The Securities and Futures (Amendment) Bill (“SFA Amendment Bill“), which was introduced in Parliament on 7 April 2026, was passed on 7 May 2026. The legislative change is intended to establish the regulatory framework for the Global Listing Board (“GLB“), a joint initiative between the Singapore Exchange Securities Trading Limited (“SGX“) and the Nasdaq Stock Market (“Nasdaq“) to enable concurrent listings on both exchanges under a streamlined regulatory framework.
Key Changes
New Part 13A to the Securities and Futures Act 2001 (“SFA”): Dual-Listing Board (“DLB”) Regulatory Framework
Prescribing dual listing arrangements: The Monetary Authority of Singapore (“MAS“) may declare an overseas exchange (such as Nasdaq) as a “prescribed overseas exchange”, and a DLB set up by SGX (such as the GLB) as a “prescribed DLB”.
Power for MAS to make regulations: Where Singapore’s securities laws differ from those of the foreign jurisdiction, MAS may make regulations to replace, modify or disapply specified SFA provisions for the prescribed DLB.
- Criteria and safeguards in prescribing DLB: Before designating a board as a prescribed DLB, MAS would consider whether the overseas exchange:
- enhances issuers’ access to liquidity and international investors; and
- operates in a jurisdiction with securities laws that are aligned with international standards in key areas such as disclosure, enforcement and regulatory co-operation.
Other Amendments to the General Offering Process
Earlier retail investor engagement: Currently, issuers may only circulate a preliminary prospectus to institutional and accredited investors. The SFA Amendment Bill extends this to retail investors, enabling broader investor awareness before the final prospectus is lodged, with prescribed safeguards.
- Treatment of sponsored depositary receipts: For offers of sponsored depositary receipts, the obligation to register the prospectus shifts from the depositary to the issuer of the underlying securities, ensuring that investors receive information about the issuer, rather than the financial institution acting as intermediary in the issuance of the depositary receipts.
For background, please refer to our April 2026 Legal Update titled “Securities and Futures (Amendment) Bill 2026 Introduced to Facilitate Dual Listings on SGX and Nasdaq“.
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