BACKGROUND

On 21 February 2025, the Equities Market Review Group introduced its first set of initiatives to enhance the competitiveness of Singapore’s equity capital markets. In support of these efforts, the Monetary Authority of Singapore (MAS) has released a consultation paper proposing significant amendments to streamline prospectus requirements and broaden investor outreach channels during initial public offerings (IPOs).

The proposals aim to:

• Refocus prospectus disclosures on material, decision-useful information;
• Align regulatory requirements with international standards (e.g. International Organization of Securities Commissions, EU, UK);
• Facilitate cross-border listings by easing secondary listing requirements; and
• Enable earlier and broader engagement with both retail and institutional investors during the IPO process.

These reforms seek to enhance efficiency, reduce regulatory friction, and improve market accessibility for both issuers and investors.

WHAT’S NEXT

MAS is now seeking feedback on several proposed changes, including:

1. Amendments to the Fourth, Fifth, Twenty-Second, and Twenty-Third Schedules of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations;
2. Proposals to allow earlier dissemination of preliminary prospectuses to all investors;
3. Provisions to expand the scope of information that may be communicated before prospectus registration;
4. Additional safeguards to ensure market integrity and transparency.

Stakeholders—including issuers, financial institutions, law firms, and market professionals—are encouraged to review the proposals and provide feedback to MAS by 14 June 2025.

HOW WE CAN HELP

We are well-positioned to assist you in preparing for the potential regulatory changes. Our advisory can include:

• Review and enhancement of disclosure strategies to align with the new requirements;
• Advisory on permissible pre-registration communication and roadshow content

Contact Us today to discuss how we can provide the risk and compliance advisory solutions for you. Find out more here.