MAS moves to align SGX rules for overseas dual listings

The framework will allow firms to use one prospectus for SGX-Nasdaq dual listings.

The Monetary Authority of Singapore (MAS) plans to align parts of its securities laws with overseas jurisdictions to facilitate dual listings on the Singapore Exchange (SGX).

The changes would support the new ‘Global Listing Board (GLB) framework between SGX and Nasdaq, according to MAS Deputy Chairman Chee Hong Tat.

The framework is intended to allow issuers to access capital across both markets, Chee said during the second reading of the Securities and Futures (Amendment) Bill on 7 May.

Currently, companies seeking concurrent listings face duplicated compliance requirements across jurisdictions, even where regulatory principles are broadly similar.

“‘Same-same but different’ is not as ideal as ‘exactly same-same’ because the former still increases compliance costs,” Chee said.

The Bill would enable the authority to modify certain securities rules to align Singapore’s listing requirements with eligible overseas markets that meet international standards.

For the GLB, Chee said Singapore’s prospectus disclosure requirements would be aligned with applicable US requirements to facilitate the use of a single set of offer documents.

The regulator also plans to align the listing timeline with the US timeline by modifying prospectus registration procedures.

The amendments would further allow MAS to adopt certain US “safe harbour” protections for forward-looking statements as defences against market misconduct provisions under Singapore law.

However, Chee said the changes would not weaken Singapore’s enforcement powers or investor safeguards.

“MAS and the relevant Singapore authorities will retain full discretion to enforce against any misconduct that occurs in Singapore,” he added.

Singapore authorities will continue to coordinate with foreign regulators and law enforcement agencies in cases involving cross-border misconduct, whilst investors would still be able to seek recourse under the SFA.

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