Executive Summary
The Securities and Futures (Amendment) Bill 2026 (“Bill“) was introduced for its First Reading in Parliament on 7 April 2026. The Bill establishes the legislative framework for the Global Listing Board (“GLB“), a joint initiative between the Singapore Exchange Securities Trading (“SGX“) and the Nasdaq Stock Market (“Nasdaq“) to enable concurrent listings on both exchanges under a streamlined regulatory framework. The Bill also empowers the Monetary Authority of Singapore (“MAS“) to implement a similar framework for dual-listing arrangements with other overseas exchanges as and when opportunities arise.
The Bill gives legislative effect to earlier proposals by MAS, incorporating comments received, where appropriate. For a detailed discussion of those proposals, please refer to our earlier Client Update on “SGX & MAS Consult on Changes to Listing Rules and SFA to Facilitate Dual Listings on SGX and Nasdaq” (January 2026).
This Update summarises the key amendments under the Bill.
Key Amendments under the Bill
| Key Changes | Summary |
|---|---|
| New Part 13A to the Securities and Futures Act 2001 ("SFA"): Dual-Listing Board ("DLB") Regulatory Framework | |
| 1. Prescribing dual listing arrangements | 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". |
| 2. Power 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, including:
|
| 3. Criteria and safeguards in prescribing DLB | Before designating a board as a prescribed DLB, MAS would consider whether the overseas exchange:
|
| Other Amendments to the General Offering Process | |
| 1. Earlier retail investor engagement | Currently, issuers may only circulate a preliminary prospectus to institutional and accredited investors. The Bill extends this to retail investors, enabling broader investor awareness before the final prospectus is lodged. The following safeguards apply:
|
| 2. 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. |
If you have any queries on the above, please reach out to our Contacts or KM at [email protected].
For regional Capital Markets matters, please see Rajah & Tann Asia’s Regional Capital Markets Practice for more information.
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