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Singapore will streamline its initial public offering (IPO) approval process from Jan 4, 2027, with the Monetary Authority of Singapore (MAS) delegating prospectus review functions for Mainboard and Global Listing Board (GLB) listing applications to Singapore Exchange Regulation (SGX RegCo).

Under the new arrangement, prospective issuers will submit both their prospectuses and listing applications through SGX RegCo’s electronic submissions portal, replacing the previous process in which they had to engage SGX RegCo on their suitability to list and separately submit their prospectuses to MAS for review, Singapore Exchange (SGX) said in a statement on Tuesday.

The changes, which will take effect through amendments to the Mainboard and GLB Rules, follow a recommendation by the Equities Market Review Group (EMRG) to simplify the listing process and reduce regulatory touchpoints for issuers.

The consolidated portal will serve as a single interface for application reviews, document tracking and regulatory correspondence, with the aim of making the process more efficient while maintaining the quality of regulatory scrutiny.

SGX RegCo said it remains committed to processing complete listing applications within six to eight weeks under the new arrangement. Applications could be substantially reviewed towards the shorter end of that timeframe if issuers and their professional advisers provide timely and complete responses to regulatory queries.

MAS will retain its authority to determine and grant exemptions from prospectus disclosure requirements, while continuing to oversee the regulatory responsibilities carried out by SGX RegCo.

To support the expanded responsibilities, SGX RegCo has worked with MAS to ensure it is adequately equipped and resourced to undertake the prospectus review function.

The framework governing the composition of the SGX RegCo Board will also be expanded to widen the pool of qualified candidates eligible for appointment as directors. This is intended to bring a broader range of industry perspectives and expertise to the board, while safeguards will remain in place to protect the independence of its judgement.

In another change aimed at reducing regulatory touchpoints, SGX RegCo will stand down the Listings Advisory Committee (LAC).

The LAC was established to address concerns over SGX’s independence in listing policy-making and reviews, before SGX RegCo was created to carry out regulatory functions independently of the exchange’s commercial and operational activities.

MAS and SGX RegCo will continue to conduct market surveillance and work together to strengthen investor confidence, the authorities said.

Feedback from the public consultation, which included law firms and issue managers, was broadly supportive of the proposed changes. Respondents said a more streamlined process and fewer regulatory touchpoints could improve market efficiency and Singapore’s competitiveness as a listing destination.

However, many also stressed the importance of continued process improvements through regular engagement with market participants, as well as ensuring that SGX RegCo could draw on industry practitioners’ expertise in carrying out its regulatory functions.

SGX RegCo said it would seek feedback from market participants as the changes are implemented and assess whether further enhancements are necessary.

“This change allows us to streamline the IPO process and give issuers greater regulatory certainty,” said Tan Boon Gin, chief executive officer of SGX RegCo.

Tan said the changes also reflected the need for Singapore’s regulatory approach to evolve as investors became more sophisticated, gained access to higher-quality information and participated in increasingly global equity markets.

“Moving to a disclosure-based approach allows market forces to take the place of merit-based judgements by regulators,” he said.

Under this approach, SGX RegCo’s role would focus on ensuring adequate and proper disclosure, leaving investment decisions to market participants rather than regulators.

The shift marks a move towards a more disclosure-based listing regime, in which investors are expected to make informed decisions based on information provided by issuers, while regulators focus on the quality and adequacy of those disclosures.

SGX lists Grab, Sea and SpaceX SDRs from Wednesday