[World Corporate Law News] MAS Proposes Changes To Enable Dual Listings

[2026] 182 taxmann.com 706 (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 proposes legislative and regulatory changes to facilitate dual listings on Global Listing Board

On January 9, 2026, the Monetary Authority of Singapore (MAS) invited feedback on proposed amendments to the Securities and Futures Act 2001 (SFA) and draft regulations to facilitate dual listings on the Global Listing Board (GLB). The GLB, to be set up for dual listings on SGX and Nasdaq, was announced on 19 November 2025.

The proposed amendments aim to minimise friction for dual listings in three ways: to enable the use of a single prospectus; to align initial public offering (IPO) timelines between the U.S. and Singapore; and to permit issuers to conduct certain activities, such as practices in the U.S., when making forward-looking statements.

The regulations will streamline the listing process for issuers seeking a dual listing on the Global Listing Board.

(a) The use of a single set of offer documents will be facilitated by requiring that the Singapore prospectus contain information that is in line with that already required for listing in the U.S.

(b) Alignment of the IPO timeline between the U.S. and Singapore will be facilitated by shortening the registration process in Singapore.

The regulations will also include safe-harbour provisions in line with U.S. market practices to facilitate the publication of forward-looking statements, the undertaking of share repurchases, and the execution of predetermined trades. These safe harbours do not provide a valid defence against fraud or dishonesty and will only apply if certain conditions are met.

The proposed amendments to the SFA provide MAS with the flexibility to, should future opportunities arise, adopt a similar streamlined regulatory framework for dual listings from jurisdictions with disclosure requirements comparable to and in line with international disclosure standards.

Aside from the above, MAS is proposing other amendments to facilitate the offering process for all listings. The key amendment is to permit issuers to engage retail investors earlier in the IPO process. This will support book building efforts and give investors more time to familiarise themselves with the issuers and their intended offers. Specifically for issuers seeking a dual listing on the Global Listing Board, the proposal will allow them to align the timing of their engagement with retail investors in both the U.S. and Singapore.

Further, MAS and SGX will make the final decision on all listings and prospectus registrations in Singapore. MAS will also continue to work with the relevant authorities in Singapore to investigate and take action against breaches of disclosure requirements and market misconduct under the SFA.
SGX Reg. Co has issued a consultation paper dated 9 January 2026 seeking feedback on the listing rules for the Global Listing Board.

MAS invites interested parties to submit their views and suggestions on the proposals set out in the consultation paper. Comments may be submitted via the Form SG by 8 February 2026.

Source – Official announcement

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