Singapore moves to launch SGX-Nasdaq dual-listing board

Retail prospectus access also widens.

Singapore has introduced the Securities and Futures (Amendment) Bill 2026 to create a legal framework for a new dual-listing board between Singapore Exchange Securities Trading and Nasdaq, whilst also widening retail investor access to preliminary prospectuses and changing prospectus rules for sponsored depositary receipts.

The Monetary Authority of Singapore said the bill will enable the proposed Global Listing Board, or GLB, which will allow issuers to list simultaneously on SGX and Nasdaq under a streamlined regulatory framework.

It added that the amendments would also give MAS flexibility to apply a similar framework to future dual-listing arrangements with other overseas exchanges.

A key amendment is the insertion of a new Part 13A into the Securities and Futures Act, giving MAS the power to designate an overseas bourse as a prescribed overseas exchange and a joint board with SGX as a prescribed dual-listing board.

MAS would also be able to make regulations to replace, modify, or disapply selected Securities and Futures Act provisions for such a board, including offer-related rules to support a single set of offer documents and certain market misconduct provisions to align with foreign-jurisdiction safe harbours.

MAS said these powers would be subject to safeguards and minimum standards, including whether the overseas exchange improves access to liquidity and international investors, and whether its home jurisdiction’s securities laws are in line with international standards on disclosure, enforcement, and regulatory co-operation.

It added that any safe harbours would not provide a defence against fraud or dishonesty.

Another key amendment will let issuers share a preliminary prospectus with retail investors before the final prospectus is lodged, extending a practice currently limited to institutional and accredited investors.

MAS said this would be subject to safeguards, including a ban on making an official offer on the basis of the preliminary prospectus, a requirement to state clearly that the contents may change, and an obligation on issuers to make reasonable efforts to inform recipients when the final prospectus is ready.

The bill also changes the treatment of sponsored depositary receipts by requiring the issuer of the underlying securities, rather than the depositary, to register the prospectus.

MAS said this would ensure investors receive information about the issuer instead of mainly about the intermediary financial institution.