Singapore Exchange (SGX) New Listing Rules for Global Listing Board (GLB) Effective Mid-2026 for Singapore Exchange (SGX) & Nasdaq to Simplify Dual Listings in United States & Singapore, 1) For Companies with Above $1.5 Billion (S$2 Billion) Market Capitalization, 2) At Least 15% Fundraising or $59 Million (S$75 Million) in IPO Must be Raised in Singapore, 3) Retail Brokers Expected to be Allocated Lower of at Least 5% in Value of Singapore Tranche or $39 Million (S$50 Million) with Shortfall Allowed to be Reallocated, 4) Align IPO Timelines Between United States & Singapore, 5) Allow Use of Single Prospectus
2nd May 2026 | Hong Kong
Singapore Exchange Regulation (SGX RegCo) will implement new listing rules for Global Listing Board (GLB) effective mid-2026 for Singapore Exchange (SGX) & Nasdaq to simplify dual listings in United States & Singapore, 1) For companies with above $1.5 billion (S$2 billion) market capitalization, 2) At least 15% fundraising or $59 million (S$75 million) in IPO must be raised in Singapore, 3) Retail brokers expected to be allocated lower of at least 5% in value of Singapore tranche or $39 million (S$50 million) with shortfall allowed to be reallocated, 4) Align IPO timelines between United States & Singapore, 5) Allow use of single prospectus. Singapore Exchange (SGX) 30/4/26): “Singapore Exchange Regulation (SGX RegCo) will implement a new set of listing rules for the Global Listing Board (GLB), facilitating cross-border capital raising for companies and access to a wider range of listings for investors. Broadly, the new listing rules: 1) Harmonise listing timelines and submission processes with those of Nasdaq; 2) Set minimum fundraising and market capitalisation admission requirements; 3) Facilitate retail participation by requiring a minimum share allocation to be made available through retail brokers; and 4) Require material disclosures in the U.S. to be released on SGXNet in a timely manner … … Subject to amendments to the Securities and Futures Act, as well as the issuance of the related regulations, the rules are expected to be effective in the middle of the year. To facilitate a simultaneous listing, for example, SGX RegCo has aligned the GLB’s approval timeline with that of Nasdaq’s such that issuers are expected to receive the eligibility-to-list letter shortly after Nasdaq grants its approval. SGX RegCo has in place arrangements with Nasdaq to ensure smooth coordination and regulatory cooperation. Meanwhile, to ensure listings are of sufficient scale to attract institutional interest and liquidity, GLB listings will have to achieve a minimum market capitalisation of S$2 billion at listing. At least 15% of the fundraising for the IPO or S$75 million, whichever is higher, must be raised in Singapore. To facilitate retail participation, retail brokers are expected to be allocated at least 5% in value of the Singapore tranche or S$50 million, whichever is lower. Any shortfall in demand may be reallocated. The introduction of the GLB follows a partnership, announced in November 2025, between SGX Group and Nasdaq to provide a direct and harmonised pathway for companies to simultaneously list in the US and Singapore. In January 2026, SGX RegCo announced a consultation on the listing rulebook for GLB. Responses to the consultation came from a wide range of constituents, including investment banks, legal firms and industry associations. Their comments and SGX RegCo’s responses can be found here.” In 2026 April, Singapore Government is proposing via The Securities and Futures (Amendment) Bill 2026 to empower Monetary Authority of Singapore (MAS) – 1) Arrange for dual-listing such as declaring Nasdaq as overseas exchange & setup dual-listing board by Singapore Exchange (SGX), 2) Create regulations & market misconduct provisions, 3) Issuers can distribute preliminary prospectus to retail investors instead of only institutional investors & accredited investors, 4) Issuer of underlying securities required to register prospectus instead of depositary (intermediaries). See below for more info: In 2026 January, Singapore Exchange (SGX) & Nasdaq were looking to simplify dual listings in United States & Singapore in mid-2026 for companies with above $1.5 billion (S$2 billion) market capitalization, with Monetary Authority of Singapore (MAS) proposed listing amendments include to 1) Allow use of single prospectus, 2) Align IPO timelines between United States & Singapore, 3) Permit issuers to conduct certain activities similar to United States such as making forward-looking statements.
“ Singapore Exchange (SGX) New Listing Rules for Global Listing Board (GLB) Effective Mid-2026 for Singapore Exchange (SGX) & Nasdaq to Simplify Dual Listings in United States & Singapore, 1) For Companies with Above $1.5 Billion (S$2 Billion) Market Capitalization, 2) At Least 15% Fundraising or $59 Million (S$75 Million) in IPO Must be Raised in Singapore, 3) Retail Brokers Expected to be Allocated Lower of at Least 5% in Value of Singapore Tranche or $39 Million (S$50 Million) with Shortfall Allowed to be Reallocated, 4) Align IPO Timelines Between United States & Singapore, 5) Allow Use of Single Prospectus “
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Tan Boon Gin, CEO of SGX RegCo: “The GLB was conceived in response to market feedback that companies – especially growth-oriented companies with an Asian nexus – want to tap the large, liquid pools of capital in the US while still being easily accessible to retail and institutional investors in their home markets. Retail and institutional investors based in this region, meanwhile, have a keen interest in homegrown names and would like to invest and trade these counters here … … Our listing rules have thus been calibrated to meet the needs of both investors and issuers. We have focused on simplifying the dual-listing process while ensuring sufficient allocation to the Singapore market.”
