[World Corporate Law News] MAS Enhances Regulatory Framework to Facilitate Dual Listings on Singapore Exchange

Editorial Team – [2026] 186 taxmann.com 181 (Article)

World Corporate Law News provides a weekly snapshot of corporate law developments from around the globe. Here’s a glimpse of the key corporate law update this week.

1. Securities Law

1.1 MAS Enhances Regulatory Framework to Facilitate Dual Listings on the Singapore Exchange

On April 30, 2026, the Monetary Authority of Singapore (MAS) issued its response to the public consultation on proposed amendments to the Securities and Futures Act 2001 (SFA) to facilitate dual listing arrangements on the Singapore Exchange (SGX). The proposed regulatory framework supports the implementation of the Global Listing Board (GLB), a partnership between the SGX and Nasdaq, and facilitates future similar collaborations.

Respondents to the consultation and market participants expressed strong support for the objective of minimising friction and streamlining the initial public offering (IPO) journey for dual listings. Respondents further suggested additional ways to harmonise regulatory requirements, primarily in the areas of investor outreach efforts, prospectus registration timing and process, and facilitating post-listing activities in Singapore. Where feasible, MAS has taken these suggestions.

Under a set of harmonised rules and processes, GLB issuers may prepare a single set of offering documents to list on both SGX and Nasdaq simultaneously. They will also be allowed to conduct pre-marketing outreach with accredited and institutional investors in Singapore before the lodgement of the preliminary prospectus. Early engagement of these investors will allow GLB issuers to gauge market interest in a potential listing at an earlier stage in the IPO process, subject to safeguards.

The proposed regulatory framework will also permit safe harbours for GLB issuers that facilitate the publication of forward-looking statements, the undertaking of share repurchases, and the execution of predetermined trades. It will enable safe harbours to be used as defences against specified market misconduct provisions under the SFA for trading activities in both markets.

Lastly, respondents supported the proposed amendments in the consultation paper, which will apply to all offers made in conjunction with a listing on SGX, including those on the GLB. MAS will proceed with these amendments.

Further, details of the enhancements to the regulatory framework can be found in MAS’s response paper. SGX RegCo has also responded to its consultation paper dated 30 April 2026 on the GLB listing rule book.

Source – Press Release

1.2 ASIC Announces Stamp Duty Disclosure Changes for Superannuation and Investment Management Sector

On May 1, 2026, the Australian Securities and Investments Commission (ASIC) announced changes to stamp duty and portfolio holdings disclosure requirements for the superannuation and investment management sectors following industry consultation.

Background

Stamp Duty Disclosure Requirements

Superannuation funds and investment managers must currently report transaction costs—including stamp duty—when disclosing fees and costs to consumers under Instrument 2019/1070 and RG 97. ASIC reviewed whether the rules relating to stamp duty disclosure influence investment decisions or conflict with the goals of Australia’s superannuation system or the laws and requirements of effective disclosure.

Portfolio Holdings Disclosure for Private Debt Arrangements

Superannuation trustees must publicly disclose investment-holding information for their investment options on their websites. Under current rules, trustees managing private debt assets internally must disclose the value of individual assets by issuer or counterparty, even when there is only a single transaction with them, which may risk confidentiality. ASIC’s class order relief remedies this.

Key Changes

Stamp duty paid in one year will be disclosed over the following seven years in fees and costs summaries in Product Disclosure Statements (PDSs) rather than as an annual sum. This will be implemented through a change to ASIC Corporations (Disclosure of Fees and Costs) (Instrument 2019/1070).

New class order relief for superannuation trustees, aligning portfolio holdings disclosure obligations for internally-managed private debt with externally-managed private debt.

Further Steps

These changes follow ASIC’s targeted review of superannuation investment disclosure settings in 2025, as well as public consultation which concluded in February 2026. ASIC will also review Regulatory Guide 97, Disclosing fees and costs in PDSs and periodic statements, commencing in 2026, to ensure the guidance remains strong and relevant.

Source – Official Announcement

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