Singapore’s Monetary Authority of Singapore (MAS), the city-state’s financial regulator, has introduced a new amendment bill that could reshape how companies pursue dual listings and how retail investors engage with IPO processes.
The Securities and Futures (Amendment) Bill 2026, which received its first reading in Parliament on 7 April, proposes changes in two key areas: granting powers to prescribe dual-listing arrangements and expanding regulation-making authority, said Business Times.
If passed, the legislation would mark a significant milestone in establishing the regulatory framework underpinning the Global Listing Board (GLB), a joint initiative between Singapore Exchange Securities Trading (SGX) and the Nasdaq Stock Market.
The GLB is intended to draw both new IPO candidates and companies already listed on the Nasdaq Global Select Market. To qualify, firms would need a market capitalisation of at least S$2bn and a demonstrable connection to Asia.
The bill inserts a new Part 13A into the Securities and Futures Act 2001, giving MAS the authority to create regulations that support a dual-listing board. Under this framework, issuers would be permitted to rely on a single set of offer documents, bringing Singapore’s processes into closer alignment with those of the relevant foreign jurisdiction. The bill also makes provision for market misconduct rules that incorporate certain safe harbour protections available in that foreign jurisdiction, though MAS has made clear this would not serve as a defence against fraud or dishonest conduct.
Under current regulations, access to preliminary prospectuses is restricted to institutional and accredited investors. The bill proposes extending this access to retail investors, allowing issuers to share preliminary prospectuses during the marketing phase of an offering ahead of the final prospectus being registered.
A number of safeguards would accompany this change. No binding offer could be made on the basis of a preliminary prospectus, the document would need to carry clear disclosure that its contents remain subject to revision, and issuers would be required to make reasonable efforts to notify recipients once the final prospectus is available. The amendments are framed as addressing existing shortcomings in Singapore’s IPO marketing framework.
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