Singapore Government Proposed via The Securities and Futures (Amendment) Bill 2026 to Empower Singapore MAS: 1) Arrange for Dual-Listing Such as Declaring Nasdaq as Overseas Exchange & Setup Dual-Listing Board by Singapore Exchange (SGX), 2) Create Regulations & Market Misconduct Provisions, 3) Issuers Can Distribute Preliminary Prospectus to Retail Investors Instead of Only Institutional Investors & Accredited Investors, 4) Issuer of Underlying Securities Required to Register Prospectus Instead of Depositary (Intermediaries)
8th April 2026 – Singapore Government is proposing via The Securities and Futures (Amendment) Bill 2026 to empower Monetary Authority of Singapore (MAS) – 1) Arrange for dual-listing such as declaring Nasdaq as overseas exchange & setup dual-listing board by Singapore Exchange (SGX), 2) Create regulations & market misconduct provisions, 3) Issuers can distribute preliminary prospectus to retail investors instead of only institutional investors & accredited investors, 4) Issuer of underlying securities required to register prospectus instead of depositary (intermediaries). See below for more info:
Explanatory Brief: The Securities and Futures (Amendment) Bill 2026
1. Minister for National Development and Deputy Chairman of the Monetary Authority of Singapore (“MAS”), Mr Chee Hong Tat, on behalf of Deputy Prime Minister and Minister-in-charge of the MAS, Mr Gan Kim Yong, today moved the Securities and Futures (Amendment) Bill 2026 (the “Bill”) for First Reading in Parliament.
2. The Bill seeks to enable the implementation of the proposed regulatory regime for the Global Listing Board (the “GLB”) that the Singapore Exchange Securities Trading (“SGX”) and the Nasdaq Stock Market (“Nasdaq”) will establish. The GLB will enable issuers to simultaneously list on both exchanges under a streamlined regulatory framework. The Bill also provides MAS flexibility to adopt a similar framework for dual listing arrangements with other overseas exchanges should future opportunities arise.
3. MAS has conducted public consultation on the key amendments in the Bill. Comments received have been considered and incorporated, where appropriate, into the Bill.
Key Amendments in the Bill
4. Amendments have been made to two key areas, which are described below.
(I) New Part 13A
5. The Bill inserts a new Part 13A into the Securities and Futures Act 2001 (“SFA”) that empowers MAS to make regulations to facilitate a dual-listing board (“DLB”) set up by SGX and an overseas exchange through a streamlined regulatory framework. The main amendments are as follows:
a) Power to prescribe dual listing arrangements. To effect the streamlined regulatory framework, MAS will be empowered to declare an overseas exchange (such as Nasdaq) as a “prescribed overseas exchange”. Likewise, MAS may also declare a dual-listing board set up by SGX (such as, the GLB with Nasdaq) as a “prescribed DLB”.
b) Regulation-making powers. To harmonise potential differences between Singapore’s securities laws and those of the foreign jurisdiction, MAS may make regulations to replace, modify, or disapply the following provisions in the SFA for the prescribed DLB:
i. Offer-related provisions to facilitate the use of a single set of offer documents and align Singapore’s offering processes with that of the foreign jurisdiction; and
ii. Market misconduct provisions to provide for certain safe harbours which are available in the foreign jurisdiction, and which are important to facilitate the prescribed DLB. For clarity, the safe harbours do not provide a valid defence against fraud or dishonesty.
6. The regulation-making powers are subject to safeguards and minimum standards. The new Part 13A sets out the criteria that MAS would consider when deciding whether to prescribe a dual listing board as a prescribed DLB. These include whether the overseas exchange (i) is one that enhances issuers’ access to liquidity and international investors; and (ii) operates in a jurisdiction with securities laws that that are in line with international standards in key areas such as disclosure, enforcement and regulatory co-operation.
(II) Other Amendments
7. In addition to the new Part 13A, the Bill makes other amendments to the SFA that apply to all offers generally. The main amendments are as follows:
a) Earlier engagement with retail investors. Issuers will be able to disseminate their preliminary prospectus when marketing to retail investors, and not only to institutional and accredited investors as is the case currently. This will enable issuers to engage retail investors in Singapore before the lodgement of the final prospectus. Such engagements are subject to safeguards. For instance, no official offer can be made on the basis of the preliminary prospectus. In addition, the preliminary prospectus must clearly state that its content is subject to further changes. The issuer must also make reasonable effort to inform recipients when the prospectus is finalised and ready for collection.
b) Treatment of sponsored depositary receipts. For offers of sponsored depositary receipts, the issuer of the underlying securities, rather than the depositary, is required to register the prospectus. Investors will therefore obtain information about the issuer, rather than the financial institution that acts as an intermediary in issuing the depositary receipts.
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