The Monetary Authority of Singapore (MAS) is seeking feedback on proposals to consolidate the listing review functions under the Singapore Exchange Regulation (SGX RegCo) with a view to streamline the listing process. This is part of the holistic set of recommendations announced by the Equities Market Review Group to adopt a regulatory approach that is pro-enterprise, alongside measures to strengthen investor confidence[1].

2. The consolidation of listing review functions under SGX RegCo will provide prospective issuers with greater certainty on the listing process and timeline. Going forward, they will only have to engage with SGX RegCo. Currently, issuers engage with MAS to review their prospectus, and with SGX RegCo on their suitability to list[2]. 

3. SGX RegCo will continue to focus on admitting quality issuers and ensuring that issuers disclose relevant and material information to support informed decision-making. MAS will continue to work with SGX RegCo to ensure timely and robust market surveillance and enforcement, as well as investigate and take action against breaches of prospectus disclosure requirements under the Securities and Futures Act.

4. The consolidation complements other efforts to streamline the listing process that had been consulted on earlier[3]. It also comes alongside measures that aim to strengthen investor confidence, such as proposals to enhance investor recourse avenues and to support companies in unlocking shareholder value[4].

5. In tandem with MAS’ public consultation, SGX RegCo is concurrently proposing changes to SGX’s listing rules to operationalise the consolidation[5]. 

6. MAS invites views and suggestions from interested parties on the proposals set out in the consultation paper which is available here. Comments may be submitted via the FormSG link   by 29 November 2025.

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 [1] The Equities Market Review Group was set up in August 2024 to recommend measures to strengthen equities market development in Singapore. Please refer to MAS’ media release on the first set of recommendations to strengthen the competitiveness of Singapore’s equities market (here) as well as the subsequent announcement in July 2025 (here).

[2] Currently, the listing process for SGX Mainboard involves reviews by both MAS and SGX RegCo. MAS reviews the issuer’s prospectus for compliance with the statutory disclosure requirements under the Securities and Futures Act 2001, while SGX RegCo assesses the issuer’s suitability to list in accordance with SGX’s listing rules.

[3] For more details, please refer to the Consultation Paper on Streamlining of Prospectus Requirements and Broadening of Investor Outreach Channels published by MAS on 15 May 2025 (here) and the Responses to the Consultation Paper on a Shift to a More Disclosure-Based Regime published by SGX RegCo on 29 October 2025 (here  ).

[4] For more details, please refer to the speech titled “Transformational Directorship - Unlocking Shareholder Value in Singapore's Listed Companies” by Mr Chee Hong Tat, Minister for National Development and Deputy Chairman of MAS, at the Singapore Institute of Directors’ Directors Conference on 12 September 2025 (here) and the Consultation Paper on Measures to Enhance Investor Recourse Avenues in Market Misconduct Cases published by MAS on 24 October 2025 (here).

[5] For more details, please refer to the Consultation Paper on Consolidation of Listing Suitability and Prospectus Disclosure Review under Singapore Exchange Regulation published by SGX RegCo on 29 October 2025 (here  ).