MAS proposes changes to ease US-Singapore dual listings

It proposed a single prospectus, to align IPOs between the two countries, and to shorten registration processes, amongst others.

The Monetary Authority of Singapore (MAS) proposed amendments to the Securities and Futures Act 2001 (SFA) that can minimise friction for dual listings on the Global Listing Board (GLB).

It proposed amendments that enable the use of a single prospectus, align initial public offering (IPO) timelines between the US and Singapore, and to permit issuers to conduct certain activities with similar practices in the US, MAS said in a bourse filing.

These practices include the publishing of forward-looking statements, undertaking of share repurchases, and execution of trades, it added.

It said in the filing that regulations will also streamline the listing process for issuers seeking a dual listing on the GLB.

The regulations will require that a single set of offer documents will contain in Singapore prospectus information that is similar to US listing information.

These will also align the IPO timeline between the two countries as they shorten the registration process in Singapore.

Additionally, MAS is proposing other amendments to facilitate the offering process for all listings, it said.

The key amendment is to permit issuers to engage retail investors earlier in the IPO process. This will support bookbuilding efforts and give investors more time to familiarise themselves with the issuers and their intended offers, it added.

MAS said that it and the Singapore Exchange will make the final decision on all listings and prospectus registrations in the city-state.