Singapore, 29 October 2025 – The Monetary Authority of Singapore (MAS) has launched a public consultation on transferring all prospectus review responsibilities from itself to Singapore Exchange Regulation (SGX RegCo), creating a single point of contact for companies seeking to list on the SGX Mainboard or Catalist.
The move, announced today, forms part of a broader package of reforms recommended by the Equities Market Review Group to make Singapore’s capital markets more “pro-enterprise” while maintaining strong investor protections.
One-Stop Review for Faster Listings
Under the current framework, prospective issuers must clear two separate hurdles:
- MAS reviews the prospectus for compliance with disclosure requirements under the Securities and Futures Act (SFA).
- SGX RegCo assesses the applicant’s suitability for listing under SGX rules.
The proposed consolidation eliminates this dual-track process. Going forward, issuers will engage only with SGX RegCo, which will handle both prospectus clearance and listing eligibility in a single workflow.
MAS says the change will give companies “greater certainty on the listing process and timeline,” addressing a long-standing pain point for IPO candidates.
SGX RegCo’s Expanded Mandate
SGX RegCo will retain its core focus on:
- Admitting quality issuers that meet financial, governance, and operational thresholds.
- Ensuring material and relevant disclosures so investors can make informed decisions.
MAS will continue to:
- Conduct market surveillance and enforcement in collaboration with SGX RegCo.
- Investigate and prosecute breaches of SFA prospectus rules, preserving its role as the ultimate guardian of disclosure standards.
Part of a Larger Overhaul
The consolidation dovetails with earlier initiatives to cut red tape, including:
- Shortened prospectus review timelines.
- Simplified continuing listing obligations for smaller issuers.
It is also paired with investor-friendly measures such as:
- Enhanced statutory recourse for misleading prospectuses.
- New tools to help listed companies unlock shareholder value (e.g., clearer rules on share buybacks and capital reduction).
SGX RegCo is simultaneously consulting on amendments to its listing rules to operationalise the new structure.
Feedback Window Open Until 29 November
MAS has published a detailed consultation paper and invites comments via an online FormSG portal. The deadline is 29 November 2025.
Industry participants—issuers, law firms, investment banks, and investor groups—are encouraged to weigh in on whether the streamlined process strikes the right balance between speed and rigor.
Source: MAS Media Release, 29 October 2025 Full consultation paper: https://www.mas.gov.sg/news/media-releases/2025/mas-proposes-to-consolidate-listing-review-functions
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