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Singapore Client Update                                                                                     JULY 2026

1
© RAJAH & TANN SINGAPORE LLP
CAPITAL MARKETS
SGX Global Listing Board Rules, SFA Regulations
Come into Effect to Facilitate Dual Listings on SGX and Nasdaq

Executive Summary

To facilitate dual listings on the Singapore Exchange ("SGX") and Nasdaq, Inc. ("Nasdaq") on the
Global Listing Board ("GLB"), SGX has issued the GLB Rules setting out the admission requirements and ongoing listing obligations. The Securities and Futures (Amendment) Act 2026 ("Amendment
Act") and the Securities and Futures Act 2001 ("SFA") Regulations listed below have also come into effect in order to operationalise the GLB framework.

•
Securities and Futures Act 2001 - Securities and Futures (Part 13A) (Global Listing Board and
U.S. Exchange) Regulations 2026 ("SF(GLB)R") (effective from 29 June 2026)
•
Securities and Futures Act 2001 - Securities and Futures (Offers of Investments) (Exemption from
Restrictions on Advertisements) Regulations 2026 (effective from 29 June 2026)
•
Securities and Futures Act 2001 - Securities and Futures (Prescribed Sponsored Depositary
Receipts under Section 239AA) Regulations 2026 (effective from 29 June 2026)
•
Securities and Futures Act 2001 - Securities and Futures (Prescribed Securities) Regulations 2026 (effective from 29 June 2026)
•
Securities and Futures (Offers of Investments) (Exemption for Depositary Receipts) (Amendment)
Regulations 2026 (effective from 3 July 2026)

This development follows from consultations conducted by SGX and the Monetary Authority of
Singapore ("MAS"). To read more about these consultations, please refer to our Client Update on
SGX & MAS Consult on Changes to Listing Rules and SFA to Facilitate Dual Listings on SGX and
Nasdaq. For details on the changes introduced by the Amendment Act, please refer to our Client
Update on Securities and Futures (Amendment) Act 2026 Comes into Effect on 29 June 2026: Dual-Listing Board Framework and Retail Investor Access.

This Update highlights key features of the GLB Rules and SFA Regulations which facilitate dual listings, and key takeaways for issuers.

Key Features of the GLB Framework

Streamlined Prospectus Disclosure Requirements - Single Set of Offer Documents

Previously, issuers planning a concurrent initial public offering ("IPO") for listing on both SGX and an overseas exchange had to comply with two sets of disclosure requirements. Now, issuers can use a single set of offer documents incorporating the United States of America ("U.S.") prospectus disclosure requirements for both the IPO and post-listing stages. The prospectus must contain the particulars required by the U.S. Securities Act and the applicable U.S. Securities and Exchange
Commission ("SEC") Form, together with any risk factors that are specific to the GLB offer and listing on the GLB (as distinct from, or additional to, the equivalent U.S. offer or listing) that had materially affected, or could materially affect (directly or indirectly), investors. Post-listing, subsequent offers may be made using an Offer Information Statement following U.S. standards, with information incorporated by reference as permitted under U.S. regulations.

Alignment of IPO Timelines

The previous requirement for a seven-day public exposure period before the registration of prospectus is removed, thereby allowing the Singapore final prospectus to be lodged and registered by MAS as soon as the U.S. registration statement becomes effective. The preliminary prospectus is expected to be lodged contemporaneously with the first public SEC filing, and the final prospectus for registration contemporaneously with the SEC declaring the registration statement effective. Trading on SGX commences one market day after listing and trading begins in the U.S..

Alignment of Investor Engagement with Established U.S. Market Conventions

To facilitate concurrent offerings on the GLB, the Regulations allow investor engagement practices provided that these activities are allowed under the relevant U.S. laws and rules, for instance, in relation to a GLB offer:

1. "testing the waters" engagements may be conducted with certain institutional investors;
2. free writing prospectuses are permitted in their engagements with potential investors, provided certain conditions are met; and
3. pre-deal investor education may be conducted with institutional and accredited investors after the first public filing of the issuer's registration statement in the U.S..

Safe Harbours for Market Activities That Comply with U.S. Requirements

The SF(GLB)R introduces defences to SFA liability for GLB issuers engaging in certain commonly utilised market activities (but not all available U.S. safe harbours) that comply with U.S. requirements, such as: (i) forward-looking statements; (ii) share repurchases; and (iii) trading plans.

Alignment of Ongoing Disclosure Obligations with U.S. Requirements

GLB issuers must announce on SGXNET any SEC EDGAR filings, including filings made by third parties, and other material U.S. disclosures required under U.S. securities laws, regulations and the
Nasdaq listing rules. The typical categories of material U.S. disclosures expected to be announced on
SGXNET include the following: periodic reports, proxy, governance and shareholder meeting filings, beneficial ownership and insider filings, tender offer and takeover-related filings and other material information.

Linked Listing and Delisting

Issuers must maintain a primary listing on the Nasdaq Global Select Market at all times. Cessation of the Nasdaq listing may result in removal from the SGX Official List, at SGX's absolute discretion.

Key Takeaways for Issuers

For issuers already listed on Nasdaq Global Select Market, or planning a U.S. IPO with a market capitalisation of at least S$2 billion, the GLB provides a direct pathway to Singapore's capital markets:
a single U.S.-compliant prospectus, aligned IPO, familiar U.S. investor engagement practices, and streamlined ongoing disclosure obligations. If you are considering a dual listing or would like to understand how the GLB framework may benefit your business, please reach out to our team.

For regional Capital Markets matters, please see Rajah & Tann Asia's Regional Capital Markets
Practice for more information.

Contacts

CAPITAL MARKETS

Howard Cheam 詹兴豪
HEAD

D +65 6232 0685
howard.cheam@rajahtann.com

Tan Mui Hui 陈美惠
DEPUTY HEAD

D +65 6232 0191
mui.hui.tan@rajahtann.com

Raymond Tong
PARTNER

D +65 6232 0788
raymond.tong@rajahtann.com

Please feel free to also contact Knowledge Management at RTApublications@rajahtann.com.

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Rajah & Tann Asia is a network of legal practices based in Asia.
Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client.
This Update is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise.
Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this Update.

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Rajah & Tann Singapore LLP is one of the largest full-service law firms in Singapore, providing high quality advice to an impressive list of clients.  We place strong emphasis on promptness, accessibility and reliability in dealing with clients. At the same time, the firm strives towards a practical yet creative approach in dealing with business and commercial problems. As the Singapore member firm of the Lex Mundi Network, we are able to offer access to excellent legal expertise in more than 100 countries.

Rajah & Tann Singapore LLP is part of Rajah & Tann Asia, a network of local law firms in Cambodia, China, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines,
Singapore, Thailand and Vietnam. Our Asian network also includes regional desks focused on Brunei, Japan and South Asia.

The contents of this Update are owned by Rajah & Tann Singapore LLP and subject to copyright protection under the laws of Singapore and, through international treaties, other countries. No part of this Update may be reproduced, licensed, sold, published, transmitted, modified, adapted, publicly displayed, broadcast (including storage in any medium by electronic means whether or not transiently for any purpose save as permitted herein) without the prior written permission of Rajah & Tann
Singapore LLP.

Please note also that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice for any particular course of action as such information may not suit your specific business and operational requirements. It is to your advantage to seek legal advice for your specific situation. In this regard, you may contact the lawyer you normally deal with in Rajah & Tann Singapore LLP or email Knowledge Management at RTApublications@rajahtann.com.

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