Singapore is advancing legislative amendments to establish an SGXNasdaq dual listing framework aimed at improving the competitiveness of its domestic equities market.
The Securities and Futures (Amendment) Bill was introduced at its Second Reading on Thursday (May 7), according to a speech published by the Monetary Authority of Singapore (MAS) delivered by Chee Hong Tat, Minister for National Development and Deputy Chairman of MAS.
The Bill sets up a regulatory framework to support dual listing arrangements, including the new Global Listing Board.
The framework allows issuers to access capital across both markets through a single prospectus and harmonised regulatory requirements.
“We are creating new pathways for issuers to access deeper pools of international capital while broadening investors’ access to new opportunities,”
Chee said.
The framework allows MAS to align selected regulatory requirements between Singapore and eligible overseas exchanges that meet international standards.
For the Global Listing Board, MAS identifies the United States as a qualifying jurisdiction.
Key areas of alignment include prospectus disclosures, listing timelines, and post-listing market practices.
MAS will also have the power to adopt certain US safe harbour provisions for market conduct, while continuing to retain enforcement authority over any offences occurring in Singapore.
Beyond dual listings, the Bill introduces broader measures to streamline the public offering process.
Issuers can engage retail investors based on preliminary prospectuses to gauge demand, and authorities have clarified the rules for Depositary Receipt offerings.
The reforms form part of ongoing changes to Singapore’s capital markets framework, ensuring the local ecosystem remains attractive for regional fintech and tech companies seeking international capital.
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