MAS to ‘harmonise’ securities laws to facilitate dual listings under new Bill

[SINGAPORE] Proposed amendments to the Securities and Futures Act will empower the Monetary Authority of Singapore (MAS) to “close differences” between the securities laws of Singapore and foreign jurisdictions in facilitating dual-listing partnerships.Speaking during the debate on the Securities and Futures (Amendment) Bill on Thursday (May 7), Minister for National Development Chee Hong Tat explained that the amendments will tackle “differing requirements across jurisdictions” and reduce compliance costs for issuers looking to list on the Singapore Exchange (SGX) and another overseas exchange.The proposed legislative framework “addresses this concern by harmonising and streamlining requirements for concurrent dual listings”, he added.Dual listings can “bring benefits for many stakeholders in Singapore’s equities market ecosystem”, Chee noted. For instance, the Global Listings Board (GLB) – a dual-listing bridge between SGX and Nasdaq – grants issuers “easier access” to investors on both exchanges.“Through this, the GLB can attract more diverse issuers to list in Singapore, which will add energy and dynamism of our equities market,” Chee said. This will in turn create opportunities for service providers while providing investors access to a wider range of investment opportunities.The minister added that the Bill will “position Singapore to capture future opportunities, where dual listings from other reputable jurisdictions, with comparable disclosure requirements and which adhere to international standards, can be facilitated”.Chee, who is also deputy chairman of MAS, said that the authority would exercise the power to set regulations to close differences in securities laws only when two conditions are met.First, the dual-listing arrangement must enhance issuers’ access to a “larger pool of liquidity and a broader range of investors”. Second, the overseas exchange must be from a jurisdiction with securities laws “consistent with the International Organisation of Securities Commissions’ international standards and principles, particularly regarding enforcement, regulatory cooperation and disclosure requirements”.MAS and other Singapore authorities will “retain full discretion to enforce against any misconduct that occurs in Singapore”, said Chee. Singapore investors will continue to be able to seek recourse for breaches under the Securities and Futures Act.“We will lay the groundwork for greater market depth and maturity, and open the door to future partnerships and possibilities for SGX, issuers and investors alike,” said Chee.The Bill comes as the Singapore market “has seen some positive momentum” since the introduction of the GLB and the Equity Market Development Programme.Chee noted that trading volumes in the first quarter of 2026 rose 32 per cent quarter on quarter to S$126 billion, and that March trading volumes were the highest in almost 20 years.“The Straits Times Index has risen by over 20 per cent over the past year and over 100 per cent over a five-year period,” the minister added, pointing out that this places the Republic’s benchmark index among the “strongest performers in the Asia-Pacific region”.