On 15 May 2025, the Singapore Exchange Regulation (“SGX RegCo“) and the Monetary Authority of Singapore (“MAS“) issued the Consultation Papers on Streamlining of Prospectus Requirements and Broadening of Investor Outreach Channels and Shifting to More Disclosure- Based Regime, respectively. Proposals in the Consultation Papers flesh out the recommendations by the Equities Market Review Group (“Review Group“), which was established by MAS on 2 August 2024 to recommend measures to enhance the development of Singapore’s equities market. Both consultations ended on 14 June 2025.
MAS proposes changes in three broad areas:
- Streamline the prospectus disclosure requirements for primary listings, to focus on core requirements for informed decision-making, while aligning with international standards.
- Simplify the process for secondary listings by proposing a new set of prospectus disclosure requirements for offers of shares undertaken by issuers who have or are seeking a primary listing on certain overseas exchanges and are seeking a secondary listing on SGX.
- Policy proposals to provide more flexibility and scope for engaging investors in the IPO (initial public offering)
Complementing the proposals in the MAS Consultation Paper, SGX RegCo proposes:
- Reforms to the SGX-ST Listing Rules (Mainboard) to streamline its qualitative, merit-based, admission criteria, while ensuring the disclosure requirements remain sufficiently relevant and robust.
- Revisions to certain quantitative admission criteria, particularly, the profit test, and the alternative listing admission criteria for life science companies.
- A more targeted approach in its administration of post-listing queries and obligations to address market feedback of unintended negative effects, and to better balance market discipline and investor protection.
For more information, click here to read our full Legal Update which discusses the key proposals in both Consultation Papers.
This development follows from the first set of measures announced by the Review Group on 21 February 2025 which recommend for a more pro-enterprise approach to regulation, alongside measures to strengthen investor confidence. A summary of these measures is covered in our earlier Update here.
If you have any queries on the above development, please reach out to our Contact Partners set out on this page.
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