • Delisting: SGX retains the discretion to review voluntary delisting applications on a case-by-case basis and may impose additional conditions or requirements where appropriate, having regard to the interests of investors and the integrity and orderly functioning of the market. SGX may exercise its administrative powers to delist issuers on two distinct bases: (i) public interest and market integrity considerations; and (ii) specific delisting triggers in the GLB Rules. As mentioned in the SGX Response, in cases of directed delisting by Nasdaq, SGX will generally align with Nasdaq’s processes, including applicable notice periods, where relevant and practicable.

 Reference materials

The following pieces of legislation are available on the Government Gazette website www.egazette.gov.sg:

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

The Global Listing Board Rules are available on the SGX website www.sgx.com.