Singapore's MAS proposes a new Part 13A to the Securities and Futures Act 2001 enabling Global Listing Board issuers to file one prospectus across SGX and Nasdaq, register prospectuses without the seven-day public exposure period, and rely on three U.S.-style safe harbours covering forward-looking statements, share repurchases, and Rule 10b5-1 pre-determined trading plans; the SFA Amendment Bill 2026 was Second Read on 7 May 2026.

The Monetary Authority of Singapore (MAS) issued Consultation Paper P001-2026 on 9 January 2026, proposing amendments to the Securities and Futures Act 2001 (Act 42 of 2001) and supporting regulations to facilitate dual listings on a new Global Listing Board (GLB) operated by the Singapore Exchange. Public consultation closed 8 February 2026 and MAS issued the Response to Feedback Received on 30 April 2026. The framework was tabled as the Securities and Futures (Amendment) Bill 2026 on 7 April 2026 and Second Read on 7 May 2026. Substantive regulations under the new Part 13A commence only after Parliamentary passage and ministerial notification.

The proposed Part 13A empowers MAS to make regulations modifying offer-related and market-misconduct provisions in Part 12 and Part 13 of the SFA for issuers concurrently listed on a prescribed dual-listing board and a prescribed overseas exchange. For the inaugural GLB-Nasdaq partnership, regulations would enable a single prospectus aligned to U.S. Exchange Act of 1934 (15 U.S.C. § 78a) disclosure requirements, waive the seven-day prospectus exposure period under section 240 SFA, and adopt three safe harbours as defences to Singapore civil and criminal liability: forward-looking statements under Section 21E of the U.S. Exchange Act (15 U.S.C. § 78u-5), share repurchases under Rule 10b-18 (17 C.F.R. § 240.10b-18), and pre-determined trading plans under Rule 10b5-1 (17 C.F.R. § 240.10b5-1). MAS retains enforcement discretion under section 339 SFA over breaches occurring in Singapore.

The framework operationalises a 19 November 2025 announcement by the Equities Market Review Group of measures to strengthen Singapore's equities market, including a SGX-Nasdaq dual-listing partnership for companies with market capitalisation of at least S$2 billion. The Minister for National Development and Deputy Chairman of the Monetary Authority of Singapore, opening the Second Reading on 7 May 2026, identified three friction points eliminated by Part 13A: differing prospectus content, registration timelines, and post-listing market practices. Both Singapore and the U.S. adhere to the International Organization of Securities Commissions Objectives and Principles of Securities Regulation, the common minimum for the harmonised treatment.

The 30 April 2026 Response Paper refined the prescribed-DLB criteria. Beyond IOSCO-comparable disclosure standards, MAS will additionally require consistency with the IOSCO Principles for enforcement, regulatory cooperation, and issuer disclosure, and will assess whether each proposed pairing materially enlarges issuer access to liquidity and international investors. SGX RegCo issued its parallel response on the listing rule book the same day. The final Part 13A regulations will be made when the Bill passes.

Read against the full document set — the January 2026 Consultation Paper, the 30 April 2026 Response to Feedback Received, the 7 April 2026 Explanatory Brief, and the 7 May 2026 Second Reading Speech — the RegLegBrief Specialist Panel finds that Singapore's chosen architecture is distinct from the general-equivalence regimes used by most major exchanges. Rather than recognising any foreign jurisdiction's framework for any willing issuer, MAS adopts a bilateral, exchange-pair-specific carve-out: streamlined regulatory treatment travels only through a designated pairing of an SGX board with a prescribed overseas exchange.

The closest international comparator is Hong Kong, whose Hong Kong Stock Exchange Main Board Listing Rules Chapter 19C permits secondary listings of qualifying Greater China issuers under the Joint Policy Statement on Listings of Overseas Companies, with significant reliance on home-jurisdiction continuous disclosure under the Securities and Futures Ordinance (Cap. 571). The European Union has moved in the same direction at the supranational level: Regulation (EU) 2024/2809 (Listing Act), adopted 23 October 2024, amends the Prospectus Regulation (Regulation (EU) 2017/1129) to simplify prospectus content and accelerate offering timelines, particularly for secondary issuances.

The United Kingdom's Financial Services and Markets Act 2023 (c. 29), read with the Listing Rules sourcebook (UKLR) under the FCA Handbook reformed on 29 July 2024, collapsed Premium and Standard tiers into Equity Shares categories with reduced eligibility hurdles. Australia's ASX Listing Rules Foreign Exempt category, anchored in the Corporations Act 2001 (Cth), allows primary-listed overseas issuers to comply substantively with home-jurisdiction rules. The Specialist Panel finds the GLB sits architecturally closest to Hong Kong's Chapter 19C dedicated-board carve-out rather than the UK's or Australia's general-equivalence approach.

The framework reaches issuers with market capitalisation of at least S$2 billion seeking concurrent listing on the Nasdaq Global Select Market and the GLB. Issue managers preparing such issuers remain subject to Notice SFA 04-N21 business-conduct requirements for corporate finance advisers, with MAS announcing additional due-diligence guidance to follow. The first professional categories engaged are corporate finance advisers holding a capital markets services licence under section 86 of the SFA, legal practitioners admitted to the Singapore Bar advising on listing prospectuses, and CMS-licensed dealers in capital markets products participating in the IPO syndicate.

The second category comprises public accountants registered with the Accounting and Corporate Regulatory Authority signing the GLB issuer's audited financial statements, depositary banks issuing sponsored Depositary Receipts (which the Bill clarifies must register prospectuses as the issuer of the underlying instrument rather than as the depositary), and stabilising managers operating across both exchanges. Singapore investors retain the section 234 SFA private right of action for prospectus disclosure breach losses; the three safe harbours do not provide a defence where fraud or dishonesty is established.

The Securities and Futures (Amendment) Bill 2026 is presently before Parliament after its Second Reading on 7 May 2026; the substantive regulations — including the draft Securities and Futures (Part 13A) (Global Listing Board and U.S. Exchange) Regulations 2026 published with the Consultation Paper — will be made under section 341 SFA once the Bill is passed and gazetted. SGX RegCo's listing rule book for the GLB will commence on the same timetable. This regulatory development is preserved and cited by RegLegBrief at reglegbrief.com/cite/RLB-SG-2026-00038.