SGX RegCo implements key reforms to equities listing framework

SGX RegCo has also launched a new public consultation on proposals to consolidate listing review responsibilities.

The Singapore Exchange Regulation (SGX RegCo) has implemented a series of reforms to the equities listing framework, effective 29 October, following recommendations from the Equities Market Review Group.

The changes aim to shift Singapore toward a more disclosure-based, market-driven regime, aligning with practices in major international markets. The reforms were supported by public consultation feedback released in May 2025.

Key safeguards remain in place under the revised listing admission requirements, including those related to conflicts of interest and compliance with applicable laws.

Issuers must continue to provide unmodified audit opinions, and are now required to disclose any material internal control weaknesses and explain how conflicts are addressed. For REITs and business trusts, issuers must resolve or mitigate inherent conflicts before listing.

The profit test threshold has been lowered from $30m to $10m, and SGX RegCo is now open to pre-revenue companies in emerging industries, with specific guidance available for life sciences firms.

The regulator has invited market engagement on potential Mainboard pathways for such companies.

Post-listing oversight has been refined to reduce friction whilst maintaining investor protections. Trading suspensions will be considered only when there is clear evidence of going-concern issues.

If a company is not under insolvency or restructuring proceedings and its board affirms its going-concern status with a supporting rationale, trading may resume.

Additionally, trade-with-caution alerts will be issued immediately upon unusual trading activity and will remain valid for two weeks, with the possibility of reissuance.

SGX RegCo will aim to engage privately with issuers when appropriate, although material, trade-sensitive information must still be disclosed publicly

The financial watch-list has been removed in an effort to avoid unintended negative effects on business confidence and access to financing. Companies are now required to disclose when they record a third or subsequent consecutive year of losses, and are encouraged to share their improvement strategies.

SGX RegCo has also launched a new public consultation on proposals to consolidate listing review responsibilities.

The move would implement a Monetary Authority of Singapore (MAS) proposal allowing issuers to work solely with SGX RegCo on matters of listing suitability and prospectus review.

Under the proposal, MAS would retain supervisory oversight, including reviewing SGX RegCo’s governance and resources and enforcing breaches of prospectus disclosure requirements.

The consultation includes a proposed process change to stand down the Listings Advisory Committee and remains open until 29 November.

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